ANNUAL REPORT - or Loss before Fiscal year Taxes 2.008,34 ... More information is provided in...

A N N U A L R E P O R T 2 0 0 3

ANNUAL REPORT

A T H E N S , J U N E 2 0 0 4

∫∂º

∞§

∞π√

TABLE OF CONTENTS

A. SUMMARY FINANCIAL STATEMENTS OF THE COMPANY ......................................6

B. FINANCIAL INDICATORS OF THE COMPANY............................................................8

C. ADJUSTMENT OF THE COMPANY’S EARNINGS AND EQUITY CAPITAL..............9

D. SUMMARY CONSOLIDATED FINANCIAL STATEMENTS .......................................13

E. CONSOLIDATED FINANCIAL INDICATORS..............................................................17

F. ADJUSTED CONSOLIDATED EARNINGS AND EQUITY CAPITAL ........................18

I. INFORMATION ON THE ANNUAL REPORT AND THE COMPANY’S AUDITORS ........22

II. SHARE CAPITAL INCREASE AND ALLOCATION OF RAISED FUNDS ............................37

III. SHAREHOLDERS’ RIGHTS......................................................................................................44

IV. TAXATION OF DIVIDENDS ...................................................................................................46

V. INFORMATION ON THE COMPANY.....................................................................................47

VI. BUSINESS ACTIVITY ...............................................................................................................57

VII. PRODUCTION WORK FLOW.................................................................................................87

VIII. FIXED ASSETS - GUARANTEES AND COLLATERALS ........................................................92

IX. CORPORATE ACTIONS ON SHARE CAPITAL ...................................................................101

X. EQUITY CAPITAL - BOOK VALUE OF SHARE ...................................................................106

XI. CONSOLIDATED EQUITY CAPITAL - CONSOLIDATED BOOK VALUE OF SHARE ...107

XII. SHAREHOLDERS - SHAREHOLDING STRUCTURE .........................................................108

XIII. MARKET VALUE OF THE SHARES ......................................................................................109

XIV. BOARD OF DIRECTORS ........................................................................................................110

XV. MANAGEMENT OF THE COMPANY ...................................................................................117

XVI. PERSONNEL.............................................................................................................................120

XVII. THE COMPANY’S INVESTMENTS FOR THE PERIOD 1999-2003.................................121

XVIII. REVIEW OF ACTIVITIES AND EARNINGS......................................................................122

XIX. REVIEW OF THE COMPANY’S BALANCE SHEET ..........................................................128

XX. SOURCES AND USES OF CAPITAL ...................................................................................143

XXI. CONSOLIDATED FINANCIAL STATEMENTS .................................................................146

XXII. DIRECT AND INDIRECT HOLDINGS

OF LAMBRAKIS PRESS SA OVER 5% ON 30.4.2004 .......................................................156

XXIII. COMPANIES ASSOCIATED WITH LAMPRAKIS PRESS SA...........................................157

XXIV. INTER COMPANY TRANSACTIONS WITHIN THE GROUP.........................................252

APPENDIX..............................................................................................................................257

∞. SUMMARY FINANCIAL DATAOF THE COMPANY

(1) Certain amounts of the year 2002 have been adjusted in order to be comparable with the

respectire amounts of the year 2003. Specifically, direct selling expenses relating to fiscal year

2003, were included in distribution expenses instead of Cost of Goods sold in order to comply

with industry practice, and the respective accounts for fiscal year 2002 were adjusted accordingly.

(2) To calculate Gross Results (Profit or Loss) before Depreciation and Operating Results

before Depreciation, the Depreciation included in Operating Cost was deducted from the Cost

of Goods Sold, the Administrative and Selling Expenses as follows:

6

SUMMARY INCOME STATEMENT(1)

2002 2003thousand euros thousand euros

Turnover 113.967,10 123.354,46

Less: Cost of Goods Sold before depreciation (2) 72.081,56 70.965,02

Gross earnings before depreciation 41.885,54 52.389,44

(% of turnover) 36,75% 42,47%

Plus: Other operating revenues 1.869,66 1.595,26

Total before depreciation 43.755,19 53.984,69

(% of turnover) 38,39% 43,76%

Less: General Admin. & Selling Expenses before Depreciation (2) 39.676,29 43.712,77

Operating Result before depreciation 4.078,91 10.271,92

(% of turnover) 3,58% 8,33%

Plus: Net income (expenses), profit (loss) from participations, securities, forecasts for decline of participations & securities 646,65 2.268,04

Plus: Extraordinary and non-Operating Income 1.325,51 2.671,60

Profit or Loss before Interest payments, Depreciations and Taxes 6.051,07 15.211,55

Less: Interest (Credit - Debit) 798,40 638,19

Profit or Loss before Depreciation and Taxes 5.252,67 14.573,36

(% of turnover) 4,61% 11,81%

Profit or Loss before Fiscal year Taxes 2.008,34 12.050,59

(% of turnover) 1,76% 9,77%

Profit or Loss after Fiscal year Taxes 1.925,44 11.960,23

(% of turnover) 1,69% 9,70%

Profit or Loss after current year’s taxes, Board of Directors fees and tax imposed by Tax Audit of previous years (3) (4) 1.925,44 11.960,23

(% of turnover) 1,69% 9,70%

Total Dividend 0,00 0,00

Total Dividend (5) 75.300.000 75.300.000

Profit or Loss per share (5) 2002 2003euros euros

Results before Depreciation and Fiscal year Taxes 0,07 0,19

Results before Fiscal year Taxes 0,03 0,16

Results after current year’s taxes, Board of Directors Fees and tax imposed by Tax Audit of previous fiscal years (3) (4) 0,03 0,16

Dividend per share 0,00 0,00

S U M M A R Y F I N A N C I A L D A T A

7

(3) There was no distribution of profits to the Board of Directors for fiscal years 2002 and 2003.

(4) The Company was subjected to ordinary tax audit for all kinds of tax purposes (income,

Books and Records Code, stamp duties, tax on large real estate, wage tax (FMY), tax on third

party remuneration) up until the year 1999 inclusive. The charges from the ordinary tax audits

until 1998 burdened the fiscal years up to 1999. No tax discrepancies were noted during the

audit for year 1999, given that the book discrepancies imputed reduced tax losses for the fiscal

year 1999. Consequently, the operating earnings for fiscal years 2002 and 2003 will not be

burdened with allocation of taxes from tax audits. In relation to this, the Chartered Accountant

noted the following on the Report for fiscal year 2003: "The Company has been audited for tax

purposes up to fiscal year 1999. Consequently, the Company’s tax obligations for fiscal years

from 2000 to 2003 remain inconclusive"

More information is provided in Chapter "INFORMATION ON THE ANNUAL REPORT

AND THE COMPANY AUDITORS’ "

(5) There were no exigencies for weighting of the shares during the fiscal years of 2002 and

2003. The earnings per share have been calculated on the basis of the number of shares existing

at the end of the fiscal year

ALLOCATION OF DEPRECIATION


Cost of Goods Sold 1.520,74 898,78

Administrative Expenses 935,36 791,75

Selling Expenses 788,23 832,25

a) Included in the Operating Cost 3.244,33 2.522,78

b) Not included in the Operating Cost 0,00 0,00

Grand Total 3.244,33 2.522,78

SUMMARY BALANCE SHEET OF LAMBRAKIS PRESS S.A.2002 2003

thousand euros thousand euros

Assets

Non-depreciated Establishment Expenses 1.916,39 1.222,15

Non-depreciated Intangible Assets 80,81 70,86

Non-depreciated Tangible Assets 15.961,91 17.934,79

Participations in Subsidiaries 107.177,41 130.004,85

Other Long-term Receivables 360,66 442,86

Total Fixed Assets 123.580,79 148.453,36

Total Current Assets 87.359,75 83.159,26

Debit Items in Transit 598,78 2.975,02

Total Assets 213.455,70 235.809,78

Liabilities

Total Shareholders’ Equity 172.993,52 182.266,84

Provisions 10,82 3,74

Total Short-term Liabilities 38.367,98 50.995,14

Total Liabilities 38.367,98 50.995,14

Transit Credit Balances 2.083,38 2.544,07

Total Liabilities 213.455,70 235.809,78

Book Value of Share (1) 2,30 2,42

(1) To calculate the book value of shares at the end of the fiscal year, the total equity capital

was taken into account.

8

µ. FINANCIAL INDICATORS OF THE COMPANYThe following table provides the development of the Company’s basic financial indices for

fiscal years 2002 and 2003

FINANCIAL RATIOS PER FISCAL YEAR2002 2003

GROWTH RATE (%)

Turnover 9,02% 8,24%

Fiscal year’s results before taxes 111,68% 500,03%

Fiscal year’s results after taxes and Board of Directors fees 111,16% 521,17%

Tangible assets (in acquisition value) -1,34% 8,39%

Total Assets -3,31% 10,47%

PROFITABILITY RATIOS (%)

Gross results before depreciation 36,75% 42,47%


Fiscal year’s Results After Taxes and Board of Directors fees 1,69% 9,70%

PERFORMANCE RATIOS (before taxes) (%)

Return On Average Equity Capital 1,13% 6,78%

Return On Average of Total Employed Capital 0,93% 5,36%

TURNOVER RATIOS (days)

Claims (1) 160,28 147,14

Suppliers (2) 111,18 76,03

Inventories 37,09 26,53

DEBT TO EQUITY RATIOS (:1)

Borrowed Capital / Equity Capital 0,23 0,29

Bank Liabilities / Equity Capital 0,07 0,11

LIQUIDITY RATIOS (:1)

General Liquidity 2,28 1,63

Immediate Liquidity 2,09 1,53

Cash Flow / Financial Expenses 3,12 25,05

Cash Flow / Total Fiscal Year’s Taxes 31,35 179,39

FINANCIAL BURDEN RATIOS (%)

Financial Charges / Gross Result before Depreciation 1,99% 1,24%

Financial Charges / Results before Interest, Depreciation and Taxes 13,75% 4,25%


9

C. ADJUSTMENT OF THE COMPANY’SEARNINGS AND EQUITY CAPITAL

For fiscal years 2002 and 2003 the Notes of the Company and the Remarks of the Chartered

Accountant who conducted the Ordinary Audit were taken into account in the adjustment of

earnings and valuation of the equity for the Lambrakis Press SA:

FISCAL YEAR 20021. On the basis of the expert opinion No. 205/1988 following a plenary session of the Legal Counsels to the

Administration and as per art 31 par. 1.15, Law 2238/1994, there is no provision for compensation of the

Company personnel due for pension. Had the Company made such a provision, as per art 42e par. 14 o, Law

¡.2190/1920, this would have amounted to approximately 7.327 thousand euros in which case the portion of

386 thousand euros would have a debit effect on the Results of Operations and the remaining balance (6.941

thousand euros) would have a debit effect on the previous fiscal years.

2. "Participations in subsidiaries" refers to:

a) The Company’s participation in the share capital of accompany listed on the Athens Stock Exchange. This

participation was valuated at a market value, 17.716 thousand euros, as per art. 2, Law 2992/2002.

b) The Company’s participation in the share capital of companies not listed on the Athens Stock Exchange

amounting to 89.608 thousand euros, out of which fifteen (15) with a value of approximately 88.763 thousand

euros are audited by chartered auditors were valuated as per art 28 of CBR (PD 186/92) at acquisition value.

If such participations had been valuated on the basis of their total intrinsic book value, this value would be

lower by approximately 15,115 thousand euros, while as per art. 43 par. 6, Law 2190/20, (lowest between

acquisition value and intrinsic book value per participation based on the latest published accounts of these

companies) it would have been lower by 34.926 thousand euros, which would have had a debit effect of 8.640

thousand euros on the earnings of this fiscal year and 26.286 thousand euros on the previous fiscal years.

3. Current Assets Account (DIII 1. "Shares") includes the shares of two (2) companies not listed on the

Athens Stock Exchange with a value of 816 thousand euros, that were valuated according to art. 28 of the Code

of Books and Records (Presidential Decree 186/92) at their acquisition value. Had these participations been

valuated on the basis of the intrinsic book value, this value would be lower by approximately 99 thousand

euros, while according to art. 43 par. 6, Law 2190/1920, (lowest between acquisition value and intrinsic book

value per participation) according to their latest published accounts, it would have been lower by

approximately 262 thousand euros, which would have had a debit effect on the earnings of the previous fiscal

years.

4. To cover against possible loss from the liquidation of doubtful, disputed and belated receivables totaling

5.877 thousand euros, the Company has formed a provision of 759 thousand euros according to art. 31 par.

1.9 of Law 2238/1994. The Company has not formed a provision for the remaining balance of 5.118

thousand:, 383 thousand euros of which should burden the earnings of this fiscal year operations and 4.735

thousand euros of the previous operations.

5. "Receivables" Account includes a receivable amounting to 5.430 thousand euros, representing a receivable

from a company that is under liquidation. In this case no provision has been made to burden the earnings.

6. Asset Account (DIII 1. "Shares" includes the shares of companies listed on the Athens Stock Exchange with

a value of approximately 26.063 thousand euros valuated at their current value according to art 43, par. 6,

Law 2190/1920. The differences (losses) that resulted from that valuation, totaling 12.508 thousand euros

(after the netting off with profits from the valuation of a participation in a company with shares listed on the

10

Athens Stock Exchange amounting to 2.297 thousand euros), were transferred directly under Equity (Law

2992/2002) and thus did not charge the earnings of this fiscal year by10.211 thousand euros.

7. The Company has been audited by the Tax Authorities up to fiscal year 1999. As a result the Company’s

tax obligations for fiscal years 2000 to 2002 are not deemed finalized.

FISCAL YEAR 2003

1. The account "participations" (investments) includes participations in companies not listed on the Athens

Stock Exchange amounting to Euro 112 million approximately, out of which sixteen (16) companies

representing approximately Euro 87 million are audited by certified auditors, were valued at their acquisition

cost and not according to article 43 par. 6 of the Corporate Law 2190/1920 (in the lower between acquisition

cost and fair value, by participation). Had these participations been valued at their fair value, they would

have been impaired by Euro 38 million approximately, which would have impacted the current year’s net

income by Euro 3 million approximately and retained earnings by Euro 35 million approximately.

2. As reported in note 1 under the balance sheet, the Company did not record in current year’s net income,

losses from the valuation of investments with shares listed in the Athens Stock Exchange, of Euro 2,8 million

approximately, included in the Company’s portfolio before December 31, 2002, instead the Company

transferred directly such losses to shareholder’s equity.

3. For possible losses relating to doubtful and in dispute receivables amounting to Euro 5,5 million

approximately, the Company has formed a provision of Euro 0,3 million approximately. An additional

provision should have been established for the difference of Euro 5,2 million that would have impacted the

Company’s retained earnings.

4. Accounts receivable, DII(1), includes an amount of Euro 5,4 million, due from an affiliated company,

which is under liquidation. A provision should have been established for this receivable that would have

impacted the Company’s retained earnings.

5. The Company, in accordance with the Ruling 205/1988 expressed by the plenary session of the Legal

Advisors to the Administration and article 31 of para. 1 xv of Law 2238/1994, did not provide for staff pension

indemnities. Had the Company established this provision according to the article 42, v par. 14 of the

Corporate Law 2190/1920 the cumulative amount would have been Euro 7,6 million approximately and

would have impacted current year’s net income by Euro 0,6 million approximately and retained earnings by

Euro 7 million approximately.

6. The Company has been audited by the tax authorities up to the fiscal year 1999 and consequently its tax

liabilities for the unaudited fiscal years have not been finalized.


11

(1) To calculate the adjusted earnings per share at the end of the fiscal year, the total equity

capital was taken into account.

TABLE OF ADJUSTED RESULTS FOR LAMBRAKIS PRESS SA ON THE BASIS OF THE REMARKS

OF THE CHARTERED ACCOUNTANT2002 2003

Thousand euros Thousand euros

Results before Taxes according to Income Statement 2.008,34 12.050,59

Chartered Accountants’ Remarks

Provision for personnel compensations as per art. 42e, par 14, Law 2190/1920 386,00 600,00

Difference from Valuation of Participations as per art 43, par. 6, Law 2190/1920 8.640,00 3.000,00

Difference from Valuation of ASE listed securities as per art 43, par. 6, Law 2190/1920 10.211,00 2.800,00

Doubtful, Disputed and Belated Receivables 383 0,00

Provision for receivables from a company under liquidation 5.430,00 0,00

Total Adjustments 25.050,00 6.400,00

Adjusted Results before Taxes -23.041,66 5.650,59

Other Taxes of current fiscal year 82,89 90,36

Adjusted Results After Current Year’s Taxes -23.124,56 5.560,23

Board of Directors’ fees 0,00 0,00

Adjusted Results after current Year’s Taxes and Board of Directors fees -23.124,56 5.560,23

Tax Audit adjustments to corresponding fiscal years 0,00 0,00

Adjusted Results After Current Year’s Taxes, Board of Directors fees and Tax imposed by Tax Auditor -23.124,56 5.560,23

Number of Shares by end of fiscal year 75.300.000 75.300.000

ADJUSTED RESULTS PER SHARE (1) (1)

2002 2003euros euros

Adjusted Results before Taxes -0,31 0,08

Adjusted Results after Current Year’s Taxes -0,31 0,07

Adjusted Results Current Year’s Taxes, Board of Directors fees and Tax imposed by Tax Auditor -0,31 0,07

TABLE OF ADJUSTED EQUITY CAPITAL FOR LAMBRAKIS PRESS SA

Remarks relating 2002 2003Thousand euros to previous Fiscal year Fiscal year

years Adjustments Adjustments

Equity Capital on the basis of the Balance Sheet 172.993,52 182.266,84

Chartered Accountants’ Remarks

Personnel compensation provisions as per art. 42e, par. 14, Law 2190/1920 6.614,00 386,00 600,00

Difference from Valuation of Participations as per art. 43, par. 6, Law 2190/1920 23.360,00 8.640,00 3.000,00

Bad, Litigious and Belated Receivables 4.817,00 383,00 0,00

Provision for receivables from a company under liquidation 0,00 5.430,00 0,00

Total Adjustments 34.791,00 14.839,00 3.600,00

Adjusted Equity Capital with Current Year’s Remarks 158.154,52 178.666,84

Number of Shares 75.300.000 75.300.000

Adjusted Book Value of Share (in €) 2,10 2,37

(1) For the calculation of the Adjusted Book Value of shares, the total equity capital was taken

into account by the end of the fiscal year

More information is provided in the Notes of the Company and the Certificate of Audit by the

Chartered Accountants. Specifically, this information is found in the published Financial

Statements (Income Statement and Balance Sheet) for Lambrakis Press SA (fiscal years 2002

and 2003, Chapter: "INFORMATION ON THE ANNUAL REPORT AND THE COMPANY’S

AUDITORS").

12

ADJUSTED FINANCIAL RATIOS2002 2003

GROWTH RATE (%)


Fiscal year’s Results After Taxes and Board of Directors fees 58,59% 124,04%


Fiscal year’s results before taxes -20,22% 4,58%

Fiscal year’s Results After Taxes and Board of Directors fees -20,29% 4,51%


Return On Average Equity Capital -13,93% 3,36%

Return On Average of Total Employed Capital -10,61% 2,52%





D. SUMMARY CONSOLIDATED FINANCIALSTATEMENT OF THE GROUP

(1) Certain previous period amounts have been adjusted in order to be comparable with the

current period’s amounts. Specifically, direct selling expenses relating to fiscal year 2003 were

13

SUMMARY CONSOLIDATED RESULTS (1)

2002 2003Thousand euros Thousand euros

Turnover 260.203,61 286.503,48

Less: Cost of Goods Sold before Taxes (1) 183.847,79 189.023,12

Gross Profit before Depreciation 76.355,82 97.480,36

% of Turnover 29,34% 34,02%

Plus : Other Operating Income 1.826,30 253,82

Total before Depreciation 78.182,12 97.734,18

% of Turnover 30,05% 34,11%

Less: Admin. Expenses, Selling Expenses, R&D before Depreciation (1) 57.841,07 70.177,89

% of Turnover 22,23% 24,49%

Operating Result before Depreciation 20.341,05 27.556,29

% of Turnover 7,82% 9,62%

Plus: Revenue from Participation and Securities 1.710,37 1.531,03

Profits from sale of participations and securities 658,71 123,14

Less: Provisions for Devaluation 1.406,21 0,00

Participations and securities expenses and losses 0,00 88,82

Plus: Extraordinary Non-Operating Income 4.235,69 8.216,36

Less: Extraordinary and Non-Operating Expenses 4.939,73 5.548,40

Results before Taxes and Depreciations 20.599,87 31.789,60

% of Turnover 7,92% 11,10%

Credit Interest 243,14 447,02

Debit Interest 3.136,92 6.740,76

Results before Taxes & Depreciations 17.706,10 25.495,86


Less: Depreciations to Operating Cost 15.787,73 17.885,77

Other Depreciations 0,00 5,27

Results before Taxes 1.918,37 7.604,82


Less: Income Tax 1.231,01 1.176,44

Tax Audit Adjustments (2) 0,00 858,33

Minority Rights -312,62 -743,76

Results after current year’s taxes, tax imposed by Tax Audit of previous years and Minority Rights 999,98 6.313,82


Number of Shares 75.300.000 75.300.000

CONSOLIDATED RESULTS PER SHARE (3)


Results before depreciation, current year’s taxes, tax imposed by tax audit of previous years and minority rights 0,24 0,34

Results before current year’s taxes, tax imposed by tax audit of previous years and minority rights 0,03 0,10

Results after current year’s taxes, tax imposed by tax audit of previous years and minority rights 0,01 0,08

included in distribution expenses instead of cost of goods sold in order to become compatible

with industry practice and the respective accounts for fiscal year 2002 were adjusted

accordingly.

(2) We calculated the Consolidated Gross Result before Depreciation and the Operating

Result before Depreciation by subtracting the consolidated depreciation from the Cost of

Goods Sold, Administrative Expenses and Selling Expenses, the allocation of which is the

following:

(3) The companies participating in the Consolidated Financial Statements of the Lambrakis

Press Group have not been tax audited for fiscal years 2002 and 2003. The companies IRIS

Printing SA, Multimedia SA, Special Publications SA and ¡ea Aktina SA have been tax audited

up to fiscal year 2001 inclusive. In relation to this, the Regular Chartered Accountant notes the

following in the Certificate of Audit for fiscal year 2003 «"…the companies of the Group have

not been tax audited for fiscal years 2000-2003; as a result their tax liabilities have not been

finalized» The tax differences (858,33 thousand euros) noted in the Consolidated Statements of

the company for the fiscal year ending 31.12.2003 are with respect to accounted tax from tax

audits of the affiliated companies: IRIS Printing SA, Multimedia SA, Special Publications SA,

¡ea Aktina SA and Studio ATA SA.

More information about the tax audits of companies included in the Consolidated Financial

Statements of the Lambrakis Press Group is found in the Chapter "INFORMATION ABOUT

THE CERTIFICATE OF AUDIT AND THE COMPANY’S AUDITORS".

(4) Weighting the number of shares for fiscal years 2002 and 2003 was not called for. The

Earnings per share was calculated on the basis of the number of shares at fiscal year-end.

14

ALLOCATION OF CONSOLIDATED DEPRECIATION


Cost of Goods Sold 11.866,89 12.073,96

Administrative Expenses 2.706,51 3.891,38

Selling Expenses 1.214,33 1.920,42

a) Included in Operating Cost 15.787,73 17.885,77

b) Not included in Operating Cost 0,00 5,27

Grand Total 15.787,73 17.891,03


(1) Weighting the number of shares for fiscal years 2002 and 2003 was not called for. The Book

Value of Shares was calculated on the basis of the number of shares at fiscal year-end.

The figures of the consolidated balance sheet and the consolidated income statement for the

current year are not comparable to the respective figures of the previous year because in this

year the company MICHALACOPOULOU SA is included in the consolidation for the first time

while the company PHOENIX SA, that was included in the consolidation of the affiliated

company IRIS PRINTING SA in the previous year, is not included in this year’s consolidation.

Also, during the current year the acquired company ORAPRESS SA merged with the affiliate

IRIS PRINTING SA according to the provisions of Law 2166/1993.

It is finally noted that the company MICHALAKOPOULOU TOURIST - REAL ESTATE SA

15

SUMMARY CONSOLIDATED BALANCE SHEET


ASSETS

Undepreciated Installation Expenses 9.895,06 8.861,07

Undepreciated Intangible Assets 198,66 448,95

Undepreciated Tangible Assets 152.748,75 167.666,33

Participation in Subsidiaries after Provisions 31.937,48 29.312,31

Participation in Other Companies 5.500,00 0,00

Other Long-term Receivables 1.242,42 1.002,98

Total Fixed Assets 191.627,31 198.430,57

Inventories 33.698,31 30.224,07

Total Receivables 134.421,73 151.805,05

Total Securities after Provisions 28.332,69 23.793,89

Cash 3.003,25 4.317,01

Total Current Assets 199.455,99 210.140,02

Transitory Accounts 6.327,35 7.246,41

TOTAL ASSETS 407.305,71 424.678,07

Off balance sheet accounts 21.286,18 154.836,47

LIABILITIES

Share capital 45.180,00 45.180,00

Reserve from issue of shares above par 206.260,79 206.260,79

Revaluation of other assets 419,51 419,51

Subsidies to fixed asset investments 0,00 3.003,92

Goodwill write-off 0,00 -4.580,11

Reserve capital 16.783,82 16.279,80

Less: Loss from sale or devaluation of participations & securities netted off -39.510,79 -42.596,22

Consolidation differences 12.634,09 3.790,50

Results carried forward -46.751,78 -39.262,12

Minority Rights 30.057,33 26.088,90

Lambrakis Press S.A. Own Shares -31.123,14 -31.123,14

Total Equity Capital 193.949,83 183.461,84


Total Long-term Liabilities 82.171,68 74.108,58

Total Short-term Liabilities 125.494,09 158.142,08

Transitory Accounts 5.332,67 8.727,15

TOTAL LIABILITIES 407.305,71 424.678,07

Off balance sheet accounts 21.286,18 154.836,47


was acquired in June 2003 and its financial statements that were consolidated, refereed to the

second half of 2003. The company ACTION PLAN H.R. SA was consolidated for the year 2003

(although it run an over-12-month fiscal year).

Specifically, the companies fully consolidated in the Consolidated Financial Statements of the

Lambrakis Press S.A. Group for fiscal years 2002 and 2003 are itemized as follows:

All the consolidated financial statements bear the same compilation date with the parent

company (31.12.2003).

16

COMPANIES FULLY CONSOLIDATED IN THE FINANCIAL STATEMENTS OF LAMBRAKIS PRESS S.A.Fiscal year 2002 Fiscal year 2003

% of % ofLambrakis Companies Lambrakis Companies Press’s S.A. under % Press’s S.A. under % participation Name consolidation Participation participation Name consolidation Participationin the share outside in the share outside capital of the the mother capital of the the mothersubsidiary company subsidiary company

100,00% MULTIMEDIA S.A. None 100,00% MULTIMEDIA S.A. None100,00% MICHALAKOPOULOU SA "

50,50% NEA AKTINA S.A. " 50,50% NEA AKTINA S.A. "

95,00% STUDIO ATA S.A. " 95,00% STUDIO ATA S.A. "

65,58% SPECIAL PUBLICATIONS " 100,00% SPECIAL PUBLICATIONS "S.A. S.A.

50,00% MC HELLAS S.A. " 50,00% MC HELLAS S.A. "

50,00% HEARST LAMBRAKIS " 50,00% HEARST LAMBRAKIS "PUBLISHING LTD PUBLISHING LTD

51,00% ELLINIKA GRAMMATA " 51,00% ELLINIKA GRAMMATA "S.A. S.A.

70,00% IRIS PRINTING S.A. PHOENIX S.A. 50,00% 70,00% IRIS PRINTING S.A. "

85,00% ACTION PLAN S.A. ACTION PLAN H/R S.A. 99,00% 85,00% ACTION PLAN S.A ACTION PLAN 99,00%H/R S.A.

EXPO PLAN S.A. 50,00% 98,00% EXPO PLAN S.A. 50,00%98,00% EUROSTAR S.A. ∆Rπ∞π¡∞ TRAVEL-ST. 75,00% EUROSTAR S.A. ∆Rπ∞π¡∞ TRAVEL 75,00%

LAGAS S.A. -ST. LAGAS S.A.

RAMNET S.A. 100,00% RAMNET S.A. 100,00%RAMNET SHOP S.A. 100,00% RAMNET 100,00%

78,71% DOL DIGITAL S.A. 78,71% DOL DIGITAL S.A. SHOP S.A.¡∂∆ √¡ LINE S.A. 100,00%¡∂∆ √¡ LINE S.A. 100,00% ¡∂∆ √¡ LINE S.A. 100,00%


E. CONSOLIDATED FINANCIAL INDICATORSThe following table shows the basic consolidated financial indicators of the Lambrakis Press

Group for the fiscal years 2002 and 2003.

The above financial indicators are given for the purpose of completeness; however, it should

be taken into consideration that the figures of the consolidated financial statements and

consolidated income statement of 2003 are not comparable to the corresponding figures of the

previous year 2002 because in the year 2003 the company MICHALACOPOULOU SA is

included in the consolidation for first time while the company PHOENIX SA, that was included

in the consolidation of the affiliated company IRIS PRINTING SA in the prior year, is not

included in this year’s consolidation. Also, during the current year the acquired company of

ORAPRESS SA was merged with the subsidiary IRIS PRINTING SA according to the provisions

of Law 2166/1993.

17

CONSOLIDATED RATIOS PER FISCAL YEAR

2002 2003

CONSOLIDATED RATIOS PER FISCAL YEAR

GROWTH RATIOS (%) -3,22% 10,11%

Turnover 106,42% 296,42%

Fiscal year’s results before taxes and third party rights 103,43% 531,39%

Results after current year’s taxes, tax imposed by tax auditor and third party rights 13,46% 11,81%

Tangible Assets (at acquisition value) -0,89% 4,27%

Total Assets

PROFITABILITY RATIOS (%) 29,34% 34,02%

Gross Results before depreciation 0,74% 2,65%

Fiscal year’s results before taxes & third party rights 0,38% 2,20%

Results after current year’s taxes, tax imposed by tax audit and third party rights.

PERFORMANCE RATIOS (before taxes) (%) 0,95% 4,03%

Return On Average Equity Capital 0,47% 1,83%

Return On Average of Total Assets

TURNOVER RATIOS (days) 157,44 154,34

Receivables 110,84 82,33

Suppliers 66,90 58,36

Inventories

DEBT TO EQUITY RATIOS (:1) 1,07 1,27


Bank Liabilities / Equity Capital

LIQUIDITY RATIOS (:1) 1,59 1,33

General Liquidity 1,32 1,14

Immediate Liquidity 7,19 3,29

Cash Flow / Financial Expenses 18,31 18,86

Cash Flow / Total Fiscal Year Taxes

FINANCIAL BURDEN RATIOS (%) 4,11% 6,91%

Financial Charges / Gross Results before depreciation 15,23% 21,20%

F. ADJUSTED CONSOLIDATED EARNINGS ANDEQUITY CAPITAL OF LAMBRAKIS PRESS GROUP

The following Notes by the Company and Remarks by the Regular Chartered Accountant who

audited the Company’s accounts were taken into consideration for the adjustment of the

Company’s Consolidated Results and Equity Capital for fiscal years 2002 and 2003:

FISCAL YEAR 2002

1. The shares of companies listed on the ASE, "Asset Account DIII", with a value of approximately

27.478 thousand euros, were valuated at their current value according to art. 43, par. 6. Law

2190/1920. The differences (losses) resulting from such valuation, totaling 13.062 thousand euros

after their netting off against profits from the valuation of a participation in a company with shares

listed on the ASE amounting to 2.297 thousand euros were transferred directly under Equity

according to the provisions of Law 2992/2002 and thus did not burden the earnings of this fiscal year

by 10.765 thousand euros.

2. Some companies in the Group have not effected depreciation on their tangible and intangible

assets by an amount of 1.920 thousand euros. As a result the earnings of this fiscal year was not

debited by 450 thousand euros and by 1.470 thousand euros for previous fiscal years (of which 933

thousand euros according to Law 2065/1992).

3. Contrary to this year, in the previous fiscal year some companies in the Group depreciated fully

their installation expenses and tangible assets resulting in additional depreciation by approximately

1.832 thousand euros and the equal burdening of the earnings of the previous fiscal year and the

equity capital.

4. Contrary to last year, in this fiscal year an affiliated company in the Group properly capitalized

loan interest referring to the construction period amounting to 3.574 thousand euros. If the same

accounting method were applied during the previous fiscal year, the earnings would be increased by

approximately 600 thousand euros.

5. "Participations in subsidiaries" refers to:

a) A participation in a company with shares listed on the ASE with a value of 17.716 thousand

euros that was valuated at current value according to art. 2 of Law 2992/2002.

b) Participation in companies with shares not listed on the ASE of an acquisition value of 14.368

thousand euros, seven (7) out of which are audited by chartered auditors with an acquisition value

of approximately 12.170 thousand euros were valuated according to art. 28 of the Code of Books and

Records (Presidential Decree 186/92).

If these participations were valuated on the basis of their intrinsic book value according to art. 106,

par. 4 of Law. 2190/1920, this value would be lower by 6.964 thousand euros.

6. The inventories of companies in the Group include obsolete and slow-moving inventory

amounting to approximately 800 thousand euros against which no relevant provision has been

formed. As a result, equity capital appears equally increased.

7. To cover possible loss from the liquidation of doubtful, disputed and belated receivables

amounting to 16.266 thousand euros, the companies in the Group have formed provisions according

to art 31, par. 1.9 of Law 2238/1994 amounting to 2.609 thousand euros. For the remaining balance

of 13.657 thousand euros the Company has not formed a provision to debit this year’s earnings by

3.229 thousand euros and previous fiscal years by 10.428 thousand euros.

18


8. The Receivables accounts include a receivable of 5.430 thousand euros from a company that is

under liquidation, for which no provision has been formed debiting the earnings.

9. On the basis of Ruling No. 205/1988 by the plenary session of the Legal Counsels to the

Administration and according to art. 31, par. 1.15 of Law 2238/1994, the companies in the Group

have not formed a provisions for compensation of personnel due for pension, except for two

companies with provision amounting to 101 thousand euros. If such compensation were formed

with respect to all personnel, according to art. 42e, par. 14 of Law 2190/1920, the aggregate amount

of compensation would amount to 10.184 thousand euros. Out of this amount 509 thousand euros

would have to debit the earnings of this fiscal year and the remaining balance of 9.574 thousand

euros the earnings of previous fiscal years.

10. The companies of the Group have not been tax audited for fiscal years 2000-2002.

Consequently, their tax liabilities are not deemed final.

FISCAL YEAR 2003

1. Certain companies of the Group have not recorded depreciation for specific tangible and

intangible assets in previous years amounting to 1,9 million euros. As a result, the Group’s retained

earnings are overstated by an equal amount.

2. Current year’s net income has not been reduced with the amortization of Goodwill of

approximately 6,5 million euros, which resulted from the absorption of a company by a subsidiary

of the Group.

3. Participations in affiliated companies includes investments in companies not listed on the

Athens Stock Exchange amounting to approximately 12 million euros, out of which five (5)

companies representing approximately 9,9 million euros are audited by certified auditors, were

valued at their acquisition cost. Had these participations been valued at the lowest between

acquisition cost and fair value, in accordance to art. 106 par.4 of Company Law 2190/1920, their

value would be lower by approximately 7,5 million euros, for which a related provision has not been

recorded by reducing current year’s results by 0,5 thousand euros and the results of previous years

by 7 million euros.

4. As reported in note 3 under the consolidated balance sheet, certain companies of the Group did

not record in the current year’s net income losses from the valuation of investments in shares listed

on the Athens Stock Exchange, of approximately 4,2 million euros. Instead the Company transferred

directly such losses to shareholders’ equity.

5. The Current Assets Account D1 "Inventories" includes obsolete and slow-moving items

amounting to approximately 1,3 million euros, for which a related provision has not been recorded

that would reduce current year’s results by 0,5 thousand euros, and the results of previous years by

0,8 thousand euros.

6. To cover possible losses relating to doubtful and litiguious receivables amounting to

approximately 18,8 million euros, the Company has formed a provision of approximately 1,1

million euros. An additional provision should have been formed for the remaining difference of 17,7

million euros, that would have impacted previous years’ results.

7. In accordance with the ruling 205/1988 expressed by the plenary session of the Legal Advisors to

the Administration and article 31 of para. 1 xv of Law 2238/1994, the Company did not provide for

personnel pension liabilities. Had the Company formed this provision according to art. 42, v par. 14

of Company Law 2190/1920 the cumulative amount would have been 10,5 million euros

19

20

approximately and would have impacted the current year’s net income by approximately 0,5

million euros and the retained earnings by 10 million euros approximately.

8. The account "Extraordinary Results" includes insurance compensation that should have been

deferred and recorded in the year such amounts will be collected. As a result the current year’s net

income and retained earnings are overstated by an amount of 2,1 million euros.

9. The Company and its subsidiaries have not been audited by the tax authorities mainly for the

years 2000 to 2003. As a result their tax liabilities have not been finalized.

TABLE OF ADJUSTMENTS TO CONSOLIDATED EARNINGS OF THE LAMBRAKIS PRESS GROUP

2002 2003Thousand Thousand

euros euros

Results before current year’s taxes and minority rights 1.918,37 7.604,82

Remarks by the Regular Chartered Auditor

Provision for personnel compensations as per art. 42e, par. 14, 509,00 500,00Law. 2190/1920

Difference from valuation of Participations as per art. 43, par. 6, .964,00 500,00Law. 2190/1920 6

Difference from valuation of ASE listed securities as per art. 43, par. 6, 0.765,00 4.200,00Law 2190/1920 1

Depreciation not effected 450,00 0,00

Provisions for inventory obsolescence and devaluation 800,00 500,00

Bad, litigious and belated Receivables 8.659,00 0,00

Total amortization of Goodwill 0,00 6.500,00

Not collected insurance compensation 0,00 2.100,00


Adjusted Results before current year’s taxes and minority rights -26.228,63 -6.695,18

Less: Minority Rights -312,62 -743,76

Current year’s taxes 1.231,01 1.176,44

Tax imposed by tax auditor payable in current year 0,00 0,00

Adjusted Results after current year’s taxes, tax imposed -27.147,02 -7.127,85by tax auditor and third party rights

Number of Shares at fiscal year end 75.300.000 75.300.000

ADJUSTED RESULTS PER SHARE


Adjusted Results before current year’s taxes and third party rights -0,35 -0,09

Adjusted Results after current year’s taxes, tax imposed -0,36 -0,09by tax audit, and third party rights

21


The Note of the Company and the Remarks of the Regular Chartered Accountant, as

mentioned in the published Consolidated Financial Statements for fiscal years 2002 and 2003

(which relate to the figures of the Consolidated Balance Sheet and Consolidated Results for the

Lambrakis Press Group) are found in the Chapter "INFORMATION ABOUT THE

CERTIFICATE OF AUDIT AND THE COMPANY’S AUDITORS".

ADJUSTED CONSOLIDATED FINANCIAL RATIOS

2002 2003

GROWTH RATIOS (%)

Fiscal year’s results before taxes and third party rights 68,87% 74,47%

Results after current year’s taxes, tax imposed by tax auditor and third party rights 67,53% 73,74%


Fiscal year’s results before taxes and third party rights -10,08% -2,34%

Results after current year’s taxes, tax imposed by tax auditor and third party rights -10,43% -2,49%


Return On Average Equity Capital -0,14 -0,04

Return On Average of Total Assets -0,06 -0,02




TABLE OF ADJUSTED CONSOLIDATED EQUITY CAPITAL FOR LAMBRAKIS PRESS GROUP

Thousand euros

Remarks relating to 2002 2003

previous fiscal Fiscal year’s Fiscal year’syears adjustments adjustments

Equity Capital as per Balance Sheet 193.949,83 183.461,84

Less:

Personnel compensation provisions 9.574,00 509,00 500,00as per art. 42e par 14, Law. 2190/1920

Difference from Valuation of Participations 0,00 6.964,00 500,00as per art. 43 par. 6, Law 2190/1920

Depreciation not effected 1.470,00 450,00 0,00

Provisions for inventory obsolescence and devaluation 0,00 800,00 500,00

Bad, litigious and belated receivables 9.041,00 8.659,00 0,00

Tax imposed by tax auditor payable in this year 858,33 0,00 0,00

Not collected insurance compensation 0,00 0,00 2.100,00


Equity Capital Adjusted to Fiscal Year’s Remarks 176.567,83 179.861,84of Chartered Auditor

Number of Shares 75.300.000 75.300.000

Adjusted Book Value of Share (in Euro) 2,34 2,39

22

CHA

PTE

R I INFORMATION ON THE ANNUAL REPORT

AND THE COMPANY’S AUDITORS

This Annual Report is the translation of the body of the original Annual Report in Greek, that

contained the information and financial data provided for in Resolution No. 5/204/14.11.2000

of the Capital Markets Commission relating to the provision of regular and adequate

information on the activities of the company Lambrakis Press SA (hereafter the «Company» or

«DOL») and the Company’s group. The Greek language is the original language of the Annual

Report and prevails over the translation in English or in any other language.

The Greek Annual Report was compiled and distributed according to the regulations of the

statutory legislation in force (Presidential Decree 348/1985 and Resolution No.

5/204/14.11.2000 of the Capital Markets Commission).

Investors requiring further information should address their enquiries during business hours

to the office of the company’s Financial Division at 18, Panepistimiou Street, GR 106 72 Athens

to Messrs Kleopatra Glynou, Manager of Business Development and Corporate

Announcements and Alexandros Christakis, Investor Relations Manager (tel. +30-210-

3686786).

The persons responsible for the compilation of the original Greek Annual Report and the

accuracy of the data contained therein are:

Mr. St. Psycharis, Vice President of the Board of Directors and Managing Director of

Lambrakis Press SA, at 3, Christou Lada Street, GR 102 37 Athens, tel +30-210-3333 103 and

Mr. D. Hadjikokkinos, General Financial and Administrative Officer of Lambrakis Press SA,

at 18, Panepistimiou Street, GR 106 72 Athens, tel.: +30-210-3686 937

The Company’s Board of Directors declares that all its members are aware of the contents of

the Greek Annual Report and, together with the Greek Annual Report’s compilers, confirm

that:

All the information and data contained in the Greek Annual Report are complete and

accurate.

There is no other data nor have any events occurred, the concealment or omission of which

might render the entirety or part of the information and/or data contained in the Greek

Annual Report misleading.

There is no judicial litigation or arbitration pending in any judicial or administrative body, to

which the company or companies within the group are subject, the ruling of which might have

a materially adverse impact on their financial standing. Pending trials against the company,

mainly stemming from articles published in newspapers, if ruled against the company, will not

have material adverse effect in the financial standing or operation of the company or the

companies within the group.

I N F O R M A T I O N O N T H E A N N U A L R E P O R T

π.1. REGULAR CHARTERED AUDITORS ACCOUNTANTS OF THECOMPANY AND THE GROUP OF COMPANIES

The Company is audited by Chartered Auditors Accountants. The audit of the fiscal years of:

1.1-31.12.2002 was carried out by the Chartered Auditor Accountant Mr. Charalambos

Petropoulos (SOEL Reg. Number 12001), resident of Athens, 152 Doiranis Street, tel.:

210.95.69.868, of the auditing company «SOL Ernst & Young SA».

1.1 - 31.12.2003 was carried out by the Chartered Auditor Accountants Mr. ∂fstathios Prassas

(SOEL Reg. Number 12061) resident of Athens, 152 Doiranis Street, tel.: 210.95.69.868, of the

auditing company SOL SA and Ms Sofia Kalomenides (SOEL Reg. Number 13301), resident of

Metamorphosis, 10th km, National Road of Athens - Lamia, tel.: 210.28.86.000 of the auditing

company "ERNST & YOUNG (HELLAS) CERTIFIED AUDITORS ACCOUNTANTS SA"

The Notes of the Company and the Certificates of Audit of the Chartered Auditor -

Accountant for the fiscal years 2001 and 2002 include the following:

FINANCIAL STATEMENTS OF FISCAL YEAR 2002 OF LAMBRAKIS PRESS SA

A. NOTES OF THE COMPANY

1. In section DIII 1 of the Assets, ‘Shares’, companies’ shares listed on the Athens Stock

Exchange with a value of approximately 26,063 thousand euros assessed at their current value

according to article 43, paragraph 6 of L. 2190/1920 are included. The differences (losses)

arising from the assessment of total amount of 12,508 thousand euros (after netting off profits

from the participation assessment of a company with shares listed on the Athens Stock

Exchange amounting to 2,297 thousand euros) were immediately transferred to the net position

according to the provisions of L 2992/2002 and have not burdened the operating earnings of the

current fiscal year by 10,211 thousand euros.

2. The operating earnings of the fiscal year were burdened with employee compensations

amounting to 2,254 thousand euros from which 1,202 thousand euros concern the last trimester.

3. There are judicial hearings pending involving the company, particularly in connection with

press issues and even in the event of court judgments adverse to the company, they will not

materially affect the financial status or operation of the company. There are also no claims

under litigation or arbitration in any legal or administrative body.

4. Number of employees (average): 819 people.

5. The last revaluation of fixed assets took place on 31.12.2000.

6. There are no encumbrances on the real estate of the company.

7. The turnover analysis per category of financial activity (STAKOD 91) for the fiscal year 1.1 -

31.12.2002 is as follows: code 221.2, 108,341 thousand euros, code 521.4, 675 thousand euros,

code 741.2, 4,424 thousand euros and code 372.0, 527,5 thousand euros.

8. Some of the entries of the previous fiscal year have been reformed in order to be comparable

with the respective entries of the current year.

I

23

µ. CERTIFICATE OF CHARTERED AUDITOR ACCOUNTANT

We audited the above Financial Statements as well as the related Addendum of the

Lambrakis Press SA of the corporate year that ended on the 31st December 2001. Our audit,

in the framework of which we were fully informed about the auditing report of the branches

of the company, was carried out according to the regulations of article 37 of Codified Law

2190/1920 "on Incorporated Companies" and the auditing procedures deemed suitable

according to the principles and rules of audit followed by the Body of Chartered Auditors

Accountants. The books and records kept by the company were put at our disposal and we

were given the requested clarifications and information. The company applied the Hellenic

General Accounting Plan correctly. The inventory method was not altered in relation to the

previous corporate year and the production cost stemming from the accounting books was

determined according to the accepted principles of cost determination. We verified the

accordance of the contents of the Management’s Report of the Board of Directors to the

Ordinary General Meeting of the Shareholders with the related Financial Statements. The

Addendum includes the information provided in par. 1 of article 43a of Codified Law

2190/1920. The above audit resulted in the following:

1.The «Participations in affiliated companies» concern:

a) Participation in a company with shares listed on the Athens Stock Exchange with a value

of 17.716 thousand euros valuated at the current value according to article 2 of L 2992/2002.

b) Participation in companies with shares not listed on the Athens Stock Exchange with a

value of 89.608 thousand euros, fifteen (15) of which with acquisition cost of approximately

88,763 thousand euros are audited by registered auditors and were assessed, according to

article 28 of The Code of Books and Records (Presidential Decree 186/92) at their

acquisition cost. If these participations were assessed on the basis of their intrinsic book

value, it would be lower by approximately 15,115 thousand euros, whereas according to

article 43, paragraph 6 of L 2190/20, (lowest value between acquisition cost and intrinsic

book value per participation on the basis of the latest published balance sheets) it would be

lower by 34,926 thousand euros having an effect of 8,640 thousand euros on the operating

earnings of the current fiscal year and 26,286 thousand euros of the previous years.

2. In section DIII of the Assets, ‘Shares’, the shares of two (2) companies are included with

acquisition cost 816 thousand euros. The shares are not listed on the Athens Stock Exchange

and were assessed according to article 28 of KVS (Presidential Decree 186/92) at their

acquisition cost. If these participations were assessed on the basis of their intrinsic book

value, it would be lower by approximately 99 thousand euros, whereas according to article

43 paragraph 6 of L 2190/1920 (lower value between acquisition cost and intrinsic book

value per participation) on the basis of their last published balance sheets, it would be lower

by approximately 262 thousand euros having an effect on the operating earnings of the

previous fiscal years.

3. In order to cover possible loss from the liquidation of doubtful claims, cases under

dispute and delayed claims of a total amount of 5,877 thousand euros, the company has

formed a provision of 759 thousand euros, according to article 31 paragraph 1i of L

2238/1994. The company has not formed a provision for the difference of 5,118 thousand

euros and this burdens the operating earnings by 383 thousand euros and the operating

24


earnings of previous fiscal years by 4,735 thousand euros.

4. The account ‘Receivables’ include a claim of a total amount of 5,430 thousand euros

from a company under liquidation for which a provision has not been formed to the

detriment of the operating earnings.

5. The company based on ruling No 205/1988 of the plenary session of the Legal Advisors

to the Administrator and article 31 paragraph 1 IV of L 2238/1994 has not formed a

provision for personnel retirement compensation. If the company had formed such

provision according to article 42e, paragraph 14 of L 2190/1920, it would amount to

approximately 7,327 thousand euros, 386 thousand euros of which concerns the operating

earnings of the current fiscal year and the remaining 6,941 thousand euros previous fiscal

years.

6.The company has been inspected by taxation authorities up to and including fiscal year

1999, and consequently its taxation liabilities for the fiscal years 2000 to 2002 are not yet

determined.

According to our opinion, the above Financial Statements, which arise from the books and

the records of the Company, and after taking into consideration our above-mentioned

observations as well as the notes of the company and more specifically note No 1 regarding

the management of differences (losses) stemming from the assessment of companies’ shares

listed on the Athens Stock Exchange, reflect along with the Addendum the asset structure

and the financial standing of the company on the 31st December 2002 as well as the

operating earnings of the fiscal year ending on that date, according to the related regulations

and the generally accepted accounting principles and do not differ from the ones that the

company applied in the previous fiscal year.

FINANCIAL STATEMENTS OF FISCAL YEAR 2003 OF LAMBRAKIS PRESS SA

A. NOTES OF THE COMPANY

1.Investments in shares listed in the Athens Stock Exchange, included in Accounts CIII and

Dπππ of Assets, were valued at market in accordance with Law N. 2992/2002. The net loss that

arose from the valuation of these shares amounting to Euro 2.687 thousand was transferred

directly to shareholders equity as in prior year.

2.Outstanding lawsuits that have been filed against the Company, mainly from publications in

press, are not expected to have a material impact on the financial position or operation of the

Company. In addition, there are no legal or other disputes with legal or other regulatory

authorities.

3.The average personnel employed during the period were 802.

4.There are no mortgages on the Company’s fixed assets.

5.Certain prior period balances have been adjusted in order to be comparable with current

period’s balances. Specially, direct sales expenses relating to fiscal year 2003, were included in

distribution expenses instead of cost of sales in order to be in uniform with industry practice,

and the respective accounts for fiscal year 2002 were adjusted accordingly.

I

25

6.The analysis of the net sales proceeds by business activity for the period 1.1 - 31.12.2003

(STAKOD 91) was as follows: code 221.2 Euro 117.335 thousand, code 521.4 Euro 722

thousand, code 741.2 Euro 2.103 thousand and code 515.7 Euro 269 thousand.

7. The latest revaluation of the Company’s fixed assets was recorded at 31.12.2000.


We have audited the financial statements and the notes to the financial statements of

LAMBRAKIS PRESS S.A. for the year ended 31 December 2003.

Our audit, under which we took full cognizance of the results and position of the branches

of the company, was made in accordance with article 37 of the Corporate Law 2190/1920

"the Companies Act of Greece" and the audit procedures we considered appropriate on the

basis of the auditing principles and rules promulgated by the Institute of Certified Auditors

and Accountants of Greece. All the books and records maintained by the Company were

made available to us and we were provided with all the information and explanations that

were necessary for our audit. The Company has applied correctly the Greek General Chart

of Accounts. The accounting principles used for the preparation of the financial statements

were applied on a basis consistent with that of the preceding year and the cost of sales which

is derived from the accounting records has been determined in accordance with generally

accepted costing principles. We agreed the relevant information contained in the Board of

Directors report addressed to the Shareholders’ Ordinary General Assembly to the financial

statements. The notes to the financial statements include the information required by

paragraph 1 of article 43a of the Corporate Law 2190/1920.

Based on our audit we note the following:

1.The account "participations" (investments) includes participations in companies not

listed in the Athens Stock Exchange amounting to Euro 112 million approximately, out of

which sixteen (16) companies representing approximately Euro 87 million are audited by

certified auditors, were valued at their acquisition cost and not according to article 43 par. 6

of the Corporate Law 2190/1920 (in the lower between acquisition cost and fair value, by

participation). Had these participations been valued at their fair value, they would have

been impaired by Euro 38 million approximately, which would have impacted the current

year’s net income by Euro 3 million approximately and retained earnings by Euro 35 million

approximately.

2.As reported in note 1 under the balance sheet, the Company did not record in current

year’s net income, losses from the valuation of investments with shares listed in the Athens

Stock Exchange, of Euro 2,8 million approximately, included in the Company’s portfolio

before December 31, 2002, instead the Company transferred directly such losses to

shareholder’s equity.

3.For possible losses relating to doubtful and in dispute receivables amounting to Euro 5,5

million approximately, the Company has formed a provision of Euro 0,3 million

approximately. An additional provision should have been established for the difference of

Euro 5,2 million that would have impacted the Company’s retained earnings.

4.Accounts receivable, DII(1), includes an amount of Euro 5,4 million, due from an

affiliated company, which is under liquidation. A provision should have been established for

this receivable that would have impacted the Company’s retained earnings.

26


5.The Company, in accordance with the opinion 205/1988 expressed by the plenary session

of the Legal Council to the State and article 31 of para. 1 xv of Law 2238/1994, did not

provide for staff leaving indemnities. Had the Company established this provision according

to the article 42, v par. 14 of the Corporate Law 2190/1920 the cumulative amount would

have been Euro 7,6 million approximately and would have impacted current year’s net

income by Euro 0,6 million approximately and retained earnings by Euro 7 million

approximately.

6.The Company has been audited by the tax authorities up to the fiscal year 1999, and

consequently its tax liabilities for the unaudited fiscal years have not been finalized.

In our opinion the above financial statements, which are based on the Company’s books

and records reflect together with the notes to the accounts and subject to the above findings,

the net asset and financial position of the Company as at 31 December 2003, as well as the

results for the year then ended, on the basis of the applicable legal requirements and

generally accepted accounting principles (in Greece) which are consistent with those applied

by the Company for the previous year.

CONSOLIDATED FINANCIAL STATEMENTS OF FISCAL YEAR 2002,LAMBRAKIS PRESS GROUP

∞. NOTES OF THE COMPANY

1. The companies included in the consolidation are: a) IRIS PRINTING SA (consolidated),

b) MULTIMEDIA SA, c) STUDIO ATA SA, d) SPECIAL PUBLICATIONS SA, e) DOL

DIGITAL SA (consolidated), f) HEARST LAMBRAKIS PUBLISHING Ltd, g) MC HELLAS

SA, h) EUROSTAR SA (consolidated) i) ACTION PLAN SA (consolidated), j) NEA

AKTINA SA and k) ELLINIKA GRAMMATA SA.

The companies ACTION PLAN HR SA, subsidiary of ACTION PLAN SA, and ELLINIKA

GRAMATA SA are included in the consolidation and, on the contrary, AGGELIDIS-

GEORGAKOPOULOS SA is not included in the consolidation of the subsidiary IRIS

PRINTING SA and therefore, the entries of the current consolidated balance sheet and the

consolidated operating earnings are not comparable with the ones of last year.

2. Companies’ shares with shares listed on the Athens Stock Exchange, account DIII of the

Assets, with a value of approximately 27,478 thousand euros were assessed at the current

value according to article 43, paragraph 6 of L. 2190/1920. The differences (losses) arising

from the assessment of total amount of 13,062 euros after balancing with profits from the

participation assessment of a company with shares listed on the Athens Stock Exchange

amounting to 2,297 thousand euros were immediately transferred to the net position

according to the provisions of L 2992/2002 and have not burdened the operating earnings of

the current fiscal year by 10,765 thousand euros.

3. There are judicial hearings pending involving the companies of the group, particularly

in connection with newspaper issues and even in the event of court judgments adverse to the

company, they will not materially affect the financial status or operation of the companies

of the group. There are also no disputed claims or claims in arbitration in any legal or

administrative body.

I

27

4. Number of employees (average) 2,474.

5. The last revaluation of fixed assets took place on 31/12/2000.

6. A 98,606 thousand euros preliminary mortgage exists on the real estate of a subsidiary

covering a long-term bank loan amounting to 82,171 thousand euros.

7. Some of the figures of the previous fiscal year have been reformed to be comparable with

the respective entries of the current year.


We have audited, according to article 108 of Codified L 2190/1920 "on Incorporated

Companies", the 12th consolidated balance sheet and the Consolidated Income Statement,

as well as the related Addendum, of the Lambrakis Press SA and its subsidiaries for the year

that ended on the 31st December 2002. We applied the procedures deemed suitable to carry

out our audit, which comply with the principles and rules of audit followed by the Body of

Chartered Auditors Accountants and we verified the accordance of the contents of the

Consolidated Management Report with the above consolidated financial statements. We did

not extend our audit to the financial statements of a company included in the consolidation

and representing 0.5% and 0.39% of the consolidated totals of assets and turnover. These

statements have been audited by another Authorized Auditor. We took into consideration

the certificate of the above auditor in order to express our opinion hereto, to the extent that

this opinion pertains to the entries included in the consolidation of the above company. The

consolidation includes financial statements that have not been audited by a Chartered

Auditor Accountant representing 3.72% and 4.25% of the consolidated total assets and

consolidated turnover. The above audit resulted in the following:

1. Companies of the group have not effected amortizations on the fixed and intangible

assets of 1,920 thousand euros and consequently, the operating earnings of the present fiscal

year were not burdened by 450 thousand euros and the operating earnings of previous fiscal

years by 1,470 thousand euros (of which 933 thousand euros based on the provisions of L

2065/1992).

2. Companies of the group in the previous fiscal year contrary to the current one effected

total amortization of the installation cost and fixed assets and consequently, higher

amortization was recorded by approximately 1,832 thousand euros. The operating earnings

of the previous fiscal year were equally burdened while the equity capital was reduced.

3. Contrary to the previous fiscal year, a subsidiary of the group properly capitalized the

interests of loans of a construction period amounting to 3,574 thousand euros in the current

fiscal year. If it had applied the same accounting method to the previous fiscal year, the

operating earnings would be increased by approximately 600 thousand euros.

4. Participations in affiliated companies concern: a) Participation in a company with

shares listed on the Athens Stock Exchange with a value of 17,716 thousand euros assessed

at current value according to article 2 of Law 2992/2002. b) Participation in companies with

shares not listed on the Athens Stock Exchange with acquisition cost of 14,368 thousand

euros, seven (7) of which are audited by recognized auditors with acquisition cost of 12,170

thousand euros and were assessed at their acquisition cost according to art. 28 of the Code

of Books and Records (Presidential Decree 186/92). If these participations were assessed at

their intrinsic book value on the basis of art. 106, par. 4 of Codified Law 2190/1920, it would

28


be lower by 6,964 thousand euros.

5. The reserves of the companies of the group include reserves for obsolescence and slow

moving inventories of approximately 800 thousand euros for which a provision has not been

formed and consequently, equity capital appears equally increased.

6. In order to cover possible loss from the liquidation of doubtful claims, cases under

dispute and delayed claims of a total amount of approximately 16,266 thousand euros, the

companies of the group have formed a provision of 2,609 thousand euros according to

article 31 paragraph 1i of Law 2238/1994. For the difference of 13,657 thousand euros the

company has not formed a provision burdening the operation earnings by 3,229 thousand

euros and by 10,428 thousand euros for previous fiscal years.

7. The accounts of Receivables include a claim amounting to 5,430 thousand euros from a

company under liquidation for which a provision has not been formed to the detriment of

the operating earnings.

8. The companies of the group based on ruling 205/1988 of the plenary session of the Legal

Advisors to the Administrator and article 31, paragraph1 IV of L 2238/1994, have not

formed a provision for personnel retirement compensation, with the exception of two

companies of the group which have formed a provision of 101 thousand euros. If this

provision were formed for the total of the employees, according to article 42e, paragraph 14

of L 2190/1920, it would amount to 10,184 thousand euros, 509 thousand euros of which

should burden the operating earnings and the remaining 9,574 thousand euros the operating

earnings of previous fiscal years.

9.The companies of the group have not been inspected by the tax authorities mainly for the

fiscal years of 2000- 2002 and consequently, their taxation liabilities have not been

determined.

10. Due to the fact that the equity capital of six (6) companies of the group is negative and

in two (2) lower than the half (1/2) of the paid up share capital, the regulations of articles 47

and 48 of Law 2190/1920.apply.

According to our opinion, after taking into consideration the said remarks and the notes

of the company, and more specifically No 2 regarding the management of differences

(losses) arising from the assessment of shares listed on the Athens Stock Exchange, these

consolidated financial statements have been drafted according to the regulations of the

Codified L 2190/1920 and reflect, on the basis of the related regulations and the accounting

principles and practices applied by the mother company which are generally accepted and

do not differ from the ones applied in the previous fiscal year with the exception of the cases

in our above remarks No 2 and 3, the asset structure, the financial standing and the

operating earnings of the total of companies included in the consolidation of 31/12/2002

CONSOLIDATED FINANCIAL STATEMENTS OF FISCAL YEAR 2003,LAMBRAKIS PRESS GROUP

∞. NOTES OF THE COMPANY

1. The companies included in the consolidation are: 1) IRIS PRINTING SA 2)

MULTIMEDIA SA, 3) STUDIO ATA SA, 4) SPECIAL PUBLICATIONS SA, 5) DOL

I

29

DIGITAL SA (consolidated), 6) HEARST LAMBRAKIS PUBLISHING LTD, 7) MC HELLAS

SA, 8) EUROSTAR SA (consolidated), 9) ACTION PLAN SA (consolidated), 10) ¡∂∞

∞∫∆π¡∞ SA and 11) ELLINIKA GRAMMATA SA, 12) MICHALAKOPOULOY SA. The

figures of the consolidated balance sheet and the consolidated income statement for the

current year are not comparable to the respective figures of the previous year because in this

year the company MICHALACOPOULOY SA is included in the consolidation for first time

while the company PHOENIX SA, that was included in the consolidation of the affiliate

company IRIS PRINTING SA in the prior year, is not included in this year’s consolidation.

Also, during the current year the acquired company of ORAPRESS SA was merged with the

subsidiary IRIS PRINTING SA in accordance with Law 2166/1993.

2. Participation in "Affiliated Companies" includes investments in companies that are not

listed in the Athens Stock Exchange amounting to Euro 12 million, which were valued at

their acquisition cost in accordance with article 28.5 para. c of Presidential Decree 186/1992

as amended by article 32 para. 5 of Law 3229/2004.

3.Investment in shares of companies listed on the Athens Stock Exchange (included in the

Asset accounts Cπππ and DIII), were valuated at their market value according with Law

2992/2002. The loss arising from this valuation, amounting to Euro 2,705 thousand, as in the

previous year was transferred directly to Shareholders’ Equity. In addition the Company

transferred to Shareholders’ Equity the loss from the sale and valuation of affiliate

companies not listed in the Athens Stock exchange, amounting to Euro 1,496 thousands.

4.A subsidiary of the Group in computing its annual depreciation applied the lower

depreciation rates as noted in P.D 299/03. More details are stated in the detailed notes to the

consolidated financial statements.

5.Outstanding lawsuits that have been filed against the Company, mainly from

publications in press, are not expected to have a material impact on the financial position or

operation of the Company. In addition, there are no legal or other disputes with legal or

other regulatory authorities.

6.The average personnel employed during the period were 2,333.

7.There are mortgages on the fixed assets of the Company’s affiliates amounting to Euro

98,958 to secure a long-term bank loan approximately Euro 93,000.

8. Certain prior year balances have been adjusted in order to be comparable with current

year’s balances. Specifically, expenses related to direct sales for the current year (2003) are

included in distribution expenses instead of in cost of sales, in order to be in uniform with

industry practice, and the respective balances of previous year (2002) were adjusted

accordingly.

9. The latest revaluation of the Company’s fixed assets was recorded at 31.12.2000.


We have audited, pursuant to the provisions of article 108 of Corporate Law 2190/1920

"the Companies Act of Greece" the consolidated balance sheet, and the consolidated profit

and loss account as well as the notes to the financial statements of LABRAKIS PRESS S.A.

and its subsidiaries for the fiscal year ended 31 December 2003. We applied the procedures

we considered appropriate for the purpose of our audit, which are in accordance with the

auditing principles and rules followed by the Institute of Certified Auditors and Accountants

30


of Greece and we verified that the Board of Directors’ Consolidated Report is consistent with

the above-mentioned financial statements. The consolidated financial statements includes

financial statements not audited by Certified Auditors and Accountants, which represent in

total 6,52% and 3,88% of the consolidated total assets and consolidated sales, respectively.

Based on our audit we note the following:

1. Certain companies of the Group have not recorded depreciation for specific tangible and

intangible assets in previous years amounting to 1,9 million euros. As a result, the Group’s

retained earnings are overstated by an equal amount.

2. Current year’s net income has not been reduced with the amortization of Goodwill of

approximately 6,5 million euros, which resulted from the absorption of a company by a

subsidiary of the Group.

3. Participations in affiliated companies includes investments in companies not listed on the

Athens Stock Exchange amounting to approximately 12 million euros, five (5) companies out

of which representing approximately 9,9 million euros are audited by certified auditors, were

valued at their acquisition cost. Had these participations been valued at the lowest between

acquisition cost and fair value, in accordance to art. 106 par.4 of Company Law 2190/1920, their

value would be lower by approximately 7,5 million euros, for which a related provision has not

been recorded by reducing current year’s results by 0,5 thousand euros and the results of

previous years by 7 million euros.

4. As reported in note 3 under the consolidated balance sheet, certain companies of the Group

did not record in current year’s net income losses from the valuation of investments in shares

listed on the Athens Stock Exchange, of approximately 4,2 million euros. Instead, the Company

transferred directly such losses to shareholders’ equity.

5. The Current Assets Account D1, "Inventories" includes obsolete and slow-moving items

amounting to approximately Euro 1,3 million, for which a related provision has not been

recorded by reducing current year’s results by Euro 0,5 thousands, and the results of previous

years by Euro 0,8 thousand.

6. For possible losses relating to doubtful and in dispute receivables amounting to

approximately 18,8 million euros, the Company has recorded a provision of approximately 1,1

million euros. An additional provision should have been established for the remaining

difference of 17,7 million euros, that would have impacted prior years results.

7. The Company, in accordance with the opinion 205/1988 expressed by the plenary session

of the Legal Council to the State and article 31 of para. 1 xv of Law 2238/1994, did not provide

for staff leaving indemnities. Had the Company established this provision according to the

article 42, v par. 14 of Company Law 2190/1920 the cumulative amount would have been Euro

10,5 million approximately, and would have impacted current year’s net income by Euro 0,5

million approximately and retained earnings by Euro 10 million approximately.

8. The account "Extraordinary results" includes insurance compensation that should have

been deferred and recorded in the year such amounts will be collected. As a result the current

year’s net income and retained earnings are overstated by an amount of Euro 2,1 million.

9. The Company and its subsidiaries have not been audited by the tax authorities, mainly for

the years 2000 to 2003. As a result their tax liabilities have not been finalized.

In our opinion, subject to the above findings, and the notes of the Company stated under the

I

31

consolidated balance sheet, the accompanying consolidated financial statements and the related

notes, have been prepared in accordance with the provisions of Corporate Law 2190/1920 and

present in conformity with the applicable laws and generally accepted accounting principles (in

Greece) applied by the Parent Company which are consistent with those applied in the previous

year, the financial position and the results of operations of all the companies included in the

consolidation dated 31 December 2003.

The Chartered Auditor Accountants, Mr. Charalambos Petropoulos, Mr. Efstathios Prassas

and Ms Sofia Kalomenides certify that for fiscal years 2002 and 2003:

There were no arguments between the Management of the Company and himself

The Company applies a reliable system of internal auditing.

32


π.2. REGULAR CHARTERED AUDITORS -ACCOUNTANTS OF THECOMPANIES PARTICIPATING IN THE CONSOLIDATED FINANCIALSTATEMENTS OF LAMBRAKIS PRESS SA FOR THE FISCAL YEAR 2003

The affiliated companies participating in the fiscal year of 2003 in the consolidated financial

statements of Lambrakis Press SA were audited by the following Chartered Auditors Accountants:

I

33

CORPORATE YEARS 2002 - 2003

Company name Fiscal year Chartered Auditor Accountant SOEL ID Auditing Company

2002 Sophia Kalomenidos 13301 SOL ERNST & YOUNG SAMC HELLAS SA 2003 Charal. Ar. Petropoulos - 12001 SOL SA

Sophia Kalomenides 13301 ERNST & YOUNG (HELLAS) SA

HEARST LAMBRAKIS 2002 Charal. Ar. Petropoulos 12001 SOL ERNST & YOUNG SAPUBLISHING 2003 Charal. Ar. Petropoulos - 12001 SOL SALTD Sophia Kalomenides 13301 ERNST & YOUNG (HELLAS) SA

2002 Charal. Ar. Petropoulos 12001 SOL ERNST & YOUNG SASPECIAL

2003 Charal. Ar. Petropoulos - 12001 SOL SAPUBLICATIONS SA


2002 Charal. Ar. Petropoulos 12001 SOL SA¡∂∞ ∞∫∆π¡∞ SA 2003 Charal. Ar. Petropoulos - 12001 SOL SA


2002 Charal. Ar. Petropoulos 12001 SOL ERNST & YOUNG SAIRIS PRINTING SA 2003 Ef. Prassas - 12061 SOL SA


2002 Charal. Ar. Petropoulos 12001 SOL ERNST & YOUNG SAMULTIMEDIA SA 2003 Ef. Prassas - 12061 SOL SA


2002 Charal. Ar. Petropoulos 12001 SOL ERNST & YOUNG SAEUROSTAR SA 2003 Ef. Prassas - 12061 SOL SA


2002 Charal. Ar. Petropoulos 12001 SOL ERNST & YOUNG SATRIAINA TRAVEL

2003 Charal. Ar. Petropoulos - 12001 SOL SA- ST.LAGAS SA


2002 Review Report of the Financial Statements from SOL Ernst and Young in order to be included in the consolidation of Lambrakis Press SA

EXPO PLAN SA2003 Under liquidation

(Liquidation commenced on 31.12.2003)

2002 Charal. Ar. Petropoulos 12001 SOL ERNST & YOUNG SAACTION PLAN SA 2003 Charal. Ar. Petropoulos - 12001 SOL SA


2003 Charal. Ar. Petropoulos - 12001 SOL SAACTION PLAN HR SA (1st over-12-month Sophia Kalomenides 13301 ERNST & YOUNG (HELLAS) SA

fiscal year)

2002 Not auditedELLINIKA GRAMMATA SA 2003 Charal. Ar. Petropoulos - 12001 SOL SA


1.7.2001-30.6.2002 Charal. Ar. Petropoulos 12001 SOL ERNST & YOUNG SASTUDIO ATA SA 2003 Charal. Ar. Petropoulos - 12001 SOL SA


2002 Charal. Ar. Petropoulos 12001 SOL ERNST & YOUNG SADOL DIGITAL SA 2003 Ef. Prassas - 12061 SOL SA


2002 Charal. Ar. Petropoulos 12001 SOL ERNST & YOUNG SARAMNET SA 2003 Charal. Ar. Petropoulos - 12001 SOL SA


2002 Charal. Ar. Petropoulos 12001 SOL ERNST & YOUNG SARAMNET SHOP SA 2003 Charal. Ar. Petropoulos - 12001 SOL SA


2002 Charal. Ar. Petropoulos 12001 SOL ERNST & YOUNG SANET ON LINE SA 2003 Charal. Ar. Petropoulos - 12001 SOL SA


MICHALAKOPOULOU SA 2003 ∂. Panagiotopoulos - ∂. Polizoidis - Auditors of Law 2190/20

In relation to this the Regular Chartered Accountants mention the following in the Certificate

of Audit for fiscal year 2003 «…the consolidated financial statements includes financial

statements not audited by Certified Auditors and Accountants, which represent in total 6,52%

and 3,88% of the consolidated total assets and consolidated sales, respectively». This note refers

to the consolidated company «ªICHALAKOPOULOU SA», which was acquired by Lambrakis

Press SA in fiscal year 2003, «Expo Plan SA», which is under liquidation and «Studio ATA SA»,

which at the time the Lambrakis Press consolidated statements of 31.12.2003 were compiled

had not concluded the regular audit by its Chartered Auditors - Accountants.

π.3. TAX AUDIT OF THE COMPANY

The Company has been audited in connection with its tax liabilities (income, Code of Books

and Records, stamp duties, taxation on large real estate, wage taxes, taxation on third parties’

fees) up to the fiscal year 1999 inclusive.

The Company was audited in connection with its tax liabilities in 1998 for the fiscal years of 1993

up to 1996 inclusive by the competent taxation authorities (DOY FAVE- Public Financial Agency

for the Taxation of Incorporated Companies) of Athens and according to the sheets submitted to

the Company on 18/2/98, the taxation differences amounted to 344,735,905 drachmas (1,011,697.45

Euros) and were accounted in the fiscal year 1997 burdening the appropriation of profits.

The Company was audited in connection with its tax liabilities in 1998 for the fiscal year of

1997 by the competent taxation authorities (DOY FAVE- Public Financial Agency for the

Taxation of Incorporated Companies) of Athens and according to the sheets submitted to the

Company on 7/9/98, the taxation differences amounted to 89,158,320 drachmas (261,653.18

Euros) and were accounted in the fiscal year 1998 burdening the appropriation of profits. The

appropriation of profits of the Company in 1998 was also burdened with the taxation

differences amounting to 28,199,284 drachmas (82,756.52 Euros) of ITHOMI Company, which

was acquired in the fiscal year of 1997. Moreover, the appropriation of profits was burdened

with taxes and surcharges of unofficial donations amounting to 20,097,371 drachmas

(58,979.81 Euros) already paid up on 23.2.1998.

The Company was audited in connection with its tax liabilities in 1999 for the fiscal year of

1998 by the competent taxation authorities (DOY FAVE- Public Financial Agency for the

Taxation of Incorporated Companies) of Athens and according to the sheets submitted to the

Company, the taxation differences amounted to 90,110,857 drachmas (264,448.59 Euros) and

were accounted in the fiscal year 1999 burdening the appropriation of profits.

Finally, the Company was audited in connection with its tax liabilities in 2000 for the fiscal

year of 1999 by the competent taxation authorities (DOY FAVE- Public Financial Agency for

the Taxation of Incorporated Companies) of Athens and according to the sheets submitted to

the Company there were no taxation differences given the fact that the accounting differences

found reduced the taxation losses for the fiscal year of 1999.

34


Specifically, the accounting differences, taxes, fines and surcharges arising as well as the

fiscal years the income statements of which are burdened are presented in the following table:

(1) It is noted that according to Circular No1115606/11044/µ 0012/POL 1327/18-12-1997 of

the Ministry of Finance the manner of taxing the capital profit from the sale of securities was

clarified and the possibility of submitting an amending income tax statement for the fiscal year

1996 was given. Based on the above-mentioned circular, the Company submitted an amending

income tax statement, from which there stemmed a tax return amounting to 52.738.341

drachmas. (154.771,36 euros). The tax return was netted against the added taxes arising from

the taxation audits of the fiscal years 1993-1996, which were accounted in 1997.

Given the fact that the Company has been audited in connection with its tax liabilities up to

the fiscal year 1999 inclusive, the taxation liabilities for the fiscal years 2000 to 2003 have not

been determined. However, it is not anticipated to have income taxes etc due to the loss making

operating results of previous fiscal years.

In relation to this the Regular Chartered Accountants note the following in the Certificate of

Audit for fiscal year 2003: «The Company has been audited by the tax authorities up to the fiscal

year 1999, and consequently its tax liabilities for the unaudited fiscal years have not been

finalized».

π.4. TAX AUDIT OF THE SUBSIDIARIES OF THE COMPANY

The affiliated companies participating in the consolidated financial statements compiled by

the parent company, Lambrakis Press SA, for the fiscal year 2003 have been audited in

connection with their tax liabilities as follows:

I

35

RESULTS OF TAX AUDITS

In thousand Euros

Fines Fiscal Accounting

and Year differences Taxes

surchargesTotal 1997 1998 1999 2000

1993 354,51 124,14 142,92 267,06 267,06

1994 450,18 157,59 78,94 236,54 236,54

1995 457,52 160,23 80,41 240,65 240,65

1996 509,17 178,14 89,51 267,64 267,64

1997 633,60 253,85 7,63 261,78 261,78

1998 704,33 246,81 17,90 264,42 264,42

Clearing (1) -154,66

1999 1.033,02 0,00 0,00 0,00

Total 1.537,78 856,93 261,78 264,42

(1) The total differences of 116,61 thousand euros include surcharges and VAT amounting to

35,81 thousand euros, which were charged to the non-operating results of Multimedia SA of the

fiscal year 2003.

(2) After a 5% discount.

In relation to this the Regular Chartered Accountants note the following in their Certificate of Audit

for fiscal year 2003 «The Company and its subsidiaries have not been audited by the tax authorities,

mainly for the years 2000 to 2003. As a result their tax liabilities have not been finalized »

π.5. PUBLIC TENDERS - PUBLIC OFFERINGSIt is noted that during the fiscal years 2002 and 2003, there were no tenders or swap proposals

by third parties concerning shares of Lambrakis Press SA or shares of any other company in the

Lambrakis Press group included in the consolidated financial statements. Moreover, the

Company did not proceed to any public tenders

36

TAX AUDIT OF SUBSIDIARY COMPANIES

Burdening Fiscal year Total of Fiscal to which

Taxation Year they referAmount

Tax Audit

Differencesin

up to fiscal

inFiscal thousand

Company Nameyear (inclusive)

thousand euros2002 2003 year euros

MULTIMEDIA SA 2001 116,61 0,00 80,81(1) 2000 46,42001 34,41

STUDIO ∞∆∞ SA 1999/2000 108,83 0,00 63,48 1997/1998 98,161998/1999 0,001999/2000 10,67

IRIS PRINTING SA 2001 628,60 0,00 628,60 2000 220,602001 408,00

SPECIAL 2001 28,24 0,00 28,24 1997 20,45PUBLICATIONS SA 1998 6,91

1999 0,472000 0,102001 0,31

¡∂∞ ∞∫∆π¡∞ SA 2001 57,20 0,00 57,20 (2) 1999/2000 27,052001 30,15

Consolidated differences of tax audit 939,48 0,00 858,33

DOL DIGITAL SA Has been audited for tax liabilities up to fiscal year 1998 inclusive. The differences of the latest tax audit amounting to 99,78 thousand euros were charged to the earnings of fiscal years before 2002.

EUROSTAR SA Has been audited for tax liabilities up to fiscal year 1999 inclusive. The differences of the latest tax audit amounting to 17,61 thousand euros were charged to the earnings of fiscal years before 2002.

MC HELLAS SA It has not been audited in connection with tax liabilities

HEARST LAMBRAKIS It has not been audited in connection with tax liabilitiesPUBLISHING LTD

RAMNET SA It has not been audited in connection with tax liabilities

RAMNET SHOP SA It has not been audited in connection with tax liabilities

NET ON LINE SA It has not been audited in connection with tax liabilities

ACTION PLAN SA It has not been audited in connection with tax liabilities

ACTION PLAN HR SA It has not been audited in connection with tax liabilities

EXPO PLAN SA It has not been audited in connection with tax liabilities

TRIAINA TRAVEL SA It has not been audited for tax liabilities since its transformation into a Societe Anonyme

ELLINIKA GRAMMATA It has not been audited for tax liabilities since its transformation into a Societe AnonymeSA

MICHALAKOPOULOU It has not been audited in connection with tax liabilitiesSA

S H A R E C A P I T A L I N C R E A S E A N D A L L O C A T I O N O F R A I S E D F U N D S II

37

SHARE CAPITAL INCREASE AND ALLOCATIONOF RAISED FUNDS

ππ.1.SHARE CAPITAL INCREASE OCTOBER 1998With the increase of the share capital by a public offering in October 1998 to list the company’s

shares on the Athens Stock Exchange (resolution of the General Meeting of Shareholders of 27th

August 1998), the company raised net funds of 17,045 million drachmas (50,022.01 thousand

Euros). After paying 4,445 million drachmas (13,044.75 thousand Euros) to reduce short term

borrowing, the remaining funds were invested in accordance with the 1998-2000 investment

program that was described in the IPO Prospectus and amended by resolutions of the General

Meetings of Shareholders of 16.09.1999 and 29.06.2000 as follows (in thousand euros):

ππ.2. SHARE CAPITAL INCREASE OCTOBER 1999Pursuant to resolution of the Shareholders' Ordinary General Meeting held on 16/09/1999, the

company increased its share capital in cash. The procedure was concluded in November 1999

(issuing of 25,300,000 new common registered shares with a nominal value of 0.60 euro each

subscribed between 29/10/99 and 29/11/99, the share capital increase was certified on 1/12/

1999 and the new shares commenced trading on 29/12/1999). With the increase the company

raised net funds of 184,617,755.53 euros - raised funds 185,619,955.98 Euros minus issuing

expenses 1.002.200,45 euros- which are appropriated according to the 2000-2005 investment

program (Prospectus of the rights offering of September 1999) as amended by resolutions of the

Ordinary General Meetings of Shareholders of 22/06/2001, 21/6/2002 and 30/05/2003 and of

the Board of Directors of 23.07.2003 as follows (in thousand Euros):

1998-2000 INVESTMENT PROGRAMIPO Prospectus of October 1998 Realized as amended by the resolutions Investments

of Extraordinary Meetings of Shareholders 01.08.1998of 16/09/1999 and 29/06/2000 - 31.12.2000

Office buildings 2,289.07 2,289.07

Purchase of Printing Machinery & Equipment 10,344.83 10,344.83

Purchase of Land for Industrial use 3,448.28 3,448.28

Share capital increases and participations in companies 14,506.24 14,506.24

New publishing products 2,080.70 2,080.70

Training on and Completion of computer systems 2,312.55 2,312.55

Digital production workflow 1,995.60 1,995.60

Total investments 36,977.26 36,977.26

CHA

PTE

R I

I

38

Investment Offering Amendments Amendments Amendments Amendments Realized investment Pending program prospectus approved by approved by approved by decided byExtraprdinary September the resolutions the resolutions the resolutions the Board of

investment

General 1999 of the O.G.M. of of the O.G.M. of of the O.G.M. of Directors of 29.11.1999 1.10.2003 Total 1.1.2004 Meeting of 22.6.2001 21.6.2002 30.5.2003 the Company -30.9.2003 - 31.12.2003 -29.11.1999 31.12.200316.09.1999 of 23.7.2003 -31.12.2003

DOL Digital SA share 17.843 0 17.843capital increase

Initial participation 977 0 977in Microland SA (before its listing on the A.S.E.)

Increase in participation 12.835 0 12.835in Microland SA

Total of digital 117.388 111.930 31.454 31.655 31.655 31.655 0 31.655 0networks and subscription-based TV

Increase in participation 440 0 440in DOL Digital SA

Share capital increase 1.878 0 1.878of N. Greece

Publishing SA

Share capital increase 3.208 0 3.208of Special Publications SA

Share capital 3.287 0 3.287increase of Tiletypos SA

Share capital 88 0 88increase of Expo Plan SA

Share capital increase 241 0 241of Hearst LambrakisPublishing Ltd

Share capital increase 147 0 147of Publishing communications SA

Share capital increase 611 0 611of Freegate Inc.

Share capital increase 4.062 0 4.062of Paper-Pack SA

Purchase of 1.62% of 2.585 0 2.585Tiletypos SA stock

Buyout of Action 1.212 0 1.212Plan SA

1% participation in 2 0 2Action Plan HR SA

Share capital increase 2.960 0 2.960of Action Plan SA

Increase in participation 1.649 0 1.649in Eurostar SA

Increase in participation 17 0 17in Ellinika Grammata SA

30% participation 126 0 126in Ekdoseis 4 Ltd

1st payment to 13.042 0 13.042 11.739purchase100% of Michalakopoulou SA

Total of share capital 17.608 17.608 24.191 50.100 47.295 35.556 0 35.556 11.739increases and participations

The investment program of the Company was amended with the approval of the Ordinary

General Meeting of the Shareholders on 22/06/2001. The funds concerning investment for the

new economy (electronic networks and cable TV) were reduced by 5,458.55 thousand Euros

and were transferred to investments in fixed assets concerning the re-arrangement and

renovation of the company’s offices, the upgrading of its computer infrastructure (1,837.12

Investment Offering Amendments Amendments Amendments Amendments Realized investments Pending program prospectus approved by approved by approved by decided byExtraprdinary September the resolutions the resolutions the resolutions the Board of

investments

General 1999 of the O.G.M. of of the O.G.M. of of the O.G.M. of Directors of 29.11.1999 1.10.2003 Total 1.1.2004 Meeting of 22.6.2001 21.6.2002 30.5.2003 the Company -30.9.2003 - 31.12.2003 -29.11.1999 31.12.200316.09.1999 of 23.7.2003 -31.12.2003

Super Omada 2.471 0 2.471

Tachydromos 7.416 0 7.416

N.G Traveler 194 0 194

VIMAgazino 5.479 0 5.479

Imerissio Vima 6.811 0 6.811

Economikos Tachydromos 2.820 0 2.820

VIMAdonna 1.106 0 1.106

TV Guide 921 0 921

Prosopa 3.175 0 3.175

Economia 1.159 0 1.159

In Life 405 0 405

Bit 352 0 352

Total new publishing 8.804 8.804 40.511 32.311 32.311 32.311 0 32.311 0products

Repayments of bank 39.058 42.679 42.679 47.257 50.062 50.063 0 50.063 0loans and suppliers

Full payment of leasing 1.761 1.761 0 0 0 0 0 0 0amortization

Renovation and 1.077 0 1.077re-arrangements ofbuildings

Refurbishment of 114 0 114building fixtures

Purchase of computers 981 0 981and updating of electronic systems

Lambrakis historical 1.156 0 1.156archive

Purchase of land plot 1.371 0 1.371

Purchase of land plot 0 0 0in Paiania

Construction of building 0 0 0in Paiania

Repairs of privately 0 0 0owned building at 3, Chr. Lada str.

Other relocation expenses 0 0 0

Renovation and relocation 1.000 1.755 2.755 7.036expenses for office building at Michalakopoulou

Total fixed-asset investments 0 1.837 28.176 14.491 14.491 5.700 1.755 7.455 7.036

Working capital increase 0 0 17.608 8.804 8.804 8.804 0 8.804 0

Grand Total of 184.619 184.619 184.619 184.619 184.619 164.089 1.755 165.844 18.775Investments


39

40

thousand Euros) and to a reduction of the short term borrowing (3,621.43 thousand Euros).

Also, the Ordinary General Meeting of the Shareholders of 21/6/2002 approved the to date

implementation progress of the investment program of the Company and decided on the

following:

∞. To amend the Implementation Timetable of the Investment Program extending the

implementation period until 31/12/2005. This extension is necessitated by the general financial

environment, which is characterized by a lack of investment opportunities. This fact impedes

the channeling of the investment funds and at the same time helps the smooth liquidation of

the Company’s portfolio of Mutual Funds and Shares of Listed Companies.

In cases of damages that may arise from the liquidation of the above-mentioned portfolio the

implementation of the remaining investment program will be pursued with the Company’s

cash in hand/flow.

µ. To increase the funds intended for investments in fixed equipment from 1,837 thousand

Euros to 28,176 thousand Euros and to include the investment for the new Company’s building

into the Investment Program.

Specifically, it was decided to construct a new building complex of 18,000 m2, to which the

company and several subsidiaries will be relocated and the restoration of the owned building

of 3,000 m2 at Christou Lada street in order to house the departments or subsidiaries which

due to the nature of their business need to have direct access in the center of the city. The new

building will be constructed in an owned plot of land (13,300 m2) in Paiania that will be

completed with the purchase of a new adjacent plot of land (9,000 m2). The investment is

deemed proper mainly due to the considerable reduction of the company’s expenses by

eliminating rents. It is also calculated that the benefit due to the reduction of the other

operational expenses will be significant given the fact that the current situation of housing the

Group in 15 different buildings burdens considerably not only the operational expenses of the

Company directly connected with the buildings but it also burdens indirectly other expenses,

such as communications etc. The total amount of the investment is calculated to be 23.476

thousand euros.

C. To enhance the Publishing Sector. The enhancement and proliferation of publishing

activities as well as the maintenance and confirmedness of the significant market share of the

publications calls for continuous funding and creating either new stand-alone publishing

products or new supplements in existing newspapers and magazines, evaluating the benefits

arising from the increase of the number of publishing products and the consolidation of the

existing ones towards maintaining the leading position in circulation, the advertising

revenues and readership. So their direct funding is required up to the point of the

establishment of the new titles in the market or the beneficial influence of the new

supplements in the revenues from the sales and advertising of the existing magazines and

newspapers. However, the creation and launching of any new publishing product always

includes a relevant risk.

In this context, the Company approved the appropriation of funds -during the fiscal years 2000-

2001 and the first five months of 2002- for publishing new products and supplements. The funds

amount to 31,708 thousand Euros in total and consequently, this had a positive effect on the

consolidation and strengthening of the newspapers and magazines of Lambrakis Press as they


41

maintained their leading positions in terms of sales, attracted advertising revenues and readership

in a market characterized by conditions of stagnant circulation and mild advertising recession.

The above-mentioned funding of 31,708 thousand Euros was considered to concern a basic

investment of the Company and it is irrevocably connected with the strengthening of the main

publishing activity and as such, it is decided to be included in the investment program of the

Company. In this way, the funds for investments in new publishing products are increased from

the initially provided 8.804 thousand euros to 40.511 thousand Euros.

D. The strengthening of the Operating Capital. Pursuant to the amendment of the investment

program, it was decided to incorporate the amount of 8,804 thousand Euros which has already

been appropriated during the fiscal year 2000 in order to strengthen the operating capital of the

Company instead of the amount of 14,389 thousand Euros which was temporarily included in the

program up to 31/3/2002. The rise in competition and the relevant deterioration in payment

conditions -disproportional lengthening of the collection time of receivables in connection with

the time of paying in full our liabilities- create conditions of restricted cash flow. Therefore, the

strengthening of the operating capital was approved so that an increased cash flow margin will be

ensured for the smooth operation and progress of the Company’s activities. For the same reasons,

it was decided to anticipate the appropriation of an additional amount of 8,804 thousand Euros

for the strengthening of the operation capitals of the Company up to the end of 2005.

∂. To increase the Funds intended for the Strengthening of the Capital Base of Subsidiaries of

the Lambrakis Press Group. The raised funds -mainly through the participation of Lambrakis

Press SA in increases of share capital- intended for the strengthening of the capital base of the

subsidiaries of the Lambrakis Press Group activated in sectors other than the ones of digital

economy and cable television amounted to 17,608 thousand Euros. It was decided to anticipate

that an additional amount of approximately 2,934 thousand Euros will be invested for the same

purpose up to the end of 2005. Therefore, the funds intended for the participation in the

increase of the share capital of the subsidiaries were decided to be increased from 17,608

thousand Euros to 24,191 thousand Euros.

F. To reduce the Funds intended for investment in Electronic Networks and Digital TV. It is

decided that the raised funds intended for investment in Electronic Networks and Digital

Television will be reduced due to the adverse conditions in the sector from 111,930 thousand

Euros that were decided with a resolution of the General Meeting of 22/6/2001 to 31,454

thousand Euros.

G. To exclude from the investment program the settlement of the Leasing Elements

amounting to 1,761 thousand Euros.

The Ordinary General Meeting of the Shareholders of 30.5.2003 approved the to-date

implementation progress of the investment program of the Company and decided on the

following:

∞. To include in the Investment Program:

∞1. In the category "Electronic networks" funds amounting to 12.835 thousand euros that was

invested during the fiscal years 1999 to 2001 to increase by 3,65% the holding of Lambrakis

Press SA in the share capital of Microland SA (resolution of the company’s Board of Directors

of 26.11.2002).

42

∞2. In the category "Repayment of Bank Loans" funds amounting to 4.580 thousand euros

with which the company repaid an equal amount of short-term bank loans on 31.10.2002

(resolution of the company’s Board of Directors of 26.2.2002).

∞3. In the category "Participations", the 100% acquisition of the company

ªICHALAKOPOULOU TOURIST - REAL ESTATE SA, against a price of 27.586 thousand

euros, given that the building owned by the company was deemed suitable for the concentration

and relocation of the services of Lambrakis Press SA and its affiliates.

∞4. In the category "Fixed assets" the required expenditure to renovate and equip the building

of MICHALAKOPOULOU SA, along with the other relocation expenses of Lambrakis Press SA

to the new building, of a total budgeted cost of 9.791 thousand euros.

µ. To reduce funds to be allocated as follows:

µ1. By 8.200 thousand euros the investments earmarked for "New Publishing Products".

µ2. By 8.804 thousand euros the funds earmarked to "Increase working capital" of the

company.

µ3. To exclude from the investment program and specifically from the category "Assets" the

allocation of funds to construct an owned building in Peania and the related expenditure for the

repair and relocating of Lambrakis Press SA and its affiliated companies as well as the expenses

to repair the existing owned building at 3, Chr. Lada street of a total budgeted amount of 23.478

thousand euros.

C. To reduce the materialized investment as follows:

C1. By 6.460 thousand euros in the category Digital Television, given that pursuant to the

private contract dated 13.9.2002, Lambrakis Press SA sold its holding in the companies of

Odeon Group (resolution of the company’s Board of Directors of 26.11.2002).

Pursuant to the above, it is resolved not to proceed with any further investments from the

funds raised from the Share Capital Increase, that was resolved by the Extraordinary General

Meeting of the Shareholders of 16.9.1999, in the categories: a) Electronic networks, b) New

publishing products, c) Repayment of Bank Loans and d) Increase of working capital.

Concurrently, it was resolved to allocate the funds amounting to 37.377 thousand euros that

remained unallocated until 31.3.2003 as follows:

a) In the category "Participations" to include the acquisition of the total shares of the company

"ªICHALAKOPOULOU TOURIST – REAL ESTATE SA", against a price of 27.586 thousand

euros and

b) In the category "Assets" after the exclusion from the investment program of the funds

earmarked for the construction of an owned building in Peania and the related expenditure to

repair and relocate Lambrakis Press SA and its affiliates as well as the expenses to repair the

existing owned building at 3, Christou Lada street of a total budgeted amount of 23.478

thousand euros - to include the expenses required to renovate and equip the building of

MICHALAKOPOULOU SA, as well as the relocation expenses of Lambrakis Press SA to the new

building totaling 9.791 thousand euros.

The Company’s Board of Directors in its meeting of 23.7.2003 resolved for the following

amendments of the company’s investment program:


43

Given that pursuant to the Final Contract to Sell and Transfer Shares signed on July 7, 2003,

the final price for the 100% acquisition of the company MICHALAKOPOULOU SA was fixed

at 24.781 thousand euros, due to the reduction of the initially agreed price as follows:

The above amendments decided by the Board of Directors of the Company will be submitted

for approval to the next General Meeting of the Shareholders.

The remaining amount of 18.775 thousand euros not appropriated

on 31/12/2003 is placed in the following securities:

Securities Acquisition value Valuation 31.12.03

In thousand euros

Total of Listed Shares 4.102 1.132

Mutual Funds 14.674 5.756

Total 18.775 6.888

Initially agreed price (preliminary purchase contract 30.3.2003) 27.586,21

Less:

Outstanding balance of loan of Alpha Bank to Michalakopoulou SA 2.776,04

Fee owed by Michalakopoulou SA to ∆∂R¡∞ SA for already executed works 23,18

Compensation for expropriation of a 14,60 m2 land lot of Michalakopoulou SA 5,75

Total price (Final Contract to Sell and Transfer Shares signed on July 7, 2003) 24.781,24

44

SHAREHOLDERS’ RIGHTS

The company’s share capital amounts to 45,180,000 euros and is divided into 75,300,000

common registered shares with a nominal value of 0.60 euro each.

Each share of the company incorporates all the rights and liabilities defined in the Law and the

company’s Articles of Association that is amended as needed according to resolutions of the

Shareholders’ General Meeting to abide by the provisions of codified Law 2190/1920, as in

force. By holding the title of the share, the shareholder accepts ipso jure the Articles of

Association of the company and the legitimate resolutions of the General Meetings of the

Shareholders.

The company’s Articles of Association do not provide for special rights for any specific

shareholders.

The shares of the company are freely tradable. The trading unit is the title of 10 shares.

The liability of shareholders is limited to the nominal value of the shares they hold. The

shareholders participate in the company’s administration and profits according to the Law and

the provisions of the Articles of Association. The rights and liabilities stemming from each share

follow such share on to any full or specific successor of the shareholder. The shareholders

exercise their rights relating to the administration of the company only by means of the General

Meetings.

The shareholders have pre-emptive right upon each future share capital increase of the

company, pro rata to their participation in the existing share capital as described in art. 13 par.

5 of Codified Law 2190/1920.

The shareholder’s lenders and their successors can in no case incite the confiscation or sealing

of any of the company’s assets or books nor request the company’s liquidation or intervene in

any way in the company’s administration or management.

Each shareholder, regardless of domiciliation, is considered as legally domiciling at the

company’s headquarters in relation to the shareholder’s relations with the company and is

subject to the Greek Legislation. Each difference between the company and the any shareholder

or third party is subject to the exclusive jurisdiction of tactical courts, while the company can

be sued only upon the district courts of its headquarters.

Each share is entitled to one vote. For joint owners of a share to be able to vote, such owners

must specify to the company in writing a common representative for this share who will

represent them in the General Meeting. Until such specification, the exercise of their rights is

upheld.

Each shareholder is entitled to participate in the General Meeting of the company’s

shareholders either in person or through a proxy. To participate in the General Meeting,

shareholders must deposit their shares in the company’s cashier or in the Savings and Loans

Fund or in any bank in Greece at least five (5) days prior to the date set for the proceedings of

the General Meeting. Within the same deadline the shareholders must deposit to the company

the receipts of share deposits and the proxy documents and the company must give to the

shareholder a receipt for his entry in the General Meeting.

Shareholders not complying with the above may participate in the General Meeting only after

CHA

PTE

R I

II

45

S H A R E H O L D E R S ’ R I G H T S III

the General Meeting’s permission.

Shareholders representing 5% of the fully paid up capital:

a) are entitled to request from the Civil Court of the company’s headquarters, the audit of the

company according to art.40 and 40e of Law 2190/1920, and

b) may request the summoning of Extraordinary General Meeting of the company’s

shareholders. The Board of Directors is required to summon the Meeting no later than thirty

(30) days from the day of deposit of such request to the President of the Board of Directors. In

this request the shareholders must state the issues on which the General Meeting must resolve.

Ten (10) days prior to the Ordinary General Meeting, each shareholder may request the

annual financial statements and the related reports of the Board of Directors and the Auditors

of the company.

The dividend of each share is payable to the bearer at the company’s offices or at any other

place duly specified, within two (2) months from the date of the Ordinary General Meeting that

approved the Annual Financial Statements. The place of payment is announced via the Press.

Dividends not requested for five years, since they were payable, are written off in flavor of the

Greek State.

In respect to the procedure of the deposit of shares in order the shareholders to participate in

the General Meetings and the procedure of dividend payments, the company shall apply the

provisions of the Regulation of Operation and Settlement of the Dematerialized Share System

of the Central Securities Depository, as such regulation is amended from time to time.

46

TAXATION OF DIVIDENDS

According to statutory regulations (Law 2238/1994, art. 109), domestic incorporated

companies with shares listed on the Athens Stock Exchange are taxed with a 35% factor on their

taxable profits before any appropriation.

As a result dividends are paid from profits already taxed at the company level and

consequently shareholders have no tax liability on the amounts of dividends collected. The date

on which the General Meeting of the company’s shareholders approves the annual financial

reports is considered as the date on which the shareholder receives dividend as income.

It is noted that according to the statutory regulations, the dividend payable to the parent

company from profits realized by affiliated companies in a specific fiscal year is paid to such

parent company in the next fiscal year (unless dividend pre-payment is effected during the same

fiscal year). Consequently, such dividend is included in next year’s earnings of the parent

company.

Dividends payable from the profits of the parent company that encapsulate dividends from

profits of the company’s affiliates are paid to the shareholders in the first fiscal year after their

collection from the parent company.

It is additionally noted that 5% of the profits of the parent company stemming from dividends

is taxed with a 35% factor, since such dividends have already been taxed at the affiliate company

level.

CHA

PTE

R I

V

INFORMATION ON THE COMPANY

V.1. GENERALThe company Lambrakis Press SA - with the trade name DOL. SA - was established in 1970

(Government Gazette, Volume on Sociétés Anonymes and Limited Liability Companies, issue

No 1107/30.6.70) and resulted from the conversion into a société anonyme of the personal

publishing company of Christos Lambrakis, Elsa Lambrakis, Lena Savvidis and Anna Lambrakis

through the contribution to the new company of all assets of the personal enterprise which were

valuated by the committee provided for in art. 9 of Codified Law 2190/1920.

After its registration in the Register of Sociétés Anonymes, the company has the registration

number 1410/06/µ/86/40.

The duration of the company is set to 50 years from the date of its registration in the Register

of Sociétés Anonymes, i.e. until 2020.

The company’s head office is in the Municipality of Athens and its registered office is at 3

Christou Lada street, 102 37 Athens. According to art 2 of the company’s Articles of

Association, the objects of the company are:

1. Publishing daily newspapers, both morning and evening, of political, economic, social,

cultural, scientific, technical, encyclopedic, recreational and sports content.

2. Publishing weekly newspapers and magazines of similar content.

3. Publishing special-interest newspapers.

4. Publishing variety magazines.

5. Publishing any type of printed media of general or special interest.

6. Publishing any type of books and textbooks by Greek or foreign writers, selling such books

and textbooks as well as any other foreign publication, and importing, exporting and trading

publications of all types.

7. Acting as agent and distributor of the publications referred to in (1)-(6) above for own or

third party publications.

8. Undertaking any kind of typesetting, printing, publishing, lithographic and bookbinding

operations and, in general, any operation related to graphic arts.

9. Establishing and operating printing facilities, printing presses, lithographic facilities and

bookbinding facilities.

10. Acquiring any kind or means of participation into any Greek or foreign companies, already

operating or to be established in the future.

11. Any journalistic or publishing activity.

12. Any activity related to communications systems (radio, television, news reporting, etc.).

13. Any activity or operation related to the broader edification of the public (education,

information, intellectual uplift and culture, etc.).

14. Any activity or operation connected related to the foregoing, which may be decided upon

by the company’s Board of Directors.

15. Promoting Greece and tourism to Greece through published articles, brochures, leaflets,

I N F O R M A T I O N O N T H E C O M P A N Y V

47

CHA

PTE

R V

48

and special publications and by establishing and operating hotels, tourist enterprises, travel

agencies and bureaus and any other similar operation or enterprise and by participating in other

Greek or foreign enterprises with similar objects.

16. Cooperating with any person or legal entity under any arrangements.

17. Acting as agent of any Greek or foreign enterprise having the same or similar object.

18. Rendering any kind of services to third parties, both persons and legal entities, at a

remuneration and undertaking projects of third parties, both persons and legal entities, on a

contracted project basis at a compensation.

19. Conceding the use of the company’s real property, facilities and equipment to third parties

at a compensation.

20. Assigning the management of the company to other persons or legal entities and

undertaking the management of other companies.

21. Engaging in any commercial or industrial activity in order to enhance the afore objectives

of the company.

22. Purchasing and selling securities and, in general, participating in mutual fund companies,

investment companies, investment portfolio companies, etc. whether directly or through stock

exchange institutions, for the purpose of maximizing the profitability of its liquid assets.

23. Participating in real estate companies.

Over the past five years, the company’s object was amended through the addition of the above

paragraphs:

22 - following the resolution of the Shareholders’ General Meeting of 29.06.2000 and

23 - following the resolution of the Shareholders’ General Meeting of 30.05.2003.

According to the Statistical Classification of Economic Activity Sectors of 1991 (STAKOD 91)

the company is classified under the Publishing Sector (Code 221). The company’s turnover for

the year 2003 per sector of business activity is analyzed to the following STAKOD codes:

V.2. INSTITUTIONAL FRAMEWORK OF THE PUBLISHING SECTORThe publishing sector is governed by a network of special legislative regulations (Laws

1746/87, 1806/88, 2328/95, 2429/96, Presidential Decree.310/96, Law 3021/2002 and others).

Their aim is to control the participation of persons and legal entities in publishing enterprises,

to secure the transparency of the funding means of these enterprises and to achieve pluralism

in the sensitive sector of Mass Media. This legislative framework institutes a series of strict

TURNOVER BREAKDOWN PER SECTOR OF BUSINESS ACTIVITY

STAKOD 91 TurnoverActivity 2002 2003

Thousand euros Thousand euros %

221.2 Newspaper and magazine publishing 108.340,95 117.335,45 95,12%

741.2 Service rendering 4.423,74 4.862,73 3,94%

521.4 Sales of goods 674,89 721,97 0,59%

372.0 Sales of byproducts 527,52 0,00 0,00%

515.7 Wholesale of byproducts 0,00 434,31 0,35%

Total turnover 113.967,10 123.354,46 100,00%


49

requirements and formal procedures, which include the following:

Registration of shares down to the level of end beneficiary (person) with the exception of

Organizations for Collective Investments in Transferable Securities (UCITS) of domestic

or EU origin, provided that they jointly own a percentage not exceeding 10% of the share

capital of the company and each one separately a percentage not exceeding 2.5% of such

capital (Law 1746/1988, article 24). In the contrary case, the above-mentioned

organizations are subjected to the requirement of the registration of their shares to the end

beneficiary level.

Submitting annual statements of the assets of the company, the shareholders and the

members of the Board of Directors. In particular, in June each year the shareholders of

publishing companies are required to submit a statement on the origin of their financial or

other means with which they participate in the (publishing) company to the competent

Assistant District Attorney of the Supreme Court. These Statements are not confidential. The

omission of submitting such Statement and the submission -knowingly- of inaccurate or

incomplete Statement is punished with a year imprisonment, a pecuniary penalty and loss of

civil rights for a period of 1-5 years (article 40, Law 1806/88, as applied).

The same requirement is imposed also by Law 3213/2003, according to which (inter alia) the

content of the Statement is precisely described (article 2) and strict penalties are provided for

(article 4).

Registration of the company to the Transparency Register (Presidential Decree 310/96).

Notification to the Ministries of Press and Development and to EIHEA (Athens Daily

Newspaper Publishers’ Association) of Notification to the above-mentioned Authorities for

the publication of new magazines and newspapers (Law 2328/1995, article 13).

Restrictions to the execution of public contracts as such restrictions are described in article

14, paragraph 9 of the revised Greek Constitution and are detailed in Law 3021/2002

The Lambrakis Press SA abides by the provisions of the existing legislation.

V.3. BRIEF HISTORY - MILESTONES

1922 Launching of the daily newspaper "ELEFTHERON VIMA" by its founder and director

Dimitrios C. Lambrakis. In 1945, after World War II, Dimitrios Lambrakis published

the newspaper again under the title "TO VIMA" in a daily and a Sunday edition. In 1984

the publishing effort was focused on a new, weekly, edition titled "TO VIMA TIS

KYRIAKIS". In March 1999, "TO VIMA" was published once again as a daily

newspaper.

1926 Launching of "ECONOMICOS TACHYDROMOS", initially as a weekly financial

supplement to "ELEFTHERON VIMA". In 1954 ECONOMICOS TACHYDROMOS

became an independent weekly political and financial magazine. Since April 2000 it is

published as a supplement to "TO VIMA" newspaper.

50

1931 Launching of "ATHINAIKA NEA", an evening daily newspaper. In 1945, after World

War II, Dimitrios Lambrakis published the newspaper again under its present title "TA

NEA".

1954 Launching of "O TACHYDROMOS", a weekly newsmagazine. Its publication was

discontinued in 1993 with Lambrakis Press SA holding the copyright of the title for

future use. In 2000, the magazine was republished as a supplement to "TA NEA

SAVVATOKYRIAKO".

1957 Death of Dimitrios C. Lambrakis who was succeeded by journalist Christos D.

Lambrakis as the head of Lambrakis Press.

1967 Launching of the annual tourist guide titled "DIAKOPES" containing detailed tourist

information and maps about Greece.

1970 The personal company "Lambrakis Press" established in 1922 by journalist Dimitrios

C. Lambrakis was incorporated into a société anonyme (public company limited by

shares) bearing the same name.

1981 Lambrakis Press SA diversified into the tourist sector by establishing the "TRAVEL

PLAN" domestic and overseas tourism travel agency.

1984 The weekly newspaper "TO VIMA TIS KYRIAKIS" appeared in its new format.

1988 Launching of the Greek edition of the French women’s magazine "MARIE CLAIRE" in

October.

1989 "MEGA CHANNEL" free-to-air television station was established by "TILETYPOS SA".

Lambrakis Press SA was among its founding members.

1993 Lambrakis Press SA acquires the "ITHOMI EKDOTIKI EKTYPOTIKI SA" which had

been active in commercial printing. The company was entirely absorbed by Lambrakis

Press in 1997.

Through its wholly owned subsidiary, "MULTIMEDIA SA", Lambrakis Press SA

diversified into electronic prepress production. The company, which has made

considerable investments so far, provides integrated services to the newspapers and

magazines of Lambrakis Press as well as to those of third parties.

1994 The major printing facility of Lambrakis Press was completed and fully commissioned

in the privately owned plant situated at Akadimia Platonos. Besides meeting the

printing needs of Lambrakis Press, the facility, with its state-of-the-art equipment,

printed newspapers and other publications of third parties.


51

1996 Establishment of "NORTHERN GREECE PUBLISHING SA" (Northern Greece

Publishing Co), in which Lambrakis Press holds a 33.3% participation. "Northern

Greece Publishing SA" operates in the Northern Greece market, publishing the daily

newspaper "Aggelioforos" and the weekly newspaper "Aggelioforos tis Kyriakis" and

the monthly general-interest magazine "Close Up". The company also owns and

operates the ultra-modern and vertically integrated printing and production unit

PHILIPPOS.

1997 A special department created within Lambrakis Press was assigned the task to complete

the study for and gradually implement the electronic storage of the records of "TO

VIMA" and other Lambrakis Press publications, which will become an important

source of information for researchers studying 20th century Greece.

1998 Lambrakis Press acquired IRIS PRINTING SA, a printing company specialized in

sheet-feed presses. The purpose of the acquisition was to completely enhance the

printing capacity of Lambrakis Press.

Lambrakis Press SA and the National Geographic Society finalize the agreement

concerning the Greek edition of the monthly NATIONAL GEOGRAPHIC magazine

and the production and exclusive distribution in Greece of books, video cassettes and

other products of the National Geographic Society. The first issue of the Greek edition

of the NATIONAL GEOGRAPHIC circulated in October 1998.

The company’s share capital was increased through a public offering and the listing of

Lambrakis Press in the Primary Market of the Athens Stock Exchange.

1999 "ARGOS SA", jointly established in 1998 by Lambrakis Press SA and C. K. Tegopoulos

SA, broadened its shareholder basis and applied for a license from the Ministry of Press

to set up a newspaper and magazine distribution agency. After the license was granted,

the company commenced operations in June 1999. The company’s shareholders

currently include another 12 leading Greek publishing firms.

"TO VIMA" was republished as a morning daily newspaper.

Lambrakis Press and Terzopoulos Publishing Co establish the publishing company

"Nea Aktina SA", which undertook to continue the publication of Disney’s children’s

magazines (cartoons, comics, etc.). Lambrakis Press SA holds a 50,5% participation in

the company.

Establishment of "Action Plan SA", a company whose object is the development,

installation and operation of a fully automated Call Centre and a Customer Relation

Management service for providing telemarketing and telesales services to third parties,

the provision of data base services, the sale and promotion of third-party products for

a fee, etc. The National Bank of Greece acquired a 15% participation in the new

company, which was initially established as a wholly owned subsidiary of Lambrakis

Press.

52

The Group’s subsidiary "DOL Communications SA" was renamed to "DOL Digital

SA" and converted into a holding company, its main object being to extend the activities

of the Lambrakis Press Group of Companies to the new digital economy.

DOL Digital SA established RAMNET SA aiming to create and operate the first major

Internet portal in.gr. The portal commenced operation in October 1999.

Lambrakis Press and the Hearst international publishing company established the

publishing company Hearst Lambrakis Publishing Ltd, which undertook the

publication of the "Cosmopolitan" magazine in Greece, which was launched in April

2000. This partnership is expected to extend to the publication of other magazines of the

international firm in Greece. Lambrakis Press holds a 50% participation in the

company.

In association with the French firm of MC Album SA, Lambrakis Press established MC

Hellas SA which undertook the publication of the women’s magazine "Marie Claire",

which had until then been published by Lambrakis Press SA The first issue to come out

from the new company was that of January 2000. Lambrakis Press SA has a 50%

participation in the company.

The spin-off of the printing sector of Lambrakis Press is concluded and the sector is

contributed to IRIS PRINTING SA, a wholly owned subsidiary of Lambrakis Press.

2000 "TACHYDROMOS" was republished as a supplement to the newspaper "TA NEA

SAVVATOKYRIAKO", six years after its publication was suspended.

"VIMAgazino", the variety weekly magazine was published as supplement to the

newspaper "TO VIMA tis KYRIAKIS".

Lambrakis Press acquired a 55% participation in EIDIKES EKDOSEIS S.A that

publishes the monthly magazines "KLIK" and "MEN" and the bimonthly magazine

"GAIORAMA".

In the context of new strategic co-operations, Pegasus Publishing and Printing SA

acquired a 30% participation in IRIS Printing SA. Lambrakis Press participation

became 70%.

In the context of restructuring the group’s operations and supporting the autonomous

growth of each sector, Lambrakis Press concluded the spin-off of the tourist sector from

the parent company and its contribution to the affiliated company Eurostar SA, in

which Lambrakis Press holds a direct participation of 98%.

DOL Digital SA acquired a 50% participation in the share capital of Phaistos Networks

SA. The company develops Internet software and solutions (systems and applications

design, search engines etc) and operates the second largest Greek portal named

pathfinder.gr.

Lambrakis Press, Athens Medical Center SA and Qu.S. SA establish a new company

named "In Health SA", aiming to create a health portal offering medical

information and medical services in general. On behalf of Lambrakis Press group,


53

RAMNET SA holds a 50% participation in the company’s share capital.

2001 IRIS PRINTING SA concludes its four-year investment program (2000-2003) totaling

140 million euros.

Eurostar SA, in which Lambrakis Press transferred its tourist business in October 2000,

acquired a 75% participation in the share capital of "Triaina Travel - Stavros Lagas

SA", which is active in tourist service rendering.

Ramnet Shop SA commenced its internet commerce operation through its internet

shop "shop21.gr’, that evolved as a department store featuring consumer products such

as DVDs, CDs, books, games, software and video cassettes.

Netonline SA commenced its operations by launching 4 subscription-based services

(internet access, real-time stock exchange session feed, e-mail service and web design).

2002 In March 2002 the new monthly women’s magazine «VIMADonna» was published as

a supplement of the Sunday newspaper «To Vima tis Kyriakis» every last Sunday of

each month. The magazine ranks among the top five women’s magazines based on the

nominal attracted advertisement spending.

In September 2002, «IRIS Printing SA» concluded its investment program, to build

two state-of-the-art vertically integrated industrial printing plants (in Koropi, Attica

and Inofyta, Viotia). The two new state-of-the-art plants concentrated all the

company’s industrial production from the five older industrial units that were

operating since 2001 («Koropi», «Tsefliki», «Madaro», «Ithomi», «Akadimia

Platonos»). As a result, by operating the two up-to-date plants and relocating its

administrative and financial departments in Koropi, the company gained considerable

economies of scale that have already begun to yield positive results to the company and

to Lambrakis Press Group.

V.4 THIS YEAR’S BUSINESS REVIEW

PUBLISHING SECTOR

In 2003 the publications of Lambrakis Press Group widened their presence in the publishing

market of newspapers and magazines, maintaining their top position both in terms of copies

sold, attracted advertisement campaign and readership. According to recent market data for the

full 2003, the newspapers and magazines of Lambrakis Press Group retained their top position

and strengthened their lead against their competition. The high rate of readership of the titles

of Lambrakis Press Group in conjunction to the wide spectrum of the group’s publications has

resulted in their significant penetration among Greek readers. It is notable that more than 35%

of the adult population in Greece reads at least one of Lambrakis Press publications.

In fiscal year 2003, the Management of the Group determined its publishing strategy, taking

into consideration the trends of the domestic publishing market, which was mainly

characterized by a relative upturn of the advertisement market, the stagnation of circulations

54

and the intense competition among publications.

The main orientation of their strategy was the continuous improvement of the

competitiveness of Lambrakis Press publications and the promotion of the Group’s

comparative advantages in the publishing sector stemming its the long and pioneering presence

in the domestic publishing market in order to achieve high rates of operating earnings growth.

Within this strategy, the Management of the Group re-examined and re-designed some of the

existing publishing products aiming to improve their market position, to increase their

readership penetration and to upgrade their quality and strengthen their profitability.

Concurrently, aiming to access new readers and maintain its forefront position, Lambrakis

Press Group invested in promoting new titles of magazines and supplements that enrich further

the daily and Sunday editions of newspapers. At the same time the Group invested in gradually

embedding new technologies in the production flow (like, for example, the computer-to-plate

technology that abolishes various stages of the prepress-printing procedure and reduces the cost

and production time of newspapers and magazines) thus further strengthening the profitability

of its publications.

The successful course and exploitation of the already established publications as well as the

promotion of new publications in the market constitutes a main component for the Group’s

development and a stable factor of profitability.

As a result, Lambrakis Press Group remains the largest publishing group in the domestic

market, publishing the two largest newspapers and 6 out of the top ten magazine titles that

circulate in Greece.

NEW PUBLISHING PRODUCTS

In 2003, the newspaper «∆∞ ¡∂∞» undertook an especially important scientific publishing

project in publishing "The History of the Modern Greek Nation", a multi-volume historical

project covering the political and economic history of the Greek nation from 1770 until today.

«The History of the Modern Greek Nation» that is published in issues in the daily edition of the

newspaper «TA NEA», is written and edited by a staff of eminent Greek historians aiming to

offer to its readers a new and complete presentation of the history of Greeks from the late 18th

to early 21st century.

Also, targeting the market of juvenile publications, in June 2003 the affiliated company

«Special Publications SA» published the new monthly magazine «FREE». The new magazine

covers subjects of juvenile interest and life style and right from its first issues was very positively

accepted and was very successful both in terms of circulation and attracted advertisement

spending. The issues of «FREE» are bundled with Video CD or CD-ROM and are supplemented

by extra issues with articles of special interest o tits readers.

PRINTING SECTOR

In 2003, the affiliated company "IRIS PRINTING SA", (70% owned by Lambrakis Press SA)

maintained its top position in the printing sector.

The conclusion of the company’s 4-year investment program aiming to improve and extend

the infrastructure of its industrial installations begun to yield and contribute to the

strengthening of the effectiveness and efficiency of Lambrakis Press Group.

The company’s vertically integrated industrial infrastructure combined with the implemented


55

strategy of the Management for further penetration in the market offers the company an

important comparative advantage to increase its market share along with significant economies

of scale on the Group level.

Concurrently, within the framework of strategic cooperation in the printing sector with the

Group of "Pegasus" (which has a 30% holding in "IRIS Printing SA"), «IRIS Printing SA»

decided to merge by acquisition with the printing company ORAPRESS SA, a "Pegasus" group

affiliate. The merger was concluded in all legal formalities with the signing of the related

notarial deed on 9.5.2003.

TOURIST SECTOR

In 2003, taking into consideration the international negative circumstance and the

differentiation in the demand for tourist services that characterized the domestic and

international tourist market, the Management of Lambrakis Press Group adjusted its strategy

to the new data, aiming to maintain and strengthen the position of its tourist sector companies

in the market. In this context in order to overcome the issues of increased competition and

decreasing demand for services, the tourist sector companies of Lambrakis Press Group,

«EUROSTAR SA» and its affiliate «TRIAIANA TRAVEL – ST> LAGAS SA» adjusted their

offered services to the new market conditions. The «Travel Plan» logo, under which

EUROSTAR SA renders its services, remains the most identifiable and reliable trademark in the

Greek market of tourist services.

HOLDINGS SECTOR

The main constituent of the Management’s strategy was the optimization of the allocation of

the Group’s funds aiming to achieve efficiency and to align the business targets of affiliated

companies, the primary criterion being the maximization of effectiveness and efficiency at

Group level

In the framework of the strategy to re-examine and rationalize the holdings of Lambrakis

Press, the Management of the Group decided to sell the minority holding in the companies

Odeon SA, Odeon Licensing SA and Digital Press SA that are active in the cinema sector.

Also, Lambrakis Press SA, shareholder of the company «Special Publications SA» by 65,58%,

on 15.4.2003 purchased from the rest of the company’s shareholders their total holding in it

and in this way became the sole shareholder of «Special Publications SA» having a 100%

holding. Concurrently, the selling shareholder Mr. ∞. Terzopoulos transferred to «Special

Publications SA" the logos of the magazines «ª∂¡», «GAIORAMA» and «GEORAMA» while

he retained in his ownership the logo of the magazine «∫LIK».

Moreover, Lambrakis Press SA in the framework of the investment plan pertaining to the

relocation of Lambrakis Press Group in a single building, decided not to undertake the

construction of a new building but to proceed to acquiring 100% of the company

MICHALAKOPOULOU SA, which owns a multi-story building at 80, Michalakopoulou street

of a total area of 14.718,56 m2 on a land lot of 985,04 m2 that after required repairs was deemed

suitable for the relocation and concentration of the services of Lambrakis Press SA and the

affiliated companies of its group.

The relocation of the company will begin in June 2004 and will be concluded within the fiscal

year 2004.

56

INFORMATION TECHNOLOGY (IT) AND NEW TECHNOLOGIES SECTOR

Lambrakis Press Group steadily maintains the top position in the Greek Internet according to

the spectrum of services it offers, the materialized investments and the accumulated know-how.

Assessing the developments in the sector of information technology and the Internet in

Greece, the Management of the Group proceeded with a strategic redesign of the Group’s IT

sector aiming to reduce operating costs and to exploit the resources, the know-how and the

products it offers more efficiently. To this end, the operation and the sector’s targets of the

existing and new services and products were revised in order to improve their effectiveness and

penetration in the market. The first positive effects of the continued redesign is already evident

in the financial data of the fiscal year 2003.

VI

57

BUSINESS ACTIVITY

The analysis and evolution of the Company’s activity per business sector for the fiscal years

2002 and 2003are shown in the following table

2002 2003Turn over


_ Circulation revenue 58.897,17 64.718,05 52,47%

_ Advertisement revenue 49.443,78 52.617,40 42,66%

Total Income from publishing activity 108.340,95 117.335,45 95,12%

Income from services rendered 4.423,74 4.862,73 3,94%

Income from sale of goods 674,89 721,97 0,59%

Income from sale of byproducts 527,52 434,31 0,35%

Total turnover 113.967,10 123.354,46 100,00%

2002 2003Geographical allocation of turnover


Domestic sales 113.095,61 123.146,32 99,83%

International sales 871,49 208,14 0,17%

Total turnover 113.967,10 123.354,46 100,00%

CHA

PTE

RV

I

B U S I N E S S A C T I V I T Y

58

Vπ.2. PUBLISHING ACTIVITY

The Publishing Sector of the Lambrakis Press Group comprises two media categories:

∞. Newspapers Publishing company Lambrakis Pressholding (%)

TO VIMA LAMBRAKIS PRESS SA

TO VIMA TIS KYRIAKIS LAMBRAKIS PRESS SA

TA NEA LAMBRAKIS PRESS SA

TA NEA SAVVATOKYRIAKO LAMBRAKIS PRESS SA

AGGELIOFOROS N.GREECE PUBLISHING SA 33,33%

AGGELIOFOROS TIS KYRIAKIS N.GREECE PUBLISHING SA 33,33%

µ. Magazines Publishing company Lambrakis Pressholding (%)

TO PAIDI MOU KI EGO LAMBRAKIS PRESS SA

VITA LAMBRAKIS PRESS SA

GAMOS LAMBRAKIS PRESS SA

DIAKOPES LAMBRAKIS PRESS SA

NATIONAL GEOGRAPHIC -

NATIONAL GEOGRAPHIC RETROLAMBRAKIS PRESS SA

RAM LAMBRAKIS PRESS SA

HiTECH LAMBRAKIS PRESS SA

VIMAgazino (1) LAMBRAKIS PRESS SA

VIMADonna (2) LAMBRAKIS PRESS SA

TACHYDROMOS (3) LAMBRAKIS PRESS SA

ECONOMIKOS TACHYDROMOS (4) LAMBRAKIS PRESS SA

AKINITA STHN ELLADA (5) LAMBRAKIS PRESS SA

ª∂¡ SPECIAL PUBLICATIONS SA 100,00%

GAIORAMA - GAIORAMA EPILOGES (6) SPECIAL PUBLICATIONS SA 100,00%

FREE SPECIAL PUBLICATIONS SA 100,00%

DISNEY PUBLICATIONS NEA AKTINA SA 50,50%

ª∞RIE CLAIRE MC HELLAS SA 50,00%

COSMOPOLITAN HEARST LAMBRAKIS LTD 50,00%

TV ZAPPING MELLON GROUP SA 50,00%

CLOSE UP N.GREECE PUBLISHING SA 33,33%

1 Supplement variety magazine in the newspaper «TO VIMA TIS KYRIAKIS»2 Supplement women’s monthly magazine in the newspaper «TO VIMA TIS KYRIAKIS» (last edition of each month)3 Supplement variety magazine in the newspaper «TA NEA SAVVATOKYRIAKO»4 Supplement financial magazine in the newspaper «TO VIMA» (Thursday edition)5. Supplement magazine with real estate classifieds in the newspaper «TA ¡∂∞» (Thursday edition) - Sold standalone everySaturday6. GEORAMA - EPILOGES: Supplement geographical magazine in the newspaper «TO VIMA» (Wednesday edition)

B U S I N E S S A C T I V I T Y VI

59

NEWSPAPERS

TO VIMA TIS KYRIAKIS

GENERAL INFORMATION

"∆√ VIMA TIS KYRIAKIS" has been published in its present form

since January 22, 1984. According to relevant market research, the

newspaper is the main source of information for the most educated and dynamic readers.

"∆√ VIMA THS KYRIAKIS" is a multi-segment newspaper with especially rich content that

is supplemented with the following special sections, aiming to keep updated and inform in

depth the Sunday readers:

"Anaptyxi" Focusing on the economy, businesses, capital markets and stock exchange

"To Allo Vima" Focusing and analyzing cultural and artistic topics

"Vivlia" Focusing on literature and publishing topics.a

"VIMAScience" Focusing on Greek and international scientific topics

Also, "To VIMA Tis Kyriakis" is accompanied by the following supplements:

"VIMAgazino" A variety magazine with reportages, lifestyle topics and interviews. In 2003 the

magazine included special issues on decoration, automobiles, vacations etc.

"VIMADonna" A monthly women’s magazine (on last Sunday of the month)

"TV Guide" Weekly TV Guide with reportages and television topics

"Celebrities" Weekly supplement of «TV Guide» with reportages focusing on the artists’

lives

"VIMA Istoria" A series of special historic supplements focusing on the most important

moments and personalities of Greek history

In including the variety magazine «VIMAgazino» and the women’s magazine «VIMADonna»

in its editions, «TO VIMA TIS KYRIAKIS» changed the profile of the Sunday newspaper

market and created new standards in the printed media. The market responded to this

publishing imitative very positively and as a result the newspaper’s readership widened

© TO BHMA ∫Àƒπ∞∫∏ 16 ª∞´√À 2004

∞ÏÌÔ‰fi‚·Ú«ºÔ‚¿Ì·È ÙË ¢ÂÍÈ¿ Î·È ÙËÓ ÙÚÔÌÔÎÚ·Ù›·»

O ÈÛ·Ófi˜ ÛÎËÓÔı¤ÙË˜ ÌÈÏ¿ÂÈ ÛÙÔÓ °È¿ÓÓË ∑Ô˘ÌÔ˘Ï¿ÎË ÁÈ· ÙËÓ Ù·ÈÓ›· ÙÔ˘ «∫·Î‹ ÂÎ·›‰Â˘ÛË», ÙÈ˜ Û¯¤ÛÂÈ˜ ÙÔ˘ ÌÂ ÙËÓ ∂ÎÎÏËÛ›· Î·È ÙÈ˜ ‰ÈÂıÓÂ›˜ ÔÏÈÙÈÎ¤˜ ÂÍÂÏ›ÍÂÈ˜

√È ÙÂÏÂ˘Ù·›Â˜ ˘Ôı‹ÎÂ˜ ÙÔ˘ °ÈÒÚÁÔ˘∑ÔÁÁÔÏfiÔ˘ÏÔ˘

√ «πfiÏ˘ÙÔ˜» ÙÈÌ¿

Ù· 50¯ÚÔÓ· ÙˆÓ ∂È‰·˘Ú›ˆÓ

¶¤‰ÚÔ

¶⁄⁄ ¢ , ‚ƒ” „

` ƒ˘¸¥‚T ø “TAYPOY ƒ. YXAPH

√ È Û˘ÓÔÌÈÏ›Â˜ ÙÔ˘ ¤ÏÏËÓ·¶Úˆı˘Ô˘ÚÁÔ‡ ÛÙËÓ O˘¿-

ÛÈÁÎÙÔÓ, fiÔ˘ Ô Î. ∫. ∫·Ú·Ì·Ó-Ï‹˜ ÌÂÙ·‚·›ÓÂÈ ˆ˜ ÚÔÛÎÂÎÏË-Ì¤ÓÔ˜ ÙÔ˘ ·ÌÂÚÈÎ·ÓÔ‡ ÚÔ¤‰ÚÔ˘∆˙ÔÚÙ˙ ªÔ˘˜, ı· ¤¯Ô˘Ó ÙÈ˜ Ô-ÏÈÙÈÎ¤˜ ÚÔÂÎÙ¿ÛÂÈ˜ Ô˘ ˘·ÁÔ-ÚÂ‡Ô˘Ó ÙÚ›· ı¤Ì·Ù· Ù· ÔÔ›·

™∏ª∂ƒ∞ ª∞∑π ª∂ «∆√ µ∏ª∞ ∆∏™ ∫Àƒπ∞∫∏™»

( )‚ »ˆ` ¢„”‚ ¶ƒ„˘¸ „

“¸`¶ „•¶˘ „ » •„ »¶ ˙˘ˆ ‚» ¨

‚ Ł º ÆØ ø Øº

Ø ˘ˆ¸ `ATIONAL GEOGRAPHIC

Ł Ø Æ ØÆ Æ Ø łÆ Æ

˘ ø º Øº CD

ØÆ Æ Æ

DVDplayers

& PC +

¶POE¢PO™ ¢.™.: XPH™TO™ ¢. §AM¶PAKH™ EK¢OTH™ - ¢IEY£YNTH™: ™TAYPO™ ¶. æYXAPH™

¢ƒÀ∆∏™: ¢∏ª∏∆ƒπ√™ §∞ª¶ƒ∞∫∏™∂ÙÔ˜ È‰Ú‡ÛÂˆ˜ 1922EÙÔ˜ ¶°′ - ∞ÚÈı. 14165 - ∆ÈÌ‹: 22 úú

∫Àƒπ∞∫∏ 16 ª∞´√À 2004 ∆Ô˘ ∆˘ÊÏÔ‡, £ÂÔ‰ÒÚÔ˘ ËÁÈ·ÛÌ¤ÓÔ˘∞Ó·ÙÔÏ‹ 06.15 - ¢‡ÛË 20.29, ™ÂÏ‹ÓË 27 ËÌÂÚÒÓ

© TO BHMA ∂Î‰›‰ÂÙ·È ·fi ÙÔÓ ¢ËÌÔÛÈÔÁÚ·ÊÈÎfi √ÚÁ·ÓÈÛÌfi §·ÌÚ¿ÎË ∞.∂.

∫ÂÓÙÚÈÎ¿ ÁÚ·ÊÂ›·: ÃÚ‹ÛÙÔ˘ §·‰¿ 3, ∞ı‹Ó· 102 37 210 3333.555 ∂-mail: [email protected]: http://tovima.dolnet.gr

ˆ Ł ØÆ Ø Æ ø Æ º Ø Ł 13Ł „ ø ø

Ø ÆØ Ł `¢¶ø º ºÆØ Øº Æ‚ Æ Æ, Ł Æº ØÆ ºÆØ Æ º ıØ Ł º ŒØ

ƒ∂¶√ƒ∆∞∑

∂ÓÈÛ¯‡ÂÙ·È ·ÈÊÓÈ‰›ˆ˜ ÙÔ ÂÓ‰È·Ê¤ÚÔÓ ÙˆÓ ‰‡ÔÌÂÁ¿ÏˆÓ ÎÔÌÌ¿ÙˆÓ ÁÈ· ÙÔ ·ÔÙ¤ÏÂÛÌ· ÙˆÓ ÂÈ-ÎÂ›ÌÂÓˆÓ Â˘ÚˆÂÎÏÔÁÒÓ Î·È ÚÔÔÈˆÓ›˙ÂÙ·È ¤ÓÙÔ-ÓË ÔÏÈÙÈÎ‹ ·Ó·Ì¤ÙÚËÛË, Ô˘ ı· ·Ú¯›ÛÂÈ Ó·ÎÏÈÌ·ÎÒÓÂÙ·È ÌÂ ÙËÓ ·Ó·ÎÔ›ÓˆÛË ÙˆÓ „ËÊÔ-‰ÂÏÙ›ˆÓ ˆ˜ ÙÔ Ù¤ÏÔ˜ ÙË˜ ÚÔÛÂ¯Ô‡˜ Â‚‰ÔÌ¿-‰Ô˜. ∏ Î˘‚¤ÚÓËÛË ÂÌÊ·Ó›˙ÂÙ·È ÂÈÊ˘Ï·ÎÙÈÎ‹,Î·ıÒ˜ Ù· ÚÔ‚Ï‹Ì·Ù· ÛÙÔ Ì¤ÙˆÔ ÙË˜ ÔÈÎÔ-ÓÔÌ›·˜ ÏËı‡ÓÔÓÙ·È Î·È Ô ‰ÚfiÌÔ˜ ÁÈ· ÙÔ˘˜OÏ˘ÌÈ·ÎÔ‡˜ ∞ÁÒÓÂ˜ Ê·›ÓÂÙ·È ÛÙÚˆÌ¤ÓÔ˜ ÌÂ·ÁÎ¿ıÈ·. OÈ ÂÈÙÂÏÂ›˜ ÙË˜ ¡¢ ÂÎÊÚ¿˙Ô˘Ó ÙÔÓÊfi‚Ô fiÙÈ Ë ·ÓÂÚÁ›· Î·È Ë ·ÎÚ›‚ÂÈ· ÌÔÚÂ› Ó·ÛÙÚ¤„Ô˘Ó ÙË Ï·˚Î‹ ‰˘Û·Ú¤ÛÎÂÈ· ÚÔ˜ ÙËÓ∞ÎÚÔ‰ÂÍÈ¿. O Úˆı˘Ô˘ÚÁfi˜ Î. ∫. ∫·Ú·Ì·Ó-Ï‹˜ ı¤ÏÂÈ Ó· ·ÓÙÈÌÂÙˆ›ÛÂÈ ÙÔ ÂÓ‰Â¯fiÌÂÓÔ ‰È·Ú-ÚÔÒÓ Î·È ÛÙË ƒËÁ›ÏÏË˜ Û˘ÓÙ¿ÛÛÔ˘Ó Ô‰ËÁ›Â˜Î·È ÂÈ‰ÈÎfi ÚfiÁÚ·ÌÌ· ‰Ú¿ÛË˜ ÁÈ· ÙÈ˜ ÙÚÂÈ˜ÚÔÂÎÏÔÁÈÎ¤˜ Â‚‰ÔÌ¿‰Â˜. ™ÂÏ. ∞14, µ2, µ6

¶·™Ô∫

‚ Æ œ Æ”Æ Æ Æ- » øŁ ƒ Ł ø Ł Ł ºÆØ Æ ⁄ øº º ™ÂÏ. ∞4-8

˘ Ø Æ Æ

¢Øı Ø ÆØ Ł º Ł... ™ÂÏ. ∞37

˘ Æ º Ø...ÆŒØ Ø Øº Ł Æ

ƒØ ÆØ Ø łæ ø Ø Æ Æ Ø ø ø Æ

™ÂÏ. ∞32

ƒ º Ł ØƒÆ Æ øØÆ Æ Æ ÆŒŁºÆØ Ł “ Ł º Æ ØÆ Ø ø º ø „ ø ø

™ÂÏ. ∞16, ∞18

60

√

,∆π

¶ƒ

∂¶

∂π

¡∞

°¡

øƒ

π∑∂

∆∂

°π∞

∆∏

∑ø

∏ ∆

ø¡

¢π∞

™∏

ª√

∆∏

∆ø

¡

√,∆

π ¶

ƒ∂

¶∂

π ¡

∞ °

¡ø

ƒπ∑

∂∆∂

°π∞

∆∏

∑ø

∏ ∆

ø¡

«¢

π∞™

∏ª

√∆∏

∆ø

¡»

°¿ÌÔ˜ · Ï· Bollywood™·ÏÌ¿ÓƒÔ‡ÛÓÙÈ

∆√ ºπ§√∆∂Ã¡√ ∆∂ÀÃ√™ ∫Àƒπ∞∫∏ 16 ª∞´√À 2004

significantly and the attracted advertisement spending increased to new higher levels.

In 2003, along with its rich printed content, «∆√ VIMA TIS KYRIAKIS» offered to its readers

CDs and video-CDs featuring selected historical content («The Golden Age», «2nd World

War», «Great Explorers», «The Miracles of the Universe» etc) as well as a series of 14

dictionaries.

Moreover, in 2003, «∆O VIMA TIS KYRIAKIS» included a significant number of extra

supplements, guides and special sections with extensive historical, recreational and literary

content covering the interests of the wide spectrum of its readers. («The copybooks of

November17», «Tax guide», «Official real estate price zones», «Pan Hellenic examinations»,

«The earthquakes of Zakynthos», maps, travel guides etc.)

CIRCULATION

"∆√ VIMA TIS KYRIAKIS" is the top Sunday newspaper both in terms of circulation and

attracted advertisement spending. The following table presents the circulation figures of the

Sunday newspapers’ sector in the past two years.

Circulation figuresCopies sold per issue

¶ËÁ‹: EIHEA (ŒÓˆÛË π‰ÈÔÎÙËÙÒÓ ∏ÌÂÚ‹ÛÈˆÓ ∂ÊËÌÂÚ›‰ˆÓ ∞ıËÓÒÓ)(*) ¶ÂÚÈÏ·Ì‚¿ÓÔÓÙ·È ÔÈ Û˘Ó‰ÚÔÌ¤˜(1) ∂Î‰fiÙË˜ ¢. ƒ›˙Ô˜(2) ∂Î‰fiÙË˜ ∫.ª‹ÙÛË˜

READERSHIP DATA

According to the latest market research conducted by Focus Bari for 2003, the total readership

of "TO VIMA TIS KYRIAKIS" amounts to 844.000 readers per issue.

According to this figure, «TO VIMA TIS KYRIAKIS» is the publication with the largest

readership in the Greek market of newspapers and magazines.In addition, according to the

2002 2003

Newspaper Average copies Average copies Market share

sold sold

∆√ VIMA TIS KYRIAKIS (*) 202.541 212.288 24,0%

KYRIAKATIKI ELEFTHEROTYPIA 179.291 190.449 21,6%

TO ETHNOS TIS KYRIAKIS 150.875 176.785 20,0%

I KATHIMERINI TIS KYRIAKIS 111.039 114.714 13,0%

TYPOS TIS KYRIAKIS 62.351 54.076 6,1%

RIZOSPASTIS 23.662 25.080 2,8%

STO KARFI TIS KYRIAKIS 29.321 21.249 2,4%

ESPRESSO ∆IS KYRIAKIS 23.609 21.041 2,4%

APOGEVMATINI TIS KYRIAKIS 17.975 16.152 1,8%

I HORA TIS KYRIAKIS 12.443 9.363 1,1%

ADESMEFTOS TYPOS KYRIAKIS (1) 10.245 9.052 1,0%

ADESMEFTOS TIS KYRIAKIS (2) 2.524 1.900 0,2%

Other 44.430 31.215 3,5%

TOTAL 870.306 883.364 100,0%


61

same research, the newspaper’s main readership consists of men and women between 25-54

years of age, belonging to the middle and upper socio-economic class having higher-level

education.

ADVERTISEMENT MARKET SHARE

"∆√ VIMA TIS KYRIAKIS" ranks second in attracting nominal advertisement spending as

shown in the following table which lists the Sunday newspapers ranked by the gross

advertisement spending they attracted (in the main newspaper body excluding cross-media

barter agreements) for the years 2002 - 2003. Respectively in 2003, the total attracted nominal

advertisement spending for the newspaper and its magazine supplements (VIMAgazino,

VIMADonna and TV Guide) amounts to 63,7 million euros, placing «TO VIMA TIS

KYRIAKIS» at the top position in its category.

Attracted Advertisement Spending FiguresSunday Newspapers

(amounts in thousand euros)

Source: Media Services SA

2002 2003

Attracted Attracted

Newspaper adverisement adverisement Market share

spending spending

∆O VIMA TIS KYRIAKIS 22.653 24.507 21,9%

KYRIAKATIKI ELEFTHEROTYPIA 20.767 26.447 23,6%

I KATHIMERINI TIS KYRIAKIS 14.995 18.355 16,4%

TO ETHNOS TIS KYRIAKIS 12.484 15.142 13,5%

TYPOS TIS KYRIAKIS 4.507 3.598 3,2%

Other 23.811 24.039 21,4%

TOTAL 99.217 112.088 100,0%

™∂ §π°∂™ ËÌ¤ÚÂ˜ ÍÂÎÈÓÔ‡Ó ÔÈ ÂÚÁ·Û›Â˜ ÙÔ˘ 14Ô˘ ¶·ÁÎfi-ÛÌÈÔ˘ ™˘ÓÂ‰Ú›Ô˘ ¶ÏËÚÔÊÔÚÈÎ‹˜, Ô˘ ı· Ú·ÁÌ·ÙÔÔÈËıÂ›ÛÙÔ Ó¤Ô ™˘ÓÂ‰ÚÈ·Îfi ∫¤ÓÙÚÔ ÙÔ˘ ªÂÁ¿ÚÔ˘ ªÔ˘ÛÈÎ‹˜ ∞ıË-ÓÒÓ. ¶ÚfiÎÂÈÙ·È ÁÈ· ÌÈ· ·fi ÙÈ˜ ÛËÌ·ÓÙÈÎfiÙÂÚÂ˜ ÂÎ‰ËÏÒÛÂÈ˜ÛÙÔÓ ÒÚÔ ÙË˜ ÏËÚÔÊÔÚÈÎ‹˜ Ô˘ ‰ÈÔÚÁ·ÓÒÓÂÙ·È Î¿ıÂ ‰‡Ô¯ÚfiÓÈ· ÛÂ ‰È·ÊÔÚÂÙÈÎ‹ ‹ÂÈÚÔ Î·È ÛÙËÓ ÔÔ›· Û˘Ó·ÓÙÒÓÙ·ÈfiÏÔÈ ·˘ÙÔ› Ô˘ ÌÂ ÙË ‰Ú¿ÛË Î·È ÙÈ˜ ·ÔÊ¿ÛÂÈ˜ ÙÔ˘˜ ÚÔ-‰È·ÁÚ¿ÊÔ˘Ó ÙÔ Ì¤ÏÏÔÓ ÛÂ ¤Ó·Ó ·fi ÙÔ˘˜ ÈÔ ‰˘Ó·ÌÈÎÔ‡˜ÙÔÌÂ›˜ ÙË˜ ·ÓıÚÒÈÓË˜ ‰Ú·ÛÙËÚÈfiÙËÙ·˜. ∏ Ú·ÁÌ·ÙÔÔ›Ë-Û‹ ÙÔ˘ ÛÙËÓ ∂ÏÏ¿‰· ÛËÌ·ÙÔ‰ÔÙÂ› fi¯È ÌfiÓÔ ÙËÓ ·˘Í·ÓfiÌÂÓËÛËÌ·Û›· Ô˘ ·Ô‰›‰ÂÙ·È ·fi ÙËÓ ÔÏÈÙÂ›·, ÙËÓ ·ÁÔÚ¿ Î·ÈÁÂÓÈÎfiÙÂÚ· ÙËÓ ÎÔÈÓˆÓ›· ÛÙËÓ ÏËÚÔÊÔÚÈÎ‹ ˆ˜ ·Ú¿-ÁÔÓÙ· ·Ó¿Ù˘ÍË˜, ·ÏÏ¿ Î·È ÙÔÓ ÎÔÌ‚ÈÎfi ÚfiÏÔ Ô˘ Î·-ÏÂ›Ù·È Ó· ·›ÍÂÈ Ë ¯ÒÚ· Ì·˜ ÛÙËÓ Â˘Ú‡ÙÂÚË ÂÚÈÔ¯‹ ÙË˜¡ÔÙÈÔ·Ó·ÙÔÏÈÎ‹˜ ∂˘ÚÒË˜, ÛÙ· µ·ÏÎ¿ÓÈ· Î·È ÛÙË ª¤ÛË∞Ó·ÙÔÏ‹.

™Â ÌÈ· Û˘Ì‚ÔÏÈÎ‹ Û‡ÌÙˆÛË, ÚÈÓ ·fi Û·Ú¿ÓÙ· ÂÚ›-Ô˘ ¯ÚfiÓÈ·, ÙÔÓ ª¿ÈÔ ÙÔ˘ 1965, Â›¯Â Ú·ÁÌ·ÙÔÔÈËıÂ›ÛÙËÓ ∞ı‹Ó· ÙÔ ÚÒÙÔ ÌÂÁ¿ÏÔ ÁÂÁÔÓfi˜ ÁÈ· ÙËÓ ÏËÚÔÊÔ-ÚÈÎ‹ ÛÙË ÒÚ· Ì·˜, ÙÔ ‰È‹ÌÂÚÔ «™ÂÌÈÓ¿ÚÈÔ ÁÈ· ÙÔ˘˜ ∏ÏÂ-ÎÙÚÔÓÈÎÔ‡˜ ∂ÁÎÂÊ¿ÏÔ˘˜» Ô˘ ‰ÈÔÚÁ·ÓÒıËÎÂ ·fi ÙÔÓ¢ËÌÔÛÈÔÁÚ·ÊÈÎfi OÚÁ·ÓÈÛÌfi §·ÌÚ¿ÎË ÌÂ ÙËÓ ÂÈÛÙË-ÌÔÓÈÎ‹ Û˘ÓÂÚÁ·Û›· ÙË˜ IBM. ∆fiÙÂ ÂÏ¿¯ÈÛÙÔÈ ∂ÏÏËÓÂ˜ ÁÓÒ-ÚÈ˙·Ó ÙÈ Â›Ó·È ÔÈ ËÏÂÎÙÚÔÓÈÎÔ› ˘ÔÏÔÁÈÛÙ¤˜. ™‹ÌÂÚ· Â-Ú›Ô˘ ÙÔ 40% ÙÔ˘˜ ¯ÚËÛÈÌÔÔÈÂ›.

∏ ÏËÚÔÊÔÚÈÎ‹ Â›Ó·È Ï¤ÔÓ ÌÈ· Ï¤ÍË Ô˘ ÂÚÈÎÏÂ›ÂÈÂÈÛÙ‹ÌË, ÙÂ¯ÓÔÏÔÁ›·, ‚ÈÔÌË¯·Ó›·, ·ÁÔÚ¿, ‰ËÌÈÔ˘ÚÁÈÎ‹ÂÓ·Û¯fiÏËÛË, ··Ú·›ÙËÙË ÎÔÈÓˆÓÈÎ‹ ˘Ô‰ÔÌ‹.

∫·È ‹‰Ë ÓÈÒıÔ˘ÌÂ fiÙÈ ·ÏÏ¿˙ÂÈ ÙË ˙ˆ‹ Ì·˜ ÌÂ ÚˆÙfi-ÁÓˆÚÔ˘˜ Ú˘ıÌÔ‡˜.

∫·ıÂÙ› Ô˘ ÂËÚÂ¿˙ÂÈ ÙËÓ Î·ıËÌÂÚÈÓ‹ ˙ˆ‹ ÙˆÓ ·Ó-ıÚÒˆÓ Â›Ó·È ‚·ıÈ¿ ÔÏÈÙÈÎfi. ∞ÎfiÌË Î·È fiÙ·Ó Ë ÙÂ¯ÓÔ-

ÏÔÁÈÎ‹ ÙÔ˘ ÁÔËÙÂ›· – ‹ Ë Ì·ÁÂ›· – ÙÔ ÎÚ·Ù¿ Ì·ÎÚÈ¿ ·fi ÙËÓÔÏÈÙÈÎ‹ Û˘˙‹ÙËÛË Î·È Ë ¤ÏÏÂÈ„Ë ÈÛÙÔÚ›·˜ ‰ÂÓ ÂÈÙÚ¤ÂÈÛÙË Û˘ÏÏÔÁÈÎ‹ ÌÓ‹ÌË Ó· ‚ÚÂÈ ÛËÌÂ›· ·Ó·ÊÔÚ¿˜ Î·È Ó· Û¯Ë-Ì·Ù›ÛÂÈ ÂÈÎfiÓÂ˜ ÁÈ· ÙÔ Ì¤ÏÏÔÓ.

∞˘Ù‹ Ë ÔÏÈÙÈÎ‹ ‰È¿ÛÙ·ÛË ÂÈ‚Â‚·ÈÒÓÂÙ·È ·fi ÙË Û˘Ì-ÌÂÙÔ¯‹ ÔÏÏÒÓ ˘Ô˘ÚÁÒÓ, ÔÏÈÙÈÎÒÓ Î·È ıÂÛÌÈÎÒÓ ·Ú·-ÁfiÓÙˆÓ ÛÙÔ ¶·ÁÎfiÛÌÈÔ ™˘Ó¤‰ÚÈÔ ¶ÏËÚÔÊÔÚÈÎ‹˜, ÔÈ ÔÔ›-ÔÈ ıÂˆÚÔ‡Ó fiÙÈ ÛÙÔÓ 21Ô ·ÈÒÓ· Ù· „ËÊÈ·Î¿ ‰›ÎÙ˘· Î·È ÔÈËÏÂÎÙÚÔÓÈÎÔ› ÔÏÔÁÈÛÙ¤˜ ı· ¤¯Ô˘Ó ÙÔÓ ·ÓÙ›ÛÙÔÈ¯Ô ÚfiÏÔ ÌÂ·˘ÙfiÓ Ô˘ ¤·ÈÍ·Ó Ë ËÏÂÎÙÚÔ‰fiÙËÛË, ÔÈ ÛÈ‰ËÚfi‰ÚÔÌÔÈ Î·ÈÔÈ ÌË¯·Ó¤˜ ÛÙÈ˜ ·Ú¯¤˜ ÙÔ˘ 20Ô‡ ·ÈÒÓ·.

µÚÈÛÎfiÌ·ÛÙÂ Ú·ÁÌ·ÙÈÎ¿ ÛÙËÓ ·Ú¯‹ ÌÈ·˜ Ó¤·˜ ÂÔ¯‹˜fiÔ˘ Ë Ê·ÓÙ·Û›· ÙÔ˘ ·ÙÔÌÈÎÔ‡ ÓÔ˘ ÔÏÏ¤˜ ÊÔÚ¤˜ ÍÂ-ÂÚÓÈ¤Ù·È ·fi Ù· ‰ËÌÈÔ˘ÚÁ‹Ì·Ù· ÙÔ˘ ™˘ÏÏÔÁÈÎÔ‡ ¡Ô˘ ÙË˜·ÓıÚˆfiÙËÙ·˜ Ô˘ Û·Ó ¤Ó·˜ ˘ÂÚÂÁÎ¤Ê·ÏÔ˜ Û˘ÓÂÓÒÓÂÈÙÔ˘˜ «ÓÂ˘ÚÒÓÂ˜» ÙÔ˘ ÌÂ ·Ì¤ÙÚËÙÔ˘˜ ‰È·‡ÏÔ˘˜ ÂÈÎÔÈÓˆ-Ó›·˜. ªÔÈ¿˙ÂÈ Ó· ˙Ô‡ÌÂ ÙË Û˘Ó¤¯ÂÈ· ·fi ÙÔ Ì˘ıÈÛÙfiÚËÌ·ÂÈÛÙËÌÔÓÈÎ‹˜ Ê·ÓÙ·Û›·˜ Ô˘ ÙÔ ÚÒÙÔ ÙÔ˘ ÎÂÊ¿Ï·ÈÔÁÚ¿ÊÙËÎÂ ÙÔ 1937 ·fi ÙÔÓ Ã¤ÚÌÂÚÙ ∆˙ÔÚÙ˙ °Ô˘¤Ï˜, ÌÂÙ›ÙÏÔ «O ¶·ÁÎfiÛÌÈÔ˜ ∂ÁÎ¤Ê·ÏÔ˜: ∏ È‰¤· ÌÈ·˜ ÌfiÓÈÌË˜·ÁÎfiÛÌÈ·˜ ÂÁÎ˘ÎÏÔ·›‰ÂÈ·˜». ∞Í›˙ÂÈ Ó· ı˘ÌfiÌ·ÛÙÂ ÙÔ·Ú·Î¿Ùˆ ·fiÛ·ÛÌ·:

«¢ÂÓ ˘¿Ú¯ÂÈ Ú·ÎÙÈÎfi ÂÌfi‰ÈÔ ÛÙË ‰ËÌÈÔ˘ÚÁ›·ÂÓfi˜ Â‡¯ÚËÛÙÔ˘ Î·Ù·ÏfiÁÔ˘ fiÏË˜ ÙË˜ ·ÓıÚÒÈÓË˜ÁÓÒÛË˜, ÙˆÓ ÂÈÙÂ˘ÁÌ¿ÙˆÓ, ÙˆÓ ÂÈÎfiÓˆÓ Î·È ÙˆÓÈ‰ÂÒÓ, ÛÙËÓ Î·Ù·ÛÎÂ˘‹ ÌÂ ¿ÏÏ· ÏfiÁÈ· ÌÈ·˜ Ï·ÓË-ÙÈÎ‹˜ ÌÓ‹ÌË˜ ÁÈ· fiÏË ÙËÓ ·ÓıÚˆfiÙËÙ·. πÛˆ˜ Ì¿-ÏÈÛÙ· Ó· ÌËÓ Â›Ó·È ·Ïfi˜ Î·Ù¿ÏÔÁÔ˜ ·ÏÏ¿ ÙÔ ›‰ÈÔ ÙÔÚ¿ÁÌ· ÛÂ ÌÈ· ¿ÏÏË ÌÔÚÊ‹, Ô˘ ı· ÌÔÚÂ› Ó· ÚÔ-ÛÂÏ·ÛÙÂ› ·fi ÔÔÈÔ‰‹ÔÙÂ ÛËÌÂ›Ô ÙË˜ °Ë˜. ∫¿ÙÈÙ¤ÙÔÈÔ ı· Â›Ó·È ÁÂÁÔÓfi˜ ÙÚÔÌ·ÎÙÈÎ‹˜ ÛËÌ·Û›·˜,ÌÔÚÂ› Ó· ÚÔ‰È·ÁÚ¿„ÂÈ ÌÈ· Ú·ÁÌ·ÙÈÎ‹ ‰È·ÓÔË-ÙÈÎ‹ ÂÓÔÔ›ËÛË fiÏË˜ ÙË˜ Ê˘Ï‹˜ Ì·˜. OÏË Ë ·Ó-ıÚÒÈÓË ÌÓ‹ÌË ı· Â›Ó·È ‰È·ı¤ÛÈÌË ÛÂ Û˘ÓÙÔÌfiÙ·-ÙÔ ¯ÚfiÓÔ ÛÂ Î¿ıÂ ÍÂ¯ˆÚÈÛÙfi ¿ÙÔÌÔ».

∞˘Ùfi Ô˘ ÙfiÙÂ ¤ÌÔÈ·˙Â Ì·ÁÈÎfi Î·È ·‰‡Ó·ÙÔ Â›Ó·È Ë ÛË-ÌÂÚÈÓ‹ Ú·ÁÌ·ÙÈÎfiÙËÙ· ÙÔ˘ ÏËÚÔÊÔÚÈ·Î¿ ‰ÈÎÙ˘ˆÌ¤-ÓÔ˘ Ï·Ó‹ÙË Î·È Â›Ó·È fiÓÙˆ˜ ¤Ó· ÁÂÁÔÓfi˜ ÙÚÔÌ·ÎÙÈÎ‹˜ÛËÌ·Û›·˜ fiˆ˜ ÚÔ¤‚ÏÂÂ Ô °Ô˘¤Ï˜.

∫·ÏÒ˜ ‹Ïı·ÌÂ ÛÙÔÓ ı·˘Ì·ÛÙfi Î·ÈÓÔ‡ÚÁÈÔ ÎfiÛÌÔ! ∫·È·˜ ‰ÒÛÔ˘ÌÂ ÙÔÓ ÏfiÁÔ ÛÙ· ÚfiÛˆ· ÙˆÓ ÚˆÙ·ÁˆÓÈÛÙÒÓÛÙÈ˜ ÂÍÂÏ›ÍÂÈ˜ ÁÈ· Ó· Ì·˜ ·ÚÔ˘ÛÈ¿ÛÔ˘Ó ÙÔ ·ÚfiÓ Î·È ÙÔÌ¤ÏÏÔÓ ÙË˜ ÏËÚÔÊÔÚÈÎ‹˜ ÛÙËÓ ∂ÏÏ¿‰· Î·È ÙÔÓ ÎfiÛÌÔ.

¶∞ƒ∞£Àƒ√ ™∆√ ª∂§§√¡TO BHMA, ”¸˜„ ”‚ 16 » «ˆ¸ 2004

∂¶πª∂§∂π∞: π. °π∞¡¡∞ƒ∞∫∏™ ƒ∂¶√ƒ∆∞∑: ¡∆. ™√À°∫∞ƒ∆, ¡∆. µ∞™π§∞∫√™, ∞. °∞§¢∞¢∞™, °∂ƒ. ∑ø∆√™, ∆. ∫∞º∞¡∆∞ƒ∏™, £. §∞´¡∞™

‚ ¶ Æ º

Ł ƒ Ł ØºØ Æ ıÆø Æ º Ł ªŁ ØÆº ł Æ ºÆØ Ø Øº ø Æ ÆØ ØÆ Ł łæ Æ Æ

(15)I

62

TO VIMA

GENERAL INFORMATION

"TO VIMA" is published as a daily morning newspaper since March 1999.

The newspaper includes the following special sections:

The newspaper includes the following special sections:

"Anaptyxi" A daily financial supplement

"Vima Sport" A sports supplement published daily

From March 2003 onwords, the newspaper’s Wednesday edition includes the magazine

«National Geographic Retro» as a special collector’s issue of the magazine «National Geographic»

featuring rare historical and geographical content of the magazine from the early 20th century.

During the first quarter of 2003, the newspaper’s Saturday edition was accompanied by the

supplement magazine "ECONOMIKOS TACHYDROMOS", one of the oldest and most

reliable financial magazines with a rich content of economic articles and analysis. Since April

2003, "ECONOMIKOS TACHYDROMOS" is included as a supplement in the newspaper’s

Thursday edition.

At the same time, since March 2003, "TO VIMA" of Saturday includes the "GAIORAMA"

supplement magazine containing topics of geography and natural history from all over Greece

and abroad along with 41 detailed colored maps of Greek areas and extra sections.

CIRCULATION

In 2003 "TO VIMA" ranks second among the morning political newspapers according to

copies sold and holds a 32,1% market share. The following table presents the circulation figures

of the morning daily newspaper sector for the years 2002 and 2003.


63

Circulation figuresCopies sold per issue

Source: EIHEA (Athens Daily Newspaper Owners Association) (*)Subscriptions included

READERSHIP DATA

According to the latest market research conducted by Focus Bari for 2003, the total readership

of "TO VIMA TIS KYRIAKIS" amounts to 71.000 readers per issue.

In addition, according to the same research, the newspaper’s main readership consists of men

between 25-54 years of age, belonging to the middle and upper socio-economic class


"∆√ VIMA" ranks third in attracting nominal advertisement spending among morning

newspapers (excluding free-sheet newspapers). The following table shows the ranking of daily

morning newspapers according to the attracted nominal advertisement spending (excluding

cross-media barter agreements) for the last two years:

Attracted advertisement spespending figures(amounts in thousand euros)

Source: Media Services SA (*) Free-sheet

2002 2003

Newspaper Attracted Attracted

advertisemen advertisement Market share

spending spending

TO VIMA 1.906 1.912 5.4%

MACEDONIA 3.369 3.025 8,5%

KATHIMERINI 2.978 3.167 8,9%

METRORAMA (*) 13.793 16.249 45,8%

Other 1.935 11.127 31,4%

TOTAL 23.981 35.480 100.0%

2002 2003

Newspaper Average copies Average copies

sold soldMarket share

TO VIMA (*) 16.103 20.816 32.1%

KATHIMERINI 27.873 29.987 46.3%

OTHER 21.992 13.957 21.6%

TOTAL 65.968 64.760 100.0%

64

π™∆√ƒπ∞¡∂√À ∂§§∏¡π™ª√À

π™∆√ƒπ∞¡∂√À ∂§§∏¡π™ª√À

1770 - 20001770 - 2000

O ME™O¶O§EMO™ (1922 - 1940)∞fi ÙËÓ A‚·Û›ÏÂ˘ÙË ¢ËÌÔÎÚ·Ù›· ÛÙË ¢ÈÎÙ·ÙÔÚ›· ÙË 4Ë A˘ÁÔ‡ÛÙÔ˘

1o TÂ‡¯Ô˜

∆√À∆√À

7Ô7Ô∆√ª√™∆√ª√™

TA NEA

GENERAL INFORMATION

"∆∞ ¡∂∞" was first published as a daily evening newspaper in 1931 under the title

"ATHINAIKA NEA". In 1945, the newspaper was renamed "∆∞ ¡∂∞" and since that time it is

being published uninterruptedly as a daily evening newspaper.

«∆∞ ¡∂∞» is the largest evening newspaper with a rich staff of knowledgeable journalists and

analysts and is distinguished for its wide spectrum of subjects that cover reliably the

information needs of its readers.

To provide its readers with more specialized information, the newspaper includes the

following sections:

"Orizontes" Daily special section focusing on art, speech, TV and modern life

topics

"Omada" Daily sports section

"Karieres" A special section on the labor market issued every Monday

"Ypopsifios" A special supplement of school exams’ subjects every Tuesday

"Auto Nea" A motor car supplement issued every Wednesday

"Ygeia, Drasi kai Zoi" A supplement issued every Thursday on health and physical fitness

«∞Îinita stin Ellada» Every Thursday in the Athens area, a special supplement magazine

for the real estate market

«Diakopes» Every Friday, a supplement for itineraries and travel destinations

The supplement «∞kinita stin Ellada» is sold as a standalone magazine in the newsstands of

the Athens area every Saturday.

Also, from March 2003, the edition of the first Monday of each month is supplemented by the

magazine «Chrysi Omada» featuring interviews and rich content from the Greek and

international sports news.

«∆∞ ¡∂∞» supplemented their issues with special sections of historical content, such as «The

Catastrophe of Asia Minor» and «The Chronicle of Tergiversation» featuring rich journalistic

and photographic content from the Historical Archives of Lambrakis Press.

Also, from April 2003 the newspaper’s daily editions included «Neaniki Enkyklopaidia», a

juvenile encyclopedia in issues, which was completed within 2003.

Finally, the year 2003 marked for «∆∞ ¡∂∞» the undertaking of an especially important

scientific publishing project with the publication of «The History of the Modern Greek

Nation», a ten-volume history work that describes the political and economic history of the

Greek nation from 1770 until today.

The issues of «The History of the modern Greek Nation», supplementing the daily edition of

«TA NEA» from September 2003, are written and edited by a staff of eminent Greek historians

aiming to offer to its readers a new complete presentation of the history of the Greek nation

from the late 18th to the early 21st century.


TA NEA SAVVATOKYRIAKO

GENERAL INFROMATION

A multi-section Saturday edition of "∆∞ ¡∂∞", which was first

published in March 1999. The success of the newspaper changed the landscape of the Saturday

newspaper market and created a new powerful momentum both in terms of circulation and

readership and in terms of attracted advertisement spending.

«∆∞ ¡∂∞ Savvatokyriako» fulfills the information needs of its readers having a rich spectrum

of stories and articles and includes the following sections:

Oikonomia" A supplement focused on economic and financial topics

"Vivliodromio - Idees" A supplement focused on the world of arts

In addition, "TA NEA Savvatokyriako" includes the supplement variety magazine

"TACHYDROMOS" with a variety of topics of general interest. In 2003 besides its regular

content «∆ACHYDROMOS» featured a number of extensive special sections, such as

"Automobile", "Deco", "Vacations" e.t.c.

The copies of "TA NEA Savvatokyriako" that are distributed in Thessaloniki are additionally

accompanied by the multi-page supplement newspaper "Zo sti Thessaloniki" covering topics

of local interest.

Also in 2003, besides its rich regular content «∆∞ ¡∂∞ SAVVATOKYRIAKO» often included

CDs and video-CDs with historical, music and children’s content such as «Aris Velouhiotis»,

«Andreas Papandreou», «The recorded broadcast of the Polytechnic School», «Giorgos

Dalaras», «Children’s Fairy Tales», «Traditional Carols» e.t.c.

Concurrently, «∆∞ ¡∂∞ SAVVATOKYRIAKO» included in their issues numerous extra

inserts and special sections on a wide variety of topics («Business housing loans», «Tax guide»,

«Internet», «Paths of Greece», «Nutrition», as well as a series of issues featuring cities of Europe

titled «Journeys in taste»)

CIRCULATION

Over the past years, "∆∞ ¡∂∞" has steadily been the top-selling newspaper in a particularly

competitive market. The following table shows its circulation figures of the daily evening

newspaper sector for the years 2002 - 2003.

VI

65

™ ∞ µ µ ∞ ∆ √ ∫ À ƒ π ∞ ∫ √

Circulation figuresCopies sold per issue (*)

Source: EIHEA (Athens Daily Newspaper Owners Association) (*)Saturday issues inclusive.(**)Subscriptions included(1) Publisher: D. Rizos (2) Publisher: ∫. Mitsis

READERSHIP DATA

According to a recent market research conducted by Focus Bari in 2003, the total readership

of "TA NEA" amounts to 250.000 readers per issue.

Moreover, according to the same research the newspaper’s main readership consists of men of

25-54 years of age, belonging to the middle and upper socio-economic class


«∆∞ ¡∂∞» rank second in terms of attracting nominal advertisement spending. The table

below presents the ranking of daily evening papers according to the gross advertisement

spending they attracted in 2002 - 2003 (excluding cross-media barter agreements).

Attracted Advertisement Spending Figures(amounts in thousand euros)

(*) Saturday issues inclusive.Source: Media Services SA

2002 2003

Attracted AttractedNewspaperadvertisement advertisement Market share

spending spending

TA NEA 14.650 13.984 28.1%

ELEFTHEROTYPIA 13.386 16.307 25,7%

TO ETHNOS 5.768 6.607 11,1%

ELEFTHEROS TYPOS 3.622 8.092 6.9%

ESPRESSO 3.350 3.087 6,4%

AGGELIOFOROS 2.831 2.985 5,4%

APOGEVMATINI 2.016 2.119 3.9%

OTHER 6.517 4.740 12.5%

TOTAL 52.140 57.921 100.0%

2002 2003

Nwespaper Average Average Market share

copies sold copies sold

∆∞ ¡∂∞ (**) 82.856 77.740 23,0%

ELEFTHEROTYPIA 79.106 74.615 22,1%

ETHNOS 50.741 57.548 17,1%

ELEFTHEROS TYPOS 39.562 37.598 11,1%

ESPRESSO 25.384 21.895 6,5%

APOGEVMATINI 21.528 20.783 6,2%

ADESMEFTOS TYPOS (1) 10.325 9.180 2,7%

ADESMEFTOS TYPOS (2) 2.662 1.756 0,5%

Other 33.508 36.180 10,7%

TOTAL 345.672 337.295 100,0%

66


AGGELIOFOROS

GENERAL INFORMATION

"AGGELIOFOROS" is a daily evening political newspaper published

and distributed in the total area of Northern Greece by the

"NORTHERN GREECE PUBLISHING SA" (in which Lambrakis Press SA holds a 33,33%

participation).

The Monday edition of the newspaper contains a special multi-page section of sport reportage

under the title "Foni ton Spor".

CIRCULATION

The following table shows the newspaper’s circulation figures in the past two years:

Circulation FiguresCopies sold per issue

Source: ARGOS SA Distribution Agency, Lambrakis Press Circulation Office

READERSHIP DATA

According to a recent market research conducted by Focus Bari for 2003, the total readership

of "AGGELIOFOROS" amounts to 40.000 readers per issue.

Furthermore, according to the same research, the newspaper’s main readership consists of

men and women of 25-54 years of age belonging to the middle socio-economic class having

middle and higher level of education.


According to Media Services SA figures, attracted nominal advertisement spending in 2003

amounted to 2.985 thousand euros while the corresponding amount in 2002 was 2.831

thousand euros.

2002 2003


sold sold

AGGELIOFOROS

(Greece - total)7.812 7.751

AGGELIOFOROS

(City of Thessaloniki)6.378 6.285

MACEDONIA


THESSALONIKI


VI

67

AGGELIOFOROS TIS KYRIAKIS

GENERAL INFORMATION

"AGGELIOFOROS TIS KYRIAKIS" is the Sunday edition of the daily newspaper

"AGGELIOFOROS".

The newspaper includes the variety supplement magazine "Sunday Date".

CIRCULATION

The following table shows the Northern Greece Sunday newspapers’ circulation figures in the

past two years:

Circulation Figures Copies sold per issue


READERSHIP DATA

According to a recent market research conducted by Focus Bari for 2003 the total readership

of "AGGELIOFOROS TIS KYRIAKIS" amounts to 96.000 readers per issue.

Furthermore, according to the same research, the newspaper’s main readership consists of

men and women of 25-54 years of age belonging to the middle socio-economic class having



According to Media Services SA figures, attracted nominal advertisement spending in 2003


thousand euros.

2002 2003


sold sold


(Greece - total)16.494 17.195



MACEDONIA TIS KYRIAKIS


68


69

MAGAZINES

TO PAIDI MOU KI EGO

GENERAL INFORMATION

First published in 1994, "To Paidi mou ki Ego" is a magazine for young parents having

children under six 6 years old and has actually created a new genre among special-interest

publications. Published from April 1994 to March 1996 as a bimonthly, it subsequently became

a monthly magazine.

The magazine is the leader in its category both in terms of circulation and advertisement

revenues and it is accompanied by special supplements and videos for children. In the

beginning of 1998, it set up the club "To Paidi mou ki Ego" and in November 2000 the club of

mothers to be. Members of the two clubs have a special membership card and are invited to

attend for free events organized by the magazine all over Greece.

The December issue of the magazine is accompanied by the multi-page Annual Guide "Ola

gia to Paidi".

CIRCULATION

The following table shows the magazine’s circulation figures in the past two years in respect to

its competitors:


Source: ARGOS SA Distribution Agency, EUROPE Distribution Agency, Lambrakis Press Circulation Office(*) Subscriptions included.

READERSHIP DATA


of "To Paidi mou kai Ego" amounts to 202.000 readers per issue.

Furthermore, according to the same research, the magazine’s main readership consists of

women of 25-44 years of age belonging to the middle socio-economic class having middle level

of education.

2002 2003

Magazine Average copies Average copies


To Paidi mou ki Ego (*) 16.951 15.553 35,1%

Paidi kai Neoi Goneis 12.738 17.144 38,7%

I Zoi me to Paidi 6.616 6.529 14,8%

9+ months 6.877 5.065 11,4%

TOTAL 43.182 44.291 100,0%

70


As was the case last year, "To Paidi mou ki Ego" assumed the top position among all similar

magazines with a significant lead from the second in attracting advertisement spending. The

following table shows the ranking of the magazine and its competitors according to the

attracted nominal advertisement spending (excluding cross-media barter agreements) for the

years 2002 - 2003.

Attracted Advertisement Spending(amounts in thousand euros)

Source: Media Services SA

2002 2003

Attracted AttractedMagazine

advertisement advertisement Market share

spending spending

TO PAIDI MOU KI EGO 4.048 4.682 53,5%

PAIDI KAI NEOI GONEIS 2.363 2.468 28,2%

I ZOI ME TO PAIDI 1.179 1.410 16,1%

9+ MONTHS 1.709 196 2,2%

TOTAL 9.299 8.755 100,0%


71

VITA

GENERAL INFORMATION

First published in May 1997, "VITA" informs and familiarizes its

readers with vital health-related issues, healthy living and physical fitness.

Its contributors include top Greek and foreign scientists and since 2000 it has regularly been

accompanied by special supplements focusing on healthy living topics.

Every issue of the magazine is accompanied by a special multi-page guide of the series

"Praktiki Vivliothiki - Odigoi gia na zoume Kalytera" focusing on nutrition, psychology and

healthy living topics along with an extra issue «Psychology» that is written and edited by the

specialized staff of the magazine. Also, 4-5 times per year the magazine includes extra issues

with special sections on topics of specific interest to its readers.

Year after year «VITA» maintains the top position among health and fitness magazines with a clear

difference from its competitors both in terms of circulation and attracted advertisement spending.

CIRCULATION

The table below shows the circulation figures for "VITA" and magazines of the same kind over

the past two years 2002-2003.


Source: ARGOS SA Distribution Agency, EUROPE Distribution Agency, Lambrakis Press Circulation Office(1) Subscriptions included(2) 1ST issue March 2003(3) 1st issue August 2003 (4) Quarterly

READERSHIP DATA


of "Vita" amounts to 233.000 readers per issue.

Furthermore, according to the same research the, the magazine’s main readership consists of

women of 25-44 years of age belonging to the middle and upper socio-economic class having



According to Media Services SA figures, the attracted nominal advertisement spending in 2003

amounted to 3.040 thousand euros while the corresponding amount in 2002 was 3.002 thousand euros.

2002 2003



VITA (1) 65.281 66.675 39,6%

FORMA (2) - 48.754 29,0%

∞Rª√¡π∞ 16.978 24.236 14,4%

SALVE (3) - 21.292 12,7%

YGHIA KAI EVEXIA (4) - 7.298 4,3%

TOTAL 82.259 168.255 100.0%

72

GAMOS

GENERAL INFORMATION

Originally published by N. Theofanidis, "GAMOS" magazine was acquired by Lambrakis Press

Group in 1988.

Published semi-annually, the magazine aims at providing advice on important and practical

issues that encounter young readers at the beginning of their married life.

The magazine is accompanied by an extra issue containing suggestions for honeymooners and

holds one of the leading positions in terms of circulation and advertisement spending.

In 2003, both the magazine’s issues were accompanied by an extra issue "Neo Spitiko" with

decoration topics and shopping ideas for the new household.

CIRCULATION

The table below shows the circulation figures for "GAMOS" and magazines of the same kind

over the past two years


Source: ARGOS SA Distribution Agency, EUROPE Distribution Agency , Lambrakis Press Circulation Office

READERSHIP DATA


of "GAMOS" amounts to 119.000 readers per issue

Furthermore, according to the same research the magazine’s main readership consists of

women of 18-34 of age belonging to the middle socio-economic class having middle level of

education.



amounted to 1.878 thousand euros while the corresponding amount in 2002 was 1.672 thousand euros

2002 2003

Magazine Average copies Average copies Market share

sold sold

GAMOS 9.493 10.415 38,7%

NYFI 9.278 9.805 36,4%

MARIAGES 5.378 6.713 24,9%

TOTAL 24.149 26.933 100.0%

°∞ª√™°∞ª√™


73

DIAKOPES

GENERAL INFORMATION

From 1967 to date, the "DIAKOPES" annual edition is the only tourist

guide covering all destinations in Greece. For the Greek readers,

"DIAKOPES" is the only fully documented and indexed tourist guide

for domestic destinations.

.

In its 1000-plus pages, the readers can find information on time tables, useful telephone

numbers, hotels and rooms to let, restaurants, sightseeing spots, habits and events, the history

and tradition of every area in Greece that is of particular tourist interest. The guide features

updated and detailed maps aiming at providing its readers thorough information.

"DIAKOPES" holds the leading position in its area, as that all other similar publications lag

significantly behind in terms of content and completeness of information.

CIRCULATION

The following table shows the magazine’s circulation figures in the past two years:

Circulation FiguresCopies sold per issue


READERSHIP DATA


of «DIAKOPES» amounts to 412.000 readers per issue




thousand euros.

2002 2003Average copies sold Average copies sold

DIAKOPES 29.402 28.876

74

MARIE CLAIRE

GENERAL INFORMATION

The "Marie Claire" monthly womenãs magazine was published by Lambrakis Press Group

since 1988 and as of January 2000 onwards it is published by the affiliated company MC

HELLAS SA (in which Lambrakis Press holds a 50% participation). "Marie Claire" is the Greek

edition of the French magazine with the same name covering extensive topics on fashion,

beauty, health and social life. The Greek edition ranks among the top ones according to its

circulation and advertisement figures.

In 2003, the magazine’s issues offered a wide range of gifts, special offers and extra issues such

as "Collection" (February, September), "Deco" (April, November), and "Omorfia" (June,

December). «Astra» (July), «Paidi» (October) and «Dinner Party" (December). Also, from

April 2003 each issue of "Marie Claire" includes the extra shopping supplement "Shopping».

CIRCULATION

The table below shows the circulation figures for "Marie Claire" and magazines of the same

kind over the past two years:


Source: ARGOS SA Distribution Agency, EUROPE Distribution Agency, Lambrakis Press Circulation Office(*) 8 issues

READERSHIP DATA


of "Marie Claire" amounts to 323.000 readers per issue.

Furthermore, according to the same research the magazine’s main readership consists of 18-

44 years of age belonging to the middle and upper socio-economic class having middle level of

education.

2002 2003



MARIE CLAIRE 41.275 40.422 14.8%

ELLE 46.141 50.076 18,3%

MADAME FIGARO 43.037 43.548 15,9%

LIPSTICK (*) 28.533 33.155 12.1%

VOTRE BEAUTE 28.673 32.597 11.9%

DIVA 26.048 31.561 11.6%

VOGUE 27.154 26.365 9.7%

GYNAIKA 17.271 15.574 5.7%

TOTAL 258.132 273.298 100.0%

ΜΑΪΟΣ 2004 € 4.40

5 ∞¡¢ƒ∂™∫√À∆™√ª¶√§∂À√À¡°π∞ ∆∏¡ ∂ªº∞¡π™∏ ª∞™∆∑√ƒ∆∑ ª∞˚∫§ °∫∂´, ∞∫∆πµπ™∆∏™ ∫∞π ∞∆ƒ√ª∏∆√™ ∞¶√∫§∂π™∆π∫∞ ™∆√ MARIE CLAIREKI OMø™: ∂°π¡∂ ¶§√À™π∞ Ã∞ƒ∏ ™∆∞ Ãƒ∂∏ ∆∏™

¶√ƒ¡∂π∞ & √§Àª¶π∞∫√π ∞°ø¡∂™∂¶π∫π¡¢À¡∏ π™√ƒƒ√¶π∞

¿ÓÔÈÍË!

ñ¶∂πƒ∞∆π∫√ ™∆π§ñ™∂•π ∞¡¢ƒπ∫√ñ™√ºπ™∆π∫∂ ª∞Àƒ√∞™¶ƒ√ñ∆∞ ¶ƒø∆∞ ª∞°π√

™∂§π¢∂™ ª√¢∞100



According to Media Services SA figures, the attracted nominal advertisement spending of

"Marie Claire" in 2003 amounted to 19.758 thousand euros, while the corresponding amount

in 2002 was 19.268 thousand euros.

VI

75

ΜΑΪΟΣ 2004

Μ Ε Τ Η Ν Ε Υ Γ Ε Ν Ι Κ Η ΧΟ Ρ Η Γ Ι Α Τ ΟΥ

ΟCHEFΚΙΕΓΩ

20ΜΑΓΕΙΡΕΥΟΝΤΑΣ

ΜΕ ΤΟΥΣ TOP CHEFΤΗΣ

ΑΘΗΝΑΣ

COSMOPOLITAN

GENERAL INFORMATION

The "Cosmopolitan" monthly variety magazine is published by the affiliated company

HEARST LAMBRAKIS PUBLISHING LTD (in which Lambrakis Press SA holds a 50%

participation) and is the Greek edition of the corresponding international young women’s

magazine. "Cosmopolitan" is the only magazine in Greece published in two sizes, standard and

pocket, and ranks first in its category according to annual circulation figures. Most issues of the

magazine were supplemented by extra issues on topics of special interest to its readers, such as

«Beauty», «Quiz», «Student Life» et.al.

CIRCULATION

The table below shows the circulation figures for "Cosmopolitan" and its competitors over the

past two years:


Source: ARGOS SA Distribution Agency, EUROPE Distribution Agency, Lambrakis Press Circulation Office

READERSHIP DATA


of "Cosmopolitan" amounts to 441.000 readers per issue.


women of 18-34 years of age belonging to the middle socio-economic class having middle level

of education.



for "Cosmopolitan" amounted to 12.104 thousand euros while the corresponding amount in

2002 was 10.639 thousand euros.

2002 2003

Magazine Average copies Average copiessold sold

Market share

COSMOPOLITAN 88.981 92.246 30.6%

GLAMOUR 86.701 80.620 26,7%

MIRROR 67.249 68.383 22.7%

PINK WOMAN 49.298 60.355 20,0%

TOTAL 292.229 301.604 100.0%

76

∏ °ÎÔ˘¤Ó ÛÙÂÊ·ÓÒıËÎÂ

∞§∏£π¡∏ π™∆√ƒπ∞

«¶¤ı·ÓÂ ÙË Ì¤Ú· Ô˘

ı· ÙÔ˘ ¤ÏÂÁ· fiÙÈ ı· Á›ÓÂÈ

·Ù¤Ú·˜»

ºÔ‚¿Ì·È ÌËÓ ·ÎÔ‡ ÙÈ Ï¤ˆ

∫·È ¿ÏÏÂ˜ ·Ú·ÓÔ˚Î¤˜ ÊÔ‚›Â˜ Ô˘ ÛÔ˘

‰˘ÛÎÔÏÂ‡Ô˘Ó ÙË ˙ˆ‹

§∞√™∫∞π

∫√§ø¡∞∫πª‹ˆ˜ ÓÈÒıÂÈ˜ fiÙÈ

ÂÛ‡ Â›Û·È Ë §·›‰Ë ÎÈ ÂÎÂ›ÓÔ˜ Ô ∞Ï‹ÙË˜;

°(Î)¿Ì·™Ô‡ÙÚ· No 6À¿Ú¯Ô˘Ó ·ÎfiÌ· Ó¤Â˜ ÛÙ¿ÛÂÈ ; ¢ÔÎ›Ì·ÛÂ ÙË °¤Ê˘Ú· ÙˆÓ ∞Ó·ÛÙÂÓ·ÁÌÒÓ, ÙË ™·ÚÎÈÎ‹ ª¤ÁÁÂÓË Î·È ÙÔ ÕÏˆÌ· ÙÔ˘ ∆Ú·¯·Ó¿!

°ÈÔ˘, Ê¿Ô˘Ï;ŸÙ·Ó Â›Û·È Ì’ ¤Ó· Í¤ÓÔ ·ÁfiÚÈ Î·È ¯¿ÓÂÛÙÂ ÛÙË ÌÂÙ¿ÊÚ·ÛË

ªπ∞ ∂•∆ƒ∞ Ã∂πƒ∞ µ√∏£∂π∞™

™Ã∂¢π√∞À¡∞¡√‰ËÁfi˜ ÁÈ· ÛÂÍ ÌÂ ÙÔÓ ¿ÓıÚˆÔ Ô˘ ·Á·¿˜ ÂÚÈÛÛfiÙÂÚÔ ÛÙÔÓ ÎfiÛÌÔ

O¯È È· ÌÂÚ›‰Â˜ ÛÂ Ì¤ÁÂıÔ˜ ÙÚ¿Ô˘Ï·˜ªÈ· Ó¤· ‰È·ÙÚÔÊ‹ ÁÈ· Ó· ¯¿ÛÂÈ ÎÈÏ¿ ¯ˆÚ› Ó· ÂÈ ÙÔ „ˆÌ› „ˆÌ¿ÎÈ

www.cosmopolitan.gr

∆∂ÀÃ√™ 51 ñ € 3,90

COSMOPOLITANŒÍÙÚ·

ÙÂ‡¯Ô˜

¶Ò˜ ÛÔ˘

·Ó Î·Ï¤

Ù· teens...

π√À¡π√™ 2004


DISNEY PUBLICATIONS

GENERAL INFORMATION

Lambrakis Press Group through its affiliated company "NEA

AKTINA SA" (in which Lambrakis Press holds a 50.5% participation) publishes the Greek

editions of the children’s magazines of Walt Disney characters such as Mickey Mouse, Donald

Duck, Goofy, Uncle Scrooge and many others. Nea Aktina SA has signed an agreement with

Walt Disney Co. granting the exclusive publication rights of magazines featuring Disney

characters in Greek.

The company publishes one weekly magazine (Mickey Mouse), 9 monthly (Almanaco,

Comics, Megalo Mickey, Mikri Prigipissa, Mickey Mystirio, Minnie, Haroumenes Istories,

Winnie and Witch), one bimonthly magazine (Klassika) 3 summer editions with 9 issues

(Pasatempos, Serial and Festival) as well as extra issues.

CIRCULATION

The table below shows comparative circulation figures of the main publications of the

company over the past two years:

Circulation Figures Copies sold per issue (1)

(1)Besides the sales shown in the table, in 2002 and 2003 the company sold 433.970 and 366.568 copies of back issues of its magazines.(2) Subscriptions includedSource: ARGOS SA Distribution Agency, Lambrakis Press Circulation Office

2002 2003


sold sold

MICKEY MOUSE 17.267 17.040

ALMANAKO 16.710 17.670

WINNIE 3.829 4.487

COMICS (2) 19.020 19.247

MEGALO MICKEY 13.491 12.969

ªIKRI PRIGIPISSA 6.700 7.639

MICKEY MYSTIRIO 12.586 9.420

MINNI 9.455 9.272

DONALD 22.203 22.926

HAROUMENES ISTORIES 3.758 3.394

WITCH 9.812 9.326

KLASSIKA DISNEY 25.756 26.795

PASATEMPOS 7.179 5.640

FESTIVAL 11.777 11.469

EXTRA ISSUES 10.967 29.157

SERIAL - (New magazine)

VI

77

TV ZAPPING

GENERAL INFORMATION

"TV Zapping" is a weekly TV guide published by the subsidiary "MELLON GROUP SA"

(formerly ZAPPING SA), in which Lambrakis Press holds a 50% participation. "TV Zapping"

is ranked among the top magazines of the sector with regards to circulation and attracted

advertisement spending figures. It contains a comprehensive range of topics and information

on the Greek TV program.

In the course of 2003, many issues of the magazine were accompanied by an extra Cooking

supplement. Also, some of the magazine’s issues were supplemented by inserts with special

sections.

CIRCULATION

The table below shows the circulation figures for "TV ZAPPING" and its competitors

magazines over the past two years:



READERSHIP DATA


of "TV ZAPPING" amounts to 409.000 readers per issue.

Furthermore, according to the same research, the magazine’s main readership consists of

women of 18-44 years belonging to the middle socio-economic class having lower level of

education.



amounted to 11.011 thousand euros, while the corresponding amount in 2002 was 11.201

thousand euros.

2002 2003

Magazine Average copies sold Average copies sold Market share

TV ZAPPING 79.540 74.559 21,4%

7 MERES TV 112.941 102.823 29,5%

TILETHEATIS 70.052 62.063 17,8%

TILERAMA 44.965 47.056 13,5%

TELECONTROL 21.192 31.966 9,2%

RADIOTILEORASI 34.969 30.384 8,6%

TOTAL 363.659 348.851 100.0%

78


CLOSE UP

GENERAL INFORMATION

"CLOSE UP" is a monthly variety magazine published by the affiliated

company Northern Greece Publishing SA and addressed to readers in

Northern Greece. The magazine covers topics of the cultural and social life of the city of

Thessaloniki and the wider Northern Greece region.

The magazine’s December issue was accompanied by the extra entertainment guide «City

Guide» while on a monthly basis the magazine includes the special supplement "Gala". Also,

the March and April issues were supplemented by the multi-page shopping guide «Best in

Town», while two issues of the magazine were accompanied by the extra issue «Decoration».

CIRCULATION

The following table shows circulation figures of "Close Up" in the past two years:



READERSHIP DATA


of "CLOSE UP" amounts to 38.000 readers per issue.


women of 25 - 44 years of age belonging to the middle and upper socio-economic class having

higher level of education.




thousand euros.

2002 2003

Magazine Average copies sold Average copies sold

CLOSE UP 5.355 6.203

VI

79

80

FREE

GENERAL INFORMATION

«FREE» is a monthly life-style magazine for young people that was launched in

June 2003 by the affiliated company «SPECIAL PUBLICATIONS SA».

The magazine covers topics of juvenile interest and life style. It immediately

received a very positive response from young readers and from its initial issues

was especially successful both in terms of circulation and attracted advertisement

spending. A proof of the successful course of «FREE» is the fact that recently its

sales exceeded 110.000 copies per issue.

The issues of «FREE» are accompanied by video CD or CD-ROM and are supplemented by an

extra comics issue. Also, every month the magazine is accompanied by the extra issue «Love letters».

Many of the magazine’s issues include gifts to its readers without a change in their cover price.

CIRCULATION

The table below shows the circulation figures for «FREE» and similar magazines over the year

2003.


Source: EUROPE Distribution Agency, Lambrakis Press Circulation Office (*) First issue June 2003

READERSHIP DATA


of «FREE» amounts to 224.000 readers per issue.

Furthermore, according to the same research, the magazine’s main readership consists of men

of 18-34 years of age belonging to the middle socio-economic class having higher level of

education.


According to Media Services SA figures the attracted nominal advertisement spending in 2003

amounted to 2.317 thousand euros

2002 2003


FREE (*) - 62.713 36.6%

NITRO 44.732 46.901 27,3%

ª∞Ã 24.750 23.355 13,5%

∫Lπ∫ 26.679 19.957 11,6%

OUT 22.108 18.856 11,0%

TOTAL 118.269 171.382 100.0%


81

MEN

GENERAL INFORMATION

"MEN" is a monthly men’s magazine published by Lambrakis Press

affiliated company "SPECIAL PUBLICATIONS SA". The topics included in "MEN" cover the

interests of modern men through a variety of articles on contemporary professional and social

life.

Every month the issues of "MEN" are accompanied by the National Geographic Traveler

Guide that contains information on cities and countries all over the world.

CIRCULATION

The table below shows the circulation figures for "MEN" and similar magazines over the past

two years:



READERSHIP DATA


of "MEN" amounts to 68.000 readers per issue.

Furthermore, according to the same research the magazine’s main readership consists of men

of 25-44 years of age belonging to the middle socio-economic class having middle level of

education.




thousand euros.

2002 2003


MEN 20.820 18.216 20,2%

PLAYBOY 33.199 35.550 39,5%

STATUS 19.954 18.218 20,2%

PENTHOUSE 16.891 18.125 20,1%

TOTAL 90.864 90.109 100,0%

82

NATIONAL GEOGRAPHIC

GENERAL INFORMATION

In May 1998, Lambrakis Press signed a long-term agreement with the National Geographic

Society to publish in Greek the monthly "NATIONAL GEOGRAPHIC" magazine and to sell it

in Greece, Cyprus, and all Greek-speaking regions worldwide. The industrial printing sector of

Lambrakis Press that was assigned to print the magazine, became one of the few printing groups

worldwide to which the National Geographic Society has assigned the printing license of its

exceptionally demanding magazine.

Besides the magazine, the agreement between Lambrakis Press and the National Geographic

Society also provides for the exclusive publication and distribution rights in Greece and Cyprus

of:

All National Geographic Society publications in Greek.

All types of National Geographic Society videotapes and DVDs in Greek.

All other National Geographic Society products (with negotiation priority).

In 2003 the issues of "National Geographic" were accompanied by the series of maps titled

«The New Europe», that includes 12 high quality maps of the countries of the European Union.

CIRCULATION

The following table shows the circulation figures of "NATIONAL GEOGRAPHIC" in the past

two years:


Source: ARGOS SA Distribution Agency, Lambrakis Press Circulation Office (*)Subscriptions included

2002 2003



NATIONAL GEOGRAPHIC (*) 42.579 40.614 36,8%

FOCUS 46.638 45.672 41,4%

GAIORAMA 29.849 24.000 21,8%

TOTAL 89.217 110.286 100,0%


READERSHIP DATA


of "NATIONAL GEOGRAPHIC" amounts to 354.000 readers per issue.

Furthermore, according to the same research the magazine’s main readership is readers of 18-

44 years of age belonging to the middle and upper socio-economic class having middle and

higher level of education.




thousand euros.

VI

83

RAM

GENERAL INFORMATION

"RAM" is the top selling monthly computer magazine in Greece. It was first published in

February 1988 covering the broader area of information technology and reporting on new

developments in the sector, and featuring tests that help prospective buyers to select hardware

and software as well as advice on how to use hardware and software.

The tests carried out by "RAM" are benchmarks for the Greek market and every month the

magazine publishes comparative detailed tests for a large number of hardware and software

products that are ranked in detail according to their features and performance. To perform

these tests, «RAM» has a fully equipped and regularly updated laboratory for measurements and

controls that is utilized by the magazine’s specialized journalists.

Each issue of the magazine is accompanied by a CD-ROM or DVD-ROM containing useful

programs and games for its readers and users as well as special books on various topics of the

magazine. Also, in 2003, several issues of the magazine were accompanied by a CD with

educational software for children («RAM Kid» - «Peris and Katia»)

Moreover, from 2003 onwards the topics of «RAM» extended into the systematic coverage of

digital photography and digital video recording. Each month "RAM" is supplemented by the

extra issue on digital photography «Psifiaki Fotografia»

CIRCULATION

The following table shows the circulation figures of "RAM" and similar magazines over the

past two years:


Source: ARGOS SA Distribution Agency, Lambrakis Press Circulation Office (*) Subscriptions included

READERSHIP DATA


of "RAª" amounts to 260.000 readers per issue. According to the same research, the magazine’s

main readership consists of men of 25-44 years of age belonging to the middle and upper socio-

economic class having middle and higher level of education.




thousand euros.

2002 2003


RAM (*) 48.373 51.768 63,8%

PC MAGAZINE 29.248 29.411 36,2%

TOTAL 77.621 81.179 100,0%

84


HITECH

GENERAL INFORMATION

First published in January 1996, "HiTECH" is the top monthly

magazine on home electronics in Greece. The home electronics field

traditionally includes the audiovisual appliances; but today it extends into the sector of

multimedia, communications and home cinema. "HiTECH" has modern and fully equipped

measurement laboratories as well as special projection rooms, which are used by the magazine’s

specialized journalists. Also, the magazine’s tests on equipment and appliances are a point of

reference for the Greek market.

In 2003, the first seven issues of «HITECH» (from January to July) were accompanied by a

DVD of high technical specifications while from August onwards the magazine was

accompanied by a special DVD case by National Geographic featuring selected historical and

geographic topics.

Also, the detailed guides on DVD movies («DVD Guide"), that supplemented several issues of

«HITECH» successfully in 2002, were sold for the first time separately as a standalone magazine

in April 2003.

CIRCULATION

The following table shows the circulation figures of "HiTECH" and similar magazines over the

past two years:


Source: ARGOS SA Distribution Agency, EUROPE Distribution Agency, Lambrakis Press Circulation Office (*) Subscriptions included

READERSHIP DATA


of "HiTECH" amounts to 149.000 readers per issue while the magazine’s main readership

consists of men of 25-44 years of age belonging to the a middle and upper socio-economic class

having middle and higher level of education.



amounted to 2.341 euros while the corresponding amount in 2002 was 2.200 thousand euros.

2002 2003


HITECH (*) 24.929 36.536 84.6%

ECHOS 6.424 6.624 15.4%

TOTAL 31.353 43.160 100.0%

VI

85

86

GAIORAMA

GENERAL INFORMATION

"GAIORAMA" is a bimonthly magazine of general knowledge and natural sciences content

published by the affiliated company "SPECIAL PUBLICATIONS SA". The magazine’s articles

deal with world culture, natural history and geography with particular emphasis on Greek

topics.

CIRCULATION

The following table shows the magazine’s circulation figures in the past two years:


Source: ARGOS SA Distribution Agency, EUROPE Distribution Agency, Lambrakis Press Circulation Office(*) Subscriptions included

READERSHIP DATA


of "GAIORAMA" amounts to 210.000 readers per issue. Furthermore, according to the same

research the magazine’s main readership consists of men of 25-44 years of age belonging to the

middle - upper socio-economic class having higher level of education.



amounted to 260 thousand euros while the corresponding amount in 2002 was 540 thousand

euros.

Magazine 2002 2003

Average copies sold Average copies sold

GAIORAMA 29.849 24.000

°AIOPAMA

VII

87

CHA

PTE

R V

II

P R O D U C T I O N W O R K F L O W

PRODUCTION WORK FLOWToday, through a long evolution the Press as the prime sector providing services of recording,

processing and managing information is required to follow and implement cutting-edge

technology.

Following the international developments in its sector, Lambrakis Press SA features a fully

vertical production work flow through integrated infrastructure both owned and within its

affiliated companies utilizing state-of-the-art technologies with top international specifications

of reliability, operability and productivity.

The production workflow has the following stages:

EDITINGEach publication starts from a group of people that comprise the Editing Team. It includes

journalists, article writers and other expert professionals such as photographers, cartoonists,

proofreaders, art directors, and people responsible for the page layout, computer technicians

and graphic designers.

After discussing the ideas and suggestions of its editors, the Management of each magazine or

newspaper makes decisions on every issue’s topics and assigns duties to people or groups. In

turn, editors collect the required information for their articles, while at the same time another

procedure commences for the production of photographs, sketches or art material that will

supplement or accompany the articles. In cooperation with the art direction team, editors make

decisions on art material and appearance. The significance of art editing used to be of a greater

concern in magazines than in newspapers. Currently, however, in combination with the

extensive penetration of color printing in newspapers, newspapers’ fine arts requirements have

developed.

Having completed their articles, editors submit them to the chief editors for approval and

forwarding.

Editors type their articles in computers and submit them in electronic form to the chief editor,

through the existing network, in special text management systems (databases). Editors who are

reporting on-site or correspondents located in other cities can connect their computer to a

telephone line and send over their texts electronically, via modems, through an Internet

connection and electronic mail. Especially for on-site reporting, reporters can connect their

computer to a mobile GSM phone and send their articles to the editorial team as easily.

In the next stage, all articles go through the computer-processed spell checking and proof

reading procedure. Proofreaders are helped by automatic spell checking programs. Besides

articles, also pictures, sketches and any other fine art material can electronically reach the

publication’s offices. Currently, the use of digital cameras provides pictures directly in digital

form ready to be placed in the publications’ digitally created pages. In the same way, a large

number of sketches and diagrams is developed in computers whilst of course the hand-made

ones are easily digitized and saved in the computers of the editing team.

PAGE LAYOUT AND PREPRESSThe editing team, having collected all articles and pictures, forward them to the page layout

department where they will be put together in order to set up the pages of the publication

88

through a procedure known as page layout. In the past, the material was large packs of

manuscripts, pictures, and drawings. Now, however, all material is in a digital form and is saved

in the editing team’s servers. All content (texts and pictures) has been converted in computer

files that can be transferred easily and fast through the network. Any pictures that are not

digital, are run through scanners that digitize them. Today, a large volume of pictures is still

produced on films especially when the quality requirements are high. This means that scanners

digitize high volumes of information; however, their workload will decline as digital cameras

improve their image quality.

The procedure of composing pages with texts and pictures that is called page setting and is

currently fully computerized utilizing specially configured computers that are called page-

setting workstations. The station’s operator brings on his screen the texts and pictures and

places them in the page layout according to the instructions he has received from editors and

art directors. After a first page layout is completed, a copy is printed in paper and handed to the

chief editing team for final inspection and corrections. After corrections are made, a second

inspection is made and the copy is handed to the chief editor to approve and forward it for

printing.

In the next stage, the page layout station sends the page in a digital form to the electronic

photo-transporting device that produces the necessary films of pages (one film per page for

black & white ones and 4 films per page for color ones). These films are forwarded to the

photomontage department where the pages are put together into printing sets groups of 8,16,

or 32 pages each in order to be forwarded for printing. Especially in the case of newspapers, the

film production procedure is bypassed and the metal plates (for the printing presses) are

printed directly printed from the digital files. (computer-to-plate, CTP).

Lambrakis Press SA and the Group’s publishing companies assign the prepress works mainly

to the Group’s affiliate Multimedia SA.

PRINTINGImmediately after the production of typographic faces with the pages, the film surfaces are led

to the printing facilities. There, the photo-transporting unit produces special metal plates from

the films. The metal plates are initially covered with photographic emulsion, which is exposed

to light that passes goes though the films. The result is the creation of engraved dots that

correspond to the dots of the film.

Then, the plates are fit on the cylinders of the printing presses. Usually the printing presses of

newspapers are different from those of magazines but the principle remains the same in both

cases.

The printing presses are series of large and technologically very advanced machines that accept

white paper on one end and deliver the printed sheets on the other, folded or unfolded

(depending on the machine). The procedure is simple in principle: paper passes under the metal

plate that takes up ink from a special tank. Ink attaches only onto the dots of the metal plate’s

surface and in turn is deposited on the paper. In this way all dots on the plate become ink dots

on paper. In the case of black and white printing, there is only one ink color: black. In the case

of color printing there are four metal plates and 4 ink tanks, one for each basic color (Cyan -

Magenta - Yellow - Black, CMYK). For color printing, the printing press must constitute of at

P R O D U C T I O N W O R K F L O W VII

89

least 4 or more clusters (towers), each for every color. Beyond that, there are also combinations

allowing the parallel printing of black and white pages.

The most up-to-date technology are the printing presses with more than 4 colors, for example

5-color, 6-color or more. Those machines feature more towers that are fit with special inks,

producing on paper color that are not renderable by the color combination of the four basic

colors. Such colors are the metallic, the fluorescent, and a wide spectrum of other colors (e.g.

the Pantone scale). Printing presses featuring additional presses can give impressive results on

paper, giving a significant visual advantage to publications using modern colors. As a result, 5-

or more color printing is today in high demand. In 1997 Lambrakis Press SA imported in

Greece the first 5-color web press, the 32-page printing press MAN LITHOMAN, while in 1998

purchased a new 6-color MAN ROTOMAN web press.

The printing presses are divided in two groups, the web, fed by paper rolls and the sheet-fed,

fed by paper in cut sheets. Web presses offer much higher speeds and today they are used by all

high-volume publications. Sheet-fed presses offer special features as well as the capability to

print on thick paper (e.g. magazine covers).

After the printing, web presses feature a folding unit, converting paper in folded 8-pagers, 16-

pagers or 32-pagers. On the contrary, cut sheet presses do not feature an embedded folding unit

and the printed paper must be transferred to special binding machines.

In the case of newspapers, large modern printing presses deliver at their end the finished

newspaper. However in some cases the newspaper must be supplemented with additional pages,

supplement magazines or advertising leaflets. To this end, normally there is an automating

inserting machine producing the final product. Newspapers are packed in bundles and are

dispatched to the distribution agency that distributes them to the newsstands.

BINDING - PACKAGINGMagazines have an additional production step: binding. The printed and folded typo sheets

are fed into special machines that bind together 16-page or 32-page typo sheets into a single

magazine and add the front and back covers. There are two binding types: wire patching and

gluing. The binding type is elected depending on the profile and volume of each magazine. For

thick magazines binding is done using both wire and glue.

The last stage of a magazine’s production (possibly also a newspaper’s) is packing it into a

plastic bag (packaging). The bag both protects the copy and facilitates the distribution of

publications that include a variety of inserts ranging from advertising leaflets to gifts).

Packaging is carried out by special machines that first place the inserts in the publication and

then pack the final product in a bag.

Lambrakis Press SA and the Group’s publishing companies assign their printing works mainly

to the Group’s affiliate IRIS PRINTING SA.

DISTRIBUTIONThe finished packages are delivered to the distribution agency in order to be dispatched to the

points of sale (newsstands etc). The distribution agency’s lorries load the finished copies at the

printing facilities and through a network of agencies and sub-agencies distribute them to the

newsstands all over Greece. The handling takes place usually at night, so that the copies are

ready to be sold to readers in the morning.

All this procedure, from the decision on the content of a publication until its final reading by

the public all over Greece, is carried out in extremely fast, particularly in newspapers. Within 12

hours all the news and ideas of journalists must be turned into a finalized product available to

its readers all over Greece. Under these circumstances, the production flow is carried out under

the maximum safety conditions, in order to be able to deal with any contingency.

As already mentioned, the Company’s income stems from two basic different sources:

Circulation of Publications

Advertisement entered in the publications

CIRCULATION OF PUBLICATIONSThe selling procedure of the publications through the distribution networks practically

commences with the determination of the number of copies that will be printed for each

publication before each issue. This decision is made by the Commercial Division of Lambrakis

Press SA in co-operation with each publication’s Management.

After the end of the production procedure, the distribution Agency undertakes the

distribution of each publication to the retail points of sale, on a commission calculated on the

cover price of each sold copy.

The handling of all the Greek press (newspapers and magazines) is carried out by two

distribution agencies, ARGOS SA and EVROPI SA.

Lambrakis Press Group uses the handling and distribution services of ARGOS SA for all its

publications. It is stressed that Lambrakis Press SA holds a 38.5% participation in the share

capital of ARGOS SA.

For Athens and Piraeus, ARGOS SA after receiving the copies from the printing facilities,

always according to the directions of the Circulation Office of Lambrakis Press SA distributes

them to six branches that control specific geographical areas.

Through those branches and always under the directions of the Circulation Office of

Lambrakis Press SA, the copies are distributed to the newspaper wholesalers, each of which

services a specific number of retail points of sale in his area.

Today, the number of retail points of sale for the specific area of Athens - Piraeus reaches

6,500.

The settlement for this area and the corresponding payment of collections to Lambrakis Press

SA, are carried out by ARGOS SA the next working day after the date that each publication is

withdrawn from circulation.

Regarding Thessaloniki after receiving the copies from the printing facilities, ARGOS SA

dispatches the copies to its Northern Greece branch, based in Thessaloniki, according to the

directions of the Circulation Office of Lambrakis Press SA.

Through that branch and always under the directions of the Circulation Office of Lambrakis

Press SA, the copies are distributed to the newspaper wholesalers, each of which services a

specific number of retail points of sale in his area.

Today the number of retail points of sale for the specific Thessaloniki area reaches 1,200.

For this area, the settlement and payment of collections to Lambrakis Press SA are carried out

from ARGOS SA within forty days from the end of the month the proceeds are collected.

For the rest of Greece, ARGOS SA, after receiving the copies from the printing facilities,

according to the directions of the Circulation Office of Lambrakis Press SA, dispatches them to

90

P R O D U C T I O N W O R K F L O W

57 regional sub-agents, each of which controls and services the retail points of sale in the specific

geographical area.

Today the number of retail points of sale for the rest of Greece reaches 4,000.

In this case also, the settlement for these areas and the corresponding payment of collections

to Lambrakis Press SA are carried out by ARGOS SA within forty days from the end of the

month being settled.

In the same way, the publications of Lambrakis Press Sa are dispatched abroad to 20 sub-

agencies in total, each of which is responsible for their distribution in the country constituting

its area of responsibility.

Unsold copies are returned to the Company, which in turn sells them to paper pulp traders.

All the publications of Lambrakis Press SA are distributed and circulate all over Greece. Their

potential clients are the total of the Greek population over 15 years of age.

ADVERTISEMENT ENTRIES IN PUBLICATIONSTo attract advertisement entries in tis publications, Lambrakis Press SA features within its

Commercial Division separate advertisement departments for each of its newspapers and

magazines. These departments have their own head each and report to Subdivisions according

to the profile of the publication, as previously noted and as shown in the Company’s

organization chart.

Potential clients of Lambrakis Press SA in the sector of advertisement entries are all

advertisement agencies and directly advertised clients. Each publication addresses specific

segments of advertised clients depending on its profile. The wide variety of Lambrakis Press

publications allows the Company to address the full spectrum of advertised products.

MAJOR CLIENTSMajor clients of the Company are mainly advertising agencies such as: BOLD OGILVY &

MOTHER SA, FORTUNE SA, LEO BURNETT SA, ASHLEY & HOLMES SA, BBDO SA,

UPSET SA, MINDSHARE SA, CIA MEDIA NETWORK HELLAS, TEMPO OMD SA.

Major Suppliers

Basic suppliers of the Company are its affiliates MULTIMEDIA SA and IRIS PRINTING SA,

which, as already mentioned, undertake the pre-press and printing respectively of the

Company’s publications. Also, in the scope of its publishing activity, the Company cooperates

with a number of suppliers, the most important being the companies EUROSTAR SA, STUDIO

ATA SA, ACTION PLAN SA and the advertising companies BOLD/OGILVY, THE MEDIA

CORP SA, MINDSHARE SA, ARCADIA DIGITAL SA, UNIVERSAL MEDIA SA, MCCAN

ERICKSON SA, and NEA MEDIA SA.

VII

91

CHA

PTE

R V

III

92

FIXED ASSETS - GUARANTEES AND COLLATERALSINTANGIBLE ASSETS (TRADE MARKS)

The most important intangible assets of Lambrakis Press are the titles of newspapers and

magazines published under the company’s label along with the titles that are being

contemplated for future publishing. All titles are commercial trademarks registered with the

Ministry of Trade and constitute copyrighted property of the company. Although such

intangible assets are impossible to be valuated in precise financial terms, their large value is both

obvious and straightforward.

INTANGIBLE ASSETS

TANGIBLE ASSETS

OWNED LAND

The company owns the following plots of land:

Plot of land of a total area of 7,350 m2 in the community of Nea Raidestos, province of

Thessaloniki.

Plot of land of a total area of 16,758 m2 in the community of Asfendos, Sfakia, Crete.

Building lot of a total area of 379 m2 at 3 Christou Lada Street, on which there is a multi-

storey building of an area of 2,829 m2, housing the management and the editorial staff of the

company’s newspapers.

Building lot of a total area of 493 m2 at 18, Panepistimiou Street, Athens on which there is a

multi-storey building of an area of 3,887 m2, housing the company’s commercial, financial

and administrative divisions.

21.4% of a building lot at 1, Christou Lada Street of a total area of 372 m2 on which there is

a multi-storey building

ACQUISITION VALUE

Balance Fiscal year’s Deletions Balance In thousand euros

31/12/2002 additions Transfers 31/12/2003

Land plots

and building lots 2.784,69 1.475,00 552,64 3.707,05

Acquisition value Depreciation Non-In thousand Fiscal Fiscal Fiscal depreciatedeuros Balance year’s Deletions Balance Balance year’s year’s Total balance

31/12/2002additions

Transfers 31/12/2003 31/12/2003Depreciation deletions

depreciation31/12/02

Industrial property rights 139,59 0,00 0,00 139,59 139,59 0,00 0,00 139,59 0,00

Other rights 215,25 0,00 0,74 214,51 134,44 9,21 0,00 143,65 70,86

Total 354,83 0,00 0,74 354,10 274,03 9,21 0,00 283,23 70,86

F I X E D A S S E T S - G U A R A N T E E S A N D C O L L A T E R A L S VIII

93

17.4% of a building lot at 74, Doiranis and Zaloggou Street, Athens of a total area of 566 m2

on which there is a multi-storey building.

Building lot of a total area of 13,425 m2 in Poussi Hatzi, Paiania, on which there is a building

of an area of 1,584 m2.

Rural plot of land of a total area of 8.887,04 m2 in Poussi Hatzi, Paiania

During the fiscal year 2003 the Company sold a plot of land of a total area of 2.518m2 at 52,

Piraeus Street, Moschato, on which there is a building of an area of 5.745m2.

Furthermore, in 2003 the Company purchased the rural plot of a total area of 8.887,04 m2 in

Poussi Hatzi, Paiania

The acquisition value of the company’s privately owned land plots and building lots, as of

31.12.2003, is shown in the following table:

BUILDINGS - BUILDING FACILITIES

The above values include refurbishments in third party buildings totaling an acquisition value

of 710,57 thousand euros and non-depreciated value of 169,07 thousand euros on 31.12.2002.

OWNED BUILDINGS

Multi-storey building on 3, Christou Lada Street in Athens, consisting of a basement,

ground floor and eight floors of a total area of 2,829 m2 and total volume of 11,800 m3. The

building was reconstructed in 1980 and houses the management and the editorial staff of the

company’s newspapers.

The company owns the 4th, 5th and 8th floors of the building situated at 1, Christou Lada

Street in Athens. The total area of those floors is 641 m2 and the total volume is 1,990 m3.

A partly underground basement at 74, Doiranis Street in Kallithea of a total area of 336 m2

used as a warehouse.

Non-depreciated Location District or street Area acquisition value Ownership

(m2)(thousand euros)

(%)

Athens 3, Christou Lada 379 434,15 100,00%

Athens 1, Christou Lada 372 88,6 21,40%

Kallithea Doiranis & Zaloggou 566 28,38 17,40%

Thessaloniki Nea Raidestos 7.350 61,85 100,00%

Crete Asfendou, Chania 16.758 93,41 100,00%

Athens 18, Panepistimiou street 493 568,58 100,00%

Paiania Pousi Hatzi 13.425 957,08 100,00%

Paiania Pousi Hatzi 8.887 1.475,00 100,00%

Total 3.707,05

Acquisition value Depreciation Non-In thousand Fiscal Fiscal Fiscal depreciatedeuros Balance year’s Deletions Balance Balance year’s year’s Total balance

31/12/2002 additionsTransfers 31/12/2003 31/12/2003

Depreciation deletionsdepreciation

31/12/02

Buildings - Building facilities 12.920,37 8,18 2.172,56 10.755,99 4.311,09 686,21 1.182,40 3.814,90 6.941,08

94

Office building at 18, Panepistimiou Street, Athens, consisting of two basements and 9

floors of a total area of 3,887 m2, built in 1959. The company acquired, reconstructed and

refurbished the building in 1998 currently housing the financial, administrative and

commercial divisions.

Rooms 1-7 on the 7th floor of the building at 10a Karytsi Sq. of a total area of 224 m2. The

offices are leased to the "ATHINAIKA NEA" company.

Old industrial building in Poussi Hatzi, Paiania of a total area of 1,584 m2.

During the fiscal year 2003, the Company sold an industrial building of a total area of 5.745m2

at 52, Piraeus Street, Moschato.

The following table summarizes the owned buildings of the company as of 31.12.2003.

LEASED BUILDINGSTo meet the housing requirements of its printed media and other departments, Lambrakis

Press SA leases property both in the greater Athens area and in other Greek cities. The company

sub-leases parts of the leased property to its associated companies. Sub-leasing is done through

private contracts of annual duration, renewable upon expiration.

Acquisition Non-depreciatedLocation Street Area (m2) Construction value in value

year thousand euros 31.12.2003in thousand euros

Athens 3, Christou Lada 2.829 1980 2.272,64 1.006,88

Athens 1, Christou Lada, 4th, 5th and 8th floor 641 1950 325,52 32,48

Kallithea 74, Doiranis 336 1963 44,43 3,21

Athens 18, Panepistimiou 3.887 1959 6.951,24 5.345,03

Athens 10a, Karytsi square, 7th floor (suites 1 to 7) 224 1959 176,08 136,46

Paiania Pousi Hatzi 1.584 275,50 247,95

Total 10.045,41 6.772,01


95

YearlyAddress Floor ª2 Used by

Leaserental

period(in thousand

euros)

Lamprakis Press SA: Vima - Nea Vima Photo Archives - Classified

1, Christou Lada Ground floor, ads - Mailroom - Promotions Street, Athens 3rd floor, 1.146,50 - MC Hellas SA - ATHENS 1.1. - 31.12.2003 188,55

5th to 7th floor NEWS SA - Special Publications SAHearst DOL LTD - Multimedia AE

Lamprakis Press SA: Economikos 2, Christou Lada, 2nd - 4th

440,00 Tachydromos - Ram - Hitech 1.1. - 31.12.2003 72,71Athens 7th floor

- N.G. Magazine - Multimedia SA

Lamprakis Press SA: Mailroom Basement - Ground - Vima - Vimagazino - Nea -

5-7, Christou Lada, floor - Mezzanine Tachydromos - MC Hellas SAAthens -1st - 4th - 6th

956,10- ATHENS NEWS SA - Special 1.1. - 31.12.2003 142,99

- 7th floor Publications SA - Hearst DOL LTD - Multimedia SA - N. Greece Publishing SA: Aggelioforos

Lamprakis Pressa SA: Classified ads - Mailroom 9, Christou Lada, Ground floor, 332,00- MC Hellas SA - ATHENS 1.1. - 30.09.2003 35,24Athens Basement

NEWS SA - Special Publications SA - Hearst DOL LTD

11, Karytsi square Lamprakis Press SA:Athens

1th floor 139,40DIAKOPES

1.1. - 31.12.2003 20,50

4, Karytsi square Lamprakis Press SAAthens

1th floor 84,00 Archive 1.1. - 31.12.2003 5,62

Lamprakis Press SA: Ram - 1st basement National Geographic -

- 2nd basement829,35 Hitech - National Geographic 1.1. - 31.12.2003 37,45

39, Panepistimiou Video - WarehousesStreet, Athens Lamprakis Press SA: Ram -

1.1. - 31.03.2003 49,351st floor 65,33 National Geographic - Hitech- National Geographic Video

Lamprakis Press SA: Vita24, Stadiou street, 1st - 3rd floor 1.442,00 - To Paidi mou ki Ego 1.1. - 31.12.2003 240,14Athens - MC Hellas SA

17, Valaoritou street, Athens

4th floor 389,00 IRIS SA 1.1. - 17.10.2003 86,66

7, Voulis street,Athens

3rd floor 359,39 Hearst DOL LTD 1.1. - 31.12.2003 54,29

1th to 3rd Basement80, Michalakopoulou, - Ground floor Athens - 1st to 5th floor

14.719,00 Under renobarion 8.7 -31.12.2003 173,23

- Penthouse

Mezzanine - 1st Lamprakis Press SA 4, Phidiou street, to 7th floors 2.207,00 - Special Publications SA 1.1. -31.12.2003 402,93Athens - Penthouse - Ramnet SA - Eurostar SA

1, III Septemvriou Lamprakis Press SA:street, Athens

Ground floor 17,00Classified ads

1.1-31.12.2003 27,63

Basement - Lower 15-17 Thisseos ground floor - Ground 1.450,00 Action Plan SA - 1.1. -31.12.2003 156,00street, Athens floor - 1st to 3rd floors FTEROTOS ERMIS SA

Lamprakis Press SA: Warehouses11 Dimitros and

MC Hellas SA - ATHENS NEWS SA F. Etairias street, 1st basement

- Special Publications SA - Hearst Acadimia Platonos, - Ground floor 1.255,00

DOL LTD - D.E. - Publishing SA1.10 - 31.12.2003 5,55

Athens- mezzanine

- Multimedia SA - Ramnet SA

150, Iera Odos,Egaleo

Basement 2.100,00 Lamprakis Press SA: Warehouses 1.1. -31.12.2003 0,70

96

In addition to above-mentioned leased property, which Lambrakis Press SA subleased to

associated companies during 2003, Lambrakis Press SA also leased own property (offices,

warehouses, etc.). For subleased and leased property in the year 2003, Lambrakis Press SA

received rent from its associated companies totaling approximately of 1.051,26 thousand euros.

It is noted that in fiscal year 2003, Lambrakis Press SA concluded the 100% acquisition of the

company «Michalakopoulou SA», that owns a multi-story building at 80, Michalakopoulou

street, of a total area of 14.718,56 m2 on a land lot of 1.985,04 m2 which following the required

renovations was deemed suitable to relocate and concentrate the departments of Lambrakis

Press SA and its affiliated companies. The relocation of the Company and its affiliates will begin

in June 2004 and will be concluded within the current fiscal year.

MACHINERY AND MECHANICAL EQUIPMENT

In 1999 Lambrakis Press SA span off fits printing sector and contributed it to IRIS PRINTING

SA. The total machinery and mechanical equipment of the printing sector were also contributed

to IRIS Printing SA. The acquisition value of this machinery and equipment on 31.12.99 was

23,477.60 thousand euros and their non-depreciated value 20,542.92 thousand euros. The

Company now concludes its entire production cycle through the installations of its associated

companies (pre-printing at Multimedia SA and printing at IRIS Printing SA) and also owns

YearlyAddress Floor ª2 Used by

Leaserental

period(in thousand

euros)

Lamprakis Press SA: Warehouses - MC Hellas SA - ATHENS NEWS Inofyta, 57th km

SA - Special Publications SA 1.1. -31.12.2003 55,80Athens-Lamia Basement 1.466,80Hearst DOL LTD - D.E. Publishing National RoadSA - Multimedia SA - Ramnet SA

Inofyta, Tsefliki Lamprakis Press: Warehouses Viotias 1st - 2nd floors 2.031,00 - Multimedia SA - NETONLINE SA

1.1. -31.12.2003 76,86

10, Agias Sofias ªezzazine - 1st Lamprakis Press SA: Warehouses Street, Thessaloniki - 2nd - 4th floor

368,00- Nea - Vima - Classified ads

1.1. - 31.12.2003 54,61

33, Vassilissis SofiasStreet, Larissa

1st floor 65,00 Lamprakis Press SA: Nea 1.1 - 31.12.2003 7,87

262, Korinthou Street, Patra

4th floor 49,50 Lamprakis Press SA: Nea 1.1 - 31.12.2003 4,05

Total 31.908,37 1.898,73

Acquisition value DepreciationIn thousand Fiscal Fiscal Fiscal Total Non-euros

Balanceyear’s

Deletions Balance Balanceyear’s year’s depreciation depreciated

31/12/2002additions

Transfers 31/12/2003 31/12/2003depreciation deletions 31/12/02 balance

Machinery and installations 1.221,71 0,00 0,00 1.221,71 685,44 95,80 0,00 781,24 440,47

Vehicles & othertransportationequipment 540,91 8,55 34,24 515,23 292,31 73,04 29,93 335,42 179,80

Furniture and appliances 6.914,85 89,24 127,51 6.876,58 5.688,59 768,38 122,92 6.334,05 542,53

TOTAL 8.677,47 97,79 161,75 8.613,51 6.666,34 937,21 152,85 7.450,70 1.162,81


97

machinery and equipment - mainly computer systems, peripherals and specialized digital

systems. The machinery and mechanical equipment of the Company are listed below:

OWNED TRANSPORTATION EQUIPMENT The Company owns 26 vehicles, i.e. 4 lorries and 22 passenger cars, which cover the increased

transportation needs of employees in their daily tasks.

The non-depreciated value of these 26 vehicles (lorries and cars) was 171,73 thousand euro

by fiscal year ending on 31.12.2003. The total non-depreciated value of Vehicles and

Transportation equipment (vehicles, motors, motor-bikes and interior circulation means) was

179,8 thousand euros.

Besides the above owned vehicles, the Company leases 19 passenger cars (see: Leasing

Agreements) that cover along with the owned vehicles the increased transportation needs of the

company’s staff.

GUARANTEES - COLLATERALSOn 31.12.2003 the Company had granted the following guarantees to companies (in thousand

euros):

On 31.12.2003 the Company had received the following guarantees (in thousand euros):

∂ÁÁ˘ËÙÈÎ¤˜ ÂÈÛÙÔÏ¤˜ ÁÈ· ÂÍ·ÛÊ¿ÏÈÛË ··ÈÙ‹ÛÂˆÓ 620,22

Letters of guarantee securing receivables/claims 620,22

Letters of guarantee for proper contractual performance 742,00

Letters of guarantee securing obligations 27.481,64

Total 28.843,86

1 Northern Greece Publishing SA 7.095,52

2. DOL Digital SA 9.714,11

3. Studio ∞∆∞ SA 645,63

4. Ramnet SA 1.027,15

5. Ramnet Shop SA 200,00

6. Lambrakis Research Foundation 111,76

7. Mellon Group SA 5.000,00

8. Michalakopoulou SA 3.500,00

9. P.E.A.T. 7,32

Total 27.301,49

Purchased Acquisition Aggregate NonIn thousand euros in value depreciation depreciated

31.12.03 31.12.2003 value 31.12.03

Signal generator RF 250 KHZ-4GH 1999 23,50 12,00 11,50

Scitex Pre Presshope DLV 800 GL-361 1999 468,81 258,00 210,81

UPS Liebert 7400 120 KVA 1998 23,77 15,21 8,56

UPS Liebert 7400 200 KVA 1999 37,57 19,91 17,66

Avid Xpress Delux Editing system 1999 39,68 21,42 18,26

Roll Film Scanstation Greyscale Wicks and Wilson 1999 66,91 33,45 33,46

Petrogen 160 KVA Power Generator 1999 28,74 7,90 20,84

Aris 400 KVA Power Generator 1999 90,98 23,20 67,78

UPS Liebertt Hipulse 2000 27,33 5,32 22,01

Other machinery and equipment 414,42 384,83 29,59

Total 1.221,71 781,24 440,47

98

There are no registered encumbrances on the Company’s real estate property.

A prenotation of mortgage exists on the real estate property of IRIS PRINTING SA for 98.958

thousand euros securing a long-term Bank loan totaling 82.171 thousand euros.

MATERIAL AGREEMENTS

TRADE AGREEMENTS WITH CUSTOMERS AND SUPPLIERS

The Company has no agreements with customers and suppliers for amounts exceeding _200

thousand

AGREEMENTS WITH ASSOCIATED COMPANIES

Lambrakis Press SA has executed agreements with Eurostar SA, Action Plan SA, Special

Publications SA, Ellinika Grammata SA, Athens News SA, Multimedia SA, MC Hellas SA,

Hearst Lambrakis Publications Ltd, IRIS Printing SA, DOL Digital SA, Mellon Group SA,

Papasotiriou SA, on the basis of which the former party (Lambrakis Press SA) undertakes to

provide to the latter parties administrative, economic, financial, accounting, legal, commercial

and computer services.

The term of above-mentioned agreements is annual (one fiscal year). The total contractual

fees for Lambrakis SA for rendering services in fiscal year 2003 amounted to 3.457,51 thousand

euros, ranging from 78,3 thousand to 652,62 thousand euros, depending on the kind of services

rendered and the counterparty company.

In addition Lambrakis Press SA signed agreements with Multimedia SA, Action Plan SA, DOL

Digital SA, Eurostar SA, IRIS Printing SA, Studio ATA SA, Ellinika Grammata SA, Action Plan

HR SA, Net on Line SA, Ramnet SA, Phoenix SA, Expo Plan SA and Triaina Travel SA to run

advertisements in its publications, as well as agreements on the exchange of advertisements with

companies Special Publications SA, Nea Aktina SA, N. Greece Publishing SA, MC Hellas SA,

Hearst Lambrakis Ltd, Publishing Communications SA, Athens News SA.

During fiscal year 2003 Lambrakis Press SA signed lease agreements in its capacity as lessor or

sub-lessor with the associated companies: ªultimedia SA, Action Plan SA, Eurostar SA, Expo

Plan SA, Hearst Lambrakis Publishing Ltd, In Health SA, In Travel SA, IRIS Printing SA,

Ramnet SA, Ramnet Shop SA, Athens News SA, Special Publications SA, DOL Digital SA,

Ellinika Grammata SA, MC Hellas SA, In ªarket Place SA, Interoptics SA, D-E Publishing Ltd,

Net on Line SA, N. Greece Publishing SA, Fterotos Ermis SA, Triaena Travel SA, Studio ATA

SA, Action Plan HR SA, ªichalakopoulou SA.

Lastly, in the context of normal business practice, Lambrakis Press SA executed agreements in

fiscal year 2003 with associated companies for the promotion of sales (Action Plan SA), sale of

goods (Ellinika Grammata SA), mutual rendering of services (Multimedia SA), editing services

(D.E. Publishing Ltd). The tenor and value of these contracts were very low.

LOAN AND CREDIT AGREEMENTS

During fiscal year 2003 the existing Loan and Credit Agreements of the Company were the

following:

F I X E D A S S E T S - G U A R A N T E E S A N D C O L L A T E R A L S

99

VIII

The total credit granted from the above agreements was 79.156,75 thousand euros.

LEASING AGREEMENTS

During fiscal year 2002 the Company signed 2 leasing agreements as follows:

During the fiscal year 2003 the Company signed 4 leasing agreements as follows:

Date of Leasing Company Description Monthly DurationAgreement rent

14.01.2003 Avis Hellas 2 Passenger cars 968,00 36 months

04.07.2003 Avis Hellas 7 Passenger cars 1.995,00 36 months

04.07.2003 Avis Hellas 7 Passenger cars 3.150,00 36 months

01.11.2003 Euro Lease 1 Passenger car 450,00 36 months

Date of Leasing Company Description Monthly DurationAgreement rent

60 months31.05.2002 "Emporiki" Leasing Passenger car 403,65

(expiring 2007)

60 months 02.08.2002 Avis Hellas Passenger car 1.090,00

(expiring 2007)

Bank Date Agreement

Commercial Bank of Greece 29.11.99 Credit Agreement with Open Account

General Bank of Greece 26.05.1998 Credit Agreement with Open Account

National Bank of Greece 29.11.1999 Credit Agreement with Open Account

Piraeus Bank 11.06.2001 Credit Agreement with Open Account

Alpha Bank 04.06.2003 Credit Agreement with Open Account

100

INSURANCE CONTRACTS

During fiscal year 2003 the Company signed with ALPHA INSURANCE SA, a leading

underwriter, the following insurance contracts:

Leading InsuranceInsurance

Insurance InsuranceInsurance Object capital in Duration

UnderwriterCompanies Companies

thousand euros

Alpha Insurance 34% Fire and related hazards 15.03.2003 -National Insurance SA 18%

197205for building installations

9.370,6515.03.2004

Gerling Konzern 15% Fire and related hazards 15.03.2003 -Interamerican 15% for building installations,

11.453,8015.03.2004

Phoenix ªetrolife 6%197906

equipment and merchandizeAlianz SA 6% 15.03.2003 -

General Hellas 6%120368 Loss of profit owing to fire 5.869,41

15.03.2004

Alpha Insurance 22%Alianz SA 10%

Interamerican 21% 162750 Transportation of money 17.01.2003 -Dynamis SA 17% 15.03.2004

Aspis Pronoia SA 10%Hellas SA 20%


Interamerican 19% 162645 Cash theft 17.01.2003 -Aspis Pronoia SA 5% 15.03.2004

Hellas SA 20%


Interamerican 19% 162688 Safes security 15.01.2003 -Aspis Pronoia SA 11% 15.03.2004

Hellas SA 25%

Alpha Insurance 35%Interamerican 35% 181856 Employee trust 15.01.2003 -

∂ÏÏ¿˜ ∞∂ 30% 15.03.2004

31.12.2002 -Alpha Insurance 148771 Electronic equipment 1.467,35

31.12.2003

31.12.2002 -Alpha Insurance 7003 Civil liability 31.12.2003

Collective contract for labor 31.12.2002 -Alpha Insurance 99992304728

accident in factory 31.12.2003

02.08.2003 -National Insurance SA 11409 Credit risk 02.08.2004

Collctive contract (Cashiers 01.01.2003 -Alico 38035

and motorcycle drivers) 31.12.2003

AlphaInsurance

C O R P O R A T E A C T I O N S O N S H A R E C A P I T A L IX

101

CORPORATE ACTIONS ON SHARE CAPITAL1. The share capital was initially set at GRD 85.000.000, divided into 85.000 registered shares

with a nominal value of GRD 1,000 each. The share capital was fully paid up in cash and asset

contribution, according to art. 41 of the company’s Articles of Association.

2. Pursuant to resolution of the shareholders’ Extraordinary Meeting of 28.11.1974, the share

capital was increased by GRD 119.000.000. The increase was effected according to the

regulations of Decree No. 1314/1972, though the capitalization of:

a) GRD 91.745.594, stemming from the revaluation of land, building and installations of the

company. The company’s land was revaluated from GRD 46.854.480 to GRD 118.450.000; the

buildings and other fixed installations were revaluated from GRD 39.614.654 to GRD

64.175.000,

b) GRD 21.804.181 and GRD 5.450.225, stemming from tax-exempt reserves of Law 47/1967,

that were aggregated until 31/12/1973, according to the Report dated 21/10/1974 issued by the

Committee that was impaneled for this purpose pursuant to art. 9 of Codified Law 2190/1920

''on Incorporated Companies''.

c) The 119.000 new registered shares issued in respect with the share capital increase of GRD

119.000.000, were all distributed to the shareholders at a ratio of 14 new shares per 10 existing

shares. No payment was effected for these shares.

As a result the share capital amounted to GRD 204.000.000, fully paid up, divided into 204.000

registered shares with a nominal value of GRD 1.000 each.

3. Pursuant to resolution of the shareholders’ Extraordinary Meeting of 12.8.1975, all the

shares of the company were converted from registered to bearer stock.

4. Pursuant to the shareholders’ Ordinary Annual Meeting of 30.6.1977, the company’s share

capital was increased by GRD 24.550.000, according to the regulations of Law 542/1977,

through the capitalization of:

a) GRD 12.742.544, stemming from the difference in the value of the company’s a building lot

at 173, Syggrou avenue.

b) GRD 9.713.956, stemming from the revaluation of the company’s a building lot at 173,

Syggrou avenue.

c) From the decrease of the above amount (under [b] above) by GRD 2,317,500, to account

for the adjusted depreciation of the above building, according to the regulations of L. 542/1977

d) GRD 4.410.272 from the capitalization reserve formed by the revaluation of fixed assets

according to Law 1314/1972, pursuant to the resolution of the shareholders’ Extraordinary

General Meeting of 28.11.1974, that stemmed from their acquisition value of GRD 91.745.594

versus the revaluation of land and buildings amounting to GRD 96.155.866, and

e) GRD 728 paid in cash by the shareholders at their respective ratio, to round the nominal

value of each share.

f) The 24.550 new shares that there issued in respect of the share capital increase by GRD

24.550,000 were all distributed to the shareholders at the ratio of 491 new shares per 4.080

existing shares. No payment was effected for these shares.

CHA

PTE

R π

Ã

102

As a result the share capital amounted to GRD 228,550,000, fully paid up and divided into

228.550 bearer shares with a nominal value of GRD 1,000 each.

5. Pursuant to resolution of the shareholders’ Extraordinary General Meeting of 8.11.1978, the

share capital was increased by GRD 10.000, paid in cash by the shareholders at their respective

ratio. The 10 new shares issued in respect to this share capital increase by GRD 10,000 were all

distributed to the shareholders, who all paid their shares’ value in cash.

As a result the share capital amounted to GRD 228.560.000, fully paid up, divided into 228,560

bearer shares with a nominal value of GRD 1.000 each.

6. Pursuant to resolution of the shareholders’ Extraordinary General Meeting of 10.11.1982

the share capital was increased by GRD 499.684.000, based on the regulations of Law 1249/1982.

As a result the share capital amounted to GRD 728.244.000, fully paid up divided into 728.244

bearer shares with a nominal value of GRD 1.000 each.

7. Pursuant to resolution of the shareholders’ Ordinary General Meeting of 30.6.1986, as

amended by the resolution of the shareholders’ Ordinary General Meeting of 1.6.1987, the share

capital was increased by GRD 223.020.000, through a partial payment in cash on behalf at all

shareholders, at each shareholder’s ratio

As a result, after the completion of all partial payments, the share capital amounted to GRD

951.264.000, fully paid up, divided into 951.264 bearer shares with a nominal value of GRD

1.000 each.

8. Pursuant to resolution of the shareholders’ Extraordinary General Meeting of 25.1.1988: a)

the share capital was increased by GRD 736.000 in cash paid by the shareholders at each

shareholder’s ratio, b) the nominal value of each share was increased from GRD 1.000 to GRD

10.000 and c) the bearer shares were converted to registered, according to the regulations of Law

1746/1988.

As a result the share capital amounted to GRD 952.000.000, fully paid up, divided into 95.200


9. Pursuant to the shareholders’ Ordinary General Meeting of 29.6.1992, the share capital was

increased by GRD 44.080.000 through the capitalization of:

a) GRD 18.750.894, according to the regulations of art. 14 of Law 1731/1987 stemming from

the revaluation difference of installed machinery

b) GRD 25.321.684, according to the regulations of art. 22 of Law1828/89, from tax-exempt

reserves and

c) GRD 7.422 in cash paid by the shareholders at each shareholder’s ratio to reach the nominal

value of each issued in respect to this capitalization.

As a result the share capital amounted to GRD 996.080.000, fully paid up, divided in 99.608


10. Pursuant to resolution of the shareholders’ Ordinary General Meeting of 30.6.1994 the

share capital was increased by GRD 592.960.000, through the capitalization of:

C O R P O R A T E A C T I O N S O N S H A R E C A P I T A L IX

103

a) GRD 62.283.291 stemming from the revaluation of the company’s land and buildings

according to the regulations of art.23 of Law 2065/1992

b) GRD 530.640.844 from tax-exempt reserve according to the regulations of art. 22 Law

1828/1989 and

c) GRD 35.865 in cash paid by the shareholders, at each shareholder’s ratio, to reach a suitable

number of shares to be distributed to the shareholders.

As a result the share capital amounted to 1,589,040,000, fully paid up, divided into 158.904



the share capital was increased by GRD 35.000.000, with the issue of 3.500 new shares with a

nominal value of GRD 10.000 each.

This increase stemmed by GRD 35.000.000 from the absorption of the company

"TECHNOGRAFIKI SA" according to the regulations of Law 2166/1993.

As a result the company’s share capital amounted to GRD 1.624.040.000, fully paid up divided

into 162.404 registered shares with a nominal value of GRD 10.000 each.

12. Pursuant to the regulations of the shareholders’ Annual Ordinary Meeting of 30.6.1998: a)

the share capital was increased by GRD 2.325.960.000 through the capitalization of a) GRD

104.614.328, from the fixed asset revaluation reserve formed according to Law 2065/1992, b)

GRD 1.114.593.933, from the reserve formed according to Law 1828/1989 and c) GRD

1.106.751.739 from the taxed reserve formed according to Law 2579/1998. The nominal value

of each share was converted from GRD 10,000 to GRD 200.

As a result, the share capital amounted to GRD 3.950.000.000, fully paid up, divided in

19.750.000 registered shares with a nominal value of GRD 200 each.

13. Pursuant to a resolution of the shareholders unsolicited Extraordinary General Meeting of

Shareholders of 27.8.1998 the company’s share capital was increased by GRD 1.050.000.000, as

follows: a) by GRD 1.000.000.000 in cash by a public offering effected through the issue of

5.000.000 new registered shares of a nominal value of GRD 200 each, and b) by GRD 50.000.000

by private placement through the issue of 250.000 new registered shares with a nominal value

of GRD 200 each. As a result, the company’s share capital amounted to GRD 5.000.000.000,

fully paid up and divided into 25.000.000 registered shares of a nominal value of GRD 200 each.

14. Pursuant to a resolution of the shareholders’ Ordinary Annual General Meeting of

17.6.1999, all physical shares were dematerialized in accordance with a resolution of the Capital

Markets Commission and the provisions of Law 2396/96.

15. Pursuant to resolution of the shareholders’ Extraordinary General Meeting of 16.9.1999,

the share capital was increased by GRD 10.060.000.000 as follows: a) by GRD 5.000.000.000

through capitalization of reserve account "Share premium reserve" and the issue of

25.000.000 new registered shares with a nominal value of GRD 200 each, and (b) by GRD

5.060.000.000 in cash and the issue of 25.300.000 new registered shares with a nominal value

of GRD 200 each.

As a result, the company’s share capital amounts to GRD 15.060.000.000 fully paid up and

104

divided into 75,300,000 registered shares with a nominal value of GRD 200 each.

16. Pursuant to resolution of the shareholders’ Ordinary General Meeting of 22.6.2001: a) the

share capital was increased by GRD 335.085.000 through the capitalization of (aa) GRD

103.447.613 from the reserve account "Revaluation differences from other assets" and (ab) GRD

231.637.387 from the reserve account «Share premium reserve» by increasing the nominal value

of each share from GRD 200 to GRD 204.45, b) according to Law 2842/2000, the nominal value

of each share and the share capital was also denominated in euro, i.e. the nominal value of each

share in 0.60 euro and the share capital in 45.180.000 euros.

17. Pursuant to the shareholders’ Ordinary General Meeting of 21.6.2002 the share capital and

the nominal value of each share were denominated solely in euros.

As a result the share capital amounts to 45.180.000 euros fully paid up, divided into 75.300.000

registered shares with a nominal value of 0,60 euros each.


the share capital: a) was decreased by 827.862 euros, through the cancellation of 1.379.770 own

shares having nominal value of 0,60 euros each and b) was increased by 827.862 euros through

the issue of 1.379.770 new shares having nominal value of 0,60 euros each, through the

equivalent capitalization of funds from reserve account «Difference from issuing shares at a

premium» and distribution of these shares to the shareholders free of payment (bonus).

As a result the share capital amounts to 45.180.000 euros fully paid up, divided into 75.300.000


The following table summarizes the company’s corporate actions on the share capital.

C O R P O R A T E A C T I O N S O N S H A R E C A P I T A L IÃ

105

GovernmentGovern- Gazette No. Amount

Means of coverageShare

General ment for the confi- of share In Capital Nominal Total

Meeting Gazette rmation of capital Cash Capitalization specie post value of number Share

Date Number payment for increase payment of reserves (contribu- increase each of class

share capital /decrease tion in /decrease share shares

increase kind)Common

Establishment 1107/70 85.000.000 8.129 84.991.871 85.000.000 1.000 85.000registeredCommon

28.¡Ôv.74 2067/74 119.000.000 119.000.000 204.000.000 1.000 204.000registered

12.∞ug.75 2030/75 Conversion of common registered shares to common bearer.

Common30.Jun.77 3135/77 24.550.000 728 24.549.272 228.550.000 1.000 228.550 bearer

Common08.¡Ôv.78 91/79 10.000 10.000 228.560.000 1.000 228.560 bearer

Common10.¡Ôv.82 4566/82 499.684.000 499.684.000 728.244.000 1.000 728.244 bearer

Common30.Jun.86 2832/86 61/88 223.020.000 223.020.000 951.264.000 1.000 951.264 bearer

Common25.Jan.88 361/88 588/88 736.000 736.000 952.000.000 1.000 952.000 bearer

Conversion of the shares’ nominal value GRD 1,000 to GRD 10,000. Total number of shares amounted to 95,200.25.Jan.88

Conversion of bearer shares to registered.Common

29.Jun.92 918/93 1825/93 44.080.000 7.422 44.072.578 996.080.000 10.000 99.608registered

Common30.Jun.94 28/95 7233/95 592.960.000 35.865 592.924.135 1.589.040.000 10.000 158.904

registered

Common26.Feb.97 6969/97 8/929/98 35.000.000 35.000.000 1.624.040.000 10.000 162.404

registered

Common30.Jun.98 8588/98 2.325.960.000 2.325.960.000 3.950.000.000 10.000 395.000

registered

Conversion of nominal value of each share from GRD 10,000 to GRD 200. Total number of shares amounted 30 πÔ˘Ó 98 8588/98

to GRD 19,750,000.

824/99 Common27.Aug.98 25514/98

827/991.050.000.000 1.050.000.000 5.000.000.000 200 25.000.000

registered

533/00 Common16.Sep.99 8244/99

105949910.060.000.000 5.060.000.000 5.000.000.000 15.060.000.000 200 75.300.000

registered

Common22. Jun.01 6313/01 8065/01 335.085.000 335.085.000 15.395.085.000 204,45 75.300.000

registered

The company’s share capital and the nominal value of . Common22. Jun.01 9035/02

each share were denominated in euros. 0.60€ 75.300.000 registered

Total beforethe denomi- GRD 15.395.085.000 6.333.818.144 8.941.274.985 119.991.871 15.395.085.000 204,45 75.300.000 Commonnation in registeredeuros

Total beforethe denomi- euro 45.180.000 18.587.874 26.239.985 352.140 45.180.000 0,60 75.300.000 Commonnation in registeredeuros

-827.862 Share capital decrease through the Common16.Feb.04 1722/04 - 1.379.770 cancellation of 1.379.770 own shares

44.352.138 0,60 € 73.920.230registeredCommon

16.Feb.04 1722/04 2094/04 827.862 827.862 45.180.000 0,60 € 1.379.770registered

Total after euro 45.180.000 18.587.874 26.239.985 352.140 45.180.000 0,60 75.300.000 Commonthe latest registeredincrease

106

CHA

PTE

RX EQUITY CAPITAL - BOOK VALUE OF SHARES

The table below presents the Company’s Equity Capital and the Book Value of the share at the

end of two fiscal years 31.12.2002 and 31.12.2003

(1) Investments in shares of companies listed on the Athens Stock Exchange were valued at

market in accordance with Law 2992/2002. The net loss that arose from the valuation of these

shares amounting to 2.687 thousand euros was transferred directly to Shareholders Equity as in

prior year.

(2) Calculated on the basis of number of shares by fiscal year-end.

For more information on the adjusted Equity Capital of the Company, as per Company Notes

and the Chartered Accountant’s Remarks (2002 and 2003), please refer to Chapter "ADJUSTED

EARNINGS AND EQUITY CAPITAL OF LAMBRAKIS PRESS SA" in the present Annual

Report.

2002 2003(1)

Equity CapitalEuros Euros

Shares 75.300.000 75.300.000

Nominal Value of Each Share 0,6 0,6

Share Capital 45.180.000,00 45.180.000,00

Reserve from issuing shares at a premium 206.260.785,36 206.260.785,36

Reserves from revaluation of other assets 305.059,11 305.059,11

Statutory Reserve 2.877.769,63 2.877.769,63

Less: Loss from sale or devaluation of participations & securities (1) 38.644.119,33 41.331.022,94

Statutory Reserve after Loss -35.766.349,70 -38.453.253,31

Extraordinary Reserves 4.011.853,58 4.011.853,58

Tax free reserves pursuant to special laws 4.054.288,97 4.054.288,97

Total Capital Reserves -27.700.207,15 -30.387.110,76

Balance (Profit-Loss) carried forward -19.928.976,38 -7.968.751,04

Own Shares -31.123.138,52 -31.123.138,52

TOTAL EQUITY CAPITAL 172.993.522,42 182.266.844,15


C O N S O L I D A T E D E Q U I T Y C A P I T A L - C O N S O L I D A T E D B O O K V A L U E O F S H A R E S

CONSOLIDATED EQUITY CAPITAL -CONSOLIDATED BOOK VALUE OF SHARES

The Table below presents the Consolidated Equity Capital of the Lambrakis Press Group as

well as the Consolidated Book Value of the share for fiscal years ending on 12.2002 and

31.12.2003

(1) The figures of the consolidated balance sheet and the consolidated income statement for

the current year are not comparable to the respective figures of the previous year because in this

year the company MICHALACOPOULOU SA is included in the consolidation for first time

while the company PHOENIX SA, that was included in the consolidation of the affiliate


Also, during the current year the acquired company ORAPRESS SA merged with the subsidiary

IRIS PRINTING SA according to the provisions of Law 2166/1993.

(2) Calculated on the basis of number of shares by fiscal year-end.

For more information on the Consolidated Equity Capital of the Lambrakis Press Group, as

per Company Notes and the Chartered Accountant’s Remarks (2002 and 2003), please refer to

Chapter "ADJUSTED OF CONSOLIDATED EARNINGS AND CONSOLIDATED EQUITY

CAPITAL OF THE LAMBRAKIS PRESS GROUP" in this Annual Report.

2002 2003Consolidated Equity Capital (1)

Euros Euros

Share capital 45.180.000,00 45.180.000,00

Reserve from issuing shares at a premium 206.260.785,36 206.260.785,36

Reserves from revaluation of participations & securities 0,00 0,00

Reserves from revaluation of other assets 419.510,50 419.510,50

Investment subsidies 0,00 3.003.918,75

Total Revaluation – Investment Subsidies 419.510,50 3.423.429,25

Statutory Reserve 3.565.512,26 3.391.283,95

Less: Loss from sale or devaluation of participations & securities (netted off) 39.510.791,26 42.596.216,86

Reserve to cover loss 14.360,05 71,25

Extraordinary reserves 4.011.853,58 4.011.853,58

Extraordinary reserves 9.192.089,18 8.876.595,84

Consolidation differences 12.634.094,62 3.790.497,98

Goodwill write-off 0,00 -4.580.114,00

Total Reserved Capital -10.092.881,57 -27.106.028,26

Earnings carried forward -46.751.782,61 -39.262.115,04

Minority Rights 30.057.333,60 26.088.903,33

Own shares -31.123.138,52 -31.123.138,52

Total Consolidated Equity Capital 193.949.826,76 183.461.836,13

Number of Shares (2) 75.300.000 75.300.000

Consolidated Book Value of Share 2,58 2,44

XI

107

CHA

PTE

RXI

SHAREHOLDERS - SHAREHOLDING STRUCTURE

The structure of the company’s shareholding on 31.12.2003 is the following:

SHAREHOLDING STRUCTURE ON 31.12.2003

The following table summarizes the changes in the composition of the company’s

shareholding from 1.1.2003 to 31.12.2003 (includes only the changes relating to shareholders

participating in the share capital with not less than 5%):

CHANGES IN SHAREHOLDING

OWN SHARES (TREASURY STOCK) Materializing the resolution of the Shareholders’ Ordinary General Meeting of 29.06.2000 the

company set forth a share repurchase program in order to stabilize the market price and the

liquidity of the traded shares.

The first such purchase was made on July 17, 2000 and during the fiscal year 2000 the

company purchased 1,226,740 own shares, i.e. 1.630% of its share capital.

The share repurchase program lasted until 30.6.2001. During the first half of the fiscal year

2001 the Company purchased 153.030 shares. I.e. 0.220% of its share capital.

Following the above, on 31.12.2002 the Company held in its securities portfolio 1.379.770 own

shares of a total acquisition value of 31.123 thousand euros. These shares were transferred from

the asset account «Securities - Own shares» to a related liabilities account debiting "Equity".

It is noted that the 1.379.770 own shares, that the company held according to the above, were

cancelled pursuant to the resolution of the Shareholders’ Extraordinary General Meeting of

16.02.2004, decreasing the company’s share capital by an amount equal to their total nominal

value, i.e. 827.862 euros, and also decreasing respectively the reserve account «Difference from

issuing shares at a premium», i.e. by 3.779.448,13 euros.

(%)Shareholder 31.12.2002 31.12.2003 Shareholding change

1.1.2003-31.12.2003

Christos D. Lambrakis 50,003% 50,003% 0,000%

Anna D. Lambrakis 8,842% 8,842% 0,000%

Lena D. Savvidis 6,441% 6,441% 0,000%

Lambrakis Press SA (Own shares) 1,832% 1,832% 0,000%

Other shareholders (< 5% each) 32,882% 32,882% 0,000%

TOTAL 100,00% 100,00% 0,000%

Shareholder Number of shareholders Number of shares Percentage of total

Christos D. Lambrakis 1 37.652.000 50,003%

Anna D. Lambrakis 1 6.657.690 8,842%

Lena D. Savvidis 1 4.850.450 6,442%

Lambrakis Press SA (Own shares) 1 1.379.770 1,832%

Other shareholders (< 5% each) 34.948 24.760.090 32,882%

TOTAL 34.952 75.300.000 100,00%

108

CHA

PTE

R X

II

109

CHA

PTE

RXI

II

M A R K E T V A L U E O F T H E S H A R E S

MARKET VALUE OF THE SHARES

Lambrakis Press SA is currently included within the 60 top listed companies on the Athens

Stock Exchange, based on its weighted capitalization: The company’s shares are constituents of

the following indices:

ASE General

FTSE/ASE Mid-40

ASE Publishing Sector Index

Dow Jones Sustainability World Index

FTSE/Mediterranean-100

MONTHLY STATISTICAL DATA FOR THE YEAR 2003

Closing price at Monthly average Montly average Monthly average Total monthlyMonth

month’s end (euro) price (euro) traded volume (shares) turnover (euro) turnover (euro)

January 2,11 2,35 245.298 587.006 12.327.132

February 2,05 2,08 115.869 242.273 4.845.457

March 1,88 1,92 183.116 358.005 6.802.094

April 2,28 2,20 293.053 660.854 11.895.367

May 2,32 2,40 287.930 472.639 12.640.131

June 5,74 3,88 829.138 3.212.685 64.253.694

July 6,37 6,06 671.593 4.164.042 95.772.961

August 6,02 6,23 321.523 2.029.537 40.590.742

September 4,60 4,98 327.051 1.645.521 36.201.467

October 5,45 5,31 318.391 1.702.936 39.464.596

November 5,19 5,25 274.268 1.451.082 29.021.637

December 4,41 4,62 223.355 1.059.059 22.240.248

1.1 - 31.12.2002 1.1 - 31.12.2003 1.1.-30.4.2004Closing priceseuros euros euros

Average 2,88 4,00 4,24

Lowest 1,57 1,63 2,94

Highest 4,80 6,75 5,35

Average daily traded volume (shares)

107.719 341.056 205.435

XIII

CHA

PTE

RXI

V

1 10

BOARD OF DIRECTORS

According to Article 13 of the Articles of Association:

a) The Company is managed by the Board of Directors, which consists of five (5) to fifteen

(15) members, that are elected by the General Meeting of the shareholders for a term of five (5)

years, that commences on the day of the Ordinary General Meeting of the year of their election

and expires on the date of the Ordinary General Meeting of the year of their departing. The

Board of Directors consists of Executive and non Executive members. Executive members are

considered those that deal with everyday management issues of the company, while non-

Executive those responsible for the overall promotion of all company issues. The number of

non-Executive members cannot be smaller than one third (1/3) of the total number of

members. If such ratio is fractional, it is rounded to the next integer number. Among the non-

Executive members of the Board of Directors there must be at least two Independent members

in the sense of art. 4 of Law 3016/2002 (Government Gazette section A’ issue no.

110/17.5.2002). The status of the members the Board of Directors as Executive or non-

Executive is assigned by the Board of Directors. The Independent members are assigned by the

Shareholders’ General Meeting. If a temporary member is elected by the Board of Directors

until the first upcoming Shareholders’ General Meeting in substitution of another Independent

member who resigned, deceased or his/her position became vacant for any reason, then the

elected member must also be Independent.

‚) Departing members are eligible for re-election

The current Board of Directors is elected pursuant to the resolution of the Shareholders’

Ordinary General Meeting of 30.05.2003 as follows:

1. Christos D. Lambrakis, Journalist, resident of Athens.

2. Apostolos S. Georgiadis, Professor of the University of Athens, resident of Psychico.

3. πoannis G. Goumas, Captain ∂.¡., resident of N. Erythraia.

4. Leon V. Karapanagiotis, Journalist, resident of Athens.

5. Nikolaos Ch. Koritsas, Lawyer, resident of Melissia.

6. Tryfon I. Koutalidis, Lawyer, resident of P. Psychico.

7. Konstantinos D. Lymberopoulos, Vice President Emeritus of the Supreme Court (Areios

Pagos), resident of Agia Paraskevi Attikis.

8. Adamantios A. Pepelassis, University Professor, resident of Filothei.

9. Grigorios D. Skalkeas, Member of the Academy of Athens, resident of Athens.

10. Stavros P. Psycharis, Journalist, resident of Athens.

The statutory term of the above Board of Directors extends until the Shareholders’ Ordinary

General Meeting that will be summoned no later than 30.6.2008, unless the General Meeting

decides otherwise.

From the above elected members, complying to art. 3 of Law 3016/2002, assigned as

Independent Members of the Board of Directors Messrs. Apostolos Georgiadis, Konstantinos

Lymberopoulos and Grigorios Skalkeas.

In its session dated 30.05.2003, the Board of Directors was summoned and assigned its

members the following status (Government Gazette issue No. 5047/2003):

Christos D. Lambrakis Executive President and Managing Director, Stavros P. Psycharis

Executive Vice President and General Manager, Apostolos S. Georgiadis Independent, Non

Executive Member, πoannis G. Goumas Non Executive Member, Leon V. Karapanagiotis

Executive Member, Nikolaos Ch. Koritsas Non Executive Member, Tryfon I. Koutalidis

Executive Member, Konstantinos D. Lymberopoulos Independent, Non Executive Member,

Adamantios A. Pepelassis Non Executive Member, Grigorios D. Skalkeas Independent, Non

Executive Member.

Furthermore, the Board of Directors in its meeting of 30.09.2003 assigned the duties of

Managing Director to the vice President of the Board of Directors, Mr. Stavros P. Psycharis and

the duties of General Financial and Administrative Officer of the Company to Mr. Damianos Z.

Hadjikokkinos.

As a result, the company’s Board of Directors was impaneled anew as follows:

The following details are noted for the members of the Board of Directors:

Christos D. Lambrakis, was born in Athens in 1934. From 1954 to 1957 worked as a

journalist in the newspaper «TO VIMA» and Director of the magazine «TACHYDROMOS».

In 1957 he undertook the Administration and General Management of Lambrakis Press.

Since 1970, when Lambrakis Press was transformed into an Incorporated Company, he

assumed the position of the Executive President of the Board of Directors of Lambrakis Press

SA. He is the President of Lambrakis Research Foundation.

Stavros P. Psycharis, was born in Athens in 1945 and has been working with Lambrakis

Press since 1968. Since the autumn of 1983 he is the Publisher and the Director of the

newspaper «∆o Vima». In September 2001 he also assumed the duties of General Manager

of Lambrakis Press SA. In December of the same year he was elected member and Vice

President of the Board of Directors of Lambrakis Press SA. Today he has the position of Vice

President of the Board of Directors and Managing Director of Lambrakis Press SA. He

participates in the Board of Directors of companies of Lambrakis Press group. He is the

Treasurer of the Lambrakis Research Foundation.

Apostolos S. Georgiadis, was born in Kalamata in 1935. He graduated from the Law School

of the University of Athens (1956) and the University of Munch (1962). He is Lawyer of

1. Christos D. Lambrakis President of the Board of Directors Executive President

Vice President of the Board 2. Stavros P. Psycharis

of Directors and Managing DirectorExecutive Vice President

3. Apostolos S. Georgiadis Member of the Board Independent, Non Executive Member

4. πoannis G. Goumas Member of the Board Non Executive Member

5. Leon V. Karapanagiotis Member of the Board Executive Member

6. Nikolaos Ch. Koritsas Member of the Board Non Executive Member

7. Tryfon I. Koutalidis Member of the Board Executive Member

8. Konstantinos D. Lymberopoulos Member of the Board Independent, Non Executive Member

9. Adamantios A. Pepelassis Member of the Board Non Executive Member

10. Grigorios D. Skalkeas Member of the Board Independent, Non Executive Member

1 1 1

B O A R D O F D I R E C T O R S XIV

Athens since 1959. He was Professor in the Universities of Munich (1967-1972) and Athens

(1973-2002). Since 2000 he is a member of the Academy of Athens. He has served as

Governor of the National Mortgage Bank of Greece (1989-1993), Legal Advisor to National

Bank of Greece (1976-2000), Legal Advisor to the Hellenic Telecommunications

Organization (1996-1999), Legal Advisor to the Church of Greece (1999 to date), Legal

Advisor of the Association of Greek Banks (2001-2002), Dean of the Law School of the

University of Athens (1987-1989). Since 2000 he is the Director of the legal magazine «Times

of Private Law» and partner in the company «Apostolos S. Georgiadis and Associates

Company of Lawyers»

Ioannis G. Goumas, was born in Athens in 1933. He is a graduate of the Training Nautical

College, H.M.S. (Worcester -England). He is Captain of the Commercial Navy. Founder and

President since 1971 of the company J. G. GOUMAS (SHIPPING) CO. SA. Since 1991 he

served as President of the Association of Greek Ship owners for two three-year terms until

1997, when he was named its President Emeritus. Member of the Board of Directors of Alpha

Bank. Member of the Greek Advisory Committee of the Public Welfare Foundation "Stavros

S. Niarchos".

Leon V. Karapanagiotis, was born in Athens in 1931. He studied Political Science in France

and Switzerland and has been working with Lambrakis Press since 1953. For many years he

was the Director the newspaper «TA NEA», being today its Publisher.

Nikolaos C. Koritsas, was born in Athens in 1965. He studied Law in the Universities of

Athens and London (LL.M. in International Business Law). Lawyer of Athens since 1990.

Tryfon I. Koutalidis, was born in Athens in 1934. He studied Law in the Universities of

Athens and London. Doctor of Law of the Law School of the University of Athens. Lawyer

of Athens. Vice President of the Commercial Bank, 1978. President of Olympic Airways,

1979. He has written books and research papers on legal issues.

Konstantinos D. Lymberopoulos, was born in Dorio, Messinia in 1935. He studied Law in

the Universities of Athens and Munich. Being Judge from 1962, he served as Head of the

Athens Justice of the Peace and the Athens Court of First Instance. He was promoted to

Chief Justice in 1992 and to Vice President of the Supreme Court (Areios Pagos) in 1998. On

1.7.2002, retiring on age, he withdrew from active service with the ranking of Vice President

Emeritus of the Supreme Court.

Adamantios A. Pepelasis, was born in Gastouni, Ilia in 1922. Ph. D. University of California-

Berkeley. Professor of Economics in the University of New York in Buffalo, in the University

of California and Virginia. Governor of the Agricultural Bank of Greece, Governor of the

Commercial Bank of Greece, President of the Foundation of Hellenic Civilization, Vice

President and General Manager of Lambrakis Research Foundation.

Grigorios D. Skalkeas, was born in Thalames, Messinia in 1926. He is Peer Professor of the

1 12

B O A R D O F D I R E C T O R S

University of Athens and Member of the Academy. He is President of the foundation for

Medical and Biological Research of the Academy of Athens, President of the Managing

Committee of the University of Sterea Hellas. Member of the Board of Directors of

Lambrakis Press SA. President of the Foundation to Support the Patriarchate of

Constantinople and Member of the Board of Directors of Theoharakis Foundation (unpaid).

EXECUTIVE COMMITTEEPursuant to resolution of the Board of Directors of 21.6.2002, the Executive Committee was

constituted, its task being the coordination and supervision of the divisions of Lambrakis Press

and the companies of its group. In this context, the Executive Committee proposes to the Board

of Directors the constitution of committees and formations, their impaneling (permanent or ad

hoc) and their responsibilities. These committees are constituted following resolution of the

Board of Directors, which includes their impaneling (permanent or ad hoc) and the jurisdiction

and authorities assigned to them. Through its members the Executive Committee heads all the

above committees and briefs the Board of Directors on their projects regularly.

According to the resolution of the Board of Directors dated September 30, 2003 the Executive

Committee has the following members:

AUDITING COMMITTEEFinally, pursuant to the resolution of the company’s Board of Directors dated 21.6.2002, an

Audit Committee was introduced with the authority to oversee the work of the Internal

Auditor, to evaluate and utilize the findings of the audit reports of the regulatory authorities

and the internal and external auditors and to report those findings to the company’s Board of

Directors.

According to the resolution of the company’s Board of Directors dated 30.05.2003 the Audit

Committee has the following members:

CORPORATE GOVERNANCEBeing listed on the Athens Stock Exchange, the Company abides by the regulations of Law

3016/17.05.2002 on Corporate Governance and conforms with the regulations of art. 3,4,6 to 8

and specifically has already procured for abiding with the regulations concerning:

π. G. Goumas Non executive member

N. Ch. Koritsas Non executive member

A. A. Pepelassis Non executive member

Christos D. LambrakisPresident of the Board of Directors

President

Leon V. KarapanagiotisMember of the Board of Directors

Vice President

Stavros P. PsycharisVice President of the Board of Directors and Managing Director

Member

Tryfon I. KoutalidisMember of the Board of Directors

Member

Damianos Z. HadjikokkinosGeneral Financial and Administrative Officer

Member

XIV

1 13

The statutory impaneling of the Board of Directors pursuant to the above, including in it six

non-executive members, three out of which are also independent.

The compilation and approval by the Board of Directors of Internal Rule Book

The organization and operation of the Auditing Committee and Internal Audit

Department.

REMUNERATION OF THE BOARD OF DIRECTORSThe members of the Board of Directors Mr. Christos D. Lambrakis, President, Mr. Stavros P.

Psycharis, Vice President and Mr. L. Karapanagiotis, render their services to the company as top

managerial executives holding the following positions:

The Ordinary General Meeting of the Company’s Shareholders of 30.05.2003 approved the

following annual salaries for the fiscal year 2003 and the first half of 2004:

2003 First half of 2004

Christos D. Lambrakis Up to euros 250.000,00 155.000,00

Stavros P. Psycharis " 235.000,00 140.000,00

Leon V. Karapanagiotis " 235.000,00 140.000,00

The total remuneration of the members of the Board of Directors that rendered their services

to the Company, pursuant to specific work contract, project contract or mandate in the fiscal

year 2003, i.e. of Messrs C. D. Lambrakis, S. P. Psycharis and L. V. Karapanagiotis, as approved

by the Ordinary General Meeting of the shareholders of 30.05.2003 amounted to 714 thousand

euros and ranged from 227 thousand euros to 244 thousand euros.

Moreover, during the fiscal year 2003 the company paid in total 418 thousand euros as

retirement remuneration to Members of the Board of Directors who retained a salary-based

relation with the Company.

It is noted that the Executive Member of the Board of Directors Mr. T. Koutalidis, does not

receive a salary for the services he renders as Special Legal Advisor of Lambrakis Press SA.

The attendance fees for each of the members of the Board of Directors - except Messrs. Chr.

Lambrakis, L. Karapanagiotis and St. Psycharis for the fiscal year 2003, were set by the Ordinary

General Meeting of the Shareholders of 30.05.2003 to 1.000 euros per month, regardless of the

number of sessions of the Board of Directors or other corporate bodies in which the member

participates.

In the year 2003, the above described attendance fees amounting to 132 thousand euros were

paid to the members of the Board of Directors to the debit of the fiscal year’s earnings. The

table of appropriation does not include fees of the Board of Directors.

Executive President of the Board of Directors - Christos D. Lambrakis

President of Executive Committee

Executive Vice President of the Board of Directors - Stavros P. Psycharis

Managing Director - Member of Executive Committee

Executive Member of the Board of Directors - Leon V. Karapanagiotis

Vice President of Executive Committee

1 14

PARTICIPATIONS OF THE MEMBERS OF THE BOARD OF DIRECTORSAND THE MAJOR SHAREHOLDERS OF THE COMPANY IN THEMANAGEMENT OF OTHER COMPANIES

The members of the Board of Directors and the major shareholders of the Company

(participating in the company’s share capital with more than 10%) that participate in the

management and/or the share capital of other companies are shown in the following:

Members of the Board of Directors Company in which Position in

and/or Shareholders with >10% they participate withParticipation

the Board participation in Lambrakis Press > 10%

(%)of Directors

MULTIMEDIA SA President

DOL DIGITAL SA 13,45% President

MELLON GROUP SA President

ARGOS SA President

STUDIO ATA SA. President

EUROSTAR SA President

N. GREECE PUBLISHING SA President

ATHENS NEWS SA President

Ch. D. Lambrakis ACTION PLAN SA President

RAMNET SA President

RAMNET SHOP SA President

¡∂A AKTINA SA President

NET ON LINE SA President

∆ELETYPOS SA. Member

DATAFORMS SA 20,61% No participation

D. E. PUBLISHING LTD 100,00% No participation

DOL DIGITAL SA Vice President

IRIS PRINTING SA President

ELLINIKA GRAMMATA SA Vice PresidentSt. P. Psycharis

ATHENS NEWS SA Member

SPECIAL PUBLICATIONS SA President

MICHALAKOPOULOU SA President

Ap. St. Georgiadis APOSTOLOS S. GEORGIADIS & ASSOCIATES COMPANY 26% Senior PartnerOF LAWYERS

MYTILINAIOS SA – GROUP OF COMPANIES

Member

ASSOCIATION OF GREEK SHIPOWNERS

President Emeritus

I. G. GOUMAS SA - Shipping Companyπ. G. Goumas of Law 89/67 based in Panama President

ALPHA BANK Member

ADVISORY COMMITTEE of theGREEK NIARCHOS FOUNDATION Member

L. V. Karapanagiotis ATHENS NEWS SA Vice President

¡. C. ∫oritsas No participations

ATHENS NEWS SA Member

STUDIO ATA SA Member∆r. π. ∫outalidis

TR. I. KOUTALIDIS LAW OFFICE - COMPANY OF LAWYERS 70% Senior Partner

∫. D. Lyberopoulos No participations

A. A. Pepelassis LAMBRAKIS RESEARCH FOUNDATION General Manager

FOUNDATION OF MEDICAL AND BIOLOGICAL RESEARCH OF THE ACADEMY OF ATHENS President

Gr. SkalkeasFOUNDATION FOR THE SUPPORT THECONSTANTINOPLE PATRIARCHATE Member

THEOCHARAKIS FOUNDATION Member

XIV

1 15

B O A R D O F D I R E C T O R S

The members of the Company’s Board of Directors and the Company’s major shareholders

(holding more than 10% of the company’s share capital) do not participate in the management

or the share capital of other companies, with no less than 10%, neither they exercise managerial

influence nor they maintain any other relation with any other companies except the ones

described above.

Lambrakis Press SA entrusts its legal issues to the Law Office of Tr. I. Koutalidis.

Beyond the above, no business relation, agreement, contract or transaction exists between

the Company and the above companies, except those described in the related chapter of this

Annual Report.

1 16

M A N A G E M E N T O F T H E C O M P A N Y

MANAGEMENT OF THE COMPANYThe management of the Company and the supervision of its group are carried out by the

Board of Directors and the Executive Committee and in particular from Messrs:

who are supported in their tasks by a number of managerial staff as follows:

DIRECTORS AND MANAGERS OF THE FINANCIAL AND ADMINISTRATIVE DEPARTMENTS

Group Financial and Human Resources Manager ¡. Katsibrakis

Head of the Legal Department ∫. Mintziras

Internal Audit Manager P. Rigas

Manager of the Treasury ∞. Vassilas

Financial Planning and Analysis Manager ¡. Tsouvalas

Business Development & Corporate Announcements Manager K. Glynou

Investor Relations Manager ∞. Christakis

Financial Manager of the Publishing Sector ¡. Anastasopoulos

Financial Manager of the IT and New Technologies Sector D. Albanis

Financial Manager of the Printing Sector ∫. Trampakoulas

Financial Manager of the Tourist Sector G. Tsialikis

Financial Manager of the Participations Sector ∞. Dousmanopoulos

Manager of the IT and New Technologies Sector P. Psycharis

Deputy manager of the IT and New Technologies Sector D. Xenakis

Accounting Manager Th. Ntolos

Accounting Supervisor V. Valsamaki

DIRECTORS AND MANAGERS OF LAMBRAKIS PRESS PUBLICATIONS

Director of Newspaper «∆∞ ¡∂∞» - Director of Magazine «TACHYDROMOS» P. Kapsis

Publishing Advisor of Newspaper «∆∞ ¡∂∞» V. Nikolopoulos

Managing Editor of Newspaper «∆∞ ¡∂∞» I. Matsikas

Managing Editor of Newspapers «TO VIMA» and «TO VIMA TIS KYRIAKIS» Ch. Memis

Deputy Director of Newspaper «TO VIMA TIS KYRIAKIS» L. Zenakos

Director of Magazines «VIMAGAZINO» and «VIMADONNA» Th. Lalas

Director of Magazine «ECONOMICOS TACHYDROMOS» ¡. Nikolaou

Director of Magazines «GAMOS» and «TO PAIDI MOU KI EGO» √. Ioannou

Director of Magazine «DIAKOPES» ∂. Karapanagioti

Director of Scientific Magazines Sector Th. Spinoulas

Director of Magazine «RAM» G. Kopeliadis

Director of Magazine «HITECH» ª. Katohianou

Director of Magazine «NATIONAL GEOGRAPHIC» ¡. ªargaris

Director of Magazine «VITA» ¡. Amanitis

Director of Lambrakis Press Archive L. Savvidis

Christos D. Lambrakis, Leon V. Karapanagiotis, President of the Board of Directors - Vice President of the ExecutivePresident of the Executive Committee - Member of the Board Committee of Directors

Stavros P. Psycharis, D. Z. Hadjikokkinos,Vice President of the Board of Directors - General Financial and Managing Director - Member Administrative Officer - of the Executive Committee Member of the Executive Committee

XV

1 17

CHA

PTE

RXV

According to the provisions of Resolution 5/204/14.11.2000 of the Capital Markets

Commission, the Company has set in operation the following departments:

Department of Internal Audit headed by Mr. Pantelis L. Rigas

Department of Investor Relations headed by Mr. Alexandros G. Christakis and

Department of Corporate Announcements headed by Ms. Kleopatra D. Glynou

The total remuneration of the company’s directors and managers for the fiscal year 2003

amounted to 3.049 thousand euros and ranged from 47 thousand euros to 211 thousand euros.

All the company’s directors, mangers and heads of departments are Greek citizens.

The degrees of kin relationships up to and including the second in-law degree between the

major shareholders, the Members of the Board of Directors and the Directors and Managers are

stated in chapter «Board of Directors» of this Annual Report.

The mail address of the Directors and Managers of Lambrakis Press SA is the head office of the

Company at 3, Christou Lada Street, GR-10237 Athens.

DIRECTORS AND MANAGERS OF COMMERCIAL DEPARTMENTS

Commercial Manager of Newspapers and Weekly Supplement Magazines ∂. Evangeliou

Commercial Manager of Magazines ∂. Fetsi

Commercial Manager of Scientific Magazines Department ∞. Vlachou

Commercial Manager of Women’s Magazines Department ¡. Agiopetritou

Circulation Office Manager V. Georgas

Manager of the Department of Advertisement Statistics and Market Monitoring √. Katsilomyti

ADVISORS TO THE MANAGEMENT

Advisor to the Management on Commercial Issues ∂. Pagida

Advisor on Electronic Editions of Newspapers π. Giannarakis

Publishing Advisor of Variety Magazines R. Mitropoulou

1 18

PERSONS AND LEGAL ENTITIES REQUIRED TO NOTIFY THEIRTRANSACTION CODES IN THE INTEGRATED AUTOMATIC SYSTEM OF ELECTRONIC TRANSACTIONS (OASIS)

On 31.3.2004, the persons and legal entities required to notify their transaction codes in the

Integrated Automatic System of Electronic Transactions (OASIS), according to art. 8 of

Resolution No. 5/204-14-11-2000 of the Capital Markets Commission were the following:

Persons:

Shareholders holding over 20%: Christos D. Lambrakis

Members of the Board of Directors of Lambrakis Press SA with a salary-based relation:

Christos D. Lambrakis, Stavros P. Psycharis, Leon V. Karapanagiotis

Members of the Board of Directors with special duties: Tryfon I. Koutalidis

Managing Director: Stavros P. Psycharis

General Financial and Administrative Officer: Damianos. Z. Hadjikokkinos

Group Financial and Human Resources Manager: Nikolaos I. Katsimbrakis

Financial Manager of the Publishing Sector of Lambrakis Press SA: Nikolaos G.

Anastasopoulos

Accounting Manager of Lambrakis Press SA: Theodoros D. Ntolos

Accounting Supervisor of Lambrakis Press SA: Vasiliki P. Valsamaki

Head of the Internal Audit Department of Lambrakis Press SA: Pantelis L. Rigas

Head of the Share Registry Department of Lambrakis Press SA: Alexandros G. Christakis

Head of the Corporate Announcements Department of Lambrakis Press SA: Kleopatra D.

Glynou

Regular Chartered Auditors of Lambrakis Press SA: Efstathios Prassas, Sofia Kalomenidou

Head of the Legal Department of Lambrakis Press Group: Kostas ∞. Mintziras

Affiliated companies: Multimedia SA., DOL Digital SA., IRIS Printing SA, Ramnet SA., Ramnet

Shop SA., Netonline SA., Action Plan SA., Action Plan HR SA., Studio ATA SA., ¡ea Aktina

SA, Eurostar SA, ∂xpo Plan SA., Triaina Travel-St. Lagas SA, Special Publications SA, Hearst

Lambrakis Publishing Ltd, MC Hellas SA, Ellinika Grammata SA, ªichalakopoulou SA.

1 19

M A N A G E M E N T O F T H E C O M P A N Y XV

120

PERSONNEL

In particular, the evolution of the annual average of personnel employed by Lambrakis Press

SA for the years 2002 and 2003 is shown in the following table:

(1) Includes the Executive Members of the Board of Directors that are paid salaries.

It is noted that besides the above salary-based personnel, there are 608 more free-lancers that

render their services to the company and are paid on a project basis. In 2003 the total

remuneration to personnel and free-lancers amounted to 4.254 thousand euros.

Approximately 42% of the company’s personnel are university or college graduates, out of

which 21% hold postgraduate degrees

In the context of enhancing its involvement in human resources issues, in February 2001 the

Company established the Human Resources Department. During fiscal year 2003, the company

carried out training programs focusing on technology subjects, further developed the

information systems of human resources management and continued to deploy procedures and

policies regarding the management of human resources.

The management of the company maintains excellent relations with its personnel.

The following table shows the company’s personnel expenses:

PERSONNEL EXPENSES

The average number of personnel that was employed in the fiscal year 2003 by the companies

included in the consolidated financial statements of Lambrakis Press Group reached 2.333 and

their salaries and related expenses amounted to 61.353 thousand euros against 58.987 thousand

euros in the fiscal year 2002.

1.1.2002- 31.12.2002 1.1.2003- 31.12.2003CLASS

in thousand euros in thousand euros

Employees’ salaries and benefits 21.999,68 23.452,57

Social security 1.447,41 1.453,40

Total 23.447,09 24.905,97

Average number Average number :

of fully employed(1) 2002 of fully employed(1) 2003

Top managers 4 4

Journalists - Proofreaders etc 384 375

Administrative employees 170 176

Commercial Division employees 95 98

Financial Division employees 98 95

Information Technology 23 27

Other 11 11

Pre-press 26 12

Printing 6 6

Total 817 804CHA

PTE

RXV

I

T H E C O M P A N Y ’ S I N V E S T M E N T S F O R T H E P E R I O D 1 9 9 9 - 2 0 0 3 XVII

121

THE COMPANY’S INVESTMENTS FOR THE PERIOD 1999-2003

The following table shows the company’s investments per category of capital expenditure for

the period 1999 -2003

INVESTMENTS (*)

.

1999 2000 2001 2002 2003 Total

COMPANY NAME Thousand Thousand Thousand Thousand Thousand Thousand

euros euros euros euros euros euros

MULTIMEDIA SA 1.467,35 0,00 0,00 0,00 0,00 1.467,35

DOL DIGITAL SA 19.075,57 0,00 234,78 440,00 0,00 19.750,35

IRIS PRINTING SA 0,00 0,00 0,00 0,00 0,00 0,00

ARGOS SA 763,02 0,00 0,00 272,95 0,00 1.035,97

FREEGATE TOURISM INC. 372,71 99,78 1.634,63 0,00 0,00 2.107,12

MELLON GROUP SA 308,14 0,00 0,00 0,00 0,00 308,14

M. LEVIS SA 821,72 0,00 0,00 0,00 0,00 821,72

NORTHERN GREECE PUBLISHING SA

1.173,88 1.467,35 0,00 411,43 0,00 3.052,66

STUDIO ∞∆∞ SA 135,00 0,00 0,00 0,04 0,00 135,04

TILETYPOS SA 0,00 3.286,87 2.585,47 0,00 0,00 5.872,34

ACTION PLAN SA 440,21 0,00 1.212,03 2.959,83 0,00 4.612,07

ACTION PLAN HR SA. 0,00 0,00 0,00 2,35 0,00 2,35

NEA AKTINA SA. 44,02 0,00 0,00 0,00 0,00 44,02

SPECIAL PUBLICATIONS SA 3.072,63 889,21 1.074,10 1.176,00 69,00 6.280,94

MC HELLAS SA 733,68 0,00 0,00 0,00 0,00 733,68

HEARST LAMBRAKIS PUBLISHING LTD 14,67 733,68 0,00 0,00 0,00 748,35

EUROSTAR SA 0,00 0,00 1.766,69 0,00 0,00 1.766,69

PAPASOTIRIOU SA 0,00 2.054,29 0,00 0,00 0,00 2.054,29

ELLINIKA GRAMMATA SA 0,00 586,94 0,00 16,65 0,00 603,59

PUBLISHING COMMUNICATIONS SA

0,00 146,74 0,00 0,00 0,00 146,74

ODEON SA 0,00 4.490,10 0,00 0,00 0,00 4.490,10

ODEON LICENSING SA 0,00 26,41 0,00 0,00 0,00 26,41

DIGITAL PRESS SA 0,00 1.939,84 0,00 0,00 0,00 1.939,84

EKDOSEIS 4 LTD 0,00 0,00 426,70 23,30 0,00 450,00

PAPER PACK I. TSOUKARIDIS SA

1.526,05 4.061,63 0,00 0,00 0,00 5.587,68

EXPO PLAN SA 88,04 0,00 0,00 0,00 0,00 88,04

MICROLAND SA 977,26 12.835,00 0,00 0,00 0,00 13.812,26

MICHALAKOPOULOU SA 0,00 0,00 0,00 0,00 24.781,00 24.781,00

TOTAL 31.013,95 32.617,84 8.934,40 5.302,55 24.850,00 102.718,74

1999 2000 2001 2002 2003 TotalInvestment category Thousand Thousand Thousand Thousand Thousand Thousand %

euros euros euros euros euros euros

Land - building lots 2.890,68 0,00 956,71 0,00 1.475,00 5.322,39 4,23%

Buildings and facilities 2.876,01 1.267,79 451,94 2,50 8,18 4.606,42 3,66%

Machinery - technical installations 1.617,02 26,41 0,00 0,00 0,00 1.643,43 1,31%

Vehicles and other transportation equipment 243,58 264,12 79,24 9,81 8,55 605,30 0,48%

Furniture and appliances 2.203,96 1.705,06 314,01 151,96 89,24 4.464,23 3,55%

Fixed assets under construction 490,10 625,09 531,18 484,12 4.290,95 6.421,44 5,11%

Total tangible fixed assets 10.321,35 3.888,47 2.333,08 648,39 5.871,92 23.063,21 18,34%

Affiliated companies and other participations 31.013,94 32.617,83 8.934,40 5.302,56 24.850,00 102.718,73 81,66%

GRAND TOTAL 41.335,29 36.506,30 11.267,48 5.950,95 30.721,92 125.781,94 100,0%

CHA

PTE

RXV

Iπ

(*) The company’s investments for new publishing products are not included.

REVIEW OF ACTIVITIES AND EARNINGSINCOME STATEMENT (1)

(1) Certain amounts of the fiscal year 2002 have been adjusted in order to be comparable with the

amounts of the fiscal year 2003. Specifically, direct selling expenses relating to fiscal year 2003, were

included in distribution expenses instead of Cost of Goods Sold in order to become compatible

with industry practice. The respective accounts for fiscal year 2002 were adjusted accordingly.

(2) To calculate the gross and operating earnings, depreciation has been deducted from the

Cost of Goods Sold, the administrative and selling expenses.

(3) No profit was distributed to the members of the Board of Directors for the fiscal years 2002

and 2003.

2002 2003thousands euros thousands euros

Turnover from:

Publishing newspapers and magazines 108.340,95 117.335,45

Rendering of services 4.423,74 4.862,73

Sales of goods 674,89 721,97

Sales of by-products 527,52 434,31

Total turnover 113.967,10 123.354,46

Less: Cost of goods sold before depreciation (2) 72.081,56 70.965,02

Gross earnings before depreciation (2) 41.885,54 52.389,44

% on turnover 36,75% 42,47%

Plus: Other income 1.869,66 1.595,26

Total before depreciation (2) 43.755,19 53.984,69

% on turnover 38,39% 43,76%

Less: Administrative expenses before depreciation 6.577,30 8.284,52

Less: Selling expenses before depreciation 33.098,99 35.428,25

Operating earnings before depreciation (2) 4.078,91 10.271,92

% on turnover 3,58% 8,33%

Plus: Income and profit from participations and securities 2.052,86 2.356,86

Less: Expenses and loss from participations and securities 0,00 88,82

Less: Provisions for devaluation of participations 1.406,21 0,00

Plus: Extraordinary and non operating income 3.825,59 3.890,83

Less: Extraordinary and non operating expenses 2.500,08 1.219,23

Earnings before interest, depreciation and tax 6.051,07 15.211,56

% on turnover 5,31% 12,33%

Plus: Credit interest 33,37 8,88

Less: Debit interest 831,76 647,07

Earnings before depreciation and tax 5.252,68 14.573,37

% on turnover 4,61% 11,81%

Less: Fiscal year’s depreciation 3.244,33 2.522,78

Earnings before tax 2.008,35 12.050,59


Less: Fiscal year’s income tax 0,00 0,00

Less: Other tax of current fiscal year 82,89 90,36

Earnings after tax 1.925,44 11.960,23


Less: Remuneration of Board of Directors members (3) 0,00 0,00

Earnings after tax and remuneration of Board of Directors members

1.925,44 11.960,23

Less: Tax imposed by tax auditor 0,00 0,00

Earnings after current year’s tax, Board of Directorsremuneration and tax imposed by tax auditor

1.925,44 11.960,23

CHA

PTE

RXV

III

122

R E V I E W O F A C T I V I T I E S A N D E A R N I N G S XVIII

123

ANALYSIS OF ACTIVITY - TURNOVERThe evolution of turnover per sector of the company’s business activity during the fiscal years

2002 and 2003 is shown in the following table.

TURNOVER

GEOGRAPHICAL ALLOCATION OF TURNOVER

The account «Other Income», amounting in 2003 to 1.595 thousand euros, includes income

from rents of buildings, machinery and income from services rendered.

EVOLUTION OF COST OF GOODS SOLD - GROSS EARNINGSThe evolution of cost of goods sold and gross earnings for the fiscal years 2002 and 2003 is

shown the following table:

COST OF GOODS SOLD - GROSS EARNINGS

2002 2003


Turnover 113.967,10 123.354,46

Less: Cost of Goods Sold

Compensation, Benefits and Expenses of Personnel 18.801,15 17.904,00

Compensation and expenses of third parties 47.544,39 44.346,95

Third party benefits 1.577,80 1.856,53

Miscellaneous expenses 2.912,74 2.818,76

Consumptions 1.245,49 4.038,78

Total cost of Goods Sold 72.081,56 70.965,02

Gross Earnings before Depreciation 41.885,54 52.389,44

Depreciation 1.520,74 898,77

Gross Earnings 40.364,80 51.490,66

2002 2003thousand euros thousand euros %

Domestic sales 113.095,61 123.146,32 99,83%

International sales 871,49 208,14 0,17%

Total turnover 113.967,10 123.354,46 100,00%

2002 2003thousand euros thousand euros %

Income from Circulation 58.897,17 64.718,05 52,47%

Income from Advertisement 49.443,78 52.617,40 42,66%

Total Income from publishing activities 108.340,95 117.335,45 95,12%

Income from services rendered 4.423,74 4.862,73 3,94%

Income from sales of goods 674,89 721,97 0,59%

Income from sales of byproducts 527,52 434,31 0,35%

Total turnover 113.967,10 123.354,46 100,00%

REVIEW OF ADMINISTRATIVE AND SELLING EXPENSESThe evolution of Administrative and Selling Expenses for the fiscal years 2002 and 2003 is

shown in the following table

ADMINISTRATIVE AND SELLING EXPENSES


Administrative Expenses


Compensation and expenses of third parties 919,34 1.577,53


Tax – duties 189,91 295,98


Total Administrative Expenses before Depreciation 6.577,31 8.284,52

Depreciation 935,36 791,748

Total Administrative Expenses 7.512,67 9.076,27

Selling Expenses


Compensation and expenses of third parties 20.244,35 22.189,66



Total Selling Expenses before Depreciation 33.098,99 35.428,25

Depreciation 788,233 832,25

Total Selling Expenses 43.844,88 36.260,51

Total administrative and Selling Expenses 51.357,55 45.336,77

124

R E V I E W O F A C T I V I T I E S A N D E A R N I N G S

REVIEW OF EXTRAORDINARY EARNINGSThe evolution of Extraordinary Earnings for the fiscal years of 2002 and 2003 is shown in the

following table:

EXTRAORDINARY EARNINGS (IN THOUSAND EUROS)

The account "Extraordinary Results" includes the profit that stemmed during 2003 from the

sale of the building on 52, Pireos street, Moschato.

2002 2003

Extraordinary and non operating expenses

Tax fines and surcharges 56,5 275,28

Other extraordinary and non operating expenses 4,58 1,56

Foreign exchange differences stemming during the fiscal year, mainly at the payment of loan liabilities in FX 1,6 12,48

Total 62,68 289,31

Extraordinary loss

Loss from liquidation of machinery and equipment 0,00 70,01

Loss from liquidation of vehicles 13,3 0,39

Loss from liquidation of furniture and apparatus 5,05 0,51

Other loss 0,09 0,00

Total 18,44 70,90

Previous years’ expenses

Previous years’ tax and duties 7,89 1,19

Personnel layoff compensation 1.856,40 719,68

Third party services 3,65 34,21

Miscellaneous expenses 36,58 11,79

Tax fines 0,01 0,00

Other expenses of previous years 0 32,59

Third party remuneration 269,72 59,56

Total 2.174,25 859,01

Provisions for extraordinary risks 244,65 0,00

Grand total of extraordinary expenses and loss 2.500,02 1.219,23

Extraordinary and non operating income

Foreign exchange differences 60,79 58,83

Miscellaneous income 2,13 3,89

Compensation for pre-mature real estate lease breach 12,24 0,00

Total 75,16 62,72

Extraordinary profit

Profit from liquidation of fixed assets 3.649,91 1.461,90

Profit from liquidation of vehicles 2,56 4,91

Profit from liquidation of furniture 3,96 0,49

Other profit 5,47 0,16

Total 3.661,90 1.467,47

Previous years’ income

Income from previous years’ provisions 0,00 695,04

Income from collateral services 0,00 66,26

Insurance compensation 13,78 51,76

Other income of previous years 0,02 1.508,46

Income from program subsidies 74,73 39,12

Total 88,53 1.599,33

Grand total of Extraordinary Income and Profit 3.825,59 3.890,83

XVIII

125

FINANCIAL EXPENSESThe evolution of Financial Expenses for the fiscal years of 2002 and 2003 is shown in the

following table:

FINANCIAL EXPENSES

DEPRECIATIONThe evolution of depreciation and its allocation in the Cost of Goods Sold, Administrative

Expenses and Selling Expenses for the years 2002 and 2003 are shown in the following table:

ALLOCATION OF DEPRECIATION

APPROPRIATION OF EARNINGS BEFORE DEPRECIATIONThe appropriation of the company’s earnings before depreciation and tax for the years 2002

and 2003, according to the audited financial statements, is the following:

APPROPRIATION OF EARNINGS BEFORE DEPRECIATION

2002 2003 Total

Thousand euros Thousand euros Thousand euros

Earnings before depreciation and tax 5.252,67 14.573,36 19.826,03

Total for appropriation 5.252,67 14.573,36 19.826,03

Total depreciation 3.244,33 2.522,78 5.767,11

Other tax of current fiscal year 82,89 90,36 173,26

Balance of earnings carried forward 1.925,44 11.960,23 13.885,67

Total 5.252,67 14.573,37 19.826,03


Cost of Goods Sold 1.520,74 898,78

Administrative Expenses 935,36 791,75

Selling Expenses 788,23 832,25

a) Included in Operating Cost 3.244,33 2.522,78

b) Not included in Operating Cost 0,00 0,00

Grand total 3.244,33 2.522,78


Interest on long-term loans 0,00 0,00

Interest on short-term loans 807,42 635,90

Other financial expenses 24,35 11,17

Total 831,76 647,07

126

R E V I E W O F A C T I V I T I E S A N D E A R N I N G S

REVIEW OF EXTRAORDINARY EARNINGSThe evolution of Extraordinary Earnings for the fiscal years of 2002 and 2003 is shown in the

following table:

EXTRAORDINARY EARNINGS (IN THOUSAND EUROS)

The account "Extraordinary Results" includes the profit that stemmed during 2003 from the

sale of the building on 52, Pireos street, Moschato.

2002 2003

Extraordinary and non operating expenses

Tax fines and surcharges 56,5 275,28

Other extraordinary and non operating expenses 4,58 1,56

Foreign exchange differences stemming during the fiscal year, mainly at the payment of loan liabilities in FX 1,6 12,48

Total 62,68 289,31

Extraordinary loss

Loss from liquidation of machinery and equipment 0,00 70,01

Loss from liquidation of vehicles 13,3 0,39

Loss from liquidation of furniture and apparatus 5,05 0,51

Other loss 0,09 0,00

Total 18,44 70,90

Previous years’ expenses

Previous years’ tax and duties 7,89 1,19

Personnel layoff compensation 1.856,40 719,68

Third party services 3,65 34,21

Miscellaneous expenses 36,58 11,79

Tax fines 0,01 0,00

Other expenses of previous years 0 32,59

Third party remuneration 269,72 59,56

Total 2.174,25 859,01

Provisions for extraordinary risks 244,65 0,00

Grand total of extraordinary expenses and loss 2.500,02 1.219,23

Extraordinary and non operating income

Foreign exchange differences 60,79 58,83

Miscellaneous income 2,13 3,89

Compensation for pre-mature real estate lease breach 12,24 0,00

Total 75,16 62,72

Extraordinary profit

Profit from liquidation of fixed assets 3.649,91 1.461,90

Profit from liquidation of vehicles 2,56 4,91

Profit from liquidation of furniture 3,96 0,49

Other profit 5,47 0,16

Total 3.661,90 1.467,47

Previous years’ income

Income from previous years’ provisions 0,00 695,04

Income from collateral services 0,00 66,26

Insurance compensation 13,78 51,76

Other income of previous years 0,02 1.508,46

Income from program subsidies 74,73 39,12

Total 88,53 1.599,33

Grand total of Extraordinary Income and Profit 3.825,59 3.890,83

XVIII

127

REVIEW OF THE COMPANY’S BALANCE SHEETThe evolution of the company’s Balance Sheet for the years 2002 and 2003 is shown t\in the

following table:

BALANCE SHEET (1)


ASSETSEstablishment expenses 8.201,44 8.397,35

Less: accrued depreciation 6.285,06 7.175,20

Non depreciated establishment expenses 1.916,38 1.222,15Intangible assets 354,83 354,10

Less: Accrued depreciation 274,03 283,23

Non depreciated intangible assets 80,81 70,86Tangible assets 26.939,34 29.200,39

Less: Accrued depreciation 10.977,43 11.265,61

Non depreciated tangible assets 15.961,91 17.934,79Participations in associated companies 107.177,41 130.004,85Other long term receivables 360,66 442,86Total fixed assets 123.580,79 148.453,36Inventory 7.324,96 5.157,60

Clients 27.156,64 26.215,65

Bills of exchange receivable 352,92 0,00

Bills of exchange in arrears 88,99 66,20

Cheques receivable 22.537,21 23.512,75

Cheques in arrears 312,04 607,36

Bad, belated and litigious clients and debtors 790,87 895,68

Short term receivables from associated companies 1.502,23 3.548,34

Miscellaneous debtors 2.535,57 4.531,11

Pre-payments and credit accounts 1.179,90 248,90

Securities 23.131,54 17.883,56

Cash and cash equivalents 446,86 492,11

Total current assets 87.359,75 83.159,26Transitory accounts 598,78 2.975,02TOTAL ASSETS 213.455,70 235.809,78Off balance sheet accounts 3.929,04 29.976,43LIABILITIESShare capital 45.180,00 45.180,00

Share premium account 206.260,79 206.260,79

Revaluation differences of other assets 305,06 305,06

Reserves -27.700,21 -30.387,11

Earnings brought forward -19.928,98 -7.968,75

Treasury stock (own shares) -31.123,14 -31.123,14

Total equity 172.993,52 182.266,84Provisions 10,82 3,74Suppliers 20.138,81 12.912,35

Cheques payable 1.817,79 1.870,12

Pre-payments of clients 582,04 951,05

Short term bank liabilities 12.500,00 20.400,00

Tax and duties liabilities 1.167,52 1.281,62

Social security 633,77 691,04

Divided payable 269,21 264,89

Other short term liabilities 1.258,85 12.624,07

Total short term liabilities 38.367,98 50.995,14Total long and short term liabilities 38.367,98 50.995,14Transitory accounts 2.083,38 2.544,07TOTAL LIABILITIES 213.455,70 235.809,78Off balance sheet accounts 3.929,04 29.976,43

128

CHA

PTE

R X

IX

R E V I E W O F T H E C O M P A N Y ’ S B A L A N C E S H E E T

ESTABLISHMENT EXPENSESThe analysis of Establishment Expenses and the related depreciation for the fiscal year 2003 is

shown in the following table:

ANALYSIS OF ESTABLISHMENT EXPENSES 31.12.2003

The Initial Establishment Expenses mainly refer to pre-operation expenses and expenses of

initial promotion and launching of new publication titles.

Restructuring Expenses refer to investments in computer software and the Year’s Additions

(34,96 thousand euros) to purchase of computer software.

The Year’s Additions in Expenses of Fixed Asset Acquisition (162,33 thousand euros) refer to

expenses for purchasing the land plot in Pousi Hatzi, Peania.

FIXED ASSETSThe following table shows the change in the book value of the company’s fixed assets for the

period 31.12.2002-31.12.2003:

ANALYSIS OF INTANGIBLE FIXED ASSETS 31.12.2003

XIX

129

Acquisition value Depreciation Non-Thousand Fiscal Deletions Fiscal depreciatedeuros

Balanceyear’s Transfers

Balance Balanceyear’s

Delations Total balance

31/12/2002additions

31/12/2003 31/12/2003Depreciation

Transfers depreciation31/12/02

Initial establishment expenses 5.742,45 0,00 0,00 5.742,45 4.275,78 618,90 0,00 4.894,68 847,77

Expenses of fixed asset acquisition 909,32 162,33 0,00 1.071,65 822,78 60,94 0,00 883,72 187,93

Restructuring expenses 1.538,41 34,96 1,39 1.571,98 1.182,55 208,05 0,00 1.390,60 181,39

Other expenses of long term depreciation 4,40 0,00 0,00 4,40 1,21 0,88 0,00 2,09 2,31

Expenses for share capita increase 6,86 0,00 0,00 6,86 2,74 1,37 0,00 4,12 2,74

Total 8.201,44 197,29 1,39 8.397,35 6.285,06 890,14 0,00 7.175,20 1.222,15

Acquisition value Depreciation Non-Thousand Fiscal Fiscal depreciatedeuros

Balanceyear’s

Deletions Balance Balance year’s

Delations Total balance

31/12/2002additions

Transfers 31/12/2003 31/12/2003 Depreciation

Transfers depreciation31/12/02

Rights of industrial property 139,59 0,00 0,00 139,59 139,59 0,00 0,00 139,59 0,00

Other rights 215,25 0,00 0,74 214,51 134,44 9,21 0,00 143,65 70,86

Total 354,83 0,00 0,74 354,10 274,03 9,21 0,00 283,23 70,86

ANALYSIS OF TANGIBLE FIXED ASSETS 31.12.2003

For the detailed analysis of fixed assets, see chapter «FIXED ASSETS - GUARANTEES AND

COLLATERALS»

Fixed Assets are valuated at their acquisition value, as this value is adjusted according to

specific legislation of the Ministry of Finance and National Economy, increased by the value of

additions and improvements and decreased by the depreciation provided for in the law.

The depreciation of the company’s fixed assets was effected based on the factors provided for

in Presidential Decree 299/2003.

The acquisition values of land plots increased in fiscal year 2003 by 1.475 thousand euros due

to the purchase of the land plot at Pousi Hatzi and decreased by 552 thousand euros due to the

sale of the land lot at 52, Pireos street, Moschato.

Respectively, the value of buildings in 2003 decreased by 2.165 thousand euros due to the sale

of the building at 52, Pireos street, Moschato.

The fixed assets under construction refer to expenses to create the archive of newspapers and

magazines and expenses to renovate the building of the affiliate company

ªICHALAKOPOULOU SA, in which Lambrakis Press SA and its affiliated companies will be

relocated.

130

Acquisition value Depreciation Non-Thousand Balance Fiscal Deletions Balance Balance Fiscal Delations Total depreciatedeuros 31/12/2002 year’s Transfers 31/12/2003 31/12/2003 year’s Transfers depreciation balance

additions Depreciation 31/12/02

Land 2.784,69 1.475,00 552,64 3.707,05 0,00 0,00 0,00 0,00 3.707,05

Buildings and building installations 12.920,37 8,18 2.172,56 10.755,99 4.311,09 686,21 1.182,40 3.814,90 6.941,08

Machinery and installations 1.221,71 0,00 0,00 1.221,71 685,44 95,80 0,00 781,24 440,47

Vehicles and other means of transportation 540,91 8,55 34,24 515,23 292,31 73,04 29,93 335,42 179,80

Furniture - appliances 6.914,85 89,24 127,51 6.876,58 5.688,59 768,38 122,92 6.334,05 542,53

Total 24.382,53 1.580,97 2.886,95 23.076,55 10.977,43 1.623,42 1.335,25 11.265,61 11.810,95

Fixed assets under construction 2.556,81 4.290,95 723,92 6.123,84 0,00 0,00 0,00 0,00 6.123,84

Grand total 26.939,34 5.871,92 3.610,87 29.200,39 10.977,43 1.623,42 1.335,25 11.265,61 17.934,79


DIRECT PARTICIPATIONSThe evolution and analysis of the account «Participations in Associated Companies» (direct

participations in the share capital of other companies with a percentage exceeding 10%) for the

fiscal years 2002 and 2003 as well as the first four months of 2004 is shown in the following table

(in thousand euros):

In respect to the changes in the account «Participations» the following points are noted:

During the fiscal year 2003 Lambrakis Press SA sold to third parties its total participation

(100%) in the share capital of the company «Freegate Tourism Inc».

Lambrakis Press SA, shareholder of the company «Special Publications SA» with 65.58%

participation, purchased on 15.4.2003 from the other shareholders of the latter company their

total participation in it and consequently became the sole shareholder of «Special Publications

SA» with a 100% participation. Concurrently, the selling shareholder Mr. A. Terzopoulos

transferred to «Special Publications SA» the trade marks of the magazines «ª∂¡»,

«GAIORAMA» and «GEORAMA» but retained in his ownership the trademark of the magazine

«KLIK».

Participations Participations Participations

31/12/2002 31/12/2003 30/04/2004Company name

% Acquisition % Acquisition % Acquisition

Participation value Participation value Participation value

1) ¢√§ DIGITAL ∞∂ 78,71% 17.696 78,71% 17.696 78,71% 17.696

1) DOL DIGITAL SA 78,71% 17.696 78,71% 17.696 78,71% 17.696

2) MULTIMEDIA SA 100,00% 1.802 100,00% 1.802 100,00% 1.802

3) TILETYPOS SA 10,76% 32.653 10,76% 32.653 10,76% 32.653

4) STUDIO ATA SA 95,00% 216 95,00% 216 95,00% 216

5) MELLON GROUP SA 50,00% 734 50,00% 734 50,00% 734

6) FREEGATE TOURISM INC. 100,00% 539 0,00% 0 0,00% 0

7) IRIS PRINTING SA 70,00% 38.246 70,00% 38.246 70,00% 38.246

8) ARGOS SA 38,50% 1.120 38,50% 1.120 38,50% 1.120

9) NORTHERN GREECE PUBLISHING SA 33,33% 5.694 33,33% 5.694 33,33% 5.694

10) PAPASOTORIOU SA 30,00% 2.054 30,00% 2.054 30,00% 2.054

11) EUROSTAR SA 98,00% 6.962 98,00% 6.962 98,00% 6.962

12) NEA AKTINA SA 50,50% 45 50,50% 45 50,50% 45

13) ODEON LICENSING SA 24,23% 28 24,33% 28 24,23% 28

14) ELLINIKA GRAMMATA SA 51,00% 604 51,00% 604 51,00% 604

15) SPECIAL PUBLICATIONS SA 65,58% 6.213 100,00% 6.282 100,00% 6.282

16) ∏EARST - LAMBRAKIS PUBLISHING LTD 50,00% 748 50,00% 748 50,00% 748

17) ªC HELLAS SA 50,00% 734 50,00% 734 50,00% 734

18) DIGITAL PRESS SA 32,26% 1.940 0,00% 0 0,00% 0

19) ACTION PLAN SA 85,00% 4.170 85,00% 4.170 85,00% 4.170

20) EKDOSEIS 4 LTD 30,00% 450 30,00% 450 30,00% 450

19) MICHALAKOPOULOU SA 0,00% 0 100,00% 24.781 100,00% 24.781

Total 122.648 145.019 145.019

Less Provisions for devaluation

TILETYPOS SA 14.937 14.870

FREEGATE TOURISM Inc. 389 0

Less Installments due 147 147

Total 15.473 15.017

Net value of participations 107.177 130.002

XIX

131

On 13.9.2002, Lambrakis Press signed a «Sale Contract» with Mr. E. Krezias, according to

which it is provided that the minority holdings of Lambrakis Press in the companies Odeon SA,

Digital Press SA and Odeon Licensing SA shall be transferred to Mr. E. Krezias.

In particular, the above contract provides for the transfer to Mr. Krezias or to third party

indicated by him of:

52.921 common registered shares of Odeon SA, i.e. 46.75% of the company’s share capital,

owned by Lambrakis Press

10.486 common registered shares of Digital Press SA, i.e.32.26% of the company’s share

capital, owned by Lambrakis Press

945 common bearer shares of Odeon Licensing SA, i.e. 24,33% of the company’s share

capital, owned by Lambrakis Press

After the conclusion of the related transfers, Lambrakis Press will not hold any shares of the

companies Odeon SA, Digital Press SA and Odeon Licensing SA.

Already, pursuant to the "Contracts of Sale and Transfer of Shares" dated 13.9.2002, 13.1.2003

and 16.3.2003 the total number of shares of ODEON SA owned by Lambrakis Press SA were

transferred to Mr. Krezias and to a third party indicated by him and also 8.821 shares of Digital

Press SA, i.e. 27,14% of the company’s share capital were transferred to Mr. Krezias.

Pursuant to the private contract dated 3.11.2003, the contract dated 13.9.2003 was amended

and the deadline to conclude the transfer of the remaining 5.12% of the holding of Lambrakis

Press SA in Digital Press SA and the remaining 24.33% of the holding of Lambrakis Press SA in

Odeon Licensing SA was extended form September 2003, that was initially provided for, to

24.12.2004.

Following the above, on 31.12.2003 the less than10% participation in the company Digital

Press SA was transferred from the asset account «Participations» to the asset account «Shares».

The company «Ekdoseis 4 Ltd» was placed under liquidation with a unanimous resolution of

the Extraordinary General Meeting of the Stakeholders of 24.4.2003, following the joint and

consented dissolution on 4.4.2003 of the "License Granting Contract", which was signed on

9.1.2002 between the companies «Olympic Games Organizing Committee – Athens 2004 SA»,

«Ekdoseis 4 Ltd» Îand its stakeholders, i.e. the companies «Lambrakis Press SA», «Ellinika

Grammata SA», «Liberis Athens SA», «Imako Media Net Group SA.» and pertained to

publishing, producing, advertising, promoting, distributing and selling official maps of the

Athens 2004 Games, city guides and books carrying the Olympic logos.

The shares of the company ªICHALAKOPOULOU TOURIST – REAL ESTATE SA were

acquired within the fiscal year 2003. The acquisition value of the company depicts the high

surplus value of the company’s real estate at 80, Michalakopoulou Street, Athens, which

corresponds to 92% of the total assets of the company, as valuated by a certified valuation

company. In particular, the following are noted:

The Ordinary General Meeting of the Company’s Shareholders of 30.5.2003 approved the

amendment of the investment plan referring to the relocation of Lambrakis Press Group, so

that Lambrakis Press SA would not undertake the construction of a new building but to proceed

with the 100% acquisition of the company «Michalakopoulou SA», which owns a multi-story

building of a total area of 14.718,56 m2 on a land lot of 1.985,04 m2 that was deemed suitable

132


after the required renovations for the relocation and concentration of the departments of

Lambrakis Press SA and its affiliated companies. The relocation of the company and its affiliates

will begin in June 2004 and will be completed by the end of the fiscal year 2004.

VALUATION OF PARTICIPATIONSThe participations in affiliated companies were valuated as follows:

a) Investments in shares listed in the Athens Stock Exchange were valued at market in

accordance with Law N. 2992/2002.

b) Participations in companies not listed on the Athens Stock Exchange amounting to

approximately 112 million euros, out of which sixteen (16) companies representing

approximately 87 million euros are audited by certified auditors, were valued at their

acquisition value.

According to the notes of the Regular Chartered Auditors in the Certificate of Audit for the

year 2003, "Participations in Associated Companies " refer to:

" ..The account "Participations" (investments) includes holdings in companies not listed on

the Athens Stock Exchange amounting to 112 million euros approximately, out of which sixteen

(16) companies representing approximately 87 million euros are audited by certified auditors,

were valued at their acquisition cost and not according to article 43 par. 6 of the Corporate Law

2190/1920 (at the lowest between acquisition cost and fair value per participation). Had these

participations been valued at their fair value, they would have been impaired by approximately

38 million euros, which would have impacted the current year’s net income by approximately

XIX

133

Acquisition Intrinsic bookYear for value (art. Current value

COMPANY Participation financial Total Net 28 of the value. basedNAME % statement equity earnings Code of book of, on art. 43

Books and market par 6 ofRecords) Law 2190/20

1) DOL DIGITAL SA 78,71% 2003 -5.139 -1.565 17.696 0 0

2) MULTIMEDIA SA 100,00% 2003 2.121 206 1.802 2.121 1.802

3) ∆ILETYPOS SA 10,76% 2003 - - 32.653 17.783 17.783

4) STUDIO ATA SA 95,00% 2003 -1.258 -547 216 0 0

5) MELLON GROUP SA 50,00% 2002 1.511 1.231 734 755 734

6) IRIS PRINTING SA 70,00% 2003 81.593 -1.232 38.246 57.116 38.246

7) ARGOS SA 38,50% 2002 3.967 613 1.120 1.527 1.120

8) N. GREECE PUBLISHING SA 33,33% 2002 15.875 573 5.694 5.286 5.286

9) PAPASOTIRIOU SA 30,00% 2002 2.080 517 2.054 624 624

10) EUROSTAR SA 98,00% 2003 7.080 -204 6.962 6.938 6.938

11) ¡∂∞ ∞∫∆π¡∞ SA 50,50% 2003 212 542 45 107 45

12) ODEON LICENSING SA 24,23% 2002 68 95 28 16 16

13) ELLINIKA GRAMMATA SA 51,00% 2003 406 -688 604 207 207

14) SPECIAL PUBLICATIONS SA 100,00% 2003 -2.308 -730 6.282 0 0

15) ∏EARST - LAMBRAKIS PUBLISHING LTD 50,00% 2003 1.564 1.149 748 781 748

16) ªC HELLAS SA 50,00% 2003 1.602 863 734 801 734

17) ACTION PLAN SA 85,00% 2003 526 284 4.170 447 447

18) EKDOSEIS 4 LTD 30,00% 2002 - - 450 450 450

19) MICHALAKOPOULOU SA 100,00% 2003 16.028 -1.552 24.781 16.028 16.028

145.019 110.987 91.208

3 million euros and Retained Earnings by approximately 35 million euros".

As a standard practice the Company valuates its participations in non-listed companies

according to art. 28 of the Code of Books and Records (Presidential Decree 186/92) at their

acquisition value taking into account the following:

For companies in which Lambrakis Press SA is founding shareholder, the acquisition value

refers to the initial establishment payment and the subsequent share capital increases.

Some of the above companies are profitable and their net worth is higher than their

acquisition value resulting in the creation of significant gains. Nonetheless, there are companies

being in their initial operating stage and record losses resulting in their net worth being lower

than their acquisition values. Lambrakis Press SA expects that there is going to be a positive

reversal of these companies’ earnings.

For companies in which Lambrakis Press SA purchased its holding, the difference between

acquisition value and actual net worth does not constitute a permanent decrease of their value,

given than the largest part refers to premium paid at their acquisition. The expectations of

Lambrakis Press SA are that the companies’ outlook is positive, a view that anyway led to such

acquisition.

In any case, however, if an actual devaluation of a potential participation in any company

occurs, Lambrakis Press accounts for the corresponding provisions, so that its financial

statements reflect the actual value of its participations and consequently the actual value of the

financial and asset structure of the Company.

In the current financial statements there is no effect on the asset structure of the Company,

given that the report of the Chartered Auditor Accountant is owed to stringent application of

the provisions of Codified Law 2190/20, overlooking both the current book value of the

participations and the existing surplus value based on the positive perspective of the companies

in which Lambrakis Press SA participates.

The above companies are described in detail in the chapter «COMPANIES ASSOCIATED

WITH LAMBRAKIS PRESS SA».

134


CURRENT ASSETS

INVENTORIES

The evolution and analysis of account «Inventories» during the fiscal years 2002 and 2003 is


As a standard practice the Company applies the FIFO method to assess the value its

inventories.

The procedure of cost accounting and, hence, assessing the value of the production in progress

is the following: Inventories originating from purchases (merchandise, raw materials,

consumables etc) the valued at the lowest price per item between the purchase price and their

current market price at the end of the fiscal year. Inventories from in-house production, except

for residuals and byproducts, were valuated at their lowest price per item, between their

production cost and their replacement cost at the end of the fiscal year. This value was lower

than the net liquidation value. Residuals and byproducts were valuated at their probable sale

price.

The decrease in the inventoried merchandise is mainly attributable to the decrease of

merchandise offers.

Moreover, in 2003 the company proceeded with write offs of merchandise, products and

packaging materials, the value of which amounted to 1.354 thousand euros and merchandise

destroyed by fire, the value of which amounted to 1.635 thousand euros.

Production in progress refers to editorial expenses of magazines due next year (DIAKOPES,

GAMOS).

2002 2003Inventories


Merchandise 4.802,12 2.342,44

Finished and unfinished goods- byproducts and residuals 2.348,06 2.291,86

Production in progress 134,49 160,34

Raw and secondary material - Consumables - Spare parts and packaging materials 21,40 3,43

Advance payments for purchases of inventories 18,90 359,53

Total 7.324,96 5.157,60

XIX

135

RECEIVABLESThe evolution and analysis of account «Receivables» for the fiscal years 2002 and 2003 are


RECEIVABLES

The company’s credit policy includes an average 7-month credit to clients advertising in

Lambrakis Press publications.

Until 31.12.2002 the company had formed a reserve from provisions of bad clients amounting

to 759 thousand euros.

In the fiscal year 2003 the company decided to write off permanently several bad clients. The

total write off amounted to 480 thousand euros.

Referring to «Bad, Litigious and Belated Receivables» and the effected provisions the Regular

Chartered Auditor Accountant in his Certificate of audit for the year 2003 notes the following:

"..To cover possible losses relating to bad and litigious receivables amounting to

approximately 5,5 million euros, the Company has formed a provision of approximately 0,3

million euros. An additional provision should have been formed for the difference of 5,2

million euros that would have impacted the Company’s retained earnings...".

In relation to the above the Company stresses that Chartered Auditors Accountants, as a

standard practice, assess the collectibility of the total receivables based exclusively on their

assessment of the age of each receivable, considered pending from the date it was entered in the

company’s books.

The Financial Division of the Company makes specific assessments estimating the existence

and business continuity of its clients in connection with the solvency of their companies, the

prevailing market conditions and the longevity of the company’s relation with the specific

clients.

According to the above, the Company expects that a large part of the receivables reported as

"Bad" will be collected, deeming sufficient the provision of 300 thousand euros that has

already entered in its books for the bad receivables that may probably materialize within the

current year.


Clients 27.156,64 26.215,65

Bills of Exchange receivable

In portfolio 194,43 0,00

In banks for collection 158,50 0,00

Total bills of exchange receivable 352,93 0,00

Bills of Exchange in arrears 88,99 66,20

Cheques in portfolio receivable 22.537,21 23.512,75

Cheques in arrears 312,04 607,36

Short term receivables from associated companies 1.502,23 3.548,34

Bad, belated and litigious clients and debtors 1.550,19 1.174,39

Less provisions 759,32 278,71

Total bad, belated and litigious clients and debtors 790,87 895,68


Advance payments and credit accounts 1.179,90 248,90

Total 56.456,38 59.625,99

136


In the above context, the Company maintains that there is no effect on the financial standing

and asset structure of the Company stemming from the above note of the Chartered Auditor -

Accountant.

" .. Accounts receivable, DII(1), includes an amount of 5,4 million euros, due from an

affiliated company, which is under liquidation. A provision should have been established for

this receivable that would have impacted the Company’s retained earnings…"

The said note refers to Company’s receivable from «Fterotos Ermis SA» in which the affiliated

company DOL Digital SA held a 42.5% participation Lambrakis Press receivables stemmed

mainly from provision of services on the basis of related contracts between Lambrakis Press SA

and Fterotos Ermis SA. Fterotos Ermis SA was placed under liquidation pursuant to resolution

of the Extraordinary General Meeting of 26.6.2002 (commencement of liquidation 11.11.2002)

and to this date the shareholders have not resolved finally on the solution of the issues dealing

with the company’s liabilities. After the final resolutions and the conclusion of the related

procedures, Lambrakis Press SA will assess its whole position and will effect the suitable

provisions charging respectively its earnings and net worth, if, according to its assessment, any

loss may stem.

On 31.12.2003, the Company has a receivable from insurance companies amounting to

1.820,01 thousand euros, that refers to insurance compensation for inventory destroyed by fire

in the company’s leased warehouses in the area of Tsefliki in Inofyta Viotias on 12.7.2003.

In fiscal year 2003 there are no clients that contribute more than 10% to the total turnover of

the Company.

The maturity of the balance of account "Clients" is detailed in the following table:

TIME MATURITY OF CLIENTS

The time maturity of Cheques Receivable is detailed in the following table:

MATURITY OF BALANCE OF ACCOUNT "CHEQUES PAYABLE IN PORTFOLIO"

Balance on 31.12.2002 Balance on 31.12.2003Period

Thousand euros % Thousand euros %

0-90 days 11.204,43 49,72% 12.428,80 52,86%

91-180 days 9.073,37 40,26% 9.954,51 42,34%

181- 270 days 1.106,69 4,91% 784,09 3,33%

271-360 days 423,68 1,88% 271,94 1,16%

360 & over 729,05 3,23% 73,41 0,31%

TOTAL 22.537,21 100,00% 23.512,75 100,00%



0-60 days 10.876,51 40,05% 11.198,51 42,72%

61-180 days 3.520,59 12,96% 1.933,57 7,38%

181-360 days 1.786,07 6,58% 844,55 3,22%

361 & over 10.973,48 40,41% 12.239,02 46,69%

Total 27.156,64 100,00% 26.215,65 100,00%

XIX

137

SECURITIESThe analysis of account "Securities" on 31.12.2002 and 31.12.2003 is shown in the following

table:

SECURITIES

Shares and other securities were valuated according to art. 2 par. 1 of Law 2190/20 at their

current value and the valuation differences of 2.686,9 thousand euros of companies listed on the

Athens Stock Exchange were transferred directly under Equity instead of the income statement.

The following is noted in relation to changes in Securities:

On 31.12.2003 the less than 10% participation in the company Digital Press SA was

transferred from the asset account «Participations» to the asset account "Shares".

Moreover, in 2003 Lambrakis Press SA sold its total participation in Odeon SA.

The securities listed on the Athens Stock Exchange refer to shares of the companies EFG

Eurobank Ergasias SA, Gr. Sarantis SA, Paper-Pack I. Tsoukaridis SA, Haidemenos SA, Egnatia

Bank SA, Microland SA. The shares were valuated at their current value according to the

provisions of Law 2992/2002. The net difference (loss) stemming from this valuation totaling

2.687 thousand euros was transferred directly under Equity, as was the case last year.

Referring to Securities, the Company’s Regular Chartered Auditors Accountants note the

following in their certificate for the year 2003:

The company did not charge the earnings with the loss from valuation amounting to

approximately 2,8 million euros from shares listed on the Athens Stock Exchange held in its

portfolio before 31.12.2002, but transferred them directly to the decrease of equity capital.

The Company applied the regulations of art. 2 of Law 2992/2002, which provide that the result

of valuation of shares listed on the Athens Stock Exchange is not deducted from gross earnings

but is transferred to a special account under Equity.

31.12.2002 31.12.2003


Trading portfolio shares listed on the Athens Stock Exchange 26.063,40 26.063,40

Less: Provisions for devaluation 12.508,25 15.262,39

Value of trading portfolio securities listed on the Athens Stock Exchange (December average price) 13.555,15 10.801,01

Shares not listed (Less than 10% participation

M. Levis SA (5,0%) 18,75 18,75

Odeon SA (8,3%) 796,91 0,00

Digital Press SA (5,12%) 0,00 308,02

Total shares 26.879,06 26.390,17

Shares of Eurobank Index Value mutual Fund 6.078,40 6.078,40

Less: Provisions for devaluation 1.017,67 322,63

Value of mutual fund shares (Average Price 12/2002 - 12/2003) 5.060,73 5.755,77

Repos with Alpha Bank 3.700,00 300,00

Repos with National Bank of Greece 0,00 700,00

Total other securities 9.778,40 7.078,40

Grand total of securities 36.657,46 33.468,57

Less: Total Provision for devaluation 13.525,92 15.585,02

Grand Total after provisions 23.131,54 17.883,55

138


ASSET-SIDE TRANSITORY ACCOUNTS

On 31.12.2003 the asset-side Transitory Accounts include mainly expenses due next fiscal year

(rights, rents, insurance premiums, subscriptions etc) amounting to 212,51 thousand euros as

well as a provision of earnings from sales of newspapers and magazines mainly outside the

greater Athens area amounting to 2.759,65 thousand euros.

LIABILITIES

LONG TERM LIABILITIES

During the fiscal year 2001 the Company repaid in full its long-term liabilities to banks.

The company does not have long-term liabilities towards its suppliers.

SHORT TERM LIABILITIES

The evolution and analysis of account «Short Term Liabilities» for the fiscal years 2002 and

2003 are shown in the following table:

SHORT TERM LIABILITIES

It is noted that on 31.12.2003 there were no liabilities overdue or in arrears stemming from the

short-term liabilities of the Company.

31.12.2002 31.12.2003Thousand euros Thousand euros

Suppliers 20.138,81 12.912,35


Short term liabilities to banks 12.500,00 20.400,00

Advance payments by clients 582,04 951,05


Social Security 633,77 691,04

Dividend payable 269,21 264,89

Miscellaneous creditors 1.258,85 12.624,07

Total 38.367,98 50.995,14

XIX

139

SUPPLIERSThe maturity of the balance of suppliers is shown in the following table:

MATURITY OF THE BALANCE OF SUPPLIERS

The Company does not have long-term liabilities towards its suppliers.

The above balances of suppliers are current and recycle within every fiscal year.

CHEQUES PAYABLEThe balance of the company’s cheques payable on 31.12.2003 refers to post-dated cheques

issued by the Company

MATURITY OF BALANCE OF CHEQUES PAYABLE

ANALYSIS OF CHEQUES PAYABLE

Balance on 31.12.2003Company

Thousand euros %

ABC Factors 229,59 12,63%

Mindshare SA 196,30 10,80%



Universal Media Hellas SA 118,38 6,51%

The Mediacorp 96,61 5,31%


Universal Media Hellas SA 54,03 2,97%



Communication and Art 35,40 1,95%

Bold / Ogilvy & Mather 35,26 1,94%


EFG Factors ASA 30,02 1,65%

Others less than 30 thousand euros per cheque 499,16 27,46%

Total 1.817,79 100,00%



0-90 days 1.627,65 89,54% 1.434,38 76,70%

91-180 days 190,14 10,46% 435,74 23,30%

181- 270 days 0,00 0,00% 0,00 0,00%

Total 1.817,79 100,00% 1.870,12 100,00%



0-60 days 13.900,72 69,02% 10.819,80 83,79%

61-180 days 5.055,27 25,10% 875,49 6,78%

181-360 days 1.182,85 5,87% 1.217,06 9,43%

361 & over 0,00 0,00% 0,00 0,00%

Total 20.138,84 100,00% 12.912,35 100,00%

140


All the Company’s cheques payable are due within 2004 and all due to this date have been paid

on time.

The most important balances of the account «Advance Payments by Clients» on 31.12.2003

are shown in the following table:

ADVANCE PAYMENTS BY CLIENTS

TAX - DUTIES - SOCIAL SECURITYThe balances shown in these accounts in the period under review are current balances

stemming from the company’s operation. The Company unfailingly sees to their payment to

the Greek State, the various social security organizations and other beneficiaries within the

statutory deadlines.

There is no liability overdue concerning tax, pension funds or social security organizations.

LIABILITY-SIDE TRANSITORY ACCOUNTSOn 31.12.2003 the liability-side Transitory Accounts include net fiscal year’s income

amounting to 1.238 thousand euros out of which 1.075 thousand euros refer to prepayments

for subscriptions, 158 thousand euros to advertisement and 5 thousand euros to rents. They

also include current year’s materialized expenses amounting to 1.267 thousand euros, for which

the following provisions have been made: Supplier ARGOS SA 794 thousand euros, Rights 173

thousand euros, Bonuses 136 thousand euros, Expenses for photographs and free-lancers 55

thousand euros, Utilities 46 thousand euros, Insurance premiums 37 thousand euros,

Remunerations 18 thousand euros and Other 8 thousand euros. They also include other

Transitory accounts of 39 thousand euros.

Balance on 31.12.2003Client

Thousand euros %

Argos SA 611,43 64,29%

Bosil SA 121,38 12,76%

Nea Aktina SA 54,11 5,69%

Proodos Publications SA 42,93 4,51%

Chyprianos D 31,06 3,27%

Kyriakides Bros & Cie 8,08 0,85%

Other < 8.000 euros 82,06 8,63%

Total 951,05 100,00%

XIX

141

OFF BALANCE SHEET ACCOUNTSThe analysis of Off Balance Sheet Accounts on 31.12.2003 is the following:

OFF BALANCE SHEET ACCOUNTS

31.12.2002 31.12.2003


Third party assets

a. Third party machinery for exhibition 2,43 2,59

b. Third party merchandise to be photographed 2,06 1,78

c. Third party machinery leased 0,06 0,06

d. Third party machinery to others for testing 0,12 0,12

e. Alpha Leasing 0,00 19,62

f. Machinery to third parties 0,18 0,00

Total 4,85 24,17

Other third party assets in our hands 39,49 0,00

Debit accounts of guarantees and collaterals

a. Letters of guarantee securing receivables 2.758,42 620,22

b. Letters of guarantee securing contractual delivery 10,56 742,00

c. Letters of guarantee securing liabilities 7,32 27.481,64

Total 2.776,30 28.843,86

Other off-balance-sheet accounts

a. Adjustments

1. Buildings - Ministerial Decision ∂ 2665/88 140,97 140,97

2. Land - Ministerial Decision ∂ 2665/88 197,47 197,47

3. Buildings - Law 2065/92 37,38 37,38259

4. Building lots - Law 2065/92 732,57 732,57

b. Gifts granted by third parties 0,00 0,00

Total 1.108,39 1.108,40

Grand Total 3.929,03 29.976,42

142

S O U R C E S A N D U S E S O F C A P I T A L XX

143

CHA

PTE

R X

ÃSOURCES AND USES OF CAPITALThe following table shows the sources and uses of capital for the period 2002 - 2003:

2002 2003 TotalSources

thousand euros thousand euros thousand euros %

Sales 113.967,10 123.354,46 237.321,56 84,0%

Increase of short term liabilities (excluding bank loans)

5.747,03 4.617,00 10.364,03 3,67%

Increase of short term liabilities (bank loans) 0,00 7.900,00 7.900,00 2,80%

Sale of participations 4.762,47 1.816,00 6.578,47 2,33%

Income from participations 1.867,90 2.076,83 3.944,73 1,40%

Sale of securities 0,00 3.496,00 3.496,00 1,24%

Other operating income 1.869,66 1.595,26 3.464,92 1,23%

Sale of tangible assets 454,42 2.962,00 3.416,42 1,21%

Decrease of inventory 1.130,84 2.167,00 3.297,84 1,17%

Previous years’ income 88,53 1.665,00 1.753,53 0,62%

Increase of liability-side Transitory Accounts 0,00 461,00 461,00 0,16%

Income from securities 184,96 157,00 341,96 0,12%

Extraordinary and non-operating income 75,16 62,94 138,10 0,05%

Credit interest [deposits etc] 33,37 8,87 42,24 0,01%

Decrease of long term receivables 0,51 0,00 0,51 0,00%

Sale of intangible assets 0,31 0,00 0,31 0,00%

Total 130.182,25 152.339,36 282.521,61 100,00%

2002 2003 TotalUses

thousand euros thousand euros thousand euros %

Cost of goods sold (less depreciation and provisions)

102.401,95 70.965,02 173.366,97 61,36%

Selling expenses 3.548,76 35.428,25 38.977,01 13,80%

Acquisition of participations 5.841,32 24.850,00 30.691,32 10,86%

Administrative expenses 6.577,30 8.284,52 14.861,82 5,26%

Increase of receivables 3.301,57 3.170,00 6.471,57 2,29%

Purchase of tangible assets 648,39 5.140,00 5.788,39 2,05%

Purchase of securities 3.259,79 0,00 3.259,79 1,15%

Increase of asset-side transitional accounts 382,97 2.376,24 2.759,21 0,98%

Decrease of short term liabilities (bank loans) 1.655,57 0,00 1.655,57 0,59%

Interest paid 831,76 647,07 1.478,83 0,52%

Decrease of tax and duty liabilities 1.234,49 0,00 1.234,49 0,44%

Decrease of liability-side transitional accounts 1.114,53 0,00 1.114,53 0,39%

Increase of establishment expenses 748,80 195,75 944,55 0,33%

Taxes not included in cost of goods sold 82,89 90,36 173,25 0,06%

Increase of long-term receivables 0,00 82,19 82,19 0,03%

Dividends paid 23,47 4,32 27,79 0,01%

Increase of liabilities from taxes and duties 0,00 -114,00 -114,00 -0,04%

Other expenses -1.406,47 1.174,50 -231,97 -0,08%

Change in liquid assets -64,85 45,14 -19,71 -0,01%

Total 130.182,25 152.339,36 282.521,61 100,00%

144

CASH FLOW STATEMENTSLAMBRAKIS PRESS SA

Reg. No 1264/06/µ/86/40

Cash Flow Statement

for the fiscal period from 1/1/2003 to 31/12/2003

thousand eurosAnalysis

2003 2002

∞ CASH FLOWS FROM ORDINARY (OPERATING) ACTIVITIES 16.210 2.599

∞ 100 Cash inflows 127.170 109.657

101 Sales 123.354 113.967

102 Other operating income 1.595 1.870

103 Extraordinary and non-operating income 63 75

104 Previous years’ income 1.665 89

105 Credit interest (on deposits etc) 9 33

106 Income from securities 157 185

107 Sales of securities 3.496 0

108 Decrease of receivables 0 0

Less:

109 Purchase of securities 0 -3.260

Transaction expenses for purchases and sales of securities 0 0

110 Increase of receivables -3.170 -3.302

∞ 200 Cash outflows -110.984 -105.741

201 Cost of goods sold (less depreciation and provisions) -70.965 -102.402

202 Administrative expenses -8.285 -6.577

203 Research and development expenses 0 0

204 Selling expenses -35.428 -3.549

205 Underutilization expenses 0 0

206 Other expenses -1.175 1.406

207 Increase of inventory 0 0

208 Increase of asset-side transitional accounts -2.376 -383

209 Decrease of liability-side transitional accounts 0 -1.115

210 Decrease of short term liabilities (excluding banks) 0 0

Less:

211 Decrease of inventory 2.167 1.131

212 Decrease of asset-side transitional accounts 0

213 Increase of liability-side transitional accounts 461 0

214 Increase of short term liabilities (excluding banks) 4.617 5.747

A 300 Cash outflow for taxes 24 -1.317

301 Income tax 0 0

302 Taxes not included in the operating cost -90 -83

303 Tax imposed by tax auditor 0 0

304 Decrease of tax and duty liabilities 0 -1.234

Less:

305 Increase of tax and duty liabilities 114 0

µ CASH FLOW FROM INVESTMENT ACTIVITIES -23.413 -153

µ 100 Cash inflows 6.855 7.086

101 Sale of intangible assets 0 0

102 Sale of tangible assets 2.962 454

103 Sale of participations 1.816 4.762

104 Decrease of long term receivables 0 1

105 Income from participations 2.077 1.868

106 Credit interest (from long term receivables etc) 0 0

S O U R C E S A N D U S E S O F C A P I T A L XX

145

THE PRESIDENT THE VICE THE GENERAL THE FINANCIAL THE ACCOUNTINGOF THE BOARD PRESIDENT FINANCIAL MANAGER MANAGEROF DIRECTORS OF THE BOARD AND

OF DIRECTORS ADMINISTRATIVEAND MANAGING OFFICER

DIRECTOR

CH. LAMBRAKIS S. PSYCHARIS D. HADJIKOKKINOS ¡. KATSIBRAKIS TH. ¡∆OLOSª 154944 L 352089 S 147009 π 107581 L 296576

CERTIFICATION OF CHARTERED AUDITOR - ACCOUNTANT

We audited the above statement of Cash flows of the company "LAMBRAKIS PRESS SA" for the fiscal year

1/1/2003 - 31/12/2003, that was compiled based on the books and records kept by the company and the audited

financial statements of the fiscal year for which we have issued our Certificate of Audit dated 3.2.2004. In our

opinion the above statement of Cash Flows reflects the Cash Inflows and Outflows from the activities of the

company during the fiscal year.

∞thens, 31/3/2004The Chartered Auditors Accountants

∂FSTATHIOS PRASSAS SOFIA KALOMENIDISS.O.E.L. reg. no. 12061 S.O.E.L. reg. no. 13301

SOL SA ERNST & YOUNG (HELLAS) CHARTERED AUDITORS

ACCOUNTANTS

thousand eurosAnalysis

2003 2002

µ 200 Cash outflows -30.268 -7.239

201 Purchase of intangible assets 0 0

202 Purchase of tangible assets -5.140 -648

203 Purchase of participations -24.850 -5.841

204 Increase of long term receivables -82 0

205 Increase of establishment expenses -196 -749

C CASH FLOW FROM FINANCIAL ACTIVITIES 7.249 -2.511

C 100 Cash inflows 7.900 0

101 Collection of share capital increase and share premium 0 0

102 Collection of fixed asset subsidies 0 0

103 Increase of long term liabilities 0 0

104 Increase of short term liabilities (bank loans) 7.900 0

C 200 Cash outflows -651 -2.511

201 Decrease (payout) of share capital 0 0

202 Return of fixed asset subsidies 0 0

203 Decrease of long term liabilities 0 0

204 Decrease of short term liabilities (bank loans) 0 -1.656

Buy bank of own stock 0 0

Transaction commissions and fees for share buy back 0 0

205 Interest paid -647 -832

206 Dividend paid -4 -23

207 Profit distribution to employees 0 0

208 Board of Directors remuneration from this year’s profits 0 0

COMPANY CASH FLOW (net sum of A+B+C) 45 -65

Plus: Cash at fiscal year’s beginning 447 512

CASH AT FISCAL YEAR’S END 492 447

Cash Flow Statement (continued)

146

CONSOLIDATED FINANCIAL STATEMENTSCONSOLIDATED INCOME STATEMENTS FOR THE FISCAL YEARS 2002 AND 2003

The following table shows the consolidated data of turnover and earnings of Lambrakis Press

Group for the fiscal years 2002 and 2003.

CONSOLIDATED TURNOVER - EARNINGS

2002 2003


Turnover 260.203,61 286.503,48

Less: Cost of goods sold before depreciation 183.847,79 189.023,12

Gross earnings before depreciation (1) 76.355,82 97.480,36

% on turnover 29,34% 34,02%

Plus: Other operating income 1.826,30 253,82

Total before depreciation 78.182,12 97.734,18

% on turnover 30,05% 34,11%

Less: Administrative expenses before depreciation (1) 15.533,06 18.351,08

Research and development expenses 378,96 290,45

Selling expenses before depreciation (1) 41.929,04 51.536,35

Total administrative, selling and research & development expenses before depreciation

57.841,07 70.177,89

% on turnover 22,23% 24,49%

Operating earnings before depreciation 20.341,05 27.556,29


Plus: Income from participations and securities 1.710,37 1.531,03

Profit from the sale of participations and securities 658,71 123,14

Less: Provisions for devaluation 1.406,21 0,00

Expenses and loss from participations and securities 0,00 88,82

Plus: Extraordinary and non-operating income 4.235,69 8.216,36

Less: Extraordinary and non-operating expenses 4.939,73 5.548,40

Earnings before interest and depreciation 20.599,87 31.789,60

% on turnover 7,92% 11,10%

Interest received 243,14 447,02

Interest paid 3.136,92 6.740,76

Earnings before tax and depreciation 17.706,10 25.495,86


Less: Depreciation attributable to operating cost 15.787,73 17.885,77

Additional depreciation 0,00 5,27



Less: Income tax 1.231,01 1.176,44

Ta imposed by tax auditor 0,00 858,33

Minority rights -312,62 -743,76

Earnings after fiscal year’s tax, tax imposed by tax auditor and minority rights

999,98 6.313,82


CHA

PTE

R X

ÃI

C O N S O L I D A T E D F I N A N C I A L S T A T E M E N T S XXI

147

Some of the figures of last year were adjusted in order to become similar and comparable to

this year’s respective figures. In particular, the direct selling expenses of the fiscal year 2003 were

included in the selling expenses instead of cost of goods sold, adjusting the respective figures of

the year 2002, for their consistent presentation within the sector. Specifically, 32.299 thousand

euros referring direct selling expenses of the year 2002, were transferred from Cost of Goods

Sold to Selling Expenses. Also in 2002, the accounts Participations in Affiliated Companies and

Provisions for Devaluations were equally increased by 14.937,3 thousand euros each.

(1) To calculate the consolidated Gross Earnings and Operating Earnings, all depreciation

attributable to the Cost of Goods Sold, Administrative Expenses and Selling Expenses has been

deducted. Depreciation is allocated to the above accounts as follows:

ALLOCATION OF CONSOLIDATED DEPRECIATION

For the restatement of the Consolidated Income Statement of the Lambrakis Press Group

according to the notes of the company and the remarks in the Certificates of the Chartered

Auditor Accountant, who audited the fiscal years of 2002 and 2003 see Chapter «Adjustment of

Consolidated Income Statement and Consolidated Net Worth of Lambrakis Press Group» of

this Annual Report.

CONSOLIDATED TURNOVER PER SECTOR OF BUSINESS ACTIVITYIn the fiscal years 2002 - 2003, the consolidated turnover of Lambrakis Press Group is analyzed

per sector of business activity as follows:

CONSOLIDATED TURNOVER PER SECTOR OF BUSINESS ACTIVITY

Fiscal year 2002 Fiscal year 2003


Publishing 141.051,76 150.850,18

Printing 56.139,18 62.965,25

Rendering of services 47.340,06 60.071,86

Trading 15.672,60 12.616,18

Total consolidated turnover 260.203,61 286.503,48

2002 2003


Cost of goods sold 11.866,89 12.073,96

Administrative expenses 2.706,51 3.891,38

Selling expenses 1.214,33 1.920,42

a) Depreciation included in cost of goods sold 15.787,73 17.885,77

b) Depreciation not included in cost of goods sold 0,00 5,27

Grand total 15.787,73 17.891,03

148

CONSOLIDATED FINANCIAL STATEMENTS OF LAMBRAKIS PRESSGROUP FOR THE YEARS 2002 AND 2003

The following table shows the consolidated financial data of Lambrakis Press Group for the

fiscal years 1.1-31.12.2002 and 1.1-31.12.2003:

CONSOLIDATED BALANCE SHEET

2002 2003


ASSETS

Establishment expenses 25.834,73 30.240,11

Less: accrued depreciation 15.939,67 21.379,04

Non depreciated establishment expenses 9.895,06 8.861,07

Intangible assets 770,13 1.094,24

Less: Accrued depreciation 571,46 645,29

Non depreciated intangible assets 198,66 448,95

Tangible assets 202.921,78 226.896,82

Less: Accrued depreciation 50.173,04 59.230,49

Non depreciated tangible assets 152.748,75 167.666,33

Participations in associated companies 47.410,10 44.759,15

Less: Installments due 146,74 146,74

Provisions 15.325,88 15.300,10

Participations in associated companies after provisions 31.937,48 29.312,31

Participations in other companies 5.500,00 0,00

Other long term receivables 1.242,42 1.002,98

Total fixed assets 191.627,31 198.430,57

Inventories 33.698,31 30.224,07

Clients 66.945,71 74.604,90

Bills of Exchange receivable 1.341,50 394,04

Bills of Exchange in arrears 683,19 575,98


Cheques in arrears 2.861,80 3.377,07

Bad, litigious clients and debtors 4.421,01 3.545,45

Less: Provisions 2.609,09 1.075,67

Short term receivables from associated companies 630,35 1.475,76


Advance payment and credit accounts 2.397,72 1.471,97

Total receivables 134.421,73 151.805,05

Securities 42.412,69 39.883,60

Less: Provisions 14.080,00 16.089,71

Total securities after provisions 28.332,69 23.793,89

Cash and cash equivalents 3.003,25 4.317,01

Total current assets 199.455,99 210.140,02

Transitory accounts 6.327,35 7.246,41

TOTAL ASSETS 407.305,71 424.678,07

Off-balance-sheet accounts 21.286,18 154.836,47


149

CONSOLIDATED BALANCE SHEET

The figures of the consolidated balance sheet and the consolidated income statement for the

current year 2003 are not comparable to the respective figures of the previous year 2002 because

in this year the company MICHALAKOPOULOU SA is included in the consolidation for first

time while the company PHOENIX SA, that was included in the consolidation of the affiliate


Also, during the current year the acquired company ORAPRESS SA merged with the subsidiary

IRIS PRINTING SA in accordance with Law 2166/1993.

In particular, the companies participating in the Consolidated Financial Statements of

Lambrakis Press Group applying the method of full consolidation for the fiscal years 2002 and

2003 were the following:

2002 2003


LIABILITIES

Share capital 45.180,00 45.180,00

Share premium account 206.260,79 206.260,79

Difference from revaluation of participations and securities 0,00 0,00

Difference from revaluation of other assets 419,51 419,51

Subsidies of investments in fixed assets 0,00 3.003,92

Ordinary reserve 3.565,51 3.391,28

Less: Loss from the sale or devaluation of participations and securities 39.510,79 42.596,22

Less: Goodwill write off (company ORAPRESS SA) 0,00 4.580,11

Reserve to cover loss 14,36 0,07

Extraordinary reserves 4.011,85 4.011,85

Reserve to cover loss 9.192,09 8.876,60

Extraordinary reserves 12.634,09 3.790,50

Reserve to cover loss -46.751,78 -39.262,12

Minority rights 30.057,33 26.088,90

Treasury stock (own shares) -31.123,14 -31.123,14

Total equity 193.949,83 183.461,84


Long term bank loans 82.171,68 73.954,51

Other long term liabilities 0,00 154,07

Total long term liabilities 82.171,68 74.108,58

Suppliers 30.746,29 29.354,02

Bills of Exchange payable 7.184,44 3.506,38


Advance payments by clients 2.232,66 3.007,77

Short term liabilities to banks 59.362,72 87.400,48


Social security 2.254,42 2.398,53

Dividend payable 269,21 264,89

Liabilities to affiliated companies 0,00 2.344,94

Miscellaneous creditors 1.441,26 15.618,08

Total short term liabilities 125.494,09 158.142,08

Total long term and short term liabilities 207.665,77 232.250,67



Off-balance-sheet accounts 21.286,18 154.836,47

Book value of share 2,58 2,44

150

All the consolidated companies compile their annual financial statements on the same date

with the parent company (31.12.2003).

COMPANIES FULLY CONSOLIDATED IN THE FINANCIAL STATEMENTS OF LAMBRAKIS PRESS SAFiscal year 2002 Fiscal year 2003

% of Lambrakis Companies under % % Of Lambrakis Companies under % Press’s SA consolidation Participation Press SA consolidation Participationparticipation in outside the parent participation outside thethe share

Namecompany in the share

Nameparent

capital of the capital of companysubsidiary the subsidiary

100,00% MULTIMEDIA AE None100,00% MULTIMEDIA SA None

100,00% MICHALAKOPOULOU SA "

50,50% NEA AKTINA SA " 50,50% NEA AKTINA SA "

95,00% STUDIO ATA SA " 95,00% STUDIO ATA SA "

65,58% SPECIAL PUBLICATIONS SA " 100,00% SPECIAL PUBLICATION SA "

50,00% MC ∂§§∞™ SA " 50,00% MC ∂§§∞™ ∞∂∂ "

HEARST LAMBRAKIS HEARST LAMBRAKIS

50,00% PUGBLISHING LTD " 50,00% PUBLISHING LTD "

51,00 ELLINIKA ELLINIKA

GRAMMATA SA " 51,00% GRAMMATA SA "

70,00% IRIS PRINTING SA PHOENIX SA 50,00% 70,00% IRIS PRINTING SA "

85,00% ACTION PLAN SA ACTION PLAN H/R SA 99,00% 85,00% ACTION PLAN SA ACTION PLAN H/R SA 99,00%

EXPO PLAN SA 50,00% EXPO PLAN SA 50,00%98,00% EUROSTAR SA TRIAINA TRAVEL 98,00% EUROSTAR SA ∆Rπ∞π¡∞ ∆RAVEL

- ST. LAGAS SA 75,00% - ST. LAGAS SA 75,00%

RAMNET SA 100,00% RAMNET SA 100,00%76,74% DOL DIGITAL SA RAMNET SHOP SA 100,00% 78,71% DOL DIGITAL SA RAMNET 100,00%

¡∂∆ √¡ LINE SA 100,00% SHOP SA

¡∂∆ √¡ LINE SA 100,00% ¡∂∆ √¡ LINE SA 100,00%


151

CONSOLIDATED CASH FLOW STATEMENTS

LAMBRAKIS PRESS SAREG. NO 1264/06/µ/86/40

Cash flow statementFor the fiscal period from 1/1/2003 to 31/12/2003

Amounts in thousand eurosAnalysis

2003 2002

∞ CASH FLOW FROM ORDINARY (OPERATING) ACTIVITIES 22.185 22.544

∞ 100 Cash inflows 277.055 267.676

101 Sales 286.503 260.204

102 Other operating income 254 1.826

103 Extraordinary and non-operating income 1.206 242

104 Previous years’ income 1.431 226

105 Credit interest (deposits etc) 447 243

106 Income from securities 227 153

107 Sales of securities 2.836 7.029

108 Decrease of receivables 0 4.088

109 Purchase of securities 0 -6.334

Transaction expenses for purchases and sales of securities 0 0

110 Increase of receivables -15.849 0

∞ 200 Cash outflows -253.201 -241.347

201 Cost of goods sold (less depreciation and provisions) -189.094 -181.830

202 Administrative expenses -18.261 -16.858

203 Research and development expenses -290 -379

204 Selling expenses -51.555 -42.622

205 Underutilization expenses 0 0

206 Other expenses -4.178 -3.799

207 Increase of inventory 0 -615

208 Increase of asset-side transitional accounts -919 -4.284

209 Decrease of liability-side transitional accounts 0 -1.501

210 Decrease of short term liabilities (excluding banks) 0 0

211 Decrease of inventory 3.474 5.022

212 Decrease of asset-side transitional accounts 0 0

213 Increase of liability-side transitional accounts 3.394 0

214 Increase of short term liabilities (excluding banks) 4.228 5.519

A 300 Cash outflow for taxes -1.669 -3.786

301 Income tax -1.045 -1.231

302 Taxes not included in the operating cost -132 0

303 Tax imposed by tax auditor -858 0

304 Decrease of tax and duty liabilities 0 -2.555

305 Increase of tax and duty liabilities 366 0

152

THE VICE THE GENERALPRESIDENT FINANCIAL THE

THE PRESIDENT OF THE BOARD AND THE FINANCIAL ACCOUNTING OF THE BOARD OF DIRECTORS ADMINISTRATIVE MANAGER MANAGEROF DIRECTORS AND MANAGING OFFICER

DIRECTORCH. LAMBRAKIS S. PSYCHARIS D. HADJIKOKKINOS ¡. KATSIMBRAKIS TH. NTOLOS

ª 154944 L 352089 S 147009 π 107581 L 296576.

Amounts in thousand eurosAnalysis

2003 2002

µ CASH FLOW FROM INVESTMENT ACTIVITIES -34.389 -35.764

µ 100 Cash inflows 16.799 8.197

101 Sale of intangible assets 0 0

102 Sale of tangible assets 13.372 4.719

103 Sale of participations 2.124 2.311

104 Decrease of long term receivables 0 0

105 Income from participations 1.303 1.167

106 Credit interest (from long term receivables etc) 0

µ 200 Cash outflows -51.188 -43.961

201 Purchase of intangible assets -1.062 -169

202 Purchase of tangible assets -10.311 -30.392

203 Purchase of participations -35.170 -7.187

204 Increase of long term receivables -239 -13

205 Increase of establishment expenses -4.406 -6.201

° CASH FLOW FROM FINANCIAL ACTIVITIES 13.518 7.630

° 100 Cash inflows 29.296 70.991

101 Collection of share capital increase and share premium 0 564

102 Collection of fixed asset subsidies 3.877 0

103 Increase of long term liabilities 154 70.427

104 Increase of short term liabilities (bank loans) 25.265 0

° 200 Cash outflows -15.778 -63.361

201 Decrease (payout) of share capital 0 0

202 Return of fixed asset subsidies 0 0

203 Decrease of long term liabilities -8.217 0

204 Decrease of short term liabilities (bank loans) 0 -59.850

Buy bank of own stock 0 0

Transaction commissions and fees for share buy back 0 0

205 Interest paid -6.741 -3.137

206 Dividend paid -820 -374

207 Profit distribution to employees 0 0

208 Board of director remuneration from this year’s profits 0 0

COMPANY CASH FLOW (net sum of ∞+µ+C) 1.314 -5.590

Plus: Cash at fiscal year’s beginning 3.003 8.594

Plus: Cash at fiscal year’s beginning 4.317 3.003

Consolidated cash flow statement (continued)


153

CERTIFICATION OF CHARTERED AUDITOR ACCOUNTANT

We audited the above statement of Cash flows of the company "LAMBRAKIS PRESS SA" for the

fiscal year 1/1/2003 - 31/12/2003, that was compiled based on the books and records kept by the

company and the audited financial statements of the fiscal year for which we have issued our

Certificate of Audit dated 3.2.2004. In our opinion the above statement of Cash Flows reflects the

Cash Inflows and Outflows from the activities of the above company during the fiscal year.

Athens, 31/3/2004

The Chartered auditors Accountants

∂FSTATHIOS PRASSAS SOFIA KALOMENIDIS

S.O.E.L. reg. no. 12061 S.O.E.L. reg. no. 13301

SOL SA ERNST & YOUNG (HELLAS)

CHARTERED AUDITORS

ACCOUNTANTS

154

PROVOLI LTD100,00%

LAMBRAKIS PRESS SA

PRINTING SECTOR

IRIS PRINTING SA70,00%

EKTY¶ø™EI™ IRIS AEBE70,00%

PAPER PACK TSOUKARIDIS SA

MULTIMEDIA SA100,00%

FOKAS BROS SA35,00%

VLACHOS BROS SA21,00%

EVROKTISMA SA99,00%

PROMOCARTON SA50,00%

PUBLISHING SECTOR

MC HELLAS SA50,00%

HEARST LAMBRAKIS PUBLISHING LTD

50,00%

NEA AKTINA SA50,50%

MELLON GROUP SA50,00%

N. GREECE PUBLISHING SA33,33%

TOURIST SECTOR

EUROSTAR SA97,98%

TRIAINA TRAVEL SA75,00%

EXPO PLAN SA50,00%

SPECIAL PUBLICATIONS SA100,00%

35,95% + 0.79% (LAMBRAKIS PRESS) (IRIS PRINTING)

Indirect holdings of Lambrakis Press SA show both their direct and indirect parent company

Companies in bold frames are included in the consolidated financial statements of Lambrakis Press SA on 31.12.2003

155

HOLDINGS SECTOR

ACTION PLAN SA85,00%

ACTION PLAN HR SA

ARGOS SA38,50%

ARGOS EVROPI LTD60,00%

ARGOS NET LTD100,00%

ARGOS MASS DISTRIBUTIONS LTD

93,75%

PAPASOTIRIOU PRESSPOINT SA

A. PAPASOTIRIOU SA30,00%

ELLINIKA GRAMMATA SA51,00%

STUDIO ATA SA95,00%

MICHALAKOPOULOU SA100,00%

ODEON LICENSING SA24,23%

DIGITAL PRESS SA5,12%

TILETYPOS SA10,76%

TILETYPOS CYPRUS LTD100,00%

PHAISTOS NETWORKS SA50,00%

IT AND NEW TECHNOLOGIES SECTOR

DOL DIGITAL SA78,71%

RAMNET SHOP SA100,00%

IN MARKET PLACE SA50,00%

MICROLAND SA

RAMNET SA100,00%

INTEROPTICS SA75,50%

NET ON LINE SA50,00% + 50,00%

DIRECT AND INDIRECT HOLDINGS >5%(30.4.2004)

IN HEALTH SA50,00%

(RAMNET) (RAMNETSHOP)

(LAMBRAKIS PRESS) (MULTIMEDIA)

(ACTION PLAN) (LAMBRAKIS PRESS)

30,00% + 25,00% (ARGOS) (PAPASOTIRIOU)

7,91% + 0,87%

99,00% + 1,00%

DIRECT AND INDIRECT HOLDINGS OF

LAMBRAKIS PRESS SA OVER 5%ON 30.4.2004

Direct Indirect Direct andholding holding indirect

SECTOR COMPANY % % holding30.4.2003 30.4.2003 %

30.04.2004SPECIAL PUBLICATIONS SA 100,00% 0,00% 100,00%

¡∂∞ ∞∫∆π¡∞ SA 50,50% 0,00% 50,50%MC HELLAS SA 50,00% 0,00% 50,00%

HEARST-LAMBRAKIS PUBLISHING LTD 50,00% 0,00% 50,00%MELLON GROUP COMMUNICATION MEDIA SA 50,00% 0,00% 50,00%

N. GREECE PUBLISHING N. GREECE PUBLISHING SA 33,33% 0,00% 33,33%Group PROVOLI LTD 0,00% 33,33% 33,33%

MULTIMEDIA SA 100,00% 0,00% 100,00%IRIS PRINTING SA 70,00% 0,00% 70,00%

35,95% 0,55% 36,50%

EVROKTISMA SA 0,00% 36,14% 36,14%PROMOCARTON SA 0,00% 18,07% 18,07%

FOKAS BROS SA 0,00% 12,78% 12,78%VLACHOS BROS SA 0,00% 7,67% 7,67%

N. APERGIS SA 0,00% 5,42% 5,42%EUROSTAR SA 97,98% 0,00% 97,980%

TRIAIANA TRAVEL – ST. LAGAS SA 0,00% 73,50% 73,50%EXPO PLAN SA 0,00% 49,00% 49,00%

DOL DIGITAL SA 78,71% 0,00% 78,71%RAMNET SA 0,00% 78,71% 78,71%

NET ONLINE SA 0,00% 78,71% 78,71%RAMNET SHOP SA 0,00% 78,71% 78,71%

IN MARKET PLACE SA 0,00% 39,36% 39,36%PHAISTOS NETWORKS S∞ 0,00% 39,36% 39,36%

IN HEALTH S∞ 0,00% 39,36% 39,36%FTEROTOS ERMIS S∞ 0,00% 33,45% 33,45%

INTEROPTICS S∞ 0,00% 29,72% 29,72%MICROLAND SA 7,91% 0,86% 8,77%

ACTION PLAN SA 85,00% 0,00% 85,00%ACTION PLAN HR SA 1,00% 84,15% 85,15%

ARGOS SA 38,50% 0,00% 38,50%ARGOS EVROPI LTD 0,00% 23,10% 23,10%

ARGOS NET LTD 0,00% 38,50% 38,50%ARGOS MASS DISTRIBUTIONS

LTD (under liquidation)0,00% 36,09% 36,09%

PAPASOTIRIOU PRESSPOINT SA 0,00% 11,55% 11,55%STUDIO ATA SA 95,00% 0,00% 95,00%∆ILETYPOS SA 10,76% 0,00% 10,76%

TILETYPOS CYPRUS LTD 0,00% 10,76% 10,76%ODEON LICENSING SA 24,23% 0,00% 24,23%

DIGITAL PRESS SA 5,12% 0,00% 5,12%MICHALAKOPOULOU TOURIST AND REAL ESTATE SA 100,00% 0,00% 100,00%

ELLINIKA GRAMMATA SA 51,00% 0,00% 51,00%PAPASOTIRIOU INTERNATIONAL

BOOKSTORE SA30,00% 0,00% 30,00%

PAPASOTIRIOU PRESSPOINT SA 0,00% 7,5% 7,5%

PAPER PACK - I. TSOUKARIDIS Group

EUROSTAR Group

DOL DIGITALGroup

ACTION PLAN Group

ARGOS Group

PAPASOTIRIOUGroup

OTHER BUSINESSACTIVITIES

IT AND NEWTECHNOLOGIES

TOURIST

PUBLISHING

∆ILETYPOS Group

ODEON Group

PRINTING

156

CHA

PTE

R X

XII

PAPER PACK - I.TSOUKARIDIS SA

A S S O C I A T E D C O M P A N I E S

157

CHA

PTE

R X

XIII

XXIII

∞. PUBLISHING SECTOR

A.1. AFFILIATED COMPANIES OF THE PUBLISHING SECTOR

HEARST LAMBRAKIS PUBLISHING LTD

The company was established in 1999 (Government Gazette issue No 10030/15.12.1999). The

company’s duration under its Articles of Association is 30 years (until 2029) and it is based in

the Municipality of Athens (at 18 Panepistimiou St., GR-106 72 Athens).

The company’s founding members were Lambrakis Press SA (holding a 50% participation)

and HMI International Holdings Inc. (holding a 50% participation).

OBJECT

In accordance with its Articles of Association, the company’s objects are: a) publishing and

selling in Greece and Cyprus the monthly magazine "COSMOPOLITAN", b) publishing weekly

or monthly magazines, c) acting as agent and engaging in the trade of such publications,

whether published by the company or other publishers, d) participating in any manner and in

any form in other companies, whether Greek or foreign, already existing or to be established in

the future and e) acting as agent of Greek or foreign companies pursuing the same objectives.

BUSINESS ACTIVITY

The company publishes the "Cosmopolitan" monthly women’s magazine.

In 2003 the company employed on average 20 persons.

MANAGEMENT

The management and representation of the company has been assigned to Mr. Damianos Z.

Hadjikokkinos who represents the company and whose actions are binding thereon.

SHARECAPITAL - SHAREHOLDERS

Pursuant to the resolution of the Extraordinary General Meeting of the Shareholders of

31.10.2003, the company’s share capital, that amounted to GRD 510.000.000 and was divided

into 51.000 shares of a nominal value of GRD 10.000 each was redenominated in euros. To this

end, the number of the company’s shares was decreased from 51.000 to 49.890 and the nominal

value of each share was increased from 29,34703 euros (or GRD 10.000) to 30 euros.

As a result the company’s share capital amounts to 1.496.700 euros divided into 49.890 shares

of a nominal value of 30 euros each.

COMPANIES ASSOCIATED WITH LAMBRAKIS PRESS SA

In the fiscal year 2003 and the first four months of 2004 there was no other change in the share

capital or the shareholder structure.

The company has the following shareholding structure:

The Company’s summary financial figures for the fiscal years 2002 and 2003 are shown in the

following table:

The company’s financial statements are included in the consolidated financial statements of

Lambrakis Press SA.

HEARST LAMBRAKIS PUBLISHING LTD.

INCOME STATEMENT 2002 2003thousand € thousand €

Turnover 6 962.4 7 297.8

Gross earnings 3 446.1 3 752.1

% on turnover 49.5% 51.4%

Total operating earnings before depreciation 1 266.6 1 367.6

Total depreciation 258.6 255.1

Earnings before tax 986.1 1 132.2


Earnings after tax 682.1 732.9


BALANCE SHEET

ASSETS

Non-depreciated establishment expenses 460.5 232.1

Non-depreciated intangible assets 0.0 0.0

Non-depreciated tangible assets 63.3 39.0

Participations - Other long-term receivables 0.0 0.0

Current assets 4 128.8 4 419.6

Transitory accounts 22.8 201.1

TOTAL ASSETS 4 675.4 4 891.8

LIABILITIES

Share capital 1 496.7 1 496.7

Total equity 1 526.9 1 563.2

Provisions 35.1 44.1

Long-term liabilities 0.0 0.0

Short-term liabilities 2 747.5 2 912.0

Total long- and short-term liabilities 2 747.5 2 912.0


TOTAL LIABILITIES 4 675.4 4 891.8

SHAREHOLDER HOLDING (%)

LAMBRAKIS PRESS SA 50%

∏ªπ International 50%

Total 100%

158


MC HELLAS SA

The company "MC HELLAS PUBLISHING SA", with the trade name "MC HELLAS SA", was

established in 1999 (Government Gazette issue No 9055/11.11.1999) and is registered in the

Register of Sociétés Anonymes of the Prefecture of Athens under No 44343/01/µ/99/610.

Under its Articles of Association, the company’s duration is 50 years (until 2049). The

company is based in the Municipality of Athens (at 18 Panepistimiou Street., GR-106 72

Athens).

The company’s founders were "Lambrakis Press SA" (holding a 50% participation in the

company) and DOL DIGITAL SA [formerly DOL COMMUNICATIONS SA) (holding a 50%

participation). Marie Claire Album SA has a participation in the company since 1999 when it

acquired the participation of DOL DIGITAL SA.

OBJECT

In accordance with its Articles of Association, the company’s objects are: a) publishing and

selling in Greece the magazine "MARIE CLAIRE", b) publishing weekly or monthly magazines

- addressed mainly to female readers, c) publishing all kinds of books and literary works by

Greek and foreign authors, engage in the trade of such publications as well as any other foreign

publications, and acting as importer, exporter and dealer of any kind of publication and d)

acting as agent and dealer of such publications, whether published by the company or third

parties.

BUSINESS ACTIVITY

The company publishes the monthly women’s magazine "Marie Claire".


MANAGEMENT

The company is currently managed by the following 6-member Board of Directors, whose

term in office expires on 30.6.2004:

SHARE CAPITAL - SHAREHOLDERS

On 31.12.2001, the company’s share capital amounted to 1.467.500 euros divided into 50.000

registered shares of a nominal value of 29,35 euros each.

During 2003 and the first four months of 2004 there was no change in the company’s share

capital.


NAME POSITION

Arnaud Contades President

Damianos Hadjikokkinos Vice President and Managing Director

Nikolaos Anastasopoulos Member

Stavroula Dimitriadi Member

Laurence Hembert - Wermus Member

Hubert Brisson Member

XXIII

159

During 2003 and the first four months of 2004 there was no change in the company’s

shareholder structure.

The company’s summary financial figures for the fiscal years 2002 and 2003 are shown in the

following table:


Lambrakis Press SA.

MC HELLAS SA

2002 2003INCOME STATEMENT thousand € thousand €

Turnover 9 215.2 8 792.1



Total operating earnings before depreciation 1 308.5 833.8


Earnings before tax 1 143.8 809.4


Earnings after tax & Board of Directors remuneration 724.5 518.9


BALANCE SHEET

ASSETS







TOTAL ASSETS 6 378.5 6 057.0

LIABILITIES


Total equity 1 573.7 1 600.6









Marie Claire Album SA 50%

Total 100%

160


¡∂∞ ∞∫∆π¡∞ SA

The company "NEA AKTINA SA PUBLISHING AND COMMUNICATIONS" with the trade

name "NEA AKTINA SA" was established in 1999 (Government Gazette issue No

5731/19.7.1999) and is registered in the Register of Sociétés Anonymes of the Prefecture of

Athens (East Athens sector) under No 43316/01∞∆/µ/99/211. The company’s duration is 51

years (until 2050) and it is based in the Municipality of Amaroussion (at 7 Fragoklisias Street.

GR-151 25 Amaroussion).

The company was founded by Lambrakis Press SA (50.5%), Evangelos Terzopoulos

Publishing SA (24.8%) and Terzopoulos Publications LTD (24.8%). Since 1999 Lambrakis

Press SA has held 50.5% of the company’s share capital.

OBJECT

According to its Articles of Association, the company’s objects are: a) publishing periodicals,

newspapers and books, b) publishing any book or periodical of general or special interest, c)

acting as agents and engaging in the trade of the said publications (a-b), whether published by

the company or by others, d) participating in any manner and in any form in other companies,

whether Greek or foreign, already existing or to be established in the future, e) any business

related to communications systems (radio, television, news reporting etc) f) any business

related to the wider education of the public (training, information, recreation and culture), g)

representing any enterprise, whether Greek or foreign, having the same or similar objects, h)

acquiring all kinds of intellectual and associated rights on Greek and foreign books or texts,

acquiring such rights on photo-journalistic material, whether of Greek or foreign origin, i)

engaging in mail-order sales and k) organizing a creative publicity department for the

commercial promotion of products and services.

BUSINESS ACTIVITY

The company publishes in Greek the Mickey Mouse children’s publications and other books

of the well-known American publishing company (weekly and monthly magazines) on the basis

of the contract it has signed with Walt Disney Co.

In 2003 the company employed on average 24 persons

MANAGEMENT

The company is managed by the Board of Directors consisting of 3 to 9 members.

The current Board of Directors has the following members whose term in office expires on

30.6.2006:

NAME POSITION

Christos D. Lambrakis President

Christos ∂. Terzopoulos Vice President and Managing Director

Damianos Z. Hadjikokkinos Member

Panagiotis ∞. Chrysikakis Member

Aris - Alexandros Terzopoulos Member

Varvara Anna C. Terzopoulou Member

XXIII

161


The company’s share capital amounts to 87.900 euros divided into 30.000 registered shares of

a nominal value of 2,93 euros each.

In 2003 and the first four months of 2004 there was no change in the company’s share capital.

The company has the following shareholding:

In 2003 and the first four months of 2003 Lambrakis Press SA did not change its holding in

the company.


following table:


Lambrakis Press SA.

¡∂∞ ∞∫∆π¡∞ SA


Turnover 4 665.5 4 867.8



Total operating earnings before depreciation 600.6 560.9


Earnings before tax 597.4 540.8




BALANCE SHEET

ASSETS







TOTAL ASSETS 1 338.2 1 471.0

LIABILITIES

Share capital 87.9 87.9

Total equity 147.8 182.1



Short-term liabilities 969.9 1 155.4

Total long- and short-term liabilities 969.9 1 155.4




LAMBRAKIS PRESS SA 50,50%

∞. Terzopoulos 12,37%

Terzopoulos Publications SA 37,12%

Total 100,00%

162


SPECIAL PUBLICATIONS SA

SPECIAL PUBLICATIONS SA was established in 1989 (Government Gazette issue No 2408

/3.7.89) and is registered in the Register of Sociétés Anonymes of the Prefecture of Athens under

No 19681/01 /µ/89/157(01).

The company’s founding members were Mr. Aris Alexandros Terzopoulos, with a percentage

of 90.9%, and Mrs. Laura Elena De Nigris Ferreira with a percentage of 9.1%.

In accordance with its Articles of Association, the company’s duration is 46 years (until 31-12-

2035) and it is based in the Municipality of Athens (at 18 Panepistimiou St., GR-106 72 Athens).

OBJECT

Under its Articles of Association, the company’s objects are a) publishing and selling

magazines, books and all types of printed media, b) publishing and selling general or special

interest magazines, c) any publishing business of journalistic nature, d) any activity aimed at

providing wider education to the public (training, information, recreation and culture), e) any

project or business related to the foregoing which would be decided upon by the company’s

Board of Directors and f) any business related to communication systems such as radio, cable

or wireless television, the production and exploitation of radio, television and cinema

programs, as well as the production and trade of records and tapes and, in general, any other

electronic medium of communication, except setting up a radio or television station.

BUSINESS ACTIVITY

The company publishes the "MEN" monthly men’s magazine, the "FREE" monthly magazine

for young people and the "GAIORAMA" bi-monthly knowledge and science magazine. Until

May 2003, it published the "KLIK" quarterly variety magazine.


MANAGEMENT


The current Board of Directors has the following members whose term in office expires on the

Shareholders’ General Meeting of 2008:


The company’s share capital amounts to 5.002.800 euros divided into 1.667.600 ordinary

registered shares of a nominal value of 3 euros each.

During 2003 fiscal year and the first four months of 2004 there was no change in the

company’s share capital.


NAME POSITION

Stavros P. Psycharis President

Damianos Z. Hadjikokkinos Vice President and Managing Director

Panagiotis A. Chrysikakis Member

Nikolaos I. Katsibrakis Member

Nikolaos Anastasopoulos Member

XXIII

163

In 2003 the company’s share capital was changed as follows:

On 15.4.2003 shareholders Aris Terzopoulos and Eugenia Barlas sold to Lambrakis Press SA

(then holding 65,58% of SPECIAL PUBLICATIONS SA) 566.000 and 8.000 shares respectively.

As a result of that sale, Lambrakis Press SA holds 100% of the company’s share capital. From

that date onwards and up to the first four months of 2004, Lambrakis Press SA did not change

its holding in the company.

Concurrently, on 15.4.2003 the selling shareholder Mr. A. Terzopoulos transferred to Special

Publications SA the titles and logos of the magazines «ª∂¡», «GAIORAMA» and

«GEORAMA» while he retained under his ownership the title and logo of the magazine «KLIK».


following table:


Lambrakis Press SA.


INCOME STATEMENT 2002 2003thousand € thousand €

Turnover 7 964.4 7 964.4



Total operating earnings before depreciation -280.2 -297.8


Earnings before tax -699.0 -738.1

% on turnover -8.8% -9.3%

Earnings after tax & Board of Directors remuneration -699.0 -766.3

% on turnover -8.8% -9.6%

BALANCE SHEET

ASSETS







TOTAL ASSETS 6 934.2 6 370.2

LIABILITIES


Total equity -1 549.5 -2 315.9

Provisions 0.0 1.3








164


MELLON GROUP SAThe company "MELLON GROUP Communications Media Société Anonyme" was originally

established in 1991 as a joint venture named "LAMBRAKIS PRESS - ETHNOS

PUBLICATIONS" of the companies Lambrakis Press SA and Ethnos Publications SA IE was

later transformed into a société anonyme on 3.10.1995 (Government Gazette issue No


Athens under No 34297/04/B/95/113(00). The company’s duration is 20 years and pursuant to

the resolution of the Extraordinary General Meeting of the Shareholders of 22.7.2003 its head

office was relocated from the Municipality of Glyka Nera (132, Lavriou ave.) to the

Municipality of Halandri (Ag. Nektariou and Benaki Street.) (Government Gazette issue No.

9276/2003).

OBJECT

The company’s main object is publishing and trading all types of magazines and publications,

with the exception of newspapers, and producing and trading educational publications.

BUSINESS ACTIVITY

The company publishes the "TV Zapping" weekly television guide.

MANAGEMENT



22.6.2006:

SHAREHOLDERS - SHARE CAPITAL

2001 the company’s share capital amounted to 1.500.000 euros divided into 5.000.000

registered shares of a nominal value of 0.30 each.


capital.


During 2003 and the first four months of 2004 there was no change in the participation of

Lambrakis Press SA in the company.



Pegasus Publishing & Printing SA 50%

Total 100%

NAME POSITION


Fotios G. Bobolas Vice President and Managing Director

Georgios F. Bobolas Member


Alexios C. Skanavis Member


XXIII

165


following table:

MELLON GROUP SA


Turnover 9 151.0 8 542.3



Total operating earnings before depreciation 1 266.8 635.8


Earnings before tax 1 231.4 526.6




BALANCE SHEET

ASSETS







TOTAL ASSETS 4 221.4 7 055.9

LIABILITIES


Total equity 1 511.4 377.7

Provisions 0.0 0.0






166


∞.2. ASSOCIATED COMPANIES OF THE PUBLISHING SECTOR


The company was founded in 1996 (Government Gazette issue No 7873/5.12.1996) and is

registered in the Register of Sociétés Anonymes under No 36910/62/µ/96/252.

In accordance with its Articles of Association, the duration of the company is 50 years (until

27.11.2046). The company is based in the Municipality of Thessaloniki (at 45 Tsimiski Street).

OBJECT

In accordance with its Articles of Association, the company’s objects are publishing and selling

newspapers and operating of printing plants, as well as distributing printed media.

BUSINESS ACTIVITY

The company publishes the newspapers "AGGELIOFOROS" and "AGGELIOFOROS TIS

KYRIAKIS" and the variety magazine "CLOSE UP".

MANAGEMENT



30.6.2007:


The company’s share capital amounts to 17.081.700 euros divided into 582.000 registered

shares of a nominal value of 29,35 euros each.

In 2003 and the first four months of 2004 there was no change in the share capital of the

company.


During 2003 and the first four months of 2004 there was no change in the shareholding

structure of the company.



Pegasus Publishing and Printing SA 33,33%

Delfini SA 33,33%

Total 100,00%

NAME POSITION


Georgios F. Bobolas Vice President

Alexandros C. Bakatselos Managing Director

Nikolaos A. Bakatselos Alt. Managing Director


Panagotis A. Chrysikakis Member

Fotios G. Bobolas Member

Alexios C. Skanavis Member

Georgios A. Bakatselos Member

XXIII

167


following table:



Turnover 18 483.8 21 436.2



Total operating earnings before depreciation -102.4 2 550.5

Total depreciation 53.3 2 109.1

Earnings before tax -572.5 1 054.5

% on turnover -3.1% 4.9%

Earnings after tax & Board of Directors remuneration -573.5 1 053.6

% on turnover -3.1% 4.9%

BALANCE SHEET

ASSETS



Non-depreciated tangible assets 16 900.1 14 924.4




TOTAL ASSETS 30 164.8 30 673.5

LIABILITIES

Share capital 17 081.7 17 081.7

Total equity 15 875.2 16 147.3

Provisions 0.0 0.0

Long-term liabilities 1 493.7 368.0





168


\µ. PRINTING SECTOR

µ.1. AFFILIATED COMPANIES OF THE PRINTING SECTOR

IRIS PRINTING SA

IRIS PRINTING SA Commercial and Industrial Société Anonyme) with the trade title "IRIS

SA" was established in 1991 (Government Gazette issue No 4803/16.12.1991) and is registered

in the Register of Sociétés Anonymes of the Prefecture of Athens under No 25302/04/µ/91/175

(02).

The company was founded by Haralambos Naskos (33,3%), Christos Naskos (6,7%),

Chryssoula Naskou (4,7%) and Vasiliki Karalazou (1,3%). In 1998, Lambrakis Press SA

acquired 100% of IRIS SA and in 2000 Pegasus Publishing and Printing SA acquired 30% of the

company, through an increase of the company’s share capital

According to its Articles of Association, the duration of the company is 50 years (until 2041).

The company is based in the Municipality of Kropia, Attica (Karela).

OBJECT

In accordance with its Articles of Association, the company’s objects are: a) printing of all

types of printed media, books, magazines and other publications, as well as the creation of a

model printing unit to carry out all stages to the end product, including the printing and

binding of all types of printed media, b) importing, exporting and manufacturing industrial

maintenance and sale of machinery, spare parts and, in general, materials used in the printing

business, electronic appliances and paper, c) acting as agents of foreign firms engaged in the

trade or manufacture of items used in the printing sector, d) engaging in the trade, mediation,

distribution of any material or item related to printing in Greece or abroad, and e) promoting

modern and pioneering methods used in manufacturing such items and carrying out research

in related technical and scientific fields.

BUSINESS ACTIVITY

The company prints newspapers, magazines and other material and has the ability to print in

large numbers and undertake a wide variety of high capacity printing jobs requiring high

technological and qualitative performance.


MANAGEMENT

The company’s Board of Directors comprises 3 to 11 members.


30.6.2003:

XXIII

169


∆he company’s share capital amounts to 53.357.130 euros divided into 17.785.710 ordinary




In 2003 and the first four months of 2004 there was no change in the company’s shareholding

structure.

"IRIS PRINTING SA" is active in the printing sector and its principal business is focused on

the production of all types of publications. The company undertakes the printing of

newspapers, magazines and other printed media.

Within a short time, "IRIS PRINTING SA" succeeded in changing the confined standards of

Greek printing, breaking new ground in the printed communications sector. The company

currently holds a top position among printing conglomerates in Greece and South Eastern

Europe.

The major milestones in the history of IRIS were:

1991 The company is set up as a small printing unit in Metamorfosi, Attica.

1998 Lambrakis Press acquires 100% of IRIS SA

1999 IRIS SA acquires the spun-off printing business of Lambrakis Press SA,

undertaking the entire printing business of the Lambrakis Press Group.

2000 Pegasus Publishing & Printing SA acquires 30% of IRIS SA’ s share capital.

2002 IRIS SA sells to the remaining shareholders of the paper-trading company

«Aggelidis - Georgakopoulos SA» its total holding (50%) in that company.

2003 IRIS SA acquires through a merger the printing company ORAPRESS SA, an affiliate

of Pegasus Publishing & Printing SA

IRIS SA sells its total holding (50%) in the printing company «Phoenix Printing SA».

As a result of the above sales, IRIS SA does not own a holding in any affiliated companies.

The company is now the largest and most modern printing conglomerate in Greece. After the

conclusion of its the investment plan in 2002, the company consolidated its production facilities



Pegasus Publishing & Printing SA 30%

Total 100%

NAME POSITION

Stavros P. Psycharis President

Fotios G. Bobolas Vice President

Damianos Z. Hadjikokkinos Managing Director

Alexios C. Skanavis Alt. Managing Director

Christos S. Patelis Member


Dimitrios C. Xenakis Member

170


in two industrial printing plants capable of carrying out large volumes of printing of

exceptionally high specifications:

In particular these printing plants are:

Printing plant «Koropi»:

The investment, completed in 2002, offers an enhanced capability to print increased volumes

of newspapers, magazines and other printed media more cost effectively, with significant

timesavings and high-quality printing. The plant’s installations, machinery and equipment are

described in the following table:

KOROPI PRINTING PLANT

31.12.2003Asset class Asset descriptionNon-depreciated value

Land 62.461,63 m2 10.352.694,79

Buildings 39.149,73 m2 - Building installations 26.631.281,92

LITHOMAN Printing machinePFLOCK 1st afterburning system

Machinery and GAMMERLER trimming machineequipment for magazines GAMMERLER cutting and stacking system

TECHNOTRANS Ink supply systemFERAG system

PFLOCK 2nd and 3rd afterburning systemTECHNOTRANS Ink supply system

Machinery and equipment COMET-10 Printing machine and antiseismic base platesfor newspapers COMET-20 Printing machine and antiseismic base plates

COMET-40 Printing machine and antiseismic base platesFERAG system

Inserting machine FERAG system

CTP (computer to plate) Digital system for receiving, managing and processing newspaper and magazine machine printing projects

Paper waste machine KLAUS NICKEL paper waste handling system

MILLER MARTINI stapling machineMULLER MARTINI 321 stapling machine

Binding machines MULER MARTINI BLOCKER 335 1989 SN 9921380MULER MARTINI MODEL PRIMA 9101304 MULLER MARTINI 335 binding machineMULLER MARTINI 235 binding machine

Other machinery and equipment

Total machinery and equipment 47.832.118,21

Transportation vehicles and equipment 178.234,17

Furniture and appliances 321.126,66

TOTAL 85.315.455,75

Intangible assets and long-amortization expenses 4.106.475,70

Orders abroad 251.635,87

GRAND TOTAL 89.673.567,32

XXIII

171

Printing plant «Tsefliki»:

A modern vertically integrated unit having the following installations and machinery:

IRIS SA also owns auxiliary installations and storage facilities in Inofyta supporting its vertical

integration ("Ithomi" and «Madaro» locations).

The value of the company’s own land, buildings and building installations is shown in the

following table:

TSEFLIKI PRINTING PLANT

31.12.2003Asset class Asset description

Non-epreciated value

Land - land plots 148.050 m2 3.241.128,85

Buildings - Building installations 12.844.882,79

LITHOMAN OFSET PRESSPrinting machinery HEIDELBERG HARRIS OFSET PRESS M600for magazines ∫µ∞ COMPACTA 408

MAN ROLAND ROTOMANKLAUS NICKEL

Printing machinery KBA RAPIDAfor cover pages ROLAND 708

Packaging machine SITMA 675 packaging towers

Folding machine MBO BINDER

Cutting machine WOHLENBERG

KOLBUS MONOBLOCK

Gluing machines MONOBLOCK towerSTARPLUS tower

MULLER MARTINISTACKER MILLER MARTINIPRESS DELIVERY SYSTEMS FOR PRESS No 2(ROTOMAN)KBA paper feeding system

Other machinery STACKER GAMMERLERand equipment ROTOMAN thermal burner

VALMET ConveyorSTACKER BUNDLEEL-KO Low-pressure ink supply systemOther machinery and technical installations

BILLHOFEROwned machinery leased

SITMA 750-705(3)to third parties

KOLBUS

Total machinery 21.684.507,56

Transportation vehicles and equipment 340.424,99

Furniture and equipment 246.026,32

TOTAL 38.356.970,51

Intangible assets and long-amortization expenses 1.364.672,21

Orders abroad 165.879,74

GRAND TOTAL 39.887.522,46

172


The company’s summary financial figures and the consolidated financial statements of its

group for the fiscal years 2002 and 2003 are shown in the following tables:

From 2003 onwards, after the sale of the company’s holdings in Aggelidis -

Georgakopoluos SA and Phoenix Printing SA, the company does not compile consolidated

financial statements.

IRIS PRINTING SA

2002 2003INOCME STATEMENT thousand € thousand €

Turnover 101 589.2 112 949.3




Total depreciation 10 011.7 12 570.6

Earnings before tax 828.3 -2 124.7

% on turnover 0.8% -1.9%

Earnings after tax & Board of Directors remuneration 751.7 -2 124.7


BALANCE SHEET

ASSETS 2003

Non-depreciated establishment expenses 6 987.7 5 473.9



Participations - Other long-term receivables 7 505.3 108.8


Transitory accounts 3 318.4 2 449.2

TOTAL ASSETS 222 889.5 207 723.0

LIABILITIES

Share capital 53 357.1 53 357.1

Total equity 87 937.7 81 206.2

Provisions 5.5 0.0

Long-term liabilities 82 171.7 73 954.5





IRIS PRINTING SA

ACQUISITION VALUE OF LAND AND BUILDINGS

Year of Value of Year of Built area Construction Location Purchase Area in mÇ land construction in mÇ cost of

(in euros) buildings

Ipato 1999 80.766 1.131.196,0 0 39.565,0

Madaro 1997 4.667 49.303,0 1997 1.639 588.111,0

Ithomi 1984 3.611 125.463,0 1984 2.329 509.617,0

Acadimia Platonos 1978 4.629 627.657,0 1982 7.770 3.211.505,0

Koropi 2000 62.462 10.352.695,0 2002 39.150 28.419.493,0

Inofyta (∞) 1999 / 2000 118.870 2.634.977,0 2000 31.332 16.212.355,0

Inofyta (µ) 1999 / 2001 29.183 606.151,0 0 0,0

TOTAL 304.188 15.527.442,0 82.220 48.980.646,0

Installations in third-party buildings (18, Valaoritou Street, Athens) 91.121,0

GRAND TOTAL 304.188 15.527.442,0 82.220 49.071.767,0

XXIII

173


Lambrakis Press SA.

MULTIMEDIA SA

The company "MULTIMEDIA IT Applications for Communication Media SA" was

established in 1988 (Government Gazette issue No 924/16-5-1988) and is registered in the

Register of Sociétés Anonymes of the Prefecture of Athens under No 17189/01/B/88/307.

The company was founded by Lambrakis Press SA (60%), John Farmakis (20%) and Claude

Marie Yvonne Bart (20%). Since 1993, Lambrakis Press SA holds 100% of the company’s share

capital.

According to its Articles of Association, the duration of the company is 55 years (until 2043)

and it is based in the Municipality of Athens (at 3 Christou Lada, GR-102 37 Athens).

OBJECT

According to its Articles of Association, the company’s objects are: a) trading and developing

electronic applications for all communication media and in the graphic arts of any type such as,

for example, the creation of computer software for newspapers, magazines and other mass

communication media, the creation of a data bank for publishing and other companies, the

development of software for the provision of all kinds of information by electronic or other

technical means, b) producing composite images to be used in advertising in the press, on

screen and on television, c) producing on video disk of text and photographs of tourist, cultural,

recreational, educational and other themes, d) developing filing, librarian and other software,

e) organizing seminars, lectures and educational programs for users of the said software and

images and importing, acting as agents and engaging in the trade of computers and all related

hardware and software, f) pursuing any business in the sector of graphic arts for publishing

books, textbooks and all types of printed media in general, including advertising leaflets and

posters and g) undertaking the editing of all types of printed media (creation, concept, artwork,

studio work etc)

BUSINESS ACTIVITY

The company is active in undertaking and managing digital pre-press workflows and projects

for newspapers, magazines and advertising material, as well as in the production of multimedia

titles (desktop publishing, videotext, computer animation, etc.)


174


MANAGEMENT



30.6.2007:


The company’s share capital amount to 1.834.375 euros divided into 62.500 registered shares

of a nominal value of 29,35 euros each.

During 2003 and the first four months of 2004, there was no change in the company’s share

capital.

The Company has the following shareholding structure:

During 2003 and the first four months of 2004 there was no change in the company’s

shareholder structure.



NAME POSITION


Damianos Z. Hadjikokkinos Vice President

Dimitrios V. Tsiambouris Member, General Manager


Kyriakos P. Boutsikaris Member

XXIII

175


following table:


Lambrakis Press S.A

MULTIMEDIA SA


Turnover 6 606.9 7 071.1



Total operating earnings before depreciation 643.6 653.6




Earnings after tax & Board of directos remuneration 120.4 46.5


BALANCE SHEET

ASSETS







TOTAL ASSETS 5 113.4 5 545.4

LIABILITIES


Total equity 2 121.1 2 121.4

Provisions 0.0 0.0






176


µ.2. ASSOCIATED COMPANIES OF THE PRINTING SECTOR

PAPER PACK π. TSOUKARIDIS SA

In its present form the company was established in 1996 (Government Gazette issue No

779/1996), its duration is 54 years (until 2050). Paper Pack SA is active in the printing sector,

box manufacturing and paper packaging. The company is based in Metamorfosis, Attica (at 10-

14 Nafpliou Street).

BUSINESS ACTIVITY

Paper Pack SA operates as an integrated industrial unit. Its object is to supply industrial and

commercial establishments with printed media and paper packaging items (for use mainly in

the packaging of cosmetics, food products, cigarettes and medicines). It also produces

lithographically printed items and labels and specializes in the multipack business.

The company’s shares have been listed on the Athens Stock Exchange since 19.10.2000.

MANAGEMENT

The company is currently managed by the following 9-member Board of Directors whose term

in office expires on 30.6.2006:


On 31.12.2002 the company’s share capital amounted to 4.866.000 euros divided into

4.055.000 common, registered shares with a nominal value of 1.2 euros each.

In 2003 and the first four months of 2004 the company’s share capital changed as follows:

Pursuant to the resolution of the Shareholders’ Ordinary General Meeting of 30.06.2003 the

company’s share capital was increased by 4.866.000 euros. No new shares were issued and the

nominal value of each share was increased from 1.20 euros to 2.40 euros.

Pursuant to the resolution of the Shareholders’ Extraordinary General Meeting of 10.02.2004,

the company’s share capital was decreased by 244.584 euros, through the cancellation of

101.910 bought-back (own) shares held by the company of a nominal value of 2.40 euros each.

As a result, on 30.4.2004 the company’s share capital amounts to 9,487,416 euros divided into

3,953,090 common, registered shares of nominal value of 2.40 euros each.

On 31.12.2003, the company’s shareholding structure was the following:

NAME POSITION

Ioannis Tsoukaridis President- Managing Director and Executive member

Georgios Oratis Vice President and Executive member

Fotios Theodorou Non executive, independent member

Miltiadis Anastasiadis Non executive, independent member

Korina Fasouli Non executive member

Ioannis Fokas Non executive member

Damianos Z. Hadjikokkinos Non executive member

Panagiotis A. Chrysikakis Non executive member

Nikolaos A. Gotsis Non executive member

XXIII

177

In 2003 and the first four months of 2004, Lambrakis Press Group did not change its holding

in the company’s share capital with the exception of the effect stemming from the company’s

share capital decrease described above.

The company’s summary financial figures and the consolidated financial statements for the

fiscal years 2002 and 2003 are shown in the following tables:

The company’s consolidated statements include the financial statements of ∂VROKTISMA SA

and FOKAS Bros SA.

PAPER PACK - I. ∆SOUKARIDIS SA


Turnover 16 217.8 15 631.8




Total depreciation 2 155.6 1 658.6

Earnings before tax 310.0 -608.6


Earnings after tax & Board of directos remuneration 310.0 -608.6


BALANCE SHEET

ASSETS


Non-depreciated intangible assets 1 594.4 1 505.8


Participations - Other long-term receivables 5 252.5 5 263.6



TOTAL ASSETS 31 292.8 31 780.0

LIABILITIES


Total equity 11 467.6 10 755.7


Long-term liabilities 14 305.2 12 504.6






Lambrakis Press Group 35,82%

Ioannis Tsoukaridis 50,13%

Veatriki Tsoukaridi 2,25%

Own shares 2,51%

Free float 9,29%

Total 100,00%

178


µ.3. AFFILIATES OF ASSOCIATED COMPANIES OF THE PRINTING SECTOR

EVROKTISMA SA

EVROKTISMA SA is a holding company, established in 1999 and based in Athens.

MANAGEMENT

The company is currently managed by the following 3-member Board of Directors:

SHAREHOLDERS



following table:

EVROKTISMA SA

2002 2003thousand € thousand €


Total equity 1 440.8 1 420.8

Turnover 0.0 0.0

Total assets 1 443.3 1 423.5

Earnings before tax -19.6 -20.0

Earnings before tax and Board of Directors remuneration -19.6 -20.0


Paper Pack I. Tsoukaridis SA 99,0%


Total 100,00%

NAME POSITION

Ioannis Tsoukaridis President

Nikolaos Zetos Vice President

Korina Fasouli Member

XXIII

179

FOKAS BROS SA

FOKAS BROS SA was established in Aspropyrgos in 1996 and manufactures packaging items.

MANAGEMENT


SHAREHOLDERS



following table:

FOKAS BROS SA



Total equity 2 281.4 2 315.9

Turnover 4 637.3 4 601.4

Total assets 4 507.3 4 385.3


Earnings before tax and Board of Directors remuneration 238.9 158.7


Paper Pack π. Tsoukaridis SA 35,00%

Nikolaos D. Fokas 16,25%

Nikolaos G. Fokas 16,25%

Ioannis D. Fokas 16,25%

Athanasios G. Fokas 16,25%

Total 100,00%

NAME POSITION

Nikolaos D. Fokas President

Nikolaos G. Fokas Vice President

Ioannis D. Fokas Member

Athanasios G. Fokas Member

Ioannis Tsoukaridis Member

Georgios Oratis Member


180


PROMOCARTON SA

PROMOCARTON SA was established in 1998, it is based in Metamorfosis and specializes in

designing and trading promotional paper stands.

MANAGEMENT


SHAREHOLDERS



following table:

PROMOCARTON SA




Turnover 786.6 1 401.7

Total assets 779.2 1 103.6


Earnings before tax and Board of Directors remuneration 34.9 134.4



Evroktisma SA 50,0%

¡ikolaos Apergis 10,0%

Total 100,0%

NAME POSITION

Ioannis Tsoukaridis President and Managing Director

Georgios Oratis Vice President

Theofanis Antoniou Member

Nikolaos Apergis Member


XXIII

181

VLACHOS BROS SA

"VLACHOS BROS SA" was established in 1995, is based in Koropi and specializes in

manufacturing packaging materials.

MANAGEMENT


SHAREHOLDERS



following table:

VLACHOS BROS SA



Total equity 1 313.6 1 357.8

Turnover 9 120.0 8 532.3

Total assets 7 151.7 7 811.6

Earnings before tax -89.9 44.1

Earnings before tax and Board of Directors remuneration -89.9 44.1


Flexopack SA 44,00%

Paper Pack I. Tsoukaridis SA 21,00%

Nikolaos Vlachos 17,85%

Dimitrios Vlachos 17,15%

Total 100,00%

NAME POSITION

Nikolaos Vlachos President

Dimitrios Vlachos Vice President

Vasilios Kyrou Member


Nikolaos Christodoulou Member

182


N.APERGIS SA

The company «N. APERGIS SA» was founded in 1996, is based in Galatsi in the Municipality

of Athens and is active in advertising services specializing in processing digital and hand-

painted panel boards.

MANAGEMENT

The company is managed by the following Board of Directors:

SHAREHOLDERS



following table:

N. APERGIS SA




Turnover 870.0 726.0

Total assets 737.0 718.0

Earnings before tax 38.0 -90.0

Earnings before tax and Board of Directors remuneration 24.0 -90.0


Nikolaos Apergis 51,00%

Evangelia Apergi 34,00%

PROMOCARTON SA 15,00%

Total 100,00%

NAME POSITION

Nikolaos Apergis President & Managing Director

Evangelia Apergi Vice President

Nikolaos Sitaras Member


Maria Voulgari Member

XXIII

183

C. TOURIST SECTOR

C.1. AFFILIATED COMPANIES OF THE TOURIST SECTOR

EUROSTAR SA

The company "EUROSTAR Tourist, Commercial & Industrial Société Anonyme" with the

trade name "EUROSTAR SA" was established in 1996 (Government Gazette issue No

22/3.1.1997) and is registered in the Register of Sociétés Anonymes of the Prefecture of Athens

under No 37137/01/µ/96/571. The company was founded by VIDEO STAR SA (later DOL

Digital SA).

On 17.6.1999, the Ordinary General Meeting of the Company's Shareholders approved the

spin-off of the company’s tourist sector under the "Travel Plan" brand name and its

contribution to EUROSTAR SA in order to turn to capitalise on the prestigious brand name.

The contribution and absorption of the tourist branch ("Travel Plan") by EUROSTAR SA was

approved by decision No 29864/5.10.2000 of the Prefect of Athens which was recorded in the

Register of Sociétés Anonymes on 5.10.2000.


and it is based in the Municipality of Athens (at 18 Panepistimiou St., GR 106 72 Athens).

OBJECT

According to its Articles of Association, the company’s objects are (a) to hold, organize and

operate in Greece and abroad, whether in collaboration with third parties or otherwise,

conferences, fairs and similar events of national and/or international scope focused on media-

related items and programs (press, radio, television), information technology, multimedia,

high-technology electronic consumer goods and with any other related sector, and provide

services connected with such business, (b) to produce, sell and dispose of media-related items

and programs (press, radio, television), information technology, multimedia and any other

related sector, and provide services connected with such business, (c) to act as agents and

brokers in Greece of foreign commercial companies or businesses that are active in sectors

within the objects of the company, and participate in other businesses or companies of any form

whose objects are similar to those of the company, (d) to import and engage in the wholesale

or retail trade of electrical and electronic equipment, domestic appliances, games, sound and

image reproduction equipment, and generally items related to the above objects and act as

agents of similar foreign companies in Greece, (e) to promote Greece and Greek tourism

through publications, brochures, special editions, the establishment and operation of hotels,

tourist enterprises, agencies, travel agent companies and any other related business or

enterprise, and (f) to purchase and sell securities and, in general, participate in mutual fund

companies, investment portfolio companies either directly or through Stock Market

institutions, in order to optimize the return on its cash reserves.

BUSINESS ACTIVITY

EUROSTAR is a tourist sector company (travel agency) providing services under the "Travel

184


Plan" brand name, which is one of the oldest and best-known brand names among travel

agencies in Greece. EUROSTAR is a member of such international travel organizations as IATA,

ASTA, UFTA-FUAAV and HATTA, and has comprehensive and state-of-the-art electronic

equipment connected with the WORLDSPAN and GALILEO international electronic multi-

purpose booking networks. The travel services offered by "Travel Plan" include:

Ticket issuing for Greek and foreign destinations.

Organized tours in Greece and in overseas countries throughout the world.

Business and company incentive travel in Greece and abroad

Trips for individual travellers with over 15,000 customized travel packages to any part of

the world.

Cruises in Greece and abroad.

Organizing Greek and international congresses, symposiums, scientific meetings, summit

conferences, and social and athletic events.


MANAGEMENT



30.6.2007:



shares of a nominal value of 30 euros each.


capital.

The company’s shareholding structure is the following:

In 2003 and the first four months of 2004 there was no change in the shareholding structure

of the company.

The company’s summary financial figures and the consolidated financial statements of its


Shareholder Holding (%)


Ileana Laga 1,01%

Athina Laga 1,01%

Total 100,00%

NAME POSITION



Theodoros A. Bithas Member and General Manager


Kyriakos P. Boutsikaris Member

Stavros I. Lagas Member

XXIII

185

EUROSTAR SA

2002 2003INCOME STATEMENT

thousand € thousand €

Turnover 32.826,6 32.758,1

Gross earnings 2.238,0 1.907,5


Total operating earnings before depreciation 672,9 459,4

Total depreciation 117,5 113,7

Earnings before tax 401,9 243,7


Earnings after tax & Board of directos remuneration 258,4 156,6


BALANCE SHEET

ASSETS

Non-depreciated establishment expenses 58,5 35,9

Non-depreciated intangible assets 0,0 0,0

Non-depreciated tangible assets 319,5 283,9

Participations - Other long-term receivables 1.625,6 1.787,7

Current assets 11.451,2 12.635,5

Transitory accounts 754,2 678,7

TOTAL ASSETS 14.209,0 15.421,7

LIABILITIES

Share capital 7.102,2 7.102,2

Total equity 8.663,8 8.820,3

Provisions 0,5 2,0

Long-term liabilities 0,0 0,0

Short-term liabilities 4.781,7 5.670,1

Total long- and short-term liabilities 4.781,7 5.670,1



186


The company’s consolidated statements include the financial statements of "Triaina Travel -

S. Lagas SA" and "Expo Plan SA" which was placed under liquidation on 1.1.2004. In 2003

EUROSTAR SA did not publish its consolidated financial statements that were compiled only

in order to be included in the consolidated statements of Lambrakis Press SA.

EUROSTAR SA also holds 34% in the «Joint Venture Amphitrion Holidays SA, Eurostar SA -

Triaina Travel SA».

The company’s consolidated statements are included in the consolidated financial statements

of Lambrakis Press SA.

EUROSTAR SA (consolidated data)



Turnover 34.850,8 34.319,1





Earnings before tax 127,0 -269,5

% on turnover 0,4% -0,8%

Earnings after tax & Board of directos remuneration 120,9 -204,8


BALANCE SHEET

ASSETS




Participations - Other long-term receivables 86,5 84,0


Transitory accounts 1.075,2 760,9

TOTAL ASSETS 15.426,6 16.638,3

LIABILITIES


Total equity 7.276,8 7.080,2

Provisions 0,6 2,0






XXIII

187

TRIAINA TRAVEL - STAVROS LAGAS SAThe company "TRIAINA TRAVEL - STAVROS LAGAS TOURIST, COMMERCIAL &

SHIPPING SOCIÉTÉ ANONYME" with the trade name "TRIAINA TRAVEL- STAVROS

LAGAS" was established in 2000 (Government Gazette issue No 11544/19.12.2000), and is

registered in the Register of Sociétés Anonymes of the Prefecture of Athens under No

47708/01µ/00/736.

The company was founded by Mr. Stavros Lagas, (with a 70% participation in the company),

Ms. Kondylia Ileana Laga (15%) and Ms. Athena Laga (15%).


and the company is based in the Municipality of Athens (at 22 Harilaou Trikoupi Street,

Athens).

OBJECT

According to its Articles of Association, the company’s objects are: (a) selling airline and other

tickets, engage in any business related to incoming or outgoing tourist traffic, organizing tours,

to arrange for the transportation of persons and goods by any means of transportation available

and any other related business, (b) organizing conferences, (c) purchasing and/or lease

recreational boats on commission, (d) operating any type of tourist facilities through the

purchase, sale, construction, lease, management or any other form of operation of hotels and

tourist facilities, organizing and operating pleasure craft marinas, and any other means or

transport, and (e) preparing and opeating travel and related computer software.

BUSINESS ACTIVITY

The company is active as a tourist agency.


MANAGEMENT

The company is managed by the Board of Directors consisting of 3 to 5 members, either

shareholders or not.


30.6.2006.

The company’s share capital amounts to 72.000 euros divided into 2.400 registered shares, of

a nominal value of 30 euros each.

During 2003 and the first four months of 2004 there was no change in the share capital of the

company.


NAME POSITION

Stavros I. Lagas President


Theodoros A. Bithas Managing Director and General Manager


Stamatina-Anna St. Laga Member

188



structure.


following table:


of EUROSTAR SA.

TRIAINA TRAVEL SA



Turnover 3.377,5 2.686,9

Gross earnings 1.059,0 630,2


Total operating earnings before depreciation 93,9 -317,0






BALANCE SHEET

ASSETS







TOTAL ASSETS 3.371,6 3.816,4

LIABILITIES

Share capital 72,0 72,0

Total equity 277,0 -141,7

Provisions 0,0 0,0







EUROSTAR SA 75,0%

Ileana Laga 12,5%

Athina Laga 12,5%

Total 100,0%

XXIII

189

EXPO PLAN SA (UNDER LIQUIDATION)The company "EXPO PLAN TRADE FAIR, ADVERTISING SERVICES & AGENCIES

ORGANIZATION, MANAGEMENT, PROMOTION & OPERATION SOCIÉTÉ ANONYME"

with the trade name "EXPO PLAN SA", was established in 1999 (Government Gazette issue No

7334/13.9.1999) and is registered in the Register of Sociétés Anonymes of the Municipality of

Athens under No 43770/01/µ/99/473.

The company was founded by Lambrakis Press SA (50%) and "Fiere Internazionali Di Bologna

- Ente Autonomo" (Bologna International Fairs - Autonomous Organization) (50%). As of

5.10.2000, Lambrakis Press SA no longer holds company shares as on that date and pursuant to

relevant approvals and according to the provisions of Law 2166/93, EUROSTAR absorbed the

tourist sector of Lambrakis Press SA.


The company is based in the Municipality of Athens (at 18 Panepistimiou St., GR-106 72

Athens).

OBJECT

According to its Articles of Association, the company’s objects are: a) organizing, managing,

promoting and operating trade and other fairs, whether addressed to professionals or the wider

public, at local, national, European and international level in Greece in connection with any

goods or services, b) organizing, managing and operating congresses and other events in Greece,

c) carring out research and preparing reports on the Greek trade fair market, d) providing

advertising services in connection with the services, information and trade fairs offered by the

company, e) providing trade fair-related organization and management services, f) undertaking,

planning and implementing tasks relating to the above objects, g) providing business

consultancy services, sales promotion and trade fair planning consultancy and h) acting as agents

of Greek and foreign companies whose objects are similar to those of the company.

BUSINESS ACTIVITY

The company organizes, manages, promotes and operates trade fairs, congresses and similar

events in Greece.

In 2003 the company employed 1 person.


the company was placed under liquidation on 1.1.2004 and Messrs Georgios Tsialikis and

Antonios Dousmanopoulos were appointed liquidators.

SHAPEHOLDERS - SHARE CAPITAL

In 2003, the share capital of the company changed as follows:

Pursuant to resolution of the Shareholders Extraordinary General Meeting of 13.3.2003, the

company’s share capital was increased by 320.100 euros through the issue of 10.670 new

registered shares of nominal value of 30 euros each.

As a result the company’s share capital amounts to 1.019.100 euros divided into 33.970


Except for the above increase, there were no other changes in the share capital in 2003 and the

first four months of 2004.

190




of the company.

In 2003 the Shareholders’ General Meeting of 12.12.2003 resolved unanimously to terminate

the company’s operation and to commence its liquidation on 1.1.2004.


following table:


Eurostar SA.

EXPO PLAN SA (UNDER LIQUIDATION)



Turnover 75,7 0,0

Gross earnings -206,7 0,0

% on turnover -273,1% -

Total operating earnings before depreciation -269,5 -50,9


Earnings before tax -282,7 -94,5


Earnings after tax & Board of Directors remuneration -282,7 -94,5


BALANCE SHEET

ASSETS





Current assets 46,9 104,9


TOTAL ASSETS 149,5 184,9

LIABILITIES

Share capital 699,0 1.019,1

Total equity -46,2 179,5

Provisions 0,0 0,0


Short-term liabilities 195,7 5,4

Total long- and short-term liabilities 195,7 5,4


TOTAL LIABILITIES 149,5 184,9


EUROSTAR SA 50,00%

Fiere Internazionali di Bologna - Ente Autonomo 50,00%

Total 100,00%

XXIII

191

D. HOLDINGS SECTOR

D.1. AFFILIATED COMPANIES OF THE HOLDINGS SECTOR

MICHALAKOPOULOU TOURIST AND REAL ESTATE SA

The company «MICHALAKOPOULOU TOURIST AND REAL ESTATE SA» was established

in 2001 (Government Gazette issue No. 2610/9.5.2001) and is registered in the Register of

Société Anonyme of the Prefecture of Athens under No. 48926/01/µ/01/290.

According to its Articles of Association the company has a duration of 50 years and it is based

in the Municipality of Athens (18, Panepistimiou Street, GR 10672, Athens).

The founders of the company were "GENIKI ETAIRIA KATASKEVON (GEK) SA" by 50%

and "ERMIS REAL ESTATE ENTERPRISES SA" by 50%.

OBJECT

The objects of the company are: a) purchasing, constructing and exploiting hotel units, b)

purchasing, constructing and exploiting buildings and spaces to accommodate tourist

operations, c) establishing and exploiting travel and tourist agencies and organizing tourist

excursions and transportation all over the world through land, naval and air transportation

means both owned and not, d) acquiring, exploiting, constructing and managing real estate, e)

carrying out related architectural, civil, and mechanical engineering and urban planning

projects, f) carrying out any project related to the above, g) representing domestic and foreign

firms of related business objects. The corporate objects can be pursued either by the company

alone or in cooperation with third party persons or legal entities of any type, pursuing the same

or related purposes domestically or abroad or through participating in any type of business, that

has been established or will be established and pursue the same or related purposes.

BUSINESS ACTIVITY

The company owns the multi-storey office building at 80, Michalakopoulou Street, Athens,

where Lambrakis Press Group will be relocated.

In 2003 the company did not employ any personnel.

MANAGEMENT

The company is managed by the Board of Directors consisting of 5 members.


30.6.2008:

NAME POSITIONStavros P. Psycharis PresidentDamianos Z. Hadjikokkinos Vice President and Managing DirectorNikolaos I. Katsibrakis MemberPanagiotis A. Chrysikakis MemberNikolaos G. Anastasopoulos Member

192




shares with a nominal value of 100 euros each.



Pursuant to the private contract dated 7.7.2003, Lambrakis Press SA acquired through

purchase from the founding shareholders the total number of the company’s existing shares.

From that date up to 30.4.2004 there was no change in the company’s shareholding structure.

The company’s summary financial data for its first over-12-month fiscal year (1.5. 2001 -

31.12.2002) and the year 2003 are shown in the following table:

(*) Over-12-month fiscal year (1.5.2001 - 31.12.2002)


Lambrakis Press SA.

MICHALAKOPOLOULOU TOURIST- REAL ESTATE SA

2002 (*) 2003INCOME STATEMENT

thousand € thousand €Turnover 431,2 173,2 Gross earnings -1.138,5 173,2 % on turnover -264,0 % 100,0%Total operating earnings before depreciation -72,5 -18,2 Total depreciation 2.759,0 1.534,1 Earnings before tax -2.831,6 -1.552,3 % on turnover -656,7 % -896,2 %Earnings after tax & Board of Directors remuneration - -2.831,6 -1.552,3 % on turnover -656,7% -896,2%

BALANCE SHEET

ASSETSNon-depreciated establishment expenses 1.820,0 1.213,3 Non-depreciated intangible assets 0,0 0,0 Non-depreciated tangible assets 18.414,5 17.487,1 Participations - Other long-term receivables 0,0 0,0 Current assets 208,8 239,0 Transitory accounts 1,4 1,8 TOTAL ASSETS 20.444,7 18.941,2

LIABILITIESShare capital 20.550,0 20.550,0 Total equity 17.648,7 16.027,7 Provisions 0,0 0,0

Long-term liabilities 0,0 0,0 Short-term liabilities 2.796,0 2.913,5

Total long- and short-term liabilities 2.796,0 2.913,5 Transitory accounts 0,0 0,0 TOTAL LIABILITIES 20.444,7 18.941,2

SHAREHOLDER HOLDING (%)LAMBRAKIS PRESS SA 100%Total 100%

XXIII

193

STUDIO ATA SA

The company was established as a limited liability company in 1971 and changed into a société

anonyme in 1991 (Government Gazette issues No 13/3.1.1992 and 34/7.1.1992) and is


25466/01AT/B/91/297(97).

In accordance with its Articles of Association, the duration of the company is 50 years (until

2041). The company is based in the Municipality of Amaroussion (14 Fleming Street).

In accordance with its Articles of Association, the company’s objects are: the production,

technical processing and completion of television and cinematographic films, the provision of

studio services and related tasks.

OBJECT

According to its Articles of Association, the company’s objects are: the production, technical

processing and completion of television and cinematographic films, the provision of studio

services and related tasks.

BUSINESS ACTIVITY

The company produces television and cinema films and offers studio services.


MANAGEMENT



30.6.2005:


The company’s share capital amounts to 405.030 euros divided into 13.800 ordinary registered


During 2003 and the first four months of 2004, there was no change in the company’s share

capital.

The Company has the following shareholding structure:

NAME POSITIONChristos D. Lambrakis President & Managing DirectorGeorgios R. Rallis Vice President Damianos Z. Hadjikokkinos MemberTryfon π. Koutalidis MemberNikolaos A. Gotsis MemberEfrosyni G. Ralli MemberPanayotis N. Kouvoutsakis MemberPanagiotis A. Chrysikakis Member

194


The Company’s summary financial figures for the fiscal year 1.7.2001 - 30.6.2002 and the 18-

month fiscal year 1.7.2002 - 31.12.2003 are shown in the following table:

(*) Over-12-month fiscal year (1.7.2002 - 31.12.2003)


Lambrakis Press SA.

STUDIO ATA SA



Turnover 10.380,9 13.112,8


% on turnover 10,2% 12,8 %



Earnings before tax 81,2 -1.231,7

% on turnover 0,8 % -9,4 %

Earnings after tax & Board of Directors remuneration -18,0 -1.299,8

% on turnover -0,2 % -9,9 %

BALANCE SHEETASSETS



Non-depreciated tangible assets 1.164,0 780,2




TOTAL ASSETS 9.277,0 8.762,3

LIABILITIES


Total equity 55,5 -1.244,3

Provisions 0,0 0,0




Transitory accounts 734,2 1.962,4


SHAREHOLDER HOLDING (%)Lambrakis Press SA 95%

Dimitrios Kourentis 5%

Total 100%

XXIII

195

ACTION PLAN SA

"ACTION PLAN COMMERCIAL SOCIÉTÉ ANONYME OF DIRECT MARKETING

SERVICES" was established in 1999 (Government Gazette issue No 5211/5.7.1999) and is


43276/01/µ/99/356.

The company was founded by Lambrakis Press SA and DOL DIGITAL SA. In 1999, National

Bank of Greece SA acquired 15% of the company’s share capital by participating in a share

capital increase. Under the private contract of 19.10.2000 between Lambrakis Press SA and

DOL DIGITAL SA, Lambrakis Press SA transferred its entire holding in ACTION PLAN SA to

DOL DIGITAL SA.


The company is based in the Municipality of Athens (at 15-17, Thisseos St., GR-105 62 Athens).

OBJECT

1. The main objects of the company are: a) providing telemarketing and related services to

third parties (e.g. telesales of own or third-party products, such as subscriptions to printed

media, books, other publications, video tapes, CDs, CD-ROMs and other consumer goods, to

promote tele-services, to carry out research and hold competitions and engage in other tele-

services sector-related business), b) providing data base services through the compilation and

use of data for customers, own use and use by third parties, c) selling and promoting third-party

products for a consideration and develop products using such methods as direct sales, direct

mail order and direct mail, d) undertaking, designing and carrying out direct marketing

business, e) purchasing, selling and, in general, managing all kinds of intellectual property

rights, f) providing business consultancy services, sales promotion consultancy and direct

marketing consultancy, g) providing services in the capacity of a sales consultant and marketing

consultancy services connected with promotional activities such as direct mailing and direct

sales, h) undertaking the printing and publication of all kinds of advertising material and carry

out related publishing activities, i) carring on any other trade or business which can, in the

opinion of the company’s Board of Directors, be advantageously carried on by the company in

connection with or as ancillary to any of the above business or the general business of the

company, j) engaging in all such business or activities as are directly or indirectly, incidental,

conducive or expedient to the above objects.

Also, object of the company is to carry out market research on various products and services

for third parties, whether persons or legal entities, in Greece and abroad (with the express

exclusion of the television market, the informatics sector and Internet-related business), as well

as the maintenance and trade of tele-informatics and telecommunications material, the creation

of new media for advertising goods and services using printed material, audiovisual and/or

electronic media in Greece and abroad, to engage in sales on behalf of third parties, whether

persons firms or companies, in Greece and abroad, to locate or draw up directories of various

categories of professionals or shops, to plan and hold seminars and lectures, to organize and

support conferences for training, scientific or educational purposes, to provide services using

the company’s trained personnel to third parties, whether persons, firms or companies, as part

of the effort to promote sales and goods to interested customers, to provide expert consultancy

196


and services and prepare all types of project studies of technical, economic, financial, training,

social and organizational content to persons or legal entities.

BUSINESS ACTIVITY

The company engages in the development, installation and operation of fully automated call

centres and in customer relationship management (CRM), aiming at providing telemarketing

services and telesales to third parties, in the provision of data base services for own and third-

party use, in the sale and promotion of third-party products for a consideration, and in the

development and trade of goods using direct mail and direct marketing methods.


MANAGEMENT



30.6.2006:

It is noted that according to his letter dated 20.4.2004, Mr. A. Tamvakakis resigned as a

member of the Board of Directors.


The company’s share capital amounts to 4.740.670.70 euros divided into 161.522 registered




In 2003 and the first four months of 2004 there were no changes in the shareholding structure

of the company:


following table:

SHAREHOLDER HOLDING (%)LAMBRAKIS PRESS SA 85%National Bank of Greece SA 15%Total 100%

NAME POSITIONChristos D. Lambrakis President Damianos Z. Hadjikokkinos Vice President Apostolos S. Tamvakakis MemberKyriakos C. Boutsikaris MemberPanagiotis A. Chrysikakis MemberDespina S. Voudouri Member, General ManagerKleopatra D. Glynou Member

XXIII

197

ACTION PLAN S.A.2002 2003

INCOME STATEMENTthousand € thousand €

Turnover 6.926,4 5.724,1

Gross earnings 1.363,5 482,9

% on turnover 19,7 % 8,4 %




% on turnover 3,2 % -8,6 %

Earnings after tax & Board of Directors remuneration 223,3 -494,2

% on turnover 3,2 % -8,6 %

BALANCE SHEET

ASSETS







TOTAL ASSETS 3.678,6 3.262,7

LIABILITIES


Total equity 508,4 14,3

Provisions 0,0 0,0






198


The consolidated financial statements of the company include ACTION PLAN HUMAN

RESOURCES SA, which closed its first (over-12-month) fiscal year on 31.12.2003. In 2003

ACTION PLAN SA did not publish its consolidated financial statements that were compiled in

order to be included in the consolidated financial statements of Lambrakis Press SA.

The financial statements of the company are included in the consolidated financial statements


ACTION PLAN SA (consolidated data)

2003 (*)INCOME STATEMENT thousand €

Turnover 10.335,3

Gross earnings 1.043,3

% on turnover 10,1 %

Total operating earnings before depreciation 98,4

Total depreciation 177,0

Earnings before tax -114,0

% on turnover -1,1 %

Earnings after tax & minority rights -115,1

% on turnover -1,1 %

BALANCE SHEET

ASSETS

Non-depreciated establishment expenses 35,2

Non-depreciated intangible assets 0,0

Non-depreciated tangible assets 141,0

Participations - Other long-term receivables 5,0

Current assets 4.240,9

Transitory accounts 0,7

TOTAL ASSETS 4.422,8

LIABILITIES

Share capital 4.740,7

Total equity 526,0

Provisions 0,0

Long-term liabilities 0,0

Short-term liabilities 3.825,9

Total long- and short-term liabilities 3.825,9


TOTAL LIABILITIES 4.422,8

XXIII

199

ACTION PLAN H.R. SA

"ACTION PLAN Human Resources Temporary Employment Société Anonyme" was

established in 2002 (Government Gazette issue No 1343/21.2.2002) and is registered in the

Register of Sociétés Anonymes of the Prefecture of Athens under No 51185/01/B/02/118.


The company is based in the Municipality of Athens (15-17 Thiseos Street, GR-105 62 Athens).

The company was founded by Action Plan SA (99%) and Lambrakis Press SA (1%).

OBJECT

In accordance with its Articles of Association, the company’s objects are: a) to ensure human

resources for other employers (indirect employers, whether persons, firms or companies), for a

limited length of time by assigning to them salaried personnel who are employed by the

company under a fixed-term contract of employment or under a contract of indeterminate

duration, so that they may be temporarily employed by such indirect employers, b) to seek

employment on behalf of such personnel under the procedure and requirements of Presidential

Decree 160/1999 and c) the appraisal and/or training of human resources.

BUSINESS ACTIVITY

The company is active in supplying temporary personnel according to Law 2956/2001 on

temporary employment companies.

In the fiscal year 2002-2003 (1st over-12-month fiscal year) the company employed on average

291 persons.

MANAGEMENT



30.6.2004:


The company’s share capital amounts to 234.780 euros, divided into 78.260 registered shares

of a nominal value of 3 each.


SHAREHOLDER HOLDING (%)LAMBRAKIS PRESS SA 1%Action Plan SA 99%Total 100%

NAME POSITIONDamianos Z. Hadjikokkinos President Despina S Voudouri Vice President & Managing DirectorPanagiotis A. Chrysikakis MemberDimitrios A. Albanis MemberNikolaos G. Anastasopoulos Member

200

A S S O C I A T E D C O M P A N I E S XXIII

201

Lambrakis Press SA has held 1% of the company’s share capital since its establishment.

In the company’s first over-12-month fiscal year (2002/2003) there was no change in the share

capital or the shareholding structure of the company.

The Company’s summary financial figures for the (over-12-month) fiscal year 2003 are shown

in the following table:

(*) First (over-12-month) fiscal year (18.2.2002 - 31.12.2003)


Action Plan SA.

ACTION PLAN HUMAN RESOURCES SA

2003 (*)INCOME STATEMENT thousand €

Turnover 8.757,3

Gross earnings 1.307,9

% on turnover 14,9 %

Total operating earnings before depreciation 793,3

Total depreciation 7,9

Earnings before tax 783,7

% on turnover 8,9 %

Earnings after tax & Board of Directors remuneration 509,4

% on turnover 5,8%

BALANCE SHEET

ASSETS

Non-depreciated establishment expenses 3,0

Non-depreciated intangible assets 0,0

Non-depreciated tangible assets 8,0

Participations - Other long-term receivables 0,0

Current assets 1.410,0


TOTAL ASSETS 1.421,4

LIABILITIES

Share capital 234,8

Total equity 744,2

Provisions 0,0

Long-term liabilities 0,0

Short-term liabilities 676,0

Total long- and short-term liabilities 676,0


TOTAL LIABILITIES 1.421,4

∂LLINIKA GRAMMATA SA

The company "ELLINIKA GRAMMATA Publishing, Printing, Importing, Exporting &

Trading Société Anonyme For Books, Disks, Software, Information Systems & Audiovisual

Media" with the trade name "ELLINIKA GRAMMATA SA" was established in 2000

(Government Gazette issue No 694/1.2.2000) and is registered in the Register of Sociétés

Anonymes of the Prefecture of Athens under No 45154/01/µ/00/47.

The company’s founding shareholders were Mr. Pavlos Papachristofilou (98.9%) and Ms.

Panayota Papachristofilou (1.1%). Lambrakis Press SA acquired 49.0% of the company in 2001

following the purchase of shares previously owned by Mr. P. Papachristofilou. Also in 2002

(26.4.2002) Lambrakis Press SA acquired from Mr. Papachristofilou another 2% of the

company’s share capital. As a result Lambrakis Press currently holds 51% of the company’s

share capital.


and it is based in the Municipality of Athens (at 6 Gennadiou St., GR-106 78 Athens).

OBJECT

According to its Articles of Association, the objects of the company are: a) to publish, produce,

import, export and trade all kinds of books, whether Greek or foreign, and any other printed

media, magazines, educational material, disks, tapes, audiovisual means and equipment,

consumables, software, hardware, CDs and related items, b) to engage in any printing and

bookbinding related business, c) to manufacture, produce, engage in the trade of and act as

agents for computer disks, video tapes, cassettes, videos, CD-ROMs and, in general,

information systems, d) to produce, publish, sell and engage in the trade of electronic books and

any form of multimedia applications such as CD-ROMs, CD-Is, CD-As, CD-TVs, TVIs, photo-

CDs, 3DOs, VIDEO-CDs, HDVDs, to produce and publish electronic books and any form of

multimedia applications and dispose and sell them through computer networks, e) to develop

software to be used in the manufacture of products connected with new technologies, networks,

CD-ROMs and generally all kinds of computer software, f) to act as agents of Greek and foreign

companies involved in the above products, and any other business within the objects of the

company, g) to engage in any business connected with advertising and publicity activity.

BUSINESS ACTIVITY

Ellinika Grammata SA is one of the oldest and largest publishing houses in Greece, operating

its own bookstore and publishing and selling a broad variety of Greek and foreign books.


MANAGEMENT



30.6.2007:

202


203


The company’s share capital amounts to 830.605 euros divided into 28.300 registered shares

of a nominal value of 29,35 euros each.




of the company.


following table:

SHAREHOLDER HOLDING (%)LAMBRAKIS PRESS SA 51,00%Pavlos Papachristofilou 47,93%Panayota Papachristofilou 1,07%Total 100,00%

NAME POSITIONPavlos D. Papachristofilou President Stavros P. Psycharis Vice President Damianos Z. Hadjikokkinos Managing DirectorAntonios C. Dousmanopoulos MemberPanagiotis A. Chrysikakis MemberArgyro D. Papachristofilou MemberPanayota V. Deliopoulou Member


Lambrakis Press SA.

The company has a holding of 30% in the company «Ekdoseis 4 Ltd»’ which is under

liquidation.

ELLINIKA GRAMMATA SA



Turnover 14.400,8 15.944,2


% on turnover 33,9 % 29,6 %

Total operating earnings before depreciation 1.296,6 823,5



% on turnover 0,9 % -1,6%


% on turnover 0,6 % -1,6 %

BALANCE SHEETASSETS



Non-depreciated tangible assets 1.090,8 944,1




TOTAL ASSETS 19.890,4 22.545,0

LIABILITIES


Total equity 1.093,8 414,8







204


D.2. ASSOCIATED COMPANIES OF THE HOLDINGS SECTOR

ARGOS SA

«ARGOS Consulting - Representations - Management - Agencies - and Transportation Société

Anonyme» was founded in 1998 (Government Gazette issue No. 7079/4.9.98) and is registered

in the Register of Société Anonyme of the Prefecture of Athens under No. 41144/01D∆/µ/98/44.

According to its Articles of Association, the company’s duration is 12 years (until 2010) and it

is based in the Municipality of Athens (3, Emm. Pappa Street, Egaleo)

«ARGOS» was founded by the companies Lambrakis Press SA and DOL Communications SA

and through successive share capital increases widened its shareholding base to include 12 more

Greek publishing houses.

OBJECT

The objects of the company are: a) representing and acting as agent all kinds of domestic and

international firms active in the sector of printed media (publishing, circulation, advertisement

and distribution of printed media), b) undertaking and effecting financial, commercial and

general administration and management of all kinds of similar companies and enterprises c)

compiling research and providing business consulting for designing and effecting financial and

commercial company policy and the improvement of productivity, the maximization of

performance and the development of management of third companies and d) undertaking and

executing transportation of raw materials, products and merchandise of third parties in Greece

and abroad utilizing its own or third party means and resources of all kinds.

BUSINESS ACTIVITY

The company distributes newspapers and magazines all over Greece and is currently the

largest distributor of Press in Greece.

MANAGEMENT

The company is managed by the Board of Directors consisting of 10 members, the term of

which expires on 30.6.2004.

The current Board of Directors has the following members:

NAME POSITIONChristos D. Lambrakis PresidentChristos K. ∆egopoulos Vice PresidentNikolaos S. Biliris Managing DirectorAntonios P. Lymberis MemberGeorgios K. Sarantopoulos MemberPetros P. Kostopoulos MemberTheoharis A. Filippopoulos MemberEkaterini ª. Androulidaki MemberGeorgios S. Anemodouras MemberAndreas G. Kouris Member

XXIII

205


The company’s share capital amounts to 2.910.000 euros divided into 75.000 shares with a

nominal value of 38,80 euros each.



In 2003 and the first four months of 2004 Lambrakis Press did not change its holding in the


The summary financial data of the company and the consolidated financial data of its group

for the fiscal years 2002 and 2003 are shown in the following tables:

SHAREHOLDER HOLDING (%)LAMBRAKIS PRESS SA 38,5%C.K.Tegopoulos Publications SA 24,0%Lymberis Publications SA 10,0%πmako ¡et Media Group SA 5,0%Attica Publications SA 5,0%Tetarti Exousia Publishing Enterprises SA 5,0%Apogevmatini Publishing SA 3,0%Kouris Media Group Ltd 3,0%Periodikos Typos SA 3,0%Tilerama SA 1,0%G.I.Dragounis General Publications SA 1,0%G.I.Georgalas SA 0,5%Ekdoseis Thema Ltd 0,5%Pnevma SA 0,5%Total 100,0%

206


ARGOS SA



Turnover 86.328,2 91.306,62

Gross earnings 15.805,8 16.188,14

% on turnover 18,3 % 17,7 %

Total operating earnings before depreciation 1.795,8 2.107,22

Total depreciation 1.068,2 1.110,65


% on turnover 0,8 % 0,9 %

Earnings after tax & Board of Directors remuneration 409,3 206,18


BALANCE SHEETASSETS

Non-depreciated establishment expenses 1.182,9 832,17


Non-depreciated tangible assets 8.252,0 14.344,79




TOTAL ASSETS 19.781,8 26.831,1

LIABILITIES


Total equity 3.731,0 3.937,21







XXIII

207

The company’s consolidated financial statements include the companies ARGOS ¡∂∆ LTD

and ARGOS EVROPI LTD.

Also, ARGOS SA has a 30% holding in the share capital of the company "Press Outlets in the

Athens International Airport SA" and a 93,75% holding in "ARGOS Mass Distributions Ltd".

ARGOS SA (consolidated data)



Turnover 145.343,1 157.236,0


% on turnover 11,5 % 11,1%

Total operating earnings before depreciation 2.108,8 354,5


Earnings before tax 981,2 1.151,4


Earnings after tax & minority rights 613,8 403,0


BALANCE SHEETASSETS

Non-depreciated establishment expenses 1.188,1 834,8






TOTAL ASSETS 28.481,0 37.898,3

LIABILITIES


Total equity 3.967,0 4.399,8







208


PAPASOTIRIOU BOOKSTORES SA

The company «PAPASOTIRIOU Trading - Publishing - Importing - Exporting Company -

International Technical Bookstore» under the trade name «PAPASOTIRIOU BOOKSTORES

SA» was founded in 1993 (Government Gazette issue No. 5672/7.10.1993) and is registered in

the Register of Sociétés Anonymes of the Prefecture of Athens under No. 29741/01/µ/93/525.

The duration of the company, according to its Articles of Association, is 50 years (until 2043)

and its head office is in the Municipality of Athens (24, Stournari street, Athens).

OBJECT

The object of the company, according to its Articles of Association is: a) publishing and

trading of technical and electronic (CD) books, b) trading paper and stationary material c)

publishing and trading software programs for computers and computer hardware, importing

and exporting those, importing and exporting the above items, providing all kinds of services

in the sector of computers, d) representing domestic and international firms in all the above

items and services, e) establishing a school of IT, management, graphic arts and all other

activities related to books.

BUSINESS ACTIVITY

The company has a chain of 17 technical and scientific bookstores in various cities all over

Greece (9 in Athens, 2 in Thessaloniki and 6 in other cities) as well as a specialized digital store

on the Internet (www.papasotiriou.gr).

MANAGEMENT



30.6.2005:


The company’s share capital amounted to 525.195,96 euros divided into 15.294 registered

shares with a nominal value of 34,34 euros each.


company.


NAME POSITIONGeorgios E. Papasotiriou President and Managing DirectorAlexandra A. Papasotiriou Vice PresidentGeorgia D. Konstantopoulou MemberChristos D. Felemengas MemberDamianos Z. Hadjikokkinos MemberPanagiotis A. Chrysikakis Member

XXIII

209


of the company.

The company’s summary financial data for the fiscal years 2002 and 2003 are shown in the

following table:

(*) The year 2003 figures are temporary because by the time this Annual Report was compiled,

the Chartered Auditor - Accountant of the company had not completed the audit of the

company’s financial statements for 2003.

PAPASOTIRIOU BOOKSTORES SA



Turnover 16.270,7 18.128,2


% on turnover 30,9% 27,7 %

Total operating earnings before depreciation 983,8 1.131,4





% on turnover 2,0 % 2,9%

BALANCE SHEETASSETS







TOTAL ASSETS 11.733,6 10.387,0

LIABILITIES


Total equity 2.079,6 2.106,3







SHAREHOLDER HOLDING (%)LAMBRAKIS PRESS SA 30,00%Alexandra Papasotiriou 58,88%Georgios Papasotiriou 11,12%Total 100,00%

210


ODEON LICENSING SA

The company was founded in 1988 under the initial name «VIDEO QUATTRO Société

Anonyme Audiovisual Works Distribution and Trading» with the trade name «VIDEO

QUATTRO SA», (Government Gazette issue No. 3346/08.11.1988). Pursuant to resolution of

the shareholders’ General Meeting of 18.02.2000, the name of the company was amended to

«ODEON LICENSING SA- Exploitation and Representations of Audiovisual Works and

Related Items» and its trade name to «ODEON LICENSING». The company is registered in the

Register of Sociétés Anonymes of the Prefecture of Athens under No. 18176/01∞∆/µ/88/887

The company’s duration, according to its Articles of Association, is 20 years (until 2008) and its

head office is in Halandri (275, Messogeion avenue).

The founders of the company were Emmanuil Krezias, Georgios Michaelidis and Vasilios

Protopsaltis. As of 1.11.2000 Lambrakis Press holds 24,23% of the company’s share capital.

OBJECT

The object of the company, according to its Articles of Association, is providing all kinds of

services relating to the exploitation of cinema theatres and theatre bars, the exploitation of

audiovisual works and related items, the sale of all kinds of recorded and not recorded material

of audiovisual and audio works, CD-ROMs and all kinds of items related to the titles, the story,

the pictures, the music and generally the content of these works.

MANAGEMENT

The company is managed by the 7-member Board of Directors whose term in office expires in

November 2005, having the following members:


On 31.12.2003 the company’s share capital amounted to 114.465 euros divided into 3.900

bearer shares, with a nominal value of 29,35 euros each.


company.

On 30.4.2004 the shareholding structure of the company was the following:

NAME POSITIONEmmanuel Krezias President and Managing DirectorTheodoros Georgoulis Vice PresidentMichael Sotiriou MemberMoschos Diamantopoulos MemberStavros Despotakis MemberZinovios Panagiotidis MemberMaria Kaippa Member

XXIII

211

In relation to the shareholder structure it is noted that, on 13.9.2002, Lambrakis Press signed

a "Sale Contract" with Mr. E. Krezias, according to which it is provided that the minority

holdings of Lambrakis Press in the companies Odeon SA, Digital Press SA and Odeon Licensing

SA shall be transferred to Mr. E. Krezias.

In particular, the above contract provides for the transfer to Mr. Krezias or to third party

indicated by him of:

52.921 common registered shares of Odeon SA, i.e. 46,75% of the company’s share capital,

owned by Lambrakis Press SA.

10.486 common registered shares of Digital Press SA, i.e.32,26% of the company’s share

capital, owned by Lambrakis Press SA.



After the conclusion of the related transfers, Lambrakis Press will not hold any shares of the

companies Odeon SA, Digital Press SA and Odeon Licensing SA.


and 14.3.2003 there were transferred to Mr. Krezias or to third parties indicated by him all of

the above shares of Odeon SA owned by Lambrakis Press and 8,861 shares of the company

Digital Press SA, i.e. 27.14% of its share capital owned by Lambrakis Press.


and the deadline to conclude the transfer of the remaining 5,12% of the holding of Lambrakis

Press SA in Digital Press SA and the remaining 24,33% of the holding of Lambrakis Press SA in


24.12.2004.


following table:

SHAREHOLDER HOLDING (%)LAMBRAKIS PRESS SA 24,23%Emmanuel Krezias 71,16%Kathleen Morasky Krezia 4,61%Total 100,00%

212


ODEON LICENSING SA



Turnover 174,4 154,2

Gross earnings 106,8 96,2

% on turnover 61,2% 62,4 %




% on turnover 54,2% 67,5 %


% on turnover 54,2% 38,6 %

BALANCE SHEETASSETS








LIABILITIES



Provisions 1,6 1,9






XXIII

213

D.3. OTHER PARTICIPATIONS OF THE HOLDINGS SECTOR

DIGITAL PRESS HELLAS SA

The company was founded in 1987 under the name "Greek Digital Disk Manufacturing

Industry Société Anonyme" with the trade name "DIGITAL PRESS HELLAS SA" (Government

Gazette issue No. 2036/15.7.1987). The company is registered in the Register of Sociétés

Anonymes of the Prefecture of Athens, under No. 15478/04/µ/87/(01). The company is based

in the Municipality of Athens and its duration is 50 years (2037).

The founders of the company were Messrs Emmanuel Krezias, Georgios Michaelidis,

Konstantinos Samios, Theodoros Manavidis and Ioannis Moschous. On 1.11.2000 Lambrakis

Press SA acquired 32,265% of the company’s share capital.

OBJECT

The object of the company is the manufacturing of digital disks and media of any other

material, suitable for recording video, audio and data, operating an enterprise of publishing,

reproducing and exploiting musical, cinema and television works, recorded in digital disks,

music cassettes, video disks and any other material medium suitable for recording audio, video

and data.

MANAGEMENT

The company is managed by the 7-member Board of Directors with a term in office expiring

in November 2005, having the following members:



with a nominal value of 29,35 euros each.


company.

On 30.4.2004 the shareholding structure of the company was the following:

SHAREHOLDER HOLDING (%)LAMBRAKIS PRESS SA 5,12%Emmanuil Krezias 78,22%I. Moschous 3,75%Movietech Establishment 12,91%Total 100,00%

NAME POSITIONEmmanuel Krezias President and Managing DirectorTheodoros Georgoulis Vice PresidentMichael Sotiriou MemberMoschos Diamantopoulos MemberStavros Despotakis MemberZinovios Panagiotides MemberMaria Kaippa Member

214


In 2003 and the first four months of 2004 there were the following changes in the shareholding

of the company.

On 13.1.2003 and 16.3.2003 Lambrakis Press SA transferred 7.161 and 1.660 shares of the

company respectively to Emmanuil Krezias. After such transfers, the holding of Lambrakis

Press SA in the company became 5,12%.

Specifically, on 13.9.2002, Lambrakis Press signed a "Sale Contract" with Mr. E. Krezias,

according to which it is provided that the minority holdings of Lambrakis Press SA in the

companies Odeon SA, Digital Press SA and Odeon Licensing SA shall be transferred to Mr. E.

Krezias.

The above contract provides for the transfer to Mr. Krezias or to a third party indicated by him

of:

52.921 common registered shares of Odeon SA, i.e. 46,75% of the company’s share capital,

owned by Lambrakis Press SA.

10.486 common registered shares of Digital Press SA, i.e.32,26% of the company’s share




After the conclusion of the related transfers, Lambrakis Press SA will not hold any shares of

the companies Odeon SA, Digital Press SA and Odeon Licensing SA.


and 14.3.2003 there were transferred to Mr. Krezias or to third parties indicated by him all of

the above shares of Odeon SA owned by Lambrakis Press and 8.861 shares of the company

Digital Press SA, i.e. 27,14% of its share capital owned by Lambrakis Press.


and the deadline to conclude the transfer of the remaining 5,12% of the holding of Lambrakis

Press SA in Digital Press SA and the remaining 24,33% of the holding of Lambrakis Press SA in


24.12.2004.

Additionally, pursuant to the private contracts of sale and transfer of shares dated 7.7.2003,

14.1.2004 and 27.4.2004, Mr. E. Krezias transferred to the company "Movietech Est." a total of

3.325 common registered shares, i.e. 10,23% of his holding in the company.

The company’s summary financial data for the years 2002 and 2003 are shown in the following

table:

XXIII

215

DIGITAL PRESS HELLAS SA



Turnover 6.791,1 7.791,3


% on turnover 37,1% 23,4 %



Earnings before tax 2.089,6 667,7

% on turnover 30,8% 8,6 %

Earnings after tax & Board of Directors remuneration 2.068,3 598,0


BALANCE SHEETASSETS







TOTAL ASSETS 12.125,9 12.821,7

LIABILITIES


Total equity 3.351,5 3.949,6


Long-term liabilities 2.949,2 2.345,1





216


∆ILETYPOS SA

"∆ILETYPOS Television Programs Société Anonyme» was founded in 1989 (Government

Gazette issue No. 1016/02.05.1989) and is registered in the Register of Sociétés Anonymes of the

Ministry of Development under No. 19407/06/µ/89/20.

The company’s duration, according to its Articles of Association, expires on 31.12.2090 and its

head office is set in the Municipality of Athens (4, Roussou Street, GR-115 26 Athens)

The company’s founding shareholders were the companies "Lambrakis Press SA", "Ethnos

Publications SA" (currently Pegasus Publishing and Printing SA), "C.K. Tegopoulos SA", "Greek

General Publishing - Mesimvrini SA" (currently General Press Publishing SA) and "I

Kathimerini SA - Printed Media Publishing", that participated pari passu (20% each) in the


OBJECT

The objects of the company, according to its Articles of Association, include: a) producing and

trading television programs and broadcasts, installing, operating and exploiting television

stations all over Greece when and as permitted, b) creating, equipping, organizing and

exploiting special spaces (studios) to produce and exploit television broadcasts, programs and

advertising spots, c) establishing, installing, operating and exploiting radio stations all over

Greece, d) producing and trading radio programs and broadcasts, e) creating, equipping,

organizing and exploiting special spaces (studios) to produce and exploit radio broadcasts,

programs and advertising spots.

BUSINESS ACTIVITY

The company owns the television station «Mega Channel»

The shares of the company were listed on the Athens Stock Exchange on 17.8.1994.

MANAGEMENT


The current Board of Directors has the following members and its term in office expires on

30.6.2006:


The company’s share capital amounts to 31.237.500 euros divided into 31.237.500 common

registered shares with a nominal value of 1 euro each.

According to the data of the Athens Stock Exchange the company’s shareholding structure on

7.5.2004 was the following:

NAME POSITIONChristos K. Tegopoulos PresidentIlias E. Tsigas Managing DirectorChristos D. Lambrakis MemberGeorgios Aidinis MemberGeorgios F. Bobolas MemberGeorgios I. Prousanidis Member

XXIII

217


the company’s share capital.

The summary financial data for the company and the summary consolidated data of its group

for the fiscal years 2002 and 2003 are shown in the following tables:

TILETYPOS SA



Turnover 137.894,4 112.549,8







Earnings after tax & Board of Directors remuneration 9.771,8 2.564,5


BALANCE SHEETASSETS


Non-depreciated intangible assets 86.094,1 100.613,8





TOTAL ASSETS 219.781,8 208.579,7

LIABILITIES

Share capital 31.237,5 31.237,5

Total equity 82.693,9 81.486,0







SHAREHOLDER HOLDING (%)LAMBRAKIS PRESS SA 10,76%Pegasus Publishing and Printing SA 22,46%C.K. Tegopoulos Publications SA 12,28%Other shareholders - free float (less than 5% each) 54,50%Total 100,00%

218


The consolidated statements include the financial statements of «TILETYPOS CYPRUS LTD».

TILETYPOS SA (consolidated data)



Turnover 139.133,5 115.382,8







Earnings after tax & minority rights 9.819,3 4.280,1


BALANCE SHEETASSETS


Non-depreciated intangible assets 86.094,1 100.613,8





TOTAL ASSETS 219.872,6 211.135,4

LIABILITIES

Share capital 31.237,5 31.237,5

Total equity 82.778,4 83.240,1







XXIII

219

D.4. AFFILIATES OF ASSOCIATED COMPANIES OF THE HOLDINGS SECTOR

ARGOS NET LTD

«ARGOS NET Limited Liability Company» was founded in 2000 (Government Gazette issue

No.: 9271/09.10.2000) and is registered in the books of the Court of First Instance of Athens

under serial No. 14164 7369/09.10.2000. According to its Articles of Association, the company’s

duration is 50 years. Pursuant to the resolution of the Shareholders’ Extraordinary General

Meeting, the head office of the company was transferred to the Municipality of Kropia, Attica

amending respectively article 2 of the Articles of Association (notarial deed no. 36657/30.3.2004

by the Pireaus notary public M. Vallindra - Katraki).

The founder of the company was ARGOS SA.

OBJECT

The objects of the company, according to its Articles of Association, are a) selling books,

guides, maps, periodicals and all kinds of printed material, stationery items, photographic

items, multimedia (CD, DVD, VHS), electronic items, lottery tickets, pre-paid phone cards,

pre-paid cellular phone cards, games, accessories, souvenirs and other items, b) importing from

EU and third countries, distributing and selling newspapers, magazines, books, guides, maps

and all types of printed media produced abroad and c) importing and exporting the above items

(under a and b) as well as other merchandise.

MANAGEMENT

The managers of the company are:

Nikolaos S. Biliris

Georgios E. Vanas


The company capital amounts to 150.000 euros divided into 5,000 company shares of 30 euros

each.

The only shareholder of the company is ARGOS SA, holding 100% of the company’s capital.

In 2003 and the first four months of 2004 there was no change in the company’s capital.

The company’s summary financial data for 2002 and 2003 are shown in the following table:

220


ARGOS EVROPI LTD

The company was founded in 2000 (Government Gazette issue No. 9169/5.10.2000)

OBJECT

The objects of the company, according to its Articles of Association, are: a) selling of daily and

periodical Greek and international printed media and, in general, printed material, books and

other items and installing and exploiting points of sale for such items b) importing and

exporting the above items and other merchandise c) all activities or enterprises related to the

above as well as trading (importing - exporting) all related items.

MANAGEMENT

The managers of the company are the following in two groups:

Group ∞ã

Nikolaos St. Biliris

Georgios E. Vanas

Alexandros G. Kastanis

Group B’

Nikolaos F. Bakatsas

Thomas X. Tsakaloyiannis

SHAREHOLDERS - CAPITAL

Pursuant to the Shareholders’ Extraordinary General Meeting dated 27.11.2003, the

company’s capital was denominated in euros. For this purpose the capital was increased by

35.452,97 euros and the nominal value of each share amounted to 30 euros, amending the

respective articles of the company’s Articles of Association (notarial deed No. 36579/19-12-

2003 by the Piraeus notary public ª. Vallindra - Katraki).

As a result the company’s capital amounts to 64.800 euros and is divided into 2.160 company

shares of a nominal value of 30 euros each.


ARGOS NET LTD




Total assets 8.329,2 10.786,3

Turnover 56.800,0 63.375,1


Earnings after tax 107,2 212,1

XXIII

221


of the company.

The company’s summary financial data for 2002 and 2003 are shown in the following table:

ARGOS NET LTD




Total assets 848,8 773,6

Turnover 2.612,2 2.909,5


Earnings after tax 73,7 74,6

SHAREHOLDER HOLDING (%)ARGOS SA 60,0%EVROPI SA 40,0%Total 100,0%

222


∂. IT AND NEW TECHNOLOGIES SECTOR∂.1 AFFILIATED COMPANIES OF THE IT AND NEW TECHNOLOGIESSECTOR

DOL DIGITAL SA

"DOL DIGITAL Société Anonyme" was founded in 1987 (Government Gazette issue No.

2430/25.9.87) and is registered in the Register of Sociétés Anonymes of the Prefecture of Athens

under No. 15793/01/µ/87/414 under the initial name "Video Star SA". In 1996 it was renamed

«DOL Communications SA» (Extraordinary General Meeting of 21.9.92, government Gazette

issue No. 8379/1996) and in 1999 in "DOL Digital SA". The duration of the company, according

to its Articles of Association, is 103 years (until 2090) and its head office is set in the

Municipality of Athens (3, Chr. Lada Street, GR-102 37, Athens).

The founders of the company were Lambrakis Press SA by 51% and Dimitrios Kourentis by 49%.

OBJECT

The object of the company, according to its Articles of Association, is participating in any

means to companies of all kinds mainly active in the wider sector of information technology

and modern technology, provision of related services and trading of related services and

products.

BUSINESS ACTIVITY

DOL Digital SA is a holding company in the sectors of digital economy, information

technology, communications and the Internet.

In 2003 the company employed on average 1 person.

MANAGEMENT


The current Board of Directors has the following members and its term in office expires on

30.6.2008:


The share capital of the company amounted to 22.332.592,80 euros divided into 3.798.060



NAME POSITIONChristos D. Lambrakis PresidentStavros P. Psycharis Vice PresidentDamianos Z. Hadjikokkinos MemberPanagiotis A. Chrysikakis MemberPanagiotis St. Psycharis Member

XXIII

223



structure.

The company’s summary financial data and the summary consolidated financial data of its


DOL DIGITAL SA




Gross earnings 0,0 -20,6

% on turnover 0,0% -9,0 %




% on turnover -247,9 % -220,5%


% on turnover -247,9% -220,5%

BALANCE SHEETASSETS







TOTAL ASSETS 20.809,8 20.642,9

LIABILITIES

Share capital 22.332,6 22.332,6

Total equity 14.944,9 14.440,1

Provisions 0,0 3,3






SHAREHOLDER HOLDING (%)LAMBRAKIS PRESS SA 78,71%Christos D. Lambrakis 13,45%Others (<1% each) 7,84%Total 100,00%

224


The year 2002 consolidated financial statements of DOL DIGITAL SA included the companies

RAMNET SA, RAMNET SHOP SA, NETONLINE SA and IN-TRAVEL SA, while the respective

statements of 2003 include only the companies RAMNET SA, RAMNET SHOP SA and

NETONLINE SA, as IN TRAVEL SA is under liquidation. In 2003 DOL DIGITAL SA did not

publish its consolidated financial statements that were compiled in order to be included in the

consolidated financial statements of Lambrakis Press SA.



DOL DIGITAL SA (consolidated data)



Turnover 3.063,2 3.301,4


% on turnover -9,4% 10,2%

Total operating earnings before depreciation -2.107,2 -1.504,

0Total depreciation 84,2 135,9

Earnings before tax -2.223, -1.665,0

% on turnover -72,6% -50,1%

Earnings after tax & Board of Directors remuneration -2.223,3 -1.655,0

% on turnover -72,6% -50,1%

BALANCE SHEETASSETS







TOTAL ASSETS 6.996,2 7.216,4

LIABILITIES

Share capital 22.332,6 22.332,6

Total equity -3.453,5 -5.138,9

Provisions 0,3 3,5






XXIII

225

226

RAMNET SA

The company RAMNET SA was founded in 1999 (Government Gazette issue No.


Athens under No. 43730/01/µ/99/459.

The company’s duration, according to its Articles of Association, is 20 years (until 2019) and

its head office is in the Municipality of Athens (18, Panepistimiou street, GR-106 72 Athens)

The founders of RAMNET SA were DOL Digital SA and Mr. Christos D. Lambrakis.

According to a private contract dated 12.7.2000, Mr. C. D. Lambrakis transferred to DOL

Digital SA his total holding in the company (35%); hence DOL Digital SA acquired 100% of the

company’s share capital

OBJECT

The objects of the company, according to its Articles of Association are: a) providing services

in the sector of provision of information over the Internet, cable and satellite channels and, in

general, through all means of telecommunication media, b) publishing printed media of all

types, digital publications on the Internet, compact disks, CD-ROM/DVD ROM disks and, in

general, all kinds of telecommunications and storage media, c) selling through electronic and

conventional media any kind of goods or services, providing services and doing research and

contests through the same media and other activities within the spectrum of these services, d)

providing services in the sector of advertising the services offered by the company, information

and publications of the company e) producing and trading software products for any use in any

means of digital and electronic medium, f) providing services of organizing and managing

network systems over the Internet and any kind of telecommunication media, g) purchasing,

selling and generally exploiting intellectual property rights, h) providing business advisory

services, sales promotion advisory services and advisory services on programming the usage of

mass media i) representing domestic or international companies for related purposes.

BUSINESS ACTIVITY

RAMNET SA is a commercial company of IT applications and services, digital publishing,

organizing and managing systems, advertising services and representations. The company owns

the well-known Greek Internet portal «in.gr»


MANAGEMENT


The current Board of Directors has the following members, whose term in office expires on

30.6.2008:

NAME POSITIONChristos D. Lambrakis PresidentDamianos Z. Hadjikokkinos Vice PresidentPanagiotis A. Chrysikakis MemberTheodoros Sp. Spinoulas Member


227


The company’s share capital amounts to 14.675.000 euros divided into 500.000 common



company.



of the company.

Lambrakis Press SA does not have a direct holding in the share capital of the company.


following table:


DOL Digital SA.

RAMNET SA



Turnover 1.363,6 1.353,4

Gross earnings -430,7 -17,9

% on turnover -31,6% -1,3%

Total operating earnings before depreciation -1.666,6 -977,0


Earnings before tax -1.733,4 -1.119,0

% on turnover -127,1% -82,7%


% on turnover -127,1% -82,7%

BALANCE SHEETASSETS







TOTAL ASSETS 3.744,0 3.821,0

LIABILITIES

Share capital 14.675,0 14.675,0

Total equity -2.619,9 -3.738,9

Provisions 0,3 0,2






SHAREHOLDER HOLDING (%)DOL Digital SA 100%

RAMNET SHOP SA

The company was founded in 1999 (Government Gazette issue No. 7229/8.9.1999) and is

registered in the Register of Sociétés Anonymes of the Prefecture of Athens under No.

43727/01/µ/99/458.

The company’s duration, according to its Articles of Association, is 20 years (until 2019) and

its head office is set in the Municipality of Athens (18, Panepistimiou street, 106 72, Athens).

The founders of the company were DOL Digital SA and Mr. Christos Lambrakis. In 2000 Mr.

Christos Lambrakis transferred to DOL Digital SA his holding (35.44%) in the company, hence

DOL Digital SA acquired 100% of the company’s shares. DOL Digital SA remains the sole

shareholder of the company.

OBJECT














mass media I) representing domestic or international companies for related purposes.

BUSINESS ACTIVITY

Ramnet Shop is active in IT applications and services, digital publishing, organizing and

managing systems, advertising services and representations and operates the Internet store

shop21.gr (web site: www.shop21.gr).


MANAGEMENT



30.6.2008:


228



The share capital of the company amounts to 997.900 euros divided into 34.000 registered



company.



of the company.


following table:


DOL Digital SA.

RAMNET SHOP SA



Turnover 883,2 1.315,3






% on turnover -0,2% -2,6%

Earnings after tax & Board of Directors remuneration 1,8 -33,7

% on turnover 0,2% -2,6 %

BALANCE SHEETASSETS







TOTAL ASSETS 1.324,2 1.470,8

LIABILITIES



Provisions 0,0 0,0






SHAREHOLDER HOLDING (%)DOL Digital SA 100%

XXIII

229

NET ON LINE SA

The company was founded in 2000 (Government Gazette issue No. 2082/17.3.2000) under the

name IN BOOKS SA and is registered in the Register of Sociétés Anonymes of the Prefecture of


The company’s duration, according its Articles of Association, is 20 years (until 2019) and its

head office is in the Municipality of Athens (18, Panepistimiou street, GR-106 72, Athens).

The founders of the company were RAMNET SA and RAMNET SHOP SA by 50% each.

OBJECT















BUSINESS ACTIVITY

The company is active in electronic sales and provision of Internet access services (ISP and

ASP) and holds an ISP license from the Greek Commission on Telecommunications and Post.

In 2003 the company employed on average 1 person.

MANAGEMENT



30.6.2007:


The share capital of the company amounts to 440.250 euros divided into 15.000 registered



230



company.



of the company.

Lambrakis Press SA does not have a direct holding in the company’s share capital.


following table:


DOL Digital SA.

NET ON LINE SA












BALANCE SHEETASSETS








LIABILITIES


Total equity -376,0 -373,5

Provisions 0,0 0,0






SHAREHOLDER HOLDING (%)RAMNET SHOP SA 50,0%RAMNET SA 50,0%Total 100,0%

XXIII

231

IN TRAVEL SA



45886/01/µ/00/247.


and its head office is set in the Municipality of Athens (18, Panepistimiou street, 106 72 Athens).

The founders of the company were RAMNET SA and EUROSTAR SA. According to the

private contract dated 18.10.2000 EUROSTAR SA transferred to RAMNET SA its holding in the

company (50%), hence RAMNET SA acquired 100% of the share capital of IN TRAVEL SA.

OBJECT















BUSINESS ACTIVITY

Until 2003 inclusive the company remained inactive.

MANAGEMENT

Pursuant to the resolution of the Shareholders’ Ordinary General Meeting of 21.6.2003, the

company was placed under liquidation from 1.7.2003 and Messrs. Dimitrios A. Albanis and

Antonios Chr. Dousmanopoulos were appointed its liquidators. On 16.1.2004 the liquidation

procedure was completed while pursuant to the resolution of the Shareholders’ Extraordinary

General Meeting of 16.2.2004 the financial statements of the completion of the liquidation were

approved and the a request was submitted to delete the company from the Register of Sociétés

Anonymes. (Government Gazette 2601/30-3-2004)


During the liquidation and up to its completion there was no change in the share capital of the

company which amounted to 61.635 euros divided into 2.100 registered shares of nominal value

of 29,35 euros each.

232


The company’s shareholding structure remained unchanged and was the following:

The company’s summary financial data of the fiscal years 2002 and 2003 are shown in the

following table:

IN TRAVEL SA



Turnover - -

Gross earnings - -





% on turnover - -


% on turnover - -

BALANCE SHEETASSETS








LIABILITIES



Provisions 0,0 0,0






SHAREHOLDER HOLDING (%)RAMNET SA 100%

XXIII

233

∂.2. ASSOCIATED COMPANIES OF THE IT AND NEW TECHNOLOGIESSECTOR

IN MARKET PLACE SA



48584/01/B/01/205.


and its head office is set in the Municipality of Athens (18, Panepistimiou street, 106 72 Athens).

The founders of the company are the companies "DOL Digital SA" and "TEKA SYSTEMS SA

Technologies, Construction and Informatics."

OBJECT

The objects of the company, according to its Articles of Association are: a) rendering services

in the sector of providing information over the Internet, the cable and satellite channels and in

general through all kinds of telecommunication media, b) publishing printed media of all types,

digital publications on the Internet, in compact disks, CD-ROM/DVD ROM disks and in

general all kinds of telecommunications and storage media, c) selling through electronic and



providing services in the sector of advertising the services offered by the company and

information and publications of the company e) producing and trading software products for

any use in any kind of digital and electronic medium, f) providing services of organizing and

managing network systems over the Internet and any kind of telecommunication media, g)

purchasing, selling and generally exploiting intellectual property rights, h) providing business

advisory services, sales promotion advisory services and advisory services on programming the

usage of mass media i) representing domestic or international companies for related purposes.


Pursuant to a resolution of the Shareholders’ Extraordinary General Meeting of 30.1.2004, the

company was placed under liquidation and Messrs Dimitrios A. Albanis and Ch. S.

Dimitrakakis were appointed its liquidators.



with a nominal value of 29,35 euros each.


SHAREHOLDER HOLDING (%)DOL DIGITAL SA 50%TEKA SYSTEMS SA 50%Total 100%

234


In 2003 and the first four months of 2004 there was no change in the company’s share capital

or shareholder structure.

The summary financial figures for the first (over-twelve-month) fiscal year 21.3.2001 -

30.6.2002 and the fiscal year 1.7.2002 - 30.06.2003 are shown in the following table:

IN MARKET PLACE SA



Turnover - -

Gross earnings - -

% on turnover - -




% on turnover - -


% on turnover - -

BALANCE SHEETASSETS








LIABILITIES



Provisions 0,0 0,0






XXIII

235

IN HEALTH SA



46561/01/µ/00/439.

The duration of the company, according to its Articles of Association is 20 years (until 2020)

and the company’s head office is set in the Municipality of Athens (18, Panepistimiou Street,

106 72, Athens).

The founders of the company were the companies "RAMNET SA", "ATHENS MEDICAL

CENTER SA" and "ATHENS CENTER OF THE ENVIRONMENT AND MANAGEMENT OF

TOTAL QUALITY PROJECTS SA" (QU.S. SA)

OBJECT

The objects of the company according to its Articles of Association are: a) rendering services

in the sector of information via the Internet, or via cable and satellite channels and in general

all kinds of telecommunications media on issues relating to health and social service, b)

publishing all types of printed media, digital publications on the Internet and in compact disks

(CDs), CD-ROM/DVD ROM disks and, in, general, publishing in any kind of

telecommunications or storage media, in relation to health, the developments in medical

science, biochemistry technology, announcements of medical congresses and any aspects

relating to the healthy nutrition and well being of modern man, c) selling though electronic and

conventional media products of the company or third parties relating to the above objects,

promoting services and doing research using its own resources concerning health and healthy

nutrition and well being of modern man and other activities in the spectrum of there services,

d) rendering services in the sector of advertising the above services, information and

publications offered by the company, e) producing and trading software products of any use to

all types of digital and electronic media f) rendering services of organizing and managing

network systems and all kind of telecommunications media, g) undertaking, designing and

effecting promotional activities (e.g. sponsoring, advertising), h) purchasing, selling and

generally exploiting intellectual copyrights of any kind (e.g. purchasing medical books, offering

medical counseling etc), i) rendering business advisory services, sales promotion advisory

services and advisory services on programming the usage of mass media and j) representing

domestic or international companies for related purposes.

BUSINESS ACTIVITY

The company is active in electronic information, operating the first Greek health portal on the

Internet, «inhealth» (web site http://health.in.gr), that aims to inform and educate the general

public on issues of health, health living and disease prevention. In Health includes a separate

specialized portal featuring extensive medical and pharmaceutical content, accessible only by

doctors and pharmacists (members of professional medical or pharmaceutical associations).


236


MANAGEMENT



30.6. 2007:


On 31.12.2003 the share capital of the company amounted to 1.033.120 euros divided into

35.200 registered shares with a nominal value of 29,35 euros each.

Pursuant to the resolution of the Shareholders’ Ordinary General Meeting of 14.6.2003, the

share capital was increased by 88.050 euros through the issuance of 3.000 new registered shares,

of a nominal value of 29,35 euros each. As a result the company’s share capital amounts today

to 1.121.170 euros divided into 38.200 registered shares of a nominal value of 29,35 euros each.

Except for the above, in 2003 and the first four months of 2004 there was no change in the

share capital of the company.

The company has the following shareholding:

In 2003 and the first four months of 2004 the company’s share capital was changed as follows:

The shareholder QU.S SA did not exercise its pre-emptive right to participate in the

company’s share capital increase in cash and the issue of 3,000 new shares, which was resolved

upon by the Ordinary General Meeting of 14.6.2003. The shares that corresponded pro rata to

the above shareholder were taken up by the shareholder ATHENS MEDICAL CENTER SA. As

a result, the company’s shareholding structure was changed as shown above.

In 2003 and the first four months of 2004 there were no further changes in the company’s

shareholding structure or in the holding of RAMNET SA in the company.


The company’s summary financial statements for the fiscal years 2002 and 2003 are shown in

the following table:

SHAREHOLDER HOLDING (%)RAMNET SA 50,00%ATHENS MEDICAL CENTER SA 30,37%QU.S SA 19,63%Total 100,00%

NAME POSITIONVasilios G. Apostolopoulos PresidentDamianos Z. Hadjikokkinos Vice PresidentDimitrios P. Karayannis Member and General ManagerTheodoros S. Spinoulas MemberChristos G. Apostolopoulos MemberPanagiotis A. Chrysikakis Member

XXIII

237

IN HEALTH SA



Turnover 52,4 108,2

Gross earnings -95,7 -19,2

% on turnover -182,6% -17,7 %




% on turnover -457,4% -137,3%


% on turnover -457,4% -137,3%

BALANCE SHEET

ASSETS








LIABILITIES



Provisions 0,0 0,0






238


PHAISTOS NETWORKS SA


registered in the Register of Sociétés Anonymes of the Prefecture of Iraklio under No.

45163/70/µ/00/07.

The founders of the company were Messrs Dimitrios Michael Hadjidakis, Markos Elefth.

Papadakis and Georgios Elefth. Papadakis Pursuant to a private contract dated 21.3.2000

between Dimitrios Hadjidakis and DOL Digital SA, Dimitrios Hadjidakis transferred 10,000

registered shares (50% of the share capital) to DOL Digital SA.

The duration of the company, according to its Articles of Association is 50 years (until 2050)

and the company is based in Moires, Iraklio, Crete (48, 25th Martiou Street, Moires).

OBJECT

The object of the company according to its Articles of Association are: a) research,

development and trading of new technologies and applications on the Internet, b) research,

development and support of new products and services relating to internet commerce and

digital interchange of information, c) trading, promotion and support of products developed

by the company of third parties, d) promotion and marketing of corporate web pages on the

Internet and e) rendering of services in the area of advertising on the Internet.

BUSINESS ACTIVITY

The company’s main activity is researching and developing new Internet technologies and

applications and the operation, enhancement and promotion of the digital portal Pathfinder

(web site: www.pathfinder.gr)


MANAGEMENT



30.6.2007:


On 31.12.2002 the share capital of the company amounted to 60.000 euros divided into 20.000

registered shares of nominal value of 3 euros each.

In 2003 and the first four months of 2004 the following change was effected in the share capital:

NAME POSITIONDimitrios M. Hadjidakis President, Managing Director

and General ManagerMarkos E. Papadakis Vice PresidentGeorgios E. Papadakis MemberSpyridon M. Hadjidakis MemberNikolaos E. Fafoulakis Member

XXIII

239

Pursuant to the resolution of the Shareholders’ Ordinary General Meeting the company’s

share capital was increased by 60.000 euros in cash through the issuance of 20.000 new


As a result today the share capital of the company amounts to 120.000 euros divided into

40.000 registered shares of a nominal value of 3 euros each.



of the company.

Lambrakis Press SA does not have a direct holding in PHAISTOS NETWORKS SA.

The summary financial data of the fiscal years 2002 and 2003 are shown in the following table:

SHAREHOLDER HOLDING (%)DOL DIGITAL SA 50,0%Dimitrios Hadjidakis 40,0%Markos Papadakis 5,0%Georgios Papadakis 5,0%Total 100,0%

240


PHAISTOS NETWORKS SA





% on turnover 27,1 % 30,9%




% on turnover 0,3 0,2



BALANCE SHEET

ASSETS








LIABILITIES



Provisions 1,9 1,9






XXIII

241

INTEROPTICS SA

The company «INTEROPTICS Trading and Services of Printed and Electronic Information

Systems Société Anonyme» (trade name "INTEROPTICS SA") was founded in 2001 after

converting the limited liability company under the name "INTEROPTICS Limited Liability

Company" and the trade name "INTEROPTICS LTD" (Government Gazette issue No.

3611/11.6.2001) and is registered in the Registry of Sociétés Anonymes of the Prefecture of


The company has a duration of 50 years (until 2051) and it is based in the Municipality of

Athens (18, Panepistimiou Street, 10672 Athens)

The founders of the company were Theodoros H. Koziokos and Emmanuil E. Kollias.

OBJECT

The objects of the company according to its Articles of Association are: a) creating, developing

and publishing all kinds of printed and electronic information, the general trading and

importation - exportation of them and b) general trading, importation and exportation of

computers, peripherals, consumables and related material, the organization of educational

seminars on systems and software and the trading, importation and exportation of electrical

and electronic products of all kinds.

BUSINESS ACTIVITY

The company is active in providing services in digital databases of specialized content.

MANAGEMENT

The company is managed by the Board of directors consisting of 3 to 5 members.


30.6.2009:


The share capital of the company amounts to 293.500 euros divided into 146.750 shares with

a nominal value of 2 euros each.


company.


SHAREHOLDER HOLDING (%)IN HEALTH SA 75,50%Emmanouil E. Kollias 24,50%Total 100,00%

NAME POSITIONPanagiotis St. Psycharis PresidentEmmanouil E. Kollias Vice President and General ManagerNikolaos I. Katsibrakis MemberDimitrios A. Albanis MemberAnastasios A. Vassilas Member

242


In 2003 the company’s shareholding structure changed as follows

Pursuant to the private contract dated 30.12.2003, IN HEALTH SA acquired the total number

of the company’s shares owned by Th. Koziokos, resulting in the above shareholding structure.


The company’s summary financial date for the years 2002 and 2003 are shown in the following

table:

INTEROPTICS SA



Turnover 3.354,5 2.211,9


% on turnover 13,0 % 27,2 %





Earnings after tax & Board of Directors remuneration -35,9 90,9

% on turnover -1,1 % 4,1 %

BALANCE SHEET

ASSETS







TOTAL ASSETS 2.178,6 1.614,0

LIABILITIES









XXIII

243

E.3. OTHER PARTICIPATIONS OF THE IT AND NEW TECHNOLOGIESSECTOR

MICROLAND COMPUTERS SA

The company «MICROLAND COMPUTERS Incorporated Commercial and Industrial

Company» was founded in 1992 and is registered in the Register of Sociétés Anonymes of the

Ministry of Trade under No. 27671/06/µ/92/21. The company is based in the Municipality of

Athens, (47, Evelpidon Street, 113 62 Athens)

BUSINESS ACTIVITY

MICROLAND is a member of the group of companies of ALTEC SA and features a sales

network of over 30 retail stores all over Greece, selling high technology products (computers,

computer peripherals, software, cellular telephony services, etc) mainly addressed to home

users and small and medium-size companies.

The company is listed on the Parallel Market of the Athens Stock Exchange since 24.12.1999.

MANAGEMENT

The company is managed by a 6-member Board of the Directors, having the following

members (*):

(*) According to Athens Stock Exchange data


The company’s share capital amounts to 12,764,000 euros divided into 12.764.000 registered

shares with a nominal value of 1 euro each.

In 2003 there was no change in the share capital of the company.

According to recent data reported to the Athens Stock Exchange, the company has the

following shareholding structure:

SHAREHOLDER HOLDING (%)Athanasios Athanasoulis 25,50%ALTEC SA 24,26%LAMBRAKIS PRESS SA 7,91%EFG Eurobank Ergasias SA 5,63%Multimedia SA 0,86%Free float 35,84%Total 100,00%

NAME POSITIONAthanasios Athanasoulis President - Executive MemberEpaminondas Platis Vice President and Managing Director - Executive MemberAthanasios Avraam Executive MemberAthanasios Tsironas Independent Non Executive MemberConstantinos Remelis Independent Non Executive Member

244



the company.

The summary financial data and the summary consolidated date for the years 2002 and 2003

are shown in the following tables:

INTEROPTICS SA



Turnover 29.361,8 25.964,4



Total operating earnings before depreciation -28,5 -4.767,2



% on turnover -18,9% -43,9 %


% on turnover -18,9% -43,9 %

BALANCE SHEETASSETS

Non-depreciated establishment expenses 11.958,2 7.956,7






TOTAL ASSETS 44.406,2 28.098,2

LIABILITIES

Share capital 12.764,0 12.764,0

Total equity 13.494,6 2.287,1

Provisions 0,0 0,0






XXIII

245

The company’s consolidated financial statements for 2002 include the companies

MICROLAND COMPUTERS ROMANIA SRL, MICROLAND CYPRUS LTD and

ILEKTRONIKI MICROLAND SA, while the respective statements of 2003 include only the

companies MICROLAND COMPUTERS ROMANIA SRL and MICROLAND CYPRUS LTD.

MICROLAND COMPUTERS SA (consolidated data)



Turnover 29.424,4 25.964,4


% on turnover 13,5 % 7,4%

Total operating earnings before depreciation -102,8 -4.766,9



% on turnover -19,1% -43,9%


% on turnover -19,1 % -43,9%

BALANCE SHEET

ASSETS

Non-depreciated establishment expenses 12.010,9 8.008,1






TOTAL ASSETS 44.070,1 30.405,2

LIABILITIES

Share capital 12.764,0 12.764,0

Total equity 13.283,4 2.136,4

Provisions 0,3 0,3






246


F. COMPANIES IN WHICH THE MAJOR SHAREHOLDERS OFLAMBRAKIS PRESS PARTICIPATE

D-E PUBLISHING LTD

The company «ADVERTISING-COMMERCIAL-PUBLISHING Limited Liability Company»

(with the trade name «D-E PUBLISHING LTD») was founded in 1993 (Government Gazette

issue No. 345/1993) with a duration of 100 years. Pursuant to the resolution o the Shareholders’

Extraordinary General Meeting of 10.5.2003, the company’s Articles of Association were

amended and its head office relocated from the Municipality of Amaroussion (40, Agiou

Contstantinou Street, 151 21 Marousi) in the Municipality of Athens (18, Panepistimiou

Street). (Government Gazette issue No. 4584/2003).

The founders of the company were Messrs. Georgios Kourtis and Massimo Pizzogaro.

OBJECT

The objects of the company according to its Articles of Association are: a) selling, publishing,

producing, importing, exporting, distributing and exploiting all types of printed media (not

excluding newspapers and magazines) and products of knowledge, information, entertainment,

advertisement and art, b) granting at no fee promotion, advertisement, and classified

advertisement to charitable institutions, associations, organizations state agencies, international

organizations, private persons and to general public in general according at the discretion of the

company c) trading, publishing, producing, distributing, importing, exporting exploiting

informational or electronic or telephony media, programs, equipment, machinery, peripheral

systems of all kinds d) rendering services like financial or other consulting or researching for

third parties or tutoring and lecturing and establishing and organizing free-admission

educational workshops, student preparation laboratories and educational institutions in

general.

MANAGEMENT

The company is managed and represented by:

Damianos Z. Hadjikokkinos

Panagiotis A. Chrysikakis

Kyriakos K. Boutsikaris

Nikolaos G. Anastasopoulos

SHARHOLDERS - COMPANY CAPITAL


the company’s capital that amounted then to GRD 841.500.000 divided into 84.150 shares with

a nominal value of GRD 10.000 each was redenominated in euros. For this purpose it was

resolved to decrease the number of the company’s shares from 84.150 to 82.320 with the

concurrent increase of the nominal value of each share from 29,34703 euros or GRD 10.000 to

30 euros respectively increasing the company capital by 47,54 euros and amending article 6 of

the company’s Articles of Association (Government Gazette issue No. 4585/2003).

XXIII

247

As a result today the company’s share capital amounts to 2.469.600 euros divided into 82.320

shares with a nominal value of 30 euros each.

Except the above change, in 2003 and the first four months of 2004 there were no other

changes in the company’s capital. The company has the following shareholding structure:



table:

D-E PUBLISHING LTD



Turnover 1.337,4 1.197,5


% on turnover 32,5 % 54,6%




% on turnover 24,1 % 39,0%


% on turnover 24,1 % 39,0%

BALANCE SHEET

ASSETS







TOTAL ASSETS 1.807,4 1.238,8

LIABILITIES


Total equity -2.276,2 -1.808,9

Provisions 0,0 0,0






SHAREHOLDER HOLDING (%)Christos D. Lambrakis 100%

248


G. COMPANIES HAVING COMMON MANAG∂MENT WITH LAMBRAKISPRESS SA

ATHENS NEWS SA

The company «ATHENS NEWS Newspaper and Magazine Publishing, Managing and Selling

Société Anonyme» (trade name "ATHENS NEWS SA") was established in 1993 (Government

Gazette issue No. 2123/31.5.1993) and is registered in the Register of Sociétés Anonymes of the

Prefecture of Athens under No. 29083/01/µ/93/299.

According to its Articles of Association the company has a duration of 50 years (until 2043)

and is based in the Municipality of Athens (18, Panepistimiou Street, 10672 Athens).

The founders of the company were Lambrakis Press SA by 99% and Mr. Christos D.

Lambrakis by 1%.

OBJECT

The objects of the company according to its Articles of Association are: a) publishing all kinds

of newspapers, magazines and printed material, either published by the company or imported

from aboard, b) organizing, promoting, managing, supporting technically and administratively

and exploiting commercially all kinds of newspapers, magazines and printed material in Greece

and abroad and c) purchasing and/or trading equipment used in relation to the organization,

promotion, management, technical and administrative support and commercial exploitation of

all kinds of newspapers, magazines and printed material in Greece and abroad.

MANAGEMENT


The current Board of Directors has the following members, whose term in office expires on

30.6.2005:


The share capital of the company amounts to 997.900 euros divided into 34.000 shares with a

nominal value of 29,35 euros each.


NAME POSITIONChristos D. Lambrakis President Leon V. Karapanagiotis Vice PresidentStavros P. Psycharis MemberDamianos Z. Hadjikokkinos MemberTryfon I. Koutalidis MemberPanagiotis A. Chrysikakis Member

XXIII

249




table:

ATHENS NEWS SA



Turnover 937,5 1.077,7


% on turnover -53,3% 7,8%




% on turnover -76,6% -43,8%


% on turnover -90,8% -43,8%

BALANCE SHEET

ASSETS








LIABILITIES


Total equity -3.083,5 -3.555,6

Provisions 0,0 0,0






SHAREHOLDER HOLDING (%)LAMBRAKIS RESEARCH FOUNDATION 100%

250

252

CHA

PTE

RXX

IV INTER COMPANY TRANSACTIONS WITHIN THE GROUP

The inter company transactions (purchases and sales) during the fiscal year 2003 and

the inter company balances of these transactions (receivables - liabilities) on

LAMBRAKISPRESS SA

ACTION PLANSA

ACTION PLANHR SA

EUROSTAR SA

EXPO PLAN SA

HEARST LAMBRAKIS LTD

MICHALAKO-POULOU SA

MC H∂LLAS SA

MULTIMEDIA SA

NET ON LINESA

RAMNET SA

RAMNET SHOPSA

TRIAENA

TRAVEL SA

STUDIO ATA

SA.

DOL DIGITAL

SA

SPECIAL PUBLICATIONSSA

IRIS PRINTING SA

ELLINIKAGRAMMATA SA

¡∂∞ ∞∫∆π¡∞SA.

TOTAL PURCHASES

PURCHASINGCOMPANY

SELLINGCOMPANY

LAMBRAKIS

PRESS SA

164.053,74

0,00

517.398,46

8.550,00

3.927,67

173.225,81

45.481,40

3.044.405,74

5.349,10

21.686,94

4.173,73

308,60

0,00

0,00

22.692,65

34.802.493,82

3.370.180,38

0,00

42.201.928,04

ACTIONPLAN SA

930.150,34

10.845,42

0,00

0,00

0,00

0,00

44.871,71

0,00

11.554,78

13,56

0,00

0,00

0,00

0,00

107.113,98

57,81

18,20

1.104.625,80

ACTION PLANHR SA

16.904,88

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

16.904,88

EUROSTARSA

376.400,93

0,00

0,00

1.575,00

0,00

0,00

37.474,89

211,86

3.012,44

0,00

0,00

0,00

1.120,00

62.370,00

0,00

0,00

482.165,12

EXPO PLANSA

374,40

0,00

0,00

0,00

0,00

0,00

4.460,68

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

4.835,08

HEARSTLAMBRAKIS PUBLISHING

LTD

399.348,47

0,00

0,00

4.446,25

0,00

0,00

6.898,10

195.750,52

0,00

0,00

0,00

0,00

17.537,16

0,00

13.668,00

1.580.067,16

0,00

0,00

2.217.715,66

MULTIMEDIASA

489.673,50

0,00

0,00

2.249,63

0,00

0,00

0,00

0,00

81.960,00

0,00

0,00

0,00

0,00

0,00

10,00

139.251,85

0,00

0,00

713.144,98

MICHALAKO-POULOU SA

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

MC HELLAS SA

439.326,32

4.543,82

0,00

44.739,15

0,00

0,00

0,00

303.905,19

0,00

1.209,10

0,00

81,00

28.534,76

0,00

2.720,00

1.430.503,00

0,00

0,00

2.255.562,34

31.12.2003, effected between Lambrakis Press SA and its associated companies are

shown in the following tables (in euros):

I N T E R C O M P A N Y T R A N S A C T I O N S XXIV

253

NET ON LINE SA

15.889,12

1.518,22

0,00

0,00

0,00

0,00

0,00

0,00

4,10

0,00

0,00

0,00

0,00

0,00

0,00

17.411,44

RAMNET SA

68.677,82

1.150,00

0,00

159,91

0,00

0,00

0,00

0,00

16.599,39

0,00

0,00

0,00

0,00

0,00

0,00

86.587,12

RAMNET SHOP SA

85.210,25

0,00

0,00

0,00

0,00

75,00

0,00

0,00

44,04

0,00

0,00

697,74

0,00

6.947,23

0,00

92.974,26

TRIAENATRAVEL SA.

411,20

0,00

0,00

0.00

0,00

0,00

3.220,00

0,00

0,00

0,00

0,00

0,00

0,00

562,50

0,00

0,00

4.193,70

STUDIO∞∆∞ SA

50.198,80

0,00

0,00

4.642,19

0,00

0,00

0,00

0,00

1.448,00

202,98

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

56.491,97

DOLDIGITAL SA

230.823,52

0,00

0,00

0,00

0,00

0,00

0,00

0,00

2.873,64

0,00

0,00

0,00

0,00

0,00

0,00

233.697,16

SPECIALPUBLICATI-

ONS SA

832.420,00

0,00

0,00

6.882,18

0,00

6.000,00

0,00

0,00

440.775,94

0,00

2.579,30

0,00

0,00

44.192,18

0,00

1.233.686,92

18,03

0,00

2.566.554,55

IRISPRINTING

SA.

1.202.420,00

0,00

0,00

140.498,44

0,00

0,00

0,00

0,00

557.678,66

0,00

0,00

1.300,00

0,00

400.589,35

0,00

3.142,95

0,00

0,00

2.305.629,40

ELLINIKAGRAMMATA SA

850.276,44

1.775,00

0,00

38.536,68

0,00

1.440,00

0,00

0,00

443.442,51

0,00

8.000,00

0,00

0,00

0,00

0,00

2.040,00

2.669.778,28

9.114,00

4.024.402,91

¡∂∞ ∞∫∆π¡∞SA

525,10

300,00

0,00

0,00

0,00

0,00

0,00

70,50

56.734,43

0,00

63.132,00

0,00

0,00

0,00

0,00

0,00

849.806,86

0,00

970.568,89

TOTALSALES

5.989.031,09

173.340,78

0,00

770.398,31

8.550,00

13.017,67

173.225,81

52.450,00

5.153.689,44

87.723,94

111.174,56

5.487,29

389,60

490.853,45

0,00

46.091,34

42.893.634,37

3.377.203,45

9.132,20

59.355.393,30

254

LAMBRAKISPRESS SA

ACTION PLAN SA

EUROSTAR SA

EXPO PLAN SA

HEARST LAMBRAKISPUBLISHING LTD

MICHALAKO-POULOU SA

MC HELLAS SA

MULTIMEDIA SA

NET ON LINE SA

RAMNET SA

RAMNET SHOP SA

TRIAENA TRAVEL SA

STUDIO ATA SA

DOL DIGITAL SA

SPECIALPUBLICATIONS SA.

IRIS PRINTINGSA

ELLINIKAGRAMMATA SA

¡∂∞ ∞∫∆π¡∞ SA

ACTION PLAN HR SA

TOTALLIABILITIES

LIABILITIES

RECEIVABLES

LAMBRAKISPRESS SA

193.583,46

466.191,77

0,00

782,15

0,00

24.300,62

436.168,43

2.650,92

10.228,49

3.011,51

308,60

400.898,51

0,00

902,45

1.395.745,12

1.327.062,67

0,00

0,00

4.261.834,70

ACTIONPLAN SA

737.371,66

328,00

0,00

0,00

0,00

0,00

28.892,92

0,00

13.634,64

16,00

0,00

0,00

0,00

0,00

64.503,42

0,00

0,00

0,00

844.746,64

EUROSTARSA

508.824,45

0,00

0,00

781,38

0,00

0,00

42.384,46

250,00

3.572,38

0,00

0,00

0,00

0,00

189,34

24.081,50

0,00

0,00

0,00

580.083,51

EXPO PLANSA

0,00

0,00

0,00

0,00

0,00

0,00

831,10

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

831,10

HEARSTLAMBRAKIS

PUBLISHING LTD

75.901,67

0,00

0,00

0,00

0,00

2.719,08

58.855,06

0,00

0,00

0,00

0,00

17.537,16

0,00

16.128,24

476.168,44

0,00

0,00

0,00

647.309,65

MICHALAKO-POULOU SA

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

NET ON LINE SA

158.104,25

40.119,80

367,11

0,00

0,00

0,00

0,00

4,84

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

198.596,00

MC HELLAS SA

243.105,83

5.361,71

1.494,68

0,00

0,00

0,00

100.941,64

0,00

2.423,83

0,00

0,00

28.534,76

0,00

3.209,60

495.043,30

165,08

0,00

0,00

880.280,43

MULTIMEDIASA

164.897,56

0,00

1.173,00

0,00

0,00

0,00

0,00

32.237,60

0,00

0,00

0,00

0,00

0,00

11,80

594.164,18

-264,61

0,00

0,00

792.219,53

I N T E R C O M P A N Y T R A N S A C T I O N S XXIV

255

RAMNET SA

2.323.333,68

0,00

19.849,06

0,00

0,00

0,00

0,00

14.915,08

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

2.358.097,82

RAMNET SHOP SA

334.637,81

0,00

0,00

0,00

88,50

0,00

0,00

13,17

0,00

0,00

0,00

0,00

0,00

73,16

0,00

4.326,39

0,00

0,00

339.139,03

TRIAENATRAVEL SA

3.066,30

0,00

0,00

0,00

0,00

0,00

0,00

3.799,60

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

6.865,90

STUDIOATA SA

102.621,15

0,00

153,00

0,00

0,00

0.00

0,00

1.043,12

293,50

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

104.056,77

DOL DIGITAL SA

1.226.350,34

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

1.226.350,34


406.713,25

0,00

5.669,97

0,00

7.163,19

0,00

0,00

178.776,99

0,00

5.456,90

0,00

0,00

44.192,18

0,00

555.263,97

18,75

0,00

0,00

1.203.255,20

IRIS PRINTING SA

420.449,85

0,00

5.015,400,00

0,00

0,00

0,00

0,00

434.739,03

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

860.204,28

ELLINIKAGRAMMATA SA

705.024,29

2.094,50

10.185,10

0,00

1.699,20

0,00

0,00

858.355,50

0,00

10.228,59

0,00

0,00

0,00

0,00

2.407,20

2.999.231,66

1.180,00

0,00

4.590.406,04

¡∂∞ ∞∫∆π¡∞SA

54.439,25

0,00

0,00

0,00

0,00

0,00

0,00

62.720,95

0,00

74.495,76

0,00

0,00

0,00

0,00

0,00

227.113,29

0,00

0,00

418.769,25

ACTION PLAN HR SA

20.801,62

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

0,00

20.801,62

TOTAL RECEIVABLES

7.485.642,96

241.159,47

510.427,09

0,00

10.514,42

0,00

27.019,70

2.222.441,89

35.378,02

120.040,59

3.027,51

308,60

491.162,61

0,00

22.921,79

6.831.314,88

1.331.308,28

1.180,00

0,00

19.333.847,81

A P P E N D I X

APPENDIX

SUMMONS TO THE SHAREHOLDERS’ ORDINARY ANNUAL GENERAL MEETING

OF JUNE 1, 2004

LAMBRAKIS PRESS FINANCIAL STATEMENTS OF THE FISCAL YEAR 2003

CONSOLIDATED FINANCIAL STATEMENTS OF THE FISCAL YEAR 2003

LAMBRAKIS PRESS FINANCIAL STATEMENTS OF THE FISCAL YEAR 2002

CONSOLIDATED FINANCIAL STATEMENTS OF THE FISCAL YEAR 2002

257

LAMBRAKIS PRESS S.A.REG. NO. 1410/06/µ/86/40

SUMMONS TO THE SHAREHOLDERS’ ORDINARY ANNUAL GENERAL MEETING (1/6/2004)

Pursuant to the Board of Directors resolution dated May 5, 2004 and in accordance with the

Law and the Company’s Articles of Association, the Company’s shareholders are summoned

to attend the annual Ordinary General Meeting that will be held in Athens (Athinais

Multispace, 34-36 Kastorias street, Votanikos, Ghazi) on Tuesday, June 1, 2004 at 16:30 with

the following agenda:

AGENDA:

1. Submission and approval of the Company’s Financial Statements (Balance Sheet, Income

Statement, Appropriation Table and Annex to the Accounts) and the Reports on these

Statements by the Board of Directors and the Auditor for the fiscal year 1.1.2003 - 31.12. 2003.

2. Submission of the Company’s Consolidated Financial Statements for the fiscal year 1.1.2003

- 31. 12.2003 and the Reports on these Statements by the Board of Directors and the Auditor.

3. Acquittal of the Members of the Board of Directors and the Auditor of any indemnity liability

for the fiscal year 1.1.2003 - 31.12 .2003.

4. Election of one regular and one substitute Auditor for the year 2004 and determination of

their fee.

5. Approval of service-rendering contracts signed with Members of the Board of Directors,

regular fees and other remuneration and benefits payable to Members of the Board of Directors

and Managers working with the Company for the expired fiscal year 2003, determination of

their remuneration for the period 2004 - 2005 and granting approval to the Members of the

Board of Directors and Managers of the Company to render their services to affiliated

companies.

6. Briefing on and approval of the progress of the Company’s investment program and the

related amendments.

7. Amendment of the Companyãs Articles of Association Nos. 6 par. 5 (exercise of pre-

emptive rights), 25 par. a (means of blocking shares in order to participate in General

Meetings), 28 par. c. (qualified quorum and majority of General Meetings), 31 par. 5

(exclusive authority of General Meetings) and 35 par. 7 (publicity of Financial Statements)

and consolidation in a single uniform text.

8. Various announcements.

Shareholders wishing to participate in the General Meeting must block (pledge) their shares

as follows:

If they have already dematerialized their shares and such shares are not registered in the

Company’s Special Account held with the Central Securities Depository, shareholders must

block the total or a partial number of the company’s shares in their possession -through their

258

A P P E N D I X

dematerialized account operator- and acquire from the latter the corresponding Share

Blocking Receipt that must be submitted to the Company (18, Panepistimiou Street, 3rd

floor) at least five (5) calendar days before the date of the General Meeting.

If they have already dematerialized their shares and such shares remain registered in the

Company’s Special Account held with the Central Securities Depository, shareholders must

block the total or a partial number of the company’s shares in their possession by filing a

blocking request to the Central Securities Depository and acquire from the latter the

corresponding Share Blocking Receipt that must be submitted to the Company (18,

Panepistimiou Street, 3rd floor) at least five (5) calendar days before the date of the General

Meeting.

If they have not dematerialized their shares, shareholders must deposit the Share Certificates

with the Company’s Cashiers Office (18,Panepistimiou Street, 1st floor), or with the Deposits

and Loans Fund, or with any bank or recognized securities company established in Greece, at

least five (5) calendar days before the date of the General Meeting and submit within the same

deadline the corresponding Receipt of Deposit of the Share Certificate along with any proxy

documents to the Company (18, Panepistimiou Street, 3rd floor).

Athens, May 3, 2004

THE BOARD OF DIRECTORS

259

A P P E N D I X

261

A P P E N D I X

263

A P P E N D I X

265

A P P E N D I X

267

A P P E N D I X

269

A P P E N D I X

271

A P P E N D I X

273

A P P E N D I X

275

A P P E N D I X

277

A P P E N D I X

279

A P P E N D I X

281

A P P E N D I X

283

A P P E N D I X

285

A P P E N D I X

287

A P P E N D I X

289

Design and Prepress Production: MULTIMEDIA SA

Printed by: IRIS PRINTING SA

ANNUAL REPORT - or Loss before Fiscal year Taxes 2.008,34 ... More information is provided in...

Documents

Transcript of ANNUAL REPORT - or Loss before Fiscal year Taxes 2.008,34 ... More information is provided in...