Group Financial Performance

Q4 & 12M 2003(pro forma)

2

2003 - Financial Highlights

Sharp improvement over 2002 - Turnover +17.3% to €522.8 m

- Gross Profit +19.3% to €79.8 m- EBITDA +21.9% to €70.7 m- EBIT +28.7% to €61.8 m- PreTax Profit after minorities +28.5% to €57.4 m

Widening profit margins- Gross margin 15.3% (vs 15.0% in 2002)

- EBITDA Margin 13.5% (vs 13.0%)- EBIT Margin 11.8% (vs 10.8%)- Pretax Margin 11.0% (vs 10.0%)

3

Q4 2003 - Financial Highlights

Sharp improvement over 2002 - Turnover +18.2% to €150.8 m

- Gross Profit +14.1% to €24.6 m- EBITDA +24.5% to €20.4 m- EBIT +37.5% to €19.6 m- PreTax Profit after minorities +41.1% to €17.8 m

Widening profit margins- Gross margin 16.3% (vs 16.9% in Q4:2002)

- EBITDA Margin 13.5% (vs 12.8%)- EBIT Margin 13.0% (vs 11.2%)- Pretax Margin 11.8% (vs 9.9%)

Group Results – Full Year

4

amounts in € m 2003 2002 chg

Turnover 522.78 445.53 17.3%

Gross Profit 79.83 66.92 19.3%

Other Income 0.65 1.16

Operating Expenses 18.63 20.03

Financial Results -1.55 -0,74

Extraordinary Results 0.16 -0,68

Depreciation 11.05 12,00

-included in operating cost 8.88 9.96

Minorities -0.07 -0.13

Tax Adjustments 0.97 0.05

PreTax Earnings after Minorities

57.39 44.67 28.5%

EBITDA 70.72 58.01 21.9%

EBIT 61.85 48.06 28.7%

Group Results – Q1 2003

5

amounts in € mJan-Mar

2003Jan-Mar

2002chg

Turnover 111.54 92.89 20.1%

Gross Profit 18.13 14.49 25.1%

Other Income 0.11 0.09

Operating Expenses 4.19 4.84

Financial Results -0.25 -0.11

Extraordinary Results 0.04 0.03

Depreciation 3.12 2.50

-included in operating cost 2.58 2.50

Minorities -0.10 -0.02

Tax Adjustments 0.00 -0.02

PreTax Earnings after Minorities

13.40 9.69 38.3%

EBITDA 16.63 12.25 35.8%

EBIT 14.05 9.74 44.2%

Group Results – Q2 2003

6

amounts in € mApr-Jun

2003Apr-Jun

2002chg

Turnover 133.71 115.41 15.9%

Gross Profit 20.37 17.56 16.1%

Other Income 0.20 0.38

Operating Expenses 5.34 5.93

Financial Results -0.33 -0.27

Extraordinary Results 0.00 0.73

Depreciation 3.25 3.80

-included in operating cost 2.71 3.80

Minorities -0.04 -0.03

Tax Adjustments -0.03 -0.05

PreTax Earnings after Minorities

14.37 12.45 15.4%

EBITDA 17.94 15.81 13.4%

EBIT 15.23 12.01 26.8%

Group Results – Q3 2003

7

amounts in € mJul-Sept

2003Jul-Sept

2002chg

Turnover 126.76 109.69 15.6%

Gross Profit 16.70 13.29 25.7%

Other Income 0.12 0.21

Operating Expenses 3.82 1.43

Financial Results -0.40 -0.13

Extraordinary Results 0.12 -0.35

Depreciation 3.32 3.10

-included in operating cost 2.78 1.51

Minorities 0.03 0.05

Tax Adjustments -0.31 0.00

PreTax Earnings after Minorities

11.85 9.95 19.2%

EBITDA 15.78 13.59 16.2%

EBIT 13.01 12.07 7.7%

Group Results – Q4 2003

8

amounts in € mOct-Dec

2003Oct-Dec

2002chg

Turnover 150.78 127.52 18.2%

Gross Profit 24.62 21.58 14.1%

Other Income 0.22 0.47

Operating Expenses 5.28 7.83

Financial Results -0.57 -0.23

Extraordinary Results 0.00 -1.08

Depreciation 1.36 2.60

-included in operating cost 0.82 2.15

Minorities 0.04 -0.13

Tax Adjustments 0.63 0.00

PreTax Earnings after Minorities

17.78 12.59 41.1%

EBITDA 20.37 16.37 24.5%

EBIT 19.56 14.22 37.5%

Consolidated Balance Sheet

amounts in € m Q4:03 Q3:03 Q2:03 Q1:03 Q4:02

Start-Up Expenses

1.55 1.72 1.79 1.99 1.86

Fixed Assets 168.75 171.95 171.89 169.37 167.70

Current Assets 197.30 150.88 161.95 139.36 101.06

Transitory Accounts

25.71 29.80 25.68 15.57 43.37

Total Assets 393.31 354.35 361.31 326.29 314.09

Shareholders’ Funds

254.92 242.41 231.23 217.20 242.97

Provisions 2.45 1.71 1.67 1.29 1.29

Liabilities 135.23 110.07 128.24 107.76 69.65

Transitory Accounts

0.71 0.16 0.17 0.04 0.18

Total Liabilities 393.31 354.35 361.31 326.29 314.09

Net Debt -15.40 15.86 15.81 20.06 3.42

Capex 11.97 10.31 6.99 3.52 7.59

9

2004 Projections

amounts in € m 2000 2001 2002 2003

Turnover 296.7 368.5 445.5 522.8

EBITDA 38.5 51.1 58.0 70.7

PreTax Earnings(after minorities)

28.0 40.8 44.7 57.4

EPS (pretax) €0.69 a €0.56 €0.61 €0.78

Market Capitalisation b 348.4

P / E (pretax) b 6.1

Notesa. Adjusted for Share Capital Increaseb. Based on price close of 26/02/2004

10

Quarterly Financial Performance

11

Turnover (in € m)

€ 0

€ 50

€ 100

€ 150

2000 2001 2002 2003

Gross Profit (in € m)

€ 0

€ 10

€ 20

€ 30

2000 2001 2002 20030%

7%

14%

21%

Gross Profit Gross Margin

EBITDA (in € m)

€ 0

€ 8

€ 16

€ 24

2000 2001 2002 20030%

6%

12%

18%

EBITDA EBITDA Margin

Pre Tax Earnings (in € m)

€ 0

€ 6

€ 12

€ 18

2000 2001 2002 20030%

5%

10%

15%

Pre Tax Earnings Pre Tax Margin

Full-Year Financial Performance

12

Turnover (in € m)

€ 0

€ 100

€ 200

€ 300

€ 400

€ 500

2000 2001 2002 2003

Gross Profit (in € m)

€ 0

€ 20

€ 40

€ 60

€ 80

2000 2001 2002 20030%

5%

10%

15%

20%

Gross Profit Gross Margin

EBITDA (in € m)

€ 0

€ 20

€ 40

€ 60

€ 80

2000 2001 2002 20030%

4%

8%

12%

16%

EBITDA EBITDA Margin

Pre Tax Earnings (in € m)

€ 0

€ 15

€ 30

€ 45

€ 60

2000 2001 2002 20030%

3%

6%

9%

12%

Pre Tax Earnings Pre Tax Margin

INVESTING IN THE FUTURE

Investor Relations OfficerAngelos Kiosklis9 Frangokklisias St, 151 25, Marousi, Greecetel +30-210-6185592fax +30-210-6185698email akiosklis@jp-avax.gr