Athens Medical C.S.A.

Annual / Quarterly Financial Statement • Nov 30, 2015

Company's web site: www.iatriko.gr Date of Approval by the

Board of Directors of the Financial Statements : 26 November 2015

	STATEMENT OF FINANCIAL POSITION (consolidated and non consolidated) amounts in thous. €							CASH FLOW STATEMENT (consolidated and non consolidated) amounts in thous. €
			GROUP	PARENT		Indirect method			GROUP		PARENT
ASSETS		30/9/2015	31/12/2014	30/9/2015	31/12/2014				1/1-30/9/2015	1/1-30/9/2014	1/1-30/9/2015	1/1-30/9/2014
Property, plant and equipment		236.248	241.513	224.229		228.993 Operating Activities :
Investment property		0	0	0		0 Profit / (Loss) before taxes (continued operations)			-10.563	660	-10.458	945
Intangible assets		366	333	361		325 Profit / (Loss) before taxes (discontinued operations)			0	0	0	0
Other non current assets		14.192	9.188	34.150		29.129 Plus / Less adjustments for :
Inventories		4.513	4.561	4.330		4.347 Depreciation			6.791	6.606	6.243	6.263
Receivables (trade debtors)		94.784	97.624	94.214		97.040 Impairment of tangible and intangible fixed assets			0	0	0	0
Other current assets		30.699	27.516	34.174		29.664 Provisions			1.238	1.129	1.232	1.123
Non current assets held for sale		0	0	0		0 Exchange differences			0	0	0	0
TOTAL ASSETS		380.802	380.736	391.458		389.498 Results (revenues, expenses, gains and losses) from
EQUITY AND LIABILITIES						investing activities			-1.247	-2.437	-1.309	-2.446
Share capital		26.888	26.888	26.888		26.888 Interest expenses and related costs			7.746	8.908	7.612	8.772
Other components of equity		37.650	46.680	43.793		52.613 Plus / Less adjustments for changes in
Total equity attributable to owners of the parent (a)		64.538	73.568	70.681		79.501 working capital or related to operating
Non controlling interests (b)		262	237	0		0 activities :
Total Equity (c) = (a)+(b)		64.800	73.805	70.681		79.501 Decrease / (Increase) in inventories			48	421	17	372
Long term borrowings		88	132	19		28 Decrease / (Increase) in receivables			-4.044	-5.344	-5.193	-6.223
Long term provisions / Other non current liabilities		37.442	34.067	37.323		33.958 (Decrease) / Increase in liabilities (except for borrowings)			13.052	449	14.865	1.021
Short term borrowings		151.180	157.508	148.884	155.204 Less :
Other current liabilities		127.292	115.224	134.551		120.808 Interest charges and related expenses paid			-7.295	-8.171	-7.162	-8.036
Liabilities related to non						Paid taxes			-839	-2.743	-759	-2.453
current assets held for sale		0	0	0		0 Operating cash flows from discontinued operations			0	0	0	0
Total Liabilities (d)		316.002	306.931	320.777		309.998 Total Inflows / (Outflows) from
TOTAL EQUITY AND LIABILITIES ©+(d)		380.802	380.736	391.458		389.498 Operating Activities (a)			4.887	-522	5.088	-662
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD (consolidated and non consolidated) amounts in thous. €						Investing Activities
			GROUP	PARENT		Acquisition of subsidiaries, associates, joint ventures
		30/9/2015	30/9/2014	30/9/2015	30/9/2014	and other investments			0	-1	0	0
Total equity in the beginning of the period						Purchase of tangible and intangible fixed assets			-1.572	-1.862	-1.527	-1.844
(1/1/2015 and 1/1/2014 accordingly)		73.805	92.951	79.501		100.030 Cash collection from the sale of tangible and intangible
Total comprehensive income after taxes for the period		-8.988	-1.125	-8.820		-737 fixed assets			0	10	0	10
(continued and discontinued operations)						Income from interest			350	510	349	509
Increase / (Decrease) of Share Capital		0	0	0		0 Income from dividend			0	0	0	0
Dividend distributed		-18	-10	0		0 Investing cash flows from discontinued operations			0	0	0	0
Buying / (Selling) of treasury shares		0	0	0		0 Total Inflows / (Outflows) from
Total equity at the end of the period						Investing Activities (b)			-1.222	-1.343	-1.178	-1.325
(30/9/2015 and 30/9/2014 accordingly)		64.800	91.816	70.681		99.293 Financing Activities
						Proceeds from share capital increase			0	0	0	0
						Payments from share capital decrease			0	0	0	0
						Proceeds from debt			131	131	131	131
						Debt repayment			-6.112	-11.051	-6.112	-11.051
						Payments of financial leasing
						(Capital installments)			-53	-851	-9	-778
						Dividend paid			-18	-10	0	0
						Financing cash flows from discontinued operations			0	0	0	0
						Total Inflows / (Outflows) from
						Financing Activities ©			-6.052	-11.781	-5.990	-11.698
						Net Increase/ (Decrease) in Cash and Cash Equivalents
						for the Period (a)+(b)+©			-2.387	-13.646	-2.080	-13.685
						Cash and Cash Equivalents (beginning)			5.027	16.489	4.225	15.988
						Cash and Cash Equivalents (period end)			2.640	2.843	2.145	2.303
						STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD (consolidated and non consolidated) amounts in thous. €
				GROUP				PARENT
			1/1-30/9/2015	1/1-30/9/2014	1/7-30/9/2015	1/7-30/9/2014	1/1-30/9/2015	1/1-30/9/2014	1/7-30/9/2015	1/7-30/9/2014
Turnover			116.202	117.959	33.082	35.730	112.781	114.504	32.041	34.646
Gross profit/ (loss)			18.912	18.952	3.469	3.904	17.018	17.268	2.894	3.333
Profit / (Loss) before taxes, financing and
investing activity			-4.064	7.131	-4.288	-2.774	-4.155	7.271	-4.313	-2.747
Profit / (Loss) before taxes			-10.563	660	-6.447	-5.162	-10.458	945	-6.424	-5.099
Profit / (Loss) after taxes (A)			-8.988	-1.257	-6.390	-5.182	-8.820	-869	-6.333	-5.109
Owners of the parent			-9.031	-1.306	-6.403	-5.194	-8.820	-869	-6.333	-5.109
Non controlling interests			43	49	13	12
Other comprehensive income after taxes (Β)			0	132	0	132	0	132	0	132
Total comprehensive income after taxes (A)+(Β)			-8.988	-1.125	-6.390	-5.050	-8.820	-737	-6.333	-4.977
Owners of the parent			-9.031	-1.174	-6.403	-5.062	-8.820	-737	-6.333	-4.977
Non controlling interests			43	49	13	12
Earnings / (Losses) after taxes per share - basic (in €)			-0,1041	-0,0151	-0,0738	-0,0599	-0,1017	-0,0100	-0,0730	-0,0589
Profit / (Loss) before taxes, financing and
investing activity and depreciation			2.727	13.737	-2.025	-584	2.088	13.534	-2.229	-660
					ADDITIONAL INFORMATION :
Group Structure		Participation	Consolidation	Tax unaudited
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	Maroussi Attica	Parent Co		2009-2010				GROUP	PARENT
IATRIKI TECHNIKI SA	Kiffisia Attica	100,00	TOTAL	2009-2010		a) Revenue		90	256
AKSONIKI EREVNA SA	Maroussi Attica	50,50	TOTAL	2007-2014		b) Expenses		166	7.341
EREVNA SA	Maroussi Attica	51,00	TOTAL	2007-2014		c) Receivables		1.780	8.617
PHYSIOTHERAPY						d) Liabilities		883	36.571
CENTER SA	Maroussi Attica	33,00	TOTAL	2010		e) Transactions and compensations of executives
HOSPITAL AFFILIATES INTERNATIONAL SA	Kiffisia Attica	68,89	TOTAL	2007-2010 & 2012-2014		and members of the Board		4.294	3.815
MEDSANA BMC	Bucharest Romania	100,00	TOTAL	1997-2014		f) Receivables from executives
BIOAXIS SRL (former MEDSANA SRL)	Bucharest Romania	78,90	TOTAL	1997-2014		and members of the Board g) Liabilities to executives		0	0
EUROSITE SA	Maroussi Attica	100,00	TOTAL	2010		and members of the Board		2.441	2.302
GAIA SA	Athens	100,00	TOTAL	2009-2010		7. The amounts of formed provisions are the following (amounts in thous. €) :
								GROUP	PARENT
INTEROPTICS SA	Athens	27,33	EQUITY METHOD	2010,2014		a) Legal disputes		208	0
						b) Tax unaudited years c) Other provisions		1.010 1	950 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 that used in the financial statements of the respective period of previous year 2014 or of previous year 2014, besides the case of company Medicafe SA, which

3. There are no legal disputes that could have a significant effect on the company's and the group's financial structure. 4. The total number of employees for the first nine months of 2015 was : Group 2.831 (2.824 first nine months of 2014) and Parent Co 2.682 (2.667 first nine months of 2014) respectively. 5. Profit / loss per share was calculated using the average weighted number of total shares issued.		10. At 30/9/2015 no treasury shares were held by parent company nor its subsidiaries. 11. Up to the approval date of the interim Financial Statements for period 1/1-30/9/2015 by the Board of Directors, Bonds of common bond loan issuance program, and initial expiration date the 20/4/2015 and 20/7/2015 which was extended up to 20/9/2015 and 20/10/2015, following the agreement of the borrowing banks, and of total amount 33.437 were due. Management is in negotiation process with the borrowing banks for the restructuring of the bond loan. 12. The accounting policies, applied by the Group and the Company for the completion of the Interim Financial Statements as at 30.9.2015, are consistent with those stated in the Financial Statements as at 31.12.2014.
The President of the BOD	The CEO and Member of the BOD	Maroussi, 26 November 2015 The General Group CFO		The Parent CFO	The Parent Chief Accountant
Georgios V. Apostolopoulos ID AK 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

was not included in the consolidated financial statements for period 1/1-30/9/2015 as it was sold. The non consolidation of the above company did not cause a change 8. The amount of other comprehensive income after taxes of group and company for period 1/1-30/9/2014 € 132 thous. refers to impairment loss of affiliated

greater than 25% in turn over, results after taxes and non controlling interests and total equity attributable to owners of the parent. 2. There are pledges against the parent company's land and buildings, which refer to mortgage attachement amounted to €196,8 mil.

9. A detailed report to group's structure is found in paragraphs 1 "Corporate information", 2c "Principal accounting policies" as well as in paragraph 14 of the

financial statements.

company, as it was erased from companies' register recognized in income statement.

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.

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 2015 until 30 September 2015