Jumbo S.A.

Quarterly Report • Sep 29, 2015

	PROFIT AND LOSS ACCOUNT 1
	BALANCE SHEETS 2
	STATEMENT OF CHANGES IN EQUITY - GROUP 3
	STATEMENT OF CHANGES IN EQUITY - COMPANY 4
	CASH FLOWS STATEMENT 5
1	Segment Reporting 6
1.1	Results of business sectors as at 30th September 2007 and 2006 6
1.2	Allocation of Assets and Liabilities per business segment as at 30 September 2007 and 30 June 2007 7
1.3	Information on sales per geographical area as at 30 September 2007 and 2006 7
1.4	Analysis of assets per geographical area as at 30 September 2007 and 30 June 2007 8
2	Additional Information 8
2.1	Basis of preparation for the Financial Statements 8
2.2	New accounting standards and interpretations of the IFRIC 9
2.3	Structure of the Group and consolidation method 10
2.4	Income tax 11
2.5	Earnings per share 12
2.6	Tangible assets 13
2.7	Investment property 17
2.8	Investments in subsidiaries 18
2.9	Current tax liabilities 19
2.10	Cash flows from operating activities 19
2.11	Contingent assets – liabilities 20
2.12	Important corporate events 20

Interim Financial Statements First Quarter 2007/2008

2.13	Transactions with related parties 20
2.14	Fees to members of the BoD 21
2.15	Lawsuits and legal litigations 22
2.16	Number of employees 22
2.17	Events subsequent to the balance sheet date 22

Interim Financial Statements First Quarter 2007/2008

JUMBO SA GROUP OF COMPANIES

Interim Financial Statements For the period from July 1st, 2007 to September 30th, 2007

It is confirmed that the attached Interim Financial Statements (private and consolidated) are those approved by the Board of Directors of JUMBO S.A. on November 15th, 2007 and that 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 that have been condensed and reclassified.

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

PROFIT AND LOSS ACCOUNT

FOR THE PERIOD ENDED ON 30 SEPTEMBER 2007 AND 2006

(All amounts are expressed in euros except from shares)

		THE GROUP		THE COMPANY
	Notes	01/07/07- 30/09/07	01/07/06 30/09/06	01/07/07- 30/09/07	01/07/06 30/09/06
Turnover Cost of sales Gross profit		89.410.660 -46.274.361 43.136.299	75.596.860 -39.360.235 36.236.625	85.697.273 -46.489.489 39.207.784	71.610.383 -38.920.198 32.690.185
Other income Distribution costs Administrative		791.113 -20.755.434	696.231 -18.034.454	779.690 -20.102.555	661.903 -17.510.038
expenses Other expenses		-3.905.928 -434.977	-3.099.799 -457.682	-3.287.941 -434.977	-2.541.357 -457.682
Profit before tax, interest and investment results		18.831.073	15.340.921	16.162.001	12.843.011
Finance costs Finance income		-1.704.212 239.354 -1.464.858	-1.598.410 202.592 -1.395.818	-1.658.244 239.354 -1.418.890	-1.435.168 151.640 -1.283.528
Profit before taxes Income tax	2.4	17.366.215 -4.117.809	13.945.103 -3.248.505	14.743.111 -3.854.452	11.559.483 -3.003.741
Profits after tax		13.248.406	10.696.598	10.888.659	8.555.742
Attributable to: Shareholders of the parent company Minority interests		54.663.254 13.248.406 -	0 10.696.598 -	57.023.001 10.888.659 -	0 8.555.742 -
Earnings per share Basic earnings per share (€/share)		0,22	0,18	0,18	0,14
Diluted earnings per share (€/share)		0,21	0,17	0,17	0,13
Earnings before interest, tax, investment results, and depreciation		21.188.347	17.500.623	18.337.161	14.819.366
Earnings before interest, tax and investment results		18.831.073	15.340.921	16.162.001	12.843.011
Profit before tax Profit after tax		17.366.215 13.248.406	13.945.103 10.696.598	14.743.111 10.888.659	11.559.483 8.555.742

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

BALANCE SHEETS

FOR THE PERIOD ENDED ON 30 SEPTEMBER 2007 AND 30 JUNE 2007

(All amounts are expressed in euros unless otherwise stated)

		THE GROUP		THE COMPANY
	Notes	30/9/2007	30/6/2007	30/9/2007	30/6/2007
Assets
Non current
Property, plant and equipment	2.6	209.169.451	194.764.336	172.080.344	160.278.694
Investment property	2.7	8.977.131	9.140.059	8.977.131	9.140.059
Investments in subsidiaries	2.8	-	-	27.979.874	19.979.894
Other long term receivables		2.734.348	2.737.900	2.734.348	2.737.900
		220.880.930	206.642.295	211.771.697	192.136.547
Current
Inventories Trade debtors and other trading		133.482.181	121.725.701	127.124.552	116.687.037
receivables		22.293.226	19.242.436	26.042.822	20.591.887
Other receivables		38.871.376	34.579.958	29.561.815	29.245.342
Other current assets		6.671.532	3.137.489	6.671.531	3.137.489
Cash and cash equivalents		60.440.671	52.078.722	43.115.938	39.265.843
		261.758.986	230.764.306	232.516.658	208.927.598
Total assets		482.639.916	437.406.601	444.288.355	401.064.145
Equity and Liabilities
Equity attributable to the
shareholders of the parent entity
Share capital		84.864.301	84.864.301	84.864.301	84.864.301
Share premium reserve Translation reserve		7.678.828 (183.705)	7.678.828 (197.797)	7.678.828 -	7.678.828 -
Other reserves		37.255.910	37.255.910	37.255.910	37.255.910
Retained earnings		105.418.598	92.170.193	77.770.704	66.882.044
		235.033.933	221.771.435	207.569.743	196.681.084
Minority interests		-	-	-	-
Total equity		235.033.933	221.771.435	207.569.743	196.681.084
Non-current liabilities
Liabilities for compensation to
personnel due to retirement		1.712.801	1.619.191	1.712.801	1.619.191
Long term loan liabilities		97.520.466	95.995.603	90.642.093	89.248.534
Other long term liabilities		4.272	3.561	4.272	3.561
Deferred tax liabilities		3.458.572	3.251.204	3.462.436	3.253.832
Total non-current liabilities		102.696.111	100.869.559	95.821.602	94.125.119
Current liabilities
Provisions		180.374	180.374	180.374	180.374
Trade and other payables		63.685.001	49.999.781	63.134.427	49.166.544
Current tax liabilities	2.9	33.207.182	28.563.225	31.704.023	27.121.870
Long term loan liabilities payable in
the subsequent year		22.020.517	22.395.205	21.134.184	21.210.941
Other current liabilities		25.816.798	13.627.022	24.744.002	12.578.213
Total current liabilities		144.909.872	114.765.607	140.897.010	110.257.942
Total liabilities		247.605.983	215.635.166	236.718.612	204.383.061
Total equity and liabilities		482.639.916	437.406.601	444.288.355	401.064.145

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

STATEMENT OF CHANGES IN EQUITY - GROUP FOR THE PERIOD ENDED ON 30 SEPTEMBER 2007 AND 30 JUNE 2007

(All amounts are expressed in euros unless otherwise stated)

					THE GR OU P
	Sha ital re c ap	Sha ium re p rem res erv e	Tra nsla tion res erv e	Sta tuto ry res erv e	Tax - f ree res erv es	Ext rdin rao ary res erv es	Oth s R er r ese rve	eta ine d e ing arn s	Tot al E ity qu
Res tate d b ala t 1s t Ju ly 200 7, a ord ing to the IFR S nce s a s a cc	84. 864 .30 1	7.6 78. 828	( 197 .79 7)	7.0 78. 200	5.9 07. 183	24. 246 .94 3	23. 585	92. 170 .19 2	221 .77 1.4 35
Co rtib le b ond loa ize d d irec tly in e ity nve n re co gn qu									0
Set of f of de ferr ed tax ite tra nsfe rred dir ect ly in e ity on ms qu									0
tion dif fere f fo reig ion Tra nsla rat nce s o n o pe s			14.0 92						14. 092
Ne t in nize d in uity co me rec og eq	0	0	14. 092	0	0	0	0	0	14. 092
t p rofi t fo r th erio d 0 1/0 7/2 007 -30 /9/ 200 Ne 7 e p								13.2 48. 406	13. 248 .40 6
Tot al r ized inc e fo r th erio d eco gn om e p	0	0	0	0	0	0	0	13. 248 .40 6	13. 248 .40 6
Tot al a dju stm ent s	0	0	14. 092	0	0	0	0	13. 248 .40 6	13. 262 .49 8
Bal t 30 th S tem ber 20 07 anc e a s a ep	84. 864 .30 1	7.6 78. 828	( 183 .70 5)	7.0 78. 200	5.9 07. 183	24. 246 .94 3	23. 585	105 .41 8.5 98	235 .03 3.9 33
Res tate d b ala at 1st Jul 200 6, a rdin to t he IFRS nce as y cco g	84. 864 .30 0 84. 864 .30 1	7.6 78. 828 7.6 78. 828	-18 3.7 07 251 .36 9	0 5.0 14. 763	0 5.9 07. 183	0 0	37. 255 .91 0 14. 230	105 .41 8.5 98 64. 510 .90 4	235 .03 3.9 29 168 .24 1.5 78
Co rtib le b ond loa ize d d irec tly in e ity nve n re co gn qu							13. 176		13. 176
Set of f of de ferr ed ite nsfe rred dir ly in e ity tax tra ect on ms qu							( 3.8 21)		( 21) 3.8
Tra nsla tion dif fere f fo reig rat ion nce s o n o pe s			( 80. 147 )						( 80. 147 )
Ne t in nize d in uity co me rec og eq	0	0	(80 7) .14	0	0	0	9.3 55	0	(70 2) .79
rofi t fo erio Ne t p r th d 0 1/0 7/2 006 -30 /09 /20 06 e p								10.6 96. 598	10. 696 .59 8
Tot al r ized inc e f or t he riod eco gn om pe	0	0	0	0	0	0	0	10. 696 .59 8	10. 696 .59 8
Bal f eq uity at 30t h S tem ber 20 06 anc e o ep	84. 864 .30 1	7.6 78. 828	171 .22 2	5.0 14. 763	5.9 07. 183	0	23. 585	75. 207 .50 2	178 .86 7.3 84

The accompanying notes constitute an integral part of the financial statements

STATEMENT OF CHANGES IN EQUITY - COMPANY

FOR THE PERIOD ENDED ON 30 SEPTEMBER 2007 AND 30 JUNE 2007

(All amounts are expressed in euros unless otherwise stated)

				TH E C OM	PA NY
	Sh ita l are ca p	Sh are mi pre um res erv e	Sta tut ory res erv e	Tax - f ree re ser ves	rdi Ext rao na ry res erv es	Oth er res erv es	tai d Re ne rni ea ng s	To tal Eq uit y
Ba lan at 1st Ju ly 20 07 din to the IF RS ce as , ac cor g	84 .86 4.3 01	7.6 78 .82 8	7.0 78 .20 0	5.9 07 .18 3	24 .24 6.9 43	23 .58 5	66 .88 2.0 44	19 6.6 81 .08 4
Bon d lo tibl e to sh s d irec tly ized in ity an con ver are rec ogn equ
Set off of def ed tax ite tra nsf ed dire ctly in err on ms err ity equ							0	0
Net inc nize d in uity om e re cog eq	0	0	0	0	0	0	0	0
Net ofit fo r th erio d 0 1/0 7/2 /09 /20 007 -30 07 pr e p							10. 888 .65 9	10 .88 8.6 59
Tot al r ized inc e fo r th erio d eco gn om e p Div ide nds id pa Inc in e ity rea se qu							10. 888 .65 9	10 .88 8.6 59
Tot al a dju stm ent s	0	0	0	0	0	0	10 .88 8.6 59	10 .88 8.6 59
Ba lan of uit 0th Se be t 3 tem r 2 00 7 ce eq y a p	84 .86 4.3 01	7.6 78 .82 8	7.0 78 .20 0	5.9 07 .18 3	24 .24 6.9 43	23 .58 5	77 .77 0.7 03	20 7.5 69 .74 3
Ba lan at 1st Ju ly 20 06 din to the IF RS ce as , ac cor g	84 .86 4.3 01	7.6 78 .82 8	5.0 14 .76 3	5.9 07 .18 3	0	14 .23 0	49 .78 1.8 30	15 3.2 61 .13 5
Bon d lo tibl sh s d irec tly ized in ity e to an con ver are rec ogn equ						13. 176		13 .17 6
Set off of def ed ite nsf ed dire ctly in tax tra err on ms err ity equ						( 3.8 21 )		( 3.8 21 )
Net inc nize d in uity om e re cog eq	0	0	0	0	0	9.3 55	0	9.3 55
Net ofit fo r th erio d 0 1/0 7/2 006 -30 /09 /20 06 pr e p							8.5 55 .74 2	8.5 55 .74 2
Tot al r ized inc e fo r th erio d eco gn om e p	0	0	0	0	0	0	8.5 55 .74 2	8.5 55 .74 2
Div ide nds id pa of s har ital Inc rea se e c ap
Tot al a dju stm ent s	0	0	0	0	0	0	8.5 55 .74 2	8.5 55 .74 2
Ba lan of uit t 3 0th Se tem be r 2 00 6 ce eq y a p	84 .86 4.3 01	7.6 78 .82 8	5.0 14 .76 3	5.9 07 .18 3	0	23 .58 5	58 .33 7.5 72	16 1.8 26 .23 2

The accompanying notes constitute an integral part of the financial statements

CASH FLOWS STATEMENT

FOR THE PERIOD ENDED 30 SEPTEMBER 2007 AND 2006

(All amounts are expressed in euros unless otherwise stated)

		THE GROUP		THE COMPANY
	Notes	30/9/2007	30/9/2006	30/9/2007	30/9/2006
Cash flows from operating activities
Cash flows from operating activities	2.10	25.247.588	39.884.916	25.290.756	36.784.471
Interests payable Interest paid		(93.239) (509.890)	(273.820) (529.093)	(91.845) -	(271.625) -
Net cash flows from operating activities		24.644.459	39.082.003	25.198.911	36.512.846
Cash flows from investing activities
Acquisition of non current assets		(17.122.894)	(8.787.892)	(14.358.593)	(7.801.382)
Sale of tangible assets		1.020.000	3.001	1.020.000	3.001
Amounts owed by affiliated parties for Share Capital Increase		-	-	-	(945.830)
Acquisition of subsidiary companies		-	-	(7.999.980)	(73)
Interest received		239.354	202.592	239.354	151.640
Net cash flows from investing activities		(15.863.540)	(8.582.299)	(21.099.219)	(8.592.644)
Cash flows from investing activities
Dividends paid to shareholders		-	(290)	-	(290)
Loans received Loans paid		- (267.179)	41.571.422 (530.965)	- (107.341)	41.571.422 (96.385)
Payments of capital of financial leasing		(146.011)	(175.127)	(142.256)	(170.546)
Net cash flows from financing activities		(413.189)	40.865.040	(249.597)	41.304.201
Increase/(decrease) in cash and cash equivalents (net)		8.367.730	71.364.745	3.850.095	69.224.404
Cash and cash equivalents in the beginning of the period		52.078.722	21.818.592	39.265.843	8.980.606
Exchange difference cash and cash equivalents		(5.780)	(55.943)	-	-
Cash and cash equivalents at the end of the period		60.440.671	93.127.394	43.115.938	78.205.010
Cash in hand		1.865.727	2.457.313	1.840.555	2.434.525
Carrying amount of band deposits and bank overdrafts		6.680.523	7.891.408	6.680.523	5.920.212
Sight and time deposits		51.894.421	82.778.673	34.594.859	69.850.273
Cash and cash equivalents		60.440.671	93.127.394	43.115.938	78.205.010

The accompanying notes constitute an integral part of the financial statements

1 Segment Reporting

Primary segment reporting – business segments

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

1.1 Results of business sectors as at 30th September 2007 and 2006

Results per segment for the first quarter in the current year 2007/2008 are as follows:

	1/7/2007-30/9/2007
	Retail	Wholesale	Other	Total
Sales to third parties	88.685.488	725.172		89.410.660
Other operating
income non allocated			791.113	791.113
Total revenue	88.685.488	725.172	791.113	90.201.773
Operating profit	18.467.278	151.004		18.618.282
Other operating
income non allocated			212.791	212.791
Net financial results				-1.464.858
Profit before tax	18.467.278	151.004	212.791	17.366.215
Income tax				-4.117.809
Net profit				13.248.406

Results per segment for the first quarter in previous year 2006/2007 are as follows:

	1/7/2006-30/9/2006
	Retail	Wholesale	Other	Total
Sales to third parties	75.123.464	473.396		75.596.860
Other operating income non allocated			696.231	696.231
Total revenue	75.123.464	473.396	696.231	76.293.091
Operating profit	15.072.588	94.981		15.167.569
Other operating income non allocated			173.352	173.352
Net financial results				-1.395.818
Profit before tax	15.072.588	94.981	173.352	13.945.103
Income tax				-3.248.505
Net profit				10.696.598

1.2 Allocation of Assets and Liabilities per business segment as at 30 September 2007 and 30 June 2007

The allocation of consolidated assets and liabilities to business segments for the period 30/09/2007 and 30/6/2007 is analysed as follows:

	30/9/2007
	Retail	Wholesale	Other	Total
Segment assets	395.967.704	5.801.132	-	401.768.836
Non allocated Assets	-	-	80.871.080	80.871.080
Consolidated Assets	395.967.704	5.801.132	80.871.080	482.639.916
Sector liabilities Non allocated Liabilities	89.395.264	910.389	-	90.305.653
items	-	-	392.334.263	392.334.263
Consolidated liabilities	89.395.264	910.389	392.334.263	482.639.916
			30/6/2007
	Retail	Wholesale	Other	Total
Segment assets	358.205.995	5.877.283	-	364.083.278
Non allocated Assets	-	-	73.323.323	73.323.323
Consolidated Assets	358.205.995	5.877.283	73.323.323	437.406.601

Sector liabilities	63.590.712	829.193	-	64.419.905
Non allocated Liabilities items	-	-	372.986.696	372.986.696

Secondary segment reporting– geographical segments

1.3 Information on sales per geographical area as at 30 September 2007 and 2006

Sales per geographical area as at 30 September 2007 και 2006 are as follows:

	Secondary segment reporting - geographical segments
	1/7/2007-30/9/2007	1/7/2006-30/9/2006
Greece Attica	33.101.253	28.082.945
Rest of Greece	48.603.105	40.619.967
Eurozone	7.704.694	6.893.948
Third Countries	1.607	-
Non allocated operating
income	791.113	696.231
Total	90.201.773	76.293.091

1.4 Analysis of assets per geographical area as at 30 September 2007 and 30 June 2007

The following tables present an analysis of assets per geographical area as at 30 September 2007 and 30 June 2007:

	01/07/07-30/09/07	01/07/2006-30/06/07
Balance of non current assets
Greece Attica	71.190.765	59.164.150
Rest of Greece	112.601.058	112.992.503
Eurozone	37.089.107	34.485.642
Third Countries	0	0
Total	220.880.930	206.642.295
Other assets items
Greece Attica	116.509.399	99.172.027
Rest of Greece	111.881.353	108.150.901
Eurozone	33.368.234	23.441.378
Third Countries	0	0
Total	261.758.986	230.764.306
Investments
Greece Attica	13.346.777	16.495.622
Rest of Greece	1.011.816	19.006.624
Eurozone	2.764.301	10.610.751
Third Countries	0	0
Total	17.122.895	46.112.997

2 Additional Information

2.1 Basis of preparation for the Financial Statements

The enclosed financial statements (private and consolidated) of JUMBO S.A. (henceforth Financial Statements of the first quarter) dated September 30th, 2007, for the period of July 1st, 2007 to September 30th, 2007 have been compiled on the basis of the historic cost principle, the going concern principle and are in accordance with the International Financial Reporting Standards (IFRS) that have been issued by the International Accounting Standards Board (IASB) and their interpretations that have been issued by the International Financial Reporting Interpretations Committee (IFRIC) of the 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 June 30th, 2007 and must be studied in addition to the financial statements of the Company and the Group of the 30th of June of 2007.

The composition of the financial statements according to the 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 presuppositions 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 evaluated and are based on experiential facts and other factors, including anticipations for future facts, which are considered predictable under normal circumstances.

Basic accounting principles adopted for the preparation of these financial statements are consistent with those applied to the annual financial statements of 2006 – 2007 and have been applied consistently to all the periods presented herein.

2.2 New accounting standards and interpretations of the IFRIC

The International Accounting Standards Board and the Interpretations Committee have issued a series of new accounting standards and interpretations, which will be applied for the accounting periods beginning on January 1st, 2007. The Group's assessment regarding the effect of the aforementioned new standards and interpretations is as follows:

IAS 1 (amendment). Capital disclosures

Due to the issuance of IFRS 7, further disclosures were added to IAS 1 in order for a company to provide useful information to users regarding the objectives, policies and management procedures for its capital. The group will apply the amendments of IAS 1 for the annual financial statements of 1/7/2007 – 30/6/2008.

IFRS 7. Disclosures of Financial Instruments

IFRS 7 applies to all risks arising from all financial instruments, except those instruments specifically excluded (e.g. interests in subsidiaries, associates and joint ventures, etc.). The objective of the disclosures is to provide an overview of the entity's use of financial instruments and the exposure to risks they create. The extent of the disclosure required depends on the extent of the entity's use of financial instruments and of its exposure to risk. IFRS 7 supersedes IAS 30 and the disclosure requirements of IAS 32 but the presentation requirements of IAS 32 remain unchanged. The Group and the Company will apply IFRS 7 for the annual financial statements of 1/7/2007 – 30/6/2008.

IFRS 8. Operating Sectors

IFRS 8 retains the general scope of IAS 14. It requires entities whose equity or debt securities are publicly traded and entities that are in the process of issuing equity or debt securities in public securities markets to disclose segment information. If a financial report contains both the consolidated financial statements of a parent that is within the scope of IFRS 8 as well as the parent's separate financial statements, segment information is required only in the consolidated financial statements. IFRS 8 applies for annual periods beginning on or after January 1st, 2009.

IAS 23 (amendment). Borrowing Cost

In the revised standard, the previous benchmark treatment of recognising borrowing costs as an expense has been eliminated. Instead, borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets form part of the costs of the asset. The revised version of IAS 23 Borrowing Cost is mandatory for annual periods beginning on or after January 1st, 2009.

IFRIC 11 IFRS 2- Transactions in participating titles of the same company or companies of the same group

This interpretation is effective for the financial statements on or after March 1st, 2007. IFRIC 11 provides guidance on whether specific share-based payment arrangements should be accounted for as equitysettled or cash-settled schemes. This is an important distinction because there are significant differences in the required accounting treatment. For example, obligations under cash-settled schemes are reevaluated to fair value at each reporting date. By contrast, in an equity-settled scheme the fair value of the award is determined at the grant date and recognised over the period in which the related services are provide.

IFRIC 12 Service Concession Agreements

This amendment is effective for annual periods beginning on or after 1st January 2008. IFRIC 12 provides guidance on accounting for some arrangements in which (i) a public sector body ("the grantor") engages a private sector entity ("the operator") to provide services to the public; and (ii) those services involve the

use of infrastructure by the operator ("public to private service concessions"). IFRIC 12 is an extensive interpretation that is referred to a complicated subject.

IFRIC 13 Customer Loyalty Programmes

The International Financial Reporting Interpretations Committee (IFRIC) issued a new interpretation relating to the application of IAS 18 Revenue Recognition. IFRIC 13 "Customer Loyalty Programmes" clarifies that where entities grant award credits (e.g. loyalty points or reward miles) as part of a sales transaction and customers can redeem those award credits in the future for free or discounted goods or services, IAS 18 paragraph 13 applies. This requires that the award credits are treated as a separate component of the sales transaction and an amount of the consideration received or receivable needs to be allocated to the award credits. The timing of the recognition of this element of revenue is deferred until the entity satisfies its obligations relating to the award credits, either by supplying the rewards directly or by transferring the obligation to a third party. IFRIC 13 needs to be applied for annual periods beginning on or after 1st July 2008.

2.3 Structure of the Group and consolidation method

Parent Company:

The Anonymous Trading Company owning the name «JUMBO Anonymous Trading Company» and the title «JUMBO», was founded in year 1986, with headquarters today in Moschato of Attica (9 Cyprus & Ydras 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 Big Capitalization of Athens Stock Exchange.

Subsidiary companies:

1. The subsidiary company named «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 Cyprus in the same sector with the parent company, which is the retail toys trade. Parent company owns the 100% of its shares and its voting rights.

2. The subsidiary company in Bulgaria named «JUMBO EC.B.» was founded on the 1st of September 2005 as a 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 (Avenue Yanko Sakuzov, 9A, 3rd floor 9th appartment). Parent company owns 100% of its shares and its voting rights.

In September 2007 the subsidiary company Jumbo EC.B. LTD proceeded with a new share capital increase of 7,999,980 € which was covered by 100% by the Parent Company Jumbo SA. The share capital after the last increase is €16.9m.

3. The subsidiary company in Romania named «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. The subsidiary company ASPETTO Ltd was founded on the 21/08/2006 in Cyprus Nicosia (Abraham Antoniou 9 avenue, Kato Lakatamia, Nicosia). "Jumbo Trading Ltd" owns 100% of its voting rights.

5. WESTLOOK Ltd is a subsidiary of ASPETTO Ltd which holds a 100% stake of its share capital. The company has founded in Bucharest, Romania (Bucharest, District No 4, 90-92 Calea Serban Voda, 4th Floor) at 16/10/2006.

Group companies, included in the consolidated financial statements and the consolidation method are the following:

Interim Financial Statements First Quarter 2007/2008

Consolidated	Percentage and	Main Office	Consolidation
Subsidiary	Participation		method
JUMBO	100% Direct	Cyprus	Full Consolidation
TRADING LTD
JUMBO EC.B LTD	100% Direct	Bulgaria	Full Consolidation
JUMBO EC.R SRL	100% Direct	Romania	Full Consolidation
ASPETTO LTD	100% Indirect	Cyprus	Full Consolidation
WESTLOOK SRL	100% Indirect	Romania	Full Consolidation

2.4 Income tax

According to Greek taxation laws, up to 30/06/2007 the tax rate for the Company was 29% while for profits as of 1/7/2007, tax must be calculated at the rate of 25%. Consequently, income tax for the period 1/7/2007-30/9/2007 was calculated at the rate of 25% on profits of the parent company and 10%, on average, on profits of the subsidiary JUMBO TRADING LTD and ASPETTO in Cyprus and 16% on profits of the subsidiaries JUMBO EC.R and WESTLOOK LTD and JUMBO EC.B LTD.

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

Interim Financial Statements First Quarter 2007/2008

	THE GROUP		THE COMPANY
	30/9/2007	30/9/2006	30/9/2007	30/9/2006
Income taxes for the period Adjustments of	3.860.646	3.426.176	3.597.289	3.180.283
deferred taxes due to	-	-342.476	-	-342.476
Deferred income taxes	208.604	124.224	208.604	125.353
Provisions for contingent tax liabilities from years uninspected
by the tax authorities	48.559	40.581	48.559	40.581
Total	4.117.809	3.248.505	3.854.452	3.003.741

2.5 Earnings per share

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

Earnings per share

Basic earnings per share (sums in euro)	THE GROUP		THE COMPANY
	30/9/2007	30/9/2006	30/9/2007	30/9/2006
Earnings attributable to the shareholders of the parent company	13.248.406	10.696.598	10.888.659	8.555.742
Weighted average number of shares	60.617.358	60.617.358	60.617.358	60.617.358
Basic earnings per share (euro per share)	0,22	0,18	0,18	0,14
Diluted eranings per hare (sums in euro)	Ο ΟΜΙΛΟΣ		Η ΕΤΑΙΡΕΙΑ
	30/9/2007	30/9/2006	30/9/2007	30/9/2006
Earnings attributable to the shareholders of the parent company	13.526.401	10.799.026	11.166.654	8.658.170
Weighted average number of shares	65.074.517	65.074.517	65.074.517	65.074.517
Diluted earnings per share (euro per share)	0,21	0,17	0,17	0,13

Diluted earnings per share are presented for information purposes and pertain to the convertible bond loan which was issued at 8/9/2006.

2.6 Tangible assets

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.

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) is 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

Interim Financial Statements First Quarter 2007/2008

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

						THE GR OU P
	d - Lan hol d Free	Buil din nd fixt gs a ure s bui ldin on gs - hol d Free	tion Tra orta nsp me ans	chi fun itur Ma ner y - e and oth qui ent er e pm	Sof twa re	Fixe d a ts sse und er stru ctio con n	Tot al	seh old lan d Lea and bu ildin gs	sed of Lea me ans tran rtat ion spo	l of lea seh old Tota fixe d a ts sse	l Pro lan d Tota ty P per and uip nt Eq me
Co st 3 0/9 /20 06	40. 812 .504	102 .050 .285	661 .270	38. 089 .046	75.2 1.5 51	298 .685 11.	194 .487 .042	6.22 7.26 3	2.4 48.9 83	8.6 76.2 47	203 .163 .289
cia tion Acc ula ted de um pre	0	(16 ) .095 .879	(44 4) 8.22	(19 ) .900 .350	(1.3 11) 33.0	0	(37 ) .777 .464	(456 ) .693	(36 7) 6.04	(82 0) 2.74	(38 ) .600 .204
Net Co st a s at 30/ 9/2 006	40. 812 .504	85. 954 .407	213 .047	18. 188 .696	242 .240	298 .685 11.	156 .709 .578	70.5 70 5.7	2.0 82. 936	7.8 53.5 06	164 .563 .085
Co st 3 0/9 /20 07	64. 595 .184	122 .975 .629	502 .207	42. 351 .493	1.6 54.4 47	14. 238 .502	246 .317 .462	6.22 7.26 3	2.4 48.3 39	8.6 75.6 02	254 .993 .065
Acc ula ted de cia tion um pre	0	(19 .700 .074 )	(35 5.70 3)	(23 .082 .356 )	(1.4 79. 115 )	0	(44 .617 .248 )	(570 .788 )	(63 5.57 9)	(1.2 06.3 66)	(45 .823 .614 )
30/ 9/2 Net Co st a s at 007	64. 595 .184	103 .275 .555	146 .504	19. 269 .137	175 .332	14. 238 .502	201 .700 .214	5.6 56.4 75	1.8 12.7 60	7.4 69.2 36	209 .169 .45 1

THE COMPANY

	Lan d - Fre eho ld	Bui ldin and gs fixt ure s o n bui ldin gs - Fre eho ld	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	Tot al o f le hol d ase fixe d a ts sse	Tot al P erty rop Pla nd and Equ ipm ent
Co st 3 0/9 /20 06	33. 153 .114	88. 305 .403	552 .948	35. 324 .493	961 .320	6.8 00. 162	165 .09 7.4 41	6.22 7.2 63	2.3 98. 769	8.6 26. 032	173 .72 3.4 73
Ac ula ted de cia tion cum pre	0	(14 .400 .249 )	(34 9.4 02)	(18 .405 .724 )	(83 4.1 38)	0	(33 .98 9.5 13)	(45 6.6 93)	(34 9.0 27)	(80 5.7 21)	(34 .79 5.2 34)
Net Co st a t 30 /9/ 200 6 s a	33. 153 .11 4	73. 905 .15 5	203 .54 6	16. 918 .77 0	127 .18 1	6.8 00. 162	131 .10 7.9 28	5.7 70. 570	2.0 49. 741	7.8 20. 311	138 .92 8.2 39
Co st 3 0/9 /20 07	52. 310 .069	109 .342 .73 1	395 .275	38. 940 .292	1.0 63.8 51	2.7 60.2 25	204 .81 2.4 43	6.22 7.2 63	2.3 98. 769	8.6 26. 032	213 .43 8.4 75
cia tion Ac ula ted de cum pre	0	(17 17) .61 7.0	(25 2) 1.04	(21 17) .38 7.5	(91 4) 6.28	0	(40 .17 1.8 60)	(57 88) 0.7	(61 82) 5.4	(1.1 86. 269 )	(41 .35 8.1 30)
Net Co st a t 30 /9/ 200 7 s a	52. 310 .06 9	91. 725 .71 3	144 .23 3	17. 552 .77 5	147 .56 7	2.7 60. 225	164 .64 0.5 83	5.6 56. 475	1.7 83. 287	7.4 39. 762	172 .08 0.3 44

Interim Financial Statements First Quarter 2007/2008

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

						THE GR OU P
	d - Lan Free hol d	Buil din nd fixt gs a ure s bui ldin on gs - Free hol d	tion Tra orta nsp me ans	chi fun itur Ma ner y - e qui and oth ent er e pm	Sof twa re	Fixe d a ts sse und er ctio stru con n	Tota l	seh old lan d Lea ildin and bu gs	sed of Lea me ans ion tran rtat spo	l of lea seh old Tota fixe d a ts sse	l Pro lan d Tota ty P per uip and Eq nt me
Bal s at 30 /6/ 200 7 anc e a	53. 007 .387	122 .845 .830	648 .024	41. 235 .248	1.6 45.2 56	10. 665 .486	230 .047 .230	6.2 27.2 63	2.4 48.3 81	8.6 75.6 44	238 .722 .874
- Ad ditio ns	11. 650 .940	765 .320	0	1.1 22.4 22	9.6 97	3.8 13.0 43	17.3 61.4 21	0	0	0	17. 361 .421
sfer - De s - t cre ase ran s	(96 .978 )	(62 3.84 8)	(14 5.72 5)	(3.7 60)	0	(23 8.52 7)	(1.1 08.8 38)	0	0	0	(1.1 08.8 38)
- Ex cha dif fere nge nce s	33. 836	(11 .673 )	(92 )	(2.4 17)	(50 5)	(1.5 00)	17.6 49	0	(42 )	(42 )	17. 606
Bal s at 30 /9/ 200 7 anc e a	64. 595 .184	122 .975 .629	502 .207	42. 351 .493	1.6 54.4 47	14. 238 .502	246 .317 .462	6.2 27.2 63	2.4 48.3 39	8.6 75.6 02	254 .993 .064
	24.0 41. 116	20. 829 .408	(15 4) 9.38	4.6 94.7 92	93. 832	10. 685 .687	60. 185 .45 1
Bal s at 30 /6/ 200 7 anc e a	0 0	(18 .794 .227 )	(48 4.4 11)	(22 .134 .490 ) 90. 108	(1.4 35.2 19) 6.70	0 0	(42 .848 .348 ) 42. 199	(54 2.2 64) 4.0	(56 7.92 6) 0.2	(1.1 10.1 91) 4.3	(43 .958 .539 ) 56.5
	64.5 95. 184	104 .181 .402	17. 796	(2.9 ) 20. 217 .003	(14 9) 219 .228	14. 238 .502	(6.7 ) 203 .469 .114	(11 94) 5.6 84. 999	(20 68) 1.8 80.4 13	(31 63) 7.5 65.4 11	(7.0 62) 211 .034 .525
- Ad ditio ns	0	(1.1 28.0 66)	(17 .105 )	(97 0.8 63)	(44 .363 )	0	(2.1 97) 60.3	(28 .524 )	(67 .669 )	(96 ) .193	(2.2 90) 56.5
- De s - t sfer cre ase ran s	0	220 .522	145 .725	21. 596	0	0	387 .843	0	0	0	387 .843
- Ex cha dif fere nge nce s	0	1.6 97	88	1.4 02	466	0	3.65 3	0	16	16	3.6 69
Bal s at 30 /09 /20 07 anc e a	0	(19 .700 .074 )	(35 5.70 3)	(23 .082 .356 )	(1.4 79. 115 )	0	(44 .617 .248 )	(57 0.78 8)	(63 5.5 79)	(1.2 06.3 66)	(45 .823 .615 )

Interim Financial Statements First Quarter 2007/2008

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

						THE CO MP AN Y
	d - Lan Fre eho ld	Bui ldin nd gs a fixt ure s o n bui ldin gs - Fre eho ld	orta tion Tra 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	seh old lan d Lea and bu ildi ngs	sed of Lea me ans tran rtat ion spo	Tota l of lea seh old fixe d a ts sse	Tota l Pr rty ope Pla nd and Equ ipm ent
Bal s at 30 /6/ 200 7 anc e a	40. 758 .543	109 .20 7.65 3	541 .00 1	38. 404 .995	1.0 54. 555	1.3 57. 415	191 .324 .16 1	6.2 27. 263	2.3 98. 769	8.6 26. 032	199 .950 .193
						1.40 2.8 10
- Ad diti ons	11. 648 .504	758 .92 6	0	539 .05 7	9.2 97	1.6 41. 336	14.5 97. 120	0	0	0	14. 597 .120
- De s - t sfer cre ase ran s	(96 .978 )	(62 3.8 48)	(14 5.7 25)	(3.7 60)	0	(23 8.5 27)	(1.1 08. 838 )	0	0	0	(1.1 08. 838 )
- Ex cha dif fere nge nce s
Bal s at 30 /9/ 200 7 anc e a	52. 310 .06 9	109 .342 .73 1	395 .275	38. 940 .292	1.0 63. 851	2.7 60.2 25	204 .812 .443	6.2 27. 263	2.3 98. 769	8.6 26. 032	213 .438 .475
Bal s at 30 /6/ 200 7 anc e a	0	(16 0) .81 1.64	(38 9) 1.93	(20 57) .49 6.5	(89 30) 0.2	0	(38 7) .580 .36	(54 64) 2.2	(54 68) 8.8	(1.0 ) 91. 133	(39 9) .67 1.49
	0 0
- Ad diti ons	0	(1.0 25. 899 )	(14 .828 )	(91 2.5 56)	(26 .054 )	0	(1.9 79.3 37)	(28 .524 )	(66 .614 )	(95 .13 7)	(2.0 74.4 74)
- De s - t sfer cre ase ran s	0	220 .522	145 .725	21. 596	0	0	387 .843	0	0	0	387 .844
- Ex cha dif fere nge nce s
Bal s at 30 /09 /20 07 anc e a	0	(17 .61 7.0 17)	(25 1.04 2)	(21 .38 7.5 17)	(91 6.2 84)	0	(40 .17 1.86 0)	(57 0.7 88)	(61 5.4 82)	(1.1 86. 270 )	(41 .358 .12 9)

c. Encumbrances on fixed assets

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

	30/9/2007	30/9/2007
	£	€
Bank of Cyprus:
Lemessos building	2.500.000	4.279.356
Lemessos building	1.500.000	2.567.614
	4.000.000	6.846.970

2.7 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
		1/7/2007 - 30/9/2007	1/7/2006 - 30/9/2006
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	18.806	18.230
Nea Efkarpia	Retail Shop	76.760	74.247
Psixiko	Retail Shop	6.815	0
Total		102.381	92.477

None of the subsidiary had any investment properties until 30/9/2007. Net cost of those investments is analyzed as follows:

	THE GROUP Investment Property
Cost 30/9/2006	11.162.372
Accumulated depreciation	-2.102.352
Net Cost as at 30/9/2006	9.060.020
Cost 30/9/2007	11.701.866
Accumulated depreciation	-2.724.735
Net Cost as at 30/9/2007	8.977.131

Movements in the account for the period are as follows:

	THE GROUP Investment Property
Balance as at 30/6/2007	11.764.107
- Additions	-
- Decreases - transfers	-62.242
Balance as at 30/9/2007	11.701.866
Depreciation
Balance as at 30/6/2006	-2.624.049
- Additions	-100.686
- Decreases - transfers	-
Balance as at 30/9/2007	-2.724.735

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

2.8 Investments in subsidiaries

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

Company	Head offices	Participation rate	Amount of participation
JUMBO TRADING LTD	Avraam Antoniou 9- 2330 Kato Lakatamia Nicosia -	100%	11.074.190
JUMBO EC.B JUMBO EC.R	Sofia, Yanko Sakuzon avenue 9A-Bulgaria	100%	16.905.611
	Bukuresti str.SPL. (section 4, Sos Giurgiului no.129)	100%	73
			27.979.874

«JUMBO EC.B»

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

In September 2007 the subsidiary company Jumbo EC.B. LTD proceeded with a new share capital increase of 7,999,980 € which was covered by 100% by the Parent Company Jumbo SA. The share capital after the last increase is €16.9m.

It is included in the consolidated financial statements of the current period through the purchase method.

Interim Financial Statements First Quarter 2007/2008

2.9 Current tax liabilities

The analysis of tax liabilities is as follows:

	THE GROUP		THE COMPANY
Current tax liabilities	30/9/2007	30/9/2006	30/9/2007	30/9/2006
(amounts in euro)
Expense for tax
corresponding to the period	5.149.007	23.117.424	3.645.848	23.035.021
Liabilities from taxes	28.058.175	5.445.801	28.058.175	4.086.849
Total	33.207.182	28.563.225	31.704.023	27.121.870

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

2.10 Cash flows from operating activities

		THE GROUP	THE COMPANY
	30/9/2007	30/9/2006	30/9/2007	30/9/2006
Cash flows from operating activities
Net profit for the period Adjustments for:	13.248.406	10.696.598	10.888.659	8.555.742
Income taxes	4.117.809	3.248.505	3.854.452	3.003.741
Depreciation of non current assets	2.357.274	2.159.702	2.175.160	1.976.355
Pension liability provisions (net)	93.610	57.807	93.610	57.807
Profit/ (loss) from sales of non current assets	(475.289)	177.376	(475.289)	177.376
Interest and related income	(184.991)	(202.592)	(239.354)	(151.640)
Interest and related expenses	1.659.397	1.598.410	1.658.244	1.435.168
Other Exchange Differences	0	(5.937)	0	(5.937)
Operating profit before change in working capital	20.816.216	17.729.869	17.955.481	15.048.612
Change in working capital
(Ιncrease)/decrease in inventories	(11.760.793)	1.745.436	(10.437.515)	2.004.605
(Increase)/decrease in trade and other receivables	(7.286.587)	8.160.119	(5.767.408)	7.545.856
(Ιncrease)/decrease in other non current assets	(3.534.043)	(3.271.594)	(3.534.043)	(3.271.594)
(Increase)/decrease in trade payables	27.008.535	15.526.098	27.069.978	15.462.004
Income tax payable	4.262	(5.011)	4.262	(5.011)
	4.431.372	22.155.047	7.335.274	21.735.859
Net cash flows from operating activities	25.247.588	39.884.916	25.290.756	36.784.471

2.11 Contingent assets – liabilities

The Company has been inspected by the tax authorities up to the fiscal year ending at 30.06.2006. The fiscal year that has not had a tax audit is the one ended at 30.06.2007. The subsidiary JUMBO TRADING LTD has had a tax audit up to 31.12.2004, imposed by the Cypriot Tax Authorities. The fiscal years that have not had a tax audit are 01.01.2005-30.06.2005, 01.07.2005-30.06.2006 and 01.07.06-30.06.07. Subsidiary companies JUMBO EC.B LTD and JUMBO EC.R S.R.L. have not commenced their operations and therefore, no issue of un-audited fiscal years arises. Subsidiary companies ASPETΤO LTD and WESTLOOK SLR cover their first fiscal year and, therefore, no issue of un-audited fiscal years arises. The Group for the fiscal years that have not had a tax audit has created a provision of € 211 thousand, of which € 49 thousand concern the current period.

2.12 Important corporate events

On 15.08.2007 a fire broke out in a department store of our company that was closed at that time due to holiday located at Kreontos Street 30-32 Kolonos. There were no human casualties caused by the fire. However, fixed assets and inventories of the company were destroyed. The company is properly insured as against such cases for damage caused to the building, equipment and its inventories as well as for third party liability. The company conducted all the necessary technical works on the building, replaced the destroyed commodities and the equipment and the department store opened on 19/09/2007

2.13 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 SRL.

The subsidiary company JUMBO TRADING LTD participates at the rate of 100% in the share capital of the company ASPETO LTD and ASPETO LTD participates at the rate of 100% in the share capital of the company WESTLOOK SRL

In the years presented only the Cypriot company JUMBO TRADING LTD has operating activities, while the other two, have not performed any trading activities yet.

The following transactions were carried out with the affiliated undertakings:

Interim Financial Statements First Quarter 2007/2008

Sales/ (purchases) of merchandise Sales of JUMBO SA to JUMBO TRADING LTD	30/9/2007 3.985.586	30/9/2006 2.907.471
Purchases by JUMBO SA from JUMBO TRADING LTD	84.617	-
	4.070.203	2.907.471
Net balance arising from transactions with the subsidiary companies	30/9/2007	30/9/2006
Amounts owed to JUMBO SA from JUMBO TRADING LTD	4.032.729	1.979.181
Amounts owed by JUMBO SA to JUMBO TRADING LTD	84.617	-
	4.117.347	1.979.181
Amounts owed to JUMBO SA by JUMBO EC.D LTD	1.393	5.102.906
Amounts owed by JUMBO SA to JUMBO EC.D LTD	-	-
	1.393	5.102.906
Amounts owed to JUMBO SA by JUMBO EC.R SRL	7.166	-
Amounts owed by JUMBO SA to JUMBO EC.R SRL	-	-
	7.166	-
Amounts owed to JUMBO LTD from Aspetto LTD	-	-
Amounts owed by JUMBO ltd to Aspetto LTD	-	-
	-	-
Amounts owed to Aspetto LTD from Westlook SRL	-	-
Amounts owed by JUMBO LTD to Westlook SRL	-	-
	-	-

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).

2.14 Fees to members of the BoD

The gross fees paid for the five (5) members of the Board of Directors, who are not related in any employment commitment contract with the company for the period 1/7/2007-30/9/2007 amounted to € 105.260,49 in total, compared to last period's amount, which was € 80.909. The above fees payments are included in the Company´s administrative expenses in the profit and loss account.

Other members of the B.O.D. and specifically the Commissioned Adviser, the Vice President and legal adviser have an employment contract and they are paid salaries which are included in the Company's administrative expenses. Total salaries for the period 1/7/2007– 30/9/2007 for the above persons amounted to € 86.590, with minimum monthly fees of € 11.300 and maximum income € 12.720 compared to last period's amounts which were € 64.690.

Regarding the subsidiary Jumbo Trading Ltd, the members of the B.O.D. which are under employment contracts are paid salaries which are included in the Company's administrative expenses. Total salaries for the period 1/7/2007– 30/9/2007 for the above persons amounted to € 62.650 (i.e. CYP 36.600) while in the previous period received € 58.890 (CYP 33.908).

2.15 Lawsuits and legal litigations

Since the company's establishment and hitherto, no interrupted operation has taken place.

There are no lawsuits or legal litigations that might have significant effect on the financial position or profitability of the Group.

2.16 Number of employees

At September 30th, 2007 the Group employed 2.521 individuals as staff, of which 2.121 are permanent staff and 400 is extra staff. The average number of staff for the first quarter of 2007 was about 2.406 individuals, (2.111 as permanent and 295 as extra staff). More specifically, as at September 30th, 2007 the parent company employed 2.361 individuals of which 2.013 as permanent and 348 as extra staff, the subsidiary Jumbo Trading Ltd in Cyprus 157 individuals (105 permanent and 52 extra personnel) and the subsidiary in Bulgaria 3 persons as permanent personnel.

2.17 Events subsequent to the balance sheet date

There are no events subsequent to the financial statements which concern either the Group or the Company, on which a disclosure is required by the International Financial Reporting Standards.