GR. SARANTIS S.A.

INTERIM FINANCIAL STATEMENTS

for the period from 1 January to 30 September 2009 It is ascertained that the accompanying Interim Financial Statements for the period 01/01 – 30/09/2009 are those approved by the Board of Directors of "GR. SARANTIS S.A." during its meeting on 19/11/2009 and have been published by their posting on the internet, on the website www.sarantis.gr. It is noted that the published in the press brief financial data aim at providing readers with general financial information and do not provide a complete picture of the financial position and results of the Group, according to the International Financial Reporting Standards.

OF THE BOARD	THE VICE-CHAIRMAN	BOARD MEMBER	THE HEAD ACCOUNTANT
GRIGORIS SARANTIS	KYRIAKOS SARANTIS	KONSTANTINOS ROZAKEAS	VASILIOS D. MEINTANIS

		STATEMENT OF FINANCIAL POSITION5
		TOTAL COMPREHENSIVE INCOME STATEMENT6
		STATEMENT OF CHANGES IN GROUP'S EQUITY7
		STATEMENT OF CHANGES IN COMPANY'S EQUITY8

		CASH FLOW STATEMENT9
1.		NOTES ON THE INTERIM FINANCIAL STATEMENTS 10
	1.1	THE COMPANY10
	1.2	GROUP STRUCTURE11
	1.3	BUSINESS ACTIVITY 12
2.		BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS 12
	2.1	COMPLIANCE WITH IFRS 12
	2.2	BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS 12
	2.3	APPROVAL OF FINANCIAL STATEMENTS 12
	2.4	COVERED PERIOD 12
	2.5	PRESENTATION OF THE FINANCIAL STATEMENTS 12
	2.6 2.7	SIGNIFICANT JUDGMENTS AND ESTIMATIONS BY MANAGEMENT 13 NEW STANDARDS – AMENDMENTS AND INTERPRETATIONS TO EXISTING STANDARDS 13

3		BASIC ACCOUNTING PRINCIPLES17
	3.1	CONSOLIDATION17
	3.2	FOREIGN CURRENCY CONVERSION19
	3.3	FINANCIAL INFORMATION BY SEGMENT 19
	3.4	GOODWILL 19
	3.5	INTANGIBLE ASSETS 20
	3.6 3.7	TANGIBLE ASSETS 20 INVENTORIES 21
	3.8	FINANCIAL INSTRUMENTS21
	3.9	TRADE RECEIVABLES22
	3.10	CASH & CASH EQUIVALENTS 22
	3.11	SHARE CAPITAL 22
	3.12	LOANS23
	3.13	LEASES 23
	3.14	RETIREMENT BENEFITS AND SHORT-TERM EMPLOYEE BENEFITS 24
	3.15	RECOGNITION OF INCOME24
	3.16 3.17	GOVERNMENT GRANTS 25 PROVISIONS25
	3.18	DIVIDEND DISTRIBUTION 25
	3.19	INCOME TAX 25
4		CAPITAL MANAGEMENT 26
5		EXPLANATORY NOTES ON THE FINANCIAL STATEMENTS 27

	5.1 5.2	SEGMENT REPORTING27
	5.3	GOODWILL 29 INVENTORIES 29
	5.4	TRADE AND OTHER RECEIVABLES 29
	5.5	CASH & CASH EQUIVALENTS 30
	5.6	SECURITIES 30
	5.7	TRADE AND OTHER LIABILITIES31
	5.8	PROVISIONS31

5.9	LOANS32
5.10	INCOME TAX33
5.11	DEFERRED TAXES 33
5.12	EMPLOYEE BENEFITS34
5.13	EXPENSES PER CATEGORY34
5.14	SHARE CAPITAL 35
5.15	TREASURY SHARES35
5.16	TABLE OF CHANGES IN FIXED ASSETS36
5.17	ACTUARIAL STUDY 40
5.18	INTRA-GROUP TRANSACTIONS 41

STATEMENT OF FINANCIAL POSITION

	GROUP		COMPANY
	30/9/2009	31/12/2008	30/9/2009	31/12/2008
ASSETS
Non-current assets	77,974,914.62	74,839,473.11	93,009,002.05	94,357,360.65
Tangible fixed assets	40,202,724.96	43,733,650.40	33,874,862.74	38,025,807.71
Intangible assets	6,117,714.96	1,796,756.95	4,471,756.90	71,207.39
Company goodwill	5,973,968.33	6,082,525.83
Deferred tax assets	2,550,381.03	2,224,181.03	1,712,359.81	1,806,464.72
Investments in subsidiaries, associates	22,341,824.32	19,490,416.89	52,451,870.53	53,304,972.35
Other long-term assets	788,301.03	1,511,942.01	498,152.07	1,148,908.48
Current assets	138,877,720.42	154,199,010.24	75,296,068.62	88,665,160.58
Inventories	38,643,453.41	44,954,118.95	18,285,725.74	21,891,547.63
Trade receivables	69,923,782.17	73,312,724.26	41,059,064.94	42,988,981.51
Other receivables	5,003,009.43	6,054,920.21	3,533,376.61	4,209,784.70
Cash & cash equivalents	18,454,471.52	23,160,007.71	7,157,801.70	14,471,653.57
Securities	6,520,550.00	5,972,453.00	5,160,500.00	4,919,100.00
Prepayments and accrued income	332,453.89	744,786.11	99,599.63	184,093.17
Total Assets	216,852,635.04	229,038,483.35	168,305,070.67	183,022,521.23
EQUITY of the Parent:
Share capital	59,060,447.60	59,060,447.60	59,060,447.60	59,060,447.60
Share premium account	39,252,195.98	39,252,195.98	39,252,195.98	39,252,195.98
Reserves	-14,840,406.10	-12,241,635.30	-13,985,274.86	-11,299,975.40
Profit (losses) carried forward	28,629,275.15	18,706,144.33	-31,515,417.41	-32,744,807.32
Minority interest:	4,291.84	2,107.57	0.00	0.00
Total Equity	112,105,804.47	104,779,260.18	52,811,951.31	54,267,860.86
LIABILITIES
Long-term liabilities	33,286,681.59	23,065,449.22	32,066,459.32	20,847,062.20
Loans	29,000,000.00	18,250,000.00	29,000,000.00	17,000,000.00
Deferred tax liability	0.00	48,095.79	0.00	0.00
Provisions for post employment employee benefits	1,696,595.09	1,696,595.09	1,641,233.00	1,641,233.00
Provisions and other long-term liabilities	2,590,086.50	3,070,758.34	1,425,226.32	2,205,829.20
Short-term liabilities	71,460,148.99	101,193,773.95	83,426,660.04	107,907,598.17
Suppliers	29,271,960.46	44,386,535.61	19,609,424.65	29,502,679.74
Other liabilities	2,793,899.32	2,709,131.03	34,541,839.14	35,036,609.15
Income taxes and other taxes payable	3,408,271.14	4,138,364.31	1,478,462.68	2,180,153.36
Loans	30,650,000.00	46,671,255.93	27,500,000.00	40,500,000.00
Accruals and deferred expenses	5,336,018.06	3,288,487.07	296,933.57	688,155.92
Total Equity & Liabilities	216,852,635.04	229,038,483.35	168,305,070.67	183,022,521.23

TOTAL COMPREHENSIVE INCOME STATEMENT

		GROUP		COMPANY
	1/1-30/09/2009	1/1-30/09/2008	1/07- 30/09/2009	1/07- 30/09/2008	1/1- 30/09/2009	1/1- 30/09/2008	1/07- 30/09/2009	1/07- 30/09/2008
Revenue	158,502,813.94	190,703,594.30	51,987,819.60	64,967,218.13	75,270,756.61	95,512,465.55	23,031,697.86	28,768,211.71
Cost of sales	79,455,472.51	92,836,111.02	25,643,662.02	32,332,960.08	39,929,550.62	49,379,640.66	13,031,860.41	15,980,149.51
Gross operating profit	79,047,341.43	97,867,483.28	26,344,157.58	32,634,258.05	35,341,205.99	46,132,824.89	9,999,837.45	12,788,062.20
Other operating income	5,049,112.20	6,261,014.68	-325,603.40	730,023.55	1,470,880.24	1,550,547.12	412,614.19	644,051.34
Administrative expenses	10,071,450.98	10,912,032.84	3,243,148.71	4,099,485.88	5,000,914.74	6,201,204.10	1,581,831.75	8,842,874.18
Distribution expenses	57,973,808.30	66,803,318.95	17,637,291.92	21,488,826.92	27,318,049.75	31,090,249.93	7,332,472.80	2,572,099.55
Operating profit	16,051,194.35	26,413,146.17	5,138,113.55	7,775,968.80	4,493,121.74	10,391,917.98	1,498,147.09	2,017,139.81
Financial income expenses	-1,495,337.20	481,726.57	-475,769.20	-496,287.59	-1,626,827.63	-325,181.01	-505,519.45	-645,541.75
Earnings before taxes	14,555,857.15	26,894,872.74	4,662,344.35	7,279,681.21	2,866,294.11	10,066,736.97	992,627.64	1,371,598.06
Income tax*	2,882,059.72	4,518,816.89	922,267.21	1,065,142.52	587,226.32	1,217,920.39	398,308.00	162,505.52
Deferred tax*	94,104.91	838,926.98	55,478.21	0.00	94,104.91	838,926.98	55,478.21	0.00
Profit after the deduction of tax (A)	11,579,692.52	21,537,128.87	3,684,598.93	6,214,538.69	2,184,962.88	8,009,889.60	538,841.43	1,209,092.54

Shareholders of the parent	11,577,508.25	21,536,261.30	3,684,835.70	6,215,104.65	2,184,962.88	8,009,889.60	538,841.43	1,209,092.54
Minority interest	2,184.27	867.57	-236.77	-565.96	0.00	0.00		0.00
Other comprehensive income after taxes (B)*	408,428.86	304,795.47	1,250,166.49	-621,445.95	1,020,704.67	-781,994.33	-165,650.00	-964,170.00
Total comprehensive income after taxes (A) + (B)	11,988,121.38	21,841,924.34	4,934,765.42	5,593,092.74	3,205,667.55	7,227,895.27	373,191.43	244,922.54
Owners of the parent	11,985,937.11	21,841,056.77	4,935,002.19	5,593,658.70	-	-	-	-
Minority interest	2,184.27	867.57	-236.77	-565.96	-	-	-	-
Earnings per share, which correspond to the parent's shareholders for the period	0.3019	0.5616	0.0961	0.1621	0.0570	0.2089	0.0141	0.0316

STATEMENT OF CHANGES IN GROUP'S EQUITY

Amounts for 2008	Share Capital	Share Premium	Readjustments Reserve and other reserves	Balance of profit / losses	Minority interest	Total
Balance as at 1 January 2008	59,060,447.60	39,252,195.98	-3,037,785.22	6,293,422.99	-140,435.61	101,427,845.74
Foreign exchange differences				-4,514,360.41	0.00	-4,514,360.41
Dividends				-6,519,659.80		-6,519,659.80
Net profit for the period				25,386,210.92	-3,279.97	25,382,930.95
Financial assets available for sale			-4,685,205.67	-13,911.64		-4,699,117.31
Capitalization of reserves						0.00
From prepayment of income tax	0.00			35,979.24		35,979.24
Share capital increase	0.00	0.00				0.00
Purchase of treasury shares				0.00	0.00	0.00
Results of treasury shares			-6,480,181.38	0.00		-6,480,181.38
Net income registered directly in equity				0.00		0.00
Stock option			0.00			0.00
Write-off of minority interest due to acquisition of stake				0.00	145,823.15	145,823.15
Transfer to reserves from profit carried forward	0.00		1,961,536.97	-1,961,536.97	0.00	0.00
						0.00
Balance as at 31 DECEMBER 2008	59,060,447.60	39,252,195.98	-12,241,635.30	18,706,144.33	2,107.57	104,779,260.18
Balance as at 1 January 2009	59,060,447.60	39,252,195.98	-12,241,635.30	18,706,144.33	2,107.57	104,779,260.18
Foreign exchange differences				-698,804.46	0.00	-698,804.46
Dividends				-1,150,528.20		-1,150,528.20
Net profit for the period				11,577,508.25	2,184.27	11,579,692.52
Financial assets available for sale			819,233.33	0.00		819,233.33
Capitalization of reserves						0.00
From prepayment of income tax	0.00			0.00		0.00
Share capital increase	0.00	0.00				0.00
Purchase of treasury shares			-3,511,048.90	0.00	0.00	-3,511,048.90
Results of treasury shares			0.00	0.00		0.00
Net income registered directly in equity				0.00		0.00
Stock options			288,000.00			288,000.00
Write-off of minority interest due to acquisition of stake				0.00	0.00	0.00
Transfer from reserves to profit carried forward	0.00		-194,955.23	194,955.23	0.00	0.00
						0.00
Balance as at 30 SEPTEMBER 2009	59,060,447.60	39,252,195.98	-14,840,406.10	28,629,275.15	4,291.84	112,105,804.47

STATEMENT OF CHANGES IN COMPANY'S EQUITY

		Share	Readjustments Reserve and other	Balance of	Minority
Amounts for 2008	Share Capital	Premium	reserves	profit / losses	interest	Total
Balance as at 1 January
2008	59,060,447.60	39,252,195.98	-3,037,785.22	-31,463,422.08	0.00	63,811,436.28
Dividends				-6,519,659.80		-6,519,659.80
Net profit for the period				7,199,811.53		7,199,811.53
Financial assets available for sale			-3,743,545.77			-3,743,545.77
Capitalization of reserves
Expenses of share capital increase				0.00		0.00
Share capital increase	0.00	0.00				0.00
Results of treasury shares			-6,480,181.38	0.00		-6,480,181.38
Net income registered directly in equity				0.00		0.00
Stock option			0.00			0.00
Transfer to reserves from
profit carried forward	0.00		1,961,536.97	-1,961,536.97		0.00

Balance as at 31 DECEMBER 2008	59,060,447.60	39,252,195.98	-11,299,975.40	-32,744,807.32	0.00	54,267,860.86
Balance as at 1 January 2009	59,060,447.60	39,252,195.98	-11,299,975.40	-32,744,807.32	0.00	54,267,860.86
Dividends				-1,150,528.20		-1,150,528.20
Net profit for the period				2,184,962.88		2,184,962.88
Financial assets available
for sale			732,704.67			732,704.67
Capitalization of reserves
Expenses of share capital increase				0.00		0.00
Share capital increase	0.00	0.00				0.00
Results of treasury shares			-3,511,048.90	0.00		-3,511,048.90
Net income registered directly in equity				0.00		0.00
Stock options			288,000.00			288,000.00
Transfer from reserves to
profit carried forward	0.00		-194,955.23	194,955.23		0.00
Balance as at 30 SEPTEMBER 2009	59,060,447.60	39,252,195.98	-13,985,274.86	-31,515,417.41	0.00	52,811,951.31

CASH FLOW STATEMENT

(Amounts in Euro)	GROUP		COMPANY
	01/01-30/09/2009	01/01-30/09/2008	01/01-30/09/2009	01/01- 30/09/2008
CASH FLOWS FROM OPERATING ACTIVITIES
Profits before tax	14,555,857.15	26,894,872.74	2,866,294.11	10,066,736.97
Adjustments for:
Depreciation of fixed assets	2,753,381.12	2,923,170.50	1,713,867.04	1,726,791.16
Provisions	0.00	0.00	0.00	0.00
Foreign Exchange differences	236,694.00	-125,257.00	-343,603.59	-78,881.51
Results(income, expenses, profits and losses) from investing activities	-4,371,415.73	-8,362,123.29	-436,587.91	-2,799,215.05
Interest expense and related expenses	2,028,760.00	3,227,547.00	2,425,504.79	3,192,902.03
Credit interest	0.00	0.00	0.00	0.00
Profit from sale of fixed assets	0.00	0.00	0.00	0.00
Plus/minus adjustments for changes in working capital accounts:			0.00	0.00
Decrease / (increase) in inventories	6,310,665.54	-8,283,991.67	3,605,821.89	1,129,562.52
	5,569,726.35	-6,368,031.49	3,403,836.60	-10,197,486.67
Decrease / (increase) in receivables
(Decrease) / increase in liabilities (other than to banks)	-13,044,387.50	3,268,522.08	-12,076,445.03	10,694,876.36
Less:
Interest and related expenses paid	-1,236,750.61	-2,446,791.04	-1,662,196.40	-2,435,828.07
Tax paid	-2,444,802.25	-4,600,176.52	-815,940.36	-2,396,253.33
NET INFLOWS / (OUTFLOWS) FROM OPERATING
ACTIVITIES (a)	10,357,728.08	6,127,741.31	-1,319,448.86	8,903,204.41


CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of subsidiaries, associates, joint ventures	447,487.11	-6,574,640.21	1,373,266.35	916,784.65
and other investments
Purchase of tangible and intangible fixed assets	-4,031,478.20	-4,911,830.27	-2,182,084.93	-3,017,792.44
Proceeds from sale of tangible and intangible assets	136,799.14	4,198,282.48	1,172.92	3,776,952.04
Interest received	334,366.00	689,108.19	21,447.05	36,949.64
Dividends received	374,210.74	5,427,914.41	342,504.67	497,023.85
NET INFLOWS / (OUTFLOWS) FROM INVESTMENT ACTIVITIES (b)	-2,738,615.21	-1,171,165.40	-443,693.94	2,209,917.74

CASH FLOWS FROM FINANCING ACTIVITIES
	0.00	0.00	0.00	0.00
Proceeds from share capital increase
Proceeds from loans granted / assumed	10,750,000.00	43,874,099.18	12,000,000.00	40,500,000.00
Payment of loans	-16,021,255.93	-60,561,510.00	-13,000,000.00	-60,500,000.00
Expenses of share capital increase	0.00	0.00	0.00	0.00
Dividends paid	-1,039,660.17	-6,517,893.21	-1,039,660.17	-6,517,541.05
	-3,511,048.90	-1,348,743.42	-3,511,048.90	-1,348,743.42
Payments for purchase of treasury shares
TOTAL INFLOWS / (OUTFLOWS) FROM FINANCING ACTIVITIES (c)	-9,821,965.00	-24,554,047.45	-5,550,709.07	-27,866,284.47
Effect from foreign exchange differences due to translation to euro	-2,502,684.05	-968,218.66	0.00	0.00
Increase / (decrease) in cash and cash equivalents (a+b+c)	-2,202,852.14	-19,597,471.53	-7,313,851.87	-16,753,162.32
Cash and cash equivalents at the start of the period	23,160,007.71	43,165,272.60	14,471,653.57	29,256,819.24
CASH & CASH EQUIVALENTS AT THE END OF THE PERIOD	18,454,471.52	22,599,582.41	7,157,801.70	12,503,656.92

1. NOTES ON THE INTERIM FINANCIAL STATEMENTS

General information about the group

1.1 The company

Gr. Sarantis SA (the company) has the legal form of a socié té anonyme and is the parent company of the Gr. Sarantis SA group (the group).

The Company's domicile is located at 26 Amarousiou – Chalandriou Street, Marousi Greece, The company's central offices are also located at the same address.

The shares of Gr. Sarantis SA are listed on the main market of the Athens Exchange, in the Large Capitalization category.

1.2 Group structure

The group's companies, which are included in the consolidated financial statements, are the following:

COMPANY	DOMICILE	DIRECT PARTICIPATION PERCENTAGE	INDIRECT PARTICIPATION PERCENTAGE	TOTAL	TAX UN AUDITED FISCAL YEARS
FULL CONSOLIDATION METHOD
VENTURES SA	GREECE	88.66%	0.00%	88.66%	2007-2008
SARANTIS ANADOL SA	TURKEY	99.98%	0.00%	99.98%	2005-2008
SARANTIS UKRAINE S.A	UKRAINE	100.00%	0.00%	100.00%	2006-2008
SARANTIS BULGARIA L.T.D	BULGARIA	0.00%	100.00%	100.00%	2008
SARANTIS ROMANIA S.A	ROMANIA	0.00%	100.00%	100.00%	2008
ELMI PRODFARM S.R.L	ROMANIA	0.00%	100.00%	100.00%	-
SARANTIS DISTRIBUTION S.C	ROMANIA	0.00%	100.00%	100.00%	2008
SARANTIS BELGRADE D.O.O	SERBIA	0.00%	100.00%	100.00%	2008
SARANTIS SKOPJE D.O.O	FYROM	0.00%	100.00%	100.00%	2008
SARANTIS POLSKA S.A	POLAND	0.00%	100.00%	100.00%	2008
SARANTIS CZECH REPUBLIC sro TRADE 90 L.T.D	CZECH REPUBLIC HUNGARY	0.00% 0.00%	100.00% 100.00%	100.00% 100.00%	2008 -
GR SARANTIS CYPRUS L.T.D
VENUS S.A	CYPRUS LUXEMBOURG	100.00% 0.00%	0.00% 100.00%	100.00% 100.00%	- -
ΖΕΤΑ SA	GREECE	0.00%	100.00%	100.00%	2007-2008
ΖΕΤΑ FIN LTD	CYPRUS	0.00%	100.00%	100.00%	2002-2008
ΖΕΤΑ COSMETICS L.T.D	CYPRUS	0.00%	100.00%	100.00%	2002-2008
WALDECK L.T.D	CYPRUS	0.00%	100.00%	100.00%	2006-2008
SAREAST L.T.D	CYPRUS	0.00%	100.00%	100.00%	2006-2008
SARANTIS RUSSIA	RUSSIA	0.00%	100.00%	100.00%	2006-2008
PROPORTIONATE CONSOLIDATION METHOD
K. THEODORIDIS SA	GREECE	50.00%	0.00%	50.00%	2007-2008
ΟΤΟ ΤOP EOOD	BULGARIA	0.00%	25.50%	25.50%	2008
EQUITY CONSOLIDATION METHOD
ΕLCA COSMETICS LTD	CYPRUS	0.00%	49.00%	49.00%	2001-2008
ESTEE LAUDER HELLAS SA	GREECE	0.00%	49.00%	49.00%	2007-2008
ΕSTEE LAUDER BULGARIA	BULGARIA	0.00%	49.00%	49.00%	2001-2008
ΙΜ COSMETICS SA	ROMANIA	0.00%	49.00%	49.00%	2001-2008

Note:

During the 2nd quarter of 2009, the subsidiary company Trade 90 proceeded with the absorption of the subsidiary Sarantis Hungary Kft, while 30% of the subsidiary company Sarantis Skopje was transferred from the subsidiary GR. Sarantis Cyprus Ltd to the subsidiary Sarantis Belgrade DOO.

1.3 Business activity

The group is active in the production and trade of cosmetics, household use products, parapharmaceutical items and car accessories.

The group's main activities have not changed from the previous year.

2. BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS

2.1 Compliance with IFRS

The consolidated and individual financial statements of "GR. SARANTIS S.A." are in accordance with the International Financial Reporting Standards (IFRS), which have been issued by the International Accounting Standards Board (IASB) as well as their interpretations, which have been issued by the International Financial Reporting Interpretations Committee (IFRIC) of IASB that have been adopted by the European Union.

2.2 Basis for the preparation of the Financial Statements

The consolidated and individual financial statements of "GR. SARANTIS S.A." have been prepared according to the going concern principle and the historic cost principle, as such is amended by the adjustment of specific asset and liability items.

Note: For comparability reasons, several accounts of the consolidated cash flow statement for the period from 01/01/2008 to 30/09/2008 were reclassified. Specifically, an account amounting to -968,218.66 euro was transferred from the line "(Decrease)/Increase of liabilities (apart from banks)" of operating activities, to the line "Effect of foreign exchange differences due to translation to euro".

2.3 Approval of Financial Statements

The interim consolidated financial statements have been approved by the company's Board of Directors on 19/11/2009.

2.4 Covered period

The present interim consolidated financial statements include the financial statements of "GR. SARANTIS S.A." and its subsidiaries, which together are referred to as the group, and cover the period from January 1st 2009 to September 30th 2009.

2.5 Presentation of the Financial Statements

The present financial statements are presented in €, which is the group's operating currency, namely the currency of the primary economic environment in which the parent company operates.

2.6 Significant judgments and estimations by Management

The preparation of the Financial Statements according to the International Accounting Standards requires the implementation of estimations, judgments and assumptions, that may affect the accounting balances of assets and liabilities and the required disclosures for contingent receivables and liabilities, as well as the amount of income and expenses recognized.

The use of adequate information and the implementation of subjective judgment constitute inseparable data for the conduct of estimations in the valuation of assets, liabilities for employee benefits, impairment of assets, tax un-audited fiscal years and pending judicial cases. The estimations are considered significant but not binding. Real future results may differ from the aforementioned estimations.

2.7 New standards – Amendments and interpretations to existing standards

IFRS 8 - Operating Sectors (in effect for annual periods beginning from January 1st 2009 and onwards)

IFRS 8 replaces IAS 14 and requires the disclosure of specific descriptive and financial information as regards to operating sectors, while it also increases requirements for existing disclosures. The Group applies IFRS 8 from January 1st 2009.

IAS 23 Borrowing cost (amendment)

In the amendment of IAS 23 "Borrowing cost", the previously considered basic method for recognition of borrowing cost in the results has been eliminated. Borrowing cost that is directly attributed to the acquisition, construction or production of a selective asset, as defined by IAS 23, must be part of the item's cost. The amended version of IAS 23 is mandatory for annual periods beginning from January 1st 2009 and onwards. The group will not be affected by this amendment.

IFRIC 11 – IFRS 2: Group and Treasury Share Transactions

The interpretation is applied for annual financial periods beginning from March 1st 2007 and onwards and clarifies the case when employees of a subsidiary receive shares of the parent company. It also clarifies whether specific types of transactions should be accounted for as transactions settled with participating titles or as transactions settled with cash. The interpretation will not affect the group's financial statements.

IFRIC 12 – Concession Agreements

IFRIC 12 applies to annual accounting periods beginning from January 1st 2008 and onwards and refers to companies that participate in concession agreements.

IFRIC 13 Customer loyalty programs

IFRIC issued an interpretation related to the implementation of those defined by IAS 18 for the recognition of income. IFRIC 13 "Customer loyalty programs" specifies that when companies grant their customers award credits (i.e. points) as part of a sale transaction and customers can cash such credits in the future for free or discounted goods or services, then paragraph 13 of IAS 18 should be applied. This requires that award credits be accounted for as a separate item of the sale transaction and a part of the price received or the receivable recognized to be allocated to award credits. The recognition time of this income item is postponed until the company satisfies its liabilities that are linked to the award credits, either providing such awards directly or transferring the liability to a third party. The application of IFRIC 13 is mandatory for periods beginning on or after July 1st 2008. The interpretation will not affect the financial statements of the group.

IFRIC 14: IAS 19 - The limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction

IFRIC 14 covers the interaction between minimum funding requirements (which are usually imposed by laws and regulations) and the measurement of a defined benefit asset. The issue addressed by IFRIC 14 is related only to limited cases of post employment defined benefit plans "in surplus" or subject to minimum funding requirements. Amongst others, the interpretation specifically addresses the definition of "available" used in IAS 19. Generally, the interpretation explains that an economic benefit is available if the company has an implicit right to recognize the benefit during the settlement of the defined benefit plan. The recognition of the item does not depend on whether the economic benefits are directly recognizable during the balance sheet date or from how any possible surplus is intended to be used. The interpretation also deals with the accounting handling of a liability for minimum funding requirements that arise from services already received by the company. IFRIC 14 is applied for periods beginning from January 1st 2008 and onwards. As an exception, IFRIC 14 does not require full retrospective application. The application is required during the beginning of the first period for which the Interpretation is applied. The interpretation will not affect the group's financial statements.

IFRIC 15 Agreements for the construction of Real Estate

The Interpretations Committee issued IFRIC 15 "Agreements for the Construction of Real Estate". IFRIC 15 is in effect for annual periods beginning on or after January 1st 2009. The interpretation does not apply to the Group.

IFRIC 16 Hedges of a Net Investment in a Foreign Operation

The Interpretation Committee issued IFRIC 16 "Hedges of a Net Investment in a Foreign Operation". The Interpretation clarifies several issues for the accounting treatment of hedges

of a net investment in a foreign operation (such as subsidiaries and associate companies whose activities are realized in a currency other than the operating currency of the reference company).

IFRIC 16 is in effect for annual periods beginning on or after October 1st 2008, without retrospective application. The interpretation does not apply to the Group.

IAS 1: Presentation of financial statements

The basic changes of this Standard are summarized in the separate presentation of changes in equity that arise from transactions with shareholders under their capacity as such (i.e. dividends, capital increases) from the other changes in equity (i.e. conversion reserves). Moreover, the improved version of the Standard introduces changes in terminology as well as in the presentation of the financial statements. The new definitions of the Standard however do not change the recognition, measurement or disclosure rules of specific transactions and other events that are required by other Standards. The amendment of IAS 1 is mandatory for periods beginning on or after January 1st 2009 while the requirements also apply to IAS 8 "Accounting policies, changes in accounting estimations and errors". The changes that are induced by the amendment to IAS 1 are applied retrospectively. The group applied the above amendments and made the necessary changes in the presentation of its financial statements for 2009.

IAS 32 and IAS 1 Puttable Instruments

The amendment to IAS 32 requires that specific puttable instruments and liabilities that arise during the liquidation of an entity, be classified as Equity if specific criteria are met. The amendment to IAS 1 requires the disclosure of information regarding the puttable instruments classified as Equity. The amended version of IAS 32 is in effect for periods beginning on or after January 1st 2009.

IFRS 2, Share based payments "vesting conditions and cancelations" – Amended

The amendment of the standard clarifies two issues" The definition of "vesting conditions", with the introduction of the term "non-vesting conditions" for terms that do not constitute service or performance conditions. Also it is clarified that all cancelations, either arising from the entity or from counterparties, must have the same accounting treatment. IFRS 2 is in effect for periods beginning on or after January 1st 2009 and its application will not affect the group's financial statements.

IFRS 3 Business Combinations and IAS 27 Consolidated and Separate Financial Statements

IFRS 3 will be applied to business combinations that arise in such periods and the application of such has been amended to include business combinations under joint control and without consideration (parallel listing of shares). IFRS 3 and IAS 27, amongst others, require a

greater use of the fair value through the income statement and a reinforcement of the financial statement of the referred entity. Furthermore, such standards introduce the following requirements:

(1) a recalculation of the participation percentage when control is acquired or lost

(2) direct recognition in equity of the effect of all transactions between controlled an noncontrolled parties, when control is not lost, and

(3) focus on what has been provided to the seller as exchange rather than to the amount of the expense for the acquisition.

The amendments to IFRS 3 and IAS 27 are in effect for periods beginning on or after July 1st 2009.

IFRIC 17 Distribution of non-cash assets to owners

According to the Interpretation, when a company proceeds with announcing a distribution and has the obligation to distribute assets that relate to its owners, it should recognize a liability for such dividends payable.

IFRIC 17 provides guidance regarding when a company should recognize dividends payable, how such should be measured as well as how the differences between the book value of assets distributed and the book value of dividends payable should be booked when the company pays out the dividends payable.

IFRIC 17 is effective for annual periods beginning on or after 1 July 2009, while retrospective application is not required. The interpretation will not affect the group's financial statements. The group does not intend to apply the interpretation in advance.

IFRIC 18 Transfers of assets from customers

IFRIC 18 mainly concerns utility companies. The Interpretation clarifies the requirements of IFRS regarding agreements in which a company receives from a customer an item of property, plant and equipment that it must then use either to connect the customer to a network or to provide the customer with ongoing access to a supply of goods or services (such as a supply of electricity, gas or water) or to do both.

IFRIC 18 is effective for annual periods beginning on or after 1 July 2009, while retrospective application is not required. The interpretation does not apply to the group.

3 BASIC ACCOUNTING PRINCIPLES

3.1 Consolidation

3.1.1 Subsidiaries

Subsidiaries are all companies on which the group has the power to control their financial and business policies. The group considers that is has and exercises control when it participations with a percentage over half the voting rights of a company.

When defining whether the group exercises control on voting rights of another economic unit, the existence of potential voting rights that are exercisable or convertible are also taken into account.

Subsidiaries are consolidated with the full consolidation method from the date that control over them is acquired and cease to be consolidated from the date that this control no longer exists.

Furthermore, subsidiaries that are acquired are initially consolidated with the purchase method. This method includes the readjustment to fair value of all recognized assets and liabilities, including contingent liabilities of the subsidiary during the acquisition date, regardless of whether such have been included in the financial statements of the subsidiary prior to its acquisition. During the initial recognition, the assets and liabilities of the subsidiary are included in the consolidated balance sheet in readjusted amounts, which are also used as the base for their subsequent calculation according to the group's accounting principles.

The accounting policies of subsidiaries are amended when deemed necessary in order to render such consistent with the policies adopted by the group.

Accounts for receivables and liabilities, as well as transactions, income and expenses and unrealized profit or losses between the group's companies, are written off in the consolidated financial statements.

In the parent's financial statements, investments in subsidiaries are valued, according to IAS 27, at acquisition cost minus any accumulated impairment loss.

Finally, the Group does not consolidated subsidiaries when it considers that the effect of such on the consolidated financial statements is insignificant.

3.1.2 Associates

Associates are companies on which the Group can exert significant influence but which do not fulfill the conditions to be classified as subsidiaries or joint ventures. Significant influence is the authority to participate in decisions that regard decisions for the issuer's financial and business policies, but not control on such polices. Significant influence is usually implied

when the group holds a percentage between 20% and 50% of the voting rights through ownership of shares or another type of agreement.

Investments in associates are initially recognized at cost and are subsequently valued using the equity method for consolidation purposes. Goodwill is included in the book cost of the investment and is examined for impairment as part of the investment.

When an economic unit of the group transacts with a group's associate company, any possible intra-company profit and losses are written-off by the participation percentage of the group in the relevant associate company.

All subsequent changes of the participation percentage in the associate company's net position are recognized in book value of the group's investment.

Changes that arise from the profit or losses of associates are registered in the consolidated profit and loss account.

Changes that have been directly recognized in equity of the associates are recognized in the group's consolidated equity.

Any changes recognized directly in equity that are not related to a result, such as the distribution of dividends or other transactions with shareholders of the associate, are registered in the book value of the participation. No effect in the net result or equity is recognized in the context of such transactions.

When the share of losses in as associate for the group is equal or over the book value of the investment, including any other secured receivables, the group does not recognize further losses, unless it has been burdened with commitments or has proceeded with payments on behalf of the associate.

The accounting policies of associates are amended when deemed necessary in order to render such consistent with the policies adopted by the group.

In the parent's financial statements, investments in associates are valued, according to IAS 28, at acquisition cost minus any accumulated impairment loss.

3.1.3 Joint Ventures

Economic units whose financial activities are controlled jointly by the group and by other joint venture entities independent to the group, are accounted for using proportionate consolidation.

In the case where the group sells assets to the joint-venture, it recognizes only the profit or loss from the transaction that corresponds to the participation of the other members.

However, if the group purchases assets from the joint-venture, it does not recognize its share in the profit or loss until it sells the asset to third parties. In the case of indications of

impairment of assets acquired by the joint-venture, then any loss is recognized in whole.

Intra-company balances of the group with the joint-venture are written-off, canceling the balances of the joint-venture by the share of the investing company.

3.2 Foreign currency conversion

Transactions in foreign currency are converted to the operating currency using exchange rates in effect during the date of the transactions.

Profit and losses from foreign exchange difference, which arise from the settlement of such transactions during the period and from the conversion of monetary items expressed in foreign currency with the effective exchange rates during the balance sheet date, are registered in the results.

Foreign exchange differences from non-monetary items valued at fair value, are considered as part of the fair value and thus are registered accordingly as fair value differences.

Items of the financial statements of the group's companies are calculated based on the currency of the economic environment in the country where each group company operates.

The individual financial statements of companies participating in the consolidation, and which are initially presented in a currency different than the group's presentation currency, have been converted to €. The assets and liabilities have been converted to € according to the closing exchange rate during the balance sheet date. Income and expenses have been converted to the group's presentation currency at average exchange rates of each reported period. Any differences that arise from this procedure have been transferred to an equity reserve.

3.3 Financial information by segment

A business segment is defined as a group of assets and activities that provide goods and services, that are subject to different risks and returns than other business segments.

A geographical segment is defined as a geographical region in which goods and services are provided and which is subject to different risks and returns than other regions.

The group has selected information by geographic segment as primary for segment reporting.

3.4 Goodwill

Goodwill which is acquired during a business combination, is initially recognized at cost, which is the excess cost of the combination, over the group's proportion in the fair value of net assets acquired. Following the initial recognition, goodwill is calculated at cost minus any accumulated impairment losses. The group examines goodwill for impairment on an annual basis or more frequently if there are events or changes in circumstances that suggest that goodwill may be impaired.

3.5 Intangible assets

Intangible assets of the group are initially recognized at acquisition cost. Following the initial recognition, intangible assets are calculated at cost minus accumulated amortization and any impairment loss that may have emerged.

The useful economic life and depreciation method are reviewed at least at the end of each financial period. If the estimated useful life or expected burn-up rate of future economic benefits incorporated in another intangible asset have changed, the changes are accounted for as changes in accounting estimations.

Intangible assets mainly include the acquired software used in production or management.

3.6 Tangible assets

Land-plots and buildings are presented in the financial statements at readjusted values minus accumulated depreciations.

The fair value of land-plots and buildings is defined periodically by an independent evaluator.

The mechanical equipment and other tangible fixed assets are presented at acquisition cost minus accumulated depreciations and possible impairment losses.

The acquisition cost of fixed assets includes all expenses directly attributed to the acquisition of the assets. Subsequent expenses are registered as in increase of the tangible assets' book value or as a separate fixed asset, only to the extent where such expenses increase the future economic benefits expected to arise from the use of the fixed assets, and the cost of such may be reliably calculated. The cost of repairs and maintenance is registered in the results of the period where such are realized.

Self-produced tangible assets constitute and addition to the acquisition cost of tangible assets at values that include the direct payroll cost for staff that participates in the construction, the cost of used materials and other general costs.

The depreciations of tangible fixed assets are calculated with the straight line method during their useful life, which is as follows:

The residual values and useful economic lives of tangible fixed assets are subject to reassessment at each balance sheet date. When the residuals values, the expected useful life or expected burn-up rate of future economic benefits incorporated in an asset have changed, the changes are accounted for as changes in accounting estimations.

Upon sale of the tangible fixed assets, any difference between the proceeds and the book value are booked as profit or loss to the results.

The book value of tangible fixed assets is examined for impairment when there are indications, namely events or changes in circumstances, that the book value may not be recoverable. If there is such an indication and the book value exceeds the estimated recoverable amount, the assets or cash flow creation units are impaired to the recoverable amount. The recoverable amount of property, facilities and equipment is the largest between their net sales price and their value in use. For the calculation of the value in use, the expected future cash flows are discounted to present value using a pre-tax discount rate that reflects the market's current expectations for the time value of money and related risks as regards to the asset. When the book values of tangible assets exceed their recoverable value, the difference (impairment) is registered initially as a reduction of the created fair value reserve (if there is such for the relevant fixed asset), which is presented in equity accounts. Any impairment loss that emerges over the created reserve for the specific fixed asset, is recognized directly as an expense in the profit and loss account.

3.7 Inventories

Inventories include raw materials, materials and other goods acquired with the intention of selling such in the future.

The cost of inventories is defined using the weighted average method, and includes all the , expenses realized in order to render inventories to their current position and condition and which are directly attributable to the production process, as well as part of general expenses related to the production. During the Balance Sheet date, inventories are presented at the lowest price between acquisition cost and net realizable value.

Net realizable value is the estimated sales price during the normal conduct of the company's activities, minus the estimated cost necessary to realize the sale.

3.8 Financial instruments

Financial instrument is any contract that creates a financial asset in an enterprise and a financial liability or equity instrument in another.

The financial instruments of the Group are classified in the following categories according to the substance of the contract and the purpose for which they were purchased.

Financial instruments valued at fair value through the profit and loss account

These comprise assets that satisfy any of the following conditions:

Financial assets that are held for trading purposes (including derivatives, except those that are designated and effective hedging instruments, those that are acquired or incurred for the purpose of sale or repurchase and, finally, those that are part of a portfolio of designated financial instruments).
Upon initial recognition it is designated by the company as an instrument valued at fair value, with any changes recognized through the Profit and Loss Account.

Financial assets available for sale

These include non derivative financial assets that are either designated as such or cannot be included in any of the previous categories.
Given that they can be reliably defined, such financial assets are subsequently valued at fair value, while if they cannot be reliably defined such are valued at acquisition cost.
The profit or losses that arise from financial assets available for sale are directly transferred to equity and remain in equity until such are written off.

In case of impairment in financial assets, the amount is not transferred to equity but to the results. The same holds for profit or losses that emerge from changes in exchange rates.

3.9 Trade receivables

Receivables from customers are initially booked at their fair value, which coincides with their nominal value, less impairment losses. Impairment losses (losses from doubtful receivables) are recognized when there is objective evidence that the group is not in a position to collect all amounts due according to the contractual terms. The amount of the impairment loss is the difference between the book value of receivables and the estimated future cash flows. The amount of the impairment loss is registered as an expense in the results of the period where the above conditions hold.

3.10 Cash & cash equivalents

Cash & cash equivalents include cash in banks and in hand, as well as short-term highly liquid investments such as repos and bank deposits with a maturity less than three months.

3.11 Share capital

Expenses realized for the issuance of shares are presented after the deduction of the relevant income tax, reducing the product of the issue. Expenses related to the issuance of shares for the acquisition of companies, are included in the acquisition cost of the company acquired.

3.12 Loans

Loans provide long-term financing for the group's operations. All loans are initially recognized at cost, which is the fair value of the amount received, except for the direct expenses of the loan's issue.

Following the initial recognition, loans are valued at depreciation cost based on the real interest rate method and any differences in recognized in the results during the borrowing period.

3.13 Leases

The estimation of whether an agreement includes a lease, takes place during the agreement's initiation, taking into account all the available information and specific conditions in effect.

3.13.1 Group company as lessee

3.13.1.1 Financial leases

The ownership of a leased asset is transferred to the lessee if essentially all the risks and benefits related with the leased asset are transferred to the lessee, regardless of the contract's legal form. During the lease, the asset is recognized at the lower of the fair value of the asset and the present value of the minimum lease payments, including additional payments, if any, covered by the lessee. A respective amount is recognized as a liability from the financial lease regardless if some of the lease payments are paid in advance during the beginning of the lease.

The subsequent accounting treatment of assets acquired with financial leasing agreements, i.e. the used depreciation method and the definition of their useful life, is the same as that applied for comparable assets acquired without lease contracts. The accounting treatment of the respective liability refers to its gradual reduction, based on the minimum lease payments minus financial charges, which are recognized as an expense in financial expenses. Financial charges are allocated during the lease period and represent a fixed periodic interest rate on the liability's outstanding balance.

3.13.1.2 Operating leases

All other leases are treated as operating leases. Payments in operating leasing contracts are recognized as an expense in the results with the straight line method (connection of income for the period and expense). The related expenses, such as maintenance and insurance, are recognized as expenses when such are realized.

3.14 Retirement benefits and short-term employee benefits

3.14.1 Short-term benefits

Short-term employee benefits (apart from benefits for employment termination) in cash and in kind, are recognized as an expense when such accrue. Any unpaid amount id registered as a liability, while in case where the amount already paid exceeds the benefit, the company then recognizes the excess amount as an asset item (prepaid expense) only to the extent where the prepayment will lead to a decrease of future payments or to a refund.

3.14.2 Defined benefit plans

The liability registered in the balance sheet for defined benefit plans corresponds to the present value of the liability for the defined benefit according to L. 2112/20 and the changes that arise from any actuarial profit or loss and the working experience cost. The obligation of the defined benefit is calculated annually by and independent actuary with the use of the projected unit credit method.

3.15 Recognition of income

Income is recognized to the extent that it is likely that economic benefits will arise for the group and the relevant amounts can be reliably measured. Income is net of value added tax, discounts and refunds. Income between group companies consolidated with the full consolidation method, are fully written-off.

The recognition of income takes place as follows:

3.15.1 Provision of services

Income from agreements for provision of services at a predefined price is recognized based on the completion stage of the transaction during the balance sheet date.

When the result of the transaction that concerns provision of services cannot be reliably estimated, the income is recognized only to the extent where the recognized expenses are recoverable.

3.15.2 Sales of goods

Income is registered when the essential risks and rewards that emanate from the ownership of the goods have been transferred to the buyer.

3.15.3 Interest income

Interest income is recognized based on the time proportion and by using the real interest rate.

3.15.4 Dividends

Dividends are accounted for as income when the right to receive such is established.

3.16 Government Grants

The Group recognizes the government grants that cumulatively satisfy the following criteria:

There is reasonable certainty that the company has complied or will comply to the conditions of the grant and
It is probable that the amount of the grant will be received.

Government grants that relate to acquisition of fixed assets are presented as a deferred income in liabilities and recognized in the results during the useful life of the fixed assets such refer to.

3.17 Provisions

Provisions are booked when the Group has a present, legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably measured. The provisions are reviewed at every balance sheet date and are adjusted so as to reflect the present value of the expense deemed necessary to settle the liability. Contingent liabilities are not recorded in the financial statements but are disclosed, except if the probability of an outflow of resources that embody economic benefits is very small. Contingent assets are not recorded in the financial statements but are disclosed if the inflow of economic benefits is probable.

3.18 Dividend distribution

Dividend distribution to shareholders of the parent from the period's profit, are recognized as a liability in the individual and consolidated financial statements on the date when the distribution is approved by the General Shareholders' Meeting.

3.19 Income Tax

3.19.1 Current Income Tax

The current tax asset / liability includes all the liabilities or receivables from the tax authorities that are related to the current or previous reference periods and which have not yet been paid

until the Balance Sheet date. Such are calculated according to the tax rates and tax laws in effect and based on the taxable profit of each period. All changes in current tax assets or liabilities are recognized as a tax expense in the results.

3.19.2 Deferred Income Tax

Deferred income tax is calculated according to the liability method which results from the temporary differences. Such includes the comparison between the book value of assets or liabilities in the consolidated financial statements with their respective tax base.

Deferred tax assets are recognized to the extent that it is likely that such will be offset against the future income tax.

The group recognizes a previously non-recognized deferred tax asset to the extent that it is likely that the future taxable profit will allow the recovery of the deferred tax asset.

The deferred tax asset is re-examined at each balance sheet date and is reduced to the extent that it is no longer likely that an adequate taxable profit will be available to allow the utilization of the benefit from part or the total deferred tax asset.

Deferred tax liabilities are recognized for all temporary tax differences.

Tax losses that can be transferred to subsequent periods are recognized as deferred tax assets.

Deferred tax assets and liabilities are valued based on the tax rates that are expected to be in effect during the period in which the asset or liability will be settled, taking into consideration the tax rates (and tax laws) that have been put into effect or are essentially in effect up until the balance sheet date.

Changes in the deferred tax assets or liabilities are recognized as part of the tax expense in the profit and loss account. Only changes that arise from specific changes in assets or liabilities, which are recognized directly in the equity of the Group, such as the revaluation of property value, result in the relevant change in deferred tax assets or liabilities being charged/credited against the relevant equity account.

4 CAPITAL MANAGEMENT

The Group's objectives as regards to management of capital, is to reassure the ability for the Group's smooth operation, aiming at providing satisfactory returns to shareholders and to maintain an ideal capital structure by reducing thus the cost of capital. The Group monitors its capital based on the leverage ratio. The leverage ratio is calculated by dividing net debt with total employed capital. Net debt is calculated as "Total debt" (including "short-term and longterm debt" as presented in the Balance Sheet) minus "Cash and cash equivalents". The buyback of own shares is not included in the calculation of Net debt. Total employed capital is calculated as "Equity attributed to shareholders of the parent" as presented in the balance sheet plus net debt. The leverage ratio on 30 September 2009 was as follows:

	GROUP
	30/09/2009	31/12/2008

TOTAL DEBT MINUS	59,650,000.00	64,921,255.93
CASH & CASH EQUIVALENTS	-18,454,471.52	-23,160,007.71
SECURITIES	-6,520,550.00	-5,972,453.00
NET DEBT	34,674,978.48	35,788,795.22
EQUITY ATTRIBUTED TO SHAREHOLDERS OF THE
PARENT	112,101,512.63	104,777,152.61
TOTAL EMPLOYED CAPITAL	146,776,491.11	140,565,947.83
LEVERAGE RATIO	23.62%	25.46%

5 EXPLANATORY NOTES ON THE FINANCIAL STATEMENTS

5.1 Segment reporting

For management purposes, the Group is organized in three basic business segments: Mass Market Cosmetics, Household Products and Other Sales. According to IFRS 8 – Operating Segments, the management monitors the operating results of the business segments separately with the objective to evaluate the performance and decision making as regards to the allocation of resources.

The Group's results per segment are analyzed as follows:

Commercial Activity Sectors	Turnover	Earnings before interest and tax (EBIT)	Financial income & expenses	Earnings before tax (EBT)	Income Tax	Earnings after tax (EAT)	Depreciation & Amortization	Earnings before interest tax depreciation & amortization (EBITDA)

Mass Market
Cosmetics	68,025,169.85	3,892,598.14	-641,758.75	3,250,839.40	596,388.82	2,654,450.58	1,181,677.56	5,074,275.70
Household Products
	70,555,359.57	8,172,628.18	-665,628.90	7,506,999.28	1,377,210.59	6,129,788.69	1,225,629.94	9,398,258.12
Other Sales	19,922,284.52	411,815.70	-187,949.55	223,866.14	228,761.63	-4,895.48	346,073.62	757,889.31
Income from
associate
companies	-	3,574,152.33	-	3,574,152.33	773,803.59	2,800,348.74	-	3,574,152.33
TOTAL	158,502,813.94	16,051,194.35	-1,495,337.20	14,555,857.15	2,976,164.63	11,579,692.52	2,753,381.12	18,804,575.47

For the period 01/01/2009 – 30/09/2009:

Commercial Activity Sectors	Turnover	Earnings before interest and tax (EBIT)	Financial income & expenses	Earnings before tax (EBT)	Income Tax	Earnings after tax (EAT)	Depreciation & Amortization	Earnings before interest tax depreciation & amortization (EBITDA)
Mass Market Cosmetics	82,827,593.76	11,427,459.85	209,226.54	11,636,686.39	2,170,194.29	9,466,492.09	1,269,609.94	12,697,069.79
Household Products	82,556,869.09	8,461,534.95	208,542.67	8,670,077.63	1,616,933.92	7,053,143.70	1,265,460.18	9,726,995.13
Other Sales Income from associate	25,319,131.40	1,852,820.47	63,957.36	1,916,777.83	357,471.21	1,559,306.63	388,100.38	2,240,920.86
companies	-	4,671,330.90	-	4,671,330.90	1,213,144.45	3,458,186.45	-	4,671,330.90
TOTAL	190,703,594.25	26,413,146.17	481,726.57	26,894,872.74	5,357,743.87	21,537,128.87	2,923,170.50	29,336,316.67

For the period 01/01/2008 – 30/09/2008:

Notes

The Income from Associate Companies refers to income from the joint venture Estee Lauder JV between the company and Estee Lauder Hellas and is presented in the table for reconciliation purposes.
The calculation of financial income & expenses and depreciation has been made proportionately based on the sales of each of the Group's business activity. The calculation of income tax has also been based proportionately on the earnings before tax of each of the Group's business activity.

The allocation of consolidated assets and liabilities per business activity of the Group, is analyzed as follows:

		GROUP	Mass Market Cosmetics		Household Products		Other Sales
	30/9/2009	31/12/2008	30/9/2009	31/12/2008	30/9/2009	31/12/2008	30/9/2009	31/12/2008
Total Assets	216,852,635.04	229,038,483.35	93,067,352.97	100,175,150.48	96,528,984.31	97,855,107.32	27,256,297.77	31,008,225.55
LIABILITIES	104,746,830.57	124,259,223.17	44,954,539.06	54,347,575.99	46,626,618.87	53,088,893.36	13,165,672.64	16,822,753.81

Note

The calculation of total assets and liabilities has been made proportionately based on the sales of each of the Group's business activity.

5.2 Goodwill

6,082,525.83
-108,557.50
5,973,968.33



ΡΟMANIA / ELMIPLANT
	-108,557.50
	-108,557.50

5.3 Inventories

INVENTORIES
A. Parent Company	30/9/2009 31/12/2008

Merchandise	8,797,756.89	10,451,102.43
Products	5,604,284.28	6,950,960.10
Raw Materials	3,883,684.57	4,489,485.10
	18,285,725.74	21,891,547.63

Β. Group	30/9/2009	31/12/2008

Merchandise	26,924,306.43	30,588,655.63
Products	6,068,578.69	7,374,814.69
Raw Materials	5,650,568.29	6,990,648.63
	38,643,453.41	44,954,118.95

5.4 Trade and other receivables

TRADE AND OTHER RECEIVABLES
	30/09/2009	31/12/2008
Α. Parent company

Trade receivables	29,004,163.14	31,153,076.07
Minus provisions	2,588,732.77	2,304,850.22
Net trade receivables	26,415,430.37	28,848,225.85
Checks and notes receivable	14,643,634.57	14,140,755.66
Sundry debtors	3,533,376.61	4,209,784.70
Accrued income	60,015.73	125,427.95
Deferred expenses	39,583.90	56,258.98
Other transitory accounts	0.00	2,406.24
	44,692,041.18	47,382,859.38

Β. Group

Trade receivables	56,963,667.77	59,004,467.05
Minus provisions	3,208,029.82	2,693,033.33
Net trade receivables	53,755,637.95	56,311,433.72
Checks and notes receivable	16,168,144.22	17,001,290.54
Sundry debtors	5,003,009.43	6,054,920.21
Accrued income	95,508.45	124,933.46
Deferred expenses	236,148.70	540,989.68
Other transitory accounts	796.74	78,862.97
	75,259,245.49	80,112,430.58

The total above receivables are considered to have a short-term maturity. The fair value of such short-term financial assets is not defined independently as the book value is considered to approach their fair value.

5.5 Cash & cash equivalents

CASH & CASH EQUIVALENTS
	30/09/2009	31/12/2008
A. Parent Company

Cash in hand	174,285.58	19,920.74
Bank deposits	6,983,516.12	14,451,732.83
	7,157,801.70	14,471,653.57

B. Group

Cash in hand	281,303.82	187,082.58
Bank deposits	18,173,167.70	22,972,925.13
	18,454,471.52	23,160,007.71

5.6 Securities

		30/09/2009	31/12/2008
A. Parent Company
1.	Available for sale with effect on net position	5,160,500.00	4,919,100.00
2.	Other	0.00	0.00
		5,160,500.00	4,919,100.00

B. Group
1.	Available for sale with effect on net position	6,520,550.00	5,972,453.00

2.	Other	0.00 6,520,550.00	0.00 5,972,453.00

5.7 Trade and other liabilities

Trade and other liabilities
	30/09/2009 31/12/2008
A. Parent Company
Suppliers	15,118,101.68	20,729,866.08
Checks and notes payable	4,491,322.97	8,772,813.66
Social security funds	399,962.34	878,146.35
Accrued expenses	0.00	596,098.69
Deferred income	2641.23	2,641.23
Other transitory accounts	294,292.34	89,416.00
Sundry creditors	1,000,190.95	42,626.41
	21,306,511.51	31,111,608.42

	30/09/2009	31/12/2008
Β. Group
Suppliers	24,733,623.75	35,600,715.74
Checks and notes payable	4,538,336.71	8,785,819.87
Social security funds	703,615.50	1,192,483.33
Accrued expenses	4,932,208.17	3,039,117.51
Deferred income	74,811.77	65,138.46
Other transitory accounts	328,998.12	184,231.09
Sundry creditors	1,352,200.36	622,464.31
	36,663,794.38	49,489,970.31

5.8 Provisions

PROVISIONS

	30/09/2008	31/12/2008
A. Parent Company
Taxes for tax un-audited fiscal years	1,425,226.32	838,000.00
Other provisions	0.00	1,367,829.20
Total	1,425,226.32	2,205,829.20

Β. Group
Taxes for tax un-audited fiscal years	1,520,226.32	933,000.00
Other provisions	71,000.00	1,447,429.78
Total	1,591,226.32	2,380,429.78

Note: On 09/11/2009 the Ordinary Tax Audit of GR. SARANTIS S.A. was concluded for the fiscal year of 2008. The tax audit that was conducted resulted in payable taxes and surcharges amounting to euro 344,936, which will not burden the results of 2009 given that the company had made a relevant provision.

5.9 Loans

	Group		Company
Short-term loans	30/09/2009	31/12/2008	30/09/2009	31/12/2008
Bank loans	30,650,000.00	46,671,255.93	27,500,000.00	40,500,000.00
Long-term loans
Corporate Bond loans	29,000,000.00	18,250,000.00	29,000,000.00	17,000,000.00
Total	59,650,000.00	64,921,255.93	56,500,000.00	57,500,000.00

Parent Company

ANALYSIS OF CORPORATE BOND LOANS
BANK	MATURITY	AMOUNT
NBG	30/11/2009	13,500,000
ALPHA BANK	16/10/2009	9,500,000
PIRAEUS BANK	30/9/2012	4,500,000
EFG EUROBANK	2/5/2011	17,000,000
EMPORIKI	29/9/2012	7,500,000
TOTAL		52,000,000

Group

ANALYSIS OF CORPORATE BOND LOANS
BANK	MATURITY	AMOUNT
NBG	30/11/2009	13,500,000
ALPHA BANK	16/10/2009	9,500,000
PIRAEUS BANK	30/9/2012	4,500,000
EFG EUROBANK	2/5/2011	17,000,000
EFG EUROBANK	16/10/2011	1,250,000
EMPORIKI	29/9/2012	7,500,000
TOTAL		53,250,000

5.10 Income tax

	Group		Company
	30/09/2009	30/09/2008	30/09/2009	30/09/2008

Income Tax for the period	2,882,059.72	4,518,816.89	587,226.32	1,217,920.39
Deferred tax	94,104.91	838,926.98	94,104.91	838,926.98
Total	2,976,164.63	5,357,743.87	681,331.23	2,056,847.37

5.11 Deferred taxes

Α. PARENT COMPANY

DEFERRED TAX ASSETS		Period
	31/12/2008	01/01/2009- 30/09/2009	30/09/2009
Write-off of Capitalized expenses	802,962.81	-90,058.86	712,903.95
Write-off of fixed assets under construction	5,143.41	-4,046.05	1,097.36
Write-off of tangible assets	-422.36	0.00	-422.36
Write-off of trade receivables	106,569.12	0.00	106,569.12
Write-off of other receivables	481,903.49	0.00	481,903.49
Provisions	410,308.26	0.00	410,308.26
Total	1,806,464.72	-94,104.91	1,712,359.81

DEFERRED TAX LIABILITIES

		Period
	31/12/2008	01/01/2009- 30/09/2009	30/09/2009
From building sale and lease back	0.00	0.00	0.00
Total	0.00	0.00	0.00

Β. GROUP

DEFERRED TAX ASSETS		Period
	31/12/2008	01/01/2009- 31/09/2009	30/09/2009
Write-off of Capitalized expenses	802,964.91	-90,058.86	712,906.05
Write-off of fixed assets under construction	5,143.41	-4,046.05	1,097.36
Write-off of tangible assets	-422.35	0.00	-422.35
Write-off of trade receivables	122,013.02	0.00	122,013.02
Write-off of other receivables	481,903.48	0.00	481,903.48
Provisions	423,456.75	0.00	423,456.75
Others	136,513.00	420,304.91	556,817.91
Foreign exchange differences	252,608.81	0.00	252,608.81
Total	2,224,181.03	326,200.00	2,550,381.03

DEFERRED TAX LIABILITIES

		Period
	31/12/2008	01/01/2009- 30/09/2009	30/09/2009
From building sale and lease back	0.00	0.00	0.00
Other	38,029.00	-38,029.00	0.00
Foreign exchange differences	10,066.79	-10,066.79	0.00
Total	48,095.79	-48,095.79	0.00

5.12 Employee benefits

	30/09/2009	30/09/2008
Α. Parent company
Employee salaries	10,509,384.42	11,421,621.11
Employee benefits	423,495.47	496,288.85
Employer contributions	2,577,901.75	2,845,200.91
Compensations for dismissal	350,623.93	378,073.50
Total	13,861,405.57	15,141,184.37

Average number of employees	533	553

Β. Group
Employee salaries	18,157,129.06	21,965,487.29
Employee benefits	698,488.97	862,687.76
Employer contributions	4,132,691.95	4,751,207.59
Compensations for dismissal	420,432.00	460,376.12
Total	23,408,741.98	28,039,758.76

Average number of employees	1,575	1,690

5.13 Expenses per category

30/09/2009	30/09/2008

39,929,550.62	49,379,640.66
11,845,441.73	12,910,295.57
1,198,245.65	996,957.17
2,550,110.63	2,810,588.24
676,551.32	663,702.23
14,838,033.04	18,762,189.13
1,210,582.12	1,147,721.69
72,248,515.11	86,671,094.69

Β . Group

Cost of sales	79,455,472.51	92,836,111.02
Employee expenses	20,764,032.60	23,979,217.77
Third-party fees	3,277,921.70	3,465,086.22
Third-party benefits	5,776,656.81	6,134,172.04
Taxes – duties	842,090.02	827,748.00
Sundry expenses	35,270,416.48	41,136,144.68
Fixed asset depreciation	2,114,141.68	2,172,983.08
Total	147,500,731.80	170,551,462.81

5.14 Share capital

SHARE CAPITAL
	NUMBER NOMINAL
	OF	VALUE OF	SHARE	SHARE	TOTAL
	SHARES	SHARES	CAPITAL	PREMIUM
30.09.2009	38,350,940	1.54	59,060,447.60	39,252,195.98	98,312,643.58
31.12.2008	38,350,940	1.54	59,060,447.60	39,252,195.98	98,312,643.58
31.12.2007	38,146,940	1.50	57,220,410.00	38,750,355.98	95,970,765.98

5.15 Treasury Shares

TREASURY SHARES
Date	Percentage of share capital
3RD QUARTER 2008	153,239	8.80	1,348,743	0.40%
4th QUARTER 2008	979,169	5.24	5,131,438	2.55%
1st QUARTER 2009	862,592	3.51	3,028,100	2.25%
2nd QUARTER 2009	188,100	2.57	482,949	0.49%
3RD QUARTER 2009	0	-	0	0
Total	2,183,100	4.58	9,991,230	5.69%

In application of article 4 par. 4 of Directive No. 2273/2003 of the European Commission and according to article 16 of C.L. 2190/1920 and based on the relevant decisions by the Extraordinary General Shareholders' Meeting (held on 02/06/2008), as amended by the Extraordinary General Meeting on 11/11/2008 and the Board of Directors, during the 9month of 2009 the company has purchased a total of 1,050,692 treasury shares with an average price of 3.34 euro, which correspond to 2.74% of the share capital. In total, until 30/09/2009 the company owns 2,183,100 treasury shares with an average price of 4.58 euro, which correspond to 5.69% of the share capital.

5.16 Table of changes in fixed assets

5.16.1 Parent company

	ACQUISITION COST 31/12/2007	ADDITIONS TRANSFERS	REDUCTIONS	VALUE 31/12/2008
LAND-FIELDS	8,563,871.26	0.00	727,881.02	7,835,990.24
BUILDINGS-BUILDING FACILITIES AND TECHNICAL PROJECTS	26,925,375.20	525,983.57	1,436,462.07	26,014,896.70
MACHINERY TECHNICAL EQUIPMENT OTHER MECHANICAL EQUIPMENT	6,763,874.83	643,536.73	79,723.39	7,327,688.17
VEHICLES	1,428,260.88	36,366.48	55,849.71	1,408,777.65
FURNITURE & OTHER EQUIPMENT	7,829,233.99	799,409.24	306,177.52	8,322,465.71
FIXED ASSETS UNDER CONSTRUCTION AND PREPAYMENTS	1,965,235.77	2,426,198.84	38,405.69	4,353,028.92
INTANGIBLE ASSETS TOTAL	106,441.58 53,582,293.51	18,527.50 4,450,022.36	0.00 2,644,499.40	124,969.08 55,387,816.47

	DEPRECIATIONS 31/12/2007	DEPRECIATIONS FOR THE PERIOD	REDUCTIONS OF DEPRECIATIONS	DEPRECIATIONS 31/12/2008	NET BOOK VALUE 31/12/2008
LAND-FIELDS	0.00	0.00	0.00	0.00	7,835,990.24
BUILDINGS-BUILDING FACILITIES AND
TECHNICAL PROJECTS MACHINERY TECHNICAL EQUIPMENT OTHER MECHANICAL EQUIPMENT	4,477,350.29 4,875,125.66	964,409.92 388,049.47	697,884.74 45,867.87	4,743,875.47 5,217,307.26	21,271,021.23 2,110,380.91
VEHICLES	1,135,134.02	49,419.61	32,314.91	1,152,238.72	256,538.93
FURNITURE & OTHER EQUIPMENT	5,781,948.21	633,025.64	291,355.62	6,123,618.23	2,198,847.48
FIXED ASSETS UNDER CONSTRUCTION AND PREPAYMENTS	0.00	0.00	0.00	0.00	4,353,028.92
INTANGIBLE ASSETS TOTAL	26,501.25 16,296,059.43	27,260.44 2,062,165.08	0.00 1,067,423.14	53,761.69 17,290,801.37	71,207.39 38,097,015.10

Note: The account "Fixed assets under construction" mainly represents amounts that regard the installation of the new ERP SAP application.

	ACQUISITION COST 31/12/2008	ADDITIONS	OTHER ADDITIONS TRANSFERS	REDUCTIONS TRANSFERS	VALUE 30/09/2009

LAND-FIELDS	7,835,990.24	0.00		0.00	7,835,990.24
BUILDINGS-BUILDING
FACILITIES AND
TECHNICAL PROJECTS	26,014,896.70	28,762.65	27,827.00	0.00	26,071,486.35
MACHINERY
TECHNICAL EQUIPMENT OTHER MECHANICAL
EQUIPMENT	7,327,688.17	289,184.85	340.00	18,057.24	7,599,155.78

VEHICLES	1,408,777.65	100,431.65		133,995.28	1,375,214.02
FURNITURE & OTHER
EQUIPMENT	8,322,465.71	255,281.99	261,898.82	428,080.06	8,411,566.46
FIXED ASSETS UNDER
CONSTRUCTION AND
PREPAYMENTS	4,353,028.92	1,306,691.79		4,795,405.43	864,315.28

INTANGIBLE ASSETS	124,969.08	201,732.00	4,306,384.84	0.00	4,633,085.92

TOTAL	55,387,816.47	2,182,084.93	4,596,450.66	5,375,538.01	56,790,814.05

	DEPRECIATIONS 31/12/2008	DEPRECIATION S FOR THE PERIOD	REDUCTIONS OF DEPRECIATIONS	DEPRECIATION S 30/09/2009	NET BOOK VALUE 30/09/2009

LAND-FIELDS	0.00	0.00	0.00	0.00	7,835,990.24
BUILDINGS
BUILDING FACILITIES AND
TECHNICAL
PROJECTS	4,743,875.47	715,639.30	0.00	5,459,514.77	20,611,971.58
MACHINERY
TECHNICAL EQUIPMENT OTHER
MECHANICAL
EQUIPMENT	5,217,307.26	304,695.68	18,050.73	5,503,952.21	2,095,203.57

VEHICLES	1,152,238.72	45,393.68	114,371.74	1,083,260.66	291,953.36
FURNITURE &
OTHER EQUIPMENT	6,123,618.23	540,571.05	428,051.53	6,236,137.75	2,175,428.71
FIXED ASSETS
UNDER CONSTRUCTION
AND PREPAYMENTS	0.00	0.00	0.00	0.00	864,315.28

INTANGIBLE ASSETS	53,761.69	107,567.33	0.00	161,329.02	4,471,756.90

TOTAL	17,290,801.37	1,713,867.04	560,474.00	18,444,194.41	38,346,619.64

5.16.2 Group

	ACQUISITION COST 31/12/2007	ADDITIONS	OTHER ADDITIONS	REDUCTIONS	WRITE OFFS	FOREIGN EXCHANGE DIFFERENCES	VALUE 31/12/2008
LAND-FIELDS	9,430,314.26	0.00	13,173.20	755,753.34	0.00	96,157.43	8,591,576.69
BUILDINGS-BUILDING FACILITIES AND TECHNICAL PROJECTS	27,735,941.56	913,835.53	0.00	1,627,643.16	80.00	121,554.80	26,900,499.12
MACHINERY TECHNICAL EQUIPMENT OTHER MECHANICAL EQUIPMENT	9,685,792.32	1,039,496.36	282,713.95	145,518.38	99,465.91	316,813.57	10,446,204.77
VEHICLES	6,620,930.93	1,509,405.56	0.00	1,001,068.53	0.00	526,526.68	6,602,741.27
FURNITURE & OTHER EQUIPMENT	8,808,804.82	859,239.08	62,523.60	44,338.76	305,474.26	56,770.29	9,323,984.19
FIXED ASSETS UNDER CONSTRUCTION AND PREPAYMENTS	2,065,036.77	2,410,119.19	0.00	38,405.69	0.00	10,585.55	4,426,164.72
INTANGIBLE ASSETS	1,144,113.58	136,693.60	1,581,501.05	0.00	98,990.52	115,226.41	2,648,091.29
TOTAL	65,490,934.24	6,868,789.31	1,939,911.80	3,612,727.86	504,010.68	1,243,634.75	68,939,262.06

	DEPRECIATIONS 31/12/2007	DEPRECIATION S FOR THE PERIOD	DEPRECIATION S OF REDUCTIONS	DEPRECIATI ONS OF WRITE-OFFS	FOREIGN EXCHANGE DIFFERENC ES	DEPRECIATIO NS 31/12/2008	NET BOOK VALUE 31/12/2008
LAND-FIELDS	0.00	0.00	0.00	0.00	0.00	0.00	8,591,576.69
BUILDINGS-BUILDING FACILITIES AND TECHNICAL PROJECTS	4,681,963.07	1,012,542.58	736,079.59	0.00	13,869.12	4,944,556.94	21,955,942.18
MACHINERY TECHNICAL EQUIPMENT OTHER MECHANICAL EQUIPMENT	6,724,849.85	851,038.70	184,988.81	93,624.99	208,579.92	7,088,694.83	3,357,509.94
VEHICLES	3,768,716.28	982,781.91	846,601.81	0.00	235,136.59	3,669,759.79	2,932,981.48
FURNITURE & OTHER EQUIPMENT	6,483,929.67	728,940.14	24,444.32	296,268.32	37,648.37	6,854,508.80	2,469,475.39
FIXED ASSETS UNDER CONSTRUCTION AND PREPAYMENTS	0.00	0.00	0.00	0.00	0.00	0.00	4,426,164.72
INTANGIBLE ASSETS	896,021.98	159,305.69	0.00	98,990.52	105,002.82	851,334.34	1,796,756.95
TOTAL	22,555,480.85	3,734,609.03	1,792,114.53	488,883.83	600,236.82	23,408,854.70	45,530,407.35

	ACQUISITION COST 31/12/2008	ADDITIONS	OTHER ADDITIONS	REDUCTIO NS	OTHER REDUCTION S	WRITE-OFFS	FX DIFFERENC ES	VALUE 30/09/2009
LAND-FIELDS	8,591,576.69	0.00	-13,173.20	0.00	0.00	0.00	21,411.14	8,556,992.35
BUILDINGS BUILDING FACILITIES AND TECHNICAL PROJECTS	26,900,499.12	107,074.71	46,443.52	0.00	0.00	0.00	11,286.73	27,042,730.62
MACHINERY TECHNICAL EQUIPMENT OTHER MECHANICAL EQUIPMENT	10,446,204.77	837,853.11	401,884.57	34,170.52	0.00	51,044.46	65,887.69	11,534,839.77
VEHICLES	6,602,741.27	595,896.59	79,622.66	611,061.55	0.00	83,053.57	134,439.66	6,449,705.75
FURNITURE & OTHER EQUIPMENT	9,323,984.19	425,118.40	175,547.86	20,059.08	0.00	418,005.56	3,960.56	9,482,625.25
FIXED ASSETS UNDER CONSTRUCTION AND PREPAYMENTS	4,426,164.72	1,834,359.82	56,167.12	198,954.77	4,596,450.66	49,802.25	-9,522.84	1,481,006.83
INTANGIBLE ASSETS	2,648,091.29	231,175.58	4,304,930.80	1,595.05	0.00	49,104.36	80,179.58	7,053,318.68
TOTAL	68,939,262.06	4,031,478.20	5,051,423.33	865,840.96	4,596,450.66	651,010.20	307,642.52	71,601,219.25

	DEPRECIATIO NS 31/12/2008	DEPRECIATI ONS FOR THE PERIOD	OTHER DEPRECIATI ONS	DEPRECIATI ONS OF REDUCTION S	DEPRECIATI ONS OF WRITE OFFS	FOREIGN EXCHANGE DIFFERENCE S	DEPRECIATION S30/09/2009	NET BOOK VALUE 30/09/2009
LAND-FIELDS	0.00	0.00	0.00	0.00	0.00	0.00	0.00	8,556,992.35
BUILDINGS BUILDING FACILITIES AND TECHNICAL PROJECTS	4,944,556.94	740,882.03	5,442.90	0.00	0.00	922.26	5,689,959.61	21,352,771.01
MACHINERY TECHNICAL EQUIPMENT OTHER MECHANICAL EQUIPMENT	7,088,694.83	624,932.50	366,058.45	27,013.21	51,044.46	41,310.81	7,960,317.29	3,574,522.48
VEHICLES	3,669,759.79	617,136.51	51,142.46	511,093.92	80,508.16	61,146.10	3,685,290.58	2,764,415.17
FURNITURE & OTHER EQUIPMENT	6,854,508.80	620,843.53	-18,850.82	17,803.80	418,001.28	11,088.29	7,009,608.14	2,473,017.11
FIXED ASSETS UNDER CONSTRUCTION AND PREPAYMENTS	0.00	0.00	0.00	0.00	0.00	0.00	0.00	1,481,006.83
INTANGIBLE ASSETS	851,334.34	149,586.55	0.00	1,328.00	49,104.36	14,884.80	935,603.72	6,117,714.96
TOTAL	23,408,854.69	2,753,381.13	403,792.98	557,238.93	598,658.26	129,352.26	25,280,779.34	46,320,439.91

5.17 Actuarial study

The following actuarial assumptions were made for the calculations of the study:

Inflation

All calculations took place with constant prices of 31/12/2008. Namely, the assumption was made that wages and day wages and respective indemnities will be readjusted automatically with the current increase of consumer prices.

Wage scale

Wages and day wages increase by 4.0 annually in nominal prices, that is included inflation.

Discount rate for calculations

According to directions of IAS 19, the discount rate for the calculation of present values and the investment of inventories, must be defined with prudence. In our case, this rate was set at 5.0% in nominal terms.

Mortality

As a mortality probability model, the Tables of Greek Population 1990 of the Hellenic Actuaries Union were used.

Dismissals

We assumed that no dismissals will occur and all employees will receive indemnity during their retirement.

Retirement ages

Due to lack of information for premature retirement and retirement due to inabilities, the retirement ages of the National Social Security Institute (IKA) were used as retirement ages for men and women.

As at 31/12/2008

Required Reserve	Men	Women	Total
TOTAL	880,177.00	761,056.00	1,641,233.00

The above amount of 1,641,233.00 euro is also presented in the Company's accounting books for 31/12/2008.

5.18 Intra-group transactions

(01/01 – 30/09/2008)

SALES PURCHASES	GR. SARANTIS S.A.	VENTURES SA	SARΑNTIS ROMANIA	SARANTIS BULGARIA	SARANTIS BELGRADE	SARANTIS SKOPJE	SARANTIS ANADOL S.A	SARANTIS UKRAINE	SARANTIS POLAND	SARANTIS CZECH	GR.SARANTIS CYPRUS LTD	ZETA SA	K. THEODORIDIS S.A.	ΟΤΟ ΤΟΡ EOOD	SARANTIS HUNGARY	TOTAL
GR. SARANTIS SA	0.00	1,425,282.51	4,343,490.40	2,608,635.12	1,987,934.69	665,779.14	56,678.04	-35,329.07	4,444,402.52	1,664,614.64	0.00	1,350.00	66,053.00		950,066.08	18,178,957.07
ΖΕΤΑ FIN LTD	479,470.09															479,470.09
SARANTIS ROMANIA	24,281.35			91.97	0.00				22,923.05	0.00	9,173.00		0.00		0.00	56,469.37
ELMIPLANT ROMANIA			2,061,026.15													2,061,026.15
GR.SARANTIS CYPRUS LIM.	102,671.12															102,671.12
SARANTIS .HUNGARY	9,679.31		7,920.16		3,977.25				69,428.69	30,622.55						121,627.96
SARANTIS BULGARIA	0.00		0.00		3,273.45				13,581.81	7,784.42						24,639.68
SARANTIS CZECH	7,930.49			0.00					0.00						0.00	7,930.49
SARANTIS BELGRADE						195,196.96			0.00							195,196.96
SARANTIS POLAND	26,762.58		844,507.58	239,072.84	479,525.32	64,127.72		0.34		289,169.36	0.00				11,308.40	1,954,474.14
K. THEODORIDIS SA														697,633.81		697,633.81
SARANTIS ANADOL S.A	389,033.91								0.00							389,033.91
SARANTIS RUSSIA	0.00															0.00
SARANTIS UKRAINE	50,446.17								41,381.02							91,827.19
TOTAL	1,090,275.02	1,425,282.51	7,256,944.29	2,847,799.93	2,474,710.71	925,103.82	56,678.04	-35,328.73	4,591,717.09	1,992,190.97	9,173.00	1,350.00	66,053.00	697,633.81	961,374.48	24,360,957.94

(01/01 – 30/09/2009)

SALES PURCHASES	GR. SARANTIS SA	VENTURES SA	SARANTIS ROMANIA SA	SARANTIS BULGARIA LTD	SARANTIS BELGRADE DOO	SARANTIS SKOPJE DOO	SARANTIS ANADOL S,A	SARANTIS RUSSIA	SARANTIS POLSKA SA	SAR CZECH REPUBLIC ARO	TRADE 90 LTD	K. THEODORIDIS SA	OTO TOP EOOD	SARANTIS HUNGARY	ZETA SA	TOTAL
SARANTIS SA		1,384,117.98	3,287,820.90	1,709,164.62	1,511,386.19	552,033.64	69,153.50	-723,588.99	2,768,406.05	880,221.26	493,880.28	10,513.00			3,675.00	11,946,783.43
ΖΕΤΑ FIN LTD	295,033.70															295,033.70
SARANTIS ROMANIA SA				41,557.68	65,839.25				32,866.59	4,566.07						144,829.59
ELMI PRODFARM SRL			2,068,960.36													2,068,960.36
GR.SARANTIS CYPRUS LTD	408,843.42									9,936.00				7,187.50		425,966.92
SARANTIS RUSSIA	706,052.01															706,052.01
SARANTIS BULGARIA LTD			43,842.07		69,622.40	3,707.84			6,041.87	12,545.22						135,759.40
SARANTIS CZECH REPUBLIC SRO			13,119.14	4,898.23	15,423.00				69,495.67		39,920.56					142,856.60
SARANTIS BELGRADE DOO	1,390.19		3,169.84			228,254.71			3,036.04							235,850.78
SARANTIS POLSKA SA	12,237.90		718,835.13	126,655.46	368,224.13	50,424.10				160,856.71	40,890.34					1,478,123.77
K. THEODORIDIS SA													217,301.73			217,301.73
SARANTIS ANADOL S.A	1,009,836.07															1,009,836.07
SARANTIS UKRAINE SA																0.00
TRADE 90 LTD	5,127.97		29,691.56	4,930.29	19,799.46	4,172.80			86,647.93	74,543.00						224,913.01
SAREAST LTD	13,650.00															13,650.00
TOTAL	2,452,171.26	1,384,117.98	6,165,439.00	1,887,206.28	2,050,294.43	838,593.09	69,153.50	-723,588.99	2,966,494.15	1,142,668.26	574,691.18	10,513.00	217,301.73	7,187.50	3,675.00	19,045,917.37

(01/01 – 31/12/2008)

LIABILITIES, RECEIVABLES	GR. SARANTIS SA	VENTURES SA	ZETA COSMETICS	ZETA SA	SAR. BELGRADE	SAR.BULGARI A L.T.D	SAR. SKOPJE LTD	SAR. ROMANIA	K. THEODORIDI S SA	SAR. CZECH	SAR. POLSKA	SAR UKRAINE	ZETA FIN LTD	SAR HUNGARY	SAR. RUSSIA	OTO TOP BULGARIA	ELMIPLANT ROM ANIA	TRADE 90	TOTAL
GR. SARANTIS SA	0.00	811,093.87	0.00	403,664.22	0.00	515,102.92	98,395.40	2,137,532.43	72,178.32	635,029.22	2,316,795.26	501,980.09	0.00	977,932.46	1,380,970.75		0.00		9,850,674.94
VENTURES SA	200.00																		200.00
ZETA SA	300.00			0.00		0.00							18,386.37						18,686.37
ZETA FIN	16,339,916.11		27,858.00																16,367,774.11
K. THEODORIDIS SA	0.00							40,694.53				0.00				668,014.53			708,709.06
SAR.POLSKA	21,688.50				175,557.88	49,112.86		490,026.73		1,020,842.55		0.00		43,431.44	3,825.54				1,804,485.50
SAR CZECH	0.00										4,193.00			0.00					4,193.00
SAR BELGRADE	265,214.00					25,200.00	39,883.70	10,000.00											340,297.70
SAR ROMANIA	0.00				0.00	94.00			0.00	0.00	2,882.59					0.00	697.81		3,674.40
SAR BULGARIA	587.00				0.00			0.00		0.00	0.00								587.00
SAREAST	400,350.00														0.00				400,350.00
VENUS SA				134,506.97															134,506.97
GR.SARANTIS CYPRS LTD	16,306,247.50					0.00		1,252,817.00			0.00			0.00				1,145,745.00	18,704,809.50
SAR TURKEY	168,837.45										0.00								168,837.45
SAR. UKRAINE	0.00										0.00								0.00
WALDEK													450.00						450.00
ELMIPLANT	0.00							1,338,474.65	0.00										1,338,474.65
SAR HUNGARY	0.00					0.00		4,555.58		19,757.95	37,132.00								61,445.53
TOTAL	33,503,340.56	811,093.87	27,858.00	538,171.19	175,557.88	589,509.78	138,279.10	5,274,100.92	72,178.32	1,675,629.72	2,361,002.85	501,980.09	18,836.37	1,021,363.90	1,384,796.29	668,014.53	697.81	1,145,745.00	49,908,156.18

(01/01-30/09/2009)

LIABILITIES RECEIVABL ES	GR. SARANTIS SA	VENTURES SA	ZETA COSMETICS LTD	ZETA SA	SARANTIS BELGRADE DOO	SARANTIS BULGARIA LTD	SARANTIS SKOPJE DOO	SARANTIS ROMANIA SA	K. THEODORID IS SA	SARANTIS CZECH REPUBLIC ARO	SARANTIS POLSKA SA	SARANTIS UKRAINE SA	ZETA FIN LTD	WALDECK LTD	SARANTIS RUSSIA	OTO TOP EOOD	ELMI PRODFA RM SRL	SARANTIS HUNGARY	TRADE 90 LTD	TOTAL
GR. SARANTIS SA		1,435,723.19		605,062.82	183,200.95			272,410.26	67,826.19	775,556.64	968,902.73	501,980.09			699,970.75				515,041.12	6,025,674.74
VENTURES SA	200.00																			200.00
ZETA SA	300.00																			300.00
ZETA FIN LTD	16,823,289.81		27,858.00											3,695.00						16,854,842.81
K. THEODORID IS SA								20,347.27				0.00				418,045.24				438,392.51
SARANTIS POLSKA SA	201.60				136,951.15	34,524.21		179,535.52		53,914.23					3,825.54				13,162.15	422,114.40
SARANTIS CZECH REPUBLIC ARO											6,163.38								16,598.90	22,762.28
SARANTIS BELGRADE DOO							50,750.88													50,750.88
SARANTIS ROMANIA SA	2,612,070.19				5,136.05	127.48			0.00	4,521.40	15,208.26						39.52			2,637,102.90
SARANTIS BULGARIA LTD	2,259,455.14				5.00			4,399.20												2,263,859.34
SAREAST LTD	414,000.00																			414,000.00
VENUS SA				116,478.75																116,478.75
GR SARANTIS CYPRUS LTD	10,532,603.00					500,000.00				709,936.00	3,154,780.00							7,188.00		14,904,507.00
SARANTIS ANADOL SA	327,054.51																			327,054.51
SARANTIS SKOPJE DOO	670,260.28																			670,260.28
WALDECK LTD													450.00							450.00
ELMI PRODFARM SRL								1,221,457.04												1,221,457.04
SARANTIS RUSSIA																				0.00
TRADE 90 LTD								22,195.84			40,514.39									62,710.23
TOTAL	33,639,434.53	1,435,723.19	27,858.00	721,541.57	325,293.15	534,651.69	50,750.88	1,720,345.13	67,826.19	1,543,928.27	4,185,568.76	501,980.09	450.00	3,695.00	703,796.29	418,045.24	39.52	7,188.00	544,802.17	46,432,917.67

All types of transactions (income and expenses) cumulatively from the beginning of the financial period as well as the balances of receivables and liabilities of the company and group at the end of the period, that have resulted from transactions with affiliated parties, as defined by IAS 24, are as follows:

TABLE OF DISCLOSURE OF AFFILIATED PARTIES	GROUP	COMPANY
a) Income	0.00	11,946,783.43
b) Expenses	0.00	2,452,171.26
c) Receivables	0.00	6,025,674.74
d) Liabilities	0.00	33,639,434.53
e) Transactions and remuneration of senior executives and Board
members	525,833.70	525,833.70
f) Receivables from senior executives and Board members	0.00	0.00
g) Liabilities towards senior executives and Board members	0.00	0.00

5.19 Sector and Geographic Breakdown Tables

Α. Breakdown per Activity Sector

		Analysis of Consolidated Sales
--	--	--------------------------------	--

9M '09 Consolidated Turnover Breakdown per Business Activity
SBU Turnover (€ mil)	9M '09	%	9M '08
Fragrances & Cosmetics	68.03	-17.87%	82.83
% of Total	42.92%		43.43%
Own	45.94	-21.34%	58.40
% of SBU	67.53%		70.51%
Distributed	22.09	-9.59%	24.43
% of SBU	32.47%		29.49%
Household Products	70.56	-14.54%	82.56
% of Total	44.51%		43.29%
Own	69.97	-10.82%	78.46
% of SBU	99.18%		95.04%
Distributed	0.58	-85.80%	4.10
% of SBU	0.82%		4.96%
Other Sales	19.92	-21.32%	25.32
% of Total	12.57%		13.28%
Health Care Products	8.63	-18.95%	10.65
% of SBU	43.32%		42.06%
Selective	7.86	-20.28%	9.86
% of SBU	39.47%		38.95%
Oto Top	3.43	-28.67%	4.81
% of SBU	17.21%		18.99%
Total Turnover	158.50	-16.89%	190.70

9M'09 Consolidated EBIT Breakdown per Business Activity
SBU EBIT (€ mil)	9M '09	%	9M '08
Fragrances & Cosmetics	3.89	-65.94%	11.43
Margin	5.72%		13.80%
% of EBIT	24.25%		43.26%
Own	2.60	-72.13%	9.33
Margin	5.66%		15.98%
% of EBIT	16.20%		35.33%
Distributed	1.29	-38.37%	2.10
Margin	5.85%		8.58%
% of EBIT	8.05%		7.94%
Household Products	8.17	-3.41%	8.46
Margin	11.58%		10.25%
% of EBIT	50.92%		32.04%
Own	8.11	-3.58%	8.41
Margin	11.58%		10.72%
% of EBIT	50.50%		31.83%
Distributed	0.07	23.07%	0.05
Margin	11.44%		1.32%
% of EBIT	0.41%		0.20%
Other Sales	0.41	-77.78%	1.85
Margin	2.07%		7.32%
% of EBIT	2.57%		7.01%
Health Care Products	1.33	-7.89%	1.44
Margin	15.39%		13.54%
% of EBIT	8.28%		5.46%
Selective	-0.90		0.24
Margin	-11.41%		2.48%
% of EBIT	-5.59%		0.93%
Oto Top	-0.02		0.17
Margin	-0.57%		3.46%
% of EBIT	-0.12%		0.63%
Income from Affiliated Companies	3.57	-23.49%	4.67
% of EBIT	22.27%		17.69%
Income From Estee Lauder JV	3.57	-23.49%	4.67
% of EBIT	22.27%		17.69%
Total EBIT	16.05	-39.23%	26.41
Margin	10.13%		13.85%

Consolidated EBIT Breakdown

Β. Geographic Breakdown

Analysis of Consolidated Sales

9M '09 Consolidated Turnover Breakdown per Geographic Market
Country Turnover (€ mil)	9M '09	%	9M '08
Greece	68.03	-17.48%	82.44
% of Total Turnover	42.92%		43.23%
Poland	36.13	-22.09%	46.37
Romania	27.41	-14.98%	32.24
Bulgaria	9.87	-11.51%	11.16
Serbia	7.19	-8.66%	7.87
Czech Republic	3.75	-18.40%	4.59
Hungary	4.41	9.36%	4.03
FYROM	1.61	13.05%	1.43
Old Countries Subtotal	90.37	-16.08%	107.69
% of Total Turnover	57.01%		56.47%
Turkey**	0.10		0.57
New Countries Subtotal	0.10		0.57
% of Total Turnover	0.07%		0.30%
Total Turnover	158.50	-16.89%	190.70

**The 9M 2008 figure includes Russia & Ukraine sales.

9M '09 Consolidated EBIT Breakdown per Geographic Market Country ΕΒΙΤ (€ mil) 9M '09 % 9M '08 Greece 11.39 -26.10% 15.42 % of Total Ebit 70.98% 58.37% Poland 1.96 -42.91% 3.43 Romania 1.67 -62.24% 4.43 Bulgaria 0.28 -79.24% 1.37 Serbia 1.12 -40.37% 1.88 Czech Republic -0.25 -0.05 Hungary -0.56 -42.21% -0.39 FYROM 0.42 27.68% 0.33 Old Countries Subtotal 4.66 -57.64% 11.00 Greece & Old Countries 16.05 -39.23% 26.41

Turkey** 0.00 0.00

Total EBIT 16.05 -39.23% 26.41

New Countries 0.00 0.00