NEOCHIMIKI L.V. LAVRENTIADIS S.A. Group announced its financial results for the first half of 2008, in accordance with the International Financial Reporting Standards.

Group turnover from continued operations amounted in the first half of 2008 to euro 232.7 mil. over euro 171.3 mil. in the respective period of last year, posting a significant increase of 35.8%. This increase is attributable primarily to the business segments of base oils & rubbers, fertilizers, food and feed ingredients and bulk chemicals, which showed significant growth rates. In the field of base oils & rubber, NEOCHIMIKI's activities have been boosted through the acquisition, in 2007, of RAFINERIJA NAFTE BEOGRAD DOO (RNB), in Serbia, which has been fully integrated into the Group's structure, further underpinning its growth potential.

Consolidated gross profit from continued operations stood at euro 58.4 mil. over euro 54.1 mil. in the first half of 2007, marking an increase of 8.1%. Gross profit margin eased by 6.5 percentage points to 25.1% in the first half of 2008. This decrease is mainly attributable to the diversification of the Group's product mix, where product categories with lower profit margins partake a bigger portion of total sales as well as to the additional cost incurred from the problems in the port and the other means of transportation Group EBITDA from continued operations amounted to euro 36.7 mil. over euro 30.8 mil. in the first half of 2007, increased by 18.9% This increase is partially due to the better control of Expenses from continued operations in alignment of the Management's strategic decision to restructure all respective cost accounts.

Consolidated profit before tax from continued operations was at euro 23.9 mil. over euro 18.7 in the respective period of last year while profits after tax and minority rights from continued operations increased by 10.9% and stood at euro 15.7 mil. It is noted that total earnings after taxes and minority rights of the first half of 2007 include euro 78.9 mil. profits from discontinued (sold) operations.

Excluding the above figures, the Group's organic net profits after taxes and minority rights stand at euro 14.1 mil. for the first half of 2007.

The above figures are a most definite illustration of the absolute adherence to the group business strategy of strong consolidation in Greece and a rapid growth in the Balcans As regards specific business, in 2008 fertilizers was further strengthened through the acquisition of the Production facility of IHP PRAHOVO Group in Serbia while base oils & rubbers through the acquisition of the remaining 16.2% shares in RAFINERIJA NAFTE BEOGRAD DOO.

Pursuant to the first half 2008 financial results and in conjunction with the abovementioned developments, the Management of NEOCHIMIKI confirms its full year 2008 guidance for sales and profitability stated previously i.e.: Consolidated Sales at euro 600 mil, EBITDA at euro 100 mil, consolidated profits before taxes at euro 75 mil and profits after taxes and minority rights at euro 60 mil.