HELLENIC EXCHANGES – ATHENS STOCK EXCHANGE S.A.

NINE MONTH 2019 INTERIM FINANCIAL STATEMENTS

For the period 1 January 2019 – 30 September 2019

In accordance with the International Financial Reporting Standards

ATHENS EXCHANGE GROUP 110 Athinon Ave. 10442 Athens GREECE Tel:+30-210/3366800 Fax:+30-210/3366101

	1. INTERIM NINE MONTH 2019 FINANCIAL STATEMENTS 4
1.1.	Interim Nine Month Statement of Comprehensive Income5
1.2.	Interim Nine Month Statement of Financial Position7
1.3.	Interim Nine Month Statement of Changes in Equity 8
1.4.	Interim Nine Month Cash Flow Statement10
	2. NOTES TO THE NINE MONTH 2019 INTERIM FINANCIAL STATEMENTS11
2.1.	General information about the Company and its subsidiaries12
2.2.	Basis of preparation of the Company and Consolidated interim financial statements for the nine months of 2019 12
2.3.	Basic Accounting Principles 12
2.4.	Risk Management13
2.5.	Capital Management 13
2.6.	Overview of the capital market13
2.7.	Trading14
2.8.	Clearing14
2.9.	Settlement15
2.10.	Exchange services15
2.11.	Depository Services 16
2.12.	Clearing House Services17
2.13.	Market data 17
2.14.	IT services17
2.15.	Revenue from re-invoiced expenses 17
2.16.	Ancillary Services (Colocation, Xnet, LEI)18
2.17.	Other services19
2.18.	Hellenic Capital Market Commission fee19
2.19.	Personnel remuneration and expenses19
2.20.	Third party remuneration & expenses 21
2.21.	Utilities22
2.22.	Maintenance / IT Support22
2.23.	Other taxes22
2.24.	Building / equipment management 23
2.25.	Other operating expenses23
2.26.	Re-invoiced expenses 24
2.27.	Expenses for ancillary activities24
2.28.	Owner occupied tangible assets and intangible assets25
2.29.	IFRS 16 Standard - Leases27
2.30.	Real Estate Investments 30
2.31.	Investments in subsidiaries and other long term claims31

2.32.	Trade and other receivables31
2.33.	Financial assets at fair value through other income33
2.34.	Cash and cash equivalents33
2.35.	Third party balances in bank accounts of the Group34
2.36.	Deferred Tax 34
2.37.	Equity and reserves 36
2.38.	Grants and other long term liabilities39
2.39.	Provisions 39
2.40.	Trade and other payables39
2.41.	Social security organizations 40
2.42.	Current income tax and income taxes payable 40
2.43.	Related party disclosures42
2.44.	Earnings per share and dividends payable 44
2.45.	Hellenic Energy Exchange (HEnEx) 44
2.46.	Participation in the Boursa Kuwait45
2.47.	Revenue from participations46
2.48.	Composition of the BoDs of the companies of the Group 46
2.49.	Contingent Liabilities47
2.50.	Alternative Performance Measures (APMs)48
2.51.	Participation in the Lebanese Exchange51
2.52.	Events after the date of the financial statements51

1. INTERIM NINE MONTH 2019 FINANCIAL STATEMENTS

for the period 1 January 2019 to 30 September 2019

In accordance with the International Financial Reporting Standards

1.1. Interim Nine Month Statement of Comprehensive Income

			Group			Company
		01.01	01.01	01.07	01.07	01.01	01.01	01.07	01.07
	Notes	30.09.2019	30.09.2018	30.09.2019	30.09.2018	30.09.2019	30.09.2018	30.09.2019	30.09.2018
Revenue
Trading	2.7	3,937	3,252	1,446	782	3,937	3,250	1,446	780
Clearing	2.8	6,935	6,049	2,577	1,413	0	0	0	0
Settlement	2.9	4,041	1,035	3,217	223	0	0	0	0
Exchange services	2.10	2,628	2,250	1,289	654	2,628	2,250	1,289	654
Depository services	2.11	2,183	1,993	921	607	0	0	0	0
Clearinghouse services	2.12	99	95	32	31	0	0	0	0
Market Data	2.13	1,909	2,114	591	578	2,074	2,314	652	651
IT services	2.14	374	353	126	126	347	323	115	117
Revenue from re-invoiced expenses	2.15	874	891	334	232	715	798	238	200
Ancillary services (XNET, colocation,
LEI)	2.16	1,702	1,511	565	415	856	588	327	193
Other services	2.17	860	383	214	163	686	461	174	157
Total turnover		25,542	19,926	11,312	5,224	11,243	9,984	4,241	2,752
Hellenic Capital Market Commission fee	2.18	(897)	(775)	(327)	(181)	(334)	(282)	(124)	(66)
Total revenue		24,645	19,151	10,985	5,043	10,909	9,702	4,117	2,686
Expenses
Personnel remuneration & expenses	2.19	7,587	7,624	2,832	2,739	4,225	4,070	1,567	1,517
Third party remuneration & expenses	2.20	367	463	158	165	253	280	121	80
Utilities	2.21	575	516	208	195	91	49	32	13
Maintenance / IT support	2.22	880	927	144	345	664	659	180	233
Other Taxes	2.23	879	816	339	373	472	401	128	119
Building / equipment management	2.24	440	339	212	125	95	79	32	28
Other operating expenses	2.25	1,246	1,189	349	364	1,072	1,229	300	392
Total operating expenses before
ancillary services and depreciation		11,974	11,874	4,242	4,306	6,872	6,767	2,360	2,382
Re-invoiced expenses	2.26	808	881	329	317	614	723	264	264
Expenses for ancillary services (XNET, LEI, IT)	2.27	701	812	236	170	255	93	98	(7)
Total operating expenses, including
ancillary services before		13,483	13,567	4,807	4,793	7,741	7,583	2,722	2,639
depreciation
Earnings before Interest, Taxes, Depreciation & Amortization		11,162	5,584	6,178	250	3,168	2,119	1,395	47
(EBITDA)
Depreciation	2.28 &
	2.29 & 2.30	(3,109)	(2,563)	(1,088)	(927)	(1,539)	(1,252)	(538)	(445)
Earnings Before Interest and Taxes
(EBIT)		8,053	3,021	5,090	(677)	1,629	867	857	(398)
Capital income	2.34	319	453	83	119	154	260	37	60
Dividend income	2.31	0	0	0	0	3,210	803	0	0
Income from participations	2.47	21	0	0	0	21	0	0	0
Financial expenses	2.34	(102)	(101)	(38)	(34)	(54)	(7)	(19)	(2)
Earnings Before Tax (EBT)		8,291	3,373	5,135	(592)	4,960	1,923	875	(340)
Income tax	2.42	(2,401)	(1,084)	(1,484)	123	(554)	(355)	(267)	90
Earnings after tax		5,890	2,289	3,651	(469)	4,406	1,568	608	(250)

Any differences between the amounts in the financial statements and the corresponding amounts in the notes are due to rounding.

			Group				Company
		01.01	01.01	01.07	01.07	01.01	01.01	01.07	01.07
	Notes	30.09.2019	30.09.2018	30.09.2019	30.09.2018	30.09.2018	30.09.2018	30.09.2019	30.09.2018
Earnings after tax (A)		5,890	2,289	3,651	(469)	4,406	1,568	608	(250)
Valuation profits / (losses) during the period	2.33	1,497	(788)	11	(688)	1,497	(788)	11	(688)
Income tax included in other comprehensive income / (losses)		(374)	228	(3)	199	(374)	228	(3)	199
Other comprehensive income / (losses) after taxes (B)		1,123	(560)	8	(489)	1,123	(560)	8	(489)
Total other comprehensive income (A) + (B)		7,013	1,729	3,659	(958)	5,529	1,008	616	(739)

Distributed to:
Company shareholders	7,013	1,729
Profits after tax per share (basic & diluted; in €)	0.116	0.029
Weighted average number of shares	60,348,000	60,348,000

Any differences between the amounts in the financial statements and the corresponding amounts in the notes are due to rounding.

1.2. Interim Nine Month Statement of Financial Position

	Note	Group		Company
		30.09.2019	31.12.2018	30.09.2019	31.12.2018
ASSETS
Non-Current Assets
Tangible assets for own use	2.28	23,159	23,551	1,229	931
Intangible assets	2.28	7,011	6,549	4,067	4,174
Real Estate Investments	2.30	2,134	2,287	2,134	2,287
Right of use assets	2.29	33	0	1,453	0
Investments in subsidiaries & other long term receivables	2.31	1,139	1,118	59,189	59,168
Financial assets at fair value through other income	2.33	3,090	561	3,090	561
Deferred tax asset	2.36	1,081	1,467	1,031	1,419
		37,647	35,533	72,193	68,540
Current Assets
Trade receivables	2.32	3,629	3,118	2,012	1,818
Other receivables	2.32	9,171	9,081	6,819	7,031
Income tax receivable	2.32	0	374	0	295
Third party balances in Group bank accounts	2.35	189,186	153,358	1,581	1,398
Cash and cash equivalents	2.34	71,223	74,608	16,790	22,746
		273,209	240,539	27,202	33,288
Total Assets		310,856	276,072	99,395	101,828
EQUITY & LIABILITIES
Equity & Reserves
Share capital	2.37	35,002	41,640	35,002	41,640
Treasury stock	2.37	0	0	0	0
Share premium	2.37	157	157	157	157
Reserves	2.37	51,427	50,201	46,044	44,922
Retained earnings	2.37	21,510	18,740	9,444	8,055
Total Equity		108,096	110,738	90,647	94,774
Non-current liabilities
Grants and other long term liabilities	2.38	50	50	50	50
Lease liabilities	2.29	29	0	1,446	0
Staff retirement obligations	2.39	1,843	1,794	1,144	1,118
Other provisions	2.39	1,360	1,360	1,300	1,300
Deferred tax liability	2.36	1,263	1,483	0	0
		4,545	4,687	3,940	2,468
Current liabilities
Trade and other payables	2.40	6,818	6,305	2,420	2,408
Lease liabilities	2.29	5	0	27	0
Third party balances in Group bank accounts	2.35	189,186	153,358	1,581	1,398
Current income tax payable	2.42	1,363	0	34	0
Social Security	2.41	843	984	746	780
		198,215	160,647	4,808	4,586
Total Liabilities		202,760	165,334	8,748	7,054
Total Equity & Liabilities		310,856	276,072	99,395	101,828

Any differences between the amounts in the financial statements and the corresponding amounts in the notes are due to rounding.

1.3. Interim Nine Month Statement of Changes in Equity

1.3.1. Group

	Share Capital	Own Shares	Share Premium	Reserves	Retained Earnings	Total Equity
Balance 01.01.2018	50,903	(1,162)	157	50,244	18,852	118,994
Earnings for the period	0		0	0	2,289	2,289
Share valuation reserve	0	0	0	0	0	0
Total comprehensive income after taxes	0	0	0	(560)	2,289	1,729
Earnings distribution to reserves	0	0	0	114	(114)	0
Cancellation of treasury stock	(173)	1,162	0	(989)	0	0
Share capital return	(9,090)	0	0	0	0	(9,090)
Dividends paid				0	(3,029)	(3,029)
Balance 30.09.2018	41,640	0	157	48,809	17,998	108,604
Earnings for the period	0		0	0	738	738
Actuarial profit/ (loss) from defined benefit pension plans	0	0	0	0	6	6
Profits/(losses) from valuation of financial assets available for sale	0	0	0	(557)	0	(557)
Total comprehensive income after taxes	0		0	(557)	744	187
Formation of real estate revaluation reserves				1,949		1,949
Balance 31.12.2018	41,640	0	157	50,201	18,740	110,738
Earnings for the period	0		0	0	5,890	5,890
Earnings/(losses) from valuation of financial assets available for sale				1,122		1,122
Total comprehensive income after taxes	0	0	0	1,122	5,890	7,012
Earnings distribution to reserves	0	0	0	102	(102)	0
Share capital return (note 2.37)	(6,638)	0	0	0	0	(6,638)
Dividends paid (note 2.44)	0	0	0	0	(3,017)	(3,017)
Balance 30.09.2019	35,002	0	157	51,427	21,510	108,096

Any differences between the amounts in the financial statements and the corresponding amounts in the notes are due to rounding.

1.3.2. Company

	Share Capital	Own Shares	Share Premium	Reserves	Retained Earnings	Total Equity
Balance 01.01.2018	50,903	(1,162)	157	47,028	9,311	106,237
Earnings for the period	0		0	0	1,568	1,568
Profits/(losses) from valuation of financial assets available for sale				(560)		(560)
Total comprehensive income after taxes	0	0	0	(560)	1,568	1,008
Cancellation of treasury stock	(173)	1,162	0	(989)	0	0
Return of share capital	(9,090)	0	0	0	0	(9,090)
Dividends paid				0	(3,029)	(3,029)
Balance 30.09.2018	41,640	0	157	45,479	7,850	95,126
Earnings for the period	0		0	0	201	201
Actuarial profit/ (loss) from defined benefit pension plans	0		0	0	4	4
Profits/(losses) from valuation of financial assets available for sale	0		0	(557)	0	(557)
Total comprehensive income after taxes	0	0	0	(557)	205	(352)
Balance 31.12.2018	41,640	0	157	44,922	8,055	94,774
Earnings for the period	0		0	0	4,406	4,406
Profits/(losses) from valuation of financial assets available for sale				1,122		1,122
Total comprehensive income after taxes	0	0	0	1,122	0	5,528
Share capital return (note 2.37)	(6,638)		0	0	0	(6,638)
Dividends paid (note 2.44)					(3,017)	(3,017)
Balance 30.09.2019	35,002	0	157	46,044	5,038	90,647

Any differences between the amounts in the financial statements and the corresponding amounts in the notes are due to rounding.

1.4. Interim Nine Month Cash Flow Statement

		Group		Company
	Notes	1.1-	1.1-	1.1-	1.1-
		30.09.2019	30.09.2018	30.09.2019	30.09.2018
Cash flows from operating activities
Earnings before tax		8,291	3,373	4,960	1,923
Plus / (minus) adjustments for
Depreciation	2.28	3,109	2,563	1,539	1,252
Staff retirement obligations	2.19	49	43	26	24
Interest Income	2.34	(319)	(453)	(154)	(260)
Dividends received			0	(3,210)	(803)
Interest and related expenses paid	2.34	102	101	54	7
Plus/ (minus) adjustments for changes in working
capital accounts or concerning operating activities
Reduction/(Increase) in receivables		(601)	653	18	470
(Reduction)/Increase in liabilities (except loans)		335	(1,665)	(125)	(709)
Reduction/Total adjustments for changes in		10,966	4,615	3,108	1,904
working capital
Interest and related expenses paid	2.34	(102)	(101)	(54)	(7)
Taxes paid	2.42	(871)	(1,778)	(211)	(474)
Net inflows / outflows from operating activities (a)		9,993	2,736	2,843	1,423
Investing activities
Purchases of tangible and intangible assets	2.28	(3,010)	(2,102)	(1,476)	(1,057)
Payment of participation in EnEx	2.45		(1,550)		(1,550)
Payment of participation in Boursa Kuwait	2.46	(1,032)	0	(1,032)	0
Interest received	2.34	319	453	154	260
Dividends received			0	3,210	803
Total inflows / (outflows) from investing activities		(3,723)	(3,199)	856	(1,544)
(b)
Financing activities
Special dividend (share capital return)	2.39	(6,638)	(9,090)	(6,638)	(9,090)
Dividend payments	2.44	(3,017)	(3,030)	(3,017)	(3,030)
Total outflows from financing activities (c)		(9,655)	(12,120)	(9,655)	(12,120)
Net increase/ (decrease) in cash and cash		(3,385)	(12,583)	(5,956)	(12,241)
equivalents from the beginning of the period (a) +
(b) + (c)
Cash and cash equivalents at start of period	2.34	74,608	85,851	22,746	33,970
Cash and cash equivalents at end of period	2.34	71,223	73,268	16,790	21,729

Any differences between the amounts in the financial statements and the corresponding amounts in the notes are due to rounding.

2. NOTES TO THE NINE MONTH 2019 INTERIM FINANCIAL STATEMENTS

2.1. General information about the Company and its subsidiaries

The Company "HELLENIC EXCHANGES-ATHENS STOCK EXCHANGE S.A. (ATHEX)" with the commercial name "ATHENS STOCK EXCHANGE" was founded in 2000 (Government Gazette 2424/31.3.2000) and has General Electronic Commercial Registry (GEMI) No 3719101000 (former Companies Register No 45688/06/Β/00/30). Its head office is in the Municipality of Athens at 110 Athinon Ave, Postal Code 10442. The shares of the Company are listed in the Main Market segment of the Athens Exchange cash market.

The ATHEX Group, despite being the entity operating the market for derivative financial products, and possessing the systems (OASIS, DSS) through which transactions in derivative products take place, does not use such products for its own account. Following the approval (decision 20153/15.7.2010) by the Athens Prefecture for the spin-off of the clearing of trades at ATHEX business from HELEX and its contribution to ATHEXClear, in accordance with Law 2166/1993, starting on 16.7.2010 ATHEXClear clears trades at Athens Exchange. ATHEXClear, a subsidiary of the Company, is a central counter-party and performs the clearing for every trade, but does not report these trades. The margin deposited to an account belonging to investors, managed by the Member and blocked in favor of ATHEXClear is not reported in the financial statements.

The various types of guarantees that ATHEXClear and the Athens Exchange receive from their Members, in order to acquire and maintain their capacities in the Cash and Derivatives markets are reported.

The interim financial statements of the Group and the Company for the nine months of 2019 have been approved at the meeting of the Board of Directors on 25.11.2019. The financial statements have been published on the internet, at www.athexgroup.gr. The six month and the annual financial statements of the subsidiaries of the Group ATHEXCSD and ATHEXClear are published at www.athexgroup.gr, even though they are not listed on the Athens Exchange.

2.2. Basis of preparation of the Company and Consolidated interim financial statements for the nine months of 2019

The company and consolidated nine month financial statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standard Board (IASB) and their interpretations as issued by the International Financial Reporting Interpretations Committee (IFRIC) of IASB and adopted by the European Union and are mandatory for fiscal years starting on 1.1.2019. There are no standards and interpretations of standards that have been applied before the date they go into effect.

The preparation of financial statements in accordance with the International Financial Reporting Standards requires that the Management of the Group make important assumptions and accounting estimates that affect the balances of the Asset and Liability accounts, the disclosure of contingent claims and liabilities on the preparation date of the Financial Statements, as well as the revenues and expenses presented in the fiscal year in question. Despite the fact that these estimates are based on the best possible knowledge of the management of the Company as regards the current conditions, actual results may differ from these estimates in the end.

2.3. Basic Accounting Principles

The basic accounting principles adopted by the Group and the Company for the preparation of the attached financial statements do not differ from those used for the publication of the 2018 Annual Financial Report and the Six Month 2019 Financial Report that have been audited by the auditors of the Group and are posted on the internet at www.athexgroup.gr.

2.4. Risk Management

General – Risk management environment

A major consideration of the Athens Exchange Group is the management of risk that arises from its business activities. Management of the Group monitors and manages strategic, financial and operational risks as part of the internal control and corporate risk management system.

Athens Exchange Clearing House (ATHEXClear), based on its license granted in 2015 to operate under EMIR (European Market Infrastructure Regulation), acts as a recognized Central Counterparty (CCP) for clearing cash and derivative markets products and as such is obliged to satisfy the strict requirements of the current regulatory framework concerning risk management. Even though risk management at the Group concerns all companies and risk categories, ATHEXClear due to the nature of its operations manages credit counterparty risk and liquidity risk to a greater extent.

The strict internal and external regulatory framework which ATHEXClear is directly subject to and the Group indirectly with regards to their obligations to monitor and manage risk, includes the frameworks for risk management and the decisions of the BoD, the Regulation of Clearing of Transferable Securities Transactions in Book Entry Form, Regulation (EU) 648/2012 of the European Parliament and Council of July 4th 2012 for OTC derivatives, central counterparties, and trade repositories, known as EMIR (European Market Infrastructure Regulation), as well as Commission delegated Regulation (EU) 2017/2154 of 22 September 2017 supplementing Regulation (EU) 600/2014 of the European Parliament and of the Council concerning regulatory technical standards for the arrangements for indirect clearing.

Finally, The Group maintains and applies a Data Security Policy framework for the purpose of its smooth and safe operation, limiting information risks and the related operational risk based on international standards and best practices.

Risk Strategy and Risk Management

In accordance with the strategy of the Group, the risk appetite level for operational risk corresponds with the loss absorption ability of ATHEXClear. Risk tolerance is based on a reasonable relationship between the estimated cost of not managing it and the flexibility that risk tolerance allows, in order to satisfy the needs of the market, limit costs for participants, maximize the exploitation of business opportunities but also ensure market security and compliance with regulatory requirements. ATHEXClear has zero tolerance for credit counterparty risk and liquidity risk in accordance with regulatory requirements and the company's strategy.

2.5. Capital Management

The primary aim of the capital management of the Group is to maintain its high credit rating and healthy capital ratios, in order to support and expand the activities of the Group and maximize shareholder value.

There were no changes in the approach adopted by the Group concerning capital management during the nine months of 2019.

2.6. Overview of the capital market

The Athens Exchange General Index closed on 30.09.2019 at 868.42 points, 25.6% higher than the close at the end of the nine months of 2018 (691.69 points). The average capitalization of the market was €53.6bn, reduced by 1.3% compared to the nine months of 2018 (€54.3bn).

The total value of transactions in the nine months of 2019 (€12.4bn) is 16.4 higher compared to the nine months of 2018 (€10.7bn), while the average daily traded value was €67.2m compared to €57.4m in the nine months of 2018, increased by 17.0%. The average daily traded volume decreased by 11.9% (34.1m shares vs. 38.7m shares).

In the derivatives market, total trading activity dropped by 20.5% (nine months 2019: 8.5m contracts, nine months 2018: 10.6m), while the average daily traded volume decreased by 20.1% (45.7 thousand contracts vs. 57.2 thousand).

2.7. Trading

Total revenue from trading in the nine months of 2019 is analyzed in the table below:

	Group		Company
	30.09.2019	30.09.2018	30.09.2019	30.09.2018
Shares	3,441	2,789	3,441	2,789
Derivatives	477	449	477	447
ETFs	2	2	2	2
Bonds	17	12	17	12
Total	3,937	3,252	3,937	3,250

Revenue from stock trading amounted to €3.4 million vs. €2.8 million in the nine months of 2018, increased by 23.4%. The increase is due to the increase in trading activity in 2019.

Revenue from trading in the derivatives market increased 6.2% compared to 2018. Trading activity (average daily volume) dropped 20.1% in the nine months of 2019 compared to the nine months of 2018, while the prices of the underlying securities (average capitalization) dropped 1.3% in the nine months of 2019 compared to the nine months of 2018. The average revenue per contract increased 33.5% (2019: €0.191; 2018: €0.143).

2.8. Clearing

Revenue from clearing in the nine months of 2019 is analyzed in the following table:

	Group		Company
	30.09.2019	30.09.2018	30.09.2019	30.09.2018
Shares	4,820	4,166	0	0
Bonds	17	12	0	0
Derivatives	1,136	1,069	0	0
ETFs	3	4	0	0
Transfers - Allocations (Special settlement instruction)	294	247	0	0
Trade notification instructions	665	551	0	0
Total	6,935	6,049	0	0

Revenue from share clearing, which consists of revenue from the organized market and the Common Platform, amounted to €4.8m, increased by 15.7% compared to the nine months of 2018.

Revenue from transfers – allocations amounted to €294 thousand, increased by 19% compared to the corresponding period last year, while trade notification instructions amounted to €665 thousand, increased by 20.7%.

Revenue from clearing in the derivatives market increased by 6.3% compared to 2018. Trading activity (average daily volume) dropped 20.1% in the nine months of 2019 compared to the nine months of 2018, while the prices of the underlying securities (average capitalization) dropped 1.3% in the nine months of 2019 compared to the nine months of 2018. The average revenue per contract increased 33.5% (2019: €0.191; 2018: €0.143).

2.9. Settlement

Revenue from this category is analyzed in the following table:

	Group		Company
	30.09.2019	30.09.2018	30.09.2019	30.09.2018
Off-exchange transfers OTC (1)	856	843	0	0
Off-exchange transfers – public offers (2)	3,181	188	0	0
Rectification trades	4	4	0	0
Total	4,041	1,035	0	0

(1) Transactions through DSS operators.
(2) Transfers, public offers, donations. In the nine months of 2019, revenue from off-exchange transfers include revenue from TITAN - €2,655 thousand.

2.10. Exchange services

This category includes revenue from issuers for quarterly subscriptions and rights issues from ATHEX listed companies, as well as quarterly ATHEX member subscriptions in the cash and derivatives markets. Exchange services are analyzed in the table below:

	Group		Company
	30.09.2019	30.09.2018	30.09.2019	30.09.2018
Corp. actions by listed companies (rights issues etc.) (1)	80	312	80	312
Quarterly subscriptions by listed companies (2)	1,478	1,530	1,478	1,530
Member subscriptions (3)	401	377	401	377
ATHEX listing fees (IPOs) (6)	470	5	470	5
Bonds - Greek government securities	15	5	15	5
Subscriptions of ENA company advisors	11	11	11	11
Revenue from indices (4)	21	(107)	21	(107)
Other services to issuers (listed companies) (5)	152	117	152	117
Total	2,628	2,250	2,628	2,250

(1) Fees on corporate actions by listed companies (includes rights issues by companies and the listing of corporate bonds) amounted to €80 thousand (TITAN CEMENT INTERNATIONAL S.A. - €32 thousand; OPAP - €13 thousand; TRASTOR - €11 thousand; MOTODYNAMIKI - €5 thousand; AEGEAN - €3 thousand) vs. €312 thousand in 2018 (ELVALHALCOR - €208 thousand; ATTICA BANK - €35 thousand; ATTICA GROUP - €22 thousand; TERNA ENERGY - €21 thousand; NIKAS - €6 thousand; TZIRAKIAN PIPEWORKS - €4 thousand).
(2) Revenue from listed company subscriptions amounted to €1.48 million in the nine months of 2019 vs. €1.53 million in the nine months of 2018, reduced by 3.4%.
(3) Revenue from member subscriptions in the cash market, which depends on members' annual trading activity, amounted to €355 thousand in the nine months of 2019 vs. €330 thousand in the nine months of 2018, reduced by 7.6%. Revenue from member subscriptions in the derivatives market amounted to €47 thousand in the nine months of 2019, unchanged compared to the corresponding period in 2018.
(4) Revenue from indices was negative in 2018 due to the recalculation of charges concerning previous fiscal years resulting in credit notes being issued.
(5) Revenue from other services to issuers increased by 29.9%. The increase is due mainly to the digital certificate services and "HERMES" services to listed companies (€76 thousand in the nine months of 2019 compared to €47 thousand in 2018).
(6) Revenue from listing at ATHEX amounted to €470 thousand and concerned the listing of TITAN CEMENT INTERNATIONAL SA at ATHEX. In the nine months of 2018 the corresponding amount was €5 thousand and concerned the listing of CNL CAPITAL.

2.11. Depository Services

This category includes revenue from rights issues by listed companies, quarterly operator subscriptions as well as revenue from inheritances etc. Revenue is analyzed in the following table:

	Group		Company
	30.09.2019	30.09.2018	30.09.2019	30.09.2018
Corp. actions by issuers (Rights issues - Axia Line) (1)	823	759	0	0
Bonds - Greek government securities	22	70	0	0
Investors	114	87	0	0
Fees from listing at ATHEX (IPOs) (3)	122	19
Operators (2)	1,102	1,058	0	0
Total	2,183	1,993	0	0

(1) Fees on corporate actions by issuers (includes rights issues by listed companies) amounted to €488 thousand in the nine months of 2019 (EUROBANK - €180 thousand; ELLAKTOR - €38 thousand; OPAP - €32 thousand; TRASTOR - €30 thousand; TITAN - €26 thousand; MOTODYNAMIKI - €22 thousand; UNIBIOS - €11 thousand; VARVARESOS - €4 thousand; CRETA FARM - €4 thousand; INTERTEK - €4 thousand; FOURLIS - €3 thousand) vs. €377 thousand in 2018 (ELVALHALCOR - €73 thousand; ATTICA BANK - €64 thousand; ATTICA GROUP - €41 thousand; TERNA ENERGY - €40 thousand; IASO - €27 thousand; NIKAS - €24 thousand; INTRACOM - €22 thousand; TZIRAKIAN PIPEWORKS - €19 thousand; SFAKIANAKIS - €13 thousand; NBG - €19 thousand), i.e. increased by 29.4%, as well as €20 thousand from the listing of corporate bonds (AEGEAN - €10 thousand; ATTICA GROUP - €10 thousand) compared to €26 thousand in 2018 (GEK-TERNA - €10 thousand; CORAL - €10 thousand; B&F - €6 thousand). Revenue from the provision of information to listed companies through electronic means was €169 thousand in the nine months of 2019 vs. €160 thousand in the nine months of 2018. Revenue from notifications of beneficiaries for cash distributions was €84 thousand compared to €75 thousand in 2018. This category also includes revenue from Electronic Book Building - €102 thousand in the nine months of 2019 compared to €72 thousand in 2018.
(2) Revenue from operators includes revenues from monthly subscriptions amounting to €844 thousand vs. €799 thousand in the nine months of 2018, and is calculated based on the value of the portfolio of the operators; revenue from authorization number usage amounted to €107 thousand vs. €104 thousand; revenue from opening investor accounts €56 thousand vs. €53 thousand in the corresponding period in 2018, as well as other revenue from operators.
(3) Revenue from fees for listing at ATHEX amounted to €122 thousand and concern the listing of TITAL CEMENT INTEERNATIONAL SA at ATHEX. In the nine months of 2018 the listing fees amounted to €19 thousand – listing of CNL CAPITAL.

2.12. Clearing House Services

Revenue in this category is analyzed in the following table:

	Group		Company
	30.09.2019	30.09.2018	30.09.2019	30.09.2018
Derivatives market clearing Member subscriptions	99	95	0	0
Total	99	95	0	0

2.13. Market data

Revenue from this category includes the rebroadcast of ATHEX and CSE market data, as well as revenue from the sale of statistical information. Revenue from this category is analyzed in the following table:

	Group		Company
	30.09.2019	30.09.2018	30.09.2019	30.09.2018
Revenue from market data	1,881	2,084	2,046	2,283
Revenue from publication sales	28	30	28	31
Total	1,909	2,114	2,074	2,314

2.14. IT services

Revenue from this is analyzed in the table below:

	Group		Company
	30.09.2019	30.09.2018	30.09.2019	30.09.2018
DSS terminal use licenses (1)	114	121	87	90
Services to Members (2)	260	232	260	233
Total	374	353	347	323

(1) Revenue from DSS terminal licenses amounted to €114 thousand, reduced by 5.8% compared to the nine months of 2018.
(2) Revenue from services to Members increased by 12.1% and includes revenue from ARM-APA €180 thousand compared to €169 thousand in 2018; revenue from the use of FIX protocol - €49 thousand compared to €30 thousand in 2018; as well as revenue from the use of additional terminals - €32 thousand (2018: €31 thousand).

2.15. Revenue from re-invoiced expenses

Revenue from re-invoiced expenses are analyzed in the table below:

NINE MONTH 2019 INTERIM FINANCIAL STATEMENTS

	Group		Company
	30.09.2019	30.09.2018	30.09.2019	30.09.2018
Exchange trading network (ATHEXNet)	472	351	472	351
General Meeting Services to listed companies (SODALI)	39	39	39	39
Sponsorship revenue -NY, London roadshows	203	351	203	351
Travel revenue	1	2	1	2
Revenue from electricity - Colocation	159	148	0	55
Total	874	891	715	798

ATHEXnet revenue of €472 thousand concerns the re-invoicing of expenses of the Group for the use of the ATHEX Exchange Transactions network to members. The corresponding expenses are shown in re-invoiced expenses (see note 2.26).

Revenue from sponsorships in the nine months of 2019 concern the roadshow that took place in New York in June 2019 and in London in September 2019.

2.16. Ancillary Services (Colocation, Xnet, LEI)

This category includes support services of other markets as well as new services provided by the Group that are not directly related with its core businesses, such as colocation services, which refer to the concession to use the premises and IT systems of the Group, as well as the provision of software services to third parties. This revenue is analyzed in the following table:

	Group		Company
	30.09.2019	30.09.2018	30.09.2019	30.09.2018
Revenue from X-NET/InBroker (see table below)	491	428	43	27
Support of other markets (CSE)	95	126	49	28
Colocation Services (1)	665	530	665	502
Market Suite	97	114	10	31
Hellenic Capital Market Commission	89	0	89	0
Use of auction platform services - DESFA	52	50	0	0
UNAVISTA LEI - EMIR TR (2)	213	263	0	0
Total	1,702	1,511	856	588

(1) The Group offers colocation services to other companies, from which it received €665 thousand in the nine months of 2019 vs. €530 thousand in the nine months of 2018.
(2) When reporting transactions, liable parties are recognized based on a Legal Entity Identifier (LEI) code, a unique code for each legal entity that is issued in accordance with the ISO17442 standard and supervised by the Regulatory Oversight Committee for the Global Entity Identifier System (LEIROC) that has been appointed by the Financial Stability Board. In the nine months of 2019 related revenue is down 19% compared to the nine months of 2018.

Inbroker/InBrokerPlus

ATHEX owns and provides the InBrokerPlus® system on a commercial basis to ATHEX members, as a comprehensive real-time price watch and order routing/management service for end-users (OMS), for capital markets that are supported (ATHEX, CSE, and other foreign markets), as part of the operation of the XNET network by the Group.

	Group
	30.09.2019	30.09.2018	30.09.2019	30.09.2018
Revenue from X-NET	155	86	41	27
Revenue from Inbroker	336	342	2	0
Total	491	428	43	27

For the corresponding expenses, refer to note 2.27.

2.17. Other services

The breakdown in revenue for this category is shown in the table below:

	Group		Company
	30.09.2019	30.09.2018	30.09.2019	30.09.2018
Education (1)	69	62	69	61
Rents (2)	267	224	148	148
Provision of support services to listed companies (3)	418	78	379	235
Guarantee forfeitures – penalties	5	0	5	0
Other (4)	101	19	85	17
Total	860	383	686	461

(1) Concerns revenue from seminars and certifications.
(2) Rental income for the Group concern mainly the lease of a store in Thessaloniki; Mayer building; 4th floor and part of the 1st floor of the Athinon Ave. building.
(3) The amount of €418 thousand concerns support services by the companies of the Group to HenEx and HenExClear for the nine months of 2019; the corresponding amount in 2018 was €78 thousand.
(4) Other revenue in this category in the nine months of 2019 includes a grant for eIB Project: 2018-EU-IA-0044 signed Agreement, and revenue from consulting services on Digital Signatures as part of the eIDAS regulation.

2.18. Hellenic Capital Market Commission fee

The operating results of the Group in the nine months of 2019 include the Hellenic Capital Market Commission (HCMC) fee, which for the Group amounted to €897 thousand compared to €775 thousand in the nine months of 2018. This fee is collected and turned over to the HCMC, within two months following the end of each sixmonth period. The increase resulted from a corresponding increase in the revenue of the Group from the trading, clearing and settlement of trades on stocks and derivatives, on which it is calculated.

For the Company, the HCMC fee in the nine months of 2019 amounted to €334 thousand compared to €282 thousand in the nine months of 2018.

2.19. Personnel remuneration and expenses

The change in the number of employees of the Group and the Company, as well as the breakdown in staff remuneration is shown in the following table. It should be noted that there have been internal personnel transfers among the companies of the Group in order for the Company to comply in the provision of services with EU Regulations and Hellenic Capital Market Commission decisions.

	Group		Company
	30.09.2019	30.09.2018	30.09.2019	30.09.2018
Salaried staff	217	222	111	111
Total Personnel	217	222	111	111

	Group		Company
	30.09.2019	30.09.2018	30.09.2019	30.09.2018
Personnel remuneration	5,428	5,119	3,034	2,808
Social security contributions	1,177	1,164	661	633
Termination benefits	130	544	30	199
Net change in the compensation provision (actuarial valuation)	49	43	26	24
Other benefits (insurance premiums etc.)	803	754	474	406
Total	7,587	7,624	4,225	4,070

The increase in personnel remuneration is due to the provision for bonus for fiscal year 2019.

Obligations to employees

The changes in the mandatory compensation payments in the nine months of 2019 and the nine months of 2018 are shown in detail in the following table:

Accounting Presentation in accordance with revised IAS 19 (amounts in €)	Group
	30.09.2019	30.09.2018
Amounts recognized in the Statement of Financial Position
Present values liabilities	1,842,910	1,882,431
Net obligation recognized in the Statement of Financial Position	1,842,910	1,882,431
Amounts recognized in the Profit & Loss Statement
Cost of current employment	25,589	20,106
Net Interest on the liability/asset	23,809	22,493
Regular expense in the Profit & Loss Statement	49,398	42,599
Total expense recognized in the Profit & Loss Statement	49,398	42,599
Change in the present value of the liability
Present value of the obligation at the beginning of the period	1,793,512	1,839,832
Cost of current employment	25,589	20,106
Interest expense	23,809	22,493
Present value of the liability at the end of the period (note 2.39)	1,842,910	1,882,431
Adjustments
Adjustments to liabilities from changes in assumptions	0	0
Experience adjustments in liabilities	0	0
Total recognized in equity	0	0
Changes in net liability recognized in the balance sheet
Net liability at the start of the year	1,793,512	1,839,832
Total expense recognized in the Profit & Loss Statement	49,398	42,599
Net Liability at the end of the year (note 2.39)	1,842,910	1,882,431

Accounting Presentation in accordance with revised IAS 19 (amounts in €)	Company
	30.09.2019	30.09.2018
Amounts recognized in the Balance Sheet
Present values liabilities	1,143,791	1,166,812
Net obligation recognized in the Statement of Financial Position	1,143,791	1,166,812
Amounts recognized in the Profit & Loss Statement
Cost of current employment	11,209	9,665
Net Interest on the liability/asset	14,838	13,976
Regular expense in the Profit & Loss Statement	26,047	23,641
Cost of personnel reduction / mutual agreements/retirement	0	0
Other expense / (revenue)	0	0
Total expense recognized in the Profit & Loss Statement	26,047	23,641
Change in the present value of the liability
Present value of the obligation at the beginning of the period	1,117,744	1,143,171
Cost of current employment	11,209	9,665
Interest expense	14,838	13,976
Actuarial loss/(profit) - experience of the period	0	0
Present value of the liability at the end of the period (note 2.39)	1,143,791	1,166,812
Adjustments
Adjustments to liabilities from changes in assumptions	0	0
Experience adjustments in liabilities	0	0
Total recognized in equity	0	0
Changes in net liability recognized in the balance sheet
Net liability at the start of the year	1,117,744	1,143,171
Employer contributions	0	0
Total expense recognized in the Profit & Loss Statement	26,047	7,880
Total amount recognized in equity	0	0
Net Liability at the end of the year (note 2.39)	1,143,791	1,151,051

The actuarial assumptions used in the actuarial study for the Group in accordance with IAS 19 are as follows:

Actuarial assumptions		Valuation dates
	30.09.2019	30.09.2018
Discount rate	1.77%	1.63%
Increase in salaries (long term)	1.00%	1.00%
Inflation	1.00%	1.00%
Mortality table	E V K 2000 (Swiss table)	E V K 2000 (Swiss table)
Personnel turnover	0.50%	0.50%
	Based on the rules of the Social	Based on the rules of the Social
Regular retirement age	security fund in which each	security fund in which each
	employee belongs	employee belongs
Duration of liability	16.20	17.03

2.20. Third party remuneration & expenses

Third party fees and expenses include the remuneration of the members of the BoDs of all the companies of the Group.

NINE MONTH 2019 INTERIM FINANCIAL STATEMENTS

	Group		Company
	30.09.2019	30.09.2018	30.09.2019	30.09.2018
BoD & Committee member remuneration	49	20	31	17
Attorney remuneration and expenses	54	54	54	54
Fees to auditors (1)	73	56	29	23
Fees to consultants (2)	41	215	17	73
Fees to FTSE (ATHEX)	87	87	87	87
Other Fees	40	23	28	18
Fees to training consultants	23	8	7	8
Total	367	463	253	280

(1) Concerns the fees for the regular audit by the certified auditors of the Group, as well as the Tax Compliance Report.
(2) Fees to consultants include fees for consultancy services, actuarial study fees, fees for tax and legal services. In the nine months of 2018 a risk management assessment study was booked, while in 2019 credit invoices were issued by a foreign supplier.

2.21. Utilities

	Group
	30.09.2019	30.09.2018	30.09.2019	30.09.2018
Fixed - mobile telephony - internet	141	92	63	18
Leased lines - ATHEXNet	64	70	16	24
PPC (Electricity)	367	349	12	7
EYDAP (water)	3	5	0	0
Total	575	516	91	49

2.22. Maintenance / IT Support

Maintenance and IT support includes expenses for the maintenance of the Group's technical infrastructure and support for the IT systems (technical support for the electronic trading platforms, databases, Registry [DSS] etc.), and are contractual obligations.

In the nine months of 2019, maintenance expenses for the Group amounted to €880 thousand compared to €927 thousand in the nine months of 2018, reduced by 5.1%. For the Company, the corresponding amounts were €664 thousand in the nine months of 2019 compared to €659 thousand in 2018, increased by 0.8%.

2.23. Other taxes

Non-deductible Value Added Tax, and other taxes (Property Tax) that burden the cost of services amounted to €879 thousand compared to €816 thousand in the nine months of 2018, mainly as a result of VAT for the maintenance of asset equipment (network & storage equipment) of significant value that was recently acquired. For the Company, other taxes amounted to €472 thousand vs. €401 thousand in the nine months of 2018.

2.24. Building / equipment management

This category includes expenses such as: security and cleaning services, building and equipment maintenance and repairs.

	GROUP		COMPANY
	30.09.2019	30.09.2018	30.09.2019	30.09.2018
Cleaning and building security services (1)	298	263	82	74
Building repair and maintenance - other equipment (2)	122	58	13	5
Fuel and other generator materials	13	8	0	0
Communal expenses	7	10	0	0
Total	440	339	95	79

(1) Cleaning and security services increased due to the 11% increase in the minimum wage of the crews, as well as due to the increase in the number of events at the Athinon Ave building.
(2) The cost of repairs of the building equipment is increased.

2.25. Other operating expenses

Other operating expenses in the nine months of 2019 increased by 4.8% compared to the corresponding period last year, and are analyzed in the table below:

	Group		Company
	30.09.2019	30.09.2018	30.09.2019	30.09.2018
Bank of Greece (BoG) - cash settlement	38	38	0	0
Stationery	5	8	4	7
Consumables	27	31	26	30
Travel expenses	101	80	86	53
Postal expenses	3	11	1	8
Transportation expenses	45	41	36	31
Publication expenses	6	0	0	0
Storage fees	10	10	6	6
Operation support services	0	0	89	89
Automobile leases	1	17	1	17
DR hosting expenses	73	45	38	134
Other	110	117	63	135
Electronic equipment insurance premiums	12	8	12	8
Means of transport insurance premiums	1	3	1	3
Building fire insurance premiums	22	20	3	3
BoD member civil liability ins. Premiums (D&O, DFL & PI)	264	262	264	262
Subscriptions to professional organizations & contributions	268	262	234	228
Hellenic Capital Market Commission subscription	13	14	13	14
Promotion, reception and hosting expenses	150	136	120	128
Event expenses	66	86	59	73
Total	1,246	1,189	1,072	1,229

2.26. Re-invoiced expenses

Expenses in this category for the nine months of 2019 are analyzed in the table below:

	Group		Company
	30.09.2019	30.09.2018	30.09.2019	30.09.2018
Leased Lines (ATHEXNet)	258	336	246	330
Sodali expenses (General Meetings)	49	30	49	30
VAT on re-invoiced expenses	80	70	60	60
Promotion, reception and hosting expenses (NY-London roadshows)	240	297	236	292
Electricity consumption - Colocation	159	137	0	0
Other	22	11	23	11
Total	808	881	614	723

The corresponding revenue is shown in note 2.15.

2.27. Expenses for ancillary activities

Expenses on this category are shown in the table below:

	Group		Company
	30.09.2019	30.09.2018	30.09.2019	30.09.2018
Expenses from new activities (3)	210	4	210	4
Χ-ΝΕΤ Expenses (1)	175	431	15	35
Expenses on IT Services to third parties (2)	245	297	18	54
VAT on ancillary services expenses	71	80	10	0
Total	701	812	255	93

InBroker Plus expenses for X-NET (the corresponding revenue is described in note 2.16) concern data feed, which is purchased from foreign exchanges in order for the product to be more attractive to a greater range of clients and vendors. In particular, data feed is purchased from the London Stock Exchange, Euronext, Deutsche Börse et al, aiming to widen the investment horizon of investors.

XNET expenses are analyzed in the table below:

	Group		Company
	30.09.2019	30.09.2018	30.09.2019	30.09.2018
Expenses concerning foreign securities	68	56	13	30
Inbroker Plus data feed expenses	107	375	2	5
Total	175	431	15	35

Expenses on IT Services amounted to €245 thousand compared to €297 thousand in the nine months of 2018 and mainly include the expenses of the LEI – EMIR TR service – €225 thousand (compared to €243 thousand in 2018); ORACLE expenses - €14 thousand (compared to €41 thousand in 2108); and HELLENIC

CAPITAL MARKET COMMISSION expenses - €3 thousand (compared to €10 thousand in 2018) (the corresponding UNAVISTA LEI revenue is shown in note 2.16).

Includes invoices for legal and consulting services for the participation in Boursa Kuwait - €76 thousand, a study for shipping derivatives products - €30 thousand, as well as a study for CSDR - €83 thousand.

2.28. Owner occupied tangible assets and intangible assets

It is the policy of the Athens Exchange Group to re-estimate the market value of its real estate every three years. The last real estate estimate took place in March 2016 with the reference date of 31.12.2015. Thus, consistent with its policy, the Group assigned the study of determining the market value of its properties, in accordance with IFRS, to independent, recognized assessors. The study was completed and submitted at the end of February 2019, and the Group adjusted the value of its properties on 31.12.2018 based on the findings of the study, in order to show in its balance sheet of 31.12.2018 the fair value of its properties.

The tangible and intangible assets of the Group on 30.09.2019 and 31.12.2018 are analyzed as follows:

Group				TANGIBLE ASSETS & INTANGIBLE ASSETS
	Plots of Land	Building and Construction	Machinery & other equip.	Means of Transportation	Furniture fittings and equip.	Intangible Assets	Total
Acquisition and valuation on 31.12.2017	4,500	26,879	127	168	7,922	10,502	50,098
Additions in 2018	0	49	0	0	1,026	2,177	3,252
Reductions in 2018	0	0	0	0	0	0	0
Acquisition and valuation on 31.12.2018	4,500	26,928	127	168	8,948	12,679	53,350
Accumulated depreciation on 31.12.2017	0	10,959	127	161	6,884	4,418	22,549
Depreciation in 2018	0	1,079	0	0	509	1,712	3,300
Accumulated depreciation reduction in 2018	0	0	0	0	0	0	0
Accumulated depreciation on 31.12.2018	0	12,038	127	161	7,393	6,130	25,849
Book value
on 31.12.2017	4,500	14,841	0	7	529	4,372	24,249
on 31.12.2018	4,500	14,890	0	7	1,555	6,549	27,501
Revaluation due to estimate by independent assessor Book value after the	0	2,599	0	0	0	0	2,599
revaluation on 31.12.2018	4,500	17,489	0	7	1,555	6,549	30,100

NINE MONTH 2019 INTERIM FINANCIAL STATEMENTS

Group	TANGIBLE ASSETS & INTANGIBLE ASSETS
	Plots of Land	Building and Construction	Machinery & other equip.	Means of Transportation	Furniture fittings and equip.	Intangible Assets	Total
Acquisition and valuation on 31.12.2018	4,500	29,527	127	168	8,948	12,679	55,949
Additions in 2019	0	0	0	0	1,093	1,920	3,013
Reductions in 2019	0	0	0	(3)	0	0	(3)
Acquisition and valuation on 30.09.2019	4,500	29,527	127	165	10,041	14,599	58,959
Accumulated depreciation on 31.12.2018	0	12,038	127	161	7,393	6,130	25,849
Depreciation in 2019	0	997	0	2	484	1,458	2,941
Accumulated depreciation reduction in 2019	0	0	0	(1)	0	0	(1)
Accumulated depreciation on 30.09.2019	0	13,035	127	162	7,877	7,588	28,789
Book value on 31.12.2018	4,500	17,489	0	7	1,555	6,549	30,100
on 30.09.2019	4,500	16,492	0	3	2,164	7,011	30,170

The tangible and intangible assets of the Company on 30.09.2019 and 31.12.2018 are analyzed as follows:

Company		TANGIBLE ASSETS & INTANGIBLE ASSETS
	Plots of Land	Building and Construction	Machinery & other equip.	Means of Transportation	Furniture fittings and equip.	Intangible Assets	Total
Acquisition and valuation on 31.12.2017	0	15	103	159	5,918	7,616	13,811
Additions in 2018	0	0	0	0	499	1,275	1,774
Reductions in 2018	0	0	0	0	0	0	0
Acquisition and valuation on 31.12.2018	0	15	103	159	6,417	8,891	15,585
Accumulated depreciation on 31.12.2017	0	1	103	155	5,152	3,541	8,952
Depreciation in 2018	0	0	0	0	352	1,176	1,528
Accumulated depreciation reduction in 2018	0	0	0	0	0	0	0
Accumulated depreciation on 31.12.2018	0	1	103	155	5,504	4,717	10,480
Book value
on 31.12.2017 on 31.12.2018	0 0	14 14	0 0	4 4	414 913	2,899 4,174	4,859 5,105

NINE MONTH 2019 INTERIM FINANCIAL STATEMENTS

Company				TANGIBLE ASSETS & INTANGIBLE ASSETS
	Plots of Land	Building and Construction	Machinery & other equip.	Means of Transportation	Furniture fittings and equip.	Intangible Assets	Total
Acquisition and valuation on 31.12.2018	0	15	103	159	6,415	8,892	15,584
Additions in 2019	0	0	0	0	595	884	1,479
Reductions in 2019	0	0	0	(3)	0	0	(3)
Acquisition and valuation on 30.09.2019	0	15	103	156	7,010	9,776	17,060
Accumulated depreciation on 31.12.2018	0	0	103	155	5,502	4,718	10,478
Depreciation in 2019	0	0	0	0	295	991	1,286
Accumulated depreciation reduction in 2019	0	0	0	(1)	0	0	(1)
Accumulated depreciation on 30.09.2019	0	1	103	154	5,797	5,709	11,763
Book value
on 31.12.2018	0	15	0	4	913	4,174	5,106
on 30.09.2019	0	14	0	2	1,213	4,067	5,296

Intangible assets include the amounts of €443 thousand for the Group and €96 thousand for the Company and concern the capitalization of expenses (CAPEX creation) for systems development by the Group in the nine months of 2019. Starting on 1.1.2018 the depreciation rates for expenses capitalized in 2017 were changed. Henceforth capitalized expenses will be depreciated in 5 years. Expenses made before 1.1.2017 will be depreciated in 10 years as before.

Besides the effect of IFRS 16 (note 2.29), depreciation increased in the nine months of 2019 due to the fact that capex began being depreciated in 5 years (compared to 10 years previously), as well as due to the purchase of equipment of significant value (ATHEX exchange trading network, storage etc.).

The management of the Group estimates that there are no impairment indications on the owner occupied buildings of the Group.

On 30.09.2019 there were no encumbrances on the assets of the companies of the Group.

2.29. IFRS 16 Standard - Leases

IFRS 16 introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value.

The Group applies IFRS 16 for the first time on 1 January 2019, using the modified retrospective approach. Under this approach the Group will a) recognize a lease liability and will measure that lease liability at the present value of the remaining lease payments, discounted using the Group's borrowing rate at the date of initial application and b) recognize a right-of-use asset and measure that right-of-use asset by an amount equal to the lease liability. Subsequent to initial recognition, the Group will a) measure the right-of-use asset by applying the cost model and depreciate it on a straight line basis up to the end of the lease term and b) measure the lease liability by increasing and reducing the carrying amount to reflect interest on the lease liability and lease payments made, respectively.

Accounting treatment

When adopting IFRS 16, the Company applied a single accounting model for all leases.

The Company recognized right-of-use assets and liabilities for those leases that were previously classified as operating, besides leases of low value.

Lease liabilities were recognized as the present value of the remaining payments, discounted by the incremental borrowing cost on the date of initial application. The Company applied the following practices:

It used a single discount interest rate of 4% for leases, which was determined based on the interest rate of the 10 year Greek Government Bond increased by the credit risk of the Group.
It assessed, based on previous experience, the duration of those leases whose contract terms include an extension or termination clause.
It did not assess leases valued at less than €5,000.

The new accounting policies of the Company on the adoption of IFRS 16 that apply from the date of initial application are provided below.

Asset right-of-use

The Company recognize right-of-use assets at the start of the lease (the date when the asset is available for use). The asset rights-of-use are measured at cost, reduced by accumulated depreciation and value impairment adjusted during the measurement of the corresponding lease obligations.

The right-of-use assets are subject to an impairment check.

Lease obligations

At the start of the lease, the Company recognizes asset liabilities equal to the present value of the lease payments for the duration of the lease contract.

In order to calculate the present value of the payments, the Company uses the incremental borrowing cost on the start date of the lease, if the actual interest rate is not specified directly in the lease contract. The interest rate was set at 4% (see above). Following the start of the lease, lease obligations are increased by interest expenses and reduced by lease payments that take place. Furthermore, the book value of the lease obligations is measured if the is a contract modification, or any change in the duration of the contract, the fixed lease payments, or the market assessment of the asset.

In the nine months of 2019, €1 thousand was booked as a lease financial costs and €15 thousand as depreciation for the Group; for the Company €45 thousand was booked as lease financial costs and €100 thousand as depreciation of right-of-use assets.

Asset right of use - Group
	Real Estate	Means of transport	Total
Cost
Balance 1.1.2019		48	48
Additions for the period	0	0	0
Balance 30.9.2019	0	48	48

Accumulated depreciation
Balance 1.1.2019	0	0	0
Depreciation for the period		15	15
Balance 30.9.2019	0	15	15
Book value 30.9.2019	0	33	33

Asset right of use - Company
	Real Estate	Means of transport	Total
Cost
Balance 1.1.2019	1,505	48	1,553
Additions for the period	0	0	0
Balance 30.9.2019	1,505	48	1,553

Accumulated depreciation
Balance 1.1.2019	0	0	0
Depreciation for the period	85	15	100
Balance 30.9.2019	85	15	100
Book value 30.9.2019	1,420	33	1,453

Lease obligations - Group
	Real Estate	Means of transport	Total
Long term lease obligations
Balance 1.1.2019	0	29	29
Payments for the period	0	0	0
Balance 30.9.2019	0	29	29

Short term lease obligations
Balance 1.1.2019	0	18	18
Interest for the period	0	1	1
Payments for the period	0	(14)	(14)
Balance 30.9.2019	0	5	5

Lease obligations - Company
	Real Estate	Means of transport	Total
Long term lease obligations
Balance 1.1.2019	1,417	29	1,446
Payments for the period	0	0	0
Balance 30.9.2019	1,417	29	1,446

Short term lease obligations
Balance 1.1.2019	89	18	107
Interest for the period	44	1	45
Payments for the period	(110)	(15)	(125)
Balance 30.9.2019	23	4	27

2.30. Real Estate Investments

Building (at Acharnon & Mayer)

The Company carried out an impairment test on this property based on IAS 36. Based on the impairment test that was carried out, an impairment loss of €300 thousand arose, which concerned the value of the plot of land. For the impairment test that was carried out, the Company used independent, recognized assessors.

The valuation report of the real estate investments did not show a significant difference compared to the book value of the property as shown in the books of the Company. The property valuation report for the Acharnon St. building shows a reduction in the value of the plot of land by €300 thousand. It should be noted that goodwill amounting to €413 thousand arising from the building assessment does not increase its book value as there was not a previous valuation loss.

The book value of the investments in real estate for the Group and the Company on 30.09.2019 and 31.12.2018 is shown in the following table:

Group - Company	TANGIBLE ASSETS
	Plots of Land	Buildings and Construction	Furniture and fixtures	Total
Acquisition and valuation on 31.12.2017	1,000	5,110	88	6,198
Additions in 2018	0	0	0	0
Reductions in 2018	0	0	0	0
Acquisition and valuation on 31.12.2018	1,000	5,110	88	6,198

Accumulated depreciation on 31.12.2017	0	3,319	88	3,407
Depreciation in 2018	0	204	0	204
Accumulated depreciation on 31.12.2018	0	3,523	88	3,611
Book value
on 31.12.2017	1,000	2,200	0	2,791
on 31.12.2018	1,000	1,587	0	2,587
Impairment of property value	(300)	0	0	(300)
Book value after revaluation on 31.12.2018	700	1,587	0	2,287

Group - Company			TANGIBLE ASSETS
	Plots of Land	Buildings and Construction	Furniture and fixtures	Total
Acquisition and valuation on 31.12.2018	700	5,110	88	5,898
Additions in 2019	0	0	0	0
Reductions in 2019	0	0	0	0
Acquisition and valuation on 30.09.2019	700	5,110	88	5,898
Accumulated depreciation on 31.12.2018	0	3,523	88	3,611
Depreciation in 2019	0	153	0	153
Accumulated depreciation reduction in 2019	0	0	0	0
Accumulated depreciation on 30.09.2019	0	3,676	88	3,764
Book value
on 31.12.2018	700	1,587	0	2,287
on 30.09.2019	700	1,434	0	2,134

		Group		Company
	30.09.2019	31.12.2018	30.09.2019	31.12.2018
Participation in ANNA	1	1	1	1
Participation in subsidiaries	0	0	57.880	57.880
Participation in affiliates (1)	1.071	1.050	1.071	1.050
Management committee reserve	11	11	0	0
Valuation from subsidiaries due to stock options	0	0	227	227
Rent guarantees	56	56	10	10
Total	1.139	1.118	59.189	59.168

2.31. Investments in subsidiaries and other long term claims

(1) The participation of the Company in HenEx on 30.09.2019 was 21%, i.e. €1,050,000 (note 2.45), in addition to €21 thousand from the participation in the earnings for fiscal year 2018.

The breakdown of the participations of the parent Company in the subsidiaries of the Group on 30.09.2019 is shown below:

	% of direct participation	Number of shares / total number of shares	Cost 30.09.2019	Cost 31.12.2018
ATHEXCSD (former TSEC)	100	802,600 / 802,600	32.380	32.380
ATHEXClear	100	8,500,000 / 8,500,000	25.500	25.500
		Total	57.880	57.880

The Company collected dividend of €4.00 per share from the ATHEXCSD subsidiary for fiscal year 2018. The dividend, amounting to €3,210,400 was collected in June 2019.

2.32. Trade and other receivables

All claims are short term and no discounting is required on the date of the statement of financial position. The breakdown of clients and other receivables is shown in the following table:

NINE MONTH 2019 INTERIM FINANCIAL STATEMENTS

	Group		Company
	30.09.2019	31.12.2018	30.09.2019	31.12.2018
Clients	7.278	6.767	3.542	3.387
Clients (intra-Group)	0	0	55	16
Less: provisions for bad debts	(3.649)	(3.649)	(1.585)	(1.585)
Net commercial receivables	3.629	3.118	2.012	1.818
Other receivables
Tax withheld on dividends for offsetting (1)	4.721	4.721	4.421	4.421
Tax (0.20%) (2)	1.899	1.910	0	0
HCMC fee claim (3)	21	453	21	453
Taxes withheld on deposits	186	136	97	74
Accrued revenue - prepaid non-accrued expenses (4)	1.204	740	813	622
Other withheld taxes	52	49	32	31
Prepayment of tax audit differences (5)	983	983	983	983
Other debtors (6)	105	89	452	447
Total other receivables	9.171	9.081	6.819	7.031

Income tax claim (7)	0	374	0	295

(1) Concerns the dividend withholding tax on dividends received by the Company from its former subsidiary Athens Exchange. Tax offsetting ended in 2014.
(2) The sales tax on transactions (0.20%) is turned over by members on T+2, however some members take advantage of their right to turn it over in one tranche to ATHEXCSD on the third working day after the end of the month when the transactions took place.
(3) The amount of €432 thousand was collected on 16.05.2019 on the claim to the HCMC fee.
(4) Concerns a provision for market data services €412 thousand for the Group and €459 thousand for the Company (the corresponding amounts for 2018: €419 thousand for the Group and €504 thousand for the Company); revenue provision from the Hellenic Capital Market Commission - €89 thousand; accrued expenses UNISYSTEMS, ORACLE etc.
(5) Concerns the remaining balance, after offsetting with taxes payable, from the prepayment of the tax resulting from the ATHEX tax audit for the period 2008-2010 (note 2.42).
(6) Other debtors include, among others: claims on HCGC €35 thousand, as well as a €49 thousand in claims for the lease on the Mayer building. For the Company there is a €338 thousand claim from a subsidiary company.
(7) On 30.09.2019 the Group had an income tax liability of €1.363m, while the claim for the Company is €34 thousand (for the corresponding period in 2018 the Group had a claim of €374 thousand while the Company had a claim of €295 thousand) (See note 2.42 for more detailed analysis).

The provisions for bad debts are analyzed in the table below:

Provisions for bad debts	Group	Company
Balance on 31.12.2017	3.571	1.894
Additional provisions in 2018	78	-309
Balance on 31.12.2018	3.649	1.585
Additional provisions in 2019	0	0
Balance on 30.09.2019	3.649	1.585

2.33. Financial assets at fair value through other income

The category financial assets at fair value through other comprehensive income include the Bank of Piraeus shares that were obtained in exchange for the bond issued by the same bank that the Group possessed. In particular, 13,365,316 shares of Piraeus Bank were acquired at a par value of €0.30 per share and total value of €4,009,594.80.

On 31.07.2017 the Bank of Piraeus did a reverse split of its stock, correspondingly increasing its par value together with a reduction in the number of shares outstanding. Thus on 3.8.2017 the company possessed 668.265 shares with a new acquisition cost of €6.00 per share.

On 31.12.2017 the share price closed at €3.07 and as a result the valuation of the Bank of Piraeus shares was €2,051,573.55.

On 31.12.2018 the share price closed at €0.84 and as a result the valuation of the Bank of Piraeus shares was €561,343.60, a loss of €1,490,231.95 compared to the valuation on 31.12.2017 which, in accordance with IFRS 9, is reported in Other Comprehensive Income (OCI), thus increasing the relevant reserve that had been formed.

On 30.09.2019 the share price closed at €3.08 and as a result the valuation of the Bank of Piraeus shares was €2,058,256.20, a gain of €1,496,913.60 compared to the valuation on 31.12.2018 which, in accordance with IFRS 9, is reported in Other Comprehensive Income (OCI), thus reducing the relevant reserve that had been formed (see note 2.37).

The change in the value of the Bank of Piraeus shares, as well as the 0.779% participation in Boursa Kuwait are analyzed below (note 2.33):

	Group		Company
	30.09.2019	31.12.2018	30.09.2019	31.12.2018
Balance - start of the fiscal year	562	2,051	562	2,051
Profit / (Loss) from the valuation of the participation recognized in the Statement of Comprehensive Income	1,496	(1,490)	1,496	(1,490)
	2,058	561	2,058	561
Participation in Boursa Kuwait	1,032	0	1,032	0
Balance - end of the period	3,090	561	3,090	561

2.34. Cash and cash equivalents

The cash at hand and at bank of the Group are invested in short term interest bearing instruments in order to maximize the benefits for the companies of the Group, in accordance with the policy set by the Strategic Planning Committee of the Company. By placing its cash in short term interest bearing investments, the Group had income of €319 thousand in the nine months of 2019 (2018: €453 thousand); for the Company, the corresponding income was €154 thousand (2018: €260 thousand).

On 30.09.2019, a significant portion (41.6%) of the cash of the Group is, due to compliance of ATHEXClear with the EMIR Regulation, kept at the Bank of Greece (BoG).

Deposits of the Group at the BoG carry an interest rate of minus 0.4% from 16.3.2016, and minus 0.5% starting on 18.09.2019.

Expenses and bank commissions over the same period amounted to €102 thousand for the Group, almost unchanged compared to the nine months of 2018 and €54 thousand for the company, increased due to the application of IFRS-16.

In accordance with IFRS 16, bank expenses include financial expenses for leases which amounted to €1 thousand for the Group and €45 thousand for the Company in the nine months of 2019.

The breakdown of the cash at hand and at bank of the Group is as follows:

	Group		Company
	30.09.2019	31.12.2018	30.09.2019	31.12.2018
Deposits at the Bank of Greece	29,639	29,605	0	0
Sight deposits in commercial banks	2,567	1,942	1,450	1,039
Time deposits < 3 months	39,011	43,052	15,339	21,704
Cash at hand	6	9	1	3
Total	71,223	74,608	16,790	22,746

2.35. Third party balances in bank accounts of the Group

This essentially is a memo account for the margins that ATHEXClear receives from its Members for the derivatives market and, starting on 16.02.2015, for the cash market. ATHEXClear manages Member margins, which in accordance with the investment policy for deposits, are placed with the BoG.

Implementation of the ATHEXClear investment policy begun together with the application of the new clearing model and risk management in the derivatives market on 1.12.2014. The amounts of €189,186 thousand on 30.09.2019 and €153,358 thousand on 31.12.2018 respectively shown below and in the Statement of Financial Position on 30.09.2019 and 31.12.2018 respectively, concern exclusively Member collaterals in the cash and derivatives markets as well as XNET respectively.

	Group		Company
	30.09.2019	31.12.2018	30.09.2019	31.12.2018
Clearing Fund collaterals – Cash Market	13,278	12,151	0	0
Additional Clearing Fund collaterals – Cash Market	110,176	99,838	0	0
Clearing Fund collaterals – Derivatives Market	14,281	6,488	0	0
Additional Clearing Fund collaterals – Derivatives Market	49,667	33,307	0	0
Member cash guarantees for Χ-ΝΕΤ et al. (1)	1,784	1,574	1,581	1,398
Third party balances	189,186	153,358	1,581	1,398

(1) Margins received by the Company for the XNET market on 30.09.2019 amounted to €1.6m and were kept in commercial bank accounts, as are dormant client balances of the Clearing Fund amounting to €35 thousand. In addition, the amount of €169 thousand concerning returns from interest payments to clients exempted or in the special account is also kept in commercial banks.

2.36. Deferred Tax

The deferred taxes accounts are analyzed as follows:

	Group		Company
Deferred taxes	30.09.2019	31.12.2018	30.09.2019	31.12.2018
Deferred tax claims	1,081	1,467	1,031	1,419
Deferred tax liabilities	(1,263)	(1,483)	0	0
Total	(182)	(16)	1,031	1,419

Deferred tax claims	Intangible assets	Property plant & equipment	Provisions - Actuarial study & staff retirement obligations	Other provisions	Loss from the sale of securities in previous FY	Total
Balance 1.1.2018	51	66	540	887	136	1,680
(Debit) / credit to the results	(6)	41	(92)	364	(136)	171
(Debit) / credit to other comprehensive income	0	0	0	0	0	0
Balance 31.12.2018	45	107	448	1,251	0	1,851
(Debit) / credit to the results	44	(19)	15	0	0	40
(Debit) / credit to other comprehensive income	0	0	0		0	0
Balance 30.09.2019	89	88	463	1,251	0	1,891

The analysis of deferred tax claims and liabilities for the Group is as follows:

Deferred tax liabilities	Property plant & equipment	Share valuation provision	Total
Balance 1.1.2018	(1,931)	(76)	(2,007)
Debit / (credit) to the results	416	0	416
Debit / (credit) to other comprehensive income	(650)	373	(277)
Balance 31.12.2018	(2,165)	297	(1,868)
Debit / (credit) to the results	170	(375)	(205)
Debit / (credit) to other comprehensive income	0	0	0
Balance 30.09.2019	(1,995)	(78)	(2,073)

The analysis of deferred tax claims and liabilities for the Company is as follows:

Deferred tax claims	Intangible assets	Property plant & equipment	Provisions - Actuarial study & staff retirement obligations	Other provisions	Loss from the sale of securities in previous FY	Total
Balance 1.1.2018	12	66	330	704	136	1,248
(Debit) / credit to the results	2	41	(51)	17	(136)	(127)
(Debit) / credit to other comprehensive income	0	0	0	0	0	0
Balance 31.12.2018	14	107	279	721	0	1,121
(Debit) / credit to the results	0	(19)	7	0	0	(12)
(Debit) / credit to other comprehensive income	0	0		0	0	0
Balance 30.09.2019	14	88	286	721	0	1,109

Deferred tax liabilities	Share valuation loss provision	Total
Balance 1.1.2018	(76)	(76)
Debit / (credit) to the results	0	0
Debit / (credit) to other comprehensive income	373	373
Balance 31.12.2018	297	297
Debit / (credit) to the results	0	0
Debit / (credit) to other comprehensive income	(375)	(375)
Balance 30.09.2019	(78)	(78)

Other data concerns the tax corresponding to the valuation and sale of participations and securities.

Based on the new tax bill that was brought for discussion and voting in Parliament, the corporate income tax rate will be reduced to 24% for fiscal year 2019 and to 20% for fiscal year 2020.

Deferred income tax is calculated based on the temporary differences that arise between the book value of the assets and liabilities that are included in the financial statements and the tax value assigned to the in accordance with tax legislation.

It should be noted that the Company used the 28% rate in calculating income tax on the earnings of the nine months.

2.37. Equity and reserves

a) Share Capital

The 1st Annual General Meeting of shareholders of 30.05.2019 approved a share capital return of €0.11 to shareholders, with a corresponding reduction in the share par value. Thus, the share capital of the Company amounts to €31,001,840.00, divided into 60,348,000 shares with a par value of €0.58 per share.

	Number of shares	Par value (€)	Share Capital (€)	Share Premium (€)
Total 31.12.2016	65,368,563	1.08	70,598,048.04	157,084.15
Share capital reduction (May 2017)		(0.24)	(15,688,455.12)
Total	65,368,563	0.84	54,909,592.92
Reduction of Share Capital through cancellation of Own Shares	(4,769,563)	0.84	(4,006,432.92)
Total 31.12.2017	60,599,000	0.84	50,903,160.00	157,084.15
Share capital reduction		(0.15)	(9,089,850.00)
Total	60,599,000	0.69	41,813,310.00
Reduction of Share Capital through cancellation of Own Shares	(251,000)	0.69	(173,190.00)
Total 31.12.2018	60,348,000	0.69	41,640,120.00	157,084.15
Share capital reduction		(0.11)	(6,638,280.00)
Total 30.09.2019	60,348,000	0.58	35,001,840.00	157,084.15

Following the decision of the General Meeting of shareholders of the Company on 20.5.2015 a share buyback program was implemented (see below note c).

b) Reserves

	Group		Company
	30.09.2019	31.12.2018	30.09.2019	31.12.2018
Regular Reserve (1)	29,609	29,506	28,116	28,116
Tax free and specially taxed reserves (2)	10,736	10,736	10,281	10,281
Treasury stock reserve (3)	(12,669)	(12,669)	(12,669)	(12,669)
Real estate revaluation reserve	15,819	15,819	14,383	14,383
Real estate revaluation reserve (Law 2065/1992)	1,949	1,949	0	0
Other (4)	5,983	5,983	5,983	5,983
Special securities valuation reserve (5)	(1,385)	(2,508)	(1,385)	(2,508)
Reserve from stock option plan to employees	1,385	1,385	1,336	1,336
Total	51,427	50,201	46,044	44,922

(1) ATHEXClear regular reserve: €254 thousand; ATHEXCSD regular reserve: €1,239 thousand.
(2) Reserves in this category include taxed reserves €595 thousand (ATHEX €141 thousand; ATHEXCSD €454 thousand).
(3) Reflects the value of the treasury stock purchased minus the treasury stock that was cancelled.
(4) Concerns a special dividend reserve for 2015 €5,696 thousand; dividend reserve for 2017 €247 thousand; and specially taxed reserves - €40 thousand.
(5) The Group has invested part of its cash assets in shares of an ΑΤΗΕΧ listed company which it has classified as financial assets at fair value through other income in accordance with IFRS 9 (note 2.33). On 31.12.2018 the shares posted a valuation loss of €1,490,230.95 which was charged to the special securities valuation reserve from which the amount of €372,557.74 (25% x €1,490,230.95) was subtracted and transferred to deferred tax. In addition, the relevant valuation loss which had been recognized in fiscal year 2016 and amounted to €1,575,236.15 was transferred on 1.1.2018 from retained earnings to the special securities valuation reserve. Thus the end balance of the special reserve on 31.12.2018 was €2,507,868. On 30.09.2019 the shares posted a valuation gain of €1,496,913.60 which was recognized in the special securities valuation reserve, from which deferred tax of €374,228.40 (25% x €1,496,913.60) was subtracted. Thus the debit balance of the special reserve on 30.09.2019 was €1,385,182.89.

c) Share Buyback program

The company completed a share buyback program on 20.4.2017. The program was approved by the 14th Annual General Meeting of shareholders on 20.5.2015 with the following terms:

Buy back up to 10% of the share capital
Buyback price per share: from €1.50 to €7.00
Duration of the program: 2 years (until end of May 2017)
Purpose of the program: at least 95% of the shares that will be bought back will be cancelled the remaining 5% of the shares may be distributed to the personnel of the Group.

The share buyback program begun on 9.2.2016, and up until 20.4.2017, 5,020,563 own shares were purchased (7.68% of the number of shares outstanding of the company) at an average price of €4.63 per share and a total cost of €23,244,794.

Out of the abovementioned treasury stock, 95% (4,769,563 shares) were cancelled by the 1st Repetitive General Meeting on 9.6.2017. Following the cancellation of the abovementioned number of shares and the €4,006,432.92 reduction in share capital, 251,000 shares in treasury stock, valued at €1,161,717.49 remain in the possession of the Company. Lastly, the Repetitive General Meeting on 13.06.2018 decided to cancel the remaining 251,000 shares in treasury stock with a value of €173,190 and as a result the share capital became €41,640,120.00 and the number of shares outstanding 60,348,000.

There is no share buyback program currently in effect.

d) Retained Earnings

The retained earnings of €18,740 thousand on 31.12.2018 increased by €3,020 thousand (which is the sum of the €6,140 thousand in net earnings for the nine months of 2019 minus €3,120 thousand used for dividend distribution) and amounted to €21,760 thousand at the end of the nine months of 2019.

e) Capital Requirements

According to the EMIR Regulation (article 45 of the EU 20. 648/2012) a clearing house must keep lines of defense in case of member's default (default waterfall).

In accordance with article 35 of the technical standards, for clearinghouses the amount of the own assets of central counterparties that are used as line of defense in case of default is calculated, and in particular:

The central counterparty maintains and reports separately on its balance sheet the amount of special own assets earmarked for the purposes mentioned in article 45 paragraph 4 of Regulation (EU) 648/2012.
The central counterparty calculates the minimum amount specified in paragraph 1 by multiplying the minimum capital requirement by 25%, including undistributed profits and reserves for the purposes mentioned in article 16 of Regulation (EU) 648/2012 and by authorization Regulation (EU) 152/2013 of the Commission (1).

The Central Counterparty reviews the minimum amount in question on an annual basis.

Based on the above, as a recognized clearing house, ATHEXClear drafted a report "Methodology for calculating capital requirements", in cooperation with consultants, in which the methodology applied was described in order to estimate the capital requirements for credit risk, counterparty risk, market risk, termination risk, operating risk and business risk. The methodology applied was based on the following:

Regulations (ΕU) 648/2012, (EU) 152/2013 and (EU) 153/2013
Regulation (ΕU) 575/2013
FSA: Prudential sourcebook for Banks, Building Societies and Investment Firms
o BIRBU 13,4 CCR mark to market method
o BIRBU 5,4 Financial collateral
o BIRBU 3 Standardized credit risk

Based on the above, ATHEXClear regularly calculates its capital requirements which are required in order to fulfill its regulatory obligations on a quarterly basis, and reports it in its financial statements.

If ATHEXClear equity, as calculated above, is less than 110% of the capital requirements, or less than 110% of the €7.5m threshold notification, ATHEXClear will immediately notify the relevant authority (Hellenic Capital Market Commission), and will continue to keep it informed on a weekly basis, until the amount of capital it possesses exceeds the notification threshold.

ATHEXClear's capital requirements on 30.09.2019 are broken down in the table below:

Capital requirements
Risk type	Capital requirements
	30.09.2019
Credit risk (total)	201
Derivatives market	0
Cash market	0
Investment of own assets	201
Market risk	0
Exchange rate risk	0
Operating risk	115
Winding down risk	3,177
Business risk	1,588
Total Capital requirements	5,081
Notification Threshold (110% of capital requirements)	5,589

Additional special resources (25% of capital requirements of 31.12.2018)	1,253

ATHEXClear equity amounting to €31m, as reported in the statement of financial position of ATHEXClear on 30.09.2019, exceeds its capital requirements, as calculated above.

The additional special resources of €1,253 thousand that correspond to 25% of the capital requirements on 31.12.2018 are distributed as follows: €604 thousand to the cash market and €649 thousand to the derivatives market on 30.09.2019.

2.38. Grants and other long term liabilities

The Group shows an amount of €50 thousand in the nine months of 2019 in withholding on employee compensation (Law 103/75) and concerns the Company.

2.39. Provisions

	Group		Company
	30.09.2019	31.12.2018	30.09.2019	31.12.2018
Staff retirement obligation (note 2.19)	1,843	1,794	1,144	1,118
Total	1,843	1,794	1,144	1,118
Other provisions	1,360	1,360	1,300	1,300
Total	1,360	1,360	1,300	1,300

The change in provisions on 30.09.2019 and 31.12.2018 for the Group and Company is shown below:

Group	Personnel termination provision	Provisions for other risk
Balance on 31.12.2017	1,840	1,360
Additional provision in the period	0	0
Provision used	(46)	0
Balance on 31.12.2018	1,794	1,360
Additional provision in the period	49	0
Provision used	0	0
Balance on 30.09.2019	1,843	1,360

Company	Personnel termination provision	Provisions for other risk
Balance on 31.12.2017	1,143	1,300
Additional provision in the period	0	0
Provision used	(25)	0
Balance on 31.12.2018	1,118	1,300
Additional provision in the period	26	0
Provision used	0	0
Balance on 30.09.2019	1,144	1,300

By taking provisions, the Group and the Company are trying to protect themselves against potential future risks.

2.40. Trade and other payables

All liabilities are short term and, therefore, no discounting on the date of the financial statements is required. The breakdown of suppliers and other liabilities are shown in the following table:

	Group		Company
	30.09.2019	31.12.2018	30.09.2019	31.12.2018
Suppliers	2,351	2,425	1,290	1,510
Suppliers (intra-Group)	0	0	0	3
Checks payable	79	77	6	5
Hellenic Capital Market Commission Fee (1)	326	425	124	153
Tax on stock sales 0.20% (2)	2,331	2,124	0	0
Dividends payable	35	30	35	30
Accrued third party services (3)	256	507	104	260
Employee remuneration payable (Christmas bonus – bonus)	710	41	350	22
Share capital return to shareholders (4)	120	101	120	101
Tax on salaried services	168	262	99	146
Tax on external associates	1	1	0	0
VAT-Other taxes	251	273	152	185
Various creditors	190	39	140	(7)
Total	6,818	6,305	2,420	2,408

(1) The Hellenic Capital Market Commission fee of €326 thousand (compared to €425 thousand in 2018) is calculated based on the value of the trades in the cash and derivatives market and is turned over to the Hellenic Capital Market Commission within two months following the end of each 6-month period. The amount concerns the third quarter of 2019.
(2) ATHEXCSD, as successor to the Central Securities Depository, based on article 9 §2 of Law 2579/88 as amended by Law 2742/99, acts as an intermediary and collects from ATHEX members the tax (0.20%) on stock sales that take place on ATHEX which it turns over to the Greek State. The amount of €2.3m corresponds to the tax (0.20%) on stock sales that has been collected for September 2019 and was turned over to the Greek State in October 2019.
(3) Accrued third party services include €88 thousand maintenance provisions; €57 thousand FTSE provisions; €25 thousand IT systems audit; €48 thousand – data vendors; €18 thousand – attorney fees etc.
(4) Includes the obligation to pay unpaid balances of previous capital returns to shareholders.

2.41. Social security organizations

The obligations to social security organizations for the Group include contributions to [social security organizations] IKA, TSMEDE (now EFKA), as well as a provision for the Occupational Insurance Fund that is being set up. In the nine months of 2019 the amount was €843 thousand compared to €984 thousand on 31.12.2018. For the Company, the corresponding amounts were €746 thousand in the nine months of 2019 compared to €780 thousand on 31.12.2018.

2.42. Current income tax and income taxes payable

Nondeductible expenses mainly include provisions, various expenses as well as amounts which the Company considers as not justifiable production expenses in a potential tax audit and which are adjusted by management when the income tax is calculated.

NINE MONTH 2019 INTERIM FINANCIAL STATEMENTS

Tax liabilities	Group		Company
	30.09.2019	31.12.2018	30.09.2019	31.12.2018
Liabilities 31.12	(374)	(168)	(295)	(464)
Income tax expense	2,608	1,572	540	543
Taxes paid	(871)	(1,778)	(211)	(374)
Liabilities / (claims) (note 2.32)	1,363	(374)	34	(295)

The amount of €1,363 thousand shown as Group income tax claim on 30.09.2019 breaks down as follows: claim on ATHEXCSD - €1,255 thousand; ATHEXClear - €74 thousand and ATHEX (parent company) - €34 thousand.

	Group		Company
	30.09.2019	30.09.2018	30.09.2019	30.09.2018
Income Tax	2,609	1,093	541	275
Deferred Tax	(208)	(9)	13	80
Income tax expense	2,401	1,084	554	355

In accordance with article 23 of Law 4579/2018, the corporate income tax rate for fiscal year 2019 is reduced to 28% from 29% in 2018.

Reconciliation of the income tax with profits/losses before tax on the basis of the applicable ratios and the tax expense is as follows:

	Group		Company
Income tax	30.09.2019	30.09.2018	30.09.2019	30.09.2018
Profits before taxes	8,291	3,373	4,960	1,873
Income tax rate	28%	29%	28%	29%
Expected income tax expense	2,321	978	1,389	543
Tax effect of non-taxable income	0	0	(835)	(188)
Tax effect of non-deductible expenses	80	106	0	0
Income tax expense	2,401	1,084	554	355

Non-taxable income refers mainly to dividend income from subsidiaries, which is eliminated on a consolidated basis. Thus the tax rate calculated on the accounting profits increases, since the corresponding taxable profits are larger. Furthermore, the resulting effective tax rate on the consolidated profits is larger than the nominal tax rate in effect because – during the current fiscal year- there are intra-Group transactions.

The losses from the bank bonds have a different accounting treatment in IFRS compared to tax accounting, and are the main reason for the creation of deferred tax.

Tax Compliance Report

For fiscal years 2011 to 2015, the Greek Sociétés Anonymes and Limited Liability Companies whose annual financial statements must be audited were required to obtain an "Annual Certificate", as provided for in §5 article 82 of Law 2238/1994 and article 65A Law 4174/2013, which is issued after a tax audit carried out by the same statutory auditor or audit firm that audits the annual financial statements. After completion of the tax audit, the statutory auditor or the audit firm issues to the company a "Tax Compliance Report" which is then submitted electronically to the Ministry of Finance.

Starting with fiscal year 2016, the issuance of an "Annual Certificate" is optional. The tax authorities reserve the right to carry out a tax audit within the established framework as defined in article 36 of Law 4174/2013.

Unaudited fiscal years

The status of the tax audits for the companies of the Group, by fiscal year, is as follows:

	2008	2009	2010	2011	2012	2013	2014
ATHEX to 30.06.2014	x	x	x	x	x	x	x	2015	2016	2017	2018
ATHENS EXCHANGE (ATHEX)		appeal		x	x	x	x	x	x	x	x
ATHEXCSD (former TSEC)	x	x	x	x	x	x	x	x	x	x	x
ATHEXClear	x	x	x	x	x	x	x	x	x	x	x

(x) Tax audit completed

(+) Tax audit in progress

ATHEX: (see below concerning the tax audit for fiscal years 2008-2010).

For fiscal year 2011 the companies of the Group have been audited by PricewaterhouseCoopers S.A., and for fiscal years 2012-2016 they have been audited by Ernst and Young S.A. and have received clean "Tax Compliance Reports" in accordance with the regulations in effect (article 82, §5 of Law 2238/1994 for fiscal years 2011-2013 and article 65A of Law 4174/2013 for fiscal years 2014-2015).

For fiscal year 2017 the tax audit was carried out by PricewaterhouseCoopers S.A. in accordance with article 65A of Law 4174/2013, and the relevant tax certificate was issued in October 2018. For fiscal year 2018 the tax audit was completed and the tax certificate was issued in October 2019.

Tax audit of the Company for fiscal years 2008, 2009 and 2010

On 30.9.2016, within the time limits of the law, the Company filed an administrative appeal in accordance with article 63 of Law 4174/2013 at the Dispute Settlement Directorate (DED) of the General Secretariat of Public Revenue (GGDE), against the findings of the tax audit, and at the same time paid 100% of the amount due i.e. €1,562 thousand, in order to avoid the accumulation, calculation and assessment of interest for the duration of the suspension of the sum due (article 53 §1 of law 4174/2013).

The DED finding, which was received on 15.2.2017, reduces the total amount by €579 thousand, to €983 thousand. This difference has already been offset with an equal amount of Company tax obligations by the appropriate tax office. The Company has further appealed (16.03.2017) to the Administrative Courts in order to reduce the tax and penalties assessed by the tax audit. The Company received a summons from the Administrative Court of Appeals and was present for the adjudication of the case on 6.3.2018. Decision 3901/2018 of the Administrative Court of Appeals of Athens refers the case to the Three member Administrative Court of First Instance of Athens. The case was heard and a decision is expected.

2.43. Related party disclosures

The value of transactions and the balances of the Group with related parties are analyzed in the following table:

	Group		Company
	30.09.2019	30.09.2018	30.09.2019	30.09.2018
Remuneration of executives and members of the BoD	979	1,082	672	748

The intra-Group balances on 30.09.2019 and 31.12.2018, as well as the intra-Group transactions of the companies of the Group on 30.09.2019 and 30.09.2018 are shown below:

NINE MONTH 2019 INTERIM FINANCIAL STATEMENTS

INTRA-GROUP BALANCES (in €) 30-09-2019
		ATHEX	ATHEXCSD	ATHEXCLEAR
ATHEX	Claims	0	442,232	0
	Liabilities	0	0	0
ATHEXCSD	Claims	0	0	5,762
	Liabilities	442,232	0	1,600
ATHEXCLEAR	Claims	0	1,600	0
	Liabilities	0	5,762	0

INTRA-GROUP BALANCES (in €) 31-12-2018
			ATHEXCSD	ATHEXCLEAR
ATHEX	Claims	0	404,920	0
	Liabilities	0	3,069	0
ATHEXCSD	Claims	3,069	0	20,047
	Liabilities	404,920	0	1,611
ATHEXCLEAR	Claims	0	1,611	0
	Liabilities	0	20,047	0

INTRA-GROUP REVENUES-EXPENSES (in €) 30-09-2019
	ATHEX		ATHEXCSD	ATHEXCLEAR
ATHEX	Revenue	0	286,595	83,067
	Expenses	0	235,773	0
	Dividend Income	0	3,210,400	0
ATHEXCSD	Revenue	235,773	0	4,463,775
	Expenses	286,595	0	21,944
ATHEXCLEAR	Revenue	0	21,944	0
	Expenses	83,067	4,463,775	0

INTRA-GROUP REVENUES-EXPENSES (in €) 30-09-2018
	ATHEX		ATHEXCSD	ATHEXCLEAR
ATHEX	Revenue	0	321,162	82,367
	Expenses	0	232,215	0
	Dividend Income	0	802,600	0
ATHEXCSD	Revenue	232,215	0	3,892,611
	Expenses	321,162	0	12,185
ATHEXCLEAR	Revenue	0	12,185	0
	Expenses	82,367	3,892,611	0

Intra-Group transactions concern: the annual fee for trade settlement (art. 1 decision 1 on fees), settlement instructions (art. 1 decision 1 on fees), support services (accounting, security, administrative services etc.), IT services, as well as PC support services, which are invoiced at prices comparative to those between third parties.

For the affiliated company Hellenic Energy Exchange, the table of claims and revenue for the nine months of 2019 follows below; there were no amounts in the corresponding period in 2018.

Claims (in €)	30.09.2019
ΑΤΗΕΧ	178,833
ATHEXCSD	183,664
ATHEXClear	27,900

Revenue (in €)	30.09.2019
ΑΤΗΕΧ	143,699
ATHEXCSD	204,769
ATHEXClear	22,500

2.44. Earnings per share and dividends payable

The BoD of the Athens Exchange proposed the distribution of €0.05 per share, i.e. a payout of €3,017,400, as dividend from the earnings of fiscal year 2018, as well as the return of capital to shareholders of €0.11 per share, i.e. a payout of €6,638,280. The proposals of the BoD for the distribution of dividend and the return of capital were approved by shareholders at the 18th Annual General Meeting on 30.5.2019.

The net after tax earnings of the Group for the nine months of 2019 were €6,140 thousand or €0.10 per share, while after including other comprehensive income, earnings were €7,263 thousand or €0.12 per share. The number of shares outstanding of the Company is 60,348,000.

2.45. Hellenic Energy Exchange (HEnEx)

The "Hellenic Energy Exchange" (HenEx) has begun operating. It is one of the core pillars of the target-model of the European Union, with the aim of creating a single European energy market.

In 2020 the Energy Exchange will begin operating with the start of the four new energy markets which will replace the mandatory pool model that is in effect today. This is foreseen by the "road map" for implementing the Target Model that has been set up by the responsible bodies, which received the "green light" by the representatives of the Institutions at the recent negotiations.

On 18.06.2018 decision 9828/18-18.06.2018 by the Deputy Chief of the Athens Central Region (ΑΔΑ 62Α27Λ7- ΤΣΒ) was registered at the General Electronic Commercial Registry (GEMI) (registration number 1405724).

The Tax Registration Number of the Hellenic Energy Exchange is 801001623 and its offices are on 110 Athinon Ave, 10442 Athens, and are leased from ATHEXCSD.

The share capital of HenEx, in the amount of €5,000,000 divided into 50,000 shares of €100 each was paid in full by 9.7.2018.

The Company (Athens Exchange – ATHEX) paid up its participation in the amount of €1,050,000, obtaining 21% of the share capital.

The shareholders with their stakes in the share capital of HenEx in accordance with the Articles of Association are shown below:

NINE MONTH 2019 INTERIM FINANCIAL STATEMENTS

	Value (€)	Shares	Stake
LAGIE [Operator of Electricity Market]	1,100,000	11,000	22%
ADMIE [Independent Power Transmission Operator – IPTO]	1,000,000	10,000	20%
DESFA [Hellenic Gas Transmission System Operator]	350,000	3,500	7%
Athens Exchange	1,050,000	10,500	21%
European Bank for Reconstruction and Development (EBRD)	1,000,000	10,000	20%
Cyprus Stock Exchange	500,000	5,000	10%
Total	5,000,000	50,000	100%

HEnEx published the Annual Financial Report of 31.12.2018, reporting net earnings of €101,504.39 (note 2.47). The Annual General Meeting of HEnEx shareholders decided not to distribute a dividend for fiscal year 2018.

2.46. Participation in the Boursa Kuwait

The Athens Stock Exchange decided to participate as a technical, operational and business services provider for Boursa Kuwait by forming a consortium with the largest possible participation from the qualified Local Companies to proceed to the final bidding process, organized by the Capital Markets Authority (CMA) of Kuwait, with regard to the privatization process of Boursa Kuwait.

On February 14th 2019, the Consortium comprising of Athens Stock Exchange (ATHEX), as the qualified international operator and a wide group of leading listed, financial groups in Kuwait, namely Arzan Financial Group (ARZAN), First Investment Company (FIC) and National Investments Company (NIC), were awarded the bid, by way of a closed bidding process organized by the CMA, for a 44% equity stake in Boursa Kuwait, the only market operator and one of the leading stock exchanges in the Gulf area.

The Consortium offered 0.237 Kuwaiti dinar (€0.69) per share for the stake purchase. A 6% stake is owned by the Public Institution For Social Security (PIFSS), while the remaining 50% will be sold to the public through an IPO process. The resulting ATHEX's participation in Boursa Kuwait's equity stake is ca. 0.779%, amounting to an investment of €1.03 million, as shown in the table below:

			14.2.2019 winning financial bid	Investment
	Participation	Shares	(0.237 KWD / share)	(€)
ATHEX	0.779%	1,490,000	353,130.00	1,030,254.41
National Investment Co	14.407%	27,548,200	6,528,923.40	19,048,090.21
First Investment Co	14.407%	27,548,200	6,528,923.40	19,048,090.21
Arzan Financial Group	14.407%	27,548,200	6,528,923.40	19,048,090.21
Total (Consortium)	44.000%	84,134,600	19,939,900.20	58,174,525.03
Remaining	6.000%	11,472,900	2,719,077.30	7,932,889.78
Capital Markets Authority	50.000%	95,607,500	22,658,977.50	66,107,414.81
Total	100.000%	191,215,000	45,317,955.000	132,214,829.62

The initially agreed upon time frame for providing services to Boursa Kuwait may be extended due to the unrest taking place in the area.

2.47. Revenue from participations

Revenue from participations refers to the 21% participation of the Company in the Hellenic Energy Exchange (HenEx) (note 2.45 and 2.31). In particular, HenEx reported net after tax earnings of €101,504 for the fiscal year that ended on 31.12.2018.

The internal value of the participation of the Company in HenEx increased in proportion to its participation in the share capital of HenEx (€101,504 x 21% = €21,316).

2.48. Composition of the BoDs of the companies of the Group

The current members of the Boards of Directors of the companies of the ATHEX Group are listed in the following tables.

The composition of the Board of Directors that was elected by the Annual General Meeting of the Company on 30.05.2019, with a four year term of office, is the following:

	HELLENIC EXCHANGES - ATHENS STOCK EXHANGE S.A. HOLDING
Name	Position
George Handjinicolaou	Chairman, non-executive member
Alexios Pilavios	Vice Chairman, non-executive member
Socrates Lazaridis	Chief Executive Officer, executive member
Alexandros Antonopoulos	Independent non-executive member
Konstantinos Vassiliou	Non-executive member
Giorgos Doukidis	Independent non-executive member
Ioannis Emiris	Non-executive member
Polyxeni Kazoli	Independent non-executive member
Sofia Kounenaki – Efraimoglou	Independent non-executive member
Ioannis Kyriakopoulos	Non-executive member
Adamantini Lazari	Independent non-executive member
Spyridoula Papagiannidou	Independent non-executive member
Nikolaos Chryssochoidis	Non-executive member

The composition of the Boards of Directors of the subsidiaries is the following:

ATHENS EXCHANGE CLEARING HOUSE S.A
Name	Position
Alexios Pilavios	Chairman, non-executive member
Gikas Manalis	Vice Chairman, non-executive member
Socrates Lazaridis	Chief Executive Officer, Executive member
Andreas Mitafidis	Independent non-executive member
Nikolaos Pimplis	Executive member
Charalambos Saxinis	Independent non-executive member
Dionysios Christopoulos	Independent non-executive member

**HELLENIC CENTRAL SECURITIES DEPOSITORY S.A. (*)**

Name	Position
George Handjinicolaou	Chairman, non-executive member
Adamantini Lazari	Vice Chairman, independent non-executive member
Socrates Lazaridis	Chief Executive Officer
Polyxeni Kazoli	Independent non-executive member
Theano Karpodini	Independent non-executive member
Spyridoula Papagiannidou	Independent non-executive member
Nikolaos Pimplis	Executive member

(*) Following the decision of the General Meeting of shareholders on 12.08.2019, a new Board of Directors was elected with a three-year term of office.

2.49. Contingent Liabilities

The Group is involved in legal proceedings with employees, members of the Athens Exchange, listed companies as well as with third parties. The management of the Group and its legal counsel estimate that the outcome of these cases will not have a significant effect on the financial position or the results of the operation of the Group and the Company.

In order to reduce client receivables, the Group takes all legal courses of action provided by the law and the Regulations. In this context, out-of-court complaints and lawsuits have been submitted, which will be judged by the courts. A significant part of the receivables is estimated to be recoverable by the companies of the Group.

2.50. Alternative Performance Measures (APMs)

An Alternative Performance Measure (APM) is an adjusted financial measurement of past or future financial performance, financial position or cash flows that is different from the financial measurement defined in the applicable financial reporting framework. In other words an APM on the one hand is not exclusively based on financial statement standards, and on the other it provides material supplementary information, excluding items that may potentially differentiate from the operating results or the cash flows.

Transactions with a non-operational or non-cash valuation that have a significant effect in the Statement of Comprehensive Income are considered items that affect the adjustment of the indices to APMs. These, nonrecurring in most cases, items may arise among others from:

Asset impairments
Restructuring measures
Consolidation measures
Sale or transfer of assets
Changes in legislation, compensation for damages or legal claims

APMs must always be taken into consideration in conjunction with the financial results that have been drafted based on IFRS, and in no instance should they be considered as replacing them. The Athens Exchange Group used APMs for the first time in fiscal year 2016, in order to better reflect the financial and operational performance related to the activity of the Group as such in the fiscal year in question, as well as the previous comparable period.

The definition, analysis and calculation basis of the APMs used by the Group is presented below.

Items affecting the adjustment

In accordance with the financial statements for the nine months of 2019, the only item that affects the adjustment of the indices used by the Group in order to calculate APMs is the valuation of the shares of a bank listed on the Exchange that it possesses, which is recorded in Other Comprehensive Income.

in € thousand	01.01-	01.01-
	30.09.2019	30.09.2018
Statement of Comprehensive Income
Other Comprehensive Income	0	0
Share valuation	1,123	(560)
Total	1,123	(560)
Grand total	1,123	(560)

The indices which are not differentiated due to the lack of adjustment items are:

			Earnings Before Interest, Taxes,		items affecting the
1.	EBITDA	=	Depreciation & Amortization	-	adjustment

€ thousand	01.01- 30.09.2019	01.01- 30.09.2018	Deviation %
EBITDA	11,162	5,584	100%

2. EBIT = Earnings Before Interest & Taxes items affecting the adjustment

€ thousand	01.01- 30.09.2019	01.01- 30.09.2018	Deviation %
EBIT	8,053	3,021	167%

3. EBT = Earnings Before Taxes items affecting the adjustment

€ thousand	01.01- 30.09.2019	01.01- 30.09.2018	Deviation %
EBT	8,291	3,373	146%

4. EAT = Earnings After Taxes items affecting the adjustment

€ thousand	01.01- 30.09.2019	01.01- 30.09.2018	Deviation %
EΑT	5,890	2,289	157%

5. Cash flows after investments (cash flows before financial activities in the Statement of Cash Flows) = Net cash flows from operating activities - Net cash flows from investment activities items affecting the adjustment

€ thousand	01.01- 30.09.2019	01.01- 30.09.2018	Deviation %
Cash flows after investment activities	6,270	(463)	(1454)%

6.	Return on Investment (ROI) %		Earnings Before Taxes + Interest & related expenses – items affecting the adjustment
		=	Total liabilities (reduced by third party cash & cash equivalents) + average interest bearing liabilities during the year	x 100

€ thousand	01.01- 30.09.2019	01.01- 30.09.2018	Deviation %
Return on Investment (ROI)	59%	26%	127%

7. Adjusted Return on Equity (ROE), % ⁼ Earnings After Taxes – items affecting the adjustment x 100

Total Equity (average)

€ thousand	01.01- 30.09.2019	01.01- 30.09.2018	Deviation %
Return on Equity	6.49%	1.53%	323%

8. Degree of Financial Self-Sufficiency ⁼ Total Equity – items affecting the adjustment x 100

Total Balance sheet – third party cash assets

€ thousand	01.01- 30.09.2019	01.01- 30.09.2018	Deviation %
Degree of Financial Self-Sufficiency	90%	90%	0%

The only APM out of those used by the Group that is affected during the nine months of 2019 is:

			Net Earnings attributable to the owners of the parent Company
			– items affecting the adjustment
9.	Adjusted EPS	=		x 100

Average number of shares during the period

€ thousand	01.01-	01.01-
	30.09.2019	30.09.2018	Deviation %
EPS	0.056	0.045	24%
Other comprehensive income	7,013	1,729	306%
Share valuation	(1,123)	560	0%
Net adjusted other comprehensive income	5,890	2,289	157%
Average number of shares during the period	60,348,000	60,348,000	0%
Adjusted EPS	0.098	0.038	158%
Deviation %	75%	(16)%

2.51. Participation in the Lebanese Exchange

Athens Stock Exchange and Bank Audi SAL participated in the competitive bid process that was organized by the Lebanese Capital Markets Authority - CMA for the Establishment of a new Exchange (Electronic Trading Platform – ETP) in Lebanon, by forming a Consortium in which ATHEX contributed with its know-how as an International Operator and as Systems and Services provider and Bank Audi with its experience and leading position as a financial institution operating in Lebanon, and the wider Middle East and North Africa region.

Following a selection process where 3 bids were submitted at this RFP, the CMA awarded through a letter to the Bank Audi-ATHEX Consortium the establishment of the new Exchange. The Consortium will contribute \$20 million to the ETP's share capital. ATHEX's related participation is expected to reach \$1 million.

The active involvement of ATHEX in the new Lebanese Exchange is part of the Group's strategy to leverage its trading and post-trading technical and business know-how and systems in running successfully the Common Platform concept, with Cyprus Stock Exchange (CSE) since 2006, in providing systems and services to the Hellenic National Natural Gas System Operator (DESFA) since 2017, in designing and supporting solutions for third parties in the financial industry, in setting up to provide systems and services to the Hellenic Energy Exchange (ENEX) (since 2018) and its recent involvement in the privatization of Boursa Kuwait (2019).

As a next step, ATHEX along with Bank Audi will closely cooperate with the CMA to implement an effective capital market which will appeal to local and international investors and contribute to the growth of the Lebanese Capital Markets.

The initially agreed-upon time frame to participate and begin offering services may be extended due to the unrest in Lebanon.

2.52. Events after the date of the financial statements

There is no event that has a significant effect in the results of the Company and the Group which has taken place or was completed after 30.09.2019, the date of the nine month 2019 interim financial statements and up until the approval of the nine month financial statements by the Board of Directors of the Company on 25.11.2019.

Athens, 25 November 2019

____________________________

THE CHAIRMAN OF THE BoD

GEORGE HANDJINICOLAOU ____________________________

THE CHIEF EXECUTIVE OFFICER SOCRATES LAZARIDIS ____________________________

THE CHIEF FINANCIAL OFFICER VASILIS GOVARIS ____________________________

THE DIRECTOR OF FINANCIAL MANAGEMENT

CHRISTOS MAYOGLOU ____________________________

THE DEPUTY DIRECTOR OF FINANCIAL CONTROL, BUDGETING & INVESTOR RELATIONS

CHARALAMBOS ANTONATOS

AI Terminal

Hellenic Exchanges-Athens Stock Exchange S.A.

2652_10-q_2019-11-29_cb82d8f0-75d2-487b-8dcc-46d6129543b9.pdf

HELLENIC EXCHANGES – ATHENS STOCK EXCHANGE S.A.

NINE MONTH 2019 INTERIM FINANCIAL STATEMENTS

1. INTERIM NINE MONTH 2019 FINANCIAL STATEMENTS

for the period 1 January 2019 to 30 September 2019

1.1. Interim Nine Month Statement of Comprehensive Income

1.2. Interim Nine Month Statement of Financial Position

1.3. Interim Nine Month Statement of Changes in Equity

1.3.1. Group

1.3.2. Company

1.4. Interim Nine Month Cash Flow Statement

2. NOTES TO THE NINE MONTH 2019 INTERIM FINANCIAL STATEMENTS

2.1. General information about the Company and its subsidiaries

2.2. Basis of preparation of the Company and Consolidated interim financial statements for the nine months of 2019

2.3. Basic Accounting Principles

2.4. Risk Management

General – Risk management environment

Risk Strategy and Risk Management

2.5. Capital Management

2.6. Overview of the capital market

2.7. Trading

2.8. Clearing

2.9. Settlement

2.10. Exchange services

2.11. Depository Services

2.12. Clearing House Services

2.13. Market data

2.14. IT services

2.15. Revenue from re-invoiced expenses

2.16. Ancillary Services (Colocation, Xnet, LEI)

Inbroker/InBrokerPlus

2.17. Other services

2.18. Hellenic Capital Market Commission fee

2.19. Personnel remuneration and expenses

Obligations to employees

2.20. Third party remuneration & expenses

2.21. Utilities

2.22. Maintenance / IT Support

2.23. Other taxes

2.24. Building / equipment management

2.25. Other operating expenses

2.26. Re-invoiced expenses

2.27. Expenses for ancillary activities

2.28. Owner occupied tangible assets and intangible assets

NINE MONTH 2019 INTERIM FINANCIAL STATEMENTS

NINE MONTH 2019 INTERIM FINANCIAL STATEMENTS

2.29. IFRS 16 Standard - Leases

Accounting treatment

Asset right-of-use

Lease obligations

2.30. Real Estate Investments

Building (at Acharnon & Mayer)

2.31. Investments in subsidiaries and other long term claims

2.32. Trade and other receivables

2.33. Financial assets at fair value through other income

2.34. Cash and cash equivalents

2.35. Third party balances in bank accounts of the Group

2.36. Deferred Tax

2.37. Equity and reserves

a) Share Capital

b) Reserves

c) Share Buyback program

d) Retained Earnings

e) Capital Requirements

2.38. Grants and other long term liabilities

2.39. Provisions

2.40. Trade and other payables

2.41. Social security organizations

2.42. Current income tax and income taxes payable

Tax Compliance Report

Unaudited fiscal years

Tax audit of the Company for fiscal years 2008, 2009 and 2010

2.43. Related party disclosures

2.44. Earnings per share and dividends payable

2.45. Hellenic Energy Exchange (HEnEx)

2.46. Participation in the Boursa Kuwait

2.47. Revenue from participations

2.48. Composition of the BoDs of the companies of the Group

**HELLENIC CENTRAL SECURITIES DEPOSITORY S.A. (*)**