Hellenic Exchanges-Athens Stock Exchange S.A.

Annual / Quarterly Financial Statement • Sep 23, 2015

TOTAL LIABILITIES AND EQUITY 182.105 184.864 301.646 293.535

	COMPANY DATA						STATEMENT OF COMPREHENSIVE INCOME
Company Headquarters	110 Athinon Ave. 10442 Athens							GROUP	COMPANY
Societe Anonyme Register No	45688/06/B/00/30								1.1-31.12.09	1.1-31.12.08	1.1-31.12.09	1.1-31.12.08
Prefecture	ATHENS				Turnover				78.341	108.366	42.546	61.186
HELEX Board of Directors composition					Gross profit				52.773	83.312	30.415	49.692
Name	Position				Earnings before Interest and Taxes (EBIT)				50.201	80.642	29.159	48.413
Iakovos Georganas	Chairman				Profit before taxes				43.034	88.932	48.417	105.677
Ulysses Kyriakopoulos	Vice Chairman				less taxes				(13.530)	(23.918)	(7.098)	(13.423)
		and independent, non executive member			Profits after taxes (A)				29.504	65.014	41.319	92.254
Spyros Capralos	CEO & executive member				Distributed to:
Avgoystinos Vitzilaios	Non executive member				Minority shareholders				0	0	0
Artemis Theodoridis	Non executive member				Company shareholders				29.504	65.014	0
Nikolaos Karamouzis	Non executive member				Other comprehensive income after tax (B)				(105)	(1.275)	0
Adamantini Lazari	Non executive member				Total comprehensive income after tax (A) + (B)				29.399	63.739	41.319	92.254
Nikolaos Milonas	Non executive member				After tax profits per share in € (basic & adjusted)				0,45	0,92	0,63	1,34
Spyridon Pantelias		Independent - non executive member			Proposed dividend per share (in €)				0,22	0,45	0,22	0,45
Ioannis Pechlivanidis	Non executive member				Earnings before interest, taxes, depreciation and amortization (EBITDA)				52.773	83.312	30.415	49.692
Nikolaos Chryssochoidis	Non executive member
Approval date of the annual financial statements							STATEMENT OF CHANGES OF EQUITY
(from which the summary data is derived)	08.03.2010				HELEX GROUP
Certified Auditors Accountants		Konstantinos Michalatos & Dimitrios Sourbis				Share	Treasury	Share	Reserves	Retained	Minority	Total Equity
Auditing company:		PRICEWATERHOUSECOOPERS				Capital	stock	premium		earnings	Interest
Type of audit review report:	With a concurring opinion							reserve
Company website:	www.helex.gr				Total Equity 01.01.2008	88.107	0	94.279	64.758	(57.979)	5	189.170
					Comprehensive total income afte tax	0	0	0	0	63.739	0	63.739
	STATEMENT OF FINANCIAL POSITION				Reserve transfer	0	0	0	3.964	(3.964)	0
		GROUP		COMPANY	Reserve reduction from asset revaluation	0	0	0	296	0	0	296
	31.12.2009	31.12.2008	31.12.2009	31.12.2008	Share buy-back	0	(40.637)	0	40.637	(40.637)	0	(40.637)
ASSETS					Special security valuation reserve	0	0	0	(921)	1.275	0	354
Property, plant and equipment	27.851	30.294	24.297	25.812	Stock option plan reserve	0	0	0	331	0	0	331
Intangible assets	176	290	19	8	Dividends paid	0	0	0	0	(52.864)	0	(52.864)
Other non current assets	6.788	6.434	240.827	240.763	Total Equity 31.12.2008	88.107	(40.637)	94.279	109.065	(90.430)	5	160.389
Client receivables	7.010	6.134	4.061	2.198	Comprehensive total income afte tax	0	0	0	0	29.399	0	29.399
Other current assets	134.607	135.782	26.769	18.824	Reserve transfer	0	0	0	4.678	(4.678)	0
Non current assets earmarked for sale	5.673	5.930	5.673	5.930	Special security valuation reserve	0	0	0	(104)	105	0
TOTAL ASSETS	182.105	184.864	301.646	293.535	Cancellation of treasury stock	(6.396)	40.637	0	(34.241)	0	0
					Stock option plan reserve	0	0	0	0	0	0
LIABILITIES AND EQUITY					Dividends paid	0	0	0	0	(29.416)	0	(29.416)
Share Capital	71.906	88.107	71.906	88.107	Share capital return	(9.805)	0	0	0	0	0	(9.805)
less treasury stock	0	(40.637)	0	(40.637)	Total Equity 31.12.2009	71.906	0	94.279	79.398	(95.020)	5	150.568
Other equity items	78.657	112.914	207.346	229.685
Shareholders' Equity	150.563	160.384	279.252	277.155
Minority interest	5	5	0	0
Total Equity	150.568	160.389	279.252	277.155			STATEMENT OF CHANGES OF EQUITY
Provisions/ Other long term liabilities	3.518	3.740	1.684	1.834	HELEX
Other short term liabilities	28.019	20.735	20.710	14.546		Share	Treasury	Share	Reserves	Retained	Minority	Total Equity
Total Liabilities	31.537	24.475	22.394	16.380		Capital	stock	premium		earnings	Interest

	Share Capital	Treasury stock	Share premium reserve	Reserves	Retained earnings	Minority Interest	Total Equity
Total Equity 01.01.2008	88.107	0	94.279	42.889	52.682	0	277.957
Comprehensive total income afte tax	0	0	0	0	92.254	0	92.254
Dividends paid	0	0	0	0	(52.864)	0	(52.864)
Reserve transfer	0	0	0	3.952	(3.952)	0	0

consolidation method are:
	The companies of the Group with the corresponding addresses, activities and percentages of participation which are included in the consolidated financial statements with the

Athens Exchange	Athens	Organization and support of the operation of cash
		and derivatives markets as well as other financial
		products	100%	100%
Thessaloniki Stock Exchange		Provision of support services to brokerage company branch offices and investors in Thessaloniki
		Out of the companies of the Group ATHEX has been audited up to fiscal year 2005. The tax audit for fiscal years 2006 & 2007 is expected to commence in Q1 2010. Regarding TSEC, the tax audit for fiscal years 2005 and 2006 was included in the provisions of Law 3697/2008 and as a result the tax audit was completed with the payment of €15,274.12. In April 2009 the HELEX tax audit for fiscal years 2006 and 2007 was concluded. Based on the tax audit, additional tax and penalties in the amount of €171.383 thousand were assessed, which were paid. This amount will not burden the current fiscal year, as it is covered by a provision that had been made in previous fiscal years.
		There are no differences in litigation or arbitration in legal or administrative bodies which may have a material impact in the financial position of the Company & the Group.
		The value of transactions and the balances of the HELEX Group with related parties is shown in the following table:

Purchase of goods and services
Claims
Liabilities
Transactions and remuneration of management and the BoD
Profits per share were calculated based on the average weighted number of shares outstanding.

HELLENIC EXCHANGES SOCIETE ANONYME HOLDING, CLEARING, SETTLEMENT & REGISTRY

STATEMENT OF CASH FLOWS						Dividends paid 0			0	0	0	(52.864)	0	(52.864)
		GROUP		COMPANY		Reserve transfer		0	0	0	3.952	(3.952)	0	0
Operating activities	31.12.2009	31.12.2008	31.12.2009	31.12.2008		Reserve reduction from asset revaluation Share buy-back		0 0	0 (40.637)	0 0	296 40.637	0 (40.637)	0 0	296 (40.637)
Profits before taxes	55.122	88.932	57.782	105.677		Stock option plan reserve		0	0	0	149	0	0	149
Plus / minus adjustments for:						Total Equity 31.12.2008		88.107	(40.637)	94.279	87.923	47.483	0	277.155
Depreciation	2.572	2.670	1.256	1.279		Comprehensive total income afte tax		0	0	0	0	41.319	0	41.319
Provisions	667	642	667	530		Dividends paid		0	0	0	0	(29.417)	0	(29.417)
Securities/ interest provisions	42	542	0	37		Reserve transfer		0	0	0	4.647	(4.647)	0	0
Grant Provisions	(24)	(20)	0	0		Cancellation of treasury stock		(6.396)	40.637	0	(34.241)	0	0	0
Interest income	(4.931)	(8.786)	(627)	(2.592)		Share capital return		(9.805)	0	0	0	0	0	(9.805)
Dividend income	0	0	(28.001)	(54.679)		Total Equity 31.12.2009		71.906	0	94.279	58.329	54.738	0	279.252
Interest expense & related expenses paid	10	6	5	6
Other non-cash changes	0	32	0	0
Provisions for stock option plan	0	331	0	150						ADDITIONAL INFORMATION
Earnings from asset sales	0	(3.352)	0	(18)
Reversal of provisions	(270)	(3.309)	(252)	(3.367)	1.	The companies of the Group with the corresponding addresses, activities and percentages of participation which are included in the consolidated financial statements with the
Result from securities	0	(14)	0	0		consolidation method are:
Used provisions Plus/ minus adjustments for changes in working	(216)	(48)	(172)	(47)		Company	HQ	Activity	Organization and support of the operation of cash			% of direct participation		Total % of the Group
capital or concerning operating activities						Athens Exchange	Athens		and derivatives markets as well as other financial
								products				100%		100%
Decrease / (increase) in receivables	(4.163)	578	(5.741)	1.461		Thessaloniki Stock Exchange	Thessaloniki		Provision of support services to brokerage company
(Decrease)/ increase of liabilities (except banks)	(11.132)	(13.725)	(7.840)	(33.410)		Centre			branch offices and investors in Thessaloniki
Interest received	4.889	8.346	627	2.319								66,10%		99,90%
Income taxes paid	(7.865)	(34.776)	(3.012)	(20.567)	2.	Out of the companies of the Group ATHEX has been audited up to fiscal year 2005. The tax audit for fiscal years 2006 & 2007 is expected to commence in Q1 2010. Regarding
						TSEC, the tax audit for fiscal years 2005 and 2006 was included in the provisions of Law 3697/2008 and as a result the tax audit was completed with the payment of
Net cash generated from operating activities (a)	34.701	38.049	14.692	(3.221)		€15,274.12. In April 2009 the HELEX tax audit for fiscal years 2006 and 2007 was concluded. Based on the tax audit, additional tax and penalties in the amount of €171.383
Investment activities						thousand were assessed, which were paid. This amount will not burden the current fiscal year, as it is covered by a provision that had been made in previous fiscal years.
Purchase of PP&E & intangible assets	(1.725)	(340)	(1.700)	(28)
Sale of PP&E & intangible assets	0	13.424	0	22		3. There are no encumbrances on the assets of the companies of the Group.
Increase in participations	(366)	(1.394)	(11)	(1.408)	4.	There are no differences in litigation or arbitration in legal or administrative bodies which may have a material impact in the financial position of the Company & the Group.
Securities	0	6.000	0	0
Dividends received	0	0	28.001	54.679		5. Number of employed personnel at the end of the fiscal year: Group 270, Company 128.
Total inflows / (outflows) from investment					6.	The value of transactions and the balances of the HELEX Group with related parties is shown in the following table:
activities (b)	(2.091)	17.690	26.290	53.265								GROUP	COMPANY
Financial activities						Sale of goods and services Purchase of goods and services							28.337
Interest & other similar expenses paid Increase in reserves	(10) 0	(15) (40.637)	(5) 0	(6) (40.637)		Claims							2.262 10
Share capital return	(9.805)	0	(9.805)	0		Liabilities							37
Dividends paid	(29.416)	(52.864)	(29.416)	(52.864)		Transactions and remuneration of management and the BoD						2.364	1.171
Total inflows / (outflows) from financing activities					7.	Profits per share were calculated based on the average weighted number of shares outstanding.
(c)	(39.231)	(93.516)	(39.226)	(93.507)	8.	The Repetitive General Meeting of shareholders of 26.05.2009 decided to cancel the 5,117,000 shares of the Company in treasury stock, thus reducing the number of shares
Net increase/ (decrease) in cash and cash						outstanding by an equal amount, from 70.485,563 to 65,368,563, as well as return part of the share capital to shareholders, with a corresponding reduction in the par value of
equivalents from the beginning of the period (a) +						the share. In particular, it decided to return capital in the amount of €9,805,284.45 or €0.15 per share for the 65,368,563 shares. Thus the share capital of the company
(b) + (c)	(6.621)	(37.777)	1.756	(43.463)		became €71,905,419.30 divided into 65,368,563 shares with a par value of €1.10 each.
Cash and cash equivalents - beginning of the					9.	The Annual General Meeting of HELEX Shareholders of 06.05.2009 approved a dividend payment of €0.45 per share or €29.4 mn.
period	121.933	159.710	17.094	60.557	10.	HELEX is a founding member of Link Up Capital Markets, a new consortium formed by 9 European Depositories that is planning to provide cross-border transaction settlement
						services. On 29.06.2009, the first connection of HELEX as depository with the Swiss depository was made, based on the terms of the Link Up contract. The total investment by
Cash and cash equivalents - end of the period	115.312	121.933	18.850	17.094		the 9 Depositories in the company is €8.0m, and HELEX's participation is €1.4m, 17.48% of the total investment.
					11.	The Group has invested part of its liquidity in bank bonds which it has classified as a commercial portfolio. These bonds are not expected to be sold in the near future. Taking
						into consideration the recent modifications of IAS 39, the company on 1.7.2008 transferred the abovementioned bonds in the securities for sale portfolio. The result of the revaluation of the bonds in the period 1.1.2009 to 31.12.2009 was a loss of €140 thousand, and is charged directly to equity (special reserve).
						The Group shows on its balance sheet an accumulated reserve amount of €2,992 thousand of which: a) €1,709 thousand concern staff retirement obligations, b) €735
	THE CHAIRMAN OF THE BoD				12.	thousand concern legal claims against the Greek state and c) €548 thousand concern other risks.
	IAKOVOS GEORGANAS				In compliance with the requirements of the Code of Conduct to unbundle the services offered and for their accounting separation, HELEX has drafted a self-assessment report 13. and has published the expenses and revenues for each service for the year 2008. The HELEX certified auditor, PricewaterhouseCoopers SA, has drafted an independent audit
	ID: Χ-066165					report on the contents of the HELEX self-assessment report. The self-assessment report, together with the audit report of the certified auditor, the audited financial statements
						of HELEX, and the table with the costs and revenues have been submitted to the Hellenic Capital Market Commission on April 30th 2009.
THE CHIEF EXECUTIVE OFFICER			THE GENERAL MANAGER
					14.	The terrorist act (explosion) that took place on 2.9.2009, caused extensive damage to the building of the Group at 110 Athinon Ave. The building has already been restored to
						its previous condition, and is fully functional. The building has full insurance coverage, and it is estimated that the required compensation, which is expected to amount to
SPYROS CAPRALOS			NIKOLAOS KONSTANTOPOULOS			€3.2m, will be paid by the insurance company.
ID: Ι-365608			ID: Π-673088		15.	In accordance with Law 3606/2007 and other relevant decisions by the Hellenic Capital Market Commission, HELEX has undertaken the responsibility to unbundle its post
						trading services. Thus it was decided to transfer clearing to another legal entity which will be purchased by a company of the HELEX Group. The transfer of clearing will take
THE DIRECTOR OF FINANCIAL MANAGEMENT		THE HEAD OF ACCOUNTING & BUDGETING				place by exploiting the tax advantages provided by Law 2166/1993. In particular, the implementatin of this solution will take place through the spinoff of the clearing services
						sector from HELEX. HELEX has found a societe anonyme that fulfills the abovementioned requirements, and it decided to purchase 100% of its share capital by paying €130.000. The purchase was completed on 4.3.2010.
CHRISTOS MAYOGLOU			CHARALAMBOS ANTONATOS		16.	By article 2 of Law 3808/2009 (Government Gazette A' 227/10.12.2009), an extraordinary tax on companies with large profits in fiscal year 2009 was levied. HELEX paid the extraordinary tax, which amounted to €12.1m and was recorded in fiscal year 2009, in one installment on 29.1.2010.
ID: Π-575157			ID: N-554218

The following data and information which arise from the financial statements, aim to provide general information about the financial position and results of the Company "Hellenic Exchanges S.A. Holding, Clearing, Settlement & Registry." We therefore recommend that the reader who wishes to have a complete picture of the financial position and the results of the Company before making any investment decision or other transaction with the Company, refer to the issuer's website address where the financial statements as well as the review report by the Certified Auditors Accountants, whenever this is required, are posted.

SUMMARY FINANCIAL DATA AND INFORMATION FOR THE PERIOD from JANUARY 1ST 2009 TO DECEMBER 31ST 2009

(published in accordance with Law 2190, article 135 for companies that prepare consolidated and company annual financial statements in accordance with IAS)

(Amounts in € thousands)