Elgeka S.A.

Quarterly Report • Sep 24, 2015

" E L G E K A Α. Ε. "

TRADE - DISTRIBUTIONS - REPRESENTATIONS - INDUSTRY

REG. No 8649 / 06 / Β / 86 / 45

HEAD OFFICE: OLΥMPOU 32 - 57009 - KALOHORI - THESSALONIKI SUMMARY FINANCIAL DATA & INFORMATION FOR THE PERIOD 1 January 2008 - 31 March 2008

According to the Board of Directors' Decision 6/448/11.10.2007 of the Stock Exchange Committee

BALANCE SHEET (consolidated and stand alone) amounts in thousand Euros		CASHFLOW (consolidated and stand alone) amounts in thousand Euros
	GROUP 31.03.2008	31.12.2007	COMPANY 31.03.2008	31.12.2007	INDIRECT METHOD	GROUP 01.01-31.03.2008 01.01-31.03.2007 01.01-31.03.2008 01.01-31.03.2007		COMPANY
ASSETS					Operating activities
Tangible fixed assets	76.287	77.126	20.321	20.359	Profit before taxes (continuing operations)	241	198	1.865	456
Investment property	34.762	35.551	4.171	4.171	Add/less adjustments for:
Intangible assets Other non current assets	18.837 9.694	19.103 9.948	1.297 29.798	1.336 29.317	Depreciation Provisions	1.429 263	812 287	330 17	301 25
Inventories	28.096	29.346	10.109	11.166	Exchange differences	48	15	3	0
Trade receivables	99.120	91.829	55.598	47.667	Amortisation of grants	(134)	(31)	0	0
Other current assets	19.738	21.931	5.170	7.456	Results (income, expense, gains & loss) of investing activities	(46)	312	(275)	(18)
Non current assets available for sale	775	1.054	730	1.009	Interest expense & similar charges	1.824	742	281	165
TOTAL ASSETS	287.309	285.888	127.194	122.481
					Changes in working capital
LIABILITIES					Decrease / (increase) in inventories	1.169	1.427	1.058	2.189
Long-term borrowings	20.531	19.916	0	0	Decrease / (increase) in receivables	(5.678)	(3.788)	(5.229)	(4.782)
Provisions / Other long-term liabilities	18.257	18.844	688	639	(Decrease) / increase in payables (except banks)	(6.020)	1.567	(4.343)	37
Short-term borrowings	91.975	84.008	20.832	13.542	Less:
Other current liabilities	76.456	82.821	42.162	46.302	Interest expense & similar charges paid	(1.833)	(763)	(311)	(183)
Total liabilities ( a )	207.219	205.589	63.682	60.483	Income taxes paid	(167)	(105)	(101)	(21)
Share capital	51.287	51.287	51.287	51.287	Total inflow / (outflow) from
Other accounts related to Shareholders´ Equity	12.321	11.992	12.225	10.711	operating activities ( a )	(8.904)	673	(6.705)	(1.831)
Total Shareholders´ Equity attributable to Shareholders of the Parent Company ( b )	63.608	63.279	63.512	61.998
Minority interests ( c )	16.482	17.020	0	0
Total Shareholders´ Equity ( d ) = ( b ) + ( c )	80.090	80.299	63.512	61.998	Investing activities

GROUP COMPANY INDIRECT METHOD GROUP COMPANY 31.03.2008 31.12.2007 31.03.2008 31.12.2007 01.01-31.03.2008 01.01-31.03.2007 01.01-31.03.2008 01.01-31.03.2007 Changes in working capital TOTAL SHAREHOLDERS´ EQUITY AND LIABILITIES ( e ) = ( a ) + ( d ) 287.309 285.888 127.194 122.481 Increase in share capital of subsidiaries / acquisition of associates 0 0 (492) (1.328) Proceeds from sale of subsidiaries and associates 87 180 11 0 INCOME STATEMENT (consolidated and stand alone) amounts in thousand Euros Proceeds from sale of available for sale financial assets 550 0 550 0 Purchase of tangible and intangible assets (777) (1.553) (253) (215) GROUP COMPANY Proceeds from sales of tangible and intangible assets 54 20 0 20 01.01-31.03.2008 01.01-31.03.2007 01.01-31.03.2008 01.01-31.03.2007 Purchase of investment property (204) (17) 0 0 Proceeds from sale of investment property 73 46 0 0 Repayment of loans (22.106) (39.781) 0 (8.950) Financing activities ( c ) 8.445 1.828 7.328 3.400 and cash equivalents ( a ) + ( b ) + ( c ) (630) 1.197 442 46 GROUP COMPANY Cash and cash equivalents at the beginning of the year 7.451 6.801 302 1.827 31.03.2008 31.03.2007 31.03.2008 31.03.2007 Exchange differences in cash and cash equivalents (105) 14 0 0

INCOME STATEMENT (consolidated and stand alone) amounts in thousand Euros					Proceeds from sale of available for sale financial assets	550	0	550	0
					Purchase of tangible and intangible assets	(777)	(1.553)	(253)	(215)
	GROUP		COMPANY		Proceeds from sales of tangible and intangible assets	54	20	0	20
	01.01-31.03.2008 01.01-31.03.2007 01.01-31.03.2008 01.01-31.03.2007				Purchase of investment property	(204)	(17)	0	0
					Proceeds from sale of investment property	73	46	0	0
Sales	77.370	60.753	36.583	33.621	Proceeds from grants of tangible assets	(2)	0	0	0
Gross profit/(loss)	15.511	12.272	8.368	7.107	Interest received	44	20	0	0
Profit/(loss) before taxes, financing, investing					Dividents received	4	0	3	0
activities & depreciation	1.827	931	1.872	605	Total inflow / (outflow) from
Profit/(loss) before taxes	241	198	1.865	456	Investing activities ( b )	(171)	(1.304)	(181)	(1.523)
Profit/(loss) after taxes from continuing operations	368	178	1.514	389
Distributed to :
Company's shareholders	774	423	0	0	Financing activities
Minority interests	(406)	-245	0	0	Proceeds from minority interests (increase in share capital)	105	410	0	0
Earnings per share (after taxes) - basic (in Euro)	0,02	0,01	0,05	0,01	Proceeds from loans	30.327	41.206	7.328	12.350
					Repayment of loans	(22.106)	(39.781)	0	(8.950)
Profit/(loss) before taxes, financing, investing					Payment of leasing liabilities	119	(7)	0	0
activities & depreciation	3.122	1.712	2.202	906	Total inflow / (outflow) from
					Financing activities ( c )	8.445	1.828	7.328	3.400
STATEMENT OF CHANGES IN EQUITY (consolidated and stand alone) amounts in thousand Euros					Net increase / (decrease) in cash
					and cash equivalents ( a ) + ( b ) + ( c )	(630)	1.197	442	46
	GROUP		COMPANY		Cash and cash equivalents at the beginning of the year	7.451	6.801	302	1.827
	31.03.2008	31.03.2007	31.03.2008	31.03.2007	Exchange differences in cash and cash equivalents	(105)	14	0	0
Equity at the beginning of the period					Cash and cash equivalents at the end of the year	6.716	8.012	744	1.873
(01.01.2008 and 01.01.2007 respectively)	80.299	77.288	61.998	63.519
Profit / (loss) for the period, after taxes
(from continuing operations)	368	178	1.514	389	9. Investment in fixed assets that took place from Parent Company and the Group during the first quarter of 2008 amounted to Euro 253 thousand

Total	80.667	77.466	63.512	63.908	(31.03.2007: Euro 215 thousand) and Euro 981 thousand respectively (31.03.2007: Euro 1.570 thousand).
Net gains and losses recognised directly in equity	(892)	137	0	(48)	10. Earnings per share (EPS) calculated using the weighted average number of ordinary shares excluding the 117.300 treasury shares (which continues to be
Difference in the percentage of ownership in subsidiaries due to sale to third parties	210	0	0	0	in the possession of the Parent Company until the date of disclosure) outstanding during first quarter of 2008.
Increase / (decrease) in share capital of subsidiaries	105	410	0	0	11. According to Codified Law 2190/1920 article 16 par. 5 and following and in respect of the Annual General Assembly dated 27/06/2005, the Parent Company
Equity at the end of the period					acquired 117.300 treasury shares for the amount of Euro 139 thousand during the period from 02/06/2006 till 20/06/2006.
(31.03.2008 and 31.03.2007 respectively)	80.090	78.013	63.512	63.860	12. a. During the first quarter of 2008, the company DIAKINISIS S.A. was incorporated for the first time (in comparison to prior year's respective period),

based on the fact that on 25/07/2007 the subsidiary company (with participation percentage 99,99%) named "LOGISTICS SERVICES HELLAS S.A. - Trade and

ADDITIONAL DATA AND INFORMATION Distribution Company in respect of third parties" acquired 100% of shares of the company named "DIAKINISIS - Storage - Distribution - Packing", acquiring the total 1. The consolidated financial statements as of 31 March 2008 include, apart from Parent Company ELGEKA S.A., the companies presented in note 1 of Interim number of shares. Following the above mentioned, the company DIAKINISIS S.A. absorbed the company "LOGISTICS SERVICES HELLAS S.A." under

Financial Statements. The note also contains information regarding the name and country of registered office of the companies, the participation percentage Law 2166/1993, with transition date as of July 1st, 2007.

(direct and indirect) of Parent Company into their share capital, as well as the consolidation method. b. The Company GALACO S.A. (former HERO HELLAS S.A.), that was consolidated until 28/11/2007 with equity method with participation percentage 30%, 2. The accounting principles applied are the same with the ones applied for the preparation of the annual Financial Statements for the year ended on was not consolidated as of 31 March 2008 as the Group's participation percentage was reduced to 13,48% due to the fact that the Group did not 31 December 2007. participate in its share capital increase.

3. The Parent Company's accounting books and records have not been audited by the tax authorities since 2006. The unaudited by tax authorities for each of the c. The sale of 70% of CERA VILLA DESIGN SRL from ELGEKA FERFELIS ROMANIA SRL to SC GATEDOOR HOLDINGS SRL was finalised on 14/01/2008 companies included into Consolidated Financial Statements are analytically presented into note 5 of Interim Financial Statements. (corporate form was changed from SRL to SA on 23/04/2008) , while the Group's indirect participation percentage was set at 35,01% (36,89% before).

4. There are no encumbrances on the fixed assets of the Parent Company, while there are mortgages as of 31 March 2008 on the buildings of subsidiaries d. On 14/02/2008 ELGEKA S.A. disposed of the 51 shares (Euro 210 each) of SAMBROOK PHARMA PHARMACEUTICALS LTD amounting to Euro 23.679 thousand as security for loans. (participation percentage 51%) to SAMBROOK PHARMACEUTICALS S.A. for the amount of Euro 11 thousand. In addition, on 14/01/2008 "SAMBROOK

5. There is no pending litigation that could materially affect the financial position of the Company and the Group. The amount of provision for unaudited tax years PHARMACEUTICALS S.A." acquired from the other partner the rest 49% (49 shares Euro 210 each) for the amount of Euro 10 thousand and as of 31 March 2008 amounts to Euro 695 thousand for the Group and to Euro 205 thousand for the Parent Company. resulting in participation percentage of 100%. Finally, its corporate form was modified from Limited Liability Company to Sole Limited Liability Company.

6. The number of employees of the Group as at 31/03/2008 is 1.920 and of the Company is 250 (31/03/2007: Group 1.288 and Company 238 respectively) 13. During the current period, expenses regarding translation reserves of foreign subsidiaries' financial statements amounting to Euro 892 thousand 7. During the first quarter of 2008, the Group disposed of its interests (financial assets available for sale) in XRISA AVGA S.A., for the amount of were registered directly to equity, as well as income amounting to Euro 210 thousand regarding the increase of minority interest resulting from disposal of Euro 550 thousand and resulted in gain of Euro 272 thousand. The Group also disposed of part of its participation percentage (2,61%) to ELGEKA FERFELIS participation percentage (2,61%) of existing subsidiary to minority. ROMANIA S.A. (from 52,63% the participation percentage is 52,02%) resulting in loss of Euro 88 thousand (The cost of the disposal was Euro 87 thousand). 14. On 21/04/2008 and 22/04/2008 the Parent Company paid the amount of Euro 802,50 thousand and 1.400 thousand, due to full participation in share capital 8. All activities (sales and expenses) aggregating from the beginning of the period as well as receivable and payable balances of the parent Company and the Group increases of the subsidiaries "SAMBROOK PHARMACEUTICALS S.A." and "MEDIHELM PHARMAC. WHOLESALE STORE S.A." respectively, after decisions of their in the end of the current period, created from transactions with related companies, as these are defined in IAS 24, indicating the total amount of Special General Assemblies dated on 01/04/2008, with the intention of reduction of prior years' losses. As a concequence, the direct participation percentage compensation to key management personnel and members of directors, their transactions, as well as their receivables and payables, are given below: of ELGEKA S.A. to these companies is as follows:

a. The participation percentage of SAMBROOK PHARMACEUTICALS S.A. from 45% is 91,34% and

GROUP COMPANY b. The participation percentage of MEDIHELM PHARMAC. WHOLESALE STORE S.A. from 51% is 91,54%.

a) Income - 37 b) Expenses 3 144 c) Receivables - 31

d) Payables	-	104
e) Key management personnel and members of the board compensation	520	520
f) Receivables from key management personnel and members of the board	17	17
g) Payables to key management personnnel and members of the board	17	17
				Translation Note: A Greek "anonymos eteria" (AE) is broadly similar to a French "societe anonyme" or a German "Aktiengesellschaft" and a Greek "omorythmi eteria" (OE) is broadly similar to a French "societe en nom collectif" or a German "offene Handelsgesellschaft".
				Thessaloniki, May 29, 2008
			CHAIRMAN OF THE B. OF D.	DEPUTY MANAGING DIRECTOR	ACCOUNTING DPT. SUPERVISOR
			AND MANAGING DIRECTOR	& FINANCE DIRECTOR
			ALEXANDROS KATSIOTIS ID.No. X 232184 / 01	GEORGIOS PACHIS ID No : ΑΕ 500492 / 07	KONSTANTINOS MEINTANIS Tax Reg.No: 030961080 Tax Auth.:Z' THESSALONIKIS Acc.Reg.No:0017678 Class: A'

The financial data and information presented below provide a general overview of the financial position and results of the Group and ELGEKA A.E. Trade - Distributions - Representations - Industry. Therefore, it is recommemded to any reader, before proceeeding to any investment decision or other transaction with the company, to visit the company's website (www.elgeka.gr) where the Interim Financial Statements prepared in accordance with the International Financial Reporting Standards, are published, together with the review report of certified auditors - accountants whenever is required.

Website: www.elgeka.gr Date of approval of the Interim Financial Statements of the 1st quarter: 29 May 2008