The Greek Progress Fund

In the first half of 2002, The Greek Progress Fund posted profit of euro 1,551k compared with a profit of euro 3,033k in the first half of 2001. The N.A.V on 30.06.2002, valued at euro 111,626k (euro 3.46 per share), and the unrealised capital loss on the portfolio amounted to euro 12,702k. On 31.12.2001 the company reported special reserves of euro 16,335k that can be used against future unrealised loss.
On 28.6.2002 the share of the Fund was traded on the ASE at a discount of 19.71% (N.A.V per share euro 3.46 vs euro 2.78 market price). Overall, in the first half of 2002 N.A.V (adjusted for the dividend) per share, reduced by 11.12%. This compares favourably to the 13.65% drop of the A.S.E General Index during the same period.
The company''s net assets breakdown on 30.06.2002 was as follows: 75.52% listed shares, 5.61% non listed shares, 4.59% fixed income securities, 2.60% 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: Chipita 8.5%, Τitan (cr) 8.1%, O.T.E 6.7%, Coca Cola – 3E 6.7% and Folli-Follie 4.5%.