Autohellas S.A. — Annual Report 2010

Sep 22, 2015

Autohellas

AUTOHELLAS SA

31, VILTANIOTI str, KIFISSIA, ATTICA

ANNUAL FINANCIAL STATEMENTS (01.01.2010 — 31.12.2010)

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

	CONTENTS
	A. STATEMENTS OF BOARD OF DIRECTOR'S REPRESENTATIVES	ব
	B. INDEPENDENT AUDITOR'S REPORT	5-6
	C. BOARD OF DIRECTOR'S ANNUAL REPORT	7-23
	D. YEAR END FINANCIAL STATEMENTS
	1. FINANCIAL STATEMENTS AUTOHELLAS
	Balance Sheet (I)	24
	Income Statement (II)	25
	Statements of changes in equity (III)	26
	Cash flow Statement (IV)	27
	2.CONSOLIDATED FINANCIAL STATEMENTS
	Balance Sheet (I)	28
	Income Statement (II)	29
	Statements of changes in equity (III)	30
	Cash flow Statement (IV)	31
	3. NOTES TO THE FINANCIAL STATEMENTS
1.	General Information	32
2.	Group Structure	32
	1. Subsidiaries	32
	2. Affiliations / Joint Ventures	32
3.	Accounting Policies	33
	3.1. Basis for preparation of the financial Statements	33
	3.2. New Standards - Interpretations	33
	3.3 Consolidation - Subsidiaries and Associates valuation	33
	3.4 Information per sector	34
	3.5. Tangible Assets	35
	3.6 Intangible Assets	35
	3.7 Impairment of Assets	36
	3.8 Fnancial Assets available for sale, valued at fair value, with changes in fair value
	recognized in the results	36
	3.9. Counterbalance	36
	3.10. Trade receivables	36
	3.11. Cash and cash equivalents	36
	3.12. Transactions in Foreign currencies	36
	3.13. Share capital	36
	3.14. Loans	36
	3.15. Deferred income tax	36
	3.16. Employee benefits	37
	3.17. Provisions	37
	3.18. Recognition of income	36
	3.19. Leases ( Group Company as lessee)	37
	3.20. Dividend Distribution	37
	3.21. Financial risk Management	37
	3.22. Important Estimates	38
4.	Capital Management	38
5.	Tangible Fixed Assets	ਤਰ
6.	Intangible Fixed Assets	40
	/. Investment in properties	40

8.	Investment in Subsidiaries	40
9.	Investment in Associates	41
10.	Other assets available foe sale	42
11.	Customers	42
12.	Advance Payments	43
13.	Cash and Cash Equivalents	44
14.	Share Capital and capital above par	44
15.	Reserves	44
16.	Suppliers and other liabilities	45
17.	Loans	45
18.	Derivatives	46
19.	Deferred Tax	46
20.	Staff leaving indemnities (N 2112/20)	47
21.	Sales and other operating income	48
22.	Employee benefits	49
23.	Depreciation for tangible fixed assets	49
24.	Cost Distribution	49
25.	Net financial cost	50
26.	Income Tax	50
27.	Earnings per share	50
28.	Dividends per share	51
29.	Possibilities	51
30.	Events Occurred After the publication of the Balance Sheet	51
31.	Transactions with associated companies	51
32.	Change in Accounting policy	ਦੇਤੋ
33.	Sensitivity Analysis	53
34.	Fair value hierarchy levels	56
ﻧﺎ	ACCOUNTS AND INFORMATION	57
ﻨ	COMPANY ANNOUNCEMENTS AS PER Art.10 LAW 3401/2005
	PUBLISHED DURING YEAR 2009	ਟੋਲ
G.	WEBSITE FOR THE PUBLICATION OF THE ANNUAL FINANCIAL
	STATEMENTS	ਦੇ ਰੋ

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 01.01.2010 - 31.12.2010 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 , 15th of March 2010

Theodore Vassilakis

Eftichios Vassilakis

Garyfallia Pelekanou

Chairman of the Board of Directors Vice Chairman & Managing Director

Member

B. INDEPENDENT AUDITOR'S REPORT

TO THE SHAREHOLDERS OF AUTOHELLAS SA

Report on separate and consolidated Financial Statements

We have audited the accompanying financial statements (separate and consolidated) of AUTOHELLAS SA, which comprise the statement of financial position as at December 31, 2010, and the statement of comprehensive income, statement of changes in equity and statement of cash flows 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, 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 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 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 SA as at December 31, 2010, and its financial performance and its cash flows for the year then ended in accordance with International Financial Reporting Standards.

Report on Other Legal and Regulatory Requirements

• a) The Report of the Board of Direrctors includes a statement of corporate governance, which provide the information specified in paragraph 3d of article 43a of C.L. 2190/1920.
• b) 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, 108 and 37, of C.L. 2190/1920.

Athens, 16th of March 2011

ENEL AUDITING SA	CERTIFIED AUDITOR
388 MESOGION STR. AGIA PARASKEVI
Reg. N. 155
	VROUSTOURIS PANAGIOTIS
	Reg. N. 12921

C. C. ANNUAL REPORT OF THE BOARD OF DIRECTORS

Board of Directors' Report AUTOHELLAS Tourist and Trading Anonymous Company for the period 01.01.2010-31.12.2010

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 and of Law 3873/2010.

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 during this fiscal year and on any impact that those events have on the company's financial statements,
• · On any potential risks that might arise for the Company or the Group.
• · On all transactions between the company and related parties.
• · For the principles of Corporate Governance.

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 reached 144,519,772.76 €, reporting a decrease of 5,3% versus last year.

In 2009, 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 29,485,896.07€ and 32,618,849.49€ in 2010 and 2009 respectively.

In more detail, renting total turnover reached 28.6 mill. € from 30.7 mill. € last year, a decrease of 6,8%. Fleet Management reported a turnover of 86.4 mill. € in last year's respective period, a decrease of 3,4%, despite the Greek economy depression and the substantial decrease in GDP.

The participation of Fleet Management in the consolidated turnover of Autohellas reached 75,1% 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 3.5% , reaching 169.828.862,77 € from 176.015.436,71 € in 2009.

Consolidated turnover, as a result of the aforementioned changes, was increased by € 32,636,301.35 and 35,394,313.23€ in 2010 and 2009 respectively.

Consolidated earnings after tax showed a decrease of 18.6% reaching 14,362,221.77 € from 17,651,841.78 € in 2009. Main reason for this decrease was the the reduction in turnover and the imposition of the special contribution of 1.5 million€.

In more detail, Earnings after tax for Autohellas reached 17,231,453.63 € from 11,963,434.89 € in 2009, an increase of of 44% due to profit from the sale of Olympic Commercial and Tourist Enterprises SA. The profit for the most part has been included in the consolidated financial statements of previous years since the Olympic Commercial and Tourist Enterprises SA was consolidated by the equity method. The decrease in gross profit compared to the previous year due to reduced revenue as stated above, while reducing the profit from the sale of cars.

Group's fixed assets depreciations reached 55,4 εκ.€ in 2010, while consolidated earnings before tax, financial and investment activities, EBIT, reached 22.817.673,64€ from 25.870.661,44€ in 2009, a reduction of 11.8% 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 2010 fiscal year, we present some basic ratios, on the company's financial figures.

RATIOS

A. Evolution ratios

	The Group	The Company
1. Turnover	-3.5%	-5,3%
2. Earnings before tax	-8.9%	51%

The above ratios show the increase(or decrease) of sales and earnings before tax for both the company and the group between 2010 and the previous year 2009.

B. Profitability ratios

	The Group	The Company
3. Net earnings before tax / turnover	12.5%	17,2%
4. Net earnings after tax/ turnover	8,5%	11,9%

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

	I he Group	I he Company
5. Return on Equity	10,9%	14,6%

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)	2,40	2.47
7. Bank loans / equity	1.82	1.87

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

D. Financial structure ratios

	The Ground on	The Comnanv
8. Current assets / Total assets	26,01%	26,60%

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

	The Group	The Company
9. Total liabilities / equity	2.40	2.47
This ratio reflects the company's financial self-sufficiency.	The Group	The Company

10. Tanqible and intangible assets / equity	0 00

This ratio shows what percentage of the company's own capital has been converted into assets.
	The Group
11. Current assets / short term liabilities

This ratio reflects the company's liquidity.

· HOLDING - CONSOLIDATED COMPANIES

COMPANY	SHARES	HOLDING	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	10,638,028.00	6.928%
GRETAN GOLF S.A.	56,069	353,092.92	5.731%
ELTREKKA S.A.	154,065	3,681,965.57	50%
AUTOTECHNICA HELLAS SA	10,000	300,000.00	100%
SPORTSLAND SA	383,000	3,830,000.00	50%
AUTOTECHNICA ATC CYPRUS	1,000	1.708.60	100%
AUTOTECHNICA SERBIA DOO		500,000.00	100%
AUTOTECHNICA MONTENEGRO DOO		3,000.00	100%
	TOTAL:	26,398,447.59

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

Respectively, 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 2010 reached € 17.9 mill. and earning before tax € 831 thousand.

More specifically, Autotechnica Itd is Hertz's national franchisee in Bulgaria, while being the importer / distributor of SEAT cars. In 2010, turnover reached 9.9 mill. € same as 2009, with earnings after tax decreased by 11.6% reaching 1,285 thousand € from 1,454 thousand € in 2009.

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 2010 total turnover reached 6 mill. € from 6,1 mill. € in 2009 while earnings after tax were 651 thousands € from 635,5 thousands in 2009.

The Autotechnica Fleet Services S.R.L. started its activity in Romania in2007. Purpose of the company's long-term rentals. Turnover, which is still in the process of geometric growth reached 8 mill € from 6.1 in 2009, and the results showed a profit of 1 million as in 2009.

In February 2010 Autohellas SA acquired the franchisee licence for the Hertz brand in Serbia. For this purpose, established a subsidiary in Serbia under the name Autotechnica Serbia DOO, with a capital of € 500,000. The company began operations in April of that year.

By the end of 2010, Autohellas SA acquired the franchisee licence for the Hertz Brand in Montenegro as well. For this purpose, the company established a new subsidiary by the name Autotechnica Montenegro D.O.O. with a share capital of €3,000. The company has not begun its operation yet.

In addition, Autohellas SA participates in the company ELTREKKA SA by 50% with ELTRAK SA holding the remaining 50% (participation amount 3.681.965,57 €). ELTREKA SA is involved in importing, storing, trading and distributing cars' spare parts from many recognized brands, in the Greek market. Turnover in 2010 was 26,6mill. € with a loss of €466 thousands.

As of February 2008, Autohellas SA participates in the company Sportsland SA, with a total participation amount of €2,030,000 (participation percentage 50%). Autohellas SA participated on the share capital increase by €500,000 (50%) out of a total share capital increase of 3.830.000 € (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 2010, events are:

• 1. In February 2010 Autohellas SA acquired the franchisee license for the Hertz brand in Serbia. For this purpose, established a subsidiary in Serbia under the name Autotechnica Serbia DOO, with a capital of € 500,000. The company began operations in April of that year.
• 1. In March 2010, Autohellas ATEE participated in Olympic Commercial and Tourist Enterprises ` share capital increase ಳು 7.001.070.00. The Company proceed to an additional purchase of an additional 13.56% of unsubscribed shares from the aforementioned share capital increase by paying € 7.988.610,00 thus raising its total stake to 33.5603%. In September 2010, Autohellas SA sold all its stake for an amount of € 28,989,680.
• 1. In 2010, Autohellas ATEE participated in the share capital increases of SPORTSLAND SPORTS FACILITIES, HOTEL AND TOURIST ENTERPRISES SA with a total amount of 1,300,000 € mill. In January and February 2011 an additional €700,000 completed the total share capital increase of € 4 million. The company has not started its operation.
• 1. The Annual General shareholders Meeting decided on the 23d of of June 2010 to distribute dividends to the € 0.12 per share. The dividend was paid on July 6 through the branches of Alpha Bank SA.
• 1. An amount of 1,518,129.21 euros has burdened the results of 2010, as an extraordinary levy on profits for the year 2009 was imposed in compliance with Law 3845/2010. This is reported as income tax.
• 1. By the end of 2010, Autohellas SA acquired the franchisee licence for the Hertz Brand in Montenegro as well. For this purpose, the company established a new subsidiary by the name Autotechnica Montenegro D.O.O. with a share capital of €3,000. The company has not begun its operation yet.
• 1. In December 2010, Autohellas SA participated in the share capital increase of Eltrekka SA by a total amount of € 4,000,000 (proportion 50% or € 2,000,000).

C. CORPORATE GOVERNANCE

Introduction

The company has adopted the principles of Corporate Governance in compliance with existing Greek legislation. By adopting it the company will improve its governance practices, its competitiveness as well as enhance its transparency towards the company's shareholders.

The Company has voluntarily decided, following the publication of L.3873/2010, to espouse the code of corporate governance of the Hellenic Federation of Enterprises (SEV) (called hereinafter "code"). This code can be found at SEV website at the following web address: http://www.sev.org.gr/Uploads/pdf/KED_TELIKO_JAN2011.pdf

This corporate Governance statement explains in detail how the company has applied the principles set out by the code and clarifies the deviations from it.

The Board Of Directors and Committees

Board Of Directors

The Board of Directors is responsible for the management of the company's affairs to the benefit of the company and its shareholders, always in line with the company's corporate strategy and within the existing regulatory framework.

The Board of Directors is empowered to decide for all matters relating to the business affairs of the company, other than those excluded either by the law or the articles of association for the General shareholders' Meeting to decide. Members of the Board of Directors are elected by the general shareholders meeting, which is also responsible to clarify which members are non-executive.

Board of Directors consists of 9 members, 3 of which are non-executive members. 2 of the nonexecutive members are independent. Executive members perform the day-to-day management role in the company, while non-executive members are not involved in the company's management. The Board of Directors serve for 5 years following its election by the general shareholders' meeting and meets on a regular basis to decide on issues of corporate strategy and management. Board of Directors meetings and decisions are made and executed according to L2190/1920.

The following table presents the members of the Board of Directors, their capacity and the dates of appointment and dates of termination of office for each member.

Name	Capacity	Date of Appointment	Fnd of Term
Theodore Vassilakis	Chairman	20 Mar 2007	30 Mar 2012
Eftichios Vassilakis	Vice-Chairman ర్య Managing Director	20 Mar 2007	30 Mar 2012
Emmanouella Vassilakis	Member	20 Mar 2007	30 Mar 2012
Dimitrios Magioros	Member	20 Mar 2007	30 Mar 2012
Antonios Moulianitakis	Member	20 Mar 2007	30 Mar 2012
Garyfalia Pelekanou	Member	20 Mar 2007	30 Mar 2012
Georgios Vassilakis	Non-executive Member	20 Mar 2007	30 Mar 2012
Spyridon Flegas	Independent Non-executive Member	20 Mar 2007	30 Mar 2012
Stefanos Kotsolis	Independent Non-executive Member	18 Jun 2009	30 Jun 2012

Duties and Responsibilities:

Chairman of the board of directors

• · Sets the daily agenda, ensures the promt operation of the board of directors, and calls the members of the Board of Directors in meetings which he heads.
• · In his own capacity, or following authorization from the Board of Directors, any member of the Board of Directors, or any member of the company's staff, or the company's Lawyer may represent the company against any authority.
• · Assumes all responsibility assigned by the Board of Directors and sign contracts on behalf of the company according to the relevant authorizations given by the Board of Directors.
• · Ensures the efficient participation of the non-executive members of the Board of Directors and ensures good communication between all members of the Board of Directors.

Managing Director

• · Ensures the implementation of corporate strategy as set by the Board of Directors.
• Ensures the effective communication between the Board of Directors and shareholders.
• · Ensures that the Chairman is kept appraised in a timely manner of the issues facing the Company and of any important events and developments.
• Coordinates the company's management teams
• · Leading the development of the company's future strategy and identifying and assessing opportunities for the growth of its business

Board members' CV's

Theodore Vassilakis

Chairman of the Board of Directors. Born in 1940 in Herakleion, Crete. Established T.Vassilakis SA in 1963, trading products under the TEXACO brand. In 1966 he was appointed licensee for the Hertz brand in Crete and in 1972 in Rhodes. In 1974 he bought Hertz Hellas and renamed the company to Autohellas ATEE becoming the exclusive franchisee for the Hertz brand in Greece.

· Eftichios Vassilakis

Vice chairman of the Board of Directors and Managing Director. Born in 1967. Holds an MBA from Columba University, USA and a BA degree in Economics from Yale University USA. He has been with Autohellas since 1990.

Emmanouella Vassilakis

Member of the Board of Directors and General Manager. Born in 1946 in Herakleion, Crete. She has been a member of the company's management since 1974.

Dimitrios Magioros

Member of the Board of Directors and deputy General Manager. Born in 1956. Holds a postgraduate degree in Economics from Salford University, UK. He has been with Autohellas since 1986

Antonios Moulianitakis

Member of the Board of Directors. Born in 1947. Holds a degree from Piraeus University. He has been with Autohellas since 1975.

• Garyfalia Pelekanou

Member of the Board of Directors and Chief Financial Officer. Born in 1966. Holds an MBA from Duke University USA, and a degree in management studies from the University of Piraeus.

· Georgios Vassilakis

Non-executive member of the Board of Directors. Born in 1972. Holds a degree in Business Management and modern History from Georgetown University, USA and is currently the Vice chairman and Managing director of VACAR SA.

Spyridon Flegas

Independent, non-executive member of the Board of Directors. Born in 1939. Degree in Mechanical engineering from NTUA Athens. Holds a Master's degree from M.I.T, USA in Mechanical Engineering and Industrial Management. Was, for many years General Manager and co-managing Director in Keranis SA tobacco company as well as the General Manager and General Secretary of the Hellenic Federation of Enterprises (SEV).

Stefanos Kotsolis

Independent, non-executive member of the Board of Directors. Born in 1962. Holds an MBA from Yale University , USA, and also a degree in Mechanical engineering from NTUA Athens. He is president and managing Director of the construction company "Techniki Kotsolis AE" .

Committees:

According to article 37 of Law 3693/2008 every listed company in the Athens Stock Exchange ("of public interest" according to the Law) is obliged to have an "Audit Committee" consisting of 3 Board of directors' members. Two of them must be non-executive members and the other one a non-executive independent member.

The company's Audit committee consists of the following Board of Directors's members:

• · Georgios Vassilakis , Non-executive member
• Spyridon Flegas, Independent non-executive member
• · Stefanos Kotsolis, independent non-executive member

The Audit committee ensures that the internal and external audits within the company comply with the statutory requirements and are effective and independent. The audit committee also serves to facilitate good communication between the auditors and the Board of Directors. The Audit committee oversees the annual statutory audit and the half year statutory review as well as the on-going audit work that is performed by the internal audit department of the company. It ensures that all recommendations of external and internal audits are implemented by the company's management.

The audit committee evaluates the internal audit reports and the availability of human resources and equipment of the internal audit department.

The audit committee also evaluates the appropriateness of the system of internal control, computer system and security, as well as the reports of the external auditors concerning the financial statements. It also follows the procedure of financial information and the efficient operation of the risk management system. Finally, it is burdened with the task of providing its opinion to the Board of Directors in order for it to propose to the General Shareholders Meeting the appointment of the external auditors. The Committee meets a minimum of 4 times per year.

Internal Audit

Internal audit system has been defined as a process effected by an entity's board, management and other personnel, designed to provide reasonable assurance regarding the effectiveness and efficiency of corporate operations, reliability of financial reporting and compliance with applicable laws and regulations.

The evaluation and control of the company's internal audit system, like periodic audits, inspection of the proper functioning of the company's IT and Data systems from which all information is acquired when financial statements are made, as well as identifying any possible weaknesses and suggestions on improvements are made by the audit committee. The committee has access to any department, document or file that is considered important in order for the committee to proceed with its duties in the most efficient way. The Audit Committee is an independent committee. Board of Director's members, management and all members of staff are obliged to cooperate and provide any required information to the Audit committee and in general facilitate the committee's needs and requirements in the best possible way.

The company also has in place systems and procedures for exercising control and managing risk in respect of financial reporting and the presentation of company and consolidated financial statements.

These include:

• · The formulation and deployment of accounting policies and procedures.
• Procedures that ensure the correct and full reporting of all company's transactions.
• · Procedures to ensure that all transactions are recorded in accordance with international financial reporting standards (IFRS)
• · Procedures that ensure limited access to the company's accounting principals used in order to ensure its integrity.
• · Constant personnel training.
• Write-offs and reserves are clearly defined, consistently applied and monitored.
• · Fluctuation analysis of actual to budget and prior years, in order to identify unusual transactions, thus ensuring the accuracy and completeness of the results and allow corrective action planning.
• · Communicating with Shareholders

The Board of Directors has appointed an Investor relations officer with main duties to provide immediate and accurate information on the company as well as clarifications on their rights.

The chairman and vice chairman are available to meet shareholders with significant share in the company to discuss eventual governance concerns. In addition, the chairman should ensure that the views of the shareholders are communicated to the whole board.

The company also maintains an investor relations page on its website where shareholders and possible investors can find useful information on the company.

· General Shareholders Meeting

The General Shareholders Meeting is according to the company's articles of association the supreme Board of Directorsy of the company. It decides on all affairs and its resolutions taken are obligatory for all shareholders.

The general shareholders meeting is convened by the Board of Directors and takes place in a time and place set by the Board of Directors within the first 6 months following the end of each fiscal year.

The convene of the General shareholders meeting takes place at least 20 days prior to the date of convention, through an invitation which clearly states the agenda and the procedures that shareholders are required to follow in order to have a voting right at the meeting. The invitation is made in accordance to Greek Law and is posted on the company's website in both Greek and English Language. It includes information :

• · The date, time and place of the convocation of the General Shareholders meeting.
• · The basic rules and practices regarding the participation of the shareholders, including the right to introduce topics in the agenda, to make enquiries and the deadline for the exercise of these rights.
• · The voting procedure, the terms and conditions for proxy voting and the necessary forms and documents for proxy voting.
• The proposed agenda of the General Shareholders meeting including draft resolutions and any other accompanying documents.
• · The list of proposed Board of Directors members and their resumes (in case of election of Board of Directors members).

At least the chairman of the Board of Directors, or the vice Chairman and the Managing Director attend the General Shareholders meeting and provide shareholders with all necessary information with regard to the items of the agenda and to the questions raised by the shareholders. The chairman of the General Shareholders meeting ensures that adequate time is given to the shareholders to raise any questions they may have.

Voting on all resolutions takes place by means of a poll which ensures that all shareholders votes are taken into account, whether lodged in person at the meeting or by proxy.

The chairman of the board, the managing director the chairmen of each board committees, as well as the internal and external auditors are always available to answer shareholders questions.

The shareholders rights are set out in the Company's Articles of Association and in the Codified Law 2190/1920 as in force.

· Risk Management

Exchange rates Risk

Almost all of the company's receivables and liabilities are in Euro and as a result exposure in exchange rate risk is almost nonexistent. In the same way, the company's subsidiaries do not expose the company to any substantial risk due to both their small size and the currency they use.

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 any 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 through 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 guarantees are obtained. In addition, the company pays close attention to its 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. Current economic environment has had a negative effect in the value of this participation since the reduction in Aegean Airline's share price has had a negative effect in the total income of €7,026,046. It must be said though that in general, the growth prospects for this company are certain due to the long term nature of this investment and the dominant position the company has in the market.

The company is also exposed in used car price reduction risk, which is considered higher in current economic conditions. But it is our belief that during 2010 the prices for used cars have reached what is considered to be the bottom line. Company has reacted to this risk by increasing the average age of the fleet. This strategic decision has not, in any way, affected the company's 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 affect the fair value valuation. The company has re-valued its property at the end of 2010 and no decrease in total value has been recorded. 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 sector, since sales are evenly spread during the year, while representing at the same time 3/4rds of the total annual turnover.

=

• · The Board of Directors has not established a separate committee, which manages the procedure for candidates seeking election in the Board of Directors and prepares proposals regarding compensations for the Board of Directors members and top management. Company's policy has always been to involve management and supervisors in the decision making regarding compensations and this policy has been stable and successful for at least two decades.
• · Each elected Board of Directors serves for 5 years. The 1/3 of the Board of Directors does not consist of independent non-executive members. It consists of 6 executive members , one nonexecutive member and two independent non-executive members. With this balance the efficient and productive operation has been ensured during previous years.
• · There is no obligation of any disclosure of professional commitments of Board of Directors members (including important non-executive commitments to companies and non-profit institutions) before their appointment to the board, or restriction on the number of Boards of listed companies in which they can participate, as long as all board members can meet their duties, devote sufficient time to them and keep abreast of developments in the matters relating to their duties.
• · The appointment of an executive member to a company that is not affiliated or associated does not require an approval by the board.
• · There is no committee for selecting candidates for the Board of Directors, as due to the structure and operation of the Company this committee is not considered as necessary at this time.
• · In the beginning of each calendar year the Board of Directors does not adopt a calendar off meetings and a 12-month program of action, as the convergence and the meeting of the Board is easy, when the needs of the Company or the law render it necessary, without a predetermined plan of action.
• · There are no introductory programs in place by the Board of Directors for new board members, or continuing vocational training for other members, as only individuals with proven expertise and management skills are proposed for election as members.
• · There is no institutional procedure to evaluate the effectiveness of the Board of Directors and its committees.
• The internal audit office does not report to the Managing director. The staff of the Internal audit and the members of the audit Committee perform their duties independently and hierarchically do not fall under any other department of the company. The head of Internal Audit is supervised by the Audit committee. The head of Internal Audit is appointed by the Board of Directors and has all necessary qualifications and experience.
• The Board of Directors does not perform an annual evaluation of the internal audit procedures as the audit committee reviews and reports to the Board of Directors on the internal Audit's Annual Report.
• There is no special rule for the operation of the audit committee, as its main duties and . authorities are adequately set by Law.

D. PROSPECTS

2011 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. Even though global economy seems to be slowly recovering, Greek economy seems to be in a very bad shape.

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 2010 with a 10% decrease in arrivals and an even greater one in days of stay and our tourism revenue. This reduction followed a 10.5% reduction in arrivals during the previous year (2009). The domestic market showed an even bigger decrease. 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.

In the domestic market, the increase in unemployment, bad psychology, the reduction in all investment plans and business trips, income cutbacks, will certainly have a significant impact on the short term leases, whether these concern local tourism, or corporate leases.

For 2011, the messages that we get from international tourism fairs in London and Berlin are for the first time in the last couple of years, positive, with arrivals estimated to increase at high single digit percentage.

As for fleet management, the rate of growth is expected to decrease further 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 2011 is to maintain our margins by maintaining a highly reliable and financially healthy customer list.

In Bulgaria, the main driving force for growth will continue to be both short term rentals and fleet management. The country's tourism industry which in 2009 had a substantial decrease of 25%, showed a small 3.2% increase in 2010 and we expect a similar increase in the following year. Business and GDP growth The estimated growth of 2.5% for 2011 is expected to to keep the corporate fleet growth to low singledigit numbers as Operating Lease remains the best choice for maintaining corporate fleets.

Cyprus is a mature tourism, mainly British market, and reported a 6% increase in arrivals following a 15% reduction in 2009. 2011 arrivals are expected to increase especially after the events in the countries of North Africa. Considering small size of our share, it is possible to increase our presence in a very competitive pricing environment. The problem of the vehicle "licensing" system still exists and unfortunately combined with the general financial crisis, is expected to slow down our growth rates in the operating leasing sector.

In Romania, our long term outlook remains substantially promising, with the country's size having many opportunities for growth in the long term. Unfortunately for 2009, Romania was faced with huge 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. The reduction in GDP by 7.1% in 2009 was followed by a further reduction of 1.9% in 2010. There is clearly a reluctance to undertake new investment and construction has practically fallen into stagnation. The projected low GDP growth (1.5%) combined with the reluctance on financial credit, seems to be leading to very low growth rates for 2011.

In 2010 we were granted the franchisee licence for the country of Serbia, a country with significant growth prospects and a in a stable course to the European mainstream, attracting major investment funds from Europe. In this country operations begun in April and we operate in both short and operating leasing sectors. In Serbia as well, for GDP is expected to grow at a rate of 3% in 2011 after showing an equivalent reduction in 2010.

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, purchases from subsidiaries have increased, and transactions with major shareholder's companies have increased.

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 :	31/12/10	31/12/09
AUTOTECHNICA HELLAS SA	0.00	0.00
AUTOTECHNICA FLEET SERVICES LTD	453.441.71	142.649.21
AUTOTECHNICA LTD	139.200.00	117,360.00
DEMSTAR RENTALS (2005) LTD	222.960.62	222.013.02
Total	815,602.33	482,022.23

Liabilities :
AUTOTECHNICA HELLAS ATEE Total	4,960,331.94 4,960,331.94	4,235,862.09 4,235,862.09
Income :	31/12/10	31/12/09
Managerial support & consulting services
AUTOTECHNICA HELLAS SA	1,171,314.44	1,170,872.87
AUTOTECHNICA FLEET SERVICES LTD AUTOTECHNICA LTD	356,892.50 278,400.00	315,978.02 234,720.00
DEMSTAR RENTALS (2005) LTD	287,040.64	295,902.89
Total	2,093,647.58	2,017,473.78
Expenses and purchases :
Vehicle Maintenance & bodyshop work AUTOTECHNICA HELLAS SA	16,734,683.04	18,428,082.66
Total	16,734,683.04	18,428,082.66
Major shareholder's comapnies :
Receivables :	31/12/10	31/12/09
TECHNOCAR SA VELMAR SA	575,542.92	1,290,435.66 150,844.00
VAKAR SA	145,857.65 80,222.50	34,356.66
AEGEAN AIRLINES SA	21,028.46	61,393.25
Total	822,651.53	1,537,029.57
Liabilities :
TECHNOCAR SA VELMAR SA	716,560.66 402,940.45	1,779,506.76 410,104.21
VAKAR SA	229,108.78	469,921.63
AEGEAN AIRLINES SA	5,278.93	28,973.99
Total	1,353,888.82	2,688,506.59
Income :	31/12/10	31/12/09
Vehicle sales TECHNOCAR SA	7,299.18	37,231.93
VELMAR SA	1,516,315.90	2,228,631.93
VAKAR SA Services	182,757.06	534,135.29
TECHNOCAR SA	12,273.04	37,031.15
VELMAR SA VAKAR SA	7,534.79 20,461.77	12,485.33 39,974.03
AEGEAN AIRLINES SA	728,045.11	844,443.14
Rents
TECHNOCAR SA VFI MAR SA	187,200.00 69,360.00	187,200.00 69,360.00
VAKAR SA	112,800.00	112,800.00
AEGEAN AIRLINES SA Total	452,253.36	332,470.70
	3,296,300.21	4,435,763.50
Expenses and purchases :
Purchases(Mainly) -vehicle maintenance TECHNOCAR SA	6,826,929.48	5,681,399.53
VELMAR SA	12,069,324.37	7,713,314.16
VAKAR SA Services	979,621.67	2,133,266.42
AEGEAN AIRLINES SA	259,546.15	290,211.49
Rents VELMAR SA	192,284.70	118,486.80
Total	20,327,706.37	15,936,678.40
Affiliated companies:	31/12/10	31/12/09

Receivables :
SPORTSLAND SA	0.00	0.00
ELTREKKA SA	800.42	0.00
OLYMPIC S.A	0.00	15,201.21
Total	800.42	15,201.21
Liabilities :
SPORTSLAND SA	7,082.40	0.00
EATPEKKA SA	3,223.01	5,323.57
OLYMPIC S.A	0.00	0.00
Total	10,305.41	5,323.57
Income:	31/12/10	31/12/09
Services
EATPEKKA SA	99,266.71	92,494.17
OLYMPIC S.A	2,546,634.73	6,507,949.62
SPORTSLAND SA	12,000.00	14,160.00
Rents
SPORTSLAND SA	2,160.00	2,237.76
Total	2,660,061.44	6,616,841.55
Expenses and purchases :
Vehicle spare parts
ELTREKKA SA	37,324.46	35,431.43
Total	37,324.46	35,431.43

	THE GROUP
Major shareholder's companies :
Receivables :	31/12/10	31/12/09
TECHNOCAR SA	575,542.92	1,290,435.66
VELMAR SA	145,857.65	150,844.00
VAKAR SA	80,222.50	34,356.66
AEGEAN AIRLINES S.A.	21,028.46	61,393.25
Total	822,651.53	1,537,029.57
Liabilities :	31/12/10	31/12/09
TECHNOCAR SA	741,857.90	1,814,080.77
VELMAR SA	438,112.52	469,818.16
VAKAR SA	285,758.26	529,965.39
AEGEAN AIRLINES S.A.	5,278.93	28,973.99
Total	1,471,007.61	2,842,838.31
Income :	31/12/10	31/12/09
Vehicle sales
TECHNOCAR SA	7,299.18	37,231.93
VELMAR SA	1,516,315.90	2,228,631.93
VAKAR SA	182,757.06	534,135.29
Services
TECHNOCAR SA	12,273.04	37,031.15
VELMAR SA	7,534.79	12,485.33
VAKAR SA	20,461.77	39,974.03
AEGEAN AIRLINES SA (managerial support)	728,045.11	844,443.14
Rents
TECHNOCAR SA	187,200.00	187,200.00
VELMAR SA	69,360.00	69,360.00
VAKAR SA	112,800.00	112,800.00
AEGEAN AIRLINES SA (managerial support)	452,253.36	332,470.70
Total	3,296,300.21	4,435,763.50
Expenses and purchases :
Purchases(Mainly) -vehicle maintenance
TECHNOCAR SA	6,873,243.94	5,726,812.46
VELMAR SA	12,332,448.42	8,089,352.59
VAKAR SA	1,146,700.84	2,406,796.18
Services

AEGEAN AIRLINES SA	259,546.15	290,211.49
Rents
VELMAR SA	270,307.56	204,531.32
Total	20,882,246.93	16,717,704.04
Affiliated companies:	31/12/10	31/12/09
Receivables :
SPORTSLAND SA	0.00	0.00
ELTREKKA SA	800.42	0.00
OLYMPIC S.A	0.00	35,096.65
Total	800.42	35,096.65
Liabilities :
ELTREKKA SA	7,082.40	0.00
OLYMPIC S.A	274,603.25	222,069.49
Total	281,685.65	222,069.49
Income:	31/12/10	31/12/09
Services
ΕΛΤΡΕΚΚΑ ΑΕ	99,266.71	92,494.17
OLYMPIC S.A	2,676,851.76	6,658,111.92
SPORTSLAND SA	12,000.00	14,160.00
Rents
SPORTSLAND SA	2,160.00	2,237.76
Total	2,790,278.47	6,767,003.85
Expenses and purchases :
Vehicle spare parts
ELTREKKA SA	944,232.40	941,956.24
Total	944,232.40	941,956.24

F. NETWORK - TANGIBLE FIXED ASSETS

Autohellas ATEE and its subsidiary in Greece Autotechnica Hellas ATEE, operates through a network of about 83 sales points, 20 of them in airports and 7 service points for its cars. Several of these facilities are owned. More specifically

• 1) Building plot in Corfu, located in Tripouleika, 2,275 m2, book valued at 575,155.00 euro and value of premises and garage (190 m²) at 145,644.93, hence total real estate value is 720,799.93 euro.
• 2) Store (ground floor 65 m2 basement 70 m2) 6/10 joint ownership at 12, Syggrou Ave., with plot of total book value 175,448.00 euro (building value at 98,991.00 euro, plot value at 76,457.00 euro).
• 3) Real estate at 34, 25th Avgoustou str. in Herakleion, Crete, (plot 48.12 m²) book value at 190,762.55 euro and building value 301,288.60 euro (206.64 m²), hence at total value of 492,051.15 euro.
• 4) Building plot in Pylaia, Thessalonica, 5,170 m², book value at 1,395,900.00 euro, and premises and garage (1991 m²) value at 1,069,547.55 euro, hence, real estate at a total value of 2,465,447.55 euro.
• 5) Building plot in Myconos island, location "OMVRODEKTIS", 6,884.93 m², book value at 550,720.00 euro and building (604 m²) value at 468,303.77, hence total real estate value 1,019,023.77 euro.
• 6) Store (ground floor 44.50 m² with loft 21 m² and storage area 44.50 m²) in Piraeus at 67, Agiou Nikolaou Str. and Akti Miouli Str. junction, with building plot rate of total book value 254,289.66 euro (building value 192,386.18 euro and plot value 61,903.48).
• 7) Underground storage space in Amarousio, Attica, at 12, Agiou Thoma str., 89 m², with building plot 52.82 m², of total book value 89,000.00 euro (building value 25,385.54 euro, plot value 63,614.46 euro).
• 8) Building plot in Kremasti, Rhodes, 9,070 m² with book value of 907,000.00 euro, and built premises and garage of 439.73 m² value 189,640.00 euro. Total real estate value of 1,096,640.00 euro.
• 9) Building plot at 33, Viltanioti str. (Goltsi bridge or Varies), Kifissia, of 10,545.65 m2, book value at 8,964.100 euro, building and garage (3,796 m²) value at 789,871.31 euro, hence a total real estate value of 9,753,971.31 euro.
• 10) Building plot at 31, Viltanioti str. (Goltsi bridge or Varies), Kifissia, of 11,290 m², book value at 6,774,000.00 euro, on which there have been built buildings of 18,118 m², book valued at 17,246,966.21 euro, that is total real estate value at 26,843,466.21euro.
• 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 m², of total book value of 270,333.24 euro (building value 23,268.63 euro and plot value 247,064.61 euro).
• 12) Plots of land in Paiania, 42.130,05 m², book value at 12.353.838,58 and land shaping valued at 388,177.53euro. Total value 12,742,016.11 euro.
• 13) Store (ground floor 75 m² and basement 105 m²) in Athens, at 71, Vas. Sofias ave. and M.Petraki str. junction with building plot rate of total book value 205.617,09 euro (premises value 117.927,09 euro and plot value 87,690.00).
• 14) Building plots in Lakythra, Kefallonia, in Alypradata Quarter, 3,600 m² and 1,677 m², valued at 162.000,00 euro and 92.235,00 euro respectively, metal building (shelter), 214.50 m², and store room 25 m² valued at 29.240,28 euro. Total real estate value 283,475.28 euro.
• 15) Plot of land in 1,823,750.00 euro junction with a semi-finished construction of 300 m² , of book value 161,007.41 euro, adding to a total value of 1,984,757.41 euro.
• 16) Plot of land in "Mantragoura" located in Koropi Attica 3.698,05 m² book value at 166,412.25 euro.
• 17) Plot of land in "VI. PA", Kifissia.386,10 m² book value at 173,745.00euro.
• 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) Vehicles in 31.12.2010 had an acquisition value of 322,480,836.30 €.

The maximum number of cars under management was 26,800 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 liquidation, or 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 reqarding 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 31th of December 2010 the following shareholders possessed a percentage greater than 5% of the total company's voting rights:

Theodore Vassilakis 58.11%, Emmanouella Vassilakis 9.50%

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 consist from 5 to 9 members, it is elected every 5 years from the General Shareholder Meeting and their term 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 reqarding issuing new shares or buyinq 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 01.01.2010 until 31.12.2010.

Direct or indirect significant participations

On the 31.12.2010, the bellow shareholders possessed more than 5% of the total company's voting rights: Theodore Vassilakis 58.11% and Emmanouella Vassilakis 9.50%.

The above shareholders' ownership percentage has changed during the 2010 fiscal year. In more detail, Theodore Vassilakis from 57,97% to 58,11% and Emmanouella Vassilakis to 9,50% from 9,37%.

I. DIVIDEND POLICY

The board of directors, taking into account the current economic conditions and the company's future investment, proposes that no dividend should distributed. This proposal will be brought up to the next general shareholders meeting for approval.

J. POST BALANCE SHEET SIGNIFICANT EVENTS

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 2010, 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 2010 and to disengage the Board of Directors and the auditors from all responsibility.

Kifissia, 15th March 2011 The Board of Directors

The Chairman of the Board of Directors

Theodore Vassilakis

D. ANNUAL FINANCIAL STATEMENTS

1. Financial Statements AUTOHELLAS

Balance Sheet (I)

ASSETS	Note	31/12/2010	31/12/2009
Non-current assets
Own occupied tangible assets	5 7	253,593,328.39	258,140,852.98
Investments in Proprenties		14,222,198.62	14,557,901.61
Intangibles	б 8	72,459.66	32,508.30
Investments in subsidiaries	9	7,895,361.10	7,392,361.10
Investments in participating companies/Joint-ventures Financial assets available for sale	10	7,511,965.57 10,991,120.92	7,421,221.09 18,469,419.20
Trade & other debtors	11	5,411,270.02	8,018,972.27
Guarantees		305,498.12	313,835.71
		300,003,202.40	314,347,072.26
Current assets
Inventory Trade debtors	11	64,211.50	50,876.00
Other debtors	11	19,911,829.41 2,255,574.08	19,459,185.19 2,538,320.65
Advance payments	12	6,577,764.95	6,519,151.90
Cash and cash equivalents	13	79,678,841.13	51,741,879.21
		108,488,221.07	80,309,412.95
Total Assets		408,491,423.47	394,656,485.21
OWNER'S EQUITY
Capitals and Reserves
Parent company's shareholders equity	14	11,635,200.00	11,635,200.00
Share capital paid in excess of Par value	14	130,552.60	130,552.60
Other reserves	15	30,174,330.05	31,601,738.48
Earnings carried forward		75,744,472.35	64,618,897.08
		117,684,555.00	107,986,388.16
Total Net Worth		117,684,555.00	107,986,388.16
LIABILITIES
Long term liabilities
Long term borrowing	17	219,686,499.89	219,541,499.93
Deferred tax	19	22,402,360.43	20,923,135.50
Provisions for staff leaving indemnities	20	1,241,263.00	1,100,021.36
Derivatives	18	5,841,033.73	4,699,111.33
		249,171,157.05	246,263,768.12
Short term liabilities
Trade creditors	16	36,795,420.87	36,574,147.88
Taxes and duties payable		2,111,172.97	675,407.05
Derivatives	18	2,729,117.58	3,156,774.00
		41,635,711.42	40,406,328.93
Total short term liabilities		290,806,868.47	286,670,097.05
Total Equity and liabilities		408,491,423.47	394,656,485.21

1. Financial Statements AUTOHELLAS

Income Statement (II)

AutoticeTas

Turnover	21	144,519,772.76	152,665,535.93
Cost of sales	24	-121,704,305.45	-125,533,090.93
Gross Operating Earnings		22,815,467.31	27,132,445.00
Other operating Income	21	4,617,483.91	3,533,279.60
Administrative expenses	24	-8,183,914.69	-8,656,588.97
Distribution expenses	24	-1,239,905.75	-1,479,783.83
Other expenses		-256,344.24	-700,926.76
Gain/losses before tax, financial and investment activities		17,752,786.54	19,828,425.04
Gain/Losses before tax, financial investment activities and
depreciation		64,875,877.43	67,003,214.73
Financial expense	25	-4,977,183.03	-5,402,258.57
Income from interest	25	3,033,379.11	2,001,407.59
Loss/(profit) from derivatives	25	-2,040,326.93	-1,223,261.94
Gain from affiliated companies (Dividend)		1,742,678.36	1,236,980.00
Devaluation	23B	-1,996,254.48	0.00
Earnings from sale of associated companies		11,308,779.93	0.00
Less :Fixed assets Depreciations	23a	47,123,090.89	47,174,789.69
Earnings Before tax		24,823,859.50	16,441,292.12
Tax Payable	26	-7,592,405.87	-4,477,857.23
Earnings After Tax		17,231,453.63	11,963,434.89
Other income
Financial assets available for sale :
Earnings/losses for the period		-7,026,046.40	3,265,627.20
Fixed assets readjustment		5,301,647.17
Income Tax		-1,060,329.43
Cash flow hedge :
Reclassification in results		1,556,846.52	580,768.05
Measurement for the period		-2,063,896.68	-1,426,380.68
Cash flow hedging income tax		121,692.03	202,947.03
Other Total Income after taxes		-3,170,086.79	2,622,961.60
Total income after taxes		14,061,366.84	14,586,396.49

\$

. ST AT EM EN TS OF CH AN GE S IN EQ	UIT Y
	Sh Ca ita l are p	Ab Pa ov e r	Re fro se rve s m ail ab le fo le av r sa fin cia l ts an as se	Ca sh Flo w He dg e Re se rve s	Ot he Re se rve s	Re fro se rve s m lue ert p ro p y va dj tm t rea us en	Re lts rrie d su ca fo ard rw	To tal Eq uit y
Ba lan of 01 .01 .20 09 ce as	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 ,
To tal Inc om e -			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 ,	58 6, 39 6.4 9 14 ,
Re niz ed rof it/l fo the iod co g p os s r p er	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 id en pa					-3, 58 9, 15 8.7 8		-77 4, 04 1.2 2	-4, 36 3, 20 0.0 0
Ba lan of 31 .12 .20 09 ce as	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	8, 59 5, 50 9.2 1	15 56 5, 13 0.7 8 ,	64 61 8, 89 7.0 8 ,	10 7, 98 6, 38 8.1 6
Ba lan of 01 .01 .20 10 ce as	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
To tal Inc om e -			-7, 02 6, 04 6.4 0	-38 5, 35 8.1 3	1, 74 2, 67 8.3 6	4, 24 1, 31 7.7 4	15 48 8, 77 5.2 7 ,	06 36 6.8 14 1, 4 ,
Re niz ed rof it/l fo the iod co g p os s r p er	0.0 0	0.0 0	-7, 02 6, 04 6.4 0	-38 5, 35 8.1 3	1, 74 2, 67 8.3 6	4, 24 1, 31 7.7 4	15 48 8, 77 5.2 7 ,	14 06 1, 36 6.8 4 ,
-D ivid d id en pa							-4, 36 3, 20 0.0 0	-4, 36 3, 20 0.0 0
Ba lan of 31 .12 .20 10 ce as	63 20 0.0 0 11 5, ,	13 0, 2.6 0 55	9, 61 5.9 9 41	02 8, 02 3.7 3 -1,	10 97 6, 28 9.2 7 ,	19 80 6, 8.5 2 44 ,	2.3 75 74 4, 47 5 ,	68 5.0 0 11 7, 4, 55

1. Financial Statements AUTOHELLAS

Cash flow statements (IV)

Values in Euro	01.01-31.12.2010	01.01-31.12.2009
Profits before tax	24,823,859.50	16,441,292.12
Adjustments for:
Fixed assets depreciation	47,123,090.89	47,174,789.69
Fixed Assets value readjustment	175,221.48	0.00
Impairement	1,996,254.48	0.00
Provisions	1,688,328.04	1,765,359.87
Earnings from tangible assets sale	-1,855,572.30	-3,705,753.72
Interest/Derivatives (Net)	3,984,130.85	4,624,112.92
Results (turnover, expenses) from investment activities	-13,051,458.29	-1,236,980.00
	64,883,854.65	65,062,820.88
Working capital changes
Increase/decrease in inventories	-13,335.50	-3,106.90
Increase/decrease in receivables	788,444.14	10,297,546.02
Increase/decrease in liabilities	-507,065.19	-4,620,237.20
Purchase of renting vehicles	-66,508,403.18	-64,979,893.72
Sales of renting vehicles	30,362,481.74	33,353,071.45
	-35,877,877.99	-25,952,620.35
Net cash flow from operating activities before Tax and Interest	29,005,976.66	39,110,200.53
Interest expense paid	-6,544,774.16	-7,192,912.75
Income Tax paid	-4,866,992.61	-900,689.44
Net cash flow from operating activities	17,594,209.89	31,016,598.34
Cash flow from investing activities
Purchase of tangible assets	-1,107,746.18	-1,767,541.10
Proceeds from sales of tangible assets	860,353.42	1,010,681.24
Purchase of subsidiaries, affiliated companies and other investments	-18,812,392.67	-1,517,806.00
Purchase of real estate investments	0.00	-93,332.45
Proceeds from interests	3,033,379.10	2,001,407.59
Dividend payments	1,742,678.36	1,236,980.00
Proceeds from sales of subsidiaries, affiliated companies and other
investments	28,989,680.00	0.00
Net cash flow from investing activities	14,705,952.03	870,389.28
Cash flow from financing activities
Dividend payments	-4,363,200.00	-4,363,200.00
Net cash flow from financial activities	-4,363,200.00	-4,363,200.00
Net decrease/increase in cash and cash equivalents	27,936,961.92	27,523,787.62
Cash and cash equivalents at the beginning of the period	51,741,879.21	24,218,091.59
Cash and cash equivalents at the end of the period	79,678,841.13	51,741,879.21

2. Consolidated financial Statements

Balance Sheet (I)

ASSETS	Note	31/12/2010	31/12/2009
Non-current assets
Own occupied tangible fixed assets	5 7	294,339,050.71	293,436,928.47
Investments in Properties		10,932,673.30	10,511,745.60
Intangibles	6 9	246,551.66	202,728.96 14,456,375.38
Investments in subsidiaries/Joint-ventures Financial assets available for sale	10	7,245,849.76 10,991,120.92	18,469,419.20
Trade & other debtors	11	5,802,599.87	8,734,045.29
Other assets		305,498.12	313,835.71
		329,863,344.34	346,125,078.61
Current assets
Inventory		915,748.34	1,239,746.35
Trade debtors	11	24,540,604.59	23,813,898.08
Other debtors	11	2,124,244.23	1,922,868.29
Advance payments	12	6,673,129.62	6,549,984.51
Cash and cash equivalents	13	81,735,989.91	53,540,353.88
		115,989,716.69	87,066,851.11
Total Assets		445,853,061.03	433,191,929.72
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 Other reserves	14 15	93,015.10	105,555.10
Earnings carried forward		33,462,864.39	32,134,069.67
		86,034,968.55 131,226,048.04	76,945,592.74 120,820,417.51
Minority interest		0.00	0.00
Total capital & reserves		131,226,048.04	120,820,417.51
LIABILITIES
Long term liabilities
Loans	17	222,088,762.14	222,466,137.26
Deferred tax	19	23,000,083.47	22,234,648.53
Provisions for staff leaving indemnities Derivatives	20 18	1,463,685.00	1,367,543.36
		5,841,033.73 252,393,564.34	4,699,111.33 250,767,440.48
Short term liabilities
Trade creditors	16	41,133,672.21	39,401,532.77
Short term borrowing	17	16,135,745.12	17,921,726.94
Taxes and duties payable		2,234,913.74	1,124,038.02
Derivatives	18	2,729,117.58	3,156,774.00
		62,233,448.65	61,604,071.73
Total liabilities		314,627,012.99	312,371,512.21
Total equity and liabilities		445,853,061.03	433,191,929.72

2. Consolidated financial Statements

Income Statements (II)

STIGALLIA GENEALLIALLED ( FEW		01/01/10-31/12/10	01/01/09-31/12/09
Values in Euros	Note
Turnover	21	169,828,862.77	176,015,436.71
Cost of Sales	24	-135,582,383.88	-137,431,041.71
Gross Operating Earnings		34,246,478.89	38,584,395.00
Other Operating Income	21	3,187,355.36	2,330,761.98
Administrative expenses	24	-10,081,287.54	-10,505,070.01
Distribution expenses	24	-3,620,212.74	-3,747,448.36
Other expenses		-914,660.33	-791,977.17
Gains/losses before tax, financial and investment
activities		22,817,673.64	25,870,661.44
Gains/losses before tax, financial investment activities
and depreciations		78,216,838.16	80,242,904.08
Impairments	23b	-1,476,254.48	0.00
Financial expense	25	-6,018,887.23	-6,390,303.50
Financial income	25	3,191,526.75	2,176,686.61
Loss / (profit) from derivatives	25	-2,040,326.93	-1,223,261.94
Earnings from affiliated companies		1,742,678.36	1,236,980.00
Income from participation in associated companies		3,058,924.25	1,688,773.75
	23a
Less:Fixed assets Depreciations	23a	55,399,164.52	54,372,242.64
Less: Depreciation Expenses included in Operating cost		55,399,164.52	54,372,242.64
Earnings Before Taxes		21,275,334.36	23,359,536.36
Tax Payable	26	-6,913,112.59	-5,707,694.58
Earnings After Taxes		14,362,221.77	17,651,841.78
			3,289,620.01
Attributable to :
Shareholders		14,362,221.77	17,576,476.79
Minority interest		0.00 14,362,221.77	75,364.99 17,651,841.78
Other Total income
Foreign exchange rate differences		-27,797.06	0.00
Less : Tax Payable		0.00	0.00
Financial assets available for sale
Earnings / losses for the period		-7,026,046.40	3,265,627.20
Fixed Assets readjustment		8,919,935.10
Less : Tax Payable		-1,422,158.22	0.00
Proportion of other total income from subsidiaries		441,125.58	0.00
Earnings carried forward		-1,091,753.28	0.00
Less : Tax Payable		118,808.43	0.00
Cash flow hedge
Reclassification in results		1,556,846.52	580,768.05
Measurement for the period		-2,063,896.68	-1,426,380.68
Cash flow hedging income tax		121,692.03	202,947.03
Other Total income after taxes
		-473,243.98	2,622,961.60
Total income after taxes		13,888,977.79	20,274,803.38
Total Income is attributed to :
Owners		13,888,977.79	20,199,438.39
Minority interest		0.00	75,364.99
		13,888,977.79	20,274,803.38
Profits after taxes per share	27	0.3950	0.4834

\$ !33? 8

ST AT EM EN TS OF CH AN GE S IN .	EQ UIT Y
		ATT RIB UT ED TO TH E PAR ENT ' S SH AR EHO LDE RS								MIN OR ITY
	Sha Cap ital re	Abo ve par	For eig n han exc ge diff ere nce s	Res ilab le erv es ava for sale of fina ncia l ets ass	Res fro erv es m h flow hed gin cas g	Oth er Res erv es	Res fro erv es m val ty pro per ue dju stm ent rea	Ear nin ried gs car forw ard	Tot al	Min orit righ ts y	Tot al ity net equ
Bal of 01.0 1.20 09 anc e as	11,6 35,2 00.0 0	113 ,805 .10	-74 ,755 .10	4,18 0,03 5.19	0.00	12,1 90,6 29.4 2	15,5 65,1 30.7 8	60,8 45,8 85.2 8	104 ,455 ,930 .67	947 ,120 .19	105 ,403 ,050 .86
Arr ent ang em							531 ,819 .27		531 ,819 .27		531 ,819 .27
Tot al Inco me -				3,26 5,62 7.20	-64 2,66 5.60	707 ,407 .29	0.00	16,8 69,0 69.5 0	20,1 99,4 38.3 9	75,3 64.9 9	20,2 74,8 03.3 8
Rec ized fit / loss for the ogn pro per	iod 0.00	0.00	0.00	3,26 5,62 7.20	-64 2,66 5.60	707 ,407 .29	0.00	16,8 69,0 69.5 0	20,1 99,4 38.3 9	75,3 64.9 9	20,2 74,8 03.3 8
-Inc in sha ital reas e re cap		-8,2 50.0 0							-8,2 50.0 0		-8,2 50.0 0
Divi den ds -						-3,5 89, 158 .78		-77 4,04 1.22	-4,3 63,2 00.0 0		-4,3 63,2 00.0 0
-Ac quis ition of Min ority righ ts								4,67 9.18	4,67 9.18	-1,0 22,4 85. 18	-1,0 17,8 06.0 0
Bal of 31.1 2.20 09 anc e as	11,6 35,2 00.0 0	105 .10 ,555	.10 -74 ,755	5,66 2.39 7,44	-64 2,66 5.60	9,30 8,87 7.93	16,0 96,9 50.0 5	76,9 92.7 45,5 4	120 ,820 ,417 .51	0.00	120 ,820 ,417 .51
Bal of 01.0 1.20 10 anc e as	11,6 35,2 00.0 0	105 ,555 .10	-74 ,755 .10	7,44 5,66 2.39	-64 2,66 5.60	9,30 8,87 7.93	16,0 96,9 50.0 5	76,9 45,5 92.7 4	120 ,820 ,417 .51	0.00	120 ,820 ,417 .51
Tot al Inco me -	0.00	0.00	-27 ,797 .06	-7,0 26,0 46.4 0	-38 5,35 8.13	1,80 2,03 8.70	6,96 5,95 7.6 1	12,5 60, 183 .07	13,8 88,9 9 77.7	0.00	13,8 88,9 9 77.7
-Sa of le ocia ted ass com pan y								892 ,392 .74	892 ,392 .74		892 ,392 .74
Rec ized fit / loss for the ogn pro per	iod 0.00	0.00	-27 ,797 .06	-7,0 26,0 46.4 0	-38 5,35 8.13	1,80 2,03 8.70	6,96 5,95 7.61	13,4 52,5 75.8 1	14,7 81,3 70.5 3	0.00	14,7 81,3 70.5 3
-Inc in sha ital reas e re cap		-12 ,540 .00							-12 ,540 .00		-12 ,540 .00
Divi den ds -								-4,3 63,2 00.0 0	-4,3 63,2 00.0 0	0.00	-4,3 63,2 00.0 0
Bal of 31.1 2.20 10 anc e as	11,6 35,2 00.0 0	93,0 15.1 0	-10 2,55 2.16	419 ,615 .99	-1,0 28,0 23.7 3	11,1 10,9 16.6 3	23,0 62,9 07.6 6	86,0 34,9 68.5 5	131 ,226 ,048 .04	0.00	131 ,226 ,048 .04

2. Consolidated financial Statements

Cash Flow Statement (IV)

	31/12/2010	31/12/2009
Profits before tax	21,275,334.36	23,359,536.36
Adjustments for:
Fixed assets depreciation	55,399,164.52	54,372,242.64
Fixed Assets value readjustment	175,221.48	0.00
Impairments	1,476,254.48	0.00
Provisions	1,777,848.86	2,020,938.20
Exchange Differences	-17,797.05	0.00
Earnings from tangible assets sale	-2,739,141.45	-4,598,312.93
Interest and related expenses/ Derivatives(net)	4,867,687.41	5,436,878.83
Income from participations in associations companies/ Joint-ventures Results (turnover, expenses, earnings, losses) from investment	-3,058,924.25	-1,688,773.75
activities	-1,742,678.36	-1,236,980.00
	77,412,970.00	77,665,529.35
Working capital changes
Increase/decrease in inventories	263,036.00	557,881.60
Increase/decrease in receivables	-852,195.16	10,083,703.47
Increase/decrease in liabilities	1,961,333.65	-7,819,799.80
Purchase of renting vehicles	-79,464,450.01	-74,777,143.39
Sales of renting vehicles	33,512,887.02	36,135,025.38
	-44,579,388.50	-35,820,332.74
Net cash flow from operating activities before Tax and
Interest	32,833,581.50	41,845,196.61
Interest expense paid	-7,629,573.36	-8,148,647.37
Tax paid	-5,568,285.75	-1,130,629.28
Net cash flow from operating activities	19,635,722.39	32,565,919.96
Cash flow from investing activities
Purchase of tangible assets	-1,300,515.62	-2,278,235.73
Proceeds from sales of tangible assets	877,398.62	1,147,398.30
Acquisition of subsidiaries, associates and other investments	-18,312,392.67	-1,517,806.00
Purchase of real estate investments	0.00	-93,332.45
Proceeds from interests	3,234,621.74	2,176,686.61
Earnings from dividend	1,742,678.36	1,236,980.00
Sale of subsidiaries, associates and other investments	28,989,680.00	0.00
Cash flow from investing activities	15,231,470.43	671,690.73
Net cash flow from investing activities
Proceeds from borrowing	580,652.63	500,000.00
Loan payments	-2,889,009.42	-375,364.19
Dividends paid	-4,363,200.00	-4,363,200.00
Cash flow from financing activities	-6,671,556.79	-4,238,564.19
Net decrease/increase in cash and cash equivalents	28,195,636.03	28,999,046.50
Cash and cash equivalents at the beginning of the period	53,540,353.88	24,541,307.38
Cash and cash equivalents at the end of the period	81,735,989.91	53,540,353.88

3. Notes to the financial statements

1. General Information

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

The company has its registered office at Vitanioti 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

1. Subsidiaries:

Company	Registered office	% of ownership
દિવ AUTOHELLAS TOURIST TRADING ANONYMOUS COMPANY	Kifissia, Attica	Parent
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 31.03.08 establishment in 2008)-Note.8 Financial Statements
A.T.C. AUTOTECHNICA (CYPRUS) LTD	Lefkosia, Cyprus	100%	(First consolidation 30.06. establishment in 2008)- Note.8 Financial Statements
AUTOTECHNICA SERBIA DOO	Belgrade, Serbia	100%	(First consolidation 31.03.10 establishment in 2010)
AUTOTECHNICA MONTENEGRO DOO	Podkorica, Montenegro	100%	(First consolidation της 31.12.2010 establishment in 2010)

2. Affiliations / Joint Ventures :

Company	Registered office	% of ownership
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 Ctatamonta

The consolidated financial statements of the company and its subsidiaries (the group). Subsidiary companies are all the entities that are managed and controlled by AutoHellas. Subsidiary companies are consolidation method, as

Automellas

from the date on which control is acquired as from the date on which such control ceases no exist. Associated companies are companies which are under substantial influence. Joint ventures are companies under joint management. Both associated companies and joint ventures are consolidated with the net position method.

3. Accounting Policies

3.1. Basis of preparation of financial statements

These financial statements refer to the company Autohellas SA and the fiscal year 2010. 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 15th March 2011 and awaiting the approval of the General shareholders meeting, which will assemble on the 30th and has the authority by law to amend.

Compiling the financial statements according to IFRS requires the use of analytical accounting estimations and iudinents rearring 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 for current year

IFRS 3 (Reviewed) - Does not apply on the company or the group. IFS 27 (Reviewed) - "Group and Company Financial statements" - Does not apply on the group or Company. IFRS2 (Amendment) - Does not apply on the company or the group. IFS 39 (Amendment)- Does not apply on the company or the group. IFRS 1 *Additional amendments for companies implementing IFRS for the first time" - Does not apply on the group. IFRIC 12 Does not apply on the company or the group. IFRIC 17 Does not apply on the company or the group.

IFRIC 18 Does not apply on the company or the group.

Amendments in various standards were made in the framework of annual improvements to the following standards :

IFRS2, IFRS8, IFS1, IFS7, IFS18, IFS18, IFS18, IFS18, IFS36, IFS39,IFRIC 9,IFRIC16. Do not apply on the group.

2. New standards, interpretations and amendments

IAS 32 (Amendment) " Classification of Right Issues". Issued in October 2009 and effective for annual periods commencing on or after 01.02.2010. The amendment is not expected to have any substantial influence in the Company's or Group's results.

IFRS1 (Amendment) "Limited Exemption from Comparative IFRS 7 disclosures for First-time adopters of the IFRSs" . The amendment does not apply to the Company or Group.

Replacement of IFS 24 "Related party disclosures" . It is not expected to apply to the Company or Group.

IFRS7 (Amendment) " Financial instruments - disclosures" The amendment is not expected to have any substantial influence in the Company's or Group's results

IFRS9 " Financial Instruments" The amendment is not expected to have any substantial influence in the Company's or Group's results

Various Amendments that took place in May 2010 in the following standards : IFRS1,IFS27,IFS34 and IFRIC13 are not expected to have any substantial influence in the company's or group's results.

IFRIC 19 "Extinguishing Financial Liabilities with Equity Instruments". It is not expected to apply to the Company or Group.

Amendment of IFRIC 14 "Prepayments of a minimum Funding Requirement" It is not expected to apply to the Company or Group.

3.3. Consolidation - Subsidiaries and Associates valuation

The acquisition cost of a subsidiary is the assets, the shares issued and the liabilities undertaken on the date of the acquisition, plus any cost directly associon. The individual assets, liabilities and contingent liabilities that are acquired during a business combination are valued during the acquisition at their fair naticipation percentage.

Autonellas

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 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 lossociated companies after the acquisition is recognized in the income statement, while the share of changes in reserves after the acquisition is recognized in 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 5 segments, and are the renting of vehicles in the countries of Greece, Cyprus, Boulgaria, Romania and Serbia. .
• The accounting policies for the operational sectors are the ones described in the important accounting policies in the annual financial statements.
• · The efficiency of each sector is measured based on the net income after taxes.
• Inter-sector sales refer to managerial support and are invoiced based on cost allocation.
• • Inter-sector sales refer to managerial support and are invoiced based on cost allocation.
  •

GREECE CYPRUS BULGARIA ROMANIA SERBIA MONTENEGRO EFFACEMENT	TOTAL
5.967.125.47 9.911.550.62 7.975.101.85 357.105.20 145.617.979.63 INCOME FROM CUSTOMERS	169.828.862,77
38.065.07 -38.065.07 INTER-SECTOR INCOME	0.00
-120.229.954.43 -4.937.477,39 COST OF SALES -4.554.518.74 -5.576.711.08 -321.787.31 38.065.07	-135.582.383.88
2.398.390,77 GROSS INCOME 25.426.090,27 1.412.606.73 4.974.073,23 35.317.89 0.00	34.246.478,89
2.633.227,28 1.200,90 552.927,18 OTHER INCOME FROM CUSTOMERS	3.187.355,36
OTHER INTER-SECTOR INCOME 884.268,07 -884.268.07	0.00
ADMINISTRATIVE EXPENSES -8.582.561.92 -562.203.19 -1.234.369,35 -510.296.46 -76.124.69 884.268.07	-10.081.287,54
-1.239.905.75 -2.057.282,24 -255.148,23 -67.876.52 DISTRIBUTION EXPENSES	-3.620.212,74
OTHER EXPENSES -254.150.57 -3.578.07 -657.712,09 780.40	-914.660,33
IMPAIRMENTS -1.476.254.48	-1.476.254.48
-4.980.986,57 -137.628.11 -332.365.69 -553.505,86 -14.401.00 INTEREST EXPENSE	-6.018.887,23
3.040.175.04 2.241.15 84.145,51 64.965,05 INTERST INCOME	3.191.526,75
DERIVATIVES RESULTS -2.040.326,93	-2.040.326,93
1.742.678.36 RESULTS FROM INVESTMENT ACTIVITIES	1.742.678,36
3.058.924.25 RESULT FROM AFFILIATED COMPANIES	3.058.924,25
NET INCOME BEFORE TAX 18.211.177,05 715.016.58 1.431.824,29 1.039.620,36 -122.303.92 0.00	21.275.334.36
INCOME TAX -6.682.967.29 -79.327.92 -146.884.13 -3.933.25 0.00 0.00	-6.913.112.59
EARNINGS AFTER TAX 11.528.209.76 635.688.66 1.284.940,16 1.035.687,11 -122.303.92 0.00	14.362.221,77
DEPRECIATION 47.288.475.41 1.708.074.35 3.212.891.44 3.110.732,32 78.991.00	55.399.164.52
400.260.082,10 8.911.145.13 20.348.257,56 15.188.857,03 1.141.719,21 3.000,00 0.00 ASSETS	445.853.061,03
I TABIL ITTES -288.216.334.04 -4.066.604.28 -8.375.283.67 -13.176.970.81 -791.820.19	-314.627.012.99

01/01/10-31/12/09
GREECE	CYPRUS	BULGARIA	ROMANIA
153.920.900,61	6.106.654,33	9.895.482,54	6.092.399,23		176.015.436,71
48.982,71				-48.982,71	0,00
-123.615.681,14	-4.721.791,53	-4.790.805,75	-4.351.746,00	48.982,71	-137.431.041,71
30.354.202,18	1.384.862,80	5.104.676,79	1.740.653,23	0,00	38.584.395,00
1.671.660,28		8.728,92	650.372,78		2.330.761,98
797.618,20				-797.618,20	0,00
-9.021.125,21	-541.443,00	-1.197.831,03	-542.288,97	797.618,20	-10.505.070,01
-1.479.918,83		-1.996.385,05	-271.144,48		-3.747.448,36
-702.066,45		-2.475,59	-87.435,13		-791.977,17
-5.406.263,34	-134.167,73	-394.354,46	-455.517,97		-6.390.303,50
2.006.349,18	1.375,34	110.864,16	58.097,93		2.176.686,61
-1.223.261,94					-1.223.261,94
1.236.980,00					1.236.980,00
1.688.773,75					1.688.773,75
19.922.947,82	710.627,41	1.633.223,74	1.092.737,39	0,00	23.359.536,36
-5.451.824,66	-75.160,99	-178.974,01	-1.734,92		-5.707.694,58
14.471.123,16	635.466,42	1.454.249,73	1.091.002,47	0,00	17.651.841,78
47.272.172,65	1.689.134,99	2.934.584,45	2.476.350,55		54.372.242,64
394.346.784,91	8.778.459,44	16.679.628,75	13.387.056,62		433.191.929,72
-286.127.728,22	-4.584.872,32	-9.248.054,16	-12.410.857,51		-312.371.512,21

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(b)Computer software

Computer software licenses are reported at 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 imparment review when that their value will not be recoverable. The recoverable value is the greater of the net sales 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 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.

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

3.9. Hedging

Derivatives that fulfill the criteria for accounting are valued in fair value. Any changes in fair value that relates to an hedging are recognized as reserve in fair value through the other income statement and are time when cash flow of counterbalanced elements affect the results.

The ineffectual part of the hedging (retroactive or future) takes place on each balance sheet date.

3.10. Trade receivables

Receivables from customers are initially booked at 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 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 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 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 recomized 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 reducting the relevant income tax, the proceeds from the issue. Expenses incurred 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 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. From that point 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 book value and the tax base of assets or liabilities. Deferred tax is catculated on the tax rates that are expected 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 in cash and in kind are recognized as an expense when they accrue.

(b) Post employment benefits

Post employment benefits include defined contribution schemes. The acrued 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 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. Longterm Greek Government Bonds rate is used for discounting earnings.

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 the percentage completion method .

(b) Earnings from car sales

Earning from car sales is recognized at 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 receive payment is established, in other words on the date the dividends are declared.

3.19. Leases ( Group company as lessee )

Leases of fixed tanqible assets, owned by the Group, with which all the risks 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 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 sharent 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 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. In addition, the company pays close attention 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.

(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 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 accounting policies regards the assessment of the vehicles residual value . A moderate decrease in the result a major decrease in net 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 tacked currently through the company's conservative policy in residual values which resulted in 2010 in a profit of €2.739.141,45 for the company, even though substantial depreciation rates reductions took place in 2010. However, since late 2010. prices showed signs of stabilization.

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 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 includes total includes total share capital share capital, share capital paid in excess of par value and other reserves. Owed capital includes borrowing minus cash reserves.

COMPANY	31/12/2010	31/12/2009
Equity	117,684,555.00	107,986,388.16
Total borrowing	219,686,499.89	219,541,499.93
Minus : Cash reserves	79,678,841.13	51,741,879.21
Net borrowing	140,007,658.76	167,799,620.72
Debt / Equity	1.19	1.55
GROUP	31/12/2010	31/12/2009
Equity	131,226,048.04	120,820,417.51
Total borrowing	238,224,507.26	240,387,864.20
Minus : Cash reserves	81,735,989.91	53,540,353.88
Net borrowing	156,488,517.35	186,847,510.32
Debt / Equity	1.19	1.55

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

4.2. There are certain limitations regarding own carrent 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 ' employeescannot exceed 10% of the company's share capital 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 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 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 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 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 regulations in relation to own captal.

5. Tangible Fixed Assets THE GROUP

	Plots	Buildings	Mechanical Equipment	Vehicles	Furniture & other Equipment	Tangibles under construction	Total
01.01.2009
Cost or Estimation	31,065,658.10	18,520,340.14	1,614,471.80	359,606,166.40	5,853,038.18	193,843.93
Accumulated Depreciation	0.00	-4,274,733.64	-749,328.62	-98,715,467.55	-4,734,324.01	0.00	416,853,518.55
Unamortised Value
01/01/2009	31,065,658.10	14,245,606.50	865,143.18	260,890,698.85	1,118,714.17	193,843.93	-108,473,853.82
01.10 - 31.12.2009							308,379,664.73
Starting Balance	31,065,658.10	14,245,606.50	865,143.18	260,890,698.85	1,118,714.17	193,843.93
Foreign exchange difference	0.00	0.00	0.00	0.00	0.00	0.00	308,379,664.73
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	0.00
Sales	0.00	-33,778.03	-17,480.00	-1,681,015.59	-20,331.04	0.00	77,739,869.32
Transfer in goods	0.00	0.00	0.00	-74,129,357.55	0.00	0.00	-1,752,604.66
Depreciation	0.00	-610,830.97	-193,507.00	-52,945,705.22	-534,369.09	0.00	-74,129,357.55
Depreciation reduction	0.00	33,778.03	7,909.50	558,570.93	17,784.42	0.00	-54,284,412.28
Reduction from transfer in goods	0.00	0.00	0.00	36,865,726.03	0.00	0.00	618,042.88
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	36,865,726.03
Cost or Estimation	32,535,651.51	18,632,567.06	901,908.09	359,370,420.83	1,365,106.73	422,118.81	293,436,928.47
Accumulated Depreciation	0.00					0.00
Unamortised Value		-4,851,786.58	-185,597.50	-114,236,875.81	-516,584.67		413,227,773.03
31.12.2009	32,535,651.51	13,780,780.48	716,310.59	245,133,545.02	848,522.06	422,118.81	-119,790,844.56
01.01 - 31.12.2010							293,436,928.47
Starting Balance	32,535,651.51	13,780,780.48	716,310.59	245,133,545.02	848,522.06	422,118.81
	0.00	0.00	0.00	0.00	0.00	0.00	293,436,928.47
Foreign exchange difference			0.00	0.00	0.00	0.00	0.00
Fixed assets value re-adjustment Additions	6,923,785.19	1,054,916.82	143,183.64	79,070,852.87	604,641.31	169.75	7,978,702.01
Sales	205,128.92	209,534.26	0.00	0.00	0.00
	336,883.91	8,200.00					80,233,510.75
Transfer in goods	0.00 0.00	-130,093.77	-153,953.06	-1,432,233.93	-184,200.11	0.00	345,083.91
Depreciation		0.00	0.00	-69,651,070.44	0.00	0.00	-1,900,480.87
Depreciation reduction	0.00	-575,579.34	-203,805.49	-53,946,959.17	-561,786.15	0.00	-69,651,070.44
Fixed assets impairment	0.00	0.00	0.00	-1,006,254.48	0.00		-55,288,130.15
Depreciation reductions /
Write offs	0.00	130,093.77	144,367.63	583,522.19	168,098.65	0.00	-1,006,254.48
Foreign exchange difference	0.00	0.00	0.00	39,164,679.27	0.00	0.00	1,026,082.24
Unamortised Value
31.12.2010	40.001.449.53	14.477.852.22	646,103.31	237.916.081.33	875.275.76	422.288.56	39,164,679.27
Cost or Estimation	40,001,449.53	19,717,533.80	1,630,737.66	367,357,969.33	6,519,871.94	422,288.56	294,339,050.71
Accumulated Depreciation	0.00	-5,239,681.58	-984,634.35	-129,441,888.00	-5,644,596.18	0.00	435,649,850.82
Unamortised Value
31.12.2010	40,001,449.53	14,477,852.22	646,103.31	237,916,081.33	875,275.76	422,288.56	-141,310,800.11 294.339.050.71

THE COMPANY

	Plots	Buildings	Mechanical Equipment	Vehicles	Furniture & other Equipment	Tangibles under construction	Total
01.01.2009
Cost or Estimation	25,998,826.13	16,653,044.53	1,369,323.26	325,268,759.31	5,391,979.42	191,287.45	374,873,220.10
Accumulated Depreciation	0.00	-4,246,286.89	-657,463.37	-92,769,978.92	-4,654,120.47	0.00	-102,327,849.65
Unamortised Value
01.01.2009	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 - 31.12.2009
Starting Balance	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
Fixed assets value re-adjustment							0.00
Additions	1,469,993.41	99,147.61	35,207.86	67,818,060.04	144,096.12		69,566,505.04
Sales		-33,778.03	-17,480.00	-1,503,152.21			-1,554,410.24
Transfer in goods				-69,956,315.81			-69,956,315.81
Depreciation		-552,757.83	-162,537.07	-46,032,639.97	-413,884.37		-47,161,819.24
Depreciation reduction		33,778.03	7,909.50	502,041.47			543,729.00
Reduction from transfer in goods				34,157,793.78			34,157,793.78
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
Cost or Estimation	27,468,819.54	16,718,414.11	1,387,051.12	321,627,351.33	5,536,075.54	191,287.45	372,928,999.09
Accumulated Depreciation	0.00	-4,765,266.69	-812,090.94	-104,142,783.64	-5,068,004.84	0.00	-114,788,146.11
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
01.01-31.12.10
Starting Balance	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

Autohellas

Fixed assets value re-adjustment	3,276,172.06	1,840,872.71					5,117,044.77
Additions	205,128.92	209,534.26	105,302.37	66,228,934.74	537,236.23		67,286,136.52
Change in property use	336,883.91	8,200.00					345,083.91
Sales		-130,093.77	-153,953.06	-1,432,233.93	-5,769.40		-1,722,050.16
Transfer in goods				-63,688,785.90			-63,688,785.90
Depreciation		-516,534.28	-164,231.28	-45,981,499.91	-433,232.38		-47,095,497.85
Impairments				-1,006,254.48			-1,006,254.48
Depreciation reduction		130,093.77	144,367.63	583,522.19	3,713.15		861,696.74
Reduction from transfer in goods				35,355,101.86			35,355,101.86
Unamortised Value
31.12.2010	31,287,004.43	13.495.220.11	506,445,84	207.543.352.26	570.018.30	191.287.45	253.593.328.39
Cost or Estimation	31,287,004.43	18,653,062.90	1,338,400.43	322,735,266.24	6,067,542.37	191,287.45	380,272,563.82
Accumulated Depreciation	0.00	-5,157,842.79	-831,954.59	-115,191,913.98	-5,497,524.07	0.00	-126,679,235.43
Unamortised Value
31.12.2010	31.287.004.43	13,495,220.11	506,445.84	207,543,352.26	570.018.30	191.287.45	253,593,328.39

Property fair value evaluation in the 31.12.2010, 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 31/12/09	202,728.96	32,508.30
Additions	154,857.03	67,544.40
Foreign Exchange Currency	0.04
Depreciation for the period	-111,034.37	-27,593.04
Unamortised Value 31/12/10	246,551.66	72.459.66

Intangible assets are IT programmes and registrations have been bought from the 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

	THE GROUP	THE COMPANY
Book Value 01.01.2009	10,418,413.15	14,464,569.16
Additions 2009	93,332.45	93,332.45
Balance as of 31.12.2009	10,511,745.60	14,557,901.61
Additions for the period 01.01-31.12.2010	0.00	0.00
Change of use property	-345,083.91	-345,083.91
Readjustment in fair value	766,011.61	9,380.92
Balance as of 31.12.2010	10,932,673.30	14,222,198.62

Investment properties are values with the income capitalization method combined 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

			31.12.2010	31.12.2009
Investment in Subsidiaries (acquisition cost)			7,895,361.10	7,392,361.10
Company Name	Country of Domicile	Participation Percentage	Acquisition Cost	Acquisition Cost
AUTOTECHNICA LTD	Bulgaria	gg gg%	3,011,842.00	3,011,842.00
DEMSTAR RENTALS 2005 LTD	Cyprus	100.00%	3,078,810.50	3,078,810.50
AUTOTECHNICA FLEET SERVICES S.R.L.	Pomania	100.00%	1,000,000.00	1,000,000.00
AUTOTECHNICA HELLAS SA	Greece	100.00%	300,000.00	300,000.00

Automellas

A.T.C.AUTOTECHNICA (CYPRUS)LTD	Cyprus	100.00%	1.708.60	1.708.60
AUTOTECHNICA SERBIA DOO	Serbia	100.00%	500,000.00	0.00
AUTOTECHNICA MONTENEGRO DOO	Montenegro	100.00%	3.000.00	0.00

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 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 €4,671.18 has been reported directly in equity.

In 2007 Authohelas 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 €99,000.00 (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.

In 24" 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 2006,60€ (100% percentage contribution) and its main activities is car trading.

In February 2010 the company made in establishing the company AUTOTECHNICA SERBIA DOO the amount of E 500.000,00 (100% participation).

In December 2010 the company made in establishing the company AUTOTECHNICA MONTENEGRO DOO, the amount of € 3.000,00 (100% participation).

9. Investment in Associates /Joint ventures

Equity method / Acquisition cost	THE GROUP		THE COMPANY
	31/12/10	31/12/09	31/12/10	31/12/09
OLYMPIC TRADING AND TOURISTIC COMPANY SA	0.00	10,174,864.89	0.00	2,691,220.07
ELTREKKA A.E.	3,602,055.19	1,833,924.66	3,681,965.57	2,200,001.02
SPORTSLAND SA	3,643,794.57	2,447,585.83	3,830,000.00	2,530,000.00
	7,245,849.76	14,456,375.38	7,511,965.57	7,421,221.09

In March 2010, Autohellas ATEE participated in Olympic Commercial and Tourist Enterprises ` share capital increase by amount €7,001,070.00.

The Company proceed on the 80 of March to the purchase of an additional 13.56% of unsubscribed shares from the aforementioned share capital increase by paying € 7.988.610,00 thus raising its total stake to 33.5603%.

In 27th of September 2010, Autohellas SA sold all its stake for the amount of € 28,989,680. The sale resulted in profit of amount €111,808.08 for the Group (percentage on earnings after tax 0.6%) and for the Company €11,308,779.93 (percentage on profits after tax 49.9%)

The profit, based on the net position method, which in the period's results from this company up until the date on which the sale took place reached €3,272,201.45. Cumulative reserve, reported in net position, of €892,392.74 (€1,091,753.28-€119,360.54) has been transferred to earning carried forward.

Autonellas

In addition, Autohellas SA participates in the company ELTREKKA SA by 50% with ELTRAK SA holding the remaining 50%. In October and December 2010, the company participated in the increase of the company's share capital by amount €979.55 and €2,000,985 respectively. Total Participation (50%) amounts 4,201,965.57€).

On 31st Dec 2010, Autohellas proceeded in the impairment of this participation by €520,000. Following this action, participation is valued at €3,681,965.57.

ELTREKA SA is involved in importing, trading and distributing cars' spare parts from many recognized brands, in the Greek market.

As of February 2008, Autohellas SA participated in the company Sportsland SA, with a total participation amount of €2,030,000 (participation percentage 50%). In May 2009, Autohellas SA participated in a share capital increase by €500,000 (50% of total increase). In January 2010, Autohellas SA participated in a share capital increase by €500,000 (50% of total increase of €1,000,000). In April 2010 Autohellas SA participated in a share capital increase by €100,000 out of its' total participation amount of €500,000.

The remaining €400,000 was deposited in July 2010. In October 2010, Autohellas participated in the share capital increase of Sportsland AE by amount €300,000 from its total percentage share of €1,000,000. Total participation in Sportsland SA on the 31* Dec 2010 is valued at €3,830,000 (percentage 50%). The remaining 50% belongs to Pilos Touristiki.

10. Other assets available for sale

Assets available for sale are as follows:

Equity method
COMPANY	PARTICIPANTS PERCENTAGE	FAIR VALUE
	0/0	31/12/10	31/12/09
AEGEAN AIRLINES S.A.	6.928	10,638,028.00	17,664,074.40
THE CRETE GOLF CLUB S.A.	5.731	353,092.92	805,344.80
		10,991,120.92	18,469,419.20

Autohellas, following Aeqean 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 31.12.2010 (€2.15 per share), which resulted in a loss in fair value of €7.026.046,40 recognized directly to the company's equity.

In December 2010, the Autohellas SA participated in the company Cretan Golf SA by the amount of € 17.748,12. The total cost of participation amounts to € 823.092,92. On 31/12/2010 the Autohelas SA proceeded to write the contribution by the amount of € 470.000, and the company expects profits from its participation, which was for the sake of interests and cooperation. After the impairment of participation amounts to € 353.092,92.

11. Customers

	THE GROUP		THE COMPANY
	31/12/2010	31/12/2009	31/12/2010	31/12/2009
Trade receivables	33,839,276.36	34,547,281.68	28,572,999.25	29,320,844.51
Other receivables	2,124,244.23	1,922,868.29	2,255,574.08	2,538,320.65
Minus: Provision for doubtful debts	-3,496,071.90	-1,999,338.31	-3,249,899.82	-1,842,687.05
	32,467,448.69	34,470,811.66	27,578,673.51	30,016,478.11

PROVISION FOR DOUBTFUL DEBTS :

	THE GROUP	THE COMPANY
Balance on 01/01/09	2,362,425.68	2,304,930.50

Autometras

Plus provisions 01/01-31/12/09	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
Balance on 01/01/10	1,999,338.31	1,842,687.05
Plus provisions 01/01-31/12/10	1,777,848.86	1,688,328.04
Minus right-offs 01/01-31/12/10	281,115.27	281,115.27
Balance on 31/12/10	3,496,071.90	3,249,899.82

The group records the level of receivables and makes a provision 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 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 ident 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 guarantees to ensure the collection of the receivables on the 31.12.2010 were 13,464,164.75 and 14,163,114.10 on the 31.12.2009 respectively. 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, were 9.690.751,67 € and 13.110.988,78 € respectively, gross investment in the lease in €10.326.851,18 and €14.068.372,41 respectively and the non accrual financial expense in 636.099,51 € and 957.383,63 €respectively. Maturity of the above is as follows.

Gross investment for the year	31.12.2010 4.915.581.16	31.12.2009 6.049.400,14
Minus unaccrued financial earnings	119.892.22	147.546,48
Current value	4.795.688,94	5.901.853,66
From 1-5 years gross investment	5.411.270,02	8.018.972.27
Minus unaccrued financial earnings	516.207.29	809.837.15
Current value	4.895.062.73	7.209.135,12

Interest rate 5%.

The maturity of the receivables is as follows:

		THE GROUP		THE COMPANY
	31/12/2010	31/12/2009	31/12/2010	31/12/2009
0-3 MONTHS	25,886,578.57	24,331,946.63	22,017,935.87	21,187,761.71
3-6 MONTHS	2,257,621.75	935,137.85	1,628,819.12	814,298.92
6-12 MONTHS	798,933.49	919,877.84	798,933.49	801,010.82
12+ MONTHS	3,524,314.88	8,283,849.34	3,132,985.03	7,213,406.66
		32,467,448.69 34,470,811.66	27,578,673.51 30,016,478.11

12. Advance payments

	THE GROUP		THE COMPANY
		31/12/2010	31/12/2010	31/12/2009
Advance payment for vehicles-equipment	427,708.93 - -	1,169,714.02	332,344.26	1,138,881.41
Future fiscal year expenses		5,716,423.20	5,716,423.20	5,011,322.91
Income	526,572.67	366.508.26	526,572.67	366.508.26

Autohellas

Accounts pavable	2.424.82	2,439.32	2,424.82	2.439.32
		6,673,129.62 6,549,984.51	6,577,764.95	6,519,151.90

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

13. Cash and Cash Equivalents

	THE GROUP		THE COMPANY
	31/12/2010	31/12/2009	31/12/2010	31/12/2009
Cash in hand and bank deposits	84.207.46	182.367.94	68.757.47	166,703.03
Demands deposits	4.651.782.45	3.857.985.94	2,610,083.66	2,075,176.18
Time deposits	77,000,000.00	49,500,000.00	77,000,000.00	49,500,000.00
				81,735,989.91 53,540,353.88 79,678,841.13 51,741,879.21

Average interest rate for the time deposits was 4.02% and 3.62% for the years 2010 and 2009 respectively.

The increase in cash deposits at the end of lower investment in vehicles, as well as the sale of the Olympic Commercial and Tourist Enterprises SA. Cash deposits are not exposed to credit risk.

14. Share Capital and Capital above par

	Number of Shares	Common Shares	Capital issued	Above par value	Own Shares	Total
1" January 2004	18.000.000	18.000.000	11.340.000,00	31.604.586,83	809,88	42.943.776,95
31" March 2004	18.000.000	18.000.000	11.340.000,00	31.604.586,83	809,88	42.943.776,95
310 December 2004	36.000.000	36.000.000	11.520.000,00	31.424.586,83	809,88	42.943.776.95
31º March 2005	36.000.000	36.000.000	11.520.000,00	31.424.586,83	809,88	42.943.776,95
300 June 2005	36.000.000	36.000.000	11.520.000,00	31.424.586,83	809,88	42.943.776,95
30" September 2005	36.000.000	36.000.000	11.520.000,00	31.424.586,83	0,00	42.944.586,83
31º December 2005	36.120.000	36.120.000	11.558.400,00	31.626.186,83	0,00	43.184.586,83
31" December 2006	36.120.000	36.120.000	11.558.400,00	31.626.186,83	0,00	43.184.586,83
310 December 2007	36.360.000	36.360.000	11.635.200,00	32.029.386,83	0,00	43.664.586,83
311 December 2008	36.360.000	36.360.000	11.635.200,00	130.552,60	0,00	11.765.752,60
310 December 2009	36.360.000	36.360.000	11.635.200,00	130.552,60	0,00	11.765.752,60
311 December 2010	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. Reserves

	THE GROUP		THE COMPANY
	31/12/2010	31/12/2009	31/12/2010	31/12/2009
Ordinary reserves	5,004,845.77	4,945,485.43	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	6,009,258.73	4,266,580.37	6,009,258.73	4,266,580.37
Reserves from the fair value of available for sale financial assets.	419,615.99	7,445,662.39	419,615.99	7,445,662.39
Reserves from asset reevaluation	23,062,907.66	16,096,950.05	19,806,448.52	15,565,130.78
Reserves for Derivatives Valuation	-1,028,023.73	-642,665.60	-1,028,023.73	-642,665.60

Autoticlias

			33,462,864.39 32,134,069.67
Exchange Differences	-102,552.16	-74.755.10	0.00	0.00

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 ordinary reserve (1/3) of the share capital. The reserve from income that falls under different tax scheme is formed based on special provision 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 31.12.2010 would be € 599.000,00.

16. Suppliers and other liabilities

	THE GROUP		THE COMPANY
	31/12/2010	31/12/2009	31/12/2010	31/12/2009
Customer Liabilities	3,177,867.87	2,079,910.15	1,591,235.64	1,140,001.46
Suppliers	12,043,658.33	14,950,926.78	10,849,392.18	13,761,216.79
Dividends Payable Liabilities from taxes (except income) - duties	84,581.68 4,184,572.87	85,965.16 1,914,026.78	84,581.68 2,953,544.58	85,965.16 1,534,531.67
Insurance funds liabilities	663,335.39	784,654.92	445,457.33	544,690.48
Liabilities to participating companies	0.00	0.00	0.00	0.00
Accrued expenses	721,589.52	682,648.53	626,523.11	618,195.94
Other liabilities Post dated checks and guarantees Provision for Tax audit difference	463,424.37 17,652,694.35 150,538.00	587,803.13 16,571,581.32 100,538.00	450,044.17 17,652,694.35 150,538.00	573,949.06 16,571,581.32 100,538.00
Future income	1,991,409.83	1,643,478.00	1,991,409.83	1,643,478.00
	41,133,672.21	39,401,532.77	36,795,420.87	36,574,147.88

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 31.12.2010 was € 13.464.164,75 and on the 31.12.2009 € 14.163.114,10 respectively.

Fair value of liabilities amounts € 39.881.901,79 and € 35.543.650,45 and € 35.543.650,45 and € 36.161.630 for the company.

17. Loans

	THE GROUP		THE COMPANY
	31/12/2010	31/12/2009	31/12/2010	31/12/2009
Long Term Loans	222,088,762.14	222,466,137.26	219,686,499.89	219,541,499.93
Short term Loans	16,135,745.12	17,921,726.94	0.00	0.00

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

	31.12.2010
Fluctuating rate with an end date of one or more vears	17.165.000.00	13 800 000 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 31t of December 2010 and 2009 for the company and the group is analyzed bellow:

THE GROUP			THE COMPANY
Expiration	31/12/2010	31/12/2009	31/12/2010	31/12/2009
0-1 Years	55,824,797.00	5,415,742.24	54,644,917.00	4,582,000.00
1-5 Years	200,232,620.00	255,027,298.24	177,437,500.00	233,350,000.00
5+ Years	0.00	0.00	0.00	0.00
Σύνολο	256,057,417.00	260,443,040.48	232,082,417.00	237,932,000.00

18. Derivatives

The interest rate swap derivative aims in lowering 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 31.12.2010 was €-8.570.151,31 (Short term €2.729.117,58, long term €5.841.03,73) and has been calculated using advance payment techniques using market values. Maturity of these liabilities is as follows:

THE GROUP			THE COMPANY
	31/12/2010	31/12/2009	31/12/2010	31/12/2009
				3,273,000.00
1-5 Years	6,108,125.00	4,872,125.00	6,108,125.00	4,872,125.00
5+ Years	0.00	0.00	0.00	0.00
				8,145,125.00
	0-1 Years	2,740,000.00 8,848,000.00	3,273,000.00 8,145,125.00	2,740,000.00 8,848,000.00

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 same tax authority, without taking into account any offset, is as follows :

GROUP

DEFERRED TAX ASSETS	PROVISIONS	BORROWING EXPENSES	TAX LOSSES	TOTAL
01/01/2009	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
Debit / credit in the income statement	335,426.68	65,554.83	0.00	400,981.51
Debit / credit in the net worth		121,692.03		121,692.03
31/12/2010	1,002,469.87	2,357,054.04	0.00	3,359,523.91
DEFERRED TAX LIABILITIES	Differences in tangible assets	Income differences	Other	Total
01/01/2009	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

Autohellas

Debit / credit in the net worth	184,975.89			184,975.89
31/12/2009	19,494,692.22	3,376,409.38	2,136,192.02	25,007,293.62
Debit / credit in the income statement	1,860,503.68	-1,001,233.61	128,150.91	987,420.98
Debit / credit in the net worth	1,303,349.79		-1,025,643.86	277,705.93
31/12/2010	22,658,545.69	2,375,175.77		1,238,699.07 26,272,420.53
Deferred tax 31/12/2009	22,170,443.25
Deferred tax 31/12/2010	22,912,896.62

The difference of amount €87.186,85 and €64.205,28 in comparison to the balance sheet of 31/12/2010 and 31/12/2009, is a result of deferred tax of the company Autotechnica Hellas ATEE, as it is reported in the balance sheet.

THE COMPANY

DEFERRED TAX ASSETS	PROVISIONS	BORROWING EXPENSES	TAX LOSSES	TOTAL
01/01/2009	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
Debit / credit in the income statement Debit / credit in the net worth	312,445.11	65,554.83 121,692.03	0.00	377,999.94 121,692.03
31/12/2010	915,283.02	2,357,054.04	0.00	3,272,337.06
DEFERRED TAX LIABILITIES	Differences in tangible assets	Income differences	Other	Total
01/01/2009	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
31/12/2009	19,208,823.05	3,376,409.38	1,110,548.16	23,695,780.59
Debit / credit in the income statement Debit / credit in the net worth	1,791,670.17 1,060,329.43	-1,001,233.61	128,150.91	918,587.47 1,060,329.43
31/12/2010	22,060,822.65	2,375,175.77	1,238,699.07	25,674,697.49
Deferred tax 31/12/2009 Deferred tax 31/12/2010	20,923,135.50 22,402,360.43

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

		THE GROUP		THE COMPANY
	31/12/2010	31/12/2009	31/12/2010	31/12/2009
Short Term	7,652,127.77	7,399,654.23	7,121,710.38	6,651,490.68
Long Term	15,347,955.70	14.834.994.30	15,280,650.05	14,271,644.82
	23,000,083.47	22,234,648.53	22,402,360.43	20,923,135.50

Autohellas

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 each individual, is added and reflected based on the expected right of each employee at the balance sheet day financial statements, paid in current value in relation to the expected payment time.

Main actuarial assumptions used are:

	2010	2009
Rate of discount (%)	5,11%	5,02%
Future salaries increases	3,00%	3,00%
Average long term inflation rate increase	2,50%	2,50%
Personnel movement: Resignations	4,50%	4,50%
Dismissals	1,00%	1,00%
Remuneration	Based on law 2112/1920
Average Work Life	14,84	12,79

Charges in an account	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
Settlements	255,595.00	222,883.00
Amortization of unrecognized actuarial gains / losses	0.00	0.00
Remunerations	-502,780.42	-465,760.68
Balance Liability as of 01.01.10	1,367,543.36	1,100,021.36
Cost of current employment	96,912.00	85,351.00
Interest	86,561.00	78,514.00
Settlements	169,220.00	170,688.00
Amortization of unrecognized actuarial gains / losses	31,745.73	37,314.73
Remunerations	-288,297.09	-230,626.09
Balance Liability as of 31.12.10	1,463,685.00	1,241,263.00
Agreement of the defined benefit	Ο ΟΜΙΛΟΣ	Η ΕΤΑΙΡΕΙΑ
Balance Liability as of 01.01.10	1,802,946.36	1,624,500.36
Cost of current employment	96,912.00	85,351.00
Interest	86,561.00	78,514.00
Additional payments	173,035.00	156,130.00
Unrecognised actuarial gains / losses	-236,528.00	-215,674.00
Remunerations	-288,297.09	-230,626.09
Balance Liability as of 31.12.10	1,634,629.27	1,498,195.27

Liability would be bigger by 2% if redeem rate was 4.93% instead of 5.11%

Liability would be bigger by 6.50% if the percentage of future salary increases were 3.5% instead of 3%

21. Sales and other operating income

	THE GROUP		THE COMPANY
	31/12/2010	31/12/2009	31/12/2010	31/12/2009
Service sales / other sales	137.192.561.42	140,621,123.48	115,033,876.69	120,046,686.44
Sales of used cars	32,636,301.35	35,394,313.23	29,485,896.07	32,618,849.49
	169,828,862.77	176,015,436.71	144,519,772.76	152,665,535.93
Other operating income
Earnings from commissions and services	892.783.46	979.693.71	2,322,912.01	2,182,211.33
Other operating income	2,294,571.90	1,351,068.27	2,294,571.90	1,351,068.27
	3,187,355,36	2,330,761.98	4,617,483.91	3,533,279.60

Autohellass

Rentals from investment properties amounted to € 1.000.646,78 for the year2010 and to € 893.948,50 for the year 2009.

Future payments from operational leasing are as follows:

	31.12.2010	31.12.2009
Up until 1 year	56,793,396	67,959,591
From 1 to 5 years	62,494,940	73,089,922
Total	119,288,336	141,049,513

Possible payments recognized in turnover for the fiscal years 2010 and 2009 are € 1.963.010 respectively.

22. Employee benefits

	THE GROUP		THE COMPANY
	31/12/2010	31/12/2009	31/12/2010	31/12/2009
Salaries	15,846,281.03	16,693,628.79	11,184,832.96	12,192,882.64
Employers contributions	3.032.033.69	3,316,458.47	2,067,306.27	2,237,708.66
Provisions for staff leaving indemnities	384,438.34	481.714.00	371.867.73	381,836.00
Other benefits	492,460.84	470,776.89	392,870.35	366,037.31
	19.755.213.90	20,962,578.15	14,016,877.31	15,178,464.61

23. Depreciation for tangible / intangible assets

A. Depreciation

	THE GROUP		THE COMPANY
	31/12/2010	31/12/2009	31/12/2010	31/12/2009
Depreciation for tangible fixed assets	55,288,130.15	54,284,412.28	47,095,497.85	47,161,819.24
Depreciations for intangible fixed assets	111,034.37	87,830.36	27,593.04	12,970.45
	55,399,164.52	54,372,242.64	47,123,090.89	47,174,789.69

B. Impairments

	THE GROUP		THE COMPANY
	31/12/2010	31/12/2009		31/12/2009
Tangible assets	1,006,254.48	0.00	1,006,254.48	0.00
Holdings	470.000.00	0.00	990.000.00	0.00
	1,476,254.48	0.00	1,996,254.48	0.00

The impairment of vehicle property has been determined using the fair value less costs of sale.

Impairment in participating companies relates to Eltrekka Inc. (affiliate) and Cretan Golf SA (available for sale).

24. Cost Distribution

		2010			2009
COMPANY	SALES COST	ADMINISTRATI VE COST	DISTRIBUTIO N COST	SALES COST	ADMINISTRATI VE COST	DISTRIBUTIO N COST
EMPLOYEE EXPENSES	7,831,802.76	5,553,837.67	631,236.88	8,331,496.73	6,020,776.46	826,191.42
DEPRECIATIONS	46,543,188.97	518,209.08	61,692.84	46,558,404.36	555,760.00	60,625.33
OTHER OPERATING EXPENSES	67,329,313.72	2,111,867.94	546,976.03	70,643,189.84	2,080,052.51	592,967.08
	121,704,305.45	8,183,914.69	1,239,905.75	125,533,090.93	8,656,588.97	1,479,783.83
		2010			2009
GROUP	SALES COST	ADMINISTRATI VE COST	DISTRIBUTIO N COST	SALES COST	ADMINISTRATI VE COST	DISTRIBUTIO N COST
EMPLOYEE EXPENSES	13,104,331.00	5,814,330.10	836,552.80	13,536,828.63	6,455,120.80	970,628.72

Autohellas

DEPRECIATIONS	53,485,359.78	1,041,675.61	872,129.13	52,541,339.30 ----------------------------------------------------------------------------------------------------------------------------------------------------------------	1,036,631.90	794,271.44
OTHER OPERATING EXPENSES	68,992,693.10			3,225,281.83	3,013,317.31	1,982,548.20
				135,582,383.88 10,081,287.54 3,620,212.74 137,431,041.71 10,505,070.01 3,747,448.36 1

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
		31/12/2010		31/12/2010
Debit interest from Bank Loans	6,018,887.23	6,390,303.50	4,977,183.03	5,402,258.57
Loss from Derivatives	2,040,326.93	1.223.261.94	2,040,326.93	1,223,261.94
Credit taxes and other incomes	-3,191,526.75	-2,176,686.61	-3,033,379.11	-2,001,407.59
	4.867.687.41	5,436,878,83	3.984.130.85	4.624.112.92

26. Income Tax

	THE GROUP			THE COMPANY
	31/12/2010	31/12/2009	31/12/2010	31/12/2009
Current income tax	6,049,669.74	3,481,523.44	5,514,051.71	2,876,882.98
Deferred tax	-718.451.88	2,173,171.14	540.587.53	1,547,974.25
Tax provision for non - audited years	50.000.00	53,000.00	50.000.00	53,000.00
Special contribution to profit for 2009	1,531,894.73	0.00	1,487,766.63	0.00
	6,913,112.59	5.707.694.58	7.592.405.87	4,477,857.23

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 :

	THE GROUP			THE COMPANY
	31/12/2010	31/12/2009	31/12/2010	31/12/2009
Earnings before tax	21,275,334.36	23,359,536.36	24,823,859.50	16,441,292.12
Current tax rate	24%	25%	24%	25%
Tax calculated based on current tax rate	5,229,531.03	4,714,963.50	5,957,726.28	4,110,323.04
Tax on distributed reserve	0.00	629,831.76	0.00	629,831.76
Income tax not subject to tax	-237,184.12	-188,466.20	-238,162.46	-188,466.20
Expense tax not recognized for taxation reasons	103,372.65	315,889.81	99,577.12	-309,307.08
Difference in tax rate when calculating deferred tax	50,000.00	53,000.00	50,000.00	53,000.00
Provision for tax audit differences	174,267.84	123,698.00	174,267.84	123,698.00
Extraordinary property tax levy	61,230.46	58,777.71	61,230.46	58,777.71
Special contribution of the Law 3845/2010	1,531,894.73	0.00	1,487,766.63	0.00
	6,913,112.59	5,707,694.58	7,592,405.87	4,477,857.23

The average weighted tax rate for the group was for the years 2009 and 2010, 24.43% and 32.49% respectively.

27. Earnings per share

Basic

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

	GROUP
	31/12/2010	31/12/2009
Net profit (Group)	14,362,221.77	17,651,841.78
Attributable to :
Shareholders	14,362,221.77	17,576,476.79
Minoring rights	0.00	75,364.99
Weighted average number of shares	36,360,000.00	36,360,000.00
Earnings per share	0.3950	0.4834

28. Dividends per Share

The dividend paid in 2010 was EUR 4.363.200 (€ 0,12 per share) and related to the year 2010 the Board of Directors propose that no dividend. The decision is subject to approval of the next Annual General Meeting.

29. Possibilities

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

AUTOHELLAS SA	2008-2010
AUTOTECHNICA LTD	2006-2010
DEMSTAR RENTALS 2005 LTD	2009-2010
AUTOTECHNICA FLEET SERVICES S.R.L.	2007-2010
AUTOTECHNICA HELLAS SA	2008-2010
A.T.C. AUTOTECHNICA (CYPRUS) LTD	2008-2010

Company conducts provisions for the tax that may arise from the non-audited fiscal years based on its experience. Total provisions on the 31.12.2010 were € 150.538 for both group and company.

30. Events Occurred after the Publication of the balance Sheet

Since the date of the balance sheet and until 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

	31/12/2010	31/12/2009
Sale of services to associated companies	2,660,061.44	6,616,841.55
Sales for services to Major Shareholder's companies	768,314.71	933,933.65
Sales of tangible assets Major Shareholder' s companies	1,706,372.14	2,799,999.15
Other income from Subsidiaries	2,093,647.58	2,017,473.78
Other Earnings from Major Shareholder' s companies	821,613.36	701,830.70
	8,050,009.23	13,070,078.83

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

31/12/2010	31/12/2009
37,324.46	35,431.43
20,135,421.67	15,818,191.60
16,734,683.04	18,428,082.66
192,284.70	118,486.80

	37,099,713.87	34,400,192.49
Management and BoD remuneration
	31/12/2010	31/12/2009
Salaries and other short term benefits	2,132,987.41	2,644,593.10
	2,132,987.41	2,644,593.10
Claims from associated companies iv)
	31/12/2010	31/12/2009
Subsidiaries	815,602.33	482,022.23
Associates	800.42	15,201.21
Companies-Major shareholder	822,651.53	1,537,029.57
	1,639,054.28	2,034,253.01

v) Liabilities towards associated companies

	31/12/2010	31/12/2009
Subsidiaries	4,960,331.94	4,235,862.09
Associates	3,223.01	5,323.57
Companies-Major shareholder	1,353,888.82	2,688,506.59
	6,324,526.17	6,929,692.25

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, a guarantee of up to €13,500,000 has been given for a loan granted to AUTOTECHNICA FLEET SERVICES S.R.L. and guarantee of up to €2,000,000 has been given for a loan granted to AUTOTECHNICA SERBIA D.O.O.

THE GROUP

i) Sales of goods and services

	31/12/2010	31/12/2009
Sale of services to associated companies	2,790,278.47	6,767,003.85
Sales for services to Major Shareholder's companies	768,314.71	933,933.65
Sales of tangible assets Major Shareholder' s companies	1,706,372.14	2,799,999.15
Other income from Subsidiaries	821,613.36	701,830.70
	6,086,578.68	11,202,767.35
ii) Purchase of goods and services
	31/12/2010	31/12/2009
Purchase of goods from associated companies	944,232.40	941,956.24
Purchase of goods from Major Shareholder's companies	20,611,939.37	16,513,172.72
Other expenses from Major Shareholder's companies	270,307.56	204,531.32
	21,826,479.33	17,659,660.28
iii) Management and BoD remuneration
	31/12/2010	31/12/2009
Salaries and other short term benefits	2,472,169.27	2,994,211.80
	2,472,169.27	2,994,211.80

iv) Claims from associated companies

	31/12/2010	31/12/2009
Subsidiaries	800.42	35,096.65
Companies-Major shareholder	822,651.53	1,537,029.57
	823,451.95	1,572,126.22
v) Liabilities towards associated companies
	31/12/2010	31/12/2009
Subsidiaries	281,685.65	222,069.49
Companies-Major shareholder	1,471,007.61	2,842,838.31
	1,752,693.26	3,064,907.80

32. Change in Accounting policy

From 01/04/2009 was a change in the rate of decay modes of the subsidiaries in Bulgaria from 15% to 18% and in Romania from 17% to 18%, to reflect more appropriately the relationship between market value and selling cars in the ongoing financial crisis affecting the industry. If subsidiaries in Bulgaria and Romania did not used their previous rates of 15% and 17% respectively, the total depreciation of vehicles for the current period would be reduced by € 692.793,46 with an equal increase results

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.

1. 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 with adjustable interest rate. The sensitivity analysis assumes the parallel fluctuation of interest rates by ±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 ±100ps of interest rates and by ±50bps of the curve steepness, other thinqs 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 fluctuation of +- 100ps (base units). The effect is reflected on equity in all cases where hedging is applied and on the results were hedging is not

2. 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 €/US\$ by ±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 rate €/RON by ±10% with the impact reflected on the results.

1. 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 ±10% and the change is reflected in the Company's net worth.

tax -10% -10% -147 FOREIGH EXCHANGE RISK 35 -3,611 903 -147 -3,611 -2,709 -2.709 .7 700 -11 Earnings before tax Earnings before tax 0 0 00 0 00 Reserves before Reserves before tax tax +10% +10% 147 3,611 -903 -35 2,709 147 2.709 3,611 700 before tax Earnings Earnings before tax o c o c Earnings before Reserves before 0 Earnings before Reserves before tax tax -100bips(Euribor) 5% Index Level -1 00bips(Euribor) -5% Index Level 191,229 -912,000 129,355 -796,788 -796,788 -3,060,000 2,200,000 206,400 -517,419 -517,419 -3,984,042 2,200,000 -1,726,096 -860,000 -1,259,159 -347.159 -1,784,042 446,011 -605.559 -112,534 -653 600 1.338.03. ನಿರಿದ tax tax INTEREST RISK Earnings before Reserves before 00 00 Earnings before Reserves before 0 0 o e tax tax +100bips (Euribor) +100bips (Euribor) 5% Index Level 5% Index Level 912,000 -129,355 1,688,595 4,510 -485-168 796,788 796,788 -191,229 3,320,000 -2,200,000 -268,800 1,456,759 517,419 517,419 -2,200,000 -511,405 605.559 1,120,000 544.759 127,851 851,200 88.064 383 567 tax tax -220,000,000 -7,855,885 79,678,841 10,638,028 -8,570,151 -1,466 51,741,879 17,664,074 -36,114 -220,000,000 Book Values Book Values Financial Assets Financial Assets Net Impact in the results Net Impact in the results Net Impact in the Equity Financial Liabilities Financial Liabilities Total Net Impact Total Net Impact COMPANY 2009 Impact before tax Impact before tax Impact before tax Impact before tax Income Tax 24% Income Tax 24% Income Tax 25% Income Tax 25% Available for sale Available for sale Net Investment Net Investment Net Investment Trade Liabilities Trade Liabilities Net Investment Derivatives Derivatives Derivatives Loans Loans Cash Cash	COMPANY 2010		INTEREST RISK	FOREIGH EXCHANGE RISK		PRICE RISK
					+10%	-10%
				Reserves before tax	Reserves before tax Earnings before tax	Reserves before tax before tax Earnings
					1,063,803	-1,063,803
					0 1,063,803 o c o c	-1,063,803 00
					.063.803	-1,063,803
					0 C 0 C	00
					1.063.803	-1,063,803
					1,063,803	-1,063,803
						PRICE RISK
					+10%	-10%
				Reserves before	Reserves before tax Earnings before tax	Reserves before tax Earnings before tax
					1,766,407	-1,766,407
					0 1,766,407 0 0 0 0	-1,766,407 0 0
					6641	-1.766.40
					o c 00 00	00
					1,766,407	-1,766,407 0
	Net Impact in the Equity	489,679	-1,613,562		,766,407	-1,766,407

GROUP 2010
		5% Index Level	5% Index Level INTEREST RISK		FOREIGH EXCHANGE RISK		PRICE RISK
		+100bips (Euribor)	-100bips(Euribor)	+10%	-10%	+10%	-10%
Financial Assets	Book Values	Earnings before Reserves before tax tax	Earnings before Reserves before tax tax	Reserves before tax Earnings before tax	Reserves before tax Earnings before tax	Reserves before tax Earnings before tax	Reserves before tax Earnings before tax
Receivables and Cash Available for sale Derivatives Cash	10,638,028 81,735,990 2,783,933	817,360	-817,360	-278,393	278,393	1,063,803	-1,063,803
Income Tax 25%-16%-10% Impact before tax		817,360 -194,745	194,745 -817,360 0	-42,942 -278,393	o e 42,942 278,393	0 1,063,803	-1,063,803 00
Net Investment		622.615	-622,615	-321 335		063.803	-1,063,80
Financial Liabilities
Trade Liabilities Derivatives Loans	-8,570,151 -2,394,004 -238,224,507	3,320,000 -2,382,245	-3,060,000 2,382,245	239,400	-239,400
Income Tax 25%-16%-10% Impact before tax		937.755 -243,978	-677,755 181,578 00	239.400 -37,049	37,049 -239,400	00	00
Net Investment		693.77	496.177	202-35.	-202-35
Total Net Impact		,316,391	-1,118,79:	-118,984	118,984	,063,803	-1,063,80
Net Impact in the results Net Impact in the Equity		912,000 404,391	-912,000 -206.791 0	-118,984 0	0 118,984	1,063,803	-1,063,803 0
GROUP 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	Earnings before Reserves before tax tax	Earnings before Reserves before tax tax	Reserves before tax before tax Earnings	Reserves before tax before tax Earnings	Reserves before tax Earnings before tax	Reserves before tax Earnings before tax
Available for sale Receivables Derivatives Cash	53,540,354 17,664,074 2,265,530	535,404	-535,404	-226,553	226,553	1,766,407	-1,766,407
Income Tax 25%-10%-16% Impact before tax		-131,153 535,404	-535,404 131,153	36,248 -226,553	0 226,553 -36,248	1,766,407	-1,766,407 o c
Net Investment		404,250	-404.250	-190,305	190,30.	766,407	,766,40
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% Impact before tax		-715,284 323,698	-1,580,163 -124,464 0 0	0 0 145,072 -23,537	0 -145,072 23,537	0	0 0
Net Investment		-391,586	-1,704,628	121,536	-121,536
Total Net Impact		12,665	-2,108,878 0	-68,769	68,769	,766,407	-1,766,407 0
Net Impact in the results		-477.014	-495,316 0	-68,769	68,769		0
Net Impact in the Equity		489,679	-1,613,562 0	0	0	1,766,407	-1,766,407 0

Autoticlias

Year End Financial Statements
2010

34. Fair value hierarchy levels

2010	Level 1	Level 2	Level 3
Assets
Financial assets available	10.638.028
for sale
Liabilities
Hedging Derivatives		4.308.183,49
Derivatives		4.261.967,82

2009	Επίπεδο 1	Επίπεδο 2	Επίπεδο 3
Assets
Financial assets available	17.664.074,40
for sale
Liabilities
Hedging Derivatives		1.851.963,77
Derivatives		6.003.921,56

35. Auditors' Remuneration

The remuneration of the auditors for the year 2010 amounted to € 46.000. In addition to the audit does not provide other services.

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

Kifissia, 15 March 2011

President

Vice President & Managing Director Financial Manager

Accounting Manager

Theodore Vassilakis ADT X 458197

Eftichios Vassilakis ADT X 679379

Garyfallia Pelekanou ADT S 106973

Constantinos Siambanis ADT F 093095

Year End Financial Statements 2010

• 57 -

	BALA NCE SHEE T					CASH	FLOW
	FIGU RES EURO IN GROU PS COM PANY		IOD FROM (PER 1st JANU ARY UNTI L FIGU RES IN EURO GROU P			DECE 31st MBER 2010) COM PANY
	31/12 /2010	31/12 /2009	31/12 /2010	31/12 /2009
ASSE TS Owne Occu pied Tang ible Asset r s Inves tment in Propr eties Intang ibles Other Non-c urrent Asset s Inven tories	294.3 39.05 0,71 10.93 2.673 ,30 246.5 51,66 18.54 2.468 ,80 915.7 48,34	293.4 36.92 8,47 10.51 1.745 ,60 202.7 28,96 33.23 9.630 ,29 1.239 .746, 35	253.5 93.32 8,39 14.22 2.198 ,62 72.45 9,66 26.70 3.945 ,71 64.21 1,50	258.1 40.85 2,98 14.55 7.901 ,61 32.50 8,30 33.59 6.837 ,10 50.87 6,00	Opera ting Activi ties Earni before tax ng Adjus tment for: s Fixed depre ciatio asset s n:	01.01 -31.12 .10 21.27 5.334 ,36 55.39 9.164 ,52	01.01 -31.12 .09 23.35 9.536 ,36 54.37 2.242 ,64	01.01 -31.12 .10 24.82 3.859 ,50 47.12 3.090 ,89	01.01 -31.12 .09 16.44 1.292 ,12 47.17 4.789 ,69
Trade Rece ivable s	30.34 3.204 ,46	32.54 7.943 ,37	25.32 3.099 ,43	27.47 8.157 ,46	Asset value readju stmen t s	175.2 21,48	0,00	175.2 21,48	0,00
Other Asset s	90.53 3.363 ,76	62.01 3.206 ,68	88.51 2.180 ,16	60.79 9.351 ,76	Fixed Asset Value Readj ustme nt s	1.476 .254, 48	0,00	1.996 .254, 48	0,00
TOTA L ASSE TS	445.8 53.06 1,03	433.1 91.92 9,72	408.4 91.42 3,47	394.6 56.48 5,21	Provis ions	1.777 .848, 86	2.020 .938, 20	1.688 .328, 04	1.765 .359, 87
OWN ER´S EQUI TY and LIAB ILITIE S					Excha Differ encie nge s	-17.7 97,05	0,00	0,00	0,00
Share holde equity rs	11.63 5.200 ,00	11.63 5.200 ,00	11.63 5.200 ,00	11.63 5.200 ,00	Resu lts (Earn ings) from Inves tment Activi ties	-4.48 1.819 ,81	-5.83 5.292 ,93	-14.9 07.03 0,59	-4.94 2.733 ,72
Other equity asset s	119.5 90.84 8,04	109.1 85.21 7,51	106.0 49.35 5,00	96.35 1.188 ,16	Intere st and relate d paid expen se expen ses	4.867 .687, 41	5.436 .878, 83	3.984 .130, 85	4.624 .112, 92
Total share holde equity (a) rs	131.2 26.04 8,04	120.8 20.41 7,51	117.6 84.55 5,00	107.9 86.38 8,16	Incom from partic ipatio in iated e n assos anies comp	-3.05 8.924 ,25	-1.68 8.773 ,75	0,00	0,00
Minor ity intere ( b ) sts Total Equit (c)=(a )+(b) y Long Term Borro wing Provis ions / Other Long Term Borro wing Short -Term Bank Liabil ities	0,00 131.2 26.04 8,04 222.0 88.76 2,14 30.30 4.802 ,20 16.13 5.745 ,12	0,00 120.8 20.41 7,51 222.4 66.13 7,26 28.30 1.303 ,22 17.92 1.726 ,94	0,00 117.6 84.55 5,00 219.6 86.49 9,89 29.48 4.657 ,16 0,00	0,00 107.9 86.38 8,16 219.5 41.49 9,93 26.72 2.268 ,19 0,00	Add/L adjus from chang in ments nts ess es accou of worki capita l ting activi ties ng or opera Increa se/(de e) in inven tories creas Rece ivable s Increa se/(de e) in liabilit ies (exce banks ) pt creas Purch of rentin vehic les ase g	263.0 36,00 -852. 195,1 6 1.961 .333, 65 -79.4 64.45 0,01	557.8 81,60 10.08 3.703 ,47 -7.81 9.799 ,80 -74.7 77.14 3,39	-13.3 35,50 788.4 44,14 -507. 065,1 9 -66.5 08.40 3,18	-3.10 6,90 10.29 7.546 ,02 -4.62 0.237 ,20 -64.9 79.89 3,72
Other -Shor liabilit ies t term	46.09 7.703 ,53	43.68 2.344 ,79	41.63 5.711 ,42	40.40 6.328 ,93	Sales of rentin vehic les g	33.51 2.887 ,02	36.13 5.025 ,38	30.36 2.481 ,74	33.35 3.071 ,45
Total Liabi lities (d)	314.6 27.01 2,99	312.3 71.51 2,21	290.8 06.86 8,47	286.6 70.09 7,05	Less :
Total Equit and Liabi lities (c)+(d ) y	445.8 53.06 1,03	433.1 91.92 9,72	408.4 91.42 3,47	394.6 56.48 5,21	Intere and relate d paid st expen se expen ses	-7.62 9.573 ,36	-8.14 8.647 ,37	-6.54 4.774 ,16	-7.19 2.912 ,75
					Taxes paid	-5.56 8.285 ,75	-1.13 0.629 ,28	-4.86 6.992 ,61	-900. 689,4 4
					Net Cash flows from ting activi ties (a) opera	19.63 5.722 ,39	32.56 5.919 ,96	17.59 4.209 ,89	31.01 6.598 ,34
PROF IT AND LOSS ACCO UNTS (PER IOD 1st of Janu until 31st of Dece mber 2010) : ary FIGU RES IN EURO			Cash flows from inves ting activi ties Acqu isition of subsi diarie partic ipatio and s, n other inves tment s	-18.3 12.39 2,67	-1.51 7.806 ,00	-18.8 12.39 2,67	-1.51 7.806 ,00
	GROU	P	COM	PANY	Purch of tangib le and intagi ble asset ase s	-1.30 0.515 ,62	-2.27 8.235 ,73	-1.10 7.746 ,18	-1.76 7.541 ,10
	01.01 -31.12 .10	01.01 -31.12 .09	01.01 -31.12 .10	01.01 -31.12 .09	Proce eds from sales of tangib le asset s	877.3 98,62	1.147 .398, 30	860.3 53,42	1.010 .681, 24
					Purch of inves tment asset ase s	0,00	-93.3 32,45	0,00	-93.3 32,45
Turno ver	169.8 28.86 2,77	176.0 15.43 6,71	144.5 19.77 2,76	152.6 65.53 5,93	Proce eds from intere st	3.234 .621, 74	2.176 .686, 61	3.033 .379, 10	2.001 .407, 59
Gros Profit s	34.24 6.478 ,89	38.58 4.395 ,00	22.81 5.467 ,31	27.13 2.445 ,00	Proce eds from divide nds	1.742 .678, 36	1.236 .980, 00	1.742 .678, 36	1.236 .980, 00
Earni before financ ial and inves activi ties tax tment ngs ,	22.81 7.673 ,64	25.87 0.661 ,44	17.75 2.786 ,54	19.82 8.425 ,04	Proce eds from sales of subsi diarie affilia ted s, anies and other inves tment comp s	28.98 9.680 ,00	0,00	28.98 9.680 ,00	0,00
Earni befor tax ngs e Earni After Tax ngs	21.27 5.334 ,36 14.36 2.221 ,77	23.35 9.536 ,36 17.65 1.841 ,78	24.82 3.859 ,50 17.23 1.453 ,63	16.44 1.292 ,12 11.96 3.434 ,89	Net cash flow from inves ting activi ties (b) Cash flows from finan cing activi ties	15.23 1.470 ,43	671.6 90,73	14.70 5.952 ,03	870.3 89,28
Paren t Owne comp any rs	14.36 2.221 ,77	17.57 6.476 ,79			Proce eds from borrow ings	580.6 52,63	500.0 00,00	0,00	0,00
Minor ity intere st	0,00	75.36 4,99			Loan ments repay	-2.88 9.009 ,42	-375. 364,1 9	0,00	0,00
Other Profit/ loss for the period after () tax	-473. 243,9 8	2.622 .961, 60	-3.17 0.086 ,79	2.622 .961, 60	Divide nds paid	-4.36 3.200 ,00	-4.36 3.200 ,00	-4.36 3.200 ,00	-4.36 3.200 ,00

Profit/loss for the period after tax (-) + () 13.888.977,79 20.274.803,38 14.061.366,84 14.586.396,49 Net cash flow from financing activities (c) -6.671.556,79 -4.238.564,19 -4.363.200,00 -4.363.200,00

Parent company Owners 13.888.977,79 20.199.438,39

Net increase in cash and cash equivalents

(a)+(b)+(c) 28.195.636,03 28.999.046,50 27.936.961,92 27.523.787,62

Minority interest 0,00 75.364,99

Cash and cash equivalents at the beginning

of the period 53.540.353,88 24.541.307,38 51.741.879,21 24.218.091,59

Net earnings per share - basic (€) 0,3950 0,4834 0,4739 0,3290

Cash and cash equivalents at the end of the

period 81.735.989,91 53.540.353,88 79.678.841,13 51.741.879,21

Proposed dividend per share

0,12

0,12

Earnings (losses) before tax,financial activities,investment

activities and depreciations 78.216.838,16 80.242.904,08 64.875.877,43 67.003.214,73

	FIGU RES IN	EURO GROU P			COM PANY
	31/12 /2010		31/12 /2009	31/12 /2010	31/12 /2009
Equity balan the begin ning of the Year at ce 1.1.20 09) Arran nt geme	(1.1.2 010 & 120.8 20.41	7,51 0,00	105.4 03.05 0,86 531.8 19,27	107.9 86.38 8,16 0,00	97.76 3.191 ,67 0,00
Total net incom after tax e Sale of iate (Asse inven tory) ts assoc Increa in Share al	13.88 8.977 892.3 92,74 -12.5 40,00	,79	20.27 4.803 ,38 0,00 -8.25 0,00	14.06 1.366 ,84 0,00 0,00	14.58 6.396 ,49 0,00 0,00
Capit se Dived ends paid Acqu isition of minor ity intere sts	-4.36 3.200	,00 0,00	-4.36 3.200 ,00 -1.01 7.806 ,00	-4.36 3.200 ,00 0,00	-4.36 3.200 ,00 0,00
31.12 .2009 )	131.2 26.04 Kifiss ia, 15th of Marc	8,04 h2011	120.8 20.41 7,51	117.6 84.55 5,00	107.9 86.38 8,16
Chair of the BoD man	Vise Chair of the Bod & man	Chief	Finan cial

INFO RMAT ION FOR	THE STAT EMEN T OF	CHAN GES IN EQUI TY	FOR THE PERI OD	01/01 /2010 31/12 -	/2010

Accounting managerManaging director Officer

ID458197ID679379 ID106973ID093095Theodore E.Vassilakis Eftichios T. Vassilakis Garyfallia A. Pelekanou Kostantinos F. Siambanis )

Panagiotis Georgios Auditors : ENEL SA. Spyridon Flegas, independent non-executive member Auditors report : unqualified Stefanos Kotsolis, independent non-executive memb- Website : www.hertz.gr

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1. Group companies included in the consolidated financial statements with their

respective locations and percentages of ownership

are mentioned in note 2 of the financial statements.

On September 27, 2010, the company sold its

shareholding (33.5603%) in

The sale resulted

in

a

profit

of

€

OLYMPIC COMMERCIAL & TOURIST ENTERPRISES. SA profitaftertax0.6%)andaprofit of

111,808.08

for

the

Group

(percentage

of

€ .

In SERBIA DOO in Serbia with a capital of 500.000€ and

In AUTOTECHNICA MONTENEGRO DOO in Montenegro with a capital of 3.000€ and

had been consolidated in the previous years' respective there is no change in the consolidated method of the

2.

For

group and company.

on the financial position of AUTOHELLAS SA

3. 266.

4. In Group 501, Company

5. The

11,308,779.93 (percentage of profit after tax 49.9%) (Note 9 Financial Statements)February 2010 the company established the subsidiary company AUTOTECHNICAparticipation percentage of 100% (note 8 in financial statements). December 2010 the company established the subsidiary company A participation percentage of 100% (note 8 in financial statements). There aren't any companies that are not being consolidated in current year, who period. There aren't any companies that are not included in the consolidation and company between periods Fiscal years that have not been tax audited are mentioned in note 29. non tax-audited fiscal years a provision of € 150.538 has been made for the There are no litigations or any rule of court which might have an important impact Number of employees on 31.12.10 :Group 500, Company 258, and on the 31.12.09Parent Company and Group there are not any «Other Provisions» until 31.12.2010.amount of sales and purchanges, (of goods and services) from the beginning between the Group and the Company according to the IAS 24 are as follows : Figures in € Income Expenses Receivables Payables Board members and key management personnel remuneration & other benefits Amounts owed by key management personnel and Board members Amounts owed to key management personnel and Board members Capital expenditure for the period 01.01-31.12.2010was:Group € 80,6 mill., CompanyCompany has no own shares Other income after taxes are as follows Foreign exchange rate differences Income tax Financial assets available for sale Earnings/loss for the period Fixed assets readjustment Income tax Share of other comprehensive income related business Earnings carried forward Income tax Cashflow hedging Result rearrangements Valuationresultfortheperiod

of the period and the receivables and payables

a)

b)

c)

d)

e)

Grou p	Com pany
6,086 ,578. 68	8,05 0,009 .23
21,82 6,479 .33	37,09 9,713 .87
823,4 51.95	1,639 ,054. 28
1,752 ,693. 26	6,324 ,526. 17
2,472 ,169. 27	2,132 ,987. 41
0.00	0.00
0.00	0.00
€ 67,7 mill.

f)

g)

6.

7.

8.

Grou p		Com pany
31/12 /201 0	31/12 /200 9	31/12 /201 0	31/12 /200 9
-27,7 97.0 6	0.00	0.00	0.00
0.00	0.00	0.00	0.00
-7,02 6,046 .40	3,265 ,627. 20	-7,02 6,046 .40	3,265 ,627. 20
8,919 ,935. 10	0.00	5,30 1,647 .17	0.00
-1,42 2,158 .22	0.00	-1,06 0,329 .43	0.00
441, 125.5 8	0.00	0.00	0.00
-1,09 1,753 .28	0.00	0.00	0.00
118,8 08.43	0.00	0.00	0.00
1,556 ,846. 52	580,7 68.05	1,556 ,846. 52	580,7 68.05
-2,06 3,89 6.68	-1,42 6,380 .68	-2,06 3,89 6.68	-1,42 6,380 .68
121,6 92.03	202,9 47.03	121,6 92.03	202,9 47.03
-473 ,243. 98	2,622 ,961. 60	-3,17 0,086 .79	2,622 ,961. 60
13,88 8,97 7.79	20,27 4,803 .38	14,06 1,366 .84	14,58 6,396 .49

Cash flow hedging tax

Other income after taxes TotalIncomeaftertaxes

Autometlas

F. INFORMATION BASED ON ARTICLE 10 OF LAW3401/2005 PUBLISHED BY THE COMPANY DURING THE 2010 FISCAL YEAR

AUTOHELLAS SA had disclosed the following information over the period 01/01/2010 - 31/12/2010,which are posted on the companys website www.hertz.gr as well as the website of the Athens Exchange www.athex.gr

Date	Subject	Internet
01/02/2010	Insiders Transactions according to art.13 L3340/2005	www.ase.gr (Daily official list announcements) www.hertz.gr
04/02/2010	Other Information	www.ase.gr (Daily official list announcements) www.hertz.gr
11/02/2010	Insiders Transactions according to art.13 L3340/2005	www.ase.gr (Daily official list announcements) www.hertz.gr
18/03/2010	2009 end of year financial results	www.ase.gr (Daily official list announcements) www.hertz.gr
18/03/2010	Additional Information on Financial results	www.ase.gr (Daily official list announcements) www.hertz.gr
16/04/2010	Other Information	www.ase.gr (Daily official list announcements) www.hertz.gr
30/04/2010	Insiders Transactions according to art.13 L3340/2005	www.ase.gr (Daily official list announcements) www.hertz.gr
30/04/2010	Insiders Transactions according to art.13 L3340/2005	www.ase.gr (Daily official list announcements) www.hertz.gr
10/05/2010	Insiders Transactions according to art.13 L3340/2005	www.ase.gr (Daily official list announcements) www.hertz.gr
25/05/2010	Other Information	www.ase.gr (Daily official list announcements) www.hertz.gr
25/05/2010	First quarter 2010 results	www.ase.gr (Daily official list announcements) www.hertz.gr
28/05/2010	General share holders date announcement	www.ase.gr (Daily official list announcements) www.hertz.gr
31/05/2010	Insiders Transactions according to art.13 L3340/2005	www.ase.gr (Daily official list announcements) www.hertz.gr
02/06/2010	Insiders Transactions according to art.13 L3340/2005	www.ase.gr (Daily official list announcements) www.hertz.ar
04/06/2010	Insiders Transactions according to art.13 L3340/2005	www.ase.gr (Daily official list announcements) www.hertz.gr
04/06/2010	Insiders Transactions according to art.13 L3340/2005	www.ase.gr (Daily official list announcements) www.hertz.gr
07/06/2010	Insiders Transactions according to art.13 L3340/2005	www.ase.gr (Daily official list announcements) www.hertz.gr
09/06/2010	Insiders Transactions according to art.13 L3340/2005	www.ase.gr (Daily official list announcements) www.hertz.gr
23/06/2010	General Shareholders meeting decisions	www.ase.gr (Daily official list announcements) www.hertz.gr
23/06/2010	Announcement on ex-dividend date / dividend payment	www.ase.gr (Daily official list announcements) www.hertz.gr
04/08/2010	First Half 2010 Financial results	www.ase.gr (Daily official list announcements) www.hertz.gr
04/08/2010	Additional Information on Financial results	www.ase.gr (Daily official list announcements) www.hertz.gr
28/09/2010	Insiders Transactions according to art.13 L3340/2005	www.ase.gr (Daily official list announcements) www.hertz.gr
13/10/2010	Insiders Transactions according to art.13 L3340/2005	www.ase.gr (Daily official list announcements)
15/10/2010	Insiders Transactions according to art.13 L3340/2005	www.hertz.gr www.ase.gr (Daily official list announcements) www.hertz.gr
29/10/2010	Insiders Transactions according to art.13 L3340/2005	www.ase.gr (Daily official list announcements) www.hertz.gr
01/11/2010	Insiders Transactions according to art.13 L3340/2005	www.ase.gr (Daily official list announcements) www.hertz.gr
04/11/2010	Insiders Transactions according to art.13 L3340/2005	www.ase.gr (Daily official list announcements) www.hertz.gr
05/11/2010	Insiders Transactions according to art.13 L3340/2005	www.ase.gr (Daily official list announcements) www.hertz.gr
08/11/2010	Insiders Transactions according to art.13 L3340/2005	www.ase.gr (Daily official list announcements) www.hertz.gr

Autohellas

10/11/2010	Insiders Transactions according to art.13 L3340/2005	www.ase.gr (Daily official list announcements)
15/11/2010	Insiders Transactions according to art.13 L3340/2005	www.hertz.gr www.ase.gr (Daily official list announcements) www.hertz.gr
15/11/2010	Nine month results 2010	www.ase.gr (Daily official list announcements) www.hertz.gr
15/11/2010	Additional Information on Financial results	www.ase.gr (Daily official list announcements) www.hertz.gr
17/11/2010	Insiders Transactions according to art.13 L3340/2005	www.ase.gr (Daily official list announcements)
18/11/2010	Insiders Transactions according to art.13 L3340/2005	www.hertz.gr www.ase.gr (Daily official list announcements) www.hertz.gr
23/11/2010	Insiders Transactions according to art.13 L3340/2005	www.ase.gr (Daily official list announcements)
24/12/2010	Other Information	www.hertz.gr www.ase.gr (Daily official list announcements) www.hertz.gr

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

The annual Financial Statements and the Independent Auditor's Report for the period 01.01.2010 have been published in the company's web address : Http://www.Hertz.gr