Autohellas S.A. — Interim / Quarterly Report 2008

Sep 24, 2015

AUTOHELLAS SA

INTERIM FINANCIAL STATEMENTS Q3 -2008 For the Period 1st January to 30th September 2008

In Accordance with the Law 3556/2007

The annual Financial Statements have been approved by Autohellas's 's Board of Directors on 18th of November 2008 and have been published in the company's web address : www.hertz.gr

President of the BOD Vice President. Chief Financial Officer Head of Accounting Dpt

&Managing Director

Theodore Vassilakis Eftichios Vassilakis Garyfallia Pelekanou Constantinos Siambanis `

CONTENTS

ƒ	Financial Results Q3 - 2008	PAGE
	Α. FINANCIAL STATEMENTS
	Balance Sheet (Ι)	3
	Income Statements (ΙΙ)	4
	Statements of changes in equity (ΙΙΙ)	5
	Cash flow Statement (ΙV)	6
	B. CONSOLIDATED FINANCIAL STATEMENTS
	Balance Sheet (Ι)	7
	Income Statements (ΙΙ)	8
	Statements of changes in equity (ΙΙΙ)	9
	Cash flow Statement (ΙV)	10
	C. SELECTIVE EXPLANATORY NOTES
	1. General Information	11
	2. Group Structure	11
	2.1. Subsidiaries	11
	2.2. Associated companies/ Joint-Ventures	11
	3. Accounting Policies	12
	3.1. Basis for preparation of the financial statements	12
	3.2. New Standards - interpretations	12
	3.3. Information per sector/ Seasonality	12
	Tangible Fixed Assets 4.	13-14
	Investments Propreties 5.	14
	6. Investment in Subsidiaries	15
	7. Investment in Associates/Join ventures	15
	8. Other assets available for sale	16
	9. Sales and other operating income	16
	10. Loans	16
	11. Deferred Tax	16
	12. Earnings per share	17
	13. Possibilities	17
	14. Events occurred after the Publication of the Balance Sheet	17
	15. Transactions with associated companies	17
	i) Sales of goods and services	17
	ii) Purchase of goods and services	18
	iii) Management Salaries	18
	iv) Claims from associated companies	18
	v) Liabilities towards associated companies	18
	vi) Guarantees	18
	16. Change in Accounting policy	18
	17. Capital Return / Dividend	19
	D. FINANCIAL STATEMENTS FOR THE PERIOD 01/01/2008 – 30/09/2008	20

Balance Sheet (I)

ASSETS	Note	30.9.2008	31.12.2007
Non-current assets
Own occupied tangible assets	4	282,047,875.79	240,103,434.86
Investments in Proprenties	5	14,465,087.48	10,320,535.24
Intangibles		23,317.80	1,747.95
Investments in subsidiaries	6	6,374,555.10	6,072,846.50
Investments in participating companies	7	6,921,221.09	4,891,221.09
Financial assets available for sale	8	17,977,083.80	34,404,178.20
Trade & other debtors		12,604,061.84	8,220,504.15
Guarantees		326,368.38	326,429.94
		340,739,571.28	304,340,897.93
Current assets
Inventory		75,411.00	49,586.00
Trade debtors		25,492,370.47	18,679,401.59
Other debtors		4,416,639.39	4,434,978.39
Advance payments		10,787,689.55	10,848,278.75
Cash and cash equivalents		29,608,531.71	15,647,014.23
		70,380,642.12	49,659,258.96
Total Assets		411,120,213.40	354,000,156.89
OWNER´S EQUITY
Capitals and Reserves
Share Capital		11,635,200.00	11,635,200.00
Share capital paid in excess of Par value		130,552.60	32,029,386.83
Other reserves		34,515,907.10	35,612,111.98
Earnings carried forward		55,213,531.42	65,333,948.84
		101,495,191.12	144,610,647.65
Total Net Worth		101,495,191.12	144,610,647.65
LIABILITIES
Long term liabilities
Loans	10	219,360,249.98	149,777,500.09
Deferred tax	11	18,987,894.84	15,054,360.28
Provisions for staff leaving indemnities		1,319,422.91	1,235,714.53
Derivatives		4,360,466.48	827,451.00
		244,028,034.21	166,895,025.90
Short term liabilities
Trade creditors
Current Income Tax		64,852,985.62	42,494,483.34
		744,002.45 65,596,988.07	0.00 42,494,483.34
Total short term liabilities		309,625,022.28	209,389,509.24
Total Equity and liabilities		411,120,213.40	354,000,156.89

Income Statement (II)

	Note	01.01-30.09.2008	01.01-30.09.2007	01.07 - 30.09.2008	01.07 - 30.09.2007
Turnover	9	96,836,496.12	89,370,907.13	40,797,014.82	38,200,041.73
Cost of Sales		-71,894,550.29	-65,812,868.62	-26,693,877.85	-23,508,469.50
Gross Operating Profits		24,941,945.83	23,558,038.51	14,103,136.97	14,691,572.23
Other Operating Income	9	6,559,510.23	6,156,915.64	2,639,507.02	2,031,816.12
Administrative expenses		-6,441,014.03	-6,251,990.08	-1,885,783.90	-1,759,300.11
Distribution expenses		-1,435,507.92	-1,452,348.01	-393,135.72	-372,024.50
Other expenses		-643,117.08	-37,738.66	-10,555.97	-8,544.81
Gains/losses before tax, financial and investment activities		22,981,817.03	21,972,877.40	14,453,168.40	14,583,518.93
Gains/losses before tax, financial investment activities and depreciation		57,354,805.11	54,928,649.89	26,586,677.39	25,559,089.13
Interest expense and other expenses		-8,372,790.39	-5,877,528.76	-3,024,678.09	-2,031,101.94
Credit interest and Income		1,990,814.83	1,234,835.61	670,399.20	338,805.89
Derivatives Valuation		-2.304.821,31	1,314,165.62	-1,320,000.00	230,917.09
Less:Fixed assets Depreciations		34,372,988.08	32,955,772.49	12,133,508.99	10,975,570.20
Less: Depreciation Expenses included in Operating Cost		34,372,988.08	32,955,772.49	12,133,508.99	10,975,570.20
Earnings Before Tax		14,295,020.16	18,644,349.87	10,778,889.51	13,122,139.97
Tax Payable	11	-2,228,824.41	-5,024,095.47	-1,324,791.77	-3,643,542.99
Earnings After Tax		12,066,195.75	13,620,254.40	9,454,097.74	9,478,596.98

Net Earnings per Share 12 0.3319 0.3771 0.2600 0.2624

ΙΙΙ. Statements of changes in equity

	Note	Share Capital	Above Par	Other Reserves	Reserves from property value readjustment	Results carrieed forward	Total Equity
Balance as of 01.01.2007		11,558,400.00	31,626,186.83	12,184,667.99	0.00	56,974,670.88	112,343,925.70
- Correction in accounting principles - Financial assets available for sale estimates at fair value				25,802,445.59		2,805,695.26	2,805,695.26 25,802,445.59
Net gain/ loss reported on Net equity		0.00	0.00	25,802,445.59		2,805,695.26	28,608,140.85
- Net results for the period						13,620,254.40	13,620,254.40
Recognized profit / loss for the period		0.00	0.00	25,802,445.59		13,620,254.40	42,228,395.25
- Dividends paid						-9,030,000.00	-9,030,000.00
Balance as of 30.09.2007		11,558,400.00	31,626,186.83	37,987,113.58	0.00	64,370,620.54	145,542,320.95
Balance as of 01.01.2008		11,635,200.00	32,029,386.83	35,612,111.98	0.00	65,333,948.84	144,610,647.65
- Reserves from financial assets available for sale fair value.				-16,427,094.40			-16,427,094.40
- Reserves from property value readjustment	16				19,163,611.91		19,163,611.91
-Tax reserves due to assets' value readjustment	16				-3,832,722.39		-3,832,722.39
Net gain/ loss reported on Net equity		0.00	0.00	-16,427,094.40	15,330,889.52	0.00	-1,096,204.88
- Net results for the period						12,066,195.75	12,066,195.75
Recognized profit / loss for the period		0.00	0.00	-16,427,094.40	15,330,889.52	12,066,195.75	10,969,990.87
- Increase in share capital		47,268,000.00	-31,898,834.23			-15,641,813.17	-272,647.40
- Decrease in share capital		-47,268,000.00					-47,268,000.00
- Diviends paid						-6,544,800.00	-6,544,800.00
Balance as of 30.09.2008		11,635,200.00	130,552.60	19,185,017.58	15,330,889.52	55,213,531.42	101,495,191.12

Cash flow Statement (IV)

Values in Euro	01.01-30.09.2008	01.01-30.09.2007
Profits before tax	14,295,020.16	18,644,349.87
Adjustments for:
Fixed assets depreciation	34,372,988.08	32,955,772.49
Fixed Assets value readjustment	608,523.09	0.00
Provisions	684,446.27	614,370.08
Earnings from tangible assets sale	-4,077,216.56	-4,598,698.16
Interest	8,686,796.87	3,328,527.53
	54,570,557.91	50,944,321.81
Working capital changes
Increase/decrease in inventories	-25,825.00	-16,435.60
Increase/decrease in receivables	-6,748,167.21	3,501,819.41
Increase/decrease in liabilities	23,594,207.61	3,805,486.01
	16,820,215.40	7,290,869.82
Net cash flow from operating activities before Tax and Interest	71,390,773.31	58,235,191.63
Interest expense paid	-9,298,274.05	-5,824,204.75
Tax paid	-916,169.30	-3,060,013.45
Net cash flow from operating activities	61,176,329.96	49,350,973.43
Cash flow from investing activities
Purchase of tangible assets	-100,494,525.57	-82,831,352.32
Proceeds from sales of tangible assets	37,360,902.19	29,535,418.51
Purchase of subsidiaries, affiliated companies and other investments	-2,330,000.00	-1,039,929.60
Purchase of investment property	-98,396.23	0.00
Earnings from interest	3,219,009.00	2,268,997.27
Cash flow from investing activities	-62,343,010.61	-52,066,866.14
Cash flow from financing activities
Proceeds from borrowing	169,304,528.00	0.00
Payments for Share Capital decrease	-47,268,000.00	0.00
Cost of Share Capital Increase	-363,529.87	0.00
Loan payments	-100,000,000.00	-7,336,757.15
Dividend payments	-6,544,800.00	-9,030,000.00
Cash flow from financing activities	15,128,198.13	-16,366,757.15
Net decrease/increase in cash and cash equivalents	13,961,517.48	-19,082,649.86
Cash and cash equivalents at the beginning of the period	15,647,014.23	32,229,843.54
Cash and cash equivalents at the end of the period	29,608,531.71	13,147,193.68

Balance Sheet (I)

	Note	30.9.2008	31.12.2007
PROPERTY ASSETS
Non-current assets
Own occupied tangible fixed assets	4	317,063,244.77	255,832,744.23
Investments in Prorpeties	5	10,418,931.47	10,320,535.24
Intangibles		165,576.82	203,739.04
Investments in subsidiaries	7	9,929,087.42	7,421,655.25
Financial assets available for sale	8	17,977,083.80	34,404,178.20
Trade & other debtors		13,895,972.20	9,177,234.50
Other assets		326,368.38	326,429.94
		369,776,264.86	317,686,516.40
Current assets
Inventory		2,123,798.48	1,022,247.93
Trade debtors		32,134,918.43	21,566,795.26
Other debtors		4,980,614.21	5,181,290.20
Advance payments		11,225,168.60	11,228,679.37
Cash and cash equivalents		30,563,608.63	15,898,895.64
		81,028,108.35	54,897,908.40
Total assets		450,804,373.21	372,584,424.80
OWNERS EQUITY Capital and reserves attributed in the parent company's shareholders
Share capital		11,635,200.00	11,635,200.00
Share capital paid in excess of Par value		130,552.60	32,029,386.83
Foreign exchange differences		-74,755.10	-62,613.47
Other reserves		34,515,907.10	35,612,111.98
Earnings carried forward		60,897,542.25	69,813,365.88
		107,104,446.85	149,027,451.22
Minority interest		889,761.74	844,943.22
Net Worth		107,994,208.59	149,872,394.44
LIABILITIES
Long term liabilities
Loans	10	219,360,249.98	149,777,500.09
Deferred tax	11	18,987,894.84	15,054,360.28
Provisions for staff leaving indemnities		1,319,422.91	1,235,714.53
Derivatives		4,360,466.48	827,451.00
		244,028,034.21	166,895,025.90
Short term liabilities
Trade creditors		76,030,508.59	46,184,474.46
Short term borrowing	10	21,952,124.47	9,492,398.83
Taxes and duties payable		799,497.35	140,131.17
		98,782,130.41	55,817,004.46
Total liabilities		342,810,164.62	222,712,030.36
Total equity and liabilities		450,804,373.21	372,584,424.80

INCOME STATEMENT (II)

		01.01.08-30.09.08	01.01.07-30.09.07	01.07.08-30.09.08	01.07.07-30.09.07
Values in Euros	Note
Turnover	9	109,911,935.22	97,608,651.69	46,164,731.39	41,848,233.23
Cost of Sales		-79,259,297.25	-71,770,202.62	-28,320,254.05	-25,827,279.70
Gross Operating Earnings		30,652,637.97	25,838,449.07	17,844,477.34	16,020,953.53
Other Operating Income	9	6,068,324.45	6,548,950.37	2,404,406.95	2,225,290.15
Administrative expenses		-7,938,401.59	-6,905,530.76	-2,363,344.58	-2,025,404.50
Distribution expenses		-3,402,883.13	-2,349,934.12	-1,600,703.13	-735,923.28
Other expenses Gains/losses before tax, financial and		-891,704.74	-46,466.22	-112,569.11	-13,658.98
investment activities		24,487,972.96	23,085,468.34	16,172,267.47	15,471,256.92
Gains/losses before tax, financial investment activities and depreciations		63,180,417.40	58,885,049.13	29,802,848.55	27,619,497.16
Interest expense and other expenses		-9,096,472.19	-6,219,299.04	-3,343,566.30	-2,168,632.18
Credit interest and income		2,089,756.19	1,278,506.59	703,437.22	358,132.12
Derivatives Valuation Income from participation in associated		-2,304,821.31	1,314,165.62	-1,320,000.00	230,917.09
companies		477,432.17	543,201.50	70,101.33	230,030.18
Less:Fixed assets Depreciations Less: Depreciation Expenses included in Operating		38,692,444.44	35,799,580.79	13,630,581.08	12,148,240.24
cost		38,692,444.44	35,799,580.79	13,630,581.08	12,148,240.24
Earnings Before Taxes		15,653,867.82	20,002,043.01	12,282,239.72	14,121,704.13
Tax Payable	11	-2,338,259.76	-5,113,064.20	-1,417,437.15	-3,710,641.65
Earnings After Taxes		13,315,608.06	14,888,978.81	10,864,802.57	10,411,062.48

Attributable to :
Shareholders		13,270,789.54	14,836,317.94	10,793,796.17	10,332,710.89
Minority interest		44,818.52	52,660.87	71,006.40	78,351.59
Profits after taxes per share	12	0.3650	0.4108	0.2969	0.2861

ΙΙΙ. Statements of changes in equity

	ATTRIBUTED TO THE PARENT'S SHAREHOLDERS						MINORITY
Note	Share Capital	Above par	Exchange Differences	Other reserves	Reserves from property value readjustment	Results carried forward	Total	Minority rights
Balance as of 01.01.2007	11,558,400.00	31,626,186.83	16,501.66	12,184,667.99	0.00	60,520,496.08	759,840.31	116,666,092.87
- Correction in accounting principles						2,805,695.26		2,805,695.26
- Reserves from available for sale financial assets valued at fair value .				25,802,445.59				25,802,445.59
- Exchange rate differences			-40,079.05					-40,079.05
Net gain/ loss reported on Net equity			-40,079.05	25,802,445.59		2,805,695.26		28,568,061.80
- Net results for the period						14,836,317.94	52,660.87	14,888,978.81
Recognized profit / loss for the period			-40,079.05	25,802,445.59		17,642,013.20	52,660.87	43,457,040.61
- Dividends paid						-9,030,000.00		-9,030,000.00
Balance as of 30.09.2007	11,558,400.00	31,626,186.83	-23,577.39	37,987,113.58	0.00	69,132,509.28	812,501.18	151,093,133.48
Balance as of 01.01.2008	11,635,200.00	32,029,386.83	-62,613.47	35,612,111.98	0.00	69,813,365.88	844,943.22	149,872,394.44
-Reserve from Financial assets' available for sale fair value.				-16,427,094.40				-16,427,094.40
- Reserves from property value readjustment 16					19,163,611.91			19,163,611.91
-Tax reserves from assets value readjustment 16					-3,832,722.39			-3,832,722.39
- Exchange rate differences			-12,141.63					-12,141.63
Net gain/ loss reported on Net equity			-12,141.63	-16,427,094.40	15,330,889.52			-1,108,346.51
- Net results for the period						13,270,789.54	44,818.52	13,315,608.06
Recognized profit / loss for the period			-12,141.63	-16,427,094.40	15,330,889.52	13,270,789.54	44,818.52	12,207,261.55
-Increase in share capital	47,268,000.00	-31,898,834.23				-15,641,813.17		-272,647.40
-Decrease in share capital	-47,268,000.00							-47,268,000.00
- Dividends paid						-6,544,800.00		-6,544,800.00
Balance as of 30.09.2008	11,635,200.00	130,552.60	-74,755.10	19,185,017.58	15,330,889.52	60,897,542.25	889,761.74	107,994,208.59

Cash flow statement (IV)

	30/9/2008	30/9/2007
Profits before tax	15,653,867.82	20,002,043.01
Adjustments for:
Fixed assets depreciation	38,692,444.44	35,799,580.79
Fixed Assets value readjustment	608,523.09	0.00
Provisions	716,698.32	614,370.08
Earnings from tangible assets sale	-4,866,885.47	-5,139,190.87
Interest	9,311,537.31	3,626,626.83
Income from participations in associations companies	-477,432.17	-543,201.50
	59,638,753.34	54,360,228.34
Working capital changes
Increase/decrease in inventories	-1,293,327.49	-140,853.97
Increase/decrease in receivables	-11,000,803.85	1,550,585.55
Increase/decrease in liabilities	31,389,383.82	5,912,430.42
	19,095,252.48	7,322,162.00
Net cash flow from operating activities	78,734,005.82	61,682,390.34
Interest expense paid	-10,021,955.95	-6,165,975.03
Tax paid	-934,459.88	-3,151,822.16
Net cash flow from operating activities	67,777,589.99	52,364,593.15
Cash flow from investing activities
Purchase of tangible assets	-120,666,687.19	-92,635,797.91
Proceeds from sales of tangible assets	38,774,507.48	30,457,665.14
Acquisition of joint – venture	-2,030,000.00	-39,929.60
Purchase of assets for investment	-98,396.23	0.00
Proceeds from interests	3,317,950.36	2,312,668.25
Net cash flow from investing activities	-80,702,625.58	-59,905,394.12
Cash flow from financial activities
Proceeds from borrowing	181,769,774.08	4,792,484.58
Payments for Share Capital Decrease	-47,268,000.00	0.00
Cost of Share Capital Increase	-361,821.27	0.00
Loan payments	-100,005,404.23	-7,336,757.15
Dividend payments	-6,544,800.00	-9,030,000.00
Net cash flow from financing activities	27,589,748.58	-11,574,272.57
Net decrease/increase in cash and cash equivalents	14,664,712.99	-19,115,073.54
Cash and cash equivalents at the beginning of the period	15,898,895.64	32,668,752.16
Cash and cash equivalents at the end of the period	30,563,608.63	13,553,678.62

C. Notes to the Interim Financial Statements

1. General Information

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

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

Financial Statements were approved of the Board of Directors in 18/11/2008.

2. Group Structure

1. Subsidiaries :

Company	Registered office	% of ownership
AUTOHELLAS TOURIST & TRADING ANONYMOUS COMPANY	Kifissia, Attica	Parent Company
AUTOTECHNICA LTD	Sofia, Bulgaria	99,99%	(First consolidation 30.09.2003 - establishment in 2003)
DEMSTAR RENTALS 2005 LTD	Lefkosia, Cyprus	75%	(First consolidation 31.12.2005 - establishment in 2005)
AUTOTECHNICA FLEET SERVICES S.R.L.	Bucharest Romania	100%	(First consolidation 31.03.2007 - establishment in 2007)
AUTOTECHNICA HELLAS S.A.	Kifissia, Attica	100%	(First consolidation 31.03.2008 - establishment in 2008) Note.6 Financial Statement
A.T.C. AUTOTECHNICA (CYPRUS) LTD	Lefkosia, Cyprus	100%	(First consolidation 30.06.2008 - establishment in 2008) Note.6 Financial Statement

2. Associated companies/Joint ventures:

Company	Registered office	% of ownership
Piraeus Best Leasing S.A. (associated comp.)	Athens, Attica	48,08%	(First consolidation 30.09.2004)
Eltrekka S.A. (associated comp.)	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. (joint venture)	Kifissia, Attica	50%	(First consolidation 31.03.08 λόγω establishment in 2008)-Note.7 Financial Statement

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

3. Accounting Policies

3.1. Basis for preparation of the financial statements.

The basic accounting principles, evaluations and admissions that the group has used in order to compile these interim financial statements are the same used for previously compiled annual statements with only one exception as described in note 18.

Since these financial statements are a concise summary they have to be compiled along the annual financial statements (31.12.2007).

Exception to the above is the change in the depreciation rate of the vehicles, since the company has decided that a more accurate and realistic valuation of its assets will be reported by using a different depreciation rate.

In more detail, the annual depreciation rate for the vehicles has been set (as from 1st of July 2007, to 13.8% from 15%. The change in the depreciation rate resulted in a smaller amount of depreciation for the first semester of 2008 in relation to the 1st semester of 2007, by €1,873,135.09, and to a decrease in other operating income as well , by amount €275,796.79.

For the reasons explained above and from the 1st of July 2008, the annual depreciation rate of vehicle has been changed in our subsidiary in Bulgaria from 25% to 15% and in our subsidiary in Romania from 25% to 17%.

If these changes in our subsidiaries in Bulgaria and Romania hadn't been made, the total depreciation figures would have been increased by amount €580,230, while other operating income would have been increased by €16,652.

3.2. New Standards - interpretations

IASB and ΙFRIC have published new standards and interpretations, and have made reviews on standards and interpretations, valid for 12 month fiscal periods starting after the 1st of January 2008. Out of these, most important is the review of IFS 16 ¨tangible assets¨ valid for annual fiscal period starting on or after 01.01.2009, according to which, tangible assets which under the company´s regular activities are leased to third parties and following this are sold, have to be transferred after the end of the lease in reserves, and upon their sale, income from sale and cost of sale are recognized. This review will result in a substantial increase in turnover and cost of sales for the company and the group.

3.3. Information per sector/ Seasonality

Parent company's activities are the renting of vehicles and is conducted solely in Greece. Subsidiary's activities include renting of vehicles, vehicle trade and maintenance are conducted solely in Bulgaria, Romania, Cyprus and Greece . Given the fact that the vast majority of the groups activities are conducted in Greece and that the rest countries do not meet the criteria of IAS 14, the group does not report information per sector.

The company operates in the sectors of long term rentals (Fleet Management) and short term rentals (Renting). Short term business, is highly dependable on the number of incoming tourism during the summer period. As a result, historically over 35% to 40% of total short term revenues are generated during July and August. Hence, it is inevitable, that despite the large contribution of Fleet Management in the company's turnover, and the flat seasonality of that particular sector, Renting sector's seasonality leads total revenue and most importantly earnings in substantially larger figures during summer period and lower at the first and last months of the year. Furthermore, steep seasonality forces the company to hire a large number of seasonable employees and proceed in a number of vehicle purchases and sales at the beginning and towards the end of the season respectively. On the other hand, it is a fact that rents, administrative personnel, management and other similar expenses do remain stable throughout the year.

4. Tangible Fixed Assets

The Group

	Plots	Buildings	Mechanical Equipment	Vehicles	Furniture & other Equipment	Tangibles under construction	Total
01.01 – 30.09.2007
Starting Balance	9,243,184.26	18,078,163.82	548,041.90	208,412,124.72	1,541,911.71	250,287.22	238,073,713.64
Foreign exchange difference	0.00	0.00	87.64	-41,771.18	-381.64	0.00	-42,065.18
Investment in property	-1,084,166.93	-5,495,441.29	0.00	0.00	0.00	0.00	-6,579,608.22
Additions	886,060.47	153,670.62	326,087.93	87,737,986.91	507,026.93	367.77	89,611,200.63
Sales	0.00	0.00	-6,195.00	-47,332,470.35	-31,175.95	0.00	-47,369,841.30
Depreciation	0.00	-443,833.25	-143,765.84	-34,725,405.47	-444,607.68	0.00	-35,757,612.24
Depreciation reduction	0.00	0.00	0.00	22,353,926.20	31,175.95	0.00	22,385,102.15
Unamortised Value 30.09.2007	9,045,077.80	12,292,559.90	724,256.63	236,404,390.83	1,603,949.32	250,654.99	260,320,889.48
01.10 – 31.12.2007
Starting Balance	9,045,077.80	12,292,559.90	724,256.64	236,404,390.83	1,603,949.32	250,654.99	260,320,889.48
Foreign exchange difference	0.00	0.00	649.69	15,094.02	-520.53	0.00	15,223.18
Additions	63,014.36	-18,841.78	220,728.34	20,233,838.08	-138,238.76	20,076.44	20,380,576.68
Sales	0.00	0.00	0.00	-23,777,999.23	-19,617.78	0.00	-23,797,617.01
Depreciation	0.00	-151,289.26	-58,535.26	-11,774,270.86	-153,758.08	0.00	-12,137,853.46
Reduction in depreciation	0.00	0.00	0.00	11,034,448.46	17,076.90	0.00	11,051,525.36
Unamortised Value 31.12.2007	9,108,092.16	12,122,428.86	887,099.41	232,135,501.30	1,308,891.07	270,731.43	255,832,744.23
01.01 – 30.09.2008
Starting Balance	9,108,092.16	12,122,428.86	887,099.41	232,135,501.30	1,308,891.07	270,363.66	255,832,744.23
Foreign exchange difference	0.00	0.00	0.00	-12,641.56	414.65	0.00	-12,226.91
Property value readjustment	16,018,185.00	2,536,903.82	0.00	0.00	0.00	0.00	18,555,088.82
Additions	5,553,285.45	185,786.22	312,718.21	108,670,459.19	269,787.58	-76,887.50	114,915,149.15
Sales	0.00	0.00	-734,632.29	-59,896,210.02	-196,936.83	0.00	-60,827,779.14
Depreciation	0.00	-463,528.39	-189,454.77	-37,476,564.48	-476,998.31	0.00	-38,606,545.95
Depreciation reduction Unamortised Value 30.09.2008	0.00 30,679,562.61	0.00 14,381,590.51	595,364.00 871,094.56	26,428,412.83 269,848,957.26	183,037.74 1,088,195.90	0.00 193,476.16	27,206,814.57 317,063,244.77

The Company

	Plots	Buildings	Mechanical Equipment	Vehicles	Furniture & other Equipment	Tangibles under construction	Total
01.01 – 30.09.2007
Starting Balance	8,990,464.04	18,078,163.82	538,514.35	199,500,987.92	1,332,692.73	238,819.68	228,679,642.54
Investment in property	-1,084,166.93	-5,495,441.29	0.00	0.00	0.00	0.00	-6,579,608.22
Additions	886,060.47	153,670.62	287,882.17	78,272,864.03	233,235.18	367.77	79,834,080.24
Sales	0.00	0.00	-6,195.00	-45,981,084.84	-3,074.17	0.00	-45,990,354.01
Depreciation	0.00	-443,833.25	-130,309.69	-31,986,003.64	-391,115.26	0.00	-32,951,261.84
Depreciation reduction Unamortised Value	0.00	0.00	0.00	21,384,294.61	3,074.17	0.00	21,387,368.78
30.09.2007	8,792,357.58	12,292,559.90	689,891.83	221,191,058.08	1,174,812.65	239,187.45	244,379,867.49
01.09 – 31.12.2007
Starting Balance	8,792,357.58	12,292,559.90	689,891.83	221,191,058.08	1,174,812.65	239,187.45	244,379,867.49
Additions	63,014.36	-18,841.78	220,561.03	17,836,400.55	66,994.00	28,987.50	18,197,115.66
Sales	0.00	0.00	0.00	-21,468,240.70	0.00	0.00	-21,468,240.70
Depreciation	0.00	-151,289.26	-52,993.92	-10,576,141.15	-135,805.09	0.00	-10,916,229.42
Depreciation reduction	0.00	0.00	0.00	9,910,679.41	242.42	0.00	9,910,921.83
Unamortised Value 31.12.2007	8,855,371.94	12,122,428.86	857,458.94	216,893,756.19	1,106,243.98	268,174.95	240,103,434.86
01.01 – 30.09.2008
Starting Balance	8,855,371.94	12,122,428.86	857,458.94	216,893,756.19	1,106,243.98	268,174.95	240,103,434.86
Property value readjustment	13,814,270.10	694,662.71	0.00	0.00	0.00	0.00	14,508,932.81
Additions	2,943,088.60	171,071.72	125,827.37	91,476,114.45	126,447.35	-76,887.50	94,765,661.99
Sales	0.00	0.00	-734,632.29	-57,623,018.86	-193,262.91	0.00	-58,550,914.06
Depreciation	0.00	-449,458.30	-139,660.92	-33,386,473.33	-392,985.38	0.00	-34,368,577.93
Depreciation reductions Unamortised Value 30.09.2008	0.00 25,612,730.64	0.00 12,538,704.99	595,364.00 704,357.10	24,812,948.16 242,173,326.61	181,025.96 827,469.00	0.00 191,287.45	25,589,338.12 282,047,875.79

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

5. Investment in property

	GROUP	COMPANY
Book Value 01.01.2007	6.415.683,38	6.415.683,38
Readjustment in fair value 01.01.2007	3.740.927,02	3.740.927,02
Depreciation readjustment for the period 2007	163.924,84	163.924,84
Additions for the fiscal year 2007	0,00	0,00
Balance as of 31.12.2007	10.320.535,24	10.320.535,24
Additions for period 01.01-30.09.08	98.396,23	4.144.552,24
Balance as of 30.09.08	10.418.931,47	14.465.087,48

Details on the effect of accounting policy and investment in property can be found under note 16.

6. Investment in Subsidiaries

			30.09.2008	31.12.2007
Investment in Subsidiaries (acquisition cost) )			6.374.555,10	6.072.846,50
Company Name	Country of Domicile	Participation Percentage	Acquisition Cost	Company Name
AUTOTECHNICA LTD	Bulgaria	99,99%	3.011.842,00	3.011.842,00
DEMSTAR RENTALS 2005 LTD	Cyprus	75%	2.061.004,50	2.061.004,50
AUTOTECHNICA FLEET SERVICES S.R.L.	Romania	100%	1.000.000,00	1.000.000,00
AUTOTECHNICA HELLAS ATEE	Greece	100%	300.000,00	0,00
A.T.C. AUTOTECHNICA (CYPRUS) LTD	Cyprus	100%	1.708,60	0,00

AUTOHELLAS SA participates in AUTOTECHNICA LTD with 99,99%.

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

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

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

In 24th 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 quarter of 2008. Share capital is 1.708,60€ (100% percentage contribution) and its main activities is car trading.

7. Investment in Associates /Joint ventures

	THE GROUP		THE COMPANY
	30/09/2008	31/12/2007	30/09/2008	31/12/2007
Piraeus Best Leasing A.Τ.Ε.Ε.	5,577,483.60	4,996,017.87	2,691,220.07	2,691,220.07
ΕLΤRΕΚΚΑ SA	2,335,552.88	2,425,637.38	2,200,001.02	2,200,001.02
SPORTSLAND SA	2,016,050.94	0.00	2,030,000.00	0.00
	9,929,087.42	7,421,655.25	6,921,221.09	4,891,221.09

AutoHellas ATEE participates in the company Piraeus Best Leasing A.Τ.Ε.Ε. with a participation percentage of 48,08% (2.691.220,07€).). Pireos Best Leasing SA , is a similar to AUTOHELLAS SA Company operating exclusively in the vehicle leasing sector. Acquisition was made in hand with Piraeus Best Leasing, which has the management of the company.

In September of 2008, the BoD of Piraeus Best Leasing has approved the merger Plan between Piraeus Best leasing ATEE and Olympic trade&tourism companies SA. In order fro a new anonymous company to be established. The merger of the two companies, and the establishment of the new company will be conducted in accordance to provisions of article 80 of law 2190/1920, as well as articles 69-77 of the same law in combination with the provisions of law 1297/1972. Each company's contributing assets will be valued in accordance to the respective balance sheet on the 31.12.2007.

The final share distribution and merge relations between the two companies are waiting the approval and acceptance of a) the evaluation committee of the certified auditors, in accordance with article 9, par 4 of law 2190/1920, as well as articles 80&71 of the same law and b) the decisions of the general shareholders meeting, in accordance with current par.1 article 72 of law 2190/1920.

From financial point of view, the merger will create substantial economies of scale and improve competitiveness.

AutoHellas also participates in the company ΕLΤΡΕΚΚΑ Α.Ε. ( 50% participation percentage ), with ΕLΤRΑΚ Α.Ε. holding the remaining 50% ( 2.200.001,02 € ). ΕLΤREKΚΑ´s activities are the import, storage, trade and distribution of highly recognizable vehicle spare brands in the Greek Market.

In February 2008 Autohellas participated in the establishment of Sportsland SA with the total investment amounting €2,030,000.00 (participation 50%). The remaining 50% belongs to " Pilos Touristiki SA".

8. Other assets available for sale

Assets available for sale are as follows :

COMPANY	Participants Percentage	FAIR VALUE
	%	30.09.2008	31.12.2007
AEGEAN AIRLINES S.A.	6,928	17.218.761,60	33.645.856,00
THE CRETE GOLF CLUB	5,44	758.322,20	758.322,20
S.A.
		17.977.083,80	34.404.178,20

Autohellas, 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 30th of September 2008 (€3.48 per share), which resulted in a difference in fair value of €14.843.760,00 recognized directly to the company's equity.

9. Sales and other operating income

	THE GROUP		THE COMPANY
	30/09/2008	30/09/2007	30/09/2008	30/09/2007
Sales	109,911,935.22	97,608,651.69	96,836,496.12	89,370,907.13
Other operating income
Earnings from vehicles sold	4,866,885.47	5,139,190.87	4,077,216.56	4,598,698.16
Earnings from commissions and services	235,033.20	611,590.94	1,515,887.89	653,199.33
Other operating income	966,405.78	798,168.56	966,405.78	905,018.15
	6,068,324.45	6,548,950.37	6,559,510.23	6,156,915.64

10. Loans

	THE GROUP		THE COMPANY
	30/09/2008	30/09/2007	30/09/2008	30/09/2007
Balance as of 01.01	159,269,898.92	160,721,211.71	149,777,500.09	156,917,257.20
New Loans	181,769,657.87	4,792,484.58	169,304,528.00	0.00
Loans Expenses	278,221.89	147,750.03	278,221.89	147,750.03
Loans Acquiittance	-100,005,404.23	-7,336,757.15	-100,000,000.00	-7,336,757.15
Balance as of 30.09	241,312,374.45	158,324,689.17	219,360,249.98	149,728,250.08

11. Deferred Tax

	THE GROUP			THE COMPANY
	30/09/2008	30/09/2007	30/09/2008	30/09/2007
Tax for the Period	2,096,565.12	2,840,870.21	1,987,129.77	2,751,901.48
Deferred Tax	1,586,625.25	2,272,193.99	1,586,625.25	2,272,193.99
Deferred tax from tax rate reduction	-1,394,930.61	0.00	-1,394,930.61	0.00
Tax provision for non – audited years	50,000.00	0.00	50,000.00	0.00
	2,338,259.76	5,113,064.20	2,228,824.41	5,024,095.47

In accordance with law 3697/2008, there will be a reduction of the income tax value by 1% each year from 2010 until 2014. In 2014 and for following years tax rates will be 20%. Deferred tax has been adjusted to the new rates and a reduction in deferred tax obligation by €1,399,930.61 has resulted. From this amount €958,180.60 has been registered in increase of reserves from assets' value readjustment in net worth, and the remaining €436,750.01, as income from deferred tax on the period's results.

12. Earnings per share

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

	THE GROUP			THE COMPANY
	30/09/2008	30/09/2007	30/09/2008	30/09/2007
Net profit/Loss for the period	13,315,608.06	14,888,978.81	12,066,195.75	13,620,254.40
Attributable to :
Shareholders	13,270,789.54	14,836,317.94	12,066,195.75	13,620,254.40
Minoring rights	44,818.52	52,660.87	0.00	0.00
Weighted average number of shares	36,360,000.00	36,120,000.00	36,360,000.00	36,120,000.00
Net profit (Group)	0.3650	0.4108	0.3319	0.3771

13. Possibilities

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

AUTOHELLAS ATEE	2006-07
AUTOTECHNICA LTD	2003-2007
DEMSTAR RENTALS 2005 LTD	2005-2007
AUTOTECHNICA FLEET SERVICES S.R.L.	2007
AUTOTECHNICA HELLAS ATEE	Established in 2008
A.T.C. AUTOTECHNICA (CYPRUS) LTD	Established in 2008

Company conducts provisions for the tax that may arise from the non-audited fiscal years based on its experience. Total provisions on the 30th of September 2008 are €170,000.00 for both group and company from 145.000€ on the 30th of June 2008.

14. EVENTS OCCURRED AFTER THE PUBLICATION OF THE BALANCE SHEET

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

15. Transactions with associated companies

The following transactions are transactions with associated companies.

i. Sales of goods and services

	30.09.2008	30.09.2007
Sale of services to associated companies	5,263,541.70	5,075,021.27
Sales for services to Major Shareholder's companies	694,631.70	631,930.79
Sales of tangible assets Major Shareholder's companies	3,867,988.21	4,095,072.57
Other income from subsidiaries	1,286,943.03	330,446.48
Other Earnings from Major Shareholder's companies	488,606.96	480,469.00
	11,601,711.60	10,612,940.11

Other income from subsidiaries, is for managerial and administration support.

ii. Purchase of goods and services

	30.09.2008	30.09.2007
Purchase of goods from associated companies	156,926.81	386,515.11
Purchase of goods from Major Shareholder's companies	23,311,041.90	28,388,164.27
Purchase from subsidiaries	6,446,205.29	0.00
Other expenses from Major Shareholder's companies	138,883.12	168,494.10
	30,053,057.12	28,943,173.48

Purchase of goods from Major Shareholder's companies, are purchases of vehicles and spare parts.

iii. Management and BoD remuneration

	THE GROUP		THE COMPANY
	30.09.2008	30.09.2007	30.09.2008	30.09.2007
Salaries and other short term benefits	1,679,317.32	1,846,955.03	1,553,362.76	1,765,085.92
	1,679,317.32	1,846,955.03	1,553,362.76	1,765,085.92

iv. Claims from associated companies

Claims from associated companies	30.09.2008	31.12.2007
Subsidiaries	605,457.50	122,078.02
Associates	14,211.01	0.00
Companies-Major shareholder	1,237,058.86	970,394.18
	1,856,727.37	1,092,472.20

v. Liabilities towards associated companies

	30.09.2008	31.12.2007
Associates	156,750.80	91,512.61
Companies-Major shareholderυ	4,268,920.85	5,422,362.50
Subsidiaries	3,878,223.05	0.00
	8,303,894.70	5,513,875.11

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 € 2.500.000 has been given for a loan granted to DEMSTAR RENTALS 2005 LTD, and a guarantee of up to €10,500,000 has been given for a loan granted to AUTOTECHNICA FLEET SERVICES S.R.L.

16. Change in accounting policy

During the period 01.01-30.09.2008 there has been a change in the accounting method used to evaluate the company's property since management decided that its high value should be reported in the financial statements of the Group and the Company.

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

The methodology used was the comparative method or Real estate market method. In the cases of rented investment properties for which no comparable data exist, the income capitalization method has been used combined with the discounted cash flow. Finally, for special purpose properties or in cases where an organized real estate market does not exist, the depreciated replacement method and the residual method has been used.

More specifically:

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

As a result:

• i) Own capital in the 01.01.2008 has been increased through net readjustment reserve by 15.330.889,52€ (gross amount 19.163.611,91€– deferred income tax 3.832.722,39€).
• ii) Results for the period 01.01-30.09.2008 have been burdened with negative net difference from readjustments of amount 456.392,32€ (gross amount 608.523,09€- – income tax 152.130,77€).

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

• iv) The effect on the second quarter's results 01.01-30.09.08 due to increased depreciation on the readjusted values in relation to the purchase cost and the abolishment of depreciation on the investment properties is minimum.

• b) The investment in property is measured based on fair value and not on purchase cost, which was the valuation method up until 31.12.2007. This change has been implemented retroactively. As a result:
• i) Earnings carried forward on 01.01.2007 have been increased by net amount €2,805,695.26 (gross amount €3,740,927.02 – income tax €935,231.76)
• ii) Net result for the period 01.01-30.09.2007 has been increased by 92.207,72€ (gross amount 122.943,63€– net income 30.735,91€)) and for the fiscal year 2007 by amount €122,943.63 ( gross amount €163,924.84 – income tax €40,981.21), due to the reversal of depreciation.
• iii) ) The value of investment property has been increased on the 01.01.2007 by €3.740.927,02.
• iv) The difference in earnings per share as a result of the change of the result for the period 01.01-30.09.2007 and for the 2007 fiscal year is insignificant.

17. Capital Return / Dividend

1. The company's extraordinary general meeting that took place on the 15th of February 2008 has decided:

a) To increase the company's capital share by €47,268,000 by capitalizing i)amount €31,898,834.23 from the "share capital paid in excess of Par value" and ii) amount €15,641,813.17 from the account "Earnings carried forward", by increasing the company's par value by €1.3.

b) To reduce the share capital by €47,268,000.00 by reducing the shares value by €1.3 and distribute this amount (€1.3) to its shareholders. The Capital return was completed on the 13.05.2008

1. The Annual Shareholders meeting has decided on the 29th of May 2008 to pay to shareholders a dividend of €0,18 per share. Payment began on the 12th of June through National Bank of Greece..

			BALA	NCE S HEET						CASH FLOW STAT	EMEN T INF ORM ATIO N
GROU P			Figur COM	es in (€) PANY					(PER	IOD : 1st o f Jan until uary Figur	30rth of Se ber 2 008) ptem es in (€)
	30/09 /2008	31/12 /2007	30/09 /2008	31/12 /2007							GROU P	COM	PANY
ASSE TS Owne r Occ ible A ssets	4.77	4.23	5.79	4.86						01.01 -30.09 .2008	01.01 -30.09 .2007	01.01 -30.09 .2008	01.01 -30.09 .2007
upied Tang Inves tment in Pr opret ies	317,0 63,24 10,41 8,931 .47	255,8 32,74 10,32 0,535 .24	282,0 47,87 14,46 5,087 .48	240,1 03,43 10,32 0,535 .24					Oper ating Activ ities
Intang ibles	165,5 76.82	203,7 39.04	23,31 7.80	1,747 .95					Earni ng be fore ta x	15,65 3,867 .82	20,00 2,043 .01	14,29 5,020 .16	18,64 4,349 .87
Other Non- t Asse ts curren Inven tories	42,12 8,511 .80 2,123 ,798.4 8	51,32 9,497 .89 1,022 ,247.9 3	44,20 3,290 .21 75,41 1.00	53,91 5,179 .88 49,58 6.00					Adjus tment s for: Depre ciatio ns:	38,69 2,444 .44	35,79 9,580 .79	34,37 2,988 .08	32,95 5,772 .49
Trade Rece ivable s	32,13 4,918 .43	21,56 6,795 .26	25,49 2,370 .47	18,67 9,401 .59					Fixed Asse ts Va lue Re adjus tment	608,5 23.09	0.00	608,5 23.09	0.00
Other Asse ts TOTA L ASS ETS	46,76 9,391 .44 450,8 04,37 3.21	32,30 8,865 .21 372,5 84,42 4.80	44,81 2,860 .65 411,1 20,21 3.40	30,93 0,271 .37 354,0 00,15 6.89					Provis ions Resu lts (Ea rnings ) from Inves tment Activ ities	716,6 98.32 -5,344 ,317.6 4	614,3 70.08 -5,682 ,392.3 7	684,4 46.27 -4,077 ,216.5 6	614,3 70.08 -4,598 ,698.1 6
OWN ER´S EQU ITY a nd LIA BILIT IES									Intere st Plus/m inus A djustm ent of work ing ca pitals nts or accou Accou levan t to O nts re	9,311 ,537.3 1	3,626 ,626.8 3	8,686 ,796.8 7	3,328 ,527.5 3
Share holde ity rs equ	11,63 5,200 .00	11,63 5,200 .00	11,63 5,200 .00	11,63 5,200 .00					perati ng Ac tivities Increa se/(de e) in i nvent ories creas	-1,29 3,327 .49	-140,8 53.97	-25,82 5.00	-16,43 5.60
Other equit ets y ass	95,46 9,246 .85	137,3 92,25 1.22	89,85 9,991 .12	132,9 75,44 7.65					Increa se/(de e) in t rade a nd oth er Re ceiva bles creas	-11,0 00,80 3.85	1,550 ,585.5 5	-6,748 ,167.2 1	3,501 ,819.4 1
Total share holde ity (a) rs equ	107,1 04,44 6.85	149,0 27,45 1.22	101,4 95,19 1.12	144,6 10,64 7.65					Increa se/(de e) in l iabiliti es (ex cept b anks) creas	31,38 9,383 .82	5,912 ,430.4 2	23,59 4,207 .61	3,805 ,486.0 1
Minor ity inte rests ( b )	889,7 61.74	844,9 43.22	0.00	0.00					Less :
Total Equi ty (c )=(a)+ (b)	107,9 94,20 8.59	149,8 72,39 4.44	101,4 95,19 1.12	144,6 10,64 7.65					Intere st exp and re lated aid ense expen ses p	-10,0 21,95 5.95	-6,165 ,975.0 3	-9,298 ,274.0 5	-5,824 ,204.7 5
Long Term Borro wing	219,3 60,24 9.98	149,7 77,50 0.09	219,3 60,24 9.98	149,7 77,50 0.09					Taxes paid	-934, 459.8 8	-3,15 1,822 .16	-916, 169.3 0	-3,060 ,013.4 5
Provis ions / Othe r Long Term Borro wing	24,66 7,784 .23	17,11 7,525 .81	24,66 7,784 .23	17,11 7,525 .81					Net C ash f lows from ting a ctivit ies (a ) opera	67,77 7,589 .99	52,36 4,593 .15	61,17 6,329 .96	49,35 0,973 .43
Short -Term Bank Liabi lities	21,95 2,124 .47	9,492 ,398.8 3	0.00	0.00					Cash flows from inve sting activ ities
Other -Shor t term liabil ities	76,83 0,005 .94	46,32 4,605 .63	65,59 6,988 .07	42,49 4,483 .34					Acqu isition of su bsidia ries, p articip ation and o ther in vestm ents	-2,03 0,000 .00	-39,92 9.60	-2,330 ,000.0 0	-1,039 ,929.6 0
Total Liab ilities (d)	342,8 10,16 4.62	222,7 12,03 0.36	309,6 25,02 2.28	209,3 89,50 9.24					Purch f tang ible a nd int agible ts ase o asse	-120, 666,6 87.19	-92,63 5,797 .91	-100,4 94,52 5.57	-82,83 1,352 .32
Total Equi d Lia bilitie s (c)+ (d) ty an	450,8 04,37 3.21	372,5 84,42 4.80	411,1 20,21 3.40	354,0 00,15 6.89					Proce eds fr les of tangi ble as sets om sa	38,77 4,507 .48	30,45 7,665 .14	37,36 0,902 .19	29,53 5,418 .51
	PROF IT AN D LO	SS A CCOU NTS							Purca se of Inves Prop tment erty	-98,39 6.23	0.00	-98,39 6.23	0.00
	(PER IOD : 1st o f Jan uary	until 30rth of Se ptem ber 2 008)							Proce eds fr om in terest	3,317 ,950.3 6	2,312 ,668.2 5	3,219 ,009.0 0	2,268 ,997.2 7
	Figur	es in (€)							Net c ash f low fr om in vestin g act ivities (b)	-80,70 2,625 .58	-59,90 5,394 .12	-62,34 3,010 .61	-52,06 6,866 .14
		GROU	P			COM	PANY		Cash flows from finan cing activ ities
	01.01 -30.09 .2008	01.01 -30.09 .2007	01.07 -30.09 .2008	01.07 -30.09 .2007	01.01 .-30.0 9.200 8	01.01 .-30.0 9.200 7	01.07 .-30.0 9.200 8	01.07 .-30.0 9.200 7	Paym ents f or Sh are C apital decre ase	-47,26 8,000 .00	0.00	-47,26 8,000 .00	0.00
Turno ver	109,9 11,93 5.22	97,60 8,651 .69	46,16 4,731 .39	41,84 8,233 .23	96,83 6,496 .12	89,37 0,907 .13	40,79 7,014 .82	38,20 0,041 .73	Proce eds fr om bo rrowin gs	181,7 69,77 4.08	4,792 ,484.5 8	169,3 04,52 8.00	0.00
Less: Cost of sa les	79,25 9,297 .25	71,77 0,202 .62	28,32 0,254 .05	25,82 7,279 .70	71,89 4,550 .29	65,81 2,868 .62	26,69 3,877 .85	23,50 8,469 .50	Cost of Sh are C apital incre ase	-361, 821.2 7	0.00	-363,5 29.87	0.00
Gros s Pro fit/Lo sses	30,65 2,637 .97	25,83 8,449 .07	17,84 4,477 .34	16,02 0,953 .53	24,94 1,945 .83	23,55 8,038 .51	14,10 3,136 .97	14,69 1,572 .23	Loan ments repay	-100,0 05,40 4.23	-7,336 ,757.1 5	-100,0 00,00 0.00	-7,336 ,757.1 5
Other Plus: ating incom oper e	6,068 ,324.4 5	6,548 ,950.3 7	2,404 ,406.9 5	2,225 ,290.1 5	6,559 ,510.2 3	6,156 ,915.6 4	2,639 ,507.0 2	2,031 ,816.1 2	Divide nds p aid	-6,54 4,800 .00	-9,030 ,000.0 0	-6,544 ,800.0 0	-9,030 ,000.0 0
Less: Admi nstrat ive ex pense s	7,938 ,401.5 9	6,905 ,530.7 6	2,363 ,344.5 8	2,025 ,404.5 0	6,441 ,014.0 3	6,251 ,990.0 8	1,885 ,783.9 0	1,759 ,300.1 1	Net c ash f low fr om fi ing a ctivit ies (c ) nanc	27,58 9,748 .58	-11,57 4,272 .57	15,12 8,198 .13	-16,36 6,757 .15
Distrib ution expen ses	3,402 ,883.1 3	2,349 ,934.1 2	1,600 ,703.1 3	735,9 23.28	1,435 ,507.9 2	1,452 ,348.0 1	393,1 35.72	372,0 24.50	Net in e in c ash a nd ca sh eq uivale nts (a )+(b)+ (c) creas	14,66 4,712 .99	-19,1 15,07 3.54	13,96 1,517 .48	-19,08 2,649 .86
Other expe nses Earni re tax ncial a	891,7 04.74	46,46 6.22	112,5 69.11	13,65 8.98	643,1 17.08	37,73 8.66	10,55 5.97	8,544 .81	Cash and cash equiv alent s at t he be ginni ng of the p eriod	15,89 8,895 .64	32,66 8,752 .16	15,64 7,014 .23	32,22 9,843 .54
ngs (L )befo , fina nd osses invest ment activit ies	24,48 7,972 .96	23,08 5,468 .34	16,17 2,267 .47	15,47 1,256 .92	22,98 1,817 .03	21,97 2,877 .40	14,45 3,168 .40	14,58 3,518 .93	Cash and cash equiv alent s at t he en d of t he pe riod	30,56 3,608 .63	13,55 3,678 .62	29,60 8,531 .71	13,14 7,193 .68
Earni ngs ( losse s )be fore T ax	15,65 3,867 .82	20,00 2,043 .01	12,28 2,239 .72	14,12 1,704 .13	14,29 5,020 .16	18,64 4,349 .87	10,77 8,889 .51	13,12 2,139 .97	Addit ional Data and I nform ation :
Incom e Tax	-2,33 8,259 .76	-5,113 ,064.2 0	-1,417 ,437.1 5	-3,710 ,641.6 5	-2,228 ,824.4 1	-5,024 ,095.4 7	-1,324 ,791.7 7	-3,643 ,542.9 9	1. Gro ies in clude d in th solida ted fin ancia l state up co mpan e con s of o tioned in no te 2 o f the F inanc	m ents with their r tive lo espec ial Sta temen ts. Du e to e	cation s and stablis hm en t in 20 08, th e follo	a nies have
Earni ngs ( losse s) Aft er Ta x	13,31 5,608 .06	14,88 8,978 .81	10,86 4,802 .57	10,41 1,062 .48	12,06 6,195 .75	13,62 0,254 .40	9,454 ,097.7 4	9,478 ,596.9 8	ntage hip ar perce wners e m en been lidate d for t he firs t tim e : Auto techn ica He llas A TEE, conso	ATC A utotec hnica (Cypr	wing us) LT D and Spor tsland SA	com p
									2. The ies th at are not b eing c onsol idated in cu re are no co m pan in this year´ ious p eriod. There panie s that s prev are n o com are n	rrent y ho ha d bee ear, w n con ot inc luded in the olidat cons	solida ted in the p reviou s yea rs res ion an d ther e is n o cha nge in	pectiv e peri od or the c onsol idated
Attrib utabl e to: Share holde rs	13,27 0,789 .54	14,83 6,317 .94	10,79 3,796 .17	10,33 2,710 .89	12,06 6,195 .75	13,62 0,254 .40	9,454 ,097.7 4	9,478 ,596.9 8	d from for no m etho perio d to p eriod com p any.
Minor ity inte rest	44,81 8.52	52,66 0.87	71,00 6.40	78,35 1.59					3. In 1 3.05.2 008 th e Sha re Ca pital R eturn onclu ded a t the a was c 4. The re has been a cha nge in the v aluati thod o f the c on me om pa	t of €4 7.268 .000 ( Note m oun ny's p ropert y, wh ich is now v	17 Fin ancia l State ments ) alued base d on i ts fair value	and n ot on the ac quisit ion co	st,
Net e arnin r sha re - b asic ( €) gs pe	0.365 0	0.410 8	0.296 9	0.286 1	0.331 9	0.377 1	0.260 0	0.262 4	as de scribe d in n ote16 of the finan cial st atem e nts. T he fol lowing	table nts th hange prese ese c	s GROU P
Earni ngs (l ) befo re tax ,finan cial osses										01.01- 30.09.0 7 Publis hed be fore th e	01.07- 30.09.0 7 Publis hed be	01.01- Publis hed be fore th	31.12.0 7
activit ies,inv estme nt act ivities and d iation eprec s	63,18 0,417 .40	58,88 5,049 .13	29,80 2,848 .55	27,61 9,497 .16	57,35 4,805 .11	54,92 8,649 .89	26,58 6,677 .39	25,55 9,089 .13	Earni fter ta x and mino rity ri ghts ngs a Share holde rs Eq uity	chang e 14,744 ,110.22 14,836 147,38 2,729.3 2 1 50,280	fore the ch Restat ed ange ,317.94 10,301 ,974.98 10,332 ,632.30	Restat ed ,710.89 15.440 146.09 8.812,3	e chang Restat ed e .365,29 15.563 .308,92 3 149 .027.45 1,22
INFOR MATIO	N FOR THE STAT EMEN T OF CHAN	GES I N EQU ITY FO R THE PERI	OD 01 .01-30 .09.20 08							01.01- 30.09.0 7 Publis hed be fore th e	COMP ANY 01.07- 30.09.0 7 Publis hed be	01.01- Publis hed be fore th	31.12.0 7
Figure s in (€ )									Earnin gs afte r tax a nd min ority r ights	chang e 13,528 ,046.68 13,620	fore the ch Restat ed ange ,254.40 9,447, 861.07 9,478,	Restat ed 596.97 14.460	e chang Restat ed e .639,07 14.583 .582,70
GROU P		COMP ANY						Shareh olders Equity 5. Non - Tax audit ed fis cal ye tioned unde r Note 13. ars ar e m en	142,64 4,417.9 7 1 45,542	,320.95	141.68 2.008,7	6 144 .610.64 7,65
	30/09/ 2008	30/09/ 2007	30/09/ 2008	30/09/ 2007					For th aining udited fisca l year levan t prov ision e rem un-a s a re 6. The no lit igatio le of c hich m ight h ourt w re are ns or any ru ave a	has b ade fo r €17 0.000 een m n im p im pa the fin ortant ct on	for th e Com and th e Gro pany ancia l posit ion of Auto hellas SA.	up.
Equity balan ce at t he beg inning of the Year	149,87 2,394 .44	116,66 6,092 .87	144,6 10,647 .65	112,34 3,925 .70					7. Num ber of empl on th e 30.0 9.08 : Group 668,P arent Comp oyees 8. In P arent Com p nd G r oup th e not Other Prov isions any a ere ar any «	any 4 04, on the 3 0.09.0 » unti l 30.0 9.200 8.	7 Gro up 61 7, Pa rent C ny 52 ompa	0.
Profit/ loss fo r the p eriod (after tax)	13,315 ,608.0 6	14,888 ,978.8 1	12,066 ,195.7 5	13,620 ,254.4 0					9. The nt of s ales a nd pu rchas es (of good s and servi ces) f amou S 24 betwe en the p and the c cordin g to IA as we	rom th e beg inning of the perio ll as a ny tra nsact ions b etwee	d and the r eceiva bles a nd pa n the and t he co	yable s y and
Share Capit al incr ease/d icreas e Divide nds	-47,26 8,000 .00 -6,544 ,800.0 0	0.00 -9,030 ,000.0 0	-47,26 8,000 .00 -6,544 ,800.0 0	0.00 -9,030 ,000.0 0					grou om pa ny ac key m m ent nnel a nd m e m bers of the Boar d are as fol anage perso	lows:	group m pan
Incom e char ged d irectly to eq uity	-1,380 ,993.9 1	28,56 8,061 .80	-1,368 ,852.2 8	28,60 8,140 .85					Figur es in (€) a) Inc ome	Grou Comp p 10,31 4,768 .57 1 1,601	any ,711.6 0
Equity balan ce at t he end of the perio d (30 .09.20 30.09 .2007)	08 & 107,99 4,208 .59	151,09 3,133 .48	101,49 5,191 .12	145,54 2,320 .95					b) Ex pense s ceiva bles	23,60 6,851 .83 3 0,053 7 1	,057.1 2
									d) Re e) Pa yable s	1,251 ,269.8 ,856,7 4,425 ,671.6 5 8 ,303,8	27.37 94.70
		Kifiss ia, 18 of No	vemb er 200 8						f) Boa rd me mbers and k ent pe el rem ey ma nagem rsonn unera g) A m ounts owed by ke ent pe el and Boar d m y man agem rsonn	1,679 ,317.3 2 1 ,553,3 0.00	62.76 0.00
PRESI DENT OF TH E BoD	VICE P RESID ENT & CHIEF	FINAN CIAL O FFICER			ACCO UNTIN G Dpt D IRECT OR				h) Am ounts owed to ke ent pe el and Boar d m y man agem rsonn 10.	0.00	0.00
	GENER AL MA NAGER								C ap ture fo :G rou p € 11 ital ex pendi r the p eriod 01.01 -30.09 .2008 11. The a bove financ ial sta temen ts hav e bee roved by th n app e com	nt Co 9.m ill .,Pare y 99.3 pan m pany' s Boa rd of D irecto	m ill. rs on
									12. In c urrent the fo llowin unts € (1.36 8.852 ,28) h ave b year g amo a) Fix t € 15 ed As sets v alue r eadju stm en .330.8 89,52	ported direc tly in net po een re	sition
									b) Inc in Sh are C apital € (27 2.647 ,40) rease
THEOD ORE E . VASS ILAKIS	EFTYC HIOS T . VASS ILAKIS GARYF	ALLIA A. PEL EKANO U			CONST ANTIN OS F. S IAMPA NIS				) Fro valua tion o f the a vailab le for sale f inanc ial ass ets in their c m rea In Gro nt of € (12 .141,6 3) has been adde d, der iving f up, an amou	fair va lue, a t: € (1 moun xchan ge dif ferenc rom e	6.427 .094,4 0) ies.
									13. Com does not ha n sha pany ve ow res. 14. Earn ings p er sha re hav e bee n calc ulated with the w eighte d num	ber of share d in c ircula tion.
									15. ps fixe The re is n umbe on th pany' s or th o enc rance e com e grou	d ass ets.

CONCISE SUMMARY OF THE FINANCIAL STATEMENTS FOR THE PERIOD 01rst January 2008 to 30 September 2008

31, Viltanioti str., Kifissia AR.M.A.E. 851/06/Β/86/43AUTOHELLAS S.A.

PUBLISHED ACCORDING TO SENTENCE 2/396/31.08.2006, FROM THE BOARD OF DIRECTORS OF THE HELLENIC CAPITAL MARKET COMMITTEE)

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

Intern et Ad ress Date of Ap l of th e Fina ncial State ments by th e Boa rd of D irecto rs : 1 prova CER TIFIE D AU DITO R-AC COUN TANT AUD ITING FIRM TYPE OF A UDITO RS' AUD IT RE PORT	.hertz : www .gr 8 Nov embe r 2008 : Pana giotis Vrous touris : S.Ο .L. S.A : NO T REQ UIRE D
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