Autohellas S.A. — Audit Report / Information 2015

Mar 28, 2016

	Figures in €	GROUP COMPANY			(1st JANUARY UNTIL 31st DECEMBER 2015) Figures in €
						GROUP		COMPANY
ASSETS	31/12/2015	31/12/2014	31/12/2015	31/12/2014		01.01-31.12.2015	01.01-31.12.2014	01.01-31.12.2015	01.01-31.12.2014
Tangible Assets	321,620,062.44	262,277,135.53	247,732,402.75	205,414,812.46
Investment Property Intangible Assets	46,559,687.53 333,305.83	20,544,668.36 795,323.19	59,927,507.01 284,562.41	23,959,415.18 213,617.90	Operating Activities Earning before tax	27,559,957.22	20,791,514.59	24,032,367.43	13,197,709.04
Other Non-current Assets Inventories	68,472,440.50 12,045,842.09	66,390,450.33 1,191,969.07	85,577,855.04 7,111,418.92	81,656,814.44 457,706.25	Adjustments for: Depreciation & Amortization:	54,600,168.62	51,104,012.39	40,125,212.22	38,390,894.14
Trade Receivables Other Assets	24,300,571.58 44,677,448.91	19,258,180.54 33,541,843.62	18,884,011.33 38,051,806.34	15,350,304.81 28,062,495.71	Gain (Loss) from Investing Activities Provisions	-15,464,541.24 880,000.00	-8,622,605.24 200,000.00	-16,155,411.03 880,000.00	-4,784,593.38 200,000.00
TOTAL ASSETS	518,009,358.88	403,999,570.64		457,569,563.80 355,115,166.75	Net Exchange Differencies	4,651.12	0.00	0.00	0.00
					Net Finance	9,037,316.82	8,866,877.83	7,831,013.25	7,897,901.36
OWNER´S EQUITY and LIABILITIES					Share in affiliated companies` result	1,106,132.60	866,511.78	0.00	0.00
					Plus/Minus adjustment for changes in working capital or
Shareholders equity Other components of equity	3,908,400.00 182,412,596.43	3,890,400.00 174,883,536.48	3,908,400.00 150,841,707.24	3,890,400.00 146,318,002.83	related to operated activities Increase/(decrease) in inventories	-2,171,410.03	288,732.81	1,999,745.04	1,108.73
Total shareholders equity (a) Non-controlling interests ( b )	186,320,996.43 0.00	178,773,936.48 0.00	154,750,107.24 0.00	150,208,402.83 0.00	Increase/(decrease) in trade and other Receivables Increase/(decrease) in liabilities (excluding Banks)	663,140.67 -3,933,470.69	-2,586,418.49 11,799,568.94	-1,080,149.81 -7,945,203.87	-282,846.05 10,538,109.30
Total Equity (c)=(a)+(b) Long Term Borrowing	186,320,996.43 201,062,922.30	178,773,936.48 133,100,267.91	191,518,154.51	154,750,107.24 150,208,402.83 125,329,243.27	Purchase of renting vehicles Sales of renting vehicles	-104,597,992.23 36,065,429.56	-107,500,268.95 29,331,921.70	-80,796,919.21 30,467,038.37	-86,305,030.91 24,134,750.21
Provisions / Other Long Term Borrowing	30,715,008.36	26,761,087.33	29,534,114.05	25,468,885.53	Less:
Short-Term Bank Liabilities	36,264,683.79	24,725,766.72	27,000,000.00	16,250,000.00	Interest paid	-8,112,165.11	-14,233,083.88	-6,801,897.68	-13,076,925.18
Other-Short term liabilities	63,645,748.00	40,638,512.20	54,767,188.00	37,858,635.12	Taxes paid	-8,965,723.19	-9,788,658.83	-7,608,378.43	-8,992,055.68
Total Liabilities (d)	331,688,362.45	225,225,634.16	302,819,456.56	204,906,763.92	Net Cash flows from operating activities (a)	-13,328,505.88	-19,481,895.35	-15,052,583.72	-19,080,978.42
Total Equity and Liabilities (c)+(d)	518,009,358.88	403,999,570.64	457,569,563.80	355,115,166.75	Cash flows from investing activities Acquisition of subsidiaries, affiliations, joint ventures and
					other investments	-6,742,797.74	-7,118,097.83	-7,515,547.74	-9,118,097.83
		PROFIT AND LOSS			Purchase of tangible and intagible assets	-577,512.12	-341,379.33	-577,512.12	-341,379.33
		(1st JANUARY UNTIL 31st DECEMBER 2015)			Investment Properties Purchase	-3,102,929.45	-3,353,494.99	-1,938,750.73	-3,211,740.25
		Figures in €			Proceeds from sales of tangible assets	1,835,288.88	1,347,713.66	1,795,648.73	1,348,922.70
	GROUP		COMPANY		Sale of subsidiaries, affiliations or other investment.	0.00	3,248,012.33	1,813,559.00	4,348,012.33
	01.01-31.12.2015 01.01-31.12.2014		01.01-31.12.2015 01.01-31.12.2014		Proceeds from interest	618,005.51	1,401,861.92	514,041.65	1,214,679.69
Turnover	182,893,126.12	161,119,296.51	141,239,691.24	126,163,957.37	Proceeds from dividends	5,787,521.60	8,198,088.00	6,787,521.60	9,198,088.00
Gross Profit	50,501,624.47	45,400,299.29	32,836,942.27	29,740,552.38	Net cash flow from investing activities (b)	-2,182,423.32	3,382,703.76	878,960.39	3,438,485.31
Earnings before tax , financial and investment activities	33,511,134.74	29,948,275.57	24,857,549.78	22,100,947.34	Cash flows from financing activities
Earnings before tax	27,559,957.22	20,791,514.59	24,032,367.43	13,197,709.04	Proceeds from borrowings	194,658,998.67	1,661,859.42	186,241,850.00	0.00
Earnings After Tax (A)	18,633,517.76	16,115,555.75	15,222,208.17	10,040,542.98	Dividends paid	-9,679,952.80	0.00	-9,679,952.80	0.00
- Equity holders of the Parent	18,633,517.76	16,115,555.75	0.00	0.00	Loan repayments	-164,254,031.33	-34,802,432.80	-157,977,909.91	-32,500,000.00
- Non-controlling interest	0.00	0.00	0.00	0.00	Net cash flow from financing activities (c)	20,725,014.54	-33,140,573.38	18,583,987.29	-32,500,000.00
Other Profit/loss for the period after tax (Β)	-2,047,755.01	11,244,043.90	-1,641,800.96	11,510,901.00	Net increase in cash and cash equivalents (a)+(b)+(c)	5,214,085.34	-49,239,764.97	4,410,363.96	-48,142,493.11
Total Profit/loss for the period after tax (Α) + (Β)	16,585,762.75	27,359,599.65	13,580,407.21	21,551,443.98	Cash and cash equivalents at the beginning of the period	15,160,387.89	64,389,954.78	11,067,567.83	59,199,862.86
- Equity holders of the Parent	16,585,762.75	27,359,599.65	0.00	0.00	Cash and cash equivalents from companies acquisition	1,757,046.29	10,198.08	1,757,046.29	10,198.08
- Non-controlling interest	0.00	0.00	0.00	0.00	Cash and cash equivalents at the end of the period Additional Information	22,131,519.52	15,160,387.89	17,234,978.08	11,067,567.83
Net earnings per share - basic (€)	1.5328	1.3319	1.2522	0.8298	1. Group companies with their relevant addresses their participation percentages and their method of consolidation in the consolidated tables are mentioned in note 2 of the financial report. There aren´t any companies which are not included in the consolidation
Proposed Dividend per Share	―	―	0.85	0.80	Following its participation (20/03/2015) in the share capital increase of Cretan Golf SA, Autohellas SA holds a 30.148% interest and this investment has become an associate and is reported in the financial statements through the equity method (as from Q1 2015)
Earnings (losses) before tax,financial activities,investing activities and depreciations	88,111,303.36	81,052,287.96	64,982,762.00	60,491,841.48	After the latest increase in share capital according the decision of the BoD of ¨THE CRETE GOLF CLUB SA¨ on 09/06/2015 Autohellas total participation value is € 5,712,688.92, (42,4925%).(Note 9 Financial Statements). 2. Fiscal years that have not been tax audited are mentioned in note 31.
STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD 01.01-31.12.2015					For non tax-audited fiscal years a provision of € 200.538 has been made for the group and company. There are no litigations or any rule of court which might have an important impact on the financial position of AUTOHELLAS SA
Figures in € GROUP COMPANY			3. Number of employees on the 31.12.15 :Group 771 ,Company 340, on the 31.12.14 Group 542,Company 300. 4. There are no "Other provisions" for the group or company until 31.12.2015 5. The amount of sales and purchanges, (of goods and services) from the beginning of the period and the receivables and payables
					between the Group and the Company according to the IAS 24 are as follows : Figures in € a) Income	Group 11,610,406.93	Company 23,372,503.65
	31/12/2015	31/12/2014	31/12/2015	31/12/2014	b) Expenses c) Receivables d) Liabilities	22,965,378.84	33,451,967.91 457,797.53 2,796,557.56 261,624.15 79,587.73
					e) Board members and key management personnel remuneration & other benefits 2,969,049.35 f) Receivables from key management personnel and Board members g) Amounts owed to key management personnel and Board members		2,800,382.20 0.00 0.00	0.00 0.00
Equity balance at the beginning of the Year (01.01.2015 & 01.01.2014 respectively)	178,773,936.48	151,104,264.33	150,208,402.83	128,343,833.85	6. Investment for the period 01.01-31.12.2015 was : Group € 96 mill., Company € 71.2 mill. 7. Company holds 57.559 own shares with purchase value € 256,131.46 and fair value € 601,491.55 (note 30 financial statements). 8. Other income after taxes are analyzed as follows :
Total profit after taxes Share Capital Increase	16,585,762.75 0.00	27,359,599.65 -3,052.50	13,580,407.21 0.00	21,551,443.98 0.00	Other income after taxes	31/12/2015	Group 31/12/2014	Company 31/12/2015	31/12/2014
Companies acquisition Dividends paid	641,250.00 -9,679,952.80	313,125.00 0.00	641,250.00 -9,679,952.80	313,125.00 0.00	a) Transferred to the Income Statement Foreign exchange rate differences
Equity balance at the end of the period (31.12.2015 &					Income Tax (a1)Earnings/loss for the period : Earnings/loss for the period	-498,017.20	15,886,698.63	-498,017.20	15,886,698.63
31.12.2014 respectively)	186,320,996.43	178,773,936.48		154,750,107.24 150,208,402.83	Income Tax Transfer in the results b) Not transferred to the Income Statement (b1)Revaluation of tangible / intagible assets	-1,095,302.13	-4,130,541.65	-1,095,302.13	-4,130,541.65
Kifissia, 24th of March 2016			Fixed Assets Revaluation Readjustment Losses	-431,000.00	-215,500.00	0.00	0.00
					Readjustment Taxes (b2) Actuarial Earnings & Losses Earnings/loss for the period	-168,041.03 188,931.02	-400,828.41	0.00 -168,041.03 155,430.69	0.00 -331,427.00
					Income Tax Other income after taxes	-44,325.67 -2,047,755.01	104,215.33 11,244,043.90	-35,871.29 -1,641,800.96	86,171.02 11,510,901.00
PRESIDENT VICE PRESIDENT & MANAGING DIRECTOR	FINANCIAL MANAGER		ACCOUNTING MANAGER		Total Income after taxes	16,585,762.75	27,359,599.65	13,580,407.21	21,551,443.98
					9. The Board o f Directors o f «AUTOHELLAS SA TOURISM AND TRADE COMPANY», «VELMAR TRADING & REPRESANTATIONS - GREEK COMMERCIAL & INDUSTRIAL ANONYMOUS COMPANY» and «TECHNOCAR COMMERCIAL & INDUSTRIAL ANINYMOUS COMPANY SA» at its meeting o n 28.02.2015 decided to start the process o	f merger by absortion o		f «VELMAR SA», and «TECHNOCAR SA».
THEODORE VASSILAKIS EFTICHIOS VASSILAKIS	ANTONIA DIMITRAKOPOULOU		CONSTANTINOS SIAMBANIS		O n 29.06.2015 the meeting o f the Board o f Directors o only i n relation to the definition o f the date o required actions by the Merging Companies and the auditors appointed o	f the above companies approved: a) The modification o f valuation balance sheet so that the latter will finally be set at 30/04/2015 and b)the repetition o n 02.28.2015, i	n order the Merging Companies to prepare the valuation balance	f their decisions made o	n the 28.02.2015, f the
ADT AK 031549 ADT Χ 679379	ADT AB 348453		ADT F 093095		sheet, draft merger agreement and explanatory report to shareholders and the auditors to prepare their respective reports, taking further account o determined valuation balance sheet date. The General Meetings o merger through absorption o f VELMAR SA & TECHNOCAR SA by AUTOHELLAS S.A. according o		f AUTOHELLAS SA, VELMAR SA & TECHNOCAR SA, o	f Law 2190/1920, the L4172/2013 and the relevant	f the re n 15.09.2015, approved the
					provisions o f the ATHEX Regulation. O n 30/11/2015 with the decision 122427 o merger of the above company (Note 2 Financial Statements).		f the Ministry o	f Economic Development & Tourism was approved the

AUTOHELLAS S.A. ( HERTZ )

Number G.E.M.I: 250501000 - Company registered number : 851/06/Β/86/43

31, Viltanioti str., Kifissia

CONCISE SUMMARY OF THE FINANCIAL STATEMENTS FOR THE PERIOD

January 01st of 2015 until December 31st 2015

BALANCE SHEET CASH FLOW STATEMENT

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

In accordance with the Decision of the Greek capital market commission's Board of Directors No 4/507/28.04.2009

Companys´ Info:

		Board of Directors :
Internet Address:	www.hertz.gr	Theodore Vassilakis, President, Member
Date of Approval of the Financial Statements:	24th March 2016	Eftichios Vassilakis, Vice President& Managing Director, Member
Certified Auditor – Accountant:	Dimitris Samaras (Α.Μ. 34161)	Emmanuella Vassilaki, Member
Auditing Firm:	ECOVIS HELLAS SA. (ΑΜ 155)	Dimitris Maggioros, Member
Type of Auditors´Audit Report:	UnQualified	Garyfallia Pelekanou, Member
		Antonia Dimitrakopoulou, Member
		Georgios Vassilakis, Non-executive member
		Spyros Flegas, Independent non-executive member

Stefanos Kotsolis, Independent non-executive member