Fourlis S.A.

Quarterly Report • Sep 29, 2015

FOURLIS HOLDINGS AE

REG. NO: 13110/06/Β/86/01

OFFICES: 340 KIFISSIAS AVENUE – 154 51 Ν. PSYCHIKO

INTERIM CONDENSED FINANCIAL STATEMENTS For the six month period from 1/1/2007 until 30/06/2007

The attached Interim Financial Statements for the six month period, are those that were approved by the Board of Directors of "FOURLIS HOLDINGS AE" on 27/08/2007 and have been published by posting on the Internet at the web address www.fourlis.gr.

INCOME STATEMENTS CONSOLIDATED AND THE COMPANY FOR THE SIX MONTHS
PERIOD ENDED 30 JUNE 2007 AND 30 JUNE 2006 3
BALANCE SHEETS (CONSOLIDATED AND PARENT COMPANY) AS AT 30 JUNE 2007
AND 30 JUNE 2006 4
STATEMENTS OF CONSOLIDATED MOVEMENT IN EQUITY AS AT 30 JUNE 2007 AND 30
JUNE 2006 5
STATEMENTS OF MOVEMENT IN EQUITY (PARENT COMPANY) AS AT 30 JUNE 2007
AND 30 JUNE 2006 6
STATEMENTS OF CASH FLOWS (CONSOLIDATED AND PARENT COMPANY) FOR THE
SIX MONTHS PERIOD ENDED 30 JUNE 2007 AND 30 JUNE 2006 7
NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY
AND CONSOLIDATED) 8
Report on Review of Interim Financial Information 20

The attached financial statements on pages 3 to 19, have been prepared in accordance with International Financial Reporting Standards, as adopted by the European Union, have been approved by the Board of Directors on 27/08/2007 and are signed by:

Chairman	Managing Director	General Manager	Chief Accountant
Vassilios St. Fourlis	Apostolos D. Petalas	Ioannis A. Kolitsis	Sotirios I Mitrou

INCOME STATEMENTS CONSOLIDATED AND THE COMPANY FOR THE SIX MONTHS PERIOD ENDED 30 JUNE 2007 AND 30 JUNE 2006

(in thousands of Euro, unless otherwise stated)

			Consolidated			Parent Company
	Note	H1FY07	Q2FY07	H1FY06	Q2FY06	H1FY07	Q2FY07	H1FY06	Q2FY06
Revenue	5	269.141	143.550	200.772	108.031	0	0	0	0
Cost of Goods Sold	5	(189.004)	(101.192)	(140.269)	(75.320)	0	0	0	0
Gross profit		80.137	42.358	60.503	32.711	0	0	0	0
Other operating income		12.724	2.940	4.433	2.584	7.312	150	401	244
Distribution expenses		(44.815)	(23.630)	(36.250)	(19.068)			0	0
Administrative expenses		(12.108)	(5.557)	(9.857)	(5.403)	(830)	(524)	(509)	(264)
Other operating expenses		(2.611)	(1.459)	(1.813)	(1.355)	(392)	(12)	(33)	(33)
Operating profit		33.327	14.652	17.016	9.469	6.090	(386)	(141)	(53)
Net financial (expenses) - income		(2.938)	(1.083)	(2.638)	(1.621)	45	140	(143)	(61)
Income from associate companies	9	0	0	0	0	15.526	757	8.323	0
Profit before tax		30.389	13.569	14.378	7.848	21.661	511	8.039	(114)
Income tax expense	11	(8.496)	(3.710)	(6.095)	(3.711)	(1.772)	(23)	(117)	(122)
Profit for the period		21.893	9.859	8.283	4.137	19.889	488	7.922	(236)
Attributable to:
Parent company		21.853	9.829	8.343	4.228	19.889	488	7.922	(236)
Minority interest		40	30	(60)	(91)	0	0	0	0
Net Profit for the period		21.893	9.859	8.283	4.137	19.889	488	7.922	(236)
Basic earnings per share (in Euro):
Basic earnings per share	12	0,43	0,19	0,16	0,08	0,39	0,01	0,16	0,00

BALANCE SHEETS (CONSOLIDATED AND PARENT COMPANY) AS AT 30 JUNE 2007 AND 30 JUNE 2006

		Consolidated			Parent Company
Assets	Note	30/06/2007	31/12/2006	30/06/2007	31/12/2006
Non-current assets
Property, plant and equipment	6	115.565	101.874	66	53
Intangible assets		4.116	4.325	21	15
Investments	7	1.098	1.079	91.007	90.633
Long Term receivables		7.132	6.815	174	174
Deferred taxes		853	987		0
Total non-current assets		128.764	115.080	91.268	90.875
Current assets Inventory
Income tax receivable		71.917 8.355	72.997 5.610	0 1.479	0 778
Trade receivables		110.351	113.095	74	259
Other receivables		6.903	4.592	1.606	424
Cash and cash equivalent	9	48.104	25.544	27.411	128
Total current assets		245.630	221.838	30.570	1.589
Non-current assets classified as available for sale	8	34.272	49.552	4.279	20.004
Total Assets		408.666	386.470	126.117	112.468
Liabilities
Non-current liabilities
Interest bearing loans and borrowings	10	114.986	103.408	0	0
Employee retirement benefits		1.330	1.119	9	8
Provisions		322	107	0	0
Deferred taxes		2.609	5.171	53	2.653
Other non-current liabilities		159	160	159	158
Total Non-current liabilities		119.406	109.965	221	2.819
Current liabilities
Interest bearing loans and borrowings	10	29.636	34.874	0	8.121
Current portion of non-current interest	10	2.612	2.777	0	0
bearing loans and borrowings Income tax payable		19.930	11.049	4.481	0
Trade and other payables		109.585	113.606	9.499	330
Total current liabilities		161.763	162.306	13.980	8.451
Total Liabilities (a)		281.169	272.271	14.201	11.270
Equity
Share capital		50.953	50.953	50.953	50.953
Share premium reserve		11.875	11.875	12.208	12.208
Reserves		50.894	49.291	27.984	27.976
Retained earnings		13.669	1.946	20.771	10.061
Total equity attributable to equity holders of the parent (b)		127.391	114.065	111.916	101.198
Minority interest (c)		106	134	0	0
Total Equity (d)=(b)+(c)		127.497	114.199	111.916	101.198
Total equity and liabilities		408.666	386.470	126.117	112.468

(in thousands of Euro, unless otherwise stated)

STATEMENTS OF CONSOLIDATED MOVEMENT IN EQUITY AS AT 30 JUNE 2007 AND 30 JUNE 2006

	Consolidated
	Share Capital	Share premium reserve	Reserves	Revaluation reserve		Foreign exchange deferences from B/S translation reserve	Retained earnings / (Accumulat ed losses)		Total		Minority interest	Total Equity
Balance as at 1/1/2006	50.953	11.931	29.144	18.641		181	(16.877)		93.973		378	94.351
Profit for the period Dividend distribution							8.343 (7.643)		8.343 (7.643)		(60) (86)	8.283 (7.729)
Reserves			968				(968)		0		0	0
Foreign exchange deferences from B/S translation Revaluation reserve						91			91			91
Balance as at 30/06/2006	50.953	11.931	30.112	18.641		272	(17.145)		94.764		232	94.996
Balance as at 1/1/2007	50.953	11.875	30.111	18.641		539	1.946		114.065		134	114.199
Profit for the period							21.853		21.853		40	21.893
Dividend distribution							(9.172)		(9.172)		(68)	(9.240)
Reserves			1.057				(1.057)		0			0
Net Income recorded directly in net equity							99		99		0	99
Foreign exchange deferences from B/S translation						546			546			546
Balance as at 30/06/2007	50.953	11.875	31.168	18.641		1.085	13.669		127.391		106	127.497

(in thousands of Euro, unless otherwise stated)

STATEMENTS OF MOVEMENT IN EQUITY (PARENT COMPANY) AS AT 30 JUNE 2007 AND 30 JUNE 2006

			Parent Company
	Share Capital	Share premium reserve	Reserves	Retained earnings / (Accumulated losses)	Total
Balance as at 1/1/2006	50.953	12.208	27.934	712	91.807
Profit for the period Dividend distribution				7.922 (7.643)	7.922 (7.643)
Reserve			42	(42)	0
Balance as at 30/06/2006	50.953	12.208	27.976	949	92.086
Balance as at 1/1/2007	50.953	12.208	27.976	10.061	101.198
Profit for the period Dividend distribution Buy back shares				19.889 (9.171)	19.889 (9.171)
Reserve			8	(8)	0
Balance as at 30/06/2007	50.953	12.208	27.984	20.771	111.916

(in thousands of Euro, unless otherwise stated)

STATEMENTS OF CASH FLOWS (CONSOLIDATED AND PARENT COMPANY) FOR THE SIX MONTHS PERIOD ENDED 30 JUNE 2007 AND 30 JUNE 2006

(in thousands of Euro, unless otherwise stated)

	Consolidated	Parent Company
	H1FY07	H1FY06	H1FY07		H1FY06
Operating Activities
Net profit before taxes	30.389	14.378	21.661		8.039
Movements:
Depreciation	3.663	3.427	17		17
Provisions	7.456	4.914	362		3
Foreign exchange differences	287	(5)	0		0
Results (Income, expenses, profit and loss) from investment activity	(7.541)	(634)	(22.671)		(8.323)
Interest expense	4.136	3.643	95		143
Plus / less adjustments for changes in working capital related to the operating activities:
Decrease / (Increase) in inventory	1.813	9.429	0		0
Decrease / (Increase) in trade and other receivables	(2.178)	10.105	(897)		(18)
(Decrease) / Increase in liabilities	(18.330)	(36.248)	(146)		(133)
Less:
Interest paid	(3.736)	(3.430)	(95)		(143)
Income taxes paid	(4.424)	(12.354)	(84)		(129)
Net cash generated from operations	11.535	(6.775)	(1.758)		(544)
Investment activities
Acquisition of subsidiaries, affiliates, joint ventures and other investments	(1.079)	0	(633)		0
Proceeds from the sale of investment	23.026	0	22.920		0
Purchase of tangible and intangible fixed assets	(17.413)	(2.722)	(35)		0
Proceeds from the sale of tangible and intangible fixed assets	370	620			0
Interest received	340	626	140		1
Proceeds from dividends		0	14.769		8.323
Total inflow / (outflow) from investing activities (b)	5.244	(1.476)	37.161		8.324
Financing activities
Proceeds from issued loans	187.818	426.403	24.050		87.407
Loans paid off	(180.746)	(415.521)	(32.170)		(94.642)
Payments of leasing liabilities	(1.444)	(1.402)	0		0
Total inflow / (outflow) from financing activities ©	5.628	9.480	(8.120)		(7.235)
Net increase / (reduction) in cash and cash equivalents for the period (a) + (b) + ©	22.407	1.229	27.283		545
Cash and cash equivalents at the beginning of the period	25.544	8.396	128		90
Effect of foreign exchange differences on Cash	153	12	0		0
Closing balance, cash and cash equivalents	48.104	9.637	27.411		635

NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY AND CONSOLIDATED)

1. Incorporation and activities of the Group

1.1. General Information

FOURLIS HOLDINGS AE with the common use title of FOURLIS AE was incorporated in 1950 as Α. FOURLIS AND CO., and from 1966 operated as FOURLIS BROS AEBE (Government Gazette, ΑΕ and EPE issue 618/13.06.1966). It was renamed to FOURLIS HOLDING ΑΕ by a decision of an Extraordinary Shareholders' Meeting on 10.03.2000, which was approved by decision Κ2-3792/25-04-2000 of the Ministry of Development.

Note that the Shareholders' Meeting also approved the conversion of the Company to a holding company and thus also approved the change in its scope.

The head office of the Company is located at the 340 Kifissias Avenue, N. Pshchiko. It is registered in the Company's Register of the Ministry of Development with registration number 13110/06/Β/86/01.

The Company's term, in accordance with its Articles of Incorporation, was originally set at 30 years. In accordance with a decision of the Extraordinary Meeting of the Shareholders on 19.02.1988, the term was extended for a further 30 years i.e. to 2026.

The current Board of Directors of the parent company is as follows:

• Vassilios St. Fourlis, Chairman, executive member
• Alexandros Il. Fourlis, Vice Chairman, executive member
• Apostolos D. Petalas, Managing Director, executive member
• Dafni A. Fourlis, member, executive member
• Odysseus K. Dimitriades, member, non executive member
• Ioannis Ev. Brebos, member, non executive member
• Ioannis K. Papaioannou, independent member, non executive member
• Eftihios Th. Vassilakis, independent member, non executive member
• Ioannis Ath. Kostopoulos independent member, non executive member

The total number of employees of the Group as at 30/06/2007 and 30/06/2006 was 2.032 and 1.715 respectively. The total number of employees of the Company as at 30/06/2007 and 30/06/2006 was 5 and 3 respectively.

1.2. Activities

The Company's activities are the investment in domestic and foreign companies of all types. Furthermore, it purchases companies and participates in other companies' increases in share capital.

FOURLIS HOLDINGS AE also provides general administration services, treasury management and information technology services.

The Group companies included in the consolidated financial statements and the percentage shareholdings are:

GENCO TRADE S.R.L.	Bucharest, Romania		100,00% Fully consolidated
GENCO BULGARIA L.T.D.	Sofia, Bulgaria		100,00% Fully consolidated
PRIME TELECOM AE	Athens	82,91%	Fully consolidated
HOUSEMARKET AE	Athens		100,00% Fully consolidated
FOURLIS TRADE AEBE	Athens		100,00% Fully consolidated
INTERSPORT ATHLETICS AE	Athens		100,00% Fully consolidated
EUROELECTRONICS Α.Ε. *	Athens	78,53%	Fully consolidated
SERVICE ONE Α.Ε. *	Athens	99,00%	Fully consolidated
TRADE LOGISTICS ABETE *	Athens		100,00% Fully consolidated
H.M HOUSE MARKET (CYPRUS) LTD *	Nicosia, Cyprus		100,00% Fully consolidated
INTERSPORT ATLETICS (CYPRUS) LTD* Nicosia, Cyprus			100,00% Fully consolidated
A.T.C. ABETE	Athens		49,467% Net equity method
SPEEDEX Α.Ε.	Athens		49,527% Net equity method

*Companies with an indirect holding

2. Basis of preparation

The attached Interim Parent Company and Consolidated Financial Statements (herein referred to as the "Financial Statements") have been prepared in accordance with International Accounting Standard (IAS) 34 "Interim Financial Reporting". The Financial Statements have been prepared on the historical cost basis, except for the valuation of various assets and liabilities, which are at fair value, and on a going, concern basis.

3. Significant accounting policies

The accounting policies and valuation methods adopted and followed are the same as those in the published Financial Statements as at 31/12/2006.

Note that because the Interim Financial Statements have been prepared in accordance with IAS 34 "Interim Financial Reporting", they do not contain all the information required by the year-end financial statements and should be read in conjunction with the Group's published financial statements as at 31/12/2006 which have been uploaded to the internet at the address www.fourlis.gr.

For purposes of better information, specific accounts of the interim financial statements have been reclassified and the respective accounts of the previous financial period have been reformed accordingly for comparison reasons.

4. Management's estimates

The preparation of interim financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions, which may affect the amounts recorded as assets, liabilities, income and expenses during the period, as well as the disclosures for contingent assets and liabilities. The use of available information and the application of judgment are an integral part in the determination of estimates. The actual final outcomes may vary from the above estimates.

Management's estimates are constantly re-evaluated in accordance with historical data and future expectations, and are judged in accordance with present conditions.

5. Segment information

The Group's activities comprise mainly one geographical area, that of the wider European region, and mainly in Greece and also in countries of Southeastern Europe, therefore the main financial interest is concentrated in the business classification of the Group's activities, where the different economic environments comprise different risks and rewards. Geographically, the Group's operations derive 91% from Greece and 9% from the Balkans (Romania and Bulgaria).

The results of the Group by those segments for the six months period ended 30 June 2007 and 30 June 2006 are as follows:

	Trading of Electrical – Electronic Equipment			Furniture and Household Goods		Sportswear		Unallocated	Consolidated
1/1 – 30/6	2007	2006	2007	2006	2007	2006	2007	2006	2007	2006
Revenue	143.359	98.370	99.799	81.903	25.983	20.499	0	0	269.141	200.772
Cost of sales	(119.568)	(82.169)	(56.321)		(47.654) (13.115) (10.446)		0	0	(189.004)	(140.269)
Gross margin	23.791	16.201	43.478	34.249	12.868	10.053	0	0	80.137	60.503
Other operating income	5.003	3.617	412	678	298	35	7.011	103	12.724	4.433
Distribution expenses	(16.097)	(12.534)	(20.467)	(16.709)	(8.251)	(7.007)	0	0	(44.815)	(36.250)
Administrative expenses	(5.168)	(4.381)	(4.317)	(3.790)	(1.794)	(1.179)	(829)	(507)	(12.108)	(9.857)
Other operating expenses	(1.350)	(1.038)	(703)	(614)	(236)	(127)	(322)	(34)	(2.611)	(1.813)
Operating profit
before financing	6.179	1.865	18.403	13.814	2.885	1.775	5.860	(438)	33.327	17.016
costs
Net financing costs	(705)	(756)	(2.070)	(1.461)	(208)	(278)	45	(143)	(2.938)	(2.638)
Profits before taxes	5.474	1.109	16.333	12.353	2.677	1.497	5.905	(581)	30.389	14.378
Depreciation	760	735	2.271	2.192	615	483	17	17	3.663	3.427

The movement in Assets and Liabilities as at 30 June 2007 and 31 December 2006 in the above mentioned segments is analysed as follows:

	Trading of Electrical – Electronic Equipment		Furniture and Household Goods		Sportswear		Unallocated		Consolidated
	30.06.07 31.12.06		30.06.07	31.12.06			30.06.07 31.12.06 30.06.07 31.12.06		30.06.07	31.12.06
Total assets	183.270	187.843	160.710	158.000	26.102	24.163	38.584	16.464	408.666	386.470
Total liabilities	135.680	137.350	109.140	102.400	21.892	21.251	14.457	11.270	281.169	272.271

6. Property, plant and equipment

Property, plant and equipment additions for the six month period of 2007 are analyzed as follows:

	Group
Cost at 31/12/2006	134.083
Additions	17.198
Transfers cost	(349)
Cost at 30/6/2007	150.932
Accumulated depreciation at 31/12/2006	(32.209)
Depreciation	(3.278)
Decreases - Transfers	120
Accumulated depreciation 30/6/2007	(35.367)
Net book value 30/6/2007	115.565

The assets of the group are free of mortgages and pre-notations. During the current period a subsidiary of the Group realized capital gain of EUR 200 thousand from the sale of an asset (building), which was recorded in other operating profit. The additions of the current period concern mainly establishment of new store and land purchasing.

7. Investments

During the current period was recorded increase of investment in ATC ABETE 4,04% and the percentage became 49,47% from 45,43%. The purchasing price that was paid for the additional was EUR 464 thousand.

Moreover the company AUTOMATE Α.Ε. was not included in the consolidated financials due to the fact that it is under consolidation procedures, according to the decision of the General Assembly Meeting. On 31/12/2006 the company had negative shareholders equity (EUR 99 thousand) (read accordingly the change in equity of the current period) and the Total Assets was EUR 76 thousand.

8. Non current assets available for sale

The non current assets available for sale are analized as follows:

1) During the current period, the put option with a company of DIXONS Group, for the 10% investment in P. Kotsovolos AEBE was exersized. From the above mentioned sale, a capital gain of Euro 17.630 thousand was realized. Part of this capital gain in the amount of Euro 10.625 thousand, was recorded in the income statement of financial year 2006, based on the minimum guaranteed price according to the contractual obligation between the two parties. The remaining part of the capital gain in the amount of 7.005 thousand, was recorded in other operating income of the period 1/1 - 30/6/2007. It is noted that the capital gain from this sale was recorded after deducting the amount of Euro 600 thousand, according to a contructual abligation, that is now irrevocably defined. This contuctual obligation concerns the tax audit of the financial years before the date of the sale of P. Kotsovolos AEBE.

The value of the investment for the remaining 10% in P. Kotsovolos AEBE, recorded in non current assets available for sale after the exercise of the put option, is Euro 4.089 thousand. The put option for the remaining 10% investment, can be exercised between the years 2008 and 2009.

2) Establishment of the company I FLEX Solutions S.A.. in which Fourlis Holdings S.A. participates with 32,15% and the total investment value is Euro 189 thousand.

3) Plot of land that belongs to a subsidiary.

9. Dividends

During the present financial period there was recorded in the parent's company financials, income from approved dividends, derived from subsidiaries in the amount of Euro 15.526 thousand.

The Regular Annual General Assembly Meeting of 22/06/2007 approved total dividend distribution for the financial year 2006 EUR 0,31 per share. Note that it has been already distributed pre dividend for the financial year 2006 EUR 0,13 per share, which was recorded during financial year 2006

10. Borrowings

Borrowings are analyzed as follows:

		Consolidated	Parent Company
	30/06/2007	31/12/2006	30/06/2007	31/12/2006
Non-current borrowings
Long Term Loans	89.198	76.351	0	0
Finance Leases	28.400	29.834	0	0
	117.598	106.185	0	0
Less: Non-current borrowings payable within the following 12 months	(2.612)	(2.777)	0	0
	114.986	103.408	0	0
Current borrowings	29.636	34.874	0	8.121

The repayment period of non-current loans is varied between 2 and 5 years and the average effective interest rate of the Group during the first quarter of 2007 was was 4,80%.

Non current loans cover mainly expansion needs of the Group and are analyzed into bond loans and other non current loans as follows:

		Amount	Issuing Date	Drawdown Date	Duration
	Bond	10.000	5/12/2006	8/12/2006	3 years from the issuing date
	Bond	13.500	19/6/2006	19/6/2006	3 years from the issuing date
FOURLIS TRADE Α.Ε.Β.Ε.	Bond	10.000	16/12/2005	19/12/2005	3 years from the issuing date
	Bond	5.000	13/12/2006	27/12/2006	3 years from the issuing date
	Bond	3.000	9/11/2005	24/11/2005	3 years from the issuing date
		41.500
PRIME TELECOM AE	Bond	3.000	15/12/2006	15/12/2006	3 years from the issuing date
		3.000
SERVICE ONE A.E.	Bond	1.500	13/12/2006	21/12/2006	3 years from the issuing date
		1.500
HOUSE MARKET Α.Ε.	Bond	15.000	28/4/2006	28/4/2006	3 years from the issuing date
		15.000
Η.Μ. HOUSE MARKET	Other	25.698	25/10/2006	25/10/2006	3 years from the issuing date
(CYPRUS) LTD		(CYP
		15.000)
		25.698
INTERSPORT	Bond	2.500	19/6/2006	18/3/2005	3 years from the issuing date
ATHLETICS A.E.
		2.500

(in thousands of Euro, unless otherwise stated)

Total current loans of the group concerns mainly overdraft bank accounts which they are used as working capital for the activities of the Company. The drawn amounts are used mainly to cover short term needs to suppliers. The weighted average interest rate of short term loans was approximately 5,70% for the first six months of 2007.

11. Income taxes

The income Tax rate will be 25% for tha financial year 2007 and onwards, from 29% for the financial year 2006.

Greek tax legislation and the relevant regulations are subject to interpretations by the tax authorities. The tax returns are filed on an annual basis but the profits or losses declared, remain provisional up until the time when the company's tax returns, as well as the books and records are examined by the tax authorities. Tax losses, to the extent they are recognized by the tax authorities may be used to set-off profits of the following five years.

The parent company and its subsidiaries have not been audited by the tax authorities for the following years:

	Years
FOURLIS AE ΣΥΜΜΕΤΟΧΩΝ	2005 και 2006
FOURLIS TRADE Α.Ε.Β.Ε.	2005 και 2006
HOUSEMARKET AE	2005 και 2006
INTERSPORT ATHLETICS AE	2006
EUROELECTRONICS A.E.	2006
SERVICE ONE Α.Ε.	2001 έως και 2006
AUTOMATE AE	2003 έως και 2006
PRIME TELECOM AE	2000 έως και 2006
GENCO TRADE S.R.L.	1999 έως και 2006
GENCO BULGARIA L.T.D.	1999 έως και 2006
TRADE LOGISTICS A.E.B.E	2006
H.M HOUSEMARKET (CYPRUS) LTD	-
INTERSPORT ATHLETICS (CYPRUS) LTD	-
A.T.C. ABETE	2003 έως και 2006
SPEEDEX ΑΕ	2005-2006

The tax audit of a subsidiary for the financial years 2003, 2004 and 2005 was finalised during the current period. Tax audit differences of Euro 352 thousand derived from the above mentioned tax audit and it was recorded in income tax of the period.

12. Earnings per share

The basic earnings per share are calculated by dividing the profit attributable to shareholders by the weighted average number of during the period / year. The weighted average number of shares as at 30 June 2007 and 30 June 2006 is 50.952.920 shares.

	Consolidated		Parent Company
	30/06/2007	30/06/2006	30/06/2007	30/06/2006
Profits after Taxes (in million EUR)	21.853	8.343	19.889	7.922
Weighted average number of shares	50.952.920	50.952.920	50.952.920	50.952.920
Profits per share (in EUR)	0,43	0,16	0,39	0,16

13. Commitments and Contingencies

• The company has issued letters of guarantee for its associated companies SPEEDEX AE and ATC AE for short term loans and participation in tenders amounting to Euro 3.621 thousand and 2.800 thousand respectively.
• The Group has issued letters of guarantee for its subsidiaries abroad guaranteeing liabilities amounting to Euro 11.500 thousand and CYP 15.000 thousand.
• The Group has issued letters of guarantee for its subsidiaries FOURLIS TRADE AEBE PRIME TELECOM AE, SERVICE ONE AE and TRADE LOGISTICS Α. Ε. guaranteeing liabilities amounting Euro 10.000 thousand, Euro 1.500 thousand, Euro 2.000 thousand and Euro 500 thousand respectively.
• There is a contractual obligation until 2009 to sell the residual percentage in P. KOTSOVOLOS AEBE following its classification as available for sale.
• A subsidiary of the Group will construct within 2007 a logistic center of approximately Euro 25.000 thousand total investment. During the current period it has been realised the 1/6 of the total investment cost.
• According to contractual obligation of operating leasing (for the land portion), the Group will construct a building in Cyprus in which will operate the IKEA Cyprus store. The total capital expenditure for the financial year 2007 will be approximately Euro 23.000 thousand. During the current period it has been realised the 1/2 of the total investment cost.
• During the current financial year, a subsidiary of the Group will realize capital expenditures participating in the construction of a store, amounting approximately Euro 10.000 thousand, according to contractual obligation.

14. Related parties transactions

The parent company provides advice and services in the areas of General Administrative and Treasury Management to its subsidiaries. The analysis of the related party receivables and payables as at 30 June 2007 and 31 December 2006 is as follows:

	Consolidated		Parent Company
Receivables from :	30/6/2007	31/12/2006	30/6/2007	31/12/2006
FOURLIS TRADE AEBE	0	0	7	7
EUROELECTRONICS ΑΕ	0	0	5	5
HOUSEMARKET AE	0	0	30	30
INTERSPORT AE	0	0	9	6
GENCO BULGARIA	0	0	8	9
ATC AE	30	27	0	0
SPEEDEX AE	0	194	0	189
AUTOMATE A.E	4	0	4	4
Total	34	221	63	250

		Consolidated		Parent Company
Payables to :	30/6/2007	31/12/2006	30/6/2007	31/12/2006
ATC AE	18	327	0	4
SPEEDEX AE	29	37	0	1
PRIME TELECOM	0	0	1	1
Total	47	364	1	6

Related party transactions as at 30 June 2007 and 30 June 2006 are as follows:

	Consolidated		Parent Company
Income :	30/6/2007	30/6/2006	30/6/2007	30/6/2006
Other operating income	1	2	301	298
Revenues	5	1	0	0
Total	6	3	301	298

	Consolidated		Parent Company
Expenses	30/6/2007	30/6/2006	30/6/2007	30/6/2006
Administrative expenses	97	88	2	19
Operating and Distribution expenses	97	110	0	0
Total	194	198	2	19

During the six month period of 2007 fees paid to members of the Board of Directors for their services to the company were as follows:

	Consolidated		Parent Company
	30/6/2007	30/6/2006	30/6/2007	30/6/2006
Fees to the Board of Directors	865	789	14	10
Top management remuneration	427	371	197	161
Total	1.292	1.160	211	171

Related parties transactions follow general commercial rules. During the six month period of 2007, the following related parties transactions between the parent company and the subsidiaries were relised:

	Consolidated		Parent Company
	30/6/2007	30/6/2006	30/6/2007	30/6/2006
Revenue	2.456	3.391	0	0
Cost of sales	1.323	2.381	0	0
Other Income	989	843	301	298
Administrative expenses	808	635	1	1
Operating and Distribution	1.164	117	0	0
expenses
Other Expenses	70	0	0	0
Paid in Dividends	15.526	8.637	15.526	8.323

		Consolidated		Parent Company
	30/06/2007	31/12/2006	30/06/2007	31/12/2006
Trade receivables	1.523	1.446	59	60
Inventory	35	155	0	0
Trade Paybles	1.524	1.474	1	1

15. Subsequent events

On July 3rd 2007 signed an agreement for the sale of 22% of a plot of land that belongs to a subsidiary and it is recorded as non current asset available for sale.

On August 22nd 2007 signed an agreement for the sale of 24,15% of I FLEX Solutions S.A. and it is recorded as non current asset available for sale.

Report on Review of Interim Financial Information

(Translated from the original in Greek)

To the Shareholders of FOURLIS HOLDINGS S.A.

Introduction

We have reviewed the accompanying Stand Alone and Consolidated Balance Sheet of FOURLIS HOLDINGS S.A. (the "Company") as at 30 June 2007, the related Stand Alone and Consolidated Statements of Income, Changes in Equity and Cash Flows for the six-month period then ended and a summary of explanatory notes (the "Interim Financial Information"). Management is responsible for the preparation and presentation of this Interim Financial Information in accordance with International Financial Reporting Standards adopted by the European Union applicable to Interim Financial Information (IAS 34). Our responsibility is to express a conclusion on this Interim Financial Information based on our review. Scope of Review

We conducted our review in accordance with the International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" as specified by Greek Auditing Standards. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Greek Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying Interim Financial Information as at 30 June 2007 is not prepared, in all material respects, in accordance with International Financial Reporting Standards adopted by the European Union applicable to Interim Financial Information (IAS 34).

Matter of emphasis

Without qualifying our review report, we draw attention to note 11 to the attached Interim Financial Information that explains that the tax obligations of the Group have not yet been audited by the tax authorities for certain years and accordingly its tax obligations for those years are not considered final. The outcome of a tax audit can not presently be determined.

Athens, 28 August 2007

SOL A.E. Certified Auditors ΚPMG Kyriacou Certified Auditors Α.Ε.

Vasileos D. Papageorgakopoulos Nick Vouniseas Certified Auditor Accountant Certified Auditor Accountant

AM SOEL 11681 AM SOEL 18701