‘We are obliged to express our disappointment regarding the decision issued by the Board of Directors of the Athens Stock Exchange on 6th March 2003 by means of which our company was not included in the category of companies ?under supervision? but it was included along with other companies some of which face viability problems.

According to a close examination of our Company's Financial Statements the financial figures show that the company is not facing viability problems at all.
The Company's equity amounts to 97.05% of total Liabilities.
Loss during 2002 (189,776.30 euro) was due to the provision made for bad debts amounting to 34,022.57 euro for covering any potential loss due to their non-collection and to the provision for severance payments amounting to 4,995.01 euro due to staff retirement or pension. Also, the results included the depreciation of fixed assets amounting to 243,231.33 euro.
It should be noted that the Financial Statements did not include the concealed capital gain of the assets used by the company itself (Law 3091 Article 28) and that the purchase value of the purchased plots during 1999 and 2000 along with the sums of 469,552.46 euro and 190,755.69 euro respectively has doubled at least.

The low turnover does not mean anything by itself and is due to the sector's development (children camps) affected by the general economic situation of the country, which we hope will improve soon. (The company's turnover since its establishment has ranged from 805,448.12 euro to 1,425,344.28 euro).
As we have informed you by means of our letter dated 3/3/2003 we make any possible effort to increase the turnover by appointing representatives of the company in a bigger number of the country's cities and by appointing representatives in Cyprus, Sweden, Poland and the Netherlands in order to attract more campers from these countries.
We believe that you will show greater interest in our Company and that you will bring the company back to its normal negotiation status since there is no viability danger and the reduction in the turnover does not put the interests of the investors in danger (the reduction of the turnover amounted to 5.75% only). If this is not possible, we would like you to differentiate our Company from those that face a real viability danger.