Fin. Accounts - Subsidiaries

ASTRID S.A.
POLIPAK Ltd.
SARANTIS BANJA LUKA DOO.
SARANTIS BELGRADE LTD.
SARANTIS BULGARIA LTD.
SARANTIS CZECH REPUBLIC S.R.O.
SARANTIS FRANCE SARL
2003
SARANTIS HUNGARY KFT.
SARANTIS PORTUGAL S.A.
SARANTIS SERBIA & MONTENEGRO
SARANTIS SKOPJE DOOEL
2004
THRACE – SARANTIS SA