Annual Report 2002 Ετήσιος Απολογισµός

2002Annual Report

Ετήσιος Απολογισµός

2002Annual Report

32

2002Annual Report


Dear Shareholders,

2002 proved to be a year of significant success and solid growth for the Sarantis Group of Companies, despite thecurrent unstable business environment present both in Greece and abroad. To be more specific, the 2002consolidated results for the Group realized a TurnOver growth of 18.6 % versus year ago, reaching up to 219.4million Euros, while Earnings Before Tax grew to an impressive 18,1 million Euros, 10,2% up versus year ago.

There is no doubt to the management committee of our company, that the agreed strategic decisions which thecompany is being drifting along for the last three years, have both secured and benefited our operations. Thesesame directions do constitute the ideal pathway for a successful company growth plan for the upcoming five years.

Our key drivers, as summarised in 2002, that is the development and marketing of fast moving consumer ownbrands, coupled with successful growth start up initiatives in the markets of Central and Eastern Europe, do reflectsuccessfully through a series of impressive results.

While it was only in 2002 that the final PackPlast purchase deal was completed, a successful turnaround planwas immediately put in place and reverted thoroughly PackPlast results from a negative ground of 1.3 million EuroEBT in 2002 mid year, to a positive year end EBT of 0.5 million Euro. It is through this purchase that SarantisGroup intends to generate a very strong affiliate in the Polish market, a market with significant growthopportunities for the coming years.

Equally impressive are the results that the Group delivered in all of the Central Eastern European Geographies inwhich it operates, posting steadily growing results for all related affiliates, as will be further elaborated in otherchapters of our annual report.

Last but not least, a product development related comment, that, in October 2002, Sarantis aggressivelyintroduced its new fragrance C-THRU, which for the first time ever, was simultaneously launched into 5 keymarkets. C-THRU sales in Greece are already beyond the 3.5 million Euro mark, while its Share in the categoryreached the 37% (in value).

There is no doubt, 2002, has been a milestone year which allows us to be optimistic about the future, despite thegloomy global business environment. It was a year which reconfirmed the Group’s long term strategies anddecisions, which will lead us to growth while they will secure our earnings.

With Honour,

Gregory Sarantis,President of the Board of the Sarantis Group of Companies.

1

Letter to the Shareholders

A very successful year for the Sarantis Group of Companies, with impressive results completely juxtaposing theexisting worldwide gloomy economic environment. The consolidated sales growth realized by the companies of theGroup within the Greek market as well as abroad, coupled with the productivity growth initiatives brought forwardby senior management, enhanced the overall company dynamics and do set the trend for healthy growth in thefuture Group results.

Total Turnover realized a 18.6% growth over last year reaching the 219.4 million Euros, while before tax earnings grewto 18,1 million Euros up 10.2% versus year ago.

We explicitly refer to the concerted sales growth realized by the Group Affiliates in all of the Central and EasternEuropean Markets, and the unmatched productivity growth delivered by the senior management initiatives, in the localin Greece, core business operation.

One more time, the sales performance of the core competence of the company, fragrances and cosmetics, became thekey sales growth driver, in line with an equivalent sales growth brought forward by products of the selectivedistribution.

Concerning the ESTEE LAUDER Joint Venture, all strategic management decisions and action steps do reconfirmthemselves again, by delivering a healthy sales growth, while preserving the character of the main cash generator forthe Group activities.

As we will more explicitly describe further below, in 2002, the Sarantis management aligned together the two operatinglegal entities in Poland, under an S.D. PackPlast umbrella, and a Sarantis senior management. The swift reengineeringand restructuring that followed soon afterwards, resulted into a full reversal of the 1,3 million Euros loss recorded in midyear, to an unprecedented positive figure of 0,5 million Euros before tax earnings at year end.

All of the above is complemented by the dynamically creative characterof the company, which continuously studies, analyses, and proposes cleancut solutions to the modern consumer needs, via series of new products.

Indeed, in October 2002, for the first time ever in thehistory of the Group, and through a launchevent of international magnitude, C-THRU anew female fragrance line, was simultaneouslylaunched into five main countries of operations,Poland, Romania, Bulgaria, Serbia and Greece,underlying the international character of thegroup. C-THRU sales in Greece are growingsteadily and are already beyond the 3,5 millionEuros mark, while its SOM in the category is 37%in value.

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2002Annual Report


2

The Group Progress in 2002

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2002Annual Report


STRATEGIC PARTNERS

COMPANY BRAND YEARS OFCOOPERATION

ESTEE LAUDER ESTEE LAUDER, CLINIQUE, ARAMIS, DONNA KARAN, PRESCRITIVES, TOMMY 32

JUVENA JUVENA 22ORLANE ORLANE 17DIANA DE SILVA MONTANA 17PUPA PUPA 17VERSACE VERSACE 15PROCTER & GAMBLE LAURA BIAGIOTTI, HUGO BOSS, GIORGIO BEVERLY HILLS 14COTY JOOP, ADIDAS 12PUIG NINA RICCI, DIAVOLO 10PROCTER & GAMBLE CLAIROL 8CHURCH & DWIGHT TROJAN, PEARL DROPS, NAIR 8HELEN CURTIS SALON SELECTIVES 6IAMS (P&G) EUKANUBA 5∞RTSANA GROUP KORFF 5JOHNSON & JOHNSON JONHSON’S BABY 3ª∞¡∂∆TI ROBERTS NEUTRO ROBERTS 5BOOTS CLEARASIL 3CARTIER CARTIER 1CREATION PACIFIC PARFUMS LOLITA LEMPICKA, CASTEL BAJAC 4LALIQUE LALIQUE 4

SALES PER CATEGORY OF ACTIVITY2001 2002 %chg

COSMETICS MASS MARKET 55.033 55.307 0,5COSMETICS SELECTIVE MARKET 59.410 64.795 9,1HOUSEHOLD 35.692 64.392 80,4OTC 16.807 15.652 -6,9OTHER 18.084 19.216 6,3TOTAL 185.026 219.362 18,6

We especially mention the newly successfully initiated operation of the groupconcerning the new paper and aluminum professional products line.

The overall range of the Sarantis own products as well as their market share can befound in the hereby included table.

OWN BRANDSMMAARRKKEETT SS..OO..MM.. PPOOSSIITTIIOONN BBRRAANNDDSS

COSMETICS - O.T.C.

EDT for Men 43% 1 STR8 & DAREASL for Men 16% 3 STR8, & DARE, PROSARDeodorants for Men 9% 4 STR8 & DAREPerfums for Women 48% 1 C-THRU, µU/TEASE, 99, CLOCHARDSunCare 14% 1 CARROTENVitamins 23% 1 LANES, ORTIS

HOUSEHOLDAluminum Foil 53% 1 SANITAS, FINOFood Bags 55% 1 SANITAS, FINOGarbage Bags 10% 3 SANITASShoe Care 64% 1 CAMELDrainPipe Cleaners 65% 1 TUB-O-FLOWC Blocs 26% 1 AFROSO, RIVACockroach Killers 31% 1 TEZAInsecticides 9% 5 PYROXDishWashing Detergents 5% 6 TRYLET, SAVONITMoth Repellants 4% 4 VETO - BISBARDIAir Fresheners 4% 4 AFROSOFabric Whiteners 3% 5 SKOT - RIVEX

The portfolio of distributed products includes a wide range of wellknown and distinguished brands, that are widelyestablished and contribute an average 40% forthe overall Group Turnover. The followingtable denotes the main internationaltrademark names that are exclusivelyrepresented by the Group:

2

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2002Annual Report


3S. D. PackPlast and SarPol Merger

Early in 2002, the Sarantis Group of Companies was represented in the Polish market through two different legalentities. The newly acquired, PackPlast International Sp Z.o.o., and SarPol, its original direct affiliate in the Polishmarket.

It was sooner rather than later that the Sarantis management decided to unite the two operations into one legal entityby incorporating SarPol into PackPlast, and letting all the operation come under the PackPlast umbrella, whilemanagement was kept by Sarantis. In financial terms this has been effected through share capital increase whichallowed Sarantis to eventually participate with a 52% share into the new scheme, while also obtaining themanagement of the end company.

It was this swift and rigorous management that really quickly brought together the two entities, and caused them tovery successfully merge, while at the same time it effected a large scale reorganization and reengineering into the new

scheme by strengthening the Sales and Logistics organizations.The effort was impressively successful, and the financial resultsrecorded at year end were equally strong.

As a matter of fact, and in spite of a break even target for 2002,initially set by the Sarantis management, year end results made a

remarkable come back to 500 thousand Euros net earnings before tax,completely reversing the 1,3 million negative half year results, and in complete contrast with any prior years- recordednegative performances. At the same time total realized Turnover was a hefty 41 million Euros, contrasting theprevailing gloomy economic environment.

PackPlast is now a strong dynamic organization, with headquarters in Warsaw, 7 regional offices spread around thecountry and an affiliate in the Czech Republic. PackPlast products do have leading shares in the Polish market,especially through the household flagship series Jan-Niezbedny, Grosik, and the sanitary product series Kamelia.Shares of market reflect the leadership and an equivalently high market penetration, 25% for the aluminum foil andplastic garbage bags, 37% for the baking paper and 42% for freezer bags ( readings are from N-D02 data ).

The overall product range is further enhanced by the presence of theconsistently strong profit generators, the Sarantis own male and femalecosmetic brands, STR8, BU, BU TEASE, 99, Dare and the recentlylaunched in October 2002, C-THRU. STR8 has now become a majorgrowth driver with a 22% consolidated growth while the deodorant lineincredibly excels with a 35% growth over last year. SOM for STR8 is currently at 7.7% (N-D 02) and growing.

It is worth to mention that PackPlast through its affiliate in the Czech market is also having distribution presence ingeographically nearby export markets such as Russia, Ukraine and others, really setting the trend for the uneasySarantis management to bring forward opportunities of further growth.

Indeed, senior management is looking into new Market start ups, that will bring new challenges and opportunities thatwill build on the shareholder value and equity.

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2002Annual Report


4

Operating Figures 2002

Total Assets, on a consolidated basis, registered a marginal decrease of 2,8% settling at 295,7 million Euros. The TotalAssets decrease, on absolute basis, of approximately 8,7 million Euros, is due both to the reduction of the Fixed andCurrent Assets.

The Net Fixed Assets, after depreciations, in 2002, settled at 121,6 million Euros from the 123,1 million Euros of2001, marginally down by 1,2%. The Group’s Total Current Assets decreased by 5,2% and settled at 164,4 millionEuros. This particular decrease reflects the concerted outcome, on one hand, of a 6% decrease in the AccountsReceivables figure which settled at 107,8 million Euros, and of a 55,6% decrease in the Securities figure, while on theother hand, it reflects an increase in the Inventories by 4,8% and in the Cash figure of 53%, which in 2002respectively settled at 37,4 million Euros and 12,7 million Euros.

Total Liabilities in 2002, registered a marginal decrease of 2,34%. To be more specific, the Short Term liabilitiessettled at 100,6 million Euros, down by a considerable 21,5% versus year ago, while Long Term Liabilities showed anincrease of 33,2% and settled now at 91,9 million Euros up from the 69 million Euros of 2001. The Current ratioregistered an increase in 2002, setting at 1,57 versus the 1,24 of 2001, while the Acid Test Ratio also increasedsettling at 1,20 versus the 0,96 of year ago.

The Group’s Shareholders’ equity verifies its strong financial position. More specifically, the Shareholders’ equity settledat 139,7 million Euros. The ratio of Shareholders’ equity versus the Total Assets settled at 47,25% as opposed to the46,46% of last year.

Total Turnover on a consolidated basis showed considerable growth of 18,6% in 2002, and closed at 219,4 millionEuros, up from the 185 million Euros of 2001. Itis worth to mention that the average cumulativeGroup Turnover Growth rate in the period of1996-2002, is considerably higher than theaverage sector growth and one of the highestamong the listed in the Athens Stock Exchangecompanies.

0

5

10

15

20

Net Profit Development

11

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2002Annual Report


5

Stock Performance 2002

Gross Margin settled at 50,3% registering a marginal decrease when compared to the 52,1% of year ago.

The Administrative Expenses increase, on a consolidated basis, of 31% settling at 15,1 million Euros, is consideredreasonable compared to the continuous expansion realized by the Group, while as a percentage of sales the figureshowed only a marginal upside to a 6,9% from 6,25% of 2001. The Cost of Sales figure grew by only a 5,9% settlingat 66,7 million Euros and registering an impressive slow down as a percent of sales settling at 30,4% from the 34% ofyear ago.

Interest and Extraordinary Expenses on absolute basis registered an increase, settling in 2002, at 11,9 million Euros,up 7,3% from the 11,1 million Euros figure of 2001. At the same time when expressed as a percent of sales, the figurewent down by a whole half percentage point settling at 5,4% in 2002, accordingly boosting the Pretax Earnings figureupwards.

More specifically, the Group’s Pretax Earnings figure went up by 10,2% settling at 18,1 million Euros, while the PretaxEarnings after any minority deductions now settled at 12,1 million Euros slightly down from the 12,8 million Eurosfigure of year ago. The Net Pretax Profit Marging after the minority deductions closed at 5,5% versus the 6,9% of2001.

0

30

60

90

120

150

Total Capital & Reserves Development

0

50

100

150

200

250

Turnover Development 40

50

60

70

80

90

100

110

40

50

60

70

80

90

100

110

In 2002, the performance of the general index of the Athens Stock Exchange, made no exception and followed thegeneral declining trend followed by all European stock markets and registered an overall decline of 33%. The Gr.Sarantis stock influenced by the overall downward momentum registered an equivalent decline of 32%, well abovehowever, of the 43% decline that was registered by the Index representing the Wholesale companies. The Gr. Sarantiscompany fundamentals that remain particularly strong coupled with its expected organic growth are really setting thetone for an upward stock price trend in 2003.

Gr. SARANTIS - General Index 01/01/02 -31/12/02

SARANTIS General Index

Gr. SARANTIS - —Wholesale Index 01/01/02 -31/12/02

SARANTIS Wholesale Index

VENUS S.A.Main company for the Group encompasses the vehicle for the Joint - Venture operations with ESTEE LAUDERINC. in the Greek and Balkan Markets. Total recorded turnover for 2002 was 53.3 million Euros while EBT was at9.8 million Euros.

SANITAS-SANITAS ABEE

The company was originally incorporated in the Sarantis Group in 1997.Its main activity is the production and trade of:

1. Fast moving Household consumer goods, relating to packaging, likealuminium foil, wraps, plastic food bags, ice-cubes, oven baking paper,alyminium trays, under the trademarks SANITAS and FINO.

2. Shoe care and polishing products under the trademark CAMEL

3. Detergents,bleaches,

insecticides and room deos underthe trademarks AFROSO, RIVA,SKOT, RIVEX, VETO.

The 2002 company TurnOver reached up to 27million Euros, posting PreTax earnings of 1,3 millionEuros.

LOBELIN A.E

The company operates in the marketing, distribution and trade of imported and locallyproduced OTC pharmaceutical products and other non-prescribed drugs, directed intothe pharmacy distribution channel. Its widely known and very successful in the Greekmarket Vitamins Brand, LANES, enjoys a significant Market Share. After incorporatingVITALMINA, it enhanced its operation to include natural origin thalassotherapy products

under the trademark OCEANVITAL. The company realizedin 2002 a turnover of 10million Euros,while its EBT wasup to 0,84 million Euros.

15

6

Progress of Affiliates

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2002Annual Report


17

PACKPLAST International Sp. Zoo, POLAND

In 2002, the two business operating entities of the Sarantis Group, S.D. Pack Plast the new acquisition and SarPol thelocal affiliate, came together, merging into one entity, under the Sarantis management. The new scheme became asuccess story, right from the start, by yielding operating results well into the positive domain,completely reversing any negative results of prior years, or even the initial break even target forthe year set by management.

The company’s turnover reached up to 41 million Euros , while earnings before tax closed at aremarkable 0,5 million Euros, a big achievement really, and in full contrast with the halfyear_s cumulative losses of 1,3 million Euros, just before the new Sarantis managementtook over.

The key drivers of this impressive performance were :� The successful and swift merging of PackPlast with SarPol , a process which involved

a subsequent full company restructuring and reengineering with specialstrengthening focus given into the Sales and logistics structures.

� The maintenance of the leading market position for the company’s flagship brandnames Jan_Niezbedny and Grossik , especially in an adverse market environmentcharacterized by Economic Recession and fierce competition.

� The further market penetration of existing cosmetic products , and especially STR8 , thatrealized a hefty 22% sales increase .

� The successful launches of the cosmetics brands C-THRU , Manetti Roberts and Diavolo ,which contributed to the strengthening of our in market product portfolio .

� The Corporate Operating controls put in place and the strong trade liquidity as a cash generator.

ROMSAR S.A. , ROMANIA

2002 marked the seventh year of successful performance for our subsidiary in Romania since it’s initial establishmentback in September 1996. The company is now well recognized to be one of the top distribution companies operatingin the country, with a full distribution network of 9 branches that facilitate the 100% geographical logistics coverage.

Total turnover reached 19.8 Million Euros , recording a healthy top line growth of 16% over last year. Before TaxEarnings grew by 25% over year ago, driving this figure to the 2 million Euros mark .

Key drivers of this top performance were :� The successful introduction of brands from our new principals, namely Georgia Pacific (Delica), Glaxo-Smithkline-

Beecham (Sensodyne , Paradontax)� The stable performance of products of our core principals Antonio Puig (Thais , Aqua Brava) , J & J (Neutrogena) .

L’Oreal and Manetti Roberts � The steadily growing performance realized by the own Sarantis cosmetic brands BU and STR8 � The successful launch of the new Sarantis female and male cosmetics brands, C-THRU and Dare� The expansion of current product portfolio to include a complete line of household products, contributing to a 15%

of turnover� The further increase in the distribution network

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2002Annual Report


PHARMACARE A.E.

One more company with core operations directedin the pharmacy distribution channel. It promotes andtrades OTC pharmaceuticals and pharmacy cosmetic

products in the Greek andBalkan markets. The main company brandsreap significant market shares. Its main trademarks arethe widely known CLEARBLUE pregnancy tests, the KORFF femalecosmetics line, the FILOVIT skin care line, the MANICARE manicure line. In

2002 its TurnOver was 5.7 Million Euros and its EBT was a negative 0.2 millionEuros. The company in 2003 will be incorporated into Lobelin A.E.

K. THEODORIDIS ∞.∂.

The company operates in the area of exclusive imports distribution and trade of car accessories under the trademarksOTO TOP, GUARD, TURTLEWAX, DISNEY and WARNER in Greece and Cyprus as well as in other Balkan marketsthrough its affiliate OTO-TOP Bulgaria. Company Turnover for 2002 was at 10.5 million Euros, 12% up versus yearago, while its EBT was at 2 million Euros up 59% versus year ago.

ROI ∞.∂.

The company operates in the area of imports and distribution ofpet food and accesories under the brand name LE CHEF. InDecember 2002 the company has been incorporated to PETLEADERS A.E.

PET LEADERS A.E.

A company that exclusively represents, promotes and distributesin the Greek market the world famous pet food and accessories

of PROCTER & GAMBLE under the Brand name EUCANUBA. In2002 company turnover was 7.9 Million Euros while the realizedEBT was at 0.3 Million Euros, figures that include the incorporatedƒ√∏ ∞.∂.

VENTURES A.E.

The company operates in the distribution and trade of fast moving consumer goods in the small market sector. Duringthe year Sarantis became the sole shareholder of the company after purchasing in 2002 the remaining 20% companyshare. Its realized in 2002 turnover was 2.5 million Euros and its EBT closed at a negative 12.000 Euros.

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2002Annual Report


SARANTIS BULGARIA LTD , BULGARIA

In its ninth year of operations, the affiliate withheldthorough reengineering and restructuring, reflecting theseparation of the ESTEE LAUDER business, whicheventually became a distinct legal entity inSeptember 2002.

In view of the above ESTEE LAUDER Shopseparation, the overall company realized animpressive Turnover growth of 13% in its coreoperations reaching the 6.2 million Euros, recordingBefore Tax Earnings of 150 thousand Euros up 200% versusyear ago.

Main drivers for this impressive growth were :� The full year sales effect of co-operation with Principals such as J&J and Puig cosmetics � The gaining of No.1 position in the male fragrances market sector, with a market share of 31,2%� The successful launch of C-THRU and Dare female and male cosmetic lines � The successful distribution of Nina Ricci fine fragrances as well as the impressive sales boost of the selective

distribution by 36,1%

PACKPLAST CZECH REPUBLIC. , CZECH REPUBLIC

By acquiring PackPlast, and its affiliate in the Czech Republic, the SarantisGroup obtained access to the Czech market. Year 2002 was mostly registeredas a reengineering and restructuring year, accordingly positioning the localentity for the big opportunities and challenges lying ahead.

Recorded turnover was 2.5 million Euros, however, the year ended on anegative ground of 93 thousand euros, reflecting mainly administrative

and logistics issues.

NETWEST DISTRIBUTION SERVICES LTD , SERBIA

The company was originally established back in 1997. Despite the early success of 1998 the war that followed in1999 completely grounded the company growth. The next two years, 2000 and 2001 after the end of the war, werededicated to the reviving of the organization, and the rebuilding of the distribution and customer networks.

In 2002, the company came back with an impressive performance, with a turnover growth of +100% versus yearago to the figure of 1,7 million Euros. Profitability before tax was up 42% and closed at 192 thousand Euros.

Main drivers for this coming back performance were :� The Launching of the Antonio Puig Diavolo Range � The Maintenance of the leading market positions and sales on the existing core brands BU, BU tease and STR8 � The Successful launching of C-THRU the own cosmetics brand� The Effected increase in the distribution network with branch in Novi Sad coming alive� The Expansion of our Customer Distribution Universe by another 370 healthy points of sales.

NETWEST DISTRIBUTION SERVICES LTD. , F.Y.R.O.M.

The company was established back in 1997. Despite the ongoingadverse market and political conditions driven by ethnicconflicts, the company managed to deliver in 2002 amodest turnover of 530 thousand Euros, whileprofitability was sustained at positive grounds, at36 thousand Euros Before Tax Earnings.

Key Drivers for this Performance were :� The Sales increase in profit contributing

products BU and STR8� The Maintenance of an aggressive distribution

network� Cost Controlling � Merchandising activities coupled with low cost of

promotions� Strong customer relationship management

RESULTS OF DIRECTLY INCORPORATED AFFILIATES 2002.

Turnover Profit before tax (mio euros) (mio euros)

GR. SARANTIS A.B.E.E. MOTHER COMPANY 93.2 5.4

Affiliate Company % of Ownership Turnover Profit before tax

VENUS SA (ESTEE LAUDER JOINT VENTURE) 99,84% 53.3 9.8PACKPLAST SA 52,22% 41,4 0,5SANITAS-SANITAS ABEE 100,00% 27,4 1,3ROMSAR COSMETICS SA 99,20% 19,8 2,0∫. THEODORIDIS ∞∂ 50,00% 10,5 2,0LOBELIN AE 90,00% 10,2 0,8ZETA AE 8,45% 8,2 0,5PET LEADERS AE 66,99% 7,9 0,3SARANTIS BULGARIA LTD 99,80% 6,2 0,2PHARMACARE AE 100,00% 5,7 -0,2VENTURES AE 100,00% 2,5 -NETWEST SERBIA LTD 85,00% 1,7 0,2NETWEST SKOPJE LTD 85,00% 0,5 0,1P. GIANNAS ∞µ∂∂ 99,98% 0,0 -0,2BRIARDALE SERVICES LTD 100,00% - -SARANTIS DEUTCHLAND Gmbh 90,00% - -SARANTIS FRANCE SARL 100,00% - -SARANTIS UK LTD 100,00% - -SG SARANTIS GLOBAL LTD 99,00% - -

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2002Annual Report


21

The Prospects for the Sarantis group of Companies in 2003 are very promising, despite the unfavorable and unstablemacroeconomic environment prevailing in Europe.

The leading drivers which the group plans to move along in the coming years, will continue to be the same ones thathave guided us so far in the last three years.

The Development of fragrances and other fast moving consumer own brands coupled with the simultaneouspenetration in the markets of Central and Eastern Europe.

With reference to the above frame of action, Sarantis in 2003 plans to introduce new innovative fast moving consumerbrands especially into the market segments of shoe care and toiletry fragrance. Furthermore,early in 2003, Sarantis introduced the new official 2004 Olympic Games fragrances line,targeting to exploit the trademark rights as an official licensee of the Olympic trademark. Thesefragrances are targeting to both female and male users through two different variants for eachgenre.

A key challenge for 2003, is to start up a business operation into another major market of theEastern European geography. With regard to this aspiration direct targets are thechallenging markets of either Russia, Ukraine or Turkey, which post bigopportunities for the Sarantis brands.In 2003, the Sarantis Group of Companies, is forecasting a TurnOver of 232million Euro, and before tax earnings of 19 million Euro.

7

Prospects for 2003

2322

2002Annual Report


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.335,6

15.

Tran

spor

tatio

n eq

uipme

nt5.0

51.34

7,70

2.936

.077,3

22.1

15.27

0,38

4.318

.202,9

02.2

54.55

2,08

2.063

.650,8

26.

Furn

iture

and

fixtu

res

15.95

6.927

,609.7

91.90

1,00

6.165

.026,6

012

.547.1

82,66

8.241

.381,9

34.3

05.80

0,73

7.Pr

epay

ments

and a

ssets

unde

r con

struc

tion

368.5

26,32

0,00

368.5

26,32

326.5

05,30

2.746

,8732

3.758

,43---------

---------

---------

---------

---------

---------

53.20

7.587

,2419

.609.5

18,54

33.59

8.068

,7046

.221.7

24,08

15.69

0.336

,6530

.531.3

87,43

==

==

==

==

==

==

==

==

==

==

==

==

==

==

==

==

==

==

==

==

==

==

==

==

==

==

==

Tota

l tan

gible

and

intag

ible a

ssets

( CI

+CI

I)13

6.533

.687,7

980

.133.3

62,24

56.40

0.325

,5512

1.145

.188,9

864

.884.3

68,88

56.26

0.820

,09=

==

==

==

==

==

==

==

==

==

==

==

==

==

==

==

==

==

==

==

==

==

==

==

==

==

==

==

=

III.

Finan

cial A

ssets

1.Pa

rticip

ating

inter

ests

in af

filiat

ed u

nder

t64

.877.0

68,57

66.80

8.433

,73Le

ss: I

nsta

lmen

ts du

e0,0

064

.877.0

68,57

305.7

88,05

66.50

2.645

,68---------

---------

7.Ot

her f

inanc

ial a

ssets

358.7

22,42

336.7

26,71

---------

---------

65.23

5.790

,9966

.839.3

72,39

==

==

==

==

==

==

==

==

==

TOTA

L FIXE

D AS

SETS

(CI+

CII+

CIII)

121.6

36.11

6,54

123.1

00.19

2,48

==

==

==

==

==

==

==

==

==

==

D.CU

RREN

T ASS

ETS

I.St

ocks

1.Me

rchan

dise

28.01

8.715

,7524

.837.8

37,81

2.Fin

ished

, sem

i-fini

shed

pro

ducts

, byp

rodu

cts, a

nd sc

rap

2.897

.139,3

93.7

86.40

5,54

4.Ra

w an

d auxi

liary

mater

ials,

cons

umab

les, s

pare

parts

and p

ackin

g item

s4.9

92.42

6,13

5.931

.051,7

05.

Adva

nce p

ayme

nt fo

r stoc

k1.5

19.16

6,90

1.156

.667,7

8---------

---------

37.42

7.448

,1735

.711.9

62,83

==

==

==

==

==

==

==

==

==

II.De

btor

s1.

Trad

e deb

tors

63.79

8381

,1258

.986.1

18,22

Less

: Pro

vision

s1.4

49.29

5,07

62.34

9.086

,0547

7.092

,9458

.509.0

25,28

----------

---------

2.No

tes re

ceiva

ble- I

n po

rtofol

io57

6.859

,821.0

50.55

2,56

- At b

anks

as p

ledge

226.5

22,65

254.0

13,91

- At b

anks

for c

ollec

tion

422.8

46,24

1.226

.228,7

143

2.229

,351.7

36.79

5,82

----------

---------

3.No

tes re

ceiva

ble ov

erdu

e21

8.570

,7119

8.567

,583·

.Ch

eque

s rev

eivab

le23

.084.8

10,83

22.87

0.202

,563b

.Ch

eque

s ove

rdue

1.646

.478,8

81.4

43.96

0,24

Less

: Pro

vision

s12

2.774

,481.5

23.70

4,40

68.13

1,38

1.375

.828,8

6----------

---------

3d.

Cheq

ues r

eveiv

able

as p

ledge

16.90

6,70

57.94

5,86

4.Du

e Cap

ital

0,00

658.7

61,88

5.So

rt ter

m cla

ims i

n af

filiat

ed u

nder

239.9

82,65

0,00

8.Bl

ocke

d Ba

nk A

ccou

nts

942,6

40,0

010

.Do

ubtfu

l tra

de a

nd ot

her d

ebtor

s1.0

25.96

2,26

1.054

.288,7

2Le

ss: P

rovis

ions

48.03

9,52

977.9

22,74

620.0

91,59

434.1

97,13

----------

---------

11.

Sund

ry de

btor

s17

.917.8

06,63

28.63

9.147

,6512

.Ad

vanc

es to

acc

ount

for

259.6

05,51

181.6

88,81

---------

---------

107.8

15.56

7,57

114.6

62.16

1,43

==

==

==

==

==

==

==

==

==

==

III.

Inve

stmen

ts1.

Shar

es6.1

96.56

0,09

13.18

1.429

,863.

Othe

r inv

estm

ents

244.5

84,57

1.398

.471,4

94.

Own

shar

es57

.112,0

014

7.702

,74---------

---------

6.498

.256,6

614

.727.6

04,09

Less

: Ins

talm

ents

due

985,1

86.4

97.27

1,48

985,1

814

.726.6

18,91

---------

==

==

==

==

=---------

==

==

==

==

=IV

.Ca

sh at

ban

k and

in h

and

1.Ca

sh in

han

d31

9.726

,1740

1.561

,733.

Sight

and

time

dep

osits

12.36

4.541

,947.8

87.64

9,29

---------

---------

12.68

4.268

,118.2

89.21

1,02

==

==

==

==

==

==

==

==

==

TOTA

L CUR

RENT

ASS

ETS

(DI+

DII+

DIII+

DIV)

164.4

24.55

5,33

173.3

89.95

4,19

==

==

==

==

==

==

==

==

==

==

E.PR

EPAY

MENT

S AN

D AC

CRUE

D IN

COME

1.De

ferre

d ex

pens

es61

6.000

,6638

8.235

,392.

Accru

ed

incom

e1.0

31.01

0,46

1.023

.743,4

53.

Othe

r pre

paym

ents

and

accru

ed in

come

1.150

.412,5

420

0.825

,98---------

---------

2.797

.423,6

61.6

12.80

4,82

==

==

==

==

==

==

==

==

==

GRAN

D TO

TAL A

SSET

S (B

+C+

D+E)

295.6

88.14

0,11

304.3

70.83

0,93

==

==

==

==

==

==

==

==

==

==

MEMO

ACC

OUNT

S1.

Third

par

ty as

set i

tems

0,56

0,56

2.Gu

aran

tees a

nd re

al se

curit

ies5.5

13.55

2,50

5.372

.972,8

83.

Debt

ors o

f bila

teral

cont

racts

39.35

0,00

0,00

4.Ot

her m

emo a

ccou

nts

19.57

5,63

19.57

5,62

---------

---------

5.572

.478,6

95.3

92.54

9,06

==

==

==

==

==

==

==

==

==

A.CA

PITA

L AND

RES

ERVE

SI.

Capi

tal

1.Pa

id-up

capit

al56

.441.4

08,60

55.46

5.884

,08=

==

==

==

==

==

==

==

==

=II.

Shar

e pre

mium

acco

unt

75.49

5.031

,6675

.495.0

31,66

==

==

==

==

==

==

==

==

==

III.

Reva

luatio

n Re

serv

es -

Inve

stmen

t Gra

nts

2.Re

serv

es fr

om re

valua

tion

ofoth

er a

ssets

0,00

37.10

5,45

3.Gr

ants

for in

vestm

ents

in fix

ed a

ssets

234.0

65,39

384.5

76,92

---------

---------

234.0

65,39

421.6

82,37

==

==

==

==

==

==

==

==

==

IV.

Rese

rves

1.St

atut

ory r

eser

ves

1.826

.415,1

51.6

57.17

5,21

1a. L

osse

s for

m Se

curit

ies re

valua

tion

-6.47

9.503

,27-3

.686.5

58,18

1b. L

oss f

rom

sale

of pa

rticip

ation

-794

.593,9

30,0

04.

Extra

ordin

ary r

eser

ves

68,20

62.31

4,29

5.Ta

x - fr

ee re

serv

es

unde

r spe

cial la

ws6.7

91.33

8,06

6.975

.880,0

76.

Rese

rves

for a

cquis

ition

of ow

n se

curit

ies57

.112,0

014

7.702

,74---------

---------

1.400

.836,2

15.1

56.51

4,13

==

==

==

==

==

==

==

==

==

V.Re

sults

carri

ed fo

rwar

dPr

ofil c

arrie

d for

ward

6.146

.340,6

94.8

72.59

5,18

==

==

==

==

==

==

==

==

==

Tota

l cap

ital a

nd re

serv

es(A

I+AI

I+AI

II+AI

V+AV

)13

9.717

.682,5

514

1.411

.707,4

2=

==

==

==

==

==

==

==

==

=Vπ

I.Mi

norit

y Righ

tsOn

the C

apita

l4.7

46.27

6,35

4.605

.955,7

5On

Res

erve

s and

Pro

fit9.3

04.67

3,90

3.046

.764,8

3---------

---------

14.05

0.950

,257.6

52.72

0,58

==

==

==

==

==

==

==

==

==

VIπI.

Depr

eciab

le Co

nsoli

datio

n Di

ffere

nces

-59.4

00.61

2,95

-48.9

25.35

1,66

==

==

==

==

==

==

==

==

==

B.PR

OVIS

IONS

FOR

LIAB

ILITI

ES A

ND C

HARG

ES1.

Prov

ision

s for

retir

emen

t ben

efits

548.2

45,18

298.9

98,18

2.Ot

her p

rovis

ions

3.852

.678,3

64.5

63.09

0,32

---------

---------

4.400

.923,5

44.8

62.08

8,50

==

==

==

==

==

==

==

==

==

C.CR

EDITO

RSI.

Long

-term

deb

t2.

Bank

Loan

s90

.465.4

26,87

64.96

5.426

,874.

Othe

r Lon

g Ter

m Lia

bilitie

s1.4

57.79

4,14

4.000

.000,0

0---------

---------

91.92

3.221

,0168

.965.4

26,87

==

==

==

==

==

==

==

==

==

II.Cu

rrent

liab

ilitie

s1.

Supp

liers

37.51

8.950

,0432

.492.2

83,59

2.No

tes p

ayab

le31

1.931

,6389

9.846

,092·

.Ch

ecks

pay

able

6.623

.047,2

87.6

71.17

1,93

3.Sh

ort t

erm

loans

33.85

7.858

,5666

.931.4

44,57

4.Ad

vanc

es fr

om tr

ade d

ebtor

s80

8.956

,055.4

16.45

9,56

5.Ta

xes-

dutie

s11

.541.8

01,45

5.951

.357,0

16.

Socia

l sec

urity

1.462

.996,2

11.1

43.04

8,17

7.Cu

rrent

por

tion

of lon

g-ter

m de

dt19

.235,0

019

.908,4

68.

Curre

nt Li

abilit

ies to

Par

ticipa

ting C

ompa

nies

0,00

17.38

6,37

10.

Divid

ends

3.054

.592,9

12.4

69.80

1,96

11.

Sund

ry Cr

edito

rs5.4

24.94

2,52

5.188

.451,1

5---------

---------

100.6

24.31

1,65

128.2

01.15

8,86

==

==

==

==

==

==

==

==

==

TOTA

L CRE

DITO

RS (

CI+

CII)

192.5

47.53

2,66

197.1

66.58

5,73

==

==

==

==

==

==

==

==

==

D.AC

CRUA

LS A

ND D

EFFE

RED

INCO

ME1.

Incom

es of

follo

wing

year

s1.2

58.13

0,29

3.029

,692.

Accru

ed ex

pens

es2.1

75.14

3,77

2.100

.292,2

93.

Othe

r acc

ruals

and

deff

ered

inco

me93

8.290

,0099

.758,3

8---------

---------

4.371

.664,0

62.2

03.08

0,36

==

==

==

==

==

==

==

==

==

GRAN

D TO

TAL L

IABI

LITIE

S (A

+B+

C+D)

295.6

88.14

0,11

304.3

70.83

0,93

==

==

==

==

==

==

==

==

==

MEMO

ACC

OUNT

S1.

Bene

fciar

ies of

ass

et ite

ms0,5

60,5

62.

Guar

antee

s and

real

secu

rities

5.513

.552,5

05.3

72.97

2,88

3.Lia

bilitie

s of B

ilater

al Co

ntra

cts39

.350,0

00,0

04.

Othe

r mem

o acc

ount

s19

.575,6

319

.575,6

2---------

---------

5.572

.478,6

95.3

92.54

9,06

==

==

==

==

==

==

==

==

==

LIAB

ILIT

IES

SARA

NTIS

GRO

UP O

F CO

MPA

NIES

PUBL

IC C

OMPA

NIES

Reg.

No.

130

83/0

6/B/

86/2

710

th Y

EAR

(Janu

ary

1 -

Dece

mbe

r 31,

200

2)

PROF

ITAN

D LO

SS A

CCOU

NTAt

Dec

embe

r 31,

2001

(Jan

uary

1 - D

ecem

ber 3

1, 20

01)

2002

2001

AUDI

TOR’

S REP

ORT

To th

e sha

reho

lders

of G

r. Sa

rant

is SA

Towa

rds

the S

hareh

olders

of t

he S

ociet

e An

onym

e «G

R.SA

RANT

IS A.B

.E.E.

Socie

te An

onym

e pr

oduc

tion

and

comm

ercial

Cos

metic

s, Te

xtiles

,Ho

useh

old an

d Pha

rmac

eutic

al pr

oduc

ts co

mpan

y, An

d it’s

subs

idiar

ies.

We A

udite

d, ac

cord

ing to

the c

lause

s of A

rticle

108 f

orese

en in

Law

N.21

90/1

920 c

once

rning

Limi

ted sh

areh

olders

comp

anies

the 1

0th c

onso

lidate

dBa

lance

She

et, th

e con

solid

ated

cash

state

ment

and

the re

lative

atta

chme

nts of

the c

ompa

ny «

GR.SA

RANT

IS A.B

.E.E.

Socie

te An

onym

e prod

uctio

nan

d com

merci

al Co

smeti

cs, T

extile

s, Ho

useh

old an

d Pha

rmac

eutic

al pr

oduc

ts co

mpan

y, an

d it’s

subs

idiar

ies fo

r the

fisca

l yea

r end

ing D

ecem

ber 3

1st

2002

. We a

pplie

d all p

roced

ures

we d

eeme

d suit

able

for th

e obje

ctivit

y of o

ur au

dit, w

hich i

s full

y in a

ccord

ance

to th

e acc

epted

audit

ing pr

incipl

es of

the A

udito

rs an

d Ac

coun

tants

Boar

d an

d ve

rified

the c

onten

t of t

he co

nsoli

dated

man

agem

ent r

eport

toge

ther w

ith th

e fina

ncial

state

ments

. We d

idno

t exte

nd th

e aud

it to o

pera

tions

that

are i

nclud

ed in

the c

onso

lidate

d bala

nce s

heet,

but n

ot au

dited

. This

repr

esen

ts ap

prox

imate

ly 9%

and 1

9% of

the As

set to

tal an

d res

ults o

f cur

rent p

eriod

resp

ectiv

ely. F

rom ou

r aud

it, the

follo

wing

were

foun

d : 1)

The a

lloca

ted to

C.III.

1 « Pa

rticip

ation

s in a

ffiliat

edco

mpan

ies» r

epres

ent t

he Sh

are a

cquis

ition v

alue o

f limi

ted co

mpan

ies th

at ar

e not

includ

ed in

the r

espe

ctive

cons

olida

tion.

Base

d on s

hare

value

of31

/12/

2002

, they

shou

ld ha

ve be

en ev

aluate

d les

s, ap

prox

imate

ly by

Œ47

.725.0

00 w

ith re

spec

tive s

urch

arge

of fis

cal re

sults

and o

wners

equit

y. 2)

The p

aren

t com

pany

and

subs

idiar

ies in

clude

d in

the co

nsoli

datio

n, an

d en

comp

asse

d un

der c

lause

205

/198

8 co

nsult

atory

of ad

minis

trativ

e leg

alad

visors

and

arti

cle 1

0 of

law 2

065/

1992

, did

not c

onfig

ure,

as w

as d

one i

n the

rece

nt fis

cal y

ear,

prov

ision

s for

seve

ranc

e and

retir

emen

t. If

theab

ovem

entio

ned

prov

ision

s were

mad

e, the

n thi

s wou

ld am

ount

to Œ

1.189

.350.

From

this a

moun

t, ap

prox

imate

ly Œ

238.8

10 re

lates

the p

resen

tfis

cal y

ear, a

nd th

e res

t, pas

t fisc

al ye

ars.

3)Th

e par

ent c

ompa

ny an

d its

subs

idiar

ies «P

.GIAN

NAS S

.A» an

d «SA

NITA

S-SA

NITA

S S.A.

» afte

r the

relat

ivetax

ordin

ance

, bur

dene

d the

curre

nt fis

cal y

ear w

ith Œ 1

.629.5

52,52

whic

h is r

elated

to 1/

5 of d

eficit

from

the s

ale an

d dev

aluati

on of

stoc

k from

the

2000

fisca

l yea

r. Th

e rem

aining

2/5 o

f defi

cit ar

e inc

luded

in th

e ass

et ite

m D.

II.11 «

Misc

ellan

eous

debto

rs» an

d amo

unts

to Œ 3

.259.1

11,02

. 4)T

hede

ficit

origin

ated

from

evalu

ation

and

sale

of p

artic

ipatio

n an

d sto

ck o

f the

par

ent c

ompa

ny a

nd it

s su

bsidi

ary «

P.GIAN

NAS

S.A»

and

«SAN

ITAS-

SANI

TAS

S.A.»

amou

nting

to Œ

4.517

.009,3

6 wa

s ente

red di

rectly

in re

ducti

on of

owne

rs ca

pital,

with

out t

he re

spec

tive e

ntry i

n fisc

al ye

ar re

sults

.5)

For t

he as

sume

d defi

cit fr

om ba

d deb

ts, of

paren

t com

pany

and s

ubsid

iaries

, a pr

ovisi

on of

Œ1.4

34.11

1,35

has b

een

made

, whic

h ac

cord

ing to

us, s

hould

be hi

gher

by ap

prox

imate

ly Œ

3.237

.348 w

ith th

e res

pecti

ve re

ducti

on in

fisca

l res

ults a

nd ow

ners

capit

al. 6)

The p

aren

t com

pany

and i

tssu

bsidi

ary «

P.GIAN

NAS S

.A» an

d «SA

NITA

S-SA

NITA

S S.A.

» in t

he cu

rrent

fisca

l yea

r, co

ntrar

y to l

ast y

ear,

did no

t effe

ct pr

ovisi

ons o

n firs

t insta

llatio

nex

pens

es. A

ssum

ing th

at the

se pr

ovisi

ons w

ere ef

fected

, acc

ording

to th

e fac

tor u

nder

law N

.2238

/199

4, the

n the

curre

nt fis

cal r

esult

s and

owne

rsca

pital

would

less

by a

pprox

imate

ly Œ

1.875

.089.

Moreo

ver,

the su

bsidi

aries

«PHA

RMAC

ARE

S.A»,

«P.G

IANNA

S S.A

» and

«SAN

ITAS-

SANI

TAS

S.A.»

in the

curre

nt fis

cal y

ear,

contr

ary t

o the

last,

effec

ted de

prec

iation

s on c

ertain

defin

ed ca

tegori

es of

asse

ts. A

ssum

ing de

prec

iation

was

effec

ted on

the to

tal of

asse

ts, ba

sed o

n the

facto

r und

er La

w 10

0/19

98, th

en th

ese w

ould

be gr

eater

by Œ 3

03.00

0, wi

th eq

ual in

amou

nt bu

rden

on Fi

scal

result

san

d own

ers ca

pital.

7)Fo

r bad

and o

bsole

te sto

ck of

the p

aren

t com

pany

and i

t’s su

bsidi

aries

«PHA

RMAC

ARE S

.A. »,

«LOB

ELIN

S.A.

», am

ounti

ng in

total

to Œ

1.650

.168,

no re

levan

t prov

ision

has

bee

n eff

ected

for a

ssum

ed lo

ss th

at co

uld re

sult

from

liquid

ation

there

of, a

nd w

ith re

lative

equa

l inam

ount

burd

en on

Fisc

al res

ults a

nd ow

ners

capit

al. 8)

On a

ccou

nt of

the to

tal of

owne

rs ca

pital

of the

subs

idiar

y «P.G

IANNA

S S.A»

being

less

er tha

nha

lf of

treas

ury s

tock,

then

there

is rea

son

for th

e ap

plica

tion

of ar

ticle

47 o

f Law

No.

2190

/192

0. 9)

Due

to th

e su

bsidi

aries

«P.G

IANNA

S S.A

»,«S

ANITA

S-SA

NITA

S S.A.

», «L

OBEL

IN S.

A.» an

d «Th

eodo

ridis

S.A.»

neve

r bein

g aud

ited b

y the

offic

ial ta

x auth

oritie

s for

the fis

cal y

ears

2001

and 2

002,

and t

he su

bsidi

ary «

PHAR

MACA

RE S

.A.» f

or the

fisca

l yea

r 200

2, the

ir tax

liabil

ities h

ave n

ot be

en fin

alise

d.

It is

our o

pinion

, and

afte

r our

obs

ervati

ons m

entio

ned

abov

e ar

e tak

en in

to ac

coun

t, the

cons

olida

ted fi

nanc

ial st

ateme

nts h

ave

been

cons

tituted

acco

rding

to or

dinan

ce of

Law

N.21

90/1

920

and

illustr

ates b

ased

on th

e rela

tive o

rdina

nce t

hat i

s in

force

, tog

ether

with

acco

untin

g prin

ciples

and

metho

ds a

pplie

d by

the

paren

t com

pany

, whic

h ar

e ge

nera

lly a

ccep

table

and

do n

ot dif

fer fr

om th

ose

appli

ed in

the

prev

ious

fisca

l yea

r, wi

th the

exce

ption

s of t

he ob

serva

tions

mad

e in

point

6. T

he a

sset

struc

ture,

finan

cial p

ositio

n, liq

uidity

, and

the r

esult

s of t

he co

mpan

y are

includ

ed in

the

31/1

2/20

02 co

nsoli

datio

n. At

hens

, May

12th,

2003

THE A

UDITO

RS –

CER

TIFIED

ACC

OUNT

ANTS

IOAN

NIS

B, K

ALOG

EROP

OULO

S RE

GIST

ER N

UMBE

R / S

OEL :

1074

1K

& V C

ERTIF

IED A

CCOU

NTAN

TS A

EEBA

KER

TILLY

INTE

RNAT

IONA

L

NOTE

S ON

THE å

GR. S

ARAN

TIS A

BEEå

CONS

OLID

ATED

BAL

ANCE

SHE

ET.1

:. Fo

r the

audit

ing of

the 3

1.12.2

002

cons

olida

ted ba

lance

shee

t, we

used

all t

he ac

cept

ed au

diting

proc

edur

es th

at w

ere fo

llowe

d in t

he co

nsoli

dated

balan

ce sh

eet o

f 31.1

2.200

1 2

. In t

he 1

2 mo

nth p

eriod

endin

g in 3

1.12.2

002,

Euro

6.489

.821,8

0 ha

ve be

eninv

ested

in fi

xed a

ssets

. 3. T

he fo

llowi

ng co

mpan

ies ha

ve be

en in

clude

d in t

he co

nsoli

dated

balan

ce sh

eet :

1) G

R. S

ARAN

TIS ∞

.µ.∂.

∂. 2)

PHA

RMAC

ARE

A.E.

3) P

. Gπ∞

¡¡∞™

∞.∂.

4) ∫

. TH∂

√DOR

πDIS

∞.∂.

5) S

ARAN

TIS B

ULGA

RIA

L.T.D

. 6) R

OMSA

R CO

SMET

ICS

S.A. 7

) SAN

ITAS

– S

ANITA

S A.

E. an

d its

affilia

te DO

MONA

TURA

A.E.

8)

LOBE

LIN A

.E. 9

) NET

WES

T SER

BIA

L.T.D

. 10)

NET

WES

T SKO

PJE

L.T.D

. 11)

PET

LEAD

ERS

A.E.

and i

ts aff

iliates

S. P

ARO™

∞.∂.

& G

RECO

VET E

.P.E.

12)

SAR

ANTIS

G.M

.B.H

. 13)

SAR

ANTIS

FRAN

CE S

.A. 1

4) S

ARAN

TIS U

.K. L

.T.D.

15)

SG

SARA

NTIS

GLO

BAL L

.T.D.

16)

PAC

K PL

AST S

.A. a

nd it

s affi

liates

LINC

O, S

ARAN

TIS P

OLAN

D, P

ACK

PLAS

T CZE

CH, 1

7) VE

NUS

S.A. a

nd it

s affi

liates

∑∂∆∞

∞.∂.

, ∑∂∆

∞ CO

SMET

ICS

L.T.D

., EL

CA S

.A.,

ESTE

E LA

UDER

HEL

LAS,

ESTE

E LA

UDER

BUL

GARI

A, E

STEE

LAUD

ER R

OMAN

IA, 1

8) B

RIAR

DALE

S.A

. and

19)

VENT

URES

A.E.

4. T

he nu

mber

of em

ploye

d pers

onne

l is 1

.568

5. La

st da

te of

fixed

asse

ts rev

aluat

ion is

31.1

2.200

0 6.

Acco

rding

to ar

ticle

2 pa

r 1 fo

resee

n in L

aw N

o. 29

92/2

002

defic

it fro

m th

e eva

luatio

n of S

ecur

ities o

f EUR

O 3.3

16.55

0 ha

ve be

en di

rectly

reall

ocat

ed to

redu

ction

of sa

me ca

pital

åres

erves

å. 7.

The a

nalys

is of

2002

sales

on a

per S

TAKO

D 91

categ

ory is

as fo

llows

:24

2.0 –

prod

uctio

n of p

estic

ides a

nd ag

roche

mica

ls EU

RO 6

6.285

,29, 2

45.1

–Pr

oduc

tion o

f soa

ps an

d dete

rgent

s, an

d oth

er cle

aning

and s

hoe p

olish

ing pr

oduc

ts 42

0.097

,6 EU

RO, 2

45.2

– pr

oduc

tion o

f fra

granc

es an

d pers

onal

care

prod

ucts

17.24

2.524

,66 E

URO

251.9

– pr

oduc

tion o

f oth

er ru

bber

prod

ucts

6.796

,42 E

URO

252.9

– pr

oduc

tion

of oth

er pla

stic i

tems 4

11.35

3,15

EURO

274

.2 –

prod

uctio

n of

alumi

nium

items

28.7

06.82

6,21

EURO

503

.0 –

trade

of ca

r par

ts an

d acc

esso

ries 1

0.474

.435,9

8 EU

RO 5

13.8

– wh

olesa

le tra

de of

othe

r foo

d item

s 10.2

90.29

3,03

EURO

514

.2 –

whole

sale

trade

of ho

siery

and c

lothin

g 88.0

50,88

EUR

O 51

4.5 –

who

lesale

trad

e of f

ragr

ance

s and

cosm

etics

92.3

85.32

9,4 E

URO

514.6

– w

holes

aletra

de of

phar

mace

utica

l prod

ucts

16.05

3.281

,07 E

URO

514.9

– w

holes

ale tr

ade o

f oth

er ho

useh

old pr

oduc

ts 43

.219.7

16,61

EUR

O.

I. Op

erat

ing re

sults

Net t

urno

ver (

sales

)21

9.362

.990,3

718

5.026

.119,2

0Le

ss:C

ost o

f sale

s10

9.024

.369,6

188

.544.1

16,12

----------

----------

Gros

s ope

ratin

g res

ults (

profi

t)11

0.338

.620,7

696

.482.0

03,08

Plus

:Oth

er op

erat

ing in

come

1.510

.067,5

35.5

87.76

4,65

----------

-----------

Tota

l11

1.848

.688,2

910

2.069

.767,7

3Le

ss:1

. Adm

inistr

ative

expe

nses

15.13

1.222

,9611

.557.7

12,13

3. Di

stribu

tion

costs

66.66

1.707

,2681

.792.9

30,22

62.94

1.458

,2374

.499.1

70,36

---------

---------

---------

---------

Sub

total

(pro

fit)

30.05

5.758

,0727

.570.5

97,37

Plus

1. Inc

ome f

rom

Parti

cipat

ing In

teres

ts0,0

090

0.889

,641·

. Inco

me fr

om Pa

rticipa

ting I

nteres

ts Aff

iliated

Com

panie

s2.2

84.46

8,30

1.313

.861,4

42.

Incom

e of

Othe

r Sec

uritie

s86

6.799

,651.9

79.59

2,43

3. Ga

ins fr

om S

ale of

Par

ticipa

ting I

nter

est

and

Othe

r Sec

uritie

s57

2.222

,3533

7.754

,054.

Cred

it Int

eres

t and

simi

lar C

harge

s27

4.337

,7735

1.841

,70---------

---------

3.997

.828,0

74.8

83.93

9,26

Less

1. Re

valua

tion

of Pa

rticip

ating

Inter

stan

d Se

curit

ies1.6

29.55

5,52

1.958

.720,8

82.

Expe

nces

from

othe

r Sec

uritie

s61

2.192

,162.2

04.61

8,22

3. De

bit In

teres

t and

Sim

ilar C

harge

s10

.417.8

72,41

12.65

9.620

,09-8

.661.7

92,02

9.944

.210,3

114

.107.5

49,41

-9.22

3.610

,15---------

---------

---------

---------

---------

---------

TOTA

L OPE

RATIN

G RE

SULT

S (P

ROFIT

)21

.393.9

66,05

18.34

6.987

,22PL

US: E

xtra O

rdina

ry re

sults

1. Ex

tra O

rdina

ry Inc

ome

883.6

59,84

695.4

62,74

2. Ex

tra O

rdina

ry Ga

ins36

.632,3

139

2.432

,313.

Prior

Year

s Exp

ence

s35

.213,0

663

.465,8

94.

Unus

ed P

rior Y

ears

Prov

ision

s28

3.600

,748.9

11,06

---------

---------

1.239

.105,9

51.1

60.27

2,00

Less

:1.

Extra

Ord

inary

Exp

ense

s3.5

54.96

7,21

2.108

.949,4

32.

Extra

Ord

inary

Loss

es36

8.359

,5368

1.717

,333.

Prior

Year

s Exp

ense

s19

0.189

,7222

3.672

,424.

Prov

ision

s for

Extr

a Or

dinar

y los

ses

404.5

23,18

4.518

.039,6

4-3

.278.9

33,69

50.81

2,54

3.065

.151,7

2-1

.904.8

79,71

---------

---------

---------

---------

---------

---------

Oper

ating

and

Extra

Ord

inary

Res

ults (

Profi

t)18

.115.0

32,36

16.44

2.107

,51Le

ss:T

otal D

epre

ciatio

n of

Fixed

Ass

ets3.8

96.69

8,84

3.946

.658,0

7Le

ss: D

eprec

iation

inclu

ded

in the

Ope

rating

Cos

t3.8

96.69

8,84

0,00

3.946

.658,0

70,0

0---------

---------

---------

---------

NET R

ESUL

TS (P

ROFI

T) B

EFOR

E TA

XES

18.11

5.032

,3616

.442.1

07,51

LESS

:Mino

rity R

ights

6.058

.483,8

33.6

58.14

1,98

---------

---------

GROU

P PR

OFIT

BEFO

RE TA

XES

12.05

6.548

,5312

.783.9

65,53

==

==

==

==

==

==

==

==

==

2002

2001

Aquis

ition

Value

Writt

en-d

own

Aquis

ition

Value

Writt

en-d

own

ASSE

TS20

0220

01

Maro

ussi,

Mar

ch 31

st, 20

03GR

. SAR

ANTIS

K. SA

RANT

ISK.

ROZA

KEAS

V.

MEIN

TANI

SCh

airma

n of

the B

oard

of D

irecto

rsMa

nagin

g Dire

ctor

Finan

ce D

irecto

rCh

ief A

ccou

ntan

t

Annual Report 2002 Ετήσιος Απολογισµός

Documents

Transcript of Annual Report 2002 Ετήσιος Απολογισµός