Jumbo S.A.

Quarterly Report • Oct 5, 2015

JUMBO S.A. GROUP OF COMPANIES

Interim Financial Statements For the period from 1 July 2006 to 31 March 2007

It is confirmed that the attached Financial Statements are the ones approved by the Board of Directors of JUMBO S.A. on May 18 2007 and they have been communicated to the public by being uploaded at the Company's website www.jumbo.gr. Summarized financial information published in the press is intended to give the reader a general view but it does not provide a complete picture of the financial position and the results of the Group and the Company in compliance with International Financial Reporting Standards. It is also noted that for simplification purposes summarized financial information published in the press includes accounts which have been condensed and reclassified.

Evangelos – Apostolos Vakakis President of the Board of Directors and Managing Director JUMBO S.A.

	PROFIT AND LOSS ACCOUNT 1
	PROFIT AND LOSS ACCOUNT 2
	BALANCE SHEETS 3
	STATEMENT OF CHANGES IN EQUITY - GROUP 4
	STATEMENT OF CHANGES IN EQUITY - COMPANY 5
	CASH FLOWS STATEMENT 6
	NOTES TO THE INTERIM FINANCIAL STATEMENTS 7
	AS AT 31 MARCH 2007 (All amounts are expressed in euro unless otherwise stated) 7
1.	Description of the company 7
2.	Synopsis of important accounting principles 8
	Basic accounting principles adopted for the preparation of these financial statements, are
	formulated below:8
2.1	Basis of preparation for the Financial Statements8
2.2	Adoption of new and revisionised International Financial Reporting Standards and
	Interpretations 8
3.	Segment Reporting 9
4.	Main accounting principles9
4.1	Consolidation basis 9
4.2	Structure of the Group 10
4.3	Functional currency, presentation currency and conversion of foreign currency 11
4.4	Property plant and equipment 12
4.5	Impairment of assets 12
4.6	Financial instruments 13
4.7	Inventory 14
4.8	Trade receivables 14
4.9	Cash and cash equivalents 14
4.10	Share capital 14
4.11	Loans 14
4.12	Convertible bond loans 14
4.13	Income & deferred tax 15
4.14	Liabilities for benefits to personnel retiring or leaving service 15
4.15	Provisions and contingent liabilities / assets 16
4.16	Leases 17
4.17	Recognition of income and expenses 17
4.18	Distribution of dividends 18
5.	Risk management 18
5.1	Risks related to the macroeconomic environment 18
5.2	Risks related to company΄s activity 18
5.3	Risks related to company's stock price 19
6.	Segment Reporting 20
6.1	Results of business sectors as at 31th of March 2007 and 2006 20
6.2	Allocation of Assets and Liabilities per business segment as at 31 March 2007 and 30
	June 2006 20
6.3	Information on sales per geographical area as at 31 of March 2007 and 2006 21
6.4	Analysis of assets per geographical area as at 31 of March 2007 and 30 June 2006 21
7.	Cost of sales 22
8.	Administration and distribution costs 23
9.	Other operating income and expenses24
10.	Financial income / expenses25

11.	Income tax 25
12.	Earnings per share26
13.	Property plant and equipment27
14.	Investment property 31
15.	Investments in subsidiaries 32
16.	Other long term receivables33
17.	Inventories 33
18.	Trade debtors and other trading receivables34
19.	Other receivables 35
20.	Other current assets35
21.	Cash and cash equivalents36
22.	Capital and reserves36
22.1	Share capital 36
22.2	Other reserves 37
23.	Liabilities for compensation to personnel due for retirement37
24.	Loan liabilities 39
24.1	Long term loans 39
24.2	Financial leases 41
	24.3 Short-term loan liabilities / long term liabilities payable in the subsequent year 42
25.	Other long term liabilities42
26.	Provisions43
27.	Trade and other payables 44
28.	Current tax liabilities 44
29.	Other short term liabilities45
30.	Cash flows from operating activities 45
31.	Contingent assets - liabilities46
32.	Transactions with related parties 46
33.	Lawsuits and legal litigations 48
34.	Number of employees48
35.	Events subsequent to the balance sheet date48

PROFIT AND LOSS ACCOUNT

FOR THE PERIOD ENDED ON 31 MARCH 2007 AND 2006

(All amounts are expressed in euros except from shares)

		THE GROUP
	notes	1/7/2006- 31/3/2007	1/1/2007- 31/3/2007	1/7/2005- 31/3/2006	1/1/2006- 31/3/2006
Tunrnover		269.378.268	66.197.041	213.830.666	47.004.242
Cost of sales	7	(131.617.676)	(30.660.280)	(106.621.311)	(21.818.668)
Gross profit		137.760.592	35.536.761	107.209.355	25.185.574
Other income	9	2.653.096	469.206	2.568.420	1.151.958
Distribution costs Administrative	8	(58.110.404)	(17.051.509)	(48.256.485)	(13.872.424)
expenses	8	(9.049.147)	(2.951.924)	(8.193.587)	(2.499.305)
Other expenses Profit before tax,		(2.082.574)	(682.748)	(1.951.678)	(740.860)
interest and investment results		71.171.563	15.319.786	51.376.025	9.224.943
Finance costs	10	(5.189.757)	(1.619.457)	(4.324.952)	(1.190.126)
Finance income	10	1.502.138	558.677	515.903	171.872
		(3.687.619)	(1.060.780)	(3.809.049)	(1.018.254)
Profit before taxes		67.483.944	14.259.006	47.566.976	8.206.689
Income tax	11	(17.747.717)	(4.191.896)	(13.710.388)	(2.404.923)
Profits after tax		49.736.227	10.067.110	33.856.588	5.801.766
Attributable to:
Shareholders of the parent company		49.736.227	10.067.110	33.856.588	5.801.766
Minority interests		-	-	-	-
Basic earnings per share (€/share)	12
Basic profits per share	12	0,82	0,17	0,70	0,12
Diluted earnings per share (€/share)		0,78	0,16	-	-
Average weighted number of shares Not continuing operations: Earnings before interest Tax investment		60.617.358 Do not exist	60.617.358	48.674.274	48.674.274
results depreciation and amortization		77.683.561	17.490.754	57.633.952	11.249.699
Eearnings before interest, tax and investment results		71.171.563	15.319.786	51.376.025	9.224.943
Profit before tax		67.483.944	14.259.006	47.566.976	8.206.689
Profit after tax		49.736.227	10.067.110	33.856.588	5.801.766

The accompanying notes constitute an integral part of the financial statements.

PROFIT AND LOSS ACCOUNT

FOR THE PERIOD ENDED ON 31 MARCH 2007 AND 2006

(All amounts are expressed in euros unless otherwise stated)

		THE COMPANY
	Notes	1/7/2006- 31/3/2007	1/1/2007- 31/3/2007	1/7/2005- 31/3/2006	1/1/2006- 31/3/2006
Tunrnover		253.954.373	63.447.209	202.037.531	45.356.255
Cost of sales	7	(129.857.255)	(30.653.860)	(105.814.075)	(22.168.522)
Gross profit		124.097.118	32.793.349	96.223.456	23.187.733
Other income	9	2.641.659	462.897	2.504.085	1.088.933
Distribution costs Administrative	8	(55.591.450)	(16.488.409)	(46.120.032)	(13.554.223)
expenses	8	(7.313.925)	(2.541.969)	(6.567.394)	(2.112.240)
Other expenses		(2.082.574)	(682.748)	(1.951.678)	(740.860)
Profit before tax, interest and
investment results		61.750.828	13.543.121	44.088.437	7.869.343
Finance costs	10	(4.737.372)	(1.459.978)	(3.839.788)	(1.092.106)
Finance income	10	1.079.437	417.486	362.588	134.287
		(3.657.935)	(1.042.492)	(3.477.200)	(957.819)
Profit before taxes		58.092.893	12.500.629	40.611.237	6.911.524
Income tax	11	(16.807.830)	(4.015.523)	(12.877.046)	(2.308.141)
Profits after tax		41.285.063	8.485.106	27.734.191	4.603.383
Basic earnings per
share (€/share) Basic profits per	12	0,68	0,14	0,57	0,09
share	12	0,65	0,13	-	-
Diluted earnings per share (€/share)
Average weighted number of shares Not continuing operations:		60.617.358 Do not exist	60.617.358	48.674.274	48.674.274
Earnings before interest Tax investment results depreciation and amortization		67.723.606	15.570.517	49.782.177	9.704.914
Eearnings before interest, tax and investment results		61.750.828	13.543.121	44.088.437	7.869.343
Profit before tax		58.092.893	12.500.629	40.611.237	6.911.524
Profit after tax		41.285.063	8.485.106	27.734.191	4.603.383

The accompanying notes constitute an integral part of the financial statements.

BALANCE SHEETS

FOR THE PERIOD ENDED ON 31 MARCH 2007 AND 30 JUNE 2006

		THE GROUP			THE COMPANY
	Notes	31/3/2007	30/6/2006	31/3/2007	30/6/2006
Assets Non current
Property, plant and equipment	13	190.131.987	158.081.897	158.110.960	133.189.376
Investment property	14	8.875.453	9.154.234	8.875.453	9.154.234
Investments in subsidiaries	15	0	0	19.979.894	11.329.814
Other long term receivables	16	2.784.293	2.872.793	2.763.849	2.852.650
		201.791.733	170.108.924	189.730.156	156.526.074
Current
Inventories	17	108.673.720	100.746.670	103.889.783	95.899.555
Trade debtors and other trading
receivables	18	16.474.563	19.209.907	17.784.477	20.283.868
Other receivables	19	32.207.640	29.402.761	27.593.947	32.553.766
Other current assets	20	2.012.375	1.418.362	2.012.375	1.418.362
Cash and cash equivalents	21	61.354.811	21.818.592	47.372.595	8.980.606
		220.723.109	172.596.292	198.653.177	159.136.157
Total assets		422.514.842	342.705.216	388.383.333	315.662.231
Equity and Liabilities Equity attrabutable to the shareholders of the parent entity	22
Share capital	22.1	84.864.301	84.864.301	84.864.301	84.864.301
Share premium reserve	22.1	7.678.828	7.678.828	7.678.828	7.678.828
Translation reserve		(155.917)	251.369	0	0
Other reserves	22.2	37.255.911	10.936.176	37.255.911	10.936.176
Retained earnings		73.994.759	64.510.904	50.814.521	49.781.830
		203.637.882	168.241.578	180.613.561	153.261.135
Minority interests		-	-	-	-
Total equity		203.637.882	168.241.578	180.613.561	153.261.135
Non-current liabilities
Liabilities for compensation to
personnel due for retirement	23	1.566.039	1.347.152	1.566.039	1.347.152
Long term loan liabilities	24	96.307.876	75.102.712	88.252.652	67.031.547
Other long term liabilities	25	3.526	1.254	3.526	1.254
Deferred tax liabilities		3.664.823	3.709.770	3.663.397	3.707.408
Total non-current liabilities		101.542.264	80.160.888	93.485.614	72.087.361
Current liabilities
Provisions	26	332.637	441.164	332.637	441.164
Trade and other payables	27	55.283.372	44.161.274	54.960.598	43.602.682
Current tax liabilities	28	25.039.278	24.912.957	23.954.837	23.459.971
Short-term loan liabilities	24.3	313.554	0	0	0
Long term loan liabilities payable in the subsequent year	24.3	21.179.753	16.919.163	20.895.977	15.772.772
Other short term liabilities	29	15.186.102	7.868.192	14.140.109	7.037.146
Total current liabilities		117.334.696	94.302.750	114.284.158	90.313.735
Total liabilities		218.876.960	174.463.638	207.769.772	162.401.096
Total equity and liabilities		422.514.842	342.705.216	388.383.333	315.662.231

(All amounts are expressed in euros unless otherwise stated)

STATEMENT OF CHANGES IN EQUITY - GROUP

FOR THE PERIOD ENDED ON 31 MARCH 2007 AND 2006

(All amounts are expressed in euros except from shares)

		Sha re	Sha re miu pre m	nsl atio Tra n	Sta tut ory	- f Tax ree	rdi Ext rao na ry	Oth er	ain ed Ret
ed ba lan ly 200 6 Res tat at 1s t Ju ce as	No tes	ita l ca p	res erv e	res erv e	res erv e	res erv es	res erv es	res erv es	rnin ea gs	Tot al Equ ity
rdi to IFR S ac co ng	11, 27	84. 864 .30 1	7.6 78. 828	251 .36 9	5.0 14. 763	5.9 07. 183	0	14. 230	64. 510 .90 4	168 .24 78 1.5
Co ribl e b d lo ize d nve on an re co gn								13. 176		13. 176
dire ctly in uity eq Set of f o f d efe red ta n it x o em s
nsf ed di tly in e ity tra err rec qu								( 21) 3.8		( 21) 3.8
Tra snl ati dif fer f fo reig on en ce s o n tio era ns				( 6) 407 .28						( 6) 407 .28
op Ne t in /ex ize d in co me pe nse re co gn
uity eq		0	0	( 6) 407 .28	0	0	0	9.3 55		( 1) 397 .93
Ne rof it fo r th erio d 0 1/0 7/2 006 t p e p - 31/ 12/ 200 6									49. 736 .22 7	49. 736 .22 7
Tot al r niz ed inc e f the riod ec og om or pe		0	0	0	0	0	0	0	49. 736 .22 7	49. 736 .22 7
div ide nd ab le s p ay									( 2) 13. 941 .99	( 2) 13. 941 .99
sta tut ory re ser ve					2.0 63. 437				( ) 2.0 63. 437	0
rdin ext rao ary re ser ve s							24. 246 .94 3		( 3) 24. 246 .94	0
Tot al a dju stm ts en		0	0	( 6) 407 .28	2.0 63. 437	0	24. 246 .94 3	9.3 55	9.4 83. 855	35. 396 .30 4
ing Ba lan at 1s t Ju ly 200 6 a ord to ce as cc IFR S		84. 864 .30 1	7.6 78. 828	( 7) 155 .91	7.0 78. 200	5.9 07. 183	24. 246 .94 3	23. 585	73. 994 .75 9	203 .63 7.8 82
Res tat ed ba lan at 1s t Ju ly 200 5 ce as rdi to S IFR ac co ng	11, 27	36. 495 .36 0	0	311 .25 4	5.0 14. 763	5.9 07. 183	41. 033 .06 1	23. 145	26. 183 .46 6	114 .96 8.2 32
Set of f o f d efe red ta n it x o em s								4.8 01		4.8 01
nsf ed di tly in e ity tra err rec qu ha e d iffe sla tion Exc n t ng ren ce s o ran
for eig ub sid iari n s es				( 6) 103 .51						( 6) 103 .51
Ne t in ize d in uity co me re co gn eq				( 103 6) .51				4.8 01		( 98. ) 715
Ne rof it fo r th erio d 0 1/0 7/2 t p 005 e p – 31/ 12/ 200 5									33. 856 .58 8	33. 856 .58 8
Tot al r niz ed inc e f the riod ec og om or pe		0	0	0	0	0	0	0	33. 856 .58 8	33. 856 .58 8
div ide nd ab le s p ay									( 6) 11. 113 .22	( 6) 11. 113 .22
Inc of sha ita l rea se re c ap		3.9 16. 212	11. 098 .49 7					( ) 13. 716		15. 000 .99 3
Tot al a dju stm ts en		3.9 16. 212	11. 098 .49 7	( 6) 103 .51	0	0	0	( 15) 8.9	22. 743 .36 2	37. 744 .35 5
lan of uity 31 th mb Ba at De ce eq ce er 200 5 c ied fo rd arr rwa		40. 411 .57 2	11. 098 .49 7	207 .73 7	5.0 14. 763	5.9 07. 183	41. 033 .06 1	14. 230	48. 926 .82 9	152 .61 3.8 72

STATEMENT OF CHANGES IN EQUITY - COMPANY FOR THE PERIOD ENDED ON 31 MARCH 2007 AND 2006

(All amounts are expressed in euros except from shares)

31 / 3 / 20 07				TH E C	OM PA NY
No ing Ba lan at 1s t J ly 20 0 6 a d to IF RS ce as u cc or	S ha re ita l tes ca p 8 4. 8 6 4. 3 01	S ha re ium pre m res erv e 7. 67 8. 8 28	Or d ina ry Re se rve 5. 01 4.7 6 3	Ta fre x - e res erv es 5. 9 07 .1 8 3	Ext rd ina rao ry res erv es 0	Ot he r res erv es 14 23 0	Re ta ine d ing ea rn s 49 .7 81 8 3 0	ity To ta l Eq u 15 3. 26 1.1 35
Bo nd lo ibl ha di tly niz ed ert e t an co nv o s res rec rec og in uit eq y						13 .17 6		13 .17 6
Se ff o f d efe red n i sfe d t o ta tem s tr x o an rre dir tly in uit ec eq y						( ) 3.8 21		( 3. 8 21 )
Ne t in niz ed in uit co me re co g eq y	0	0	0	0	0	9. 35 5	0	9. 35 5
/07 /20 /03 /20 Ne t p rof it f the eri od 01 06 -31 07 or p							41 28 0 6 3 5.	41 28 0 6 3 5.
To tal niz ed in fo r th eri od re co g co me e p	0	0	0	0	0	0	41 .28 5.0 63	41 28 0 6 3 5.
Div ide nd aid s p							( ) 13 .94 1.9 92	( ) 13 .94 1.9 92
Inc of sha ita l rea se re ca p	0							0
din Or Re ary se rve			2.0 63 .43 7				( ) 2.0 63 .43 7	0
rdi Ext rao na ry res erv es					24 .24 6.9 43		( ) 24 .24 6.9 43	0
tal ch To an g es	0	0	2.0 63 .43 7	0	24 .24 6.9 43	9.3 55	1.0 32 .69 1	27 35 2. 42 6
lan f e ity at 31 st M h 2 0 07 ie d for rd Ba ce o qu arc ca rr wa	8 4. 8 6 4. 3 01	67 8. 8 28 7.	07 8. 20 0 7.	9 07 8 3 5. .1	24 24 6. 9 43	23 85 .5	0. 81 4.5 21 5	18 0. 61 3.5 61
lan at t J ly 20 05 rd ing to RS Ba 1s IF ce as u ac co	3 6. 49 3 6 0 5.	0	01 4.7 6 3 5.	9 07 8 3 5. .1	41 0 3 3. 0 61	23 45 .1	19 35 3 20 1.	10 8 24 8 3 2 7.
Se ff o f d efe red n i sfe d t o ta tem s tr x o an rre
dir tly in uit ec eq y						4. 8 01		4. 8 01
Tra nsl ati di ffe f fo rei tio on ren ce s o g n o p era ns								0
t in niz ed in uit Ne co me re co g eq y	0	0	0	0	0	4.8 01	0	4. 8 01
rof it f the eri od /07 /20 /03 /20 Ne t p 01 05 -31 06 or p							27 .73 4.1 91	27 .73 4.1 91
To tal niz ed in fo r th eri od re co g co me e p	0	0	0	0	0	0	27 .73 4.1 91	27 .7 3 4.1 91
Div ide nd aid s p							( ) 11 .11 3.2 26	( 11 .11 3. 22 6 )
Inc of sha ita l rea se re ca p	3.9 16 .21 2	8.4 11 .09 97				( ) 13 .71 6		15 0 0 0. 9 9 3
To ta l c ha ng es	3.9 16 .21 2	8.4 11 .09 97	0	0	0	( ) 8.9 15	16 .62 0.9 65	31 .62 6.7 59
lan f e ity 31 h 2 0 07 Ba at st M ce o qu arc	40 41 2 1.5 7	0 9 8. 49 11 7	01 4.7 6 3 5.	9 07 8 3 5. .1	41 0 3 3. 0 61	14 23 0	35 97 2. 28 5	13 9. 45 91 1.5

CASH FLOWS STATEMENT

FOR THE PERIOD ENDED 31 MARCH 2007 AND 2006

(All amounts are expressed in euros unless otherwise stated)

		THE GROUP			THE COMPANY
	Note	31/3/2007	31/3/2006	31/3/2007	31/3/2006
Cash flows from operating activities
Cash flows from operating expenses	30
Interest paid		84.571.341	39.768.097	79.058.558	32.384.847
Taxes paid		(4.376.541)	(4.286.244)	(4.098.824)	(3.801.079)
Net cash flows from operating		(14.476.855)	(12.498.111)	(13.952.112)	(11.914.811)
activities		65.717.945	22.983.742	61.007.623	16.668.957
Cash flows from investing activities
Acquitition of non current assets		(36.935.332)	(14.651.497)	(30.883.402)	(10.305.130)
Sales of tangible assets		99.573	56.171	99.573	56.171
Loans to subsidiaries		-	-	(201.873)
Amounts owed by affiliated parties for share capital increase		-	-	4.157.076	(2.709.133)
Acquisition of subsidiaries		(1.827.159)	-	(8.650.080)	(255.624)
Interest received		1.362.837	515.903	1.079.437	362.588
Net cash flows from investing activities		(37.300.080)	(14.079.423)	(34.399.268)	(12.851.128)
Cash flows from financing activities
Issue of common shares		-	3.916.212	-	3.916.212
Dividends paid to shareholders		(13.931.481)	(11.108.611)	(13.931.481)	(11.108.611)
Loans received		41.571.422	(335.635)	41.571.422	-
Loans paid		(15.682.966)	(7.243.155)	(15.216.856)	(4.414.892)
Payments of capital of financial leasing		(653.155)	(653.859)	(639.449)	(648.484)
Net cash flows from financing activities		11.303.820	(15.425.048)	11.783.635	(12.255.775)
Increase/(decrease) in cash and cash equivalents (net)		39.721.685	(6.520.729)	38.391.991	(8.437.946)
Cash and cash equivalents in the beginning of the period		21.818.592	31.454.561	8.980.606	24.462.426
Exchange differences on cash and cash equivalents		(185.466)	(103.538)	-	-
Cash and cash equivalents at the end of the period		61.354.811	24.830.294	47.372.597	16.024.480
Cash in hand		2.131.730	2.911.346	2.096.276	2.892.233
Carrying amount of band deposits and bank overdrafts
Sight and time deposits		8.954.198 50.268.883	2.355.837 19.563.111	8.954.198 36.322.123	1.569.091 11.563.156
Cash and cash equivalents		61.354.811	24.830.294	47.372.597	16.024.480

The accompanying notes constitute an integral part of the financial statements.

NOTES TO THE INTERIM FINANCIAL STATEMENTS AS AT 31 MARCH 2007 (All amounts are expressed in euro unless otherwise stated)

1. Description of the company

JUMBO is a trading company, established according to the laws in Greece. Reference made to the "COMPANY" or "JUMBO S.A." indicates, unless otherwise stated in the text, the Group "JUMBO" and its fully consolidated subsidiary companies.

The company's distinctive title is "JUMBO" and it has been guaranteed in its articles of incorporation as well as by the department for trademarks of the Ministry of Development as a brand name for JUMBO products and services under number 127218 with protection period after extension until 5/6/2015.

The Company was incorporated in 1986 (Government Gazette 3234/26.11.1986) and its duration was set at thirty (30) years. According to the decision of the Extraordinary General Meeting of the shareholders dated 3/5/2006 which was approved by the decision of the Ministry of Development numbered K2- 6817/9.5.2006, the duration of the company was extended to seventy years (70) from the date of its registration in Register of Societes Anonyme.

Originally the company's registered office was at the Municipality of Glyfada, at 11 Angelou Metaxa street. According the same decision (mentioned above) of the Extraordinary General Meeting of shareholders which was approved by the decision of the Ministry of Development numbered K2- 6817/9.5.2006 the registered office of the company was transferred to the Municipality of Moschato in Attica and specifically at 9 Kyprou street and Ydras, area code 183 46.

The company is registered in the Register of Societes Anonyme of the Ministry of Development, Department of Societes Anonyme and Credit, under No 7650/06/Β/86/04.

Activity of the company is governed by the law 2190/1920.

The company's main activity is the retail sale of toys, baby items, season items, decoration items, books and stationery and is classified based on the STAKOD 03 bulletin of the National Statistics Service in Greece (E.S.Y.E.) under the sector "other retail trade of new items in specialized shops" (STAKOD category 525.9). A small part of its activities is the wholesale of toys and similar items to third parties.

Since 19/7/1997 the Company has been listed on the Stock Exchange and participates in MID 40 index. Based on the stipulations of the new Regulation of the Stock Exchange, the Company fulfills the criterion enabling it to be placed under the category "of high capitalization" and according to article 339 in it, as of 28/11/2005 (date it came to force), the Company's shares are placed under this category. Additionally the Stock Exchange applying the decision made on 24/11/2005 by its Board of Directors, regarding the adoption of a model of FTSE Dow Jones Industry Classification Benchmark (ICB), as of 2/1/2006 classified the Company under the sector of financial activity Toys, which includes only the company "JUMBO".

Within its 21 years of operation, the Company has become one of the largest companies in retail sale.

Up today's exceptional financial results testify fully the management´s planning. According to the three year investment plan of creation of 5 Metropolitan stores in Attiki area which has been already reported, together with the immediate termination 3 small stores, has already begun the operation of the first metropolitan store in Piraeus area, which met the predictable reception by the consumers of the greater area and was terminated the operation of 3 smaller stores, which had as a result, the total number of JUMBO stores in Greece and Cyprus to reach the number of 39. The termination of operation of these three stores did not affect the management's estimations regarding to the sales pace of growth during the current financial year too.

Furthermore, group's subsidiary company in Cyprus, through the takeover of the Cypriot company ASPETO LTD and the Romanian company WESTLOOK SRL, has moved on the purchase of a 46.000 sq land in Romania Bucharest. The expansion of the group in Balkans is being implemented properly. According to planning, the first JUMBO store in Bulgaria Sofia will be delivered in 6 months, around October 2007, in order to fully operate during December 2007. Jumbo Group continues to invest in the land market in Bulgaria and Romania and will briefly communicate to the public the construction of a second store in Bulgaria.

At 31th of March 2007, the Group employed 1.999 individuals as staff, of these 1.892 is permanent staff and 107 is extra staff. The average number of staff for the nine-month period of 2006/2007, was 2.133 individuals, (1.674 as permanent and 459 as extra staff).

2. Synopsis of important accounting principles

Basic accounting principles adopted for the preparation of these financial statements, are formulated below:

2.1 Basis of preparation for the Financial Statements

The enclosed interim financial statements of the Group and the Company (henceforth Financial Statements) with date March 31 of 2007 , have been compiled according to the historical cost convention, the going concern principle and they comply with International Financial Reporting Standards (IFRS) as those have been issued by the International Accounting Standards Board (IASB), as well as their interpretations issued by the Standards Interpretation Committee (I.F.R.I.C.) of IASB, and more specifically comply with IAS 34, concerning interim financial statements.

Interim summary financial statements do not contain all the information and notes required in annual financial statements of the Company and the Group of the 30th of June 2006 and must be studied in addition to the financial statements of the Company and the Group of the 30th of June of 2006.

Accounting principles and calculations according to which interim financial statements were compiled, are consistent with those used for the composition of the annual financial statements of period 2005-2006.

Composition of financial statements according to International Financial Reporting Standards (IFRS) demands the use of estimations and opinions from the Management of the Company during the application of accounting principles. Important acceptances for the application of the accounting methods of the Company are marked wherever it is judged necessary. Estimations and opinions made by the Management are constantly syrveyed and are based on experiential facts and other factors, including anticipations for future facts, which are considered predictable under normal circumstances.

2.2 Adoption of new and revisionised International Financial Reporting Standards and Interpretations

International Accounting Standards Board and International Financial Reporting Interpretations Committee have already issued a number of new accounting standards and interpretations which do not constitute a part of «IFRS Stable Platform 2005».

IFRS and IFRIC are compulsory for accounting periods commencing as of January 1, 2006. Regarding standards and interpretations which may apply to the Group, the Group's estimation, as to the impact of these new standards and interpretations for the period from the 1st of July of 2006 to the 31st of March 2007, is as follows:

• IFRS 6 «Exploration for and Evaluation of Mineral Resources (effective on or after 1 January 2006)».

IFRS 6 applies for the periods which start by 1/1/2006. Adoption of this standard did not affect and is not anticipated to affect the financial statements of the Group.

• IFRIC 4. «Determining whether an agreement includes a lease».

IFRIC 4 is applicable for annual periods commencing as of January 1, 2006. The adoption of IFRIC 4 did not change the accounting treatment of any of the Group's current contracts.

Interim Financial Statements Third Quarter 2006/2007

• IFRIC 5. Rights to interests arising from ecommissioning, restoration and environmental rehabilitation funds.

It is not applicable on the Group and it will not affect the Group's financial statements.

The International Accounting Standars Board and the Interpretations Committee have already issued a series of new accounting standards and interpretations which are mandatory for the accounting periods beginning from January 1st 2007.

The Group's assessment, regarding the effect of the aforementioned new standards and interpretations, is as follows:

• IFRS 7, «Financial Instruments: Disclosures».

The Group will apply IFRS 7 since 1/1/2007.

• Amendments to IAS 1 «Presentation of Financial Statements – capital disclosures».

The Group will apply IAS 1 amendments since 1/1/2007.

• IFRIC 7 «Applying the restatement approach under IAS 29 financial reporting in hyperinflationary economies».

This will not affect the Group's Financial Statements.

• IFRIC 8 «Purpose of IFRS 2».

This will not affect the Group's Financial Statements.

• IFRIC 9 «Reassessment of Embedded Derivatives».

This will not affect the Group's Financial Statements.

• IFRIC 10 «Interim Financial Reporting and Impairment».

The Group is applying IFRIC 10 since 1/11/2006.

3. Segment Reporting

A business segment is a group of assets and activities providing merchandise, products and services which entail risks and rewards different from the ones of other business segments. A geographical segment is an area where merchandise, products and services are provided and which is subject to risks and performances different from the ones of other geographical areas.

The Group's main activity is the retail sale of toys, baby items, season items, decoration items, books and stationery. A small part of its activities is the wholesale of toys. In terms of geography the Group operates through a sales network developed in Cyprus and Greece, while in 2007 the operation of the sale network in Bulgaria and in 2008 the operation of the sale network in Romania, are expected to commence. Geographical segments (multiple locations) are designated by the location of property items and operating activity.

4. Main accounting principles

4.1 Consolidation basis

Subsidiary companies are all companies managed and controlled, directly or indirectly, by another company (parent) either through the possession of the majority of shares of the company in which the investment was made, or through its dependency on the know-how provided by the Group. Namely, subsidiary companies are the ones controlled by the parent company. JUMBO S.A. obtains and exercises control through voting rights. The existence of any potential voting rights exercisable upon the preparation of the financial statements is taken into consideration to establish whether the parent company exercises control over the subsidiaries.

Subsidiary companies are fully consolidated based on the purchase method as from the date control over them is obtained and cease to be consolidated as from the date such control no longer exists.

Interim Financial Statements Third Quarter 2006/2007

The acquisition of a subsidiary company by the Group is consolidated through the purchase method. The cost value of a subsidiary is the fair value of the assets given, of shares issued and liabilities undertaken as at the date of the exchange, plus any costs directly associated with the transaction. Individual assets items, liabilities and contingent liabilities acquired in a business combination are calculated upon the acquisition at their fair values regardless of the participation rate.

The cost of purchase other than the fair value of the separate items acquired is recorded as goodwill. If total purchase cost is lower than the fair value of separate items acquired, the difference is recognized directly to profit and loss account.

In particular for business combinations effected prior to the Group's transition date to IFRS (30 June 2004) the exception in IFRS 1 was used and the purchase method was not applied retrospectively. In the context of the above exception the Company did not re-calculate the cost value of subsidiaries acquired before the date of transition to IFRS, nor the fair value of acquired assets items and liabilities as at the date of acquisition.

Consequently the negative goodwill recognized as at the transition date was based on the exception of IFRS 1 and due to the fact that, according to the previous accounting principles, it had been presented as a deduction from equity, the amount of goodwill was offset against profits carried forward of the Group. Intercompany transactions, balances and non realized profits from transactions between the companies of the Group are set off in the consolidated financial statements. Non realized losses are also set off except if the transaction shows indication of impairment of the transferred asset.

In the financial statements of the parent entity investments in subsidiary companies are evaluated at their cost value which constitutes the fair value of the price reduced by direct expenses related to the investment.

4.2 Structure of the Group

The companies included in the full consolidation of JUMBO S.A. are the following:

Parent Company:

Anonymous Trading Company with name «JUMBO Anonymous Trading Company» and the title «JUMBO», was founded in year 1986, with headquarters today in Moschato of Attica (9 Cyprus & Hydras street), is enlisted since year 1997 in Parallel Market of Athens Stock Exchange and is enrolled to the Register of Societe Anonyme of Ministry of Development with Registration Number 7650/06/B/86/04. The company has been classified in the category of Gross Capitalization of Athens Stock Exchange.

Subsidiary companies:

1. The subsidiary company with name «Jumbo Trading Ltd», is a Cypriot company of limited responsibility (Limited). It was founded in year 1991. Its foundation is Nicosia, Cyprus (Avraam Antoniou 9 Avenue, Kato Lakatameia of Nicosia). It is enrolled to the Register of Societe Anonyme of Cyprus, with number E 44824. It puts in, in Cyprus in the same sector with the parent company, that is the retail toys trade. Parent company owns the 100% of its shares and its voting rights.

2. The subsidiary company in Bulgaria with name «JUMBO EC.B.» was founded on the 1st of September 2005 as an One – person Company of Limited Responsibility with Registration Number 96904, book 1291 of Court of first instance of Sofia and according to the conditions of Special Law with number 115. Its foundation is in Sofia, Bulgaria (Municipality of Vitossa, 60C Bulgaria Avenue, flloor 8, apartment 47). Parent company owns 100% of its shares and its voting rights.

3. The new subsidiary company in Romania with name «JUMBO EC.R.» was founded on the 9th of August 2006 as a Company of Limited Responsibility (srl) with Registration Number J40/12864/2006 of

the Trade Register, with foundation in Bucharest (sector 4, Soc. Giurgiului, number 129, apartment building 2, ladder 1, floor 1, apartment 3). Parent company owns 100% of its shares and its voting rights.

4.3 Functional currency, presentation currency and conversion of foreign currency

Items or transactions in financial statements of the Group's Companies are translated with the currency of the primary economic environment in which the Group operates (functional currency). Consolidated financial statements are presented in euro which is the functional currency and the presentation currency of the parent Company.

Transactions in foreign currency are converted to the functional currency at rates applicable as at the date of transactions. Gains and losses from foreign exchange differences which arise from settling these transactions during the period and from the conversion of monetary items denominated in foreign currency at applicable rates as at the balance sheet date, are recognised in profit or loss account. Foreign exchange differences from non monetary items measured at fair value, are considered a part of fair the value and consequently they are recognized in a manner consistent with the recognition of differences in fair value.

Activities of the Group abroad in foreign currency (which are an integral part of the parent company's activities) are converted to the operating currency at the rates applicable as at the transactions' date, while assets and liabilities pertaining to activities abroad, arising during the consolidation, are converted to euro at exchange rates applicable as at the balance sheet date.

Financial statements of companies which are included in the consolidation, which are initially presented in a currency other than the preentation currency of the Group have been converted to euro. Assets and liabilities have been translated in euro at the closing rate as at the balance sheet date. Income and expenses have been converted to the presentation currency of the Group at the average exchange rate

applicable in the relevant period. Any differences arising from that procedure have been debited / (credited) to a reserve of exchange differences in equity (translation reserve).

4.4 Property plant and equipment

Property plant and equipment are disclosed in financial statements at their cost or deemed cost estimated based on fair values as at transition dates less accumulated depreciation and any impairment. Cost includes all expenses directly associated with the acquisition of assets.

Subsequent expenses are recognized to increase the book value of tangible assets or as a separate fixed asset only to the extent that those expenses increase future economic benefits expected to flow from the use of the fixed asset and their cost can be reliably estimated. Repair and maintenance costs are recognized in profit or loss when they incur.

The depreciation of other items in tangible assets (other than land which is not depreciated) is calculated based on a straight line basis during their useful life which has been estimated as follows:

Buildings	30 – 35 years
Mechanical equipment	5 - 20 years
Vehicles	5 – 7 years
Other equipment	4 - 10 years
Computers and programs	3 – 5 years

Residual values and useful lives of tangible assets are reviewed as at every balance sheet date. When book values of tangible assets exceed their recoverable value, the difference (impairment) is directly recorded in profit and loss account as an expense.

At the sale of tangible assets, differences between the price received and their book value are recognized in profit or loss.

Rights to use tangible assets: Rights to exploit tangible assets allotted in the context of contracts for construction or exploitation of works (counterbalancing benefits) are evaluated at their cost value, fair value as at the date they were allotted less depreciation.

Software: Software licenses are evaluated at cost value less depreciation and any impairment losses.

4.5 Impairment of assets

Assets which are depreciated are tested for impairment if there is any indication that their book value will not be recovered. The recoverable amount is the higher amount between the fair value of the asset (net selling price less costs to sell) and value in use. The loss incurred due to the impairment of assets is recognized by the company if the book value of those items (or of the Cash Generating Units) is higher than its recoverable amount.

Net selling price is considered the amount from the sale of the asset in the context of a bi-lateral transaction which the parties are fully aware of and enter willingly after the deduction of any additional direct cost for sale of the asset, while value in use is the present value of estimated future cash flows expected to flow in the business from the use of the asset and from its sale at the end of its estimated useful life.

4.6 Financial instruments

A financial instrument is every contract creating a financial asset in one company and a financial liability or a security of a participating nature in another company.

Financial items measured at fair value through the profit or loss

They are financial assets fulfilling any of the requirements below:

• Financial assets held for trading purposes (including derivatives except those which are definite and effective hedging instruments those acquired or created in order to be sold or repurchased and finally those forming part of a portfolio consisting of recognized financial instruments).
• Upon the initial recognition the company designates it as an instrument measured at fair value, recognizing fair value changes changes in the profit and loss account for the year.
• In the balance sheet of the Group transactions and measurement at fair values of derivatives are disclosed in separate accounts in Assets and Liabilities called "Derivative Financial instruments". Changes in fair value of derivatives are recorded in the profit and loss account.

To the date those statements were presented, the Group did not hold such financial instruments.

Loans and receivables

They include non derivative financial assets with fixed or specified payments which are not traded in active markets. This category (loans and receivables) does not include:

• Receivables from advance payments for purchase of goods and services,
• Receivables pertaining to taxes which have been imposed by the state,
• Anything not covered in a contract so that it gives the company the right to receive cash or other financial fixed items.

Loans and receivables are included in current assets apart from those with expiration periods longer than 12 months as from the balance sheet date. The latter are included in non current assets.

Held to maturity investments

It includes non derivative financial assets with fixed or specified payments and specific expiration which the Group intends and is able to keep until their expiration. The Group did not hold any investments of this category.

Financial assets available for sale

It includes non derivative financial assets which are either placed directly under this category or they can not be placed under any of the above categories. Subsequently financial assets available for sale are measured at their fair value and relevant profits or losses are recorded in a reserve of capital and reserves until those items are sold or impaired.

Interim Financial Statements Third Quarter 2006/2007

Upon the sale or the impairment, gains or losses are transferred to the profit or loss account. Impairment losses recognized in profit or loss are not reversed through the profit and loss account

Purchases and sales of investments are recognized as at the date of the transaction which is also the date on which the Group commits to buying or selling the instrument. Investments are initially recognized at their fair value plus expenses directly associated with the transaction, with an exception with regard to expenses directly associated with the transaction, for items measured at their fair value with changes in profit or loss. Investments are set off when the right to cash flows from investments expires or is transferred and the Group has materially transferred all risks and rewards involved in ownership.

4.7 Inventory

As at the balance sheet date stocks are evaluated at the lower of cost and net realizable value. Net realizable value is the estimated sale price in the ordinary course of the company's operations less any relevant sale expenses. The cost of stocks does not include any financial expenses. The cost value of stocks is determined based on average annual weighted price.

4.8 Trade receivables

Most sales of the Group are in retail. Trade debtors are initially recorded at their fair value while any balances beyond ordinary credit limits are measured at unamortized cost according to the method of the effective interest rate, less any provision for impairments. If the unamortized cost or the cost of the financial instrument exceeds current value, this item is evaluated at its recoverable amount namely at the present value of future flows of the asset, which is calculated based on the actual initial interest rate. The relevant loss is transferred directly to the profit or loss for the year. Impairment losses, namely when there is objective evidence that the Group is in no position to collect all the amounts owed based on contract terms, are recognized in profit or loss.

4.9 Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand as well as short term investments of high liquidation, products in money market and bank deposits. The Group considers time deposits and high liquidation investments with initial expiration shorter than three months to be cash equivalents.

4.10 Share capital

Expenses made for issuance of shares are disclosed after the subtraction of relevant income tax reducing the product of the issuance subtracted from equity. Expenses associated with the issuance of shares for the acquisition of companies are included in the cost value of the company acquired.

4.11 Loans

Loan liabilities are initially recorded at the cost reflecting their fair value reduced by the relevant expenses for contracting the loan. After the initial recognition they are measured at the unamortized cost based on the effective interest rate method. Borrowing costs are recognized as expenses in the period in which they occur.

Loans in foreign currency are measured at the closing rate at the balance sheet date, except for those loans for which the exchange rate regarding the conversion and payment has been specified upon their initiation.

4.12 Convertible bond loans

Based on IAS 32, the liability is set based on the present value of all contracted future cash flows, discounted at a market interest rate in that period for similar loans with no right for conversion. The rest

Interim Financial Statements Third Quarter 2006/2007

part, if any, is recognized in equity representing the incorporated right for conversion of the liability in equity of the issuer.

After the allocation of the value of the bond, any profits or losses associated with the liability are recognized in the profit or loss, while the value related to equity is recognized as equity instrument.

In case of conversion the difference between the carrying amount of the loan and the share capital increase is recognized in equity and specifically in share premium account.

4.13 Income & deferred tax

The period's charge with income tax consists of current taxes and deferred taxes, namely taxes or tax relieves related to financial benefits arising in the period but which have already been allocated or will be allocated by the tax authorities to different periods and provisions regarding finalization of income tax liabilities after relevant tax inspections for uninspected financial years. Income tax is recognized in profit or loss account with the exception of tax pertaining to transactions directly recorded in equity which is also recognized in equity.

Current income tax includes current liabilities or receivables from the tax authorities pertaining to tax payable on taxable income of the period and any additional income tax pertaining to previous years.

Current taxes are calculated according to tax rates and tax laws applied for the accounting periods to which they pertain, based on taxable profit for the year. Changes in current tax items in assets or liabilities are recognized as a part of taxable expenses in the profit and loss account.

Deferred income tax is determined based on the liability method arising from temporary differences between the carrying amount and the tax base for items in assets and liabilities. Deferred income tax is not computed if it derives from the initial recognition of an item in assets or liabilities in transaction, outside a business combination, which when it took place did not affect the accounting nor the tax profit or loss.

Deferred tax assets and liabilities are measured based on the tax rates expected to be applied in the period during which the asset or liability will be settled considering the tax rates (and tax laws) in force up to the balance sheet date. If it is not possible to specify the time of reversal of temporary differences, the tax rate applied is the one being in force in the year subsequent to the balance sheet date.

Deferred tax assets are recognized to the extent that there will be a future taxable profit for the use of the temporary difference creating the deferred tax receivable.

Deferred income tax is recognized for the temporary differences arising from investments in subsidiary and affiliated undertakings, unless the reversal of temporary differences is controlled by the Group and it is unlikely that temporary differences be reversed in the foreseeable future.

Most changes in deferred tax assets or liabilities are recognized as a part of tax expenses in profit and loss account. Changes in assets or liabilities affecting equity instruments are recognized directly in the Group's equity.

4.14 Liabilities for benefits to personnel retiring or leaving service

Current benefits

Current benefits to personnel (other than benefits due to termination of employment) in cash and in kind are recognized as an expense as soon as they are accrued. Any unpaid amount is recorded as a liability and if the amount paid exceeds the amount of benefits, the company recognizes the exceeding amount as

Interim Financial Statements Third Quarter 2006/2007

an asset (prepaid expense) only to the extent that the prepayment will result in a reduction of future payments or in a refund.

Benefits after termination of employment or retirement

Benefits after termination of employment include pensions or benefits (life insurance and medical insurance) provided by the company upon retirement as a reward for the employees' services. Consequently they include plans for defined contributions as well as plans for defined benefits. Accrued cost of defined benefit plans is recognized as an expense in the period to which it pertains.

Defined contribution plan

Based on the defined contribution plan the liability of the company (legal or constructive) is limited to the amount that has been agreed to be contributed to the fund managing contributions and providing benefits. Consequently the amount of benefits received by the employee is determined by the amount paid by the company (or the employee as well) and the paid investments of those contributions.

Contribution paid by the company in a plan of defined contributions is recognized either as a liability after the deduction of the contribution paid, or as an expense.

Defined benefit plan

The liability recognized in the balance sheet in connection with defined benefit plan is the present value of the liability for the define benefits less the fair value of assets in the fund (if any) and changes arising from any actuarial gain or loss and past service cost. The specific benefit due is calculated annually by an independent actuarial expert based on the projected unit credit method. For the prepayment the interest rate of long term bonds of the Greek Government is applicable.

Actuarial gains and losses are liabilities regarding the benefit provided by the company and an expense recognized in profit and loss. Amounts deriving from adjustments based on historical data which are above or below the margin of 10% of the accumulated liability are recorded in profit or loss in the expected average insurance period of the participants in the plan. The past service cost is recognized directly in profit or loss unless changes in the plan depend on the remaining years of services of the employees. In that case the past service cost is recognized in profit or loss based on a straight line basis during the maturing period.

Benefits for termination of employment

Benefits due to termination of employment are paid when employees leave the company before retirement. The Group records these benefits when it has a commitment or when it terminates the employment of employees according to a detailed plan for which there is no possibility of retirement, or when it offers these benefits as a motive for voluntary retirement. When these benefits are payable in periods exceeding twelve months from the date of the balance sheet, they must be discounted based on the yield of high quality corporate bonds or government bonds.

4.15 Provisions and contingent liabilities / assets

Provisions are recognized if the Group has current legal or constructive obligations as a result of past events, their liquidation is possible through outflows of resources and the exact amount of the liability can be reliably measured. Provisions are reviewed as at each balance sheet date and they are adjusted so that they reflect the present value of the expense expected to settle the liability.

Contingent liabilities are not recognized in the financial statements but they are disclosed, unless the possibility of outflows of sources which incorporate financial benefits is minimum. Contingent assets are not recognized in the financial statements but they are communicated if the inflow of financial benefits is possible.

4.16 Leases

Company of the Group as a Lessee: Leases of fixed assets during which all risks and rewards associated with the ownership of an asset are transferred to the Group, irrespective of whether the ownership title of that item is finally transferred or not, are designated as financial leases. Those leases are capitalized upon the commencement of the lease at the lower of the fair value of the fixed asset and the present value of minimum lease payments.

Every lease is allocated between the liability and financial expenses so that a fixed interest rate can be achieved for the remaining financial liability. Respective liabilities from leases, net of financial expenses are disclosed in liabilities. The part of the financial expense pertaining to financial leases is recognized in the year's results during the lease. Fixed assets acquired through a financial lease are depreciated in the shortest period between the useful life of fixed assets and the duration of their lease except for cases when the fixed asset is certain to come to the ownership by the Group after the end of the leased period. In those cases the fixed asset is depreciated based on estimates of its useful life.

Leasing agreements based on which the lessor transfers the right for use of an item in assets for an agreed period without transferring the risks and rewards of the owner of the fixed asset are classified as operating leases. Payments made for operating leases (net of any motives offered by the lessor) are recognized in results on a proportionate basis during the lease.

Company of the Group as a lessor: Fixed assets which are leased based on operating leases are included in tangible assets of the balance sheet. They are depreciated during their expected useful life on a basis consistent with similar privately-owned tangible assets. The income from rent (net of any incentives given to the lessees) is recognized on a straight line basis during the period of the lease.

4.17 Recognition of income and expenses

Income: Income includes the fair value of goods sold and services provided net of VAT, discounts and returned items. Intercompany income in the Group is fully set off. Income is recognized as follows:

• Sales of goods: sales of goods are recognized when the Group delivers goods to clients, goods are accepted by clients and the collection of the receivable is reasonably secured.

• Income from interest: income from interest is recognized based on time and the effective interest rate. When there is an impairment of receivables, their book value is reduced to the recoverable amount which is the present value of expected future cash flows discounted at the initial effective interest rate. Subsequently interest is calculated at the same interest rate on the impaired (book) value.

• Dividends: dividends are considered income when the right for their collection is established.

Expenses: Expenses are recognized in results on an accrued basis. Payments made for operational leases are transferred to results as expenses at the time the lease is used. Expenses from interest are recognized on an accrued basis.

4.18 Distribution of dividends

The distribution of dividends to the shareholders of the parent company is recognized as a liability in the consolidated financial statements as at the date the distribution is approved by the General Meeting of the shareholders.

5. Risk management

5.1 Risks related to the macroeconomic environment

Political and economic factors or other physical disasters which may occur irrespective of the company's control.

Demand of products and services as well as company's sales and final economic results are effected by external factors as political instability, economic uncertainty and decline. Threat or event of war or a terrorist attack are factors that cannot be foreseen and controled by the company. Such events can effect the economic, political and social environment of the country and the company in general.

Moreover, factors such as taxes, economic and political changes that can affect Greece as a country is possible to have a negative effect on company΄s going concern, its financial position and results.

Interest rate risk

Significant part of sales is financed through company's customers via credit cards. Continuing increases of euro currency interest rates have as result increases on credit card interest rates respectively that are used by company's customers for their purchases. In case interest rates increase goes further beyond the level foreseen by market specialists it would make money extremely expensive. Consequently the use of credit cards for products purchases become limited and therefore the demand for company's products will be limited respectively.

Moreover, potential continuation of interest rate increase would make investment in convertible bonds less attractive as the money opportunity cost would become very high (ignoring potential earnings from the transfer of bonds into stocks).

Furthermore, continuing increases in euro interest rates will result to respective increase of debit interest regarding to the loans the company has incurred in floating interest rates agreement although, this risk is limited since the sum of almost all the loans incurred by the company are agreed in fixed interest rate. Also the incurred period for repayment is either mid or long term.

5.2 Risks related to company΄s activity

There is a possibility the company will not keep the high pace of economic development

During last years, the company succeeded high growth rates in terms of sales and turnover, that had as result its stock price to reflect partly those positive perspectives of future development. Company΄s inadequacy to meet its stockholders interests will probable turn out to share liquidation with result to share price depreciation. Reasons for this inadequacy, among others, include the change in consumer preferences and company΄s delayed adaptation at these changes, intensive competition, price war within the industry and to ineffective management of existing sale points.

Sales seasonality

Due to the specified nature of company΄s products , its sales present high level of seasonality. In particular during Christmas the company succeeds 28% approximately of its annual turnover, while sales

Interim Financial Statements Third Quarter 2006/2007

fluctuations are observed during months such as April (Easter – 9% of annual turnover) and September (beginning of school period- 9% of annual turnover). Sales seasonality demands rationality in working capital management specifically during peak seasons. It is probable that company΄s inadequacy to deal effectively with seasonal needs for working capital during peak seasons may burden financial expenses and effect negatively its results and its financial position.

Company΄s inadequacy to deal effectively with increased demand during these specific periods will probably effect negatively its annual results. Moreover, problems can come up due to external factors such as bad weather conditions, strikes or defective and dangerous products.

Competition within industry's companies

The company is established as market leader within the retail sale of toys and infant supplies market. Company's basic competitors are of lower size in number of sale points as well as in terms of turnover figures. The current status of the market could change in the future either due to the entrance of foreign companies in the Greek market or due to potential strategic changes and retail store expanding of present competitors.

Dependence from agents-importers

The company imports its products directly from aboard as exclusive dealer for toy companies which do not maintain agencies in Greece. Moreover, the company acquires its products from 150 suppliers which operate within the Greek market.

However, the company faces the risk of losing revenues and profits in case its cooperation with some of its suppliers terminates. Nevertheless, it is estimated that the risk of not renewing the cooperation with its suppliers is inconsiderable due to the leading position of JUMBO in the Greek market. The potential of such a perspective would have a small effect to the company's size since none of the suppliers represents more than 6% of the company's total sales.

Dependence from importers

80% of company's products originate from China. Facts that could lead to cessation of chinese imports (such as embargo for Chinese imports or increased import taxes for Chinese imports or politicaleconomic crises and personnel strikes in China) could interrupt the provision of the company's selling points. Such potentiality would have a negative effect to company's operations and its financial position. Foreign exchange risk

Foreign exchange risk is the risk that the value of financial instruments fluctuate due to changes in foreign exchange. The Group is exposed to foreign exchange risk arising from transactions in foreign currency (dollar, Cypriot pound, yen etc.). The Group's policy is not to carry out any hedging activities because for now it is not necessary to adopt specific systems for foreseeing or avoiding any future foreign exchange losses.

5.3 Risks related to company's stock price

External Conjunctural factors

Investors must be aware that company's share price could sustain high fluctuations due to external factors that cannot be controlled by the company and occur irrespective of the company's operational activity and financial position. International money and capital markets, consumers behaviour, threats of terrorist attacks, or warfares to sensitive territories for the global economy and the general feeling of geopolitical instability, are factors that can lead to company's share price depreciation.

Risk of liquidity and share price fluctuations

Company's share capital is listed to the high capitalization market of the Athens stock exchange. Athens stock exchange has lower liquidity compared to other stock markets in Europe or United States. Consequently, if bonds convert into shares, their holders may face difficulties in disposing the shares, especially in cases of large volume dealing packages. Also there is the risk the company's share price to depreciate in case of important share disposals or even from speculating such events.

Future disposals of a significant number of shares through the stock market by a significant shareholder or a group of shareholders or even the speculation that such disposals could occur would effect the share price. In the past share prices of listed companies in the Athens Stock Exchange have experienced significant fluctuations. That fact has influenced the past and might influence the future share price and liquidity of all listed companies in Athens stock exchange including the share price of the company.

6. Segment Reporting

Primary segment reporting – business segment The Group's main activity is the retail sale of toys, infant supplies, seasonal items, decoration items, books and stationery.

6.1 Results of business sectors as at 31th of March 2007 and 2006

Results per segment for the first nine months in the current year 2006/2007 are as follows:

	1/7/2006-31/03/2007
	Retail	Wholesale	Other	Total
Sales to third parties	266.432.243	2.946.025		269.378.268
Other operating income non allocated			2.653.096	2.653.096
Total revenue	266.432.243	2.946.025	2.653.096	272.031.364
Operating profit	69.597.151	769.558		70.366.708
Other operating expesnses non allocated			804.232	804.232
Net financial results			0	(3.686.996)
Profit before tax	69.597.152	769.558	804.232	67.483.944
Income tax				(17.747.717)
Net profit				49.736.227

Results per segment for the first nine months in previous year 2005/2006 are as follows:

	1/7/2005-31/03/2006
	Retail	Wholesale	Other	Total
Sales to third parties	211.306.503	2.524.163	-	213.830.666
Other operating income non allocated	-	-	2.568.420	2.568.420
Total revenue	211.306.503	2.524.163	2.568.420	216.399.086
Operating profit	50.160.095	599.188	-	50.759.283
Other operating expenses non allocated	-	-	616.742	616.742
Net financial results				(3.809.049)
Profit before taxes	50.160.095	599.188	616.742	47.566.976
Income tax				(13.710.388)
Net profit				33.856.588

6.2 Allocation of Assets and Liabilities per business segment as at 31 March 2007 and 30 June 2006

The allocation of consolidated assets and liabilities to business segments for the period 31/03/2007 and 30/06/2006 is broken down as follows:

	Retail	Wholesale	Other	Other
Segment assets	336.893.770	5.898.240	-	342.792.010
Non allocated Assets	-	-	79.722.832	79.722.832
Consolidated Assets	336.893.770	5.898.240	79.722.832	422.514.842
Sector liabilities	67.565.858	1.079.734	-	68.645.592
Non allocated Liabilities items	-	-	353.869.250	353.869.250
Consolidated liabilities	67.565.858	1.079.734	353.869.250	422.514.842

Interim Financial Statements Third Quarter 2006/2007

	Retail	Wholesale	Other	Other
Segment assets	294.853.625	5.930.450	0	300.784.074
Non allocated Assets	0	0	41.921.142	41.921.142
Consolidated Assets	294.853.625	5.930.450	41.921.142	342.705.216
Sector liabilities	51.646.121	564.891	0	52.211.013
Non allocated Liabilities items	0	0	290.494.203	290.494.203
Consolidated liabilities	51.646.121	564.891	290.494.203	342.705.216

Secondary segment reporting– geographical segment 6.3 Information on sales per geographical area as at 31 of March 2007 and 2006

Sales per geographical area as at 31 of March 2007 and 2006 are as follows:

Secondary representation type – geographical areas	1/7/2006-31/03/2007	1/7/2005-31/03/2006
Greece Attica	105.144.091	84.406.485
Rest of Greece	138.954.357	109.132.047
Eurozone	25.224.976	20.288.576
Third Countries	54.846	3.557
Non allocated operating income	2.653.096	2.568.420
Total	272.031.365	216.399.086

6.4 Analysis of assets per geographical area as at 31 of March 2007 and 30 June 2006

The following tables present an analysis of assets items per geographical area as at 31 March 2007 and 30 June 2006:

	1/7/2006-31/03/07	1/7/2005-30/06/2006
Balance of non current assets
Greece Attica	57.383.482	45.844.200
Rest of Greece	112.366.781	99.352.060
Eurozone	32.041.471	20.755.588
Third Countries	0	4.157.076
Total	201.791.733	170.108.924
Other assets items
Greece Attica	99.866.842	77.392.720
Rest of Greece	95.981.490	76.039.658
Eurozone	24.874.777	18.908.290
Third Countries	0	255.624
Total	220.723.108	172.596.292
Investments
Greece Attica	13.927.951	12.399.900
Rest of Greece	1.695.451	12.952.662
Eurozone	6.051.930	2.093.962
Third Countries	0	4.157.078
Total	36.935.332	31.603.602

7. Cost of sales

Cost of sales of the Group and the Company is as follows:

	THE GROUP		THE COMPANY
Cost of Sales	31/3/2007	31/3/2006	31/3/2007	31/3/2006
(amounts in euro)
Inventory at the beginning of period	100.752.612	74.646.810	95.899.555	70.297.004
Internal purchases	63.715.166	52.954.330	62.837.891	52.264.246
Purchases from third countries	77.290.507	78.418.568	76.800.324	78.052.410
Purchases from the eurozone	11.685.540	8.508.810	11.179.764	8.079.634
Returns on purchases/ Budgeted - prepaid returns on purchases	(1.510.712)	(1.726.070)	(1.386.165)	(1.613.181)
Discounts on purchases/ Budgeted - prepaid discounts on purchases	(3.605.994)	(2.555.125)	(3.601.955)	(2.551.837)
Discounts on total purchases	(6.606.679)	(6.788.777)	(6.606.679)	(6.788.777)
Consumable items	14.435	11.223	14.435	11.223
Inventory in the end of the period Income from own use of inventory/imputed	(108.727.065)	(95.541.639)	(103.889.783)	(90.629.828)
income	(1.390.133)	(1.306.819)	(1.390.133)	(1.306.819)
Total	131.617.676	106.621.311	129.857.255	105.814.075

8. Administration and distribution costs

Administration and distribution costs are as follows:

	THE GROUP		THE COMPANY
Administrative expenses	1/7/2006- 31/3/2007	1/7/2005- 31/3/2006	1/7/2006- 31/3/2007	1/7/2005- 31/3/2006
(amounts in €) Provision for compensation to personnel due for retirement	69.368	72.768	69.368	72.768
Payroll expenses	4.546.779	3.542.934	4.141.811	3.201.822
Third parties expenses and fees	1.076.339	792.404	1.049.273	771.079
Services received Repair and maintenance	1.263.681	1.401.985	723.526	950.082
expenses	101.051	87.038	101.051	54.118
Rents	202.009	171.077	95.065	76.201
Taxes and duties	51.435	62.373	33.521	22.760
Advertisement	25.670	24.802	25.670	24.802
Other various expenses	871.532	871.532	767.624	791.276
Depreciation of tangible assets	846.234	1.166.674	307.015	602.487
Total	9.049.147	8.193.587	7.313.925	6.567.394
	THE GROUP		THE COMPANY
	1/7/2006- 31/3/2007	1/7/2005- 31/3/2006	1/7/2006- 31/3/2007	1/7/2005- 31/3/2006
Distribution costs (amounts in €) Provision for compensation to personnel due for retirement	104.053	109.151	104.053	109.151
Payroll expenses	28.728.712	23.676.008	27.267.861	22.449.182
Third parties expenses and fees	159.375	169.720	159.375	169.720
Services received Repair and	5.013.309	4.207.323	5.013.309	4.207.323
maintenance expenses	948.215	688.861	948.215	688.861
Rents	5.950.729	5.165.600	5.950.729	5.165.660
Taxes and duties	856.715	785.000	856.715	785.000
Advertisement Other various expenses	3.832.716 6.850.817	3.024.054 5.339.455	3.832.716 5.792.714	2.617.471 4.836.411
Depreciation of tangible assets	5.665.763	5.091.253	5.665.763	5.091.253
Provisions for doubtful accounts	-	-		-

9. Other operating income and expenses

Other operating income and expenses pertain to income or expenses from the operating activity of the Group. Their analysis is as follows:

	THE GROUP		THE COMPANY
Other operating income	1/7/2006- 31/3/2007	1/7/2005- 31/3/2006	1/7/2006- 31/3/2007	1/7/2005- 31/3/2006
(amounts in €)
Income from related activities	894.194	866.580	882.755	859.646
O.A.E.D. subsidies	28.198	99.310	28.199	99.310
Other income	1.730.704	1.602.530	1.730.705	1.545.129
Total	2.653.096	2.568.420	2.641.659	2.504.085
	THE GROUP		THE COMPANY
Other operating expenses	1/7/2006- 31/3/2007	1/7/2005- 31/3/2006	1/7/2006- 31/3/2007	1/7/2005- 31/3/2006
(amounts in €)
Other provisions	0	19.000	0	19.000
Taxes on property	183.494	167.579	183.494	167.579
Other expenses	1.899.080	1.765.099	1.899.080	1.765.099
Total	2.082.574	1.951.678	2.082.574	1.951.678

Income from related activities mostly pertain to income from building and technical works rents and income from third products promotion.

Other income mostly pertain profits from collection of insurance compensation.

Most of other expenses pertain to losses from destruction of merchandise which has not been insured.

Interim Financial Statements Third Quarter 2006/2007

10. Financial income / expenses

The Group's financial results' analysis is as follows:

	THE GROUP		THE COMPANY
Financing cost – net	1/7/2006- 31/3/2007	1/7/2005- 31/3/2006	1/7/2006- 31/3/2007	1/7/2005- 31/3/2006
(amounts in €)
Interest expense:
Taxes and duties of Bank loans
long-term	4.781.325	4.012.348	4.400.251	3.531.890
Finance cost of provision for compensation to personnel
due for retirement	45.466	38.709	45.466	38.709
Financing leases	249.237	227.041	249.237	225.179
Exchange differences	18.373	-	-	-
Commissions for guarantee letters	19.149	11.557	19.149	11.557
Other finance expenses	76.207	35.297	23.269	32.453
	5.189.757	4.324.952	4.737.372	3.839.788
Iinterest income:
Banks - other	12.259	10.764	12.259	10.764
Time deposits	1.489.879	505.139	1.067.178	351.824
	1.502.138	515.903	1.079.437	362.588
Total	3.687.619	3.809.049	3.657.935	3.477.200

11. Income tax

According to Greek taxation laws, up to 30/06/2006 the tax rate for the Company was 32% while for profits as of 1/7/2006, tax must be calculated at the rate of 29%. Consequently, income tax for the period 1/7/2006-31/3/2007 was calculated at the rate of 29% on profits of the parent company and 10%, on average, on profits of the subsidiary JUMBO TRADING LTD.

Provision for income taxes disclosed in the financial statements is broken down as follows:

		THE GROUP		THE COMPANY
	1/7/2006- 31/3/2007	1/7/2005- 31/3/2006	1/7/2006- 31/3/2007	1/7/2005- 31/3/2006
Income taxes for the period Prior periods tax audit	17.439.482	13.331.133	16.499.595	12.496.444
differences	234.323	-	234.323	-
Adjustments of deferred taxes
due to change in tax rate	(342.476)	(295.885)	(342.476)	(295.885)
Deferred income taxes Provisions for contingent tax liabilities from years uninspected by the tax	294.644	577.214	294.644	578.561
authorities	121.743	97.926	121.743	97.926
	17.747.717	13.710.388	16.807.830	12.877.046

12. Earnings per share

The analysis of basic and diluted earnings per share for the Group is as follows:

Basic earnings per share	THE GROUP
(euro per share)	1/7/2006 - 31/3/2007	1/1/2007 - 31/3/2007	1/7/2005 - 31/3/2006	1/1/2006 - 31/3/2006
Earnings attributable to the shareholders of the parent company	49.736.227	10.067.111	33.856.588	5.801.766
Weighted average number of shares	60.617.358	60.617.358	48.674.274	48.674.274
Basic earnings per share (euro per share)	0,82	0,17	0,70	0,12
Diluted earnings per share
(euro per share)	1/7/2006 - 31/3/2007	1/1/2007 - 31/3/2007	1/7/2005 - 31/3/2006	1/1/2006 - 31/3/2006
Earnings attributable to the shareholders of the parent company Weighted average number of	50.484.723	10.319.207	-	-
shares	65.074.517	65.074.517	-	-
Diluted earnings per share
(euro per share)	0,78	0,16	-	-
Basic earnings per share			THE COMPANY
(euro per share) Earnings attributable to the	1/7/2006 - 31/3/2007	1/1/2007 - 31/3/2007	1/7/2005 - 31/3/2006	1/1/2006 - 31/3/2006
shareholders of the parent company	41.285.063	8.485.106	27.734.191	4.603.383
Weighted average number of shares	60.617.358	61.617.358	48.674.274	48.674.274
Basic earnings per share	0,68	0,14	0,57	0,09
Diluted earnings per share	1/7/2006 -	1/1/2007 -	1/7/2005 -	1/1/2006 -
(euro per share) Earnings attributable to the shareholders of the parent company	31/3/2007 42.033.558	31/3/2007 8.737.202	31/3/2006 -	31/3/2006 -
Weighted average number of shares	65.074.517	65.074.517	-	-
Diluted earnings per share
(euro per share)	0,65	0,13	-	-

Diluted earnings per share are presented for information purposes and does not pertain the convertible bond loan which was issued at 8/9/2006 (note 24.1)

13. Property plant and equipment

a. Information on property plant and equipment

The Group re-estimated the useful life of fixed assets as at the date of the IFRS first time adoption based on the actual conditions under which fixed assets are used and not based on taxation criteria.

According to Greek taxation laws the Company as at 31/12/2004 adjusted the cost value of its buildings and land. For IFRS purposes that adjustment was reversed because it does not fulfill the requirements imposed by IFRS. Impact from those changes is presented in note 32 of the financial statements.

Based on IFRS 1 the Group had the right to keep previous adjustments if the latter disclosed the cost value of fixed assets which would be estimated according to IFRS. The management of the Group estimates that values as disclosed as at the transition date are not materially far from the cost value which would have been estimated as at 30/6/2004 if IFRS had been adopted.

Based on the previous accounting principles there were formation accounts (expenses for acquisition of assets, notary and other expenses) which were depreciated either in a lump sum or gradually in equal amounts within five years. Based on IFRS and the Company's estimates those items increased the cost value of tangible assets, and their depreciation was re-adjusted based on accounting estimates made on the fixed assets charged (re-adjustment of useful life of tangible assets).

b. Depreciation

Depreciation of tangible assets (other than land which is not depreciated) are calculated based on the fixed method during their useful life which is as follows:

Buildings	30 – 35 years
Mechanical equipment	5 - 20 years
Vehicles	5 – 7 years
Other equipment	4 - 10 years
Computers and software	3 – 5 years

The analysis of the Group's and Company's tangible assets is as follows:

						THE GR OU P
	Lan d - Free hold	Buil din nd f ixtu gs a res buil din on gs - Free hold	rtat ion Tran spo me ans	chi - fu nitu Ma nery re and oth qui ent er e pm	Sof twa re	Fixe d a ts sse und er stru ctio con n	Tota l	seh old lan d Lea and bu ildin gs	sed of Lea me ans tran rtat ion spo	Tota l of lea seh old fixe d a ts sse	Tota l Pro ty P land per and Eq uip nt me
/12 /20 Cos t 31 06	40.5 54.0 68	102 .146 .221	661 .591	37.6 56.7 01	1.56 0.61 6	3.55 2.81 5	186 .132 .011	6.22 7.26 3	2.62 4.59 9	8.85 1.86 3	194 .983 .874
Acc ulat ed dep iatio um rec n	0	(15 ) .243 .913	(42 5) 9.34	(19 ) .144 .382	(1.2 10) 88.5	0	(36 .106 .149 )	(428 ) .170	(36 8) 7.65	(795 .827 )	(36 .901 .977 )
Co 31/ 12/ 200 6 Net st a s at	40.5 54.0 68 0	86. 902 .308 0	232 .246 0	18.5 12.3 20 0	272 .106 (0)	3.55 2.81 5 0	150 .025 .862 0	99.0 93 5.7 0	2.25 6.94 2 (0)	8.05 6.03 5 (0)	158 .081 .897 0
Cos /3/2 t 31 007	52.3 72.6 52	116 .377 .004	648 .576	40.1 13.4 00	1.62 4.88 4	12.3 26.0 40	223 .462 .556	6.22 7.26 3	2.44 8.63 8	8.67 5.90 1	232 .138 .457
Acc ulat ed dep iatio um rec n	0	(17 .934 .262 )	(46 7.82 3)	(21 .195 .984 )	(1.3 94.3 11)	0	(40 .992 .381 )	(513 .741 )	(50 0.34 9)	(1.0 14.0 90)	(42 .006 .470 )
Net Co st a s at 31/ 3/2 007	52.3 72.6 52	98.4 42.7 42	180 .753	18. 917 .416	230 .573	12.3 26.0 40	182 .470 .175	5.7 13.5 22	1.94 8.28 9	7.66 1.81 2	190 .131 .988

						THE CO MP AN Y
	Lan d - Free hol d	Buil din nd gs a fixt ure s on bui ldin gs - Free hol d	Tra orta tion nsp me ans	Ma chi ner y - fun itur nd oth e a er ipm ent equ	Sof twa re	Fixe d a ts u nde sse r stru ctio con n	Tot al	Lea seh old lan d and bu ildi ngs	Lea sed of me ans tran rtat ion spo	Tota l of lea seh old fixe d a ts sse	Tota l Pro ty per Pla nd and Equ ipm ent
Co 1/1 2/2 st 3 006	32. 874 .741	88. 369 .399	552 .948	34. 898 .831	961 .320	0	157 .65 7.23 9	6.22 7.26 3	2.5 74.2 36	8.8 01.4 99	166 .458 .738
Acc ula ted de cia tion um pre	0	( 64) 13.6 46.6	( ) 334 .574	( 90) 17.6 96.8	( ) 810 .463	0	( 32.4 88.5 91)	( ) 428 .170	( ) 352 .600	( 780 .770 )	( 33. 269 .362 )
Net Co st a s at 31 /1 2/ 200 6	32. 874 .74 1 0	74. 722 .735 0	218 .374 0	17. 201 .94 1 0	150 .85 7 0	0 0	125 .168 .648 0	5.7 99.0 93 0	2.2 21. 635 0	8.0 20. 729 0	133 .18 9.3 77 0
1/3 /20 Co st 3 07	40. 170 .400	102 .670 .354	541 .000	37. 308 .025	1.0 03. 189	5.6 68.1 99	187 .36 1.16 7	6.22 7.26 3	2.3 98.7 69	8.6 26. 032	195 .98 7.1 99
Acc ula ted de cia tion um pre	0	( 93) 16.0 44.2	( ) 367 .111	( ) 19.6 03. 387	( ) 865 .453	0	( ) 36. 880 .245	( ) 513 .741	( ) 482 .254	( ) 995 .995	( ) 37. 876 .240
Net Co st a s at 31 / 3/ 200 7	40. 170 .400	86. 626 .06 1	173 .88 9	17. 704 .63 7	137 .736	5.6 68. 199	150 .480 .922	5.7 13.5 22	1.9 16.5 14	7.6 30. 037	158 .110 .95 9

Movement in fixed assets in the periods for the Group is as follows:

						THE GR OU P
	d - hold Lan Free	Buil din nd fixtu gs a res bui ldin on gs - hold Free	Tran rtat ion spo me ans	Ma chi fun iture ner y - and oth qui ent er e pm	Sof twa re	Fixe d a ts sse und er ctio stru con n ΟΜ ΙΛΟ Σ	l Tota	Lea seh old lan d and bu ildin gs	Lea sed of me ans ion tran rtat spo	Tota l of lea seh old fixe d a ts sse	Tota l Pro ty P lan d per and uip Eq nt me
Cos t
Bala at 3 0/6 /20 06 nce as	40. 554 .068 0	102 .146 .221 0	661 .591 0	37. 656 .701 0	1.5 60.6 16 0	3.5 52.8 15 0	186 .132 .011 0	6.22 7.26 3 0	2.6 24.5 99 (0)	8.8 51.8 62 (0)	194 .983 .873 (0)
- Ad ditio ns	11.9 07.4 80	14. 666 .111	0	3.3 34.9 42	93.0 33	23. 282 .603	53.2 84. 169	0	0	0	53.2 84. 169
- De sfer s - t cre ase ran s	0	(29 7) 9.81	(11 ) .948	(85 0) 0.85	(22 ) .813	(14 ) .505 .856	(15 .691 .284 )	0	(17 7) 5.46	(17 5.46 7)	(15 .866 .751 )
- Ex cha dif fere nce s	(88 ) .896	(13 1) 5.51	(1.0 66)	(27 ) .393	(5.9 52)	(3.5 22)	(26 2.34 0)	0	(49 4)	(49 4)	(26 2.83 4)
nge Bala at 3 1/3 /20 07 nce as	52. 372 .652	116 .377 .004	648 .576	40. 113 .400	1.62 4.88 4	12. 326 .040	223 .462 .556	6.22 7.26 3	2.4 48.6 38	8.6 75.9 01	232 .138 .457
	0	0	0	0	0	0	0	0	(0)	(0)	(0)
iatio Dep rec n
Bala at 3 0/6 /20 06 nce as	0	(15 ) .243 .913	(42 5) 9.34	(19 ) .144 .382	(1.2 10) 88.5	0	(36 ) .106 .149	(42 0) 8.17	(36 7) 7.65	(79 7) 5.82	(36 ) .901 .976
	0 40.5 54.0 68	0 86. 902 .308	0 232 .246	0 18.5 12.3 20	0 272 .106	0 3.5 52.8 15	0 150 .025 .862	0 5.7 99.0 93	1 2.2 56.9 42	1 8.0 56.0 35	0 158 .081 .897
					0				0		158 .081 .897
- Ad ditio ns	0	(2.9 24.0 35)	(51 .433 )	(2.8 35.0 09)	(12 7.52 6)	0	(5.9 38.0 04)	(85. 571 )	(20 9.64 0)	(29 5.2 11)	(6.2 33.2 15)
- De sfer s - t cre ase ran s	0	214 .569	11. 948	767 .422	16. 413	0	1.01 0.35 3	0	76.7 67	76.7 67	1.0 87. 120
- Ex cha dif fere nge nce s	0	19. 117	1.00 7	15.9 85	5.3 11	0	41.4 20	0	181	181	41. 601
Bala at 3 1/3 /20 07 nce as	0	(17 .934 .262 )	(46 7.82 3)	(21 .195 .984 )	(1.3 94.3 11)	0	(40 .992 .380 )	(51 3.74 1)	(50 0.34 9)	(1.0 14.0 90)	(42 .006 .470 )

Movement in fixed assets in the periods for the Company is as follows:

		Buil din nd				THE CO MP AN Y
Cos t	d - Lan Free hol d	gs a fixt ure s on bui ldin gs - Free hol d	tion Tra orta nsp me ans	Ma chi ner y - fun itur nd oth e a er ipm ent equ	Sof twa re	Fixe d a nde ts u sse r stru ctio con n ία Ετα ιρε	Tot al	seh old lan d Lea and bu ildi ngs	sed of Lea me ans tran rtat ion spo	l of lea seh old Tota fixe d a ts sse	Tota l Pro ty per Pla nd and Equ ipm ent
Bal s at 30 /6/ 200 6 anc e a	32. 874 .74 1	88. 369 .39 9	552 .948	34. 898 .83 1	961 .320	0	157 .65 7.23 9	6.2 27. 263	2.5 74.2 36	8.8 01.4 99	166 .458 .738
	0	0	0	0	0	0	0	0	0	0	0
- Ad diti ons	7.2 95.6 59	14. 600 .772	0	3.2 60.0 44	58. 728	20. 174 .055	45. 389 .258	0	0	0	45. 389 .258
- De sfer s - t cre ase ran s	0	(29 9.81 7)	(11 .948 )	(85 0.8 50)	(16 .859 )	(14 .505 .856 )	(15 .685 .330 )	0	(17 5.46 7)	(17 5.4 67)	(15 .860 .79 7)
- Ex cha dif fere nge nce s
Bal s at 31 /3/ 200 7 anc e a	40. 170 .400	102 .670 .354	541 .000	37. 308 .025	1.0 03. 189	5.6 68. 199	187 .36 1.16 7	6.2 27. 263	2.3 98. 769	8.6 26. 032	195 .98 7.1 99

Bal s at 30 /6/ 200 6 anc e a	0	(13 .64 6.6 64)	(33 4.5 74)	(17 .696 .890 )	(81 0.4 63)	0	(32 .488 .59 1)	(42 8.1 70)	(35 2.6 00)	(78 0.7 70)	(33 .26 9.36 2)
	0	0	0	0	0	0	0	0	0	0	(0)
	32. 874 .74 1	74. 722 .735	218 .374	17. 201 .94 1	150 .85 7	0	125 .168 .648	5.7 99.0 93	2.2 21. 635	8.0 20. 729	133 .18 9.3 76
- Ad diti ons	0	(2.6 98) 12.1	(44 ) .485	(2.6 20) 73.9	(71 ) .403	0	(5.4 02. 006 )	(85 ) .571	(20 1) 6.42	(29 1.99 2)	(5.6 93. 998 )
- De s - t sfer cre ase ran s	0	214 .569	11. 948	767 .422	16. 413	0	1.0 10.3 53	0	76. 767	76. 767	1.0 87. 121
- Ex cha dif fere nge nce s
Bal 31 /3/ 200 s at 7 anc e a	0	(16 .044 .293 )	(36 11) 7.1	(19 .603 .38 7)	(86 5.4 53)	0	(36 .880 .245 )	(51 3.7 41)	(48 2.2 54)	(99 5.9 95)	(37 .87 6.24 0)

c. Encumbrances on fixed assets

There are no encumbrances on the parent company's fixed assets while for the subsidiary company Jumbo Τrading LTD there are the following mortgages and prenotation of mortgage:

	31/3/2007	31/3/2007
	£	€
Bank of Cyprus:
Building in Lemessos	1.500.000	2.583.089
Building in Lakatameia	3.900.000	6.716.032
	5.400.000	9.299.121

14. Investment property

As at the transition date the Group designated as investment property, investments in real estate buildings and land or part of them which could be measured separately and constituted a main part of the building or land under exploitation. The Group measures those investments at cost less any impairment losses.

Summary information regarding those investments is as follows:

Location of asset	Description – operation of asset	Income from rents
		1/7/2006 - 31/3/2007	1/7/2005 - 31/3/2006
Thessaloniki port	An area (parking space for 198 vehicles) on the first floor of a building, ground floor in the same building of 6.422,17 sq. m. area	55.531	53.631
Nea Efkarpia	Retail Shop	180.000	205.218
Total		235.531	258.849

None of the subsidiary had any investment properties until 31/3/2007. Net cost of those investments is analyzed as follows:

	THE GROUP
	Investment Property
Cost 31/03/2006	11.162.372
Accumulated depreciation	(1.915.490)
Net Cost as at 31/3/2006	9.246.882
Cost 31/03/2007	11.162.372
Accumulated depreciation	(2.286.919)
Net Cost as at 31/3/2007	8.875.453

Movements in the account for the period are as follows:

	THE GROUP
Cost	Investment Property
Balance as at 30/6/2006	11.162.372
- Additions	-
- Decreases - transfers	-
Balance as at 31/03/2007	11.162.372
Depreciation
Balance as at 30/6/2006	(2.008.138)
- Additions	(278.781)
- Decreases - transfers	-
Balance as at 31/03/2007	(2.286.919)

Fair values are not materially different from the ones disclosed in the Company's books regarding those assets.

15. Investments in subsidiaries

The balance in the account of the parent company is analysed as follows:

Company	Head offices	Participation rate	Amount of participation
	Avraam Antoniou
	9- 2330 Kato
JUMBO TRADING	Lakatamia Nicosia -
LTD	Cyprus	100%	11.074.190
	Sofia, Yanko
	Sakuzon avenue
JUMBO EC.B	9A-Bulgaria	100%	8.905.631
	Bucharest (sector 4,
	Sos. Giurgiului,
JUMBO EC.R	number 129-Romania)	100%	73
			19.979.894

«JUMBO EC.B»

On the 1st of September 2005 the Company established the subsidiary company "JUMBO EC.B" in Sofia, Bulgaria, activities of which are expected to commence in the above future. During November 2005 and

December 2006 the subsidiary company increased its share capital which was covered by 100% by the parent company JUMBO S.A.

«JUMBO EC.B» has been included in the consolidated financial statements of the Group, for the first time from the date of its incorporation. It is included in the consolidated financial statements of the current period through the purchase method.

«JUMBO EC.R»

On the 9th of August 2006 the Company established the subsidiary company «JUMBO EC.B» in Bucharest, Romania, activities of which are expected to commence in the above future.

«JUMBO EC.R» has been included in the consolidated financial statements of the Group, for the first time from the date of its incorporation. It is included in the consolidated financial statements of the current period through the purchase method.

The values of subsidiary companies are disclosed in the financial statements of the parent company at cost value.

In the consolidated financial statements of the Group those balances have been set off.

16. Other long term receivables

The balance of the account is broken down as follows:

	THE GROUP		THE COMPANY
Other long term receivables	31/3/2007	30/6/2006	31/3/2007	30/6/2006
(amounts in euro)
Guarantees	2.784.293	2.872.793	2.763.849	2.852.650
Total	2.784.293	2.872.793	2.763.849	2.852.650

The sum of «Guarantees» relates to long term guarantees as well as long term claims for penal clauses, which will be collected or returned after the end of the next period.

Fair value of these claims does not differ from this which is presented in the financial statements and is subject to re-evaluation on an annual basis.

17. Inventories

Analysis of inventory is as follows:

	THE GROUP		THE COMPANY
Inventories	31/3/2007	30/6/2006	31/3/2007	30/6/2006
(amounts in euro)
Merchandise	112.473.720	100.746.670	107.689.783	95.899.555
Total	112.473.720	100.746.670	107.689.783	95.899.555
Less: Provision of valuation in net
realizable value	3.800.000	-	3.800.000	-
Total net
realizable value	108.673.720	100.746.670	103.889.783	95.899.555

18. Trade debtors and other trading receivables

The company has set a number of criteria to provide credit to clients which generally depend on the size of the client activities and an estimation of relevant financial information. As at every balance sheet date all overdue or doubtful debts are reviewed so that it is decided whether it is necessary or not to make a relevant provision for doubtful debts. Any deletion of trade debtors' balances is charged to the existing provision for doubtful debts. Credit risk arising from trade debtors and checks receivable is limited given that it is certain they will be collected and they are appropriately liquidated.

Analysis of trade debtors and other trade receivables is as follows:

	THE COMPANY
31/3/2007	30/6/2006	31/3/2007	30/6/2006
1.137.445	639.546	2.791.735	1.833.359
54.450	40.793	54.450	40.793
2.123.507	2.767.191	1.779.131	2.565.900
(31.500)	(112.938)	(31.500)	(31.500)
3.283.902	3.334.592	4.593.816	4.408.554
13.190.661	15.875.313	13.190.661	15.875.314
16.474.563	19.209.907	17.784.477	20.283.868
		THE GROUP

Analysis of provisions is as follows:

		THE
	THE GROUP	COMPANY
Balance as at 30 June 2006	112.938	31.500
Reversal of provisions for the year	-	-
Additional provisions for the year	-	-
Exchange differences	(540)	-
Balance as at 31 March 2007	112.398	31.500

19. Other receivables

Other receivables are analysed as follows:

		THE GROUP		THE COMPANY
Other receivables	31/3/2007	30/6/2006	31/3/2007	30/6/2006
(amounts in euro)
Sundry debtors	13.336.256	15.899.750	13.024.234	14.893.680
Amounts due from subsidiaries		-	201.873	4.157.076
Receivables from the Greek State	12.267.883	12.182.823	12.267.883	12.182.823
Other receivables	6.603.501	1.320.188	2.099.957	1.320.187
Net receivables	32.207.640	29.402.761	27.593.947	32.553.766

As shown in the above table the total amount of other receivables includes receivables of the Group:

a) From sundry debtors pertaining mostly to receivables of the parent company from advance payments for leases for newly-built stores.

b) from amounts owed to the parent company by the Greek State in connection with advance payment of income tax for the current year and taxes withheld.

c) from other receivables deriving from advances to accounts for debtors (such as custom clearers), cash facilities to personnel, insurance compensation etc.

20. Other current assets

Other current assets pertain to the following:

	Ο ΟΜΙΛΟΣ		H ETΑΙΡΕΙΑ
Other current assets	31/3/2007 30/6/2006		31/3/2007	30/6/2006
(amounts in euro)
Prepaid expenses	1.830.964	1.388.880	1.830.964	1.388.880
Revenue of period receivable	83.777	288	83.777	288
Discounts on purchases under arrangement	45.021	29.194	97.634	29.194
Returns on purchases	0	0	0	0
Other provisions	52.613	0	0	0
Total	2.012.375	1.418.362	2.012.375	1.418.362

Other current assets mostly pertain to expenses of subsequent years such as insurance fees, packing material etc, as well as provisions of discounts on total purchases under arrangement and returns on purchases.

21. Cash and cash equivalents

	THE GROUP		THE COMPANY
Cash and cash equivalents	31/3/2007	30/6/2006	31/3/2007	30/6/2006
(amounts in euro)
Cash in hand	2.131.729	6.277.567	2.096.275	2.974.134
Bank account balances	8.954.198	2.068.913	8.954.198	2.068.913
Sight and time deposits	50.268.884	13.472.112	36.322.122	3.937.559
Total	61.354.811	21.818.592	47.372.595	8.980.606

Sight deposits pertain to short term investments of high liquidity. The interest rate for time deposits was 3,52% – 3,87% while for sight deposits it was 0,15%.

22. Capital and reserves

22.1 Share capital

Share Capital

(amounts in euro)	Number of shares	Nominal share value	Value of ordinary shares	Share premium	Total
Balance as at 30th June 2005	45.619.200	0,80	36.495.360	-	36.495.360
Issue of new shares	4.895.265	0,80	3.916.212	11.098.497	15.014.709
Increase of nominal
share value of € 0,60	50.514.465	0,60	30.308.679	-	30.308.679
Issue of 2 new shares
for every 1 previous	10.102.893	1,40	14.144.050	-3.419.669	10.724.381
Balance as at 30th June
2006	60.617.358	1,40	84.864.301	7.678.828	92.543.129
Changes during the period	-		-		-
Balance as at 30th
March 2007	60.617.358	1,40	84.864.301	7.678.828	92.543.129

a) Based on the decision of the Board of Directors dated 11/10/2005, the company proceeded with the increase of its share capital by € 3.916.212, with the issue of 4.895.265 new shares of the company, with nominal value of € 0,80 each, due to the conversion of 2.719.596 convertible bonds, from the convertible bond loan dated 11.10.2000. The share capital of the company after the issue of new shares amounts to €40.411.572 divided into 50.514.465 registered shares with nominal value 0,80 each.

b) The decision from 03.05.2006, of the First Repetitive Extraordinary Statutory General Assembly of the Shareholders of the company, approved the increase of share capital, at the total of €44.452.729,20, with the capitalisation of the following reserves: a) amount of €41.033.060,66 from extraordinary reserve which includes the statutory capitalised extraordinary special reserve from not distributed dividends from the financial exercises of 2000-2001, totalling € 624.535,78 and b) part of the share premium reserve of amount of €3.419.668,54, which was the result of the conversion on 11/10/2005 of 2.719.596 convertible bonds of Convertible Bond Loan (acquired in 2000 with nominal value €4,255319 each bond and of total nominal

value €11.572.748,94) in 4.895.265 shares of company, with nominal value €0,80 each and total value € 3.916.212. The increase will take place as follows: a) Amount of € 30.308.679,00 will be drawn from the existing extraordinary reserves, by increasing the nominal value of existing shares of the company from €0,80 in €1,40 per share and b) The remainder of €14.144.050,20 (which includes the statutory capitalised extraordinary special reserve from not distributed dividends from the financial use of 2000-2001, totalling € 624.535,78) with the issue of 10.102.893 new shares of the company with nominal value of € 1,40 which will be distributed free of charge to previous shareholders at the ratio of 2 new shares to 10 old ones. After the above increase total share capital amounts to € 84.864.301,20, divided into 60.617.358 shares with nominal value € 1,40 each.

DEVELOPMENT OF SHARE CAPITAL FROM 1/7/2005-30/6/2006
Date of G .M.	Number of issue of Gov. Gazette	Nominal Value of Shares	Conversion of bonds	With capitalisation of reserve funds	Number of new shares	Total number of shares	Share capital after the increase of S. C.
						45.619.200	36.495.360,00
11.10.2005 (BoD)	11051/19.10.05	0,80	3.916.212,00	-		4.895.265 50.514.465	40.411.572,00
3.5.2006	2994/9.5.2006	1,40	-	44.452.729,20 10.102.893 60.617.358			84.864.301,20

22.2 Other reserves

The analysis of other reserves is as follows:

	THE GROUP – THE COMPANY
Other reserves (amounts in euro)	Legal reserve	Tax free reserves	Extraordinary reserves	Special reserves	Other reserves	Total
Balance as at 30th June
2005	5.014.763	5.907.183	41.033.061	14.230	8.916	51.978.152
Movement in the
period	-	-	(41.033.061)	-	(8.916)	(41.041.976)
Balance as at 30th June
2006	5.014.763	5.907.183	0	14.230	0	10.936.176
Changes in the period	2.063.437	-	24.246.943	-	9.355	26.319.735
Balance as at 31th
March 2007	7.078.200	5.907.183	24.246.943	14.230	9.355	37.255.911

23. Liabilities for compensation to personnel due for retirement

Accounts in tables below are calculated based on financial and actuarial assumptions and they are set based on the Projected Unit Credit Method. According to that method, benefits corresponding to full years of service as at the measurement date are treated separately from expected benefits in the year subsequent to the measurement date (future service). The calculations take into account the amounts for compensation for retirement required by law 2112/20 and information regarding active employees in March of 2007.

To perform the calculations we had to make assumptions regarding information affecting the results of the measurement such as the discount interest rate and future increase of salaries and wages. Those assumptions were made in accordance with IAS 19 and further to the agreement of the company's management.

That liability as at 31/3/2007 is analysed as follows:

	THE GROUP	THE COMPANY
Balance as at 30 June 2005	1.115.924	1.115.924
Additional provisions for the year	555.507	555.507
Used provisions in the year	(324.279)	(324.279)
Balance as at 30 June 2006	1.347.152	1.347.152
Additional provisions for the period	218.887	218.887
Used provisions for the period	-	-
Balance as at 31 March 2007	1.566.039	1.566.039

Respective charges in the profit and loss account for the period 01/07/2006 - 31/3/2007:

	THE GROUP		THE COMPANY
Account for use in the period	31/3/2007	31/3/2006	31/3/2007	31/3/2006
Cost of current employment	173.421	181.919	173.421	181.919
Interest on liability	45.466	38.709	45.466	38.709
Recognition of actuarial loss / (profit)	-	-	-	-
Ordinary expense in the profit and loss account	218.887	220.628	218.887	220.628
Cost of additional benefits	-	-	-	-
Total expense in the profit and loss account	218.887	220.628	218.887	220.628

Regarding subsidiary companies, no relevant provision has been made charging equity and results because, considering the number of employees, their salaries and years of service, there is no material impact on the Group.

24. Loan liabilities

Long term loan liabilities of the Group are analysed as follows:

	THE GROUP		THE COMPANY
Loans	31/3/2007	30/6/2006	31/3/2007	30/6/2006
(amounts in euro) Long term loan liabilities
Bond loan convertible to shares	42.778.676	-	42.778.676	-
Bond loan non convertible to shares		-	0	-
Syndicated loan	40.137.938	61.002.371	40.137.938	61.002.371
Other bank loans	8.043.011	8.058.863	0	-
Liabilities from financial leases	5.348.251	6.041.478	5.336.038	6.029.176
Total	96.307.876	75.102.712	88.252.652	67.031.547

24.1 Long term loans

Bond loan convertible to shares

The second Repetitive Extraordinary General Meeting of shareholders of the Company dated 7/6/2006 decided the issue of bond loan convertible in common shares with right of vote, with preference rights of old shareholders of amount up to € 42.432.150,00 (henceforth the «Loan»). Furhtermore, it permitted the Board of Directors of the Company to decide on the specific content of terms of the Loan, by completing according to its judgement, the basic terms that were decided by the General Meeting, with any relevant terms that seem suitable and by determining any specific issue or detail.

The specific minutes from this Annual General Meeting was registered to the Register of the Societe Anonyme of the Ministry of Development on 15/6/2006 and protocol number K2-8738. According to the provisions of law 3156/2003 and law 2190/1920, as it is in force, the terms of Loan were determined by the above decision of General Assembly of shareholders in combination with the decisions of the Board of Directors dated 31/7/2006 and 6/9/2006 of our Company (henceforth «Terms of Loan»).

These terms are as follows: Nature of Bonds: registered, convertible into common registered shares of the issuer. Number of Bonds convertible in common shares: 4.243.215. Nominal value of Bonds: 10 Euros. Issue price of Bonds: 10 Euros per Bond. Proportion of participation of old shareholders in the issue: 1 bond per 0,07 common registered shares. Forecasted proceeds of issue: € 42.432.150,00. In case the Loan is not covered completely by the old shareholders or other third party investors, the issue will rise up to the

amount of paid proceeds. Duration: 7 years. Interest-rate: 0,1% annually. Output in the expiry: 39,62%. Price of settlement of Bonds: 13,962 EUROS.

After the decision of the Board of Directors dated 31/7/2006 the following were settled: Price of Conversion: 9,52 EUROS. Conversion ratio: 1,050420168 common nominal votingshares, with nominal value 1,40 Euros each, per 1 convertible bond.

According to the decision of the Board of Directors dated 03.08.2006 the following were decided: a) Date of preference right 08.08.2006. Beneficiaries of preference rights are the Shareholders on 07.08.2006 b) The dates for trading in the Athens Stock Exchange of the preference rights from 17.08.2006 to 25.08.2006 c) the dates for exercising the preference rights from 17.08.2006 to 31.08.2006. From the date 08.08.2006 the starting price of the company's share in the A.S.E. was formulated according to the regulation of the Athens Stock Exchange.

The issue of the Convertible Bond Loan of the company, was originally covered, for the period from 17.08.2006 to 31.08.2006, by the beneficiaries (by exercising the preference rights) by 83,74% which corresponds to 3.553.333 bonds, with the deposit of € 35.533.330 in the specifc bank account for the purpose of the issue of the company. Furhtermore according to the decision of the Board of Directors from 689.882 undisposed bonds, 6 old requesting shareholders received 6.595 bonds depositing € 65.950. The rest 683.287 undisposed bonds were delivered to bank «EFG Eurobank Ergasias S.A.», which overtook the obligation to cover these bonds by depositing the amount of € 6.832.870 on 08.09.2006. The above mentioned Convertible Bond Loan was covered by 100% amounting to € 42.432.150, divided into 4.243.215 common nominal bonds, of nominal value € 10,00 each bond.

According to the decision of the Board of Directors dated 6/9/2006, the date of commencement of the loan was settled on 8/9/2006 and the schedule of the loan was approved.

The extraordinary meeting of the Board of Directors dated on 8/9/2006 approved the payment of the total amount of € 42.432.150 of the Convertible Bond Loan. In case that the whole of 4.243.215 bonds of the Loan are converted in shares, 4.457.159 new common nominal shares of the company will be issued, of nominal value € 1,40 each, that will be added in the existing 60.617.358 shares of the company. The total share capital of the company after the increase will amount to € 91.104.323,26 and will be divided in 65.074.517 common nominal shares of nominal value € 1,40 each. The new 4.457.159 shares, will constitute 6,85% of the new total share capital of the company after the increase because of the conversion of all of the bonds into shares.

After the completion of the typical procedures, the multiple papered titles of their bonds, were printed and delivered by the beneficiary shareholders.

According to the IAS 32, that specific loan is a compound financial instrument. The Company implemented retrospectively the provisions of IAS 32 and measured it according to the provisions of this relevant IAS (note 4.12), by transferring the remaining balance (detaxated), from the shed between nominal value of the loan and current value to the allocation «Other reserves».

Bond loan non convertible to shares

According to the decision of the Company Shareholders' General Meeting on 17/12/2003 along with the decision of its Board of Directors on 9/2/2004, a common bond loan amounting to € 45.000.000 was issued. Administrator of the loan was «EFG Telesis Finance Investment Services SA» and «BNP Paribas». The representative who is also authorized for the repayment of the bond holders was the bank «EFG Eurobank Ergasias S.A.».

The parent company which is the issuer, issued up to 31/03/2006 the first series of bonds amounting to € 15.000.000. Based on the loan contract on 12/2/2004 as long as the Company did not issue a second series of bonds amounting to € 30.000.000 and was charged with an inactivity commission at the rate of 0,4% annually on the value of non issued bonds. This loan has been paid on 07/12/2006 totally.

Syndicated loan

On 13/2/2004 and on 24/5/2004 the contracts regarding extension, amendment and re-issuance of the syndicated loan amounting to € 60.000.000 were signed with bank coordinator «BNP Paribas». Its duration was set at five years from 13/2/2004 to 13/2/2009 payable in two installments of which the first amounting to € 20.000.000 in 48 months and the second of € 40.000.000 in 60 months.

The loan is evaluated at the actual interest rate method. On 31/3/2007 the actual annual interest rate is 6,098%.

For the syndicated loan apart from the basic contractual interest rate there is also a margin which is determined based on the following indices on a consolidated basis:

• Net loan liabilities / capital and reserves
• Profits before taxes, interest and depreciation /net interest payable
• Net loan liabilities / profits before taxes, interest and depreciation

The actual interest rate is calculated based on cash flows of loans according to the terms in the contracts in order that interest is allocated to the duration of the loan.

24.2 Financial leases

The Group has signed a financial leasing contract for a building in Pilaia Thessaloniki which is used as a shop as well as for transportation equipment, analysis of which is presented in note 13. In detail, liabilities from financial leases are analysed as follows:

THE GROUP		THE COMPANY
31/3/2007	30/6/2006	31/3/2007	30/6/2006
			1.141.417
4.785.597	5.215.642	4.773.520	5.203.446
1.087.768	1.675.515	1.086.037	1.673.769
6.982.879	8.053.303	6.963.940	8.018.632
(1.104.653)	(1.146.363)	(1.102.445)	(1.142.276)
5.878.226	6.906.940	5.861.495	6.876.356
	1.109.515	1.162.146 THE GROUP	1.104.383 THE COMPANY

JUMBO GROUP S.A. Interim Financial Statements Third Quarter 2006/2007

	31/3/2007	30/6/2006	31/3/2007	30/6/2006
Up to 1 year	791.473	865.331	786.954	847.048
From 1 to 5 years	4.047.079	4.456.773	4.036.396	4.446.015
After 5 years	1.039.674	1.584.836	1.038.145	1.583.293
	5.878.226	6.906.940	5.861.495	6.876.356

24.3 Short-term loan liabilities / long term liabilities payable in the subsequent year

The Group's current loan liabilities are broken down as follows:

Long term liabilities payable in the subsequent year	THE GROUP		THE COMPANY
	31/3/2007	30/6/2006	31/3/2007	30/6/2006
Bond loan non convertible to shares		14.925.593	-	14.925.592
Bank loans payable in the subsequent year	20.348.227	1.128.108	20.068.969	-
Liabilities from financial leases payable in the
subsequent year	831.526	865.462	827.008	847.180
Total	21.179.753	16.919.163	20.895.977	15.772.772

THE GROUP		THE COMPANY
31/3/2007	30/6/2006	31/3/2007	30/6/2006
313.554	0	0	0
313.554	0	0	0

25. Other long term liabilities

The Group's Guarantees obtained are analyzed as follows:

(amounts in euro)	THE GROUP		THE COMPANY
Other long term liabilities	31/3/2007	30/6/2006	31/3/2007	30/6/2006
Guarantees obtained
Opening balance		1.210		1.210
Additions		44		44
Reductions		-		-
Balance on 30th June 2006		1.254		1.254
Opening balance	1.254		1.254
Additions	2.272		2.272
Reductions	-		-
Balance on 31th March 2007	3.526		3.526

26. Provisions

Provisions regarding the Group and the Company are recognized if there are current legal or constructive obligations resulting from past events, with the possibility that they can be settled through outflows of resources and the liability can be reliably estimated.

Provisions concern potential tax obligations of uncontrolled tax uses, juridicial affairs in suspense for which the Company is likely that will not be justified, also scorn of fixed assets. Analysis is as follows:

	THE GROUP – THE COMPANY
	Provisions for contingent tax liabilities from years uninspected by the tax authorities	Provisions for taxes on property	Provisions for pending law cases	Provisions for impairment of assets	Balance of Group
Balance as at 1 July 2005	198.397	0	25.900	-	224.297
Additional provisions for the period Used	133.689 -	0 0	1.500 -	81.678 -	216.867 -
Balance as at 30 June 2006	332.086	0	27.400	81.678	441.164
Additional provisions for the period	121.743	183.494			305.237
Used provisions for the period	(332.086)			(81.678)	(413.764)
Balance as at 31 March 2007	121.743	183.494	27.400	0	332.637

27. Trade and other payables

The balance of the account is analyzed as follows:

	THE GROUP		THE COMPANY
Trade and other payables (amounts in euro)	31/3/2007	30/6/2006	31/3/2007	30/6/2006
Suppliers	7.479.304	5.084.017	7.158.507	4.799.015
Bills payable & promissory notes Cheques payable	1.824.704 45.445.163	992.336 36.556.749	1.824.704 45.445.163	992.336 36.283.159
Advances from trade debtors	534.202	1.528.172	532.224	1.528.172
Total	55.283.372	44.161.274	54.960.598	43.602.682

28. Current tax liabilities

The analysis of tax liabilities is as follows:

	THE GROUP		THE COMPANY
Current tax liabilities (amounts in euro)	31/3/2007	30/6/2006	31/3/2007	30/6/2006
Expense for tax corresponding to the period	17.440.404	19.914.342	16.451.764	19.011.862
Liabilities from taxes	7.598.874	4.998.615	7.503.073	4.448.109
Total	25.039.278	24.912.957	23.954.837	23.459.971

The expense of the tax which is corresponding to the period, includes the deffered tax.

29. Other short term liabilities

Other short term liabilities are analyzed as follows:

	THE GROUP		THE COMPANY
Other short term liabilities	31/3/2007	30/6/2006	31/3/2007	30/6/2006
(amounts in euro) Suppliers of fixed assets	5.550.680	991.944	5.550.681	991.944
Salaries payable to personnel	649.079	1.010.682	649.079	1.010.682
Sundry creditors	1.101.254	2.748.465	77.638	2.450.966
Social security funds	963.594	1.083.021	941.217	1.063.043
Interest coupons payable	36.023	38.101	36.023	38.101
Dividends payable	150.619	141.838	150.619	141.838
Accrued expenses	7.936	1.773.253	7.936	1.259.684
Other liabilities	6.726.916	80.888	6.726.916	80.888
Total	15.186.102	7.868.192	14.140.109	7.037.146

30. Cash flows from operating activities

	THE GROUP		THE COMPANY
	31/3/2007	31/3/2006	31/3/2007	31/3/2006
Cash flows from operating activities
Net profit for the period	49.736.227	33.856.588	41.285.063	27.734.191
Adjustments for:
Income taxes	17.747.717	13.612.461	16.807.830	12.779.120
Depreciation of non current assets	6.511.998	6.257.927	5.972.778	5.693.740
Pension liabilities provisions (net)	218.887	181.919	218.887	181.919
Other provisions Profit/ (loss) from sales of non current assets	84.128 84.120	116.926 -	84.128 84.120	116.926 -
Inerest and related income	(1.362.837)	(515.903)	(1.079.437)	(362.588)
Interest and related expenses	4.966.334	4.324.952	4.737.372	3.839.788
Other Exchange Differences	(30.263)	-	(30.263)	-
Operating profit before change in working capital	77.956.310	57.834.870	68.080.478	49.983.096
Change in working capital
Increase/ (decrease) in inventories	(7.927.050)	(20.873.699)	(7.990.229)	(20.332.824)
Increase/ (decrease) in trade and other receivables	(133.171)	(1.268.051)	3.504.009	(2.023.026)
Increase/ (decrease) in other current assets	(594.013)	118.747	(594.013)	118.747
Increase/ (decrease) in trade payables	15.178.191	4.037.075	15.967.240	4.714.032
Other	91.073	(80.845)	91.073	(75.178)
	6.615.030	(18.066.773)	10.978.076	(17.598.249)
Cash flows from operating activities	84.571.340	39.768.097	79.058.558	32.384.847

31. Contingent assets - liabilities

The Company has been inspected by the tax authorities until 30/06/2006.

Within current fiscal year, was completed the tax audit of periods 2003-2004, 2004-2005 and 2005-2006 and were imputed taxes and increments of a total amount of € 566.408 (taxes € 437.379 and increments € 129.029).

The subsidiary company JUMBO TRADING LTD which operates in Cyprus, has been inspected by the tax authorities until 31/12/2004. The subsidiary company JUMBO TRADING LTD prepares its financial statements in compliance with IFRS and consequently it charges its results with relevant provisions for unispected tax years, whenever necessary. It is noted that due to the fact that the Cypriot tax authorities operate in a different fashion, consequently tax calculations are conducted differently, enabling companies to conduct more precisely tax provisions.

The subsidiary companies established in Bulgaria and in Romania during current period, have not commenced their activity yet and therefore there is no case of uninspected tax years.

32. Transactions with related parties

The Company participates at the rate of 100% in the share capital of the companies JUMBO TRADING LTD, JUMBO EC.B LTD and JUMBO EC.R LTD .

Subsidiary company JUMBO TRADING LTD participates at the rate of 100% in the share capital of ASPETO LTD and ASPETO LTD participates at a rate of 100% in the share capital of WESTLOOK SRL.

In the current period, only the Cypriot company JUMBO TRADING LTD has operating activities, while the other subsidiaries, have not performed any trading activities yet.

Sales/(purchases) of merchandises	31/3/2007	31/3/2006
Sales of JUMBO SA to JUMBO TRADING LTD	9.801.082	8.495.440
Purchases by JUMBO SA from JUMBO TRADING LTD	369.819	441.350
	10.170.901	8.936.790
Net amount caused by transactions with subsidiaries	31/3/2007	30/6/2006
Amounts owed to JUMBO SA from JUMBO TRADING LTD Amounts owed by JUMBO SA to	2.420.715	1.546.677
JUMBO TRADING LTD	182.257	21.015
	2.602.972	1.567.782
Amounts owed to JUMBO SA by JUMBO EC.B LTD Amounts owed by JUMBO SA to JUMBO EC.B LTD	15	4.157.076 -
	15	4.157.076
Amounts owed to JUMBO SA by
JUMBO EC.R LTD	201.857	-

The following transactions were carried out with the affiliated undertakings:

Amounts owed by JUMBO SA to JUMBO EC.R LTD		-
	201.857	-
Amounts owed to JUMBO TRADING LTD by ASPETTO LTD	-	-
Amounts owed by JUMBO TRADING LTD to ASPETTO LTD	-	-
	-	-
Amounts owed to ASPETO LTD by WESTLOOK SRL	2.793.306	-
Amounts owed by ASPETO LTD to WESTLOOK SRL	-	-
	2.793.306	-

The above transactions and balances have been set off from the consolidated financial statements of the Group. Additionally, the terms of the transactions with the above related parties are equal to the ones applicable for transactions on a purely trading basis (upon substantiation of terms). Further to the above disclosed transactions and balances as well as any other which is included to other notes which are imposed by other IASs, there are no other transactions with other related parties.

For the year 2006/2007 gross fees have been preauthorised for the five (5) members of the Board of Directors, who are not related in any employment commitment contract with the company, after the consensus of the annual general shareholders meeting that took place in 6/12/2006 gross fees amount of €565.543.

The gross fees paid for the period 1/7/2006-31/3/2007 as a whole came up to the amount of 445.007,70 €. The above fees payments are included in the Company´s administrative expenses in the profit and loss account.

Other members of the Board of Directors and specifically the commissioned Advisor, the Vice President and the legal advisor of the company have an employment contract and they are paid salaries which are included in the Company's administrative expenses. Total salaries for the above persons plus the respected employer salary taxes obligations for the period 01/07/2006 – 31/3/2007 came up to the amount of € 252.318, with minimum salary € 8.000 and maximum salary € 9.000, compared to the amounts of previous period, which were € 165.246.

Regarding the subsidiary Jumbo Trading Ltd the members of the Board of Directors who are employed contracts with the company, received for services rendered during the period 01/07/2006 - 31/3/2007, the amount of € 284.306 (i.e. CYP 163.277), while in the previous period they had received € 280.538 (CYP 161.113). These fees are included in administrative expenses, in the profit and loss account.

33. Lawsuits and legal litigations

Since the company's establishment up today, no one termination activity procedure took place. There are no lawsuits or legal litigations that might have significant effect on the financial position or profitability of the Group.

34. Number of employees

At 31st of March 2007, the Group employed 1.999 individuals as staff, of which 1.892 is permanent staff and 107 is extra staff. The average number of staff for the nine-month period of 2006/2007, was 2.133 individuals, (1.674 as permanent and 459 as extra staff).

35. Events subsequent to the balance sheet date

With a vast majority, was approved by the extraordinary general shareholders' assembly of 16 May 2007, the issue of Common Bond Loan of rate of € 145 millions, of duration of seven years, with particularly favourable conditions, empowering the management to deal with typical issues for the issue of the Bond. Positive attitude of Banks and Investing Firms for the developmental plans of the Jumbo Group which are in progress, is justified by the increasingly improved fundamental allocations of the Group. The bond will be used for the refunding of older loan liabilities, but mainly as working capital in order the Group to correspond to the rapid developmental rates that the company presents. Specifically, maximum amount of Common Bond Loan, will be issued in four Courses of Issue. Organizer and coordinator of the Bond Loan was defined the French Bank "BNP Paribas", which has already accepted the term of full engrossment of indisposed allocations. The bond will be divided in 1.300 named bonds of Course of Issue A, of maximum total nominal value of € 65 millions. It will be divided in maximum 400 nominal bonds of Course of Issue B, of a maximum total nominal value of € 20 millions and in maximum 800 nominal bonds of Course of Issue C, of a maximum total nominal value of € 40 millions. It will be possible to be divided in maximum 400 nominal bonds of Course of Issue D, of a maximum total nominal value of € 20 millions. Especially for the Bonds of Course A and of Course D, the company will have the option of their purchase and their resale to the Bond Owners. Every bond will have nominal value of € 50.000 and price of issue in par and most possible purchasers are Unit Trusts that entrust the management and the perspectives of the Jumbo Group.