Fourlis S.A.

Quarterly Report • Sep 23, 2015

FOURLIS HOLDINGS SA

REG. NO: 13110/06/Β/86/01

OFFICES: 340 KIFISSIAS AVENUE – 154 51 Ν. PSYCHIKO

CONDENSED FINANCIAL REPORT For the six month period from 1/1/2009 to 30/06/2009 (According to Law 3556/2007)

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CONTENTS

ITEM	PAGE
STATEMENTS OF THE BOARD OF DIRECTORS	3
BOARD OF DIRECTORS REPORT FOR THE PERIOD 1/1 TO 30/6/2009	4
INDEPENDENT AUDITORS REPORT ON REVIEW OF CONDENSED INTERIM FINANCIAL	11
INFORMATION
INTERIM STATEMENT OF FINANCIAL POSITION (CONSOLIDATED AND STAND ALONE ) AS	12
AT JUNE 30, 2009 AND DECEMBER 31, 2008
INTERIM STATEMENT OF COMPREHENSIVE INCOME (CONSOLIDATED AND STAND ALONE) FOR	13
THE SIX MONTH PERIOD ENDED JUNE 30, 2009 AND JUNE 30,2008
INTERIM STATEMENT OF CHANGES IN EQUITY (CONSOLIDATED) AS AT JUNE 30, 2009 AND JUNE	14
30, 2008
INTERIM STATEMENT OF CHANGES IN EQUITY (STAND ALONE) AS AT JUNE 30, 2009 AND JUNE	15
30, 2008
INTERIM STATEMENTS OF CASH FLOWS (CONSOLIDATED AND STAND ALONE)	16
FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2009 AND JUNE 30, 2008
NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS (STAND ALONE AND	17
CONSOLIDATED)
FIGURES & INFORMATION FOR THE PERIOD 01/01/09 TO 30/06/09	31

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, 2009 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 Statement of Financial Position and the Statement of Comprehensive Income of FOURLIS HOLDINGS S.A and its subsidiaries included in the consolidation, as a total, and according to Article 5 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.

N. Psychiko August 25, 2009
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 – 30/6/2009

(According to Law 3556 / 2007 and resolution no 7/448/11.10.2007 of the Capital Committee's BoD)

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»
• «WYLDES LIMITED»

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" and "VYNER LTD" are incorporated, through the Net Equity consolidation method. The former operates in Greece in the courier services sector and the latter operates in Bulgaria in an activity related with the IKEA Store in Sofia.

FINANCIAL DATA – IMPORTANT FACTS & FIGURES

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

Based on the above, the summary below presents the per segment consolidated figures for the period Jan 1 st tο June 30th , 2009.

Having in mind the international financial situation which has negatively affected business environment, Group management undertook a series of actions to mitigate the currency fluctuation exposure and the increased cost of capital. The effort was focused on Romania where the market is significantly volatile from the fluctuating currency and interest rates. As a result of the above the Group ensured all the necessary funds to cover working capital and financing needs.

In an effort to mitigate credit risk, credit policy was reviewed and revised accordingly in the Wholesale Electrical and Electronics segment in Greece and Romania.

In Romania the negative macroeconomic environment led to decreased consumption and revenues for the Electrical and Electronics segment for the 1st half of 2009.

Having in mind all the above we consider the financial results of the period Jan-Jun 2009 as satisfactory.

On a consolidated basis the Group's Equity (before minority) at June 30, 2009 are at €196,6 mil versus an amount of €201,7 mil of year end 2008.

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 2009 and 2008.

Wholesale Trading of Electrical – Electronic Equipment

	Jan-Jun 2009	Jan-Jun 2008	2009 / 2008
Revenue	139.387	178.862	0,78
EBITDA	3.659	8.657	0,42
Profit before Tax	(135)	4.815	-
Profit after Tax and Minority Interests	(774)	3.165	-

Retail Trading of Furniture and Household Goods (IKEA)

	Jan-Jun 2009	Jan-Jun 2008	2009 / 2008
Revenue	139.052	138.040	1,01
EBITDA	23.232	18.042	1,29
Profit before Tax	17.116	11.542	1,48
Profit after Tax and Minority Interests	12.953	8.787	1,47

Notes:

The 1rst semester results of 2009 have been charged with preopening expenses of €1,3 mil while the corresponding, preopening expense amount, of the 1rst semester of 2008 was at €5,4 mil. Additionally under the segment's results an amount of €1,7 mil (after expenses and tax), is included referring to the profit from disposal of RENTIS S.A assets.

Trading of Sporting Goods (INTERSPORT)

	Jan-Jun 2009	Jan-Jun 2008	2009 / 2008
Revenue	37.641	32.960	1,14
EBITDA	3.859	4.431	0,87
Profit before Tax	2.250	3.476	0,65
Profit after Tax and Minority Interests	1.516	2.567	0,59

Fourlis Group (Consolidated)

	Jan-Jun 2009	Jan-Jun 2008	2009 / 2008
Revenue	316.081	349.862	0,90
EBITDA	30.260	30.304	1,00
Profit before Tax	19.580	19.482	1,01
Profit after Tax and Minority Interests	13.387	14.138	0,95

Operating Performance – Important developments:

Despite the international financial turbulence the Group has not altered its investment plans and proceeded with their execution, mainly for the retail sector.

In relation to the Retail Trading of Furniture and Household Goods segment one new IKEA store is to commence its operations in Larissa Greece and 2 new stores will be under construction in Ioannina Greece and Sofia Bulgaria.

Intersport is already an established retailer in Greece, with 29 stores and has also expanded its network at the Balkans, with 12 outlets in Romania and 2 in Bulgaria, along with 1 store in Cyprus. As far as the newly opened stores of 1rst semester of 2009 are concerned, these are at Piraeus Greece (09/4/09), Berceni Romania (25/3/09) and at Burgas Bulgaria (26/3/09).

On Jan 28, 2009 the Group announced the increase of its participation in the Bulgaria IKEA franchise to 100% The initial agreement provided for a Group participation of 70%. HOUSE MARKET BULGARIA EAD already possesses a plot of 60.000 sqr m where the first Bulgaria IKEA store will be constructed.

On Mar 19, 2009 the Group announced the sale of a real estate asset that belongs to the 100% subsidiary company RENTIS S.A., to the company SGB ELLINIKI ETAIRIA IDIOKATASKEVON S.A., for a cash consideration of € 32,5 million fully paid. The property under sale was part of a larger property owned by RENTIS S.A.

On Apr 30, 2009 the tax audit results of Fourlis Holdings S.A for the years 2005, 2006 and 2007 have been announced and can be summarized as follows: Total tax resulted from the tax audit amounts to € 0.7 mil while the company has provided for an amount of € 0.1 mil and the remaining € 0.6 mil is recorded under the 1st half 2009 operating results.

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.

Up to June 2009 an amount of 427.843 stock options have been granted.

Finally we should note that in the financial results of the first half of 2009 an amount of €0.1 mil has been booked. A more detailed description of the above Program is included under paragraph 10 of the Condensed Financial Statements Notes.

2 nd Semester Outlook

i. Group

Being based upon 1st semester 2009 results we look forward for the semester to follow.

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, Public Debt) 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 2009 to deliver our development plan.

ii. Wholesale of Electrical – Electronic Equipment

The revenue decrease mainly from the Romanian market makes effective working capital management an imperative. The non stable financial conditions in the above market led the Group to renegotiate its commercial agreements with both suppliers and customers.

The continuing support of the brands' manufacturers (SAMSUNG, GENERA ELECTRIC and LIEBHERR) along with the customers' loyalty provides a competitive advantage especially under periods of uncertainty.

Our experienced staff along with our superior sales and after sales services makes us optimistic for improved results for the semester to come.

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.

The new Larissa Greece store will open during Q4 2009 while the near future new IKEA Stores will operate at Ioannina and Sofia Bulgaria.

Intersport will implement its development plan through new outlet openings in Greece, Romania, Bulgaria and Cyprus.

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 management of the risk in general, 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, RON) with suppliers which invoice the Group in currencies other than the local. 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. During 2008 approximately 85% of GENCO Trade Srl (Romania) loans were converted to local currency (RON) in an effort to avoid the exchange difference charges resulting from RON devaluating vs. the Euro.

In Bulgaria the local currency is pegged to the Euro (EUR/BGN=1.95583) a fact which can not guarantee that in the case of a worsening situation this conversion ratio will remain constant. For the aforementioned reason funding of IKEA Sofia investment is in local currency.

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 with companies like EULER HERMES for Greece and Romania.

Interest rate & Liquidity 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. Despite the current low interest rate environment the Group, in order to mitigate, the consequences of a probable interest rate increase has entered into IRS contracts converting a portion of debt from variable to fixed interest rate (3-5 years). Cash flow risk is minimized via the availability of adequate credit lines and significant cash balances the latter being on Jun end 09, at an amount of €60.3 mil.

Corporate Social Responsibility

Fourlis Group belief that a <> led to the establishment, within year 2008, of the Corporate & Social Responsibility (CSR) Division aiming to coordinate and undertake actions that are inspired by the following principles:

• Being Responsible towards the Group's employees
• Contribute to the Society
• Protect the Environment.

Corporate & Social Responsibility (CSR) Division designs and implements the CSR Programme and ensures the necessary funds from the Group's companies. Its implementation is materialized through the voluntary participation of the Group's employees.

For the protection of Natural Environment the Group has established all the necessary infrastructures and implements recycling programmes. For printing purposes all paper used is recycled.

Upon commencing the <> at IKEA and INTERSPORT we managed to decrease energy consumption and we also recycled more than a ton of light bulbs. The implementation of the above program is under expansion across the remaining of the Group companies.

Under the Social Responsibility Programme during March 2009 we undertook the support of <> by providing and assembling furniture and

athletic equipment at the ELEPAP premises in Pagrati. The aforementioned initiative has been implemented through the voluntary participation of our employees.

Our participation in voluntary blood donation is for granted along with the constant encouragement of the Group's HR towards our personnel's social activation.

Fourlis Group initiatives in CSR will continue in the future via ensuring the necessary funds from our companies Budgets.

Related parties transactions

The amounts of the related parties' transactions have no significant changes vs. year end 2008. As such they do not influence the financial position of the Company and the Group. More information on the aforementioned transactions is provided under Note 14 of the Condensed Financial Statements for the period Jan to Jun 2009.

Subsequent Events

Nothing to report.

This report, the Condensed Financial Statements of the 1rst semester of 2009, the Notes on the Condensed Interim Financial 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. Psychiko,

Aug 25, 2009

The Board of Directors

The Condensed Interim Financial Statements, included in pages 12-16 are in accordance with the IFRS as applied in the European Union, are those approved by the Board of Directors of "FOURLIS HOLDINGS SA" on 25/08/2009 and are signed by the following:

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

Independent Auditors' Report on Review of Condensed Interim Financial Information (Translated from the original in Greek)

To the Shareholders of FOURLIS Holding S.A.

Introduction

We have reviewed the accompanying condensed standalone and consolidated statement of financial position of FOURLIS Holding A.E. (the "Company") as of 30 June 2009 and the condensed standalone and consolidated statements of comprehensive income, changes in equity and cash flows for the sixmonth period then ended and the selected explanatory notes, which comprise the interim financial information and which forms an integral part of the six-month financial report of Law 3556/2007. Company's management is responsible for the preparation and presentation of this condensed interim financial information in accordance with the International Financial Reporting Standards adopted by the European Union applicable to Interim Financial Reporting (IAS 34). Our responsibility is to express a conclusion on this condensed interim 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 condensed interim financial information as of 30 June 2009 is not prepared, in all material respects, in accordance with IAS 34 Interim Financial Reporting.

Report on other legal and regulatory requirements

Based on our review we verified that the content of the six-month financial report as provided for by article 5 of L. 3556/2007 is consistent with the accompanying condensed interim financial information.

Athens, 25 August 2009

SOL A.E. Certified Auditors KPMG Certified Auditors Α.Ε.

Vasileios D. Papageorgakopoulos Ioannis A. Achilas Certified Auditor Accountant Certified Auditor Accountant

AM SOEL 11681 AM SOEL 12831

INTERIM STATEMENT OF FINANCIAL POSITION (CONSOLIDATED AND STAND ALONE) AS AT JUNE 30, 2009 AND DECEMBER 31, 2008

(In thousands of Euro, unless otherwise stated)

Assets Note 30/6/2009 31/12/200 31/12/2008 30/6/2009 31/12/2008 31/12/2008 31/12/2008		Consolidated Consolidated	Stand Alone Alone

The attached notes on pages 17 to 30 are an integral part of the Condensed Financial Statements

INTERIM STATEMENT OF COMPREHENSIVE INCOME (CONSOLIDATED AND STAND ALONE) FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2009 AND JUNE 30, 2008

		Consolidated Consolidated				Stand Alone Stand Alone Stand Alone
Note	1stSEM 09	Q2 2009 2009	1stSEM 09	Q2 2009	1stSEM 09	Q2 2009 Q2 20092009	1stSEM 09	Q2 2009

(In thousands of Euro, unless otherwise stated)

The attached notes on pages 17 to 30 are an integral part of the Condensed Financial Statements

Condensed financial report – for the six month period ended June 30, 2009. 13

INTERIM STATEMENT OF CHANGES IN EQUITY (CONSOLIDATED) AS AT JUNE 30, 2009 AND JUNE 30, 2008

(In thousands of Euro, unless otherwise stated)

Consolidated

The attached notes on pages 17 to 30 are an integral part of the Condensed Financial Statements

INTERIM STATEMENT OF CHANGES IN EQUITY (STAND ALONE)

AS AT JUNE 30, 2009 AND MARCH 30, 2008

(In thousands of Euro, unless otherwise stated)

		Stand Alone

The attached notes on pages 17 to 30 are an integral part of the Condensed Financial Statements

INTERIM STATEMENTS OF CASH FLOWS (CONSOLIDATED AND STAND ALONE) FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2009 AND JUNE 30, 2008

(In thousands of Euro, unless otherwise stated)

	Consolidated Consolidated	Stand Alone Alone
1stSEM 09	1stSEM 08	1stSEM 09	1stSEM 08

The attached notes on pages 17 to 30 are an integral part of the Condensed Financial Statements

NOTES TO THE INTERIM CONDENSED FINANCIAL STATEMENTS (STAND ALONE AND CONSOLIDATED)

1. Incorporation and activities of the Group

1.1. General Information

FOURLIS HOLDINGS SA, ("The Company" or "Fourlis S.A") term, in accordance with its Articles of Incorporation is up to 2026.

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

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 of share capital.

FOURLIS HOLDINGS SA 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
HOUSEMARKET BULGARIA EAD*	Sofia, Bulgaria		100,00% Fully consolidated
RENTIS Α.Ε *	Athens		100,00% Fully consolidated
INTERSPORT ATLETICS (CYPRUS) LTD* Nicosia, Cyprus			100,00% Fully consolidated
WYLDES LTD*	Nicosia, Cyprus		100,00% Fully consolidated
VYNER LTD*	Nicosia, Cyprus	50,00%	Net Equity
SPEEDEX S.A	Athens	49,55%	Net Equity

*Companies which Fourlis Holdings S.A has an indirect holding

During the current period the consolidation also included VYNER LTD through the use of the Net Equity method. Shareholding ratios at the rest of the affiliated companies have not changed vs. 2008

The total number of employees of the Group at 30/06/2009 and 30/06/2008 was 2.862 and 2.909 respectively. The total number of employees of the Company as at 30/06/2009 and 30/06/2008 was 5 and 4 respectively.

2. Basis of presentation of the Financial Statements

The attached Condensed Stand Alone and Consolidated Financial Statements have been prepared in accordance with IAS 34 Interim Financial reporting and as such does not include all information necessary for the Annual Financial Statements. Consequently they have to be read in combination with the published Group accounts of 31/12/2008, uploaded on the internet address: www.fourlis.gr

The aforementioned statements (30/06/09) have been prepared based on the historical cost, except from the valuation of some assets and liabilities, which are at fair value, and based on the going concern principle. The Interim Financial Statements are presented in thousand Euros and as such minor differences are due to rounding.

3. Basic Accounting Principles

The Accounting Principles and the valuation methods used, are the ones reported under the Notes of the Annual Financial Statements of 31/12/2008, except from the ones mentioned below:

i. The Group commencing from Jan 01, 2009 has applied IAS 1 "Presentation of Financial Statements" by choosing to present the non related party transactions under one Statement, "the Interim Comprehensive Income Statement" without any change in EPS. The prior year comparable data have been adjusted accordingly.

ii. From Jan 01, 2009 IFRS 8 "Operating Segments" has been applied by the Group, however there are no changes for the current or prior year reporting period.

4. Risk Management

The policies for Risk and Capital management of the Group are the ones analyzed under the Notes of Annual Financial Statements of 31/12/2008. Management estimates are under constant evaluation, based on historical data and expectations for future events which are considered as realistic, and do not differ with the ones applied for the preparation of the Annual Financial Statements of 31/12/2008.

5. Management Estimates

The preparation of the Interim Financial Statements is based on estimations and assumptions that may influence the accounting balances of Assets & Liabilities, the Notes for Receivables & Payables along with the amounts of Revenues and Expenses recorded during the current period. The use of available information and subjective judgment are an integral part of making assumptions. Future results may vary from the above estimates. Management estimates are under constant evaluation, based on historical data and expectations for future events which are considered as realistic under the current circumstances.

6. Operating Segments

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 83% of total operations with the remaining 17% to the other countries of South-eastern Europe (Romania, Bulgaria, and Cyprus).

There are no changes on the per Segment allocation policy of activities versus prior year.

The geographic breakdown of Assets, Liabilities are as follows:

	30/06/2009	31/12/2008 31/12/2008
GREECE	Other Southeastern Europe Countries	GREECE	Other Southeastern Europe Countries

Group results by segment for the period ended 30/06/2009 and 30/06/2008 are as below:

Trading of Electrical – Electronic Equipment		Furniture and Household Goods		Sportswear		Unallocated		Consolidated
		30.06.09	30.06.08	30.06.09	30.06.08	30.06.09	30.06.08	30.06.09	30.06.08
	30.06.09	30.06.08

The breakdown structure of Assets and Liabilities for the period ended 30/06/2009 and 31/12/2008 are as below:

Trading of Electrical – Electronic Equipment		Furniture and Household Goods		Sportswear		Unallocated		Consolidated
30.06.09	31.12.08 31.12.08	30.06.09	31.12.08 31.12.08	30.06.09	31.12.08 31.12.08	30.06.09	31.12.08 31.12.08	30.06.09	31.12.08 31.12.08

7. Property, plant and equipment

Property, plant and equipment are analyzed as follows:

Consolidated Consolidated

The assets of the group are free of mortgages and pre-notations. The aforementioned additions are mainly related with leasehold improvements and purchase of equipment for the Athletics and Retail Home Furnishing retail stores.

8. Dividends

The General Assembly of June 12, 2009 approved the distribution of a dividend per share of €0,36 versus an €0,30 of the prior year. A withholding tax of 10% was applied upon the 2008 dividends and as such the after tax dividend per share was at €0,324. During the current period under the Stand Alone results of Fourlis Holdings S.A and one of its subsidiaries were booked, approved but not paid, dividends of €6.000 th and €1.696 th respectively.

9. Borrowings

Borrowings are analyzed as below:

Consolidated Consolidated Consolidated
30/06/2009	31/12/2008

The repayment period of non-current loans varies between 2 to 5 years and the average effective interest rate of the Group for Jan-June 2009 was 3,5% (Jan-June 2008 at 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 S.A	Bond	10.000	5/12/2006	3 years from the issuing date
	Bond	5.000	13/12/2006	3 years from the issuing date
	Total	15.000
PRIME TELECOM S.A	Bond	3.000	15/12/2006	3 years from the issuing date
	Bond	1.000	28/03/2008	5 years from the issuing date
	Bond	1.500	12/01/2009	3 years from the issuing date
	Total	5.500
SERVICE ONE S.A	Bond	1.500	13/12/2006	3 years from the issuing date
	Total	1.500
Η.Μ. HOUSE MARKET (CYPRUS) LTD	Other	25.629	25/10/2006	4,5 years from the issuing date
		1.750	17/9/2007	2,5 years from the issuing date
		3.937	17/9/2007	5 years from the issuing date
	Total	31.316
TRADE LOGISTICS S.A	Bond	3.200	31/12/2007	3 years from the issuing date

		Amount	Issuing Date	Duration
	Bond	6.800	27/6/2008	3 years from the issuing date
	Bond	5.000	25/7/2008	2 years from the issuing date
	Total	26.160
RENTIS S.A	Bond	4.000	15/11/2007	2 years from the issuing date
	Bond	8.000	18/01/2008	2 years from the issuing date
	Bond	8.000	08/04/2008	20 months from the issuing date
	Total	20.000
Grand Total		99.476

Total current loans of the group concerns mainly overdraft bank accounts which they are used as working capital for the activities of the Company mainly for Romania and Bulgaria. The drawn amounts are used mainly to cover short term needs to suppliers. The weighted average interest rate of short term loans for the 1rst semester of the year was approximately at 7,0%

During the current period subsidiary companies have entered into IRS (Interest Rate Swap) contracts in an effort to mitigate interest rate risk. The IRS terms are as below :

• a. 3 year IRS through exchange of fixed/variable rate for an amount of €10 mil at a fair value on 30/06/09 of €26.798,52 and 5 year IRS through exchange of fixed/variable rate for an amount of €15 mil at a fair value on 30/06/09 of €44.747,29
• b. The expected Net Cash Flows, per contract will be as below:

Year		Period		Payment	Receipt 3M Euribor		Net Cash Flow	Cash flow Date
Y1	11/6/2009	11/9/2009	1,50%	38.333	1,286%	32.864	-5.469	11/9/2009
	11/9/2009	11/12/2009	1,50%	37.917				11/12/2009
	11/12/2009	11/3/2010	1,50%	37.500				11/3/2010
	11/3/2010	11/6/2010	1,50%	38.333				11/6/2010
Y2	11/6/2010	13/9/2010	2,18%	56.922				13/9/2010
	13/9/2010	13/12/2010	2,18%	55.106				13/12/2010
	13/12/2010	11/3/2011	2,18%	53.289				11/3/2011
	11/3/2011	13/6/2011	2,18%	56.922				13/6/2011
Y3	13/6/2011	12/9/2011	2,62%	66.228				12/9/2011
	12/9/2011	12/12/2011	2,62%	66.228				12/12/2011
	12/12/2011	12/3/2012	2,62%	66.228				12/3/2012
	12/3/2012	11/6/2012	2,62%	66.228				11/6/2012

3 Years

Year		Period		Payment	Receipt 3M Euribor		Net Cash Flow	Cash flow Date
Y1	26/5/2009	26/8/2009	1,50%	57.500	1,259%	48.262	-9.238	26/8/2009
	26/8/2009	26/11/2009	1,50%	57.500				26/11/2009
	26/11/2009	26/2/2010	1,50%	57.500				26/2/2010
	26/2/2010	26/5/2010	1,50%	55.625				26/5/2010
Y2	26/5/2010	26/8/2010	2,15%	82.417				26/8/2010
	26/8/2010	26/11/2010	2,15%	82.417				26/11/2010
	26/11/2010	28/2/2011	2,15%	84.208				28/2/2011
	28/2/2011	26/5/2011	2,15%	77.938				26/5/2011
Y3	26/5/2011	26/8/2011	2,77%	106.183				26/8/2011
	26/8/2011	28/11/2011	2,77%	108.492				28/11/2011
	28/11/2011	27/2/2012	2,77%	105.029				27/2/2012
	27/2/2012	28/5/2012	2,77%	105.029				28/5/2012
Y4	28/5/2012	27/8/2012	3,52%	133.467				27/8/2012
	27/8/2012	26/11/2012	3,52%	133.467				26/11/2012
	26/11/2012	26/2/2013	3,52%	134.933				26/2/2013
	26/2/2013	27/5/2013	3,52%	132.000				27/5/2013
Y5	27/5/2013	26/8/2013	3,77%	142.946				26/8/2013
	26/8/2013	26/11/2013	3,77%	144.517				26/11/2013
	26/11/2013	26/2/2014	3,77%	144.517				26/2/2014
	26/2/2014	26/5/2014	3,77%	139.804				26/5/2014

c. The Fair value of the each IRS according to the bank's valuation is booked under Net Equity

10. 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 tranches 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. The Exercise price for each tranche 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.

The Stock Options Fair value calculation was based upon the widely accepted Black-Scholes method. The above method takes into consideration the following variables:

Exercise Price, Current Price at the Grant Date, Grant Date, Maturity Date(s), Stock Volatility, Dividend Yield, Risk Free Rate.

On August 26, 2008 the Board of Directors granted 223.843 Options, being the first out of the 3 foreseen, Options granting tranches. The aforementioned tranche matures in 3 years following the below dates:

Maturity Date	No of Options
31.12.2008	55.961
31.12.2009	55.961
31.12.2010	111.921

Fair Value per Option Right and Maturity Date is defined as below:

Maturity Date	Fair Value €
31.12.2008	0,021
31.12.2009	0,336
31.12.2010	0,690

The variables upon which the Fair Value calculation has been performed are as below:

Variable	Value
Exercise Price	€ 16,48
Current Price at the Grant Date	€ 13,80
Grant Date	26.08.2008
Maturity Period (Months)	4,17 – 16,17 – 28,17
Volatility	16%
Dividend Yield	2%
Risk Free Rate	4,48%

On February 23, 2009 the Board of Directors granted 204.000 Options, being the second out of the 3 foreseen, Options granting tranches. The aforementioned tranche matures in 3 years following the below dates:

Maturity Date	No of Options
31.12.2009	51.000
31.12.2010	51.000
31.12.2010	102.000

Fair Value per Option Right and Maturity Date is defined as below:

Maturity Date	Fair Value €
31.12.2009	3,091
31.12.2010	3,324
31.12.2011	3,517

The variables upon which the Fair Value calculation has been performed are as below:

Variable	Value
Exercise Price	€ 3,89
Current Price at the Grant Date	€ 6,88
Grant Date	31.03.2009
Maturity Period (Months)	9, 21,33
Volatility	50%
Dividend Yield	2%
Risk Free Rate	4,00%

Consequently, for the 1st semester of 2009 an amount of € 132 th. has been booked under Operating Expenses.

11. Income taxes

The nominal Income Tax rates at the countries where the Group operates range between 10% and 25%.

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 audited 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 Greek nominal tax rate of 25% is to be gradually (within the next 5 years) decreased by a 1 pt per annum and will be set, by year 2014, at 20%

During the current period the recorded provision for non audited years amount approx at €309 th.

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

	Years
FOURLIS HOLDINGS S.A	2008
FOURLIS TRADE Α.Ε.Β.Ε.	2007-2008
INTERSPORT ATHLETICS AE	2008
EUROELECTRONICS S.A	2006-2008
SERVICE ONE Α.Ε.	2007-2008
PRIME TELECOM AE	2008
GENCO TRADE S.R.L.	2007-2008
GENCO BULGARIA L.T.D.	-
TRADE LOGISTICS A.E.B.E	2007-2008
HOUSEMARKET Α.Ε.	2007-2008
H.M HOUSEMARKET (CYPRUS) LTD	2008
HOUSEMARKET BULGARIA EAD	-
RENTIS S.A	2008
INTERSPORT ATHLETICS (CYPRUS) LTD	2008
WYLDES LIMITED	-
WYNER LTD	-
SPEEDEX ΑΕ	2005-2008

During the 1st semester of 2009 the tax audit for Fourlis Holdings S.A and one of its subsidiaries has been concluded, covering the fiscal years of 2005-2007 and of 2001-2007 respectively. The amount due was at €745 th. partially offset by an accrual of €218 th. and consequently the 1st semester 2009 results to carry a burden of €535 th.

Additionally:

• During July 2009 the tax audit for the subsidiary Intersport Athletics S.A (2006-2007) was concluded resulting to an extra tax payable amount of €100 th which has already been provided for.
• It is currently taking place the tax audit of subsidiaries, Fourlis Trade S.A (2007) and Euroelectronics S.A (2006-2008).
• Based on the above, the total Income Tax included under the Interim Condensed Financial Statements for the 1st semester of 2009 can be analyzed as follows:

Item	Amount(€ th)
Income Tax for the period	5.894
Tax Audit Differences	535
Deferred Taxes	(415)
Total Income Tax	6.014

12. 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, 2009 and June 30, 2008 is at 50.952.920

Consolidated			Stand Alone Stand Alone
30/06/2009	30/06/2008	30/06/2009	30/06/2008

13. 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 €3.621 th.
• The Group has issued letters of guarantee for its subsidiaries guaranteeing liabilities amounting to €83.115 th.
• A subsidiary has issued letters of guarantee to its subsidiaries for guaranteeing liabilities of €100.087 th.
• 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 €66.400 the.
• The Group has issued, to a foreign supplier, a letter of guarantee for its subsidiaries related to purchases of goods (merchandise) amounting to €80.000 the.

14. Related parties transactions

The parent company provides advice 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, 2009 and December 31, 2008 is as follows:

	Consolidated			Stand Alone
	30/06/2009	31/12/2008	30/06/2009	31/12/2008 31/12/2008

Related parties transactions for the periods June 30, 2009 and June 30, 2008 can be analysed as below:

		Consolidated onsolidated onsolidated		Stand Alone
Income : Income :	30/06/2009	30/06/2008	30/06/2009	30/06/2008

	Consolidated Consolidated	Consolidated	Stand Alone Alone
Expenses : Expenses :	30/06/2009 30/06/2008		30/06/2009	30/06/2008

Board of Directors Fees and Top Management remuneration for the period 01.01.-30.06.2009:

Consolidated Consolidated Consolidated		Stand	Stand Alone
30/06/2009	30/06/2008	30/06/2009	30/06/2008

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

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

15. Intercompany Transactions

During the period of Jan – June of 2009 the following intercompany transactions (Parent company – Subsidiaries) took place:

Consolidated Consolidated Consolidated			Stand Alone
30/06/2009 30/06/2008		30/06/2009	30/06/2008

	Consolidated
30/06/2009	31/12/2008	30/06/2009	31/12/2008

16. 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 , 2009 can be summarize as below :

• An amount of €10.002 th. included under account "Investments" is mainly attributed to VYNER LTD, 50% subsidiary of WYLDES LTD. WYLDES LTD is a 100% subsidiary of HOUSEMARKET A.E. The Financial Statements of VYNER LTD have been consolidated for the first time during 1st semester of 2009, by using the Net Equity Method. During consolidation an amount of €298 th. has been booked under the P&L account "Expense/Income from Associate companies" with a corresponding decrease in "Investments".
• The account "Investment Property" has been decreased due to the sale for a consideration of €32.530 th. of a real estate asset that belongs to the 100% subsidiary company RENTIS S.A. The property sold is part of a larger property owned by RENTIS S.A.
• The decrease of the "Non current assets classified as held for sale" is due to the sale of 4.000 shares of "ORACLE FINANCIAL SERVICES S.A" having a book value of €47 th. The resulting profit of €733 th. is booked under P&L account of "Other Operating Income"
• The increase of "Intangible Assets" by €6.9 mil is mainly due to the increased participation in the IKEA Bulgaria franchise. The Group has already paid an amount of €1.0 mil and the remaining €4.0 mil is booked under "Other non-current liabilities"
• "Cash and Cash Equivalent" decrease is attributed to payment of suppliers and loans along with payment of Dividends.
• "Administrative expenses" decrease is a result of the Group's effective cost management and decreased preopening costs.
• The change in "Long Term Receivables" is mainly due to guarantee paid from a subsidiary company for future store lease.

17. Subsequent Events

The subsequent events related with the conclusion of Tax audits in subsidiaries are include under Note 11.

Website address
Date of Approval of Financial Stateme

STATEMENT OF FINANCIAL POSITION (Consolidated & Stand alone) amounts in thousand €					STATEMENT OF COMPREHENSIVE INCOME (Consolidated & Stand alone ) amounts in thousand 6
	GROUP		COMPANY			GROUP COMPANY $1/01 -$ $1/01 -$ 1/04 1/04 $1/01 -$ 1/01 1/04						1/04
ASSETS	30/06/09	31/12/08	30/06/09	31/12/08		30/06/2009	30/06/2008	30/06/2009	30/06/2008	30/06/2009	30/06/2008	30/06/2009	30/06/2008
Non-cu
Property plant and equipment Investment Property	197.835 9.412	212487 23.822	75	71	Cost of Goods Sold	316.081 $-217.067$	349.862 $-246.126$	163.135 $-112.611$	188,830 $-131.942$	n	$\theta$	$\mathbf{0}$ $\circ$
Intangible Assets	12.063	5.145	86	35 88.267	Gross Profit	99.013	103.736	50.524 7.571	56,888	o	$\mathbf{0}$ 490	$\mathbf{a}$ 1.051	338
Investments Long Term receivables	9.812 9.238	95 5.065	88.360 137	180	Other operating income istribution expenses	11.153 $-69.681$	7.767 $-67.021$	36.731	4.446 -36.239	1.370			$\frac{0}{-383}$
Deferred Taxes Total non-current	1.59 239.949	1244 247.858	88.697	88.599	Administrative expenses ther operating expenses	$-12.807$ $-2,556$	$-15.591$ $-3.298$	$-6.206$ -995	$-7.665$ $-1.789$	$-1.122$ $-123$	$-833$ $-20$	$-572$
Current as					Operating Profit	25.122	25.593	14.164	15.641	126	-363	479	$-20$ $-65$
Inventory	104.067 14.666	110,655 12.767	n 3.496	3.281		$-7.125$	$-7.929$	$-2.713$	$-3.782$			$\theta$
Income tax receivable Trade receivables	96,446	139.582	237	482	nance costs inance Income	1.881	1.818	811	1.066	851	482	267	276
Other receivables	18.491 60.283	24.504 104.218	6,186 22.643	319 40.343	xpense/income from associate companies Profit before Tax	$-298$ 19,580	19.482	$-278$ 11,984	12.925	6,000 6.976	11.000 11.119	6.000 6.746	11,000 11.211
Cash & cash equivalent Non current assets classified as held for sale Total current assets	293.955	391.774	32.562			$-6.014$	$-5.052$	$-3.408$	$-3.103$	-658	$-30$	$-123$	$\alpha$
TOTAL ASSETS	533,904	639.633	121.259	44.472 133,071	ome tax Net Income (A)	13.566	14.430	8.576	9.822	6,318	11,089	6.622	11,188
SHAREHOLDERS EQUITY & LIABILITIES					Attributable to:
Shareholders Equity Share Capital	50.953	50.953	50.953	50.953	arent company Von - controlling interest	13.387 179	14.138 292	8.495 .an	9.667 155	6,318	11.089	6.622	11.188
Share pren Reserves	11.864 67194	11.864 64.152	12.208 30.524	12,208 29.151	Net Income (A) Other comprehensive Income after Tax	13.566	14.430	8.576	9.822	6.318	11.089	6.622	11.188
					oreign currency translation from foreign
Retained earnings	66.625	74.784	20.383	33,664	Hective portion of changes in fair value of cash	-369	$-66$	53	202	$\ddot{\phantom{0}}$	$\pmb{0}$	$\pmb{0}$
Total equity (a)	196.635	201.754	114.067	125.976	ow hedges rehensive Income after Tax (B)	74		74				$\bullet$
Non - controlling interest (b)	659	944			Total Comprehensive Income after tax	$-294$	-66	127	202	$\mathbf{o}$	$\bullet$	$\bullet$
Total Equity (c)=(a)+(b) LIABILITIES	197.295	202.698	114.067	125.976	$(A)+(B)$	13.272	14.364	8.703	10.024	6,318	11,089	6.622	11.188
Non current Liabilities					arent company	13.093	14.072	8.623	9.869	6.318	11.089	6.622	11.189
Loans and borrowings Employee retirement benefits	78.198 2.019	87.054 1.855	ö 26	24	Von - controlling interest	179	292	80	155		$\mathbf 0$
Provisions	253	265	$\mathbf{0}$	$\circ$	Basic Earnings per Share (in Euro)	0.2627	0.2775	0,1667	0,1897	0.1240	0,2176	0,1300	0,2196
Deferred Taxes	5.138	4.940	$\mathbf{0}$	$\mathbf{0}$	Diluted Earnings per Share (in Euro) Earnings before Interest, Taxes,	0.2609	0.2775	0.1654	0.1897	0.1231	0.2176	0.1291	0,2196
Other non-current liabilities	4.123	164	121	163	Amortisation & Depreciation	30.260	30.304	16.749	18.232	137	-356	485	$-61$
Total non current Liabiliti	89.730	94.278	147	187
Current Liabilities Loans and borrowings	48.345	67.114	$\mathbf{0}$	$\mathbf{0}$	Notes
Current portion of non-current loans and borrowings	44.197 22.491	91,585 20.550	4.648	5.924	The basic accounting principles applied are consistent with those applied for the Annual Financial Statements of 31/12/2008.
Income Tax Payable Accounts payable and other current liabilities	131.84	63.40		984	2. The type of, Auditors Independent Report on Review of Condensed Interim Financial Information, is unqualified. The assets of the Group and the Company are free of mortgages and pre-notations.
Total current Liabilities Total Liabilities (d)	246,880 336.610	242.657 436.935	7.045 7.192	6.908 7.095	1. There are no litigations, which have an important impact on the financial position of Fourlis Group and the Company 5. The total headcount for Group and Company is as follows : Group 2.862 ( 1st Half 2008 2.909), Company 5( 1st Half 2008 4 ).
TOTAL EQUITY & LIABILITIES (c) + (d)	533.904	639.633	121.259	133.071	Subsidiary Companies, their location, Fourlis Holdings share participation along with the method of consolidation in the Interim Financial Statements 1/1-30/6/2009 are as below
					a)Full Consolidation Method
STATEMENT OF CHANGES IN EQUITY					FOURLIS HOLDINGS S.A.	Athens Athens		Holdings 100.00%
(consolidated and stand alone ) amounts in thousand $\epsilon$					HOUSEMARKET S.A. H.M. HOUSEMARKET (CYPRUS) LTD*	Nicosia, Cyprus		100.00%
	GROUP 30/06/09	30/06/08	COMPANY 30/06/09	30/06/08	RENTIS S.A* INTERSPORT ATHLETICS S.A.	Athens Athens		100.00% 100.00%
					ITERSPORT ATHLETICS (CYPRUS) LTD*	Nicosia, Cyprus		100.00%
Balance at the beginning of period (1/1/2009 and 1/1/2008 respectively) Total comprehensive income for the period	202,698 13.272	151.038 14.361	125,976 6,318	112.564 11,089	FOURLIS TRADE S.A. EUROELECTRONICS S.A.	Athens Athens		100 00% 78.53%
Dividends to equity holders	$-18.807$	$-15.407$	$-18.343$	$-15.286$	PRIME TELECOM S.A.	Athone		82.91%
Stock Option Plan Balance at the end of period (30/6/2009 and 30/6/2008 respectively)	132		116		GENCO TRADE S.R.L.	Bucarest, Romania		100.00%
	197.295	149.995	114.067	108.367	SERVICE ONE S.A. TRADE LOGISTICS S.A	Athens Athens		99.94% 100.00%
					SENCO BULGARIA L.T.D	Sofia, Bulgaria		100.00%
CASH FLOW STATEMENT ated and stand alone I amounts in the					HOUSE MARKET BULGARIA EAD* Sofia. Bulgaria 100,00% WYLDES LTD' 100.00% Nicosia, Cyprus
	GROUF		COMPANY		b)Net Equity Method SPEEDEX S.A	Athens		49.55%
	$1/01$ .	$1/01$ .	101.	101.
	30/06/2009	30/06/2008	30/06/2009	30/06/2008	VYNER LTD	Nicosia, Cyprus		50,00%
Operating Activities	19.580	19.482	6.976	11.119	ndicating Companies where Fourlis Holdings S.A has an indirect participation
Net profit before taxes Adjustments for					The Non Audited Fiscal years for the Group Companies are listed under Note 11 of the Interim Financial Statements. The periodic (1st Half 2009) provisions related
Depreciation Provisions	5.138 1.162	4.711 1.905	11 50	13	to the non audited Fiscal years amount 309 th.€ for both the Group and the Company. The accumulated provisions for the Group include, in addition to the aforementioned amounts, €253 th. for compensation payments re guara
Foreign exchange differences	$-40$ 4.600	$-17$	$-7.584$	$-11.483$	9.The Consolidated Interim Financial Statements of 30.06.2009 in addition to the corresponding 30.06.2008 include the following :1) WYLDES LIMITED Nicosia Cyprus eing a 100% subsidiary of the subsidiary Housemarket S.A. 2) VYNER LTD Nicosia Cyprus being a 50% subsidiary of Wyldes Ltd.
Results (Income, expenses, profit and loss) from investment activity Interest Expense	5.660	5.385	$\Omega$		The above mentioned additions in the consolidated companies have no impact greater than 25%, on Turnover, Profit After Taxes, Minority Interest and Shareholder's Equity.
Plus/less adj for changes in working capital related to the operating activities:					10. Earnings per Share have ben calculated based on the weighted avergage number of Shares outstanding.
Decrease / (increase) in inventory	5.593	-38.327	٥	n	1.Annual Related Party Transactions as per IAS 24 are as below
Decrease / (increase) in trade and other receivable (Decrease) / increase in liabilities (excluding banks)	41.893 $-29.755$	24.163 $-34.157$	203 $-494$	22 $-21$		30/6/2009
Less: Interest paid	$-5.678$	$-6.179$	$\circ$		Outflows	GROUP	COMPANY 629
Income taxee paid	C. TOM	20,000	1.036	1.196		141	$\cdot$
Net cash generated from operations (a) Investing Activities	33.184	$-30.199$	$-2.763$	$-1.478$	Receivables iabilities	$\sqrt{2}$ 48	223 $\overline{2}$
urchase of subsidiaries and related companies Purchase of tangible and intangible fixed assets	$-9.702$ $-11.765$	$-37.903$	$\overline{\mathbf{z}}$ $-66$	$\mathbf{A}$	oard of Directors' Fees Management Compensation and Expenses	660 268	24 268
Proceeds from disposal of tangible and intangible assets		56
Interest Received Proceeds from dividends	1.489	850	851	483	here are no demands from or obligations towards Fourlis Group or Fourlis Holdings S.A from BoD members and Managers
Proceeds from the sale of other investments Total inflow / (outflow) from investing activities (b)	33.310	$-36.997$	780 1.567					Neo Psychiko August 25 2009
Financing Activities	13.340			479	The Chairman of the BOD.					The CEO
Proceeds from issued loans Repayment of loans	73.199 $-142.013$	160.266 $-115.620$	o	$\mathbf{0}$
Repayment of leasing liabilities	$-4.653$	$-1.299$
Dividends paid Total inflow / (outflow) from financing activities (c)	16.967 $-90.434$	$-15.402$ 27.945	$-16.503$ 16.503	$-15.280$ $-15.280$	Vassilios Stil, Fourlis ID No. Σ-700173					Apostolos D. Petalas ID No F-319553
Net increase/(decrease) in cash and cash equivalents for the period (a)+(b)	$-43.909$
$+(c)$ Cash and cash equivalents at the beginning of the period	104.218	$-39.251$ 70.483	$-17.700$ 40.343	$-16.279$ 21,885	The Finance Manager Planning & Controlling					The Chief Accountant
Effect of exchange rate fluctuations on cash held
Closing balance, cash and cash equiva	60.283	31.197	22.643	5.606	Theodore G. Poulopoulos					Sotirios Mitrou