AUTOHELLAS SA

31, VILTANIOTI str. KIFISSIA, ATTICA

FIRST SEMESTER FINANCIAL STATEMENTS For the period (1st January 2017 till 30th June 2017) The Financial Statements have been approved by the company´s Board of Directors on the 5th of September 2017 and have been published on the website www.hertz.gr

	CONTENTS
A.	BOARD OF DIRECTORS STATEMENTS	3
B.	INDEPENDENT AUDITOR´S REPORT	4-5
C.	BOARD OF DIRECTORS´ANNUAL REPORT	6-14
D.	ANNUAL FINANCIAL STATEMENT
	1. COMPANY'S FINANCIAL STATEMENT
	Balance sheet (Ι)	15
	Income Statement (ΙΙ)	16
	Statements of Changes in Equity (ΙΙΙ)	17
	Cash Flow Statement (ΙV)	18
	2. CONSOLIDATED FINANCIAL STATEMENTS
	Balance sheet (Ι)	19
	Income Statement (ΙΙ)	20
	Statements of Changes in Equity (ΙΙΙ)	21
	Cash Flow Statement (ΙV)	22
	3. NOTES ON THE FINANCIAL STATEMENTS
1.	General Information	23
2.	Group Structure	23
	1.Subsidiaries	23
	2.Affiliations/ Joint Ventures	23
3.	Accounting Policies	24-27
	3.1 Basis for Preparation of the Financial Statements	24-27
	3.2 New standards, interpretations and amendments	24-27
	3.3 Consolidation- Subsidiaries and Associates Valuation	28
	3.4 Segment Reporting	28-29
4.	Tangible Fixed Assets	25-26
5.	Investment in properties	30-31
6.	Investment in Subsidiaries	32
7.	Investment in Associates / Joint ventures	33
8.	Other assets available for sale	34
9.	Sales and other operating income	35
10.	Interests	35
11.	Gains/Losses from investing activities	35
12.	Income Tax	35
13.	Earnings per share	36
14.	Dividends per Share	36
15.	Own Shares	36
16.	Contingent Liabilities	31
17.	Subsequent events	36
18.	Related Party Transactions	36
19. 20.	Fair values of financial assets measured at cost. Change of accounting estimate	37 38
Ε.	DATA AND INFORMATION 30.06.2017	39

Α. BOARD OF DIRECTORS STATEMENTS (according to art. 5 par. 2c, Ν. 3556/2007)

Members of the board of directors Eftichios Vassilakis vice chairman and managing director, Dimitrios Mangioros member and Antonia Dimitrakopoulou member, declare to the best of their knowledge that:

a) The Financial Statements of the company and the Group for the period 1/1-30/06/2017, which were prepared according to the applicable accounting standards, fairly present the assets and liabilities, the equity and the results of the Group and AUTOHELLAS S.A. as well as the subsidiary companies which are included in the consolidation as a total.

b) The report of the Board of Directors fairly presents the performance and position of the Company, as well as the companies included in the consolidation as a total, including the description of the main risk factors and uncertainties they might be facing.

Kifissia, 5 th of September 2017

Eftichios Vassilakis Dimitrios Mangioros Antonia Dimitrakopoulou

Vice Chairman & Managing Director Member Member

B. Independent Auditor's Report

To the Shareholders of «AUTOHELLAS S.A.»

Introduction

We have reviewed the accompanying condensed separate and consolidated statement of financial position of "Autohellas S.A." (the "Company") as at 30 June 2017, and the related condensed separate and consolidated statements of comprehensive income, changes in equity and cash flows for the sixmonth period then ended, as well as the selected explanatory notes that constitute the interim financial information, which is an integral part of the six-month financial report under article 5 of Law 3556/2007. Management is responsible for the preparation and presentation of this interim condensed financial information in accordance with International Financial Reporting Standards as adopted by the European Union and apply to interim financial reporting (International Accounting Standard "IAS 34"). Our responsibility is to express a conclusion on this interim condensed financial information based on our review.

Scope of review

We conducted our review in accordance with the International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim condensed financial information is not prepared, in all material respects, in accordance with IAS 34.

Report on other legal requirements

Our review has not identified any inconsistency between the other information contained in the sixmonth financial report prepared in accordance with article 5 Law 3556/2007 with the accompanying financial information.

Athens, 5 th of September 2017

ECOVIS HELLAS S.A. 9-11, Ethnikis Antistaseos Str. Chalandri, Athens Reg. No 155

Certified Auditor

Samaras Dimitrios Reg. No 34161

ΑUTOHELLAS S.A.

SIX MONTH REPORT OF THE BOARD OF DIRECTORS FOR THE PERIOD 1/1-30/06/2017

This Board of Directors Report has been compiled in accordance with the provisions of par. 6 of article 5 of Law 3556/2007 and the relevant decisions 1/434/3-7-2007 and 7/448/11-10-2007 of the capital markets Board of Directors.

The purpose of the Report is to inform the public:

On the financial position, the results and to give a complete picture of the company´s & the group's performance during the period under examination, as well as on any changes that might have occurred.
On any important event that took place during this fiscal year and on any impact that those events have on the company's financial statements.
On any potential risks that might arise for the Company or the Group.
On all transactions between the company and related parties.

Α. FIRST SEMESTER REPORT – FINANCIAL POSITION RESULTS

The company's main activities are Renting (Short – term lease) and Fleet Management (long – term lease and fleet management).

Renting covers all needs of both individuals and companies for occasional, small duration rentals up to 1 year long.

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

Consolidated turnover for the first semester of 2017 reached €150.148.715,87 versus €118.377.648,46 in last year's respective period. Revenue from short and long term rentals reported an increase of 15,7%. The extrovert policy of the Group with dynamic growth in foreign countries led to an increase in short term rentals of 20,0%. At the same time there occurred also a significant increase in long term rentals of 13,6% as well, versus the first semester of 2016. At Group level, total Renting revenue reached €25,3 mill. in the first semester of 2017 versus €21,0 mill. in last year's respective period. In the same period Fleet Management sales reached €47,8 mill. versus €42,1 mill. last year. Used car sales were above last year's levels reaching €14,0 in the first semester of 2016 vs €18,2 in the first semester of 2017, an increase of 29,6%.

The total consolidated turnover presents an increase of 26,7% with the turnover from trading cars, spare parts and services amounting to €58,9 mill. versus €41,2 mill. in the same period last year, an increase of 42,9%.

Autohellas turnover in the first semester of 2017 reached €81.595.933,37 versus €68.955.977,77 an increase of 18,38% compared to the first semester of 2016. In particular, revenue from short and long term rentals reported an increase of 15,5% while used car sales reported an increase of 19,8%. In particular Autohellas's Renting revenue reached €17,9 mill. in the first semester of 2017 versus €15,5 mill. in the first semester of 2016, an increase of 14,9%. In the same period Fleet Management revenue reached €36,5 mill. versus €31,5 mill. in the respective period last year, an increase of 15,9%.

At the Group level consolidated earnings before interest, taxes and amortization, EBIT, reached €16.465.237,83 versus €11.737.568,88 in the first semester of 2016, profits before tax showed profits of €12.392.083,07 versus profits of €9.306.527,19 in the first semester of 2016, while earnings after tax showed profits of €10.359.033,61 versus profits of €8.684.279,89 in the first semester of 2016.

At the Company level consolidated earnings before interest and taxes, EBIT, reached €11.282.241,9 versus €7.924.558,35 in the first semester of 2016, profits before tax showed profits of €8.311.349,46 versus profits of €6.349.538,63 in the first semester of 2016, while earnings after tax showed profits of €6.867.165,05 versus profits of €6.198.859,54 in the first semester of 2016.

Regarding the Group's foreign countries subsidiaries, since 01/01/2017, the annual depreciation rate of 18% that was applied, is now 14% in Bulgaria and Cyprus and 15% in Romania, Serbia, Montenegro, Croatia and Ukraine. This change in rates for the first semester of 2017, resulted in reduced depreciation of €1.866.313,10 and reduced profits from car sales of €64.000,00.

Basic ratios on the company's financial figures follow, for a more detailed analysis on the first semester of 2017. It should be noted however, that these ratios are not representative as most of the profits are achieved in the second half of the fiscal year.

RATIOS

Α. Profitability Ratios

	Group		Company
	2017 2016		2017	2016
1. Net Earnings Before Tax/ Turnover	8,3%	7,9%	10,2%	9,2%
2. Net Earnings After Tax/ Turnover	6,9%	7,3%	8,4%	9,0%

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

	Group		Company
	2017	2016	2017	2016
3. Return on Equity	5,0%	4,8%	4,2%	4,2%

Above ratio shows the group's and Company's net income as a percentage of shareholders equity.

Β. Financial leverage ratios

	Group	Company
4. Debt/ equity (excluding minority rights)	2,14	2,33
5. Bank Loans/ equity	1,51	1,69

The above ratios present bank loans as a percentage of total shareholders' equity.

ALTERNATIVE PERFORMANCE RATIOS

The Group uses Alternative Performance Ratios «APR» for decision making, strategic planning and performance evaluation purposes. These ratios assist in improved and more complete understanding of financial results of the Group and are considered along with financial results in accordance with I.F.R.S.

		Group	Company
6. Adjusted EBITDA	2017	17,783,774	12,213,556
	2016	12,868,009	8,730,691

Adjusted EBITDA is, the EBITDA as it derives from the Financial Statements prepared in accordance with IFRS less cars depreciation.

FS reconciliation:

EBITDA Cars depreciation Adjusted EBITDA		Group 47,502,875 -29,719,101 17,783,774	Company 33,850,939 -21,637,383 12,213,556
		Group	Company
7. Adjusted EBT	2017	10,196,360	6,115,626
	2016	5,977,252	3,020,263

Adjusted ΕΒΤ, is the EBT as it derives from the Financial Statements prepared in accordance with IFRS after exclusion of one-off events occurred in the year which are not result of the ordinary operation of the entity. This ratio is used to present FY earnings resulting just from usual operating activities from the Entity and the Group.

FS reconciliation:

	Group	Company
Profit/(loss) before tax	12,392,083	8,311,349
Loan amortization	1,135,680	1,135,680
AEGEAN AIRLINES SA Dividend	-3,331,403	-3,331,403
Adjusted ΕΒΤ	10,196,360	6,115,626

		Group	Company
8. Free Cash Flows	2017	56,350,284	43,367,171
	2016	40,266,901	31,030,890

This ratio is used to present available cash from operating activities of the Entity and the Group before used cars sales and before purchases of new rental cars for the year. This APR is used from the Group for better evaluation of cash performance, debt repayment capacity and dividend distribution.

FS reconciliation:

	Group	Company
Cash flows from operating activities	-10,242,732	-4,780,915
less Rental Cars Purchases	85,750,405	64,468,525
less Rental Cars Sales	-19,157,389	-16,320,439

Free Cash Flows 56,350,284 43,367,171

B. IMPORTANT EVENTS

C. RISK MANAGEMENT

Exchange Rate Risk

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

Interest rate risk

The Company and the Group are exposed in interest rate fluctuations because of their variable interest rate loans. Interest rate reductions will positively affect the company's earnings while any increase will have the opposite effect. As at 30/06/2017 the Company had no interest rate derivatives for hedging purposes.

Credit Risk

Company does not have any substantial credit risk. Retail sales are conducted either with cash payments or through credit card charges. Wholesales take place only after a thorough check on the customer's financial reliability has been conducted, and in most cases advance payments or guarantees are obtained. In addition, the company pays close attention to its credit collection period and acts accordingly. Potential credit risk does exist in the company's available cash, but the company uses recognized financial institutes for its deposits. In addition the company keeps higher loan liabilities in these institutes than its deposits.

Market Price Risk

With regard to Market Price Risk, as at 30/06/2017 both Group and Company were exposed to the fluctuation Risk of the stock price of Aegean Airlines S.A. For 2017 there was a positive effect of €16.407.160,76 on other comprehensive income of the company. Moreover, Aegean Airlines growth potential should be considered obvious due to its leading industry position.

The company is also exposed in used car price reduction risk, which is considered higher in current economic conditions. It is estimated though that in the end of 2011 the prices for used cars have reached their lowest point. Company has reacted to this risk by increasing the average age of the renting fleet. This strategic decision has not, in any way, affected the company's competitive advantage since such a practice has been followed by all the companies in the sector. In addition the company proceeded in 2011 to the impairment of the book value of certain large engine vehicles in order to minimize the risk of future sales for this category of engine size which has been affected most by economic crisis.

Finally both group and the company are exposed in property values changes. During the first semester of 2008 there has been a change in the valuation method of the company's property which are no longer valued based on their historical cost but on their fair value. As a result changes in the real estate market prices will have an effect in fair values. In the end of 2010 the company revalued its property and no decrease in total value has been recorded. In fiscal year 2012 property was revalued and significant losses of € 16.504.166,09 were recorded. Finally in 2013 there was another revaluation of the company's property and an additional loss of € 4,534,016.30 has been reported.

Sales Seasonality

Rent a car sales (short – term rentals) are traditionally extremely seasonable, as they depend heavily on tourist arrivals. It is indicative that 85% of total sales is generated between May – October and almost 45%, in months July and August only. As a result, short – term sales can be affected substantially by

events that have an impact on the tourism market, especially if such events take place at the beginning of the season.

On the other hand, a major stability factor is the Fleet Management sector, since sales are evenly spread during the year, while representing at the same time over 55% of the total annual turnover from services.

D. PROSPECTS

In the first semester of 2017, operating leasing sector grew dynamically with the company maintaining healthy profitability. With the market now seemingly stabilized, the company's aim is to continue to profit from this stabilization by increasing its market share.

International tourist arrivals - inextricably linked to the rent a car sector – grew in the first half with a rate of more than 10%, and estimates are that the country will remain at similar positive arrival levels throughout the year compared to 2016. Autohellas target for RaC remains the full exploitation of its infrastructure and the continuous renewal and enrichment of its fleet to increase market share and improve results through economies of scale.

In Bulgaria, economy prospects are very positive, with the country exhibiting for another year significant growth. Short-term rentals will be driven to even higher levels due to corporate rentals and increased revenue at seaside stations. In the long-term rentals segment an increase in the number of our customers and in the fleet as a whole is expected.

In Cyprus, the economic and business landscape of the country is recovering significantly with the economy exhibiting growth in 2017. The significant increase in tourist traffic will contribute to the company's large increase in short-term rentals. Also, because local business market is recovering, a significant expansion of the fleet of long-term rentals is to be expected.

In Romania, the prospects for the country's economy in 2017 remain very positive. A significant increase in company revenue is expected, with the long-term rental sector the main driver. It is estimated that there will be a significant increase in the number of our customers and the overall fleet of the company. The expansion of clientele both with strong multinational companies and with a large number of small and medium-sized enterprises is of great importance. Short-term rentals are also expected to rise to higher levels due to strengthened corporate rentals.

In Serbia, after the end of the second quarter of 2017, we expect to strength our leading position in long-term leases. The company seeks to continue generating lease agreements with multinationals and local companies with positive financial figures. At the same time, it is expected that the increase in revenue from long-term rentals, with an upgraded clientele, as well as the increase in corporate shortterm rentals will continue.

In Montenegro, the increase in arrivals in the first half of 2017 means that the country will exhibit significant tourist growth for another year, partly due to the favorable international environment. Our company looks forward to strengthening its leading position in short-term rentals as well as strengthening long-term leases.

In Ukraine, despite the relative instability of the past, the expected EU accession processes, combined with the size and particular geopolitical position of the country, provide a long-term growth prospect.

In Croatia, tourism rates continue to grow in the first semester of 2017, and this fact, coupled with a favorable international environment, implies a positive outlook. The company aims to capture a significant market share in short-term rentals with a simultaneous presence in the long-term rental market.

Ε. RELATED PARTIES TRANSACTIONS

As related parties, according to IAS 24, are, subsidiaries, companies under the same ownership and/or management with the company, affiliated companies and joint - ventures, as well as Members of the Board of Directors, and managerial personnel of the company. The company purchases from related parties goods and services while it offers goods and services to them too.

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

The following table, analyzes the balance of receivables, payables and transactions of the company regarding the related parties as they are defined by IAS 24.

	COMPANY
Subsidiaries :
Receivables:	30/06/17	31/12/16
AUTOTECHNICA HELLAS ATEE	723,797.84	1,497,347.73
AUTOTECHNICA FLEET SERVICES LTD	202,072.59	116,243.64
AUTOTECHNICA LTD	949,473.91	838,990.54
AUTOTECHNICA (CYPRUS) LTD	0.00	6,202.78
AUTOTECHNICA SERBIA DOO	100,856.42	28,275.38
AUTOTECHNICA MONTENEGRO DOO	26,406.96	1,992.17
AUTOTECHNICA FLEET SERVICES LLC	46,677.74	34,618.65
AUTOTECHNICA FLEET SERVICES DOO	1,174,101.00	1,174,101.00
ANTERRA DOO	1,083,383.61	1,057,339.72
Total	4,306,770.07	4,755,111.61
Liabilities:
AUTOTECHNICA HELLAS ATEE	3,523,241.43	2,451,738.54
AUTOTECHNICA LTD	4,985.91	5,822.22
Total	3,528,227.34	2,457,560.76


Income:	30/06/17	30/06/16
Management support & consulting services
AUTOTECHNICA HELLAS ATEE	1,358,967.61	1,716,101.03
AUTOTECHNICA FLEET SERVICES LTD	85,808.85	72,260.60
AUTOTECHNICA LTD	523.20	1,612.30
AUTOTECHNICA (CYPRUS) LIMITED	2,093.07	11,504.22
AUTOTECHNICA SERBIA DOO	72,514.57	78,905.00
AUTOTECHNICA MONTENEGRO DOO	24,414.79	29,511.93
AUTOTECHNICA FLEET SERVICES LLC	12,059.09	18,225.23
ANTERRA DOO	25,138.89	184,501.00
Total	1,581,520.07	2,112,621.31

Car & Spare parts sales
AUTOTECHNICA HELLAS ATEE	2,925,142.26	2,216,688.19
AUTOTECHNICA LTD	2,198,683.80	1,855,841.70
Total	5,123,826.06	4,072,529.89

PPE Sales AUTOTECHNICA HELLAS ATEE	901,120.51	1,797,529.03
Total	901,120.51	1,797,529.03

Purchases and expenses:
Purchases (Mainly) – Car maintenance
AUTOTECHNICA HELLAS ATEE	13,736,441.93	19,518,198.31
AUTOTECHNICA LTD	16,410.74	4,974.06
Total	13,752,852.67	19,523,172.37
Major Shareholder Companies:
Receivables:	30/06/17	31/12/16
AEGEAN AIRLINES SA	187,471.52	176,349.37
OLYMPIC AIR	256.67	177.47
Total	187,728.19	176,526.84

Liabilities:
AEGEAN AIRLINES SA	93,523.34	85,900.06
OLYMPIC AIR	4,553.28	18,166.02
Total	98,076.62	104,066.08
Income:	30/06/17	30/06/16
Services
AEGEAN AIRLINES SA	579,666.09	537,057.64
OLYMPIC AIR	1,241.96	0.00
Rents AEGEAN AIRLINES SA	245,580.00	237,060.00
Dividends
AEGEAN AIRLINES SA	3,331,403.20	5,829,955.60
Total	4,157,891.25	6,604,073.24

Purchases and expenses: Services	30/06/17	30/06/16
AEGEAN AIRLINES SA	463,280.69	346,165.70
OLYMPIC AIR	3,676.08	0.00
Total	466,956.77	346,165.70

Joint Ventures:	30/06/17	31/12/16
Receivables:
SPORTSLAND SA	5,954.88	0.00
ELTREKKA SA	71,205.54	22,266.53
CRETAN GOLF	2,385.26	966.41
Total	79,545.68	23,232.94
Liabilities:
ELTREKKA SA	1,146.47	23,718.89
Total	1,146.47	23,718.89
Income:	30/06/17	30/06/16
Car & Spare parts sales
ELTREKKA SA	124,947.61	125,105.14
Services
ELTREKKA SA	123,186.44	102,812.33
SPORTSLAND SA	3,900.00	4,854.89
CRETAN GOLF	9,353.15	4,275.74
Rents
ELTREKKA SA	35,880.00	31,920.00
SPORTSLAND SA	1,080.00	1,080.00
Total	298,347.20	270,048.10
Purchases and expenses:	30/06/17	30/06/16
Spare parts
ELTREKKA SA	97,354.91	89,490.91
Total	97,354.91	89,490.91

	GROUP
Major Shareholder Companies:
Receivables:	30/06/17	31/12/16
AEGEAN AIRLINES SA	192,965.02	176,349.37
OLYMPIC AIR	256.67	177.47
Total	193,221.69	176,526.84
Liabilities:	30/06/17	31/12/16
AEGEAN AIRLINES SA	106,861.91	89,663.57
OLYMPIC AIR	4,553.28	18,166.02
Total	111,415.19	107,829.59
Income: Services	30/06/17	30/06/16
AEGEAN AIRLINES SA	583,098.69	538,596.24
OLYMPIC AIR	1,241.96	0.00
Rents
AEGEAN AIRLINES SA	245,580.00	237,060.00
Dividends
AEGEAN AIRLINES SA	3,331,403.20	5,829,955.60
Total	4,161,323.85	6,605,611.84
Purchases and expenses: Services	30/06/17	30/06/16
AEGEAN AIRLINES SA	463,280.69	350,900.82
OLYMPIC AIR	3,676.08	0.00
Total	466,956.77	350,900.82

Joint Ventures:	30/06/17	31/12/16
Receivables: SPORTSLAND SA	5,954.88	0.00
ELTREKKA SA	319,751.06	258,333.30
CRETAN GOLF	2,385.26	966.41
Total	328,091.20	259,299.71

Liabilities: ELTREKKA SA	204,564.95	213,107.74
Total	204,564.95	213,107.74

Income:	30/06/17	30/06/16
ELTREKKA SA	1,227,534.27	1,343,104.92
Services ELTREKKA SA	123,186.44	102,812.33
SPORTSLAND SA	3,900.00	4,854.89
CRETAN GOLF	9,353.15	4,275.74
Rents
ELTREKKA SA	35,880.00	31,920.00
SPORTSLAND SA	1,080.00	1,080.00
Total	1,400,933.86	1,488,047.88

Purchases and expenses: Spare parts	30/06/17	30/06/16
ΕΛΤΡΕΚΚΑ ΑΕ	1,394,846.11	1,324,310.53
Total	1,394,846.11	1,324,310.53

Moreover, the company has provided a guarantee against a loan granted to its subsidiary AUTOTECHNICA LTD amounting up to € 6,500,000. Also, for the subsidiary AUTOTECHNICA (CYPRUS)

LIMITED, a guarantee has been provided against a loan amounting up to € 4,500,000, for the subsidiary AUTOTECHNICA FLEET SERVICES S.R.L., a guarantee has been provided against a loan up to € 15,300,000, for the subsidiary AUTOTECHNICA SERBIA D.O.O., a guarantee has been provided against a loan amounting up to € 7,800,000 and for the subsidiary AUTOTECHNICA MONTENEGRO DOO a guarantee has been provided against a loan amounting up to € 500.000. Finally, for AUTOTECHNICA HELLAS S.A. a guarantee amounting to € 11,850,000 has been provided.

Kifissia, 05 September 2017

The Vice Chairman of the Board of Directors

Eftichios Vassilakis

D.1. COMPANY'S FINANCIAL STATEMENTS

Balance Sheet (I)

ASSETS	Note	30/6/2017	31/12/2016

Non-Current Assets Tangible Assets	4	314,844,631.04	286,131,642.21
Investments Properties	5	58,249,877.73	58,249,877.73
Intangible Assets		465,729.53	487,121.63
Investments in subsidiaries	6	20,555,111.10	20,555,111.10
Investments in associates/joint ventures	7	13,107,688.92	13,017,688.92
Financial Assets available for sale	8	69,126,616.40	52,719,455.64
Trade and other Debtors		6,382,603.18	5,422,722.84
Other Assets		759,094.55	548,939.93
		483,491,352.45	437,132,560.00
Current Assets
Inventory		6,546,451.49	5,175,198.68
Trade Debtors		23,834,528.92	18,140,948.75
Other Debtors		3,898,749.37	8,964,034.64
Advance Payments		5,900,260.77	6,240,451.49
Financial assets measured at fair value through profit & loss			0.00
Cash and Cash Equivalents		25,730,188.29	16,632,747.09
		65,910,178.84	55,153,380.65

Total Assets		549,401,531.29	492,285,940.65

EQUITY Capitals and Reserves
Share Capital issued		3,908,400.00	3,908,400.00
Share Premium		130,552.60	130,552.60
Other reserves		68,031,748.31	50,552,708.57
Earnings carried forward		92,977,604.64	102,273,157.54
		165,048,305.55	156,864,818.71
Total Equity		165,048,305.55	156,864,818.71

LIABILITIES
Long term liabilities
Long Term Borrowing		127,750,301.55	216,899,266.22
Deferred Tax		30,259,196.97	26,154,064.05
Provisions for Staff leaving Indemnities		1,293,293.00	1,293,293.00
		159,302,791.52	244,346,623.27
Short term Liabilities
Trade and Other Creditors		70,077,264.71	46,336,274.69
Short Term Loans		150,736,280.07	38,759,592.67
Income Tax		4,236,889.44	5,978,631.31
		225,050,434.22	91,074,498.67

Total Liabilities		384,353,225.74	335,421,121.94
Total Equity and Liabilities		549,401,531.29	492,285,940.65

1 st Semester Financial Statements Year 2017

D. 1. COMPANY'S FINANCIAL STATEMENTS

Income Statement (II)

	Note	01/01/17- 30/06/17	01/01/16- 30/06/16
Continuing Operations :
Sales	9	81,595,933.37	68,955,977.77
Cost of Sales		-64,764,603.25	-55,950,553.06
Gross Operating Earnings		16,831,330.12	13,005,424.71
Other Operating Income	9	2,685,359.60	2,501,500.61
Administrative Expenses		-6,075,616.53	-5,666,009.71
Distribution Expenses		-2,139,946.55	-1,874,621.15
Other Expenses		-18,884.73	-41,736.11
Gain/loss before tax, financial and investment activities		11,282,241.91	7,924,558.35
Gain/Loss before tax, financial investment activities and
depreciation		33,850,938.65	29,028,781.23
Financial expenses	10	-6,710,623.00	-6,287,888.40
Income from Interest	10	408,327.35	247,913.12
Gain/ Loss from Investment Activity	11	3,331,403.20	4,464,955.56
Less: Fixed assets Depreciation		22,568,696.74	21,104,222.88
Less: Depr/tion Expenses included in Operating Cost			21,104,222.88
Earnings Before Tax		8,311,349.46	6,349,538.63
Tax payable	12	-1,444,184.41	-150,679.09
Earnings after Tax		6,867,165.05	6,198,859.54
Other Comprehensive Income
a) Items that may be reclassified subsequently to Income
statement
a1) Financial assets available for sale :
Earnings for the period		16,407,160.76	-5,496,815.28
Income Tax		-4,758,076.62	1,594,076.44
b) Items that will be not reclassified subsequently to
Income Statement
b1) Fixed Assets Revaluation
Revaluation Tax		0.00	0.00
b2) Actuarial Earnings/losses
Earnings/loss for the period		0.00	0.00
Income Tax		0.00	0.00
Other Total Income After Taxes		11,649,084.14	-3,902,738.84
Total Income After Taxes		18,516,249.19	2,296,120.70

Profits After Taxes per Share		0.5649	0.5099

D.1. COMPANY'S FINANCIAL STATEMENT

Statement of Changes in Equity (III)

	Share Capital	Share Premium	Reserves from Available for Sale Financial Assets	Other Reserves	Reserves from Property value readjustment	Results carried forward	Total Equity
Balance as of 01.01.2016 - Total Income	3,908,400.00	130,552.60	28,986,616.21 -3,902,738.84	19,468,892.17 0.00	5,053,820.52 0.00	97,201,825.74 6,198,859.54	154,750,107.24 2,296,120.70
Recognized profit/Loss for the period -Dividends paid - Acquisitions -Transfer - Own shares	0.00	0.00	-3,902,738.84	0.00	0.00	6,198,859.54 -10,332,762.35	2,296,120.70 -10,332,762.35 0.00 0.00 0.00
Balance as of 30.06.2016	3,908,400.00	130,552.60	25,083,877.37	19,468,892.17	5,053,820.52	93,067,922.93	146,713,465.59
Balance as of 01.01.2017 - Total Income	3,908,400.00	130,552.60	26,029,995.88 11,649,084.14	19,468,892.17	5,053,820.52 0.00	102,273,157.54 6,867,165.05	156,864,818.71 18,516,249.19
Recognized profit/Loss for the period -Dividends paid - Acquisitions	0.00 0.00	0.00	11,649,084.14	0.00	0.00	6,867,165.05 -10,332,762.35	18,516,249.19 -10,332,762.35 0.00
-Transfer - Own shares - Total Income	0.00			0.00 5,829,955.60		-5,829,955.60	0.00 0.00 0.00
Balance as of 30.06.2017	3,908,400.00	130,552.60	37,679,080.02	25,298,847.77	5,053,820.52	92,977,604.64	165,048,305.55

D.1. COMPANY'S FINANCIAL STATEMENTS

Cash flow statement (IV)

Values in Euro	01.01-30.06.2017	01.01-30.06.2016
Profits before tax	8,311,349.46	6,349,538.63
Adjustments for:
Fixed Assets Depreciation/Amortization	22,568,696.74	21,104,222.88
Provisions	600,000.00	303,936.06
Earnings from Tangible Assets Sale	-5,565,715.93	-4,862,174.88
Interest/ Derivatives (Net)	6,302,295.65	6,039,975.28
Result of Investment activity	-3,331,403.20	-4,464,955.56
	28,885,222.72	24,470,542.41

Working Capital Changes
Increase/ decrease in inventories	-1,371,252.81	1,558,004.48
Increase/ decrease in receivables	1,277,578.46	-4,942,350.70
Increase/ decrease in liabilities Purchase of renting vehicles	19,782,178.04 -64,468,524.73	14,442,612.57 -60,389,484.51
Sales of renting vehicles	16,320,438.90	13,674,324.07
	-28,459,582.14	-35,656,894.09

Net cash flow from operating activities before Tax and Interest	425,640.58	-11,186,351.68
Interest expense paid	-5,206,555.09	-4,497,918.99
Income tax paid	0.00	0.00
Net cash flow from operating activities	-4,780,914.51	-15,684,270.67

Cash flow from investing activities
Purchase of tangible Assets	-1,689,967.48	-1,566,770.19
Proceeds from Sales of Tangible Assets	807,758.17	558,165.89
Purchase of Subsidiaries, affiliated companies and other investments	-90,000.00	-4,850,000.00
Investment properties Purchase	0.00	0.00
Sale of investment Property / Properties Transfer tax	0.00	86,834.17
Interest received	408,327.35	247,913.12
Capital Return / Dividends received	3,331,403.20	5,829,955.60
Sale of subsidiaries, associates and other investments Net cash flow from investing activities	0.00 2,767,521.24	0.00 306,098.59

Cash flow from Financing Activities
Proceeds from Borrowings	38,323,921.39	50,715,270.02
Repayment of Borrowings	-16,880,324.57	-29,492,895.37
Dividends paid	-10,332,762.35	-10,332,762.35
Net Cash Flow from Financial Activities	11,110,834.47	10,889,612.30

Net decrease/increase in cash and cash equivalents	9,097,441.20	-4,488,559.78
Cash and cash equivalents at the beginning of the period	16,632,747.09	17,234,978.08
Cash from acquisitions	0.00	0.00
Cash and cash equivalents at the end of the period	25,730,188.29	12,746,418.30

Balance Sheet (I)

ASSETS Note 30/6/2017	31/12/2016

Non-current Assets
Tangible Assets 4 419,126,414.03	377,709,184.48
Investment properties 5 44,882,058.25	44,882,058.25
Intangibles 538,708.47	545,312.10
Goodwill 1,312,539.00	1,312,539.00
Investment in associates/ joint ventures 7 11,063,521.53	11,429,277.32
Financial assets available for sale 8 69,626,616.40	52,719,455.64
Trade and other debtors 6,600,180.63	5,605,941.30
Other assets 872,026.05	605,001.43
554,022,064.36	494,808,769.52
Current assets
Inventory 19,144,696.30	13,914,519.17
Trade debtors 31,736,865.71	22,599,705.15
Other liabilities 9,556,101.96	11,393,787.00
Advance payments 8,957,691.96	8,085,200.50
Financial assets measured at fair value through profit 0.00	0.00
Cash and Cash equivalents 29,073,104.87	19,984,431.22
98,468,460.80	75,977,643.04


Total Assets 652,490,525.16	570,786,412.56

EQUITY
Equity attributable to equity holders of the parent
Share capital 3,908,400.00	3,908,400.00
Share premium 79,567.60	79,567.60
Other reserves 71,395,123.86	53,916,084.12
Earnings carried forward 132,039,664.99	137,843,349.33
207,422,756.45	195,747,401.05
Minority Interest 0.00	0.00
Total Equity 207,422,756.45	195,747,401.05
LIABILITIES
Long term liabilities
Loans 146,891,439.36	225,068,948.09


Deferred tax 30,995,092.16	27,015,505.29
Provisions for staff leaving indemnities 1,824,079.23	1,824,079.23
179,710,610.75	253,908,532.61

Short term liabilities
Trade creditors 95,128,029.55	59,037,937.72
Short term borrowing 165,286,122.18 Taxes and duties payable 4,943,006.23	55,947,025.95 6,145,515.23
265,357,157.96	121,130,478.90


Total liabilities 445,067,768.71	375,039,011.51
Total equity and liabilities 652,490,525.16	570,786,412.56

Income Statement (ΙΙ)
		01/01/17- 30/06/17	01/01/16- 30/06/16
Values in euro	Note
Turnover	9	150,148,715.87	118,377,648.46
Cost of Sales		-121,481,549.96	-95,554,958.82
Gross operating Earnings		28,667,165.91	22,822,689.64
Other operating income	9	2,750,632.95	1,877,015.53
Administrative expenses		-9,311,889.22	-8,003,437.74
Distribution expenses		-5,501,334.25	-4,806,318.56
Other expenses		-139,337.56	-152,380.19
Gains/loss before tax, financial and investment activities		16,465,237.83	11,737,568.68
Gains/loss before tax, financial investment activities and
depreciations		47,502,874.70	41,028,142.63
Financial expense	10	-7,389,267.87	-6,865,299.08
Financial income	10	440,465.70	320,580.02
Profit/Loss from Derivatives		0.00	0.00
Profit/Loss profit from investment activities	11	3,331,403.20	4,464,955.56
Earnings from affiliated companies		-455,755.79	-351,277.99
Gain/ Loss from acquisitions		0.00	0.00
Less: Fixed assets Depreciation		31,037,636.87	29,290,573.95
Less: Depr/tion Expenses included in Operating Cost		31,037,636.87	29,290,573.95
Earnings before taxes		12,392,083.07	9,306,527.19
Tax payable	12	-2,033,049.46	-622,247.30
Earnings after taxes		10,359,033.61	8,684,279.89
Attributable to:
Shareholders		10,359,033.61	8,684,279.89
Minority interest		0.00	0.00
		10,359,033.61	8,684,279.89
Profits After Taxes per Share (basic)	13	0.8522	0.7144
Earnings after taxes		10,359,033.61	8,684,279.89
Other total income after tax a) Items that may be reclassified subsequently to Income statement
a1) Financial assets available for sale
Earnings/ (losses) for the period		16,407,160.76	-5,496,815.28
Tax payable b) Items that will be not reclassified subsequently to Income statement b1) Fixed Assets Revaluation		-4,758,076.62	1,594,076.44
Revaluation Loss		0.00	0.00

Revaluation Tax		0.00	0.00
b2) Actuarial Earnings/loss
Earnings/loss for the period Income tax		0.00 0.00	0.00 0.00
Other total income after tax		11,649,084.14	-3,902,738.84
Total income after taxes		22,008,117.75	4,781,541.05
Total income is attributed to:
Owners		22,008,117.75	4,781,541.05
Minority Interest		0.00	0.00
		22,008,117.75	4,781,541.05
st Semester Financial Statements 1			19

Year 2017

Statement of Changes in Equity (III)

		ATTRIBUTED TO THE PARENT´S SHAREHOLDERS						MINORITY
	Share Capital	Share Premium	Foreign – Exchange Differences	Reserves available for sale of financial assets	Other Reserves	Properties Revaluation Reserve	Earnings carried forward	Total	Minority Rights	Total Equity
Balance as of
01.01.2016	3,908,400.00	79,567.60	-102,552.16	28,986,616.21	19,678,360.74	8,310,279.66	125,460,324.38	186,320,996.43	0.00	186,320,996.43
- Total Income				-3,902,738.84	0.00	0.00	8,684,279.89	4,781,541.05	0.00	4,781,541.05
Recognized
profit/loss for the period	0.00	0.00	0.00	-3,902,738.84	0.00	0.00	8,684,279.89	4,781,541.05	0.00	4,781,541.05
- Merger company's								0.00	0.00	0.00
- Dividends paid							-10,332,762.35	-10,332,762.35	0.00	-10,332,762.35
-Transfer								0.00	0.00	0.00
Balance as of
30.06.2016	3,908,400.00	79,567.60	-102,552.16	25,083,877.37	19,678,360.74	8,310,279.66	123,811,841.92	180,769,775.13	0.00	180,769,775.13

Balance as of
01.01.2017	3,908,400.00	79,567.60	-102,552.16	26,029,995.88	19,678,360.74	8,310,279.66	137,843,349.33	195,747,401.05	0.00	195,747,401.05
- Total Income Recognized				11,649,084.14			10,359,033.61	22,008,117.75	0.00	22,008,117.75
profit/loss for the
period	0.00	0.00	0.00	11,649,084.14	0.00	0.00	10,359,033.61	22,008,117.75	0.00	22,008,117.75
- Merger company's							-10,332,762.35	-10,332,762.35	0.00	-10,332,762.35
- Dividends paid					5,829,955.60		-5,829,955.60	0.00	0.00	0.00
Balance as of
30.06.2017	3,908,400.00	79,567.60	-102,552.16	37,679,080.02	25,508,316.34	8,310,279.66	132,039,664.99	207,422,756.45	0.00	207,422,756.45

Cash Flow Statement (IV)

	01/01-30/06/17	01/01-30/06/16
Profits before tax	12,392,083.07	9,306,527.19
Adjustments for:
Fixed assets depreciation	31,037,636.87	29,290,573.95
Provisions	600,000.00	303,936.06
Exchange differences	-1,769.20	6,114.95
Earnings/ Loss from tangible assets sale	-6,868,893.57	-6,020,469.29
Interest and related expenses	6,948,802.17	6,544,719.06
Income from associates / Joint-ventures	455,755.79	351,277.99
Results from investment activities	-3,331,403.20	-4,464,955.56
	41,232,211.93	35,317,724.35

Working capital changes
Increase/decrease in inventories	-5,430,604.04	-316,133.70
Increase/decrease in receivables	-5,847,757.61	-12,536,493.10
Increase/decrease in liabilities	32,467,414.80	23,193,500.29
Purchases of renting vehicles	-85,750,405.42	-81,038,274.93
Sales of renting vehicles	19,157,389.24	16,120,449.20
	-45,403,963.03	-54,576,952.24

Net cash flow from operating activities before Tax and Interest	-4,171,751.10	-19,259,227.89
Interest expense paid	-5,910,338.85	-5,075,329.67
Tax paid	-160,641.74	-316,367.15
Net cash flow from operating activities	-10,242,731.69	-24,650,924.71

Cash flow from investing activities
Purchase of tangible assets	-4,289,950.79	-3,709,408.08
Proceeds from sales of tangible assets	1,969,649.35	643,693.39
Acquisition of subsidiaries, associates and other investments	-590,000.00	-680,000.00
Investment properties Purchase	0.00	0.00
Sale in Investment Property / Properties Transfer tax	0.00	86,834.17
Interest Received	465,604.59	320,580.02
Capital Return / Earnings from dividend	3,331,403.20	5,829,955.60
Proceed of subsidiaries, associates and other investments	0.00	0.00
Cash flow from investing activities	886,706.35	2,491,655.10

Cash flow from Financing Activities
Proceeds from borrowings	50,320,824.29	57,997,093.05
Repayment of borrowings	-21,543,362.95	-31,691,128.70
Dividends paid	-10,332,762.35	-10,332,762.35
Net Cash Flow from Financial Activities	18,444,698.99	15,973,202.00

Net decrease/increase in cash and cash equivalents	9,088,673.65	-6,186,067.61
Cash and cash equivalents at the beginning of the period	19,984,431.22	22,131,519.52
Cash from acquisitions	0.00	50,086.00
Cash and cash equivalents at the end of the period	29,073,104.87	15,995,537.91

D.3. Notes on the financial statements

1. General Information

The company "AutoHellas Tourist and Trading Anonymous company" (the company) is an anonymous company registered in Greece. It 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. Its website is www.hertz.gr and is listed in the Athens Stock Exchange (ASE), sector ¨Travel & Tourism¨.

2. Group Structure

1. Subsidiaries:

Company	Registered Office	% of ownership
AUTOHELLAS TOURIST & TRADING ANONYMOUS COMPANY	Kifissia, Attica	Parent
AUTOTECHNICA LTD	Sofia, Bulgaria	99,99%	(First consolidation 30.09.2003 establishment in 2003)
AUTOTECHNICA (CYPRUS) LIMITED	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 ATEE	Kifissia, Attica	100%	(First consolidation 31.03.08 establishment in 2008) – Note 8 Financial Statements
A.T.C. AUTOTECHNICA (CYPRUS) LTD	Lefkosia, Cyprus	100%	(First consolidation 30.06.08 establishment in 2008)- Note.8 Financial Statements
AUTOTECHNICA SERBIA DOO	Belgrade, Serbia	100%	(First consolidation 31.03.10 establishment in 2010)
AUTOTECHNICA MONTENEGRO DOO	Podgorica, Montenegro	100%	(First consolidation 31.12.2010 establishment in 2010)
AUTOTECHNICA FLEET SERVICES LLC	Kiev, Ukraine	100%	(First consolidation 31.03.2015 establishment in 2015)
AUTOTECHNICA FLEET SERVICES DOO	Zagreb, Croatia	100%	(First consolidation 30.06.2015 establishment in the 2nd Quarter of 2015)
ANTERRA DOO	Zagreb, Croatia	100%	(First consolidation 30/06/2016 for acquisition finalized in the 2nd Quarter of 2016)

2. Associates / Joint Ventures:

Company	Registered Office	% of ownership
ELTREKKA S.A. (Joint Venture)	Nea 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 establishment in 2008)
CRETAN GOLF S.A. (Associates)	Chersonissos, Crete	47,446%	(First consolidation 31.03.2015 due to the increase of our share in the company's capital in 2005)

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 over them and are excluded as from the date on which such control ceases to exist. Associate companies are companies which are under substantial managerial influence. Joint ventures are companies under joint management. Both associate companies and joint ventures are consolidated through equity method.

3. Accounting Policies

3.1. Basis of Preparation of Financial Statements

These financial statements for the company Autohellas SA refer to the period 01.01.2017-30.06.2017. They have been prepared according to the international Financial Reporting Standards as these have been adopted by the European Union. The functional currency is the Euro.

Current financial statements have been prepared on historical cost basis with the exception of available for sale financial assets which are measured in fair value, derivatives and property which are measured in fair value as of 2008. The same accounting principles assumptions and calculation methods have been used as the ones used for the annual financial statements of full year 2016. They have been approved by the Board of Directors on 04/09/2017.

3.2. New standards, interpretations and amendments

Standards and Interpretations Effective for Current Financial Year

IAS 19 Revised (Amendments) "Employee Benefits"

Limited amendment applicable to contributions by employees or third parties to defined benefit plans, that simplifies the accounting treatment of contributions, when they are not depended on the number of years during which services are provided, for example, employees' contributions, that are calculated on the basis of a fixed portion of salary.

IFRS 11 (Amendments) "Joint arrangements"

The amendment requires from an investor to apply the acquisition method when acquires a joint arrangement that constitutes a business.

IAS 16 and IAS 38 (Amendments) «Clarification of acceptable methods of depreciation and amortization»

The amendment clarifies that the use of methods based on revenue are not suitable for the calculation of depreciation of an asset, as well as revenues are not considered appropriate measurement basis of the consumption of economic benefits embodied in an intangible asset.

IAS 16 and IAS 41 (Amendments) «Agriculture: Bearer Plants»

The amendments change the financial reporting of Bearer Plants, such as wine yards and trees that produce fruits. Bearer plants must be accounted for in the same way as the self-occupied tangible assets. Therefore the amendments put bearer assets in to the scope of IAS 16 instead of IAS 41. The harvest form bearer assets remain in to the scope of IAS 41.

IAS 27 (Amendments) «Separate financial statements»

The amendment permits to entities to use the equity accounting method to account for investments in subsidiaries, associates and joint ventures and clarifies also the definition of separate financial statements.

IAS 1 (Amendments) "Disclosure initiative"

The amendments clarify the meanings of IAS 1 in relation to materiality and concentration, presentation of sub totals, structure of financial statements and disclosure of accounting policies.

IFRS 10, IFRS 12 and IAS 28 (Amendments) "Investment entities: Applying the consolidation exception"

The amendments clarify that investment entities are not obliged to prepare financial statements with their subsidiaries.

IAS 12 ((Amendments) "Recognition of deferred tax assets"

The amendments clarify the accounting treatment in relation to recognition of deferred tax assets resulting from unrealized losses, that arise from loans measured at fair value. The amendments have not yet been adopted by the European Union.

IAS 7 (Amendments) "Disclosure initiatives"

1 st Semester Financial Statements Year 2017

The amendments introduce disclosures that provide the ability to the users of financial statements to evaluate the changes of liabilities resulting from financing activities. The amendments have not yet been adopted by the European Union.

Annual improvements to IFRS 2012

The following amendments describe the changes made to various IFRS as a result of the Board improvement program of years 2010-2012

IFRS 2 «Share based payments»

The amendment clarifies the definition of vesting requirement and defines the term of performance and the term of service.

IFRS 3 «Business combinations»

The amendment clarifies that the obligation for contingent consideration that meets the definition of a financial instrument is classified as financial liability or as equity item on the basis of definitions of IAS 32 "Financial instruments: Presentation". It clarifies also that any contingent consideration, either financial or non-financial, that is not equity item is measured at fair value through profit and loss account.

IFRS 8 «Operating segments»

The amendment requires disclosure of estimates of the management in relation to the concentration of segments.

IFRS 13 «Fair value measurement»

The amendment clarifies that the standard does not preclude measurement of short term receivables and liabilities at the amounts of invoices in cases where the impact of discounting is immaterial.

IAS 16 «Property plant and equipment» and IAS 38 «Intangible assets»

Both standards were amended in order to be clarified the way of treatment of gross value and cumulative depreciation of an asset that is measured at revalued amounts.

IAS 24 «Related party disclosure»

The standard was amended in order to include to related parties an entity that provides services as key management personnel in the entity or in its parent entity.

2014 annual improvements

The following amendments describe the changes to four IFRS.

IFRS 5 «Non-current assets held for sale and discontinued operations»

The amendment clarifies that when an asset (or group of assets) is reclassified from held for sale to held for distribution or the adverse, the fact does not constitute change to the plan for sale or to the distribution and therefore shall not be accounted for as a change.

IFRS 7 «Financial instruments: Disclosure»

The amendment adds specific guidance in order to help management to determine whether the terms of an agreement for servicing a financial asset that has been transferred, constitute continuing involvement and clarifies that the additional disclosure that is required on the basis of IFRS 7 "Disclosure – set off of financial assets and liabilities" is not required for all interim periods unless it is mandatory by IAS 34.

IAS 19 «Employee benefits»

The amendment clarifies that on determining the discounting rate of a defined benefit plan liability, significant factor is the currency at which the liability is expressed and not the country in which the liability arises.

IAS 34 «Interim financial reporting»

The amendment clarifies that the information required by IAS 34 may be disclosed elsewhere in the interim financial report.

2014 -2016 Annual improvements

The amendments relate to two IFRS. The amendments have not yet been adopted by the European Union.

IFRS 12 "Disclosure of interests in other entities"

The amendment clarifies that the requirement to provide the disclosure of IFRS 12 is applied to interests in entities classified as available for sale except the requirement for condensed financial information.

IAS 28 "Investments in associates and joint ventures"

The amendment clarifies that the decision of measuring associates and joint ventures at fair value through profit and loss is taken at initial recognition of that entities.

The aforementioned standards did not apply to the group and the company.

Standards and interpretations effective for future periods

IFRS 9 «Financial instruments» effective for annual periods beginning on or after 1 January 2018

IFRS 9 replaces IAS 39 as regard classification and measurement of financial instruments and introduces an expected losses model instead of occurred losses model for impairment of financial assets. It changes also the hedging model in order to eliminate inconsistencies and weaknesses of the IAS 39 model. The company is in the process of assessing the impact of IFRS 9 on its financial statements.

IFRS 15 «Revenue from contracts with customers» effective for annual periods beginning on or after 1 January 2018

the objective of the Standard is to establish the principles that an entity shall apply to report useful information to users of financial statements about the nature, amount, timing and uncertainty of revenue and cash flows arising from a contract with a customer. The company is in the process of assessing the impact of IFRS 15 on its financial statements.

IFRS 16 «Leases» effective for annual periods beginning on or after 1 January 2019

The Standard sets out the principles for the recognition, measurement, presentation and disclosure of leases. The objective is to ensure that lessees and lessors provide relevant information in a manner that faithfully represents those transactions. This information gives a basis for users of financial statements to assess the effect that leases have on the financial position, financial performance and cash flows of an entity. The company is in the process of assessing the impact of IFRS 16 on its financial statements. The standard have not yet been adopted by the European Union.

IFRS 17 "Insurance contracts" effective for annual periods begging on or after 1 January 2021

The standard establishes principles for the recognition, measurement, presentation and disclosure of insurance contracts within the scope of the Standard. The objective of IFRS 17 is to ensure that an entity provides relevant information that faithfully represents those contracts. This information gives a basis for users of financial statements to assess the effect that insurance contracts have on the entity's financial position, financial performance and cash flows. The standard have not yet been adopted by the European Union.

IFRS 2 (Amendments) "Classification and Measurement of Share-based Payment Transactions" effective for annual periods beginning on or after 1 January 2018.

The amendment provides clarification in relation to the measurement basis of payments depending on shares value that are settled in cash as well as the accounting treatment concerning changes in terms that cause a payment settled in cash to become one settled in shares. It also introduces an exemption under which a payment shall be treated as it would be settled fully in shares, in cases the employer withholds an amount to cover the tax obligations of employees resulting form share based payments, and to pay it to tax authorities. The amendments are expected to be adopted by the European Union in 2017.

IFRS 4 (Amendments) "Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts" effective for annual periods beginning on or after 1 January 2018.

The amendments refer to: (a) the optional overlay approach that permits insurers to reclassify between profit or loss and other comprehensive income (OCI) an amount equal to the difference between the amount reported in profit or loss for designated financial assets applying IFRS 9 and the amount that would have been reported in profit or loss for those assets if the insurer had applied IAS 39 and (β), the permission to an insurer to apply IAS 39 Financial Instruments: Recognition and Measurement rather than IFRS 9 for annual periods beginning before 1 January 2021. The amendments are expected to be adopted by the European Union in 2017.

IAS 40 (Amendments) "Transfers of investment property" effective for annual periods beginning on or after 1 January 2018.

The amendments clarify that an entity shall transfer a property to, or from, investment property when, and only when, there is a change in use. A change in use occurs when the property meets, or ceases to meet, the definition of investment property and there is evidence of the change in use. The amendments have not yet been adopted by the European Union.

IFRIC 22 "Foreign Currency Transactions and Advance Consideration" effective for annual periods beginning on or after 1 January 2018. This Interpretation applies to a foreign currency transaction (or part of it) when an entity recognizes a non-monetary asset or non-monetary liability arising from the payment or receipt of advance consideration before the entity recognizes the related asset, expense or income (or part of it). The Interpretation has not yet been adopted by the European Union.

The aforementioned standards are not expected to have material effect on the financial statements of the group and of the company.

3.3. Consolidation – Subsidiaries and Associates valuation

The accounting policy used is the acquisition method. The acquisition cost of a subsidiary is the fair value of the assets acquired, the shares issued and the liabilities undertaken on the date of the acquisition. The individual assets, liabilities and contingent liabilities that are acquired during a business combination are valued during the acquisition at their fair value regardless of the participation percentage. The acquisition cost over and above the fair value of the individual assets acquired, is accounted as goodwill. If the total cost of the acquisition is lower than the fair value of the individual assets acquired, the difference is immediately charged in the Income Statement.

Inter-company transactions, balances and unrealized profits between Group Companies are eliminated. Unrealized losses are also eliminated as long as there is no indication of impairment of the transferred asset. The accounting policies of the subsidiaries conform to the ones adopted by the group. Associates are companies on which the group can exert significant influence (but not control), with participation percentages lying between 20% and 50% of the company's voting rights. Investments in associates are accounted for using the equity method and are initially recognized at cost. The line investment in associates includes the goodwill less any impairment.

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

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

3.4. Segment Reporting

The Group has three administrative and operating segments related to vehicles renting and cars, parts and services trading in Greece, Cyprus, Bulgaria, Romania, Serbia, Montenegro, Ukraine and Croatia.
The accounting policies for the operational segments are the same as the ones described in the important accounting policies in the annual financial statements.
The efficiency of each segment is measured based on the net income after taxes.
Operational segments are strategic units that offer car rental services in different economic environments and are therefore separately monitored by the board of directors.

			01/01/17-30/06/17
	GREECE VEHICLES	GREECE CARS, PARTS &	FOREIGN COUTNRIES VEHICLES	ELIMINATIONS	TOTAL
	RENTING	SERVICES	RENTING
INCOME FROM CUSTOMERS	69,650,195.60	57,386,368.21	23,112,152.06		150,148,715.87
INTER-SEGMENT INCOME	912,501.41	18,554,763.36	798,422.72	-20,265,687.49	0.00
COST OF SALES	-54,919,264.22	-69,735,796.06	-17,968,477.51	21,141,987.83	-121,481,549.96
GROSS INCOME	15,643,432.79	6,205,335.51	5,942,097.27	876,300.34	28,667,165.91
OTHER INCOME FROM CUSTOMERS	1,140,359.32	1,610,273.63			2,750,632.95
OTHER INTER-SEGMENT INCOME	1,545,000.28			-1,545,000.28	0.00
ADMINISTRATIVE EXPENSES	-5,605,346.53	-2,827,762.72	-1,547,479.91	668,699.94	-9,311,889.22
DISTRIBUTION EXPENSES	-1,149,835.55	-3,998,211.40	-353,287.30		-5,501,334.25
OTHER EXPENSES	25,316.27	-21,322.29	-143,331.54		-139,337.56
INTEREST EXPENSES	-6,710,623.00	-120,916.91	-582,866.85	25,138.89	-7,389,267.87
INTEREST INCOME	408,327.35	4,111.72	53,165.52	-25,138.89	440,465.70
DERIVATIVES GAIN/LOSS	0.00				0.00
GAIN/LOSS FROM INVESTMENT ACTIVITY	3,331,403.20				3,331,403.20

1 st Semester Financial Statements Year 2017

GAIN/LOSS FROM AFFILIATES	-455,755.79				-455,755.79
EARNINGS BEFORE TAX	8,172,278.34	851,507.54	3,368,297.19	0.00	12,392,083.07
INCOME TAX	-1,403,853.80	-246,937.19	-382,258.47	0.00	-2,033,049.46
EARNINGS AFTER TAX	6,768,424.54	604,570.35	2,986,038.72	0.00	10,359,033.61

DEPRECIATION	22,708,341.52	376,619.17	7,952,676.18		31,037,636.87
NON-CURRENT ASSETS	460,336,258.24	5,682,528.78	88,003,277.34		554,022,064.36
TOTAL ASSETS	518,411,439.67	31,865,658.80	102,213,426.69		652,490,525.16
LIABILITIES	-376,331,250.08	-23,196,328.00	-45,540,190.63		-445,067,768.71

			01/01/16-30/06/16 FOREIGN
	GREECE VEHICLES RENTING	GREECE CARS, PARTS & SERVICES	COUTNRIES VEHICLES RENTING	ELIMINATIONS	TOTAL
INCOME FROM CUSTOMERS	58,404,577.28	40,008,066.10	19,965,005.08		118,377,648.46
INTER-SEGMENT INCOME	2,166,033.10	23,229,152.78	166,929.89	-25,562,115.77	0.00
COST OF SALES	-48,639,951.85	-57,234,423.81	-16,132,135.10	26,451,551.94	-95,554,958.82
GROSS INCOME	11,930,658.53	6,002,795.07	3,999,799.87	889,436.17	22,822,689.64
OTHER INCOME FROM CUSTOMERS	757,383.37	1,119,632.16			1,877,015.53
OTHER INTER-SEGMENT INCOME	1,744,117.24			-1,744,117.24	0.00
ADMINISTRATIVE EXPENSES	-5,446,204.71	-2,309,295.96	-1,102,618.14	854,681.07	-8,003,437.74
DISTRIBUTION EXPENSES	-1,062,295.15	-3,373,170.93	-370,852.48		-4,806,318.56
OTHER EXPENSES	74,634.89	-143,638.06	-83,377.02		-152,380.19
INTEREST EXPENSES	-6,287,888.40	-68,504.52	-508,906.16		-6,865,299.08
INTEREST INCOME	247,913.12	447.52	72,219.38		320,580.02
DERIVATIVES GAIN/LOSS	0.00				0.00
GAIN/LOSS FROM INVESTMENT ACTIVITY	4,464,955.56				4,464,955.56
GAIN/LOSS FROM AFFILIATES	-351,277.99				-351,277.99
EARNINGS BEFORE TAX	6,071,996.46	1,228,265.28	2,006,265.45	0.00	9,306,527.19
INCOME TAX	-70,191.88	-356,196.93	-195,858.49	0.00	-622,247.30
EARNINGS AFTER TAX	6,001,804.58	872,068.35	1,810,406.96	0.00	8,684,279.89

DEPRECIATION	21,243,867.66	162,328.53	7,884,377.76		29,290,573.95
NON-CURRENT ASSETS	403,878,077.66	4,140,796.50	71,558,372.08		479,577,246.24
TOTAL ASSETS	456,974,744.90	21,032,315.64	83,472,545.65		561,479,606.19
LIABILITIES	-331,300,067.80	-13,959,614.04	-35,450,149.22		-380,709,831.06

The short term vehicle renting segment targets to a great extent (in Greece & Cyprus especially) foreign tourists, and is therefore highly dependable on the number of incoming tourism during the summer period. As a result, historically over 57% 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 of Autohellas 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. In the current period, the administration changed the way of monitoring these segments, integrating foreign countries into a single sector, as they have similar characteristics. A corresponding change was made to the comparative period.

Cash on 30.06.2017 are as follows:

	GROUP	COMPANY
Deposits	28,888,471.75	25,620,051.39
Cash	184,633.12	110,136.90
Totals:	29,073,104.87	25,730,188.29

4. Tangible Fixed Assets

Group

	Land	Buildings	Mechanical Equipment	Vehicles	Further & other Equipment	Tangibles Under Construction	Total
01.01.2016
Cost or Estimation	43,959,590.92	31,484,189.30	3,441,674.46	366,527,545.40	12,923,519.58	553,474.13	458,889,993.79
Accumulated Depreciation	0.00	-6,342,433.99	-2,513,068.79	-117,311,607.66	-11,102,820.91	0.00	-137,269,931.35
NBV 01/01/2016	43,959,590.92	25,141,755.31	928,605.67	249,215,937.74	1,820,698.67	553,474.13	321,620,062.44
01.01– 30.06.2016
Opening Balance	43,959,590.92	25,141,755.31	928,605.67	249,215,937.74	1,820,698.67	553,474.13	321,620,062.44
Exchange Differences	0.00	0.00	0.00	-4,252.45	-1,793.45	0.00	-6,045.90
Additions	259,387.41	463,877.42	330,474.80	79,541,691.71	685,065.74	251,872.66	81,532,369.74
Additions from merger of
companies	0.00	0.00	0.00	857.44	114,328.56	0.00	115,186.00
Disposals	0.00	0.00	-198,110.06	-822,116.40	-40,533.18	0.00	-1,060,759.64
Transfer in Goods	0.00	0.00	0.00	-33,868,389.11	0.00	0.00	-33,868,389.11
Depreciation	0.00	-543,190.51	-69,664.68	-28,160,133.31	-452,174.75	0.00	-29,225,163.25
Depreciation decreases from
acquisition			0.00	-857.44	-102,305.87		-103,163.31
Depreciation decreases from
Disposals	0.00	0.00	137,974.63	261,483.75	34,073.35	0.00	433,531.73
Depreciation decreases from
Transfers in Goods	0.00	0.00	0.00	23,918,128.56	0.00	0.00	23,918,128.56
NBV 30.06.2016	44,218,978.33	25,062,442.22	1,129,280.36	290,082,350.49	2,057,359.07	805,346.79	363,355,757.26
Cost or Estimation	44,218,978.33	31,948,066.72	3,574,039.20	411,375,336.59	13,578,281.38	805,346.79	505,500,049.01
Accumulated Depreciation	0.00	-6,885,624.50	-2,444,758.84	-121,292,986.10	-11,520,922.31	0.00	-142,144,291.75
NBV 30.06.2016	44,218,978.33	25,062,442.22	1,129,280.36	290,082,350.49	2,057,359.07	805,346.79	363,355,757.26
01.07 – 31.12.2016
Opening Balance	44,218,978.33	25,062,442.22	1,129,280.36	290,082,350.49	2,057,359.07	805,346.79	363,355,757.26
Exchange Differences	0.00	0.00	0.00	3,733.41	-986.71	0.00	2,746.70
Additions	589,784.30	61,099.75	717,384.83	57,995,960.55	960,870.05	781,609.28	61,106,708.76
Disposals	0.00	0.00	-73,555.00	-2,042,302.56	-20,677.33	0.00	-2,136,534.89
Transfer in Goods	0.00	0.00	0.00	-40,071,234.54	0.00	0.00	-40,071,234.54
Depreciation	0.00	-584,867.70	-93,069.63	-31,922,936.52	-537,226.04	0.00	-33,138,099.89
Depreciation decreases from
Disposals	0.00	0.00	69,976.31	354,041.13	20,677.32	0.00	444,694.76
Depreciation decreases from
Transfers in Goods	0.00	0.00	0.00	28,145,146.32	0.00	0.00	28,145,146.32
NBV 31.12.2016	44,808,762.63	24,538,674.27	1,750,016.87	302,544,758.28	2,480,016.36	1,586,956.07	377,709,184.48
Cost or Estimation	44,808,762.63	32,009,166.47	4,217,869.03	427,261,493.45	14,517,487.39	1,586,956.07	524,401,735.04
Accumulated Depreciation	0.00	-7,470,492.20	-2,467,852.16	-124,716,735.17	-12,037,471.03	0.00	-146,692,550.56
NBV 31.12.2016	44,808,762.63	24,538,674.27	1,750,016.87	302,544,758.28	2,480,016.36	1,586,956.07	377,709,184.48
01.01 – 30.06.2017
Opening Balance	44,808,762.63	24,538,674.27	1,750,016.87	302,544,758.28	2,480,016.36	1,586,956.07	377,709,184.48
Exchange Differences	0.00	0.00	0.00	228.57	1,611.44	0.00	1,840.01
Change in use of property			4,970.00	0.00	-4,970.00		0.00
Additions	567,365.43	1,022,111.83	324,993.45	84,516,584.84	700,858.19	-632,611.99	86,499,301.75

Disposals	0.00	0.00	-27,396.00	-2,223,305.09	-4,955.11	0.00	-2,255,656.20
Transfer in Goods	0.00	0.00	0.00	-34,837,641.60	0.00	0.00	-34,837,641.60
Depreciation	0.00	-567,104.85	-111,928.27	-29,719,101.20	-544,258.67	0.00	-30,942,392.99
Depreciation decreases from
change in use of property	0.00	0.00	0.00	228.57	1,611.44	0.00	1,840.01
Depreciation decreases from
Disposals			4,970.00	0.00	-4,970.00		0.00
Depreciation decreases from
Transfers in Goods	567,365.43	1,022,111.83	324,993.45	84,516,584.84	700,858.19	-632,611.99	86,499,301.75
NBV 30.06.2017	45,376,128.06	24,993,681.25	1,951,575.65	343,215,378.13	2,635,306.86	954,344.08	419,126,414.03
Cost or Estimation	45,376,128.06	33,031,278.30	4,520,436.48	474,717,360.17	15,210,031.91	954,344.08	573,809,579.00
Accumulated Depreciation	0.00	-8,037,597.05	-2,568,860.83	-131,501,982.04	-12,574,725.05	0.00	-154,683,164.97
NBV 30.06.2017	45,376,128.06	24,993,681.25	1,951,575.65	343,215,378.13	2,635,306.86	954,344.08	419,126,414.03

COMPANY

	Land	Buildings	Mechanical Equipment	Vehicles	Further & other Equipment	Tangibles Under Construction	Total
01.01.2016
Cost or Estimation	33,685,223.95	21,573,671.23	2,582,981.63	285,889,112.80	12,025,787.12	327,012.85	356,083,789.58
Accumulated Depreciation	0.00	-5,874,716.44	-2,169,162.91	-89,625,487.09	-10,682,020.39	0.00	-108,351,386.83
NBV 01/01/2016	33,685,223.95	15,698,954.79	413,818.72	196,263,625.71	1,343,766.73	327,012.85	247,732,402.75
01.01– 30.06.2016
Opening Balance	33,685,223.95	15,698,954.79	413,818.72	196,263,625.71	1,343,766.73	327,012.85	247,732,402.75
Additions	259,387.41	228,414.44	198,070.29	57,340,941.72	464,466.96	251,872.65	58,743,153.47
Disposals			-198,110.06	-758,473.97			-956,584.03
Transfer in Goods				-28,028,434.45			-28,028,434.45
Depreciation		-335,744.03	-42,210.16	-20,298,089.60	-374,869.93		-21,050,913.72
Depreciation decreases from
Disposals			137,974.63	260,443.51			398,418.14
Depreciation decreases from
Transfers in Goods				19,366,004.62			19,366,004.62
NBV 30.06.2016	33,944,611.36	15,591,625.20	509,543.42	224,146,017.54	1,433,363.76	578,885.50	276,204,046.78
Cost or Estimation Accumulated Depreciation	33,944,611.36 0.00	21,802,085.67 -6,210,460.47	2,582,941.86 -2,073,398.44	314,443,146.10 -90,297,128.56	12,490,254.08 -11,056,890.32	578,885.50 0.00	385,841,924.57 -109,637,877.79
NBV 30.06.2016	33,944,611.36	15,591,625.20	509,543.42	224,146,017.54	1,433,363.76	578,885.50	276,204,046.78
01.07-31.12.16
Opening Balance	33,944,611.36	15,591,625.20	509,543.42	224,146,017.54	1,433,363.76	578,885.50	276,204,046.78
Revaluation of property value							0.00
Additions	589,784.30	35,220.35	679,435.30	39,915,260.98	803,778.58	781,609.33	42,805,088.84
Disposals			-73,555.00	-1,157,394.28	-7,143.19		-1,238,092.47
Transfer in Goods				-28,505,107.34			-28,505,107.34
Depreciation		-338,937.23	-61,333.06	-22,363,241.53	-448,348.93		-23,211,860.75
Depreciation decreases from
Disposals			69,976.31	320,406.03	7,143.19		397,525.53
Depreciation decreases from
Transfers in Goods				19,680,041.62			19,680,041.62
NBV 31.12.2016	34,534,395.66	15,287,908.32	1,124,066.97	232,035,983.02	1,788,793.41	1,360,494.83	286,131,642.21
Cost or Estimation	34,534,395.66	21,837,306.02	3,188,822.16	324,695,905.46	13,286,889.47	1,360,494.83	398,903,813.60
Accumulated Depreciation	0.00	-6,549,397.70	-2,064,755.19	-92,659,922.44	-11,498,096.06	0.00	-112,772,171.39
NBV 31.12.2016	34,534,395.66	15,287,908.32	1,124,066.97	232,035,983.02	1,788,793.41	1,360,494.83	286,131,642.21
01.01-30.06.17
Opening Balance	34,534,395.66	15,287,908.32	1,124,066.97	232,035,983.02	1,788,793.41	1,360,494.83	286,131,642.21
Revaluation of property value							0.00
Additions	567,365.43	932,250.13	260,671.20	61,016,181.33	521,661.65	-647,545.99	62,650,583.75
Change in use of property			4,970.00		-4,970.00		0.00
Disposals			-27,396.00	-992,785.45	-4,838.54		-1,025,019.99
Transfer in Goods				-28,614,614.31			-28,614,614.31
Depreciation		-334,365.59	-76,580.07	-21,637,383.09	-443,410.83		-22,491,739.58
Depreciation decreases from
Disposals			13,032.02	199,391.26	4,838.54		217,261.82
Depreciation decreases from
change in use of property			-2,112.42		2,112.42		0.00
Depreciation decreases from
Transfers in Goods				17,976,517.14			17,976,517.14
NBV 30.06.2017	35,101,761.09	15,885,792.86	1,296,651.70	259,983,289.90	1,864,186.65	712,948.84	314,844,631.04
Cost or Estimation	35,101,761.09	22,769,556.15	3,427,067.36	356,104,687.03	13,798,742.58	712,948.84	431,914,763.05
Accumulated Depreciation	0.00	-6,883,763.29	-2,130,415.66	-96,121,397.13	-11,934,555.93	0.00	-117,070,132.01
NBV 30.06.2017	35,101,761.09	15,885,792.86	1,296,651.70	259,983,289.90	1,864,186.65	712,948.84	314,844,631.04

Fair value of own used PPE is determined using the income approach method and the replacement cost method. Land cost is determined using the comparative data method when they are available. Square meter price ranges from € 2 - € 16 depending on the geographical position and use of the land. Yield rate for the investment ranges from 7,5% – 9,5% and present value rate is 8,5%.

Note : In order to secure bond loans of total amount €289.783.532,55 underwritings in favor of Representatives and on behalf of the Bondholders, have been made, of total amount of €142.089.055. In addition, a floating insurance of total amount €187.533.532,55 has been underwritten.

5. Investment properties

	Group	Company

Book Value 01.01.2016	46,559,687.53	59,927,507.01
Purchases 2016	188,382.77	188,382.77
Additions from Company Acquisitions	-1,866,012.05	-1,866,012.05
Balance as of 31.12.2016	44,882,058.25	58,249,877.73
Purchases 2017	0.00	0.00
Balance as of 30.06.2017	44,882,058.25	58,249,877.73

Investment properties have been valued using the income capitalization method combined with the discounted cash flows method. The return rate currently in use is 7,5 – 9,5% and present value rate is 8,5%.

6. Investment in Subsidiaries

			30.06.2017	31.12.2016
Investment in Subsidiaries (acquisition cost)			20,555,111.10	20,555,111.10

Company name	Country of Domicile	Participation Percentage	Acquisition Cost	Acquisition Cost
AUTOTECHNICA LTD	Bulgaria	99.99%	3,011,842.00	3,011,842.00
AUTOTECHNICA (CYPRUS LTD	Cyprus	100.00%	3,078,810.50	3,078,810.50
AUTOTECHNICA FLEET SERVICES S.R.L.	Romania	100.00%	4,000,000.00	4,000,000.00
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
AUTOTECHNICA SERBIA DOO	Serbia	100.00%	4,000,000.00	4,000,000.00
AUTOTECHNICA MONTENEGRO DOO	Montenegro	100.00%	1,000,000.00	1,000,000.00
AUTOTECHNICA FLEET SERVICES L.L.C.	Ukraine	100.00%	700,000.00	700,000.00
AUTOTECHNICA FLEET SERVICES DOO ZAGREB	Croatia	100.00%	422,750.00	422,750.00
ANTERRA DOO	Croatia	100.00%	4,040,000.00	4,040,000.00

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

In 2005 AutoHellas SA participated in the establishment of Demstar Rentals 2005 LTD, operating in Cyprus, with an investment of 2.061.004,50€ (participation percentage 75%). In August 2009, the company acquired the remaining 25% of the minority rights of Demstar Rentals 2005 Ltd , for the amount of €1,017,806.00. Following this acquisition, Autohellas now possess 100% of Demstar Rentals 2005 Ltd. On 26.06.2015 Demstar Rentals 2005 renamed to Autotechnica (Cyprus) Ltd.

In 2007 Autohellas 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. On 27.04.2011 the company proceeded to increasing the share capital of the company AUTOTECHNICA FLEET SERVICES S.R.L. by 3.000.000€ (total share capital 4.000.000€).

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 semester of 2008. Its share capital reaches 1.708,60€ (100% percentage contribution) and its main activity is car trading.

In February 2010 the company established the company AUTOTECHNICA SERBIA DOO, by paying the amount of € 500.000,00 (100% participation). On 30.11.2011 the company proceeded to increasing the share capital of AUTOTECHNICA SERBIA DOO by € 1.500.000 (Total share capital € 2.000.000). On the 14th March 2014 an additional capital increase took place of amount €2.000.000 (total share capital €4.000.000).

In December 2010 the company established the company AUTOTECHNICA MONTENEGRO DOO, by paying the amount of € 3.000,00 (100% participation). On the 8th of April 2011, Autohellas increased AUTOTECHNICA MONTENEGRO D.O.O. ' s share capital by 997,000€. (Total share capital being 1,000,000€).

In January 2015 the company founded the company AUTOTECHNICA FLEET SERVICES LLC in Ukraine with share capital €500.000. During 2016 an increase of €200.000 was made. The paid up share capital until 31.12.2016 amounts to € 700,000.

In May 2015 the company founded the company AUTOTECHNICA FLEET SERVICES DOO in Croatia. The paid up share capital until 31.12.2015 amounts to € 272,750. In 2016 a share capital increase took place amounting €150.000 resulting in paid share capital as at 30/06/2016 to be €422.750, At the same time, with the approval of Hertz International, the company acquired the Anterra (National Franchisee for Croatia), which is in consolidation and reconstruction process, by paying a symbolic price. At the beginning of Q2 2016, creditors accepted the impairment of debt and based on court decision the acquisition was complete with goodwill arising at a level of €1.312.539, which was tested for impairment at 31/12/2016 with no further losses. After the acquisition AUTOHELLAS SA proceeded in share capital increase of ANTERRA DOO of €4.040.000 in order to support its growth. Figures of the acquired from 01.04.2016 entity are as follows :

Assets
	ANTERRA
Tangible Assets	32,644.00
Liabilities	176,575.00
Cash and Cash equivalents	50,086.00
Trade and other payables	-1,571,844.00
Assets – Liabilities (date of acquisistion)	-1,312,539.00
Goodwill	-1,312,539.00
Earnings After Tax 01/01/16-31/03/16	689,217.00
Earnings 01/04/16-31/12/16	251,621.58
Revenue 01/01/16-31/03/16	233,914.00
Revenue 01/04/16-31/12/16	3,591,039.00

ANTERRA DOO was a national franchisee of Hertz Int'lin Croatia. Given the significant prospects for the country´s development in the tourism sector, and hence the short-term lease market, and in the area of long-term rental, the group ΑUTOHELLAS SA decided its expansion in the country by expanding its size looking forward to further positive rates in the market abroad.

7. Investment in Associates / Joint ventures

Equity method / Cost		GROUP		COMPANY
	30/06/17	31/12/16	30/06/17	31/12/16
ELTREKKA SA	744,040.61	888,007.82	0.00	0.00
SPORTSLAND SA	5,152,573.98	5,091,607.67	6,195,000.00	6,105,000.00
CRETAN GOLF CLUB S.A.	5,166,906.94	5,449,661.83	6,912,688.92	6,912,688.92
	11,063,521.53	11,429,277.32	13,107,688.92	13,017,688.92

Autohellas SA participates in the company ELTREKKA SA by 50% while ELTRAK SA holds the remaining 50%. In October and December 2010, the company participated in the increase of the company's share capital by the amount of €979,55 and €2.000.985 respectively. Total Participation (50%) amounts 4.201.965,57€). On 31st December 2010, Autohellas proceeded in the impairment of the value of this participation by €520.000. After this action, participation is valued at €3.681.965,57. The company sold its holding in ELTREKKA S.A. to subsidiary AUTOTECHNICA HELLAS ATEE at the price of Euro 1.100.000,00. A loss of Euro 2.581.965,57 was charged to the Income statement of the company financial statements. ELTREKA SA is involved in importing, storing, trading and distributing cars' spare parts of many recognized brands in the Greek market.

As of February 2008, Autohellas SA participated in the company Sportsland SA, with a total participation amount of €2.030.000 (participation percentage 50%). In May 2009, Autohellas SA participated in a share capital increase by €500.000 (50% of total increase). In January 2010, Autohellas SA participated in a share capital increase of €500.000 (50% of total increase of €1.000.000. In April 2010 Autohellas SA participated in a share capital increase of €100.000 out of its' total participation amount of €500.000. The remaining €400.000 was deposited in July 2010. In October 2010, Autohellas participated in the share capital increase of Sportsland AE by the amount of €300.000 from its total percentage share of €1.000.000. The remaining €700.000 was deposited on January and February 2011. In November 2011 Autohellas participated in share capital increase by €300.000 (percentage 50% of total capital increase of €600.000). In 2012, Autohellas participated in share capital increase by €650.000. In 25.07.2013 the Extraordinary General Meeting, the company Sportsland S.A. decided to increase the share capital by the amount of €500.000. In July, September, October and December 2013 AutoHellas SA paid the increased amount above €250.000. Following the decision of the Board of directors on the 18th June 2014, the company Sportsland SA decided to increase its share capital by 250,000. Autohellas participated with €125.000. In July 2014, participated in share capital increase by € 195.000 and € 55.000 respectively. In the first semester of 2017 the Company participated in share capital increase by €90.000. Autohellas total participation as at 31 st of December 2016 is €6.195.000 (50%). The remaining 50% belongs to Achilleas Konstantakopoulos.

In 2012 Autohellas ATEE participated in share capital increases of the company Cretan Golf SA in the amount of € 346.708,00. In 2013, the company proceeded with the purchase of 64.649 shares at a total price of € 491.398,00 as well as participation in a share capital increase in the amount of € 72.476,93. In 2014 the company paid € 1.298.375,07 for participation in a share capital increase. In the first quarter of 2015 the company paid € 604.498 for participation in a share capital increase. With the certification (on 03.20.2015) of the share capital increase of Cretan Golf SA, the share of Autohellas ATEE was 30.148%, so the investment became an associate, and was transferred from Available for Sale Financial Assets to Investment in Associates. In the second, third and fourth quarters of 2015 the company paid €2.250.000,00 for participation in a share capital increase, based on the decision of Cretan Golf SA's board meeting on 09/06/2015. The total price of the Autohellas participation amounts to €6.182.688,92, which after the impairment of 2010 amounts to € 5.712.688,92. After the latest capital increase, the company share of Autohellas ATEE amounts to 42.49%. On 2016, Autohellas SA participated in the share capital increase of Cretan Golf SA with an amount of €1.200.000 which resulted in a total participation of € 7.382.688,92 which after the 2010 impairment amounts to € 6.912.688,92. Participation percentage is 47,446%. From the new acquisition of 4,9535%, goodwill arose amounting € 58.208,50 which was written off at the income statement.

8. Other assets available for sale

Assets available for sale are as follows:

		GROUP		COMPANY
	PARTICIPATION PERCENTAGE	FAIR VALUE				FAIR VALUE
	%	30/06/17	31/12/16	30/06/17	31/12/16
AEGEAN AIRLINES S.A.	11.6618	69,126,616.40	52,719,455.64	69,126,616.40	52,719,455.64
SPOTMECHANIC LIMITED	10.1100	500,000.00	0.00	0.00	0.00
		69,626,616.40	52,719,455.64	69,126,616.40	52,719,455.64

Autohellas ATEE held at 31.12.2010 4,947,920 shares of "Aegean Airlines SA". During 2011 the Company proceeded to purchase 635,458 more shares, at an average price of € 1.58 per share. In 2012 the Company purchased 393,167 more shares at an average price of € 1.39 per share. In 2013 the Company purchased 1,769,964 more shares at an average price of € 4.26 per share. On October 2013 the Company sold 200,000 shares at a total price of € 1,126,000. The profit from the sale was € 632,019.80. On 31.12.2013 the Company held a total of 7,546,509 shares (10.5668%), with the closing price at the last meeting of the ASE on 31.12.2013 being €5.85 per share. Compared to the previous measurement, a profit of €25,338,170.59 was recognized directly in equity through other comprehensive income. In 2014 the Company purchased 721,379 more shares of "Aegean Airlines SA" at an average price of € 7.09 per share. On July 2014, Autohellas ATEE received the amount of € 8,198,088 as a return of capital (€ 1 / share) decided on the Extraordinary General Meeting of the shareholders of "Aegean Airlines SA" on 14.3.2014, a sum which reduced the acquisition value of the shares. On 31.12.2014 the Company held a total of 8,267,888 shares (11.5769%), with the closing price at the last meeting of the ASE on 31.12.2013 being €6.90 per share, which led to a profit of €15,986,066.63, an amount which after the deduction of tax of €4,156,377.32 was recognized directly in equity through other comprehensive income. On June 2015, the Company purchased 60,620 more shares at an average price of € 5.50 per share.

On 31.12.2015 the Company held a total of 8,328,508 shares (11.6618%), with the closing price at the last meeting of the ASE on 31.12.2013 being €6.83 per share, which led to a loss of €498,017.20 (fair value level I), an amount which after the deduction of tax of €1,095,302.13 was recognized directly in equity through other comprehensive income. This tax burden includes the change in the tax rate from 26% to 29% under N.4334/2015. Αt 31/12/2016 the entity held 8.328.508 shares (11,6618%) which were measured at the closing price of the ASE of 31/12/2016 (€ 6,33 per share) with a loss of € 4.164.254 (Fair Value Level I Hierarchy) in relation with their measurement as at 31/12/2015, which after tax € 1.207.633,67 was recognized directly in equity through other comprehensive income. Αt 30/06/2017 the entity held 8.328.508 shares (11,6618%) which were measured at the closing price of the ASE of 30/06/2016 (€ 8,30 per share) with a gain of € 16.407.160,76 (Fair Value Level I Hierarchy) in relation with their measurement as at 31/12/2016, which after the deduction of tax € 4.758.076,62 was recognized directly in equity through other comprehensive income.

In June 2017, AUTOTECHNICA (CYPRUS) LTD proceeded to the payment of € 500.000,00 for the acquisition of 16,515 shares of SPOTMECHANIC LIMITED (10.11%).

9. Sales and other operating income

	GROUP		COMPANY
	30/06/2017	30/06/2016	30/06/2017	30/06/2016
Services (Car Rental/Workshop/Bodyshop)	75,755,564.69	64,008,425.45	54,358,883.91	47,046,005.67
Sales of new cars, used cars and parts	56,253,508.25	40,380,523.20	11,033,236.36	8,385,367.39
Sales of used car rental cars	18,139,642.93	13,988,699.81	16,203,813.10	13,524,604.71
	150,148,715.87	118,377,648.46	81,595,933.37	68,955,977.77

Other Operating Income
Earnings from commissions and services	2,074,631.19	1,425,189.38	980,357.56	841,967.00
Other operating income	676,001.76	451,826.15	1,705,002.04	1,659,533.61
	2,750,632.95	1,877,015.53	2,685,359.60	2,501,500.61

10. Interests

	GROUP		COMPANY
	30/06/2017	30/06/2016	30/06/2017	30/06/2016
Interest and Payable Expenses	6,005,141.96	5,487,481.03	5,326,497.09	4,910,070.35
Interest from differences in loans amortization	1,135,680.00	1,135,680.00	1,135,680.00	1,135,680.00
Interest from amortization of bond issue expenses	248,445.91	242,138.05	248,445.91	242,138.05
Interest income	-440,465.70	-320,580.02	-408,327.35	-247,913.12
	6,948,802.17	6,544,719.06	6,302,295.65	6,039,975.28

11. Gains/Losses from investing activities

	GROUP		COMPANY
	30/06/2017	30/06/2016	30/06/2017	30/06/2016
Dividend from available from sale	3,331,403.20	5,829,955.60	3,331,403.20	5,829,955.60
Losses measured at fair value through profit and loss	0.00	-1,365,000.04	0.00	-1,365,000.04
	3,331,403.20	4,464,955.56	3,331,403.20	4,464,955.56

In 2016 the company received dividend from the main shareholder company «AEGEAN AIRLINES SA», amounting to € 5.829.955,60 (0,70/ share), relating to dividend 8.328.508 shares. Respectively in 2016 company's received dividend from the main shareholder company «AEGEAN AIRLINES SA», amounted to € 3.331.403,20 (0,40/share), relating to dividend of 8.328.508 shares.

12. Income Tax

		GROUP		COMPANY
	30/06/2017	30/06/2016	30/06/2017	30/06/2016
Current income tax	2,785,243.29	3,355,822.03	2,097,128.11	2,768,182.85
Deferred tax	-752,193.83	-2,733,574.73	-652,943.70	-2,617,503.76
	2,033,049.46	622,247.30	1,444,184.41	150,679.09

Income tax is not proportional to earnings due to non-taxation of dividend income.

13. Earnings per share

Basic

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

EARNINGS PER SHARE - GROUP	GROUP
	01/01-30/06/2017	01/01-30/06/2016
Net profit (Loss) for the period	10,359,033.61	8,684,279.89
Attributable to:
Shareholders	10,359,033.61	8,684,279.89
Minority rights	0.00	0.00
Weighted average number of shares	12,156,191.00	12,156,191.00
Earnings per share	0.8522	0.7144

14. Dividends per Share

For Fiscal year 2016 the Board of Directors proposed dividend of € 0,85 per share. This decision was approved on the 08/06/2017. Its payment was realized on the 21/06/2017.

15. Own Shares

The company, following the Decision on the 24.04.2012 of the General Meeting proceeded in purchasing 172,678 (57,559 shares after the reverse split treasury) shares worth €256,131.46 and fair value €1.159.238,26 (ASE closing price €20,14 per share on the 30/06/2017).

16. Contingent Liabilities

The group has contingent liabilities towards banks, other guarantees and other issues that might arise. No material charges are expected from these contingent liabilities. The non-audited fiscal years are:

Company establishes provisions for taxes that may arise from the non-audited fiscal years based on its experience. Provisions as at 31.12.2016 amount to € 200.538 for the group and the company. 2011-2015 fiscal years for the company and its subsidiaries were audited by the auditor. In 2017 the audit for the fiscal year 2008 has been completed, which gave rise to an additional tax of €81.736,20. After the payment of this tax, the provisions as at 30/06/2017 amount to € 118.801,80.

17. Subsequent events

No other significant events took place from the financial statements date, until the date of approval of the financial statements.

18. Related Party Transactions

The following transactions are transactions with related parties.

COMPANY

i) Sales of goods and services

	30/06/2017	30/06/2016
Sale of services to associates	298,347.20	270,048.10
Sales for services to Major Shareholder' s companies	580,908.05	537,057.64
Sales of tangible asset to Major Shareholder' s companies	0.00	0.00
Other income from Subsidiaries	1,581,520.07	2,112,621.31
Sales of Goods in subsidiaries	5,123,826.06	4,072,529.89
Sales of Tangible Assets in subsidiaries	901,120.51	1,797,529.03
Other Income from Major Shareholder' s companies	245,580.00	237,060.00
Dividends from Subsidiaries	0.00	0.00
Dividends from major shareholders' companies	3,331,403.20	5,829,955.60
	12,062,705.09	14,856,801.57

Other income from subsidiaries, refer to administrative and management support. The equivalent sales to associates are offered based on the cost and the regular operating profit of the company.

ii) Purchase of goods and services

	30/06/2017	30/06/2016
Purchase of goods from associates	97,354.91	89,490.91
Purchase of goods from major shareholders	0.00	0.00
Purchase from subsidiaries	13,752,852.67	19,523,172.37
Other expenses from major shareholders	466,956.77	346,165.70
	14,317,164.35	19,958,828.98

iii) Management and BoD remuneration

	Company

	30/06/2017	30/06/2016
Salaries and other short term benefits	1,372,846.68	1,240,756.17
	1,372,846.68	1,240,756.17

iv) Claims from related parties

	30/06/2017	31/12/2016
Subsidiaries	4,306,770.07	4,755,111.61
Associates	79,545.68	23,232.94
Major shareholders companies	187,728.19	176,526.84
	4,574,043.94	4,954,871.39

ν) Liabilities to related parties

	30/06/2017	31/12/2016
Subsidiaries	3,528,227.34	2,457,560.76
Associates	1,146.47	23,718.89
Major shareholders companies	98,076.62	104,066.08
	3,627,450.43	2,585,345.73

vi) Guarantees

The company has provided a guarantee against a loan granted to its subsidiary AUTOTECHNICA LTD amounting up to € 6,500,000. Also, for the subsidiary AUTOTECHNICA (CYPRUS) LIMITED, a guarantee has been provided against a loan amounting up to € 4,500,000, for the subsidiary AUTOTECHNICA FLEET SERVICES S.R.L., a guarantee has been provided against a loan up to € 15,300,000, for the subsidiary AUTOTECHNICA SERBIA D.O.O., a guarantee has been provided against a loan amounting up to € 7,800,000 and for the subsidiary AUTOTECHNICA MONTENEGRO DOO a guarantee has been provided against a loan amounting up to € 500.000. Finally, for AUTOTECHNICA HELLAS S.A. a guarantee amounting to € 11,850,000 has been provided.

GROUP

i) Sales of goods and services

	30/06/2017	30/06/2016
Sale of services to associates	173,399.59	144,942.96
Sales of goods to associates	1,227,534.27	1,343,104.92
Sales for services to Major Shareholder' s companies	584,340.65	538,596.24
Sales of tangible asset to Major Shareholder' s companies	0.00	0.00
Other Income from Major Shareholder' s companies	245,580.00	237,060.00
Dividends from major shareholders' companies	3,331,403.20	5,829,955.60
	5,562,257.71	8,093,659.72

ii) Purchase of goods and services
	30/06/2017	30/06/2016
Purchase of goods from associates	1,394,846.11	1,324,310.53

¹ st Semester Financial Statements Year 2017

Purchase of goods from major shareholders	0.00	0.00
Other expenses from major shareholders	466,956.77	350,900.82
	1,861,802.88	1,675,211.35
iii) Management and BoD remuneration
	Group

	30/06/2017	30/06/2016
Salaries and other short term benefits	1,613,506.47	1,373,357.57
	1,613,506.47	1,373,357.57
iv) Claims from related parties
	30/06/2017	31/12/2016
Associates	328,091.20	259,299.71
Major shareholders companies	193,221.69	176,526.84
	521,312.89	435,826.55
v) Liabilities to related parties
	30/06/2017	31/12/2016
Associates	204,564.95	213,107.74
Major shareholders companies	111,415.19	107,829.59
	315,980.14	320,937.33

19. Fair values of financial assets measured at cost.

Company	Book Value	Fair Value	Book Value	Fair Value
	30.06.2017	30.06.2017	31.12.2016	31.12.2016
Trade and Other Debtors (long-term)	6,382,603.18	6,382,603.18	5,422,722.84	5,422,722.84
Trade Debtors	23,834,528.92	23,834,528.92	18,140,948.75	18,140,948.75
Other Debtors	3,898,749.37	3,898,749.37	8,964,034.64	8,964,034.64
Cash and Cash Equivalents	25,730,188.29	25,730,188.29	16,632,747.09	16,632,747.09
Loans	127,750,301.55	127,750,301.55	216,899,266.22	216,899,266.22
Trade and Other Creditors	70,077,264.71	67,703,533.99	46,336,274.69	44,166,501.72
Short Term Loans	150,736,280.07	150,736,280.07	38,759,592.67	38,759,592.67


Group	Book Value	Fair Value	Book Value	Fair Value
	30.06.2017	30.06.2017	31.12.2016	31.12.2016
Trade and Other Debtors (long-term)	6,600,180.63	6,600,180.63	5,605,941.30	5,605,941.30
Trade Debtors	31,584,390.71	31,584,390.71	22,599,705.15	22,599,705.15
Other Debtors	9,060,896.04	9,060,896.04	11,393,787.00	11,393,787.00
Cash and Cash Equivalents	29,073,104.87	29,073,104.87	19,984,431.22	19,984,431.22
Loans	146,891,439.36	146,891,439.36	225,068,948.09	225,068,948.09
Trade and Other Creditors	93,931,763.55	91,558,032.83	59,037,937.72	56,868,164.75
Short Term Loans	165,286,122.18	165,286,122.18	55,947,025.95	55,947,025.95

20. Change of accounting estimate

It should be noted that in 2017, the depreciation rate of vehicles was changed both at Company and Group level, as the company believes that the relation between the purchase and sale value of a vehicle will be more fairly captured. More specifically, for the Company since 01/01/2017, the annual depreciation rate of 13,8% that was applied to total fleet regardless of vehicle value, is now 12% for vehicles of up to €15.000,00 and 14% for vehicles with a value equal to or greater than €15,000,01. This change in rates for the first semester of 2017, resulted in reduced depreciation of €1.793.105,38 and reduced profits from car sales of €81.942,04. Regarding the Group's foreign countries subsidiaries, since 01/01/2017, the annual depreciation rate of 18% that was applied, is now 14% in Bulgaria and Cyprus and 15% in Romania, Serbia, Montenegro, Croatia and Ukraine. This change in rates for the first semester of 2017, resulted in reduced depreciation of €1.866.313,10 and reduced profits from car sales of €64.000,00.

Kifissia, 05 September 2017

Vice President & Managing Director	Depute General Manager	Financial Manager	Accounting Manager
Eftichios Vassilakis	Dimitrios Mangioros	Antonia Dimitrakopoulou	Constantinos Siambanis
ICN AN 049866	ICN AK 159893	ICN ΑΒ 348453	ICN Φ 093095

						AUTOHELLAS S.A. ( HERTZ ) Number G.E.M.I: 250501000 - Company registered number : 851/06/Β/86/43
						31, Viltanioti str., Kifissia CONCISE SUMMARY OF THE FINANCIAL STATEMENTS FOR THE PERIOD
						January 01st of 2017 until June 30th 2017 In accordance with the Decision of the Greek capital market commission's Board of Directors No 4/507/28.04.2009
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.						Figures and information below provide a concise summary of the financial statements and earnings of AUTOHELLAS S.A. We strongly recomend to any person interested in investing in Autohellas or to proceed to any other transaction with Autohellas to study the company's financial statements as indicated by
Internet Address Date of Approval of the Financial Statements by the Board of Directorss : 4th September 2017 Certified Auditor- Accountant Auditing Firm Type of Auditors`Audit Report	: www.hertz.gr : Dimitris Samaras : ECOVIS HELLAS SA : UnQualified
			BALANCE SHEET				STATEMENT OF CASH FLOWS
							(for the period JANUARY 1st to JUNE 30th 2017)
		GROUP		COMPANY			Figures in € GROUP		COMPANY
ASSETS		30/06/2017	31/12/2016	30/06/2017	31/12/2016		01.01-30.06.2017	01.01-30.06.2016	01.01-30.06.2017	01.01-30.06.2016
Property, plant and equipment		419,126,414.03	377,709,184.48	314,844,631.04	286,131,642.21
Investment propreties Intangible assets		44,882,058.25 538,708.47	44,882,058.25 545,312.10	58,249,877.73 465,729.53		58,249,877.73 Operating activities 487,121.63 Profit before tax	12,392,083.07	9,306,527.19	8,311,349.46	6,349,538.63
Goodwill		1,312,539.00	1,312,539.00	0.00	0.00	Non cash adjustments for:
Other non-current assets Inventories		81,562,163.98 19,144,696.30	64,753,734.39 13,914,519.17	103,548,510.97 6,546,451.49		86,841,195.59 Depreciation and amortization 5,175,198.68 Result from investing activities	31,037,636.87 -10,200,296.77	29,290,573.95 -10,485,424.85	22,568,696.74 -8,897,119.13	21,104,222.88 -9,327,130.44
Trade receivables		38,337,046.34	28,205,646.45	30,217,132.10	23,563,671.59 Provisions		600,000.00	303,936.06	600,000.00	303,936.06
Other assets		47,586,898.79	39,463,418.72	35,529,198.43		31,837,233.22 Net foreign exchange differencies	-1,769.20	6,114.95	0.00	0.00
Total assets		652,490,525.16	570,786,412.56	549,401,531.29		492,285,940.65 Net finance and other expenses	6,948,802.17	6,544,719.06	6,302,295.65	6,039,975.28
						Share of (profit)/loss of affiliated companies	455,755.79	351,277.99	0.00	0.00
EQUITY and LIABILITIES						Working capital adjustments for:
Issued capital		3,908,400.00	3,908,400.00	3,908,400.00		3,908,400.00 (Increase)/decrease in inventories (Increase)/decrease in trade and other	-5,430,604.04	-316,133.70	-1,371,252.81	1,558,004.48
Other equity		203,514,356.45	191,839,001.05	161,139,905.55	152,956,418.71	receivables	-5,847,757.61	-12,536,493.10	1,277,578.46	-4,942,350.70
Total shareholders equity (a)		207,422,756.45	195,747,401.05	165,048,305.55	156,864,818.71	Increase/(decrease) in liabilities (excluding Banks)	32,467,414.80	23,193,500.29	19,782,178.04	14,442,612.57
Non-controlling interests ( b )		0.00	0.00	0.00		0.00 Purchase of renting vehicles	-85,750,405.42	-81,038,274.93	-64,468,524.73	-60,389,484.51
Total equity (c)=(a)+(b)		207,422,756.45	195,747,401.05	165,048,305.55		156,864,818.71 Sales of renting vehicles	19,157,389.24	16,120,449.20	16,320,438.90	13,674,324.07
Long-term borrowing		146,891,439.36	225,068,948.09	127,750,301.55	216,899,266.22 Less:
Provisions / Other non-current liabilities		32,819,171.39	28,839,584.52	31,552,489.97		27,447,357.05 Interest and related expenses paid	-5,910,338.85	-5,075,329.67	-5,206,555.09	-4,497,918.99
Short-term borrowing		165,286,122.18	55,947,025.95	150,736,280.07		38,759,592.67 Income tax paid	-160,641.74	-316,367.15	0.00	0.00
Other current liabilities		100,071,035.78	65,183,452.95	74,314,154.15		52,314,906.00 Net Cash flows from operating activities (a)	-10,242,731.69	-24,650,924.71	-4,780,914.51	-15,684,270.67
Total liabilities (d)		445,067,768.71	375,039,011.51	384,353,225.74	335,421,121.94	Investing activities
Total equity and liabilities (c)+(d)		652,490,525.16	570,786,412.56	549,401,531.29	492,285,940.65	Acquisition of subsidiaries, affiliations, joint ventures and other investments	-590,000.00	-680,000.00	-90,000.00	-4,850,000.00
						Purchase of tangible and intagible assets	-4,289,950.79	-3,709,408.08	-1,689,967.48	-1,566,770.19
			PROFIT AND LOSS			Purchase of investment properties	0.00	0.00	0.00	0.00
			(for the period JANUARY 1st to JUNE 30th 2017)			Proceeds from sale of tangible assets	1,969,649.35	643,693.39	807,758.17	558,165.89
			Figures in €			Proceeds from aale of investment property/ Tax return on transfered assets	0.00	86,834.17	0.00	86,834.17
		GROUP		COMPANY		Procceds from sale of subsidiaries, affiliations or other investment	0.00	0.00	0.00	0.00
		01.01.-30.06.17	01.01.-30.06.16	01.01.-30.06.17	01.01.-30.06.16	Interest received	465,604.59	320,580.02	408,327.35	247,913.12
Revenue		150,148,715.87	118,377,648.46	81,595,933.37	68,955,977.77	Dividends received	3,331,403.20	5,829,955.60	3,331,403.20	5,829,955.60

Gross profit 28,667,165.91 22,822,689.64 16,831,330.12 13,005,424.71 Net cash flows from investing activities (b) 886,706.35 2,491,655.10 2,767,521.24 306,098.59

Profit before tax 12,392,083.07 9,306,527.19 8,311,349.46 6,349,538.63 Proceeds from borrowings 50,320,824.29 57,997,093.05 38,323,921.39 50,715,270.02 Profit after tax (A) 10,359,033.61 8,684,279.89 6,867,165.05 6,198,859.54 Repayments of borrowings -21,543,362.95 -31,691,128.70 -16,880,324.57 -29,492,895.37 - Equity holders of the parent 10,359,033.61 8,684,279.89 0.00 0.00 Dividends paid -10,332,762.35 -10,332,762.35 -10,332,762.35 -10,332,762.35 - Non-controlling interests 0.00 0.00 0.00 0.00 Net cash flows from financing activities (c) 18,444,698.99 15,973,202.00 11,110,834.47 10,889,612.30

Net increase/(decrease) in cash and cash

Cash and cash equivalents at the beginning

equivalents (a)+(b)+(c) 9,088,673.65 -6,186,067.61 9,097,441.20 -4,488,559.78

of the period 19,984,431.22 22,131,519.52 16,632,747.09 17,234,978.08

- Equity holders of the parent	22,008,117.75	4,781,541.05	0.00	0.00	Cash from acquisitions	0.00	50,086.00	0.00	0.00
					Cash and cash equivalents at the end of the
- Non-controlling interests	0.00	0.00	0.00	0.00	period	29,073,104.87	15,995,537.91	25,730,188.29	12,746,418.30

Earnings per share - basic Earnings before tax, financial and	0.8522	0.7144	0.5649	0.5099
investment activities, depreciation and amortization	47,502,874.70	41,028,142.63	33,850,938.65	29,028,781.23	ADDITIONAL INFORMATION
		STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD 01.01-30.06.2017			1. Group companies along with respective addresses, participation percentages and method of consolidation in the consolidated tables, are mentioned in note 2 of the financial report. There aren´t any companies which are not included in the consolidation. 2. Fiscal years that have not been tax audited are mentioned in note 16. For non tax-audited fiscal years a provision of € 118.801.80 has been made for the group and company. There are no litigations or any rule of court which might have significant impact on the financial position of AUTOHELLAS SA. 3. Staff employeed as at 30.06.17: Group 966, Parent 450, as at 30.06.16: Group 966, Parent 450. 4. There are no "Other provisions" for the group nor company as at 30.06.2017. 5. The amount of sales and purchanges, (of goods and services) from the beginning of the period and the receivables and payables between the Group and the Company according to the IAS 24 are as follows : Figures in €	Group	Company
		Figures in €			a) Income b) Expenses	5,562,257.71 1,861,802.88	12,062,705.09 14,317,164.35
	GROUP		COMPANY		c) Receivables d) Liabilities	521,312.89 315,980.14	4,574,043.94 3,627,450.43
	30/06/2017	30/06/2016	30/06/2017	30/06/2016	e) Board members and key management personnel remuneration & other benefits 1,613,506.47 f) Receivables from key management personnel and Board members g) Amounts owed to key management personnel and Board members 6. Investments for the period 01.01-30.06.2017: Group € 82,4 mill., Parent € 61.2 mill. 7. Company holds 57.559 own shares with purchase value € 256,131.46 and fair value € 1.159.238.26 (note 15 of the financial report).		1,372,846.68 0.00 0.00 0.00 0.00
					8. Other comprehensive income net of tax are analyzed as follows :		Group	Company
					Other comprehensive income net of tax	30/6/2017	30/6/2016	30/6/2017	30/6/2016
Equity at the beginning of the year (01.01.2017 & 01.01.2016 respectively) Total comprehensive income for the year,	195,747,401.05	186,320,996.43	156,864,818.71	154,750,107.24	a) To be reclassified to the income statement in subsequent periods (a1) Net gain/loss for the year: Gain/loss on available-for-sale financial assets	16,407,160.76	-5,496,815.28	16,407,160.76	-5,496,815.28
net of tax	22,008,117.75	4,781,541.05	18,516,249.19	2,296,120.70	Income Tax Reclassify to profit/loss b) Not to be reclassified to the income statement (b1) Revaluation of tangible / intagible assets	-4,758,076.62		1,594,076.44 -4,758,076.62	1,594,076.44
Dividends paid	-10,332,762.35	-10,332,762.35	-10,332,762.35	-10,332,762.35	Revaluation of Fixed Assets Tax Adjustment (b2) Actuarial gain/loss		0.00 0.00 0.00 0.00	0.00 0.00	0.00 0.00
Equity at the end of the year (30.06.2017 & 30.06.2016 respectively)	207,422,756.45	180,769,775.13	165,048,305.55	146,713,465.59	Other comprehensive income net of tax Total coprehensive income for the year, net of tax 9. Starting from 01/01/2017, change of depreciation rate has been applied for vehicles at both Parent and Group level. This year result icludes an increase of € 1.711.163,34 και € 3.513.476,44 respectively (note 20 of the financial report).	11,649,084.14 22,008,117.75	-3,902,738.84	11,649,084.14 4,781,541.05 18,516,249.19	-3,902,738.84 2,296,120.70

Kifissia, 5th of September 2017

ICN AN 049866 ICN AK 159893 ICN AB 348453 ICN Φ 093095

investment activities 16,465,237.83 11,737,568.68 11,282,241.91 7,924,558.35 Financing activities

the year, net of tax (Β) 11,649,084.14 -3,902,738.84 11,649,084.14 -3,902,738.84

year, net of tax (Α) + (Β) 22,008,117.75 4,781,541.05 18,516,249.19 2,296,120.70

Earnings before tax , financial and

Other comprehensive income/(loss) for

Total comprehensive income for the

VICE PRESIDENT & MANAGING DIRECTOR DEPUTY GENERAL MANAGER FINANCIAL MANAGER ACCOUNTING MANAGER EFTICHIOS VASSILAKIS DIMITRIOS MANGIOROS ANTONIA DIMITRAKOPOULOU CONSTANTINOS SIAMBANIS

AI assistant

Autohellas S.A. — Interim / Quarterly Report 2017

2667_ir_2017-09-06_434b7edb-bebe-4cfb-9094-b5a9072f3946.pdf

AUTOHELLAS SA

Α. BOARD OF DIRECTORS STATEMENTS (according to art. 5 par. 2c, Ν. 3556/2007)

B. Independent Auditor's Report

Introduction

Scope of review

Conclusion

Report on other legal requirements

ΑUTOHELLAS S.A.

SIX MONTH REPORT OF THE BOARD OF DIRECTORS FOR THE PERIOD 1/1-30/06/2017

Α. FIRST SEMESTER REPORT – FINANCIAL POSITION RESULTS

RATIOS

Α. Profitability Ratios

Β. Financial leverage ratios

ALTERNATIVE PERFORMANCE RATIOS

Free Cash Flows 56,350,284 43,367,171

B. IMPORTANT EVENTS

C. RISK MANAGEMENT

Exchange Rate Risk

Interest rate risk

Credit Risk

Market Price Risk

Sales Seasonality

D. PROSPECTS

Ε. RELATED PARTIES TRANSACTIONS

D.1. COMPANY'S FINANCIAL STATEMENTS

Balance Sheet (I)

D. 1. COMPANY'S FINANCIAL STATEMENTS

Income Statement (II)

D.1. COMPANY'S FINANCIAL STATEMENT

Statement of Changes in Equity (III)

D.1. COMPANY'S FINANCIAL STATEMENTS

Cash flow statement (IV)

Balance Sheet (I)

Statement of Changes in Equity (III)

Cash Flow Statement (IV)

D.3. Notes on the financial statements

1. General Information

2. Group Structure

1. Subsidiaries:

2. Associates / Joint Ventures:

3.1. Basis of Preparation of Financial Statements

3.2. New standards, interpretations and amendments

Standards and Interpretations Effective for Current Financial Year

IFRS 11 (Amendments) "Joint arrangements"

IAS 27 (Amendments) «Separate financial statements»

IAS 1 (Amendments) "Disclosure initiative"

IAS 7 (Amendments) "Disclosure initiatives"

Annual improvements to IFRS 2012

IFRS 2 «Share based payments»

IFRS 3 «Business combinations»

IFRS 8 «Operating segments»

IFRS 13 «Fair value measurement»

IAS 24 «Related party disclosure»

2014 annual improvements

IFRS 7 «Financial instruments: Disclosure»

IAS 19 «Employee benefits»

IAS 34 «Interim financial reporting»

Standards and interpretations effective for future periods

3.3. Consolidation – Subsidiaries and Associates valuation

3.4. Segment Reporting

4. Tangible Fixed Assets

Group

COMPANY

5. Investment properties

6. Investment in Subsidiaries

7. Investment in Associates / Joint ventures

8. Other assets available for sale

9. Sales and other operating income

10. Interests

11. Gains/Losses from investing activities

12. Income Tax

13. Earnings per share

14. Dividends per Share

15. Own Shares

16. Contingent Liabilities

17. Subsequent events

18. Related Party Transactions

Autohellas S.A. Interim / Quarterly Report 2017