Group Financial Performance

Q4 & 12M 2004(pro forma)

2

12M 2004 - Financial Highlights

Underperformance relative to 2003 - Turnover -8.6% to €477.6 m

- Gross Profit -5.9% to €75.1 m- EBITDA -14.6% to €60.4 m- EBIT -16.4% to €51.8 m- Pre-Tax Profit after minorities -19.4% to €46.3 m

Easing profit margins- Gross margin 15.7% (vs 15.3% in 12M 2003)

- EBITDA Margin 12.7% (vs 13.5%)- EBIT Margin 10.8% (vs 11.8%)- Pre-Tax Margin 9.7% (vs 11.0%)

3

4th Quarter 2004 - Financial Highlights

Decline in results versus Q4 2003 - Turnover -51.7% to €72.8 m

- Gross Profit -33.2% to €16.4 m- EBITDA -55.3% to €9.1 m- EBIT -64.8% to €6.9 m- Pre-Tax Profit after minorities -70.8% to €5.2 m

Profit margin squeeze- Gross margin 22.6% (vs 16.3% in Q4 2003)

- EBITDA Margin 12.5% (vs 13.5%)- EBIT Margin 9.4% (vs 12.9%)- Pre-Tax Margin 7.1% (vs 11.8%)

Group Results – 2004 pro forma

4

amounts in € m 12M 200412M 2003

chg

Turnover 477.6 522.8 -8.6%

Gross Profit 75.1 79.8 -5.9%

Other Income 1.6 0.5

Operating Expenses 24.9 18.6

Financial Results -2.5 -1.5

Extraordinary Results -0.4 0.2

Depreciation 10.8 11.0

-included in operating cost 8.6 8.9

Minorities 0.0 -0.1

Tax Adjustments 0.4 1.0

Pre-Tax Earnings after Minorities

46.3 57.4-

19.4%

EBITDA 60.4 70.8-

14.6%

EBIT51.8 61.9

-16.4%

Group Results – 4th Quarter pro forma

5

amounts in € m Q4 2004 Q4 2003 chg

Turnover 72.8 150.8 -51.7%

Gross Profit 16.5 24.6 -33.2%

Other Income 0.1 0.2

Operating Expenses 9.7 5.3

Financial Results -0.9 -0.6

Extraordinary Results -0.2 0.0

Depreciation 2.7 1.3

-included in operating cost 2.2 0.8

Minorities 0.0 0.0

Tax Adjustments 0.1 0.6

Pre-Tax Earnings after Minorities

5.2 17.8 -70.8%

EBITDA 9.1 20.3 -55.3%

EBIT 6.9 19.5 -64.8%

Consolidated Balance Sheet

amounts in € m12/200

409/2004

12/2003

Start-Up Expenses 0.9 1.1 1.5

Fixed Assets 168.9 169.4 168.8

Current Assets 195.8 220.1 197.3

Transitory Accounts 41.0 24.1 25.7

Total Assets 406.6 414.7 393.3

Shareholders’ Funds 254.0 247.9 254.9

Provisions 3.0 2.4 2.5

Liabilities 149.3 164.2 135.2

Transitory Accounts 0.3 0.2 0.7

Total Liabilities 406.6 414.7 393.3

Net Debt 23.3 41.0 -15.4

Capex 5.1 3.7 12.0

6

Group Financial Highlights

amounts in € m 2000 2001 2002 2003 2004

Turnover 296.7 368.5 445.5 523.4 477.6

Gross Profit 50.5 58.2 68.8 78.9 75.1

EBITDA 38.5 51.1 58.4 69.8 60.4

Pre-Tax Earnings(after minorities)

28.0 40.8 44.7 56.8 46.3

Net Earnings 15.6 22.0 28.5 34.6 n/a

Shareholders’ Funds

187.6 201.3 203.7 207.5 254.0

EPS€0.38

* €0.30 €0.39 €0.47 n/a

DPS €0.10 €0.10 €0.30 €0.32 n/a

Capitalisation ( 25/02/05)

€313 m

7

* adjusted for rights issue

Note: Figures for 2004 are based on the year-end pro forma accounts, whereas past years’ figures refer to the annual accounts

Annual Financial Performance

8

Turnover (in € m)

€ 0

€ 100

€ 200

€ 300

€ 400

€ 500

€ 600

2000 2001 2002 2003 2004

Gross Profit (in € m)

€ 0

€ 20

€ 40

€ 60

€ 80

2000 2001 2002 2003 20040%

5%

10%

15%

20%

Gross Profit Gross Margin

EBITDA (in € m)

€ 0

€ 20

€ 40

€ 60

€ 80

2000 2001 2002 2003 20040%

4%

8%

12%

16%

EBITDA EBITDA Margin

Pre Tax Earnings (in € m)

€ 0

€ 15

€ 30

€ 45

€ 60

2000 2001 2002 2003 20040%

3%

6%

9%

12%

Pre Tax Earnings Pre Tax Margin

Quarterly Financial Performance

9

Turnover (in € m)

€ 0

€ 50

€ 100

€ 150

2000 2001 2002 2003 2004

Gross Profit (in € m)

€ 0

€ 10

€ 20

€ 30

2000 2001 2002 2003 20040%

8%

16%

24%

Gross Profit Gross Margin

EBITDA (in € m)

€ 0

€ 8

€ 16

€ 24

2000 2001 2002 2003 20040%

6%

12%

18%

EBITDA EBITDA Margin

Pre Tax Earnings (in € m)

€ 0

€ 6

€ 12

€ 18

2000 2001 2002 2003 20040%

5%

10%

15%

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