Fourlis S.A.

Quarterly Report • Sep 24, 2015

FOURLIS HOLDINGS AE

REG. NO: 13110/06/Β/86/01

OFFICES: 340 KIFISSIAS AVENUE – 154 51 Ν. PSYCHIKO

CONDENSED FINANCIAL STATEMENTS For the six months period from 1/1/2008 until 30/06/2008

.

CONTENTS

STATEMENTS OF THE BOARD OF DIRECTORS .2
BOARD OF DIRECTORS REPORT FOR THE PERIOD 1/1 TO 30/6/2008 .3
INDEPENDENT AUDITORS REPORT ON REVIEW OF CONDENSED INTERIM FINANCIAL
INFORMATION 10
BALANCE SHEETS (CONSOLIDATED AND PARENT COMPANY) AS AT JUNE 30, 2008
AND DECEMBER 31, 2007 ………………………………………………………………………….12
INCOME STATEMENTS CONSOLIDATED AND THE COMPANY FOR THE SIX MONTHS
PERIOD ENDED JUNE 30, 2008 AND JUNE 30, 2007 .13
STATEMENTS OF CONSOLIDATED MOVEMENT IN EQUITY AS AT JUNE 30, 2008
AND JUNE 30, 2007 …………………………………………………………… .14
STATEMENTS OF MOVEMENT IN EQUITY (PARENT COMPANY) AS AT JUNE 30, 2008
AND JUNE 30, 2007 .15
STATEMENTS OF CASH FLOWS (CONSOLIDATED AND PARENT COMPANY) FOR THE
SIX MONTHS PERIOD ENDED JUNE 30, 2008 AND JUNE 30, 2007 .16
NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY
AND CONSOLIDATED) ………………………………………………………………………………17
CONDENSED FINANCIAL STATEMENTS FOR THE PERIOD 1st JANUARY TO 30th JUNE
2008…27

The attached Interim Financial Statements for the six months period are those approved by the Board of Directors of "FOURLIS HOLDINGS AE" on 26/08/2008 and have been published by posting on the Internet at the web address www.fourlis.gr.

Chairman CEO

ID No. Σ-700173 ID No Π-319553

Vassilios St. Fourlis Apostolos D. Petalas

Finance Manager Chief Accountant Planning & Controlling

Theodore G. Poulopoulos Sotirios I Mitrou ID No. ΑΖ-547722 ID No. Π-135469 Ch. Acct.Lic. No. 36611 Α Class Ch.Acct.Lic. No. 30609 A Class

Condensed financial statements – for the six months period ended June 30, 2008

1

STATEMENTS OF THE BOARD OF DIRECTORS

(According to art. 5 par. 2 Law 3556 / 2007)

The undersigned:

• 1. Vasilios S. Fourlis, Chairman,
• 1. Apostolos D. Petalas, CEO and
• 1. Alexandros I. Fourlis, Vice Chairman

WE DECLARE THAT

to the best of our knowledge:

• a. The Interim Financial statements of June 30, 2008 for both the Company and Consolidated are in accordance with International Financial Reporting Standards, and they truly reflect all Assets, Liabilities and Shareholders Equity along with the Balance Sheet and Profit & Loss Statement of FOURLIS HOLDINGS S.A and its subsidiaries included in the consolidation, as a total, and according to paragraphs 3 to 5 of Law 3556 / 2007 and
• b. The Board of Directors Report truly reflects all the information required as per par. 6 art. 5 of Law 3556 / 2007.

The Chairman The Vice Chairman The CEO

Vasilios S. Fourlis Alexandros I. Fourlis Apostolos D. Petalas

BOARD OF DIRECTORS REPORT FOR THE PERIOD 1/1 – 30/6/2008

(According to art. 5. par. 2 Law 3556 / 2007)

Fourlis Group is comprised by Fourlis Holdings S.A and its subsidiaries.

BUSINESS SEGMENTS – CONSOLIDATED ENTITIES

The subsidiary companies along with their subsidiaries are operating in the Wholesale and Retail trade covering the segments of Electric and Electronics (Wholesale) and Home Furnishing and Sporting Goods (Retail).

The subsidiary companies and their subsidiaries that are subject to consolidation (Full Method) grouped per Segment, are the following:

A) Wholesale Trading of Electrical – Electronic Equipment

• «FOURLIS TRADE ΑΕΒΕ»
• «PRIME TELECOM ΑΕ»
• «SERVICE ONE ΑΕ»
• «ΕΥΡΩΗΛΕΚΤΡΟΝΙΚΗ ΑΕ»
• «GENCO TRADE SRL» Romania Electrical and Electronic segment.

B) Retail Trading of Furniture and Household Goods (IKEA)

• «HOUSEMARKET ΑΕ»
• «HM HOUSEMARKET (CYPRUS) LTD»
• «TRADE LOGISTICS ΑΕΒΕ»
• «RENTIS S.A»
• «HOUSEMARKET BULGARIA EAD»

C) Retail Trading of Sporting Goods (INTERSPORT)

• «INTERSPORT ATHLETICS S.A»
• «INTERSPORT ATHLETICS (CYPRUS) LTD»
• «GENCO BULGARIA LTD»
• «GENCO TRADE SRL» Romania Sporting Goods segment.

D) Affiliated Companies

In the Group's consolidated data, "SPEEDEX COURIER SERVICES S.A" is incorporated, through the Net Equity consolidation method. The company operates in Greece in the courier services.

FINANCIAL DATA – IMPORTANT FACTS & FIGURES

The financial performance of Fourlis Holdings S.A is directly related to those of its subsidiaries.

Having the above in mind, the summary below presents the per segment consolidated figures for the period Jan 1 το June 30, 2008.

From the following data we note that the overall Group performance was satisfactory for all the operating Segments.

On a consolidated basis the Group's Net Assets at June 30, 2008 are at €149,995 mil versus an amount of €151,038 mil of year end 2007.

Consolidated Financial Data (€ 000)

In an effort to present a complete view of the Group's performance, at the tables to follow we report the per Segment results for the period Jan-Jun for fiscal years 2008 and 2007.

Wholesale Trading of Electrical – Electronic Equipment

	Jan-Jun 2008	Jan-Jun 2007	2008 / 2007
Revenue	178.862	143.359	1,25
EBITDA	8.657	7.028	1,23
Profit before Tax	4.815	5.506	0,87
Profit after Tax and Minority Interests	3.165	3.743	0,85

Notes:

The 1rst semester of 2008 carriers the burden of a non recurring financial cost (exchange difference) of €1,1 mil which is due to the conversion of loans to local currency (RON) in Romania.

Retail Trading of Furniture and Household Goods (IKEA)

	Jan-Jun 2008	Jan-Jun 2007	2008 / 2007
Revenue	138.040	99.799	1,38
EBITDA	18.042	20.585	0,88
Profit before Tax	11.542	16.301	0,71
Profit after Tax and Minority Interests	8.787	11.876	0,74

Notes :

The 1rst semester results of 2008 have been charged with an amount of € 1,6 mil as a result of the strike in ports, reflecting the increased cost of alternative transportation routes. Additionally preopening expenses for IKEA stores and TRADE LOGISTICS S.A amount at €5,4 mil while the corresponding, preopening expense, amount of the 1rst semester of 2007 was at €2,0 mil.

Retail Trading of Sporting Goods (INTERSPORT)

	Jan-Jun 2008	Jan-Jun 2007	2008 / 2007
Revenue	32.960	25.983	1,27
EBITDA	4.431	3.500	1,27
Profit before Tax	3.476	2.677	1,30
Profit after Tax and Minority Interests	2.567	2.111	1,22

Fourlis Group (Consolidated)

	Jan-Jun 2008	Jan-Jun 2007	2008 / 2007
Revenue	349.862	269.141	1,30
EBITDA	30.304	36.990	0,82
Profit before Tax	19.482	30.389	0,64
Profit after Tax and Minority Interests	14.138	21.853	0,65

In addition to the aforementioned Notes, it is also noted that on the consolidated results of 1rst semester 2007 are included non recurring profits of €7,01 due to the sale of 10% shareholding of Fourlis Holdings S.A at «DSGI SOUTH - EAST EUROPE A.E.B.E.», former «ΚOTSOVOLOS ΑΒΕΤΕ». As far as the 1rst semester of the current year is concerned no such amounts have been booked.

Operating Performance – Important developments:

Wholesale of Electrical and Electronic Equipment, despite the fierce competition and the concentration of the specific segment has achieved strong sales growth, which is stemming from the Greek market and the remarkable sales performance in Romania.

The Group's Retail segments during the 1rst half of 2008 have continued to expand their network both in Greece and abroad. IKEA added a new Store in Egaleo, Attica which opened on Mar 26, 2008 and was warmly welcomed by the consumers. Consequently today are operating 3 IKEA Stores in Greece (Salonika, Athens Airport and Egaleo) and one in Cyprus.

An important contribution to the Warehousing and Logistics support of the IKEA operation will be provided by the newly formed (Mar 13, 2008) TRADE LOGISTICS S.A, the establishment of which followed the completion of an investment of €29,5 mil at Schimatari, Viotia.

During June 2008, HOUSEMARKET BULGARIA EAD was established at Sofia, Bulgaria in order to develop the local IKEA franchise. As a consequence a plot of about 60.000 sqr meters has been purchased at Vitosa area, in order to start building the IKEA Sofia Store.

Intesrport has already been established retailer in Greece with 26 stores and has also expanded its network at the Balkans, with 6 outlets in Romania and 1 in Bulgaria, along with 1 store in Cyprus. As far as the newly opened stores of 1 semester of 2008 are concerned, these are at Lamia (15/3/08), Alexandroupoli (21/6/08) for Greece and at Pitesti Romania with an opening on 26/6/08.

Stock Option Plan

Fourlis Holding S.A, following the approval of its General Assembly of June 30, 2008 has proceeded with a Stock Option Plan for its executives and the executives of its subsidiaries and affiliated companies. The General Assembly has authorized the Board of Directors to arrange all the procedural issues and materialize the Program.

At this point we should note that no provisions have been booked in relation to the Stock Option Plan for the 1rst semester of 2008, since the beneficiaries have not notified by the Company during that period and as such no obligation is valid. The Board of Directors during its 26/8/08 convention defined the Program's beneficiaries. The formal acceptance from the beneficiaries is expected within 2nd semester of 2008.

2 nd Semester Outlook

i. Group

Being based upon 1rst semester 2008 results we are optimistic for both the semester to follow but also for the future as well.

The international financial instability (increased cost of borrowing, slower GDP growth in the EU) along with the local financial issues that the Greek economy faces (GDP & House construction growth rates slow down, cost of borrowing, probable tax hikes and the impact from the ports strike) does not form the ideal business environment. Despite all the above we are confident that by being based upon the Group's comparative advantages (financial strength, experience in retail trading, the leading market positions of IKEA and Intersport, brand awareness and credibility of our Electric and Electronics brands and our Human capital) we will be in a position during the 2nd semester of 2008 to deliver in our development plan.

The company intends to sell it's remaining 10% shareholding of «DSGI SOUTH - EAST EUROPE A.E.B.E. » and the profits from the transaction will be included in the 2nd semester's reports.

ii. Wholesale of Electrical – Electronic Equipment

The segment's growth is estimated to be continued in the 2nd semester as well, through improved agreements with retail stores and with the continuing support of the brands' manufacturers (SAMSUNG, GENERAL ELECTRIC, and LIEBHERR). Those brands are currently holding leading market positions with their manufacturers being pioneers in innovative products.

iii. Retail Trading (IKEA & Intersport)

The above businesses investment plan is mainly focusing on the expansion of their retail network both in Greece and the Balkans.

In the near future new IKEA Stores will operate at Larissa, Ioannina and Sofia Bulgaria.

Additionally we have to note that in the 2nd semester of 2008 the contribution of the new, Egaleo, IKEA Store will be further increased as it will have a full 6 months of operation. Of significant importance is also the full operation of TRADE LOGISTICS S.A being the Warehouse and Logistics partner of HOUSE MARKET S.A. with the former contributing a lot towards the effective inventory management of IKEA operations.

In parallel to the above HOUSE MARKET S.A in co-operation with Millennium Bank has introduced the IKEA Card with benefits (lower rates) for its customers. The positive impact of the IKEA Card is estimated to be reflected during the 2nd semester of 2008.

Intersport will implement its development plan through new outlet openings in Greece, Romania and Bulgaria. In Xanthi the new store is under construction with a foreseen opening target date in Q3 2003.

Additionally within the 2nd semester of 2008 another Intersport outlet is estimated to operate, at Menidi, Attica. In relation to the Balkans the plan is for 2 more outlets in Romania and another one in Bulgaria.

Fourlis Group – Major Threats & Uncertainties

The Group is exposed to financial risks such as foreign exchange risk, credit risk and interest rate risk. The management of risk is achieved by the central Treasury department, which operates using specific guidelines set by the Board of Directors. The Treasury department identifies, determines and hedges the financial risks in co-operation with the other departments that face these risks. The Board of Directors provides written instructions and directions for the general management of the risk, as well as specific instructions for the management of specific risks such as foreign exchange risk, interest rate risk and credit risk.

Foreign Exchange Risk

The Group is subject to foreign exchange risk arising for its transactions in foreign currencies (USD, SEK) with suppliers which invoice the Group in currencies other than in Euro. The Group, in order to minimize the foreign exchange risk, in certain cases pre-purchases foreign currencies. The Group has investments in companies overseas, the net assets of which are subject to foreign exchange risk. This type of foreign exchange risk (translation risk) arises due to the operations in Romania in the local currency (RON). Management has kept the foreign exchange risk in Romania to a minimum via loans in RON.

Credit risks

The Group is subject to credit risk arising from the electrical and electronic appliances sector and is due to the collection of receivables in accordance with the customers' credit terms. The Group implements a strict credit policy which is monitored and evaluated constantly in order to ensure that each customer's balance does not exceed the granted credit limit. Furthermore, the majority of receivables are secured via entering into insurance contracts.

Interest rate risk

The Group is subject to cash flow risk which in the case of possible variable interest rates fluctuation, may affect positively or negatively the cash inflows or outflows related to the Group's assets or liabilities. Cash flow risk is minimized via the availability of adequate credit lines.

Corporate Social responsibility

The Group fosters the principles of social responsibility, complies fully with current legislation with respect to protection of the environment and participates in the recycling of polluting and harmful to the environment materials programs.

With respect to social issues, the Group contributes by volunteering in blood donor programs and rewards its employees for their volunteer efforts.

Worth noting is the Group initiative for the limited use of non recycled paper and its replacement with recycled one.

The recycling programme which will commence on September 2008 and will include all Group companies, ranges from the gradual use of solely recycled paper, the establishment of recycle points and collaboration with Recycling companies to the continuous employee education and encouragement for participation in similar initiatives, and in general of being Socially Responsible.

The Group initiatives related to SCR will continue through ensuring funds from the companies' budgets.

Related parties transactions

In the tables below are presented the receivables and payables between Group companies as of June 30, 2008 and Dec 31, 2007

		Consolidated		Parent Company
Receivable from :	30/06/2008	31/12/2007	30/06/2008	31/12/2007
FOURLIS TRADE AEBE	-	-	20	7
ΕΥΡΩΗΛΕΚΤΡΟΝΙΚΗ ΑΕ	-	-	8	10
PRIME TELECOM AE	-	-	8	-
HOUSEMARKET AE	-	-	9.041	30
INTERSPORT AE	-	-	2.014	12
GENCO BULGARIA	-	-	0	8
SERVICE ONE AE	-	-	1	-
TRADE LOGISTICS AEBE	-	-	2	-
GENCO TRADE SRL	-	-	43	-
SPEEDEX AE	-	1	-	-
Total	-	1	11.137	67

	Consolidated		Parent Company
Payable to :	30/06/2008	31/12/2007	30/06/2008	31/12/2007
ΕΥΡΩΗΛΕΚΤΡΟΝΙΚΗ ΑΕ	-	-	-	1
PRIME TELECOM	-	-	1	-
SPEEDEX AE	46	37	1	-
Total	46	37	2	1

Related parties transactions for the periods June 30, 2008 and June 30, 2007 can be analysed as below:

	Consolidated		Parent Company
Income :	30/06/2008	30/06/2007	30/06/2008	30/06/2007
Other operating income	-	1	471	301
Revenues	3	5	-	-
Total	3	6	471	301

		Consolidated	Parent Company
Expenses	30/06/2008	30/06/2007	30/06/2008	30/06/2007
Administrative Expenses	10	97	2	2
Operating & Distribution Expenses	88	97	-	-
Other Expenses	14	-	-	-
Total	112	194	2	2

Board of Directors Fees and Top Management remuneration for the period 01.01.-30.06.2008:

		Consolidated	Parent Company
	30/06/2008	30/06/2007	30/06/2008	30/06/2007
Board of Directors	632	865	24	14
Top Management remuneration	415	427	393	197
Total	1.047	1.292	417	211

Subsequent Events

On July 2008 an agreement was signed for the sale of the acquired, in accordance with article 44, Law 1892/1990, Radio Korasidis S.A and ELEPHANT S.A shares. The sale of shares and the consequent result will be booked in the financial statements until Dec 31, 2008.

On July 17, 2008 the purchase of a plot at Vitosa, Sofia was completed. The plot is at 59.333 sqr meters and its purchase price was at €12.895. The plot purchase serves the purpose of constructing the IKEA Sofia, Bulgaria Store.

This report, the Interim Financial Statements of the 1rst semester of 2008, the Notes on the Financial Interim Statements along with the Auditors Report on Review of Condensed Interim Financial Information have also been uploaded at the Group's internet site, address: http:/www.fourlis.gr

N. Psichiko, Aug 26, 2008

The Board of Directors

To the Shareholders'

FOURLIS A.E. HOLDING

Introduction

We have reviewed the accompanying condensed balance sheet of FOURLIS A.E. HOLDING (the "Company") as of 30 June 2008 and the related stand alone and consolidated condensed statements of income, changes in equity and cash flows for the six-month period then ended and the selected explanatory notes, which comprise the condensed interim financial information and which forms an integral part of the six-month financial report of article 5 of Law 3556/2007. Company's management is responsible for the preparation and presentation of this interim condensed financial information in accordance with the International Financial Reporting Standard adopted by the European Union applicable to interim financial information (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 International Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" as provided by the Greek Auditing Standards. 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 condensed interim financial information as of 30 June 2008 is not prepared, in all material respects, in accordance with International Financial Reporting Standards adopted by the European Union applicable to interim financial information (IAS 34).

Emphasis of matter

Without qualifying our review report we wish to draw your attention to the Note 10 of the condensed interim financial information which says that the tax obligations of the Company and its subsidiaries for various years have not been examined by the tax authorities and consequently their tax obligations relating to these years has not yet been conclusively determined. The outcome of the tax audit can not be determined at this time.

Report to other legal and regulatory requirements

Further to the above condensed interim financial information we have also reviewed the additional information included in the six-month financial report issued in accordance with article 5 of Law 3556/2007 and the relevant decisions of the Capital Market Commission. Based on our review the above report includes all the information required by the relevant legislation and

decisions and that information is consistent with the accompanying interim condensed financial information.

Athens, 26 August 2008

SOL A.E. CERTIFIED AUDITORS KPMG Certified Auditors A.E.

VASILEOS D. PAPGEORGAKOPOULOS NIKOLAOS VOUNISEAS Certified Auditor Accountant Certified Auditor Accountant A.M. SOEL. 11681 A.M. SOEL 18701

BALANCE SHEETS (CONSOLIDATED AND PARENT COMPANY) AS AT JUNE 30, 2008 AND DECEMBER 31, 2007

			Consolidated	Parent Company
Assets	Notes	30/06/2008	31/12/2007	30/06/2008	31/12/2007
Non-current assets
Property, plant and equipment	6	181.294	148.218	71	72
Intangible assets		5.063	4.997	16	19
Investment Property		23.818	23.818	-	-
Investments		95	95	88.254	88.254
Long Term receivables		7.142	6.894	176	176
Deferred taxes		1.241	1.128	-	-
Total non-current assets		218.653	185.150	88.517	88.521
Current assets
Inventory	15	128.580	90.344	-	-
Income tax receivable		11.656	9.112	2.352	2.503
Trade receivables	15	122.624	155.901	169	71
Other receivables		27.055	20.744	11.052	180
Cash and cash equivalent	15	31.197	70.483	5.606	21.885
Total current assets		321.112	346.584	19.179	24.639
Non-current assets classified as available for sale		4.738	4.738	4.736	4.736
Total Assets		544.503	536.472	112.432	117.896
Shareholders Equity & Liabilities Shareholders Equity
Share capital Share premium reserve		50.953	50.953	50.953	50.953
Reserves		11.864 52.661	11.864 49.741	12.208 29.134	12.208 27.984
Retained earnings		33.866	37.999	16.072	21.419
		149.344	150.557	108.367	112.564
Minority interest		651	481	-	-
Total Equity		149.995	151.038	108.367	112.564
Liabilities Non-current liabilities
Interest bearing loans and borrowings	8,15	136.783	146.161	-	-
Employee retirement benefits		1.653	1.458	24	11
Provisions		380	216	-	-
Deferred taxes		2.466	2.224	139	146
Other non-current liabilities		161	160	161	161
Total Non-current liabilities		141.443	150.219	324	318
Current liabilities
Interest bearing loans and borrowings	8,15	64.290	37.930	-	-
Current portion of non-current interest bearing loans and borrowings	8,15	29.238	3.089	-	-
Income tax payable		20.883	20.251	3.441	4.693
Trade and other payables	15	138.654	173.945	300	321
Total current liabilities Total Liabilities		253.065 394.508	235.215 385.434	3.741 4.065	5.014 5.332
Total equity and liabilities		544.503	536.472	112.432	117.896

(In thousands of Euro, unless otherwise stated)

The attached notes on pages 17 to 26 are an integral part of the Condensed Financial Statements

Condensed financial statements – for the six months period ended June 30, 2008

INCOME STATEMENTS CONSOLIDATED AND THE COMPANY FOR THE SIX MONTHS PERIOD ENDED JUNE 30, 2008 AND JUNE 30, 2007

				Consolidated			Parent Company
	Note	6MFY08	Q2FY08	6MFY07	Q2FY07	6MFY08	Q2FY08	6MFY07	Q2FY07
Revenue	5	349.862	188.830	269.141	143.550	-	-	-	-
Cost of Goods Sold	5	(246.126)	(131.942)	(189.004)	(101.192)	-	-	-	-
Gross profit		103.736	56.888	80.137	42.358	-	-	-	-
Other operating income	6,15	7.767	4.446	12.724	2.940	490	338	7.312	150
Distribution expenses	15	(67.021)	(36.239)	(44.815)	(23.630)	-	-	-	-
Administrative expenses		(15.591)	(7.665)	(12.108)	(5.557)	(833)	(383)	(830)	(524)
Other operating expenses		(3.298)	(1.789)	(2.611)	(1.459)	(20)	(20)	(392)	(12)
Operating profit		25.593	15.641	33.327	14.652	(363)	(65)	6.090	(386)
Financial expenses		(7.929)	(3.782)	(4.276)	(2.165)	-	-	(95)	-
Financial income		1.818	1.066	1.338	1.082	482	276	140	140
Income from associate companies	7	-	-	-	-	11.000	11.000	15.526	757
Profit before tax		19.482	12.925	30.389	13.569	11.119	11.211	21.661	511
Income tax expense	10	(5.052)	(3.103)	(8.496)	(3.710)	(30)	(23)	(1.772)	(23)
Profit for the period		14.430	9.822	21.893	9.859	11.089	11.188	19.889	488
Attributable to:
Parent company		14.138	9.667	21.853	9.829	11.089	11.188	19.889	488
Minority interest		292	155	40	30	-	-	-	-
Net Profit for the period		14.430	9.822	21.893	9.859	11.089	11.188	19.889	488
Basic earnings per share (in Euro):
Basic Earnings per Share	11	0,2775	0,1897	0,4289	0,1929	0,2176	0,2196	0,3903	0,0096

(In thousands of Euro, unless otherwise stated)

The attached notes on pages 17 to 26 are an integral part of the Interim Financial Statements

STATEMENTS OF CONSOLIDATED MOVEMENT IN EQUITY AS AT JUNE 30, 2008 AND JUNE 30, 2007

	Share Capital	Share premium reserve	Reserv es	Revalua tion reserve	Foreign exchange difference s from B/S translatio n reserve	Retained earnings / (Accumul ated losses))	Total	Minority interest	Total Equity
Balance at 1/1/2007	50.953	11.875	30.111	18.641	539	1.946	114.065	134	114.199
Profit for the period						21.853	21.853	40	21.893
Dividend distribution						(9.172)	(9.172)	(68)	(9.240)
Reserves			1.057			(1.057)	-		-
Net Income directly booked in Net Equity						99	99	-	99
Foreign exchange differences from B/S translation					546		546		546
Balance at 30/06/2007	50.953	11.875	31.168	18.641	1.085	13.669	127.391	106	127.497
Balance at 1/1/2008	50.953	11.864	31.172	18.641	(72)	37.999	150.557	481	151.038
Profit for the period			3			14.150	14.153	277	14.430
Dividend distribution						(15.286)	(15.286)	(121)	(15.407)
Reserves			2.983			(2.997)	(14)	14	-
Foreign exchange differences from B/S translation					(66)		(66)		(66)
Balance at 30/06/2008	50.953	11.864	34.158	18.641	(138)	33.866	149.344	651	149.995

(In thousands of Euro, unless otherwise stated)

The attached notes on pages 17 to 26 are an integral part of the Condensed Financial Statements

Condensed financial statements – for the six months period ended June 30, 2008

STATEMENTS OF MOVEMENT IN EQUITY (PARENT COMPANY) AS AT JUNE 30, 2008 AND JUNE 30, 2007

Parent Company
	Share Capital	Share premium reserve	Reserves		Retained earnings / (Accumulated losses)		Total
Balance as at 1/1/2007	50.953	12.208	27.976		10.061		101.198
Profit for the period					19.889		19.889
Dividend distribution					(9.171)		(9.171)
Reserve			8		(8)		-
Balance as at 30/06/2007	50.953	12.208	27.984		20.771		111.916
Balance as at 1/1/2008	50.953	12.208	27.984		21.419		112.564
Profit for the period					11.089		11.089
Dividend distribution					(15.286)		(15.286)
Reserve			1.150		(1.150)		-
Balance as at 30/06/2008	50.953	12.208	29.134		16.072		108.367

(In thousands of Euro, unless otherwise stated)

The attached notes on pages 17 to 26 are an integral part of the Condensed Financial Statements

STATEMENTS OF CASH FLOWS (CONSOLIDATED AND PARENT COMPANY) FOR THE SIX MONTHS PERIOD ENDED JUNE 30, 2008 AND JUNE 30, 2007

	Consolidated			Parent Company
	6MFY08		6MFY07	6MFY08		6MFY07
Operating Activities
Net profit before taxes	19.482		30.389	11.119		21.661
Movements:
Depreciation	4.711		3.663	7		17
Provisions	1.905		7.456	13		362
Foreign exchange differences	7		287	-		-
Results (Income, expenses, profit and loss) from investment activity	(17)		(7.541)	(11.483)		(22.671)
Interest expense	5.385		4.136	1		95
Plus / less adjustments for changes in working capital related to the operating activities:
Decrease / (Increase) in inventory	(38.327)		1.813	-		-
Decrease / (Increase) in trade and other receivables	24.163		(2.178)	22		(897)
(Decrease) / Increase in liabilities	(34.157)		(18.330)	(21)		(146)
Less:
Interest paid	(6.179)		(3.736)	(1)		(95)
Income taxes paid	(7.172)		(4.424)	(1.135)		(84)
Net cash generated from operations (a)	(30.199)		11.535	(1.478)		(1.758)
Investing Activities
Purchase of subsidiaries and related companies	-		(1.079)	-		(633)
Proceeds from Disposal of Subsidiaries, related companies and other investments.	-		23.026	-		22.920
Purchase of tangible and intangible fixed assets	(37.903)		(17.413)	(4)		(35)
Proceeds form disposal of of tangible and intangible fixed assets	56		370	-		-
Interest received	850		340	483		140
Proceeds from dividends	-		-	-		14.769
Total inflow / (outflow) from investing activities (b)	(36.997)		5.244	479		37.161
Financing activities
Proceeds from issued loans	160.266		187.818	-		24.050
Loans paid off	(115.620)		(180.746)	-		(32.170)
Payments of leasing liabilities	(1.299)		(1.444)	-		-
Dividends paid	(15.402)		-	(15.280)		-
Total inflow / (outflow) from financing activities (c)	27.945		5.628	(15.280)		(8.120)
Net increase / (reduction) in cash and cash equivalents for the period (a) + (b) + (c)	(39.251)		22.407	(16.279)		27.283
Cash and cash equivalents at the beginning of the period	70.483		25.544	21.885		128
Effect of foreign exchange differences on Cash	(35)		153	-		-
Closing balance, cash and cash equivalents	31.197		48.104	5.606		27.411

(In thousands of Euro, unless otherwise stated)

The attached notes on pages 17 to 26 are an integral part of the Condensed Financial Statements

NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS (PARENT COMPANY AND CONSOLIDATED)

1. Incorporation and activities of the Group

1.1. General Information

FOURLIS HOLDINGS AE with the common use title of FOURLIS AE was incorporated in 1950 as Α. FOURLIS AND CO., and from 1966 operated as FOURLIS BROS AEBE (Government Gazette, ΑΕ and EPE issue 618/13.06.1966). It was renamed to FOURLIS HOLDING ΑΕ by a decision of an Extraordinary Shareholders' Meeting on 10.03.2000, which was approved by decision Κ2-3792/25-04-2000 of the Ministry of Development.

Note that the Shareholders' Meeting also approved the conversion of the Company to a holding company and thus also approved the change in its scope.

The head office of the Company is located at the 340 Kifissias Avenue, N. Pshchiko. It is registered in the Company's Register of the Ministry of Development with registration number 13110/06/Β/86/01.

The Company's term, in accordance with its Articles of Incorporation, was originally set at 30 years. In accordance with a decision of the Extraordinary Meeting of the Shareholders on 19.02.1988, the term was extended for a further 30 years i.e. to 2026.

The current Board of Directors of the parent company is as follows:

• •Vassilios St. Fourlis, Chairman, executive member
• Alexandros Il. Fourlis, Vice Chairman, executive member
• Apostolos D. Petalas, Managing Director, executive member
• Dafni A. Fourlis, member, executive member
• Lyda St. Fourlis, member, executive member
• Ioannis Ev. Brebos, member, non executive member
• Ioannis K. Papaioannou, independent member, non executive member
• Eftihios Th. Vassilakis, independent member, non executive member
• Ioannis Ath. Kostopoulos independent member, non executive member

The total number of employees of the Group as at 30/06/2007 and 30/06/2007 was at 2.909 and 2.032 respectively. The total number of employees of the Company as at 30/06/2008 and 30/06/2007 was at 4 and 5 respectively.

1.2. Activities

The Company's activities are the investment in domestic and foreign companies of all types. Furthermore, it purchases companies and participates in other companies' increases in share capital.

FOURLIS HOLDINGS AE also provides general administration services, treasury management and information technology services.

The Group companies included in the consolidated financial statements and the percentage shareholdings are:

GENCO TRADE S.R.L.	Bucharest, Romania		100,00% Fully consolidated
GENCO BULGARIA L.T.D.	Sofia, Bulgaria		100,00% Fully consolidated
PRIME TELECOM AE	Athens	82,91%	Fully consolidated
HOUSEMARKET AE	Athens		100,00% Fully consolidated
FOURLIS TRADE AEBE	Athens		100,00% Fully consolidated
INTERSPORT ATHLETICS AE	Athens		100,00% Fully consolidated
EUROELECTRONICS Α.Ε. *	Athens	78,53%	Fully consolidated
SERVICE ONE Α.Ε. *	Athens	99,94%	Fully consolidated
TRADE LOGISTICS ABETE *	Athens		100,00% Fully consolidated
H.M HOUSE MARKET (CYPRUS) LTD *	Nicosia, Cyprus		100,00% Fully consolidated
RENTIS Α.Ε *	Athens		100,00% Fully consolidated
INTERSPORT ATLETICS (CYPRUS) LTD* Nicosia, Cyprus			100,00% Fully consolidated
HOUSEMARKET BULGARIA EAD	Sofia, Bulgaria		100,00% Fully consolidated
SPEEDEX Α.Ε.	Athens	49,55%	Net equity method

*Companies with an indirect holding

During the current period the consolidation also included HOUSEMARKET BULGARIA EAD, which was established on June 26, 2008 with a share capital of €5.000 th. (9.779.150 BGL) out of which €1.250 th. have already been deposited.

2. Basis of preparation

The attached Interim Parent Company and Consolidated Financial Statements (herein referred to as the "Financial Statements") have been prepared in accordance with International Accounting Standard (IAS) 34 "Interim Financial Reporting" and as a consequence do not include all data required for the Annual Financial Statements. They should be reviewed in combination with the published Group's Interim Financial Statements which are uploaded at the website www.fourlis.gr The Interim Financial Statements have been prepared based on the historical cost principle, except for the valuation of various assets and liabilities, which are based at fair value, and on the going concern principle.

3. Significant accounting policies

The accounting policies and valuation methods adopted and followed are the same as those in the published Financial Statements as at 31/12/2007 except from the following which is applied for the first time:

Subsidies are considered as deferred income which is booked based on a systematic and rational basis under revenues, during the useful life of the asset (transfer to each year's revenues based on annual ratios in proportion to the depreciation rates).

4. Management's Estimates

The preparation of interim financial statements in accordance with IFRS requires management to make judgments, estimates and assumptions, which may affect the amounts recorded as assets, liabilities, income and expenses during the period, as well as the disclosures for contingent assets and liabilities.

The use of available information and the application of judgment are an integral part in the determination of estimates. The actual final outcomes may vary from the above estimates. Management's estimates are constantly re-evaluated in accordance with historical data and future expectations, are judged in accordance with present conditions and do not differ from those applied during the preparation of Financial Statements of 31/12/2007.

5. Segment information

The Group's activities comprise mainly one geographical area, that of the wider European region, primarily Greece along with countries of Southeastern Europe. Therefore the main financial interest is concentrated in the business classification of the Group's activities, where the different economic environments constitute different risks and rewards.

The Group is mainly active in Greece with 76% of total operations with the remaining 24% to the other countries of Southeastern Europe (Romania, Bulgaria, and Cyprus)

The geographic breakdown of Assets and Liabilities as at June 30, 2008 and December 31, 2007 is analysed as follows:

		30/06/2008	31/12/2007
	Greece	Other Southeastern Europe countries	Greece	Other Southeastern Europe countries
Total assets	376.676	167.829	394.695	141.777
Total liabilities	233.691	160.818	247.449	137.985

Group results by segment for the six months period ended June 30, 2008 and June 30, 2007 are as below:

	Trading of Electrical – Electronic Equipment		Furniture and Household Goods		Sportswear		Unallocated		Consolidated
1/1 – 30/06	2008	2007	2008	2007	2008	2007	2008	2007	2008	2007
Revenue	178.862	143.359	138.040	99.799	32.960	25.983	-	-	349.862	269.141
Cost of goods sold	(149.368)	(119.568)	(80.406)		(56.321) (16.352) (13.115)		-	-	(246.126)	(189.004)
Gross margin	29.494	23.791	57.634		43.478 16.608	12.868	-	-	103.736	80.137
Other operating income	6.520	5.003	740	412	489	298	18	7.011	7.767	12.724
Distribution expenses	(19.620)	(16.098)	(35.891)		(20.467) (11.510)	(8.251)	-	-	(67.021)	(44.816)
Administrative expenses	(5.712)	(5.089)	(7.393)	(4.396)	(1.655)	(1.794)	(831)	(829)	(15.591)	(12.108)
Other operating expenses	(2.549)	(1.339)	(506)	(713)	(223)	(236)	(20)	(322)	(3.298)	(2.610)
Operating profit before financing costs	8.133	6.268	14.584	18.314	3.709		2.885 (833)	5.860	25.593	33.327
Net financing costs	(3.318)	(762)	(3.042)	(2.013)	(233)	(208)	482	45	(6.111)	(2.938)
Profit / loss before taxes	4.815	5.506	11.542	16.301	3.476	2.677	(351)	5.905	19.482	30.389
Depreciation	524	760	3.458	2.271	722	615	7	17	4.711	3.663

The breakdown structure of Assets and Liabilities as at June 30, 2008 and Dec 31, 2007 in the above mentioned segments is as below:

	Trading of Electrical – Electronic Equipment			Furniture and Household Goods	Sportswear		Unallocated		Consolidated
	30.06.08	31.12.07	30.06.08	31.12.07	30.06.08	31.12.07	30.06.08	31.12.07	30.06.08	31.12.07
Total assets	206.896	224.915	269.916	246.660	52.299	32.966	15.392	31.931	544.503	536.472
Total liabilities	163.741	179.600	187.361	173.147	39.343	27.356	4.063	5.331	394.508	385.434

6. Property, plant and equipment

Property, plant and equipment additions and accumulated depreciation for the six months period of 2008 are as follows:

	Group
Cost at 31/12/2007	186.666
Additions	37.490
Decreases - Transfers	(203)
Cost at 30/06/2008	223.953
Accumulated depreciation at 31/12/2007	38.448
Depreciation	4.345
Decreases - Transfers	(134)
Accumulated depreciation 30/06/2008	42.659
Net book value 30/06/2008	181.294

The assets of the group are free of mortgages and pre-notations.

The major change on the Group's Assets for the period is related to : a) the completion of the Logistics-Warehouse investment (Land & Building) of total value of approximately € 30 million, of approximately € 12 million were made during the current period. This investment is subsidised under the Law 3299/2004 with 30% From the total amount of the approved subsidy of €7.440 th. an amount of €2.232 th. has been received by June 30, 2008. On the Financial Statements of the period a sum of €114 th. has been booked under the account "Other Income" as a proportion of the subsidy upon the actual depreciation charges and b)purchase of land og 59.333 m2 in Sofia Bulgaria with a purchase value of approximately € 13 million, where th IKEA Bulgaria will be constructed.

7. Dividends

The General Assembly of June 13, 2008 approved the dividend distribution of € 0,30 per share (0,31 for 2007). In the current fiscal period an amount of €11.000 th. (€15.526 th. for 2007) is booked as Dividends from subsidiary companies.

8. Borrowings

Borrowings are analyzed as below:

	Consolidated		Parent Company
	30/06/2008	31/12/2007	30/06/2008	31/12/2007
Non-current borrowings
Long Term Loans	140.289	122.218	-	-
Finance Leases	25.732	27.032	-	-
	166.021	149.250	-	-
Less: Non-current borrowings payable within the following 12 months	(29.238)	(3.089)	-	-
	136.783	146.161	-	-
Current borrowings	64.290	37.930	-	-

The payment period of non-current loans is varied between 2 and 5 years and the average effective interest rate of the Group during the six months period of 2008 was 5.7%.

Non current loans cover mainly expansion needs of the Group and are analyzed into bond loans and other non current loans as follows:

		Amount	Issuing Date	Duration
FOURLIS TRADE Α.Ε.Β.Ε.	Bond	10.000	5/12/2006	3 years from the issuing date
	Bond	13.500	19/6/2006	3 years from the issuing date
	Bond	10.000	16/12/2005	3 years from the issuing date
	Bond	5.000	13/12/2006	3 years from the issuing date
	Bond	3.000	9/11/2005	3 years from the issuing date
		41.500
PRIME TELECOM AE	Bond	3.000	15/12/2006	3 years from the issuing date
	Bond	1.000	28/03/2008	3 years from the issuing date
		4.000
SERVICE ONE A.E.	Bond	1.500	13/12/2006	3 years from the issuing date
		1.500
Η.Μ. HOUSE MARKET (CYPRUS) LTD	Other	25.629	25/10/2006	3 years from the issuing date
		7.000	17/9/2007	3 years from the issuing date
		32.629
TRADE LOGISTICS Α.Ε.	Bond	3.200	30/06/2008	3 years from the issuing date

		Amount	Issuing Date	Duration
	Bond	11.160	26/5/2007	3 years from the issuing date
	Bond	6.800	27/6/2008	3 years from the issuing date
		21.160
RENTIS AE	Bond	16.500	12/11/2007	2 years from the issuing date
	Bond	12.000	15/11/2007	2 years from the issuing date
	Bond	3.000	15/11/2007	2 years from the issuing date
	Bond	8.000	21/01/2008	2 years from the issuing date
		39.500
Total		140.289

Total current loans of the group concern mainly overdraft bank accounts which they are used as working capital for the activities of the Company. The drawn amounts are used mainly to cover short term needs to suppliers. The weighted average interest rate of short term loans was approximately 5.8% for the first six months of 2008.

9. Employee Benefits

The General Assembly (repeated) of June 30, 2008 has approved the issue of, at maximum, 509.500 stock options, and authorized the Board of Directors to to arrange all the procedural issues and materialize the Program.

The Program will be implemented through 3 series with a maturity period of 3 years for each one. Assuming that the right has matured, each beneficiary will have 5 chances to exercise it. In the case that there are stock options which have not been accepted by the beneficiaries then those will not be re-allocated but will be cancelled.

The Exercise price for each series is defined as the Jan-Feb average stock price of the grant year with a 25% discount. The prerequisite for a person to be entitled in the Program is to have a salary based employment relation with the Company or its affiliated entities. Until June 30, 2008 the Board of Directors has not approved the beneficiaries and consequently no provision has been booked in the Interim Financial Statements of the period ending June 30, 2008.

10. Income taxes

The income Tax rate will be 25% for the financial years 2008 and onwards.

Greek tax legislation and the relevant regulations are subject to interpretations by the tax authorities. The tax returns are filed on an annual basis but the profits or losses declared, remain provisional up until the time when the company's tax returns, as well as the books and records are examined by the tax authorities. Tax losses, to the extent they are recognized by the tax authorities may be used to set-off profits of the following five years.

The parent company and its subsidiaries have not been audited by the tax authorities for the following years:

	Years
FOURLIS HOLDINGS S.A.	2005-2007
FOURLIS TRADE Α.Ε.Β.Ε.	2007
HOUSEMARKET AE	2007
INTERSPORT ATHLETICS AE	2006-2007
EUROELECTRONICS Α.Ε.	2006-2007

	Years
SERVICE ONE Α.Ε.	2001-2007
PRIME TELECOM AE	2000-2007
GENCO TRADE S.R.L.	2007
GENCO BULGARIA L.T.D.	2001 - 2007
TRADE LOGISTICS A.E.B.E	2006-2007
H.M HOUSEMARKET (CYPRUS) LTD	-
RENTIS Α.Ε	-
INTERSPORT ATHLETICS (CYPRUS) LTD	-
HOUSEMARKET BULGARIA EAD	-
SPEEDEX ΑΕ	2005-2007

During the 1rst semester of 2008, the tax audit of subsidiaries has been concluded resulting to an additional tax amount of € 1.294 th, out of which € 140 th influenced the period's operating results.

For the remaining amount a provision has been booked, which influenced the previous periods profits.

11. Earnings per share

The basic earnings per share are calculated by dividing the profit attributable to shareholders by the weighted average number of shares outstanding during the period / year. The weighted average number of shares as of June 30, 2008 and June 30, 2007 is 50.952.920 shares.

	Consolidated		Parent Company
	30/6/2008	30/6/2007	30/6/2008	30/6/2007
Profits after Taxes (in million EUR)	14.138	21.853	11.089	19.889
Weighted average number of shares	50.952.920	50.952.920	50.952.920	50.952.920
Profits per share (in EUR)	0,2775	0,4289	0,2176	0,3903

12. Commitments and Contingencies

• The company has issued letters of guarantee for associated company SPEEDEX AE for short term loans and participation in tenders amounting to Euro 3.621 thousand.
• The Group has issued letters of guarantee for its subsidiaries abroad guaranteeing liabilities amounting to Euro 42.000 thousand.
• The Group has issued letters of guarantee for its subsidiaries FOURLIS TRADE AEBE, PRIME TELECOM AE, SERVICE ONE AE and TRADE LOGISTICS Α.Ε. guaranteeing liabilities amounting Euro 10.000 thousand, Euro 1.500 thousand, Euro 2.000 thousand, and Euro 23.615 thousand respectively.
• There is a contractual obligation until 2009 to sell the residual percentage in DSGI Southeast Europe ΑΕΒΕ (former P. KOTSOVOLOS AEBE) following its classification as available for sale.
• A subsidiary has issued letters of guarantee to H.M Housemarket (CYPRUS) LIMITED and RENTIS A.E, subsidiary of H.M Housemarket (CYPRUS) LIMITED, for guaranteeing liabilities of Euro 45.772 thousand and Euro 47.500 thousand respectively.

• A subsidiary of the Group has signed an operating lease, in order to house its new stores in Greece. The letters of guarantee amount to Euro 66.400 thousand.

• The Group has issued, to a foreign supplier, a letter of guarantee for its subsidiaries related to purchases of goods (merchandise) amounting to Euro 80.000 thousand.

• It has been signed and is currently active a private pension plan for the Group's employees commencing December 2007 for the parent company, and January 2008 for the subsidiaries.

13. Related parties transactions

The parent company provides advise and services in the areas of General Administration and Treasury Management to its subsidiaries. The analysis of the related party receivables and payables as at June 30, 2008 and December 31, 2007 is as below:

	Consolidated		Parent Company
Receivable from :	30/06/2008	31/12/2007	30/06/2008	31/12/2007
FOURLIS TRADE AEBE	-	-	20	7
ΕΥΡΩΗΛΕΚΤΡΟΝΙΚΗ ΑΕ	-	-	8	10
PRIME TELECOM AE	-	-	8
HOUSEMARKET AE	-	-	9.041	30
INTERSPORT AE	-	-	2.014	12
GENCO BULGARIA	-	-	0	8
SERVICE ONE AE	-	-	1	-
TRADE LOGISTICS AEBE	-	-	2	-
GENCO TRADE SRL	-	-	43	-
SPEEDEX AE	-	1	-	-
Total	-	1	11.137	67

	Consolidated		Parent Company
Payable to :	30/06/2008	31/12/2007	30/06/2008	31/12/2007
ΕΥΡΩΗΛΕΚΤΡΟΝΙΚΗ ΑΕ	-	-	-	1
PRIME TELECOM	-	-	1	-
SPEEDEX AE	46	37	1	-
Total	46	37	2	1

Related parties transactions for the periods June 30, 2008 and June 30, 2007 can be analysed as below:

	Consolidated		Parent Company
Income :	30/06/2008	30/06/2007	30/06/2008	30/06/2007
Other operating income	-	1	471	301
Revenues	3	5	-	-
Total	3	6	471	301

		Consolidated	Parent Company
Expenses	30/06/2008	30/06/2007	30/06/2008	30/06/2007
Administrative Expenses	10	97	2	2
Operating & Distribution Expenses	88	97	-	-
Other Expenses	14	-	-	-
Total	112	194	2	2

Board of Directors Fees and Top Management remuneration for the period 01.01.-30.06.2008:

		Consolidated	Parent Company
	30/06/2008	30/06/2007	30/06/2008	30/06/2007
Board of Directors	632	865	24	14
Top Management remuneration	415	427	393	197
Total	1.047	1.292	417	211

There are no demands from or obligations towards Fourlis Group or Fourlis Holings S.A from BoD members and Managers.

Transactions between related parties are performed in accordance with the general commercial practices.

14. Intercompany Transactions

During the 1rst Semester of 2008 the following intercompany transactions (Parent company – Subsidiaries) took place:

	Consolidated		Parent Company
	30/06/2008	30/06/2007	30/06/2008	30/06/2007
Revenue	8.341	2.456	-	-
Cost of sales	6.113	1.323	-	-
Other Income	1.234	989	471	301
Administrative expenses	1.117	808	1	1
Operating and Distribution expenses	2.191	1.164	-	-
Other Expenses	-	70	-	-
Paid in Dividends	11.444	15.526	11.000	15.526

	Consolidated		Parent Company
	30/06/2008	31/12/2007	30/06/2008	31/12/2007
Trade receivables	7.020	3.368	137	67
Dividends Receivable	11.000	-	11.000	-
Inventory	281	127	-	-
Dividends Payable	11.000	-	-	-
Creditors	7.020	3.368	1	1

15. Major Changes on the Consolidated Interim Financial Statements

The major changes reported on the Consolidated Statements Balance Sheet & Income Statement for the period ended June 30, 2008 can be summarize as below :

• Inventory increase of €38.236 th. is mainly due to the opening of the IKEA Store along with the increased Group turnover.
• The decreased receivables balance by €33.277 th. is a result of the commercial policy change mainly at the Segment of Electrical – Electronic Equipment.
• Cash and Cash equivalents balance have been reduced by €39.286 th. as a result of payment of vendors and other short term liabilities.
• The Group's Borrowings have been increased by €43.131 th. as an outcome of the expansion plans through the opening of new stores.
• Other Income decrease by €4.957 is due to the non recurring profits form the sale of the 10% shareholding at «DSGI SOUTH - EAST EUROPE A.E.B.E.» former "KOTSOVOLOS ΑΒΕΤΕ" during the 1rst semester of 2007.
• Finally, the increased Operating and Distribution expenses by €22.206 th. reflect the new store openings from the subsidiaries (increased personnel costs, advertising, etc) along the increased marketing expenses to support the sales growth of the current semester.

16. Subsequent Events

On July 2008 an agreement was signed for the sale of the acquired, in accordance with article 44, low 1892/1990, Radio Korasidis S.A and ELEPHANT S.A shares. The sale of shares and the consequent result will be booked in the financial statements until Dec 31, 2008.

On July 18, 2008 the purchase of a plot at Vitosa, Sofia was completed. The plot is at 59.333 sqr m and its purchase price was approximately €13 million. The plot purchase serves the purpose of construction of the IKEA Sofia, Bulgaria Store.

CONDENSED FINANCIAL STATEMENTS from 1/1/2008 until 30/06/2008

FOURLIS
FOURLIS HOLDINGS S.A.
					Societes Anomymes Register Number: 13110/06/B/86/01 340, Kifissias Ave -154 51 N. Psichiko, Athens, Greece
The Spres presented below profet general information about the metal of Periodic of the Securition SH4N11.10.2007 of the Capital Committee's BoD The Spres presented below provide with the metal of the Security of The Secur					Figures and information of the group and the company from 1 January 2008 until 30 June 2008
Website address BoD date of approval of the Interim Financial Statements	: www.fourlis.gr : August 26, 2008
Auditors Auditing Firms Type of Report	* ****** Unqualified - Matter of emphasis
		ABRIDGED BALANCE SHEET						INCOME STATEMENT
	$\begin{array}{cc}\n\text{CONSOLIDATED} \ \hline\n\end{array}\n\qquad \qquad \begin{array}{cc}\n\text{21/12/2007}\n\end{array}$	Amounts in thousand 1	COMPANY				CONSOLIDATED 1/1-30-6/2007 1/1-30					COMPANY
ASSETS	30/6/2000		30/6/2000	31/12/2007	urnover	1/1-30/6/2000 349.862	269.141	14-30-6-2009 188.830	1/4-30-6-2007 143.550	1/1-30/6/2000 $\ddot{\text{o}}$	1/1-30-6-2007 $\mathbf{0}$	1/4-30-6-2000 $\ddot{\phantom{0}}$	14.30.6.2007 $\ddot{\phantom{0}}$
Non-current assets Property, plant and equipment Investment Property	181.294	148.218	$\mathbb{Z}_0^1$	$\frac{72}{0}$	Iross Profit . FRIT	103.736 25,693	80.137 33.327	56.896 15.641	42.358 14.652	-363	6.090	-O 66	$\Omega$ -396
Intangible assets	23.818 5.063	23.818 4.997	16	19	roft/(Loss) before taxes roft/(Loss) after taxes	19.482 14.430	30.389 21.893	12.925 9.822	13.569 9.859	11.119 11.099	21.661 19.889	11.211 11.189	511 488
Investments Other non-current receivables Deferred Taxes	$\infty$ 7.142	$Q_{\rm B}$ 6.694	BR 254 178	88.054 178	tributable to
Total non-current assets	$\frac{1.241}{218.653}$	1.128 185.150	88.517	88.521	Shareholders Ainority interest	14.138 292	21.853 40	9.667 155	9.829 30	11.089 $\overline{0}$	19.889 $\Omega$	11.188 $\overline{0}$	488 $\overline{0}$
Current assets Current assets Inventories Income tax receivable	128.590 11.656	90.344 $\frac{3}{9.112}$	2.362	2.503	Vet Profit (after tax) per share - basic (in @	0,2775		0.189		0.2176	3903	0.2196	0,009
Trade receivables Other receivables	122.624 27.055	155,901 20.744	169 11.062	71 180	EBITDA	30.304	36,990	18.233	16.498	$-356$	6.107	$-61$	-379
Cash and cash equivalents Total current assets	$\frac{31.197}{321.112}$	$\frac{70.483}{346.584}$	$\frac{6.606}{19.179}$	21.886 24.639
. Non current assets classified as available for sale TOTAL ASSETS	544.503	4.736 536.472	112.432	117.896				CASH FLOW STATEMENT to in the
SHAREHOLDERS' EQUITY & LIABILITIES										CONSOLIDATED		COMPANY
Shareholders' Equity Share capital Share capital Share premium reserve	50.953 11.864	50.963 11.864	50.953 12.208	50.953 12.208	Operating Activities					1/1-30/6/2008 1/1-30/6/2007		1/1-30/6/2008	1/1-30/6/2007
Reserves Retained earnings/ Accumulated losses	52.661 33.866	49.741	29.134	27.984	rofit before taxes Nus / less adjustments for					19.482	30.389	11.119	21.661
Shareholders Equity (a) Minority Interest (b) Total Shareholders Equity (c)=(a)+(b)	149.344 651	37.999 481	16.072	$\frac{21.419}{112.564}$	epreciation					4.711 1.905	3.663 7.456 287		-17 362
	149.995	151.038	108.367	112.564	reign exchange differences lesults (revenue, expenses, profit and loss) from investment							$\begin{array}{c} 13 \ 0 \end{array}$	ō
Non-current liabilities					ctivity ********					$-17$ 5.395	$-7.541$ 4.136	$-11.483$	$-22.671$ 95
Interest-bearing loans and borrowings Employee retirement benefits	136.783 1.653	146.161 1.458	$\frac{0}{24}$	$\begin{array}{c} 0 \ 0 \end{array}$ 11	Decrease / fincrease) in inventories					38.327	1.813	$\ddot{\phantom{a}}$	$\theta$
Deferred taxes	$\frac{380}{2.466}$	$\frac{216}{2.224}$	'n 139	146	econner / (increase) in exemples Jecrease / (increase) in receivables Decrease) / increase in liabilities (excluding banks)					24.163 34.157	$-2.178$ $-18.330$	$\frac{22}{21}$	$-897$ āæ.
Other Long-term Liabilities Total non-current liabilities	$\frac{161}{141.443}$	160 150.219	$\frac{161}{324}$	$\frac{161}{318}$	668 nterest charges and other related expenses paid					6.179	$-3.736$	$\boldsymbol{A}$	-95
Short.term Liabilities Short-term Crammes Interest bearing loans and borrowings Short-term portion of non-current interest bearing loans and	64.290	37.930	$\theta$	$\mathbf 0$	Paid taxes Total inflow / (outflow) from operating activities (a)					$-30.799$	11.535	1.135 $-1.478$	$\frac{84}{-1.758}$
borrowings Income tax payable	29.238 20,883	3.089 20.251	$\theta$ 3.441	$\theta$ 4.693	nvestment Activities coulsition of subsidiaries, affliates, joint ventures and other					n	$-1.079$		633
Trade and other payables	138.654	173.945	300	321	opennon or successive, annives, joint ventures and o urchase of tangible and intangible fixed assets roceeds from the sale of property, plant and equipment					$-37.903$	$-17.413$	$\frac{0}{4}$	36
Total short term liabilities Total liabilities (d)	253,065 394.508	235.215 385.434	3,741 4.065	5.014 5.332	nd intangible assets terest Received					66 950	370 340	$\,$ 0 $\,$ 483	$\theta$ 140 14,769
TOTAL SHAREHOLDERS EQUITY AND LIABILITIES (c)+(d)	544.503	536.472	112.432	117.896	esses recesses roceeds from dividends roceeds from the sale of other investments ota l inflow / (outflow) from investing activities (b)					36.99	$\frac{23.026}{5.244}$	ğ 479	$\frac{22.920}{37.161}$
Natons					Financing activities od loans					160,356	187.818	$_{\rm 0}^{\rm o}$	24.050
					To bien smen anis paru on ayments of leasing liabilities aid-in dividends					$-115.620$ $-1,299$ $-15,402$	$-180.746$ $-1.444$		$-32.170$
. The basic accounting principles applied are consistent with those applied for the balance sheet as at 31/12/007 . The type of Auditors Independent Report on Review Ocodensed leterin Financial Information, is with Matter 3. The assets of the Group and the Company are free of mortgages and pre-notations.					Fotal inflow / (outflow) from financing activities (c) Net increase / (reduction) in cash and cash equivalents					27.945 39.251	5.628 22.407	$-15.280$ $-15.280$ 16.279	2.120 27.283
					Cash and cash equivalents at the beginning of the period					70.483	25.544	21.885	128
4. There are no ltigations, which have an important impact on the financial position of Fouris Group and the Company. 5. The total headcount for Group and Company is as follows :					fect of foreign exchange differences on Cash losing balance, cash and cash equivalents					31.197	48.104	5.606	$\frac{1}{27.411}$
or construction and reported under Note 1.2 of the Interim Financial Statements. 17 to 30.60.008 are reported under Note 1.2 of the Interim Financial Statements. 7. The Non Audited Fiscal years for the Group Companies are
Fiscal years have booked, since the outcome of the audits can not be estimated. e Son years une cookeer, succe me culculme vinue audres can invitate and annual comparation of Companies listed below . House in the cookeer Bull GARMER Ex Di (State Bullgaria) being a TOD's estatements, incorporate the Co							STATEMENT OF CHANGES IN NET EQUITY	ts in the
ATC ABETE was not included in the consolidation (net equity method) for the period 01/01/08 - 30/6/08 due to sale of a 39.47% during 2007										CONSOLIDATED		COMPANY
The above mentioned changes have no impact greater than 25%, on Tumover, Profit After Taxes, Minority Interest and Shareholder's Equity					julty balance at the beginning of period, (1/1/2008 and					30/6/2008	30/6/2007	30/6/2008	30/6/2007
9. Capital Expenditure for 1/1 to 30/6/2008 are as follows 10. Related Party Transactions as per IAS 24 as below:	Group 37.9 mil 6 (31/12/07 55,6 mil 6), Company 0.01 mil 6 (31/12/07 0.05 mil 6)				1/2007 respectively). roft / (loss) of the period, after taxes					151.036 14.430	114.199 21.893	112.564 11.099	101.198 19.899
	GROUP	COMPANY			Istributed Dividend let Income recorded directly in net equity					$-15.407$	-9.240	$-15.296$	$-9.171$
a. Revenues	112	ر 471			Revaluation reserve Equity, end of period (31/03/2008 and 31/03/2007 respectively)					149.99	127.497	108.367	111.916
b. Expenses c. Receivables d. Liabilities		11.137
BoD and Managers Fees There are no demands from or obligations towards Fourlis Group or Fourlis Holings S.A from BoD members and Managers	1.047	417
	Neo Psychiko, August 26, 2008
The Chairman of the BOD			The CEO		Finance Manager Planning & Controlling					The Chief Accountant
VASSILIOS STIL. FOURLIS ID No. S-700173			Apostolos D. Petalas AT/T-319663		Theodore G. Poulopoulos					SOTIRIOS L MITROU
					ID No. AZ-547722 Chartered Acc. License No. 36611 A Class					D No. P-135469 Chartered Acc. License No. 30609 A Class

Condensed financial statements – for the six months period ended June 30, 2008