Germanos’ financial results demonstrated a positive trend during the financial year 2004, verifying that the Group continues to achieve growth. Consolidated sales reached ­ 859.8 million, posting an increase of 21.6% y-o-y. The above growth resulted from all business activities of Germanos Group.

Specifically, sales relating to the Retail Activity increased by 17.5% y-o-y, settling at ­496.6 million. It is worth noting that airtime revenues contributed to a significant extent to the above growth, reaching ­60 million (higher by 31.8% y-o-y). Airtime revenues had also significant contribution to the Group’s net profitability.

Wholesale distribution – which is the Group’s second most important activity – demonstrated strong growth in 2004. This category’s revenues relate to the distribution of prepaid cards (mobile and fixed line telephony) and settled at ­283.9 million, higher by 34.7% year-on-year.

Finally, revenues from the Group’s Industrial activity (Sunlight), reached ­54 million, demonstrating an annual growth of 10.2%. It is worth noting that the largest part of the industrial sales was generated in the international markets.

Sales generated from the subsidiaries abroad (such as in Poland, Romania, Bulgaria, FYROM and Ukraine) also contributed significantly to the overall growth of the Group. The particular category reached ­169.5 million and currently represents 20% of the total consolidated sales.

Consolidated earnings before interest, taxes, depreciation and amortization (EBITDA) rose by 15.4% year-on-year, settling at ­90.4 million, whereas the corresponding profit margin reached 10.5%.

Finally, Earnings after Taxes (EAT) amounted to ­53.9 million, presenting an increase of 19.3% as compared to the financial year 2003.

GERMANOS SA financial figures evolved in a similar trend. On parent basis, turnover accounted for ­ 679 million (+16.6% year-on-year), whereas Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) amounted to ­ 79.5 million (+11.14% year-on-year). Finally, Earnings before Taxes rose by 10% to ­ 60 million in 2004 from ­ 54.4 million in 2003.