BABIS VOVOS

INTERNATIONAL CONSTRUCTION S.A

Annual Report 2006

A N N U A L

R E P O R T

C O N T E N T S

Chapter

1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13.

04] Financial highlights

06] Corporate profile
09] Position & strategy

14] Chairman's Statement

16] CEO's Review
18] Greek property market review
20] Property portfolio review

29] Financial Review

41] Information about the Company
54] Information on the compilation of the Annual report & the Companys auditors
57] Babis Vovos International Construction S.A. Affiliated companies

68] Share data

73] Financial statements

Financial highlights

Gross fair market value of BVIC's property portfolio

I1,241m

A valuation increase of 33% vs 2005
Net fair market value of BVIC's property portfolio

EBITDA

NAV per share before deferred tax

A 25% decrease vs 2005

I20.38

A 19% increase vs 2005

Revenue

Revaluation surplus

A 37% increase vs 2005

A 26% decrease vs 2005

Profit after tax

Investment properties

I1,195

A 31% decrease vs 2005

A 32% increase vs 2005

BVIC ANNUAL REPORT 2006

NAV per share (l)

20.4 17.1 12.3 8.3

NAV per share before deferred tax NAV per share after deferred tax
Investment properties (l million)

1,194.7 904.4 625.0

Revenue (l million)

48.7 40.8

Earnings before tax (l million)

173.2 153.6 119.4

Profit after tax (l million)

130.5 124.4 85.4

Corporate profile
MARKET LEADING POSITION IN THE OFFICE SECTOR DIVERSIFYING INTO THE RETAIL AND TOURIST DEVELOPMENT SECTORS PROPERTY PORTFOLIO GROSS FAIR MARKET VALUE OF S 1,241 MILLION BVIC OWNS AND MANAGES OVER 200,000 SQM OF PROPERTY Babis Vovos International Construction S.A. (BVIC) is the leading Greek real estate developer, owner and manager. The Groups core business is the office property market. BVIC is also entering the high growth retail and tourist property markets, together with the refinement of its business model in order to maximise shareholder value. BVIC has grown from nearly 20,000 sqm under ownership in 2001 to over 200,000 sqm today, valued at S1,241 million, by retaining prime assets. Our portfolio is characterised by class A commercial properties around the central arteries of Athens, which offer significant advantages by virtue of their size, location and facilities. The scale of our business is unique to the Greek market, exactly as our customer-focused approach is. The Group has developed a loyal and broad network of leading national and international corporations as clients, including Cosmote, the Hellenic Exchanges, LG Electronics, Marfin Bank, Media Markt, Microsoft, Norton Rose, Telecom Italia Mobile (TIM), Village Roadshow, Vodafone and the Greek Ministry of Public Works. We believe that our low vacancy rates are partly due to our strong customer focus while our attractive yields are mainly due to the high quality, turnkey projects that we develop for our clients. We have been successful in capturing high returns on our investments while maintaining a low risk level, with nearly a 100% occupancy rate for our portfolio and a blue chip tenant base. LONG AND SECURE LEASES, BLUE CHIP TENANTS BVIC is involved in all aspects of property development and investment, from site acquisition and project construction through to the leasing and sale or retention of the constructed building. Being able to cover the full spectrum of property development and management activities offers significant advantages in terms of access to deal flow, efficiency, speed and flexibility. We are well known for providing turnkey solutions for our clients and almost all our projects are committed during the early stages of development enabling us to offer tailor made solutions to our tenants with average construction periods of 18 months. BVIC produces sustainable, recurrent results by capitalising on its strong competitive advantage, comprising in-depth knowledge of the markets and access to deal flow, building on the Groups excellent track record.

60 Kifissias Avenue Coca Cola, National Telecommunications & Post Commision

66 Kifissias Avenue TIM

Chairman's Statement
nce again, I am very pleased to report on another year of outstanding activity for the Group, demonstrating our ability to create value and to generate attractive development opportunities. We realized our key strategic goal which is to enhance our NAV per share, generating NAV growth of 19%, with the completion of two significant projects under construction. The NAV growth we delivered is ahead of our single digit NAV growth target and, in fact, we have achieved double digit NAV growth every year since the adoption of IFRS in 2004.
During the year, we concentrated our efforts on investing for future growth by enhancing our development pipeline, particularly in the retail sector. We are diversifying our portfolio by increasing the size of our retail business; we invested over S80 million on acquiring two land plots and we are paving the way for significant value creation for our shareholders. In the fourth quarter of 2006, we announced the acquisition of a 100,000 sqm land plot in Votanicos, an area of regeneration and redevelopment. This land plot represents a new challenge for the Group as we intend to build a shopping mall of approximately 70,000 sqm of gross lettable area. This is the first shopping mall development of this size for BVIC and the largest ever to be developed in Greece. We are responding to a growing trend in Greece for large shopping malls, with high quality developments respecting the environment. There has also been significant progress concerning the Syggrou project. The final acquisition agreement of the company-owner of the property was signed during May 2006. The excavation works have already been completed while the building permit was issued during 2007. We continue to maintain momentum in the office sector, where we made significant progress on our high profile development for the Hellenic Exchanges, as well as the other two buildings that we are developing on the site. This project has generated strong lease demand interest from the local corporate community as well as investment interest from international property investors. Our focus on prime assets in this sector continues generating high returns for the Group. Our leading position in the office market, our long-term secure leases and strong customer relationships, our diverse income sources as well as our continued expansion into high growth real estate sectors form the platform from which we can seek new opportunities to grow our business. BVIC is well positioned to meet its long-term targets and to achieve significant returns for our shareholders in the coming years as well as to support growth in the communities where we operate. I would like to welcome the two new independent members to our Board of Directors, Ms. Corina Sylira and Mr. Nick Van Ommen. Their appointment further strengthens our strong corporate governance. Their depth and breadth of experience make a positive contribution to the strategic decision making process of the company.

Sale and leaseback

Over half of our investment property portfolio consists of income producing assets with long-term closed lease agreements and with secured long-term debt in the form of sale and leaseback agreements. All the sale and leaseback agreements, that we have entered into, are covered by interest rate swaps barring a S5 million sale and leaseback agreement. Thus, we have fixed our interest rate at 5.29%. On the other hand, the rental income, that we receive from these assets, benefits from leases with an annual readjustment of Greek CPI plus 100 bps, that provides rental growth. BVICs sale and leaseback properties have a gross value of S747 million and accounted for 63% of our investment properties in 2006, with S344 million of related debt. This is BVICs largest asset class, that contributed approximately S16 million to BVICs rental income in 2006. On an annualized basis, in 2007, this asset class should contribute over S21 million from current lease agreements for Delta Falirou Complex II that were in effect only for a few months during 2006. BVIC has entered into sale and leaseback arrangements for 10 properties, comprising a total of almost 54,900 sqm of lettable area, and 3,770 parking spaces. Almost half of the assets are large single tenant office complexes situated on Kifissias Avenue. There was one addition to our sale and leaseback portfolio during 2006 from the completion of a retail and
ncluding parking spaces and ground floor retail space
leisure development at Delta Falirou covered by sale and leaseback agreements of S59 million, corresponding to 13,663 sqm of retail and leisure space as well as 738 parking spaces. A sale and leaseback agreement is a transaction where the Group sells, a property or part thereof, subject to a lease (normally on institutional terms) for a fixed period of time, usually 10-15 years to a Greek leasing company. BVIC will then enter into a typically coterminous occupational lease with a tenant, usually for a period as long as the lease agreement period. The rent received from the tenant is used for the payment of the interest and amortisation costs to the leasing company. At the end of the lease, BVIC has the right to re-purchase the property, usually at a nominal cost. The sale and leaseback agreements allow BVIC to transfer the assets ownership, while having the right to use or grant sublease of the property. BVIC retains a call option over the properties, so at the end of the lease term, the property may revert to the Group, usually for a nominal fee. In 2002, Greek tax law was amended so that sale and leaseback transactions were no longer subject to 11% transfer tax. As a result, BVIC had entered into a number of sale & leaseback agreements in respect of its larger, prime location buildings. In summary, the benefits for BVIC of the sale and lease back structure are that:

Storage space, Retail shop Residential Office space and storage space Storage space Residential Retail shop, storage space Retail shop, storage space Retail shop Retail shop Retail shop Parking Parking Parking Parking Vodafone, TIM, Scoplife Private individual Coca Cola, National Telecommunications & Post Commision (EETT), CCC Vodafone, GM, Tetrapak Private Individuals Cosmote, Philips, Cisco, Alpha Bank Zografakis, Intralot, Flash Ant1 Coca Cola, GM, Computer Associates Mazars Hellas Coca Cola, Marfin Bank, BP Coca Cola, Giannelos Paradise & Co GP General Secretary of Sports 28 12,2,047
Poros 10-12 Kifissias Avenue 32 Kifissias Avenue 49 Kifissias Avenue 64 Kifissias Avenue Mauromixali Street 60 Kifissias Avenue 56 Kifissias Avenue 4 Vasilissis Sofias Avenue 44 Kifissias Avenue 3 Premetis Street 14 Kifissias Avenue 62 Kifissias Avenue 340 Kifissias Avenue 24 Kifissias Avenue 66 Kifissias Avenue Acadimias Street 7 Kifissias Avenue Total
BVIC has 18 assets in the horizontal ownership category, comprising a total of 12,806 sqm of lettable area, and 2,047 parking spaces. There were no significant changes to the horizontal ownership asset class during 2006.

Under Construction

At the end of 2006, BVIC had nearly 76,000 sqm of lettable area on a total land area of 128,800 sqm under construction, including two projects in the tourist real estate market and a commercial complex, both areas in which we are materializing our expansion strategy. The largest project currently under construction is the development at 108-110 Athens Avenue consisting of 3 office buildings, including one which belongs to the Hellenic Exchanges of 6,700 sqm. In the table here below, only the two buildings belonging to BVIC are included.
Property address Description Land area (m2) Building area (m2)
Poros-Galatas HELEX Elfinco Sounio Gymnastiriou Str. 9-13 Patmou Str. 109-111 Kifissias Ave. Delta Falirou Total
Hotel development Office complex Commercial complex Resort complex Mixed use residential Mixed use residential Office development Retail, leisure and office complex
30,000 5,216 5,841 62,144 18,263 3,827 3,128,820

Tax audit

The tax audit for the fiscal year 2000 up to and including the fiscal year 2003 of the parent company Babis Vovos International Construction S.A was completed in the fiscal year 2005 and the resulting tax audit diffeences amounting to = 1,607 thousand C burdened the results of the fiscal year 2005. The companys tax obligations for the fiscal years 2004 up to and including 2006 have not been finalized. The tax audit for the fiscal year 1999 up to and including 2002 of the company Babis Vovos International Construction S.A. & Co G.P. was also completed in the fiscal year 2005 and the resulting tax audit differences amounting to = 997 thousand have C burdened the results of the fiscal year 2005. The companys tax obligations for the fiscal years 2003 up to and including 2006 have not been finalized. The tax audit for the fiscal year 2000 up to and including 2002 by virtue of Law 3259/2004 of the company ERGOLIPTIKI S.A. in which the parent company participates with a percentage of 51.00%, was also completed in the fiscal year 2005 and the resulting tax audit differences amounting to = 169 thousand have burdened the C results of the fiscal year 2005. The companys tax obligations for the fiscal years 2003 up to and including 2006 have not been finalized. The company DOMA S.A. in which the parent company participates with a percentage of 98.98%, has been tax audited up to and including the fiscal year 1998. The tax audit of the fiscal year 1991 up to and including 1998 did not result in any tax or surcharge burdening the company. On 24/7/2000 DOMA S.A. filed for a tax audit for the fiscal year 1999 which had not been audited and the case is still pending. The companys tax obligations for the fiscal years 1999 up to and including 2006 have not been finalized. The tax audit for the fiscal year 1999 up to and including 2002 by virtue of Law 3259/2004 of the company INTERNATIONAL PALACE HOTEL S.A. in which the parent company participates indirectly with a percentage of 51.00%, was also completed in the fiscal year 2005 and the resulting tax audit differences amounting to = 325 have C burdened the results of the fiscal year 2005. The companys tax obligations for the fiscal years 2003 up to and including 2006 have not been finalized. The company ALTECO S.A. in which the parent company participates with a percentage of 99.01%, has been tax audited up to and including the fiscal year 1998. The companys tax obligations for the fiscal years 1999 up to and including 2006 have not been finalized. The company ELFINKO S.A. in which the parent company participates with a percentage of 99.00%, has been tax audited up to and including the fiscal year 2004. The companys tax obligations for the fiscal years 2005 up to and including 2006 have not been finalized. With reference to the non - audited fiscal years a provision for tax audit differences which burdened the fiscal years results as well as previous fiscal years results has been formed for all the above mentioned companies and there is no expectation that any significant additional liability will incur.

23/2/2007

Events for the period that were made public by the company
The events which were made public by the company during 2006 and the first months of 2007, are as follows:

Subject

Ex-dividend and dividend payment Announcement of no dividend pay-out for the financial year 2006 Announcement of dividend payment for the financial year 2005 General Shareholders Meetings Annual General Meeting Decisions

Webpage

www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News

30/6/2006

8/6/2006
Invitation of the Shareholders to the Annual General Meeting Press Releases Announcement concerning the asset owned by BVIC Group at 340 Syngrou Avenue Corporate presentation of BVIC Group at the ODDO Midcap Conference in Lyon France. New sale agreement for BVIC Group with Allianz S.A.

22/2/2007

16/1/2007

28/11/2006

17/10/2006
Final purchase agreement for the assets owned by ETMA SA and HELLATEX SA in the area of Votanikos Presentation of BVIC Group in the 1st Annual Greek Roadshow Preliminary purchase agreement for the assets owned by ETMA SA and HELLATEX SA in the area of Votanikos Announcement concerning the fire at Delta Falirou

22/9/2006

25/8/2006

1/8/2006

5/7/2006
Reply to Athens Exchange letter concerning a lease agreement with Media Markt Notification in accordance with article 281 of the Athens Exchange Regulation concerning the non-existence of contacts between shareholders of the company and Dubai Investment Group New lease agreement at Delta Falirou

27/6/2006

18/4/2006

29/3/2006

BVIC leases 40% of building complex I (BOT) at Delta Falirou

6/2/2006

BVIC signs a floating to fixed interest rate swap for the entire long-term debt portfolio BVIC Group Sale and Leaseback agreement with Emporiki Leasing Hotel development in Sounio
www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News www.babisvovos.com/ Investors Relation/ Investors News

4/1/2006

2/1/2006

3/4/2007

Financial Statements Conference Call for the Fiscal Year 2006 Financial Statements Full Year 2006 Financial Results

29/3/2007

29/11/2006
Financial Statements 3rd Quarter 2006

31/8/2006

Financial results for the first 6 month period of 2006

31/5/2006

Notification of publication of revised figures and information for the First Quarter 2006 First Quarter 2006 Financial Results

30/5/2006

3/3/2006
Babis Vovos International Construction SA Full year 2005 financial results Transactions notification Sale of 5,430,000 shares held by Mr. Charalampos Vovos at an aggregate price of = 100M. C Babis Vovos International Construction S.A. - Intention to sell 5,430,000 shares held by Charalampos Vovos Corporate actions Schedule of intended corporate actions for 2007 update

31/3/2006

30/3/2006

26/3/2007

PAYABLE Babis Vovos - Babis Vovos - Ergoliptiki International International - Ktimatiki Construction Construction S.A. & Co Touristiki S.A. S.A. RECEIVABLE G.P. Babis Vovos International Construction S.A. Babis Vovos International Construction S.A. & Co G.P. Ergoliptiki - Ktimatiki Touristiki S.A. nternational Palace Hotel S.A. nternational Palace Hotel S.A. DOMA S.A. LTECO S.A. ELFINKO S.A. Ergoliptiki - Ktimatiki Touristiki S.A. & Co G.P. International Health Care S.A. International Construction Postive Ltd S.A. - Boretos & Co G.P. MARVO S.A.

36,476

10,308

13,347

During the fiscal year 2006, there have been no transactions other than the intracompany balances presented above, between Babis Vovos International Construction S.A and related parties above.

Share Data

The shares of the Company were listed in the Main Market of the Athens Stock Exchange on 30/05/2001. The share of the Company Babis Vovos International Construction S.A. has been classified in the sector of Real Estate Holding & Development of the Daily Official List Announcements of ASE. The share participates in the following indexes: as of 01.12.2001 in the FTSE / Athex Mid 40, as of 02.05.2002 in the General Index of ASE., as of 30.05.2003 in the MSCI Small Cap Greece, as of 19.06.2003 in the FTSE Med 100, as of 01.04.2004 in the index EPRA / NAREIT, as of 30.09.2004 in the index Eurobank Mid Cap Private Sector 50 Index (EPSI50), as of 02.01.2006 in the index FTSE/Athex International, as of 01.01.2007 in the GPR250 index (Global Property Research) The table below presents statistical data concerning the share closing price at the end of the month and the monthly trading volume for the period 02.01.2006 to 31.12.2006.

SHARE DATA Month

January 2006 February 2006 March 2006 April 2006 May 2006 June 2006 July 2006 August 2006 September 2006 October 2006 November 2006 December 2006
Share closing price at the end of month (in = ) C
13.94 17.00 19.00 19.10 18.38 18.00 18.50 18.34 20.60 20.90 21.00 29.20
Total monthly trading share volume (in pieces)
1,325,796 2,721,894 8,461,020 2,016,070 1,841,276 2,041,612 1,428,827 895,062 2,060,178 2,176,934 1,535,316 2,319,294

Interpretations effective after 1 January 2007
IFRIC 7 - Applying the Restatement Approach under IAS 29 This interpretation is effective for annual periods beginning on or after 1 March 2006 and provides guidance on how to apply requirements of IAS 29 in a reporting period in which a company identifies the existence of hyperinflation in the economy of its functional currency, when the economy was not hyperinflationary in the prior period. As none of the Group companies operate in a hyperinflationary economy this interpretation will not affect the Groups financial statements.
IFRIC 8 - Scope of IFRS 2 This interpretation is effective for annual periods beginning on or after 1 May 2006 and considers transactions involving the issuance of equity instruments where the identifiable consideration received is less than the fair value of the equity instruments issued to establish whether or not they fall within the scope of IFRS 2. This interpretation will not affect the Groups financial statements.
IFRIC 9 - Reassessment of Embedded Derivatives This interpretation is effective for annual periods beginning on or after 1 June 2006 and requires an entity to assess whether an embedded derivative is required to be separated from the host contract and accounted for as a derivative when the entity first becomes a party to the contract. This interpretation is not relevant to the Groups operations.
IFRIC 10 - Interim Financial Reporting and Impairment This interpretation is effective for annual periods beginning on or after 1 November 2006 and prohibits the impairment losses recognised in an interim period on goodwill, investments in equity instruments and investments in financial assets carried at cost to be reversed at a subsequent balance sheet date. This interpretation is not expected to have any impact on the Groups financial statements.
IFRIC 11 - IFRS 2: Group and Treasury share transactions (not yet endorsed by the EU) This interpretation is effective for annual periods beginning on or after 1 March 2007 and clarifies the treatment where employees of a subsidiary receive the shares of a parent. It also clarifies whether certain types of transactions are accounted for as equity-settled or cash-settled transactions. This interpretation is not expected to have any impact on the Groups financial statements.

IFRIC 12 - Service Concession Arrangements (not yet endorsed by the EU) This interpretation is effective for annual periods beginning on or after 1 January 2008 and applies to companies that participate in service concession arrangements. This interpretation is not relevant to the Groups operations.
2.3. Consolidation Subsidiaries Subsidiaries are all entities (including special purpose entities) over which the Group has the power to govern the financial and operating policies generally accompanying a shareholding of more than 50% of the voting rights. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Group controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases.
The purchase method of accounting is used to account for the acquisition of subsidiaries by the Group. The cost of an acquisition is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the acquisition. Identifiable assets acquired, liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the cost of acquisition over the fair value of the Groups share of the identifiable net assets acquired is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognised directly in the income statement. Changes of the Group's ownership interest in subsidiaries are considered transactions between the shareholders and consequently are recorded as equity transactions. Inter-company transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. The Company in its individual financial statements carry the investments in subsidiaries at cost less impairment.
2.4. Segment Information A business segment is a group of assets and operations engaged in providing products or services that are subject to risks and returns that are different from those of other business segments. A geographical segment is engaged in providing products or services within a particular economic environment that are subject to risks and returns that are different from those of segments operating in other economic environments. The classification in primary and secondary segment was based on the type and source of Groups revenues. As a result the Group has classified the business segment analysis as primary while the geographical segment analysis as secondary.

2.11. Inventories Investment properties that are being developed for future sale are reclassified as inventories at their deemed cost, which is the carrying amount at the date of reclassification. They are subsequently carried at the lower of cost and net realisable value. Net realisable value is the estimated selling price in the ordinary course of business less cost to complete redevelopment, when applicable, and selling expenses.
2.12. Trade receivables Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for impairment of trade receivables is established when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of the receivables. Significant financial difficulties of the debtor, probability that the debtor will enter bankruptcy or financial reorganisation, and default or delinquency in payments are considered indicators that the trade receivable is impaired. The amount of the provision is the difference between the assets carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. The amount of the provision is recognised in the income statement under administrative expenses. Subsequent recoveries of amount written off are credited in the income statement.
2.13. Cash and cash equivalents Cash and cash equivalents includes cash in hand, deposits held at call with banks, pledged deposits, and other low risk short-term highly liquid investments with original maturities of three months or less.
2.14. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds.
2.15. Borrowings Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost using the effective interest rate method; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in the income statement over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance sheet date.
2.16. Derivative financial instruments Derivative financial instruments include interest rate swaps. They are initially recognised at fair value and are subsequently re-measured at their fair value. The fair value is estimated using current prices and discounted cash flows analysis. Derivative financial instruments with a positive fair value are classified as assets and as liabilities when their fair value is negative. Any changes in the fair value of derivative financial instruments held for trading are recognised in the income statement as finance cost / income.

Operating lease liabilities The Group and the Company lease horizontal ownerships (building floors, retail shops, parking spaces) under non-cancellable operating lease agreements. The leases have varying terms related to the lease escalation, renewal rights and other clauses and have an average lease period of 12 years The future aggregate minimum lease payments under non-cancellable operating leases are as follows:
31 December December 2005 17,696 69,657 144,949 232,302
31 December 2006 12,493 41,459 17,661 71,December 2005 11,760 45,941 75,846 133,547
17,032 51,029 23,788 91,849
31. Related-party transactions
Mr. Charalambos Vovos owns 35.02% of the parent companys shares and voting rights. The remaining 64.98% of the shares are widely held to international institutional
1/1/200631/12/2006 1/1/200531/12//2005
1/1/200631/12/2006 1/1/200531/12/2005
i) Sales of goods and services Sales of goods Babis Vovos International Construction S.A. & Co GP Sales of services Babis Vovos International Construction S.A. & Co GP International Health Care S.A. Marvo S.A. ii) Purchases of goods and services Purchases of goods Babis Vovos International Construction S.A. & Co GP Purchases of services Babis Vovos International Construction S.A. & Co GP Services of key management personal iii) Key management compensation Salaries and other short term employee benefits All amounts in = thousands C

752 752

604 604

236 236

iv) Year - end balances arising from sales / purchases of goods / services Receivables from related parties Babis Vovos International Construction S.A. & Co GP Ergoliptiki - Ktimatiki - Touristiki S.A. International Health Care S.A. Positive Ltd. International Construction S.A. Boretos & Co. GP Ergoliptiki - Ktimatiki - Touristiki S.A. & Co Ltd. Marvo S.A. Payables to related parties Doma S.A. International Palace Hotel S.A. Alteco S.A. Elfinko S.A. Key management personnel
48 11,11,579 38,796 38,796
11,48 11,024 23,507 7,375 7,375
36,48 5,42,886 8,431 3,864 10,308 13,347 29,621 65,571
50,11,48 5,036 67,789 8,266 3,886 10,937 6,036 29,125
investors, domestic institutional investors and private investors. Excluding the subsidiaries, related parties consist of companies to which the major shareholder of the parent company or members of the top management have strong influence in the decision making process. Sale and purchase of services and goods from and to related parties are based on the price lists in force and terms that would be available to third parties. The receivables and payables from and to related parties have no any specific due date and bear no interest.

32. Business Combinations
On May 22nd, 2006 the Company acquired 99.00% of Elfinko S.A. A land plot of approximately 6,000 sqm at 340 Syngrou Avenue in Kallithea is the main asset of the aforementioned company. The company is domiciled in Greece. The acquired company contributed no revenues and net losses amounting to = 1,745 thousand to the Group C result for the period from 22 May 2006 up to 31 December 2006. If the acquisition had been made on January 1st, 2006, it would have contributed revenues of = 20 thousand C and net losses of = 2,613 thousands to the Group result. C The net assets acquired as well as the goodwill arising from the acquisition are as
All amounts in = thousands C Acquisition price: Cash outflow on acquisition Total acquisition price Fair value of net assets acquired Goodwill 22,825 22,825 (22,825)

follows:

All amounts in = thousands C Cash and cash equivalents Investment Property Property, plant and equipment Intangible assets Trade & Other Receivables Trade & Other Payables Net deferred tax liabilities Net assets Minority interests (1,00%) Net assets acquired Cash outflow on acquisition Cash and cash equivalents in subsidiary acquired Net Cash outflow on acquisition

Fair value

114 30,11 (1,505) (6,443) 23,056 (231) 22,825 22,825 (114) 22,711
Acquirees carrying amount

114 5,11 (1,505) 3,726

The assets and liabilities arising from the acquisition are as follows: The difference between the price and the accounting value of the acquired companys assets was added to the land plot value and, consequently, no goodwill arose on the above acquisition.
On January 18th, 2005 the Company acquired 99.01% of ALTECO S.A., a company that owns a plot of land at 49 Kifissias Av., in Maroussi. The company is domiciled in Greece. The acquired company contributed revenues amounting to = 134 thousand and net C profit amounting to = 24,330 thousand to the Group result for the period from 18 C January 2005 up to 31 December 2005. If the acquisition had been made on January 1st, 2006, it would have contributed the same revenues and net profit to the Group result. The net assets acquired as well as the goodwill arising from the acquisition are as
All amounts in = thousands C Acquisition price: Cash outflow on acquisition Total acquisition price Fair value of net assets acquired Goodwill 10,572 10,572 (10,572)

Tc electron capture branching ratio... I-45 D. Melconian, S.K.L. Sjue, I. Ahmad, A. Algora, J. yst, K.S. Dryckx, T. Eronen, A. Garca, S.A. Hoedl, A. Jokinen, I.D. Moore, H. Penttil, S. Rahaman, J. Saastamoinen, H.E. Swanson, S. Triambak and C. Weber
Spin and low-x physics with STAR at RHIC.I-47 J. L. Drachenberg, C. A. Gagliardi, L. Huo, M. Sarsour, R. E. Tribble, and the STAR Collaboration TWIST: measuring the space-time structure of muon decay.I-50 C. A. Gagliardi, R. E. Tribble, and the TWIST Collaboration
Toward understanding relativistic heavy-ion collisions with the STAR detector at RHIC..I-51 M. Cervantes, R. Clarke, M. Codrington, A. Hamed, S. Mioduszewski, and the STAR Collaboration
SECTION II: HEAVY ION REACTIONS Light particle clusterization in nuclear matter at very low density...II-1 L. Qin, J. B. Natowitz, G. Roepke, K. Hagel, R. Wada, Z. Chen, P. Sahu, S. Kowalski, C. Bottosso , S. Shlomo, M. Barbui, D. Fabris, M. Lunardon, S. Moretto, G. Nebbia, S. Pesente, V. Rizzi, G. Viesti, M. Cinausero, G. Prete, T. Keutgen, Y. El Masri, and Z. Majka A new order parameter for IMF isotope distributions..II-4 Z. Chen, R. Wada, A. Bonasera, T. Keutgen, K. Hagel, J. Wang, L. May, L. Qin, J. B. Natowitz, T. Materna, S. Kowalski and P. K. Sahu Lithium production in heavy ion reactions at 47 MeV/u...II-6 C. Bottosso, R. Wada, K. Hagel, J. B. Natowitz, L. J. Qin, T. Keutgen, Z. Chen, and P. K. Sahu Progress in BRAHMS.....II-9 K. Hagel, R. Wada, J. B. Natowitz, and the BRAHMS Collaboration Isospin effects observed in the transverse flow of isotopically resolved fragments below the balance energy....II-11 Z. Kohley, E. Bell, K. Hagel, R. Wada, S. Soisson, A. L. Keksis, D. V. Shetty, G. A. Souliotis, S. Wuenschel, B. Stein, S. Galanopoulos, L. W. May, L. Qin, J. B. Natowitz, S. J. Yennello, and the NIMROD Collaboration Isoscaling and nuclear temperature studies of reconstructed quasiprojectiles from peripheral and semiperipheral collisions in the Fermi energy regime...II-14 S. Galanopoulos, G. A. Souliotis, A. L. Keksis, M. Veselsky, M. Jandel, D. V. Shetty, Z. Kohley, S. Soisson, B. Stein, S. Wuenschel, and S. J. Yennello Semiclassical simulations of peripheral heavy-ion collisions at Fermi Energies and the sensitivity to the density dependence of the nuclear symmetry energy..II-19 G. A. Souliotis, D. V. Shetty, S. Galanopoulos, and S. J. Yennello An empirical relation for studying the nuclear symmetry energy as a function of excitation energy in various mass regions...II-24 D. V. Shetty, G. A. Souliotis, S. Galanopoulos, Z. Kohley, S. N. Soisson, B. C. Stein, S. Wuenschel, and S. J. Yennello
A new method of point-to-curve distance calculations...II-26 L. W. May, S. Wuenschel, B. Stein, and S. J. Yennello Analysis of 86,78Kr + 64,58Ni data taken on the upgraded NIMROD-ISiS..II-28 S. Wuenschel, S. Galanopoulos, K. Hagel, Z. Kohley, L. W. May, J. B. Natowitz, D. V. Shetty, S. N. Soisson, G. Souliotis, B. C. Stein, R. Wada, and S. J. Yennello Calibration of the 32,36S, 86Kr on 112,124Sn, 197Au data taken on the FAUST array..II-30 B. C. Stein, S. N. Soisson, G. A. Souliotis, D. V. Shetty, S. Galanopoulos, S. Wuenschel, Z. Kohley, L. W. May, and S. J.Yennello A dual-axis dual-lateral position sensitive detector for the FAUST array..II-31 S. N. Soisson, B. C. Stein, L. W. May, and S. J. Yennello

SECTION III: NUCLEAR THEORY The nature of the low energy isovector dipole excitations in neutron rich nuclei.. III-1 E. Nica, D.C. Fuls, and S. Shlomo A modern nuclear energy density functional... III-3 D. C. Fuls, V. K. Au, and S. Shlomo The Schiff moment and the isoscalar giant dipole resonance... III-5 N. Auerbach and S. Shlomo An improved calculation of the isospin-symmetry-breaking corrections to superallowed Fermi decay..... III-6 I. S. Towner and J. C. Hardy Heavy ion collisions at LHC in a multiphase transport model.. III-8 L. W. Chen, C. M. Ko, B. A. Li, Z. W. Lin, and B. W. Zhang Thermal charm production in quark-gluon plasma at LHC.. III-9 B. W. Zhang, C. M. Ko, and W. Liu Isospin-dependent properties of asymmetric nuclear matter in relativistic mean-field models. III-10 L. W. Chen, C. M. Ko, and B. A. Li c enhancement from strongly coupled quark-gluon plasma.. III-12 S. H. Lee, K. Ohinish, S. Yasui, I. K. Yoo, and C. M. Ko Charmed exotics in heavy ion collisions.... III-14 S. H. Lee, S. Yasui, W. Liu, and C. M. Ko
Nuclear modification factors for high transverse momentum pions and protons at LHC.... III-15
W. Liu, B. W. Zhang, and C. M. Ko
Nucleon and resonances in K(1385)} photoproduction from nucleons.. III-16
Y. Oh, C. M. Ko, and K. Nakayama
Nonperturbative heavy-quark diffusion in the quark-gluon plasma.. III-17
H. van Hees, M. Mannarelli, V. Greco, and R. Rapp
Dilepton observables at the CERN Super Proton Synchrotron.. III-20
H. van Hees and R. Rapp Transverse momentum spectra of J/ in heavy-ion collisions... III-23 X. Zhao and R. Rapp
Perturbative QCD and multiple scattering in nuclear matter... III-26
R. J. Fries and A. Majumder Hadro chemistry in jets as a quark gluon plasma probe... III-27 R. J. Fries and W. Liu
The initial state of high energy nuclear collisions... III-28
R. J. Fries and collaborators
The recombination model.... III-29
R. J. Fries and C. Nonaka
Determination of the nuclear vertex constants (asymptotic normalization coefficients)
for the 7Be 3He + 4He vertex from the N/D equations and astrophysical factor for the 4He(3He,)7Be reaction..... III-30 A. M. Mukhamedzhanov, L. D. Blokhintsev, B. F. Irgaziev, A. N. Safronov, and A. A. Safronov Benchmark on neutron capture extracted from (d,p) reaction: application for 48Ca(d,p)49Ca and 48Ca(n,)49Ca..... III-31 A. M. Mukhamedzhanov, P. Mohr, and F. M. Nunes A new astrophysical S factor for the 15N(p,)16O reaction via the ANC method. III-33 A. M. Mukhamedzhanov, P. Bem, V. Burjan, C. A. Gagliardi, V. Z. Goldberg, Z. Hons, M. La Cognata, V. Kroha, J. Mrazek, J. Novak, S. Piskor, R. G. Pizzone, A. Plunkett, S. Romano, E. Simeckova, C. Spitaleri, L. Trache, R. E. Tribble, F. Vesely, and J. Vincourand

[1] V. Nucl. Phys. 19, 482 (1960). [2] B. Friedman and V. Pandharipande, Nucl. Phys. A361, 502 (1981). [3] R. J. Woods and C. N. Davids, Annu. Rev. Nucl. Part. Sci. 47, 541 (1997). [4] R. J. Charity et al., Phys. Rev. C 75, 051304 (2007).

Goldansky,

Asymptotic normalization coefficient (ANC) of the system 13O 12N + p determined from a (12N,13O) proton transfer reaction A. Banu, T. Al-Abdullah, V. Burjan,1 F. Carstoiu,2 C. Fu, C. A. Gagliardi, M. McCleskey, G. Tabacaru, L. Trache, R. E. Tribble, and Y. Zhai 1 Institute of Nuclear Physics, Czech Academy of Sciences, Prague, Czech Republic 2 IFIN-HH, Bucharest, Romania We report on the determination of the ANC for the system 13O 12N + p. The study was carried out in relation to the radiative proton capture reaction 12N(p,)13O for the role that it may play in the hot pp-chain nuclear burning processes possibly occurring in Population III stars [1]. As is generally the case with radiative proton capture reactions, due to the presence of large Coulomb barriers compared to small stellar kinetic energies, the reaction cross sections are in the order of picobarns, too small to be measured directly in the laboratory. Thus, they are studied by indirect methods. For our reaction of interest, we have applied the indirect ANC method [2] by using a (12N,13O) proton transfer reaction. Details of the experiment are presented elsewhere [3]. The basic of the ANC method is in the fact that the cross section for the radiative proton capture is completely determined by the Asymptotic Normalization Coefficient. This is equivalent with determining the amplitude of the tail of the overlap integral of the ground state wave function of 13O into the two-body channel 12N + p. The ANC of the radiative capture of interest is extracted from a peripheral proton transfer reaction in which one of the two reaction vertices is characterized by the same ANC, provided that the other ANC vertex of the transfer reaction is known. In our particular case, the transfer reaction was 14N(12N,13O)13C. Basically, the ANC of interest is extracted by fitting the experimental angular distributions with calculated Distorted Wave Born Approximation (DWBA) cross sections. This is written in the conventional DWBA formalism as:

d d

( ) = S n l j (13O )S n l j

( N ) ( )

where nlj are the usual quantum numbers that characterize in this case the proton single orbitals involved while Snlj represent the spectroscopic factors of the 13O (ejectile) ground state wave function and of the 14 N (target nucleus) ground state wave function, respectively. A proton from the 14N target occupying either the 1p1/2 or 1p3/2 orbitals is transferred to the 1p1/2 in the 13O nucleus. Thus, using the relation

member of this band at the excitation energy of ~11.5 MeV. The resonance reaction 9Be(p,)6Li*(T=1, 3.56, 0+) appears to be an appropriate tool for the search for this state. Experiment The 9Be(p,)6Li excitation functions were measured using inverse kinematics. The experimental setup is shown in Fig. 1. The 9 Be beam was provided by the Tandem Van de Graaf accelerator, and polyethylene was used as a proton target. The total energy and scattering angle of 6Li were measured by a resistivelayer, position-sensitive silicon detector with in front a gas ionization chamber for particle identification. Alpha particles were measured in coincidence with 6Li by an array of silicon pin-diode Figure 1. Experimental setup. Alpha particles and 6Li from the 1 H(9Be,)6Li reaction were measured in kinematical coincidence. detectors. This coincidence technique allows for the elimination of background and for the process of interest to be identified unambiguously. Measurements were performed at 39 different beam energies. Results The excitation function of the 9Be(p,)6Li*(T=1, 3.56 MeV, 0+) reaction is shown in Fig. 2. The most obvious feature of the excitation function is the resonance at 8.9 MeV of 10B excitation energy. This is the known T=1, 2+ state [4]. The angular distribution at this resonance energy is shown in Fig. 3. It is compared with an angular distribution predicted by an R-matrix calculation for the 2+ state along with an admixture of the relatively weak T=1, 3- state at 8.9 MeV. Note that the angular distribution for a pure 2+ state would be isotropic. It is the admixture of the 3- state that causes the cross section to decrease slightly at higher angles. A broad peak was observed at an excitation energy of ~11.5 MeV (Fig. 2). It appears at exactly the excitation energy expected from comparison with the isobaric analog 4+ state at 10.15 MeV in 10Be [3]. The data are still under analysis at present and an angular distribution is not yet available for this state. However, based on the excitation energy of this state and its large partial width in the -6Li channel,
we can conclude that it could be considered as a good candidate for the isobaric analog of the 4+, 10.15 MeV state in 10Be.

d/d, (mb/sr)

10 10.11.E, (MeV) Figure 2. Excitation function of the 9 Be(p,)6Li*(T=1, 3.56 MeV, 0+) reaction. X-axis represents excitation energy in 10B. The low energy part (below 10 MeV) of the excitation function corresponds to 70+/-10 degrees in c.m. and the high energy part corresponds to 140+/-10 degrees in c.m. This is preliminary data and only a fraction of all the data points is shown.

TWIST: measuring the space-time structure of muon decay C. A. Gagliardi, R. E. Tribble, and the TWIST Collaboration This past year, TWIST completed improved measurements of and based on the analysis of data that were recorded during 2004. We find = 0.75014 0.00017(stat.) 0.00044(syst.) 0.00011() and = 0.75067 0.00030(stat.) 0.00067(syst.). Both results are consistent with the Standard Model expectations of , and represent a factor of ~2 improvement in precision compared to the original TWIST measurements [1,2]. When these new results are included in a global analysis of muon decay measurements [3], they lead to improved limits on right-hand muon couplings. The results are currently being written up for publication. Dr. Robert MacDonald of the University of Alberta performed the analysis as part of his Ph.D. research. One of us (CAG) assisted Dick Mischke and Art Olin of TRIUMF in advising Dr. MacDonald during his analysis. TWIST completed its data taking in Summer, 2007, and the TWIST spectrometer has subsequently been disassembled. We anticipate the final precisions for the Michel parameters and will be approximately 0.0003. The final precision for P should be 0.001 or better. [1] J. R. Musser et al. (TWIST Collaboration), Phys. Rev. Lett. 94, 101805 (2005). [2] A. Gaponenko et al. (TWIST Collaboration), Phys. Rev. D 71, 071101R (2005). [3] C. A. Gagliardi, R. E. Tribble, and N. J. Williams, Phys. Rev. D 72, 073002 (2005).
Toward understanding relativistic heavy-ion collisions with the STAR detector at RHIC M. Cervantes, R. Clarke, M. Codrington, A. Hamed, S. Mioduszewski, and the STAR Collaboration We are studying relativistic heavy-ion collisions with two different probes: bottomonium and jet. I. Bottomonium () Measurement The bottomonium measurement is important to disentangle competing effects, dissociation in the deconfined plasma vs. q q recombination, both possibly playing a role in the production of charmonium in heavy-ion collisions. During the past year, we developed the tools for mass reconstruction of the (bb), measured via its decay to an electron-positron pair in the STAR detector. STAR presented a preliminary mass peak from the Year-7 Au+Au data set at QM 2008 [1], from the UC Davis group, who is also working on this analysis. Prior to this, had not been measured in heavy-ion collisions. Because of the low statistical significance of the measurement, it is important to have systematic crosschecks. We are doing an independent analysis to compare with and provide such systematic checks for the parallel analysis effort by the UC Davis group. In particular, there are 2 fronts on which we are investigating systematics. First, we have been looking at the effect of the Barrel Preshower (BPRS) detector for electron identification. Second, we have used an alternate determination of the combinatorial background, in which tracks from different events are combined (event-mixing) rather than combining only like-sign pairs from within an event. This alternate method reduces the statistical uncertainty on the background subtraction because the event-mixing can be performed over many events, while the number of like-sign pairs is similar in magnitude to the number of unlike-sign pairs within a single event (i.e. the foreground). Fig. 1 shows the invariant mass distribution of e+epairs, together with the Figure 1. Reconstructed mass calculated from e+e- pairs (black squares), and from pairs from mixed events (red triangles) combinatorial background normalized by (2N++N--) from the real events. distribution generated from mixed-events. Fig. 2 shows the

Finally, we plan to explore the N/Z equilibration process (e.g., Fig. 5) in greater detail via comparisons of CoMD calculations with our new experimental data from 15 MeV/nucleon 40Ar and 86Kr projectiles on 64,58Ni and 124,112Sn targets that are currently under analysis.
Figure 6. Time evolution of the neutron skin of an isolated 86Kr nucleus predicted by CoMD. Blue (asy-soft), red (asy-stiff), green (super asystiff) and gray line (no-symm): choices of the nucleon symmetry potential (see text).
Figure 7. Giant dipole resonance (GDR) response of an isolated 86Kr nucleus predicted by CoMD. Blue (asy-soft), red (asy-stiff), green (super asy-stiff) and black line (no-symm): choices of the nucleon symmetry potential (see text). The expected value of the energy according to the empirical GRD systematics is 16.8 MeV (see text) [12,13].
[1] G. A. Souliotis et al., Phys. Rev. Lett. 91, 022701 (2003). [2] G. A. Souliotis et al., Nucl. Instrum. Methods Phys. Res. B204, 166 (2003). [3] M. Veselsky and G. A. Souliotis, Nucl.Phys. A765, 252 (2006). [4] G. A. Souliotis et al., Phys. Lett. B 588, 35 (2004). [5] A. Ono and J. Randrup, Eur. Phys. J. A 30, 109 (2006). [6] M. Papa et al., Phys. Rev. C 64, 024612 (2001). [7] M. Papa et al., J. Comp. Phys. 208, 403 (2005). [8] D. V. Shetty, S. J. Yennello, and G. A. Souliotis, Phys. Rev. C 76, 024606 (2007). [9] L. Tassan-Got and C. Stephan, Nucl. Phys. A524, 121 (1991). [10] D. Lacroix et al., Phys. Rev. C 69, 054604 (2004). [11] R. Charity et al., Nucl. Phys. A483, 391 (1988). [12] D. Santonocito and Y. Blumenfeld, Eur. Phys. J. A 30, 183 (2006). [13] L. Trippa, G. Colo, and E. Vigezzi, [nucl-th] arXiv:0802.3658 (2008).
An empirical relation for studying the nuclear symmetry energy as a function of excitation energy in various mass regions D. V. Shetty, G. A. Souliotis, S. Galanopoulos, Z. Kohley, S. N. Soisson, B. C. Stein, S. Wuenschel, and S. J. Yennello Information on the symmetry energy is crucial for understanding nuclei that can be produced in extreme conditions of density, excitation energy and N/Z asymmetry. Currently, there exists no detailed understanding of how the symmetry energy evolves with the excitation energy of hot nuclei over a large range of nuclear masses. In this work, we report an empirical relation for studying the symmetry energy in various mass regions. The symmetry energy of finite nuclei at saturation density is often extracted by fitting ground state masses with various versions of the liquid drop mass formula. However, real nuclei are cold (T ~ 0 MeV), nearly symmetric (N ~ Z) and found at equilibrium density (o ~ 0.16 fm-3). Also, one needs to decompose the symmetry term of the liquid drop into bulk (volume) and surface terms along the lines of the liquid droplet model, and identify the volume symmetry energy coefficient as the symmetry energy derived from infinite nuclear matter at saturation density. In a previous work [1], we had shown how a constraint on the density dependence of the symmetry energy of infinite nuclear matter can be obtained from multifragmentation studies. Following the expression for the symmetry energy of finite nuclei at normal nuclear density by Danielewicz [2], and using the constraint obtained from our work on the symmetry energy of infinite nuclear matter, one can write the symmetry energy of a finite nucleus of mass A, as, SA() = (/o)/[1 + ((/o)/A1/3)] (1)

hole is uniform in shape and the grid appears square. Calculations have been performed to show that the position resolution is 200 m. With the detector placed at 30lab , the 20Ne beam was placed on a Au target. This set up allowed for the measurement of fragments produced in the heavy-ion reaction. In Fig. 2 it is shown that clear isotopic separation can be obtained. The DADL PSD shows particle identification on par with the current FAUST set up. A 228Th source was used to determine the energy resolution of this detector at the end of the experiment. It was found that the energy resolution is 80 keV [3].
Figure 2. E E spectra showing clear particle identification.
The development of the DADL PSD has been completed. It has an energy resolution of 80 keV and a position sensitivity of 200 m under experimental conditions. [1] R. J. Charity et al., Phys. Rev. C 46, 1951 (1992). [2] S. N. Soisson et al., Progress in Research, Cyclotron Institute, Texas A&M University (2006-2007) p. II-23. [3] IEEE Std 300TM -1988(R2006)
SECTION III NUCLEAR THEORY
The nature of the low energy isovector dipole excitations in neutron rich nuclei E. Nica, D. C. Fuls, and S. Shlomo We investigate the properties of the Isovector Giant Dipole Resonance (IVGDR) in neutron-rich nuclei, in particular the nature of its low-energy components. Studies of properties of the IVGDR in neutron-rich nuclei are important for the understanding of processes occurring in neutron stars and heavyion collisions. It is common in the literature to carry out discretized Hartree-Fock (HF)-based random phase approximation (RPA) calculations of the strength function of giant resonances by putting the nucleus in a box [1]. In this case, all single-particle states are bound and have no width. Therefore, all p-h excitations appear as bound excited states. In particular, discretized HF-RPA calculations for the strength function of the IVGDR have been carried out in the past with violations of self-consistency and employing a large smearing parameter. Because of this, small peaks in the RPA response function may have been incorrectly interpreted as low-energy resonances. It is thus important to establish whether these excitations are indeed resonances or are due to threshold effects. The main way to establish if the small peaks seen in the IVGDR response function obtained in some discretized HF based RPA calculations represent bona-fide resonances is to perform the HF-based Continuum RPA (CRPA) calculations. The Continuum HF-RPA properly accounts for the decay of particles excited beyond the threshold energy [2], whereas the discretized version deals only with bound single particle states. Comparing the results obtained with the continuum calculations with those from the discretized calculations should indicate if these peaks are truly resonance states or not [3]. For the effective nucleon-nucleon interaction we use a simplified Skyrme-type nucleon-nucleon interaction given by

Figure 1. Schematic of heavy ion guide (ANL gas cell, transport and diagnostics).
Fig. 1 schematically shows a suggested secondary beam transport and diagnostic system. After extraction the secondary beam enters a Multi-RFQ beam transport system where the exit direction is defined with the help of three mobile central branching segments of the RFQ (see Fig.2) [4]. The beam can go straight or be deflected 45o relative to the central axis. There are two curved and one straight segment and their position can be adjusted with the help of a remotely controlled elevator. One of 45o branches will be connected with the orthogonal electrostatic time-of-flight mass spectrometer (OrthoTOF) shown in Fig. 3.
Figure 2. Multi-RFQ beam transport system.
After entering the Ortho-TOF, 1+ ions will be accelerated up to 6 keV energy via a pulsed electrostatic accelerator and will travel towards the bottom of the 1.7 m long cylinder. At the bottom of the cylinder, using double stage electrostatic reflector, ions will make a U-turn and move up to the microchannel plate (MCP) timing detector located in the same plane as the accelerator. By measuring time-of-flight we can determine the masses of the ions. The Ortho-TOF has a resolution of one part in 5000 at ,inimum, which is more then enough to determine masses of the ions with an accuracy of better then 1 a.e.m. On the other 45 degree branch a solid state Si detector will be mounted, which also allows to define the yield of the radioactive ions by measuring decay curves of short lived activities. Ortho-TOF coupled with Multi-RFQ system was earlier designed at Giessen University and experimentally proved itself as a precise and easy to operate tool [5].
Figure 3. Layout of the orthogonal electrostatic time-of-flight mass spectrometer.
It is also very important to find out final number of recharged secondary radioactive ions after the Charge Breeder. Due to the long flight path from the Charge Breeder to the injection point and very low velocity of the radioactive ions time-of-flight system may be used. This is possible to achieve by placing beam buncher right after the Charge Breeder and removable MCP timing detector close to the injection point. The Heavy Ion Guide is a product of close collaboration between TAMU Cyclotron Institute, Argonne National Laboratory, Giessen University-GSI and NSCL Michigan State University. 1. G. Savard et al., Nucl. Instrum. Methos Phys. Res. B204, 582586 (2003). 2. G. Savard (private communication). 3. G. A. Souliotis et al., Nucl. Instrum. Methods Phys. Res. B204, 166 (2003). 4. W. R. Plass (private communication). 5. S. Eliseev, PhD Thesis, Justus-Liebig University, Giessen, 2004.

Upgrades to the rest of the system are in progress. A new wide screen flat panel display added to the control panel improves the look and feel of the control screens, but highlights the age of the workstation computers. A system to test the workstation upgrade is on order, with the need to bridge several computer generations of hardware and software of greatest concern. It is hoped that the hardware upgrade will pave the way for a general software upgrade at a later date.
Improved control over the source-detector distance in - coincidence measurements V. E. Iacob, V. V. Golovko, and J. C. Hardy The precision of branching ratios extracted from simultaneous measurements of - coincidences and singles depends most on how well the absolute efficiency of the detector is known. For a decay scheme like that of 34Ar, in which each excited level populated in the -decay daughter subsequently decays directly to the ground state, the branching ratio can be expressed to a first approximation as
where N- and N are the total numbers of observed - coincidences and -singles respectively, and is the absolute efficiency for detection of the ray. We have already calibrated the absolute efficiency of our HPGe detector to a precision of 0.2% in the energy range 50 keV to 1800 keV and 0.5% up to 3.5 MeV using long-lived sources [1]. However, in the calibration measurements the source-to-detector distance could be controlled to 0.1 mm, while in a real experiment the source is implanted in a mylar tape, which is positioned in front of the and detectors by our fast tape-transport system (see, for example, ref. [2]). Being a mechanical system, the tape-transport system positions the activity to a lower accuracy. To overcome this limitation, we have upgraded our measurement system by adding a laser-based position sensor, AccuRange 600-4 [3], which is able to determine a distance to 0.1 mm for distances in the range from 9 to 19 cm. The distribution of the tape-to-detector distances as observed in our recent 34Ar experiment [4] is given in Fig. 1. Before this upgrade we could use only the average source-detector
nr of cycles -0.6 -0.4 -0.0.2 0.4 0.6
distance to the central value [mm]
Figure 1. Distribution of the source-to-HPGe-detector distance relative to the central value (15.1 mm) as measured in the 34Ar experiment [4].
distance, which we assumed and have now verified had an spread, FWHM, of 0.5 mm. Thus, the absolute efficiency, , in equation (1) had to carry a higher uncertainty, which in turn increased the
uncertainty in the extracted branching ratios. In the upgraded system, every detection cycle is now tagged with its own source-detector distance, accurate to 0.1 mm. This increases the precision we can achieve in a branching-ratio measurement to the limit defined by the precision of the absolute efficiency of the -ray detector. [1] J. C. Hardy, et al., Int. J. Appl. Radiat. Isot. 56, 65 (2002), R. G. Helmer, et al., Nucl. Instrum. Methods Phys. Res., A511, 360 (2003). R. G. Helmer, et al., Int. J. Appl. Radiat. Isot. 60, 173 (2004). [2] V. E. Iacob, et al., Phys. Rev. C 74, 015501 (2006). [3] http://www.acuityresearch.com/AR600/ [4] V. E. Iacob, et al., Progress in Research, Cyclotron Institute, Texas A&M University (2007-2008), p. I-29.

Figure 3. Measured spectrum for the decay of 133Ba, compared to the Geant4 result simulated with the lowenergy EM package (thin dashed line Geant4; thick solid line - experiment).
Figure 4. Measured spectrum for the decay of 207Bi, compared to the Geant4 result simulated with the lowenergy EM package (thin dashed line Geant4; thick solid line - experiment).
Although the activities of the radioactive sources that we used for this work are nominally 1 Ci (37 kBq), the accuracy of this value was quoted to an approximate 15% by the supplier, Isotope Products Laboratory. So that we could get a more precise value for our -detector efficiency, we made our own measurement of the 207Bi source activity using our well-calibrated HPGe -detector [9] to detect the known rays from the decay. In this way we established the source activity to be of 1.31(1) Ci as of 16 January, 2008. Now, knowing the activity of the source as well as the low-energy threshold already obtained from our fit, we could deduce from our experimental data the absolute efficiency of the detector to be 3.48(2)% at the distance of 13.2(1) mm (as determined with an AccuRange 600TM Laser Displacement Sensor, which has an absolute precision better than 0.1 mm). With exactly this geometry, the Geant4 simulation yielded an absolute efficiency of 3.50(1)%, in excellent agreement with experiment. We now consider that the quality of the simulations for our plastic detector is quite sufficient to provide the precision we require for our superallowed -decay studies. [1] V. V. Golovko, V. E. Iacob, J. C. Hardy and D. Melconian, Progress in Research, Cyclotron Institute, Texas A&M University (2007-2008), p. V-25. [2] S. Agostinelliae, J. Allisonas, K. Amakoe, et. al., Nucl. Instrum. Methods Phys. Res. A506, 250 (2003). [3] I. Kawrakow, Med. Phys. 27, 485 (2000). [4] J. Baro et al., Nucl. Instrum. Methods Phys. Res. B100, 31 (1995). [5] V. V. Golovko, V. E. Iacob, and J. C. Hardy, Progress in Research, Cyclotron Institute, Texas A&M University (2005-2006), p.I-43; (2006-2007), p. V-23. [6] V. V. Golovko et al., Nucl. Instrum. Methods Phys. Res. A (accepted). [7] H. Behrens and P. Christmas, Nucl. Phys. A399, 1310 (1983). [8] E. T. H. Clifford et al., Nucl. Instrum. Methods 224, 440 (1984). [9] J. C. Hardy et al., Appl. Rad. Isotopes 56, 65 (2002).
A comparative study of three Monte Carlo codes for -detector simulations V. V. Golovko, V. E. Iacob, J. C. Hardy and D. Melconian In order to determine the vector coupling constant and to test the unitarity of the CabibboKobayashi-Maskawa (CKM) matrix, one has to make precise measurements of nuclear masses, branching ratios and half-lives [1]. The measurements of half-lives and branching ratios are performed in a simple, but very precise counting station at our institute. A typical on-line branching ratio experiment (see, for example Ref. [2, 3]) involves collection of the accelerator-produced radioactive nuclei on the tape of a tape-transport system that rapidly moves the collected sample to a position located between a scintillaton detector and a well-calibrated 70% HPGe -detector. Coincident - events are collected and recorded. In order to completely understand all systematic effects contributing to the branching ratio measurements, one must determine the relative efficiency of the scintillator as a function of -particle energy because the various -ray peaks follow -transitions with different end-point energies and their observed relative intensities are affected by the small differences in -detection efficiency. The work reported here continues an investigation, previously reported [4], of the response function of -particles from standard open -sources (eg. 207Bi). Here we are concerned with the question of which Monte Carlo (MC) code is more suitable for simulations of low-energy electron transport. We present a comparison of Monte Carlo simulations with three general purpose codes: Geant4 (version 4.9.0), Penelope and EGSnrc. The completely realistic geometric model for Geant4 [5], which was chosen for MC air 76 m12.7mm simulation, is shown in Figure 1 of Ref. [4]. The Mylar ribbon -detector consists of a 1-mm thick BC404 scintillator material coupled via a plastic optical pad made from lucite to a photomultiplier. The 1 mm thick scintillator-optical-pad assembly is enclosed in an scintillator opaque cylindrical shield made from 1.5-mmx thick PVC. The opening in the scintillator end of z the PVC shield is covered with a pin-hole-free, 5m-thick havar foil. The -particles enter the detector assembly through this foil with 19.05 mm essentially negligible energy loss. The Geant4 Simulation Toolkit includes a series of packages for the simulation of the electromagnetic (EM) interactions [6], 4.92 mm specialized for different particle types, energy Figure 1. Simplified geometry used for MC range or approach in physics modeling. In this simulations of a scintillating -detector efficiency work, we considered only positrons and used the with three general purpose codes: Geant4, EGSnrc low-energy and standard EM physics models in and Penelope. Geant4. The Penelope package is an alternative

particles that lost non-zero energy in the scintillator (i.e. no cut-off energy was used). Naturally, the introduction of a cut-off energy would shift the absolute efficiency to a lower value. To our surprise, when the same point-like source was placed into the center of a 76 m-thick aluminized mylar tape the condition that applies to our actual on-line -decay measurements the total efficiency of the -detector changes drastically throughout the whole energy range, but especially for particles energies below 4 MeV. See Figure 2(b). Although the mylar tape is very thin, it causes enough (back)scattering to increase the total efficiency of the detector by up to 20%. Even for betas at energies above 4 MeV, although the total efficiency remains more or less constant, it is still 4% higher than the result obtained by the simple geometrical estimation. Figure 3(a) shows a comparison of the results from the Penelope code with the results from three different Geant4 EM physics models: low-energy EM model, standard EM model and a model that claims to emulate the Penelope code. (The EGSnrc results are not shown since they were virtually indistinguishable from the Penelope results.) Although we expected the results from the stand-alone Penelope to be the same as those from the Geant4 Penelope EM model, that was not what we found. This apparently is a consequence of the fact that the reengineered Penelope EM model contained in Geant4 uses a different method to describe the multiple scattering of beta particles than did the original Penelope code.
-detector efficiency, [%]
Figure 3. (a): -detector efficiency of the plastic scintillator placed in air at a distance of 4.92 mm from a point-like source of mono-energetic positrons located at the center of aluminized mylar tape with thickness 76 m; four different MC calculations are shown. The horizontal line is the geometrical efficiency. (b): The difference in efficiencies between Penelope and Geant4 with various EM physics models. The horizontal dotted line represents the stand-alone Penelope MC results.

Kaplan, S.B. Kaufman, S.A. Kinksiek, D.D. Koetke, D.M. Lee, W.M. Lee, M.J. Leitch, N. Makins, P.L McGaughey, J.M. Moss, P.M. Nord, V. Papavassiliou, B.K. Park, G. Petit, J.C. Peng, M.E. Salder, W.E. Sondheim, P.W. Stankus, T.N. Thompson, R.S. Towell, R.E. Tribble, M.A. Vasiliev, J.C. Webb, J.L. Willis, P. Winter, D.K. Wise, Y. Yin, G.R. Young, Phys. Rev. Lett. 100, 062301 (2008). Global polarization measurement in Au+Au collisions, B.I. Abelev et al. (STAR Collaboration), Phys. Rev. C 76, 024915(2007). Measurement of transverse single-spin asymmetries for dijet production in proton-proton collisions at sNN = 200 GeV, B.I. Abelev et al. (STAR Collaboration), Phys. Rev. Lett. 99, 142003 (2007). The energy dependence of pt angular correlations inferred from mean-pt fluctuation scale dependence in heavy ion collisions at the SPS and RHIC, J. Adams et al. (STAR Collaboration), J. Phys. G 34, 451 (2007). Measurement of angular distributions of Drell-Yan dimuons in p + d interaction at 800 GeV/c, L.Y. Zhu, J.C. Peng, P.E. Reimer, T.C. Awes, M.L. Brooks, C.N. Brown, J.D. Bush, T.A. Carey, T.H. Chang, W.E. Cooper, C.A. Gagliardi, G.T. Garvey, D.F. Gesaman, E.A. Hawker, X.C. He, L.D. Isenhower, D.M. Kaplan, S.B. Kaufman, S.A. Kinksiek, D.D. Koetke, D.M. Lee, W.M. Lee, M.J. Leitch, N. Makins, P.L McGaughey, J.M. Moss, B.A. Mueller, P.M. Nord, V. Papavassiliou, B.K. Park, G. Petit, M.E. Salder, W.E. Sondheim, P.W. Stankus, T.N. Thompson, R.S. Towell, R.E. Tribble, M.A. Vasiliev, J.C. Webb, J.L. Willis, D.K. Wise, G.R. Young, Phys. Rev. Lett. 99, 082301 (2007). Two-particle correlations on transverse momentum and momentum dissipation in Au-Au collisions at at sNN = 130 GeV, J. Adams et al. (STAR Collaboration), J. Phys. G 34, 799 (2007). Strange particle production in p+p collisions at sNN = 200 GeV, B.I. Abelev et al. (STAR Collaboration), Phys. Rev. C 75, 064901 (2007). Scaling properties of hyperon production in Au+Au collisions at sNN = 200 GeV, J. Adams et al. (STAR Collaboration), Phys. Rev. Lett. 98, 062301 (2007).

SECTION VII APPENDIX

TALKS PRESENTED April 1, 2007 March 31, 2008
Introductory Remarks at the Long Range Plan Working Group Meeting, R.E. Tribble, Galveston, Texas (April, 2007). Tokyo Meeting Report: New Initiatives, R.E. Tribble, Invited Talk, OECD Meeting, Tokyo, Japan (May, 2007). Report to IUPAP WG9: NSAC Long Range Plan and the RIB Task Force, R.E. Tribble, Invited Talk, IUPAP Meeting, Tokyo, Japan (May, 2007). Radioactive Beams for Nuclear Spectroscopy and Nuclear Astrophysics, R.E. Tribble, Invited Talk, Direct Reaction with Exotic Beams, Tokyo, Japan (May, 2007). A Facility for Rare Isotope Beams in the U.S., R.E. Tribble, Invited Talk, International Nuclear Physics Conference, Tokyo, Japan (June, 2007). A New Long Range Plan for Nuclear Science, R.E. Tribble, Invited Talk, Carpathian Summer School, Sinia, Romania (August, 2007). Nuclear Science and U.S. Education, R.E. Tribble, Invited Talk, Carpathian Summer School, Sinia, Romania (August, 2007). Indirect Methods in Nuclear Astrophysics: Asymptotic Normalization Coefficients, R.E. Tribble, Invited Talk, Fourth European Summer School on Experimental Nuclear Astrophysics, Catania, Italy (September, 2007). Latest Results on Muon Decay from the TWIST Collaboration, R.E. Tribble, Invited Talk, 2007 APS Division of Nuclear Physics Annual Meeting, Newport New, Virginia (October 2007). Report to NuPECC on NSAC Activities, R.E. Tribble, NuPECC Meeting, Bucharest, Romania (October, 2007). Electron-Ion Collider and the NSAC Long Range Plan, R.E. Tribble, Invited Talk, EIC workshop, Stony Brook University, Stony Brook, New York (December, 2007). pp Collisions at RHIC, C.A. Gagliardi, Invited Talk, Carpathian Summer School, Sinia, Romania (August, 2007). Hard QCD in pp Collisions at RHIC, C.A. Gagliardi, Invited Talk, International Workshop Hard QCD with Antiprotons at GSI FAIR, Trento, Italy (July, 2007). Phases of QCD Matter, C.A. Gagliardi, Invited Talk, 2007 Jefferson Lab Users Group Meeting, Newport News, Virginia (June, 2007).

The Quantum Nature of a Nuclear Phase Transition Potential-Energy Calculations Dimensional Deformation Space in Ten-

November 26

Unified Treatment of Clusterization and Cold Fission a Path to the Understanding of the Heaviest Elements Formation Band Structures and High Spin States in Nuclei Anisotropic Flows of Light Nuclear Clusters and Direct Hard Photons in Intermediate Energy Heavy Ion Collisions

December 4

December 11
2008 March 4 Dr. Ron Soltz, Lawrence Livermore National Laboratory, Livermore, Califonia Mr. Robert Cooper, University of Michigan, Ann Arbor, Michigan Dr. Mihai Horoi, Central Michigan University, Mount Pleasant, Michigan Measuring the Size and Thermodynamics of a Quark Drop

March 5

The Radiative Decay Mode of the Free Neutron Shell Model Spectroscopic Factors and Modern Effective Interaction

March 6

VII-15

March 18

Professor G. Roepke, University of Rostock, FB Physik, Rostock, Germany Dr. Tibor Kibdi, Australian National University, Canberra, Australia Dr. Andrey Shirokov, Moscow State University, Moscow, Russia Professor Bruce R. Barrett, Department of Physics, University of Arizona, Tucson, Arizona
Cluster Formation and Nuclear Matter Symmetry Energy
Conversion Coefficients for Nuclear Structure Research and Beyond Abinitio Calculations of Light Nuclei with JISP16NN Interaction The Abinitio No Core Shell Model for Nuclear Structure and Reactions

March 20

March 31

VII-16