ASSA ABLOY

Annual / Quarterly Financial Statement • Sep 24, 2015

COMPANY'S INFORMATION DATA BOARD OF DIRECTORS

Supervising Authority : Ministry of Development

Company's web site : www.ascompany.gr ANDREADIS K. EFSTRATIOS: President & CEO Executive Member Approval date from the B.O.D. ANDREADOU ANASTASIA E.: Vice-President of the B.O.D. Executive Member for annual financial statements : March 20th 2009 ANDREADIS Ε. KONSTANTINOS: Member of B.O.D. Executive Member Certified Auditor Accountant : Evaggelos Ν. Pagonis - L.C./ Accociation of Certified Auditors 14211 RIZOPOULOS P. KONSTANTINOS: Member of B.O.D. Auditing Association & Certified Auditing Firm : BAKER TILLY HELLAS ΑΕ - L.C./ Accociation of Certified Auditors Ε 148 VASILAKERIS V. MORFIS: Member of B.O.D.

Type of Review Opinion : Unqualified

AS COMPANY S.A. COMMERCIAL INDUSTRIAL COMPUTER & TOY COMPANY

FINANCIAL STATEMENTS INFORMATION January 1st 2008 ended in December 31st 2008

with the company to access the Company's web site, where the annual financial statements

and Certified Auditors Accountant Audit Report are posted.

Independent non-executive Member Independent non-executive Member

Company's Number in the Register of Societes Anonymes 22949/06/Β/90/107 Headquarters: Municipality of Oraiokastro County of Thessaloniki

Published according to law 2190/20, art. 135 for companies publishing their Annual Consolidated and Non Consolidated Financial Statements in accordance to the International Accounting Standards

The figures presented below provide information about the financial position of AS Company S.A. and AS Company Group.

The reader is reccommended, before entering into any investment activity

Amounts expressed in €		Amounts expressed in €
		GROUP		COMPANY			GROUP		COMPANY
ASSETS	31.12.2008	31.12.2007	31.12.2008	31.12.2007		1.1 to	1.1 to	1.1 to	1.1 to
						31.12.2008	31.12.2007	31.12.2008	31.12.2007
Tangible fixed Tangible fixed assets	8.424.386,94	8.358.170,01	7.976.435,37	8.358.170,01
Intangible fixed assets	27.841,24	83.311,32	0,00	83.311,32	Sales Turnover	27.245.709,32	25.817.738,34	26.606.519,22	25.817.738,34
Other non-current assets	438.670,84	168.143,77	716.048,05	168.143,77	Gross profit / (loss)	13.827.248,88	12.749.696,42	13.510.594,72	12.749.696,42
Inventories	6.989.276,01	4.427.237,37	6.691.907,29	4.427.237,37	Profit/(loss) before tax, interest,
Trade debtors	15.075.360,54	14.827.625,01	14.780.919,60	14.827.625,01	investing results	4.838.790,14	4.238.676,37	5.218.527,10	4.238.676,37
Other current assets	1.937.741,07	1.606.995,23	1.198.916,28	1.606.995,23	Profit/(loss) before tax	4.335.304,23	3.745.107,97	4.726.439,35	3.745.107,97
TOTAL ASSETS	32.893.276,64	29.471.482,71	31.364.226,59	29.471.482,71
					Profit/(loss) after tax	3.144.367,45	2.854.390,20	3.422.879,78	2.854.390,20
SHAREHOLDERS' EQUITY AND LIABILITIES					Distribution:
					Company's shareholders	3.144.367,45	2.854.390,20	3.422.879,78	2.854.390,20
Paid up share capital	8.313.146,00	8.313.146,00	8.313.146,00	8.313.146,00	Minority Shareholders'	0,00	0,00	0,00	0,00
Other shareholders' equity	9.615.578,43	8.111.281,79	9.784.025,57	8.111.281,79	Profit after tax per share in (€)	0,1437	0,1305	0,1565	0,1305
Total Shareholder's Equity (a)	17.928.724,43	16.424.427,79	18.097.171,57	16.424.427,79	Intended divident per share in (€)	0,0800	0,0800	0,0800	0,0800
					Profit/(loss) before tax, interest,
Minority Rights (b)	0,00	0,00	0,00	0,00	investing results and depreciation	5.451.183,91	4.757.950,40	5.802.059,69	4.757.950,40
Total Equity (c) = (a) + (b)	17.928.724,43	16.424.427,79	18.097.171,57	16.424.427,79

1.1 BALANCE SHEET Amounts expressed in €					1.2 PROFIT AND LOSS STATEMENT Amounts expressed in €
GROUP			COMPANY			GROUP		COMPANY
ASSETS	31.12.2008	31.12.2007	31.12.2008	31.12.2007		1.1 to	1.1 to	1.1 to	1.1 to
						31.12.2008	31.12.2007	31.12.2008	31.12.2007
Tangible fixed assets Tangible fixed	8.424.386,94	8.358.170,01	7.976.435,37	8.358.170,01
Intangible fixed assets	27.841,24	83.311,32	0,00	83.311,32	Sales Turnover	27.245.709,32	25.817.738,34	26.606.519,22	25.817.738,34
Other non-current assets	438.670,84	168.143,77	716.048,05	168.143,77	Gross profit / (loss)	13.827.248,88	12.749.696,42	13.510.594,72	12.749.696,42
Inventories	6.989.276,01	4.427.237,37	6.691.907,29	4.427.237,37	Profit/(loss) before tax, interest,
Trade debtors	15.075.360,54	14.827.625,01	14.780.919,60	14.827.625,01	investing results	4.838.790,14	4.238.676,37	5.218.527,10	4.238.676,37
Other current assets	1.937.741,07	1.606.995,23	1.198.916,28	1.606.995,23	Profit/(loss) before tax	4.335.304,23	3.745.107,97	4.726.439,35	3.745.107,97
TOTAL ASSETS	32.893.276,64	29.471.482,71	31.364.226,59	29.471.482,71
					Profit/(loss) after tax	3.144.367,45	2.854.390,20	3.422.879,78	2.854.390,20
SHAREHOLDERS' EQUITY AND LIABILITIES					Distribution:
					Company's shareholders	3.144.367,45	2.854.390,20	3.422.879,78	2.854.390,20
Paid up share capital	8.313.146,00	8.313.146,00	8.313.146,00	8.313.146,00	Minority Shareholders'	0,00	0,00	0,00	0,00
Other shareholders' equity	9.615.578,43	8.111.281,79	9.784.025,57	8.111.281,79	Profit after tax per share in (€)	0,1437	0,1305	0,1565	0,1305
Total Shareholder's Equity (a)	17.928.724,43	16.424.427,79	18.097.171,57	16.424.427,79	Intended divident per share in (€)	0,0800	0,0800	0,0800	0,0800
					Profit/(loss) before tax, interest,
Minority Rights (b)	0,00	0,00	0,00	0,00	investing results and depreciation	5.451.183,91	4.757.950,40	5.802.059,69	4.757.950,40
Total Equity (c) = (a) + (b)	17.928.724,43	16.424.427,79	18.097.171,57	16.424.427,79
Long term liabilities	4.332.000,00	3.332.800,00	3.332.000,00	3.332.800,00
Provisions / Other long term liabilities	793.105,34	690.464,35	785.933,90	690.464,35	1.3 STATEMENT OF CHANGES IN EQUITY
Short term borrowing liabilities	2.135.624,16	1.630.610,57	2.126.475,62	1.630.610,57	Amounts expressed in €
Other short term liabilities	7.703.822,71	7.393.180,00	7.022.645,50	7.393.180,00		GROUP		COMPANY
Total liabilities (d)	14.964.552,21	13.047.054,92	13.267.055,02	13.047.054,92		31.12.2008	31.12.2007	31.12.2008	31.12.2007
					Opening balance
TOTAL SHAREHOLDERS EQUITY & LIABILITIES (c) + (d)	32.893.276,64	29.471.482,71	31.364.226,59	29.471.482,71	(01.01.2008 & 01.01.2007 respectively)	16.424.427,79	14.876.955,79	16.424.427,79	14.876.955,79

					Opening balance
TOTAL SHAREHOLDERS EQUITY & LIABILITIES (c) + (d)	32.893.276,64	29.471.482,71	31.364.226,59	29.471.482,71	(01.01.2008 & 01.01.2007 respectively)	16.424.427,79	14.876.955,79	16.424.427,79	14.876.955,79
					Year's Profit / (loss) after taxes	3.144.367,45	2.854.390,20	3.422.879,78	2.854.390,20
					Dividends	-1.750.136,00	-1.312.602,00	-1.750.136,00	-1.312.602,00
					Net income towards equity	110.065,19	5.683,80	0,00	5.683,80
1.4 CASH FLOW STATEMENT					Year's end equity
Amounts expressed in €					(31.12.2008 & 31.12.2007 respectively)	17.928.724,43	16.424.427,79	18.097.171,57	16.424.427,79

1.4 CASH FLOW STATEMENT		Year's end equity
Amounts expressed in €		(31.12.2008 & 31.12.2007 respectively)	17.928.724,43	16.424.427,79
		GROUP		COMPANY
	1.1 to 31.12.2008	1.1 to 31.12.2007	1.1 to 31.12.2008	1.1 to 31.12.2007	Notes:
Operating activities
Profit before tax	4.335.304,23	3.745.107,97	4.726.439,35	3.745.107,97	1. The basic accounting principles applied are consistent with those applied for the balance sheet as at 31/12/2007.
Increase / Decrease adjustments for: Increase / Decrease adjustments
Depreciation	612.393,77	519.274,03	583.532,59	519.274,03	2. were no other buyouts, consolidations, sell-off, secession, or reorganization of any of the company's parts.
Previsions	12.646,61	28.381,23	5.475,16	28.381,23
Foreign Exchange Differences	-823.196,82	0,00	-823.196,82	0,00
Investing Activities Results (income, expences, profit & loss)	816.692,31	-12.928,90	820.477,21	-12.928,90	3. There were no changes in the company's fiscal year period, therefore all information presented is comparable.
Interest Expense	508.449,51	528.690,35	496.317,55	528.690,35	4. The Financial Statements are not included in other consolidated financial statements published by other companies.
Increase / Decrease adjustments for working capital:					5.
Decrease/(increase) in inventories	-2.562.038,64	-876.843,03	-2.264.669,92	-876.843,03	established in 2008 and has not been audited for it's first fiscal year (please see note 5.4 in financial statement notes).
Decrease/(increase) in receivables	-756.716,11	-1.689.468,59	-422.685,08	-1.689.468,59
(Decrease)/increase in current liabilities (excluding borrowings)	-525.195,66	1.735.613,31	-1.206.372,87	1.735.613,31	6.
Minus :
Interest Paid	-508.449,51	-528.690,35	-496.317,55	-528.690,35
Income taxes paid	-459.479,60	-848.277,54	-459.479,60	-848.277,54	debt provisions amounting to € 632.570,06 have also been incorporated.
Total cash flows from operating activities (a)	650.410,09	2.600.858,48	959.520,02	2.600.858,48
					7.
Investing Activities					at the end of the respective period.
Subsidiary	0,00	0,00	-390.000,00	0,00	8. There is no mortgaging over company's and groups fixed assets.
Purchase of tangible and intangible assets	-660.097,68	-201.269,84	-139.446,07	-201.269,84
Proceeds from sales of tangible and intangible assets	40.305,05	0,00	21.193,64	0,00	9.
Proceeds from sales of securities	0,00	-7.752,21	0,00	-7.752,21	distributed to its employees based on specific criteria.
Interest income	19.997,18	18.612,69	19.260,88	18.612,69
Dividends income	0,00	0,00	0,00		10. 0,00
Total cash flows from ivnesting activities (b)	-599.795,45	-190.409,36	-488.991,55	-190.409,36	differences stemming from the buyout of the subsidiary Cosmokid S.A. and its subsidiary COSMOKID ALBANIA LTD.
Financing activities
Proceeds from Subsidiary	0,00	0,00	0,00	0,00
Proceeds from increased capital	110.000,00	0,00	0,00	0,00	11.
Proceeds from borrowings	1.504.213,59	-213.283,98	495.065,05	-213.283,98
Borrowings paid	0,00	0,00	0,00	0,00	Groups financial figures.
Payments of leasing liabilities	-77.646,88	-79.678,65	-77.646,88	-79.678,65
Dividends paid	-1.750.136,00	-1.312.602,00	-1.750.136,00	-1.312.602,00 12.
Total cash flows from Financing activities (c)	-213.569,29	-1.605.564,63	-1.332.717,83	-1.605.564,63	follows:
Net increase / (Decrease) in cash
and cash equivalents (a) + (b) + (c)	-162.954,65	804.884,49	-862.189,36	804.884,49		GROUP	COMPANY
Cash and cash equivalents opening balance	1.155.926,46	351.041,97	1.155.926,46	351.041,97	a) Sales of goods and services	0,00	89.390,65
Cash and cash equivalents closing balance Cash and cash equivalents closing	992 971 81 992.971,81	1 155 926 46 1.155.926,46	293 737 10 293.737,10	1 155 926 46 1.155.926,46	b) Purchase of goods and b) Purchase of goods and services	0,00	20.441,50
					c) Trade debtors	0,00	49.316,64
					d) Liabilities	0,00	24.028,89

10. During the reported fiscal year the amount of € 110.065,19 was reported in the shareholders equity which represents: 1) €110.000,00 for the difference stemming from the buyout by the Company of 30% of its subsidiary Cosmokid S.A. and 2) the amount of €65,19 from foreign exchange differences stemming from the buyout of the subsidiary Cosmokid S.A. and its subsidiary COSMOKID ALBANIA LTD.

The amounts of sales and purchases from the beginning of the fiscal period and the balance of receivables and liabilities of the Group and the Company at the end of the fiscal period which have resulted from transactions from related sectors, such as defined by IAS standard 24 are as follows:

The Company, had previously acquired through the Athens Stock Exchange 94.730 own shares at an average price of €0,766 totalling € 72.559,90 an amount which reduced the total shareholders equity of the Group and the Company . On 03/07/2008, the BOD decided, these shares would be distributed to its employees based on specific criteria.

11. For the first time during the reported fiscal year AS Company published consolidated financial statements that incorporate Cosmokid S.A. with location in Thessaloniki, Greece. AS Company's stake in Cosmokid S.A. is 100%, date consolidation was initiated 04.04.2008. On 12.06.2008 the subsidiary Cosmokid S.A. incorporated its subsidiary COSMOKID ALBANIA LTD location Tirana, Albaniawith 100% stake which were also incorporated in the Groups financial figures.

The number of staff employed by the subsidiary and mother company as at the end of fical year is 73 & 57 accordingly and was 58 & 58 accordingly at the end of the respective period.

There were no changes in the company's fiscal year period, therefore all information presented is comparable. The Financial Statements are not included in other consolidated financial statements published by other companies.

There do not exist any types of arbitration or pending litigation matters that could have a material adverse effect on AS Company S.A. & COSMOKID S.A. financial condition and therefore there do not exist any corresponding provisions. During the published fiscal year provisions for the unaudited tax years of AS Company have been made which amount to € 190.000,00 other provisions for slow moving stock amounting to € 1.116.163,94 and bad debt provisions amounting to € 632.570,06 have also been incorporated.

During the present fiscal year the subsidiary company COSMOKID S.A. was established of wich AS COMPANY S.A. has 100% stake, which in turn incorporated COSMOKID ALBANIA LTD, headquarters in Tirana, pwith all 100% stake. (please see note 5.2 in the financial statement notes). There were no other buyouts, consolidations, sell-off, secession, or reorganization of any of the company's parts.

AS COMPANY S.A. has been audited by the tax authorities up to and including the fiscal year 2004 while subsidiary company COSMOKID S.A.was established in 2008 and has not been audited for it's first fiscal year (please see note 5.4 in financial statement notes).

c) Trade debtors	0,00	49.316,64
d) Liabilities	0,00	24.028,89
e) Transactions & salaries of managerial staff and the board	603.033,75	535.476,51
f) Receivables fron managerial staff and the board	0,00	0,00
g) Liabilities towards managerial staff and te board	0,00	0,00

ANDREADIS K. EFSTRATIOS Identity Card No ΑΒ 691316 VICE-PRESIDENT OF THE B.O.D

ANASTASIA E. ANDREADOU Identity Card No Μ 371650

FINANCE DIRECTOR

PANAGIOTIS V. PAPASPYROU Identity Card No ΑΕ 032224

ΟΛΥΜΠΙΑ Ι. ΜΠΑΓΙΩΚΗ Identity Card No ΑΕ 671215