Annual Report 2002
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16, Laodikias Str. ñ 115 28 Athens ñ Tel: +30 210 74 50 600 ñ Fax: +30 210 74 50 645e-mail: [email protected] ñ www.lamda-development.net
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2exo_eng 10-06-03 13:14 ™ÂÏ›‰· 1
Highlights 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4
To our shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8
Milestones 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
Corporate Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
Companies . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 46
Sustainable Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . 50
Financial Report 2002 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 56
Balance Sheets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 64
Table of Contents
esot_eng 10-06-2003 11:15 ™ÂÏ›‰· 3
LAMDA Shipyards and Marine Services has undertaken the reactivation of the torpedo fast attack vessels "Tournas" and "Sakipis" for the Hellenic Navy. PPaaggee 4433
Collaboration with the Hellenic Ministry of National Defence
LAMDA Olympia Village has undertaken the largest private real estatedevelopment project in Greece, namely the development of the Athens2004 Olympic Media Village in Maroussi that includes a residential complexand a regional commercial and leisure centre. PPaaggee 1177
Athens 2004 Olympic Games Media Village project
LAMDA Development joined forces with the internationally renownedSonae Imobiliaria Group, to develop a modern regional commercial andleisure centre in the Municipality of Pylea, located near Thessaloniki innorthern Greece. PPaaggee 1188
Strategic alliance in Pylea
LAMDA TechnOL Flisvos Marina has undertaken the redevelopment, upgradeand management of the Flisvos Marina, located in Faliro, Athens. PPaaggee 1199
The Flisvos Marina upgrade project
LAMDA OLYMPIC Srl was accredited with the excellence award for the "MostImportant Residential Project" in Bucharest, Romania, for the Lake ViewCondominium complex, under construction on company-owned land. PPaaggee 1155
Residential excellence award for Lake View Condominium
Highlights 2002
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2002
May: Athens 2004 Olympic Games Media Village project
January: New executives
July: Strategic alliance in Pylea
November: Residential excellence award for Lake View Condominium
October: "Retail Biz" sponsorship
1 3 4 5 62
Hig
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00
2
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November: Collaboration with the Hellenic Ministry of National Defence
November: Uniformity of the corporate identity
October: Cecil office building inauguration
December: The Flisvos Marina upgrade project
November: Participation in the MAPIC exhibition
7 8 9 10 11 12
The LAMDA Development Group established a uniform corporate identity,marking the beginning of a dynamic period of vigorous businessdevelopment in land, sea and air infrastructure. PPaaggee 1144
Uniformity of the corporate identity
With the blessings of His All Holiness Ecumenical Patriarch Bartholomew, the Cecil office building, formerly a historic hotel in Kifissia, was inauguratedas a newly transformed ultra-modern luxury office building created byLAMDA Estate Development. PPaaggee 3388
Cecil office building inauguration
In 2002 the LAMDA Development Group strengthened its management team.The enlisting of top executives from the marketplace in crucial managementand strategic planning positions constitutes a top priority. PPaaggee 5522
New executives
For the second consecutive year, LAMDA Estate Development wasrepresented successfully at MAPIC 2002, the international retail real estateindustry exhibition in Cannes, France. PPaaggee 5555
Participation in the MAPIC exhibition
LAMDA Development was the sole sponsor of the annual "Retail Biz", anindex of the Greek retail industry growth over the last three decades andanticipated market trends. PPaaggee 5544
“Retail Biz” sponsorship
esot_eng 10-06-2003 11:15 ™ÂÏ›‰· 5
(in 000 ú)
SSHHAARREEHHOOLLDDEERRSS EEQQUUIITTYY TTOOTTAALL AASSSSEETTSS
2002 2001 2002 2001
LAMDA Development S.A. 240.112 123.535 307.155 125.239
LAMDA Development Group 246.317 118.783 366.408 153.446
Key financial data
Highlights 2002
0
10.000
20.000
30.000
40.000
50.000
60.000
2000 2001 2002
(in 000 ú)
Consolidated turnover
Turnover
Profit before taxes
Profit before taxes
2000 2001 2002
(in 000 ú)
01.0002.0003.0004.0005.0006.0007.0008.000
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PPEERR SSHHAARREE FFIINNAANNCCIIAALL DDAATTAA 22000022 22000011
TOTAL NUMBER OF SHARES OUTSTANDING AT YEAR’S END 43.488.750 14.496.250
WEIGHTED NUMBER OF SHARES 20.850.771 14.496.250
PER SHARE
PROFIT BEFORE TAXES ú 0,34 ú 0,25
PROFIT AFTER TAXES AND BoD FEES ú 0,15 ú 0,12
BOOK VALUE ú 5,52 ú 8,52
Equity capital raised in the Athens Stock Exchange in 2002
Total equity capital raised by private sector companies in 2002: ú 350.200.082
33%
LAMDA Development
67%
All other privatesector companies
In October 2002, LAMDA Development successfully completed a ú 115.970.000 sharecapital rights issue via the Athens Stock Exchange.
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esot_eng 10-06-2003 11:15 ™ÂÏ›‰· 7
To our shareholders
esot_eng 10-06-2003 11:16 ™ÂÏ›‰· 8
Dear shareholders,
It is with great pleasure that we take this opportunity to review the
company’s performance over the past year. Although international markets
suffered uncertainty and difficult times, during 2002 the LAMDA
Development group of companies laid the foundations for increased
profitability by vigorously pursuing a series of investment opportunities
involving land, sea and air infrastructure.
Our company has steadily increased its activity in land infrastructure
projects through a ú 700 million investment programme, which includes a
sizeable portfolio of real estate development projects amounting to
500,000 m2 of buildable surface area both in Greece and abroad. We would
also like to draw your attention to the rapid growth rate of our marine
infrastructure projects, including the entry of the LAMDA Development
Group into the marina market.
Objectives
Committed to maintaining a leading role in the markets in which we
operate, we remain focused on executing our investment plan while at the
same time maintaining the steady growth of our earnings.
A common corporate identity
Following the decision by our Board of Directors, the LAMDA Development
group of companies has unified its corporate identity under the umbrella of
the parent company. The need for a single, common corporate identity
emerged during a period of rapid expansion of all our companies’ business
operations, and has the goal of increasing public awareness of our
operations and projects, while emphasising the complementary nature of
each company in achieving overall common objectives.
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esot_eng 10-06-2003 11:16 ™ÂÏ›‰· 9
Investment plan for infrastructure development
The LAMDA Development Group has made steady progress in realising its
vision of shaping markets and promoting business development, and is
committed to pursuing the entire spectrum of infrastructure development
opportunities, including high-profile projects such as the Athens 2004
Olympic Games Media Village in Maroussi; the Commercial and Leisure
Centre in Pylea, near Thessaloniki; the renovation and leasing of the Cecil
office building in Kefalari-Kifissia; the contract awarded to LAMDA Shipyards
and Marine Services by the Hellenic Ministry of National Defence for the
reactivation of two torpedo fast attack vessels; the development of a major
residential project in Romania; the contract between LAMDA TechnOL Flisvos
Marina and Hellenic Tourist Properties ("ETA"), regarding the upgrade and
management of the Flisvos Marina in Athens.
Increased profitability
2002 consolidated earnings before tax amounted to ú 7 million, a significant
increase of 90% compared to 2001. This increase reflects the company’s
strict focus on delivering against its business objectives. Moreover, the
300% increase in the consolidated turnover over the past two years further
supports our investment plans indicating excellent prospects for future
profitability. We consider it our obligation to continue our effort toward
better results and we are optimistic about the future of our company.
To our shareholders
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esot_eng 10-06-2003 11:16 ™ÂÏ›‰· 10
Share Capital Increase
In addition to the strong performance of our subsidiary companies, LAMDA
Development successfully completed a share capital increase in October
2002 through the Athens Stock Exchange. The increase yielded approx.
ú 116 million, which will be allocated toward the company’s investment
plans and, more specifically, toward the Athens 2004 Olympic Games Media
Village in Maroussi. The capital increase, which was fully covered,
represented more than one-third of the total funds raised by private
companies on the Athens Stock Exchange in 2002, clearly demonstrating the
dedication and support we enjoy from our shareholders.
On behalf of the management of LAMDA Development, we would like to
thank you for your confidence and commit ourselves to continuing our
efforts to reach even higher goals.
Spyros Makridakis
Chairman of the Board of Directors
Lambros G. Anagnostopoulos
Chief Executive Officer, Member of the Board
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esot_eng 10-06-2003 11:16 ™ÂÏ›‰· 11
Milestones 2002
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Share Capital Increase:Stronger for the benefit of all
During 2002 the LAMDA Development group of companies grew bigger andstronger at all levels on the strength of a successful share capital increase.
Added value for our shareholdersAfter two years of operation and with substantial increase of our financialperformance we enjoy the undiminished support of our shareholders. In October, a rights issue amounting to ú 115.970.000 was fully andsuccessfully covered underscoring the trust of our shareholders.
The new shares were issued at ú 4 per share, at the rate of 2 to 1. Therights were exercised between September 24th and October 8th 2002.
The means for advancementThe amount of approx. ú 116 million raised by the share capital increaserepresents more than 1/3 of the total raised by all non-public entitiesthrough the Athens Stock Exchange during 2002. This marks the faith of theinvesting community in the LAMDA Development Group and its importanceas a development force in the Greek stock market and the economy at large.
A leader in the modernization of national infrastructureThe capital raised will be utilized for the materialization of one of the mostimportant infrastructure projects ever envisioned by the private sector inGreece. This is the Athens 2004 Olympic Games Maroussi Media Village,one of the largest private real estate developments in Southeastern Europe.
The Olympic and post-Olympic use of the project will contributeenormously to the improvement of the image of the country and will markthe beginning of an era of large, high calibre private projects.
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esot_eng 10-06-2003 11:17 ™ÂÏ›‰· 13
Milestones 2002
In 2002, in order to reflect its dynamic performance within its corporateimage, the LAMDA Development Group adopted a uniform corporateidentity and branding strategy.
One Group, one clear corporate identity
RecognitionIn previous years, DIMIOURGIA S.A., HEPHAESTUS HELLAS SHIPBUILDING S.A.,and OLYMPIA S.A. were each pursuing their own separate and successful coursein their respective sectors, while comprising a strong overall group.
The common identity of the companies as a whole was not always visible tothe public and, on occasion, created confusion about the relationshipbetween LAMDA Development and its subsidiaries.
The significance of a common corporate identity The new corporate identity offers significant advantages to the LAMDADevelopment group of companies:
ñ It creates a common corporate image
ñ It signposts its development
ñ It increases public knowledge about the company’s activities and investments
ñ It underscores the value of the companies complementing oneanother as they move toward one single direction
Each company is an integral part of a harmonious whole. The strength ofLAMDA Development lies in the synergies between its constituent parts.This change signals the beginning of a period of vigorous growth in land,sea and air infrastructure investments.
Company name changesThe companies of the LAMDA Development Group were renamed as follows:DIMIOURGIA S.A. ➡ LAMDA Estate Development S.A.HEPHAESTUS HELLAS SHIPBUILDING S.A. ➡ LAMDA Shipyards & Marine Services S.A.OLYMPIA S.A. ➡ LAMDA Prime Properties S.A.
100%
95%
45%45%
100%100%
60%60%Pylea S.A.
Swissport LAMDA Hellas S.A.Swissport LAMDA Hellas S.A.
75%
LAMDA TechnOL Flisvos Holding S.A.
50%50% 29,9%29,9%
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Romania was the first country in Southeastern Europe where the LAMDADevelopment Group chose to expand its activities and resulted in the firstinternational recognition for the high quality of its products.
In Bucharest, beside the Herastrau lake and park, LAMDA OLYMPIC Srl(50/50 participation by LAMDA Development and Technical Olympic) isdeveloping the Lake View Condominium into a 30,000 m2 residentialcomplex that will include 93 luxury apartments on a 9,000 m2 plot of land.
The impressive high quality of the project was recognized with the "MostImportant Residential Project" award in Bucharest during the conference"Home & Office – Building Success" and "Awards Gala for Excellence,"organized by the Romanian newspaper "Bucharest Business Week." Thisaward proves that the Bucharest residential complex is a modelinfrastructure project for the Romanian market.
Investment in Romania LAMDA Development chose to invest in Romania, as the country is one ofthe most significant markets in Southeastern Europe. The Romanianeconomy is growing steadily, due to the political stability already achieved inthe country. Romania is participating in NATO and will soon be admittedinto the European Union, factors which create favourable prospects for thecountry’s further development.
International expansion and recognitionfor the LAMDA Development Group
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esot_eng 10-06-2003 11:17 ™ÂÏ›‰· 15
Milestones 2002
Modern infrastructure projects:
High returns for our shareholders,multiple benefits for Greece
Among all business ventures undertaken by the companies of the LAMDADevelopment Group this past year, the development of model infrastructureprojects holds a central position.
The Athens 2004 Olympic Games Media Village in Maroussi, the Commercialand Leisure Centre in Pylea and the Flisvos Marina are major investmentinitiatives creating considerable added value for our shareholders. At thesame time, these initiatives pave the way for Greece to become trulycompetitive in a new complex global environment.
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esot_eng 10-06-2003 11:17 ™ÂÏ›‰· 16
Athens 2004 Olympic Games Media Village The Media Village for the Athens 2004 Olympic Games in Maroussi is the mostimportant private real estate development project in Greece and one of thebiggest in Southeastern Europe, with a budget of more than ú 350 million.
LAMDA Olympia Village S.A. is designing and implementing thedevelopment on 210,000 m2 of land. The residential complex was designedwith a relatively low residential density, many open spaces and residentialunits arranged so as to create a friendly neighbourhood atmosphere. Inaddition to the residences, the development will include an office building,large areas of greenery and a regional commercial and leisure centre.
During the Athens 2004 Olympic Games, the area will host mediarepresentatives. However, the project’s post-Olympic use is of equalimportance. A new upscale, spacious residential area will be created while,at the same time, it will also become a major commercial and leisuredestination for residents of the surrounding region.
In May 2002, following an international bid, LAMDA Developmentundertook this investment by acquiring from the Municipality of Maroussi a95% stake in the Municipal Corporation. Construction work has alreadybeen assigned to subcontractors and the complex is scheduled to bedelivered to the ATHENS 2004 Organizing Committee in April 2004.
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esot_eng 10-06-2003 11:18 ™ÂÏ›‰· 17
Commercial and Leisure Centre in PyleaThe most advanced commercial and leisure complex in Thessaloniki, withretail outlets and leisure facilities, is being created by PYLEA S.A. on a250,000 m2 site belonging to the Ecumenical Patriarchate.
The Commercial and Leisure Centre is situated in a strategic location witheasy access from Thessaloniki, the regional capital of northern Greece. Therealistic goal is to become an international destination that will attractvisitors and shoppers from all of northern Greece, but also from theneighbouring Balkan countries.
The design includes a supermarket, many major retail stores and severalsmaller outlets covering different shopping needs; restaurants, cinemas andother entertainment facilities, parking, sports facilities and green areas. Thesite design assures that most areas will have ample view of the sea.
The development will also include a thematic Greek Village featuringtraditional Greek architecture, popular art and traditional music,highlighting the cultural traditions of the country.
For the development of the project, an agreement has been signed withSonae Imobiliaria, an international leader in the field of commercial centredevelopment. With a budget of approx. ú 100 million, the project isscheduled to be completed in 2004.
Milestones 2002
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esot_eng 10-06-2003 11:18 ™ÂÏ›‰· 18
Flisvos MarinaLAMDA TechnOL Flisvos Marina submitted a winning bid in the internationaltender organised by Hellenic Tourist Properties S.A. and was awarded theredevelopment and management of the Flisvos Marina for 40 years.
This ambitious project involves the creation of the first marina capable ofaccommodating mega yachts in Greece. This is an infrastructure projectnecessary to make Greece more attractive to international visitors and able tomeet strong global competition. Moreover, the marina has been designedwith special consideration for the protection of the area’s natural marine andland environment.
The marina is expected to serve the mooring needs of VIP yachts visitingGreece during the Athens 2004 Olympic Games. Development costs areexpected to reach approx. ú 44 million.
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esot_eng 10-06-2003 11:18 ™ÂÏ›‰· 19
CorporateStrategy
esot_eng 10-06-2003 11:18 ™ÂÏ›‰· 20
A driving force in the marketAll the activity of the LAMDA Development group of companies is foundedon the belief that this is the crucial decade for infrastructuredevelopment in Greece.
The mature macroeconomic context, the steady growth rates ofdevelopment in Greece, the European Economic and Monetary Union andthe Euro, in combination with the 3rd Community Support Framework andthe preparation for the Athens 2004 Olympic Games, all create the rightcombination of need and capability to develop Greek infrastructure duringthis particular decade. Recognizing this unique opportunity, LAMDADevelopment will contribute to the development that will shape the imageof Greece and simultaneously secure significant investment returns for itsshareholders.
The Athens 2004 Olympic Games are only the beginningThe Athens 2004 Olympics are the major milestone ahead. An even greaterchallenge, however, is the environment in which we will continue to liveafter the Olympic Games, when European unification will have progressedeven further and globalisation will have created new standards. Greekcompanies will be expected to choose their place in the new market:whether they will become leading or lagging players in a new businessreality. For LAMDA Development, the goal is clear: to become a drivingforce in the development of a competitive Greece in the years to come.
The stakes are highThe vision of Greece as a country with an infrastructure comparable to thatof Europe is simple, attractive and realistic. Above all, it will direct Greecetoward economic growth. New and high calibre infrastructure will attractvisitors to Greece, make them stay longer and consume more. It will bringhigher revenues that will benefit the national economy and those whohave invested in these infrastructure projects.
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esot_eng 10-06-2003 11:19 ™ÂÏ›‰· 21
Corporate Strategy
Comprehensive network of services
At LAMDA Development, we rely on a well-rounded strategic investment
plan. Our investments in land, sea and air create a comprehensive network
of services. Our choices are neither circumstantial nor opportunistic.
Our vision has three main objectives:
By accomplishing our goals we generate profits for our shareholders and
strengthen our country. By strengthening our country, we fulfil our civil
duties and simultaneously create favourable conditions for even more
growth and higher returns on our investment capital.
It is not enough for us to simply offer better services and improved
products. Our goal is to change the shape of the market; to develop new
markets that will yield the surplus value of tomorrow.
TToo ccrreeaattee
added valueby effectively combining
our and our partners’
experience, specialization
and technology
TToo rreemmaaiinn
at the forefrontof markets
in which we are active,
by providing
comprehensive services
TToo pprroovviiddee
the highest quality to our clients, high returns
to our shareholders and
a creative and pleasant
work environment
for our employees
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esot_eng 11-06-03 10:32 ™ÂÏ›‰· 22
The core element of the LAMDA Development group of companies’
strategy towards realizing its vision is the investment in land, sea and
air infrastructure development. During the current decade, Greek
infrastructure will be upgraded with the goal of reaching the level of its
fellow European Union members. Within this structural framework, a
number of novel business ideas will drive the Greek market into a new age.
Transformingour vision into action
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esot_eng 11-06-03 10:32 ™ÂÏ›‰· 23
Corporate Strategy
What is a regional Commercial and Leisure Centre?
It is an aesthetically designed area, which offers retail stores and recreation
facilities set in an enclosed, safe and comfortable environment. It is an area
that will serve as a destination for families, where they will have the
opportunity to spend a few pleasant hours or even an entire day.
How will such an ambitious plan achieve success?
The determining factor for success is the right combination of tenants /
retail stores that will satisfy all categories of income brackets and
preferences and offer a variety of consumer goods and brands. The anchor
tenants, who are of key significance, will provide the stimulus for increased
customer interest and footfall, while attracting other major retailers. The
relationship between the centre’s owner-manager and the tenants is
another critical success factor. This relationship is founded upon a solid
understanding of their common goal: the establishment of the centre as a
key destination and the achievement of maximum sales.
What does this type of centre offer?
ñ It improves the quality of daily life for the local residents, as well as for the
country’s visitors
ñ It offers a shopping and leisure destination for Athenians and people
from Thessaloniki, as well as for those who visit the cities
ñ It adds value to the country’s tourist infrastructure
ñ It attracts visitors and investors
1. Innovative Commercial & Leisure CentresTwo multi-use regional commercial and leisure centres are being created, one at
the Athens 2004 Olympic Media Village in Maroussi, Athens and one in Pylea,
near Thessaloniki. These centres have already proven their success in many countries
around the world and offer a completely new and highly significant business product
to the Greek market.
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esot_eng 11-06-03 10:32 ™ÂÏ›‰· 24
With the creation of prime real estate, a dual goal is once again
accomplished. First, the everyday life for many Greeks is
improved. Second, yet another incentive for foreign investments
is created, while simultaneously facilitating European residents to
move to Greece. Hence, pressing needs are satisfied and new
prospects are created.
2. Innovative residential projectsAfter the Athens 2004 Olympic Games, the Media Village in Maroussi will
be converted into an innovative residential area. A new neighbourhood will
be created with modern, high-quality specifications, large expanses of
green areas and an architectural design harmoniously aligned with the
physical environment. At the same time, the project will provide a viable
alternative in an already developed area of the capital.
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esot_eng 11-06-03 10:32 ™ÂÏ›‰· 25
The Greek economy strongly depends on tourism, with the country’s
competitive advantage being its fascinating coastlines and islands.
Lack of the necessary infrastructure prohibits Greece from attracting upscale
tourism and, therefore, disadvantages the country in competing with its
Mediterranean neighbours.
The redesign and operation of the Flisvos Marina, undertaken by LAMDA
Development in partnership with Technical Olympic and other Greek and
foreign partners, will satisfy an important need and create new directions
for the Greek market, making the country an even more attractive
destination for tourism.
Infrastructure for growthThree seemingly different actions actually comprise a whole, serving the same goal: to
truly modernize Greece, increase its competitiveness and establish the country as a
strong centre for international investment. These goals can be realized only if the
necessary infrastructure is developed and access to, and living conditions in the country
improve and become easier.
The LAMDA Development Group is determined to play a leading role in that effort, as
the only group of companies in Greece that offers such a comprehensive network of
services and adds value by investing in growth.
Armed with specialized knowledge, innovative ideas, strategic alliances and the
international experience of the Latsis Group, LAMDA Development is a rapidly growing
force that is shaping markets, while paving the way for further business growth and
development.
3. VIP MarinaFor the first time in Greece, an upscale marina will be redesigned, rebuilt and operated
according to top international specifications, accommodating the needs of mega yachts
and other large private vessels.
Corporate Strategy
esot_eng 11-06-03 10:33 ™ÂÏ›‰· 26
During 2002, the company’s strategic direction in physical infrastructureinvestments began to materialize into a tangible reality. The companyinvested capital in land infrastructure, including the development of realestate projects, while it further expanded its international alliances. Inmarine infrastructure, the undertaking of the Flisvos Marina investmentcombined yachting services traditionally offered by LAMDA Shipyards andMarine Services to luxury vessels and yachts with their mooring, as well asseafront real estate development.
Our goal to shape markets and participate in the development ofinfrastructure in Greece is validated by the progress of our investmentprojects.
Along with the implementation of major projects, the LAMDADevelopment Group will sustain its accelerating growth in infrastructureinvestments, which will offer significant returns. The markets ofSoutheastern Europe remain among our primary targets and with thesuccessful completion of our first development project in Romania, it isanticipated that our presence in other countries in the region will increase.
One of the pillars of our business development efforts is our commitmentto strategic alliances. These allow us to generate added value based on thecomplementary capabilities and the unique specialization provided by twoor more investors / shareholders.
The experience we inherited from the Latsis Group and from similarinvestments in other countries facilitates our adaptability to varyingcultures and business practices and will further contribute to the growth ofour subsidiary companies in 2003.
Prospects and goals for 20032003 stands as a landmark for the LAMDA Development group ofcompanies. The large infrastructure projects already under way will shapethe image of the company in relation to its competition, as well as itsmarkets.
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esot_eng 10-06-2003 11:19 ™ÂÏ›‰· 27
Companies
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LAMDA Estate Development S.A.
ActivityLAMDA Estate Development S.A. is the main vehicle of the LAMDADevelopment Group for land infrastructure development. The principalactivity of LAMDA Estate Development is property development. Thecompany’s specialization is in:
ñ Project Development
ñ Project Management
ñ Construction Management
LAMDA Estate Development undertakes the development of all propertiesowned by LAMDA Development itself, or through one of its special purposevehicle (s.p.v.) subsidiaries, established for the development of a specificproperty. Furthermore, LAMDA Estate Development provides project andconstruction management services to third-party companies, either within oroutside the LAMDA Development group of companies.
ProfileLAMDA Estate Development was founded in 1961 as a property investmentcompany and became involved in property development in 1998. Its firstmajor project was the renovation and reconstruction of the Pallas Athenaoffice building (10,000 m2) in Kifissia. The company was acquired by LAMDADevelopment in April 2000 and since then, has achieved growth rates amongthe highest in the market.
In the summer of 2001, the company had only one project underdevelopment, the Cecil office building (6,000 m2). By December 2002, thecompany had expanded its domestic and foreign development projects toinclude:
ñ five office buildings with a total constructed area of 42,000 m2
ñ three commercial centres with a total constructed area of 115,000 m2
ñ four innovative residential complexes with a total constructed areaof 90,000 m2
thus becoming the company with the largest and broadest range of propertydevelopment operations and services in Greece. In December 2002, thecompany employed 69 people (including 31 engineers), with extensiveknowledge and expertise in property development, having worked in similarprojects in more than 15 countries around the world.
The LAMDA Development group of companies is engaged in the rapidlydeveloping business sectors of land, sea and air infrastructure. Eachcompany’s activity is formed within a clear group development strategythat capitalizes on the resulting synergies to create added value for theentire LAMDA Development Group.
esot_eng 10-06-2003 11:19 ™ÂÏ›‰· 28
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LAMDA Prime Properties S.A.
Activity LAMDA Prime Properties S.A. is a real estate company that specialises in theinvestment of upmarket properties.
ProfileLAMDA Prime Properties S.A. was established in 1930 under the nameA.X.E. DIMAS S.A and operated as a hotel management company engagedprimarily in the management of the Cecil Hotel in Kifissia, a northern suburbof Athens.
Today, LAMDA Prime Properties operates the Cecil office building (formerlythe Cecil Hotel), which was renovated by LAMDA Estate Developmentbetween 1999 and 2001. The company does not have any personnel, sinceits various services (financial, legal and managerial) are provided by theparent company, LAMDA Development. Additionally, LAMDA PrimeProperties owns a plot of land of 3,600 m2 near the centre of Kefalari inKifissia.
EFG Eurobank Properties S.A.
Activity EFG Eurobank Properties S.A. is jointly owned by LAMDA Development(29.9%), EFG Eurobank Ergasias (50.1%) and Deutsche Bank (20.0%). EFG Eurobank Properties is active mainly in property investments andrepresents LAMDA Development’s core investment vehicle for the income-yielding property sector. Moreover, the company is also active in the provisionof a number of property services: property investment consulting, propertyevaluation, brokerage, property and project finance consulting, and theorganisation and creation of real estate mutual funds and investmentcompanies.
Profile
EFG Eurobank Properties was established in 1952 as a subsidiary of the Bankof Crete. In the spring of 2000, and after EFG Eurobank acquired the Bank ofCrete, EFG Eurobank, Deutsche Bank and LAMDA Development jointlydecided to change the name, scope and shareholding structure of thecompany. It should be noted that, in accordance with the shareholders’agreement, all property investment decisions must be unanimous by all threeshareholders.
EFG Eurobank Properties made significant investments in income-yieldingproperties during the period 2000-2002. In December 2002, the company’sproperty portfolio was valued at ú 205 million.
esot_eng 10-06-2003 11:19 ™ÂÏ›‰· 29
LAMDA TechnOL Flisvos Marina S.A.LAMDA TechnOL Flisvos Marina S.A. was established in 2002 for the purposeof developing, upgrading and managing the facilities of the Flisvos Marina.The company is jointly owned by LAMDA TechnOL Flisvos Holding S.A. (75%)and Hellenic Tourist Properties S.A. (25%). The principal shareholders ofLAMDA TechnOL Flisvos Holding are LAMDA Development S.A. (45%) andTechnical Olympic S.A. (30%). Today, LAMDA TechnOL Flisvos Marinaprovides safe mooring for approximately 180 leisure boats on either apermanent or temporary basis.
According to the terms of the contract signed on December 31st 2002 withHellenic Tourist Properties, LAMDA TechnOL Flisvos Marina will manage andoperate the marina for the next 40 years and gradually establish it as a high-end internationally competitive marina for yachts and mega-yachts. In thiscontext, the marina will also serve the corresponding needs during theAthens 2004 Olympic Games.
Companies
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LAMDA Shipyards and Marine Services S.A.
ActivityLAMDA Shipyards and Marine Services S.A. is a modern shipyard and yachtmaintenance and refurbishment company, active in the provision ofspecialized and integrated ship maintenance and repair services for luxuryyachts and other specialized vessels. The company has serviced some of thelargest and most luxurious yachts worldwide, including the first and fourthlargest mega-yachts in the world.
Its extensive premises in Elefsina, on the old national highway from Athensto Corinth, cover a total area of 90,000 m2. LAMDA Shipyards and MarineServices also offers engineering and construction project services atrefineries and other industrial facilities.
ProfileThe company was established in 1968 as HEPHAESTUS HELLASSHIPBUILDING S.A. During the 1990s, the company focused on themaintenance, repair and conversion of yachts, an area in which it acquiredsignificant experience. LAMDA Development acquired the company inMarch 2000.
LAMDA Shipyards and Marine Services employs specially trained personnelwith extensive experience in working with a variety of different kinds ofengines. This experience enables it to offer all its clients a full range ofmaintenance and repair services. In 2002, the company began theimplementation of a programme to upgrade its own infrastructure. InDecember 2002, the company had 105 employees.
esot_eng 10-06-2003 11:19 ™ÂÏ›‰· 30
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Swissport LAMDA Hellas S.A.
ActivitySwissport LAMDA Hellas S.A. is jointly owned by LAMDA Development andSwissport International and provides airport ground-handling services at thenew "Eleftherios Venizelos" Athens International Airport in Spata, the"Kazantzakis" Heraklion International Airport in Crete and the "Macedonia"Thessaloniki International Airport in northern Greece.
Swissport LAMDA Hellas adheres to the highest quality specificationsestablished by the LAMDA Development Group and Swissport International,a company present in more than 160 airports across the globe. SwissportLAMDA Hellas is the first airport ground-handler in Greece to secure ISO9002 quality certification.
Ground support services include: ramp handling, handling of passengers,cargo and mail between airport buildings and aircraft, baggage transportand handling, administrative ground and supervisory services, passengerservice, aircraft cleaning and maintenance services, as well as flight andcrew management services.
ProfileSwissport LAMDA Hellas was established in 1999 to provide ground-handlingservices to aircrafts at Greek airports, as deregulation was introducedgradually that same year.
In December 1999, the company obtained a license to operate and provideground-handling services at the Hellinikon Athens Airport. In 2001, thecompany was awarded one of the three licenses granted to provide suchservices at the new "Eleftherios Venizelos" airport. In 2002, following atender, Swissport LAMDA Hellas was also awarded one of the three licensesgranted to the "Macedonia" airport in Thessaloniki. In December 2002, thecompany and its subsidiaries employed 621 people.
Subsidiaries
ñ Swissport Hellas SuD S.A. (75% participation by Swissport LAMDA Hellas S.A.)was founded in 2000 to provide services to the airports of Crete.
ñ Swissport Hellas Cargo S.A. (80% participation by Swissport LAMDAHellas S.A.) was founded in 2000 to provide cargo and mail transportationservices to Greek airports.
ñ WSW Skycab Services S.A. (42.5% participation by Swissport LAMDAHellas S.A.) was founded in January 2001 to provide trolley and porterservices.
esot_eng 10-06-2003 11:19 ™ÂÏ›‰· 31
Investments:land infrastructure
esot_eng 10-06-2003 11:19 ™ÂÏ›‰· 32
The land infrastructure sector covers a broad range of projects, includingreal estate, highways, etc. The real estate market, in particular, can bedivided into three distinct and separate activities: property development,property investment and real estate services.
Property development ties up large sums of capital and is relatively highrisk, and aims at rapidly generating a correspondingly high added value,which is created in the phases of project implementation. Propertydevelopment involves a series of different, yet closely linked operations:
ñ Identifying and securing land property
ñ Architectural concept and draft project design
ñ Market research and concept confirmation
ñ Development of finance structure
ñ Design / urban planning applications
ñ Construction
ñ (Pre) sales – concession – leases
ñ Management
The main strategic goal of LAMDA Estate Development is the developmentof high quality real estate properties.
Property investment targets the value added over the course of time andsimultaneously seeks a return from leasing arrangements. The investmentobjective is to maximize returns, while assuming a smaller risk incomparison to that of property development, as property investments donot entail any risk related to construction, incorrect market research andconcepts. Thus, the expected return from property investment is lower incomparison to that of property development.
LAMDA Development is active in the real estate market through its 29.9%investment in EFG Eurobank Properties, as well as through its subsidiaryLAMDA Prime Properties.
The provision of real estate services consists mainly of projectmanagement and property management, as well as of other servicesclosely associated with real estate investment, such as appraisals,brokerage and consulting services. The provision of these services does notcommit capital, carries very low risk and, therefore, offers lower returnexpectations in comparison to that of property development and propertyinvestment.
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esot_eng 10-06-2003 11:20 ™ÂÏ›‰· 33
Athens 2004Olympic Games Media VillageWith a budget in excess of ú 350 million, the Athens 2004 Olympic GamesMedia Village in Maroussi is the most important privately owned propertydevelopment project in Greece and one of the largest in Southeastern Europe.The project is owned and managed by LAMDA Olympia Village, a subsidiary ofLAMDA Development (95% participation), and entails the redevelopment ofan area of 210,000 m2 that will accommodate a significant number ofinternational journalists visiting Greece during the Olympic Games.
The project includes a 45,000 m2 model residential development with anadditional 20,000 m2 underground area, featuring advanced design andproviding a functional and protected environment, with landscaped areas,parks and other public outdoor spaces. The development will also include aunique commercial and leisure centre comprising 60,000 m2 of prime spaceand 90,000 m2 of underground areas, designed to be one of the majorshopping and entertainment destinations in the Athens region. The centrewill also offer large and small retail stores, a multiplex cinema, restaurants,cafés, department stores and a super-market. In addition, the developmentwill include a 13,000 m2 office building and 125,000 m2 of landscaped areas.
The Media Village is located on the new Athens ring road (the Attiki Odoshighway connecting to the "Eleftherios Venizelos" Athens InternationalAirport) and is accessible by mass transportation, including the undergroundand commuter rail networks, which both have stations within 100 metres ofthe Media Village.
Investments
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esot_eng 10-06-2003 11:20 ™ÂÏ›‰· 34
Land Infrastructure
Pylea Commercial and Leisure CentreLAMDA Development is creating the first large-scale commercial and leisurecentre in Thessaloniki, in the municipality of Pylea. The centre will offerconsumers a fascinating combination of retail, entertainment and culturalactivities. The project is being developed on a 250,000 m2 site that belongsto the Ecumenical Patriarchate. The site is strategically located southeast ofthe city, providing easy access to the centre of Thessaloniki, the surroundingareas and the "Macedonia" Thessaloniki International Airport.
LAMDA Development will develop and operate the centre for 30 years. To that end, the company has signed an agreement with Sonae Imobiliaria,a powerful international player in the commercial centre sector. In June2002, the Greek subsidiary of Sonae Imobiliaria acquired a 39.9% stake inLAMDA Pylea, the subsidiary of LAMDA Development that owns theproject. The development has a budget in excess of ú 100 million, while itscompletion is scheduled for 2004. Presently, the building permit proceduresare nearing completion and construction is scheduled to begin.
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esot_eng 10-06-2003 11:20 ™ÂÏ›‰· 35
Lake View CondominiumThe Lake View Condominium residential complex is under construction on a9,200 m2 plot in the Herastrau district of Bucharest, Romania. Thedevelopment, which totals 23,300 m2, includes seven buildings with 93luxury residential units and 6,550 m2 of underground space.
The project is being developed by LAMDA Olympic Srl (50/50 participationby LAMDA Development and Technical Olympic) and development costs areexpected to reach ú 20 million.
Construction of the residential complex is currently under way, while presaleof the units began in 2002.
Sisini Office BuildingThe building at 18 Sisini Street near the Athens Hilton offers 5,000 m2 ofoffice space. The building comprises six floors above ground and threeunderground parking levels. LAMDA Estate Development sold the building inFebruary 2002 to the United Press Organization of Supplementary Insuranceand Medicare (“EDOEAP”) and is currently completing the necessarymodifications specified by the new owner. Work is nearing completion andthe building is scheduled to be delivered in the first half of 2003.
Investments
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esot_eng 10-06-2003 11:20 ™ÂÏ›‰· 36
Land Infrastructure
KRONOS Business CentreThe KRONOS Business Centre is an ultra-modern independent building inMaroussi that includes 4,000 m2 of office / retail space and 12,000 m2 ofunderground parking space. The complex, with its large surface areas oneach floor (floor plates), its spacious offices and more than adequateparking facilities, is expected to serve as a model business centre upon itscompletion in 2003.
APOLLO Business CentreThe APOLLO Business Centre involves the restoration of a listed building thatwill be linked to a new office building complex, offering a total of 4,500 m2
prime office space and 70 underground parking spaces. The building’sfavourable location in Halandri, north of the centre of Athens, offers easyaccess through Kifissias Avenue and the new Athens ring road, and is locatednear the commercial districts of both Halandri and Maroussi. The building isscheduled for completion in 2003.
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Hatzikyriakeio LAMDA Estate Development participates in the project to restore andoperate the Hatzikyriakeio listed building in downtown Athens, located onthe corner of Stadiou and Korai streets. The project has been undertaken bythe 4K Company, in which LAMDA Estate Development holds a 25% stake.
The project involves the restoration and conversion of the attractive formerhotel into a 4,000 m2 modern office and retail building. Construction isscheduled to commence in the first half of 2003 and completion is expectedwithin 2004.
esot_eng 10-06-2003 11:22 ™ÂÏ›‰· 37
Investments
The Cecil Office Building LAMDA Estate Development has converted the historic Cecil Hotel in Kifissia,owned by LAMDA Prime Properties, into a luxurious, aesthetically-designedand functional 6,000 m2 office building. Construction was completed in 2002and all spaces have been rented to first rate tenants. The building wasformally inaugurated in October 2002, during a ceremony officiated by His AllHoliness Ecumenical Patriarch Bartholomew.
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esot_eng 10-06-2003 11:22 ™ÂÏ›‰· 38
Land Infrastructure
Kato Kifissia PropertyLAMDA Estate Development will be developing a 30,000 m2 area in KatoKifissia, owned by LAMDA AKINITA (50% participation by LAMDADevelopment). Project completion is scheduled for the end of 2004.
Latseio Burns UnitLAMDA Estate Development is providing construction management servicesfor the Latseio Burns Unit in Elefsina, near Athens.
The facility will constitute a model burn treatment unit and will be apioneering project in Southeastern Europe, comparable to units in the USAand Western Europe. The unit itself has been donated by the Latsis family tothe Greek State and will be incorporated in the Regional Hospital of Elefsina.
The unit includes independent intensive care areas, specialized and regularcare beds, two operating rooms, external office areas and a lecture hall fullyequipped for direct connection with the operating rooms. The total surfacearea of the project exceeds 7,000 m2. The project is scheduled for completionwithin 2003.
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XylocastroBuilt on a 14,000 m2 seafront property, in the town of Xylocastro nearCorinth, this unique holiday residential complex comprises 200 luxuryapartments.
The complex offers security services, ample parking space, vast expansesof green areas, a large swimming pool and impressive sea views from allapartments. The site is adjacent to a 15,000 m2 municipal park and sportscomplex, near an attractive marina and a short distance from the town’scommercial and entertainment districts.
Since the complex is located only 120 km from Athens and each unit offerscentral heating, the apartments can be used year-round. The first project phaseconsists of 120 apartments and is expected to be completed within 2004.
esot_eng 10-06-2003 11:23 ™ÂÏ›‰· 39
Investments:marine infrastructure
esot_eng 10-06-2003 11:23 ™ÂÏ›‰· 40
Marine infrastructure is critical for Greece, a country mostly surrounded bysea and offering well-developed shipping navigation services. Thecombination of excellent climatic conditions and an archipelago of morethan 3,000 islands has established Greece as an ideal location for thedevelopment of leisure boat marine tourism.
The LAMDA Development group of companies, focusing in areas wherethe Latsis Group has developed competitive advantages through manyyears of involvement and experience, has invested in shipyards andmega yacht refurbishment, maintenance and other services, throughLAMDA Shipyards and Marine Services, and in marina services, throughLAMDA TechnOL Flisvos Marina.
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esot_eng 10-06-2003 11:24 ™ÂÏ›‰· 41
Following an international competition held by the Greek Government, inDecember 2002 LAMDA TechnOL Flisvos Marina was awarded the 40-yearconcession of the Flisvos Marina. The concession agreement, signed betweenthe company (a partnership between LAMDA Development, TechnicalOlympic and others) and Hellenic Tourist Properties (a government agency),allows for the development and management of the Flisvos Marina, which islocated in Palaio Faliro, only 9 km from the centre of Athens.
The new company intends to complete a series of construction activitiesnecessary for upgrading the capacity and facilities of the marina, so that itcan fully accommodate the needs of an increased number of luxury yachts.
The development project is expected to be completed in time for theOlympic Games in August 2004, when it will serve as the VIP marinaaccommodating the guests of the Athens 2004 Olympic Games.
Flisvos Marina
Investments
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esot_eng 10-06-2003 11:25 ™ÂÏ›‰· 42
Marine Infrastructure
The objective of LAMDA Shipyards and Marine Services is to establish itselfas a leading shipyard in the Southeastern Mediterranean, specializing inthe repair, conversion and construction of luxury yachts and specializedvessels, such as navy speed boats.
The shipyard’s competitiveness is driven by its highly competent staff, itsestablished relationships with a select group of subcontractors and theeffectiveness of its business management structure.
Currently, LAMDA Shipyards and Marine Services is proceeding with aninitial ú 10 million investment to upgrade its facilities. This investment isexpected to facilitate an increase in sales and earnings. In 2002, thecompany’s revenue and earnings increased by 136% and 262% respectivelyover 2001.
2002 was a very good year for one additional reason: in November,following a tender, the company was awarded its first contract by theHellenic Ministry of National Defence. The project falls under thejurisdiction of the General Directorate of Defence Investments and involvesthe implementation of the programme for reactivating two torpedo fastattack vessels, the "Tournas" and the "Sakipis." This new contract isexpected to reach ú 4.4 million and to be completed within an 18-monthperiod following the effective start date of the contract. This first projectmarks the company’s dynamic entry in the defence industry.
LAMDA Shipyards and Marine Services
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esot_eng 10-06-2003 11:25 ™ÂÏ›‰· 43
Investments:air infrastructure
esot_eng 10-06-2003 11:25 ™ÂÏ›‰· 44
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The LAMDA Development Group’s interest in the field of air infrastructure isfounded upon the international experience that the Latsis Group hasattained in specialized air transport, as well as LAMDA Development’sbroader expertise in the field of infrastructure development andmanagement.
Through its 50% partnership in Swissport LAMDA Hellas, the LAMDADevelopment Group is active in the provision of airport ground handlingservices aiming to satisfy the demand for high quality services, following theliberalisation of the Greek airport sector. This service offering stronglycontributes to the overall operation of international airports, which nowcompete on the basis of service quality and effective management.
Swissport LAMDA Hellas provides services at the new "EleftheriosVenizelos" Athens International Airport, the "Macedonia" ThessalonikiInternational Airport and the "Kazantzakis" Heraklion International Airportin Crete. Swissport International owns 50% of the company’s share capitaland offers its expertise, having secured a leading presence in 160 airportsworldwide.
The negative repercussions of the September 11th 2001 tragedy affected airtravel and, in consequence, the financial results of Swissport LAMDA Hellas,as with many other companies in the air transport sector.
During 2002, the company focused on reducing operating costs andexpenses and on securing new clientele. These actions, which are continuingthroughout this year, resulted in minimizing 2002 losses. In an effort tofurther minimize the effects of 9/11, Swissport LAMDA Hellas is movingtoward a potential sale of its shares in Swissport Hellas SUD S.A. in 2003, soas to concentrate operations in the country’s two major internationalairports, located in Athens and Thessaloniki.
esot_eng 10-06-2003 11:25 ™ÂÏ›‰· 45
CorporateGovernance
esot_eng 10-06-2003 11:26 ™ÂÏ›‰· 46
The LAMDA Development group of companies believes that the principlesof corporate governance are not only essential for guiding the managementteam, but also for monitoring its decisions and actions in order to protectthe vested interests of shareholders.
The LAMDA Development Group applied the principles and processes ofcorporate governance since its inception, long before these were introducedto Greece through law 3016 that comprises the internationally recognizedcriteria and regulatory framework implemented by other stock exchanges.
Board of DirectorsThe Board of Directors is responsible for the company’s management andstrategic direction. The majority of the Board is comprised of independentnon-executive members. Of its five members, four are non-executive, twoof which are fully independent.
Additionally, the responsibilities of the Chairman of the Board and the ChiefExecutive Officer are not held by the same Individual.
Audit Committee The Audit Committee was formed immediately after the founding of thecompany and before any investments had been undertaken. It is composedof three members, one of which is a non-executive member of the Board ofDirectors, while the other two maintain full independence from thecompany, eliminating chances for potential conflicts of interest.
Internal Audit DepartmentInternal Audit at the LAMDA Development Group is an independent andobjective assurance and consulting activity, which adds value and improvesthe company’s operations. It helps the organization accomplish its objectivesby applying a systematic and disciplined approach to evaluate and improvethe effectiveness of risk management control and the governance process.
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esot_eng 10-06-2003 11:26 ™ÂÏ›‰· 47
In accordance with the principle of independence, the Internal AuditDepartment reports to the Audit Committee.
The internal audit function is handled jointly by the company’s InternalAuditor and Deloitte & Touche, an internationally acknowledgedindependent accounting and auditing firm. The presence of this externalconsultant further ensures full transparency and impartiality.
Our internal audit strategy is based on auditing all major LAMDADevelopment Group companies at least once annually, and reviewingspecific projects whose progress could impact the company’s financialperformance.
Corporate Governance
Shareholder Services, Corporate Communication,Investor RelationsThe department is responsible for providing shareholders with accurateinformation, as well as other shareholder services as stipulated by the lawand the company’s articles of association.
The department is responsible for all levels of investor relations andensures that institutional investors, securities companies, brokers and themedia receive all necessary information in a timely manner. Furthermore,the department is responsible for all communication with the relevantauthorities.
The department is structured based on the following services:
ñ Shareholder services
ñ Institutional investor and investment advisor relations
ñ Corporate communications
ñ Media relations and communication with authorities
The LAMDA Development Group’s investor relations activities alsoinclude participation in informational and networking eventsorganized by reputable financial institutions.
Moreover, the department maintains a Web site for promptlyinforming shareholders about company news and developments(www.lamda-development.net).
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esot_eng 10-06-2003 11:26 ™ÂÏ›‰· 48
The LAMDA Development Board of Directors
Spyros Makridakis, Chairman of the Board, 62He holds a Ph.D. in Economics and has taught and conducted research atEuropean and American Universities (IIM Berlin, Stanford, MIT, and Harvard).He is a professor / researcher at the INSEAD post-graduate school ofManagement in France and has written and/or contributed to 20 books andpublished more than 120 articles.
Evangelos Chronis, Vice-Chairman, 56He studied shipping in London and worked closely with Ioannis S. Latsis for25 years. Today, he serves as Chairman and BoD member for a number ofthe Latsis Group companies, as well as for philanthropic institutions.
Lambros G. Anagnostopoulos, Chief Executive Officer, 40A naval architecture marine and mechanical engineering graduate from theNational Technical University of Athens, he received post-graduate degreesin shipping at MIT and in management at the MIT Sloan School ofManagement. Between 1988 and 1992, he worked as managementconsultant in the USA and Great Britain. Since 1992, he has been anexecutive of the Latsis Group, based in Geneva, where, among others, hedirected the Group’s project planning and development department.
Anastasios Livieratos, Member, 59With a degree in Economics from the School of Economic and CommercialStudies (ASOEE), he was Deputy Chairman and Deputy C.E.O. of ERMIS S.A.from 1974 to 1982 and Deputy Chairman and C.E.O. of the same companyfrom 1982 to 1999. He was also C.E.O. of KEKROPS S.A. from 1995 to 1999.
Dimitris Papalexopoulos, Member, 41A graduate in electrical engineering from the Federal Polytechnic of Zurichand holding an MBA from Harvard, USA, he worked as a businessconsultant with McKinsey & Company Inc. from 1987 to 1989 in the USAand Germany. He has served as C.E.O. of TITAN Cement S.A. since 1996 andhas been working for the company since 1991.
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esot_eng 10-06-2003 11:26 ™ÂÏ›‰· 49
Sustainable Development
esot_eng 10-06-2003 11:27 ™ÂÏ›‰· 50
The LAMDA Development group of companies takes the economic, socialand environmental impact of its operations very seriously and fully acceptsresponsibility for contributing towards the creation of the appropriateconditions for a sustainable society.
In all our areas of activity, we consider it our obligation to align financialobjectives with conscious and responsible behaviour with regard to theenvironment and local communities.
Furthermore, we accept the responsibilities that arise from our role insociety and align our actions in a manner that meets the expectations ofthe people with whom we interact.
Financial and community goals can exist in harmony
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esot_eng 10-06-2003 11:27 ™ÂÏ›‰· 51
Investing in our peopleOur people are the single most significant resource for meeting ourobjectives and account for the company’s greatest competitive advantage.
Human resources management
In 2002, the LAMDA Development Group put in place a human resourcesplanning policy, which was endorsed by the Board of Directors and placedparticular emphasis on employee recruitment and selection.
Training
Under this policy, the LAMDA Development Group provides professionaldevelopment and training programmes aimed at increasing productivity,securing rapid adaptation to technological developments, improving thequality of service, further meeting client needs and maximizing clientsatisfaction.
Benefits
LAMDA Development has implemented a broad range of benefitprogrammes, including a specialized health insurance plan, a pension plan, aretirement compensation and bonus plan, as well as a stock option plan formanagement executives. The company is in full legal compliance with allhealth and safety requirements.
New executives
The company filled new positions through hiring new executives (FinancialDirector, IT Director, Internal Auditor) in order to respond more effectively tomarket demands. In addition, a Chief Executive Officer was hired for LAMDAEstate Development, a position previously held by the C.E.O. of LAMDADevelopment.
Company activities
With the aim of strengthening ties between senior and recently recruited staff,cultivating a team spirit and promoting cooperation, in 2002 the companyorganized two three-day leisure and educational events at Dimitsana andHermionida, as well as its traditional Christmas dinner.
LAMDA TechnOL Flisvos Marina was acquired in January 2003. On December 31st 2002 the company employed 13 people as permanent staff.
GGrroouupp PPeerrssoonnnneell aass oonn 3311--1122--22000022 CCoommppaannyy PPeerrssoonnnneell
LAMDA Development 28LAMDA Estate Development 69Swissport LAMDA Hellas & subsidiaries 621EFG Eurobank Properties 38LAMDA Shipyards and Marine Services 105TTOOTTAALL 886611
Our People
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esot_eng 10-06-2003 11:27 ™ÂÏ›‰· 52
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Contributing to the growth of local communitiesOne of our basic objectives is for our investments to create conditions forgrowth and prosperity, not only for our clients and shareholders, but alsofor the regions in which we operate.
We are always mindful to employ as many people as possible from localcommunities during the implementation of our investments. Moreover, westrive to develop local vendor networks that, in turn, will contribute tofurther economic growth in the region. Finally, we coordinate our efforts toensure that part of our revenues are returned to the local communities,through various philanthropic activities, including sponsorships and othercommunity initiatives.
Environmentally aware activitiesWe, at the LAMDA Development Group, are particularly sensitive toenvironmental protection issues. An essential prerequisite for theimplementation of an investment is to follow existing standards and tocreate new models relating to the environment and quality of living.
Our investments are developed utilizing construction methods and materialsthat ensure the maximum conservation of energy. All our buildings aredeveloped only after a bio climatic study has been conducted to determinethe best use of natural energy resources.
We avoid environmental violations and endeavour to upgrade the naturalenvironment of all our projects. A characteristic example of our commitmentto the environment is the replanting of existing and new trees at the Athens2004 Olympic Media Village in an effort to enrich the area with 60,000 m2 ofgreenery and upgrade the surrounding environment. Using the sameenvironment-friendly logic, we strive to provide natural sound insulation forour buildings by creating vast expanses of landscaped green areas and bycarrying out well-researched tree planting.
Additional examples of our respect toward environmental protectioninclude restorations that maintain the original architectural character oflisted buildings and renew their life cycle, as well as the creation ofexpansive gardens, where it is feasible, such as in the Apollo business centreand the Cecil office building investments.
Local Communities & Environment
esot_eng 10-06-2003 11:28 ™ÂÏ›‰· 53
Sponsorships
Highlighting business activities
As part of its sponsorship programme, the LAMDA Development group of
companies actively supports efforts that facilitate new business
development in Greece.
Specifically, LAMDA Development sponsored the 6th annual "Capital Link
Forum on Investing in Greece" that took place in New York City in
November 2002.
This was the largest annual forum in the USA, dedicated exclusively to
Greece’s economy and business activities. The aim of the forum was to
represent a reliable source of information regarding the strengths of the
Greek economy and its business community, as well as the investment
prospects in Greece. More than 500 senior executives from the US financial
and media communities attended the event.
Furthermore, in 2002, the company was the exclusive sponsor of the "Retail
Biz" guide, an influential publication that recorded the evolution and growth
trends of the retail sector in Greece over the past three decades. 3,000 copies
of the publication were distributed in Greece and at MAPIC, the international
retail real estate exhibition that took place in Cannes, France.
Supporting local initiatives
LAMDA Development sponsored the finals of the 5th round of the Pan-
European beach soccer championship, "European Golden League," as well
as the "1st Beach Volleyball World Championship – Under 18." Both events
took place last summer in Xylocastro, Corinth and were organized by the
local authorities.
Considering its active business operations in the area and its interest in
athletics, LAMDA Development acknowledges that sports events of such
calibre are significant for the local communities, and supports the
Municipality of Xylocastro in its noteworthy efforts to make the town one
of the most attractive tourist and holiday destinations in Greece.
Finally, the LAMDA Development Group sponsored the "Mesogeia – Growth
and Investment" conference organized by the Municipality of Spata.
Targeted efforts for cultivating our valuesThe LAMDA Development group of companies’ involvement in the area of
sponsorship can be characterized as modest, yet strategic, with the
intention of reflecting and promoting the company’s social awareness,
human interest and development.
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esot_eng 10-06-03 12:48 ™ÂÏ›‰· 54
Exhibitions
Participation in exhibitions and trade fairs
MAPIC, France
LAMDA Estate Development participated in the 8th international
exhibition MAPIC “Marché International de l’ Implantation Commerciale
et de la Distribution”, which took place in November 2002, with its own
exhibition stand.
The MAPIC exhibition is the most significant meeting of retail real estate
professionals globally, with 6,000 participants from 70 countries. Its venue
was the Palais des Festivals in Cannes, France.
Real Estate Show
The LAMDA Development Group participated with its own stand and
special exhibition area in the "Real Estate 3rd International Property &
Development Exhibition and Conference," which took place in October
2002 in Athens.
LAMDA Estate Development had the opportunity to promote its property
development projects at the exhibition, which was attended by a
significant number of executives from the real estate sector.
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esot_eng 10-06-03 12:50 ™ÂÏ›‰· 55
FinancialReport 2002
esot_eng 10-06-03 12:50 ™ÂÏ›‰· 56
LAMDA Estate Development made a significant contribution of ú 8,382,000
to consolidated earnings, marking a 100% increase.
LAMDA Shipyards and Marine Services also posted substantial gains, with a
ú 858,000 contribution to the company’s consolidated earnings, a 245%
increase from the previous year.
It should be noted that the LAMDA Development Group was burdened with
losses of ú 1,415,000 incurred by Swissport LAMDA Hellas S.A. after the
removal of minority rights.
Prospects
Prospects for 2003 are positive, despite unfavourable economic conditions
in Greece and abroad.
The company’s management is confident that investments in infrastructure
will yield satisfactory short- and medium-term returns for its shareholders.
This optimistic outlook is based on the company’s progress to date, the need
for improved infrastructure in Greece and the Southeastern Mediterranean
region and the company’s strategic planning and corporate structure, which
is strongly supported by its extensive expertise, selective strategies
innovative ideas and prudent cost management.
The LAMDA Development group of companies completed its third year of
operations, during which it succeeded in establishing itself as a leader in its
respective markets.
The dynamic growth of the LAMDA Development Group is reflected in its
investment programme, which has exceeded ú 700 million and is growing
rapidly.
The company’s operations in land infrastructure, especially in real estate,
with an emphasis on innovative concepts, services and strategic alliances,
have established LAMDA Development and its specialized subsidiaries as
one of the industry’s leading forces.
New marine infrastructure activities (Flisvos Marina) and the continuing
success of LAMDA Shipyards and Marine Services brought the LAMDA
Development Group at the forefront of the industry.
The improved financial results of the LAMDA Development group of
companies demonstrate its sound and effective strategic direction. Turnover
increased by 45% in 2002, while consolidated pre-tax profits increased by
92%. The table below outlines the company’s steadily improving financial
results during the last three years.
CCoonnssoolliiddaatteedd RReessuullttss -- LLAAMMDDAA DDeevveellooppmmeenntt GGrroouupp
2002 2001 2000
Turnover (000 ú) 63.514 43.966 11.090
Earnings before tax (000 ú) 7.052 3.675 1.860
— 57 —
esot_eng 10-06-03 12:51 ™ÂÏ›‰· 57
Share price performance
2002 was a very difficult year for international financial markets worldwide,
including the Athens Stock Exchange. Despite unfavourable conditions,
LAMDA Development shareholders, supporting the consistent growth
of the company, voted to increase the company’s share capital by
ú 115,970,000 at the Annual General Meeting in June 2002. This endeavour
was rewarded with complete success (fully subscribed) in October.
Statistics relating to share price performance are shown below:
Adjusted for changes in the company’s share capital.
* The closing price is unadjusted
2002 2001
Closing price at year-end ú 4.06 ú 11.44*
Annual average price ú 5.42 ú 6.08
Annual high ú 6.87 ú 7.66
Annual low ú 3.90 ú 4.77
Average daily transactions (shares) 8.592 18.620
% of time weighted average number of shares 0,04% 0,13%
Share performance
Price index: 03/01/2002 - 31/12/2002
0
20
40
60
80
100
120
140
02/0
1/20
02
01/0
2/20
02
03/0
3/20
02
02/04/
2002
02/05/
2002
01/06/
2002
01/07/
2002
31/07/
2002
30/08/
2002
29/09/
2002
29/1
0/20
02
28/1
1/20
02
28/1
2/20
02
0
30.000
60.000
90.000
120.000
150.000
180.000
Pric
e In
dex
Nu
mb
er o
f sh
ares
LAMDA Development volume (shares) LAMDA Development ASE
Financial Report 2002
— 58 —
esot_eng 10-06-03 12:51 ™ÂÏ›‰· 58
— 59 —
Share Capital Increase
On June 7th 2002, the shareholders’ general assembly voted to increase the
company’s share capital by issuing 28,992,500 new shares at a par value of
ú 0.30 and an issue price of ú 4.00 each. Pre-emptive rights could be
exercised from September 24th to October 8th 2002, payment certifications
were issued on October 15th 2002, and the negotiation of new shares
started on October 29th 2002. The offering was fully covered and raised
a total of ú115,970,000, minus ú 490,350 in expenses, bringing the
net amount of ú 115,479,649, which, as indicated in the Offering
Memorandum, was allocated until December 31st 2002 as follows:
*On December 31st 2002 the available balance (ú 53,400,000) was invested in repos
and time deposits.
OOffffeerriinngg MMeemmoorraanndduumm AAmmoouunnttss DDiissbbuurrsseedd
2002 2003
Disbursement 2nd 1st 2nd Total
of funds raised Half Half Half Total 31.12.2002
1. Settlement of short-term loan
used as advance payment
in the acquisition of DIMEPA S.A. 35.215 35.215 35.215
2. 1st instalment 6.000 6.000 1.692
3. 2nd instalment 6.000 6.000 1.692
4. 3rd instalment 8.000 8.000 8.805
5. 4th instalment 8.000 8.000 0
6. 5th instalment 8.000 8.000 0
7. Participation in share
capital increase of DIMEPA S.A. 5.000 20.000 19.055 44.055 14.675
8. Share capital increase expenses 700 700 490
9. Available balance 53.400*
TOTAL 52.915 28.000 35.055 115.970 115.970
(in 000 ú)
esot_eng 10-06-03 12:51 ™ÂÏ›‰· 59
Financial Report 2002
— 60 —
LLAAMMDDAA DDeevveellooppmmeenntt SS..AA.. -- CCOONNSSOOLLIIDDAATTEEDD BBAALLAANNCCEE SSHHEEEETT
FINANCIAL STATEMENT
RESULTS OF THE FISCAL YEAR 2002
CONSOLIDATED BALANCE SHEET 2002 2001
AASSSSEETTSS
ESTABLISHMENT EXPENSES 1.691 475
DEPRECIATION 523 132
OTHER CAPITALISED EXPENSES 3.542 3.478
DEPRECIATION 1.948 1.332
CCAAPPIITTAALLIISSEEDD EEXXPPEENNSSEESS ((NNOONN--DDEEPPRREECCIIAATTEEDD)) 22..776622 22..448899
TANGIBLE ASSETS 107.179 52.835
ACCUMULATED DEPRECIATION 7.991 6.158
NNOONN--DDEEPPRREECCIIAATTEEDD TTAANNGGIIBBLLEE AASSSSEETTSS 9999..118888 4466..667777
EEQQUUIITTYY PPAARRTTIICCIIPPAATTIIOONNSS 1188..770022 1133..774400
IINNVVEENNTTOORRIIEESS 110088..770022 3388..445599
RREECCEEIIVVAABBLLEESS 4477..885511 2200..887755
SSEECCUURRIITTIIEESS 330066 2222..008877
CCAASSHH -- ((AAVVAAIILLAABBLLEE MMEEAANNSS)) 8888..669977 99..005544
TTRRAANNSSIITTOORRYY AACCCCOOUUNNTTSS 220000 6655
TTOOTTAALL AASSSSEETTSS 336666..440088 115533..444466
LLIIAABBIILLIITTIIEESS
SHARE CAPITAL 13.047 4.349
PAID UP SHARE PREMIUM 222.820 115.548
PROFIT/LOSSES CARRIED FORWARD -750 1.323
CAPITAL RESERVES 6.064 5.724
CONSOLIDATION DIFFERENCES -16.335 -16.335
MINORITY RIGHTS 21.471 8.174
TTOOTTAALL SSHHAARREEHHOOLLDDEERRSS’’ EEQQUUIITTYY 224466..331177 111188..778833
PPRROOVVIISSIIOONNSS 334444 118888
LONG TERM LOANS 22.192 11.208
OTHER LONG TERM LIABILITIES 542 443
SHORT TERM LOANS 9.697 3.894
OTHER SHORT TERM LIABILITIES 79.112 12.901
TTOOTTAALL LLIIAABBIILLIITTIIEESS 111111..554433 2288..444466
TTRRAANNSSIITTOORRYY LLIIAABBIILLIITTIIEESS AACCCCOOUUNNTT 88..220044 66..002299
TTOOTTAALL LLIIAABBIILLIITTIIEESS 336666..440088 115533..444466
(Amount in 000 ú)
esot_eng 10-06-03 12:51 ™ÂÏ›‰· 60
— 61 —
CONSOLIDATED INCOME STATEMENT 2002 2001
TURNOVER 63.514 43.965
LESS: COST OF GOODS SOLD 48.723 37.379
GROSS OPERATING RESULTS (PROFIT) 14.791 6.586
(% OF TURNOVER) 23,29% 14,98%
PLUS: OTHER OPERATING INCOME 4.524 1.288
TOTAL 19.315 7.874
LESS: ADMINISTRATION EXPENSES 11.028 6.632
LESS: SALES AND DISTRIBUTION EXPENSES 258 59
TOTAL EXPENSES 11.286 6.691
(% OF TURNOVER) 17,77% 15,22%
OPERATING RESULT (BEFORE DEPRECIATION) 8.029 2.888
(% OF TURNOVER) 12,64% 6,57%
PLUS: INCOME FROM EQUITY PARTICIPATIONS AND SECURITIES 2.263 563
PLUS: NON OPERATING INCOME 84 426
LESS: NON OPERATING EXPENSES 446 158
INCOME BEFORE TAXES, INTEREST, DEPRECIATION AND MINORITY RIGHTS 9.930 2.014
(% OF TURNOVER) 15,63% 4,58%
INTEREST INCOME 1.593 1.764
INTEREST EXPENSE 2.799 619
INCOME BEFORE TAXES, DEPRECIATION AND MINORITY RIGHTS 8.724 3.159
(% OF TURNOVER) 13,74% 7,19%
LESS: DEPRECIATION 2.904 1.259
INCOME BEFORE TAXES AND MINORITY RIGHTS 5.820 1.896
(% OF TURNOVER) 9,16% 4,31%
INCOME BEFORE INCOME TAXES 7.052 3.674
LESS: INCOME AND OTHER TAXES 3.997 1.937
NET INCOME AFTER TAXES AND BOARD OF DIRECTORS FEES 3.055 1.740
(% OF TURNOVER) 4,81% 3,96%
(Amount in 000 ú)
esot_eng 10-06-03 12:51 ™ÂÏ›‰· 61
Financial Report 2002
— 62 —
BALANCE SHEET 2002 2001
AASSSSEETTSS
CAPITALISED EXPENSES 1.728 1.147
DEPRECIATION 735 376
CCAAPPIITTAALLIISSEEDD EEXXPPEENNSSEESS ((NNOONN--DDEEPPRREECCIIAATTEEDD)) 999933 777733
TANGIBLE ASSETS 1.539 1.503
ACCUMULATED DEPRECIATION 185 94
NNOONN--DDEEPPRREECCIIAATTEEDD TTAANNGGIIBBLLEE AASSSSEETTSS 11..335544 11..440099
EEQQUUIITTYY PPAARRTTIICCIIPPAATTIIOONNSS 222255..000033 9988..440099
LLOONNGG TTEERRMM RREECCEEIIVVAABBLLEESS 88 66
IINNVVEENNTTOORRIIEESS 00 00
RREECCEEIIVVAABBLLEESS 44..003311 11..447799
SSEECCUURRIITTIIEESS 00 1199..772277
CCAASSHH -- ((AAVVAAIILLAABBLLEE MMEEAANNSS)) 7755..666677 33..443300
TTRRAANNSSIITTOORRYY AACCCCOOUUNNTTSS 9999 66
TTOOTTAALL AASSSSEETTSS 330077..115555 112255..223399
LLIIAABBIILLIITTIIEESS
SHARE CAPITAL 13.047 4.349
PAID UP SHARE PREMIUM 222.257 114.985
REVALUATIONS 0 0
SUBSIDY RESERVES 0 0
PROFIT CARRIED FORWARD 337 0
CAPITAL RESERVES 4.471 4.201
TTOOTTAALL SSHHAARREEHHOOLLDDEERRSS’’ EEQQUUIITTYY 224400..111122 112233..553355
PPRROOVVIISSIIOONNSS 9922 5555
LONG TERM LOANS 0 0
OTHER LONG TERM LIABILITIES 0 0
SHORT TERM LOANS 5.000 0
OTHER SHORT TERM LIABILITIES 61.058 1.649
TOTAL SHORT TERM LIABILITIES 66.058 1.649
TTOOTTAALL LLIIAABBIILLIITTIIEESS 6666..005588 11..664499
TTRRAANNSSIITTOORRYY LLIIAABBIILLIITTIIEESS AACCCCOOUUNNTT 889933 00
TTOOTTAALL LLIIAABBIILLIITTIIEESS 330077..115555 112255..223399
(Amount in 000 ú)
LLAAMMDDAA DDeevveellooppmmeenntt SS..AA.. -- BBAALLAANNCCEE SSHHEEEETT
esot_eng 10-06-03 12:51 ™ÂÏ›‰· 62
— 63 —
INCOME STATEMENT 2002 2001TURNOVER 117 91
LESS: COST OF GOODS SOLD 0 0
GROSS OPERATING RESULTS (PROFIT) 117 91
PLUS: OTHER OPERATING INCOME 2.695 714
TOTAL 2.812 805
LESS: ADMINISTRATION EXPENSES 2.823 1.456
TOTAL EXPENSES 2.823 1.456
OPERATING RESULT (BEFORE DEPRECIATION) -11 -651
PLUS: INCOME FROM SECURITIES 6.708 185
PLUS: NON OPERATING INCOME 0 88
LESS: NON OPERATING EXPENSES 1 0
INCOME BEFORE TAXES, INTEREST AND DEPRECIATION 6.696 -378
INTEREST INCOME AND RELATED REVENUE -426 1.726
INCOME BEFORE TAXES AND DEPRECIATION 6.270 1.348
LESS: DEPRECIATION 451 293
IINNCCOOMMEE BBEEFFOORREE TTAAXXEESS 55..881199 11..005555
(Amount in 000 ú)
SSUUGGGGEESSTTEEDD PPRROOFFIITT DDIISSTTRRIIBBUUTTIIOONN TTAABBLLEE ((BBEEFFOORREE DDEEPPRREECCIIAATTIIOONN))
2002 2001
PROFIT BEFORE DEPRECIATION AND TAXES 6.270 1.350
PROFITS CARRIED FORWARD 0 393
DISTRIBUTION RESERVES 0 0
DIVIDEND CALCULATION DIFFERENCES 0 0
TTOOTTAALL 66..227700 11..774433
DISTRIBUTED TO:
DEPRECIATION 451 293
INCOME TAXES 420 338
OTHER TAXES 9 0
BOARD OF DIRECTORS FEES 0 0
DIVIDENDS 4.784 1.015
CAPITAL RESERVES 269 97
PROFIT CARRIED FORWARD 337 0
TTOOTTAALL 66..227700 11..774433
(Amount in 000 ú)
esot_eng 10-06-03 12:51 ™ÂÏ›‰· 63
— 64 —
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l (43
.488
.750
sha
res
of 0
.30
ú e
ach)
1. P
aid
in13
.046
.625
,00
4.34
8.87
5,00
====
====
====
====
====
====
====
II. P
aid
up s
hare
pre
miu
m
222.
819.
574,
1611
5.54
7.32
4,16
====
====
====
====
====
====
====
III. R
eval
uatio
n an
d su
bsid
y re
serv
es3.
Fixe
d as
set i
nves
tmen
t sub
sidy
rese
rves
1.27
8.59
1,34
1.27
8.59
1,34
====
====
====
====
====
====
====
IV. C
apita
l res
erve
s1.
Leg
al re
serv
e1.
109.
480,
5756
3.50
0,52
4. O
ther
rese
rves
74.8
34,9
274
.834
,92
5. T
ax e
xem
pt re
serv
es3.
828.
446,
463.
806.
329,
21—
——
——
——
——
——
——
——
——
—55..
001122..
776611,,
995544..
444444..
666644,,
6655==
====
====
====
====
====
====
==V.
Ret
aine
d ea
rnin
gsLo
sses
car
ried
forw
ard
-750
.460
,95
1.32
4.03
1,11
====
====
====
====
====
====
====
VII.
Curre
ncy
exch
ange
diff
eren
ce--22
2266..77
2211,,77
6600,,
0000==
====
====
====
====
====
====
==VI
II. C
onso
lidat
ion
diffe
renc
es--11
66..3333
44..4488
00,,1133
--1166..
333344..
448800,,
1133==
====
====
====
====
====
====
==IX
. Min
ority
righ
ts2211
..447711
..005599
,,5511
88..1177
44..2255
22,,4422
====
====
====
====
====
====
====
TToottaa
ll sshhaa
rreehhoo
llddeerr
eeqquu
iittyy2244
66..3311
66..9944
99,,1122
111188..
778833..
225588,,
5555==
====
====
====
====
====
====
==µµ..
PPRROO
VVIISSII
OONNSS
1. S
taff
leav
ing
inde
mni
ties
309.
112,
0518
8.81
2,72
2. O
ther
pro
visio
ns34
.876
,81
0,00
——
——
——
——
——
——
——
——
——
334433..
998888,,
88661188
88..8811
22,,7722
====
====
====
====
====
====
====
CC.. LL
IIAABBII
LLIITTII
EESSπ .
Lon
g te
rm li
abilit
ies1.
Ban
k lo
an22
.192
.021
,33
11.2
07.3
28,6
72.
Oth
er lo
ng te
rm li
abilit
ies
541.
692,
6744
2.35
9,50
——
——
——
——
——
——
——
——
——
2222..77
3333..77
1144,,00
001111
..664499
..668888
,,1177
====
====
====
====
====
====
====
ππ. C
urre
nt li
abilit
ies1.
Sup
plie
rs7.
546.
611,
836.
927.
143,
783.
Sho
rt te
rm b
ank
loan
s9.
697.
212,
483.
894.
279,
214.
Cus
tom
er a
dvan
ces
2.96
4.35
9,43
36.4
35,1
05.
Tax
es p
ayab
le5.
991.
453,
602.
867.
285,
536.
Soc
ial s
ecur
ity fu
nds
960.
588,
3687
3.48
9,37
7. C
urre
nt p
ortio
n of
long
term
deb
t1.
065.
131,
290,
0010
. Di
viden
ds p
ayab
le3.
750.
817,
741.
489.
582,
5611
. Sun
dry
cred
itors
56.8
33.1
33,8
470
7.37
9,20
——
——
——
——
——
——
——
——
——
8888..88
0099..33
0088,,55
771166
..779955
..559944
,,7755
====
====
====
====
====
====
====
TToottaa
ll lliiaa
bbiilliitt
iieess
111111..
554433..
002222,,
55772288
..444455
..228822
,,9922
====
====
====
====
====
====
====
DD.. TT
RRAANNSS
IITTOORR
YY LLII
AABBIILL
IITTIIEE
SS AACC
CCOOUUNN
TTSS1.
Def
fere
d in
com
e5.
450.
048,
420,
002.
Acc
rued
exp
ense
s2.
227.
905,
801.
412.
236,
773.
Sun
dry
trans
itory
acc
ount
s52
5.87
9,87
4.61
6.44
0,21
——
——
——
——
——
——
——
——
——
88..2200
33..8833
44,,0099
66..0022
88..6677
66,,9988
====
====
====
====
====
====
====
TTOOTTAA
LL LLII
AABBIILL
IITTIIEE
SS3366
66..4400
77..7799
44,,6644
115533..
444466..
003311,,
1177==
====
====
====
====
====
====
==MM
EEMMOO
CCRREEDD
IITT AA
CCCCOOUU
NNTTSS
1. T
hird
par
ty a
sset
s10
.156
.535
,05
9.62
1.37
5,97
2. Q
uara
ntee
s an
d co
llate
ral s
ecur
ity c
redi
t acc
ount
s99
.321
.481
,47
19.2
62.4
08,4
33.
Sun
dry
mem
o ac
coun
ts2.
201.
027,
150,
00—
——
——
——
——
——
——
——
——
—1111
11..6677
99..0044
33,,6677
2288..88
8833..77
8844,,44
00==
====
====
====
====
====
====
==
LLAAMM
DDAA DD
EEVVEELL
OOPPMM
EENNTT
HHoolldd
iinngg
aanndd
RReeaall
EEsstt
aattee
DDeevvee
llooppmm
eenntt CC
oommppaa
nnyy SS
..AA..
CO R
EG. N
O 3
039/
06/B
/86/
283r
d CO
NSOL
IDAT
ED B
ALAN
CE S
HEET
OF
DECE
MBE
R 31
st, 2
002
(FIS
CAL
YEAR
JAN
UARY
1st
, 200
2 - D
ECEM
BER
31st
, 200
2)
esot_eng 10-06-03 12:51 ™ÂÏ›‰· 64
— 65 —
AAmmoouu
nntt oo
ff cclloo
ssiinngg
ffiissccaa
ll yyeeaa
rr 220000
22AAmm
oouunntt
ooff pp
rreevviioo
uuss ffii
ssccaall
yyeeaarr
220000
11II..
OOPPEERR
AATTIINN
GG RREE
SSUULLTT
SSTu
rnov
er (s
ales
)63
.513
.864
,82
43.9
66.0
65,0
7Le
ss::
Cost
of g
oods
sol
d51
.067
.551
,55
38.5
35.9
66,0
7—
——
——
——
——
——
——
——
——
—Gr
oss
oper
atin
g re
sults
(pro
fit)
12.4
46.3
13,2
75.
430.
099,
00Pl
us:: 1
. Oth
er o
pera
ting
inco
me
4.52
4.26
5,47
1.28
7.29
0,08
——
——
——
——
——
——
——
——
——
Tota
l16
.970
.578
,74
6.71
7.38
9,08
LLeessss
::1.
Adm
inis
tratio
n ex
pens
es
11.0
28.3
59,4
26.
633.
190,
013.
Sal
es a
nd d
istri
butio
n ex
pens
es25
7.60
4,57
11.2
85.9
63,9
958
.866
,25
6.69
2.05
6,26
——
——
——
——
—
——
——
——
——
——
——
——
——
——
—
——
——
——
——
Tota
l ope
ratin
g re
sult
5.68
4.61
4,75
25.3
32,8
2PPll
uuss
::1.
Inco
me
from
equ
ity p
artic
ipat
ions
0,00
182.
304,
401·
. Par
ticip
atio
n pr
ofit
of re
late
d co
mpa
nies
1.28
7.41
5,99
374.
714,
562.
Inco
me
from
sec
uriti
es28
.596
,19
25.6
64,3
53.
Pro
fits
from
sal
e of
par
ticip
atio
n an
d se
curit
ies
1.06
5.34
5,72
0,00
4. In
tere
st in
com
e an
d re
late
d re
venu
e1.
593.
097,
813.
974.
455,
711.
762.
723,
182.
345.
406,
49—
——
——
——
——
——
——
——
——
—LLee
ssss ::
1. P
artic
ipat
ion
loss
of r
eala
ted
com
pani
es11
7.87
3,43
18.0
35,9
13.
Inte
rest
exp
ense
and
par
ticip
atio
n co
st2.
799.
039,
552.
916.
912,
981.
057.
542,
7362
0.61
0,78
638.
646,
691.
706.
759,
80—
——
——
——
——
—
——
——
——
——
—
——
——
——
——
——
——
——
——
—
——
——
——
——
—
——
——
——
——
—To
tal o
pera
ting
resu
lts
6.74
2.15
7,48
1.73
2.09
2,62
ππππ.. PP
LLUUSS::
NNoonn
ooppee
rraattiinn
gg rree
ssuullttss
1. N
on o
pera
ting
inco
me
42.0
24,4
110
0.25
2,10
2. N
on o
pera
ting
gain
s14
.713
,38
0,00
3. P
rior y
ear i
ncom
e27
.462
,37
385,
034.
Inco
me
from
prio
r yea
r pro
visio
n0,
0084
.200
,16
324.
605,
6142
5.24
2,74
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
LLeessss
::1.
Non
ope
ratin
g ex
pens
es21
8.24
3,84
63.0
56,4
62.
Non
ope
ratin
g lo
sses
13
2.11
4,62
64.1
90,7
03.
Prio
r yea
r exp
ense
s95
.395
,27
445.
753,
73-3
61.5
53,5
731
.740
,63
158.
987,
7926
6.25
4,95
——
——
——
——
—
——
——
——
——
—
——
——
——
——
——
——
——
——
——
—
——
——
——
——
—
——
——
——
——
Tota
l ope
ratin
g an
d no
n op
erat
ing
resu
lts6.
380.
603,
911.
998.
347,
57LLee
ssss ::
Tota
l dep
reci
atio
n of
fixe
d as
sets
2.90
3.60
0,34
1.25
9.95
4,04
LLeessss
: Dep
reci
atio
n in
clud
ed in
ope
ratin
g co
st2.
343.
732,
4055
9.86
7,94
1.15
7.23
9,44
102.
714,
60—
——
——
——
——
—
——
——
——
——
——
——
——
——
—
——
——
——
——
—NNEE
TT IINN
CCOOMM
EE ((pp
rrooffiitt
)) BBEEFF
OORREE
TTAAXX
55..8822
00..7733
55,,9977
11..8899
55..6633
22,,9977
Plus
: Min
ority
inte
rest
1.23
1.61
7,51
1.77
9.50
0,03
——
——
——
——
——
——
——
——
——
NNEETT
GGRROOUU
PP IINN
CCOOMM
EE ((pp
rrooffiitt
)) BBEEFF
OORREE
TTAAXX
77..0055
22..3355
33,,4488
33..6677
55..1133
33,,0000
LLeessss
: In
com
e ta
x3.
829.
247,
011.
832.
295,
82Ot
her t
axes
not
incl
uded
in o
pera
ting
cost
168.
316,
143.
997.
563,
1510
2.43
4,73
1.93
4.73
0,55
——
——
——
——
—
——
——
——
——
——
——
——
——
——
—
——
——
——
——
CCOONNSS
OOLLIIDD
AATTEEDD
NNEETT
IINNCCOO
MMEE
aaffttee
rr TTAAXX
33..0055
44..7799
00,,3333
11..7744
00..4400
22,,4455
====
====
====
====
====
====
====
NNoottee
ss::1.
The
con
solid
ated
fina
ncial
sta
tem
ents
hav
e be
en p
repa
red:
a) B
y th
e fu
ll con
solid
atio
n of
the
com
pany
and
its
subs
idiar
ies L
AMDA
ESTA
TE D
EVEL
OPM
ENT
S.A.
, GI A
ND K
ATAS
KEVI
S.A
., CI
TYPA
RK S
.A.,
LAM
DA P
RIM
E PR
OPER
TIES
S.A
., LA
MDA
SHI
PYAR
DS &
MAR
INE
SERV
ICES
S.A
., PY
LEA
S.A.
, LAM
DA A
KINI
TA S
.A.,
LAM
DA T
ECHN
OL F
LISV
OS H
OLDI
NG S
.A.,
LAM
DA T
ECHN
OL F
LISV
OSM
ARIN
A S.
A., L
AMDA
HEL
LIX
S.A.
, SW
ISSP
ORT
LAM
DA H
ELLA
S S.
A., S
WIS
SPOR
T HE
LLAS
CAR
GO S
.A.,
WSW
SKY
CAP
SERV
ICES
S.A.
, LAM
DA D
OMI S
.A.,
LAM
DA E
RGA
ANAP
TIXI
S S.
A., L
AMDA
PRO
PERT
Y M
ANAG
EMEN
T S.
A. a
nd L
AMDA
OLY
MPI
A VI
LLAG
ES.
A. b
) By
the
cons
olid
atio
n us
ing
the
net e
quity
met
hod
of th
e co
mpa
nies
EFG
EUR
OBAN
K PR
OPER
TIES
S.A
., LA
MDA
OLY
MPI
C SR
L,SW
ISSP
ORT
HELL
AS S
UD S
.A. a
nd 4
∫ RE
AL E
STAT
E DE
VELO
PMEN
T S.
A.2.
On
the
com
pany
’s fi
xed
asse
ts, a
re n
ot a
ny in
cum
benc
ies a
nd p
reno
tes
amou
nted
to ú
11.4
45.3
41,1
6 to
ens
ure
bank
loan
s, w
hich
encu
mbe
r 8
.092
.397
,99
on 3
1.12
.200
2.3.
The
par
ent c
ompa
ny h
as b
een
audi
ted
by ta
x aut
horit
ies u
ntil t
he fi
scal
year
199
9 w
here
as th
e su
bsid
iary
com
pani
es h
ave
not b
een
audi
ted
for t
he fi
scal
year
s 19
99-2
002.
The
EFG
EUR
OBAN
K PR
OPER
TIES
(rela
ted
com
pany
) has
not
bee
n au
dite
d sin
ce th
e fis
cal
year
199
2. In
con
sequ
ence
, the
tax o
blig
atio
ns o
f the
Gro
up h
ave
not b
een
mad
e de
finite
. 4.
The
inve
stm
ents
of t
he G
roup
for t
he y
ear 2
002
wer
e ab
out
129,
7 m
illion
.5.
The
last
reva
luat
ion
on th
e fix
ed a
sset
s of
the
com
pani
es w
as c
arrie
d ou
t on
31.1
2.20
02 a
ccor
ding
to th
e co
d. L
. 206
5/19
92.
6. C
erta
in s
ubsi
diai
ries
are,
bas
ed o
n th
e St
ate
Lega
l Cou
ncil’s
not
e (2
05/1
988)
mad
e no
pro
visio
n fo
r sta
ff lea
ving
inde
mni
ties
aspr
ovid
ed b
y ar
t. 42
e of
C.L
. 219
0/19
20. H
ad s
uch
prov
ision
bee
n m
ade,
it w
ould
hav
e am
ount
ed to
abo
ut70
8 th
ousa
nd.
7. T
he a
nalys
is of
the
turn
over
by
code
of a
ctivi
ty (S
TAKO
D 91
) is
:AAMM
MMOOUU
NNTTCo
d. 2
85.2
Gen
eral
mec
hani
cal w
orks
2.96
8.62
6,48
Cod
. 351
.1 S
hipp
ing
repa
irs6.
704.
376,
12Co
d . 3
51.2
Yac
ht re
pairs
14.3
97.3
52,7
1Co
d . 4
52.1
Con
stru
ctio
n of
bui
ldin
gs a
nd c
ivil e
ngin
eer w
orks
16.9
16.3
03,8
2Co
d . 5
15.7
Who
lesale
of w
aste
mat
erial
s23
.826
,68
Cod
. 622
.0 N
on-s
ched
uled
air
trans
port
3.62
2.68
6,62
Cod
. 631
.1 C
argo
dist
ribut
ion
1.38
4.63
7,75
Cod
. 632
.3 O
ther
aux
iliary
air
trans
porta
tion
serv
ices
.12
.835
.378
,42
Cod
. 702
.0 L
easin
g of
real
esta
te2.
046.
885,
82Co
d . 7
03.2
Rea
l est
ate
man
agem
ent
240.
938,
00Co
d . 7
42.0
Arc
hite
cht -
Engi
neer
ser
vices
2.37
2.85
2,40
——
——
——
——
—6633
..551133
..886644
,,8822
====
====
====
==
IInnccoo
mmee
SSttaatt
eemmeenn
ttffoo
rr tthhee
yyeeaa
rr eenndd
eedd DD
eecceemm
bbeerr 33
11sstt,,
22000022
((JJAANN
UUAARRYY
11sstt
,, 220000
22 -- DD
EECCEEMM
BBEERR
3311sstt
220000
22))
AAUUDDII
TTIINNGG
CCEERR
TTIIFFII
CCAATTEE
OOFF
SSWWOORR
NN AAUU
DDIITTOO
RR AACC
CCOOUUNN
TTAANNTT
TToo tthh
ee sshh
aarreehh
oollddee
rrss oo
ff tthhee
SSoocc
iieettee
AAnnoo
nnyymm
ee ““LL
AAMMDDAA
DDEEVV
EELLOOPP
MMEENN
TT HHOO
LLDDIINN
GG AANN
DD RREE
AALL EE
SSTTAATT
EE DDEE
VVEELLOO
PPMMEENN
TT CCOO
MMPPAA
NNYY SS
..AA..””
We
have
aud
ited
acco
rdin
g to
the
prov
isio
ns o
f arti
cle
108
of C
od. L
. 219
0/19
20, t
he 3
rd c
onso
lidat
ed b
alan
ce s
heet
and
the
cons
olid
ated
inco
me
stat
emen
t, as
wel
l as
the
resp
ectiv
e Ap
pend
ix of
the
Soci
ete
Anon
yme
“LAM
DA D
EVEL
OPM
ENT
HOLD
ING
AND
REAL
EST
ATE
DEVE
LOPM
ENT
COM
PANY
S.A.
” an
d its
sub
sidi
arie
s of
the
fisca
l yea
r end
ed o
n 31
st D
ecem
ber 2
002.
We
have
app
lied
the
proc
edur
es w
hich
we
have
con
side
red
as a
ppro
pria
te, o
n th
e ba
sis
of th
e pr
inci
ples
and
aud
iting
regu
latio
ns fo
llow
ed b
y th
e Bo
dy o
f Sw
orn
Audi
tors
Acc
ount
ants
and
we
have
ver
ified
the
cont
ent o
f the
cons
olid
ated
Adm
inis
tratio
n Re
port
with
the
rele
vant
Con
solid
ated
Fin
anci
al S
tate
men
ts. W
e ha
ve n
ot e
xpan
ded
on th
e au
dit o
f the
fina
ncia
l sta
tem
ents
of t
he c
ompa
nies
incl
uded
in th
e co
nsol
idat
ion
and
repr
esen
ting
41,3
% a
nd 6
6% o
f the
con
solid
ated
tota
l of A
sset
and
Tur
nove
r. Th
ose
Stat
emen
tsha
ve b
een
audi
ted
by o
ther
reco
gnize
d au
dito
rs a
nd w
e re
lied
on th
eir a
udit
repo
rts to
exp
ress
our
opi
nion
that
follo
ws,
con
cern
ing
the
incl
usio
n in
the
cons
olid
atio
n ac
coun
ts o
f the
abo
ve c
ompa
nies
. In
the
cons
olid
atio
n ar
e al
so in
clud
ed fi
nanc
ial s
tate
men
ts th
at h
ave
not b
een
audi
ted
and
repr
esen
t6%
and
21,
7% o
f the
con
solid
ated
tota
l of A
sset
s an
d tu
rnov
er b
efor
e ta
xes.
A s
ubsi
diar
y of
the
grou
p ha
s m
ade
no p
rovis
ion
for d
oubt
ful r
ecei
vabl
es a
mou
ntin
g to
ú 4
30 th
ousa
nd. I
n ou
r opi
nion
, afte
r tak
ing
into
con
side
ratio
n ou
r not
e an
d th
e co
mpa
ny’s
not
e nu
mbe
r 3 w
hich
con
cern
the
audi
t of
fisca
l yea
rs a
nd n
umbe
r 6 th
at c
once
rns
the
prov
isio
n of
sta
ff le
avin
g in
dem
nitie
s, th
e ab
ove
Cons
olid
ated
Fin
anci
al S
tate
men
ts h
ave
been
pre
pare
d ac
cord
ing
to th
e pr
ovis
ions
of C
od. L
. 219
0/19
20 a
nd p
rese
nt o
n th
e ba
sis
of th
e re
leva
nt p
rovis
ions
whi
ch a
re in
effe
ct a
nd o
f the
gen
eral
ly a
ccep
ted
acco
untin
g pr
inci
ples
and
do
not d
iffer
from
thos
e w
hich
the
pare
nt c
ompa
ny a
pplie
d in
the
prev
ious
fisc
al y
ear,
exce
pt fr
om th
e ca
ses
of o
ur a
bove
not
es, t
he a
sset
s an
d th
e fin
anci
al p
ositi
on, a
s w
ell a
s th
e re
sults
of t
he to
tal o
f the
con
solid
ated
com
pani
es in
clud
ed in
the
cons
olid
atio
n of
31s
tDe
cem
ber 2
002.
AAtt
hheennss
,, FFeebb
rruuaarr
yy 2244
tthh 22
000033
THE
SWOR
N AU
DITO
R AC
COUN
TANT
CChhrriiss
ttooss
PPeellee
nnttrriidd
iissAM
SOE
L 17
831
ERNS
T &
YOUN
G (H
ELLA
S) –
CER
TIFI
ED A
UDIT
ORS
- PUB
LIC
ACCO
UNTA
NTS
AAtthhee
nnss,, FF
eebbrruu
aarryy
2211sstt
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33
THE
CHAI
RMAN
OF
THE
BOAR
DTH
E M
ANAG
ING
DIRE
CTOR
SSPPIIRR
IIDDOONN
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AAKKRRII
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SSLLAA
MMBBRR
OOSS GG
.. AANNAA
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TTOOPPOO
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ID. C
. ∞
7116
44PA
SS. ¡
627
134
THE
FINA
NCIA
L CH
IEF
OFFI
CER
THE
DEPU
TY C
FOAN
D CH
IEF
ACCO
UNTA
NTAANN
TTOONNII
OOSS ∫∫
.. KKAAFF
FFAASS
FFAANNOO
UURRIIOO
SS EE..
AALLII
FFRRAAGG
IISSID
. C.
™ 27
2217
ID. C
. ™
6461
46
esot_eng 10-06-03 12:51 ™ÂÏ›‰· 65
— 66 —
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µµ..CCAA
PPIITTAA
LLIISSEE
DD EEXX
PPEENNSS
EESS1.
Est
ablis
hmen
t exp
ense
s18
.984
,14
9.17
5,67
9.80
8,47
18.9
84,1
43.
796,
8315
.187
,31
4. O
ther
cap
italis
ed e
xpen
ses
1.70
9.34
0,32
726.
020,
3998
3.31
9,93
1.12
9.41
1,01
372.
092,
4475
7.31
8,57
——
——
——
——
——
——
——
——
——
——
——
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TToottaa
ll ccaapp
iittaalliiss
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11..7722
88..3322
44,,4466
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33..1122
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11..1144
88..3399
55,,1155
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888899,,
22777777
22..5500
55,,8888
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CC..FFII
XXEEDD
AASSSSEE
TTSSππ.
Tan
gibl
e as
sets
1. L
and
471.
195,
890,
0047
1.19
5,89
471.
195,
890,
0047
1.19
5,89
3. B
uild
ings
849.
420,
4081
.402
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768.
017,
6184
9.42
0,40
38.9
31,7
781
0.48
8,63
6. F
urni
ture
and
fixt
ures
218.
517,
3710
3.60
3,81
114.
913,
5618
1.53
3,97
53.9
45,2
312
7.58
8,74
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
—TToo
ttaall tt
aannggii
bbllee
aassssee
ttss ((CC
ππππ))11
553399..
113333,,
66661188
55..0000
66,,6600
11..3355
44..1122
77,,0066
11..5500
22..1155
00,,2266
9922..88
7777,,00
0011..
440099..
227733,,
2266==
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
==πππ
. Equ
ity p
artic
ipat
ions
and
long
term
rece
ivabl
es1.
Par
ticip
atio
n in
affi
liate
d co
mpa
nies
263.
771.
190,
7010
0.89
3.21
9,60
Less
: Ins
tallm
ents
pay
able
38.7
68.0
78,1
922
5.00
3.11
2,51
2.48
5.84
8,10
98.4
07.3
71,5
0—
——
——
——
——
——
——
——
——
—7.
Oth
er lo
ng te
rm re
ceiva
bles
8.39
4,97
6.21
7,87
——
——
——
——
——
——
——
——
——
222255..
001111..
550077,,
44889988
..441133
..558899
,,3377
====
====
====
====
====
====
====
TToottaa
ll ooff ff
iixxeedd
aassssee
ttss ((CC
ππππ++CCππ
ππππ))2222
66..3366
55..6633
44,,5544
9999..88
2222..88
6622,,66
33==
====
====
====
====
====
====
==DD..
CCUURRRR
EENNTT
AASSSSEE
TTSSππ.
Rec
eivab
le1.
Cus
tom
ers
135.
275,
5769
0.46
0,83
5. R
ecei
vabl
e fro
m re
late
d co
mpa
nies
3.29
9.81
5,36
31.4
14,0
411
. Su
ndry
deb
ts58
0.54
3,69
745.
617,
8812
. Ad
vanc
es o
n ac
coun
t15
.244
,16
11.7
09,4
6—
——
——
——
——
——
——
——
——
44..0033
00..8877
88,,7788
11..4477
99..2200
22,,2211
====
====
====
====
====
====
====
Iππ. S
ecur
ities
3. O
ther
sec
uriti
es0,
0019
.727
.637
,17
——
——
——
——
——
——
——
——
——
00,,0000
1199..77
2277..66
3377,,11
77==
====
====
====
====
====
====
==πV
. Cas
h -(
Avai
labl
e m
eans
)1.
Cas
h in
han
d54
6,55
161,
783.
Cas
h at
ban
ks a
nd ti
me
depo
sits
75.6
66.6
11,6
33.
429.
782,
44—
——
——
——
——
——
——
——
——
7755..66
6677..11
5588,,11
8833..
442299..
994444,,
2222==
====
====
====
====
====
====
==TToo
ttaall cc
uurrrree
nntt aa
sssseett
ss ((DD
ππII++DDππ
ππII++DDππ
VV))7799
..669988
..003366
,,9966
2244..66
3366..77
8833,,66
00==
====
====
====
====
====
====
==∂∂..
TTRRAANN
SSIITTOO
RRYY AA
CCCCOOUU
NNTTSS
2. A
ccru
ed in
com
e98
.672
,36
6.84
1,82
——
——
——
——
——
——
——
——
——
9988..66
7722,,33
6666..
884411,,
8822==
====
====
====
====
====
====
==TTOO
TTAALL
AASSSSEE
TTSS3300
77..1155
55..4477
22,,2266
112255..
223388..
999933,,
9933==
====
====
====
====
====
====
==
MMEEMM
OO DDEE
BBIITT
AACCCCOO
UUNNTTSS
2. Q
uara
ntee
s an
d co
llate
ral s
ecur
ity d
ebit
acco
unts
78.8
84.0
75,5
74.
402,
05—
——
——
——
——
——
——
——
——
—7788
..888844
..007755
,,5577
44..4400
22,,0055
====
====
====
====
====
====
====
LLIIAABB
IILLIITT
IIEESS
AAmmoouu
nntt oo
ff cclloo
ssiinngg
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oouunntt
ooff pp
rreevviioo
uussffiiss
ccaall yy
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ffiissccaa
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rr 220000
∞∞..SSHH
AARREEHH
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RR EEQQ
UUIITTYY
π. Sh
are
Capi
tal
(43.
488.
750
shar
es o
f 0,3
0 ú
eac
h)1.
Pai
d in
13.0
46.6
25,0
04.
348.
875,
00—
——
——
——
——
——
——
——
——
—1133
..004466
..662255
,,0000
44..3344
88..8877
55,,0000
====
====
====
====
====
====
====
II. P
aid
up s
hare
pre
miu
m2222
22..2255
66..8833
00,,6611
111144..
998844..
558800,,
6611==
====
====
====
====
====
====
==IV
. Cap
ital r
eser
ves
1. L
egal
rese
rves
674.
834,
7940
5.29
7,53
4. O
ther
rese
rves
74.8
34,9
274
.834
,92
5. T
ax e
xem
pt re
serv
es3.
721.
313,
413.
721.
313,
40—
——
——
——
——
——
——
——
——
—44..
447700..
998833,,
112244..
220011..
444455,,
8855==
====
====
====
====
====
====
==V.
Ret
aine
d ea
rnin
gsPr
ofit
carri
ed fo
rwar
d3333
77..4444
55,,4488
00,,0000
====
====
====
====
====
====
====
TToottaa
ll sshhaa
rreehhoo
llddeerr
ss eeqq
uuiittyy
((∞∞ππ++
AAIIII++
AAIIVV++
∞∞VV))
224400..
111111..
888844,,
22111122
33..5533
44..9900
11,,4466
====
====
====
====
====
====
====
µµ..PPRR
OOVVIISS
IIOONNSS
1. S
taff
leav
ing
inde
mni
ties
92.5
03,0
954
.866
,03
——
——
——
——
——
——
——
——
——
9922..55
0033,,00
995544
..886666
,,0033
====
====
====
====
====
====
====
CC..LLII
AABBIILL
IITTIIEE
SSππ.
Cur
rent
liab
ilities
1. S
uppl
iers
23.1
75,0
183
.877
,73
3. S
hort
term
ban
k lo
ans
5.00
0.00
0,00
0,00
5. T
axes
pay
able
560.
436,
2042
.154
,49
6. S
ocia
l sec
urity
fund
s30
.346
,81
19.1
93,3
310
. Di
viden
ds p
ayab
le3.
750.
817,
741.
489.
582,
5611
. Su
ndry
cre
dito
rs56
.693
.218
,31
14.1
88,7
1—
——
——
——
——
——
——
——
——
—TToo
ttaall ll
iiaabbii
lliittiiee
ss ((CC
ππππ))6666
..005577
..999944
,,0077
11..6644
88..9999
66,,8822
====
====
====
====
====
====
====
DD.. TT
RRAANNSS
IITTOORR
YY LL
IIAABBII
LLIITTII
EESS AA
CCCCOOUU
NNTTSS
2. A
ccru
ed e
xpen
ses
893.
090,
8922
9,62
——
——
——
——
——
——
——
——
——
889933..
009900,,
88992222
99,,6622
====
====
====
====
====
====
====
TTOOTTAA
LL LLII
AABBIILL
IITTIIEE
SS3300
77..1155
55..4477
22,,2266
112255..
223388..
999933,,
9933==
====
====
====
====
====
====
==
MMEEMM
OO CCRR
EEDDIITT
AACCCC
OOUUNNTT
SS2.
Qua
rant
ees
and
colla
tera
l sec
urity
cre
dit a
ccou
nts
78.8
84.0
75,5
74.
402,
05—
——
——
——
——
——
——
——
——
—7788
..888844
..007755
,,5577
44..4400
22,,0055
====
====
====
====
====
====
====
LLAAMM
DDAA DD
EEVVEELL
OOPPMM
EENNTT
HHoolldd
iinngg
aanndd
RReeaall
EEsstt
aattee
CCoomm
ppaannyy
SS..AA
.. CO
REG
. NO
3039
/06/
B/86
/28
BALA
NCE
SHEE
T OF
DEC
EMBE
R 31
st, 2
002
- (2
5th
FISC
AL Y
EAR
JANU
ARY
1st,
2002
- DE
CEM
BER
31st
, 200
2)
NNoottee
ss::1.
The
re a
re n
o in
cum
bran
cies
on
the
com
pany
’s fi
xed
asse
ts.
2. T
he e
ntire
turn
over
of t
he c
ompa
ny is
clas
sified
who
le co
de (7
02.0
“Le
asin
g of
priv
ate
real
esta
te”)
- ST
AKOD
-91.
3. A
ccou
nt: C
III “E
quity
par
ticip
atio
ns a
nd lo
ng te
rm re
ceiva
bles
” inc
lude
s th
e co
st o
f acq
uirin
g sh
ares
in c
ompa
nies
eng
aged
in R
eal E
stat
e De
velo
pmen
t am
ount
ing
to a
ppro
x. ú
225
milli
on. T
he b
ook
valu
e of
the
parti
cipa
tion,
bas
ed o
n th
e las
t ava
ilabl
e ba
lance
she
ets,
is lo
wer
than
the
acqu
isitio
n co
st b
y ap
prox
. ú 8
3,2
milli
on. O
ut o
f thi
s am
ount
, app
rox.
ú26
3,2
repr
esen
ts th
e di
ffere
nce
betw
een
the
cost
and
the
mar
ket v
alue
(bas
ed o
n th
ird p
arty
valu
atio
ns) o
f the
Rea
l Est
ate
owne
d by
thes
e co
mpa
nies
. The
par
ticip
atio
n is
carri
ed a
t cos
t in
acco
rdan
ce w
ith p
rovis
ion
of p
arag
. 3, a
rticle
42a
of C
.L. 2
190/
1920
, rela
ting
to th
e “r
epre
sent
atio
n of
the
fair
valu
e of
the
asse
ts o
f the
com
pany
.”4.
The
com
pany
has
bee
n au
dite
d by
the
tax a
utho
rities
unt
il the
fisc
al ye
ar 1
999.
In c
onse
quen
ce, t
he ta
x obl
igat
ions
for t
he fi
scal
year
s 20
00 to
200
2 ar
e no
t def
inite
.
esot_eng 10-06-03 12:51 ™ÂÏ›‰· 66
— 67 —
AAmmoouu
nntt oo
ff cclloo
ssiinngg
ffiissccaa
ll yyeeaa
rr 220000
22AAmm
oouunntt
ooff pp
rreevviioo
uuss ffii
ssccaall
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220000
11II..
OOPPEERR
AATTIINN
GG RREE
SSUULLTT
SSTu
rnov
er (s
ales
)11
7.08
9,68
91.9
88,5
0Le
ss::
Cost
of g
oods
sol
d42
.471
,02
38.9
31,7
7—
——
——
——
——
——
——
——
——
—Gr
oss
oper
atin
g re
sults
(pro
fit)
74.6
18,6
653
.056
,73
Plus
:: 1. O
ther
ope
ratin
g in
com
e 2.
695.
491,
9471
4.85
0,17
——
——
——
——
——
——
——
——
——
Tota
l2.
770.
110,
6076
7.90
6,90
LLeessss
::1.
Adm
inis
tratio
n ex
pens
es
3.23
2.53
4,24
1.70
9.96
6,49
——
——
——
——
——
——
——
——
——
Tota
l ope
ratin
g re
sult
(pro
fit)
-462
.423
,64
-942
.059
,60
PPlluuss
::1.
Inco
me
from
equ
ity p
artic
ipat
ions
5.64
0.00
0,00
180.
123,
332.
Inco
me
from
sec
uriti
es3.
423,
825.
706,
373.
Pro
fits
from
sal
e of
par
ticip
atio
n an
d se
curit
ies
1.06
5.34
5,72
0,00
4. In
tere
st in
com
e an
d re
late
d re
venu
e1.
243.
996,
857.
952.
766,
391.
723.
382,
651.
909.
212,
35—
——
——
——
——
——
——
——
——
—LLee
ssss:
3. In
tere
st e
xpen
ses
and
parti
cipa
tion
cost
1.67
0.01
3,90
6.28
2.75
2,49
661,
791.
908.
550,
56—
——
——
——
——
——
——
——
——
—
——
——
——
——
——
——
——
——
——
Tota
l ope
ratin
g re
sults
(pro
fit)
5.82
0.32
8,85
966.
490,
96ππππ..
PPLLUUSS
NNoonn
ooppee
rraattiinn
gg rree
ssuullttss
1. N
on o
pera
ting
inco
me
329,
0788
.320
,99
2. N
on o
pera
ting
gain
s0,
0032
9,07
385,
0388
.706
,02
——
——
——
——
——
——
——
——
——
LLeessss
::1.
Non
ope
ratin
g ex
pens
es3,
1386
,93
3. P
repa
id e
xpen
ses
1.23
0,99
1.23
4,12
-905
,05
0,00
86,9
388
.619
,09
——
——
——
——
—
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
—
——
——
——
——
Tota
l ope
ratin
g an
d no
n op
erat
ing
resu
lts (p
rofit
)5.
819.
423,
801.
055.
110,
05LLee
ssss::
Tota
l dep
reci
atio
n of
fixe
d as
sets
451.
436,
4129
3.56
4,21
Less
: Dep
reci
atio
n in
clud
ed in
ope
ratin
g co
st45
1.43
6,41
0,00
293.
564,
210,
00—
——
——
——
——
——
——
——
——
——
——
——
——
——
—
——
——
——
——
NNEETT
IINNCCOO
MMEE
((pprroo
ffiitt)) BB
EEFFOORR
EE TTAA
XX55..
881199..
442233,,
880011
005555..
111100,,
0055==
====
====
====
====
====
====
==
AAmmoouu
nntt oo
ff cclloo
ssiinngg
AAmmoouu
nntt oo
ff pprree
vviioouuss
ffiissccaa
ll yyeeaa
rr 220000
22ffiiss
ccaall yy
eeaarr 22
000011
Net r
esul
ts (p
rofit
) bef
ore
taxe
s5.
819.
423,
801.
055.
110,
05Pr
ofits
bro
ught
forw
ard
0,00
393.
514,
47—
——
——
——
——
——
——
——
——
—To
tal
5.81
9.42
3,80
1.44
8.62
4,52
LLEESSSS
1. In
com
e ta
x41
9.94
9,82
337.
264,
372.
Oth
er ta
xes
not i
nclu
ded
in o
pera
ting
cost
8.72
8,74
0,00
——
——
——
——
——
——
——
——
——
NNeett ii
nnccoomm
ee ((pp
rrooffiitt
)) ttoo
bbee dd
iissttrrii
bbuuttee
dd55..
339900..
774455,,
224411..
111111..
336600,,
1155==
====
====
====
====
====
====
==
NNeett ii
nnccoomm
ee ((pp
rrooffiitt
)) ddiiss
ttrriibbuu
ttiioonn::
1. L
egal
rese
rves
269.
537,
2634
.291
,08
2. D
ivide
nds
4.78
3.76
2,50
1.01
4.73
7,50
6a. T
ax e
xem
pt re
serv
es0,
0055
.336
,18
6c. S
peci
ally
taxe
d re
serv
es0,
006.
995,
398.
Pro
fit c
arrie
d fo
rwar
d33
7.44
5,48
0,00
——
——
——
——
——
——
——
——
——
55..3399
00 7744
55,,2244
11..1111
11 3366
00,,1155
====
====
====
====
====
====
====
IInnccoo
mmee
SSttaatt
eemmeenn
ttffoo
rr tthhee
yyeeaa
rr eenndd
eedd DD
eecceemm
bbeerr 33
11sstt,,
22000022
((JJAANN
UUAARRYY
11sstt
,, 220000
22 -- DD
EECCEEMM
BBEERR
3311sstt
220000
22))AAPP
PPRROOPP
RRIIAATT
IIOONN
AACCCCOO
UUNNTT
AAUUDDII
TTIINNGG
CCEERR
TTIIFFII
CCAATTEE
OOFF
SSWWOORR
NN AAUU
DDIITTOO
RR AACC
CCOOUUNN
TTAANNTT
TToo tthh
ee sshh
aarreehh
oollddee
rrss oo
ff tthhee
SSoocc
iieettee
AAnnoo
nnyymm
ee ""LL
AAMMDDAA
DDEEVV
EELLOOPP
MMEENN
TT HHOO
LLDDIINN
GG AANN
DD RREE
AALL EE
SSTTAATT
EE CCOO
MMPPAA
NNYY SS
..AA..""
We
have
aud
ited
the
finan
cial
sta
tem
ents
as
wel
l as
the
resp
ectiv
e ap
pend
ix of
the
Soci
ete
Anon
yme
"LAM
DA D
EVEL
OPM
ENT
HOLD
ING
AND
REAL
EST
ATE
COM
PANY
S.A
." of
the
fisca
l yea
r end
ed o
n 31
st D
ecem
ber 2
002.
Our
aud
iting
has
bee
n ca
rried
out
in a
ccor
danc
e w
ith th
e pr
ovis
ions
of a
rticl
e37
of C
.L. 2
190/
1920
with
rega
rd to
Soc
iete
Ano
nym
e an
d th
e au
ditin
g pr
oced
ures
whi
ch w
e ha
ve c
onsi
dere
d as
app
ropr
iate
on
the
basi
s of
the
prin
cipl
es a
nd a
uditi
ng re
gula
tions
follo
wed
by
the
Body
of S
wor
n Au
dito
rs A
ccou
ntan
ts, w
hich
are
in a
ccor
danc
e w
ith th
e pr
ovis
ions
of t
he In
tern
atio
nal
Audi
ting
Prin
cipl
es. T
he b
ooks
and
reco
rds
kept
by
the
com
pany
wer
e pl
aced
in o
ur d
ispo
sal a
nd a
ll the
nec
essa
ry in
form
atio
n an
d ex
plan
atio
n re
quire
d fo
r aud
iting
hav
e be
en p
rovid
ed. T
he c
ompa
ny h
as c
orre
ctly
app
lied
the
Gene
ral A
ccou
ntin
g Pl
an. T
he in
vent
ory
reco
rdin
g m
etho
d w
as n
ot m
odifi
edin
rela
tion
to th
e pr
evio
us fi
scal
yea
r. W
e ha
ve v
erifi
ed th
e co
nten
t of t
he A
dmin
istra
tion
Repo
rt of
the
Boar
d of
Dire
ctor
s to
war
ds th
e An
nual
Gen
eral
Mee
ting
of th
e Sh
areh
olde
rs to
geth
er w
ith th
e re
leva
nt F
inan
cial
Sta
tem
ents
. The
App
endi
x in
clud
es th
ein
form
atio
n pr
ovid
ed b
y pa
ragr
aph
1 of
the
artic
le43
a of
C.L
. 219
0/19
20. I
n ou
r opi
nion
, the
abo
ve fi
nanc
ial s
tate
men
ts w
hich
aris
e fro
m th
e bo
oks
and
reco
rds
of th
e co
mpa
ny, a
s w
ell a
s th
e Ap
pend
ix, p
rese
nt a
fter t
akin
g in
to c
onsi
dera
tion
the
com
pany
’s n
ote
num
ber 3
whi
ch c
once
rns
the
acco
untin
g pr
inci
ples
effe
ctive
dur
ing
the
appr
aisa
l of i
tspa
rtici
patio
n an
d nu
mbe
r 4, w
hich
con
cern
s th
e au
dit o
f fis
cal y
ears
, whi
ch c
once
rns
the
non-
audi
ted
fisca
l yea
rs, t
he a
sset
s an
d th
e fin
anci
al p
ositi
on, a
s w
ell a
s th
e re
sults
of t
he fi
scal
yea
r end
ed o
n 31
st D
ecem
ber 2
002
have
bee
n pr
epar
ed a
ccor
ding
to th
e pr
ovis
ions
whi
ch a
re in
effe
ct a
nd o
f the
gene
rally
acc
epte
d ac
coun
ting
prin
cipl
es a
nd d
o no
t diff
er fr
om th
ose
whi
ch th
e co
mpa
ny a
pplie
d in
the
prev
ious
fisc
al y
ear,
exce
pt fr
om th
e ca
ses
of o
ur a
bove
not
es.
AAtthhee
nnss,, FF
eebbrruu
aarryy
2244tthh
,, 220000
33TH
E SW
ORN
AUDI
TOR
ACCO
UNTA
NT
CChhrriiss
ttooss
PPeellee
nnttrriidd
iissAM
SOE
L 17
831
ERNS
T &
YOUN
G (H
ELLA
S) –
CER
TIFI
ED A
UDIT
ORS
- PUB
LIC
ACCO
UNTA
NTS
AAtthhee
nnss,, FF
eebbrruu
aarryy
2211sstt
,, 220000
33
THE
CHAI
RMAN
OF
THE
BOAR
DTH
E M
ANAG
ING
DIRE
CTOR
THE
FINA
NCIA
L CH
IEF
0FFI
CER
THE
DEPU
TY C
FOAN
D CH
IEF
ACCO
UNTA
NT
SSPPIIRR
IIDDOONN
GG.. MM
AAKKRRII
DDAAKKII
SSLLAA
MMBBRR
OOSS GG
.. AANNAA
GGNNOOSS
TTOOPPOO
UULLOOSS
AANNTTOO
NNIIOOSS
∫∫.. KK
AAFFFFAA
SSFFAA
NNOOUURR
IIOOSS
EE.. AA
LLIIFFRR
AAGGIISS
ID. C
. ∞
7116
44PA
SS. ¡
627
134
ID. C
. ™
2722
17ID
. C.
™ 64
6146
esot_eng 10-06-03 12:51 ™ÂÏ›‰· 67
— 68 —
AASSSSEE
TTSSAAmm
oouunntt
ooff cc
lloossiinn
gg ffiiss
ccaall yy
eeaarr 22
000022
AAmmoouu
nntt oo
ff pprree
vviioouuss
ffiisscc
aall yyee
aarr 22
000011
AAccqquu
iissiittii
oonnDDee
pprreecc
iiaattiioo
nnNNee
tt BBoooo
kkAAcc
qquuiiss
iittiioonn
DDeepprr
eecciiaa
ttiioonn
NNeett BB
ooookk
VVaalluu
eeVVaa
lluuee
VVaalluu
eeVVaa
lluuee
µµ..CCAA
PPIITTAA
LLIISSEE
DD EEXX
PPEENNSS
EESS1.
Est
ablis
hmen
t exp
ense
s12
5.28
0,07
31.7
54,4
593
.525
,62
0,00
0,00
0,00
4. O
ther
cap
italis
ed e
xpen
ses
572.
392,
3954
2.23
5,06
30.1
57,3
360
4.42
1,37
504.
496,
0099
.925
,37
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
TToottaa
ll ccaapp
iittaalliiss
eedd ee
xxppeenn
sseess
669977..
667722,,
44665577
33..9988
99,,5511
112233..
668822,,
99556600
44..4422
11,,3377
550044..
449966,,
00009999
..992255
,,3377
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
CC..FFII
XXEEDD
AASSSSEE
TTSSππ.
Tan
gibl
e as
sets
1. L
and
618.
087,
070,
0061
8.08
7,07
618.
087,
070,
0061
8.08
7,07
3. B
uild
ings
1.87
8.14
4,53
1.45
4.15
8,39
423.
986,
141.
878.
144,
531.
408.
141,
7247
0.00
2,81
4. M
achi
nery
, ins
talla
tions
and
equ
ipm
ent
561.
549,
3348
2.15
8,97
79.3
90,3
655
4.82
8,08
470.
374,
4984
.453
,59
6. F
urni
ture
and
fixt
ures
413.
228,
1519
0.76
9,90
222.
458,
2524
3.42
8,34
140.
225,
5110
3.20
2,83
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
—TToo
ttaall tt
aannggii
bbllee
aassssee
ttss ((CC
ππππ))33..
447711..
000099,,
0088
22..1122
77..0088
77,,2266
11..3344
33..9922
11,,8822
33..2299
44..4488
88,,0022
22..0011
88..7744
11,,7722
11..2277
55..7744
66,,3300
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
πππ. E
quity
par
ticip
atio
ns a
nd lo
ng te
rm re
ceiva
bles
1.
Par
ticip
atio
n in
affi
liate
d co
mpa
nies
6.35
5.77
6,36
5.59
4.21
6,36
2. P
artic
ipat
ion
in o
ther
com
pani
es0,
0041
.085
,84
LLeessss
: Ins
tallm
ents
pay
able
0,00
6.35
5.77
6,36
-1.0
56.9
74,6
34.
578.
327,
57—
——
——
——
——
——
——
——
——
—7.
Oth
er lo
ng te
rm re
ceiva
bles
55.1
96,5
417
.011
,32
——
——
——
——
——
——
——
——
——
66..4411
00..9977
22,,9900
44..5599
55..3333
88,,8899
====
====
====
====
====
====
====
TToottaa
ll ffiixxee
dd aass
sseettss
((CCππππ++
CCππππππ))
77..7755
44..8899
44,,7722
55..8877
11..0088
55,,1199
====
====
====
====
====
====
====
DD..CCUU
RRRREENN
TT AASS
SSEETTSS
π. In
vent
ories
2. B
uild
ings
und
er c
onst
ruct
ion
for s
ale
1.11
4.31
5,65
11.7
15.5
74,2
23.
Lan
d an
d bu
ildin
g m
ater
ials
for s
ale
24.2
52.8
61,7
214
.280
.384
,69
4. R
aw a
nd c
onsu
mab
le m
ater
ials
- Pa
ckag
ing
mat
eria
ls22
9,84
0,00
——
——
——
——
——
——
——
——
—2255
..336677
..440077
,,2211
2255..99
9955..99
5588,,99
11==
====
====
====
====
====
====
==ππ.
Rec
eivab
les1.
Cus
tom
ers
24.0
73.5
77,9
610
.541
.861
,19
4. C
apita
l rec
eiva
bles
in th
e ne
xt fi
scal
yea
r0,
0033
.565
,66
5. S
hort
term
rece
ivabl
es fr
om re
late
d co
mpa
nies
0,00
4.50
6.79
6,42
11.
Sund
ry d
ebto
rs1.
688.
525,
8872
4.70
3,90
12.
Adva
nces
on
acco
unt
55.2
58,5
721
.335
,29
——
——
——
——
——
——
——
——
—2255
..881177
..336622
,,4411
1155..88
2288..22
6622,,44
66==
====
====
====
====
====
====
==Iππ
. Sec
uriti
es3.
Oth
er s
ecur
ities
306.
196,
0176
.008
,81
——
——
——
——
——
——
——
——
——
330066..
119966,,
00117766
..000088
,,8811
====
====
====
====
====
====
====
πV. C
ash
- (Av
aila
ble
mea
ns)
1. C
ash
in h
and
2.43
6,88
87,6
63.
Cas
h at
ban
ks a
nd ti
me
depo
sits
2.77
8.09
7,66
1.06
4.65
9,60
——
——
——
——
——
——
——
——
—22..
778800..
553344,,
554411..
006644..
774477,,
2266==
====
====
====
====
====
====
==TToo
ttaall cc
uurrrree
nntt aa
sssseett
ss ((DD
ππ++DDππ
II++DDππ
ππII++DDππ
VV))5544
..227711
..550000
,,1177
4422..99
6644..99
7777,,44
44==
====
====
====
====
====
====
==∂∂..
TTRRAANN
SSIITTOO
RRYY AA
CCCCOOUU
NNTTSS
2. A
ccru
ed in
com
e28
2,34
909,
86—
——
——
——
——
——
——
——
——
—2288
22,,3344
990099,,
8866==
====
====
====
====
====
====
==TTOO
TTAALL
AASSSSEE
TTSS ((µµ
++CC++
DD++∂∂))
6622..11
5500..33
6600,,11
884488
..993366
..889977
,,8866
====
====
====
====
====
====
====
MMEEMM
OO DDEE
BBIITT
AACCCCOO
UUNNTT
2. Q
uara
ntee
s an
d co
llate
ral s
ecur
ity d
ebit
acco
unts
1.30
8.22
0,96
966.
431,
51—
——
——
——
——
——
——
——
——
—11..
330088..
222200,,
99669966
66..4433
11,,5511
====
====
====
====
====
====
====
LLIIAABB
IILLIITT
IIEESS
AAmmoouu
nntt oo
ff cclloo
ssiinngg
AAmm
oouunntt
ooff pp
rreevviioo
uussffiiss
ccaall yy
eeaarr 22
000022
ffiissccaa
ll yyeeaa
rr 220000
11∞∞..
SSHHAARR
EEHHOOLL
DDEERR
EEQQUUII
TTYYπ.
Shar
e ca
pita
l(3
.525
.000
sha
res
of 1
0 ú
eac
h)1.
Pai
d in
35
.250
.000
,00
35.2
16.4
34,3
42.
Due
0,00
33.5
65,6
6—
——
——
——
——
——
——
——
——
—3355
..225500
..000000
,,0000
3355..22
5500..00
0000,,00
00==
====
====
====
====
====
====
==IV
. Cap
ital r
eser
ves
1. L
egal
rese
rves
448.
412,
5618
1.74
1,64
5. T
ax e
xem
pt re
serv
es62
.655
,50
62.6
55,4
9—
——
——
——
——
——
——
——
——
—5511
11..0066
88,,0066
224444..
339977,,
1133==
====
====
====
====
====
====
==V.
Ret
aine
d ea
rnin
gsPr
ofit
carri
ed fo
rwar
d1133
11..7744
77,,4411
00,,0000
====
====
====
====
====
====
====
TToottaa
ll sshhaa
rreehhoo
llddeerr
ss eeqq
uuiittyy
((∞∞ππ++
AAIIVV++
∞∞VV))
3355..88
9922..88
1155,,44
773355
..449944
..339977
,,1133
====
====
====
====
====
====
====
µµ..PPRR
OOVVIISS
IIOONNSS
1.
Sta
ff le
avin
g in
dem
nitie
s20
2.92
6,76
133.
946,
69—
——
——
——
——
——
——
——
——
—2200
22..9922
66,,7766
113333..
994466,,
6699==
====
====
====
====
====
====
==CC..
LLIIAABB
IILLIITT
IIEESS
π. Lo
ng te
rm li
abilit
ies2.
Ban
k lo
an11
.738
.801
,62
2.64
1.23
2,58
8. O
ther
long
term
liab
ilitie
s18
.781
,82
113.
966,
25—
——
——
——
——
——
——
——
——
—1111
..775577
..558833
,,4444
22..7755
55..1199
88,,8833
====
====
====
====
====
====
====
ππ. C
urre
nt li
abilit
ies1.
Sup
plie
rs1.
652.
212,
7150
3.84
0,78
3. S
hort
term
ban
k lo
ans
0,00
13.9
24,6
45.
Tax
es p
ayab
le4.
386.
164,
472.
089.
476,
726.
Soc
ial s
ecur
ity fu
nds
112.
708,
1967
.924
,04
10.
Divid
ends
pay
able
2.43
5.00
0,00
3.14
0.00
0,00
11. S
undr
y cr
edito
rs63
.119
,47
92.9
42,6
0—
——
——
——
——
——
——
——
——
—88..
664499..
220044,,
884455..
990088..
110088,,
7788==
====
====
====
====
====
====
==TToo
ttaall ll
iiaabbii
lliittiiee
ss ((CC
II++CCππ
ππ))2200
..440066
..778888
,,2288
88..6666
33..3300
77,,6611
====
====
====
====
====
====
====
DD.. TT
RRAANNSS
IITTOORR
YY LLII
AABBIILL
IITTIIEE
SS AACC
CCOOUUNN
TTSS
1. I
ncom
e5.
450.
048,
420,
002.
Acc
rued
exp
ense
s19
7.78
1,25
28.8
06,2
23.
Sun
dry
trans
itory
acc
ount
s0,
004.
616.
440,
21—
——
——
——
——
——
——
——
——
—55..
664477..
882299,,
667744..
664455..
224466,,
4433==
====
====
====
====
====
====
==TTOO
TTAALL
LLIIAABB
IILLIITT
IIEESS
((AA++
BB++CC++
DD))6622
..115500
..336600
,,1188
4488..99
3366..88
9977,,88
66==
====
====
====
====
====
====
==
MMEEMM
OO CCRR
EEDDIITT
AACCCC
OOUUNNTT
SS2.
Qua
rant
ees
and
colla
tera
l sec
urity
cre
dit a
ccou
nts
1.30
8.22
0,96
966.
431,
51—
——
——
——
——
——
——
——
——
—11..
330088..
222200,,
99669966
66..4433
11,,5511
====
====
====
====
====
====
====
LLAAMM
DDAA EE
SSTTAATT
EE DDEE
VVEELLOO
PPMMEENN
TT SS..
AA..RRee
aall EE
ssttaatt
ee,, CC
oonnsstt
rruucctt
iioonn,,
SSeerr
vviiccee
ss aann
dd RRee
pprreess
eennttaa
ttiioonn
CO R
EG. N
O 64
3/01
/B/8
6/37
(01)
BALA
NCE
SHEE
T OF
DEC
EMBE
R 31
st, 2
002
- (4
0th
FISC
AL Y
EAR
JANU
ARY
1st,
2002
- DE
CEM
BER
31st
, 200
2)
esot_eng 10-06-03 12:51 ™ÂÏ›‰· 68
— 69 —
AAmmoouu
nntt oo
ff cclloo
ssiinngg
ffiissccaa
ll yyeeaa
rr 220000
22AAmm
oouunntt
ooff pp
rreevviioo
uuss ffii
ssccaall
yyeeaarr
220000
11OOPP
EERRAATT
IINNGG
RREESSUU
LLTTSS
Turn
over
(sal
es)
23.9
18.5
92,5
013
.655
.713
,10
LLeessss
:: Co
st o
f goo
ds s
old
13.5
95.5
49,2
98.
002.
467,
43—
——
——
——
——
——
——
——
——
—Gr
oss
oper
atin
g re
sults
(pro
fit)
10.3
23.0
43,2
15.
653.
245,
67LLee
ssss ::
1. A
dmin
istra
tion
expe
nses
1.
661.
057,
761.
722.
616,
673.
Sal
es a
nd d
istri
butio
n ex
pens
es
37.7
86,8
91.
698.
844,
650,
001.
722.
616,
67—
——
——
——
——
——
——
——
——
——
——
——
——
——
—
——
——
——
——
Tota
l ope
ratin
g re
sults
(pro
fit)
8.62
4.19
8,56
3.93
0.62
9,00
PPlluuss
::2.
Inco
me
from
sec
uriti
es10
.317
,18
6.16
0,09
4. In
tere
st in
com
e an
d re
late
d re
venu
e35
.108
,66
45.4
25,8
40,
006.
160,
09—
——
——
——
——
——
——
——
——
—LLee
ssss:
3. In
tere
st e
xpen
se a
nd re
late
d co
st25
4.02
3,86
-208
.598
,02
53.3
69,0
0-4
7.20
8,91
——
——
——
——
——
——
——
——
——
—
——
——
——
——
——
——
——
——
—To
tal o
pera
ting
resu
lts (p
rofit
) 8.
415.
600,
543.
883.
420,
09ππππ..
PPLLUUSS
:: NNoonn
ooppee
rraattiinn
gg rree
ssuullttss
1. N
on o
pera
ting
inco
me
23.6
24,0
55.
843,
713.
Prio
r yea
r inc
ome
2.76
9,67
26.3
93,7
229
2.45
8,53
298.
302,
24—
——
——
——
——
——
——
——
——
—LLee
ssss ::
1. N
on o
pera
ting
expe
nses
2.72
3,33
1.40
6,49
3. P
rior y
ear e
xpen
ses
1.41
5,54
4.13
8,87
22.2
54,8
551
3,28
1.91
9,77
296.
382,
47—
——
——
——
——
—
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
—
——
——
——
——
—To
tal o
pera
ting
and
non
oper
atin
g re
sults
(pro
fit)
8.43
7.85
5,39
4.17
9.80
2,56
LLeessss
::To
tal d
epre
ciat
ion
of fi
xed
asse
ts17
7.83
6,24
354.
422,
16LLee
ssss: D
epre
ciat
ion
incl
uded
in o
pera
ting
cost
177.
836,
240,
0035
4.42
2,16
0,00
——
——
——
——
——
——
——
——
——
——
——
——
——
—
——
——
——
——
—NNEE
TT IINN
CCOOMM
EE ((pp
rrooffiitt
)) BBEEFF
OORREE
TTAAXX
88..4433
77..8855
55,,3399
44..1177
99..8800
22,,5566
====
====
====
====
====
====
====
AAmmoouu
nntt oo
ff cclloo
ssiinngg
AAmmoouu
nntt oo
ff pprree
vviioouuss
ffiissccaa
ll yyeeaa
rr 220000
22ffiiss
ccaall yy
eeaarr 22
000011
Net r
esul
ts (p
rofit
) bef
ore
tax
8.43
7.85
5,39
4.17
9.80
2,56
Prof
its b
roug
ht fo
rwar
d0,
0052
7.24
0,96
——
——
——
——
——
——
——
——
——
Tota
l8.
437.
855,
394.
707.
043,
52LLEE
SSSS1.
Inco
me
tax
3.01
6.65
2,79
1.38
3.59
8,02
2. O
ther
tax
not i
nclu
ded
in o
pera
ting
cost
87
.784
,27
48.8
20,6
3—
——
——
——
——
——
——
——
——
—NNee
tt iinncc
oommee
((pprroo
ffiitt)) tt
oo bbee
ddiiss
ttrriibbuu
tteedd
55..3333
33..4411
88,,3333
33..2277
44..6622
44,,8877
====
====
====
====
====
====
====
NNeett ii
nnccoomm
ee ((pp
rrooffiitt
)) ddiiss
ttrriibbuu
ttiioonn
::1.
Leg
al re
serv
ed26
6.67
0,92
130.
618,
832.
Divi
dend
s4.
935.
000,
003.
140.
000,
006a
. Tax
exe
mpt
rese
rves
0,00
33,5
66b
. Spe
cial
ly ta
xed
rese
rves
0,00
2,09
6c. S
peci
al re
serv
e fro
m c
onst
ruct
ion
activ
ities
0,00
3.97
0,39
8. P
rofit
car
ried
forw
ard
131.
747,
410,
00—
——
——
——
——
——
——
——
——
—55..
333333..
441188,,
333333..
227744..
662244,,
8877==
====
====
====
====
====
====
==
IInnccoo
mmee
SSttaatt
eemmeenn
ttffoo
rr tthhee
yyeeaa
rr eenndd
eedd DD
eecceemm
bbeerr 33
11sstt,,
22000022
((JJAANN
UUAARRYY
11sstt
,, 220000
22 -- DD
EECCEEMM
BBEERR
3311sstt
220000
22))AAPP
PPRROOPP
RRIIAATT
IIOONN
AACCCCOO
UUNNTT
AAUUDDII
TTIINNGG
CCEERR
TTIIFFII
CCAATTEE
OOFF
SSWWOORR
NN AAUU
DDIITTOO
RR AACC
CCOOUUNN
TTAANNTT
TToo tthh
ee sshh
aarreehh
oollddee
rrss oo
ff tthhee
SSoocc
iieettee
AAnnoo
nnyymm
ee ""LL
AAMMDDAA
EESSTT
AATTEE
DDEEVVEE
LLOOPPMM
EENNTT
SS..AA..
RREEAA
LL EESS
TTAATTEE
,, CCOONN
SSTTRRUU
CCTTIIOO
NN,, SS
EERRVVII
CCEESS
AANNDD
RREEPPRR
EESSEENN
TTAATTII
OONN""
We
have
aud
ited
the
finan
cial
sta
tem
ents
as
wel
l as
the
resp
ectiv
e Ap
pend
ix of
the
Soci
ete
Anon
yme
"LAM
DA E
STAT
E DE
VELO
PMEN
T S.
A. R
EAL
ESTA
TE, C
ONST
RUCT
ION,
SER
VICE
S AN
D RE
PRES
ENTA
TION
" of t
he fi
scal
yea
r end
ed o
n 31
st D
ecem
ber 2
002.
Our
aud
iting
dur
ing
whi
ch w
e w
ere
info
rmed
of t
he c
ompl
ete
acco
untin
g re
view
of o
pera
tions
of t
he c
ompa
ny’s
bra
nch
was
com
plet
ed a
ccor
ding
to th
e pr
ovis
ions
of a
rticl
e 37
of C
.L. 2
190/
1920
with
rega
rd to
Soc
iete
Ano
nym
es a
nd th
e au
ditin
g pr
oced
ures
whi
ch w
e ha
ve c
onsi
dere
d as
app
ropr
iate
on th
e ba
sis
of th
e pr
inci
ples
and
audi
ting
regu
latio
ns fo
llow
ed b
y th
e Bo
dy o
f Sw
orn
Audi
tors
Acc
ount
ants
. The
boo
ks a
nd re
cord
s ke
pt b
y th
e co
mpa
ny w
ere
plac
ed in
our
dis
posa
l and
all
the
nece
ssar
y in
form
atio
n an
d ex
plan
atio
ns re
quire
d fo
r aud
iting
hav
e be
en p
rovid
ed. T
he c
ompa
ny h
as c
orre
ctly
app
lied
the
Gene
ral A
ccou
ntin
gPl
an. W
e ha
ve v
erifi
ed th
e co
nten
t of t
he A
dmin
istra
tion
Repo
rt of
the
Boar
d of
Dire
ctor
s to
war
ds th
e An
nual
Gen
eral
Mee
ting
of th
e Sh
areh
olde
rs to
geth
er w
ith th
e re
leva
nt F
inan
cial
Sta
tem
ents
. The
App
endi
x in
clud
es th
e in
form
atio
n pr
ovid
ed b
y pa
ragr
aph
1 of
the
artic
le 4
3a o
f C.L
. 219
0/19
20. B
ased
on o
ur a
udit,
the
follo
win
g ca
n be
sta
ted:
1) T
he c
ompa
ny h
as n
ot b
een
tax
audi
ted
for t
he fi
scal
yea
rs 1
999-
2002
. As
a re
sult,
tax
oblig
atio
ns fo
r the
se fi
scal
yea
rs h
ave
not b
een
final
ized
and
2) th
e As
set A
ccou
nt C
II "E
quity
Par
ticip
atio
ns a
nd L
ong-
Term
Rec
eiva
bles
" inc
lude
s th
e va
lue
of a
cqui
ring
a pe
rcen
tage
of a
com
pany
whi
ch is
act
ive in
the
real
est
ate
deve
lopm
ent s
ecto
r am
ount
ing
to 3
.260
.776
,36.
The
boo
k va
lue
of th
is p
artic
ipat
ion
base
d on
the
last
ava
ilabl
e ba
lanc
e sh
eets
is lo
wer
than
the
acqu
isiti
ons
cost
by
2.13
2.36
5,40
whi
ch re
pres
ents
acc
ordi
ng to
the
com
pany
the
diffe
renc
ebe
twee
n th
e co
st a
nd th
e m
arke
t val
ue o
f the
real
est
ate
owne
d by
this
com
pany
. Thi
s pa
rtici
patio
n is
car
ried
at c
ost i
n ac
cord
ance
with
pro
visio
ns o
f par
agra
ph 3
arti
cle
43a
of C
.L. 2
190/
1920
rela
ting
to “
the
pres
enta
tion
of th
e fa
ir va
lue
asse
ts o
f the
com
pany
.” In
our
opi
nion
, the
abo
ve fi
nanc
ial
stat
emen
ts w
hich
aris
e fro
m th
e bo
oks
and
reco
rds
of th
e co
mpa
ny, a
s w
ell a
s th
e Ap
pend
ix, p
rese
nt, a
fter t
akin
g in
to c
onsi
dera
tion
our a
bove
not
e, th
e as
sets
, the
fina
ncia
l pos
ition
, as
wel
l as
the
resu
lts o
f the
fisc
al y
ear e
nded
on
31st
Dec
embe
r 200
2 on
the
basi
s of
the
prov
isio
ns w
hich
are
inef
fect
and
of t
he g
ener
ally
acc
epte
d ac
coun
ting
prin
cipl
es a
nd d
o no
t diff
er fr
om th
ose
whi
ch th
e co
mpa
ny a
pplie
d in
the
prev
ious
fisc
al y
ear.
AAtthhee
nnss,, AA
pprriill
2211sstt
,, 220000
33TH
E SW
ORN
AUDI
TOR
ACCO
UNTA
NT
CChhrriiss
ttooss
PPeellee
nnttrriidd
iissAM
SOE
L 17
831
ERNS
T &
YOUN
G (H
ELLA
S) –
CER
TIFI
ED A
UDIT
ORS
- PUB
LIC
ACCO
UNTA
NTS
AAtthhee
nnss,, AA
pprriill
1188tthh
220000
33
THE
CHAI
RMAN
OF
THE
BOAR
DA
MEM
BER
THE
FINA
NCIA
L M
ANAG
ERTH
E CH
IEF
ACCO
UNTA
NT
EEVVAAGG
GGEELLOO
SS II..
CCHHRROO
NNIISS
AANNTTOO
NNIIOOSS
∫∫.. KK
AAFFFFAA
SSFFAA
NNOOUURR
IIOOSS
EE.. AA
LLIIFFRR
AAGGIISS
PPAAVVLL
OOSS NN
.. KKOORR
NNAARROO
SSID
. C. ™
281
286
ID. C
. ™
2722
17ID
. C.
™ 64
6146
ID. C
. • 2
8221
0
esot_eng 10-06-03 12:51 ™ÂÏ›‰· 69
— 70 —
AASSSSEE
TTSSAAmm
oouunntt
ooff cc
lloossiinn
gg ffiiss
ccaall yy
eeaarr 22
000022
AAmmoouu
nntt oo
ff pprree
vviioouuss
ffiisscc
aall yyee
aarr 22
000011
AAccqquu
iissiittii
oonnDDee
pprreecc
iiaattiioo
nnNNee
tt BBoooo
kkAAcc
qquuiiss
iittiioonn
DDeepprr
eecciiaa
ttiioonn
NNeett BB
ooookk
VVaalluu
eeVVaa
lluuee
VVaalluu
eeVVaa
lluuee
µµ..CCAA
PPIITTAA
LLIISSEE
DD EEXX
PPEENNSS
EESS4.
Oth
er c
apita
lised
exp
ense
s13
5.36
0,21
135.
042,
0331
8,18
134.
905,
6710
7.92
4,54
26.9
81,1
3—
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
—TToo
ttaall cc
aappiittaa
lliisseedd
eexxpp
eennssee
ss1133
55..3366
00,,2211
113355..
004422,,
00333311
88,,1188
113344..
990055,,
66771100
77..9922
44,,5544
2266..99
8811,,11
33==
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
==CC..
FFIIXXEE
DD AASS
SSEETTSS
ππ. T
angi
ble
asse
ts1.
Lan
d2.
314.
766,
040,
002.
314.
766,
042.
314.
766,
040,
002.
314.
766,
043.
Bui
ldin
gs8.
691.
771,
731.
023.
417,
987.
668.
353,
758.
556.
024,
1359
1.09
1,86
7.96
4.93
2,27
4. M
achi
nery
, ins
talla
tions
and
equ
ipm
ent
2.36
4.21
2,97
372.
515,
391.
991.
697,
582.
352.
235,
9717
0.50
5,93
2.18
1.73
0,04
6. F
urni
ture
and
fixt
ures
15.4
27,9
83.
681,
4611
.746
,52
9.42
5,82
1.70
0,14
7.72
5,68
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
TToottaa
ll ttaann
ggiibbll
ee aass
sseettss
((CCππππ))
1133..33
8866..11
7788,,77
2211..
339999..
661144,,
88331111
..998866
..556633
,,8899
1133..22
3322..44
5511,,99
667766
33..2299
77,,9933
1122..44
6699..11
5544,,00
33==
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
==πππ
. Equ
ity p
artic
ipat
ions
and
long
term
rece
ivabl
es7.
Oth
er lo
ng te
rm re
ceiva
bles
10.7
11,6
710
.711
,67
====
====
====
====
====
====
====
TToottaa
ll ffiixxee
dd aass
sseettss
((CCππππ++
CCππππππ))
1111..99
9977..22
7755,,55
661122
..447799
..886655
,,7700
====
====
====
====
====
====
====
DD..CCUU
RRRREENN
TT AASS
SSEETTSS
ππ. R
eceiv
abes
4. C
apita
l rec
eiva
bles
in th
e ne
xt fi
scal
yea
r0,
005.
886,
8311
. Su
ndry
deb
ts55
.822
,18
172.
373,
74—
——
——
——
——
——
——
——
——
—5555
..882222
,,1188
117788..
226600,,
5577==
====
====
====
====
====
====
==πV
. Cas
h - (
Avai
labl
e m
eans
)1.
Cas
h in
han
d1,
2717
8,89
3. C
ash
at b
anks
and
tim
e de
posi
ts7.
058,
081.
171,
25—
——
——
——
——
——
——
——
——
—77..
005599,,
335511..
335500,,
1144==
====
====
====
====
====
====
==TToo
ttaall cc
uurrrree
nntt aa
sssseett
ss ((DD
ππII++DDππ
VV))6622
..888811
,,5533
117799..
661100,,
7711==
====
====
====
====
====
====
==
TTOOTTAA
LL AASS
SSEETTSS
((BB++
CC++DD))
1122..00
6600..44
7755,,22
771122
..668866
..445577
,,5544
====
====
====
====
====
====
====
MMEEMM
OO DDEE
BBIITT
AACCCCOO
UUNNTTSS
2. Q
uara
ntee
s an
d co
llate
ral s
ecur
ity d
ebit
acco
unts
11.7
22.9
04,7
611
.610
.000
,44
——
——
——
——
——
——
——
——
——
1111..77
2222..99
0044,,77
661111
..661100
..000000
,,4444
====
====
====
====
====
====
====
LLIIAABB
IILLIITT
IIEESS
AAmmoouu
nntt oo
ff cclloo
ssiinngg
AAmm
oouunntt
ooff pp
rreevviioo
uussffiiss
ccaall yy
eeaarr
220000
22ffiiss
ccaall yy
eeaarr
22000011
∞∞..SSHH
AARREEHH
OOLLDDEE
RR EEQQ
UUIITTYY
π. Sh
are
capi
tal
(360
.000
sha
res
of 1
0 ú
eac
h)1.
Pai
d in
3.60
0.00
0,00
3.59
4.11
3,17
2. D
ue0,
005.
886,
83—
——
——
——
——
——
——
——
——
—33..
660000..
000000,,
000033..
660000..
000000,,
0000==
====
====
====
====
====
====
==III
. Rev
alua
tion
and
subs
idy
rese
rves
2. R
eval
uatio
n re
serv
e11
5.89
1,33
115.
891,
33—
——
——
——
——
——
——
——
——
—1111
55..8899
11,,3333
111155..
889911,,
3333==
====
====
====
====
====
====
==IV
. Cap
ital r
eser
ves
1. L
egal
rese
rves
685,
2668
5,26
——
——
——
——
——
——
——
——
——
668855,,
22666688
55,,2266
====
====
====
====
====
====
====
V. R
etai
ned
earn
ings
Curre
nt y
ear l
osse
s-3
64.0
21,3
5-3
36.0
69,9
5Lo
sses
car
ried
forw
ard
-1.3
45.2
66,0
1-1
.009
.196
,06
——
——
——
——
——
——
——
——
——
--11..77
0099..22
8877,,33
66--11
..334455
..226666
,,0011
====
====
====
====
====
====
====
TToottaa
ll sshhaa
rreehhoo
llddeerr
eeqquu
iittyy ((∞∞
ππ++AAII
IIII++AAII
VV++∞∞VV
))22..
000077..
228899,,
223322..
337711..
331100,,
5588==
====
====
====
====
====
====
==CC..
LLIIAABB
IILLIITT
IIEESS
π. Lo
ng te
rm li
abilit
ies2.
Ban
k lo
an8.
092.
397,
998.
566.
096,
098.
Oth
er lo
ng te
rm li
abilit
ies
378.
172,
9632
8.39
3,25
——
——
——
——
——
——
——
——
——
88..4477
00..5577
00,,9955
88..8899
44..4488
99,,3344
====
====
====
====
====
====
====
ππ. C
urre
nt li
abilit
ies1.
Sup
plie
rs62
.640
,79
38.4
26,5
83.
Sho
rt te
rm b
ank
loan
s1.
424.
131,
881.
351.
521,
175.
Tax
es p
ayab
le38
.933
,18
17.7
83,3
711
. Su
ndry
cre
dito
rs6.
689,
3412
.926
,50
——
——
——
——
——
——
——
——
——
TToottaa
ll ccuurr
rreenntt
lliiaabb
iilliittiiee
ss ((CC
ππππ))11..
553322..
339955,,
119911..
442200..
665577,,
6622==
====
====
====
====
====
====
==TToo
ttaall ll
iiaabbii
lliittiiee
ss ((CC
II++CCππ
ππ))1100
..000022
..996666
,,1144
1100..33
1155..11
4466,,99
66==
====
====
====
====
====
====
==DD..
TTRRAA
NNSSIITT
OORRYY
LLIIAABB
IILLIITT
IIEESS
AACCCCOO
UUNNTTSS
2. A
ccru
ed e
xpen
ses
50.2
19,9
00,
00—
——
——
——
——
——
——
——
——
—5500
..221199
,,9900
00,,0000
====
====
====
====
====
====
====
TTOOTTAA
LL LLII
AABBIILL
IITTIIEE
SS ((AA
++CC++
DD))1122
..006600
..447755
,,2277
1122..66
8866..44
5577,,55
44==
====
====
====
====
====
====
==MM
EEMMOO
CCRREEDD
IITT AA
CCCCOOUU
NNTTSS
2. Q
uara
ntee
s an
d co
llate
ral s
ecur
ity c
redi
t acc
ount
s11
.722
.904
,76
11.6
10.0
00,4
4—
——
——
——
——
——
——
——
——
—1111
..772222
..990044
,,7766
1111..66
1100..00
0000,,44
44==
====
====
====
====
====
====
==
LLAAMM
DDAA PP
RRIIMM
EE PPRR
OOPPEERR
TTIIEESS
SS..AA
..RREE
AALL EE
SSTTAATT
EE CCOO
MMPPAA
NNYYCO
REG
. NO
130
78/0
1/B/
86/1
38(0
1)BA
LANC
E SH
EET
OF D
ECEM
BER
31st
, 200
2 -
14th
FIS
CAL
YEAR
(JAN
UARY
1st
, 200
2 - D
ECEM
BER
31st
, 200
2)
NNOOTTEE
SS::1.
On
the
com
pany
’s fi
xed
asse
ts a
re a
ttach
men
ts a
nd p
reno
tes
at th
e ra
te o
f 1
1.44
5.34
1,16
to e
nsur
e ba
nk lo
ans,
whi
ch h
ad
8.0
92.3
97,9
9 re
main
ings
on
31.1
2.20
02.
esot_eng 10-06-03 12:51 ™ÂÏ›‰· 70
— 71 —
AAmmoouu
nntt oo
ff cclloo
ssiinngg
ffiissccaa
ll yyeeaa
rr 2200
0022AAmm
oouunntt
ooff pp
rreevviioo
uuss ffii
ssccaall
yyeeaarr
220000
11II..
OOPPEERR
AATTIINN
GG RREE
SSUULLTT
SSTu
rnov
er
1.25
0.18
1,20
485.
986,
79Le
ss::
Cost
of g
oods
sol
d79
5.24
7,26
95.6
89,9
1—
——
---——
——
——
——
——
——
——
—Gr
oss
oper
atin
g re
sults
(pro
fit)
454.
933,
9439
0.29
6,88
LLeessss
:: 1.
Adm
inis
tratio
n ex
pens
es
-184
.340
,39
-319
.989
,95
——
——
——
——
——
——
——
——
——
Tota
l ope
ratin
g re
sults
(pro
fit)
270.
593,
5570
.306
,93
PPlluuss
::4.
Inte
rest
inco
me
and
rela
ted
reve
nue
437,
381.
244,
58LLee
ssss:
3. In
tere
st e
xpen
ses
and
parti
cipa
tion
cost
572.
561,
86-5
72.1
24,4
830
9.30
5,01
-308
.060
,43
——
——
——
——
——
——
——
——
—
——
——
——
——
——
——
——
——
——
Tota
l ope
ratin
g re
sults
(los
ses)
-301
.530
,93
-237
.753
,50
ππππ..PPLL
UUSS:: NN
oonn oo
ppeerraa
ttiinngg
rreessuu
llttss1.
Non
ope
ratin
g in
com
e0,
770,
7787
4,38
874,
38—
——
——
——
——
——
——
——
——
—LLee
ssss ::
1. N
on o
pera
ting
expe
nses
-2,8
10,
002.
Non
ope
ratin
g lo
sses
0,00
-64.
186,
293.
Pre
paid
exp
ense
s-4
.168
,49
-4.1
71,3
0-4
.170
,53
-29,
35-6
4.21
5,64
-63.
341,
26—
——
——
——
——
—
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
—
——
——
——
——
Tota
l ope
ratin
g an
d no
n op
erat
ing
resu
lts (l
osse
s)-3
05.7
01,4
6 -3
01.0
94,7
6LLee
ssss::
Tota
l dep
reci
atio
n of
fixe
d as
sets
663.
434,
4323
8.23
2,49
Less
: Dep
reci
atio
n in
clud
ed in
ope
ratin
g co
st-6
63.4
34,4
30,
00-2
38.2
32,4
90,
00—
——
——
——
——
——
——
——
——
——
——
——
——
—
——
——
——
——
NNEETT
IINNCCOO
MMEE
((lloossss
eess)) BB
EEFFOORR
EE TTAA
XX--33
0055..77
0011,,44
66--33
0011..00
9944,,77
66==
====
====
===
====
====
====
=
AAmmoouu
nntt oo
ff cclloo
ssiinngg
AAmmoouu
nntt oo
ff pprree
vviioouuss
ffiissccaa
ll yyeeaa
rr 220000
22
ffiissccaa
ll yyeeaa
rr 220000
11
Net r
esul
ts (l
osse
s) b
efor
e ta
x-3
05.7
01,4
6-3
01.0
94,7
6Lo
sses
bro
ught
forw
ard
-1.3
45.2
66,0
1-1
.009
.196
,06
——
——
——
——
——
——
——
——
——
Tota
l-1
.650
.967
,47
-1.3
10.2
90,8
2LLEE
SSSS2.
Oth
er ta
xes
not i
nclu
ded
in o
pera
ting
cost
58.3
19,8
934
.975
,19
——
——
——
——
——
——
——
——
——
LLoossss
eess cc
aarrrriiee
dd ffoo
rrwwaarr
dd--11
..770099
..228877
,,3366
--11..33
4455..22
6666,,00
11==
====
====
====
====
====
====
==
IInnccoo
mmee
SSttaatt
eemmeenn
ttffoo
rr tthhee
yyeeaa
rr eenndd
eedd DD
eecceemm
bbeerr 33
11sstt,,
22000022
((JJAANN
UUAARRYY
11sstt
,, 220000
22 -- DD
EECCEEMM
BBEERR
3311sstt
220000
22))AAPP
PPRROOPP
RRIIAATT
IIOONN
AACCCCOO
UUNNTT
AAUUDDII
TTIINNGG
CCEERR
TTIIFFII
CCAATTEE
OOFF
SSWWOORR
NN AAUU
DDIITTOO
RR AACC
CCOOUUNN
TTAANNTT
TToo tthh
ee sshh
aarreehh
oollddee
rrss oo
ff tthhee
SSoocc
iieettee
AAnnoo
nnyymm
ee ""LL
AAMMDDAA
PPRRII
MMEE
PPRROOPP
EERRTTII
EESS SS
..AA.. RR
EEAALL
EESSTTAA
TTEE CC
OOMMPPAA
NNYY""
We
have
aud
ited
the
finan
cial
sta
tem
ents
as
wel
l as
the
resp
ectiv
e Ap
pend
ix of
the
Soci
ete
Anon
yme
"LAM
DA P
RIM
E PR
OPER
TIES
S.A
. REA
L ES
TATE
COM
PANY
" of t
he fi
scal
yea
r end
ed o
n 31
st D
ecem
ber 2
002.
Our
aud
iting
has
bee
n ca
rried
out
in a
ccor
danc
e w
ith th
e pr
ovis
ions
of a
rticl
e 37
of
C.L.
219
0/19
20 w
ith re
gard
to S
ocie
te A
nony
mes
and
the
audi
ting
proc
edur
es w
hich
we
have
con
side
red
as a
ppro
pria
te o
n th
e ba
sis
of th
e pr
inci
ples
and
aud
iting
regu
latio
ns fo
llow
ed b
y th
e Bo
dy o
f Sw
orn
Audi
tors
Acc
ount
ants
. The
boo
ks a
nd re
cord
s ke
pt b
y th
e co
mpa
ny w
ere
plac
ed in
our
disp
osal
and
all
the
nece
ssar
y in
form
atio
n an
d ex
plan
atio
n re
quire
d fo
r aud
iting
hav
e be
en p
rovi
ded.
The
com
pany
has
cor
rect
ly a
pplie
d th
e Ge
nera
l Acc
ount
ing
Plan
. We
have
ver
ified
the
cont
ent o
f the
Adm
inis
tratio
n Re
port
of th
e Bo
ard
of D
irect
ors
tow
ards
the
Annu
al G
ener
al M
eetin
g of
the
Shar
ehol
ders
toge
ther
with
the
rele
vant
Fin
anci
al S
tate
men
ts. T
he A
ppen
dix
incl
udes
the
info
rmat
ion
prov
ided
by
para
grap
h 1
of th
e ar
ticle
43a
of C
.L. 2
190/
1920
. Fro
m o
ur a
bove
aud
iting
resu
lted
that
the
com
pany
has
not
bee
n ta
x au
dite
d fo
r the
fisc
al y
ears
199
9-20
02. A
s a
resu
lt, ta
x ob
ligat
ions
for t
hese
fisc
al y
ears
hav
e no
t bee
n fin
alize
d. In
our
opi
nion
, the
abo
ve F
inan
cial
Sta
tem
ents
, whi
ch a
rise
from
the
book
s an
d re
cord
s of
the
com
pany
as
wel
l as
the
Appe
ndix,
pre
sent
afte
r tak
ing
into
con
side
ratio
n th
e ab
ove,
not
e th
e as
sets
, the
fina
ncia
l pos
ition
, as
wel
l as
the
resu
lts o
f the
fisc
al y
ear
ende
d on
31s
t Dec
embe
r 200
2 on
the
basi
s of
the
prov
isio
ns w
hich
are
in e
ffect
and
of t
he g
ener
ally
acc
epte
d ac
coun
ting
prin
cipl
es a
nd d
o no
t diff
er fr
om th
ose
whi
ch th
e co
mpa
ny a
pplie
d in
the
prev
ious
fisc
al y
ear.
AAtthhee
nnss,, AA
pprriill
2211sstt
,, 220000
33TH
E SW
ORN
AUDI
TOR
ACCO
UNTA
NT
CChhrriiss
ttooss
PPeellee
nnttrriidd
iissAM
SOE
L 17
831
ERNS
T &
YOUN
G (H
ELLA
S) –
CER
TIFI
ED A
UDIT
ORS
- PUB
LIC
ACCO
UNTA
NTS
AAtthhee
nnss,, AA
pprriill
1188tthh
,, 220000
33
THE
CHAI
RMAN
OF
THE
BOAR
DTH
E M
ANAG
ING
DIRE
CTOR
A M
EMBE
RTH
E HE
AD O
F AC
COUN
TANT
S
EEVVAAGG
GGEELLOO
SS II..
CCHHRROO
NNIISS
VVAASSII
LLIIOOSS
VVEEKK
IIOOSS
AANNTTOO
NNIIOOSS
∫∫.. KK
AAFFFFAA
SSPPAA
VVLLOOSS
NN.. KK
OORRNNAA
RROOSS
ID. C
. ™
2812
86ID
. C. X
066
973
ID. C
. ™
2722
17ID
. C. •
282
210
esot_eng 10-06-03 12:51 ™ÂÏ›‰· 71
— 72 —
AASSSSEE
TTSSAAmm
oouunntt
ooff cc
lloossiinn
gg ffiiss
ccaall yy
eeaarr 22
000022
AAmmoouu
nntt oo
ff pprree
vviioouuss
ffiisscc
aall yyee
aarr 22
000011
AAccqquu
iissiittii
oonnDDee
pprreecc
iiaattiioo
nnNNee
tt BBoooo
kk AAcc
qquuiiss
iittiioonn
DDee
pprreecc
iiaattiioo
nnNNee
tt BBoooo
kkVVaa
lluuee
VVaalluu
eeVVaa
lluuee
VVaalluu
eeµµ..
CCAAPPII
TTAALLII
SSEEDD
EEXXPPEE
NNSSEESS
3. C
onst
ruct
ion
loan
inte
rest
45
0.24
7,70
139.
342,
2731
0.90
5,43
248.
057,
1292
.894
,85
155.
162,
274.
Oth
er c
apita
lised
exp
ense
s10
.075
.920
,97
4.37
4.33
2,51
5.70
1.58
8,46
9.95
8.76
4,65
2.44
3.56
3,65
7.51
5.20
1,00
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
TToottaa
ll ccaapp
iittaalliiss
eedd ee
xxppeenn
sseess
1100..55
2266..11
6688,,66
7744..
551133..
667744,,
778866..
001122..
449933,,
88991100
..220066
..882211
,,7777
22..5533
66..4455
88,,5500
77..6677
00..3366
33,,2277
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
CC..FFII
XXEEDD
AASSSSEE
TTSSππππ..
TTaann
ggiibbll
ee aass
sseettss
1. L
and
20.2
11.1
87,4
80,
0020
.211
.187
,48
20.2
66.5
14,6
40,
0020
.266
.514
,64
3. B
uild
ings
49.9
62.0
88,0
16.
644.
747,
6943
.317
.340
,32
50.1
23.2
31,1
84.
605.
887,
6445
.517
.343
,54
6. F
urni
ture
and
fixt
ures
245.
051,
5772
.754
,57
172.
297,
0021
7.22
2,02
32.4
12,7
518
4.80
9,27
7. A
sset
s un
der c
onst
ruct
ion
60.4
02.1
32,7
90,
0060
.402
.132
,79
1.88
8.55
6,72
0,00
1.88
8.55
6,72
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
TToottaa
ll ttaann
ggiibbll
ee aass
sseettss
((CCππππ))
113300..
882200..
445599,,
885566..
771177..
550022,,
22661122
44..1100
22..9955
77,,5599
7722..44
9955..55
2244,,55
6644..
663388..
330000,,
33996677
..885577
..222244
,,1177
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
ππππππ.. EE
qquuiittyy
ppaarr
ttiicciipp
aattiioo
nnss aa
nndd lloo
nngg ttee
rrmm rree
cceeiivvaa
bbllee
1. P
artic
iapt
ion
in a
ffilia
ted
com
pani
es5.
914.
453,
414.
114.
453,
412.
Par
ticip
atio
n in
oth
er c
ompa
nies
876.
196,
8470
4.16
8,88
4. L
ong
term
rece
ivabl
es fr
om a
ffilia
ted
com
pani
es6.
904.
761,
321.
446.
079,
316.
Mar
keta
ble
secu
ritie
s71
4.43
9,34
665.
355,
487.
Oth
er lo
ng te
rm re
ceiva
bles
22.9
90,8
52.
802,
93—
——
——
——
——
——
——
——
——
—
1144..44
3322..88
4411,,77
6666..
993322..
886600,,
0011==
====
====
====
====
====
====
==TToo
ttaall ff
iixxeedd
aassssee
ttss ((CC
ππππ++CCππ
ππππ))1133
88..5533
55..7799
99,,3355
7744..77
9900..00
8844,,11
88==
====
====
====
====
====
====
==DD..
CCUURRRR
EENNTT
AASSSSEE
TTSSππ..
IInnvvee
nnttoorr
iieess
1. M
erch
andi
se1.
640.
564,
101.
640.
564,
10==
====
====
====
====
====
====
==ππππ..
RReecc
eeiivvaa
bblleess
1. C
usto
mer
s2.
541.
806,
281.
216.
828,
394.
Cap
ital r
ecei
vabl
es in
the
next
fisc
al y
ear
0,00
587.
234,
0511
. Su
ndry
deb
ts94
2.75
2,54
597.
943,
6112
. Ad
vanc
es o
n ac
coun
t77
.588
,78
6.25
0,92
——
——
——
——
——
——
——
——
——
33..5566
22..1144
77,,6600
22..4400
88..2255
66,,9977
====
====
====
====
====
====
====
IIππππ.. SS
eeccuurr
iittiieess
1. S
hare
s56
2.23
7,07
3.80
9.16
1,57
====
====
====
====
====
====
====
ππVV.. CC
aasshh
-- ((AAvv
aaiillaa
bbllee
ffuunndd
ss))1.
Cas
h in
han
d80
9,85
103,
223.
Cas
h at
ban
ks a
nd ti
me
depo
sits
860.
021,
213.
110.
382,
75—
——
——
——
——
——
——
——
——
—8866
00..8833
11,,0066
33..1111
00..4488
55,,9977
====
====
====
====
====
====
====
TToottaa
ll ccuurr
rreenntt
aassss
eettss
((DDII++
DDππII++
DDππππII++
DDππVV))
66..6622
55..7777
99,,8833
1100..99
6688..44
6688,,66
11==
====
====
====
====
====
====
==∂∂..
TTRRAANN
SSIITTOO
RRYY AA
CCCCOOUU
NNTTSS
1. P
repa
id e
xpen
se34
7,00
0,00
2. I
ncom
e10
6.09
6,60
12.2
20,4
5—
——
——
——
——
——
——
——
——
—1100
66..4444
33,,6600
1122..22
2200,,44
55==
====
====
====
====
====
====
==TTOO
TTAALL
AASSSSEE
TTSS ((BB
++CC++
DD++EE))
115511..
228800..
551166,,
66779933
..444411
..113366
,,5511
====
====
====
====
====
====
====
MMEEMM
OO DDEE
BBIITT
AACCCCOO
UUNNTTSS
1. T
hird
par
ty a
sset
15
.016
.973
,73
15.0
16.9
73,7
32.
Qua
rant
ees
and
colla
tera
l sec
urity
deb
it ac
coun
ts10
7.10
5.43
8,28
45.0
00.0
00,0
03.
Sun
dry
mem
o ac
coun
ts64
.240
.104
,60
22.4
50.9
52,3
2—
——
——
——
——
——
——
——
——
—1188
66..3366
22..5511
66,,6611
8822..44
6677..99
2266,,00
55==
====
====
====
====
====
====
==
LLIIAABBII
LLIITTIIEE
SSAAmm
oouunntt
ooff cc
lloossiinngg
AAmm
oouunntt
ooff pprr
eevviioouu
ssffiiss
ccaall yy
eeaarr 22
000022
ffiiss
ccaall yy
eeaarr 22
000011
∞∞..
SSHHAARR
EEHHOOLL
DDEERR
EEQQUUII
TTYYππ..
SShhaarr
ee ccaa
ppiittaa
ll(7
.038
.082
sha
res
of 2
,13
ú e
ach)
1. P
aid
in14
.991
.114
,66
14.1
05.6
80,6
22.
Due
0,00
587.
234,
04—
——
——
——
——
——
——
——
——
—1144
..999911
..111144
,,6666
1144..66
9922..99
1144,,66
66==
====
====
====
====
====
====
==IIII..
PPaaii
dd uupp
sshhaa
rree pp
rreemm
iiuumm
2200..33
0055..66
3377,,22
662200
..330055
..663377
,,2266
====
====
====
====
====
====
====
IIIIII.. RR
eevvaall
uuaattiioo
nn aann
dd ssuu
bbssiidd
yy rree
sseerrvv
eess2.
Offe
r ass
et re
valu
atio
n re
serv
e22..
000000,,
88773300
00..2200
00,,8877
====
====
====
====
====
====
====
IIVV.. CC
aappiittaa
ll rreess
eerrvvee
ss1.
Leg
al re
serv
es26
0.14
2,93
125.
466,
184.
Oth
er re
serv
es11
.387
,22
11.3
87,2
25.
Tax
exe
mpt
rese
rves
2.28
3.51
4,77
39.5
40,1
1—
——
——
——
——
——
——
——
——
—22..
555555..
004444,,
99221177
66..3399
33,,5511
====
====
====
====
====
====
====
VV.. RR
eettaaii
nneedd
eeaarrnn
iinnggss
Prof
its c
arrie
d fo
rwar
d11..
880066..
226600,,
667711..
117733..
446699,,
0022==
====
====
====
====
====
====
==TToo
ttaall ss
hhaarree
hhoolldd
eerr ee
qquuiittyy
((∞∞ππ++
AAIIII++
AAIIIIII++
AAIIVV++
∞∞VV))
3399..66
6600..00
5588,,33
883366
..664488
..661155
,,3322
====
====
====
====
====
====
====
µµ..PPRR
OOVVIISS
IIOONNSS
1. S
taff
leav
ing
inte
mni
ties
36.2
95,4
424
.446
,07
====
====
====
====
====
====
====
CC..LLII
AABBIILL
IITTIIEE
SSππ..
LLoonngg
tteerrmm
lliiaabb
iilliittiiee
ss1.
Loa
ns45
.000
.000
,00
45.0
00.0
00,0
02.
Ban
k lo
an3.
300.
000,
003.
815.
113,
72—
——
——
——
——
——
——
——
——
—4488
..330000
..000000
,,0000
4488..88
1155..11
1133,,77
22==
====
====
====
====
====
====
==ππππ..
CCuurr
rreenntt
lliiaabb
iilliittiiee
ss1.
Sup
plie
rs90
2.12
2,69
799.
934,
152.
Not
es p
ayab
le6.
104.
000,
000,
003.
Sho
rt te
rm b
ank
loan
s 53
.521
.601
,72
4.69
6.00
0,00
5. T
axes
pay
able
2.09
7.85
6,44
1.61
2.60
3,44
6. S
ocia
l sec
urity
fund
s40
.469
,35
34.7
90,1
49.
Lia
bilit
ies
to a
ffilia
ted
com
pani
es0,
0041
0.86
0,00
10.
Divid
ends
pay
able
120,
8812
0.60
4,67
11.
Sund
ry c
redi
tors
344.
854,
4522
3.42
3,34
——
——
——
——
——
——
——
——
——
6633..00
1111..00
2255,,55
3377..
889988..
221155,,
7744==
====
====
====
====
====
====
==TToo
ttaall ll
iiaabbii
lliittiiee
ss ((CC
II++CCII
II))1111
11..3311
11..0022
55,,5533
5566..77
1133..33
2299,,44
66==
====
====
====
====
====
====
==
DD.. TT
RRAANNSS
IITTOORR
YY LLII
AABBIILL
IITTIIEE
SS AACC
CCOOUUNN
TTSS2.
Acc
rued
exp
ense
s2277
33..1133
77,,3322
5544..77
4455,,66
66==
====
====
====
====
====
====
==TTOO
TTAALL
LLIIAABB
IILLIITT
IIEESS
((AA++
BB++CC++
DD))1155
11..2288
00..5511
66,,6677
9933..44
4411..11
3366,,55
11==
====
====
====
====
====
====
==MM
EEMMOO
CCRREEDD
IITT AA
CCCCOOUU
NNTTSS
1. B
enef
icia
ries
of th
ird p
arty
ass
ets
15.0
16.9
73,7
315
.016
.973
,73
2. Q
uara
ntee
s an
d co
llate
ral s
ecur
ity c
redi
t acc
ount
s10
7.10
5.43
8,28
45.0
00.0
00,0
03.
Sun
dry
mem
o ac
coun
ts64
.240
.104
,60
22.4
50.9
52,3
2—
——
——
——
——
——
——
——
——
—1188
66..3366
22..5511
66,,6611
8822..44
6677..99
2266,,00
55==
====
====
====
====
====
====
==
EEFFGG
EEUURROO
BBAANNKK
PPRROO
PPEERRTT
IIEESS
RREEAALL
EESSTT
AATTEE
MMAANN
AAGGEEMM
EENNTT
SS..AA..
CO R
EG. N
O 36
5/01
/B/8
6/36
5BA
LANC
E SH
EET
OF D
ECEM
BER
31st
, 200
2 -
50th
FIS
CAL
YEAR
(JAN
UARY
1st
, 200
2 - D
ECEM
BER
31st
, 200
2)
NNOOTTEE
SS:: 11
)) The
fixe
d as
sets
are
not
sub
ject t
o an
y at
tach
men
ts. 2
) The
last
read
just
men
t on
the
valu
e of
the
fixed
ass
ets
of th
e co
mpa
ny to
ok p
lace
in th
e fis
cal y
ear 2
000
acco
rdin
g to
the
prov
ision
s of
Cod
. L. 2
065/
92. 3
) In
the
fisca
l yea
r 200
2, th
e Or
dina
ry G
ener
al M
eetin
g ad
opte
d th
e re
solu
tion
to th
e ha
ve th
e co
mpa
ny’s
sha
re c
apita
l inc
reas
ed b
y29
8.20
0,00
eur
o, th
roug
h ca
pita
lizin
g pa
rt of
the
diffe
renc
e th
at c
ame
from
the
read
just
men
t on
the
valu
e of
oth
er a
sset
s Co
d. L
. 206
5/92
and
pub
lishi
ng 1
40.0
00 n
ew s
hare
s of
2,1
3 eu
ro n
omin
al va
lue.
4) T
he c
ompa
ny’s
em
ploy
ees
wer
e 36
on
31/1
2/20
02. 5
) The
app
earin
g va
lues
at t
he re
serv
e fu
nds
are
abou
t inc
orpo
rativ
e fix
ed a
sset
s th
at w
ere
mar
ked
out f
or s
ale. 6
) The
valu
e kn
own
as “P
artic
ipat
ion
in o
ther
com
pani
es” a
re a
ppra
ised
at th
e ac
quisi
tion
cost
bec
ause
thes
e co
mpa
nies
are
at t
heir
star
ting
oper
atio
n an
d th
ey h
ave
not b
egun
their
pro
duct
ive o
pera
tion.
The
inte
rnal
logi
stic
valu
e of
thes
e com
pani
es is
sm
aller
than
the
cost
by
almos
t 496
thou
sand
eur
o, b
ut a
ccor
ding
to th
e lat
est e
valu
atio
ns, t
heco
mpa
ny c
onsid
ers
that
toda
y’s
real
valu
e of
the
com
pani
es’ n
et p
ositio
n is
mor
e th
an th
e lo
gist
ic v
alue.
7) T
here
has
not
bee
n pr
ovisi
on fo
r the
und
eres
timat
ion
of p
artic
ipat
ion
and
shar
es th
at a
re a
t the
tota
l am
ount
of 5
92.6
14,0
0. If
ther
e w
as s
uch
a pro
visio
n, it
wou
ld c
ome
dow
n on
the
resu
lt of
the
fisca
l ye
ar. 8
) Som
e ac
coun
ts o
f the
pre
vious
fisc
al ye
arw
ere
refo
rmed
in o
rder
to b
ecom
e sim
ilar t
o ot
her a
ccou
nts
of th
e clo
sing
fisca
l yea
r. 9)
The
com
pany
has
not
bee
n ch
ecke
d by
the
reve
nue
offic
e fo
r the
fisc
al ye
ars
1999
to 2
002.
esot_eng 10-06-03 12:51 ™ÂÏ›‰· 72
— 73 —
AAmmoouu
nntt oo
ff cclloo
ssiinngg
ffiissccaa
ll yyeeaa
rr 220000
22AAmm
oouunntt
ooff pp
rreevviioo
uuss ffii
ssccaall
yyeeaarr
220000
11II..
OOPPEERR
AATTIINN
GG RREE
SSUULLTT
SSTu
rnov
er
13.7
82.0
77,7
69.
762.
250,
37LLee
ssss ::
Cost
of g
oods
sol
d8.
415.
677,
036.
901.
211,
04—
——
——
——
——
——
——
——
——
—Gr
oss
oper
atin
g re
sults
(pro
fit)
5.36
6.40
0,73
2.86
1.03
9,33
PPlluuss
:: Ot
her o
pera
ting
inco
me
718.
522,
171.
673.
332,
95—
——
——
——
——
——
——
——
——
—To
tal
6.08
4.92
2,90
4.53
4.37
2,28
LLeessss
::
1. A
dmin
istra
tion
expe
nses
80
3.10
6,28
529.
908,
84—
——
——
——
——
——
——
——
——
—To
tal o
pera
ting
resu
lt (p
rofit
)5.
281.
816,
624.
004.
463,
44PPll
uuss
::3.
Pro
fits
from
sal
es o
f par
ticip
atio
n an
d se
curit
ies
2.19
6.17
8,08
0,00
4. In
tere
st In
com
e an
d re
late
d re
venu
e24
0.63
6,97
218.
919,
90—
——
——
——
——
——
——
——
——
—LLee
ssss:
2.43
6.81
5,05
218.
919,
903.
Inte
rest
exp
ense
and
par
ticip
atio
n co
st2.
987.
261,
67-5
50.4
46,6
21.
956.
491,
60-1
.737
.571
,70
——
——
——
——
——
——
——
——
——
—
——
——
——
——
——
——
——
——
—To
tal o
pera
ting
resu
lts (p
rofit
)4.
731.
370,
002.
266.
891,
74ππππ..
PPLLUU
SS NNoo
nn oopp
eerraatt
iinngg
rreessuu
llttss1.
Non
ope
ratin
g in
com
e51
9,09
103.
381,
623.
Prio
r yea
r inc
ome
0,00
5.09
4,93
4. In
com
e fro
m p
rior y
ears
pro
visio
n0,
0011
.331
,62
——
——
——
——
——
——
——
——
——
LLeessss
::51
9,09
119.
808,
171.
Non
ope
ratin
g ex
pens
es47
8,29
433,
782.
Non
ope
ratin
g lo
sses
0,00
55.2
92,2
33.
Prio
r yea
r exp
ense
s4.
801,
265.
279,
554.
760,
4624
.674
,41
80.4
00,4
239
.407
,75
——
——
——
——
—
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
—
——
——
——
——
Tota
l ope
ratin
g an
d no
n op
erat
ing
resu
lts (p
rofit
)4.
726.
609,
542.
306.
299,
49LLee
ssss
::To
tal d
epre
ciat
ion
of fi
xed
asse
ts
4.18
1.55
6,91
3.97
6.52
4,20
LLeessss
: Dep
reci
atio
n in
clud
ed in
ope
ratin
g co
st4.
181.
556,
910,
003.
976.
524,
200,
00—
——
——
——
——
——
——
——
——
——
——
——
——
——
—
——
——
——
——
NNEETT
IINNCCOO
MMEE
((pprroo
ffiittss))
BBEEFF
OORREE
TTAAXXEE
SS44..
772266..
660099,,
554422..
330066..
229999,,
4499==
====
====
====
====
====
====
==
AAmmoouu
nntt oo
ff cclloo
ssiinngg
AAmmoouu
nntt oo
ff pprree
vviioouuss
ffiissccaa
ll yyeeaa
rr 220000
22 ffiiss
ccaall yy
eeaarr 22
000011
Ne
t res
ults
(pro
fit) b
efor
e ta
xes
4.72
6.60
9,54
2.30
6.29
9,49
Prof
its c
arrie
d fo
rwar
d1.
173.
469,
0211
1.25
3,11
Less
: T
ax a
udit
diffe
renc
es c
arrie
d fo
rwar
d(1
03.8
99,0
0)0,
00—
——
——
——
——
——
——
——
——
—To
tal
5.79
6.17
9,56
2.41
7.55
2,60
LLEESSSS
1. In
com
e ta
x(1
.132
.457
,60)
883.
765,
142.
Oth
er ta
xes
not i
nclu
ded
in o
pera
ting
cost
(478
.809
,88)
280.
561,
51—
——
——
——
——
——
——
——
——
—NNee
tt iinncc
oommee
((pprroo
ffiitt)) tt
oo bbee
ddiiss
ttrriibbuu
tteedd
44..1188
44..9911
22,,0088
11..2255
33..2222
55,,9955
====
====
====
====
====
====
====
NNeett ii
nnccoomm
ee ((pp
rrooffiitt
)) ddiiss
ttrriibbuu
ttiioonn
::1.
Leg
al re
serv
e13
4.67
6,75
72.0
71,8
66b
. Tax
exe
mpt
rese
rves
47
.796
,58
0,00
6c. S
peci
ally
taxe
d re
serv
es2.
196.
178,
087.
685,
078.
Pro
fit c
arrie
d fo
rwar
d1.
806.
260,
671.
173.
469,
02—
——
——
——
——
——
——
——
——
—44..
118844..
991122,,
008811..
225533..
222255,,
9955==
====
====
====
====
====
====
==
IInnccoo
mmee
SSttaatt
eemmeenn
ttffoo
rr tthhee
yyeeaa
rr eenndd
eedd DD
eecceemm
bbeerr 33
11sstt 22
000022
((JJAANN
UUAARRYY
11sstt
,, 2200
0022 --
DDEECCEE
MMBBEE
RR 3311
sstt,, 22
000022))
AAPPPPRR
OOPPRRII
AATTIIOO
NN AACC
CCOOUUNN
TT
AAUUDDII
TTIINNGG
CCEERR
TTIIFFII
CCAATTEE
OOFF
SSWWOORR
NN AAUU
DDIITTOO
RR AACC
CCOOUUNN
TTAANNTT
TToo tthh
ee sshh
aarreehh
oollddee
rrss oo
ff tthhee
SSoocc
iieettee
AAnnoo
nnyymm
ee "" EE
FFGG EE
UURROOBB
AANNKK
PPRROOPP
EERRTTII
EESS RR
EEAALL
EESSTTAA
TTEE MM
AANNAAGG
EEMMEENN
TT SS..
AA..""
We
have
aud
ited
the
finan
cial
sta
tem
ents
as
wel
l as
the
resp
ectiv
e Ap
pend
ix of
the
Soci
ete
Anon
yme
"EFG
EUR
OBAN
K PR
OPER
TIES
REA
L ES
TATE
MAN
AGEM
ENT
S.A.
" of t
he fi
scal
yea
r end
ed o
n 31
st D
ecem
ber 2
002
. Our
aud
iting
has
bee
n ca
rried
out
in a
ccor
danc
e w
ithth
e pr
ovis
ions
of a
rticl
e 37
of C
.L. 2
190/
1920
with
rega
rd to
Soc
iete
Ano
nym
e an
d th
e au
ditin
g pr
oced
ures
whi
ch w
e ha
ve c
onsi
dere
d as
app
ropr
iate
on
the
basi
s of
the
prin
cipl
es a
nd a
uditi
ng re
gula
tions
follo
wed
by
the
Body
of S
wor
n Au
dito
rs A
ccou
ntan
ts. T
he b
ooks
and
reco
rds
kept
byt
he c
ompa
ny w
ere
plac
ed in
our
disp
osal
and
all
the
nece
ssar
y in
form
atio
n an
d ex
plan
atio
n re
quire
d fo
r aud
iting
hav
e be
en p
rovi
ded.
The
com
pany
has
cor
rect
ly a
pplie
d th
e Ge
nera
l Acc
ount
ing
Plan
. The
inve
ntor
y re
cord
ing
met
hod
was
not
mod
ified
in re
latio
n to
the
prev
ious
fisc
al y
ear.
We
have
ver
ified
the
cont
ent o
f the
Adm
inis
tratio
n Re
port
of th
e Bo
ard
of D
irect
ors
tow
ards
the
Annu
al G
ener
al M
eetin
g of
the
Shar
ehol
ders
toge
ther
with
the
rele
vant
Fin
anci
al S
tate
men
ts. T
he A
ppen
dix
incl
udes
the
info
rmat
ion
prov
ided
by
para
grap
h 1
of th
e ar
ticle
43a
of C
.L. 2
190/
1920
. In
our o
pini
on, t
he a
bove
fina
ncia
l sta
tem
ents
whi
ch a
rise
from
the
book
s an
d re
cord
s of
the
com
pany
, as
wel
l as
the
Appe
ndix,
pre
sent
afte
r tak
ing
into
con
side
ratio
n th
e ef
fect
of t
he fi
nanc
ial s
tate
men
ts o
f com
pany
’s n
ote
num
ber 7
and
9 u
nder
the
Bala
nce
Shee
t on
the
Fina
ncia
l Sta
tem
ents
, tha
t con
cern
s th
e ap
prai
sal o
f its
par
ticip
atio
n an
dsh
ares
and
the
non-
audi
ted
fisca
l yea
rs, r
espe
ctive
ly th
e as
sets
, the
fina
ncia
l pos
ition
, as
wel
l as
the
resu
lts o
f the
fisc
al y
ear e
nded
on
31st
Dec
embe
r 200
2 on
the
basi
s of
the
prov
isio
ns w
hich
are
in e
ffect
and
of t
he g
ener
ally
acc
epte
d ac
coun
ting
prin
cipl
es a
nd d
o no
t diff
er fr
om th
ose
whi
ch th
eco
mpa
ny a
pplie
d in
the
prev
ious
fisc
al y
ear,
exce
pt fr
om th
e ca
ses
of o
ur a
bove
not
es.
AAtthhee
nnss,, MM
aayy 77
tthh,, 22
000033
THE
SWOR
N AU
DITO
R AC
COUN
TANT
LLoorraa
iinn SS
kkaarraa
mmaagg
aaAM
SOE
L 12
201
∞∞tthhee
nnss,, AA
pprriill
3300tthh
,, 220000
33
THE
CHAI
RMAN
OF
THE
BOAR
DTH
E M
ANAG
ING
DIRE
CTOR
∆∏∂
ª∞¡
∞GER
OF
ACCO
UNTI
NG S
ERVI
CES
CCHHAARR
AALLAAMM
PPOOSS
KKIIRRKK
OOSSAARR
IISSTTOO
TTEELLII
SS KKAA
RRIITTII
NNOOSS
IILLIIAA
SS PPAA
PPAAIILL
IIOOPPOO
UULLOOSS
ID. C
. X 0
5202
2ID
. C.
™ 19
9654
LICE
NCE
NUM
BER
A’ C
LASS
180
13
Cer
tifie
d A
udito
rs -
Publ
ic A
ccou
ntan
ts
esot_eng 10-06-03 12:51 ™ÂÏ›‰· 73
— 74 —
AASSSSEE
TTSSAAmm
oouunntt
ooff cc
lloossiinn
gg ffiiss
ccaall yy
eeaarr 22
000022
AACCQQUU
IISSIITT
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VVAALLUU
EEDDEE
PPRREECC
IIAATTII
OONNNNEE
TT BBOO
OOKK VV
AALLUUEE
BB..CCAA
PPIITTAA
LLIISSEE
DD EEXX
PPEENNSS
EESS
1.Es
tabl
ishm
ent e
xpen
ses
262.
578,
7352
.515
,75
210.
062,
98
4.Ot
her c
apita
lised
exp
ense
s50
.002
,93
10.0
00,5
840
.002
,35
——
——
——
——
——
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——
——
——
——
——
——
——
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ss3311
22..5588
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332255
00..0066
55,,3333
====
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====
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FFIIXXEE
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SSEETTSS
ππππ..TTaa
nnggiibb
llee aa
sssseett
ss
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rnitu
re a
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xtur
es70
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0,00
70.8
16,8
9
7.As
sets
und
er c
onst
ruct
ion
9.50
4.30
4,22
0,00
9.50
4.30
4,22
——
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——
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——
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——
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ttaall tt
aannggii
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557755..
112211,,
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000099..
557755..
112211,,
1111==
====
====
====
====
====
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====
====
====
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ππππππ.. EE
qquuiittyy
ppaarr
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bblleess
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ong
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776600,,
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====
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557766
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====
====
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==DD..
CCUURRRR
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AASSSSEE
TTSS
ππ.. IInn
vveenntt
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ss
1.La
nd a
nd b
uild
ings
mat
eria
l for
sal
e67
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====
====
====
====
ππππ.. RR
eecceeii
vvaabbll
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4. E
quity
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ecei
vabl
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11.
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ry d
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847.
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50—
——
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——
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4444..11
5522..55
0055,,22
88==
====
====
====
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1.Ca
sh in
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d26
6,77
3.Ca
sh a
t ban
ks a
nd ti
me
depo
sits
2.25
8.06
7,91
——
——
——
——
—22..
225588..
333344,,
6688==
====
====
====
==TToo
ttaall cc
uurrrree
nntt aa
sssseett
ss ((DD
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33..6633
77..6699
22,,8800
====
====
====
====
TTOOTTAA
LL AASS
SSEETTSS
((µµ++
CC++DD))
112233..
446644..
663399,,
2244==
====
====
====
==
LLIIAABB
IILLIITT
IIEESS
AAmmoouu
nntt oo
ff cclloo
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ffiissccaa
ll yyeeaa
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CCaappii
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1.Or
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——
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====
====
====
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====
====
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77..5566
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99,,1166
====
====
====
===
CC..LLII
AABBIILL
IITTIIEE
SS
ππππ..SShh
oorrtt tt
eerrmm
lliiaabb
iilliittiiee
ss
1.Su
pplie
rs3.
643.
399,
73
4.Cu
stom
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adva
nces
2.19
1.65
8,00
5.Ta
xes
paya
ble
62.9
57,7
4
11.
Sund
ry c
redi
tors
2.44
4,61
——
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——
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—TToo
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iiaabbii
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ss ((CC
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990000..
446600,,
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====
====
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=
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++CC))
112233..
446644..
663399,,
2244==
====
====
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=
LLAAMM
DDAA √√
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NNOOTTEE
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7788 ee
uurroo..
esot_eng 10-06-03 12:51 ™ÂÏ›‰· 74
— 75 —
AAmmoouu
nntt oo
ff cclloo
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ffiissccaa
ll yyeeaa
rr 220000
22
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over
(sal
es)
0,00
LLeessss
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st o
f goo
ds s
old
0,00
——
——
——
——
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oss
oper
atin
g re
sults
0,
00LLee
ssss
:1.
Adm
inis
tratio
n ex
pens
es
174.
198,
93—
——
——
——
——
Tota
l ope
ratin
g re
sults
(los
ses)
-174
.198
,93
PPlluuss
::
4. In
tere
st in
com
e an
d re
late
d re
venu
e21
7.22
5,34
——
——
——
——
—To
tal o
pera
ting
resu
lts (p
rofit
)43
.026
,41
ππππ.. LL
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on o
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1,00
LLeessss
::1.
Non
ope
ratin
g ex
pens
es16
0,59
159,
59—
——
——
——
——
—
——
——
——
——
Tota
l ope
ratin
g an
d no
n op
erat
ing
resu
lts (
prof
it)42
.866
,82
LLeessss
::
Tota
l dep
reci
atio
n of
fixe
d as
sets
62.5
16,3
3LLee
ssss :
Depr
ecia
tion
incl
uded
in th
e op
erat
ing
cost
62.5
16,3
30,
00—
——
——
——
——
—
——
——
——
——
NNEETT
IINNCCOO
MMEE
((pprroo
ffiitt)) BB
EEFFOORR
EE TTAA
XX4422
..886666
,,8822
====
====
====
====
IInnccoo
mmee
SSttaatt
eemmeenn
ttffoo
rr tthhee
yyeeaa
rr eenndd
eedd DD
eecceemm
bbeerr 33
11sstt,,
22000022
((FFee
bbrruuaa
rryy 77
tthh,, 22
000011
-- DDeecc
eemmbbee
rr 3311ss
tt,, 2200
0022))
AAmmoouu
nntt oo
ff cclloo
ssiinngg
ffiissccaa
ll yyeeaa
rr 220000
22
Net r
esul
ts (p
rofit
s) b
efor
e ta
xes
42.8
66,8
2Le
ss 1
. Inc
ome
tax
15.0
03,3
9—
——
——
——
——
NNeett ii
nnccoomm
ee ((pp
rrooffiitt
)) ttoo
bbee dd
iissttrrii
bbuuttee
dd2277
..886633
,,4433
====
====
====
===
NNeett ii
nnccoomm
ee ((pp
rrooffiitt
)) ddiiss
ttrriibbuu
ttiioonn
::1.
Leg
al re
serv
es1.
394,
008.
Pro
fit c
arrie
d fo
rwar
d26
.469
,43
——
——
——
——
—2277
..886633
,,4433
====
====
====
===
AAPPPPRR
OOPPRRII
AATTIIOO
NN AACC
CCOOUUNN
TT
AAUUDDII
TTIINNGG
CCEERR
TTIIFFII
CCAATTEE
OOFF
SSWWOORR
NN AAUU
DDIITTOO
RR AACC
CCOOUUNN
TTAANNTT
TToo tthh
ee sshh
aarreehh
oollddee
rrss oo
ff tthhee
SSoocc
iieettee
AAnnoo
nnyymm
ee ""LL
AAMMDDAA
OOLLYY
MMPPII
AA VVII
LLLLAAGG
EE SSOO
CCIIEETT
EE AANN
OONNYYMM
EE OOFF
RREEAA
LL EESS
TTAATTEE
DDEEVV
EELLOOPP
MMEENN
TT""
We
have
aud
ited
the
finan
cial
sta
tem
ents
as
wel
l as
the
resp
ectiv
e Ap
pend
ix of
the
Soci
ete
Anon
yme
"LAM
DA O
LYM
PIA
VILL
AGE
SOCI
ETE
ANON
YME
OF R
EAL
ESTA
TE D
EVEL
OPM
ENT"
of t
he fi
rst f
isca
l yea
r end
ed o
n 31
st D
ecem
ber 2
002
. Our
aud
iting
has
bee
n ca
rried
out
in a
ccor
danc
e w
ith th
epr
ovis
ions
of a
rticl
e 37
of C
.L. 2
190/
1920
with
rega
rd to
Soc
iete
Ano
nym
e an
d th
e au
ditin
g pr
oced
ures
whi
ch w
e ha
ve c
onsi
dere
d as
app
ropr
iate
on
the
basi
s of
the
prin
cipl
es a
nd a
uditi
ng re
gula
tions
follo
wed
by
the
Body
of S
wor
n Au
dito
rs A
ccou
ntan
ts a
ccor
ding
to th
e pr
ovis
ions
of t
he In
tern
atio
nal
Audi
ting
Prin
cipl
es. T
he b
ooks
and
reco
rds
kept
by
the
com
pany
wer
e pl
aced
in o
ur d
ispo
sal a
nd a
ll the
nec
essa
ry in
form
atio
n an
d ex
plan
atio
n re
quire
d fo
r aud
iting
hav
e be
en p
rovid
ed. T
he c
ompa
ny h
as c
orre
ctly
app
lied
the
Gene
ral A
ccou
ntin
g Pl
an. W
e ha
ve v
erifi
ed th
e co
nten
t of t
he A
dmin
istra
tion
Repo
rt of
the
Boar
d of
Dire
ctor
s to
war
ds th
e An
nual
Gen
eral
Mee
ting
of th
e Sh
areh
olde
rs to
geth
er w
ith th
e re
leva
nt F
inan
cial
Sta
tem
ents
. The
App
endi
x in
clud
es th
e in
form
atio
n pr
ovid
ed b
y pa
ragr
aph
1 of
the
artic
le 4
3a o
f C.L
. 219
0/19
20. I
n ou
r opi
nion
, the
abo
ve fi
nanc
ial s
tate
men
ts w
hich
aris
efro
m th
e bo
oks
and
reco
rds
of th
e co
mpa
ny, a
s w
ell a
s th
e Ap
pend
ix, p
rese
nt th
e as
sets
, the
fina
ncia
l pos
ition
, as
wel
l as
the
resu
lts o
f the
fisc
al y
ear e
nded
on
31st
Dec
embe
r 200
2 on
the
basi
s of
the
prov
isio
ns w
hich
are
in e
ffect
and
of t
he g
ener
ally
acc
epte
d ac
coun
ting
prin
cipl
es.
AAtthhee
nnss,, FF
eebbrruu
aarryy
2211sstt
,, 220000
33TH
E SW
ORN
AUDI
TOR
ACCO
UNTA
NT
IIooaann
nnaa DD
.. FFlloo
rroouu
AM S
OEL
1506
1SO
L ae
oe
AAtthhee
nnss,, FF
eebbrruu
aarryy
1177tthh
,, 220000
33
THE
CHAI
RMAN
OF
THE
BOAR
DA
MEM
BER
THE
FINA
NCIA
L CH
IEF
OFFI
CER
THE
CHIE
F AC
COUN
TANT
VVAASSII
LLIIOOSS
SS.. VV
EEKKIIOO
SSAANN
TTOONNII
OOSS ∫∫
.. KKAAFF
FFAASS
FFAANNOO
UURRIIOO
SS EE..
AALLII
FFRRAAGG
IISSMM
AARRIIAA
TTHH..
MMAALL
IIAAPPPP
IIID
. C. Ã
066
973
ID. C
. ™
2722
17LI
CENC
E NU
MBE
R A’
CLA
SS 0
0191
43LI
CENC
E NU
MBE
R A’
CLA
SS 0
0160
87
esot_eng 10-06-03 12:51 ™ÂÏ›‰· 75
— 76 —
AASSSSEE
TTSSAAmm
oouunntt
ooff cc
lloossiinn
gg ffiiss
ccaall yy
eeaarr 22
000022
AACCQQUU
IISSIITTII
OONN VV
AALLUUEE
DDEEPPRR
EECCIIAA
TTIIOONN
NNEETT BB
OOOOKK
VVAALLUU
EE
BB..CCAA
PPIITTAA
LLIISSEE
DD EEXX
PPEENNSS
EESS
1.Es
tabl
ishm
ent e
xpen
ses
736.
145,
3614
7.22
9,07
588.
916,
29
4.Ot
her c
apita
lised
exp
ense
s 40
.095
,21
8.01
9,04
32.0
76,1
7—
——
——
——
——
——
——
——
——
——
——
——
——
——
TToottaa
ll ccaapp
iittaalliiss
eedd ee
xxppeenn
sseess
777766..
224400,,
55771155
55..2244
88,,1111
662200..
999922,,
4466==
====
====
====
====
====
====
====
====
====
====
CC..FFII
XXEEDD
AASSSSEE
TTSS
II.Ta
ngib
le as
sets
6.Fu
rnitu
re a
nd fi
xtur
es1.
077,
100,
001.
077,
10
7.As
sets
und
er c
onst
ruct
ion
3.01
5.44
4,35
0,00
3.01
5.44
4,35
——
——
——
——
——
——
——
——
——
——
——
——
——
—TToo
ttaall tt
aannggii
bbllee
aassssee
ttss ((
CCIIII))
33..0011
66..5522
11,,4455
00,,0000
33..0011
66..5522
11,,4455
====
====
====
====
====
====
====
====
====
====
==TToo
ttaall oo
ff ffiixxee
dd aass
sseettss
((CCII
II))33..
001166..
552211,,
4455==
====
====
====
DD..CCUU
RRRREENN
TT AASS
SSEETTSS
II.Re
ceiva
bles
4.Eq
uity
cap
ital r
ecei
vabl
es8.
480.
300,
00
11.
Sund
ry d
ebto
rs44
4.50
6,13
——
——
——
——
—88..
992244..
880066,,
1133==
====
====
====
IV.
Cash
-(Av
aila
ble
fund
s)
1.Ca
sh in
han
d55
,63
3.Ca
sh a
t ban
ks a
nd ti
me
depo
stis
451.
316,
63—
——
——
——
——
445511..
337722,,
2266==
====
====
====
TToottaa
ll ccuurr
rreenntt
aassss
eettss
((DDIIII++
DDIIVV))
99..3377
66..1177
88,,3399
====
====
====
==EE..
TTRRAANN
SSIITTOO
RRYY AA
CCCCOOUU
NNTTSS
2.Ac
crue
d in
com
e14
4,71
——
——
——
——
—1144
44,,7711
====
====
====
==TTOO
TTAALL
AASSSSEE
TTSS ((BB
++CC++
DD++EE))
1133..00
1133..88
3377,,00
11==
====
====
====
MMEEMM
OO DDEE
BBIITT
AACCCCOO
UUNNTTSS
2.Qu
aran
tees
and
col
late
ral s
ecur
ity d
ebit
acco
unts
51
.700
,00
3.Su
ndry
mem
o ac
coun
ts2.
201.
027,
15—
——
——
——
——
22..2255
22..7722
77,,1155
====
====
====
==
LLIIAABB
IILLIITT
IIEESS
AAmmoouu
nntt oo
ff cclloo
ssiinngg
ffiissccaa
ll yyeeaa
rr 220000
22
AA.. SS
HHAARREE
HHOOLLDD
EERR EE
QQUUIITT
YY
I.Sh
are
Capi
tal
(12.
701.
232
shar
es o
f 1ú
eac
h)
1.Pa
id in
4.
220.
932,
00
2.Du
e8.
480.
300,
00—
——
——
——
——
1122..77
0011..22
3322,,00
00==
====
====
====
V.Re
tain
ed e
arni
ngs
Loss
es c
arrie
d fo
rwar
d-2
06.3
87,2
7==
====
====
====
TToottaa
ll sshhaa
rreehhoo
llddeerr
ss eeqq
uuiittyy
((AAII++
AAVV))
1122..44
9944..88
4444,,77
33==
====
====
====
CC..LLII
AABBIILL
IITTIIEE
SS
II.Cu
rrent
liab
ilities
1.Su
pplie
rs49
9.33
1,91
5.Ta
xes
paya
ble
19.4
85,0
0
11.
Sund
ry c
redi
tors
175,
37—
——
——
——
——
TToottaa
ll lliiaa
bbiilliitt
iieess
((CCIIII))
551188..
999922,,
2288==
====
====
====
TTOOTTAA
LL LLII
AABBIILL
IITTIIEE
SS ((AA
++CC))
1133..00
1133..88
3377,,00
11==
====
====
====
MMEEMM
OO CCRR
EEDDIITT
AACCCC
OOUUNNTT
2.Qu
aran
tees
and
col
late
ral s
ecur
ity c
redi
t acc
ount
s51
.700
,00
3.Su
ndry
mem
o ac
coun
ts2.
201.
027,
15—
——
——
——
——
22..2255
22..7722
77,,1155
====
====
====
==
PPYYLLEE
AA SS..
AA..SSOO
CCIIEETT
EE AANN
OONNYYMM
EE OOFF
RREEAA
LL EESS
TTAATTEE
DDEEVV
EELLOOPP
MMEENN
TTCO
REG
. NO
500
43/0
1/B/
01/6
00BBAA
LLAANNCC
EE SSHH
EEEETT
OOFF DD
EECCEEMM
BBEERR
3311sstt
,, 220000
22 -- 11
sstt FF
IISSCCAA
LL YYEE
AARR ((OO
CCTTOOBB
EERR 11
77tthh,,
220000
11 -- DD
EECCEEMM
BBEERR
3311sstt
,, 220000
22))
esot_eng 10-06-03 12:51 ™ÂÏ›‰· 76
— 77 —
AAmmoouu
nntt oo
ff cclloo
ssiinngg
ffiissccaa
ll yyeeaa
rr 220000
22II..
OOPPEERR
AATTIINN
GG RREE
SSUULLTT
SS
Turn
over
(sal
es)
0,00
Less
: Co
st o
f goo
ds s
old
0,00
——
——
——
——
—Gr
oss
oper
atin
g re
sults
(pro
fit)
0,00
LLeessss
: 1. A
dmin
istra
tion
expe
nses
210.
272,
28—
——
——
——
——
Tota
l ope
ratin
g re
sult
(loss
es)
-210
.272
,28
PPlluuss
: 2.
Inco
me
from
sec
uriti
es42
0,88
4. In
tere
st in
com
e an
d re
late
d re
venu
e4.
285,
944.
706,
82—
——
——
——
——
LLeessss
: 3. I
nter
est e
xpen
ses
and
parti
cipa
tion
cost
82
1,80
-821
,80
——
——
——
——
——
——
——
——
——
Tota
l ope
ratin
g re
sults
(los
ses)
-206
.387
,26
IIII.. LL
EESSSS::
NNOONN
OOPPEE
RRAATTII
NN RREE
SSUULLTT
SS
LLeessss
: 1. N
on o
pera
ting
inco
me
0,01
-0,0
1—
——
——
——
——
——
——
——
——
—To
tal o
pera
ting
and
non
oper
atin
g re
sults
(los
ses)
-206
.387
,27
LLeessss
: Tot
al d
epre
ciat
ion
of fi
xed
asse
ts15
5.24
8,11
Less
: Dep
reci
atio
n in
clud
ed in
ope
ratin
g co
st15
5.24
8,11
0,00
——
——
——
——
——
——
——
——
——
NNEETT
RREESSUU
LLTTSS
((lloossss
eess))
--220066
..338877
,,2277
====
====
====
==
IInnccoo
mmee
SSttaatt
eemmeenn
ttffoo
rr tthhee
yyeeaa
rr eenndd
eedd DD
eecceemm
bbeerr 33
11sstt,,
22000022
((OOcctt
oobbeerr
1177tt
hh,, 22
000011
-- DDeecc
eemmbbee
rr 3311ss
tt,, 2200
0022))
AAmmoouu
nntt oo
ff cclloo
ssiinngg
ffiissccaa
ll yyeeaa
rr 220000
22Ne
t res
ults
(los
ses)
20
6.38
7,27
——
——
——
——
—LLoo
sssseess
ccaarr
rriieedd
ffoorrww
aarrdd
220066..
338877,,
2277==
====
====
====
AAPPPPRR
OOPPRRII
AATTIIOO
NN AACC
CCOOUUNN
TT
AAUUDDII
TTIINNGG
CCEERR
TTIIFFII
CCAATTEE
OOFF
SSWWOORR
NN AAUU
DDIITTOO
RR AACC
CCOOUUNN
TTAANNTT
TToo tthh
ee sshh
aarreehh
oollddee
rrss oo
ff tthhee
SSoocc
iieettee
AAnnoo
nnyymm
ee ""PP
YYLLEEAA
SSOOCC
IIEETTEE
AANNOO
NNYYMM
EE OOFF
RREEAA
LL EESS
TTAATTEE
DDEEVV
EELLOOPP
MMEENN
TT""
We
have
aud
ited
the
finan
cial
sta
tem
ents
as
wel
l as
the
resp
ectiv
e Ap
pend
ix of
the
Soci
ete
Anon
yme
"PYL
EA S
OCIE
TE A
NONY
ME
OF R
EAL
ESTA
TE D
EVEL
OPM
ENT"
of t
he fi
rst f
isca
l yea
r end
ed o
n 31
st D
ecem
ber 2
002.
Our
aud
iting
has
bee
n ca
rried
out
in a
ccor
danc
e w
ith th
e pr
ovis
ions
of a
rticl
e 37
of C
.L. 2
190/
1920
with
rega
rd to
Soc
iete
Ano
nym
e an
d th
e au
ditin
g pr
oced
ures
whi
ch w
e ha
ve c
onsi
dere
d as
app
ropr
iate
on
the
basi
s of
the
prin
cipl
es a
nd a
uditi
ng re
gula
tions
follo
wed
by
the
Body
of S
wor
n Au
dito
rs A
ccou
ntan
ts. T
he b
ooks
and
reco
rds
kept
byt
he c
ompa
ny w
ere
plac
ed in
our
disp
osal
and
all
the
nece
ssar
y in
form
atio
n an
d ex
plan
atio
n re
quire
d fo
r aud
iting
hav
e be
en p
rovi
ded.
The
com
pany
has
cor
rect
ly a
pplie
d th
e Ge
nera
l Acc
ount
ing
Plan
. We
have
ver
ified
the
cont
ent o
f the
Adm
inis
tratio
n Re
port
of th
e Bo
ard
of D
irect
ors
tow
ards
the
Annu
al G
ener
al M
eetin
g of
the
Shar
ehol
ders
toge
ther
with
the
rele
vant
Fin
anci
al S
tate
men
ts. T
he A
ppen
dix
incl
udes
the
info
rmat
ion
prov
ided
by
para
grap
h 1
of th
e ar
ticle
43a
of C
.L. 2
190/
1920
. In
our o
pini
on, t
he a
bove
fina
ncia
l sta
tem
ents
whi
ch a
rise
from
the
book
s an
d re
cord
s of
the
com
pany
, as
wel
l as
the
Appe
ndix,
pre
sent
the
asse
ts, t
he fi
nanc
ial p
ositi
on, a
s w
ell a
s th
e re
sults
of t
he fi
rst f
isca
l yea
r end
ed o
n 31
st D
ecem
ber 2
002
on th
e ba
sis
of th
e pr
ovis
ions
whi
ch a
re in
effe
ct a
nd o
f the
gen
eral
ly a
ccep
ted
acco
untin
g pr
inci
ples
.AAtt
hheennss
,, AApprr
iill 2211
sstt,, 22
000033
THE
SWOR
N AU
DITO
R AC
COUN
TANT
CChhrriiss
ttooss
PPeellee
nnttrriidd
iissAM
SOE
L 17
831
ERNS
T &
YOUN
G (H
ELLA
S) –
CER
TIFI
ED A
UDIT
ORS
- PUB
LIC
ACCO
UNTA
NTS
AAtthhee
nnss,, AA
pprriill
1188tthh
,, 220000
33
THE
VICE
PRE
SIDE
NTTH
E M
ANAG
ER D
IREC
TOR
THE
FINA
NCIA
L M
ANAG
ERTH
E CH
IEF
ACCO
UNTA
NT
AANNTTOO
NNIIOOSS
KK.. KK
AAFFFFAA
SSPPAA
NNAAGGII
OOTTIISS
MM.. NN
IIKKOOLL
AAOOUU
FFAANNOO
UURRIIOO
SS EE..
AALLII
FFRRAAGG
IISSMM
AARRIIAA
TTHH..
MMAALL
IIAAPPPP
II ID
. C. ™
272
217
ID. C
. ™ 2
4487
7LI
CENC
E NU
MBE
R A’
CLA
SS 0
0191
43LI
CENC
E NU
MBE
R A’
CLA
SS 0
0160
87
esot_eng 10-06-03 12:51 ™ÂÏ›‰· 77
— 78 —
AASSSSEE
TTSSAAmm
oouunntt
ooff cc
lloossiinn
gg ffiiss
ccaall yy
eeaarr 22
000022
AAmmoouu
nntt oo
ff pprree
vviioouuss
ffiisscc
aall yyee
aarr 22
000011
AAccqquu
iissiittii
oonnDDee
pprreecc
iiaattiioo
nnNNee
tt BBoooo
kkAAcc
qquuiiss
iittiioonn
DDeepprr
eecciiaa
ttiioonn
NNeett BB
ooookk
VVaalluu
eeVVaa
lluuee
VVaalluu
eeVVaa
lluuee
µµ..CCAA
PPIITTAA
LLIISSEE
DD EEXX
PPEENNSS
EESS1.
Est
ablis
hmen
t exp
ense
s22
7.09
2,24
99.9
90,6
312
7.10
1,61
78.7
99,8
768
.251
,84
10.5
48,0
34.
Oth
er c
apita
lised
exp
ense
s24
4.06
4,91
164.
049,
7580
.015
,16
176.
552,
0714
8.24
3,06
28.3
09,0
1—
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
—4477
11..1155
77,,1155
226644..
004400,,
33882200
77..1111
66,,7777
225555..
335511,,
99442211
66..4499
44,,9900
3388..88
5577,,00
44==
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
==CC..
FFIIXXEE
DD AASS
SSEETTSS
ππππ.. TT
aannggii
bbllee
aassssee
ttss1.
Lan
d1.
849.
674,
211.
849.
674,
211.
392.
756,
731.
392.
756,
733.
Bui
ldin
gs1.
790.
231,
0666
9.88
9,01
1.12
0.34
2,05
694.
579,
2163
6.57
2,10
58.0
07,1
14.
Mac
hine
ry, i
nsta
llatio
ns a
nd e
quip
men
t1.
685.
195,
081.
559.
388,
6512
5.80
6,43
1.63
6.42
7,55
1.52
0.81
2,31
115.
615,
245.
Mot
or v
ehic
les
1.19
1.99
4,41
181.
143,
021.
010.
851,
391.
099.
340,
7914
9.59
4,95
949.
745,
846.
Fur
nitu
re a
nd fi
xtur
es15
0.89
8,53
88.5
07,9
862
.390
,55
88.2
58,5
460
.748
,80
27.5
09,7
47.
Ass
ets
unde
r con
stru
ctio
n
0,00
1.33
9.25
7,21
1.33
9.25
7,21
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
TToottaa
ll ttaann
ggiibbll
ee aass
sseettss
((CCππππ))
66..6666
77..9999
33,,2299
22..4499
88..9922
88,,6666
44..1166
99..0066
44,,6633
66..2255
00..6622
00,,0033
22..3366
77..7722
88,,1166
33..8888
22..8899
11,,8877
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
ππππππ.. EE
qquuiittyy
ppaarr
ttiicciipp
aattiioo
nnss aa
nndd lloo
nngg ttee
rrmm rree
cceeiivvaa
bblleess
7. O
ther
long
term
rece
ivabl
es1111
..663377
,,2288
1133..99
4433,,99
55==
====
====
====
====
====
====
==TToo
ttaall ff
iixxeedd
aassssee
ttss ((CC
ππππ++CCππ
ππππ))44..
118800..
770011,,
991133..
889966..
883355,,
8822==
====
====
====
====
====
====
==DD..
CCUURRRR
EENNTT
AASSSSEE
TTSSππ..
IInnvvee
nnttoorr
iieess
4. R
aw a
nd c
onsu
mab
le m
ater
ials
- Pa
ckag
ing
mat
eria
ls47
.581
,34
178.
154,
535.
Sup
plie
rs a
dvan
ces
296.
303,
540,
00—
——
——
——
——
——
——
——
——
—3344
33..8888
44,,8888
117788..
115544,,
5533==
====
====
====
====
====
====
==ππππ..
RReecc
eeiivvaa
bblleess
1. C
usto
mer
s2.
631.
819,
511.
993.
542,
783·
. Ch
eque
s re
ceiva
ble
15.5
74,8
225
8.16
9,63
10.
Doub
tful r
ecei
vabl
es7.
846,
817.
846,
8111
. Su
ndry
deb
ts27
2.47
8,59
138.
171,
6812
. Ad
vanc
es o
n ac
coun
ts97
3,97
973,
97—
——
——
——
——
——
——
——
——
—22..
992288..
669933,,
770022..
442255..
770044,,
8877==
====
====
====
====
====
====
==IIππππ
.. SSeecc
uurriittii
eess3.
Oth
er s
ecur
ities
00,,0000
1155..11
3300,,99
99==
====
====
====
====
====
====
==ππVV
.. CCaass
hh --((
AAvvaaii
llaabbll
ee mm
eeaannss
))1.
Cas
h in
han
d27
2,57
453,
643.
Cas
h at
ban
ks a
nd ti
me
depo
sits
1.44
1.46
6,69
11..4444
11..7733
99,,2266
2.88
0.24
1,21
22..8888
00..6699
44,,8855
——
——
——
——
—==
====
====
====
——
——
——
——
—==
====
====
====
TToottaa
ll ccuurr
rreenntt
aassss
eettss
((DDππII++
DDππππII++
DDππVV))
44..7711
44..3311
77,,8844
55..4499
99..6688
55,,2244
====
====
====
====
====
====
====
∂∂..TTRR
AANNSSII
TTOORRYY
AACCCC
OOUUNNTT
SS 2.
Acc
rued
inco
me
3333..77
9988,,11
772255
..779944
,,7777
====
====
====
====
====
====
====
TTOOTTAA
LL AASS
SSEETTSS
((BB++
CC++DD++
EE))99..
113355..
993344,,
669999..
446611..
117722,,
8877==
====
====
====
====
====
====
==MM
EEMMOO
DDEEBBII
TT AACC
CCOOUUNN
TTSS2.
Qua
rant
ees
and
colla
tera
l sec
urity
deb
it ac
coun
ts11..
449955..
006666,,
88999911
66..4499
11,,2277
====
====
====
====
====
====
====
LLIIAABB
IILLIITT
IIEESS
AAmmoouu
nntt oo
ff cclloo
ssiinngg
AAmm
oouunntt
ooff pp
rreevviioo
uussffiiss
ccaall yy
eeaarr 22
000022
ffiissccaa
ll yyeeaa
rr 2200
0011∞∞..
SSHHAARR
EEHHOOLL
DDEERR
EEQQUUII
TTYYππ..
SShhaarr
ee ccaa
ppiittaa
ll(1
.313
.353
sha
res
of 4
ea
ch)
1. P
aid
in55..
225533..
441122,,
000055..
225533..
441122,,
0000==
====
====
====
====
====
====
==IIVV
.. CCaapp
iittaall rr
eesseerr
vveess
1. L
egal
rese
rves
47.9
40,6
420
.043
,38
5. T
ax e
xem
pt re
serv
es38
.631
,17
22.3
60,3
2—
——
——
——
——
——
——
——
——
—8866
..557711
,,8811
4422..44
0033,,77
00==
====
====
====
====
====
====
==VV..
RReett
aaiinnee
dd eeaa
rrnniinn
ggssPr
ofits
bro
ught
forw
ard
550055..
883344,,
77558800
..224488
,,5544
====
====
====
====
====
====
====
TToottaa
ll sshhaa
rreehhoo
llddeerr
ss eeqq
uuiittyy
((∞∞ππ++
AAIIVV++
∞∞VV))
55..8844
55..8811
88,,5566
55..3377
66..0066
44,,2244
====
====
====
====
====
====
====
CC..LLII
AABBIILL
IITTIIEE
SSππππ..
CCuurr
rreenntt
lliiaabb
iilliittiiee
ss1.
Sup
plie
rs1.
160.
196,
432.
901.
305,
953.
Sho
rt te
rm b
ank
loan
s0,
0030
2.91
9,78
4. C
usto
mer
s ad
vanc
es77
2.70
1,43
36.4
35,1
05.
Tax
es p
ayab
le66
2.52
4,81
486.
468,
496.
Soc
ial s
ecur
ity fu
nds
228.
478,
5315
8.80
8,94
11.
Sund
ry c
redi
tors
286.
214,
9319
9.17
0,37
——
——
——
——
——
——
——
——
——
TToottaa
ll ccuurr
rreenntt
lliiaabb
iilliittiiee
ss ((CC
ππππ))33..
111100..
111166,,
113344..
008855..
110088,,
6633==
====
====
====
====
====
====
==
DD.. TT
RRAANNSS
IITTOORR
YY LLII
AABBIILL
IITTIIEE
SS AACC
CCOOUUNN
TTSS
3. S
undr
y tra
nsito
ry a
ccou
nts
180.
000,
00==
====
====
====
====
====
====
==TTOO
TTAALL
LLIIAABB
IILLIITT
IIEESS
((AA++
CC++DD))
99..1133
55..9933
44,,6699
99..4466
11..1177
22,,8877
====
====
====
====
====
====
====
MMEEMM
OO CCRR
EEDDIITT
AACCCC
OOUUNNTT
SS 2.
Qua
rant
ees
and
colla
tera
l sec
urity
cre
dit a
ccou
nts
11..4499
55..0066
66,,8899
991166..
449911,,
2277==
====
====
====
====
====
====
==
LLAAMM
DDAA SS
hhiippyy
aarrddss
aanndd
MMaarr
iinnee
SSeerrvv
iicceess
IINNDDUU
SSTTRRII
AALL AA
NNDD SS
HHIIPPPP
IINNGG
SS..AA..
CO R
EG. N
O 78
14/0
3/B/
86/9
5BA
LANC
E SH
EET
OF D
ECEM
BER
31st
, 200
2 - 3
4th
FISC
AL Y
EAR
(JAN
UARY
1st
, 200
2 - D
ECEM
BER
31st
, 200
2)
esot_eng 10-06-03 12:51 ™ÂÏ›‰· 78
— 79 —
AAmmoouu
nntt oo
ff cclloo
ssiinngg
ffiissccaa
ll yyeeaa
rr 220000
22AAmm
oouunntt
ooff pp
rreevviioo
uuss ffii
ssccaall
yyeeaarr
220000
11II..
OOPPEERR
AATTIINN
GG RREE
SSUULLTT
SSTu
rnov
er (s
ales
)24
.094
.181
,99
12.5
21.1
45,9
0LLee
ssss ::
Cost
of g
oods
sol
d21
.519
.405
,38
11.7
68.4
10,0
6—
——
——
——
——
——
——
——
——
—Gr
oss
oper
atin
g re
sults
(pro
fit)
2.57
4.77
6,61
752.
735,
84PPll
uuss ::
1. O
ther
ope
ratin
g in
com
e 33
8.94
2,93
194.
940,
16—
——
——
——
——
——
——
——
——
—To
tal
2.91
3.71
9,54
947.
676,
00LLee
ssss ::
1. A
dmin
istra
tion
expe
nses
1.
461.
689,
9964
5.45
3,62
3. S
ales
and
dis
tribu
tion
expe
nses
219.
817,
681.
681.
507,
6758
.866
,25
704.
319,
87—
——
——
——
——
——
——
——
——
—
——
——
——
——
——
——
——
——
——
Tota
l ope
ratin
g re
sult
(pro
fit)
1.23
2.21
1,87
243.
356,
13PPll
uuss::
2. In
com
e fro
m s
ecur
ities
11.4
36,4
613
.769
,58
4. In
tere
st in
com
e an
d re
late
d re
venu
e51
.317
,44
8.59
0,74
LLeessss
: 3.
Inte
rest
exp
ense
d an
d pa
rtici
patio
n co
st62
.530
,64
223,
2620
.157
,91
2.20
2,41
——
——
——
——
——
——
——
——
——
—
——
——
——
——
——
——
——
——
—To
tal o
pera
ting
resu
lts (p
rofit
)1.
232.
435,
1324
5.55
8,54
ππππ.. PP
LLUUSS::
NNoonn
ooppee
rraattiinn
gg rree
ssuullttss
1. N
on o
pera
ting
inco
me
4.77
9,59
3.84
8,21
2. N
on o
pera
ting
gain
s11
.728
,77
3. P
rior y
ear i
ncom
e31
.931
,45
——
——
——
——
——
——
——
——
——
16.5
08,3
635
.779
,66
LLeessss
::1.
Non
ope
ratin
g ex
pens
es17
0.39
3,29
1.12
0,55
2. N
on o
pera
ting
loss
es13
2.11
0,22
3. P
rior y
ear e
xpen
ses
88.0
62,7
6-3
74.0
57,9
131
.711
,27
2.94
7,84
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
Tota
l ope
ratin
g an
d no
n op
erat
ing
resu
lts (p
rofit
)85
8.37
7,22
248.
506,
38LLee
ssss
::To
tal d
epre
ciat
ion
of fi
xed
asse
ts17
8.74
5,99
110.
654,
43LLee
ssss: D
epre
ciat
ion
incl
uded
in o
pera
ting
cost
178.
745,
990.
0011
0.65
4,43
0,00
——
——
——
——
——
——
——
——
——
——
——
——
——
—
——
——
——
——
—NNEE
TT IINN
CCOOMM
EE ((pp
rrooffiitt
)) BBEEFF
OORREE
TTAAXX
885588..
337777,,
22222244
88..5500
66,,3388
====
====
====
====
====
====
====
AAmmoouu
nntt oo
ff cclloo
ssiinngg
AAmm
oouunntt
ooff pp
rreevviioo
uussffiiss
ccaall yyee
aarr 2200
0022ffiiss
ccaall yyee
aarr 2200
0011Ne
t res
ults
(pro
fits)
bef
ore
tax
858.
377,
2224
8.50
6,38
(+) P
rofit
bro
ught
forw
ard
80.2
48,5
4-8
.059
,35
(+) T
ax a
udit
diffe
renc
es b
roug
ht fo
rwar
d—
——
——
——
——
——
——
——
——
—To
tal
938.
625,
7624
0.44
7,03
LLEESSSS
::1.
Inco
me
tax
381.
643,
7711
1.43
3,43
2. O
ther
tax
not i
nclu
ded
in o
pera
tion
6.97
9,13
18.6
38,9
1—
——
——
——
——
——
——
——
——
—Ne
t inc
ome
(pro
fit) t
o be
dis
tribu
ted
550.
002,
8611
0.37
4,69
====
====
====
====
====
====
====
NNeett ii
nnccoomm
ee ((pp
rrooffiitt
)) ddiiss
ttrriibbuu
ttiioonn
::1.
Leg
al re
serv
es27
.897
,26
7.76
5,83
6b. S
peci
ally
taxe
d le
gal r
eser
ves
16.2
70,8
522
.360
,32
8. P
rofit
car
ried
forw
ard
505.
834,
7580
.248
,54
——
——
——
——
——
——
——
——
——
555500..
000022,,
88661111
00..3377
44,,6699
====
====
====
====
====
====
====
IInnccoo
mmee
SSttaatt
eemmeenn
ttffoo
rr tthhee
yyeeaa
rr eenndd
eedd DD
eecceemm
bbeerr
3311sstt
,, 220000
22 ((JJ
AANNUUAA
RRYY 11
sstt,, 22
000022
-- DDEECC
EEMMBBEE
RR 3311
sstt 22
000022))
AAPPPPRR
OOPPRRII
AATTIIOO
NN AACC
CCOOUUNN
TT
AAUUDDII
TTIINNGG
CCEERR
TTIIFFII
CCAATTEE
OOFF
SSWWOORR
NN AAUU
DDIITTOO
RR AACC
CCOOUUNN
TTAANNTT
TToo tthh
ee sshh
aarreehh
oollddee
rrss oo
ff tthhee
SSoocc
iieettee
AAnnoo
nnyymm
ee ""LL
AAMMDDAA
SSHHII
PPYYAARR
DDSS AA
NNDD MM
AARRIINN
EE SSEE
RRVVIICC
EESS IINN
DDUUSSTT
RRIIAALL
AANNDD
SSHHII
PPPPIINN
GG SS..
AA..""
We
have
aud
ited
the
finan
cial
sta
tem
ents
as
wel
l as
the
resp
ectiv
e Ap
pend
ix of
the
Soci
ete
Anon
yme
"LAM
DA S
HIPY
ARDS
AND
MAR
INE
SERV
ICES
INDU
STRI
AL A
ND S
HIPP
ING
S.A.
" of t
he fi
scal
yea
r end
ed o
n 31
st D
ecem
ber 2
002.
Our
aud
iting
has
bee
n ca
rried
out
in a
ccor
danc
e w
ith th
epr
ovis
ions
of a
rticl
e 37
of C
.L. 2
190/
1920
with
rega
rd to
Soc
iete
Ano
nym
e an
d th
e au
ditin
g pr
oced
ures
whi
ch w
e ha
ve c
onsi
dere
d as
app
ropr
iate
on
the
basi
s of
the
prin
cipl
es a
nd a
uditi
ng re
gula
tions
follo
wed
by
the
Body
of S
wor
n Au
dito
rs A
ccou
ntan
ts. T
he b
ooks
and
reco
rds
kept
by
the
com
pany
wer
e pl
aced
in o
ur d
ispo
sal a
nd a
ll th
e ne
cess
ary
info
rmat
ion
and
expl
anat
ion
requ
ired
for a
uditi
ng h
ave
been
pro
vided
. The
com
pany
has
cor
rect
ly a
pplie
d th
e Ge
nera
l Acc
ount
ing
Plan
. The
inve
ntor
y re
cord
ing
met
hod
was
not
mod
ified
in re
latio
n to
the
prev
ious
fisc
al y
ear.
We
have
ver
ified
the
cont
ent o
f the
Adm
inis
tratio
n Re
port
of th
e Bo
ard
of D
irect
ors
tow
ards
the
Annu
al G
ener
al M
eetin
g of
the
Shar
ehol
ders
toge
ther
with
the
rele
vant
Fin
anci
al S
tate
men
ts. T
he A
ppen
dix
incl
udes
the
info
rmat
ion
prov
ided
by
para
grap
h 1
of th
e ar
ticle
43a
of C
.L. 2
190/
1920
. Bas
ed o
n ou
r aud
it, th
efo
llow
ing
can
be s
tate
d: 1
) On
the
basi
s of
the
205/
1988
con
sulto
ry re
spon
se o
f the
ple
nary
ses
sion
of t
he A
dmin
istra
tors
Leg
al A
dvis
or u
nder
whi
ch th
e pr
ovis
ions
of a
rticl
es 4
2e p
arag
raph
14
C.L.
219
0/19
20 a
re e
xpla
ined
, the
com
pany
has
mad
e no
pro
visi
ons
for s
taff
leav
ing
inde
mni
ties
amou
ntin
g to
261
.748
of w
hich
167
.278
sho
uld
have
enc
umbe
red
the
resu
lts o
f pre
vious
fisc
al y
ears
and
the
amou
nt o
f 94.
470
the
resu
lts o
f the
clo
sing
yea
r. 2)
The
com
pany
’s b
ooks
and
dec
lara
tion
of in
com
e ha
ve n
oted
unt
il th
e fis
cal y
ear 1
999.
As
a re
sult,
the
finan
cial
resu
lts a
nd th
e ta
xes
paya
ble
have
not
bee
n fin
alize
d. In
our
opi
nion
, the
abo
ve fi
nanc
ial s
tate
men
ts w
hich
aris
e fro
m th
e bo
oks
and
reco
rds
of th
e co
mpa
ny, a
s w
ell a
s th
e Ap
pend
ix, p
rese
nt, a
fter t
akin
g in
to c
onsi
dera
tion
the
prev
ious
not
es, t
he a
sset
s, th
e fin
anci
al p
ositi
on, a
s w
ell a
s th
e re
sults
of t
he fi
scal
yea
r end
edon
31s
t Dec
embe
r 200
2, o
n th
e ba
sis
of th
e pr
ovis
ions
whi
ch a
re in
effe
ct a
nd o
f the
gen
eral
ly a
ccep
ted
acco
untin
g pr
inci
ples
and
do
not d
iffer
from
thos
e w
hich
the
com
pany
app
lied
in th
e pr
evio
us fi
scal
yea
r.
PPiirraa
eeuuss,,
AApprr
iill 1155
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334
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LICE
NCE
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4666
esot_eng 10-06-03 12:51 ™ÂÏ›‰· 79
— 80 —
AASSSSEE
TTSSAAmm
oouunntt
ooff cc
lloossiinn
gg ffiiss
ccaall yy
eeaarr 22
000022
AAmmoouu
nntt oo
ff pprree
vviioouuss
ffiisscc
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aarr 22
000011
AAccqquu
iissiittii
oonnDDee
pprreecc
iiaattiioo
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tt bboooo
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DDeepprr
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ttiioonn
NNeett BB
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VVaalluu
eeVVaa
lluuee
VVaalluu
eeVVaa
lluuee
µµ..CCAA
PPIITTAA
LLIISSEE
DD EEXX
PPEENNSS
EESS1.
Est
ablis
hmen
t exp
ense
s27
9.02
5,48
172.
698,
7910
6.32
6,69
287.
923,
6255
.464
,52
232.
463,
984.
Oth
er c
apita
lised
exp
ense
s60
1.60
3,53
317.
914,
8428
3..6
88,6
954
1.06
5,43
192.
833,
3134
8.23
2,12
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
TTÔÔttaa
ll ccaapp
iittaalliiss
eedd ee
xxppeenn
sseess
888800..
662299,,
00114499
00..6611
33,,6633
339900..
001155,,
33888822
88..9988
99,,0055
224488..
229977,,
88335588
00..6699
66,,1100
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
CC..FFII
XXEEDD
AASSSSEE
TTSSππ.
Tan
gibl
e as
sets
1. L
and
806.
452,
9716
9.27
0,89
637.
182,
0868
5.45
8,00
76.0
81,0
060
9.37
7,00
4. M
achi
nery
, ins
talla
tions
and
equ
ipm
ent
797.
309,
1311
7.05
1,93
680.
257,
2024
3.34
1,01
37.5
75,8
920
5.76
5,12
5. M
otor
veh
icle
s49
.690
,99
12.8
44,8
136
.846
,18
53.8
80,2
26.
382,
0047
.498
,22
6. F
urni
ture
and
fixt
ures
699.
310,
3123
1.60
9,59
467.
700,
7266
5.44
8,39
108.
051,
9955
7.39
6,40
7. A
sset
s un
der c
onst
ruct
ion
and
adva
nces
0,00
0,00
0,00
0,00
0,00
0,00
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
——
22..3355
22..7766
33,,4400
553300..
777777,,
222211..
882211..
998866,,
118811..
664488..
112277,,
88332222
88..0099
11,,1133
11..4422
00..0033
66,,7700
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
====
πππ. E
quity
par
ticip
atio
ns a
nd lo
ng te
rm re
ceiva
bles
1. P
artic
ipat
ion
in a
ffilia
ted
com
pani
esLe
ss: I
nsta
llmen
ts p
ayab
le0,
000,
007.
Oth
er lo
ng te
rm re
ceiva
bles
246.
824,
2823
4.75
4,70
——
——
——
——
——
——
——
——
——
224466..
882244,,
22882233
44..7755
44,,7700
====
====
====
====
====
====
====
TToottaa
ll ffiixxee
dd aass
sseettss
((CCππππ++
CCππππππ))
22..0066
88..8811
00,,4466
11..6655
44..7799
11,,3399
====
====
====
====
====
====
====
DD..CCUU
RRRREENN
TT AASS
SSEETTSS
π . In
vent
ories
4. P
acka
ging
4.
718,
370,
00—
——
——
——
——
——
——
——
——
—44..
771188,,
337700,,
0000==
====
====
====
====
====
====
==ππ.
Rec
eivab
les
1. A
ccou
nts
rece
ivabl
es2.
838.
441,
372.
637.
033,
643·
. Ch
eque
s re
ceiva
ble
371.
185,
1539
1.87
3,89
4. C
apita
l rec
eiva
ble
in th
e ne
xt fi
scal
yea
r0,
000,
005.
Rec
eiva
ble
rela
ted
com
pani
es
0,00
0,00
11.
Sund
ry d
ebts
283.
138,
0138
1.10
7,48
12.
Adva
nces
on
acco
unt
7.96
5,73
0,00
——
——
——
——
——
——
——
——
——
33..5500
00..7733
00,,2266
33..4411
00..0011
55,,0011
====
====
====
====
====
====
====
Iππ. S
ecur
ities
3. O
ther
sec
uriti
es0.
001.
004.
081,
04—
——
——
——
——
——
——
——
——
—00..
000011..
000044..
008811,,
0044==
====
====
====
====
====
====
==πV
. Cas
h - (
Avai
labl
e fu
nds)
1. C
ash
in h
and
43.4
93,0
024
1.07
0,44
3. C
ash
at b
anks
and
tim
e de
posi
ts
931.
199,
2077
4.15
2,00
——
——
——
——
——
——
——
——
——
997744..
669922,,
220011..
001155..
222222,,
5522==
====
====
====
====
====
====
==TToo
ttaall cc
uurrrree
nntt aa
sssseett
ss ((DD
II++DDππ
II++DDππ
ππII++DDππ
VV))44..
448800..
114400,,
883355..
442299..
331188,,
5577==
====
====
====
====
====
====
==∂∂..
TTRRAANN
SSIITTOO
RRYY AA
CCCCOOUU
NNTTSS
1. P
repa
id e
xpen
se56
.747
,80
26.0
51,2
82.
Inco
me
5.13
7,80
3.20
1,59
3. S
undr
y tra
nsito
ry a
ccou
nts
1.84
7,31
2.19
8,76
——
——
——
——
——
——
——
——
——
6633..77
3322,,99
113311
..445511
,,6644
====
====
====
====
====
====
====
TTOOTTAA
LL AASS
SSEETTSS
((BB++
CC++DD++
EE))77..
000022..
669999,,
558877..
669966..
225577,,
7711==
====
====
====
====
====
====
==
MMEEMM
OO DDEE
BBIITT
AACCCCOO
UUNNTTSS
1. T
hird
par
ty a
sset
10
.156
.535
,05
9.62
1.37
5,97
2. Q
uara
ntee
s an
d co
llate
ral s
ecur
ity d
ebit
acco
unts
5.70
6.11
8,13
5.73
5.68
8,00
——
——
——
——
——
——
——
——
——
1155..88
6622..66
5533,,11
881155
..335577
..006633
,,9977
====
====
====
====
====
====
====
LLIIAABB
IILLIITT
IIEESS
AAmmoouu
nntt oo
ff cclloo
ssiinngg
AAmm
oouunntt
ooff pp
rreevviioo
uussffiiss
ccaall yy
eeaarr
220000
22ffiiss
ccaall yy
eeaarr
22000011
∞∞..SSHH
AARREEHH
OOLLDDEE
RR EEQQ
UUIITTYY
π. Sh
are
capi
tal
1. P
aid
in4.
029.
600,
004.
029.
600,
01(1
.343
.200
sha
res
of 3
úea
ch)
2. D
ue0,
000,
00—
——
——
——
——
——
——
——
——
—44..
002299..
660000,,
000044..
002299..
660000,,
0011==
====
====
====
====
====
====
==IV
. Cap
ital r
eser
ves
1. L
egal
res
erve
s8.
812,
800,
005.
Tax
exe
mpt
rese
rves
3.30
8,62
0,00
——
——
——
——
——
——
——
——
——
1122..11
2211,,44
2200,,
0000==
====
====
====
====
====
====
==V.
Ret
aine
d ea
rnin
gsLo
sses
car
ried
forw
ard
-6.7
18.5
86,2
6-3
.936
.326
,40
IX. M
inor
ity ri
ghts
290.
340,
1643
.345
,42
——
——
——
——
——
——
——
——
——
TToottaa
ll sshhaa
rreehhoo
llddeerr
eeqquu
iittyy ((∞∞
ππ++∞∞VV
++IIXX
++AAII
VV))22..
338866..
552244,,
66881133
66..6611
99,,0033
====
====
====
====
====
====
====
µµ..PPRR
OOVVIISS
IIOONNSS
1. S
taff
leav
ing
inde
mni
ties
13.6
82,2
00,
002.
Oth
er p
rovis
ions
34
.876
,81
0,00
——
——
——
——
——
——
——
——
——
4488..55
5599,,00
1100,,
0000==
====
====
====
====
====
====
==CC..
LLIIAABB
IILLIITT
IIEESS
ππ. C
urre
nt li
abilit
ies
1. S
uppl
iers
4.60
0.60
2,99
3.38
8.74
6,01
2. C
hequ
es p
ayab
le0,
000,
003.
Sho
rt te
rm b
ank
loan
s1.
348.
923,
881.
638.
973,
055.
Tax
pay
able
502.
905,
3314
9.57
2,86
6. S
ocia
l sec
urity
fund
s57
1.16
3,07
606.
180,
517.
Cur
rent
por
tion
of lo
ng te
rm d
ebt
1.06
5.13
1,29
0,00
8. L
iabi
litie
s to
affi
liate
d co
mpa
nies
0,00
0,00
11.
Sund
ry c
redi
tors
181.
186,
6039
8.11
2,47
——
——
——
——
——
——
——
——
——
TToottaa
ll lliiaa
bbiilliitt
iieess
((CCππππ))
88..2266
99..9911
33,,1166
66..1188
11..5588
44,,9900
====
====
====
====
====
====
====
DD..TTRR
AANNSSII
TTOORRYY
LLIIAA
BBIILLII
TTIIEESS
AACCCC
OOUUNNTT
SS2.
Acc
rued
exp
ense
s1.
065.
731,
921.
378.
053,
783.
Sun
dry
trans
itory
acc
ount
s8.
020,
170,
00—
——
——
——
——
——
——
——
——
—11..
007700..
775522,,
009911..
337788..
005533,,
7788==
====
====
====
====
====
====
==
TTOOTTAA
LL LLII
AABBIILL
IITTIIEE
SS ((∞∞
++BB++
CC++DD))
77..0000
22..6699
99,,5588
77..6699
66..2255
77,,7711
====
====
====
====
====
====
====
MMEEMM
OO CCRR
EEDDIITT
AACCCC
OOUUNNTT
SS1.
Ben
efic
iarie
s of
third
par
ty a
sset
s 10
.156
.535
,05
9.62
1.37
5,97
2. Q
uara
ntee
s an
d co
llate
ral s
ecur
ity c
redi
t acc
ount
s5.
706.
118,
135.
735.
688,
00—
——
——
——
——
——
——
——
——
—1155
..886622
..665533
,,1188
1155..33
5577..00
6633,,99
77==
====
====
====
====
====
====
==
SSWWIISS
SSPPOORR
TT LLAA
MMDDAA
HHEELL
LLAASS
AAIIRRCC
RRAAFFTT
GGRROO
UUNNDD
HHAANNDD
LLIINNGG
SS..AA
..CO
REG
. NO
421
90/0
4/µ/
99/6
3(01
)2n
d CO
NSOL
IDAT
ED B
ALAN
CE S
HEET
DEC
EMBE
R 31
st, 2
002
(JAN
UARY
1st
, 20
02 -
DECE
MBE
R 31
st, 2
002)
esot_eng 10-06-03 12:51 ™ÂÏ›‰· 80
— 81 —
AAmmoouu
nntt oo
ff cclloo
ssiinngg
ffiissccaa
ll yyeeaa
rr 2200
0022AAmm
oouunntt
ooff pp
rreevviioo
uuss ffii
ssccaall
yyeeaarr
220000
11II..
OOPPEERR
AATTIINN
GG RREE
SSUULLTT
SSTu
rnov
er (s
ales
) 17
.842
.702
,79
17.2
17.1
60,3
5LLee
ssss ::
Cost
of g
oods
sol
d17
.780
.093
,05
18.6
30.8
25,0
6—
——
——
——
——
——
——
——
——
—Gr
oss
oper
atin
g re
sults
(pro
fit-lo
sses
)62
.609
,74
-1.4
13.6
64,7
1PPll
uuss ::
1. O
ther
ope
ratin
g in
com
e 2.
120.
717,
3274
7.66
9,07
——
——
——
——
——
——
——
——
——
22..1188
33..3322
77,,0066
--666655
..999955
,,6644
LLeessss
:: 1
. Adm
inis
tratio
n ex
pens
es
4.50
1.41
1,30
2.51
6.32
7,81
——
——
——
——
——
——
——
——
——
Tota
l ope
ratin
g re
sults
(los
ses)
-2.3
18.0
48,2
4-3
.182
.323
,45
PPlluuss
::
4. In
com
e an
d re
late
d re
venu
e15
.352
,54
17.6
49,0
6LLee
ssss: 1·
. Sha
re o
f los
ses
of re
late
d co
mpa
nies
65
.935
,43
0,00
3. In
tere
st e
xpen
se a
nd p
artic
ipat
ion
cost
238.
748,
43-2
89.3
31,3
223
1.94
9,26
-214
.300
,21
——
——
——
——
——
——
——
——
——
—
——
——
——
——
——
——
——
——
—To
tal o
pera
ting
resu
lts-2
.607
.415
,56
-3.3
96.6
23,6
6IIII..
PPLLUU
SS NNoo
nn oopp
eerraatt
iinngg
rreessuu
llttss1.
Non
ope
ratin
g in
com
e13
.281
,61
2.76
9,67
2. N
on o
pera
ting
gain
s2.
984,
610,
003.
Prio
r yea
r inc
ome
24.6
92,7
072
8,91
LLeessss
::1.
Non
ope
ratin
g ex
pens
es44
.252
,68
61.4
75,8
7-5
7.97
7,29
3. P
rior y
ear e
xpen
ses
517,
49-3
.811
,25
0,00
0,00
——
——
——
——
——
——
——
——
——
——
——
——
——
—
——
——
——
——
—To
tal o
pera
ting
and
non
oper
atin
g re
sults
(los
ses)
-2.6
11.2
26,8
1-3
.454
.600
,95
LLeessss
::
Tota
l dep
reci
atio
n of
fixe
d as
sets
607.
524,
3336
9.04
7,17
LLeessss
: Dep
reci
atio
n in
clud
ed in
ope
ratin
g co
st60
7.52
4,33
0.00
369.
047,
170.
00—
——
——
——
——
——
——
——
——
——
——
——
——
——
—
——
——
——
——
NNEETT
RREESSUU
LLTTSS
((lloossss
eess))
--22..66
1111..22
2266,,88
11--33
..445544
..660000
,,9955
LLeessss
: M
inor
ity in
tere
sts
219.
408,
60-1
73.0
88,9
2—
——
——
——
——
——
——
——
——
—CCOO
NNSSOOLL
IIDDAATT
EEDD NN
EETT RR
EESSUULL
TTSS
--22..88
3300..66
3355,,44
11--33
..228811
..551122
,,0033
====
====
====
====
====
====
====
IInnccoo
mmee
SSttaatt
eemmeenn
tt ffoorr
tthhee
yyeeaarr
eenndd
eedd DD
eecceemm
bbeerr 33
11sstt,,
22000022
((JJAANN
UUAARRYY
11sstt
,, 220000
22 -- DD
EECCEEMM
BBEERR
3311sstt
,, 220000
22))
SSppaatt
aa,, FF
eebbrruu
aarryy
2200tthh
,, 220000
33
THE
CHAI
RMAN
OF
THE
BOAR
DTH
E VI
CE P
RESI
DENT
OF
THE
BOAR
DTH
E GE
NERA
L M
ANAG
ERTH
E FI
NANC
IAL
MAN
AGER
JJUUSSHH
EEFF IINN
--AALLBB
OONN
LLAAMM
BBRROOSS
GG.. AA
NNAAGGNN
OOSSTTOO
PPOOUULL
OOSSSSII
MMOONN
LLEEEE
MMAANN
GGRRIIGG
OORRIIAA
GGEEOO
RRGGIIOO
UUPA
SS. 9
7678
33/2
1.4.
1998
PASS
. 627
134/
23.4
.199
9PA
SS. 1
0251
52 /2
1.6.
2001
ID. C
. § 1
6393
3/20
.5.1
980
- LIC
ENCE
NUM
BER
0226
88 A
’ CLA
SS
AAUUDDII
TTIINNGG
CCEERR
TTIIFFII
CCAATTEE
OOFF
SSWWOORR
NN AAUU
DDIITTOO
RR AACC
CCOOUUNN
TTAANNTT
TToo tthh
ee sshh
aarreehh
oollddee
rrss oo
ff tthhee
SSoocc
iieettee
AAnnoo
nnyymm
ee ““
SSWWIISS
SSPPOORR
TT LLAA
MMDDAA
HHEELL
LLAASS
AAIIRRCC
RRAAFFTT
GGRROO
UUNNDD
HHAANNDD
LLIINNGG
SSAA””
We
have
aud
ited
acco
rdin
g to
the
prov
isio
ns o
f arti
cle
108
of C
od. L
. 219
0/19
20, w
ith re
gard
to th
e So
ciet
e An
onym
e, th
e co
nsol
idat
ed b
alan
ce s
heet
and
the
cons
olid
ated
inco
me
stat
emen
t, as
wel
l as
the
resp
ectiv
e ap
pend
ix of
the
Soci
ete
Anon
yme
“SW
ISSP
ORT
LAM
DA H
ELLA
S AI
RCRA
FTGR
OUND
HAN
DLIN
G SA
” and
its
subs
idia
ries
of th
e fis
cal y
ear e
nded
on
31st
Dec
embe
r 200
2. W
e ha
ve a
pplie
d th
e pr
oced
ures
whi
ch w
e ha
ve c
onsi
dere
d as
app
ropr
iate
, on
the
basi
s of
the
prin
cipl
es a
nd a
uditi
ng re
gula
tions
follo
wed
by
the
Body
of S
wor
n Au
dito
rs A
ccou
ntan
ts a
nd w
e ha
ve v
erifi
edth
e co
nten
t of t
he c
onso
lidat
ed a
dmin
istra
tion
repo
rt w
ith th
e re
leva
nt C
onso
lidat
ed F
inan
cial
Sta
tem
ents
. We
have
not
exp
ande
d on
the
audi
t of t
he fi
nanc
ial s
tate
men
ts o
f the
com
pani
es in
clud
ed in
the
cons
olid
atio
n an
d re
pres
entin
g 24
% a
nd 8
% o
f the
con
solid
ated
tota
l of A
sset
and
Tur
nove
r. Th
ose
Stat
emen
ts, e
xcep
t fro
m th
ose
cons
olid
ated
und
er th
e ne
t pos
ition
met
hod,
hav
e be
en a
udite
d by
oth
er re
cogn
ized
audi
tors
and
we
relie
d on
thei
r aud
it re
ports
to e
xpre
ss o
ur o
pini
on th
at fo
llow
s, c
once
rnin
g th
e in
clus
ion
in th
e co
nsol
idat
ion
acco
unts
of t
he a
bove
com
pani
es. B
ased
on
our a
udit,
the
follo
win
g ca
n be
sta
ted:
1) B
ecau
se o
f the
acc
umul
ated
loss
es w
hich
mad
e th
e co
mpa
ny’s
and
its
subs
idia
ry’s
"SW
ISSP
ORT
FREI
GHT
PLUS
HEL
LAS
Frei
ght a
nd P
osta
l Ser
vice
s S.
A." n
et p
ositi
on n
egat
ive,
ther
e is
a c
ase
of a
pply
ing
the
art.
47 o
f C.L
. 219
0/19
20.2
) The
com
pany
bas
ed o
n th
enu
mbe
r 205
/198
8 co
nsul
tory
resp
onse
of t
he p
lena
ry s
essi
on o
f the
Adm
inis
tratio
n’s
Lega
l Adv
isor
has
not
mad
e pr
ovis
ion
for s
taff
leav
ing
inde
mni
ties.
If th
e co
mpa
nies
that
par
ticip
ate
in th
e co
nsol
idat
ed fi
nanc
ial s
tate
men
ts h
ave
mad
e pr
ovis
ion
acco
rdin
g to
the
artic
le 4
2e o
f C.L
. 219
0/19
20 fo
rpo
ssib
le o
blig
atio
ns fo
r tot
al s
taff
inde
mni
ties,
that
pro
visio
n w
ould
com
e up
to th
e am
ount
of e
uro
446
thou
sand
app
roxim
atel
y, o
f whi
ch e
uro
135
thou
sand
app
roxim
atel
y, s
houl
d en
cum
ber t
he re
sults
of t
his
fisca
l yea
r. 3)
In th
e As
set’s
Acc
ount
"DII
Acco
unts
Rec
eiva
ble"
are
als
o in
clud
ed d
oubt
ful
rece
ivabl
es a
mou
ntin
g to
eur
o 43
3 th
ousa
nd a
ppro
ximat
ely.
The
com
pany
has
not
mad
e pr
ovis
ion
for t
he a
bove
am
ount
whi
ch s
houl
d en
cum
ber t
he re
sult
of th
e pr
evio
us fi
scal
yea
r. Be
caus
e of
that
the
acco
unt "
DII A
ccou
nts
Rece
ivabl
e" a
nd th
e to
tal o
f sha
reho
lder
s eq
uity
app
ears
incr
ease
d pe
r tha
tam
ount
. In
our o
pini
on, a
fter t
akin
g in
to c
onsi
dera
tion
our n
ote
the
Cons
olid
ated
Fin
anci
al S
tate
men
ts h
ave
been
pre
pare
d ac
cord
ing
to th
e pr
ovis
ions
of C
.L. 2
190/
1920
and
pre
sent
on
the
basi
s of
the
rele
vant
pro
visio
ns w
hich
are
in e
ffect
and
of t
he g
ener
ally
acc
epte
d ac
coun
ting
prin
cipl
es a
nd d
ono
t diff
er fr
om th
ose
whi
ch th
e pa
rent
com
pany
use
d in
the
prev
ious
fisc
al y
ear,
exce
pt fr
om th
e ca
ses
of o
ur a
bove
not
es, t
he a
sset
s an
d th
e fin
anci
al p
ositi
on, a
s w
ell a
s th
e re
sults
of t
he to
tal o
f the
con
solid
ated
com
pani
es, i
nclu
ded
in th
e co
nsol
idat
ion
of 3
1st D
ecem
ber 2
002.
AAtt
hheennss
,, FFeebb
rruuaarr
yy 2211
sstt,, 22
000033
THE
SWOR
N AU
DITO
R AC
COUN
TANT
KKoonnss
ttaanntt
iinnooss
MMiicc
hhaallaa
ttooss
AM S
OEL
1770
1
esot_eng 10-06-03 12:51 ™ÂÏ›‰· 81
esot_eng 10-06-03 12:51 ™ÂÏ›‰· 82
Annual Report 2002
air sealand
16, Laodikias Str. ñ 115 28 Athens ñ Tel: +30 210 74 50 600 ñ Fax: +30 210 74 50 645e-mail: [email protected] ñ www.lamda-development.net
LAM
DA
Dev
elo
pm
ent
ñ ∞
nn
ual
Rep
ort
200
2
exo_eng 10-06-03 13:14 ™ÂÏ›‰· 1