Autolicles

AUTOHELLAS ATEE

ΒΙΛΤΑΝΙΩΤΗ 31 ΚΗΦΙΣΙΑ ΑΤΤΙΚΗΣ 31, VILTANIOTI str, KIFISSIA, ATTICA

ANNUAL FINANCIAL STATEMENTS $(01.01.2009 - 31.12.2009)$

In Accordance to article 4 of Law 3556/2007 and the decisions of the Hellenic Capital Market Commission

	CONTENTS
А.	STATEMENTS OF BOARD OF DIRECTOR'S REPRESENTATIVES	4
в.	INDEPENDENT AUDITOR'S REPORT	5
C.	BOARD OF DIRECTOR'S ANNUAL REPORT	$6 - 18$
D.	YEAR END FINANCIAL STATEMENTS
	1. FINANCIAL STATEMENTS AUTOHELLAS
	Balance Sheet (I)	19
	Income Statement (II)	20
	Statements of changes in equity (III)	21
	Cash flow Statement (IV)	22
	2.CONSOLIDATED FINANCIAL STATEMENTS
	Balance Sheet (I)	23
	Income Statement (II)	24-25
	Statements of changes in equity (III)	26
	Cash flow Statement (IV)	27
	3. NOTES TO THE FINANCIAL STATEMENTS
1.	General Information	28
2.	Group Structure	28
	1. Subsidiaries	28
	2. Affiliations / Joint Ventures	28
3.	Accounting Policies	29
	3.1. Basis for preparation of the financial Statements	29
	3.2. New Standards - Interpretations	29
	3.3 Consolidation - Subsidiaries and Associates valuation	30
	3.4 Information per sector	31
	3.5. Tangible Assets	32
	3.6 Intangible Assets	32
	3.7 Impairment of Assets	32
	3.8 Fnancial Assets available for sale, valued at fair value, with changes in fair value recognized in the results	32
	3.9. Counterbalance	33
	3.10. Trade receivables	33
	3.11. Cash and cash equivalents	33
	3.12. Transactions in Foreign currencies	33
	3.13. Share capital	33
	3.14. Loans	33
	3.15. Deferred income tax	33
	3.16. Employee benefits	33
	3.17. Provisions	34
	3.18. Recognition of income	34
	3.19. Leases (Group Company as lessee)	34
	3.20. Dividend Distribution	34

	3.21. Financial risk Management	34
	3.22. Important Estimates	34
4.	Capital Management	35
5.	Tangible Fixed Assets	36-37
6.	Intangible Fixed Assets	38
7.	Investment in properties	38

z.	WEBSITE FOR THE PUBLICATION OF THE ANNUAL FINANCIAL STATEMENTS	59
ΣТ.	COMPANY ANNOUNCEMENTS AS PER Art.10 LAW 3401/2005 PUBLISHED DURING YEAR 2009	59
Е.	ACCOUNTS AND INFORMATION	58
34.	Fair value hierarchy levels	56
33.	Sensitivity Analysis	52-55
32.	Change in Accounting policy	52
31.	Transactions with associated companies	$50 - 51$
30.	Events Occurred After the publication of the Balance Sheet	50
29.	Possibilities	49
28.	Dividends per share	49
27.	Earnings per share	49
26.	Income Tax	48
25.	Net financial cost	48
24.	Cost Distribution	48
23.	Depreciation for tangible fixed assets	47
22.	Employee benefits	47
21.	Sales and other operating income	47
20.	Staff leaving indemnities (N 2112/20)	46
19.	Deferred Tax	44
18.	Derivatives	44
17.	Loans	43
16.	Suppliers and other liabilities	42
15.	Reserves	42
14.	Share Capital and capital above par	42
13.	Cash and Cash Equivalents	41
12.	Advance Payments	41
11.	Customers	40
10.	Other assets available foe sale	40
9.	Investment in Associates	39
8.	Investment in Subsidiaries	38

A. BOARD OF DIRECTORS STATEMENTS (according with the article 4 par. 2c. of the Law 3556/2007)

The members of the Board of Directors Mr Theodore Vassilakis, President, Mr Eftichios Vassilakis, Vice President & General Manager and Miss Garyfallia Pelekanou, Member, declare to the best of their knowledge that :

a) The Interim financial statements of the company and the Group for the period 01.01.2009 - 31.12.2009 which were compiled to the standing accounting standards, describe in a truthful way the assets and the liabilities, the equity and the results of the Group and AUTOHELLAS S.A. as well as the subsidiary companies which are included in the consolidation as a total.

b) The report of the Board of Directors for the year 2008 presents in a truthful way the development outcome and position of the Company, as well as the companies included in the consolidation as a total, including the description of the main risk factors they might be facing.

Kifissia, 16^th of March 2010

Theodore Vassilakis

Eftichios Vassilakis

Garyfallia Pelekanou

President of the Board of Directors Vice President and Managing Director Member

$-4-$

B. INDEPENDENT AUDITOR'S REPORT

To the shareholders of AUTOHELLAS ATEE

Report on the Separate and Consolidated Financial Statements

We have audited the accompanying financial statements (separate and consolidated) of AUTOHELLAS ATEE, which comprise the statement of financial position as at December 31, 2009, and the statement of comprehensive income, statement of changes in equity and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in accordance with International Financial Reporting Standards, as adopted by the European Union and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion, the financial statements present fairly, in all material respects the financial position of AUTOHELLAS ATEE and its subsidiaries as at December 31, 2009, and of their financial performance and their cash flows for the year then ended in accordance with International Financial Reporting Standards, as adopted by the European Union

Report on Other Legal and Regulatory Requirements

We verified that the content of the Board of Directors' Report is consistent and correspond with the accompanying Financial Statements within the scope set by articles 43a, 107 and 37, of C.L. 2190/1920.

Athens, 17^th March 2010

Vroustouris Panagiotis, Certified Auditor Accountant AM SOEL 12921 388 Mesogion Avenue, Agia Paraskevi

C. ANNUAL REPORT OF THE BOARD OF DIRECTORS

Board of Directors' Report AUTOHELLAS Tourist and Trading Anonymous Company for the period 01.01.2009-31.12.2009

This Board of Directors Report has been compiled in accordance to the provisions article 4 of Law 3556/2007 and the relevant decisions of the Greek capital Markets Board of Directors.

The purpose of the Report is to inform the public:

On the financial position, the results and to give a complete picture of the company's & the groups performance during the period under examination, as well as on any changes that might have occurred.
On any important event that took place in the first semester of 2008 and on any impact that those events have on the company's financial statements,
On any potential risks that might arise.
On all transactions between the company and related parties.

A. YEAR END - FINANCIAL POSITION RESULTS

Autohellas S.A. represents HERTZ largest national franchisee globally. By virtue of agreement, Autohellas S.A. has the exclusive right to use the Hertz brand name and trademark in Greece, to receive information and know-how relating to the operation of car rental system, as well as any improvements in designing and implementing rental services under the Hertz system. Autohellas extended this right in 1998 until the 31st of December 2023. This extraordinary in duration agreement has been granted to Autohellas as a result of Hertz' successful representation in Greece during the past 30 years

The company's main activities are Renting (Short $-$ term lease) and Fleet Management (long $-$ term lease and fleet management). Renting covers all needs of both individuals and companies for occasional, small duration rentals up to 1 year long.

Fleet Management covers any need for long duration rentals and management of their total fleet.

Autohellas total turnover for the 2009 reached 152.665.535,93 $\epsilon$ , reporting a decrease of 8%.

In current fiscal year, amendments of IAS in relation to the sale of assets initially purchased for renting, have been implemented. As a result, relative income is reported in turnover with the relative expense reported as cost of goods. This change resulted in an increase of the company's turnover by €32,618,849.49 and €41,976,142.49 in 2009 and 2008 respectively.

In more detail, renting total turnover reached 30,7 mill. € from 34,1 mill. € last year, a decrease of 10%. Fleet Management reported a turnover of 89,4 mill. € from 90 mill. € in last year's respective period, a decrease of 0,1% despite the Greek economy depression and the substantial decrease in GDP.

The participation of Fleet Management in the consolidated turnover of Autohellas reached 74.4%, increasing each year the turnover's stability, since long term contracts have an average duration of 4 years. The group's consolidated turnover reported a decrease of 5.8%, reaching €176,015,436.71 from €186,838,622.54 in 2008.

Consolidated turnover, as a result of the aforementioned changes, was increased by $\epsilon$ 35,394,313.23 and €44,367,002.84 in 2009 and 2008 respectively.

Consolidated earnings after tax showed an increase of 30.9% reaching €17,651,841.78 from €13,481,270.97 in 2008. Main reason for this increase was the smaller financial cost by €9.3m due to the smaller cost of loans. A dividend collected from the company's participation in Aegean airlines SA of amount €1.2 also contributed, as did the company's successful attempts to cut down on costs.

In more detail, Earnings after tax for Autohellas reached 11.963.434,89 € from 10.920.269,44 € in 2008. This increase of 9,6% came as a result of the reasons mentioned above Reduction in gross profit in comparison to the previous fiscal year came as a result of the reduction of Rent a car revenue, as well as a result of less earnings from used car sales

Group's fixed assets depreciations reached €54.4m in 2009, while consolidated earnings before tax, financial and investment activities, EBIT, reached €25,870,661.44 from €28,314,067.70 in 2008, a reduction of 8.6%. This was the result of Rent a car revenue decline as well as the reduction of earnings from used car sales.

Below, and for a more detailed analysis on 2009 fiscal year, we present some basic ratios, on the company's financial figures.

RATIOS

A. Evolution ratios

	The Group	The Company
1. Turnover	$-5.8%$	-8%
2. Earnings before tax	I7.2%	-30,4%

The above ratios show the increase(or decrease) of sales and earnings before tax for both the company and the group between 2009 and the previous year 2008.

B. Profitability ratios

	The Group	The Company
3. Net earnings before tax / turnover	13.3%	10.8%
4. Net earnings after tax/ turnover	10%	7.8%

The above ratios present the final net profit before and after tax as a percentage of the company's turnover.

	The Group	The Company
5. . Return on Equity	14.7%	.1%

This ratio reflects the net earnings after tax as a percentage of equity capital.

C. Financial leverage ratios

	The Group	The Company
6. Debt / equity (excluding minority rights)	2.59	2.65
7. Bank loans / equity	2.00	2.03

The above ratios present owed capital and bank loans as a percentage of total shareholders equity.

D. Financial structure ratios

	'חווח	Che Company
8. Current assets / Total assets	20.01%	28% חכ

This ratio shows the percentage of current assets on total company assets..

	nnany
Total liabilities / equity a

This ratio reflects the company's financial self-sufficiency.

	The Group	The Company
10. Tangible and intangible assets / equity		2.53

This ratio shows what percentage of the company's own capital has been converted into assets.

	The Group	The Company
11. Current assets / short term liabilities

This ratio reflects the company's liquidity

HOLDING - CONSOLIDATED COMPANIES

COMPANY	SHARES	HOLDIND	PERCENTAGE
AUTOTECHNICA LTD	399,960	3,011,842.00	99.99%
AUTOTECHNICA FLEET SERVICES S.R.L.	82,840	1,000,000.00	100%
DEMSTAR RENTALS 2005 LTD	100,000	3,078,810.50	100%
AEGEAN AIRLINES S.A	4,947,920	17,664,074.40	6.928%
KPHTIKA ΓΚΟΛΦ S.A.	54,860	805,344.80	5.731%
OLYMPIC S.A	43,900	2,691,220.07	20%
ELTREKKA S.A.	103,915	2,200,001.02	50%
AUTOTECHNICA HELLAS SA	10,000	300,000.00	100%
SPORTSLAND SA	253,000	2,530,000.00	50%
AUTOTECHNICA ATC CYPRUS	1,000	1,708.60	100%
	TOTAL:	33,283,001.39

Autotechnica Hellas ATEE, Autotechnica Ltd, Autotechnica Fleet Services S.R.L., Demstar Rentals 2005 Ltd and Autotechnica ATC Cyprus, comprise the five consolidated companies in the results of Autohellas SA.

Respectively, OLlympic SA., SPORTSLAND SA and ELTREKKA S.A. are consolidated by the net position method.

Autotechnica Hellas SA, is a daughter company of Autohellas SA (100% participation) and started its operation in April 2008. Its main activity is the exploitation of Workshop and bodyshop facilities as well as offering fleet management services. Initially, fleet management service involved only Autohellas's fleet, but towards the end of the year, third companies' fleet started to be added. Total turnover, in 2009, reached €19.8mill and earning before tax €1.4 mill.

More specifically, Autotechnica Itd is Hertz's national franchisee in Bulgaria, while being the importer / distributor of SEAT cars. In 2009, turnover reached 9.9 million € from 11.7 million € in 2008, decreased by 15.4% with after taxes increasing by 56.9% reaching 1,454 thousand $\epsilon$ grow 926.6 thousand in 2008.

Demstar Rentals 2005 started its activity in June 2005 and it is Hertz's national franchisee in Cyprus. Autohellas has the licensee agreement, and this right has been assigned to Demstar Rentals 2005 Ltd. Autohellas participates by 75% in Demstar Rentals 2005, while the remaining 25% belongs to a Cypriot businessman. In August 2009, Autohellas proceeded with the full acquisition of this company, with participation now being 100%. Total investment was €3m. In 2009, total turnover reached €6.1m from €5.5m in 2008 while earnings after tax were €635.5 thousands from €397.2 thousands.

2008 was the first fully operational year for AUTOTECHNICA Fleet Services S.R.L. in Romania since it began its operation in 2007. The company operates in the fleet management sector only. The turnover of 2008, 6.1 mill Euro from $\epsilon$ 3.7 mill, is not indicative, since growth will be geometrical. Respectively, the profits reached 1.1million $\epsilon$ from loss of 543 thousand $\epsilon$ in 2008.

Autohellas SA posses 48.08% of the company Piraeus Best Leasing SA (participation amount €2,691,220.07). Piraeus Best Leasing was a similar to Autohellas company, with sole activity the vehicle Fleet management. The company had been bought by Piraeus and Autohellas and Pireus had the management. In September 2008, Piraeus Best leasing BoD decided to approve the merge plan between the companies Piraeus Best Leasing and Olympic Trade and Tourism company SA, and to establish a new company. The merge was approved by the relevant supervisory authority on the 31.12.2008. After the merge the participation percentage of Autohellas S.A is 20%.

In addition, Autohellas SA participates in the company ELTREKKA SA by 50% with ELTRAK SA holding the remaining 50% (participation amount 2,200,001.02€). ELTREKA SA is involved in importing, storing, trading and distributing cars' spare parts from many recognized brands, in the Greek market. Turnover in 2009 was €28.8m, with a loss of €555 thousand.

As of February 2008, Autohellas SA participates in the company Sportsland SA, with a total participation amount of €2,030,000 (participation percentage 50%). In May 2009, Autohellas SA participated on the share capital increase by €500,000 (50% out of a total share capital increase of €1,000,000). As a result total participation now is €2,530,000 (percentage 50%). The remaining 50% belongs to "Pilos Touristiki" SA.

As far as Aegean Airlines is concerned, Autohellas has an exclusive collaboration for the promotion of car rentals to its clients with Aegean Airlines.

B. IMPORTANT EVENTS

The most influential for the fiscal year 2009 events are:

The company's participation in Sportsland SA's share capital increase by €1,000,000 (participation percentage 50%, hence €500,000).
In May 2009 In May 2009, the tax audit for the fiscal years 2006 and 2007 was concluded. The tax audit assessed for the pre mentioned audited fiscal years additional taxes of $E122,462$ . Autohellas SA has paid the full sum in a single payment. The company has already formed an adequate provision and hence the aforementioned additional taxes and penalties, has no effect on the company's 2009 financial results.
1. The General shareholder's meeting on the 24.06.2009, decided that a dividend of $\epsilon$ 0.12 per share will be distributed to the company's shareholders. Dividend payment begun on the $7^th$ of July through the National Bank.
1. The acquisition of the remaining 25% of the minority rights of Demstar Rentals 2005 Ltd, at an amount €1,017,806.

C. RISK MANAGEMENT

Interest rate risk

The Company and the Group are exposed in possible interest rate fluctuations because of their adjustable interest rate loans. Interest rate reductions will benefit the company's earnings while increase will have the opposite effect. In 2009 the company has reduced its interest rate risk with interest derivatives accounting for 45% of its total loans.

Credit Risk

Company does not have any substantial credit risk. Retail sales are conducted either with cash payments or credit card charges.

Wholesales take place only after a thorough audit on the customer's financial reliability has been conducted, and in most cases advance payments or quarantees are obtained. In addition, the company pays close attention to it's credit collection period and acts accordingly. Potential credit risk does exist in the company's available cash, but the company uses recognized financial institutes for its deposits. In addition the company keeps higher loan liabilities in these institutes than its deposits.

Price risk

The group is exposed in price risk through the risk of possible fluctuations in the share price of Aegean Airlines SA in which the group participates. The economic situation has had a negative effect in the value of this participation, but the long term nature of this investment ensures the positive prospects.

The company is also exposed in used car price reduction risk, which is consider higher in current economic conditions. Company will react to this risk by increasing the average age of the fleet. By doing this, the company will by no means lose its competitive advantage since such a practice has been followed by all the companies in the sector.

Finally, both Group and the company are exposed in property value changes. During the first half of 2008 there was a change in the valuation method of the company's property, which is no longer valued based on their purchased cost, but on market fair value. As a result any changes to the real estate market will effect the fair value valuation. Due to the fact that most of the company's property is plots and office buildings in areas under development, no reduction of their value is expected.

Sales Seasonality

Rent a car sales (short - term rentals) are traditionally extremely seasonable, as they depend heavily on tourist arrivals. It is indicative that 80% of total sales is generated between May – October and almost 35-40%, in months July and August only. As a result, short - term sales can be affected substantially by events that have an impact on the Tourism market, especially if such events take place at the beginning of the season.

On the other hand, a major stability factor is the Fleet Management sales, since they are evenly spread within the year, while representing at the same time 3/4rds of the total annual turnover.

D. PROSPECTS

The Year 2010 is expected to be a particularly difficult year for Greece for those with nerves made of steel, where systems, people and business investments will be put to the test for their endurance. Global economy begins to slowly come out of recession in a very fragile financial climate.

In Greece, the severe recession along with the heavy increase of unemployment in all countries which traditionally are the source of our tourism, has left us in 2009 with a 10.5 % decrease in arrivals and an even greater one in days of stay and our tourism revenue. The local market stayed at the 2008 level. For 2010, the indications from the international tourism exhibitions in London and Berlin, are for the number of arrivals at the same level as 2009 and perhaps a small increase from the English market. Unfortunately, the result on the bad publicity that the Country is facing due to its financial state may, if continued, have a negative repercussion for the Europeans wanting to visit our country. Internally, the increase in unemployment, the low psychological level, the reduction of all investment plans and business trips, the general income cutbacks, will certainly have a significant impact on the short term leases, whether these concern local tourism, or corporate leases.

As for the long term rentals, the rate of growth is expected to decrease since more companies are trying to reduce their operational costs, including their company fleet. From our side, we have upgraded substantially our financial criteria regarding financing and leasing vehicles to our customers. Autohellas's goal for 2010 is to maintain our margins by maintaining a highly reliable and financially healthy customer list.

In Bulgaria, the main driving force for development will continue to be both short and long term vehicle renting. The country's tourism industry which in 2009 had a substantial decrease of 25%, is expected to have a small increase in 2010. The same does not apply for business development and the GNP is estimated to be from -0.5% to -2.5%. The continuing recession will keep the companies fleet rates of increase in low single digit figures, since the Operating Lease although the recess remains, the more frequent choice is for companies fleets.

Cyprus is a mature tourist market, mainly British, where in 2009 there was a 15% reduction in incoming tourism. For 2010, we expect, a positive scenario of a small increase or, at least, no more arrivals decrease. Nevertheless, taking into account the yet small magnitude of our share, there is a possibility, in this crisis, to succeed to increase our presence in a highly price competitive environment. The problem of vehicle "licensing" system still exists and unfortunately combined with the general financial crisis, is expected to slow down our growth rates in the fleet long term leasing sector.

In Romania, our long term outlook remains substantially promising, with the country's size having many opportunities for growth. Unfortunately for 2009, Romania showed one of the biggest financial problems, leading to substantial depreciation of the local currency RON and practically forcing all the foreign investments to freeze their expansion, or even withdraw in some cases. However, our leases are

connected to a Euro clause, although paid in RON, so the company is not exposed to a high exchange rate risk.

For 2010 in Romania, no GNP increase is expected, on the contrary a decrease of 1%-2%. There is a hesitation regarding new investments, and the construction industry is practically in a standstill. Long term leases, combined with scepticism regarding credit reliability, lead to very low growth rates in long term leases for 2010.

The year 2010 finds us having undertaken the franchise of Hertz for Serbia, a country with great respective growth, while it proceeds with rapid steps into smooth joining of the European market attracting thus capital for investments from Europe. In this country we will intensify our efforts in the field of short term and long term leasing.

E. TRANSACTIONS WITH RELATED PARTIES

As related parties according to IFS24, are, Subsidiaries, companies under the same ownership and/or management with the company, affiliated companies and joint - ventures, as well as Members of the Board of Directors, and managerial personnel of the company. The company purchases from related parties products and offers services to them.

Company sales to related parties mainly concern consulting services, managerial support, vehicles sales and vehicles renting. Sale prices are usually defined by market terms. Sales of services and goods, to the company, are mainly maintenance services and car repair as well as vehicle sales which are usually conducted under market terms.

In current fiscal year there was a change compared to the previous fiscal year, as far as purchase and expenses from certain parties. In more detail, transactions with subsidiaries has increased and transactions with major shareholder's companies have decreased.

The following table, analyzes the Liabilities and receivables of the company with the related parties as they are defined by IFS 24.

THE COMPANY
Subsidiaries:
Receivables:	31/12/09	31/12/08
AUTOTECHNICA HELLAS ATEE	0.00	0.00
AUTOTECHNICA FLEET SERVICES LTD	142,649.21	243,239.51
AUTOTECHNICA LTD	117,360.00	41,100.00
DEMSTAR RENTALS (2005) LTD	222,013.02	202,868.46
Total	482,022.23	487,207.97
Liabilities:
AUTOTECHNICA HELLAS ATEE	4,235,862.09	4,783,221.70
Total	4,235,862.09	4,783,221.70
	31/12/09	31/12/08
Income:
Managerial support & consulting services
AUTOTECHNICA HELLAS SA	1,170,872.87	908,779.47
AUTOTECHNICA FLEET SERVICES LTD	315,978.02	306,590.86
AUTOTECHNICA LTD	234,720.00	164,400.00
DEMSTAR RENTALS (2005) LTD	295,902.89	380,727.15
Total	2,017,473.78	1,760,497.48
Expenses and purchases:
Mahiala Maintenanan 0 haduahan wauk

Vehicle Maintenance & bodyshop work

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OLYMPIC S.A	15,201.21	0.00
Total	15,201.21	150.46
Liabilities:

	5,323.57	7,783.41
OLYMPIC S.A	0.00	139,840.89
Total	5,323.57	147,624.30
ELTREKKA SA
Income:	31/12/09	31/12/08
Services
OLYMPIC S.A	92,494.17	95,249.73
ELTREKKA SA	6,507,949.62	6,733,832.58
SPORTSLAND SA	14,160.00	10,167.00
Rents
SPORTSLAND SA	2,237.76	2,102.75
Total	6,616,841.55	6,841,352.06
Expenses and purchases:
Vehicle spare parts
ELTREKKA SA
	35,431.43	160,755.46
Total	35,431.43	160,755.46

THE GROUP
Major shareholder's comapnies:
Receivables:	31/12/09	31/12/08
TECHNOCAR SA	1,290,435.66	2,049,924.16
VELMAR SA	150,844.00	94,617.92
VAKAR SA	34,356.66	127,212.20
AEGEAN AIRLINES S.A.	61,393.25	32,688.45
Total	1,537,029.57	2,304,442.73
Liabilities:
TECHNOCAR SA	1,814,080.77	829,878.03
VELMAR SA	469,818.16	1,502,267.93
VAKAR SA	529,965.39	686,168.54
AEGEAN AIRLINES S.A.	28,973.99	24,730.07
Total	2,842,838.31	3,043,044.57
Income:	31/12/09	31/12/08
Vehicle sales
TECHNOCAR SA	37,231.93	39,220.25
VELMAR SA	2,228,631.93	3,317,419.33
VAKAR SA	534,135.29	1,414,874.76
Services
TECHNOCAR SA	37,031.15	57,441.76
VELMAR SA	12,485.33	11,490.11
VAKAR SA	39,974.03	42,327.16
AEGEAN AIRLINES SA (managerial support)	844,443.14	777,159.26
Rents
TECHNOCAR SA	187,200.00	140,400.00
VELMAR SA	69,360.00	52,020.00

vakar sa	112,800.00	84,600.00
AEGEAN AIRLINES SA (managerial support)	332,470.70	211,586.96
Total	4,435,763.50	6,148,539.59
Expenses and purchases:
Purchases(Mainly) -vehicle maintenance
TECHNOCAR SA	5,726,812.46	8,952,685.19
VELMAR SA	8,089,352.59	13,913,868.77
VAKAR SA	2,406,796.18	4,454,148.91
Services
AEGEAN AIRLINES SA	290,211.49	358,469.16
Rents
VELMAR SA	204,531.32	191,546.60
Total	16,717,704.04	27,870,718.63
Affiliated companies: Receivables:	31/12/09	31/12/08
SPORTSLAND SA	0.00	0.00
ELTREKKA SA	0.00	150.46
OLYMPIC S.A	35,096.65	50,522.72
Total	35,096.65	50,673.18
Liabilities:
ELTREKKA SA	222,069.49	263,740.46
OLYMPIC S.A	0.00	139,840.89
Total	222,069.49	403,581.35
Income:	31/12/09	31/12/08
Services
EATPEKKA AE	92,494.17	95,249.73
OLYMPIC S.A	6,658,111.92	6,778,943.41
SPORTSLAND SA	14,160.00	10,167.00
Rents
SPORTSLAND SA	2,237.76	2,102.75
Total	6,767,003.85	6,886,462.89
Expenses and purchases:
Vehicle spare parts
ELTREKKA SA	941,956.24	701,394.48
Total	941,956.24	701,394.48

F. NETWORK - TANGIBLE FIXED ASSETS

Autohellas operates through a network of about 73 sales points and 8 service points for its cars. It owns several of these facilities. More specifically

1) Building plot in Corfu, located in Tripouleika, 2,275 m2, book valued at 341,250.00 euro and value of premises and garage (190 $m^2$ ) at 1,038,195.96, hence total real estate value is 1,379,445.96 euro.
2) Store (ground floor 65 m2 basement 70 m2) 6/10 joint ownership at 12, Syggrou Ave., with plot of total book value 295,315.46 euro (building value at 242,464.20 euro, plot value at 52,851.26 euro).
3) Real estate at 34, 25th Avgoustou str. in Herakleion, Crete, (plot $48.12 \text{ m}^2$ ) book value at 216,540.00 euro and building value 239,978.46 euro (206.64 $m²$ ), hence at total value of 456,518.46 euro.
4) Building plot in Pylaia, Thessalonica, $5,170 \text{ m}^2$ , book value at $1,395,900.00$ euro, and premises and garage (1991 $m^2$ ) value at 1,501,054.30 euro, hence, real estate at a total value of 2,896,954.30 euro.
5) Building plot in Myconos island, location "OMVRODEKTIS", 6,884.93 m², book value at 688,493.00 euro and building $(604 \text{ m}^2)$ value at 807,560.06, hence total real estate value 1,496,053.06 euro.
6) Store (ground floor 44.50 $m^2$ with loft 21 $m^2$ and storage area 44.50 $m^2$ ) in Piraeus at 67, Agiou Nikolaou Str. and Akti Miouli Str. junction, with building plot rate of total book value 512,505.26 euro (building value 405,317.70 euro and plot value 107,187.56).
7) Underground storage space in Amarousio, Attica, at 12, Agiou Thoma str., 89 $m²$ , with building plot 52.82 $\text{m}^2$ , of total book value 124,318.92 euro (building value 60,934.92 euro, plot value 63,384.00 euro).
8) Building plot in Kremasti, Rhodes, 9,070 m² with book value of 680,250.00 euro, and built premises and garage of 439.73 $m^2$ value 281,397.26 euro. Total real estate value of 961,647.26 euro.
9) Building plot at 33, Viltanioti str. (Goltsi bridge or Varies), Kifissia, of 10,545.65 m2, book value at 4,208,000.00 euro, building and garage $(3,796 \text{ m}^2)$ value at 1,994,251.87 euro, hence a total real estate value of 6,202,251.87 euro.
10) Building plot at 31, Viltanioti str. (Goltsi bridge or Varies), Kifissia, of 11,290 $m^2$ , book value at 6,774,000.00 euro, on which there have been built buildings of 18,118 $m^2$ , book valued at 16,148,336.74 euro, that is total real estate value at 22,922,336.74 euro.
11) Ground floor store in Agios Nikolaos, Crete, at 14-15, Akti Iosif Koundourou str. of 42.06 m² with building plot rate of 79.02 $m^2$ , of total book value of 274,390.94 euro (building value 202,091.19 euro and plot value 72,299.75 euro).
12) Plots of land in Paiania, located in Poussi-ledi, $41.317.06$ m², book value at 17.380.560.35 and land shaping valued at 333.350,62euro. Total value 17.380.560,35euro.
13) Store (ground floor 75 $m^2$ and basement 105 $m^2$ ) in Athens, at 71, Vas. Sofias ave. and M.Petraki str. junction with building plot rate of total book value 290,528.38 euro (premises value 223,520.34 euro and plot value 67,008.04).
14) Building plots in Lakythra, Kefallonia, in Alypradata Quarter, 3,600 $m^2$ and 1,677 $m^2$ , valued at 249,916.12 euro and 131,848.32 euro respectively, metal building (shelter), 214.50 m², and store room 25 m² valued at 93,740.06 euro. Total real estate value 475,504.50 euro.
15) Plot of land in "Aspra Chomata" (Mandragoura) located in Koropi Attika, 10,253 $m²$ , book value at 336,883.91 euro junction with a semi-finished construction of 300 $m^2$ , of book value 137,243.04 euro, adding to a total value of 474,126.95 euro.
16) Plot of land in "Mantragoura" located in Koropi Attica 3.698,05 m² book value at 335.818,15 euro.
17) Plot of land in "VI. PA", Kifissia.386,10 m² book value at 188.941,50 euro.
18) Residential property in Varies Mytilinis, of total book value 183,010.36 Euro (Building value 99.604,45 Euro and Plot value 83.405,91).
19) The cars as a whole on 31.12.2009 had an acquisition value of $321.372.921.39 \in$ .

The maximum number of cars under management was 28,700 during August.

There is no mortgage, no prenotation of mortgage or any other charges over the tangible fixed assets.

G. INFORMATION ACCORDING TO ARTICLE 4, Par. 7 Law3556/2007

I. Company's capital structure

The company's share capital amounts eleven million six hundred and thirty-five thousand two hundred Euro $(11,635,200)$ , divided into thirty six million, three hundred and sixty thousand shares $(36,360,000)$ , of par value of thirty two cents $(0.32)$ easch.

The company's shares are listed in the Athens stock exchange market (category: medium & small capitalization).

The stockholders' rights deriving from the company's shares are in proportion to the percentage of the capital on which the deposited value of the share corresponds.

Each share provides its owner with all legal rights and all rights described in the company's articles of association. Specifically:

. The dividend right from the annual profits or profits deriving after liquidation of the company.

After the company withholds the legal reserve according to article 44 of law2190/1920 and dividend in accordance to article 3 of I 148/1967, remaining earnings will be shared in compliance with the decisions of the general shareholders meeting. All remaining issues concerning distribution of profits will be in accordance with law 2190/1920 as it stands.

• The right to withdraw the levy during liguidation, or the depreciation of the capital corresponding to the share, if such a decision is approved by the general shareholders meeting.

• Right in any share capital increase by cash, or new shares issuing.

• The right to request a copy of the financial statements and the auditors report as well as the Board of directors' report.

• The right to participate to the general shareholders meeting. In more detail: the right to be present, to participate in the discussions, to make suggestions on subjects under the agenda, to have his suggestions record and to vote.

. The general shareholders meeting retains all its rights and obligations during settlement.

The shareholders responsibility is limited to the par value of their shares.

II. Limitations regarding company's shares transferring

Any company shares transfers are to be conducted by the law, and no constrains arise form the company's articles of associations especially since the company's shares are dematerialized and listed in the Athens stock exchange.

III. Significant direct or indirect participations according to the article4, par. 7 of the Law 3556/2007

On the 31^st of December 2009 the following shareholders possessed a percentage greatere than 5% of the total company's voting rights:

Theodore Vassilakis 57.97%, Emmanouella Vassilakis 9.37%

IV. Shares providing additional rights

There are no shares providing additional rights to their owners.

V. Voting rights limitations

Under the company's articles of associations, there are no limitations to the voting rights deriving from the company's shares.

VI. Agreements among the company's shareholders

The company has no knowledge of any agreement between shareholders that could result into any limitations in transferring shares or to the voting rights

VII. Rules for appointing or replacing members of the BoD and amending the articles of associations.

Board of Directors from 5 to 9 members, it is approved every 5 years from the General Shareholder Meeting and cannot exceed 6 years. The article of associations' rules regarding the appointment or replacement of BoD members as well as the alteration of its provisions, are in accordance to the provisions of law 2190/1920

VIII. BoD authority regarding issuing new shares or buying own shares

According to the provisions of article 13 par.1 b) of law 2190/1920, the Board of Directors has the right, once approved by the general assembly and under the provisions of article 7b of law 2190/1920, to increase its share capital by issuing new shares, by a decision of minimum two thirds (2/3) of the total number of its members.

In this case, the share capital can be increased up to the deposited capital at the date at which the BoD was given authority by the general assembly. This authority can be renewed by the general assembly for a period no longer than 5 years for each renewal.

According to article 16, par.1 and 2 of law 2190/1920, the company can purchase own shares only once an approval from the general assembly has been given, setting the terms and conditions and especially the maximum number of shares that the company can purchase, and the period for which the approval has been given, which cannot exceed 24 months. This purchase must be conducted under the BoD's responsibility.

IX. Major agreements that will become active or will be altered or expire in case of change of control after a public offer.

There are no major agreements that will become active or will be altered or expire in case of change of control after a public offer.

X. Agreements with members of the Board of directors or the company's staff.

There are no agreements between the company and members of the board of directors or staff that are related to any kind of remuneration, especially in cases of resignation or lay-off as a result of a public offering

H. EXPLANATORY REPORT ON THE ADDITIONAL INFORMATION OF ARTICLE 4, PAR.7 OF LAW3556/2007

In relation to paragraph Z, we emphasize on the following events that took place during the period 01.01.2009 until 31.12.2009

1. Direct or indirect significant participations

On the 31.12.2009, the bellow shareholders possessed more than 5% of the total company's voting rights: Theodore Vassilakis 57.97% and Emmanouella Vassilakis 9.37%.

The above shareholders' ownership percentage has changed during the 2009 fiscal year. In more detail, Theodore Vassilakis from 57.95% to 57.97% and Emmanouella Vassilakis to 9.37% from 9.36%.

Change in category

Following the Athens stock exchange reevaluation, Autohellas SA has been transferred as from April 2009, in the medium&small capitilisation category from the Large capitalization category. (article 3.1.2.3.2. par. B)

I. DIVIDEND POLICY

The board of directors, taking into account the profitability, the prospects and the company's investment plans, proposes that from the earnings of 2008 fiscal year, a dividend equal to $€0.12$ per share will be distributed, amounting a total of €4,363,200. This proposal will be brought up to the next general shareholders meeting for approval.

J. POST BALANCE SHEET SIGNIFICANT EVENTS

In February 2010, Autohellas SA has acquired the franchisee license to use the brand Hertz in Serbia. For this reason Autohellas has established a new subsidiary company by the name AUTOTECHNICA Serbia doo, with a share capital €500,000. Autotechnica Serbia will use the franchisee license of Autohellas SA

No significant events took place from the balance sheet date up until the approval of the financial statements form the BoD.

With the above information, the auditors' report, as well as the annual financial statements of December 31st 2009, we believe you have at your disposal all the necessary documentation to proceed with the approval of the annual Financial Statements for the fiscal year ending on December 31st 2009 and to disengage the Board of Directors and the auditors from all responsibility.

Kifissia, 16^th March 2010 The Board of Directors

The President of the Board of Directors Theodoros Vassilakis

D. ANNUAL FINANCIAL STATEMENTS

1. Financial Statements AUTOHELLAS

Balance Sheet (I)

	Note	31/12/2009	31/12/2008
ΠΕΡΙΟΥΣΙΑΚΑ ΣΤΟΙΧΕΙΑ
Non-current assets
Own occupied tangible assets	5	258,140,852.98	272,545,370.45
Investments in Proprenties	7	14,557,901.61	14,464,569.16
Intangibles	6	32,508.30	23,282.65
Investments in subsidiaries	8	7,392,361.10	6,374,555.10
Investments in participating companies/Joint-ventures	9	7,421,221.09	6,921,221.09
Financial assets available for sale	10	18,469,419.20	15,197,183.44
Trade & other debtors	11	8,018,972.27	8,341,815.14
Guarantees		313,835.71	320,700.96
		314,347,072.26	324,188,697.99
Current assets
Inventory
Trade debtors		50,876.00	47,769.10
Other debtors	11	19,459,185.19	22,321,678.39
Advance payments	11	2,538,320.65	5,841,732.87
Cash and cash equivalents	12	6,519,151.90	8,776,506.27
	13	51,741,879.21	24,218,091.59
		80,309,412.95	61,205,778.22
Total Assets		394,656,485.21	385,394,476.21
OWNER'S EQUITY
Capitals and Reserves
Parent company's ' shareholders equity	14
Share capital paid in excess of Par value		11,635,200.00	11,635,200.00
Other reserves	14	130,552.60	130,552.60
Earnings carried forward	15	31,601,738.48	31,929,833.96
		64,618,897.08	54,067,605.11
		107,986,388.16	97,763,191.67
Total Net Worth		107,986,388.16	97,763,191.67
LIABILITIES
Long term liabilities
Long term borrowing	17	219,541,499.93	219,396,499.97
Deferred tax	19	20,923,135.50	19,578,108.28
Provisions for staff leaving indemnities	20	1,100,021.36	1,183,946.04
Derivatives	18	4,699,111.33	5,842,376.25
		246,263,768.12	246,000,930.54

Short term liabilities
Trade creditors	16	36,574,147.88	40,452,163.93
Taxes and duties payable		675,407.05	0.00
Derivatives	18	3,156,774.00	1,178,190.07
		40,406,328.93	41,630,354.00
Total short term liabilities		286,670,097.05	287,631,284.54
Total Equity and liabilities		394,656,485.21	385,394,476.21

1. Financial Statements AUTOHELLAS

Income Statement (II)

	Note	01/01/-31/12/09	$01/01/-31/12/08$

Turnover	21	152,665,535.93	165,914,125.93
Cost of Sales	24	-125,533,090.93	-132,423,216.54
Gross Operating Earnings		27,132,445.00	33,490,909.39
Other Operating Income	21	3,533,279.60	3,590,942.13
Administrative expenses	24	$-8,656,588.97$	$-8,376,452.56$
Distribution expenses	24	-1,479,783.83	$-1,751,898.65$
Other expenses		-700,926.76	-684,420.52
Gains/losses before tax, financial and investment activities		19,828,425.04	26,269,079.79
Gains/losses before tax, financial investment activities and depreciation		67,003,214.73	72,810,422.67
Financial expense	25	$-5,402,258.57$	$-11,450,161.79$
Financial Income	25	2,001,407.59	2,627,674.13
Loss / (profit) from derivatives	25	-1,223,261.94	$-4,964,921.15$
Gain from affiliated companies		1,236,980.00	128,333.33
Less: Fixed assets Depreciations	23	47,174,789.69	46,541,342.88
Less: Depreciation Expenses included in Operating Cost	23	47,174,789.69	46,541,342.88
Earnings Before Tax		16,441,292.12	12,610,004.31
Tax Payable	26	-4,477,857.23	$-1,689,734.87$
Earnings After Tax		11,963,434.89	10,920,269.44
Other Total income
Financial assets available for sale		3,265,627.20	-19,247,408.80
Less: Tax Payable		0.00	0.00
Fixed Assets readjustment		0.00	19,163,611.91
Less: Tax Payable		0.00	$-3,598,481.13$
Cash flow hedge		-845,612.63	0.00
Less: Tax Payable		202,947.03	0.00
Other Total income after taxes		2,622,961.60	-3,682,278.02
Total income after taxes		14,586,396.49	7,237,991.42

0 . STATEMENTS OF CHANGES INEQUITY

	Sh Ca ita l are p	Ab ov e p ar	. /	Ca sh Flo w He dg e Re se rve s	Ot he R r es erv es	Re fro se rve s m lue rty pro pe va dju stm t rea en	Re lts ied su c arr for rd wa	To tal Eq uit y
Ba lan f 0 1.0 1.2 00 8 ce a s o	11 63 5, 20 0.0 0 ,	32 02 9, 38 6.8 3 ,	23 42 7, 44 3.9 9 ,	0.0 0	12 18 4, 66 7.9 9 ,	0.0 0	65 33 3, 94 8.8 4 ,	14 4, 61 0, 64 7.6 5
T l In ota co me -			-19 24 7, 40 8.8 0 ,			15 56 5, 13 0.7 8 ,	10 92 0, 26 9.4 4 ,	7, 23 7, 99 1.4 2
Re ize d p rof it / los for the rio d co gn s pe	0.0 0	0.0 0	-19 24 7, 40 8.8 0 ,		0.0 0	15 56 5, 13 0.7 8 ,	10 92 0, 26 9.4 4 ,	7, 23 7, 99 1.4 2
-In in sh ita l cre as e are ca p	47 26 8, 00 0.0 0 ,	-31 89 8, 83 4.2 3 ,					-15 64 1, 81 3.1 7 ,	-27 2, 64 7.4 0
-D in sh ita l ec rea se are ca p	-47 26 8, 00 0.0 0 ,							-47 26 8, 00 0.0 0 ,
-D ivid d aid en p							-6, 54 4, 80 0.0 0	-6, 54 4, 80 0.0 0
Ba lan f 3 1.1 2.2 00 8 ce a s o	11 63 5, 20 0.0 0 ,	13 0, 55 2.6 0	4, 18 0, 03 5.1 9	0.0 0	12 18 4, 66 7.9 9 ,	15 56 5, 13 0.7 8 ,	60 61 2, 40 5.1 1 ,	97 76 3, 19 1.6 7 ,

Ba lan 01 .01 .20 09 ce a s	11 63 5, 20 0.0 0 ,	13 0, 55 2.6 0	4, 18 0, 03 5.1 9	0.0 0	12 18 4, 66 7.9 9 ,	15 56 5, 13 0.7 8 ,	54 06 7, 60 5.1 1 ,	97 76 3, 19 1.6 7 ,
T l In ota co me -			3, 26 5, 62 7.2 0	-64 2, 66 5.6 0	63 8, 10 1.7 0		11 32 5, 33 3.1 9 ,	14 58 6, 39 6.4 9 ,
Re ize d p rof it / los for the rio d co gn s pe	0.0 0	0.0 0	3, 26 5, 62 7.2 0	-64 2, 66 5.6 0	63 8, 10 1.7 0	0.0 0	11 32 5, 33 3.1 9 ,	14 58 6, 39 6.4 9 ,
-D ivid d aid en p					-3, 58 9, 15 8.7 8		-77 4, 04 1.2 2	-4, 36 3, 20 0.0 0
Ba lan f 3 1.1 2.2 00 9 ce a s o	11 63 5, 20 0.0 0 ,	13 0, 55 2.6 0	7, 44 5, 66 2.3 9	-64 2, 66 5.6 0	9, 23 3, 61 0.9 1	15 56 5, 13 0.7 8 ,	64 61 8, 89 7.0 8 ,	10 7, 98 6, 38 8.1 6

1. Financial Statements AUTOHELLAS

Cash flow statements (IV)

Values in Euro	01.01-31.12.2009	01.01-31.12.2008
Profits before tax	16,441,292.12	12,610,004.31
Adjustments for:
Fixed assets depreciation	47,174,789.69	46,541,342.88
Fixed Assets value readjustment	0.00	608,523.09
Provisions	1,765,359.87	450,598.87
Earnings from tangible assets sale	-3,705,753.72	-5,575,338.30
Interest	4,624,112.92	13,787,408.81
Results (turnover, expenses) from investment activities	-1,236,980.00	-128,333.33
	65,062,820.88	68,294,206.33

Working capital changes
Increase/decrease in inventories	$-3,106.90$	1,816.90
Increase/decrease in receivables	10,297,546.02	$-1,962,001.22$
Increase/decrease in liabilities	-4,620,237.20	113,330.63
Purchase of renting vehicles	$-64,979,893.72$	$-100,797,751.91$
Sales of renting vehicles	33,353,071.45	42,298,763.58
	-25,952,620.35	$-60,345,842.02$
Net cash flow from operating activities before Tax and Interest	39,110,200.53	7,948,364.31
Interest expense paid	-7,192,912.75	-12,379,734.42
Tax paid	-900,689.44	-1,597,414.00
Net cash flow from operating activities	31,016,598.34	-6,028,784.11

Cash flow from investing activities
Purchase of tangible assets Proceeds from sales of tangible assets	-1,767,541.10 1,010,681.24	$-3,812,598.24$
		1,937,939.38
Purchase of subsidiaries, affiliated companies and other investments Purchase of real estate investments	$-1,517,806.00$	$-2,370,414.04$
Proceeds from interests	$-93,332.45$	$-97,877.91$
Dividend payments	2,001,407.59 1,236,980.00	3,814,614.15 0.00
Proceeds from dividends	870,389.28	-528,336.66

Cash flow from financing activities
Proceeds from borrowing	0.00	169,304,528.00
Increase in Share Capital	0.00	0.00
Payments for Share Capital decrease	0.00	-47,268,000.00
Cost of Share Capital Increase	0.00	$-363,529.87$
Loan payments	0.00	$-100,000,000.00$
Dividend payments	-4,363,200.00	$-6,544,800.00$
Cash flow from financing activities	-4,363,200.00	15,128,198.13
Net decrease/increase in cash and cash equivalents	27,523,787.62	8,571,077.36
Cash and cash equivalents at the beginning of the period	24,218,091.59	15,647,014.23

Cash and cash equivalents at the end of the period	51,741,879.21	24,218,091.59

2. Consolidated financial Statements

Balance Sheet (I)

	Note	31/12/2009	31/12/2008

Non-current assets
Own occupied tangible fixed assets	5 7	293,436,928.47	308,379,664.73
Investments in Properties Intangibles	6	10,511,745.60 202,728.96	10,418,413.15 154,471.17
Investments in subsidiaries/Joint-ventures	9	13,805,747.68	11,625,223.93
Financial assets available for sale	10	18,469,419.20	15,197,183.44
Trade & other debtors	11	8,734,045.29	9,512,472.28
Other assets		313,835.71	320,700.96
		345,474,450.91	355,608,129.66
Current assets
Inventory		1,239,746.35	1,762,706.34
Trade debtors	11	23,813,898.08	29,615,361.66
Other debtors	11	1,922,868.29	6,315,713.13
Advance payments	12	6,549,984.51	9,032,769.78
Cash and cash equivalents	13	53,540,353.88	24,541,307.38
		87,066,851.11	71,267,858.29

Total Assets		432,541,302.02	426,875,987.95
CAPITAL & RESERVES
Capital and reserves attributed
in the parent company's shareholders
Share capital	14	11,635,200.00	11,635,200.00
Share capital paid in excess of Par value	14	105,555.10	113,805.10
Own shares reserves		$-74,755.10$	-74,755.10
Exchange difference	15	31,677,005.50	31,935,795.39
Earnings carried forward		76,945,592.74	60,845,885.28
		120,288,598.24	104,455,930.67
Minority interest		0.00	947,120.19
Total capital & reserves		120,288,598.24	105,403,050.86
LIABILITIES
Long term liabilities
Loans	17	222,466,137.26	221,926,001.42
Deferred tax	19	22,115,840.10	20,015,243.25
Provisions for staff leaving indemnities	20	1,367,543.36	1,439,631.63
Derivatives	18	4,699,111.33	5,842,376.25
		250,648,632.05	249,223,252.55
Short term liabilities
Trade creditors	16	39,401,532.77	52,879,267.36
Short term borrowing	17	17,921,726.94	18,192,227.11
Taxes and duties payable		1,124,038.02	0.00
Derivatives	18	3,156,774.00	1,178,190.07
		61,604,071.73	72,249,684.54

Total liabilities		312,252,703.78	321,472,937.09
Total equity and liabilities		432,541,302.02	426,875,987.95

2. Consolidated financial Statements

Income Statements (II)

		01/01/09-31/12/09	01/01/08-31/12/08
Values in Euros	Note
Turnover	21	176,015,436.71	186,838,622.54
Cost of Sales	24	$-137,431,041.71$	-145,364,499.29
Gross Operating Earnings		38,584,395.00	41,474,123.25
Other Operating Income	21	2,330,761.98	2,006,141.41
Administrative expenses	24	$-10,505,070.01$	$-10,563,880.88$
Distribution expenses	24	-3,747,448.36	$-3,297,771.14$
Other expenses		-791,977.17	-1,304,544.94
Gains/losses before tax, financial and investment activities		25,870,661.44	28,314,067.70
Gains/losses before tax, financial investment activities and depreciations		80,242,904.08	80,727,712.73
Financial expense	25	$-6,390,303.50$	$-12,549,542.49$
Financial income	25	2,176,686.61	2,750,317.81
Loss / (profit) from derivatives	25	$-1,223,261.94$	$-4,964,921.15$
Gain from affiliated companies		1,236,980.00	128,333.33
Income from participation in associated companies	9	1,688,773.75	2,190,316.18
Less: Fixed assets Depreciations Less: Depreciation Expenses included in	23	54,372,242.64	52,413,645.03
Operating cost	23	54,372,242.64	52,413,645.03
Earnings Before Taxes		23,359,536.36	15,868,571.38
Tax Payable	26	-5,707,694.58	$-2,387,300.41$
Earnings After Taxes		17,651,841.78	13,481,270.97
Attributable to:
Shareholders		17,576,476.79	13,379,094.00
Minority interest		75,364.99	102,176.97
		17,651,841.78	13,481,270.97
Other Total income
Foreign exchange rate differences		0.00	$-12,141.63$
Less: Tax Payable		0.00	0.00
Financial assets available for sale		3,265,627.20	$-19,247,408.80$
Less: Tax Payable		0.00
Fixed Assets readjustment		0.00	19,163,611.91
Less: Tax Payable		0.00	$-3,598,481.13$
Cash flow hedge		$-845,612.63$	0.00
Less: Tax Payable		202,947.03	0.00

Year End Financial Statements
2009

Autohellas

Other Total income after taxes Total income after taxes	2,622,961.60 20,274,803.38	-3,694,419.65 9,786,851.32
Total Income is attributed to:
Owners	20,199,438.39	9,684,674.35
Minority interest	75,364.99	102,176.97
	20,274,803.38	9,786,851.32
Profits after taxes per share	0.4834	0.3680

0 -??? D

. STATEMENTS OF CHANGES INEQUITY

	ATT RIB UTE T D T O HE PAR ENT ' S SHA REH OL DER S								MIN OR ITY
	Sha C api tal re	Abo ve par	Exc han ge Diff ere nce s	Res fr erv es om alu ty v pro per e dju stm ent rea	Cas F h low H edg e Res erv es	Oth er R ese rve s	Res fr erv es om alu ty v pro per e dju stm ent rea	Res ults arri ed c forw ard	Tot al	Min orit y ri ght s	Tot al E qui ty
Bal f 0 1.01 .200 8 anc a e s o To tal Inco me -	11,6 35,2 00.0 0	32,0 29,3 86.8 3	-62 ,613 .47 -12 ,14 1.63	23,4 27,4 43.9 9 -19 ,247 ,408 .80	0.00	12,1 84,6 67.9 9 5,96 1.43	0.00 15,5 65, 130 .78	69,8 13,3 65.8 8 13,3 73, 132 .57	149 ,027 ,45 1.22 9,68 4,6 74.3 5	844 ,943 .22 102 ,176 .97	149 ,872 ,394 .44 9,78 6,85 1.32
Rec ized fit / los s fo r th erio d ogn pro e p	0.00	0.00	-12 ,14 1.63	-19 ,247 ,408 .80		5,96 1.43	15,5 65, 130 .78	13,3 73, 132 .57	9,68 4,6 74.3 5	102 ,176 .97	9,78 6,85 1.32
-Inc in sha apit al rea se re c	47, 268 ,000 .00	-31 ,915 ,58 1.73						-15 ,64 1,81 3.1 7	-28 9,39 4.90		-28 9,39 4.90
-De in sha apit al cre ase re c	-47 ,268 ,000 .00								-47 ,268 ,000 .00		-47 ,268 ,000 .00
-Div iden d aid p								-6,6 98,8 00.0 0	-6,6 98,8 00.0 0		-6,6 98,8 00.0 0
Bal f 31 .12. 200 8 anc a e s o	11,6 35,2 00. 00	113 ,805 .10	-74 ,755 .10	4,18 0,0 35. 19	0.00	12,1 90,6 29.4 2	15,5 65, 130 .78	60,8 45,8 85. 28	104 ,455 ,930 .67	947 ,120 .19	105 ,403 ,050 .86

Bal f 01 .01. 200 9 anc a e s o	11,6 35,2 00. 00	113 ,805 .10	-74 ,755 .10	4,18 0,0 35. 19	0.00	12,1 90,6 29.4 2	15,5 65, 130 .78	60,8 45,8 85. 28	104 ,455 ,930 .67	947 ,120 .19	105 ,403 ,050 .86
To tal Inco me -	0.00	0.00		3,26 5,62 7.20	-64 2,66 5.6 0	707 ,407 .29	0.00	16,8 69,0 69.5 0	20, 199 ,438 .39	75,3 64.9 9	20,2 74,8 03.3 8
Re ize d p rof it / los s f the rio co gn or pe	d 0.00	0.00	0.00	3,26 5,6 27.2 0	-64 2,66 5.6 0	707 ,407 .29	0.00	16,8 69,0 69.5 0	20, 199 ,438 .39	75, 364 .99	20,2 74,8 03.3 8
-In in sha ital cre ase re c ap		-8,2 50.0 0							-8,2 50.0 0		-8,2 50.0 0
-Div iden d aid p						-3,5 89, 158 .78		-77 4,04 1.22	-4,3 63,2 00.0 0		-4,3 63,2 00.0 0
M inor ity r ight s R ede ion mpt -								4,67 9.18	4,6 79. 18	-1,0 22,4 85. 18	-1,0 17,8 06.0 0
Bal f 31 .12. 200 9 anc a e s o	11,6 35,2 00.0 0	105 ,555 .10	-74 ,755 .10	7,44 5,6 62.3 9	-64 2,66 5.6 0	9,3 08,8 77.9 3	15,5 65, 130 .78	76,9 45,5 92. 74	120 ,288 ,598 .24	0.00	120 ,288 ,598 .24

2. Consolidated financial Statements

Statements of changes in equity (iv)

	31/12/2009	31/12/2008
Profits before tax	23,359,536.36	15,868,571.38
Adjustments for:
Fixed assets depreciation	54,372,242.64	52,413,645.03
Fixed Assets value readjustment	0.00	608,523.09
Provisions	2,020,938.20	508,094.05
Earnings from tangible assets sale	$-4,598,312.93$	$-6,560,805.44$
Interest	5,436,878.83	14,764,145.83
Income from participations in associations companies/ Joint-ventures	$-1,688,773.75$	$-2,190,316.18$
Results (turnover, expenses, earnings, losses) from investment activities	$-1,236,980.00$	$-128,333.33$
	77,665,529.35	75,283,524.43

Working capital changes
Increase/decrease in inventories	557,881.60	$-771,636.66$
Increase/decrease in receivables	10,083,703.47	$-6,735,629.60$
Increase/decrease in liabilities	-7,819,799.80	9,272,735.83
Purchase of renting vehicles	-74,777,143.39	$-121,302,827.14$
Sales of renting vehicles	36,135,025.38	44,864,663.35
	-35,820,332.74	$-74,672,694.22$

Net cash flow from operating activities	41,845,196.61	610,830.21
Interest expense paid	$-8,148,647.37$	$-13,479,115.12$
Tax paid	-1,130,629.28	$-1,615,704.58$
Net cash flow from operating activities	32,565,919.96	-14,483,989.49

Cash flow from investing activities
Purchase of tangible assets	$-2,278,235.73$	$-6,949,255.75$
Proceeds from sales of tangible assets	1,147,398.30	1,947,454.64
Acquisition of joint - venture	$-1,517,806.00$	$-2,070,414.04$
Purchase of real estate investments	$-93,332.45$	$-97,877.91$
Proceeds from interests	2,176,686.61	3,937,257.83
Dividend payments	1,236,980.00	0.00
Proceeds from dividends	671,690.73	$-3,232,835.23$

Net cash flow from investing activities
Proceeds from borrowing	500,000.00	180,533,857.73
Share Capital Increase	0.00	1,708.60
Payments for Share Capital Decrease	0.00	$-47,268,000.00$
Cost Share Capital Increase	0.00	$-363,529.87$
Loan payments	$-375,364.19$	$-100,000,000.00$
Dividend payments	$-4,363,200.00$	$-6,544,800.00$
Cash flow from financing activities	$-4,238,564.19$	26,359,236.46

Net decrease/increase in cash and cash equivalents	28,999,046.50	8,642,411.74
Cash and cash equivalents at the beginning of the period	24,541,307.38	15,898,895.64
Exchange difference in cash and cash equivalents
Cash and cash equivalents at the end of the period	53,540,353.88	24,541,307.38

3. . Notes to the financial statements

1. General Information

The company "AutoHellas Tourist and Trading Anonymous company" (the company) is an anonymous company registered in Greece, was established in 1962 and is engaged in the field of vehicle renting and leasing.

The company has its registered office at Viltanioti 31, Kifissia, Attica, it's website is www.hertz.gr and is listed in the Athens Stock Exchange (ASF), sector "Travel & Tourism".

2. Group Structure

Subsidiaries:

Company	Registered office	% of ownership
AUTOHELLAS TOURIST & TRADING ANONYMOUS COMPANY	Kifissia, Attica	Parent Company
AUTOTECHNICA LTD	Sofia, Bulgaria	99,99%	(First consolidation $30.09.2003 -$ establishment in 2003)
DEMSTAR RENTALS 2005 LTD	Lefkosia, Cyprus	100%	(First consolidation $31.12.05 -$ establishment in 2005)
AUTOTECHNICA FLEET SERVICES S.R.L.	Bucharest Romania	100%	(First consolidation $31.03.07 -$ establishment in 2007)
AUTOTECHNICA HELLAS S.A.	Kifissia, Attica	100%	(First consolidation $31.03. -$ establishment in 2008)-Note.8 Financial Statement
A.T.C. AUTOTECHNICA (CYPRUS) LTD	Lefkosia, Cyprus	100%	(First consolidation $30.06.08 -$ establishment in 2008)- Note.8 Financial Statement

2. Affiliations / Joint Ventures:

Company	Registered office	$\frac{0}{0}$ оf ownership
OLYMPIC TRADING AND TOURISTIC COMPANY SA (Affiliated)	Athens, Attica	20%	(First consolidation) 30.09.2004)
Eltrekka S.A.	Kifissia, Attica	50%	(First consolidation 30.09.05 due to the increase of our share in the company's capital in 2005)
SPORTSLAND S.A.	Kifissia, Attica	50%	(First consolidation $31.03.08 -$ establishment in 2008)-Note 9 Financial Statement

The consolidated financial statements of the company include the company and its subsidiaries (the group). Subsidiary companies are all the entities that are managed and controlled by AutoHellas. Subsidiary companies are consolidated with the full consolidation method, as from the date on which control is acquired and are excluded as from the date on which such control ceases no exist. Associated companies are companies which are under substantial managerial influence. Joint ventures are companies under joint management. Both associated companies and joint ventures are consolidated with the net position method.

Year End Financial Statements $2009$

3. Or Accounting Policies

3.1. Basis for preparationof the financial stetements

These financial statements refer to the company Autohellas SA and the fiscal year 2009. They have been compiled according to the international financial standards as these have been adopted by the European Union.

Current financial statements have been based on historical cost, with the exception of available for sales financial assets valued in fair value, derivates valued in fair value and property which after 2008 are values in fair value. The above have been approved by the BoD on the 16^th March 2010 and awaiting the approval of the General shareholders meeting, which will assemble on the 30^th June 2010 and has the authority by law to amend.

Compiling the financial statements according to IAS requires the use of analytical accounting estimations and judgments regarding the implementations of the accounting principles. Any estimations or assumptions are mentioned in note 3.22.

3.2. New standards-interpretations

1. Standards and Interpretations with validity in the year 2009

In current fiscal year, the company and the group have applied the following new/amended standards.

Revised IAS1, which had an effect only on the financial statement titles and the presentation of the income statements".
Revised IFRS8. The group reports for the first time information per sector, based on how this information is presented internally in order to achieve the most efficient use of sources and to control operations in the most efficient way, as a result of the implementation of the criteria set by IFRS 8.
Amendment of IFS 16 "tangible assets", based on which tangible assets which are rented to third parties and then sold as part of the company's regular activities, are transferred at the time of sale to inventory and are recognized as revenue from sales and cost of goods. This amendment has led into substantial increase of both turnover and cost of goods for both company and group. It had also an effect on the company's cash flows since the aforementioned elements are now recognized as operational and not investment cash flow.
Revised IFRS 7 "financial figures Announcements" based on which additional announcements in relation to financial means have been reported, as far as hierarchy levels of fair values and maturity dates of liabilities and derivatives are concerned

Standards and Interpretations with validity after the year 2009

Other improvements in standards and interpretations were issued in April 2009. Standards are valid after 01.01.2010 and are not expected to have any substantial influence on the company's financial statements.
Replacement of IFS 24 " announcements from related parties" in November 2009 valid for fiscal periods starting after the 01.01.2011. New standard simplifies the term "related parties" and states certain exceptions. It is not expected to have any substantial influence on the company's financial statements.
IFRS 9 Financial information. Issued in 2009, valid after 01.01.2013. It is not expected to have any substantial influence on the company's financial statements.
Amendment of IFRIC 14, issued on November 2009, valid for fiscal period starting on or after the 01.01.2011. This $\bullet$ amendment does not apply on the company or group.
IFRIC 19. Issued on November 2009 valid for fiscal periods starting on or after the 01.07.2010. This amendment does not apply on the company or group.
Amendment of IFS 32 issued on October 2009, valid for fiscal periods starting on or after 01.02.2010. This amendment does not apply on the company or group.
Amendement of IFRS 1, issued on July 2009 and valid for fiscal periods starting on or after 01.01.2010. This amendment does not apply on the company or group.
Amendment of IFRS 2 issued on 2009, valid for fiscal periods starting on or after 01.01.2010. This amendment does not apply on the company or group.

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Revised IFS 27 issued in January 2008, valid for fiscal periods starting on or after 01.07.2009. It is not expected to have any substantial influence on the company's financial statements.
Revised IFRS 3, issued in January 2008, valid for fiscal years starting on or after the 01.07.2009. It is not expected to have any substantial influence on the company's financial statements.
Revised IFRS 5 valid for fiscal periods starting on or after the 01.07.2009. It is not expected to have any substantial influence on the company's financial statements.
Interpretation 17. Issued in November 2008, valid for fiscal years starting on or after 01.07.2009. This amendment does not apply on the company or group.
IFRIC 18 clarifies the requirements of IFRSs for agreements in which an entity receives from a customer an item of property, plant, and equipment that the entity must then use either to connect the customer to a network or to provide the customer with ongoing access to a supply of goods or services (such as a supply of electricity, gas or water). In some cases, the entity receives cash from a customer that must be used only to acquire or construct the item of property, plant, and equipment in order to connect the customer to a network or provide the customer with ongoing access to a supply of goods or services (or to do both).

This interpretation does not apply to the Group or the Company.

3.3. Consolidation - Subsidiaries and Associates valuation

The acquisition cost of a subsidiary is the fair value of the assets, the shares issued and the liabilities undertaken on the date of the acquisition, plus any cost directly associated with the transaction. The individual assets, liabilities and contingent liabilities that are acquired during a business combination are valued during the acquisition at their fair value regardless of the participation percentage. The acquisition cost over and above the fair value of the individual assets acquired, is booked as goodwill. If the total cost of the acquisition is lower than the fair value of the individual assets acquired, the difference is immediately booked to the results.

Inter-company transactions, balances and unrealized profits between Group Companies are written-off. Unrealized losses are also written-off as long as there is no indication of impairment of the transferred asset. The accounting principles of the subsidiaries conform to the ones adopted by the group.

Associates are companies on which the group can exert significant influence (but not control), with a holding of between 20% and 50% of the company's voting rights. Investments in associates are valued using the equity method and are initially recognized at cost. The account investment in associates includes the goodwill less any decrease in its value.

The group's share in the profits or losses of associated companies after the acquisition is recognized in the income statement, while the share of changes in reserves after the acquisition is recognized in the reserves. When the group's share in the losses of an associate is equal than its participation in the associate, then, no further losses are recognized, unless further commitments have been made on behalf of the associate.

Participants of the parent company in subsidiaries and associates are valued at cost less any decrease in value.

3.4. Information per sector

The group has 4 segments, and are the renting of vehicles in the countries of Greece, Cyprus, Boulgaria $\bullet$ and Romania.
The accounting policies for the operational sectors are the same as the ones described in the important $\bullet$ accounting policies in the annual financial statements.
The efficiency of each sector is measured based on the net income after taxes. $\bullet$
Inter-sector sales refer to managerial support and are invoiced based on cost allocation. $\bullet$
Operational sectors are strategic units and for that reason they are separately controlled by the board of $\bullet$ directors.

2009

	GREECE	CYPRUS	BOULGARIA	ROMANIA	EFFACEMENT	TOTAL
INCOME FROM CUSTOMERS	153,920,900.61	6,106,654.33	9,895,482.54	6,092,399.23		176,015,436.71
INTER-SECTOR INCOME	48,982.71				$-48,982.71$	0.00
COST OF SALES	$-123,615,681.14$	-4,721,791.53	-4,790,805.75	$-4,351,746.00$	48,982.71	$-137,431,041.71$
GROSS INCOME	30,354,202.18	1,384,862.80	5,104,676.79	1,740,653.23	0.00	38,584,395.00
OTHER INCOME FROM CUSTOMERS	1,671,660.28		8,728.92	650,372.78		2,330,761.98
OTHER INTER-SECTOR INCOME	797.618.20				$-797.618.20$	0.00
ADMINISTRATIVE EXPENSES	$-9,021,125.21$	$-541,443.00$	$-1,197,831.03$	$-542,288.97$	797,618.20	$-10,505,070.01$
DISTRIBUTION EXPENSES	$-1,479,918.83$		$-1,996,385.05$	$-271,144.48$		$-3,747,448.36$
OTHER EXPENSES	$-702.066.45$		$-2.475.59$	$-87,435.13$		$-791,977.17$
INTEREST EXPENSE	$-5,406,263.34$	$-134, 167.73$	$-394,354.46$	$-455,517.97$		$-6,390,303.50$
INTERST INCOME	2,006,349.18	1,375.34	110,864.16	58,097.93		2,176,686.61
DERIVATIVES RESULTS	$-1,223,261.94$					$-1,223,261.94$
RESULTS FROM INVESTMENT ACTIVITIES	1,236,980.00					1,236,980.00
RESULT FROM AFFILIATED COMPANIES	1,688,773.75					1,688,773.75
NET INCOME BEFORE TAX	19,922,947.82	710,627.41	1,633,223.74	1,092,737.39	0.00	23,359,536.36
INCOME TAX	$-5.451.824.66$	$-75,160.99$	$-178.974.01$	$-1.734.92$		$-5,707,694.58$
EARNINGS AFTER TAX	14,471,123.16	635,466.42	1,454,249.73	1,091,002.47	0.00	17,651,841.78
DEPRECIATION	47,272,172.65	1,689,134.99	2,934,584.45	2,476,350.55		54,372,242.64
ASSETS	393,358,345.38	8.778.459.44	16,679,628.75	13,387,056.62		432,203,490.19
LIABILITIES	-285,671,107.96	-4,584,872.32	$-9,248,054.16$	$-12,410,857.51$		-311,914,891.95

Antantales


	GREECE	CYPRUS	BOULGARIA	ROMANIA	EFFACEMENT	TOTAL
INCOME FROM CUSTOMERS	165,912,325.29	5,509,944.27	11,695,262.62	3,721,090.36		186,838,622.54
INTER-SECTOR INCOME	50,429.84				$-50,429.84$	0.00
COST OF SALES	$-131,015,544.27$	$-4,286,553.41$	$-7,519,219.82$	$-2,593,611.63$	50,429.84	$-145,364,499.29$
GROSS INCOME	34,947,210.86	1,223,390.86	4,176,042.80	1,127,478.73	0.00	41,474,123.25
OTHER INCOME FROM CUSTOMERS	1,885,864.03		237.38	120,040.00		2,006,141.41
OTHER INTER-SECTOR INCOME	801,288.17				$-801,288.17$	0.00
ADMINISTRATIVE EXPENSES	$-8,741,164.26$	$-632,087.67$	$-1,493,219.79$	$-498.697.33$	801,288.17	$-10,563,880.88$
DISTRIBUTION EXPENSES	$-1,754,298.65$		$-1,294,123.82$	$-249,348.67$		$-3,297,771.14$
OTHER EXPENSES	$-741,965.70$			$-562.579.24$		$-1,304,544.94$
INTEREST EXPENSE	$-13.783.925.71$	$-142,058.12$	$-358,066.00$	$-480.096.00$		$-14,764,145.83$
INTERST INCOME
DERIVATIVES RESULTS
RESULTS FROM INVESTMENT ACTIVITIES	128,333.33					128,333.33
RESULT FROM AFFILIATED COMPANIES	2,190,316.18					2,190,316.18
NET INCOME BEFORE TAX	14,931,658.25	449,245.07	1,030,870.57	$-543,202.51$	0.00	15,868,571.38
INCOME TAX	$-2,231,303.38$	$-52,018.20$	$-103,978.83$			$-2,387,300.41$
EARNINGS AFTER TAX	12,700,354.87	397,226.87	926,891.74	$-543,202.51$	0.00	13,481,270.97
DEPRECIATION	46,649,967.45	1,340,716.37	2,862,256.00	1,560,705.21		52,413,645.03
ASSETS	387,554,599.38	7,274,272.38	19,283,758.55	12,763,357.64		426,875,987.95
LIABILITIES	-291,572,190.72	$-3,716,151.68$	-13,306,433.69	$-12,878,161.00$		-321,472,937.09

3.5. Tangible assets

Own occupied tangible assets are values in updated (fair) value, every 3 to 5 years. Depreciation is calculated on the updated values. Initial purchase cost includes all costs involved in the purchase. There is no depreciation for plots. All other tangible assets are values on purchase cost minus depreciation. Depreciation rates are as follows:

Vehicles	$2 - 5$	Years
Buildings	$30 - 35$	Years
Mechanical equipment	$6 - 7$	Years
IT equipment	$3 - 4$	Years
Other equipment		Years

Vehicles residual values are being calculated based on their current values. No evaluations have been made raggedly the residual values of the rest tangible assets.

When the book value of tangible fixed assets exceeds their recoverable amount, the difference (impairment) is immediately booked as an expense in the results.

Upon sale of the tangible fixed assets, any difference between the proceeds and the book value are booked as profit or loss to the results.

3.6. Intangible asset

(a) Trade marks and licenses :

Trade marks and licenses are values at their acquisition cost less any accumulated depreciations. Depreciation is calculated using the straight line method over their useful lives which is 5 years.

(b)Computer software

Computer software licenses are reported at acquisition cost, less accumulated depreciation. Depreciation is calculated using the straight line method over their useful lives which is from 3 to 5 years.

3.7. Impairment of Assets

Assets that are depreciated are subject to an impairment review when there is evidence that their value will not be recoverable. The recoverable value is the greater of the net sales value and the value in use. Impairment losses are booked as expense when emerge.

3.8. Financial Assets available for sale, valued at fair value, with changes in fair value recognized in the results.

Financial assets available for sale are valued in their fair value and any change in the fair value, is booked in equity reserves until they are sold or characterized as impaired, at which time they are transferred to the results as profit or loss.

Antadrettess

Derivatives which are not designated and effective hedging instruments, are valued at fair value, with any changes recognized through the income statement.

3.9. Counterbalance

Derivatives that fulfill the criteria for accounting cash flow counterbalance are valued in fair value. Any changes in fair value that relates to an efficient counterbalance are recognized as reserve in fair value through the other income statement and are transferred at the time when cash flow of counterbalanced elements affect the results. The ineffectual part of the counterbalance (retroactive or future) takes place on each balance sheet date.

3.10. Trade receivables

Receivables from customers are initially booked at their fair value which is equal to their face value less any impairment losses. Impairment losses (losses from doubtful dept) are recognized when there is objective evidence that the group is in no position to collect all relevant amounts, owned on the contractual terms. The impairment loss amount is calculated as the difference between the receivables book value and the future cash flow. The impairment losses are recognized in the income statement

3.11. Cash and cash equivalents

Cash and cash equivalents include cash, cash at the bank as well as short term (up to 6 months), highly liquid and low risk investments.

3.12. Transactions in Foreign currencies

The transactions that are denominated in foreign currencies are stated in Euro on the basis of the exchange rates ruling on the date of the transaction. On the balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are re-stated in Euro on the basis of the exchange rates ruling on this date. The gains and losses arising on restatement are recognized in the income statement

Any gains and losses arising from the conversion of foreign financial statements are recognized as net worth reserve.

3.13. Share Capital

Common stock is reported as equity. Expenses incurred for the issuance of shares reduce, after deducting the relevant income tax, the proceeds from the issue. Expenses incurred for the issuance of shares for the acquisition of companies are included in the acquisition cost of the company.

The cost of acquiring own shares, less the relevant tax, is reported as a negative balance within shareholders equity, until own shares are sold or canceled. Any profit or loss from the selling of own shares (after deducting the relevant costs), is reported as reserve on equity.

3.14. Loans

Loans are initially reported in their fair value, less any relevant transaction costs. Later they are valued on the unamortized cost using the actual interest rate.

3.15. Deferred income tax

Deferred income tax is determined according to the liability method which results from the temporary differences between the book value and the tax base of assets or liabilities. Deferred tax is calculated on the tax rates that are expected to be in effect during the period in which the asset or liability will regain its book value.

Deferred tax assets are recognized to the extent that these will be a future tax profit to be set against the temporary difference that creates the deferred tax asset.

3.16. Employee benefits

(a) Short term benefits Short term employee benefits monetary and in kind are recognized as an expense when they accrue.

ATTATITATES

(b) Post employment benefits

Post employment benefits include defined contribution schemes as well as defined schemes. The accrued cost of defined contribution schemes is booked as an expense in the paid period it refers to.

The liability that is reported in the balance sheet with respect to this scheme is the present value of the liability for the defined benefit. The commitment of the defined benefit is calculated annually by an independent actuary with the use of the projected unit credit method. The field of long-term Greek Government Bonds is used as a discount rate.

3.17. Provisions

Provisions are recognized when the Group has present obligations (legal or constructive), as a result of past events and the settlement through an outflow is probable.

3.18. Recognition of income

Income includes the fair value of goods and services sold, net of value added Tax, discounts and returns. Intercompany revenue within the Group is eliminated completely. The recognition of revenue is done as follows :

(a) Income from services sold (Car Rentals)

Income from services sold are accounted for based on its completion percentage.

(h) Farnings from car sales

Earning from car sales is recognized at the stage when the basic risks and benefits associated with the ownership of the cars, are transferred to the buyer.

(c) Income Interest

Income interest is recognized on a time proportion basis using the effective interest rate.

(d) Dividends

Dividends are accounted as revenue, when the right to receive payment is established, in other words on the date the dividends are declared.

3.19. Leases (Group company as lessee)

Leases of fixed tangible assets, owned by the Group, with which all the risks and benefits are transferred, are registered as financial leases. Financial leases, are capitalized at the inception of the lease and are reported as liabilities with an amount equal to the net lease investment. The income from the payments is reported as a reduction of the liability and as a financial income, in a way that a constant periodic return on the net investment is ensured.

3.20. Dividend Distribution

The distribution of dividends to the shareholders of the parent company is recognized as a liability in the financial statements (parent and consolidated) at the date on which the distribution is approver by the General Meeting of the shareholders.

3.21. Financial risk management Financial risk factors

(a) Credit Risk

Company does not have any substantial credit risk. Retail sales are conducted either with cash payments or credit card charges.

Wholesales are conducted only after a thorough audit on the customer's financial reliability has been conducted, and often advance payments or guarantees are obtained.

(b) Cash flow Risk

It is kept in very low levels due to the company's high credit limits.

(c)Cash flow Risk and risk of fair value fluctuations due to change in interest rates.

The company is exposed to interest rates risk since it has long term borrowing with adjustable interest rate, witch is outbalanced by interest derivatives. The company is currently using no accounting hedges to outbalance interest risk.

3.22 Important estimates

The most important estimate from the company's management for the application of the accounting policies regards the assessment of the vehicles residual value . A minor decrease in the residual values would result a major decrease in net

Antafaalles

income as well as the book value of the vehicles in the next fiscal year, by amounts that are not easy to estimate due to the current market volatility and the large number of different vehicles. This risk is being tackled currently through the company's conservative policy in regard to residual values which resulted in 2009 in a profit of €4.598.312,93 for the group and €3.712.243,91 for the company, even though substantial depreciation rates reductions took place in 2010.

4. Capital management

4.1. The company's policy as far as capital management is concerned is:

To ensure the company's ability to continue uninterrupted its activities.
To ensure a satisfactory return to its shareholders, by pricing the services affected in relation to the cost and always looking after its capital structure management.

Management is constantly monitoring the relation between equity and debt. In order for the company to achieve the desirable structure, the company may adjust the dividend, decide to return capital, or issue new shares. The term own capital includes total share capital, share capital paid in excess of par value and other reserves.

The term Debt includes all loans minus any cash available. So, the ratio Debt/Equity on the 31/12/2009 and 31/12/2008 for the company and the group is as follows:

COMPANY	31/12/2009	31/12/2008
Equity	107,986,388.16	97,763,191.67
Total borrowing	219,541,499.93	219,396,499.97
Minus: Cash deposits	51,741,879.21	24,218,091.59
Net borrowing	167,799,620.72	195,178,408.38
Debt / Equity	1.55	2.00

GROUP	31/12/2009	31/12/2008
Equity	120,288,598.24	105,403,050.86

Total borrowing	240,387,864.20	240,118,228.53
Minus: Cash deposits	53,540,353.88	24,541,307.38
Net borrowing	186,847,510.32	215,576,921.15
Debt / Equity	1.55	2.05

Company aims in retaining the ratio above 1 and up to 3.

4.2. There are certain limitations regarding own capital, deriving from current limited companies' legislation and in particular from Law 2190/1920. The limitations are:

The purchase of own shares -with the exception of purchasing shares with sole purpose to be distributed among its' employees- cannot exceed 10% of the company's share capital and cannot result in the reduction of own capital to an amount smaller than the amount of the share capital increased by the reserves, for which distribution is forbidden by law.
In the case where total equity becomes smaller than 1/2 of the share capital, the Board of Directors is obliged to call up a General Assembly within a period of six months past the end of the fiscal period, in order to decide on the dissolution of the company or to take other measures.
When the company's own capital becomes smaller than 1/10th of the share capital and the general shareholders meeting does not take the proper measures, the company may be dissolved by court order, on the request of anyone with an interest in law.
Annually, at least 1/20th of the company's net profit is deducted to form an ordinary reserve, which will be used exclusively to balance, prior to any dividend distribution, the possible debit balance in the earnings carried forward account. Forming such a reserve is not obligatory, once it reaches 1/3rd of the company's share capital.
The deposit of the annual dividend to shareholders in cash, at an amount equal to at least 35% of the company's net earnings, after deducting the regular reserve and the net result from the evaluation of the company's assets and liabilities at fair value, is obligatory. The above does not apply if the general assembly decides it, by a majority of at least 65% of the total share capital. In this case the dividend that hasn't been distributed and up to an amount equal to 35% of the above mentioned net earnings, has to be reported in a special account "Reserve to be Capitalized", within 4 years time, with the issue of new shares, given to shareholders.
Finally, a general shareholders meeting can decide not to distribute a dividend, if it is decided by a majority of over 70%.
4.3 The company is in compliance with all obligations deriving from all relevant provisions and regulations in relation to own capital.

Autohellas

5. Tangible Fixed Assets THE GROUP

	Plots	Buildings	Mechanical Equipment	Vehicles	Furniture & other Equipment	Tangibles under construction
							Total
01.01.2008	9,108,092.16	16,365,761.30	1,990,750.20	316,996,719.75	5,709,087.22	270,731.43	350,441,142.06
Cost or Estimation	0.00	-4,243,332.44	-1,124,612.03	-84,845,769.74	-4,394,683.62	0.00	-94,608,397.83
Accumulated Depreciation	9,108,092.16	12,122,428.86	866,138.17	232,150,950.01	1,314,403.60	270,731.43	255,832,744.23
Unamortised Value 01/01/2008	9,108,092.16	16,365,761.30	1,990,750.20	316,996,719.75	5,709,087.22	270,731.43	350,441,142.06
01.01 - 31.12.2008
Starting Balance	9,108,092.16	12,122,428.86	866,138.17	232,150,950.01	1,314,403.60	270,731.43	255,832,744.23
Foreign exchange difference	0.00	0.00	0.00	-212,674.86	77.47	0.00	-212,597.39
Fixed assets value re- adjustment	16,018,185.00	2,536,903.82	0.00	0.00	0.00	0.00	18,555,088.82
Additions	5,939,380.94	203,611.22	395,303.89	150,063,374.77	457,819.03	$-76,887.50$	156,982,602.35
Sales	0.00	0.00	-771,582.29	-2,141,249.82	-313,945.54	0.00	$-3,226,777.65$
Transfer in goods	0.00	0.00	0.00	-105,100,003.44	0.00	0.00	-105,100,003.44
Depreciation	0.00	-617,337.40	-239,038.08	-50,821,043.76	$-634,488.73$	0.00	-52,311,907.97
Depreciation reduction	0.00	0.00	614,321.49	370,153.18	294,848.34	0.00	1,279,323.01
Reduction from transfer in goods	0.00	0.00	0.00	36,581,192.77	0.00	0.00	36,581,192.77
Unamortised Value 31.12.2008	31,065,658.10	14,245,606.50	865,143.18	260,890,698.85	1,118,714.17	193,843.93	308,379,664.73
Cost or Estimation	31,065,658.10	19,106,276.34	1,614,471.80	359,606,166.40	5,853,038.18	193,843.93	417,439,454.75
Accumulated Depreciation	0.00	-4,860,669.84	-749,328.62	-98,715,467.55	-4,734,324.01	0.00	-109,059,790.02
Unamortised Value 31.12.2008	31,065,658.10	14,245,606.50	865,143.18	260,890,698.85	1,118,714.17	193,843.93	308,379,664.73
$01.01 - 31.12.2009$
Starting Balance	31,065,658.10	14,245,606.50	865,143.18	260,890,698.85	1,118,714.17	193,843.93	308,379,664.73
Foreign exchange difference	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed assets value re- adjustment	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Additions	1,469,993.41	146,004.95	54,244.91	75,574,627.57	266,723.60	228,274.88	77,739,869.32
Sales	0.00	-20,522.14	$-17,480.00$	$-1,681,015.59$	-20,331.04	0.00	$-1,739,348.77$
Transfer in goods	0.00	0.00	0.00	-74,129,357.55	0.00	0.00	-74,129,357.55
Depreciation	0.00	$-610,830.97$	$-193,507.00$	-52,945,705.22	-534,369.09	0.00	-54,284,412.28
Unamortised Value 31.12.2009	0.00	20,522.14	7,909.50	558,570.93	17,784.42	0.00	604,786.99
Cost or Estimation	0.00	0.00	0.00	36,865,726.03	0.00	0.00	36,865,726.03
Accumulated Depreciation	32,535,651.51	13,780,780.48	716,310.59	245,133,545.02	848,522.06	422,118.81	293,436,928.47
Unamortised Value 31.12.2009	32,535,651.51	19,231,759.15	901,908.09	359,370,420.83	1,365,106.73	422,118.81	413,826,965.12
Accumulated Depreciation	0.00	-5,450,978.67	$-185,597.50$	$-114,236,875.81$	-516,584.67	0.00	-120,390,036.65
Unamortised Value 31.12.2009	32,535,651.51	13,780,780.48	716,310.59	245,133,545.02	848,522.06	422,118.81	293,436,928.47

$-36-$

Autohelles

Η Εταιρεία

	Plots	Buildings	Mechanical Equipment	Vehicles	Furniture & other Equipment	Tangibles under construction	Total
01.01.2008	8,855,371.94	16,365,761.30	1,952,305.43	298,605,360.28	5,416,769.92	268,174.95	331,463,743.82
Cost or Estimation	0.00	-4,243,332.44	$-1,094,846.49$	$-81,711,604.09$	-4,310,525.94	0.00	-91,360,308.96
Accumulated Depreciation	8,855,371.94	12,122,428.86	857,458.94	216,893,756.19	1,106,243.98	268,174.95	240,103,434.86
Unamortised Value 01.01.2008	8,855,371.94	16,365,761.30	1,952,305.43	298,605,360.28	5,416,769.92	268,174.95	331,463,743.82
$01.01 - 31.12.2008$
Starting Balance	8,855,371.94	12,122,428.86	857,458.94	216,893,756.19	1,106,243.98	268,174.95	240,103,434.86
Foreign exchange difference	13,814,270.10	694,662.71					14,508,932.81
Fixed assets value re- adjustment	3,329,184.09	178,556.72	185,650.12	129,558,299.54	168,472.41	$-76,887.50$	133, 343, 275. 38
Additions			$-768,632.29$	$-2,141,249.82$	$-193,262.91$		$-3,103,145.02$
Sales				-100,753,650.69			-100,753,650.69
Transfer in goods		-588,890.65	$-176,643.38$	-45,243,800.66	-524,620.49		-46,533,955.18
Depreciation			614,026.50	370,153.18	181,025.96		1,165,205.64
Depreciation reduction				33,815,272.65			33,815,272.65
Unamortised Value 31.12.2008	25,998,826.13	12,406,757.64	711,859.89	232,498,780.39	737,858.95	191,287.45	272,545,370.45
Cost or Estimation	25,998,826.13	17,238,980.73	1,369,323.26	325,268,759.31	5,391,979.42	191,287.45	375,459,156.30
Accumulated Depreciation	0.00	-4,832,223.09	-657,463.37	-92,769,978.92	-4,654,120.47	0.00	-102,913,785.85
Unamortised Value 31.12.2008	25,998,826.13	12,406,757.64	711,859.89	232,498,780.39	737,858.95	191,287.45	272,545,370.45
01.01-31.12.09
Starting Balance Foreign exchange	25,998,826.13	12,406,757.64	711,859.89	232,498,780.39	737,858.95	191,287.45	272,545,370.45
difference Fixed assets value re-							0.00
adjustment	1,469,993.41	99,147.61	35,207.86	67,818,060.04	144,096.12		69,566,505.04
Additions		$-20,522.14$	$-17,480.00$	$-1,503,152.21$			$-1,541,154.35$
Sales				$-69,956,315.81$			-69,956,315.81
Transfer in goods		-552,757.83	$-162,537.07$	-46,032,639.97	-413,884.37		-47,161,819.24
Depreciation		20,522.14	7,909.50	502,041.47			530,473.11
Depreciation reduction Unamortised Value				34,157,793.78			34,157,793.78
31.12.2009	27,468,819.54	11,953,147.42	574,960.18	217,484,567.69	468,070.70	191,287.45	258,140,852.98
Cost or Estimation Accumulated	27,468,819.54	17,317,606.20	1,387,051.12	321,627,351.33	5,536,075.54	191,287.45	373,528,191.18
Depreciation	0.00	$-5,364,458.78$	$-812,090.94$	-104,142,783.64	-5,068,004.84	0.00	-115,387,338.20
Unamortised Value 31.12.2009	27,468,819.54	11,953,147.42	574,960.18	217,484,567.69	468,070.70	191,287.45	258,140,852.98

Property fair value evaluation in the 31.12.2007, was made by the comparable asset method or real estate market by an independent appeaser.

Note: There is no prenotation of mortgage or collateral on the fixed assets.

6. Intangible Fixed Assets

	THE GROUP	THE COMPANY
Unamortised Value 31/12/08	154,471.17	23,282.65
Additions	22,196.10	28,922.40
Foreign Exchange Currency	29.30	0.00
Depreciation for the period	-87,830.36	$-12.970.45$
Unamortised Value 31/12/09	202,728.96	32,508.30

Intangible assets are it programmes and registration numbers for vehicles. Those registrations have been bought from the subsidiary company "Demstar Rentals 2005 Ltd" for the purpose of its operations as required by the Cypriot legislation.

7. Investment in property

	Group	Company

Book Value 01.01.2008	10,320,535.24	10,320,535.24
Additions 2008	97,877.91	4,144,033.92
Balance as of 31.12.2008	10,418,413.15	14,464,569.16
Additions for the period 01.01-31.12.2009	93,332.45	93,332.45
Balance as of 31.12.2009	10,511,745.60	14,557,901.61

Investment properties are values with the income capitalization method combined with the discounted cash flow, by an independent appraiser. The capitalization rate currently in use is 7-8% and current value rate is 10-11%.

8. Investment in Subsidiaries

			31.12.2009	31.12.2008
Investment in Subsidiaries (acquisition cost)			7,392,361.10	6,374,555.10

Company Name	Country of Domicile	Participation Percentage	Acquisition Cost	Acquisition Cost
AUTOTECHNICA LTD	Βουλγαρία	99.99%	3,011,842.00	3,011,842.00
DEMSTAR RENTALS 2005 LTD	Κύπρος	100.00%	3,078,810.50	2,061,004.50
AUTOTECHNICA FLEET SERVICES S.R.L.	Pouuavia	100.00%	1,000,000.00	1,000,000.00
AUTOTECHNICA HELLAS ATEE	Ελλάδα	100.00%	300,000.00	300,000.00
A.T.C. AUTOTECHNICA (CYPRUS)LTD	Κύπρος	100.00%	1,708.60	1,708.60

AUTOHELLAS SA participates in AUTOTECHNICA LTD with 99,99% as from 2003.

In 2005 AutoHellas ATEE participated in the establishment of Demstar Rentals 2005 LTD, operating in Cyprus, with an investment of 2.061.004,50€ (participation percentage 75%)

In August 2009, the company acquired the remaining 25% of the minority rights of Demstar Rentals 2005 Ltd, for the amount of €1,017,806.00. Following this acquisition, Autohellas now possess 100% of Demstar Rentals 2005 Ltd. In the consolidated balance sheet, and as a result of the acquisition, a profit of $\epsilon$ 4,671.18 has been reported directly in equity.

In 2007 Authohellas established the subsidiary Autotechnica Fleet Services S.R.L in Romania, with a share capital of €1,000.00 (percentage 100%). In May 2007, Autohellas increased Autotechnica Fleet Services S.R.L's share capital by €999,000.00 (total share capital €1,000,000.00).

In February 2008 Autohellas/Hertz established a subsidiary company under the name Autotechnica Hellas SA with a share capital of €300,000.00(100%). The company's main activities are the servicing and repairing of vehicles.

Antafaalles

In 24^th of January 2008, AUTOHELLAS S.A. established a subsidiary company A.T.C. AUTOTECHNICA (CYPRUS) LTD. The new subsidiary started its operations in the second semester of 2008. Share capital is 1.708,60€ (100% percentage contribution) and its main activities is car trading.

9. Investment in Associates / Joint ventures

Equity method / Acquisition cost	THE GROUP			THE COMPANY
	31/12/09	31/12/08	31/12/09	31/12/08
OLYMPIC TRADING AND TOURISTIC COMPANY SΑ	9,524,237.19	7,528,933.35	2,691,220.07	2,691,220.07
ELTREKKA A.E.	1,833,924.66	2,111,630.57	2,200,001.02	2,200,001.02
SPORTSLAND SA	2,447,585.83	1,984,660.01	2,530,000.00	2,030,000.00
	13,805,747.68	11,625,223.93	7,421,221.09	6,921,221.09

		ELTREKKA A.E.		OLYMPIC TRADING AND TOURISTIC COMPANY SA	SPORTSLAND SA
	2009	2008	2009	2008	2009	2008
PROPERTY ASSETS	31,846,169.56	29,465,733.20	470,478,784.28	143,052,968.19	5,944,185.34	3,999,131.30
LIABILITIES	28,178,320.24	25,242,472.07	422,857,598.65	129,919,216.86	49,013.67	29,811.28
PROFITS	28,796,041.89	25,001,630.34	132,754,675.61	35,858,161.67	0.00	0.00
NET RESULTS AFTER TAX	$-555,411.83$	$-628,013.63$	10,782,717.36	1,072,786.65	$-114,833.33$	-57,184.98

Autohellas SA posses 48.08% of the company Piraeus Best Leasing SA (participation amount €2,691,220.07). Piraeus Best Leasing is similar to Autohellas company, with sole activity the vehicle Fleet management. The company had been bought by Piraeus and Autohellas and Pireus has the management.

In September 2008, Piraeus Best leasing BoD decided to approve the merge plan between the companies Piraeus Best Leasing and Olympic Trade and Tourism company SA, and to establish a new company. The merger was approved by the relevant supervisory authority on the 31.12.2008

The merger of the two companies and the establishment of the new one was finalized in accordance with the clauses of art.80 of L2190/1920 as it stands, and articles 69-77 of the same law, in combination to the beneficiary clauses of L.1297/1972. Each company's asset contribution has been valued based on their respective balance sheets on the 31.12.2007.

The exchanges and final share distribution between shareholders of the 2 companies have been approved by a) The appraisal committee of certified auditors, in accordance with article 9,par.4 of law 2190/1920 and articles 80 and 71 of the same law and b) the decisions of the shareholders meetings, following the directives of par.1 of art.72 of law 2190/1920.

Turnover in 2009 was €28.8m, with losses of €555 thousand.

In February 2008 Autohellas participated in the establishment of SPORTSLAND SA with total capital of €2,030,000 (participation percentage 50%).

In May 2009 Autohellas SA participated in the share capital increase of the company SPORTSLAND SA by €500,000 (participation 50%, hence €500,000). Total participation share value is €2,530,000 (percentage 50%). The remaining 50% belongs to "Pilos touristiki".

The result from affiliated companies by using the net position method in the consolidated financial statements includes : (a) profit €1.995.303,84 from the participation in the profits if the affiliated company OLYMPIC TRADING AND TOURISTIC COMPANY SA,

Antartheiles

(b) losst €277.705,91, from the participation in the company ELTREKKA SA (c) loss (28.824,18€) from the participation in the joint venture SPORTSLAND.

10. Other assets available for sale

Assets available for sale are as follows:

COMPANY	Participants Percentage	FAIR VALUE
	%	31/12/09	31/12/08
AEGEAN AIRLINES S.A.	6.928	17,664,074.40	14,398,447.20
THE CRETE GOLF CLUB
S.A.	5.731	805,344.80	798,736.24
		18,469,419.20	15,197,183.44

Autohellas, following Aegean Airline's admission to the Athens stock exchange, is currently in possession of 4,947,920 shares of Aegean (6.928%), which were valued at the last closing date of the Athens exchange market on the 31.12.2009 (€3.57 per share), which resulted in a loss in fair value of €3.265.627,20 recognized directly to the company's equity.

11. Customers

	THE GROUP		THE COMPANY
	31/12/2009	31/12/2008	31/12/2009	31/12/2008
Trade receivables	34,547,281.68	41,490,259.62	29,320,844.51	32,968,424.03
Other receivables	1,922,868.29	6,315,713.13	2,538,320.65	5,841,732.87
Minus: Provision for doubtful debts	-1,999,338.31	-2,362,425.68	-1,842,687.05	-2,304,930.50
	34,470,811.66	45,443,547.07	30,016,478.11	36,505,226.40
PROVISION FOR DOUBTFUL DEBTS:

	THE GROUP		THE COMPANY
Balance on 01/01/08	2,209,809.47		2,209,809.47
01/01-31/12/08 Plus provisions	508,094.05		450,598.87
Minus right-offs 01/01-31/12/08	355,477.84		355,477.84
Balance on 31/12/08	2,362,425.68		2,304,930.50

Balance on 01/01/09	2,362,425.68		2,304,930.50
01/01-31/12/09 Plus provisions	1,864,515.95		1,765,359.87
Minus right-offs 01/01-31/12/09	2,227,603.32	2,227,603.32
Balance on 31/12/09	1,999,338.31		1,842,687.05

The group records the level of receivables and makes a provision for doubtful debts, if a collection risk is acknowledged. To recognize a possible incapability of collection the group might judge based on how long the debt exists (over one year), the bankruptcy of the debtor or the debtors incapability to meet his payment deadlines in general. Provisions are also considered any amounts that are legally claimed despite any possible partial collection.

In general, the company will claim the receivables in court only after a 3 months grace period has expired and only if the amount justifies the cost of legal action.

Fair value of the receivables are almost identical to their book value. In a similar manner, the maximum credit risk, without taking into account any guarantees and credit assurance, is equal to the receivables book value.

Total quarantees to ensure the collection of the receivables on the 31.12.2009 were 14,163,114.10 and 13,941,169.49 on the 31.12.2008respectively. These guarantees are registered in the books as liabilities in the account "Trade and other debtors".

Current value of claims from financial leasing on the 31.12.2009 and 31.12.2008, were 13.198.941,76 $\in$ and 13.626.478,36 $\in$ respectively, gross investment in the lease in €15.019.921,15 and €15.516.341,71 respectively and the non accrual financial expense in 1.820.979,39 € and 1.889.863,35 €respectively. Maturity of the above is as follows.

Gross investment for the year	31.12.2009 6.443.067,12	31.12.2008 5.964.963,37
Minus unaccrued financial earnings	734.827,57	680.300,15
Current value	5.708.239,55	5.284.663,22
From 1-5 years gross investment	8.576.854.03	9.551.378.34
Minus unaccrued financial earnings	1.086.151,82	1.209.563,20
Current value	7.490.702,21	8.341.815.14

Interest rate 5%.

Other receivables includes claim from the Greek state for current income tax of $\epsilon$ 1,300,786.49 for 2008

The maturity of the receivables is as follows:

		THE GROUP		THE COMPANY
	31/12/2009	31/12/2008	31/12/2009	31/12/2008
0-3 MONTHS	24,331,946.63	34,986,626.29	21,187,761.71	27,218,962.76
3-6 MONTHS	935,137.85	560,910.50	814,298.92	560,910.50
6-12 MONTHS	919,877.84	383,538.00	801,010.82	383,538.00
12+ MONTHS	8,283,849.34	9,512,472.28	7,213,406.66	8,341,815.14
	34,470,811.66	45,443,547.07	30,016,478.11	36,505,226.40

12. Advance payments

	THE GROUP		THE COMPANY
	31/12/2009	31/12/2008	31/12/2009	31/12/2008
Advance payment for vehicles-equipment	1,169,714.02	2,786,466.02	1,138,881.41	2,530,202.51
Future fiscal year expenses	5,011,322.91	5,857,475.39	5,011,322.91	5,857,475.39
Income	366,508.26	385,404.05	366,508.26	385,404.05
Accounts payable	2,439.32	3,424.32	2,439.32	3,424.32
	6,549,984.51	9,032,769.78	6,519,151.90	8,776,506.27

Future fiscal year expenses are mainly road tax payment and vehicle insurance payments.

13. Cash and Cash Equivalents

	THE GROUP		THE COMPANY
	31/12/2009	31/12/2008	31/12/2009	31/12/2008
Cash in hand and bank deposits	182,367.94	180,526.12	166,703.03	161,141.16
Demands deposits	3,857,985.94	2,860,781.26	2,075,176.18	2,556,950.43
Time deposits	49,500,000,00	21,500,000.00	49,500,000.00	21,500,000.00
	53,540,353.88	24,541,307.38	51,741,879.21	24,218,091.59

Average interest rate for the time deposits was 3.62% and 5.35% for the years 2009 and 2008 respectively.

14. Share Capital and Capital above par

	Number of Shares	Common Shares	Capital issued	Above par value	Own Shares	Total
$1n$ January 2004	18.000.000	18.000.000	11.340.000.00	31.604.586,83	809,88	42.943.776.95
31 ^h March 2004	18.000.000	18,000,000	11.340.000.00	31.604.586.83	809,88	42.943.776.95
$31n$ December 2004	36,000,000	36.000.000	11.520.000.00	31.424.586.83	809,88	42.943.776.95
31 ⁿ March 2005	36.000.000	36.000.000	11.520.000.00	31.424.586.83	809,88	42.943.776.95
30 ⁿ June 2005	36.000.000	36,000,000	11.520.000.00	31.424.586.83	809,88	42.943.776.95
30 ⁿ September 2005	36.000.000	36.000.000	11.520.000.00	31.424.586.83	0,00	42.944.586.83
$31n$ December 2005	36.120.000	36.120.000	11.558.400.00	31.626.186,83	0,00	43.184.586.83
31 ⁿ December 2006	36.120.000	36.120.000	11.558.400.00	31.626.186.83	0.00	43.184.586.83
31 ⁿ December 2007	36.360.000	36.360.000	11.635.200.00	32.029.386.83	0,00	43.664.586.83
31 ⁿ December 2008	36.360.000	36.360.000	11.635.200.00	130.552.60	0.00	11.765.752.60
31 ⁿ December 2009	36.360.000	36.360.000	11.635.200.00	130.552.60	0,00	11.765.752.60

All shares are common, have been paid in full, participate in earnings and are entitled voting rights.

15. Αποθεματικά

	THE GROUP		THE COMPANY
	31/12/2009	31/12/2008	31/12/2009	31/12/2008
Ordinary reserves	4,945,485.43	4,876,179.84	4,870,218.41	4,870,218.41
Reserves exempt from tax by law	96,812.13	96,812.13	96,812.13	96,812.13
Reserves from income that falls under different tax scheme	4,266,580.37	7,217,637.45	4,266,580.37	7,217,637.45
Reserves from the fair value of available for sale financial assets.	7,445,662.39	4,180,035.19	7,445,662.39	4,180,035.19
Reserves from asset reevaluation	19,163,611.91	19,163,611.91	19,163,611.91	19,163,611.91
Assets reevaluation tax	$-3,598,481.13$	$-3,598,481.13$	$-3,598,481.13$	$-3,598,481.13$
Reserves for Derivatives Valuation	$-642,665.60$	0.00	$-642,665.60$	0.00
	31,677,005.50	31,935,795.39	31,601,738.48	31,929,833.96

According to Greek company Law (N 2190/20), the creation of an ordinary reserve with the transfer of an amount equal to 5% on yearly after tax profits, is compulsory up to the point, when ordinary reserve (1/3) of the share capital. The reserve from income that falls under different tax scheme is formed based on special provisions of greek tax legislation and refers to profits from sale of a company that is not listed, profits that are exempted from tax since they are not distributed. In any other case they would not be exempted from regular tax regulation.

In case of distribution, the amount payable on the 31.12.2009 would be 637.000,00 Euro.

16. Suppliers and other liabilities

	THE GROUP		THE COMPANY
	31/12/2009	31/12/2008	31/12/2009	31/12/2008
Customer Liabilities	2,079,910.15	3,452,083.49	1,140,001.46	1,829,430.49
Suppliers	14,950,926.78	26,897,382.51	13,761,216.79	17,298,570.22
Dividends Payable	85,965,16	239,731.86	85,965.16	85,731.86
Liabilities from taxes (except income) $-$ duties	1,914,026.78	2,190,934.50	1,534,531.67	1,446,934.80
Insurance funds liabilities	784,654.92	741,431.17	544,690.48	518,591.10
Liabilities to participating companies	0.00	36,686.29	0.00	36,686.29
Accrued expenses	682,648.53	1,508,729.90	618,195.94	1,453,958.51

Antartheiles

Future income	1,643,478.00	0.00	1,643,478.00	0.00

Provision for Tax audit difference	100,538.00	170,000.00	100,538.00	170,000.00
Post dated checks and quarantees	16,571,581.32	17,026,037.96	16,571,581.32 17,026,037.96
Other liabilities	587,803.13	616,249.68	573,949.06	586,222.70

All liabilities are short term with the exception of guarantees, payable on average within 6 months. This guarantee is returned upon the end of the rental. The total amount of the guarantees on the 31.12.2009 was € 14.163.114,10 and on the 31.12.2008 € 13.941.169,49 respectively.

Fair value of liabilities amounts €38.989.014,89 and €51.705.721 for the group and € 36.161.630 and € 39.278.909 for the company.

17. Loans

		THE GROUP		THE COMPANY
	31/12/2009	31/12/2008	31/12/2009	31/12/2008
Long Term Loans	222,466,137.26	221,926,001.42	219,541,499.93	219,396,499.97
Short term Loans	17,921,726.94	18,192,227.11	0.00	0.00

The Group has the following borrowing capability which hasn't exercised:

	31.12.2009	31.12.2008
-- date with an end rate more vears . of one or tuatino Flucti	13.800.000.00	18,600,000,00

Cash flow needs are monitored on a daily, weekly and monthly basis.

The company retains a working capital to cover any short term cash flow needs, while at the same time the majority of cash deposits are evenly spread across the months.

Financing of the vehicle purchase is ensured by long term borrowing, usually $5 -$ year. The company keeps un -exercised loans in case seasonality leads to extraordinary investment needs.

Loan expiration dates including interest on the 31^st of December 2009 and 2008 for the company and the group is analyzed bellow:

THE GROUP			THE COMPANY
Expiration	31/12/2009	31/12/2008	31/12/2009	31/12/2008
0-1 Years	5,415,742.24	8,730,687.17	4,582,000.00	7,608,250.00
1-5 Years	255,027,298.24	264,132,787.17	233,350,000.00	242,400,000.00
5+ Years	0.00	0.00	0.00	0.00
Total	260,443,040.48	272,863,474.34	237,932,000.00	250,008,250.00

The average weighted interest rate was 3.2% for 2009 and 6.37% for 2008 respectively.

18. Derivative

The interest rate swap derivative aims in lowering floating interest rate loans cost (floating rate swap with fixed -step up rate). The theoretical amount is €140,000,000.00. This derivative has been values in its fair value with changes not recognized in the results since it does not meet the standards of IFS 39. Fair value on the 31.12.2009 was €-7,855,885.33 (Short term €3,156,774. , long term €4,699,111.33) and has been calculated using advance payment techniques using market values. Maturity of these liabilities is as follows:

THE GROUP			THE COMPANY
Expiration	31/12/2009	31/12/2008	31/12/2009	31/12/2008
0-1 Years	3,273,000.00	1,234,000.00	3,273,000.00	1,234,000.00
1-5 Years	4,872,125.00	6,119,125.00	4,872,125.00	6,119,125.00
5+ Years	0.00	0.00	0.00	0.00
Total	8,145,125.00	7,353,125.00	8,145,125.00	7,353,125.00

19. Deferred Tax

Deferred tax assets are offset with any deferred tax liabilities when such an offset is a lawfull right and when both fall under the same tax authority. Balance of deferred tax assets or liabilities, during the period, under the same tax authority, without taking into account any offset, is as follows :

GROUP

DEFERRED TAX ASSETS	PROVISIONS	BORROWING EXPENSES	TAX LOSSES	TOTAL
01/01/2008	566,631.10	151,237.77	0.00	717,868.87
Debit / credit in the income statement	$-83,267.38$	1,459,063.80	0.00	1,375,796.42
31/12/2008	483,363.72	1,610,301.57	0.00	2,093,665.29
Debit / credit in the income statement Debit / credit in the net worth	183,679.47	356,558.58 202,947.03	0.00	540,238.05 202,947.03
31/12/2009	667,043.19	2,169,807.18	0.00	2,836,850.37
DEFERRED TAX LIABILITIES	Differences in tangible assets	Income differences	Other	Total
01/01/2008	12,403,170.07	3,369,059.08	0.00	15,772,229.15
Debit / credit in the income statement Debit / credit in the net worth	944,308.54 3,507,598.66	165,608.35	1,719,163.84	2,829,080.73 3,507,598.66
31/12/2008	16,855,077.27	3,534,667.43	1,719,163.84	22,108,908.54

Debit / credit in the income statement	2,454,639.06	$-158,258.05$	417,028.18	2,713,409.19
Debit / credit in the net worth	66,167.46			66,167.46
31/12/2009	19,375,883.79	3,376,409.38	2,136,192.02	24,888,485.19
Deferred tax 31/12/2008	20,015,243.25
Deferred tax 31/12/2009	22,051,634.82

The difference of amount $\epsilon$ 64,205.28 in comparison to the deferred tax reported in the balance sheet of 31/12/2009, is a result of deferred tax of the company Autotechnica Hellas ATEE, as it is reported in the balance s

COMPANY

$\mathbf{r}$

DEFERRED TAX ASSETS	PROVISIONS	BORROWING EXPENSES	TAX LOSSES	TOTAL
01/01/2008	566,631.10	151,237.77	0.00	717,868.87
Debit / credit in the income statement	$-147,188.78$	1,459,063.80	0.00	1,311,875.02
31/12/2008	419,442.32	1,610,301.57	0.00	2,029,743.89
Debit / credit in the income statement Debit / credit in the net worth	183,395.59	356,558.58 202,947.03	0.00	539,954.17 202,947.03
31/12/2009	602,837.91	2,169,807.18	0.00	2,772,645.09
DEFERRED TAX LIABILITIES	Differences in tangible assets	Income differences	Other	Total
01/01/2008	12,403,170.07	3,369,059.08	0.00	15,772,229.15
Debit / credit in the income statement Debit / credit in the net worth	949,835.26 3,507,598.66	165,608.35	1,212,580.75	2,328,024.36 3,507,598.66
31/12/2008	16,860,603.99	3,534,667.43	1,212,580.75	21,607,852.17
Debit / credit in the income statement Debit / credit in the net worth	2,348,219.06	$-158,258.05$	$-102,032.59$	2,087,928.42 0.00
31/12/2009	19,208,823.05	3,376,409.38	1,110,548.16	23,695,780.59
Deferred tax 31/12/2008 Deferred tax 31/12/2009	19,578,108.28 20,923,135.50

Differentiation of deferred tax in short and long term is as follows:

Antadicales

		THE GROUP		THE COMPANY
	31/12/2009	31/12/2008	31/12/2009	31/12/2008
Short Term	7,360,114.99	6,661,039.83	6,651,490.68	6,223,904.86
Long Term	14,755,725.11	13,354,203.42	14,271,644.82	13,354,203.42
	22,115,840.10	20,015,243.25	20,923,135.50	19,578,108.28

By law 3697/2008, there has been a steady reduction of income tax rate by 1% from from 2010 up until 2014. From 2014 onwards, the rate will remain constant on 20%. Differed tax has been calculated with the new tax rates. In 2008 there was also a reevaluation of the company's properties in accordance with L.2065/1992. From the above, a reduction of € 2.900.315,37 reduction of differed tax resulted. €1,707,893.51 was recognized in results and €1,192,421.86 in net position.

20. . Staff leaving indemnity obligations (L 2112/20)

The group and company's liability towards its employees, for the future payment of indemnities depending the employment period of each individual, is added and reflected based on the expected right of each employee at the balance sheet day or the intermediary financial statements, paid in current value in relation to the expected payment time.

Main actuarial assumptions used are:

	2009	2008
Rate of discount (%)	5,02%	4,25 %
Future salaries increases	3%	3%
Average long term inflation rate increase	2,5%	2%
Personnel movement: Resignations	4,5%	4.5%
Dismissals	$1\%$	$1\%$
Remuneration	Based on law 2112/1920
	12,79

Charges in an account	THE GROUP	THE COMPANY
Balance Liability as of 01.01.08	1,235,714.53	1,235,714.53
Cost of current employment	158,347.60	67,543.11
Interest	52,518.86	51,349.19
Actuarial losses / profits	578,973.69	578,973.69
Remunerations	-585,923.05	-585,923.05
Transfers	0.00	$-163,711.43$
Balance Liability as of 01.01.09	1,439,631.63	1,183,946.04
Cost of current employment	81,805.15	73,106.00
Interest	93,292.00	85,847.00
Arrangements	255,595.00	222,883.00
Actuarial losses / profits	0.00	0.00
Remunerations	$-502,780.42$	$-465,760.68$
Balance Liability as of 31.12.09	1,367,543.36	1,100,021.36
	THE GROUP	THE COMPANY
Balance Liability as of 01.01.09	1,439,631.63	1,183,946.04
Cost of current employment	81,805.15	73,106.00
Interest	93,292.00	85,847.00
Additional payments	255,595.00	222,883.00
Non-recognized actuarial earnings-losses	435,403.00	524,479.00
Remunerations	$-502,780.42$	$-465,760.68$
Balance Liability as of 31.12.09	1,802,946.36	1,624,500.36

Year End Financial Statements $2009$

Liability would be smaller by 10% if redeem rate was 6.10% instead of 5.02%

Liability would be increased by 5.28% if the percentage of future salary increases were 3.5% instead of 3%

21. Sales and other operating income

	THE GROUP		THE COMPANY
	31/12/2009	31/12/2008	31/12/2009	31/12/2008
Service sales / other sales	140,621,123.48	142,471,619.70	120,046,686.44	124,117,983.44
Sales of used cars	35,394,313.23	44,367,002.84	32,618,849.49	41,796,142.49
	176,015,436.71	186,838,622.54	152,665,535.93	165,914,125.93
Other operating income Earnings from commissions and
services	979,693.71	865,747.78	2,182,211.33	2,575,815.41
Other operating income	1,351,068.27	1,140,393.63	1,351,068.27	1,015,126.72
	2,330,761.98	2,006,141.41	3,533,279.60	3,590,942.13

Future payments from operational leasing are as follows:

	31.12.2009	31.12.2008
Up until 1 year	67,959,591	74,246,978
From 1 to 5 years	73,089,922	83,650,104
Total	141.049.513	157,897,082

Possible payments recognized in turnover for the fiscal years 2009 and 2008 are €1,743,010 and 1,943,287 respectively.

22. Employee benefits

	THE GROUP			THE COMPANY
	31/12/2009	31/12/2008	31/12/2009	31/12/2008
Salaries	16,693,628.79	17,375,860.26	12,192,882.64	13,576,897.12
Employers contributions	3,316,458.47	3,267,008.89	2,237,708.66	2,535,144.64
Provisions for staff leaving indemnities	481,714.00	789,840.15	381,836.00	534,154.56
Other benefits	470,776.89	553,481.74	366,037.31	486,481.28
	20,962,578.15	21,986,191.04	15,178,464.61	17,132,677.60

23. Depreciation for tangible / intangible assets

	THE GROUP			THE COMPANY
	31/12/2009	31/12/2008	31/12/2009	31/12/2008
Depreciation for tangible fixed assets	54,284,412.28	52,311,907.97	47,161,819.24	46,533,955.18
Depreciations for intangible fixed assets	87,830.36	101,737.06	12,970.45	7,387.70
	54,372,242.64	52,413,645.03	47,174,789.69	46,541,342.88

		24. Cost Distribution
--	--	------------------------------

		2009			2008
COMPANY	SALES COST	ADMINISTRATIVE COST	DISTRIBUTION COST	SALES COST	ADMINISTRATIVE COST	DISTRIBUTION COST
EMPLOYEE EXPENSES	8,331,496.73	6,020,776.46	826,191.42	10,448,818.45	5,701,042.77	982,816.38
DEPRECIATIONS	46,558,404.36	555,760.00	60,625.33	45,848,033.00	632,869.88	60,440.00
OTHER OPERATING EXPENSES	70,643,189.84	2,080,052.51	592,967.08	76,126,365.09	2,042,539.91	708,642.27
	125,533,090.93	8,656,588.97	1,479,783.83	132,423,216.54	8,376,452.56	1,751,898.65

		2009			2008
GROUT	SALES COST	ADMINISTRATIVE COST	DISTRIBUTION COST	SALES COST	ADMINISTRATIVE COST	DISTRIBUTIO N COST
EMPLOYEE EXPENSES	13,536,828.63	6,455,120.80	970,628.72	14,636,153.14	6,257,105.89	1,092,932.01
DEPRECIATIONS	52,541,339.30	1,036,631.90	794,271.44	50,883,835.70	1,094,910.04	434,899.29
OTHER OPERATING EXPENSES	71,352,873.78	3,013,317.31	1,982,548.20	79,844,510.45	3,211,864.95	1,769,939.84
	137,431,041.71	10,505,070.01	3,747,448.36	145,364,499.29	10,563,880.88	3,297,771.14

Other operating expenses refer to maintenance and bodyshop expense, insurance, road taxes, franchisee fees, rents, third party payments and general operating expenses

25. Net financial cost

	THE GROUP		THE COMPANY
	31/12/2009	31/12/2008	31/12/2009	31/12/2008
Debit interest from Bank Loans	6,390,303.50	12,549,542.49	5,402,258.57	11,450,161.79
Loss from Derivatives Credit taxes and other	1,223,261.94	4,964,921.15	1,223,261.94	4,964,921.15
incomes	$-2,176,686.61$	-2,750,317.81	-2,001,407.59	-2,627,674.13
	5,436,878.83	14,764,145.83	4,624,112.92	13,787,408.81

26. Income Tax

	THE GROUP		THE COMPANY
	31/12/2009	31/12/2008	31/12/2009	31/12/2008
Current income tax	3,481,523.44	884,016.10	2,876,882.98	623,585.53
Deferred tax	2,173,171.14	3,161,177.82	1,547,974.25	2,724,042.85
Deferred tax resulting from income tax rate reduction Tax provision for non - audited	0.00	$-1,707,893.51$	0.00	$-1,707,893.51$
years	53,000.00	50,000.00	53,000.00	50,000.00
	5,707,694.58	2,387,300.41	4,477,857.23	1,689,734.87

Income tax on the company's earnings before tax, deferrers from the amount that would derive using the weighted average tax rate, on the company's profits. Difference is as follows :

Antartheiles

	THE GROUP		THE COMPANY
	31/12/2009	31/12/2008	31/12/2009	31/12/2008
Earnings before tax	23,359,536.36	15,868,571.38	16,441,292.12	12,610,004.31
Current tax rate	25%	25%	25%	25%
Tax calculated based on current tax rate	4,714,963.50	3,849,297.32	4,110,323.04	3,152,501.08
Tax on distributed reserve	629,831.76	0.00	629,831.76	0.00
Income tax not subject to tax Expense tax not recognized for	$-188,466.20$	140,111.61	$-188,466.20$	139,342.31
taxation reasons	315,889.81	-1,707,893.51	-309,307.08	$-1,707,893.51$
Difference in tax rate when calculating deferred tax Provision for tax audit	53,000.00	50,000.00	53,000.00	50,000.00
differences	123,698.00	0.00	123,698.00	0.00
Additional tax for property	58,777.71	55,784.99	58,777.71	55,784.99
	5,707,694.58	2,387,300.41	4,477,857.23	1,689,734.87

The average weighted tax rate for the group was for the years 2008 and 2009, 15.04% and 24.43% respectively.

27. Earnings per share

Basic

Basic earnings per share are calculated by dividing the profit, by the weighted average number of common shares excluding those acquired by the company.

	GROUP
	31/12/2009	31/12/2008
Net profit (Group)	17,651,841.78	13,481,270.97
Attributable to:
Shareholders	17,576,476.79	13,379,094.00
Minoring rights	75,364.99	102,176.97
Weighted average number of shares	36,360,000.00	36,360,000.00
Earnings per share	0.4834	0.3680

28 Dividends per Share

Dividends paid in 2009 and in 2008, was Euros 4,363,200 (€ 0.12 per share) and Euros 6.544.800 (€ 0,18 per share) respectively and represent dividends for year 2008 and 2007 respectively. For year 2009 a dividend of € 0.12 per share, adding to a total amount of € 4.363.200. This dividend is not registered as a liability in the company's financial statements.

29. Possibilities

The group has possible liabilities towards Bank, other guarantees and other issues that might arise. No substantial surcharges are expected from these possible liabilities. The non-audited fiscal years are:

2008 - 2009
2003-2009
2005-2009
2007-2009
2008-2009
2008-2009

Antarta Tes

Company conducts provisions for the tax that may arise from the non-audited fiscal years based on its experience. Total provisions on the 31.12.2009 were €100,538.00 for both group and company.

30. Events Occurred after the Publication of the balance Sheet

In February 2010 Autohellas acquired the franchise of Hertz in Serbia. For this purpose, Autohellas established a new subsidiary in Serbia by the name AUTOTECHNICA Serbia doo with share capital of €500,000. This newly established company is using Authelas's Franchisee agreement.

Since the date of the balance sheet and until the approval of the financial statements by the BoD, there were no events that could substantially affect the statements

31. Transactions with associated companies.

The following transactions are transactions with associated companies

THE COMPANY

i) Sales of goods and services

	31/12/2009	31/12/2008
Sale of services to associated companies	6,616,841.55	6,841,352.06
Sales for services to Major Shareholder's companies	933,933.65	888,418.29
Sales of tangible assets Major Shareholder's companies	2,799,999.15	4,771,514.34
Other income from Subsidiaries	2,017,473.78	1,760,497.48
Other Earnings from Major Shareholder's companies	701,830.70	488,606.96
	13,070,078.83	14,750,389.13

Other income from subsidiaries, refer to management and administration support. The relevant sales to subsidiaries are reported based on cost plus any profit.

ii) Purchase of goods and services

	31/12/2009	31/12/2008
Purchase of goods from associated companies	35,431.43	160,755.46
Purchase of goods from Major Shareholder's companies	15,818,191.60	27,119,491.85
Purchase from subsidiaries	18,428,082.66	11,450,405.84
Other expenses from Major Shareholder's companies	118,486.80	138,883.12
	34,400,192.49	38,869,536.27

iii) Management and BoD remuneration

	The Group			The Company

	31/12/2009	31/12/2008	31/12/2009	31/12/2008
Salaries and other short term benefits	2,994,211.80	2,343,863.12	2,644,593.10	2,054,710.59

iv) Claims from associated companies

	31/12/2009	31/12/2008
Subsidiaries	482,022.23	487,207.97
Associates	15,201.21	150.46
Companies-Major shareholder	1,537,029.57	2,304,442.73
	2,034,253.01	2,791,801.16

v) Liabilities towards associated companies

	31/12/2009	31/12/2008
Subsidiaries	4,235,862.09	4,783,221.70
Associates	5,323.57	147,624.30
Companies-Major shareholder	2,688,506.59	2,619,958.32
	6,929,692.25	7,550,804.32

vi) Guarantees

A guarantee of up to € 10,100,000 has been given for a loan granted to AUTOTECHNICA LTD. Also a guarantee of up to € 3.000.000 has been given for a loan granted to DEMSTAR RENTALS 2005 LTD, and a guarantee of up to €13,500,000 has been given for a loan granted to AUTOTECHNICA FLEET SERVICES S.R.L.

THE GROUP

i) Sales of goods and services

	31/12/2009	31/12/2008
Sale of services to associated companies	6,767,003.85	6,886,462.89
Sales for services to Major Shareholder's companies	933,933.65	888,418.29
Sales of tangible assets Major Shareholder's companies	2,799,999.15	4,771,514.34
Other income from Subsidiaries	701,830.70	488,606.96
	11,202,767.35	13,035,002.48

ii) Purchase of goods and services

	31/12/2009	31/12/2008
Purchase of goods from associated companies Purchase of goods from Major Shareholder's	941,956.24	701,394.48
companies Other expenses from Major Shareholder's	16,513,172.72	27,679,172.03
companies	204,531.32	191,546.60
	17,659,660.28	28,572,113.11

iii) Management and BoD remuneration

	The Group		The Company

	31/12/2009	31/12/2008	31/12/2009	31/12/2008
Salaries and other short term benefits	2,994,211.80	2,343,863.12	2,644,593.10	2,054,710.59

iv) Claims from associated companies

	31/12/2009	31/12/2008
Subsidiaries	35,096.65	50,673.18
Companies-Major shareholder	1,537,029.57	2,304,442.73
	1,572,126.22	2,355,115.91

iv) Liabilities towards associated companies

	31/12/2009	31/12/2008
Subsidiaries	222,069.49	403,581.35
Companies-Major shareholder	2,842,838.31	3,043,044.57
	3,064,907.80	3,446,625.92

32. Αλλαγή Λογιστικών Πολιτικών/Εκτιμήσεων

During the period 01.01-31.12.2008 there has been a change in the accounting method used to evaluate the company's property since management decided that its high value should be reported in the financial statements of the Group and the Company.

The valuation was conducted by a recognized independent appraiser according to IFS 16 for owner occupied assets and IFS 40 for investment properties.

More specifically :

a) Own occupied property (plots-buildings) has been measured from 01.01.2008 in readjusted (fair) values and not in purchase cost, which was the valuation method up until 31.12.2007.

As a result:

i) Own capital in the 01.01.2008 has been increased through net readjustment reserve by 15.565.130,78€ (gross amount €19.163.611,91- deferred income tax €3.598.481,13.

ii) Results for the period 01.01-31.12.2008 have been burdened with negative net difference from readjustments of amount 456.392,32€ (gross amount 608.523,09€- - income tax 152.130,77€).

iii) The owner- occupied property value for the period 01.01.2008 has increase by €20,188,535.25.

iv)The effect on results for the period (01.01-31.12.08 due to increased depreciation on the readjusted values in relation to the purchase cost and the abolishment of depreciation on the investment properties is minimum.

b) The investment in property is measured based on fair value and not on purchase cost, which was the valuation method up until 31.12.2007. Effects in current period are related with the lack of depreciation and are minimum.

In 2008 and as from 01.07.2008, vehicles depreciation rate in Bulgaria changed from 25% to 15% and in Romania from 25% to 17%. As from 01.04.09 depreciation rate in Bulgaria changed from 15% to 18% and in Romania from 17% to 18%, in order to achieve a more accurate representation of the relation between purchase and sale of vehicles in the current turbulent market conditions.

Had the subsidiaries in Bulgaria and Romania not used the rate of 15%/18% and 17%/18% respectively, total depreciation of vehicles for the current period would have been increased by €877,368.80 and the cost of sales would have been increased by €876.039.14.

The effect of the depreciation rate change in current fiscal period, $01.04.2009 - 31.12.2009$ in the financial statements is approximately €475,000. Volatile market environment makes it impossible to make any accurate future periods estimation.

As mentioned in note 3.2. in current period IAS 16 and IAS 7 amendments in relation to sale of assets initially purchased for renting have been applied. Based on the above amendments sales of vehicles initially purchased for renting, will be reported at the time of sale as turnover with the relative financial burden reported as cost of sales and not as (NET) profit/loss from sale. At the same time, in cash flow statement, cash inflow/ouflow from sale/purchase of vehicles are reported in operating activities and not investment activities. The consequences of these amendments are as follows:

i) For the period 01.01-31.12.2008 an amount of $\in$ 41,796,142.49 has been added to sales and refers to vehicle sales. In cost of goods, $\epsilon$ 36,220,804.19 has been added and refers to the cost of vehicles sold. From other income, amount of $\epsilon$ 5,575,338.30 initially reported as profits from car sales has been deducted. For the group, in turnover an amount of $\epsilon$ 44,367,002.84 has been added, in cost of goods €37,801,236.82 has been added, while € 6,565,766.02 has been deducted from other income

ii) In cash flow statement outflow for vehicle purchase and inflow from vehicle sales are reported in operating activities instead of investment activities up until 31.12.2008. In more detail for the group and company, for the fiscal year 01.01.-31.12.2008 the amounts that have been transferred are: vehicle purchase 121,302,827.14 and 100,797,751.91 and vehicle sales 44,864,663.35 and 42,298,763.58, for the group and the company respectively.

33. Sensitivity Analysis

The following table presents and analyses the sensitivity of the company's results and its net worth in relation to the financial assets and liabilities, as far as interest rate risk is concerned, the foreign exchange risk and the market risk.

Interest rate risk

The Company and the Group are exposed to interest rate risk, deriving from :

a) the adjustable interest rate loans, as well as from interest bearing deposits and deposits with adjustable interest rate. The sensitivity analysis assumes the parallel fluctuation of interest rates by $\pm 100$ kps and its impact will be reflected on the results

b) A change in derivatives fair value used to leverage the interest rate risk, although accounting leverage is not used. These derivatives are affected by interest fluctuations and the sensitivity analysis assumes the fluctuation by $\pm 100$ bps of interest rates and by ±50bps of the curve steepness, other things being equal. The impact is reflected on the results.

c) Change of the fair value of derivatives used for financial hedging of interest risk, where partial hedging is applied. These derivatives are influenced solely by changes in interest raters and the sensitivity analysis assumes interest rates

Antartheiles

fluctuation of +- 100bps (base units). The effect is reflected on equity in all cases where hedging is applied and on the results were hedging is not

Foreign exchange risk

a) The company is exposed in a small exchange risk from liabilities in US dollars. The sensitivity analysis assumes change in the exchange rate $\epsilon$ /US\$ by $\pm$ 10% with its impact reflected on the results.
b) The Group is exposed in exchange risk from its subsidiaries' liabilities, in a currency different than their local

operating currency. In more detail, the subsidiary in Romania has liabilities in RON. The sensitivity analysis assumes a change in the exchange rate $\epsilon/RON$ by $\pm 10\%$ with the impact reflected on the results.

Market Risk

The Company and the Group are exposed in risk from:

Any change of the share price of available for sale financial asset. The sensitivity analysis assumes a change in the share price by $\pm 10\%$ and the change is reflected in the Company's net worth.

COMPANY 2009			INTEREST RISK			FOREIGH EXCHANGE RISK				PRICE RISK
		+100bips (Euribor) 5% Index Level	-100bips(Euribor) -5% Index Level	+10%		-10%			+10%		-10%
Financial Assets	Book Values	before tax Reserves before tax Earnings	before tax Reserves before tax Earnings	before tax Earnings	before tax Reserves	before tax Earnings	before tax Reserves	before tax Earnings	before tax Reserves	before tax Earnings	before tax Reserves
Available for sale Cash	51,741,879 17,664,074	517,419	-517,419						1,766,407		-1,766,407
Income Tax 25% Tax effect		517,419 -129,355	-517,419 129,355 0 0	0 0 0 0	0 0	0 0	0 0	0 0	1,766,407 0	0 0	-1,766,407 0
Net Investment		388,064	-388,064 0	0 0	0	0	0	0	1,766,407	0	-1,766,407
Financial Liabilities
Trade Liabilities Derivatives Loans	-7,855,885 -36,114 -220,000,000	1,688,595 -2,200,000	-3,984,042 2,200,000	3,611		-3,611
Income Tax 25% Tax effect		-511,405 127,851	0 -1,784,042 446,011 0	-903 3,611 0 0	0 0	903 -3,611	0 0	0 0	0 0	0 0	0 0
Net Investment		-383,554	0 -1,338,032	2,709 0	0	-2,709	0	0	0	0	0
Total Net Impact		4,510	0 -1,726,096	2,709 0	0	-2,709	0	0	1,766,407	0	-1,766,407
Net Impact in the results Net Impact in the Equity		-485,168 489,679	-112,534 0 -1,613,562 0	2,709 0 0 0	0 0	-2,709 0	0 0	0 0	0 1,766,407	0 0	0 -1,766,407
COMPANY 2008
		5% Index Level	-5% Index Level INTEREST RISK			FOREIGH EXCHANGE RISK				PRICE RISK
Financial Assets	Book Values	before tax Reserves +100bips (Euribor) before tax Earnings	before tax Reserves -100bips(Euribor) before tax Earnings	+10% before tax Earnings	before tax Reserves	-10% before tax Earnings	before tax Reserves	before tax Earnings	before tax Reserves +10%	before tax Earnings	before tax Reserves -10%
Available for sale Derivatives Cash	24,218,092 14,398,447	242,181	-242,181						1,439,845		-1,439,845
Income Tax 25% Tax effect		-60,545 242,181	60,545 -242,181 0 0	0 0 0 0	0 0	0 0	0 0	0 0	1,439,845 0	0 0	-1,439,845 0
Net Investment		181,636	-181,636 0	0 0	0	0	0	0	1,439,845	0	-1,439,845
Financial Liabilities
Trade Liabilities Derivatives Loans	-7,020,566 -166,383 -220,000,000	2,196,000 -2,200,000	-244,000 2,200,000	16,638		-16,638
Income Tax 25% Tax effect		-4,000 1,000	1,956,000 -489,000 0 0	16,638 -4,160 0 0	0 0	-16,638 4,160	0 0	0 0	0 0	0 0	0 0
Net Investment		-3,000	1,467,000 0	12,479 0	0	-12,479	0	0	0	0	0
Total Net Impact		178,636	1,285,364 0	12,479 0	0	-12,479	0	0	1,439,845	0	-1,439,845
Net Impact in the results Net Impact in the Equity		178,636 0	1,285,364 0 0 0	12,479 0 0 0	0 0	-12,479 0	0 0	0 0	0 1,439,845	0 0	0 -1,439,845

< :

GROUP 2009			INTEREST RISK		FOREIGH EXCHANGE RISK		PRICE RISK
		5% Index Level	-5% Index Level
		Reserves +100bips (Euribor) Earnings	Reserves -100bips(Euribor) Earnings	Reserves +10% Earnings	Reserves -10% Earnings	Reserves +10% Earnings	Reserves -10% Earnings
Financial Assets	Book Values	before tax before tax	before tax before tax	before tax before tax	before tax before tax	before tax before tax	before tax before tax
Receivables and Cash Available for sale Derivatives Cash	53,540,354 2,265,530 17,664,074	535,404	-535,404	-226,553	226,553	1,766,407	-1,766,407
Income Tax 25%-10%-16% Tax effect		535,404 -131,153	-535,404 131,153 0 0	36,248 -226,553 0 0	226,553 -36,248 0 0	1,766,407 0 0 0 0 0	-1,766,407 0 0	0
Net Investment		404,250	-404,250 0	-190,305 0	190,305 0	1,766,407 0 0	-1,766,407 0
Financial Liabilities
Trade Liabilities Derivatives Loans	-7,855,885 -240,387,864 -1,450,721	1,688,595 -2,403,879	-3,984,042 2,403,879	145,072	-145,072
Income Tax 25%-10%-16% Tax effect		-715,284 323,698	0 -1,580,163 -124,464 0	145,072 -23,537 0 0	-145,072 23,537 0 0	0 0 0 0 0 0	0 0	0 0
Net Investment		-391,586	0 -1,704,628	121,536 0	-121,536 0	0 0 0	0	0
Total Net Impact		12,665	0 -2,108,878	-68,769 0	68,769 0	1,766,407 0 0	-1,766,407 0
Net Impact in the results Net Impact in the Equity		-477,014 489,679	-495,316 0 -1,613,562 0	-68,769 0 0 0	68,769 0 0 0	0 1,766,407 0 0 0 0	-1,766,407 0 0	0
GROUP 2008
		5% Index Level	-5% Index Level INTEREST RISK		FOREIGH EXCHANGE RISK		PRICE RISK
Financial Assets	Book Values	before tax Reserves +100bips (Euribor) before tax Earnings	before tax Reserves -100bips(Euribor) before tax Earnings	before tax Reserves +10% before tax Earnings	before tax Reserves -10% before tax Earnings	before tax Reserves +10% before tax Earnings	before tax Reserves -10% before tax Earnings
Available for sale Receivables Derivatives Cash	24,541,307 1,355,240 14,398,447	245,413	-245,413	-135,524	135,524	1,439,845	-1,439,845
Income Tax 25%-10%-16% Tax effect		245,413 -60,868	-245,413 60,868 0 0	-135,524 21,684 0 0	135,524 -21,684 0 0	1,439,845 0 0 0 0 0	-1,439,845 0 0	0
Net Investment		184,545	-184,545 0	-113,840 0	113,840 0	1,439,845 0 0	-1,439,845 0
Financial Liabilities
Trade Liabilities Derivatives Loans	-7,020,566 -2,833,284 -238,192,227	2,196,000 -2,381,922	-244,000 2,381,922	283,328	-283,328
Income Tax 25%-10%-16% Tax effect		-185,922 30,108	2,137,922 -518,108 0 0	283,328 -7,003 0 0	-283,328 7,003 0 0	0 0 0 0 0 0	0 0	0 0
Net Investment		-155,815	1,619,815 0	276,326 0	-276,326 0	0 0 0	0	0
Total Net Impact		28,730	1,435,270 0	162,485 0	-162,485 0	1,439,845 0 0	-1,439,845 0
Net Impact in the results Net Impact in the Equity		28,730 0	1,435,270 0 0 0	162,485 0 0 0	-162,485 0 0 0	0 1,439,845 0 0 0 0	-1,439,845 0 0	0

< <

34. Fair value hierarchy levels

2009	Level 1	Level 2

Assets
Financial assets available	17.664.074,40
for sale

Liabilities

Derivatives of		1.851.963,77
Compensation
Derivatives		6.003.921,56

2008	Level 1	Level 2
Assets
Financial assets available for sale	14.398.447,20

Liabilities

Derivatives		7.020.566,32

Autolicles

There are no additional post balance sheet information other than the above mentioned, for which a note is required in accordance to IFRS.

Kifissia, 16 March 2010

President

Vice President Financial Manager & Managing Director

Accounting Manager

Theodore Vassilakis ADT X 458197

Eftichios Vassilakis ADT X 679379

Garyfallia Pelekanou ADT S 106973

Constantinos Siambanis ADT F 093095

80 -+-* ..4- ++- .+

			AUTOHELLAS S.A. ( HERTZ )
Company Information : Address : Company registration number:	Viltanioti 31, Kifissia 851/06//86/43	\$	&'('': ) ' & '-	+, , +, +, .-*	\$/&('*
Approval date of the financial statements : 16th March 2010 / /*:	Panagiotis Vroustouris		\$/ 0'1 0 *	. , .- .' +, .- +,+', .- +, . -*
\$ &'\$ &' *	: www.hertz.gr		&2-,	3+ -1 , 3+	- -
					Concise Summary from 01.01.2009 until 31.12.2009	PUBLISHED ACCORDING TO RESOLUTION 4/507/28.04.2009, OF 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 Financial Standards (IFRS), which are presented in out website www.hertz.gr, along with the independent auditor's report, when this is required.
		BALANCE SHEET					CASH FLOW
FIGURES IN EURO (PERIOD FROM 1st JANUARY UNTIL 31st DECEMBER 2009)
		GROUPS		COMPANY			FIGURES IN EURO GROUP			COMPANY
ASSETS		31/12/2009	31/12/2008	31/12/2009	31/12/2008		01.01-31.12.09	01.01-31.12.08	01.01-31.12.09	01.01-31.12.08
Owner Occupied Tangible Assets Investment in Propreties		293,436,928.47 10,511,745.60	308,379,664.73 10,418,413.15	258,140,852.98 14,557,901.61	272,545,370.45	14,464,569.16 Operating Activities
Intangibles Other Non-current Assets		202,728.96 32,589,002.59	154,471.17 27,143,108.33	32,508.30 33,596,837.10		23,282.65 Earning before tax 28,813,660.59 Adjustments for:	23,359,536.36	15,868,571.38	16,441,292.12	12,610,004.31
Inventories Trade Receivables		1,239,746.35 32,547,943.37	1,762,706.34 39,127,833.94	50,876.00 27,478,157.46		47,769.10 Fixed assets depreciations: 30,663,493.53 Fixed Assets Value Readjustment	54,372,242.64 0.00	52,413,645.03 608,523.09	47,174,789.69 0.00	46,541,342.88 608,523.09
Other Assets		62,013,206.68	39,889,790.29	60,799,351.76	38,836,330.73 Provisions		2,020,938.20	508,094.05	1,765,359.87	450,598.87
TOTAL ASSETS		432,541,302.02	426,875,987.95	394,656,485.21		385,394,476.21 Results (Earnings) from Investment Activities	-5,835,292.93	-6,689,138.77	-4,942,733.72	-5,703,671.63
OWNER´S EQUITY and LIABILITIES						Interest expense and related expenses paid Income from participation in assosiated	5,436,878.83	14,764,145.83	4,624,112.92	13,787,408.81
Shareholders equity		11,635,200.00	11,635,200.00	11,635,200.00	11,635,200.00	companies	-1,688,773.75	-2,190,316.18	0.00	0.00
Other equity assets		108,653,398.24	92,820,730.67	96,351,188.16	86,127,991.67	Add/Less adjusments from changes in accounts of working capital or operating activities
Total shareholders equity (a) Minority interests ( b )		120,288,598.24 0.00	104,455,930.67 947,120.19	107,986,388.16 0.00		97,763,191.67 Increase/(decrease) in inventories 0.00 Increase/(decrease) in trade and other	557,881.60 10,083,703.47	-771,636.66 -6,735,629.60	-3,106.90 10,297,546.02	1,816.90 -1,962,001.22
Total Equity (c)=(a)+(b) Long Term Borrowing		120,288,598.24 222,466,137.26	105,403,050.86 221,926,001.42	107,986,388.16 219,541,499.93		97,763,191.67 Increase/(decrease) in liabilities (except banks) 219,396,499.97 Purchase of renting vehicles	-7,819,799.80	9,272,735.83 -74,777,143.39 -121,302,827.14 -64,979,893.72	-4,620,237.20	113,330.63 -100,797,751.91
Provisions / Other Long Term Borrowing Short-Term Bank Liabilities		28,182,494.79 17,921,726.94	27,297,251.13 18,192,227.11	26,722,268.19 0.00		26,604,430.57 Sales of renting vehicles 0.00 Less :	36,135,025.38	44,864,663.35	33,353,071.45	42,298,763.58
Other-Short term liabilities		43,682,344.79	54,057,457.43	40,406,328.93		41,630,354.00 Interest expense and related expenses paid	-8,148,647.37	-13,479,115.12	-7,192,912.75	-12,379,734.42
Total Liabilities (d)		312,252,703.78	321,472,937.09	286,670,097.05	287,631,284.54 Taxes paid		-1,130,629.28	-1,615,704.58	-900,689.44	-1,597,414.00
Total Equity and Liabilities (c)+(d)		432,541,302.02	426,875,987.95	394,656,485.21		385,394,476.21 Net Cash flows from operating activities (a)	32,565,919.96	-14,483,989.49	31,016,598.34	-6,028,784.11
						Cash flows from investing activities Acquisition of subsidiaries, participation and
		!"#! \$#! %2009				other investments Purchase of tangible and intagible assets	-1,517,806.00 -2,278,235.73	-2,070,414.04 -6,949,255.75	-1,517,806.00 -1,767,541.10	-2,370,414.04 -3,812,598.24
		FIGURES IN EURO				Proceeds from sales of tangible assets	1,147,398.30	1,947,454.64	1,010,681.24	1,937,939.38
		GROUP		COMPANY		Purchase of investment assets	-93,332.45	-97,877.91	-93,332.45	-97,877.91
		01.01-31.12.09	01.01-31.12.08	01.01-31.12.09	01.01-31.12.08	Proceeds from interest	2,176,686.61	3,937,257.83	2,001,407.59	3,814,614.15
						Proceeds from dividends	1,236,980.00	0.00	1,236,980.00	0.00
Turnover		176,015,436.71	186,838,622.54	152,665,535.93	165,914,125.93	Net cash flow from investing activities (b)	671,690.73	-3,232,835.23	870,389.28	-528,336.66
Gross Profit		38,584,395.00	41,474,123.25	27,132,445.00	33,490,909.39	Cash flows from financing activities
Earnings before tax , financial and investment activities Earnings before tax		25,870,661.44 23,359,536.36	28,314,067.70 15,868,571.38	19,828,425.04 16,441,292.12	26,269,079.79 12,610,004.31	decrease of Share Capital Increase of Share Capital	0.00 0.00	-47,268,000.00 1,708.60	0.00 0.00	-47,268,000.00 0.00
Earnings After Tax		17,651,841.78	13,481,270.97	11,963,434.89	10,920,269.44	Proceeds from borrowings	500,000.00	180,533,857.73	0.00	-363,529.87
Parent company Owners		17,576,476.79	13,379,094.00			Cost of Share Capital increase	0.00	-363,529.87	0.00	169,304,528.00
Minority interest		75,364.99	102,176.97			Loan repayments		-375,364.19 -100,000,000.00	0.00	-100,000,000.00
Other Profit/loss for the period after tax ()		2,622,961.60	-3,694,419.65	2,622,961.60		-3,682,278.02 Dividends paid	-4,363,200.00	-6,544,800.00	-4,363,200.00	-6,544,800.00
Profit/loss for the period after tax (	) + ()	20,274,803.38	9,786,851.32	14,586,396.49		7,237,991.42 Net cash flow from financing activities (c) Net increase in cash and cash equivalents	-4,238,564.19	26,359,236.46	-4,363,200.00	15,128,198.13
Parent company Owners		20,199,438.39	9,684,674.35			(a)+(b)+(c) Cash and cash equivalents at the beginning	28,999,046.50	8,642,411.74	27,523,787.62	8,571,077.36
Minority interest		75,364.99	102,176.97			of the period Cash and cash equivalents at the end of the	24,541,307.38	15,898,895.64	24,218,091.59	15,647,014.23
Net earnings per share - basic (€) Proposed dividend per share Earnings (losses) before tax,financial activities,investment		0.4834 0.12	0.3680 0.12	0.3290 0.12	0.3003 0.12	period Additional information	53,540,353.88	24,541,307.38	51,741,879.21	24,218,091.59
activities and depreciation		80,242,904.08	80,727,712.73	67,003,214.73	72,810,422.67	1. Group companies included in the consolidated financial statements with their respective locations and percentages of ownership which are mentioned in note 2 of the financial statements. In August 2009 the company acquired the remaining 25% of Demstar Rentals 2005Ltd minority rights for € 1.017.806.00.
	INFORMATION FOR THE STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD 01.01-30.06.2009					Following this acquisition, Autohellas currently owns 100% of Demstar Rentals 2005 Ltd. A profit of € 4.679,18 has been reported in Equity
		Figures in (€) GROUP		COMPANY		2. There aren't any companies that are not being consolidated in current year, who had beeb consolidated in the previous years respective period 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.
Equity balance at the beginning of the Year (1.1.2009 &		31/12/2009	31/12/2008	31/12/2009	31/12/2008	3. Non - Tax audited fiscal years are mentioned under Note 29 For the remaining un-audited fiscal years a relevant provision has been made for € 100.538 for the Company and the Group. 4. There are no litigations or any rule of court which might have an important impact on the financial position of AUTOHELLAS SA
1.1.2008) Profit/loss for the period (after tax)		105,403,050.86 20,274,803.38	149,872,394.44 9,786,851.32	97,763,191.67 14,586,396.49	144,610,647.65 7,237,991.42	5. Number of employees on the 31.12.09 :Group 501, Parent Company 266, on the 31.12.09 Group 550, Parent Company 285. 6. In Parent Company and Group there are not any «Other Provisions» until 31.12.2008.
Increase in Share Capital Decrease in Share Capital		-8,250.00 0.00	-289,394.90 -47,268,000.00	0.00 0.00	-272,647.40 -47,268,000.00	7. 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 are as follows :
Increase in Share Capital Decrease in Share Capital Equity balance at the end of the period (30.09.2009 &		-4,363,200.00 -1,017,806.00	-6,698,800.00 0.00	-4,363,200.00 0.00	-6,544,800.00 0.00	Figures in (€) ) Income () Expenses	GROUP 11,202,767.35 17,659,660.28	COMPANY 13,070,078.83 34,400,192.49
30.09.2008)		120,288,598.24	105,403,050.86	107,986,388.16	97,763,191.67	) Receivables ) Payables ) Board members and key management personnel remuneration2&,9o9t4h,e2r1b1e.8n0efits 2,644,593.10	1,572,126.22 3,064,907.80	2,034,253.01 6,929,692.25
		Kifissia, 16 March 2010				) Amounts owed by key management personnel and Board members 4) Amounts owed to key management personnel and Board members 8. Capital expenditure for the period 01.01-31.12.2009 was:Group € 81.2 m.,Company €73m. In 2008 there has been a change in th vehicle depreciation rate in subsidiaries. A change in the depreciation rate in subsidiaries 9.		0.00 0.00 0.00 0.00
	President of the BoD Vise president of the Bod & Managing director	Chief Financial Officer		Accounting manager		was also made in 2009 (note 32 in Financial Statements) 10. Company has no own shares a) In current period the amendments of IAS 16 and IAS 7 in relation to sale of tangible assets initialy owned for renting. Detailed analysis on the 11. effects of these amendments can be found in note 32 of the Financial Statements
	Theodore E.Vassilakis Eftichios T. Vassilakis ID 458197 ID 679379	Garyfallia A. Pelekanou	ID 106973	Kostantinos F. Siambanis ID 093095		GROUP 01.01-31.12.08 Publish before the change	Restated
						Turnover 142,471,619.70 COMPANY	186,838,622.54
						01.01-31.12.08 Publish before the change Turnover	Restated
						124,117,983.44 b)In the cash flow, outflow from purchase of vehicle and inflow from vehicle sales have been reported in operating activities instead of investment	165,914,125.93
						activities as it was until 31.12.2008. More specifically, figures for the group and the company for the period 01.01.-31.12.2008 that have been transferred from investment to operating activities are: Vehicle purchases € 121,302,827.14 and € 100,797,751.91 and vehiche sales € 44,864,661.35 and € 42,298,763.58, for the Group and the Company respectively. (Note.32 Financial Statements).
						12. Other incomes after taxes are as follows :	31/12/2009	Group 31/12/2008	Company 31/12/2009	31/12/2008
						Foreign exchange rate differences Financial assets available for sale	0.00	-12,141.63 3,265,627.20 -19,247,408.80 3,265,627.20 -19,247,408.80	0.00	0.00
						Fixed Assets readjustment Tax Payable Cash flow compensation	0.00 0.00 -845,612.63	19,163,611.91 -3,598,481.13 0.00	0.00 0.00 -845,612.63	19,163,611.91 -3,598,481.13 0.00
						Tax Payable	202,947.03 2,622,961.60	0.00	202,947.03 -3,694,419.65 2,622,961.60	0.00 -3,682,278.02

ΣΤ. INFORMATION BASED ON ARTICLE 10 OF LAW3401/2005 PUBLISHED BY THE COMPANY DURING THE 2009 FISCAL YEAR

AUTOHELLAS SA had disclosed the following information over the period 01/01/2009 - 31/12/2009, which are posted on the company's website www.hertz.gr as well as the website of the Athens Exchange www.athex.gr

Date	Subject	Internet
20/1/2009	Other Information	www.ase.gr (Daily official list announcements) www.hertz.ar
21/01/2009	Insiders Transactions according to art.13 L3340/2005	www.ase.gr (Daily official list announcements) www.hertz.gr
27/02/2009	Other Information	www.ase.gr (Daily official list announcements) www.hertz.gr
03/03/2009	Other Information	www.ase.gr (Daily official list announcements) www.hertz.ar
23/03/2009	2008 end of year financial results	www.ase.gr (Daily official list announcements) www.hertz.gr
23/03/2009	Additional Information on Financial results	www.ase.gr (Daily official list announcements) www.hertz.gr
27/04/2009	Other Information	www.ase.gr (Daily official list announcements) www.hertz.gr
22/05/2009	Other Information	www.ase.gr (Daily official list announcements) www.hertz.ar
26/05/2009	First quarter 2009 results	www.ase.gr (Daily official list announcements) www.hertz.gr
26/05/2009	Additional Information on Financial results	www.ase.gr (Daily official list announcements) www.hertz.ar
28/05/2009	Other Information	www.ase.gr (Daily official list announcements) www.hertz.gr
29/05/2009	General share holders date announcement	www.ase.gr (Daily official list announcements) www.hertz.gr
03/06/2006	Announcement on changes in article of associations /changes in article of association	www.ase.gr (Daily official list announcements) www.hertz.gr
19/06/2009	Notification of change Board of Directors or senior executives	www.ase.gr (Daily official list announcements) www.hertz.gr
24/06/2009	General Shareholders meeting decisions	www.ase.gr (Daily official list announcements) www.hertz.ar
24/06/2009	Announcement on ex-dividend date / dividend payment	www.ase.gr (Daily official list announcements) www.hertz.gr
06/08/2008	First Half 2009 Financial results	www.ase.gr (Daily official list announcements) www.hertz.gr
06/08/2009	Additional Information on Financial results	www.ase.gr (Daily official list announcements) www.hertz.gr
07/10/2009	Insiders Transactions according to art.13 L3340/2005	www.ase.gr (Daily official list announcements) www.hertz.gr
09/10/2009	Insiders Transactions according to art.13 L3340/2005	www.ase.gr (Daily official list announcements) www.hertz.gr
17/11/2009	Nine month results 2009

G. WEBSITE FOR THE PUBLICATION OF THE FINANCIAL STATEMENTS OF SUBSIDIARY COMPANIES

Autolicles

The annual Financial Statements and the Independent Auditor's Report for the period $01.01.2009 - 31.12.2009$ have been published in the company's web address : $\frac{Htp://www.Hertz.gr}{Htp://www.Hertz.gr}$

The Financial Statements of the subsidiaries companies will be published in the company's web address : Http://www.Hertz.gr when it will be ready.

AI assistant

Autohellas S.A. — Annual Report 2009

2667_10-k_2015-09-23_94c7bcb9-a0b5-4fd6-84a4-888ad5d72e8e.pdf

AUTOHELLAS ATEE

ANNUAL FINANCIAL STATEMENTS $(01.01.2009 - 31.12.2009)$

A. BOARD OF DIRECTORS STATEMENTS (according with the article 4 par. 2c. of the Law 3556/2007)

B. INDEPENDENT AUDITOR'S REPORT

Report on the Separate and Consolidated Financial Statements

Management's Responsibility for the Financial Statements

Auditor's Responsibility

Opinion

Report on Other Legal and Regulatory Requirements

C. ANNUAL REPORT OF THE BOARD OF DIRECTORS

Board of Directors' Report AUTOHELLAS Tourist and Trading Anonymous Company for the period 01.01.2009-31.12.2009

A. YEAR END - FINANCIAL POSITION RESULTS

RATIOS

A. Evolution ratios

B. Profitability ratios

C. Financial leverage ratios

D. Financial structure ratios

HOLDING - CONSOLIDATED COMPANIES

B. IMPORTANT EVENTS

C. RISK MANAGEMENT

Interest rate risk

Credit Risk

Price risk

Sales Seasonality

D. PROSPECTS

E. TRANSACTIONS WITH RELATED PARTIES

F. NETWORK - TANGIBLE FIXED ASSETS

G. INFORMATION ACCORDING TO ARTICLE 4, Par. 7 Law3556/2007

I. Company's capital structure

II. Limitations regarding company's shares transferring

III. Significant direct or indirect participations according to the article4, par. 7 of the Law 3556/2007

IV. Shares providing additional rights

V. Voting rights limitations

VI. Agreements among the company's shareholders

VII. Rules for appointing or replacing members of the BoD and amending the articles of associations.

VIII. BoD authority regarding issuing new shares or buying own shares

IX. Major agreements that will become active or will be altered or expire in case of change of control after a public offer.

X. Agreements with members of the Board of directors or the company's staff.

H. EXPLANATORY REPORT ON THE ADDITIONAL INFORMATION OF ARTICLE 4, PAR.7 OF LAW3556/2007

1. Direct or indirect significant participations

I. DIVIDEND POLICY

J. POST BALANCE SHEET SIGNIFICANT EVENTS

D. ANNUAL FINANCIAL STATEMENTS

1. Financial Statements AUTOHELLAS

Balance Sheet (I)

1. Financial Statements AUTOHELLAS

Income Statement (II)

0

. STATEMENTS OF CHANGES INEQUITY

1. Financial Statements AUTOHELLAS

Cash flow statements (IV)

2. Consolidated financial Statements

Balance Sheet (I)

2. Consolidated financial Statements

Income Statements (II)

0 -??? D

. STATEMENTS OF CHANGES INEQUITY

2. Consolidated financial Statements

Statements of changes in equity (iv)

3. . Notes to the financial statements

1. General Information

2. Group Structure

2. Affiliations / Joint Ventures:

3. Or Accounting Policies

3.1. Basis for preparationof the financial stetements

3.2. New standards-interpretations

1. Standards and Interpretations with validity in the year 2009

Standards and Interpretations with validity after the year 2009

3.3. Consolidation - Subsidiaries and Associates valuation

3.4. Information per sector

2009

Antantales

3.5. Tangible assets

3.6. Intangible asset

(a) Trade marks and licenses :

(b)Computer software

3.7. Impairment of Assets

Autohellas S.A. Annual Report 2009