The Greek Progress Fund

The Greek Progress Fund posted profits (after taxes) of Euro 1,374k in 2002, compared to Euro 6,889k in 2001. The N.A.V on 31.12.2002, valued at euro 90,242k, and the unrealised capital loss on the portfolio amounted to euro 33,909k.
On 31.12.2002 the stock was traded on the ASE at a discount of 17.5% (N.A.V per share euro 2.80 vs euro 2.31 market price). Overall, in 2002 N.A.V (adjusted for the dividend) per share, reduced by 28.1%. This compares favourably to the 32.5% drop of the A.S.E General Index during the same period.
The company’s net assets breakdown on 31.12.2002 was as follows: 71.3% listed shares on the ASE, 3.1% non listed shares, 3.0% fixed income securities, 3.8% other securities, and the rest short-term deposits. The five largest equity investments of the company, as a percentage of N.A.V, were as follows: Τitan (cr) 8.5%, Coca Cola – 3E 5%, Folli-Follie 5.6%, Chipita 5.1% and O.T.E 5.5%.