DIamonds of the Greek Economy 2020

D I A M O ND S o f t h e G re e k Eco n o my 2 0 2 0

DIAMONDS of the Greek Economy

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DIAMONDS OF THE GREEK ECONOMY

2020

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DIAMONDS OF THE GREEK ECONOMY

2020

Editorial

Resetting the economy: the tough road ahead

By Spyros Ktenas

Much has been lost and much more will be lost in the coming period as a result of the outbreak of the Covid-19 pandemic, this insidious and strange virus. However, it is now the right time to consider the frontliners who defended and saved the country. And this is worth doing as an end should be put to unfair criticism on what has proved important during the crisis. In detail To begin with, frontliners included the National Health System, thousands of physicians, nurses, scientific staff, EKAB rescuers, and hospital staff across the country, who heroically, selflessly and tirelessly fought a unique battle to keep thousands of our fellow citizens alive. The public health system, which in the past has been so troubled by wrong decisions, has proven that not even the most developed economies, like the US, can rely on the private sector to deal with similar pandemics, which now seem to consolidate a global “mask philosophy.” The country’s Armed Forces offered a sense of security to all of us, as the provocations of our brazen neighbor (Turkey) continued throughout the pandemic. In addition, it is the same people of the Armed Forces who will be called upon to defend the country in the near future against Turkey’s growing aggression. Employees in the food, energy and telecommunications sectors, as well as all those who worked in retail, carried out their difficult task with dignity and patience. Along with them, courier service workers shouldered much of the weight for the market’s smooth supply. The digital economy and online education, which have made the most of new technologies, effectively served millions of citizens, demonstrating the country’s digital future potential. The protagonists of the fight against the pandemic included the thousands of private and public businesses and the Greek shipping community, which made generous donations to support and further upgrade the National Health System. The government, through Prime Minister Kyriakos Mitsotakis’ calm and reassuring attitude, together with Professor Sotiris Tsiodras’ expertise and stoicism, the coordination by Civil Protection and the Greek Police, and the constructive stance of the opposition as a whole, proved once again that the best way to deal with such crises is the unity and agreement among the country’s political forces. So far so good The way in which the country dealt with the pandemic attracted international respect and recognition, as both the state and citizens behaved in a coordinated and disciplined manner, resulting in the least possible losses. However, the “battle” that follows will be just as hard. And if we do not follow the same recipe, we will very likely see victim numbers jump, unlike during the first wave of the pandemic. Restarting the economy, plagued by the country’s 10-year recession, is a much tougher goal. Distressed businesses and employees need to find the strength to reorganize and adapt to new circumstances. The state must support both businesses and employees through real measures, not just by postponing payment of taxes or other dues to the state. And this can only be achieved with the contribution of the European Union, which unfortunately has so far proved to be far below expectations, given the circumstances, since its strong core decided to put forward its narrow national interests. The periphery and the South must hence move accordingly in order to exert due pressure on the EU. And on this, the Greek government’s decisive stance is a crucial issue.

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DIAMONDS OF THE GREEK ECONOMY

2020

Diamonds index CONTENTS Editorial: 6 Spyros A. Ktenas

AB VASSILOPOULOS

142

ACS SINGLE MEMBER S.A.

160

ADELCO S.A.

206

ADUS 272 AFFIDEA 276 BARBAYANNIS LIQUOR DISTILLERIES LTD

236

BIKRE S.A. CHATZIGAVRIILIDIS GROUP

238

BOEHRINGER INGELHEIM HELLAS S.A.

165

87 The “diamonds” of the crisis. Companies that flourished in the tough conditions during the period 2009-2018:

CHIPITA S.A.

154

CORINTH PIPEWORKS

256

COROPOULIS A.G. S.A.

216

DAKOS MILLS S.A.

228

DASTERI S.A.

192

DEMO S.A.

162

113 The Most Admired Enterprises (Based On 5 Criteria)

DIAMANTIS MASOUTIS S.A.

158

DOW HELLAS S.A.

156

DS SMITH CRETAN HELLAS S.A.

229

DUR SA

294

12 Contributions

253 Distinguished companies 295 Responsible entrepreneurship for society and man

ELEOFILLO 282 ELPEN PHARMACEUTICALS

172

ELVAL 264 ELVALHALCOR 144 ELVIDA FOODS S.A.

234

EPIKYKLOS CONSTRUCTION COMPANY

274

EPSA S.A.

267

ERMISBUS 230 ETEM 268 ETHNIKI, HELLENIC GENERAL INSURANCE CO. S.A.

150

EURIMAC S.A.

180

›››››› EUROCHARTIKI S.A.

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246

FARCOM

220

NEOKEM S.A.

FITCO METAL WORKS SINGLE MEMBER S.A.

266

NOBACCO 244

FOUFAS BROS S.A.

212

OMEGA SA

237

G. N. MOUSTAKAS S.A.

168

OTE GROUP

146

GAP S.A.

186

PAPASTRATOS S.A.

148

GENERATION Y

286

PHARMABELLE 255

GIZELIS ROBOTICS

240

PHARMACEUTICAL COOPERATIVE OF PIRAEUS (PEI.FA.SYN.)

190

GRUPPO CUCINE

278

PHARMACIST’S SUPPLYING COOPERATIVE OF ATTICA (PROSYFAPE)

196

PIRAEUS BANK GROUP

254

PIRAEUS CONTAINER TERMINAL S.A.

152

PLAISIO COMPUTERS S.A.

174

POWER HEALTH HELLAS S.A.

188

PROFARM S.A.

224

HALCOR 262 HELLENIC BREWERY OF ATALANTI

225

HELLENIC CABLES

260

HELLENIC PETROLEUM SA

134

HUAWEI

170

IMPERIAL STROM

252

INTERAMERICAN 242 INTERCOMM FOODS S.A.

166

INTERMED S.A.

222

JUMBO SA

140

KALTEQ GROUP

194

LAKIOTIS S.A.

232

LITE LIME SA

292

LOUX MARLAFEKAS SA

187

RE/MAX 280 SARMED S.A.

226

SERVIER HELLAS PHARMACEUTICALS LTD.

210

SERWOOD 288 SIDENOR, STOMANA INDUSTRY AND THEIR SUBSIDIARIES

258

SKLAVENITIS GROUP

138

SOLERGON S.A.

214

176

SYNGENTA HELLAS

217

MANTIS GROUP OF COMPANIES

200

THEON SENSORS

202

MEDICARE HELLAS S.A.

207

UNI-PHARMA KLEON TSETIS PHARMACEUTICAL LABORATORIES SA

178

MEDOCHEMIE HELLAS

270

VIANEX S.A.

182

MEGA BROKERS

248

VIORYL S.A.

199

MEGA DISPOSABLES SA

164

VIOSPIRAL

250

MOTOR OIL (HELLAS) CORINTH REFINERIES S.A.

136

VITEX S.A.

218

NEF-NEF S.A.

208

ZARIFOPOULOS S.A.

204

NEOGAL S.A.

198

ZEUS INTERNATIONAL

284

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DIAMONDS OF THE GREEK ECONOMY

2020

Kostis Hatzidakis Minister of Environment and Energy Vice-President of New Democracy MP for the Athens B1 (North) constituency

Greece’s competitive advantages, coupled with our government’s determination and commitment to reforms, are setting the conditions for sustainable growth for all I 12 I

Addressing the economic repercussions of the sanitary crisis Greece’s effective handling of the Covid-19 sanitary crisis pleasantly surprised the international community. The government and the people of Greece alike showed that when unity prevails we can weather even the most challenging crises. But there is still a lot to be done, of course. The Covid-19 crisis is resulting in an economic crisis, and our government’s main concern is to mitigate its impact not only on Greece’s economic output, but also on the most vulnerable citizens. The Ministry of Environment and Energy has been playing and will continue to play a key role in meeting these objectives. In the energy sector for example, our primary concern during the sanitary crisis was to ensure the uninterrupted supply of electricity, gas and gasoline. We also encouraged and assisted electricity and gas suppliers in introducing discount packages for households, businesses and the industry. At the same time, we ensured that energy suppliers can provide all of their services to consumers online. We have also taken steps to support the industry and energy companies in particular. We are in the process of reaching an agreement with the European Commission on the so-called interruptibility, as well as the Τransitory Flexibility Remuneration Mechanism (TFRM). They are two crucial agreements for a large part of our industry. We are also considering additional actions supporting the industry and the sector’s employees, such as: The introduction of a new, lower rate for the system-use charges of the

energy-intensive industry; the creation of a compensation mechanism, to be funded by (up to 20% of ) the revenues from auctions of tradable pollution rights; and, the establishment of a new PSO mechanism that will take into account especially the needs of medium-voltage users. We are also discussing further measures with the Ministry of Finance. However, in addition to handling the immediate consequences of Covid-19, we are also planning the future: That is why we recently passed the environmental bill which simplifies licensing while placing particular emphasis on environmental protection. This is why we also introduced a bill promoting electromobility, a policy which will propel the country into the era of green commuting. Further, we will soon submit the bill for the withdrawal of single use plastics starting July 2021, actively demonstrating our concern for the environment. We are also working on an urban planning bill, which will lay the foundations for accelerating growth in the construction, real estate, and tourism sectors and beyond. Finally, we are working on a National Reforestation Plan, aiming for the country to finally adopt a reforestation policy. Greece’s competitive advantages, coupled with our government’s determination and commitment to reforms, are setting the conditions for sustainable growth for all. Through the initiatives described herein, the Ministry of Environment and Energy aspires to be a key player in this effort to navigate Greece back to growth and prosperity.

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DIAMONDS OF THE GREEK ECONOMY

2020

Adonis Georgiadis Minister of Development & Investments

Greece has gone from cautionary tale to paradigm, and this has a multiplier effect on our reputation and becomes a tailwind for our economy. I 14 I

We are open for business and we will deliver The 2020 edition of “The Diamonds of the Greek economy” coincides with a new era for Greece, as our country has emerged a success story of the coronavirus pandemic receiving a lot of praise by international media for managing the COVID 19 crisis in an exemplary manner. Greece has gone from cautionary tale to paradigm, and this has a multiplier effect on our reputation and becomes a tailwind for our economy. For instance, there are clear indications that despite no one could predict if it will be a new wave of Covid-19, the demand for investments in Greece is steady and strong as foreign and local investors have shown that they are remaining active even amid the lockdown. Although there is no doubt that 2020 will be a year of deep recession, our target is to achieve strong growth next year and onwards. In this aspect we have been tackling the economic impact of the coronavirus pandemic with a comprehensive and dynamic plan of 24 billion euros for businesses and employees. Main pillars of this plan are a five-year state loan, called refundable advance payment, subsidizing of the interest of business loans for five months, suspension of tax and social security obligations for households and enterprises for the entire period of the health crisis, working capital loans with either subsidized interest rate or guarantee up to 80% by the Hellenic Development Bank, reduction of the corporate income tax for companies in sectors damaged by the pandemic. We are determined to take any further necessary measure supporting enterprises

and employees and of course to gain the positive momentum for Greek economy implementing new bold forward-looking reforms, further reductions to taxes and social security contributions, privatizations and public-private partnerships (PPP) that will contribute to more investments and well-paid jobs and further improvement of business environment. Furthermore, we are preparing a concrete plan for optimizing the use and the blueprint to the economy of the grants, combined and not overlap, from both EU’s Recovery Fund and the new Multiannual Financial Framework 2021-27, known in Greece as ESPA. These grants will give the fiscal leeway that the coronavirus crisis has deprived us. Digital transformation, green growth and smart entrepreneurship, mainly concerning innovation in production, are our basic priorities in order to support our enterprises, especially the so called “Diamonds of the Greek Economy”. On the occasion, I would like to congratulate the visionary, bold and successful Greek businessmen who run their businesses effectively and show social responsibility, especially in these turbulent times. I would also like to congratulate the authors of this special edition for their effort. So, our key message to enterprises and would-be investors worldwide is clear: Despite the difficulties of COVID 19 crisis, we are on track in fulfilling our main target to transform Greece to one of the more business-friendly countries in the world. We mean what we say. We are open for business. We respect your money and time. And we will deliver.

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DIAMONDS OF THE GREEK ECONOMY

2020

Theodoros Tryfon President, Panhellenic Union of Pharmaceutical Industries

The Greek pharmaceutical industry has presented specific proposals regarding the financing of the pharmaceutical care system ensuring its viability I 16 I

Urgent need to map out a national strategic plan Undoubtedly, the COVID 19 pandemic not only exerted an unprecedented pressure to the world’s health systems, exposing their weaknesses and testing their limits and capacities, but also highlighted the need for drastic changes in our economies by re-shaping the socioeconomics of employment, manufacturing, supply chain infrastructures and transport logistics. Specifically, with regard to the area of health, the crisis has led many European governments to reflect over their policy priorities, pushing them to set new standards so as to ensure adequacy in critical sectors relating to their health systems’ effectiveness, such as medicines and health supplies. Europe was forced to re-evaluate the implications of its growing dependency on medicines produced in low-cost countries outside of the EU. As the pandemic disrupted the pharmaceutical market supply chain, many European countries with well-organized health systems found themselves struggling to meet the peaking pharmaceutical demand, even for essential medicines. On the contrary, Greece did not face such a problem, mainly due to the resilience of the Greek pharmaceutical manufacturing industry, which, amidst extremely difficult conditions, guaranteed that more than three million patients would have uninterrupted access to all necessary medicines. It is widely recognized that Greece has so far taken the right decisions to effectively weather the health aspects of the pandemic in an exemplary way. Nevertheless, the crisis has a tremendous negative effect for Greece and the European economies in terms of GDP contraction, unemployment, and public

revenue collapse. To address these challenges, Europe has proposed a recovery fund worth €750 billion, to help countries weather the painful recession triggered by Covid-19. Adapting to this new reality, Greece is required to design and implement a national development policy which on the one hand would ensure the country’s adequacy in strategic infrastructure and goods and on the other would focus on extroverted, internationally competitive economic sectors that invest in and stimulate employment and create economic added value. In that context, the role of the Greek pharmaceutical manufacturing industry is particularly important, adding to the resilience of the health system, ensuring the coverage of pharmaceutical needs and contributing to economic growth. The Greek pharmaceutical industry has presented specific proposals regarding the financing of the pharmaceutical care system ensuring its viability. At the same time, it is necessary to remove the abusive economic burden of the clawback that currently lead to a direct and indirect over-taxation of the Greek pharmaceutical companies which sums up to almost 70% of their annual turnover. This has a series of negative effects as it hinders its competitiveness and deprives resources being allocated for the implementation of their investment planning in coming years. We strongly believe that this crisis can become an opportunity for the development of Greece’s pharmaceutical industry, a feasible goal with positive consequences for the health system, the economy and the Greek patient.

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2020

Athanasios Savvakis President, Federation of Industries of Greece

Measures to be taken the “day after”: Positions and proposals by SBE The COVID-19 pandemic highlighted a major problem for Greece, that of selecting specific growth priorities which would make the country less vulnerable to international turmoil such as this one. The Federation of Industries of Greece (SBE) believes that priority should be given to strengthening the manufacturing sector, in order for the country to be in line with the global experience, which would certainly lead to the development of the country’s productive base. In turn, this would result in Greece experiencing milder negative effects than today, should a similar crisis occur again. To help realign Greece to the forefront of growth policies the ‘day after,’ SBE developed and published eight (8) sets of proposals, as follows:

SBE believes that priority should be given to strengthening the manufacturing sector, in order for the country to be in line with the global experience I 18 I

1. Increase liquidity by subsidizing interest rates on loans, suspension of repayments for companies whose sales have dropped more than 30%, extension of the period for advance payments in May to include June and July, reimbursement of 80% of VAT to exporting companies, and ensuring the additional inclusion of joint loans in the favorable liquidity support measures. 2. Maintenance of jobs - Employer contribution subsidy program: SBE proposes that social security contributions by employers be subsidized by at least 30%. 3. Payment of business dues to the State: because companies are clearly unable to pay their dues to the State, and since such dues will accumulate and require payment in June, SBE proposes that they be postponed for three months. At the same time, SBA proposes the nonpayment of the advance tax for 2020, as

well as the subsidy of social insurance contributions and the correction of the problem of bounced checks, by rewarding consistent companies. 4. Rationalization and adjustment of the measure “Suspension of Employment Contract”: businesses should be allowed to terminate the 15-day suspension period without penalty, paying the employee normally in accordance with their contract for non-working days. 5. Official establishment of flexi-time: SBE proposes that the current measure of “suspension” could be complemented by an additional measure so that companies would also have the right to choose their own flexible working hours (flexitime) in the form of 4 and/or 6 hours of employment. 6. Special provisions for the proportional support of large enterprises: SBE proposes the establishment of special measures to support the liquidity of large enterprises through: government guarantees and loan interest rate subsidy, short-term securing of export credit and special subsidy programs for employee insurance contributions. 7. Restarting the economy through investment, by resolving all outstanding issues within the upcoming financial quarter for most of the “private investment strategies” so that their implementation can go ahead. 8. Resolve chronic problems experienced by industry, such as: reducing income tax rates, abolishing unduly paid fees and taxes, reducing insurance premiums that are now unbearable, reducing energy costs, opening up the banking system to provide liquidity to healthy and viable businesses, and establishing a more favorable investment regime.

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DIAMONDS OF THE GREEK ECONOMY

2020

Christoforos Sardelis Chairman of Ethniki Insurance

A well-known but neglected truth is that the insurance industry is the largest, most stable, and long-term institutional investor in the world I 20 I

The challenges of the post-Covid-19 era The transformation of the Greek production model has been and remains the big issue since the eruption of the previous crisis, that of double deficits. The primary budget deficit exceeded 10% of the GDP, while the current account balance was close to 15% of the GDP. Both deficits were linked to a deeper problem, however, that of insufficient savings. Much of the consumption, and particularly investment, were financed by external borrowing. At the present juncture, efforts to revive investment without heavy reliance on external funding, inevitably turns to a discussion about the prospects of the insurance market. Because the insurance industry is the industry that specializes in savings management globally. But it is also so much more than that. A welldeveloped insurance industry protects the economy from several risks, without which investment returns become more predictable. Unfortunately, Greece is the most underinsured country in Europe, if not the entire developed world, with annual insurance premiums of only 2% of the GDP, while the European average is almost fourfold and in some countries six-fold. The nexus between growth and the size of the insurance market is very well documented in the academic literature. The reasons are obvious. First, rapid recovery from adverse or catastrophic events allows for a return to normality in a relatively short period of time. This perspective boosts the confidence of both consumers and entrepreneurs, leaving more room for purely business ventures. Also, a well-functioning

underwriting process improves the overall risk management, since, through differentiation of premiums, it can reward prevention and create disincentives for indifference. Finally, a well-known but neglected truth is that the insurance industry is the largest, most stable, and long-term institutional investor in the world. Invested capital - which in Greece amounts to 14 billion euros or 7.5% of the GDP, but in developed markets exceeds 100% of the GDP - is the money of the insured, especially in the Life sector, which professionals with expertise and experience manage on their behalf. In conclusion, a boost in the insurance market should not be considered as a traditional branch request, but as a structural reform that can contribute to domestic investment and to a better functioning of the economy in general. It should, in my opinion, be integrated into the agenda productivity improvement and extroversion. This becomes even more compelling when we know that the demographic problem is lurking and could lead to a new fiscal derailment. The fact that in 25-30 years we are expected to face a dead-end, does not mean that the markets will not be nervous and cautious, seeing that we are indifferent to such a well-known and predictable risk. The funds that appear to be available in a few months due to Covid-19 are, in my opinion, a golden opportunity to accelerate such reforms. By adequately supporting effective demand and the sectors affected by the pandemic, room is made for reforms promoting economic efficiency. This is a difficult balance, but we must dare to do so.

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2020

Ioulia Kl. Tseti President & CEO, Tsetis Pharmaceutical Group of Companies (OFET) and member of Board of Directors of SEV

Tsetis Pharmaceuticals Group (OFET) has demonstrated that it can effectively stand up to tough and urgent circumstances, and such strong challenges only rejuvenate it! I 22 I

OFET’s role in the global challenge of the COVID-19 pandemic The COVID-19 pandemic that we experienced and which affected Greece and the entire planet, was capable of awakening and exerting an entirely catalytic effect on everyone. The world has certainly changed, and the sooner we realize this, the better. And like any change, the one we have just experienced – like every change that results in profound progress, involves anguish and challenges. The pandemic was not simply a severe health crisis that threatened almost all health systems, even the most powerful ones, but at the same time it was a wake-up call that brought to the surface the serious shortcomings, failures and weaknesses of the whole of Europe, demonstrating a grave necessity: The time has come for the European Union to become self-sufficient, more resilient and socially aware, and when that happens, it will be able to function truly in solidarity and equality with its members. Modern societies need solidarity as well as an organizational structure that will support their weakest members, and at the same time be able to breathe life into businesses and the industrial fabric of each country so that they can operate smoothly. This is because without production, there is no tomorrow; there can be no strong economies and no strong prosperous countries. Industrial chimneys, though reminiscent of the 1960s and 1970s, are what conveys the message for a really good day ahead in the field of economy and growth. The pandemic has proved that all fields are fully connected in our time: public health, society, economy, entrepreneurship, work environment.

And precisely because many constants of the modern world have been threatened, we must seriously learn from the lessons left by this serious public health crisis: the need for organization, long-term forecasting, building resilience, the need for cooperation and forming alliances, selfsufficiency and adequate funding. The right to health but also to equal access by all citizens to services, healthcare and treatment is one of them. Health, individual and collective, is not only a good and a social right, but at the same time an integral part of our culture. The pharmaceutical industry has taken the lead in the global challenge of the Covid-19 pandemic. Tsetis Pharmaceuticals Group (OFET) has demonstrated that it can effectively stand up to tough and urgent circumstances, and such strong challenges only rejuvenate it! The two major donations of Unikinon (chloroquine) and antiseptics made by OFET companies Uni-Pharma & InterMed to the Greek healthcare system, are nothing more than our debt to the community and patients in times of need. A debt stemming from OFET’s Corporate Social Responsibility Strategy. The world has changed and the healthy “fuel” for the day after both in Greece and around the world will be the need for even greater focusing on the digital transformation, the 4th Industrial Revolution, continuous Research, Technology and Development, but also policies that support the viability of health systems, businesses, production and environmental protection and climate change. And all of the above, under the signature of Responsibility and Ethical Entrepreneurship!

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2020

Konstantinos Michalos President of the Athens Chamber of Commerce and Industry (ACCI)

In recent months, in the face of a severe challenge, Greece has managed to overturn many negative stereotypes of the past. I 24 I

Planning the next day The period we are currently going through is unprecedented and extremely critical for Greece. The country was among those that managed to successfully deal with the Covid-19 pandemic so far, thanks to timely action by the State, but also the responsible attitude of the vast majority of citizens and businesses. Now, the country is facing an equally tough challenge: restarting its economy. In order for Greece to benefit from the global economy’s return to growth, and bolster its resilience to future crises, it must now seek a transition to a new, extroverted production model: a new growth model based on the production of internationally marketable, competitive goods and services. Securing funds totaling 50 billion euros from the Next Generation EU program and the NSRF 2021-2027, is a great opportunity for the country to take faster steps in this direction. It is critical, therefore, for the development planning of the new period to focus, on the one hand, on overcoming specific structural problems of the Greek economy, and on the other on the emergence of dynamic sectors, which can utilize the country’s competitive advantages. In this context, it is vital that a less fragmented production base be established, based on larger- and medium-sized enterprises with prospects for sustainability and growth. Through incentives promoting business growth and mergers of small businesses, larger enterprises could be created that will be able to access innovation, attract specialized personnel and enhance their extroversion and bargaining power. Equally important is the acceleration of the state and the economy’s digital transformation, through the implementation of a comprehensive

strategy for the creation of a digital Public Administration, with the development of financial instruments and incentives for investments in digital upgrades by companies, the creation of support networks specifically for SMEs, and investing in lifelong learning to enhance the digital skills of the country’s human resources. Another strategic goal is to make up for the the Greek economy’s innovation deficit by strengthening the knowledge triangle, i.e. supporting capable research teams in the country’s universities and research centers, creating innovation nodes, and providing incentives to attract investment from large companies. Targeted incentives and financial instruments should also be developed to advance innovative business ideas and encourage investment in high technology, innovative solutions and applications, with an emphasis on dynamic sectors such as manufacturing, green energy, transportation and logistics, the agrifood sector and tourism through the promotion of alternative forms. Finally, it is self-evident that these development interventions should be combined with the acceleration and completion of necessary reforms in taxation and the insurance system, education, the health system, the operation of public administration, etc. In recent months, in the face of a severe challenge, Greece has managed to overturn many negative stereotypes of the past. The same should be done now, in the face of the new, major national bet. With a vision, a plan, and understanding and cooperation, our country can release its productive forces in the coming years and ensure conditions of growth and prosperity for the current and future generations.

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DIAMONDS OF THE GREEK ECONOMY

2020

Dr. Georgios Konstantopoulos President, Greek Exporters Association (SEVE)

We proved as a country that we have many capabilities and we can deal with the economic crisis in the same way we handled the hygiene crisis: effectively and decisively I 26 I

Diamonds are forever, but they shine even more during periods of crisis Diamonds are forever, but they shine even more during periods of crisis. The coronavirus pandemic brought out our weaknesses, but also proved the strength of the Greek economy. This crisis designated the potential of key sectors that can be an “ace in the hole” by not just getting through this difficult time, but by also creating a new perspective for the economic future of Greece. And nothing of this happened by accident. During the past few months, Greek producers and exporters built a strong relationship of trust with their international partners, showing to the rest of the world that Greek exporting enterprises are 100% reliable. Despite the multiple difficulties, they exported their products all over the world with consistency in the delivery time, price stability, and full respect for consumer needs. Greek exporters followed the hygiene rules and the lockdown restrictions to the letter, but also continued doing business worldwide keeping track of international news and updates. Above all, they thoroughly observed the sanitation protocol for COVID-19, taking care of the workforce and especially the vulnerable groups. In order to effectively deal with the crisis, the government cooperated flawlessly with the enterprises, looking into the future and the development of the economy. Of course, Greek enterprises are totally aware of the capabilities of our economy and the problems the banking system is facing and hence they are not expecting the solutions to show up as “a

deus ex machina”. On the contrary, they constantly plan and schedule their next entrepreneurial steps responsibly, in order to help the Greek economy evolve, within a stable economic and political environment, avoiding turning backs and mistakes of the past. The European way of thinking and living is the compass in this difficult juncture we are living in. We have to trust the European mechanism for the financial support and show solidarity for the member countries of the European south, which have been severely affected by the pandemic. This is the only way to a bright European future, in which everybody fits in equally. The diamonds of the Greek economy might suspend their glow for a while as international shows and exhibitions are postponed, but their presence in the digital international shows will be equally bright. Executives are holding videoconferences on a daily basis with their customers all over the world and keep a close eye on the progression of the pandemic situation and the competition, in order to respond to the challenges and adapt to the changes. “A good captain is not made from calm seas.” We proved as a country that we have many capabilities and we can deal with the economic crisis in the same way we handled the hygiene crisis: effectively and decisively. We strongly believe in the capabilities of the Greek economy, and there is no better time than now to create a promising economic future based on an exportoriented plan.

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DIAMONDS OF THE GREEK ECONOMY

2020

Tea Antoniou Member of the Board Hellenic Production- Industry Roundtable for Growth Chief Executive Officer antopack PRINTING & PACKAGING INDUSTRY

Now is the critical moment to turn this crisis into an opportunity I 28 I

Manufacturing Now! The first half of 2020 was marked by the unprecedented COVID 19 pandemic crisis which has affected the entire planet, putting to test our resistance at all levels. Protection of human life and health has been the utmost, non-negotiable priority. In our country, the early lockdown decision was decisive in containing the pandemic and achieving low levels of incidents and deaths. We have demonstrated a collective maturity which needs to be continued as we open up our country to visitors from all over the world, but also in order to overcome the numerous serious effects on our economy and society in general. Unfortunately, our country is expected to be affected a little more seriously than others, due to the fact that our economy relies to a very large extent on tourism and related services. Governments all over the world are taking measures to support the affected companies and sectors and to mitigate the crisis, with the emphasis being on people and jobs. In doing so, they are also reconsidering the role of the manufacturing industry. To this extent, we believe that this discussion is even more important in the context of our country, in order to contain the recession and restart our economy on a more solid and sustainable basis. Tourism is a very important sector, especially for a country like Greece. Yet, it is also extremely vulnerable to external threats like the current pandemic, but also geopolitical turbulences, environmental issues etc. In an ever changing world and a globalized economy affected by various

unpredictable threats and technological disruptions, focusing most of the country’s efforts and resources to a single and particularly vulnerable service sector is not wise. This is something we have painfully come to realize for the second time during the past ten years. Moreover, no economy can fully enjoy technological advancements and be strong without a healthy manufacturing base. Alongside its considerable investment in research and innovation, and despite its relatively low participation in our GDP, manufacturing has a strong multiplier effect. Being one of the largest employers in the country, with well-paid jobs, industrial manufacturing can contribute to restrain brain drain, or even become the driver of brain re-gain. Now is the critical moment to turn this crisis into an opportunity. Now is our country’s last chance to adjust its growth strategy towards a strong and competitive manufacturing sector, leveraging on our country’s excellent human capital and talent, to enhance production of internationally tradeable high added value products. Working alongside the government, policy makers and all stakeholders, “Hellenic Production - Industry Roundtable for Growth” will contribute in every possible way to help the recovery of the Greek economy and the welfare of our society. No economy will remain the same in the post-Covid-19 era. With this fact in mind, our aim is not only to maintain Greek manufacturing capacity, but also to help it reach a sufficient size and competitiveness level in order to play a key role in the restart and re-boost of the Greek economy.

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Greece / Italy / Romania / Croatia / Bulgaria / Cyprus ZEUS INTERNATIONAL 19, Achilleos street, Athens, GR 10436 • Tel: +0030 2103614923 www.zeusintl.com • info@zeusintl.com I 29 I

DIAMONDS OF THE GREEK ECONOMY

2020

Mr. Dimitris Mathios President, Association of Industries in Attica & Piraeus (SVAP)

The strengthening of domestic production and the preference of products made in Greece will indeed become a realistic stimulus to respond to any future crisis I 30 I

National strategy to support domestic production In our campaign to defend the economy against the multifaceted attacks by the financial crisis and the Covid-19 pandemic, we believe that it is the right time to bring solutions to the problems that plague society as a whole. The benefits of Greece’s industrial production are multiple and extremely significant. First of all, job creation and the economic viability of employees are reflected in the whole of society. Thus, the finances of other companies are also strengthened, while increasing the social insurance contributions collected by the state to meet existing needs. If one looks at it individually, perhaps this benefit may not seem as significant. However, if profit is multiplied by the number of people employed in each unit of industrial production, then things change. The larger the unit, the greater the benefits. It is necessary to emphasize the enormous importance of self-sufficiency for a country. Although no country can be 100% selfsufficient and meet its needs as a whole without the need for imports, meeting a percentage of these needs from domestic production is in any case positive. That is why it is necessary to develop a strong industrial presence. We believe that in this most critical turning point the country is experiencing, it is necessary to intensify the struggle for the preference of Greek products. The primary and secondary sectors of an economy are of utmost importance to any country. We have to revitalize the production process - this is a national need. There should be help from the distribution side

as well. There needs to be support to products and the Greek companies that produce them. Businesses should neither be over-taxed, nor be hunted down. In Greece, the continuous abandonment of manufacturing and the negativity towards entrepreneurship had taken root in the mentality of the State, the laws, procedures, public debate and political priorities, with the result being a dramatic shrinking of manufacturing in recent years. This development, combined with the low competitiveness of Greece’s economy, led to a skyrocketing deficit in the foreign trade balance, which combined with fiscal derailment, made the country highly vulnerable to any international crisis. In spite of the additional difficulties it faced, the Greek industry showed remarkable resilience during the financial crisis. Owing to its high multiplier effects, such resilience still has a crucial contribution to the economy and society today, despite its low share of GDP because: ● The industrial sector creates employment for about 1.2 million workers (direct, indirect and causal effect). That is, one in four employees are employed in industrial activities or in activities due to industry. ● The industrial sector contributes 40% of legal entities’ total income tax, while even during the crisis period it made investments valued at more than €50 billion. The strengthening of domestic production and the preference of products made in Greece will indeed become a realistic stimulus to respond to any future crisis.

I 31 I

DIAMONDS OF THE GREEK ECONOMY

2020

Achilles Ntavelis President of the Association of Thessalian Enterprises & Industries (STHEV)

Rapid development for all: Structural changes in the development model and national reconstruction of the production web After having successfully dealt with the first wave of the Covid-19 pandemic, compared to many other countries, Greece is now facing an equally major challenge: restarting its economy. This is an extremely difficult and complex endeavor, both nationally and locally. The economic problems caused throughout the country, require the planning of a new national strategy - in the post-Covid-19 era - to uplift all the economic sectors that have comparative advantages in order to help the economy get back on a growth path. The three axes of transformation of the European industry, which support the entire productive fabric of the economy, but mainly small and medium enterprises (SMEs), and make the productive structure sustainable and competitive, are the following: The digital transition, which allows industry and SMEs to respond to change in a timely manner, providing employees with new perspectives; Competitiveness on the global setting, where Europe -with the Single Market as a lever- can establish global standards; The green transition and the new energy strategy, given that the European Green Deal is Europe’s new development strategy. A specific and measurable goal should be for the industry’s share in the country’s GDP to increase from its current 10-11 percent to 15-16 percent in a decade. The

There are companies that, despite difficulties, manage to play a leading role internationally. I 32 I

industry does not need a separate growth accelerator. The need is rather to focus on a new, inclusive growth plan, leaving no one behind. This effort has two critical parameters. The first is to set goals: goals that are measurable and will confirm every step made. The second has to do with competitiveness: we need an industry that can effectively deal with competition around the world. This requires incentives to provide businesses with the necessary impetus, irrespective of their size, to dare and continue investing in an industry that has a lot to offer. The crisis we are currently going through is not the last chance for the industry. There are companies that, despite difficulties, manage to play a leading role internationally. However, it is certainly a great opportunity for the country to revise its course and create a new, sustainable National Development Plan by overcoming bureaucracy problems, through fast track licensing and equal opportunities for all aspiring investors. This is an opportunity not to be missed. In the context of the national reconstruction required for economic growth as a result of the global Covid-19 crisis, there are two important parameters that make up the final equation: National production at industrial, manufacturing and primary levels, and the maximum possible business synergies.

MORE THAN 25 YEARS OF DYNAMIC PRESENCE IN THE PHARMACEUTICAL INDUSTRY PROFARM SA was LongLife. founded in 1993 In June 2020, Profarm and is among entered a strategic Greece’s largest drug partnership with warehouses, with EMMA CAPITAL, an estimated Group a major private turnover in 2020 investment fund of above 100 million Czech interests, with euros. holdings in many The firm employs strategic sectors a staff of 105, and (banks, energy, etc.). operates on privatelyowned facilities of EMMA’s already 2,100sqm in the Since 2009, the firm successful presence Athens suburb of in Greece, combined Kallithea. has been active in the field of third party with PROFARM’s long Serving more than logistics, through presence in the field 650 pharmacies and a modern 1,500of distribution, are 100 drug warehouses sqm facility in Renti the best guarantees on a daily basis, (Athens), exclusively for the creation of PROFARM operates distributing the a highly reliable in accordance with following products: company with an the ISO 9001:2015 Advance Pharmacies, extensive network & ISO 14001:2015 Viogen LTD, Heremco, and a wide range certifications. Opus Materia, and of products and

services, aimed at serving Greek pharmacists. PROFARM co-founders Augustinos Kallivrousis and Theodoros Skylakakis,

who are still at the helm of the company as President and CEO, respectively, will continue to implement their business plan with the valuable assistance of the people of EMMA, who combine their knowledge of Greek reality with the prestige of a major international investment fund.

51-53, Agamemnonos, 17675 ● Kallithea, Attica, Greece ● Tel.: +30 216 000 7200 ● Email: info@profarm.com.gr

I 33 I

DIAMONDS OF THE GREEK ECONOMY

2020

Evangelos Kaloussis Mr. Evangelos Kaloussis, President of the Federation of Hellenic Food Industries (SEVT)

It is a dynamic, competitive, robust and extrovert sector, ready to seize new challenges and opportunities I 34 I

Greek Food Industry: Resilient through the pandemic During the unprecedented coronavirus pandemic, the Greek Food & Drink Industry has shown resilience and has made major efforts to ensure that all citizens can continue having access to safe, affordable and high-quality food and drink products. Throughout this tough period, our main goal has been to ensure a sufficient market supply; we managed to respond successfully to the needs of the market and consumers, in collaboration with all stakeholders in the food value chain and the authorities. Special recognition and gratitude should be expressed to all the people working in our Industry, mainly the front-liners, who have kept the food supply chain working. At the same time, as in all countries in Europe, our Industry had to face important challenges. Availability and transport of raw materials, ingredients, packaging and packaging materials necessary for the production process, were all affected. Uncertainty, transportation obstacles and border-crossing complications negatively impacted our exports. Obviously, the closure of large segments of the food service sector (restaurants, hotels, bars, cafeterias, etc.) resulted in a drastic drop in sales by certain food and drink manufacturers. In order to overcome these difficulties and find the appropriate solutions, our Federation worked closely with the concerned Ministries and the EU Food

Industry Confederation. However, the resilience demonstrated must be further enhanced to prepare for other significant challenges that are on our doorstep. In a rapidly changing, highly demanding and globalized framework, the food sector is called upon to assess and follow the evolutions at international, European and national levels. The focus is lately mainly put on socioeconomic sustainability, as this is also foreseen in the European Green Deal, a new EU growth strategy. Circular economy, climate neutrality, food sufficiency, food waste, product reformulation, food quality and safety, are all issues of concern and discussion that require responsible action. In this context, the commitment to growth of the Greek Food Industry is indisputable, and the priority put on our consumers, products and the sustainability of the food sector is non-negotiable. Our Industry is a major player in the Greek manufacturing Industry and a major pillar of the domestic economy, in terms of turnover, added value and productivity, and a key job provider. It is a dynamic, competitive, robust and extrovert sector, ready to seize new challenges and opportunities. All the above factors make the Food Industry a driving force that can highly contribute to the return to growth of the Greek economy, especially during the post-pandemic period.

I 35 I

DIAMONDS OF THE GREEK ECONOMY

2020

Dimitris P. Giannakopoulos President of BoD & CEO VIANEX S.A.

It is essential that pharmaceutical spending be amended to realistic levels, based on the real needs of the country’s population I 36 I

The Covid-19 pandemic as Greece’s last chance to amend drug policy Across Europe, at the top of the agenda of a debate between political and social partners is the strengthening of health systems, so that they can effectively respond to severe health crises, such as the current COVID-19, and others that may appear in the future. The pandemic uncovered certain weaknesses that had not previously been identified as being urgent, such as safeguarding the availability of highdemand pharmaceuticals during the crisis. It also multiplied the problems of European health systems, which existed long before the outbreak of Covid-19. In the case of Greece, health problems were already known as they had intensified during the recent years of austerity and financial crisis, as a result of a steep reduction in state funding. The country has an underfunded healthcare system that only marginally meets the increased needs of citizens, let alone emergencies. The successful management of the first phase of the pandemic was the result of strict citizen isolation measures and the heroic efforts of healthcare professionals, rather than of the healthcare system’s effectiveness. The “lifeline” of Greek governments in all previous years to the present day has always been the private health care, whether in the form of costs being covered by patients themselves or by the private sector, especially the pharmaceutical industry. Medicines are an integral part of the health system. Therefore, in the effort to reform the NHS and strengthen the health system as a whole, pharmaceutical policy is also a priority. One of the most important interventions proposed by the industry, and the most urgent one for the viability of pharmaceutical companies, is the amendment of pharmaceutical spending and the reduction of clawback.

The total burden on the industry as a result of the mandatory rebates and clawback in 2019, is estimated at more than 1.7 billion euros (hospital and outpatient expenditure). The trend for 2020 is even worse, as an increase of 45% is recorded in the first quarter compared to the same period a year earlier. The total amount that pharmaceutical companies will be asked to pay for 2020 is estimated to be close to 2.0 billion euros. At the same time, the state’s pharmaceutical spending on the outpatient market remains “frozen” at 1.945 billion euros. It is essential that pharmaceutical spending be amended to realistic levels, based on the real needs of the country’s population. It is also necessary to alleviate it from other categories of expenditure, such as the vaccine-related prevention, social support and welfare, which should take care of covering uninsured citizens. The cost of vaccines is estimated at 200 million euros, while costs for the uninsured is at 290 million euros, for 2019. Especially under the conditions of the pandemic, the creation of separate funds to be allocated for vaccinations should have already been under way by the government. The current situation, in view of the European support package, is perhaps the last chance for Greece to amend its distorted pharmaceutical policy, and to use European funds to support the health system as a whole, without exception. The pharmaceutical industry should have the place it deserves in the growth plan that Greece will submit. After all, the European industry has been cooperating with the European Commission and the European Medicines Agency (EMA) throughout the crisis, and continues to do so for building sustainable medicine policies for the next day. Our country should follow suit.

I 37 I

DIAMONDS OF THE GREEK ECONOMY

2020

Nikolaos C. Yannidis Vice President, Hellenic Chinese Chamber (of Commerce, Industry, Tourism and Shipping - EKEBE)

The Hellenic Chinese Chamber has the means to unite the voices of all, to support unity and a common path to a better future I 38 I

COVID-19 The influence on the Greek-Chinese commercial relations Since January 2020, the global community has been called upon to deal with the pandemic of the third decade of this century. We are no longer talking about economic growth, but rather to what extent has the global economy been affected by COVID-19. On the one hand, in recent years we have experienced an improving and growing global economy that has brought distant countries, such as Greece and China, closer together; on the other hand, we have witnessed, the risk of an epidemic lurking in the global system. Every time a new epidemic strikes humanity , mechanisms and practices improve, and to some extent reduce the spread, but these are still not enough. In comparison to SARS, China took urgent measures to prevent the spread of COVID-19 as well as to cure most of the patients. However, due to the Chinese New Year’s Eve, the spread of the pandemic became inevitable. We saw the majority of countries be severely hit one after another by the new Coronavirus, most of them regardless of geographical location, and we also witnessed thousands of human losses as a result of misplaced decisions taken by the governments. However, Greece managed to stand on its feet and protect its citizens from both the virus and other serious issues such as immigration. The Greek government has succeeded effectively with the challenges we face. This also motivates us to wish to make a contribution to moving forward all together. Fortunately, this period, although it is very difficult, is very advanced technologically, providing the world the appropriate equipment. As a result, although we have to stay away from each other, we seem to be closer than ever before. The solution is to remain cautious, patient and calm. Approaching the present we are observing the evolution in several fields, being organized, technologically equipped with common goals. These common goals

are nothing else but the new start of the progressive development. On the occasion of the 48th anniversary of the establishment of diplomatic relations between Greece and China on June 5, 1972 and the 25th anniversary of the establishment of the Hellenic Chinese Chamber, we held on June 5th, 2020 the First HCCI Webinar entitled “Greek-Chinese Commercial Relations – Opportunities and Challenges after Covid-19,” with keynote speakers the Chinese Ambassador Ms. Zhang Qiyue and the Greek Foreign Ministry General Secretary for International Economic Relations & Extroversion Mr. Grigoris Dimitriadis. The Webinar was also attended by Greek Ambassadors, Presidents of Sectoral Chambers and Organizations, as well as world-renowned Entrepreneurs. In her speech, the Chinese Ambassador Ms. Zhang Qiyue underlined the fact that the main goal of China regarding the internal administration is to maintain the job positions and eliminate the extreme poverty levels. She referred to five (5) pillars: Big Data, Live Streaming, IOT, 5G, and UHV power transmission, while she announced that in 2021 there will be a wave of investments, stressing that she wished Chinese investors to be treated objectively. In addition, she referred to the importance of China’s “One Belt One Road,” as well as to the success of the Piraeus port to take the 25th place universally, the need for E-Commerce, and the need to cooperate even closer, so as to move towards the development all together. The Hellenic Chinese Chamber has the means to unite the voices of all, to support the unity and the common path to a better future, to help both its members and those involved in bilateral relations, giving the opportunity for fruitful cooperation. For more information about the Webinar and the upcoming events, please visit www. chinese-chamber.gr.

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Global presence is our passion More than 2.300 Products Worldwide At DEMO we value the quality of our pharmaceutical products, our healthy approach to entrepreneurship, the mutual trust we build with our partners and our ability to rapidly respond to the needs of the Global Market. Our success is based on the large scale production, attained through strategic investments, and on the rapid expansion of our product portfolio, achieved through a carefully planned and a well-managed product pipeline. These are some of the reasons why DEMO is the leading Greek exporter of own-branded generic products, with a strong presence in 85 countries. Our active ingredient: Supplying quality products worldwide

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I 39 I

DIAMONDS OF THE GREEK ECONOMY

2020

Laurent Thuillier President of Franco-Hellenic Chamber of Commerce and Industry

The Franco-Hellenic Chamber of Commerce and Industry is playing an active role in transforming business opportunities into reality I 40 I

Greece: a new land of opportunities for investors in the era of Coronavirus? The actual environment is an opportunity to demonstrate once again, how tied are the long lasting collaborative relations binding Greece and France. In particular, in matters of trade and investments we can observe steady increasing trends. In 2019, bilateral trade between our two countries increased by 12.4%, for a volume representing €3.6 bn. Greek exports showed a rising trend of 17.6% compared to 2018, with a total of €1.2 bn. French imports to Greece also increased in 2019 by 10% for a volume of €2.4 bn. Regarding the composition of Greek products exported, we have drugs on top of the list, followed by aluminum plates and stripes, copper pipes and tubes and fresh fish. Regarding the French presence in Greece, there are about 120 French companies, representing more than 15.000 employees, active in several key sectors like aerospace, agriculture, alcohols, automotive leasing, lubricants and oil & gas, infrastructures, construction, defense, energy, insurance, mining, pharmacy.... Most of these companies are established locally since decades and are deeply involved in the development of the Hellenic economy through longterm partnerships with both private and public actors. The success of the “Business Forum” organized by the Franco-Hellenic Chamber of Commerce and Industry last January in Paris, has proven the attractiveness of the Greek market for French investors, both major or SMEs companies and the excellent bilateral relations between the two countries, concluded by the signature of a “Declaration of intention for FrancoHellenic Economic Partnerships”. Existing bilateral trade and investments are undeniable foundations to enhance collaborations further despite the adverse context of Covid-19 crisis. The results of the recent survey conducted by the

Chamber measuring the crisis impact among its members are rather reassuring. Although 92% of them are impacted by the crisis, less than a third think that it may jeopardize the economic viability of their business in Greece, if it would continue. Over 70% think that new promising sectors and opportunities can occur in Greece post crisis and 52% that it could even be favorable for Greek exports (mainly drugs, services and agricultural products). Finally, all of the surveyed companies replied that the actual crisis will not affect the bilateral economic and trade relations between the two countries but on the contrary it will strengthen them. Greece has all the necessary assets – geographic position, being an Eurozone member, offering highly educated salesforce, being competitive – in order to take advantage of the newly emerging situation. Many European countries and major companies are thinking of relocation, to decrease dependency from non-European production zones and to shorten distribution circuits. This is therefore the right time to tight even further European links, by finalizing the necessary administrative reforms, accelerating the privatization and development program, promoting PPP, simplifying bidding processes and tax environment to (re) develop primary and secondary sectors, while diversifying services, specifically on digitalization. In many sectors, French groups are world leaders and are willing to collaborate with Greek partners. The Franco-Hellenic Chamber of Commerce and Industry is playing an active role in transforming business opportunities into reality. Greek and French Entrepreneurs can rely on the political support from both sides, in order to materialize the numerous potentialities emerging from this crisis into concrete achievements.

I 41 I

DIAMONDS OF THE GREEK ECONOMY

2020

Konstantinos Marangos President, Hellenic-German Chamber of Commerce and Industry

The Chamber holds constant dialogue with Berlin in an effort to stimulate German investment interest in the country I 42 I

Greek-German economic relations amidst COVID-19 Covid-19 has created new circumstances for the national, European and global economies. Markets in every corner of the globe are already experiencing the effects of the pandemic and are looking for treatments to cure the symptoms, most notably the deep recession, the closure of businesses and the big blow to employment. Going through its own ordeal, the European Union is making efforts for its fastest and with the least possible consequences return to normality, i.e. return to positive growth rates, through a targeted economic support program. According to the ECB, Eurozone recession this year will range from 8% to 12%. The Commission has already agreed on a really brave €750-billion aid package through the recovery fund, to be decided by member states leaders. This package will be in addition to approx. €1.1 trillion of aid through the Multiannual Financial Framework, as well as the ECB’s government bond buying program valued at €1.35 trillion. For Greece, the wager is threefold and relates to: ● Proper management of the aid totaling €32 billion through the recovery fund, as well as the aid that will come through other EU channels. ● Proper management of the €33 billion allocated to Greece through the ECB’s Greek bond repurchase program. ● T he composure the business community is called upon to show in order to avoid the worst. The solution that the market is called upon to provide is not impossible. After all, it has not been long since the country’s debt crisis, which taught us that only through determination, willpower and courage can we be led to solutions. This time, however, Greece is neither alone, nor isolated; in the past year, the country’s methodic and

careful steps led it to win one battle after another and finally enjoy the confidence of investors. The fact that the current government is oriented towards business on the one hand - judging by the new government culture it has established - and, on the other, on society – considering the effective way it handled the pandemic crisis, shows that beyond all adversity, the country is moving in the right direction. The Greek-German Chamber and the German business community have been following a similar path since 2009, when the country’s 10-year debt crisis erupted, unceasingly supporting the Greek economy. They are doing the same today, so that the Covid-19 crisis becomes an opportunity. The Chamber, in particular, keeps open a constructive channel of communication with the productive ministries, conveying the Greek-German business community’s message to the Greek government. At the same time, the Chamber holds constant dialogue with Berlin in an effort to stimulate German investment interest in the country, in areas such as “green” energy, environmentally friendly waste management, research and technology, etc. To that end, it is intensifying B2B business contacts between the two countries, having already implemented 44 B2B contacts as part of the Berlin Hellenic-German Economic Forum in March 2020, and another 319 B2B meetings in June 2020, during the Hellenic-German Virtual Business Forum - Virtual B2B Meetings in Energy, Renewables, Environmental Technologies and Innovation. In addition, with a view to helping the market’s faster adaptation to Covid-19 normality and circumstances, the Chamber organizes a series of Webinars focusing on the labor sector, tax and legal issues, and crisis management.

I 43 I

DIAMONDS OF THE GREEK ECONOMY

2020

Thanasis Mouchtis General Manager, PEI.FA.SYN. Group

Digital platforms and technology are essential tools in the modern world, but human problems also need people to be resolved I 44 I

Pharmacies in the face of the challenges of the COVID-19 era The unprecedented circumstances that our planet experienced during the outbreak of the Covid-19 pandemic, highlighted the value and necessity not only of public health system structures, but also of the most specific factors in the health arena. These include the local, physical-location pharmacies, which will be called upon to play a more active role in the coming period, as they transform into “small health centers.” Drug stores have always been a key factor in providing primary health care in our country. Their role was further bolstered by their contribution to crisis management during the height of the pandemic and the quarantine. As a result of the ease of communication and access by any citizen to a health scientist, the significance and value of the local drug store became more noticeable. In addition, the pharmacist profession is among those that inspire high levels of trust in citizens. The courageous presence of the “next door” pharmacist helped the Greek society, especially patients in panic from the news and instructions bombardment. Pharmacists have been instrumental in helping us achieve the outstanding results of low spread levels, compared to other countries. During the lockdown period, citizens avoided visits to physicians and hospitals, for fear of the new coronavirus. Instead, they sought advice for the various health issues by the local drug store, which always had the door open and the mood for service, advice, information and explanation about the precautions against the pandemic, etc.

Pharmacies in the lockdown period were the only places that supplied critical health care material to the public, such as masks, antiseptics, etc. However, the most important thing was the instructions they offered to citizens for precautionary measures. Let us keep in mind that the continuous flow of information from the mass and social media was often confusing to ordinary citizens, especially the elderly. The outbreak of Covid19 - which many scientists believe “is here to stay” - may mark the beginning of a period of continuous, successive outbreaks of viruses and epidemics on our planet. This will change or rather overturn the operation mode of our society and the daily way of life and work. The above overturns will exacerbate social inequalities and economic challenges. In this new environment, local pharmacies – as opposed to online drug stores, will play a more critical role in public health and the community as a whole. In the coming years, the pharmacy model will undergo certain changes, as it will need to adapt to the new needs of the health system, such as the provision of augmented services for the care of patients. Physical-location pharmacies are gradually going digital, but they will always maintain a competitive advantage over other channels, as well as the nearby, human care for the management of the ever-increasing health needs of the population. Digital platforms and technology are essential tools in the modern world, but human problems also need people to be resolved.

I 45 I

DIAMONDS OF THE GREEK ECONOMY

2020

Christian Hadjiminas EFA GROUP President & THEON SENSORS CEO

Setting the priorities for the future of Greece’s economy and EFA GROUP The Covid-19 crisis we are currently facing on a collective and individual level is an unprecedented one, and therefore the responsibility today is greater than ever, to ensure a better tomorrow at all levels. Οur current fragile production model needs to change and focus on high value-added investments, the reorganization of the primary sector and industry, and the entire production spectrum. It is now a great opportunity for Greece to get back on its feet, more autonomous, less dependent and more competitive. Greece is a small market. However, several small- and medium-sized Greek companies have made the next step to increase their exports, as well as to “disembark” in foreign countries using the right artificial intelligence tools and adapting to different large foreign markets. The 4th Industrial Revolution facilitates this accessibility. Artificial intelligence, innovation and a global outlook (combined with smart business development) seem to have liberated Greek engineering. This way of thinking should inspire and guide us in creating a new brilliant normalcy, and not just bright exceptions. Abroad, the market is bigger, hence the benefits are multiplied for the Greek economy by investing in other countries, but always on the condition that headquarters remain in Greece. The mentality of extroversion is not unprecedented for Greeks. It has always been part of our DNA since ancient times, when Greeks did not travel only to trade, but created trading posts and ties with local communities, entered their markets and established colonies. In our group of companies, EFA GROUP, we try to put into practice what we stand for.

Extroversion, Innovation, Re-engineering I 46 I

EFA GROUP is a Greek Group of companies, specializing on services and production in software and high-tech products in the fields of aerospace, defense and security. The history of our GROUP began almost 25 years ago. During these years, we managed to export to more than 50 countries around the world, establishing offices in Athens, Kempen (Germany), Arlington (USA), Abu Dhabi, Singapore, and production lines of our products in the Middle and Far East. This year we hope to reach a total of €500 million in exports, the total sum of the past decade. Utilizing our many years of global experience in the field of international industrial cooperation, we invest in key parts of the world, not only focusing on simple exports, but landing abroad with establishment of companies, coproductions and strategic partnerships. The result is that for the first time in the Greek economic history, a Greek defense company, THEON SENSORS (night vision and thermal imaging systems), becomes the world leader in a specific niche (Night Vision end products) of the global defense industry. We believe that one more company of our Group, SCYTALYS, will be the next one to become a global leader in its software related niche, “Links” in particular. At the same time, taking into account the latest developments in the field of Aerospace, Defense and Security, EFA GROUP is currently in the process of further expanding its business activities, industrializing itself by investing in innovative solutions in emerging technology sectors, such as UAS, Artificial Intelligence technologies and Video Analytics.

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DIAMONDS OF THE GREEK ECONOMY

2020

Andreas Galanopoulos BoD Chairman, Pharmacists’ Supplying Cooperative of Attica (PROSYFAPE)

Profile of Pharmacists’ Supplying Cooperative of Attica PROSYFAPE (Pharmacist’s Supplying Cooperative of Attica) Group of companies operates in Greece for the last 40 years. Today it is the largest, dynamically growing, wholesale distributor of pharmaceutical and non-pharmaceutical products and services in the Greek market. With the onset of the Covid-19 crisis, PROSYFAPE Group showed a high sense of corporate responsibility. From the very beginning, it proceeded with all the necessary adjustments not only to safeguard the health of its employees, pharmacists and partners, but also to ensure the uninterrupted running of its operations. In a very short time, it had to redesign the way it performs many of its daily operations, from the core ones such as the distribution and delivery of orders to pharmacies, to the auxiliary ones as, for example, the operation of air conditioners in its facilities. Moreover, it took precautionary measures by adopting remote communication applications, such as teleworking and teleconferencing, as well as remote education, through

With the onset of the Covid-19 crisis, PROSYFAPE Group showed a high sense of corporate responsibility I 48 I

its digital educational platform “Green Pharmacy Academy.” Despite the inevitable time adjustments, PROSYFAPE Group intends to fully proceed with its approved and ambitious 2020 investment plan, valued at more than €1.0 million. This includes, for example, the relocation of the Corfu facilities to a new, larger and better equipped building of a floor space of 1,100sqm. At the same time, the renewal of the fleet of distribution vans and their conversion into refrigerated vehicles continues. Also, in progress are the installation of new, innovative fridge chambers, in the two Attica facilities and the completion of realtime temperature monitoring through the whole supply chain (from storage to the final point of distribution). Additionally, PROSYFAPE Group recently completed a software upgrade of its automatic sorting machines, and within 2020 expects to conclude the development of new information support tools for all of its pharmacies, such as the new electronic ordering platform (B2B).

I 49 I

DIAMONDS OF THE GREEK ECONOMY

2020

George Trakakis CEO, Eurochartiki S.A.

Contributing to the sustainable growth of the national economy to overcome the Covid-19 challenge, we constantly invest and support our customers, people and society I 50 I

Transforming a crisis into an opportunity for the common good For over 35 years, Eurochartiki has been a leading force in paper tissue treatment and detergents production. Our company has always strived to develop superior quality products for the benefit of clients, employees, and the profitable growth of the market in which it operates. In this difficult time for the entire global population, the restructuring of the global economy is a fact and the coronavirus crisis drives us to think constructively about the future. Towards this humanitarian challenge, our 35 years of operation first and foremost ensures our position in the Greek market as a key player in meeting the needs of our society. Customer behaviour has changed prior accelerating trends, a severe drop in revenue was recorded, new technology trends have been placed as normality while uncontrollable operational disruptions came up. The risks and the opportunities that the crisis presents are plenty, and the unprepared Greek market is experiencing enormous anxieties. For Eurochartiki, this is not a threat but a challenge. It is a chance to increase our strength and commitment, to remain consistent to our principles and main focus. This is the time to act promptly and remain focused on our goal: to be the top and constantly growing company in the production of paper products and detergents in Greece that will respond with business success for customers, employees, shareholders and society.

Having invested in setting up a simple and flexible structure with efficient procedures, we are engaged in continuing protecting our people - including workforce and customers and stabilizing the supply chain. Contributing to the sustainable growth of the national economy to overcome the Covid-19 challenge, we constantly invest and support our customers, people and society. Nevertheless, responsible business behavior has been an integral part of Eurochartiki’s corporate culture since its establishment. Therefore, Eurochartiki supported various social initiatives for vulnerable social groups through sponsorships and donations. To illustrate this, our company completed a series of solidarity activities under the slogan “Only together we will succeed.” Specifically, we carried out a series of actions that met the basic needs of society and affected the future of the country and its citizens as a whole. With over three decades of mutual cooperation and trust with our consumers, Eurochartiki and its employees’ commitment, dedication and daily contribution continue to constantly and successfully respond to the growing needs of shareholders, partners and society. And so we will continue, working hard to provide support and matching the evolving needs with our sole aim being to strength the market with hygiene and cleaning products for the common good.

ΜΑΚΒΕΛ

νέα ΣΥΣΚΕΥΑΣΙΑ

ΜΑΚΒΕΛ

Mία διαφορετική πρόταση από 5 ελληνικά δημητριακά, βρώμη, σκληρό σιτάρι, καλαμπόκι, κριθάρι και δίκοκκο σιτάρι. Πλούσια σε θρεπτικά συστατικά, με περισσότερη γεύση και λιγότερη γλουτένη.

Η νέα, μοναδική πρόταση στην ελληνική αγορά, που αλλάζει τα δεδομένα στα ζυμαρικά Ολικής Άλεσης με την προσθήκη της Βρώμης. Υγιεινή προσέγγιση, πλούσια σε φυτικές ίνες, θρεπτικά συστατικά αλλά και διαφορετική γεύση. Τα ζυμαρικά Ολικής Άλεσης, έγιναν πιο νόστιμα!

5 δημητριακά

Κλασική σειρά Από 100% επιλεγμένα σκληρά σιτάρια της Θεσσαλίας και της Μακεδονίας.

ΜΑΚΒΕΛ

νέα ΣΥΣΚΕΥΑΣΙΑ

Ολικής με βρώμη

νέο ΠΡΟΪΟΝ

Ζυμαρικά ΜΑΚΒΕΛ Ποιότητα πάνω απ' όλα!

Τα ζυμαρικά ΜΑΚΒΕΛ, συντροφεύουν από το 1939 τρεις γενιές Ελλήνων καταναλωτών. Σήμερα πρωτοπορούν με τρεις εξαιρετικές σειρές ζυμαρικών νέας γενιάς, που ικανοποιούν κάθε γευστική απαίτηση. Παράγονται στο Κιλκίς, σε μία από τις πιο σύγχρονες κάθετες μονάδες παραγωγής στην Ευρώπη, με 100% Πράσινη Ενέργεια, αποδεικνύοντας έμπρακτα την ευαισθησία στον άνθρωπο και στο περιβάλλον.

/ Μάκβελ

www.makvel.gr I 51 I

DIAMONDS OF THE GREEK ECONOMY

2020

Takis Zarifopoulos CEO of Zarifopoulos S.A.

We made no compromise in our reliable response to protect our staff and our operations! I 52 I

The pandemic and its effects on the economy and security services companies: Challenges and prospects Undoubtedly, the period of the past three months has been an unprecedented test for our country, but also for the planet as a whole. Entire countries, their organizations, health systems and economies have been put to the test, and continue to be tested. Significantly, Greece managed to respond in a highly positive way to the circumstances during the pandemic period, setting a global example of discipline and efficiency. The question that arises the day after, if we can say that we are already in the day after, is What’s next? Given the coming recession, and with forecasts for a drop of 3% to 12% - which just show how difficult it is to predict with certainty what the near future holds for us, the society as a whole, the business world, workers, the Government and state agencies and structures – a number of questions reasonably arise, such as “what did the pandemic teach us,” “what do we need to change,” “what have we achieved and should we maintain, improve and strengthen.” There is no doubt that the vast majority of citizens have shown maturity and discipline, and faithfully observed the scientific and administrative instructions and rules presented to them with. Clarity, reliably and persuasively. Disciplined behavior contributed to the positive result and highlighted the need for this virtue to characterize the day after. But is this enough? There are valid views about the need to restructure Greece’s productive model. Today, in the face of the difficulties faced by Greek tourism, certain opinions are voiced about a re-examination of the socalled “single-sector development model,” as this entails risks and unforeseen consequences. What are the areas that need to be reinforced?

At the same time sufficient liquidity must be available to the economy, with support to small and medium-sized enterprises as well as all those firms with solid growth prospects. Such economic measures are already being implemented. These are the challenges of the day after! They concern the country and the economy as a whole, and each economic entity separately. Our company, Zarifopoulos SA, was adequately prepared to deal with the Covid-19 crisis. In recent years, we have made a great effort to establish a rational corporate structure and administration, to help withstand the current and future challenges. Our efforts also focus on strengthening our openness to new materials, new, modern fields and knowhow. In spite of the firm’s extensive geographic presence – in Athens and in 10 stores across Greece, with a total of more than 220 employees – we responded from the first moment of the pandemic in a planned, timely and effective manner safeguarding our personnel’s health. With the joint and disciplined effort of management and employees, we managed to have the company on standby and fully operative. We applied all medical and administrative protocols with reverence and meticulousness. This safeguarded the protection of our staff and the firm’s smooth operation. Our systems’ readiness to function properly and in a critical manner in the public health and food supply sectors, as well as in reference hospitals, supermarket chains, banks, etc., depended on our ability to respond effectively throughout this period. We made no compromise in our reliable response to protect our staff and our operations!

I 53 I

DIAMONDS OF THE GREEK ECONOMY

2020

Frédéric Fouilloux General Manager, Servier Hellas & Cyprus

We took strategic decisions and measures, always guided by our Vision, Vocation and Values in order to first and foremost protect our people and stand by healthcare professionals I 54 I

2020: A year to remind all humanity that “The only constant in life is change” Recent months have come to confirm the validity of what Heraclitus claimed so many years ago: “The only constant in life is change”. And even though change is a notion becoming more and more familiar over the past years to organizations willing to progress and as a key feature of the digital era, it seems that the Covid-19 crisis came to question and try how ready we were to face this challenge. Less than two months after the advent of 2020, Greece – among other countries all over the world – was called upon to react quickly, yet carefully and wisely in managing an unprecedented global health crisis with such a huge impact on human lives and the socioeconomic environment. And so Servier Hellas did, too! With our main priority being the health and safety of our people and a high sense of responsibility, as a healthcare company, to ensure business continuity and that our medicines remained available to patients as always, we very carefully looked at the situation and adapted accordingly. Teamwork, cross-functional collaboration, planning, transparent communication, adaptability and our three key drivers of Innovation, Responsibility and the Patient IN approach were the key factors that helped Servier Hellas not only to deal with the Covid-19 pandemic, but also to be considered as a benchmark for the way it managed this unprecedented situation. As of mid-February, we took strategic decisions and measures always guided by our Vision, Vocation and Values in order to first and foremost protect our people and stand by healthcare professionals, those being the real heroes of such times. Among other measures, we implemented home office for all, we very quickly adapted our face-to-face visits to remote e-detailing, while we trained our Sales Team providing them with the skills and insights needed in dealing with their new working life.

We also ensured best quality of equipment, IT systems, logistics and appropriate training so that they can work from home without encountering technical issues. We stayed together and connected at a team and company level daily and weekly as needed, through our Company Digital Gatherings. Our People IN approach and our daily efforts in providing a working environment that above all respects and supports human value, was a key element for Servier Hellas being certified as a Top Employer Greece for 2020 by Top Employers Institute. Such a distinction proves the humanoriented approach of our company and the significant investment made in People’s Development and Empowerment, with people being at the heart of the business along with the rest of our stakeholders. It was remarkable how our people felt confident and reassured, as they expressed themselves in a global internal survey devoted to Covid-19 and its impact on the workforce. It is true that the pharmaceutical industry has been less affected by the global health crisis, than other sectors. Having experienced major and difficult challenges, our industry, and Greece in general, is now gradually coming out of the lockdown with moderate optimism for better prospects for its economy than originally predicted. Of course, nothing is over yet in respect to the Covid-19 crisis. Organizations must continue to be alert for potential near-future challenges and changes, and maintain the level of patience, responsibility and solidarity we demonstrated the past few months. After all, restoring some fundamental values to our lives will be a great benefit to us and our society to a larger extent. And yet, out of every crisis comes the opportunity to be reborn, with already some visible changes in our work organization. Now is the time!

C

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CM

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CMY

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I 55 I

DIAMONDS OF THE GREEK ECONOMY

2020

Alexandros Kleideris President & Managing Director NEF-NEF S.A.

Konstantinos Kleideris Vice President & Managing Director NEF-NEF S.A.

We are proud of the dedication and commitment that our staff and partners have shown in our constant effort for improvement I 56 I

Building the Future of Home Textiles in Greece NEF-NEF was established 59 years ago in Athens by Dimosthenis Kleideris. Alexandros and Konstantinos Kleideris, the second generation, managed to continue his dream and build upon it. Soon, the third generation is expected to take the reins of the firm and advance our vision. We are proud that during the past 10 years of Greece’s financial crisis we managed to double turnover and profits, as well as full time employees, without affecting our total quality or staff pay. We are proud of the dedication and commitment that our staff and partners have shown in our constant effort for improvement. Empowered by this dedication, we managed to successfully endure the Covid-19 crisis and the uncertainty that followed, so far. We made quick and flexible changes to our strategic planning, secured financially the company for short and long term unexpected events, and stabilized the supply chain against missing out on the new season offers. We have invested more than 1.2 million working hours, produced over 17,000 SKUs and 17 million units, recorded 120 million euros in turnover and have contributed 17 million euros to the Greek state over the ten-year period of the financial crisis. We are the leaders of the domestic home textile market, focusing in three business segments: wholesaling, retailing and institutional business, such as hotels,

hospitals and marine companies. We also have a strong presence abroad, that we envisage to further grow in the next five years. We are proud of the donations we make every year in order to support people in our society who face serious predicaments and need our help. The importance of helping others stems from our core beliefs in solidarity and empathy. We are concerned about the destructive condition of our planet; however, we strive through simple ways to help the environment. Nef-Nef contributes to environmental protection by participating actively in the alternative collective management recycling system, always observing the law and all European regulations. In an effort to reduce the energy footprint of our 8,500-sqm headquarters and retail space, we have installed an 80-kwP solar power system, using innovative, low-mercury technologies. Also, through collaborating with WWF Hellas, we are launching a collection that aims at raising awareness for endangered species and ocean pollution. Our mission is to offer high-quality products, excellent customer service, and build strong and lasting relationships with suppliers and partners, while working for a better society in a more sustainable environment.

εσείς φαντάζεστε µια ιδέα εµείς φανταζόµαστε ένα έργο µαζί σχεδιάζουµε µία λύση

www.lakiotis.gr I 57 I

DIAMONDS OF THE GREEK ECONOMY

2020

Lily Perganta President & CEO, Power Health

Now, Power Health has expanded its business into the natural cosmetics market, under the brand name “Inalia” I 58 I

35 years of Quality, Innovation and International Expansion Success is not measured by what you have accomplished, but rather by the resistance you have encountered and the courage you have showed while fighting against the odds. The path to success is living for a strong purpose. Persistence is the vehicle you arrive in. I believe that when you are fully committed to a vision, then hard work isn’t just an option. It’s a necessity. A vision without hard work, evolution, progress and strategy is merely a dream. Power Health is a dream that came true, exactly because it has all these features that are required to be successful. Power Health is the first Greek company that believed in the efficacy of food supplements, opening the road to alternative products, and is recognized as a significant chapter of the Greek economy for the past 35 years. The creation of the Research and Development Section in 2003 marks a new era for our company. Power Health is pioneering and evolving into the first Greek alternative company able to design its own products, offering natural solutions to everyday health problems. We created the first effervescent vitamins with Stevia, aiming at clean label products, Oliviotic, the first natural antibiotic with clinical evidence and synergistic formulations that act on many levels. For the past 35 years, the Greek Pharmacy has been bringing us closer to the Greek

Family offering natural and innovative solutions to health through high quality, safe and effective products. Power Health set up a strong basis, designing a new way of life that contributed to the creation of a new shelf in the Greek pharmacy, but also a sector that even though was initially disputed, along the way gave inspiration to others. Now, Power Health has expanded its business into the natural cosmetics market, under the brand name “Inalia”, offering an innovative range of natural cosmetics products for complete skin care. To further enhance its product portfolio and ever-growing market strength, Power Health made a substantial move with the acquisition of Provipax SA (Fleriana), a firm which specializes in natural repellents and household products. The acquisition is envisaged to add to the company’s constant and steady growth. We have the guaranties to represent Greek entrepreneurship by investing in three pillars: Quality, Innovation and International Expansion. Finding Greek products from the pharmacy of nature on the shelves of the world’s pharmacies, gives us the strength to carry on, remaining always faithful to our values. Since the firm’s inception, we have been fully committed to our first and foremost purpose: to bring with ethically high standards the Power of Nature at the service of human needs.

HEADQUARTERS:

GREECE BRANCHES: USA UK GERMANY CYPRUS SPAIN ROMANIA BULGARIA ALBANIA DUBAI CHINA CONTACT Address: 95-97 AmямБtheas Avenue & Agias Triados 36, Paleo Faliro, 175 62 Tel: +30 210 9313200 www.gygroup.eu

I 59 I

DIAMONDS OF THE GREEK ECONOMY

2020

Themis Sarasidis CEO

It was important for us during such unprecedented conditions to do more than we could in order to stand up to the circumstances I 60 I

FARCOM: Responsibility and solidarity in dealing with the Covid-19 crisis From the first days of the Covid-19 pandemic, FARCOM prioritized the safety of its associates and the community, as well as their effective support in the tough conditions that emerged. Dealing with the global threat of the Covid-19 pandemic in a sense of responsibility, we make all efforts to operate in a highly protected manner for our staff, partners and the community as a whole. At FARCOM, our daily efforts during the pandemic period have been focused on meeting the highly increased needs of the Greek market for Gel and Lotion products with Mild Antiseptic Action. In spite of significant rises in the cost of packaging and raw materials, the firm has so far kept product prices down. Our attention was directed towards drawing up a production plan in order to meet the particularly high demand for these products. To this end, FARCOM effectively utilized its human resources and since the beginning of the pandemic has been at the forefront of dealing with the crisis. It was important for us during such unprecedented conditions to do more than we could in order to stand up to the circumstances. Farcom actively supported organizations and businesses that have been and remain at the forefront, such as the Security Forces (Police and Fire Brigade), Hospitals, Regional and Municipal Authorities, food and supply chain companies and many more.

At the same time, the company proved it was fully prepared to safeguard its smooth operation so as to be able to support in every way and ensure the health and safety of our partners. We developed guidelines for the design of a safe environment for our employees and partners. We ensured from the first moment and provided the staff with all the necessary means, while clear instructions were issued for personnel movement and functions in the workplaces. We firmly believe that with collective responsibility and adherence to our safety measures in the face of this global threat, we will be able to overcome the crisis and gradually return to a new, healthy reality. The company’s focus is also on the completion of its second production unit (10,000sqm), allowing for penetration into new product categories. The new plant will be equipped with state-of-the-art software and mechanical and electronic equipment for production, production planning, raw material and packaging materials management, and quality control, ensuring a faster, safer and higher quality production process. The specific investment allows FARCOM to lay the foundations for further growth, which will also actively support both the local and national economies. All of the above outline the profile of a company that aims to always stand by its partners and the community under any circumstances.

—nothing is more important than health

PAN-EUROPEAN LEADER IN OUTPATIENT CARE SERVICES IMAGING | ANALYSIS | DIAGNOSIS Affidea is the largest, most successful pan-European medical service provider specializing in advanced diagnostics imaging, outpatient and cancer treatment services. Operating a highly respected portfolio of 280 medical centers in 16 countries across the continent, Affidea’s services are at the cutting edge of patient care. With over two decades of dedication to medical excellence, the company maintains high standards and has built a culture that values honesty, integrity and transparency in all it does. We can be proud that Affidea is recognized for its digital and hi-tech capabilities, the outstanding patient experience and its internationally awarded clinical excellence which deliver the best value in healthcare. Affidea operates in Greece since 2005 providing complete high-quality primary health services. Nowadays it owns an expanded nationwide network of medical centers with state of the art equipment and highly-qualified professionals. All Affidea centers are ISO 9001 certified, while laboratories are ISO 15189 certified by the Hellenic Accreditation System.

affidea.gr

info.gr@affidea.com

www.facebook.com/Affidea Greece

www.linkedin.com/Affidea Greece

www.youtube.com/Affidea Greece

I 61 I

DIAMONDS OF THE GREEK ECONOMY

2020

Apostolos Georgantzis CEO, ACS Courier and Postal Services & CEO, Quest Holdings

E-Commerce growth drives the sector ACS Single Member S.A., member of Quest Group, is the leading company in the courier services sector in Greece. Throughout 2019, the company demonstrated a positive track record of growth, with total revenue topping €110 million (+7.3% compared to 2018). Courier Postal Services are ACS’s main activity, accounting for approx. 85% of the company’s total revenue, followed by Mail Postal Services, accounting for approx. 13.5% of total revenue.

Throughout 2019, the company demonstrated a positive track record of growth in the entire range of its activities I 62 I

In 2019, EBITDA rose to €15.76 million (up 14.7% over 2018), with EBT also rising to €13.2 million (up 7.1% over 2018). The firm’s courier activity growth in 2019 was favored by the overall growth of the courier services market, which is expected to follow an upward trend in the next years, owing to the ongoing growth of e-commerce. In this context, since late 2016, the company implements the 2nd phase of upgrading its sorting/distribution facilities in Attica, on a land plot purchased in 2015. This phase involves mainly the design and construction of a modern and highcapacity sorting center, expected to be completed in 2021, allowing for a fivefold sorting capacity increase. Based on ACS’s strategic plan, the company in the next four years plans to invest more than €40 million in capacity and infrastructure upgrades, as well as in improvements in customer experience. Considering that in 2020, the courier

services market is expected to continue to grow, fueled primarily by e-commerce growth, the company is upgrading its IT infrastructure and is offering new solutions to customers, while developing a point-of-sales network to better meet e-commerce customers’ needs, aiming also at increasing its market share. The mail postal services market is still declining, due to the gradual substitution of mail by electronic communications; however, there are still prospects for sustaining and growing revenue from this segment by increasing ACS’ market share. Quest Group is one of the largest, dynamically growing and financially sound Greek Group of Companies, with activities in five (5) distinct areas: ICT products, IT services, Electronic Transactions, Postal Services and Renewable Energy. Quest Group, in 2019 generated revenue of €600 million, with more than €100 million (16%) coming from customers abroad. The Group has a long history in business value creation, and in recent years has managed to grow by at least an average of 10% yoy. The Group and its Companies’ mission is to create long term value for its stakeholders and to play a leading role in the markets in which they operate, based on the principles of sustainable development, and having as a driving force the people and the values of the Group.

NEW COLLECTION

Spring|Summer

2020

I 63 I

DIAMONDS OF THE GREEK ECONOMY

2020

Stavros Konstantinidis President & CEO

EURIMAC is a successful company with high-quality pasta products, enjoying recognition and respect by consumers all over the world I 64 I

A sanitary crisis creating risks and…opportunities I always believed that in order to succeed you must have dreams and persistence to accomplish them. The coronavirus pandemic has created a particular environment worldwide, changing market data, and governments have taken extraordinary measures to restrict citizen movement in order to contain the spread of Covid-19. The food market has been affected less than other sections of the economy, although there exists a risk of a reappearance of Covid-19. Consumers and supermarkets stocked enough food to last for a minimum of two months, in case the virus and the need to self-isolate reappear. Pasta consumption at home increased because of the closure of many restaurants to prevent the spread of the virus. As a result, consumers stayed at home and cooked more than in the past. EURIMAC SA was able to respond to this demand, having large stocks, and thus meet the growing consumer demand. The pandemic brought about considerable changes to the lifestyle and preferences of consumers, pushing them towards take away meals that were a major driver for the pasta companies. At the same time, the pandemic has led to mass panic

buying of different types of pasta, such as for instance, 5 cereal pasta. If we want to effectively respond to consumer needs, we must focus on developing more specialized products. In this category, our company is expected to retain its dominant position, as its raises production of such products by 10% in 2020. Covid-19 has been a painful experience, but it has also been a cause for creation. EURIMAC can adapt to unexpected events. It has been confirmed that business expansion is an all-time advantage because we serve a multiform customer base (retail and foodservice, private label, and strong own-brands presence in Greece and abroad). EURIMAC’s Plan B in order to cope with this new environment is not just a theory but a business value. We have a flexible workforce that effectively responds to new project requirements. In addition, our modern facilities are a powerful tool for the firm’s growth. It is our great pleasure to see our pasta products on supermarket shelves in 50 countries and in 5 continents. EURIMAC is a successful company with high-quality pasta products, enjoying recognition and respect by consumers all over the world, and, honestly, we are very proud of this.

I 65 I

DIAMONDS OF THE GREEK ECONOMY

2020

Anastasia Karaliopoulou CEO, Solergon

The Greek state should not be in any dilemma: tourism (services) and industrialization are not competitive forces I 66 I

Hellas, it’s time to change the debate Our country, Hellas, hasn’t figured out yet which growth model it should follow. This reflects to our society and economy: small businesses, a few major extroverted companies, tourism, amateur agricultural sector and family businesses, ineffective education, lack of training, lack of productivity. Combine all these with a slow motion and an expensive state and you have Greece. Our country struggles to become investment friendly because nobody wants to deal with bureaucracy or a chaotic legal system, high labor costs and a complex tax system. This stands for both potential foreign investors and domestic ones. We have been discussing the same old problems for decades now, mainly the past one. It is now time to change the debate. As a “contractor” and “manufacturer” in the post-crisis era (and hopefully in the postCovid-19 era), I see our country’s future depending on the manufacturing and industrial sector. At SOLERGON SA, our company strategy springs from our main principles: reinvestment, continuous training of our people to improve productivity, commitment to safety and quality protocols and flawless execution of every project we are involved in. We take pride in the fact that we have been adding jobs and growth to our national economy under extremely difficult circumstances. We need to discuss the role of the industrial and manufacturing sectors in the near future. The government that emerged from the 2019 elections, pledged to promote an innovation and entrepreneurial culture, as

well as new organizational models that are suited to today’s needs. The government is only one year in power, and its plans were diverted by two major crises, which were managed successfully, so it’s too soon to tell whether it has succeeded or failed to meet its basic pledge. Optimism and trust prevails. But I can’t help noticing that we are debating the same things. We keep talking about productivity and growth without clarifying our targets. This dichotomy becomes evident when it comes to the energy transition and the lignite phase out, which is being carried out hastily and without a plan and alternatives. It is the government’s obligation to assist the industrial sector to become competitive by applying longscale reforms to the public sector and the legal and tax systems, and encouraging the country’s (digital) transformation. It is the only way to attract new investments and let the existing ones grow. The Covid-19 pandemic proved that relying only on sensitive industries, like tourism, without the stable environment of production and manufacturing, is not a wise choice. The Greek state should not be in any dilemma: tourism (services) and industrialization are not competitive forces. But without a master plan that includes industrial production in the growth model, one should not be very optimistic about the future of the Greek economy. I believe that it is now high time we reset our priorities, but in order to do so we need to stop debating the same things over and over again, we need to change the debate.

I 67 I

DIAMONDS OF THE GREEK ECONOMY

2020

Yiannis Ch.Sarantitis Chairman & CEO

Our vision is to become a national and regional champion in the provision of 3PL services and to be recognised by all stakeholders for our excellence I 68 I

The SARMED way to excellence Meet SARMED SARMED is a pioneering Hellenic 3PL company with a leading position in the industry offering high quality, value adding services. SARMED has an impeccable reputation for its business conduct and ethics, its reliability, quality, flexibility, technological superiority and the range of vertical services offered to its clients. In total it has under its management more than 110.000 m2 of roofed warehouses and occupies over 500 employees in the Attica region (Mandra and Aspropyrgos), Thessaloniki, Thebes and Patras. It also operates the fullest end-to-end distribution network in Greece. SARMED’s clientele consists of market leaders from all important sectors, such as food & beverages, fast moving consumer goods, heavy industry, technology, black & white appliances, motorcycles, retailing, forwarding & logistics, etc. SARMED’s Integrated Management System is certified by TÜV AUSTRIA Hellas and DQS. Its certifications include: ISO 22000:2018 for Food Safety, ISO 45001:2018 for Occupational Health and Safety, ISO 9001:2015 for Quality Management, Certificate of Good Practice for Storage and Distribution of Medical Devices and Certificate of Conformity in accordance with EC Regulations for the storage of organic products. SARMED is also one of the first companies to receive the Authorized Economic Operator (AEO) Certificate. SARMED’s vision SARMED acknowledges the imperative to change in this “always on transformation” era. Therefore, after successfully concluding restructuring, our vision is to become a national and regional champion in the provision of 3PL services and to be recognised by all stakeholders

for our excellence. These goals will be accomplished through: ● a ppropriate strategic, business and corporate development, ● c ontinuous transformation incorporating technology and innovation at all levels, ●e ffective corporate governance and ● f ocus on our people. SARMED’s Sustainability SARMED pays special attention to its people, the society and the environment. The company systematically invests in attracting and developing talents, modern management methods, continuous training and enhancing knowledge and innovation. It constantly implements actions focusing on its people skills development and well-being. It holds Voluntary Blood Donations twice a year since 2012. At the same time, it places great emphasis on regulatory compliance, modern corporate governance principles and corporate social responsibility. SARMED actively supports the work of various institutions and Non-Governmental Organisations. Moreover, monitoring and improving its environmental footprint constitutes a major priority for SARMED. SARMED in the COVID-19 era SARMED during the COVID-19 outbreak focused on providing uninterrupted service to the market while protecting and caring for its employees with undiminished zeal so that they remain healthy. In this context it developed an integrated plan based on the triptych: Prevention – Effective Intervention – Ensuring Business Continuity and organized a crisis team for its coordination, implementation and follow-up. The results are so far … as always… excellent!

I 69 I

DIAMONDS OF THE GREEK ECONOMY

2020

Panagiotis Koutsikos Chairman of Greek - Turkish Chamber of Commerce

Business Cooperation between Greece and Turkey Most of the extroverted Greek companies operating in Turkey have used the services of the Greek-Turkish Chamber of Commerce. There are about 550 Greek companies -from the entire spectrum of the economy- operating in Turkey as investors, with the total capital invested amounting to 4.9 billion euros. At the same time, there are only few Turkish companies operating in Greece, with the total invested capital amounting to less than €350 million. The total trade between the two countries in 2019 amounted to €2.75 billion, with €1.42 billion accounting for exports of Greek products to Turkey and €1.33 billion for imports of Turkish products to Greece. Greek exports to Turkey include plastics, electrical machinery, cotton, oil products, automotive oils, pharmaceuticals, jewelry, etc. Greek imports from Turkey include tourist busses, auto parts, agricultural products, machinery, packing materials, etc. The Turkish market is the largest in the region. The two main features making Turkey an important destination for business partnerships are its population of 84 million and the low average age of 32 years. Both of these features make Turkey a highly attractive destination for all kinds of Greek exports. In the tourism sector, there is an evident

Total trade between the two countries in 2019 amounted to €2.75 billion I 70 I

need to further strengthen business relations as 1.0 million Turkish tourists visited Greece in 2019 and 1.0 million Greek tourists visited Turkey. The Greek-Turkish Chamber of Commerce estimates that by 2020 the total trade between the two countries will reach €3 billion. Within the framework of trade support and investments in Turkey, GTCC annually organizes 16 business missions focusing on products and services, which we are keen to export. GTCC supports businesspeople financially as follows: ● I t covers the expenses for a 4- or 5-star hotel for 2 nights along with breakfast. ●A irport transfer is provided daily to the hotel and to the convention hall. Under the same strategic plans, we promote two to four conferences, which take place every year locally, and two Europe-wide conferences in Turkey and Greece, respectively. Our aspiration is to advance products we have investigated that are needed in Turkey such as: ● frozen foods - seafood ● organic products ● fertilizers ● vegetables ● healthy diet products

I 71 I

DIAMONDS OF THE GREEK ECONOMY

2020

Leonidas Kolioulis, President, Federation of Greek Maricultures

We remain alert, but are optimistic that in the end we are going to overcome this crisis, too, with controlled losses I 72 I

How is COVID-19 affecting the Greek aquaculture Fish farming in Greece in 2019 confirmed for yet another year its contribution to the economy as a leading industry of the primary sector. Total production reached almost 120,000 tons, worth €500 million. Of these, 19% were sold in Greece, 74% in EU countries and 7% in third countries. Greek sea bream and sea bass in the same year were sold to a total of 44 markets, demonstrating strong worldwide consumer acceptance as products of top quality and high nutritional value. However, in 2020, the aquaculture industry, as all productive activities in the country, was faced with an unprecedented situation as a result of the COVID-19 pandemic. The effects of the pandemic impacted both of the industry’s main characteristics: export orientation and management of the livestock that was placed in the water. In short, aquaculture companies have to deal with three financial challenges at the same time: Firstly, the reduced liquidity due to declining sales which followed the lockdown in Horace and the declining retail demand. The restrictive measures imposed (closure of hotels, restaurants, etc.) resulted in a sharp drop in consumption in all key markets. Estimates for the first four months of 2020 show a total drop of exports above 30% compared to the corresponding period in 2019. The impact is particularly severe in companies that work primarily or even exclusively with the Italian market. Secondly, the increased production costs. In the context of declining sales and revenue, companies need to make up for the extra costs resulting from the extended production cycle and particularly the feeding of the fish. Fish feeds account for 60% - 65% of production costs. Thirdly, reduced sales resulted in the creation of an ever-increasing surplus of unsold products, which may destabilize markets when the restrictive measures are lifted. However, it is worth noting that throughout the crisis, the production

SALES 2019 Third countries 7%

Greece 19%

EU 74%

process continued normally (breeding of living organisms cannot be stopped). As for the supply of markets, it also continued normally, with the exception of markets supplied by air, e.g. US and Canada, where costs rose by 50%. The President of FGM, Mr. Leonidas Kolioulis, underlines that “it is a positive development that the European Fisheries and Maritime Fund has been amended and that special financial assistance will be given to aquaculture producers to help mitigate the effects of the pandemic as much as possible. In addition, it is encouraging that since the gradual lifting of the restrictive measures that began in May, the economy has begun to gradually recover, and the first signs of a stimulus for Greek aquaculture products are emerging. However, it is a fact that no one can predict how the long-awaited tourist season will develop in the second half of the year. In any case, companies have taken all necessary measures primarily to protect their employees, and guarantee the smooth operation of fish farms and of course the stable supply of markets with high-quality aquaculture products. We remain alert, but are optimistic that in the end we are going to overcome this crisis, too, with controlled losses.”

κουράστηκες να προσπαθείς μόνος σου; έλα μαζί μας

I 73 I

DIAMONDS OF THE GREEK ECONOMY

2020

Alkiviadis Kalampokis President of the Exporters Association of Crete

Let’s all dare together to eradicate the evils of the past and create a healthy export environment for tomorrow I 74 I

COVID-19: A new challenge Faced with the COVID-19 pandemic, the priority has been to strengthen the healthcare system and find scientific solutions to cope with this new pandemic. However, it is also really important to minimize the devastating impact on our economy, in order to ensure that the stagnation in economic activity and employment will be temporary. The Greek Government has responded by taking action to bolster key sectors and minimize the socioeconomic impact of the pandemic. Measures include economic assistance packages, tax moratoriums, extended deadlines, social security contributions, as well as wage subsidies, loans and guarantees for workers. However, individual action is also required by export companies. Greek exporters achieved significant performance amidst a very tough business environment, overcoming all the obstacles that the economic crisis has created. During this crisis, exports were the only way out for many new businesses, which, in combination with existing exporters, improved Greece’s export performance, setting a new record. Now, during this difficult uncharted period, whose development is unknown, exporters are faced with a new challenge. There are many difficulties, but in every crisis there are emerging opportunities. Perhaps the growing need for proper, healthier nutrition, in combination with the qualitative superiority of our products, opens a window of hope for the export sector. Now is the time for exporters to activate all their strength and redefine their

goals. They must create short-term, more technocratic and measurable strategies, with specific goals and measurable results. They must identify the target markets and the nutritional needs that the new dietary standards create, while maintaining traditional markets. At the same time, they need to highlight the comparative advantages of the Greek products, in order to gain the reputation they deserve. This requires high quality of raw materials, compliance with safety regulations (ISO, HACCP, etc.), international certificates such as IFS, BRC or other certificates required by modern market mechanisms, modern and practical packaging, as well as multilingual labelling. In addition, the agricultural sector must turn to new and organic crops, and certified PDO & PGI products. This critical moment does not allow us to repeat the mistakes of the past, i.e. the phenomenon of Shrinking Exports – Increasing Imports that prevailed in many periods of the Modern Greek economy. We believe that now it is more necessary than ever for the Government and exporters to join forces, cooperate in order to strengthen exports, create a great and internationally recognized brand name for Greece, avoid overlapping actions, save costs, and consequently stimulate Greece’s economy. Let’s all dare together to eradicate the evils of the past and create a healthy export environment for tomorrow. “GREECE FORWARD” is the motto that should become the new road map for Greek exports in the post-Covid-19 pandemic era.

I 75 I

DIAMONDS OF THE GREEK ECONOMY

2020

Mr. Theodoros Yarmenitis President, Panhellenic Association of Industrialists and Representatives of Cosmetics & Perfumes (PSBAK)

We honor our entire industry for the composure of our employees and companies I 76 I

Optimism prevails in the Beauty Industry The Beauty Industry in 2019 showed its strength in the market, sales networks, innovative products and services. The overall assessment of industry figures shows that after the worst moments of the 10-year economic crisis, consumers have returned to the cosmetics market. The sector in 2019 reached sales of €1.0 billion, with exports exceeding €300 million. We have been able to maintain a consistent activity in all areas, as well as to consolidate our global presence and pioneer the link between research and production. In 2020, with the advent of the Covid-19 pandemic, and despite the abrupt change, we responded immediately to two areas: health and legislation. Through actions and memoranda to the competent bodies, we succeeded in the inclusion of the relevant Activity Code Number - KAD (Category 2042) regarding the disposal and production of cosmetics-perfumes and beauty products, in the list of beneficiaries of the beneficial provisions of the Ministry of Finance, thus contributing to the protection of sector businesses and their employees. This, together with the KAD of companies that are affected or were closed by state order, created a positive image of the Association to our member companies and our employees. Cosmetics both in pharmacies and in supermarkets and e-commerce provided a breath of fresh air to the industry and its liquidity during the lockdown period. Throughout this period, e-commerce and the beauty and personal care categories

contributed to a large increase in sales in supermarkets by +166% and in pharmacies by +46% (March 2019 to March 2020). On May 4, 2020, hairdressers and beauty salons reopened. However, unfortunately, the potential of the tourist “blue economy” and the Hotel Spa cannot reopen in time. We are aware of the difficulties facing consumers. Nevertheless, companies and retailers in the sector will support the market in a variety of ways to reach stability by the end of 2020 and be on a growth trajectory in 2021. Fortunately, there have been great players in retail and healthy companies in production, imports and exports. We hope that it is in everyone’s interest for the new state measures to continue and not be temporary. We, at the Beauty Industry, involve in innovative production activities and have an awareness of what it means to restart the industry with bold decisions in both domestic and foreign markets. Employment in the Beauty Industry is strong and with discreet moves we will overcome temporary obstacles. We honor our entire industry for the composure of our employees and companies. We will continue our contribution, and remain optimistic. We are awaiting the green light for exports to begin again. We also welcome the successful execution of teleworking. In addition, we are awaiting the utilization of subsidized loans under the business financing program TEPIX II. Many thanks to the partner organizations that trust us.

I 77 I

DIAMONDS OF THE GREEK ECONOMY

2020

George Raounas Chairman of the BoD, SESMA (Hellenic Association of Management Consulting Firms), Partner KPMG Advisors

All of the above measures, if taken, will provide some relief to businesses hit by the lockdown and the pandemic in general I 78 I

Solutions and proposals for an immediate recovery of the Greek economy It is too early to assess the impact of the pandemic outbreak on the Greek economy and on individual sectors. In a survey conducted in April 2020 among SESMA members, respondents estimated that the Greek economy will return to growth rates in a year or more (68%), although 25.3% of those asked, believed that recovery will happen earlier, predicting a short, only 6-month, recession. As prof. N. Bettas, general manager at IOBE (Foundation for Economic & Industrial Research) said during the recent annual general assembly meeting of SESMA, the GDP reduction in Greece for the current year, according to Hellenic Statistical Authority and the evolution of health issues, is estimated to be between 5% and 10%. However, Greece may face increased pressure on incomes with some delay in comparison to the rest of Europe, as it happened in the financial crisis of 2008. Taking into account the views of the Greek management consulting firms, members of SESMA, specific proposals were prepared and submitted to the relevant Ministries, in order to take specific horizontal action to support the competitiveness and sustainability of Greek enterprises. These proposals include: Utilization of the National Support Reference Framework (NSRF) in order to support all firms to: upgrade their technical infrastructure and equipment, and provide training to their staff in order to be better prepared for the

new reality for “working from home” as a first step to their digital transformation; sustain job positions and avoid unemployment increase, by covering part of the social security contributions and rewarding the creation of new jobs; boost liquidity of those enterprises having already joined State Aid Actions, through receiving an advance payment without a guarantee, or with a state guarantee. Suspension of tax payments and social security contributions for the businesses most affected by Covid-19. Suspension and/or relief measures against loan obligations and overdue amounts, for at least 6 months. Facilitation of business financing by lifting impediments. Simplification and acceleration of procedures for the implementation of the Development Law and the Actions of State Aid of the NSRF, in order to ensure the timely payment of aid. All of the above measures, if taken, will provide some relief to businesses hit by the lockdown and the pandemic in general. However, as Greece’s economy is mainly based on small enterprises, which are highly dependent on consumption and heavily related to tourism, the effect will be broader and not easily controlled. It is now time to seriously reconsider our economic model and plan for the digitalized future with a better balance between services and primary/ manufacturing sectors.

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I 79 I

DIAMONDS OF THE GREEK ECONOMY

2020

Panagiotis Koutsikos Chairman of Greek - Bulgarian Chamber of Commerce and Industry

Business cooperation between Bulgaria and Greece Bulgaria, a member of the European Community, has managed to overcome the economic crisis from the beginning of the year 2011, and is constantly developing ever since. Bulgaria‘s population has reached 7.2 million people, following a declining line. Taxation on business profits is up to 10%, while the minimum wage is 350 euros, and the annual inflation is 2%. Bulgaria’s banking system is stable and business activities are considered to develop under positive circumstances. Capital investments from Greece are valued at 2.2 billion euros, excluding the percentage spent annually from business profits, because it is not recorded under the Bulgarian statistics service. The GreekBulgarian Chamber of Commerce estimates that the respective amount of capital is up to 3.4 billion euros. The total trade has reached 3.1 billion euros in 2018, which is a positive number for Greece’s trade balance. The business sector with the largest share is services-trade, followed by manufacturing and small industry. The Greek-Bulgarian Chamber of Commerce organizes departmental day conferences annually, together with one General Congress in Athens or Sophia. Thus, an opportunity is offered to people

Total trade rose to €3.1b in 2018, a positive figure for Greece’s trade balance I 80 I

from several businesses to meet potential Bulgarian colleagues, and hold discussions on developing their businesses and striking new cooperation deals. The GreekBulgarian Chamber mediates so as to offer its services to various businesses that may need support. Moreover, the Greek-Bulgarian Chamber of Commerce maintains excellent relationships with authorities, ministries, chambers and organizations, in both Greece and Bulgaria, hence it is considered a trustworthy supportive agent for the development of bilateral commerce and investments, and in this way offers reliable services to both members and nonmembers. There are 2000 active businesses of Greek interests operating currently in Bulgaria in all economic sectors. However, the actual number of businesses recorded reaches up to 15,000, owing to the fact that businesses are being established even for the purpose of buying either real estate or cars. Greek companies should seriously consider the Bulgarian market as an expansion of their activities and not take advantage of the low labor cost. The business vibe is positive, and that’s why they should focus on the capacity given to absorb business products from the Bulgarian market.

I 81 I

DIAMONDS OF THE GREEK ECONOMY

2020

Dr. Yiannis Kontoulis, President of the Hellenic Institute for Fire Protection of Structures (ELIPYKA)

One of the top goals of ELIPYKA is starting to be put in practice I 82 I

Steps for the implementation of the Building Fire Protection Regulation The Hellenic Institute of Fire Protection of Structures (ELIPYKA) has made several public interventions in the last two years for the improvement and implementation of the Regulation of Fire Protection of Buildings. In June 2020 the State announced the first step for the establishment of a Control Mechanism for the implementation of the legislation on Fire Protection. The Control Mechanism is one of the top goals of the Hellenic Institute of Fire Protection of Structures (ELIPYKA) and we welcome this decision. In particular, on June 11, 2020, the no. 19/2020 Fire Brigade Order (Πυροσβεστική Διάταξη) was issued describing the “Procedure for imposing administrative fines for violations of regulatory provisions of fire protection legislation”, published in Government Gazette B 2233 11/6/2020, and provides for administrative fines, determines their amount, severity, responsibility and the process of certification and collection, assigning responsibility to the Fire Brigade. This mechanism is an important first step in completing the Building Fire Protection Regulation and the fire protection legislation in general and we must note it accordingly. There are still steps to be taken to make sure that the Fire Protection Regulation (which is in place since 2018) is implemented, yet this first step is important as it also indicates the political

will from the Greek State to proceed. Even though this is just a first step, it has great significance, as the implementation and control mechanism is what is missing in Greek reality and hinders development under equal terms for all. The Hellenic Institute of Fire Protection of Structures (ELIPYKA): suggests, formulates and supports fire protection standards and regulations in construction industry it makes studies and proposals for new enhancements and improvements in order to reduce and prevent the loss of life and property in construction because of fire, so that Greek people and the Greek economy can flourish in a safe and healthy environment. participates in public consultations on the drafting of laws, decisions and regulations that are directly or indirectly related to the establishment of fire protection standards and the procedures for their observance (study control, control of the implementation of the study, certification) by submitting specific proposals on behalf of ELIPYKA members. Participating members of ELIPYKA are companies specialized in building systems, heat insulating materials, cables, doors, windows, façade systems, heatingcooling systems, fire protection systems, professional associations, academics, universities, specialized laboratories and firefighters.

I 83 I

DIAMONDS OF THE GREEK ECONOMY

2020

George Polychronakis, special adviser, Association of Greek Export Enterprises for Fruits and Vegetables – “Incofruit”.

The importance of maintaining healthy eating habits will be reinforced by the current health crisis, which should further promote consumption of F&V. I 84 I

Fruit and Vegetable exports up 26.7% in value and 14.8% in volume in the first four months of 2020 Following an all-time record in 2019, Greek exports of F&V continued on an upward trend, achieving increases of 26.7% in value and 14.8% in volume in the first four (4) months of 2020, compared with the same period in 2019. According to ELSTAT data processed by Incofruit, volumes reached 551.1 thousand tons with a total value of €418.1 million. Quantities of vegetable exports (EU trade and exports to third countries) rose by 10% in the first four (4) months of 2020, compared to the same period in 2019, reaching 107,926 tons, of a value of €84.5 million, up 11.7%. Fruit volumes reached 443,185 tons (+16%), while value peaked at €333.67 million (+31.1%). Vegetable export volumes increased by 10% reaching 107,926 tons, with tomatoes recording +12.3%, peppers +33.1% with 7,601 tons, cucumbers +4% and potatoes at +0.1%. Fruit exports in the first four (4) months of 2020 rose to 443.19 thousand tons representing a +16% increase compared to the same period in 2019. Apples recorded a drop of -9.6% as did mandarins -5.6%, while oranges, lemons, strawberries and kiwifruit all showed strong increases at 33.1%, 26,4%, 14.6% and 11.8% respectively. Collectively, the value of all exported fruits rose by 31.1% reaching €333.67 million (based on ELSTAT data processed by Incofruit-Hellas) The increase in export value of fruits by 31.1% is impressive and highlights the average price hike of our products, attributed mainly to oranges and kiwifruit which broke export records. Current indications based on interim data by the Ministry of Agriculture show the trend is likely to continue at +17% in

volumes and at around +25% in value. Assuming no losses due to potential future weather conditions, exports of F&V are poised for a 10 year record. In the same four-month period, a drop was recorded in F&V imports into Greece by -5% in volume. In particular, vegetable imports dropped by -11.6% in volume and -16.9% in value. Regrettably, the unlawful practice of exporting fruit directly from the field persists. Greek and other regional “traders” continue shipping unstandardized fruit, mainly to neighboring countries. On some products, this practice involves major quantities that are not recorded or reported, also resulting in damaging the reputation of Greek F&V. Without a doubt, the coronavirus pandemic will result in a financial crisis greatly affecting the buying power of European consumers. Clearly, the agro sector will not be left unscathed. However, now more than ever, consumers will be looking for fresh F&V which are health promotors while being more affordable than other categories. The importance of maintaining healthy eating habits will be reinforced by the current health crisis, which should further promote consumption of F&V. Correctly packed fruit is becoming very important while demand for non-standardized produce is dropping. In order to maintain the good reputation of Greek products in consumer markets, it is imperative to strictly apply national and EU quality specifications, as well as trading regulations with full traceability, thus providing consumers with safe produce throughout the supply chain.

DIAMONDS OF THE GREEK ECONOMY

2020

EXPORTS OF FRESH F&V IN THE FIRST 4 MONTHS OF 2020 COMPARED TO 2019 2020 Α/Α

PRODUCTS

VALUE €

2019 VOLUME TONS

VALUE €

% CHANGE 2020/2019 VOLUME TONS

IN EURO

IN TONS

1 Group 07 vegetables fresh ,frozen etc

Totals

84,466,994

107,926

75,592,323

98,086

11.70%

10.00%

2 Group 08 fruits&nuts fresh & dried

Totals

333,672,693

443,185

254,531,245

382,145

31.10%

16.00%

418,139,687

551,111

330,123,568

480,231

26.70%

14.80%

GRAND TOTAL Source: Processed by INCOFRUIT - HELLAS based on data by ELSTAT 10.6.2020

FRESH F&V EXPORTS IN THE FIRST 4 MONTHS OF 2020 COMPARED TO 2019 2020 Α/Α

PRODUCTS

2019

% CHANGE 2020/2019

1 Potatoes

VOLUME VALUE € TONS 7,761,449 23,985,690

VOLUME VALUE € TONS 10,952,074 23,949,954

2 Tomatoes

5,530,200 18,260,495

3 Cucumbers & Gerkins

17,057,300 21,251,780

4 Peppers

12,965,492

5 Oranges 6 Mandarins

IN EURO

IN TONS

-29.10%

0.10%

5,984,454 16,257,897

-7.60%

12.30%

13,198,055 20,435,064

29.20%

4.00%

5,711,625

30.40%

33.10%

96,204,169 202,150,157

61,912,285 160,204,084

55.40%

26.20%

15,956,136 27,965,847

12,657,651 29,610,396

26.10%

-5.60%

8,072,684

84.30%

26.40%

7,601,178

9,944,833

7 Lemons

7,700,190 10,205,541

8 Apples

13,139,040 25,705,386

12,244,728 28,450,158

7.30%

-9.60%

9 Strawberries

41,658,275 32,329,969

34,815,128 28,209,412

19.70%

14.60%

87,256,067 84,298,604

65,378,965 75,416,669

10 Kiwifruit

4,178,691

33.50%

11.80%

11 Grapes

180,805

130,866

238,395

307,163

-24.20%

-57.40%

12 Peaches

40,881

29,282

220,202

220,612

-81.40%

-86.70%

125,321

72,510

65,767

40,891

90.60%

77.30%

14 Cherries

2,202

1,444

1,494

1,058

47.40%

36.50%

15 Apricots

61,242

29,046

41,299

35,966

48.30%

-19.20%

1,085,617

1,620,777

160,533

259,312

576.30%

525.00%

197,361

346,007

82,602

158,231

138.90%

118.70%

13 Nectarines

16 Watermelons 17 Melons Source: Processed by INCOFRUIT - HELLAS based on data by ELSTAT 10.6.2020

IMPORTS OF FRESH F&V IN THE FIRST 4 MONTHS OF 2020 2020 Α/Α

PRODUCTS

VALUE €

2019 VOLUME TONS

VALUE €

% CHANGE 2020/2019 VOLUME TONS

IN EURO

IN TONS

1 vegetables fresh ,frozen etc

Totals

110,482,630

197,459

132,937,998

223,463

-16.90%

-11.60%

2 Fruits & nuts fresh & dried

Totals

129,160,865

121,616

108,533,270

112,260

19.00%

8.30%

239,643,495

319,075

241,471,268

335,724

-0.80%

-5.00%

TOTAL Source: Processed by INCOFRUIT - HELLAS based on data by ELSTAT 10.6.2020

I 85 I

DIAMONDS OF THE GREEK ECONOMY

2020

Konstantinos Apostolou, President of the Greek Canners Association (EKE)

Our priorities need to be reconsidered With about 99% of its total production exported, it is undeniable that the Greek Fruit Processing Industry is among the most extrovert segments of the Greek economy. That is why we are among the first to be affected by global supply chains disruptions and changes in consumer preferences. The COVID-19 pandemic has shaped the year 2020, so far. The food industry was affected in many ways by the pandemic. In our case, sales and shipments were the first activities to witness disruption. Demand for final products in retail sizes during March and the beginning of April was much higher than usual in these months. Consumers rushed to supermarkets to stock on food, and our fruits were among their first choices. Canned and frozen fruits count as much as fresh to reach the “5 A Day” goal of a healthy diet. In periods of lockdown or quarantine they are even preferable, since they are much more easily available. However, shipments of final products for use in HoReCa stopped completely. Large numbers of processed fruits are consumed in hotels, restaurants, open buffets and cafés, but all those places were shut down in most countries. Production of processed fruits in Greece takes place mainly during the summer. As we get nearer to the season, it becomes clear that production will be affected

Our fast and easy access to adequate food should not be taken for granted I 86 I

as well. One of the main issues revealed by the pandemic is the dependence of European food production on seasonal workers coming from other countries, whether inside or outside of the EU. Although the worst scenario is avoided and farm workers are allowed to cross the borders, we shall have to wait and see whether they will be enough to ensure that both quality and quantity of fruits will be the best possible. As far as factories are concerned, their operation is already adjusted to observe all necessary precautions for final products hygiene and workers protection. This will result in higher costs for the production of processed fruits this year, as is the case with most foods. The fruit processing industry always does its part to supply consumers with the highest quality possible in the most affordable prices. It is high time retailers decided to assume part of the rising cost of food production. The pandemic forced us all to reconsider our priorities. The priorities of economic activities and decisions need to be reconsidered as well. Our fast and easy access to adequate food should not be taken for granted. As societies, we need to invest more in basic food production and the people working to produce it. And start paying more for it.

›››››› DIAMONDS

OF THE GREEK ECONOMY 2020

THE MOST ADMIRED ENTERPRISES

››››››

The “diamonds” of the crisis During Greece’s tough period of 20092018, a decade of crisis in which the country lost a large part of its GDP, tens of thousands of businesses shut down and rising unemployment led to hundreds of thousands of young people leaving Greece. However, during the same period, a number of companies proved to be crisisresistant and literally flourished. This is the conclusion of a large nationwide survey conducted by New Times on a sample of 4,098 large businesses, with comparable data for the years 2009 and 2018. The survey will be presented at the business excellence event Diamonds of the Greek Economy 2020, to be held on July 15, 2020 at the Hilton Hotel Athens. According to the survey, 338 large companies from the entire business spectrum each posted 2018 net profits of more than €3.0 million. Of these, 253 companies also enjoyed an improved financial performance.

The top-20 of Greece’s most profitable companies included: Hellenic Petroleum, Cosmote Mobile Telecommunications, Motor Oil, Public Gas Corporation (DEPA), Hellenic Telecommunications Organization (OTE), Athens International Airport Eleftherios Venizelos (AIA), Greek Organization of Football Prognostics (OPAP) Mytlinaios, Hellenic Gas Transmission System Operator (DESFA), Karelia, Attiki Odos, Athens Water Supply and Sewerage Company (EYDAP), Aegean Airlines, Jumbo, FHL Kyriakidis, Ethniki - Hellenic General Insurance, AB Vassilopoulos, ElvalHalkor, Teleperformance and Nestle Hellas. Highlights in the first category (over €3 million in profit and over 10% profit growth) include the following companies:

The New Times survey shows that: ■ 196 companies reported profits above €3.0 million. These companies enjoyed a profit growth of over 10% in 2018 compared to 2009. ■ 51 companies which reported a loss in 2009, in 2018 posted profits above €3.0 million. ■ 6 companies with a profit of more than €3.0 million saw their profitability rise between 4% and 8% in 2018 compared to 2009. ■ Finally, 85 companies reported a drop in profits in 2018 compared to 2009, but their profitability increased to levels of over €3.0 million.

I 88 I

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■ Hellenic Petroleum SA. The parent company of the country’s largest industrial and commercial complex - currently run by Andreas Siamisiis – posted sales of almost €9.0 billion in 2018 compared to €6.2 billion in 2009. Profit jumped 206% from €219 million in 2009 to about €670 million in 2018. ■ Cosmote Mobile Telecommunications SA. The business, part of OTE Group and headed by Michael Tsamaz, posted a 42% increase in net profit, from €462.9 million in 2009 to €655.8 million in 2018. ■ Motor Oil Hellas Corinth Refineries SA. A company of the Vardinogiannis group, saw turnover double to €7.2 billion in 2018 against €3.5 billion in 2009. The company enjoyed a significant increase in profitability (143%) from €130 million in 2009 to €317 million in 2018.

Companies that flourished in the tough conditions during the period 2009-2018: A revealing New Times survey

■ Mytilineos SA. Headed by Mr. Evangelos Mytileneos, the firm enjoyed a particularly strong performance, seeing net profit rise above €151 million. The group that also holds a market share of 37% in natural gas, is the country’s largest LNG importer. Protergia’s lead is another success of the group, which acquired 60% in Zeologic and 100% in METKA EGN. ■ DESFA SA. The company, currently headed by Luis Romero Urrestarazu, and responsible for the smooth running of the national gas system, posted a spectacular jump in net profit by 195%, from €33.8 million in 2009 to €100 million in 2018. ■ Karelia Tobacco Company Inc. The Greek cigarette industry enjoyed an exceptional performance, with sales jumping from €400 million in

2009 to €694 million in 2018. It also saw net profit skyrocket from €26.9 million in 2009 to €100 million in 2018. The company, however, was also distinguished in another area: as part of its corporate and social responsibility, it distributed very high bonuses to employees, while also contributing significant funds to the wider region of Messinia. ■ Attiki Odos SA. The company, led by Messrs. Dimitris Kallitsantsis and Vassilis Chalkias, posted lower sales, but profitability rose by 12%, from €85.8 million in 2009 to €96.3 million in 2018. ■ E YDAP SA. Another company with lower sales that enjoyed an explosive increase in profit. Managed by Mr. Charalambos Sachinis, EYDAP saw profit rise from €18 million in 2009 to €80 million in 2018. ■A egean Airlines SA. The firm, run by Mr. Eftychis Vasilakis, is currently facing one of its biggest challenges as a result of the Covid-19 pandemic, but has posted an impressive growth trend in the decade 2009-2018. Specifically, sales rose from €622.7 million in 2009 to €961 million in 2018, with net profit jumping 127%, from €32.5 million to €73.8 million. ■ F HL H. Kyriakidis SA. The extroverted marble industry is certainly one of the ultimate business success stories. The company, which collaborates with businesses and organizations across the world, saw sales rise from €63.5 million in 2009 to €128.5 million in 2018.

Companies in the same category which recorded good performance include: Service 800 - Teleperformance SA, Pylea SA, Hellenic Telecommunications and Post Commission (EETT), Pavlidis Marble-Granite SA, Autohellas (Hertz), Imerys Industrial Minerals Greece SA, C. Rokas SA, Mermeren Kombinat, Thessaloniki Port Authority SA, Crete Plastics SA, TERNA Energy, Eurobank EFG Factors SA, Hellenic Dairies SA, and BP Hellenic SA.

››››››

■ Public Gas Corporation (DEPA) SA. The company, which is currently managed by Mr. Konstantinos Xifaras, enjoys an outstanding performance, with profitability skyrocketing 408%, from €61 million in 2009 to €310 million in 2018.

The most impressive rises in profitability between 2009 and 2018 were recorded by the following companies: hotel businesses Zeus SA and Atlantis SA, Macedonia-Thrace Brewery SA, hotel Achinopodi, food industry Arivia, trading company TELMACO SA, hotel company FAIAX, industrial steel company Sidenor, commercial air conditioning AHI Carrier, food industry Biomar Hellenic, pharmaceutical Genepharm, automobile company Mercedes Benz Hellas, plastics industry MONOTEZ, DOW Hellas, dairy industry Karalis, poultry industry Th. Nitsiakos SA, Aeolian Energy Peloponnese, Teleperformance, food industry Balakanaki Bros, beverage industry Kalogiannis-Koutsikos, and hotel companies The Margi and Asteras SA. The category of companies which managed to return from “red” in 2009 to “black” in 2018, also posting impressive profitability, included: National Insurance, ElvalHalcor, Piraeus Port Authority, Lamda Domi, petroleum marketing company Coral SA, Nea Odos SA, metal products industries Profisol & Thebes Pipeworks, Attiki Natural Gas Distribution Company, Simens SA, and Interamerican.

I 89 I

DIAMONDS OF THE GREEK ECONOMY

Turnover Change

Pre-Tax Income 2008

Pre-Tax Income 2018

Pre-Tax Income Change

1 HELLENIC PETROLEUM SA

PETROLEUM PRODUCTS

6,172,586,000

8,967,702,000

45%

219,014,000

669,577,000

206%

2 COSMOTE – MOBILE TELECOMMUNICATIONS S.A.

TELECOMUNICATIONS

1,908,395,000

1,117,612,000

-41%

462,924,000

655,787,000

42%

3 MOTOR OIL HELLAS CORINTH REFINERIES SA

PETROLEUM PRODUCTS

3,493,334,000

7,205,541,000 106%

130,406,000

316,995,000

143%

4 PUBLIC GAS CORPORATION (DEPA) S.A.

-

1,003,640,166

996,616,157

-1%

61,003,350

309,971,699

408%

5 HELLENIC TELECOMMUNICATION ORGANIZATION (OTE) SA

TELECOMUNICATIONS

2,412,400,000

1,582,600,000

-34%

412,100,000

308,200,000

-25%

Company Name

Sector

6 ATHENS INTERNATIONAL AIRPORT S.A.

TRANSPORT COMPANIES

457,493,713

478,714,977

5%

264,523,122

239,682,891

-9%

7 OPAP SA

-

5,222,199,000

1,294,097,000

-75%

938,884,000

200,008,000

-79%

8 MYTILINEOS HOLDINGS S.A.

HOLDING COMPANIES

_

1,226,117,000

_

1,788,000

151,112,000

8351%

9 DESFA SA

-

220,145,000

199,485,000

-9%

33,784,000

99,608,000

195%

CIGARETTES

399,816,000

694,754,000

74%

26,884,000

98,990,000

268%

10 KARELIA TOBACCO SA

001 - 045

In blue font are the companies that posted an increase in profit.

Turnover 2018

A NEW TIMES SURVEY ON COMPANY RESULTS IN THE PERIOD 2009 - 2018 Turnover 2009

2020

THE “DIAMONDS” OF THE CRISIS

11 ATTIKI ODOS S.A.

MISCELLANEOUS SERVICES

248,552,000

185,765,000

-25%

85,795,000

96,312,000

12%

12 WATTER SUPPLY & SEWERAGE CO OF ATHENS (EYDAP) SA

-

386,174,000

322,396,000

-17%

18,016,000

80,314,000

346%

13 AEGEAN AIRLINES S.A.

AIRLINES

622,713,110

961,057,460

54%

32,526,330

73,783,490

127%

14 JUMBO S.A.

MISCELLANEOUS PRODUCTS

444,140,428

391,875,017

-12%

107,748,818

72,879,763

-32%

15 F.H.L. KYRIAKIDIS E. SA FHL

NON-METALLIC MINERALS

63,539,504

128,523,360

102%

8,140,282

70,634,164

768%

16 '' H ENTHIKI '' S.A.

INSURANCE

488,879,000

582,489,000

19%

-58,500,000

63,144,000

0%

17 ALFA BETA VASSILOPOULOS SA

SUPERMARKET

1,393,785,000

1,986,336,000

43%

50,906,000

54,006,000

6%

18 ELVALHALCOR S.A.

METAL PRODUCTS

343,547,307

1,486,972,000 333%

-13,251,258

53,949,000

0%

19 SERVICE 800 - TELEPERFORMANCE S.A.

MISCELLANEOUS SERVICES

63,635,010

224,090,291

252%

2,370,423

46,793,113

1874%

20 NESTLE HELLAS S.A

FOOD PRODUCTS

368,113,097

339,628,963

-8%

75,009,756

42,929,889

-43%

21 PYLAIA S.A.

REAL ESTATE

21,456,802

22,951,951

7%

13,723,072

42,469,975

209%

22 PEIREAS PORT AUTHORITY S.A.

TRANSPORT COMPANIES

128,483,428

132,931,041

3%

-38,325,334

42,332,514

0%

23 ENTHNIKI EPITROPI TILEPIKOINONION KAI TAXYDROMEION

MISCELLANEOUS SERVICES

43,617,350

40,628,235

-7%

34,819,297

41,094,436

18%

24 PAVLIDIS MARBLE-GRANITES SA

NON-METALLIC MINERALS

29,642,504

80,658,574

172%

6,344,489

40,866,095

544%

25 AUTOHELLAS (HERTZ) S.A.

CAR RENTAL

152,665,536

221,122,086

45%

16,441,292

35,915,959

118%

26 IMERYS INDUSTRIAL ORES SA

NON-METALLIC MINERALS

113,026,000

114,162,000

1%

7,942,000

35,707,000

350%

27 TITAN CEMENT CO. SA

NON-METALLIC MINERALS

450,092,000

229,038,000

-49%

79,847,000

35,061,000

-56%

28 PAPASTRATOS TOBACCO S.A.

CIGARETTES

316,897,191

320,894,686

1%

87,698,606

33,883,666

-61%

29 LAMDA DOMI S.A.

REAL ESTATE

19,534,293

21,610,307

11%

-2,969,727

32,838,450

0%

30 ROKAS CH. S.A.

METAL PRODUCTS

49,776,000

53,039,000

7%

7,854,000

31,998,000

307%

31 CORAL SA

PETROLEUM PRODUCTS

1,539,239,710

1,976,181,000

28%

-5,352,539

30,310,000

0%

32 PEIRAIOS PRAKTOREIAKI S.A.

INSURANCE

34,509,759

33,251,039

-4%

29,945,723

27,017,919

-10%

33 MERMEREN KOMBINAT AD PRILEP

NON-METALLIC MINERALS

15,752,139

39,940,803

154%

2,956,120

25,045,216

747%

34 THESSALONIKI PORT AUTHORITY SA

TRANSPORT COMPANIES

45,948,872

58,534,688

27%

6,496,842

24,729,266

281%

35 PLASTIKA KRITIS S.A.

PLASTICS - RUBBER

86,831,000

139,202,000

60%

8,460,000

24,337,000

188%

36 L'OREAL HELLAS SA

PHARMACEUTICALS COSMETICS

191,291,953

152,625,413

-20%

27,507,687

23,741,044

-14%

37 TERNA ENERGEIAKI S.A.

-

65,221,000

98,301,000

51%

19,409,000

21,833,000

12%

38 EUROBANK EFG FACTORS S.A.

MISCELLANEOUS SERVICES

20,846,055

24,620,668

18%

16,253,602

21,203,201

30%

39 HELLENIC DAIRIES SOCIETE ANONYME

FOOD PRODUCTS

113,180,966

281,416,458

149%

6,073,484

20,933,129

245%

40 THESSALONIKI WATER SUPPLY & SEWERAGE CO. S.A.

-

77,376,000

73,030,000

-6%

22,012,000

20,606,000

-6%

41 NEA ODOS SA

MISCELLANEOUS SERVICES

67,229,386

131,193,464

95%

-22,234

20,500,652

0%

42 BP ELLINIKH S.A.

PETROLEUM PRODUCTS

127,462,279

318,003,386

149%

10,648,855

20,124,644

89%

43 DOW HELLAS S.A.

CHEMICAL PRODUCTS

40,355,406

78,625,356

95%

735,470

19,456,268

2545%

44 PROFISOL SA

METAL PRODUCTS

11,850,262

2,527,252

-79%

-985,349

19,382,443

0%

45 THIVON PIPEWORKS S.A.

METAL PRODUCTS

8,222,491

792,626

-90%

-2,215,502

19,374,769

0%

I 90 I

I 91 I

DIAMONDS OF THE GREEK ECONOMY

Turnover 2018

Turnover Change

Pre-Tax Income 2008

Pre-Tax Income 2018

Pre-Tax Income Change

A NEW TIMES SURVEY ON COMPANY RESULTS IN THE PERIOD 2009 - 2018 Turnover 2009

2020

THE “DIAMONDS” OF THE CRISIS

46 IKTINOS HELLAS S.A.

NON-METALLIC MINERALS

16,225,636

53,170,861

228%

1,196,093

18,509,391

1447%

47 PFIZER HELLAS S.A.

PHARMACEUTICALS COSMETICS

411,348,866

226,980,853

-45%

15,002,536

18,480,795

23%

48 ATHENIAN BREWERY SA

SPIRITS

448,302,418

324,700,329

-28%

102,467,248

17,613,007

-83%

49 TOYOTA HELLAS SA

TRANSPORTATION MEANS & SPARE PARTS

425,561,874

213,532,786

-50%

22,707,910

17,285,284

-24%

50 AXA ASFALISTIKI SA

INSURANCE

101,824,000

144,517,000

42%

14,018,000

17,283,000

23%

51 TERNA S.A

-

507,724,000

879,269,000

73%

28,610,000

16,895,000

-41%

52 DSGI SOUTH-EAST EUROPE SA

ELECTRICAL APPLIANCES

488,341,780

531,452,851

9%

18,872,391

16,671,632

-12%

046 - 088

Company Name

Sector

53 COCA - COLA TRIA EPSILON (3E)

SPIRITS

14,920,900

480,700,000

-803,500

16,400,000

0%

54 ATTIKI GAS SUPPLY S.A.

ENERGY

114,537,161

51,144,706

-55%

-18,080,875

15,623,049

0%

55 SIEMENS S.A.

ELECTRICAL SUPPLIES

254,425,204

48,146,940

-81%

-151,200,192

15,505,298

0%

56 PHARMATHEN SA

PHARMACEUTICALS DETERGENTS

89,324,605

178,809,351

100%

10,143,277

15,467,921

52%

57 LAMDA OLYMPIA VILLAGE SA

REAL ESTATE

38,931,634

33,326,079

-14%

22,526,678

15,416,449

-32%

58 INTERAMETICAN ELLINIKI ETAIREIA ASFALISEON ZIMION SA

INSURANCE

170,590,103

147,415,695

_

-1,347,722

15,158,031

0%

59 PIRAEUS LEASING S.A.

LEASING

52,612,000

14,285,000

_

3,503,000

15,053,000

330%

60 PROMETHEUS GAS SA

-

13,720,256

230,283,557

1,346,931

15,037,327

1016%

61 EUROPEAN RELIANCE GENERAL INSURANCE CO S.A.

INSURANCE

114,726,000

_

_

3,663,000

14,941,000

308%

62 HYGEIA ATHENS DIAGNOSTIC & THERAPEUTIC CENTER SA

MEDICAL SERVICES

141,423,841

132,345,000

-6%

18,296,337

14,913,000

-18%

63 ARIVIA S.A.

FOOD PRODUCTS

24,837,449

51,810,589

109%

247,637

14,880,245

5909%

64 G.E.F.Y.R.A. S.A.

TRANSPORT COMPANIES

51,387,656

44,412,931

-14%

18,179,157

14,254,869

-22%

65 KRI-KRI DAIRY INDUSTRY S.A.

FOOD PRODUCTS

38,678,464

94,234,441

144%

3,725,140

14,240,014

282%

66 FIBRAN ANASTASSIADES D. SA

PLASTICS - RUBBER

41,220,096

135,328,703

228%

6,501,825

14,162,721

118%

67 ABC FACTORS S.A.

MISCELLANEOUS SERVICES

17,622,390

18,692,694

6%

10,279,430

14,069,638

37%

68 MASSOUTIS DIAMANTIS SUPERMARKET SA

SUPERMARKET

602,181,000

770,349,000

28%

15,312,000

14,033,000

-8%

69 ZARA HELLAS S.A.

CLOTHING - FOOTWEAR

228,259,230

269,546,944

18%

12,382,081

14,024,490

13%

70 ELECTOR S.A.

MISCELLANEOUS SERVICES

49,073,262

48,753,000

-1%

15,817,592

13,770,000

-13%

71 STAR BEACH S.A.

MISCELLANEOUS SERVICES

4,742,138

40,200,674

748%

-327,210

13,679,825

0%

96,658,758

138,215,108

43%

1,896,647

13,012,875

586%

251,438,514

117,239,524

-53%

36,751,477

12,947,200

-65%

413,208,123

449,969,815

9%

15,367,959

12,802,196

-17%

72 DEMO SA 73 GENESIS PHARMA SA 74 PENTE SA

PHARMACEUTICALS DETERGENTS PHARMACEUTICALS COSMETICS SUPERMARKET

75 PUBLIC PROPERTIES COMPANY S.A.

REAL ESTATE

41,221,699

47,409,633

15%

-131,570,816

12,717,009

0%

76 ATLANTIKA HELLAS SA

HOTELS

20,570,906

37,225,090

81%

2,660,987

12,556,181

372%

77 LAMPSA S.A. HELLENIC HOTELS COMPANY

HOTELS

29,762,000

54,667,000

84%

1,373,000

12,469,000

808%

78 EPIROTIKI BOTTLING COMPANY SA

SPIRITS

67,777,546

74,743,989

10%

9,355,503

12,329,677

32%

79 ATTICA DEPARTMENT STORES S.A.

CLOTHING - FOOTWEAR

102,415,691

181,314,641

77%

5,399,454

12,192,846

126%

80 PAPADOPOULOS E.I. S.A.

FOOD PRODUCTS

116,999,421

157,608,652

35%

14,092,592

12,126,069

-14%

81 INTRACOM TELECOM SA

HOTELS

234,256,000

115,946,506

-51%

-3,888,000

12,104,464

0%

82 KORONAKIS D. S.A.

MISCELLANEOUS PRODUCTS

24,829,778

48,777,456

96%

7,694,806

11,880,686

54%

83 AGROINVEST S.A.

FOOD PRODUCTS

72,419,115

109,240,342

51%

-419,314

11,840,271

0%

84 FAIAX S.A.

HOTELS

21,719,599

65,840,261

203%

229,819

11,543,981

4923%

85 ERNST & YOUNG BUSINESS ADVISORY SOLUTIONS SA

FINANCIAL SERVICES

20,255,010

60,415,467

198%

1,750,588

11,499,976

557%

86 ROLEX HELLAS SA

MISCELLANEOUS PRODUCTS

27,268,432

56,403,897

107%

3,387,401

11,492,743

239%

87 MEDITERRANEA SHIPPING COMPANY HELLAS S.A.

MISCELLANEOUS SERVICES

48,167,268

70,800,971

47%

7,072,194

11,447,696

62%

88 SYSTEMS SUNLIGHT S.A.

HOTELS

99,432,342

107,533,735

8%

-9,567,632

11,173,206

0%

I 92 I

DIAMONDS OF THE GREEK ECONOMY

Turnover 2018

Turnover Change

Pre-Tax Income 2008

Pre-Tax Income 2018

Pre-Tax Income Change

A NEW TIMES SURVEY ON COMPANY RESULTS IN THE PERIOD 2009 - 2018 Turnover 2009

2020

THE “DIAMONDS” OF THE CRISIS

89 NOVARTIS HELLAS S.A

PHARMACEUTICALS COSMETICS

439,853,542

310,566,097

-29%

11,584,398

10,959,666

-5%

90 BIC VIOLEX

MISCELLANEOUS PRODUCTS

131,505,775

170,732,360

30%

12,635,140

10,902,339

-14%

91 ION COCOA & CHOCOLATE MANUFACTURERS SA

FOOD PRODUCTS

106,056,691

108,251,530

2%

4,756,799

10,590,203

123%

92 HOTELS LOUIS S.A.

HOTELS

32,416,384

44,967,171

39%

-911,171

10,548,134

0%

93 B&F SA

CLOTHING

34,646,635

71,184,843

105%

-1,836,886

10,245,245

0%

94 MEGA DISPOSABLES S.A.

PAPER

68,162,791

193,627,300

184%

3,028,174

10,157,761

235%

95 FLEXOPACK SA

PLASTICS - RUBBER

36,346,000

72,424,000

99%

4,022,000

10,148,000

152%

96 AIOLIKI ENERGEIAKH PELOPONNISOY S.A.

ENERGY

5,414,512

23,821,053

340%

500,818

10,045,979

1906%

97 ARAMBATZIS MICH. SA

FOOD PRODUCTS

47,870,748

75,351,000

57%

6,082,566

9,963,000

64%

98 HALKIADAKIS SA

SUPERMARKET

119,521,088

155,276,295

30%

2,179,713

9,896,110

354%

99 NEWREST INFLIGHT SERVICES HELLAS S.A.

089 - 130

Company Name

Sector

FOOD PRODUCTS

11,423,545

53,559,436

369%

-465,145

9,710,333

0%

100 VIVECHROM DR. STEPHANOS D. PATERAS S.A.

CHEMICAL PRODUCTS

61,836,633

61,142,781

-1%

12,189,378

9,694,588

-20%

101 KARATZIS S.A.

MISCELLANEOUS PRODUCTS

47,262,000

69,978,217

48%

3,946,000

9,684,174

145%

102 CARAVEL HOTELS S.A.

HOTELS

32,062,691

38,773,268

21%

2,615,854

9,599,157

267%

103 LANDIS + GYR SA

MISCELLANEOUS PRODUCTS

49,257,188

160,602,049

226%

-423,515

9,561,083

0%

104 AVIN OIL SA

PETROLEUM PRODUCTS

878,791,000

1,171,954,000

33%

2,806,000

9,558,000

241%

PHARMACEUTICALS 105 IPRT INSTITUTE FOR PHARMACEUTICAL RESEARCH & TECHNOLOGY SA COSMETICS

29,858,806

85,723,176

187%

-3,857,722

9,396,740

0%

106 PRICEWATERHOUSECOOPERS BUSINESS SOLUTIONS A.E.

FINANCIAL SERVICES

5,142,609

41,936,426

715%

-214,362

9,343,733

0%

107 BOEHRINGER INGELHEIM HELLAS SA

PHARMACEUTICALS DETERGENTS

267,051,359

325,922,365

22%

10,015,475

9,315,131

-7%

108 OPTIMA S.A.

FOOD TRADE

102,705,640

133,832,819

30%

4,135,567

9,306,937

125%

109 LOUIS VUITTON HELLAS S.A.

CLOTHING - FOOTWEAR

27,700,747

27,413,811

-1%

5,287,228

9,223,988

74%

110 IRON THERMOHLEKTRIKI SA

ENERGY

23,804,000

347,223,000

2,404,000

9,203,000

283%

111 BIOMAR HELLENIC S.A.

FOOD PRODUCTS

38,387,819

67,912,811

77%

212,803

9,135,359

4193%

112 KONSTANTOPOULOS SA '' OLYMP ''

FOOD PRODUCTS

24,173,014

49,085,098

103%

1,154,943

8,956,588

676%

113 FAGE DAIRY INDUSTRY SA

FOOD PRODUCTS

237,990,000

127,800,000

-46%

14,285,000

8,885,000

-38%

114 MEDIPRIME S.A.

SCIENTIFIC & MEDICAL DEVICES

23,447,522

31,836,878

36%

8,355,668

8,832,062

6%

75,069,475

46,239,452

-38%

10,947,274

8,784,859

-20%

186,586,169

120,121,902

-36%

-2,575,152

8,764,719

0%

177,761

8,650,849

4767%

115 SPECIFAR SA 116 FIAT GROUP AUTOMOBILS HELLAS SA

PHARMACEUTICALS DETERGENTS TRANSPORTATION MEANS & SPARE PARTS

117 SIDENOR S.A.

METAL PRODUCTS

1,393,748

389,065,935

118 KALOGIANNIS-KOUTSIKOS S.A.

SPIRITS

7,660,703

16,216,171

112%

463,287

8,625,179

1762%

119 ETHNIKI LEASING S.A.

LEASING

28,427,000

10,529,000

-63%

-2,000

8,497,000

0%

120 BIOKOSMOS S.A.

SCIENTIFIC & MEDICAL DEVICES

10,569,364

17,265,556

63%

633,949

8,482,717

1238%

121 METRO S.A.

SUPERMARKET

668,262,431

1,190,626,027

78%

15,145,330

8,475,460

-44%

122 MERCEDES-BENZ HELLAS S.A.

TRANSPORTATION MEANS & SPARE PARTS

359,715,485

165,868,736

-54%

262,360

8,440,377

3117%

123 M. I. MAILLIS S.A.

METAL PRODUCTS

62,199,635

62,359,000

0%

-34,984,043

8,377,000

0%

124 GOLF REZINTENSIS S.A.

HOTELS

3,311,756

38,127,976

728,290

8,319,994

1042%

125 ΝΟΚΙΑ SIEMENS TILEPIKOINONIAKA DIKTIA HELLAS SA

ELECTRICAL SUPPLIES

86,838,227

114,670,369

32%

1,656,221

8,316,800

402%

126 H AND M HENNES AND MAURITZ S.A.

CLOTHING - FOOTWEAR

45,829,716

154,508,597

237%

-1,370,351

8,287,922

0%

127 KAFEA TERRA FOOD & DRINKS S.A.

FOOD PRODUCTS

12,885,837

65,638,458

409%

2,783,195

8,270,532

197%

128 GLAROS S.A.

PAPER

13,540,968

35,988,748

166%

3,523,440

8,259,516

134%

129 GENEPHARM S.A.

PHARMACEUTICALS DETERGENTS

32,159,168

46,675,553

45%

205,800

8,226,345

3897%

130 AKTOR CONCESSIONS S.A.

HOLDING COMPANIES

8,764,873

1,458,323

-83%

17,641,375

8,216,879

-53%

I 94 I

I 95 I

Turnover Change

Pre-Tax Income 2008

Pre-Tax Income 2018

Pre-Tax Income Change

A NEW TIMES SURVEY ON COMPANY RESULTS IN THE PERIOD 2009 - 2018 Turnover 2018

2020

THE “DIAMONDS” OF THE CRISIS

Turnover 2009

DIAMONDS OF THE GREEK ECONOMY

165,810,016

191,742,308

16%

7,691,177

8,093,389

5%

PETROLEUM PRODUCTS

94,819,989

176,562,021

86%

4,911,456

7,972,195

62%

TELECOMUNICATIONS

203,767,813

346,961,011

70%

4,791,169

7,947,602

66%

169,028,371

148,436,461

-12%

1,800,077

7,933,705

341%

463,100,842

216,874,502

-53%

19,773,612

7,931,180

-60%

Company Name

131 MERCK SHARP & DOHME SA

PHARMACEUTICALS COSMETICS

132 SEKA BUNKERING STATIONS SA 133 OTE GLOBE AE 134 BAYER HELLAS S.A. 135 PROCTER & GAMBLE HELLAS LTD

131 - 171

Sector

PHARMACEUTICALS COSMETICS PHARMACEUTICALS COSMETICS

136 SOYA HELLAS S.A.

FOOD PRODUCTS

292,117,097

276,198,856

-5%

4,427,332

7,897,499

78%

137 INTERCOMM FOODS S.A.

FOOD PRODUCTS

42,494,218

87,524,626

106%

706,905

7,851,641

1011%

138 BANK OF ATTICA SA

BANKS

139 SMYRDEX S.A.

NON-METALLIC MINERALS

140 IBM HELLAS S.A.

_

_

_

12,577,972

7,837,000

-38%

9,011,516

19,785,014

120%

684,045

7,772,674

1036%

OFFICE DEVICES

112,741,000

87,311,000

-23%

16,580,000

7,682,000

-54%

141 ACCENTURE S.A.

MISCELLANEOUS SERVICES

35,330,580

59,178,076

67%

1,403,337

7,631,397

444%

142 PROMETALBAKLI S.A.

METAL PRODUCTS

34,068,512

87,110,259

156%

1,472,148

7,609,788

417%

143 KAFKAS B. S.A.

ELECTRICAL SUPPLIES

70,414,710

149,360,000

112%

4,332,622

7,573,000

75%

144 ATTIKES DIADROMES SA

MISCELLANEOUS SERVICES

62,246,837

57,803,448

-7%

19,750,710

7,223,058

-63%

145 HERMES S.A.

PETROLEUM PRODUCTS

224,982,002

661,911,000

194%

1,822,866

7,000,000

284%

146 TASTY FOODS S.A.

FOOD PRODUCTS

122,191,190

107,147,232

-12%

7,429,155

6,915,713

-7%

147 JOHNSON & JOHNSON HELLAS SA

PHARMACEUTICALS DETERGENTS

191,253,488

103,797,981

-46%

8,270,627

6,883,830

-17%

148 MEGAPLAST S.A.

PLASTICS - RUBBER

13,564,886

31,925,847

135%

1,872,952

6,810,118

264%

149 KAVALA OIL SA

PETROLEUM PRODUCTS

34,026,931

18,328,788

-46%

-2,879,673

6,790,362

0%

150 PETTAS PAVLOS N. S.A.

FOOD PRODUCTS

80,104,159

135,372,617

69%

3,518,740

6,750,836

92%

151 BALAKANAKI BROS SA

FOOD PRODUCTS

33,355,875

46,269,784

39%

349,327

6,657,958

1806%

152 BARBA STATHIS S.A.

FOOD PRODUCTS

697,437

84,249,000

-178,803

6,645,000

0%

153 BARILLA HELLAS SA

FOOD PRODUCTS

80,605,016

73,606,957

-9%

6,787,410

6,605,167

-3%

154 INTRACOM CONSTRUCT S.A. "INTRAKAT"

-

152,179,849

227,824,507

50%

4,188,383

6,518,885

56%

155 MOUSTAKAS G. N. SA

MISCELLANEOUS PRODUCTS

22,237,663

55,508,212

150%

1,607,817

6,494,628

304%

156 H. B. BODY SA

CHEMICAL PRODUCTS

43,442,708

33,866,127

-22%

10,469,547

6,494,004

-38%

157 IMPERIAL TOBACCO HELLAS S.A.

CIGARETTE TRADE

93,196,610

359,765,882

286%

9,473,024

6,438,958

-32%

158 HUAWEI TECHNOLOGIES SA

ELECTRICAL SUPPLIES

31,504,332

185,800,989

490%

2,082,242

6,332,818

204%

159 LUXOTTICA HELLAS S.A.

MISCELLANEOUS PRODUCTS

48,889,551

25,165,699

-49%

13,431,249

6,328,064

-53%

7,930,433

28,628,249

261%

400,621

6,293,955

1471%

22,243,885

55,857,246

151%

479,151

6,200,110

1194%

132,891,048

95,519,441

-28%

14,574,166

6,069,005

-58%

FOOD PRODUCTS

62,373,672

63,278,207

1%

4,687,785

6,048,666

29%

164 PLAISIO COMPUTERS S.A.

OFFICE DEVICES

386,559,000

302,741,000

-22%

8,055,000

6,040,000

-25%

165 APIVITA SA

PHARMACEUTICALS DETERGENTS

27,379,297

43,623,167

59%

2,601,252

6,018,742

131%

166 KNAUF S.A.

NON-METALLIC MINERALS

47,535,867

47,982,359

1%

13,805,085

5,981,713

-57%

167 PHARMASERVE LILLY S.A.

PHARMACEUTICALS COSMETICS

218,848,716

92,646,618

-58%

19,356,944

5,941,506

-69%

168 CHITOS S.A.

SPIRITS

46,785,010

52,147,936

11%

5,912,393

5,911,082

-0%

169 GREGORY'S MIKROGEVMATA S.A.

FOOD PRODUCTS

41,806,170

41,039,446

-2%

-471,162

5,869,248

0%

170 AMVYX S.A.

SPIRITS TRADE

47,734,103

121,651,605

155%

439,341

5,857,784

1233%

171 AGRIFREDA S.A.

FOOD PRODUCTS

9,060,547

35,382,114

291%

1,256,544

5,841,061

365%

160 COPER S.A. 161 IAPONIKI SA 162 ELPEN PHARMACEUTICAL SA 163 MELISSA KIKIZAS S.A.

I 96 I

PHARMACEUTICALS DETERGENTS TRANSPORTATION MEANS & SPARE PARTS PHARMACEUTICALS DETERGENTS

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172 - 215

174 FAMAR HEALTH CARE SERVICES

Pre-Tax Income Change

173 HYUNDAI HELLAS S.A.

FOOD PRODUCTS TRANSPORTATION MEANS & SPARE PARTS PHARMACEUTICALS DETERGENTS

Pre-Tax Income 2018

172 MONDELEZ HELLAS S.A.

Sector

Pre-Tax Income 2008

Company Name

Turnover Change

A NEW TIMES SURVEY ON COMPANY RESULTS IN THE PERIOD 2009 - 2018 Turnover 2018

2020

THE “DIAMONDS” OF THE CRISIS

Turnover 2009

DIAMONDS OF THE GREEK ECONOMY

147,314,597

116,247,140

-21%

20,094,835

5,837,141

-71%

150,205,020

60,547,306

-60%

-1,471,793

5,831,311

0%

120,410,248

131,270,565

9%

1,493,436

5,826,673

290%

175 CALIN S.A.

CLOTHING - FOOTWEAR

37,283,654

51,795,410

39%

4,185,950

5,777,325

38%

176 ATHENS MEDICAL S.A.

MEDICAL SERVICES

279,396,927

176,623,000

-37%

8,261,145

5,725,000

-31%

177 JOTIS S.A.

FOOD PRODUCTS

69,964,001

76,455,421

9%

6,978,490

5,675,316

-19%

178 POLYEKO S.A.

MISCELLANEOUS PRODUCTS

16,376,103

21,170,907

29%

3,467,113

5,660,888

63%

179 SCHUR FLEXIBLES ABR S.A.

PLASTICS - RUBBER

27,968,047

57,643,029

106%

767,219

5,613,656

632%

180 HARITOPOULOS D.N. S.A.

NON-METALLIC MINERALS

5,202,992

8,159,209

57%

2,988,571

5,577,399

87%

181 DIAXON S.A.

PLASTICS - RUBBER

15,014,000

15,304,000

2%

3,690,000

5,560,000

51%

182 KARYDAKIS ST. GRAPHIC ARTS SA

PUBLICATIONS - PRINTING

10,310,362

23,487,390

128%

1,022,847

5,554,770

443%

183 ELECTRA S.A.

HOTELS

8,218,242

10,622,772

29%

2,094,730

5,481,910

162%

184 COSCO SHIPPING LINES HELLAS SA

TRANSPORT COMPANIES

7,693,713

54,265,320

605%

451,108

5,417,357

1101%

185 ESPERIA S.A.

HOTELS

26,384,081

38,582,972

46%

-677,093

5,376,110

0%

186 NBG ASSET MANAGEMENT SA

FINANCIAL SERVICES

30,740,142

8,660,518

-72%

9,754,433

5,326,689

-45%

187 ASEA BROWN BOVERI SA

HOTELS

114,949,361

117,555,554

2%

2,840,648

5,268,989

85%

188 SAP HELLAS S.A.

INFORMATION TECHNOLOGY

32,137,408

41,662,610

30%

2,716,943

5,248,242

93%

189 ELLINIKOI HYMOI S.A.

SPIRITS

8,413,696

26,291,181

212%

761,456

5,214,990

585%

190 LEADER S.A.

FOOD TRADE

44,843,814

70,816,788

58%

2,000,257

5,212,069

161%

191 FREZYDERM SA

PHARMACEUTICALS DETERGENTS

15,034,003

39,687,677

164%

450,606

5,179,383

1049%

192 LAVA MINING & QUARRYING S.A.

MINES

7,907,000

12,489,000

58%

-202,000

5,100,000

0%

193 ISOMAT S.A.

CHEMICAL PRODUCTS

32,464,299

57,426,132

77%

4,703,944

5,094,590

8%

194 TELMACO SA

ELECTRICAL SUPPLIES

17,684,610

30,959,637

75%

88,196

5,085,608

5666%

195 BEIERSDORF HELLAS S.A.

PHARMACEUTICALS COSMETICS

63,108,590

39,680,977

-37%

8,927,703

5,080,946

-43%

196 STELLA BEACH S.A.

HOTELS

5,071,520

18,361,514

262%

-62,936

5,017,750

0%

197 FRIGO STAHL S.A.

-

30,330,830

30,016,085

-1%

4,315,429

4,983,618

15%

198 SUNWING HOTELS HELLAS S.A.

HOTELS

12,669,566

16,049,089

27%

1,787,442

4,973,864

178%

199 THEODOROU AUTOMATION S.A.

MACHINERY

10,037,154

19,268,522

92%

1,431,683

4,959,765

246%

200 ALCHIMICA S.A.

CHEMICAL PRODUCTS

16,573,007

40,265,296

143%

2,871,588

4,955,136

73%

201 ATRIUM PALACE S.A.

HOTELS

7,400,676

19,090,299

158%

-1,588,592

4,924,161

0%

202 PPC RENEWABLES S.A.

ENERGY

23,101,732

26,293,197

14%

6,500,020

4,917,676

-24%

203 PULL AND BEAR SA

CLOTHING - FOOTWEAR

38,381,593

53,708,448

40%

1,650,859

4,904,771

197%

204 NITSIACOS TH. S.A.

FOOD PRODUCTS

115,206,272

346,936,600

201%

238,043

4,875,333

1948%

205 HEMPEL COATINGS ( HELLAS ) S.A.

CHEMICALS - PAINTS

20,807,866

31,467,085

51%

439,769

4,767,321

984%

206 DEAS S.A.

FOOD PRODUCTS

19,659,465

43,649,379

122%

460,933

4,764,376

934%

207 ANTIPOLLUTION S.A.

MISCELLANEOUS SERVICES

12,788,515

17,666,398

38%

2,346,407

4,762,787

103%

208 ELVIAL SA

METALLURGY

33,736,711

74,546,274

121%

1,473,916

4,757,735

223%

209 ELTON INTERNATIONAL COMMERCE S.A.

CHEMICALS - PAINTS

52,933,158

85,678,302

62%

3,017,522

4,739,834

57%

210 GYALOU SA

REAL ESTATE

_

6,306,760

_

-11,577

4,737,377

0%

211 HATZILAZAROU J. S.A.

HOTELS

10,680,292

23,211,893

117%

1,460,228

4,636,645

218%

212 PRODROMOS PAVLIDIS S.A.

FOOD PRODUCTS

40,637,100

60,263,133

48%

2,195,222

4,609,543

110%

213 KTISTOR S.A.

-

20,074,388

21,135,521

5%

625,348

4,604,332

636%

214 HOUSE MARKET SA

FURNITURE - RUGS - LIGHTING

297,204,416

193,064,000

-35%

38,005,964

4,591,000

-88%

215 ATLAS TAPES S.A.

PLASTICS - RUBBER

31,488,290

78,694,876

150%

-989,767

4,562,331

0%

I 98 I

I 99 I

DIAMONDS OF THE GREEK ECONOMY

Turnover 2018

Turnover Change

Pre-Tax Income 2008

Pre-Tax Income 2018

Pre-Tax Income Change

A NEW TIMES SURVEY ON COMPANY RESULTS IN THE PERIOD 2009 - 2018 Turnover 2009

2020

THE “DIAMONDS” OF THE CRISIS

216 HELLENIC TOURIST & HOTEL ENTERP. OF KRITI SA '' APOLLONIA ''

HOTELS

9,078,957

15,452,401

70%

-2,211,786

4,530,251

0%

217 GRECIAN MAGNESITE SA

MINES

29,504,121

43,430,669

47%

2,678,691

4,526,092

69%

218 PET CITY SA

MISCELLANEOUS PRODUCTS

17,160,679

35,385,332

106%

702,087

4,523,935

544%

219 PALIRROIA SOULIOTIS S.A.

FOOD PRODUCTS

21,458,775

43,009,324

100%

1,978,274

4,478,780

126%

220 ARITI SA

SCIENTIFIC & MEDICAL DEVICES

25,150,506

27,246,639

8%

1,931,852

4,465,083

131%

221 SWISSPORT AVIAREPS HELLAS SA

TRANSPORT COMPANIES

14,850,649

30,335,952

104%

4,066,759

4,456,310

10%

222 XRYSH EYKAIRIA EKDOSEIS S.A.

NEWSPAPERS - MAGAZINES

24,610,000

5,870,468

-76%

539,000

4,432,071

722%

223 COSMOTE Ε-VALUE S.A

MISCELLANEOUS SERVICES

13,951,000

94,451,000

577%

-82,000

4,427,000

0%

224 COLGATE PALMOLIVE HELLAS S.A.

PHARMACEUTICALS DETERGENTS

23,345,319

20,449,836

-12%

26,201,706

4,397,236

-83%

225 DIMITROKALIS K. S.A.

HOTELS

4,233,661

10,326,933

144%

1,724,096

4,374,677

154%

216 - 258

Company Name

Sector

226 GEKE S.A.

HOTELS

12,486,769

11,069,684

-11%

6,849,770

4,326,903

-37%

227 MULTY FOAM S.A.

PLASTICS - RUBBER

26,402,228

27,840,307

5%

5,113,421

4,295,425

-16%

228 BETA CAE SYSTEMS S.A.

MISCELLANEOUS SERVICES

16,234,077

27,935,512

72%

6,582,842

4,282,098

-35%

229 ALFA AGRICULTURAL SUPPLIES S.A.

CHEMICALS - PAINTS

26,871,284

51,570,158

92%

556,538

4,280,863

669%

230 KALYPSO S.A.

PETROLEUM PRODUCTS

75,662,000

428,215,000

466%

1,981,000

4,275,000

116%

231 TEOREN MOTORS S.A.

TRANSPORTATION MEANS & SPARE PARTS

113,229,767

73,237,008

-35%

786,168

4,258,454

442%

232 ACHINOPODI SA

HOTELS

3,990,037

8,876,652

122%

53,455

4,256,383

7863%

233 YARA HELLAS S.A.

CHEMICALS - PAINTS

64,934,623

83,990,940

29%

1,937,339

4,240,844

119%

234 MONOTEZ S.A.

PLASTICS - RUBBER

46,486,294

78,438,675

69%

134,361

4,210,236

3034%

235 ALBERTA S.A.

SPIRITS

13,143,301

3,693,601

-72%

-860,706

4,205,456

0%

236 FANIS A. MEGARA RESINS S.A.

CHEMICAL PRODUCTS

15,861,214

54,877,469

246%

1,977,494

4,202,304

113%

237 LOUX MARLAFEKAS S.A.

SPIRITS

19,401,953

34,490,787

78%

3,489,592

4,188,998

20%

238 VITOYANNIS BROS ASTIR S.A.

METAL PRODUCTS

14,619,599

20,406,362

40%

1,214,132

4,180,305

244%

239 PERSEUS SPECIAL NUTRITION PRODUCTS S.A.

FOOD PRODUCTS

58,033,881

45,750,848

-21%

1,809,337

4,170,753

131%

240 AS COMPANY S.A.

MISCELLANEOUS PRODUCTS

25,063,716

25,609,118

2%

3,472,659

4,161,945

20%

241 KONSTANTINIDIS BROS S.A.

METAL PRODUCTS

9,407,436

42,946,150

357%

742,203

4,141,508

458%

242 THRACE NONWOVENS & GEOSYNTHETICS S.A.

TEXTILE INDUSTRY

17,432,278

102,383,000

487%

475,515

4,137,000

770%

243 THE MARGI S.A.

HOTELS

4,506,093

10,045,058

123%

232,800

4,136,917

1677%

244 KARALIS S.A.

FOOD PRODUCTS

17,338,892

31,618,809

82%

187,778

4,028,122

2045%

245 XEROX HELLAS S.A.

OFFICE DEVICES

41,186,534

29,987,547

-27%

3,848,779

4,025,928

5%

246 VEAL S.A.

ENERGY

11,130,429

16,116,724

45%

4,679,021

3,983,165

-15%

247 DIAKOFTIS SA

HOTELS

5,342,745

8,325,645

56%

115,372

3,958,094

3331%

34,888,662

-4%

4,610,794

3,955,830

-14%

2,186,486,766 233%

4,910,000

3,935,344

-20%

248 ENORASIS SA

SCIENTIFIC & MEDICAL DEVICES

36,286,636

249 ELINOIL S.A.

PETROLEUM PRODUCTS

656,396,000

250 GEROLYMATOS INTERNATIONAL S.A. 251 ABBOTT LABORATORIES HELLAS SA 252 SARANTIS G. SA 253 DANAIS SA

PHARMACEUTICALS DETERGENTS PHARMACEUTICALS COSMETICS PHARMACEUTICALS DETERGENTS

6,886,000

32,283,368

369%

-7,489,000

3,933,504

0%

191,349,982

41,040,072

-79%

13,861,798

3,919,851

-72%

101,703,624

135,575,845

33%

1,885,293

3,889,767

106%

FOOD PRODUCTS

15,986,838

27,854,137

74%

1,231,071

3,884,579

216%

254 SOYA MILLS SA

FOOD PRODUCTS

201,346,681

206,308,299

2%

2,986,210

3,875,832

30%

255 IOAKEIMIDIS G. S.A.

CLOTHING - FOOTWEAR

5,411,425

20,559,924

280%

902,384

3,860,590

328%

256 HOTOS S.A.

FOOD PRODUCTS

12,982,705

23,767,306

83%

1,157,692

3,856,324

233%

257 ENOSI SOULTANOPARAGOGON CRETE S.A.

REAL ESTATE

499,579

1,955,629

291%

-129,648

3,850,414

0%

258 SPOT THOMPSON S.A.

ADVERTISING COMPANIES

49,656,461

47,502,767

-4%

2,070,247

3,840,123

85%

I 100 I

DIAMONDS OF THE GREEK ECONOMY

97,476,969

72,360,638

-26%

260 EDIL HELLAS S.A.

-

13,067,684

33,386,389

155%

261 PETROPOULOS P. S.A.

MACHINERY

83,132,000

93,897,000

13%

262 SEVEN STARS S.A.

HOTELS

11,785,923

20,409,173

73%

263 DAIDALOS S.A.

HOTELS

8,621,915

16,495,517

264 ATLANTIDA SA

HOTELS

4,803,364

265 ZEUS SA

HOTELS

266 GORGOLIS S.A.

259 - 301

267 AHI CARRIER SOUTH EAST EUROPE S.A.

TRANSPORTATION MEANS & SPARE PARTS SANITATION - AIR CONDITIONING

Pre-Tax Income Change

TRAVEL AGENTS

Sector

Pre-Tax Income 2018

Turnover Change

259 TUI HELLAS S.A.

Company Name

Pre-Tax Income 2008

Turnover 2018

A NEW TIMES SURVEY ON COMPANY RESULTS IN THE PERIOD 2009 - 2018 Turnover 2009

2020

THE “DIAMONDS” OF THE CRISIS

1,832,030

3,838,432

110%

440,866

3,824,961

768%

2,543,000

3,814,000

50%

-2,027,187

3,801,144

0%

91%

-382,412

3,741,675

0%

15,061,923

214%

16,103

3,704,184

22903%

2,905,880

9,506,428

227%

7,339

3,699,854

50314%

20,259,054

25,986,090

28%

3,301,853

3,688,899

12%

46,463,043

57,863,000

25%

82,607

3,686,000

4362%

268 SIEMENS HEALTHCARE SA

SCIENTIFIC & MEDICAL DEVICES

21,064,339

52,740,021

150%

-754,431

3,682,673

0%

269 UNI-PHARMA KLEON TSETIS SA

PHARMACEUTICALS DETERGENTS

28,388,604

60,857,794

114%

3,019,998

3,677,388

22%

270 MARKS AND SPENCER-MARINOPOULOS S.A.

CLOTHING - FOOTWEAR

104,464,386

55,750,554

-47%

-787,809

3,667,204

0%

271 OLYMPIA ELECTRONICS SA

ELECTRICAL APPLIANCES

11,667,627

18,889,943

62%

902,272

3,666,877

306%

272 GALAXIDI MARINE FARM S.A.

FOOD PRODUCTS

22,250,718

47,624,819

114%

517,340

3,664,624

608%

273 RAVAGO HELLAS BUILDING SOLUTIONS S.A.

CONSTRUCTION MATERIALS

32,722,164

26,332,273

-20%

2,059,938

3,656,592

78%

274 TRACHE PLASTICS PACK S.A.

PLASTICS - RUBBER

32,755,332

50,607,405

55%

1,491,887

3,651,905

145%

275 TETRA PAK HELLAS SA

MACHINERY

46,232,434

50,122,000

8%

1,740,757

3,646,000

109%

276 FOKAS G. BROS SA

CLOTHING - FOOTWEAR

1,209,328

1,573,972

30%

438,964

3,640,400

729%

277 INTERBANKING SYSTEMS "DIAS" S.A.

FINANCIAL SERVICES

9,783,384

11,880,234

21%

4,269,327

3,631,753

-15%

278 ADIDAS HELLAS S.A.

CLOTHING - FOOTWEAR

86,684,026

115,835,101

34%

-6,970,215

3,629,519

0%

279 HOSPITAL LINE S.A.

SCIENTIFIC & MEDICAL DEVICES

31,939,450

15,609,141

-51%

7,218,706

3,616,774

-50%

280 EUROPEAN DYNAMICS S.A.

INFORMATION TECHNOLOGY

34,197,239

19,742,005

-42%

3,220,044

3,611,659

12%

281 ALPHA ASSET MANAGEMENT SA

MISCELLANEOUS SERVICES

27,640,577

19,048,467

-31%

5,585,523

3,579,258

-36%

282 GATENIO D. S. & SON SA

FOOD TRADE

15,455,417

33,067,928

114%

3,697,284

3,561,248

-4%

283 ESSITY HELLAS S.A.

PHARMACEUTICALS COSMETICS

55,201,580

33,686,715

-39%

2,120,512

3,554,534

68%

284 PRINTEC SA

OFFICE DEVICES

13,537,666

35,772,672

164%

230,301

3,551,277

1442%

285 LOULIS MILLS S.A.

FOOD PRODUCTS

88,050,923

91,885,260

4%

6,163,412

3,550,628

-42%

286 GERMANOS S.A.

MOBILE TELEPHONY

677,598,000

297,761,000

-56%

5,404,000

3,549,000

-34%

11,853,648

12,205,752

3%

5,471,020

3,545,904

-35%

_

4,288,000

_

6,325,000

3,534,000

-44%

287 ALPHA ASTIKA AKINITA S.A.

REAL ESTATE

288 FOURLIS HOLDINGS SA

HOLDING COMPANIES

289 VENETIS S.A.

FOOD PRODUCTS

15,029,042

40,668,041

171%

647,073

3,524,054

445%

290 HONDOS ATHNH S.A.

PHARMACEUTICALS COSMETICS

83,420,303

53,354,771

-36%

4,833,002

3,521,335

-27%

291 ALOUMINION THASSALINOS S.A.

MISCELLANEOUS PRODUCTS

14,766,845

24,033,949

63%

1,114,503

3,518,694

216%

292 DIAKOMICHALIS S.A.

HOTELS

3,498,865

9,663,874

176%

-437,508

3,511,238

0%

293 R.E.X.E.KA. S.A.

HOTELS

7,169,031

11,277,982

57%

-1,434,984

3,493,721

0%

294 VRIKO S.A.

METALS

22,132,351

50,035,288

126%

1,202,307

3,493,234

191%

295 OFC S.A.

MISCELLANEOUS SERVICES

9,792,172

9,987,949

2%

2,375,231

3,492,229

47%

296 TRASTOR SA

REAL ESTATE

6,117,102

5,577,628

-9%

4,486,440

3,490,039

-22%

297 MYRTEA SA

PETROLEUM PRODUCTS

184,691,390

308,232,000

67%

2,965,191

3,487,000

18%

298 ASTERAS SA

HOTELS

3,521,880

6,796,250

93%

218,344

3,486,651

1497%

299 IRIDA S.A.

FOOD PRODUCTS

38,095,905

68,472,164

80%

2,353,843

3,473,847

48%

300 PRICEWATERHOUSE COOPERS SA

MISCELLANEOUS SERVICES

30,422,565

35,640,185

17%

4,181,892

3,471,668

-17%

301 BMW HELLAS SA

TRANSPORTATION MEANS & SPARE PARTS

238,308,908

139,564,939

-41%

2,908,399

3,459,552

19%

I 102 I

I 103 I

Pre-Tax Income 2008

Pre-Tax Income 2018

302 LUNCHEON MEAT OF EVROS S.A.

FOOD PRODUCTS

31,680,373

49,016,172

55%

3,493,773

3,455,263

-1%

303 HATZILAZAROU J. & E. S.A.

HOTELS

6,388,581

14,386,824

125%

225,178

3,449,835

1432%

304 BAZAAR SA

SUPERMARKET

98,815,704

168,955,011

71%

252,752

3,421,410

1254%

305 TUPPERWARE HELLAS SA

PLASTICS - RUBBER

42,228,071

38,302,154

-9%

6,138,236

3,403,254

-45%

306 MEDICON HELLAS S.A.

SCIENTIFIC & MEDICAL DEVICES

15,140,642

12,249,859

-19%

2,420,877

3,377,026

39%

302 - 344

Company Name

Sector

Pre-Tax Income Change

Turnover Change

A NEW TIMES SURVEY ON COMPANY RESULTS IN THE PERIOD 2009 - 2018 Turnover 2018

2020

THE “DIAMONDS” OF THE CRISIS

Turnover 2009

DIAMONDS OF THE GREEK ECONOMY

307 KAMARIDIS S.A.

METAL PRODUCTS

34,783,832

52,847,253

52%

1,262,949

3,370,304

167%

308 STRADIVARIOUS HELLAS S.A.

CLOTHING - FOOTWEAR

25,480,171

48,990,450

92%

-348,560

3,354,079

0%

309 ATHENS AIRPORT HOTEL COMPANY S.A.

HOTELS

15,703,451

20,350,642

30%

1,056,479

3,338,138

216%

310 EURIMAC S.A.

FOOD PRODUCTS

20,700,707

31,365,349

52%

3,574,157

3,306,864

-7%

311 IONIAN HOLDINGS SA

HOLDING COMPANIES

5,110,254

2,455,684

-52%

5,009,112

3,270,071

-35%

312 INTRACOM DEFENSE ELECTRONICS SA

HOTELS

43,236,819

59,770,105

38%

624,228

3,258,480

422%

313 MICROSOFT HELLAS SA

INFORMATION TECHNOLOGY

33,631,485

37,929,624

13%

7,221,383

3,253,918

-55%

314 MITERA MATERNITY CLINIC & SURGICAL CENTER SA

MEDICAL SERVICES

94,609,141

67,239,269

-29%

17,024,021

3,246,331

-81%

315 HOTELS ILEKTRA S.A.

HOTELS

5,629,511

7,646,095

36%

597,706

3,236,702

442%

316 MAVROGENIS ANASTASIOS S.A.

SCIENTIFIC & MEDICAL DEVICES

86,409,431

90,373,459

5%

16,168,252

3,231,535

-80%

317 KNAUF AQUAPANEL S.A.

NON-METALLIC MINERALS

12,317,592

17,000,427

38%

713,135

3,200,902

349%

318 GEORGAKOPOULOS G.B. S.A.

TRANSPORTATION MEANS & SPARE PARTS

22,433,177

20,721,229

-8%

1,370,381

3,192,557

133%

319 VICKO S.A.

FURNITURE - RUGS - LIGHTING

13,494,186

26,273,132

95%

685,152

3,154,118

360%

320 HENKEL HELLAS S.A.

PHARMACEUTICALS DETERGENTS

63,172,590

91,842,710

45%

3,037,320

3,151,220

4%

321 AIOLIKI PANACHAIKOU S.A.

ENERGY

6,891,687

10,217,474

48%

957,000

3,149,985

229%

322 KAOUSSIS A. S.A.

TRANSPORTATION MEANS

36,826,272

29,460,581

-20%

5,515,893

3,117,714

-43%

323 ELECTRA S.A.

HOTELS

10,273,632

11,866,054

16%

864,323

3,102,823

259%

324 ASTRON CHEMICALS S.A.

CHEMICALS - PAINTS

23,032,730

41,821,573

82%

258,769

3,098,107

1097%

325 DICHEM CHIMIKA S.A.

CHEMICALS - PAINTS

9,594,573

18,262,039

90%

552,398

3,097,974

461%

326 CEPHALONIAN FISHERIES S.A.

FOOD PRODUCTS

20,071,937

32,000,711

59%

631,503

3,090,391

389%

METAL PRODUCTS

7,789,526

11,008,489

41%

316,413

3,081,231

874%

228,275,456

95,833,396

-58%

12,078,496

3,075,708

-75%

376,865,080

241,550,382

-36%

63,661,044

3,072,265

-95%

327 ETIL S.A. 328 OPEL HELLAS S.A. 329 VIANEX SA

TRANSPORTATION MEANS & SPARE PARTS PHARMACEUTICALS DETERGENTS

330 BREWERY MAKEDONIAS - THRAKIS S.A.

SPIRITS

10,246,472

23,963,370

134%

32,473

3,071,247

9358%

331 OKAA SA

MISCELLANEOUS SERVICES

7,859,119

15,543,470

98%

713,400

3,071,115

330%

332 ANEDIK KRITIKOS S.A.

SUPERMARKET

55,962,132

256,416,295

358%

623,144

3,066,209

392%

333 INTERSPORT ATHLETICS S.A.

CLOTHING - FOOTWEAR

68,035,466

111,036,000

63%

7,696,278

3,051,000

-60%

334 HELLINIKI LEGRAND S.A.

ELECTRICAL SUPPLIES

35,347,707

24,467,190

-31%

4,267,912

3,048,507

-29%

335 METAXAS S. & E. & A. S.A.

SPIRITS

30,367,403

23,268,859

-23%

8,041,564

3,046,999

-62%

336 MAKIOS S.A.

TRANSPORT COMPANIES

22,343,047

35,407,373

58%

-770,488

3,044,581

0%

337 GLAXOSMITHKLINE SA

PHARMACEUTICALS COSMETICS

298,408,085

132,069,800

-56%

19,532,418

3,040,255

-84%

338 AEGEON S.A.

HOTELS

6,033,386

9,847,027

63%

797,560

3,037,484

281%

339 KANAKIS STELIOS S.A.

FOOD TRADE

18,588,411

20,182,368

9%

2,589,495

3,000,021

16%

340 MENARINI HELLAS SA

PHARMACEUTICALS COSMETICS

46,380,909

55,097,988

19%

8,067,544

2,992,121

-63%

341 GLEOUDIS N. '' KAVEX '' S.A.

TOBACCO PROCESSING

26,875,967

32,555,941

21%

2,253,470

2,988,018

33%

342 NEOKEM SA

CHEMICAL PRODUCTS

14,595,622

20,800,218

43%

245,579

2,972,803

1111%

343 HEWLETT PACKARD HELLAS Ltd.

OFFICE DEVICES

70,377,231

44,123,301

-37%

6,483,966

2,971,816

-54%

344 TEAB S.A.

HOTELS

11,869,470

23,304,612

96%

388,535

2,956,551

661%

I 104 I

DIAMONDS OF THE GREEK ECONOMY

Turnover 2018

Turnover Change

Pre-Tax Income 2008

Pre-Tax Income 2018

Pre-Tax Income Change

A NEW TIMES SURVEY ON COMPANY RESULTS IN THE PERIOD 2009 - 2018 Turnover 2009

2020

THE “DIAMONDS” OF THE CRISIS

345 MASSIMO DUTTI HELLAS S.A.

CLOTHING - FOOTWEAR

24,181,711

35,300,151

46%

-11,998

2,952,859

0%

346 TSAKIRIS - MALLAS S.A.

CLOTHING - FOOTWEAR

25,133,785

24,624,462

-2%

3,048,503

2,951,913

-3%

347 AMOIRIDIS - SAVVIDIS S.A.

SANITATION - AIR CONDITIONING

37,708,311

30,903,028

-18%

1,298,401

2,951,567

127%

348 MAGEIRAS Β. SA

SCIENTIFIC & MEDICAL DEVICES

18,394,583

11,795,544

-36%

3,828,859

2,941,143

-23%

349 TSAKTSARLIS B. E. GEROVASILEIOU SA

SPIRITS

5,928,236

8,731,681

47%

1,448,523

2,937,095

103%

350 E. DONTA S.A.

HOTELS

941,290

5,338,275

467%

-424,879

2,919,605

0%

351 KOUKOUTARIS A. '' ALFA '' S.A.

FOOD PRODUCTS

19,123,077

31,727,833

66%

1,741,906

2,911,973

67%

20,226,662

32,604,777

61%

139,020

2,910,479

1994%

35,072,252

81,267,114

132%

799,638

2,879,584

260%

Company Name

352 G.A.P. SA

345 - 386

353 RAFARM SA

Sector

PHARMACEUTICALS DETERGENTS PHARMACEUTICALS DETERGENTS

354 NENDOS ST. "SELECT BAKERY" SA

FOOD PRODUCTS

18,406,094

20,676,393

12%

4,549,790

2,869,683

-37%

355 PERSEFS SA

MEDICAL SERVICES

89,612,504

89,076,413

-1%

3,943,106

2,848,623

-28%

356 DODONI S.A.

FOOD PRODUCTS

102,434,000

105,776,375

3%

1,997,000

2,832,690

42%

357 EXTRACO S.A.

CHEMICALS - PAINTS

14,418,745

16,061,907

11%

1,983,346

2,812,034

42%

358 MEGAS GYROS A.E.

FOOD PRODUCTS

10,402,471

30,050,585

189%

1,023,412

2,808,529

174%

359 GOLDAIR GOLEMIS SA

TOURISM ENTERPRISES

6,930,008

2,736,298

-61%

323,445

2,789,981

763%

360 VIACAR S.A.

TRANSPORTATION MEANS & SPARE PARTS

13,514,186

33,022,735

144%

485,323

2,787,848

474%

361 TEKA SYSTEMS S.A.

INFORMATION TECHNOLOGY

14,720,192

21,755,596

48%

2,139,795

2,780,626

30%

362 BOLTON HELLAS SA

PHARMACEUTICALS DETERGENTS

79,861,715

28,209,407

-65%

9,442,664

2,778,861

-71%

363 TORRE Ε. GLATZOUNIS S.A.

FOOD TRADE

17,853,999

23,532,729

32%

1,793,853

2,770,736

54%

364 FORD MOTOR HELLAS S.A.

TRANSPORTATION MEANS & SPARE PARTS

265,908,685

91,777,920

-65%

17,542,962

2,765,926

-84%

365 MEVGAL S.A.

FOOD PRODUCTS

183,987,362

111,794,000

-39%

1,576,979

2,751,000

74%

366 MARMOR SG "STONE GROUP INTERNATIONAL" S.A.

NON-METALLIC MINERALS

16,130,567

28,479,643

77%

1,941,678

2,749,914

42%

367 POWER HEALTH HELLAS S.A.

FOOD TRADE

18,325,247

12,229,668

-33%

6,435,635

2,740,283

-57%

368 AEGEAN COASTS S.A.

HOTELS

5,033,292

13,248,727

163%

157,814

2,730,575

1630%

369 DIL FASHION GROUP S.A.

CLOTHING - FOOTWEAR

2,626,015

13,389,653

410%

276,356

2,720,297

884%

370 KANAVA SA

HOTELS

4,839,821

11,514,383

138%

275,786

2,718,843

886%

371 INTERAMERIKAN ELLINIKI ASFALISTIKI ETAIREIA ZOIS SA

INSURANCE

223,247,210

159,260,545

-29%

11,788,247

2,713,009

-77%

372 CRETAN HOLIDAYS BADOUVAS Κ. S.A.

TRAVEL AGENTS

21,134,237

109,616,421

419%

-807,775

2,705,056

0%

373 MOUSSAMAS BROS S.A. (ATHENS HOLIDAY INN)

HOTELS

13,851,897

14,487,935

5%

-478,225

2,672,320

0%

374 N. SAKELLARIS S.A.

CLOTHING - FOOTWEAR

3,245,844

9,646,678

197%

313,864

2,668,388

750%

375 WOOD WELL ZYMARIDIS M. S.A.

FURNITURE - RUGS - LIGHTING

15,899,703

22,676,290

43%

1,473,879

2,654,821

80%

376 GIANNIS S.A.

FOOD PRODUCTS

14,518,391

13,157,638

-9%

1,166,110

2,649,662

127%

377 KRESTAINITIS E. S.A.

HOTELS

3,696,543

11,078,393

200%

-623,731

2,630,226

0%

378 SEFKO ZEELANDIA S.A

FOOD PRODUCTS

12,308,759

19,332,555

57%

1,213,812

2,626,417

116%

379 MARE SA

HOTELS

2,379,759

6,791,553

185%

264,040

2,624,799

894%

380 KONTARATOU J. & F. S.A.

SUPERMARKET

13,790,361

30,401,947

120%

307,547

2,624,090

753%

381 VF HELLAS L.T.D.

CLOTHING - FOOTWEAR

16,422,044

7,329,474

-55%

1,244,206

2,611,860

110%

382 JANSSEN - CILAG PHARMACEUTICAL SAIC

PHARMACEUTICALS COSMETICS

151,344,828

109,703,886

-28%

4,905,135

2,597,927

-47%

383 TEXNIKI ENERGEIAKI SA

ENERGY

5,740,726

4,328,369

-25%

3,352,184

2,584,957

-23%

384 ENERGEIAKI SERBOUNIOU SA

ENERGY

5,428,000

4,972,000

-8%

2,282,000

2,578,000

13%

385 HERSONISSOS S.A.

HOTELS

7,862,932

12,700,709

62%

-154,742

2,575,443

0%

386 PIONEER HI-BRED HELLAS SA

MISCELLANEOUS PRODUCTS

22,859,972

31,278,304

37%

-600,041

2,571,865

0%

I 106 I

I 107 I

DIAMONDS OF THE GREEK ECONOMY

Turnover Change

Pre-Tax Income 2008

Pre-Tax Income 2018

387 XENOS CHR. S.A.

HOTELS

6,110,970

17,635,537

189%

18,468

2,565,469

388 ALPHA SUPPORTING SERVICES SA

MISCELLANEOUS SERVICES

20,000,000

11,601,154

-42%

14,403,109

2,548,758

-82%

389 GOLDAIR CARGO SA

TRANSPORT COMPANIES

35,029,617

48,397,091

38%

1,802,584

2,547,334

41%

Company Name

390 IOANNIDIS K. E. S.A.I.C.

FOOD PRODUCTS

14,922,039

20,099,747

35%

371,725

2,533,110

581%

391 KASTRAKI-FALIRAKI BEACH SA

HOTELS

2,492,150

7,461,566

199%

-255,370

2,532,654

0%

392 ATHENAEUM S.A.

HOTELS

25,174,973

28,161,212

12%

-3,796,077

2,523,993

0%

393 PALAPLAST S.A.

PLASTICS - RUBBER

23,282,481

27,848,495

20%

591,777

2,513,623

325%

394 DECON S.A.

TRANSPORTATION MEANS

17,381,087

12,392,994

-29%

-77,014

2,507,093

0%

395 ERNST & YOUNG HELLAS SA

FINANCIAL SERVICES

21,120,318

24,165,950

14%

-684,070

2,506,771

0%

396 ASTRAZENECA SA

PHARMACEUTICALS COSMETICS

257,201,080

93,094,297

-64%

10,720,559

2,502,543

-77%

397 KERAMOURGIA VOREIOU ELLADOS S.A.

NON-METALLIC MINERALS

13,217,029

28,192,663

113%

-2,374,241

2,495,025

0%

398 PROBANK LEASING S.A.

LEASING

8,387,973

2,697,000

-68%

1,073,928

2,483,000

131%

399 KAPACHEM S.A.

CHEMICAL PRODUCTS

13,127,979

35,050,971

167%

500,288

2,469,257

394%

128,423,571

67,347,685

-48%

23,590,300

2,468,516

-90%

105,993,409

52,974,884

-50%

3,744,582

2,443,702

-35%

400 COLGATE PALMOLIVE HELLAS LTD 401 FCA CAPITAL HELLAS S.A.

387 - 429

Sector

Pre-Tax Income Change

Turnover 2018

A NEW TIMES SURVEY ON COMPANY RESULTS IN THE PERIOD 2009 - 2018 Turnover 2009

2020

THE “DIAMONDS” OF THE CRISIS

PHARMACEUTICALS COSMETICS TRANSPORTATION MEANS & SPARE PARTS

402 BRITISH AMERICAN TOBACCO HELLAS SA

CIGARETTE TRADE

82,922,804

40,310,132

-51%

4,330,942

2,442,360

-44%

403 PORTES MELATHRON SA

HOTELS

2,275,398

13,878,252

510%

-146,069

2,441,367

0%

404 HELLENIC EXCHANGES S.A.

HOLDING COMPANIES

42,546,000

13,637,000

-68%

48,417,000

2,438,000

-95%

405 EXPRESS PUBLISHING S.A.

PUBLICATIONS - PRINTING

20,073,252

23,345,181

16%

2,011,737

2,432,389

21%

406 KONTOKALI BAY RESORT AND SPA SA

HOTELS

6,520,472

9,588,155

47%

-559,999

2,427,633

0%

407 YANNIDIS BROS S.A. (ERMIS - VITEX)

CHEMICAL PRODUCTS

46,660,137

37,630,669

-19%

1,978,479

2,424,693

23%

408 PRIVATSEA MARINE SERVICES S.A.

TRANSPORTATION MEANS

1,979,335

4,343,131

119%

4,586,007

2,424,332

-47%

409 SANOFI AVENTIS SA

PHARMACEUTICALS COSMETICS

402,957,006

148,817,377

-63%

63,874,528

2,396,137

-96%

410 TSABASSIS S.A.

FOOD PRODUCTS

9,386,550

12,152,835

29%

1,256,737

2,384,541

90%

411 AGROLINE S.A.

MACHINERY

35,145,332

120,629

2,204,573

2,362,484

7%

412 OYSO HELLAS S.A.

CLOTHING - FOOTWEAR

19,166,203

22,628,270

2,226,706

2,362,275

6%

18%

413 STANLEY SA

HOTELS

6,588,068

10,977,835

67%

342,237

2,354,258

588%

414 LINEA S.A.

CLOTHING - FOOTWEAR

5,541,304

10,373,046

87%

814,999

2,349,439

188%

415 LARIPAST S.A.

PLASTICS - RUBBER

11,254,184

20,909,234

86%

676,886

2,348,349

247%

416 YFANTIS S.A.

FOOD PRODUCTS

76,436,456

88,957,213

16%

6,515,022

2,348,130

-64%

417 UNILEVER KNORR S.A.

PHARMACEUTICALS DETERGENTS

19,685,026

48,372,872

146%

723,991

2,340,518

223%

418 LITTLE ACRE MILK FARM SA

FOOD PRODUCTS

26,284,081

47,526,996

81%

-1,475,636

2,338,845

0%

419 GREEK PAPER INDUSTRY OF CENTRAL MACEDONIA '' SONOCO '' SA

PAPER

19,621,286

18,169,112

-7%

-730,704

2,319,316

0%

420 KOTRONIS S.A.

PLASTICS - RUBBER

7,591,887

19,974,399

163%

846,354

2,315,563

174%

421 GIANNIKAKIS S. S.A.

HOTELS

4,655,968

11,841,522

154%

-1,740,919

2,305,885

0%

422 MEDTRONIC HELLAS SA

SCIENTIFIC & MEDICAL DEVICES

7,946,877

53,213,953

570%

234,014

2,299,586

883%

423 KRONOS SA

FOOD PRODUCTS

35,087,786

49,381,969

41%

525,217

2,298,938

338%

424 THANOPOULOS D. SA

SUPERMARKET

38,938,097

45,161,389

16%

948,276

2,265,124

139%

425 THEMELI SA

-

18,375,890

33,240,974

81%

481,388

2,257,914

369%

426 ATLANTA S.A.

FOOD TRADE

49,246,392

41,880,781

-15%

1,839,514

2,253,194

22%

427 REYKAP S.A.

HOTELS

34,048,196

78,950,290

132%

2,415,877

2,251,858

-7%

428 LINDE HELLAS LTD

CHEMICAL PRODUCTS

44,199,040

48,374,400

9%

804,089

2,249,045

180%

429 VIOLANTA S.A.

FOOD PRODUCTS

3,859,258

16,887,477

338%

348,627

2,245,313

544%

I 108 I

I 109 I

PAPER

9,387,766

34,971,918

273%

-380,177

2,243,650

0%

CHEMICAL PRODUCTS

8,142,797

15,305,808

88%

234,318

2,242,906

857%

432 BRUNI SANDRO DISTRIBUTION S.A.

CLOTHING - FOOTWEAR

28,283,776

12,297,063

-57%

3,939,411

2,240,595

-43%

433 THEOXENIA KIFISSIA ISAX S.A.

HOTELS

4,162,708

5,821,744

40%

593,557

2,239,337

277%

434 OASA S.A.

-

11,098,040

4,326,101

-61%

-523,796,182

2,236,384

0%

435 ENVIRONMENTAL PROTECTION ENGINEERING S.A.

-

18,581,053

28,068,040

51%

1,793,008

2,231,765

24%

430 - 468

Sector

Pre-Tax Income Change

Pre-Tax Income 2008

430 VIOKYT S.A. 431 ZIKO S.A.

Company Name

Pre-Tax Income 2018

Turnover Change

A NEW TIMES SURVEY ON COMPANY RESULTS IN THE PERIOD 2009 - 2018 Turnover 2018

2020

THE “DIAMONDS” OF THE CRISIS

Turnover 2009

DIAMONDS OF THE GREEK ECONOMY

436 SARKK S.A.

CLOTHING - FOOTWEAR

29,313,012

31,662,721

8%

2,606,804

2,229,211

-14%

437 SPEEDEX S.A.

TRANSPORT COMPANIES

33,164,916

37,910,356

14%

-412,077

2,217,444

0%

438 CRETA STAR S.A.

HOTELS

10,270,823

15,148,285

47%

-985,490

2,216,699

0%

439 ENVITEC SA

ENERGY

16,903,172

8,174,226

-52%

3,358,404

2,215,339

-34%

440 GROUP4 SECURICOR HELLAS SA

MISCELLANEOUS SERVICES

4,626,247

2,828,742

-39%

-217,010

2,200,911

0%

441 ALOUMAN S.A.

METAL PRODUCTS

41,444,774

75,217,118

81%

155,057

2,198,926

1318%

442 KALTEK MEDICAL SA

SCIENTIFIC & MEDICAL DEVICES

4,382,619

6,490,534

48%

810,429

2,196,269

171%

443 AMGEN HELLAS FARMAKEYTIKA LTD

PHARMACEUTICALS COSMETICS

15,606,635

59,119,690

279%

1,131,207

2,195,501

94%

444 MEL MACEDONIAN PAPER MILLS SA

PAPER

43,148,344

56,098,967

30%

-2,074,860

2,192,491

0%

445 HERMES - HARISSIADIS & SONS S.A

SHIPPING & INDUSTRY SUPPLIES

25,023,804

28,975,159

16%

434,578

2,192,351

404%

446 ΕΝΕΤ SOLUTIONS - LOGICOM S.A.

OFFICE DEVICES

117,156,245

126,554,757

8%

988,643

2,186,692

121%

447 MEDICAL TECHNIKI S.A.

SCIENTIFIC & MEDICAL DEVICES

42,434,842

14,152,874

-67%

4,924,309

2,165,419

-56%

448 MOUROUZIS S.A.

HOTELS

3,235,669

4,358,597

35%

472,308

2,161,544

358%

449 ZARA HOME HELLA S.A.

FURNITURE - RUGS - LIGHTING

13,702,187

18,484,931

35%

1,696,512

2,157,883

27%

450 HELLENICA SA

PHARMACEUTICALS DETERGENTS

30,875,951

31,719,046

3%

2,794,030

2,138,427

-23%

451 ZANCOU SHOES I. A. KOUROUNIOTIS S.A.

CLOTHING - FOOTWEAR

17,299,376

30,163,428

74%

1,439,344

2,129,438

48%

452 IOANNIDIS TH. S.A.

METALS

15,142,770

30,104,019

99%

1,278,732

2,125,646

66%

453 ETAIREIA AGOGOU KAYSIMOU AERODROMIOU ATHINON

TRANSPORT COMPANIES

3,912,222

4,409,446

13%

2,023,162

2,119,700

5%

454 KALIOUDAKIS D.- M. RODITIS S.A.

HOTELS

5,335,334

9,389,126

76%

-202,141

2,105,147

0%

455 ANAMET S.A.

METALS

61,156,283

89,504,746

46%

1,257,638

2,100,731

67%

456 PHTHIOTIS PAPERMILLS S.A.

PAPER

13,158,694

16,815,000

28%

446,949

2,096,000

369%

457 STROUMSAS I. FARMAKAPOTHIKI SA

PHARMACEUTICALS COSMETICS

234,060,144

9,659,963

-96%

1,015,729

2,086,428

105%

458 A. HATZOPOULOS S.A.

PUBLICATIONS - PRINTING

38,626,825

71,912,589

86%

1,196,811

2,062,667

72%

459 DIAGEO HELLAS S.A.

SPIRITS TRADE

230,431,848

79,526,107

-65%

14,645,826

2,060,251

-86%

460 MOBILE COMMUNICATIONS CENTRΕ S.A.

MOBILE TELEPHONY

303,918,487

300,029,841

-1%

989,988

2,059,480

108%

461 INVESTORS SA

HOTELS

5,764,016

10,245,233

78%

-1,586,775

2,052,338

0%

462 HATZIGIAKOUMIS K. S.A.

SUPERMARKET

5,399,019

22,312,090

313%

122,472

2,050,208

1574%

463 MELLON TECHNOLOGIES SA

OFFICE DEVICES

15,744,298

73,159,507

365%

491,540

2,039,559

315%

464 BSH S.A.

ELECTRICAL APPLIANCES

263,355,948

152,838,487

-42%

12,065,031

2,034,230

-83%

465 ATTIKA DIODIA SA

MISCELLANEOUS SERVICES

13,210,107

2,025,159

-85%

13,394,381

2,030,421

-85%

466 BALLIAN TEXNIKI SA

-

8,226,168

29,514,477

259%

1,406,882

2,019,012

44%

467 TEMAK S.A.

MACHINES - DEVICES

6,720,768

9,980,284

48%

133,336

2,012,709

1410%

468 FARMA KOUKAKI S.A.

FOOD PRODUCTS

13,194,866

29,037,101

120%

345,464

2,012,110

482%

I 110 I

I 111 I

››››››

DIAMONDS

OF THE GREEK ECONOMY 2020

THE MOST ADMIRED ENTERPRISES (BASED ON 5 CRITERIA)

››››››

THE MOST ADMIRED ENTERPRISES (BASED ON 5 CRITERIA)

DIAMONDS OF THE GREEK ECONOMY

Pre-Tax Income 2018

Turnover 2018

Profitability Increase 2017vs2018

Equity 2018

Total Liabilities 2018

Equity / Liabilities

Profit / Turnover

Profit / Equity

2020

1

DEPA INTERNATIONAL PROJECTS SINGLE MEMBER S.A.

ENERGY INFRASTRUCTURES

309,971,699

996,616,157

373%

912,975,285

753,353,765

1.2

31%

34%

2

ATHENS INTERNATIONAL AIRPORT S.A.

TRANSPORT COMPANIES

239,682,891

478,714,977

20%

759,163,627

600,335,592

1.3

50%

32%

3

ΚARELIA TOBACCO COMPANY INC.

TOBACCO PRODUCTS

98,990,000

694,754,000

44%

460,201,000

88,613,000

5.2

14%

22%

001 - 050

Company Name

Sector

4

ATHENS WATER SUPPLY AND SEWERAGE COMPANY (EYDAP) S.A.

PUBLIC ENTERPRISES & ORGANISATIONS

80,314,000

322,396,000

21%

949,431,000

584,390,000

1.6

25%

8%

5

F.H.L. KYRIAKIDIS GROUP

NON-METALLIC MINERALS

70,634,164

128,523,360

8%

114,931,165

89,429,345

1.3

55%

61%

6

TELEPERFORMANCE S.A. (DIAL-SERVICE 800)

SERVICES

46,793,113

224,090,291

47%

68,267,128

54,685,988

1.2

21%

69%

7

PIRAEUS PORT AUTHORITY S.A. (OLP)

SERVICES

42,332,514

132,931,041

100%

208,945,554

186,186,690

1.1

32%

20%

8

SKYSERV S.A.

AIRLINES

39,639,627

66,826,532

85%

70,644,376

5,451,448

13.0

59%

56%

9

IMERYS INDUSTRIAL MINERALS GREECE S.A.

NON-METALLIC MINERALS

35,707,000

114,162,000

12%

122,157,000

45,805,000

2.7

31%

29%

10

TITAN CEMENT COMPANY S.A.

NON-METALLIC MINERALS

35,061,000

229,038,000

195%

719,662,000

397,387,000

1.8

15%

5%

11

LAMDA DOMI S.A.

REAL ESTATE

32,838,450

21,610,307

135%

140,310,050

89,962,402

1.6

152%

23%

12

MERMEREN KOMBINAT AD PRILEP

NON MINERAL

25,045,216

39,940,803

111%

41,171,700

3,791,444

10.9

63%

61%

13

THESSALONIKI PORT AUTHORITY S.A.

SERVICES

24,729,266

58,534,688

98%

150,644,735

18,946,436

8.0

42%

16%

14

DOW HELLAS S.A.

CHEMICAL PRODUCTS

19,456,268

78,625,356

19%

27,525,612

9,253,490

3.0

25%

71%

15

PFIZER HELLAS S.A.

PHARMACEUTICALS - COSMETICS

18,480,795

226,980,853

37%

219,524,631

87,896,238

2.5

8%

8%

16

ATHENIAN BREWERY S.A.

17,613,007

324,700,329

26%

120,760,272

99,378,607

1.2

5%

15%

17

TOYOTA HELLAS S.A.

17,285,284

213,532,786

41%

49,605,978

41,439,433

1.2

8%

35%

18

ATTIKI NATURAL GAS DISTRIBUTION COMPANY S.A.

BEVERAGES - SPIRITS TRANSPORTATION MEANS & SPARE PARTS ENERGY

15,623,049

51,144,706

32%

265,713,054

38,450,032

6.9

31%

6%

19

INTERAMERICAN PROPERTY & CASUALTY INSURANCE CO. S.A.

INSURANCE

15,158,031

147,415,695

45%

103,681,815

55,311,302

1.9

10%

15%

20

KRI KRI MILK INDUSTRY S.A.

FOOD PRODUCTS

14,240,014

94,234,441

44%

55,831,036

34,182,441

1.6

15%

26%

21

FIBRAN D. ANASTASIADIS S.A.

PLASTICS - RUBBER

14,162,721

135,328,703

46%

95,506,643

19,334,542

4.9

10%

15%

22

SHELL & MOH AVIATION FUELS S.A.

PETROLEUM PRODUCTS

13,056,337

344,789,203

27%

15,503,980

14,923,418

1.0

4%

84%

23

SYMETAL ALUMINIUM FOIL INDUSTRY SINGLE MEMBER S.A.

-

12,595,519

243,365,980

145%

92,161,296

67,355,390

1.4

5%

14%

24

ATLANTICA HELLAS S.A.

HOTELS

12,556,181

37,225,090

270%

94,253,535

86,443,013

1.1

34%

13%

25

EPIROTIKI BOTTLING CO. (VIKOS) S.A.

BEVERAGES - SPIRITS

12,329,677

74,743,989

19%

86,713,326

33,411,203

2.6

16%

14%

26

ACS COURIER S.A.

COURIER SERVICES

12,323,770

102,590,744

10%

31,638,796

24,709,751

1.3

12%

39%

27

E. I. PAPADOPOULOS S.A.

FOOD PRODUCTS

12,126,069

157,608,652

14%

104,556,895

65,119,479

1.6

8%

12%

28

D. KORONAKIS S.A.

FOOD PRODUCTS

11,880,686

48,777,456

11%

82,762,925

3,949,741

21.0

24%

14%

29

AGROINVEST S.A.

FOOD PRODUCTS

11,840,271

109,240,342

20%

105,003,719

21,987,393

4.8

11%

11%

30

ROLEX HELLAS S.A.

WATCHES

11,492,743

56,403,897

30%

12,584,813

2,412,579

5.2

20%

91%

31

NOVARTIS HELLAS S.A.

PHARMACEUTICALS

10,959,666

310,566,097

23%

137,586,993

51,677,692

2.7

4%

8%

32

VIVECHROM DR. STEFANOS, D. PATERAS S.A.

CHEMICAL PRODUCTS

9,694,588

61,142,781

9%

19,353,203

15,358,993

1.3

16%

50%

33

CARAVEL HOTELS S.A.

HOTELS

9,599,157

38,773,268

64%

51,220,159

9,862,666

5.2

25%

19%

34

LANDIS + GYR S.A.

MISCELLANEOUS PRODUCTS

9,561,083

160,602,049

84%

33,979,865

32,534,360

1.0

6%

28%

35

PRICEWATERHOUSECOOPERS BUSINESS SOLUTIONS S.A.

FINANCIAL SERVICES

9,343,733

41,936,426

102%

16,721,228

13,125,191

1.3

22%

56%

36

OPTIMA S.A.

FOOD PRODUCTS

9,306,937

133,832,819

40%

48,184,366

30,214,311

1.6

7%

19%

37

LOUIS VUITTON HELLAS S.A.

CLOTHING

9,223,988

27,413,811

25%

6,933,430

4,103,695

1.7

34%

133%

38

“OLYMP” KONSTANTOPOULOS S.A.

FOOD PRODUCTS

8,956,588

49,085,098

63%

26,974,455

12,556,742

2.1

18%

33%

39

INTERCONTINENTAL INTERNATIONAL S.A.

MISCELLANEOUS SERVICES

8,858,870

7,407,296

206%

71,783,802

29,286,234

2.5

120%

12%

40

MEDIPRIME S.A.

MEDIPRIME S.A.

8,832,062

31,836,878

4%

33,411,492

18,792,134

1.8

28%

26%

41

SPECIFAR S.A.

PHARMACEUTICALS - DETERGENTS

8,784,859

46,239,452

531%

61,017,046

40,702,009

1.5

19%

14%

42

KALOGIANNIS KOUTSIKOS S.A.

SPIRITS

8,625,179

16,216,171

10%

22,456,926

3,544,512

6.3

53%

38%

43

AIOLIKI PASTRA ATTIKIS S.A.

ENERGY

8,384,000

11,319,000

21%

24,108,000

12,346,000

2.0

74%

35%

44

NOKIA SOLUTIONS & NETWORKS HELLAS S.A.

ELECTRICAL SUPPLIES

8,316,800

114,670,369

45%

52,547,046

41,627,349

1.3

7%

16%

45

H AND M HENNES AND MAURITZ S.A.

CLOTHING

8,287,922

154,508,597

40%

47,732,541

18,305,799

2.6

5%

17%

46

KAFEA TERRA FOOD & DRINKS S.A.

FOOD PRODUCTS

8,270,532

65,638,458

40%

38,295,650

23,509,851

1.6

13%

22%

47

SEKA BUNKERING STATIONS S.A.

PETROLEUM PRODUCTS

7,972,195

176,562,021

127%

32,689,236

6,672,728

4.9

5%

24%

48

SMIRDEX S.A.

NON MINERAL

7,772,674

19,785,014

8%

29,914,245

2,972,872

10.1

39%

26%

49

ACCENTURE S.A.

MISCELANEOUS SERVICES

7,631,397

59,178,076

23%

12,596,629

8,093,908

1.6

13%

61%

50

PROMETALBAKLI S.A.

METALLIC PRODUCTS

7,609,788

87,110,259

2%

74,671,082

8,856,374

8.4

9%

10%

I 114 I

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I 115 I

THE MOST ADMIRED ENTERPRISES (BASED ON 5 CRITERIA)

DIAMONDS OF THE GREEK ECONOMY

Pre-Tax Income 2018

Turnover 2018

Profitability Increase 2017vs2018

Equity 2018

Total Liabilities 2018

Equity / Liabilities

Profit / Turnover

Profit / Equity

2020

51

IATROPOLIS S.A.

MEDICAL SERVICES

7,478,814

13,638,698

35%

7,700,255

6,150,846

1.3

55%

97%

52

ATTICA TOLLS S.A.

MISCELLANEOUS SERVICES

7,223,058

57,803,448

35%

17,133,718

12,223,963

1.4

12%

42%

53

SOL S.A.

SERVICES

7,111,572

33,281,890

33%

12,410,433

10,264,134

1.2

21%

57%

54

TASTY FOODS S.A.

FOOD PRODUCTS

6,915,713

107,147,232

34%

33,947,271

25,582,809

1.3

6%

20%

55

JOHNSON & JOHNSON HELLAS S.A.

PHARMACEUTICALS - DETERGENTS

6,883,830

103,797,981

123%

170,515,864

17,238,230

9.9

7%

4%

051 - 099

Company Name

Sector

56

MEGAPLAST S.A.

PLASTICS - RUBBER

6,810,118

31,925,847

13%

31,008,514

10,988,381

2.8

21%

22%

57

MELISSA KIKIZAS FOOD PRODUCTS S.A.

FOOD PRODUCTS

6,048,666

63,278,207

2%

55,859,771

19,885,679

2.8

10%

11%

58

KNAUF AQUAPANEL S.A.

NON MINERAL

5,981,713

47,982,359

60%

28,784,831

9,718,695

3.0

12%

21%

59

AMVYX S.A.

BEVERAGES - SPIRITS

5,857,784

121,651,605

6%

42,774,545

22,523,015

1.9

5%

14%

60

AGRIFREDA S.A.

FOOD PRODUCTS

5,841,061

35,382,114

2%

25,883,948

4,225,335

6.1

17%

23%

61

JOTIS S.A.

FOOD PRODUCTS

5,675,316

76,455,421

27%

39,021,378

38,475,761

1.0

7%

15%

62

POLYEKO S.A.

MISCELANNEOUS PRODUCTS

5,660,888

21,170,907

14%

27,391,374

9,025,086

3.0

27%

21%

63

SCHUR FLEXIBLES ABR S.A.

PLASTICS - RUBBER

5,613,656

57,643,029

13%

35,345,867

19,161,311

1.8

10%

16%

64

S. KARYDAKIS S.A.

PRINTING

5,554,770

23,487,390

35%

24,186,159

7,135,670

3.4

24%

23%

65

TERNA ENERGEIAKI EVROU S.A.

ENERGY

5,500,000

7,781,000

156%

31,343,000

26,742,000

1.2

71%

18%

66

ELECTRA HOTELS S.A.

HOTELS

5,481,910

10,622,772

28%

11,739,335

1,523,762

7.7

52%

47%

67

BRETAS S.A.

FOOD PRODUCTS

5,392,493

28,963,437

55%

19,032,001

4,086,930

4.7

19%

28%

68

MICREL MEDICAL DEVICES S.A.

MISCELLANEOUS PRODUCTS

5,303,973

18,270,452

9%

16,591,623

4,986,755

3.3

29%

32%

69

HELLENIC JUICES S.A.

BEVERAGES - SPIRITS

5,214,990

26,291,181

30%

14,616,570

10,656,793

1.4

20%

36%

70

MARIS POLYMERS S.A.

CHEMICAL PRODUCTS

5,163,307

21,480,748

78%

11,331,571

2,776,544

4.1

24%

46%

71

LAVA MINING & QUARRYING CO. S.A.

MINES

5,100,000

12,489,000

11%

16,865,000

4,630,000

3.6

41%

30%

72

ISOMAT S.A.

CHEMICAL PRODUCTS

5,094,590

57,426,132

38%

38,912,948

19,294,888

2.0

9%

13%

73

STELLA BEACH S.A.

HOTELS

5,017,750

18,361,514

21%

23,339,471

23,320,430

1.0

27%

21%

74

SUNWING HOTELS HELLAS S.A.

HOTELS

4,973,864

16,049,089

17%

36,664,760

5,185,003

7.1

31%

14%

75

THEODOROU AUTOMATION S.A.

MACHINERY

4,959,765

19,268,522

44%

22,675,999

3,122,075

7.3

26%

22%

76

ALCHIMICA S.A.

CHEMICAL PRODUCTS

4,955,136

40,265,296

15%

15,633,356

12,974,407

1.2

12%

32%

77

ATRIUM PALACE S.A.

HOTELS

4,924,161

19,090,299

11%

37,344,228

6,672,465

5.6

26%

13%

78

PPC RENEWABLES S.A.

ENERGY

4,917,676

26,293,197

4%

233,403,192

33,381,778

7.0

19%

2%

79

PULL AND BEAR S.A.

CLOTHING - FOOTWEAR

4,904,771

53,708,448

122%

13,488,188

6,668,804

2.0

9%

36%

80

DIETHNIS ATHLITIKI LTD.

CLOTHING

4,779,996

50,887,451

15%

26,833,742

14,379,030

1.9

9%

18%

81

HEMPEL COATINGS (HELLAS) S.A.

CHEMICALS - PAINTS

4,767,321

31,467,085

78%

10,318,596

4,946,872

2.1

15%

46%

82

ANTIPOLLUTION S.A.

SERVICES

4,762,787

17,666,398

4%

20,636,302

3,250,733

6.3

27%

23%

83

ELTON INTERNATIONAL TRADING CO. S.A.

CHEMICALS - PAINTS

4,739,834

85,678,302

58%

46,854,651

28,342,777

1.7

6%

10%

84

GYALOU S.A.

REAL ESTATE

4,737,377

6,306,760

148%

43,944,929

23,794,321

1.8

75%

11%

85

PR. PAVLIDIS S.A.

FOOD PRODUCTS

4,609,543

60,263,133

40%

54,231,593

36,090,318

1.5

8%

8%

86

KTISTOR S.A.

-

4,604,332

21,135,521

17%

5,186,794

3,847,021

1.3

22%

89%

87

CHATZILAZAROU I. & SONS S.A.

HOTELS

4,597,282

16,344,356

8%

38,666,801

13,908,560

2.8

28%

12%

88

APOLLONIA - HELLENIC TOUR. & HOTEL ENTERPRISES OF CRETE S.A.

HOTELS

4,530,251

15,452,401

20%

19,019,047

8,701,070

2.2

29%

24%

89

SIDERIS G. GENERAL INSURANCE S.A.

INSURANCE

4,528,085

6,521,111

65%

13,868,831

8,314,525

1.7

69%

33%

90

PET CITY S.A.

MISCELLANEOUS PRODUCTS

4,523,935

35,385,332

8%

13,306,210

10,692,610

1.2

13%

34%

91

DIMITROKALIS K. S.A.

HOTELS

4,374,677

10,326,933

50%

20,533,859

12,366,298

1.7

42%

21%

92

GΕΚΕ SA - PRESIDENT HOTEL

HOTELS

4,326,903

11,069,684

21%

46,441,645

17,002,487

2.7

39%

9%

93

ALFA AGRICULTURAL SUPPLIES S.A.

CHEMICAL PRODUCTS

4,280,863

51,570,158

5%

18,424,484

15,734,936

1.2

8%

23%

94

ACHINOPODI S.A.

HOTELS

4,256,383

8,876,652

24%

11,379,502

3,026,172

3.8

48%

37%

95

YARA HELLAS S.A.

CHEMICAL PRODUCTS

4,240,844

83,990,940

11%

41,905,809

11,678,921

3.6

5%

10%

96

LOUX MARLAFEKAS S.A.

BEVERAGES - SPIRITS

4,188,998

34,490,787

43%

32,049,677

8,281,348

3.9

12%

13%

97

AS COMPANY S.A.

MISCELLANEOUS PRODUCTS

4,161,945

25,609,118

3%

27,834,165

6,405,810

4.3

16%

15%

98

AIOLIKI PANORAMATOS DERVENOCHORION S.A.

ENERGY

4,097,000

7,654,000

18%

21,017,000

17,103,000

1.2

54%

19%

99

XEROX HELLAS S.A.

OFFICE DEVICES

4,025,928

29,987,547

51%

14,064,509

4,757,429

3.0

13%

29%

I 116 I

Equity 2018

28,676,564

22%

14,113,052

101 PRICELINE BOOKING.COM HELLAS LTD

MISCELLANEOUS SERVICES

3,969,125

8,575,890

16%

2,809,228

102 DIAKOFTIS S.A.

HOTELS

3,958,094

8,325,645

305%

19,788,994

6,395,968

2.2

14%

28%

639,302

4.4

46%

141%

1,518,729

13.0

48%

20%

103 ABBOTT LABORATORIES HELLAS S.A.

PHARMACEUTICALS

3,919,851

41,040,072

220%

91,272,122

9,275,276

9.8

10%

4%

104 IOAKIMIDIS G. S.A.

CLOTHING - FOOTWEAR

3,860,590

20,559,924

13%

24,554,272

5,421,839

4.5

19%

16%

105 HOTOS S.A.

FOOD PRODUCTS

3,856,324

23,767,306

35%

20,221,247

2,969,942

6.8

16%

19%

106 NORDIA S.A.

NON-METALLIC MINERALS

3,854,757

21,241,228

143%

20,365,364

4,897,544

4.2

18%

19%

107 PETROPOULOS P. S.A.

MACHINERY

3,814,000

93,897,000

38%

31,470,000

30,482,000

1.0

4%

12%

108 META - MEDITERRANEAN TOURISM DEVELOPMENT CO. S.A.

TOURISM

3,801,144

20,409,173

17%

20,861,857

5,935,627

3.5

19%

18%

109 ATLANTIS S.A.

100 - 148

Profit / Equity

Profitability Increase 2017vs2018

4,001,686

100 STERGIOU FAMILY S.A.

Sector

Profit / Turnover

Turnover 2018

FOOD PRODUCTS

Company Name

Equity / Liabilities

Pre-Tax Income 2018

2020

THE MOST ADMIRED ENTERPRISES (BASED ON 5 CRITERIA) Total Liabilities 2018

DIAMONDS OF THE GREEK ECONOMY

3,704,184

15,061,923

193%

13,297,762

10,767,770

1.2

25%

28%

110 ZEUS S.A.

HOTELS

3,699,854

9,506,428

31%

11,302,384

1,837,648

6.2

39%

33%

111 GORGOLIS S.A.

TRANSPORTATION MEANS

3,688,899

25,986,090

79%

12,069,930

2,386,683

5.1

14%

31%

112 OLYMPIA ELECTRONICS S.A. - LAKASAS N.- ARVANITIDIS P.

ELECTRICAL APPLIANCES

3,666,877

18,889,943

19%

11,275,265

9,996,411

1.1

19%

33%

113 VOLCANO VIEW HOTEL S.A.

HOTELS

3,602,357

10,494,327

40%

13,426,809

4,480,519

3.0

34%

27%

114 VENETIS S.A.

FOOD PRODUCTS

3,524,054

40,668,041

21%

18,549,813

10,992,372

1.7

9%

19%

115 ALUMINIUM THALASSINOS S.A.

MISCELLANEOUS PRODUCTS

3,518,694

24,033,949

9%

14,598,872

4,110,950

3.6

15%

24%

116 DIAKOMICHALIS S.A.

HOTELS

3,511,238

9,663,874

36%

13,966,448

3,991,317

3.5

36%

25%

117 REXEKA S.A.

HOTELS

3,493,721

11,277,982

15%

15,990,695

10,995,867

1.5

31%

22%

118 OFC AVIATION FUEL SERVICES SA

SERVICES

3,492,229

9,987,949

84%

16,355,300

1,377,341

11.9

35%

21%

119 TRASTOR S.A.

REAL ESTATE

3,490,039

5,577,628

477%

82,645,232

34,825,997

2.4

63%

4%

120 ASTERAS S.A.

HOTELS

3,486,651

6,796,250

160%

25,016,101

1,153,767

21.7

51%

14%

121 VEPAL S.A.

METALLIC PRODUCTS

3,480,025

26,748,015

19%

19,586,174

6,333,676

3.1

13%

18%

122 LUNCHEON MEAT EVROS S.A.

FOOD PRODUCTS

3,455,263

49,016,172

322%

23,243,128

16,006,802

1.5

7%

15%

123 K. & G. MEDITERRANEAN MARINAS MANAGEMENT S.A.

TOURISM ENTERPRISES

3,450,410

837,943

234%

16,313,432

11,929,319

1.4

412%

21%

124 CHATZILAZAROU Ι. & E. S.A.

FINANCIAL SERVICES

3,449,835

14,386,824

3%

16,487,573

13,232,901

1.2

24%

21%

125 STRADIVARIOUS HELLAS SOLE SHAREHOLDER S.A.

CLOTHING

3,354,079

48,990,450

75%

13,176,481

5,879,950

2.2

7%

25%

126 SOFITEL ATHENS AIRPORT HOTEL S.A.

HOTELS

3,338,138

20,350,642

59%

18,484,458

5,417,969

3.4

16%

18%

127 INTRACOM DEFENSE ELECTRONICS S.A.

ELECTRICAL SUPPLIES

3,258,480

59,770,105

2%

66,734,421

13,982,546

4.8

5%

5%

128 ELECTRA HOTELS S.A.

HOTELS

3,236,702

7,646,095

40%

14,899,134

4,232,422

3.5

42%

22%

129 MAVROGENIS ANASTASIOS S.A.

3,231,535

90,373,459

1%

78,045,192

40,620,728

1.9

4%

4%

3,192,557

20,721,229

11%

16,133,349

2,881,857

5.6

15%

20%

131 VICKO ELIAS TRIANTAFYLLIDIS S.A.

MEDICAL DEVICES TRANSPORTATION MEANS & SPARE PARTS FURNITURE - RUGS - LIGHTING

3,154,118

26,273,132

30%

13,674,423

6,675,051

2.0

12%

23%

132 HENKEL HELLAS S.A.

PERSONAL & HOME CARE

3,151,220

91,842,710

93%

25,884,600

16,530,600

1.6

3%

12%

133 AIOLIKI PANACHAIKOU S.A.

ENERGY

3,149,985

10,217,474

5%

19,744,904

15,338,312

1.3

31%

16%

134 DICHEM CHEMICALS S.A.

CHEMICAL PRODUCTS

3,097,974

18,262,039

29%

8,005,381

7,842,696

1.0

17%

39%

135 KEFALONIA FISHERIES S.A.

AQUACULTURE

3,090,391

32,000,711

18%

19,313,533

15,905,504

1.2

10%

16%

136 OPEL HELLAS S.A.

TRANSPORTATION MEANS

3,075,708

95,833,396

513%

10,019,078

9,211,534

1.1

3%

31%

137 MACEDONIA-THRACE BREWERY S.A.

BEVERAGES - SPIRITS

3,071,247

23,963,370

59%

15,102,504

9,896,839

1.5

13%

20%

138 LEGRAND S.A.

ELECTRICAL SUPPLIES

3,048,507

24,467,190

23%

6,621,765

2,370,956

2.8

12%

46%

139 AIGAION S.A.

HOTELS

3,037,484

9,847,027

64%

17,391,219

4,624,339

3.8

31%

17%

140 NIKOS GLEOUDIS KAVEX S.A.

TOBACCO PRODUCTS

2,988,018

32,555,941

2%

31,520,845

12,013,691

2.6

9%

9%

141 NEOCHEM S.A.

CHEMICAL PRODUCTS

2,972,803

20,800,218

12%

12,542,737

6,740,057

1.9

14%

24%

130 G.B. GEORGAKOPOULOS S.A.

142 ΤΕΑΒ S.A. (MARIS HOTELS)

HOTELS

2,956,551

23,304,612

24%

77,367,440

69,554,807

1.1

13%

4%

143 MASSIMO DUTTI HELLAS S.A.

CLOTHING - FOOTWEAR

2,952,859

35,300,151

34%

10,339,185

5,158,427

2.0

8%

29%

144 TSAKIRIS - MALLAS S.A.

CHEMICAL PRODUCTS

2,951,913

24,624,462

47%

12,622,107

11,276,544

1.1

12%

23%

145 MAGEIRAS DIAGNOSTICS S.A.

MEDICAL DEVICES

2,941,143

11,795,544

15%

10,905,667

4,505,340

2.4

25%

27%

146 KTIMA GEROVASSILIOU S.A.

BEVERAGES

2,937,095

8,731,681

5%

14,657,127

4,260,173

3.4

34%

20%

147 Ε. DONTA S.A.

HOTELS

2,919,605

5,338,275

68%

4,898,130

3,842,874

1.3

55%

60%

148 KOUKOUTARIS A. “ALFA” S.A.

FOOD PRODUCTS

2,911,973

31,727,833

61%

35,363,482

16,548,955

2.1

9%

8%

I 118 I

Turnover 2018

Profitability Increase 2017vs2018

Equity 2018

Total Liabilities 2018

Equity / Liabilities

Profit / Turnover

Profit / Equity

2020

THE MOST ADMIRED ENTERPRISES (BASED ON 5 CRITERIA) Pre-Tax Income 2018

DIAMONDS OF THE GREEK ECONOMY

2,823,166

7,546,215

1%

4,504,606

388,774

11.6

37%

63%

2,789,981

2,736,298

35%

7,515,648

5,077,618

1.5

102%

37%

2,740,283

12,229,668

1%

4,361,018

2,518,809

1.7

22%

63%

HOTELS

2,672,320

14,487,935

79%

17,680,313

4,349,303

4.1

18%

15%

-

2,668,388

9,646,678

27%

9,251,279

887,963

10.4

28%

29%

Company Name 149 KTEO HELLAS S.A.

MISCELANEOUS SERVICES

150 GOLDAIR GOLEMIS S.A.

TOURISM ENTERPRISES

151 POWER HEALTH HELLAS S.A.

SUPPLEMENTS

152 MOUSSAMAS BROS S.A. (ATHENS HOLIDAY INN) 153 N. SAKELLARIS S.A. 154 WOOD WELL ZYMARIDIS S.A.

FURNITURE - RUGS - LIGHTING

2,654,821

22,676,290

48%

9,314,101

8,311,732

1.1

12%

29%

155 SEFCO SEELANDIA S.A.

FOOD PRODUCTS

2,626,417

19,332,555

30%

10,676,293

6,625,671

1.6

14%

25%

156 MARE S.A.

HOTELS

2,624,799

6,791,553

34%

19,221,804

2,768,256

6.9

39%

14%

157 I. & F. KONTARATOU S.A.

SUPERMARKET

2,624,090

30,401,947

18%

6,858,419

4,722,992

1.5

9%

38%

158 LUXURY GOODS GREECE S.A.

APPAREL

2,609,062

11,199,760

84%

3,385,429

2,212,548

1.5

23%

77%

159 TZOLIAS A. & SONS EDITIONS S.A.

PUBLICATIONS

2,593,309

6,065,290

29%

7,346,787

2,051,627

3.6

43%

35%

160 TECHNIKI ENERGEIAKI S.A.

ENERGY

2,584,957

4,328,369

352%

9,139,076

4,142,381

2.2

60%

28%

161 ATRI HELLAS S.A.

TOURISM ENTERPRISES

2,567,395

6,723,027

1%

10,531,827

7,582,486

1.4

38%

24%

162 KASTRAKI - FALIRAKI BEACH S.A.

HOTELS

2,532,654

7,461,566

37%

16,492,831

3,616,760

4.6

34%

15%

163 ROLOPACK S.A.

MISCELANEOUS SERVICES

2,525,601

9,479,310

44%

5,921,352

4,833,031

1.2

27%

43%

164 ATHINAION S.A.

HOTELS

2,523,993

28,161,212

81%

49,183,115

29,064,275

1.7

9%

5%

165 PROVIROM LTD

CHEMICAL PRODUCTS

2,521,532

13,172,963

7%

14,818,479

582,308

25.4

19%

17%

166 PALAPLAST S.A.

PLASTICS - RUBBER

2,513,623

27,848,495

12%

25,085,992

13,121,401

1.9

9%

10%

167 TRITON ASSET MANAGEMENT S.A.

2,484,644

5,098,348

114%

5,821,792

1,447,744

4.0

49%

43%

2,443,702

52,974,884

37%

54,247,846

10,541,225

5.1

5%

5%

169 HELLENIC EXCHANGES S.A.

FINANCIAL SERVICES TRANSPORTATION MEANS & SPARE PARTS FINANCIAL SERVICES

2,438,000

13,637,000

2%

94,774,000

7,054,000

13.4

18%

3%

170 VITEX – YANNIDIS BROS S.A.

CHEMICAL PRODUCTS

2,424,693

37,630,669

35%

41,383,555

23,474,059

1.8

6%

6%

168 FCA CAPITAL HELLAS S.A. (ex FIAT CREDIT HELLAS )

149 - 197

Sector

171 PRIVATSEA MARINE SERVICES S.A.

TRANSPORTATION MEANS

2,424,332

4,343,131

9%

21,648,131

7,160,551

3.0

56%

11%

172 TERRA CRETA S.A.

FOOD PRODUCTS

2,371,837

22,118,436

146%

5,975,422

4,549,746

1.3

11%

40%

173 ASIMAKIS S.A.

MACHINERY

2,364,715

6,843,794

141%

3,138,491

2,025,596

1.5

35%

75%

174 STANLEY S.A.

HOTELS

2,354,258

10,977,835

30%

7,431,586

2,193,402

3.4

21%

32%

175 LINEA S.A.

APPAREL

2,349,439

10,373,046

4%

8,034,984

2,759,373

2.9

23%

29%

176 CHEFARMA PHARMACEUTICALS LTD

CHEMICALS - PAINTS

2,341,833

4,435,628

45%

4,822,401

1,988,407

2.4

53%

49%

177 SONOCO PAPER MILL & IPD HELLAS S.A.

PAPER

2,319,316

18,169,112

348%

9,300,725

3,228,043

2.9

13%

25%

178 KOTRONIS PLASTICS S.A.

PLASTICS - RUBBER

2,315,563

19,974,399

3%

12,747,408

12,616,261

1.0

12%

18%

179 GIANNIKAKIS S. S.A.

HOTELS

2,305,885

11,841,522

10%

30,785,410

18,536,217

1.7

19%

7%

180 THANOPOULOS D. S.A.

SUPERMARKET

2,265,124

45,161,389

7%

12,513,535

7,180,586

1.7

5%

18%

181 THEMELI S.A.

TECHNICAL - CONSTRUCTIONS

2,257,914

33,240,974

80%

27,566,180

15,447,510

1.8

7%

8%

182 LINDE HELLAS LTD

CHEMICAL PRODUCTS

2,249,045

48,374,400

334%

35,979,143

21,726,753

1.7

5%

6%

183 VIOLANDA S.A.

FOOD PRODUCTS

2,245,313

16,887,477

16%

9,998,370

5,045,060

2.0

13%

22%

184 IGOUMENITSA PORT AUTHORITY S.A.

PORT

2,243,675

5,843,196

54%

17,513,885

1,160,237

15.1

38%

13%

185 ZIKO S.A.

CHEMICAL PRODUCTS

2,242,906

15,305,808

15%

14,336,174

4,759,833

3.0

15%

16%

186 THEOXENIA KIFISSIA ISAX S.A.

HOTELS

2,239,337

5,821,744

20%

14,705,718

1,292,388

11.4

38%

15%

187 CRETA STAR S.A.

HOTELS

2,216,699

15,148,285

45%

16,868,054

11,299,459

1.5

15%

13%

188 ENVITEC S.A.

ENERGY

2,215,339

8,174,226

73%

25,482,969

16,174,097

1.6

27%

9%

189 GROUP4 SECURICOR HELLAS S.A.

MISCELLANEOUS SERVICES

2,200,911

2,828,742

5%

15,339,103

933,104

16.4

78%

14%

190 AMGEN HELLAS LTD

PHARMACEUTICALS - COSMETICS

2,195,501

59,119,690

23%

33,033,291

28,898,700

1.1

4%

7%

191 SKOURAS SPORTS CAMP S.A.

CAMPS

2,186,682

3,868,624

56%

8,807,329

1,661,517

5.3

57%

25%

192 MOUROUZIS S.A.

HOTELS

2,161,544

4,358,597

94%

3,041,801

2,462,199

1.2

50%

71%

193 ASTRO S.A.

HOTELS

2,145,793

4,221,456

23%

7,915,557

1,167,452

6.8

51%

27%

194 ATHENS AIRPORT FUEL PIPELINE COMPANY S.A.

TRANSPORT

2,119,700

4,409,446

20%

10,249,284

3,039,285

3.4

48%

21%

195 GREEN IMPORT LTD

FOOD PRODUCTS

2,109,550

8,539,322

34%

6,301,860

1,116,290

5.6

25%

33%

196 FTHIOTIS PAPER MILL S.A.

PAPER

2,096,000

16,815,000

33%

16,601,000

8,288,000

2.0

12%

13%

197 SELCO CHEMICALS S.A.

CHEMICALS - PAINTS

2,088,290

10,991,613

32%

7,285,699

2,237,606

3.3

19%

29%

I 120 I

Since 1972

Development and Production of high quality coatings

Since 1986

Innovation, research and production in Powder Coatings for aluminum architectural systems, industrial and other uses

Since 2006

Specialization and production in Super Durable Powder Coatings with excellent resistance to difficult outdoor conditions

Today

During the last 20 years, we have established a dynamic international presence in more than 25 countries

Aesthetics built to last Costa Navarino, Color 518 Sahara Haven

For more info about our sales network you may visit our website

www.neokem.eu

DIAMONDS OF THE GREEK ECONOMY

Pre-Tax Income 2018

Turnover 2018

Profitability Increase 2017vs2018

Equity 2018

Total Liabilities 2018

Equity / Liabilities

Profit / Turnover

Profit / Equity

2020

THE MOST ADMIRED ENTERPRISES (BASED ON 5 CRITERIA)

198 STROUMSAS I. PHARMACEUTICALS S.A.

PHARMACEUTICALS

2,086,428

9,659,963

86%

12,817,368

1,953,444

6.6

22%

16%

199 HERMES GRECE S.A.

APPAREL

2,079,304

9,276,769

69%

3,798,568

2,133,787

1.8

22%

55%

198 - 247

Company Name

Sector

200 CHATZIGIAKOUMIS K. S.A.

SUPERMARKET

2,050,208

22,312,090

23%

17,079,110

1,829,422

9.3

9%

12%

201 BALLIAN TECHNIKI S.A.

-

2,019,012

29,514,477

5%

5,933,739

4,484,757

1.3

7%

34%

202 TEMAK S.A.

WATER TREATMENT

2,012,709

9,980,284

77%

5,281,882

4,401,964

1.2

20%

38%

203 ERETVO S.A.

-

1,999,265

9,518,753

146%

20,230,342

7,811,219

2.6

21%

10%

204 ECOENERGY S.A.

-

1,997,768

8,887,812

127%

9,542,115

1,203,984

7.9

22%

21%

205 EBC S.A.

HOLDING COMPANIES

1,991,451

2,034,068

24%

2,911,137

0

98%

68%

206 TECHNOCAN S.A.

METAL PRODUCTS

1,990,444

12,145,408

56%

15,345,320

3,474,396

4.4

16%

13%

207 AKROLITHOS S.A.

NON-METALLIC MINERALS

1,975,906

11,867,490

7%

10,110,081

1,076,461

9.4

17%

20%

208 DIANOMEFS LTD

FOOD PRODUCTS

1,973,446

27,282,686

37%

7,910,059

5,922,046

1.3

7%

25%

209 KIANI AKTI S.A.

HOTELS

1,973,052

8,063,252

14%

12,893,659

7,028,834

1.8

24%

15%

210 HUGO BOSS HELLAS LTD

APPAREL

1,967,751

18,031,610

7%

4,020,577

3,860,193

1.0

11%

49%

211 N&K GOLIOPOULOS S.A.

TECHNICAL - CONSTRUCTIONS

1,938,794

5,271,874

89%

5,498,000

2,359,827

2.3

37%

35%

212 ZISIMOPOULOU ST. S.A.

HOTELS

1,928,650

5,630,555

32%

11,341,565

1,085,548

10.4

34%

17%

213 ET.AN.AP. S.A.

SPIRITS

1,900,040

10,682,495

2%

16,827,811

3,134,754

5.4

18%

11%

214 KTIMA GEROVASSILIOU S.A.

BEVERAGES

1,888,701

6,905,068

26%

14,192,095

2,799,858

5.1

27%

13%

215 NEOGAL S.A.

FOOD PRODUCTS

1,884,428

17,080,674

33%

24,378,218

3,912,381

6.2

11%

8%

216 D. & I. DAMKALIDIS S.A.

ELECTRICAL SUPPLIES

1,873,075

21,398,601

1%

11,300,193

5,480,477

2.1

9%

17%

217 ENTERSOFT S.A.

IT SERVICES

1,868,578

11,339,100

64%

10,106,734

4,204,843

2.4

16%

18%

218 HELLENIC SOLAR S.A.

ENERGY

1,864,637

4,341,436

10%

11,190,620

9,869,085

1.1

43%

17%

219 CONDITO S.A.

FOOD PRODUCTS

1,852,260

12,357,528

30%

9,407,738

8,768,439

1.1

15%

20%

220 PERNOD RICARD HELLAS S.A.

SPIRITS

1,820,111

41,402,399

44%

19,435,895

18,143,960

1.1

4%

9%

221 LEONTZINI I. S.A.

CONSUMER PRODUCTS

1,820,075

12,523,741

48%

6,298,651

3,590,228

1.8

15%

29%

222 MEDBEST S.A.

FOOD PRODUCTS

1,815,973

38,774,197

15%

5,253,572

3,068,514

1.7

5%

35%

223 ELLINIKO S.A.

MISCELANEOUS SERVICES

1,814,759

6,123,536

71%

4,473,235

3,791,548

1.2

30%

41%

224 PRISMA S.A.

-

1,803,834

4,423,815

33%

7,138,494

773,764

9.2

41%

25%

225 KATRADIS MARINE ROPES S.A.

TEXTILES

1,758,001

15,088,064

6%

8,999,114

8,841,974

1.0

12%

20%

226 SEALED AIR HELLAS S.A.

PLASTICS - RUBBER

1,749,085

8,842,892

9%

6,170,123

677,413

9.1

20%

28%

227 MANTONANAKIS S.A.

HOTEL SUPPLIES

1,748,459

6,960,433

4%

42,225,097

22,967,653

1.8

25%

4%

228 GENESIS ATHENS S.A.

MEDICAL SERVICES

1,748,232

7,641,519

9%

7,062,460

1,971,756

3.6

23%

25%

229 NIKOLAOU D. S.A.

MACHINERY

1,746,356

10,816,310

171%

5,507,726

2,548,594

2.2

16%

32%

230 KOUVIDIS EMM. S.A.

PLASTICS

1,734,362

10,026,968

62%

10,042,227

1,426,321

7.0

17%

17%

231 ETTLI S.A.

TRANSLATION AND INTERPRETATION

1,730,089

4,873,026

105%

1,813,637

1,265,685

1.4

36%

95%

232 METRO S.A.

SUPERMARKET

1,722,043

3,857,049

381%

7,563,179

2,769,846

2.7

45%

23%

233 MERCK PHARMACEUTICALS - CHEMICALS S.A.

PHARMACEUTICALS - CHEMICALS

1,716,017

52,886,537

412%

18,576,783

5,848,980

3.2

3%

9%

234 AMALTHEIA S.A.

FOOD PRODUCTS

1,713,329

15,808,024

7%

8,832,355

4,766,105

1.9

11%

19%

235 ATEX S.A.

HOTELS

1,712,795

3,346,027

33%

6,559,309

1,240,135

5.3

51%

26%

236 PETRIDIS S.A.

ELECTRICAL DEVICES

1,710,849

10,325,134

6%

11,201,343

3,885,069

2.9

17%

15%

237 APOSTOLIDIS S.A.

ELECTRICAL SUPPLIES

1,708,545

11,629,736

37%

11,625,994

2,226,300

5.2

15%

15%

238 YDROFILI S.A.

MACHINERY

1,691,492

3,650,501

171%

3,006,444

1,089,177

2.8

46%

56%

239 RETHYMNO S.A.

HOTELS

1,681,525

5,694,376

43%

12,978,957

4,432,001

2.9

30%

13%

240 VIORYL S.A.

CHEMICAL PRODUCTS

1,673,027

23,898,581

4%

12,459,207

11,139,020

1.1

7%

13%

241 INTERTAN S.A.

SUPERMARKET

1,671,958

18,129,986

85%

10,222,022

4,773,303

2.1

9%

16%

242 P. SARRIS & CO. LTD

MISCELANEOUS SERVICES

1,668,059

7,979,949

1%

5,423,805

1,855,292

2.9

21%

31%

243 DIAMED HELLAS S.A.

MEDICAL DEVICES

1,666,924

3,324,775

35%

5,172,874

248,055

20.9

50%

32%

244 RAVENNA S.A.

FURNITURE

1,663,251

12,899,400

203%

10,281,244

8,148,404

1.3

13%

16%

245 LAMDA HELLIX S.A.

IT SERVICES

1,645,790

11,597,408

94%

14,728,592

11,889,007

1.2

14%

11%

246 TEPSE TECHNIKI PSIKTIKI S.A.

MACHINERY

1,630,988

7,269,922

51%

7,601,826

1,328,338

5.7

22%

21%

247 IAKOVOS TZIMBRE S.A.

SUPERMARKET

1,630,269

6,979,816

22%

5,854,637

1,713,425

3.4

23%

28%

I 122 I

DIAMONDS OF THE GREEK ECONOMY

Pre-Tax Income 2018

Turnover 2018

Profitability Increase 2017vs2018

Equity 2018

Total Liabilities 2018

Equity / Liabilities

Profit / Turnover

Profit / Equity

2020

THE MOST ADMIRED ENTERPRISES (BASED ON 5 CRITERIA)

248 SIDMETAL S.A.

METALLIC PRODUCTS

1,608,235

31,073,510

70%

10,538,667

7,961,888

1.3

5%

15%

249 TSAOUSOGLOU HOTEL & TOURISM ENTERP. S.A.

TOURISM ENTERPRISES

1,601,707

6,302,975

167%

9,710,986

5,171,742

1.9

25%

16%

250 IKOCHIMIKI S.A.

CHEMICAL PRODUCTS

1,600,692

5,873,285

21%

8,190,366

584,528

14.0

27%

20%

251 AEOLIAN PARKS ACHLADION S.A.

ENERGY

1,594,841

2,273,947

7%

5,633,303

440,484

12.8

70%

28%

248 - 297

Company Name

Sector

252 INTRALINK LOGISTICS S.A.

SERVICES

1,585,383

11,048,372

21%

3,731,511

1,899,685

2.0

14%

42%

253 BIOMERIEUX HELLAS S.A.

MEDICAL SERVICES

1,581,343

12,468,781

20%

6,768,856

4,984,477

1.4

13%

23%

254 FLUIDRA S.A.

MACHINERY

1,577,791

8,793,545

44%

4,945,293

1,809,176

2.7

18%

32%

255 DAMMA HOLDINGS S.A.

HOLDING COMPANIES

1,576,250

4,539,925

66%

14,701,961

4,962,375

3.0

35%

11%

256 DIMOULAS SPECIAL CABLES S.A.

ELECTRICAL SUPPLIES

1,562,856

27,688,621

213%

15,765,592

4,928,771

3.2

6%

10%

257 ENDOSKOPIKI S.A.

MEDICAL DEVICES

1,542,227

6,702,139

16%

5,345,962

2,653,722

2.0

23%

29%

258 DROSOS A. S.A.

HOTELS

1,540,965

4,379,270

37%

4,632,143

2,731,103

1.7

35%

33%

259 3K INVESTMENT PARTNERS S.A.

FINANCIAL SERVICES

1,539,292

3,156,999

240%

3,290,848

992,507

3.3

49%

47%

260 L. PALAMIDIS - D. TELONIS SONS & CO. S.A.

FOOD PRODUCTS

1,524,101

7,657,290

23%

3,929,522

1,264,888

3.1

20%

39%

261 RENEWABLE ENERGY SOURCES KARYSTIAS S.A.

ENERGY

1,521,211

4,455,551

38%

14,754,458

9,497,747

1.6

34%

10%

262 GIORMANI V. LTD

CHEMICALS - PAINTS

1,519,285

16,985,645

18%

4,045,083

3,484,626

1.2

9%

38%

263 EGON ZEHNDER INTERNATIONAL S.A.

SERVICES

1,518,516

5,975,031

7110%

1,689,551

1,596,275

1.1

25%

90%

264 BRETAS FAMILY S.A.

FOOD PRODUCTS

1,515,794

5,887,954

115%

4,665,810

818,925

5.7

26%

32%

265 DIGENIS S.A.

METAL PRODUCTS

1,497,820

4,135,445

9%

14,136,355

1,723,951

8.2

36%

11%

266 APOLLONIAN NUTRITION S.A.

SUPPLEMENTS

1,496,826

9,205,132

54%

3,367,278

2,843,021

1.2

16%

44%

267 CERAMETAL S.E. S.A.

METAL PRODUCTS

1,492,978

12,375,563

40%

6,312,718

1,888,891

3.3

12%

24%

268 CHALKIDIKI TOURISM ENTERPRISES S.A.

HOTELS

1,486,952

11,308,631

134%

22,447,845

12,917,085

1.7

13%

7%

269 AMALIA S.A.

HOTELS

1,486,763

9,508,220

116%

14,256,857

5,308,629

2.7

16%

10%

270 POLO S.A.

APPAREL

1,478,531

7,115,422

1%

6,818,259

752,347

9.1

21%

22%

271 LAHOR S.A.

-

1,475,448

2,515,208

51%

4,562,241

358,912

12.7

59%

32%

272 MARINA GOUVION S.A.

TRANSPORT

1,475,387

6,427,925

9%

5,530,666

3,699,563

1.5

23%

27%

273 PPG HELLAS S.A.

CHEMICAL - PAINTS

1,474,776

13,392,280

3%

8,326,322

1,662,141

5.0

11%

18%

274 DOMAINE COSTA LAZARIDI S.A.

WINERY

1,472,485

11,066,322

359%

24,166,460

11,624,644

2.1

13%

6%

275 GOLD STAR AVIATION LTD

AVIATION SERVICES

1,463,279

2,502,283

33%

1,106,973

245,586

4.5

58%

132%

276 IONIAN KALK S.A.

MINES

1,459,291

18,172,871

51%

19,614,959

14,800,789

1.3

8%

7%

277 KESIDIS BROS - CROM S.A.

FOOD PRODUCTS

1,455,456

6,517,900

298%

5,705,404

2,843,896

2.0

22%

26%

278 SITHONIA OLIVES S.A.

FOOD PRODUCTS

1,449,672

4,617,845

16%

7,277,037

1,423,530

5.1

31%

20%

279 MOURIKIS FOTIOS ANAST. S.A.

WOOD

1,443,002

21,365,415

26%

19,563,295

3,807,303

5.1

7%

7%

280 VYTHOULKA BROS S.A.

HOTELS

1,414,534

4,272,655

101%

6,593,607

3,568,308

1.8

33%

21%

281 LESVOS DAIRY S.A.

FOOD PRODUCTS

1,402,018

9,991,085

71%

6,248,947

3,267,815

1.9

14%

22%

282 KRITI LIVESTOCK FEED S.A.

FOOD PRODUCTS

1,400,350

17,315,593

42%

3,889,955

3,589,479

1.1

8%

36%

283 VIONOVA LTD

-

1,400,178

6,313,723

21%

2,752,795

2,487,576

1.1

22%

51%

284 STATHATOS E. S.A.

CLOTHING - FOOTWEAR

1,398,624

2,742,552

43%

7,175,009

662,677

10.8

51%

19%

285 TRADE LOGISTICS S.A.

LOGISTICS

1,398,000

7,828,000

98%

14,014,000

11,442,000

1.2

18%

10%

286 SIVA TRAVEL SERVICES S.A.

TRAVEL AGENCY

1,394,070

21,753,326

5%

2,254,079

996,132

2.3

6%

62%

287 ATHINAIKI HOTEL CO. S.A.

HOTELS

1,380,040

4,267,526

45%

12,468,768

5,772,182

2.2

32%

11%

288 NIKZAS MILK INDUSTRY S.A.

FOOD PRODUCTS

1,376,803

14,857,167

25%

7,082,501

5,990,024

1.2

9%

19%

289 EPSEM S.A.

SANITATION - AIR CONDITIONING

1,374,655

9,028,386

14%

6,526,039

537,493

12.1

15%

21%

290 APOSTEIROSI S.A.

SANITATION

1,367,558

3,502,138

7%

2,489,405

1,853,955

1.3

39%

55%

291 GENERAL INDUSTRIAL & COMMERCIAL S.A.

MISCELANEOUS SERVICES

1,353,094

27,174,029

61%

23,342,092

8,877,127

2.6

5%

6%

292 MANTZAVELAKIS S.A.

HOTELS

1,351,296

7,358,137

10%

6,002,145

1,363,069

4.4

18%

23%

293 ANTONIOU S.A.

PUBLICATIONS

1,335,668

7,879,733

34%

9,001,497

1,626,180

5.5

17%

15%

294 GIOMA S.A. (AEGEAN PLAZA SANTORINI)

HOTELS

1,331,801

2,663,960

12%

5,925,446

1,365,313

4.3

50%

22%

295 PIGASOS S.A.

FOOD PRODUCTS

1,316,506

12,092,352

36%

7,830,312

1,525,790

5.1

11%

17%

296 VARIO S.A.

BUSINESS SUPPLIES

1,310,121

13,589,646

46%

6,336,839

1,871,352

3.4

10%

21%

297 HARDALIS CHRISTOS SONS S.A.

METAL PRODUCTS

1,307,234

18,090,660