Athens Medical C.S.A.

Earnings Release • Sep 24, 2015

ATHENS MEDICAL CENTER S.A.

Reg. No. 13782/06/Â/86/06

5-7 Distomou Str, 15125 Maroussi FINANCIAL RESULTS FOR THE PERIOD 1 JANUARY 2008 UNTIL 30 JUNE 2008

According to the 6/448/11.10.2007 decision of the Capital Market's Board of Directors Commission

The following results and information, that arise from the financial statements, provide a general picture of the financial position and financial results of the ATHENS MEDICAL CENTER S.A. Thus we suggest the reader, before entering into any sort of investment decision or other transaction with the issuer, to gain access to the company's web site, where the financial statements can be downloaded, as well as the Auditor's review report when this is required.

COMPANY'S DETAILS

Company's web site:	www.iatriko.gr
Date of Approval by the
Board of Director's of interim Financial Statements :	25 August 2008
Certified Auditor Accountant :	Vrettos Gerasimou Georgios
Auditing Company :	BDO PROTYPOS HELLENIC AUDITING Co. A.E.
Type of Auditor's review report :	Unqualified opinion

BALANCE SHEET (consolidated and non consolidated) amounts in thous. €				CASH FLOW STATEMENT (consolidated and non consolidated) amounts in thous.€
					Indirect method GROUP			PARENT
		GROUP	PARENT			1/1-30/6/2008	1/1-30/6/2007	1/1-30/6/2008	1/1-30/6/2007
ASSETS	30/6/2008	31/12/2007	30/6/2008	31/12/2007	Operating Activities :
Property, plant and equipment	281.398	284.119	255.391	259.217	Profit Before Taxes (continued operations)	13.552	17.513	14.453	19.122
Intangible assets	2.342	2.319	340	312	Plus/Less Adjustments for :
Other non current assets	6.003	5.825	40.592	40.305	Depreciation	5.795	5.491	5.503	5.266
Inventory	6.600	6.789	6.148	6.432	Provisions	1.426	1.154	1.220	1.150
Receivables (trade debtors)	133.338	133.545	132.656	132.859	Exchange Differences	-1	-2	0	0
Other current assets	62.980	58.906	64.890	50.383	Results (revenues, expenses, gain and losses) from
TOTAL ASSETS	492.661	491.503	500.017	489.508	Investing Activities	-1.912	-1.316	-5.266	-5.511
EQUITY AND LIABILITIES	=========	=========	=========	=========	Interest Expenses and Related costs	6.462	4.216	6.266	4.037
Share capital	26.888	26.888	26.888	26.888	Plus/Less Adjustments for Changes in
Other components of equity	145.113	140.401	154.285	148.003	Working Capital or Related to Operating
Total Shareholder Equity (a)	172.001	167.289	181.173	174.891	Activities :
Non controlling interests (b)	−−−−−−−−− 377	−−−−−−−−− 398	−−−−−−−−− 0	−−−−−−−−− 0	Decrease / Increase in Inventories	188	-324	284	-307
Total Shareholder Equity (c) = (a)+(b)	172.378	167.687	181.173	174.891	Decrease / Increase in Receivables	-8.021	-24.685	-8.914	-25.216
Long term borrowings	−−−−−−−−− 150.478	−−−−−−−−− 157.037	−−−−−−−−− 150.141	−−−−−−−−− 156.972	Decrease/Increase in Liabilities (except for banks)	-3.253	10.783	5.206	13.884
Long term provisions / Non current liabilities	44.013	42.818	40.632	39.221	Less :
Short Term borrowings	7.256	11.232	1.840	5.936	Interest charges and Related Expenses Paid	-5.492	-4.216	-5.296	-4.037
Other current liabilities	118.536	112.729	126.231	112.488	Paid Taxes	-737	-4.226	-465	-3.713
Total Liabilities (d)	−−−−−−−−− 320.283	−−−−−−−−− 323.816	−−−−−−−−− 318.844	−−−−−−−−− 314.617	Total Inflows / Outflows from
TOTAL EQUITY AND LIABILITIES (c) + (d)	========= 492.661	========= 491.503	========= 500.017	========= 489.508	Operating Activities (a)	8.007	4.390	12.991	4.673
	=========	=========	=========	=========	Investing Activities :	−−−−−−−−	−−−−−−−−−	−−−−−−−−−	−−−−−−−−−
					Acquisition of subsidiaries, associates, joint ventures
					and other investments	-30	0	-30	0
					Purchase of tangible and intangible fixed assets	-3.102	-4.144	-1.709	-3.967
					Cash collection from the Sale of Tangible and Intangible
					fixed assets	2	11	2	11
					Income from interest	578	44	564	32
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD (consolidated and non consolidated) amounts in thous. €					Total Inflows / Outflows from
					Investing Activities (b)	-2.552 −−−−−−−−	-4.090 −−−−−−−−−	-1.173 −−−−−−−−−	-3.924 −−−−−−−−−
		GROUP		PARENT	Financing Activities :
	30/6/2008	30/6/2007	30/6/2008	30/6/2007	Proceeds from Share Capital Increase	0	5.363	0	5.363
Total equity beginning period					Proceeds from Dept	390	15.467	0	14.923
(1/1/2008 and 1/1/2007 accordingly)	167.687	152.984	174.891	158.864	Dept Repayment	-10.526	-19.200	-10.526	-19.116
After tax profit / (loss) for the period	9.896	12.176	11.485	14.549	Payments of Financial Leasing
(continued and discontinued operations)					(Capital installment)	-400	-1.316	-400	-1.316
Increase / (Decrease) of Share Capital	0	5.363	0	5.363	Dividend Paid	0	-461	0	-2
Dividend Distributed	-5.204	-5.663	-5.204	-5.204	Total Inflows / Outflows from
Net Income Recorded Directly					Financing Activities (c)	-10.536 −−−−−−−−	-147 −−−−−−−−−	-10.926 −−−−−−−−−	-147 −−−−−−−−−
in Equity	-1	-11			Net Increase/Decrease in Cash and Cash Equivalents
Total equity ending period					for the Period (a)+(b)+(c)	-5.081 ========	153 =========	892 =========	602 =========
(30/6/2008 and 30/6/2007 accordingly)	172.378	164.849	181.173	173.572	Cash and Cash Equivalents (beginning)	27.236 ========	8.814 =========	18.580 =========	6.224 =========
	=========	=========	=========	=========	Cash and Cash Equivalents (period end)	22.155 ========	8.966 =========	19.472 =========	6.826 =========

INCOME STATEMENT FOR THE PERIOD (consolidated and non consolidated) amounts in thous. €
			GROUP				PARENT
	1/1-30/6/08	1/1-30/6/07	1/4-30/6/08	1/4-30/6/07	1/1-30/6/08	1/1-30/6/07	1/4-30/6/08	1/4-30/6/07
Turnover	148.078	150.224	73.870	72.230	144.687	147.218	72.184	70.804
Gross Profit	32.726	35.124	15.047	15.994	28.221	30.565	12.807	13.828
Profit before Taxes, Financing and
Investing Activity	18.103	20.413	6.920	7.795	15.453	17.648	5.879	6.813
Profit before Taxes	13.552	17.513	5.138	6.278	14.453	19.122	6.786	8.657
Profit after Taxes	9.896	12.176	3.494	4.164	11.485	14.549	5.489	6.896
Attributable to :
Shareholders	9.917	12.096	3.539	4.126	11.485	14.549	5.489	6.896
Non controlling interests	-21	80	-45	38
Earnings (After Taxes) Per Share - in €	0,1143	0,1429	0,0408	0,0480	0,1324	0,1719	0,0633	0,0807
Profit before Taxes, Financing and
Investing Activity and depreciation	23.898	25.904	9.824	10.553	20.957	22.914	8.630	9.446

ADDITIONAL INFORMATION :

Group Structure					5. Profit per share was calculated using the average weighted number of total shares issued.
Companies	Seat	Participation %		Consolidation Unaudited Years	6. Disclosures of transactions with related parties of Group and Company as defined in IAS 24:
			Method			GROUP	PARENT
ATHENS MEDICAL CENTER SA	Maroussi Attica	Parent Co		2007	a) Revenues	1.627	4.963
IATRIKI TECHNIKI SA	Kiffisia Attica	100,00	TOTAL	2007	b) Expenses	236	12.135
AKSONIKI EREVNA SA	Maroussi Attica	50,50	TOTAL	2007	c) Debtors	3.791	11.736
EREVNA SA	Maroussi Attica	51,00	TOTAL	2007	d) Liabilities	525	26.899
PHYSIOTHERAPY CENTER SA	Maroussi Attica	33,00	TOTAL	2007	e) Transactions and compensations of executives and members of the Board	4.060	3.445
HOSPITAL AFFILIATES INTERNATIONAL SA	Kiffisia Attica	68,89	TOTAL	2001-2007	f) Debtors from executives and members of the Board	10	0
MEDSANA BMC	Bucharest Romania	100,00	TOTAL	1997-2007	g) Liabilities to executives and members of the Board	598	200
BIOAXIS SRL (former MEDSANA SRL)	Bucharest Romania	78,90	TOTAL	1997-2007	7. The amounts of formed provisions are the following:
ORTELIA HOLDING	Lemessos Cyprus	99,99	TOTAL	1998-2007		GROUP	PARENT
EUROSITE SA	Maroussi Attica	100,00	TOTAL	2003-2007	a) Legal disputes	0	0
MEDICAFE SA	Thessaloniki	55,00	EQUITY METHOD	2003-2007	b) Tax unaudited years	490	400
INTEROPTICS SA	Athens	27,33	EQUITY METHOD	2005-2007	c) Other provisions	0	0
É.Å.EUROHOSPITAL SA	Athens	50,00	EQUITY METHOD	--	8. The amounts of revenues / expenses recorded directly in Group's equity for periods 1/1-30/6/2008 € -1 thous. and 1/1-30/6/2007 € -11
1. All companies in the Group are those described in the above table titled "Group Structure". There is no deviation in the Companies and thous. refer to exchange differences.
the method of consolidation relative to that used in the financial statements of the respective period of previous year 2007 or the annual 9. A detailed report to Group's structure is found in paragraphs 2, 3b "Principal accounting policies" as well as in paragraphs 15 and 16 of the
financial statements of previous year 2007 with the exemption of company É.Å.EUROHOSPITAL SA. É.Å.EUROHOSPITAL SA was formed in financial statements.
the a' semester of 2008 and was included in the consolidation of Athens Medical Center SA with the equity method. The effect due to the 10. The profit before taxes, financing, investing activity and the profit before taxes, financing, investing activity and depreciation of the respective
consolidation of É.Å.EUROHOSPITAL SA in the Group's consolidated figures is of no importance.					period of 2007, for Company and Group have been reformed according to decision 34/24.1.2008 of the Capital Market's Board of Director's
2. There are no pledges against the company's assets and Group's assets.					Commission. Relative report is found in paragraph 3b "Principal accounting policies" note (bd).
3. There are no legal disputes that could have a significant effect on the company's and the group's financial structure. 11. The accounting policies applied for these Financial Statements are consistent with those applied for the Financial Statements at 31.12.2007.
4. The total number of employees for the first semester of 2008 was : Group 3.155 (2.974 first semester of 2007) and Parent Co 2.987

(2.818 first semester of 2007) respectively.

The President of the BOD The CEO The Group CFO The Parent CFO The Chief Accountant Georgios V. Apostolopoulos Vassilios G. Apostolopoulos Antonios H. Aggelopoulos Petros D. Adamopoulos Panagiotis X. Katsihtis			Maroussi, 25 August 2008
	ID Ó 100951	ID Î 350622	ID × 143924	ID ÁÆ 533419	ID ÁÂ 052569

GNN 210/8222848