Inform P. Lykos Holdings S.A.

Annual / Quarterly Financial Statement • Mar 31, 2016

					INFORM P. LYKOS S.A. GENERAL ELECTRONIC COMMERCIAL REGISTRY No. 359201000 5th km VARIS-KOROPIOU AVE, KOROPI
					FINANCIAL FIGURES AND INFORMATION FOR THE YEAR FROM JANUARY 1, 2015 TO DECEMBER 31, 2015 (Published according to the Law 2190/20, article 135 referring to companies which prepare annual financial statements consolidated and not, according to IFRS)
The following figures and information, which arise from the financial statements are intended to provide a general briefing a Τα παρακάτω στοιχεία και πληροφορίες, που προκύπτουν από τις οικονομικές καταστάσεις, στοχεύουν σε μία γενική ενημέρωση για τ bout the financial position and results of INFORM P. LYKOS S.A. Group. Therefore, the reader is recommended before proceeding to company, to refer to the company' s web address where the financial statements and the auditor' s review report are presented.					ην οικονομική κατάσταση και τα αποτελέσματα του Ομίλου της INFORM Π. ΛΥΚΟΣ Α.Ε. Συνιστούμε επομένως στον αναγνώστη, πριν προβεί any kind of investment choice or other transaction with the							σε οποιαδήποτε είδους επενδυτική επιλογή ή άλλη
	COMPANY' S DATA									STATEMENT OF CHANGES IN EQUITY (annual consolidated and non-consolidated)
Competent Authority:	Ministry of Development, Competitiveness, and Shipping (Department of S.A. and Credit)							Amounts in Euro	THE GROUP		THE COMPANY
Web address: Composition of the Board of Directors:	www.lykos.gr Panagiotis Lykos, Panagiotis Spyropoulos, Georgios Triantafillidis, Elias Karantzalis, Constantinos Lagios, Emmanuel Lekakis, Spiridon Manias.				Total equity at the beginning of the year (01.01.2015 and 01.01.2014 respectively) Total comprehensive income after taxes Dividends distributed Total transactions with the owners of the company				31/12/2015 78.454.657 (2.169.912)	31/12/2014 77.280.496 1.174.159	31/12/2015 72.705.984 (2.096.493)	31/12/2014 47.686.978 25.019.006
Date of the Board of Directors approval of the annual financial statements:	29th March, 2016								0 (23.151.979)	0 0	0 (22.795.716)	0 0
Statutory Auditor: Audit firm:	Nikos Garbis (SOEL Reg. No. 25011) Grant Thornton S.A. (SOEL Reg. No. 127)				Total equity at the end of the year (31.12.2015 and 31.12.2014 respectively)				53.132.765	78.454.657	47.813.775	72.705.984
Type of Auditor' s report:	Unqualified opinion
	STATEMENT OF FINANCIAL POSITION (annual consolidated and non-consolidated)								Amounts in Euro	STATEMENT OF CASH FLOWS (annual consolidated and non-consolidated) THE GROUP		THE COMPANY
	Amounts in Euro				Indirect Method					1/1- 31/12/2015	1/1- 31/12/2014	1/1- 31/12/2015	1/1- 31/12/2014
	THE GROUP		THE COMPANY		Losses before taxes	Cash flows from operating activities				(2.299.841)	(1.560.608)	(2.594.264)	(1.574.787)
ASSETS Property, plant and equipment	31/12/2015 57.389.325	31/12/2014 59.876.116	31/12/2015 32.108.331	31/12/2014 33.703.518	Plus/less adjustments for: Depreciation / Amortisation					3.601.643 1.168.350	3.003.528 1.104.224	2.590.043 821.098	2.013.217 739.858
Investment property Investment property Intangible assets and goodwill	310.847 3.468.934	322.739 3.430.871	0 1.256.803	0 1.141.043	Net finance costs Change in non-current liabilities for personnel and provisions Other adjustments				944.439 (22.208)	0 (439.095)	944.439 (40.040)	0 (711.183)
Other non current assets Inventories	113.974 5.816.156	166.850 6.415.152	22.200.360 3.981.987	29.452.086 4.220.125	Working capital changes in: Inventories Trade and other receivables					3.392.383	2.108.049	1.721.277	467.105
Trade receivables Other current assets	12.568.147 6.925.846	14.882.905 44.028.267	5.315.916 5.245.398	7.540.916 35.416.133						645.872 1.931.170	(345.601) (2.723.621)	303.475 2.471.483	(194.760) (722.857)
Assets held for sale TOTAL ASSETS	0 86.593.229	0 129.122.899	0 70.108.794	0 111.473.821	Trade and other payables Less:	Cash generated from operating activities				(1.867.105) 4.102.320	2.038.009 1.076.836	(691.176) 3.805.059	605.128 154.616
					Taxes paid Interest paid					(39.424) (1.179.597)	(311.858) (885.160)	(24.792) (791.168)	113.813 (605.123)
EQUITY AND LIABILITIES Share capital	12.758.592	12.758.592	12.758.592	12.758.592	Net cash from operating activities Net cash from discontinued operations Net cash from operating activities Cash flows from investing activities Interest received Dividends received Proceeds from sale of property, plant, equipment and intangible assets Proceeds from sale of investments				2.883.299 0	(120.182) 6.234.238	2.989.099 0	(336.694) 0
Share premium,reserves and retained earnings Total equity attributable to owners of the Company (a) Non-controlling interests (b)	39.778.927 52.537.519 595.245	65.137.529 77.896.121 558.535	35.055.183 47.813.775 0	59.947.392 72.705.984 0					2.883.299	6.114.056	2.989.099	(336.694)
Total equity (c)=(a)+(b) Non-current loans and borrowings	53.132.765 2.576.196	78.454.656 3.784.402	47.813.775 1.179.258	72.705.984 1.386.992					150.333 0	165.780 0	182.981 32.475.000	157.995 0
Other non-current liabilities Current loans and borrowings	2.542.243 12.168.383	3.124.996 27.300.008	2.214.669 9.216.525	2.869.627 25.578.670					59.582 23.000	130.022 38.780.862	57.654 23.000	48.576 0
Other current liabilities Total liabilities (d)	16.173.643 33.460.464	16.458.838 50.668.244	9.684.569 22.295.020	8.932.548 38.767.837	Acquisition of property, plant, equipment and intangible assets Net cash used in investing activities Net cash from discontinued operations					(1.421.621) (1.188.706)	(1.098.849) 37.977.815	(1.168.230) 31.570.405	(657.221) (450.650)
Total equity and liabilities (c) + (d)	86.593.229	129.122.899	70.108.794	111.473.821		Net cash used in investing activities				0 (1.188.706)	(3.202.145) 34.775.670	0 31.570.405	0 (450.650)
						Cash flows from financing activities Share capital decrease through capital return in cash				(14.404.862)	0	(14.404.862)	0
	STATEMENT OF OTHER COMPREHENSIVE INCOME (annual consolidated and non-consolidated)				Proceeds from loans and borrowings	Payment of expenses for share capital increase				(159.505) 4.516.906	0 1.502.724	(159.505) 10.850.000	0 1.500.000
	Amounts in Euro THE GROUP		THE COMPANY		Repayment of borrowings Payment of finance lease liabilities	Dividends paid to non-controlling interests				(20.626.190) (198.879) (2.393.913)	(3.373.722) (226.726) (2.068)	(20.000.000) (114.750) (2.393.913)	(3.276.830) (60.300) (2.068)
	1/1- 31/12/2015	1/1- 31/12/2014	1/1- 31/12/2015	1/1- 31/12/2014		Dividends paid to Owners of the Company Net cash from financing activities				(5.827.221) (39.093.665)	0 (2.099.792)	(5.827.221) (32.050.251)	0 (1.839.198)
						Net cash from discontinued operations Net cash from financing activities				0 (39.093.665)	(5.486.590) (7.586.382)	0 (32.050.251)	0 (1.839.198)
Profit / (losses) net of tax (a) Other comprehensive income net of tax (b) Total compehensive income net of tax (a) + (b)	(1.635.676) (534.236) (2.169.912)	1.957.214 (783.055) 1.174.159	(1.790.891) (305.602) (2.096.493)	25.379.984 (360.978) 25.019.006		Net decrease in cash and cash equivalents Cash and cash equivalents at 1 January				(37.399.071) 41.327.465	33.303.344 8.024.121	2.509.253 1.034.088	(2.626.542) 3.660.630
- Owners of the Company	(2.206.623)	1.152.317	(2.096.493)	25.019.006		Effect of movements in exchange rates on cash held Cash and cash equivalents at 31 December				(524) 3.927.869	0 41.327.465	0 3.543.341	0 1.034.088
- Non-controlling interests	36.711	21.842	0	0
					STATEMENT OF PROFIT OR LOSS (annual consolidated and non-consolidated)
					Amounts in Euro THE GROUP						THE COMPANY
		Continuing activities	1/1-31/12/2015 Discontinued activity	Total	Continuing activities	1/1-31/12/2014 Discontinued activity	Total	Continuing activities	1/1-31/12/2015 Discontinued activity	Total	Continuing activities	1/1-31/12/2014 Discontinued activity	Total
Revenue Gross profit / (loss)		64.864.407 9.307.675	0 0	64.864.407 9.307.675	59.051.771 9.472.576	63.282.551 24.748.803	122.334.322 34.221.379	34.881.444 5.288.005	0 0	34.881.444 5.288.005	31.875.123 5.733.629	0 0	31.875.123 5.733.629
Operating profit / (loss)		(1.131.490)	0	(1.131.490)	(456.385)	5.256.352	4.799.967	(1.773.166)	0	(1.773.166)	(1.138.141)	0	0 (1.138.141)
Profit / (loss) before tax Profit / (loss) net of tax		(2.299.841) (1.635.677)	0 0	(2.299.841) (1.635.676)	(1.560.608) (1.618.390)	4.769.270 3.575.603	3.208.662 1.957.213	(2.594.264) (1.790.891)	0 0	(2.594.264) (1.790.891)	(1.574.787) (1.512.593)	26.892.577 26.892.577	0 25.317.790 25.379.984
Attributable to: Owners of the Company Non-controlling interests		(1.675.164) 39.487	0 -	(1.675.164) 39.487	(1.637.863) 19.473	3.575.603 -	1.937.740 19.473	(1.790.891) -	0 -	(1.790.891) -	(1.512.593) -	26.892.577 -	25.379.984 -
Basic earnings / (losses) net of taxes per share (euro) Suggested dividend per share - (in euro)		- -	- -	(0,08) -	- -	- -	0,09 -	- -	- -	(0,09) 0,07	- -	- -	1,23 -
Earnings / (losses) before taxes, financing, investing results and total depreciation / amortisation		2.470.152	0	2.470.152	2.547.144	7.691.215	10.238.359	816.877	0	816.877	875.075	0	875.075

1. 6. The name, the country of the headquarters of every company, included in the consolidated financial statements, the tax unaudited years, as well as the participating interest, direct or indirect of the parent company and the incorporation method applied regarding every company, are as follows:

4. There was no case of change in the duration or end of the fiscal year or the incorporation method of the Companies of the Group.

At 31/12/2014 finalised the sale of the whole shares of the Company AUSTRIA CARD GmbH (cards division) , after the approval of extraordinary 2.		The Group	The Company
General Assembly of shareholders of INFORM P. LYKOS S.A., that took place at 15th of December, 2014. With the aforementioned sale, the company	a) Income	231.350	659.669
aims to the reinforcement of the position of the Group in the intensely competitive international market of printing division. It is noted that cards	b) Expenses	6.232.290	9.537.598
division is represented by the recently 100% subsidiary company "Austria Card GmbH" of Sagime GmbH, located in Vienna of Austria, and also by	c) Receivables	144.073	213.835
100% controlled from this subsidiary companies, which are as following :	d) Liabilities	2.959.297	1.934.781
Company Country	e) Transactions and fees of Directors and	389.496	389.496
Austria Austria Card GmbH	members of the Management
Poland Austria Card Polska Sp.z.o.o.	f) Receivables from Directors and members	0	0
Turkey Austria Card Akilii Kart STI	of the Management
Austria Card SRL Romania	g) Liabilities to Directors and members	0	0
Turkey Austria Card Turkey Kart Operasyonlari A.S.	of the Management
	12.			Investments in property, plant, equipment and intangible assets during the period 1/1/2015 - 31/12/2015, were amounted for the Company and the Group in € 1.146
More information for the above transaction are included in the explanatory note No.6 of the annual financial report of the years 2014 and 2015 as well as in "Information Release for sale of AUSTRIA CARD" which is presented to web address of Athens Stock Exchange (www.helex.gr) 3. The item "Other comprehensive income after taxes" for the year 1/1 – 31/12/2015 that is included in the "Statement of comprehensive income" of the Group amounting to € (534.235) concerns: (a) for the amount of € (228.462) exchange differencies from the conversion of the financial statements of business activities abroad (after taxes), (b) for the amount of € (55.458) actuarial losses from recognition of provision for staff leaving indemnities (after taxes) and (c) for the amount of € (250.315) effect from the change of income taxation rate of the Greek Companies of the Group. The corresponding amount for the year 1/1 – 31/12/2014 that is included in the "Statement of comprehensive income" of the Group amounting to € (783.055) concerns: (a) for the amount of € (409.945) exchange differencies from the conversion of the financial statements of business activities abroad (after taxes), (b) for the amount of € (771.903) actuarial losses from recognition of provision for staff leaving indemnities (after taxes) and (c) for the amount of € 398.793 effect from the revaluation of property, plant and equipment of the Group. The item "Other comprehensive income after taxes" for the year 1/1 – 31/12/2015 that is included in the "Statement of comprehensive income" of the Company amounting to € (305.602) concerns: (a) for the amount of € (55.458) actuarial losses from recognition of provision for staff leaving indemnities (after taxes) and (b) for the amount of € (250.143) effect from the change of income taxation rate. The corresponding amount for the year 1/1 – 31/12/2014 that is included in the "Statement of comprehensive income" of the Company amounting to € (360.978) concerns: (a) for the amount of € (141.720) actuarial profits from recognition of provision for staff leaving indemnities (after taxes) and (b) for the amount of € (219.258) effect from the revaluation of property, plant and equipment of the Company.	Earnings/(losses) per share have been calculated according to the allocation of earnings upon the weighted average number of shares. 13. 14. In the above financial statements, there have been applied the accounting principles, that were used under the preparation of the financial statements for the previous year 2014, adjusted with the revisions prescribed by IFRS apart from cases, mentioned in explanatory note No.38 of the Annual Financial Report of the year 2015. The financial statements of December 31st, 2015 for the Parent Company and the Group, were approved by the Board of Directors of the Company at March 29, 2016. 15. Board of Directors members are: Panagiotis Lykos, Panagiotis Spyropoulos, Georgios Triantafillidis, Elias Karantzalis, Constantinos Lagios, Emmanuel Lekakis, Spiridon Manias. 16. The share capital of the Company was changed during the year in realisation of relevant decision of extraordinary General Assembly which conferenced at 27/2/2015. Specifically, the extraordinary General Assembly in concert approved the increase of share capital by capitalisation partially of share premium reserve amounting to € 14.404.861,80 with increase of named value of share by € 0,70 and concurrent equal reduction of share capital aiming to capital return by cash payment to the shareholders and provided the authorisation to the Board of Directors of the Company for the regulation of all the procedural issues for the execution and realisation of the aforementioned decision regarding the increase and decrease of the share capital. 17. In acceptance of the relevant proposal of the Board of Directors of the Company the regular General Assembly of the year 2015 which took place at 28/5/2015 decided the distribution of dividend € 0,40 (net of taxes € 0,36) per share which means total dividend amounting to € 8.231.350. The aforementioned amount was fully paid in June of the year 2015.
VICE PRESIDENT OF THE BoD AND MANAGING PRESIDENT OF THE BoD DIRECTOR OF THE GROUP	Koropi Attikis, 29 March 2016	CHIEF FINANCIAL OFFICER		ACCOUNTING MANAGER
PANAGIOTIS SPYROPOULOS PANAGIOTIS LYKOS I.D. no. ΑΙ 579288 I.D. no. ΑΒ 607588		ALEXANDRA ADAM I.D. no. ΑΕ 118025		ANASTASIOS TATOS I.D. no. ΑΜ 556006 REG. no. 9657-A' CLASS

5. The financial statements of the Group since 12/03/2014 are included into the consolidated financial statements of AUSTRIACARD AG (former: LYKOS AG) domiciled in Austria.

7. There are no pending judicial cases or other disputes under arbitration, which might affect materially the financial position or operation of the Company or the whole Group.

Company	Country	Participation	Consolidation	Participation	Tax	Group.
		Percentage %	Method	Relation	Unaudited	8.
					Years				Lykos S.A., subsidiary company of the Group in Romania. Details for this issue are presented in the note 4(vi) of the annual financial report of the year 2015.
INFORM P. LYKOS S.A.	Greece	Parent	-		2009-2010,2015	9.
Lykos Paperless Solutions S.A.	Greece	99,91%	Total	Direct	2010,2015	provision for reorganisation costs for the amount of € 944 thous
Terrane L.T.D.	Cyprus	100,00%	Total	Direct	2004-2015	10. The personnel number of the Group and the Company is as follows:
Inform Lykos (Romania) L.T.D.	Cyprus	98,19%	Total	Indirect	2003-2015			The Group		The Company
Inform Lykos S.A.	Romania	98,19%	Total	Indirect	2005-2015		31/12/15	31/12/14	31/12/15	31/12/14
Compaper Converting S.A.	Romania	95,68%	Total	Indirect	2001-2015	Number of personnel	425	459	192	211
Sagime GmbH	Austria	100,00%	Total	Direct	2010-2015
Albanian Digital Printing Solutions Sh.p.k.	Albania	51,00%	Total	Direct	2011-2015	11.Intercompany transactions between the Company, the Group and their associates as defined at IAS 24, during the year 1/1/2015 - 31/12/2015 are as follows:

There are encumbrances on the Group' s property, plant and equipment with value of € 5,3 million in order to cover loan obligations. There are no encumbrances on the parent company' s property, plant and equipment.

Parent The cumulative provision for the tax unaudited years for the Parent Company amounts to euro 15 thous.. During the year 2015 was recorded by charging the results, provision for reorganisation costs for the amount of € 944 thous..

Company	Country	e) Transactions and fees of Directors and	389.496 389.496
Austria Card GmbH	Austria	members of the Management
Austria Card Polska Sp.z.o.o.	Poland	f) Receivables from Directors and members	0 0
Austria Card Akilii Kart STI	Turkey	of the Management
Austria Card SRL	Romania	g) Liabilities to Directors and members	0 0
Austria Card Turkey Kart Operasyonlari A.S.	Turkey	of the Management
3. for the amount of € 398.793 effect from the revaluation of property, plant and equipment of the Group. from the revaluation of property, plant and equipment of the Company.	More information for the above transaction are included in the explanatory note No.6 of the annual financial report of the years 2014 and 2015 as well as in "Information Release for sale of AUSTRIA CARD" which is presented to web address of Athens Stock Exchange (www.helex.gr) The item "Other comprehensive income after taxes" for the year 1/1 – 31/12/2015 that is included in the "Statement of comprehensive income" of the Group amounting to € (534.235) concerns: (a) for the amount of € (228.462) exchange differencies from the conversion of the financial statements of business activities abroad (after taxes), (b) for the amount of € (55.458) actuarial losses from recognition of provision for staff leaving indemnities (after taxes) and (c) for the amount of € (250.315) effect from the change of income taxation rate of the Greek Companies of the Group. The corresponding amount for the year 1/1 – 31/12/2014 that is included in the "Statement of comprehensive income" of the Group amounting to € (783.055) concerns: (a) for the amount of € (409.945) exchange differencies from the conversion of the financial statements of business activities abroad (after taxes), (b) for the amount of € (771.903) actuarial losses from recognition of provision for staff leaving indemnities (after taxes) and (c) The item "Other comprehensive income after taxes" for the year 1/1 – 31/12/2015 that is included in the "Statement of comprehensive income" of the Company amounting to € (305.602) concerns: (a) for the amount of € (55.458) actuarial losses from recognition of provision for staff leaving indemnities (after taxes) and (b) for the amount of € (250.143) effect from the change of income taxation rate. The corresponding amount for the year 1/1 – 31/12/2014 that is included in the "Statement of comprehensive income" of the Company amounting to € (360.978) concerns: (a) for the amount of € (141.720) actuarial profits from recognition of provision for staff leaving indemnities (after taxes) and (b) for the amount of € (219.258) effect	12. Investments in property, plant, equipment and intangible assets during the period 1/1/2015 - 31/12/2015, were amounted for the Company and the Group in € 1.146 Earnings/(losses) per share have been calculated according to the allocation of earnings upon the weighted average number of shares. 13. 14. In the above financial statements, there have been applied the accounting principles, that were used under the preparation of the financial statements for the previous year 2014, adjusted with the revisions prescribed by IFRS apart from cases, mentioned in explanatory note No.38 of the Annual Financial Report of the year 2015. The financial statements of December 31st, 2015 for the Parent Company and the Group, were approved by the Board of Directors of the Company at March 29, 2016. 15. Board of Directors members are: Panagiotis Lykos, Panagiotis Spyropoulos, Georgios Triantafillidis, Elias Karantzalis, Constantinos Lagios, Emmanuel Lekakis, Spiridon Manias. 16. The share capital of the Company was changed during the year in realisation of relevant decision of extraordinary General Assembly which conferenced at 27/2/2015. Specifically, the extraordinary General Assembly in concert approved the increase of share capital by capitalisation partially of share premium reserve amounting to € 14.404.861,80 with increase of named value of share by € 0,70 and concurrent equal reduction of share capital aiming to capital return by cash payment to the shareholders and provided the authorisation to the Board of Directors of the Company for the regulation of all the procedural issues for the execution and realisation of the aforementioned decision regarding the increase and decrease of the share capital. 17. In acceptance of the relevant proposal of the Board of Directors of the Company the regular General Assembly of the year 2015 which took place at 28/5/2015 decided the distribution of dividend € 0,40 (net of taxes € 0,36) per share which means total dividend amounting to € 8.231.350. The aforementioned amount was fully paid in June of the year 2015.
PRESIDENT OF THE BoD	VICE PRESIDENT OF THE BoD AND MANAGING DIRECTOR OF THE GROUP	Koropi Attikis, 29 March 2016	CHIEF FINANCIAL OFFICER	ACCOUNTING MANAGER
PANAGIOTIS LYKOS I.D. no. ΑΒ 607588	PANAGIOTIS SPYROPOULOS I.D. no. ΑΙ 579288		ALEXANDRA ADAM I.D. no. ΑΕ 118025	ANASTASIOS TATOS I.D. no. ΑΜ 556006 REG. no. 9657-A' CLASS

51,00% Total Direct 11.Intercompany transactions between the Company, the Group and their associates as defined at IAS 24, during the year 1/1/2015 - 31/12/2015 are as follows:

ADDITIONAL DATA AND INFORMATION

In January of 2016 the Competition Committee of Romania issued a press release in which announces the enforcement of penalty due to unfair competition to Inform Lykos S.A., subsidiary company of the Group in Romania. Details for this issue are presented in the note 4(vi) of the annual financial report of the year 2015.

The Group		The Company