Plaisio Computers S.A.

Annual / Quarterly Financial Statement • Sep 29, 2015

PLAISIO COMPUTERS S.A.

ANNUAL FINANCIAL REPORTS JANUARY 1st to DECEMBER 31st 2006

According to International Financial Reporting Standards

Τhe attached Annual Financial Statements account for those that were approved by the Board of Directors of «PLAISIO COMPUTERS S.A.» on the 29th of January 2007 and have been posted on the company's web site www.plaisio.gr.

C ONTENTS

Auditor's Report

Management Report for the Year 2006

Income Statement

Balance Sheet Statement

Statement of Changes in Net Equity

Cash Flow Statement

Notes to the Annual Financial Statements according to IFRS

Management Report for the Year 2006

Dear shareholders,

The year 2006 was a year of vindication of the aggressive policy of Plaisio Computers and of the effectiveness of the activities of the management team of the Company.

With every kind of competition present, Plaisio Computers, not only increased its sales notably, but also its market share in the Greek market, further enhancing its dominant position in the market.

The consolidated turnover reached 311 m. €, having increased by 20,7%, while the increase in profitability was impressive as well. More specifically, the consolidated profits before taxes, interests, depreciation and amortization reached 15,6 m. €, enhanced by 27,5%, while the earnings before taxes reached 10 m. €, having increased by 19,1%. Earnings after taxes and minority interests of the Group amounted to 6,3 m. €, having increased by 21,5%.

In the parent company, earnings after taxes and minority interests reached 7 m. €. Based on that profitability and preserving the high dividend policy of the company, the dividend proposed to be distributed in the General Shareholders' Meeting is 0,27 € per share.

During 2006, the construction of the new state-of-the-art distribution and assembly centre in Magoula Attica, an investment of 15 m. €, surfacing 22.500 square meters begun. The new centre will sustain the high growth rates of the company, further enhancing competitiveness, as it will allow us to combine a more effective operation with the simultaneous improvement of services rendered.

Concerning our growth in the international markets, the sales of Plaisio in Bulgaria surpassed 4 m. €. Plaisio in Bulgaria catches on and becomes the first choice of the consumers who have knowledge of technology and have high demands. The experience we obtain day by day through the implementation of our multi-channel model in the market of Bulgaria, guarantees the continuation of Plaisio's high growth even outside the Greek borders.

Always preserving the identity of a high-growth company, Plaisio Computers founds its future course on five main axes:

1. The dynamic increase of sales to companies: with the most contemporary systems as well as a team of a hundred and eighty people, we are capable of offering personalized services to companies

2. the development via new products that make use of the digital technology

3. the advancement of ADSL and its further applications (telephony, video on demand, television via the internet)

4. the development of private label products: we put emphasis on the establishment of the brand of Turbo-X based on the state-of-the-art services we provide our customers

5. the further expansion of our successful business model in South-East Europe

Consistent to the mission of servicing consumers' and companies' needs, always offering high quality services in the most competitive prices, Plaisio Computers can make the most of every opportunity in the market of high technology, ensuring consistent yields to its shareholders.

Kind Regards,

George Gerardos

Chairman of the Board of Directors and CEO of PLAISIO COMPUTERS S.A

AUDITORS REPORT

To the Shareholders of "PLAISIO COMPUTERS S.A."

We have audited the accompanying financial statements as well as the consolidated financial statements of "PLAISIO COMPUTERS S.A.", as of and for the year ended on 31 December 2006.These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Greek Auditing Standards, which are based on the International Standards on Auditing. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, evaluating the overall financial statement presentation as well as assessing the consistency of the Board of Director's report with the aforementioned financial statements. We believe that our audit provides a reasonable basis for our opinion. In our opinion, the aforementioned financial statements give a true and fair view of the financial position of the Company and that of the Group (of which this Company is the holding company), as of 31 December 2006, and of the results of its operations and those of the Group and their cash flows and changes in shareholders' equity for the year then ended in accordance with the International Financial Reporting Standards that have been adopted by the European Union, and the Board of Directors' Report is consistent with the aforementioned financial statements.

BDO PROTYPOS HELLENIC AUDITING CO A.E CERTIFIED & REGISTERED AUDITORS 81 Patission Str. & Heyden Athens 104 34 R.N SOEL 111 Aristidis Antonios Sfounos

Athens,30 JANUARY 2007 The Certified Public Accountant

R.N SOEL 14851

Income Statement

(Figures in thousand €)

		THE GROUP		THE COMPANY
		01/01–31/12/06	01/01-31/12/05	01/01–31/12/06	01/01-31/12/05
	Note
Turnover	3.24	311.075	257.736	309.605	258.065
Cost of Sales		(252.624)	(209.738)	(251.607)	(210.224)
Gross Profit		58.451	47.998	57.998	47.841
Other operating income		135	397	134	395
Distribution/Selling expenses		(40.087)	(33.023)	(39.584)	(32.693)
General administrative expenses		(6.422)	(6.384)	(5.770)	(5.946)
Other income / expenses		(503)	(363)	(503)	(15)
ΕΒΙΤ		11.574	8.625	12.275	9.582
Financial Income		447	700	453	703
Financial expenses		(2.049)	(968)	(2.040)	(964)
Profit / (loss) from associates		79	85	-	-
Earnings before taxes		10.051	8.442	10.688	9.321
Income taxes	3.25	(3.717)	(3.229)	(3.690)	(3.322)
Earnings after taxes		6.334	5.213	6.998	5.999
Distributed to:
Parent Company's shareholders		6.334	5.213	6.998	5.999
Minority interest		0	0	-	-
Basic earnings per share	3.23	0,29	0,24	0,32	0,27
Proposed dividend per share	3.12	-	-	0,27	0,25

Q4 Income Statement

(Figures in thousand €)

	THE GROUP		THE COMPANY
	01/10–31/12/06	01/10-31/12/05	01/10–31/12/06	01/10-31/12/05
Turnover	96.658	81.110	96.111	81.194
Cost of Sales	(79.088)	(66.321)	(78.682)	(66.495)
Gross Profit	17.570	14.789	17.429	14.699
Other operating income	67	26	67	18
Distribution/Selling expenses	(10.995)	(9.211)	(10.952)	(9.086)
General administrative expenses	(1.634)	(1.830)	(1.405)	(1.554)
Other income / expenses	(249)	(590)	(249)	(251)
ΕΒΙΤ	4.759	3.184	4.890	3.826
Financial Income	136	65	135	67
Financial expenses	(695)	(256)	(692)	(254)
Profit / (loss) from associates	12	15	-	-
Earnings before taxes	4.212	3.008	4.333	3.639
Income taxes	(1.599)	(1.193)	(1.486)	(1.228)
Earnings after taxes	2.613	1.815	2.847	2.411
Distributed to:
Parent Company's shareholders	2.613	1.815	2.847	2.411
Minority interest	0	0	-	-
Basic earnings per share	0,12	0,08	0,13	0,11

Balance Sheet Statement

(Figures in thousand €)

		THE GROUP		THE COMPANY
Assets		31/12/06	31/12/05	31/12/06	31/12/05
	Note
Non current assets
Tangible fixed assets	3.1	18.681	15.477	18.490	15.228
Intangible fixed assets	3.1	846	1.757	826	1.724
Investments in subsidiaries	3.2	0	0	1.057	1.057
Investments in associates	3.3	1.500	1.489	1.380	1.580
Other investments	3.4	442	314	442	314
Other non current assets	3.5	642	531	642	531
		22.111	19.568	22.837	20.434
Current assets
Inventories	3.6	42.803	39.887	41.410	38.637
Trade receivables	3.7	31.569	30.142	33.658	31.818
Other receivables	3.8	2.721	2.647	2.686	2.287
Financial Assets at fair value though Profit & Loss	3.9	8	0	8	0
Cash and cash equivalents	3.10	7.625	4.371	7.468	4.072
		84.726	77.047	85.230	76.814
Total Assets		106.837	96.615	108.067	97.248
Shareholders' Equity and Liabilities
Shareholders' Equity
Share capital	3.11	7.066	6.845	7.066	6.845
Additional paid-in capital	3.11	11.961	12.051	11.961	12.051
Reserves retained from earnings		23.075	22.834	24.449	23.544
Dividends	3.12	5.962	5.520	5.962	5.520
		48.064	47.250	49.438	47.960
Long term liabilities
Long term banking liabilities	3.13	0	0	0	0
Deferred tax liabilities	3.14	2	652	68	744
Provision for pensions and similar commitments	3.15	389	258	389	258
Long term provisions	3.16	420	740	420	740
Other long term liabilities	3.17	39	22	39	22
		850	1.672	916	1.764
Short term liabilities	3.18
Suppliers and related liabilities		36.069	26.320	35.905	26.192
Tax liabilities	3.13	5.894	2.075	5.894	2.075
Short term banking liabilities Short term provisions	3.16	9.217 202	12.070 651	9.217 202	12.070 651
Other short term liabilities	3.18	6.541	6.577	6.495	6.536
		57.923	47.693	57.713	47.524
Total Shareholders' Equity and Liabilities		106.837	96.615	108.067	97.248

Statement of changes in net equity

(Figures in thousand €)

Consolidated statement of changes in net equity

	Share Capital	Additional paid in capital	Reserves and earnings carried forward	Total
Net equity balance at the beginning of the period (1st of January 2005)	6.845	12.051	29.103	47.999
Dividends paid	0	0	(5.962)	(5.962)
Net profit / (losses) after taxes	0	0	5.213	5.213
Net equity balance at the end of the period (31st of December 2005)	6.845	12.051	28.354	47.250
Net equity balance at the beginning of the period (1st of January 2006)	6.845	12.051	28.354	47.250
Dividends paid	0	0	(5.520)	(5.520)
Net profit / (losses) after taxes Capitalization of reserves and differences from	0	0	6.334	6.334
value of stocks above par value Net equity balance at the end of the	221	(90)	(131)	0
period (31st of December 2006)	7.066	11.961	29.037	48.064

Parent company's statement of changes in net equity

	Share Capital	Additional paid in capital	Reserves and earnings carried forward	Total
Net equity balance at the beginning of the period (1st of January 2005)	6.845	12.051	29.027	47.923
Dividends paid	0	0	(5.962)	(5.692)
Net profit / (losses) after taxes Net equity balance at the end of the	0	0	5.999	5.999
period (31st of December 2005)	6.845	12.051	29.064	47.960
Net equity balance at the beginning of the period (1st of January 2006)	6.845	12.051	29.064	47.960
Dividends paid	0	0	(5.520)	(5.520)
Net profit / (losses) after taxes Capitalization of reserves and differences	0	0	6.998	6.998
from value of stocks above par value	221	(90)	(131)	0
Net equity balance at the end of the period (31st of December 2006)	7.066	11.961	30.411	49.438

Cash Flow Statement

(Figures in thousand €)

	THE GROUP		THE COMPANY
	01/01/06- 31/12/06	01/01/05– 31/12/05	01/01/06- 31/12/06	01/01/05– 31/12/05
Operating Activities
Profits before taxes	10.051	8.442	10.688	9.321
Plus / less adjustments for:
Depreciation / amortization	4.067	3.644	3.990	3.605
Devaluation of investments	59	0	200	-341
Provisions	(319)	219	(319)	219
Exchange differences	53	0	53	0
Results (income, expenses, profit and loss) from investing
activities	(69)	(85)	0	0
Interest expenses and related costs	1.602	268	1.587	261
Plus/less adjustments for changes in working capital or related to operating activities
Decrease / (increase) in inventories	(2.916)	(2.914)	(2.773)	(1.745)
Decrease / (increase) in receivables	(2.225)	(8.265)	(2.961)	(9.688)
(Decrease) / increase in liabilities (except for banks)	9.677	(2.369)	9.635	(2.426)
Less:
Interest charges and related expenses paid	(2.049)	(968)	(2.040)	(963)
Income taxes paid	(254)	(7.649)	(254)	(7.649)
Total inflows / (outflows) from operating activities (a)	17.677	(9.677)	17.806	(9.406)
Investing Activities
Acquisition of subsidiaries, affiliated companies, joint ventures
and other investments	(137)	(244)	(137)	(994)
Purchase of tangible and intangible fixed assets	(6.369)	(3.662)	(6.362)	(3.370)
Earnings from sales of tangible, intangible fixed assets and other
investments	9	19	9	17
Received interest	447	700	443	700
Received dividends	0	0	10	2
Total inflows / (outflows) from investing activities (b)	(6.050)	(3.187)	(6.037)	(3.645)
Financing Activities
Proceeds from share capital increase	0	0	0	0
Proceeds from issued loans	23.176	31.180	23.176	31.180
Payments of loans	(26.029)	(19.110)	(26.029)	(19.110)
Payments of financial leasing liabilities (capital installments)	0	(272)	0	(272)
Dividends paid	(5.520)	(5.962)	(5.520)	(5.962)
Total inflows / (outflows) from financing activities (c)	(8.373)	5.836	(8.373)	5.836
Net increase / (decrease) in cash and cash equivalents
for the period (a) + (b) + (c)	3.254	(7.028)	3.396	(7.215)
Cash and cash equivalents at the beginning of the period	4.371	11.399	4.072	11.287
Cash and cash equivalents at the end of the period	7.625	4.371	7.468	4.072

Notes to the Interim Financial Statements

1. General information

PLAISIO COMPUTERS S.A. was founded in 1988 and is listed in the Athens Stock Exchange since 1999. The company's headquarters are located in 5 Favierou Street, in Metamorphosis Attiki (Num. M.A.E 16601/06/B/88/13). The Company assembles and trades PCs, Telecommunication and Office Equipment.

The Board of Directors of PLAISIO COMPUTERS S.A. approved the financial statements for the period ending on December 31st 2006 on the 29th of January 2007.

2. Basic Accounting Principles

2.1. Basis of Preparation of Financial Statements

The Company's and the consolidated financial statements of the period ending on December 31st 2006, have been prepared according to the accrual basis, the going concern principle and in accordance with the International Financial Reporting Standards (IFRS) that have been issued by the International Accounting Standards Board (IASB) and their interpretations which have been issued by the International Financial Reporting Interpretation Committee (IFRIC) of IASB.

All the fundamental accounting principles of the financial statements of December 31st 2005 have been observed in the annual financial statements of December 31st 2006.

The preparation of the financial statements according to the International Financial Reporting Standards requires the management to perform estimations and assumptions. All the important assumptions made by the Company's management for the application of the company's

accounting methods and policies have been appropriately highlighted whenever this has been deemed necessary.

2.2. Basis of Consolidation

The attached consolidated financial statements include the financial statements of PLAISIO COMPUTERS S.A. and its subsidiaries and affiliates.

Subsidiaries

Subsidiaries are considered to be all the companies that are managed or controlled, directly or indirectly, by the parent company PLAISIO COMPUTERS S.A., either via the holding of the majority of voting rights of the company in which the investment took place, or via its dependence on the know how that is provided by the Group. PLAISIO COMPUTERS S.A. acquires and exercises control via voting rights. The existence of any potential voting rights that are exercisable at the time of compilation of the present financial statements has been taken into consideration in order to determine whether the parent company exercises control over the subsidiaries. Subsidiaries are fully consolidated with the purchase method from the day that the parent company acquires the right to control them and their consolidation ceases the day that the aforementioned control stops. The acquisition of a subsidiary by the Group is accounted for by the purchase method. The acquisition cost of a subsidiary is the fair value of the assets, the shares issued and the liabilities undertaken on the date of the acquisition plus any costs directly associated with the transaction. The individual assets, liabilities and contingent liabilities that are acquired during a business combination are valued at their fair value regardless of the participation percentage. The cost of acquisition over and above the fair value of the individual assets acquired is recorded as goodwill. If the total cost of the acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the profit and loss statement.

Inter-company transactions, balances and unrealized profits from transactions between Group companies are written-off. Unrealized losses are also eliminated but are considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries have been changed where necessary, in order to ensure consistency with the policies adopted by the Group.

Associates

Associates are the companies over which the Group exerts significant influence, but cannot be classified as subsidiaries or joint ventures. Significant influence implies the holding between 20% and 50% of the voting rights of a company. The participations in associate companies are initially recognized at cost and are subsequently valued using the equity method. At the end of each period, the value increases by the proportion of the investing company in the changes of net equity of the associate and decreases by the dividends received from the associate.

Group structure

Company	Country	Participation % Relation to the parent company		Consolidation method
PLAISIO Computers S.A.	Greece	Parent company	Parent company	Full consolidation
PLAISIO Computers J.S.C.	Bulgaria	100%	Direct	Full consolidation
PLAISIO Estate S.A.	Greece	20%	Direct	Equity consolidation
PLAISIO Estate J.S.C.	Bulgaria	20%	Direct	Equity consolidation
ELNOUS S.A.	Greece	24%	Direct	Equity consolidation

The Group's structure on December 31st 2006 is analyzed as follows:

During the year 2006 there was no change in the participation percentage of the aforementioned companies in the Group's structure.

2.3. Segment reporting

A business sector is defined as a group of assets and operations engaged in providing products and services that are subject to risks and returns that are different from those of other business segments. The Group and the Company are organized into two main segments, office equipment and PC's and telecom applications. The segment results of the Group are presented in note 3.24.

A geographical segment is engaged in providing products and services within a particular economic environment (area) that are subject to risks and return that are different from those in other economic environments. During 2006, the great majority (over 98%) of the Group's turnover came from operations in Greece, which is considered as one geographical segment.

2.4. Conversion of foreign currency

Operating currency and reporting currency

Items included in the financial statements of the Group's companies are measured using the currency of the primary economic environment in which each company operates (operating or functional currency). The consolidated financial statements are presented in euros, which is the operating currency of the Parent Company.

Transactions and balances

The transactions in other currencies are converted to euros using the foreign currency exchange rates prevailing at the transaction day. The receivables and obligations under foreign currency are adjusted in order to be in line with the foreign currencies that are in effect the day of preparation of the financial statements. The profits or losses that result from the adjustments of the currency differences are included in the profits (losses) from currency differences in the attached financial statements.

Group Companies

The conversion of the financial statements of the companies of the group, which have an operating currency other than the one of the parent company, takes place as follows:

• 1. The assets and obligations are converted using the foreign exchange rate at the close of the balance sheet date.
• 1. Equity is converted using the foreign exchange rates that were in effect the date they came up.
• 1. Revenue and expenses are converted using the average rates of the period.

Any differences that may arise from the aforementioned process is being debited or credited to the equity for conversion of foreign subsidiaries' balance sheets in foreign currency. Goodwill and adjustments of the fair values that arise from obtaining foreign economic units are converted using the exchange rates at the date of the balance sheet.

2.5. Tangible fixed assets

Tangible fixed assets are displayed in the acquisition cost, minus the accumulated depreciations as well as the possible accumulated devaluation losses. Acquisition cost includes all the direct expenses that the acquisition of these assets entailed.

Subsequent costs are added to the carrying value of the tangible fixed assets or are recognized as a separate fixed asset only if it is probable that future economic benefits, associated with the asset, will flow to the Group or to the Company and the cost of the asset can accurately be measured.

Depreciation of tangible fixed assets is calculated using the straight-line method over their estimated useful lives, as follows:

¾	Buildings:	30 years
¾	Vehicles:	5 – 10 years
¾	Other equipment:	3 – 6 years

Land as well as the fixed assets under construction is not depreciated. Improvements in leased real estates are depreciated based on the length of their lease contract.

The Group's management examines periodically the tangible fixed assets in order to ascertain any possible decrease in their fair value. If there are indications that the book value of a tangible fixed asset exceeds its recoverable value, then a provision is formed for loss from devaluation, so that the fixed asset's book value displays its recoverable value. Tangible fixed assets are written off from the balance sheet only when they are distributed or not expected to bring future economic benefits.

Gains or losses on disposals of tangible fixed assets are determined by comparing the proceeds with the residual value and are included in the profit and loss statement of the period.

2.6. Intangible Fixed Assets

Τhe intangible fixed assets concern mainly the cost of software as well as any expense that has been realized during the software development in order for it to be functional. The software depreciation is calculated using the straight-line method and within a period of 3 - 5 years.

After the initial recognition, the Group's management examines periodically the intangible fixed assets in order to find any possible decrease in their value. When facts or changes indicate that the book value of an intangible property may not be regained, a provision for loss from devaluation is formed so that the accounting value of the property displays its recoverable value. Tangible fixed assets are written off from the balance sheet only when they are distributed or not expected to bring future economic benefits.

2.7. Investments

All the investments are initially recognized at cost, including market expenses that are related to the investment. After the initial recognition, the investments are classified according to the purpose for which they were purchased and the management re-examines the classification at each publication date.

Financial Assets Available for Sale

The investments that are classified as available for sale are valuated at their fair value. In the case that the fair value cannot be estimated reliably, the investment is valued at cost. Profits or losses from investments available for sale are posted as a special part in the net equity until the investment gets sold, settled, distributed or until there is an indication of devaluation. Then the above profits or losses are transferred to the income statement of the period.

For investments that are traded in organized markets, the fair value is determined though the current market prices, which are provided from these markets during the balance sheet closing date. For investments for which there is no stock market price, the fair value is determined based on the current market value of another financial item that is similar (similar risks and returns) or is calculated using the discounted cash flow method of the net equity of the issuer.

On the balance sheet date the management examines the investments in order to find any possible indications of devaluation of their value. When the value of the investment has come to a level that does not allow the retrieval of the invested capital in the near future a provision for devaluation is formed. The aforementioned provision is posted to the income statement of the period.

Financial Assets valuated at fair value trough the Profit and Loss Statement

Financial Assets that were obtained with the main purpose of making profit through the variations at their price belong in this category. More specifically, in the aforementioned category are classified all the financial assets that have not been obtained for hedging purposes, the shares bought for speculation purposes and the investments have defined or definable installments, if the company does not intend to keep them until their expiration but to speculate from them. Variations at the fair value of the above elements are posted directly in the Profit and Loss Statement. On December 31st 2006 the company owned 447 shares of the Greek Postal Savings Bank.

2.8. Inventories

Inventories are valued at the lower value between cost and net realizable value. Cost is determined using the moving average price method. The cost of inventories does not include financial expenses. The net realizable value is the expected selling price during the regular business proceedings, reduced by the calculated cost that is necessary for the sale to take place.

2.9. Trade receivables and other receivables

Trade receivables are recognized initially at fair value (invoice value), less provisions for nonreceivables (bad debt). Provision for doubtful receivables is conducted when there is objective evidence that the Group or the Company will not be able to collect all amounts due according to the terms of receivables. The doubtful receivables (bad debt) are written off against the formatted bad debt provision.

2.10. Cash and Equivalents

Cash and cash equivalents include cash on hand, short-term bank deposits and other short-term highly liquid investments with maturity dates of three (3) months or less and insignificant risk.

2.11. Banking liabilities (loans)

Banking loans are recognized initially at fair value, decreased by any transaction costs incurred. Subsequently, they are stated at amortized cost. Any difference between the proceeds and the redemption value is recognized in the profit and loss statement over the borrowing period using the effective interest method.

Loans are classified as short-term liabilities when the Group or the Company has the obligation to pay them back within twelve months from the date of the balance sheet. In the opposite case they are classified as long-term liabilities.

2.12. Income Tax (Current and Deferred)

The period's income tax includes the current tax, the deferred tax and the provisions for unaudited tax periods. Income tax is recognized in the income statement of the period, except for the tax relating to transactions that have been booked directly to equity, in which case it is, accordingly, booked to equity.

Current income tax concerns tax over the taxable profits of the companies that are included in the consolidation as restated according to the requirements of the tax law and calculated based on the current tax coefficient in effect in the countries where the subsidiaries are activated.

The deferred tax is calculated using the liability method, for all the temporary differences arising between the tax base and the accounting value of the assets and liabilities. The expected tax burdens from the temporary tax differences are calculated and displayed either as future (deferred) tax assets, or as deferred tax liabilities. The deferred tax is calculated based on the rates that applied on the date of the Balance Sheet.

Deferred income tax assets are recognized to the extent that is probable that future taxable profit will be available against which the temporary differences can be utilized. The book value of the deferred tax assets is restated in every balance sheet date and reduced in the degree that is speculated that there will not be enough tax profits charged with a part or the total of the deferred liabilities.

2.13. Employee Benefits

Short-term benefits

Short-term employee benefits, monetary and in items, are recognized as an expense when they accrue.

Benefits for employee compensation

According to the Greek Law 2112/20 the company pays the employees compensations for dismissals or resignations due to pensions. The aforementioned payments depend on the years of working experience, the remunerations, and the way of leaving the company (dismissal or resignation). The compensations for pensions and dismissals fall under the defined benefit plans according to the IFRS 19 «Employee benefits». Τhe above obligations are calculated based on an actuarial projected unit credit method. A program of specific benefits that operates taking into consideration various factors such as age, years of experience, remuneration and other specific obligations.

The provisions that concern the fiscal year, are included in the relative personnel cost in the attached consolidated financial statements and consist of the current and previous personnel cost, the relative financial cost, the actuarial profits or losses and any other possible charges. According to the IFRS 19, for the non-recognized actuarial profits or losses, the method of corridor approach is followed. IFRS 19 states that the profits and losses are systematically registered during the average employee working life.

The provision for personnel compensation for the current period, which is displayed in the results of the Group and the Company, is based on an actuarial study made by an independent actuarial company.

2.14. Provisions and contingent liabilities, potential receivables

The company forms provisions when:

• a. There is a legal or presumed obligation as a result of past events.
• b. Possible outflows encompass financial gains of the obligation settling.
• c. The amount of the relevant obligation can be reliably estimated.

The company's management reassesses the need of provisions at the date of the financial statement, and adjusts them so that they display the best possible estimations. In the case it is thought necessary; these are discounted based on a pre-tax rate.

Contingent liabilities are not posted in the financial statements, but are disclosed, unless the possibility of outflows that encompass financial gains is very small. Contingent claims are not posted in the financial statements but are disclosed as long as the inflows of financial gains are probable.

2.15. Revenue and cost recognition

Sale of goods

Revenue from the sale of goods is recognized, after the deduction of possible discounts, when all significant risks and rewards of ownership of the goods are transferred to the buyer.

Sale of services

Income from services is recognized in the accounting period in which the services are rendered, based on the stage of completion of the services provided in relation to the total services to be provided.

Interest income

Interest income is recognized in the income statement on a time proportion basis using the effective interest method.

Dividend income

Income from dividends is recognized when the right to receive payment is established.

Expenses

Expenses are recognized when they accrue.

2.16. Dividend distribution

Dividend distribution to the Company's shareholders is recognized as a liability in the financial statements in the period in which the Annual Shareholders' Meeting approves the distribution of these dividends.

2.17. Earnings per share

Earnings per share are calculated dividing the net profit of the period that corresponds to the holders of common stocks, with the weighted average number of the ordinary shares during the fiscal year. There have been no bonds or other potential titles convertibles in shares that reduce the profits during the period. Consequently, reduced profits per share have not been calculated.

2.18. Financial items

The financial receivables and the financial obligations in the balance sheet include cash, receivables, participations and investments as well as short-term obligations. The company does not use financial derivatives for hedging or speculative purposes. The accounting policies of recognition and devaluation of these elements are included in the relating accounting policies, which are presented in this note. The financial products are presented as assets, liabilities or elements of net equity based on their essence and content from which they stem. Interests, dividends, profits or losses that result from the financial products (assets or liabilities) are posted to the income statement. The financial products are offset when the company, according to the law, holds the legal right and intends to offset them on a clear basis (between them) or to retrieve the financial element and offset at the same time the obligation.

I) Fair Value: The amounts displayed in the attached balance sheets for the cash, receivables and short-term obligations, approximate their respective fair values due to their short-term expirations.

II) Credit Risk: The Group has no significant credit risk, mainly because of the large dispersion of its customers. Retail sales are paid in cash or credit cards. For wholesales the Group has the necessary policies in order to ensure that sales are made to customers with an appropriate credit history. Furthermore, the Groups receivables are insured.

III) Foreign exchange risk: Τhe majority of the Group's transactions and balances is in Euro. Therefore the management estimates that the Group is not exposed to foreign exchange risks. The management will observe the foreign currency risks that may arise and will evaluate the need for relevant measures.

IV) Interest rate risk: The management observes the interest rate fluctuations and the financing needs of the Group. The type (fixed or variable interest rate) and the duration of each loan depend on the financing need, which is planned to cover.

V) Liquidity Risk: The Group has adequate working capital and approved credit limits by credit institutions so as to minimize liquidity risk. The group's policy is to take advantage of discounts provided by suppliers for cash payments (cash discounts) throughout the year as it has low cost credit lines available from the cooperating banks.

VI) Inventory Risk: The Group takes all the necessary measures (insurance, safekeeping) so as to minimize the risk and contingent damages due to physical disasters, thefts etc.

3. Notes to the Interim Financial Statements

3.1. Tangible and Intangible Assets

(Figures in thousand €)

The tangible and intangible assets of the Group and the Company are analyzed as follows:

Tangible & Intangible Assets
THE GROUP
	Land & Buildings	Furniture & Other Equipment	Tangible Assets under construction	Intangible Assets	Total
Acquisition Cost
Book Value on January 1st 2006	15.135	8.592	495	3.913	28.134
Additions	1.137	1.170	3.393	69	6.369
Reductions	0	(22)	0	0	(22)
Transfers	92	57	(149)	0	0
Book value on December 31st 2006	16.363	10.398	3.739	3.982	34.481
Depreciations
Book Value on January 1st 2006	(3.566)	(5.179)	0	(2.155)	(10.900)
Additions	(1.166)	(1.920)	0	(981)	(4.067)
Reductions	0	13	0	0	13
Transfers	0	0	0	0	0
Book value on December 31st 2006	(4.732)	(7.086)	0	(3.136)	(14.954)
Remaining value on December 31st 2006	11.631	3.312	3.739	846	19.257
Remaining value on December 31st 2005	11.569	3.413	495	1.757	17.234

Tangible & Intangible Assets

	THE COMPANY
	Land & Buildings	Furniture & Other Equipment	Tangible Assets under construction	Intangible Assets	Total
Acquisition Cost
Book Value at January 1st 2006	15.135	8.309	495	3.872	27.811
Additions	1.137	1.764	3.393	68	6.362
Reductions	0	(22)	0	0	(22)
Transfers	92	57	(149)	0	0
Book value at December 31st 2006	16.363	10.108	3.739	3.940	34.150
Depreciations
Book Value at January 1st 2006	(3.566)	(5.145)	0	(2.148)	(10.859)
Additions	(1.166)	(1.856)	0	(968)	(3.990)
Reductions	0	13	0	0	13
Transfers	0	0	0	0	0
Book value at December 31st 2006	(4.732)	(6.988)	0	(3.116)	(14.836)
Remaining value at December 31st 2006	11.631	3.120	3.739	824	19.314
Remaining value at December 31st 2005	11.569	3.164	495	1.724	16.952

There are no mortgages or collateral on the tangible fixed assets of the Group and the Company.

Intangible assets include mainly bought software and licenses for software (SAP R3, BW, CRM etc.).

3.2. Participations in subsidiaries

(Figures in thousand €)

Participation in subsidiaries is the participation of the parent company PLAISIO COMPUTERS S.A. in the share capital of the fully consolidated PLAISIO COMPUTERS JSC. The percentage of participation of the parent company is 100% and no minority rights arise. In the company's financial statements the participation in subsidiaries is displayed in cost. In the consolidated financial statements participation in subsidiaries is omitted. The value of participation in subsidiaries on December 31st 2006 and December 31st 2005 was:

Participation of parent company in subsidiaries	31/12/2006	31/12/2005
PLAISIO COMPUTERS JSC	1.057	1.057

3.3. Participations in affiliated companies

(Figures in thousand €)

The participation in affiliated companies on December 31st 2006 and December 31st 2005 is analyzed as follows:

Participation in affiliated companies	THE GROUP				THE COMPANY
	31/12/2006	31/12/2005	31/12/2006	31/12/2005
PLAISIO Estate S.A.	1.243	1.178	1.087	1.087
ELNOUS S.A.	30	95	281	281
PLAISIO Estate J.S.C.	227	216	212	212
Minus: Provision for devaluation (Elnous)	1.500 0	1.489 0	1.580 (200)	1.580 0
	1.500	1.489	1.380	1.580

The participation in affiliated companies is presented at cost in the Company's financial statements. During 2006, a provision for devaluation of 200 thousand € for the investment in Elnous S.A. was formed, as there are doubts concerning the continuation of its activity with the same business activity. In the Group's financial statements the affiliates are consolidated using the net equity method, in accordance with IAS 28.

The participation of the Company in affiliates on December 31st 2006 is analyzed as follows:

		Country of
	Participation percentage	incorporation	Activity
PLAISIO Estate S.A.	20%	Greece	Real estate
ELNOUS S.A.	24%	Greece	Educational services
PLAISIO Estate J.S.C.	20%	Bulgaria	Real estate

3.4. Other long-term Investments

(Figures in thousand €)

Other investments consist of portfolio investments in companies not listed in organized stock markets. According to IAS 32 and 39, these investments are displayed in the financial statements at their cost of acquisition less any provision for devaluation. Other long-term investments on December 31st 2006 are analyzed as follows:

Other long-term investments	THE GROUP		THE COMPANY
	31/12/2006	31/12/2005	31/12/2006	31/12/2005
High-tech Park Acropolis Athens S.A.	411	295	411	295
High-tech Park Technopolis Thessalonica S.A.	19	19	19	19
Interaction Connect S.A.	12	0	12	0
	442	314	442	314

Plaisio Computers increased its participation in "Technopolis-Acropolis S.A.' by 116 thousand euro through the increase of share capital in the aforementioned company.

The participation of the company in the above companies on December 31st 2006 was:

	Percentage of	Country of
	Participation	Incorporation
High-tech Park Acropolis Athens S.A.	3,23%	Greece
High-tech Park Technopolis Thessalonica S.A.	3,29%	Greece
Interaction Connect S.A.	12,5%	Luxembourg

3.5. Other non-current assets

(Figures in thousand €)

Other non-current assets include long-term guarantees and receivables that are going to be collected after the end of the following period. In particular, other non-current assets on December 31st 2006 are analyzed as follows:

Other non-current assets	THE GROUP		THE COMPANY
	31/12/2006 31/12/2005		31/12/2006	31/12/2005
Long-term guarantees	627	501	627	501
Other non-current receivables	15	30	15	30
	642	531	642	531

3.6. Inventories

(Figures in thousand €)

The Group and Company's inventories on December 31st 2006 are analyzed as follows:

Inventories	THE GROUP		THE COMPANY
	31/12/2006	31/12/2005	31/12/2006	31/12/2005
Inventories of merchandise	41.004	37.931	39.575	36.681
Inventories of finished products	25	34	25	34
Inventories of raw materials	84	132	84	132
Inventories of consumables	329	339	329	339
Down payments to vendors	3.175	1.688	3.175	1.688
	44.617	40.124	43.188	38.874
Minus: Provision for devaluated – destroyed
inventories	(1.814)	(237)	(1.778)	(237)
Net realizable value of inventories	42.803	39.887	41.410	38.637

The provision for devaluation - destruction of total amount of 1.814 thousand € and 1.778 thousand €, that is depicted in the financial Statements of the Group and the Company respectively, refers to slow-moving stock and technologically depreciated stock to be destroyed. This provision is re-evaluated at every date of the balance sheet, since the company trades high technology products.

3.7. Trade and other receivables

(Figures in thousand €)

The Group and Company's trade and other receivables on December 31st 2006 are analyzed as follows:

Trade and other receivables	THE GROUP		THE COMPANY
	31/12/2006	31/12/2005	31/12/2006	31/12/2005
Receivables from subsidiaries	0	0	2.278	1.911
Trade receivables – credit cards	26.588	25.704	26.393	25.469
Cheques and bills receivables	5.763	5.016	5.763	5.016
	32.351	30.720	34.434	32.396
Minus: bad debt provision	(782)	(578)	(776)	(578)
	31.569	30.142	33.658	31.818

All the above receivables are short-term and there is no need to discount them at the date of the balance sheet. The above mentioned bad debt provision includes specific and general bad debt provision. The receivables from subsidiaries and from the public sector are omitted in the formation of the bad debt provision as it is estimated that there is the danger of non-collecting the receivables from the customers of these categories. On December 31st 2006 the total amount of the provision for bad debt provisions, which appeared in the financial Statements of the Group and the company, was 782 and 776 thousand € respectively.

3.8. Other short –term receivables

(Figures in thousand €)

		The other short-term receivables of the Group and of the Company are analyzed as follows:

Other short-term receivables		THE GROUP	THE COMPANY
	31/12/2006	31/12/2005	31/12/2006	31/12/2005
Income tax assets	19	958	0	612
Deferred expenses	142	120	127	111
Other short-term receivables	2.560	1.569	2.559	1.564
	2.721	2.647	2.686	2.287

All the above receivables are short-term and there is no need to discount them at the date of the balance sheet.

3.9. Financial Assets Valuated at fair value through the Profit & Loss Statement

(Figures in thousand €)

The Financial Assets of this category include investments of the Company in the Greek Postal Savings Bank. The valuation of the shares of the Greek Postal Savings Bank was at fair value and more specifically at their closing price at the Athens Stock Exchange on December 31st 2006, which is the date of the Balance Sheet. A profit of 2 thousand € came out from the revaluation of the fair value of the shares which was posted directly under the Profit and Loss Statement of the period.

Financial Assets Valuated at fair value through the Profit & Loss Statement		THE GROUP	THE COMPANY
	31/12/2006 31/12/2005		31/12/2006	31/12/2005
Balance at the beginning of the period	0	0	0	0
Additions	6	0	6	0
Sales	0	0	0	0
Revaluations of fair value	2	0	2	0
Balance at the end of the period	8	0	8	0

3.10. Cash and cash equivalents

(Figures in thousand €)

Cash and cash equivalents represent cash in the cash register of the Group and the Company as well as time deposits available on first demand. Their analysis on December 31st 2006 and December 31st 2005 respectively was:

Cash and cash equivalents		THE GROUP	THE COMPANY
	31/12/2006 31/12/2005		31/12/2006	31/12/2005
Cash in hand	3.545	377	3.484	355
Short-term bank deposits	4.080	3.994	3.984	3.717
Short-term bank time deposits	0	0	0	0
	7.625	4.371	7.468	4.072

3.11. Share capital and difference over par (Figures in thousand)

The share capital of the company is analyzed as follows:

	Number of shares	Share capital	Share	Own shares	Total
			premium
1st of January 2006	22.080	6.845	12.051	0	18.896
31st of December 2006	22.080	7.066	11.961	0	19.027

The company's share capital consists of twenty-two million eighty thousand ordinary shares with a par value of thirty-two cents (0,32 €) each. All issued shares are fully paid and are traded at the Athens Stock Exchange. During the General Shareholders Meeting of Plaisio Computers SA which took place on May 23rd 2006, the increase of share capital by 221 thousand €, through capitalization of reserves from the revaluation of fixed assets, amounting 131 thousand € and differences from issuing shares above par value of 90 thousand € was decided. The above increase was realized with the relevant increase of the par value of the stock from 0,31 to 0,32 € per share. Since the 21st of June 2006, the shares of Plaisio SA, are negotiated in the Athens Stock Exchange with the new value of 0,32 € per share.

3.12. Dividends

(Figures in thousand €)

On January 29th 2007 the Board of Directors of PLAISIO COMPUTERS S.A. proposed the distribution of dividend of total value € 5.962 thousand (0,27 € per share) from the profits of the fiscal year 2006, which is under the approval of the Annual General Shareholders' Meeting. According to IFRS, the aforementioned dividend is included in the Net Equity of the company on December 31st 2006, after the approval of the General Shareholders' Meeting; it will be transferred from the Net Equity to other short-term liabilities.

The dividend paid for the year 2005 was 5.520 thousand euro (0,25 € per share). The payment of the dividend for the fiscal year 2005 took place on June 2nd 2006. As a result, the short-term liabilities of December 31st 2006 include the dividends that had not been collected by the shareholders.

3.13. Banking liabilities

(Figures in thousand €)

The banking liabilities of the Group and of the Company on December 31st 2006 are analyzed as follows:

Banking liabilities	THE GROUP		THE COMPANY
	31/12/2006	31/12/2005	31/12/2006	31/12/2005
Long-term banking liabilities
Banking loans	0	0	0	0
Total long-term banking liabilities	0 0		0	0
Short-term banking liabilities
Banking loans	9.217	12.070	9.217	12.070
Total short-term banking liabilities	9.217	12.070	9.217	12.070
Total banking liabilities	9.217	12.070	9.217	12.070

On December 28th 2006, the company signed an agreement with the National Bank of Greece concerning the issuance of a 12 year Bond Loan, non-convertible to stocks, amounting 6.747 thousand €, in order to finance the construction of the new assembly and distribution centre in Magoula Attica. The issuance of the first group of bonds, amounting 3.213 thousand €, took place on January 17th 2007, as a result it does not appear in the long-term bank liabilities of the balance sheet of December 31st 2006.

3.14. Differed income tax

(Figures in thousand €)

Based on the current tax law, the tax rate over company profits for 2006 is 29% while for the period 2007 the tax rate will be 25%. For the relevant periods the tax rate in Bulgaria is 10%. According to the above tax rates, the deferred income tax is analyzed as follows:

Deferred tax income	THE GROUP		THE COMPANY
	31/12/2006	31/12/2005	31/12/2006	31/12/2005
Deferred tax liabilities
Depreciation of tangible and intangible assets	(930)	(1.294)	(929)	(1.293)
Other	(61)	(8)	(61)	(8)
Deferred tax assets
Bad debt provision	195	145	194	145
Provisions for pensions and similar commitments	97	65	97	65
Provisions for devaluation-destruction of inventories	449	69	444	69
Other provisions	187	278	187	278
Prior year losses	61	93	0	0
	(2)	(652)	(68)	(744)

3.15. Provisions for pensions and similar commitments

(Figures in thousand €)

The company, for the period 2006, as for 2005, had an independent actuarial study done on personnel compensation. The provision for pensions and similar commitments, based on an actuarial study, for the year 2006 was:

Provisions for pensions and similar commitments	12M 2006	12M 2005
Opening balance	258	218
Provision for the year	324	147
Minus: paid compensations	(193)	(107)
Closing balance	389	258

The main actuarial principals used for 2006 were:

Actuarial assumptions	2006	2005
Discount rate	3,9%	3,3%
Rate of compensation increase	4%	4%
Average future working life	1,04 years	1,04 years

According to IAS 19, the interest rate used for the calculation of present values of pension and similar commitments has to be determined based on the current performance of high quality corporate bonds. Thus, taking into consideration the interest rate curve at the date the estimate was formed (31/12/2006) and the estimated time of payment of benefits, it was estimated that the weighted average interest rate was 3, 9%.

3.16. Provisions

(Figures in thousand €)

The balances of accounts of provisions for the Group and the Company on December 31st 2006 are analyzed respectively as follows:

Provisions		THE GROUP		THE COMPANY
	Note	31/12/06	31/12/05	31/12/06	31/12/05
Long-term provisions
Provision for unaudited tax periods	(a)	280	600	280	600
Provision for bringing the stores in their primary
condition according to the lease contracts	(b)	140	140	140	140
Total long-term provisions		420	740	420	740
Short-term provisions
Provision for copyrights	(c)	103	415	103	415
Provision for computer guarantees	(d)	99	86	99	86
Provision for recycling Law 2939/2001	(e)	0	150	0	150
Total short-term provisions		202	651	202	651

(a). The Company had formed a provision of € 280 thousand for the unaudited period of 2006, in order to cover the event of additional taxes in case of audit from the tax authorities.

During Q2 2006 the tax audit was completed for the periods 2003, 2004 and 2005, as a result the Company reversed the provision it had formed concerning the aforementioned periods given that the differences were finalized. Concerning the other companies of the group, no such provision has been formed on the basis that any extra burden will be non-material. The unaudited tax periods are presented in note 3.20.

(b). The Company has formed a provision for restoring the stores in their primary condition according to the lease contracts. The provision is reevaluated each time a new store is leased or there is an adjustment in the terms of the existing stores.

(c). The Company has formed a provision for the copyright fees that should be paid, based on the relevant regulations for the importers / manufacturers of digital products, electronic storage means, copy paper and specific office machines in the relevant organizations of total control. The aforementioned copyrights are calculated in 4% and 6% on the import invoice values.

(d). The Company has formed provision of total amount of € 99 thousand for computer guarantees given to its customers. The provision is revaluated at the end of each fiscal year.

(e). The Company had formed provision for recycling fees, according to the Greek Law 2939/2001, for the distributors of computer and electronic equipment. The provision concerned the second half-year 2004 and full-year 2005. During Q2 2006, the amount of the recycling fee (Law 2939/2001) for the periods 2004 and 2005 were finalized, as a result the company reversed the provision that was formed.

3.17. Other Long-Term Liabilities (Figures in thousand €)

Other long-term liabilities of the Group and of the Company refer to deferred income (duration longer than twelve (12) months from the date of compilation of the balance sheet) and their balance on December 31st 2006 was € 39 thousand.

3.18. Suppliers and related short-term liabilities

(Figures in thousand €)

Suppliers and related short-term liabilities on December 31st 2006 are analyzed as follows:

Suppliers and related short-term liabilities	THE GROUP		THE COMPANY
	31/12/2006	31/12/2005	31/12/2006	31/12/2005
Trade payables	36.069	26.320	35.905	26.192
Advance payments	1.076	825	1.076	820
Dividends payable	166	164	166	164
Deferred income	6	26	0	26
Social security liabilities	1.161	978	1.161	978
Other short-term liabilities	4.132	4.584	4.092	4.548
	42.610	32.897	42.400	32.728

All the aforementioned liabilities are short-term and there is no need to be discounted at the date of the balance Sheet.

3.19. Related party transactions

(Figures in thousand €)

The intra-company transactions can be analyzed as follows:

Intra-company transactions 31.12.2006
				Intra-company purchases
Intra-company sales	PLAISIO COMPUTERS S.A.	PLAISIO Estate S.A.	ELNOUS S.A.	PLAISIO COMPUTERS J.S.C.	PLAISIO Estate J.S.C.	Total
PLAISIO COMPUTERS S.A.	-	5	7	2.594	0	2.606
PLAISIO Estate S.A.	1.164	-	0	0	0	1.164
ELNOUS S.A.	0	0	-	0	0	0
PLAISIO COMPUTERS J.S.C.	0	0	0	-	0	0
PLAISIO Estate JSC	0	0	0	142	-	142
Total	1.164	5	7	2.736	0	3.912

	Intra-company liabilities
Intra-company receivables	PLAISIO COMPUTERS S.A.	PLAISIO Estate S.A.	ELNOUS S.A.	PLAISIO COMPUTERS J.S.C.	PLAISIO Estate J.S.C.	Total
PLAISIO COMPUTERS S.A.	-	0	0	2.278	0	2.278
PLAISIO Estate S.A.	7	-	0	0	0	7
ELNOUS S.A.	0	0	-	0	0	0
PLAISIO COMPUTERS J.S.C.	0	0	0	-	39	39
PLAISIO Estate JSC	0	0	0	0	-	0
Total	7	0	0	2.278	39	2.324

Intra-company receivables – liabilities 31.12.2006

In the consolidated financial statements all the necessary eliminations have been made.

The income from dividends that the Company received from its subsidiaries from the beginning of the period amount to 10 thousand €, while the fees paid to the members of the Board of Directors and the Management from the beginning of the period are analyzed as follows:

Transactions with members of the Board of Directors and Key	31/12/2006
Managers
Transactions with members of the Board of Directors and Key Managers	659	659
Claims to members of the Board of Directors and Key Managers	46	46
Liabilities to members of the Board of Directors and Key Managers	0	0

3.20. Litigations

There are no litigations or other forms of commitments for the fixed assets of the companies of the Group.

The un-audited tax periods of the companies of the Group are presented as follows:

Company	Un-audited tax periods
PLAISIO COMPUTERS S.A.	2006
PLAISIO Estate S.A.	2003 – 2004 – 2005 - 2006
ELNOUS S.A.	2006
PLAISIO COMPUTERS J.S.C.	2004 – 2005 - 2006
PLAISIO Estate JSC	2004 – 2005 - 2006

3.21. Number of personnel

The Group and the Company's employed personnel on December 31st 2006 were 1.168 and 1.127 employees respectively. On December 31st 2005 the Group and the Company's employed personnel were 1.025 and 984 employees respectively.

3.22. Post balance sheet events

There are no post balance sheet events, concerning the Group or the Company, that have to be noted, according to the International Financial Reporting Standards.

3.23. Profit per Share

Profit per share is calculated with the weighted average of the issued shares of the company on December 31st 2006, which were 22.080.000 shares (December 31st 2005 – 22.080.000 shares).

3.24. Segment reporting

(Figures in thousand €)

The segment results of the Group are analyzed as follows:

	Segment reporting
01.01.06-31.12.06	Office equipment	Computer, telecom and	Non	Total
		digital equipment	specified
Sales	93.970	215.766	1.339	311.075
Operating profit / (loss)	4.662	6.668	244	11.574
Finance cost				1.523
Income tax expense				3.717
Profits / (losses) after taxes				6.334

	Segment reporting
01.01.05-31.12.05	Office equipment	Computer, telecom and	Non	Total
		digital equipment	specified
Sales	83.103	173.680	953	257.736
Operating profit / (loss)	3.866	4.607	152	8.625
Finance cost				183
Income tax expense				3.229
Profits / (losses) after taxes				5.213

3.25. Income tax expense

(Figures in thousand €)

The income tax expense, according to the current income tax rates on December 31st 2006, is analyzed as follows:

Income tax expense	THE GROUP		THE COMPANY
	31/12/2006	31/12/2005	31/12/2006	31/12/2005
Income tax expense	3.936	3.314	3.936	3.314
Deferred income tax	(649)	(285)	(676)	(192)
Tax Audit Differences	750	0	750	0
Provision for un-audited tax periods	(320)	200	(320)	200
	3.717	3.229	3.690	3.322

3.26. Accounting policies and estimations

All the fundamental accounting principles of the financial statements of December 31st 2005 have been observed in the annual financial statements of December 31st 2006.

3.27. Reclassification of figures

Some figures of the Income Statement for the year 2005 of the Company and the Group, which are presented as reference to the income statement of the year of 2006, have been reclassified resulting to differences from the figures initially published. The above-mentioned reclassifications have been made in accordance to IAS 8 in order to make the figures of 2005 comparable to those of the current year. These reclassifications do not alter the Net Profits after Taxes, the Profits per share and the Net Equity of the Company and the Group. More specifically, the reclassifications of figures in the Income Statement of 2005 refer to the following:

1. The sales of the Company and the Group have increased by 50 thousand € while the Other Income has decreased by the same amount. This was due to the reclassification of the income from furniture assembly and delivery goods to customers from the Other Income to the Sales Turnover.

Athens, 29th of January 2007

The Chairman of the BoD The Vice President The Chief Financial Officer

& Managing Director

Α.Δ.Τ. Ν 318959 Α.Δ.Τ. Ρ 539089 Α.Δ.Τ. Π 706801

George Gerardos Anna Gerardou Filippos Karagounis

Note: These financial statements and notes on the financial statements have been translated to English from the original statutory notes that have been prepared in the Greek language. In the event that differences exist between this translation and the original Greek language financial statements, the Greek language financial statements will prevail over this document.