Autohellas S.A. — Interim / Quarterly Report 2009

Sep 23, 2015

Autoriales

AUTOHELLAS SA

31 VILTANIOTI str. 31 KIFISSIA

INTERIM FINANCIAL STATEMENTS (PARENT AND CONSOLIDATED) FOR THE PERIOD (January 1st to September 30th 2009)

In Accordance with the IFS 34

А. в.	CONTENTS FINANCIAL STATEMENTS Balance Sheet (I) Income Statement (II) Statements of changes in equity (III) Cash flow statement (IV) CONSOLIDATED FINANCIAL STATEMENTS Balance Sheet (I) Income Statement (II) Statements of changes in equity (III) Cash flow statement (IV)	3 4 5 6 7 8 9 10
c.	NOTES TO THE FINANCIAL STATEMENTS
$\mathbf{1}$ .	General Information	11
2.	Group Structure	11
	2.1. Subsidiaries	11
	2.2. Affiliations / Joint Ventures	11
3.	Accounting Policies 3.1. Basis for preparation of the financial statements	$12 \overline{ }$ 12
	3.2. New Standards - New Interpretations	12
	3.3 New standards for current period	13
	3.4 Information per sector / seasonality	13
4.	Tangible Fixed Assets	$14 - 15$
5.	Investments Properties	16
6.	Investment in subsidiaries	16
7.	Investment in Associates/Join ventures	16
8.	Other assets available for sale	17
9. 10.	Sales and other operating income Deferred Tax	17 17
11.	Earnings per share	18
12.	Dividends per share	18
13.	Possibilities	18
14.	Events occurred after the Publication of the Balance Sheet	18
15.	Transactions with associated companies	18
	The Company	18
	i) Sales of goods and services	18
	ii) Purchase of goods and services	19 19
	iii) Management Salaries iv) Claims from associated companies	19
	v) Liabilities towards associated companies	19
	vi) Guarantees	19
	The Group	19
	i) Sales of goods and services	19
	ii) Purchase of goods and services	19
	iii) Claims from associated companies	20
	iv) Liabilities towards associated companies	20
	i) Sales of goods and services	20
16.	Change in accounting policy	20

Concise Summary of the Financial Statements for the period 01.01.09-30.09.2009

A. Financial Statements AUTOHELLAS

Balance Sheet (I)

ASSETS	Note	30/9/2009	31/12/2008	01/01/08
CURRENT ASSETS
Non-current assets
Owner occupied tangible assets	4	268,238,829.66	272,545,370.45	240,103,434.86
Investment properties	5	14,557,901.61	14,464,569.16	10,320,535.24
Intangibles assets		25,804.23	23,282.65	1,747.95
Investments in subsidiaries	6	7,392,361.10	6,374,555.10	6,072,846.50
Investments in participating companies	7	7,421,221.09	6,921,221.09	4,891,221.09
Financial assets available for sale	8	22,477,234.40	15,197,183.44	34,404,178.20
Trade & other debtors		12,986,692.59	8,341,815.14	8,220,504.15
Guaranties		321,245.54	320,700.96	326,429.94
		333,421,290.22	324,188,697.99	304,340,897.93
Current assets
Inventory		44,168.90	47,769.10	49,586.00
Trade debtors		19,789,774.70	22,321,678.39	18,679,401.59
Other debtors		2,733,125.11	5,841,732.87	4,434,978.39
Advance payments		3,366,444.26	8,776,506.27	10,848,278.75
Cash and cash equivalents		44,302,493.66	24,218,091.59	15,647,014.23
		70,236,006.63	61,205,778.22	49,659,258.96
Total assets		403,657,296.85	385,394,476.21	354,000,156.89
EQUITY
Capitals and Reserves
Share capital		11,635,200.00	11,635,200.00	11,635,200.00
Share capital paid in excess of Par value		130,552.60	130,552.60	32,029,386.83
Other reserves		34,886,603.02	31,929,833.96	35,612,111.98
Earnings/Losses carried forward		66,904,573.30	54,067,605.11	65,333,948.84
		113,556,928.92	97,763,191.67	144,610,647.65
Total Equity		113,556,928.92	97,763,191.67	144,610,647.65
LIABILITIES
Long term liabilities
Long term borrowing		219,505,249.94	219,396,499.97	149,777,500.09
Deferred tax		20,848,923.39	19,578,108.28	15,054,360.28
Provisions for staff indemnities		1,264,413.45	1,183,946.04	1,235,714.53
Derivatives		7,922,258.27	7,020,566.32	827,451.00
		249,540,845.05	247,179,120.61	166,895,025.90
Short term liabilities
Trade creditors		40,559,522.88	40,452,163.93	42,494,483.34
Current Deferred Tax		0.00	0.00	0.00
		40,559,522.88	40,452,163.93	42,494,483.34
Total liabilities		290,100,367.93	287,631,284.54	209,389,509.24
Total equity and liabilities		403,657,296.85	385,394,476.21	354,000,156.89

Antonellas

A. Financial Statements AUTOHELLAS

Income statement (II)

	Note	01/01-30/09/09	01/07-30/09/09	01/01-30/09/08	$01/07 - 30/09/08$
Operating Results:
Turnover	9	115,075,606.85	46,269,029.59	126, 124, 655. 47	54,671,581.58
Cost of Sales		$-89,811,920.56$	$-31,787,007.39$	$-97,004,542.44$	-38,809,907.81
Gross Operating Earnings		25,263,686.29	14,482,022.20	29,120,113.03	15,861,673.77
Other Operating Income	9	2,654,121.20	939,194.45	2,381,343.03	880,970.22
Administrative expenses		$-6,280,753.72$	$-1,976,645.89$	$-6,441,014.03$	$-1,885,783.90$
Distribution expenses		$-967,949.91$	$-297,170.33$	$-1,435,507.92$	$-393,135.72$
Other expenses		$-9,115.98$	$-3,322.65$	$-643,117.08$	$-10,555.97$
Gains/losses before tax, financial and
investment activities		20,659,987.88	13,144,077.78	22,981,817.03	14,453,168.40
Gains/losses before tax, financial
investment activities and depreciation		56,149,179.78	25,078,309.67	57,354,805.11	26,586,677.39
Financial expense		$-4,215,065.10$	$-1,133,517.18$	$-8,372,790.39$	$-3,024,678.09$
Financial Income		1,513,011.39	491,275.09	1,990,814.83	670,399.20
Loss / (profit) from derivatives		$-1,165,228.09$	$-656,485.52$	$-2,304,821.31$	$-1,320,000.00$
(Dividends)		1,236,980.00	0.00	0.00	0.00
Less: Fixed assets Depreciations		35,489,191.90	11,934,231.89	34,372,988.08	12,133,508.99
Less: Depreciation Expenses included in			11,934,231.89
Operating Cost		35,489,191.90		34,372,988.08	12,133,508.99
Earnings Before Tax		18,029,686.08	11,845,350.17	14,295,020.16	10,778,889.51
Tax Payable	10	$-4,418,676.67$	$-2,914,943.19$	$-2,228,824.41$	$-1,324,791.77$
Earnings After Tax		13,611,009.41	8,930,406.98	12,066,195.75	9,454,097.74
Other Total income
Financial assets available for sale		7,273,442.40	494,792.00	$-16,427,094.40$	$-1,583,334.40$
Less: Tax Payable		0.00	0.00	0.00	0.00
Fixed Assets readjustment		0.00	0.00	19,163,611.91	0.00
Less: Tax Payable		0.00	0.00	$-3,832,722.39$	958,180.60
Cash flow hedge		-970,019.42	$-579,454.58$	0.00	0.00
Less: Tax Payable		242,504.86	144,863.65	0.00	0.00
Other Total income after taxes		6,545,927.84	60,201.07	$-1,096,204.88$	$-625,153.80$
Total income after taxes		20,156,937.25	8,990,608.05	10,969,990.87	8,828,943,94

Autohellas

III. Statements of changes in equity

	Share capital	Above par	Reserves from available for sale financial assets	Reserves from Cash flow hedge	Other reserves	Reserves from property value readjustment	Earnings carried forward	Total net equity
Balance as of 01.01.2008	11,635,200.00	32,029,386.83	23,427,443.99	0.00	12,184,667.99	0.00	65,333,948.84	144,610,647.65
- Total Income			$-16,427,094.40$			15,330,889.52	12,066,195.75	10,969,990.87
Recognized profit / loss for the period	0.00	0.00	-16,427,094.40		0.00	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
-Dividends							$-6,544,800.00$	$-6,544,800.00$
Balance as of 30.09.2008	11,635,200.00	130,552.60	7,000,349.59	0.00	12,184,667.99	15,330,889.52	61,758,331.42	101,495,191.12
Balance as of 01.01.2009	11,635,200.00	130,552.60	4,180,035.19	0.00	12,184,667.99	15,565,130.78	54,067,605.11	97,763,191.67
- Total Income			7,273,442.40	$-727,514.56$			13,611,009.41	20,156,937.25
Recognized profit / loss for the period	0.00	0.00	7,273,442.40	-727,514.56	0.00	0.00	13,611,009.41	20,156,937.25
- Dividends					$-3,589,158.78$		-774,041.22	$-4,363,200.00$
Balance as of 30.09.2009	11,635,200.00	130,552.60	11,453,477.59	-727,514.56	8,595,509.21	15,565,130.78	66,904,573.30	113,556,928.92

A. Financial Statements AUTOHELLAS

Cash flow statements (IV)

Values in Euro	01.01-30.09.2009	01.01-30.09.2008
Profits before tax	18,029,686.08	14,295,020.16
Adjustments for:
Fixed assets depreciation	35,489,191.90	34,372,988.08
Fixed Assets value readjustment Provisions	0.00 574,313.85	608,523.09 684,446.27
Earnings from tangible assets sale	$-2,647,216.42$	$-4,178,167.20$
Interest	3,867,281.80	8,686,796.87
Results (turnover, expenses) from investment activities	$-1,236,980.00$	0.00
	54,076,277.21	54,469,607.27
Working capital changes
Increase/decrease in inventories Increase/decrease in receivables	3,600.20 8,843,652.10	$-25,825.00$ $-6,748,167.21$
Increase/decrease in liabilities	$-1,919,196.66$	23,594,207.61
Purchase of renting vehicles	$-51,349,392.00$	-90,557,292.37
Sales of renting vehicles	20,803,261.98	29,610,269.04
	$-23,618,074.38$	-44,126,807.93
Net cash flow from operating activities before Tax and Interest	30,458,202.83	10,342,799.34
Interest expense paid	$-6,022,350.93$	$-9,298,274.05$
Tax paid	$-122,462.00$	$-916,169.30$
Net cash flow from operating activities	24,313,389.90	128,355.99
Cash flow from investing activities
Purchase of tangible assets	$-1,646,564.00$	$-3,294,127.54$
Proceeds from sales of tangible assets	641,923.23	1,208,478.13
Purchase of subsidiaries, affiliated companies and other investments	$-1,517,806.00$	$-2,330,000.00$
Purchase of real estate investments	$-93,332.45$	$-98,396.23$
Proceeds from interests	1,513,011.39	3,219,009.00
	1,236,980.00	0.00
Cash flow from investing activities	134,212.17	$-1,295,036.64$
Net cash flow from investing activities
Proceeds from borrowing	0.00	169,304,528.00
Cost Share Capital Increase	0.00	-47,268,000.00
Payments for Share Capital decrease	0.00	$-363,529.87$
Cost of Share Capital Increase	0.00	0.00
Loan payments	0.00	$-100,000,000.00$
Dividends paid	$-4,363,200.00$	$-6,544,800.00$
Cash flow from financing activities	$-4.363.200.00$	15,128,198.13
Net decrease/increase in cash and cash equivalents	20,084,402.07	13,961,517.48
Cash and cash equivalents at the beginning of the period	24,218,091.59	15,647,014.23
Exchange difference in cash and cash equivalents
Cash and cash equivalents at the end of the period	44,302,493.66	29,608,531.71

B. Consolidated financial Statements

Balance Sheet (I)

PROPERTY ASSETS	Note	30/9/2009	31/12/2008	01/01/08
Non-current assets
Own occupied tangible fixed assets	4	303,910,327.96	308,379,664.73	255,832,744.23
Investments in Properties	5	10,511,745.60	10,418,413.15	10,320,535.24
Intangibles		155,385.68	154,471.17	203,739.04
Investments in subsidiaries	7	13,417,858.12	11,625,223.93	7,421,655.25
Financial assets available for sale Trade & other debtors	8	22,477,234.40	15,197,183.44	34,404,178.20
Other assets		13,780,231.28	9,512,472.28	9,177,234.50
PROPERTY ASSETS		321,245.54 364,574,028.58	320,700.96 355,608,129.66	326,429.94 317,686,516.40
Current assets
Inventory		1,235,604.81	1,762,706.34	1,022,247.93
Trade debtors		24,359,058.13	29,615,361.66	21,566,795.26
Other debtors		1,756,544.17	6,315,713.13	5,181,290.20
Advance payments		3,524,806.29	9,032,769.78	11,228,679.37
Cash and cash equivalents		47,213,437.62	24,541,307.38	15,898,895.64
		78,089,451.02	71,267,858.29	54,897,908.40
Total Assets		442,663,479.60	426,875,987.95	372,584,424.80
CAPITAL & RESERVES
Capital and reserves attributed
in the parent company's shareholders
Share capital		11,635,200.00	11,635,200.00	11,635,200.00
Share capital paid in excess of Par value		109,680.10	113,805.10	32,029,386.83
Exchange difference		$-74,755.10$	$-74,755.10$	$-62,613.47$
Other reserves		34,892,564.45	31,935,795.39	35,612,111.98
Earnings carried forward		78,332,587.54	60,845,885.28	69,813,365.88
		124,895,276.99	104,455,930.67	149,027,451.22
Minority interest		0.00	947,120.19	844,943.22
Total capital & reserves		124,895,276.99	105,403,050.86	149,872,394.44
LIABILITIES
Long term liabilities
Loans		222,026,003.11	221,926,001.42	149,777,500.09
Deferred tax		21,814,432.75	20,015,243.25	15,054,360.28
Provisions for staff leaving indemnities		1,520,099.04	1,439,631.63	1,235,714.53
Derivatives		7,922,258.27	7,020,566.32	827,451.00
		253, 282, 793. 17	250,401,442.62	166,895,025.90
Short term liabilities
Trade creditors		44,818,406.23	52,879,267.36	46,184,474.46
Short term borrowing		19,173,659.08	18,192,227.11	9,492,398.83
Taxes and duties payable		493,344.13	0.00	140,131.17
		64,485,409.44	71,071,494.47	55,817,004.46
Total liabilities		317,768,202.61	321,472,937.09	222,712,030.36
Total equity and liabilities		442,663,479.60	426,875,987.95	372,584,424.80

B. Consolidated financial Statements

Income Statements (II)

Values in Euros Turnover 9 132,538,619.50 52,986,692.29 140,478,673.29 60,793,282.00 Cost of Sales -98,338,258.91 $-35,350,339.96$ $-104,991,563.65$ -40,881,744.84 Gross Operating Earnings 34,200,360.59 17,636,352.33 35,487,109.64 19,911,537.16 9 Other Operating Income 1,922,802.51 711,092.10 337,347.13 1,233,852.78 Administrative expenses $-7,568,952.47$ $-2,355,897.98$ -7,938,401.59 $-2,363,344.58$ Distribution expenses $-2,647,112.08$ $-800,744.43$ $-1,600,703.13$ $-3,402,883.13$ Other expenses $-169,023.36$ $-28,390.07$ $-891,704.74$ $-112,569.11$ Gains/losses before tax, financial and investment activities 25,738,075.19 15, 162, 411.95 24,487,972.96 16,172,267.47 Gains/losses before tax, financial investment activities and depreciations 66,543,480.47 28,972,345.40 63,180,417.40 29,802,848.55 Financial expense $-5,012,014.14$ $-1,367,102.38$ $-9,096,430.43$ $-3,343,524.54$ Financial income 1,636,830.04 533,628.71 2,089,714.43 703,395.46 Loss / (profit) from derivatives $-1,165,228.09$ $-656,485.52$ $-2,304,821.31$ $-1,320,000.00$ Loss / (profit) from investment activities 1,236,980.00 0.00 0.00 0.00 Income from participation in associated companies 70,101.33 1,296,759.19 1,093,894.32 477,432.17 Less: Fixed assets Depreciations 40,805,405.28 13,809,933.45 38,692,444.44 13,630,581.08 Less: Depreciation Expenses included in Operating cost 40,805,405.28 13,809,933.45 38,692,444.44 13,630,581.08 Earnings Before Taxes 23,731,402.19 14,766,347.08 15,653,867.82 12,282,239.72 10 Tax Payable $-5,399,972.90$ $-3,384,803.12$ $-2,338,259.76$ -1,417,437.15 Earnings After Taxes 18,331,429.29 11,381,543.96 13,315,608.06 10,864,802.57 Earnings is attributed to: Owners 18,256,064.30 11,345,287.45 13,270,789.54 10,793,796.17 75,364.99 36,256.51 44,818.52 71,006.40 Minority interest 18,331,429.29 11,381,543.96 13,315,608.06 10,864,802.57 Other Total income Foreign exchange rate differences 0.00 0.00 $-12,141.63$ $-6,796.16$ Less: Tax Payable 0.00 0.00 0.00 0.00 494,792.00 Financial assets available for sale 7,273,442.40 $-16,427,094.40$ $-1,583,334.40$ Less: Tax Payable 0.00 0.00 0.00 0.00 Fixed Assets readjustment 0.00 19,163,611.91 Less: Tax Payable 0.00 958,180.60 $-3,832,722.39$ Cash flow hedge -970,019.42 $-579,454.58$ 0.00 0.00 Less: Tax Payable 242,504.86 144,863.65 0.00 0.00 $-1,108,346.51$ Other Total income after taxes $-631,949.96$ 6,545,927.84 60,201.07 11,441,745.03 Total income after taxes 24,877,357.13 12,207,261.55 10,232,852.61 Total Income is attributed to: Owners 24,801,992.14 11,405,488.52 12,162,443.03 10,161,846.21 Minority interest 75,364.99 36,256.51 44,818.52 71,006.40 24,877,357.13 11,441,745.03 12,207,261.55 10,232,852.61 0.5021 0.3120 0.3650 0.2969 Profits after taxes per share 11	Note	01/01-30/09/09	01/07-30/09/09	01/01-30/09/08	01/07-30/09/08

Autohellas

B. Consolidated financial Statements

III. Statements of changes in equity

				ATTRIBUTED TO THE PARENT'S SHAREHOLDERS						MINORITY
	Share capital	Above par	Foreign exchange differences	Reserves available for sale of financial assets	Reserves from cash flow hedging	Other reserves	Reserves from property value readjustment	Earnings carried forward	Total	Minority rights	Total net equity
Balance as of 01.01.2008	11,635,200.00	32,029,386.83	$-62,613.47$	23,427,443.99	0.00	12,184,667.99	0.00	69,813,365.88	149,027,451.22	844,943.22	149,872,394.44
- Total Income			$-12,141.63$	$-16,427,094.40$			15,330,889.52	13,270,789.54	12,162,443.03	44,818.52	12,207,261.55
Recognized profit / loss for the period -Increase in share	0.00	0.00	$-12,141.63$	16,427,094.40		0.00	15,330,889.52	13,270,789.54	12,162,443.03	44,818.52	12,207,261.55
capital	47,268,000.00	-31,898,834.23						$-15,641,813.17$	$-272,647.40$		$-272,647.40$
-Decrease in share capital	-47,268,000.00								-47,268,000.00		-47,268,000.00
-Dividends								$-6,544,800.00$	$-6,544,800.00$		$-6,544,800.00$
Balance as of 30.09.2008	11,635,200.00	130,552.60	$-74,755.10$	7,000,349.59	0.00	12,184,667.99	15,330,889.52	60,897,542.25	107,104,446.85	889,761.74	107,994,208.59
Balance as of 01.01.2009	11,635,200.00	113,805.10	$-74,755.10$	4,180,035.19	0.00	12,190,629.42	15,565,130.78	60,845,885.28	104,455,930.67	947,120.19	105,403,050.86
- Total Income	0.00	0.00		7,273,442.40	$-727,514.56$		0.00	18,256,064.30	24,801,992.14	75,364.99	24,877,357.13
Recognized profit / loss for the period -Increase in share	0.00	0.00	0.00	7,273,442.40	$-727,514.56$	0.00	0.00	18,256,064.30	24,801,992.14	75,364.99	24,877,357.13
capital		$-4,125.00$							$-4,125.00$		$-4,125.00$
- Dividends						$-3,589,158.78$		$-774,041.22$	$-4,363,200.00$		$-4,363,200.00$
- Acquisition of Minority rights								4,679.18	4,679.18	$-1,022,485.18$	$-1,017,806.00$
Balance as of 30.09.2009	11,635,200.00	109,680.10	$-74,755.10$	11,453,477.59	$-727,514.56$	8,601,470.64	15,565,130.78	78,332,587.54	124,895,276.99	0.00	124,895,276.99

B. Consolidated financial Statements

Cash Flow Statement (IV)

	30/9/2009	30/9/2008
Profits before tax	23,731,402.19	15,653,867.82
Adjustments for:
Fixed assets depreciation	40,805,425.28	38,692,444.44
Fixed Assets value readjustment	0.00	608,523.09
Provisions	649,432.36	716,698.32
Earnings from tangible assets sale	$-3,146,169.59$	$-4,834,471.67$
Interest Cost	4,540,412.19	9,311,537.31
Income from participations in associations companies/ Joint-ventures	$-1,296,759.19$	$-477,432.17$
Results (turnover, expenses, earnings, losses) from investment activities	$-1,236,980.00$	0.00
	64,046,763.24	59,671,167.14
Working capital changes
Increase/decrease in inventories	575,526.70	$-1,293,327.49$
Increase/decrease in receivables	8,930,270.91	$-11,000,803.85$
Increase/decrease in liabilities	$-3,823,985.72$	31,389,383.81
Purchase of renting vehicles	-58,721,253.44	$-107,751,637.11$
Sales of renting vehicles	22,294,074.76	30,888,847.76
	$-30,745,366.79$	-57,767,536.88
Net cash flow from operating activities before Tax and Interest	33,301,396.45	1,903,630.26
Interest expense paid	$-6,819,299.97$	$-10,021,955.95$
Tax paid	-340,683.04	$-934,459.88$
Net cash flow from operating activities	26,141,413.44	$-9,052,785.57$
Cash flow from investing activities
Purchase of tangible assets	$-1,983,880.08$	$-6,271,944.42$
Proceeds from sales of tangible assets	642,441.60	1,210,140.27
Purchase of subsidiaries, affiliated companies or joint ventures	$-1,517,806.00$	$-2,030,000.00$
Purchase of real estate investments	$-93,332.45$	$-98,396.23$
Proceeds from interests	1,636,830.04	3,317,950.36
Earnings from dividend	1,236,980.00	0.00
Cash flow from investing activities	$-78,766.89$	$-3.872.250.02$
Net cash flow from investing activities
Proceeds from borrowing	981,431.97	181,769,774.08
Cost Share Capital Increase	0.00	0.00
Payments for Share Capital decrease	0.00	$-47,268,000.00$
Cost of Share Capital Increase	0.00	$-361,821.27$
Loan payments	$-8,748.28$	$-100,005,404.23$
Dividends paid	$-4,363,200.00$	$-6,544,800.00$
Cash flow from financing activities	$-3,390,516.31$	27,589,748.58
Net decrease/increase in cash and cash equivalents	22,672,130.24	14,664,712.99
Cash and cash equivalents at the beginning of the period	24,541,307.38	15,898,895.64
Exchange difference in cash and cash equivalents
Cash and cash equivalents at the end of the period	47,213,437.62	30,563,608.63

C. Notes to the financial statements

1. General Information

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

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

2. Group Structure

1. Subsidiaries:

Company	Registered office	$%$ of ownership
AUTOHELLAS TOURIST & TRADING ANONYMOUS COMPANY	Kifissia, Attica	Μητρική
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.6 Financial Statement
A.T.C. AUTOTECHNICA (CYPRUS) LTD	Lefkosia, Cyprus	100%	(First consolidation $30.06.08 -$ establishment in 2008)- Note.6 Financial Statement

2. Affiliations / Joint Ventures :

Company	Registered office	$%$ of ownership
OLYMPIC TRADING AND TOURISTIC COMPANY SA (Affiliated)	Athens, Attica	20%	(First consolidation 30.09.2004)
Eltrekka S.A.	Kifissia, Attica	50%	(First consolidation 30,09,05 due to the increase of our share in the company's capital in 2005)
SPORTSLAND S.A.	Kifissia, Attica	50%	(First consolidation $31.03.08 -$ establishment in 2008)-Note 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.

3. Accounting Policies

3.1. Basis of preparation of financial statements

Since these financial statements are a concise summary they have to be compiled along the annual financial statements (31.12.2008).

They have been compiled according to the international financial standards as these have been adopted by the European Union.

The company's assets and liabilities are compiled based on historic cost with the exception of "financial assets available for sale which have been valued on their fair value. For the preparation of these interim financial statements the same accounting policies and methods with the last annual financial statements has been used. Only exception is the one mentioned in note 3.3 bellow.

3.2. New Standards - interpretations

New IFRS have been issued or altered which are obligatory for fiscal years beginning after the 1^st of January 2009. Management estimation regarding the effects of these are stated bellow.

• Revised IAS. 27 «Consolidated and Parent financial statements» The revised standard, effective from 1st July 2009, requires the effects of all transactions with non-controlling interests to be recorded in equity if there is no change in control and these transactions will no longer result in goodwill or gains and losses. The standard also specifies the accounting when control is lost. Any remaining interest in the entity is remeasured to fair value, a gain or loss is recognized in profit or loss. The group will apply IAS 27 prospectively to transactions with non controlling interests from 1 January 2010.

• Revised IFRS 3 «Business combinations», valid for business combinations with a date of transaction within accounting periods with a starting date on or after the 01/07/2009, with substantial changes compared to previous IFRS 3, regarding valuation of rights without control for which there is an option to be valued on fair value at the time of purchase, and the recognition on the results. This standard will be implemented by the company on the 01.01.2010 if it is required at the time.

-Revised IFRS. 5 «Non current assets held for sale and discontinued operations», effective from 01 Jan 2009. The amendment clarifies that all of a subsidiaries assets and liabilities are classified as held for sale if a partial disposal sale plan results in loss of control.

This amendment will become effective if it is required.

-Interpretation 17 «Distributions of Non-cash Assets to Owners», valid as from 01/07/2009. It applies when non-cash assets are distributed to owners or when the owner is given a choice of taking cash in lieu

of the non-cash assets.

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

Interpretation 18 «Transfer of Assets to customers», valid for fiscal years starting on or after the 1st of July 2009.

IFRIC 18 clarifies the requirements of IFRSs for agreements in which an entity receives from a customer an item of property, plant, and equipment that the entity must then use either to connect the customer to a network or to provide the customer with ongoing access to a supply of goods or services (such as a supply of electricity, gas or water). In some cases, the entity receives cash from a customer that must be used only to acquire or construct the item of property, plant, and equipment in order to connect the customer to a network or provide the customer with ongoing access to a supply of goods or services (or to do both). This interpretation does not apply to the Group or the Company.

-«Various amendments in standards and interpretations» that have been issued in April 2009.

These amendments/interpretations start on or after the 1st Jan 2010 and will not have any significant effect on the financial statements.

Amendments in IFRS2 «Share based payments» issued in June 2009 valid for annual periods starting on or after the 1st January 2010 and amendments in IFRS 1 and amendments in IFRS1 «First-time Adoption of International Financial Reporting Standards» issued in July 2009 for periods starting on or after the 01.01.2010, valid for annual reports starting on or after the 01.01.2010. These amendments will not have any significant effect on the company's financial statements.

3.3. New standards for current period

In current period, the company and the group have adopted the new IAS 1 "presentation of financial statements", which has led to changes of the interim financial statements' titles, and a retroactive differentiation in income statement. In addition in current period, amendments of IAS 16 and 7 have been adopted, in regards to sale of tangible assets, initially purchased for renting. Note 16 describes the results from the adoption of this accounting policy change. Amendments in IFRS 7 "Financial Instruments: Disclosures" valid for current fiscal year, will be implemented in the annual financial statements of 2009 although they will have no significant influence on the company's or Groups results.

3.4. Information per sector / seasonality

Parent company's activity is the renting of vehicles and is conducted exclusively in Greece. Subsidiaries' activities are conducted exclusively in the country of establishment, in other words in Bulgaria, Romania, Cyprus and Greece and consist of vehicle renting and in a significantly smaller scale, the sale and maintenance of vehicles. Given the fact that the vast majority of the group's activities is conducted in Greece, the rest countries do not meet the requirements of IFRS8 and there is no internal observation in sector operating results, in accordance with IFRS 8. The group only reports general information regarding its' activities.

SALES	30/9/2009	30/9/2008
GREECE	115,985,887.70	126,081,947.18
BULGARIA	7,496,336.07	8,488,563.29
CYPRUS	4,602,261.38	3,589,474.54
ROMANIA	4,454,134.35	2,318,688.28
	132,538,619.50	140,478,673.29
NON-CURRENT ASSETS	30/9/2009	31/12/2008
GREECE	332,280,156.49	322,658,408.34
BULGARIA	14,581,698.12	15,778,613.39
CYPRUS	6,931,146.78	5,762,990.29
ROMANIA	10,781,027.19	11,408,117.64
	364,574,028.58	355,608,129.66

Short term sector os highly dependable on the number of incoming tourism the summer period. As a result, historically over 35% - 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 results in substantially larger figures in revenues and most importantly earnings during summer period and lower during the first and last months of the year. In addition, 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 and other similar expenses do remain stable throughout the year.

4. Tangible Fixed Assets

Group

	Plots	Buildings	Mechanical Equipment	Vehicles	Furniture & other Equipment	Tangibles under construction	Total
01.01.2008
Cost or Estimation Accumulated Depreciation Unamortized Value	9,108,092.16 0.00	16,365,761.30 -4,243,332.44	1,990,750.20 -1,124,612.03	316,996,719.75 -84,845,769.74	5,709,087.22 -4,394,683.62	270,731.43 0.00	350,441,142.06 -94,608,397.83
01/01/2008 $01.01 - 30.09.2008$	9,108,092.16	12,122,428.86	866,138.17	232,150,950.01	1,314,403.60	270,731.43	255,832,744.23
Starting Balance	9,108,092.16	12,122,428.86	866,138.17	232,150,950.01	1,314,403.60	270,731.43	255,832,744.23
Foreign exchange difference	0.00	0.00	0.00	$-12,641.56$	414.65	0.00	$-12,226.91$
Fixed assets value re-
adjustment	16,018,185.00	2,536,903.82	0.00	0.00	0.00	0.00	18,555,088.82
Additions	5,553,285.45	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	$-1,316,920.60$	-196,936.83	0.00	$-2,248,489.72$
Transfer in goods	0.00	$-69.02$	0.00	-58,579,289.42	0.00	0.00	-58,579,358.44
Depreciation	0.00	-463,459.37	$-189.454.77$	-37,476,564.48	-476,998.31	0.00	-38,606,476.93
Depreciation reduction Reduction from transfer in	0.00	0.00	595,364.00	259,947.71	183,037.74	0.00	1,038,349.45
goods	0.00	0.00	0.00	26,168,465.12	0.00	0.00	26,168,465.12
Unamortized Value
30.09.2008 Cost or Estimation	30,679,562.61 30,679,562.61	14,381,590.51 19,088,451.34	850,133.32 444,224.09	269,864,405.97 365,758,327.36	1,093,708.43 1,387,669.00	193,843.93 193,843.93	317,063,244.77 417,552,078.33
Accumulated Depreciation	0.00	-4,706,860.83	405,909.23	-95,893,921.39	-293,960.57	0.00	-100,488,833.56
Unamortized Value
30.09.2008	30,679,562.61	14,381,590.51	850,133.32	269,864,405.97	1,093,708.43	193,843.93	317,063,244.77
$01.10 - 31.12.2008$ Starting Balance	30,679,562.61	14,369,985.03	850,133.32	269,864,405.97	1,093,708.43	193,843.93	317,063,244.77
Foreign exchange difference	0.00	0.00	0.00	-200,033.30	$-337.18$	0.00	$-200,370.48$
Fixed assets value re- adjustment	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Additions	386,095.49	17,825.00	82,585.68	41,392,915.58	188,031.45	0.00	42,067,453.20
Sales	0.00	0.00	$-36,950.00$	-824,329.22	$-117,008.71$	0.00	-978,287.93
Transfer in goods	0.00	0.00	0.00	-46,520,714.02	0.00	0.00	-46,520,714.02
Depreciation	0.00	$-153,809.01$	$-49,583.31$	$-13,344,479.28$	-157,490.42	0.00	$-13,705,362.02$
Depreciation reduction	0.00	0.00	18,957.49	110,205.47	111,810.60	0.00	240,973.56
Reduction from transfer in
goods	0.00	0.00	0.00	10,412,727.65	0.00	0.00	10,412,727.65
Unamortized Value
31.12.2008	31,065,658.10	14,234,001.02	865,143.18	260,890,698.85	1,118,714.17	193,843.93	308,379,664.73
Cost or Estimation	31,065,658.10	19,106,276.34	1,614,471.80	359,606,166.40	5,853,038.18	193,843.93	417,439,454.75
Accumulated Depreciation	0.00	-4,860,669.84	-749,328.62	-98,715,467.55	-4,734,324.01	0.00	-109,059,790.02
Unamortized Value
31.12.2008	31,065,658.10	14,245,606.50	865,143.18	260,890,698.85	1,118,714.17	193,843.93	308,379,664.73
$01.01 - 30.09.2009$
Starting Balance	31,065,658.10	14,245,606.50	865,143.18	260,890,698.85	1,118,714.17	193,843.93	308,379,664.73
Foreign exchange difference	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed assets value re-
adjustment	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Additions	1,449,726.31	52,155.75	35,498.34	59,894,473.59	172,558.09	231,592.19	61,836,004.27
Sales	0.00	$-20,522.14$	$-3.500.00$	$-822,583.02$	$-708.14$	0.00	-847,313.30
Transfer in goods Depreciation	0.00 0.00	0.00 -458,608.91	0.00 $-145,360.90$	-49,271,539.06 -39,723,487.17	0.00 $-416, 433.41$	0.00 0.00	-49,271,539.06 -40,743,890.39
	0.00		1,443.75		189.77	0.00
Depreciation reduction Reduction from transfer in		20,522.14		182,716.04			204,871.70
	0.00	0.00	0.00	24,352,530.01	0.00	0.00	24,352,530.01
goods Unamortized Value
30.09.2009	32,515,384.41	13,839,153.34	753,224.37	255,502,809.24	874,320.48	425,436.12	303,910,327.96
Cost or Estimation	32,515,384.41	19,137,909.95	897,141.52	369,406,517.91	1,290,564.12	425,436.12	423,672,954.03
Accumulated Depreciation	0.00	$-5,298,756.61$	$-143,917.15$	-113,903,708.67	-416,243.64	0.00	-119,762,626.07
Unamortized Value
30.09.2009	32.515.384.41	13.839.153.34	753.224.37	255.502.809.24	874.320.48	425,436.12	303,910,327,96

Company

	Plots	Buildings	Mechanical Equipment	Vehicles	Furniture & other Equipment	Tangibles under construction	Total
01.01.2008
Cost or Estimation	8,855,371.94	16,365,761.30	1,952,305.43	298,605,360.28	5,416,769.92	268,174.95	331,463,743.82
Accumulated Depreciation	0.00	-4,243,332.44	$-1,094,846.49$	-81,711,604.09	-4,310,525.94	0.00	-91,360,308.96
Unamortized Value
01.01.2008	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
Fixed assets value re-
adjustment	13,814,270.10	694,662.71					14,508,932.81
Additions Sales	2,943,088.60	171,071.72	125,827.37 -734,632.29	91,476,114.45 $-1,316,920.60$	126,447.35 -193,262.91	$-76,887.50$	94,765,661.99
Transfer in goods				-56,306,098.26			$-2,244,815.80$ -56,306,098.26
Depreciations		-449,458.30	$-139,660.92$	-33,386,473.33	-392,985.38		-34,368,577.93
Depreciation reductions			595,364.00	259,947.71	181,025.96		1,036,337.67
Reductions in transfer of
goods				24,553,000.45			24,553,000.45
Unamortized Value
30.09.2008	25,612,730.64	12,538,704.99	704,357.10	242,173,326.61	827,469.00	191,287.45	282,047,875.79
Cost or Estimation	25,612,730.64	17,231,495.73	1,343,500.51	332,458,455.87	5,349,954.36	191,287.45	382,187,424.56
Accumulated Depreciation	0.00	-4,692,790.74	$-639,143.41$	-90,285,129.26	-4,522,485.36	0.00	$-100, 139, 548.77$
Unamortized Value
30.09.2008	25,612,730.64	12,538,704.99	704,357.10	242,173,326.61	827,469.00	191,287.45	282,047,875.79
$01.10 - 31.12.2008$
Starting Balance	25,612,730.64	12,538,704.99	704,357.10	242,173,326.61	827,469.00	191,287.45	282,047,875.79
Fixed assets value re- adjustment							0.00
Additions	386,095.49	7,485.00	59,822.75	38,082,185.09	42,025.06		38,577,613.39
Sales			$-34,000.00$	-824,329.22			$-858,329.22$
Transfer in goods				-44,447,552.43			-44,447,552.43
Depreciations		$-139,432.35$	$-36.982.46$	$-11,857,327.33$	$-131,635.11$		$-12,165,377.25$
Depreciation reductions			18,662.50	110,205.47			128,867.97
Reductions in transfer of
goods				9,262,272.20			9,262,272.20
Unamortized Value
31.12.2008	25,998,826.13	12,406,757.64	711,859.89	232,498,780.39	737,858.95	191,287.45	272,545,370.45
Cost or Estimation	25,998,826.13	17,238,980.73	1,369,323,26	325,268,759.31	5,391,979.42	191,287.45	375,459,156.30
Accumulated Depreciation	0.00	-4,832,223.09	$-657,463.37$	-92,769,978.92	$-4,654,120.47$	0.00	-102,913,785.85
Unamortized Value 31.12.2008	25,998,826.13	12,406,757.64	711,859.89	232,498,780.39	737,858.95	191,287.45	272,545,370.45
01.01-30.09.09
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	1,449,726.31	52,155.75	27,032.06	54,087,581.36	125,813.78		55,742,309.26
Sales		$-20,522.14$	$-3,500.00$	$-822,583.02$			$-846,605.16$
Transfer in goods				-46,663,781.27			-46,663,781.27
Depreciations		$-415,054.06$	$-121,872.62$	$-34,615,925.51$	$-326,925.19$		-35,479,777.38
Depreciation reductions		20,522.14	1,443.75	182,716.04			204,681.93
Reductions in transfer of
goods				22,736,631.83			22,736,631.83
Unamortized Value 30.09.2009
Cost or Estimation	27,448,552.44	12,043,859.33 17,270,614.34	614,963.08	227,403,419.82 331,869,976.38	536,747.54	191,287.45	268,238,829.66
Accumulated Depreciation	27,448,552.44 0.00	-5,226,755.01	1,392,855.32 -777,892.24	-104,466,556.56	5,517,793.20 -4,981,045.66	191,287.45 0.00	383,691,079.13 -115,452,249.47
Unamortized Value
30.09.2009	27,448,552.44	12,043,859.33	614,963.08	227,403,419.82	536,747.54	191,287.45	268,238,829.66

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

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

5. Investment in property

	Group	Company
Book Value 01.01.2008	10,320,535.24	10,320,535.24
Additions 2008	97,877.91	4,144,033.92
Balance as of 31.12.2008	10,418,413.15	14,464,569.16
Additions 01.01-30.09.2009	93,332.45	93,332.45
Balance as of 30.09.2009	10,511,745.60	14,557,901.61

6. Investment in Subsidiaries (Company)

			30.09.2009	31.12.2008
Investment in Subsidiaries (acquisition cost)			7,392,361.10	6,374,555.10
Company Name	Country of Domicile	Participation Percentage	Acquisition Cost	Acquisition Cost
AUTOTECHNICA LTD	Bulgaria	99.99%	3,011,842.00	3,011,842.00
DEMSTAR RENTALS 2005 LTD	Cyprus	100.00%	3,078,810.50	2,061,004.50
AUTOTECHNICA FLEET SERVICES S.R.L.	Romania	100.00%	1,000,000.00	1,000,000.00
AUTOTECHNICA HELLAS ATEE	Greece	100.00%	300,000.00	300,000.00
A.T.C.AUTOTECHNICA (CYPRUS)LTD	Cyprus	100.00%	1,708.60	1,708.60

In August 2009, the company purchased the remaining 25% of minority rights of Demstar Rentals 2005, at a cost of €1,017,806. As a result, Autohellas SA possesses 100% of Demstar Rentals 2008 LTD. Consolidated balance sheet includes a profit of €4,679.18 which came as a result of the purchase and is reported in equity.

7. Investment in Associates / Joint ventures

Equity method / Acquisition cost		THE GROUP		THE COMPANY
	30/09/09	31/12/08	30/09/09	31/12/08
OLYMPIC TRADING AND TOURISTIC COMPANY SA	9,024,341.15	7,528,933.35	2,691,220.07	2,691,220.07
ELTREKKA A.E.	1,923,383.72	2,111,630.57	2,200,001.02	2,200,001.02
SPORTSLAND SA	2,470,133.25	1,984,660.01	2,530,000.00	2,030,000.00
	13,417,858.12	11,625,223.93	7,421,221.09	6,921,221.09

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

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

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

The exchanges and final share distribution between shareholders of the 2 companies have been approved by a) The appraisal committee of certified auditors, in accordance with article 9,par.4 of law 2190/1920 and articles 80 and 71 of the same law and b) the decisions of the shareholders meetings, following the directives of par.1 of art.72 of law 2190/1920. After merge the participation percentage of Autohellas S.A is posses in 20%.

From a financial point of view, the merger is expected to create substantial economies of scale and to improve the competitiveness.

In addition, Autohellas SA participates in the company ELTREKKA SA by 50% with ELTRAK SA holding the remaining 50% (participation amount 2,200,001.02€). ELTREKA SA is involved in importing, storing, trading and distributing cars' spare parts from many recognized brands, in the Greek market. In February 2008 Autohellas participated in the establishment of SPORTSLAND SA with total capital of €2,030,000 (participation percentage 50%). In May 2009 Autohellas SA participated in the share capital increase of the company SPORTSLAND SA by $\in$ 1,000,000 (participation 50%, hence €500,000). Total participation share value is €2,530,000 (percentage 50%). The remaining 50% belongs to "Pilos touristiki".

8. Other assets available for sale

Assets available for sale are as follows :

	PARTICIPANTS PERCENTAGE	FAIR VALUE
AEGEAN AIRLINES S.A.	$\frac{0}{0}$ 6.928	30/09/09 21,671,889.60	31/12/08 14,398,447.20
THE CRETE GOLF CLUB S.A.	5.731	805,344.80	798,736.24
		22,477,234.40	15,197,183.44

Autohellas, following Aegean Airline's admission to the Athens stock exchange, is currently in possession of 4,947,920 shares of Aegean (6.928%), which were valued at the last closing date of the Athens exchange market
on the 30^st of September 2009 (€4.38 per share), which resulted in a difference in fair value of €7.273.442,4 recognized directly to the company's equity.

9. Sales and other operating income

	THE GROUP		THE COMPANY
	30/09/2009	30/09/2008	30/09/2008 30/09/2009
Sales / Other Sales	110,698,325.18	109,911,935.22	94,726,125.31 96,836,496.12
Car Rentals Sales	21,840,294.32	30,566,738.07	29,288,159.35 20,349,481.54
	132,538,619.50	140,478,673.29	126,124,655.47 115,075,606.85
Other operating income Earnings from commissions
and services	1,070,569.66	267,447.00	1,515,887.89 1,527,789.77
Other operating income	852,232.85	966,405.78	1,126,331.43 865,455.14
	1,922,802.51	1,233,852,78	2,654,121.20 2,381,343.03

10. Deferred Tax

	THE GROUP		THE COMPANY
	30/09/2009	30/09/2008	30/09/2009	30/09/2008
Tax for the Period	3,317,377.72	2,096,565.12	2,800,534.48	1,987,129.77
Deferred Tax Provision Tax, for Non-	2,029,595.18	191,694.64	1,565,142.19	191,694.64
Audited Fiscal Years	53,000,00	50,000,00	53,000,00	50,000.00
	5,399,972.90	2,338,259.76	4,418,676.67	2,228,824.41

11. Earnings per share

Basic

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

	THE GROUP
	01/01-30/09/09	01/07-30/09/09	01/01-30/09/08	01/07-30/09/08
Net profit/Loss for the period	18,331,429.29	11,381,543.96	13,315,608.06	10,864,802.57
Attributable to:
Shareholders	18,256,064.30	11,345,287.45	13,270,789.54	10,793,796.17
Minority rights	75,364.99	36,256.51	44,818.52	71,006.40
Weighted average number of shares	36,360,000.00	36,360,000.00	36,360,000.00	36,360,000.00
Net profit (Group)	0.5021	0.3120	0.3650	0.2969

12. Dividends per Share

Under the decision of the company's Annual shareholders meeting on the 24th of June 2009, a dividend payout of €0.12 per share has been decided. Payment started on the 7^th of July 2009 through National Bank (fiscal year 2008, €0.18 per share)

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

Company conducts provisions for the tax that may arise from the non-audited fiscal years based on its experience. Total provisions on the 30.09.2009 were €100.538 for both group and company. On the 31.12.2008 were €170.000. In May 2009, the tax audit for the fiscal years 2006 and 2007 was concluded. The tax audit assessed for the pre mentioned audited fiscal years additional taxes of €122,462. Autohellas SA has paid the full sum in a single payment. The company has already formed an adequate provision and hence the aforementioned additional taxes and penalties, will have no effect on the company's 2009 financial results.

2009 results may be effected by the extraordinary tax payment on 2008 results, according to announcements made by the ministry of Economy and finance.

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

THE COMPANY

i) Sales of goods and services

	30/09/2009	30/09/2008
Sale of services to associated companies	5,349,658.59	5,263,541.70
Sales for services to Major Shareholder's companies	675,587.53	694,631.70
Sales of tangible assets Major Shareholder's companies	1,909,924.03	3,867,988.21
Other income from Subsidiaries	1,481,536.93	1,286,943.03
Other Earnings from Major Shareholder's companies	504,570.45	488,606.96
	9,921,277.53	11,601,711.60

Other income from subsidiaries, refer to management and administration support.

ii) Purchase of goods and services

	30/09/2009	30/09/2008
Purchase of goods from associated companies	29,564.36	156,926.81
Purchase of goods from Major Shareholder's companies	10,952,707.16	23,311,041.90
Purchase from subsidiaries	13,993,417.89	6,446,205.29
Other expenses from Major Shareholder's companies	88,865.10	138,883.12
	25,064,554.51	30,053,057.12

iii) Management and BoD remuneration

	30/09/2009	30/09/2008
Salaries and other short term benefits	1,480,407.96	1,553,362.76
	1,480,407.96	1,553,362.76

iv) Claims from associated companies

	30/09/2009	31/12/2008
Subsidiaries	760,869.42	487,207.97
Associates	75,139.90	150.46
Companies-Major shareholder	357,688.14	2,304,442.73
	1,193,697.46	2,791,801.16

v) Liabilities towards associated companies

	30/09/2009	31/12/2008
Subsidiaries	3,827,659.48	4,783,221.70
Associates	11,400.12	147,624.30
Companies-Major shareholder	2,653,144.66	2,619,958.32
	6,492,204.26	7,550,804.32

vi) Guarantees

A guarantee of up to € 10,100,000 has been given for a loan granted to AUTOTECHNICA LTD. Also a guarantee of up to € 2.500.000 has been given for a loan granted to DEMSTAR RENTALS 2005 LTD, and a guarantee of up to €13,500,000 has been given for a loan granted to AUTOTECHNICA FLEET SERVICES S.R.L.

THE GROUP

i) Sales of goods and services

	30/09/2009	30/09/2008
Sale of services to associated companies	5,450,940.47	5,263,541.70
Sale of services to Companies-Major shareholder	675,587.53	694,631.70
Sales of tangible assets Major Shareholder's companies	1,909,924.03	3,867,988.21
Other income from Major Shareholder's companies	504,570.45	488,606.96
	8,541,022.48	10,314,768.57

ii) Purchase of goods and services

	30/09/2009	30/09/2008
Purchase of goods from associated companies	701,349.63	156,926.81
Purchase of goods from Major Shareholder's companies	11,516,562.12	23,311,041.90
Other expenses from Major Shareholder's companies	156,185.10	138,883.12
	12,374,096.85	23,606,851.83

iii) Management and BoD remuneration

	30/09/2009	30/09/2008
Salaries and other short term benefits	1,709,608.40	1,553,362.76
	1,709,608.40	1,553,362.76

iv) Claims from associated companies

	30/09/2009	31/12/2008
Associates	75,356.27	150.46
Companies-Major shareholder	357,688.14	2,304,442.73
	433,044.41	2,304,593.19

v) Liabilities towards associated companies

	30/09/2009	31/12/2008
Associates	276,632.14	147,624.30
Companies-Major shareholder	2,839,876.35	2,619,958.32
	3,116,508.49	2,767,582.62

16. Change in accounting policy

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

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

More specifically :

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

As a result:

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

ii) Results for the period 01.01 -31.09 2008 have been burdened with negative difference from readjustment of amount €456,392.32 (gross amount €608,523.09 - income tax €152.130.77).

iii) The value of owner occupied assets at the $01.01.2008$ increased by amount $\epsilon$ 20,188,535.25

iv) The effect on the results of the period $01.01 - 31.09.2008$ due to the increased depreciation on the e readjusted values in relation to the cost of purchase is minor. The effect of the readjustment in the current period is related with the increased depreciations which we calculated in the new adjusted building value and are also minor. B) investments in property are valued on their fair value from the amortized acquisition cost up until 31.12.2007. The effect on current period is minor and is the result of no depreciations made.

In 2008 and more specifically as from 01.07.2008, there was a change in the depreciation rate for the vehicles of subsidiary company in Bulgaria (from 25% to 15%) and in Romania from 25% to 17%. Had the two subsidiary companies not used the 15% & 17% depreciation rate, total depreciations for the current period would have been increased by € 643,787.85 and cost of goods by € 620,946.75.

As from 01/04/2009 vehicles annual depreciation rate of subsidiaries in Bulgaria has been changed from 15% to 18%, and in Romania from 17% to 18%, to represent more accurately the relation between purchase value and sale of vehicles, as these have been effected by the current financial crisis which has a substantial effect on the sector.

Had the two subsidiary companies not used the 15% / 18% & 17% / 18% depreciation rate, total depreciations for the current period would have been increased by $\in$ 1.037.034,64 and cost of goods by $\in$ 1.011.131,01.

The effect of the change in the depreciation rates of vehicles in the current period (01.04.09-30.09.09) has an impact on the financial statements (approximately €315,000). For future periods, no accurate estimation can be made, due to the economic environment's high volatility.

1. As it is mentioned in note 3.3, in current fiscal period, the amendments of IAS 16 and IAS 7 in relation to the sale of tangible assets initially purchased for renting, have been implemented. According to this amendments, sales of vehicles which have been purchased in order to be rented, are reported at the time of the sale as income, with the relative expense reported as cost of goods, and not as a (net) profit/loss from sale. In addition, cash flows from purchasing and selling of vehicles are reported in cash flow statements, in operating activities and not investment. The effects of this change in accounting policy are as follows:

(i) in the company's figures for the period 01.01.-30.09.2008 there has been an addition of €29.288.159,35 in sales, which came from vehicle sales. In cost of goods, there has been an addition of €25.109.992,15, which reflects the cost of the sold vehicles. From other income, the profits from vehicle sales amounting €4.178.167,20 have been deducted. Respectively, for the group €30.566.738,07 have been added to revenue, €25.732.266,40 have been added to cost of goods and €4.834.471,67have been deducted from other income.

(ii) In the cash flow statement, outflow for vehicles purchases have been reported in operating activities and not under investment activities as they were up until 31.12.2008. In more detail, the amounts fro the group and the company for the financial statement of the period 01/01-30/09/2008 that have been transferred from investment to operating activities are: vehicle purchases €107.751.637,11 and €90.557.292,37 and vehicle sales €30.888.847,76 ка €29.610.269,04, for the group and the company respectively.

Kifissia, 12 November 2009

President

Vice President & Managing Director Financial Manager

Accounting Manager

Theodore Vassilakis ADT X 458197

Effichios Vassilakis ADT X 679379

Garyfallia Pelekanou ADT S 106973

Constantinos Siambanis ADT F 093095