It should be stressed at this point that the above amount includes the company's 25% participation to the Hellenic Duty Free Shops (HDFS). Hellenic Duty Free Shops (HDFS) was consolidated using the Equity Method and its contribution reaches the amount of 12.5 M euros, including a 5.2 M euros dividend from 2002.

Group's Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) for the examined period accounted for 37.4 M euros compared to 27.6 M euros for the previous year, showing an increase of 36%.

A significant improvement is noted on Folli Follie?s basic profit margins. More specifically, gross margin increased to 64.2% of sales, compared to 60.5% in 2002. On the EBITDA level, the profit margin reached 33.4%, versus 29.8% in the corresponding period of 2002.

Parent company Folli Follie S.A. also demonstrated a growth in the financial results reaching 24.9 M euros of consolidated sales, increased by 2% in comparison to the same period in 2002. Earnings Before Tax grew by 100% from 5 M euros in 2002 to 10 M euros this year.

In an analysis of total sales by looking at each region, it appears that Japan accounted for 24%, the rest of Asia 42%, Greece 7%, the rest of Europe 15% and Travel Retail operations reached 12%. According to the sales per product category, jewellery account for 64% of sales, watches account for 28% and accessories account for 8%.

Mr George Koutsolioutsos, Vice President of Folli Follie, commenting on the company's consolidated results, said: 'Financial results of the first nine months of 2003 confirm the success of the strategic choices we have made, as these figures are characterized by high growth rates, reflecting at the same time the company's future dynamics. We are particularly proud that the brand awareness of a Greek company reaches every angle of the world and we promise to continue our intensive and consistent efforts in order to strengthen even more our presence internationally'.

Folli Follie is a Greek company which designs, manufactures and distributes jewellery, watches and fashion accessories under the Folli Follie brand. The Folli Follie brand?s core values are 'affordable, fashionable luxury'. Nowadays, Folli Follie is active in more than 20 countries, has over 230 points of sale, and continues to develop new strategically important markets around the world while strengthening its presence in existing ones.

The issue was oversubscribed in a short period of time, with the total subscription amount exceeding 425 million euros.

The bond investor base is well-diversified. Investors came mainly from: United Kingdom 43%, Austria 20%, Germany 11%, Ireland 5%, France 4%, Greece 2%, Portugal 2%, Spain 2%, Esthonia 1% and Belgium/ Netherlands/ Luxembourg 5%. Approximately 77% of the issue was placed with banks, 15% with investment funds and 8% with insurance companies.

The joint lead managers to the issue were Merrill Lynch International, UBS Investment Bank and Credit Suisse First Boston. Alpha Bank was co-manager to the issue.

The bond will be listed on the Luxembourg Stock Exchange.

The proceeds of the issue will increase the Group's loanable foreign currency funds, contributing to the further expansion of its operations.

Eydap's EBT increased by 15,4% in the nine month period of the current economic use reaching the amount of 55 ml euros ,from 47,6 ml euros in 2002. The company's turnover raised by 16,6% the same period reaching 253,3 ml.euros from 217,1 ml euros last year.

Opex before depreciation increased by 17,4% constituting 71,7% of sales comparing to 71,3% the same period last year.This increase can be mainly attributed to the cost accounting of 10 ml euros antiflooding works that constructed by Eydap on behalf of the Ministry of Environment Planning and Public Works.The increase in Opex is approximately 11% if the figure of 10 ml euros is not taken into account.

EBITDA increased by 13,7% reaching 74,8 ml euros comparing to 65,8 ml euros the same period last year.

Depreciation also increased by 6,9% reaching 23,5 ml euros comparing to 22 ml.euros in 2002.As a result the 9months EBIT highed up to 51,3 ml.euros from 43,8 ml.euros last year ,while EBT margin remained stable at 20,2%.