Elgeka S.A.

Quarterly Report • Sep 23, 2015

" E L G E K A S. A. TRADE - DISTRIBUTIONS - REPRESENTATIONS - INDUSTRY "

REG. No 8649 / 06 / Β / 86 / 45

HEAD OFFICE: BLOCK 31, ADDRESS: DA 13, PHASE B, 57022, INDUSTRIAL AREA OF SINDOS, ECHEDOROS MUNICIPALITY - THESSALONIKI - GREECE SUMMARY FINANCIAL DATA & INFORMATION FOR THE PERIOD 1 January 2009 - 30 September 2009 According to the Board of Directors' Decision 4/507/28.04.2009 of the Stock Exchange Committee

The financial data and information presented below provide a general overview of the financial position and results of the Group and ELGEKA S.A. - Trade - Distributions - Representations - Industry. Therefore, it is recommended to any reader, before proceeding to any investment decision or other transaction with the company, to visit the company's website, where the Interim Financial Statements are published, together with the review report of certified auditors - accountants whenever is required.

Company's website: http://www.elgeka.gr

Date of approval of the Interim Financial Statements (9month period of 2009): 26 November 2009

Type of auditor's opinion: Not required

GROUP 30.09.2009	31.12.2008	COMPANY 30.09.2009	31.12.2008		GROUP 30.09.2009	30.09.2008	COMPANY 30.09.2009	30.09.2008

					1.4 CASH FLOW STATEMENT (consolidated and stand alone) Amounts in thousand Euros
Other accounts related to Shareholders´ Equity	51.099 16.202	51.287 17.310	51.099 12.986	51.287 11.835	INDIRECT METHOD	GROUP	01.01-30.09.2009 01.01-30.09.2008 01.01-30.09.2009 01.01-30.09.2008	COMPANY
Total Shareholders´ Equity attributable to Shareholders of the Parent Company ( a )	67.301	68.597	64.085	63.122	Operating activities
	16.637	17.883	0	0	Profit / (Losses) before taxes (continuing operations)	(231)	703	1.391	1.306
Total Shareholders´ Equity ( c ) = ( a ) + ( b )	83.938	86.480	64.085	63.122	Adjustments to reconcile profit before tax to net cash flows:
	11.395	29.665	0	14.250	Depreciation	4.659	4.323	1.033	1.030
	36.025	37.291	651	651	Provisions	1.378	570	548	119
	86.521	71.448	23.160	7.808	Exchange differences	619	(784)	0	0
	74.706	81.934	42.046	53.826	Amortization of grants	(165)	(191)	0	0
	208.647	220.338	65.857	76.535	Results (income, expense, gains & loss) of investing activities	(710)	(119)	8	(297)
TOTAL SHAREHOLDERS´ EQUITY AND LIABILITIES ( e ) = ( c ) + ( d )	292.585	306.818	129.942	139.657	Interest expense & similar charges	6.249	5.795	924	963
					Working capital adjustments:
1.2.1 STATEMENT OF COMPREHENSIVE INCOME (consolidated) Amounts in thousand Euros					Decrease / (increase) in inventories	(1.169)	(14.217)	3.005	(7.174)
		GROUP			Decrease in receivables	8.980	14.367	7.147	12.877
		01.01-30.09.2009 01.01-30.09.2008	01.07-30.09.2009	01.07-30.09.2008	(Decrease) / increase in payables (except banks)	(6.988)	(6.454)	(12.033)	(6.133)
	222.693	221.378	76.153	75.411	Payments for staff leavind indemnities	(122)	0	(103)	0
Profit before taxes, financing & investing activities	5.805	6.157	3.691	1.758	Interest expense & similar charges paid	(6.219)	(5.512)	(928)	(909)
	(231)	703	928	(112)	Income taxes paid	(381)	(650)	(156)	(315)
	122	(4.605)	(322)	(1.122)	Net cash flows from
	(353)	5.308	1.250	1.010	operating activities ( a )	5.900	(2.169)	836	1.467
					Investing activities
	(492)	(58)	204	(190)	Increase in share capital of subsidiaries	0	0	(1.558)	(6.694)
					Purchase of available for sale financial assets	(80)	0	(80)	0
Other comprehensive income for the period, net of tax ( B )	(2.194)	(894)	104	(607)	Proceeds from sale of subsidiaries and associates Proceeds from sale of available for sale financial assets	0 0	87 550	0 0	11 550
Total comprehensive income for the period, net of tax ( A ) + ( B )	(2.547)	4.414	1.354	403	Purchase of tangible and intangible assets	(3.675)	(4.324)	(479)	(1.342)
					Proceeds from sales of tangible and intangible assets	561	568	184	50
	(1.259)	4.931	1.099	904	Purchase of investment property Interest received	(76) 283	(1.899) 122	0 3	0 3
	(1.288)	(517)	255	(501)	Dividends received	0	1	0	1
	(2.547)	4.414	1.354	403	Net cash flows (used in) / from
Earnings per share (after taxes) basic (in Euro)	0,0044	0,1680	0,0328	0,0376	investing activities ( b )	(2.987)	(4.895)	(1.930)	(7.421)
	10.299	10.289	5.263	3.163	Financing activities
					Proceeds from minority interests (increase in share capital)	5	105	0	0
1.2.2 STATEMENT OF COMPREHENSIVE INCOME (stand alone) Amounts in thousand Euros					Proceeds from loans	81.456	99.640	9.000	10.000
		COMPANY			Repayment of loans	(84.707)	(90.161)	(7.860)	(3.609)
		01.01-30.09.2009 01.01-30.09.2008	01.07-30.09.2009	01.07-30.09.2008	Payment of finance leasing liabilities	(821)	(486)	0	0
	20.415	19.813	6.368	5.550	Net cash flows (used in) / from
Profit before taxes, financing & investing activities	2.338	1.993	545	344	financing activities ( c )	(4.067)	9.098	1.140	6.391
	428	(25)	94	31	Net increase / (decrease) in cash
	963	1.331	146	(27)	and cash equivalents ( a ) + ( b ) + ( c )	(1.154)	2.034	46	437
					Cash and cash equivalents at the beginning of the year	7.970	7.451	186	302
					Exchange differences in cash and cash equivalents	(185)	(110)	0	0
	963	1.331	146	(27)	Cash and cash equivalents at the end of the year	6.631	9.375	232	739

1.1 STATEMENT OF FINANCIAL POSITION (consolidated and stand alone) Amounts in thousand Euros					1.3 STATEMENT OF CHANGES IN EQUITY (consolidated and stand alone) Amounts in thousand Euros
	GROUP		COMPANY			GROUP		COMPANY
ASSETS	30.09.2009	31.12.2008	30.09.2009	31.12.2008	Equity at the beginning of the period	30.09.2009	30.09.2008	30.09.2009	30.09.2008
Tangible assets	76.220	76.899	19.776	20.419	(01.01.2009 and 01.01.2008 respectively)	86.480	80.299	63.122	61.998
Investment property	39.525	42.238	4.177	4.177	Total comprehensive income for the period, net of tax	(2.547)	4.414	963	1.331
Intangible assets	17.670	18.333	1.147	1.227	Change in subsidiary ownership due to sale to third parties	0	253	0	0
Other non - current assets	10.929	10.447	38.224	36.653	Increase in share capital of subsidiaries
Inventory	37.458	36.409	13.557	16.652	(minority proportion)	5	105	0	0
Trade receivables	90.333	99.266	46.576	52.650	Equity at the end of the period
Other Current assets	20.450	23.226	6.485	7.879	(30.09.2009 and 30.09.2008 respectively)	83.938	85.071	64.085	63.329
TOTAL ASSETS	292.585	306.818	129.942	139.657
					1.4 CASH FLOW STATEMENT (consolidated and stand alone) Amounts in thousand Euros
EQUITY & LIABILITIES
Share capital	51.099	51.287	51.099	51.287	INDIRECT METHOD	GROUP		COMPANY
Other accounts related to Shareholders´ Equity	16.202	17.310	12.986	11.835		01.01-30.09.2009 01.01-30.09.2008 01.01-30.09.2009 01.01-30.09.2008
Total Shareholders´ Equity attributable to Shareholders of the Parent Company ( a )	67.301	68.597	64.085	63.122	Operating activities
Minority interests ( b )	16.637	17.883	0	0	Profit / (Losses) before taxes (continuing operations)	(231)	703	1.391	1.306
Total Shareholders´ Equity ( c ) = ( a ) + ( b )	83.938	86.480	64.085	63.122	Adjustments to reconcile profit before tax to net cash flows:
Long-term liabilities	11.395	29.665	0	14.250	Depreciation	4.659	4.323	1.033	1.030
Provisions / Other non current liabilities	36.025	37.291	651	651	Provisions	1.378	570	548	119
Short-term borrowings Other current liabilities	86.521 74.706	71.448 81.934	23.160 42.046	7.808 53.826	Exchange differences Amortization of grants	619 (165)	(784) (191)	0 0	0 0
Total liabilities ( d )	208.647	220.338	65.857	76.535	Results (income, expense, gains & loss) of investing activities	(710)	(119)	8	(297)
TOTAL SHAREHOLDERS´ EQUITY AND LIABILITIES ( e ) = ( c ) + ( d )	292.585	306.818	129.942	139.657	Interest expense & similar charges	6.249	5.795	924	963
1.2.1 STATEMENT OF COMPREHENSIVE INCOME (consolidated) Amounts in thousand Euros					Working capital adjustments: Decrease / (increase) in inventories	(1.169)	(14.217)	3.005	(7.174)
		GROUP			Decrease in receivables	8.980	14.367	7.147	12.877
	01.01-30.09.2009 01.01-30.09.2008		01.07-30.09.2009	01.07-30.09.2008	(Decrease) / increase in payables (except banks)	(6.988)	(6.454)	(12.033)	(6.133)
Sales	222.693	221.378	76.153	75.411	Payments for staff leavind indemnities	(122)	0	(103)	0
Gross profit	37.107	42.573	11.679	13.462	Less:
Profit before taxes, financing & investing activities	5.805	6.157	3.691	1.758	Interest expense & similar charges paid	(6.219)	(5.512)	(928)	(909)
Profit / (loss) before taxes	(231)	703	928	(112)	Income taxes paid	(381)	(650)	(156)	(315)
Less: taxes	122	(4.605)	(322)	(1.122)	Net cash flows from
Profit / (loss) after taxes ( A )	(353)	5.308	1.250	1.010	operating activities ( a )	5.900	(2.169)	836	1.467
Attributed to :					Investing activities
Company's shareholders	139	5.366	1.046	1.200
Minority interests	(492)	(58)	204	(190)	Increase in share capital of subsidiaries	0	0	(1.558)	(6.694)
					Purchase of available for sale financial assets	(80)	0	(80)	0
					Proceeds from sale of subsidiaries and associates	0	87	0	11
Other comprehensive income for the period, net of tax ( B )	(2.194)	(894)	104	(607)	Proceeds from sale of available for sale financial assets	0	550	0	550
Total comprehensive income for the period, net of tax ( A ) + ( B )	(2.547)	4.414	1.354	403	Purchase of tangible and intangible assets	(3.675)	(4.324)	(479)	(1.342)
					Proceeds from sales of tangible and intangible assets	561	568	184	50
Attributed to : Company's shareholders	(1.259)	4.931	1.099	904	Purchase of investment property Interest received	(76) 283	(1.899) 122	0 3	0 3
Minority interests	(1.288)	(517)	255	(501)	Dividends received	0	1	0	1
	(2.547)	4.414	1.354	403	Net cash flows (used in) / from
Earnings per share (after taxes) basic (in Euro)	0,0044	0,1680	0,0328	0,0376	investing activities ( b )	(2.987)	(4.895)	(1.930)	(7.421)
Profit before taxes, financing, investing
activities & depreciation	10.299	10.289	5.263	3.163	Financing activities
					Proceeds from minority interests (increase in share capital)	5	105	0	0
1.2.2 STATEMENT OF COMPREHENSIVE INCOME (stand alone) Amounts in thousand Euros					Proceeds from loans	81.456	99.640	9.000	10.000
		COMPANY			Repayment of loans	(84.707)	(90.161)	(7.860)	(3.609)
	01.01-30.09.2009 01.01-30.09.2008		01.07-30.09.2009	01.07-30.09.2008	Payment of finance leasing liabilities	(821)	(486)	0	0
Sales	96.357	90.974	32.449	28.809
Gross profit	20.415	19.813	6.368	5.550	Net cash flows (used in) / from
Profit before taxes, financing & investing activities	2.338	1.993	545	344	financing activities ( c )	(4.067)	9.098	1.140	6.391
Profit before taxes	1.391	1.306	240	4
Less: taxes	428	(25)	94	31	Net increase / (decrease) in cash
Profit / (loss) after taxes ( A )	963	1.331	146	(27)	and cash equivalents ( a ) + ( b ) + ( c )	(1.154)	2.034	46	437
					Cash and cash equivalents at the beginning of the year	7.970	7.451	186	302
Attributed to :					Exchange differences in cash and cash equivalents	(185)	(110)	0	0
Company's shareholders	963	1.331	146	(27)	Cash and cash equivalents at the end of the year	6.631	9.375	232	739
Minority interests	0	0	0	0
					11. a. The sale of interest (70%) in CERA VILLA DESIGN SRL from ELGEKA FERFELIS ROMANIA SA was finalized on 14/01/2008 to SC GATEDOOR
Other comprehensive income for the period, net of tax ( B )	0	0	0	0	HOLDINGS SRL, while the Group's indirect participation percentage was set at 35,01% (36,89% before). The Company applied during 3month period
Total comprehensive income for the period, net of tax ( A ) + ( B )	963	1.331	146	(27)	of 2009 for liquidation at the Romanian Authorities. There is no requirement for adjustment at the Consolidated Financial Statements as the amounts are
					insignificant.
Attributed to :					b. On 14/02/2008 ELGEKA S.A. disposed of the 51 shares (Euro 210 each) of SAMBROOK PHARMA PHARMACEUTICALS LTD (participation percentage 51%)
Company's shareholders	963	1.331	146	(27)	to SAMBROOK PHARMACEUTICALS S.A. for the amount of Euro 11 thousand. In addition, on 14/02/2008 "SAMBROOK PHARMACEUTICALS S.A." acquired
Minority interests	0	0	0	0	from the other partner the rest 49% (49 shares Euro 210 each) for the amount of Euro 10 thousand and resulting in participation percentage of 100%.
	963	1.331	146	(27)	Finally, its corporate form was modified from Limited Liability Company to Sole Limited Liability Company.
Earnings per share (after taxes) basic (in Euro)	0,0302	0,0417	0,0046	(0,0008)	c. On 21/02/2008 ELGEKA CYPRUS LTD disposed of 2,61% of its interests to ELGEKA FERFELIS ROMANIA SA for the amount of Euro 87 thousand
Profit before taxes, financing, investing					(resulting in loss of Euro 177 thousand). As a result, the participation percentage was changed from 52,63% to 50,02%. Consequently, the consolidation
activities & depreciation	3.371	3.023	902	698	percentages of the subsidiaries ELGEKA FERFELIS ROMANIA S.A. (ELGEKA FERFELIS BULGARIA LTD and ELGEKA FERFELIS SRL) were 37,52% and 50,02%
					(from 39,47% and 52,63%) respectively.

1. The Consolidated Financial Statements as of September 30th, 2009, include, apart from Parent Company "ELGEKA S.A.", the companies presented in note 1 of Interim 9-month of 2008, as the Group holded the majority of voting rights through agreement with of one of the shareholders. Since 01/04/2008 the direct participation percentage Financial Statements. The note also contains information regarding the name and the country of registered office of the companies, the participation (direct and indirect) of the Parent company to SAMBROOK PHARMACEUTICALS S.A. was 91,34% due to full participation in its share capital increase with the amount of Euro 802,5 percentage of Parent company in their share capital, as well as the consolidation method. No event has been noted, which constitutes a discontinued operation. thousand, after the decision of Special General Assembly dated 01/04/2008, with the intention of reduction of prior year's losses. As a consequence, at the same

ADDITIONAL DATA AND INFORMATION d. SAMBROOK PHARMACEUTICALS S.A., in which the Parent company participated with the percentage 45% was fully consolidated from the first quarter 2. The accounting principles applied for the preparation of Interim 9month Financial Statements are the same with the ones applied for the preparation of the annual date as above the consolidation percentage to SAMBROOK PHARMA PHARMACEUTICAL Sole LTD was increased from 45% to 91,34%. In addition, the annual Financial Statements for the year ended December 31st, 2008, with the exception of the new or revised accounting standards and interpretations which are valid in 2009. General Assembly of SAMBROOK PHARMACEUTICALS S.A. dated 30/06/2009 approved its share capital increase by the amount of Euro 61.500 thousand with included into the Consolidated Financial Statements are analytically presented in note 5 of Interim 9month Financial Statements. into 67.600 shares with face value Euro 15 each. On 23/07/2009, ELGEKA S.A. paid the amount of Euro 56.190, participating by its percentage (that is 91,34%)

3. The Parent company's tax books and records have been audited by the tax authorities up to the fiscal year 2006 (incl.). The unaudited fiscal years for each of the companies the issue of 4.100 new shares with face value Euro 15 each. As a result, the new share capital of the company would amount in Euro 1.014 thousand divided

4. There are no encumbrances on the fixed assets of the Parent company, while there are mortgages as of September 30th, 2009, on the fixed assets of subsidiaries in its subsidiary's SAMBROOK PHARMACEUTICALS S.A. share capital increase.

5. There is no pending litigation that could materially affect the financial position or operation of the parent company and the Group. The aggregate amount of provisions for PHARMAC. WHOLESALE STORE S.A., after the decision of Special General Assembly dated 01/04/2008, intenting to reduce of prior year's losses. bad and doubtful debts for the Group and the Company until 30/09/2009 was Euro 6.675 thousand and 3.349 thousand respectively. The amount of provision for unaudited As a consequence, the direct participation percentage of ELGEKA S.A. to this company was increased from 51% to 91,54%. In addition, the annual General tax years as of 30/09/2009 amounts to Euro 617 thousand for the Group and to Euro 212 thousand for the Parent company, while there are no other provisions either Assembly of MEDIHELM PHARMAC. WHOLESALE STORE S.A. dated 30/06/2009 decided a share capital decrease of amount of Euro 846 thousand with decrease of

amounting to Euro 19.400 thousand as security for loans. e. On 22/04/2008, the Parent company paid the amount of Euro 1.400 thousand, due to full participation in share capital increase of the company MEDIHELM for the Group or for the Company as described in paragraphs 10, 11 and 14 of IAS 37 "Provisions, contingent liabilities and contingent assets". shares' face value from Euro 40 to Euro 20 each, with the intention of capitalization of prior years' losses. At the same Annual General Assembly, a share capital 6. The number of employees of the Group as at 30/09/2009 was 1.804 and of the Company was 223 (30/09/2008: Group 1.873 and Company 276). increase was approved by the amount of Euro 1.502 thousand with the issue of 75.100 new shares with face value Euro 20 each. As a result, the new share management personnel and members of directors, their transactions, as well as their receivables and payables, are given below: f. On 18/12/2008, ELGEKA (CYPRUS) Ltd. disposed of its shareholding (27,50%) in "MEDIZONE GERMANY GMBH", which is consolidated with the equity method. As a result, the amounts of this company (insignificant) are not included in the Consolidated Financial Statements of current 9month period of 2009,

7. 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 in the capital of the company would amount in Euro 2.348 thousand divided into 117.400 shares with face value Euro 20 each. ELGEKA S.A. covered the full amount of end of the current period, created from transactions with related companies, as these are defined in IAS 24, indicating the total amount of compensation to key this share capital increase and at 23/07/2009 paid the amount of Euro 1.502 thousand, resulting in increase of the participation percentage from 91,54% to 96,95%.

	GROUP	COMPANY	whereas they were included in at the comparative period of 2008.
a) Sales - Income	0	263	g. The company "HODDLE HOLDINGS Ltd." was fully liquidated and written-off from the Cyprus Companies Register on 16 October 2009.
b) Purchases - Expenses	9	965	The figures were insignificant for consolidation purposes.
c) Receivables	0	23	Apart from the above mentioned changes in the consolidation percentages of the companies' participation in the Group, there were no alterations in the
d) Payables	0	327	consolidation methods nor any companies which were not included in the consolidation as per September 30th, 2009. The abovementioned events are provided
e) Key management personnel and members of the board compensation	1.002	780	in note 1 of Interim Financial Statements as at September 30th, 2009.
f) Receivables from key management personnel and members of the board	0	0	12. The amount of Euro 2.194 thousand included in "Other comprehensive income for the period, net of tax" in the Group's Statement of Comprehensive
g) Payables to key management personnel and members of the board	14	14	Income as at 30/09/2009, refers to translation reserves of financial statements of Group's subsidiaries abroad.
The Parent Company's balances of sales - income, purchases - expenses, receivables and payables with related parties have been eliminated for the consolidation of the			13. In October 2008, "DIAKINISIS S.A." was engaged in a sale & leaseback contract. This contract was guaranteed by ELGEKA S.A. and its duration is 25 years,
Financial Statements as at September 30th, 2009.			while the total liability amounts to Euro 24.421 thousand (capital Euro 24 mil. and costs Euro 421 thousand). The total number of monthly installments is
8. Investments in fixed assets that were made by the Parent company and the Group during the 9month period of 2009 amounted to Euro 479 thousand (30/09/2008:			300 until the end of the contract.
Euro 1.342 thousand) and Euro 3.751 thousand respectively (30/09/2008: Euro 6.223 thousand).			14. On 16/10/2008 and 02/12/2008, the Parent Company issued two (2) bonds amounting to Euro 15.000 thousand. In addition, "DIAKINISIS S.A." issued on
9. Earnings per share (EPS) were calculated using the profit after taxes and minority interests multiplied by the weighted average number of shares of Parent Company.			16/10/2008 a bond amounting to Euro 7.500 thousand (ELGEKA S.A. as a warrantor). The abovementioned bonds were issued for refinancing present
10. According to Greek Codified Law 2190/1920, article 16, par. 5 and to the decision of the Annual General Assembly dated 27/06/2005, as well as to the decision			financial liabilities used for investing activities. In addition, the Annual General Assembly of ELGEKA S.A. dated June 29th, 2009, approved the issue of one
of Board of Directors dated 29/05/2009, the Parent company acquired 117.300 treasury shares for the amount of Euro 139 thousand during the period from 02/06/2009			or more bonds, amounting totally Euro 20.000 thousand at most for financing its corporate activities.
till 20/06/2006. The Annual General Assembly dated 29/06/2009 decided on the share capital decrease by the amount of Euro 187.680 due to cancellation of the			15. Since May 1st, 2009, ELGEKA S.A. and its subsidiary VIOTROS S.A. changed their registered offices in new leased buildings, which are located in Sindos,
abovementioned treasury shares. According to the decision of Ministry of Development no. K2-6858, the amendment of the relevant article on the Articles of Association of Parent			Municipality of Ehedoros, Industrial Area of Thessaloniki, and as a result, there is a change in address of their registered offices.
Company was approved and registered in the Business Records at 02/07/2009. Athens Stock Exchange was informed for this event at 09/07/2009. As a consequence, the			16. Some amounts of the prior period's comparative Consolidated Income Statement were restated for presentation purposes (refer to note 2 of Interim
negotiation of the abovementioned cancelled 117.300 treasury shares in Athens Stock Exchange has ceased since 15/07/2009. Following to the abovementioned event, the			Financial Statements). In addition, some amounts in "Assets" and "Liabilities" of published Financial Statements of the Group and the Parent Company
share capital of ELGEKA S.A. amounts to Euro 51.099.248 devided into 31.937.030 ordinary shares, with face value Euro 1,60 each. At the end of current period no subsidiary or			for the year ended 31/12/2008 were also restated for presentation purposes.
affiliated company owned any of the treasury shares of Parent company.
			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, November 26, 2009
				HEAD OF THE
CHAIRMAN OF THE B.o.D. AND MANAGING DIRECTOR		VICE PRESIDENT	CHIEF FINANCIAL OFFICER	ACCOUNTING DTM
				KONSTANTINOS MEINTANIS
ALEXANDROS KATSIOTIS		ELLI DRAKOPOULOU	ANTHIMOS MISAILIDIS	Tax Reg.No. 030961080 Tax Auth.: Z' THESSALONIKIS
ID.No. X 232184 / 01		ID.No. AB 287230 / 06	ID.No. AH 168099 / 08	Acc.Reg.No:0017678 Class: A'