Villars Holding S.A.

Interim / Quarterly Report • Sep 23, 2015

AXON HOLDINGS S.A.
S.A. Registration Number: 16226/06/B/87/17

ADDRESS OF HEAD OFFICES: ERMOU 2, ATHENS

DATA AND INFORMATION FOR THE PERIOD FROM 1st JANUARY 2009 TO 30th JUNE 2009 In accordance with the Decision 4/507/28.04.2009 of the Capital Market Committee Board of Directors.

The following condensed financial statements, data and information deriving from the interim financial statements, aim to provide a general briefing for the financial position and the results of the Group and the Parent Co the review report of the certified auditor accountant (whenever required) are posted.

COMPANY INFORMATION						Board of Directors:	Terzopoulos Apostolos, Chairman
Company's website address:	www.axonholdings.gr						Doumanoglou Panagiotis, Managing Director
Date of approval of the financial statements by the Board of Directors.	August 26 2009						Nanopoulos Dimitrios, non executive member Nikolaidis Petros, non executive member
Certified Auditor:	Vrasidas Sp. Damilakos SOEL R.N. 22791 BDO PROTYPOS HELLENIC AUDITING Co SOEL R.N. 111						Paka Paraskeui, non executive member
Audit Company: Type of Review Report:	Unqualified Opinion - Emphasis matter
STATEMENT OF FINANCIAL POSITION (consolidated and not consolidated) Amounts in thousands of Euro	STATEMENT OF COMPREHENSIVE INCOME (consolidated and not consolidated) Amounts in thousands of Euro
COMPANY GROUP								GROUP				COMPANY
ASSETS Tangible assets for own use	30/06/2009 393.504	31/12/2008 370.051	30/06/2009 4.379	31/12/2008 4.588	Sales	1/1-30/6/09 134.770	1/1-30/6/08 129.380	1/4-30/6/09 68.653	1/4-30/6/08 69.689	1/1-30/6/09 1.920	1/1-30/6/08 2.985	1/4-30/6/09 1.152	1/4-30/6/08 1.367
Investment property	30.638	30.628	34.881	34.871	Gross profit / [loss] Profit / (loss) before taxes, financing	29.678	25.314	14.380	14.215	261	[49]	553	58
Intangible assets Other non-current assets	136.253 68.714	135.579 72.503	990 114.103	1.421 114.927	and investing results	16.954	10.979	7.832	5.860	77	[214]	59	32
Inventories	25.197	27.064 109.825	328	1.162 1.789	E.B.I.T.D.A. Profit / (loss) before taxes	25.219 7.962	18.841 (15.013)	12.407 4.551	10.278 (3.066)	717 [944]	1.227 (269)	381 (303)	1.293 425
Trade and other receivables Other long term assets	122.570 137.356	124.438	1.274 224	247	Profit / [loss] after taxes [A]	5.828	(15.442)	3.727	(5.487)	(905)	$\overline{z}$	(312)	595
Available for sale non-current assets TOTAL ASSETS	O	$\Omega$	n	D	- Owners of the parent Minority interests	2.332 3.496	(10.034) (5.408)	1.820 1.907	(4.030) (1.457)	(905) 0	2	[312] O.	595 O
EQUITY AND LIABILITIES	914.232	870.088	156.179	159.005	Other comprehensive income after taxes (B)	1.636	a	3.249	$\theta$	44	٥	44	0
Share capital	24.712	24.712	24.712	24.712	Total comprehensive income after taxes (A) + (B)	7.464	(15.442)	6.976	(5.487)	(861)	2	[268]	595
Other Shareholders' Equity items Total Equity attributable to parent's shareholders (a)	87.398 112.110	84.007 108.719	73.612 98.324	74.472 99.184	Owners of the parent Minority interests	3.372 4.092	(10.034) (5.408)	3.850 3.126	(4.030) (1.457)	[846] $\Omega$	2 ō	[253] o	595 $\mathbf{0}$
Minority Interests (b)	118.945	117.749	0	0	Earnings / (loss) per share after
Total Equity $[c] = [a] + [b]$ Long term bank borrowings	231.055 325.083	226.468 301.473	98.324 38.738	99.184 35.969	taxes - basic (in €) Earnings / (loss) before taxes, financing	0,0610	[0,2621]	0,0476	(0.1053)	(0.0224)	0,0001	(0.0077)	0.0148
Provisions and other long term liabilities	41.189	42.475	7.400	7.956	and investing results and total depreciation 25.196		18.902	12.421	10.215	717	960	381	1.026
Short term bank borrowings Other short term liabilities	104.785 212.120	108,680 190.992	7.782 3.935	10.595 5.301			CASH FLOW STATEMENT
Liabilities associated with available for sale non-current assets	n		n	O			[consolidated and not consolidated] Amounts in thousands of Euro
Total liabilities (d) TOTAL EQUITY AND LIABILITIES (c) + (d)	683.177 914.232	643.620 870.088	57.855 156.179	59.821 159.005	GROUP 1/1-30/06/2009 1/1-30/06/2008 1/1-30/06/2009 1/1-30/06/2008							COMPANY
					Cash flows from operating activities;
STATEMENTS OF CHANGES IN EQUITY					Earnings / [losses] before taxes Plus (less) adjustments for:			7.962		(15.013)	(944)		[269]
(consolidated and not consolidated) Amounts in thousands of Euro	GROUP		COMPANY		Depreciation and amortisation expenses			8.309 773		7.961 2.763	640	25	1.174 42
	30/06/2009	30/06/2008	30/06/2009	30/06/2008	Provisions Loss / (gain) from disposal of fixed assets			44		98		0	[267]
Total equity at the begining of the period (01/01/2009 and 01/01/2008 respectively)	226,468	258.588	99.184	103.402	Loss / (gain) from investments sales Amortisation of government grants			2.338 (66)		17.919 (37)		0 o	[294] O
Total comprehensive income after taxes	7.464	(15.442)	[860]		Income from participations			(1.269)		[2.190]		0	(1.008)
Increase / [Decrease] in share capital Expenses of increase in share capital	o n	(4.051) (620)	o $\Omega$	[4.051] (620)	Loss / (gain) from participations in associates Debit interest and other related expenses			(263) 8.142		(343) 10.137	1.021	o	$\Omega$ 1.623
Dividends	(1.535)	(637)	o	o	Plus / (less) adjustements for changes in working capital			25.971		21.295	742		1,001
and consolidation of new subsidiaries	Change in existing subsidiaries' participating interests [1.342] (7.082) o O
[Purchases] / Sales of treasury shares Total equity at the end of the period	0	(86)	$\Omega$	(74)	or operating activities accounts. [Increase] / decrease in inventories			1.867		4.540		834	(367)
(30/06/2009 and 30/06/2008 respectively)	231.055	230.670	98.324	98.659	[Increase] / decrease in trade and other receivalbes Increase / (decrease) in payables (less loans)			[29.750] 22.995		(6.866) (37.980)	489 1.608		1.862 (11.003)
					[Less].
ADDITIONAL DATA AND INFORMATION					Debit interest and other related expenses paid Income taxes paid			(7.846) (4.915)		(10.049) [7.796]	(1.021) (200)		[1.642] [1.320]
. The emphasis matter in the Certified Auditor's Report refers to unresolved claims pending and courts' decisions pending. 2. The names of all companies (separate and consolidated) included in the condensed financial statements, their country, th					Net cash (used in) / generated from operating activities (a)			8.322		[36.854]	2.452		[11.469]
Group's participating interest as well as the consolidation method, are presented in Note 3 of the interim financial statements. 3. Note 25.4 of the interim financial statements refers to the tax unaudited fiscal years of the companies included in the					Cash flows from investing activities: Acquisitions of subsidiaries, affiliates, joint ventures and other investments [10.159]					(33.657)	(61)		[11.036]
consolidated financial statements.					Purchase of treasury shares					(85)			(73)
4. The Group and the Company are involved in a number of legal proceedings and have various unresolved claims pending (Group: € 47.032 k., Company € 0 k. ], most of whom are covered by special insurance contracts and it is estimated that their outcome will not					Purchase of tangible & intangible assets Proceeds from tangible and intagibles assets sales			(30.750) 71		[23.845] 471		0	[334] 14.403
have a material effect on the operating results and financial position of the Group and the Company. 5. The Group and the Company have not formed provisions for unresolved or under arbitration legally prosecuted claims or courts					Proceeds from financial assets and investments sales			10.271		19.748	943		1.898
decisions nor arbitration awards, as the outcome of such pending cases is estimated not to have a material effect on the operating results and financial position of the Group and the Company and at this stage it cannot be reliably estimated. The Group and the					Proceeds from financial assets 555 Interest received					26 682			0 19
Company have formed provisions for tax unaudited years differences amounting to € 2.812 k. and € 363 k. respectively and other					Proceeds from government grants 1.269					67			$\Omega$
provisions amounting to € 134 k. and € 0 k. respectively. 6. At 30/6/2009, the Company owned 191.854 treasury shares, acquired for a total amount of € 917 k At 30/6/2009, the Group					Dividends received (28.743) Net cash used in investing activities (b)					1.775 (34.818)	882		779 5.656
owned 2.302.173 treasury shares (shares of the parent company), acquired for a total amount of € 12.866 k					Cash flows from financing activities.
7. Other comprehensive income for the period, net of taxes, for the Group and the Company are as follows:	GROUP		COMPANY		Proceeds from / Repayment of borrowings Repayment of finance lease liabilities			18.509 1.137		102.513 (6.409)	[3.344]		10.265 o
Revaluation of investments assets in fair values	1/1-30/6/2009 2.048	1/1-30/6/2008 1/1-30/6/2009		1/1-30/6/2008	Dividends paid			[1.337]		[2.296]	(29)		[269]
Tax income of the other comprehensive income	(413)		(15)		Board of Directors' fees Net cash generated from / [used in] financing activites [c]			(771) 17.538		(610) 93.198	(3.373)		o 9.996
Other comprehensive income after taxes	1.636				Net increase / (decrease) in cash & cash equivalents			[2.883]		21.526 30.843	(39)		4.183
	8. Group companies established (see note 3 to the financial statements) that have been established and included in the consolidated financial statements of the closing period with the full consolidation method and had not been included in the						Cash & cash equivalents at the beginning of the period 38.660 Cash $@$ cash equivalents at the end of the period 35.777					363 152 4.546 113
financial statements of the immediately previous period nor in those of the respective period of the previous year, are the following: PRIVATE DIAGNOSTIC LABORATORY EUROMEDICA TRIKALA S.A. on 1/2/2009 (participating interest 14,41%), PRIVATE
NEUROPSYCHIATRIC CLINIC KASTALIA S.A. on 31/3/2009 (participating interest 15,64%), EUROMEDICA S.A. REAL ESTATE on 16/4/2009 (participating interest 99.94%), EUROMEDICA GULF S.A. HOLDINGS on 16/2/2009 (participating interest 62.95%) and					YEAR / PERIOD		Total comprehensive income after taxes				Reformed balance (see notes 5 and 13).
GENIKI NOSILEFTIKI S.A. GENERAL SERVICES on 23/4/2009 (participating interest 25,03%).						GROUP	Balances as they have been published	COMPANY			GROUP	COMPANY
Group associated companies that have been established (see note 3 to the interim financial statements) that have been established and included in the consolidated financial statements of the closing period with the equity method and had not been included in the					1/1-31/12/2008 1/1-30/6/2008	[17.375] [14.049]		457 7.134			[17.377] [15.442]		457 -2
financial statements of the immediately previous period nor in those of the respective period of the previous year, are the following: EUROMEDICA COSMETIC PRIVATE POLYIATREIO S.A. on 31/3/2009 (participating interest 22,84%), EUROMEDICA
WESTERN MACEDONIA-KOZANI S.A. on 24/11/2008 (participating interest 15,62%).					YEAR / PERIOD		Total Equity attributable to parent's shareholders Balances as they have been published				Reformed balance (see notes 5 and 13)
9. Group companies acquired (see note 3 to the interim financial statements) and included in the consolidated financial statements of the closing period with the full consolidation method and had not been included in the financial statements of the immediately						GROUP		COMPANY			GROUP	COMPANY
previous period nor in those of the respective period of the previous year, are the following. NEUROLOGICAL PSYCHIATRIC CLINIC A. PISSALIDIS – A. KARIPIS S.A. on 25/8/2008 (participating interest 31.29%), VOGIATZIS PRIVATE DIAGNOSTIC LABORATORY S.A.					1/1-31/12/2008 1/1-30/6/2008	108.701 114.148		99.184 106.377			108.719 112.303		99.184 98.659
on 3/9/2008 [participating interest 30,04%], DIAGNOSTIC CENTER LARISA S.A. on 15/9/2008 [participating interest 26,28%],
PRIVATE DIAGNOSTIC LABORATORY ALEXANDRIO S.A. on 25/9/2008 (participating interest 30,66%), PRIVATE DIAGNOSTIC LABORATORY OF WESTERN THESSALONIKI S.A. on 25/9/2008 (participating interest 26,28%), AXIAL DIAGNOSIS S.A. on					YEAR / PERIOD		Profit after taxes and minority interests Balances as they have been published				Reformed balance [see notes 5 and 13]
13/11/2008 (participating interest 62,58%), EUROMEDICA APOKATASTASI S.A. on 6/11/2008 (participating interest 31,29%), D.S. SIOVAS - RADIODIAGNOSTIC CENTER GREVENA on 1/2/2009 (participating interest 30.66%), ASKLEPIO INFIRMARY LARISA S.A.					1/1-31/12/2008	GROUP (9.632)		COMPANY 500			GROUP [9.619]	COMPANY	500
on 1/3/2009 (participating interest 37.55%).					1/1-30/6/2008	[8.976]		7.134			[10.034]		2
The associate company of the Group (see note 3 to the interim financial statements) that was acquired on 30/6/2009 and included in the consolidated financial statements with the equity method and had not been included in the financial statements of the	14. Investments in fixed assets for the closing period came up to € 30.750 k. for the Group and € 0 k. for the Company.
immediately previous period nor in those of the respective period of the previous year, is CENTRAL MEDICAL SERVICES S.A.					15. The cumulative amounts of income and expenses from the beginning of the fiscal year and the balances of receivables and payables of the
(participating interest 17,84%). 10. The subsidiary company S.K.D.S. MANAGEMENT ADVISORS S.A. was consolidated in the consolidated financial statements as	Group and the Company at the end of the closing period, that have emerged from transactions with related parties as dictated by IAS 24, are analyzed as follows (amounts in thousands of Euro):
at 31/12/2008 by the Equity method, while on 30/6/2009 has been fully consolidated, due to undertaking of the business activities management.	a) Income					GROUP 250		COMPANY 194
11. There are mortgage prenotations on the real estate property of the Group and the Company, amounting to € 91.545 k. and € 24.800 k. respectively, for granted loans and letters of guarentee the amount of which on 30/6/2009 totaled to € 158.511 k and €					b) Expenses				956
75.569. k. respectively					c] Receivables d] Payables					42 27.882 9.290 710
12. The number of employees of the Group and the Company at the end of the current period was 2.701 and 8 people respectively The number of employees of the Group and the Company at the end of the previous period was 2.475 and 14 people respectively.	e) Transactions and remuneration of management executives and board members						186 72
13. The total equity and the comprehensive income of the comparative financial statements were reformed due to provisions of tax		f) Receivables from management executives and board members o g) Payables to management executives and board members O
unaudited fiscal years and the finalisation of the goodwill. This had as a consequence the following (amounts in thousands of Euro):	16. E.B.I.T.D.A. is defined as Earnings before Income Taxes Depreciation and Amortization (Amortisation of government grants and loss/gain from
disposal of fixed assets are not included). Athens, August 26 2009
The Chairman of the Board					The Managing Director			The Head of the Accounting Department
APOSTOLOS D. TERZOPOULOS	PANAGIOTIS N. DOUMANOGLOU				LOUKAS LIAKOS
I.D. No Σ 636315/98					I.D. No Σ 232215/00				I.D. No T 017003 UCENCE NA COCECE ECONOMIC CUAMPED 20062 A' DECOEF