Athens Medical C.S.A.

Interim / Quarterly Report • Sep 30, 2017

Date of Approval by the

Intangible assets		415	339	412		335 Profit / (Loss) before taxes (continued operations)			1.722 5.762	4.862	1.396
Other non current assets		10.431	10.721	30.475		30.659 Plus / Less adjustments for :
Inventories		4.584	4.477	4.404		4.211 Depreciation			4.202 4.041	3.961	4.106
Receivables (trade debtors)		92.600	83.703	92.199		83.259 Provisions			992 574	570	988
Other current assets		40.124	41.170	41.335		41.925 Results (revenues, expenses, gains and losses) from
TOTAL ASSETS		374.452	368.662	382.975		376.825 investing activities		164	( 13)	104	0
EQUITY AND LIABILITIES						Interest expenses and related costs			4.205 4.188	4.061	4.125
Share capital		26.888	26.888	26.888		26.888 Plus / Less adjustments for changes in
Other components of equity		38.879	33.766	41.452		36.858 working capital or related to operating
Total equity attributable to owners of the parent (a)		65.767	60.654	68.340		63.746 activities :
Non controlling interests (b)		135	103	0		0 Decrease / (Increase) in inventories		( 108)	382	( 193)	317
Total Equity (c) = (a)+(b)		65.902	60.757	68.340		63.746 Decrease / (Increase) in receivables		( 14.797)	( 13.901)	( 15.322)	( 14.941)
Long term borrowings		237	11	0		5 (Decrease) / Increase in liabilities (except for borrowings)		( 532)	2.627	902	3.959
Long term provisions / Other non current liabilities		41.128	41.595	41.020		41.489 Less :
Short term borrowings		144.045	144.880	141.712		142.581 Interest charges and related expenses paid		( 3.897)	( 4.131)	( 3.818)	( 4.052)
Other current liabilities		123.140	121.419	131.903		129.004 Paid income taxes		( 185)	( 213)	( 116)	( 145)
Total Liabilities (d)		308.550	307.905	314.635		313.079 Total Inflows / (Outflows) from
TOTAL EQUITY AND LIABILITIES ©+(d)		374.452	368.662	382.975		376.825 Operating Activities (a)		( 4.790)	( 4.128)	( 4.989)	( 4.247)
	STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD (consolidated and non consolidated) amounts in thous. €					Investing Activities
		GROUP		PARENT
		30/6/2017	30/6/2016	30/6/2017	30/6/2016
						Purchase of tangible and intangible fixed assets		( 2.330)	( 1.053)	( 1.919)	( 1.016)
Total equity in the beginning of the period						Cash proceeds from the sale of tangible and intangible fixed assets			0 1	1	0
(1/1/2017 and 1/1/2016 accordingly)		60.757	58.847	63.746		64.846 Income from interest			2 1	1	2
Total comprehensive income after taxes for the period		5.145	1.151	4.594		956 Total Inflows / (Outflows) from
(continued and discontinued operations)						Investing Activities (b)		( 2.328)	( 1.051)	( 1.917)	( 1.014)
Dividend distributed			0 0	0		0 Financing Activities
Total equity at the end of the period						Proceeds from debt			1.075 320	0	1.075
(30/6/2017 and 30/6/2016 accordingly)		65.902	59.998	68.340		65.802 Debt repayment		( 1.042)	( 1.765)	( 1.042)	( 1.765)
						Payments of financial leasing
						(Capital installments)		( 62)	( 31)	( 6)	( 5)
						Dividend paid		( 27)	( 9)	0	0
						Total Inflows / (Outflows) from
						Financing Activities ©		( 811)	( 730)	( 1.048)	( 695)
						Net Increase/ (Decrease) in Cash and Cash Equivalents
						for the Period (a)+(b)+©		( 7.928)	( 5.909)	( 7.954)	( 5.956)
						Cash and Cash Equivalents (beginning)		12.182	10.426	11.716	9.901
						Cash and Cash Equivalents (period end)		4.254	4.517	3.762	3.945
						STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD (consolidated and non consolidated) amounts in thous. €
			GROUP			PARENT
			1/1-30/6/2017	1/1-30/6/2016		1/1-30/6/2017	1/1-30/6/2016
Turnover			85.303	82.554		82.686	80.224
Gross profit/ (loss)			20.357	16.640		18.389	15.417
Profit before taxes, financing and
investing activity			10.114	5.914			5.521 9.027
Profit / (Loss) before taxes			5.762	1.722			1.396 4.862
Profit / (Loss) after taxes (A)			5.145	1.151			956 4.594
Owners of the parent			5.113	1.110			956 4.594
Non controlling interests			32	41
Other comprehensive income after taxes			0	0			0 0
Total comprehensive income after taxes (A)+(Β)			5.145	1.151			956 4.594
Owners of the parent			5.113	1.110			956 4.594
Non controlling interests			32	41
Earnings / (Losses) after taxes per share - basic (in €)			0,0589	0,0128			0,0110 0,0530
Profit before taxes, financing and
investing activity and depreciation			14.155	10.116		12.988	9.627
					ADDITIONAL INFORMATION :
Group Structure		Participation	Consolidation	Tax unaudited
Companies	Residence	(%)	Method	Years		6. Disclosures of transactions with related parties of group and company as defined in IAS 24 (amounts in thous.€) :
ATHENS MEDICAL CENTER SA	Maroussi Attica	Parent Co		2016			GROUP	PARENT
IATRIKI TECHNIKI SA	Kiffisia Attica	100,00	TOTAL	2009, 2016		a) Revenue	0	83
AKSONIKI EREVNA SA	Maroussi Attica	50,50	TOTAL	2007-2016		b) Expenses	208	6.653
EREVNA SA	Maroussi Attica	51,00	TOTAL	2007-2016		c) Receivables	1.178	5.901

Company's web site:		www.iatriko.gr
Date of Approval by the Board of Directors of a' six month Financial Statements :		29 September 2017
Certified Auditor Accountant :			Panagiotis Bountros Certified Auditor Accountant AM SOEL 22011
Auditing company :		KPMG Certified Auditors A.E. AM SOEL 114
Type of Auditor's review report :		Unqualified opinion - Emphasis of matter
	STATEMENT OF FINANCIAL POSITION (consolidated and non consolidated) amounts in thous. €					CASH FLOW STATEMENT (consolidated and non consolidated) amounts in thous. €
	GROUP		PARENT		Indirect method	GROUP		PARENT
ASSETS	30/6/2017	31/12/2016	30/6/2017	31/12/2016		1/1-30/6/2017	1/1-30/6/2016	1/1-30/6/2017	1/1-30/6/2016
Property, plant and equipment	226.298	228.252	214.150		216.436 Operating Activities :
Intangible assets	415	339	412		335 Profit / (Loss) before taxes (continued operations)		1.722 5.762	4.862	1.396

HOSPITAL AFFILIATES INTERNATIONAL SA	Kiffisia Attica	68,89	TOTAL	2012-2016	and members of the Board	1.491	1.263
MEDSANA BMC	Bucharest Romania	100,00	TOTAL	--	f) Liabilities to executives
BIOAXIS SRL (former MEDSANA SRL)	Bucharest Romania	78,90	TOTAL	--	and members of the Board	1.362	994
EUROSITE SA	Maroussi Attica	100,00	TOTAL	2014 -2016	7. The amounts of formed provisions are the following (amounts in thous. €) :
GAIA SA	Athens	100,00	TOTAL	2010, 2015-2016		GROUP	PARENT
					a) Legal disputes	208	0

ATHENS MEDICAL CENTER SA	Maroussi Attica	Parent Co		2016		GROUP	PARENT
IATRIKI TECHNIKI SA	Kiffisia Attica	100,00	TOTAL	2009, 2016	a) Revenue	0	83
AKSONIKI EREVNA SA	Maroussi Attica	50,50	TOTAL	2007-2016	b) Expenses	208	6.653
EREVNA SA	Maroussi Attica	51,00	TOTAL	2007-2016	c) Receivables	1.178	5.901
PHYSIOTHERAPY					d) Liabilities	95	37.784
CENTER SA	Maroussi Attica	33,00	TOTAL	2016	e) Transactions and compensations of executives
HOSPITAL AFFILIATES INTERNATIONAL SA	Kiffisia Attica	68,89	TOTAL	2012-2016	and members of the Board	1.491	1.263
MEDSANA BMC	Bucharest Romania	100,00	TOTAL	--	f) Liabilities to executives
BIOAXIS SRL (former MEDSANA SRL)	Bucharest Romania	78,90	TOTAL	--	and members of the Board	1.362	994
EUROSITE SA	Maroussi Attica	100,00	TOTAL	2014 -2016	7. The amounts of formed provisions are the following (amounts in thous. €) :
GAIA SA	Athens	100,00	TOTAL	2010, 2015-2016		GROUP	PARENT
					a) Legal disputes	208	0
					b) Tax unaudited years	97	0
					c) Other provisions	2	0

The General Group CFO

Georgios V. Apostolopoulos	Vassilios G. Apostolopoulos	Emmanouil P. Markopoulos	Petros D. Adamopoulos	Panagiotis Ch. Katsihtis
ID AK 038305	ID Ξ 350622	ID Π 001034	ID ΑΖ 533419	ID ΑΒ 052569

12. Εmphasis of Matter in the Auditor's review report refers to note 2b to the Condensed Interim Financial Information, which describes the developments of the Company's negotiations with creditor banks regarding the amendment of the payment terms of its short term bond loan in order to be reclassified to

long term borrowings.

10.On 8 June 2017, Management signed an agreement (term sheet) regarding the basic amending terms of the 12/7/2012 bond loan issuance program, which

The CEO and Member of the BOD The Parent Chief Accountant The President of the BOD The Parent CFO

3. There are no legal disputes that could have a significant effect on the company's and the group's financial structure. has been past due, with the managing bank of the bond holders. Relevant information is found in note 19 of the interim financial statements.

Maroussi, 29 September 2017

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 method of consolidation relative to that used in the financial statements of the respective period of previous year 2016 or of previous year 2016 except the case of INTEROPTICS SA, which was sold in March 2017.

The effect due to the sale in profit/(loss) after taxes and non controlling interests as well as equity attributtable to owners of the parent is of no significance, while there is no effect in turnover. A detailed report is found in note 10 of interim financial statements. 2. There are pledges against the parent company's land and buildings, which refer to mortgage attachement amounted to €196,8 ,mil.

5. Profit / (loss) per share was calculated using the average weighted number of total shares issued.

4. The total number of employees for the first semester of 2017 in average was : Group 2.892 (2.859 first semester of 2016) and Parent Co 2.747 (2.720 first semester of 2016) respectively.

11. The accounting policies, applied by the Group and the Company for the completion of the interim financial statements as at 30.6.2017, are consistent

with those stated in the financial statements as at 31.12.2016.

8. A detailed report to group's structure is found in paragraphs 2a "Preparation base of condensed financial statements", 2c "Accounting policies" as well as

in paragraph 15 of the financial statements.

9. At 30/6/2017 no treasury shares were held by parent company nor its subsidiaries.

ATHENS MEDICAL CENTER S.A.

REG. No. 13782/06/Β/86/06 General Commercial Registry : 356301000

5-7 Distomou Str, 15125 Maroussi

FINANCIAL STATEMENT AND INFORMATION FOR THE PERIOD 1 January 2017 until 30 June 2017 According to the 4/507/28.4.2009 decision of the Capital Market's Board of Directors Commission

The following results and information, that arise from the financial statements, 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 or other transaction with the issuer, to gain access to the company's web site, where the financial statements can be downloaded, as well as the Auditor's Certificate when this is required.