Elgeka S.A.

Quarterly Report • Sep 22, 2015

" ELGEKA S.A. TRADE - DISTRIBUTIONS - REPRESENTATIONS - INDUSTRY "

REG. No 8649/06/Β/86/45

HEAD OFFICE: BLOCK 31, ADRESS: DA 13, PHASE B, 57022, INDUSTRIAL AREA OF SINDOS, DELTA MUNICIPALITY - THESSALONIKI - GREECE SUMMARY FINANCIAL DATA & INFORMATION FOR THE PERIOD 1 January 2011 - 31 March 2011

(According to 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 - 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.

					INFORMATION CONCERNING THE COMPANY
Company's website:	http://www.elgeka.gr
Date of approval of Interim Financial Statements
by the Board of Directors:	26 May 2011
	1.1 STATEMENT OF FINANCIAL POSITION (consolidated and stand alone) amounts in thousand Euro				1.3 STATEMENT OF CHANGES IN EQUITY (consolidated and stand alone) amounts in thousand Euro
	GROUP		COMPANY			GROUP		COMPANY
ASSETS	31/3/2011	31/12/2010	31/3/2011	31/12/2010	Equity at the beginning of the period	31/3/2011	31/3/2010	31/3/2011	31/3/2010
Tangible assets	55.126	56.586	10.146	10.631	(01.01.2011 and 01.01.2010, respectively)	73.868	78.359	61.689	63.884
Investment property	43.249	42.290	12.856	12.856	Total comprehensive income/(loss), net of tax	667	1.412	327	467
Intangible assets Other non-current assets	26.199 20.701	26.042 20.695	1.238 52.212	969 52.212	Dividends paid to non-controlling interest Equity at the end of the period	(8)	0	0	0
Inventories	39.522	38.416	10.666	14.095	(31.03.2011 and 31.03.2010, respectively)	74.527	79.771	62.016	64.351
Trade receivables	107.302 29.163	120.221 28.748	47.960 7.882	51.994 10.974	1.4 STATEMENT OF CASH FLOWS (consolidated and stand alone) amounts in thousand Euro
Other assets TOTAL ASSETS	321.262	332.998	142.960	153.731
						GROUP		COMPANY
EQUITY & LIABILITIES					INDIRECT METHOD	1/1 - 31/03/2011	1/1 - 31/03/2010	1/1 - 31/03/2011	1/1 - 31/03/2010
Share capital Other accounts related to Shareholders' Equity	51.099 11.990	51.099 11.981	51.099 10.917	51.099 10.590	Operating activities
Total Equity attributable to Shareholders of the Parent Company (a)	63.089	63.080	62.016	61.689	Profit / (loss) before taxes	133	1.430	314	842
Non-controlling interest (b)	11.438	10.788	0	0	Add/less Adjustments for:
Total Equity ( c ) = ( a ) + ( b )	74.527	73.868	62.016	61.689	Depreciation and amortization	1.604	1.455	304	307
Long-term borrowings Provisions / Other long-term liabilities	18.989 35.149	19.593 35.491	9.250 1.287	9.250 1.320	Provisions Unrealised foreign exchange differences	94 (34)	134 0	84 (6)	16 0
Short-term borrowings	85.563	81.295	32.362	26.015	Translation exchanges differences	(257)	(516)	0	0
Other current liabilities	107.034	122.751	38.045	55.457	Amortization of government grants	(62)	(53)	0	0
Total liabilities ( d )	246.735 321.262	259.130 332.998	80.944 142.960	92.042 153.731	Results (income, expense, gains & losses)	28	(529)	(13)	3
TOTAL EQUITY AND LIABILITIES ( c ) + ( d )					of investing activities Interest expense & similar charges	1.572	1.411	535	356
	1.2. STATEMENT OF COMPREHENSIVE INCOME (consolidated and stand alone) amounts in thousand Euro				Add/less adjustments for changes in working capital or
					changes related to operating activities:
	GROUP		COMPANY		Decrease/(increase) in inventories	(1.130)	140	3.429	3.306
	1/1 - 31/03/2011	1/1 - 31/03/2010	1/1 - 31/03/2011	1/1 - 31/03/2010	Decrease/(increase) in receivables	12.766	2.793	6.970	1.431
Sales Gross profit / (loss)	88.153 10.959	77.617 12.187	31.349 7.238	36.492 7.668	Increase/(decrease) in payables (excluding borrowings) Staff leaving indemnities paid	(15.753) (9)	(10.380) (23)	(17.763) 0	(11.019) (8)
Profit /(loss) before taxes, financing					Less:
and investing activities	1.129	1.935	890	1.194	Interest expense & similar charges paid	(1.429)	(1.326)	(193)	(55)
Profit /(loss) before taxes	133 340	1.430 410	314 82	842 223	Income taxes paid	(9)	(106)	0	0
Less: Taxes Profit / (loss) after taxes (A)	(207)	1.020	232	619	Net cash flows from/(used in) operating activities (a)	(2.486)	(5.570)	(6.339)	(4.821)
Distributed to:
Equity holders of the Parent	(468)	687	232	619	Investing activities
Non-controlling interest	261	333	0	0	Proceeds from sale of subsidiaries	0	21	0	0
Other comprehensive income/(loss) for the year, net of tax (B)	874	392	95	(152)	Purchase of property, plant & equipment and intangible assets Proceeds from sale of property, plant & equipment and intangible assets	(394) 46	(715) 24	(97) 23	(169) 3
Total comprehensive income/(loss) for the year, net of tax (A+B)	667	1.412	327	467	Purchase of investment property
Distributed to:					Proceeds from sale of investment property	13	0	0	0
Equity holders of the Parent Non-controlling interest	20 647	848 564	327 0	467 0	Interest received Net cash flows from/(used in)	26	33	0	0
	667	1.412	327	467	investing activities (b)	(309)	(637)	(74)	(166)
Profit/(loss) after taxes per share - basic (in Euro)	(0,0148)	0,0215	0,0073	0,0194	Financing activities
Profit /(loss) before taxes, financing, investing					Proceeds from loans Repayment of loans	29.783 (26.502)	36.841 (29.326)	6.322 0	11.500 (4.790)
activities, depreciation & amortization	2.671	3.337	1.194	1.501	Payment of finance leasing liabilities	(262)	(164)	0	0
					Dividends paid to non-controlling interest	(8)	0	0	0
	ADDITIONAL DATA AND INFORMATION				Net cash flows from/(used in) investing activities (c)	3.011	7.351	6.322	6.710
1. The name and country of registered office for each of the companies included in the consolidated financial statements, as well as the corresponding direct and indirect percentage of participation in their share capital are included in Note 1 in Interim Financial Statements.					Net increase/(decrease) in cash
2. The accounting principles applied are the same with the ones applied for the preparation of Annual Financial Statements for the year ended on December 31st, 2010, apart from the new or revised accounting standards and interpretations endorsed in 2011, as they are presented in Note 2 in Interim Financial Statements.					and cash equivalents ( a ) + ( b ) + ( c )	216	1.144	(91)	1.723
3. The Parent Company's tax books and records have been audited by the Tax Authorities up to fiscal year 2006 (incl.). The unaudited fiscal years for each of the companies included into					Cash and cash equivalents at the beginning of the period	8.364	7.871	387	130
the Consolidated Financial Statements are analytically presented in Note 4 of Interim Financial Statements. 4. There are no encumbrances on the fixed assets of the Parent Company, while there are mortgages on the buildings of subsidiaries as of 31st of March 2011, amounting to Euro 18.389					Foreign exchange differences in cash and cash equivalents Cash and cash equivalents at the end of the period	78 8.658	97 9.112	0 296	0 1.853
thousand (31/12/2010: Euro 18.939 thousand) as security for loans. 5. There is no pending litigation that could materially affect the financial position or operation of the Parent Company and the Group. The aggregated amount of provisions for bad and
doubtful debts for the Group and Parent Company at 31/03/2011 amounted to Euro 5.509 thousand and Euro 1.377 thousand, respectively. The cumulative provision for tax unaudited
years as of 31/03/2011 for the Group amounted to Euro 427 thousand and for the Parent Company to Euro 337 thousand, whereas no provisions were created under the heading "Other Provisions" neither for the Group nor for the Parent Company as prescribed in paragraphs 10, 11 and 14 of IAS 37 "Provision, contingent liabilities and contingent assets".		e. On July 7th , 2010, the Parent Company acquired a rights option for the purchase of the share capital increase of 99,71% of the shares of the wholesaler "VITA PI S.A." from the listed company "ATLANTIC SUPER MARKET S.A." for the amount of Euro 10.280 thousand. "ELGEKA S.A.", in addition to the resignation from the rights option of the other shareholder to
6. The number of employees as at 31/03/2011 was 1.757 for the Group and 216 for the Parent Company respectively (31/03/2010: Group 1.747 and Company 213, respectively). 7. All activities (sales and purchases of goods and services) aggregating from the beginning of the year as well as receivable and payable balances of the Parent Company and the Group					participate in the share capital increase, has paid the total amount of the share capital increase of Euro 1.855 thousand (3.500 thousand shares of Euro 0,53 each) and as a result the participation percentage amounted to 72,92%. In addition, on the same day, the Parent Company purchased the remaining participation percentage by the listed company "ATLANTIC
in the end of the current year, created from transactions with related companies, as these are defined in IAS 24, with distinct reference to the remuneration and balances of key					SUPER MARKET S.A." to the wholesaler "VITA PI S.A." (1.296.182 shares of nominal value of Euro 0,53 each or 27,00% of the share capital) for Euro 4.520 thousand. As a result, the Parent Company's participation percentage has increased to 99,92%. As a consequence, "VITA PI S.A." included in the Consolidated Financial Statements of the current period, while it
management personnel and members of the board, are given below:					was not included in the comparable period of 2010.
a) Sales of goods and services	GROUP	-	COMPANY 160		f. On August 5th , 2010, the newly established subsidiary "DIAKINISIS PORT (CY) LIMITED" founded a new trade limited company named "DIAKINISIS PORT & Co". The participation percentage to the newly founded company, amounted to Euro 30 thousand, is 99%. The contribution of the above company to Group's financial figures at 31/03/2011 amounted to Euro
b) Purchases of goods and services		-	1.002		2.506 thousand as Sales (2,84% of Group's total), to Euro 123 thousand as Profits after taxes and non-controlling interest (-26,28% of Group's total) and to Euro 196 thousand as Equity attributable to the shareholders of the Parent (0,31% of Group's total). As a consequence, "DIAKINISIS PORT & Co" included in the Consolidated Financial Statements of the
c) Receivables d) Payables		current period, while it was not included in the comparable period of 2010. Apart from the above mentioned changes in the consolidation percentages of the companies' comprising the Group or the non-incorporation of companies that sold during the previous
- 1.192 e) Key management personnel and member of the board compensation 352 315					year or the incorporation of companies that founded or acquired during the previous year, there were no alterations in the consolidation methods nor were any companies which were
f) Receivables from key management personnel and member of the board - - g) Payables to key management personnel and member of the board 50 14					not included in the consolidation as per March 31st, 2011. The above mentioned events are presented in Note 1 of Interim Financial Statements.
12. The amounts and the nature of the other comprehensive income after taxes are analyzed as follows: The parent Company's balances of sales-income, purchases-expenses, receivables and payables with related parties have been eliminated for the consolidation of the Financial
Statements as at March 31st, 2011. 8. Investments in fixed assets that took place from the Parent Company and the Group during the first quarter of 2011 amounted to Euro 97 thousand (first quarter of 2010: Euro 169					Nature of Other Comprehensive Income / (loss) after taxes	GROUP (01.01-31.03.2011)	COMPANY (01.01-31.03.2010)
thousand) and Euro 394 thousand respectively (first quarter of 2010: Euro 715 thousand).					Valuation of derivatives after taxes	125		95
9. Earnings per share (EPS) have been calculated using the weighted average number of ordinary shares in circulation during the first quarter of 2011. 10. No subsidiary held shares of the Parent Company at the end of the current period. "ELGEKA S.A.", under the decision of the General Assembly of 30/06/2008 and the Board of					Exchange differences from translation of foreign subsidiaries	749		-
Directors Meetings of 21/04/2010, as well as under the decision of the General Assembly of 28/06/2008 and the Board of Directors Meetings of 29/06/2010, and according to the paragraph 16 of the Greek Codified Law 2190/1920, has bought during the fiscal year 2010 202.500 treasury shares at the average price of Euro 0,7773 per share, of total value Euro					Other comprehensive income / (loss) after taxes	874		95
158 thousand, through "National-P&K Securities A.E.P.E.Y".					13. The most important events that took place after 31st of March 2011 are the following:
11. a. The company "CERA VILLA DESIGN SRL" applied for liquidation to the Romanian Authorities during the first quarter of 2009. The liquidation process is not completed by March 31st 2011. The figures were insignificant for consolidation purposes.					- "ELGEKA S.A." in accordance of the 29/06/2009 decision of the Annual General Meeting of its shareholders and the decision of the Board of Directors on 08/04/2011, signed a contract on April 19, 2011, regarding the issue of a common Bond Loan, with a maturity of five years, amounting to Euro 7.500 thousand, with bond holders the

b. At 15/04/2010, the Parent Company sold its participation percentage of 30% plus 2 shares to the company "PAPADIMITRIOU S.A." for Euro 1.800 thousand. The participation percentage is currently 19,99% from 50% plus 1 share before the sale. As a consequence, the subsidiary company "PAPADIMITRIOU S.A." that was fully consolidated at 31st of March

2010, after the sale is included in Available for Sale Financial Assets at fair value of Euro 1.200 thousand. c. The Annual General Assembly of "MEDIHELM PHARMAC. WHOLESALE STORE S.A." dated 30/06/2010 decided a share capital decrease of amount of Euro 1.174 thousand with

Financial Statements of the current period with a percentage of 98,48%, while in the comparable period of 2010 was included with a percentage of 96,95%. Consolidated Financial Statements of the current period, while it was not included in the comparable period of 2010.	shares with face value Euro 10 each. "ELGEKA S.A." covered the full amount of this share capital increase and at 19/08/2010 paid the amount of Euro 1.186 thousand, resulting in increase of the participation percentage from 96,95% to 98,48% approximately. As a consequence, "MEDIHELM PHARMAC. WHOLESALE STORE S.A." included in the Consolidated d. On July 5th, 2010, the 100% subsidiary company "ELGEKA (CYPRUS) L.T.D." founded a new company named "DIAKINISIS PORT (CY) LIMITED". The participation percentage of "ELGEKA (CYPRUS) L.T.D." in the newly founded company "DIAKINISIS PORT (CY) LIMITED" is 50,01%. As a consequence, "DIAKINISIS PORT (CY) LIMITED" included in the	representative of bondholders. The above common Bond Loans issued on 21/04/2011, under Law 3156/2003 and 2190/1920, to be used to refinance existing short term bank borrowings of "ELGEKA S.A." and "DIAKINISIS S.A.". - The company "ELGEKA FERFELIS SRL" applied for liquidation to authorities of Moldavia during April of 2011. The figures were insignificant for consolidation purposes. (The above mentioned events are presented in Note 19 of Interim Financial Statements).
		Thesssaloniki, May 26, 2011
CHAIRMAN OF THE B.o.D. AND MANAGING DIRECTOR	VICE CHAIRMAN OF THE B.o.D.	CHIEF FINANCIAL OFFICER	HEAD OF THE ACCOUNTING DTM
ALEXANDROS KATSIOTIS ID. No. X 232184 / 01	ELLI DRAKOPOULOU ID. No. AΒ 287230 / 06	ANTHIMOS MISAILIDIS ID. No. AΗ 168099 / 08	KONSTANTINOS MEINTANIS ID. No. AΒ 162944 / 06 ACC. REG. No. 0017678 CLASS: A'

the intention of capitalization of prior years' losses. At the same time, a share capital increase was approved for the amount of Euro 1.186 thousand with the issue of 118.600 new

signed a contract on April 19, 2011, regarding the issue of a common Bond Loan, with a maturity of five years, amounting to Euro 7.500 thousand, with bond holders the banks "ALPHA BANK S.A." and "ALPHA BANK LONDON LTD", while "ALPHA BANK S.A." takes over as manager of payments. In addition, by virtue of the unsolicited Extraordinary General Meeting on 13/04/2011 of shareholders of the company ''DIAKINISIS SA - Warehousing - Distribution -

Promotional packaging", which is subsidiary of "ELGEKA S.A." with 99.99%, and the resulting special authorization to its Board of Directors, "DIAKINISIS S.A." signed a contract on April 19, 2011, regarding the issue of a common Bond Loan, with a maturity of five years, amounting to Euro 6.000 thousand, guaranteed by its parent company "ELGEKA S.A.", with bond holders the banks "ALPHA BANK S.A." and "ALPHA BANK LONDON LTD", while "ALPHA BANK S.A." takes over as manager of payments and