Athens Medical C.S.A.

Interim / Quarterly Report • Sep 30, 2016

ATHENS MEDICAL CENTER S.A.

REG. No. 13782/06/Β/86/06 General Commercial Registry : 356301000

					5-7 Distomou Str, 15125 Maroussi	FINANCIAL STATEMENT AND INFORMATION FOR THE PERIOD 1 January 2016 until 30 June 2016
						According to the 4/507/28.4.2009 decision of the Capital Market's Board of Directors Commission
The following results and information, that arise from the financial statements, provide a general picture of the financial position and financial results of the ATHENS MEDICAL CENTER S.A. Thus we suggest the reader, before entering into any sort of investment decision or other transaction with the issuer, to gain access to the company's web site, where the financial statements can be downloaded, as well as the Auditor's Certificate when this is required.
Company's web site: Date of Approval by the			www.iatriko.gr
Board of Directors of a' six month Financial Statements : Certified Auditor Accountant :			28 September 2016	Panagiotis Bountros Certified Auditor Accountant AM SOEL 22011
Auditing company :			KPMG Certified Auditors A.E. AM SOEL 114
Type of Auditor's review report :	STATEMENT OF FINANCIAL POSITION (consolidated and non consolidated) amounts in thous. €		Unqualified opinion - emphasis of matter				CASH FLOW STATEMENT (consolidated and non consolidated) amounts in thous. €
		GROUP		PARENT		Indirect method			GROUP		PARENT
ASSETS		30/6/2016	31/12/2015	30/6/2016	31/12/2015				1/1-30/6/2016	1/1-30/6/2015	1/1-30/6/2016	1/1-30/6/2015
Property, plant and equipment Intangible assets		229.595 294	232.713 325	217.806 291		220.867 Operating Activities : 321 Profit / (Loss) before taxes (continued operations)			1.722	( 4.116)	1.396	( 4.034)
Other non current assets Inventories		12.489 4.303	13.067 4.685	32.421 4.170		33.001 Plus / Less adjustments for : 4.487 Depreciation			4.202	4.527	4.106	4.159
Receivables (trade debtors)		89.686	77.852	89.234		77.439 Provisions			992	885	988	880
Other current assets TOTAL ASSETS		37.112 373.479	41.601 370.243	40.628 384.550		44.088 Results (revenues, expenses, gains and losses) from 380.203 investing activities			( 13)	( 1.125)	0	( 1.185)
EQUITY AND LIABILITIES						Interest expenses and related costs			4.205	5.465	4.125	5.376
Share capital Other components of equity		26.888 32.961	26.888 31.851	26.888 38.914		26.888 Plus / Less adjustments for changes in 37.958 working capital or related to operating
Total equity attributable to owners of the parent (a)		59.849	58.739	65.802		64.846 activities :
Non controlling interests (b) Total Equity (c) = (a)+(b)		149 59.998	108 58.847	0 65.802		0 Decrease / (Increase) in inventories 64.846 Decrease / (Increase) in receivables			382 ( 13.901)	82 ( 3.965)	317 ( 14.941)	60 ( 4.765)
Long term borrowings Long term provisions / Other non current liabilities		43 39.905	74 40.313	11 39.799		16 (Decrease) / Increase in liabilities (except for borrowings) 40.204 Less :			2.627	6.386	3.959	7.813
Short term borrowings		148.357	149.047	146.060		146.750 Interest charges and related expenses paid			( 4.131)	( 5.083)	( 4.052)	( 4.995)
Other current liabilities Total Liabilities (d)		125.176 313.481	121.962 311.396	132.877 318.748		128.387 Paid taxes 315.357 Total Inflows / (Outflows) from			( 213)	( 331)	( 145)	( 325)
TOTAL EQUITY AND LIABILITIES ©+(d)		373.479	370.243	384.550		380.203 Operating Activities (a)			( 4.128)	2.726	( 4.247)	2.984
	STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD (consolidated and non consolidated) amounts in thous. €	GROUP		PARENT		Investing Activities Acquisition of subsidiaries, associates, joint ventures
		30/6/2016	30/6/2015	30/6/2016	30/6/2015	and other investments			0	0	0	0
Total equity in the beginning of the period						Purchase of tangible and intangible fixed assets Cash proceeds from the sale of tangible and intangible fixed assets			( 1.053) 0	( 1.398) 0	( 1.016) 0	( 1.376) 0
(1/1/2016 and 1/1/2015 accordingly)		58.847	73.805	64.846		79.501 Income from interest			2	314	2	313
Total comprehensive income after taxes for the period (continued and discontinued operations)		1.151	( 2.598)	956		( 2.487) Total Inflows / (Outflows) from Investing Activities (b)			( 1.051)	( 1.085)	( 1.014)	( 1.063)
Dividend distributed Total equity at the end of the period		0	( 18)	0		0 Financing Activities Proceeds from debt			1.075	87	1.075	87
(30/6/2016 and 30/6/2015 accordingly)		59.998	71.189	65.802		77.013 Debt repayment			( 1.765)	( 2.672)	( 1.765)	( 2.672)
						Payments of financial leasing (Capital installments)			( 31)	( 37)	( 5)	( 6)
						Dividend paid			( 9)	( 18)	0	0
						Total Inflows / (Outflows) from Financing Activities ©			( 730)	( 2.640)	( 695)	( 2.591)
						Net Increase/ (Decrease) in Cash and Cash Equivalents
						for the Period (a)+(b)+© Cash and Cash Equivalents (beginning)			( 5.909) 10.426	( 999) 5.026	( 5.956) 9.901	( 670) 4.225
						Cash and Cash Equivalents (period end)			4.517	4.027	3.945	3.555
						STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD (consolidated and non consolidated) amounts in thous. €
			1/1-30/6/2016	GROUP 1/1-30/6/2015			1/1-30/6/2016	PARENT 1/1-30/6/2015
Turnover			82.554	83.120			80.224	80.740
Gross profit/ (loss) Profit before taxes, financing and			16.640	15.443			15.417	14.124
investing activity			5.914	224			5.521	158
Profit / (Loss) before taxes Profit / (Loss) after taxes (A)			1.722 1.151	( 4.116) ( 2.598)			1.396 956	( 4.034) ( 2.487)
Owners of the parent			1.110	( 2.628)			956	( 2.487)
Non controlling interests			41	30
Other comprehensive income after taxes Total comprehensive income after taxes (A)+(Β)			0 1.151	0 ( 2.598)			0 956	0 ( 2.487)
Owners of the parent			1.110	( 2.628)			956	( 2.487)
Non controlling interests			41	30
Earnings / (Losses) after taxes per share - basic (in €)			0,0128	( 0,0303)			0,0110	( 0,0287)
Profit before taxes, financing and investing activity and depreciation			10.116	4.752			9.627	4.317
Group Structure		Participation	Consolidation	Tax unaudited	ADDITIONAL INFORMATION :
Companies	Residence	(%)	Method	Years		6. Disclosures of transactions with related parties of group and company as defined in IAS 24 (amounts in thous.€) :
ATHENS MEDICAL CENTER SA IATRIKI TECHNIKI SA	Maroussi Attica Kiffisia Attica	Parent Co 100,00	TOTAL	-- 2009-2010		a) Revenue		GROUP 0	PARENT 90
AKSONIKI EREVNA SA	Maroussi Attica	50,50	TOTAL	2007-2015		b) Expenses		204	5.617
EREVNA SA PHYSIOTHERAPY	Maroussi Attica	51,00	TOTAL	2007-2015		c) Receivables d) Liabilities		1.780 355	8.739 36.682
CENTER SA	Maroussi Attica	33,00	TOTAL	2010		e) Transactions and compensations of executives
HOSPITAL AFFILIATES INTERNATIONAL SA	Kiffisia Attica	68,89	TOTAL	2010 & 2012-2015		and members of the Board		1.606	1.360
MEDSANA BMC BIOAXIS SRL (former MEDSANA SRL)	Bucharest Romania Bucharest Romania	100,00 78,90	TOTAL TOTAL			f) Liabilities to executives and members of the Board		1.631	1.411
EUROSITE SA GAIA SA	Maroussi Attica Athens	100,00 100,00	TOTAL TOTAL	2010, 2014 -2015 2010 & 2015		7. The amounts of formed provisions		GROUP	PARENT
						a) Legal disputes		208	0
INTEROPTICS SA	Athens	27,33	EQUITY METHOD	2013-2015		b) Tax unaudited years c) Other provisions		251 1	154 0
1. All companies in the group are those described in the above table titled "Group Structure". There is no deviation in the companies and the method of consolidation relative to						8. A detailed report to group's structure is found in paragraphs 2a "Preparation base of financial statements", 2c "Principal accounting policies" as well as in
that used in the financial statements of the respective period of previous year 2015 or of previous year 2015.						paragraph 15 of the financial statements.
2. There are pledges against the parent company's land and buildings, which refer to mortgage attachement amounted to €196,8 ,mil.						9. At 30/6/2016 no treasury shares were held by parent company nor its subsidiaries. 10. Up to 20/7/2016 Bonds of common bond loan issuance program, of total amount 47.435th were due. Management is in negotiation procedures with the
3. There are no legal disputes that could have a significant effect on the company's and the group's financial structure.						borrowing banks for the restructuring of the bond loan.
4. The total number of employees for the first semester of 2016 was : Group 2.859 (2.844 first semester of 2015) and Parent Co 2.720 (2.698 first semester of 2015) respectively.						11. The accounting policies, applied by the Group and the Company for the completion of the Interim Financial Statements as at 30.6.2016, are consistent with those stated in the Financial Statements as at 31.12.2015.
						12. Emphasis of matter in the auditor's review report refers to the fact that the Company is in the process of negotiations with creditor banks regarding the
						restructuring of its bond loan due to non-compliance with some of the credit terms (covenants), which resulted in the reclassification of the existing bank loans from long term to short term liabilities. This fact was the main reason due to which the Group's and the Company's total current liabilities exceed their
5. Profit / (loss) per share was calculated using the average weighted number of total shares issued.						total current assets, by EUR 142 432 thousand and EUR 144 906 thousand, respectively. 13. In the above financial statement and information no quartely figures are included, according to Law 4374/2016.
					Maroussi, 28 September 2016
The President of the BOD		The CEO and Member of the BOD			The General Group CFO		The Parent CFO			The Parent Chief Accountant

ID AK 038305

Georgios V. Apostolopoulos Vassilios G. Apostolopoulos Petros D. Adamopoulos

Emmanouil P. Markopoulos ID Π 001034 ID Ξ 350622 ID ΑΖ 533419 ID ΑΒ 052569

Panagiotis Ch. Katsihtis