Villars Holding S.A.

Annual / Quarterly Financial Statement • Sep 24, 2015

AXON HOLDINGS S.A.

S.A. Registry Number: 16226/06/8/87/17
ADDRESS OF HEAD OFFICES: ERMOU 2, ATHENS
DATA AND INFORMATION FOR THE YEAR ENDED 31 DECEMBER 2008

(Published according to R.L. 2190/20, article 135 for companies publishing annual financial statements, consolidated and non-consolidated, in accordance with the IFRS)

The following condensed financial statements, data and information that arise from the annual financial statements, aim at providing a general update of te financial position and the results of the Group and the Parent Com

atong with the auditor's report.
COMPANY INFORMATION					Board of Directors:
Supervising Authority:	Ministy of Development				Terzopoulos Apostolos, Chairman
Company Website:	www.axoholdings.gr				Doumanoglou Panagiotis, Managing Director
Approval date of the Financial Statements by the					Nanopoulos Dimitrios, non executive member
Board of Directors:	24/3/2009				Nikolaidis Petros, non executive member
Independent Auditor:	Vrasidas Sp. DamilakosSOEL R.N. 22791				Paka Paraskeui, non executive member
Auditing Firm:	BDO PROTYPOS HELLENIC AUDITING Co A.E.
Auditor's review type:	Unqualified opinion - emphasis matter
	BANANCE SHEET
(Annual consolidated and non consolidated) Amounts in thousands of €					(Annual consolidated and non consolidated) Amounts in thousands of E	INCOME STATEMENT
		GROUP		COMPANY			GROUP		COMPANY
ASSETS	31/12/2008	31/12/2007	31/12/2008	31/12/2007		1/1-31/12/2008 1/1-31/12/2007			1/1-31/12/2008 1/1-31/12/2007
Owner-occupied tangible assets	368.993	303.843	4.588	5.019
Investment property	30.628	44.666	34.871	49.515	Sales	251.708	222.085	6.953	$\mathbf 0$
Infangible assets	135.558	107.513	1.421	2.996	Gross profit	50.874	54.587	708	$\mathbf{0}$
Other non-current assets	72.463	39.440	114.927	107.566	Earnings before taxes, financing and
Inventories	27.064	25,650	1.162	1.118	ivnesting results	21.709	21.225	126	459
Trade and other receivables	110.125	95.065	1.789	1.833	EBITDA	39.748	34.624	2.746	462
Other long term assets	124.439	198.850	247	1.501	Results before income taxes	(15.420)	32.864	(848)	6.345
Available for sale non-current assets	$\Omega$	O			Resuls aftes income taxes	(12.377)	16.424	500	4.781
TOTAL ASSETS	869.269	815.027	159.005	169.548	Attributable to:
EQUITY AND LIABILITIES					Company shareholders Minority shareholders	(9.632)	4.981 11.443	500 0	4.781
Share capital	24.712	24.712	24.712	24.712	Basic earnings / (losses) er share (in Euro)	[2.745] [0, 2518]	0.1721	0,0124	0.1517
Other items of Shareholders' Equity	83.989	99.642	74.472	78.690	Proposed dividend per share - (in Euro)	Ð	o	o
Total Equity attributable to Group holders (a)	108.701	124.354	99.184	103.402	Earnings before taxes, financing results
Minority Interest (b)	117.804	134.233	n	n	and total depreciation	39.657	36.169	2.479	462
Total Equity (c) = (a) + (b)	226.505	258.587	99.184	103.402
Long term borrowings	300.723	120.561	35.969	4.200		CASH FLOWS STATEMENT
Provisions and other long term liabilities	42.475	56,290	7.956	10.189	(Annual consolidated and non consolidated) Amounts in thousands of E
Short term borrowings	108,508	148.476	10.595	33.730			GROUP		COMPANY
Other short term liabilities	191.058	231.113	5.301	18.027		1/1-31/12/2008 1/1-31/12/2007			1/1-31/12/2008 1/1-31/12/2007
Liabilities associated with available					Cash flows from operating activities:
for sale non - current assets	-0	D	o		Profit before income taxes (continuing operations)	(15.420)	32.864	(848)	6.345
Total liabilities (d)	642.764	556.440	59.821	66.146	Plus (less) adjustments for:	17.913	11.723	2.353	3
TOTAL EQUITY AND LIABILITIES (c) + (d)	869.269	815.027	159.005	169.546	Depreciation and amortisation expenses Inmpairment of tangible and intangible assets
					Provisions	1.159	2.074	(354)	(839)
	STATEMENTS OF CHANGES IN EQUITY				Foreign exchange differences
[Annual consolidated and non consolidated] Amounts in thousands of €					Results (income, expenses, gains, losses) from investing activities			510	$\Omega$
			COMPANY		Loss / (gain) from disposal of fixes assets	126	1.675	(267)	$\mathfrak o$
	GROUP 31/12/2008	31/12/2007	31/12/2008	31/12/2007	Loss / (gain) from sales and revaluation of investments	16.301	(19.090)	(578)	[4.961]
Total equity at the beginning of the year					Amortisation of government grants	(216)	(130)	۵
(01/01/2008 and 01/01/2007 respectively)	258.588	140.452	103.402	63.523	Income from participations	(1.711)	(857)	(1.009)	[2.765]
Profit / (loss) after					(Income) expense from investments in associates companies	148	232	o
income taxes	[12.377]	16,424	500	4.781	Debit interest and othe related expenses	22.498	13.098	2.829	1.347
Increase / [Decrease] in share capital	[4.051]	35.960	(4.051)	35.960		40.798	41.589	2.636	[870]
Dividends	[4.345]	(6.860)	$\Omega$		Plus/(less) adjustments for changes in working capital or
Net income directly affecting equity	(11.167)	61.880	[612]		operating activities:
(Purchases) / Sales of treasury shares	(143)	10.732	(55)	(B52)	(Increase) / decrease in inventories	1.787	1.717	(44)	o
Total equity at the end of the year					[Increase] / decrease in trade and othe receivables	(985)	(46.768)	1.481	4.083
(31/12/2008 and 31/12/2007 respectively)	226.505	258.588	99.184	103.402	[Increase] / decrease in non-current receivables	(6.596)	1.357	(0)	(6)
					Increase / [decrease] in payables (less loans)	[29.770]	53.598	(10.611)	711
	ADDITIONAL DATA AND INFORMATION				Lessi:
1. The emphasis matter reffered to in the independent Auditor's Report concerns pending legal claims.					Debit interest and other related expenses paid Icome taxes paid	[21.945] (13.846)	(13.725) (9.137)	(2.851) [2.569]	(1.346) [1.428]
2. Note 3 of the annual financial statements includes the following information: the names of all companies included in the					Net cash (used in) / generated from operating activities (a)	(30.558)	28.631	(11.958)	1.144
consolidated financial statements, the countries of their location, the participating interest (direct and indirect) they are
consolidated by as well as the consolidation method used for each one.					Cash floes from investing activities.
3. Note 43.4 of the annual financial statements refers to the tax unaudited fiscal years of the companies included in the					Agcuisitions of subsidiaries, affiliates, joint ventures and other investments [65.340]		(119.651)	(11.273)	[24.861]
consolidated financial statements.					Purchase of treasury shares	[143]	(863)	(568)	[863]
4. The Group and the Company are involved in a number of legal proceedings and have various unresolved claims pending (Group: E					Purchase of tangible & intangible assets	[52.545]	(35.735)	(348)	[5]
48.280 k., Company E 0 k. ), most of whom are covered by special insurance contracts and it is estimated that their outcome will not					Proceeds from tangible and intangible assets sales	853	6.574	14.403	0
have a material effect on the operating results and financial position of the Group and the Company, 5. There are mortgage prenotations on the real estate property of the Group and the Company, amounting to € 78.131 k. and €					Proceeds from financial assets and investments sales Proceeds from financial assets	26.237	32.500	4.378	8.291
24.800 k. respectively, for granted loans.					Interest received	1.078	18 610		$\Omega$
6. The number of employees of the Company and the Group at the end of the current year reached 9 and 2.625 people respectively.					Proceeds from government grants	46	895	23 o
The number of employees of the Company and the Group at the end of the prior year reached 14 kg; 2.269 people respectively.					Dividends received	1.809	820	1.009	2.278
7. The Company at 31/12/2008 owned 191.854 treasury shares, purchased for a total amount of € 917 k. The Group at 31/12/2008					Net cash used in investing activities (b)	(88.002)	(114.834)	7.624	(15.160)
owned 2.302.173 treasury shares (shares of the parent company), purchased for a total amount of € 12.866 k.
8. The item of the Statement of Changes in Equity "Net income directly affecting equity" is analyzed as follows:					Cash flows from financing activities;
	Grouf		COMPANY		Proceeds from share capital increase			$\theta$	۰ $\Omega$
revaluation of investments in	31/12/2008	31/12/2007	31/12/2008	31/12/2007	Payments for share captal decrease
fair value reserve	(11.645)	[7]	[43]		Proceeds from borrowings
Change of participation percentage in subsidiaries					Repayment of loan liabilities Repayment of finace lease liabilities	129.128 5.222	104.706 7.683	8.635	14.829
and consolidation of new subsidiaries	(2.601)	20.666	o		Dividends paid	(7.261)	[8.242]	[4.512]	[662]
Revaluation of property increase expenses	3.647	38.946	$\Omega$		Board of Directors' fees	(711)	(386)
Share capital increase expenses	(568)	o	[569]		Finacing cash flows from discontinued operations		n
Reserve from convertible bond loan		2.275			Net cash generated from / [used] financing actibities [c]	126.378	103.761	4.123	14.167
Net income directly affecting equity	(11.167)	61.880	(612)		Net increase / (decrease) in cash
9. At the preparation of the annual financial statements, all subsidiary companies of the Group were consolidated from the 1st					equivalents (a) + (b) + (c)	7,818	17.558	[212]	151
January 2007, except of the following new subsidiaries which were consolidated for the first time in the finacial statements of the					Cash '& cash equivalents at the beginning of the year	30.842	13.146	363	$\overline{73}$
Group at the following dates: AXIAL TOMOGRAPHY N.IONIAS S.A. at 1/1/2008, MEDICAL DIAGNOSIS OF LESVOS S.A. at 1/1/2008,					Cash & cash equivalents of merged company	o	138	O	139
MEDINET KAVALAS PRIVATE DIAGNOSTIC LABORATORY S.A. at 1/1/2008, IPPOKRATIS MULTI-SPECIALTY DIAGNOSTIC CENTER					Cash & cash equivalents at the end of the year	38,660	30,842	152	363
S.A. at 1/2/2008. IPPOKRATIS MAGNETIC TOMOGRAPHY S.A. at 1/2/2008. PRIVATE NEUROPSYCHIATRIC CLINIC KASTALIA S.A. at
1/3/2008, EUROMEDICA ALBANIA HOLDINGS S.A. at 1/4/2008, IONIA-EUROMEDICA PRIVATE MULTI-MEDICAL FACILITY S.A. at 1/4/2008. AXON FINANCE S.A. at 1/4/2008, DIAGNOSTIC CENTER IKEDA LTD at 1/4/2008, AXON MANAGEMENT A.E.D.A.K.E.S at

1/6/2008, EUROMEDICA AROGI ACHAIAS S.A. at 1/7/2008, EUROMEDICA LYDIA KAVALAS S.A. at 1/7/2008, AXON MANAGEMENT A.E.D.A.K.E.S at 1.4. The cumulative amounts at the end of the current year of income and expenses and the bal

GROUP	COMPANY
487	14.776
2.238	24

APOSTOLOS D. TERZOPOULOS I.C.No 2 636315/98				PANAGIOTIS M. DOUMANOGLOU I.C.No Σ 232215/00	LOUKAS LIAKOS I.C.No T 017003 LICENCE No GREECE ECONOMIC CHAMBER 38962 A DEGREE
	The Chairman of the Board				Athens. 24 March 2009 The Managing Director	The Head of the Accounting Department
1/1-31/12/2007	260.790	103,988	258.587	103.402
1/1-31/12/2006	141.254	63.731	140.452	63.523
	GROUP	COMPANY	GROUP	COMPANY	the industry of open space ventilating systems (Additional information is offered in Note 3 of the Annual Fiancial Report).
YEAR	Reformed balances Balances before change in accounting olicy		use in connection with articles 1-5 of L. 2166/93. It is noted that ELSON S.A., PRISMA TECHNOLOGICAL S.A. are also subsidiaries of AXON HOLDINGS S.A. and are activated in the industries of IT, advanced technology and special applications while AXON PROPERTY S.A. is activated in
		Shareholders' Equity			company SONAK S.A., a subsidiary of AXON HOLDINGS S.A. was approved, in accordance with the provisions of article 68 of R.L. 2190/20, as is in
1/1-31/12/2007	5.853	5.160	4.981	4.781	Prefecture at 17/6/2008, the merger by absorption of the companies ELSON S.A., PRISMA TECHNOLOGICAL S.A. and AXON PROPERTY S.A. by the
1/1-31/12/2006	3.294	[1.701]	2.756	(1.909)	17. By the decision numbered 14506/28-5-2008 of the Prefecture General Secretary, which was registered in the registries of the Eastern Attica
YEAR	GROUP	Balances before change in accounting olicy COMPANY	Reformed balances GROUP	COMPANY	aforementioned amount to the Company's shareholders as Capital refund, amounting to ten cents (0,10 euro) per share (Additional information is offered in Note 20 of the Annual Financial Report).
RESTITUTION CENTER S.A. at 24/11/2008. 11. The Group acquired control of the associated, up to the end of the previous year, companies AXIAL TOMOGRAPHY N. IONIAS S.A., MEDICAL DIAGNOSIS OF LESVOS S.A. and MEDINET KAVALAS PRIVATE DIAGNOSTIC LABORATORY S.A. by assumption of their operational and financial management by the Parent Company of the Group. Consequently, the subject companies were fully consolidated in the financial statements of the Group as of the first quarter of the current year. 12. The Group and the Company have not formed provisions for legally prosecuted or under arbitration claims, as the outcome of 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 Company have formed other provisions amounting to E 137 k. and € 0 k. respectively. 13. The equity and results of the prior years' finacial statements were reformed due to the disclosure of a provision for tax unaudited financial years. This change consequently led to the following results (Amounts in thousands of Euro): Results after taxes and minority interests					15. Investments in fixed assets for the current year came up to € 348 k. for the Company and € 52.574 k. for the Group. 16. The Regular General Meeting of Company shareholders that took place at 19/05/2008 decided the following: [a] The increase of the Company share capital by 47.839.495.45 by capitalizing an equivalent amount from the Company reserves account "Paid in surplus", without issuance of new shares and by increasing the Company's shares par value from sixty one cents (0,61 euro) each, to one euro seventy nine cents (1,79 euro) each and in continue the equal decrease of the Company share capital by 47.839.495,45 Euro, µby the respective decrease of the Company's shares par value from one euro seventy nine cents (1,79 euro) each, to sixty one cents (0,61 euro) each, aiming at eliminating accumulated Company losses and, (b) The increase of the Company share capital by 4.051.161.00 Euro by capitalizing an equivalent amount from the Company reserves account "Paid in surplus", without issuance of new shares and by increasing the Company's shares par value from sixty one cents (0,61 euro) each, to seventy one cents (0.71 euro) each and in continue the equal decreace of the Company share capital by 4.051.161.00 euro, by the respective decrease of the Company's shares par value from seventy one cents (0,71 euro) each, to sixty one cents (0,61 euro) each, aiming at refunding the
KAPDITSAS S.A. at 1/7/2008, EUROHOSPITAL S.A. at 31/7/2008 and EUROMEDICA WESTERN MACEDONIA THERAPY AND					g] Payables to management executives and board members	410
following: MEDICINE DIAGNOSTIC LABORATORY KOZANI S.A. at 1/1/2008. MEDITREND S.A. at 1/4/2008. EUROMEDICA					e] Transactions and remuneration of management executives and board members f) Receivables from management executives and board members	5.620 2.040	139
10. Also, the associated companies which were consolidated after the 1st January 2008 and their consolidation dates are the					dl Payables	9.206	983
13/11/2008					Cl Mecelvables	21.833	$\mathbf{u}$