8 month result reporting for THE GREEK PROGRESS FUND

The Greek Progress Fund posted increased profits of Grd 2 billion in the first eight months of 2001, compared to Grd 1 billion in H1 2001. The increase in profitability is mainly attributable to the sale of the company’s stake in non-listed ERGOLEASING S.A., as well as the sale of a significant stake in Goody’s S.A., the leading fast-food chain, to DELTA S.A., the dairy and food group, through the latter’s public offer.
Specifically, in August 2001, the Greek Investment Fund sold its stake in ERGOLEASING S.A. to EFG Eurobank Ergasias. The acquisition cost of ERGOLEASING amounted to Grd 1.28 billion, while the value of the transaction amounted to Grd. 2.1 billion, thus yielding profit of approximately Grd. 800 million. The unrealised capital losses on the company’s portfolio on 31.08.2001 amounted to Grd 8.3 billion, compared to Grd. 10.2 billion on 30.06.2001. The company also reported reserves of Grd. 15.6 billion. The company’s net assets on 31.08.2001 were placed by 87.1% in shares, by 1.3% in Drachma bonds, and by 11.3% in various short-term deposit instruments. The five main investments of the company, as percentage of NAV, were: Chipita 8.4%, ΟΤΕ 8.2%, Germanos 6.2%, Τitan (cr) 6.2% και Coca Cola – 3E 5.2%.
The company’s NAV on 31.08.2001 valued Grd. 45.6 billion, compared to Grd. 42.7 billion on 30.06.2001. On the same day the company’s NAV per share amounted to Grd 1,415 (€ 4.15), while its market value was Grd. 1,043 (€3.06), and therefore the stock was trading at a discount of 26.3%. Overall NAV per share so far this year was reduced by 10.3% compared to the drop of the ASE General Index of 18.5%.