Athens Medical C.S.A.

Annual / Quarterly Financial Statement • Oct 1, 2015

ATHENS MEDICAL CENTER SA

Financial Results for the Period 1/1/2007 - 31/12/2007

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

COMPANY'S DETAILS
Address: Reg. No: Prefecture: Date of Approval of Financial Results: (from which financial results where derived) Certified Auditor Accountant: Auditing Company: Type of Auditor's Certificate: Company's Web Site:	13782/06/B/86/06 Ministry of Development 24/3/2008 Mr. George Vrettos Concur with www.iatriko.gr	5-7 Distomou Str., 15125 Maroussi BDO PROTYPOS ELLINIKI ELEGKTIKI SA	COMPANY'S BOARD OF DIRECTORS Name Dr. George V. Apostolopoulos Dr. Vassilis G. Apostolopoulos Christos G. Apostolopoulos Dr. Norbert Doerner Stephen Leonhard	Position President CEO Vice President Member Member
	BALANCE SHEET (annual consolidated and non consolidated) amounts in €		CASH FLOW STATEMENT FOR THE YEAR (annual consolidated and non consolidated) amounts in €
ASSETS	GROUP 31/12/2007 31/12/2006	PARENT 31/12/2007 31/12/2006	Indirect method	1/1-31/12/2007	GROUP 1/1-31/12/2006	1/1-31/12/2007	PARENT 1/1-31/12/2006
Fixed Assets Inventory	292.262.950,08 292.713.617,10 6.788.825,57 5.390.683,50	299.834.053,76 300.098.979,76 6.432.293,43 5.088.294,66	Operating Activities : Profit Before Taxes	22.549.360,23	25.003.683,83	21.609.096,69	20.435.657,47
Receivables (trade debtors) Other Assets Total Assets LIABILITIES	133.544.909,99 108.707.782,81 58.906.194,74 38.309.342,61 −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− 491.502.880,38 445.121.426,02 =============== ===============	132.858.671,63 108.064.361,63 50.383.369,50 35.087.623,51 −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− 489.508.388,32 448.339.259,56 =============== ===============	Plus/Less Adjustments for : Depreciation Provisions Exchange Differences	11.257.908,77 2.001.346,80 35.200,73	10.902.542,55 1.582.905,22 -35.353,99	10.707.261,38 1.986.587,00 0,00	10.508.996,69 1.557.629,98 0,00
Long Term Liabilities Short Term Bank Liabilities Other Short Term Liabilities	199.855.495,35 78.810.601,48 11.231.694,05 108.113.969,22 112.728.755,36 105.212.858,11 −−−−−−−−−−−−−−− −−−−−−−−−−−−−−−	196.193.227,83 74.681.702,24 5.935.552,06 103.288.387,78 112.488.295,81 111.505.087,11 −−−−−−−−−−−−−−− −−−−−−−−−−−−−−−	Results (revenue, expenses, gain and losses) from Investing Activities Interest Expenses and Related costs	-2.633.852,91 10.260.769,21	-2.115.524,10 8.375.833,13	-6.712.664,19 9.907.951,48	-4.702.867,24 8.280.173,47
Total Liabilities (a) Share Capital Other shareholders Equity Shareholder Equity (b)	323.815.944,76 292.137.428,81 =============== =============== 26.888.153,80 26.035.653,80 140.400.581,78 126.137.173,77 −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− 167.288.735,58 152.172.827,57	314.617.075,70 289.475.177,13 =============== =============== 26.888.153,80 26.035.653,80 148.003.158,82 132.828.428,63 −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− 174.891.312,62 158.864.082,43	Plus/Less Adjustments for Changes in Working Capital or Related to Operating Activities : Decrease / Increase in Inventories	-1.397.365,07	-188.877,22	-1.343.998,77	-450.000,31
Minority rights (c) Total Shareholder Equity (d) = (b)+(c) Total Capital & Liabilities (e)=(a) + (d)	=============== =============== 398.200,04 811.169,64 −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− 167.686.935,62 152.983.997,21 =============== =============== 491.502.880,38 445.121.426,02	=============== =============== 0,00 0,00 −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− 174.891.312,62 158.864.082,43 =============== =============== 489.508.388,32 448.339.259,56	Decrease / Increase in Receivables Decrease/Increase in Liabilities (except for banks) Less :	-27.060.503,11 9.897.352,94	-32.611.852,36 19.113.473,61	-27.743.478,91 2.313.348,92	-33.065.258,75 22.021.060,99
	=============== ===============	=============== ===============	Interest charges and Related Expenses Paid Paid Taxes	-10.260.831,23 -6.933.291,75 −−−−−−−−−−−−−−	-8.375.833,13 -5.633.758,20 −−−−−−−−−−−−−−	-9.907.951,48 -3.998.638,49 −−−−−−−−−−−−−−	-8.280.173,47 -2.337.720,18 −−−−−−−−−−−−−−
			Total Inflows / Outflows from Operating Activities (a) Investing Activities: Acquisition of subsidiaries, associates, joint ventures	7.716.094,61	16.017.239,34	-3.182.486,38	13.967.498,66
STATEMENT OF CHANGES IN EQUITY (annual consolidated and non consolidated) amounts in €	and other investments Purchase of Tangible and Intangible Fixed Assets Earnings from the Sale of Tangible and Intangible	0,00 -11.733.379,64	-21.281.644,65 -18.145.962,54	0,00 -11.278.748,07	-21.281.632,65 -17.300.922,88
Total equity beginning year (1/1/2007 and 1/1/2006 accordingly)	GROUP 31/12/2007 31/12/2006 152.983.997,21 163.244.932,63	PARENT 31/12/2007 31/12/2006 158.864.082,43 148.101.689,00	Assets Income from interest Income from Dividend	48.019,00 186.066,28 90.750,00 −−−−−−−−−−−−−−	14.229,00 108.552,07 58.630,00 −−−−−−−−−−−−−−	63.735,00 143.606,20 4.350.820,00 −−−−−−−−−−−−−−	10.250,00 44.431,12 2.411.850,00 −−−−−−−−−−−−−−
After tax profit / (loss) for the year Increase / (Decrease) in Share Capital	15.136.283,12 16.339.612,17 5.362.500,00 0,00	15.868.888,99 14.121.832,63 5.362.500,00 0,00	Total Inflows / Outflows from Investing Activities (b) Financing Activities:	-11.408.544,36	-39.246.196,12	-6.720.586,87	-36.116.024,41
Dividend Distributed Net Income Recorded Directly in Equity	-5.676.320,71 -5.367.053,94 -119.524,00 -21.233.493,65	-5.204.158,80 -3.359.439,20 0,00 0,00	Proceeds from Share Capital Increase Proceeds from Dept Dept Repayment	5.362.500,00 169.969.276,96 -145.668.335,31	0,00 75.008.984,65 -40.983.065,91	5.362.500,00 169.484.918,66 -145.511.687,31	0,00 70.471.516,38 -40.657.423,91
Buying / (Selling) of own shares Total equity ending year (31/12/2007 and 31/12/2006 accordingly)	0,00 0,00 −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− 167.686.935,62 152.983.997,21	0,00 0,00 −−−−−−−−−−−−−−− −−−−−−−−−−−−−−− 174.891.312,62 158.864.082,43	Payments of Financial Leasing (Capital installments)	-1.900.646,63	-4.204.242,33	-1.900.646,63	-4.182.425,75
	=============== ===============	=============== ===============	Dividend Paid Total Inflows / Outflows from Financing Activities (c) Net Increase/Decrease in Cash and Cash Equivalents	-5.648.127,30 −−−−−−−−−−−−−−− 22.114.667,72	-5.355.343,94 −−−−−−−−−−−−−− 24.466.332,47	-5.175.964,38 −−−−−−−−−−−−−− 22.259.120,34	-3.347.729,20 −−−−−−−−−−−−−− 22.283.937,52
			for the Period (a)+(b)+(c) Cash and Cash Equivalents (beginning) Cash and Cash Equivalents (period end)	18.422.217,97 −−−−−−−−−−−−−−− 8.813.964,86 −−−−−−−−−−−−−−− 27.236.182,83 ===============	1.237.375,70 −−−−−−−−−−−−−− 7.576.589,16 −−−−−−−−−−−−−− 8.813.964,86 ==============	12.356.047,09 −−−−−−−−−−−−−− 6.224.340,40 −−−−−−−−−−−−−− 18.580.387,49 ==============	135.411,77 −−−−−−−−−−−−−− 6.088.928,63 −−−−−−−−−−−−−− 6.224.340,40 ==============
			INCOME STATEMENT FOR THE YEAR (annual consolidated and non consolidated) amounts in €
	1/1-31/12/2007	GROUP 1/1-31/12/2006	PARENT 1/1-31/12/2007 1/1-31/12/2006
Turnover Gross Profit Profit before Taxes, Financing and	278.499.812,46 57.314.390,50	254.074.547,99 55.991.498,93	272.824.987,47 249.281.136,50 48.750.737,04 45.957.375,64
Investing Activity and depreciation Profit before Taxes, Financing and Investing Activity	43.724.072,24 32.466.163,47	44.024.559,70 33.122.017,15	37.729.883,35 36.768.546,52 27.022.621,97 26.259.549,83
Profit before Taxes Less : Taxes Profit after Taxes and continued operations (a)	22.549.360,23 -7.413.077,11 15.136.283,12	25.003.683,83 -8.664.071,66 16.339.612,17	21.609.096,69 20.435.657,47 -5.740.207,70 -6.313.824,85 15.868.888,99 14.121.832,63
Profit after Taxes and discontinued operations (b) Profit after Taxes (continued and discontinued operations) (a) + (b)	0,00 −−−−−−−−−−−−−− 15.136.283,12 ==============	0,00 −−−−−−−−−−−−−− 16.339.612,17 ==============	0,00 0,00 −−−−−−−−−−−−−− −−−−−−−−−−−−−− 15.868.888,99 14.121.832,63 ============== ==============
Attributable to : Shareholders Minority Rights Earnings (After Tax) Per Share - in € Proposed dividend per share (in €)	15.077.089,81 59.193,31 0,18	16.731.388,42 -391.776,26 0,20	15.868.888,99 14.121.832,63 0,00 0,00 0,19 0,17 0,06 0,06
ADDITIONAL INFORMATION
Group Structure Companies ATHENS MEDICAL CENTER SA IATRIKI TECHNIKI SA AKSONIKI EREVNA SA	Seat Maroussi Attica Kiffisia Attica Maroussi Attica	Participation (%) Parent Co 100,00 50,50	Consolidation Method Unaudited Years 2007 TOTAL 2007 TOTAL 2007	defined in IAS 24:	6.Disclosures of transactions with related parties of Group and Company as a) Sales of goods and services b) Purchases of goods and services	GROUP 2.780.248,95 315.222,64	PARENT 2.979.093,29 22.065.529,76

The following results provide a general picture of the financial position and financial results of the Athens Medical Center SA. The reader who wants a full picture of the company's financial position and results, must gain access to the annual financial statements under IFRS, as well as the auditor's certificate. Indicatevely, he can enter into the company's web site, where such information can be downloaded.

c) Debtors 3.193.549,93 7.260.364,23

PHYSIOTHERAPY CENTER SA	Maroussi Attica	33,00	TOTAL	2003-2007	d) Liabilities	567.359,91	21.203.296,55
HOSPITAL AFFILIATES INTERNATIONAL SA	Kiffisia Attica	68,89	TOTAL	2001-2007	e) Transactions and compensations
MEDSANA BMC	Bucharest Romania	100,00	TOTAL	1997-2007	of executives
BIOAXIS SRL (ex MEDSANA SRL)	Bucharest Romania	78,90	TOTAL	1997-2007	and members of the Board	7.201.786,18	6.100.980,00
ORTELIA HOLDING	Lemessos Cyprus	99,99	TOTAL	1998-2007	f) Debtors from executives
EUROSITE SA	Maroussi Attica	100,00	TOTAL	2003-2007	and members of the Board	20.778,01	0,00
MEDICAFÅ SA	Thessaloniki	55,00	EQUITY METHOD	2003-2007	g) Liabilities to executives
INTEROPTICS SA	Athens	27,33	EQUITY METHOD	2005-2007	and members of the Board	125.844,48	0,00
					7. According to the 18/12/2006 decision of the A' repeated Extraordinary General
	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 annual	Assembly of Stockholders, the company's Share Capital was increased with
financial statements at 31/12/2006.		cash deposit and abolish the old Stockholders' preference premium and
2. There are no pledges against the company's assets and Group's assets.	2.750.000 new shares were issued of par value 0,31 euro, each and disposal
3. There are no legal disputes that could have a significant effect on the company's and the group's financial structure	value of 1,95 euro, each in favour of doctor cooperatives of the company. The
4. The number of employees for the year of 2007 is : Group 3.072 and Parent 2.916.	above mentioned increase was approved by the K2-1206/30-1-2007 decision of
	5. Profit per share was calculated using the average weighted number of total shares issued.				Ministry of Development and after the procedure was concluded, the shares were
					listed for negotiation in the Stock Market at 17/5/2007.
					8. According to the 14/7/2007 decision of A' Repeated General Assembly of
	Stockholders the Company issued a common bond loan amounted to € 150
	million, which was used for the refunding of the existing short-term and long
					term borrowings.
			Maroussi, 24/03/2008				www.gnn.com.gr
The President of the BOD	The CEO		The Group CFO	The Parent CFO		The Chief Accountant
Georgios V. Apostolopoulos	Vassilios G.Apostolopoulos		Antonios X. Aggelopoulos	Petros D. Adamopoulos		Panagiotis Katsichtis
ID No. Ó 100951	ID No. Î 350622		ID No. X 143924	ID No. M 253394		ID No. ÁÂ 052569

EREVNA SA Maroussi Attica 51,00 TOTAL 2007