Fourlis S.A.

Quarterly Report • Oct 5, 2015

Headquarters Company Reg. No. Supervising Authority Date of approval of the interim financial statements Auditors Auditing Firms Type of Report	: 340 Kifissias av., 154 51, N. Psychiko : 13110/06//86/01 : Ministry of Development, (Department for Limited Companies) : 23 August 2006 : ISAIAH K. THEODORIDOU and NIKOLAOS VOUNISEAS : SOL S.A. CHARTERED AUDITORS and KPMG KYRIACOU CERTIFIED AUDITORS S.A. : Unqualified - Matter of emphasis						Board of Directors President and CEO - executive member Vice President - executive member Member - executive member Member - non executive member Member - non executive member Member - independent non executive member Member - independent non executive member				: Vassilios Fourlis : Alexandros Fourlis : Dafni Fourlis : Odysseus Demetriades : Ioannis Brebos : Eftichios Vassilakis : Ioannis Papaioannou
		INCOME STATEMENT Amounts in thousand
	GROUP		COMPANY				GROUP				COMPANY
ASSETS	30/06/2006	31/12/2005	30/06/2006	31/12/2005	Turnover	1/1-30/6/2006 200.772	1/1-30/6/2005 1/4-30/6/2006 171.776	108.031	1/4-30/6/2005 88.739	1/1-30/6/2006 0	1/1-30/6/2005 0	1/4-30/6/2006 0	1/4-30/6/2005 0
Non-current assets Property, plant and equipment	95.447	96.832	5	6	Gross Profit Profit/(Loss) before interest and taxes	60.503 17.016	51.945 11.910	32.711 9.469	26.749 5.139	0 -141	0 -448	0 -53	0 -80
Intangible assets Investments	4.507 500	4.714 500	31 90.383	47 90.383	Profit/(Loss) before interest, taxes, depreciation and amortisation	20.443	15.859	11.172	6.910	-124	-431	-45	-71
Other non-current receivables Deferred Taxes	6.882 0	6.440 1.260	163 0	163 43	Profit/(Loss) before taxes Less taxes	14.378 6.095	8.993 3.233	7.848 3.711	3.455 1.258	8.039 117	-640 24	-114 122	-187 20
Total non-current assets	107.336	109.746	90.582	90.642	Profit/(Loss) after taxes	8.283	5.760	4.137	2.197	7.922	-664	-236	-207
Current assets Investments	0	0	0	0	Attributable to:
Inventories Income tax receivables	67.231 89.866	76.130 98.436	0 679	0 644	Shareholders Minority interest	8.343 -60	5.613 147	4.228 -91	2.136 61	7.922 0	-664 0	-236 0	-207 0
Trade and other receivables Cash and cash equivalents	999 9.637	0 8.396	731 635	748 90	Net Profit (after tax) per share - basic (in )	0,16	0,11	0,08	0,04	0,16	-0,01	0,00	0,00
Total current assets Non current assets classified as available for sale	167.733 38.528	182.962 38.231	2.045 9.379	1.482 9.379				CASH FLOW STATEMENT
TOTAL ASSETS	313.597	330.939	102.006	101.503				Amounts in thousand
SHAREHOLDERS EQUITY Total equity attributable to equity holders of the parent										GROUP		COMPANY
Share capital Share premium reserve	50.953 11.931	50.953 11.931	50.953 12.208	50.953 12.208						1/1-30/6/2006	1/1-30/6/2005	1/1-30/6/2006	1/1-30/6/2005
Reserves Retained earnings/ Accumulated losses	49.025 -17.145	47.966 -16.877	27.976 949	27.934 712	Operating Activities Profit before taxes					14.378	8.993	8.039	-640
Minority Interest	94.764 232	93.973 378	92.086 0	91.807 0	Plus / less adjustments for: Depreciation					3.427	3.949	17	17
Total shareholders equity	94.996	94.351	92.086	91.807	Provisions Foreign exchange differences					4.909 0	3.930 0	3 0	2 0
					Results (revenue, expenses, profit and loss) from investment activity Interest charges and other related expenses					-634 3.643	-1 2.916	-8.323 143	0 192
LIABILITIES Non-current laibilities					Plus / less adjustments for changes in working capital: Decrease / (increase) in inventories					9.429	-5.704	0	0
Interest-bearing loans and borrowings Employee retirement benefits	82.195 1.267	61.047 858	0 17	0 14	Decrease / (increase) in receivables (Decrease) / increase in liabilities (excluding banks)					10.105 -36.248	14.361 -31.065	-18 -133	-258 263
Deferred taxes Other Long-term Liabilities	1.475 189	2.259 161	0 157	55 158	Less: Interest charges and other related expenses paid					-3.430	-2.617	-143	-185
Total non-current liabilities Short-term Liabilities	85.126	64.325	174	227	Paid taxes Total inflow / (outflow) from operating activities (a)					-12.354 -6.775	-6.138 -11.376	-129 -544	-1.532 -2.141
Interest bearing loans and borrowings Short-term portion of non-current interest bearing loans and borrowings	47.361 2.025	57.957 2.786	2.004 0	9.237 0	Investment Activities Acquisition of subsidiaries, affiliates, joint ventures and other investments					0	0	0	0
Income tax payable Trade and other payables	4.155 79.934	7.475 104.045	0 7.742	0 232	Purchase of tangible and intangible fixed assets Proceeds from the sale of property, plant and equipment and intangible assets					-2.722 620	-840 2	0 0	-3 0
Total short term liabilities Total liabilities	133.475 218.601	172.263 236.588	9.746 9.920	9.469 9.696	Proceeds from dividends Purchase of other investments					626 0	0 0	1 8.323	0 0
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES	313.597	330.939	102.006	101.503	Interest Received Proceeds from the sale of other investments					0 0	0 0	0 0	0 0
					Total inflow / (outflow) from investing activities (b) Financing activities					-1.476	-838	8.324	-3
Notes:					Proceeds from increase in share capital Proceeds from issued loans					0 426.403	0 52.581	0 87.407	0 2.205
1. Group companies with their corresponding addresses and their percentage of participation included in the consolidated financial statements, together with their non tax audited financial years, are as follows:					Loans paid off					-415.521	-62.074	-94.642	-83
Full consolidation method:					Payments of leasing liabilities Paid-in dividends					-1.402 0	-1.267 -125	0 0	0 0
GENCO TRADE S.R.L. GENCO BULGARIA L.T.D.	Boucharest, Romania Sofia, Boulgaria	100.00% 100.00%	1999-2005 2001-2005		Total inflow / (outflow) from financing activities © Net increase / (reduction) in cash and cash equivalents for the period (a) + (b) + ©					9.480 1.229	-10.885 -23.099	-7.235 545	2.122 -22
PRIME TELECOM S.A. HOUSEMARKET S.A.	Athens Athens	82.91% 100.00%	2000-2005 2000-2005		Opening balance, cash and cash equivalents Cash and cash equivalents from not consolidated company					8.396 12	32.912 0	90 0	133 0
FOURLIS TRADE S.A. INTERSPORT ATHLETICS S.A.	Athens Athens	100.00% 100.00%	2005 -		Effect of foreign exchange differences on Cash Closing balance, cash and cash equivalents					9.637	9.813	635	111
AUTOMATE S.A. EUROELECTRONICS S.A. *	Athens Athens	91.39% 78.53%	2003-2005 2003-2005
SERVICE ONE S.A TRADE LOGISTICS S.A.	Athens Athens	99.00% 99.99%	2001-2005 2005
H.M HOUSEMARKET (CYPRUS) LTD INTERSPORT ATHLETICS (CYPRUS) LTD	Nicosia, Cyprus Nicosia, Cyprus	100.00% 100.00%	2005 -					STATEMENT OF CHANGES IN NET EQUITY
Equity Method A.T.C. ABETE	Athens	45.43%	2003-2005					Amounts in thousand
SPEEDEX .. * Companies held indirectly	Athens	49.496%	2000-2005							GROUP 30/06/2006	30/06/2005	COMPANY 30/06/2006	30/06/2005
2. The total number of employees at the end of the current period was 1.715 for the Group and 3 for the company.					Equity balance at the begining of period, (1/1/2006 and 1/1/2005 respectively).					94.351	70.538	91.807	88.752
3. The basic accounting principles applied are consistent with those applied for the financial year from 01/01/2005 until 31/12/2005. 4. The assets of the Group and the company are free of mortgages and pre-notations.					Increase / (Decrease) in share capital Distributed Dividends					0 -7.729	0 -5.369	0 -7.643	0 -5.096
5.The amounts of sales and purchases of the company, to and from related companies, from the beginning of the financial period are in total 298 thousand and 19 thousand.					Net Income recorded directly in net equity Profit / (loss) of the period, after taxes					0 8.283	0 5.760	0 7.922	0 -664
The amounts of sales and purchases of the Group, to and from trelated companies, from the beginning of the financial period are in total and 198 thousand respectively. The rest of the receivables and liabilities of the Company and the Group with the related companies, at the end of the				3 thousand	Foreign exchange differences from the translation of financial statements in foreign currencies Equity, end of period (30/06/2006 and 30/06/2005 respectively)					91 94.996	-34 70.895	0 92.086	0 82.992
current are 244 thousand, 15 thousand, and 214 thousand, 6. There are no litigations, which have an important impact on the financial position of Fourlis Group and the Company.	200 thousand respectively.
7. Basic earnings per share have been calculated using the weighted average number of shares at the balance sheet date. 8. The interim financial statements 01/01/2006 - 30/06/2006 have been approved by the Board of Directors on the 23th August 2006.
9. On 30/06/2006 the following affiliate companies, were included in the consolidated finacial statements. The affilate companies have been established from subsidiary companies as follows:
a) TRADE LOGISTICS S.A. 99,99% subsidiary of FOURLIS TRADE S.A. b) H.M.HOUSEMARKET (CYPRUS) LTD 100% subsidiary of HOUSEMARKET S.A.
c) INTERSPORT ATHLETICS (CYPRUS) LTD 100% subsidiary of INTERSPORT ATHLETICS S.A. The above mentioned companies were consolidated with full consolidation method based on their financials as of 30/06/2006
The President of the BOD and Managing Director		The Vice-President of the BOD			Neo Psychiko, 23 August 2006		The General Manager					The Chief Accountant

VASSILIOS STIL. FOURLIS ID No. S-700173

FOURLIS HOLDINGS S.A. Company Reg. No. 13110/06/ /86/01
Figures and information of the group and the company from 1 January 2006 until 30 June 2006

IOANNIS A. KOLITSIS D/ 327466

ALEXANDROS I. FOURLIS