Creative Greece 2013

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Greek entrepreneurial spirit still fighting strong!

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LOYD’S annual assessment of the 100 most powerful names in international shipping is revealing.

Fifteen of the sector’s most prominent individuals, all major influences on global shipping affairs, are Greek, a fact that ranks the Greek shipping community as the world’s biggest power.

By Spyros Ktenas, Travel Times

The aforementioned factor, alone, stands as the strongest form of evidence that Greeks are carrying on with a very old tradition as entrepreneurs in an exemplary fashion - in one of the most demanding of sectors, sea transportation. The world’s biggest multinationals place their trust in Greek shipping for the transportation of their commodities. Looking ahead, the Greek shipping sector’s top ranking in new vessel orders, primarily at shipyards in the Far East, stands as telling proof of Greek shipping’s preservation of its supremacy in global shipping and commerce for the immediate future.

This fact alone certifies that Greek entrepreneurial spirit remains a healthy force to be reckoned with, while also proving that Greeks have been able to develop their capabilities and outward-looking nature when left to operate free from state intervention.

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However, how much certainty can this realization offer any prospective investor? To what degree can one trust Greek entrepreneurs operating domestically? What are the growth prospects for the Greek economy in the immediate future? In attempting to offer a safe and reliable answer to these questions, we believe it is appropriate to note the following:

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Firstly, 2013 is a year during which the country’s economy has the potential to pick up speed. The recapitalization of banks boosts the hopes of such a prospect.

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Secondly, the Greek economy’s export orientation has gained considerable momentum, as proven by the dramatic increase in Greek product exports. Compared to the not too distant past, a far greater number of Greek enterprises are now trying their luck in foreign markets by exporting olive oil, wine, honey, fish, roe, marble, and aluminum, amongst other commodities.

Third, one of the Greek economy’s fundamental sectors, tourism, is expected to achieve a significant growth rate in the current year, as some 17 million tourists are forecast to visit the country. Marketing Greece, a newly established firm financed entirely by the private sector, is set to begin a collective marketing campaign for Greece’s tourism industry. According to Andreas Andreadis, president of SETE, the Association of Greek Tourism Enterprises, the financing effort includes a roadshow with an objective to raise at least 1.2 million euro in equity capital.

Fourth, the country’s agenda includes many new investment plans in the agricultural, industrial, and tourism sectors. The flourishing brewery sector, in which numerous microbreweries have surfaced around various parts of provincial Greece, stands as one example, while the continuation of investments in the tourism sector is another. Examples here include large hotel enterprises such as Temes SA, belonging to the Konstantakopoulos family, and Mitis Hotels, owned by Costas Mitsis.

Fifth, innovative moves are beginning to unfold through new clusters such as the Corallia Clusters Initiative, a formation established in Greece for organized and systematic management and development of collaborative innovation clusters. These have the strategic objective of developing thorough, productive, and innovative initiatives involving key figures from certain fields and regions, where comparative advantages and export orientation preexist.

Finally, expectations are considerably high, and justifiably so, in the energy sector, for underground, ground-based, sun and wind-related ventures. All the aforementioned, presented and analyzed in this guide, prove that Greece remains a creative power, a country that will regain the place it deserves in the global division of labor and wealth.

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89 issue

March 2013

7144 ISSN: 1109 – 8694

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Email: info@traveltimes.gr PUBLISHER Spyros A. Ktenas EDITOR IN CHIEF Dimitris Stathopoulos

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Creative

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Eri Driva Dimitris Fallieros George Sakkas

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Article President of the left-wing Syriza-EKM party

Minister of Foreign Affairs

Alexis Tsipras

Dimitris Avramopoulos

The alternative route out of the crisis

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OLLOWING three years of harsh and catastrophic austerity, the failure of the “Greek bailout plan” is now being openly admitted.

IMF officials are admitting that the recession being caused in Greece finds itself beyond control, a fact that undermines every prospect of an exit from the fiscal crisis. The insistence on a catastrophic remedy is creating an extremely precarious situation not only for the Greek economy but the entire eurozone as well.

“For these reasons, Greece’s Left has set as an objective the bailout plan’s annulment and the renegotiation of borrowing terms on a European level”

The reality of the situation declares the following: a national economy cannot recover when it is being called upon to respond to measures that are becoming increasingly harsher on a continual basis. We support, then, that dealing with the crisis is only viable if part of the debt is written off and a moratorium is implemented for payment of the remainder. This way, needed funds will be saved to help revitalize the Greek economy, which is now completely devastated by the barrage of harsh fiscal measures. Greece may emerge as a reliable partner opposite its creditors only if backed by an economy of development and growth.

With the current government’s responsibility, Greece is resigning itself from the few development tools it could utilize. As for the ESPA fund, the country’s tradition of low absorption rates, scandalous lack of transparency, and servicing of the ”insiders” without the presentation of any genuine growth criteria, is all continuing unperturbed.

As a result of the stifling liquidity shortage, healthy enterprises cannot utilize European funding, which would assure their involvement in ventures with their own capital. As was made known by the official report released following the recent summit meeting, the Greek government agreed to make the availability of EU funds dependant on the course of the “ill-fated” bailout plan. In other

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words, to correlate these funds with the uncontrollable plight of the recession, which is sinking the Greek economy.

Greece possesses very potent competitive advantages and is obliged to make the most of them.

Monthly salaries at a level of 400 euro and an unemployment rate of 30% cannot act as a lever to revitalize the economy. A new, thorough and reshaped production plan that would put the real economy back in motion is needed. Increased public investment, transparent and organized utilization of EU funds, liquidity supply to the real economy, as well as a policy supporting the less privileged – this would boost overall demand – are all basic tools for such a restart of the economy. A fair, effective, transparent and consistent tax system, which would redistribute wealth produced while also serving as a powerful tool for economic growth, is also needed.

For these reasons, Greece’s Left has set as an objective the bailout plan’s annulment and the renegotiation of borrowing terms on a European level. Taking into account that the Greek public is currently suffering and the Greek economy is devitalized - not as a result of the structural problems, but, rather, because of the therapy itself – such a political proposal is more than realistic. It is the only visible course away from the prospect of uncontrolled bankruptcy. For this reason, the alternative proposal put forth by Syriza – EKM unites the wider powers of Greek society.

Insisting on this catastrophic policy of austerity has nothing more to offer than unbearable social grief and catastrophe. Greece, today, is demanding the right to confront the crisis by implementing the only effective way, which is to activate rather than destroy its production capabilities, and to utilize its resources rather than commit to programs of harsh austerity, so that the county may return to a course of economic growth.

“Greece needs to proceed fast with the reform of its extroversion system”

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XTROVERSION and creativity is a fundamental challenge for the Greek economy.

It is a challenge that requires vision, structural reform and the dissemination of a new institutional and working culture. An extroverted, creative and competitive economy is the only way to end the prolonged crisis and the only path leading to sustainable growth.

The comparative advantages of our country are unique and many. We are a nation with a talented and skilled human capital. We are a country with a unique in beauty and diversity natural environment. We possess natural resources that can transform Greece into an energy producer country. We are globally known for a way of life that is healthy, open and friendly. We are a maritime nation carrying the goods of humanity in the seven seas. We embody a living cultural legacy that is still a source of inspiration for millions of people across the world.

In order, to translate our unique comparative advantages into competitive, we need to establish a new growth model. We need to move away from the model that was based on domestic consumption and borrowing and to conquer the challenges of the global markets. We need a strategic reallocation of our national resources so as to focus investment on areas and sectors that have a global potential. We need an education system that will provide the skills and the jobs that are crucial for the new growth model. We need to establish our niche in the global division of labor, to target efficiently traditional and new global markets and to proceed with speed with the necessary reforms that will make Greece a friendly investment destination.

In addition to the necessary structural reforms that will make our economy more open and competitive, Greece needs to proceed fast with the reform of its extroversion system. Holistic and horizontal organizational tools are necessary for promoting efficiently trade and investment and for supporting the mission of economic diplomacy.

Ad hoc promotional activities and discontinuity in the way we promote Greece abroad disrupts the effort of creative entrepreneurs that seek to open new gateways for Greek products and services.

To this end, it is of primal importance to establish a new trade and investment organization that will manage holistically the extroversion challenge of Greece.

Creativity is not an abstract concept for Greece. It is more a fundamental mandate for far-reaching reform. Creativity equals hope for an economy and a society that faces for the sixth consecutive year the spectrum of recession. Creativity is to foster a new working culture, to cultivate the values of entrepreneurship from the early ages, to connect the public sector of the country with the skills of the information society and the practices of modern management, to develop new

tools of funding and investment in critical sectors of our economy. For Greece creativity, innovation and competitiveness is the only ticket that it processes for the 21st century and for succeeding in the global economy. The government of Adonis Samaras is determined to move forward. Our government is determined to empower the ideas, the tools, the projects and the reforms that will reconnect Greece with its global perspective.

The Ministry of Foreign Affairs has a crucial role to play in this direction. First of all, it is through our foreign policy and through our diplomatic service that we open markets and build valuable bridges of cooperation across the world. The signing of the Intergovernmental Agreement between the governments of Greece, Italy and Albania for the TAP pipeline manifests how foreign policy can contribute to growth.

In addition, it is our mission to build an overall strategy that will brand the comparative advantages of Greece into a coherent narrative that will add value and prestige to our national reputation and identity. A brand narrative that will trademark our products and services, offer hope and manifest the global way to Greek creativity and innovation. To this end, the Ministry of Foreign Affairs has developed the project “Branding Greece”. For the first time, our country will have a system that will actively and coherently project to the world the identity and the potential of Greece.

The task of moving Greece into the creative age is essentially correlated with what we as nation believe that we can achieve in the global age. Greece was always a universal nation. The world was and still is our home. Diaspora Hellenism provides the best example of we can achieve in the global society. Now it is time to set free the creative forces of Hellenism and to unite for bringing about a sustainable growth model. A growth model, that will restore social cohesion and hope.

Creative Greece

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Article Minister of Development, Competitiveness, Infrastructure, Transport and Networks

Kostis Hatzidakis “Development is feasible”

“The new market code includes the extension of sales”

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HE FORMATION of a viable tripartite coalition government following the June election ended a long period of limbo that meant stagnation in politics and stagnation for the economy. The new government, the first of its kind, has repeatedly exhibited its strong political will to press on with the reforms necessary for the economy to recover and overcome the crisis.

It has not been an easy process: The parties in government have suffered the political cost but, more and indeed most important were the sacrifices of the Greek people. The process is far from over, but at least the rewards are beginning to appear: The agreement reached with our Eurogroup partners and the IMF precluded the socalled Grexit. Our deficit now ranks as the 6th or 7th lowest in the Eurogroup. At the same time a multitude of reforms and structural changes in labour, the markets and the state proved the government’s resolution to move into a new chapter.

2013 is the year we expect the turn of the tide. The Ministry of Development, Competitiveness, Infrastructure, Transport and Networks is spearheading the drive of the government. Efforts focus on three distinct sectors: reinforcing liquidity in the 10 │ Creative Greece

market; restarting a string of major infrastructure projects; and pushing ahead with all necessary structural reforms that will help make our economy competitive, our country investmentfriendly and promote entrepreneurship.

The agreement reached with the Eurogroup is of key importance for the first objective, liquidity, as it leads to the recapitalization of the banking system and helps bring back savings. At the same time, it allows the government to pay standing debts to private enterprises amounting to €9 bn, €7 bn of which will be paid by June and are expected to boost the retail market.

The Ministry of Development, Competitiveness, Infrastructure, Transport and Networks, on the other hand, strives to utilize the means at our disposal to promote liquidity. In cooperation with the EIB we have introduced €1.44 bn worth of SME support projects; and guarantees of up to €500 mio to strengthen imports and exports. Specific action to release frozen assets of approximately €700 mio from the state SME guarantee Fund (ETEAN) is under way, and so is the effort to simplify procedures and improve the absorption rate (already well above the EU average) of EU Structural Fund aid. Another €456 mio have been earmarked to boost enterprises in trade and commerce, manufacture and tourism in collaboration with the country’s 13 regions.

The second priority, infrastructure projects, are set to go ahead, as agreed with the concessionaires on the four major road construction projects; the second step is to negotiate with the banks in order to restart the projects by Spring 2013. The Athens Metropolitan Subway continues to expand as scheduled and so does the Tramway in Piraeus, whereas the Thessaloniki subway project is still on. 14 regional infrastructure projects worth €340 mio have been auctioned or are in progress and the waste management

public-private partnership projects in 6 regions are also in progress.

As for structural changes, the Ministry is already applying the policies of the first pillar of the National Exports Strategy and shall present the other two pillars, on widening and promoting exports, within the first quarter of 2013. Furthermore, the new Investment Promotion Bill has passed through public consultation and shall be voted for in Parliament shortly. Among others, it provides for a single licensing authority that is expected to cut red tape and introduces computerised monitoring to increase transparency.

In order to reinforce competition in the market and promote entrepreneurship measures have been introduced, designed to reduce administrative costs for businesses, remove entry barriers and reduce distortions. A series of new market and health regulations are expected to allow more businesses sell more products from more outlets. The new Market code includes the extension of sales periods and optional Sunday function for small stores.

On the privatisations front, the new bill to restructure and update the Civil Aviation Authority will help start the procedure to privatise regional airports through long-term leases. The state railways (OSE) have been split into two companies, operating and owner of the infrastructure and materiel and all regulations needed to settle the issue of state aid handed out in the past have been adopted. The same procedures will be followed in privatising the postal service (ELTA) and the two major water utilities.

These are obviously only the first in a long series of difficult, but necessary policies -and action- to change not only the image, but the actual dynamics of the Greek economy and lead it to a healthy development spiral. It is clear that under the circumstances, it is not the government that will succeed at the end of the day –it is Greece.

Article Minister of Agricultural Development and Foods.

Prof. Athanassios Tsaftaris Turn to quality farming a priority

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ARMING’S primary sector, quality traditional products produced by Greek land, as well as our poultry farming sector, may all contribute to the country’s development and play a decisive role in Greece’s exit from the crisis.

“Our shift towards quality, in particular, could support the processing industry and stand as a fundamental part of the drive to strengthen exports and an exportoriented approach overall”

The shift by Greek farming from a low-cost sector to one placing emphasis on quality, as a sector interwoven with this country, the environment, our civilization and tradition, stands as a priority of ours at the Ministry of Agricultural Development and Foods.

A farming sector looking in the direction of export orientation and sustainable management of natural resources would fully support the needs of consumers and could once again stand as a pillar of growth for this country, offering employment, securing income as well as quality food products. Our shift towards quality, in particular, could support the processing industry and stand as a fundamental part of the drive to strengthen exports and an export-oriented approach overall.

Our country’s agricultural products may become leaders in foreign markets on the strength of their quality. This would serve as a key component in the effort to promote them. Illustrating this point, olive oil exports to China rose by 100 percent in 2012, while wine exports increased by 25 percent. Greece is the leading exporter of canned peaches to Russia.

Also, bream fish ranks as our agricultural sector’s leading export product, while Greece holds 5th place as an exporter of mussels to Europe with annual exports totaling over 25,000 tons.

Furthermore, exports of Greek olive oil to Germany have increased by 25 percent – especially ecological production – while wine exports to this country have risen by 26 percent. More spe-

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cifically, the ministry is promoting activities and programs that support and highlight our quality products in the international market as follows: Following efforts to bolster olive oil and wine exports, specific programs are being prepared for the promotion of cheese and yoghurt in the USA, Canada, and Australia.

We are reinforcing producers of protected designation of origin products (PDO) and protected geographical indication products (PGI), traditional and ecological products.

We are preparing a guide to quality Greek olive oil and producers that will include the PDO and PGI categories. Also, a major effort is being carried out to establish the use of Greek olive oil at restaurants, hotels, and retail outlets in the German market.

We are promoting Greek agricultural products abroad through collaborative efforts. In a joint effort with the Tourism Ministry, we have established “Greek Breakfast” at hotels, which offer pure, local products delivered by Greek land and livestock farms. Hotels that are affiliated with this effort offer their guests Greek breakfast, which, on the one hand, promotes local products, and on the other, offers visitors the opportunity to taste and enjoy products of exceptional quality, thereby making them ambassadors for our quality products in their homelands.

We are also promoting the “Greek cheese palette”. Restaurants and hotels that become affiliated to this campaign, will offer a cheese palette offering only local cheese products of exceptional quality.

The objective of the aforementioned activities is to unite farming production procedures with the processing industry so that Greek products become an integral part of the tourism package.

“We stand alongside people who combine quality, knowledge and innovation, which, as a whole, offers added value to our traditional products”

This marriage between quality farming, gastronomy, and tourism could bear fruit and bolster our country’s export activity.

Besides seeking to improve the quality of our agricultural products, a significant part of our efforts is focused on liberating farmers, food processors, as well as exporters from complicated procedures that currently prevail. As part of this effort, we are enforcing the “Single Window” program that would allow for one point, one “door” for exports, or parties interested in coming to Greece to invest. We are working on this program with the Development Ministry, and for our part, are participating with two products.

We are striving to simplify procedures for Greek kiwi fruit as well as one processed product, feta cheese in this particular case.

funding programs. We are pushing for amounts of 50,000 euro as an incentive for persons placed in a “Young Farmers” program. Without young farmers, agricultural sector growth is not feasible, new knowledge and innovation cannot be applied, and sustainable management of available resources cannot be accomplished.

Greek land produces goods of unique quality.

It provides opportunities. We stand alongside people who combine quality, knowledge and innovation, which, as a whole, offers added value to our traditional products.

The international market is ready to accept such efforts and the Ministry of Agricultural Development and Foods is making every possible effort to support initiatives.

A crucial “tool” in the efforts being made by the Ministry of Agricultural Development and Foods to once again establish agriculture as a pillar of growth for our land, is the return of young people to the agricultural sector, as has been witnessed in our country during more recent times. A seven percent rise in the number of individuals active in agriculture has already been observed.

As part of our support framework for individuals seeking to return to farming, we have offered support for 10,000 young farmers already based in rural areas, so that they may remain and develop their own respective enterprises.

Moreover, we are giving approximately 4,000 young geotechnicians farming land owned by the ministry at a low rental cost so that they can set up enterprises based on their knowledge.

Europe is nowadays placing major emphasis in this department.

We are placing particular weight on reinforcing young age-groups in our negotiations for new Creative Greece

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Article Minister of Tourism

Olga Kefalogianni “Stop marring Greece’s image”

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“Τhe ministry has participated in all major tourism trade fairs with the aim of projecting Greek tourism abroad”

UST days after an unsettling bomb explosion at one of the Greek capital’s key shopping centers, The Mall, which, fortunately, did not cause fatalities, Travel Times caught up with Greek Tourism Minister Olga Kefalogianni.

During the interview, the minister urged for an end to disparaging actions that are marring the country’s image and affecting its tourism industry. At the time of the interview, Kefalogianni and her associates were working on a tourism-sector draft bill covering issues such as investment, development of alternative forms of tourism, as well as hotel industry concerns.

Six months have elapsed since you assumed your post. What, in your opinion, are the most crucial steps that need to be taken for tourism the backbone of the Greek economy, according to many – to take off again?

Many essential changes have been made to the country’s tourism policy over the past six months. Just a few days ago, we announced a draft bill intended to restructure the Greek Tourism Organization (EOT), reduce administrative costs, as well as simplify procedures aimed at bolstering entrepreneurship...Particular emphasis has been given to a new multi-faceted promotional campaign for 2013. Greece’s comparative advantages and Greek tourism’s strength as a brand name are included here…In addition, the ministry has participated in all major tourism trade fairs with the aim of projecting Greek tourism abroad.

We’re in the middle of winter, at a time when the upcoming tourism season’s fate is determined.

What’s the picture you’re getting from your participation at the trade fairs? Which markets are we investing in most? Are traditional markers supporting us?

The first signs we’re getting from abroad are encouraging. As I see it, 2013 will be a better year for tourism than 2012. We’ve been work-

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ing and expect results - as long as some parties stop marring Greece’s image abroad. You know, extreme actions, occupations, and, generally speaking, violent acts, are detrimental for the country’s tourism season. We’re investing in traditional markets such as the UK, Germany, the Netherlands, and Italy. At the same time, we’re also expecting more tourists from distant markets this year, such as China, the USA, Russia, Israel, and Turkey.

There is also a series of smaller markets, such as that of Poland. Do you have any plans for these as a means of compensating any possible shortcomings elsewhere?

The ministry and EOT are focusing on the country’s tourism strategy as a whole. Of course, we take direct and well-planned action wherever there is scope for more specialized intervention. A good example of this is the tourism visa program for simplified procedures with regard to entering the country. We conducted a pilot program for Turkey, which was productive. Such initiatives have also been taken for other non-EU countries.

You recently signed a protocol for collaboration with the Church of Greece, for the development of religious tourism. What actions have been taken, or will be taken, in this direction?

We’re interested in the development of this specific form of tourism because the country possesses the infrastructure and capabilities to take religious tourism to the top of specialized tourism forms. A priceless wealth of monuments, monasteries, and churches exists, which may offer exceptional knowledge and travel experience to interested parties. And there are many citizens of the world who focus on religious tourism.

In the past, you’ve made references to certain uninhabited Greek islands, as well as expanses

belonging to the Greek state as being available for tourism investment. Have there been any developments on this front? Has any investor interest emerged?

“The first signs we’re getting from abroad are encouraging.

As I see it, 2013 will be a better year for tourism than 2012”

To make myself totally clear, we’re interested in investments for Greece, we’re interested in the inflow of capital, and the development of infrastructure for economic growth. However, this does not mean that we’re making concessions on any national interests and we’re not proceeding with any sell-offs or unfair concessions, as has often been claimed… As for your question on investor interest, yes, interest has been expressed, which is clearer in some cases and more exploratory in others. We’re obliged to create a favorable and friendly climate for entrepreneurship, and that’s what we’re doing.

You and Mr [Konstantinos] Arvanitopoulos [Education Minister] have jointly announced plans to establish a hotel management school and also to revise tertiary-level technical training for tourism-linked professions. What moves have been made in this direction, and at what stage is the new plan for tourism education training?

I consider training and education in tourism to be of major importance because the economy’s leading sector cannot not be supported by a high-quality and highly-academic educational foundation. I believe, then, that, because the desired level in tourism education has not been reached, our country can take steps to play a pioneering role in education and acquire international distinction for what it has to offer in tourism knowledge.

ing body. This is the government’s policy. All agencies are commonly placed and headed in the same direction. The collaboration between them is close with scope for it to become even more substantial with measurable results. Let’s not forget that each agency is assigned its own specialized fields of action, backed by relative know-how, experience, and personnel. Everybody can’t do everything.

Civilization and history is our country’s strong point. What elements, events, and forums connected with Greek civilization do you intend to utilize in order to improve the country’s image abroad?

Greek history and ancient civilization stand as a timeless attraction for Greece. The international tourism market and visitors interested in this domain make it to Greece for this reason, or also for this reason – apart from all the other things they know Greece has to offer. Now, as for events, the staging of cultural events, and other initiatives for the projection of tourism, this is a subject we’re examining case by case.

Of course, this also concerns local tourism markets. The local element is what highlights a region’s cultural characteristics and events. It can be linked to tourism.

Many of the country’s organizations and agencies are making fragmented efforts to project the country abroad. Do you feel that these efforts need to be unified under one collective agency?

They are placed under one common coordinatCreative Greece

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Article Secretary General of the Greek National Tourism Organization (GNTO)

Panos Livadas Greece constitutes an enormous material and symbolic capital worldwide

T “In addition to modern Greece’s potential and despite the present economic difficulties, we always focus on our timeless cultural legacy”

HE MISSION of the Greek National Tourism Organization (GNTO) can be viewed as a critical one: Greece –and its plentiful meanings–constitutes an enormous material and symbolic capital worldwide. On the other hand, it is a difficult one too as it involves our responsibility to respond to the arduous task of preserving and increasing this capital to any possible extends.

Simultaneously, our basic priority should be the establishment of a healthy environment for tourism activities by setting rules and regulation for the internal market and the coordination of the stakeholders involved, thus ensuring high quality services. Only in the context of healthy and fair competition will tourism uphold socially balanced development.

Our country, famous worldwide for its classical period, has nowadays become a classic point of reference for tourism, as tourism and its growth in Greece is an integral part of our culture – expressed by the most dynamic part of our society.

Creativity in the tourism sector is in line with the development of other industries such as shipping and energy.

Making the best of our country’s potential, the GNTO has been implementing both the traditional policy tools which have been proved effective through time, and the possibilities offered by the new technology applications, especially when it comes to advertising and communicating of our priority messages to the public worldwide.

Export performance of our goods and services are strongly connected: an extrovert country is able to attract the interest of a significant amount of people while a high quality policy on tourism has a positive effect on export growth.

In addition to modern Greece’s potential and despite the present economic difficulties, we always focus on our timeless cultural legacy. A multifaceted history, a language rooted in ancient times but also continuously evolving, and diverse landscapes result in multiple travelling experiences.

The cities and the countryside, the ancient and the Byzantine monuments, the islands and the mainland compose a unique synthesis which will suit the taste of every traveler worldwide.

The strategic goal of the GNTO is to preserve the market share already achieved in parallel with the opening to new markets, resulting in enhancing Greece’s position amongst the top world destinations. To this end, developing links between the domestic tourism industry and the international fora can be proved crucial for building a global network for the promotion of Greece.

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Last but not least, we should not neglect the contribution of all interested parties in policy making. Drafting tourism policy and dealing with the actual problems which are likely to occur and the true threats and opportunities could not be carried out by a distant, cut-off bureaucracy. Experience and knowledge of tourism stakeholders will be valuable as feedback for better designing future actions.

Article President of SETE

President of the Panhellenic Exporters Assosiation and the Export Credit Insurance Organization

Andreas Andreadis

Christina Sakellaridis “Create trade bonds with Greece”

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HENEVER anyone refers to Greece, one of the first things that come to mind is tourism. For the international public, Greece is and always has been famous for its rich tourism resources. For us Greeks, our country’s self-evident and perpetual endowment has now taken on another dimension.

“Greek tourism sector has a great potential to contribute another 2-3 units into the GDP the next 2 to 3 years reaching 20 million visitors”

Greek society now recognizes tourism, not just as a recreational activity, but mainly as an economic activity with clear social and environmental dimensions. This realization has been particularly pronounced over the past two years, following the shrinkage of the overall economic activity and the increase in unemployment.

One of the few economic axes who managed to sustain its position through the continuous financial crisis in our country is tourism. 2011 was a record year both in international arrivals (16,5 million tourists) and in international receipts (10,5 billion Euros), contributing the 16,5% of GDP. We all knew that 2012 would be very difficult, but despite the harsh beginning, the bookings lost during the 2 election periods, the extremely negative publicity that our country faced by the majority of the international media and the endless discussion about “Grexit”, Greek tourism remained resilient.

We managed το reach our initial 2012 goal for international arrivals (16 million tourists). The 2013 targets are already set even higher; at 17 million international arrivals and 11 billion Euros in international receipts. These targets will increase the tourism contribution to GDP with more than 16% and will create 40.000 new jobs.

Greek tourism sector has a great potential to contribute another 2-3 units into the GDP the next 2 to 3 years reaching 20 million visitors.

But this is not our complete vision. Our vision for 2020 sees Tourism playing a central role in the

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effort to promote Greece’s economic and social development. We envision a country that above all ensures a high standard of living for its residents, a country where people from all over the world would like to live, either on a temporary or permanent basis. A country that is pleasant to its permanent residents, therefore pleasant and appealing to its visitors, the temporary residents.

“Greece has more than 90 products of Protected

Now is the time to revamp our collaborative power, work together and conquer out mutual targets. We believe that the State is today ready more than ever before to grasp the tourism potential of the country and realize the full potential for development and growth.

Designation of Origin”

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EORGE Bernard Shaw once said that “imagination is the beginning of creation”, meaning that if you imagine what you want, you will want what you imagine and at last you will create what you want. Talking about Creative Greece, I urge everyone holding this issue to imagine what one would really want in terms of trading with Greece and investing in Greece.

Are you looking for someone with whom you could easily communicate?

44,8% of Greeks between 25-64 years of age speak a foreign language (EU average 35,7%) and 92% of Greek students are currently learning to speak at least one foreign language. Greeks above 15 years old are literate in percentage of 99,5%, while 28,4% hold a University Degree.

Are you interested in doing business with someone who is keen on entrepreneurship and international trade?

In Greece there are 760.000 enterprises and businesses of all sizes. The vast majority of them are Small and Medium Sized. In the time of crisis 8% of Greeks between 18-64 years of age are creating

new enterprises and 2.000 of them are export oriented. In total there are 12.000 Greek enterprises that have exporting experience. These days 7.000 Greeks are being vocationally trained in Business Internationalization across the country.

Are there creative and innovative enterprises in Greece to collaborate with?

The number of patents in which Greeks are involved in is 4 times higher than the average of the OECD Countries. Technology intensive products account now for about 23% of the total Greek exports instead of only 6% in 1988. 60% of total Greek Exports come from industrial products.

Which are the most dynamic sectors of Greek exports?

Greece is No1 Exporter in the World in fish farming products. In the TOP 3 in the production of olives, olive oil, safran and kiwi and No5 exporter of asparangus. Greece is also in the TOP 10 of production and exports of cotton and in the TOP 15 in cheese products.

Greece is a key supplier of agricultural products in EU and OECD countries. In fact Greece in No 1 supplier of 35 agricultural products in 14 countries. Greece has more than 90 products of Protected Designation of Origin, like mastich or feta cheese.

Moreover, Greece is also among the TOP 3 producers of aluminum and smectites in the World.

No1 in Europe in bauxite and has unique reserves of nickel and magnesite At the meantime, there are massive projects concerning gold, gas and petroleum reserves that are being a subject of exploitation or even the renewable sources of energy projects, from the sun, wind and water.

Is it safe to trade with Greece?

After 5 years of recession, Greece now possess a serious of tools to minimize that risks. The Ex-

port Credit Organization has launched the Buyers Credit Program to insure and secure even the buyers of Greek products abroad. The ECIO also launched a new collateral cash flow booster, the “ECIO-EXTROVERSION” Program to support export enterprises in Greece in order to fulfill their obligations to their buyers. More over, the Greek Government with the support of United Nations is proceeding to the implementation of a Single Window for Exports, aiming to cut cost and time of Exports by 50%, starting from 2013.

But is it now the right time?

In 2012 Greece hit yet another historic all time record for exports, up to nearly 25 bln euros, expanding 2011’s record. By the end of 2013 exports share to the GPD will be 4 times higher than the historic low of the ‘00s (around 25% of the GDP).

These are accomplishments for which as Greek Exporters we are very proud of. They are our own rewards and prizes awarded by the REAL GLOBAL ECONOMY, against speculators and in spite the slowing down of global growth and especially in the European countries.

Furthermore, there will be tax cuts for enterprises starting from this year and new funds from EU to boost investments and infrastructure.

Steve Jobs said that “creativity is just connecting things”. If you connect the dots you will see that doing business with Greece will not only be a creative process, but also a fruitful investment.

Greece is truly becoming an open economy and welcomes all of those who are interested to get to know Greek products and services. On behalf of the Panhellenic Exporters Association, the central exporters’ organization of Greece, we are calling these creative forces in Greece and abroad to join us in our vision of a prosperous, competitive Greece. “The future is not to be anticipated, but to be created”.

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Natural Gas in Greece DEPA Group is the incumbent natural gas utility in Greece, responsible for the wholesale, trading, transmission, distribution and supply of natural gas. The Group is currently owned 65% by the HRADF (Hellenic Republic Assets Development Fund) and 35% by Hellenic Petroleum (HelPe).

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Energy is one of the most important issues in today’s interdependent world. We all rely on energy for our daily needs, for heating and cooling our homes, going to work and getting our children to school, and operating our businesses, factories, schools, hospitals, and government buildings.

In Greece, we are faced with many opportunities and numerous challenges to ensure that the energy we produce–and consume–is good for our pocketbooks, good for our health, good for our environment, and good for our economy.

That’s where Natural Gas can play a key role in the energy mix that we, as a nation, develop.

Natural Gas has a small carbon footprint –it is a clean source of energy. It is also abundant – making it an affordable choice. Because Natural Gas is safely and easily transported, it is a reliable energy source. And its flexibility, used to power electricity plants or vehicles, greenhouses or cogeneration plants, as well as its many uses in residential applications, means it is efficient. Diverse sources and a stellar safety record translate into a secure form of energy for everyone.

Through DEPA, the Group is active in the wholesale, trading and supply of natural gas to large end-users. DEPA procures gas through long-term ToP contracts for piped gas and LNG with Gazprom, Botas and Sonatrach. In turn, DEPA sells gas under medium and longterm ToP contracts to power producers, large industrial customers and the three existing gas distribution and supply companies, the EPAs. In 2011, these customer groups accounted for 96% of gas sold by DEPA. Through its wholly-owned subsidiary DESFA, the Group owns and operates the regulated high pressure gas transmission network and Greece’s LNG re-gasification terminal. DESFA has the right to operate, maintain, manage and develop Greece's transmission network, the NNGS and is responsible for providing non-discriminatory third-party access to the system. The NNGS is one of the youngest natural gas transmission systems in Europe with its main pipeline completed in 1996. The system is primarily comprised of a main pipeline of 512 km in length, branch pipelines with a total length of 707 km and an LNG receiving terminal with a maximum annual capacity of 5.3 bcm at Revythousa island near Athens.

DEPA owns 5,600 km of low and medium pressure distribution networks in the regions of Attika, Thessaloniki and Thessalia and has the right to develop and exploit further distribution networks throughout Greece. DEPA also owns 51% participations in the EPAs, which are active in the supply of residential, commercial and small industrial customers in the regions of Attica, Thessaloniki and Thessalia. The other 49% stake in EPA Attikis is owned by Shell while the 49% stakes in EPA Thessalonikis and EPA Thessalias are owned

by Eni. Upon their establishment in 2000-1, the EPAs were granted a 30-year concession license which provides for the exclusive right to develop, operate and exploit the distribution networks in their respective areas and supply gas to non-eligible customers.

The Group is currently in discussions with various parties regarding participation in a number of international pipeline projects including IGB, ITGI, East Med, TAP and South Stream. Given Greece’s unique geographic location, linking major gas exporters in the Southern gas corridor in the Caspian, Mediterranean and Middle East to gas importers in Southeast Europe, Italy and Western Europe, the Group is well positioned to develop significant activities in transit projects.

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The Public Gas Corporation (DEPA) is the first company that imported natural gas in Greece, following the implementation of a substantial energy investment the company made. DEPA has a long standing presence in the Greek energy market and now consists of a modern and competitive group of companies. Its strong presence in the Greek energy sector has a significant contribution to the economic development of the Country, the protection of the environment as well as the improvement of standards of the citizens in the local communities. By continuously expanding its gas pipeline grid and creating new regional Gas Supply Companies (EPAs), the DEPA group brings natural gas to even more regions in the country, striving to eliminate energy islands within Greece.

DEPA, with its long term gas supply contracts, contributes to the Country’s security of supply while developing initiatives for the role of Greece as a transit country to the rest of Europe from countries with abundant gas reserves.

Natural gas is the fastest growing form of energy world-wide, which can be mainly attributed to its many advantages compared to other fossil fuel based forms of energy. One of the most important socioeconomic features of natural gas is its significant contribution to sustainability.

The implementation of the big energy project to introduce natural gas in the Greek energy balance was set in motion with the establishment of DEPA,in 1988, as the vehicle for putting in place the necessary infrastructure and

establishing all the other components pertaining to a fledging natural gas industry.

DEPA implemented a considerable - for Greek standards - project of basic infrastructure, with a book value in excess of 1,5 billion euro, allowing the transport of natural gas from Thrace to Attica and to other consumption centers on the Greek mainland. More than 1200 km of high pressure transport pipeline network and more than 500 km of medium pressure in various areas were constructed as well as an extensive low pressure distribution network in at least six urban areas. During the same period the construction of the liquefied natural gas (LNG) re-gasification terminal on the island of Revythousa

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Κilometers of high-pressure networks.

A distribution network measuring 5,500 kilometers.

Over one million consumers enjoy the benefits of natural gas.

22│Creative Greece

was completed, connected via subsea pipelines to the central pipeline system for gas transport. In addition, the Interconnector Turkey Greece (ITG) between Karaҫabey in Turkey and Komotini in Greece - 295 km in length was constructed for the transport of gas from Turkey to Greece. Collaboration was initiated with international companies which undertook the extension of the distribution networks within defined geographical areas and the commercialization of gas to customers having an annual consumption up to ten million cubic meters per year. An internal gas market was developed covering all sectors of economic activity which now presents further potential.

The increasing role of natural gas in the international scene combined with Greece’s geographical position has created perspectives for broader interconnections of the existing infrastructure with the gas networks of neighboring countries. DEPA is promoting this geostrategic advantage by participating actively in the implementation of several corresponding projects. The strategic goals of DEPA are to make Greece part of an energy corridor in the SouthEastern Europe and an active player in the broader regional geopolitical arena, to increase natural gas participation in the energy balance of Greece, to maintain a leading role in the liberalized energy market with the new terms of competition and to promote natural gas use throughout Greece.

DEPA with its wide experience has a strong presence in the broader energy scene. Since 2007 DEPA is active as a group of legally unbundled companies in the full spectrum of the natural gas industry, facing successfully the challenges of the free market, liberalized in line with the provisions of the EU legislation.

The European Union supports and strengthens through co-financing schemes DEPA’s projects, especially those whose positive contribution extend beyond the Greek borders in South Eastern Europe and further into the broader European region.

As an example, projects such as the Greece-Turkey, Greece-Italy, GreeceBulgaria interconnections, the offshore pipeline from the Eastern Mediterranean offshore fields as well as the project for a new LNG Terminal in northern Greece will have multiple positive effects within the framework of the European energy strategy since - among others - they contribute to the diversification of supply sources, to the establishment of conditions for healthy gas to gas competition and enhancement of security of supply as well as the development of interconnecting infrastructure and the strengthening of regional emerging markets.

With DEPA as a basic leverage tool the investment horizon is broadened and the business opportunities are multiplied within Greece and abroad, covering the whole network of corresponding activities. Essential challenge for today’s European natural gas industry is the creation of those conditions that will allow long term security of supply under competitive terms.

In today’s evolving and increasingly competitive business environment, DEPA’s CSR programs and initiatives create added value and improve its long term prospects, decisively contributing to the establishment of a comparative advantage, making DEPA more competitive, more resilient and more attractive to consumers. Furthermore, DEPA’s CSR programs successfully boost the company’s profile and enhance public trust.

As part of its CSR agenda on environmental protection and community welfare, DEPA has launched a multifaceted program including a series of initiatives that focus on the support of “green” business ventures and the improvement of public welfare, especially that of stakeholder communities.

DEPA focuses on the sponsorship of the art and letters, of Greek culture and civilization and the support of sports, education and sciences.

The respect of human values and the active protection of the environment are our fundamental company priorities.

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National Natural Gas Transmission System The National Natural Gas System Operator (DESFA) S.A. was established on 30th of March 2007, following the provisions of law on liberalization of the natural gas market.With this law DESFA was established as a subsidiary company of DEPA S.A.

Its scope is to operate, maintain, manage, exploit and develop the National Natural Gas System (ESFA) and its interconnections, ensuring that the system is financially viable and technically reliable to meet customers’ needs in the safest way.

Gas Distribution Companies Gas Distribution Companies in operation • EPA Attica S.A. The Gas Distribution Company of Attica (EPA) is owned by the DEPA group together with Shell Gas B.V., with stakes of 51% and 49% respectively. The management of the EPA is carried by Shell Gas B.V. Its main scope is to develop and supply with natural gas the broader Athens region through medium and low pressure gas networks.

• EPA Thessaloniki S.A. The Gas Distribution Company (EPA) of Thessaloniki is owned by the DEPA group, together with ENI Hellas spa, with stakes of 51% and 49% respectively. The management of the EPA is carried by ENI Hellas. Its main scope is to supply with natural gas the Thessaloniki region through medium and low pressure networks.

• EPA Thessalia S.A. The Gas Distribution Company (EPA) of Thessalia is owned by the DEPA group together with ENI Hellas spa, with stakes of 51% and 49% respectively. The management of the EPA is carried by ENI Hellas. Its main scope is to supply with natural gas the Thessalia region through medium and low pressure networks.

Three new distribution companies under establishment DEPA has launched three tenders for the establishment of new regional gas distribution and supply companies in Greece. Investors are invited to contribute at least 35% of the share capital of the EPAs that will be jointly established with DEPA in the regions of Sterea Ellada-Evia, Central Macedonia, and Eastern Macedonia and Thrace.

Supply of Natural Gas DEPA is the importer of pipeline natural gas and liquefied natural gas (LNG) in Greece. The company’s over15-year experience in the domestic market ensures the optimal coupling between international supply and domestic demand.

DEPA’s strategic goal is to ensure sufficient natural gas volumes from reliable and diversified sources at competitive prices, ensuring the country’s security of supply. DEPA is the only company in Greece that has signed long term contracts i.e. with the Russian Gazprom, the Turkish BOTAS and the Algerian Sonatrach.

DEPA’s contract with Gazprom ensures the annual supply of Greek market up to 2.0 billion cubic per year meters at least to 2016. The natural gas volumes are injected into the National Natural Gas Transmission System, in Strimnochori Sidirokastrou, near the Greek – Bulgarian borders. According to the contract with the Turkish BOTAS, up to 0.71 billion cubic meter per year will be imported until 2021.

This gas of Azerbaijani origin is injected into the National Natural Gas Transmission System in Kipoi Evrou, through the existing Interconnector Turkey-Greece (ITG).

Likewise, the contract with Sonatrach (LNG) ensures the domestic supply with 0.68 billion cubic meters per year until 2021. The delivery of the Algerian LNG takes place in the LNG storage and re-gasification terminal in Revithousa Island, in the gulf of Megara.

Furthermore, DEPA is being supplied with LNG from the global spot market, in order to achieve better prices for its clients, and sufficient supply in cases of increased demand.

DEPA also closely monitors and evaluates global trends in the natural gas market, with its long-term strategy aiming at further diversification of its sources, securing enough quantities at competitive prices, in order to meet the country’s current and future needs.

66%

Gazprom

16,6%

Sonatrach

14.4%

Botas

3%

spot LNG

ICGB AD

24│Creative Greece

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Greek Natural Gas Market and DEPA

International Activities DEPA is in a unique position to capitalize on the current developments in the region as well as the strategic geographical position of Greece and expand its activities in order to become an important player at a regional level. Within that framework DEPA is currently developing several projects of significant importance for the entire region.

Firstly, the Interconnector Greece Bulgaria (IGB) is a 3-5 bcma natural gas pipeline connecting the two countries that will be operational as soon as 2015. IGB will promote energy market integration and significantly enhance the security of supply in the South Eastern European region. IGB is being developed by ‘ICGB’ AD, a Joint Venture established in Sofia in January 2011 by the Greek IGI Poseidon SA (50%) and the Bulgarian Energy Holding EAD (50%). The EU, recognizing the strategic importance of IGB, has granted significant funding through the EEPR framework. Following an agreement signed in October 2012, the EBRD is assessing financing for the project.

DEPA is developing an LNG Receipt and Regasification Terminal in Northern Greece. This regasification terminal, known as Aegean LNG, will be able to send out 5 bcma of natural gas. The Aegean LNG will be operational within 2015, creating strong synergies with IGB, further promoting the integration of the South Eastern European market.

The Interconnector Greece Italy (IGI) is a 10 bcma natural gas pipeline that will form the crucial missing link between Greece and Italy. IGI has completed all technical studies and permitting activities and is ready to begin construction.

IGI is being developed by IGI Poseidon SA a Joint Venture established in June 2008 by DEPA and the Italian Edison. The Project has received EU funding from both the TEN-E and the EEPR frameworks.

Finally the newly found sources in the Levantine Basin will allow for the implementation of a pipeline for the export of Eastern Mediterranean gas via Cyprus and Greece and onwards within Europe. “East Med” has been incorporated in EU energy strategy and its importance will be reaffirmed by the EU through its inclusion in the European Union’s Projects of Common Interest.

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The Eastern Mediterranean is the new dimension of the Southern Gas Corridor, further contributing to meeting Europe’s growing demand for natural gas imports, from an alternative sources and routes.

The Greek gas market has shown great promise and indicated substantial growth since its formation. With a cumulative growth average of 8% for the period 2000-2011, the total gas demand has reached 4.5bcma in 2011.

This trend is expected to continue to grow in order to reach 7.1 bcma by 2020.

Currently DEPA is managing the biggest share of the Greek natural market.

DEPA is the immediate natural gas supplier of: • Electricity producers.

• Large customers with annual consumption of over 10 million m3.

• Gas Supply Companies (EPAs).

• End users in regions where Gas Supply Companies have not yet been established.

• Gas-powered vehicles.

DEPA’s focus is on new technologies and commercial activities. Cutting-edge applications include: • cogeneration and air conditioning.

• remote regions’ supply with compressed natural gas (CNG).

• natural gas use in the agriculture sector.

Among the strategic objectives of DEPA is the continuous natural gas supply at competitive prices, maintaining its leading position in the domestic market, while enhancing its presence inside and outside of Greek territory by developing new applications and natural gas services.

Natural Gas and the Greek Economy

Natural Gas: An Environmentally Friendly Energy Source for the Future

One of the main challenges Greece faces today is to restart its economy, enter a new phase of growth, and create good jobs. As residential users, industry and manufacturing, and certain transport segments increasingly rely on Natural Gas, they are leading the way to a cleaner, more affordable, and more environmentally friendly energy future.

Power generation through Natural Gas allows users to enjoy immediate benefits, especially cost savings, since the install time for Natural Gas is faster, its supply reliable, and its cost is more predictable. In addition to the wide distribution network that will be laid to homes, offices, factories, schools, hospitals and government buildings–requiring workers, technicians, engineers, and other specialists–the Natural Gas industry will generate a wide range of new economic activity.

From simple appliances such as washers, dryers, and cooking ranges, to high tech co-generation boilers–called HE Boilers–commerce will be supported by the gas industry in helping consumers be more efficient and costeffective.

The HE Boiler, for example, also known as a micro combined heat and power system, is a central heating boiler that supplies electricity as well as heat.

Households and businesses equipped with such systems literally become independent energy producers, supplying their own needs and having the option of selling excess production back to the grid. Larger combined systems will operate for major industrial users, office buildings and facilities such as greenhouses.

In many countries, the Natural Gas industry has catalyzed research and development laboratories to focus on new technologies, innovative power systems, and more efficient appliances that improve life for everyone.

Such win-win relationships have the power to dramatically improve the energy landscape in Greece, leading to a healthier, more robust economy and employing thousands of people in every part of the country.

Supplies of Natural Gas are so vast that analysts suggest we will be able to use this clean fuel for many decades—even centuries. Nevertheless, Natural Gas is a fossil fuel that should be used judiciously, so that our carbon footprint is kept to a minimum and our children enjoy the best environment possible! Wind and solar are already playing an important role in supplying us with electricity. But the sun does not always shine and the wind is not always strong. In other words, their supply pattern is not stable This is where Natural Gas fits the bill to a tee: In an instant it can kick in to supply energy needs when renewable sources are off grid and just as quickly it can shut down when the sun shines and the wind blows.

As a natural partner to the world of renewable sources, there is no better choice than Natural Gas, and this is important as Greece steps up to meet its 20/20/20 obligations. 20/20/20 means that Greece has committed to producing 20 percent of its electricity from 20 percent renewables (RES) by the year 2020. This flexibility to aid in the overall energy production of Greece makes Natural Gas the perfect partner for current Peak Power Performance and the ideal bridge to the future.

Privatization of DEPA Public Gas Corporation S.A. (“DEPA”) is currently 65% owned by the Hellenic Republic (the “HR”) and 35% owned by the Greek societe anonyme under the name “Hellenic Petroleum S.A.” (“HELPE”), the shares of which are listed on the Athens Exchange.

In February 2012 the Hellenic Republic Asset Development Fund announced the launch of an international public tender process for the privatisation of DEPA Group.

The privatisation of DEPA (including its wholly owned subsidiary “Hellenic Gas Transmission System Operator S.A., “DESFA” (66%), and together with DEPA, the

“DEPA Group” is part of the Medium Term Fiscal Strategy 2012-2015.

Interested parties has been invited to express their interest: a) either in acquiring DEPA in its current corporate structure (bundled sale) or b) in acquiring separately DEPA S.A. - including its stake in the EPAs- and separately DESFA S.A. after a relevant corporate restructuring (unbundled sale).

Privatization of DEPA is in progress. The whole procedure is under the monitoring of the Hellenic Republic Asset Development Fund (HRADF http://www. hradf.com/en).

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Energy book

A new industry which brings a new era to Greece

Energy Policy The priority and top objective is to safeguard and manage energy resources in a manner which secures the smooth, uninterrupted and reliable supply of the nation’s energy needs and access for all users to affordable, secure energy. The second objective is to secure energy stocks, through alliances and alternatives energy sources and routes in order to ensure the supply of the domestic market and protect consumers in the case of emergencies.

The third objective is the viable and sustainable development of the energy sector from the stage of production to the end-use while protecting nature and safeguarding the environment.

Strategy The strategy to ensure supply needs and address energy issues in Greece is shaped by the regulatory and legal framework which focuses today on the following general axis: - Access to a wide variety of energy sources - Construction of oil and natural gas pipelines within international networks - Increased use of domestic energy sources and stocks - Reduced dependence on certain high risk energy sources - Development of RES installations with the granting of incentives - Use and diffusion of clean and efficient environment friendly technologies - Liberalization of the market, increased competitiveness and putting an end to monopolies in the electricity and natural gas sectors.

- Establishment of a healthy investment climate for businesses in the energy sector - Energy savings for industry, transport, buildings and homes - Establishment of national targets for the increased penetration of energy generated from RES, the reduction of green house gas emissions and energy saving.

Renewable Energy Sources

The priority and top objective is to safeguard and manage energy resources in a manner which secures the smooth, uninterrupted and reliable supply of the nation’s energy needs and access for all users to affordable, secure energy. Today the Greek energy market is undergoing fundamental reforms. New advanced energy technologies and perpetual environmental issues, requirements arising from European and international cooperation as well as various intergovernmental Agreements are factors shaping and harmonizing the institutional and legislative framework of the Greek energy market with current tendencies and perceptions.

At the centre of this process lies: the liberalization of the electricity and natural gas markets, increased competitiveness, the extension and enhancement of the domestic and cross-border electricity, natural gas and oil networks, the further separation of production and supply from transmission networks, consumer choice, increased share of energy from Renewable Energy Sources, reduced share of fossil-fuel generated electricity, improved energy efficiency, energy saving and the protection of the environment.

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Renewable Energy Sources (RES) means renewable non-fossil energy sources, that is wind, solar, geothermal wave, tidal, hydro-electric power, landfill gas, sewage treatment plant gas and biogases as defined by Directive 2001/77/EC Electricity produced from Renewable Energy Sources (RES) According to law 2773/1999 is electricity produced from plants using: - Wind or Solar biomass or biogases.

- Geothermal on condition that the right to use geothermal capacity has been granted on the basis of legislation in force.

- Sea - Hydro resources with small hydro-electric plants up to 10 mw.

- Combination of the above - Co-generation using a combination of wind or solar or biogases

energy mix. Action Plans are updated every two years following evaluation on the implementation of their provisions and in order to take into account improvements in technologies, market developments and energy demand.

National Energy Data System The objective of the National Energy Data System of the Ministry of Environment, Energy and Climate Change is to develop a computer tool regarding developments of the national energy strategy as well as establishing a service providing information to the general public. The main sections include: - info on the competent organizations, legislation and standards.

- A date base with statistics regarding production, processing and consumption of energy. The presentation of such statistics facilitates their use for the compilation of analysis and reports on the energy system.

- The Geographical Information System deals with charts of energy networks, sites of installations, fields as well as detailing the capacity of Renewable Energy Sources.

Independent RES Service In view of the primary role of RES investments for the development of green growth and green entrepreneurship, an independent RES service has been established (Law 3851/2010). Its tasks are: - Information to investors on the institutional, legislative, fiscal and financing framework which are necessary for the licensing procedures for investments in RES as well as for their participation in various investment programmes.

- Provision of one-stop shop service regarding the licensing procedures of RES projects. (this has not yet been established) - Assistance regarding difficulties that may be encountered during the licensing procedure or any other procedure related to the development of a RES project.

The Independent RES service is also responsible for the development and coordination of the off-shore wind parks in accordance with Article 6 of Law 3851/2010 Law 3851/2010 «Accelerating the development of Renewable Energy Sources to deal with climate change and other regulations addressing issues under the authority of the Ministry of Environment, Energy and Climate Change”

National Action Plan 20-20-20 The obligation to compile National Action Plan reports to the European Commission on progress in the promotion and use of energy from renewable sources with regard to the target to achieve a 20 % share of energy from renewable sources in the Community’s gross final consumption of energy in 2020 derives from Directive 2009/28 EC. Reports include estimates on the development of the energy sector and the penetration of technologies from RES BY 2020. Estimates are required for the overall and sectoral shares of energy produced from RES (Electricity, heating and cooling, and transport) . The Reports also have to detail progress made in evaluating and improving administrative procedures to remove regulatory and non-regulatory barriers to the development of energy from renewable sources. The National Renewable Energy Action Plans, which are finalised following consultation with the European Commission form the basis of the Ministerial Decree regarding the penetration of RES in the national Creative Greece

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Energy book Prospecting, Exploration and Exploitation of Hydrocarbons Brief history of events

A systematic approach in the historical record of hydrocarbon exploration in Greece can be achieved on the basis of the restlessly developing exploration techniques, and the enhancement of knowledge of the general geological structure of Greece. This approach is at the same time closely linked to the establishment and development of the legal frame that governs the overall prospecting, exploration/exploitation of hydrocarbons.

Beginning of the 20th century to early 60s Hydrocarbon exploration in Greece dates back to the beginning of the 20th century (1903). However, some evidence exists on earlier efforts having taken place in the early second half of the 19th century (1860).

The first wells were drilled by companies like London Oil Development, HELLIS, PAN-ISRAEL, DEILMAN-ILIO in the areas of Keri (Zante), NW Peloponnese and Evros in NE Greece.

Exploration efforts were discontinuous up to the early 60s, and were mainly focused on on-shore areas, characterized by surface oil shows (oil seepages) evidence, especially in Western Greece.

Early 60s to mid 70s During that period, exploration becomes more systematic and the decision for the establishment of the first public body, oriented to the exploration of hydrocarbons, came as a consequence of the achieved results.

The above mentioned systematic effort started in the early 60s by the former Ministry of Industry, in close collaboration with the Institute of Geology and Mineral Exploration (IGME) and in close consultancy with the Institute Francais du Petrol (IFP). Extensive geological research was carried out, especially in continental Greece, and 17 shallow depth wells were drilled.

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At the same time, concessions were granted to major companies, such as BP (Aitoloakarnania area), ESSO (NW Peloponnese, Zante and Paxi islands), HUNT (Thessaloniki), TEXACO (Thermaikos gulf), CHEVRON (Limnos island), ANSCHUTZ (Thessaloniki-Epanomi) and OCEANIC-COLORADO (Thracian sea), which drilled, in total, more than 40 wells both, on and off-shore. Most of the former wells penetrated geological targets that gave, in some cases, encouraging hydrocarbon indications and, at the same time, contributed significantly to the improvement of the geological background and the continuously evolving interest concerning the hydrocarbon potential of the country.

The final result of the exploration that took place during that time was the discovery of the first exploitable hydrocarbon reserves in the off-shore area of Thasos island (Prinos oil-field and South Kavala gas-field) by OCEANIC (1971-1974).

Mid 70s to mid 90s On the basis of the above achieved results, the establishment of the first public body oriented to hydrocarbon prospecting, exploration/exploitation was decided in 1975, leading to foundation of the Public Petroleum Corporation (DEP). The period under examination involves exploration by the latter public body, starting from its establishment in 1975, and ending in mid 90s, when a new law (L. 2289/95 ) came into effect and, as a consequence, concessions were granted anew to foreign companies for hydrocarbon exploration.

Next year followed the approval by the Greek parliament of the first law governing hydrocarbon exploration (L. 468/76). In 1985 Public Petroleum Corporation-Exploration and Exploitation of Hydrocarbons (DEP EKY),

Energy book subsidiary company to DEP, was founded. The Greek government granted to the aforementioned two companies 24 on-shore and off-shore areas for hydrocarbon prospecting, exploration and production. A total of 73.000 Km of 2D and 2,500 km2 of 3D seismic survey lines were carried out and 73 exploration wells were drilled, on the basis of seismic surveys’ interpretation.

The main outcome of the above exploration activity was the discovery of oil in the off-shore Katakolo area in NW Peloponnese, gas in Epanomi, an area adjacent to Thessaloniki in Northern Greece, and, in some instances, biogenic gas accumulations.

During this period, an in-depth knowledge of the potential petroleum systems in the Hellenic region– i.e. structural/stratigraphic traps, reservoir rocks, cap rocks, source rocks - was acquired, a large amount of data and information were accumulated that comprised the basal roots for a new endeavour in hydrocarbon exploration.

Mid 90s to early 00s In 1995, the law 2289, which adopted EC Directive 94/22/EC comes into effect.

It reforms, in congruity with the EC Directive, the provisions related to the exploration permits’ regimes. In 1996 the first International Licensing Round, involving 6 concession areas, was performed.

As a result of the above international tender, 4 licences were finally granted for the areas: NW Peloponnese and Ioannina to Enterprise Oil and for the areas of Aitoloakarnania and off-shore Western Patraikos Gulf to Triton Ltd. Total amount of investment in seismic surveys and drilling reached up to 85 M€.

The surveys failed to deliver results and well drilling did not reach the depth provided by the original agreements. Two important targets were not investigated: In Ioannina deep drilling was abandoned due to serious technical problems by the company Enterprise Oil and in Western Patraikos Gulf the planned drilling program was not executed because of the

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acquisition of Triton Ltdl by Amerada Hess. The companies withdrew in 2000-2001.

Early 2000s to day After 2001 exploration activity almost ceases during the next decade. Its end, however, marks the beginning of a new effort aiming at further reforming the legal frame governing the granting of hydrocarbon’ exploration and exploitation licensing.

In 2007, following an amendment added in law 3587 (article 20), the Greek Government recalled all concession areas formerly granted to DEP/DEP EKY apart from those in which Hellenic Petroleum SA participates in the Prinos area.

The former legal institutional framework related to the procedure of granting exploration/exploitation rights (L. 2289/95), was recently reformed with the approval by the Greek Parliament of the new law 4001/2011, and a new attractive entrepreneurial environment is established.

The Ministry of Environment, Energy and Climatic Change (YPEKA) has already preceded to an International Public Invitation for the Participation in non-exclusive seismic survey offshore Western and Southern Greece.

At the same time, the announcement of granting State’s rights of exploration & exploitation in three areas (Patraikos Gulf, Ioannina and Western Katakolo) following the procedure of “open door” is under public consultation.

Finally, the establishment of the Hellenic Hydrocarbons Management Company S.A. has been included in the L.4001/2011. This new S.A, whose Articles of Association is currently being prepared in the form of a Presidential Decree, and whose Board of Directors will be selected through the transparent open government process, will undertake the responsibility to organize and execute all the relevant exploration and/or production tenders, evaluate the offers, select the winners, prepare the relevant contract agreements and constantly supervise their appropriate execution.

Energy book Open Door Procedure for granting exploration and exploitation licenses of areas, on permanent basis

At present, the interest is focussed on case (c), since the country disposes a considerable number of areas that meet the above criteria and is believed that the adoption of this procedure will accelerate the processes and restart of the exploration activities very soon.

The background of the exploration activities in Greece

The Legal framework According to the Law 2289/1995, which incorporated a large part of the Directive 94/22/EE, concerning the prospection, exploration and exploitation of hydrocarbons in the Greek legislation, in conjunction with the new Law 4001/2011 which modernises and clarifies the legal framework being in force since 1995, the rights for exploration and exploitation of hydrocarbons are granted on behalf of the Greek State, according to the following procedures (Article 156, paragraph 17 L 4001/2011): a) Either after an invitation to tender, for the areas of paragraph 4,that is approved by the Minister of Environment, Energy and Climate Change, published in the Government Gazette and sent for publication in the Official Journal of the European Union. The deadline for the submission of the offers is defined in the invitation and can not be less than ninety (90) days from the day of the last publication. b) Or after submission of application by an interested party for an area which is not included in the invitation to tender according to case a. The H.H.R.M. SA, if the application is accepted, issues invitation to tender, approved by the Minister of Environment, Energy and Climate Change, published in the Government Gazette and sent for publication in the Official Journal of the European Union. The deadline for the submission of offers by other interested parties is at least ninety (90) days from the day of the last publication.

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c) Or after an open invitation (open door) for expression of interest, when the area for which the concession is requested is available on a permanent basis or has been the subject of a previous procedure which has not resulted in the conclusion of a lease agreement or a production sharing agreement or has been abandoned by contractor, in the case that he has withdrawn from the agreement or has terminated it. The Minister of Environment, Energy and Climate Change, by notice, published in the Government Gazette and sent for publication in the Official Journal of the European Union shall notify the above areas with the minimum basic terms of the concessions as well as any other relevant information. Interested parties may tender for a concession in more than one area. The offers are submitted until the last day of the first and second semester of each calendar year.

Within thirty (30) days from the end of the semester, the Minister of Environment, Energy and Climate Change announces that the area is excluded from the areas which are available as above, in case the area is on an ongoing process of concession. The offers are evaluated and among them is selected the one most advantageous to the State, following negotiations with the interested parties and based on the selection criteria of the open invitation.

The deadline for submission of offers is specified in the call for tenders and cannot be less than ninety (90) days from the day of last publication.

Exploration activities for Hydrocarbons in Greece date back to the early 20th century, with the first drilling operations carried out by international Oil Companies namely: London Oil Development, HELLIS, PAN-ISRAEL, DEILMAN-ILIO in the areas Elos,Keri in Zakynthos, in North-West Peloponnese and Evros Thrace.

In 1960 begins a more systematic effort by the former Ministry of Industry with the aid of IGME (the Institute of Geology and Mineral Exploration) and the French Petroleum Institute (IFP) as its consultant. Extensive geological surveys were out, in particular in the continental Greece and 17 shallow wells were drilled. Contemporaneously, major oil companies obtained concessions, namely BP (in Etoloakarnania), ESSO (in NW Peloponnese, Zakynthos, Paxoi), HUNT (Thessalonica), TEXACO (in Thermaikos golf), CHEVRON (in Lemnos), ANSCHUTZ (in Thessalonica - Epanomi) and OCEANIC -COLORADO (in the Thracian Sea), when more than 40 wells were drilled on land and sea. Most of these wells drilled geological targets with promising indications of hydrocarbons and contributed to the enrichment of the geological knowledge and to the strengthening of the belief for the oil potential of the country. The results, of these activities was the discovery of the first exploitable reserves in the offshore of Thasos (Oil field of Prinos and the natural gas field of South Kavalla 1971-1974).

In 1975 the Public Petroleum Corporation ( D.E.P. S.A.) is founded and in the Greek parliament approved the first Law 468/76 concerning the exploration and production of hydrocarbons.

In 1985, DEP EKY S.A. is founded as subsidiary of D.E.P. S.A. and assumed the National upstream sector as well as the licensing procedures.

In 1995, the Law 2289/95 is voted which incorporated the relevant EU directive 94/22/EE. During that period 24 exploration and production concessions in areas on land and sea without competition were granted by the Greek State to DEP S.A and DEP EKY S.A which in their turn performed 73.000 km 2D seismic, 2.500 km2 3D seismic and 73 exploration wells based on the the results of seismic surveys.

The companies withdrew in 2000- 2001 (letter of credit $ 8 million deducted). In 2007, with an amendment of the Law 3587/2007 (article 20), the Greek State withdrew all the concessions offered to DEP/DEP-EKY/ ELPE {after the privatisation of DEP EKY and the change of the shareholder composition of the ELPE SA (Hellenic Petroleum SA)} which (concessions) returned to YPEKA (Ministry of Environment and Climatic Change), except those in which ELPE SA participates in the wider area of Prinos.

Framework of Present day Actions Basic conclusions as the result of exploration activities until now: - The density of the seismic surveys is low compared to total acreage of the country. The early 2D seismic recordings are of a low resolution compared to today’s standards. They certainly provide valuable information and constitute a very important base for the next phase of surveys. The seismic data acquired in 1999-2000 is highly reliable.

- The orientation of the exploration wells was focused mainly in shallow and medium depth targets that, as proved, present limited interest, although they were not explored in their entirety. In deeper targets (> 4.000 m), where the prospects are more favourable, no exploration wells were performed. The exploration was focused mainly on land areas, while at

The result of the above exploration activity was the discovery of the offshore oil field in Katakolo western Greece and the natural gas filed in Epanomi - Thessalonica, as well as interesting concentrations of biogenic gas. The geological knowledge of these areas was strengthened, the evaluation of areas of interest became systematic and the collection and creation of an extensive database of the exploration data consists a serious base for new ventures.

In 1996, the first international contract of concessions for six areas took place, as shown in (Figure 1.) and four areas in Western Greece was finally granted: NW Peloponnese and Etoloakarnania to the company Triton and Ioannina and Western Patras Gulf to the company Enterprise Oil. 85 million euro were invested in seismic surveys and drillings. The exploration was not successful but it should be mentioned that the executed wells did not reach the scheduled depths according to the initial agreement for the areas of Western Patras and Aetolokarnania.

In the concession of Ioannina area, the abandonment of the deep drilling (4.000 m) due to serious technical problems by the company Enterprise Oil, and in the concession of Western Patras Gulf, where the planned drilling was not performed, resulted to the withdrawal of the involved companies.

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Energy book sea to medium sea of depths (up to 500 m), it was limited to certain areas of the Ionian Sea, parts of the Thracian Sea and the Thermaikos Gulf.

The country cannot be assessed as an underexplored area and is classified as frontier area in accordance with the international terminology.

The policy recently followed and systematically implemented by the Ministry for Energy Environment and Climatic Change is targeted primarily at covering the lack of coverage with seismic surveys of wide areas of the country with the announcement of “INTERNATIONAL PUBLIC INVITATION” for the participation in seismic exploration activities for data acquisition in non-exclusive bases within the maritime area in western and southern Greece, in order to ensure the acquisition, processing and interpretation of data, as well as the reprocessing and the interpretation of existing seismic data according to the modern standards implemented in the oil and natural gas industries. This data will help to assess the potential in hydrocarbons of the area and to promote the International Licensing Round for the Exploration and Exploitation of Hydrocarbons within the short term. The second immediate goal of the Ministry for Energy Environment and Climatic Change is the acceleration

of licensing procedures for the above areas according to the open call procedure, shortening considerably the time for the forthcoming round for concessions taking full advantage of the economic trends in the wider region, which create a positive climate, so that the drilling operations will focus on targets and depths which could give positive results. It should be taken into account that the Exploration & Production of Hydrocarbons is an extremely complex business activity, of high risk (geological and drilling), high capital investment and requires specialized technologies and time.

While based on the legal framework, the deadline of the offers for the available areas is the end of each semester. It is advisable to reveal the intention of the ministry and the whole government, so to enter into public debate in order to have all views expressed and advance to the next phase of operations in a collegial way. Simultaneously, the time of consultation will be used for the collection, officially by the State, of all studies that have been made for the region of Greece, both from Greek Research Institutes and Academic Departments and from International Organisations (Geological Societies, Institutes of other countries).

Non Exlusive Seismic Survey International Public Invitation for the Participation in non-exclusive seismic survey offshore in western and southern Greece

Suggested areas for integration in the process “open call - open door” From all the areas covering the criteria of the tender process “open call”, it is intended to promote the following: 1. Patras Gulf The relatively recent seismic surveys in the area have detected interesting oil prone geological structures. The estimated recoverable reserves are around 200 MMbbls.

The most promising structure of the concession was not drilled by the owner consortium (1st Round of Concessions) because, for internal business options, the company (Triton) abandoned the area in 2001 as the area is considered difficult. Similar geological targets have yet to be drilled in the Greek territory.

2. Northern Greece Epirus - Ioannina It is an interesting area for deep targets in a highly mountainous relief.

It is estimated that it would require a high cost of seismic and drilling activities for the detection of oil probable geological targets at great depths (> 4.000 m).

The well targeted to explore a large structure with oil potential was not completed for technical reasons (high pressures) and the consortium that had the rights (2002, 1st Round Concessions) returned the area.

The discovery of hydrocarbon reserves in these deep targets will upgrade impressively the oil interest for the region of Western Greece. The initial estimations of the recoverable oil reserves are about 50-80 MMbbls.

3. West Katakolo The Katakolo oilfield was discovered in 1982 by DEP-SA with estimated recoverable reserves 3 MMbbls in a depth of 2.400-2.600 m. This location is about 3,5 km offshore of the Cape Katakolo. At the time of its discovery, it was considered non feasible due to the sea depth > of 250 m, the prices of oil at that time and the presence of H2S and CO2.

At present, oil prices and available technology allow the exploitation from the shore by means of inclined – sub horizontal wells, without affecting at all the maritime area and the tourist activity particularly in the harbour of Katakolo.

The area is evaluated positively and is expected to attract investors’ interest because of its neighbouring position with Albania, which possesses similar oil systems.

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Exploration activity results in relation to the geological structure of western Greece – a systematic brief account Greece’s “hellenides” geotectonically makes up part of the peri-Adriatic chain of the Alpine orogenic system, which involves the Dinarides, the Southern Alps and the Apennines. Geologically, two main zones can be distinguished, the non-metamorphic external hellenides of western Greece on the one hand, bearing full sedimentary sequences from Triassic to Cenozoic, and the internal hellenides of eastern Greece on the other hand, composed of metamorphic sequences on which post-orogenic Tertiary basins were formed, following the main phase of Alpine orogeny.

The interest related to hydrocarbon potential in Greece, can be systemized on the basis of the above distinction in external and internal hellenides, located in western and eastern Greece respectively. Special emphasis will be given on the hydrocarbon potential of the external hellenides, taking into consideration that, at the present time, the areas under the process of concession for exploration and exploitation form part of the external hellenides in western Greece.

External hellenides: Western Greece fold-and-thrust belts The external hellenides of western Greece belong to form part of the periAdriatic chain. They derived from the compression of the sedimentary sequence deposited οn the eastern margin of the Apulian plate and its westwards displacement during the Alpine orogeny phase. The internal differentiation of the entire basin, in which the Triassic-Cenozoic sedimentary sequence was deposited, as a result of extensional faulting, gave rise to shallow water carbonate platforms on the one hand (e.g. Gavrovo and proApulian zones), and deep water troughs on the other hand (e.g. Pindos and Ionian zones). Exploration interest has been mainly focused on the Ionian zone of western Greece, and only partially on the Gavrovo zone.

The stratigraphy of western Greece can be generally described as a sedimentary sequence comprising Triassic evaporites, Triassic to Eocene carbonate formations, Tertiary flysch and Neogene marine and clastic sediments.

Triassic evaporates play a very important role in the formation of potential petroleum systems in western Greece. They form the basal layer of the Creative Greece

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Energy book A faulted anticline was also the main structure in the area adjacent to Apollo-1. The well penetrated Gavrovo zone platform carbonates and flysch.

The drilling target was represented by karstified platform carbonates, which have already been proven to be productive in south Italy and the Adriatic Sea area. The results were not encouraging and the well was plugged and abandoned at 1,710m total depth.

Ioannina area In Ioannina, information derives mainly from the data acquired from one well drilled by Enterprise Oil, following the 1996 concession round, namely Demetra-1.

The ambitious target of Demetra-1 well was to penetrate, for the first time, the Triassic evaporitic sequence. Seismic interpretation was indicative of the existence of a salt dome at a depth of 4,000m approximately. Following the penetration of the Ionian zone limestone sequence on top, and while still within the evaporites, excessively high pressures, entirely prohibitive sedimentary sequence deposited in the Ionian basin, and their topcould act as a detachment surface (decollement) of the overlying sedimentary strata resulting, thus, in the formation of structures attributed to detachment tectonics without any basement involvement.

At the same time halokinesis – i.e. continuous upwards movement of salt layers within the evaporitic sequence during compressional tectonic phases – could give rise to diapiric salt domes and, as a consequence, to the formation of potential hydrocarbon traps.

Surface oil indications shows have been reported in the pro-Apulian zone, the Ionian zone and the Gavrovo zone in western Greece. Potential source rocks have been discovered in the pro-Apulian and Ionian zones.

Lower Cretaceous calcareous shales in the internal (eastern) Ionian zone, and Lower-Middle Jurassic Posidonia bearing shales in the central and external (western) Ionian zone, have a very good hydrocarbon potential. The same holds true for Middle Jurassic formations of the pro-Apulian zone.

It should be mentioned in this point that in Albania and Italy, oil produced in geological zones analogous to the Ionian and pro-Apulian zones of the hellenides, has been ascribed to source rocks of Triassic age. Potential source rocks of Triassic age in Greece could be present in the form of argillaceous interbeds within the Triassic evaporitic sequence in the central and external Ionian zone.

Trapping mechanisms could involve stratigraphic characteristics in Miocenic sandstones, anticlines in Mesozoic-Eocene limestone reservoirs capped by flysch or Neogene clastics, and diapiric structures in the vicinity of salt

domes. Structures expected to be encountered, in relation to structural traps, are those reported in fold-and-thrust belts that involve detachment tectonics mechanisms, such as ramp anticlines, roll-over folds, blind thrusts, fault-propagation folds etc.

Exploration drilling below the level of the Triassic evaporitic sequence could be proven to be very important in testing the hydrocarbon potential of deepseated structures.

The following chapters display a brief review of the main exploration results of the areas under the process of concession for exploration and exploitation. They are mainly based on the outcomes of the exploration activity carried out following the first international licensing round in 1997.

Focus is given, primarily, on the Ionian zone of western Greece, which is the continuation to the south of the respective isopic (geotectonic) zone in Albania, known to be currently hydrocarbon productive.

Aitoloakarnania area In the area of Aitoloakarnania, information derives from the data acquired from two wells drilled by Triton Ltd, following the 1996 concession round, Trifos South-1 and Evinos-1.

In the Trifos area, the general geological structure corresponds to that of a sub-thrust setting. The underlying unit (sub-thrust unit) comprises deep water carbonates of the Ionian zone overlain by Oligocene flysch deposits, and it is overthrusted by the Triassic evaporates. Drilling through the evaporites, revealed that their thickness exceeded the initially expected one and drilling stopped at the depth of 1,509m within the evaporites. Minor hydrocarbon shows indications were reported and the well was plugged and abandoned.

In the Evinos-1 well, the platform Gavrovo zone carbonates, capped by Oligocenic flysch, were drilled. Only minor hydrocarbon shows indications were reported in the upper limestone layers, at the contact between the two formations, probably due to lack of the appropriate structural trap. The well was plugged and abandoned at the total depth of 1,508m.

NW Peloponnese area In NW Peloponnese, information derives from the data acquired from two wells drilled by Enterprise Oil, following the 1996 concession round, Artemis-1 and Apollo-1.

In Artemis-1 location the general structure is a faulted anticline, composed of Ionian series limestones capped by flysch. The target was Upper Cretaceous – Eocene faulted/fractured limestones which are known to comprise reservoir rocks in the oil-fields of Albania and off-shore Adriatic Sea. Some oil shows were reported and the well was plugged and abandoned at 2,375m total depth.

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to any drilling continuation, were encountered. That led to the plugging and abandonment of the well at a depth close to 4,000m and consequently, the aim, initially set up, was not achieved.

Katakolo area Katakolo off-shore area in western Peloponnese comprises the only area in western Greece (Ionian zone) with a proven oil/gas-field discovery. The discovery dates back to the early 80s (1981). Cretaceous-Eocene Ionian zone limestones, forming part of an anticlinal paleostructure, comprise the reservoir rock and are unconformably overlain by Neogene sediments.

Recoverable reserves are estimated at 3 million bbl.

The following table presents the campaigns of the seismic exploration activities performed by the state in Ionian Sea. The seismic surveys conducted in western Greece, as well as the drilled wells, are illustrated on lines and bores maps.

Ionian & Lybian sea vintages parameters Year

Length (Km)

Acquisition type

Cable length (m)

Number of active channels

Fold

Record length (sec)

Sampling Interval (ms)

Format

Source

1977, 1978, 1979

4330

Marine conventional / streamer

2400

48 or 96

48

5 or 6

4

SEG Y

VAPOURCHOC

1979

3181

Marine conventional / streamer

2400

96

48

*

4

SEG Y

MAXIPULSE

1980

4254

Marine conventional / streamer

2400

96

48

*

4

SEG Y

MAXIPULSE

1980

334

Marine Shallow water / sort streamer

2400

48

24

6

4

SEG Y

MAXIPULSE

1980

157

Marine Shallow water / telemetric

1200

24

12

5

2

SEG Y

GEOFLEX

1982

313

Marine conventional / streamer

2400

96

48

6

2

SEG Y

AIRGUN

1982

3456

Marine conventional / streamer

2400

96

48

*

4

SEG Y

AIRGUN

1983

568

Marine conventional / streamer

2400

96

48

10

2

SEG Y

AIRGUN

Remarks

no observer reports available

100 (km2)

Marine 3D

2400

96

24

5

2

SEG Y

AIRGUN

3D program 100 Km2 or 2716 Line Kms

1984, 1985, 1986, 1987

1145

Marine Shallow water / telemetric

1920/2400

48

24

5

2

SEG Y

AIRGUN

1985

4050

Marine conventional / streamer

2400

96

48

*

2

SEG Y

AIRGUN

2000

1136

Marine conventional / streamer

8100

324

162

8

2

SEG D

AIRGUN

Total

22924

1984

* = variable record length depending on the water depth. Usuful recording at least 6 sec bellow sea bottom. Total recond length between 6 and 10 sec.

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Energy book Helios Project Speech of the Minister of Environment, Energy and Climate Change at the High Level Energy Conference co-organized by the Ministry of Environment, Energy and Climate Change and European Union: “Renewable Energy Sources and development of infrastructures at Southeastern Europe and the Project HELIOS” Athens, 3rd of April 2012 Mr. President thank you very much. You intervention has been very crucial, as you have successfully stressed in a time of crisis and in a time when our country is regarded with international suspiciousness, as far as investments are concerned. In a period when foreign and domestic investors are expecting to see the stabilization of our economy and the stabilization of the situation in Greece, before they invest. Exactly, in the heart of this period it is absolutely essential to discuss the new possibilities that the country has. We have to discuss the choices we make today which will determine future decades. We have to open new growth paths, not only in the sectors of the economy that Greece has comparative advantages, but also to build new comparative advantages in sectors where the global demand is oriented, in sectors where we have unexploited resources.

Energy is such a sector. It is a sector in which Greece must be based on during the forthcoming years, as a lever of growth, as a pole of investments, as a carrier of employment creation. In the whole European Union, in the whole world, climate change imposes the necessity for rationalization and transformation of the energy mix. Reforming the economy towards a low carbon direction, which is a target in all countries of the European Union, is a binding target that all countries have accepted and declared. In a similar context, each country must design its energy policies for the coming years, taking into consideration its current state and the final destination, by describing in a very clear manner, the mechanisms, the policies and the actions that must be undertaken in order to achieve these targets. We are all aware of the fact that in our country the energy fuel mix is dominated by fossil fuels. We all know that our country imports huge amounts of oil. We all know that growth has been mainly based on the domestic fuel, lignite.

However, the issues of our energy sufficiency, the issues of resources that are being point naturally exhausted at some point, must motivate us as an economy and society to design an energy future based on Renewable Energy Sources. This should not hinder the modernization of existing conventional facilities in fossil fuels and obviously should not deter us from exploring our domestic hydrocarbon resources - with very consistent and systematic steps -, should not deter us from discussing on how we are going to participate in the new framework that is being developed, the new geopolitical and geostrategic context for the natural gas pipelines. Nonetheless, the future of the country should be based on Renewables, on the exploration of natural and non-exhaustible resources we have, sun, wind, biomass, geothermy, on resources that will support the Greek economy for the coming years. It is exactly this moment, that apart from the planning that is already there and extends up to 2020, the country has to prepare and agree on a more long-term planning, a roadmap that extends far beyond 2020 and reaches 2050.

And I am particularly glad, that given the opportunity in the context of this Conference we are going to publish the long-term energy planning of the country. It is a roadmap that until 2050, fully complies with the directions of the respective roadmap of the European Union, published recently. This 40 │ Creative Greece

national planning that has been elaborated by the Ministry of Environment, Energy and Climate Change and a team of experts will be the object of public discussion in the near future, so that it will constitute the pilot, after it will be formalized in its final form from the next Government. In this energy planning, we intend to set Renewable Energy Sources in the core of our planning and subsume them as our national fuels. We set a framework for the reduction of our dependency on imported energy, maximization of the penetration of Renewable Energy Sources, the achievement of significant reduction of carbon dioxide emissions and the protection of the end consumer. We describe different scenarios, such as the scenario of existing policies, according to which we are going to succeed a moderate level of carbon dioxide emission reductions until 2050 of the order of 40% compared to 2005 levels. There is also a series of alternative scenarios that maximize the penetration of Renewable Energy Sources in the best possible way regarding cost effectiveness for the Greek economy.

With these policies, our country will achieve reductions of greenhouse gasses between 60% and 70% in 2050, compared to 2005 and it will achieve a level of electricity production from RES between 85% and 100%, with the exploitation of all commercially mature technologies. A total penetration of Renewables in the domestic gross consumption between 60% and 70% will be succeeded, the total energy consumption will be stabilized because of the energy saving policies, an increase in energy consumption will also be observed, because of the electrization of transports and larger utilization of heat pumps in the residential and services sector of the economy. The consumption of oil products is expected to decrease significantly at the level of 30% to 35%, particularly with the use of biofuels in transports.

The largest share of continental transports (which is half of the total) will be based on electricity. With such policies our country will significantly improve its energy efficiency and achieve large penetration of Renewable applications in the building sector. Another milestone will also be the smart grids and decentralized production units. This text-roadmap which is today

given in the light of publicity, will stimulate an entire discussion regarding our alternative choices, choices which begin now and extend beyond our binding targets of 2020.

Of course, it is a context in which we are going to be confronted with a number of myths and superstitions. For instance, it is claimed that Renewables increase the cost the cost of energy production, which is not the case. The direct and indirect subsidies to conventional fuels by far exceed those given for Renewables deployment.

For some years now, our country has created a framework for the development of Renewable Energy Sources, a framework which is based on European practices, European legislation, a mechanism of Feed in Tariffs for each renewable technology type according to its technological maturity. A framework which has already been supported through special provisions regarding the spatial allocation of investments in Renewable Creative Greece

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Energy book wants to continue supporting its industry, in order to rationalize its energy costs, which are of the most important prerequisites in order to stimulate economic activity.

Exactly in this context, the initiative that has been codified under the name Project “HELIOS” should be categorized. This initiative begun from a very a simple and strong idea. Greece has approximately 50% higher solar resources, compared to a country of Central Europe. According to all the analyses conducted by European and other institutions, our country has unexploited solar potential, that can be used to its benefit. In this sense, it is irrational that Greece imports oil and natural gas and does not export solar energy.

Of course, we are all aware of the fact that an idea remains an idea, unless you work in order to transform it to a program with logical steps from the beginning to the end. This is exactly what we have been doing during the last six months, in order to formulate this idea, which is widely accepted in Greece and abroad, to a program that will benefit the Greek economy, will benefit the European consumers, will benefit Europe as a whole, because it provides direct answers to a series of questions.

Energy Sources, through the improvement and acceleration of the licencing procedures. Building on this framework we have managed only in the last two years, from 2010 and onwards, to exceed 2500 MWs of installed Renewable capacity, exhibiting an increase of 40% and in some special categories of RES, such as photovoltaics the doubling of installed capacity compared to the previous year.

Wind energy remains dominant in this energy balance, while some other technologies such as biomass and geothermy have remained behind. The Ministry of Environment, Energy and Climate Change in a recent draft Law, which was approved by the Greek Parliament, provides incentives for the rapid development of the above technologies.

Of course in such a context, what is extremely important for the RES supporting framework is its viability. Therefore, according to the directions of the new economic program voted by the two major parties that support the current Government, a very important task regarding the assessment of the current program. Projections, costs and alternatives are being examined and are going to be presented to our citizens and partners, in order to design the next steps and attain the viability of the framework of incentives and development of Renewable Energy Sources.

During these six months we have faced the challenge to systematize and analyze all the dimensions of an extremely complicated and difficult venture. Will public and municipal land be found in order to realize this Project? Yes, it has already been found. And, of course, the whole country won’t be filled with panels. According to our calculations it is less than 0,1% of the total surface of the country. All the information regarding the areas that will participate in the program has been placed in a system of geospatial information and it is available to the investors. Will we be able to create a licencing procedure, so that the investor can participate in a similar program? Yes, and with the new draft Law, which has been approved by the Greek Parliament, such a framework of faster and easier licencing procedure has been created.

Can the electricity grids that our country has, support such a program?

Yes, the existing grids have an export capability of 2000 MWs to 3000 MWs and subsequently with the extension of the European grids and the participation of Greece in the Smart Grids that are being created and unite the European South with North, the remaining 8000 MWs will be developed, which complement the suggested size of 10000 MWs, of the total program.

Ladies and gentlemen, six months after the initiation of this program, which won’t have existed if the European Commission had not legislated the Directive for Renewable Energy Sources in 2009. The Directive allows for the first time the transborder energy transport form Renewable Energy Sources and predicts intergovernmental cooperation. We have all realized, the Member States and the European Commission, the job that needs to be done in order to implement this framework.

Will there be a burden for the Greek consumers? Definitely not. Because the produced energy is being exported and not consumed in Greece, even in the part that regards the so called “Statistical Transfer”, there is no additional burden on the Greek consumers. Is the Program addressed only to foreign investors? It is an investment that will involve both domestic and foreign investors, because we want to maximize the Greek added value.

Greece will be the first Member State of the European Union, that will utilize on a larger scale this new framework and eventually implement this new framework. Of course, it has the possibility to yield the advantages, but at the same time it will be confronted with a series of hindrances and challenges.

Hindrances and challenges that do not deter us, but one the contrary steel us. And this is exactly because we acknowledge that similar Projects, should be the answer to the larger question: where is growth going to come from?

Because growth is not a slogan, it is not a vague promise.

It is a framework which has been developed in close cooperation with all market stakeholders. And I am particularly glad, that we have managed to agree in common principles and suggestions that are going to be brought up for public dialogue.

Who is going to buy and how much? These are the questions on which we have a very close cooperation with the European Commission and I want to thank in public the Commissioner for his support from the very beginning. These are issues on which we have a close cooperation with the German Government, of course in the policy context that each Government operates, but also with other countries that have expressed their interest, without being restricted only to countries of the European Union. And this is because Greece can export solar energy to its neighboring countries, such as Turkey, which has been putting efforts currently to develop Renewable Energy Sources, and the Project HELIOS would appear as a very good solution.

In the same framework, Greece wants to continue the development of Renewable Energy Sources for the coming years, wants to create gradually a low carbon economy, wants to orientate towards that direction the economic activities, in the heart of the crisis. By acknowledging, the particularities of the moment regarding similar investments, when Greece

And of course, during this period, we have provided answers to the most suspicious questions and critics. No, we do not relinquish the Greek sun to foreign interests. We shall continue getting suntanned during the summer; we shall continue to utilize our natural resources, as we do with tourism, as we do with a series of activities.

42 │ Creative Greece

Growth means planning, hard work, an effort that begins now and yields fruits in the future. It means an effort whose benefits can be found and maximized for all the implicated members. Here, we have a program that is beneficiary for the country, for the European Union, for the European consumer, for the investor who can have high returns by investing in Greece and not in other European countries - the Prime Minister has already mentioned the difference in the costs of such an investment - stressing that this is a very good initiative that has gained acceptance not only in Greece, but also abroad.

I would like to thank you all for your toady presence here. I am sure that this will be an extremely useful Conference that remarks progress on the issues of Renewable Energy Sources, the required infrastructures and the Project “HELIOS”, for the forthcoming months and years.

Thank you very much.

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Energy book Business Review & Outlook Major operational & legislative developments Judgments of the EU General Court on lignite case - In September 2012, the General Court of the European Union annulled the two European Commission decisions of the “Greek lignite” case, concerning lignite exploitation rights.

- The main reason for the annulment of these decisions was that the European Commission did not prove that PPC abuses its dominant position in the market.

- As a result, no EU competition law infringement exists anymore, and thus no remedy is needed.

- The judgments of the General Court of the European Union are undoubtedly key milestones for the Greek electricity market and differentiate significantly the terms and the path for the further opening up of the electricity market.

by Arthouros Zervos, Chairman and CEO Public Power Corporation S.A.

3) A Hybrid model (“Hybrid Option”) Adoption of a hybrid model, eg like the one in Spain, with a voluntary pool, as a supplementary mechanism for the units that have not entered into bilateral contracts in order to have access to the market.

- reduce the negative consequences in the trade balance deficit of the country, while at the same time - ensure security of supply on a long term basis.

Comments on financial results

Cost cutting

- The financial results of the third quarter were positively impacted by €191.7 m. from the resolution of financial issues with DEPA that have been outstanding for more than four years, as well as € 14.1 m from the signing of the new natural gas supply contract which allows for adjusted lower pricing valid retroactively from 1.1.2012. Excluding the one-off positive impact from the settlement with DEPA, the Parent Company’s financial results are negative, as they continue to be significantly impacted by exogenous factors.

Our controllable cost structure has significantly improved over the last 3 years with payroll and other controllable expenses representing today 28.5% of our total cost base vs 47% in 2009. Specifically, payroll has been reduced to 17.9% of total operating expenses from 34% in 2009.

We continuously strive to rationalize costs, and this is a strategic priority for us, but it is obvious that, following, the dramatic reduction on payroll, any further reduction on other controllable expenses can only lead to a minor reduction on overall cost as they represent just 10.6%.

Note: As percentage of total operating expenses Total operating expenses 9M2012€3,942mln(without the one-off impact from DEPA)71.5%28.5% Non controllable expenses €2,817 mln17.9%10.6%Payroll€706 mlnOther controllable expenses€419mlnControllable expenses€1,125mln

- Total controllable operating expenses were further reduced by 10.2% compared to the third quarter of 2011, positively impacting financial results by € 43.9 m. Furthermore, total controllable operating expenses, as a percentage of total revenues, decreased to 23.8% versus 28.9% in the third quarter of 2011, while payroll cost per distributed KWh declined by 21%, following the further reduction of total payroll cost by € 155.2 m.

Looking forward – 2012 Outlook - Further liberalisation of the Greek electricity market should be implemented by fully respecting the rule of Law and promote healthy competition amongst all participants as well as include all sectors of the electricity market (wholesale and retail), aiming at the benefit of the endconsumer and the economy.

DEPA The Extraordinary General Assembly Meeting of the Company’s Shareholders which was held on 4.10.2012 approved: - the new Gas Supply Contract between PPC S.A. and DEPA S.A. which allows for adjusted lower pricing valid retroactively from 1.1.2012.

- the Settlement Agreement of all pending disputes between PPC S.A. and DEPA S.A. and - the Agreement between PPC and Hellenic Republic Asset Development Fund in relation to PPC’s Option in DEPA S.A.

Major developments – Regulatory issues Public consultation for the reorganization of the wholesale electricity market On 8.11.2012, the Regulatory Authority for Energy (RAE) set into public consultation until November, 30th, 2012, the study for the reorganization of the wholesale electricity market, within the framework of the transition of the Greek electricity market towards the EU Target Model. Amongst others, the study presents and evaluates 3 alternative options: 1) Adaptation of the current Greek model (“Adaptation Option”) Adaptation of the current model of the wholesale electricity market, with the minimum required changes in order to be compliant with the Target Model.

2) The North Western European Power Exchange model (“NWE Option”) Complete change of the current model of the wholesale electricity market, with the abolition of the Day Ahead Schedule (DAS), as well as of the Variable Cost Recovery Mechanism and the Capacity Assurance Mechanism.

Transactions will be conducted only through bilateral contracts and through the operation of a balancing mechanism.

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- Despite the decrease in demand, which especially in September 2012 plunged by 19.5% compared to August 2012, the effective wholesale market cost proved inelastic due to the existence of distortions in the wholesale energy market operation. Specifically, energy purchases expense from the System remained at the level of August (€ 124.7 m in September compared to € 130.7 m in August), as the drop of the System Marginal Price due to the decline in demand, was counterbalanced by the increase of the compensation for IPPs from the variable cost recovery mechanism.

For the full year, and taking into account: − an average price for Brent oil at $109/bbl and an average €/$ exchange rate of 1.28, for the period October-December 2012, − annual revenues from energy sales of € 5.7 bln and total annual revenues of € 6 bln, − rising trend of provisions due to prolonged recession, − positive impact of the new supply contract and settlement with DEPA, we expect EBITDA margin to reach 17.5% - 18%, under the condition that the macroeconomic and regulatory environment will not deteriorate.

€ /MWh 30405060708090100110Jan-11Feb-11Mar-11Apr-11May-11Jun-11Jul11Aug-11Sep-11Oct-11Nov-11Dec-11Jan-12Feb-12Mar-12Apr-12May-12Jun12Jul-12Aug-12Sep-12System Marginal Price Wholesale market cost

Generation Units Dispatching in a typical day Generation output of lignite-fired units of PPC Generation output of natural gas fired units of third parties October 22th, 2012 3950 MW net Range 1300 MW (33%) 2400 MW net Range 150 MW (6%)

Energy Market Reorganization The existence of inefficiencies and distortions, along with the dispatching model of generation units, lead to a sub-optimal operation of the electricity market and utilisation of the available resources, putting unnecessary burden on the national economy, as domestic fuels are substituted by imported natural gas. Furthermore, they lead to higher energy cost, which does not only negatively impact PPC’s financial results but impairs the opening up of the market. Thus, the reorganization of the electricity market is absolutely necessary and we are actively participating in the public consultation launched by RAE towards this end. We believe that the reorganization should : - aim at the creation of a transparent market with long-term visibility for the attraction of new investments, - reinforce the competitiveness of the Greek economy Creative Greece

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Shipping Shipping Shipping Shipping Shipping

Shipping

Aegean Bulk

Αegean Οil

“AEGEAN BULK Co INC. strongly believes that experienced and well trained personnel, both at sea and ashore, provides and guarantees the high quality of services”

A

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“Key advantages include a fleet of 67 bunkering tankers, almost all double-hulled”

Bunkers fuel Melissanidis’ meteoric rise

Steering a careful course…

EGEAN BULK Co INC. was established in Athens in 2000 with a clear strategic goal: “the safe transportation of cargoes worldwide with respect to the protection of the environment and the health and safety of all employees”. Initially the company assumed the management of three (3) Panamax type bulk carriers, namely M/V “AKROP” (63883 dwt), M/V “ALFIOS” (63408 dwt), M/V “KONSTANTINOS A” (71550 dwt).

On June 18th 2012 AEGEAN BULK Co INC. took delivery from Sungdong Shipyard in South Korea of the latest Ultra modern Kamsarmax vessel “INNOVATION” of 81308 dwt, equipped with the latest electronically controlled main engine by MAN (ME type). Her sister ship M/V “ANNA MARIA” of 81.804 dwt was delivered to Aegean Bulk on 16 August 2012. At present the fleet managed by Aegean bulk in July 2012 consists of 5 panamaxes, 6 kamsarmaxes, 4 supramaxes.

AEGEAN BULK Co INC. is a member of BIMCO being also certified with ISO 9001-2000(quality), ISO 14001-2004 (Environment) OHSAS 18001 (Occupational health and safety) by Det Norske Veritas, and also has been awarded with the Green Award Certification for its respect and measures been taken for the protection of the environment.

On July 2012 AEGEAN BULK Co INC. becomes the first shipping company

Dimitris Μelissanidis

Businessman has become a key figure in international marine fuels to obtain ISO 50001:2011 “Energy Management” certification standards by Det Norske Veritas, a global energy management system developed to continually improve energy management performance, including energy efficiency, energy use and conservation. Furthermore, Det Norske Veritas issued to AEGEAN BULK Co INC. fleet statements of conformity of Ship Energy Efficiency Management Plans (SEEMP) with the new amendments to Annex VI of the convention for the prevention of pollution from ships (MARPOL) related to reducing the greenhouse gas emissions from ships.

AEGEAN BULK Co INC. has also invested heavily in strengthening its management and crew with continuous training and education.

AEGEAN BULK Co INC. strongly believes that experienced and well trained personnel, both at sea and ashore, provides and guarantees the high quality of services to its customers’ demands. AEGEAN BULK Co INC. recognizes the importance of incorporating environmental issues into every day business decisions and activities and monitoring appropriate technology and management practices, which will enhance the environmental performance.

AEGEAN BULK Co INC. with the majority of its vessels flying the Greek flag, places grade importance to the tradition of Greece being at forefront of maritime industry.

F

EW Greek businessmen — whether in shipping or otherwise — can boast a more meteoric rise than Dimitris Melissanidis, who ran a driving school as his first business but is now a key figure in international marine fuels. His new multi-million euro headquarters on the Piraeus waterfront befits an oil, bunkering and shipping group that has an aggregate turnover of about €15bn ($19.3bn) half of it from Aegean Marine Petroleum Network, the global fuel logistics company that has been listed on the New York Stock Exchange since end-2006.

Aegean has a presence in 20 markets, spanning north and central America, the Caribbean, Africa, Europe, Asia and the Middle East. Recent moves include forging a strategic alliance with Sinopec-linked China Changjiang Bunker Co to serve Aegean’s customers in several key Chinese coastal ports and the Changjiang River. Apart from this initial footprint in China, the company recently expanded operations in Spain and has plans to establish further service centres in selected hubs around the world over the next few years. Key advantages include a fleet of 67 bunkering tankers, almost all double-hulled. Since 2007, the company has been taking delivery of a newbuilding programme of more than 30 such vessels, contracted for more than $350m. Although the listed company is headed

by shipowner Peter Georgiopoulos as chairman and president E Nikolas Tavlarios, both based in the US, founder Mr Melissanidis retains the title of head of corporate development and is the largest shareholder, with a stake of more than 22%.

Bad shipping markets can make life tough for suppliers, but by the same token, the power of bunker suppliers over the fates of shipping companies increases. Mr Melissanidis is said to be extending credit of about $1bn per month to Greek owners in these challenging times.

Notable activities also include Aegean’s own marine lubricants, a sector where he has vowed to compete with the majors. The Aegean Oil umbrella includes an increasingly busy trading operation and, at home in Greece, a national retail chain of 550 gas stations. In pure shipping, the group’s aspirations are also increasing, to judge from a 2012 order by affiliated Aegean Shipping, the tanker outfit headed by Mr Melissanidis’ son George.

The company has placed orders for up to six new medium range eco-type product tankers of 52,000 dwt at Daesun Shipbuilding and Engineering for delivery from early 2014. The move will be worth about $200m if two options are exercised. Aegean Shipping’s fleet comprises five handysize and medium range tankers. Lloyd’s

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Shipping

Angelicoussis shipping group John Angelicoussis

“After more than two decades in the driving seat, the entrepreneur shows no sign of losing appetite.”

Banks treat Angelicoussis as a stellar prospect Greek owner marches up the ranking

A

S THE privately held Angelicoussis Shipping Group marches on, so John Angelicoussis marches up lloyd’s rankings, seemingly unshaken by the minor issue of miserable markets in the group’s traditional areas of concentration. Under the ASG umbrella come the group’s dry bulk, tanker and liquefied natural gas operations managed respectively by Anangel Maritime Services, Maran Tankers and Maran Gas Maritime. Capacitywise Angelicoussis is the largest Greek owner in each of the three sectors taken individually, an achievement that pushes the boundaries of credibility.

For the last two years the group has concentrated new investment in LNG, where Angelicoussis has already built a formidable operating reputation with its five turbine-powered vessels, of which four are on long-term charters to Qatar-ExxonMobil’s RasGas II project.

Eleven tri-fuel newbuildings are set for delivery between 2013-2015 from

builders Daewoo Shipbuilding and Marine Engineering and Hyundai Heavy Industries. The speculative element in the programme has been more or less taken out of the equation with nine charters to BG Group and another fixture to Australia’s Woodside Petroleum to serve its Pluto Project. The Maran Gas operation could expand further at the turn of the year if talks with BG about ordering a further three vessels are successful, which could also see Angelicoussis match John Fredriksen for numbers of LNG units ordered.

At a time when financing is so often the missing ingredient for shipowners, perhaps the group’s most significant achievement in 2012 was to secure $1.25bn in funding for nine of the LNG orders — testimony to the owner’s stellar standing with its banks.

Highlighting reluctance to pen new tanker or dry bulk deals in the last couple of years is the fact that three of the LNG vessels contracted from Daewoo started out as VLCC contracts, but were later converted.

However, the hiatus also surely reflects the fact that the group does not lack existing capacity in either of its traditional disciplines. The Anangel-American Shipholdings-owned dry fleet took delivery of seven newbuildings in 2012 and six more are on order for 2013. Including these, the fleet stands at 48 vessels of 8.2m dwt, including four very large ore carriers, 35 capesizes, eight mini-capes and one panamax. Maran Tankers likewise does not seem to be overly concerned with the smaller tanker sizes. The core of the inhouse armada is Greece’s biggest VLCC fleet, 20 of them in service and with three on order. In addition, there are six owned suezmaxes and three aframaxes. Maran also manages 15 tankers, including four VLCCs, for Alpha Tankers & Freighters, the company of sister Anna Angelicoussis and Christos Kanellakis. As with its LNG expansion, Angelicoussis’ clout in the tanker world can be glimpsed partly through its chartering relationships.

Recently, the owner agreed to charter two of its 319,000 dwt newbuilding tankers from Shanghai Waigaoqiao Shipbuilding to Chevron for periods of up to 15 years, with profit-sharing arrangements included.

That brings to 10 the number of VLCCs the group has bareboated to the US oil major.

ExxonMobil is another major customer In addition to the connection with the Qatar LNG carriers, it has six of Maran’s VLCCs and two aframaxes on period charter and is creating a lot of spot chartering of the fleet.

It is impossible to overstate Mr Angelicoussis’ importance to the Greek flag, with every one of his group’s dry bulk carriers and LNG vessels registered under the national colours and, with the exception of the bareboat-chartered tonnage, all but one of the tankers flying the flag, too.

After more than two decades in the driving seat, the entrepreneur shows no sign of losing appetite either for expansion or for shipping in general.

However, steering his daughter Maria into day-to-day management of the group may become one of his crowning achievements. This seems to plot out the succession, and with it the group’s longer-term future. Lloyd’s 50 │ Creative Greece

Box Ships Michael Bodouroglou

Chairman & Chief Executive Officer of Box Ships Inc & Paragon Shipping

“To be a carrier which our customers can rely on”

B

OX SHIPS Inc. is an Athens, Greece - based international shipping company specializing in the transportation of containers. The Company’s current fleet consists of nine containerships with a total carrying capacity of 43,925 TEU and a TEU weighted average age of 8.0 years. The company is listed on NYSE as of April 14, 2011. The company trades under the symbol “TEU”.

History Box Ships Inc. is a Marshall Islands registered company that was formed in May 2010. The firm’s business strategy is focused on building and maintaining enduring relationships with charterers and providing reliable seaborne transportation services at competitive cost. The company seek to create shareholder value by acquiring and operating modern container vessels and employing them in “period time charter” contracts. Mr. Michael Bodouroglou, Chairman and Chief Executive Officer, has been active in shipping since 1976.

Box Ships Inc. is fully committed to promoting openness, ethical conduct and integrity in all its dealings and has developed a ‘code of business ethics and conduct’ establishing rules and standards regarding behavior and performance.

Fleet The company operates a fleet of modern and cost efficient container vessels servicing ports and Customers around the globe. The firm’s goal is to continue to grow the firm’s fleet size over time to take advantage of the opportunities in the markets and meet the customers’ needs. The company’s long term fleet deployment strategy is designed to balance the stability of medium to long-term charter contracts. The company’s vessels are trading worldwide in a multitude of trade routes carrying containerized goods complying with the International Convention for Safe Containers.

Results of Operation Box Ships Inc. announced that it has revised its calculation of earnings per common share (EPS) for the third quarter and nine months ended September 30, 2012. The revision relates to the redemption of 692,641 Series B Preferred Shares that took place in July 2012. This correction reflects application of U.S. Securities and Exchange Commission guidance that any premium paid on redemption represents a return similar to a dividend to the preferred shareholders which should be deducted from net income to arrive at income available to common shareholders in the EPS calculation.

For the three months ended September 30, 2012, the Company reported basic and diluted EPS of $0.16 per common share. After applying the above guidance, basic and diluted EPS for the three months ended September 30, 2012, is revised to $0.07. For the nine months ended September 30, 2012, the Company reported basic and diluted EPS of $0.54 per common share.

After applying the above guidance, basic and diluted EPS for the nine months ended September 30, 2012, is revised to $0.44 per common share.

There is no effect on the Company’s previously-announced Adjusted EPS

due to the one-time nature of this redemption. The application of the SEC guidance referred to above also has no effect on the Company’s net income for the third quarter and nine months ended September 30, 2012, which was $3,654,227 and $10,302,601, respectively.

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Shipping

Capital Maritime Evangelos Marinakis

Cass Business School

“At the heart of the fleet are 18 modern medium range tankers, of which 13 are ice-class 1A”

Capital Maritime maintains even keel Show of strength from Marinakis companies

A

LTHOUGH success in the shipping markets in 2012 did not come as easy as the triumphs of his iconic Piraeus football club Olympiakos, rampant in the Greek Superleague, this year has underlined the strength of Evangelos Marinakis’ Capital Maritime group.

The company has maintained an even keel as others in the tanker industry have buckled. Mr Marinakis and Capital own about 30% of Nasdaq-listed Capital Product Partners, which was boosted to 25 vessels, all but one of them tankers, by a eptember 2011 merger with Capital-linked stablemate Crude Carriers.

The move created one of the largest and most modern US-listed tanker outfits. At the heart of the fleet are 18 modern medium range tankers, of which 13 are ice-class 1A, one of the largest such fleets in operation. Mr Marinakis’ private empire has not been shy about shielding the public company from the full force of tanker market woes.

Privately held Capital Maritime has been innovative in stepping in as a period charterer for several Capital Product vessels when an acceptable charter could not readily be found on the open market. By late-2012, the sponsoring

52 │ Creative Greece

company was comfortably the largest counterparty, with 11 of Capital Product’s vessels on hire at market rates, or better. The company has shown its clout in other ways. Notably, it sold $140m worth of preferred units to a group of investors including Kayne Anderson Capital Advisors, Swank Capital, Salient Partners and Capital Maritime, in a move to repay about $150m in debt and secure deferral of debt amortisation instalments until well into 2016.

Outside the public company, Mr Marinakis’ group has been focusing heavily on the container sector for which it is taking delivery of five 5,023 teu newbuildings chartered to Hyundai Merchant Marine for more than 10 years.

The last year has also seen Capital grab two five-year-old 8,000 teu postpanamax vessels from MISC, which have been fixed to Maersk. Its continuing interest in boxships is illustrated by a reputed participation in the tender for a series of newbuildings for charter to Yang Ming Marine.

However, growth ideas are not confined to containerships. The group is also said to be inspecting bulk carriers and tankers of various vintages as it scours the markets for the best opportunities. Lloyd’s

Costas Grammenos

“Τhe world’s first university-level course in ship finance”

Academic with a passion for collecting

Costas Grammenos has shaped the minds of some of shipping’s finest

O

NE might expect Costas Grammenos’ office to mirror the clean modern lines of London’s Cass Business school and his razor sharp intellect, but instead you will find it full of antique collectables, photos of key events in his life and mementos from his travels around the world.

After all, the founder of International Centre for Shipping is a prize collector.

In the 28 years since Prof Grammenos introduced the MSc in Shipping, Trade and Finance — the world’s first university-level course in ship finance — he has influenced some of the sharpest minds in the maritime industry. And he has naturally picked up some accolades for his efforts along the way, an OBE, a CBE and even a Lloyd’s List award for achievement in education.

As someone who has shaped the education of nearly 3,000 members of the shipping and offshore industries, Prof Grammenos is also well-placed to comment on the characteristics that a shipowner requires.

“You need someone with knowledge and experience; someone who follows what is happening in the world economy and in trade, as well as political developments,” says Prof Grammenos.

“The person needs to be a keen observer but at the same time they need to roll up their sleeves and not be afraid of hard work. I always tell my students that there are three key ingredients for success: the first one is to work hard, the second one is to work hard and the third one is to work hard.”

The father of ship finance himself is clearly not afraid of hard work as the author of several important publications, including the Handbook of Maritime Economics and Business and Revising Credit Risk, Analysis and Policy in Bank Shipping Finaαnce.

He has also been a driving force behind the introduction of three Onassis prizes for shipping, trade and finance that recognize academic success in these key areas and this September, he launched the Chairman’s Forum, a think-tank bringing together global experts from academia, politics and the corporate world on a biennial basis.

This year’s inaugural event was “a resounding success”, says Prof Grammenos, but as you would expect, the attendees was handpicked like the treasures that surround this discerning academic’s desk. Lloyd’s

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Shipping

Ceres/Gaslog Peter G. Livanos

“It has been the second-largest shareholder in Euronav since 2005”

Livanos steps up with LNG flotation Greek owner lists GasLog on NYSE

A

FTER more than a decade of involvement in the liquefied natural gas shipping industry, Peter Livanos took the business public on the New York Stock Exchange in 2012. As a shipowner who normally shuns the limelight, he surprised some observers by leading the company from the front by taking the mantle of chief executive as well as chairman.

His emergence as a leading spokesman for his own company, and thus as a prominent voice of the LNG shipping industry, is one of the reasons spurring his rise in Lloyd’s list this year. GasLog, which can now count the Onassis Group as a significant shareholder, was among the first owners to put new tri-fuel LNG carriers into service with the GasLog Savannah and GasLog Singapore in 2010. Another eight are now on order for the company at Samsung Heavy Industries, of which six are already chartered with major energy companies.

Two of the series were expected to be fixed no later than the first quarter of 2013 and the company has a further two options with the yard. It has been the second-largest shareholder in Euronav since 2005 and Mr Livanos is vice chairman as the permanent representative on the board of Tanklog Holdings. But Mr Livanos’ group is also a diversified shipowner

and operator. Its family-controlled DryLog vehicle is active in dry bulk through subsidiaries DryLog Investments and DryLog Bulkcarriers. DryLog Investments holds 35% of CCBC LDA in Madeira, which operates a number vessels under charter, including a participation in 14 long-term time charters. The company also owns the C Transport panamax and capesize pools operating more than 120 ships.

DryLog Bulkcarriers controls a significant fleet of bulkers through ownership, long-term charters and in partnership with other major operators. Another hint of Mr Livanos’ standing lies in Ceres Maritime Partners, a joint venture formed with bank JP Morgan for shipping investment. In 2012, the partnership ordered four medium-range eco-type tankers at SPP Plant & Shipbuilding in Korea, and was recently reported to have lifted the total to eight through the declaration of options.

It is understood, though, that the majority holding in the play is JP Morgan’s. In tankers, the Livanos family appears committed to listed very large crude carrier and suezmax owner as its main vehicle for investment in the sector. In addition to the owned fleet, GasLog is technical manager of the BG-owned LNG fleet and is considered to have a particularly strong platform of experience in diesel-electric propulsion and crewing. Lloyd’s

R

PO BOX 87

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Shipping

Diana New

Costamare Κostis V. Konstantakopoulos

“Costamare raised more than $200m through snap follow-on public offerings”

A container mover and shaker

Costamare’s Konstantakopoulos continues fleet expansion

A

LTHOUGH Kostis V. Konstantakopoulos slips a place in Lloyd’s rankings this year it is not due to any loss of market clout, but rather for wont of any spectacular expansion to compare with the 10 newbuildings with long-term charters that were contracted soon after the company’s successful New York flotation, in 2010-2011.

If anything, 2012 has seen the 43 year-old Costamare chief executive consolidate his status as one of the containership sector’s movers and shakers. In the first 10 months of the year, Costamare acquired five vessels, including one 2003-built boxship of 6,724 teu with a 10-year charter, lifting the total of acquisitions since the IPO to 30 units, two-thirds of them from the secondhand market. Some of these have represented outstanding value in substituting older ships with much younger tonnage at prices representing little more than scrap value.

While the company’s growth rate has outstripped most rivals in the container shipping space during the last two years, it has not been a headlong spree but a measured and by all accounts a choosy campaign, avoiding untoward speculation. The post-panamax newbuildings, which begin to come on stream shortly, were ordered for long-term charter to major existing

customers, Mediterranean Shipping Co and Evergreen, at attractive charter rates, while the major secondhand purchases have likewise been covered with employment deals.

With $3bn in secured charter revenues for the fleet, the company has positioned itself to continue prospering for its shareholders whether the containership freight market improves or not and Mr Konstantakopoulos has the financial muscle to continue acquiring vessels.

Costamare raised more than $200m through snap follow-on public offerings in March and October 2012, adding to existing funds for further growth.

All the newbuildings have been fully financed by leading western and Asian banks. Moreover, it seems the company is among a minority than can pluck further bank finance when it wants it.

As recently as July, its purchase of a small 2001-built containership previously owned by an insolvent KG company was 100% financed. Despite being a relatively modest $11m plunge, nowadays such financing is so much a rarity that it caused a real buzz in the market. Afterwards it was said that a wider pact has been forged between Costamare and the German bank through which further such deals can be done. Lloyd’s

Simos P. Palios

“Its fleet in the water has been lifted to 30 vessels, ranging from panamax to capesize”

Palios leads Diana spending drive

Greek owner on the hunt for secondhand tonnage

D

IANA Shipping is one of the few publicly listed dry bulk shipowners worldwide that has been steadily growing through a programme of newbuilding and modern secondhand bulker acquisitions in the market downcycle. In the first 10 months of 2012, Diana acquired five bulkers, including two postpanamax resales from Tsuneishui Zhouhan shipyard, and placed two ice-class panamax newbuilding orders. Its fleet in the water has been lifted to 30 vessels, ranging from panamax to capesize. At the same time, and despite poor pickings in the freight market, its treasury has been expanding, reaching $450m at end- September 2012. The company thus has one of the biggest cushions in the dry bulk industry, with plenty of potential to continue its expansion through 2013.

In a time when liquidity is almost everything, this by itself would earn founder, chairman and chief executive Simos P. Palios a comfortable place in Lloyd’s Top 100. But there’s more. Diana, unsurprisingly, is a top pick among dry bulk

stocks for many of the sector’s equity analysts. The company has been highly transparent for shareholders, providing all details of orders, acquisitions and its chartering activity. Mr Palios has also been influential in drumming home a simple but consistent message of the classic style for riding out the shipping market rollercoaster through raising money and remaining patient during a boom, alongside a counter-cyclical campaign of acquisition without obsessing about when the market may touch absolute bottom. Growing clout in the dry bulk sector has come in tandem with building a solid presence in the boxship market. Mr Palios leads separately listed Diana Containerships, which has already assembled a fleet of 10 container vessels.

The company raised $54m in proceeds from a follow-on offering in 2012 and paid cash for its latest acquisition. Its main focus has been on secondhand opportunities with solid charters back to well-known liner operators. Lloyd’s

Dynacom George Prokopiou

“Tough markets don’t deter Dynacom”

Prokopiou bucks the downturn to order ships and acquire distressed assets

A

MONG wholly private Greek shipowners, tanker king George Prokopiou stands second only to John Angelicoussis in terms of tonnage and has appeared Teflon-coated in expanding despite the tough market.

His Dynacom Tankers Management, founded in 1991, epitomised the surge of modernisation in the Greek tanker fleet after the millennium when it launched a massive newbuilding programme in crude oil carriers. About 50 older tankers were replaced by a similar number of newbuilds, giving Dynacom today one of the world’s youngest major tanker fleets. Consistently positive about the prospects for tanker demand, and with a large proportion of the fleet trading in the spot market, the owner is confident about the company’s prospects of prospering if predictions of a tanker recovery come good. However, much of the action in the last two years has been in other sectors, as Mr Prokopiou has seized the day to further diversify his shipping empire. An obvious key card for his group’s future has been laid down with firm orders for seven newgeneration diesel-electric-powered LNG carriers from Hyundai Heavy Industries.

They supplement the three steam-turbinepowered vessels — Clean Energy, 56 │ Creative Greece

Clean Power and Clean Force — with which Mr Prokopiou made his entry into LNG from 2007. Some of the newbuildings have alreadybeen chartered at handsome rates, reinforcing a burgeoning relationship with Gazprom, which has seen a Dynacom vessel become the first ever LNG carrier to complete a passage through the northern sea route. As Lloyd’s List recently revealed, Mr Prokopiou’s Dynagas Ltd has held serious talks with a South Korean builder over a flexible $300m regasification vessel. If he goes ahead with the order, it will be the first LNG move by a Greek owner to venture beyond plain vanilla vessels.

At the same time, Mr Prokopiou is bulking up a dry arm, Sea Traders, which long lay quiet as the owner concentrated on tankers but now numbers more than 20 new bulk carriers. A measure of the group’s abilities came in autumn 2012, when it pulled off one of the largest distressed asset deals so far in acquiring five abandoned newbuildings — three kamsarmaxes, a mini-capesize and a capsize — from China’s New Century Shipbuilding Group.

This followed a swoop for another capsize newbuild at the same yard after the vessel’s original owner, Italy’s Deiulemar, collapsed. Lloyd’s Creative Greece

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Shipping

Dryships George Economou

Eagle Bulk Shipping “At the end of the third quarter of 2012, DryShips had close to $1bn in cash on its balance sheet”

Economou entertains market challenges DryShips may face bulk exposure but Greek owner sees riches for Ocean Rig

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T A time when shipping in general is suffering, it is no surprise that the fortunes of many of the industry’s most prominent players have been haemorrhaging. In the case of George Economou, the travails of the dry bulk market, in particular, have been threatening to catch up with flagship Nasdaqlisted company DryShips.

But the straight-talking Greek entrepreneur appears to have drawn a line in the sand regarding the company’s capital commitments and seems intent on ring-fencing its most valuable asset, a majority stake in high-flying ultradeepwater drilling company Ocean Rig. At the same time, the private side of the Cardiff Marine Group adds further diversity, including a strong presence in tankers, as well as footholds in the liquefied natural gas shipping and containership sectors.

Under present harsh industry conditions, many rivals would swap places to have the options that Mr Economou has, along with control of an upwardly mobile offshore drilling operation. Overall it seems fair that he remains close to the summit of Llloyd’s league table.

Observers believe that Mr Economou’s biggest business headache is DryShips’ exposure to dry bulk, with 36 bulkers in the water.

The capesize division is still earning healthy rates from legacy charters that on average still have a way to go before they expire. The real problem lies in the company’s huge panama fleet, which is now almost entirely exposed to miserable spot rates. In addition, there are 10 newbuildings on order, accounting for most of DryShips’ $420m unfunded capital expenditure programme. About $250m in outlay was scheduled for 2013, most of this

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unfinanced. By the second half of 2012, talks with the shipbuilders had intensified with a view to finding solutions to lighten the load.

But Mr Economou has publicly stated that if necessary DryShips will walk away from the new ships, or at least some of them. It will not put in equity or dilute its holding in Ocean Rig to raise cash to plough into bulk tonnage.

At the end of the third quarter of 2012, DryShips had close to $1bn in cash on its balance sheet, but had access to only about $130m of that. As a pure shipping company, DryShips has no access to Ocean Rig’s financial resources.

On the tanker side, DryShips continues to take delivery of a 12-strong fleet of newly built suezmaxes and aframaxes and recently underlined its continuing capacity to source finance by pulling out of the hat a $107.7m term loan with ABN Amro, Korea Development Bank and Korea Trade Insurance Corp.

Turning to Ocean Rig, however, the picture is more bullish.

More contracts from major oil companies for drilling off Angola have boosted the company’s backlog of revenues to $4.4bn and a syndicated $1.35bn loan facility is expected to be completely in place by early 2013.

A recently exercised option for another ultra-deepwater drillship at Samsung Heavy will be Ocean Rig’s 10th unit.

Mr Economou’s private empire controls a further 60 ships, but with the balance tilted towards tankers. The big move in the wet trades over the last 12 months has been to pull the fleet, which comprises 20 aframaxes, eight suezmaxes and four very large crude carriers, out of the Heidmar tanker pools.

Due to the group’s recent expansion in tankers, the switch to its own commercial operation, which is partly through a newly opened London office, is aimed at strengthening direct bonds with major wet charterers.

Meanwhile, Mr Economou is said to remain pleased with his 49% stake in the Heidmar operation, where Morgan Stanley is the other major investor.

Mr Economou has three suezmax tankers on order at Rongsheng Heavy Industries, although these appear to have been affected by delays.

In the dry sector, the approach is thought to have been similar to that for the DryShips fleet but the owner is thought to be in a stronger situation due to the balance of the fleet. Of the 22 privately owned bulkers, only four are panamaxes and 14 are capes, while the charter portfolio on average expires further down the road. Several Europe-based commercial dry bulk operating ventures have been sponsored by Mr Economou in the past.

It is unclear what — if any — continuing relationship he has with independent companies such as Monaco-based Classic Maritime, Sweden’s Transbulk and Oslo-based K-2, but it is likely that good relations with such outfits give the group an additional edge.

In the boxship segment, the group owns a solitary post-panamax vessel, the 2010-built Miramarin. However, Mr Economou is the second-largest shareholder in New York-listed charter-owner Danaos, which has 64 ships.

There has also been good news for the group’s nascent interest in LNG which includes four 160,000 cu m newbuildings on order.

Newly formed subsidiary TMS Cardiff Gas has already been approved by Shell to manage the group’s sole existing LNG carrier. Lloyd’s

Sophocles Zoullas

Principal Executive Officer

An eagle over seas

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AGLE BULK SHIPPING INC. is the largest U.S.-based owner of Handymax dry bulk vessels. As of September 30, 2012, the company owned and operated a modern fleet of 45 oceangoing vessels, 43 Supramax and 2 Handymax, with a combined carrying capacity of 2,451,259 dwt and an average age of approximately five years.

In 2011, the company completed its Supramax vessel newbuilding program.

This modern fleet is comprised principally of Supramax class vessels, a larger and more efficient Handymax design that enjoys strong demand from customers around the world.

The firm believes that the cargo handling flexibility and cargo carrying capacity of the Supramax class vessels provides a distinct competitive advantage in the dry bulk marketplace.

Eagle Bulk’s New York-based management team has, on average, 20 years of experience in the Handymax market.

The Company’s low cost structure and stable, medium to long term chartering strategy provide the foundation for growth in the dry bulk shipping market.

Excel Maritime Carriers Ltd. Gabriel Panagiotidis

“Excel owns a fleet of 40 vessels, one of which, a Capesize vessel”

They carry the world

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XCEL is an owner and operator of dry bulk carriers and a provider of worldwide seaborne transportation services for dry bulk cargoes, such as iron ore, coal and grains, as well as bauxite, fertilizers and steel products.

Excel owns a fleet of 40 vessels, one of which, a Capesize vessel, is owned by a joint venture in which Excel holds a 71.4% interest, and, together with seven Panamax vessels under bareboat charters, operates 47 vessels (seven Capesize, 14 Kamsarmax, 21 Panamax, two Supramax and three Handymax vessels) with a total carrying capacity of approximately 4.1 million DWT. Excel’s Class A common shares have been listed since September 15, 2005 on the New York Stock Exchange (NYSE) under the symbol EXM and, prior to that date, were listed on the American Stock Exchange (AMEX) since 1998.

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Shipping

Euroseas Aristides Pittas

Chairman and Chief Executive Officer of Euroseas

Shipping business over the past 140 years

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UROSEAS LTD. was formed on May 5, 2005 under the laws of the Republic of the Marshall Islands to consolidate the ship owning interests of the Pittas family of Athens, Greece, which has been in the shipping business over the past 140 years. Euroseas trades on the NASDAQ Global Market under the ticker ESEA since January 31, 2007.

Euroseas operates in the dry cargo, drybulk and container shipping markets. Euroseas’ operations are managed by Eurobulk Ltd., an ISO 9001:2008 certified affiliated ship management company, which is responsible for the day-to-day commercial and technical management and operations of the vessels. Euroseas employs its vessels on spot and period charters and through pool arrangements.

The Company has a fleet of 15 vessels, including 4 Panamax drybulk carriers and 1 Handymax drybulk carrier, 3 Intermediate containership, 4 Handysize containerships, 2 Feeder containerships and a multipurpose dry cargo vessel. Euroseas` 5 drybulk carriers have a total cargo capacity of 331,808 dwt, its 9 containerships have a cargo capacity of 15,855 teu and its multipurpose vessel has a cargo capacity of 22,568 dwt or 950 teu.

About Euromar LLC Euromar LLC, formed on March 25, 2010, is a joint venture of Euroseas with companies managed by Eton Park Capital Management (“Eton Park”) and Rhône Capital (“Rhône”), two recognized private investment firms to form Euromar LLC, a Marshall Islands limited liability company. Eton Park’s investments are made through Paros Ltd., a Cayman Islands exempted company, and Rhône’s investments are made through the

Cayman Islands limited companies All Seas Investors I Ltd., All Seas Investors II Ltd., and the Cayman Islands exempted limited partnership All Seas Investors III LP. Pursuant to the terms of the Joint Venture, Euroseas would invest up to $25.0 million for a 14.28% interest in the Joint Venture, while Eton Park and Rhône would each invest up to $75.0 million for a 42.86% interest each in the Joint Venture, for a total of $175.0 million.

Euroseas has contributed $15.0 million of its $25.0 million commitment to-date.

First Nine Months 2012 Highlights of the Euroseas Ltd : - Net loss of $11.2 million or $0.30 net loss per share basic and diluted on total net revenues of $40.1 million. Adjusted net loss1 for the period was $2.0 million, or $0.05 net loss per share basic and diluted.

- Adjusted EBITDA1 was $12.3 million.

- An average of 15.28 vessels were owned and operated during the first nine months of 2012 earning an average time charter equivalent rate of $10,373 per day.

- Declared three quarterly dividends for a total of $0.075 per share during the first nine months of 2012.

- Adjusted EBITDA, Adjusted net loss and Adjusted loss per share are not recognized measurements under GAAP. Refer to a subsequent section of the Press Release for the definitions and reconciliation of these measurements to the most directly comparable financial measures calculated and presented in accordance with U.S. GAAP.

Aristides Pittas, Chairman and CEO of Euroseas commented: “During the third quarter of 2012, the containership market continued being depressed with no boost in charter rates during the usual holiday-targeted seasonal uptick during September and October. Drybulk rates continued their downward slide during the quarter as well. While most of our containerships are chartered at the presently low market levels, our drybulk vessels benefit from previously entered charter contracts with higher rates well in 2013.

“Looking forward, we expect to continue facing a challenging rate environment as weaker world economic growth is projected for 2013 alongside with significant fleet supply growth. This difficult operating environment comes along with opportunities to invest in vessels at very attractive valuations. We believe that our strong balance sheet and low leverage will allow us to not only manage the challenging year ahead but be in position to capitalize on investment opportunities as they appear to renew and expand our fleet. In this context, our Board decided to declare a quarterly dividend of $0.015 per share which represents an annual yield of about 5.4% on the basis of our stock price on November 6, 2012.”

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CHARTIS INC. BRINGS TOP QUALITY INSURANCE PROGRAMS TO EVERYONE Chartis Inc., the property-casualty insurance carrier of American International Group (AIG), is a leading international insurance organization with 44.000 employees serving more than 70 million commercial, institutional and individual customers around the world. With one of the industry’s most extensive ranges of products and services, deep claims expertise and excellent financial strength, Chartis enables its commercial and personal insurance clients alike to manage risk with confidence.

Personal Solutions meet the current needs of individuals and families for insurance products and services, by offering modern and innovative insurance programs.

With Business Solutions Chartis creates «tailor-made» insurance programs to precisely respond to the needs of large, multinational, listed companies. Our corporate clients and partners can always count on our reliability, know-how, expertise and financial strength. Smart Business Solutions provide general insurance packages with multi-line coverage for more than 400 sectors of small and medium enterprises.

In Greece, AIG and Chartis have been represented uninterruptedly since 1951, initially by Canellopoulos - Adamantiades SA and since 2004 by Chartis Hellas SA _ a joint venture between AIG and the Canellopoulos Adamantiades Group.

www.chartisinsurance.gr

Shipping

Genmar Peter Georgiopoulos

Globus Maritime Limited “Bondholders were essentially wiped out, as were shareholders”

Mr Karageorgiou & Mr Feidakis

“The company intends to grow the firm’s fleet through selective acquisitions”

On guard at General Maritime

Tanker company has re-emerged as a solvent enterprise after Chapter 11 filing

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OW might a man who has survived a nearfatal car crash and is now standing again on his own two feet feel when he witnesses an accident about to happen to someone else? There is no joy in contemplating calamity, wherever it may befall, but Peter Georgiopoulos must feel like a man blessed. If anything, his standing has been burnished further during the last year because he has already completed a revival of the sort that others may only now dream of.

This is one of the reasons why the man remains in shipping’s Top 100. General Maritime, the iconic tanker company with which Mr Georgiopoulos is identified, filed for Chapter 11 in November 2011. This was commonly characterised at the time as a high-profile failure, if not an abject embarrassment, for the great man. It is a different story, and an equally celebrated one, that the company re-emerged as a solvent enterprise exactly six months later. Even more remarkably, it returned with almost its entire pre-Chapter 11 tanker fleet and their seagoing jobs intact, and with Mr Georgiopoulos still at the helm. It is less commonly known that had it not been for some decisions

Global shipping taken by Mr Georgiopoulos’ management team, and the industry influence of the man himself, that swift resuscitation might have been impossible. The first element fell in place between November 2009 and May 2011, when the company replaced $500m of its senior debt with junior debt — a $300m bond issue and a $200m convertible loan from Oaktree Capital Management A second commitment of $175m from Oaktree six months later, in November 2011, made it possible for the company to consider restructuring options. Mr Georgiopoulos’ strong relationship with Oaktree dates back to the 1990s, when it was an initial promoter before General Maritime went public.

Admittedly, the Chapter 11 case has left scars. Bondholders were essentially wiped out, as were shareholders. As Mr Georgiopoulos acknowledged through intermediaries, he felt like a man who had to amputate a limb to save his life. But while other tanker companies now work with the grim reaper’s secretary for mutually convenient appointments, an almost anonymous Mr Georgiopoulos quietly runs a solvent tanker enterprise that could, one day in the unforeseen future, go public again. Lloyd’s

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LOBUS MARITIME LIMITED is a drybulk shipping company, providing marine transportation services on a worldwide basis. The Company was incorporated on July 26, 2006 in Jersey to consolidate thw firm’s founders’ ship-owning and ship-management interests and has executive offices in Athens, Greece.

On November 24, 2010, Globus Maritime Limited redomiciled into the Republic of the Marshall Islands.The firm currently owns and operates seven modern dry bulk carriers, consisting of one Kamsarmax, two Panamax, and four Supramax vessels, with a weighted average age of approximately 5.8 years as of September 30, 2012 and a total carrying capacity of 452,886 DWT. The company intends to grow the firm’s fleet through timely and selective acquisitions of modern vessels in a manner that will provide an attractive return on equity and will be accretive to the company’s earnings and cash flow based on anticipated market rates at the time of purchase.

Summary of Nine Months 2012 (“9M-12”) Results versus Nine Months 2011 (“9M-11”) - Revenue of $24.5 million versus $25.4 million, a 4% decrease; - Voyage expenses of $3.7 million versus $2.7 million, a 37% increase, including the one-time charge of $1.5 million taken in the second quarter of 2012 relevant to the non-performance by Allied during the charter of the vessel “Star Globe” (as reported in September 2012); - Net Revenue of $20.8 million versus $22.7 million, an 8% decrease; - Adjusted EBITDA of $11.0 million versus $14.2 million, a 23% decrease; - Total comprehensive loss of $1.6 million versus total comprehensive income of $4.6 million; - An average of 7.0 vessels were owned and operated during 9M-12 compared to 5.4 vessels during 9M-11. The TCE decreased by 32% to $10,770 per day from $15,910 per day in 9M-11.

- Fleet utilization was 98.6% versus 98.1% during the same period in 2011.

George Karageorgiou, President and Chief Executive Officer of Globus Maritime Limited, stated: “The third quarter of 2012 was yet another challenging period for our company as our results were negatively affected by weak freight rates. Through the first nine months of 2012, the dry bulk market remained in a cyclical trough characterized by strong supply growth and an inconsistent demand profile reflecting slower growth in the Far East and the fiscal and economic issues in the U.S. and the Eurozone. While this environment continued to weigh on our financial results, we believe that our modern fleet bodes well for Globus to continue to provide customers with the service they require and maintain a high fleet utilization.

“During the third quarter 2012 we employed three of our vessels on short-term charters at the prevailing charter rates, which, at times, were below breakeven levels. This resulted in a 20% decrease in revenues and a 33% decrease in EBITDA versus the same period 2011. By maintaining an opportunistic time charter approach combined with a cost-effective operating platform, we expect to benefit from a market turnaround. “Looking ahead, we maintain contracted coverage of 83% of our fleet for the remainder of 2012, and 48% in 2013. Our strategy is to continue with short term time charters until a meaningful recovery in charter rates materializes. “As we are about to enter into 2013, we expect the dry bulk shipping market to remain challenging. Spot and time charter rates continue to hover at historic lows due to supply and demand pressures. Consequently, asset values have dropped steeply in the last year creating attractive fleet expansion opportunities.”

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Shipping

Hellenic Carriers Limited “The aim is to maintain the highest standards for efficient control of fleet operations”

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Panos Laskaridis

“During the last years, STC selects and signs on for work on 24 vessels”

L.S.C. has begun development of bulker and tanker fleet

...manages a fleet of dry bulk vessels ELLENIC CARRIERS LIMITED (Hellenic Carriers) is a Company incorporated in Jersey whose subsidiary Hellenic Shipamanagement Corp. (Hellenic Shipmanagement), manages a fleet of dry bulk vessels transporting iron ore, coal, grain, steel products, cement, alumina, and other dry bulk cargoes worldwide. Subsidiaries of Hellenic Carriers currently own three dry bulk vessels, comprising one Panamax, one Supramax and one Handymax with an aggregate carrying capacity of 169,116 DWT. In 2010, two subsidiaries of Hellenic Carriers entered into shipbuilding contracts for the construction of two 82,000 dwt Kamsarmax vessels. The new building vessels are scheduled for delivery in January and March 2013.

Following the delivery of the Kamsarmax vessels the aggregate carrying capacity of the fleet will be 333,116 dwt.

Through the years, the senior management of Hellenic Carriers has demonstrated an excellent track record in vessel operations and profitability.

As third generation ship operators, their performance is rooted in the deep history of this business going back to the early 1950’s. This tradition, however, is combined with the dynamism and forward looking approach of a younger generation.

Hellenic Carriers through Hellenic Shipmanagement employs senior personnel who are dedicated professionals with decades of experience both ashore and on board. The Hellenic Carriers management team prides itself in its experience, efficiency and safety record and maintains these levels of quality by controlling all aspects of ship management through Hellenic

Laskaridis Shipping Co LTD

Shipmanagement and Mantinia. The aim is to maintain the highest standards for efficient control of fleet operations whilst ensuring the safety of the crew, the ships and the environment.

H1 2012 FINANCIAL AND OPERATIONAL HIGHLIGHTS - Revenue US$8.9 million (H1 2011: US$20.8 million) - EBITDA1 US$0.5 million (H1 2011: US$12.2 million) - Operating Loss US$4.8 million before non-cash items (H1 2011: US$5.5 million Operating Profit before non-cash items) - Net Loss US$7.3 million excluding non-cash items (H1 2011: US$3.1 million Net Income excluding non-cash items) - Non-cash impairment charge US$4.1 million (H1 2011: US$ nil) - Non-cash gain on sale of vessel US$2.3 million (H1 2011: US$ nil) - Gearing ratio2 at 28.6% as of 30 June 2012 (30.2% as of 31 December 2011) - Total cash, including restricted cash of US$50.9 million as of 30 June 2012 (US$48.0 million, as of 31 December 2011) - Reduction of Gross debt to US$84.9 million on 30 June 2012 (US$88.2 million on 31 December 2011) resulting in a net debt position of US$33.9 million as of 30 June 2012 (US$40.1 million as of 31 December 2011) - Time Charter Equivalent rate of US$8,338 (H1 2011: US$21,397) in line with market average earnings for the period - Operation of a fleet of 4.8 vessels on average compared to 5.0 vessels in H1 2011

L

ASKARIDIS SHIPPING CO. LTD. successfully works in the market of refrigerating cargo transportations for more than 36 years. The company is included as the basic participant into the structure LAVINIA CORPORATION together with attached tanker company ALISON MANAGEMENT CORP. and is situated in Athens, Greece.

LASKARIDIS SHIPPING CO. LTD owns and operates: - 10 balkers, “Panamax” size; - More than 40 transport refrigerating vessels; - 6 oil/chemical tankers through the companyALISON MANAGEMENT CORP; - 4 crude oil (Suezmax) tankers through company ALISON MANAGEMENT CORP. Refrigerating vessels of the company work in all areas of the World Ocean and carry out voyages on transportation of fruit, vegetables, frozen meat and fish and other refrigerating cargoes. The most part of freights of the company is made by transportation of deeply frozen fish, a tuna and a squid overloaded in traditional areas of fishing vessels as the Falkland Islands, the Southeast part of the Pacific Ocean, the Central part of the Indian Ocean, the Islands of Micronesia, and also supply the vessels by fuel in the high sea.

During the last years, STC selects and signs on for work on 24 vessels of LASKARIDIS SHIPPING CO. LTD. More than 580 persons are constantly being in the sea. We are glad to inform that from 2010 company LASKARIDIS SHIPPING CO. LTD. has begun development of bulker and tanker fleet. Two bulkers of large capacity two DWT 92,500, seven - DWT 75,200 and also two chemical tankers IMO Type 2 DWT 17,043 are already received by Company and these vessels are successfuly working now.

The next bulker DWT 82,500 is at the last stage of construction (China) currently and will be delivered to the crew soon.

Providing the highly skilled service we have gained good results – existing business of refrigerator and tanker transportations, and also the program of new building of bulk ships and tankers allows the seamen to work in the company with confidence to look ahead, gives to seamen new possibilities to receive new workplaces on new modern vessels.

The STC have transformed into Central Crewing Agency of LASKARIDIS SHIPPING CO. LTD, which will carry out selection of crews on all types of the company vessels with coordination of existing crewing agencies of LASKARIDIS SHIPPING CO. LTD in Kaliningrad (Russia), Vladivostok (Russia), and Riga (Latvia).

We are proud to say, that STC has the long-term and successful operational experience in crewing business and by quantity of the given workplaces occupies one of leading positions among crewing agencies working in Sevastopol. Our crewing agency provides full crewing service, starting with selecting a certain seafarer, till arranging full completement of required crew. STC, through the agent in Kiev, organizes delivery of

crews from Sevastopol to Kiev (the airport Borispol), a meeting of crews in Borispol at returning from flight and the further delivery to a place of residence of the seaman.

All seafarers are being controlled for keeping updated necessary certificates as required by Flag State & International Conventions. Our agency also provides seamen with necessary flag certificates.

Following LASKARIDIS SHIPPING CO policy of personnel selection, STC constantly conducts activities on preservation of workplaces for seamen having a positive estimation of their sea service on a vessel, and corresponding stable promoting for officers and engineers. Priority criterions of candidate’s selection are the confirmed operational experience on subject type the vessels, qualification and possession level of English language. Highly skilled and qualified staff of our company makes STC one of the most reputable and stable crewing agency in Sevastopol

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Shipping

Navios Angeliki Frangou

Omega Navigation Enterprises “Angeliki Frangou becomes the first female shipowner placed in Lloyd’s Top 20”

Frangou blazes a trail in dry bulk

George Kassiotis

“The company owns and operates 15 high pecification double hull product tankers”

Navios boss known for her grasp of the big picture

Focusing on seaborne transportation of refined petroleum products

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NGELIKI Frangou becomes the first female shipowner placed in Lloyd’s Top 20 and, as we have argued before, the iconic value of a woman so dynamic in the bulk shipping business would probably be enough by itself to warrant a place on the list.

But there is no such thing as a boring year in the world of Navios Group, consigning gender to the margins of Lloyd’s consideration. Ms Frangou’s high repute in the industry stems partly from her understanding of the big picture, coupled with her nuts-and-bolts grasp on the minutiae of the shipping business that reflects her training as an engineer and Wall Street financial background. Her rise in the rankings is warranted by her group’s continued ascendancy as competitors have found themselves cramped or crippled by grim market realities. In contrast, the last 12 months have shown that Ms Frangou still has the ability to sparkle.

Recently, she showed a flexible turn of mind to agree a restructuring of Navios’ charter default cover which results in a $175m windfall for Navios Maritime Holdings. While there has been some quibbling about whether the development strengthens or, through reducing cover for counterparty mishaps, weakens various parts of the empire, it is safe to say that the move would be the envy of almost any other dry bulk outfit.

She has also rung the changes with Navios Maritime Partners, which put the proceeds from a May 2012 offering towards three acquisitions.

Two of these were picked up opportunistically in the open market, rather

than drop-downs from the holding company, and have gone on shorterterm employment in a departure from the company’s classic preference for longer periods. Notwithstanding this, Ms Frangou says her approach is solidly conservative. “In all our businesses our model is to protect our downside, ensure visible operating earnings and to have profit-sharing and other mechanisms to enjoy upside,” she tells Lloyd’s List, “so that even in a severe market downturn we are well-positioned.

“My job is to be paranoid, and to worry constantly. In particular we are careful of three things — liquidity, keeping our cash breakevens very low and paying very close attention to our debt maturities.” Navios Group’s core fleet now numbers more than 80 owned bulkers and tankers, with a bias towards the dry bulk business. Navios Maritime Holdings, the New Yorklisted mother company, controls 49 bulkers, of which 30 are owned and another 19 chartered in long term at very attractive rates.

It owns 63.8% of subsidiary Navios South American Logistics, a fastgrowing port terminal, storage, barging and cabotage shipping business in the Hidrovia region, which it controls with a local partner.

There are also two independently listed affiliates; Navios Maritime Partners, controlling 21 bulkers, in which Navios Holdings owns a stake of about 26%, and the group’s tanker arm, Navios Maritime Acquisition, owning a fleet of 29 tankers in the water and under construction. Navios Holdings has an economic interest of 54%. Lloyd’s

MEGA NAVIGATION ENTERPRISES INC. is an international provider of marine transportation services focusing on seaborne transportation of refined petroleum products.

ONE is a global maritime company whose shares are traded on the NASDAQ National Market under the ticker symbol “ONAV” and are also listed on the Singapore Stock Exchange under the symbol “ONAV 50”.

The company owns and operates 15 high specification double hull product tankers, with an average age of less than 3.5 years and with a combined cargo carrying capacity of 904.245 dwt.

Two of the vessels, namely the Omega Duke and the Alpine Marina, are owned through two 50% controlled joint ventures with Topley Corporation, a wholly owned subsidiary of Glencore International AG (Glencore).

ONE has also formed an equal partnership (50/50) joint venture company with Topley Corporation, namely Megacore Shipping Ltd, through which we are expected to acquire in total 9 newbuilding vessels consisting of two 37,000 dwt product/ chemical tankers (MR1s) and seven 75,000 dwt product/oil tankers (LR1s), all under construction in Huyndai Mipo Dockyard, in South Korea.

The two MR1 product tankers namely the Megacore Honami and the Megacore Hibiscus have been delivered in the 1st and 2nd quarter of 2010 while the first LR1 product tanker namely the Megacore Philomena was delivered in the 4th quarter.

Two more LR1 product tankers, namely the Megacore Pacifica and the Megacore Philothea have been delivered in the 1st quarter of 2011.Out of the remaining 4 LR1s two are scheduled for delivery in the 3rd quarter of 2011 and two in the 1st quarter of 2012.

With the addition of the remaining newbuilding vessels, Omega’s fleet will expand to 19 product tankers, with a total deadweight capacity of 1,204,245 dwt.

The fully integrated management company, namely Omega Management Inc. is providing the technical, operating and administrative services to the joint venture companies and ST Shipping& Transport Pte Ltd is providing commercial management.

Technical management to the 8 fully owned vessels is provided by the firm’s wholly owned subsidiary, Omega Management Inc. and third party ship management companies, while commercial management is provided

by Omega Management Inc. 66 │ Creative Greece

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Paragon Michael Bodouroglou

Restis Group “The company was listed on Nasdaq in August 2007 and in March 2010 the company transferred the listing of its common stock to NYSE”

Victor Restis

“Now is the time to move and for the next three years we will want to focus on taking advantage”

Restis returns to his shipping roots Provide a world class shipping service

Greek owner says he is ready to take advantage of the state of the market

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ARAGON SHIPPING INC. is an international shipping company specializing in the transportation of drybulk cargoes. The company’s vessels are able to trade worldwide in a multitude of trade routes carrying a wide range of cargoes covering a number of industries. The firm’s fleet carrying capacity totals 816,472 deadweight tons. Following the delivery of the drybulk and containerships newbuildings, the company’s drybulk and container fleet carrying capacity will increase to approximately 853,672 deadweight tons and 9,600 TEU respectively. Paragon Shipping focused on maximizing shareholder value by maximizing returns on the firm’s

investments while at the same time ensuring the company’s vessels adhere to the highest safety and environmental standards.

History Paragon Shipping Inc. is a Marshall Islands registered company that was formed in April 2006. The company’s business strategy is focused on building and maintaining enduring relationships with charterers and providing reliable seaborne transportation services at competitive cost.

Paragon seeks to create shareholder value by acquiring and operating drybulk and container vessel’s and employing them in a combination of “spot charter”, and “period time charter” contracts. Mr. Michael Bodouroglou, thw firm’s Chief Executive Officer, has been active in shipping since 1976 and formed the Company’s related technical and commercial ship-management company, Allseas Marine S.A. in 2000.

Allseas has established a reputation in the international shipping industry for operating and maintaining a fleet with high standards of performance, reliability and safety. Paragon Shipping Inc. is fully committed to promoting openness, ethical conduct and integrity in all its dealings and has developed a ‘code of business ethics and conduct’ establishing rules and standards regarding behavior and performance.

IVEN that Victor Restis, by his own admission, has spent the past five years preoccupied by non-shipping investing, it says a lot that the family group currently controls a fleet of more than 100 ships.

In 2007, the “irrational exuberance” that developed around booming shipping markets prompted Mr Restis to diversify into other fields such as telecoms, renewable energy, commercial real estate and hotels, the financial sector, media and aviation, including considerable investments in Greece. There has also been a focus on China, with a string of exclusive joint ventures with Hainan province, in tourism, fishing services and cruising.

“I’ve been back in shipping for six months,” Mr Restis told Lloyd’s List. “Now is the time to move and for the next three years we will want to focus on taking advantage of the state of the market and grow.” Industry sources say the group has already done about half a dozen distressed deals, mainly for bulkers but including a couple of tankers. On the dry side, Restis is publicly identified with the majority shareholding in US-listed Seanergy Maritime, which it has had to support heavily.

But altogether its Enterprises Shipping & Trading management company runs 74 bulkers and there can be little doubt that, like other bulk fleets, many

of the ships have been haemorrhaging cash lately. However, the group is a shipowner that likes to link itself with cargo. It is involved in commercial operations through control of South Africa Marine and its 30% stake in Swiss Marine, the high-flying capesize and panamax operator, of which Mr Restis is chairman. In recent times, the fruits of commercial operations offset some of the dry bulk ownership losses. The group also has a modern fleet of 20 tankers under Golden Energy, with two suezmaxes on order and a joint venture with AET owning and operating six aframaxes.

Two years ago, the group also entered the offshore business by taking over a Norwaybased outfit that has been rebranded Golden Energy Offshore.

After putting the company on a sounder footing, the group is now said to be entering a new growth phase and has begun to move for modern offshore support vessels. New orders may be on the horizon.

At the same time, Mr Restis has acquired 50% of Houston-based X-Drill, with the intention of raising outside investment and ordering ultra-deepwater drillships. Mr Restis remains one of the best-connected and energetic shipowners out there and his ranking reflects the expectation of cunning plays in dry bulk, tankers and — particularly — the offshore market. Lloyd’s

Location The company’s executive offices are located in Voula, Athens, Greece.

The company was listed on Nasdaq in August 2007 and in March 2010 the company transferred the listing of its common stock to NYSE. The company trades under the symbol “PRGN”.

Fleet The company operates a fleet of modern and cost efficient dry bulk vessels servicing ports and Customers around the globe. The firm’s remaining newbuilding program consists of one Handysize drybulk carrier with expected delivery within 2012, and two 4,800-TEU Containerships with expected deliveries within 2013. Firm’s goal is to continue to grow its fleet size over time, to take advantage of the opportunities in the markets and meet the customers’ needs. The firm’s long term fleet deployment strategy is designed to balance the stability of medium to long-term charter contracts with the opportunities presented to the Company in the spot market.

The company’s vessels trade worldwide in a multitude of trade routes carrying a wide range of cargoes for a number of industries. The firm’s Panamax drybulk carriers carry predominantly coal and iron ore for energy and steel production as well as agricultural products for food and feedstocks.

Paragon’s Supramax drybulk carriers carry predominantly iron ore, steel products, fertilizers, minerals, forest products, agricultural products, bauxite, alumina, cement and other construction materials. These raw materials and products are used as production inputs in a number of industries. Paragon transports these various cargoes on several geographical routes.

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Safe Bulkers Polys Hajioannou

StealthGas

“The Company’s subsidiaries currently own 24 drybulk vessels, with an aggregate carrying capacity”

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Summary of Results for the Nine Months Period Ended September 30, 2012 - Net revenue for the nine-months period ended September 30, 2012 increased by 9.5% to $138.0 million from $126.0 million during the same period in 2011.

“Transportation by sea represents a major element of gas transportation logistics”

Provider of international seaborne transportation services to LPG producers and users

Safe oceans HE COMPANY’S subsidiaries provide marine drybulk transportation services, transporting bulk cargoes, particularly coal, grain and iron ore, along worldwide shipping routes for some of the world’s largest users of such services. The Company’s subsidiaries currently own 24 drybulk vessels, with an aggregate carrying capacity of 2,208,100 deadweight tons («dwt»).

The average age of the fleet is 4.36 years as of November 9, 2012. Our fleet currently consists of Panamax, Kamsarmax, Post-Panamax and Capesize class vessels. Seven additional drybulk newbuild vessels have been contracted to be delivered at various times through 2015. The Company’s common stock is listed on the NYSE where it trades under the symbol «SB».

Harry Vafias

- Net income for the nine-months period ended September 30, 2012 decreased by 3.5% to $63.9 million from $66.2 million. Adjusted net income for the nine-months period ended September 30, 2012 decreased by 12.1% to $69.3 million from $78.8 million during the same period in 2011.

- EBITDA for the nine-months period ended September 30, 2012 increased by 8.2% to $93.7 million from $86.6 million during the same period in 2011.

Adjusted EBITDA for the ninemonths period ended September 30, 2012 was practically unchanged to $99.1 million from $99.2 million during the same period in 2011.

- EPS and Adjusted EPS for the nine-months period ended September 30, 2012 of $0.85 and $0.92, respectively, calculated on a weighted average number of 75,066,388 shares, compared to $0.96 and $1.14, during the same period in 2011, calculated on a weighted average number of 68,980,741 shares.

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TEALTHGAS INC is a provider of international seaborne transportation services to LPG producers and users. Our vessels carry various petroleum and petrochemical gas products in liquefied form, including propane, butane, butadiene, isopropane, propylene and vinyl chloride monomer, which are all byproducts of the production of oil and natural gas.

These products are transported in liquefied form in order to reduce their volume and to facilitate their handling. sgs.jpgStealthGas currently owns 33 LPG carriers. The average age of our LPG fleet is about 11 years as of November 2012 compared to an industry average of 16 years and the total carrying capacity of the LPG fleet today is 161,822 cbm. StealthGas ranks number one worldwide in owned vessels in the 3,000 to 8,000 cbm LPG carrier segment which is our strategic focus.

Transportation by sea represents a major element of gas transportation logistics. LPG products have a variety of both industrial and other uses, including transportation, fertilizer production, the manufacture of plastics, space heating, cooking, water heating and process heating. We serve industrial companies, as well as national and independent energy companies and energy traders.

Nine Months 2012 Results: - Net income for the nine months ended September 30, 2012 was $21.2 million, or $1.03 per share, compared to a net income of $4.1 million, or $0.20 per share, for the nine months ended September 30, 2011.

- Voyage revenues for the nine months ended September 30, 2012, amounted to $88.6 million, a decrease of $0.8 million, or 0.9%, compared to voyage revenues of $89.4 million for the nine months ended September 30, 2011. The decrease in revenues was firstly due to the lower number of vessels in the fleet and secondly due to more of the vessels operating under bareboat charters in the 2012 period.

- Voyage expenses and vessels’ operating expenses for the nine months ended September 30, 2012 were $8.8 million and $22.9 million,

respectively, compared to $13.1 million and $28.8 million for the nine months ended September 30, 2011. The $4.3 million, or 32.8%, decrease in voyage expenses was due primarily to the lower number of vessels under spot charters in the 2012 period. The $5.9 million, or 20.5%, decrease in vessels’ operating expenses was due primarily to the higher number of vessels operating under bareboat charters in the 2012 period.

- Included in the first nine months 2012 results are net losses from interest rate derivative instruments of $1.2 million. This amount includes $3.6 million, or $0.18 per share, of interest paid on recurring interest rate swap arrangements. The Company also realized a $1.4 million gain on sale of vessels. Adjusted net income was $17.5 million or $0.85 per share for the nine months ended September 30, 2012 compared to $8.2 million or $0.39 per share for the same period last year.

- EBITDA for the nine months ended September 30, 2012 amounted to $49.7 million. Reconciliations of Adjusted Net Income and EBITDA to Net Income are set forth below.

An average of 36.8 vessels were owned by the Company in the nine months ended September 30, 2012, compared to 37.8 vessels for the same period of 2011.

Third quarter events: As previously announced, the Company plans to expand its fleet with the addition of four LPG carriers being built in South Korea, which are scheduled to be delivered between January 2014 and June 2014. The Company has already arranged for bank financing related to the acquisition of these vessels at the time of their delivery. In addition to the deposits already paid and the bank financing, the Company estimates that $10-15 million will need to be invested on delivery in 2014 to conclude the acquisitions. As of September 30, 2012, the Company had $41.2 million in cash and cash equivalents.

Harry Vafias (CEO) commented: “There were no major surprises in our results for the third quarter of 2012. We expected a considerable improvement over last year and we delivered. Our adjusted net income for the quarter increased by 180% and although in the summer there is typically a seasonal weakness we are very satisfied with the levels of activity in the chartering markets. As we enter into the winter months we expect activity to pick up. Regardless, we are confident that the fundamentals in our core segment point to further market improvements in the future, that is why we concluded the acquisition of the four eco-type newbuilding LPG carriers. It has been our strategy over the past year to expand and renew our fleet, and the addition of these vessels to our fleet will improve our operational efficiencies, our profitability and our market leadership. We continue to evaluate opportunities for further fleet growth”.

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Shipping

Thenamaris

Top Ships Inc “Thenamaris owns more than 50 modern tankers and bulk carriers, mostly built after the year 2000”

Vangelis Pistiolis

“TOP Ships established a reputation in the international shipping industry for operating with high standards”

Managing a world class fleet of high specification ships

Providing services to the tanker and bulk carrier Market

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HENAMARIS is one of the world’s leading independent ship management companies providing quality management services of the highest standard to its Principals, the owners of large oceangoing vessels. The fleet under management comprises of oil tankers, suitable for the sea born transportation of crude oil and oil products such as gasoline, jet oil, diesel oil etc, as well as bulk carriers, suitable for the sea born transportation of bulk cargoes such as grain, coal, iron ore steel products etc. Thenamaris management services include operating, maintaining, crewing, and trading these vessels worldwide in a safe, efficient, economic and profitable way. The Management’s headquarters are located in Vouliagmeni, Athens, Greece.

History Thenamaris’ history dates back over 35 years to 1970. The first few years of operation were very challenging due to the increased competition of these days. The primary objective in the management’s mind at the time was growth.

Since the early 70’s Thenamaris established an office in Greece and the number of its Principals steadily increased. Although the company was very young and relatively inexperienced, its management did not hesitate to make aggressive moves to fulfill its growth objectives.

Thenamaris held a steady course throughout the tumultuous market conditions of the 70’s and early 80’s, successfully providing full management services to the vessels of its Principals, and by the late 70’s it was already internationally known as a very successful and reliable manager of a fleet of around 40 vessels including ore / oil carriers, car carriers, tankers, bulk carriers of all sorts, chemical tankers, loggers and heavy lifters.

More than three decades later, Thenamaris very successfully continues to provide first class management services of the highest standards to the Owners of more than 50 modern tankers and bulk carriers, mostly built after the year 2000, of an overall tonnage of about four million tons deadweight.

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Today Today, the company’s over three decades of experience combined with a yearly average of approximately fifty million tons of safely and efficiently delivered cargo to the world’s sea ports classifies Thenamaris as a large scale, World Class Company in the sea transportation industry.

OP SHIPS Inc. is engaged in the worldwide transportation of liquid and petroleum cargoes as well as dry bulk cargoes through the ownership of a fleet of 6 tankers and 1 dry bulk carrier. Specifically, the company’s fleet consists of 6 Handymax double hull tankers (for chemical/ petroleum products or crude oil) with average age 2.5 years and 1 dry cargo vessel with age 9 years. Total cargo carrying capacity of the firm’s fleet is approximately 350.000 DWT. 100% of the company’s tanker fleet is double hull.

TOP SHIPS Inc. is a Marshall Islands company (formerly TOP Tankers Inc and before that Ocean Holdings, Inc.). Ocean Holdings Inc was established in 2000 with the firm’s principal executive offices established in Athens, Greece.

In July 2004 the company was listed in New York on the ‘NASDAQ National Market’ under the name Top Tankers Inc. (ticker ‘TOPT’) and since July 2006 the company is listed on the new NASDAQ Global Select Market.

Further to the acquisition of dry bulk carrier vessels by the company and following TOP SHIPS Inc. shareholders special meeting held on 13th December 2007, Top Tankers Inc. changed name to “TOP SHIPS Inc.” and continued to trade on the ‘NASDAQ Global Select Market’ but under the name TOP SHIPS Inc. (ticker ‘TOPS’).

Central Mare Inc., a private ship management company, is responsible for the chartering, operational and technical management of the company’s fleet under management agreements with the firm’s vessel owning subsidiaries. Central Mare Inc., has assembled a management team of senior executive officers and key employees with extensive experience in the operation of large and diversified fleets of ocean-going tankers and dry bulk carriers. Central Mare Inc team has expertise in all aspects of commercial, technical management and financial areas of the international shipping industry, which ensures a focused marketing effort, enhanced quality and cost controls, effective and safety oriented operations.

TOP Ship’s strategy is focused on optimising return on the firm’s investments and maximizing shareholder value by: - Diversifying the fleet in different sectors and size segments.

- Return driven acquisitions of vessels.

- Maintaining a fleet profile that is best equipped to optimize trading opportunities.

- Following a balanced fleet deployment strategy. Period time charters provide comfort against the vagaries of market disruption through stability of income flow, whilst associated profit sharing agreements and spot market voyage charters are accretive to overall profitability.

- Expanding the fleet through selective return, as well as vessel specification, driven acquisitions.

- Developing the firm’s expanding and dynamic presence in the shipping market and maintaining enduring relationships with major charterers and traders.

TOP SHIPS Inc. remains fully committed to promoting openness, ethical conduct and integrity in all its dealings and has developed a ‘code of business ethics and conduct’, which establishes rules and standards regarding behavior and performance.

TOP Ships established a reputation in the international shipping industry for operating and maintaining our fleet with high standards of performance, reliability and safety. We consider that the firm’s leading position is attributable to the following strengths: - Multi-Sector Presence - Experienced Management Team - Established Track Record - Strong Customer Relationships - Cost-Efficient Operations - High Quality, High Specification Double-Hull Tankers and Dry Bulk Carriers - Focus on Sister Ships Creative Greece

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Tsakos Energy Navigation new Nikolas Tsakos

“The group has also been innovating, particularly through its organic joint venture”

Profit interrupted for TEN in 2012

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Theodore Veniamis

“It is understood that the shipping community may have received certain other assurances”

Vexing times for Veniamis

But group is attracting approval over the way it has steered itself through the crisis SAKOS Energy Navigation, the Tsakos Group’s flagship publicly listed company, ended its proud 18-year record of continuous profitability last year. But as giants of the tanker industry fall by the wayside, one by one, the traditionalist Greece-based group is attracting increased approval for the unspectacular but effective way it is steering through the crisis.

At the helm of TEN, Nikolas Tsakos can point to a record of more than $1bn in profits since the company was listed on the New York Stock Exchange a decade ago, and more than $360m has been returned to shareholders in dividends during that period.He wryly admits to having been considered a “boring chief executive” by Wall Street, but presumably the virtues of being a steady hand on the tiller are undergoing positive re-evaluation in light of recent tanker vehicle crashes. The group has also been innovating, particularly through its organic joint venture with the Cyprus-based management outfit of German origin, Columbia. The Tsakos-Columbia combination is counted one reason why, even during the first half of 2012, only two of the fleet of 47 crude and product tankers made a loss: a pair of very large container carriers that are on their way out of the fleet.

While the tanker fleet annually carries the equivalent of five days’ global oil consumption, the most eye-catching moves by the group have been cautiously

Union of Greek Shipowners 19

Public scrutiny over shipping’s protected status in Greece is just one of the challenges facing re-elected UGS president to reposition TEN with investment in sexier energy shipping niches. For the past five years, the firm has owned a solitary liquefied natural gas carrier that has now capitalised on hot rates in the sector to land a multi-year charter with BG at more than $80,000 per day. In 2012, the company finally ordered its first tri-fuel LNG carrier and it is likely to edge further into the LNG sector once it has a decent charter for Maria Energy under its belt.

In parallel, the group has contracted a third suezmax shuttle tanker newbuilding to build on a presence in the offshore business, following an initial two shuttle tankers that will go on 15-year charters to Petrobras after delivery in first-half 2013. Depending on the financial markets, the next 12 months could see launch of a master limited partnership LNG and shuttle tanker spin-off that would have an initial three ships in the water.

Group founder Panagiotis Tsakos remains the biggest shareholder in TEN, as well as the driving force behind private Tsakos businesses that, in the maritime industries, include a healthy presence in the dry bulk and containership sectors and a shiprepair yard in Uruguay. The group has been in the first wave of shipowners embracing a more environmental culture, exemplified by its founding membership of Helmepa and, more recently, of the Global Shipping Initiative, a coalition of global shipping outfits and non-governmental organisations. Lloyd’s

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E-ELECTED in 2012, Theodore Veniamis remains at the helm of the Union of Greek Shipowners and, with it, in Lloyd’s Top 100. As a shipowner, Mr Veniamis leads Golden Union Shipping which is a substantial dry bulk outfit in its own right.

The company has been actively hunting opportunities in the last two years and lately has been pouncing on modern capesizes. However, it is as the pivotal personality representing the world’s largest shipowning community that Mr Veniamis has the capacity to throw a pebble into the stream of everyday shipping affairs and see the ripples spread far beyond his own Piraeus stronghold.

These are difficult times to be the incumbent of the president’s chair at the UGS. The pains of global shipping have come to seem a minor source of headaches in comparison with an unprecedented re-examination that is currently going on into shipping’s protected status in its homeland.

This has been thrust on the Greek government and the industry by the nation’s economic crisis that has left Greece dependant on bailout money.

Suddenly, no sector of the economy is immune, not even the shipping industry which earns its dollars offshore rather than from Greek soil.

There have been successes — notably the re-establishment of an

independent ministry of shipping when the new government of Antonis Samaras came to power in 2012. But Mr Veniamis and his colleagues have had to tread a fine line in brokering a new deal for shipping – by agreeing to an increased contribution to government coffers on the one hand, while preserving sufficient of Greece’s attractions as a base for the country’s cosmopolitan-minded shipping community to avoid an exodus to rival centres.

As his re-election for another four years suggests, many in the community feel that Mr Veniamis is the man to make the best of a bad job. At the same time, dissenting owners will be sharpening their knives.

In November, increased tonnage taxes for Greek-flag ships and a new tonnage tax on Greek-managed ships under foreign flags were included in an austerity budget demanded by the country’s troika of international creditors.

In return, it is understood that the shipping community may have received certain other assurances about its long-term status. But with new legislation still pending, amid turbulent times both in the financial markets and on the streets of Greek cities, it is unlikely that Mr Veniamis’ job is anywhere near being finished. Lloyd’s

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VesselsValue Adrian Economakis

“This has helped them better quantify risk, improve reporting and identify opportunities”

Reshaping ship valuation

Algorithm-based VesselsValue tool has quickly gained popularity

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F YOU haven’t seen Adrian Economakis in the last 18 months — either in a meeting at your office, networking at a party or attending a conference — then the question is simply, where have you been? As strategy director for online asset appraiser VesselsValue, which launched in May 2011, Mr Economakis has been racking up the airmiles promoting the benefits of the unique ship valuation tool and winning the team a lot of praise along the way.

With handfuls of publicly listed shipowners saying almost every quarter for the last three years that prices were close to bottoming out and shipbroker assessments appearing overinflated, when VesselsValue launched it was everything that the industry had been crying out for.

Using mathematic algorithms that manipulate a huge range of factors from steel prices to freight futures and take away the human element, the website can give you a valuation of a ship, a portfolio or a company’s entire fleet at the click of a button. With real-time sale information factored in, its prices are often more up tot date than those sourced from shipbrokers, which existing and potential shipping investors appear to have found very useful. “This has helped them better quantify risk, improve reporting and identify opportunities,” Mr Economakis explains.

Having taken on what he describes as its first “top class bank” in August 2011, VesselsValue has signed a total of 17 major banks across the UK, US, Germany, Greece, Scandinavia, China, Japan and Africa. “The last year has also seen a huge interest amongst private equity and investment funds, particularly from the UK, Germany and US,” Mr Economakis explains. “We now work consistently with nine of such funds and provide occasional service to many more.”

The company hasn’t stopped at financial types though, and Mr Economakis cites landing its first Greek shipowner at the start of 2012 as a major milestone. VesselsValue now works with more than 20 owners in Greece, Japan, South Korea and Northern Europe, as well as numerous accountants, P&I clubs, insurers, credit rating agencies and lawyers.

For many companies, the products simplicity, immediacy and easy exporting facilities have supported its growing popularity. “Investment banks, funds and professional advisors have benefited from being able to have access to up to the minute market information such as ownership, transactions, fleet statistics and of course valuations and historical time series for vessels and companies,” Mr Economakis explains. “This has been particularly pertinent in these difficult times for the industry and we have not only helped our customers achieve their needs but also have helped them reduce cost and save time.” Plans for next year include increase valuation coverage beyond the major bulk sectors of tankers, 76 │ Creative Greece

dry bulk carriers and containerships to liquefied natural gas and liquefied petroleum gas carriers, offshore and other specialised vessels, as well as a few more top secret developments.

Having joined VesselsValue in August 2010 as one of the first employees under founder and chief executive Richard Rivlin, the last two and a half years have been a whirlwind of activity. for Mr Economakis. After completing an undergraduate degree in economics and philosophy, he gained a distinction in his shipping, trade and finance masters from Cass Business School. The next four years were spent working for Accenture developing demand forecasting solutions for an oil major’s European downstream fuels business before moving to Vessels Value. Lloyd’s

Export leaders Export Export Export Export

leaders leaders leaders leaders

Export leaders

AB Vassilopoulos Together we aspire to enrich the lives of our customers, associates, and communities we serve in a sustainable way.

We support, respect and inspire. Together, we deliver the best for life!

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B Vassilopoulos is active in the field of food retailing and is the second largest supermarket chain in Greece. Part of Delhaize group since 1992, its competitive prices and the continued upgrading and expansion of its stores, brings the AB Group to the center of commercial development in Greece.

With 74 years of history and generations of loyal customers that entrust AB Vassilopoulos with their family’s healthy nutrition, AB’s story runs creatively and optimistically all through the 21st century. From the founding of the company in 1969, by the two brothers Gerasimos and Charalabos Vassilopoulos, till today, AB is constantly in a development orbit. Some of the most important key dates are the acquisition in 2001 of the company TROFO SA, member of which is also ENA Cash & Carry. The following years AB expanded its store network throughout the Greek region with company and franchise stores. In 2008, AB acquired the discount chain PLUS HELLAS and expanded its network to the north of Greece with 29 stores. A year later, in 2009, the company expanded its activities in the area of Thrace with the acquisition of KORYFI SA. In 2011 and 2012, the Group continued its development program, by opening 45 stores.

Faithful to its values and vision, AB Vassilopoulos, offers its customers Nutritious, Healthy, Safe and competitively priced products. In parallel, with the dynamic expansion of its stores and the constant implementation of innovative programs, the Group manages diachronically to maintain its high position in the retail market and in the conscience of consumers as one of the biggest and most credible companies in Greece.

Products AB puts its signature on a wide range or Private label products that meet its customer’s daily requirements.

AB AB boasts a wide variety of food, detergents, cleaning products, stationery, soft drinks, juices and wines, of comparable quality to the top well-known brands on the market, with savings of up to 40%.

AB close to Greek nature Exquisite tastes produced exclusively for AB in the most renowned areas of

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Greece. A vast range of traditional products including olive oil, pulses, pasta, nuts, teas, honey, olives, olive paste, rice, spoon sweets, top quality mastic from Chios… all 100% Greek. ΑΒ bio All categories of Bio or organic products: fresh, processed and perishable goods. Produced without any synthetic or chemical fertilizers, pesticides or hormones, using instead milder, environmentally-friendly, agrienvironmental production methods.

AB terra Leaf Environmentally-friendly cosmetics, detergents, cleaning products, stationery and bin bags, approved by the corresponding certification bodies.

365 Everyday products offered Europe-wide at low prices, 365 days a year.

Created to offer high quality, low-cost products that meet your daily needs, all year round.

f: +30 2106423349 e: agrovim@agrovim.gr w: www.agrovim.gr

Agrovim

2106423614 106423151 106423106

Export leaders

extra virgin olive oils, table olives, figs and a rich variety of antipasti make up AGRO.VI.M.’s wealthy portfolio of products that are made exclusively from some of the finest raw materials of Greece and that are an integral part of the healthy Mediterranean diet.

The well known ILIADA brand represents us in more than 50 countries globally. Our enviable collection of prestigious awards and our innovative ideas give a brand you can trust and follow as a customer, or as a partner in search for a long term business relationship.

“Unique products with top quality”

o f t h e G r e e k E c o n o my 2 0 1 3

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GRO.VI.M. SA, located in Kalamata, Greece, was established in 1994 but its origins lie in Gyfteas, where the firm was founded in 1964. The combination of resources and experience enabled the new company to meet the challenges of the rapidly expanding world market. The company processes and packs a variety of agricultural products.

These include: - PDO-Protected Designation of Origin Extra Virgin olive oils (KALAMATA, SITIA, PEZA) - Organic Extra virgin Olive oil - Pure Olive Oil - Kalamata olives and other types in retail jars and in barrels - Organic Kalamata Olives - Kalamata Olive paste - Blends of Olive oil with vinegars and lemon juice - Gift basket items - Dried figs in retail packs and snacks and in bulk - Mediterranean Gourmet Food products - Antipasti products Concerning its products, the firm remains focused in creating new innovative products that differentiate either through their content or through their labeling or both. Concerning production, the company strategically invests in activities to improve the production process so as to increase competitiveness in a global scale and maintain the high quality of its products. For the near future, some of the innovative actions of strategic importance refer to the category of organics, a market with an undoubtedly strong potential, as well as producing additional unique aromatized extra virgin olive oils of superior quality.

AGROVIM is the second largest production unit, in the region of Messinia, whereas in the olive oil sector it is the first. Today, AGROVIM uses more than 30% of Messinia’s olive oil production and this is constantly increasing, thus supporting the region’s olive oil production and the people behind it.

In addition, AGROVIM, organizes and manages its own group of farmers since 2011. Today, this group consists of over 300 members and this

number is increasing month by month. Moreover, the firm also works with producers from other municipalities of Peloponnese as well as from Crete. Within the economic crisis, it is important to say that the number of its employees not only remained steady but also increased in the last couple of years in important departments such as R&D, quality control, marketing and others, aiming, on one hand, at increasing production and improving results and, on the other, at contributing to the battle against unemployment. Recently, the company was certified for its ISO 14001 environmental management system.

The focus is on exporting own name and private brands to the USA, Canada, Great Britain, France, Austria, Australia, the Middle East, South Africa, Japan and to most EU, as well as to some east European countries.

The company’s annual export sales are in the region of 30 Million Euro.

AGRO.VI.M s.a. has modern facilities which incorporate quality control procedures certified to ISO9001, HACCP and BRC standards . The company is a sought after supplier of Greek products to major international customers, placing it at the forefront of the very competitive global environment in which it operates. Over the last decade, the company has demonstrated a remarkable ability to develop and broaden its exporting horizons. Its impressive list of foreign customers bear witness to this fact.

inGreece

The most admired enterprises

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Export leaders

Anoskeli Wonderful Flavours of Infused Olive Oil

Athens International Airport “Eleftherios Venizelos”

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N A SMALL village of Kissamos (on the island of Crete) named Anoskeli, birthplace of the Mamidakis family, an olive mill was built many years ago for the processing and exploitation of the olive oil produced by the family.

As time went by production grew, as did the extra virgin olive oil’s excellent reputation and the need for modernization of production led the family to construct a new, technologically advanced olive factory, as well as to make the decision to directly trade the extra virgin olive oil in the Greek and international markets under the ANOSKELI brand, thus honoring the family’s birthplace.

Gradually the company expanded into the cultivation and trading of Cretan wine, at first under the name of ANOSKELI and since 2011 the company disposes its white and red dry wines under the ANO PLAGIA brand in the Greek market. All vineyards are organic cultivations and are located in and around the village of Anoskeli. The varieties grown are Cabernet Sauvignon, Syrah, Grenache, Asyrtiko, Vidiano and Vilana.

ANOSKELI Agricultural Company S.A.produces, packages and trades extra virgin olive oil, as well as organic extra virgin olive oil. Both of these products have a Kolymvari Protected Designation of Origin (PDO) indication.

The company fully controls the whole process from the olive picking to the production of the end product. Cold extraction is used for the production of the olive oil. The company has an ISO 9001 and ISO 22000 certification. In March 2012, the Organic Extra Virgin Olive Oil received the Silver Medal at the 17th International BIOL competition in Citta di Andria in Italy. The company forms part of the Mamidakis Brothers Group, but most importantly it is a

product of yearning and love of the family who runs the business.

Olive Oil Extra Virgin Olive Oil ANOSKELI (product of organic farming) Packaging: In glass bottles 750ml Silver Medal at the 17th International BIOL Competition in Citta di Andria, Italy.

Extra Virgin Olive Oil ANOSKELI Packaging: In glass bottles of 250ml, 500ml, 750ml, 1L, 2L and 5L cans Certified with P.D.O. KOLIMVARI (PROTECTED DESIGNATION OF ORIGIN)

Wines Dry White Wine ANO PLAGIA Varieties: VIlana, Vidiano, Asyrtiko Packaging: In cartons of 6 x 750ml Product of organic farming Dry Red Wine ANO PLAGIA Varieties: Syrah, Cabernet Sauvignon, Grenache Rouge Packaging: In cartons of 6 x 750ml Product of organic farming

ARCH 28th, 2001 marked the onset of a new era for air transport in Greece, with the opening of the Athens International Airport “Eleftherios Venizelos”, which contributed to the transformation of the capital with one of the most modern, functional and safe airports in the world. Athens International Airport S.A. (AIA) was established in 1996 as a Public-Private Partnership with a 30-year concession to build and operate the airport. AIA is a privately managed company, with the Greek State holding 55% of shares, while the private shareholders collectively hold 45%.

Thanks to its favourable geographical location, state-of-the art infrastructure and top-notch service, the Athens International Airport has earned numerous international distinctions and awards, as well as the trust of passengers.

Today, it constitutes one of the major gateways to South-Eastern Europe and forms a unique entrepreneurial entity of economic and social development in the Attica basin. Over 15,000 people are employed as part of the airport community which consists of more than 300 companies closely connected to the Airport Company and contributes to its smooth operation while the Athens Airport City is one of the biggest employment engines in Greece, contributing to the national and local economy by 2,14% of the GDP, as proven by the Athens University of Economics and Business relevant study (2009).

During its 12 years of successful operations the airport served more than 170 million passengers through 2.2 million flights. AIA, however, is far more than just a gateway to South-Eastern Europe; aiming at continuous growth, AIA develops its extensive real estate assets, conducts large-scale commercial activities and exports the company’s pioneering know-how to aviation partners across the world.

Additionally, AIA’s 8MWp new Photovoltaic Park commenced operations in mid-July 2011, being , at the time of start of operations, the second largest in

Greece and the largest in an airport worldwide. Distinguished as one of the best airports in the world in the first years of operation, Athens International Airport offers a wide range of services and facilities, making each moment at the airport a pleasant experience for the travellers, their meeters and greeters, and the airport’s visitors.

Athens International Airport’s competitive advantages: - Unrestricted access to 24-hour operations from two independent runways and ample airside and terminal capacity - State-of-the-art technology and equipment - Highest standards in safety and security, offering 100% hold baggage screening - Efficient transfers offering a seamless and pleasant experience - Advanced cargo facilities: four independent cargo handlers operating on a 24-hour basis at dedicated, bonded terminals with a combined capacity of 275,000 tonnes per year - Opportunities for new routes and extra frequencies available - Attractive developmental & targeted incentives schemes for the airlines and extensive marketing support, for which the Airport has been awarded 11 consecutive times within the OAG Route Marketing Awards Although the airport has been impacted by the sovereign financial crisis, the company has addressed the market challenges by protecting its financial performance without jeopardising quality of services or safe and secure operations. As a result, AIA continues to offer value-for-money services to its passengers and to create value for its stakeholders, and through prudent planning the company views the future with optimism.

Attiki Pittas The Greek honey that reaches all corners of the world

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TTIKI BEE CULTURING COMPANY - ALEXANDROS PITTAS SA was founded in 1928 by the brothers Alexander and Panayiotis Pittas and constitutes the largest Greek company in its field. It was the first that established packaged honey in Greece.Since its inception until today, having made several innovative moves for its time, ATTIKI BEE CULTURING COMPANY made the Greek honey accessible to the wider audience by bringing it pure and natural to homes straight from the hive, while at the same time constantly promoting it internationally.

Exemplary are the following packages: (a) in box, that completely protects this very sensitive product, and (b) in the smart-pack (world novelty), which encourages the use of honey everywhere (office, home, school excursions, gym etc.) all day long. The retail sector made 85% of the company’s turnover, having as main customers the super markets.

With a comprehensive network of dealers, agents and special associates, ATTIKI is present throughout the Greek territory, with the brand varieties “ATTIKI” and “FINO” holding the largest market shares. In addition, the company “ATTIKI” is all but the sole supplier of honey to all major industries that produce food products with honey.

The company ATTIKI is exporting worldwide, in counties such as in the 82 │ Creative Greece

EU, the Middle East, the USA, Canada, Australia, Cyprus, Japan, China etc. while the demand is continuous and increasing. The exportation turnover proportion is 10%. Exports are always branded, and the products are placed in the best stores in the world, including HARROD’S and FORTNUM & MASON (London) and ZABAR’S (New York). Recently honey “ATTIKI” was awarded the highest distinction of three stars by the international organization iTQi.

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Export leaders

Apivita “Think local, act global”

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REECE has been facing an unexpected global and multilevel crisis.

It is a crisis of business ethics, social integrity, a crisis in politics and environmental issues and this is due to the lack of values, lack in entrepreneurship and lack of respect for the environment. Still WE at APIVITA, would like to see it as an opportunity for further development.

We believe that we should rebuild the brand of Greece. Greek businesses need to develop not only their internal ’outwardness’ but also their external one in order to overcome the financial crisis. They need to improve the quality of the products they produce and the services they offer their customers, so as to become more competitive, more “value for money”.

The Greek government along with the MEDIA should contribute to this effort as they can promote the Greek companies abroad, the best practices of Greek companies. It is of vital importance to focus on exploring the overseas markets just as we do in APIVITA as we believe the future is in the strategic sustainable development of the international market.

We should embrace the motto “think local, act global” as Greece has a unique natural environment, civilization and culture, history and tradition, tourism and shipping, unique biodiversity and organic cultivations that can be the cornerstones of the countries rebranding. We should encourage outwardness and promotion of the brand of Greece, worldwide. We need to establish channels of communication in all continents, with ambassadors of our philosophy, our products and our services.

We should activate and engage all of our productive forces and stakeholders (Greek people living abroad, embassies, opinion leaders, Greek companies etc).

We should not forget that there are almost 15 million tourists visiting our country every year and more than 7 million Greek people living abroad.

APIVITA is considered a living example of outwardness, of “ethical and sustainable, innovative and creative business”. For example, in terms of our in terms of research and innovation the past few years we have patented our in- house production method of propolis extract and we are involved in a European research program with companies and academic institutions form France and Spain. Furthermore in regards to our internationalization we have already established collaborations with very strong partners such as: IMAGINEX in Asia, AJINOMOTO in Japan, MARKS & SPENCER in the UK. The past few years, our focus was to grow in Greece. However, since 2008 we have been exploring the markets abroad and our strategy has shifted from growing in Greece to growing abroad. We believe our strong product and Nikos Koutsianas

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excellent brand provide us the edge for a fast yet sustainable penetration in the foreign markets. Our goal is to convert the 80-20 ratio that we have today local to foreign sales, to 20-80 in the next five years, through a strategic internationalization plan.

Our growth would primarily come from Asia and the US, as well as specific European countries. We believe that this will accelerate in the next years, once we establish ourselves in the foreign markets and we begin to build collaborations and partnerships with large companies abroad.

APIVITA is currently present across four continents, in the US, the UK, Spain, Belgium, Netherlands, Luxemburg, Romania, Ukraine, Croatia, Cyprus, Australia, Japan, Hong Kong and Singapore.

At APIVITA, we take that growth into account when building our future, which looks bright already: By integrating our production vertically with a new, “green” production and headquarter facilities near Athens. The new building will feature state-of-the-art green technology such as bio-climatic design, biological cleaning of by-products, energy-saving technologies. The full operation of the plant is expected to provide operational flexibility and allow for economies of scale. In addition, the majority of the product portfolio can be manufactured in the plant.

APIVITA FARM is a sister company that we have invested in order to vertically integrate the business, ensuring high quality organic certified raw material supply for APIVITA, since all the herbs that are been cultivated, are used in the production.

APIGEA, our newest investment, is an innovative Greek beekeeping company, active from the primary production of added value bee products to the commercialization of hive products such as honey.

Export leaders

Athenian Brewery SA

Cana

“Pours” Greek beer to thirty countries in four parts of the planet

Continual portfolio reinforcement with new products and collaborations

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THENIAN BREWERY SA is the largest beer manufacturing and commercializing company in Greece. It was founded in 1963 by a group of Greek businessmen and it currently has four factories in Greece, three for beer production in Athens, Thessaloniki and Patra, and one factory in Lamia producing the natural mineral water IOLI. The year 1965 was the milestone year for the company as it was then that it began the production of Amstel beer, while in 1981 it initiated the production of Heineken beer. The next years were followed by the bottling of the natural mineral water IOLI, the production of the Alsatian beer Fischer and the Greek beer ALFA, as well as the imports of branded beers like Erdinger, Murphy’s Irish Stout and Red, Duvel, Chimay, Kirin, McFarland and Carib. Today the company’s four factories in Athens, Thessaloniki, Patras and Lamia are employing 1.173 workers. In the time period from 1997-2010, Athenian Brewery SA has invested more than 460 million euros to improve and update its equipment. For the next years the amount of 100 million was planned for investments in infrastructure, environmental programs as well as packaging materials for its products. In a year of economic recession, the company continues to focus on its long term strategic objectives while making an “internal tidying up” by further rationalization of expenditures.

The company also has a strong presence abroad, exporting its products to 30 countries. In particular, Athenian Brewery SA has been active in exports since 1971 with some sporadic exports mainly to third countries.

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Since then, the exportation department, utilizing the company’s capacity and enhancing the portfolio of export products, has expanded its distribution network to international markets in the four corners of the globe, including North America and Canada, the European Union, Africa and Oceania and always look up to new markets.

To achieve its goal the company, which exports its products to 30 countries, has as key strategic objectives to further boost exports, by both strengthening its presence in countries where it already operates through the strengthening of its network partners and the developing of its portfolio of products -for example by launching a new product with 0.0% alcohol- and by extending the presence of its products into new markets especially in the Middle East, the United Arab Emirates, Israel, Bulgaria and Africa.

It is certain that the economic crisis which severely affects all commercial activities in Greece will adversely affect domestic consumption and tourism. The company, after several years of significant growth, has all the conditions required to address the crisis, but also seek to maintain reasonable dividend yields and create sustainable long term value for its shareholders.

As far as the company’s strategy is concerned, we will focus on strengthening the brands and enhancing our portfolio with new ones, on communication of social responsibility, control of operating costs, ongoing monitoring of financial liquidity and credit risk and on the further development of the Greek beer market.

OR MANY decades now, pharmaceutical firm Cana has held steady as a reliable associate for numerous multinational groups with a strong Greek market presence in basic health product categories.

Firms which Cana has maintained business ties with include well-known foreign companies such as Astra Zeneca, Nestle, Covidien, Molnlycke, Shar, and Seven Seas.

Cana produces, markets and distributes pharmaceuticals, technical medical equipment and products, food for specialized medical purposes, baby care products, baby food, as well as multivitamin supplements.

The company employs 175 individuals and, on the strength of its wide range of products, caters to most healthcare professions in Greece.

Considering the business potential generated by this reach, the company has formed specialized sales and marketing teams whose members maintain annual contact with over 33,000 medical field professionals, doctors and nursing staff, as well as over 7,000 privately-run pharmacists. For over a decade now, the firm’s sales and marketing departments have applied advanced information systems to manage customer ties. Furthermore, Cana maintains a medical support department.

Cana’s production plant strictly adheres to good manufacturing practice (GMP) procedures, as stipulated by the National Pharmaceutical Organization’s (EOF) and business partners, to ensure quality products.

The firm’s product line includes antiseptic solutions, antiseptic creams, tablets, and cosmetics. Its quality control unit checks and certifies Cana’s output, packaging, and distribution methods. Cana markets its products

in Greece, while, in some cases, exports as well, based on business agreements with partners.

The firm has committed itself to respecting business and medical ethics when promoting its products in the Greek market. Cana’s maintenance of such principles has established it as a reliable firm, both amid the Greek medical community as well as in its ties with multinational partners.

As a member of the Greek Pharmaceutical Firms Association (SFEE), the Greek Federation of Enterprises (SEV), and the Federation of Greek Children’s Food Enterprises (SEPTE), Cana operates in complete accordance with Greek law and industry principles. In its bid to maintain its position as a leading choice for multinationals seeking a local partner as a means of either entering the Greek market or penetrating it further, Cana is bolstering its business development with new products and new business activities.

In 2012, Cana strengthened its Greek market presence by forging two new partnerships with foreign firms and, furthermore, expanding its activity in pharmacies with the development of its own line of cosmetics.

More specifically, it assumed handling the local promotion of Durogesic, a cancer-related pain-reliever applied as a bandage, for the firm Janssen.

Cana also expanded its business activity in the field of general surgery by securing exclusive local marketing rights for Intromedix, a firm specializing in surgical equipment such as surgical staplers, stitch removers, and laparoscopic surgery apparatus.

In conclusion, Cana has developed its own line of beauty care products which it plans to promote in pharmacies during 2013.

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Export leaders

Chimar Hellas SA Α versatile company

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HIMAR HELLAS SA is an INNOVATIVE R&D company. It counts an international experience of 36 years developing industrial KNOWHOW in the field of wood based panels used mainly in furniture and construction. It has a focus on providing safe and environmentally friendly products and technologies, following the most stringent requirements worldwide and promoting the sustainability of its industry field.

CHIMAR is a versatile company active in the following: - Developing and providing innovative and competitive technology for the industrial production of adhesive resins and chemicals and their application in the manufacture of all wood-based panel types and grades. It is a pioneer in the field of reduction of the formaldehyde emission from wood panels, providing technology for emission at the level of natural wood. The CHIMAR technology is protected via a portfolio of 24 international patent families and via trade-secrets.

- Undertaking the engineering, construction, management, process support, revamp and procurement of equipment for chemical plants producing formaldehyde resins and chemical additives. CHIMAR has already completed over 14 projects all around the world.

- Producing and providing chemical additives in industrial quantities per order.

- Offering customer focused/third-party R&D, testing and evaluation services at laboratory/pilot and industrial scale, technical support for field industries (remotely and on-site), consulting and advanced training of personnel.

- Implementing R&D projects in collaboration with established research and industrial organizations and partly supported by the European Commission.

CHIMAR has participated so far in 35 funded projects and in 8 Science and Technology networks.

- Offering accredited testing of the formaldehyde emission potential of woodbased panels. CHIMAR lab is accredited as per EN ISO/IEC 17025.

- Offering techno-economic consulting services for the protection of Industrial Property rights (patents) as well as know-how (trade secrets).

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- Developing and applying management systems for Quality, Health & Safety and Environment, either for internal use or according to ISO 9001, EN ISO 14000, OHSAS 18000, for formaldehyde and resin plants.

- Acting as the distributor and agent for industrial fire and explosion protection systems.

The CHIMAR technology has been applied via licensing agreements in numerous industrial plants located in more than 37 countries. The wood panels produced each year using the chemicals of CHIMAR technology account for over 5% of the global wood panel production.

The international network of CHIMAR clients is currently spread in: AUSTRALIA, BELARUS, BULGARIA, BRAZIL, CANADA, FINLAND, FRANCE, GERMANY, GREECE, ITALY, MEXICO, PORTUGAL, SOUTH AFRICA, SPAIN, UKRAINE, USA.

Export leaders

Corinth Pipeworks

Cavino

Οne of most reliable pipe manufacturers worldwide

Εxports exceed 75% of total production

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ORINTH PIPEWORKS is a member of SIDENOR Group. SIDENOR Group is VIOHALCO’s steel production, processing and trading division. The Group is the largest long steel producer in South-Eastern Europe.

SIDENOR Group’s production and commercial operations comprise of 20 subsidiaries or affiliated companies with headquarters in Greece and another 16 in foreign countries. The Group retains a presence in Greece, Bulgaria, Russia and FYROM:

SIDENOR Group SIDENOR Group’s operational activity is fully vertical and includes the following sectors: - Production of liquid steel (meltshops): billets, slabs, blooms.

- Production of long steel products: concrete reinforcing bars, hot rolled products, merchant bars, wire rods.

- Production of pipes and hollow structural sections: line pipes for oil, gas and water pipelines, hollow sections.

- Production of plate products: steel plates, narrow hot rolled strip.

- Downstream operations: wire products, structural meshes and cages, concrete reinforcing steel fibres, by-product recycling, special highprecision bright steels.

CORINTH PIPEWORKS and its subsidiaries are SIDENOR Group’s pipe and hollow section arm. With its superior state-of-the-art production base and its extensive sales network both inside and outside Greece, SIDENOR Group maintains its leading position, through dedication to excellence in product quality, ongoing emphasis on innovation, investment in integrated technological equipment and the fully customer-centered approach of its activities. In an effort to maintain its competitive advantage at production level and commercial presence, SIDENOR Group remains focused on the

continued upgrade and expansion of its plants and distribution network, through an extensive, long-term investment programme which has exceeded euro 750 million during the period 1998-Sept.2012.

Activities CORINTH PIPEWORKS began operating in 1969 and within four decades, it has become a strong group of companies active in the production of medium and large diameter steel pipes for the transmission of oil, gas and water, as well as in the production of hollow sections for use in the construction sector.

The Group’s extensive experience on large-scale projects and high quality products has placed CORINTH PIPEWORKS among the most reputable pipe manufacturers worldwide.

The Group’s production plants are located in Thisvi, Viotia, Greece and Polevskoy, Russia. CORINTH PIPEWORKS’ clientele includes some of the largest oil and gas companies and reputable contractors as well, such as: Chevron, BP, the Public Gas Corporation (DEPA), Hellenic Gas Transmission System Operator (DESFA), OMV, GRTgaz, National Grid, RWE, Sonatrach, Spectra Energy, Energy Transfer, Denbury, STEG, Enbridge, Cheniere Energy, Talisman, PDO, ARAMCO, SOCAR, SONATRACH, ABB, EDF, EPCO, Oman Gas Company, DCP MIDTREAM, McJUNKIN, SPARTAN, SNAM, TIGF, SAIPEM, GENESIS, ALLSEAS, SUBSEA 7 and others.

The Group’s main production plant is located in the Thisvi Industrial Area in Viotia, Greece and its annual production capacity is 775,000 tons (metric).

The total area of the plant’s facilities is 497,000 m2, 83,000 m2 of which are covered. The plant began operating in 2002. The Thisvi Industrial Area includes a port which provides port and dockside cranes, forklifts and other cargo loading/discharging equipment. The use of the port facilities ensures that CORINTH PIPEWORKS enjoys reduced delivery times for raw materials and dispatch times for final products, as well as lower transport costs.

CORINTH PIPEWORKS’ second production plant is located in Polevskoy, Russia and is owned by the ZAO TMK-CPW joint venture, in which CORINTH PIPEWORKS participates by 49%. It was founded by the Group in cooperation with TMK, one of the largest pipe manufacturers worldwide. The plant has a total annual production capacity of 200,000 tons and distributes its products in Russia and the Commonwealth of Independent States.

CORINTH PIPEWORKS has been listed on the Athens Stock Exchange since 1998, while since 2004 the majority of the Company’s share capital is owned

by SIDENOR Group.

In early 2012, CORINTH PIPEWORKS S.A. announced the signing of a memorandum of understanding with the german manufacturer of equipment SMS Meer, for the supply of a new pipe mill that will have the capability of producing energy pipes with external diameters ranging from 16” to 56”, wall thicknesses of up to 40 mm, pipe lengths up to 18.3m, and steel grades up to X100, using the LSAW/JCOE production technique. By this planned investment, CORINTH PIPEWORKS S.A. is aiming at expansion of its product range in order to capture the fast growing global demand for high strength offshore and onshore energy pipes, which meet very strict quality criteria and thus offering a unique product range, and excellent customer service. With these products, CORINTH PIPEWORKS targets, among others, on Mediterranean Region, Gulf of Mexico, Latin America, West Africa and North Sea.

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AVINO has been producing high-quality wines for fifty-four years now. The Cavino firm has placed particular emphasis on exports because believes this is the best way of confronting the domestic difficulties. The firm is trying to find new markets for further support. Its aim is to achieve a better response for new products and offer a wider range of products so it can market a bigger proportion of exports to new markets, such as China and Russia.

The data until now shows that they are standing very well in Europe. The 75 percent of their production concerns exports - approximately five million bottles of wine and two million bottles of ouzo.

At this point in time, the firm is placing particular emphasis on the production of new labels, such as Mega Spileo, from the monastery in the region of the same name, as well as Deus, a sparkling wine, naturally fermented. These are new products that are already being supplied to existing stable markets.

Besides these two, they are also focusing on produce wines using new-world varieties, as well as various unique products, such as wines combining Greek and foreign varieties, which offer something different to consumers. Although Germany represents the 70 percent of all Greek wine exports, overall, they are trying to manage opening up other new markets.

Being always one step ahead Cavino had already begun a development program, some time before crisis began in 2009, budgeted at 1.7 million euros. This was an investment concerning production.

They renovated the entire production line with new machinery, the best in the Balkans at this point in time and also they upgraded the buildings.

Their plant’s production capacity for wine is up to 8,000 bottles per hour and for ouzo up to 6,000 bottles per hour.

Dodoni SA Leading export company in dairy products

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HE AGRICULTURAL Dairy Industry of Epirus DODONI SA was founded in 1963 by ATE and the six Unions of Agricultural Cooperatives of Epirus. Its sole business activity is the acquisition and processing of milk for the production and marketing of dairy products.

In recent years, the important milestones in the company’s successful path were the investments regarding the installation and operation of one of the world’s largest fully automatic production line for feta cheese and the creation of proper production mold in order to have the company logo embossed on the cheese.

DODONI is procuring milk from 7,000 producers – livestock farmers, dealing with 350 suppliers and 1200 customers and employs 150 permanent employees, 250 seasonal and 130

recipients of milk, thus playing a decisive role in the economic activity in the region of Epirus. In order to achieve further vertical integration of the production cycle, in 2009 DODONI expanded into the livestock fodder sector by founding a subsidiary called DODONI CATTLE FOOD SA with the distinctive title ZO.DO. Today DODONI ranks amongst the largest Greek dairy industries in terms of economic volumes and constitutes the dominant exportation company in dairy products.

DODONI products are being distributed since the 80s in almost all of the European Union countries, Australia, the United States, Canada, South Africa, holding significant market shares, while in recent years it infiltrated new markets in Eastern Europe, the Middle East, India and Russia.

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Export leaders

Domaine Hatzimihalis

Elpen

Awarded wine that stars in international markets

Innovative pharmaceuticals research center in Athens

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HE CREATION of the estate was initiated in 1973 by Dimitris Hatzimichalis in Opountia Locris, where the wine tradition reaches back to antiquity.

Today the estate covers selected locations in the valley of Atalanti and the surrounding mountain areas, sown with Greek and international varieties in an area of 2.000 acres. Apart from the estate’s production, there are a number of wines derived from cooperating local viticulturists.

The annual production is approximately 1.500.000 bottles. DOMAINE HATZIMIHALIS currently ranks among the largest estates in Greece, while several of the company’s products have been awarded prizes both in Greece and abroad.

The 30 wines that are being produced by DOMAINE HATZIMIHALIS are exported to a total of 15 countries, including Germany, France, Belgium, Canada and America.

Etem SA The innovative industrial company that “dresses” all of Europe in aluminium

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TEM SA, a subsidiary of ELVAL, was founded in 1971 and its main activity is the production of architectural and industrial aluminium profiles. After a series of major investments in modern equipment at its facilities in Greece and the Balkans, it was able to significantly expand

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its production capacity and the range of its products (with new high energy efficient systems, railings, screens, panels and reinforced doors) but also to expand its activities in foreign markets.

A period of great importance in the development of the company were the 80’s, when it implemented a series of investments that allowed ETEM to be an innovative company in its field.

Specifically, in 1983, the installation of the largest extrusion press in the Balkans was completed, with an extrusion capacity of 2,750 tons, while two years later the aluminium foundry in St. Thomas, Boeotia, was established.

Further Investments in modern extrusion presses, automation and quality assurance systems, tooling and machining equipment render ETEM a highly innovative and technologically advanced company in Southeastern Europe.

Today, the company has two productions facilities in Greece and Bulgaria, affiliate companies and offices in many Balkan and European countries, such as Albania, Romania, Serbia, Ukraine, France, Germany and the UK. Overall, in the last decade, euro 120 million have been invested in Greece and abroad. ETEM Group is exporting to over 23 countries.

62% of the group’s turnover derives from its international activity. Of the total international sales, 90% concerns EU countries and the remaining 10% is directed mainly to Europe and Asia. Overall, the company has a commercial presence in 40 countries.

During the last years, the group made investments totaling euro 9.8 million of which euro 1.6 million were related to the parent company and approximately euro 7.6 million to its subsidiary ETEM BULGARIA S.A.

T WAS a difficult year for the Greek economy in 2012 and, consequently, the local pharmaceuticals sector did not remain unaffected. In fact, it contracted significantly. Accumulated losses prompted by haircuts to bonds (PSI), as part of the Greek bail-out plan, difficulties faced by the state-run health fund EOPYY and hospitals in dealing with debt, as well as new price reductions, all contributed to the sector’s slump.

In addition, an unacceptable and ineffective new government regulation making the prescription of cheaper pharmaceuticals imperative came as a fatal blow for both the Greek pharmaceuticals industry and the quality of medical treatment offered overall.

Even so, despite the precarious business environment, the Elpen group managed to maintain its 730-member workforce in Greece and will make every effort to keep doing so in the future. It comes as part of Elpen’s company policy, one that aims to maintain a steady workforce and committed business course not only during good times, but also amid dire periods.

Elpen’s solid financial standing is supported by its healthy operating structure. This entirely Greek-owned pharmaceuticals producer, the country’s first, runs independent research centers and holds a wide portfolio of products. Its portfolio continues to be bolstered by the addition of new product categories.

Based on the quality of the firm’s operations and products offered, Elpen stands as a reliable and respected firm in the medical field. At present, a three-year investment plan is being carried out with the aim of modernizing and expanding its quality-control facilities and production capacity. At the same time, the firm is placing emphasis on completing specialized production areas for respiratory pharmaceuticals and other products.

The company’s investment program for the field of research is dynamic.

Its state-of-the-art research center in Pikermi, on the eastern outskirts of Athens, ranks as the largest private-sector research center operating

in Greece. At the same time, research is now in progress for the introduction of new and innovative pharmaceuticals to treat respiratoryrelated conditions.

Elpen’s objective is to maintain its leading position in pharmaceuticals administered in the medical fields of pneumonology, cardiology, and the central nervous system, while also maintaining a strong presence in other categories. With all this in mind, the firm plans to launch at least five new products by the end of 2013. The firm’s own Elpenhaler device, a novelty invented by the firm’s president, Dimitris Pentafragas, which is patented in over 100 countries, provides the company with a comparative advantage in the promotion of Rolenium, an Elpen-made pharmaceutical for the treatment of asthma and chronic lung conditions, as well as other products for respiratory cases.

At a time when export orientation is the only road towards distinction at an international level, Elpen is placing a lot of its weight behind increasing its exports, especially to markets in western and central Europe, Russia, the Middle East, and the Far East.

A study conducted in December, 2012 by IOBE, the Foundation For Economic & Industrial Research, on behalf of the Greek Pharmaceutical Producers Association (PEF), showed that the European pharmaceuticals production sector ranks among the processing category’s fastest export growers. Its growth rate is three times that of exports in the processing sector overall. Greece’s sector seems to be growing at an even faster rate, as its share of European exports has risen.

The pharmaceuticals production sector holds one of the largest shares of Greek processing sector exports. In other words, it ranks as one of the most significant sectors for local exports in the processing field, and is also an integral part of one of the European Union’s fastest growing sectors. The global competitiveness of Greek pharmaceuticals production is highlighted by its increasing share of EU exports.

Considering the Greek pharmaceutical sector’s significant role, until now, as a crucial cog in the local economy, and the sector’s potential to help steer the country out of the current recession and its major unemployment problem, a development policy for the pharmaceuticals sector needs to be planned and implemented.

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Export leaders

Elais-Unilever Hellas SA From Food and Beverages to Home and Personal Care, its brands are part of everyday life

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T LEAST once per day, almost all of us use a product from the vast family of Unilever’s products. With a variety of products that has been focused on Nutrition and Home Care goods, Unilever is ever-present in most households, whilst through ELAIS and EVGA companies it has a Greek personality.

Unilever Group entered the Greek market in 1962 through the acquisition of 20% of the company ELAIS, which was created in 1920. That first business “engagement” has evolved into marriage, with the acquisition of the majority of shares at the late 70s, while in 2008 Multinational Unilever took full control of ELAIS the Olive Oil Company.

Besides the Food Sector, having vast experience and strong presence in the Detergents Sector, the Multinational Group made a dynamic entry in 1963 in this market segment in Greece, by acquiring the undisputed leader-then and today-in the field of Bleach, Klinex. In 1987, it made another fresh start in the market for Ice Cream, this time with the products of Algida.

Today in Greece, the Unilever Group operates in the Sectors of Food, Home Care and Personal Hygiene under the name ELAIS-Unilever Hellas S.A. It is one of the largest companies that deal in non-durable consumer goods (excluding petroleum), distributing 1.600 product codes; it constitutes the No.1 Supplier of the corresponding Retail Market, brandishing its products in 35 different locations inside super markets. ELAIS-Unilever Hellas S.A. retains a leading placing in 90% of the product sectors it’s involved with.

Although the Greek market has only a few million consumers who are currently watching their purchasing power diminish, thus constituting only a small pawn on the chessboard of international trade, it is of great importance

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to the multinational giant Unilever. The leading company on consumer products has made a series of moves in recent years to restructure its group, and despite the unfavorable climate it has decided not only to maintain the production activity in numerous products, but also to invest in its expansion.

A very important step for the development of the company, was the purchase of the company’s EVGA Ice Cream brands from its Greek subsidiary of ELAIS-Unilever Hellas S.A., which was accompanied with a commitment for investment in the production and distribution of products of more than 25 million Euros.

At the same time, a constant wave of investments is being delivered for the Production Units at Rentis and Schimatari, where the creation of a Distribution Center is completed in November 2012.

It is worth noting that following the investments at Rentis, the Plant has become “strategic” for the Multinational Group Unilever, which means that part of the goods produced there will be exported to other countries in which the group is currently present. This development is an upgrade for the Greek industrial arm of the Multinational Group, for it should be noted that only in the last four years the Group has terminated more than 80 Factories worldwide. In Greece, the Group has 3 Factories and 2 Distribution Centers.

The exporting activity is pivotal to the strategy plan of ELAIS-Unilever Hellas S.A., thus the intense continuation of procedures for the promotion of the company’s Olive Oil products in three new markets: China, Venezuela and Russia. By adding these three markets, ELAIS exporting will reach the sum of 18 countries.

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Export leaders

Elval

Main Companies of the ELVAL Group

A Greek company playing a key role in the global aluminium industry

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LVAL’s successful involvement in aluminium rolling over the last 40 years has made it a global force in the industry. ELVAL is the only Greek company producing rolled aluminium products.

The ELVAL Group The ELVAL Group is the aluminium processing and trading division of VIOHALCO. ELVAL Group’s broad industrial base consists of 12 production plants in Greece, Bulgaria and the United Kingdom which produce a wide range of aluminium products distributed to more than 60 countries in all continents.

With its expanded production base as its main competitive advantage, along with its essentially outward commercial orientation, ELVAL and its subsidiaries have followed a course of dynamic growth for more than 40 years and currently constitute the largest Greek aluminium processing group. The main components of the Group’s successful business course include focus on research and innovation, flexibility at the production processes, strategic partnerships for exchange of know-how and an effective sales network.

ELVAL’s main rolled products are used in the following sectors: - Construction (sheets, coils): Building cladding, roofing and siding, roller shutters, garage doors, drop ceilings, etc.

- Rigid Packaging (sheets, coils) :Beverage cans, food tins and bottle caps - Flexible Packaging (foilstock): Aluminium foil for household use, cigarette packaging, Tetra Pak packaging, food packaging, medicinal product packaging, etc.

- Transport (sheets, coils): Shipbuilding applications, trucks (fuel tanks, etc.), train cars, etc.

- Household appliances / utensils (sheets, coils, discs) : Solar heaters, freezers, cookware - Automotive Industry (coils): Chassis parts, various parts, noise and thermal insulation, etc.

- Lithography Strips: For printing applications ELVAL's strategic objective and competitive advantage is the overall quality of its products and services. The Company’s chief goal is to meet the needs and demands of its customers from every aspect of quality, quantity and timely delivery.

For this reason, Elval has focused on: - Closer engagement with customers, - Innovation driven by Research and Development (R&D) - Application of modern organisational and administrative methods - Improvement of products and equipment processes Highly committed in providing complete customer service, ELVAL offers a number of support services, such as: - complete solutions through the companies in which ELVAL participates, including the ability to choose between a standard or a customised solution depending on requirements; - technical support before and after sales; - quick delivery service; - capability of recycling returned scrap, aiming at serving customers and conserving natural resources.

Given ELVAL’s strong export orientation, the level of quality of the final goods is the cornerstone of the company’s commercial success. Under this scope, all of 96 │ Creative Greece

the Group’s basic production plants are certified by local and/or internationally acknowledged organizations. With regard to the aluminium rolling production units, the production procedure of ELVAL’s industrial complex is fully certified according to ISO 9001/2008, while all products comply with European and US specifications and bear the quality marks of international organizations, such as GERMANISCHER LLOYD, TUV, LLOYDS REGISTER, DET NORSKE VERITAS etc.

Furthermore, ELVAL is certified according to the ISO/TS 16949 Quality Management Standard for the manufacturing of aluminium rolled products for the automotive industry. The ISO/TS 16949 Certification is recognized and accepted throughout the automotive supply chain as an industry benchmark.

For ELVAL, the achievement of high quality certified products is directly related to the environment. The protection of the environment is a binding commitment for ELVAL and thus, Environment has been incorporated into the Company’s strategy for Sustainable Development. Having fully harmonised operations with respect to the environment, ELVAL monitors and improves its environmental performance through its certified Environmental Management System in accordance with ISO 1400/2004.

ELVAL’s utmost priority is to achieve high quality with respect to the Health and Safety of its employees. ELVAL’s commitment in the area of Occupational Health and Safety is focused on creating a working environment free of hazards, injuries, safety incidents and occupational diseases. In order to assist in having integrated management of Occupational Health and Safety issues, ELVAL incorporated a certified Health and Safety Management System, by implementing the international standard OHSAS 18001:2007. The system’s field of application covers all of ELVAL’s production facilities, ensuring the company’s objective which is to improve working conditions and apply best practices regarding Health and Safety for all employees.

By investing in research and development, along with developing international technical assistance agreements, Elval aims for state-of-the-art technology and the continuous improvement of its equipment placing great emphasis in the creation of innovative products and technological solutions, powered by its continuously developing human capital. The professionalism, solid training and specialization of the people of ELVAL and its subsidiaries is the driving force behind the consistent and competitive quality of its products.

Supported by such highly trained personnel and focusing on fruitful collaboration with customers, ELVAL has managed to best respond to market needs and become a key player in the aluminium industry. It is the product quality, customer support and service excellence the essential elements that ensure ties of trust with customers, guaranteeing strong presence and long-term growth in the global aluminium markets.

ΕLVAL S.A. Production of rolled aluminium products.

ETEM S.A. Production of aluminium profiles for industrial and architectural applications.

SYMETAL S.A. Aluminium foil production.

VIOMAL S.A. Shaping of aluminium coils used in the construction of door and window roller shutters.

ELVAL COLOUR S.A. Aluminium coil and sheet coating, production of composite aluminium panels, corrugated and perforated sheets.

BRIDGNORTH ALUMINIUM LTD. Production of lithographic sheets.

AFSEL S.A. Marketing of automotive heat exchangers products. ΕLVAL S.A. ELVAL S.A. is the Group’s parent company and is active in producing and trading of rolled aluminium products. The company’s manufacturing facility in Oinofyta is the main pillar of the Group’s production activity. With an annual capacity of approximately 250,000 tons, it supports the majority of the Group’s consolidated sales.

ELVAL’s shares are listed on the Athens Stock Exchange.

ETEM S.A. ETEM S.A. began its operations in 1971 and manufactures aluminium profiles and components for the construction sector, aluminium bars and custom profiles for the automotive industry. Its aluminium extrusion plant is located in Magoula, Attica, and its subsidiary, ETEM BULGARIA, maintains large manufacturing plants and a logistics centre in Sofia, Bulgaria.

ETEM’s shares are traded on the Athens Stock Exchange.

SYMETAL S.A. SYMETAL has two production plants in Oinofyta and Mandra (Attica) and

produces aluminium foil (from 6 to 180 mic) and flexible aluminium packaging products for tobacco and food industries.

ELVAL COLOUR S.A. ELVAL COLOUR is active in coating rolled aluminium products and manufacturing composite aluminium panels, corrugated and perforated sheets. Its three production plants are located in Thiva, Agios Thomas (Viotia) and Oinofyta , and manufacture a wide range of products, including complete solutions for the construction of building shells. The ELVAL COLOUR plants manufacture, among others, etalbond composite metal panels for architectural and decorative applications, ELVAL ENF building facades, rain gutters and wall cladding.

Additionally, ELVAL COLOUR is supplementary to ELVAL’s manufacturing process by producing aluminium sheets for use in the automotive industry.

BRIDGNORTH ALUMINIUM Ltd BRIDGNORTH ALUMINIUM manufactures lithographic sheets and semifinished coils. Its production plant is located in Bridgnorth, UK, and the company is among the leading litho sheet manufacturers worldwide.

AFSEL AFSEL is a joint venture between ELVAL and the Japanese company FURUKAWA SKY ALUMINUM Corp. and is engaged in marketing and distributing aluminium products to manufacturers of heat exchangers for the automotive industry.

VIOMAL S.A. VIOMAL has been active since 1985 in aluminium coils’ processing for use in manufacturing roller shutters for doors and windows, screen and shading systems, retractable security doors and spacer bars for double glazing. The company’s production plant is in Nea Artaki, Evia, and its product distribution centre is in Kalochori, Thessaloniki, thus serving the needs of customers in Northern Greece and selected markets in the Balkans.

Elval Colour Coated aluminium architectural solutions

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LVAL Colour is a leading European manufacturer in the architectural coated metal products field. It was established in 1981, as a subsidiary of the ELVAL Group, the aluminium processing and trading division of VIOHALCO. From coated aluminium coils and sheets for roofing, Ydoral rain gutter, flashings, roller shutter applications to ELVAL ENF Corrugated sheets, ELVAL ENF Perforated coils and sheets, ELVAL ENF solid façade cladding and etalbond Composite panels. The company manufactures and sells a complete range of products in coated aluminium to meet all building envelope requirements. ELVAL Colour products are offered in a wide range of standard and custom made colours made in its own colour mixing lab and applied in one of the 4 coating lines to match any customer/project requirement.

The company has two manufacturing sites in Greece with state of the art equipment and employs 135 people. More than 90% of sales is exported to a total of 60 countries. The company’s vision is to be a reliable partner that offers value added services to customers by assisting in product specification and selection to best suit the needs of the project/application. Customer orientation and dedication accompanies production and product delivery. The people who work for the company enjoy what they do and are able to pursue their corporate goals and objectives with great energy and enthusiasm.

A leader in product quality and service, ELVAL Colour never seizes to detect customers’ needs and to respond effectively and efficiently to them.

Continuous R&D on various fields allows the monitoring of the evolution of technology, quality and environmental standards.

ELVAL Colour is a member of the European Coil Coating Association (ECCA) and is ISO 9001-2008 and ISO 14001-2004 accredited.

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Export leaders

Epsa

εzα

A story to quench your thirst

εzα protypos hellenic brewery

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ACK in the old days, several decades ago, soft drink production in Greece operated on a small-scale basis. Local demand in various cities was met by the efforts of small producers. Should we fastforward scenes from that era - as depicted by old black-and-white shots featuring wooden crates and other industry memorabilia - to today’s world of Facebook and mobile Internet, the comparison offers a stark, almost unimaginable, contrast. Even so, some firms continue to insist with tradition by continuing to produce soft drinks based on recipes of old. One such company is the Greek soft drinks and juices firm Epsa, based in the Agria region of provincial city Volos.

Epsa’s roots date back to 1924, when the neighboring Pilios region found itself with a surplus of local lemon production. At the time, two men, the Kosmadopoulos brothers, money changers by trade, picked up on the increased presence of small stores selling soft drinks, as well the growing number of roving vendors selling soft drinks. The activity prompted the two entrepreneurs to seriously consider setting up a soft drinks production plant.

A German chemical engineer was hired by the men to offer his assistance in creating a lemonade recipe and assisting with production. The initiative led to a closely guarded recipe that has remained unadulterated to this very day. As a result, the pair’s firm, at the time a refrigerator company based in Agria, was eventually renamed Epsa and turned to the soft drinks business.

From refrigerators made to preserve fruit and produce ice (an ice-producing facility operated until 1969), the firm switched to soft drinks. At the same time, it also supplied the surrounding regions with electricity.

Much has occurred over the nine decades or so that have elapsed. In 1937, Epsa was awarded a “Golden Quality” prize at Thessaloniki’s international trade fair. Epsa’s trademark curved bottle was designed soon after, in 1940. Later on, the Volos-based soft drinks producer found itself under the ownership of the National Bank of Greece, and, in 1969, was acquired by a new team of entrepreneurs, the Moskachlaidis brothers and Nikos Tsaoutos.

New investments increased the firm’s production capacity to 20,000 bottles per hour. New flavors and a variety of packaging options were added to Epsa’s production line. Then, in the 90s, the firm’s reach began expanding well beyond the local scene. Epsa products were distributed to two leading Greek supermarket chains, A-B Vassilopoulos and Sklavenitis. The move

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helped enhance the company’s image as a quality soft drinks producer.

Today, Epsa’s operations remain based in Volos’s Agria region, equipped with state-of-the-art production facilities. The firm continues to use topgrade water from the Agria region for its products. It applies ISO 9001:2008 and ISO 22000 quality control standards to its production line. In recent years, it added many new soft drink products – including cola with lemon, wild cherry, tonic, three iced tea flavors with stevia, a natural sweetener, eco orange drink and lemonade, light carbonated lemonade with stevia, as well as light carbonated orange drink with stevia – to its traditional product range of orange drink, lemonade, and soda water.

Epsa’s products are packaged in glass bottles, aluminium cans, and recycled plastic bottles (PET). The firm’s juices are packaged in TetraPak cartons.

Epsa products are sturdy sellers at supermarket shelves, and are also distributed to prestige outlets. The firm’s distribution network is continuing to expand with new sales point additions. The stand-out feature at Epsa is the firm’s way of making tradition seem like it is modern. Spurred by recent distinctions, the firm is continuing its successful course in the soft drinks market backed by the quality its brand name has assured over the years.

As for the company’s future plans, it intends to further expand and develop operations, primarily in the Greek market, without neglecting export opportunities. At present, exports represent seven percent of the firm’s total production, but company officials believe this figure may reach levels of between 10 and 15 percent.

Other plans for the near future at Epsa include more innovations in bio drinks, as well as further reliance on stevia as a natural sweetener.

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ZA, protypos hellenic brewery started its business operations in 1989 and is one independent and competitive Greek company which has been distinguished for its: - High quality products - Steady position in the mind of consumer - Solid and balanced relations with employees and partners With a modern plant of high production capacity, the Company employs more than 100 skilled employees in Atalanti, Fthiotida, Greece. Operating in absolute harmony with the natural environment, the plant has in the “heart” of its production the spring water from Parnassos Mountain; water of excellent quality and composition.

For the local, but also for the international market, the Company, using traditional recipes, produces high quality beer products made with selected varieties of summer six-row barley and aromatic hop. Having set a dynamic presence in the market segment of the premium quality keg beer and adequate distribution, εzα protypos hellenic brewery, follows a multi brand development strategy, developing owned and internationally known brands.

With its wide product range, εzα protypos hellenic brewery offers to the consumer a great variety of beers of supreme quality, establishing a strategic advantage of variety, quality and service, with aim to satisfy the needs of modern consumer. Produces two high-quality products, Berlin and Pils Hellas, through the “Long Maturity” that lasts at least 21 days! Recently, was added to εzα’s portfolio a new product, that complements its range of products, the first Greek summer beer, Blue Island. Blue Island is a product

of high quality that will satisfy consumers because of its Greek origin, its special taste and its modern package in clear bottle. “εzα” protypos Hellenic brewery develops an independent network of physical distribution in Attica and Sterea Ellada prefecture, while at the same time expands its export business. Currently the Company exports to: Balkan countries, Cyprus, Israel, Central Europe, USA.

Increase of share capital with Damma Holdings S.A. Participation “εzα” is proud to announce the increase of its share capital in order to finance its growth strategy.

With this capital increase, εzα’s management marks its commitment to the implementation of an ambitious but realistic growth strategy with main vision the consolidation of Greek brand names in the beverage cluster (beer, soft drinks and bottled water) under a common shareholding scheme targeting to a significant presence in Greek and foreign markets.

The implementation of above target has as main priority the support of exclusively Greek manufacturing and innovation and aims to capitalize the competitive advantages of Greek agriculture and processing industries as well as of modern distribution networks in the domestic and export markets.

The Extraordinary General Assembly of εzα, held on February 20th, 2013, decided to increase the company’s share capital by € 2,5 m, with the existing shareholders waving their pre-emption rights while the increase amount was covered by DAMMA HOLDINGS S.A. (D.Daskalopoulos’ investment company).

After the increase of the share capital and in combination with the direct purchase by DAMMA HOLDINGS of existing shares held by Mr. Syrianos’ family members, the new shareholding structure of εzα was formed as follows: 66.1% A. Syrianos and 33.9% DAMMA HOLDINGS. DAMMA HOLDINGS will participate with two new members to the sevenmember board of the company and will also take part in all important strategic decisions of εzα.

Consultant of DAMMA HOLDINGS, with substantial contribution to the completion of the transaction, is Core Capital Partners S.A. Creative Greece

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Export leaders

Eurobank Group

Famar

A European banking group that has remained at the top despite the economic problems faced by Greece over the last three years

The pharmaceuticals producer acquiring plants abroad

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UROBANK GROUP is a European banking organization with total assets of € 71.3 bn, offering universal banking across eight countries.

Eurobank is Greece’s second largest bank. It holds lead positions in Bulgaria, Romania and Serbia, offers discerning Wealth Management services in Cyprus, Luxembourg and London and is also present in the Ukraine.

The Group offers a full range of banking and financial products and services to households and enterprises. Retail Banking, Corporate Banking, Investment Banking and Asset Management are part of its activities. The Group offers customised client service, based on the combined knowledge and experience of its employees, across all countries of presence. The performance of the Eurobank people is recognized through numerous awards and distinctions that the Group receives at a local and international level.

Eurobank Group, throughout its history, couples corporate activity with responsibility towards its stakeholders, including employees, clients, shareholders, society and the environment. Education, culture, charities and care for the environment are long-standing pillars of the Group’s Corporate Responsibility programme. Moreover, in the present economic juncture, Eurobank has launched initiatives in support of innovation and corporate extroversion. Thus the Group upholds modern entrepreneurship as a key driver for the revival of the Greek economy and a main factor of economic growth in all countries of the Group’s presence.

For a fifth consecutive year, Eurobank Asset Management M.F.M.C. retained its leading position in the areas of mutual fund management, asset management and third party fund selection in Greece in the countries where the Eurobank Group operates. Eurobank Asset Management M.F.M.C., during the most difficult and critical year for the country’s economy, managed to achieve an impressive increase of its assets under management, which exceeded 2.8 billion Euros. More specifically, as of 31.12.2012, the funds under management are analyzed as follows: 1,778 million Euros in Mutual Funds 515 million Euros in Institutional Portfolios 560 million Euros in Third Party Mutual Funds Eurobank Asset Management M.F.M.C. distributes its mutual funds in Greece, Bulgaria, Romania, Poland, Cyprus and Luxembourg to a client base of more than 80,000 clients. The company is also distinguished for its expertise in the area of institutional asset management, having been assigned the management of fifteen segregated mandates in Greece, Cyprus and Luxembourg. Finally, the third party mutual fund selection services (Open Architecture) are offered both to retail and institutional clients in Greece, Cyprus and Luxembourg.

Fage

Against the recession and the confirmed trend of deindustrialization in the pharmaceutical sector, an industry continues to invest in the development of its production capacity and in the strengthening of its extroversion. Controlled by the Marinopoulos Group, within the last ten years, the Famar industry has multiplied its production capacity by acquiring industrial plants abroad, evolving in a strong partner for the large multinational pharmaceutical groups. Indeed, last July, the group acquired another production unit, the Sanofi-Aventis plant in Madrid.

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AMAR was founded in 1949 and today it constitutes the “industrial arm” of Marinopoulos Group, producing and distributing medicines on behalf of other companies. The base of operations in Greece is situated in Alimos, but the true heart of its production activity is situated in Avlona, where it retains contemporary facilities. The company’s basic field of operations is the production of goods for third parties, primarily for multinational companies, though not in the form of contract, since the production process, resourcing and distribution is managed by the Marinopoulos Group rather than by its multinational corporations-customers.

The development of the company was based on a series of acquisitions, first being the buy off of the Ciba-Geigy plant (now Novartis) in Greece in 1990 and followed by the factory Pfizer in 1993, the Roche plant in 1994, the production unit of Squib in 1995 and the Santoz plant in 1997. The first move abroad was made in 1999 with the acquisition of the Roche factory in Holland, followed by that of SmithKline Beecham in Milan in 2000.

The continuation of the ambitious endeavor was given on French soil with the expansion of Famar’s local productive activities in 2001 through,

firstly, the acquisition of the Novartis plant in Orleans -which was producing solid and liquid pharmaceutical formulations, and secondly the buy-off of Aventis Pharma, 130 kilometers west of Paris, that produced solid pharmaceutical formulations. In 2004, the Greek group began the completion of its current production capacity on French soil with the purchase of the Aventis’ production plant of solid and liquid pharmaceutical formulations, near Lyon, and in early 2007 it proceeded to purchase another unit from the French industrial company Abbott, in St. Remy, which specialized in the production of freeze-dried and cytostatic pharmaceuticals products.

The expansion in France was completed in 2009 with the acquisition of the American factory of Johnson & Johnson in Orleans that specialized in the production of liquid and semisolid pharmaceutical formulations. With the recent takeover of the Spanish Sanofi “production arm”, the Greek company solidified and strengthened its presence in 50 international markets, while the plan is to further invest in the expansion of its production facilities by 1000m2. Today Famar serves 150 different Customers and generates 5.500 different product codes.

Conquering the U.S. market

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YNONYMOUS’ with Greek packaged yoghurt, the dairy industry FAGE has managed to remain on top of its industry for more than 35 years, while it has evolved to become the ambassador of the product worldwide and particularly in the U.S. The company’s extroversion in recent years has provided such dynamic that, despite the difficulties in the Greek market, FAGE shows growth; its issued corporate bonds have been evaluated by Standard & Poors to levels that are far above those of the Greek state, despite the fact that it’s a Greek company. FAGE was founded in 1926 when Athanassios Filippou, grandfather to the current generation that manages FAGE, created a patisserie in Patission Street which produced yoghurt and desserts based on milk.

The reputation of the family business and its products spread rapidly and an organized network of wholesale yoghurt gradually developed in the general region of Attica. In 1964, the two brothers, John and Kyriakos Filippou, assumed 100 │ Creative Greece

the reins of the company and organized the first laboratory for milk testing inside the new industrial production plant for yoghurt that they established in Galatsi.

This shift of areas of operation to Galatsi was a big step that significantly contributed to the successful growth of the company. The transfer of the company’s facilities to Metamorfosi was completed in 1975, where yoghurt was standardized for the first time with the creation of an innovative product, known as Total.

In the early ‘80s the first Total exports were attempted to England, crowned with great success, which was repeated in the Italian market, followed by other European Union countries and many other markets such as Australia, Hong Kong, Ethiopia and the USA. In 1991, FAGE enters the sector of cheese and in 1993 the milk sector. The year 2008 was a milestone for the company on account of its initiating operations in America through its new yoghurt production plant. The company is experiencing huge growth in the U.S. market, which translates to a significant rise in sales and profits for the group.

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Export leaders

Fidas SA

Galenica

The winning card in Greece’s footwear manufacturing sector

Investing in research

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HE STORY of the Fidas family enterprise is integral to that of the country’s footwear manufacturing sector, as its business endeavors have run for over 90 years. Beginning operations in 1919, Yiannis Fidas built the fundaments for the company as it stands today. Now led by the founder’s great grandson Panagiotis Dais and granddaughter Mina Fida-Dai, the Fidas firm has long spread its presence beyond local confines, and exports to Europe and Cyprus.

History and development Founder Yiannis Fidas returned from the USA in 1919, bringing with him production machinery and equipment which he applied to set up a small-scale footwear production facility in Kalamata, southern Greece. His son, Dimitris Fidas, assumed control of the business later on. During World War II and the conflict’s widespread devastation, he relocated to Athens with his wife Maria and launched a small-scale manufacturing plant for good-quality men’s footwear in the central Psyrri district. The firm was recognized for its quality products at the country’s first trade fair.

The family’s passion for this line of work was passed on by Dimitris Fidas to his daughter Mina and her husband Yiannis Dais. The duo expanded the company’s Athens production facility, at Labrini Square. About a decade later, the company relocated to the foot of Mount Parnitha, on the northern outskirts of Athens, where it is still based today. The company’s manufacturing plant and offices are located on a large company-owned expanse. In 1990, following the death of Yiannis Dais and the demise of the Soviet Union – the development generated economic turmoil in the footwear sector - and with Greece having already entered the European Union, Mina Fida-Dai Mina Fida-Dai

resisted prevailing conditions and avoided becoming a merchant. Instead, she decided to invest further in manufacturing.

Despite the adverse conditions at the time, her experiment worked. The success of Mina Fida-Dai’s Boxer brand-name shoe proved that her firm could prosper both locally and abroad.

Backed by a well-run manufacturing plant and a capable administrative team led by her son Panagiotis Dais as managing director, Mina Fida-Dai’s firm overcame damages caused by a powerful earthquake that shook Athens in 1999. At present, the firm manufactures and markets 3,200 pairs of shoes per day for men, women, and children in various styles, all comfortable, attractive and durable.

In 1996, Mina Fida-Dai’s Boxer brand won a Euroward quality prize in Brussels, as well as an Athens Chamber of Commerce & Industry (EBEA) prize for best brand name. Boxer earned further distinction in 2003 with a quality prize cogranted by EBEA and the Development Ministry.

In 2010, the firm’s manufacturing facilities were upgraded, giving it production capacity of 8,500 pairs of shows per day. The firm is seeking to enter new markets abroad.

ALENICA ranks as one of Greece’s biggest pharmaceutical firms with a leading role in research, commitment to social health, and emphasis on the development of high-quality, innovative pharmaceuticals.

The firm was founded in 1974 by two pharmacists, Dionysios Varelas and Vasillis Tamvakas, and soon developed into one of the sector’s most dynamic companies, spurred by an exceptional growth rate.

Galenica became the first Greek firm to focus on the acquisition and implementation of know-how through associations with major foreign research centers. The firm also developed its own know-how to produce innovative pharmaceuticals, now being successfully exported to Balkan countries.

In recent years, Galenica has invested in the biotechnology domain, a move that reflects the firm’s acknowledgement of the approach’s importance in discovering new ways in therapy and prevention.

The company’s well-trained workforce, numbering 300 persons at present, has been a key component of its successful course.

The Galenica firm owns its production facility, a two-acre plant on a plot of land measuring five acres in Halkida, the main town of the island Evia, just northeast of Athens.

Various pharmaceuticals are produced at the plant in accordance with international standards and regulations. The firm adheres to production procedures as stipulated by an industry standard known as the Good Manufacturing Practice (GMP) that also includes environmental protection measures.

The firm’s main research activity takes place at the facility, its aim being to develop new and innovative pharmaceutical forms and products.

Galenica’s long tradition in pharmaceutical production and development, combined with quality control standards, ensures the production of various types of high-quality pharmaceuticals, including tablets, dissolvable pills, syrups, solutions, creams, and sprays.

International activities Paying close attention to the demands of the times, developments, conditions and changes in the international pharmaceuticals market, Galenica has maintained a policy that is open to innovation. The firm has participated in numerous associations with research centers based in Europe, the USA, Japan, and India.

Investment in research Galenica is highly active in research for the development of new company products, as well as development and co-development of new pharmaceuticals and therapies for various categories. Security and effectiveness of high-quality pharmaceuticals are top priorities for the firm.

It collaborates with Greek and foreign universities, as well as research centers and other firms, both in Greece and abroad, in the domain of research. Galenica is also a partner in a new firm, Expermed, where research efforts are being conducted to create new pharmaceutical forms.

Exports As part of the company’s overall drive to boost sales, it has taken successful steps into other European markets, with a particular focus on Balkan countries.

In recent years, Galenica has developed growing business activity in Romania by providing its expertise in pharmaceuticals to the neighboring country.

Fix / Olympic Brewery S.A. Focuses on the development of the beer market

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LYMPIC BREWERY S.A. is a purely Greek-owned, fast evolving company that was set up in January 2010. It owns the lager FIX Hellas brand, the first and most historical Greek beer and the premium lager FIX Dark brand, which created a new category in the domestic market of black beer. The ultra-modern privately owned brew house of Olympic Brewery, where all the products are produced, is located in Ritsona area, in Evia.

Since its establishment, Olympic Brewery has demonstrated that, alongside its investment program, it focuses on the development of the beer market in Greece, its great contribution to the national economy, the responsible investment on raw material and the support of the Greek farmers and producers. At the same time, Olympic Brewery is an example of a healthy Greek business overseas as it exports its high quality and tasty Greek beer to 18 modern international markets.

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Creative Greece

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Export leaders

Gaea Following a unique path

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AEA’S vision and mission is to be the absolute leader in the category of Mediterranean Greek cuisine-meze in the international fine foods arena, synonymous for quality, tradition, authenticity and innovative Greek specialty foods. From its very first day in existence, Gaea follows one unique path. A path that combines the values of olive oil with tradition and innovation.

That gets inspired from only pure, high quality products and combines them in amazing recipes. That loves Greece with passion, but never ceases travelling around the world. That enjoys life. That has vision and appetite. All these are essential elements of Gaea’s philosophy. The corporate strategy is to promote and sell in the international markets and Greece a Portfolio of authentic Greek Mediterranean products consisting of both innovative value added recipes and traditional ingredients. The product portfolio has been designed to provide the essential ingredients and products for promoting internationally Greek “meze” as the authentic Greek Mediterranean lifestyle and cultural culinary experience.

“Gaea”, Mother Earth in the history of creation in ancient Greek mythology, is a symbol of fertility and the goodness of earth. Since antiquity, Greeks worshipped and respected the natural products of their land, developing a simple, yet effective diet, with health promoting properties. Traditional Greek dishes are still made from recipes handed down from generation to generation.

Gaea was founded in 1995 upon the finding that Greek agricultural food products, despite their inherent high quality and good taste, were absent from international markets.

Contemporary Design Our original orange and black corporate colours in the label reminiscent of ancient Greek pottery used to store foods. Our corporate image redesigned in 2005, maintaining orange and

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black colors but also adding a modern and stronger impact by illustrating the bright Greek sun and recreating a Mediterranean atmosphere. The concept of the new layout is based on “Holiday memories & People”.

Who once spent his holidays in Greece, remains fascinated by the deepblue sea, the clear skies, the small, white houses and the rural influenced Mediterranean scene and its population. Here, products of the Gaea brand evolve according to traditional methods and recipes. Products which remind of the country and its population.

Re-inspire Greece: an institution is born

GAEA organizes for the first time this year, the “Re-inspire Greece”, aiming to help but give a strong motive to young people to engage in the primary sector. Through the “Re-Inspire Greece”, GAEA in cooperation with Piraeus Bank and the American Farm School seeks to promote innovation in addition to a new culture around the land. It is basically a competition where young people aged 18 to 35 years who live in our country but also the young Greeks abroad, are invited to submit their business plan for setting up a business in Greece, concerning the primary sector. Through this competitive process, the 10 most innovative proposals that will emerge will be rewarded with 25,000 euros each from GAEA. Additionally, Piraeus Bank, a partner in “Re-Inspire Greece” allows favorable financing to implement the winning proposals. Finally, GAEA will open the entry for the winners, offering it’s extensive and global distribution network, the American Farm School will offer valuable advice expertise, while the accounting firm RSM International will provide free legal and accounting support to the winners.

The submission of nominations for the contest can be sent

by June 30, 2013 and the winners will be announced on Aris Kefalogiannis, CEO November 15, after the evaluation of the candidates.

Export leaders

GeCa Orfanidi Bros SA

Greek Aluminium Sector

Reliable and connected to the international markets

A highly competitive industry

G

T

ECA CABLES ORFANIDI BROS SA, known for its products under the brand name GECA CABLES (energy, telecommunications, data transmission and optical fiber cables), was founded in 1970 by converting similar Trade Enterprises, and since then it has continued its work with great success. The company owns a cable factory near the Corinth Canal, with indoor space of 12.000 square meters on private land of over 100 acres.

The factory is equipped with machinery of the latest technology. The result of the company’s continuous modernization is the increased production capacity and product quality in order to be able to cover all customer requirements in Greece and abroad. Currently, international sales hold the lion’s share, as the exported products percentage is over 70% of the total turnover. There is significant activity in the UK market as well as in the Balkan countries, Cyprus, France and Israel.

The company has also set up a subsidiary trading company of electrical equipment in export in the wider Balkan region. The company, which invests strongly in the department of Research and Development, has on its payroll an excellent professional staff of trained and qualified employees, who

prepare, study, produce, sell and provide services and assistance to a large number of satisfied customers. Undoubtedly this is one of the leading cable manufacturing companies in Greece and the wider Balkan region.

HE MAIN characteristics of the aluminum sector, which began its development in the mid-60s with the establishment and operation of an aluminium production plant that allowed the exploitation of domestic bauxite deposits, are its: - vertical development: from bauxite extraction to internationally certified end uses - competitiveness: average annual growth rate around 7% in the exports during the last 10 years

Genesis Pharma Penetrating the Balkans with biotechnology as its spearhead Based on the idea of an innovative business activity that made use of the available opportunities in biotechnology, the company GENESIS PHARMA managed in less than 15 years since its foundation to evolve into a powerful pharmaceutical company that a few years ago was second in hospital sales nationally. In addition, it has developed a remarkable activity in the Balkans and in Cyprus by distinguishing early on the opportunities offered by the industry in the region, relying on its good relations with multinationals as well as on its substantial expertise.

T

HE COMPANY was founded in 1997 and two years later proceeded to the founding of a subsidiary under the name GENESIS PHARMA (Cyprus) Ltd. Having as its core business activities the sale, promotion and distribution of pharmaceutical biotechnology products, GENESIS PHARMA has developed strategic alliances with 13 of the top companies in the market of biotech products worldwide, including AMGEN, BIOGEN IDEC, CELGENE, CEPHALON, PHARMAMAR, SHIRE and VIFOR. In 2001 and 2004 the company created representative offices in Romania and Bulgaria respectively. The company imports and promotes in Greece and Cyprus a unique portfolio of innovative pharmaceutical biotech products, mainly covering the specialized therapeutic areas of Hematology, Central Nervous System, Nephrology and Oncology. Many of the company’s products are intended to address the therapeutic needs of patients with rare chronic diseases which until recently could not be effectively treated.

Today, GENESIS PHARMA has managed to be among the most successful Greek pharmaceutical companies, based on economic figures and growth 106 │ Creative Greece

rates. Gazing at the future, and guided by the very same values that elevated it, the company aims to continue its dynamic development in order to be able to give even more patients real hope for a better life.

by, Eleftherios Tafroglou President of Greek Aluminion Association - international presence: production plants in U.K., Germany, Romania, Bulgaria, Albania, Serbia, Bosnia and Croatia, wholly owned distribution centres and commercial presence to more than 50 countries.

Today, the aluminium industry is one of the most dynamic of our national economy with 7.000 large and small companies which employ more than 30000 people either directly or indirectly. It is the most export oriented sector with its exports to represent 7,6% of the total Greek exports and has the second best commercial balance of exceeding 280 million € (1st half of 2012) at national level. The exports represent 77% of the total sales and 78% of them are directed to the E.U market. Due to the difficult economic conditions in the country, exports are and should be a permanent objective of the companies of the aluminium sector.

Thanks to the unique combination of its properties, the variety of applications of aluminium, specially the sustainable ones, continues to increase. In the international market there is a growing demand for aluminum in particular in automotive and transport sector.

Its use in this area is most widespread in cars, airplanes, on buses, on fast ferry boats, trams and all kinds of trains. The aluminum industry although the problems is facing, with its dynamics, high quality know - how (products, plants, operations, H.R, start-ups, engineering support) and certificated products, is still very powerful determinant in the evolution of the economic size of the national economy with international appeal and acceptance as to the variety and quality of products in the international markets. The Greek aluminum products in general are internationally accepted and this acceptance reflects the achievements of the Greek aluminium sector.

Ino SA Serving wine to more than 15 countries

I

NO SA was founded - in its current form - in July 2001, combining in a unique - for the Greek standards - way its business activity with the ongoing support to the region’s viticulture, having as partners the local vine-growers from whose grapes its wines are created.

This relationship allows the viticulturists to ensure the availability of their grapes and to participate in the company’s results, while on the other hand enables the company to have a lasting connection to more than 10.000 acres of its members’ vineyards. INO SA has a contemporary winery-bottling plant in Thebes, which along with the other wineries of the group, has the ability to process large quantities of grapes as well as produce, store and bottle up to 200.000 hectoliters of wine annually. The group’s wineries are processing grapes from all over Greece: Macedonia, the Peloponnese, Crete and Mainland Greece. Today INO SA is a rapidly growing wine industry in Greece, exporting to more than 15 countries, with major destinations in Germany, Holland, Poland, Great Britain, Belgium and the USA. In fact, INO is one of the largest and most important exporters of Greek wine in the German market; the rate of turnover corresponding to exports reaching 25%. INO SA has a significant place in retailing, with ongoing investments in

the production sector and constant development of new products.

INO’s products that are prominently featuring in the company’s sales are the following: LIKNO, INO VARIETY, INOPOIIMATA, MELODIKOS, INO VARIETY PREMIUM and RETSINA GIORTASI.

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Export leaders

Greek Wines Cellars SA

Hellenic Duty Free Shops

The No. 1 Greek wine production company

Duty Free Shops ranks customer satisfaction as its top priority

“G

reek Wine Cellars - D. Kourtakis S.A.” was established in 1895

by Vassilis Kourtakis (1865 - 1946), the first Greek oenologist in contemporary Greece to hold a degree in oenology.

In the late 1960’s, Vassilis Kourtakis, the third generation of the Kourtakis family and today’s Chairman and Managing Director of “Greek Wine Cellars – D. Kourtakis S.A.”, took over the company’s reins. His entry into the company was accompanied by fresh ideas, youthful drive, and plans to conquer new markets beyond the borders of Greece.

In the mid-1980’s Vassilis Kourtakis created a state-of-the-art winery in Ritsona, Viotia. The company adopted cuttingedge winemaking methods and engaged in the production of a new range of non-resinated wines. In 1985, the company launched its Apelia range. The new wine came in 75cl and 1.5 liter bottles and was destined for the Greek market as well as export markets.

In 1992, the rapid pace of growth of its exports and the need to expand its wine portfolio led the company to enter into a pioneering co-operation with the Calliga winery. “Greek Wine Cellars” would take over both the production and sales of the Calliga products in Greece and abroad, thus Vassilis Kourtakis, President of GWC S.A. adding a premium quality range of wines to its

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own portfolio. Additionally, the export drive of the company continued to take off, with exports to 32 countries around the world. In 2000 exports accounted for nearly half of the company’s annual turnover.

In 2004, the company took yet another decisive step by buying 50% of the share capital of “Oenoforos S.A.”, thereby undertaking to sell the “boutique” wines of the noted and respected winemaker, Angelos Rouvalis.

In late 2009 “Greek Wine Cellars” began a co-operation with the group “Grands Chais de France” to distribute the GCF products in Greece. By this move, “Greek Wine Cellars” added to its product range a renowned selection of imported wines, both still and sparkling, that were previously entirely absent, thereby complementing the company’s own portfolio of Greek wines.

The latest successful deal was concluded by “Greek Wine Cellars” in March 2010. By this it became the sole distributor of the Babatzim products in both Greece and abroad. Anestis Babatzimopoulos is a gifted winemaker and distiller who, on his estate at Ossa, near Thessaloniki, produces the famous ouzo and tsipouro that have rightfully earned him the title of “master of distillation” year after year.

Through this latest commercial partnership not only the choice wines of this noted vineyard in Macedonia have been added to the wine portfolio offered by “Greek Wine Cellars” but also, for the first time, the company has entered the spirits business, by selling and distributing the premium Greek distillations of ouzo and tsipouro from Babatzim. www.greek-wine-cellars.com

S

INCE 1979, Hellenic Duty Free Shops has offered travelers terrific deals by making available new, modern and authentic brand name products at competitive prices. Over a 34-year period, the company’s outlets have established themselves as pivotal stops in the journeys of both Greek and foreign travelers. Every year, 27 million travelers stop to browse through Hellenic Duty Free Shops, while roughly 10 million of these opt to shop.

The company has stood out for its sturdy growth rate and high-quality services offered to customers. Starting out with four outlets in 1979, Hellenic Duty Free Shops now operate a network of 97 outlets at 45 points (22 at airports, 11 at border crossings, 12 at ports).

The firm’s acquisition by the international trading group Folli Follie ushered in a new era for the company and Greek entrepreneurship. The development prompted international recognition for the firm while also bringing its ambitious investment program to the center stage. The most recent highlight in the long and successful course of Hellenic Duty Free Shops was a deal clinched with Dufry A.G., one of the sector’s largest firms, internationally, with 1,200 outlets in 44 countries. This partnership, rated as the largest investment made in Greece over the past three years, transformed the local travel retailer leader into a business with a true international presence.

Hellenic Duty Free Shops also founded a subsidiary, Ellinikes Dianomes SA, which allows it to operate retail outlets selling taxed goods at free-access areas in airports and at ports. The subsidiary also provides merchandise world-renowned brand name products – on cruise ships, ferry boats, cargo ships, naval ships, and at embassies.

“The respect shown for individuals working at the company, as well as for local communities wherever we operate outlets, stands as a key principle at the company,” noted Tzortzis Koutsolioutsos, managing director at Folli Follie group. The firm’s drive for continual growth, a basic value at the company, has established it as a leading firm in the Greek economy in recent years.

Despite a 6.8 percent decrease in passenger traffic, the firm achieved a 6.63 percent sales increase for the first nine-month period of 2012 compared to the equivalent period in 2011, or 230.2 million euro compared to 218.8 million euro. The travel retail sector registered a strong performance with an EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) figure of approximately 78 million euro in 2011.

“Growth requires new investments. Without investments, there is no reduction in unemployment, there is no growth, there is no GDP growth, there is no

hope for the future,” stressed Giorgos Velentzas, the firm’s deputy managing director and general manager.

Based on its investment plan for 2009-2011, worth 31 million euro, the firm invested 17.2 million euro in the travel retail sector, to revamp and expand existing outlets, as well as to establish new stores. Investments in this domain for 2012 reached approximately 5 million euro.

As part of an overall drive to capitalize on the growing aerotropolis trend - or airports as cities - the firm’s current investments are focused on airports; airport malls; border crossings; ports, as a result of the rapid rise in cruise ship business activity and the increased flow of Turkish visitors to the Aegean islands; and at marinas, where new outlets are being established. (Folli Follie has secured the business rights for the Mytilini marina in a deal also involving the firm Setur as a patner.

Plans are also in the making by the company to push for further growth in emerging markets. The firm Dufry is also backing this effort.

A frontrunner in its field, Duty Free Shops ranks customer satisfaction as its top priority. It offers a wide range of products at unbeatable prices. By constantly revising its mix of products on offer, and often making available to travelers new products that have yet to hit the wider market, the company satisfies customer demands to the fullest. Also, discount offers are varied and renewed every few days.

The company’s stores offer customers a pleasant and friendly ambience. The product range includes complete perfume selections, brand-name cosmetics, tobacco and accessories, spirits, local Greek products, as well as brand names such as Victoria’s Secret, Hermes, Bvlgari, Folli-Follie, Links of London, Burberry, Armani Jeans, Boggi, Juicy Couture, Ermenegildo Zegna, and UGG. Ultimately, Hellenic Duty Free Shops stands as a final, and enjoyable, stop in Greece for travelers preparing to depart.

Company distinctions The firm was ranked 7th in “The World’s Top 50 Giant Operators, 2010”, based on Generation Research data. In 2008, the Athens Chamber of Commerce & Industry awarded the company the Export Activity prize for its performance in 2007. It was also granted a Best New Beauty Stores award for its perfume and cosmetics outlets in the Intra Schengen region and Athens international airport, this award offered by the Duty Free News International in 2010.

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Export leaders

Hellenic Cables Leader in the Greek cable industry market

H

ELLENIC CABLES Group is the largest cable industry in Greece, owning five production plants, four in Greece and one abroad. It is an export oriented Group with a significant commercial presence in international markets.

Since its establishment, the Company has focused on incorporating cutting edge technologies and aims to manufacture competitive products destined for the international market. The Group’s plants manufacture a wide range of products including power and telecommunications cables, enamelled wires, copper wires and compounds. The main subsidiaries of HELLENIC CABLES are FULGOR, which manufactures power cables & 8mm copper rod and ICME ECAB, a power & telecommunications cables’ manufacturer.

HELLENIC CABLES SA is listed in the Athens Stock Exchange since 1994.

Products HELLENIC CABLES produces all types of power cables, submarine cables, overhead copper and aluminium conductors, telecommunications cables (copper and optical), plastic and rubber compounds as well as enamelled wires, being the only producer of such wires in Greece. In brief, the Company’s product categories are:

Power cables - Indoor installati on cables - Control cables - Industrial and outdoor installation cables - Fire-retardant, fire-resistant, halogen-free cables - Medium voltage cables - High and Extra-High Voltage cables (up to 400KV) - Cu (grounding), Al, ACSR conductors - Marine cables - Medium voltage and fiber optic submarine cables

Telecommunication and data transmission cables - Copper conductor cables - Gauging and control cables - Conventional telephone cables - Telephone exchange cables - Data transmission tables - High-frequency telephone cables Optical fibre cables (single-mode and multi-mode) - Underground dielectric cables, in tubes - Underground direct burial cables (steel reinforcement) - Indoor installation LSZH cables - Underground dielectric anti-rodent cables - Aerial installation cables (8-shaped or ADSS) Signalling and railway signalling cables Enamelled wires - Enamelled winding wires for electric motors and transformers - Copper wires for grounding and box can manufacture Plastic & rubber compounds - PVC-based plastics - Polyolefin-based plastics - Rubbers

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Main Company product applications: Cables - Buildings - Outdoor installations and industrial applications - Transmission and distribution networks - Installations with special requirements - Ship and marine applications - Telecommunications and data transmission networks - Renewable energy sources Enamelled Wires - Transformers - Motors - generators - Small motors - Relays - coils - Self-supporting windings - resistance to varnish impregnation Compounds - Cable industry - Production of soft water pipes - Production of flexible spiral pipes - Production of hard flexible pipes for electrical applications - Rubber and plastic soles - Flexible elastic and plastic profiles Cable products are sold in the Greek and international markets under the patented trademark CABLEL, while the trade name FULGOR is used for certain products manufactured by the same company. The company is well known in foreign markets and its orientation towards exports is a strategic choice made by the management as shown by the large quantities of cables and enamelled wires sold abroad.

Customers and Sales Network HELLENIC CABLES SA sells its products in the domestic market through its central distribution centres in Athens and Thessaloniki and through its agent on the island of Crete, where there are properly organised warehouses. The Company participates directly in tenders held in Greece (e.g. PPC tenders) and in foreign countries. It exports its products both directly and through agents. To ensure a more effective penetration in foreign markets, the Company uses the organised commercial network of VIOHALCO, including TEPRO METAL in Germany, GENECOS in France, METAL AGENCIES in England, STEELMET in Bulgaria and ICME ECAB in Romania. Its subsidiary Metal Globe operates in Serbia and there are local agents in the Cyprus and Middle East markets. Power transfer cable customers include large power generation and transmission organisations such as EDF in France and ENEL in Italy, large construction & industrial companies, as well as globally famous cable trading companies with international customers.

Plants and Manufacturing Process The production base of HELLENIC CABLES Groupincludes plants in Greece and Romania as follows: HELLENIC CABLES Power & Optical Fibre Plant (Thiva) Total Area: 175,082 square metres Buildings: 38,265 square metres

Capacity: 60,000 tonnes per year Products: Low, medium, high and extra-high voltage power cables, optical fibre cables, copper and aluminium conductors.

Certifications: EN ISO 9001:2008, EN ISO 14001:2004, OHSAS 18001:2007 HELLENIC CABLES Enamelled Wire Plant (Livadeia) Total Area: 121,818 square metres Buildings: 14,048 square metres Capacity: 14,000 tonnes per year Products: Enamelled copper and aluminium wires, copper wires Certifications: EN ISO 9001:2008, EN ISO 14001:2004, OHSAS 18001:2007 HELLENIC CABLES Compound Plant (Oinofyta) Total Area: 22,032 square metres Buildings: 6,444 square metres Capacity: 24,000 tonnes per year Products: Plastic & rubber compounds Certifications: EN ISO 9001:2008, EN ISO 14001:2004, OHSAS 18001:2007 FULGOR Power Cables Plant (Sousaki, Korinthia) Total Area: 206,465 square metres Buildings: 75,305 square metres Capacity: 50,000 tonnes cable and 120,000 tonnes 8mm, wire, per year Products: Low, medium, and high voltage power cables, medium voltage submarine cables, 8mm copper wire Certifications: EN ISO 9001:2008, EN ISO 14001:2004, OHSAS 18001:2007 ICME Power and Telecommunications Cable Plant (Bucharest) Total Area: 268,000 square metres Buildings: 70,000 square metres Capacity: 50,000 tonnes per year Products: Low and medium voltage power cables, copper telephone cables Certifications: EN ISO 9001:2008, EN ISO 14001:2004

Message from the General Manager, Alexios Alexiou The year 2011 became a significant milestone for the Group due to the acquisition of FULGOR SA, which is expected to play an important role in the future progress of the HELLENIC CABLES Group. FULGOR’s administrative and operational integration started immediately and considerable progress was accomplished in the first few months. With this addition, HELLENIC CABLES Group becomes one of the largest cable manufacturing groups in Europe. The acquisition falls under the scope of the Group’s strategic planning and is expected to enhance the Group’s orientation towards exports and enrich its product portfolio with high added value cables, such as submarine power cables.

The Group reinforces its competitiveness, covers the needs of its growing customer list more efficiently, secures more bargaining power in the supply of raw materials and is expected to benefit from more efficient management of its working capital. At an operational level, the benefits from economies of scale and increased flexibility with the addition of the new production unit come

into view gradually. Vertical integration through the production of 8mm wire is expected to augment profitability and bring cost savings in management, distribution and production through the integration of departments and services. During the initial period, the Group is expected to incur increased restructuring expenditures for implementation of necessary improvements and a certain adaptation period is required to arrive to the optimum operation, however significant medium-term cost benefits are expected from this acquisition. In 2011, there were signs of recovery in key European markets due to investments in the energy sector and renewable energy sources in particular, while there was no change in the construction sector.

However, political and economic developments in the Arab Counties led to a drop in demand in these markets that resulted to increased competition, which shifted to European countries as well. Moreover, the reduced demand in European Mediterranean counties was the result of the economic problems that these countries are facing. In Greece, HELLENIC CABLES maintained its leading position in a declining or diminishing market with serious liquidity problems.

The decline of construction activities and the credit risk restriction policy lead to further decrease of sales despite the higher prices of metals. However, the Greek market is constantly becoming less important for the progress of HELLENIC CABLES Group as sales in Greece represented 29% of total sales compared to 39% in 2010; part of these were sales of materials and by-products to VIOHALCO companies. In 2011, HELLENIC CABLES Group continued its growth path and improved its financial figures despite the adversities.

The consolidated turnover stood at euro 415 million, noting an 18% increase from 2010, which is attributed to the Group’s increased sales in countries abroad and the integration of the subsidiary FULGOR, which was acquired on 29 July 2011. Consolidated earnings before interest, taxes, depreciation and amortisation (EBITDA) amounted to euro 20.9 million, noting a 58% increase from 2010, while earnings before interest and taxes (EBIT) stood at euro 11.8 million, a 130% increase compared to 2010. This improvement is attributed both to the increase in sales and to the improvement in margins despite strong competition and the rising prices of raw materials, due to increased sales of added value products. Consolidated earnings before taxes showed a profit of euro 3.6 million compared to euro 568 thousand in 2010, while net consolidated profit after tax and minority interest amounted to euro 3.3 million or euro 0.117 per share, compared to euro 374 thousand or euro 0.014 per share in 2010.

In 2011, investments totalling euro 8.1 million at Group level, pertained mainly to new mechanical equipment to enrich the high added value product range, improve productivity and raise the capacity of the Group’s plants.

HELLENIC CABLES Group’s strategic priorities for 2012 are the administrative and operational incorporation of FULGOR into the Group, attainment of synergies and economies of scale, increase of sales in international markets and energy network operators and improvement of the profit margins through increased sales of added value products. At the same time, efforts towards optimisation of the working capital management are intensified. In closing, I would like to note that we pursue continuous integration of the Principles of Corporate Governance in our goals and in our daily activities. In this context, we will maintain this momentum over the period to come, focusing on further decreasing our environmental footprint, further improving Safety and maintaining our employees’ Health, consolidating cooperation with local communities and also on providing top quality products to the Greek and international markets. An indication of our environmental awareness is that our plants in Levadia and Oinofyta were certified according to ISO 14001:2004 standard in 2011.

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Export leaders

Intralot

Jotis SA

‘GRecovery’ will be driven by innovation and export orientation

Over 80 years of presence in the international markets

I

T

NNOVATION and extroversion have been the most valuable assets of INTRALOT from the outset; the main drivers of success, that have led INTRALOT to become one of the leading companies of the gaming sector and one of the biggest and most dynamic multinational companies in Greece.

INTRALOT constitutes the finest example of how a company based in a small country can dare to envisage an international presence and compete as equals with giant multinational corporations. Within only 20 years, INTRALOT has managed to become a global protagonist of a sector that was dominated for many years by colossal international organizations mainly based in the US. Back in 1992, foreseeing the major potential of the gaming sector, we decided to invest in creating a Research & Development hub in Greece where our creative human capital could spend hours, days, months, years designing, developing, testing, and producing pioneering technology. All these years, INTRALOT has being strongly engaged in developing a corporate ecosystem where creativity and productivity could flourish.

Our team of creative thinkers, whose ideas have turned into valuable products and Constantinos Antonopoulos, CEO of INTRALOT Group services, has made INTRALOT today the

leading innovator in the gaming sector and a multinational company- an example for companies in Greece- with presence in 53 countries worldwide.

INTRALOT’s innovative technology has been its most valuable export good sold to Lotteries and gaming companies all over the world. Our competitive advantage is that we don’t follow the trends; we create new ones.

After 5 years of an unprecedented economic crisis, that severely hurt all the sectors of the Greek economy, it is now time for Greek entrepreneurship to redefine itself. It is time to leave ‘GRexit” behind us and work for the “GRecovery”, the recovery of the Greek Economy.

Successful companies worldwide are those which provide unique products and services, recognize opportunities where others cannot, dare to go there where others don’t and are continuously focusing on being innovative and creative. Only through creative thinking, Greek companies can become competitive outside Greek borders, launch operations abroad and benefit from a market bigger than the Greek one, benefiting at the same time our country. With the support of the Greek State through economic stability and a nurturing regulatory environment, Greek Companies should focus on evolving, start thinking “out of the box” and becoming multinational players.

INTRALOT is the answer to those who are skeptical and question the possibilities of Greek companies to go beyond Greek boundaries. Nothing is impossible; all dreams can be chased, as long as they are based on a well planned strategy implemented by an innovative and creative team.

Satisfaction reaching all the way to China

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Exports are increasing every year delivering to more than 25 destinations in Africa and the Middle East (Saudi Arabia, United Arab Emirates, Qatar, Bahrain, Kuwait, Egypt), Europe (Germany, England, Belgium, Cyprus, Netherlands, Malta, Spain, Italy , Sweden, Norway), the Balkans and Eastern Europe (Albania, Bulgaria, Romania, Macedonia, Serbia, Russia, Ukraine), the Far East (Singapore, China), Oceania (Australia) and America (USA and Canada).

Kallikounis Distillery

Ion VER 10% of ION’s production output crosses the border and reaches the markets abroad. ION’s products are mainly exported to the Balkan countries, the Arab World, Egypt and Cyprus as well as to North America, while recently the company commercially expanded in the markets of Japan and China, in which some initial batches of products are already available.

The story of ION began in 1930 when a group of shareholders decided to open a chocolate factory in Piraeus street in Faliro, where it’s still standing today. ION was the first to launch milk chocolate with almonds in the Greek market, the ION ALMOND, as well as the chocolate confection with whole hazelnuts, the NOISETTA, which for years has been holding the dominant position in its class in Greece. With the acquisition of NASKO SA, the

HE COMPANY JOTIS SA was founded in 1930 by Ioannis and Maria Jotis. In its two modern facilities in Athens, it now produces, packages and distributes in Greece and abroad over 100 different products in the categories of baby food, cooking and pastry products, sweets, drinks, desserts and semi-prepared foods.

Furthermore, it is active in the organic food market. At inception, the JOTIS facilities covered approximately 300 m2. Today, the two factories in Athens occupy 21,000 m2 and include the most modern mechanical equipment in Europe. The complete renovation that took place over the last decade was the result of a 15 million euros investment, which included building extensions, expansion of existing production lines, the purchase of new production lines, as well as new packaging machines. In the context of continuous development and modernization, the company plans and implements successfully research programs funded by the GSRT, the Ministry of Development and the European Union, motivated to design products that will satisfy current and future consumer needs.

During the last decade the company has participated in 20 research programs, mainly as a contractor and coordinator of university research groups, in order to develop and evaluate innovative products. For more than 80 years, JOTIS has earned the trust and loyalty of many consumers in foreign markets.

company entered the field of candy and other confectionery products.

In 1956 the trading company BROTHERS J. KOTSIOPOULOS undertook the distribution of ION products, and opened its first store in the commercial center of Athens (43c, Athinas str.). Gradually the company expanded into new fields of confectionery and chocolate products, while it proceeded into making new investments, creating the factory unit in Arta, in which SOKOFRETA, the top wafer in the Greek market, is produced.

In the decade of 1990, ION fully acquired the company INTER SA, which was producing the cocoa hazelnut cream branded NUCREMA in Pallini, Attica, and later the company MABEL SA, which has now been fully absorbed

by ION, which had a production unit for chocolate confections and other chocolate products at Markopoulo.

From the steam-powered distillery in Kalamata to the shelves of the biggest supermarkets in the world

T

HE HISTORY of KALLIKOUNIS DISTILLERY began in 1850, when the Greek Industry was taking its first tentative steps. It is the oldest Greek distillery today and one of the oldest Greek industries. The company founder, Mr. C. Kallikounis, returning from his studies in Trieste, created the steam-powered distillery, equipping it with the best machinery of its era.

The produced drinks, such as gum, ouzo, raki, chocolate, lemon, cherry, lime, despotic, brandy and others rapidly gained fame. Within a few years since its inception, the KALLIKOUNIS distillery acquired the title of supplier for the royal court. Today, traveling through its third century of existence, the company is being managed by the fourth generation of the family, who continue the tradition left by the founder.

In its contemporary facilities a range of products are being produced, such as the ouzo XENIA and KALAMATIANO, the liqueur AMARETTO, the brandy ALEXANDER, SAMBUCA, peach schnapps and others.

The company’s exportation business is intensive in the markets of Turkey, Israel, Australia, USA, Canada, Belgium, Germany, Russia, Bulgaria, Cyprus and Spain with the following products: Ouzo, Brandy, Liqueurs, Gin, Vodka, Carbonated-Ready-To-Drink drinks, Vermouth, Cream Liqueurs etc.

Today, foreign sales account for 35% of total group sales. The company’s strategy is to continuously expand into new markets and optimize its share in the markets where it already operates.

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Export leaders

Kallimanis S.A.

Kleva

Firm’s next objective is to step beyond the European continent, mainly to the USA, Australia, and Canada

Dynamic turning exclusively to the productive area

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ALLIMANIS Group of Companies is a purely Greek organisation, with a leading presence for the past 50 years in the seafood market. The Group’s main responsibility is processing, packaging and distribution of frozen seafood as well as high added value products that derive from seafood. Thanks to expertise and knowledge, state-of-the-art production procedures as well as the innovative and pioneering ideas, KALLIMANIS Group is the leading specialist in frozen seafood brands and is one of the most famous brands in frozen food market. The Group has branded products in Retail as well as in the Food Service channel that are supported through a well organised nationwide sales network. The main product categories that have become famous among the Greek consumers thanks to their quality and taste are the “KALLIMANIS” natural fish and seafood range, Semi – ready meals of the “Piata Imeras” product line and coated fish range under the name “Pané”. Moreover, the Group has led a successful course in exports, mainly in Northern Europe, Cyprus, the Balkans and Asia.

KALLIMANIS Group is the only company in frozen seafood industry in the country that operates a structured procurement department, with longstanding and stable co-operation with deep-sea fishing boats as well as large seafood processing companies abroad, thus ensuring a full range of products at a permanent basis. With care and responsibility, the company maintains quality assurance at the greatest extend, holding an ISO 9001:2000 quality certificate, HACCP (Ηazard Analysis of Critical Control Points) system

implementation as well as continuous investment in modern facilities, infrastructure and human resources.

The KALLIMANIS Group of Companies consists of three companies located in Aigio. It operates 2 state-of-the-art factories, distribution centres in strategic areas in Greece, a privately owned truck fleet as well as specialised retail store for frozen food. Their next step is to go beyond the European continent and make their products famous to USA, Australia and Canada.

K

LEVA PHARMACEUTICALS, after more than 38 years of experience in the field of Greek generics, is focusing its business interest exclusively in the production of medicinal products on behalf of others (facon), both in the local and international market.

By evolving its existing clients and partners in Greece and abroad, and based on years of experience and know-how, as well as on the wellequipped facilities, KLEVA dynamically is entering into the market of Contract Manufacturing and is aiming to become a strong Greek unit for the production of pharmaceutical, dietary products, food supplements and cosmetics.

Kleva is currently holding a strong portfolio of clients in the field of “Contract Manufacturing, as well as in the field of issuing development rights (know how - licensing out) with leading pharmaceutical companies both in Greece and abroad.

• 350.000 nasal sprays • 1.000.000 syrups • 1.000.000 vials (large volume injectable for infusion) • 2.000.000 ointments / creams/ gels • 6.000.000 sachets • 10.000.000 single-dose oral solutions • 12.000.000 ampouleς (small volume injectable) • 26.000.000 capsules • 110.000.000 tablets

Quality Assurance The long-term and excellent presence of KLEVA products in the domestic market, confirms the prominent and uncompromising attention of the company to Quality. KLEVA applies strict rules and specifications, as they are provided by national and international law, always in compliance with GMPs (Good Manufacturing Practices), to all levels of production and analysis of the products.

Partnerships worldwide Europe / East Europe • United Kingdom • Germany • Czech Republic • Slovakia • Romania • Russia • Ukraine • CIS Countries • Italy • Croatia • Montenegro • Kossovo • Albania • Fyrom • Malta • Cyprus

The Quality Assurance System is structured in such a way to combine the application of the rules of Good Manufacturing Practices (GMPs) that govern the pharmaceutical industry and the application of the principles in the ISO 9001/2008 standard.

Asia/ Oceania • Turkey • Pakistan • Philippines • Vietnam • Hong Kong • Taiwan • Singapore • Brunei • N. Zealand

KLEVA is certified according to ISO 9002 firstly at 1997, then at 2003 according to ISO 9001 and finally according to ISO 9001 from 2008 till today. All procedures of Business Development, Production, Research & Development, Quality Control, Storage and Distribution are certified by ISO as well as by a E.U. GMPs Certification.

Middle East / Africa • South Africa • Morocco • Algeria • Tunisia • Libya • Egypt • Israel • Lebanon • Jordan • Yemen • Saudi Arabia • U.A.E • Iraq • Iran

Production capacity In the 1st Factory, in the area of Acharnai area, of 4.500 m2, which has been in operation since 1974 and was completely renovated in 2005, the following forms are produced:

Since 2006, all facilities of KLEVA are successfully inspected by foreign authorities / organizations– mainly European – as well as by internal or external Customers and in accordance with the legal requirements of the European Union.

- Non sterile solid formulations: tablets coated or uncoated, hard gelatin capsules containing granules, powder or pellets, powders or granules for suspensions - Non sterile liquid formulations: syrups, liquid suspensions, oral solutions, single-dose oral solutions, oral solutions drops, nasal sprays, lotions / sprays for topical use.

- Sterile injectable products: small volume vials, large volume vials and ampoules - Creams, ointments, gels - Powder for Sachets - Food Supplements - Packaging of pharmaceutical cosmetics In our 2nd factory, covering 7.000m2 and located in the area of Polydendri – a few km from Athens - which has been acquired in 2007, the warehouses of raw materials, packaging materials and finished products are sited.

The production capacity of the Factory has been raised to: 114 │ Creative Greece

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Export leaders

Konva

Korres

One of the most advanced fish cannery facilities in eastern Europe

From homeopathic remedies to global product innovations

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ORTH Aegean Sea Canneries is the business evolution of an old and well known businessmen family located in Northern Greece, since the beginning of the 20th century.

In 1978, the third generation of Tzikas family, start up two importing companies one situated in Athens and one in Thessaloniki. The commercial activities of these companies, but mostly the owners’ knowhow and dedication to their business sector, establish the brands TRATA & FLOKOS in the Greek market, designating the products under these brands as the most qualitative canned fish.

In 1987 North Aegean Sea Canneries is established, merging with the two before mentioned commercial companies, while at the same time the manufacturing plant located in the industrial area of Kilkis (North Greece) start up its operation, processing and canning of fishery.

Fish canning and processing is the company’s core business, but KONVA also imports and trades canned meat products and vegetables. At the same time the company produces a wide range of private label products for most of the Greek retailers as well as some large international supermarket chains. The company maintains the leading place in the seafood canning industry in Greece for more than two decades now. Specifically KONVA’s products under the brands TRATA & FLOKOS hold leading market shares in the Greek market.

KONVA produces a line up in the following product categories: - Sardines –Aegean Sea - Anchovies – Aegean Sea - Mackerel Fillet - Herring Smoked - Tuna & Tunasalads

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- Octopus & Musky Octopus - Squid (whole and sliced) KONVA’s plant is one of the most up to date and advanced processing and manufacturing fish cannery facility in Eastern Europe, employing 180 persons. The total area of the facilities is 32.000sq.m. and the daily production capacity of the factory comes up to 220.000cans. The manufacturing plant, extending to 10.500sq.m., includes production lines, warehouse section, as well as freezing chambers for raw materials. It is worth mentioning that the company engrosses annually 35% of the country’s fishing volume in sardines and anchovies. The company’s branch office in Athens extends to 1.500sq.m. including warehouse and freezing chambers.

Coupling equipment of the latest technology as well as expertise staff, KONVA assures not only the top quality of the products but their correspondence to the most demanding quality specifications of the E.U. KONVA has set up and implements international Quality Control Systems (ISO 9001:2008) and Safety Production Management System (ISO 22000:2005) as well IFS certificate.

The company applies an integrated production system, including HACCP for identifying and preventing critical control points in production, and an integrated quality control system covering the production process as well as the raw materials and the final products.

On top of all these KONVA, being sincerely conscious towards community’s needs, has developed a number of social and environmental actions all around Greece. Corporate Social Responsibility is of outmost importance and KONVA believes that a responsible company should always give priority to the principles of entrepreneurial ethics.

K

ORRES was founded in 1996 and has its roots in the Athens’ oldest homeopathic pharmacy. The brand’s simple philosophy focuses on the use of natural and/ or certified organic ingredients of the highest quality; skin and environmentally friendly products with clinically tested efficacy that are affordable, yet of interesting aesthetics. The first KORRES product was an aromatic herbal syrup with honey and aniseed. The company today offers more than 400 natural and/or certified organic products, based on the properties of precious Greek herbs.

Since 1996, KORRES has introduced four global product innovations, with the most recent being the Black Pine line (2012), the most natural and sustainable mature-skin solution addressing all ageing concerns with antiwrinkle, firming and lifting action. It incorporates two innovations: the biology of the proteasome and how this can be boosted naturally with Quercetin (KORRES innovation/ patent) and the biology of the matrix metaloproteinases (MMPs) and how these can be regulated naturally with Black Pine polyphenol, Epigallocatechin (KORRES innovation).

In an effort to project the benefits and wealth of Greek flora, KORRES supports local agricultural communities, forming long term partnerships with organic farmers and agricultural unions, including amongst others the Mastiha Growers Association of Chios island, the Cooperative De Saffran of Kozani, the American Farm School of Thessaloniki, the Aromatic Herb Growers Association of Agrinio. KORRES has also invested in developing an exemplary eco-friendly unit for herbal extractions and the isolation of active ingredients.

It is often believed that natural cosmetics rely mainly on traditional recipes instead of clinical research. Based on its pharmacy experience in over 3,000 homeopathic remedies of herbal origin, KORRES philosophy is to develop products based on primary and applied research on verified benefits and clinical efficacy. The KORRES Research & Development Lab is involved in European Research Projects in partnership with Greek and international Universities and since 2009, it has been working closely with an International Independent Scientific Board. This board consists of high profile professors/ researchers and it aims to fully explore the clinical benefits of natural active ingredients in relation to skin biochemistry.

At its advanced, eco-friendly, certified production unit [ISO 9001:2008 / ISO 22716:2007 / ECOCERT / ISO 14001:2004], KORRES develops and produces a complete skin, body and hair care range, make-up, a suncare line as well as

herbal preparations and nutraceutical products. The use of specific synthetic compounds such as petroleum derivatives, silicones, propylene glycol and parabens amongst others, is avoided and replaced with equally effective, beneficial and skin friendly natural ingredients. Through an analytical, transparent table – Formula Facts – featured on its product packaging, KORRES makes extended reference to the formula in an easy to decode and comprehend way, clearly stating the natural content of each product.

KORRES products are now available in 30 countries. Among the more than 11,000 sale points worldwide there are 25 KORRES stores in cities such as Paris, Madrid, Dubai, St. Petersburg, Prague and Singapore. In the Greek market, KORRES products are available in 6.500 pharmacies; the company’s main distribution channel, which it strongly supports right from the beginning, by presenting new product categories such as permanent hair colorants with herbal ingredients (2001) or the KORRES Colour line (2005), and delivering innovative products.

KORRES aims at developing innovative and clinically efficacious skincare products based on natural active extracts, investing on fundamental ingredient research in relation to skin biochemistry, at utilising valuable Greek herbs through the production of brandown, premium organic extracts and the education, support, cooperation with local communities, agricultural unions, organic farmers.

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Export leaders

Lavipharm Driven by creativity and innovation

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AVIPHARM is a dynamic, international healthcare company driven by creativity and innovation, always striving to provide access to improved healthcare solutions. For us, the development in new business environment is synonymous with the vision, constant vigilance, courage and constant search for quality and innovation. Our strategy is based on the increase of our productivity, the emphasis on research and development of innovative products, the partnerships, on our international presence and on the reinforcement of our comparative advantages that we already provide.

Aiming at the continuous development of our company, we proceed with careful planning at all necessary actions in order to consolidate our leading position and strengthen our commercial presence in the Greek market, and at the same time to be established on the international scene as an important player and ideal partner for large multinational pharmaceutical companies.

Our company is a model business group with ecological function on our premises and with the best working conditions for our employees. Our scientists create innovative products that are marketed throughout the world, not only by Lavipharm, but also in cooperation with multinational pharmaceutical giants. Lavipharm’s soul is our workforce at all levels of hierarchy. Both health professionals, but also our suppliers are valuable allies for us in our daily work, and we consider them as our partners. All of our actions became real through the management team which plans carefully and with insight all subsequent steps of our company.

To achieve growth in a global business environment requires a clear vision, a well defined strategy, the right team of people, commitment, flexibility and adaptability to new conditions and, last but not least, hard work. We, at Lavipharm, believe in will power, knowledge and technology expertise and, all together, we strive for the improvement of the quality of life.

The investments that increase productivity, the emphasis on Research and Development of innovative products, our cooperations and long lasting partnerships with multinational companies of our industry, our international activity and the enhancement of the competitive advantages we have already achieved, set the fundamentals of our strategy.

Larco is one of the largest ferronickel producers in the world. Every day, we are at the forefront of the mining, smelting and export of ferronickel. Most major manufacturers of stainless steel are successfully using our granulated ferronickel in their factories.

Furthermore, during our 100 years of operation, our dedication to quality and thoroughness, our consistency in closely monitoring international developments, our commitment to our values but above all the people, the core of this company, constitute the main force for dealing swiftly and effectively with challenges and difficulties. The market is breaking national borders and is becoming global. The needs of the modern consumer are even more demanding, pharmaceutical technology is progressing rapidly and competition is intensified. It is in such an environment that we strive to excel and differentiate.

Innovation is Lavipharm’s power engine. Lavipharm’s Innovation Team at our Research Laboratories in the USA and France focuses its efforts on developing new drug delivery systems, creating safe and effective therapeutic solutions that contribute to patience compliance. The accelerated use of technology and the Internet, the fast development of e-business have opened new horizons for Lavipharm, aiming to develop and offer innovative and integrated services to our clients.

The way to the top is in fact a continuous process and our efforts reflect both a business as well as a social perspective. This is the challenge we face every day at Lavipharm, which at the same time gives us the drive to work diligently, with confidence and responsibility, inspired by our knowledge and expertise, focused to our objectives and values, empowered by our workforce, driven by our faith and enthusiasm.

C

M

Y

CM

MY

CY

years of excellence in industrial cooperation

CMY

K

General Mining & Metallurgical Company 81-83 Kissias Av, Maroussi GR - 151 24 / Tel: (+30) 210 61 70 100, (+30) 210 61 70 200, email: larco@larco.gr

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www.larco.gr

Export leaders

Loux - Marlafekas SA

product preservation. The bottles were re-designed, capturing the embossed surface of the orange skin.

Lοux, the local soft drinks producer, facing up to multinationals without fear

L

OUX – MARLAFEKAS has a course of 60 years in the market of soft drinks and its dominant characteristic throughout this course is the absolute respect to the consumer, mainly expressed through the strict selection criteria of the best and most qualitative materials, in order to always generate unique tastes, which are always adapted to the needs of each time.

It all began in 1950, when Panagiotis Marlafekas, founder of the business, established a small industry in a relatively restricted area of Pantokratoros st, in the Historical Centre of Patras city.

In the capital of Achaia that time, used to operate 11 business of similar size.

The only way for someone to step forward was to choose the best materials and along with his own enthusiasm to produce unique recipes, with the hope that they will be chosen by the consumers of Patras. The combination of the above two factors was implemented in practice and thus, Loux orangeades, lemonades and carbonated drinks(Gazoza), became the favourite soft drinks of Patras’ people.

The time passed and the course of Loux was met by a steady increase.

However, the small unit of Pantokratoros st could not anymore cover the needs that had been generated by the market. This incident together with the arrival of multinationals in Greece around 1967, urged the need for relocation of the business to another place. The objective for the new unit was a greater production capacity and the implementation of advanced technologies as a response to the growing competition.

Panagiotis Marlafekas, enjoying the full support of his wife Ioanna, took the most critical decision in the history of the Company until today. He chooses the famous region of Kefalovriso, which at that time had not even the minimum infrastructure for whatever industrial activity; there was lack of electricity, as well as lack of a telephone line. However, in its subsoil contained a real treasure, its excellent water.

The criterion was still quality at any cost and the subsequent course of the company proved that had been a right choice.

Next, the principal stages for Loux – Marlafekas were the following: 1972: After hard work, a new factory was created ranging to an area of 2500 m², in the place where it is still situated today. This factory was equipped with contemporary machinery of that time, in order to ensure the best possible quality for the Loux soft drinks, which had now acquired a new identity too (with Kefalovriso water). The business starts to expand also to neighbouring prefectures of Achaia, enjoying great success by having always as a reference point the highest quality together with its unique taste.

1989: The founder, Panagiotis Marlafekas retires and turns over the company to his three sons: John, Konstantinos and Platon.

1997: The company changes legal corporation and becomes a SA. 1997-1998: Under this new formation, the company starts a plan of developmental investments of more than 3 million euro in order to reinforce its place in the market.

1999-2002: The investments that completed in the beginning of 2001 and concluded to a turnover of 5,6 million euro for 2002, included new production lines for PET(polyethylene terephtalate) and glass packaging, as well as new contemporary facilities for the roofed Distribution Centre of 3.000 square meters at a privately owned landscape of 10.000 square meters.

2003: New and of hi-tech packaging for PET(polyethylene terephtalate) plastic bottles replace the old ones, ensuring longer shelf life and excellent

2004: Loux – Marlafekas SA is the first company to successfully present to the Greek consumer a traditional beverage in a bottle, Sour Cherry Drink. It became the second most successful drink of Loux products, after Orangeade, from the very first month of its presentation.

2005: Loux – Marlafekas SA, proudly announces its collaboration with the Hellenic Football Federation, as the Official Beverage of the Football National Team. As official sponsor, Loux supports the efforts of the European Champion Men’s National Team and the Under 21 Football National Team for new successes and honours on worldwide scale. The European Champion has become the “Official Beloved” in the heart of the Greeks and that is the goal for Loux Soft Drinks, to become the “Beloved drinks” of all Greeks.

2006: «Loux» soft drinks were selected by the Hellenic Export Promotion Organisation in order to be served through the «Kerasma» initiative in Road shows and Greek restaurants all around the world for the promotion of Gourmet Greece.

2007: Loux soft drinks are among the first Hellenic products and the first Hellenic Soft Drink to be granted an authorization for bearing the sign «Wonderful Greece» on its packaging.

Moreover, the company buys an industrial building covering a range of 3.700 square meters out of an area of 15.000 square meters in the region Palea Kouloura in Aigio, with the intention of creating production lines for new products.

2008: Loux is characterised as one of the Hellenic Industry «Diamonds» in the relevant Stat Bank table of the top 100 fastest-growing and healthiest companies.

During summer of the same year Loux releases 100% Natural Juices no sugar added or preservatives, in four flavors.

In addition, on November 2008 a brand-new logistics centre is created in Attica with the intention of covering the continuously increasing needs for reduction in terms of cost and products delivery time.

2009: Business activity of the Marlafekas brothers is rewarded with the first Entrepreneurship Award ‘DEVELOPMENT & INNOVATION KOUROS 2009 “by the Entrepreneurship Club.

2010: Loux wins the Effie Awards Prize for its advertising campaign in the category “David vs Goliath”.

During the same year Loux is included in the “Strongest Companies in Greece” by ICAP group, as one of the most potent companies in Greece.

2011: Loux wins again the Diamonds 2011 award from STAT BANK as one of the strongest, financially companies in Greece while proceeding to the renewal of its corporate image. Streamlines logo and redesign the product packaging, while maintaining connection to tradition and values. At the same time, a new investment project of € 31.7 million is approved to create new production unit for innovative products in Egio.

Loux today Loux constitutes the biggest purely Greek company in the sector of soft drinks and juices, while keeping firmly the 3rd place in the market, after the two well-known multinational corporations. Moreover, in the category of all flavors captured the 2nd place among multinationals.

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Today, it currently had three company owned units, ranging to a total area of 33.000 square meters, from which the 7.800 square meters are covered spaces. The first one is situated in the region of Kefalovriso where is taking place the manufacturing process of its products, the second constitutes the central distribution centre and is situated in the region of Saravali and the 3rd unit is in Aigio concerning the vertically organized production of PET(polyethylene terephtalate) packaging.

The group employs today 90 direct and indirect workers, from which 70 are employed in the region of Achaia and the remaining 20 in Athens and Thessaloniki. The unit of Patras disposes advanced technology equipment and uses the most advanced methods of quality control, hygiene and modern packaging. Loux production has an ISO 9001:2008 & ISO 22000:2005 certification.

Its network development is supported by more than 300 representatives, who are provided with all necessary auxiliary equipment for the sale process, such as refrigerators, shelves, as well as with all necessary advertising materials and who are covering the geographical area of the entire country. Exports are taking place in Germany, Canada, USA, Italy and Cyprus.

The firm produces a wide variety of soft drinks from 250ml glass, 330 ml PET, 500 ml PET, 1.500 ml PET and various flavours such as Orangeade, Lemonade, Sour Cherry, Loux Mix (a mixture of three citrus fruits Orange – Lemon – Mandarin), Soda, Traditional Gazoza(carbonated drink), Loux Cola and Tonic, covering all needs of the market. The company owns three trademarks Loux, Loux Mix and Loux Cola. Loux Cola is the first based cola that was produced in Greece.

Natural juices could not be absent from the product proposals of the company. They were introduced in the family during the summer of 2008.

The new fresh varieties are available in 4 flavours: orange, peach, appleorange-carrot, a juice rich in vitamins B, C and E and the unique cocktail of 9 fruits and 7 vitamins extra-9. They are available in different packaging of 1 lt and 250 ml and constitute the perfect tonic drink all day long for youngsters or older people.

Finally, Loux proves in practice its interest for the social, sport and cultural events of the country by supporting through sponsorships events and activities intended to promote the sporting spirit and culture in general.

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Export leaders

Jetoil An energy giant in the Balkans

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AMIDOIL JETOIL SA has been trading in the Balkan region since the firm was established in the late ‘60s. From the onset, the company’s founders had set as its objective to sell, store and distribute petroleum products in Greece and the Balkans.

Today the company is actively trading in Albania, Bulgaria, Kosovo, Serbia and the Former Yugoslav Republic of Macedonia (Fyrom), either through subsidiary firms established in these countries or directly exporting from its Kalohori installation (located in Thessaloniki), a unit that ranks as Greece’s largest storage facility (excluding refineries) with a 200,000 cubic meter capacity.

Jetoil also operates storage facilities with a 20,000 cubic meter capacity on the outskirts of port-city Piraeus, in Perama, leased, in a long-term deal, from the facility’s owner, El Petrol. Jetoil is also aiming to build a storage facility on the island of Crete, in the Souda area, with a capacity of 40,000 cubic meters.

The company also operates storage facilities in Kosovo with a capacity of 12,000 cubic meters, through its subsidiary firm based there. Refilling at this plant is conducted by train from Thessaloniki. Also by train from Thessaloniki, Jetoil supplies the Serbian market through its subsidiary Jetoil Serbia. Construction of storage tanks with a 30,000 cubic meter capacity is now in progress at the Serbian city Smederevo, along the Danube, some forty kilometers south of Belgrade.

The firm supplies the Albanian, Bulgarian and Fyrom markets with direct exports from its Kalochori facilities. Exports at Jetoil account for approximately 25 percent of the company’s total turnover. In recent years, the firm has made plans to push for further growth, eyeing the Balkan market. However, the economic crisis has led to delays in the implementation of these plans. The damage caused to Greece’s credibility as a result of the crisis of Alexandros N. Mamidakis the past few years downgraded the standing Deputy Managing Director of Greek banks abroad, consequently leading Mamidoil Jetoil S.A.

to credit rejections needed for the purchase and import of petroleum cargoes by these markets.

As an alternative plan, cargoes are now imported into Greece, stored at Kalochori, and then a portion of the total quantity is exported to the Balkan countries where Jetoil is active. Unfortunately, Greek firms are also experiencing a loss of credibility from suppliers abroad as a result of the persisting financial instability. An effort to distort reality with respect to petroleum exports to the Balkans and cases of contraband have occasionally surfaced in the past few years.

Though the situation has given rise to the need for appropriate measures aimed at facilitating petroleum exports - which generate significant amounts of foreign exchange for the country - and combating such isolated contraband cases, there has, instead, been a trend to demonize exports by describing them, more or less, as illegal, for their greatest part. Responsible and major firms of the sector exporting to the Balkans have taken all necessary measures to assure that such practices are eliminated, and the state, in turn, must also take care to eradicate them while also prosecuting all who engage in illegal activity.

Chios Mastiha was recognized in ancient times as much for its distinctive flavor as for its therapeutic properties. Documents show that it was the first natural chewing gum of the ancient world, used to clean the teeth and freshen the breath. It was even used in cosmetology for cleansing the face and body Chios Mastiha participated as an active ingredient in a series of pharmaceutical formulas and nostrums, many of which have been recorded from time to time in international pharmacopeias. In all, Chios Mastiha has distinguished itself throughout the centuries for its properties beneficial to human health and its role in relieving various ailments.

In our time, the scientific community, albeit belatedly but with sound, scientific methodology, has come to corroborate and document the therapeutic actions of Chios Mastiha. It has now been scientifically proven that Chios Mastiha displays beneficial action against digestive disorders, contributes to oral hygiene, displays significant antimicrobial and antiinflammatory action, is a natural antioxidant, and also aids in trauma healing and skin regeneration.

Today, a series of reports in international medical journals corroborate the historically recorded properties of Chios Mastiha. These bulletins are based on the results of laboratory studies as well as on clinical trials carried out by independent researchers in Greece and abroad, and have revealed that Chios Mastiha possesses unique beneficial and therapeutic properties.

Since 1997, Chios mastiha has been identified as Protected Designation of Origin product (PDO), subject to No.123/1997 Regulation (L0224/24-1-97) of European Union and has been registered in the relevant community list of the PDO products.

All protected designation of origin products bear the PDO mark. The PDO

designation, allows us to promote more easily these products and on the other hand it allows to the consumers to buy quality products, the production, process and origination of which are guaranteed.

The registered names for the PDO products are protected against any direct or indirect commercial use of other products which do not comply with the special specifications (of the PDO products),as well as against any expropriation, imitation, insinuation, false or deceitful indication as far as it concerns the origin, derivation or nature of the product. Moreover, the registered names protect the products against any other practice able to misinform the public on the actual origin of the product.

In the summer of 2002, Chios Mastiha Growers Association founded MEDITERRA S.A. with a view to create a network of retail stores for mastiha and its products, bearing the trade mark Mastihashop.

Lifestyle shops appealing to the senses, meeting points of different cultures, hospitable shelves for value added products not only from the birthplace of mastiha (Chios), not only from Greece, but also for products from the wider area which is the East Mediterranean, a region which corresponds to the historical mastiha markets.

What we need to do from now on is to design our marketing strategy taking into account: - mastiha’s unique product characteristics.

- mastiha’s diverse properties and uses.

- mastiha’s variety of products and large geographic spread of their origin.

- mastiha’s long history.

Mastiha Chios Association Mastiha, the treasure of Chios is travelling around the world

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HIOS MASTIHA Growers Association was founded in 1938 as a compulsory agricultural cooperative according to Law 1390 and represents an entity that has undertaken the exclusive management of natural Chios Mastiha in Greece and abroad. It is the collective representative organ of 20 primary cooperatives founded in the 24 mastiha villages (Mastihohoria) of southern Chios. Today, Chios Mastiha Growers Association has approximately 4.850 members and is among the largest organizations in North Aegean periphery.

The Association produces, packages and trades Chios natural mastiha, mastiha oil and mastiha water, mastiha powder and ΕLMA chewing gum. Its 122 │ Creative Greece

trade activity is mostly exporting, since approximately 70% of Chios mastiha annual production is forwarded to foreign markets.

The Greek island of Chios is the only place in the world where the mastiha tree exudes its aromatic resin, hence mastiha’s Greek nickname, «tears of Chios». Chios mastiha is used as a natural chewing gum, while also it can be crushed and mixed with salt to flavor savory dishes or with sugar for sweets for its intense and unique aroma. “Gum mastic” or “mastiha” in Greek, is used in liqueurs, spoon sweets, beverages, dairy, bakery and confectionary products (like ELMA chewing gum). All around the world mastiha is extensively used by famous chefs.

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Export leaders

Mevgal Key local dairy firm with major presence abroad

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EVGAL is the largest dairy industry in Northern Greece and the third largest dairy company in the country.

MEVGAL produces:

- Fresh Pasteurized Milk - ESL Milk - European and Traditional type yogurt - Cheese products - Desserts and rice pudding, jelly and milk crèmes - Cholesterol free products MEVGAL has been active since the 50s at the heart of cow’s milk production in Greece, in Makedonia, where 67% of fresh milk in Greece is produced, and this facilitates the company to fully cover its needs with Greek high quality milk from over 1200 farms located in the vicinity of the company’s facilities. This vicinity ensures the fastest inflow of raw material at MEVGAL’s plant, the immediacy of processing and the freshness of the final product.

Thanks to the excellent raw material -milk- and the high technology implemented in the production process (HACCP system, ISO, BRC, IFS, non GMO animal feed certifications), the excellently organized distribution network and its experienced staff, MEVGAL’s products are today available in more than 26,000 smaller and larger sales points in Greece, while they are also exported to 31 countries around the globe.

Since 1985 we have developed an intense exporting activity. Today exports comprise roughly 15% of the annual turnover of the company, exhibiting high annual growth rates.

In that respect, MEVGAL maintains strategic partnerships with leading globally dairy companies such as Arla, Emmi and recently the company commenced new collaborations to countries outside the EU (Russia, Ukraine, Norway), already showing positive results.

Petros Papadakis, President and MEVGAL’s social action is an integral part Managing Director at Mevgal

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of its 63 years of history, but also of its philosophy, since the company undertakes a significant social, cultural and charity work both in local societies as well as across Greece.

Its activities cover a wide range of individual actions, encompassing on the environment, health, children, culture, volunteerism and, of course, its 1000 employees. Only indicatively let us mention that the company, being a processing industry for the most important source of calcium for our body, namely of milk, is a key sponsor of the Hellenic Association for the Support of Osteoporosis Sufferers, aiming to the information and prevention of skeletal health issues. The company also collaborates with the Hellenic Cardiology Institute and the Hellenic Atherosclerosis Society, both in the context of informing the general public on nutrition and diet issues, as well as for the production of products which cater for the needs of a healthy diet.

All of MEVGAL’s people work with the common objective for the company to correspond to the trust shown towards it by an ever increasing number of consumers. Its progress and the warm reception of its new products demonstrate that our people forge powerful relations of trust with consumers and manage to win over more consumers, every day, in Greece and abroad.

Export leaders

Marinopoulos SA

Motor Oil - Avin

Investing Greek for 50 years

Aiming for top spot in the energy market

O

VER the past 50 years, the Marinopoulos firm has reached Greek homes through products purchased, on a daily basis, by thousands of locals at the company’s 800 stores located throughout the country. This enterprise, which started up Greece’s first ever supermarket, in downtown Athens, nowadays operates the sector’s largest network of stores with a market presence all over Greece, as well as abroad, with outlets in Cyprus, Albania, Bulgaria, the Former Yugoslav Republic of Macedonia (Fyrom), and, soon to be, Serbia. Marinopoulos SA ranks as one of Greece’s largest companies and contributes significantly to local communities and their economic growth, wherever it operates stores.

The firm’s considerable magnitude is reflected by its contribution to the Greek national economy, either directly or indirectly. Over the past five-year period, the firm invested 360 million euro in the Greek economy, while its total tax payments for this period amounted to 430 million euro. At a time loaded with challenges for the country’s future, Marinopoulos remains a catalyst for developments in Greece’s retail sector. The company employs 14,000 persons and has prepared an investment plan worth 250 million euro for the threeyear period between 2012 and 2014.

The company’s role in the promotion of Greek products is particularly important. Domestic products are of pivotal importance to the enterprise’s course. This is emphatically reflected by the company’s overwhelming preference for Greek producers as the suppliers of its generic products. Greek producers are behind 96 percent of generic products sold at the firm’s outlets.

Displaying its support for local producers in practice, Marinopoulos launched its Greek Products Innovation Program in July, 2012 with the aim of charting local production and promoting local produce. The company intends to offer its continual support to producers through this program, while also offering opportunities to young and innovative producers through its Greek Product

Innovation Contest, which runs parallel to the aforementioned program.

The company’s special offers policy, which preceded Greece’s current economic crisis and has been implemented steadily over the years, plays a significant role in its overall strategy. Marinopoulos SA was the first firm to highlight the need to support Greek consumers as a result of their diminished purchasing power by making available special offers of basic consumer goods on a continual basis. At the same time, it implemented a permanent discount policy for less privileged Greek consumers. Unemployed persons, individuals over 65 years of age, and multi-member families are entitled to a fixed 10 percent discount on all fresh products.

Since 2007, Marinopoulos has established and operated three Social Groceries in Athens, Piraeus, and Thessaloniki to help financially stricken families secure basic commodities for survival. The firm has invested ten million euro in this project, offering crucial help to 6,000 poverty-stricken families, or 15,095 fellow citizens.

It may be the second largest Greek power in the oil industry, but MOTOR OIL is pioneering in the sector’s developments, innovating and developing high extroversion. Besides, the main concern of Mr. Vardis J. Vardinoyannis, president and CEO of the company which has completed four decades of activity, is to raise the company to the top in the sectors of petroleum refining and marketing in the wider Balkan region.

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VISION that has become very much a reality as, today, MOTOR OIL is one of the most powerful groups in the field of oil refining in Greece and the only Greek company that manufactures and packages lubricants. The refinery, along with its ancillary and fuel handling facilities, is the largest purely privately held industrial complex in Greece and is considered one of the most flexible refineries in Europe. It processes crude oil of various types, producing a wide range of petroleum products that meet the strictest international standards.

The basic and finished lubricants produced are approved by international organizations (Association des Constructeur Europeens d ‘Automobiles, American Petroleum Institute) and the US military. The company displays a strong outward orientation, exporting a large variety of products to over 30 countries. Under the existing capacity of the four Greek refineries, the market share of MOTOR OIL in the Greek market stands at about 25%, while additionally it makes 50% of the total exports of the industry since 64% of its production is directed internationally.

The capacity of the company’s refinery has grown by 25% with the addition of the new Crude Distillation Unit. In May 2010 the operation of a new Crude Distillation Unit (CDU) was initiated, with a capacity of 60,000 barrels per day

(bbl/d). The cost of the new CDU reached 180 million euros. With this addition the crude refining capacity of the Refinery was increased by 50% while the annual production capacity is now formed at 9 million metric tons (MT). In June of that year the acquisition of SHELL HELLAS SA (renamed CORAL SA) and SHELL GAS AEBE YGRAERION (renamed CORAL GAS SA) was completed.

The retail network of SHELL is the most efficient in the domestic market and its acquisition enhanced the market share of the group. After the above developments a major investment cycle was completed, which was designed to lay out the foundations for both organic growth and acquisitions for the company. Overall in the decade 2001-2010 the investments of MOTOR OIL Group topped 1 billion euros through the Refinery Expansion Program. This amount does not include funds allocated to acquisitions (AVIN OIL, CORAL).

Mega

Mythos Brewery

A strong presence in the European market of personal hygiene

Investments reached 50 million euro amid the crisis

S

YNONYMOUS with baby diapers in the Greek market, the brand name BABYLINO hides behind it a strong industry of disposable products with significant experience in personal-care items. MEGA DISPOSABLES SA is one of the few European national companies that develop, produce and distribute branded disposable products with strong market shares in many categories.

The company was founded 30 years ago. It operates in the sector of personal hygiene products and constantly invests in research, technology, mechanical equipment and manpower, having developed a range of popular products such as EVERYDAY, POM PON, BABYCARE, SANI, MEGA, WET HANKIES, BABYLINO and TIPERS. Moreover, MEGA maintains and expands its partnerships with most major chains in the country for producing private label products (AB VASSILOPOULOS, CARREFOUR-MARINOPOULOS, VEROPOULOS) as well as with the Swedish pharmacy chain APOTEK. The company maintains a presence in over 20 countries (North, Central and Eastern Europe and the Sudan) and has built lasting partnerships with foreign companies, 126 │ Creative Greece

having been selected as the sole supplier of production and business units of northwestern Europe with high quality products. Specifically, it is a supplier of baby diapers for the leading company in baby products CHICCOARTSANA, as well as a supplier of different types of wipes, with special skin- and environmentally friendly technology, for the English company BODYWISE, etc.

M

YTHOS BREWERY is the second largest brewery in Greece and a member of the Carlsberg Group. The production plant is located in Thessaloniki, with 3 production lines and a bottling capacity of 11 million crates annually, where Mythos, Kaiser, Kaiser Double Malt and

Henninger beers are produced to be distributed throughout Greece.

Especially Mythos beer is the only Greek beer that is exported to about 30 countries, including most European countries, as well as the USA, Canada, Australia and Japan, having branded demand and loyal fans.

Mythos is now one of the top three beer brands in the Greek Market, gaining the favor of more and more consumers. It is indeed the only Greek beer brand that has managed to break the barrier of the multiethnic competition, the dam of 3% market share, winning its current share which amounts to 8% approximately.

The company also imports and distributes throughout the country international beer brands: the Danish Carlsberg, the Mexican Corona Extra, the Irish Guinness and Kilkenny registered trademarks by Diageo Ireland, the Belgian Grimbergen, the Bavarian weissbier Schneider Weisse and the French Kronenbourg 1664. Therefore Mythos Brewery expands the Greek market of beer and offers Greek consumers new qualitative choices of tastes.

The company operates according to the HACCP quality system and is strongly active in making investments for the continuous upgrading of its production equipment.

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Export leaders

Nireus Aquaculture Swimming towards success Nireus Aquaculture, a Greek company specializing in the production and distribution of Mediterranean farmed fish, has expanded into a range of international markets and obtained leadership status in its field. The company’s core produce is Gilthead Sea Bream and European Sea Bass, however it also offers a variety of other farmed fish, juveniles, fish feed and aquaculture equipment for fish farmers.

N

IREUS Aquaculture offers its clients a broad range of products and services thanks to its extensive company infrastructure. In-house, Nireus Aquaculture includes 5 hatcheries, 3 pre-growing units, 42 on-growing farms, 8 state-of-the-art packaging facilities, one research center, 2 fish-feed production factories, a processing factory and three distribution centers.

This broad range of facilities has secured Nireus Aquaculture’s status as one of the ten largest aquaculture companies worldwide. It was established in 1988 and steadily expanded into international markets to acquire a global customer base.

It has been listed in the Athens Stock Exchange since 1995 and ranks first as the top exporting company within the Greek food industry. Nireus Aquaculture exports 90 percent of its fish, serving 400 customers in over 40 countries around the world.

Since its inception, Nireus Aquaculture has achieved a range of accomplishments and maintained a steady growth. It intends to continue in this way, accruing investments and experience as it develops. The company invests heavily in research and development that focuses on a genetic improvement program for Mediterranean fish, which is run in cooperation with the Norwegian institute Akvaforsk. Additionally, Nireus invests in the development of new species.

The company offers the largest variety of Mediterranean farmed fish: European seabass, gilthead seabream, meagre, sharpsnout bream, common (pink) bream, and common pandora. All fish is available yearround fresh or frozen, whole or processed, in a variety of sizes and packaging. The company ships the equivalent of 1.5 million 400 gram fish every week serving supermarkets, restaurant chains and wholesalers.

Its biggest clients includee the Delhaize group, the Metro Group, Groupe

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Casino, Groupe Carrefour, Sainsbury’s, Pingo Doce, Esselunga, Marks and Spencer, Picard, Davigel and others.

A growing demand for Nireus’ products Nireus Aquaculture has been able to expand successfully thanks to the ever-increasing global demand for fish. As the population grows and the oceans are overfished, wild fish stocks are diminishing. People become more aware for the environment and demand shifts from capture to culture. Demand is further boosted from the growing middle class in the developing countries and the increasing consumer health consciousness that shifts protein consumption to fish.

Nireus is able to meet this increasing demand by offering fish of high nutritional value to ever expanding international markets. In 2012, the Group’s sales reached 200 million euro, while exports surpassed 150 million euro. The company has a large sales network penetrating new markets and the most rapid growth has come from countries outside the European Union.

Mediterranean farmed fish are not only an integral part of the Mediterranean diet, but also rich in omega-3 and highly unsaturated fatty acids. They are high in protein content and low in fat, the perfect food choice for people who watch their diet, either for health reasons or for weight loss.

To ensure the highest possible quality and safety for its operations, Nireus Aquaculture has adopted an Integrated Management System that includes product quality and safety, occupational health and safety and the environment.

Its facilities in Greece and abroad are certified according to the international standards ISO 9001, ISO 14001, ISO 22000, BRC and GLOBAL G.A.P. Additionally, the Group has received the Management Award for Sustainable Development by the EU and has been ranked in the most innovative companies of Europe by the European Business Awards.

More information on the company and its products are available at the company’s website: www.nireus.com

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Export leaders

OTE SA

Papadopoulos E.I. SA

Undisputed leader in the Balkan communications market

A wonderful world of taste since 1922

H

ELLENIC TELECOMMUNICATIONS ORGANIZATION (OTE AE) is the largest telecommunications provider in Greece, and together with its subsidiaries is now one of the leading telecom groups in Southeastern Europe, holding a leading position in the Balkan markets, especially in mobile telephony.

Beyond its status as one of the largest Greek companies with great extroversion, its size has made it the protagonist in the Greek stock market, especially after the significant depreciation of Greek banks and the role OTE plays in the interim privatization of the Greek public sector to ensure revenue and the sale of an extra 10% to DEUTSCHE TELEKOM. OTE, since its inception in 1949 and for nearly five decades, has remained under the control of the Greek government, but since 1996 the Greek government has gradually reduced its participation.

On May 14th, 2008 an agreement was signed between the Greek government and DEUTSCHE TELEKOM on the basis that since November 5th, 2008, each has 25% plus one share of the share capital of OTE. The share of DEUTSCHE TELEKOM is expected to grow further.

OTE offers broadband services, fixed and mobile telephony, satellite links, high-speed data communications and leased lines; it employs approximately 30,500 people. In the context of its international investment strategy, OTE Group has been active in the

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telecommunications markets of Southeast Europe since 1997, with the acquisition of significant shares of foreign telecom companies.

Specifically, it owns 54% of the Romanian Agency for Telecommunications (ROMTELECOM) and 20% of the Serbian government Telecommunications Agency (TELECOM SERBIA).

It is also engaged in the mobile market of Bulgaria, through GLOBUL, of Albania through AMC and of Romania through COSMOTE ROMANIA. It is worth noting that in the end of 2006, COSMOTE acquired the retail chain GERMANOS, the biggest telephony products and technology distribution network in Southeast Europe.

In March 2009, COSMOTE signed an agreement with TELEKOM SLOVENIJE for the 100% transfer of COSMOFON MOBILE TELECOMMUNICATIONS AD SKOPJE and GERMANOS TELECOM AD SKOPJE. The total transaction value amounted to 190 million euros. In addition to its expansion plans in the Balkans, in July 2009 the group signed an agreement to acquire TELEMOBIL SA (ZAPP) in Romania for 61 million euros, assuming through COSMOTE loans of 146 million.

ZAPP is the oldest mobile operator in Romania, having been founded in 1993, and it holds licenses for CDMA 450 MHz and third generation (3G) at 2.100 MHz.

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APADOPOULOS SA has a strong focus on exports since 1981, with a significant presence in 5 continents and in over 40 countries.

Our quality products combined with our know-how in marketing and our distributors´ knowledge and efficiency in their markets, has greatly contributed to our dynamic expansion worldwide PAPADOPOULOS SA is one of the largest and most significant food companies in Greece. Its history goes back many years, when, in 1922, following the catastrophic events in Asia Minor, the family Papadopoulos relocated to Athens and started the production of biscuits in Greece.

91 years later, PAPADOPOULOS SA is the market leader in the biscuit industry in Greece, with a market share of approximately 70% in volume.

Since 1992 the company has entered the market of bakery products (rusks, crackers, breadsticks, Krispies rusks) where it maintains one of the leading positions in the industry, while being competitive in the international markets with its products. The entire company, along with its 4 factories, are certified according to the International Quality Management System ISO 9001:2008 and for Food Safety according to the ISO 22000:2005 standard (including the HACCP study), and has received a number of Marketing and Corporate awards from Greek and international exhibitions.

It has a vast product portfolio and brands - which are highly recognizable and synonymous with the Greek Biscuit (PETIT BEURRE, MIRANDA, CREAM

CRACKERS, SANDWICH BISCUITS, CAPRICE) - enriched with other brands such as: COOKIES, MULTICEREALS, DIGESTIVE, DIGESTIVE CEREAL BARS,MASCOT, MARIE, RONDO, BISCUITS, MAMA’S, BUTTER COOKIES, CHOCO, DOLCINI, SPECULOOS, CHEESE CRACKERS, PICK CRACKERS, PICK BATONETTES, CRACKERS, TWIST, RUSKS, KRISPIES, MEDITERRANEAN TASTE and BREADSTICKS. The company employs approximately 1.000 people and ensures the wide distribution of its products through a force of 200 salesmen and merchandisers (including its representatives).

It cooperates with approximately 1.000 wholesalers to enhance the distribution and circulation of its products across all distribution channels.

In 2012, the company maintained its position as a leader in the biscuit sector, while further bolstering its presence with new product launches aimed at meeting consumer demand. It holds a significant position in the packaged bakery products market with a leading share in the Premium Rusk sector.

In 2012, the firm achieved sales of 121 million euro compared to 118.5 million euro in 2011.

Moreover, the firm’s international activity remains dynamic, the key objective on this front being to achieve market penetration of its products in organized retail networks by increasing awareness of our products and brands through marketing and promotional support for the products wordlwide .

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Export leaders

Papoutsanis SA

Pharmathen

A prime player in Europe’s cosmetics and hotel amenities production

A Greek pharmaceuticals producer of global stature

I

N AN EXTENDED over a 60,000m2 land in Halkida - Greece, just 70 km northern from Athens, Papoutsanis boasts one of the largest state –ofthe-art cosmetic and hotel amenities manufacturing sites in Europe.

The advanced technological equipment found inside Papoutsanis’ Facilities, extends the plant’s capabilities to a variety of production lines and packaging sizes and at the same time it increases its production capacity. Papoutsanis is dedicated in developing unique new products as well as finding new efficient ways to do so.

The Research & Development department is the force behind the Company’s innovations. Quality and Credibility are the pillar of

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Papoutsanis’ 140 history. With up to date equipment for testing liquids and bar soaps by Micro Lab’s specialized analysts and by implementing all the ISO 9001:2008 guidelines, controlled and inspected fully in line with Good Manufacturing Practices - “GMP”. Papoutsanis’ care is extended also to provide high quality natural toiletry and beauty products to its numerous hotel clients and their customers.

Papoutsanis continuously develops new beauty products for this dynamic sector, creating unique dermatologically tested recipes for hair, face and body, based on natural ingredients. A visit to the comprehensive PAPOUTSANIS’ e-shop (Business to Business and Business to Consumer) will travel you to Premium Quality and will win your heart.

F

OUNDED in Athens back in 1969 with the objective of establishing itself as a major producer and distributor of innovative pharmaceuticals, Pharmathen, now into its 44th year of business activity, ranks as one of the fastest growing fully-Greek owned firms in the sector.

The company operates three ultra-modern research centers, two pharmaceutical production facilities, and employs over 850 persons.

Employing a further 120 persons in research, the firm invests over 20 million euro annually on new pharmaceuticals and technologies. It exports products and services to more than 85 countries.

Pharmathen is a vertically-integrated company, from the development stage of raw materials to product distribution. The firm’s products and services are authorized in all major international markets, while the commercial rights of these have been licensed to the biggest pharmaceutical firms in Europe, Canada, Australia, South Africa, and the USA. Pharmathen’s strategy focuses on three fronts, research, export orientation, and investments. Its activities are primarily aimed at strengthening the firm’s standing in international markets, boosting exports, as well as bolstering its presence in the Greek market through continual research and innovation.

This approach has established the company as one of Europe’s biggest research and development firms.

Based on data released by a recent European Commission report, titled “The 2011 EU Industrial R&D Investment Scoreboard,” Pharmathen was ranked in 42nd place among 4,500 pharmaceutical producers in Europe, and in 429th place in a list of the leading 1,000 R&D firms, irrespective of sector.

Pharmathen holds 60 international patents for development. All have been approved by European and American organizations (EPO, USPTO).

The company’s export-oriented approach and emphasis on research and development has led to a sharp rise in its financial performance over the past eight years. The firm’s total turnover figure increased from 12.1 million euro in 2003 to 140 million euro in 2011. Its total turnover figure in 2012 exceeded 160 million euro. The company’s level of exports has risen dramatically during this period.

At present, Pharmathen represents almost one percent of total Greek exports. Over 75 percent of its total turnover figure is generated by business

abroad. The Greek firm provides innovative pharmaceuticals, know-how, and services to over 150 of the world’s largest pharmaceutical firms.

Pharmathen’s considerable financial figures have placed the firm among Greece’s 200 largest industries and 150 most profitable. Over the years, it has frequently received significant industry awards (Kouros, 2010; EBEA, 2011; Diamonds, 2011; European Business Awards, 2012; ICAP True Leaders, 2012; Best Work Places, 2012).

The firm’s main objective is to keep strengthening its market position in Greece, through new commercial and business activities, as well as its standing abroad, especially in the EU and US markets, with the launch of new products. The company also plans to expand its activities in developing markets of the Middle East and Asia.

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Export leaders

Plomari Ouzo Distillery Isidoros Arvanitidis SA

PRO.SY.F.A.P.E.

Still using original 100-year recipe and keeping to values

Focusing on innovative ideas

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T

HE COMPANY’S activity starts in 1894 at Plomari, Lesvos island where Isidoros Arvanitis made the famous recipe of the ouzo that bears his name. After 100 years and more, the company, using the same recipe and the traditional production mode (distillation into small handmade copper stills), continues to produce the same ouzo using a traditional packaging with the cork as its basic characteristic and offers the same balanced and fine taste. From 1994, the Plomari Ouzo Distillery Isidoros Arvanitis belongs to Kaloyiannis and Arvanitis families.

The Plomari Ouzo Distillery Isidoros Arvanitis with appropriate planning and communication, managed to improve ouzo’s image and upgraded the whole product category. This move was followed by other ouzo brand names that they improved their own image too.

Today, the “ouzo” category is at a much better position to compete with the other beverages in Greece and abroad. By having a wide scale distribution, Ouzo of Plomari Isidoros Arvanitis made a hit with a great number of Greeks very quickly. Today Plomari is the leading ouzo in Greek market and it aims at becoming wellknown in the foreign markets as well. Some time ago, it became clear that the plant of the first distillery could not respond to the continuously growing demand of the product.

This was the starting point for investing in a totally new distillery.

Today, the new plant, which is located again at the Plomari area, is ready and is using Nick Kaloyiannis, state-of-the-art technology. This investment CEO Ouzo Plomari

was recognized by the local community as a major investment activity that contributed in Lesvos’s development. Plomari Ouzo Distillery Isidoros Arvanitis is certified from Austria Hellas that it has established and applies a HACCP system for the production, bottling and distribution of ouzo. In 2006, Ouzo of Plomari Isidoros Arvanitis was awarded the silver medal by Internationaler Spirituosen Wettbewerb.

Our mission is to offer the consumer a high quality ouzo, into a cared packaging by using the best materials and making it through the traditional mode of production. Our vision is to make a name for ouzo as a traditional high quality beverage that can get a place in the designation of origin beverages international market.

ODAY, Pharmacist’s Supplying Cooperative of Attica (PRO.SY.F.A.P.E.) is the biggest and the most contemporary, dynamically developing, Group of companies in the Greek wholesaling market of pharmaceutical and para pharmaceutical products, focusing on innovative ideas to the future needs of pharmacies supplying chain and services.

The inspired entrepreneurial initiative of a small group of visionary pharmacists was the vehicle to a blazing trail of a 30 year consistently successful course, which many more pharmacists’ embraced and jointed forces, by believing and entrusting their Cooperative on a daily bases.

Thus, on 7th February 1981, the first Cooperative of Attica Pharmacists’ was founded and within a decade of hard and laborious efforts, it solidifies its position in the Greek market.

1995, was a milestone in its history, since it signaled the beginning of new investments towards the strategic development of PRO.SY.F.A.P.E. During this year, its first subsidiary company, SYN.FA. S.A., was founded in Alimos, Attica, and the first automated order picking system in Greece was installed.

In the years that follow, from 1998 to 1999, PRO.SY.F.A.P.E. upgraded its infrastructures. Its new, modern, privately-owned facilities were established in Peristeri, Attica, while further improvement and expansion of its IT system and automation picking system was accomplished. In the mean time, the on-line system inauguration, gave the opportunity to the pharmacists community for a B2B collaboration.

Dynamically soldering the pharmacists needs, in 2001, it established its second subsidiary company, outside Attica, in Corfu island (SYN. FA. KERKYRAS S.A.) and headlong continued the ascendant course of intensification of its centres of distribution, with the foundation of its third affiliated company in Lamia (SYN.FA. STEREAS ELLADOS S.A.) in 2006.

Triggered by the confidence of pharmacist-shareholders, in 2002, in recognition of the offered qualitative services, PRO.SY.F.A.P.E. certified the total of its Group of companies in ISO 9001:2000 and in the Ministerial Decision referring on the equitable distribution of medical devices. The certification acknowledgement was issued from the international known institution TÜV HELLAS S.A. Aiming at continuing to be the first choice of the customer - pharmacist, in 2008 it expanded the premises of Alimos centre of distribution and upgraded its automation picking system, while, at the same time, it introduced an RF picking system to the manually-operated order picking. Into 2010 the RF manually picking system was operating fully in all its Group of companies.

PRO.SY.F.A.P.E. group of companies respecting the support and collaboration of its member-shareholders, continues more decisively, than ever, the path which was engraved by its founders.

We lead the developments with collective efforts, responsibility, dedication and excess zeal, values and philosophy that are indicative of our credibility through time.

Souroti “Travelling” all over the world Today, 90 years since its first bottling, the SPARKLING NATURAL MINERAL WATER SOUROTI brandishes a prominent position in consumer preferences as well as the top position in its sector in domestic sales.

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OUROTI SA products are bottled in the ultramodern plants in Souroti, located in Northern Greece, which were completed and have been operating since June 2002. The investment meets all hygiene standards, while the production process is certified with ISO 9001 and HACCP.

Exports are being made with great success to European Union countries, America, Australia, Cyprus, Saudi Arabia and the United Arab Emirates.

Moreover, within the first six months of 2011 the company started exports to three new markets, China, Romania and Poland.

A team of specialists, who combine the necessary technical knowledge with their experience in bottling technology, and the well-equipped laboratory -where all inspections and tests required in all stages of the production process take place daily realize the safety and hygiene of all SOUROTI SA products. Recently, there was an addition of soft drinks (tea, lemon tea, peach and green tea) to its range of products.

The company, with four complete production lines, high technology machinery, 134 permanent, skilled workers, new premises of 7.500m2, a branch in Athens and new products, is opening new horizons in Greece and abroad, an activity in which the company focuses increasingly recently.

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Export leaders

Sarantis Group

Selonda

Operating in eight eastern European countries

Focusing on international markets

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ARANTIS Group constitutes one of the leading consumer companies both in Greece and Eastern Europe where it has an important presence.

The Group’s main activity is the production and distribution of mass market cosmetics and household products both in Greece and Eastern Europe, while the Group also maintains exclusive representation agreements with international leading consumer companies. Apart from Greece, where the parent company is situated, Sarantis operates in eight eastern European countries via subsidiaries, namely Poland, Romania, Bulgaria, Serbia, Czech Republic, Hungary, F.Y.R.O.M., and Bosnia. Moreover the company maintains a powerful distribution network in more than 20 countries via direct exports supplying the regions of Europe, Middle East and North Africa.

Despite the adverse economic environment the last few years, Sarantis presents sustainable growth and cash generation. Through out the Greek debt crisis the company managed to retain and expand its free cash flow generation and as a result de leveraged its balance sheet having only a small level of net debt. According to the Management’s estimates, the 2012 consolidated turnover will reach circa 236 million euros while Net Income is expected to settle at 10.4 million euros.

As uncertainty in the market persists, the Group’s management expects that the adverse conditions in the economic environment will continue throughout 2013 as well and continues to emphasize on bringing its cost base in line with the expected revenue.

Management remains dedicated to its policy, for strong capital structure, low debt, containment of operating cost and in general for efficient management of working capital, with the objective to further enhance the Group’s financial position.

At the same time, as always, the Group remains focused on the strategic objectives that support and secure a profitable outlook for Sarantis Group and specifically on the following:

Throughout the recent years Sarantis Group has demonstrated a dynamic and successful growth course. Up to now the company has achieved: - Leading position in the production and distribution of consumer goods in Eastern and South-Eastern Europe.

- Leading market shares in its strategic categories.

- A powerful distribution network in the countries of its operation.

- Strong presence in the Eastern and South-Eastern Europe via 8 subsidiaries and a powerful exports network in more than 20 countries around Europe, Middle East and North Africa.

- Healthy Balance Sheet and low leverage.

- Increased participation of its own brands in the Total Group turnover (75% of the Group’s turnover is attributed to own brands).

- Increased participation of the Eastern European countries in the Total Group turnover (the participation of the Group’s foreign countries to the total Group turnover is at 60%).

Kyriakos Sarantis

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1. Organic growth of the core business activities and emphasis on Sarantis own brands portfolio.

2. Increase of the existing market shares of own brands in the region.

3. Continuous examination of the situation in the economies of the Group’s countries and modification of the business where deemed necessary according to the new market conditions.

4. Examine possible acquisition targets in the Group’s foreign countries of operation, as long as market share, profitability and cost structure allow for synergies.

ITH its annual production capacity exceeding 30.000 tons of sea bream and sea bass, as well as with facilities in three countries, SELONDA Group of Companies constitutes a dominant power in the Mediterranean aquaculture.

The 88% export ratio in final product/fish is a clear indication of the absolute exportation orientation of the group, which supplies its customers in over 20 countries with 500 tones of fresh sea bass and sea bream on a weekly basis. The sea bream and sea bass are the two most popular Mediterranean fish in both Europe and North America and the group’s fish travel by road and air to more than 20 countries around the world.

SELONDA Group owns 5 fish hatcheries of total annual capacity of more than 110 million juvenile fish, 46 sea fish farms in Greece with an annual production capacity of 25.000 tons, 8 sea fish farms in Turkey with an annual production capacity of 8.000 tons and 1 closed circuit unit in Britain (Wales) producing 1.000 tons of sea bass annually. In addition, SELONDA Group has 7 packaging plants in Greece, 1 processing plant, 1 distribution center and 1 fish-feed production unit which is operated by its subsidiary, PERSEUS, the largest fish-feed producer in Greece with an annual production capacity of 70.000 tons.

After two successful, long-lasting partnerships of management and expertise provision in Kuwait (1995-2000) and Singapore (1997-1998), and numerous ad hoc contributions to significant projects in Southeast Asia, the group continues its international activities. Currently, the main axes of this international activity are Wales, Turkey and Saudi Arabia. In Wales, SELONDA Group, through its subsidiary SELONDA UK, operates a high technology recycling plant which produces 1.000 tons of sea bass annually.

The recycling plant on the island of Anglesey in Wales, a terrestrial stateof-the-art installation, was designed and constructed by INTERNATIONAL AQUA-TECH, a subsidiary of SELONDA Group and it constitutes a total investment of 16 million euros.

The sea bass produced in Wales and distributed exclusively in the UK is sold at a higher price (premium price) because of its superior freshness compared to the rest of the sea bass available in the British market.

SELONDA Group holds a principal shareholder position in the company FJORD MARIN TURKEY, the second largest producer of sea bass and sea bream in Turkey. FJORD MARIN TURKEY has 8 fish farms with annual production capacity of 8.000 tons of sea bream and sea bass. In Saudi Arabia, on behalf of TABUK FISHERIES, SELONDA undertook the development of 2 sea bream farms in the region of Tabuk city, with an annual production capacity of 1.000 tons.

The bream is distributed in local markets such as Saudi Arabia, United Arab Emirates and Jordan. In addition, a fish hatchery is currently being constructed.

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Export leaders

Skag TH.C. Skagias SA title

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H.C.SKAGIAS SA, is the leading paper converting company, manufacturing paper stationery and filing products in Greece.

The company has followed a particularly successful route, which established it as the indisputable leader in the Greek market and a serious player in the international markets too, under the international brand of SKAG. The company is continuously eager to improve and develop new business possibilities.

SKAG, a public listed company in Athens, installed new machinery for digital glitter and spot UV in September last year and has already seen tremendous success with the range of special-effect enhancements.

SKAG specializes in the printing of commercial marketing materials such as children’s school items, books, greeting cards, notebooks, folders and more.

The SKAG strategy is to support customers with short runs, per-demand work, providing the ability to change and adjust jobs at the last minute.

Popy Skagia, SKAG Marketing Manager, said: “The new Press and Braille station are the ‘dream’ products for us, allowing us to add enhancements and special effects on a digital press that saves us time and money. There is no other technology on the market that represents unique opportunities for us to enhance and promote our existing product range, along with adding a few that were not possible before.”

The company, established in 1956, now employs 117 staff and has a turnover of more than €12.5m. It exports its products to more than 35 markets, including Europe, the Middle East, Canada and Japan, and has won numerous national business awards for its work.

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Lately, the company has added an innovative application to SKAG products. Augmented reality is the most advance and unique application through mobile or tablet application.

Export leaders

Sidenor Group

Symetal

The largest long steel producer in Greece and southeast Europe

Key Player in the European Aluminium Foil Industry

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IDENOR Group represents VIOHALCO’s steel production, processing and trading arm and is currently the largest producer of long steel products in Greece and Southeast Europe.

SIDENOR’s business performance dates back to 1962 with the establishment of VIOHALCO-SANITAS, which has been the foundation for creating a vertically integrated Group of companies with 20 subsidiaries and associated companies in Greece, 16 abroad and production plants in Greece, Bulgaria, Russia and FYROM Aiming at optimal operational efficiency, SIDENOR Group’s activities are fully vertical and are distinguished in the following sectors: - Mini-mills - Pipes, Tubes and Hollow Sections - Downstream operations and - Sales and Distribution In the context of its production activities, the Group runs production plants in Thessaloniki, Almyros in Magnissia, Kilkis, Thisvi, Pernik in Bulgaria, Nikolic in FYROM and Polevskoy in Russia. These plants encompass all stages of production, processing and distribution of an extensive range of steel products, thus giving SIDENOR and its subsidiaries the opportunity to produce high quality products that cover any relevant need of its customers in Greece and abroad.

The Group’s products cover even the most demanding needs of SIDENOR’s customers in Greece and abroad and stand out for their excellent quality, high reliability and particularly innovative features. Moreover, the Group’s production facilities are being continuously upgraded and expanded through a significant investment program, which has exceeded euro 750 million, during the period 1998 to Sept 2012.

Given the technological advantage on the production level and the extensive

sales network in Greece and abroad, SIDENOR Group maintains its leading position by having at the top of its priorities the non-negotiable quality of its products, the continuous emphasis on innovation, the investment in stateof-the-art technological equipment and finally a totally customer-orientated approach to its activities.

Regarding the nine month period of 2012, the adverse economic conditions that prevail in Greece have significantly burdened the construction activity and have affected SIDENOR Group financial results. At the same time, the increase of cost of debt in conjunction with the slowing growth, both in Central Europe and in the Balkans, further affected the Group’s financial results. In this unfavorable environment, the ever stronger presence of SIDENOR in foreign markets and the development of new higher added value products, had positive impact and partially improved Group’s financial performance.In detail, SIDENOR Group’s turnover stood in the nine month period of 2012 at 847.7 mil. euro compared to 905.2 mil. euro in the respective period last year marking a decrease of 6.3%. Regarding profitability, consolidated EBITDA stood at 22.2 mil. euro compared to 30.6 mil. euro in the nine month period of 2011 decreased by 27.4%. Net consolidated results after taxes and minority rights stood at losses of 49.8 mil. euro (or losses of 0.5172 euro per share) compared to losses of 30.6 mil. euro (or losses of 0.3180 euro per share) in 9M 2011. On the other hand, a positive fact was the significant improvement in Group’s operating cash flows, which allowed the reduction of consolidated debt by 46.6 mil. euro vs.

December 31, 2011.

In order to offset the deteriorating conditions in the domestic market, SIDENOR Group’s management adapts its strategy, focusing on further strengthening its competitiveness, developing new products, expanding its sales network and penetrating into new markets. These along with the reduction of working capital needs and the optimization of the operating cost will allow the improvement of Group’s efficiency.

S

YMETAL is a major European manufacturer of aluminium foil – plain and converted. The company has two plants both situated in a short distance from Athens. Oinofyta plant, located 57km north of Athens, is dedicated to the production of plain aluminium foil in a wide range of thicknesses and alloys.

The plant has an annual capacity of over 50,000 tonnes and its aluminium foil products - converter foil, semi-rigid container foil and household foil - are used in a variety of applications such as flexible packaging for liquids, dry food or tobacco, cheese wrapping, wine bottle caps, blister foil for pharmaceutical applications, semi-rigid food containers (wrinkle and smooth wall) and candles. Aluminium foil is also used in various technical applications such as heat exchangers, flexible tubes and insulation.

At Mandra, 24km west of Athens, the plant is dedicated to the conversion of foil to a number of packaging applications, largely for the food and tobacco industries. It has annual capacity of 16,000 tonnes.

Sustainability is a key business driver for the company. By definition, aluminium is a ‘green’ product due to its recyclability. A large percentage of the production is from recycled material. The company has recently implemented a new environmental control system to meet the EU’s new EMAS (environmental management and audit scheme) regulations.

Future focus Investing in people and in technical know-how is of major importance for sustainable growth. Staying close to the customers and developing new products together with them is also of primary importance. SYMETAL’s structure and size give the company the flexibility required in the foil industry for very fast reactions, quick delivery and rapid decision-making. The target is to become even more flexible to the needs of its customers and at the same time be able to form partnerships in their own main business areas.

Major investments There has been significant investment in both plants in the last years. In 2010 at the plant of Oinofyta the company increased its size further with the installation of a second rolling mill of 2.1 metres width along with a new slitterseparator and additional annealing capacity.

At Mandra, in the last couple of years the investments included a new laminating/coating machine together with a new fully automated slitter / rewinder.

The European foil market has grown by a rate of 2 per cent last year and is expected to keep its pace during this year. This has resulted into a very good utilisation and quick integration of the new investments.

Main company market is Western and Central Europe with strong presence in Eastern Europe and the Middle East. India, Africa and South America exhibit also a good future potential for the company.

Strong R&D base SYMETAL has a strong R&D/technical team that works closely with customers to develop new products and production processes.

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Export leaders

Τhe Halcor Group

Vianex

A leading manufacturer of copper and copper alloy products in Europe

Synonymous with the history of the Greek pharmaceutical industry

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T

ALCOR is a leading Group of companies that specializes in the production, processing and marketing of copper, copper alloys and zinc products. It has a dynamic commercial presence in the European and global markets. For more than 75 years, HALCOR has been offering innovative and added-value solutions that meet client requirements in fields, such as plumbing, HVAC&R, architecture, automotive, shipbuilding and engineering, telecommunications and general industrial applications.

HALCOR is a Group of nineteen companies, based in Greece, Bulgaria, Cyprus, France, Germany, Italy, Romania and the United Kingdom, operating nine production plants in Greece, Bulgaria and Romania. The Group develops and distributes a wide range of products, including copper, copper-alloy and zinc rolled and extruded products as well as cables, with HALCOR being the sole producer of copper tubes in Greece.

As a result of the Group’s strategic investments in Research & Development, HALCOR is recognized as one of the leading copper producers globally, setting new standards in copper processing. The company maintains a consistent focus on quality and environmental protection and a strong commitment to the principles of sustainable development. In this context, all production facilities in the Group’s plants utilize advanced technologies to bring to the market innovative products that are energy efficient and environmentally friendly.

HALCOR has a significant export activity in Europe, Asia, North America and Africa. In Europe, where the company holds a substantial market share, it is recognized as one of the largest Greek exporting companies. Over 90% of the company’s sales are realized in more than 50 countries around the world, contributing significantly to Greece’s trade balance.

Products HALCOR offers a wide range of energy efficient and environmentally friendly products. It is an innovative company and a pioneer in metal processing, which develops products of superior technology for numerous building, industrial and architectural applications.

HALCOR products stand out for their high quality standards and reliability, as well as the highly innovative features and added value they provide to endcustomers. The expanded range of products offered by HALCOR includes copper, brass and zinc, as well as a wide range of alloys. The HALCOR Group Companies can supply the following range of products:

HALCOR Copper tubes for water supply, heating, in-floor heating – cooling, air conditioning, refrigeration, natural gas, medical gas, fire protection and various industrial applications.

FITCO Brass bars, rods, tubes, sections, flats and wires for applications in architecture, interior design, contemporary art, furniture, lighting, pumps, gutters, heat-exchangers, plumbing, automotive, music instruments, etc.

SOFIA MED Copper and titanium-zinc sheets and strips for architectural applications.

Copper and brass sheets and strips for the construction of electrical and electronic equipment, springs, parts and components for the automotive industry and general industrial applications.

Copper alloys for the production of discs and coin blanks.

Copper bars, rods and strips for architectural applications, electrical and mechanical equipment and decoration

HE HISTORY of the company VIANEX is deeply interwoven with the history of the Greek pharmaceutical industry, as the initial foundation of a simple pharmacy and a pharmaceutical warehouse date back to 1924, nine decades ago. The success of the endeavor rapidly led to the expansion of the company, mainly by importing medicines from the U.S. and Europe. The first milestone in development for the company was 1951, when Paul Giannakopoulos founded PHARMAGIAN Unlimited, which gradually extended its commercial activity to the whole of Greece and became the official distributor of major international pharmaceutical companies such as Jannsen, Roussel and Alcon.

In 1971, PHARMAGIAN became SA, assuming its current name VIANEX SA. In the 4 years that followed, the company continued on a path of rapid growth and prestige, establishing strategic partner- ships with major international pharmaceutical companies, including Merck & Co (U.S.), Takeda Chemical Industries (Japan), Boots (UK), Sigma Tau Industries (Italy) and others. The industrial activity of the company began in 1977 with the creation of Factory A, which was built near the Athens-Lamia National Road.

The factory of Winthrop-Sterling (Factory B) in Pallini was acquired in 1983, while in 1985 the company bought the factory of Upjohn (Factory C) in the same area. In 1995, the subsidiary company VIAN SA was founded, with the purpose of marketing and distributing OTC products. In 1997, VIANEX bought the premises of the company Hoechst in Varibobi to house its Central Management offices and the final product Distribution Center. In all these facilities, the company invests considerable sums of money for their ongoing modernization and production increase. Finally, in 1999, the company bought the antibiotics plant of the Institute for Pharmaceutical Re- search & Technology at Patra’s Industrial Zone (Factory D).

Today VIANEX, possessing unique manufacturing capabilities through its 4 owned factories, is specialized in the full range of medicine while

constantly evolving through strategic planning. It employs over 1,000 people and operates on a large investment program with new, strategic and internationally orientated business moves. The productive capability of VIANEX is based on its solid infrastructure as well as on its experienced and highly trained staff. All factories are equipped with fully automated lines of production and packaging, ensuring the safety of products and removing the risk of contamination. There are many special air-processing units (HVAC) installed at every stage of processing, providing overall protection to products, staff and the environment.

VIANEX’s export activity counts over 20 years of existence, while it retains a steady growth worldwide. The company is present through exports in Europe (UK, France, Spain, Germany, Denmark, Holland and Cyprus), in the Middle East (Jordan and Saudi Arabia) and in Africa.

HELLENIC CABLES Cables for buildings, outdoor and industrial applications, transmission and distribution networks, installations with special requirements, naval, marine and submarine applications, telecommunication and data transmission networks, renewable energy sources.

Compounds for cables.

Enamelled copper wires for transformers, motors-generators, small motors, relays-coils, self-supporting windings.

High quality in production is achieved through strict controls applied throughout the production process. With a consistent quality focus, the company implements an ISO 9001:2008 Certified Quality Management System and utilizes high technology and expert staff. Aiming at continual quality improvement and the development of innovative and competitive products and manufacturing processes, HALCOR invests heavily in the scientific research of copper applications, as a key pillar of its business strategy. In this context, the company has invested substantial resources for the operation of two separate research entities: HALCOR RESEARCH & DEVELOPMENT S.A. and the HELLENIC CENTER FOR METALS RESEARCH (ELKEME).

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Export leaders

Vioryl

Vivartia

Half of its products are crossing the borders

Greek milk leader exporting to 30 countries

VIORYL was founded by Prof. A. Stavropoulos, president of the company, in 1946. It has always focused on emerging technologies and started as a research lab for natural products, especially essential oils. For over 60 years VIORYL has been dedicated to creating user and environment friendly products. A group of highly qualified scientists and modern scientific equipment serve the company’s main activities: perfumery and biotechnology.

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INCE 1976 VIORYL has been active in the field of Biotechnology, when one of the first private research biotechnology labs in Greece was established at its premises. This effort led to the production of the olive fruit fly (Dacus oleae) pheromone (1980) and the expansion of its research targets to cover organic plant protection and nutrition products.

VIORYL has implemented a certified Quality Management System (ELOT EN ISO 9001:2000) for the development and production of fragrances and flavors since 1999. In 2003 VIORYL moved to newly built facilities, starting a new cycle of development and growth.

The offices, labs and research activities are housed in facili- ties of 4,400 square meters in an area of 7,500 square meters near Athens (AfidnesAttiki) whereas the production units are housed in facilities of 5,000

square meters situated in an area of 21,000 square meters north of Athens (Eleonas-Viotia). In 2006 the production unit of fine and aromatic chemicals was extended and its production capacity multiplied VIORYL is actively present in Europe, the Middle East, Africa, the Far East and North America with almost 50% of VIORYL’s annual turnover coming from products exported all over the world. Among the steady objectives of the company’s policy is to introduce its products to new markets.

The establishment of VIORYL TURKEY with four branches was a decisive step towards this objective. VIORYL products are distributed by exclusive dealers in the following countries: Australia, Vietnam, France, Germany, USA, Indonesia, Spain, Israel, Italy, Great Britain, South Korea, Jordan, Nigeria, Romania, Serbia and Montenegro.

H

AVING completed by 2006 an ambitious plan of numerous mergers (DELTA, CHIPITA, GOODY’S - FLOCAFE and BARBA STATHIS), the Group Vivartia, under the “aegis” of the financial group Marfin, evolved into one of the greatest forces in the food sector in the Greek market, providing top products that meet the nutritional needs and habits of millions of consumers in Greece and abroad. Since June 2010, and after the redesign of the Group’s structure, Vivartia’s products are developed in the sectors of dairy, beverage, catering, entertainment and frozen food through the following companies: - DELTA FOODS SA with the purpose of the production and distribution of dairy products. It supplies the Greek market with some of the most recognizable brands such as Fresh Milk DELTA, Small Family Farms, Delta Daily, DELTA Advance, Milko, Life, Complet, Natural and Vitaline.

- GOODY’S SA and EVEREST SA that engage in the production and distribution of food products through the operation of chain restaurants, cafιconfectioneries and catering. Goody’s Group major chains of food products and entertainment are the Goody ‘s, the Flocafe and the Hellenic Catering for the provision of catering. Everest Group major chains of food products and entertainment are Everest, La Pasteria, the shops Megusto, Gloria Jeans, Papagalino, Olympus Plaza and the Olympic Catering for the provision of airplane catering along industrial catering.

- BARBA STATHIS SA which is focusing on the production and distribution of frozen foods, including vegetables as well as ready meals and pastries. It features the trademarks “BARBA STATHIS”, “FROZA” and “XRISI ZIMI”.

The key event that shaped the new structure of Vivartia was the “division” of the company into four sectors (dairy, confectionery, catering, and frozen food) and the creation of their respective companies. One of them, which accounted for the sector of bakery and confectionery, was the “new” Chipita which was sold for 730 million euros and since then follows an independent course outside Vivartia. However, the most significant move, which was also one of the biggest events in the food market, was

the acquisition of the company MEVGAL, through which the largest dairy company in the Greek market has been created. The acquisition was approved in February 2011 by the Competition Commission and involves the acquisition of 57.8% of the company MEVGAL by Vivartia through its completely owned subsidiary Delta Foods for the amount of 76.4 million euros.

The new corporate shape will have its total annual sales exceeding 640 million euros, of which 500 million euros will be made in Greece and the remaining 140 million abroad, while it will control more than 40% of the milk market and 30% of the yoghurt market. It should be noted that the group Vivartia still retains considerable extroversion even after the sale of its basic exportation force Chipita. Today it exports to ten countries, namely Cyprus, Bulgaria, Romania, Albania, Montenegro, Hungary, Germany, Australia, USA and Canada.

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Export leaders

Vrico SA Company presentation

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RICO SA is active in the processing and trade of sheet metal products with its operating headquarters in Aspropyrgos, west of Athens, where the company owns facilities spread out over 13,000 square meters.

The company’s newly-equipped plant is also strategically located, lying close to Attiki Odos, the capital’s freeway, within one kilometer from Greece’s largest commercial hub in Thriasio Pedio, and approximately fifteen minutes away from Elefsina port. The plant is equipped with steel-straightening and cutting machinery for all metal types and sizes.

profits all these years. Also, the firm’s low operating costs allow it to offer competitive prices and flexibility in its credit policy. Vrico SA was included in the influential business service group ICAP’s list of financially most powerful firms for 2010 and 2011. The company estimates 2012 turnover at 19 million euro, slightly down from 23.6 million euro in 2011. Pre-tax profit for 2012 is expected to be 200,000 euro, down from 600,000 euro in 2011. The company’s debt figure is estimated at six million euro in 2012, a considerable reduction from 12 million euro the previous year.

Background

Market share

Vrico SA was founded in 1979 by Dimitris Vrionis and Anastassios Cosmas in port-city Piraeus. From day one, the firm began operating at a self-owned facility in the port-city’s Renti district. This smaller plant has remained a company asset but is nowadays leased to third parties. The firm relocated to its new facilities in Aspropyrgo in 2006. Vrico’s continual growth, from the firm’s inception until now, continues to be funded mostly by the company’s own capital rather than bank financing, which the enterprise has relied on to minimal degree.

Vrico SA’s activity is focused on covering industrial sector needs, with less emphasis placed on the construction sector. The firm’s clients amount to over 1,000, mostly small-to-medium size enterprises. The administration has set itself the objective of increasing the firm’s market share. This drive is based on the high-quality products Vrico SA produces and sells, as well as the management team’s customer-first policy, which is flexible, especially when it comes to customer service.

Corporate structure Nowadays, Vrico SA is managed by the newer generations in the Vrionis and Cosmas families. The firm’s flexible administrative structure allows it to make swift decisions, always with customer satisfaction and quality assurance in mind. The firm’s sales, supply, production, and financial departments are managed by the owners. It employs 20 persons (7 office clerks and 13 employees in production, storage and transportation).

Financial data Vrico SA has enjoyed a steady growth rate since 2003, and has posted

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Exports Vrico SA has continuously increased its presence as an exporter, particularly in the Balkans and Cyprus. In the immediate future, it plans to intensify its promotional drive for certain products such as metal sheets and tapes, which is expected to lead the firm to new export markets.

Forecasts The company aims to maintain its Greek clientele at current levels, while at the same time focusing more on its export activity. The attainment of these objectives, the company believes, will be based on its good operating environment and low operating costs.

Export leaders

Piraeus makes dynamic entry onto transit market map

C

OSCO and Hewlett Packard have sealed a deal for the transportation of HP product shipments via Piraeus port, with TRAINOSE, the national railway company’s infrastructure development division, as the agreement’s strategic partner. The deal between COSCO, HP, and TRAINOSE entails establishing Piraeus port as the central distribution hub for HP products headed to central Europe, the Middle East, north Africa, Europe’s south, as well as the former Soviet Union republics.

HP commodities will be distributed from Piraeus port to their final destinations by COSCO, via sea, and TRAINOSE via rail.

The venture will commence operating with two 40-container freight train deliveries per week, and is expected to grow into an operation requiring two freight trains per day within a year’s time.

The choice of Piraeus port by COSCO and Hewlett-Packard is estimated to increase freight handling traffic at the port by 50 percent and also lead to the creation of new jobs, as other firms are expected to follow in the footsteps of the US firm.

Reflecting the deal’s significance, the Minister of Development Costis Hatzidakis, in comments made at the official opening of a railway network section connecting Thriasios and Iconio, noted that the project’s development was based on the agreement reached by COSCO, HP, and TRAINOSE. “Both the Greek railway network and Piraeus port are now entering a new era, that of combined transportation,” the minister remarked.

Kostis Moussouroulis, the Minister of Shipping, Maritime Affairs & the

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Aegean, noted that the new railway connection would make existing infrastructure more competitive, while also leading to the creation of new jobs. In his remarks, Captain Fu Chengqiu, Managing Director at COSCO, noted: “I believe this project will prove particularly favorable for Greece in the future. We at COSCO have good ties with associated firms and want to offer to Greece. I’d like to wish TRAINOSE, COSCO, and HP all the best.” IKEA also part of the picture IKEA is yet another multinational investing in Greece, through the development of a coordination center as part of its global supply chain. IKEA is also backing plans by the Fourlis Group, the parent company of local appliance store chains, for moderate investments aimed at expanding the distribution network.

More specifically, the Swedish home equipment and furniture giant hasselected the wider Athens area to develop a central control department for its global supply chain. The firm has hired 90 persons, specializing mainly in IT, operations management and logistics, to utilize favorable local business conditions.

According to sources, Greece was chosen over other alternative locations considered by the multinational firm, these being the Netherlands, Singapore, and certain Middle East countries. The deal sets the framework for further collaboration, while, to a certain degree, may serve to facilitate discussions between IKEA’s parent company and COSCO for the development of new transportation routes.

Creative Creative Creative Creative Creative

Creative

Αrt

City life Nikos Kakavoulis

Alekos Kyrarinis

By Dimitris Fallieros

By Dimitris Fallieros

Bringing modern art closer to the people

Creating a media product that has gone global

I

“I do art because it offers very specific answers. Even though most people consider it to be very subjective and vague, this is not the case.” Kyrarinis’s work most likely achieves this. By managing to draw viewers, it certainly does not allow for any feeling of indifference or non-engagement. The son of a marble sculptor, Alekos Kyrarinis was born in Athens in 1976 and grew up on the Greek island of Tinos. He worked alongside his father from the age of 11 on an island where popular folk and Byzantine art forms have remained very much alive.

A graduate of the Athens School of Fine Arts, Kyrarinis has staged four solo exhibitions in Athens and one on Tinos. A short book of his, “Nefeli’s Questions” (Erotisis tis Nefelis), which presents issues concerning art and painting, was published in 2011. One summer, when Kyrarinis was aged 26, he found himself sitting at the stairs of a school in Tinos.

A group exhibition of paintings, including some of his own, was on show inside. As he sat, Kyrarinis was approached by an art collector, Giorgos Vogiatzoglou, who happened to be vacationing on the island with his wife.

They introduced, proceeded to see the exhibition together, and the collector left having acquired two paintings by Kyrarinis. In the ensuing years, while Kyrarinis continued to paint, the collector kept a close watch on the artist’s endeavors. Most recently, this February, work by the young artist was chosen for the inaugural show of a new art space’s opening in the Athenian district of Nea Ionia.

The art space, named “Sparti”, was established by the aforementioned collector. It was a personal objective of his to create a space for his own art collection. Inspired by Kyrarinis’s work, he found the required impetus to go ahead with the project. The exhibition was launched by the internationally renowned Greek academic Eleni Glykatzi – Ahrweiler.

We caught up with Kyrarinis at the art gallery for a quick conversation.

“Painting must have a functional character,” he noted, and, in saying so, demolished clichés that present modern art as an unapproachable art form. “A painting must be a functional object – like in the past, when images contained functional value, even if their role was to be worshipped.”

“The Greek public,” he continued, “is coming increasingly closer to modern art. Artists need to try and create work that is simpler and more understandable, so that viewers don’t feel perplexed.” When asked about his favorite Greek artists, Kyrarinis responded by naming three, Achilleas Papakostas, Nikos Moschos, and Manolis Bitsakis.

On a more philosophical level, when asked what art’s existence had to offer, and why it was necessary, Kyrarinis remarked: “The most crucial thing offered by art, especially painting, is a feeling of consolation. It’s a state of unique joy.”

* The work of Alekos Kyrarinis will be on show until June 2013 at the Giorgos N. Vogiatzoglou “Sparti” Art Space, 63-71 Eleftheriou Venizelou Street, Nea Ionia, Athens. www.vogiatzogloucollection.gr.

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Nikos Kakavoulis resembles those old-era citizens of the world, but with one big difference: He has a totally modern perception on how a media product should be. Kakavoulis is the founder and CEO of Daily Secret, a Greek media firm that was launched in Athens and soon expanded in no less than thirty cities around the world. The long list includes Istanbul, Copenhagen, Madrid, Lisbon, Paris, Stockholm, Tel Aviv, Bangkok, Hong Kong, Shanghai, Buenos Aires and San Francisco among other places. At the time of our interview with the entrepreneur, he had just launched a new branch in Berlin, “Berlin Daily Secret”. But what exactly is Daily Secret? It is a secret received via email on a daily basis, an enchanting little secret concerning the city we live in, or a city we wish to visit. The disclosed secret could be a cocktail bar of particular aesthetic appeal, tucked away in a hidden alley; a book shop with a small music stage hidden inside; a shop that makes or sells something that you have never seen before.

«Daily Secret gives you that amazing feeling of discovery every single day. Our secrets will make you fall in love with your city all over again,» Kakavoulis said.

Asked about how he decided to start this fascinating venture, Kakavoulis noted: “Initially, all I wanted to do was to start emailing my Athenian friends and acquaintances just to remind them what they love about their city. It was like a good-karma project for me… Then, the idea was gradually developed with my associate from New York, Phaedra Chrousos. We thought about setting up a branch in Istanbul to see what the response would be like for such an idea. And then, one city just came after another. In some places, we set up Daily Secret not only in the local language, but in English as well, so that we can address to the enormous international community of tourists.”

Asked about his aspirations, Kakavoulis said he hopes Daily Secret

will “become the first media product of the new world, one aimed at the first truly global generation that could have lived anywhere but chose to live in their city.”

Commenting on the Greek crisis in a preceding interview with CNBC, the worldwide business news network, Kakavoulis noted: “I would say that the crisis is a terrible thing to miss. There is a whole movement of young people with ideas and skills that deserve investment. There has never been a better time to invest in Greece”.

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Business

Business

Sofoklis Panagiotou

Yiannis Paraskevopoulos

Septem microbrewery

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Mr Sofoklis Panagiotou’s singular enterprise, the microbrewery Septem, which he started from scratch, now stands as an exemplary example in Greece’s beer sector.

Would it be true to say that beer market expectations are growing? What is your feeling about the market’s development?

It is true that the beer sector has not headed the way of other beverages in this crisis. The tax rate on spirits is now extremely hefty. This has benefited beer, which is taxed at a lower rate.

The establishment of small-scale breweries in certain places such as Santorini, Tinos, and Rhodes, as well as other areas, seems to be a favorable development. What is your opinion?

First of all, the fact that most small breweries are based on islands is a favorable development. They’re based in Euboea – that’s where we are – Santorini, Corfu, Crete, and Rhodes. We could create a wave - that’s if we join forces and create a trend for the small breweries that exist in Greece. It’s very good because the brewery sector rises as a whole when such a movement is established, and that’s what we need.

You originate from a field concerning wine production and you’re focused when it comes to production matters. You have created a very unique product. This is a reality that’s being acknowledged by competitors and the market. I’d like you to tell me how the firm’s course has fared during its three-and-a-half years of operations. It’s been a short period which, however, has results to show.

Essentially, we began operating in the summer of 2009. Theoretically speaking, that year did not really count for us because it was mid-summer, a time when orders had already been made, promotional efforts have been completed. It’s a very late stage to start making arrangements about where to sell your product.

Beyond that, the results have been favorable after three-and-a-half years. We’re expecting to end the year with a sales increase of between 70 and 75 percent.

Right now, we’re progressing with an investment plan concerning an increase in production capacity in order to deal with demand. But, under no circumstances, do we intend to alter our initial objective, this being a specific quality level as well as the production of many product varieties. At this point, I’d like to stress that our objective is not, for example, to reach production levels of 1,000 or 2,000 bottles for one specific beer type. I’d prefer to have ten types of beers selling 100 bottles each. This is what we wanted to create from the beginning - various beer types, various products. We wanted to show that beer is not just a thirstquenching summer drink. Our logic is based more along the lines of wine, whiskey, good coffee. So our approach is more oenological. My background is in oenology, so I couldn’t escape from the way of thinking inherent in the field.

This also rubbed off on the firm’s brand name, Septem. Please tell us a little bit about it.

Septem is the number seven in Latin, the number of creativity. Every beer type we produce carries a day’s name. So far, we’ve made it to five beer types. We have two days to go before we close this thematic series with our commodities.

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Yellow Donkey beer, Santorini’s craziest ambassador

The noteworthy thing here is that even though you’re catering to your own sense of pleasure, the whole thing has become very successful in terms of business.

I think that the most important thing in order to do something well is to follow your own sense of pleasure. When I used to make wines, I didn’t do it for no particular reason, or as a businessman trying to make a living. I did it because this was something that fulfilled me. But, now, I’m having a great time making beers. The fact that this effort is getting a response is extremely important and also very beautiful.

What are your objectives for the next two to three years?

Basically, the business plan from the beginning was, at some point, to reach a specific number of bottles. Based on where we are now, we have yet to reach this level, even though we remain on target, in terms of our initial plans, for a fourth year. The company’s development plan, as we had mapped it out in the beginning, may be fully attained in two or three years from now.

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The influential veteran singer-songwriter Dionysis Savvopoulos was definitely right when singing “groups of friends make history” in an old landmark song of his. A multicultural bunch of friends in Santorini serves as a case in point. Boban Krunic, a Serbian brewer, Steve Daniel, an English wine merchant and homebrewing aficionado, Majda Anderson, a multi-talented American, and Yiannis Paraskevopoulos, a Greek winemaker and oenologist, not only transformed their dream into a reality, but, through their venture, have made a positive impact on the lives of many people, while also promoting the island they live and work on. Approximately two years ago, a multicultural group of friends on the Greek island of Santorini managed to bring to life a crazy idea of theirs. And they named their venture, entailing a beer they brew and sell, Yellow Donkey, after the hard-working donkeys that transport tourists up and down the gigantic cliff that holds main town Fira. “It was an idea that surfaced following lots of drinking by friends,” explained Yiannis Paraskevopoulos, one of the venture’s co-founders who is also a winemaker and oenologist. “The idea began with an effort to utilize a space we very much wanted to utilize, which we never did utilize. So we ended

You truly are a bright and optimistic aspect amid Greece’s more subdued reality of 2013.

I think optimism will reach this country if we return to what we need to do, and that is produce. Offering services cannot lead us out of this crisis.

Two of the brewery’s owners, multitalented American Majda Anderson and Serbian brewer Boban Krunic.

up brewing beer. Over time, we realized that the results of our efforts were generating a considerable response. It took us some time, but we managed.”

Yellow Donkey beer is sold mostly in Santorini, with some production going to selected restaurants in Athens. It is brewed in three varieties named Yellow, Red, and Crazy. It is worth noting that, as this beer is distributed mostly locally, it is neither filtered nor pasteurized. As a result, its authentic taste is preserved.

Yellow Donkey’s Crazy beer, brewed to accompany meals, comes in a larger bottle size. “As you may gather, we’re talking about small-scale production that caters primarily to Santorini’s needs,” Paraskevopoulos pointed out. “The brewery produces up to 900 bottles a day, or about 300 liters of beer. You know, this is a little paradoxical. There are people who want to buy our product, but we simply can’t satisfy their need. This is because we chiefly want to cater to Santorini’s local market. It truly is a small, charming and sweet little job that inspires us all, and the good thing about it is that it also helps project the island.”

Based in the traditional village of Mesa Gonia, the small brewery is visited by a considerable flow of people interested in tasting its beers. The brewers tell visitors of the process, how they combine the volcanic island’s water with carefully selected malts from Germany and Austria, truly rare types of hops from New Zealand, Oregon, the Czech Republic, and Slovenia, as well as yeast from Belgium and the USA, to create their unique beers that sport the donkey on the bottle. The team’s project is supported by exceptional brewing facilities hailing from Austria and the Netherlands. The equipment’s quality, the talent of the brewers, and the rare and exceptional raw materials used all combine for a worthy result.

Asked whether Yellow Donkey beer was more German lager, British ale, Belgian monastery beer, or murky Weiss, Paraskevopoulos replied: “None of these, while, at the same time, all of these and more! The most suitable description would probably be Lagered Ale, a cross, a hybrid if you like, between thirst-quenching lager and the mellow, aromatic Celtic Ale. No matter what we call them, the essence remains the same.”

Besides the beer’s essence, the inner core of this story is about the spirit of creativity remaining alive amid troubled times of subdued activity.

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Business Christina Panteleimonitou

The watermill in Mytilene that gained worldwide fame

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The idea began somewhere around 1992, on the Greek island of Mytilene, where the discovery of an old watermill led to everything. It was lovingly restored, modernized, and used for educational purposes, teaching youngsters about the process of turning wheat into flour. This early effort developed further, leading to the development of an interesting business venture that exports its produce around the world. An interview with the owner of Mylelia, Christina.

Weren’t there any thoughts about starting a business when you acquired the watermill? Or was it simply a matter of personal interest?

We really didn’t know where the decision would end up. We started off by applying lots of personal effort and some money, which wasn’t much.

Our idea was to create a different type of agritourism model. We began by grinding flour. Then, a thought emerged for the creation of a place where we could showcase and, thereby, demonstrate other types of agricultural activity. That’s how we created the olive press. We then started producing flour. People initially started coming in from nearby villages, then neighboring islands, and then from all over the world.

In other words, it started off as purely educational?

That’s precisely how it began. But we then thought that we could produce various products with the excess flour. So we began making pasta

products to sell and, in doing so, covered the mill’s maintenance costs.

So your products followed the way of the market?

Exactly, but we never abandoned the educational process. Quite simply, the sale of these products sponsored the education we offered. It’s extremely interesting to think that 35,000 children and students have come to us over the past twenty years. Members of associations and other agencies also come along. The contact with the countryside, the land, the production process, is magical for the youngsters.

What was your next step? Did the production of pasta products lead to something else?

Initially, we only had the watermill in Mytilene. This created a series of difficulties because of the distance factor and transportation involved. So, we weren’t always stocked up with flour. As a result, we thought that, considering we weren’t interested in more industrialized production, we would need to add other products to our range, so that we could produce other things when the flour ran out. In other words, rather than dump tomatoes when production is rife, I could instead make a sauce, sun-dried tomatoes, or tomato-based sweet in syrup.

So you began thinking about autonomy in terms of primary materials and were led to the acquisition of a second mill.

Exactly. We acquired a second mill in Akrata (northern Peloponnese), which we’ve owned for about 12 years now. It’s a lot closer.

It’s unusual for a city person like you to become involved in such a different domain concerning agricultural production and being so absorbed by it all…

I think that if you haven’t experienced it as a child this becomes even more fascinating. I was particularly excited by the idea of production, actually touching raw material and doing something with it.

Do you pass all this on to visiting students?

A group of American students visited us the year before last. They were at the mill every day. They would arrive at the watermill in the morning and leave late in the afternoon. They grinded flour, made pasta products, baked bread, and also became involved with olive oil. They collected olives, made olive oil, and so on. They collected salt, which I had already received an order for, from the USA. When we finished with everything, we invited this group of young people to the Chamber of Commerce in Mytilene so that they could relate their experiences. One of the youngsters stood up and remarked: “I am very touched because, all my life, I lived in the middle of a farm and never understood what was going around me until I came here. I’m now going to return as a different person.” That’s magical.

Do you believe this model could be applied to the entire country?

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Without a doubt. Anybody who makes things in small amounts, like me, can make a difference. The important thing is for one to remain true to creating quality products.

Can these products be found on the Internet?

We’ve had an e-shop for many years. We’re redesigning it right now. It’s at www.mylelia.gr. It’s helped us a lot.

It’s particularly striking for such a firm that is not industrialized, and which sticks to traditional recipes, to enter so many foreign markets.

How did you manage?

We’ve worked insistently for 20 years in this domain. Secondly, I was helped tremendously by the addition of my products to duty free stores about twelve years ago. Also, there weren’t that many small enterprises that were both certified and on the internet. We had achieved this.

Did your products gain greater acceptance in Greece or abroad?

Initially, our products were appreciated more abroad than in Greece.

That’s because these types of products already existed in Greek homes.

But they were appreciated abroad. Therefore, it was easier for us to take it all abroad. If you manage to enter a foreign market, at two or three small outlets, others will follow. When I started distribution to a given city, I wouldn’t supply to a second store in the same city. That was appreciated because the respective retailer understood your respect for his or her business and subsequently tried harder to promote your products.

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EXTRA VIRGIN OLIVE OIL AND MORE HIGH QUALITY AGRICULTURAL PRODUCTS OF GENUINE ORIGIN AND AUTHENTIC TASTE AVAILABLE ALL OVER THE WORLD

Technology

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The idea for this business venture came to mind when, one day, Nikos Drandakis and his friends found themselves on a remote road looking for a taxi. While attempting to get his bearings right with the help of a map displayed on his smartphone, Drandakis began thinking how much simpler the ordeal would have been if there was a way of knowing the location of the nearest taxi and being able to hail it with the press of a button.

With this idea in mind, Drandakis, joined by three associates, Nikos Damilakis, Costis Sakkas, and Michalis Sfiktos, launched Taxibeat in Greece in 2011.

Soon after, the venture also caught on in Rio de Janeiro, Bucharest, Sao Paolo, Oslo and, most recently, Paris.

Life was made easier for thousands of cab drivers and customers alike in all these places.

Through iPhone, Android, or www.taxibeat.com, individuals needing taxi service are able to know the whereabouts of all available taxis in the region before ordering the one of their choice. Also, advance knowledge of details such as the taxi’s distance from the pick-up point, the driver’s identity (name and photograph), languages spoken, car model, car registration plate number, and supplementary services, including air conditioning, Wi-Fi availability, provision of children’s seats, and pet transportation, is all listed as part of the Taxibeat service. This information is accompanied by a rating for each driver, based on assessments made by previous customers.

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The customer assessment system motivates taxi drivers to strive for continual improvement of services offered, which is making the Taxibeat fleet an increasingly popular option. Many Taxibeat customers have likened the high standard service to that of a personal chauffer experience, but at no additional cost, as the entire package does not contain surcharges.

Taxibeat customers are charged as if they have hailed the taxi on the street. Responding to a question on the nature of the project’s financing, Drandakis replied: “The initial funding came through the Openfund, an investment scheme that provides money for small innovative enterprises, particularly in the field of technology.

The amount was necessary so that we – my associates and I – could leave our jobs and focus entirely on Taxibeat.” When asked to define business innovation, Drandakis noted: “Innovation for me is a new idea that manages to be applied practically while also changing the lives of people for the better.

Without implementation, no idea, alone, is enough.”

Questioned about what strengthens and what weakens him as an entrepreneur, Drandakis noted: “It’s a great motivating force to see your idea develop, as is working with talented people.

This makes me go to work in an upbeat mood. You know, there is a fine dividing line that separates what we do as our best and the contrary… What weakens me in the era we’ re living in is to see people feel despair and produce their worst”.

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Superior quality and Protected Designation of Origin (PDO) extra virgin olive oils, table olives, figs and a rich variety of antipasti make up AGRO.VI.M.’s wealthy portfolio of products that are made exclusively from some of the finest raw materials of Greece and that are an integral part of the healthy Mediterranean diet.

f: +30 2106423349 e: agrovim@agrovim.gr w: www.agrovim.gr

Changing the philosophy of private transportation

t: +30 2106423614 +30 2106423151 +30 2106423106

By Dimitris Fallieros

Athens offices 95 Vasilissis Sofias avenue Athens 11521, Greece

Nikos Drandakis

AGRO.VI.M. S.A. of Kalamata, Greece is a modern and efficient company in the olive oil industry. For more than two decades, we provide consumers with high quality traditional products of genuine origin and authentic taste. Our modern facilities, which incorporate high quality control procedures, and our certifications have establish us, as one of the most reliable suppliers of Greek products to major international customers.

The well known ILIADA brand represents us in more than 50 countries globally. Our enviable collection of prestigious awards and our innovative ideas give a brand you can trust and follow as a customer, or as a partner in search for a long term business relationship.

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Creative

Cinema

Volunteerism

Stathis Athanasiou

Kostapanos Miliaresis

By Dimitris Fallieros

Making the first Greek film via innovative crowdfunding

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A woman, “A”, finds herself in the middle of a scorched forest, standing below her dead brother hanging from a tree. She is forced to stay put until authorities decide she has received adequate punishment. The scene is taken from a new film being prepared by Stathis Athanasiou, a Greek director whose project rates as highly unconventional and innovative for film industry standards. The prospective film “A” not only promises to be innovative in terms of plot, but also funding method and distribution strategy.

When it comes to funding, the movie is seeking its financial support through crowdfunding, a method through which filmgoers collectively finance new productions. When it comes to plot, it is inspired by the myth of “Antigone”, in which a woman ignores a King’s ruling forbidding her to bury her dead brother. One could say the film itself will be a modern take of “Antigone” as it runs against traditional forms established in film.

Asked how he reached the decision to base his project on the story of “Antigone”, the film director and screenwriter responded: “We didn’t find the story, it came and found us. I began writing a plot, and when I realized it touched on elements from this specific story, I decided that we should not steer clear from it but, instead, confront it head on. It’s a story that we feel is more relevant today than ever before, especially during our times, in which we have swept man aside and turned numbers and digits into Gods.”

Asked about the nature of his prospective film’s style, “Athanasiou explained: “It will be particularly unique, and could be characterized as … science fiction.

It does not take place in the near future, but the distant future. It deals with fear, the violence of authority, which forces man to surrender his or her freedom and designate somebody else as his or her controller,” noted Athanasiou.”

The project’s financing method is just as revolutionary. Athanasiou and his associates are working independently, free of any form of state funding.

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Instead, the production’s budget is being financed by filmgoers, through the crowdfunding process. By visiting www.indiegogo.com/alpha-movie, interested parties may read a summary of the prospective film and its innovative way of distribution, watch a trailer, and become co-funders with fees beginning at five euros. A March 19 deadline has been set for the production’s crowdfunding effort.

Filming is scheduled to begin in May and expected to end in June. Once completed, the new film’s choice of locations for screenings will also differ from standard practices. Its production team plans to have it screened at ancient theatres of the Mediterranean area, as well as art spaces and cultural centers in many major cities worldwide, always accompanied by a live performing orchestra. “We’ve already had contact about screenings in the Middle East and Spain,” noted Athanasiou.

Crowdfunding, he explained, is a significant tool as it “turns the viewer into a participant. It promotes collectivity, solidarity, and independence, aspects we have unfortunately forgotten about. This is what we’re striving for, to bring the film as close as possible to the viewer and turn it into a complete experience for him or her; to change the fact that film, nowadays, seems a bit like a quickly consumed product, a product that places you in the theater before swiftly throwing you out again, to make way for the next wave of viewers, before even giving you the opportunity to absorb the experience…”

See more about “A” at alpha-movie.com. Written & directed by Stathis Athanasiou, production design by Michael Samiotis, photography by Michael Kloukinas, music composed by Stavros Gasparatos, starring Serafitta Grigoriadou & Tasos Karakiklas.

Making volunteerism popular again

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He sports a rasta hairstyle, he is driven by endless energy, and he believes in the power of mutual help and youth innovation. Kostapanos Miliaresis has every reason to do so. Still only 22, the young man heads his own enterprise, which won second prize at a national business competition for students, Athens Startup Weekend University. The objective of his firm, GloVo, an abbreviation of the term Global Volunteers, is to encourage young people to become volunteers at major events and, in doing so, gain valuable work experience.

Despite his young age, Miliaresis, himself, already boasts a lively track record that includes voluntary work for the Olympics, TEDx (ideas worth spreading) and AISEC, the world’s largest student-run organization.

We managed to catch up with this young man who is constantly on the move, while he was in Pamplona, Spain, carrying his trademark knapsack on his back. Offering a description of GloVo, and what the mission is all about, Miliaresis noted: “It is a global volunteers platform (www.glovo.com.gr), where peoplefrom all over the world can sign up as volunteers for many kinds of events, according to their skills, location and interests. Event organizers also benefit by assigning to GloVo the volunteers’ recruitment, selection, training, allocation and coordination.”

Asked whether he ever expected the response to his venture to be so considerable, Miliaresis noted: “No way! I went along to the “Athens Startup Weekend” competition as a volunteer, and not to offer ideas about a platform for volunteers. That’s where I met [business partners] Aris Konstantinidis, Harris Ninios, Christos Panagiotou, and Giannis Tsimalis. The rest was just a matter of time,” he remarked, referring to his partners in the venture. “Volunteerism, for me, is a way of living. When you do something for you, you only make yourself happy, whereas when you do something for

another person, you’re offering happiness to both of you – in fact, it’s double the pleasure for you! In Greece, I’ve noticed that the people who offer voluntary work are much more than in the past. This could be attributed to the difficult times we are experiencing, which demand solidarity and mutual support.”

Asked to offer his advice to young people, who think about launching their own business, Miliaresis remarked: “They should do it, without delay or too much contemplation. What helped me personally was the Athens Startup Weekend University event, because it offered me the foundation and push that I needed.

The most important thing is to form a good team, in which everyone will interact well and enjoy working together with each other. Every success is attributed to the team.”

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Social Responsibility

Fashion

Myrto Anastassopoulos, Alexia Katsaounis, Niki Kerameus, Marina Sotiriou, Ekavi Valleras

Dimitra Kolotoura, Mareva Grabowski

By Dimitris Fallieros

By Dimitris Fallieros

Helping those in real need

Taking worthy Greek fashion abroad

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This is one of those cases where creativity works so visibly towards common good. Myrto, Alexia, Niki, Marina, and Ekavi, a group of longtime school friends, utilized their strong bond and joined forces to found DESMOS, a non-profit foundation formed with the objective of covering basic needs of vulnerable groups and individuals. Their technique, a simple but clever one, focuses on putting to good use surplus products and services. “In essence, what we’re trying to do,” they told Creative Greece, “is to make the donation process simpler, faster, and more effective so that every single thing that is offered, be it money, a service, or product, has added value because it goes exactly where it is needed”.

The five-member team reaches its objective by combining data. On the one hand, it takes into account surplus figures of firms or individuals willing to offer their help, and, on the other, the team considers the needs of foundations and social welfare providers.

Within just one year of operation, DESMOS has aided over one-hundred organizations such as PRAKSIS, Doctors of the World, the Greek Red Cross, besides other smaller groups.

For the worthy cause it has set out to serve, DESMOS is benefiting from the support of many Greek firms, as well as everyday individuals. It has all led to the creation of an extensive network.

Most recent activity by the group has included donating heating petrol for schools, while also improving the living standards of young and teenage children based at centers for destitute children, orphanages and institutions.

We asked the quintet how it feels to be working for the wellbeing of others. “For us, even the smallest contribution can have a great moral and social impact.

Always, the value of anything offered is worth far more than the actual work required!”

Responding to a question on how they perceive

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T the degree of sensitivity of Greeks to social issues, they noted: “An honest willingness to help one another does exist. It is no coincidence that, during a time of economic crisis, most of our fellow citizens are feeling an even stronger need to offer, even when they, themselves, are pushing to make ends meet. This is what we have understood from all those people who support us - even if it’s just a bag of food, baby milk, an hour of voluntary work, or sharing our page on Facebook.”

And how do they feel at the end of a day when DESMOS has managed to accomplish something? “Joy, fatigue, and impatience for the next -and even better- day!”

They dared to launch a noticeably different Greek fashion brand and have seen their endeavor acquire international dimensions. Dimitra Kolotoura and Mareva Grabowski, an enterprising fashion team, ended up making it to Paris Fashion Week with their work, where they drew the attention of toplevel international fashion representatives.

The fashion rendered by the duo’s firm, Zeus+Dione, named after the parents of Aphrodite, the goddess of love and beauty in Greek mythology, is based on a simple philosophy. It draws from Greek heritage and tradition that is reinterpreted into classy modern fashion design. The pair’s collection includes quality leather sandals, embroidered silk shirts, kaftans and trousers, crochet accessories, gold jewelry and limited edition leather handbags. “Everything is designed and made in Greece, using local materials only.

Our silk is from Soufli, which, for those who do not know, was one of the world’s biggest silk producing centers in the 19th century,” noted Kolotoura, referring to the provincial city in Greece’s northeast. “Mareva and I looked all over Greece, even the smallest of villages, from Metsovo (northwest) to Crete (south), in search of craftsmen who make hand-made clothing. In Crete, for example, women weave our fabrics just like they were woven in the past, on the loom. The embroidered skirts, dresses and shawls are embroidered one

by one with a needle. Our clothes are designed by Lydia Vousvouni, while our jewelry is designed by Ileana Makri and other Greek artists.” Commenting further on their firm, Kolotoura said: “We felt somewhat surprised that a similar effort had not been made by others in the past. Greek heritage has inspired many foreign designers -like Emilio Pucci who made an entire summer collection dedicated to Greece- but we, as Greeks, haven’ t thoroughly utilized this heritage in terms of fashion.” Asked how the firm’s business plan started taking shape, Kolotoura responded: “We began hesitantly and experimentally, and this snowballed into something that just carried us away.

At our showroom, on the corner of Saint Honore and Saint Roch streets, Parisians would stop to purchase items, and many boutiques made their first orders.” The firm’s international presence is continuing to gain ground.

Items from the Zeus+Dione collection have been included along with other select Greek brands for a 500 square-meter concept store in Berlin to be launched on March 22 by Coco Mat, a Greek firm specializing in natural sleep products and furniture. In addition, Zeus+Dione have already confirmed the firm’s participation at the next Paris Fashion Week event. The fashion pair’s dream, Kolotoura noted, is to place Greece at the fashion forefront, while also offering its support for authentic artistic creativity in Greece and the craftsmen behind it.

Visit DESMOS and offer your support at www.desmos.org

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Technology MLS

By Eri Driva

When innovation makes life easier

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Focusing its efforts on innovation and development of hi-technology products, the Greek firm MLS Multimedia launched its operations in 1995.

Its track-record to date includes the first copy protection system for CDROM in the world, Greece’s first electronic encyclopedia, the first automatic translation system from English to Greek and vice versa, as well as an interactive touch panel, the MLS IQBoard.

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“Innovation and technology would have no meaning if they did not make our lives any easier,” noted Ioannis Kamatakis, president and CEO of MLS, which stands for Making Life Simple.

Having captured the market leader’s spot in Greece as well as recognition abroad, as illustrated by a European Information Technology Grand Prize awarded to the firm in 1999, MLS continues to strive for innovation and further product and corporate development.

Following the market launch of its speech recognition installation in 2000, MLS launched its innovative MLS Destinator Talk&Drive product six years later. This product, combining navigation with speech recognition, allows users to verbally express their destination to the navigator and be provided with directions for a simpler, faster and safer journey.

According to Kamatakis, the Talk&Drive product established MLS as the leader in Greece’s hi-tech navigation market. Six in ten Greeks purchase MLS navigators, he noted.

At the same time, the firm has also been expanding its activities abroad. It has developed Talk&Drive navigators in Turkish, Arabic, Chilean Spanish, and French. It exports to Turkey, Saudi Arabia, Jordan, Chile, Morocco, and Cyprus.

Another landmark date for the company arrived on July 4, 2012, when it launched its first mobile phone, the MLS IQTalk model. As Greece’s first smart phone, it incorporates speech recognition and IQ technologies, paving the way for a future when all will be done by voice. For the first time in Greece - and the Greek language - this smart phone allows callers to verbally express the name of the call’s receiver and the MLS IQTalk does the rest. The smart phone model also features a Talk&Drive navigator.

Spurred by the widespread acceptance in Greece of its first smart phone, MLS recently launched a follow-up model, MLS iQTalk Crystal, which incorporates the firm’s latest technology innovation, Talk&SMS. Users here may dictate the content of their text message, which is automatically written.

This latest model, launched in January, 2013, also includes the Talk&Call and Talk&Drive applications.

The company’s objective, according to Kamatakis, is to spread its innovations globally, establish itself in the mobile telephones market, and create hi-tech educational products.

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Wines of Crete

Manousakis Winery - Nostos Wines ROUTE 1 We parked the car as soon as we saw the small sign with the winery’s logo. The first thing visitors see when they enter the premises is the beautiful, recently-renovated traditional family house. We had an appointment with young viniculturist Giannis Galanis, who was there to welcome us. He took us to the beautiful, traditional stonebuilt winery through an orange and olive grove. But what is the story behind Nostos Wines? Giannis was more than willing to share it with us. It all started with Thodoros Manousakis, who was born in Crete in 1944. At the age of 11, various circumstances forced Mr Manousakis to migrate to the USA in search of a better future. It took several decades before his dream of reconnecting with his homeland could be ful filled. Having a strong entrepreneurial spirit (he grew up in the USA after all!), Mr Manousakis brought specialised scientists to Crete, who conducted extensive studies and research on the terroir of the region and ended up proposing varieties of the Rhone Valley in South France. Indeed, in 1993 the varieties Syrah, Grenache Rouge, Mourverdre and the white Roussanne were planted there for the first time, with excellent res ults.

TIPS - Visit a new, state of-the-art winery in an olive and orange grove - See the traditional wine-press, which is still in use to this day

Karavitakis Vineyards ROUTE 1 After a short drive through an olive grove, we reached the modern winery of the Karavitakis family. Nikos Karavitakis, son of owner Manolis Karavitakis, was there to welcome us. The beautiful, modern family winery is fully functional. There is also a chapel in the courtyard, dedicated to Saint Tryfonas, the protector of vinegrowers. The white include Soultanina, Malagouzia, Chardonnay and Sauvignon Blanc, while the red are Cabernet Sauvignon, Merlot, Syrah, Grenache Rouge, Kotsifali, Sangiovesse, Refosco, Nebbiolo and Tempranillo. With its 10 organically cultivated acres, at a location combining fairly low altitude and close proximity to the sea, and a production of around 80,000 bottles, the winery is optimistic about its future. Filled with new images and having met exceptional people, we made our way back to Chania. We were looking forward to the next day; we so much wanted to see the rest of the wineries, on the Kissamos side!

TIPS - Visit the chapel of Saint Tryfonas in the courtyard of the wi nery - Taste wines from Greek and foreign varieties

Anoskeli Winery ROUTE 2

A network of thirty wine producers in Crete with the aim of promoting Cretan wine, showcasing the wine trails and their wineries, the local museums and the surrounding archaeological sites, and proposing an alternative activity to those visiting this island of legend.

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We reached the village of Anoskeli. We were greeted by Gerasimos, who is in charge of both the winery and the oil-mill of the Mamidakis family. Gerasimos told us how everything started, “For 25 years now, the Mamidakis family has been producing olive oil with protected designation of origin Kolymvari and it has been standardising it for the last ten.” The family started with Anoskeli olive oil and in recent years it also turned towards wine standardisation. There are two labels: the white Ano Plagia, made from Vidiano, Vilana and Assyrtiko, and the red Ano Plagia, made

from Cabernet Sauvignon, Syrah and Grenache Rouge. Both wines are produced from organic grapes. Gerasim os took us on a tour of the small winery, which is located in the same building as the oil-mill- on the floor right below. It is a functional white-tiled space with all the necessary equipment. A small separate room serves as the ageing cellar, with excellent conditions and ideal temperatures. Production - albeit rising remains fairly low, at about 13,000 bottles.

TIPS - Taste the producer’s wine and olive oil - Visit the beautiful vineyard next to the chapel of Zoodochos Pigi

Loupakis Estate ROUTE 2 A few minutes later, we arrived at the Loupakis Estate! Aspasia Loupakis warmly welcomed us, giving us a taste of her hospitality and her cheerful manner. She and her brother are in charge of the estate, an effort that was started by their father, Emanouil, in 1980. We entered the small and pretty winery. The space has a unique aesthetic aura, a result of the caring and exquisite taste of Aspasia herself, but also of the exceptional artefacts Miltiadis has made. They cultivate about 5 acres of their own and another 10 acres, which they rent. With those 15 acres, they produce around 50,000 bottles. In 2004, they had their first professional bottling, which means that the estate’s progress in relation to its lifetime is truly remarkable. A little while later, we were given new glasses so as to taste the estate’s red wine, the “Hadi”, which means caress in Greek. As Aspasia explained to us, “Our village is called Kares and that is what used to be inscribed on our wine labels. Once, a French visitor said he liked that name because in French it means caress! We liked it too, so we kept it!”

The Loupakis Estate winery is open to the public.

TIPS - Taste the Estate’s wines while listening to chamber music - Marvel at the works of art on the walls of the winery

“Olivepress - Art Factory” Museum of Modern Art & Plastic Arts Gallery We did not know what to expect. I mean a museum of modern art in a small village somewhere in the Municipality of Platanias? Is that possible? Well, yes it is! The old oil mill Ioannis Archontakis has put all his art and craft into creating this wonderful museum!

The place is imposing in itself: an old cooperative oil-mill which closed down in 1980. Pieces of the oil-mill machinery have been preserved and are exhibited among works of art, modern paintings, photographs, sculptures and other pieces of handicraft.

The tour of the island on one table! Special attention has been given to the gastronomic culture of the broader area; there is a beautiful hall where visitors can try local products: olives, rusks, cookies, tsikoudia, sweet wines (such as Spina Muscat) and other wonderful treats! A truly remarkable effort, with the unique care of Ioannis Archontakis. If you find yourselves nearby, it is really worth the visit! We departed immediately for the last winery for the day, the Pnevmatikakis.

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Creative mountain air is invigorating! We were received by the founder of the winery and the wines, Mr Andreas Dourakis. Andreas studied vinegrowing and oenology in Weinsberg, Germany.

His resume is very interesting: after returning from Germany, he worked for large corporations, before embarking on his personal project, the Dourakis Winery, which was founded in 1988. Our tour started from a lovely garden with a variety of herbs: sage, chamomile, marjoram, rosemary, basil and lavender. A bouquet of heavenly fragrances! All with the personal touch of Andreas! Right next to the herbs there was an ancient wine-press. Later, at the winery, we tasted wines from the barrels and tanks made from Merlot, Syrah and other varieties.

This year, Andreas is attempting to produce sparkling wine for the first time. We’ll have to wait and see. Antonis Dourakis, Andreas’ son, arrived at the winery. Antonis has also studied oenology and vine-growing in Germany and he seems to care for wine very deeply! Later, father and son took us to a cellar with barrels.

Andreas started lighting candles, since there was no power from that point on. A pitch black corridor that was getting all the more narrower gave us the sense of travelling back in time, with our faces flickering in the candlelight.

TIPS - See the ancient wine-press and the herbal garden in the cour tyard - Travel back in time in the ageing cellar with the candles and the narrow corridors

Boutari Winery ROUTE 4

The Holy Monastery of Agia Triada ROUTE 3 The monastery of Agia Triada is an ideal place to visit if you are in Chania.

The route and scenery are so magical that they are well worth the trip!

Following the signs to the airport, we reached Akrotiri and saw the signs to the monastery. When we arrived, the first thing we found impressive was the monastery itself! A wonderful imposing structure dating back to the 17th century! Upon entering, we were overwhelmed by the silence and devoutness. With the monks’ cells surrounding the courtyard, the monastery is an oasis of serenity. A young monk took us to the abbot and we explained our mission. Extending his hospitality, Father Ioannis asked us to follow him.

TIPS - Take a stroll through the vineyard with the imposing 17th century monastery as a backdrop - Visit the cellar with the connecting chambers.

Dourakis Winery ROUTE 3 Alikampos is located at the foot of Lefka Ori, on the road to Sfakia.

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The Boutari family started its winemaking activities in Naoussa, northern Greece, in the 19th century. Since then, the company has been a pioneer in its field, founding wineries all over Greece, employing young scientists, buying raw materials from local vine growers, creating incentives and setting the pace. How could they not go to Crete? The Boutari Winery had much to offer here, too! In 1989, the first vineyards were bought - currently totalling 17.5 acres - and Manolis Kamarianakis will tell us the rest! Manolis welcomed us to the impressive winery, housed in a building with large glass surfaces and comfortable spaces. He suggested we go for a walk right away, first to the vineyard, and we followed suit. “There used to be a legend about ghosts stealing the grapes at night.

TIPS - Travel through space and time via the video in the projection room - Find out about the legend of the haunted domain and take a wa lk in the vineyard

Mediterra Winery ROUTE 4 As soon as we arrived at the village of Kounavi, we came across the Mediterra winery right away. We went inside and looked for Giorgos Stratakis who warmly welcomed us. First we toured the winery, starting with the tank area. “Would you like to climb up the deck so that we can watch everything from above?” Of course we did. So we went up a ladder within a metal construction. From there Giorgos explained to us the process of white and red wine making, the harvest and the other production stages. The winery is fairly large, at least for Cretan standards, with production reaching 800,000 bottles.

All the grapes come from vine growers who have signed contracts and follow precise instructions from the agriculturalist. Later on, we visited one of the two barrel rooms, where 240 barrels are kept. It is worth noting that the wines are blended before being put into the barrels, so there are about 36 different blends which the oenologist of the winery will combine to get the result he wants.

beautiful experience! After a really full day, we took off for Peza, to grab a bite. The right thing to do after such an excursion!

TIPS - Listen to Mr Stilianou stories about Cretan vine-growing over the centuries - See the tiny ageing cellar with the barrels a nd the few bottles

TIPS - Climb on the steel platform and watch winemaking from above - Have a look at a modern and a traditional ageing cellar

Paterianakis Estate ROUTE 8 Titakis Winery ROUTE 4 The Titakis Winery is one of the largest private wineries in Crete. It is a family business with a wine-making tradition dating back almost 60 years. We were received by Giorgos Titakis, nephew of owner Nikos Titakis and quality assurance manager. Maria Titakis, daughter of Nikos and oenologist, was also there, and seemed extremely friendly and courteous. The main product of the winery is standardised wine in bags and PET bottles. Lately, Maria and Titos have taken up bottling wine in glass bottles, with grapes from their own vineyards, which total 12.5 acres. The winery works with the following varieties: Vilana, Moschato, Vidiano, Chardonnay, Kotsifali, Mandilari, Merlot and Syrah. The modern equipment provided evidence of the production potential of the winery.

TIPS - Visit one of the largest private wineries in Crete - Take a stroll through the area with the old tanks

Scent of a woman at Melesses! Four women, to be exact, and a brave father are the driving force behind the Paterianakis Estate wines! We arrived at the winery and were received by the two young sisters, Emmanouela and Niki Paterianakis. Emmanouela is an oenologist and Niki is a chemical engineer. We entered a beautifully decorated room with a wonderful large monastery table. So we grabbed a seat to have a chat and taste the wines! In 1996, civil engineer Giorgos Paterianakis decided to turn to professional winemaking. In 1997, they bottled “the first Cretan wine made from organic farming grapes,” as Emmanouela informed us.

Their mother together with Emmanouela, Niki and their younger sister are the four women behind the slogan “Four women… one wine”, while the winery’s logo is a bee! Bees are hard-working, active, perfectionists. Just like these women. The winery produces two series of wines, Melissinos and Melissokipos. While we were trying the very interesting wines of the family, the two young ladies submitted us to a series of taste experiments, combining the wines with various kinds of cheese, rusks, even chocolate!

My personal favourite was the white Melissinos, a blend of Thrapsathiri and Sauvignon Blanc.

TIPS

Stilianou Winery ROUTE 4

- Enjoy the tasting of Domaine Paterianakis wines around the monastery table - Spend the night in one of the luxurious suites located within the vineyard.

The winery was very easy to find. When we arrived, the nature, the landscape, the children playing in the courtyard gave us a sense of comfort and hospitality. Mr Giannis Stilianou was there to welcome us. “What can I offer you, what would you like to drink?” he asked as we sat around a beautiful, large wooden table. “Mmm… we have not drunk tsikoudia in a long time! So tsikoudia then!” He brought us glasses filled with this aromatic spirit and started recounting his very interesting story.

We learned that while he had studied electrical engineering in Italy, the time came for him to follow his heart and work at his vineyards as a viticulturist and winemaker.

As the conversation went on, it became evident that Mr Stilianou is highly intelligent and open-minded. “We do not believe that there are good and bad varieties; to a great extent, everything depends on human effort. ” The winery produces 20,000 bottles per year, under four labels: the white Theon Dora (Vidiano, Vilana, Thrapsathiri), a rosé and a red wine (Kotsifali, Mandilari) and Theon Gi, a red ageing wine made from Kotsifali and Mandilari. “Sometimes I even sleep in the vineyard, it is my whole life,” he added. The conversation followed various directions. We talked about ancient wine-presses (the Kanaves – hence the name of the village of Kounavi), the oldest wine-press in Vathypetro at Arhanes, even about the vineyards at the time of the Turkish occupation. Afterwards we went to the cellar to see the barrels and bottles where wine ages. We tasted two wines, the white Theon Dora and the red Theon Gi that we found very interesting, with distinct aromas of Cretan wines! We left the Stilianou family winery impressed.

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Creative Tamiolakis Winery ROUTE 5 We arrived at the village of Choudetsi and followed the signs to the Tamiolakis Estate. The view was breathtaking. We found ourselves in a picturesque vineyard, within which the Tamiolakis family has built a beautiful winery, making good use of the large quantity of stone that had been dug up from the vineyard. Upon our arrival we met two young men, Manoussos Tamiolakis and Dimitris Mansolas.

The winery was founded in 1996 by Manoussos’ father, Minas Tamiolakis, and his economist mother, Evaggelia. The family business has been placed in the hands of the new generation: Manoussos, who is a chemist, Dimitris Mansolas, who is an oenologist-viticulturist, and Maria Tamiolakis, who is an oenologist.They own 12.5 acres of vineyards which produce 35,000 bottles a year.

TIPS - Taste small-production wines in a stone-built boutique winery - Marvel at the beautiful view to the vineyard from the roof of the winery

Lyrarakis Estate ROUTE 8 We arrived at Alagni, in an area with many beautiful vineyards. Following the signs, we easily found the Lyrarakis Estate, which includes extensive vineyards, but also a cellar where wine tasting usually takes place. The room is comfortable, which makes both working and wine tasting easier! The annual production of the winery reaches 250,000 bottles, with 35 acres of privately-owned vineyards. We were received by young Giorgos Lyrarakis.

We were informed that the company was founded in 1966, by Sotiris and Manolis Lyrarakis, initially making wine which was mainly exported. Later, the family produced wines also for the Boutari group, and in the 90’s, the first labels of the Lyrarakis Estate appeared. When Giorgos brought the Estate’s bottles to our table, we realized that special attention had been given to the uniqueness of Cretan varieties, some of which the Estate literally saved from extinction with cultivation and experimental wine-making. First we tried a 2011 Vilana: a lot of tropical fruit, the sun in a glass. We found much greater elegance in Megalos Lofos, a wine from 2011 with the aroma of roses. We then tried a very peculiar wine, Dafni, from the variety Dafni! I am not surprised they chose this name, as the wine has a very distinctive plant essence, an aroma of laurel [the Greek word Dafni means “laurel”]!

TIPS - Taste single-variety wines from rare Cretan varieties - Take a stroll in the vineyard right next to the winery

Strataridakis Estate ROUTE 8 When we arrived at the Strataridakis Estate, we were received by the two brothers, Kostis and Manolis Strataridakis, with whom we had already met. We went into the reception area, which is ideal for wine tasting: it is comfortable with an exceptional view to the vineyards. Kostis started narrating, “My family comes from Archanes. At some point, our father went to Egypt. He returned in 1995 and bought a big stretch of land here in Kastelliana.” When did the two sons take over the winery? “As soon as we finished our studies in agriculture, in 1995!” they answered in one voice. The winery was constructed later, in 2006, and the first bottling took place the year after. The varieties they have planted are Spina Muscat, Chardonnay, Vidiano, Vilana, Assyrtiko and Syrah, Kotsifali, Cabernet Sauvignon and Merlot. They said that Spina Muscat is their flagship, the first wine that put 168 │ Creative Greece

them on the map. How about a tour of the winery? We went down a metal staircase, to the tank and winemaking equipment area. Right next to it was the cellar where the red wines of the Estate are ageing, with the barrels giving off scents of hazelnut and vanilla.

TIPS - Visit the southernmost winery of Europe - Experience wine tasting in a room with a view to the beautifu l vineyard

Minos - Miliarakis Winery ROUTE 5 When we arrived at the Minos - Miliarakis Winery, which is located at the village of Peza, we met with Nikos Miliarakis, who represented the 4th generation of the winery! Nikos filled in the picture, “It all started in late 19th century, when my great grandfather founded Antonakis Inn at the village of Peza. There, he used to make wine which he offered to the guests of the inn. Four of his children got involved in winemaking and turned the inn into a winery. We started exporting in the 40s and in 1952 the winery produced the first bottled wine in Crete!” Today, Nikos and his uncle Takis Miliarakis have undertaken to lead this historical winery into the modern era. About 10 kilometres (6 miles) away, at the location of Sampas, the Miliarakis family has renovated a beautiful domain, right next to a very beautiful 6.25 acre vineyard. The vineyard, but also the possibility for visitors to enjoy a glass of wine at a really good price, provide for an exceptional experience. Back to the winery for the rest of the tour. Nikos showed us around the endless facilities of the winery. We saw the museum with the old machinery, the wine-presses and the crushers/destemmers. We ended up in a projection room, where we watched yet another beautiful video on Crete and the local products. After this tour, we were ready to taste the Minos wines. The winery works mainly with local Cretan varieties: white Vilana, Vidiano, Thrapsathiri and Malvasia, and red Kotsifali, Mandilari, Liatiko, Syrah, Cabernet Sauvignon and Mourverdre. We tried their classic labels, such as PDO Peza Minos Palace (both white and red), and the single- variety Vidiano wine. With young people like Nikos Miliarakis, I am positive there are yet many glorious pages to be written in the history of this winery.

TIPS - See the Miliarakis domain, in a wonderful vineyard in the villa ge of Samba - Take a tour of the wine museum with the old tools and machinery

Michalakis Estate ROUTE 5 The Michalakis Estate lies about 10 kilometres (6 miles) to the south.

Although this producer manages large quantities, it is clear that his objective is to bottle high-quality wines. We were received by Mr Manolis Pasparakis, who took us on a tour of the winery and shared some historical facts, “The company was founded in 2000 by Manolis Michalakis and his son Giorgos. Of course, there is a lot of history behind it; imagine that the first company of the family that took up vine-growing and winemaking was founded in 1962.” All the state-of-the-art technologies required to produce high quality wines are employed: temperature control systems, systems creating an inert environment, automated systems used for distributing grapes and must, and much more. “In 1980, a new winery was constructed, which is now used as a modern storage facility. The winery we are currently at was constructed in 2003 and it lies in the heart of our privatelyowned vineyards, within 112.5 acres.”

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Douloufakis Winery ROUTE 6

This family winery is located within the village of Dafnes. We were received

by Nikos Douloufakis, who suggested that we join him around a small table in the beautiful courtyard. There he talked about how his personal wine adventure started. Nikos studied oenology and viniculture in Alba, in Piemonte, Italy.

The influence of his studies started from the very first year, as in 1988 he called his father from Italy and gave him instructions about shorter planting distances. New cultivations followed throughout the 90s! The result of Nikos’ studies and work at the vineyard and winery are 14 labels and 200,000 Bottles .

TIPS - Witness the matching of the old and the new, in a winery with in the village of Dafnes - Taste top-quality wines from Cretan, Italian and French varie ties

TIPS - Take a tour of the above-ground cellar with the oak barrels - Relax in the tasting lounge, where you can taste a wide selection of wines

Alexakis Winery ROUTE 6 At the Alexakis Winery, production seemed to be endless; there were tanks going as far as the eye could see! We really wanted to see who was behind all this! The list of Mr Alexakis’ studies is almost too long for him to remember it all by heart! Hellenic Military Academy, Chemical Engineering at the NTUA, Oenology, Computer Programming and Analysis and more!

Since 1982, he has managed to include some of the leading Greek wineries in his client list and supply them with large quantities of wine. At some point Lazaros Alexakis entered the office. Lazaros, who is an oenologist and viticultural, is closer to our age and we hit if off, as if we had known each other for years. He offered to take us on a tour of the winery and we followed him right away.

TIPS - Get to know the producer through the stories of visionary Stelios Alexakis - Taste the wines of the winery in a brand-new, contemporary lounge

Idaia Winery ROUTE 6 This winery is also located within a village, this time in the village of Venerato. We were welcomed by Vassilis Laderos, an energetic man who showed us around a small winery, which is at the final stages of construction.

Vassilis Laderos is an oenologist originating from the island of Evia.

Married to Cretan oenologist Kalliopi Voulitaki, he has moved permanently to Crete! Vassilis has been making wine in the area since 1998, working as head oenologist in various wineries, providing advice and having the general oversight.

In 2011, along with his activity as consultant oenologist, he decided to create their own winery with his wife, the Idaia Winery.

They cultivate 5 acres, mainly with local varieties (Vilana, Thrapsathiri, Kotsifali, Mandilari, Liatiko) and the international varieties Syrah and Grenache Rouge, with a total production of 40 tons and 40,000 bottles.

TIPS - Visit a tiny brand new winery - Taste a complete wine selection from Cretan and international varieties Creative Greece

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Creative Silva Daskalakis ROUTE 7

Minoan wine press in Bathypetro

Toplou Monastery ROUTE 9 Visiting the famous monastery of Toplou and the winery on the eastern part of the island is really worth your time. When we arrived at the beautiful monastery we met oenologist Manolis Stafylakis. Manolis is in charge of winemaking. He took us to a room where we met abbot Filotheos. The abbot welcomed us and invited us to sit at a round table, offering traditional sweet cheese pastries and coffee. All the while he was telling the story of the monastery: “The first monastery here was created in 960 AD, but the monastery we are standing in was founded in 1300.” He went on a fascinating journey back in time, from the Venetian domination in 1204 to the great earthquake of 1612, the recent history and the Second World War. The monastery houses two museums, a religious one and a folklore one, with historical relics, manuscripts and books from the 17th century. We were told that the vineyards in the area go as far back as anyone can remember.

There used to be an old domain in the palm grove, while there is a winepress in the area dating back to 1709. Replanting started in 1975 and now 62.5 acres are organically cultivated, producing 100,000 bottles per year. The white varieties grown are Vilana, Thrapsathiri, Spina Muscat, Chardonnay and Malvasia, and the red are Liatiko, Mandilari, Syrah, Merlot and Cabernet Sauvignon. We headed to the tasting room and we tried three wines from 2011 (white Thrapsathiri- Vilana, Chardonnay and red Liatiko-Mandilari).

We also tried the 2007 Merlot-Syrah and the sweet Liatiko from sun-dried grapes. Last stop the distilling room, where they produce and standardise tsikoudia. The artistry and knowledge of the people of the monastery is present there, too. We must congratulate both abbot Filotheos and Manolis Stafylakis for their beautiful effort. Off to the palm grove of Vai with the wonderful beach for the first dive of the summer!!!

TIPS - Listen to the abbot recounting the history of the monastery since the 10th century - Visit the religious and folklore museums and their relics 170 │ Creative Greece

First stop at the village of Siva and the Daskalakis Winery. The brains of the company, Eirini Daskalakis, stepped out to the balcony of the house, right on top of the winery, and greeted us warmly, extending her hospitality.Eirini is quite a special lady and we guessed her work would be equally special.

We talked for a while and our conversation confirmed our initial suspicion: Eirini is a perfectionist with an endless love for what she does. As she was talking about the history of the winery we realised that - yet again - it all started with grandparents. Of course, grandparents could not have dreamt of cold extraction for all the white wines, meticulously designed production methods and strict adherence to the biodynamic calendar!

Biodynamic culture considers the vineyard as a small parcel of land which is affected by the magnetic waves created by the movement of the Moon, the connection of Earth to other planets and a bunch of universal processes! Eirini showed us the biodynamic calendar, which indicates the appropriate time for every task. She also showed us the compounds she uses to reinforce fertilizers: cow manure mixed with cow horns kept in boxes of peat, compounds of silicon dioxide and earthworms!

We were eager to sit at the tasting bar and try the result of these universal forces! The Vorinos series is the highest-value wine of the winery, the Psithiros series (white, rosé, red) has an exquisite balance and the Enstikto series (white from Chardonnay, Vidiano and red from Kotsifali, Syrah) is the top wine of the winery, using new barrels and special bottles.

Of course, we did not omit to try the sweet sun-dried wines Liasto and Emilia, made from Liatiko.

Both are the perfect finish with chocolate desser ts! The biodynamic calendar, however, indicated that the time had passed.Overwhelmed with the work and devotion of the Daskalakis family, we headed to Kerasia and the Efrosyni Winery!

TIPS - Find out everything about the biodynamic calendar kept by Eirini Daskalakis - Taste the sweet sun-dried Emilia in the distinctiv e bottle

their own. There is also a selection of single-variety wines made from foreign varieties: Cabernet Sauvignon and Syrah. Of course, the limelight was stolen by their sun-dried Liatiko (PDO Dafnes); a truly exceptional red dessert wine which brings out aromas of raisins, chestnuts, dried fruit, honey, coffee, caramel, with very good acidity. With the sweet Liatiko and the sun-dried sweet aromas still dancing on our palette, we headed west, to the foot of Mt. Psiloritis, at the village of Kato Assites and the Diamantakis Estate.

TIPS - Listen to Mr Kosmadakis talk about organic farming - Taste th e dry wines of the winery, as well as the sweet Liatiko

Diamantakis Winery ROUTE 7 we arrived at the village of Kato Assites and the winery we were received by the Diamantakis brothers: oenologist Zacharias is in charge of wine production and marketing, Michalis is in charge of the vineyards and Giannis deals with other production issues, bottling, and so on. But how did everything start? “From tsikoudia,” explained Zacharias as we headed to the distilling room. In any case, it did not take long for the family to turn to vine-growing; they have planted more than 12.5 acres over the last four years. The vineyard offers a very beautiful sight, with vines planted on stony soil, many even on terraces, at an altitude of 400 metres. The Diamantakis brothers described the work carried out in the vineyard, while they still remember how hard it had been to plough that stony soil before planting the vines. After a beautiful walk, we went into the winery where the 30,000 bottles of the Estate are produced. A lot of passion, effort, hard work. Have all these made their way to the bottles? We tasted four labels, two white and two red. First we tried the 2011 Vidiano. Very elegant, I am guessing due to the stone and altitude.

Then we tried the aromatic and subtle white Prinos 2011 from Malvasia Aromatica and Chardonnay. The 2010 red Prinos is a tank Syrah with a lot of vigour and spicy aromas, while the quality crescendo came with the 2009 Diamantopetra, a blend of Syrah and Mandilari! Twelve months in American and French barrels, very good complexity! It was a truly pleasant

visit. We met exceptional people who make top quality wines. Next stop the Zacharioudakis Estate in the area of Messara.

TIPS - Take a walk through the vineyard with the terraces and the beautiful view - Have a look at the distillery within the Estate

Domaine Zacharioudakis ROUTE 7 We arrived at Messara, in the south of Crete, near ancient Gortyn. When we reached the impressive Estate, with a view to the whole valley of Messara, we were welcomed by Stelios Zacharioudakis. Stelios is a very peculiar man: visionary, imaginative, crazy! He studied journalism in Italy, but when he returned to Crete, he got the bug of bringing winemaking back to life in this region, so that it would attain the production levels of ancient times! We started the tour from the tank room. That walk held many surprises: an impressive tasting lounge with a view to the whole valley and a fully-organized kitchen for on-site taste experimentations, a high-tech projection room and a gift shop. It is one of the most beautiful vineyards I have ever seen in my life! Back to the winery for the tasting. We tried three white wines: 2011 and 2009 Orthi Petra, 2011 white Kodix, and 2011 and 2010 Vidiano. All the wines had exceptional finesse, quite often mineral aromas, body and a long finish that took our breath away! The red wines were also first-class, with the 2009 red Kodix and the 2008 Orthi Petra being the absolute food wines. As we were about to leave we asked Stelios Zacharioudakis how on earth did all this happen so fast. He gave the perfect answer, “It must have been the will of Zeus!” Yet another beautiful day with exceptional producers came to an end. We went to the village to eat fried snails before heading to the magical village of Matala.

TIPS - Taste the Domain’s wines with a view to the valley of Messara - Visit a unique vineyard in a wild, stony landscape, complete with terraces and cliffs

For more information about wine tourism in Crete please visit www.cretewinetour.gr

Efrosini Winery ROUTE 7 When we arrived at Kerasia, Mr Antonis Kosmadakis was there waiting for us. He welcomed us to the family winery and invited us in a small living room, where he started recounting their story, “We started only recently, in 1999, with the help of an EU programme. One of the first things we did was to replant our privately-owned vineyard.” Mr Kosmadakis has help in the winery from all the members of his family.

During harvest or when visitors are around, even the children are ready to lend a hand! And how come they named the winery Efrosini? “We named it after my sister,” he explained with a smile before we set off for a little tour. At the back of the winery, we found the harvest equipment. The tanks are located in the main room, while the barrels are underground, in the cellar. As Mr Kosmadakis explained, the varieties they grow in the 6.25 privately-owned acres are the white Vilana, Thrapsathiri and Assyrtiko, and the red Kotsifali, Mandilari, Cabernet Sauvignon and Syrah. All the vineyards are organically cultivated. Mr Kosmadakis is very enthusiastic about this type of cultivation as far as both his vines and olive trees are concerned. His views are quite unique and reveal a very openminded person. The winery produces quite a wide range of wines, starting with the Onirikon series (white, rosé and red). The white wines VilanaThrapsathiri and Thrapsathiri-Chardonnay have a distinctive character of Creative Greece

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Tourism Gastronomy: Highlighting Greek tourism’s competitive advantage

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By Dimitris Stathopoulos, Travel Times

REEK gastronomy has what it takes to contribute to a quality upgrade of the country’s tourism product. It attracts an additional 500,000 tourists, enhance GDP by one billion euro, while also creating 50,000 jobs, both through the tourism and food sectors as well as exports of brand-name products.

ism - International, Travel & Tourism Analyst No4, conducted by Mintel, a growing number of tourists are becoming increasingly involved with food and beverages during their travels. In fact, a considerable number of travelers seek greater gastronomical activity as a key component of their holidays.

Besides tourism, the benefits of gastronomy have an impact on a wide range of economic activities.

As for tourism, it is a proven fact that good food is, on the one hand, a significant source of satisfaction for every tourist, and on the other, does not entail spending additional amounts in support of the tourism industry. When a tourist realizes that a certain destination offers good food, then he or she becomes more willing to spend greater amounts, for example, to try various dishes at restaurants, or buy products of gastronomy as presents for loved ones and friends back home.

As for the overall benefit, local economies around the country, agricultural production, and the food processing sector all stand to benefit when spending in the tourism sector is spurred by local gastronomy.

Greek tourism is capable of making the most of this trend. Greek cuisine has proven particularly popular abroad, on the strength of its unique characteristics. The variety of mezedes (various small dishes to be shared), the exquisite taste of Greek food, and its nutritional value have all served to spread the fame of the country’s cuisine, nowadays much-loved internationally.

All efforts made until now, aimed at linking gastronomy with the marketing campaign behind Greek tourism, highlight the necessity for moving towards this direction. To achieve this objective, it is imperative that the tourism, food and agriculture sectors coordinate their actions.

Should we approach the link between gastronomy and tourism in an organized fashion, we will soon discover that we are gaining a comparative advantage as well as a significant source of income for our country’s economy.

The added value that results from such collaboration not only stands as one of economic nature, but, in essence, serves as a model for constructive collaboration between professionals that could be implemented in other sectors of the economy.

One of the country’s structural problems, accentuated further amid the crisis, is the breakdown of powers that are of pivotal significance and which constitute Greece’s comparative advantages.

However, the unison of these powers, each one acting independently but amid a coordinated framework of efforts and initiatives for better overall effectiveness, may serve to highlight, with greater ease, all the strengths of a society and economy.

Market data and trends indicate a rising trend in the demand for gastronomy as an essential tool. According to one study, Gastronomic Tour174 │ Creative Greece

Messinia, Crete, and Santorini have already proven that pursuing gastronomy does offer rewards.

Their example needs to be followed by other regions. Virtually all of Greece’s regions have gastronomical bounty to offer. Taking advantage of this does not require major investments for facilities, but, rather, modest investments to finance marketing efforts.

Tourism

Alkyon Resort Hotel & Spa Enjoy the innovative approach to well being

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LKYON RESORT Hotel & Spa presents the opportunity to experience the pleasures of all seasons, ideally located one hour from Athens, close to mountainous Corinth and 80 meters from the Corinthian bay.

The Resort expands over 23 acres of land with 3 acres of palm trees and poplars, offering a range of recreational activities. With luxurious and beautifully presented accommodation, the hotel consists of rooms that vary from standard to deluxe with fireplaces and Jacuzzi, as well as cozy maisonnettes and spacious apartments with fully equipped kitchenettes.

The beauty and luxury of the environment are essential factors for our health as they stimulate both body and mind. Our new modern ‘Sky lounge’ with comfortable sitting rooms, the ‘Sky Bar’, the ‘Sky Bar Restaurant’ and the 2 outdoor swimming pools with the combination of our excellent services are ready to offer you unforgettable enjoyment and delight.

2 Conference rooms with a capacity of up to 1100 people with natural light and the latest audiovisual equipment as well as meeting rooms for 10-30 people with modern facilities and advanced services, guarantee successful conferences, exhibitions, meetings, gala dinners or social events.

Escape to the ALKYON SPA CENTER and enjoy the innovative approach to well being. Select through a variety of treatments and massages for a unique experience in relaxation and restoration. The luxury environment of Spa Center offers a heated indoor swimming pool, a 6 pax Jacuzzi, 2 saunas, Turkish bath, hammam, spa jet, gym, coiffure, cabins for facial and body treatments and lounge area.

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Take advantage of the wine-tasting at the regional wine factories, horse riding and the impressive wooden Corinth Canal crossing. Your stay will be enhanced by history, luxury and culture as the hotel is close to the ancient sites of Corinth, Epidaurus, Mycenae and picturesque Feneos, as well as the artificial lake of Doxa and Trikala.

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www.ibhellas.gr info@ibhellas.gr

Tourism

Costa Navarino

Mitsis Hotels Group

“Our immediate plans involve developing luxury tourism housing complexes”

The president of Mitsis Hotels Group offers his views on the 2013 tourism season, and tells of his group’s new plans and activities

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MMEDIATE plans at TEMES, owner of Costa Navarino luxury resorts, entail development of luxury tourism housing complexes, the firm’s managing director Stefanos Theodoridis, told Travel Times.

Following the launch in operations of the group’s two hotels, new investments followed in the field of gastronomy, such as the Barbouni Beach Restaurant and the expansion of Omega, where established chefs from Greece and abroad have created menus and offer cooking lessons based on what has been dubbed the “Omega Diet”. Also, an educational environmental center, Navarino Natura Hall by Hellenic Postbank, began operating last year.

“Our immediate plans entail the development of luxury tourism housing complexes in two Stefanos Theodoridis, areas, Navarino Dunes and Navarino Bay,” Μanaging Director at Temes SA

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noted Theodoridis. He underlined that Costa Navarino’s relied mostly on local suppliers for its needed goods and services. “For all technical matters and construction, the share is roughly 70 percent Greek and 30 percent foreign.

As for supplies at the hotels, gold courses, and so on, it’s approximately a 90-10 share,” said Theodoridis.

A considerable amount of partnerships with producers of local products have been developed, both for hotel supplies as well as series of artistic commemorative items, Navarino Icons, inspired by the history of Messinia and the Peloponnese.

Farming of the agricultural products is based on methods passed on from generation to generation.

“We work closely with producers from the region to ensure the best products for our hotel guests,” said Theodoridis. “We have chosen local farms and farmers so as to offer the purest goods and also highlight the region’s raw materials.”

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OLLOWING the favorable change in the political climate of EU countries towards Greece, the country has experienced a major rebound in terms of the number of Europeans expected to visit Greece this coming summer.

The current three-party coalition government led by Antonis Samaras, head of the conservative New Democracy party, has offered major impetus to Greece’s tourism industry, noted the hotel group’s president, Konstantinos Mitsis. Even so, the government has plenty of scope for bolstering Greek tourism even further following 2013, he continued.

Greece’s tourism product is unique on a global level, making its utilization crucial for the country’s economic performance. As for the Mitsis Hotels Group, it managed to complete three new large hotels and revamp a further seven, following considerable effort amid the economic crisis. The company’s developments on this front helped enhance its standing, as reflected by a steady increase in bookings. The effort made was considerable as the hotel group was engulfed by problems, including a troubling investment law that has deprived the firm of VAT returns and other funds, Mitsis noted. However, the high-quality service offered by the hotel group has helped it overcome such difficulties, he added. At present, the hotel group is comprised of 20 hotels that accommodate 400,000 customers annually with overnight bookings amounting to four million.

In terms of new investments, 2014 will be a subdued year for the hotel group, but investment activity is expected to liven up again in 2015 when work is scheduled to begin on three new hotels in Mykonos, Corfu, and Rhodes. The projects are expected to be completed in 2017. The hotel group’s president said he felt optimistic about the prospects of Greek tourism, noting that the Mr. Konstantinos Mitsis

industry could number 25 million visitors in the next five years should the state and private sectors manage to collaborate effectively. Efforts being made by the coalition government’s Deputy Development Minister Notis Mitarakis with the fast-track legislation, aimed at boosting investment, should start producing results over the next five years, the hotel group’s president anticipated.

“I believe that the crisis will end in the next two years and, as a result of the lower operating costs to be prompted by the reduction in labor costs, we will be able to compete against low-cost countries such as Turkey, Egypt, Morocco, and Tunisia,” Mitsis pointed out. The company head said his group planned to hire 500 new employees for the operational requirements of a new hotel in Rhodes, set to open on May 1 this year, as well as to cover expansions at existing hotels.

Mitsis stressed that good-quality service was vital throughout the country for the overall benefit of Greece’s tourism industry.

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Tourism

Macedonian Hotels Konstantinos Tornivoukas, President of Macedonian Hotels

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HE PRESIDENT of Macedonian Hotels, Konstantinos Tornivoukas, provides his views on tourism in Greece and discusses the moves he makes so that his hotels remain among the top choices for tourists.

In your opinion, what moves does the state need to make in tourism? By this I mean moves that that have yet to be made but which you consider essential for drawing tourists to Greece?

Greek tourism does not have any objectives. We do not have the marketing campaigns implemented by other countries for their projection. All these years, we’ve wasted money on aimless moves, basically, and now, as a result of the lack of funds, we’re merely taking part in some trade fairs.

Greece attracts the amount of tourism it gets simply because this is a beautiful country. This country, however, is attracting low-income tourism, which does not allow for much profit. By making the right moves, we could have a type of tourism that would generate considerable profit for this country. We can’t just keep promoting the sea and sun. The country is also this, but not just this. We can’t have all-inclusive tourism representing 80 percent of the sector.

Each country is a product. And this is how it must be treated when dealing with its projection. Our competition does not only Mr. Konstantinos Tornivoukas concern Turkey and Spain. There are many

more countries involved. We need to set an objective and then take the appropriate steps to attain it. What kind of tourism do we want? And how can we get it? An effort is now being made by SETE (Association of Greek Tourism Enterprises) with the creation of a marketing firm, but I don’t know how effective this could be.

At this point in time, the term winter tourism does not exist in Greece, not even for locals. This is a major issue which we will need to take advantage of at some point. How can we make our region an attraction during the winter when all flights stop – Alitalia, Swiss Air, etc – and operate only in the summer? Another major problem in Greece is our overall infrastructure - the road network, for example. And we’re not talking about the creation of new roads, but maintenance of those that already exist. What good is it to me when I’m making continual progress if a visitor can’t reach me with comfort and ease? Municipalities have now gone bankrupt. There are no new infrastructure projects.

In recent years, most tourism-sector entrepreneurs have turned to Russia.

Which other markets do you believe need to be tapped?

Russia does make up a large part of tourism in Greece, and that’s because the country is located within close proximity to Greece, and has easy access.

Up until a few years ago, Russian tourists struck extremes. They were either extremely wealthy or underprivileged. However, a middle class is now emerging, and it gets to travel. It has money and spends it. It’s quite logical, then, for us to want to draw Russian tourists. But we mustn’t forget our traditional markets such as the UK and Germany.

Efforts are being made to tap into other markets, but I don’t know how immediate the results can be, for example, in the case of China, a distant country, where the knowledge of foreign languages is limited. India is a very good market. So, too, is Turkey for northern Greece. Thessaloniki’s municipal government is making many efforts in this direction.

We’ve already entered the second month of 2013. Although it is early days yet, could you make a forecast for this year’s tourism season, compared to last year?

The signs are very good, especially from our traditional markets. This year, the rise in pre-bookings from the UK reaches 15 to 20 percent against last year’s figures for the period. Germany follows in a more subdued fashion, while Russia is significantly up compared to last year. Of course, it does help that Egypt is no longer a competitor and that Turkey has become more expensive. Another factor that is helping this year, in comparison to last year, is the prevailing political stability. We experienced back-to-back elections in the summer of 2012. Also, Germany has stopped projecting our country negatively and is making efforts for more objective projection.

made many changes to the rooms by replacing the previous generation of flat TVs with new ones. Other changes included a change of fabrics and revisions to our restaurants. In addition, we organize various types of events such as winetasting sessions with celebrated oenologists as guests, food-tasting, and so on.

Are there any immediate investment plans?

We do have investment plans, but they cannot be carried out without the backing of a banking system. Our revamp at City Hotel was financed exclusively by our own capital, not through a bank loan. Our plans also include an extension at the Eagles Palace, but we can’t proceed without a stable banking system.

What kind of moves do you make to keep your existing customers while also attempting to attract new ones?

The company Macedonian Hotels is comprised of two urban hotels, City Hotel and Excelsior, as well as one resort, Eagles Palace, in Halkidiki. What we do is to revamp our hotels and services continuously. For example, City Hotel was restored completely, with an urban green logic. We used eco-friendly materials, brought in many plants and gave an entirely different aesthetic feel to the hotel, which is faring much better than last year. Early signs for this year are good too.

But we invest in our product. We revamped the swimming pool area and also 180 │ Creative Greece

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Tourism

Blue Palace Resort and Spa Blue Palace Resort and Spa on Conde Nast Traveler’s Gold List 2013 “Let’s not leave Greece’s marketing campaign in the hands of tour operators” Agapi Sbokou, Μarketing Director at the Blue Palace Resort and Spa

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XCESS never existed in my father’s business sense. Despite the fact that we found ourselves in periods where the situation had exceeded the limits, we managed to remain steady and very cautious with our business choices all these years.”

These words of measure, expressed during an interview with Travel Times, belong to Agapi Sbokou of the Sbokos Hotel Group. We met early one morning at her downtown Athens office. This woman of polite manners, who grew up in a tourism industry-linked family, sat fully prepared to answer questions concerning her hotels. Despite the Greek economy’s current woes, Sbokou said she maintains a positive outlook, firmly believing that organized work and insistence are two fundamental elements that will help the country overcome its difficulties.

“The year 2008 ushered in the global crisis.

Ever since, we’ve tried to maintain our strength, achieve economies of scale, and reorganize our ways of functioning in order to make it to the next day,” remarked Sbokou.

Agapi Sbokou, “During the period of – dare I say – prosperity, Μarketing Director

many firms, not only in the tourism sector, unfortunately never developed a business plan but managed to survive merely because things were well.

All this must now become a thing of the past. Those who managed to swiftly curtail their errors of the past and look ahead with a specific program and actions will survive.”

Contrary to the grave consequences for society, the current developments in the Greek economy may also stand as a major opportunity to highlight “efforts with true meaning, innovation and usefulness for the new Greece we are being called upon to build,” Sbokou pointed out.

As for the Sbokos Hotel Group, there were no immediate investment plans for now, but thoughts and proposals are being considered, she said.

The hotel group owns five hotels in Crete, and co-owns another on Rhodes with the Lampsa SA firm, owner of the prestigious and historic Grande Bretagne in Athens.

Having been immersed in tourism industry issues from an early age, Sbokou has a thorough picture of the present situation as well as the requirements.

Sbokou believes that the formation of a marketing firm, resulting from an initiative taken by SETE, the Association of Greek Tourism Enterprises, will play a significant role in the promotion of tourism and the country’s image abroad. “The firm’s logic here is to unify all efforts that, until now, may have been made separately, so that we can achieve the desired result,” said Sbokou. “This demands coordination, projection of a consistent message, and new ideas. It’s what the marketing firm intends to cover. We cannot and should not leave the task of creating Greece’s image and marketing campaign only in the hands of tour operators. We are obliged to act systematically and produce the needed results. I’m optimistic that the results will emerge quickly.”

Conde Nast Traveler. Such distinctions validate our efforts and revitalize our commitment to offer guests unique and authentic experiences.”

Besides the two aforementioned Conde Nast Traveler distinctions, Blue Palace Resort and Spa also earned a World Travel Award last October, in the Leading Spa Resort in Greece category. Launched in 1993, the World Travel Awards offer distinctions to the best hotels worldwide.

Gold List 2013 listing by Conde Nast Traveler for the Blue Palace The group’s Blue Palace, Luxury Collection Resort and Spa in Elounda, Crete was included on the Conde Nast Traveler Gold List for 2013. Considered as being one of the most significant distinctions in the tourism industry, the coveted gold list for 2013, featuring the world’s leading hotels, was based on the votes of 47,000 Conde Nast Traveler readers, a high-expectation group.

The US publication’s readers had also honored Blue Palace Resort and Spa in 2012 by voting it into fourth place on a list of Europe’s top fifteen resorts.

“Every hotel on the list has been checked and proposed by our readers,” the publication pointed out. “The gold list represents true quality on an international scale.”

The Blue Palace Resort and Spa was one of three Greek hotels included on the Conde Nast Traveler Gold List for 2013.

Offering her opinion about the distinction, Agapi Sbokou, the marketing director at the Blue Palace Resort and Spa, noted: “We’re proud of this high-level distinction given to Blue Palace Resort and Spa by the readers of 182 │ Creative Greece

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Tourism

Grace Hotels

Zante Hospitality Group

New hotel establishments and upgraded services promise to turn Grace Hotels into a truly international hospitality brand

Teaching Zakynthian hospitality to foreign tourists

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RACE HOTELS is an award-winning group of exclusive boutique hotels, offering its guests a unique blend of grace, elegance and charm. Each Grace Hotel delivers stylish guest accommodation, with service levels to match, in the world’s most desirable destinations and resorts.Starting with hotels in Beijing, in Mykonos, Santorini and Newport USA and expanding to Panama, Argentina, New England and Kea Greece, Grace Hotels never stop to surprise us. With services such as the “Bespoke by Grace”, a totally new and original concept that enables guests to customize numerous aspects of their hotel stay before they arrive, Grace hotels guarantee for an outstanding experience. “Bespoke by Grace” is literally tailor made services. Customers of the award-winning international group are now able to complete a simple process at any point between booking and arrival to specify their in-room options from drinks and snacks to room fragrances, toiletries and even a choice of seven different pillow types. The service is available in all Grace hotels. Each Grace hotel has a different character, tailored to its surroundings, yet guarantees all visitors the high Grace standards of quality, luxury and comfort.

Selecting in-room treats and facilities is the latest innovation, meaning everything from a mobile phone to delicious local food and drink. Special romantic touches make Bespoke by Grace perfect for couples and honeymooners in particular. Fresh flowers, daily champagne and strawberries, and initial-embroidered bathrobes are all part of the service for those in search of a uniquely tailored getaway. Babies and young children are also catered for with a full range of child-friendly products.

Greece In Greece, Grace Hotels were inaugurated with Mykonos and Santorini Grace.

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ANTE HOSPITALITY GROUP is comprised of the Best Western Zante Park & Galaxy Hotel Complexes on the island of Zakynthos and XT Travel Services in Athens.

Its philosophy is based on the enhancement of brand product through innovation, improvement of facilities, implementation of quality standards and, most of all, the enrichment of human resources. The Best Western Zante Park and Galaxy Hotel complexes in Laganas, offer authentic Zakynthian hospitality, high standards of accommodation, exceptional personalized service and a wide range of leisure activities for visitors.

The Best Western Zante Park Hotel, member of Best Western, the famous International Hotel Chain, is conveniently located only 300 m from the most beautiful beach of the Ionian Sea, Laganas Bay, offering distinctive luxury and unsurpassed Zakynthian Hospitality.

The hotel is an ideal destination for holidays in Zakynthos, offering an extensive accommodation selection and featuring stylish Superior Rooms and Deluxe Suites, ambient public areas, conference & banqueting facilities with exceptional personalized services and attention to detail, as well as a wide range of activities. Also, it provides the relaxed atmosphere of a resort hotel with the distinct facilities of a business hotel, designed for the most discerning guests wishing to combine business and leisure on their holidays.

Windows Restaurant offers variant culinary choices, where Mediterranean flavors are at their best, supported by selected wines, with an emphasis on the local vineyards. The intimate atmosphere of the bars provide an appealing sense of relaxation from early morning until the late evening hours. The gym, sauna, jacuzzi and massage add that special touch of rejuvenation and well being, enhancing a unique holiday experience.

The Best Western Zante Park Hotel is an ideal base, from which to explore Zakynthos Island as it is only 5km from the Airport and 7km from Zakynthos Town and the Port.

Green policy The Group strongly believe that the active contribution in protecting environment for a better planet is not only everyone’s’ duty but a matter of social responsibility too. The Best Western Zante Park Hotel complex, values environmental sustainability and is committed to implementing simple practices which aim at minimizing the impact of their activities and improving the hotels environmental performance by reducing energy losses and waste, as well as saving water resources and preserving the region’s natural habitat.

All efforts aim at promoting activities which combine quality of service and customer satisfaction with environmental protection and awareness. All policies and procedures are implemented and reviewed regularly, in order to create an eco friendly environment.

This is mainly achieved by: - Measures focusing on saving energy and water resources.

- Waste management through extensive recycling.

- Staff training and awareness for active participation in the environmental management system.

- Guest awareness and encouragement regarding the environmental activities of the Hotel.

- Cooperation with “Archelon”, a Greek society committed to the protection of the endangered sea turtle Caretta-Caretta so as to ensure that the breeding process is safely continued on the nesting beaches of Zakynthos.

The Best Western Zante Park Hotel complex is proud to have been awarded – for the third consecutive year – the Green Key International EcoLabel Quality Award, an international program that acts as a stimulus to convert tourist enterprises and facilities to “green” operations by adopting environmental friendly practices.

Their newest acquisition is The Villa at Grace Santorini. The villa is a 400m2 private sanctuary with offers: luxurious accommodation, sublime amenities, a private plunge pool, spa with a personal treatment room, open plan kitchen including a wine and cigar bar, all with unmatched views of the Caldera.

Throughout your stay, arrangements are effortless, the grace concierge is just a phone call away. The group’s next top project is a new luxurious complex in the island of Kea (dates are to be announced). It will consist of a hotel and private villas as well.

Part of the Grace vision is to offer Fully managed residences for sale at selected resorts. A Grace residence offers a perfect second home for anyone who appreciates the style and ambience of a Grace hotel. All the familiar Grace design touches and quality finishes are to be found throughout these exceptional properties. The same architects and interior designers who create our hotels work painstakingly to re-create the Grace ambience in the context of distinctive, self-contained private homes with the option of full management by Grace Hotels.

A Global Vision They continue to expand Grace Hotels on every continent: hotels, hotel and residences complexes and fine dining restaurants that offer a modern take on traditional cuisine, always making extensive use of locally sourced ingredients.

Many of our hotels feature spas where our guests can restore body and soul in elegant, graceful surroundings.

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Tourism

Kinsterna Hotel & Spa Monemvasia A place where the visitor “breathes” Venetian, Ottoman, Byzantine history

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TAYING at this place is not merely pleasant. Here, the visitor not only enjoys the services of a true five-star hotel, tucked away amid the Parnonas Mountain slopes, rich in vegetation, with a magnificent view of Monemvasia Castle and the vast Aegean Sea. The visitor also “breathes”, one could say, the turbulent history of Monemvasia, visualizing Venetians, Franks, Ottomans, Byzantines fighting man to man to conquer or reconquer this land, both blessed and strategically important.

The property’s oldest known owner is Ibrahim Bey – one of the local Ottoman chieftains who signed the treaty of surrender of Monemvasia to Greece in 1821 – while part of the building was inhabited until the ‘70s by the “Lady of Monemvasia”, Lina Kapitsini. According to lore, the house of an Ottoman judge once existed here, as confirmed by the discovery of a small room without a full-size entrance that was used as a dungeon.

Today, the “dungeon” with its five interlocked domed ceilings, stands as one of the hotel’s most exciting suites. The waves of history here are discerned by the structure’s fortified layout, a rectangular formation with an open end, shaped like the Greek letter π. An old cistern, featuring twenty pillars around its periphery, dominates the courtyard. A canon, probably dating back to the

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13th century, once existed here for the property’s defense purposes, but, unfortunately, was stolen in 1982. Therefore, guests at this historic, stately place can not only expect to lose themselves in the perennial groves and vineyards spread over fourteen acres and maintained by water from the cistern.

By staying at this lovingly restored, majestic property, they may also travel through centuries of history, amid an environment that blends its Byzantine, Ottoman, Venetian and modern Greek periods into one whole. “Our purpose is to offer guests the ability to experience the past at this stately residence,” noted Antonis Sgardelis, the establishment’s owner. “In the winter, guests may participate in the gathering of olives from the perennial olive groves, olive oil production at the old olive press, and also secure their own share of virgin olive oil. In autumn, the time of harvest season at the vineyards is a celebration that spills over onto the property, where the grapes are pressed.

On some autumn weekends, we stage festive occasions and produce tsipouro (distilled spirit) using old distillery equipment. Guests may also taste wines from our collection.

Also, throughout the year, they can pick oranges, lemons, grapes, figs,

pomegranates, quinces, and berries.” The road that gets visitors to this very special place echoes the property’s vintage character. “Having traveled to Tuscan, I noticed that asphalt roads and tracks were nowhere to be seen when approaching such properties,” noted Sgardelis. “I felt that we were obliged to do likewise. So, we decided that the routes leading to Kinsterna would have to be gravel roads.”

The complex’s complete revamp and transformation into a unique place of hospitality required a significant amount of capital. A total of eight million euros were invested in the project, said Sgardelis, for the creation of a design boutique hotel comprising twenty-seven independent suites and rooms. “The design and decor of the suites, rooms, and communal areas was inspired by the building’s long history,” the owner said. “To this, we have added decorative items and furniture of landmark modern design. While enjoying the facilities and services of a modern design boutique hotel, guests are also swept away by a romantic journey back in time.

At the hotel’s gourmet restaurant, one can enjoy special Mediterranean flavors with modern touches, prepared with pure products picked at the hotel’s own farming grounds, as well as selected local ingredients. As for the impressive Kinsterna Spa, one may relax in the traditional Turkish hamam and feel reinvigorated by the therapeutic practices on offer.” Future plans Management at Kinsterna has already begun laying out the establishment’s future plans. Seven new houses, offering an additional twenty-three rooms, are currently in the pipeline, the objective of the addition being to combine

old with new. “The architectural plans are really special,” Sgardelis enthused.

“The new constructions will be more modern, but they thoroughly blend with the overall style and mood at Kinsterna, the history, and the unrivalled nature,” he added.

The owners at Kinsterna are determined to invest the required capital, which, according to initial estimates, amounts to six million euros, to achieve the desired results. The size of the new building additions will be restricted by the property’s enormous existing eucalyptus trees, which, incidentally, were beautifully depicted in paintings by the artist Constantinos Maleas in 1928. “We will do all that is possible to preserve these specific eucalyptus trees as natural landmarks,” said Sgardelis.

Spirit of wine Besides preserving the inherent history, management of this grand establishment is also committed to the art of winemaking. Surely, there cannot be too many five-star hotels in a position to offer their own bottled wine, coming from their own vineyard. White and red wine, and a marvelous semi-dry rose, all made from local varieties, are there to be enjoyed at Kinsterna. In a most recent exciting development, Kinsterna also added Malvasia to its wine list last July, as had been disclosed to Travel Times at the time. As a result, production of Malvasia wine, popular throughout Europe and with origins in Monemvasia, has now recommenced in the area. It has been given the Protected Designation of Origin (PDO) tag. “This, besides all else, stands as a unique chapter for the projection of Monemvasia throughout the world,” Sgardelis concluded.

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Tourism

Sani Resort

Skiathos Palace

The quintessential vacation

Certified hotel services and a luxury stay

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LWAYS one step ahead, the Sani Resort offers the ultimate vacation experience: relaxation in a natural setting beside the sea; a sense of freedom; amenities and facilities designed to the highest specifications; and above all – a positive mindset. Can you improve on that?

Sani Resort is one of the first destinations anywhere in the world to embrace the new holiday philosophy, which involves providing a whole complex of activities and amenities which make the vacation not so much an annual break, more a complete life experience. With its stylish architecture and facilities, its gourmet cuisine in restaurants of distinctive character, its new attitude to the natural environment and the relationship between tourism and nature – everything about the Sani Resort is a new departure from the conventions that held sway in the tourist industry until just a few years ago.

A large private estate in one of the most gorgeous, unspoiled parts of Greece – Cassandra in Halkidiki – has been developed with sensitivity and taste as the location for four five-star hotels, a number of luxury villas and a stateof-the-art marina. All facilities have been constructed with total respect for the natural environment. The protection and showcasing of the wetlands surrounding the resort (including a scientific study funded entirely by SANI S.A., resulting in the publication of a superb photographic record of the biodiversity of the area) are a practical example of the company’s genuine interest in the natural world and the environment in which it operates. The establishment of two festivals, the Sani Festival now in its 21st year offers the perfect grounds to enjoy music and the art whereas the Sani Gourmet in its 8th year it’s the only culinary celebration in the Greece that brings together cultures through food. These events have grown into landmarks on the cultural map of the country is not only a considerable achievement for a private sector company, but also yet another factor in the evolution of

the old-fashioned holiday into a more all-embracing experience. Even the classic ‘beach holiday’ is different at Sani, with the comprehensive range of beach services, the opportunities for health and wellness, the exercise and personal care facilities – all of them designed to offer that little bit extra in quality and imagination.

In short, the Sani Resort is a microcosm, a world designed to make its guests happy, of course, but happy through a deeper sense of fulfilment: given the opportunity to rest and relax, to enjoy the stimulus of cultural events, to take part in environmental activities and creative projects for young and old alike.

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KIATHOS PALACE is located just a few kilometers away from the main town of Skiathos. Built amphitheatrically over the renowned Koukounaries beach, and surrounded by superb gardens, this hotel combines a cosmopolitan environment with discreet luxury, while also offering the island’s most amazing view. Now revamped, the hotel offers guests a new experience in comfort and hospitality.

The complex features 258 rooms of various types. Of these, 108 are branded as classic, 85 modern, 30 superior, 26 executive, while nine are suites. All offer a pleasant and comfortable stay. Furthermore, the hotel’s renovated sections, where the modern, superior, and executive rooms are located, offer facilities covering the needs of even the most demanding travelers.

Besides the main restaurant, offering both Greek and international cuisine, the hotel also operates a Greek taverna, The White View, on its roof garden, for a unique experience whose highlights include an exceptional view of the sea, authentic local dishes, and fresh seafood.

The Skiathos Palace’s facilities include a swimming pool, bar, pool bar, mini market, car rental agency, wi-fi, a tennis court, and a children’s playground.

The hotel’s beach, Maratha, awarded with a Blue Flag for the quality of its waters, has been developed into a luxury sandy beach offering special services that cater to guests, while the renowned golden Koukounaries beach, a sprawling delight next to the hotel, is an ideal spot for all water sports.

Furthermore, the hotel offers modern, fully-equipped conference halls with a capacity for 1,200 persons, making it one of the region’s largest conference centers. Despite all it has going for it, the Skiathos Palace steers clear of complacency. Instead, the hotel constantly strives to improve its services. The hotel recently received international quality certification for its hotel services

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(ISO 9001:2008), environmental management system (ISO 14001:2004) as well as its food security management system (ISO 22000:2005).

In addition, Skiathos Palace received an international environmental prize, Green Key, over two successive years, following assessment by the Greek Nature Protection Society (EEPF) of specific ecological criteria and demands.

The criteria focus on the environmental management of tourism units, including energy consumption, water consumption, waste management, and food and beverage quality. It is worth noting that, despite the negative conditions, the Skiathos Palace has managed to operate with high occupancy rates. The hotel is tackling the economic crisis by offering terrific deals, discounts and affordable packages for customers throughout the entire summer season.

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Tourism

Radisson Blu Park Hotel Athens

Lindian Village

Unique urban nature aesthetics and riveting views of the Acropolis and Lycabettus Hill

An exclusive village full of grace

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HE REZIDOR HOTEL GROUP, one of the largest and fastest growing hotel groups worldwide, acquired last year, the historic and recently renovated five-star Athens Park Hotel, which meets the standards that have made Radisson Blu hotels internationally famous. The Radisson Blu Park Hotel, Athens, formerly known as Park Hotel Athens, first opened its doors in 1976 near Pedion Areos (Martian Field), one of the city’s centrally located parks. For 35 years, the magnificent park had been a gracious host to this leading luxury hotel. In 2010, it was time for the hotel to invite the park inside. That was the inspired concept behind the hotel’s recent renovation, which proved to be a virtual renaissance for the hotel.

This difficult task would not have been completed without the determination and imagination of the new generation of the Deverikos family, as well as renowned architects and set designers Giorgos Gavalas and Yannis Mourikis. The renovation has enabled the hotel make the most of the park opposite, where nature is a dominant feature. The trees, the multi-coloured leaves, varied plants and natural sunlight are just a few of the elements presented with elegant opulence. Upon entering the spacious

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lobby, one can actually feel and smell the park: pale tree trunks serve as elegant pillars amidst modern leather sofas; the canvas of scattered leaves on the ceiling gently changes colour, just like the seasons do, offset by a contemporary art-wall in the background. The truly unique “Oak Room” Lounge Cafe, with a scattering of authentic tree trunks, looks as if the park has become part of the hotel. The new image and style of the hotel is also evident in the event and conference rooms, “Atlantis” and “Silver Forest”, in the suites with lawn-like floors and in the corridors, which seem filled with fluttering butterflies.

The idea behind the concept is for guests, whether here for business or pleasure, to feel as if they actually reside here, rather than just passing through. Radisson Blu Park Hotel hospitality provides a discretely luxurious ambience, with modern amenities and friendly, impeccable service. But more than that, it provides a satisfying getaway for guests – a true home away from home.

Ownership and management of the 35-year old hotel has remained with the Deverikou family, whose involvement with this venture spans three generations.

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ESTLED in amongst lush Mediterranean gardens leading to breathtaking azure waters and white sands, Lindian Village is a deluxe five-star hotel in Greece. Spread over 15 sprawling acres on the stunning cosmopolitan Greek island of Rhodes, this intimate village style resort offers sanctuary to couples looking for a truly romantic break as well as a great lively option for family holidays in Greece.

Centred around a church square and ancient eucalyptus tree the rooms and suites are divided into picture perfect neighbourhoods featuring cobblestoned alleyways and white washed houses transporting you to a traditional Greek village. With its verdant grounds, flowing water features and singing birds, the Zen like elements of Lindian Village really make this chic, elegant jewel the perfect five star hotel in Greece for total relaxation.

Offering 5 Gourmet restaurants, an Asian Spa, boasting 84 double rooms and a suite collection with 64 suites with private pools the hotel is the ideal destination for discerning travelers who are looking for a relaxing holiday with personalized service Confronting the economical crisis by improving their position in the market they attend to add a new wing with deluxe family rooms and launch the project “Experience Greece”, an exclusive program filled with activities that will enrich guest’s holidays with unique and special memories of Greece.

Tourism

Rodos Palace Luxury Convention Resort

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ET at a singular location on one of the most alluring destinations of the Mediterranean, the Rodos Palace constitutes the finest deluxe resort complex on the island of Rhodes.

The complex, comprising of the Main Tower with the adjacent Executive Wing and a flock of comfortable apartments and bungalows, lies in 30 acres of extensively landscaped gardens, in the middle of Ialyssos bay overlooking the Aegean Sea. Perfectly positioned on a cool hillside rolling down to an extensive beach, just five minutes away from the city of Rhodes and the unique Medieval Town, it provides proximity to (and refuge from) the cosmopolitan town with the pulsing nightlife.

Designed in a trendsetting style blending luxury with space and freedom, this classy hotel combines refined accommodation standards with an exceptional array of resort facilities. The vast marble lobby and reception area decorated with wood, mosaics and sumptuous furnishings exudes an air of relaxed elegance identical to a warm greek welcome.

An eclectic mix of 5 specialty restaurants and 3 refined bars present their guests to a great choice of dining and entertainment options ranging from a cool cocktail at the Yacht Bar to an exquisite dinner at La Rotisserie gourmet restaurant.

Leisure days can be spent around the indoor or the 3 outdoor refreshing pools, while shoppers may choose among the hotel’s exclusive jewelery store, tailoring and designer clothes’ boutique, a giftshop, an art gallery, a newsstand, while the arcade also includes hairdressing salon, pharmacy, bank and car rental desk.

Excursions and sightseeing tours render the hotel a great launching pad from which to explore the myths, monuments and natural beauty of the legendary island of the Knights. And, above all a team of friendly and experienced people provide professional service in a working environment of a family enterprise.

The V I P concept has been created to present discerning travellers to a range of suberb facilities and exclusive benefits that further enhance the hotel’s experience.

Developed around the Executive rooms and Suites of the property, it combines superior accommodations, dedicated facilities and privileged services, rendering the Rodos Palace a foremost address for business and pleasure.

A “hotel within a hotel”, the autonomous Executive VIP Wing comprising of 180 exquisitely appointed guestrooms has been designed to blend stylish décor of smooth colors and sumptuous furnishings featuring a walnut executive desk and leather Chesterfield sofa, with the essential convenience of state-of-theart equipment.

Also, the Rodos Palace International Convention Center consists one of

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the largest purpose-built conference centers in the Mediterranean region and the country’s most talked about and vibrant meeting venue, with over 500 conferences and numerous exhibitions held in its premises and attended by Heads of State, Nobel Laureates, innovative businessmen, renowned artists and scientists. Having been selected as the official venue for the European Union Summit and the Western European Union Council of Ministers, the Rodos Palace is identified as a prominent choice for rewarding conferences and incentives.

With a total combined capacity of 4000 delegates in 20, ergonomically designed multi-use halls, ranging in size from 20-1300 persons, the Center can support events of varying size and complexity, from a small board meeting to a large association congress.

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Tourism

Aldemar Group

N. Daskalantonakis Group

Assuring guest satisfaction

30 years of greek hospitality

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LDEMAR is one of the leading hotel chains in Greece with a total 5,500-bed capacity and 1,800 employees. Through the selection of strategic destinations for its hotels, the design and construction of new hotel units, complete refurbishment of newly acquired units, as well as the provision of superb services, Aldemar has a most dynamic presence in the hospitality field.

The chain is dedicated to assuring guest satisfaction. It’s something they never forget and reflects their philosophy about hospitality. As one of the most respected and popular leisure operators in Greece, the award winning Aldemar brand has become synonymous with luxury, service and attention to detail.

Its eight deluxe and first-class hotels are located across Crete, Rhodes and Olympia. Aldemar also offer four state-of-the-art conference centres and two acclaimed Thalasso Spa Centres.

Up until now Aldemar was founded in 1977 by Nicolaos Aggelopoulos. Almost 8 years later, the first hotel unit of the company, Aldemar Cretan Village, was designed and constructed on a 60,000-sq.m. property at Limenas Hersonissou, Crete. Some years later, in 1991, Aldemar Knossos Royal Village, the second hotel unit was constructed on an 85,000-sq.m. property at the same region. In 1992, Knossos Royal Village Conference Centre, a conference facility that caters up to 900 people, was completed on the grounds of Knossos Royal Village. The chain has continued investing and constructed Aldemar Royal Mare Village, a de luxe hotel unit, and

Aldemar Royal Mare Thalasso, the first Thalasso spa centre in Greece.

Both were built on a 96,000-sq.m. property adjacent to Aldemar Cretan Village and, in June 1997, were inaugurated by, Ms. V. Papandreou, at the time the Minister of Development. In May 1999, a revamp project at the newly acquired Paradise Beach & Paradise Village in Kallithea, Rhodes was completed. The two fully renovated first-class hotel units welcome their first guests under the new names Aldemar Paradise Royal Mare and Aldemar Paradise Village. The complete design and refurbishment of the newly acquired unit (formerly Miramare) on a 740,000-sq.m. property at Skafidia, west Peloponnese, took place within a nine-month period. Under a new name, the first-class hotel Aldemar Olympian Village welcomes its first guests in May 1999.

The hotels Limenas Hersonissou, Crete Aldemar Royal Mare ***** Aldemar Knossos Royal ***** Aldemar Royal Villas ***** Aldemar Cretan Village **** Kallithea, Rhodes Aldemar Paradise Mare ***** Aldemar Paradise Village ***** Skafidia, West Peloponnese Aldemar Olympian Village ***** Aldemar Royal Olympian *****

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HIRTY years since its establishment, the N. Daskalantonakis Group today stands as one of the most dynamic and fastest growing groups in Greece. Over 3,500 personnel are employed at the N. Daskalantonakis Group, making it the most significant employer in the Greek hospitality sector. Recognised as the market leader in the hotel sector with brands including Grecotel Resorts & Classical Hotels, the group has successfully expanded to include 36 properties in Greece.

The company Grecotel Grecotel is the most widely known of the N. Daskalantonakis Group companies and was the founding company of the Group. TUI Hotels & Resorts is a 50% shareholder in Grecotel which was founded in 1981 as a resort hotel management company. Within a matter of years it had become established as the leading, quality hotel brand and expansion ensued to the major tourism destinations in Greece.

Grecotel manages 22 luxury & 4-star resort hotels in Crete, Corfu, Mykonos, Attica, Kos, Rhodes, Peloponnese and Halkidiki. Grecotel has been awarded over 1.500 international awards by guests, tourism organisations, tour operators and international associations for the quality of its hotels, upgrading of the Greek tourism product and for initiatives in the environmental and cultural field.

The resort hotel group continues to expand in all sectors of the market.

The exclusive hotels, including a Leading Hotel of the World, meet the highest standards of the international traveller; the luxury classic hotels are recognized for high quality service and facilities whilst the all-inclusive product at some hotels appeals to families. Continual innovation, product development, standard and quality control ensure the continued growth of the Grecotel which has 4.850 rooms and 10.750 beds (9/2011).

as the methods are all based on organic farming. Agreco Farm and related organic farms supply the Grecotels on Crete with organic vegetables, salad produce, meats and wines. Visitors can take part in seasonal activities and dine in the Agreco taverna on a feast of 30 Cretan dishes made exclusively from farm produce.

Yabanaki Yabanaki, Is one of the most organized and modern beach parks in the Attica region. Spread over an area of 10,000 m², visitors find everything from restaurants and sports to private beach cabins. The Ouzeri, restaurant and bars serve over 3,000 persons daily (summer months). Yabanaki Beach has been host to some of the most celebrated events in Attica. Its three private areas for wedding receptions, business and private events cater for up to 4,500 persons.

Thalassea Following the success of Yabanaki, the N. Daskalantonakis Group undertook the management of the nearby B’ Beach Voula. Thalassea beach is ideal for families whilst Β’ Voula has been revamped to attract the younger crowd and for private events.

Charisma / Sunstore Charisma jewellery boutiques and SunStore general shops are situated in most of the N. Daskalantonakis Group hotels. The family-owned shops guarantee that visitors find the highest quality of unique jewellery in Greece.

Classical Vacation Club The Classical Vacation Club opens a new world to the frequent traveller.

Holidaymakers can join the Club and exchange their membership for stays at selected hotels in the N. Daskalantonakis Group.

Fresh Gourmet In 1997, Fresh Gourmet SA was established in Heraklion, Crete in answer to the demand for a contemporary industry producing frozen food and desserts for the hotel, catering and retail industries. The production unit, an investment which cost approx. €13 million, holds the ISO 9001:2000 guarantee of quality & the HACCP food hygiene certificates. The facilities cover an area of approx 3,500 m² and are staffed by highly qualified personnel, many of which have international experience. Fresh Gourmet produces Greek & international frozen food and pastry assortments for retail and commercial trade. The company supplies airlines, cruise liners, hotels, public organisations and supermarkets.

Agreco The Agreco Traditional Farm opened its gates in 2002 in the village of Adele, near Rethymno, Crete. The farm covers 40 hectares and is owned by the family of Nikos Daskalantonakis. The farm was established in order to demonstrate the traditional rural occupations which are threatened due to modern farming and livestock methods. It is also an environmental educational centre for visitors from the local Grecotels, farmers and students 196 │ Creative Greece

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Grande Bretagne Memorable images of Athens

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ITH breathtaking views of the famed Acropolis and Parthenon, regal Constitution Square and the Parliament, lush Lycabettus Hill or the original Olympic Stadium, the multi-awarded 5 star Hotel Grande Bretagne offers an unrivalled perspective of Athens’ mythical history.

The lavish rooms are appointed with the finest furnishings. The marble bathrooms feature a vanity counter, separate bathtub, and shower. Some rooms have balconies facing the Acropolis, and the daily changing of the guard at the parliament building.

The historic GB Corner is recognized as one the capital’s famous hotspots.

From Grande Bretagne’s rooftop you can see the original Olympic Stadium as you dive into the pool; the Acropolis from your barstool; the Parthenon as you sample the finest Mediterranean cuisine.

The Grande Bretagne Spa offers a thermal suite, complete with herbal bath, grotto, ice fountain, couples retreat and indoor pool. Guests can indulge in ouzo oil massages. From private dining parties at The Cellar, to VIP airport transfer, the legendary Grande Bretagne prides itself on its service.

Luminous & Inspired Hotel Rooms Not only do our interiors pay homage to our celebrated Greek culture with

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intricate moldings and classic décor, but each of the 320 hotel rooms and suites at the Hotel Grande Bretagne offers enchanting views of our courtyard or a spellbinding panorama of our city’s timeless landmarks.

A Taste of Athenian Adventure Escape to the GB Spa Athens for an Ouzo Oil Massage or an indulgent respite in the Thermal Suite. Then venture up to the GB Roof Garden Restaurant & Bar for champagne as the sun sets behind the Acropolis - or down to The Cellar for a tasting of its 3,000 bottles of wine from the exquisite collection of the Hotel Grande Bretagne in Athens.

Meetings & Events The ultimate choice for sophisticated business meetings and lavish social events in Athens, the hotel is offering state-of-the-art equipment & facilities, delicious cuisine & tailored services, to cover most demanding needs.

Within over 1,100 square meters of refined function space, select amongst rick silk curtains & majestic chandeliers, vivid colored carpeting or gorgeous vitro-ceiling, antique wooden boardroom tables and leather chairs to add an exquisite touch to your next private meeting or fairy tale celebration.

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Tourism

Louis Hellenic Cruises Interview by Spyros Ktenas

The cruise ship has become more attractive because it’s a hotel offering complete versatility!

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ship has one major advantage - it is equipped with a propeller! It can take you wherever you like. This is contrary to the hotel, which, when built, is fixed.” The views expressed by Mr. Pythagoras Nagos, commercial manager at Louis Hellenic Cruises, are extremely optimistic for the prospects of Greek tourism. And, his upbeat perception of things is not only linked to the return of German tourists to Greece. Adding to his positive feeling is the influx of Turkish tourists to the Greek islands of Mytilene, Chios, Samos, Kos, and Rhodes, as well as the return of large groups to our country, either for conferences or cruises.

The tragic accident of the Italian cruise ship Costa Concordia [in January, 2012, leading to 32 deaths, two missing persons presumed dead, and many injuries], as well as the social and political turmoil in Athens, caused major problems to Greece’s tourism industry.

What was the impact of all this on your company’s course?

Yes, we experienced a very big crisis that applied major pressure on price levels in the cruise ship sector. As for whatever concerns us, our prices did not break away from our budget plans, despite the pressure we felt. Our company’s average prices for passenger tickets per day are between 10 and 15 percent higher compared to levels charged by the sector in Europe right now. We achieved these results by making available special offers in Greece.

Pythagoras Nagos, Allow me to point out that the average person Commercial manager at Louis Hellenic Cruises who dared to come to Greece [last summer]

had a great time. I was in Germany and witnessed the dramatic surge in bookings immediately following the [last summer’s back-to-back] Greek elections. Those who did come had a great time and, upon returning home, relayed the news, saying that “things aren’t as they are being described by the mass media.” This is why there was a complete turnaround of the [prevailing negative] climate. It was based on word-of-mouth advertising generated by individuals who visited Greece.

What is your appraisal of 2012 and which markets are you investing in?

We were affected by the drop in bookings from the USA and Canada – a 30 to 35 percent drop in turnover. One in three of our passengers come from either the USA or Canada. Statistics indicate that Americans don’t travel when they have elections. When one American, one Canadian, or one Australian is missing, it’s the equivalent of two missing Europeans, because the purchasing power of an American equals that of two Europeans, or three Greeks. We had other markets that fortunately performed well, such as Latin America, the bulk coming from Brazil and Argentina, which represent about 15 percent of our turnover right now.

Do you see any prospects in the proposal made by Qatar Airways?

Qatar Airways has expressed interest for direct flights from New York in the summer. This means that a major airline from the Middle East is coming in with clear intentions to further expand operations in Europe. If we utilize this properly, we will benefit, so that it covers the slots once operated by Olympic.

The developments surrounding the conference center in Athens are interesting with respect to how this could bolster tourism.

Yes, indeed. Procedures leading to the utilization of the Taekwondo arena in Faliro [seaside district of southern Athens] must be completed. The delays in Greece are directing all the conferences to Istanbul. The conference center is a key point. Truth be told, however, a large and modern conference center needs to be able to cater to over 2,000 persons. We need to build a modern conference center of such capacity in the near future.

How is the Greek diet, Greek food products, being incorporated into the company program?

We’ve incorporated the Greek diet into our program. Foreigner visitors come to Greece with an opinion about Greek cuisine, but it’s a little unfocused. So, what we’ve done, then - based on thorough research conducted on our passengers - is to adjust to what they want. We’ve focused on a Greek menu. We will have with us prominent Greek chefs to present - in English - the Greek and Mediterranean diet. We will also have distinguished wine producers for presentations of Greek brand-name wines. Ideally, we hope to act like Greece’s ambassadors abroad. At this point,

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“At this point in time, we expect large groups to travel to Greece, and this is the reason why we believe things will roll well this year for conference tourism”

I’d like to mention that we brought over from the USA – with Turkish Airways as the sponsor - 25 American travel agents and seven journalists, whom we took on a four-day cruise to Turkey, the Greek islands, Athens, and back to Istanbul.

These people were not interested in just seeing facades. They wanted to go deeper. They wanted to see traditional cheese workshops, wineries where they could taste wines, and be given details about how a particular quality wine’s brand name is established, and with which foods it is best accompanied.

Your company is proving to be an exceptional channel for communications between Greece and Turkey. Do you thing the inflow of Turkish tourists to Greece can be increased?

Although Turks have made huge progress in yachting, they have made no progress in passenger shipping. Visas need to be issued for Turkish visits to Greece [as Turkish citizens are traveling on Greek cruise ships]. Visas cost 120 euro to acquire and, beyond that, interested Creative Greece

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Tourism

Foundations parties must go through procedures. For a variety of reasons, this bureaucratic procedure is more time-consuming than the equivalent process in Russia, which has helped bring a large wave of Russian tourists to Greece.

Last year, we had 6,500 Turkish visitors on our ships. In other words, every one of our 6,500 visitors provided 120 euro in revenues to the Greek state – unless they were holders of Green [visa-free] passports. These passengers provided 780,000 euro to the Greek state in visa revenues alone. It’s a number that is constantly rising. Right now, approximately 30,000 Turkish passengers go on Aegean cruise trips each year.

“Qatar Airways has expressed its interest in direct flights from New York, utilizing Olympic Air’s old slots”

What could be done about the visa issue?

There’s some optimism that visa issue procedures will be simplified in 2013. More specifically, Turkish passengers, and, generally, travelers from the East, will - if the revisions are implemented - be able to apply for visas on the spot at any of the Greek island ports of Mytilene, Chios, Samos, Kos, and Rhodes. This visa will be valid for seven days, and the shipping company assumes responsibility for transporting and returning passengers.

What changes are being planned for the company’s 2014 agenda?

Our revisions concern new destinations, and this is important because our three-day trip’s itinerary will include Samos, a very beautiful island opposite Kusadasi. We have included Samos in six packages for the summer of 2013. Everybody knows that the islands of Santorini and Mykonos are the major draw cards, but there are another 140 islands as well. We’ve also made some revisions to our seven-day trips. We now offer passengers the possibility of spending one-and-a-half days on Mykonos. We’re trying to make our schedules more comfortable for travelers.

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Have you approached younger travelers?

Our customers belong to the 18-25 age group and 55 and over. The student groups, mostly from the USA and Canada, and, to a lesser degree, Europe, represent approximately 1516 percent of our total number of customers, annually. They’re young people aged between 15 and 24 who are traveling to Europe. This means Greece is part of the package. They’re not repeat customers, but if they go back home feeling satisfied, their parents return. In Greece, we’re focusing on students with special cruises, which include entertainment.

How about religious tourism?

Interestingly, one of the three types of tourist groups we want is the religious group. Besides the destinations of religious importance that have been included on our programs this year (ancient Ephesus, Patmos, Heraklion, Istanbul), we’re launching two seven-day cruises that follow St Paul’s journeys. A significant rise in religious tourism is being noted in the USA. Tourist groups of this nature travel either late or early in the summer season. It’s an exceptional type of group, and is not what you could describe as being deeply religious. They usually ask for praying space on the ship, and are usually accompanied by a pastor.

Does all we have discussed create optimism?

Yes, we are reservedly optimistic. And the most important thing of all is that there is no turbulence. However, Greece – this is not too good – has lost some of its worth and appeal as a destination. I say this is not good because time for recovery is needed whenever a product or service has been devalued. What the world is waiting for is to see Greece back on its feet. We will rise.

Foundations Foundations Foundations Foundations

Foundations

Piraeus Bank Group Cultural Foundation Preserving and promoting Greece’s heritage

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HE Piraeus Bank Group Cultural Foundation (PIOP) organizes and manages a network of thematic museums, which study, preserve and promote Greece’s heritage and cultural identity. These museums constitute models as far as the method of creating museums and the manner of their museographic structure is concerned and, in each and every case, highlight the special nature of the production of the region they are situated in.

The Network functions according to a model elaborated and implemented

by PIOP, whereby the latter undertakes the museums’ administration,

accounting and secretarial services centrally, while simultaneously supervising their maintenance, impeccable running and promotion and organizing various events in their premises. This model of functioning draws on the direct and unwavering collaboration of local society and all local and regional authorities.

PIOP’s Museum Department is responsible for the constant monitoring of the museums’ smooth functioning and timely maintenance. The network’s exceptional quality is ensured by the following factors: - compliance with contemporary museological standards regarding the

creation of museums whose scientific integrity does not compromise their accessibility, content and pleasantness; - their meticulous maintenance, cleaning and guarding during their functioning; - the collections’ renewal; - the elaboration of educational programmes & organization of cultural events; and, - well-organized secretarial and accounting support.

This constantly expanding network of museums constitutes a unique, large-scale cultural intervention. PIOP’s objective is to transmit, by means of this network, a different perception of activity in the provinces and support to regional development. Indeed, these museums aspire to become both a meeting place and a point of reference for the local population, and especially for young people.

The interior space at the Environment Museum in Stymphalia

Educational and scientific events are held in the multipurpose halls created to this end in each museum. These events tour the whole network and are accompanied by various cultural happenings, which are organized in collaboration with each region’s inhabitants.

This unique form of functioning transforms the network’s museums into living entities, which link the provincial world to economic history, link history to culture, and culture to action and education.

THE MUSEUMS Environment Museum, Stymphalia - Peloponnese

Environment Museum, Stymphalia

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The Environment Museum of Stymphalia is located in the mountainous area of the prefecture of Corinth, there where, according to mythology, Hercules confronted and slew the Stymphalian birds. Situated in the northeastern Peloponnese at an altitude of 600m, the plateau of Stymphalia is surrounded by the mountains of Zireia, Oligyrtos, Mavrovounio and Gravias, on the southern side of the prefecture of Corinth. The water basin of Stymphalia is considered to be the largest mountain lake of the Peloponnese, at the same time as being the Balkans’ southernmost mountain wetland. Its main interest resides in the lake’s rich organic world, as well as in the underground and visible ways along which the water circulates. The region’s ecological value, centred on the lake and its rich forests, is confirmed by its inclusion in the European Network of Protected Areas NATURA 2000.

The aim of the Environment Museum of Stymphalia is to show the interdependence of humankind and Nature and their harmonious coexistence in the Stymphalia basin. The basic goals of the museological approach are to raise the public’s ecological awareness and preserve the knowledge relating to the region’s traditional technology. This objective is reflected museologically by the exhibition’s development in two exhibition units: the first concerns the environment in this region, while the second marks the manner in which the environment influenced the development of human activity and in particular that of traditional occupations.

Various means of expression and audiovisual media are used to ensure a better understanding of the exhibition’s content. Pictorial presentations refer to the objects’ use and are accompanied by corresponding audiovisual material of an educational nature. The exhibition’s goals are supported by models and interactive applications, digital representations and documentary films. Also, for the first time in Greece, an accessible cross-section of the lake in the Museum’s interior offers the visitor the possibility of observing, first hand, some of the region’s plants and fish.

The Environment Museum of Stymphalia also comprises a cafeteria and a gift shop, while its multipurpose hall offers the possibility of developing cultural actions in the provinces, namely by hosting temporary exhibitions and organizing cultural events.

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Museum of Marble Crafts, Tinos

Museum of Marble Crafts, Tinos The Museum of Marble Crafts in Pirgos, on the island of Tinos, was created by the Piraeus Bank Group Cultural Foundation (PIOP), which is also responsible for running it. It belongs to the Foundation’s Network of Thematic Museums and is the first of its kind in Greece. The museum is housed in modern, fully equipped installations that include a multipurpose hall and which were built so as to tie in harmoniously with the island’s characteristic landscape. Included in the 2000?2006 Regional Operational Programme of the Southern Aegean, the project was financed by the Third Community Support Framework, as well as by the Piraeus Bank.

The museum presents the technology of marble, a material with a particular place in the architecture and art of Greece, from ancient times to the present.

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in detail. In parallel to the above, the emphasis given to the pre-industrial and proto-industrial periods in Tinos, the most important centre of marble crafts in Modern Greece, brings to the fore the social and economic context in which the local workshops evolved.

The permanent exhibition comprises a variety of original works in marble: mundane, ecclesiastical, funerary and everyday objects (door lintels, fountains, family crests, corbels, shrines, mortars, etc.), clay models and plaster-of-Paris copies, as well as quarrying, cutting and carving tools, mechanical equipment, archival material and the richest collection of sketches of old marble carvings of the whole of Greece. This impressive number of authentic objects was collected essentially thanks to people’s sensitization, but also that of public entities, who donated or bequeathed them to PIOP. Moreover, in combination with the representations of a

quarry, of a marble?craft workshop and of the assembling of a bishop’s throne, visitors have the opportunity of familiarizing themselves with traditional techniques and processes regarding the quarrying, initial hewing and transportation of marble, as well as those concerning the shaping and positioning of a work in marble, thus following the entire trajectory from the raw material to the finished article. At the same time, the exhibition’s audiovisual material brings to life the traditional working methods of the quarryman and the marble craftsman, while the travelogue’s photographs record the intense presence of marble across the width and breadth of Tinos and incites visitors to go on their discovery missions of the island.

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Rooftile and Brickworks Museum

of marble and a trolley for their transportation from the quarry of Vathi are on show, while on the balcony a wagon-truck for chippings and rubble, a bend corner and rails from the quarry of Patela are exhibited, together with finished and in-process marble works. The historical mechanical equipment presented in the outdoor exhibition was salvaged, repaired and restored to function by PIOP and reconstructs typical images of the corresponding in situ working environments.

Rooftile and Brickworks Museum N. & S. Tsalapatas, Volos The Rooftile and Brickworks Museum N. & S. Tsalapatas, one of the rare surviving examples of an industrial complex in Greece, joined the expanding Network of Thematic Technological Museums of the Piraeus Bank Group Cultural Foundation (PIOP) in 2004. The museum’s goal is to bring to the fore the historical identity of the town of Volos. Today, it constitutes a strong pole of attraction that strengthens the cultural reserve of the Thessaly region, and contributes to the preservation and promotion of industrial heritage and 208 │ Creative Greece

the development of cultural tourism in the wider region of the Magnissia prefecture.

The brickworks were founded in 1926 by the Tsalapatas brothers and cover a total area of 22,000m2 (236,806ft2, or roughly 5,44 acres). The factory used to produce a wide variety of bricks and tiles and, at the peak of its activity, employed 250 people, with equipment corresponding to 300HP of installed power. The N. & S. Tsalapatas Rooftile and Brickworks Factory closed down in 1978.

In 2004, the Piraeus Bank Cultural Foundation accepted the undertaking of creating a model Rooftile and Brickwork Museum in the factory’s main facilities (5,000m2, or 53,820 ft2). Two years later, the Tsalapatas Factory “restarted operations”: the grinders, the compressors, the cutters, the clay silos, the trolleys and the Hoffmann kiln recompose the production chain, allowing visitors to familiarize themselves with the traditional professions of brick-maker and tiler and the refining and processing techniques of the raw materials.

Held in the building complex that the actual production took place in, the permanent exhibition also includes scale models and abundant audiovisual material, while the special educational programmes and events ensure the public’s direct contact with all the stages of tile and brick manufacturing.

Museum of Industrial Olive Oil Production, Lesvos The Museum of Industrial Olive-Oil Production in Lesvos (MBEL) in Agia Paraskevi, on the Island of Lesvos, has been founded and designed by the Piraeus Bank Group Cultural Foundation (PIOP), which is also responsible for its operation. It is housed in the premises of the old communal oil-mill — the Municipality of Agia Paraskevi having ceded their right of use to the Foundation. The project has been included in the 2000-2006 North Aegean Regional Operational Programme and has been financed by the Third EU Structural and Cohesion Fund. This Museum is part of a network of thematic museums of technology created by the Foundation and is a natural extention of the Museum of the Olive and Greek Olive Oil in Sparta.

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A work of art, olives in basket.

Museum of Industrial Olive Oil Production, Lesvos

The Agia Paraskevi complex has been developed as “an oil-mill turned into a museum of an oil-mill”, restoring both its architectural and mechanical features to their original condition.

The old machinery and equipment that have been preserved, and fully restored, are being exhibited in a unique way by being put into use for demonstration’s sake, which is supported by digital shows.

One can witness the development of the various machines, while special emphasis is given to the changes the introduction of mechanical power brought into the process of oil-production. In the main building the three basic steps of the oil-production process (crushing the olives, pressing the olive-pulp, separating oil from water) are shown, while reference is made to the auxiliary operation of the flour-mill.

The former storage areas of the olive crop are used as auxiliary exhibition halls, in which exhibits present the human element involved in oil production. The larger storage areas hold detailed exhibits of: a) the history of the communal oil-mill of Agia Paraskevi, noting especially the communal ownership of the mill — a quite novel development for the time, and its effects on the social and economic structure of the area; b) the mechanization of oil production in Lesvos; and c) the wider socio-economic background. In the smaller storage areas the full cycle of trades involved in oil production is presented.

The Museum has also a hall for hosting various types of events, a cafe, and a small open-air theatre. The Museum of Industrial Olive-Oil Production in Lesvos aims at presenting the industrial heritage of the island, not only in the oil-production section but also in the wider field of technological development, as well as projecting it against its architectural, social and cultural background.

The Museum of the Olive and Greek Olive Oil, Sparta – Peloponnese The Museum of the Olive and Greek Olive Oil in Sparta aims to highlight the culture and technology of the olive and olive production, which is inextricably linked with the Greek and Mediterranean identity. Unique in Greece, it is 210 │ Creative Greece

located in the heart of Laconia, one of the main olive producing locations in Greece. In the upper floor the first testimonies about the olive in Greece , its contribution to the economy from prehistoric times to the 20th century, its role in nutrition, body care (cosmetic, pharmaceutical uses), lighting, while special mention is made of its symbolic dimension in religion, mythology, customs and mores. The unit concludes with a brief presentation of the olive’s position in art.

The tour starts from the earliest findings that demonstrate the existence of the olive tree in Greece: rare fossil olive leaves, 50,000-60,000 years old, found in the Thera Caldera. The first texts date back to the 14th century BC, on clay tablets inscribed with Linear B script.

Olive oil’s capacity to cover a variety of different needs, rendered it one of the most important agricultural products, with a definitive role in the economy of each historical period.

The position of the olive and olive oil in nutrition are presented in a separate unit. A series of other long forgotten uses of olive oil are also revealed by the information panels and exhibits (lighting, body care, beautification).

The importance of the olive and olive oil in the lives of the Greeks is vividly revealed by the many symbolisms, the worship rites and folklore. The few examples of ancient and modern art in the Museum demonstrate that the olive was a constant source of inspiration for Greek artists.

The Museum’s ground floor is devoted to the development of olive oil production technology from Antiquity until the early industrial era. The post-Byzantine technology and machinery are presented in the museum.

An animal-powered olive oil press from Lefkada provides evidence for its survival during the 20th century. A wooden double oil press with a winch has been transferred from the neighbouring area of Xirokampi. Emphasis has been placed on the revival of the powered olive oil presses (water-powered, steam-powered, diesel-powered and power-driven) using large working models. In addition, given that olive oil is still linked to body care, one of the exhibition units is dedicated to soap-making, domestic and industrial. From the large cauldron that old housewives in areas where olive oil is produced still use to make soap, we pass on to industrial soap vats.

The semi open-air exhibition will soon be shaped, with the mechanisms of a prehistoric, a Hellenistic and a Byzantine olive oil press, which will be set in operation for the Museum’s educational programmes.

Silk Museum, Soufli – Evros The Silk Museum in Soufli presents all the phases and the stages of the preindustrial process of rearing silkworms (sericulture) and of silk processing (silk manufacturing) within the socio-economic context that made the region a major silk-producing centre in Greece (late 19th – mid-20th century).

The Silk Museum’s ground floor, where the old exhibition used to be housed, is now dedicated to the section on the history of silk. At the same time, the projected documentaries produced by PIOP help the visitor to put sericulture and silk manufacturing into a specific space- and time- frame.

Silk Museum, Soufli – Evros

On the first floor the exhibition’s scenario on sericulture is developed.

The visitor’s itinerary follows the cycle of sericulture. It begins with the production and hatching of the silkworm seed (eggs), the mulberry and the silkworm. It continues with the silkworm’s different stages of development (instars) and the weaving of the valuable cocoon (mounting of the branches and harvesting). This is followed by the cocoons’ cleaning and sorting. The silkworm’s life cycle ends with the process called stifling. The next section is dedicated to silk manufacturing (reeling, i.e. unwinding the cocoon’s silk filament, dyeing and weaving of silk yarn, with particular mention to the Givre silk mills). The authentic exhibits are accompanied by audiovisual material. Lastly, the section «traditional costumes in Soufli» presents unique accessories and items of traditional attire in this region.

The interior space at the Silk Museum, Soufli – Evros

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Karelias Foundation Collaborations with educational institutions and research centers

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HE George and Victoria Karelias Foundation is the result of the ambition of George Karelias to transform his lifetime values into a lasting heritage.

Born in Athens on March 14 1929, George Karelias studied economics and business administration at George Washington University in the United States of America. During this time he also furthered his studies in Fine Art. In 1959, he settled in Kalamata and joined the family business. During a long and illustrious career, distinguished by creativity and innovation, he made his personal mark on the development of the Greek tobacco industry.

A businessman, but also an artist, George Karelias was known for his exceptional talent fot drawing and his great love of books and history. He never missed an opportunity to contribute to the cultural and economic Athanasios Kavgalakis, advance of the Region of Messinia, where he Gen. Manager of lived until his death in April 2000.

G&V Karelia Foundation

A man of boldness, sensitivity and vision, generous yet personally modest, he decided in 1993 with his wife Victoria, to establish a public benefit foundation called the “The George and Victoria Karelias Foundation” to promote the greater common good through education and research.

Today, the foundation is actively led by Victoria Karelias, who as president contributes her personal dynamism, passion for life and vision to the achievements of the foundation. In addition to this role, Victoria Karelias is chairman of Karelia Tobacco Company, and president of several greek cultural organizations.

The foundation’s future activities and objectives for the next two-year period includes an increase in the number of scholarships granted each year, as well as further development of collaborations with educational institutions and research centers, both local and foreign. Taking into account the country’s current economic and social conditions, priority for prospective research activity will be given to: - Funding of economic studies whose findings could contribute to the economy’s recovery.

- Studies concerning environmental issues.

- Two-day educational seminars - in association with the “Captain Vassilis” foundation - aimed at promoting the export of agricultural products.

Corallia Clusters Initiative Organisation for the structured and systematic management

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ORALLIA CLUSTERS INITIATIVE is the first organisation established in Greece for the structured and systematic management and development of innovation clusters, with the strategic aim to develop cohesive and productive innovative ecosystems within which actors operate in a coordinated manner, in specific sectors and regions of the country, and where a competitive advantage and export orientation exists.

In those clusters, Corallia acts as the Cluster Facilitator implementing specific support actions which involve all innovation ecosystem actors, including industry, universities, research centres, regional and central governmental agencies, venture capital, business angels, banks, infrastructure providers, media, suppliers and buyers, with the aim at boosting competitiveness, entrepreneurship and innovation.

Today, Corallia has developed and supports the growth of three highly-specialised cluster initiatives in Greece, in knowledge-intensive thematic sectors, namely the mi-Cluster (nano/microelectronics-based systems and applications | www.mi-cluster.gr), the siCluster (space technologies and applications |www.si-cluster.gr) and the gi-Cluster (innovative gaming technologies and creative Prof. Vasileios Makios, member of the managerial team content | www.gi-cluster.gr).

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- Critical mass and geographical hyper-concentration in the thematic areas in the technology segments of focus.

- IPR protection and patent submission.

- Network with and ease repatriation for human capital.

- Economies-of-scale and economies-of-scope.

- Sustainable growth based on the principles of corporate social responsibility.

Cluster Knowledge Base mi-Cluster Knowledge Base Nano/Microelectronics-based Systems and Applications Cluster (mi-Cluster), is the first innovation cluster in Greece and since its establishment in 2006, it demonstrates a continuous development. Today, the mi-Cluster consists of more than 130 members including innovative start-ups, small, medium and large companies, academic labs and research institutes, science parks, networks, associations, suppliers of services, financial institutions, media of different kinds, national ministries and regional agencies involved in industry, regional, science and technology development and policy, from all over Greece. The Corallia Clusters Initiative as a coordinator in collaboration with the Hellenic Semiconductor Industry Association, the State (Hellenic Ministry of Development, GSRT, Regions of Attica, Western Greece, Central Macedonia)and other organisations that enhance innovation, have been instrumental in the mi-Cluster’s development. si-Cluster Knowledge Base The Hellenic Space Technologies and Applications Cluster (si-Cluster) is an emerging, industrially-led and user-driven innovation cluster in Greece, with a strong geographical concentration in the region of Attica and a sizeable potential to compete worldwide in the challenging and fast-growing sector of space technologies and applications. Currently, the si-Cluster consists of more than 20 industrial members -including both large businesses and SMEs- while it is expanding rapidly not only its industrial base but also its cooperation ties with all the innovation

ecosystem actors, including academia, research institutes, European, regional and central governmental and other stakeholders involved in this demanding technological field. The Hellenic Association of Space Industry (HASI) in collaboration with the Corallia Clusters Initiative have been instrumental in the si-Cluster’s initiation and development and are driving it towards achieving a World-Class Cluster status. The si-Cluster was established in 2008 following a joint endeavor on behalf of a significant part of the Hellenic industry activated in this field with the formation of the Hellenic Association of Space Industry followed with the establishment of cooperation with the Corallia Clusters Initiative in 2009.

Corallia, a clusters facilitator Acts as a one-stop-shop, through which the entire innovation network gains access to unique business opportunities and added-value services.

Supports new venture creation, where students and entrepreneurs “to-be” can apply innovative ideas and set-up start-ups. Expands the innovation-knowledge horizon with a thorough training program, through which members of the clusters gain best-in-class on topics ranging from technical skills on project management, to negotiation tactics and business plan development. Eases the innovation gap through complementarities and partnerships among cluster-members as well as between clustermembers and national and international organizations, including worldclass innovation centers of excellence, in Europe, USA, Japan. Sponsors actions to establish strong ties with universities and research centres, in order to enhance technology transfer and R&D commercialization in the thematic technology areas of the clusters. Provides incentives for VCs and Business Angels to invest, especially at the early stages, by creating a favorable environment.

Leverages the top-tier Hellenic human capital (in Greece and abroad), which possesses a solid base in sciences and engineering and promotes the “Innovation Made in Greece” branding.

Corallia structures its objectives and actions according to the following strategic axes: - Competitiveness through the development of co-operation between competitive companies (“co-opetition”).

gi-Cluster Knowledge Base The Innovative Gaming Technologies and Creative Content cluster (or in short gi-Cluster), is a recently formed innovation cluster in Greece, with its core concentration in the region of Attica, which displays a state-of-the-art technology edge coupled with an extrovert, global-reaching entrepreneurial spirit. Currently, gi-Cluster has already achieved critical mass -including large businesses, SMEs and academic and research institutions-, yet the in-depth, national-wide sector mapping that has been performed, indicates a substantial pool of talent and activities in this field (both in industry as well as in academia/research) thus there is significant growth potential in the near future and substantial development prospects for this sector in Greece. gi-Cluster Knowledge Base The Innovative Gaming Technologies and Creative Content cluster (or in short gi-Cluster), is a recently formed innovation cluster in Greece, with its core concentration in the region of Attica, which displays a state-of-the-art technology edge coupled with an extrovert, global-reaching entrepreneurial spirit. Currently, gi-Cluster has already achieved critical mass -including large businesses, SMEs and academic and research institutions-, yet the in-depth, national-wide sector mapping that has been performed, indicates a substantial pool of talent and activities in this field (both in industry as well as in academia/research) thus there is significant growth potential in the near future and substantial development prospects for this sector in Greece.

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Stavros Niarchos Foundation Offering vital support in many key fields

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HE Stavros Niarchos Foundation (www.SNF.org) is one of the world’s leading international philanthropic organizations, making grants in the areas of arts and culture, education, health and medicine, and social welfare. The Foundation funds organizations and projects that exhibit strong leadership and sound management and are expected to achieve a broad, lasting and positive social impact. The Foundation also seeks actively to support projects that facilitate the formation of public-private partnerships as effective means for serving public welfare.

From 1996 until today, the Stavros Niarchos Foundation has approved grant commitments of $1.3 billion / €1 billion, through 2,400 grants to nonprofit organizations in 109 nations around the world. Excluding the Stavros Niarchos Foundation Cultural Center (SNFCC), the Foundation’s funding is equally divided between grants in Greece and international ones.

The Foundation, concerned with the continuing socio-economic crisis in Greece, announced in January 2012 a grant initiative of $130 million (€100 million) over three years to help ease the adverse effects of the deepening crisis. Since then, and as part of the initiative, the SNF has committed grants totaling $69 million (€54 million) in support of numerous not-for-profit organizations around the country.

The Foundation’s largest single gift ($796 million / €566 million) is the Stavros

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Niarchos Foundation Cultural Center (SNFCC), in Athens. Construction works at the site have already begun. The Stavros Niarchos Foundation firmly believes that the project is of national importance, even more so under the current socio-economic conditions. It remains a testament and a commitment to the country’s future, at a critical historical juncture. It is also an engine of short- to mid-term economic stimulus, which is essential under the current circumstances.

The Stavros Niarchos Foundation is a grantmaking organization only. The Foundation does not solicit or accept donations from individuals, corporations or other organizations. Additionally, the Foundation does not make grants to individuals or provide individual scholarships. To find out about supporting any of the organizations the Foundation supports, or to apply for assistance from programs funded by the Foundation at specific organizations, please contact those organizations directly.

Biography Stavros Sp. Niarchos was born July 3, 1909 in Athens. He studied law at the University of Athens and began working in 1929 in his family’s grain business. Recognizing the substantial transportation expense in importing wheat, Niarchos believed that one would save money by owning the ships that

provided the transportation. Consequently, he bought his first six freighters during the Great Depression.

Niarchos served in the Greek Navy during World War II. He participated in the Allied operations in Normandy and was awarded, among other distinguished service medals, the Commander of the Order of the Phoenix in 1977, the Royal Order of King George I, and the Royal House Order of SS George and Constantine. While Niarchos was serving in the Greek Navy, the Allied Forces leased his first vessel. The ship was destroyed in battle, and Niarchos used the insurance funds as capital to expand his fleet after the War. Thus began the emergence of Stavros Niarchos as a significant participant in the world of international commerce. For many years, he owned the largest private fleet in the world, with his company operating more than 80 tankers and other vessels. In 1956, Niarchos agreed to build and operate the Hellenic Shipyards, the first such private investment in Greece, which rapidly became the largest Mediterranean shipyard. In 1985, the shipyard was placed under state control, but Niarchos´s commitment to Greece still stands today as an effective demonstration of the power of private investment for the country’s economic well-being.

Stavros Niarchos understood the meaning of thinking and acting globally long before the term globalization became so prominent. His business operations began in Greece, the country of his birth and heritage, yet his accomplishments were notable worldwide. Although he was known predominantly for his shipping business, Niarchos’s diversified financial activities were at the core of global industry from the time he formed the Niarchos Group in 1939 until his death in 1996. He was considered one of the most innovative and successful businessmen of the twentieth century.

Niarchos’s legacy continues into the twenty-first century with the establishment of the Stavros Niarchos Foundation. Working in Greece and internationally, the Foundation began its grantmaking efforts in 1996, and it derives its mission from Niarchos´s commitment to Greece and Hellenism, as well as his keen instincts and interests in support of causes in the fields of education, social welfare, health, and arts and culture.

By designating a significant part of his estate to establish the Stavros Niarchos Foundation, Stavros Niarchos created an enduring vehicle to enriching the lives of others worldwide.

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Eugenides Foundation A short profile

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HE Eugenides Foundation is an independent, private, non profit foundation with a mission to enhance the scientific, technological and technical education of the Greek youth and to promote science and technology to the general public. It was established in 1956, in accordance with the provisions of the will left by our national benefactor Eugene Eugenides.

During the five decades of its operation, the Eugenides Foundation has always been a landmark for the technical education in Greece. Through the old Planetarium (120.000 visitors p/y), its technical publications (450 titles published, 45.000.000 copies printed), its scientific library (32.000 visitors p/y), its educational scholarships ($250.000 total) and all its other activities, including science exhibitions, lectures and numerous other scientific events for the general public, the Foundation has offered a combination of education and entertainment to a large numbers of visitors and particularly to our students.

The end of the 20th century came with a new vision for the Eugenides Foundation: to contribute to the Greek society’s efforts to meet the challenges of the 21st century in the same dynamic and innovative way as it had always done since its establishment.

Fifty years after the Eugenides Foundation was established, this new

vision has become a reality. In a learning environment built to the highest specifications, the Eugenides Foundation welcomes the future through a number of educational and recreational activities with a view to promoting and disseminating science and technology to the Greek people. The New Digital Planetarium of the Eugenides Foundation, one of the largest and best equipped digital planetaria in Europe and North America, opened its gates to the public in November 2003. Since then, it has received more than 2,500,000 visitors. In December 2006, the inauguration of the Interactive Exhibits of Science and Technology by the Prime Minister of the Hellenic Republic crowned the celebrations for the Foundation’s 50th Anniversary. This new, permanent exhibition developed to the highest standards of science museology is dedicated to current issues of science and technology. By offering educational stimuli in an attractive, interesting and pleasant way, it hopes to instill the desire for scientific and technological exploration in people of all ages.

Nowadays, the Eugenides Foundation is an internationally acknowledged technological and educational multi-centre. The function of the fully renovated Eugenides Foundation is based upon the following main activities: - The New Digital Planetarium, one of the largest and best equipped digital planetaria in the world that presents both digital shows and large-format films, - A state-of-the-art Interactive Exhibition of Science and Technology - New publishing activities - A library, with Multimedia applications and distance learning technology - Expanded educational activities and collaborations - A modern convention centre

The history and achievements of the Foundation down to the present day When Eugenios Eugenides passed away in April 1954 he left a testament for which his name will for ever be honoured. In it he states: I hereby establish in Athens, under the provisions of Greek law, an institution to be known as the EUGENIDES FOUNDATION, the purpose of which will be to educate young Greeks in science and technology.

This clause of his testament, sober and plain in its wording but rich in meaning, did not express a caprice that occurred to Eugenides at the end of his life. It was the product of many years of consideration and action.

This versatile and experienced Greek, a successful businessman and ship owner, shrewd timber merchant, representative and owner of international shipping lines, a citizen of the world, with activities dispersed all across the planet, concealed within himself an unquenchable passion for his native land, never ceasing to inquire into ways of assisting its development.

From an early age he dreamed of a Greece mature and capable of holding its own in technology and industry, in time, with other advanced nations.

Yet he believed that this would never be achieved without the training of competent managers and specialists, suitably equipped to help their country progress.

During his life he put this belief into action, on an experimental basis, in the establishment abroad of the E. E. Arista Foundation, set up to help young Greeks by granting scholarships ‘to make them able to undertake significant responsibilities in the future development of Greece and the exploitation of her resources’. This first, successful, step encouraged him to ensure that its work continued after his death, building on the foundations he had laid during his lifetime.

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To attain this objective he bequeathed his entire fortune in Greece and most of his assets in other countries. As a good businessman, he ensured the financial independence of the Foundation which, from its inception to the present day, has functioned, been maintained, expanded and modernized without any outside assistance, solely on the strength of its own resources.

Eugenides entrusted the administration of his estate and the execution of the terms of his will to his sister, Marianthi Simou, a lady of great distinction and learning, proficient in several foreign languages and equipped not only with the administrative experience she had acquired alongside her brother but also with the sterling qualities of determination, sharpness of mind and mildness of temper. From the year 1954 onwards, Marianthi Simou made the fulfilment of her brother’s wishes her own life’s work – and did so with great success. It is universally acknowledged that without her the Foundation could never have achieved what it has. To her

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dedication to realizing her brother’s vision, Greece owes one of its many fine cultural institutions, the Eugenides Foundation, established by Royal Decree on 10th February 1956. The Foundation’s first concern was to grant scholarships to young graduates of technical schools, allowing them to continue their education abroad. It also carried out a study of vocational training needs in Greece and how they might best be met. It was found that the training of technical school students suffered from the lack of suitable and accessible books, poor teaching practices and the absence of the appropriate infrastructure for on-the-job training. It was decided to tackle these problems through the following measures: Work began immediately on realizing these objectives and in 1966 the Eugenides Foundation building was officially opened at a splendid ceremony attended by the King, members of the government, professors and other distinguished guests. The Foundation had already done much impressive work and this was recognized on 30-12-1965 when the Athens Academy awarded it its highest honour, the Gold Medal.

When Marianthi Simou died on 17th April 1981 she too left virtually all her estate to the Foundation. The administration was taken over by her associate, Nikolaos Vernikos-Eugenides, who had provided her with invaluable support and enabled her to complete the tasks she had set herself. He was responsible for the installation of the first Planetarium, and personally provided the necessary funds. As President of the Foundation he not only continued the work of Marianthi Simou, with undiminished enthusiasm, but 218 │ Creative Greece

went on to expand its activities into new areas. For example, the Foundation made a gift of five specially equipped vehicles to the Ministry of Education, to allow transportation of students with special needs. Apparatus was donated to equip the physics labs of 55 high schools; research grants were offered to professors at the Universities of Patra and Ioannina; scholarships were made available to students of the Polytechnic; the Ministry of Merchant Marine was given a navigational simulator to help in training students of the Nautical Academies, and teacher training seminars were organized. Before his death on 7th November 2000, Vernikos-Eugenides had also drawn up plans for the expansion of the Foundation, overseeing the design of the new wing, to house the new, state-of-the-art Planetarium as well as space for many educational events and exhibitions. In short, he richly deserved the title of ‘second founder’ of the Foundation.

The inspired design for the expansion and modernization of the Eugenides Foundation was seen through to completion by his successor as President, Leonidas Dimitriadis-Eugenides, who is upholding the lofty standards of his predecessors - launching new activities but ensuring they are implemented in harmony with the traditional work of the Foundation.

EUGENIDES FOUNDATION 387 Syngrou Ave, Athens, GR 17564, GREECE, Tel: +30 - 210 9469600, fax: +30 - 210 9430171, e-mail: public@eugenfound.edu.gr. http://www.eugenfound.edu.gr

Foundations

Maniatakeion Foundation The cultural dimension of the Mediterranean Diet and its preservation as intangible cultural asset of humanity connects it with development perspective and can be set as a “steam-engine” as well as a catalyst for social and economic development.

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N 2008, four countries namely Greece, Italy, Morocco and Spain undertook the initiative to highlight the cultural value of the Mediterranean Diet and thus, submitted a request to be included in UNESCO’s world treasure. The 5th Session of UNESCO’s Intergovernmental Committee assessed the request and on November 16, 2010, decided to include the Mediterranean Diet in the Representative List of Intangible Cultural Heritage of Humanity and declared Koroni (on behalf of Greece), Cilento (on behalf of Italy), Chefchaouen (on behalf of Morocco) and Soria (on behalf of Spain) as Emblematic Communities. It is important to underline the fact that Greece for the first time is listed in the Intangible Cultural Heritage of Humanity.

Koroni, Cilento, Chefchaouen and Soria were not selected at random by the competent ministries of culture and rural development, but chiefly because they are models of local communities in which both the representation of traditional structures of culture, customs and local natural food products and all other manifestations of social life are accompanied by a “rich table”.

The Maniatakeion Foundation became involved in this matter of national importance by the end of 2009, when the Hellenic Ministry of Culture & Tourism asked from the local bodies of Koroni letters of support for the transnational nomination of the Mediterranean Diet in order for it to be registered in the Representative List of Intangible Cultural Heritage of Humanity of UNESCO.

Dr Dimitris Antonis Maniatakis Chairman of the Maniatakeion Foundation

“The Mediterranean Diet as a cultural asset, primarily, can and should be in the official service of the economic development, in a way that does not trivialize culture but on the contrary enhances it”

The main purpose of the Maniatakeion Foundation focuses on identifying, highlighting and internationalizing the comparative advantages of Koroni and its wider region.

In collaboration with the Hellenic Ministry of Culture & Tourism and the Hellenic Ministry of Rural Development & Food, the Foundation wholeheartedly supported and contributed in writing and editing all necessary data for the candidacy dossier on behalf of Koroni and furthermore coordinated all local bodies involved in the endeavor. Since then, the Foundation in cooperation with the Municipality of Pylos-Nestoros, is a prime mover, 220 │ Creative Greece

taking initiatives as well as actions, in order to promote UNESCO’s decision. Ms. Vicky Iglezou, director of the Maniatakeion Foundation, participates in the Technical Advisors Committee (under the Permanent Secretariat) of the Emblematic Communities of the Mediterranean Diet.

The term “Mediterranean Diet” expresses the dietary model of the people who live around the Mediterranean basin and is synonymous with healthy eating, longevity and low rates of heart attacks and cancer. This dietary model, based on the Mediterranean trilogy products: wheat, olives and grapes, together with their byproducts (flour, olive-oil, wine), constitutes the main features of the Mediterranean countries’ diet and their civilization.

The transnational nomination of the Mediterranean Diet in the List of the Intangible Cultural Heritage resulted from the common belief that people living around the Mediterranean basin have developed over the years a food culture with common characteristics. Thus, the Mediterranean Diet was consolidated as an integrated and multidimensional asset, constituted by its local agricultural products, production methods, rural landscape, its climate and its soil, dietary habits, and all manifestations of social life, culture, customs and traditions.

The Mediterranean Diet should and must constitute a core development tool, that expresses a particular and unique way of life and it develops a part of the Greek wealth (historic, social and culture) which shapes it.

Relationship between the development and the highlighting of the Mediterranean Diet, as intangible cultural heritage and in relation to the sustainable development should be reconstructed. The challenge nowadays is to connect the aforesaid in such terms and conditions, so as to form a new relation between society and nature. The Mediterranean Diet is a heritage that is constantly recreated; in other words it is part of the human creative force to exceed its era and to create bridges for the future.

The recognition of the Mediterranean Diet from UNESCO has certain economic benefits, since: - It gives the opportunity to highlight local crops; - It could function as an effective means for promoting local agricultural products, which compose the basis of the Mediterranean Diet, such as olive oil, fruits, vegetables, legumes and wine, and - It contributes to the promotion and the economic development of our country.

The Mediterranean Diet as a cultural asset, primarily, can and should be in the official service of the economic development, in a way that does not trivialize culture but on the contrary enhances it. Denying this fact and attaching to outdated perceptions on this issue, deprives societies from an important development resource and simultaneously leads to obsolescence as well as to destruction of the cultural heritage itself.

Secondly, in modern conceptions of economic development, the cultural heritage is recognized as “steam-engine” as well as catalyst of economic and social development. In this case, the challenge is the successful incorporation of the management of the cultural heritage in the economic and social environment with an effective framework for managing the change. Thirdly, international experience is rich in examples where the successful implementation of this new approach – i.e. the economic value of the cultural heritage- reversed the decline and led to economic and social reconstruction.

The Mediterranean Diet, as part of our cultural heritage, is the “gold egg” and may become an incredible source of wealth for the country. In times

of deep economic recession that our country is facing, we have to consider that Europe is much larger and deeper than euro or its internal market.

History has taught us that economic crisis came and left. In this context, our cultural heritage and all that we have inherited and the way that we shall bequeath them to future generations, are the same things that remind us of the links which connect our past, our present and our future. Culture is not a luxury, but a blessing that requires enhancement. We should not forget the fact that Greece is an enormous museum, or that the Greeks were the first to enlighten the world. Regardless of the problems and the pathologies of modern Greece, those places and those who keep hope and national pride alive, have always existed and will continue existing.

Greece has now the opportunity to exploit the product “culture”. The first material exists, and has always interested the visitor, yet it lacked added value. Now a unique opportunity presents itself to develop culture, connecting it directly to agricultural development and to tourism in order to create a highly dynamic and a complex model of development.

Promoting the Mediterranean Diet as an integral element of Greece’s intangible cultural heritage, encouraging intercultural dialogue among the countries that submitted the transnational nomination of the Mediterranean Diet to UNESCO and diffusing the whole project all over the world, will result in the creation of multiple benefits which reflect the growing prospect of our country.

I strongly believe that the people’s connection to their history and their culture, offers them the best opportunity for self awareness, finding their place in the flow of time and determining their own future.

Maniatakeion Foundation The Maniatakeion Foundation is a private, non-profit, public service institution based in Athens, Greece. It was established in 1995 by Dimitris Antonis Maniatakis and Eleni Tagonidi Maniataki.

Its main purpose is the systematic awareness and appreciation of the historical and cultural presence of the Messinian town-fortress of Koroni in Greek history, as well as the localization and the internationalization of the comparative advantages of Koroni and its wider region through three pillars of action: cultural, social and economic development.

In this context, the Maniatakeion Foundation collaborates with the Network of the Emblematic Communities of the Mediterranean Diet (November 16, 2010 UNESCO’s decision) in order to safeguard and promote the cultural dimension of the Mediterranean Diet.

The Maniatakeion Foundation also collaborates with the Marco Polo G.E.I.E. in order to promote the cultural exchanges between the region of Venice and the region of Messinia, as well as the emergence of the value of cultural tourism, focused on the routes of the Venetians in the Mediterranean Sea.

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Foundations

Alexander S. Onassis Public Benefit Foundation’s

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HE Alexander S. Onassis Public Benefit Foundation’s activities are multifarious, focused on very important areas such as culture, education, environment, health and social solidarity.

Within the framework of its activities for the promotion of culture, the Foundation created the Onassis Cultural Centre on Syngrou Avenue in Athens, totally dedicated to arts and culture. The foundations of the Onassis Cultural Centre were laid in the year 2000 and the building operated for the first time in November 2010 by hosting the international conference The Athens Dialogues.

The Onassis Cultural Centre is Athens’ new cultural space, open and accessible to everyone, hosting theatre, dance, music, visual arts events

and letters. Its mission is to promote contemporary culture, to support young Greek artists, to cultivate international collaborations, to educate children and people of all ages through life-long learning. The new cultural space was officially inaugurated in December 2010.

The Athens Dialogues is a research project in progress of the Alexander S. Onassis Public Benefit Foundation, which started with the organization of an international conference at the Onassis Cultural Centre in November 2010 and is being continued with various postconference events.

The project aims to explore the relationship between Greek culture and the modern world. The perspective of the Dialogues revolves around a

diachronic and interdisciplinary approach, taking into consideration not only the views of the humanistic sciences but also the ones of social and exact sciences.

The Athens Dialogues of 2010 focused on 6 themes (Identity and Difference, Stories and Histories, Logos and Art, Democracy and Politeia, Science and Ethics, Quality of Life) and was co-organized in collaboration with 8 leading world class academic institutions (Academy of Athens, Accademia dei Lincei, Austrian Academy of Sciences, German Archaeological Institute, Institut de France, Centre for Hellenic Studies of Harvard University, University of Oxford, Stanford University).

The next stage of the Athens Dialogues project will focus on a general topic entitled The challenges of tomorrow as today’s responsibilities which will be treated in four thematic sessions: Democracy – Education – Natural Sciences – Art. The Onassis Foundation disseminates Greek civilisation abroad and specifically to the U.S.A. and Canada, through the affiliate foundation at the Olympic Tower in New York, which organizes conferences, a major archaeological exhibition every year, and a programme of visiting Professors to Universities of North and South America and Canada. In this context, the Foundation undertook the establishment of the Onassis Library for Hellenic and Roman Art at the Metropolitan Museum of Art in New York, the renovation and equipment of the libraries of the National Archaeological Museum, the Christian and Byzantine Museum and the Benaki Museum in Athens, the architectural preservation and restoration of sites and buildings around the world, as well as countless other endeavors related to arts and culture.

Among its other activities, the Foundation awards scholarships to Greeks for postgraduate studies in Greece and abroad and to nonGreeks for research and postgraduate studies in Greece. Until 2010, approximately 4,411 scholarships have been awarded to Greeks and 683 to foreigners. The Scholars Association, with the active involvement of approximately 1600 former scholars and the financial support of the Onassis Foundation, organizes conferences, lectures, cultural and scientific events.

In the fields of social solidarity and health, the Foundation donated to the Greek state in 1992 the model Onassis Cardiac Surgery Centre (OCSC).

The 127-bed capacity OCSC is the first hospital in Greece fully certified in the departments of adult and pediatric heart surgery and cardiology, the only certified hospital in Greece for heart and lung transplantations, maintaining of the best survival rates internationally. Other public benefit projects of the Foundation include financial support to organizations such as ELPIDA for the establishment of cancer hospital for children, and the Hellenic Society for Disabled Children (ELEPAP).

Another important aspect of the Foundations work is the awarding of international prizes, since 1978. Bestowed on individuals or organizations in the fields of culture, social achievement and the environment, were redesigned in 2008, to include the following Onassis International Prizes, closely related to contemporary international issues and challenges: 1. In Shipping, Trade and Finance, in collaboration with the City of London and Cass Business School of the City University, London.

2. In Law and in Humanities, in collaboration with the Institute of France.

3. For the Protection of the Environment, in collaboration with the City of Hamburg, European Green Capital for 2011 4. Hestia Onassis International Prize in Immigrant Integration and Human Development for a period of three years, in the framework of the Civil Society Days Forum of the 3rd Global Forum on Migration and Development in Greece, organized by the Foundation.

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Foundations

Captain Vassilis Foundation Supporting and promoting sustainable rural development in Messinia

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APTAIN Vassilis Foundation is a private, non-profit Foundation which was founded in 2011. Its aim is to support and promote sustainable rural development in Messinia. Key objectives for achieving this goal are the dissemination of qualitative Messinian products, the increase of their acknowledgement and popularity, the continuous improvement of quality and the support of sustainable innovative and traditional crops and practices.

Some of the actions that currently Captain Vassilis Foundation runs can give the picture:

Those actions include the strengthening of applied research in agronomy, environment, nutrition and rural economy, the development and support of related programs, as well as the implementation and dissemination of positive, novel and successful models of sustainable rural development.

In order to achieve the above the Foundation works in close collaboration with local farmers, agronomists and local agencies, together with national and international organizations, and authorities.

Additionally, in cooperation with the University of Rennes, France, “Captain Vassilis” Foundation investigates and records opportunities for the implementation and promotion of rural tourism in the region and potentials of direct disposition of certified products from producer to consumer.

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The foundation has launched its first contacts with the Agricultural University of Athens in order to record the local varieties of Messinian agricultural products and the evaluation of their commercial value.

One of the top priorities of Captain Vassilis Foundation is a collaboration

with the University of Athens, which refers to the therapeutic properties of Koroneiki Olive (an important cultivar of Olive) and the prospect of utilizing them for health protection.

Another important action that will be completed within 2013 is a Virtual Museum of «Messinian Food». The aim of “Messinian Food Museum” is to promote the nutritional value of Messinian products, highlighting local recipes, cultivation methods and traditions of Messinia.

The foundation has begun planning the establishment of educational seminars starting in 2013. The first ones involve two training seminars one for local restaurants regarding local food recipes and products and one regarding promotion of quality agricultural products exports.

The Foundation has already begun the process of developing comprehensive planning rural development in Messinia in cooperation with the IOBE (Foundation for Economic and Industrial Research).

One of the objectives of Captain Vassilis Foundation is to highlight the organoleptic characteristics of olive oil and their association with farming practices through seminars’ on ‘Olive Oil Tasting‘, which took place in autumn 2012. The action was addressed to people involved in the production and commercialization of oil.

The Foundation participates and supports corresponding or any other actions that strengthen and demonstrate sustainable rural development in Messinia. Collaboration with local, national and international bodies is the philosophy of the Captain Vassilis Foundation and working under this perspective is the best way to achieve its aim.

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