Athens Medical C.S.A.

Annual / Quarterly Financial Statement • Mar 31, 2016

Prefecture:			Ministry of Development and Competitiveness -			Company's Board of Directors
			Department for Limited Companies
Company's web site:			www.iatriko.gr			Name	Position
Date of approval by the Board of Directors of the annual Financial Statements :			29 March 2016			Dr. George V. Apostolopoulos Dr. Vassilios G. Apostolopoulos	President CEO
Certified Auditor Accountant :				Harry Sirounis Cerified Auditor Accountant AM SOEL 19071		Christos G. Apostolopoulos	Vice President
Auditing Company :			KPMG Certified Auditors A.E. SOEL 114			Dr. Jorn Olaf Hirschmann	Member (non executive)
Type of Auditor's Certificate :			Unqualified opinion- emphasis of matter			Nikolaos Koritsas	Member (Independent non executive)
						Konstantinos Pampoukis	Member (Independent non executive)
						Vassilios Tountopoulos	Member (Independent non executive)
	STATEMENT OF FINANCIAL POSITION (annual consolidated and non consolidated) amounts in €					CASH FLOW STATEMENT FOR THE YEAR (annual consolidated and non consolidated) amounts in €
ASSETS		GROUP 31/12/2015	31/12/2014	PARENT 31/12/2015	31/12/2014	Indirect method		GROUP 1/1-31/12/2015	1/1-31/12/2014	PARENT 1/1-31/12/2015	1/1-31/12/2014
Property, plant and equipment		232.712.971,12	241.513.007,04	220.867.263,41		228.993.427,31 Operating Activities :
						Profit / (Loss) before taxes (continued operations)		-16.246.702,31	-17.176.178,90	-16.267.658,48	-18.901.188,88
Intangible assets Other non current assets		325.297,70 13.067.176,74	333.186,15 9.188.256,09	321.371,23 33.000.879,77	324.925,33	29.128.948,19 Plus/Less adjustments for :
Inventory		4.684.948,97	4.561.124,49	4.487.412,04		4.346.855,47 Depreciation		9.056.799,70	9.161.924,05	8.337.456,69	8.358.512,47
Receivables (trade debtors)		77.851.841,06	78.769.545,11	77.438.437,59		78.226.604,38 Impairment of tangible and intangible fixed assets		1.714.826,69	0,00	1.714.826,69	2.615.000,00
Other current assets		41.600.341,97	46.370.773,32	44.087.354,15	48.477.501,30 Provisions			4.337.231,10	1.408.553,71	4.331.845,20	1.405.025,81
TOTAL ASSETS		370.242.577,56	380.735.892,20	380.202.718,19		Exchange differences 389.498.261,98 Results (revenue, expenses, gains and losses) from		10.095,00	445,00	0,00	0,00
EQUITY AND LIABILITIES						investing activities		-1.316.990,08	-2.395.759,35	-1.352.340,32	-2.693.884,88
Share capital		26.888.153,80	26.888.153,80	26.888.153,80		26.888.153,80 Interest expenses and related costs		9.809.465,94	12.317.165,03	9.614.091,28	12.135.385,56
Other components of equity		31.850.542,39	46.679.559,89	37.957.349,14		52.612.594,39 Plus/Less adjustments for changes in
Total equity attributable to owners of the parent (a) Non controlling interests (b)		58.738.696,19 108.036,12	73.567.713,69 237.034,27	64.845.502,94		79.500.748,19 working capital or related to operating activities :
Total Equity (c) = (a)+(b)		58.846.732,31	73.804.747,96	64.845.502,94		79.500.748,19 Decrease / (Increase) in inventories		-123.824,48	196.647,52	-140.556,57	163.240,49
Long term borrowings		74.106,70	132.298,70	16.271,68		27.755,68 Decrease / (Increase) in receivables		6.781.385,83	8.134.892,96	6.397.201,84	7.403.763,63
Long term provisions / Non current liabilities		40.312.784,33	34.067.191,41	40.203.989,21		33.957.912,91 (Decrease) / Increase in liabilities (except for borrowings)		8.346.082,79	790.049,52	9.446.265,30	1.012.400,30
Short term borrowings Other current liabilities		149.046.645,33 121.962.308,89	157.507.995,97 115.223.658,16	146.749.977,31 128.386.977,05	155.204.253,92 Less :	120.807.591,28 Interest charges and related expenses paid		-9.322.837,96	-7.961.356,36	-9.128.741,52	-7.781.237,25
						Paid taxes		-159.490,27	-892.131,20	0,00	-480.445,10
Total liabilities (d) TOTAL EQUITY AND LIABILITIES (c)+(d)		311.395.845,25 370.242.577,56	306.931.144,24 380.735.892,20	315.357.215,25 380.202.718,19		309.997.513,79 Total Inflows / (Outflows) from 389.498.261,98 Operating Activities (a)		12.886.041,95	3.584.251,98	12.952.390,11	3.236.572,15
	STATEMENT OF CHANGES IN EQUITY FOR THE YEAR (annual consolidated and non consolidated) amounts in €					Investing Activities
		GROUP		PARENT
		31/12/2015	31/12/2014	31/12/2015	31/12/2014
Total equity in the beginning of the year (1/1/2015 and 1/1/2014 accordingly)		73.804.747,96	92.950.613,29	79.500.748,19		Purchase of tangible and intangible fixed assets 100.030.166,23 Cash collection from the sale of tangible and intangible		-2.009.299,08	-2.999.230,14	-1.948.810,16	-3.016.781,85
						fixed assets		5.852,00	18.003,00	5.500,00	14.000,00
Total comprehensive income after taxes						Cash flows (inflows) from the sale (aquisistion) of investments (shares, securities)		49.892,44	84.113,00	49.892,44	0,00
(continued and discontinued operations)		-14.828.025,64	-19.085.815,33	-14.655.245,25		-20.529.418,04 Income from interest		351.386,47	676.403,25	350.489,16	674.973,02
Dividend distributed		-129.990,00	-60.050,00	0,00	0,00	Income from dividend		0,00	47.850,00	39.600,00	49.500,00
						Total Inflows / (Outflows) from
Total equity at the end of the year						Investing Activities (b)		-1.602.168,17	-2.172.860,89	-1.503.328,56	-2.278.308,83
(31/12/2015 and 31/12/2014 accordingly)		58.846.732,32	73.804.747,96	64.845.502,94		79.500.748,19 Financing Activities
						Debt repayment		-5.761.238,41	-11.879.983,36	-5.761.238,41	-11.879.983,36
						Payments of financial leasing
						(Capital installments)		-65.266,03	-933.812,00	-11.484,00	-841.446,29
						Dividend paid		-57.630,00	-60.050,00	0,00	0,00
						Total Inflows / (Outflows) from
						Financing Activities ( c)		-5.884.134,44	-12.873.845,36	-5.772.722,41	-12.721.429,65
						Net Increase / (Decrease) in Cash and Cash Equivalents
						for the year (a)+(b)+( c) Cash and Cash Equivalents (beginning)		5.399.739,34 5.026.545,83	-11.462.454,27 16.489.000,10	5.676.339,14 4.224.711,39	-11.763.166,33 15.987.877,72
						Cash and Cash Equivalents (year end)		10.426.285,17	5.026.545,83	9.901.050,53	4.224.711,39
						STATEMENT OF COMPREHENSIVE INCOME (annual consolidated and non consolidated) amounts in €
			1/1-31/12/2015	GROUP	1/1-31/12/2014	1/1-31/12/2015		PARENT 1/1-31/12/2014
Turnover			158.091.903,85		148.873.179,23	153.602.878,13		144.325.540,79
Gross profit / (loss)			26.264.303,38		14.155.128,06	23.540.112,52		11.417.706,64
Profit / (Loss) before taxes, financing and
investing activity Profit / (Loss) before taxes			-6.039.399,76 -16.246.702,31		-7.254.773,22 -17.176.178,90	-6.291.080,83 -16.267.658,48		-6.844.688,20 -18.901.188,88
Profit / (Loss) after taxes (A)			-15.771.544,48		-18.502.618,48	-15.604.923,96		-19.959.237,69
Attributable to:
Owners of the parent Non controlling interests			-15.772.536,32 991,84		-18.561.639,66 59.021,18	-15.604.923,96		-19.959.237,69
Other comprehensive income after taxes (B)			943.518,84		-583.196,85	949.678,71		-570.180,35
Total comprehensive income after taxes (A)+(B)			-14.828.025,64		-19.085.815,33	-14.655.245,25		-20.529.418,04
Attributable to:
Owners of the parent Non controlling interests			-14.829.017,48 991,84		-19.144.836,51 59.021,18	-14.655.245,25		-20.529.418,04
Earnings (after taxes) per share - basic in €			-0,1818		-0,2140	-0,1799		-0,2301
Proposed dividend per share - in €						0,0000		0,0000
Profit / (Loss) before taxes, financing and investing activity and depreciation			3.017.399,94		1.907.150,83	2.046.375,86		1.513.824,27
					ADDITIONAL INFORMATION :
Group Structure		Participation	Consolidation	Tax Unaudited		8. Disclosures of transactions with related parties of group and company as defined in IAS 24 (amounts in €) :
Companies	Residence	(%)	Method	Years			GROUP	PARENT
ATHENS MEDICAL CENTER SA IATRIKI TECHNIKI SA	Maroussi Attica Kiffisia Attica	Parent Co 100,00	TOTAL	2009-2010 2009-2010		a) Revenue b) Expenses	0,00 465.575,19	224.274,88 10.395.107,87
AKSONIKI EREVNA SA	Maroussi Attica	50,50	TOTAL	2007-2015		c) Receivables	1.780.596,64	7.974.905,56
EREVNA SA	Maroussi Attica	51,00	TOTAL	2007-2015		d) Liabilities	627.513,32	35.476.187,87
PHYSIOTHERAPY						e) Transactions and compensations of executives
CENTER SA HOSPITAL AFFILIATES INTERNATIONAL SA	Maroussi Attica Kiffisia Attica	33,00 68,89	TOTAL TOTAL	2010 2007-2010 & 2012 - 2015		and members of the Board f) Receivables from executives	5.595.208,34	4.955.049,34
MEDSANA BMC	Bucharest Romania	100,00	TOTAL	--		and members of the Board	0,00	0,00
BIOAXIS SRL (former MEDSANA SRL)	Bucharest Romania	78,90	TOTAL	--		g) Liabilities to executives
EUROSITE SA	Maroussi Attica	100,00	TOTAL	2010		and members of the Board 9. The amounts of formed provisions are the following (amounts in €):	2.194.383,29	2.086.069,64
GAIA SA	Athens	100,00	TOTAL	2009-2010			GROUP	PARENT
						a) Legal disputes	207.776,96	0,00
INTEROPTICS SA	Athens	27,33	EQUITY METHOD	2013-2015		b) Tax unaudited years	1.960.000,00	1.900.000,00
						c) Other provisions 10. The amount of other comprehensive income after taxes of group for year 1/1-31/12/2015 € 944 th includes exchange differences expence amounted to € 9 th, deferred	981,00	0,00
						tax expense amounted to € 404 th, recognized actuarial gains € 1.356 th. The respective amount € -583 th for year 1/1-31/12/2014 includes exchange differences income

(In accordance to L.2190/20, article 135 for companies that prepare annual financial statements, consolidated and not, according to IFRS)

The following results and information, that arise from the company's financial statements, provide a general picture of the financial position and financial results of the ATHENS MEDICAL CENTER S.A. (Issuer) and the Group. Thus we suggest the reader, before entering into any sort of investment decision or other transaction with the company to gain access to the company's web site, where the financial statements can be downloaded, as well as the Auditor's Certificate.

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 YEAR 1 January 2015 until 31 December 2015

2. Matter or emphasis of Auditor's certificate refers to:Group and Company are in the process of negotiations with creditor banks regarding the restructuring of bond loan due to

Group and the Company total current liabilities exceed their total current assets, by EUR 146 872 thousand and EUR 149 124 thousand, respectively.
3. There are pledges against the parent company's land and buildings, which refer to mortgage attachment amounted to 196,8 mil.			th. and impairment loss of affilliated companies € 705 th recognized in income statement.
4. There are no legal disputes against Company that could have a significant effect on the company's and the group's financial structure.			11. A detailed report to group's structure is found in paragraphs 1 "General information about Company and Group", 6a "Accounting Policies ", as well as in paragraphs 21 "Investments in Subsidiaries" and 22 " Equity accounted investees " of the Annual Financial Report. 12. The accounting policies, applied by the Group and the Company for the completion of the annual Financial Statements as at 31/12/2015, are consistent with those stated in the Financial Statements as at 31/12/2014. 13. The expiration date of bonds of common bond loan issuance program, of total amount 31.385th and initial expiration date 20/10/2015, with the consent of the
5. The total number of employees for year 2015 was: group 2.804 (2.831 for year 2014) and parent co 2.655 (2.682 for year 2014) respectively.
6. Profit/(losses) per share was calculated using the average weighted number of total shares issued. 7. At 31/12/2015 no treasury shares were held by parent company, nor its subsidiaries.			borrowing banks, was extented up to 31/3/2016. Management is in negotiation process with the borrowing banks for the restructuring of the bond loan.
		Maroussi, 29 March 2016
The President of the BoD	The CEO and member of the BoD		The Parent CFO	The Parent Chief Accountant
Georgios V. Apostolopoulos ID ΑΚ 038305	Vassilios G. Apostolopoulos ID Ξ 350622	Emmanouil P. Markopoulos ID Π 001034	Petros D. Adamopoulos ID ΑΖ 533419	Panagiotis Ch. Katsihtis ID ΑΒ 052569

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 that used in the financial statements of the previous year 2014. amounted to € 1 th,deferred tax income amounted to € 453 th, recognized actuarial losses € -1.741 th and impairment loss of affilliated companies € 705 th recognized in income statement.

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. As a result, the actuarial gains € 1.355 th. The respective amount € -570 th for year 1/1-31/12/2014 includes deferred tax income amounted to € 448 th, recognized actuarial losses € -1.723

The amount of other comprehensive income after taxes of company for year 1/1-31/12/2015 € 950 th, includes deferred tax expense amounted to € 405 th, recognized