Monday, 22th Febrery 2003

In the financial year 2002 the IRIZAR GROUP achieved a growth of over 15%, reaching a turnover of 281.4 million (compared to the 2001 figure of 245 million).

The success of the innovative IRIZAR PB, launched in 2001 and distributed in Spain in 2002, has resulted in a 20% growth on the Spanish market, despite this market's drop of around 10%. On the export markets, however, the number of new coaches registered has fallen by some 15-20%, leading to a drop of 13% for IRIZAR. We have grown in some countries (the UK, Italy and Greece) and reduced sales in others (Germany, France and Hong Kong).

The major aspects of this financial year for the IRIZAR GROUP have been the participation in BODE-MASATS - the bus and coach door and access mechanism company - our 137% growth in Morocco after obtaining 100% of the company shares, the 19% growth of IRIZAR MEXICO and the 12% growth of Hispacold, located in Seville and producing air-conditioning systems for buses and coaches.

The IRIZAR GROUP provided 36 countries with buses and coaches during 2002, the top ten countries being Mexico, Spain, India, Italy, Brazil, Chile, the UK, Morocco, China and Germany, with a total of 2,248 units sold (+- 9% compared with 2001).

IRIZAR has shared sales with 11 chassis manufacturers in the different production locations. The six main manufacturers, in order of importance, are: Scania, Mercedes, MAN, ASHOK Leyland, Volvo and Iveco.

For the financial year 2003, we anticipate sales of 2700 - 2800 coaches (a 20-25% increase on last year) and a turnover of 340-350 million. IRIZAR ORMAIZTEGI has prominence here as a result of the launch of the IRIZAR PB on the European market during the last months of previous year.

Another of the year's outstanding aspects is the China project, following on from the start of activity in the new factory in January and the launch in Spain of the Century model.