Hatzioannou Holdings - Year End Results For 2003

Athens, Greece 17.03.2004 (PROTEXT/ots) - HatzioannouHoldings, the leading European group in the second skinmanufacturing and retailing, announced its year-end 2003consolidated results.

The group financial results reflect the consolidation thattook place during the last two years in order to focus on its 3core business segments and to strengthen further the retailoutlook both in Greece (through SPRIDER) and in the UK (throughVIRGIN ware).

In fact, today VIRGIN ware today opens its 12th store acrossthe UK, in Guildford.

- Total revenues reached EUR122.3 million in 2003, adecrease of 6.4% over the same period last year, reflectingprimarily the sale of subsidiary business units, such as Ergo,Iliofin and Apple Boxer, that contributed in total EUR30.5million in 2002. On the other hand, S&R the group's distributionarm in Germany was included for the first time in the group'saccounts.Furthermore, on a like basis, the group revenuesincreased by 3.1%.

- EBITDA increased by 8.8% in 2003 from EUR 25.0 million toEUR 27.2 million, as a result of a strategic shift to the corebusiness that provide also higher margins.

- Earnings before tax after minorities increased by EUR 1.9million, or 20.2%, from EUR 9.5 million in 2002 to EUR 11.4million in 2003.

- Return on equity was improved by 5% to 19% versus 14% in2002.

- Total net debt was reduced by EUR 29.5 million to EUR 48.7million, as a result of the sale of three subsidiaries andincreased operating cash flow.

- VIRGIN ware, the UK subsidiary, will be consolidated forthe first time in 2004.

Hatzioannou shares are listed on the Athens Stock Exchange (Reuters: HADr.AT), (Bloomberg: HATZK GA).

The full report is available for download:

http://www.rns-pdf.londonstockexchange.com/rns/6354w_hatzioannou-2004-3-17.pdf

ots Original Text Service: Hatzioannou Holdings Internet:http://www.presseportal.de

Press contact: For further information, contact:

Nick Demos, IRO Tel.: ++30 210 6387820 Email:nick.demos@hatzi.gr

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