Greek Progress Fund

Greek Progress Fund posted a profit of euro 1,7211k in Q302, compared to a profit of euro 1,551k in Q202. The Fund had posted a profit of euro 6,017k in Q301. The N.A.V on 30.09.2002, valued at euro 95,908k, and the unrealised capital loss on the portfolio amounted to euro 28,590k. It has to be noted that on 31.12.2001 the Fund reported special reserves of euro 16,335k that can be used against unrealised loss during 2002.
On 30.09.2002 the share of the Fund was traded on the ASE at a discount of 19.19% (N.A.V per share euro 2.97 vs euro 2.40 market price). Overall, in the first nine months of 2002 N.A.V (adjusted for the dividend) per share, reduced by 23.63%. This compares favourably to the 29.10% drop of the A.S.E General Index during the same period.
The company’s net assets breakdown on 30.09.2002 was as follows: 71.27% listed shares, 5.25% non listed shares, 5.28% fixed income securities, 3.08% 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) 8.94%, Chipita 5.70%, O.T.E 5.63%, Folli-Follie 4.97% and Coca Cola – 3E 4.94%.