Villars Holding S.A.

Annual / Quarterly Financial Statement • Sep 24, 2015

AXON HOLDINGS S.A.

S.A. Registry Number: 16226/06/B/87/17 COMPANY ADDRESS: ERMOU 2, ATHENS

Financial Data and Information for the period from 1January to 30 June 2008, according to the decision 6/448/11.10.2007 of the Board of Directors of the Capital Market Committee The following financial data and information arising from the financial statements, aim at providing a general view of the financial position and the results of the Group and the Company AXON HOLDINGS S.A. We therefore rec users, before making any investment decision or proceeding to any transcaction with the Company, to refer to its internet website, where its financial statements in accordance with International Financial Reporting Standar

together with the review report of the independent auditor, when required.
COMPANY INFORMATION					INCOME STATEMENT
Website: www.axonholdings.gr. Approval date of the quarterly financial statements					(Amounts in thousands of $\epsilon$ ) GROUP COMPANY
of the Board of Directors: 26 August 2008 Vrasidas Sp. Damilakos, S.O.E.L. R.N. 22791						$1/1 -$	$1/1 -$	$1/4-$	1/4-	$1/1-$	$1/1-$	$1/4-$	1/4
Independent Auditor: Auditing Firm:	BDO PROTYPOS HELLENIC AUDITING Co S.A.				Sales	30/06/08 129.380	30/06/07 104.519	30/06/08 69.689	30/06/07 50.906	30/06/08 30/06/07 2.985	n	30/06/08 30/06/07 1.367	0
Auditor's review type:	Unqualified opinion - emphasis matters				Gross profit	26.155	22.963	14.692	11.285	753	0	458	0
					Earnings before taxes, financing and
BALANCE SHEET as of 30th June 2008					investing results Results before income taxes	11.263 (14.140)	10.849 22.856	6.352 (2.621)	5.292 14.410	602 9.071	(74) 2.477	447 9.365	(73) 2.587
	(Amounts in thousands of €)				Results after income taxes	(14.049)	17.936	(4.853)	12.301	7.134	2.409	7.364	2.531
ASSETS	GROUP 30-06-08	31-12-07	COMPANY 30-06-08	31-12-07	Attributable to: Company shareholders	(8.976)	9.785	(3.505)	7411	7.134	2.409	7.364	2.531
Owner - occupied tangible assets	354.796	333.959	33.733	39.399	Minority shareholders	(5.074)	8.151	(1.348)	4.889	0	0	0	0
Investment property Intangible assets	961 134.408	961 116.444	6.610 12.199	6.610 11.782	Basic earnings/(losses) per share (in Euro €)		0,3411	(0,0915)	0,2583	0.1769	0,0765	0,1826	0,0803
Other non current assets	38.387	39.428	114.148	107.566	Earnings before taxes.	(0, 2344)
Inventories	24.300	25.650	1.485	1.118	financing results, investing results
Trade and other receivables Other current assets	114.485 180.079	95.785 198.140	1.052 7.681	2.229 1.104	and depreciation	18.375	16.699	9.856	8.257	975	(74)	640	(73)
TOTAL ASSETS	847.416	810.366	176.908	169.809
EQUITY AND LIABILITIES			CASH FLOW STATEMENT (Amounts in thousands of $\epsilon$ )
Share capital	24.712	24.712	24.712	24.712					GROUP			COMPANY
Other items of Shareholders' Equity Total Equity attributable to Group holders (a)	89.435 114.148	100.427 125.139	81.665 106.377	79.276 103.988				1/1-30/06/08		1/1-30/06/07 1/1-30/06/08 1/1-30/06/07
Minority Interest (b)	117.974	133.456	0		Cash flows from operating activities: Profit before income taxes			(14.140)		22.856	9.071		2.477
Total Equity (c)=(a)+(b)	232.121	258.594	106.377	103.988	Plus (less) adjustments for:
Long term borrowings Provisions and other long term liabilities	297.499 42.050	119.811 52.752	35.951 8.385	4.200 9.864	Depreciation and amortisation expenses				7.149	5.851		373	0
Short term borrowings	65.113	148.366	12.863	33.730	Provisions Loss / (gain) from disposal of fixed assets				2.763 98	1.296 1.583	(8.792)	29	10 0
Other short term liabilities	210.633	230.843	13.332	18.028	Loss / (gain) from participations				17.900	(17.492)		(294)	(818)
Total liabilities (d)	615.294	551.772	70.531	65.821	Amortisation of government grants				(37)	0		0
TOTAL EQUITY AND LIABILITIES (c) + (d)	847.416	810.366	176.908	169.809	Income from participations (Income) expense from investments in associates companies				(415) (343)	(33) (65)	(1.008)	n	(2.262) n
STATEMENT OF CHANGES IN EQUITY					debit interest and other related expenses				8.990	4.777	1.329		529
	(Amounts in thousands of $\epsilon$ )								21.965	18.772		709	$\overline{64}$
	GROUP			COMPANY	Plus / (less) adjustments for changes in working capital or operating activities accounts:
	$1/1 -$ 30/06/08	1/1 30/06/07	$1/1 -$ 30/06/08	1/1 30/06/07	(Increase) / decrease in inventories				4.540	521		(367)	0
Total equity at the beginning of the period					(Increase) / decrease in trade and other receivables				(7.039)	(12.230)	1.862		(26)
(01/01/2008 & 01/01/2007 respectively) Profit / (loss) of the period after income taxes	258.594 (14.049)	141.240 17.936	103.988 7.134	63.731 2.409	(Increase) / decrease in non-current receivables				146	1.299 3.094		n	0 855
Increase / (Decrease) in share capital	(4.051)	0	(4.051)		Increase / (decrease) in payables (Less):			(37.980)			(11.003)
Dividends	(637)	(1.389)	0		Debit interest and other related expenses paid			(10.677)		(5.686)	(1.349)		(529)
Net income directly affecting equity (Purchases) / Sales of treasury shares	(7.651) (85)	28.720 5.729	(620) (73)		Income taxes paid			(7.808)		(4.040)	(1.321)		(553) (317)
Total equity at the end of the period					Net cash (used in)/generated from operating activities (a)			(36.852)		1.729	(11.469)
(30/06/2008 & 30/06/2007 respectively)	232.121	192.236	106.377	66.140	Cash flows from investing activities: Acquisitions of subsidiaries, affiliates, joint ventures
					and other investments			(33.657)		(59.104)	(11.036)		(1.870)
					Purchase of treasury shares				(85)	(0)		(73)	0
ADDITIONAL DATA AND INFORMATION					Purchase of tangible & intangible assets Proceeds from tangible and intangible assets sales			(23.845)	471	(8.568) 6.326	14.403	(334)	(3) 0
. Note 3 of the interim financial statements includes the following information: the names of all companies included in the consolidated financial statements, the countries of their location, the participating interest (direct and indirect) they are					Proceeds from financial assets and investments sales				19.748	17.021	1.898		1.457
consolidated by as well as the consolidation method used for each one.					Proceeds from financial assets				1.801	806		0
2. Note 25.4 of the interim financial statements refers to the tax unaudited fiscal years of the companies included in the consolidated financial statements.					Interest received Proceeds from government grants				682 67	103 0		19 0	0
3. The Group and the Company are involved in a number of legal proceedings and have various claims pending (Group: € 50.827 k					Dividends received				$\Omega$	n		778	2.262
Company: € 0 k.), most of whom are covered by special insurance contracts. Based on currently available information, it is					Net cash used in investing activities (b)			(34.818)		(43.416)	5.656		1.846
estimated that their outcome will not have a material effect on the operating results and financial position of the Group and the Company.					Cash flows from financing activities:
4. Here are mortgage prenotations of the real estate property of the Group and the Company, amounting to € 68.721 k. and €					Earnings of increase in share capital Proceeds from borrowings			102.513	0	0 46.653	10.265	n	0 (476)
12.800 k. respectively as guarantee for granted loans, the balance of which on 30/6/2008 rose to € 37.512 k. and € 7.500 k respectivelv.					Repayment of finance lease liabilities			(6.409)		976		n
5. The number of employees of the Company and the Group at the end of the current period reached 14 and 2.475 people					Dividends paid				(2.296)	(1.797)		(269)	(431)
respectively. The number of employees of the Company and the Group at the end of the respective period of the prior year reached 4 and 1.964 people respectively.					Board of Directors' fees Net cash generated from/(used in) financing activities (c)				(611) 93.198	(167) 45.665	9.996	n	(908)
6. The Company at 30/6/2008 owned 191.854 treasury shares, purchased for a total amount of € 936 k. The Group at 30/6/2008					Net increase / (decrease) in cash &
owned 2.259.361 treasury shares, (shares of the parent company), purchased for a total amount of € 12.808 k. 7. The item of the Statement of Changes in Equity «Net income directly affecting equity» is analyzed as follows:					cash equivalents (a)+(b)+(c)			21.527		3.978	4.183		621
	GROUP		COMPANY		Cash & cash equivalents at the beginning of the period Cash ® cash equivalents at the end of the period			52.371	30.843	13.146 17.124	4.546	363	73 695
	1/1-30/6/2008		1/1-30/6/2007 1/1-30/6/2008 1/1-30/6/2007
Revaluation of investments in fair values reserve	n	ŋ		0
Change of participation percentage in subsidiaries					11. The cumulative amounts at the end of the current period of income and expenses and the balances of receivables and payables of the Group
and consolidation of new subsidiaries Revaluation of property in fair value	(7.031)	(7.703) 36.423	0 $\Omega$	0 n	and the Company that have emerged from the beginning of the fiscal year from transactions with related parties, as dictated in IAS 24, are analyzed as follows (amounts in thousands of €):
Changes in Goodwill of subsidiaries	(620)	0	(620)	n						GROUP		COMPANY
Net income directly affecting equity	(7.651)	28.720	(620)		a) Income					26		14.744
8. At the preparation of the interim financial statements, all the subsidiary companies of the Group were consolidated from the 1s					b) Expenses c) Receivables					417 27.686		14 286
January 2007, except of the following new subsidiaries which were consolidated for the first time in the Group at the followinc dates: TOURISTIC ENTERPRISES W. MACEDONIA S.A. at 1/4/2007, «ARISTOTELEIO» PRIVATE DIAGNOSTIC LABORATORY AXIAI					d) Payables					9.361		2.738
TOMOGRAPHY MEDICAL S.A. at 1/4/2007, EUROMEDICA FINANCE No 1 S.A. at 30/6/2007, APOKATASTASI S.A. at 1/7/2007					e) Transactions and remuneration of management executives					2.927		0
MEDINET ALEXANDROUPOLIS PRIVATE DIAGNOSTIC LABORATORY MEDICAL S.A. at 1/9/2007, AROGI S.A. at 1/9/2007, D A T .					f) Receivables from management executives and board members					1.660 1.669		n
DESIGN S.A. at 1/9/2007, AXIAL AND DIAGNOSTIC KORINTHOS S.A. at 1/10/2007, IATRIKI MEGARON PRIVATE DIAGNOSTIC LABORATORY S.A. at 1/10/2007, IONIA PRIVATE POLYIATREIO IATRIKH S.A. at 1/10/2007, IONIA NEFROLOGIKI UNIT OF CHRONIC					g) Payables to management executives and board membes
HEMODIALYSIS S.A. at 1/10/2007, MULTIDIAGNOSTIC CENTER OF PIERIA S.A. at 1/11/2007, GALINOS MEDICAL DIAGNOSTI(					12. Investments in fixed assets for the current period came up to € 334 k. for the Company and 23.845 k. fro the Group.
TRIKALON S.A. at 23/11/2007, IONIOS GENERAL CILINIC S.A. at 6/12/2007, EUROMEDICA ANATOLIKI ATTIKI PRIVATE	13. The General Meeting of the shareholders of the company that took place at 19/05/2008 decided: (a) The increase of the share capital of the
POLYIATREIO CENTER S.A. at 31/12/2007, N. IONIA AXIAL TOMOGRAPHY S.A. at 1/1/2008, MEDICAL DIAGNOSIS LESBOS S.A. a 1/1/2008, MEDINET KAVALA PRIVATE DIAGNOSTIC CENTER MEDICAL S.A. at 1/1/2008, IPPOKRATIS PRIVATE MULTIDIAGNOSTI					company by the amount of $\epsilon$ 47.839.495.45 with capitalization of the relative amount from he account «Paid-in surplus», without issuing new
MEDICAL S.A. at 1/2/2008, IPPOKRATIS MAGNETIC TOMOGRAPHY S.A. at 1/2/2008, PRIVATE NEUROPHYCHIATRIC CLINIO					shares and with an increse of the par value of the shares of the Company from the amount of (amounts in $\epsilon$ ) $\epsilon$ 0,61 each to $\epsilon$ 1,79 each and
KASTALIA S.A. at 1/3/2008, EUROMEDICA ALBANIA HOLDINGS S.A. at 1/4/2008, IONIA - EUROMEDICA PRIVATE POLYIATRIC					continiously an equivalent decrease of share capital of an amount of $\epsilon$ 47.839.495.45, with a decrease of the par value of the shares of the Company from the amount of (amount in $\epsilon$ ) $\epsilon$ 1,79 each to $\epsilon$ 0,61 each, to offset accumulated Company losses, and (b) The increase of the share
MEDICAL S.A. at 1/4/2008, PRIVATE DIAGNOSTIC LABORATORY EURODIAGNOSTIC KERKYRA MEDICAL S.A. at 1/4/2008,AXON FINANCES S.A. at 1/4/2008, IKEDA LTD at 30/4/2008, EUROMEDICA SERRES MEDICAL S.A. at 26/6/2008, EUROMEDICA AROG					capital of the company by the amount of $\epsilon$ 4.051.161,00 with capitalization of the realtive amount from the account «Paid-in surplus» without
ACHAIA S.A.-APOKATASTASIS S.A at 30/6/2008, EUROMEDICA LYDIA S.A. KAVALA at 30/6/2008, GENERAL THERAPEUTIC	issuance of new shares and with increase of the par value of the shares of the company from the amount of (amounts in €) € 0,61 each to € 0,71

PRIVATE CLINIC S.A. at 30/6/2008 and PAGKRITIA HOLDINGS S.A. at 30/6/2008. Also, the associated companies included in the and continuously an equivalent decrease of share capital of an amount of € 4.051.161,00 with a decr DIAGNOSTIC LABORATORY KOZANIS MEDICAL S.A. at 1/10/2007, MEDITREND S.A. at 1/4/2008, EUROMEDICA KARDITSA MEDICAL S.A. at 30/6/2008 and EUROHOSPITAL S.A. at 30/6/2008. 9. The Group acquired the control of the associated companies, until the end of the previous period, of the companies AXIAL TOMOGRAPHY N. IONIAS S.A., IATRIKI DIAGNOSI LESVOU S.A. and MEDINET KAVALAS S.A., through the oper

management of the companies from the parent company of the Group. For that reason, these companies during the first semester of the fiscal year, consolidated in the consolidated financial statements of the Group with the total consolidation method. 10. The Group and the Company have not formed provisions for leagally prosecuted or under arbiration claims, as the outcome o

such pending cases is estimated not to have a material effect on the financial position and operating results of the Group and the Company and at this stage cannot be reliably determined. The Group and the company recognize the tax liabilties emerging from the audit of the unaudited fiscal years the proper authorities and after the closing of the audit and the finalization of the respective amounts. As a result they do not form relative provisions for additional taxes and accretions that may emerge from future audit of the tax unaudited fiscal years. The Group and Company have formed other provisions amounting to € 24 k. and € 0 k. respectively.

according to the provisions of the articles 1-5 of the L. 2166/93. It is noted that ELSON S.A. and PRISMA TECHNOLOGY S.A. are also subsidiary companies of the Group AXON HOLDINGS and are activated in the IT and advanced technology industry while AXON PROPERTY S.A. operates in the cooling machines and systems commerce (For further information see Note 3 of the Six Month Financial Report).

account (amounts in €), € 0,10 per share (For further information see note 19 of the Six mounths Financial report).

1. With the decision numbered 14506/28-5-2008 of the General Secretary of the Prefecture, that was registered in the Eastern Attica perfecture at 17/6/2008, the merger by absorption of the companies ELSON S.A., PRISMA TEC

SONAK S.A. was approved, subsidiary company of the Group AXON HOLDINGS, based on the provisions of the article 68 of the C.L. 2190/20 and

THE PRESIDENT OF THE BOARD OF DIRECTORS

Athens, 27 August 2008 THE MANAGING DIRECTOR

THE HEAD OF THE ACCOUNTING DEPARTMENT

TERZOPOULOS D. APOSTOLOS ID. No S 636315/98

DOUMANOGLOU M. PANAGIOTIS ID. No S 232215/00

LIAKOS S. LOUKAS ID. NO T 017003 ECONOMIC CHAMBER OFF GREECE LICENCE No 38962-A' CLASS