Autohellas S.A. — Annual Report 2008

Sep 24, 2015

BALANCE SHEET 31 DECEMBER 2008				CASH FLOW INFORMATION - FISCAL YEAR 2008
	Figures in (€) CONSOLIDATED		COMPANY			(PERIOD : 1st of January until 31st of December 2008) Figures in (€) CONSOLIDATED		COMPANY
	31/12/2008	31/12/2007	31/12/2008	31/12/2007
ASSETS						01.01-31.12.08	01.01-31.12.07	01.01-31.12.08	01.01-31.12.07
Owner Occupied Tangible Assets	308,379,664.73	255,832,744.23	272,545,370.45	240,103,434.86
Investment in Propreties	10,418,413.15	10,320,535.24	14,464,569.16	10,320,535.24	Operating Activities
Intangibles	154,471.17	203,739.04	23,282.65	1,747.95	Earning before tax	15,868,571.38	21,528,413.41	12,610,004.31	20,350,207.36
Other Non-current Assets	36,655,580.61	51,329,497.89	37,155,475.73	53,915,179.88	Adjustments for:
Inventories	1,762,706.34	1,022,247.93	47,769.10	49,586.00	Depreciations:	52,413,645.03	47,976,527.29	46,541,342.88	43,872,230.96
Trade Receivables	29,615,361.66	21,566,795.26	22,321,678.39	18,679,401.59	Fixed Assets Value Readjustment	608,523.09	0.00	608,523.09	0.00
Other Assets	39,889,790.29	32,308,865.21	38,836,330.73	30,930,271.37	Provisions	508,094.05	1,324,054.74	450,598.87	1,324,054.74
TOTAL ASSETS	426,875,987.95	372,584,424.80	385,394,476.21	354,000,156.89	Results (Earnings) from Investment Activities	-6,436,509.99	-7,234,995.38	-5,451,042.85	-6,318,326.48
OWNER´S EQUITY and LIABILITIES					Interest	14,764,145.83	6,299,058.77	13,787,408.81	5,629,140.26
Shareholders equity	11,635,200.00	11,635,200.00	11,635,200.00	11,635,200.00	Plus:Income from participation in assosiated companies	-2,190,316.18	-690,650.40	0.00	0.00
Other equity assets	92,820,730.67	137,392,251.22	86,127,991.67	132,975,447.65	Plus/minus Adjustment of working capitals accounts or Accounts relevant to Operating Activities
Total shareholders equity (a)	104,455,930.67	149,027,451.22	97,763,191.67	144,610,647.65	Increase/(decrease) in inventories	-771,636.66	-234,910.67	1,816.90	-12,031.20
Minority interests ( b )	947,120.19	844,943.22	0.00	0.00	Increase/(decrease) in trade and other Receivables	-6,735,629.60	2,928,056.88	-1,962,001.22	5,666,634.17
Total Equity (c)=(a)+(b)	105,403,050.86	149,872,394.44	97,763,191.67	144,610,647.65	Increase/(decrease) in liabilities (except banks)	9,272,735.83	4,650,210.25	113,330.63	2,617,892.21
Long Term Borrowing	221,926,001.42	149,777,500.09	219,396,499.97	149,777,500.09	Less :
Provisions / Other Long Term Borrowing	28,475,441.20	17,117,525.81	27,782,620.64	17,117,525.81	Interest expense and related expenses paid	-13,479,115.12	-8,932,998.35	-12,379,734.42	-8,251,508.22
Short-Term Bank Liabilities	18,192,227.11	9,492,398.83	0.00	0.00	Taxes paid	-1,615,704.58	-5,050,305.99	-1,597,414.00	-4,926,304.14
Other-Short term liabilities	52,879,267.36	46,324,605.63	40,452,163.93	42,494,483.34	Net Cash flows from operating activities (a)	62,206,803.08	62,562,460.55	52,722,833.00	59,951,989.66
Total Liabilities (d)	321,472,937.09	222,712,030.36	287,631,284.54	209,389,509.24	Cash flows from investing activities
Total Equity and Liabilities (c)+(d)	426,875,987.95	372,584,424.80	385,394,476.21	354,000,156.89	Acquisition of subsidiaries, participation and other investments	-2,070,414.04	-40,164.48	-2,370,414.04	-1,040,164.48

Net cash flow from financing activities (c)	26,359,236.46	-10,198,312.83	15,128,198.13	-15,886,757.15
Share Capital increase	0.00	480,000.00	0.00	480,000.00
Net cash flow from investing activities (b)	-79,923,627.80	-69,134,004.24	-59,279,953.77	-60,648,061.82
Proceeds from interest	3,937,257.83	3,131,085.16	3,814,614.15	3,063,638.21
Proceeds from sales of tangible assets	-97,877.91	0.00	-97,877.91	0.00
Purchase of tangible and intagible assets	77,277,063.06	45,425,961.20	74,701,648.03	42,938,765.61
Αγορά ενσώματων και άϋλων παγίων περιουσιακών στοιχείων	-158,969,656.74	-117,650,886.12	-135,327,924.00	-105,610,301.16
Acquisition of subsidiaries, participation and other investments	-2,070,414.04	-40,164.48	-2,370,414.04	-1,040,164.48

PROFIT AND LOSS ACCOUNTS of 2008 Figures in (€)				Proceeds from sales of tangible assets	-97,877.91	0.00	-97,877.91	0.00
				Proceeds from interest	3,937,257.83	3,131,085.16	3,814,614.15	3,063,638.21
		CONSOLIDATED	COMPANY		Net cash flow from investing activities (b)	-79,923,627.80	-69,134,004.24	-59,279,953.77	-60,648,061.82
	01.01-31.12.08	01.01-31.12.07	01.01-31.12.08	01.01-31.12.07	Cash flows from financing activities
					Share Capital increase	0.00	480,000.00	0.00	480,000.00
Turnover	142,471,619.70	126,957,104.82	124,117,983.44	115,704,254.47	Payments for Share Capital decrease	-47,268,000.00	0.00	-47,268,000.00	0.00
Gross Profit	34,908,357.23	30,334,776.41	27,915,571.09	27,524,653.68	Cost of the Share Capital Increase	-361,821.27	0.00	-363,529.87	0.00
Earnings (Losses )before tax , financial and investment activities	28,314,067.70	27,098,378.25	26,269,079.79	25,940,904.09	Proceeds from borrowings	180,533,857.73	5,688,444.32	169,304,528.00	0.00
Earnings (losses )before Tax	15,868,571.38	21,528,413.41	12,610,004.31	20,350,207.36	Loan repayments	-100,000,000.00	-7,336,757.15	-100,000,000.00	-7,336,757.15
Earnings (losses) After Tax	13,481,270.97	15,648,411.83	10,920,269.44	14,583,582.70	Dividends paid	-6,544,800.00	-9,030,000.00	-6,544,800.00	-9,030,000.00
					Net cash flow from financing activities (c)	26,359,236.46	-10,198,312.83	15,128,198.13	-15,886,757.15
Attributable to:					Net increase in cash and cash equivalents (a)+(b)+(c)	8,642,411.74	-16,769,856.52	8,571,077.36	-16,582,829.31
Shareholders	13,379,094.00	15,563,308.92	10,920,269.44	14,583,582.70	Cash and cash equivalents at the beginning of the period	15,898,895.64	32,668,752.16	15,647,014.23	32,229,843.54
Minority interest	102,176.97	85,102.91	0.00	0.00	Cash and cash equivalents at the end of the period	24,541,307.38	15,898,895.64	24,218,091.59	15,647,014.23
Net earnings per share - basic (€)	0.3680	0.4280	0.3003	0.4011	Πρόσθετα Στοιχεία και Πληροφορίες:
Proposed dividend per share	0.1200	0.1800	0.1200	0.1800	Additional Information 1. Group companies included in the consolidated financial statements with their respective locations and percentages of ownership which are refer to the note of the financial statements are as follows since AUTOTECHNICA HELLAS & ATC, AUTOTECHNICA CYPRUS Ltd
Earnings (losses) before tax,financial activities,investment activities					and SPORTSLAND SA have been established in 2008, they are consolidated for the 1st time.
and depreciations	80,727,712.73	75,074,905.54	72,810,422.67	69,813,135.05	2. There are no companies that are not being consolidated in current year, who had beeb consolidated in the previous years respective period
INFORMATION FOR THE STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD 01.01.2008 - 31.12.2008 Figures in (€)					There no companies that re not included in the consolidation and there is no change in the consolidated method for period to period for no company. 3. In 13.05.2008 finished the Share Capital Return, amount €47.268.000(Note.33 Financial Statements) 4. There has been a change in the valuation method of the company' s property, which is now valued based on its fair value and not in the acquisition cost as described in the note 32 of the financial statements. The following table presents these changes : GROUP
									CONSOLIDATED COMPANY

	31/12/2008	31/12/2007	31/12/2008	31/12/2007
Equity balance at the beginning of the Year (1.1.2008 & 1.1.2007)	149,872,394.44	116,666,092.87	144,610,647.65	112,343,925.70
Profit/loss for the period (after tax)	13,481,270.97	15,648,411.83	10,920,269.44	14,583,582.70
Share Capital increase	0.00	480,000.00	0.00	480,000.00
Share Capital decrease	-47,268,000.00	0.00	-47,268,000.00	0.00
Dividends	-6,698,800.00	-9,076,134.38	-6,544,800.00	-9,030,000.00
Income charged directly to equity	-3,983,814.55	26,154,024.12	-3,954,925.42	26,233,139.25
Equity balance at the end of the period (31.12.2008 & 31.12.2007)	105,403,050.86	149,872,394.44	97,763,191.67	144,610,647.65

Kifissia, 20 of March 2009

AUTOHELLAS S.A.( HERTZ )

PRESIDENT OF THE BoD	VICE PRESIDENT & Managing Director	CHIEF FINANCIAL OFFICER	ACCOUNTING Dpt DIRECTOR
THEODORE E. VASSILAKIS	EFTYCHIOS T. VASSILAKIS	GARYFALLIA A. PELEKANOU	KONSTANTINOS F.SIAMPANIS

COMPANY' S INFORMATION : Registered Office Adress : 31 Viltanioti str. Kifissia Board of Directors: Theodore Vassilakis, President SOCIETE ANONYME REG. No : 851/06/Β/86/43 Eftichios Vassiliakis, Vice President and Managing Director

DATE OF APPROVAL OF THE FINANCIAL STATEMENTS BY THE BOARD OF DIRECTORS: Dimitrios Maggioros, Member : 20 March 2009 Antonios Moulianitakis, Member Garyfallia Pelekanou, Member

Emmanouella Vassilakis, Member CERTIFIED AUDITOR-ACCOUNTANT :PANAGIOTIS VROUSTOURIS Georgios Vassilakis, Non-executive Member

AUDITING FIRM: S.Ο.L. S.A., Spiros Flegas, Independent Non-executive Member TYPE OF AUDITORS' AUDIT REPORT : IN AGREEMENT Achilleas Konstantakopoulos, Independent Non-executive Member Internet Adress : www.hertz.gr

CONSISE SUMMARY OF THE FINANCIAL STATEMENTS FOR THE PERIOD 01.01.2008 - 31.12.2008 (PUBLISHED ACCORDING TO THE LAWV2190, Art. 135, FROM THE BOARD OF DIRECTORS OF THE HELLENIC CAPITAL MARKET COMMITTEE)

The figures and information below provide a concise summary of the financial statements and earnings of AUTOHELLAS S.A. We strongly suggest to any person interested in investing to Autohellas or to proceed to any other transaction with Autohellas to read the financial statements as indicated by the International Accounting Financia Standards (IFRS), which are presented in out website www.hertz.gr, along with the independent auditor's report, when this is required

	GROUP
	01.01-31.12.07
	Published before the change	Restated
Earnings after tax and Minority rights	15.440.365,29	15.563.308,92
Shareholders owner' s Equity	146.098.812,33	149.027.451,22
	COMPANY
	01.01-31.12.07
	Published before the change	Restated
Earnings after tax and Minority rights	14.460.639,07	14.583.582,70
Shareholders owner' s Equity	141.682.008,76	144.610.647,65
5. Non - Tax audited fiscal years are mentioned under Note 29. For the remaining un-audited fiscal years a relevant provision has beeb made for € 170.000 for the Company and the Group. 6. There are no litigations or any rule of court which might have an important impact on the financial position of AUTOHELLAS SA 7. Number of employees on the 31.12.08 :Group 550, Parent Company 285, on the 31.12.07 Group 525, Parent Company 416. 8. In Parent Company and Group there are not any «Other Provisions» until 31.12.2008. 9. The amount of sales and purchanges, (of goods and services) from the beginning of the period and the receivables and payables between the Group and the Company according to the IAS 24 as well as any transactions between the Group and the Company

and key management personnel and members of the Board are as follows :
Figures in (€)	GROUP	COMPANY
a) Income	13,035,002.48	14,750,389.13
b) Expenses	28,572,113.11	38,869,536.27
c) Receivables	2,355,115.91	2,791,801.16
d) Payables	3,446,625.92	7,550,804.32
e) Board members and key management personnel remuneration & other benefits	2,343,863.12	2,054,710.59
f) Amounts owed by key management personnel and Board members	0.00	0.00

g) Liabilities owed by key management personnel and Board members 0.00 0.00

10. Capital expenditure for the period 01.01-31.12.2008 : Group € 158.8 mill.,Parent Company 135.2 mill.

13. In current year the following amounts € (3.954.925,42) have been reported directly in Net position : a) Fixed Assets value readjustment € 15.565.130,78 b) Increase in Share Capital Return € (272.647,40)

c) Από Αποτίμηση Διαθεσίμων για πώληση χρηματοοικονομικών περιουσιακών στοιχείων στην εύλογη αξία € (19.247.408,80)

11. The above financial Statements have beeb approved by the Company's Board of Directors on March 20th of 2009.

• In Group an amount of € (28.889,13) has been added deriving from : a) exchange differencies € (12.141.63) and b) increase in Share Capital Return € (16.747.50). 15. Earnings per share have been calculated with the weighted number of shared in circulation.
• 16. There is no encumberance on the company's or the groups fixed assets.

12. €1,170,017.64 (Note 32 Financial Statement) .

In 2008 there has been a change in th vehicle depreciation rate of the company's subsidiaries.As a result, year end earnings are increased by