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: lamda@lamda-development.net ñ www.lamda-development.net

LAM

DA

Dev

elo

pm

ent

ñ ∞

nn

ual

Rep

ort

200

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

— 4 —

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

hli

gh

ts 2

00

2

esot_eng 10-06-2003 11:15 ™ÂÏ›‰· 4

— 5 —

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

— 6 —

esot_eng 10-06-2003 11:15 ™ÂÏ›‰· 6

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.

— 7 —

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.

— 9 —

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

— 10 —

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

— 11 —

esot_eng 10-06-2003 11:16 ™ÂÏ›‰· 11

Milestones 2002

esot_eng 10-06-2003 11:17 ™ÂÏ›‰· 12

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.

— 13 —

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%

— 14 —

esot_eng 10-06-2003 11:17 ™ÂÏ›‰· 14

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

— 15 —

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.

— 16 —

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.

— 17 —

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

— 18 —

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.

— 19 —

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.

— 21 —

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

— 22 —

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

— 23 —

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.

— 24 —

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.

— 25 —

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.

— 27 —

esot_eng 10-06-2003 11:19 ™ÂÏ›‰· 27

Companies

— 28 —

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

— 29 —

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

— 30 —

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

— 31 —

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.

— 33 —

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

— 34 —

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.

— 35 —

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

— 36 —

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.

— 37 —

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.

— 38 —

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.

— 39 —

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.

— 41 —

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

— 42 —

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

— 43 —

esot_eng 10-06-2003 11:25 ™ÂÏ›‰· 43

Investments:air infrastructure

esot_eng 10-06-2003 11:25 ™ÂÏ›‰· 44

— 45 —

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.

— 47 —

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).

— 48 —

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.

— 49 —

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

— 51 —

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

— 52 —

esot_eng 10-06-2003 11:27 ™ÂÏ›‰· 52

— 53 —

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.

— 54 —

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.

— 55 —

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 —

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

ttiioonnss

NNeett BB

ooookk

VVaalluu

eeVVaa

lluuee

VVaalluu

eeVVaa

lluuee

µµ..CCAA

PPIITTAA

LLIISSEE

DD EEXX

PPEENNSS

EESS1.

Est

ablis

hmen

t exp

ense

s1.

690.

983,

6452

2.68

9,97

1.16

8.29

3,67

474.

866,

1513

0.43

6,65

344.

429,

504.

Oth

er c

apita

lised

exp

ense

s3.

542.

539,

041.

948.

376,

011.

594.

163,

033.

476.

414,

881.

332.

194,

952.

144.

219,

93—

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

—TToo

ttaall cc

aappiittaa

lliisseedd

eexxpp

eennssee

ss55..

223333..

552222,,

668822..

447711..

006655,,

998822..

776622..

445566,,

770033..

995511..

228811,,

003311..

446622..

663311,,

660022..

448888..

664499,,

4433==

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

==CC..

FFIIXXEE

DD AASS

SSEETTSS

ππ. T

angi

ble

asse

ts1.

Lan

d59

.633

.119

,21

59.6

33.1

19,2

119

.714

.980

,97

0,00

19.7

14.9

80,9

73.

Bui

ldin

gs23

.060

.774

,92

4.64

1.79

2,77

18.4

18.9

82,1

522

.454

.691

,39

3.43

4.60

4,46

19.0

20.0

86,9

34.

Mac

hine

ry, i

nsta

llatio

ns a

nd e

quip

men

t5.

408.

266,

512.

531.

114,

942.

877.

151,

574.

786.

832,

582.

199.

268,

622.

587.

563,

965.

Mot

or v

ehic

les

1.24

1.68

5,40

193.

987,

831.

047.

697,

571.

153.

221,

0215

5.97

6,95

997.

244,

076.

Fur

nitu

re a

nd fi

xtur

es1.

581.

022,

9662

3.65

5,30

957.

367,

661.

198.

598,

6336

8.05

2,42

830.

546,

217.

Ass

ets

unde

r con

stru

ctio

n 16

.254

.042

,55

16.2

54.0

42,5

53.

526.

571,

470,

003.

526.

571,

47—

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

—TToo

ttaall tt

aannggii

bbllee

aassssee

ttss ((CC

ππππ))1100

77..1177

88..9911

11,,5555

77..9999

00..5555

00,,8844

9999..11

8888..33

6600,,77

115522

..883344

..889966

,,0066

66..1155

77..9900

22,,4455

4466..66

7766,,99

9933,,66

11==

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

==πππ

. Equ

ity p

artic

ipat

ions

and

long

term

rece

ivabl

es1.

Par

ticip

atio

n in

affi

liate

d co

mpa

nies

18.3

65.6

45,5

613

.590

.886

,07

2. P

artic

ipat

ion

in o

ther

com

pani

es0,

0041

.085

,84

Less

: Ins

tallm

ents

pay

able

0,00

18.3

65.6

45,5

6-1

75.5

74,4

713

.456

.397

,44

——

——

——

——

——

——

——

——

——

7. O

ther

long

term

rece

ivabl

es33

5.40

5,15

284.

576,

41—

——

——

——

——

——

——

——

——

—1188

..770011

..005500

,,7711

1133..77

4400..99

7733,,88

55==

====

====

====

====

====

====

==TToo

ttaall ff

iixxeedd

aassssee

ttss ((CC

ππππ++CCππ

ππππ))1111

77..8888

99..4411

11,,4422

6600..44

1177..99

6677,,44

66==

====

====

====

====

====

====

==DD..

CCUURRRR

EENNTT

AASSSSEE

TTSSπ .

Inve

ntor

ies2.

Bui

ldin

gs u

nder

con

stru

ctio

n fo

r sal

e1.

114.

315,

6514

.725

.658

,93

2·. L

and

and

build

ing

mat

eria

ls fo

r sal

e10

7.23

8.58

1,56

23.5

54.7

55,3

43.

Raw

and

con

sum

able

mat

eria

ls -

pack

agin

g m

ater

ials

52.5

29,5

55.

Adv

ance

pay

men

ts fo

r sto

ck p

urch

ases

296.

303,

5417

8.15

4,53

——

——

——

——

——

——

——

——

——

110088..

770011..

773300,,

33003388

..445588

..556688

,,8800

====

====

====

====

====

====

====

ππ. R

eceiv

ables

1. C

usto

mer

s 25

.413

.403

,79

15.8

62.8

98,4

53·

. Che

ques

rece

ivabl

e 38

6.75

9,97

677.

043,

5110

. Do

ubtfu

l rec

eiva

bles

7.84

6,81

7.84

6,81

11.

Sund

ry d

ebts

21.9

61.7

59,8

94.

294.

074,

1412

. Ad

vanc

es o

n ac

coun

t81

.080

,19

34.0

18,7

2—

——

——

——

——

——

——

——

——

—4477

..885500

..885500

,,6655

2200..88

7755..88

8811,,66

33==

====

====

====

====

====

====

==Iππ

. Sec

uriti

es3.

Oth

er s

ecur

ities

306.

196,

0122

.086

.939

,06

——

——

——

——

——

——

——

——

——

330066..

119966,,

00112222

..008866

..993399

,,0066

====

====

====

====

====

====

====

πV. C

ash

- (Av

aila

ble

mea

ns)

1. C

ash

in h

and

49.4

01,6

924

3.47

5,77

3. C

ash

at b

anks

and

tim

e de

posi

ts88

.647

.503

,66

8.80

9.01

3,15

——

——

——

——

——

——

——

——

——

8888..66

9966..99

0055,,33

5599..

005522..

448888,,

9922==

====

====

====

====

====

====

==TToo

ttaall cc

uurrrree

nntt aa

sssseett

ss ((DD

ππ++DDππ

ππ++DDππ

ππππ++DDππ

VV))2244

55..5555

55..6688

22,,3311

9900..44

7733..88

7788,,44

11==

====

====

====

====

====

====

==∂∂..

TTRRAANN

SSIITTOO

RRYY AA

CCCCOOUU

NNTTSS

1. P

repa

id e

xpen

ses

91.7

36,8

552

.383

,81

2. A

ccru

ed in

com

e10

6.66

0,05

10.9

53,2

83.

Sun

dry

trans

itory

acc

ount

s1.

847,

312.

198,

76—

——

——

——

——

——

——

——

——

—2200

00..2244

44,,2211

6655..55

3355,,88

55==

====

====

====

====

====

====

==TTOO

TTAALL

AASSSSEE

TTSS3366

66..4400

77..7799

44,,6644

115533..

444466..

003311,,

1177==

====

====

====

====

====

====

==MM

EEMMOO

DDEEBBII

TT AACC

CCOOUUNN

TTSS1.

Thi

rd p

arty

ass

et

10.1

56.5

35,0

59.

621.

375,

972.

Qua

rant

ees

and

colla

tera

l sec

urity

deb

it ac

coun

ts99

.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==

====

====

====

====

====

====

==

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

TTYYπ.

Shar

e ca

pita

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

,, 220000

33

THE

CHAI

RMAN

OF

THE

BOAR

DTH

E M

ANAG

ING

DIRE

CTOR

SSPPIIRR

IIDDOONN

GG.. MM

AAKKRRII

DDAAKKII

SSLLAA

MMBBRR

OOSS GG

.. AANNAA

GGNNOOSS

TTOOPPOO

UULLOOSS

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 —

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

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

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

TToottaa

ll ccaapp

iittaalliiss

eedd ee

xxppeenn

sseess

11..7722

88..3322

44,,4466

773355..

119966,,

00669999

33..1122

88,,4400

11..1144

88..3399

55,,1155

337755..

888899,,

22777777

22..5500

55,,8888

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

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

,79

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

AAmm

oouunntt

ooff pp

rreevviioo

uussffiiss

ccaall yy

eeaarr 22

000022

ffiissccaa

ll yyeeaa

rr 220000

∞∞..SSHH

AARREEHH

OOLLDDEE

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

yyeeaarr

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

IIOONN

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

——

——

——

——

——

——

——

——

——

——

——

——

——

—TToo

ttaall cc

aappiittaa

lliisseedd

eexxpp

eennssee

ss3311

22..5588

11,,6666

6622..55

1166,,33

332255

00..0066

55,,3333

====

====

====

====

====

====

====

====

====

====

==CC..

FFIIXXEE

DD AASS

SSEETTSS

ππππ..TTaa

nnggiibb

llee aa

sssseett

ss

6.Fu

rnitu

re a

nd fi

xtur

es70

.816

,89

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

——

——

——

——

——

——

——

——

——

——

——

——

——

—TToo

ttaall tt

aannggii

bbllee

aassssee

ttss ((CC

ππππ))99..

557755..

112211,,

111100,,

000099..

557755..

112211,,

1111==

====

====

====

====

====

====

====

====

====

====

ππππππ.. EE

qquuiittyy

ppaarr

ttiicciipp

aattiioo

nnss aa

nndd lloo

nngg ttee

rrmm rree

cceeiivvaa

bblleess

7.Ot

her l

ong

term

rece

ivabl

es11..

776600,,

0000==

====

====

====

==TToo

ttaall ff

iixxeedd

aassssee

ttss ((CC

ππππ++CCππ

ππππ))99..

557766

888811,,

1111==

====

====

====

==DD..

CCUURRRR

EENNTT

AASSSSEE

TTSS

ππ.. IInn

vveenntt

oorriiee

ss

1.La

nd a

nd b

uild

ings

mat

eria

l for

sal

e67

.226

.852

,84

====

====

====

====

ππππ.. RR

eecceeii

vvaabbll

eess

4. E

quity

cap

ital r

ecei

vabl

es35

.304

.998

,78

11.

Sund

ry d

ebto

rs8.

847.

506,

50—

——

——

——

——

4444..11

5522..55

0055,,22

88==

====

====

====

==ππVV

.. CCaass

hh --((

AAvvaaii

llaabbll

ee ffuu

nnddss))

1.Ca

sh in

han

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

ππ++DDππ

ππ++DDππ

VV))1111

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

ssiinngg

ffiissccaa

ll yyeeaa

rr 220000

22

AA.. SS

HHAARREE

HHOOLLDD

EERR EE

QQUUIITT

YY

ππ..SShh

aarree

ccaappii

ttaall

(25.

085.

846

shar

es o

f 2,9

3 ú

eac

h)

1.Pa

id in

38.1

96.5

30,0

0

2.Du

e35

.304

.998

,78

——

——

——

——

—7733

..550011

..552288

,,7788

====

====

====

==ππII..

PPaaiidd

uupp

sshhaarr

ee pprr

eemmiiuu

mm4433

..999977

..007700

,,0000

====

====

====

===

ππVV..

CCaappii

ttaall rr

eesseerr

vveess

1.Or

dina

ry r

eser

ves

1.39

4,00

3.Sp

ecia

l res

erve

s 37

.716

,95

——

——

——

——

—3399

..111100

,,9955

====

====

====

===

VV..RRee

ttaaiinn

eedd ee

aarrnnii

nnggss

Prof

its c

arrie

d fo

rwar

d2266

..446699

,,4433

====

====

====

===

TToottaa

ll sshhaa

rreehhoo

llddeerr

eeqquu

iittyy ((∞∞

ππ ++∞∞ππ

ππ++AAII

VV++AAVV

))1111

77..5566

44..1177

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

ers

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

——

——

——

——

—TToo

ttaall ll

iiaabbii

lliittiiee

ss ((CC

ππππ))55..

990000..

446600,,

0088==

====

====

====

=

TTOOTTAA

LL LLII

AABBIILL

IITTIIEE

SS ((∞∞

++CC))

112233..

446644..

663399,,

2244==

====

====

====

=

LLAAMM

DDAA √√

LLYYMM

PPIIAA

VVIILLLL

AAGGEE

SS..AA..

SSOOCCII

EETTEE

AANNOONN

YYMMEE

OOFF RR

EEAALL

EESSTTAA

TTEE DD

EEVVEELL

OOPPMM

EENNTT

CO R

EG. N

O 4

8192

/01/

µ/01

/516

/02

BBAALLAA

NNCCEE

SSHHEEEE

TT OOFF

DDEECC

EEMMBBEE

RR 3311

sstt,,

22000022

-- 11ss

tt FFIISS

CCAALL

YYEEAARR

((FFEEBB

RRUUAARR

YY 77tt

hh,, 22

000011

-- DDEECC

EEMMBBEE

RR 3311

sstt,, 22

000022))

NNOOTTEE

:: OOnn

2222//11

00//2200

0022,, tt

hhee AA

nnnnuuaa

ll GGeenn

eerraall

MMeeee

ttiinngg

ooff tthh

ee SShh

aarreehh

oollddee

rrss oo

ff tthhee

ccoomm

ppaannyy

vvoott

eedd ffoo

rr aa ss

hhaarree

ccaapp

iittaall iinn

ccrreeaa

ssee ffrr

oomm 22

33..5500

11..5533

00,,0000

eeuurr

oo ttoo

7733..

550011..

552288,,

7788 ee

uurroo..

esot_eng 10-06-03 12:51 ™ÂÏ›‰· 74

— 75 —

AAmmoouu

nntt oo

ff cclloo

ssiinngg

ffiissccaa

ll yyeeaa

rr 220000

22

II.. OOPP

EERRAATT

IIOONN

RREESSUU

LLTTSS

Turn

over

(sal

es)

0,00

LLeessss

::Co

st o

f goo

ds s

old

0,00

——

——

——

——

—Gr

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

EESSSS::

NNoonn

ooppee

rraattiinn

gg rree

ssuullttss

1. N

on o

pera

ting

inco

me

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

tthh,, 22

000033

THE

SWOR

N AU

DITO

R AC

COUN

TANT

NNttiinn

ooss MM

iicchhaa

llaattoo

ss AM

SOE

A 17

701

EElleeff

ssiinnaa

,, MMaarr

cchh 11

55tthh,,

220000

33

THE

CHAI

RMAN

OF

THE

BOAR

DTH

E M

ANAG

ING

DIRE

CTOR

& G

ENER

AL D

IREC

TOR

THE

FINA

NCIA

L M

ANAG

ERAN

D CH

IEF

ACCO

UNTA

NT

MMIILL

TTIIAADD

IISS II..

ZZAANN

NNOOSS

MMAARR

IIOOSS

AA.. SS

TTEERRGG

IIOOUU

AAPPOOSS

TTOOLLOO

SS KK

.. IINNTT

OOUUNNAA

SSID

. C. ¶

309

230

ID. C

. £ 4

0900

7ID

. C. M

334

566

LICE

NCE

NUM

BER

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

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

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: lamda@lamda-development.net 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