Intracom S.A. Holdings

Quarterly Report • Sep 30, 2015

	NOTES:					Indirect Method	1/1/-31/3/2006	1/1/-31/3/2005	1/1/-31/3/2006	1/1/-31/3/2005
1.	Except for the Parent Company, details about group companies that are included in the consolidated financial statements (names, locations, percentage of
	ownership (direct) and method of consolidation) are presented below:					Operating activities
						Profit Before Tax	9.625	11.208	12.848	13.666
	Company		% holding	Method of consolidation	Country	Plus / Minus Adjustments for:
	∗ INTRACOM S.A. DEFENSE ELECTRONIC SYSTEMS (*)		100,00	PURCHASE	GREECE	Depreciation	9.734	8.159	891	6.039
	∗ INTRADEVELOPMENT A.E.		47,50	PURCHASE	GREECE	Provisions / Impairment	10	-254	-21	-5.366
	∗ INTRACOM TECHNOLOGIES LTD		100,00	PURCHASE	CYPRUS	Exchange differences	-407	1.411	-	-
	∗ INTRAROM S.A.		63,09	PURCHASE	ROMANIA	Results (income, expenses, profits and losses) from investing activities	-13.091	-718	-12.921	-1.521
	∗ HELLAS ON LINE (*)		100,00	PURCHASE	GREECE	Interest expense and related costs / Interest income and related income	5.112	5.384	339	4.800
	∗ MOLDOVAN LOTTERY		32,85	EQUITY	MOLDOVA	Plus / Minus Adjustments for Working Capital Changes
	∗ INTRACOM S.A. TELECOM SOLUTIONS (*)	(GROUP)	100,00	PURCHASE	GREECE	related to operating activities.
	∗ INTRACOM BULGARIA S.A.		70,00	PURCHASE	BULGARIA	Decrease / (increase) in inventories	-1.809	-2.336	-	-1.452
	∗ INTRACOM SVYAZ LTD		100,00	PURCHASE	RUSSIA	Decrease / (increase) in receivables	-123.326	-7.019	69.562	-39.229
	∗ INTRACOM DOO SKOPJE		70,00	PURCHASE	FYROM	Decrease / (increase) in liabilities (other than banks)	107.341	673	-12.410	8.968
	∗ INTRACOM HOLDINGS INTERNATIONAL LTD	(GROUP)	100,00	PURCHASE	CYPRUS	Less:
	− INTRACOM MIDDLE EAST FZE		100,00	PURCHASE	UAE	Interest expenses and related costs paid	-5.112	-5.384	-339	-4.800
	− INTRACOM MIDDLE EAST LLC		100,00	PURCHASE	UAE	Taxes paid	-791	-1.119	-276	-576
	− CONKLIN CORPORATION		100,00	PURCHASE	USA	Total inflow / (ouflow) from operating activities (a)	-12.714	10.005	57.673	-19.471
	− INTRACOM DOO BELGRADE		100,00	PURCHASE	SERBIA	Investing activities
	− INTRACOM DOO ARMENIA		100,00	PURCHASE	ARMENIA	Acquisition of subsidiaries, associates, joint ventures and other investments	18.118	-859	16.067	-12.289
	− FORNAX R.T.	(SUBGROUP)	67,00	PURCHASE	HUNGARY	Purchase of PPE and intangible assets	-6.768	-9.514	-604	-6.644
	− FORNAX INTEGRATOR		100,00	PURCHASE	HUNGARY	Proceeds from sales of PPE and intangible assets	10	46	-	22
	− FORNAX INFORMATIKA DOO CROATIA		100,00	PURCHASE	CROATIA	Interest received	90	109	48	-
	− FORNAX SLOVAKIA		100,00	PURCHASE	SLOVAKIA	Dividends received	-	134	-	-
	∗ INTRACOM S.A. INFORMATION TECHNOLOGY &COMMUNICATION SERV		100,00	PURCHASE	GREECE	Total (outflow)/ inflow from investing activities (b)	11.450	-10.084	15.511	-18.911
∗	DIALOGOS S.A.		51,00	PURCHASE	GREECE	Financing activities
	∗ INTRACOM JORDAN LTD		80,00	PURCHASE	JORDAN	Proceeds from issue of share capital	-1.241	13.447	-1.241	13.627
	∗ GLOBAL NET SOLUTIONS LTD		100,00	PURCHASE	BULGARIA	Proceeds from borrowings	27.880	-	-	-
	∗ INTRACOM EXPORTS LTD	(GROUP)	100,00	PURCHASE	CYPRUS	Repayments of borrowings	-21.194	-41.373	-79.845	-
	− INTRACOM CYPRUS LTD		100,00	PURCHASE	CYPRUS	Repayment of finance leases	-423	-270	-	-291
	∗ INTRASOFT INTERNATIONAL S.A.	(GROUP)	99,99	PURCHASE	LUXEMBOURG	Dividends paid	-640	-1.057	-240	-
	− PEBE S.A.		100,00	PURCHASE	BELGIUM	Total inflow / outflow from financing activities (c)	4.382	-29.253	-81.326	13.336
	− INTRASOFT A.E.		100,00	PURCHASE	GREECE	Net increase / (decrease) in cash and cash equivalents
	− INTRASOFT INTERNATIONAL S.A. (BELGIUM)		100,00	PURCHASE	BELGIUM	for the period (a) + (b) + (c )	3.118	-29.332	-8.142	-25.046
	− SWITCHLINK NV		65,16	PURCHASE	BELGIUM	Cash and cash equivalents at beginning of period	95.832	139.516	66.862	108.836
	∗ UNIBRAIN S.A.	(SUBGROUP)	29,98	EQUITY	GREECE	Cash and cash equivalents at end of period	98.950	110.184	58.720	83.790
	− UNIBRAIN INC		100,00	PURCHASE	USA

CONDENSED BALANCE SHEET	CONDENSED INCOME STATEMENT Amounts in € thousands
		GROUP		COMPANY			GROUP			COMPANY
	31 Μαρ 2006	31 Δεκ 2005	31 Μαρ 2006	31 Δεκ 2005			1/1/-31/3/2006	1/1/-31/3/2005	1/1/-31/3/2006	1/1/-31/3/2005
ASSETS
Non-current assets	419.756	414.357	501.845	491.707	Turnover		160.872	123.577	5.620	89.474
Inventories	159.173	157.193	-	-	Gross profit		36.237	43.723	558	34.187
Trade receivables	735.530	593.864	7.891	7.300	Profit before tax and financing results		13.548	10.645	12.181	12.199
Other assets	141.866	142.819	97.353	194.885	Profit before tax, financing results and depreciation		23.282	18.804	13.072	18.238
					Profit before tax		9.625	11.208	12.848	13.666
TOTAL ASSETS	1.456.325	1.308.233	607.089	693.892	Tax expense		3.240	2.158	2.825	2.534
					Profit after tax from continued operations		6.385	9.050	10.023	11.132
					Proft / Loss from discontinued operations		-	-253	-	-
					Profit for the period		6.385	8.797	10.023	11.132
LIABILITIES
Long-term liabilities	41.313	31.592	1.112	1.133	Attributable to:
Short-term bank borrowings	321.810	318.757	11.830	91.675	Equity holders of the Company		6.934	9.437	10.023	11.132
Other short-term liabilities	423.887	296.552	46.533	62.073	Minority interest		-549	-640	-	-
Total liabilities (a)	787.010	646.901	59.475	154.881			6.385	8.797	10.023	11.132
Equity	643.153	633.522	547.614	539.011
Minority interest	26.162	27.810	-	-	Earnings After Tax per share - basic (in €)		0,05	0,07	0,08	0,08
Total equity (b)	669.315	661.332	547.614	539.011
TOTAL EQUITY AND LIABILITIES (a) + (b)	1.456.325	1.308.233	607.089	693.892		CONDENSED CASH FLOW STATEMENT
						Amounts in € thousands
							GROUP			COMPANY
NOTES:					Indirect Method		1/1/-31/3/2006	1/1/-31/3/2005	1/1/-31/3/2006	1/1/-31/3/2005
Except for the Parent Company, details about group companies that are included in the consolidated financial statements (names, locations, percentage of 1.
ownership (direct) and method of consolidation) are presented below:					Operating activities
					Profit Before Tax		9.625	11.208	12.848	13.666
Company	% holding		Method of consolidation	Country	Plus / Minus Adjustments for:
∗ INTRACOM S.A. DEFENSE ELECTRONIC SYSTEMS (*)	100,00		PURCHASE	GREECE	Depreciation		9.734	8.159	891	6.039
∗ INTRADEVELOPMENT A.E.	47,50		PURCHASE	GREECE	Provisions / Impairment		10	-254	-21	-5.366

(*) Consolidated for the first time in this period

			PURCHASE
			PURCHASE
			PURCHASE
			PURCHASE
	∗ MOLDOVAN LOTTERY	32,85	EQUITY	MOLDOVA	Plus / Minus Adjustments for Working Capital Changes
	∗ INTRACOM S.A. TELECOM SOLUTIONS (*) (GROUP)	100,00	PURCHASE	GREECE	related to operating activities.
			PURCHASE
			PURCHASE
			PURCHASE
	∗ INTRACOM HOLDINGS INTERNATIONAL LTD (GROUP)	100,00	PURCHASE	CYPRUS	Less:
	− INTRACOM DOO BELGRADE	100,00	PURCHASE	SERBIA	Investing activities
∗	DIALOGOS S.A.	51,00	PURCHASE	GREECE	Financing activities
			PURCHASE
			PURCHASE
			PURCHASE
	− INTRASOFT A.E.	100,00	PURCHASE	GREECE	Net increase / (decrease) in cash and cash equivalents
			EQUITY
	− UNIBRAIN INC	100,00	PURCHASE	USA
	∗ GANTEK S.A.	20,00	EQUITY	TURKEY
	∗ INTRACOM OPERATIONS LTD (GROUP)	100,00	PURCHASE	CYPRUS
	− INTRACOM GROUP USA INC	100,00	PURCHASE	USA
	∗ INTRAKAT S.A. (GROUP)	73,55	PURCHASE	GREECE
	− INMAINT S.A.	60,00	PURCHASE	GREECE
	− J/V ELTER - INTRAKAT (ALEX/POLI PIPELINE) (*)	50,00	EQUITY	GREECE
	− J/V ELTER - INTRAKAT (XIRIA PROJECT) (*)	50,00	EQUITY	GREECE
	− J/V ELTER - INTRAKAT (EGNATIA) (*)	50,00	EQUITY	GREECE

∗ INTRACOM OPERATIONS LTD	(GROUP)	100,00	PURCHASE	CYPRUS		STATEMENT OF CHANGES IN EQUITY
− INTRACOM GROUP USA INC		100,00	PURCHASE	USA		Amounts in € thousands
∗ INTRAKAT S.A.	(GROUP)	73,55	PURCHASE	GREECE			GROUP	COMPANY
− AETHERAS ENERGY S.A.		100,00	PURCHASE	GREECE		1/1/-31/3/2006	1/1/-31/3/2005	1/1/-31/3/2006	1/1/-31/3/2005
− INMAINT S.A.		60,00	PURCHASE	GREECE
− KEPA ATTIKIS S.A.		51,00	PURCHASE	GREECE	Balance at the beginning of period (1/1/2006 and 1/1/2005 respectively)	661.332	683.363	539.011	608.662
− INTRACOM CONSTRUCT S.A.		85,00	PURCHASE	ROMANIA	Effect of adoption of IAS 32/ 39	-	-25.409	-	-24.445
− S.C. TEHNICAL CONSTRUCT INTRAKAT SRL		100,00	PURCHASE	ROMANIA	Currency translation differences	-	1.039	-	-
− EUROKAT S.A.		82,00	PURCHASE	GREECE	Change in participation in subsidiaries	-	-2.088	-	-
− INTRALBAN SHA		55,00	PURCHASE	ALBANIA	Net income recognised directly in equity	2.838	4.022	-180	5.465
− INTRACOM BULGARIA S.A.		30,00	EQUITY	BULGAARY	Profit for the period, after Tax	6.385	8.797	10.023	11.132
− INTRACOM DOO SKOPJE		30,00	EQUITY	FYROM	(Buy) / Sell of Own Shares	-1.240	13.627	-1.240	12.186
− J/V ELTER - INTRAKAT (MAINTENANCE N. SECTOR) (*)		50,00	EQUITY	GREECE	Balance at the end of period (31/3/2006 and 31/3/2005 respectively)	669.315	683.351	547.614	613.000

2. Interim Financial Satements have been prepared based on the Accounting Principles as described in the annual audited Financial Statements of 31/12/2005, available on the company's official website(www.intracom.com). 3. The Company's tax returns have been audited by the tax authorities up to and including the fiscal year 2004. The remaining Greek companies included and the Joint Ventrures included in its group financial statements have not been audited since their incorporation. 4. There are no legal disputes or cases on arbitration which may materially affect the financial position of the Company. 5. There are no pledges on the Company's assets 6. Number of employees at the end of the current period: Company 148, Group 5.601. 7. Total intercompany sales and purchases by the Company to Group companies for the current period amounted to € 358 th. and € 85 th. respectively, whereas the balances receivable and payable by/ to Group companies at the end of the current period amounted to € 22.744 th. and € 4.748 th. respectively.	in the consolidation have been audited as follows: a) INTRACOM S.A. INFORMATION TECHNOLOGY & COMMUNICATION SERVICES up to the year 2002, b) INTRACOM S.A.TELECOM SOLUTIONS have been audited up to the year 2002, c) INTRACOM S.A. DEFENSE ELECTRONIC SYSTEMS has not been audited since its incorporation, d) INTRADEVELOPMENT SA has completed its second fiscal year in 2005 and has not been audited yet, e) DIALOGOS S.A.has been audited up to the fiscal year 2002 f) INTRAKAT SA (parent company) up to the year 2000, whereas its subsidiaries AETHERAS ENERGY, IN.MAINT, KEPA ATTIKIS S.A	8. Financial Statements have been approved by the Board of Directors during its session of 30/05/2006. 9. On December 29th 2005 the spin-off procedure of the segments Τelecom Solutions and Defense Electronic Systems has been completed and they have been contributed to the 100% subsidiaries INTRACOM S.A TELECOM SOLUTIONS and INTRACOM S.A. DEFENSE ELECTRONIC SYSTEMS in accordance with the provisions of L. 2166/93 via spin-off balance sheets as per 30/09/05 approved by the General Assembly of Shareholders during its session of 17/11/05. Furthermore, on December 30th 2 the spin-off procedure of the segment IT Services has been completed and has been contributed to the per 69,4% subsidiary INTRACOM S.A TECHNOLOGY AND COMMUNICATION SERVICES in accordance with the provisions of L. 2166/93 via spin-off balance sheet as per 31/10/2005, approved by the General Assembly of Share during its session of 15/12/2005. Therefore, the amounts of the parent company for the period from 1/1/-31/3/2006 do not include the amounts of the spin-off segments. 10. On 01/02/2006 the Company sold its participation of 24,41% in FORTHNET S.A. 11. On 31/01/2006 the Company purchased the 100% of HELLAS ON LINE S.A shares.
THE CHAIRMAN OF THE BOARD OF DIRECTORS AND CEO	Peania, May 30th 2006 VICE CHAIRMAN OF THE BOARD OF DIRECTORS	THE GENERAL MANAGER AND MEMBER OF THE BOARD OF DIRECTORS	ACCOUNTING MANAGER
S.P. KOKKALIS ID. No P 695792/31.10.1991	Κ. G. DIMITRIADIS ID. No Ι 208019/07.08.1974	D.Χ. KLONIS ID. No Ρ 539675/06.11.1995	Ι. Κ. TSOUMAS ID. No Ρ 499862/27.12.1994 License no. 637 Class Α'

INTRACOM HOLDINGS SA 19,5 km MARKOPOULOU AVE., GR-19002, PEANIA ATHENS (Ledger No SA 13906/06/Β/86/20) Financial information for the period from January 1st 2006 to March 31st 2006