contents · building that includes 4,000 m 2 of office and retail space as well as underground...

3

CONTENTS

To Our Shareholders . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .4

2004 – Year of the Olympic Games

2005 – Year of completion for LAMDA Development’s large-scale investments . . . . . . . . . . . . . . . . . . . . . .6

Areas of Activity . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 8

Real Estate Development Investments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .12

Corporate Governance . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .22

Sustainable Development . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .26

Financial Data . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .30

Annual LAMDA_esot_eng 8/11/05 11:12 AM

4


Annual R

eport 2

00

4A

nnual R

eport 2

00

4

5

Dear Shareholders,

2004 marked an important, yet challenging year for our

company. LAMDA Development is continuing with

the implementation of its €700 million investment

programme, with a portfolio of real estate investments

covering approximately 500,000 m2 both in Greece and

abroad. During the past year, the company has

concentrated its efforts on the development of two large-

scale commercial and leisure centres in Maroussi,

Athens and in Pylea, Thessaloniki, both of which will

be the first of their kind and size in the Greek market,

and among the largest in Southeastern Europe.

At the same time, the company leveraged in the best

possible way the unique opportunity presented by the

ATHENS 2004 Olympic Games and successfully

completed and delivered for use two important Olympic

projects: the Olympic Media Village in Maroussi and the

VIP Flisvos Marina.

Throughout 2004 and to date, the company has been

working arduously toward the commercialisation and

completion of construction for the two major investments

in Maroussi and Pylea. The end of this period will be

marked with the opening and operation of the two

commercial and leisure centres. As a result, LAMDA

Development has come through a period of significant

expenditure for the completion of these two investments.

In 2005, LAMDA Development’s investment

programme will reach its peak with the commencement

of operations of these two commercial and leisure centres

during the final quarter. Thus, the greater part of the

company’s three-year investment programme will

generate continuous profit flow from the leasing of

approximately 430 retail units. Furthermore, capital and

human resources that have been primarily devoted to

these investments will be freed up, allowing us to proceed

with our next development plans, contributing positively

to the dynamic progress of the company, both in Greece

and in Southeastern Europe.

Within expecations, the results for 2004 were not

positive. As previously noted, this was due to the fact

that it was a year of investment and not a year of returns.

These results are primarily attributed to LAMDA

Estate Development’s falling revenues and profits, due to

the lack of real estate for sale, as well as to LAMDA

Shipyards, which was required to take significant

provisions for accounts receivable. Despite these

developments, the performance of LAMDA

Development’s share price during 2004 was in line with

the FTSE/ASE SMALL CAP 80 index in which the

company participates.

Management considers that LAMDA Development

must focus its activities primarily on those relating to

real estate development, in Greece as much as abroad.

On behalf of the company’s management and personnel,

we thank you warmly for the trust you have shown us.

Apostolos TamvakakisChairman of the Board of Directors

Lambros G. AnagnostopoulosChief Executive Officer,

Member of the Board of Directors


2004 –Year of the Olympic Games

2005 - Year of completion for LAMDA Development’s large-scale investments

2004 was both an important and challenging year for

the company. LAMDA Development took the best

possible advantage of the unique opportunity presented

by the organisation of the ATHENS 2004 Olympic

Games and successfully completed and delivered for use

two important Olympic projects: the Olympic Media

Village in Maroussi and the VIP Flisvos Marina.

At the same time, the company continued with the

implementation of its three-year €700 million

investment programme, with a significant portfolio of real

estate investments covering a total area of 500,000 m2

both in Greece and abroad.

The Olympic Games undoubtedly monopolised the

attention of Greek and foreign investors. The

investment climate was cautious, as the Olympic

Games represented an important “test of capabilities” - a

challenge that Greece met with great success. Significant

progress was also made on the institutional and legal

framework for the capitalization of post-Olympic

infrastructure.

In 2005, the company aims to complete and begin

operations of its two largest investments.

Specifically, the Olympic Media Village in Maroussi,

Athens, one of the only two privately-financed projects

for the Olympic Games and the largest private real

estate development investment in Greece is approaching

its final stages. With a budget in excess of €400 million,

the Olympic Media Village is being developed on a plot

of land covering 202,000 m2 and will include:

a) ILIDA, an innovative residential complex of luxury

homes covering 40,000 m2, due to be completed

within 2005.

b) The first commercial and leisure centre of its kind in

Greece, with approximately 58,500 m2 of Gross

Leasable Area (GLA) and more than 2,000

underground parking spaces. The Centre will start

operating during the last quarter of 2005.

c) An office building covering 13,000 m2.

6

Maroussi Commercial & Leisure Centre ILIDA


Annual R

eport 2

00

4

The second large project due for completion,

Mediterranean Cosmos, located in the Municipality of

Pylea, Thessaloniki, will be the largest commercial and

leisure centre in northern Greece and is scheduled to

open its doors to the public in October 2005.

With a budget of more than €100 million,

Mediterranean Cosmos stands on a 250,000 m2 site

owned by the Ecumenical Patriarchate and includes

approximately 46,350 m2 of Gross Leasable Area

(GLA) and approximately 3,000 parking spaces.

Regarding LAMDA Development’s expansion of

activities outside Greece, the completion of the award-

winning Lake View Condominium residential

complex in Bucharest has marked new horizons for the

company’s progress internationally. By securing the

necessary technological know-how and access to local

markets, the success of this particular investment

represents an example for the capitalisation of other

investment opportunities.

The positive experience gained from the use of Flisvos

Marina as the VIP marina during the ATHENS 2004

Olympic Games gave LAMDA TechnOL Flisvos

Marina the competitive advantage that will enable the

marina to cater to the high demands of luxury yachts

and mega-yachts. With an investment programme of

approximately €45 million, all land and port

infrastructure, facilities and services will be upgraded,

with the goal of transforming Flisvos Marina into the

preferred destination for upscale marine tourism in the

Southeastern Mediterranean.

Focusing on a broad range of innovative and modern

infrastructure investments and services, LAMDA

Development is contributing to the modernisation of the

country, increasing its competitiveness and reinforcing its

strategic location as a prime investment location.

The principle axis of LAMDA Development’s

investment strategy for the future are:

• Concentrating in real estate investment and

development as well as related services such as project

management and commercialisation, in which the

company has a comparative market advantage.

• Leveraging the technological expertise and know-how

for the development and commercialization of

commercial and leisure centres.

• Expanding business activities in the Balkan and

Southeastern European markets.

• Developing residential and holiday projects.

• Establishing strategic alliances with Greek and foreign

investors.

• Improving management of risks, which are inherent

both in the market and in each investment.

7

Mediterranean Cosmos Flisvos Marina Lake View Condominium


8


Annual R

eport 2

00

4

9

LAMDA TechnOL Flisvos Marina S.A.

As of September 2004, the activities of LAMDA Estate

Development, the main vehicle for real estate development

and project management at LAMDA Development,

were reduced and placed under the corporate umbrella of

LAMDA Development, in order to strengthen the

monitoring and development of current projects and new

investments under consideration.

At the end of 2004, the company’s investments comprised

two commercial and leisure centres with a total Gross

Leasable Area (GLA) of 105,000 m2, four innovative

residential complexes with a total buildable area of

105,000 m2 and six office buildings totaling 70,000 m2 of

buildable area.

LAMDA TechnOL Flisvos Marina S.A. was established

in 2002 to develop, upgrade and manage Flisvos Marina for

the next 40 years, with the goal of transforming it into an

internationally competitive marina for yachts and mega-

yachts. Within that framework, Flisvos Marina successfully

catered to the mooring needs of VIP yachts during the

ATHENS 2004 Olympic Games.

The company is jointly owned by LAMDA TechnOL

Flisvos Holding S.A. (75%) and Hellenic Tourist Properties

S.A. (25%). The principal shareholders of LAMDA

TechnOL Flisvos Holding are LAMDA Development

S.A. (45%) and Technical Olympic S.A. (30%).

The development of high quality real estate represents

the principal strategic goal of LAMDA Development.

Real estate development involves considerable capital,

entails relatively high risk and aims at achieving a

correspondingly high and rapid value, which is created

from the beginning and throughout the duration of a

project.

Α total of varying yet intrinsically linked activities are

included:

• Identification and purchase of property

• Business plan design and implementation

• Project management

• Financing

• Project commercialisation

Real Estate Development

LAMDA Estate Development S.A.

Basic Areas of Activity

LAMDA Development is active in the real estate

investment sector through its participation (29.9%) in

EFG Eurobank Properties, as well as through its

subsidiary LAMDA Prime Properties.

LAMDA Prime Properties owns the Cecil office

building (formerly the Cecil Hotel) with a total surface

area of 6,000 m2. For the past three years, the Cecil office

building has been fully leased. In addition, the company

owns a 3,600 m2 plot of land in Kifissia.

LAMDA Prime Properties S.A.

Real Estate Investment


10

LAMDA Development owns a 29.9% share in EFG

Eurobank Properties S.A., in partnership with EFG

Eurobank Ergasias (50.1%) and Deutsche Bank (20%).

EFG Eurobank Properties is primarily active in

property investments and is currently in the process of

converting into a Real Estate Investment Trust, to

facilitate its entry into the Athens Stock Exchange in

2005. In December 2004, the company’s portfolio was

valued at €205 million.

Real estate investment anticipates the surplus value that

is created over time and simultaneously aims to achieve

returns from leasing of property and provision of

services. The goal of each investment is to maximise

returns and minimise the risks that are inherent in real

estate development.

LAMDA Estate Development and EFG Eurobank

Properties are respectively 80% and 20% owners of the

Kronos Business Centre office building in Maroussi.

The Kronos Business Centre is a highly modern office

building that includes 4,000 m2 of office and retail space

as well as underground parking. It is leased by the

multinational companies Procter & Gamble Hellas and

Hyatt Regency.

Kronos Parking owns the 12,000 m2 underground

parking centre of the same name and is located on

Aghiou Konstantinou Street in Maroussi. Operating

since June 2004, Kronos Parking offers 389 spaces. The

demand for leased parking spaces by permanent

corporate clients - currently more than 200 - is

constantly rising, whilst the number of occasional

clients exceeds 1,000 per month.

LAMDA Property Management is a subsidiary of

LAMDA Development, offering property management

services.

In December 2004, LAMDA Property Management was

responsible for the management of 10 properties, covering a

total surface area of 56,000 m2.

EFG Eurobank Properties S.A.

Kronos Business Centre / Kronos Parking S.A.

Property Management

LAMDA Property Management S.A.

The company has developed two strategic alliances in the

commercial centre management sector with market

leaders Sonae Sierra and ECE . LAMDA Development

owns a 25% share in MC Property Management S.A. and

a 34% share in ECE-LAMDA Hellas S.A., which is

under incorporation. The companies will manage the

Mediterranean Cosmos and Maroussi commercial and

leisure centres, respectively.

MC Property Management S.A. / ECE – LAMDA Hellas S.A.

Areas of Activity


Annual R

eport 2

00

4

11

LAMDA Hellix, a subsidiary of LAMDADevelopment in the “wired real estate” sector, is Greece’sfirst and most successful Neutral Mission CriticalFacility operator. LAMDA Hellix develops andoperates specialized Mission Critical Facilities andprovides a wide range of outsourcing services, includingdata centre, disaster recovery, point of presence andswitching centre, to large private and public

organisations and service providers in Greece andSoutheastern Europe. LAMDA Hellix enablesorganisations with mission critical applications,whether IT or telecommunications, to increase thesecurity and availability of their systems and reduce allassociated risks and operating costs, while maintainingtheir autonomy.

LAMDA Shipyards and Marine Services S.A. is amodern shipyard and yacht maintenance andrefurbishment unit, active in specialised and integratedship maintenance and repair services for luxury yachts,merchant ships and other types of vessels. The companyhas serviced some of the world’s largest and mostluxurious yachts, including a few of the largest mega-yachts in the world. The company’s premises in Elefsina,at the 27th kilometre of the old national highway fromAthens to Corinth, cover a total area of 90,000 m2. The objectives of LAMDA Shipyards and MarineServices are: • To maintain a high standing among shipyards in the

Southeastern Mediterranean, specialising in repairs,

conversions and building of private yachts and speedboats for the wider public sector as well as repairs tomerchant ships

• To establish a strong position in the commercial repairmarket

• To pursue and be awarded public works tenders• To proceed with contracts for the construction of

luxury yachtsThe competitiveness of the shipyard is based on the highstandard infrastructure it has at its disposal, anexceptionally competent workforce and a select team ofsub-contractors, as well as the effectiveness of itsbusiness management organisation.

LAMDA Shipyards and Marine Services S.A.

LAMDA Hellix S.A.

Complementary Areas of Activity

Swissport LAMDA Hellas S.A.

Swissport LAMDA Hellas S.A. is a 50%-50% jointventure between LAMDA Development and theleading international land and air cargo transportcompany, Swissport International. The companyprovides airport ground handling services to meet thedemand for high standard services following theliberalisation of the Greek airport sector. SwissportInternational offers high calibre technological know-how and has established itself as the leading servicesprovider at more than 160 airports around the globe – aparticularly significant factor in the overall operation ofinternational airports that compete on the basis of highquality and effective management.

Swissport LAMDA Hellas provides its services at theAthens "Eleftherios Venizelos" International Airportand "Macedonia" International Airport in Thessaloniki.During 2004, the company concentrated its strategicobjectives on increasing profits and signing newcontracts with airlines.The subsidiaries of Swissport LAMDA Hellas are: • Swissport Hellas Cargo S.A. (80% participation by

Swissport LAMDA Hellas S.A.), founded in 2000 toprovide cargo and mail transportation services toGreek airports

• WSW Skycab Services S.A. (42.5% participation bySwissport LAMDA Hellas S.A.), founded in January2001 to provide trolley and porter services.


12


Annual R

eport 2

00

4

13

LAMDA Development is developing and will soon

start operating the two first multi-use commercial and

leisure centres of their kind in Greece, where the

proportion of GLA (Gross Leasable Area) of shopping

centres per 1,000 inhabitants is the lowest in Europe.

The Commercial & Leisure Centre in Maroussi,

Athens, and the Mediterranean Cosmos Shopping &

Leisure Centre in Pylea, Thessaloniki (Northern

Greece), are expected to drastically change the shopping

and leisure habits of consumers - both in Greece and its

neighbouring countries - through a diverse selection of

retail stores, multiplex cinemas, leisure areas,

supermarket and entertainment choices.

This type of centre has already proved successful in

many countries around the world and will offer the

Greek market a completely new and lucrative business

product.

With the creation of prime real estate, a dual goal is once

again accomplished. First, the everyday life for many

residents of Greece is improved. Second, yet another

incentive for foreign investments is created. As a result,

pressing consumer needs are satisfied and new business

prospects are created.

Commercial and Leisure Centres


14

Real Estate Development Investments

The innovative Commercial and Leisure Centre in

Maroussi, Athens, will drastically change the consumer

habits of Athenians with its combination of 58,500 m2 of

Gross Leasable Area (GLA), a plethora of shopping and

entertainment options and 90,000 m2 of underground areas.

In the autumn of 2005, consumers in Athens will be

able to cover all their retail, service and entertainment

needs at a single location. The Centre is being developed

on four main levels, which are functionally designed to

house the largest and best-known retail brands. The

levels are complemented by an extensive choice of

leisure areas, a 15-screen multiplex cinema complex,

comfortable children’s play area, a multitude of support

services, storage space and more than 2,000 parking

spaces - all within a pleasant natural environment.

The Maroussi Commercial and Leisure Centre is easily

accessible from the main highway routes and by public

transport, such as: the Attiki Odos highway, Kifissias

Avenue, the Suburban Railway and METRO subway

networks, the Athens Urban Transport Organisation

(bus service) and the Amaroussion Municipal

Transportation bus service.

The company - under incorporation - ECE-LAMDA

Hellas S.A., specialising in property management

services for commercial and leisure centres around the

world, has been assigned the overall management of the

Centre, with a primary goal of ensuring smooth and

effective daily operations. In particular, the company

will optimize the functionality of the shops, both as

individual units and as a whole, in order for the Centre

to respond as a single integrated entity to visitors’

demands, and also to monitor and adapt to market

developments. This management methodology

guarantees both overall satisfaction of business demands

and excellent customer service.

The commercialisation of the Maroussi Commercial

and Leisure Centre is progressing at a rapid pace.

Maroussi Commercial and Leisure Centre


Annual R

eport 2

00

4

Commercial Centres

With respect to legal issues that have ensued relating to

this particular investment the following are noted:

As a result of a decision of the Council of State that

annulled the Joint Ministerial Degree regarding building

conditions, law 3207/2003 was issued including new,

revised regulations. Under this law, the Maroussi

investment received the relevant construction permit.

Following the above, two applications for annulment

together with two petitions for the stay of works have

been filed before the Council of State by citizens of

Maroussi. The first petition requests the annulment of

the building permission and the second requests the

annulment of the law itself. Both applications will be

discussed at the Council of State in October 2005. The

company’s position is that the law in force (law

3207/2003) has taken into consideration the decision of

the Council of State. Regarding the Workers’ House

Organisation legal transfer of property to the subsidiary

company, LAMDA Olympia Village, there have been

no developments.

The recent law on post-Olympic Games developments

and utilisation of the Olympic venues has finally and

irrevocably settled all issues that previously provide for

by article 6, paragraph 3 of law 3207/2003. This includes

the legal transfer of the 43,000 m2 Workers’ House

Organisation property in Maroussi, along with the

commercial centre built on it, to LAMDA Olympia

Village. The transfer is expected to be completed within

the following months.

15


16


Mediterranean Cosmos, located in the Municipality of

Pylea, an area southeast of Thessaloniki, is the first and

largest commercial and leisure centre of its kind in

Northern Greece, offering local residents, international

business visitors and tourists a compelling blend of retail,

leisure and cultural activities.

The Centre stands on a site covering 250,000 m2, with

easy access from the city centre and surrounding areas,

and is just five minutes away from the “Macedonia”

international airport, major highways, junction points

and five-star hotels.

The Centre is a brand new and particularly significant

business product for the Greek market, based on similar

models that have been tried and tested with success

world-wide.

Designed to attract people of all ages, the Centre offers a

unique combination of shopping areas and high quality

services.

The Centre will include a wide array of retail facilities,

such as: a supermarket, well-known retail chains, a full

range of smaller retail businesses, a variety of leisure areas,

a multiplex cinema and entertainment facilities for the

entire family. In addition, a traditional “Greek village” and

“cultural neighbourhood” will be created within the

Centre, comprising a church, an exhibition area for

cultural crafts, traditional taverns and a small outdoor

400-seat amphitheatre where musical events, dance

performances and festivals will be staged.

Mediterranean Cosmos


Annual R

eport 2

00

4

17

Commercial Centres

The Centre has been developed on two main levels,

with 220 shop units covering a total area of

approximately 46,350 m2, which will be served by

indoor pathways and about 3,000 above-ground

parking spaces, balancing access requirements between

five main entrances.

Innovative architectural and construction details allow

Mediterranean Cosmos to integrate naturally with its

surroundings. Inside the centre, a multitude of roads

and squares has been created to reflect the character of

the traditional cities of Northern Greece, in

combination with the advantages of a modern city

centre.

With a budget of more than €100 million,

Mediterranean Cosmos represents a tremendous

business opportunity. The Centre is being developed in

collaboration with an international leader in similar

developments, Sonae Sierra. In Greece, Sierra-

Charagionis S.A. has been participating with a 39.9%

stake in the investment since June 2002. Mediterranean

Cosmos will open its doors to the public in October

2005. The commercialisation of the Centre is

progressing at a rapid pace, whilst the relevant

announcements are scheduled for June 2005.


18

LAMDA Olympia Village S.A., a subsidiary of

LAMDA Development, has undertaken the

development of the innovative residential complex

ILIDA. ILIDA comprises 215 apartments and is being

developed on three neighbourhood blocks covering

approximately 60,000 m2. The complex also includes

underground parking and storage areas to serve

residents, as well as gardens for each owner and natural

green areas for common use.

ILIDA represents an attractive residential proposition for

modern Greek city life, as it gives residents the opportunity

to live in a well-planned, spacious neighbourhood that

offers up-market apartments, large expanses of green and

richly landscaped areas, parks, tree-lined pedestrian-friendly

streets, security and advanced property management

services. Sales of the residences are underway and by the

end of 2004, 15% of the homes had been sold.

ILIDA includes four pedestrian neighbourhoods

situated in the shape of a “horseshoe”, each comprising

four to five three-story high quality buildings. The 20-

25% building density ratio (percentage footprint

covered), compared to the usual 50-70%, guarantees a

genuinely “mild” development.

ILIDA represents a main junction point that offers

direct access to many important main highways and

public transportation points including the Attiki Odos

highway, Kifissias Avenue, METRO subway, Athens

Urban Transport Organisation (bus service), Suburban

Railway network and Amaroussion Municipal

Transportation (bus).

During the 2004 Olympic Games, ILIDA successfully

accommodated the needs of international journalists as

the “ATHENS 2004” Olympic Media Village.

Innovative Residential Complex ILIDA, Maroussi - Athens

Residential Developments



Annual R

eport 2

00

4

19

Construction of the Lake View Condominium

residential complex was completed in June 2004 and

100% of the residences have been sold. The development

is located on a 9,000 m2 plot in Herastrau Park in the

northern part of the city, and is now operating fully.

Covering a total of 23,000 m2, it includes seven

buildings with 93 luxury residential units and 6,500 m2

of underground space. An investment worth €20

million, the Lake View Condominium has been

recognised as the most important residential project in

the city. The project was developed by LAMDA

Olympic Srl (50/50 participation by LAMDA

Development and Technical Olympic).

LAMDA Estate Development has developed a unique

holiday residential complex on a 10,000 m2 coastal site in

Xylocastro, Corinth. The site is adjacent to a 15,000 m2

municipal park and sports complex located near an

attractive marina. The complex offers large expanses of

green areas, security services, ample parking space, a large

swimming pool and impressive sea views. The Xylocastro

complex is located close to Athens (only 120 km away),

while the Suburban Railway Network will ensure quick

and easy access. Suitable for both winter and summer use,

the complex serves as an ideal base for excursions to

Kalavryta, Loutraki, Nafplio, Epidavros and Mycenae.

The complex has been operating since June 2004 and by

the end of 2004, 50% of the homes had been sold.

LAMDA Estate Development is developing a modern

residential area in Kefalari, in the suburb of Kifissia.

Located on a 10,000 m2 site, the limited number of high-

calibre homes are selling rapidly. By the end of 2004, 75% of

the homes already had been sold. The complex includes 21

residences, leisure facilities as well as private and common-

use gardens. Delivery of the homes to owners is scheduled

to take place during 2005.

Luxury Residential ComplexLake View Condominium, Bucharest - Romania

Holiday Residential Complex, Xylocastro - Corinth

Luxury Residential ComplexAvra, Kifissia - Athens

Residential Developments


20

In 2002, LAMDA TechnOL Flisvos Marina S.A. was

awarded the 40-year concession for the management

and upgrading of Flisvos Marina in Paleo Faliro, only 6

km from the centre of Athens. The company’s

investment strategy is to transform Flisvos into a

premier marina in the Eastern Mediterranean.

LAMDA TechnOL Flisvos Marina is implementing a

€45 million investment programme to upgrade the

land and marine infrastructure and facilities. The

construction of new piers and floating docks will

expand the marina’s current capacity of 180 berths to

more than 300, more than 50% of which will

accommodate yachts and mega yachts exceeding 30

metres in length.

LAMDA TechnOL Flisvos Marina will upgrade all

facilities and services at Flisvos Marina to create a high-

standard facility that will achieve world-class standing

and cater comprehensively to the needs of up-market

clients with large luxury vessels.

The upgrading programme for the 20-year-old facilities

of the Flisvos Marina also includes the development of

3,000 m2 of commercial and recreational facilities.

Visitors to the marina will enjoy a diverse array of

shopping, dining, leisure and athletic activities in a

richly landscaped area.

In August 2004, following the completion of the first

phase of the upgrading, Flisvos Marina successfully

hosted VIP guests of the “ATHENS 2004” Olympic

Games Organising Committee.

Flisvos Marina

Other Developments



Annual R

eport 2

00

4

LAMDA Estate Development provided construction

management services for the Latseio Burns Centre,

located in Elefsina, near Athens. The Centre constitutes

a cutting - edge burns treatment unit, one of the few

such specialised units of its kind and the only one in

Southeastern Europe. The Centre has been donated by

the Latsis family to the Greek State and is incorporated

in the Regional Hospital of Elefsina.

The Latseio Burns Centre consists of an area of 7,400 m2

offering: three ultra-modern operating theatres; an eight-

bed (isolated) intensive care unit, 18 increased care beds,

eight normal care beds, an outpatient department,

physiotherapy facilities, a lecture theatre, which may be

linked for sound and image to the operating rooms for

training purposes, as well as a range of support areas.

Construction was completed in December 2004 and the

Centre was inaugurated - fully equipped - by Prime

Minister K. Karamanlis on February 2, 2005. The Latseio

Burns Centre is now fully operational and forms part of

the Regional Hospital of Elefsina.

21

Regarding Flisvos Marina legal issues, two

applications for annulment have been submitted; one

for the annulment of a construction permit and

another for interim measures requesting the

suspension of works. The first application has been

submitted by the Municipality of Paleo Faliro and the

other by three residents of the Municipality. Both

cases will be heard in December 2005. In February

2005, following the third application for interim

measures, works were suspended due to a temporary

court order. LAMDA TechnOL Flisvos Marina has

submitted a memorandum requesting the withdrawal

of the suspension applications and awaits the decision

of Council of State.

The Flisvos Marina project is of great importance for

the protection of the marina, rendering its completion

imperative. The project contributes significantly toward

attracting and servicing upscale tourism in Greece.

Finally, all land interventions have been designed to

conform to regulations for the protection of the

environment and thus, the project will operate in favour

of the environment.

Latseio Burns Centre

Other Developments


22


Annual R

eport 2

00

4

23

The Board of Directors is responsible for the company’s

management and strategic direction. The majority of the

Board is composed of independent and non-executive

members.

Of the Board’s eight members, six are non-executive, two

of which are fully independent. In addition, the

responsibilities of the Chairman of the Board and the

Chief Executive Officer are not held by the same

individual.

The Internal Audit Committee was formed upon the

company’s establishment and prior to the undertaking

of any investment.

The Committee is composed of three members, one of

which is a non-executive and independent Member of

the Board of Directors.

Board of Directors

During 2004, the Human Resources Committee was

formed, composed of three Members of the Board of

Directors. This Committee is responsible for overseeing

the Human Resources Department.

Human Resources Committee

Internal Audit Committee

LAMDA Development management believes that the

principles of corporate governance are not only essential

for monitoring management decisions and actions, but

also for the protection of the vested interests of its

shareholders. LAMDA Development has applied the

principles and processes of corporate governance since its

inception, long before these were introduced to Greece,

through law 3016, based on the regulatory framework

and internationally recognised criteria such as those

applied by companies listed on stock exchanges abroad.

Internal Audit at LAMDA Development is an

independent and objective assurance and consulting

activity, which adds value and improves the company’s

operations. It helps the organisation accomplish its

objectives by applying a systematic and disciplined

approach to evaluate and improve the effectiveness of

risk management, audit mechanisms and the corporate

governance process.

In accordance with the principle of independence, the

Internal Audit Service reports to the Internal Audit

Committee. Responsibility for the internal audit

function has been assumed by the Internal Audit

Department and is supported by the external specialist

consultant, Deloitte & Touche, an independent

accounting and auditing firm specialising in the field

both in Greece and abroad. The existence of this

external consultant further secures the necessary

technical know - how in specialised fields. The internal

audit strategy ensures that all major LAMDA

Development companies are audited at least once a year,

while specific investments are selectively audited based

on performances that could impact the company’s

results significantly.

Internal Audit Service


24

The department provides shareholders with accurate

information, as well as other shareholder services as

stipulated by law and the company’s Articles of

Association.

The department is responsible for all levels of investor

relations activities and ensures that institutional

investors, securities companies, brokers and the media

receive all necessary information in a timely manner.

Furthermore, the department is responsible for

communication with the relevant authorities.

The department is structured to provide the following

services:

• Shareholder services

• Institutional investor and professional investment

advisor relations

• Corporate communications

• Media relations and communication with authorities,

regulatory bodies and other key audiences

Within the framework of its activities, LAMDA

Development also participates in “investment briefings”

organised by reputable financial institutions.

Shareholder Services, Corporate Communications, Investor & Social Institution Relations

2004 was an important year that brought the

completion of a major technology investment.

LAMDA Development created a significant

infrastructure project to upgrade its internal

organisation and functionality with the

implementation and installation of the SAP A.G.

Enterprise Resource Plan (ERP), an internationally-

recognised system that has captured an overwhelming

share of the market sector around the world.

Massive capabilities for integrating computerised

management systems are provided to any organisation

that adopts it and includes financial, logistics, cost

accounting, cash flow, commercial and project

monitoring, integration, human resources, a support

environment, security, etc.

SAP will offer considerable benefits to LAMDA

Development, as it will automate its recently improved

procedures, offer comprehensive and integrated financial

data and summaries, facilitate better control of projects

and related risks, and in general, will represent an

excellent support environment for the company’s

current and future development activities.

The committed efforts of LAMDA Development’s staff

have played a decisive role in this project, as employees

were involved in every phase of its implementation and

acquired considerable technological expertise and

experience to ensure its subsequent functionality and

increased return.

Investment in Technology

Corporate Governance


Annual R

eport 2

00

4

25

Apostolos TamvakakisChairman of the Board, 48Mr. Tamvakakis holds a Bachelor of Arts in Economicsfrom Athens University and a Master of Arts inEconomics from the University of Saskatchewan(Canada) where he majored in Econometrics. He hasworked with Mobil Oil Hellas S.A., Investment Bank,ABN AMRO Bank as Deputy General Manager forGreece and with National Mortgage Bank and NationalBank of Greece as Vice Chairman. Since May 2004 he isChairman of LAMDA Development S.A. He is memberof the Board of Directors of DELTA Holdings S.A. andTITAN Cement Co.

Evangelos ChronisVice-Chairman, 58Mr. Chronis studied shipping in London and workedclosely with John S. Latsis for 25 years. Today, he serves asChairman and Member of the BoD for a number of theLatsis Group companies, as well as for philanthropicinstitutions.

Lambros G. Anagnostopoulos Chief Executive Officer, 42 Mr. Anagnostopoulos is a graduate of naval architecture,marine and mechanical engineering from the NationalTechnical University of Athens. He has received post-graduate degrees in shipping at MIT and in managementat the MIT Sloan School of Management. Between 1988and 1992, Mr. Anagnostopoulos worked as amanagement consultant in the USA and Great Britain.Since 1992, he has been an executive of the Latsis Group,based in Geneva, where, among others, he directed theGroup’s project planning and development department.Mr. Anagnostopoulos has been Chief Executive Officerand Member of the BoD of LAMDA Developmentsince the company’s foundation in 2000.

Anastasios Livieratos Member, 61With a degree in Economics from the School ofEconomics and Commercial Studies (ASOEE), Mr.Livieratos was Deputy Chairman and Deputy CEO ofERMIS S.A. from 1974 to 1982 and Deputy Chairmanand CEO of the same company from 1982 to 1999. Hewas also CEO of KEKROPS S.A. from 1995 to 1999.Both ERMIS and KEKROPS are ASE-listed real estatecompanies.

Dimitris Papalexopoulos Member, 43Mr. Papalexopoulos is a graduate of electrical engineeringfrom the Federal Polytechnic of Zurich and holds anMBA from Harvard University. He worked as a businessconsultant with McKinsey & Company Inc. from 1987to 1989 in the USA and Germany. He has served as ChiefExecutive Officer of TITAN Cement S.A. since 1996and has worked for the company since 1991.

Petros KalantzisMember, 60Dr. Petros Kalantzis studied Economics at the Universityof Zurich and Basel and gained a post-graduate anddoctorate degree in macro-economics. He was a researcherand assistant professor in economic theory at theUniversity of Basel. In 1972, he became a member ofcompany Lonza Ltd. (Basel). In 1991, he served as Vice-President of the Alusuisse-Lonza Group (Zurich). Since2001, he has worked as an independent consultant and isa Member of the Board of Directors of several companies.In Greece, he has served as Chairman of Petrola and asChairman of the Board of Directors of the SwissChemical and Pharmaceutical Industry Associationbetween the years 2001-2002.

Fotios AntonatosMember, 60Mr. Antonatos is based in Geneva and maintains aposition on the General Council of the Latsis Group. He isa Member of the Board of Directors of various subsidiariesof the EFG banking group in Switzerland and, in addition,has been a member of the management team of manyLatsis Group companies for more than 21 years.

Emmanuel Leonard BussetilMember, 54Mr. Bussetil is the Financial Director of the Latsis Groupand a Member of the Board of Directors of varioussubsidiaries of the EFG banking group, as well as aMember of the Board of Directors of PrivatAir HoldingS.A. He is also a Member of the Institute of CharteredAccountants of England and Wales (ICAEW). Beforehis appointment as head of the Latsis Group’s InternalAudit Department, Mr. Bussetil worked for PriceWaterhouse. His collaboration with the Latsis Groupbegan 22 years ago.

The LAMDA Development Board of Directors


26


Annual R

eport 2

00

4

27

During 2004, LAMDA Development conducted a

total of 46 professional development and training

programmes aimed at increasing productivity, securing

rapid adaptation to technological developments,

improving service quality and maximising client

satisfaction.

LAMDA Development has implemented a broad

range of benefit programmes, including a specialised

health insurance plan, a pension plan, a retirement

compensation and bonus plan, as well as a stock option

plan for senior executives.

Committed to creating a positive and constructive work

environment, LAMDA Development participated in

the “Best Workplaces 2004” study, in order to better

understand and evaluate employee opinions and

motivation, as well as to improve current human

resources management practices and policies. For the

same reasons, the company also participated in the “HR

Management Practices Survey”, which aimed to

improve practices progressively and to upgrade the

human resources management sector in Greece.

Benefits Training

In 2004, the company strengthened its management

team with the appointment, among others, of a new

Chairman of the Board and a new General Manager for

Real Estate Development, to effectively respond to the

demands of the market.

New appointments

Human Resources Management


28

Sustainable Development

LAMDA Development consistently supports the

Special Olympics. During 2004, the company

contributed to the Organisation’s initiatives with a

sponsorship of the Special Olympics World Festival,

which was held under the auspices of the European Year

of “Education through Sports”. LAMDA Development

also sponsored the performances of Milan’s “La Scala

Ballet”, the proceeds of which financed the Greek

National Special Olympics team’s preparation for and

participation in the Winter World Games at Nagano,

Japan, in March 2005.

Environmentally aware activities

Supporting sensitive social groups

An essential prerequisite for the implementation of an

investment is not only the company’s adherence to

existing standards, but also the creation of new

benchmarks relating to the environment and quality of

life. LAMDA Development’s investments are

developed with construction methods and materials

that ensure maximum energy conservation.

All buildings are developed only after a bioclimatic

study has been conducted to determine the optimum

use of natural energy resources, whilst other buildings

are restored aiming to maintain their original

architectural character and thus, renewing their “life

cycle”. LAMDA Development strives to provide

natural sound insulation, while upgrading the

surrounding natural environment of all its investments.

ILIDA, the new suburb in Maroussi, is a characteristic

example of the company’s commitment to the

environment, with the replanting of trees and the creation

of a park. Similarly, expansive gardens surround both the

Apollo Business Centre and the Cecil office building.


Annual R

eport 2

00

4

29

Our fundamental objective is for our investments to

create conditions conducive to development and

prosperity not only for our clients, but also for the local

communities in which we operate. We always aim, to

the greatest possible extent, to hire personnel from local

communities throughout the implementation of our

investments, such as in the development of

Mediterranean Cosmos in Thessaloniki and our

shipyard in Elefsina. We also strive to create a network

of local suppliers that contributes to the overall

economic development of the area. Finally, we reinvest a

portion of our revenues back into local communities,

through sponsorships and other community initiatives.

Contributing to local community development

MAPIC 2004, Cannes

LAMDA Development was the only company from

Greece with its own independent stand at MAPIC, the

largest retail real estate exhibition held every year in

Cannes.

At MAPIC, LAMDA Development executives held

meetings with business people from all over the world to

discuss new investment opportunities and to explore

potential collaborations in projects that are currently under

PRODEXPO 2004, Athens

Within the framework of the new conditions and

challenges in the Greek and international real estate

markets, LAMDA Development participated as a

sponsor of the 5th PRODEXPO 2004 Exhibition and

Conference in October, and more specifically, of the

session titled “Real Estate Industry Trends.” During this

session, key executives from the Greek market addressed

crucial subjects affecting the real estate sector.

2nd International Retail Trade Conference, Athens

In May 2004, Mediterranean Cosmos sponsored the 2nd

International Retail Trade Conference, organised

annually by the Federation of the Greek Retail

Enterprises (SELPE), titled “Retail Business in the 21st

Century: Emphasis on the Consumer”. Through this

sponsorship, LAMDA Development reaffirmed the

significant contribution of real estate companies toward

strengthening the retail trade sector in Greece.

Participation in Greek and international exhibitions


30


Annual R

eport 2

00

4

31

2004 was a particularly significant year for Greece and

its image overseas. The Olympic Games were completed

with great success and the country’s economy continued

to progress at satisfactory levels, despite the slow-down

in the rate of development.

As expected, investments in the real estate and

infrastructure development market in which LAMDA

Development is active require a long time period for the

completion of developments (research/preparation,

design and construction phases) as well as for their

commercialisation, resulting in a long interim period

before the developments officially begin operating and

generating a steady flow of income.

Throughout 2004 and to date, the company has passed

through a period of intense activity, working toward the

commercialisation and completion of construction for

two of its major investments. The completion of these

projects will mark the start of operations of the two

commercial and leisure centres. Due to the above,

LAMDA Development is in a period of major

expenditure for the completion of these investments.

Consequently, on a consolidated level, turnover

increased by 12.5% while the results before tax were

decreased by 121.2%. Lower results are mostly attributed

to LAMDA Estate Development’s falling revenues and

profits due to the company’s lack of real estate for sale as

well as to LAMDA Shipyards, which was required to

take significant provisions for accounts receivable.

It should be noted that the air transportation and

shipyard sectors are under close supervision and

management intends to move forward with corrective

measures.

As a result, the company’s profits for 2004 were limited,

yet supported by existing and steady real estate income

from smaller development projects such as: the Cecil

office building, the Apollo and Kronos Business

Centres and the residential complexes Lake View

Condominium in Bucharest, Avra in Kifissia and

Xylokastro in Corinth.

Financial Statement 2004


32

Financial Data


Annual R

eport 2

00

4

33

0

20000

40000

60000

80000

100000

Note: Participation in the companies EFG Properties, 4K and LAMDA Olympic Slr is consolidatedby the net equity method. Consequently, the corresponding turnover is not reflected.


34

Financial Data

During 2005, LAMDA Development’s investment

programme is expected to reach its peak, with the start-

up of operations of the two commercial and leisure

centres in Maroussi, Athens and Pylea, Thessaloniki at

the end of the year, contributing positively to the group’s

dynamic growth and development.

Consolidated gross profits for the period amounted to

€13,887,000 compared to €15,227,000 for the same

period last year, marking a decrease of 9%.

The increase in depreciation by €2,072,000 and

provisions by €1,569,000 (increase of 68% and 5,373%,

respectively), as well as reduction of revenues from

financial activities by €1,399,000 ( 73% reduction), led

to a loss of €980,000 for the group, compared to a profit

of €4,650,000 in 2003.

It is important to note that during the current fiscal

year, the real estate investment assets were adjusted to

the fair market value, in an amount of €26,178,000,

with a corresponding increase of resources by 15%.

Prospects

2004 Financial Results


Annual R

eport 2

00

4

35

Throughout 2004, LAMDA Development sharefollowed the overall trend of the FTSE/ASE SMALLCAP 80 index in which the company participates.Furthermore, the cooperation with National Securities

as market maker continued successfully, increasingmarketability in the benefit of the company’sshareholders.

Share performance


36

Financial Results 2004

LAMDA Development group of companies

Financial Data


Annual R

eport 2

00

4

37

LAMDA Development group of companies


38

Financial Data

LAMDA Development S.A.


Annual R

eport 2

00

4

39

LAMDA Development S.A.


40

AASSSSEE

TTSSDDee

cceemm

bbeerr 33

11,, 22

000044

DDeeccee

mmbbee

rr 3311,,

220000

33CCoo

ssttAAcc

ccuumm

uullaatt

eeddNNee

tt BBoooo

kkCCoo

ssttAAcc

ccuumm

uullaatt

eeddNNee

tt BBoooo

kkDDee

pprreecc

iiaattiioo

nnVVaa

lluuee

DDe epprr

eecciiaa

ttiioonn

VVaalluu

eeµµ..

IINNSSTT

AALLLLAA

TTIIOONN

CCOOSS

TTSS1.

For

mat

ion

and

set-u

p ex

pens

es2.

506.

072,

601.

422.

321,

441.

083.

751,

162.

553.

668,

2897

9.76

3,27

1.57

3.90

5,01

4. O

ther

inst

alla

tion

cost

s6.

149.

697,

143.

730.

524,

182.

419.

172,

964.

423.

243,

512.

625.

882,

361.

797.

361,

15—

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

—88..

665555..

776699,,

774455..

115522..

884455,,

662233..

550022..

992244,,

112266..

997766..

991111,,

779933..

660055..

664455,,

663333..

337711..

226666,,

1166==

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

==CC..

FFIIXXEE

DD AASS

SSEETTSS

π. In

tang

ible

Asse

ts1.

Res

earc

h &

deve

lopm

ent e

xpen

ses

213.

280,

9355

.195

,19

158.

085,

7462

.695

,00

12.5

39,0

050

.156

,00

2. C

once

ssio

ns a

nd s

imila

r rig

hts

7.95

2.92

5,00

320.

776,

057.

632.

148,

957.

952.

925,

0011

8.75

0,00

7.83

4.17

5,00

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

88..1166

66..2200

55,,9933

337755..

997711,,

224477..

779900..

223344,,

669988..

001155..

662200,,

00001133

11..2288

99,,0000

77..8888

44..3333

11,,0000

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

ππ. T

angi

ble

Asse

ts1.

Lan

d15

3.10

7.35

4,01

0,00

153.

107.

354,

0120

.298

.805

,37

0,00

20.2

98.8

05,3

73.

Bui

ldin

gs &

tech

nica

l wor

ks34

.359

.402

,21

7.16

7.27

5,38

27.1

92.1

26,8

324

.810

.802

,67

5.75

3.48

5,76

19.0

57.3

16,9

14.

Mac

hine

ry a

nd e

quip

men

t9.

640.

552,

503.

588.

767,

156.

051.

785,

357.

362.

640,

662.

679.

308,

374.

683.

332,

295.

Tra

nspo

rtatio

n m

eans

12.4

98.2

36,3

88.

211.

141,

504.

287.

094,

8812

.436

.279

,39

7.64

9.38

9,89

4.78

6.88

9,50

6. F

urni

ture

& fi

xtur

es2.

565.

399,

351.

190.

647,

031.

374.

752,

322.

427.

021,

171.

062.

075,

531.

364.

945,

647.

Con

stru

ctio

n in

pro

gres

s16

2.03

0.13

0,72

0,00

162.

030.

130,

7270

.081

.280

,94

0,00

70.0

81.2

80,9

4—

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

—3377

44..2200

11..0077

55,,1177

2200..11

5577..88

3311,,00

663355

44..0044

33..2244

44,,1111

113377..

441166..

883300,,

22001177

..114444

..225599

,,5555

112200..

227722..

557700,,

6655==

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

==TToo

ttaall II

nnttaann

ggiibbll

ee &&

TTaanngg

iibbllee

AAssss

eettss

((CCII ++

CCIIII))

338822..

336677..

228811,,

11002200

..553333

..880022

,,3300

336611..

883333..

447788,,

88001144

55..4433

22..4455

00,,2200

1177..22

7755..55

4488,,55

551122

88..1155

66..9900

11,,6655

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

πππ. I

nves

tmen

t in

subs

idia

ries

& ot

her l

ong

term

ass

ets

1. I

nves

tmen

t in

subs

idia

ries

and

asso

ciat

ed c

ompa

nies

14.2

40.2

51,2

718

.825

.761

,58

7. O

ther

long

term

ass

ets

1.62

3.82

1,19

390.

490,

03—

——

——

——

——

——

——

——

——

—1155

..886644

..007722

,,4466

1199..22

1166..22

5511,,66

11==

====

====

====

====

====

====

==TToo

ttaall FF

iixxeedd

AAssssee

ttss ((CC

II++CCππ

ππ++CCππ

ππππ))3377

77..6699

77..5555

11,,2266

114477..

337733..

115533,,

2266==

====

====

====

====

====

====

==DD..

CCUURRRR

EENNTT

AASSSSEE

TTSSπ .

Inve

ntor

y1.

Mer

chan

dise

4.41

9,30

3.07

6,04

——

——

——

——

——

——

——

——

——

2a. L

and

& co

nstru

ctio

n m

ater

ials

for s

ale

118.

483.

520,

9817

5.58

9.71

5,21

4. R

aw m

ater

ials

- Co

nsum

able

s - S

pare

par

ts19

3.90

4,47

144.

366,

085.

Inv

ento

ry a

dvan

ces

457.

315,

282.

370.

073,

99—

——

——

——

——

——

——

——

——

—1111

99..1133

99..1166

00,,0033

117788..

110077..

223311,,

3322==

====

====

====

====

====

====

==ππ.

Acc

ount

s Re

ceiva

ble

1. T

rade

deb

tors

29.0

74.8

09,8

931

.298

.173

,08

3a. C

hequ

es re

ceiva

ble

2.54

8.32

3,79

3.29

4.45

0,95

10.

Doub

tful -

dis

pute

d cu

stom

ers

and

debt

ors

89.8

29,7

031

.495

,58

11.

Vario

us d

ebto

rs44

.415

.514

,76

16.7

15.4

18,0

912

. Ad

vanc

es a

nd p

repa

ymen

ts19

7.13

9,93

120.

316,

86—

——

——

——

——

——

——

——

——

—7766

..332255

..661188

,,0077

5511..44

5599..88

5544,,55

66==

====

====

====

====

====

====

==Iππ

. Sec

uriti

es3.

Oth

er s

ecur

ities

0,00

3.36

1.50

6,81

——

——

——

——

——

——

——

——

——

00,,0000

33..3366

11..5500

66,,8811

====

====

====

====

====

====

====

πV. C

ash

at b

anks

and

in h

and

1. C

ash

in h

and

112.

643,

2881

.778

,40

3. S

ight

and

tim

e de

posi

ts25

.131

.251

,20

39.8

20.3

99,8

2—

——

——

——

——

——

——

——

——

—2255

..224433

..889944

,,4488

3399..99

0022..11

7788,,22

22==

====

====

====

====

====

====

==TToo

ttaall CC

uurrrree

nntt AA

sssseett

ss ((DD

ππ++DDππ

ππ++DDππ

ππππ++DDππ

VV))2222

00..7700

88..6677

22,,5588

227722..

883300..

777700,,

9911==

====

====

====

====

====

====

==∂∂..

PPRREEPP

AAYYMM

EENNTTSS

AANNDD

AACCCC

RRUUEEDD

IINNCCOO

MMEE

1. P

repa

ymen

ts22

8.97

5,42

165.

264,

292.

Def

erre

d ch

arge

s20

4.58

6,84

676.

329,

803.

Oth

er a

sset

s1.

847,

311.

848,

22—

——

——

——

——

——

——

——

——

—4433

55..4400

99,,5577

884433..

444422,,

3311==

====

====

====

====

====

====

==

TTOOTTAA

LL AASS

SSEETTSS

660022..

334444..

555577,,

55334422

44..4411

88..6633

22,,6644

====

====

====

====

====

====

====

DDEEBBII

TT MM

EEMMOO

AACCCCOO

UUNNTTSS

1. T

hird

par

ty a

sset

s22

.806

.238

,64

22.1

30.8

34,7

12.

Deb

it ac

coun

ts o

f gua

rant

ees

250.

222.

753,

5920

6.81

0.12

6,98

3. C

laim

s in

bila

tera

l agr

eem

ents

1.46

7.35

1,43

1.46

7.35

1,43

——

——

——

——

——

——

——

——

——

227744..

449966..

334433,,

66662233

00..4400

88..3311

33,,1122

====

====

====

====

====

====

====

LLIIAABB

IILLIITT

IIEESS

&& SS

HHAARREE

HHOOLLDD

EERR’’SS

EEQQUU

IITTYY

FFiissccaa

ll yyeeaa

rr 220000

44FFiiss

ccaall yy

eeaarr

22000033

∞∞..EEQQ

UUIITTYY

π. Sh

are

Capi

tal

(43.

785.

850

com

mon

regi

ster

ed

shar

es p

ar v

alue

EUR

O 0,

30 e

ach)

1. P

aid-

up1133

..113355

..775555

,,0000

1133..00

7777..88

8855,,00

00==

====

====

====

====

====

====

==II.

Sha

re P

rem

ium

2222

33..2266

55..2222

44,,1166

222222..

997755..

887744,,

1166==

====

====

====

====

====

====

==III

. Rev

alua

tion

rese

rves

- In

vest

men

ts G

rant

s2.

Oth

er ta

ngib

le a

sset

s re

valu

atio

n su

rplu

s26

.177

.542

,80

0,00

3. G

rant

s fo

r fixe

d as

sets

acq

uisi

tion

1.24

1.29

9,10

1.27

8.59

1,34

——

——

——

——

——

——

——

——

——

2277..44

1188..88

4411,,99

0011..

227788..

559911,,

3344==

====

====

====

====

====

====

==IV

. Res

erve

s1.

Leg

al re

serv

es1.

604.

902,

581.

537.

211,

823.

Spe

cial

rese

rves

28.9

73,3

828

.973

,38

4. E

xtra

ordi

nary

rese

rves

74.8

34,9

274

.834

,92

5. T

ax-fr

ee re

serv

es u

nder

spe

cial

law

s3.

784.

299,

123.

784.

299,

12—

——

——

——

——

——

——

——

——

—55..

449933..

001100,,

000055..

442255..

331199,,

2244==

====

====

====

====

====

====

==V.

Ret

aine

d ea

rnin

gs--99

..991188

..995500

,,9988

--22..44

0099..88

6622,,88

00==

====

====

====

====

====

====

==VI

I. Di

ffere

nce

from

Cur

renc

y Co

nver

sion

of A

ffilia

ted

Com

pani

es--22

..119922

..994411

,,2211

--776699

..449988

,,6644

====

====

====

====

====

====

====

VIII.

Con

solid

atio

n Di

ffere

nces

--1199..

225577..

223344,,

0099--11

66..9977

11..9911

22,,0033

====

====

====

====

====

====

====

IX. M

inor

ity In

tere

sts

3399..99

6677..22

0099,,55

001199

..112244

..777700

,,6611

====

====

====

====

====

====

====

TToottaa

ll sshhaa

rreehhoo

llddeerr

''ss ee

qquuiittyy

227777..

991100..

991144,,

22882244

11..7733

11..1166

66,,8899

====

====

====

====

====

====

====

µµ..

PPRROOVV

IISSIIOO

NNSS FF

OORR RR

IISSKKSS

1.

Pro

visio

n fo

r sta

ff le

avin

g in

dem

nitie

s47

2.98

8,22

382.

543,

982.

Oth

er p

rovis

ions

1.60

5.43

1,83

16.8

70,8

0—

——

——

——

——

——

——

——

——

—22..

007788..

442200,,

00553399

99..4411

44,,7788

====

====

====

====

====

====

====

CC..

LLIIAA

BBIILLII

TTIIEESS

π . L

ong

Term

Lia

biliti

es2.

Ban

k Lo

ans

30.4

36.2

99,9

015

.605

.759

,22

8. O

ther

long

term

liab

ilitie

s1.

516.

182,

9364

0.10

5,10

——

——

——

——

——

——

——

——

——

3311..99

5522..44

8822,,88

331166

..224455

..886644

,,3322

====

====

====

====

====

====

====

ππ. S

hort

Term

Lia

biliti

es1.

Sup

plie

rs34

.278

.328

,31

28.0

88.4

93,5

62.

Bills

and

pro

mis

sory

not

es p

ayab

le11

.625

,96

2.88

0,80

3. B

ank

over

draf

ts16

3.99

9.08

6,24

62.5

78.1

85,5

44.

Cus

tom

er a

dvan

ces

3.45

8.72

6,31

8.50

5.80

5,77

5. T

axes

& d

utie

s pa

yabl

e4.

262.

484,

454.

516.

445,

816.

Soc

ial s

ecur

ity p

ayab

le1.

132.

042,

811.

086.

372,

877.

Cur

rent

por

tion

of lo

ng te

rm d

ept

0,00

2.26

7.31

5,29

10.

Divid

ends

pay

able

267.

997,

842.

883.

370,

6311

. Va

rious

cre

dito

rs48

.690

.302

,51

49.4

94.2

39,8

3—

——

——

——

——

——

——

——

——

—2255

66..1100

00..5599

44,,4433

115599..

442233..

111100,,

1100==

====

====

====

====

====

====

==TToo

ttaall LL

iiaabbii

lliittiiee

ss2288

88..0055

33..0077

77,,2266

117755..

666688..

997744,,

4422==

====

====

====

====

====

====

==

DD..

AACCCCRR

UUAALLSS

AANNDD

DDEEFF

EERRRREE

DD IINN

CCOOMM

EE1.

Def

erre

d in

com

e10

8.03

5,84

4.02

3.94

0,11

2. A

ccru

ed e

xpen

ses

2.19

4.11

0,10

2.19

4.08

3,27

3. O

ther

acc

rual

s32

.000

.000

,00

401.

053,

17—

——

——

——

——

——

——

——

——

—3344

..330022

..114455

,,9944

66..6611

99..0077

66,,5555

====

====

====

====

====

====

====

TTOOTTAA

LL LLII

AABBIILL

IITTIIEE

SS AANN

DD SSHH

AARREEHH

OOLLDDEE

RR ’’SS

EEQQUU

IITTYY

660022..

334444..

555577,,

55334422

44..4411

88..6633

22,,6644

====

====

====

====

====

====

====

CCRREEDD

IITT MM

EEMMOO

AACCCCOO

UUNNTTSS

1. T

hird

par

ty a

sset

s22

.806

.238

,64

22.1

30.8

34,7

12.

Cre

dit b

alan

ces

of g

uara

ntee

s25

0.22

2.75

3,59

206.

810.

126,

983.

Obl

igat

ions

from

bila

tera

l agr

eem

ents

1.46

7.35

1,43

1.46

7.35

1,43

——

——

——

——

——

——

——

——

——

227744..

449966..

334433,,

66662233

00..4400

88..3311

33,,1122

====

====

====

====

====

====

====

LLAAMM

DDAA DD

EEVVEELL

OOPPMM

EENNTT

HHOOLLDD

IINNGG

AANNDD

RREEAALL

EESSTT

AATTEE

DDEEVVEE

LLOOPPMM

EENNTT

CCOOMM

PPAANNYY

SS..AA

..CO

REG

. No

303

9/06

/B/8

6/28

55 tthh

CCOONNSS

OOLLIIDD

AATTEEDD

BBAALL

AANNCCEE

SSHHEE

EETT AA

SS OO

FF 33

11sstt DD

EECCEEMM

BBEERR,,

220000

44 ((FF

IISSCCAA

LL YYEE

AARR 11

ssttJJAA

NNUUAARR

YY,, 22

000044

-- 3311

ssttDDEE

CCEEMM

BBEERR,,

220000

44))


41

11//11//

22000044

--3311//

1122//22

000044

11//11//

22000033

--3311//

1122//22

000033

II.. SStt

aatteemm

eenntt oo

ff iinncc

oommee

Sale

s 83

.748

.662

,73

74.4

73.2

85,1

4Le

ss:: C

ost o

f sal

es69

.861

.480

,54

59.2

46.5

21,1

9—

——

——

——

——

——

——

——

——

—Gr

oss

Oper

atin

g Re

sults

13

.887

.182

,19

15.2

26.7

63,9

5Pl

us:: 1

. Oth

er o

pera

ting

inco

me

3.34

4.25

2,69

3.10

9.12

3,79

——

——

——

——

——

——

——

——

——

Tota

l17

.231

.434

,88

18.3

35.8

87,7

4LLee

ssss ::

1. A

dmin

istra

tive

expe

nses

15.7

54.4

74,6

514

.372

.760

,61

3. S

ellin

g ex

pens

es23

4.12

2,41

15.9

88.5

97,0

626

7.55

7,53

14.6

40.3

18,1

4—

——

——

——

——

—

——

——

——

——

——

——

——

——

—

——

——

——

——

—1.

242.

837,

823.

695.

569,

60PPll

uuss

:: 1a. I

ncom

e fro

m p

artic

ipat

ions

in a

ffilia

ted

com

pani

es1.

488.

605,

7451

3.01

1,52

2. In

com

e fro

m s

ecur

ities

34.9

53,9

738

0.48

1,44

3. G

ain

on s

ale

of p

artic

ipat

ion

and

secu

ritie

s0,

0041

1.78

0,00

4. In

tere

st a

nd re

late

d in

com

e45

9.16

9,27

1.98

2.72

8,98

1.04

1.26

5,74

2.34

6.53

8,70

——

——

——

——

——

——

——

——

——

LLeessss

::2.

Los

ses

from

inve

stm

ents

and

sec

uriti

es0,

0022

.899

,47

3. In

tere

st a

nd re

late

d ch

arge

s2.

392.

049,

062.

392.

049,

06-4

09.3

20,0

82.

274.

048,

282.

296.

947,

7549

.590

,95

——

——

——

——

—

——

——

——

——

—

——

——

——

——

——

——

——

——

——

—

——

——

——

——

—

——

——

——

——

Tota

l ope

ratin

g pr

ofits

83

3.51

7,74

3.74

5.16

0,55

ππππ.. PP

LLUUSS

((oorr ll

eessss))

:: EExxtt

rraaoorr

ddiinnaa

rryy iitt

eemmss

1. E

xtra

ordi

nary

inco

me

61.6

11,7

511

5.39

3,15

2. E

xtra

ordi

nary

pro

fit68

1.36

3,71

1.29

3.78

3,00

3. P

rior y

ear i

ncom

e25

.942

,69

20.1

08,0

74.

Unu

sed

prov

isio

ns11

6.63

2,25

885.

550,

401.

008,

361.

430.

292,

58—

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

—LLee

ssss::

1. E

xtra

ordi

nary

exp

ense

s25

6.18

2,05

274.

804,

352.

Ext

raor

dina

ry lo

sses

101.

461,

7146

.140

,55

3. P

rior y

ear e

xpen

ses

30.0

18,6

512

5.05

5,87

4. P

rovis

ions

for r

isks

1.59

8.46

6,16

1.98

6.12

8,57

-1.1

00.5

78,1

729

.207

,11

475.

207,

8895

5.08

4,70

——

——

——

——

—

——

——

——

——

—

——

——

——

——

——

——

——

——

——

—

——

——

——

——

—

——

——

——

——

Net i

ncom

e af

ter e

xtra

ordi

nary

resu

lts-2

67.0

60,4

34.

700.

245,

25LLee

ssss ::

Tota

l dep

reci

atio

n5.

103.

118,

623.

031.

055,

86LLee

ssss: D

epre

ciat

ion

incl

uded

in o

pera

ting

cost

4.89

0.64

2,24

212.

476,

382.

353.

817,

3767

7.23

8,49

——

——

——

——

—

——

——

——

——

——

——

——

——

——

—

——

——

——

——

NNEETT

IINNCCOO

MMEE

BBEEFFOO

RREE TT

AAXX--44

7799..55

3366,,88

1144..

002233..

000066,,

7766Pl

us: M

inor

ity in

tere

sts

-500

.136

,79

626.

582,

15—

——

——

——

——

——

——

——

——

—NNEE

TT IINN

CCOOMM

EE OOFF

TTHHEE

GGRROO

UUPP ((bb

eeffoorr

ee ttaa

xx))--99

7799..66

7733,,66

0044..

664499..

558888,,

9911==

====

====

====

====

====

====

==

NNoottee

ss::1.

The

cons

olid

ated

fina

ncial

sta

tem

ents

hav

e be

en p

repa

red

by

appl

ying

the

met

hod

of fu

ll co

nsol

idat

ion

of th

e co

mpa

ny a

nd it

'ssu

bsid

iaries

: LAM

DA E

STAT

E DE

VELO

PMEN

T SA

rate

per

cen

t 100

% (d

irect

par

ticip

atio

n), G

I AND

KAT

ASKE

VI S

A ra

te p

er c

ent 5

1%(in

dire

ct p

artic

ipat

ion)

, KRO

NOS

PARK

ING

SA ra

te p

er c

ent 8

0% (i

ndire

ct p

artic

ipat

ion)

, LAM

DA P

RIM

E PR

OPER

TIES

SA

rate

per

cen

t10

0% (d

irect

par

ticip

atio

n), L

AMDA

SHI

PYAR

DS &

MAR

INE

SERV

ICES

SA

rate

per

cen

t 75%

(dire

ct p

artic

ipat

ion)

, ARG

ONAY

THS

SAra

te p

er c

ent 1

00%

(ind

irect

par

ticip

atio

n), P

YLEA

SA

rate

per

cen

t 60,

1% (d

irect

par

ticip

atio

n), L

AMDA

∞∫π

¡∏∆∞

SA

rate

per

cen

t 50%

(dire

ct p

artic

ipat

ion)

, LAM

DA T

ECHN

OL F

LISV

OS H

OLDI

NG S

A ra

te p

er c

ent 4

5,00

% (d

irect

par

ticip

atio

n), L

AMDA

TEC

HNOL

FLI

SVOS

MAR

INA

SA ra

te p

er c

ent 7

5% (i

ndire

ct p

artic

ipat

ion)

, LAM

DA E

RGA

ANAP

TIXI

S SA

rate

per

cen

t 100

% (d

irect

par

ticip

atio

n), L

AMDA

DOM

I SA

rate

per

cen

t 100

% (

dire

ct p

artic

ipat

ion)

, LAM

DA P

ROPE

RTY

MAN

AGEM

ENT

SA ra

te p

er c

ent 1

00%

(di

rect

par

ticip

atio

n),

LAM

DA H

ELLI

X SA

rate

per

cen

t 85%

(dire

ct p

artic

ipat

ion)

, LAM

DA O

LYM

PIA

VILL

AGE

SA ra

te p

er c

ent 9

8,08

% (d

irect

par

ticip

atio

n)SW

ISSP

ORT

LAM

DA H

ELLA

S SA

rat

e pe

r cen

t 50%

(dire

ct p

artic

ipat

ion)

, SW

ISSP

ORT

HELL

AS C

ARGO

SA

rate

per

cen

t 80%

(ind

irect

parti

cipat

ion)

, WSW

SKY

CAP

SERV

ICES

SA

rate

per

cen

t 42,

5% (i

ndire

ct p

artic

ipat

ion)

, and

by

the

equi

ty m

etho

d fo

r the

com

pani

es E

FGEU

ROBA

NK P

ROPE

RTIE

S SA

rate

per

cen

t 29,

9% (d

irect

par

ticip

atio

n), L

AMDA

OLY

MPI

C SR

L ra

te p

er c

ent 5

0% (d

irect

par

ticip

atio

n)an

d 4∫

REA

L ES

TATE

DEV

ELOP

MEN

T SA

rate

per

cen

t 25%

(in

dire

ct p

artic

ipat

ion)

. The

par

ent c

ompa

ny, p

artic

ipat

es ra

te p

er c

ent

100%

(dire

ct p

artic

ipat

ion)

at t

he c

ompa

nies

LAM

DA D

EVEL

OPM

ENT

DOO

BEOG

RAD

and

LAM

DA D

EVEL

OPM

ENT

ROM

ANIA

whi

chha

ven'

t bee

n co

nsol

idat

ed o

n du

e to

min

or im

porta

nce.

2. O

n th

e co

mpa

ny's

fixe

d as

sets

ther

e ar

e lie

ns a

nd p

re-n

otice

s am

ount

ing

toú

11.4

45.3

41,1

6 se

rvin

g as

a c

ollat

eral

for

bank

loan

s, th

e ba

lance

of w

hich

was

ú6.

891.

670,

14 a

t 31.

12.2

004.

3. T

he p

aren

tco

mpa

ny a

nd th

e co

mpa

ny L

AMDA

SHI

PYAR

DS &

MAR

INE

SERV

ICES

SA

has

been

tax

audi

ted

by ta

x au

thor

ities

until

the

year

200

2.Th

e co

mpa

ny L

AMDA

EST

ATE

DEVE

LOPM

ENT

SA h

as b

een

tax

clear

ed fo

r the

yea

rs 1

999

and

2000

on

Nove

mbe

r of 2

004,

bas

ed o

nth

e law

N.3

529/

2004

, whi

le fo

r the

yea

rs 2

001-

2002

ther

e is

in p

rogr

ess

regu

lar ta

x aud

it. A

t the

com

pany

SW

ISSP

ORT

LAM

DA H

ELLA

SSA

, the

re's

bee

n in

pro

gres

s re

gular

tax

cont

rol f

or th

e ye

ars

1999

-200

2. T

he c

ompa

ny E

FG E

UROB

ANK

PROP

ERTI

ES S

A (a

ffilia

ted

com

pany

) has

not

bee

n au

dite

d by

tax a

utho

rities

from

the y

ear 1

999.

The

oth

er s

ubsid

iary

com

pani

es o

f the

Gro

up h

ave n

ot b

een

audi

ted

by ta

x aut

horit

ies fo

r the

yea

r 200

3. C

onse

quen

tly th

e Gr

oup'

s ta

x obl

igat

ions

hav

e no

t yet

bee

n fin

alize

d. 4

. In

31th

Dec

embe

r 200

4 th

ere

has

been

reva

luat

ion

of th

e Gr

oups

fixe

d as

sets

acc

ordi

ng to

the

Law

¡.3

229/

2004

for t

he p

aren

t com

pany

and

for a

ll th

e su

bsid

iaries

the

pare

nt c

ompa

ny p

artic

ipat

es w

ith p

erce

ntag

e hi

gher

than

95%

. For

the

othe

r com

pani

es th

e re

valu

atio

n w

as m

ade

acco

rdin

g to

the

Law

¡.2

065/

1992

. 5. C

erta

in s

ubsid

iaries

, bas

ed o

n th

e St

ate

Lega

l Cou

ncil's

not

e 20

5/19

88, m

ade

no p

rovis

ion

for

staf

f lea

ving

inde

mni

ties.

If th

ese

com

pani

es h

ad m

ade

prov

ision

s ac

cord

ing

to th

e 42

a ar

ticle

of C

.L. 2

190/

1920

, the

pro

visio

n w

ould

hav

e am

ount

edú

906

th. a

ppro

ximat

ely, o

f whi

ch ,

amou

nt ú

138

th. w

ould

hav

e ch

arge

d to

the

inco

me

stat

emen

t of t

he y

ear a

nd ú

768t

h to

the

prev

ious

yea

rs in

com

e st

atem

ents

. 6. I

n 10

th J

anua

ry 2

004,

a v

esse

l, w

hich

was

bein

g re

paire

d in

a s

ubsid

iary'

s sh

ipya

rd s

uffe

red

dam

ages

due

to a

fire

out

brea

k. T

he in

sura

nce

com

pany

has

not

yet

det

erm

ined

, the

am

ount

of t

he d

amag

es. T

here

fore

any

pot

entia

llia

bility

of t

he s

ubsid

iary

in c

ase

of p

artia

l cov

erag

e of

dam

ages

by

the

insu

ranc

e co

mpa

ny c

an n

ot b

e ca

lculat

ed. 7

. The

inco

me

stat

emen

t ite

m "E

xtrao

rdin

ary

Resu

lts" i

nclu

des

amou

nt ú

667

th. a

ppro

ximat

ely th

at re

fers

to s

ubsid

iaries

pro

perty

sale

acc

ordi

ng to

pre-

sale

agre

emen

t. Un

til th

e se

ttlem

ent o

f the

Fin

ancia

l Sta

tem

ents

, the

ow

ners

hip

titles

hav

e no

t bee

n tra

nsfe

rred.

8. T

he a

ccou

nt "O

ther

Debt

ors"

inclu

des

amou

nt ú

19,8

mil.

appr

oxim

ately

whi

ch re

fers

to re

ceiva

bles

from

the

Gree

k St

ate

for t

he re

turn

of t

he c

omm

ercia

lce

ntre

s co

nstru

ctio

n VA

T. 9

. The

ave

rage

num

ber o

f the

em

ploy

ed s

taff

of th

e Gr

oup

durin

g th

e 31

.12.

2004

, tot

alled

to 9

37 p

erso

ns. 1

0.Th

e an

alysis

of t

he tu

rnov

er b

y co

de o

f act

ivity

(STA

COD-

2003

) is

as fo

llow

sNo

te7:

acc

ordi

ng to

pre

-sale

agr

eem

ent -

the

owne

rshi

p tit

les h

ad n

ot b

een

trans

ferre

dCo

d. 2

85.2

Gen

eral

Mec

hani

cal w

orks

2.42

9.76

0,74

Cod.

351

.1 S

hipp

ing

repa

irs11

.708

.484

,94

Cod.

351

.2 Y

acht

s re

pairs

11.9

29.7

10,7

7Co

d. 4

52.1

Con

stru

ctio

n of

bui

ldin

gs a

nd c

ivil e

ngin

eer w

orks

10.3

30.6

69,4

2Co

d. 5

15.7

Who

lesale

of w

aste

mat

erial

s38

.736

,39

Cod.

622

.0 N

on-s

ched

uled

air

trans

porta

tion

5.71

3.04

0,20

Cod.

631

.1 C

argo

dist

ribut

ion

1.69

4.22

8,06

Cod.

632

.1 O

ther

aux

iliary

land

tran

spor

tatio

n19

1.17

0,58

Cod.

632

.2 O

ther

aux

iliary

wat

er tr

ansp

orta

tion

serv

ices

7.07

6.29

1,77

Cod.

632

.3 O

ther

aux

iliary

air

trans

porta

tion

serv

ices

17.1

99.7

24,5

9Co

d. 7

02.0

Lea

sing

of re

al es

tate

pro

perty

8.59

1.24

4,78

Cod.

703

.2 R

eal e

stat

e m

anag

emen

t72

6.02

8,31

Cod.

722

.0 C

onsu

lting

on s

oftw

are

mat

ters

and

sof

twar

e pr

ocur

emen

t98

5.61

0,35

Cod.

742

.0 A

rchi

tect

s - E

ngin

eer s

ervic

es5.

133.

961,

83—

——

——

——

——

8833..77

4488..66

6622,,77

33==

====

====

====

CCOONNSS

OOLLIIDD

AATTEEDD

SSTTAA

TTEEMM

EENNTT

OOFF IINN

CCOOMM

EEFFOO

RR FFII

SSCCAALL

YYEEAA

RR 11//

11//2200

0044 --

3311//

1122//22

000044

CCEERRTT

IIFFIIEE

DD AAUU

DDIITTOO

RRSS’’ AA

CCCCOOUU

NNTTSS’’

AAUUDD

IITT RR

EEPPOOPP

TTTToo

tthhee

SShhaarr

eehhooll

ddeerrss

ooff ““

LLaamm

ddaa DD

eevveell

ooppmm

eenntt””

aanndd

iittss

ssuubbss

iiddiiaa

rriieess

In a

ccor

danc

e w

ith th

e re

quire

men

ts o

f arti

cle

108

of th

e co

mpa

nies

’ act

L21

90/1

920

we

have

aud

ited

the

cons

olid

ated

Fin

anci

al St

atem

ents

com

prisi

ng o

f the

con

solid

ated

bala

nce

shee

t, in

com

e st

atem

ent,

cash

flow

s an

d th

e re

lated

Not

es to

the

Cons

olid

ated

Finan

cial

Stat

emen

ts o

f “La

mda

Dev

elopm

ent S

A” a

nd it

s su

bsid

iaries

for t

he y

ear e

nded

31 D

ecem

ber 2

004.

Our

aud

it w

as c

arrie

d ou

t in

acco

rdan

ce w

ith th

e au

ditin

g pr

oced

ures

we

cons

ider

ed a

ppro

priat

e fo

r the

pur

pose

s of

our

aud

it, o

n th

e ba

sis o

f the

aud

iting

stan

dard

s an

d re

gulat

ions

follo

wed

by

the

inst

itute

of C

ertif

ied A

udito

rs A

ccou

ntan

ts o

f Gre

ece.

We

conf

irmed

that

the

cont

ents

of t

he D

irect

ors’

Con

solid

ated

Rep

ort t

o th

eSh

areh

olde

r’s m

eetin

g is

in a

gree

men

t with

the

relat

ed C

onso

lidat

ed F

inan

cial

Stat

emen

ts. T

he s

cope

of o

ur a

udit

did

not i

nclu

de th

e su

bsid

iary

com

pani

es (O

lympi

c Sr

l, Ar

gona

utis)

repr

esen

ting

0.5%

and

3.6

% o

f the

con

solid

ated

ass

ets

and

of th

e co

nsol

idat

ed tu

rnov

er re

spec

tively

. The

se F

inan

cial

Stat

emen

ts h

ave

not b

een

audi

ted

by o

ther

cer

tified

acco

unta

nts.

We

have

not

aud

ited

the

Finan

cial

Stat

emen

ts o

f the

sub

sidiar

y co

mpa

ny W

SW S

KYCA

P SE

RVIC

ES S

A in

clud

ed in

the

cons

olid

atio

n, re

pres

entin

g 0.

5% a

nd 2

.0%

of t

he c

onso

lidat

ed a

sset

s an

d tu

rnov

er re

spec

tively

. The

se F

inan

cial

Stat

emen

ts h

ave

been

aud

ited

by o

ther

cer

tified

aud

itors

, and

it is

on

their

aud

it re

ports

we

have

bas

ed o

urop

inio

n to

the

exte

nt th

at th

ese

stat

emen

ts re

late

to th

e ba

lance

s in

the

cons

olid

atio

n. O

ur a

udit

iden

tified

the

follo

win

g m

atte

rs: 1

. A fu

ll pr

ovisi

on fo

r sev

eran

ce p

ay d

ue to

em

ploy

ees

retir

emen

t has

not

bee

n m

ade

by c

erta

in s

ubsid

iaries

, on

the

basis

of d

ecisi

on N

o 20

5/19

88 o

f the

Bod

y of

Sta

te L

egal

Advis

ors.

If th

e co

mpa

nies

had

cre

ated

a fu

llpr

ovisi

on b

ased

on

artic

le 43

e of

L21

90/1

920

for s

ever

ance

pay

due

to e

mpl

oyee

s re

tirem

ent t

his

wou

ld a

mou

nt to

app

roxim

ately

ú 9

06 th

ousa

nds

of w

hich

app

roxim

ately

ú 1

38 th

ousa

nds

wou

ld a

ffect

the

resu

lts o

f cur

rent

fisc

al ye

ar a

nd a

ppro

ximat

ely ú

768

thou

sand

s th

e re

sults

of p

rior f

iscal

year

s. 2

. A s

ubsid

iary

com

pany

has

not

valu

ed it

sst

ock

at th

e lo

wer

of t

he c

ost a

nd n

et re

aliza

ble

valu

e, a

s re

quire

d by

par

agra

ph 7

of a

rticl

e 43

of ¡

. 219

0/19

20. I

f the

com

pany

had

valu

ed it

s st

ock

as re

quire

d un

der L

219

0/19

20, l

ine

D.I.2

a “L

and

& co

nstru

ctio

n m

ater

ial fo

r sale

” w

ould

hav

e be

en re

duce

d by

app

roxim

ately

ú 8

,9 m

illion

with

an

equa

l red

uctio

n to

cur

rent

yea

r ear

ning

s. 3

. Con

trary

to th

e re

quire

men

ts o

f L 2

190/

1920

, cer

tain

sub

sidiar

y co

mpa

nies

con

sider

adv

ertis

ing

and

prom

otio

n ex

pens

es fo

r new

pro

jects

as

part

of th

e co

st o

f con

stru

ctin

g th

ese

proj

ects

. As

a re

sult,

cur

rent

yea

r ear

ning

s sh

ould

be

redu

ced

by a

ppro

ximat

ely ú

1.3

98 th

ousa

nds.

4. T

he c

ompa

ny, i

ts s

ubsid

iaries

and

affi

liate

d co

mpa

nies

hav

e no

t bee

n au

dite

dby

the

tax

auth

oritie

s fo

r cer

tain

fisc

al ye

ars,

as

refe

rred

to in

not

e 3

of th

e ba

lance

she

et. T

here

fore

, the

tax

liabi

lities

for t

hese

yea

rs a

re n

ot c

onsid

ered

fina

l. 5.

As

at th

e da

te o

f our

aud

it re

port,

the

trans

fer o

f title

of l

and

with

a p

urch

ase

pric

e of

app

roxim

ately

ú 3

5.2

milli

on a

ppea

ring

in th

e as

set a

ccou

nts

“Con

stru

ctio

n in

Pro

gres

s” a

nd “

Land

&co

nstru

ctio

n m

ater

ial f

or s

ale”

had

not

been

fin

alize

d. 6

. A

subs

idiar

y co

mpa

ny t

hat

has

ente

red

into

a c

ontra

ctua

l ag

reem

ent

rega

rdin

g th

e re

ntal

of t

he M

arin

a of

Flis

vos,

has

am

ende

d th

e te

rms

of t

he c

ontra

ct,

and

as a

res

ult,

the

rent

al ex

pens

e th

at w

ould

effe

ct c

urre

nt y

ear

earn

ings

has

bee

n re

duce

d by

ú

2.8

milli

on a

ppro

ximat

ely. A

s at

the

date

of t

his

repo

rt, w

e ha

ve n

ot b

een

able

to c

onfir

m th

e am

endm

ent o

f the

rent

al ag

reem

ent.

In o

ur o

pini

on, t

he a

fore

men

tione

d Co

nsol

idat

ed F

inan

cial

Stat

emen

ts a

re in

agr

eem

ent w

ith th

e Co

mpa

nies

’ Act

(L21

90/1

920)

and

toge

ther

with

Con

solid

ated

Atta

chm

ent t

o th

e Fin

anci

al St

atem

ents

, afte

r tak

ing

into

acc

ount

the

mat

ters

des

crib

ed a

bove

and

not

es 3

,5,6

,7,8

und

er th

e Co

nsol

idat

ed B

alanc

e Sh

eet,

pres

ent i

n co

nfor

mity

with

lega

l req

uire

men

ts a

nd g

ener

ally

acce

pted

acc

ount

ing

prin

cipl

es, w

hich

do

not d

iffer

from

thos

e th

at w

ere

appl

ied in

the

prio

r yea

r, ap

art f

rom

not

e 4

unde

r the

Con

solid

ated

Bala

nce

Shee

t, th

e co

nsol

idat

ed fi

nanc

ial p

ositio

n on

Dec

embe

r31

, 200

4 an

d th

e re

sults

and

Cas

h Flo

ws

of it

s co

nsol

idat

ed o

pera

tions

for t

he y

ear t

hen

ende

d.

AAtthhee

nnss,, 22

22 FFee

bbrruuaa

rryy,, 22

000055

THE

CERT

IFIE

D AU

DITO

R-AC

COUN

TANT

KKoonnss

ttaanntt

iinnooss

MMiicc

hhaallaa

ttooss

Reg

No. S

OEL

1770

1

AAtthh

eennss,,

2222

FFeebbrr

uuaarryy

220000

55

CHAI

RMAN

OF

THE

BOAR

DM

ANAG

ING

DIRE

CTOR

CHIE

F FI

NANC

IAL

0FFI

CER

DEPU

TY C

FOAN

D CH

IEF

ACCO

UNTA

NTAAPP

OOSSTTOO

LLOOSS

SS.. TT

AAMMBBAA

KKAAKKII

SSLLAA

MMBBRR

OOSS GG

.. AANNAA

GGNNOOSS

TTOOPPOO

UULLOOSS

AANNTTOO

NNIIOOSS

∫∫.. KK

AAFFFFAA

SSVVAA

SSSSIILL

IIOOSS

AA.. BB

AALLOOUU

MMIISS

ID

. C.

¶ 70

4691

ID. C

. ¡

6271

34ID

. C.

™ 27

2217

ID. C

. T

0618

91


42

AASSSSEE

TTSSDDee

cceemm

bbeerr 33

11,, 22

000044

DDeeccee

mmbbee

rr 3311,,

220000

33CCoo

ssttAAcc

ccuumm

uullaatt

eeddNNee

tt BBoooo

kkCCoo

ssttAAcc

ccuumm

uullaatt

eeddNNee

tt BBoooo

kkDDee

pprreecc

iiaattiioo

nnVVaa

lluuee

DDe epprr

eecciiaa

ttiioonn

VVaalluu

eeµµ..

IINNSSTT

AALLLLAA

TTIIOONN

CCOOSS

TTSS1.

For

mat

ion

and

set-u

p ex

pens

es18

.984

,14

16.7

69,3

32.

214,

8118

.984

,14

12.9

72,5

06.

011,

644.

Oth

er in

stal

latio

n co

sts

2.97

3.39

5,06

1.65

7.32

3,84

1.31

6.07

1,22

1.97

6.12

8,53

1.13

7.63

3,26

838.

495,

27—

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

—22..

999922..

337799,,

220011..

667744..

009933,,

117711..

331188..

228866,,

003311..

999955..

111122,,

667711..

115500..

660055,,

77668844

44..5500

66,,9911

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

CC..FFII

XXEEDD

AASSSSEE

TTSSππ.

Tan

gibl

e As

sets

1. L

and

2.53

5.00

0,00

0,00

2.53

5.00

0,00

1.03

2.43

2,32

0,00

1.03

2.43

2,32

3. B

uild

ings

& te

chni

cal w

orks

3.53

6.39

9,25

369.

543,

643.

166.

855,

612.

940.

998,

8621

9.10

8,32

2.72

1.89

0,54

6. F

urni

ture

& fi

xtur

es97

4.55

9,46

396.

133,

7557

8.42

5,71

652.

008,

6923

4.28

9,64

417.

719,

057.

Con

stru

ctio

n in

pro

gres

s3.

540,

000,

003.

540,

000,

000,

000,

00—

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

—TToo

ttaall TT

aannggii

bbllee

AAssssee

ttss

77..0044

99..4499

88,,7711

776655..

667777,,

339966..

228833..

882211,,

332244..

662255..

443399,,

88774455

33..3399

77,,9966

44..1177

22..0044

11,,9911

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

πππ. I

nves

tmen

t in

subs

idia

ries

& ot

her l

ong

term

ass

ets

1. I

nves

tmen

t in

subs

idia

ries

and

asso

ciat

ed c

ompa

nies

281.

186.

406,

1825

3.16

9.23

1,33

LLeessss

:: Ins

tallm

ents

due

to s

ubsi

diar

ies

0,00

281.

186.

406,

182.

964.

130,

0025

0.20

5.10

1,33

——

——

——

——

——

——

——

——

——

7. O

ther

long

term

ass

ets

37.9

47,8

419

.823

,07

——

——

——

——

——

——

——

——

——

228811..

222244..

335544,,

00222255

00..2222

44..9922

44,,4400

====

====

====

====

====

====

====

TToottaa

ll FFiixxee

dd AAss

sseettss

((CCππππ++

CCππππππ))

228877..

550088..

117755,,

33442255

44..3399

66..9966

66,,3311

====

====

====

====

====

====

====

DD..CCUU

RRRREENN

TT AASS

SSEETTSS

ππ. A

ccou

nts

Rece

ivabl

e1.

Tra

de d

ebto

rs2.

638.

916,

7812

4.84

4,80

5. R

ecei

vabl

es fr

om a

ffilia

ted

com

pani

es18

.968

.400

,00

4.46

2.05

5,36

11.

Vario

us d

ebto

rs30

9.56

9,47

482.

198,

6912

. Ad

vanc

es a

nd p

repa

ymen

ts1.

076,

963.

881,

10—

——

——

——

——

——

——

——

——

—2211

..991177

..996633

,,2211

55..0077

22..9977

99,,9955

====

====

====

====

====

====

====

Iππ. S

ecur

ities

3. O

ther

sec

uriti

es0,

002.

000.

000,

00—

——

——

——

——

——

——

——

——

—00,,

000022..

000000..

000000,,

0000==

====

====

====

====

====

====

==πV

. Cas

h at

ban

ks a

nd in

han

d1.

Cas

h in

han

d1.

057,

8288

8,66

3. S

ight

and

tim

e de

posi

ts1.

129.

893,

3932

.100

.339

,83

——

——

——

——

——

——

——

——

——

1.13

0.95

1,21

3322..11

0011..22

2288,,44

99==

====

====

====

====

====

====

==TToo

ttaall CC

uurrrree

nntt AA

sssseett

ss ((DD

ππII++DDππ

ππII++DDππ

VV))2233

..004488

..991144

,,4422

3399..11

7744..22

0088,,44

44==

====

====

====

====

====

====

==∂∂..

PPRREEPP

AAYYMM

EENNTTSS

AANNDD

AACCCC

RRUUEEDD

IINNCCOO

MMEE

2. D

efer

red

Char

ges

0,00

862,

31—

——

——

——

——

——

——

——

——

—00,,

00008866

22,,3311

====

====

====

====

====

====

====

TTOOTTAA

LL AASS

SSEETTSS

331111..

887755..

337755,,

77992299

44..4411

66..5544

33,,9977

====

====

====

====

====

====

====

DDEEBBII

TT MM

EEMMOO

AACCCCOO

UUNNTTSS

2. D

ebit

acco

unts

of g

uara

ntee

s18

4.99

7.33

5,50

143.

697.

445,

50—

——

——

——

——

——

——

——

——

—1188

44..9999

77..3333

55,,5500

114433..

669977..

444455,,

5500==

====

====

====

====

====

====

==

LLIIAABB

IILLIITT

IIEESS

&& SS

HHAARREE

HHOOLLDD

EERR’’SS

EEQQUU

IITTYY

DDeeccee

mmbbee

rr 3311,,

220000

44DDee

cceemm

bbeerr 33

11,, 22

000033

∞∞..EEQQ

UUIITTYY

π. Sh

are

Capi

tal

(43.

785.

850

com

mon

regi

ster

ed s

hare

spa

r val

ue E

URO

0,30

eac

h)1.

Pai

d up

13.1

35.7

55,0

013

.077

.885

,00

——

——

——

——

——

——

——

——

——

1133..11

3355..77

5555,,00

001133

..007777

..888855

,,0000

====

====

====

====

====

====

====

II. S

hare

Pre

miu

m2222

22..7700

22..4488

00,,6611

222222..

441133..

113300,,

6611==

====

====

====

====

====

====

==III

. Rev

alua

tion

rese

rves

and

inve

stm

ent g

rant

s2.

Oth

er ta

ngib

le a

sset

s re

valu

atio

n su

rplu

s22..

001111..

775511,,

333300,,

0000==

====

====

====

====

====

====

==IV

. Res

erve

s1.

Leg

al re

serv

e83

4.54

0,37

834.

540,

374.

Ext

raor

dina

ry re

serv

es74

.834

,92

74.8

34,9

25.

Tax

free

rese

rves

und

er s

peci

al la

ws

3.72

1.31

3,41

3.72

1.31

3,41

——

——

——

——

——

——

——

——

——

44..6633

00..6688

88,,7700

44..6633

00..6688

88,,7700

====

====

====

====

====

====

====

V. R

etai

ned

earm

ings

Prof

it fo

r the

yea

r--33

3355..11

8877,,55

994411

88..8822

99,,0033

====

====

====

====

====

====

====

TToottaa

ll SShhaa

rreehhoo

llddeerr

’’ ss ee

qquuiittyy

((∞∞ππ++

AAIIII++

AAIIIIII++

AAIIVV++

∞∞VV))

224422..

114455..

448888,,

00552244

00..5544

00..5533

33,,3344

====

====

====

====

====

====

====

µµ..PPRR

OOVVIISS

IIOONNSS

FFOORR

RRIISS

KKSS1.

Pro

visio

n fo

r sta

ff le

avin

g in

dem

nitie

s20

1.45

5,60

129.

955,

60—

——

——

——

——

——

——

——

——

—2200

11..4455

55,,6600

112299..

995555,,

6600==

====

====

====

====

====

====

==CC..

LLIIAABB

IILLIITT

IIEESS

π. Lo

ng te

rm L

iabi

lities

2. B

ank

Loan

s8.

909.

865,

000,

00==

====

====

====

====

====

====

==ππ.

Sho

rt Te

rm L

iabi

lities

1. S

uppl

iers

574.

048,

2025

0.72

3,28

3. B

ank

over

draf

ts14

.000

.000

,00

5.00

0.00

0,00

5. T

axes

& d

utie

s pa

yabl

e42

2.19

3,08

273.

408,

156.

Soc

ial s

ecur

ity p

ayab

le94

.346

,16

58.3

16,1

210

. Di

viden

ds p

ayab

le26

7.99

7,84

2.88

3.37

0,63

11.

Vario

us c

redi

tors

45.0

90.3

04,8

945

.103

.334

,16

——

——

——

——

——

——

——

——

——

6600..44

4488..88

9900,,11

775533

..556699

..115522

,,3344

====

====

====

====

====

====

====

TToottaa

ll LLiiaa

bbiilliitt

iieess

((CCII++

CCππππ))

6699..33

5588..77

5555,,11

775533

..556699

..115522

,,3344

====

====

====

====

====

====

====

DD..

AACCCCRR

UUAALLSS

AANNDD

DDEEFF

EERRRREE

DD IINN

CCOOMM

EE2.

Acc

rued

exp

ense

s16

9.67

6,97

176.

902.

69—

——

——

——

——

——

——

——

——

—1166

99..6677

66,,9977

117766..

990022..

6699==

====

====

====

====

====

====

==

TTOOTTAA

LL LLII

AABBIILL

IITTIIEE

SS AANN

DD SSHH

AARREEHH

OOLLDDEE

RR’’SS

EEQQUUII

TTYY3311

11..8877

55..3377

55,,7799

229944..

441166..

554433,,

9977==

====

====

====

====

====

====

==CCRR

EEDDIITT

MMEEMM

OO AACC

CCOOUUNN

TTSS2.

Cre

dit a

ccou

nts

of g

uara

ntee

s

184.

997.

335,

5014

3.69

7.44

5,50

——

——

——

——

——

——

——

——

——

118844..

999977..

333355,,

55001144

33..6699

77..4444

55,,5500

====

====

====

====

====

====

====

LLAAMM

DDAA DD

EEVVEELL

OOPPMM

EENNTT

HHOOLLDD

IINNGG

AANNDD

RREEAALL

EESSTT

AATTEE

DDEEVVEE

LLOOPPMM

EENNTT

CCOOMM

PPAANNYY

SS..AA

.. CO

REG

. NÔ

3039

/06/

B/86

/28

BBAALLAA

NNCCEE

SSHHEEEE

TT OOFF

DDEECC

EEMMBBEE

RR 3311

sstt,, 22

000044

(27t

h FI

SCAL

YEA

R JA

NUAR

Y 1s

t, 20

04 -

DEC

EMBE

R 31

st, 2

004)

NNoottee

ss::1.

No e

ncum

bran

ces

exist

on

the

com

pany

's fi

xed

asse

ts.

2. A

ll the

turn

over

of t

he c

ompa

ny is

clas

sified

und

er a

ctivi

ty c

ode

702.

0 "L

easin

g of

priv

ate

real

esta

te a

sset

s” S

TACO

D-20

03.

3. A

ccou

nt: C

II "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 of a

ppro

xú

281,

2 m

illion

. The

boo

k va

lue

of th

ese

shar

es, b

ased

on

thes

e co

mpa

nies

late

st b

alanc

e sh

eets

, is

low

er th

an th

e ac

quisi

tion

cost

by

appr

ox. ú

80,1

milli

on. O

f thi

s am

ount

, app

rox.

ú55

milli

on re

pres

ents

diff

eren

ce b

etw

een

the

cost

and

the

mar

ket v

alue

(bas

ed o

n in

depe

nden

t app

raisa

ls) o

f the

Rea

l Est

ate

Asse

ts o

wne

d by

thes

e co

mpa

nies

. The

se p

artic

ipat

ions

are

valu

ed a

t the

ir ac

quisi

tion

cost

in a

ccor

danc

e w

ith p

rovis

ion

of p

arag

.3, a

rticle

42a

of C

.L. 2

190/

1920

, "p

rese

ntat

ion

of th

e fa

ir va

lue

of th

e as

sets

of

the

com

pany

".4.

Tw

o (2

) tem

pora

ry s

hare

title

s ar

e tie

d up

. The

sha

res

inco

rpor

ate

in th

e ag

greg

ate

3.50

6.00

0 sh

ares

of t

he c

ompa

ny L

AMDA

OLY

MPI

A VI

LLAG

E AE

with

regi

stra

tion

valu

e 2,

93 ú

, col

later

aled

again

st le

tter o

f gua

rant

ee th

at w

as g

iven

at th

e M

unici

pality

of A

mar

ousio

n, a

mou

ntin

g ap

prox

imat

ely to

25

mil.

ú.

5. T

he c

ompa

ny h

as b

een

tax

audi

ted

by th

e ta

x au

thor

ities

until

the

fisca

l yea

r 200

2. In

con

sequ

ence

, the

tax

oblig

atio

ns fo

r the

fisc

al ye

ars

2003

to 2

004

are

not d

efin

ite.

6. T

he d

ispos

al of

the

draw

n fu

nds

amou

nt 1

16 m

il. fro

m th

e sh

are

capi

tal in

crea

se a

ccor

ding

the

07/0

6/20

02 d

ecisi

on o

f the

Ann

ual G

ener

al As

sem

bly

has

been

com

plet

ed o

n th

e fo

rth s

emes

ter o

f 200

4.7.

The

num

ber o

f the

em

ploy

ed s

taff

durin

g th

e 31

.12.

2004

, tot

alled

to 5

5 pe

rson

s.8.

On

31/1

2/20

04 h

as b

een

effe

cted

reva

luat

ion

of th

e co

mpa

ny’s

fixe

d as

sets

acc

ordi

ng th

e La

w N

.322

9/20

04.


43

11//11//

22000044

-- 3311

//1122//

22000044

11//11//

22000033

-- 3311

//1122//

22000033

II.. SStt

aatteemm

eenntt oo

ff iinncc

oommee

Sale

s38

9.78

0,71

178.

739,

51Le

ss::

Cost

of s

ales

150.

435,

3212

3.19

5,98

——

——

——

——

——

——

——

——

——

Gros

s Op

erat

ing

Resu

lts

239.

345,

3955

.543

,53

Plus

:: 1. O

ther

ope

ratin

g in

com

e 2.

175.

567,

662.

195.

643,

94—

——

——

——

——

——

——

——

——

—To

tal

2.41

4.91

3,05

2.25

1.18

7,47

LLeessss

::1.

Adm

inis

trativ

e ex

pens

es

5.36

0.52

1,06

4.67

1.89

6,88

——

——

——

——

——

——

——

——

——

Tota

l-2

.945

.608

,01

-2.4

20.7

09,4

1PPll

uuss ::

1. In

com

e fro

m p

artic

ipat

ions

3.23

9.85

6,20

4.93

5.00

0,00

2. In

com

e fro

m s

ecur

ities

25.4

58,3

136

3.21

3,43

3. G

ain

on s

ale

of p

artic

ipat

ions

and

sec

uriti

es0,

0011

1.78

0,00

4. In

tere

st a

nd re

late

d in

com

e38

2.98

7,56

3.64

8.30

2,07

963.

200,

896.

373.

194,

32—

——

——

——

——

——

——

——

——

—LLee

ssss:

3. In

tere

st a

nd re

late

d ch

arge

s1.

216.

356,

842.

431.

945,

2389

4.76

1,32

5.47

8.43

3,00

——

——

——

——

——

——

——

——

——

—

——

——

——

——

——

——

——

——

—To

tal o

pera

ting

prof

it-5

13.6

62,7

83.

057.

723,

59ππππ..

PPLLUUSS

((oorr ll

eessss))

:: EExx

ttrraaoorr

ddiinnaa

rryy iitt

eemmss

1. E

xtra

ordi

nary

inco

me

500,

015.

364,

58LLee

ssss ::

1. E

xtra

ordi

nary

exp

ense

s15

0,00

92.0

43,9

93.

Prio

r yea

rs e

xpen

ses

0,00

105.

649,

304.

Pro

visio

ns fo

r ris

ks71

.500

,00

71.6

50,0

0-7

1.14

9,99

0,00

197.

693,

29-1

92.3

28,7

1—

——

——

——

——

—

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

—

——

——

——

——

—Ne

t inc

ome

afte

r ext

raor

dina

ry re

sults

-584

.812

,77

2.86

5.39

4,88

LLee

ssss::

Tota

l dep

reci

atio

n83

5.76

6,84

683.

801,

06Le

ss: D

epre

ciat

ion

incl

uded

in o

pera

ting

cost

835.

766,

840,

0068

3.80

1,06

0,00

——

——

——

——

——

——

——

——

——

——

——

——

——

—

——

——

——

——

—NNEE

TT IINN

CCOOMM

EE BBEE

FFOORREE

TTAAXX

--558844

..881122

,,7777

22..8866

55..3399

44,,8888

====

====

====

====

====

====

====

11//11//

22000044

-- 3311

//1122//

22000044

11//11//

22000033

-- 3311

//1122//

22000033

Net i

ncom

e be

fore

tax

-584

.812

,77

2.86

5.39

4,88

(+) P

rofit

s br

ough

t for

war

d41

8.82

9,03

337.

445,

48Ad

ditio

nal t

ax a

sses

smen

ts-8

6.26

0,00

0,00

——

——

——

——

——

——

——

——

——

Tota

l-2

52.2

43,7

43.

202.

840,

36LLEE

SSSS::

2. O

ther

taxe

s no

t inc

lude

d in

the

oper

atin

g co

sts

82.9

43,8

58.

728,

75—

——

——

——

——

——

——

——

——

—PPrr

ooffiittss

ffoorr dd

iissttrrii

bbuuttiioo

nn--33

3355..11

8877,,55

9933..

119944..

111111,,

6611==

====

====

====

====

====

====

==

DDiisstt

rriibbuutt

iioonn

ooff pp

rrooffiitt

ss::1.

Leg

al re

serv

es0,

0015

9.70

5,58

2. D

ivide

nds

0,00

2.61

5.57

7,00

8. P

rofit

car

ried

forw

ard

-335

.187

,59

418.

829,

03—

——

——

——

——

——

——

——

——

—--33

3355..11

8877,,55

9933..

119944..

111111,,

6611==

====

====

====

====

====

====

==

SSTTAA

TTEEMM

EENNTT

OOFF

IINNCC

OOMM

EE FFOO

RR FFII

SSCCAALL

YYEEAA

RR EENN

DDIINNGG

DDEECC

EEMMBBEE

RR 3311

sstt,, 22

000044

TTAABBLL

EE OOFF

DDIISS

TTRRIIBB

UUTTIIOO

NN OOFF

PPRROO

FFIITTSS

CCEERRTT

IIFFIIEE

DD AAUU

DDIITTOO

RRSS’’ AA

CCCCOOUU

NNTTSS’’

AAUUDD

IITT RR

EEPPOOPP

TTTToo

tthhee

SShhaarr

eehhooll

ddeerrss

ooff tt

hhee SS

oocciiee

ttee AA

nnoonnyy

mmee

""LLAAMM

DDAA DD

EEVVEELL

OOPPMM

EENNTT

HHOOLLDD

IINNGG

AANNDD

RREEAALL

EESSTT

AATTEE

CCOOMM

PPAANNYY

SS..AA

..""

We

have

aud

ited

the

finan

cial

stat

emen

ts, t

he re

lated

not

es to

the

finan

cial

stat

emen

ts a

nd th

e Ca

sh F

low

repo

rt of

Lam

da D

evelo

pmen

t S.A

for t

he y

ear e

nded

31

Dece

mbe

r 200

4. O

ur a

udit

was

car

ried

out i

n ac

cord

ance

with

the

prov

ision

s of

arti

cle

37 o

f the

Cod

ified

Law

219

0/19

20, a

nd th

ose

audi

t pro

cedu

res,

whi

chw

e co

nsid

ered

app

ropr

iate,

bas

ed o

n th

e au

ditin

g st

anda

rds

and

prin

cipl

es a

dopt

ed b

y th

e In

stitu

te o

f Cer

tified

Aud

itors

in G

reec

e (S

OEL)

.We

wer

e pr

ovid

ed w

ith th

e ac

coun

ting

book

s an

d re

cord

s m

ainta

ined

by

the

com

pany

as

well

as

with

the

info

rmat

ion

and

expl

anat

ions

requ

este

d by

us.

The

Com

pany

cor

rect

ly ap

plied

the

Gree

k Ge

nera

l Cha

rt of

Acc

ount

s. T

here

hav

e be

en n

o ch

ange

s in

acc

ount

ing

polic

ies in

com

paris

on to

the

prio

r yea

r. W

e ve

rified

that

the

relev

ant i

nfor

mat

ion

cont

ained

in th

e Bo

ard

of D

irect

or’s

repo

rt ad

dres

sed

to th

e sh

areh

olde

r’s g

ener

al as

sem

bly

agre

es w

ith th

e fin

anci

al st

atem

ents

. The

not

es to

the

finan

cial

stat

emen

ts in

clud

e th

e in

form

atio

n, w

hich

is re

quire

d by

arti

cle

43a,

par

agra

ph 1

of t

he C

odifi

ed L

aw 2

190/

1920

. Our

aud

it re

veale

d th

e fo

llow

ing:

1. A

s re

ferre

d to

not

e nu

mbe

r 3 u

nder

the

balan

ce s

heet

the

valu

atio

n of

inve

stm

ents

in c

ompa

nies

that

are

not

list

ed o

n th

e St

ock

Exch

ange

has

bee

n m

ade

at c

ost.

If th

ese

inve

stm

ents

wer

e va

lued

in a

ccor

danc

e w

ith C

odifi

ed L

aw 2

190/

1920

at t

he lo

wer

of c

ost a

nd c

urre

nt v

alue

and

adju

sted

for t

he s

urpl

us v

alue

of th

e co

mpa

nies

ass

ets

as d

eter

min

ed b

y th

e va

luat

ion

repo

rts o

f ind

epen

dent

valu

ator

s (a

rticl

e 42

a, p

arag

raph

3 o

f the

Cod

ified

Law

219

0/19

20),

a w

rite

dow

n pr

ovisi

on o

fap

prox

imat

ely ú

25,1

milli

on w

ould

be

requ

ired

of w

hich

ú10

,1 m

illion

wou

ld re

duce

cur

rent

yea

r ear

ning

s an

d ú

15 m

illion

wou

ld re

duce

ear

ning

s of

prio

r yea

rs. 2

. The

fina

ncial

yea

rs 2

003

and

2004

hav

e no

t bee

n au

dite

d by

the

tax

auth

oritie

s. T

here

fore

the

Com

pany

’s ta

x lia

biliti

es fo

r the

se y

ears

are

not

con

sider

edas

fina

l. In

our

opi

nion

, the

afo

rem

entio

ned

Finan

cial

Stat

emen

ts a

re in

agr

eem

ent w

ith th

e bo

oks

and

reco

rds

of th

e co

mpa

ny a

nd to

geth

er w

ith th

e no

tes

to th

e fin

anci

al st

atem

ent a

nd th

e ca

sh fl

ow re

ports

exc

ept f

or th

e m

atte

rs m

entio

ned

abov

e, p

rese

nt th

e co

mpa

ny’s

ass

ets

and

finan

cial

posit

ion

as a

t 31

Dece

mbe

r20

04 a

nd th

e re

sults

of t

he fi

nanc

ial y

ear a

s w

ell a

s th

e ca

sh fl

ows

resu

lting

from

ope

ratio

ns o

f the

yea

r tha

t end

ed in

acc

orda

nce

with

the

curre

nt le

gisla

tion

and

Gree

k Ge

nera

lly A

ccep

ted

Acco

untin

g Pr

inci

ples

, whi

ch d

o no

t diff

er fr

om th

ose

whi

ch th

e co

mpa

ny h

ad a

pplie

d in

prio

r yea

rs a

part

from

not

e 8

appe

arin

gun

der t

he B

alanc

e Sh

eet.

AAtthhee

nnss,, 22

22 FFee

bbrruuaa

rryy 22

000055

The

Certi

fied

Audi

tor-A

ccou

ntan

t

KKoonnss

ttaanntt

iinnooss

MMiicc

hhaallaatt

oossRe

g.NO

SOE

L 17

701

AAtthhee

nnss,, 22

22 FFee

bbrruuaa

rryy,, 22

000055

CHAI

RMAN

OF

THE

BOAR

DM

ANAG

ING

DIRE

CTOR

CHIE

F FI

NANC

IAL

0FFI

CER

DEPU

TY C

FOAN

D CH

IEF

ACCO

UNTA

NTAAPP

OOSSTTOO

LLOOSS

SS.. TT

AAMMBBAA

KKAAKKII

SSLLAA

MMBBRR

OOSS GG

.. AANNAA

GGNNOOSS

TTOOPPOO

UULLOOSS

AANNTTOO

NNIIOOSS

∫∫.. KK

AAFFFFAA

SSVVAA

SSSSIILL

IIOOSS

AA.. BB

AALLOOUU

MMIISS

ID

. C.

¶ 70

4691

ID. C

. ¡

6271

34ID

. C.

™ 27

2217

ID. C

. T

0618

91


44

AASSSSEE

TTSSFFiiss

ccaall YY

eeaarr 22

000044

FFiissccaa

ll YYeeaa

rr 220000

33 CCoo

ssttAAcc

ccuumm

..NNee

tt BBoooo

kkCCoo

ssttAAcc

ccuumm

..NNee

tt BBoooo

kkDDee

pprreecc

iiaattiioo

nnVVaa

lluuee

DDeepprr

eecciiaa

ttiioonn

VVaalluu

eeµµ..

IINNSSTT

AALLLLAA

TTIIOONN

CCOOSS

TTSS1.

For

mat

ion

and

set-u

p ex

pens

es81

.642

,23

42.6

75,0

538

.967

,18

173.

193,

4166

.080

,97

107.

112,

444.

Oth

er in

stal

latio

n co

sts

595.

855,

3458

2.06

3,33

13.7

92,0

149

7.77

8,02

421.

468,

5876

.309

,44

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

TToottaa

ll IInnss

ttaallllaa

ttiioonn

CCoosstt

ss6677

77..4499

77,,5577

662244..

773388,,

33885522

..775599

,,1199

667700..

997711,,

44334488

77..5544

99,,5555

118833..

442211,,

8888==

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

==CC..

FFIIXXEE

DD AASS

SSEETTSS

ππ. T

angi

ble

Asse

ts1.

Lan

d4.

140.

606,

790,

004.

140.

606,

7942

8.73

9,94

0,00

428.

739,

943.

Bui

ldin

gs &

tech

nica

l wor

ks3.

573.

336,

981.

207.

158,

002.

366.

178,

981.

458.

491,

591.

342.

805,

2011

5.68

6,39

4. M

achi

nery

and

equ

ipm

ent

565.

581,

5850

8.05

8,57

57.5

23,0

156

7.18

3,75

497.

571,

3169

.612

,44

5. T

rans

porta

tion

mea

ns18

.503

,72

6.36

5,26

12.1

38,4

614

.270

,49

2.04

5,08

12.2

25,4

16.

Fur

nitu

re &

fixt

ures

68.7

54,5

420

.608

,33

48.1

46,2

145

2.27

7,36

253.

357,

9119

8.91

9,45

7. C

onst

ruct

ion

in p

rogr

ess

42.3

74,6

30,

0042

.374

,63

0,00

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

TToottaa

ll TTaann

ggiibbll

ee AAss

sseettss

88..4400

99..1155

88,,2244

11..7744

22..1199

00,,1166

66..6666

66..9966

88,,0088

22..9922

00..9966

33,,1133

22..0099

55..7777

99,,5500

882255..

118833,,

6633==

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

==πππ

. Inv

estm

ent i

n su

bsid

iarie

s &

othe

r lon

g te

rm a

sset

s1.

Inv

estm

ent i

n su

bsid

iarie

s an

d as

soci

ated

com

pani

es6.

105.

776,

366.

355.

776,

367.

Oth

er lo

ng te

rm a

sset

s39

5.28

8,20

1.01

9.39

2,53

——

——

——

——

——

——

——

——

——

66..5500

11..0066

44,,5566

77..3377

55..1166

88,,8899

====

====

====

====

====

====

====

TToottaa

ll FFiixxee

dd AAss

sseettss

((CCππππ++

CCππππππ))

1133..11

6688..00

3322,,66

4488..

220000..

335522,,

5522==

====

====

====

====

====

====

==DD..

CCUURRRR

EENNTT

AASSSSEE

TTSSπ.

Inv

ento

ries

2a. L

and

& co

nstru

ctio

n m

ater

ials

for s

ale

15.6

62.5

75,3

717

.047

.206

,71

4. R

aw m

ater

ials

- Co

nsum

able

s - S

pare

par

ts0,

000,

005.

Inv

ento

ry a

dvan

ces

14.1

45,7

825

5.89

9,93

——

——

——

——

——

——

——

——

——

1155..66

7766..77

2211,,11

551177

..330033

..110066

,,6644

====

====

====

====

====

====

====

ππ. A

ccou

nts

Rece

ivabl

e1.

Tra

de d

ebto

rs19

.166

.215

,88

26.2

30.6

18,0

53·

. Ch

ecks

rece

ivabl

e0,

002.

930,

3311

. Va

rious

deb

tors

3.05

6.91

7,27

1.53

3.93

8,41

12.

Adva

nces

and

pre

paym

ents

6.67

2,20

10.2

71,9

8—

——

——

——

——

——

——

——

——

—2222

..222299

..880055

,,3355

2277..77

7777..77

5588,,77

77==

====

====

====

====

====

====

==Iππ

. Sec

uriti

es3.

Oth

er s

ecur

ities

92.4

80,0

645

7.12

1,01

——

——

——

——

——

——

——

——

——

9922..44

8800,,00

664455

77..1122

11,,0011

====

====

====

====

====

====

====

IV. C

ash

at b

anks

and

in h

and

1. C

ash

in h

and

3.61

3,46

1.20

8,78

3. S

ight

and

tim

e de

posi

ts1.

073.

280,

531.

865.

020,

98—

——

——

——

——

——

——

——

——

—1.

076.

893,

9911..

886666..

222299,,

7766==

====

====

====

====

====

====

==TToo

ttaall CC

uurrrree

nntt AA

sssseett

ss ((DD

ππ++DDππ

II++DDππ

ππII++DDππ

VV))3399

..007755

..990000

,,5555

4477..44

0044..22

1166,,11

88==

====

====

====

====

====

====

==∂∂..

TTRRAANN

SSIITTOO

RRYY AA

CCCCOOUU

NNTTSS

1. P

repa

ymen

ts11

.464

,78

5.02

0,36

2. D

efer

red

char

ges

0,00

1.01

5,24

——

——

——

——

——

——

——

——

——

1111..44

6644,,77

8866..

003355,,

6600==

====

====

====

====

====

====

==TTOO

TTAALL

AASSSSEE

TTSS

5522..33

0088..11

5577,,11

665555

..779944

..002266

,,1188

====

====

====

====

====

====

====

DDEEBBII

TT MM

EEMMOO

AACCCCOO

UUNNTTSS

1. T

hird

par

ty a

sset

s13

.952

.000

,00

12.3

84.0

00,0

02.

Deb

it ac

coun

ts o

f gua

rant

ees

1.17

3.21

8,17

6.54

6.69

1,88

——

——

——

——

——

——

——

——

——

1155..11

2255..22

1188,,11

771188

..993300

..669911

,,8888

====

====

====

====

====

====

====

LLIIAABB

IILLIITT

IIEESS

&& SS

HHAARREE

HHOOLLDD

EERR’’SS

EEQQUU

IITTYY

FFiissccaa

ll YYeeaa

rr 220000

44 FFiiss

ccaall YY

eeaarr 22

000033

∞∞..EEQQ

UUIITTYY

π. Sh

are

Capi

tal

(3.5

25.0

00 s

hare

s pe

r val

ue ú

10,0

0)

1. P

aid

up

3355..22

5500..00

0000,,00

003355

..225500

..000000

,,0000

====

====

====

====

====

====

====

III. R

eval

uatio

n re

serv

es a

nd in

vest

men

t gra

nts

2. O

ther

tang

ible

ass

ets

reva

luat

ion

surp

lus

6.01

5.32

2,67

0,00

====

====

====

====

====

====

====

IV. R

eser

ves

1. L

egal

rese

rves

739.

996,

5369

8.70

8,47

5. T

ax-fr

ee re

serv

es u

nder

spe

cial

law

s62

.655

,50

62.6

55,5

0—

——

——

——

——

——

——

——

——

—8800

22..6655

22,,0033

776611..

336633,,

9977==

====

====

====

====

====

====

==V.

Ret

aine

d ea

rnin

gsEa

rnin

gs c

arrie

d fo

rwar

d8888

..221122

,,5500

223399..

443311,,

6655==

====

====

====

====

====

====

==TToo

ttaall ss

hhaarree

hhoolldd

eerr''ss

eeqquu

iittyy

4422..11

5566..11

8877,,22

003366

..225500

..779955

,,6622

====

====

====

====

====

====

====

µµ..PPRR

OOVVIISS

IIOONNSS

FFOORR

RRIISS

KKSS

1. P

rovis

ion

for s

taff

leav

ing

inde

mni

ties

131.

918,

4020

1.91

8,40

——

——

——

——

——

——

——

——

——

113311..

991188,,

44002200

11..9911

88,,4400

====

====

====

====

====

====

====

CC..LLII

AABBIILL

IITTIIEE

SSπ.

Lon

g Te

rm L

iabi

lities

2. B

ank

Loan

s4.

108.

578,

334.

108.

578,

338.

Oth

er lo

ng te

rm li

abilit

ies

99.5

33,0

010

2.53

3,00

——

——

——

——

——

——

——

——

——

44..2200

88..1111

11,,3333

44..2211

11..1111

11,,3333

====

====

====

====

====

====

====

ππ. S

hort

Term

Lia

biliti

es1.

Sup

plie

rs75

3.94

8,27

1.16

6.02

3,88

3. B

ank

over

draf

ts3.

700.

000,

000,

004.

Cus

tom

er a

dvan

ces

10.0

00,0

00,

005.

Tax

es &

dut

ies

paya

ble

567.

995,

832.

978.

056,

786.

Soc

ial s

ecur

ity p

ayab

le41

.924

,81

115.

709,

557.

Cur

rent

por

tion

of lo

ng te

rm d

ept

0,00

2.05

4.28

9,12

10. D

ivide

nds

paya

ble

528.

750,

004.

582.

500,

0011

. Var

ious

cre

dito

rs10

6.76

5,54

43.4

12,3

6—

——

——

——

——

——

——

——

——

—55..

770099..

338844,,

44551100

..993399

..999911

,,6699

====

====

====

====

====

====

====

TToottaa

ll LLiiaa

bbiilliitt

iieess

99..9911

77..4499

55,,7788

1155..11

5511..11

0033,,00

22==

====

====

====

====

====

====

==

DD.. AA

CCCCRRUU

AALLSS

AANNDD

DDEEFFEE

RRRREEDD

IINNCCOO

MMEE

1. D

efer

red

inco

me

0,00

4.02

3.94

0,11

2. A

ccru

ed e

xpen

ses

102.

555,

7816

6.26

9,03

——

——

——

——

——

——

——

——

——

110022..

555555,,

778844..

119900..

220099,,

1144==

====

====

====

====

====

====

==TTOO

TTAALL

LLIIAABB

IILLIITT

IIEESS

AANNDD

SSHHAARR

EEHHOOLL

DDEERR''

SS EEQQ

UUIITTYY

5522..33

0088..11

5577,,11

665555

..779944

..002266

,,1188

====

====

====

====

====

====

====

CCRREEDD

IITT MM

EEMMOO

AACCCCOO

UUNNTTSS

1. T

hird

par

ty a

sset

s13

.952

.000

,00

12.3

84.0

00,0

02.

Cre

dit a

ccou

nts

of g

uara

ntee

s 1.

173.

218,

176.

546.

691,

88—

——

——

——

——

——

——

——

——

—1155

..112255

..221188

,,1177

1188..99

3300..66

9911,,88

88==

====

====

====

====

====

====

==

LLAAMM

DDAA EE

SSTTAATT

EE DDEE

VVEELLOO

PPMMEENN

TT SS..

AA..RRee

aall EE

ssttaatt

ee,, CC

oonnsstt

rruucctt

iioonn

SSeerrvv

iicceess

aanndd

RReepp

rreessee

nnttaatt

iioonn

CO R

EG. N

o 64

3/01

/B/8

6/37

(01)

BALA

NCE

SHEE

T ∞S

OF

31st

DEC

EMBE

R, 2

004

(42s

t FIS

CAL

YEAR

1st

JAN

UARY

, 200

4 -

31st

DEC

EMBE

R, 2

004)

NNoott

eess::

1. T

he in

com

e st

atem

ent

item

"Ex

trao

rdin

ary

Res

ults

" in

clud

es a

mou

nt ú

872

th.

appr

oxim

atel

y th

at r

efer

s to

sub

sidi

arie

s pr

oper

ty s

ale

acco

rdin

g to

pre

-sal

e ag

reem

ent.

Unt

il th

e se

ttlem

ent

of t

he F

inan

cial

Sta

tem

ents

, th

e ow

ners

hip

title

s ha

ve n

ot b

een

tran

sfer

red.

2.

Acc

ount

: C

II "E

quity

par

ticip

atio

ns a

nd lo

ng t

erm

rec

eiva

bles

" in

clud

es t

he c

ost

ofac

quiri

ng s

hare

s in

com

pani

es e

ngag

ed in

Rea

l Est

ate

Dev

elop

men

t of a

ppro

x. ú

3,7

mill

ion.

The

boo

k va

lue

of th

ese

shar

es, b

ased

on

thes

e co

mpa

nies

late

st b

alan

ce s

heet

s, is

low

er th

an th

e ac

quis

ition

cos

t by

app

rox.

ú2,

1 m

illio

n. T

hese

par

ticip

atio

ns a

re v

alue

d at

thei

r ac

quis

ition

cos

t in

acco

rdan

ce w

ith p

rovi

sion

of p

arag

.3, a

rtic

le 4

2a o

f C

.L. 2

190/

1920

,"p

rese

ntat

ion

of t

he f

air

valu

e of

the

ass

ets

of t

he c

ompa

ny".

3.

On

31/1

2/20

04 h

as b

een

effe

cted

rev

alua

tion

of t

he c

ompa

ny’s

fix

ed a

sset

s ac

cord

ing

the

Law

N.3

229/

2004

.


45

11//11//

22000044

-- 3311

//1122//

22000044

11//11//

22000033

-- 3311

//1122//

22000033

II.. SStt

aatteemm

eenntt oo

ff IInncc

oommee

Sale

s 13

.377

.408

,10

30.4

22.2

80,5

1LLee

ssss ::

Cost

of s

ales

11.8

01.9

80,7

322

.587

.439

,97

——

——

——

——

——

——

——

——

——

Gros

s Op

erat

ing

Resu

lts1.

575.

427,

377.

834.

840,

54Pl

us: 1

. Oth

er o

pera

ting

inco

me

5.80

2,86

4.66

7,19

——

——

——

——

——

——

——

——

——

Tota

l 1.

581.

230,

237.

839.

507,

73LLee

ssss ::

1. A

dmin

istra

tive

expe

nses

-1.3

21.0

09,2

5-9

37.4

99,0

63.

Sel

ling

expe

nses

0,00

-1.3

21.0

09,2

50,

00-9

37.4

99,0

6—

——

——

——

——

——

——

——

——

——

——

——

——

——

—

——

——

——

——

260.

220,

986.

902.

008,

67PPll

uuss ::

4. In

tere

st a

nd re

late

d in

com

e57

.703

,00

57.7

03,0

053

.985

,72

53.9

85,7

2—

——

——

——

——

——

——

——

——

—LLee

ssss:

2. L

osse

s fro

m in

vest

men

ts a

nd s

ecur

ities

3. In

tere

st a

nd re

late

d ch

arge

s-2

.126

,19

-2.1

26,1

955

.576

,81

-479

.118

,08

-479

.118

,08

-425

.132

,36

——

——

——

——

—

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

—

——

——

——

——

Tota

l ope

ratin

g pr

ofit

315.

797,

796.

476.

876,

31ππππ..

PPLLUUSS

((oorr ll

oossssee

ss)) EE

xxttrraaoo

rrddiinn

aarryy

iitteemm

ss1.

Ext

raor

dina

ry in

com

e0,

0031

1,66

2. E

xtra

ordi

nary

pro

fit95

5.52

6,08

1.29

3.73

5,40

4. U

nuse

d pr

ovis

ions

70.0

00,0

01.

025.

526,

081.

008,

361.

295.

055,

42—

——

——

——

——

——

——

——

——

—LLee

ssss ::

1. E

xtra

ordi

nary

exp

ense

s-1

3.74

4,01

10.8

85,3

92.

Ext

raor

dina

ry lo

sses

-347

,21

0,00

3. P

rior y

ear e

xpen

ses

-18.

307,

00-3

2.39

8,22

993.

127,

866.

688,

01-1

7.57

3,40

1.27

7.48

2,02

——

——

——

——

—

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

—

——

——

——

——

Net i

ncom

e af

ter e

xtra

ordi

nary

resu

lts1.

308.

925,

657.

754.

358,

33LLee

ssss::

Tota

l dep

reci

atio

n 21

8.87

8,55

189.

796,

35LLee

ssss: D

epre

ciat

ion

incl

uded

in o

pera

ting

cost

-218

.878

,55

0,00

-189

.796

,35

0,00

——

——

——

——

——

——

——

——

——

——

——

——

——

—

——

——

——

——

—NNEE

TT IINN

CCOOMM

EE BBEE

FFOORREE

TTAAXX

11..3300

88..9922

55,,6655

77..7755

44..3355

88,,3333

====

====

====

====

====

====

====

FFiissccaa

ll YYeeaa

rr 220000

44FFiiss

ccaall YY

eeaarr 22

000033

Net i

ncom

e be

fore

tax

1.30

8.92

5,65

7.75

4.35

8,33

Prof

its b

roug

ht fo

rwar

d23

9.43

1,65

131.

747,

41—

——

——

——

——

——

——

——

——

—To

tal

1.54

8.35

7,30

7.88

6.10

5,74

LLEESSSS

1. O

pera

ting

taxe

s-4

83.1

64,4

8-2

.748

.440

,20

2. O

ther

inco

me

taxe

s no

t inc

lude

d in

ope

ratin

g co

st

-406

.942

,26

-65.

437,

98—

——

——

——

——

——

——

——

——

—PPrr

ooffiittss

ffoorr dd

iissttrrii

bbuuttiioo

nn6655

88..2255

00,,5566

55..0077

22..2222

77,,5566

====

====

====

====

====

====

====

DDiisstt

rriibbuutt

iioonn

ooff pp

rrooffiitt

ss ::

1. L

egal

Res

erve

s41

.288

,06

250.

295,

912.

Divi

dent

s52

8.75

0,00

4.58

2.50

0,00

8. P

rofit

Car

ried

Forw

ard

88.2

12,5

023

9.43

1,65

——

——

——

——

——

——

——

——

——

665588..

225500,,

556655..

007722..

222277,,

5566==

====

====

====

====

====

====

==

SSTTAATT

EEMMEENN

TT OOFF

IINNCCOO

MMEE

TTAABBLL

EE OOFF

DDIISS

TTRRIIBB

UUTTIIOO

NN OOFF

PPRROO

FFIITTSS

AAtthhee

nnss,, 22

11tthh

FFeebbrr

uuaarryy

220000

55

CHAI

RMAN

OF

THE

BOAR

DTH

E CH

IEF

EXEC

UTIV

E OF

FICE

RFI

NANC

IAL

MAN

AGER

CHIE

F AC

COUN

TANT

EEVVAAGG

GGEELLOO

SS II..

CCHHRROO

NNIISS

AALLEEXX

AA¡¡DDRR

OOSS DD

ππMMAAKK

OOPPOOUU

LLOOSS

VVAASSSS

IILLIIOO

SS BBAA

LLOOUUMM

IISSPPAA

VVLLOOSS

NN.. KK

O ORRNNAA

RROOSS

ID. C

. ™ 2

8128

6ID

.C.T

538

734

ID.C

. T 0

6189

1ID

. C. •

282

210

CCEERRTT

IIFFIIEE

DD AAUU

DDIITTOO

RRSS’’ AA

CCCCOOUU

NNTTAANN

TTSS’’ AA

UUDDIITT

RREEPP

OORRTT

TToo tthh

ee sshh

aarreehh

oollddee

rrss oo

ff LLaamm

ddaa EE

ssttaatt

ee DDee

vveelloo

ppmmeenn

tt SS..AA

..

We

have

aud

ited

the

finan

cial

stat

emen

ts a

nd th

e re

lated

not

es to

the

finan

cial

stat

emen

ts o

f Lam

da E

stat

e De

velo

pmen

t S.A

for t

he y

ear e

nded

31

Dece

mbe

r 200

4. O

ur a

udit,

whi

ch to

ok in

to a

ccou

nt th

e ac

tiviti

es o

f the

Com

pany

’s b

ranc

h, w

as c

arrie

d ou

t in

acco

rdan

ce w

ith th

e pr

ovis

ions

of a

rticl

e 37

of t

he C

odifi

edLa

w 2

190/

1920

, and

thos

e au

dit p

roce

dure

s, w

hich

we

cons

ider

ed a

ppro

pria

te, b

ased

on

the

audi

ting

stan

dard

s an

d pr

inci

ples

ado

pted

by

the

Inst

itute

of C

ertif

ied A

udito

rs in

Gre

ece

(SOE

L). W

e w

ere

prov

ided

with

the

acco

untin

g bo

oks

and

reco

rds

mai

ntai

ned

by th

e co

mpa

ny a

s w

ell a

s w

ith th

e in

form

atio

n an

dex

plan

atio

ns re

ques

ted

by u

s. T

he C

ompa

ny c

orre

ctly

appl

ied th

e Gr

eek

Gene

ral C

hart

of A

ccou

nts.

The

re h

ave

been

no

chan

ges

in a

ccou

ntin

g po

licies

in c

ompa

rison

to th

e pr

ior y

ear.

We

verif

ied th

at th

e re

levan

t inf

orm

atio

n co

ntai

ned

in th

e Bo

ard

of D

irect

ors’

repo

rt ad

dres

sed

to th

e sh

areh

olde

rs’ g

ener

al as

sem

bly

agre

es w

ith th

e fin

anci

al st

atem

ents

. The

not

es to

the

finan

cial

stat

emen

ts in

clud

e th

e in

form

atio

n, w

hich

is re

quire

d by

arti

cle

43a,

par

agra

ph 1

of t

he C

odifi

ed L

aw 2

190/

1920

. Our

aud

it re

veale

d th

e fo

llow

ing:

1. T

he fi

scal

year

s fro

m 2

001

to 2

004

have

n’t b

een

audi

ted

by th

e lo

cal t

axat

ion

auth

oriti

es. C

onse

quen

tlyth

e ta

x lia

biliti

es fo

r the

se fi

scal

year

s ar

e no

t per

man

ent.

2. A

s re

ferre

d to

not

e nu

mbe

r 2 u

nder

the

balan

ce s

heet

the

valu

atio

n of

inve

stm

ents

in c

ompa

nies

that

are

not

list

ed o

n th

e St

ock

Exch

ange

has

bee

n m

ade

at c

ost.

If th

ese

inve

stm

ents

wer

e va

lued

in a

ccor

danc

e w

ith C

odifi

ed L

aw 2

190/

1920

at t

he lo

wer

of c

ost a

nd c

urre

nt v

alue

(arti

cle

42a,

par

agra

ph 3

of t

he C

odifi

ed L

aw 2

190/

1920

), a

writ

e do

wn

prov

isio

n of

app

roxim

ately

ú2,

06 m

illion

wou

ld b

e re

quire

d of

whi

ch ú

42 th

ousa

nd w

ould

redu

ce c

urre

nt y

ear e

arni

ngs

and

ú2,

02 m

illion

wou

ld re

duce

ear

ning

s of

prio

r yea

rs. I

n ou

r opi

nion

, the

afo

rem

entio

ned

Finan

cial

Stat

emen

ts a

re in

agr

eem

ent w

ith th

e bo

oks

and

reco

rds

of th

e co

mpa

ny a

nd to

geth

er w

ith th

e no

tes

to th

e fin

anci

al st

atem

ent e

xcep

t for

the

mat

ters

men

tione

d ab

ove

as w

ell a

s no

te 1

und

er th

e Ba

lance

She

et, p

rese

nt th

e co

mpa

ny’s

ass

ets

and

finan

cial

posi

tion

as a

t 31

Dece

mbe

r 200

4 an

d th

e re

sults

of th

e fin

anci

al ye

ar th

at e

nded

in a

ccor

danc

e w

ith th

e cu

rrent

legi

slatio

n an

d Gr

eek

Gene

rally

Acc

epte

d Ac

coun

ting

Prin

cipl

es, w

hich

do

not d

iffer

from

thos

e w

hich

the

com

pany

had

app

lied

in p

rior y

ears

.

AAtthhee

nnss,, FF

eebbrruu

aarryy

2211tthh

,, 220000

55Th

e Ce

rtifie

d Au

dito

r Acc

ount

ant

KKoonnss

ttaanntt

iinnooss

MMiicc

hhaallaa

ttooss

Reg.

NO

SOEL

177

01


46

AASSSSEE

TTSSDDee

cceemm

bbeerr 33

11,, 22

000044

DDeeccee

mmbbee

rr 3311,,

220000

33CCoo

ssttAAcc

ccuumm

..NNee

tt BBoooo

kkCCoo

ssttAAcc

ccuumm

..NNee

tt BBoooo

kkDDee

pprreecc

iiaattiioo

nnVVaa

lluuee

DDeepprr

eecciiaa

ttiioonn

VVaalluu

eeµµ..

IINNSSTT

AALLLLAA

TTIIOONN

CCOOSS

TTSS4.

Oth

er in

stal

latio

n co

sts

135.

360,

2113

5.36

0,21

0,00

135.

360,

2113

5.17

8,40

181,

81—

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

—TToo

ttaall II

nnssttaa

llllaattiioo

nn CCoo

ssttss

113355..

336600,,

22111133

55..3366

00,,2211

00,,0000

113355..

336600,,

22111133

55..1177

88,,4400

118811,,

8811==

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

==CC..

FFIIXXEE

DD AASS

SSEETTSS

ππ. T

angi

ble

Asse

ts1.

Lan

d18

.161

.000

,00

0,00

18.1

61.0

00,0

02.

314.

766,

040,

002.

314.

766,

043.

Bui

ldin

gs &

tech

nica

l wor

ks10

.996

.006

,57

1.89

2.59

5,16

9.10

3.41

1,41

8.69

1.77

1,73

1.45

8.00

6,57

7.23

3.76

5,16

4. M

achi

nery

& e

quip

men

t2.

364.

212,

9777

0.62

2,09

1.59

3.59

0,88

2.36

4.21

2,97

571.

162,

821.

793.

050,

156.

Fur

nitu

re &

fixt

ures

15.4

27,9

89.

465,

925.

962,

0615

.427

,98

6.57

3,69

8.85

4,29

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

TToottaa

ll TTaann

ggiibbll

ee AAss

sseettss

((CCππππ))

3311..55

3366..66

4477,,55

2222..

667722..

668833,,

11772288

..886633

..996644

,,3355

1133..33

8866..11

7788,,77

2222..

003355..

774433,,

00881111

..335500

..443355

,,6644

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

πππ. I

nves

tmen

t in

subs

idia

ries

& ot

her l

ong

term

ass

ets

7. O

ther

long

term

ass

ets

10.7

11,6

710

.711

,67

====

====

====

====

====

====

====

TToottaa

ll FFiixxee

dd AAss

sseettss

((CCππππ++

CCππππππ))

2288..88

7744..66

7766,,00

221111

..336611

..114477

,,3311

====

====

====

====

====

====

====

DD..CCUU

RRRREENN

TT AASS

SSEETTSS

ππ. A

ccou

nts

Rece

ivabl

e11

. Va

rious

deb

tors

185.

702,

0250

.155

,93

——

——

——

——

——

——

——

——

——

118855..

770022,,

00225500

..115555

,,9933

====

====

====

====

====

====

====

πV. C

ash

at b

anks

and

in h

and

1. C

ash

in h

and

795,

3526

8,01

3. S

ight

and

tim

e de

posi

ts9.

667,

209.

682,

20—

——

——

——

——

——

——

——

——

—1100

..446622

,,5555

99..9955

00,,2211

====

====

====

====

====

====

====

TToottaa

ll CCuurr

rreenntt

AAssss

eettss

((DDππII++

DDππVV))

119966..

116644,,

55776600

..110066

,,1144

====

====

====

====

====

====

====

TTOOTTAA

LL AASS

SSEETTSS

((BB++

CC++DD))

2299..00

7700..88

4400,,55

991111

..442211

..443355

,,2266

====

====

====

====

====

====

====

DDEEBBII

TT MM

EEMMOO

AACCCCOO

UUNNTTSS

2. D

ebit

acco

unts

of g

uara

ntee

s11

.723

.797

,76

11.7

26.4

54,7

6—

——

——

——

——

——

——

——

——

—1111

..772233

..779977

,,7766

1111..77

2266..44

5544,,77

66==

====

====

====

====

====

====

==

LLIIAABB

IILLIITT

IIEESS

&& SS

HHAARREE

HHOOLLDD

EERR’’SS

EEQQUU

IITTYY

FFiissccaa

ll YYeeaa

rr 220000

44 FFiiss

ccaall YY

eeaarr 22

000033

∞∞..EEQQ

UUIITTYY

π. Sh

are

Capi

tal

Shar

e Ca

pita

l (36

0.00

0 sh

ares

per

val

ue ú

10 e

ach

)1.

Pai

d up

3.60

0.00

0,00

3.60

0.00

0,00

——

——

——

——

——

——

——

——

——

33..6600

00..0000

00,,0000

33..6600

00..0000

00,,0000

====

====

====

====

====

====

====

III. R

eval

uatio

n re

serv

es &

inve

stm

ent g

rant

s2.

Oth

er ta

ngib

le a

sset

s re

valu

atio

n su

rplu

s18

.266

.360

,13

115.

891,

33—

——

——

——

——

——

——

——

——

—1188

..226666

..336600

,,1133

111155..

889911,,

3333==

====

====

====

====

====

====

==IV

. Res

erve

s1.

Leg

al re

serv

es68

5,26

685,

26—

——

——

——

——

——

——

——

——

—6688

55,,2266

668855,,

2266==

====

====

====

====

====

====

==V.

Ret

aine

d Ea

rnin

gsEa

rnin

gs c

arrie

d fo

rwar

d85

.678

,30

624.

431,

82Lo

sses

car

ried

forw

ard

from

pre

vious

yea

rs-1

.084

.855

,54

-1.7

09.2

87,3

6—

——

——

——

——

——

——

——

——

—--99

9999..11

7777,,22

44--11

..008844

..885555

,,5544

====

====

====

====

====

====

====

TToottaa

ll SShhaa

rreehhoo

llddeerr

''ss EE

qquuiittyy

((∞∞ππ++

∞∞ππππππ++

AAIIVV++

∞∞VV))

2200..88

6677..88

6688,,11

5522..

663311..

772211,,

0055==

====

====

====

====

====

====

==CC..

LLIIAABB

IILLIITT

IIEESS

π. Lo

ng T

erm

Lia

biliti

es2.

Ban

k lo

ans

6.89

1.67

0,14

7.50

9.70

2,59

8. O

ther

long

term

liab

ilitie

s21

2.35

4,59

197.

347,

28—

——

——

——

——

——

——

——

——

—77..

110044..

002244,,

773377..

770077..

004499,,

8877==

====

====

====

====

====

====

==ππ.

Sho

rt Te

rm L

iabi

lities

1. S

uppl

iers

27.8

06,3

932

.852

,49

3. B

ank

over

draf

ts72

.895

,02

961.

319,

935.

Tax

es &

dut

ies

paya

ble

983.

177,

0356

.218

,25

11. V

ario

us c

redi

tors

267,

4811

5,88

——

——

——

——

——

——

——

——

——

11..0088

44..1144

55,,9922

11..0055

00..5500

66,,5555

====

====

====

====

====

====

====

TToottaa

ll LLiiaa

bbiilliitt

iieess

((CCII++

CCππππ))

88..1188

88..1177

00,,6655

88..7755

77..5555

66,,4422

====

====

====

====

====

====

====

DD.. AA

CCCCRRUU

AALLSS

AANNDD

DDEEFFEE

RRRREEDD

IINNCCOO

MMEE

2. A

ccru

ed e

xpen

ses

14.8

01,7

932

.157

,79

——

——

——

——

——

——

——

——

——

1144..88

0011,,77

993322

..115577

,,7799

====

====

====

====

====

====

====

TTOOTTAA

LL LLII

AABBIILL

IITTIIEE

SS AANN

DD SSHH

AARREEHH

OOLLDDEE

RR''SS

EEQQUUII

TTYY ((∞∞

++CC++

DD))2299

..007700

..884400

,,5599

1111..44

2211..44

3355,,22

66==

====

====

====

====

====

====

==CCRR

EEDDIITT

MMEEMM

OO AACC

CCOOUUNN

TTSS2.

Cre

dit b

alan

ces

of g

uara

ntee

s 11

.723

.797

,76

11.7

26.4

54,7

6—

——

——

——

——

——

——

——

——

—1111

..772233

..779977

,,7766

1111..77

2266..44

5544,,77

66==

====

====

====

====

====

====

==

LLAAMM

DDAA PP

RRIIMM

EE PPRR

OOPPEERR

TTIIEESS

SS..AA

..RREE

AALL EE

SSTTAATT

EE SSOO

CCIIEETT

EE AANN

OONNYYMM

EECO

REG

. No

130

78/0

1/B/

86/1

38(0

1)BA

LANC

E SH

EET

AS O

F 3

1st

DECE

MBE

R 2

004

- 16

th F

ISCA

L YE

AR (J

ANUA

RY 1

st, 2

004

- DE

CEM

BER

31st

, 200

4)

NNOOTTEE

SS::

1. O

n th

e co

mpa

ny's

fixe

d as

sets

ther

e ex

ist lie

ns a

nd p

re-n

otice

s am

ount

ing

to ú

11.4

45.3

41,1

6 se

rvin

g as

a c

ollat

eral

for b

ank

loan

s, th

e ba

lance

of w

hich

was

ú6.

891.

670,

14 a

t 31.

12.2

004.

2. O

n 31

/12/

2004

has

bee

n ef

fect

ed re

valu

atio

n of

the

com

pany

’s fi

xed

asse

ts a

ccor

ding

the

Law

N.3

229/

2004

.


47

11//11//

22000044

-- 3311

//1122//

22000044

11//11//

22000033

-- 3311

//1122//

22000033

II.. SStt

aatteemm

eenntt oo

ff IInncc

oommee

Sale

s 2.

002.

182,

391.

915.

274,

31Le

ss::

Cost

of s

ales

726.

347,

5479

0.93

6,52

——

—---——

——

——

——

——

——

——

—Gr

oss

Oper

atin

g Re

sults

1.27

5.83

4,85

1.12

4.33

7,79

LLeessss

:: 1.

Adm

inis

trativ

e ex

pens

es-5

6.67

3,02

-49.

096,

69—

——

——

——

——

——

——

——

——

—To

tal

1.21

9.16

1,83

1.07

5.24

1,10

PPlluuss

::4.

Inte

rest

and

rela

ted

inco

me

2.99

8,25

2.31

7,30

LLeessss

:3.

Inte

rest

and

rela

ted

char

ges

-303

.566

,40

-300

.568

,15

-396

.373

,17

-394

.055

,87

——

——

——

——

——

——

——

——

—

——

——

——

——

——

——

——

——

——

Tota

l ope

ratin

g pr

ofit

918.

593,

6868

1.18

5,23

ππππ..PPLL

UUSS ((oo

rr lleess

ss)) EE

xxttrraaoo

rrddiinn

aarryy

iitteemm

ss1.

Ext

raor

dina

ry i

ncom

e0,

0010

,26

3. P

rior y

ear i

ncom

e0,

000,

003.

555,

143.

565,

40—

——

——

——

——

——

——

——

——

—LLee

ssss ::

1. E

xtra

ordi

nary

exp

ense

s0,

000,

003.

Prio

r yea

r exp

ense

s 0,

000,

000,

00-1

.998

,92

-1.9

98,9

21.

566,

48—

——

——

——

——

—

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

—

——

——

——

——

Net i

ncom

e af

ter e

xtra

ordi

nary

resu

lts91

8.59

3,68

682.

751,

71LLee

ssss::

Tota

l dep

reci

atio

n63

7.12

1,90

636.

264,

61Le

ss: D

epre

ciat

ion

incl

uded

in o

pera

ting

cost

-637

.121

,90

0,00

-636

.264

,61

0,00

——

——

——

——

——

——

——

——

——

——

——

——

——

—

——

——

——

—NNEE

TT IINN

CCOOMM

EE BBEE

FFOORREE

TTAAXX

991188..

559933,,

66886688

22..7755

11,,7711

====

====

====

===

====

====

===

FFiissccaa

ll YYeeaa

rrFFiiss

ccaall YY

eeaarr

22000044

2200

0033

Net

inco

me

befo

re ta

x91

8.59

3,68

682.

751,

71Lo

sses

car

ried

forw

ard

-1.0

84.8

55,5

4-1

.709

.287

,36

——

——

——

——

——

——

——

——

——

Tota

l-1

66.2

61,8

6-1

.026

.535

,65

LLeessss

1. In

com

e ta

x-2

73.3

32,0

20,

00LLee

ssss2.

Oth

er ta

xes

not i

nclu

ded

in th

e op

erat

ing

cost

s-5

59.5

83,3

6-5

8.31

9,89

——

——

——

——

——

——

——

——

——

LLoossss

eess cc

aarrrriiee

dd ffoo

rrwwaarr

dd--99

9999..11

7777,,22

44--11

..008844

..885555

,,5544

====

====

====

====

====

====

====

IINNCCOO

MMEE

SSTTAATT

EEMMEENN

TT FFOO

RR FFII

SSCCAALL

YYEEAA

RR EENN

DDIINNGG

DDEECC

EEMMBBEE

RR 3311

sstt 22

000044

((11sstt

JJAANN

UUAARRYY

-- 33

11sstt DD

EECCEEMM

BBEERR

220000

44))

TTAABBLL

EE OOFF

DDIISS

TTRRIIBB

UUTTIIOO

NN OOFF

PPRROO

FFIITTSS

AAtthhee

nnss,, AA

pprriill

66tthh,,

220000

55

CHAI

RMAN

OF

THE

BOAR

DM

ANAG

ING

DIRE

CTOR

MEM

BER

OF T

HE B

OARD

CHIE

F AC

COUN

TANT

EEVVAAGG

GGEELLOO

SS II..

CCHHRROO

NNIISS

VVAASSSS

IILLIIOO

SS SS..

VVEEKK

IIOOSS

AANNTTOO

NNIIOOSS

∫∫.. KK

AAFFFFAA

SSPPAA

VVLLOOSS

NN.. KK

OORRNNAA

RROOSS

ID. C

. S

2812

86ID

. C. X

066

973

ID. C

. S

2722

17ID

. C. •

282

210

CCEERRTT

IIFFIIEE

DD AAUU

DDIITTOO

RRSS’’ AA

CCCCOOUU

NNTTAANN

TTSS’’ AA

UUDDIITT

RREEPP

OORRTT

TToo tthh

ee SShh

aarreehh

oollddee

rrss oo

ff LLAAMM

DDAA PP

RRIIMM

EE PPRR

OOPPEERR

TTIIEESS

SS..AA

..

We

have

aud

ited

the

finan

cial

sta

tem

ents

and

the

rela

ted

note

s to

the

finan

cial

sta

tem

ents

of “

Lam

da P

rime

Prop

ertie

s S.

A” fo

r the

yea

r end

ed 3

1 De

cem

ber 2

004.

Our

aud

it w

as c

arrie

d ou

t in

acco

rdan

ce w

ith th

e pr

ovis

ions

of a

rticl

e 37

of t

he C

odifi

ed L

aw 2

190/

1920

, and

thos

e au

dit p

roce

dure

s, w

hich

we

cons

ider

ed a

ppro

pria

te, b

ased

on

the

audi

ting

stan

dard

s an

d pr

inci

ples

ado

pted

by

the

Inst

itute

of C

ertif

ied

Audi

tors

in G

reec

e (S

OEL)

. We

wer

e pr

ovid

ed w

ith th

e ac

coun

ting

book

s an

d re

cord

s m

aint

aine

d by

the

com

pany

as

wel

l as

with

the

info

rmat

ion

and

expl

anat

ions

requ

este

d by

us.

The

Com

pany

cor

rect

lyap

plie

d th

e Gr

eek

Gene

ral C

hart

of A

ccou

nts.

The

re h

ave

been

no

chan

ges

in a

ccou

ntin

g po

licie

s in

com

paris

on to

the

prio

r yea

r. W

e ve

rifie

d th

at th

e re

leva

nt in

form

atio

n co

ntai

ned

in th

e Bo

ard

of D

irect

ors’

repo

rt ad

dres

sed

to th

e sh

areh

olde

rs’ g

ener

al a

ssem

bly

is c

onsi

sten

t with

the

finan

cial

sta

tem

ents

.Th

e no

tes

to th

e fin

anci

al s

tate

men

ts in

clud

e th

e in

form

atio

n, w

hich

is re

quire

d by

arti

cle

43a,

par

agra

ph 1

of t

he C

odifi

ed L

aw 2

190/

1920

. Our

aud

it re

veal

ed th

at th

e fin

anci

al y

ears

199

9 to

200

4 ha

ve n

ot b

een

audi

ted

by th

e ta

x au

thor

ities

and

ther

efor

e th

e ta

x lia

bilit

ies

for t

hese

yea

rs h

ave

not b

een

final

ized

yet.

In o

ur o

pini

on, t

he a

fore

men

tione

d Fi

nanc

ial S

tate

men

ts a

re in

agr

eem

ent w

ith th

e bo

oks

and

reco

rds

of th

e co

mpa

ny a

nd to

geth

er w

ith th

e no

tes

to th

e fin

anci

al s

tate

men

t exc

ept f

or th

e m

atte

r men

tione

d ab

ove,

pre

sent

the

com

pany

’s a

sset

s an

d fin

anci

al p

ositi

on a

s at

31

Dece

mbe

r 200

4 an

d th

e re

sults

of th

e fin

anci

al y

ear t

hat e

nded

in a

ccor

danc

e w

ith th

e cu

rrent

legi

slat

ion

and

Gree

k Ge

nera

lly A

ccep

ted

Acco

untin

g Pr

inci

ples

, whi

ch d

o no

t diff

er fr

om th

ose

whi

ch th

e co

mpa

ny h

ad a

pplie

d in

prio

r yea

rs.

AAtthhee

nnss,, AA

pprriill

1199tthh,, 22

000055

The

Certi

fied

Audi

tor-A

ccou

ntan

t

KKoonnss

ttaanntt

iinnooss

MMiicc

hhaallaa

ttooss

Reg.

NO S

OEL

1770

1


48

AASSSSEE

TTSSFFiiss

ccaall YY

eeaarr 22

000044

FFiissccaa

ll YYeeaa

rr 220000

33 CCoo

ssttAAcc

ccuumm

.. DDeepp

rreecciiaa

ttiioonn

NNeett BB

ooookk VV

aalluuee

CCoosstt

AAccccuu

mm.. DD

eepprree

cciiaattiioo

nnNNee

tt BBoooo

kk VVaalluu

eeµµ..

EESSTTAA

BBLLIISS

HHMMEENN

TT CCOO

SSTTSS

3.Ca

pita

lised

inte

rest

45

0.24

7,70

319.

441,

3513

0.80

6,35

450.

247,

7022

9.39

1,81

220.

855,

894.

Othe

r est

ablis

hmen

t cos

ts10

.017

.494

,11

8.10

2.24

0,25

1.91

5.25

3,86

10.0

46.1

46,6

86.

329.

163,

453.

716.

983,

23—

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

—1100

..446677

..774411

,,8811

88..4422

11..6688

11,,6600

22..0044

66..0066

00,,2211

1100..44

9966..33

9944,,33

8866..

555588..

555555,,

226633..

993377..

883399,,

1122==

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

==CC..

FFIIXXEE

DD AASS

SSEETTSS

ππ.Ta

ngib

le Fix

ed A

sset

s1.

Land

53.8

83.2

06,0

10,

0053

.883

.206

,01

53.4

96.8

28,4

10,

0053

.496

.828

,41

3.Bu

ildin

gs

82.2

98.7

10,9

911

.292

.150

,57

71.0

06.5

60,4

280

.405

.426

,34

8.84

5.16

7,76

71.5

60.2

58,5

86.

Furn

iture

& F

ittin

gs11

0.96

2,96

28.3

66,2

582

.596

,71

253.

124,

8711

4.20

4,02

138.

920,

857.

Asse

ts u

nder

con

stru

ctio

n &

Prep

aym

ents

for F

ixed

Asse

t Acq

uisi

tion

1.39

2.30

7,24

0,00

1.39

2.30

7,24

800.

605,

030,

0080

0.60

5,03

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

113377..

668855..

118877,,

22001111

..332200

..551166

,,8822

112266..

336644..

667700,,

33881133

44..9955

55..9988

44,,6655

88..9955

99..3377

11,,7788

112255..

999966..

661122,,

8877==

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

==πππ

.Pa

rtici

patio

n in

oth

er C

ompa

nies

& Ot

her L

ong

Term

Rec

eivab

les1.

Parti

cipa

ting

inte

rest

s in

affi

liate

d un

derta

kings

5.91

4.45

3,41

5.91

4.45

3,41

2.Pa

rtici

patin

g in

tere

sts

in o

ther

und

erta

kings

911.

820,

0091

1.82

0,00

——

——

——

——

——

——

——

——

——

6.

826.

273,

416.

826.

273,

41Le

ss: P

rovis

ion

for I

mpa

irem

ent

66.0

00,0

06.

760.

273,

410,

006.

826.

273,

414.

Long

term

rece

ivabl

es (d

ue fr

om o

ther

affi

liate

d un

derta

kings

)24

0.00

0,00

240.

000,

006.

Long

term

inve

stm

ents

664.

439,

3471

4.43

9,34

7.Ot

her L

ong

Term

Rec

eiva

bles

217.

609,

1613

3.39

0,49

——

——

——

——

——

——

——

——

——

77..

888822..

332211,,

991177..

991144..

110033,,

2244==

====

====

====

====

====

====

==TToo

ttaall ff

iixxeedd

aassssee

ttss ((CC

ππππ++CCππ

ππππ))1133

44..2244

66..9999

22,,2299

113333..

991100..

771166,,

1111==

====

====

====

====

====

====

==DD..

CCUURRRR

EENNTT

AASSSSEE

TTSSπ.

Inve

ntor

y1.

Prop

erty

hel

d fo

r res

ale

1.67

5.49

0,37

1.64

0.56

4,10

====

====

====

====

====

====

====

ππ.Ac

coun

ts R

eceiv

able

1.De

btor

s1.

687.

289,

434.

125.

196,

8811

.Oth

er D

ebto

rs1.

545.

572,

041.

796.

478,

3712

.Adv

ance

s to

acc

ount

for p

repa

ymen

ts &

cre

dits

36.4

57,3

254

.581

,60

——

——

——

——

——

——

——

——

——

33..2266

99..3311

88,,7799

55..9977

66..2255

66,,8855

====

====

====

====

====

====

====

Iππ.

Secu

rities

1. S

hare

s0,

0056

2.23

7,07

====

====

====

====

====

====

====

πV.C

ash

1.Ca

sh in

Han

d5.

858,

153.

033,

143.

Cash

at B

ank

8.27

1.13

3,40

4.66

4.08

1,36

——

——

——

——

——

——

——

——

——

88..2277

66..9999

11,,5555

44..6666

77..1111

44,,5500

====

====

====

====

====

====

====

TToottaa

ll CCuurr

rreenntt

AAssss

eettss

((DDII++

DDππII++

DDππππII++

DDππVV))

1133..22

2211..88

0000,,77

111122

..884466

..117722

,,5522

====

====

====

====

====

====

====

∂∂..PPRR

EEPPAAYY

MMEENN

TTSS &&

AACCCC

RRUUEEDD

IINNCCOO

MMEE

1.De

ferre

d Ch

arge

s0,

0034

7,00

2.Ac

crue

d Re

venu

e0,

0010

6.09

6,60

——

——

——

——

——

——

——

——

——

00,,0000

110066..

444433,,

6600==

====

====

====

====

====

====

==TTOO

TTAALL

AASSSSEE

TTSS

((BB++

CC++DD++

EE))1144

99..5511

44..8855

33,,2211

115500..

880011..

117711,,

3355==

====

====

====

====

====

====

==DDEE

BBIITT

MMEEMM

OO AACC

CCOOUUNN

TTSS1.

Third

par

ty a

sset

s18

.350

.605

,52

18.3

50.6

05,5

22.

Guar

ante

es a

nd c

olla

tera

ls98

.508

.428

,00

94.5

50.5

37,3

93.

Cred

it fa

cilit

ies

58.4

25.8

86,0

061

.362

.088

,05

——

——

——

——

——

——

——

——

——

117755..

228844..

991199,,

55221177

44..2266

33..2233

00,,9966

====

====

====

====

====

====

====

LLIIAABBII

LLIITTIIEE

SS &&

SSHHAARR

EEHHOOLL

DDEERRSS

'' EEQQUU

IITTYY

FFiissccaa

ll yyeeaa

rr 220000

44FFiiss

ccaall yy

eeaarr 22

000033

∞∞..SSHH

AARREEHH

OOLLDDEE

RRSS'' EE

QQUUIITT

YYπ.

Shar

e ca

pita

l(7

.038

.082

Sha

res

at P

ar V

alue

of 2

.13

ú)

1.Pa

id u

p Ca

pita

l14

.991

.114

,66

14.9

91.1

14,6

6—

——

——

——

——

——

——

——

——

—1144

..999911

..111144

,,6666

1144..99

9911..11

1144,,66

66==

====

====

====

====

====

====

==II.

Shar

e Pe

miu

m A

ccou

nt2200

..330055

..663377

,,2266

2200..33

0055..66

3377,,22

66==

====

====

====

====

====

====

==III

.Re

valu

atio

n Re

serv

e2.

Reva

luat

ion

Rese

rve

776600..

775533,,

551122..

000000,,

8877==

====

====

====

====

====

====

==IV

.Res

erve

s1.

Stat

utor

y Re

serv

e61

6.15

3,79

392.

854,

313.

Extra

ordi

nary

Res

erve

s11

.387

,22

11.3

87,2

25.

Tax-

free

Rese

rves

2.28

3.51

4,77

2.28

3.51

4,77

——

——

——

——

——

——

——

——

——

22..9911

11..0055

55,,7788

22..6688

77..7755

66,,3300

====

====

====

====

====

====

====

V.Re

tain

ed E

arni

ngs

Reta

ined

Ear

ning

s ca

rried

forw

ard

2.01

2.04

2,81

1.63

8.82

4,87

====

====

====

====

====

====

====

TToottaa

ll SShh

aarreehh

oollddee

rrss'' EE

qquuiittyy

((AAII++

AAIIII++

AAIIIIII++

AAIIVV++

AAVV))

4400..99

8800..66

0044,,00

223399

..662255

..333333

,,9966

====

====

====

====

====

====

====

µµ..PPRR

OOVVIISS

IIOONNSS

1.St

aff I

ndem

nity

Pro

visio

ns11

.007

,34

55.1

01,2

92.

Othe

r Pro

visio

ns25

5.00

0,00

0,00

—

——

——

——

——

——

——

——

——

—2266

66..0000

77,,3344

5555..11

0011,,22

99==

====

====

====

====

====

====

==CC..

LLIIAABB

IILLIITT

IIEESS

π.Lo

ng T

erm

Lia

biliti

es1.

Debe

ntur

e Lo

ans

45.0

00.0

00,0

045

.000

.000

,00

2.Ba

nk L

oans

12.9

71.0

00,0

012

.971

.000

,00

——

——

——

——

——

——

——

——

——

5577..99

7711..00

0000,,00

005577

..997711

..000000

,,0000

====

====

====

====

====

====

====

ππ.Cu

rrent

Lia

biliti

es1.

Cred

itors

1.09

5.90

2,33

1.68

3.00

0,91

3.Ba

nks,

sho

rt te

rm lo

ans

43.8

11.1

13,7

243

.811

.113

,72

5.Ta

x Li

abilit

ies

2.64

0.61

2,37

3.91

0.26

6,48

6.So

cial

Insu

ranc

e Li

abilit

ies

21.5

52,7

243

.570

,94

10.D

ivide

nds

paya

ble

985.

331,

481.

830.

022,

2011

.Oth

er C

redi

tors

531.

708,

8253

2.64

5,77

——

——

——

——

——

——

——

——

——

4499..00

8866..22

2211,,44

445511

..881100

..662200

,,0022

====

====

====

====

====

====

====

TToottaa

ll LLiiaa

bbiilliitt

iieess

((CCII++

CCIIII))

110077..

005577..

222211,,

44441100

99..7788

11..6622

00,,0022

====

====

====

====

====

====

====

DD.. AA

CCCCRRUU

AALLSS

&& DDEE

FFEERRRR

EEDD IINN

CCOOMM

EE1.

Accr

ued

Inco

me

956.

911,

1838

9.89

7,00

2.Ac

crue

d Ex

pens

es25

4.10

9,53

340.

477,

94—

——

——

——

——

——

——

——

——

—11..

221111..

002200,,

77117733

00..3377

44,,9944

====

====

====

====

====

====

====

TTOOTTAA

LL LLII

AABBIILL

IITTIIEE

SS &&

SSHHAARR

EEHHOOLL

DDEERRSS

'' EEQQUU

IITTYY

((AA++

BB++CC++

DD))1144

99..5511

44..8855

33,,5511

115500..

119922..

443300,,

2211==

====

====

====

====

====

====

==CCRR

EEDDIITT

MMEEMM

OO AACC

CCOOUUNN

TTSS1.

Third

par

ty a

sset

s18

.350

.605

,52

18.3

50.6

05,5

22.

Guar

ante

es a

nd c

olla

tera

ls98

.508

.428

,00

94.5

50.5

37,3

93.

Cred

it fa

cilit

ies

58.4

25.8

86,0

061

.362

.088

,05

——

——

——

——

——

——

——

——

——

117755..

228844..

991199,,

55221177

44..2266

33..2233

00,,9966

====

====

====

====

====

====

====

EEFFGG

EEUURROO

BBAANNKK

PPRROO

PPEERRTT

IIEESS

SSAA --

RREE

AALL EE

SSTTAATT

EE MM

AANNAAGG

EEMMEENN

TT CCOO

MMPPAA

NNYYCO

REG

. NO

365/

01/B

/86/

365

BALA

NCE

SHEE

T AS

31s

t DEC

EMBE

R 20

04 (5

2st F

ISCA

L YE

AR 1

st J

ANUA

RY, 2

004

- 31

st D

ECEM

BER,

200

4) (A

mou

nts

in ú

)

NNoottee

ss:: 11

.. All

Fixed

Ass

ets

are

free

of a

ny e

ncum

bran

ces.

22.. I

n ac

cord

ance

with

the

prov

ision

s of

Law

206

5/92

, the

boo

k va

lue

of th

e co

mpa

ny’s

land

and

bui

ldin

gs a

s w

ell a

s th

e ac

cum

ulat

ed d

epre

ciatio

n of

bui

ldin

gs w

as re

valu

ed in

yea

r 200

4. T

he re

valu

atio

n re

sulte

d in

an

incr

ease

of t

he b

ook

valu

e of

land

and

bui

ldin

gs b

y ú

795.

178,

an

incr

ease

of t

hebu

ildin

gs’ a

ccum

ulat

ed d

epre

ciatio

n by

ú36

.426

and

a re

valu

atio

n re

serv

e of

ú75

8.75

2. 33

.. The

num

ber o

f em

ploy

ees

as a

t 31/

12/2

004

is 4.

44.. T

he In

vent

ory

acco

unt r

epre

sent

s pr

oper

ty h

eld fo

r res

ale. 55

.. The

Com

pany

has

filed

an

appl

icatio

n w

ith th

e Ca

pita

l Mar

ket C

omm

ittee

to b

e tra

nsfo

rmed

into

a P

rope

rty In

vest

men

t Fun

d. W

ithin

this

fram

ewor

k, th

eCo

mpa

ny is

pro

ceed

ing

with

the

abso

rban

ce o

f its

sub

sidiar

y EL

DEPA

S.A

. and

the

dive

stm

ent o

f its

inve

stm

ents

in o

ther

com

pani

es (a

s th

ese

appe

ar in

the

acco

unts

"Par

ticip

atin

g in

tere

sts

in a

ffilia

ted

unde

rtakin

gs",

"Par

ticip

atin

g in

tere

sts

in o

ther

und

erta

kings

" and

"Lon

g te

rm in

vest

men

ts").

The

Com

pany

will

also

proc

eed

with

the

repa

ymen

t of a

ll its

loan

sam

ount

ing

to ú

101.

782.

113,

72. 66

.. Par

ticip

atin

g in

tere

st in

oth

er c

ompa

nies

are

sta

ted

at c

ost.

The

book

valu

e of

thes

e co

mpa

nies

was

low

er th

an th

eir a

cqui

sitio

n co

st b

y ap

prox

imat

ely ú

484.

000.

Bas

ed o

n re

cent

eva

luat

ions

, the

com

pany

con

sider

s th

at th

e cu

rrent

fair

valu

e of

the

com

pani

es’ n

et e

quity

pos

ition

exce

eds

their

boo

k va

lue,

ther

efor

e th

edi

vest

men

t of t

he a

fore

men

tione

d in

vest

men

ts w

ill no

t res

ult i

n a

loss

. 77.. I

n 20

04, t

he C

ompa

ny tr

ansf

erre

d th

e ap

prais

als a

nd a

genc

y ar

m to

Eur

oban

k Pr

oper

ty S

ervic

es, w

hich

resu

lted

to a

n ex

traor

dina

ry g

ain o

f ú5.

586.

147,

85. 88

.. The

tax

auth

oritie

s ha

ve n

ot a

udite

d th

e bo

oks

and

reco

rds

of th

e co

mpa

ny fo

r the

yea

rs 1

999

to 2

004.


49

11//11//

22000044

--3311//

1122//22

000044

11//11//

22000033

--3311//

1122//22

000033

II.. OOPP

EERRAATT

IINNGG

IINNCCOO

MMEE

Sale

s /

Serv

ices

Rev

enue

19.2

63.0

90,4

218

.381

.470

,65

LLeessss

:: Co

st o

f ser

vices

-9

.926

.331

,70

-9.2

70.4

26,6

3—

——

——

——

——

——

——

——

——

—Gr

oss

Prof

it9.

336.

758,

729.

111.

044,

02PPll

uuss::

Othe

r rev

enue

953.

636,

351.

647.

595,

76—

——

——

——

——

——

——

——

——

—Su

btot

al10

.290

.395

,07

10.7

58.6

39,7

8Le

ss:

1. A

dmin

istra

tive

Expe

nses

-685

.313

,67

-1.0

53.2

80,7

7—

——

——

——

——

——

——

——

——

—Ea

rnin

gs B

efor

e In

tere

st &

Tax

es9.

605.

081,

409.

705.

359,

01Ga

ins

from

sal

e of

par

ticip

atin

g In

tere

sts

and

othe

r Inv

estm

ents

82.3

94,3

227

.332

,24

PPlluuss

:: In

tere

st &

Oth

er In

com

e66

.534

,22

325.

417,

00—

——

——

——

——

——

——

——

——

—14

8.92

8,54

352.

749,

24LLee

ssss::

Prov

isio

n fo

r Im

paire

men

t of I

nves

tmen

ts-6

6.00

0,00

-313

.752

,22

LLeessss

::In

tere

st &

Oth

er E

xpen

ses

-4.4

73.1

47,7

6-4

.539

.147

,76

-4.3

90.2

19,2

2-5

.065

.330

,58

-5.3

79.0

82,8

0-5

.026

.333

,56

——

——

——

——

—

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

—

——

——

——

——

Earn

ings

Bef

ore

Taxe

s5.

214.

862,

184.

679.

025,

45

IIII.. AA

dddd:: NN

OONN--OO

PPEERRAA

TTIINNGG

IINNCCOO

MMEE

1. E

xtra

ordi

nary

Inco

me

16.7

33,3

719

9.04

7,00

2. E

xtra

ordi

nary

Gai

ns5.

586.

147,

850,

004.

Rev

enue

from

prio

r yea

r's p

rovis

ions

44.0

93,9

50,

00—

——

——

——

——

——

——

——

——

—5.

646.

975,

1719

9.04

7,00

LLeessss

::1.

Ext

raor

dina

ry E

xpen

ses

-39.

315,

48-1

.435

,60

2. E

xtro

rdin

ary

loss

es-2

.747

.541

,19

0,00

4. P

rovis

ions

for E

xtra

ordi

nary

loss

es-2

55.0

00,0

0-3

.041

.856

,67

2.60

5.11

8,50

-3.7

99,3

8-5

.234

,98

193.

812,

02—

——

——

——

——

—

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

—

——

——

——

——

—Op

erat

ing

& Ex

traor

dina

ry P

rofit

7.81

9.98

0,68

4.87

2.83

7,47

LLeessss

:: Dep

reci

atio

n Ex

pens

e-4

.349

.235

,73

-4.3

49.2

35,7

3FFrr

oomm ww

hhiicchh

:: Dep

reci

atio

n Ex

pens

e In

clud

ed in

Ope

ratin

g Ex

pens

es4.

349.

235,

730,

004.

349.

235,

730,

00—

——

——

——

——

——

——

——

——

—

——

——

——

——

——

——

——

——

——

TTOOTTAA

LL EEAA

RRNNIINN

GGSS BB

EEFFOORR

EE TTAA

XXEESS

77..8811

99..9988

00,,6688

44..8877

22..8833

77,,4477

====

====

====

===

====

====

====

FFiisscc

aall yy

eeaarr 22

000044

FFiisscc

aall yy

eeaarr 22

000033

Tota

l Ear

ning

s Be

fore

Tax

es7.

819.

980,

684.

872.

837,

47Pl

us:

Prof

its fr

om P

revio

us Y

ears

1.63

8.82

4,87

1.80

6.26

0,67

Less

:Pr

ior y

ear's

tax

diffe

renc

es0,

00-8

.804

,00

——

——

——

——

——

——

——

——

——

Tota

l Ear

ning

s Be

fore

Tax

es9.

458.

805,

556.

670.

294,

14LLee

ssss::

Inco

me

Tax

-3.1

86.7

77,1

5-2

.135

.825

,27

Othe

r Tax

es N

ot In

clud

ed in

the

Oper

atin

g Co

st-8

68.5

70,8

5-7

80.6

06,3

0—

——

——

——

——

——

——

——

——

—NNee

tt IInncc

oommee//

LLoossss

55..4400

33..4455

77,,5555

33..7755

33..8866

22,,5577

====

====

====

====

====

====

====

NNeett ii

nnccoomm

ee DDii

ssttrriibb

uuttiioo

nn ::

1.Le

gal R

eser

ves

223.

299,

4813

2.71

1,38

2.Fi

rst d

ivide

nd1.

494.

972,

9388

2.53

0,70

3.Ad

ditio

nal d

ivide

nd1.

531.

402,

3394

7.37

0,62

7a.

Prof

its d

istri

bute

d to

per

sonn

el14

1.74

0,00

152.

425,

008.

Reta

ined

ear

ning

s ca

rried

forw

ard

2.01

2.04

2,81

1.63

8.82

4,87

——

——

——

——

——

——

——

——

——

55..4400

33..4455

77,,5555

33..7755

33..8866

22,,5577

====

====

====

====

====

====

====

IINNCCOO

MMEE

SSTTAATT

EEMMEENN

TTTTAA

BBLLEE

OOFF

DDIISS

TTRRIIBB

UUTTII

OONN

OOFF

PPRROO

FFIITTSS

AAUUDDII

TT RREE

PPOORRTT

TToo tthh

ee sshh

aarreehh

oollddee

rrss oo

ff ""EEFF

GG EEUU

RROOBBAA

NNKK PP

RROOPPEE

RRTTIIEE

SS SSAA

MMaann

aaggeemm

eenntt oo

ff RReeaa

ll EEsstt

aattee

PPrroopp

eerrttyy

"".. W

e ha

ve a

udite

d th

e ab

ove

Fina

ncia

l Sta

tem

ents

and

the

rela

ted

Note

s of

EFG

Eur

oban

k Pr

oper

ties

SA M

anag

emen

t of R

eal E

stat

e Pr

oper

ty fo

r the

yea

r end

ed 3

1 De

cem

ber 2

004.

We

perfo

rmed

our

aud

it in

acc

orda

nce

with

the

prov

isio

ns o

f arti

cle

37 o

f Cod

ified

Law

219

0/19

20 "F

or S

ocié

téAn

onym

es" a

nd a

pplie

d th

e au

ditin

g pr

oced

ures

we

cons

ider

ed n

eces

sary

, whi

ch a

re in

acc

orda

nce

with

the

audi

ting

stan

dard

s ad

opte

d by

the

Gree

k In

stitu

te o

f Cer

tifie

d Pu

blic

Acc

ount

ants

. The

boo

ks a

nd re

cord

s m

aint

aine

d by

the

Com

pany

wer

e m

ade

avai

labl

eto

us

and

we

obta

ined

the

rele

vant

info

rmat

ion

and

expl

anat

ions

, whi

ch w

e re

quire

d fo

r the

pur

pose

s of

our

aud

it. T

he C

ompa

ny h

as p

rope

rly a

pplie

d th

e Ge

nera

l Cha

rt of

Acc

ount

s. T

here

wer

e no

cha

nges

in th

e va

luat

ion

met

hods

use

d by

the

Com

pany

com

pare

d to

thos

e us

ed in

the

prec

edin

g ye

ar. W

e ag

reed

the

cont

ent o

f the

Dire

ctor

s’ R

epor

t to

the

Gene

ral M

eetin

g of

the

shar

ehol

ders

with

the

abov

e Fi

nanc

ial S

tate

men

ts. T

he N

otes

dis

clos

e th

e in

form

atio

n st

ipul

ated

by

para

grap

h 1

artic

le 4

3 of

Cod

ified

Law

219

0/ 1

920.

In o

ur o

pini

on, a

fter t

akin

g in

to a

ccou

nt th

e ef

fect

on

the

Fina

ncia

l Sta

tem

ents

of t

he m

atte

rs re

ferre

dto

in n

otes

5 &

8, u

nder

neat

h th

e ba

lanc

e sh

eet,

rega

rdin

g th

e va

luat

ion

of p

artic

ipat

ing

inte

rest

in u

nder

takin

gs, a

nd th

e op

en ta

x ye

ars

resp

ectiv

ely,

the

abov

e Fi

nanc

ial S

tate

men

ts, w

hich

are

in a

gree

men

t with

the

book

s an

d re

cord

s of

the

Com

pany

, pre

sent

, tog

ethe

r with

the

Note

s, th

e as

sets

,lia

bilit

ies

and

finan

cial

pos

ition

of t

he C

ompa

ny a

s at

31

Dece

mbe

r 200

4, a

s w

ell a

s th

e re

sults

of i

ts o

pera

tions

for t

he y

ear t

hen

ende

d, in

con

form

ity w

ith th

e pr

evai

ling

legi

slat

ion

and

gene

rally

acc

epte

d ac

coun

ting

prin

cipl

es a

pplie

d on

a c

onsi

sten

tbas

is w

ith th

e pr

eced

ing

year

.

AAtthhee

nnss,, 55

MMaayy

220000

55Th

e Ce

rtifie

d Ac

coun

tant

Aud

itor

KK.. RR

IIRRIISS

S.O.

E.L

Reg.

No.

1211

1

∞∞tthhee

nnss,, 22

88 AApp

rriill,, 22

000055

THE

CHAI

RMAN

OF

THE

BOAR

DTH

E M

ANAG

ING

DIRE

CTOR

FINA

NCIA

L M

ANAG

ER

CCHHAARR

AALLAAMM

PPOOSS

KKIIRRKK

OOSSAARR

IISSTTOO

TTEELLI I

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


50

AASSSSEE

TTSSFFiiss

ccaall YY

eeaarr 22

000044

FFiissccaa

ll YYeeaa

rr 220000

33AAcc

qquuiiss

iittiioonn

DDeepprr

eecciiaa

ttiioonn

NNeett BB

ooookk

AAccqquu

iissiittii

oonnDDee

pprreecc

iiaattiioo

nnNNee

tt BBoooo

kkVVaa

lluuee

VVaalluu

eeVVaa

lluuee

VVaalluu

eeµµ..

FFOORRMM

AATTIIOO

NN EEXX

PPEENNSS

EESS1.

Est

ablis

hmen

t exp

ense

s26

2.57

8,73

157.

547,

2510

5.03

1,48

262.

578,

7310

5.03

1,50

157.

547,

234.

Oth

er C

apita

lised

exp

ense

s47

2.37

8,10

182.

307,

3329

0.07

0,77

387.

407,

1185

.278

,63

302.

128,

48—

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

—TToo

ttaall FF

oorrmm

aattiioo

nn EExx

ppeennss

eess7733

44..9955

66,,8833

333399..

885544,,

55883399

55..1100

22,,2255

664499..

998855,,

88441199

00..3311

00,,1133

445599..

667755,,

7711

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

CC..FFII

XXEEDD

AASSSSEE

TTSSππ.

Tan

gibl

e As

sets

1. L

and

78.3

16.9

24,3

20,

0078

.316

.924

,32

0,00

0,00

0,00

6. F

urni

ture

& fi

xtur

es21

7.12

0,59

0,00

217.

120,

5919

9.18

1,59

0,00

199.

181,

597.

Ass

ets

unde

r con

stru

ctio

n10

1.53

8.51

0,51

0,00

101.

538.

510,

5154

.563

.429

,75

54.5

63.4

29,7

5—

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

—TToo

ttaall TT

aannggii

bbllee

AAssssee

ttss1188

00..0077

22..5555

55,,4422

00,,0000

118800..

007722..

555555,,

44225544

..776622

..661111

,,3344

00,,0000

5544..77

6622..66

1111,,33

44==

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

==πππ

. Par

ticip

atio

ns &

Oth

er L

ong

Term

Ass

ets

7. O

ther

long

term

rece

ivabl

es1.

760,

001.

760,

00==

====

====

====

====

====

====

==TToo

ttaall FF

iixxeedd

AAssssee

ttss ((CC

ππππ++CCππ

ππππ))1188

00..0077

44..3311

55,,4422

5544..77

6644..33

7711,,33

44==

====

====

====

====

====

====

==DD..

CCUURRRR

EENNTT

AASSSSEE

TTSSπ.

Inve

ntor

ies2a

. La

nd &

con

stru

ctio

n m

ater

ial f

or s

ale

76.5

30.7

74,5

199

.865

.954

,01

5 .

Adva

nces

for r

aw m

ater

ials

75.0

15,0

266

.115

,02

——

——

——

——

——

——

——

——

—7766

..660055

..778899

,,5533

9999..99

3322..00

6699,,00

33==

====

====

====

====

====

====

==ππ.

Rec

eivab

les1.

Acc

ount

s Re

ceiva

ble

570.

794,

000,

0011

. Su

ndry

deb

tors

19.1

66.6

90,2

89.

412.

644,

41—

——

——

——

——

——

——

——

——

1199..77

3377..44

8844,,22

8899..

441122..

664444,,

4411==

====

====

====

====

====

====

==πV

. Cas

h &

Bank

s De

posi

t1.

Cas

h in

han

d1.

505,

3044

2,53

3. C

urre

nt a

ccou

nts

& tim

e de

posi

ts12

.414

.898

,25

2.01

0.85

1,41

——

——

——

——

——

——

——

——

——

1122..44

1166..44

0033,,55

5522..

001111..

229933,,

9944==

====

====

====

====

====

====

==TToo

ttaall CC

uurrrree

nntt AA

sssseett

ss ((DD

ππ++DDππ

II++DDππ

VV))1100

88..7755

99..6677

77,,3366

111111..

335566..

000077,,

3388==

====

====

====

====

====

====

==∂∂..

TTRRAANN

SSIITTOO

RRYY AA

CCCCOOUU

NNTTSS

3. O

ther

tran

sito

ry a

sset

s ac

coun

ts00,,

000000,,

9911==

====

====

====

====

====

====

==

TTOOTTAA

LL AASS

SSEETTSS

2288

99..2222

99..0099

55,,0033

116666..

558800..

005555,,

3344==

====

====

====

====

====

====

==MM

EEMMOO

AACCCCOO

UUNNTTSS

2. D

ebit

acco

unts

of g

uara

ntee

s &

colla

tera

l sec

uriti

es2266

..884444

..551100

,,7700

2211..44

2200..55

2211,,44

55==

====

====

====

====

====

====

==

LLIIAABB

IILLIITT

IIEESS

FFiissccaa

ll YYeeaa

rr 220000

44FFiiss

ccaall YY

eeaarr 22

000033

∞∞..CCAA

PPIITTAA

LL AANN

DD RREE

SSEERRVV

EESSπ.

Shar

e Ca

pita

lSh

are

capi

tal

(26.

414.

210

shar

es o

f 2,9

3 ú

)1.

Pai

d up

77

.393

.635

,30

53.5

01.5

30,4

4—

——

——

——

——

——

——

——

——

—7777

..339933

..663355

,,3300

5533..55

0011..55

3300,,44

44==

====

====

====

====

====

====

==II.

Sha

re C

apita

l Pre

miu

m4433

..999977

..007700

,,0000

4433..99

9977..00

7700,,00

00==

====

====

====

====

====

====

==IV

. Res

erve

s1.

Leg

al re

serv

es1.

394,

001.

394,

003.

Spe

cial

rese

rves

37.7

16,9

537

.716

,95

——

——

——

——

——

——

——

——

——

3399..11

1100,,99

553399

..111100

,,9955

====

====

====

====

====

====

====

V. R

etai

ned

earn

ings

Prof

its /

Loss

es c

arrie

d fo

rwar

d-2

30.5

55,4

4-5

02.1

72,3

4==

====

====

====

====

====

====

==TToo

ttaall ss

hhaarree

hhoolldd

eerrss

eeqquuii

ttyy ((∞∞

ππ++AAII

II++AAII

VV++∞∞VV

))1122

11..1199

99..2266

00,,8811

9977..00

3355..55

3399,,00

55==

====

====

====

====

====

====

==CC..

LLIIAABB

IILLIITT

IIEESS

π. Lo

ng T

erm

Lia

biliti

es8.

Oth

er lo

ng te

rm li

abilit

ies

24.7

00,0

00,

00==

====

====

====

====

====

====

==ππ.

Sho

rt Te

rm L

iabi

lities

1. S

uppl

iers

12.5

71.5

50,6

519

.718

.861

,38

3. S

hort

term

ban

k lo

ans

120.

037.

926,

8246

.003

.170

,63

4. C

usto

mer

adv

ance

s2.

413.

658,

003.

027.

832,

685.

Tax

es p

ayab

le41

3.33

2,19

489.

114,

866.

Soc

ial s

ecur

ity fu

nds

2.00

6,79

0,00

11.

Sund

ry c

redi

tors

23.8

03,9

320

.391

,43

——

——

——

——

——

——

——

——

——

135.

462.

278,

3869

.259

.370

,98

====

====

====

====

====

====

====

TToottaa

ll LLiiaa

bbiilliitt

iieess

113355..

448866..

997788,,

33886699

..225599

..337700

,,9988

====

====

====

====

====

====

====

DD..

TTRRAANN

SSIITTOO

RRYY LL

IIAABBII

LLIITTII

EESS AA

CCCCOOUU

NNTTSS

1. D

effe

red

inco

me

108.

035,

840,

002.

Acc

rued

exp

ense

s43

4.82

0,00

285.

145,

313.

Sun

dry

trans

itory

acc

ount

s32

.000

.000

,00

0,00

——

——

——

——

——

——

——

——

——

3322..55

4422..88

5555,,88

442288

55..1144

55,,3311

====

====

====

====

====

====

====

TTOOTTAA

LL LLII

AABBIILL

IITTIIEE

SS 2288

99..2222

99..0099

55,,0033

116666..

558800..

005555,,

3344==

====

====

====

====

====

====

==

MMEEMM

OO AACC

CCOOUUNN

TTSS2.

Cre

dit a

ccou

nts

quar

ante

es &

col

late

ral s

ecur

ities

2266

..884444

..551100

,,7700

2211..44

2200..55

2211,,44

55==

====

====

====

====

====

====

==

LLAAMM

DDAA OO

LLYYMM

PPIIAA

VVIILLLL

AAGGEE

SS..AA..

SSOOCCII

EETTEE

AANNOONN

YYMMEE

OOFF RR

EEAALL

EESSTTAA

TTEE DD

EEVVEELL

OOPPMM

EENNTT

CO R

EG. N

o 48

192/

01/B

/01/

516/

02BA

LANC

E SH

EET

AS O

F DE

CEM

BER

31st

200

4 (3

rd F

ISCA

L YE

AR 1

st J

ANUA

RY, 2

004

- 31

st D

ECEM

BER,

200

4)

NNoottee

ss::

The

acco

unt "

Othe

r Deb

tors

" inc

lude

s am

ount

ú14

mil.

appr

oxim

ately

whi

ch re

fers

to re

ceiva

bles

from

the

Gree

k St

ate

for t

he re

turn

of t

he c

omm

ercia

l cen

tre c

onst

ruct

ion

VAT.


51

FFiissccaa

ll YYeeaa

rr 220000

44FFiiss

ccaall YY

eeaarr 22

000033

Net r

esul

ts (p

rofit

/loss

es) b

efor

e ta

xes

647.

957,

82-4

16.0

74,0

2Pr

ofits

/ Los

ses

brou

ght f

orw

ard

-502

.172

,34

26.4

69,4

3—

——

——

——

——

——

——

——

——

—To

tal

145.

785,

48-3

89.6

04,5

9LLEE

SSSS1.

Ope

ratin

g ta

xes

260.

941,

450,

002.

Oth

er in

com

e ta

xes

not i

nclu

ded

in o

pera

ting

cost

11

5.39

9,47

112.

567,

75—

——

——

——

——

——

——

——

——

—LLoo

sssseess

CCaarr

rriieedd

FFoorrww

aarrdd

--223300

..555555

,,4444

--550022

..117722

,,3344

====

====

====

====

====

====

====

IINNCCOO

MMEE

SSTTAATT

EEMMEENN

TTffoo

rr ffiiss

ccaall yy

eeaarr ee

nnddiinn

gg DDee

cceemm

bbeerr 33

11sstt,,

22000044

((JJAANN

UUAARRYY

11sstt

,, 220000

44 --

DDEECCEE

MMBBEE

RR 3311

sstt 22

000044))

AAPPPPRR

OOPPRRII

AATTIIOO

NN AACC

CCOOUUNN

TT

CCEERRTT

IIFFIIEE

DD AAUU

DDIITTOO

RRSS’’ AA

CCCCOOUU

NNTTAANN

TTSS’’ AA

UUDDIITT

RREEPP

OORRTT

((TTRRAA

NNSSLLAA

TTIIOONN

))TTOO

TTHHEE

SSHHAA

RREEHHOO

LLDDEERR

SS OOFF

LLAAMM

DDAA OO

LLYYMM

PPIIAA

VVIILLLL

AAGGEE

SS..AA..

We

have

aud

ited

the

finan

cial

sta

tem

ents

and

the

rela

ted

note

s to

the

finan

cial

sta

tem

ents

of “

Lam

da O

lym

pia

Villa

ge S

.A”

for t

he y

ear e

nded

31

Dece

mbe

r 200

4. O

ur a

udit

was

car

ried

out i

n ac

cord

ance

with

the

prov

isio

ns o

f arti

cle

37 o

f the

Cod

ified

Law

219

0/19

20, a

nd th

ose

audi

t pro

cedu

res,

whi

ch w

eco

nsid

ered

app

ropr

iate

, bas

ed o

n th

e au

ditin

g st

anda

rds

and

prin

cipl

es a

dopt

ed b

y th

e In

stitu

te o

f Cer

tifie

d Au

dito

rs in

Gre

ece

(SOE

L). W

e w

ere

prov

ided

with

the

acco

untin

g bo

oks

and

reco

rds

mai

ntai

ned

by th

e co

mpa

ny a

s w

ell a

s w

ith th

e in

form

atio

n an

d ex

plan

atio

ns re

ques

ted

by u

s. T

he C

ompa

nyco

rrect

ly a

pplie

d th

e Gr

eek

Gene

ral C

hart

of A

ccou

nts.

The

re h

ave

been

no

chan

ges

in a

ccou

ntin

g po

licie

s in

com

paris

on to

the

prio

r yea

r. W

e ve

rifie

d th

at th

e re

leva

nt in

form

atio

n co

ntai

ned

in th

e Bo

ard

of D

irect

ors’

repo

rt ad

dres

sed

to th

e sh

areh

olde

rs’g

ener

al a

ssem

bly

is c

onsi

sten

t with

the

finan

cial

stat

emen

ts. T

he n

otes

to th

e fin

anci

al s

tate

men

ts in

clud

e th

e in

form

atio

n, w

hich

is re

quire

d by

arti

cle

43a,

par

agra

ph 1

of t

he C

odifi

ed L

aw 2

190/

1920

. Our

aud

it re

veal

ed th

e fo

llow

ing:

1. T

he fi

nanc

ial y

ears

200

3 an

d 20

04 h

ave

not b

een

audi

ted

by th

e ta

x au

thor

ities

and

ther

efor

e th

e ta

x lia

bilit

ies

for t

hese

year

s ha

ve n

ot b

een

final

ized

yet.

2. T

he c

ompa

ny h

as n

ot v

alue

d its

inve

ntor

y at

the

low

er o

f cos

t and

net

real

izabl

e va

lue,

as

defin

ed b

y th

e pr

ovis

ion

of a

rticl

e 43

par

agra

ph 7

a of

Cod

ified

Law

219

0/19

20. H

ad th

e re

leva

nt p

rovis

ions

bee

n ap

plie

d, th

e am

ount

in th

e Ba

lanc

e Sh

eet l

ine

D.I.3

“La

nd a

ndm

ater

ials

for s

ale”

sho

uld

have

bee

n de

crea

sed

by a

ppro

ximat

ely

Euro

8,9

milli

on a

nd w

ith th

e sa

me

amou

nt b

eing

cha

rged

to th

e re

sults

of t

he p

erio

d. 3

. As

of th

e au

dit r

epor

t dat

e, th

e tra

nsfe

r of l

and

title

s re

latin

g to

the

purc

hase

of l

and

for t

he c

onsi

dera

tion

of E

uro

35,2

milli

on w

hich

has

bee

n in

clud

edun

der A

sset

s “C

onst

ruct

ion

in P

rogr

ess”

and

“La

nd a

nd m

ater

ials

for s

ale”

has

not

bee

n co

mpl

eted

yet

. 4. T

he c

ompa

ny, a

s a

com

mon

pra

ctic

e, in

con

trast

to th

e pr

ovis

ions

of C

odifi

ed L

aw 2

190/

1920

, con

side

rs p

rom

otio

nal a

nd m

arke

ting

expe

nditu

res

for i

ts n

ew p

roje

cts

as p

art o

f the

con

stru

ctio

n co

stof

thes

e pr

ojec

ts. T

he a

mou

nt th

at s

houl

d ha

ve b

een

char

ged

to th

e re

sults

of t

he c

urre

nt y

ear i

s ap

prox

imat

ely

Euro

830

thou

sand

. In

our o

pini

on, t

he a

fore

men

tione

d Fi

nanc

ial S

tate

men

ts a

re in

agr

eem

ent w

ith th

e bo

oks

and

reco

rds

of th

e co

mpa

ny a

nd to

geth

er w

ith th

e no

tes

to th

e fin

anci

al s

tate

men

tex

cept

for t

he m

atte

rs m

entio

ned

abov

e, p

rese

nt th

e co

mpa

ny’s

ass

ets

and

finan

cial

pos

ition

as

at 3

1 De

cem

ber 2

004

and

the

resu

lts o

f the

fina

ncia

l yea

r tha

t end

ed in

acc

orda

nce

with

the

curre

nt le

gisl

atio

n an

d Gr

eek

Gene

rally

Acc

epte

d Ac

coun

ting

Prin

cipl

es, w

hich

do

not d

iffer

from

thos

e w

hich

the

com

pany

had

app

lied

in p

rior y

ears

.

AAtthhee

nnss,, AA

pprriill

1199tthh

,, 220000

55Th

e Ce

rtifie

d Au

dito

r Acc

ount

ant

CCoonnss

ttaanntt

iinnooss

MMiixxaa

llaattoo

ssRe

gist

ratio

n No

. 177

01

AAtthhee

nnss,, AA

pprriill

1199tthh

,, 220000

55

THE

CHAI

RMAN

OF

THE

BOAR

D A

MEM

BER

THE

CHIE

F FI

NANC

IAL

MAN

AGER

THE

CHI

EF A

CCOU

NTAN

T

VVAASSSS

IILLIIOO

SS SS..

VVEEKKII

OOSSAANN

TTOONNII

OOSS KK

..KKAAFF

FFAASS

VVAASSSS

IILLIIOO

SS AA..

BBAALLOO

UUMMIISS

MMAARR

IIAA TT

HH.. MM

AALLIIAA

PPPPII

ID. C

. X 0

6697

3ID

.C. ™

2722

17ID

. C. T

061

891

LICE

NCE

NUM

BER

A' C

LASS

001

6087

FFiissccaa

ll YYeeaa

rr 220000

44 FFiiss

ccaall YY

eeaarr 22

000033

II.. OOPP

EERRAATT

IINNGG

RREESSUU

LLTTSS

Turn

over

5.

685.

913,

160,

00Le

ss::

Cost

of g

oods

sol

d4.

327.

894,

020,

00—

——

——

——

——

——

——

——

——

—Gr

oss

Oper

atin

g Re

sults

1.

358.

019,

140,

00LLee

ssss:

1. A

dmin

istra

tive

expe

nses

567.

031,

5641

4.18

9,34

——

——

——

——

——

——

——

——

——

Tota

l Ope

ratin

g Re

sults

79

0.98

7,58

-414

.189

,34

PPlluuss

:4.

Inte

rest

inco

me

and

rela

ted

reve

nues

6.25

8,52

760,

14LLee

ssss: 3.

Inte

rest

exp

ense

s an

d re

late

d co

sts

1.12

7,12

5.13

1,40

2.52

1,13

-1.7

60,9

9—

——

——

——

——

——

——

——

——

——

——

——

——

——

—

——

——

——

——

Tota

l Ope

ratin

g Re

sults

79

6.11

8,98

-415

.950

,33

ππππ..PPLL

UUSS:: EE

xxttrraa

oorrddii

nnaarryy

RReess

uullttss

1. E

xtra

ordi

nary

and

non

ope

ratin

g in

com

e77

,70

183,

51

LLeessss

::1.

Ext

raor

dina

ry a

nd n

on o

pera

ting

expe

nses

148.

238,

86-1

48.1

61,1

630

7,20

-123

,69

——

——

——

——

——

——

——

——

——

—

——

——

——

——

——

——

——

——

—Op

erat

ing

& Ex

traor

dina

ry R

esul

ts

647.

957,

82-4

16.0

74,0

2LLee

ssss::

Tota

l dep

reci

atio

n of

fixe

d as

sets

149.

544,

4512

7.79

3,80

LLeessss

: Dep

reci

atio

n in

clud

ed in

ope

ratin

g co

st14

9.54

4,45

0,00

127.

793,

800,

00—

——

——

——

——

——

——

——

——

——

——

——

——

——

—

——

——

——

——

NNEETT

RREESSUU

LLTTSS

OOFF TT

HHEE PP

EERRIIOO

DD6644

77..9955

77,,8822

--441166

..007744

,,0022

====

====

====

====

====

====

====


52

AASSSSEE

TTSSFFiiss

ccaall YY

eeaarr 22

000044

FFiissccaa

ll YYeeaa

rr 220000

33AAcc

qquuiiss

iittiioonn

DDeepprr

eecciiaa

ttiioonn

NNeett BB

ooookk

AAccqquu

iissiittii

oonnDDee

pprreecc

iiaattiioo

nnNNee

tt BBoooo

kkVVaa

lluuee

VVaalluu

eeVVaa

lluuee

VVaalluu

eeµµ..

FFOORRMM

AATTIIOO

NN EEXX

PPEENNSS

EESS1.

Est

ablis

hmen

t exp

ense

s1.

469.

821,

0873

5.15

7,51

734.

663,

571.

469.

821,

0844

1.19

3,29

1.02

8.62

7,79

4. O

ther

cap

italiz

ed e

xpen

ses

134.

406,

5862

.665

,90

71.7

40,6

813

3.88

4,58

35.2

07,2

198

.677

,37

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

TToottaa

ll FFoorr

mmaatt

iioonn

EExxppee

nnsseess

11..6600

44..2222

77,,6666

779977..

882233,,

44118800

66..4400

44,,2255

11..6600

33..7700

55,,6666

447766..

440000,,

550011..

112277..

330055,,

1166==

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

==CC..

FFIIXXEE

DD AASS

SSEETTSS

ππ. T

angi

ble

Asse

ts6.

Fur

nitu

re &

fixt

ures

41.8

31,7

10,

0041

.831

,71

13.2

93,5

50,

0013

.293

,55

7. A

sset

s un

der c

onst

ruct

ion

42.5

61.1

76,8

80,

0042

.561

.176

,88

8.62

1.63

9,32

0,00

8.62

1.63

9,32

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

TToottaa

ll TTaann

ggiibbll

ee AAss

sseettss

((CCππππ))

4422..66

0033..00

0088,,55

9900,,

00004422

..660033

..000088

,,5599

88..6633

44..9933

22,,8877

00,,0000

88..6633

44..9933

22,,8877

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

πππ. P

artic

ipat

ions

& O

ther

Lon

g Te

rm A

sset

s7.

Oth

er lo

ng te

rm re

ceiva

bles

2.60

0,00

0,00

====

====

====

====

====

====

====

TToottaa

ll FFiixxee

dd AAss

sseettss

((CCππππ++

CCIIIIII))

4422..66

0055..66

0088,,55

9988..

663344..

993322,,

8877==

====

====

====

====

====

====

==DD..

CCUURRRR

EENNTT

AASSSSEE

TTSSπ.

Inve

ntor

ies5.

Adv

ance

s fo

r mat

eria

ls0,

0098

.250

,00

====

====

====

====

====

====

====

ππ. R

eceiv

ables

1. A

ccou

nts

Rece

ivabl

e 20

0.10

3,81

0,00

3a .C

hequ

es R

ecei

vabl

e75

6.01

7,87

0,00

11.

Othe

r deb

tors

7.26

0.95

6,82

1.35

8.28

8,84

12.

Adva

nces

to c

redi

t acc

ount

s0,

002.

165,

88—

——

——

——

——

——

——

——

——

—88..

221177..

007788,,

550011..

336600..

445544,,

7722==

====

====

====

====

====

====

==πV

. Cas

h &

Bank

s De

posi

t1.

Cas

h81

7,23

1.26

9,99

3. C

urre

nt A

ccou

nts

& tim

e de

posi

ts6.

190.

574,

421.

365.

446,

87—

——

——

——

——

——

——

——

——

—66..

119911..

339911,,

665511..

336666..

771166,,

8866==

====

====

====

====

====

====

==TToo

ttaall CC

uurrrree

nntt AA

sssseett

ss ((DD

ππ++DDππ

ππ++DDππ

VV))1144

..440088

..447700

,,1155

22..8822

55..4422

11,,5588

====

====

====

====

====

====

====

TTOOTTAA

LL AASS

SSEETTSS

((BB++

CC++DD))

5577..88

2200..44

8822,,99

991122

..558877

..665599

,,6611

====

====

====

====

====

====

====

MMEEMM

OO AACC

CCOOUUNN

TTSS2.

Deb

it ac

coun

ts o

f gua

rant

ees

& co

llate

ral s

ecur

ities

5.86

5.07

6,78

3.96

3.21

2,29

3. C

laim

s in

bila

tera

l agr

eem

ents

1.46

7.35

1,43

1.46

7.35

1,43

——

——

——

——

——

——

——

——

——

77..3333

22..4422

88,,2211

55..4433

00..5566

33,,7722

====

====

====

====

====

====

====

LLIIAABB

IILLIITT

IIEESS

FFiissccaa

ll YYeeaa

rrFFiiss

ccaall YY

eeaarr

22000044

22000033

∞∞..CCAA

PPIITTAA

LL AANN

DD RREE

SSEERRVV

EESSπ.

Shar

e Ca

pita

lSh

are

Capi

tal

(11,

303,

739

shar

es o

f 1 ú

)1.

Pai

d up

11.3

03.7

39,0

011

.303

.739

,00

——

——

——

——

——

——

——

——

——

1111..33

0033..77

3399,,00

001111

..330033

..773399

,,0000

====

====

====

====

====

====

====

V. R

esul

ts C

arrie

d Fo

rwar

dLo

ss c

arrie

d fo

rwar

d-3

42.8

20,0

3-4

31.0

03,9

9Pr

ior y

ears

’ los

ses

carri

ed fo

rwar

d-6

37.3

91,2

6-2

06.3

87,2

7—

——

——

——

——

——

——

——

——

—--99

8800..22

1111,,22

99--66

3377..33

9911,,22

66==

====

====

====

====

====

====

==VI

. Am

ount

s in

tend

ed fo

r inc

reas

e of

cap

ital

1. D

epos

its b

y Sh

areh

olde

rs31

.400

.000

,00

0,00

====

====

====

====

====

====

====

TToottaa

ll EEqquu

iittyy CC

aappiittaa

ll ((∞∞ππ

++∞∞VV

++∞∞VV

II))4411

..772233

..552277

,,7711

1100..66

6666..33

4477,,77

44==

====

====

====

====

====

====

==CC..

LLIIAABB

IILLIITT

IIEESS

ππ. S

hort

Term

Lia

biliti

es1

. Su

pplie

rs5.

230.

854,

871.

873.

654,

662

. Ba

nk L

oans

10.0

00.0

00,0

00,

005

. Ta

xes

and

dutie

s17

0.80

2,44

47.5

85,9

36

. So

cial

sec

urity

fund

s96

7,20

0,00

11.

Sund

ry c

redi

tors

694.

330,

7771

,28

——

——

——

——

——

——

——

——

——

TToottaa

ll LLiiaa

bbiilliitt

iieess

((CCππππ))

1166..00

9966..99

5555,,22

8811..

992211..

331111,,

8877==

====

====

====

====

====

====

==

TTOOTTAA

LL LLII

AABBIILL

IITTIIEE

SS ((AA

++CC))

5577..88

2200..44

8822,,99

991122

..558877

..665599

,,6611

====

====

====

====

====

====

====

MMEEMM

OO AACC

CCOOUUNN

TTSS2.

Cre

dit a

ccou

nts

of g

uara

ntee

s &

colla

tera

l sec

uriti

es5.

865.

076,

783.

963.

212,

293.

Obl

igat

ions

from

bila

tera

l agr

eem

ents

1.46

7.35

1,43

1.46

7.35

1,43

——

——

——

——

——

——

——

——

——

77..3333

22..4422

88,,2211

55..4433

00..5566

33,,7722

====

====

====

====

====

====

====

PPYYLLEE

AA SS..

AA..SSOO

CCIIEETT

EE AANN

OONNYYMM

EE OOFF

RREEAA

LL EESS

TTAATTEE

DDEEVV

EELLOOPP

MMEENN

TT,, PP

RROOVVII

SSIIOONN

OOFF

SSEERRVV

IICCEESS

,, TTRRAA

DDIINNGG

AANNDD

AAGGEE

NNCCIIEE

SSCO

REG

. No

5004

3/01

/µ/0

1/60

0BA

LANC

E SH

EET

AS O

F 31

st D

ECEM

BER

2004

- 3

rd F

ISCA

L YE

AR 1

(1st

JAN

UARY

200

4 -

31st

DEC

EMBE

R 20

04)

NNoottee

ss::

The

acco

unt "

Othe

r Deb

tors

" inc

lude

s am

ount

ú 5

.9 m

il. ap

prox

imat

ely w

hich

refe

rs to

rece

ivabl

es fr

om th

e Gr

eek

Stat

e fo

r the

retu

rn o

f the

com

mer

cial c

entre

con

stru

ctio

n VA

T.


53

FFiissccaa

ll YYee

aarr 22

000044

FFiissccaa

ll YYee

aarr 22

000033

II.. OOPP

EERRAATT

IINNGG

RREESSUU

LLTTSS

Turn

over

23

4.74

4,00

0,00

Less

::Co

st o

f goo

ds s

old

0,00

0,00

——

—---——

——

——

——

——

——

——

—Gr

oss

oper

atin

g re

sults

234.

744,

000,

00LLee

ssss ::

1. A

dmin

ista

rtive

exp

ense

s57

8.50

1,28

429.

896,

40—

——

——

——

——

——

——

——

——

—Pa

rtial

Ope

ratin

g Re

sults

-343

.757

,28

-429

.896

,40

PPlluuss

::4.

Inte

rest

inco

me

and

rela

ted

reve

nues

1.45

7,24

1.45

7,24

0,00

0,00

——

——

——

——

——

——

——

——

—

——

——

——

——

——

——

——

——

——

LLeessss

::3.

Inte

rest

exp

ense

s an

d re

late

d co

sts

319,

99-3

19,9

972

8,41

-728

,41

——

——

——

——

——

——

——

——

—

——

——

——

——

——

——

——

——

——

Tota

l Ope

ratin

g re

sults

-342

.620

,03

-430

.624

,81

ππππ..PPLL

UUSS:: EE

xxttrraa

oorrddii

nnaarryy

RReess

uullttss

1. E

xtra

ordi

nary

and

non

ope

ratin

g in

com

e0,

0029

0,82

LLeessss

::1.

Ext

raor

dina

ry a

nd n

on o

pera

ting

expe

nses

200,

00-2

00,0

067

0,00

-379

,18

——

——

——

——

——

——

——

——

——

——

——

——

——

—

——

——

——

——

Oper

atin

g &

Extra

ordi

nary

Res

ults

-342

.820

,03

-431

.003

,99

LLeessss

::To

tal d

epre

ciat

ion

of fi

xed

asse

ts32

1.42

2,91

321.

152,

39Le

ss: D

epre

ciat

ion

incl

uded

in o

pera

ting

cost

321.

422,

910,

0032

1.15

2,39

0,00

——

——

——

——

——

——

——

——

——

——

——

——

——

—

——

——

——

—NNEE

TT RREE

SSUULLTT

SS OOFF

TTHHEE

PPEERR

IIOODD

--334422

..882200

,,0033

--443311

..000033

,,9999

====

====

====

===

====

====

===

FFiissccaa

ll YYeeaa

rrFFiiss

ccaall YY

eeaarr

22000044

2200

0033

Net p

erio

d re

sults

-342

.820

,03

-431

.003

,99

Prio

r yea

rs’ l

osse

s ca

rried

forw

ard

-637

.391

,26

-206

.387

,27

——

——

——

——

——

——

——

——

——

LLoossss

ccaarr

rriieedd

ffoorrww

aarrdd

--998800

..221111

,,2299

--663377

..339911

,,2266

====

====

====

====

====

====

====

IINNCCOO

MMEE

SSTTAATT

EEMMEENN

TTffoo

rr ffiiss

ccaall yy

eeaarr ee

nnddiinn

gg DDee

cceemm

bbeerr 33

11sstt,,

22000044

((11

sstt JJ

AANNUUAA

RRYY 22

000044

-- 33

11sstt DD

EECCEEMM

BBEERR

22000044

))AAPP

PPRROOPP

RRIIAATT

IIOONN

AACCCCOO

UUNNTT

CCEERRTT

IIFFIIEE

DD AAUU

DDIITTOO

RRSS’’ AA

CCCCOOUU

NNTTAANN

TTSS’’ AA

UUDDIITT

RREEPP

OORRTT

TToo tthh

ee SShh

aarreehh

oollddee

rrss oo

ff ““PPyy

lleeaa

SS..AA..

””

We

have

aud

ited

the

finan

cial

stat

emen

ts a

nd th

e re

lated

not

es to

the

finan

cial

stat

emen

ts o

f "Py

lea S

.A" f

or th

e ye

ar e

nded

31

Dece

mbe

r 200

4. O

ur a

udit

was

car

ried

out i

n ac

cord

ance

with

the

prov

ision

s of

arti

cle

37 o

f the

Cod

ified

Law

219

0/19

20, a

nd th

ose

audi

t pro

cedu

res,

whi

ch w

e co

nsid

ered

app

ropr

iate,

base

d on

the

audi

ting

stan

dard

s an

d pr

inci

ples

ado

pted

by

the

Inst

itute

of C

ertif

ied A

udito

rs in

Gre

ece

(SOE

L). W

e w

ere

prov

ided

with

the

acco

untin

g bo

oks

and

reco

rds

main

tain

ed b

y th

e co

mpa

ny a

s w

ell a

s w

ith th

e in

form

atio

n an

d ex

plan

atio

ns re

ques

ted

byus

. The

Com

pany

cor

rect

ly ap

plied

the

Gree

k Ge

nera

lCh

art o

f Acc

ount

s. T

here

hav

e be

en n

o ch

ange

s in

acc

ount

ing

polic

ies in

com

paris

on to

the

prio

r yea

r. W

e ve

rified

that

the

relev

ant i

nfor

mat

ion

cont

ained

in th

e Bo

ard

of D

irect

ors’

repo

rt ad

dres

sed

to th

e sh

areh

olde

rs’ g

ener

al as

sem

bly

is co

nsist

ent w

ithth

e fin

anci

al st

atem

ents

. The

not

es to

the

finan

cial

stat

emen

ts in

clud

e th

e in

form

atio

n, w

hich

is re

quire

d by

arti

cle

43a,

par

agra

ph 1

of t

he C

odifi

ed L

aw 2

190/

1920

. Our

aud

it re

veale

d th

e fo

llow

ing:

1. T

he fi

nanc

ial y

ears

200

3 an

d 20

04 h

ave

not b

een

audi

ted

by th

e ta

x au

thor

ities

and

ther

efor

e th

e ta

x lia

biliti

es fo

r the

se y

ears

hav

e no

t bee

n fin

alize

d ye

t. 2

. The

com

pany

, as

a co

mm

on p

ract

ice,

in c

ontra

st to

the

prov

ision

s of

Cod

ified

Law

219

0/19

20, c

onsid

ers

prom

otio

nal a

nd m

arke

ting

expe

nditu

res

for i

ts n

ew p

rojec

ts a

s pa

rt of

the

cons

truct

ion

cost

of t

hese

pro

jects

. The

am

ount

that

sho

uld

have

bee

n ch

arge

d to

the

resu

lts o

f the

cur

rent

yea

r is

appr

oxim

ately

Eur

o56

8 th

ousa

nd. I

n ou

r opi

nion

, the

afo

rem

entio

ned

Finan

cial

Stat

emen

ts a

re in

agr

eem

ent w

ith th

e bo

oks

and

reco

rds

of th

e co

mpa

ny a

nd to

geth

er w

ith th

e no

tes

to th

e fin

anci

al st

atem

ent e

xcep

t for

the

mat

ters

men

tione

d ab

ove,

pre

sent

the

com

pany

’s a

sset

s an

d fin

anci

al po

sitio

n as

at 3

1 De

cem

ber 2

004

and

the

resu

lts o

f the

fina

ncial

yea

r tha

t end

ed in

acc

orda

nce

with

the

curre

nt le

gisla

tion

and

Gree

k Ge

nera

lly A

ccep

ted

Acco

untin

g Pr

inci

ples

, whi

ch d

o no

t diff

er fr

om th

ose

whi

ch th

e co

mpa

ny h

ad a

pplie

d in

prio

r yea

rs.

AAtthhee

nnss,, AA

pprriill

1199tthh

,, 220000

55Th

e Ce

rtifie

d Au

dito

r-Acc

ount

ant

KKoonnss

ttaanntt

iinnooss

MMiicc

hhaallaatt

oossRe

g.NO

SOE

L 17

701

AAtthhee

nnss,, AA

pprriill

1199tthh

,, 220000

55

THE

CHAI

RMAN

OF

THE

BOAR

DA

MEM

BER

THE

CHIE

F FI

NANC

IAL

MAN

AGER

THE

CHIE

F AC

COUN

TANT

AANNAAGG

NNOOSSTT

OOPPOOUU

LLOOSS

GG..LLAA

MMBBRR

OOSSGGLL

AAVVAASS

CC.. TT

HHEEOODD

OORROOSS

KKAAFFFF

AASS ∫∫

..∞∞¡¡∆∆

OONNIIOO

SSMM

AALLLLII

AAPPII TT

HH..MM

AARRIIAA

PASS

. N62

7134

ID.C

. • 3

7110

9ID

.C. ™

2722

17LI

CENS

E NU

MBE

R A'

CLA

SS 0

0160

87


54

AASSSSEE

TTSSFFiiss

ccaall YY

eeaarr 22

000044

FFiissccaa

ll YYeeaa

rr 220000

33AAcc

qquuiiss

iittiioonn

DDeepprr

eecciiaa

ttiioonn

NNeett BB

ooookk

AAccqquu

iissiittii

oonnDDee

pprreecc

iiaattiioo

nnNNee

tt BBoooo

kkVVaa

lluue e

VVaalluu

eeVVaa

lluuee

VVaalluu

eeµµ..

FFOORRMM

AATTIIOO

NN EEXX

PPEENNSS

EESS1.

Est

ablis

hmen

t exp

ense

s25

4.87

7,71

134.

506,

0712

0.37

1,64

254.

877,

7111

4.08

4,17

140.

793,

544.

Oth

er c

apita

lised

exp

ense

s51

4.97

4,41

284.

706,

6623

0.26

7,75

311.

750,

6721

2.69

4,62

99.0

56,0

5—

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

—TToo

ttaall FF

oorrmm

aattiioo

nn EExx

ppeennss

eess7766

99..8855

22,,1122

441199..

221122,,

77333355

00..6633

99,,3399

556666..

662288,,

33883322

66..7777

88,,7799

223399..

884499,,

5599==

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

==CC..

FFIIXXEE

DD AASS

SSEETTSS

ππ. T

angi

ble

asse

ts1.

Lan

d2.

512.

199,

332.

512.

199,

332.

061.

609,

322.

061.

609,

323.

Bui

ldin

g &

cons

truct

ion

2.08

3.47

6,59

1.01

4.73

3,93

1.06

8.74

2,66

1.86

6.47

0,62

746.

140,

151.

120.

330,

474.

Mac

hine

ry -

Tech

nica

l ins

talla

tion

4.67

4.67

9,19

2.02

8.30

2,51

2.64

6.37

6,68

3.93

6.20

3,88

1.47

9.76

5,04

2.45

6.43

8,84

5. T

rans

porta

tion

equi

pmen

t4.

378.

867,

6155

8.93

1,12

3.81

9.93

6,49

4.35

0.65

9,54

209.

855,

834.

140.

803,

716.

Fur

nitu

re &

fixt

ures

317.

627,

5719

8.23

6,04

119.

391,

5323

5.40

6,79

137.

336,

6498

.070

,15

7. A

sset

s un

der c

onst

ruct

ion

4.

986.

542,

334.

986.

542,

333.

008.

641,

063.

008.

641,

06—

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

—TToo

ttaall TT

aannggii

bbllee

AAssssee

ttss ((CC

IIII))1188

..995533

..339922

,,6622

33..8800

00..2200

33,,6600

1155..11

5533..11

8899,,00

221155

..445588

..999911

,,2211

22..5577

33..0099

77,,6666

1122..88

8855..88

9933,,55

55==

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

==πππ

. Par

ticip

atio

ns &

Oth

er L

ong

Term

Ass

ets

1. P

artic

ipat

ion

in a

ffilia

ted

com

pani

es3.

100.

000,

003.

100.

000,

007.

Oth

er lo

ng te

rm fi

nanc

ial a

sset

s14

.050

,34

11.6

37,2

8—

——

——

——

——

——

——

——

——

—33..

111144..

005500,,

334433..

111111..

663377,,

2288==

====

====

====

====

====

====

==TToo

ttaall FF

iixxeedd

AAssssee

ttss ((CC

ππππ++CCππ

ππππ))1188

..226677

..223399

,,3366

1155..99

9977..55

3300,,88

33==

====

====

====

====

====

====

==DD..

CCUURRRR

EENNTT

AASSSSEE

TTSSπ.

Inve

ntor

ies4.

Raw

& a

uxilia

ry m

ater

ials

- Pa

ckag

ing

mat

eria

ls70

.374

,47

70.9

48,7

65.

Adv

ance

s fo

r raw

mat

eria

ls24

6.19

2,95

1.77

9.95

0,87

——

——

——

——

——

——

——

——

——

331166..

556677,,

442211..

885500..

889999,,

6633==

====

====

====

====

====

====

==ππ.

Rec

eivab

les1.

Cus

tom

ers

8.73

4.16

6,19

3.90

1.60

4,77

3a.

Chec

ks re

ceiva

ble

429.

020,

4147

2.00

0,00

10.

Doub

tful r

ecei

vabl

es65

.888

,71

7.84

6,81

11.

Othe

r deb

tors

1.70

8.23

5,06

1.13

0.47

7,76

12.

Adva

nces

to c

redi

t acc

ount

s84

.999

,86

——

——

——

——

——

——

——

——

——

1100..99

3377..33

1100,,33

7755..

559966..

992299,,

2200==

====

====

====

====

====

====

==πV

. Cas

h &

bank

s De

posi

t1.

Cas

h 1.

002,

1569

1,82

3. C

urre

nt a

ccou

nts

& tim

e de

posi

ts15

5.80

3,37

115566..

880055,,

552230

9.97

0,82

331100..

666622,,

6644—

——

——

——

——

====

====

====

==—

——

——

——

——

====

====

====

==TToo

ttaall CC

uurrrree

nntt AA

sssseett

ss ((DD

II++DDππ

II++DDππ

VV))1111

..441100

..668833

,,3311

77..7755

88..4499

11,,4477

====

====

====

====

====

====

====

∂∂..TTRR

AANNSSII

TTOORRYY

AACCCC

OOUUNNTT

SS 1.

Pre

paid

exp

ense

s 13

3.63

7,72

36.7

48,1

72.

Acc

rued

inco

me

667.

923,

02—

——

——

——

——

——

——

——

——

—1133

33..6633

77,,7722

770044..

667711,,

1199==

====

====

====

====

====

====

==TTOO

TTAALL

AASSSSEE

TTSS ((BB

++CC++

DD++EE))

3300..11

6622..11

9999,,77

882244

..770000

..554433

,,0088

====

====

====

====

====

====

====

MMEEMM

OO AACC

CCOOUUNN

TTSS2.

Deb

it ac

coun

ts o

f gua

rant

ees

& co

llate

ral s

ecur

ities

1.78

9.31

0,72

1.82

1.98

6,61

——

——

——

——

——

——

——

——

——

11..7788

99..3311

00,,7722

11..8822

11..9988

66,,6611

====

====

====

====

====

====

====

LLIIAABB

IILLIITT

IIEESS

FFiissccaa

ll YYeeaa

rrFFiiss

ccaall YY

eeaarr

22000044

22000033

∞∞..CCAA

PPIITTAA

LL AANN

DD RREE

SSEERRVV

EESSπ.

Shar

e Ca

pita

lSh

are

Capi

tal (

2.56

3.35

3 sh

ares

of 4

ú)

1. P

aid

up10

.253

.412

,00

10.2

53.4

12,0

0—

——

——

——

——

——

——

——

——

—1100

..225533

..441122

,,0000

1100..22

5533..44

1122,,00

00==

====

====

====

====

====

====

==IV

. Res

erve

s 1.

Leg

al re

serv

es47

.940

,64

47.9

40,6

45.

Tax

-free

rese

rves

und

er s

peci

al la

ws

38.6

31,1

738

.631

,17

——

——

——

——

——

——

——

——

——

8866..55

7711,,88

118866

..557711

,,8811

====

====

====

====

====

====

====

V. R

esul

ts C

arrie

d Fo

rwar

dBa

lanc

e of

pro

fits

carri

ed fo

rwar

d -8

77.8

80,5

021

7.70

9,47

——

——

——

——

——

——

——

——

——

--887777

..888800

,,5500

221177..

770099,,

4477==

====

====

====

====

====

====

==TToo

ttaall EE

qquuiillyy

CCaapp

iittaall ((

∞∞ππ++

AAIIVV++

∞∞VV))

99..4466

22..1100

33,,3311

1100..55

5577..66

9933,,22

88==

====

====

====

====

====

====

==BB..

PPRROO

VVIISSII

OONNSS

2. O

ther

pro

visio

ns97

6.51

5,37

——

——

——

——

——

——

——

——

——

997766..

551155,,

3377==

====

====

====

====

====

====

==CC..

LLIIAABB

IILLIITT

IIEESS

I. Lo

ng T

erm

liab

ilities

2. B

ank

Loan

s6.

416.

000,

00—

——

——

——

——

——

——

——

——

—TToo

ttaall LL

oonngg

TTeerrmm

LLiiaa

bbiilllliitt

iieess

66..4411

66..0000

00,,0000

====

====

====

====

====

====

====

ππ. S

hort

Term

liab

ilities

1. S

uppl

iers

4.96

4.30

8,59

3.73

8.89

8,43

3. S

hort

term

ban

k lo

ans

6.77

8.38

3,50

7.11

2.70

0,56

4. C

usto

mer

s ad

vanc

es35

6.51

8,09

2.44

7.91

9,29

5. T

axes

& d

utie

s32

9.22

6,37

213.

255,

526.

Soc

ial s

ecur

ity

185.

478,

8516

8.20

1,06

11.

Sund

ry c

redi

tors

444.

902,

3146

1.87

4,94

——

——

——

——

——

——

——

——

——

TToottaa

ll SShhoo

rrtt TTee

rrmm LL

iiaabbii

lliittiiee

ss ((CC

))1133

..005588

..881177

,,7711

1144..11

4422..88

4499,,88

00==

====

====

====

====

====

====

==TToo

ttaall LL

iiaabbii

lliittiiee

ss ((CC

II++CCππ

ππ))1199

..447744

..881177

,,7711

1144..11

4422..88

4499,,88

00==

====

====

====

====

====

====

==

DD..

TTRRAANN

SSIITTOO

RRYY AA

CCCCOOUU

NNTTSS

3. O

ther

tran

sito

ry li

abilit

ies

acco

unts

248.

763,

39—

——

——

——

——

——

——

——

——

—2244

88..7766

33,,3399

====

====

====

====

====

====

====

TTOOTTAA

LL LLII

AABBIILL

IITTIIEE

SS ((AA

++CC++

DD))3300

..116622

..119999

,,7788

2244..77

0000..55

4433,,00

88==

====

====

====

====

====

====

==MM

EEMMOO

AACCCCOO

UUNNTTSS

2.

Cre

dit a

ccou

nts

of g

uara

ntee

s &

colla

tera

l sec

uriti

es1.

789.

310,

721.

821.

986,

61—

——

——

——

——

——

——

——

——

—11..

778899..

331100,,

772211..

882211..

998866,,

6611==

====

====

====

====

====

====

==

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. 7

814/

03/B

/86/

95BA

LANC

E SH

EET

AS O

F DE

CEM

BER

31st

, 200

4 -

36th

FIS

CAL

YEAR

( JA

NUAR

Y 1s

t - D

ECEM

BER

31st

)

NNoottee

ss ttoo

tthhee

BBaallaann

ccee SS

hheeeett

::1.

The

com

pany

may

be

expo

sed

to lo

sses

due

a fi

re th

at to

ok p

lace

on a

cus

tom

er’s

yac

ht o

n Ja

nuar

y 10

, 200

4, w

hich

was

loca

ted

in th

e co

mpa

ny’s

shi

pyar

d. U

p un

til th

e ba

lance

she

et d

ate

the

insu

ranc

e co

mpa

ny h

ad n

ot fi

naliz

ed it

s as

sess

men

t of t

he lo

sses

, con

sequ

ently

it is

not

pos

sible

to d

eter

min

e th

e lo

ss fo

r the

com

pany

in th

e ev

ent t

hat

the

insu

ranc

e do

es n

ot c

over

the

full a

mou

nt o

f the

dam

age.

2.

Ban

k bo

rrow

ings

am

ount

ed to

ú5.

166.

000

have

bee

n se

cure

d by

the

com

pany

’s p

rem

ises

for t

he v

alue

of ú

16.5

00.0

00.

3. T

he c

ompa

ny’s

land

and

bui

ldin

gs w

ere

reva

lued

at D

ecem

ber 3

1, 2

004,

bas

ed o

n La

w 2

065/

1992

, res

ultin

g in

a s

urpl

us o

f ú45

4.69

9,67

.


55

FFiissccaa

ll YYeeaa

rr 220000

44FFiiss

ccaall YY

eeaarr 22

000033

II.. OOPP

EERRAATT

IINNGG

RREESSUU

LLTTSS

Turn

over

26

.310

.931

,41

17.5

29.2

03,5

0LLee

ssss ::

Cost

of g

oods

sol

d23

.661

.761

,87

14.9

85.5

11,8

4—

——

——

——

——

——

——

——

——

—Gr

oss

Oper

atin

g Re

sults

2.

649.

169,

542.

543.

691,

66PPll

uuss ::

1. O

ther

ope

ratin

g in

com

e 19

3.35

9,15

213.

584,

87—

——

——

——

——

——

——

——

——

—To

tal

2.84

2.52

8,69

2.75

7.27

6,53

LLeessss

:: 1.

Adm

inis

trativ

e ex

pens

es

3.00

4.25

8,03

2.41

2.47

2,02

3. D

istri

butio

n ex

pens

es23

4.12

2,41

3.23

8.38

0,44

267.

557,

532.

680.

029,

55—

——

——

——

——

——

——

——

——

—

——

——

——

——

——

——

——

——

——

Parti

al O

pera

ting

Resu

lts-3

95.8

51,7

577

.246

,98

PPlluuss

:: 1.

Inco

me

from

par

ticip

atio

ns54

5.00

0,00

2. In

com

e fro

m m

arke

tabl

e se

curit

ies

4.55

5,90

3. P

rofit

s fro

m s

ale

of p

artic

ipat

ion

and

secu

ritie

s4.

Inte

rest

inco

me

and

rela

ted

reve

nues

1.89

8,90

3.18

5,54

——

——

——

——

——

——

——

——

——

546.

898,

907.

741,

44LLee

ssss:

3. In

tere

st e

xpen

ses

and

rela

ted

cost

s50

8.27

0,96

38.6

27,9

422

3.33

4,27

-215

.592

,83

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

Tota

l Ope

ratin

g Re

sults

-3

57.2

23,8

1-1

38.3

45,8

5ππππ..

PPLLUU

SS:: EE

xxttrraa

oorrddii

nnaarryy

RReess

uullttss

1. E

xtra

ordi

nary

and

non

ope

ratin

g in

com

e9.

312,

6325

.003

,88

2. E

xtra

ordi

nary

pro

fits

3. In

com

e of

pre

vious

fisc

al y

ear

4.17

7,86

——

——

——

——

——

——

——

——

——

13.4

90,4

925

.003

,88

LLeessss

::1.

Ext

raor

dina

ry a

nd n

on o

pera

ting

expe

nses

6.88

3,61

136.

366,

332.

Ext

raor

dina

ry lo

sses

27

.383

,07

3. E

xpre

nses

of p

revio

us fi

scal

yea

r97

.902

,60

4. P

rovis

ions

97

6.51

5,37

-1.0

67.8

11,0

9-1

38.7

45,5

2—

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

—Op

erat

ing

and

Extra

ordi

nary

Res

ults

-1

.425

.034

,90

-277

.091

,37

LLeessss

::To

tal d

epre

ciat

ion

of fi

xed

asse

ts1.

125.

716,

1030

4.92

7,30

LLeessss

: Dep

reci

atio

n in

clud

ed in

ope

ratin

g co

st1.

125.

716,

1030

4.92

7,30

——

——

——

——

——

——

——

——

——

——

——

——

——

—

——

——

——

——

—NNEE

TT RREE

SSUULLTT

SS OOFF

TTHHEE

PPEERR

IIOODD

((BBeeff

oorree

TTaaxx))

--11..44

2255..00

3344,,99

00--22

7777..00

9911,,33

77==

====

====

====

====

====

====

==

FFiissccaa

ll YYeeaa

rr 220000

44FFiiss

ccaall YY

eeaarr 22

000033

Net r

esul

ts (p

rofit

s / l

osse

s) b

efor

e ta

xes

-1.4

25.0

34,9

0-2

77.0

91,3

7Pr

ofits

bro

ught

forw

ard

217.

709,

4750

5.83

4,75

Rese

rves

from

ass

ets

reva

luat

ions

454.

699,

67Ta

x au

dit d

iffer

ence

s-1

11.3

07,0

0—

——

——

——

——

——

——

——

——

—To

tal

-863

.932

,76

228.

743,

38==

====

====

====

====

====

====

==LLEE

SSSS::

1. O

pera

ting

taxe

s2.

Oth

er in

com

e ta

xes

not i

nclu

ded

in o

pera

tion

cost

13.9

47,7

411

.033

,91

——

——

——

——

——

——

——

——

——

PPrrooff

iitt ((LL

oossssee

ss)) cc

aarrrriiee

dd ffoo

rrwwaarr

dd--88

7777..88

8800,,55

002211

77..7700

99,,4477

====

====

====

====

====

====

====

IINNCCOO

MMEE

SSTTAATT

EEMMEENN

TTffoo

rr ffiiss

ccaall yy

eeaarr ee

nnddiinn

gg DDee

cceemm

bbeerr 33

11sstt,,

22000044

((JJAANN

UUAARRYY

11sstt

,, 220000

44 --

DDEECCEE

MMBBEE

RR 33

11sstt 22

000044))

AAPPPPRR

OOPPRRII

AATTIIOO

NN AACC

CCOOUUNN

TT

RREEPPOO

RRTT OO

FF TTHH

EE CCHH

EERRTTII

FFIIEEDD

AAUUDD

IITTOORR

–– AA

CCCCOOUU

NNTTAANN

TTTToo

tthhee

sshhaarr

eehhooll

ddeerrss

ooff ““

LLAAMM

DDAA SS

hhiippyy

aarrddss

aanndd

MMaarr

iinnee

SSeerrvv

iicceess

IINNDDUU

SSTTRRII

AALL aa

nndd SS

HHIIPPPP

IINNGG

SSAA””

We

have

aud

ited

the

abov

e Fi

nanc

ial S

tate

men

ts a

nd th

e re

late

d At

tach

men

t to

the

Fina

ncia

l Sta

tem

ents

of t

he c

ompa

ny ‘L

AMDA

Shi

pyar

ds a

nd M

arin

e Se

rvic

es IN

DUST

RIAL

and

SHI

PPIN

G SA

’ for

the

year

end

ed 3

1 De

cem

ber 2

004.

Our

aud

it w

as c

arrie

d ou

t in

acco

rdan

ce w

ith th

e pr

ovis

ions

of a

rticl

e 37

of C

ompa

ny L

aw 2

190/

1920

and

the

audi

ting

proc

edur

es th

at w

e co

nsid

ered

app

ropr

iate

, bas

ed o

n th

e pr

inci

ples

and

aud

iting

sta

ndar

ds fo

llow

ed b

y th

e Gr

eek

Inst

itute

of C

ertif

ied

Audi

tors

Acc

ount

ants

. The

com

pany

’s b

ooks

of a

ccou

nts

and

reco

rds

wer

e m

ade

avai

labl

e to

us

and

we

wer

e pr

ovid

ed w

ithal

l inf

orm

atio

n an

d ex

plan

atio

ns re

ques

ted

for t

he p

urpo

ses

of th

e au

dit.

The

com

pany

com

plie

d w

ith th

e Gr

eek

Gene

ral C

hart

of A

ccou

nts.

The

re h

as b

een

no c

hang

e in

the

valu

atio

n m

etho

ds u

sed

by th

e co

mpa

ny c

ompa

red

to th

ose

used

in th

e pr

eced

ing

perio

d.W

e ha

ve c

onfir

med

that

the

cont

ent o

f the

Dire

ctor

s' R

epor

t to

the

Shar

ehol

der’

Mee

ting

is in

agr

eem

ent w

ith th

e re

late

d Fi

nanc

ial S

tate

men

ts. T

he A

ttach

men

t to

the

Fina

ncia

l Sta

tem

ent c

onta

ins

the

info

rmat

ion

requ

ired

by p

arag

raph

1 o

f arti

cle

43a

of C

ompa

ny L

aw 2

190/

1920

. Our

aud

it id

entif

ied

the

follo

win

g m

atte

rs: 1

. The

tax

stat

emen

ts a

ndth

e bo

oks

of th

e co

mpa

ny h

ave

not b

een

audi

ted

by th

e ta

x au

thor

ities

for t

he y

ears

200

3 an

d 20

04. A

ccor

ding

ly th

e fin

anci

al re

sults

and

the

tax

liabi

litie

s ar

e no

t con

side

red

as fi

nal.

2. T

he c

ompa

ny d

oes

not p

rovid

e fo

r em

ploy

ees’

retir

emen

t pay

bas

ed o

n th

e co

nsul

tato

ry re

spon

se N

o 20

5/19

98. H

ad th

eco

mpa

ny c

reat

ed th

e re

quire

d pr

ovis

ion

acco

rdin

g to

arti

cle

42e

of C

ompa

ny L

aw 2

190/

1920

, thi

s w

ould

hav

e am

ount

ed to

app

roxim

atel

y ú

337

thou

sand

of w

hich

app

roxim

atel

y ú

320

thou

sand

sho

uld

have

bee

n ch

arge

d to

ope

ning

reta

in e

arni

ngs.

3. I

nclu

ding

in ‘I

nves

tmen

t in

affil

iate

d co

mpa

nies

’ is

an in

vest

men

t in

subs

idia

ry c

ompa

ny, a

mou

ntin

g to

ú3.

100

thou

sand

, whi

ch h

as b

een

valu

ed a

t cos

t. Ha

d th

e co

mpa

ny v

alue

d its

inve

stm

ent a

t the

low

er o

f cos

t and

net

ass

et v

alue

, as

requ

ired

by a

rticl

e 43

par

agra

ph 6

of C

ompa

ny L

aw 2

190/

1920

, a p

rovis

ion

for ú

1.60

0 th

ousa

nd w

ould

hav

e be

enre

quire

d w

hich

wou

ld re

duce

the

open

ing

reta

in e

arni

ngs

by a

n eq

ual a

mou

nt. I

n ou

r opi

nion

, exc

ept f

or th

e m

atte

rs re

ferre

d to

abo

ve a

nd th

e no

te 1

and

3 u

nder

the

Bala

nce

Shee

t, th

e ab

ovem

entio

ned

finan

cial

sta

tem

ents

, whi

ch a

re in

agr

eem

ent w

ith th

e bo

oks

and

reco

rds

of th

e Co

mpa

ny, t

oget

her w

ithth

e re

late

d at

tach

men

t to

the

finan

cial

sta

tem

ents

, pre

sent

the

asse

ts, l

iabi

litie

s an

d fin

anci

al p

ositi

on o

f the

Com

pany

as

at 3

1 De

cem

ber 2

004

as w

ell a

s th

e re

sults

of i

ts o

pera

tions

for t

he y

ear t

hen

ende

d in

con

form

ity w

ith p

reva

iling

legi

slat

ion

and

Gree

k ge

nera

lly a

ccep

ted

acco

untin

g pr

inci

ples

app

lied

on a

con

sist

ent b

asis

with

the

prec

edin

g ye

ar.

AAtthhee

nnss,,

1188 FF

eebbrruu

aarryy

22000055

The

Certi

fied

Audi

tor –

Acc

ount

ant

VVaassii

lliiooss

GGoouutt

iissSO

EL re

g. N

o. 1

0411

EElleeff

ssiiss,,

FFeebb

rruuaarr

yy 1188

tthh 22

000055

CHAI

RMAN

OF

THE

BOAR

DCH

IEF

EXE

CUTI

VE O

FFIC

ER

CHIE

F F

INAN

CIAL

OFF

ICER

CHIE

F A

CCOU

NTAN

T

MMIILL

TTIIAADD

IISS II..

ZZAANN

NNOOSS

MMAARR

IIOOSS

AA.. SS

TTEERRGG

IIOOUU

AAPPOOSS

TTOOLLOO

SS KK

.. IINNDD

OOUUNNAA

SSAANN

DDRREEAA

SS ¡¡..

KKAARR

AANNDDRR

EEAASS

ID. N

o ¶

3092

30ID

. No

£ 40

9007

ID. N

o M

334

566

ID. N

o X

1665

35Li

c.No

368

78 A

’ Clas

s


56

AASSSSEE

TTSSFFiiss

ccaall YY

eeaarr 22

000044

FFiissccaa

ll YYeeaa

rr 220000

33PPuu

rrcchhaa

sseeDDee

pprreecc

iiaattiioo

nnNNee

tt BBoooo

kkPPuu

rrcchhaa

sseeDDee

pprreecc

iiaattiioo

nnNNee

tt BBoooo

kkVVaa

lluuee

VVaalluu

eeV Vaa

lluuee

VVaalluu

eeµµ..

EESSTTAA

BBLLIISS

HHMMEENN

TT EEXX

PPEENNSS

EESS1.

Es

tabl

ishm

ent a

nd fi

rst i

nsta

llatio

n ex

pens

es28

0.49

2,48

250.

443,

3330

.049

,15

279.

025,

4821

0.83

7,67

68.1

87,8

14.

Ot

her e

stab

lishm

ent e

xpen

ses

695.

161,

1658

8.50

0,65

106.

660,

5161

7.37

0,06

452.

360,

8316

5.00

9,23

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

997755..

665533,,

66448833

88..9944

33,,9988

113366..

770099,,

66668899

66..3399

55,,5544

666633..

119988,,

55002233

33..1199

77,,0044

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

CC..FFII

XXEEDD

AASSSSEE

TTSSππ.

Inco

rpar

ated

inv

estm

ents

1.

Build

ings

813.

302,

9741

4.26

5,60

399.

037,

3781

2.20

2,97

291.

534,

1052

0.66

8,87

4.

Mac

hine

ry a

nd te

chni

cal i

nsta

llatio

ns a

ndot

her m

achi

nery

equ

ipm

ents

1.74

8.26

2,15

269.

780,

021.

478.

482,

1347

9.65

2,48

125.

798,

4435

3.85

4,04

5.

Tran

spor

rtatio

n eq

uipm

ents

-veh

icle

s70

.173

,89

27.2

29,9

342

.943

,96

46.8

16,6

418

.489

,73

28.3

26,9

16.

Fi

xtur

e an

d fit

tings

880.

682,

3554

4.57

7,14

336.

105,

2175

2.07

4,75

383.

098,

9236

8.97

5,83

7.

Fixe

d as

sets

und

er c

onst

ruct

ion

3.93

3,26

0,00

3.93

3,26

0,00

0,00

0,00

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

——

33..5511

66..3355

44,,6622

11..2255

55..8855

22,,6699

22..2266

00..5500

11,,9933

22..0099

00..7744

66,,8844

881188..

992211,,

119911..

227711..

882255,,

6655==

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

====

==πππ

. Par

ticip

atio

ns a

nd lo

ng te

rm-c

laim

s7.

Ot

her L

ong

-term

s cl

aim

s /D

epos

its p

aid

1.11

4.30

2,72

274.

960,

56—

——

——

——

——

——

——

——

——

—11..

111144..

330022,,

77222277

44..9966

00,,5566

====

====

====

====

====

====

====

TTOOTTAA

LL FF

IIXXEEDD

AASSSS

EETTSS

((CC..IIII

++CC..

IIIIII))

33..3377

44..8800

44,,6655

11..5544

66..7788

66,,2211

====

====

====

====

====

====

====

DD..CCUU

RRRREENN

TT AASS

SSEETTSS

I. In

vent

ories

4.

Mat

eria

ls11

.660

,00

9.63

0,00

——

——

——

——

——

——

——

——

——

1111..66

6600,,00

0099..

663300,,

0000==

====

====

====

====

====

====

==ππ.

Rec

eivab

les1.

Cu

stom

ers

3.05

3.97

9,67

3.05

0.49

0,65

3a. P

ost-d

ated

Che

cks

1.36

3.28

5,51

2.81

9.52

0,62

11. V

ario

us D

ebto

rs52

6.35

3,09

412.

878,

1712

. Var

ious

Adv

ance

s23

.177

,14

17.7

23,5

0—

——

——

——

——

——

——

——

——

—44..

996666..

779955,,

441166..

330000..

661122,,

9944==

====

====

====

====

====

====

==πV

. Dis

posa

l cas

h 1.

Ca

sh in

han

d90

.152

,87

54.2

14,2

82.

Ca

sh a

t ban

k1.

116.

537,

7488

7.24

8,63

——

——

——

——

——

——

——

——

——

11..2200

66..6699

00,,6611

994411..

446622,,

9911==

====

====

====

====

====

====

==TTOO

TTAALL

CCUURR

RREENNTT

AASSSS

EETTSS

((DD..II++

DD..IIII++

DD..IIVV

))66..

118855..

114466,,

002277..

225511..

770055,,

8855==

====

====

====

====

====

====

==∂∂..

IINNTTEE

RRMMEEDD

IIAATTEE

AASSSS

EETTSS

AACCCCOO

UUNNTT

1.

Prep

aym

ents

60.3

45,7

883

.326

,90

2.

Inco

me

rece

ived

in a

dvan

ce45

.346

,53

1.88

9,14

——

——

——

——

——

——

——

——

——

110055..

669922,,

33118855

..221166

,,4444

====

====

====

====

====

====

====

TTOOTTAA

LL AASS

SSEETTSS

((BB++

CC++DD++

EE))99..

880022..

335522,,

664499..

112233..

339922,,

5544==

====

====

====

====

====

====

==DDEE

BBIITT

AACCCCOO

UUNNTTSS

FFOORR

CCLLAA

SSSSIIFF

IICCAATT

IIOONN

PPUURRPP

OOSSEESS

1. T

hird

par

ty's

ass

ets

8.85

4.23

8,64

9.74

6.83

4,71

2. D

ebit

acco

unts

for g

uara

ntee

s 4.

256.

716,

253.

489.

914,

49—

——

——

——

——

——

——

——

——

—1133

..111100

..995544

,,8899

1133..22

3366..77

4499,,22

00==

====

====

====

====

====

====

==

LLIIAABB

IILLIITT

IIEESS

&& SS

HHAARREE

HHOOLLDD

EERR’’SS

EEQQUU

IITTYY

FFiissccaa

ll YYeeaa

rr 220000

44FFiiss

ccaall YY

eeaarr 22

000033

∞∞..CCAA

PPIITTAA

LL AANN

DD RREE

SSEERRVV

EESSπ.

Shar

e Ca

pita

l1.

Tot

al p

aid

shar

e ca

pita

l44..

449988..

335500,,

000044..

449988..

335500,,

0000==

====

====

====

====

====

====

==

II. S

hare

Pre

miu

m11..

007733..

225500,,

000011..

007733..

225500,,

0000==

====

====

====

====

====

====

==II V

. Res

erve

s1.

Leg

al R

eser

ve21

.160

,87

14.3

13,6

42.

Tax

free

rese

rves

und

er s

peci

al le

gisl

atio

n33

0,21

330,

21—

——

——

——

——

——

——

——

——

—2211

..449911

,,0088

1144..66

4433,,88

55==

====

====

====

====

====

====

==V.

Ret

aine

d Pr

ofits

Reta

ined

loss

for t

he y

ear

114.

931,

93-6

10.9

25,4

5Re

tain

ed lo

ss fo

r pre

vious

yea

rs-7

.327

.523

,78

-6.7

16.5

98,3

3—

——

——

——

——

——

——

——

——

—--77

..221122

..559911

,,8855

--77..33

2277..55

2233,,77

88==

====

====

====

====

====

====

==πÃ

. ªin

ority

inte

rest

559955..

331100,,

99553344

66..0055

00,,9933

====

====

====

====

====

====

====

TTOOTTAA

LL CCAA

PPIITTAA

LL((AA

..II++AA..

IIII++AA..

IIVV++

AA..VV++

AA..IIXX

))--11

..002244

..118899

,,8822

--11..33

9955..22

2299,,22

00==

====

====

====

====

====

====

==µµ..

PPRROOVV

IISSIIOO

NNSS FF

OORR LL

IIAABBII

LLIITTII

EESS AA

NNDD CC

HHAARRGG

EESSSS

1. P

rovis

ion

for r

etire

men

t and

term

inat

ion

bene

fits

11

2.62

6,44

23.6

82,2

02.

Oth

er p

rovis

ions

47.4

68,5

115

.434

,48

——

——

——

——

——

——

——

——

——

116600..

009944,,

99553399

..111177

,,0088

====

====

====

====

====

====

====

CC..LLII

AABBIILL

IITTIIEE

SSππ.

Sho

rt-te

rm li

abilit

ies8.

Oth

er lo

ng te

rm li

abilit

ies

882200..

559988,,

000000,,

0000==

====

====

====

====

====

====

==ππ.

Sho

rt-te

rm li

abilit

ies1.

Sup

plie

rs5.

486.

289,

443.

783.

371,

952.

Not

es p

ayab

le11

.625

,96

2.88

0,80

3. S

ort-t

erm

Ban

k lia

bilit

ies

1.37

5.90

5,35

1.46

7.99

5,98

4. C

usto

mer

s' p

aym

ent i

n ad

vanc

e61

9.35

0,22

2.44

8.09

8,30

5. T

axes

and

dut

ies

paya

ble

413.

428,

7433

0.15

4,76

6. S

ocia

l sec

urity

pay

able

716.

677,

3765

9.66

7,95

7. L

ong

term

liab

ilitie

s0,

0021

3.02

6,17

11.

Vario

us C

redi

tors

94.9

72,0

112

7.58

0,61

——

——

——

——

——

——

——

——

——

88..7711

88..2244

99,,0099

99..0033

22..7777

66,,5522

====

====

====

====

====

====

====

TToottaa

ll LLiiaa

bbiilliitt

iieess

99..5533

88..8844

77,,0099

99..0033

22..7777

66,,5522

====

====

====

====

====

====

====

DD..

IINNTTEE

RRMMEEDD

IIAATTEE

LLIIAA

BBIILLII

TTIIEESS

AACCCC

OOUUNNTT

SS2.

Acc

rued

Exp

ense

s1.

127.

600,

421.

446.

727,

94—

——

——

——

——

——

——

——

——

—11..

112277..

660000,,

442211..

444466..

772277,,

9944==

====

====

====

====

====

====

==

TTOOTTAA

LL LLII

AABBIILL

IITTIIEE

SS

((AA++

BB++CC++

DD))99..

880022..

335522,,

664499..

112233..

339922,,

5544==

====

====

====

====

====

====

==CCRR

EEDDIITT

AACCCC

OOUUNNTT

SS FF

OORR CC

LLAASSSS

IIFFIICC

AATTIIOO

NN PPUU

RRPPOOSS

EESS1.

Ow

ners

of t

hird

par

ty's

ass

ets

8.85

4.23

8,64

9.74

6.83

4,71

2. C

redi

t acc

ount

s of

gua

rant

ees

4.

256.

716,

253.

489.

914,

49—

——

——

——

——

——

——

——

——

—1133

..111100

..995544

,,8899

1133..22

3366..77

4499,,22

00==

====

====

====

====

====

====

==

CCOONNSS

OOLLIIDD

AATTEEDD

BBAALL

AANNCCEE

SSHHEE

EETT FF

OORR TT

HHEE YY

EEAARR

EENNDDEE

DD DDEE

CCEEMM

BBEERR

3311,, 22

000044

4th

FINA

NCIA

L YE

AR (J

ANUA

RY 1

st, 2

004

- DE

CEM

BER

31st

, 200

4)


II.. TTUU

RRNNOOVV

EERR SS

TTAATTEE

MMEENN

TT FFiiss

ccaall YY

eeaarr 22

000044

FFiissccaa

ll YYeeaa

rr 220000

33

Grou

nd h

andl

ing

serv

ices

& o

ther

ser

vices

24.6

06.9

92,8

521

.468

.896

,67

LLeessss

:: Cos

t of s

ervic

es21

.197

.147

,46

19.1

31.4

13,7

2—

——

——

——

——

——

——

——

——

—GGrr

oossss

LLoossss

33..4400

99..8844

55,,3399

22..3333

77..4488

22,,9955

====

====

====

====

====

====

====

PPLLUUSS

:: Ot

her o

pera

ting

inco

me

2.42

7.93

8,96

2.10

3.14

2,94

——

——

——

——

——

——

——

——

——

55..8833

77..7788

44,,3355

44..4444

00..6622

55,,8899

====

====

====

====

====

====

====

LLeessss

:: 1.

Adm

inis

trativ

e ex

pens

es

4.85

4.62

7,99

4.83

9.64

9,33

——

——

——

——

——

——

——

——

——

998833..

115566,,

3366--33

9999..00

2233,,44

44==

====

====

====

====

====

====

==PPLL

UUSS:: 2

. Sec

urity

inco

me

8.13

1,50

8.32

6,31

3. P

rofit

from

sal

e of

par

ticip

atio

n &

secu

ritie

s0,

0030

0.00

0,00

4. In

tere

st re

ceive

d an

d ot

her i

ncom

e1.

367,

558.

470,

66LLee

ssss::

3. In

tere

st p

aid

and

othe

r exp

ense

s27

8.93

5,86

-269

.436

,81

276.

584,

1240

.212

,85

——

——

——

——

——

——

——

——

——

—

——

——

——

——

——

——

——

——

—7711

33..7711

99,,5555

--335588

..881100

,,5599

====

====

====

====

====

====

====

PPLLUUSS

1. N

on o

pera

ting

inco

me

51.6

94,7

680

.487

,98

2. E

xtra

ordi

nary

gai

ns75

,37

47,6

03.

Inco

me

of p

revio

us y

ears

21.2

74,0

416

.552

,93

LLeessss

::1.

Non

ope

ratin

g ex

pens

es90

.783

,77

30.7

06,0

92.

Ext

raor

dina

ry lo

sses

3.

211,

9023

0,04

3. P

revio

us y

ear e

xpen

ses

& pr

ovis

ions

6.03

1,92

2.20

5,45

4. P

rovis

ion

for n

on re

curri

ng e

xpen

ses

8.45

0,79

-35.

434,

2129

.207

,11

34.7

39,8

2—

——

——

——

——

——

——

——

——

——

——

——

——

——

—

——

——

——

——

667788..

228855,,

3344--33

2244..00

7700,,77

77LLEE

SSSS:: T

otal

dep

reci

atio

n62

6.67

1,95

521.

207,

13Le

ss :

Depr

ecia

tion

incl

uded

in

the

oper

atin

g co

st

611.

979,

73-1

4.69

2,22

521.

207,

130,

00—

——

——

——

——

——

——

——

——

——

——

——

——

——

—

——

——

——

——

NNEETT

PPRROOFF

IITT BB

EEFFOORR

EE TTAA

XX 6666

33..5599

33,,1122

--332244

..007700

,,7777

LESS

: M

inor

ity p

rofit

-466

.353

,53

-219

.724

,46

——

——

——

——

——

——

——

——

——

NNeett cc

oonnssoo

lliiddaatt

eedd pp

rrooffiitt

bbeeff

oorree

ttaaxx

119977..

223399,,

5599--55

4433..77

9955,,22

33==

====

====

====

====

====

====

==

SSTTAATT

EEMMEENN

TT OOFF

PPRROO

FFIITT

DDIISSTT

RRIIBBUU

TTIIOONN

FFOORR

TTHHEE

YYEEAARR

EENNDD

EEDD DD

EECCEEMM

BBEERR

3311SSTT

,, 220000

44

SSppaatt

aa,, FF

eebbrruu

aarryy

1177,, 22

000055

The

Chai

rman

of B

.D.

The

Vice

Pre

side

nt o

f B.D

.Th

e Ge

nera

l Man

ager

The

Fina

ncia

l Man

ager

JJoojjee

ff IInn

AAllbboo

nnLLaa

mmbbrr

ooss GG

.. AAnnaa

ggnnooss

ttooppoo

uullooss

PPhh

iilliipp MM

ccGGrraa

nneeGGee

oorrggii

oouu GG

rreeggoo

rriiaaPPAA

SSSS.. 99

77667788

3333

PPAASSSS

.. 662277

113344

PPAASSSS

.. 009933

00778855

3399ID

. C. §

163

933

LICE

NCE

NUM

BER

0226

88 ∞

’ CLA

SS

AAUUDDII

TT RREE

PPOORRTT

TToo tthh

ee SShh

aarreehh

oollddee

rrss oo

ff tthhee

CCoomm

ppaannyy

""SSWW

IISSSSPP

OORRTT

LLAAMM

DDAA HH

EELLLLAA

SS SSAA

"" aanndd

iittss

ssuubbss

iiddiiaa

rriieess

In ac

corda

nce w

ith th

e req

uirem

ents

of art

icle 1

08 of

the C

ompa

nies’

Act L

2190

/1920

we h

ave a

udite

d the

first

Cons

olida

ted Fi

nanc

ial S

tatem

ents

and t

he re

lated

Atta

chme

nt to

the C

onso

lidate

d Fina

ncial

Stat

emen

ts of

SWISS

PORT

LAMD

A HE

LLAS

SA

for th

e yea

r end

ed 31

Dec

embe

r 200

4. O

ur au

dit w

as ca

rried o

ut in

acco

rdanc

e with

the a

uditin

g proc

edure

s we c

onsid

ered a

pprop

riate

forthe

purpo

se of

our a

udit,

on th

e bas

is of

the au

diting

stan

dards

and r

egula

tions

follo

wed b

y the

Insti

tute o

f Cert

ified A

udito

rs Ac

coun

tants

and w

e hav

e con

firmed

that

the co

ntent

of the

Dire

ctors’

Con

solid

ated R

eport

to th

e Sha

rehold

ers’ m

eetin

g is i

n agre

emen

t with

the r

elated

Con

solid

ated F

inanc

ial S

tatem

ents.

We h

ave n

ot au

dited

the F

inanc

ial S

tatem

ents

of on

e of th

e Grou

p com

panie

sinc

luded

in th

e con

solid

ation

repre

senti

ng 35

% an

d 6%

of tot

al co

nsoli

dated

asse

ts an

d sale

s res

pecti

vely.

Thes

e Fina

ncial

Stat

emen

ts ha

ve be

en au

dited

by ot

her c

ertifie

d aud

itors,

and i

t is on

their

audit

repo

rts th

at we

have

base

d our

opini

on to

the e

xtent

that th

ese s

tatem

ents

relate

to th

e bala

nces

in th

e con

solid

ation

. Our

audit

iden

tified

the f

ollow

ing m

atters

: 1) D

ue to

accu

mulat

ed lo

sses

,the

comp

any f

aces

appli

catio

n of a

rticle

47 &

48 pa

ragrap

h 1 ca

se c

of Co

mpan

y Law

2190

/1920

. 2)

A pr

ovisi

on fo

r sev

eranc

e pay

due t

o emp

loyee

s reti

remen

t has

not b

een m

ade,

on th

e bas

is of

decis

ion N

o 20

5/198

8 of th

e Bod

y of S

tate L

egal

Advis

ors an

d artic

le 10

of La

w 20

65/19

92 as

none

of th

e se p

erson

nel fu

lfilled

the r

ight to

retire

ment

up to

the e

nd of

the n

ext y

ear.

If a f

ullpro

vision

had b

een m

ade b

ased

on ar

ticle

43e o

f Com

pany

Law

2190

/1920

for s

evera

nce p

ay du

e to e

mploy

ees r

etirem

ent th

is wo

uld ha

ve am

ounte

d to a

pprox

imate

ly ú

548 t

hous

and o

f whic

h app

roxim

ately

ú 11

5 tho

usan

d wou

ld aff

ect th

e curr

ent y

ear.

3) T

he lin

e ‘D.

II. De

btors’

inclu

des a

moun

t of a

pprox

imate

ly ú

433 t

hous

and o

f bad

debts

. The

comp

any h

as no

t crea

tred a

prov

ision

for th

e abo

ve am

ount

which

wou

ld ha

ve af

fected

the r

esult

of pr

ior ye

ars. A

s a re

sult t

he lin

e ‘D.

II. De

btors’

is ov

erstat

e by t

he ab

ove a

moun

t and

the A

ccou

nt pri

or ye

ar los

ses i

s equ

ally u

nders

tated

. 4) T

he co

mpan

y an

d its

subs

idiari

es ha

ve no

t bee

n aud

ited b

y the

tax a

uthori

ties s

ince t

heir i

ncorp

oratio

n, the

refore

, the t

ax ob

ligati

ons o

f the c

ompa

ny an

d its

subs

idiari

es ar

e not

cons

idered

final.

In ou

r opin

ion th

e abo

ve C

onso

lidate

d Fina

ncial

Stat

emen

ts are

in ag

reeme

nt wi

th the

Com

panie

s’ Ac

t L 21

90/19

20, a

fter t

aking

into

acco

unt o

ur co

mmen

ts ab

ove ,

and p

resen

t, in c

onfor

mity

with

legal

requir

emen

ts an

d gen

erally

acce

pted a

ccou

nting

princ

iples

appli

ed by

the h

olding

comp

any,

the co

nsoli

dated

finan

cial p

ositio

n on 3

1 Dec

embe

r 200

4 and

the r

esult

s of it

s con

solid

ated

opera

tions

for t

he ye

ar the

n end

ed.

AAtthheenn

ss,, 1188

FFeebbrruu

aarryy 2200

0055Ce

rtified

Aud

itor A

ccou

ntant

DD.. MM

iicchhaallaa

ttooss

57


contents · building that includes 4,000 m 2 of office and retail space as well as underground...

Documents