Hatzioannou Holdings -- YEAR END RESULTS FOR 2003


ATHENS, Greece, March 17, 2004 (PRIMEZONE) -- Hatzioannou Holdings - YEAR END RESULTS FOR 2003

Hatzioannou Holdings, the leading European group in the second skin manufacturing and retailing, announced its year-end 2003 consolidated results.

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

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



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


  -- EBITDA increased by 8.8% in 2003 from EUR25.0 million to EUR27.2
 million, as a result of a strategic shift to the core business that
 provide also higher margins.

   -- Earnings before tax after minorities increased by EUR1.9 million,
  or 20.2%, from EUR9.5 million in 2002 to EUR11.4 million in 2003.

   -- Return on equity was improved by 5% to 19% versus 14% in 2002.

   -- Total net debt was reduced by EUR29.5 million to EUR48.7
  million,  as a result of the sale of three subsidiaries and
  increased operating cash flow.

   -- VIRGIN ware, the UK subsidiary, will be consolidated for the
  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


                      This information is provided by RNS
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