Plaisio Computers S.A.

Interim / Quarterly Report • Sep 28, 2015

PLAISIO COMPUTERS S.A.

INTERIM FINANCIAL REPORTS JANUARY 1st to MARCH 31st 2008

According to International Financial Reporting Standards

Τhe attached Interim Financial Statements account for those that were approved by the Board of Directors of «PLAISIO COMPUTERS S.A.» on the18th of April 2008 and were re-approved on May 13th 2008 and have been posted on the company's web site www.plaisio.gr.

C ONTENTS

	Income Statement ……………………………………………………………………….3

Balance Sheet Statement ……………………………………………………………….5

Statement of Changes in Net Equity ………………………………………………….6
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Cash Flow Statement ……………………………………………………………………7
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Notes to the Interim Financial Statements according to IFRS ………………….8

Income Statement Q4

(Figures in thousand €)

		THE GROUP		THE COMPANY
	Note	01/01–31/03/08	01/01–31/03/07	01/01–31/03/08	01/01–31/03/07
Turnover	3.24	107.159	91.443	106.771	90.826
Cost of Sales		(86.926)	(74.391)	(86.876)	(73.911)
Gross Profit		20.233	17.052	19.894	16.915
Other operating income		113	12	113	12
Distribution/Selling expenses		(14.201)	(11.602)	(13.970)	(11.426)
General Administrative
expenses		(1.770)	(1.895)	(1.687)	(1.813)
Other expenses		(207)	(154)	(238)	(204)
ΕΒΙΤ		4.168	3.413	4.113	3.484
Financial Income		164	112	162	110
Financial expenses		(898)	(679)	(889)	(675)
Profit / (loss) from associates		29	26	-	-
Earnings before taxes		3.462	2.872	3.386	2.919
Income taxes	3.25	(971)	(806)	(969)	(810)
Earnings after taxes		2.491	2.066	2.417	2.109
Distributed to:
Parent Company's
shareholders		2.491	2.066	2.417	2.109
Minority interest		0	0	-	-
Basic earnings per share	3.23	0,11	0,09	0,11	0,10
EBITDA		4.873	4.288	4.798	4.339

The notes on the accounts are an indispensable part of the attached financial statements.

Balance Sheet Statement

(Figures in thousand €)

		THE GROUP			THE COMPANY
Assets		31/03/2008	31/12/2007	31/03/2008	31/12/2007
	Note
Non current assets
Tangible fixed assets	3.1	26.994	25.882	26.859	25.731
Intangible fixed assets	3.1	415	411	409	402
Down payments for fixed assets	3.1	270	270	270	270
Investments in subsidiaries	3.2	0	0	1.057	1.057
Investments in associates	3.3	1.583	1.554	1.299	1.330
	3.4
Other investments		442	442	442	442
Deferred tax assets	3.14	1.258	960	1.186	887
Other non current assets	3.5	722	703	714	695
		31.684	30.222	32.237	30.814
Current assets
Inventories	3.6	60.106	63.524	58.545	62.359
Trade receivables	3.7	40.448	38.157	43.150	40.409
Other receivables	3.8	3.442	7.543	3.408	7.524
Financial Assets at fair value though Profit & Loss	3.9	0	6	0	6
Cash and cash equivalents	3.10	5.600	8.495	5.355	8.287
		109.596	117.724	110.458	118.585
		141.280	147.946	142.695	149.399
Total Assets
Shareholders' Equity and Liabilities
Shareholders' Equity
Share capital	3.11	7.066	7.066	7.066	7.066
Additional paid-in capital	3.11	11.961	11.961	11.961	11.961
Reserves retained from earnings		35.394	26.307	37.082	28.070
Dividends	3.12	29	6.624	29	6.624
		54.449	51.958	56.137	53.721
Long term liabilities
Long term banking liabilities	3.13	12.426	12.426	12.426	12.426
Deferred tax liabilities	3.14	0	0	0	0
Provision for pensions and similar commitments	3.15	394	370	394	370
Long term provisions	3.16	773	702	773	702
Other long term liabilities	3.17	0	42	0	42
		13.592	13.540	13.592	13.540
Short term liabilities
Suppliers and related liabilities	3.18	51.729	65.731	51.615	65.629
Tax liabilities		5.022	4.950	4.923	4.802
Short term banking liabilities	3.13	6.500	509	6.500	509
Short term provisions	3.16	475	475	475	475
Other short term liabilities	3.18	9.512	10.784	9.452	10.722
		73.238	82.449	72.965	82.137
Total Shareholders' Equity and Liabilities
		141.280	147.946	142.695	149.399

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 2007)	7.066	11.961	29.037	48.064
Dividends paid	0	0	0	0
Net profit / (losses) after taxes Net equity balance at the end of the	0	0	2.066	2.066
period (31st of March 2007)	7.066	11.961	31.103	50.130
Net equity balance at the beginning of the period (1st of January 2008)	7.066	11.961	32.930	51.957
Dividends paid	0	0	0	0
Net profit / (losses) after taxes Net equity balance at the end of the	0	0	2.491	2.491
period (31st of March 2008)	7.066	11.961	35.421	54.449

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 2007)	7.066	11.961	30.411	49.438
Dividends paid	0	0	0	0
Net profit / (losses) after taxes	0	0	2.109	2.109
Net equity balance at the end of the period (31st of March 2007)	7.066	11.961	32.520	51.547
Net equity balance at the beginning of the period (1st of January 2008)	7.066	11.961	34.693	53.720
Dividends paid	0	0	0	0
Net profit / (losses) after taxes	0	0	2.417	2.417
Net equity balance at the end of the period (31st of March 2008)	7.066	11.961	34.937

The notes on the accounts are an indispensable part of the attached financial statements.

Cash Flow Statement

(Figures in thousand €)

		THE GROUP	THE COMPANY
	01/01/08- 31/03/08	01/01/07- 31/03/07	01/01/08- 31/03/08	01/01/07- 31/03/07
Operating Activities
Profits before taxes	3.462	2.872	3.386	2.919
Plus / less adjustments for:
Depreciation / amortization	705	875	685	856
Devaluation of Investments	0	0	0	0
Provisions	24	18	24	68
Exchange differences	0	0	0	0
Results (income, expenses, profit and loss) from investing activities	(29)	(26)	0	0
Interest expenses and related costs	734	567	727	565
Plus/less adjustments for changes in working capital or related to operating activities
Decrease / (increase) in inventories	3.417	861	3.814	714
Decrease / (increase) in receivables	1.792	(514)	1.356	(440)
(Decrease) / increase in liabilities (except for banks) Less:	(15.270)	(3.407)	(15.254)	(3.468)
Interest charges and related expenses paid	(677)	(679)	(667)	(675)
Income taxes paid	(1.126)	(1.276)	(1.078)	(1.277)
Total inflows / (outflows) from operating activities (a)	(6.968)	(709)	(7.007)	(738)
Investing Activities
Acquisition of subsidiaries, affiliated companies, joint ventures and other investments	0	0	0	0
Purchase of tangible and intangible fixed assets	(2.089)	(1.434)	(2.085)	(1.430)
Earnings from sales of tangible, intangible fixed assets and other investments	7	0	7	0
Received interest	164	112	162	110
Received dividends	0	0	0	0
Total inflows / (outflows) from investing activities (b)	(1.918)	(1.322)	(1.916)	(1.320)
Financing Activities
Proceeds from share capital increase	0	0	0	0
Proceeds from issued loans	6.500	4.924	6.500	4.924
Payments of loans	(509)	(4.428)	(509)	(4.428)
Payments of financial leasing liabilities (capital installments)	0	0	0	0
Dividends paid	0	0	0	0
Total inflows / (outflows) from financing activities (c)	5.991	496	5.991	496
Net increase / (decrease) in cash and cash equivalents for the period (a) + (b) + (c)	(2.895)	(1.535)	(2.932)	(1.562)
Cash and cash equivalents at the beginning of the period	8.495	7.625	8.287	7.468
Cash and cash equivalents at the end of the period	5.600	6.090	5.355	5.906

The notes on the accounts are an indispensable part of the attached financial statements.

|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 and reapproved the financial statements for the period ending on March 31st 2007 on the 18th of April 2008 and on 13th of May 2008 respectively.

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 2007, 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 2007 have been observed in the annual financial statements of March 31st 2008.

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

The Group's structure on March 31st 2008 is analyzed as follows:

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

During Q1 2008 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 three main segments, office equipment, telecommunications and computer 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 Q1 2008, 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

PLAISIO COMPUTERS S.A. Notes to the Interim Financial Statements (01/01 – 31/03/2008)

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.

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

PLAISIO COMPUTERS S.A. Notes to the Interim Financial Statements (01/01 – 31/03/2008)

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, diluted 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.

2.19. Risk management policies

The company and the group are subject to a number of risks, as is the interest rate risk, the inventories risk and the credit and exchange rate risk:

INTEREST RISK

On March 31st 2008, the loans of the Company and of the Group are presented in note no 3.13 of the financial statements. The long term loans of the Company and of the Group, on March 31st 2008, was 12.426 th. €, from which 6.426 th. € refer to a common Bond loan of fixed interest rate from NBG, the remaining 6.000 th. € refer to a common Bond loan from Alpha Bank with a floating interest rate that is covered from a derivative. The short term loans of the company amounted to 6.500 th. € on 31/03/2008 (509 thousand € 31/12/2007), was contracted under a floating interest rate. The following table presents the sensitivity of the results of the period as well as the net equity to a change of the interest rate of +1% or -1%. The relevant influence is presented as follows:

Α) Interest Rate increase by 1%:

The results of the period as well as the Net Equity of the Group and of the Company, in this case, would decrease by 65 th. € and 5 th. € on 31/03/2008 and 31/12/2007 respectively.

Α) Interest Rate decrease by 1%:

The results of the period as well as the Net Equity of the Group and of the Company, in this case, would increase by 65 th. € and 5 th. € on 31/03/2008 and 31/12/2007 respectively.

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.

The Company and the Group make a provision concerning doubtful receivables, as it is analytically presented in note 3.7 of the Financial Statements. On March 31st 2008 the total balance of customers and other trade receivables was 41.782 th. € and 44.467 th. €, while the provision for doubtful receivables was 1.334 th. € and 1.316 th. € for the Group and for the Company respectively.

The debit balance of the Company Plaisio Computers JSC to the parent company PLAISIO COMPUTERS SA on 31/03/2008, amounted to 3,0 m. €. The management of PLAISIO COMPUTERS S.A. considers the aforementioned amount has no risk of non collection for the company, given that PLAISIO COMPUTERS JSC is controlled 100% from the Parent Company.

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. Furthermore, since the Group takes activity in a sector of high technology, where the risk of technical devaluation is extremely increased, the Management reviews the net realizable value of the inventory and forms the appropriate provisions so that their value in the financial statements coincides with the real one, as it is presented in note 3.6 of the financial reports. On 31/03/2008 the total amount of inventories was 64.558 th. € and 62.945 th. €, while the provision for devaluation was 4.453 th. € and 4.401 th. € for the Group and for the Company respectively.

FOREIGN EXCHANGE RISK

The foreign exchange risk is the risk of volatility of the value of financial assets, of assets and liabilities due to changes in the exchange rates. 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.

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 2008	18.765	10.888	10.069	4.043	33.965
Additions	195	248	1.334	46	1.823
Reductions	0	(3)	0	0	(3)
Transfers	0	1.011	(1.011)	0	0
Book value on March 31st 2008	18.959	12.143	10.393	4.089	45.584
Depreciations
Book Value on January 1st 2008	(5.672)	(8.167)	0	(3.632)	(17.471)
Additions	(327)	(337)	0	(41)	(705)
Reductions	0	1	0		1
Transfers	0	0	0	0	0
Book value on March 31st 2008	(5.999)	(8.503)	0	(3.673)	(18.175)
Remaining value on March 31st 2008	12.961	3.640	10.393	416	27.410
Remaining value on December 31st 2007	13.093	2.720	10.069	411	26.293

PLAISIO COMPUTERS S.A. Notes to the Interim Financial Statements (01/01 – 31/03/2008)

Tangible & Intangible Assets
	THE COMPANY
	Land & Buildings	Furniture & Other Equipment	Tangible Assets under construction	Intangible Assets	Total
Acquisition Cost
Book Value at January 1st 2008	18.765	10.570	10.069	4.002	43.405
Additions	195	247	1.334	46	1.823
Reductions	0	(3)	0	0	(3)
Transfers	0	1.011	(1.011)	0	0
Book value at March 31st 2008	18.959	11.825	10.393	4.048	45.225
Depreciations
Book Value at January 1st 2008	(5.672)	(8.001)	0	(3.600)	(17.272)
Additions	(327)	(320)	0	(38)	(685)
Reductions	0	1	0		1
Transfers	0	0	0	0	0
Book value at March 31st 2008	(5.999)	(8.319)	0	(3.638)	(17.956)
Remaining value at March 31st 2008	12.961	3.506	10.393	410	27.269
Remaining value at December 31st 2007	13.093	2.569	10.069	402	26.133

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.).

The total acquisition of fixed assets of the Group and the Company for the Q1 of 2008 amount to 1.823 thousand € and 1.823 thousand € respectively, while the down payments to acquire fixed assets for the Group and the Company on March 31st 2008 amounted to 270 thousand € and 270 thousand € respectively.

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 March 31st 2008 and December 31st 2007 was:

Participation of parent company in subsidiaries	31/03/2008	31/12/2007
PLAISIO COMPUTERS JSC	1.057	1.057

3.3. Participations in affiliated companies

(Figures in thousand €)

The participation in affiliated companies on March 31st 2008 and December 31st 2007 is analyzed as follows:

Participation in affiliated companies	THE GROUP		THE COMPANY
	31/03/2008	31/12/2007	31/03/2008	31/12/2007
PLAISIO Estate S.A.	1.297	1.297	1.087	1.087
ELNOUS S.A.	21	21	282	282
PLAISIO Estate J.S.C.	236	236	212	212
	1.554	1.554	1.581	1.581
Minus: Provision for devaluation	0	0	(282)	(250)
(ELNOUS)
	1.554	1.554	1.299	1.331

The participation in affiliated companies is presented at cost in the Company's financial statements. The management created provision for devaluation of 32 thousand € for the investment in Elnous S.A., 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 March 31st 2008 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 March 31st 2008 are analyzed as follows:

Other long-term investments	THE GROUP		THE COMPANY
	31/03/2008	31/12/2007	31/03/2008	31/12/2007
High-tech Park Acropolis Athens S.A.	411	411	411	411
High-tech Park Technopolis Thessalonica S.A.	19	19	19	19
Interaction Connect S.A.	12	12	12	12
	442	442	442	442

The participation of the company in the above companies on March 31st 2008 was:

	Percentage of Participation	Country of 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 March 31st 2008 are analyzed as follows:

Other non-current assets	THE GROUP		THE COMPANY
	31/03/2008	31/12/2007	31/03/2008	31/12/2007
Long-term guarantees	721	703	714	695
Other non-current receivables	0	0	0	0
	721	703	714	695

3.6. Inventories

(Figures in thousand €)

The Group and Company's inventories on March 31st 2008 are analyzed as follows:

Inventories	THE GROUP		THE COMPANY
	31/03/2008	31/12/2007	31/03/2008	31/12/2007
Inventories of merchandise	59.195	61.962	57.582	60.744
Inventories of finished products	19	15	19	15
Inventories of raw materials	90	111	90	111
Inventories of consumables	596	567	596	567
Down payments to vendors	4.658	4.554	4.658	4.554
	64.558	67.209	62.945	65.991
Minus: Provision for devaluation	(4.453)	(3.685)	(4.401)	(3.632)
Net realizable value of inventories	60.106	63.524	58.544	62.359

The provision for devaluation of inventories refers to slow-moving stock and technologically depreciated stock to be destroyed. In Q1 2008, the results of the Group and the Company have been aggravated by a provision for devaluation of stock in the net realizable value of 830 thousand € and 778 thousand € respectively. This provision is re-evaluated at every date of the balance sheet, since the company trades high technology products and the risk of obsolescence is high.

3.7. Trade and other receivables

(Figures in thousand €)

The Group and Company's trade and other receivables on December 31st 2007 are analyzed as follows:

Trade and other receivables	THE GROUP		THE COMPANY
	31/03/2008	31/12/2007	31/03/2008	31/12/2007
Receivables from subsidiaries	0	0	2.963	2.498
Trade receivables – credit cards	36.152	33.425	35.874	33.149
Cheques and bills receivables	5.630	5.817	5.630	5.817
	41.782	39.242	44.467	41.464
Minus: bad debt provision	(1.334)	(1.085)	(1.316)	(1.055)
	40.448	38.157	43.150	40.409

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 no danger of non-collecting the receivables from the customers of these categories. In 2008, the results of the Group and the Company have been aggravated by a provision for bad debt of 280 thousand € and 262 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:

PLAISIO COMPUTERS S.A. Notes to the Interim Financial Statements (01/01 – 31/03/2008)

Other short-term receivables	THE GROUP		THE COMPANY
	31/03/2008	31/12/2007	31/03/2008	31/12/2007
Income tax assets	0	0	166	0
Deferred expenses	0	481	212	469
Other short-term receivables	3.441	7.062	3.030	7.055
	3.441	7.543	3.408	7.524

All the above receivables are short-term and there is no need to discount them at the date of the balance sheet. The difference in other receivables between the two periods is due to the fact that in this figure in 31/12/2007, part of the assured receivable from insurance companies for reimbursement for 4.047 thousand was included due to a fire that broke out in a warehouse of the company in October 2007. The collection of the reimbursement was concluded within Q1 2008.

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 company sold these financial assets within Q1 2008.

Financial Assets Valuated at fair value through the Profit & Loss Statement	THE GROUP		THE COMPANY
	31/03/2008	31/12/2007	31/03/2008	31/12/2007
Balance at the beginning of the period	8	8	8	8
Additions	0	0	0	0
Sales	(8)	0	(8)	0
Revaluations of fair value	0	(2)	0	(2)
Balance at the end of the period	0	6	0	6

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 March 31st 2008 and December 31st 2007 respectively was:

Cash and cash equivalents	THE GROUP		THE COMPANY
	31/03/2008	31/12/2007	31/03/2008	31/12/2007
Cash in hand	366	360	304	272
Short-term bank deposits	5.235	6.835	5.052	6.715
Short-term bank time deposits	0	1.300	0	1.300
	5.600	8.495	5.355	8.287

3.11. Share capital and difference above par

The share capital of the company is analyzed as follows:

	Number of shares	Par Value	Share capital	Above par	Total
1st of January 2008	22.080.000	0,32	7.065.600	11.961.185	19.026.785
31st of March 2008	22.080.000	0,32	7.065.600	11.961.185	19.026.785

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 traded at the Athens Stock Exchange.

3.12. Dividends

(Figures in thousand €)

On January 25th 2008 the Board of Directors of PLAISIO COMPUTERS S.A. proposed the distribution of dividend of total value € 6.624 thousand (0,30 € per share) from the profits of the fiscal year 2007, 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 2007, after the approval of the General Shareholders' Meeting; it will be transferred from the Net Equity to other short-term liabilities.

3.13. Banking liabilities

(Figures in thousand €)

The banking liabilities of the Group and of the Company on March 31st 2008 are analyzed as follows:

Banking liabilities		THE GROUP		THE COMPANY
	31/03/2008	31/12/2007	31/03/2008	31/12/2007
Long-term banking liabilities
Non convertible bond loans	12.426	12.426	12.426	12.426
Total long-term banking liabilities	12.426	12.426	12.426	12.426
Short-term banking liabilities
Banking loans	6.500	509	6.500	509
Total short-term banking liabilities	6.500	509	6.500	509
Total banking liabilities	18.926	12.935	18.926	12.935

The due date of the total loans of the Group and of the Company is:

	Up to 2 years	Between 2 and 5 years	Over 5 years	Total
Balance 31/12/2007	1.151	7.928	3.856	12.935
Balance 31/03/2008	7.464	7.928	3.534	18.926

The long term bank loans that appear in the financial statements of the Group and of the Company refer to:

• 1. 12year Bond Loan, non-convertible to stocks from the National Bank of Greece S.A.
• 1. 5-year Bond Loan, non-convertible to stocks from the Alpha Bank S.A.

3.14. Differed income tax

(Figures in thousand €)

Based on the current tax law, for the period 2007 and on, 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
	31/03/2008	31/12/2007	31/03/2008	31/12/2007
Deferred tax liabilities
Depreciation of tangible and intangible assets	(703)	(729)	(703)	(728)
Other	0	0	0	0
Deferred tax assets
Bad debt provision	337	271	329	263
Provisions for pensions and similar commitments	98	92	98	92
Provisions for devaluation-destruction of inventories	1.105	913	1.100	908
Other provisions	362	352	362	352
Prior year losses	61	61	0	0
	1.260	960	1.186	887

3.15. Provisions for pensions and similar commitments

(Figures in thousand €)

The company, for the period 2008, had an independent actuarial study done on personnel compensation. The provision for pensions and similar commitments for the first 12month period of 2008, based on the aforementioned studies was:

Provisions for pensions and similar commitments	Q1 2008
Opening balance	370
Provision for the year	24
Minus: reversed provisions	0

Closing balance 394

The main actuarial principals used were:

Actuarial assumptions
Discount rate	4,3%
Rate of compensation increase	4%
Average future working life	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 (31/12/2007) and the estimated time of payment of benefits, it was estimated that the weighted average interest rate was 4,3%.

3.16. Provisions

(Figures in thousand €)

The balances of accounts of provisions for the Group and the Company on December 31st 2007 are analyzed respectively as follows:

Provisions	THE GROUP		THE COMPANY
	Note	31/03/2008	31/12/2007	31/03/2008	31/12/2007
Long-term provisions
Provision for un-audited tax periods	(a)	633	562	633	562
Provision for bringing the stores in their primary
condition according to the lease contracts	(b)	140	140	140	140
Total long-term provisions		773	702	773	702
Short-term provisions
Provision for copyrights	(c)	27	27	27	27
Provision for computer guarantees	(d)	448	448	448	448
Total short-term provisions		475	475	475	475

(a). The Company had formed a provision of € 633 thousand, in order to cover the event of additional taxes in case of audit from the tax authorities for the unaudited periods. 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.

(c). The company in 2007 a provision was formed concerning neighbouring rights for the recorded music in the stores, this provision did not change in 31/03/2008.

(d). The Company has formed provision of total amount of € 448 thousand for computer guarantees given to its customers. The provision is revaluated at the end of each fiscal year.

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 2007 was € 42 thousand. The company due to the change in the collection policy of receivables from credit cards, considered the above mention amount nonsignificant and reversed the provision.

3.18. Suppliers and related short-term liabilities

(Figures in thousand €)

Suppliers and related short-term liabilities on March 31st 2008 are analyzed as follows:

Suppliers and related short-term liabilities	THE GROUP		THE COMPANY
	31/03/2008	31/12/2007	31/03/2008	31/12/2007
Trade payables	51.729	65.731	51.615	65.629
Advance payments	1.688	1.825	1.688	1.817

Dividends payable	176	176	176	176
Deferred income	0	0	0	0
Social security liabilities	718	1.461	718	1.461
Other short-term liabilities
	6.930	7.322	6.870	7.268
	61.241	76.515	61.067	76.351

PLAISIO COMPUTERS S.A. Notes to the Interim Financial Statements (01/01 – 31/03/2008)

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 31.03.2008

		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.	-	0	0	1.621	0	1.621
PLAISIO Estate S.A.	330	-	0	0	0	330
ELNOUS S.A.	0	0	-	0	0	0
PLAISIO COMPUTERS J.S.C.	2	0	0	-	0	0
PLAISIO Estate JSC	0	0	0	37	-	37
Total	332	0	0	1.658	0	1.988

Intra-company transactions 31.03.2007

Intra-company sales		Intra-company purchases

PLAISIO COMPUTERS S.A.

Notes to the Interim Financial Statements (01/01 – 31/03/2008)

	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	720	0	720
PLAISIO Estate S.A.	298	-	0	0	0	298
ELNOUS S.A.	0	0	-	0	0	0
PLAISIO COMPUTERS J.S.C.	0	0	0	-	0	0
PLAISIO Estate JSC	0	0	0	36	-	36
Total	298	0	0	756	0	1.054

Intra-company receivables – liabilities 31.03.2008

	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	2.963	0	2.963
PLAISIO Estate S.A.	27	-	0	0	0	27
ELNOUS S.A.	0	0	-	0	0	0
PLAISIO COMPUTERS J.S.C.	0	0	0	-	0	0
PLAISIO Estate JSC	0	0	0	0	-	0
Total	27	0	0	2.963	0	2.990

Intra-company receivables – liabilities 31.03.2007
Intra-company liabilities

Intra-company receivables	PLAISIO COMPUTERS S.A.	PLAISIO ELNOUS Estate S.A. S.A.		PLAISIO COMPUTERS J.S.C.	PLAISIO Estate J.S.C.	Total
PLAISIO COMPUTERS S.A.	-	0	0	2.169	0	2.169
PLAISIO Estate S.A.	32	-	0	0	0	32
ELNOUS S.A.	0	0	-	0	0	0
PLAISIO COMPUTERS J.S.C.	0	0	0	-	15	15
PLAISIO Estate JSC	0	0	0	0	-	0
Total	32	0	0	2.169	15	2.216

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

The transactions with the members of the Board of Directors and the Management from the beginning of the period are analyzed as follows:

PLAISIO COMPUTERS S.A. Notes to the Interim Financial Statements (01/01 – 31/03/2008)

Transactions with members of the Board of Directors and Key Managers	01/01 – 31/12/2008
	The Group	The company
Transactions with members of the Board of Directors and Key Managers	151	151
Claims to members of the Board of Directors and Key Managers	32	32
Liabilities to members of the Board of Directors and Key Managers	0	0
	183	183

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.	2006-2007
PLAISIO Estate S.A.	2003 - 2004 – 2005 – 2006 - 2007
ELNOUS S.A.	2007
PLAISIO COMPUTERS J.S.C.	2004 – 2005 – 2006 -2007
PLAISIO Estate JSC	2004 – 2005 – 2006 - 2007

3.21. Number of personnel

The Group and the Company's employed personnel on March 31st 2008 were 1.448 and 1.395 employees respectively. On March 31st 2007 of the Group and the Company's employed personnel were 1.241 and 1.203 employees respectively.

3.22. Post balance sheet events

There are no post balance sheet events, concerning the Group or the Company, which require the restatement of the Financial Statements, according to the IFRS.

3.23. Profit per Share

Profit per share is calculated with the weighted average of the issued shares of the company on March 31st 2008, which were 22.080.000 shares (December 31st 2006 – 22.080.000 shares).

3.24. Segment reporting

(Figures in thousand €)

The segment results of the Group are analyzed as follows:

	Segment reporting
01.01.08 – 31.03.08	Office equipment	Computer and digital equipment	Telecom equipment	Non specified	Total
Sales	29.349	68.538	8.900	372	107.159
Operating profit / (loss)	1.507	2.111	396	70	4.084
Other income					113
Finance cost					(735)
Income tax expense					(971)
Profits / (losses) after taxes					2.491

	Segment reporting
01.01.07 – 31.03.07	Office	Computer and	Telecom	Non	Total
	equipment	digital equipment	equipment	specified
Sales	27.213	55.551	8.262	417	91.443
Operating profit / (loss)	1.332	1.629	376	75	3.413
Other income					(541)
Finance cost					(806)
Income tax expense					2.066

3.25. Income tax expense

(Figures in thousand €)

The income tax expense, according to the current income tax rates on March 31st 2008, is analyzed as follows:

Income tax expense	THE GROUP		THE COMPANY
	31/03/2008	31/03/2007	31/03/2008	31/03/2007
Income tax expense	1.198	1.223	1.198	1.223
Deferred income tax	(298)	(488)	(299)	(484)
Tax Audit Differences	0	0	0	0
Provision for un-audited tax periods	71	71	71	71
	971	806	970	810

3.26. Accounting policies and estimations

All the fundamental accounting principles of the financial statements of December 31st 2007 have been observed in the annual financial statements of March 31st 2008.

Athens, 14th of May 2008

& Managing Director

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

George Gerardos Konstantinos Gerardos Filippos Karagounis Α.Δ.Τ. Ν 318959 Α.Δ.Τ. AE632801 Α.Δ.Τ. Π 706801

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.