Athens Medical C.S.A.

Earnings Release • Sep 28, 2015

ATHENS MEDICAL CENTER S.A.

13782/06/B/86/06

5-7 Distomou Str, 15125 Maroussi FINANCIAL RESULTS FOR THE PERIOD 1/1/2007 - 30/9/2007

According to the 2/396/31.8.2006 decision of the Capital Market's Board of Directors Committee

The following results and information provide a general picture of the financial position and financial results of the Athens Medical Center S.A.. Thus we suggest the reader, before entering into any sort of investment decision and transaction with the company, to gain access to the company's web site, where the results can be downloaded under IFRS, as well as the Auditor's Certificate when this is required.

COMPANY´S DETAILS
Company's web site:		www.iatriko.gr			COMPANY'S BOARD OF DIRECTORS
Date of Approval by the					Name		Position
Board of Director's of Financial Statements:		26/11/2007			Dr. George V. Apostolopoulos Dr. Vassilis G. Apostolopoulos		President CEO
					Christos G. Apostolopoulos		Vice President
					Dr. Norbert Doerner		Member
					Stephen Leohnard		Member
BALANCE SHEET (consolidated and non consolidated) amounts in thous €						CASH FLOW STATEMENT (consolidated and non consolidated) amounts in thous €
ASSETS GROUP PARENT					Indirect method	GROUP PARENT
	30/9/2007	31/12/2006	30/9/2007	31/12/2006		1/1-30/9/2007	1/1-30/9/2006	1/1-30/9/2007	1/1-30/9/2006
Fixed Assets	291.793	292.714	299.097	300.099	Operating Activities :
Inventory Receivables (trade debtors)	6.162 124.218	5.391 108.708	5.819 123.597	5.088 108.064	Profit Before Taxes Plus/Less Adjustments for :	18.241	18.160	18.739	15.495
Other Assets	46.326	38.308	44.297	35.088	Depreciation	8.187	8.189	7.849	7.899
Total Assets	−−−−−−−−− 468.499 =========	−−−−−−−−− 445.121 =========	−−−−−−−−− 472.810 =========	−−−−−−−−−− 448.339 ==========	Provisions	1.664	1.339	1.652	1.116
LIABILITIES Long Term Liabilities	168.163	78.811	164.443	74.682	Exchange Differences Results (revenue, expenses, gain and losses) from	15	-42	0	0
Short Term Bank Liabilities	22.486	108.114	17.127	103.288	Investing Activities	-1.974	-78	-6.064	-2.786
Other Short Term Liabilities	112.458 −−−−−−−−−	105.212 −−−−−−−−−	117.964 −−−−−−−−−	111.505 −−−−−−−−−	Interest Expenses and Related costs	7.042	4.598	6.777	4.546
Total Liabilities (a) Shareholder Equity (b)	303.107 ========= 164.979	292.137 ========= 152.173	299.534 ========= 173.276	289.475 ========= 158.864	Plus/Less Adjustments for Changes in Working Capital or Related to Operating
Minority Rights (c)	413 −−−−−−−−−	811 −−−−−−−−−	−−−−−−−−−	−−−−−−−−−	Activities :
Total Shareholder Equity (d) = (b)+(c)	165.392 =========	152.984 =========	173.276 =========	158.864 =========	Decrease / Increase in Inventories	-772	-257	-731	-478
Total Capital & Liabilities (e)= (a)+(d)	468.499 =========	445.121 =========	472.810 =========	448.339 =========	Decrease / Increase in Receivables Decrease/Increase in Liabilities (except for banks)	-19.484 8.243	-30.224 20.453	-20.114 7.158	-31.308 20.899
					Less :
					Interest charges and Related Expenses Paid	-7.042	-4.598	-6.777	-4.546
					Paid Taxes Total Inflows / Outflows from	-6.052 −−−−−−−−	-5.194 −−−−−−−−−	-4.561 −−−−−−−−−	-3.125 −−−−−−−−−
					Operating Activities (a)	8.068	12.346	3.928	7.712
STATEMENT OF CHANGES IN EQUITY (consolidated and non consolidated) amounts in thous €	Investing Activities:	========	=========	=========	========
	GROUP			PARENT	Acquisition of subsidiaries, associates, joint ventures and other investments	0	-21.282	0	-21.282
	30/9/2007	30/9/2006	30/9/2007	30/9/2006	Purchase of Tangible and Intangible Fixed Assets	-7.637	-10.398	-7.288	-9.726
Total equity beginning period					Earnings from the Sale of Tangible and Intangible
(1/1/2007 and 1/1/2006 accordinly) After tax profit / (loss) for the period	152.984 12.732	163.245 11.716	158.864 14.254	148.102 10.941	Assets	11	13	27	10
Increase / (Decrease) in Share Capital	5.363		5.363		Income from interest Income from Dividend	71 91	39 59	63 4.300	21 2.412
Dividend Distributed	-5.676	-5.238	-5.205	-3.359	Total Inflows / Outflows from	−−−−−−−−−	−−−−−−−−−	−−−−−−−−−	−−−−−−−−−
Net Income Recorded Directly in Equity	-11	-21.266	0	0	Investing Activities (b)	-7.464 =========	-31.569 =========	-2.898 =========	-28.565 =========
Buying / (Selling) of own shares	0 −−−−−−−−−	0 −−−−−−−−−	0 −−−−−−−−−	0 −−−−−−−−−	Financing Activities: Proceeds from Share Capital Increase	5.363	0	5.363	0
Total equity ending period					Proceeds from Dept	140.019	38.050	139.506	38.024
(30/9/2007 and 30/9/2006 accordinly)	165.392 =========	148.457 =========	173.276 =========	155.684 =========	Dept Repayment	-134.445	-12.204	-134.324	-11.959
					Payments of Financial Leasing (Capital installment)	-1.610	-3.099	-1.610	-3.083
					Dividend Paid	-5.650 −−−−−−−−−	-5.226 −−−−−−−−−	-5.177 −−−−−−−−−	-3.348 −−−−−−−−−
					Total Inflows / Outflows from
					Financing Activities (c) Net Increase/Decrease in Cash and Cash Equivalents	3.677 =========	17.521 =========	3.758 =========	19.634 =========
					for the Period (a)+(b)+(c)	4.281 ========	-1.702 =========	4.788 =========	-1.219 =========
					Cash and Cash Equivalents (beginning)	8.814 ========	7.577 =========	6.224 =========	6.089 =========
					Cash and Cash Equivalents (period end)	13.095 ========	5.875 =========	11.012 =========	4.870 =========
INCOME STATEMENT FOR THE PERIOD (consolidated and non consolidated) amounts in thous €
		GROUP			PARENT
Turnover	1/1-30/9/07 206.974	1/1-30/9/06 186.461	1/7-30/9/07 56.750	1/7-30/9/06 55.429	1/1-30/9/07 1/1-30/9/06 202.522 183.068	1/7-30/9/07 55.304	1/7-30/9/06 54.339
Gross Profit	44.746	41.441	9.622	9.856	38.372 33.732	7.807	8.337
Profit before Taxes, Financing and Investing Activity and depreciation	33.215	30.792	6.172	5.541	28.952 25.508	4.909	4.511
Profit before Taxes, Financing and
Investing Activity Profit before Taxes	25.028 18.241	22.603 18.160	3.476 728	2.837 1.134	21.103 17.609 18.739 15.495	2.326 -383	1.907 142
Less : Taxes	-5.509	-6.444	-172	-348	-4.485 -4.554	88	-64
Profit after Taxes and continued operations(a) Profit after Taxes and discontinued operations(b)	12.732 ======== 0	11.716 ======== 0	556 ======== 0	786 ======== 0	14.254 10.941 ======== ========= 0 0	-295 ======== 0	78 ======== 0
Profit after Taxes
(continued and discontinued operations)(a) + (b) Attributable to :	12.732 ========	11.716 ========	556 ========	786 ========	14.254 10.941 ======== =========	-295 ========	78 ========
Shareholders	12.659	12.172	563	772	14.254 10.941	-295	78
Minority Rights Earnings (After Tax) Per Share basic (- in €)	73 0,148	-456 0,145	-7 0,005	14 0,009	0,167 0,130	-0,005	0,001
ADDITIONAL INFORMATION
Group Structure					3. There are no legal disputes that could have a significant effect on the company's and the group's financial structure.
Companies	Seat	Participation % Consolidation	Method	Unaudited Years	4. The number of employees for the third quarter of 2007 is : Group 2.952 and Parent Co 2.799. 5. Profit per share was calculated using the average weighted number of total shares issued.
ATHENS MEDICAL CENTER SA	Maroussi Attica	Parent Co		---	6. Disclosures of transactions with related parties of Group and Company as defined in IAS 24:		GROUP	PARENT
IATRIKI TECHNIKI SA AKSONIKI EREVNA SA	Kiffisia Attica Maroussi Attica	100,00 50,50	TOTAL TOTAL	2003-2006 2007	a) Sales of goods and services		1.609	1.753
EREVNA SA	Maroussi Attica	51,00	TOTAL	2007	b) Purchases of goods and services c) Debtors		246 2.812	16.427 6.882
PHYSIOTHERAPY CENTER SA	Maroussi Attica	33,00	TOTAL		d) Liabilities e) Transactions and compensations of executives		515	26.597
HOSPITAL AFFILIATES INTERNATIONAL SA MEDSANA BMC	Kifisia Attica Bucharest Romania	68,89 100,00	TOTAL TOTAL	2003-2006 2001-2006	and members of the Board		5.253	4.322
ÂÉÏÁ×ÉS SRL (ex MEDSANA SRL)	Bucharest Romania	78,90	TOTAL	1997-2006	óô) Debtors from executives and members of the Board		0	0
ORTELIA HOLDING EUROSITE SA	Lemessos Cyprus Maroussi Attica	99,99 100,00	TOTAL TOTAL	1997-2006 1998-2006	æ) Liabilities to executives and members of the Board		0	0
MEDICAFE SA	Thessaloniki		55,00 EQUITY METHOD	2003-2006	7. According to the 18/12/2006 decision of the A' repeated Extraordinary General Assembly of Stockholders, the company's Share Capital was
INTEROPTICS SA	Athens		27,33 EQUITY METHOD	2005-2006	increased with cash deposit and abolish the old Stockholders' preference premium and 2.750.000 new shares were issued of nominal value 0,31 euro, each and disposal value of 1,95 euro, each in favour of doctor cooperatives of the company. The above mentioned increase was approved
1. All companies in the Group are those described in the above table titled "Group Structure". There is no deviation in the Companies and the					by the K2-1206/30-1-2007 decision of Ministry of Development and after the procedure was concluded, the shares were listed for negotiation in the Stock Market at 17/5/2007, and are entlitled to year's 2006 dividend.
method of consolidation relative to that used in the interim financial results during 2006 apart from INTEROPTICS SA which was included in the consolidation using the equity method in 31/12/2006.					8. According to the 14/7/2007 decision of A' Repeated Extraordinary General Assembly of Stockholders concerning a bond loan up to 150 mil.
2. There are no pledges against the company's assets and Group's assets.					euro, the company received an amount of 120 mil. euro. From this amount 114,5 mil. were used for the refunding of the existing syndicated loan as well as of almost all short term borrowings.
www.gnn.com.gr Maroussi, 26 Íovember 2007
The President of the BOD The CEO The Group CFO The Parent CFO The Chief Accountant
Georgios V.Apostolopoulos	Vassilios G.Apostolopoulos				Nikolaos H.Katsibrakis	Petros D.Adamopoulos			Panagiotis X.Katsichtis
ID No. Ó 100951		ID No. Î 350622			ID No. AB 253885 ID No. M 253394			ID No. AB 052569