Jumbo S.A.

Quarterly Report • Sep 25, 2015

ΟΜΙΛΟΣ JUMBO A.E.

JUMBO S.A. GROUP OF COMPANIES

Interim Financial Statements for the period from 1 July to 31 December 2005

It is confirmed that the attached Interim Financial Statements are the ones approved by the Board of Directors of JUMBO S.A. on February 17, 2005 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.

1.	Description of the company8
2.	Basis of preparation and compilation of the financial statements8
2.1	Basis of preparation for the Financial Statements8
2.2	Statutory financial statements9
2.3	First time adoption of International Financial Reporting Standards and Interpretations
	10
3.	Segment Reporting 11
4.	Main accounting principles 11
4.1	Structure of the Group 12
4.2	Consolidation basis 12
4.3	Functional currency, presentation currency and conversion of foreign currency 13
4.4	Property plant and equipment 13
4.5	Impairment of assets 14
4.6	Financial instruments 14
4.7	Stocks 16
4.8	Trade receivables 16
4.9	Cash and cash equivalents 16
4.10	Share capital 16
4.11	Loans 16
4.12	Convertible bond loans 16
4.13	Income tax & deferred tax 17
4.14	Liabilities for benefits to personnel retiring or leaving service 17
4.15	Provisions and contingent liabilities / assets 18
4.16	Leases 19
4.17	Recognition of income and expenses 19
4.18	Distribution of dividends 20
5.	Risk management 20

5.1	Financial risk policy 20
6.	Segment Reporting 21
6.1	Results of business sectors as at 31 December 2005 and 2004 21
6.2	Allocation of Assets and Liabilities per business segment as at 31st December 2005 and
	30 June 2005 22
6.3	Information on sales per geographical area 31st December 2005 and 2004 22
6.4	Analysis of assets per geographical area as at 31st December 2005 and 30 June 2005 23
7.	Cost of sales 23
8.	Administration and distribution costs 24
9.	Other operating income and expenses 24
10.	Financial income / expenses 25
11.	Income tax 25
12.	Earnings per share 26
13.	Property plant and equipment 26
14.	Investment property 30
15.	Investments in subsidiaries 31
16.	Other long term receivables 31
17.	Stocks 32
18.	Trade debtors and other trading receivables 32
19.	Other receivables 33
20.	Other current assets 33
21.	Cash and cash equivalents 34
22.	Capital and reserves 34
22.1	Share capital 34
22.2	Other reserves 35
23.	Liabilities for compensation to personnel due for retirement 36
24.	Loan liabilities 38
24.1	Long term loans 38
24.2	Financial leases 40
24.3	Current loan liabilities / long term liabilities payable in the subsequent year 40
25.	Other long term liabilities 41
26.	Deferred tax liabilities 41
27.	Provisions 42
28.	Trade and other payables 43
29.	Current tax liabilities 43
30.	Other current liabilities 43
31.	Cash flows from operating activities 44
32.	Analysis of adjustments for transition to and first time adoption of IFRS 45
32.1	Impact of transition adjustments to equity 45
32.2	Impact of transition adjustments to profits 46
33.	Commitments 48
34.	Contingent assets - liabilities 48
35.	Transactions with related parties 49
36.	Events subsequent to the balance sheet date 49

AUDITOR'S REVIEW REPORT

To the shareholders of JUMBO A.E1. and its subsidiaries

We have reviewed the accompanying interim financial statements of JUMBO A.E. as of and for the six-month period ended 31 December 2005. These interim financial statements are the responsibility of the Company's management.

We conducted our review in accordance with the Greek Review Standard, which is based on the international Standard on Review Engagements. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the interim financial statements are free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial statements do not give a true and fair view in accordance with the International Financial Reporting Standards that have been adopted by the European Union.

Athens, 20th of February 2006

The auditor Vassilis Kazas SOEL reg No 13281

Vasileos Konstantinou 44 116 35 Athens SOEL reg No 127

¹ Greek "Anonymos Etaireia" (A.E.) is broadly similar to a French "Societe Anonyme"

PROFIT AND LOSS ACCOUNT

FOR THE PERIOD ENDED 31 DECEMBER 2005 AND 2004

(All amounts are expressed in euros except from shares)

				THE GROUP
	Notes	1/7/2005- 31/12/2005	1/10/2005- 31/12/2005	1/7/2004- 31/12/2004	1/10/2004- 31/12/2004
Turnover		166.826.424	108.000.318	139.469.462	88.106.399
Cost of sales	7	(84.802.643)	(53.540.001)	(73.871.489)	(45.495.510)
Gross profit		82.023.781	54.460.317	65.597.973	42.610.889
Other income	9	1.416.462	1.126.551	905.251	486.423
Distribution costs	8	(34.384.061)	(20.698.650)	(24.917.564)	(14.843.616)
Administrative expenses	8	(5.694.282)	(2.891.408)	(7.411.711)	(3.891.901)
Other expenses		(1.210.818)	(806.931)	(924.523)	(587.024)
Profit before tax, interest and investment results		42.151.082	31.189.879	33.249.426	23.774.771
Finance costs	10	(3.134.826)	(1.453.420)	(3.451.860)	(1.722.895)
Finance income	10	344.031	186.964	167.009	107.020
		(2.790.795)	(1.266.456)	(3.284.851)	(1.615.875)
Profit before taxes		39.360.287	29.923.423	29.964.575	22.158.896
Income tax	11	(11.305.465)	(8.846.878)	(9.222.422)	(6.730.505)
Profits after tax		28.054.822	21.076.545	20.742.153	15.428.391
Attributable to: Shareholders of the parent company		28.054.822	21.076.545	20.742.153	15.428.391
Minority interests		-	-	-	-
Basic earnings per share (€/share)
Basic profits per share Average weighted	12	0,59	0,44	0,45	0,34
number of shares		47.774.181	47.774.181	45.619.200	45.619.200
Discontinued operations:		Not applicable

The accompanying notes constitute an integral part of the financial statements

PROFIT AND LOSS ACCOUNT

FOR THE PERIOD ENDED 31 DECEMBER 2005 AND 2004

(All amounts are expressed in euros except from shares)

				THE COMPANY
	Notes	1/7/2005- 31/12/2005	1/10/2005- 31/12/2005	1/7/2004- 31/12/2004	1/10/2004- 31/12/2004
Turnover		156.681.276	100.509.199	131.916.838	82.904.099
Cost of sales Gross profit	7	(83.645.553) 73.035.723	(52.544.946) 47.964.253	(72.326.005) 59.590.833	(44.365.474) 38.538.625
Other income	9	1.415.152	1.126.698	899.082	482.548
Distribution costs	8	(32.565.809)	(19.332.559)	(23.161.836)	(13.518.818)
Administrative expenses	8	(4.455.154)	(2.126.853)	(6.174.019)	(3.089.342)
Other expenses Profit before tax,		(1.210.818)	(806.931)	(924.523)	(587.024)
interest and investment results		36.219.094	26.824.608	30.229.537	21.825.989
Finance costs	10	(2.747.682)	(1.275.795)	(3.063.328)	(1.548.321)
Finance income	10	228.301	123.759	167.009	129.720
		(2.519.381)	(1.152.036)	(2.896.319)	(1.418.601)
Profit before taxes		33.699.713	25.672.572	27.333.218	20.407.388
Income tax	11	(10.568.905)	(8.293.477)	(8.880.346)	(6.502.809)
Profits after tax		23.130.808	17.379.095	18.452.872	13.904.579
Basic earnings per share (€/share)
Basic profits per share Average weighted	12	0,48	0,36	0,40	0,30
number of shares		47.774.181	47.774.181	45.619.200	45.619.200

BALANCE SHEETS FOR THE PERIOD ENDED 31 DECEMBER 2005 AND 30 JUNE 2005

(All amounts are expressed in euros unless otherwise stated)

		THE GROUP		THE COMPANY
	Notes	31/12/2005	30/6/2005	31/12/2005	30/6/2005
Assets
Non current
Property, plant and equipment	13	143.491.287	134.705.503	120.619.344	115.277.892
Investment property	14	9.339.902	9.525.941	9.339.902	9.525.941
Investments in subsidiaries	15			11.329.814	11.074.190
Other long term receivables	16	2.877.003	2.790.536	5.021.808	2.776.095
		155.708.192	147.021.980	146.310.868	138.654.118
Current
Inventories	17	74.880.266	74.648.327	70.462.824	70.297.004
Trade and other receivables	18	16.761.986	18.937.545	19.887.966	19.837.678
Other short term financial assets	19	23.289.273	22.637.240	22.301.790	22.637.240
Transitory accounts - assets	20	1.297.374	2.576.289	1.297.374	2.576.289
Cash and cash equivalents	21	70.646.469	31.454.561	58.498.663	24.462.426
		186.875.368	150.253.962	172.448.617	139.810.637
Total assets		342.583.560	297.275.942	318.759.485	278.464.755
Equity and Liabilities Equity attributable to Company's Shareholders	22
Share capital	22.1	40.411.572	36.495.360	40.411.572	36.495.360
	22.1	11.098.497		11.098.497
Share premium reserve
Translation reserve		309.771	311.254
Other reserves	22.2	51.969.237	51.978.152	51.969.237	51.978.152
Retained earnings		43.125.063	26.183.466	31.368.902	19.351.320
		146.914.140	114.968.232	134.848.208	107.824.832
Minority interests
Total equity		146.914.140	114.968.232	134.848.208	107.824.832
Non-current liabilities
Pension and other employee obligations	23	1.263.008	1.115.924	1.263.008	1.115.924
Long term financial liabilities	24	74.390.162	106.256.930	68.804.183	97.349.879
Other liabilities	25	1.210	57.210	1.210	57.210
Deferred tax liabilities	26	3.484.070	3.458.827	3.478.133	3.451.992
Total non-current liabilities		79.138.450	110.888.891	73.546.534	101.975.005
Current liabilities
Provisions	27	291.081	224.297	291.081	224.297
Trade and other payables	28	37.472.133	39.448.458	36.800.797	39.610.225
Current tax obligations	29	36.315.217	20.108.994	34.096.861	19.246.520
Short-term financial liabilities	24		1.193.371
Long term loans payable in the subsequent year	24	17.546.930	834.611	16.053.462	825.627
Othershort-term liabilities	30	24.905.609	9.609.088	23.122.542	8.758.249
Total current liabilities		116.530.970	71.418.819	110.364.743	68.664.918
Total liabilities		195.669.420	182.307.710	183.911.277	170.639.923
Total equity and liabilities		342.583.560	297.275.942	318.759.485	278.464.755

The accompanying notes constitute an integral part of the financial statements

STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2005 AND 2004

(All amounts are expressed in euros unless otherwise stated)

						THE GROUP
	Notes	Share capital	Share premium reserve	Translation reserve	Ordinary Reserve	Tax - free reserves	Extraordinary reserves	Other reserves	Retained eamings	Total Equity
Balance as at 1st July 2005 according to IFRS		36.495.360	$\bullet$	311.254	5.014.763	5.907.183	41.033.061	23.145	26.381.863	115.166.6.
Adjustment due to the provision for contingent liabilities in respect of unaudited taxyears									178.37	$-190.3$
Restated balance as at 1st July 2005 according to IFRS	1127	36.475.360	$\bullet$	311.254	5.014.763	5.907.183	41.033.061	23,145	26.183.466	114.768.2
Set off of defered tax on items transferred directly in equity								4.801		ី
Συναλαγματικές διαφορές μετατροπής ξένων θυγατρικών				$-1.483$						$\frac{4}{1}$
Net income recognized in equity		۰	۰	$-1.483$	۰	o	۰	4.807	۰	ី
Net profit for the period 01/07/2005-31/12/2005									28.054.822	28.054.8
Total recognized income for the period		$\circ$	$\circ$	$\circ$	$\circ$	$\circ$	Ó	$\circ$	28.054.822	28.054.8
Dividends paid									$-11.113.226$	$-11.16.2$
Increase of share capital		3,916,212	11.098.497		۰			$-13.716$		15.000.9
Total changes		3.916.212	11.098.497	0	$\circ$	$\circ$	0	$-13.716$	16.941.596	31 042 5
Balance of equity at 31st December 2005 carried forward		40.411.572	11.098.497	309.771	5.014.763	5.907.183	41.033.061	14.230	43.125.063	146.914.1
						THE GROUP
	Notes	Share capital	share premium reserve	Translation reserve	Ordinary Reserve	lax - free reserves	Extraordinary reserves	Other reserves	Retained eamings	Total Equity
Balance as at 1st July 2004 according to IFRS		36.495.360	0	69.856	3.566.067	5.764.780	25.066.341	23.145	17.453.684	88.439.2
Adjustment due to the provision for contingent liabilities in respect of unaudited taxyears	11,27								89.413	\$.4
Restated balance as at 1st July according to IFRS		36.475.360	0	69.856	3.566.067	5.764.780	25.066.341	23.145	17.364.271	38.347.8
Exchange differences on translation foreign subsidiaries				30.076						30.0
Net profit for the period 01/07/2004 - 31/12/2004									20.742.153	20.742.1
Total recognized income for the period 01/07/2004 - 31/12/2004		O	Ó	30.076	Ó	$\circ$	0	$\circ$	20.742.153	20.772.2
Dividends paid									$-7.755.264$	$-7.755.2$
Total changes		$\circ$	$\circ$	$30.076$	$\circ$	$\circ$	$\circ$	Ó	12.986.889	13.016.9

STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 DECEMBER 2005 AND 2004

(All amounts are expressed in euro unless otherwise stated)

						THE COMPANY
	Notes	Share capital	Share premium reserve	Ordinary Reserve		Tax - free reserves	Extraordinary reserves	reserves Other	eamings Retained	Total Equity
Balance as at 1st July 2005 according to IFRS		36.495.360	۰		5.014.763	5.907.183	41.033.061	23.145	19.549.717	108.023.229
Adjustment due to the provision for contingent liabilities in respect of unaudited taxyears	11,27								198.397	198.397
Restated balance as at 1st July 2005 according to IFRS		36.495.360	۰		5.014.763	5.907.183	41.033.061	23,145	19.351.320	107.824.832
Set off of defered tax on items transferred directly in equity								4,801		4.807
Net income recognized in equity		۰	۰		۰	۰	۰	4.807	۰	4.807
Net profit for the period 01/07/2005-31/12/2005									23.130.808	23, 130, 808
Total recognized income for the period		$\circ$	O		O	O	Ó	$\circ$	23.130.808	23.730.808
Dividends paid									$-11.113.226$	.11.113.226
Increase of share capital		3.916.212	11.098.497		۰			$-13.716$		15.000.993
Total changes		3,916.212	11.098.497		O	Ó	Ó	$-13.716$	12.017.582	27.018.575
Balance of equity at 31st December 2005 carried forward		40.411.572	11.098.497		5.014.763	5.907.183	41.033.061	14.230	31.368.902	134.848.208
						HETAIPEIA
Balance as at 1st July 2005 according to IFRS		495.360 న	0	0	5.014.763	5.907.183	41.033.061	23,145	19.549.717	108.023.229
Adjustment due to the provision for contingent liabilities in respect of unaudited taxyears	11,27								$-198.397$	$-198.397$
Restated balance as at 1st July 2005 according to IFRS		36.495.360	0	۰	5.014.763	5.907.183	41.033.061	23,145	19.351.320	107.824.832
Ιακτοποίηση αναβαλόμενων φόρων στοιχείων καταχωρημένων απευθείας στα ίδια κεφάλαια								4,801		4.801
Καθαρό εισόδημα αναγνωρισμένο απ' ευθείας στα ίδια κεφάλαια		۰	۰	۰	۰	۰	۰	4.807	۰	4.807
KaBapá Anorská quara Repiósov 01/07-31/12/2005									23.130.808	23.730.808
Συνολικό Αναγνωριζόμενο Κέρδος Περιόδου		Ó	Ó	Ó	$\circ$	Ó	Ó	$\circ$	23.130.808	23.130.808
Μερίσματα πληρωθέντα		3.916.212	11.098.497					$-13.716$	$-11.113.226$	11.713.226
Αύξηση μετοχικού κεφαλαίου					۰					15.000.993
Σύνολα προσαρμογών		3.916.212	11.098.497	$\circ$	$\circ$	$\circ$	O	$-13.716$	12.017.582	27.018.575
Υπόλοιπο των Ιδίων Κεφαλαίων κατά την 31η Δεκεμβρίου 2005		141.572 ş	11.098.497	b, $\bullet$	5.014.763	5.907.183	11033.061 ĸ	14230 Ņ	313:8.902 ĸ	134.848.208

The accompanying notes constitute an integral part of the financial statements

CASH FLOWS STATEMENT

FOR THE PERIOD ENDED 31 DECEMBER 2005 AND 2004

(All amounts are expressed in euros unless otherwise stated)

		THE GROUP		THE COMPANY
	Notes	31/12/2005	31/12/2004	31/12/2005	31/12/2004
Cash flows from operating activities
Cash flows from operating activities	31	49.048.693	69.521.693	41.974.992	64.687.023
Interest payable		(3.109.020)	(3.430.954)	(2.721.876)	(3.042.422)
Income tax payable		4.926.001	5.070.695	4.307.577	4.583.887
Net cash flows from operating activities		50.865.674	71.161.434	43.560.693	66.228.488
Cash flows from investing activities
Acquisition of non current assets		(10.773.009)	(12.352.612)	(9.118.788)	(12.222.318)
Αγορές άϋλων περιουσιακών στοιχείων
Sales of tanaible assets		105.206		105.206
Loans granted to				(2.165.000)
Accquisition of subsidiaries				(255.624)
Interest and related income receivable		344.031	167.009	228.301	167.009
Net cash flows from investing activities		(10.323.772)	(12.185.603)	(11.205.905)	(12.055.309)
Cash flows from financing activities
Issuance of common shares		3.916.212		3.916.212
Πώληση ιδίων μετοχών
Dividends paid to shareholders		(6.484)	(380)	(6.484)	(380)
Loans received		291.113	1.862.453		2.196.636
Loans paid		(5.074.059)	(107.220)	(1.752.986)
Payments of capital of financial leasing		(475.293)	(340.664)	(475.293)	(340.664)
Net cash flows from financing activities		(1.348.511)	1.414.189	1.681.449	1.855.592
Increase/(decrease) in cash and cash equivalents (net)		39.193.391	60.390.020	34.036.237	56.028.771
Cash and cash equivalents in the beginning of the period		31.454.561	8.630.244	24.462.426	5.179.571
Exchange difference cash and cash equivalents		(1.483)	30.038
Cash and cash equivalents at the end of the period		70.646.469	69.050.302	58.498.663	61.208.342
Carrying ammount of band deposits and bank overdrafts		22.622.002	10.446.210	17.080.356	8.762.165
Carrying ammount of cash		48.024.467	58.604.092	41.418.307	52.446.177
Cash and cash equivalents		70.646.469	69.050.302	58.498.663	61.208.342

The accompanying notes constitute an integral part of the financial statements

NOTES TO THE INTERIM FINANCIAL STATEMENTS AS AT 31 DECEMBER 2005

(All amounts are expressed in euro unless otherwise stated)

1. Description of the company

JUMBO is a trading societe anonyme 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 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.

The Company was incorporated in 1986 (Government Gazette 3234/26.11.1986) and its duration has been set at thirty (30) years expiring in 2016, with a possibility of extension further to the decision by the shareholders' General Meeting. During the 19 years of its operation it has become one of the largest companies in retail sale. On 30 September 2005 the Group had 38 stores in Greece and 3 in Cyprus.

At 31st of December the Group's staff was 3.121 of which 1.646 is permanent staff and 1.475 is extra staff. The average number of staff for the six-month period has remained relatively stable.

The company's registered office is at the Municipality of Glyfada, at 11 Angelou Metaxa street, while its administrative office is at the Municipality of Moschato, Attica, 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.

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.

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".

2. Basis of preparation and compilation of the financial statements

2.1 Basis of preparation for the Financial Statements

The interim financial statements of the Group and the Company (henceforth Financial Statements) 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.

It is the first time that the financial statements have been compiled in accordance with IFRS adopted by the European Union, implementing the IFRS 1 "First time adoption of IFRS", with transition date July 1, 2004 and in particular in accordance with the stipulations of IAS "Presentation of Financial Statements" and IAS 34 "Interim Financial Reporting".

IASB has issued a series of standards referred to as "IFRS Stable Platform 2005". The Group has applied the IFRS Stable Platform 2005 since July 1, 2005 which includes the following standards:

IAS 1	Presentation of Financial Statements
IAS 2	Inventories
IAS 7	Cash Flow Statements
IAS 8	Accounting Policies, Changes in Accounting Estimates and Errors
IAS 10	Events After the Balance Sheet Date
IAS 11	Construction Contracts
IAS 12	Income Taxes
IAS 14	Segment Reporting
IAS 16	Property, Plant and Equipment
IAS 17	Leases
IAS 18	Revenue
IAS 19	Employee Benefits
IAS 20	Accounting for Government Grants and Disclosure of Government Assistance
IAS 21	The Effects of Changes in Foreign Exchange Rates
IAS 23	Borrowing Costs
IAS 24	Related Party Disclosures
IAS 26	Accounting and Reporting by Retirement Benefit Plans
IAS 27	Consolidated and Separate Financial Statements
IAS 28	Investments in Associates
IAS 29	Financial Reporting in Hyperinflationary Economies
IAS 30	Disclosures in the Financial Statements of Banks and Similar Financial Institutions
IAS 31	Interests in Joint Ventures
IAS 32	Financial Instruments: Disclosure and Presentation
IAS 33	Earnings per Share
IAS 34	Interim Financial Reporting
IAS 36	Impairment of Assets
IAS 37	Provisions, Contingent Liabilities and Contingent Assets
IAS 38	Intangible Assets
IAS 39	Financial Instruments: Recognition and Measurement
IAS 40	Investment Property
IAS 41	Agriculture
IFRS 1	First-time Adoption of International Financial Reporting Standards
IFRS 2	Share-based Payment
IFRS 3	Business Combinations
IFRS 4	Insurance Contracts
IFRS 5	Non-current Assets Held for Sale and Discontinued Operations

2.2 Statutory financial statements

The Company keeps its accounting books and prepares its financial statements based on the Greek Commercial Law 2190/1920 "regarding societes anonyme" and applicable taxation laws. Foreign subsidiaries keep their accounting books and prepare their financial statements based on the laws and regulations in the countries where they operate.

In particular:

• The subsidiary JUMBO Trading Ltd operating in Cyprus keeps its accounting books and records and prepares its financial statements in accordance with the laws and regulations in the country where it is established (law regarding companies Ch. 113 of Cyprus) and it has chosen to prepare its financial statements based on International Financial Reporting Standards.
• The newly founded subsidiary JUMBO EC.B which operates in Bulgaria keeps its accounting books and records and prepares financial statements in accordance with the laws and regulations in the country where it is established (Company Law article No 115). JUMBO EC.B is expected to commence activities in 2007.

From July 1, 2005 onwards, the parent Company, according to the law, must prepare its statutory financial statements in compliance with International Financial Reporting Standards adopted by the European Union. However, as it has the right to, it continues to keep its accounting books in compliance with Greek taxation laws. Consequently with regard to the consolidated financial statements, the tax financial statements of the parent company are adjusted and reformed through entries off the books so that they comply with IFRS while the financial statements of the subsidiary are directly incorporated based on IFRS.

Key impacts off the accounting books made on equity as at 1/7/2004 and 30/6/2005 so that they are adjusted based on IFRS are described in note no 32 in the financial statements.

2.3 First time adoption of International Financial Reporting Standards and Interpretations

According to European law 1606/2002 and based on law 3229/2004 (as amended by law 3301/2004), Greek companies the shares of which are listed in any stock exchange (in Greece or abroad) must compile their institutional financial statements (parent and consolidated) from 1 January 2005 onwards in compliance with IFRS.

The Group applied IFRS 1 "First time adoption of IFRS" for compiling its financial statements. According to the stipulations of IFRS 1 "First time adoption of IFRS", a company must implement the IFRSs which will be applicable on the date it prepares the first financial statements for all periods presented as well as for the transition balance sheet, in the preparation of the first financial statements in accordance with IFRS.

Consequently all revised or newly issued Standards applicable on the Group and the fiscal years (2005/2006) ended June 30, 2006 have been used for the preparation of those interim financial statements. Additionally according to IFRS 1 "First time adoption of IFRS" and the above mentioned Greek law the above companies must prepare comparative financial statements in accordance with IFRS for at least one accounting period.

However due to the fact that all Standards and Interpretations which will be applicable on 30 June 2006 are not known as at the date the interim financial statements are compiled, the Group compiled those interim financial statements based on Standards and Interpretations issued and adopted by the European Union as at the date they were compiled and the date they were applied coincided with the period the company's financial statements were issued.

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 interpretations which may apply to the Group, the Group's estimation as to the impact of these new standards and interpretations is as follows:

• IFRIC 4. determines whether an agreement includes a lease

IFRIC 4 is applicable on annual periods commencing as of January 1, 2006. The Group has not decided to adopt IFRIC 4 any sooner. It will adopt IFRIC 4 for the financial statements of 2006 based on the transitional stipulations of IFRIC 4. Consequently the Group will adopt IFRIC 4 based on facts and conditions prevailing on July 1, 2005. The adoption of IFRIC 4 is not expected to change the accounting treatment of any of the Group's current contracts.

• IFRIC 5. Rights to Interests arising from Decommissioning, Restoration and Environmental Rehabilitation Funds

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

3. Segment Reporting

A business segment is a group of assets items and activities providing merchandise, products and services which entail risks and rewards different from the ones of other business sectors. 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 to third parties. In terms of geography the Group operates through a sales network developed in Cyprus and Greece, whilst in 2007 the operation of the sale network in Bulgaria is expected to commence. Geographical segments (multiple locations) are designated by the location of property items and operating activity.

4. Main accounting principles

The preparation of financial statements in accordance with IFRS requires the use of estimates and judgments for the implementation of accounting principles. Significant assertions by the management for the implementation of accounting principles have been identified where necessary.

The key accounting principles adopted for the preparation of the financial statements are the following:

4.1 Structure of the Group

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

4.2 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.

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 based on 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 item.

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.

4.3 Functional currency, presentation currency and conversion of foreign currency

Items in financial statements of the companies of the Group are measured based on the currency of the primary economic environment in which the Group operates (operating currency). Consolidated financial statements are presented in euro which is the operating currency and the presentation currency of the parent Company.

Transactions in foreign currency are converted to the operating currency at rates applicable as at the date of transactions. Profit 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 recorded in profit or loss account. Foreign exchange differences from non monetary items evaluated at their fair value, are considered a part of fair value and consequently they are recorded as the differences of fair value are.

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 items 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 presenting currency of the Group have been converted to euro. Assets items 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 presenting 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.

4.4 Property plant and equipment

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

Subsequent expenses are recorded to increase the book value of tangible assets or as a separate fixed asset only to the extent that those expenses increase future financial 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 as soon as 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 profit or loss.

Owner-constructed tangible assets constitute an addition to the cost value of tangible assets in values that include the direct cost for payroll regarding the personnel participating in the construction (respective employer's contribution), cost of consumed material and other general costs.

Right 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 subtraction 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 evaluated 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.

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 Stocks

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 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 tax & 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 receivables 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 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 are 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 Financial risk policy

The Group's operations expose it to an interest rate risk, credit risk, liquidity risk and foreign exchange risk arising from the financial instruments it possesses. The Group's policy in the risk management to control risks is explained below:

Interest rate risk

The interest rate risk is the risk that the value of financial instruments fluctuate due to changes in the market's interest rates. Income and cash flows from the Group's activities are practically independent from changes in the market's interest rates. The Group, with the exception of cash at bank, does not have any significant assets bearing interest and borrows at floating interest rates. The management constantly monitors fluctuations in interest rates and acts accordingly to minimize the interest rate risk.

Credit risk

The credit risk arises when failure of the contracting parties to pay off their liabilities could reduce the amount of future cash inflows from financial assets as at the balance sheet date. The Group is not exposed to significant credit risk because it sells its products to a large number of clients. Procedures are implemented ensuring that products are wholesale sold to clients with a reliable background and the list of receivables in chronological order is continuously monitored.

Liquidity risk

The liquidity risk is the risk arising when the expiration of assets items and liabilities does not coincide. When expiration dates do not coincide, performance may increase but at the same time the risk of losses increases. The Group applies procedures intended to minimize such losses such as keeping significant cash amounts and other assets items with high liquidity.

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.

Fair value estimates

The fair values of financial assets items and liabilities of the Group are approximately the same as the amounts disclosed in the balance sheet.

6. Segment Reporting

Primary segment reporting – business segment

The Group's main activity is the retail sale of toys, baby items, season items, decoration items, books and stationery.

6.1 Results of business sectors as at 31 December 2005 and 2004

Results per sector for the first quarter in the current year 2005/2006 are as follows:

1/7/2005-31/12/2005

Retail	Wholesale	Total
164.792.624	2.033.800	166.826.424
		1.416.462
164.792.624	2.033.800	168.242.886
40.078.485	2.072.597	42.151.082
		-
		(2.790.795)
40.078.485	2.072.597	39.360.287
		(11.305.465)
		28.054.822

Results for every sector for the first semester of the previous year 2004/2005 are as follows:

1/7/2004-31/12/2004

	Retail	Wholesale	Total
Sales to third parties	134.997.164	4.472.298	139.469.462
Other operating income non allocated			905.251
Total net sales	134.997.164	4.472.298	140.374.713
Operating profits	31.064.661	2.184.765	33.249.426
Other operating expenses non allocated			-
Financial results			(3.284.851)
Profit before taxes	31.064.661	2.184.765	29.964.575
Income tax			(9.222.422)
Net profit			20.742.153

6.2 Allocation of Assets and Liabilities per business segment as at 31st December 2005 and 30 June 2005

The allocation of consolidated assets and liabilities to business sectors for the period 31/12/2005 and 30/6/2005 is broken down as follows:

31/12/2005

	Retail	Wholesale	Total
Segment assets	236.481.712	18.920.327	255.402.038
Non allocated Assets			87.181.522
Consolidated Assets			342.583.560
Liabilities of sector	51.378.377	2.668.287	54.046.664
Non allocated Liabilities items			288.536.896
Consolidated liabilities			342.583.560
30/6/2005
	Retail	Wholesale	Total
Assets of Sector	231.676.142	15.897.197	247.573.339
Non allocated Assets items			49.702.603
Consolidated Assets			297.275.942
Liabilities of sector	58.107.190	665.489	58.772.679
Non allocated Liabilities items			238.503.263
Consolidated liabilities			297.275.942

Secondary segment reporting– geographical segment

6.3 Information on sales per geographical area 31st December 2005 and 2004

Sales per geographical area as at 31st December 2005 and 2004 are as follows:

	1/7/2005-31/12/2005	1/7/2004-31/12/2004
Sales to third parties
Greece Attica	69.899.219	59.773.307
Rest of Greece	80.456.438	67.092.850
Eurozone	16.467.210	12.564.068
Third Countries	3.557	39.237
Non allocated operating income	1.416.462	905.251
Total	168.242.886	140.374.713

6.4 Analysis of assets per geographical area as at 31st December 2005 and 30 June 2005

The following tables present an analysis of assets items per geographical area as at 31st December 2005 and 30 June 2005:

	1/7/2005-31/12/2005	1/7/2004-30/6/2005
Balance of non current assets
Greece Attica	36.255.582	36.415.095
Rest of Greece	96.580.167	91.164.832
Eurozone	20.706.943	19.442.053
Third Countries	2.165.500	-
Total	155.708.192	147.021.980
Other assets items
Greece Attica	97.836.615	76.541.846
Rest of Greece	74.612.002	63.268.792
Eurozone	14.171.127	10.443.324
Third Countries	255.624	-
Total	186.875.368	150.253.962
Investments
Greece Attica	1.364.925	9.150.395
Rest of Greece	12.121.876	13.247.677
Eurozone	1.654.221	251.201
Third Countries	2.165.000	-
Total	17.306.022	22.649.273

7. Cost of sales

The Group's income is mostly generated from sale of merchandise (toys, stationery and baby items). Other type of income is included in "other operating income". Cost of sales of the Group is as follows:

	THE GROUP		THE COMPANY
	1/7/2005- 31/12/2005	1/7/2004- 31/12/2004	1/7/2005- 31/12/2005	1/7/2004- 31/12/2004
Stocks of merchandise at the beginning of period	74.649.618	71.952.774	70.297.004	67.099.683
Purchases of merchandise in Greece	35.752.189	33.319.976	35.217.333	33.319.976
Purchases of merchandise from other countries	53.448.439	28.151.849	53.082.044	28.151.849
Purchases of merchandise from the eurozone	6.232.715	3.765.083	5.811.776	2.904.279
Budgeted – prepaid discounts on purchases	(48.921)	(24.342)	(48.921)	(24.342)
Merchandise purchased returned	(1.264.804)	(1.155.058)	(1.165.842)	(1.155.058)
Discounts on purchases	(1.744.668)	(1.415.575)	(1.744.668)	(1.415.575)
Discounts on turnover	(6.487.484)	(5.892.301)	(6.487.484)	(5.892.301)
Helium purchased in the period	786	650	786	650
Buffet items purchased	7.941	7.637	7.941	7.637
Stocks of merchandise at year-end	(74.881.576)	(54.230.729)	(70.462.824)	(50.062.319)
Income from own use of stocks/imputed income	(861.592)	(608.475)	(861.592)	(608.475)
Total	84.802.643	73.871.489	83.645.553	72.326.005

8. Administration and distribution costs

Management and distribution costs are as follows:

	THE GROUP		THE COMPANY
Distribution costs	1/7/2005- 31/12/2005	1/7/2004- 31/12/2004	1/7/2005- 31/12/2005	1/7/2004- 31/12/2004
Provision for compensation to
personnel due for retirement	72.767	23.129	72.767	23.129
Payroll expenses	16.848.073	11.068.178	15.834.358	10.136.283
Third parties' expenses and fees	125.291	146.742	125.291	146.742
Services received	6.853.259	5.100.037	6.853.259	5.100.037
Taxes and duties	537.344	383.972	537.344	383.972
Other various expenses	6.494.758	5.257.580	5.690.221	4.433.747
Depreciation of tangible assets	3.452.569	2.937.926	3.452.569	2.937.926
Total	34.384.061	24.917.564	32.565.809	23.161.836

	THE GROUP		THE COMPANY
Management expenses	1/7/2005- 31/12/2005	1/7/2004- 31/12/2004	1/7/2005- 31/12/2005	1/7/2004- 31/12/2004
Provision for compensation to
personnel due for retirement	48.511	15.420	48.511	15.420
Payroll expenses	2.628.398	4.106.893	2.374.059	3.825.106
Third parties' expenses and fees	525.904	1.227.415	510.423	1.208.659
Services received	970.275	770.612	543.353	359.659
Taxes and duties	25.487	39.910	16.431	16.173
Other various expenses	715.105	555.600	556.777	416.230
Depreciation of tangible assets	780.602	695.861	405.600	332.772
Total	5.694.282	7.411.711	4.455.154	6.174.019

9. Other operating income and expenses

Other operating income and expenses pertain to income or expenses from the operating activity of the Group. They are broken down as follows:

	THE GROUP		THE COMPANY
Other operating income	1/7/2005- 31/12/2005	1/7/2004- 31/12/2004	1/7/2005- 31/12/2005	1/7/2004- 31/12/2004
Income from related activities	582606	611.972	581.296	605.803
O.A.E.D. subsidies	99.310	49.282	99.310	49.282
Other income	734.546	243.997	734.546	243.997
Total	1.416.462	905.251	1.415.152	899.082
Other operating expenses
Other provisions	19.000	0	19.000	0
Other expenses	1.191.818	924.523	1.191.818	924.523
Total	1.210.818	924.523	1.210.818	924.523

Other income mostly pertain to credit exchange differences and profit from collection of insurance compensation. Other provisions represent provisions in the period for doubtful debts and pending trials. Most of other expenses pertain to losses and destruction of uninsured merchandise.

10. Financial income / expenses

The Group's financial results are broken down as follows:

	THE GROUP		THE COMPANY
Financing cost – net	1/7/2005- 31/12/2005	1/7/2004- 31/12/2004	1/7/2005- 31/12/2005	1/7/2004- 31/12/2004
Debit interest
Financial cost of provision for
compensation to personnel due for
retirement	25.806	20.906	25.806	20.906
Bank loans	2.898.540	3.283.429	2.512.016	2.895.215
Financing leases	149.388	123.865	149.388	123.865
Overdrafts	623	508	3	190
Commissions for guarantee letters	7.625	7.734	7.625	7.734
Other banking expenses	52.844	15.418	52.844	15.418
	3.134.826	3.451.860	2.747.682	3.063.328
Credit interest
Banks	122.914	7.583	7.184	7.583
Investments held until expiration	221.117	159.426	221.117	159.426
	344.031	167.009	228.301	167.009
Total	2.790.795	3.284.851	2.519.381	2.896.319

11. Income tax

According to Greek taxation laws, up to 30/6/2005 the tax rate for the Company is 35% while for profits as of 1/7/2005 tax is calculated at the rate of 32%. Consequently income tax for the period 1/7/2005- 30/9/2005 was calculated at the rate of 32% on profits of the parent company and 10% on profits of the subsidiary JUMBO TRADING LTD.

It is noted that the Company has recognized as additional tax expenses for the current and the previous period with provisions which could occur in case of a tax audit of previous uninspected tax years

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

	THE GROUP		THE COMPANY
	1/7/2005 - 31/12/2005	1/7/2004 - 31/12/2004	1/7/2005 - 31/12/2005	1/7/2004 - 31/12/2004
Income taxes for the period	11.208.553	9.583.292	10.472.678	9.241.216
Adjustments of deferred taxes due to change in tax rate	(295.885)	0	(295.885)	0
Deferred income taxes Provisions for contingent tax liabilities from years uninspected by	327.513	(415.362)	326.828	(415.362)
the tax authorities	65.284	54.492	65.284	54.492
	11.305.465	9.222.422	10.568.905	8.880.346

12. Earnings per share

The analysis of basic profits per share for the Group is as follows:

	THE GROUP		THE COMPANY
	1/7/2005 - 31/12/2005	1/7/2004 - 31/12/2004	1/7/2005 - 31/12/2005	1/7/2004 - 31/12/2004
Profits corresponding to the shareholders of the parent company	28.054.822	20.742.153	23.130.808	18.452.872
Weighted average of number of shares	47.774.181	45.619.200	47.774.181	45.619.200
Basic profits per share (euro per share)	0,59	0,45	0,48	0,40

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 in 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

Total impact from the re-adjustment of the useful life has been disclosed in the table of changes in capital and reserves and results. That impact is presented in note no 32 of the financial statements.

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

						THE GROUP
Cost as at 30/6/2004	25.309.164 Freehold Land -	Buildings and fixtures 77.024.999 on buildings - Freehold	550.381 Transportation means	and other equipment 27.944.098 Machinery - funiture	1231.863 Software	2.144.040 construction Fixed assets under	134.204.545 lotal	6.227.263 Leasehold land and buildings	175.467 Leased means of transportation	6.402.731 leasehold fixed Total of assets	140.607.276 Total Property Equipment Pland and
Accumulated depreciation Net Cost 1nv 30/6/2004	25.307.164	68.476.357 (8.548.642)	(302.180) 248.201	15.789.334 12.154.764	329.270 (902.594)	2.144.040	112.296.367 (21.908.179)	6.084.502 (142.761)	(17.547) 157.921	6.242.423 (160.308)	(22.068.487) 118.538.789
Accumulated depreciation Cost as at 30/6/2005	27.713.036	88.790.337 (11.691.238)	607.253 (377.721)	33.859.954 [15.319.773]	1.471.247 (1.087.301)	2.292.103	154.733.930 (28.476.033)	6.227.263 (314.075)	2.599.245 (64.828)	8.826.509 (378,903)	163.560.439 (28.854.936)
Net Cost as at 30/6/2005	27.713.036	77.099.099	229.532	18,540.18	383.946	2.292.103	126.257.897	5.913.188	2.534.417	8.447.606	134.705.503
Accumulated depreciation Cost 31/12/2005	33.738.676	92.561.961 [13.477.127]	651.899 (402.659)	36.687.873 [17.200.471]	1.547.515 (1.205.180)	2.325.837	(32.285.436) 167.513.761	6.227.263 (372.773)	2.624.738 (216.265)	8.852.001 (537.037)	176365.762 (32.874.475)
Net Cost as at 31/12/2005	33.738.676	79.084.834	249.239	19.487.402	342.336	2.325.837	135.228.324	5.854.490	2.408.473	8.262.963	143.491.28
Accumulated depreciation Cost as at 30/6/2004	$\circ$ 20.057.693 Freehold Land -	63.631.048 (7.781.923) Buildings and fixtures on buildings- Freehold	463.401 (217,805) Transportation means	funiture and other 25.367.525 [11.148.08] Machinery - equipment	755.743 (585.842) Software	THE COMPANY 2.144.040 construction Fixed assets under	112.419.450 (19.733.651) Total	6.227.263 (142.761) and buildings	Leasehold land Leased means of 175.467 (17.547) transportation	6.402.731 (160.308) leasehold fixed Total of dssets	(19.893.959) 118.822.181 Total Property Equipment Pland and
Net Cost rnv 30/6/2004	20.057.693	55.849.126	245.596	14.219.444	169.901	2.144.040	92.685.799	6.084.502	157.921	6.242.423	98.928.222
Accumulated depreciation Cost as at 30/6/2005	$\circ$ 22.388.309	75.136.266 [10.504.201]	507.882 (287.295)	31.153.035 (14.082.820)	941.158 694.1451	2.292.103 $\ddot{\circ}$	132.418.754 (25.568.461)	6.227.263 (314.075)	2.574.236 (59.826)	8.801.499 (373.700)	141.220.253 (25.942.361)
Net Cost as at 30/6/2005	22.388.309	64.632.066	220.587	17.070.215	247.013	2.292.103	106.850.293	5.913.188	2.514.410	8.427.599	115.277.892
Cost 31/12/2005	26.931.822	78.834.199	552.528	33.964.149	961.320	160.837	141,404,855	6.227.263	2.574.236	8.801.499	150.206.354
Accumulated depreciation		[12.093.796]	(303.288)	(15.857.535)	[753.405]	$\ddot{\phantom{0}}$	(29.008.024)	(372.773)	(206.213)	(578.986)	(29.587.010)

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٠ ٠
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s in the periods are as tollows:
hanges in fixed assets

Changes in fixed assets in the periods are as follo		ws:

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1

2.398.769 ۰ 8.801.499 ۰ ۰ 8.801.499 0 ۰ (160.308) 6.402.731 (213.592) (205.086) (373.900) (578.986) Leased means of leasehold fixed Total of assets $\circ$ $\circ$ $\circ$ 175.467 2.398.769 2.574.236 2.574.236 (17.547) (146.387) (42.279) (59.826) (206.213) transportation Leasehold land $\circ$ $\circ$ $\circ$ 6.227.263 $\circ$ 6.227.263 6.227.263 (142.761) (171.314) (58.698) (314.075) (372.773) and buildings 112.419.450 31.206.138 141.404.855 132.418.754 11.250.054 408.740 27.480 (19.733.651) (11.206.835) (2.263.952) (6.243.550) (3.467.044) (25.568.461) (29.008.024) Total 2.144.040 $(2.131.266)^{7}$ ৢ $\circ$ 0 O $\circ$ $\circ$ $\circ$ 0 2.292.103 10.811.531 (10.663.468) 160.837 construction Fixed assets under 185.415 $\circ$ 20.162 $\circ$ 755.743 941.158 961.320 $\circ$ $\circ$ (585.842) (108.303) (59.260) (694.145) (753.405) Software funiture and other 25.367.525 31.153.035 33.964.149 6,270.843 2.908.717 (11.148.081) 14.906 (485.333) (97,603) (3.306.365) (1.789.621) 371.627 (14.082.820) (15.857.535) Machinery- equipment 79.730 (28.567) 52.387 (35.084) 4.744 507.882 552.528 12.574 (217.805) (74.234) (7.906) (287.295) (303.288) 463.401 Transportation means $\circ$ 63.631.048 3.697.932 78.834.199 $\circ$ 11.555.346 75.136.266 (7.781.923) 32.370 (1.589.596) (2.754.648) (50.127) (10.504.201) (12.093.796) Buildings and fixtures on buildings- Freehold $\bullet$ $\circ$ $\circ$ 0 ۰ 20.057.693 4,543,513 $\circ$ $\circ$ $\circ$ 2.330.617 $\circ$ 22.388.309 26.931.822 Freehold $L$ and Balance as at 31/12/2005 Balance as at 31/12/2005 Balance as at 30/6/2005 Balance as at 30/6/2005 - Exchange differences - Exchange differences - Exchange differences - Exchange differences Balance as at 1/7/2004 Balance as at 1/7/2004 - Decreases - transfers - Decreases - transfers - Decreases - transfers - Decreases - transfers Depreciation - Additions - Additions - Additions - Additions Cost				THE COMPANY
							Total Property Equipment Pland and
							118.822.181
							33.604.907 (11.206.835)
							141.220.253
							11.250.054 (2.263.952)
							150.206.354
							(19.893.959)
							408.740 (6.457.142)
							(25.942.361)
							27.480 (3.672.130)
							(29.587.010)

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:

	31/12/2005	30/9/2005
	£	€
Bank of Cyprus:
Building in Lemessos	1.500.000	2.616.888
Building in Lakatameia	2.000.000	3.489.184
	3.500.000	6.105.372
Emporiki Bank:
Building in Lakatameia	1.900.000	3.314.724

14. Investment property

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

Summary information regarding those investments is as follows:

Location of asset	Description – operation of asset	Income from rents
		1/7/2005 - 31/12/2005	1/7/2004 - 31/12/2004
Thessaloniki port	An area (parking space for 198 vehicles) 198 θέσεων)
	on the first floor of a building, ground floor in the
	same building of 6.422,17 sq. m. area	35.611	34.449
Nea Efkarpia	A shop	135.189	131.125
Total		170.800	165.574

Net cost of those investments is analyzed as follows:

	THE GROUP
	Investments in buildings
Cost value as at 30/6/2004	11.162.372
Accumulated depreciation	(1.264.352)
Balance as at 30/6/2004	9.898.020
Cost value as at 30/6/2005	11.162.372
Accumulated depreciation	(1.636.431)
Balance as at 30/6/2005	9.525.941
Cost value as at
31/12/2005	11.162.372
Accumulated depreciation	(1.822.471)
Balance as at 31/12/2005	9.339.902

Movements in the account for the period are as follows:

	THE GROUP
	Investments in buildings
Cost value
Balance as at 1/7/2004	11.162.372
Balance as at 30/6/2005	11.162.372
Balance as at 31/12/2005	11.162.372
Depreciation
Balance as at 1/7/2004	(1.264.352)
- additions	(372.079)
Balance as at 30/6/2005	(1.636.431)
- additions	(186.040)
Balance as at 31/12/2005	(1.822.471)

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 broken down as follows:

Company	Head offices	Participation rate	Amount of participation
JUMBO TRADING	Avraam Antoniou 9- 2330 Kato
LTD	Lakatamia Nicosia - Cyprus	100%	11.074.190
JUMBO EC.B	Sofia, Yanko Sakuzon avenue 9A Bulgaria	100%	255.624
			11.329.814

On 1.9.2005 the Company established the subsidiary company "JUMBO EC.B" in Sofia, Bulgaria, operation of which is expected to commence in 2007. During November 2005 the 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 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
	31/12/2005	30/6/2005	31/12/2005	30/6/2005
Long term receivables from
subsidiary companies	-	-	2.165.000	-
Given guarantees	2.877.003	2.790.536	2.856.808	2.776.095
Total	2.877.003	2.790.536	5.021.808	2.776.095

The amount of long term receivables from subsidiary companies refers to loan from the parent company to the subsidiary JUMBO EC.B in Bulgaria, with the purpose of advance payments to acquire fixed assets the repayment of which will commence after the financial exercise of 2007. The loan is measured according to the stipulations of IAS 39 "Financial instruments: recognition and measurement" at fair value.

The entire account of given guarantees pertains to long term guarantees as well as receivables from long term penal clauses which will be collected after the end of the subsequent year. The fair value of those receivables is not materially different from the one disclosed in the financial statements and it is revaluated on an annual basis.

17. Stocks

Analysis of stocks is as follows:

	THE GROUP		THE COMPANY
	31/12/2005	30/6/2005	31/12/2005	30/6/2005
Merchandise	81.680.266	74.802.816	77.262.824	70.297.004
Other	-	-	-	-
Total	81.680.266	74.802.816	77.262.824	70.297.004
Less: provision for evaluation at net realizable value	6.800.000	154.488	6.800.000	-
Total net realizable value	74.880.266	74.648.327	70.462.824	70.297.004

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 and an estimation of relevant financial information. As at every balance sheet date all overdue or doubtful debts are evaluated 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.

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

	THE GROUP		THE COMPANY
	31/12/2005	30/6/2005	31/12/2005	30/6/2005
Trade debtors	1.803.940	1.646.926	5.264.758	2.724.511
Notes receivable	65.663	49.267	65.663	49.267
Cheques receivable	3.932.355	2.098.438	3.501.916	1.825.385
Less: provisions for impairment	(127.101)	(109.601)	(31.500)	(14.000)
Net trade receivables	5.674.857	3.685.030	8.800.837	4.585.163
Advance payments for purchases of
stocks	11.087.129	15.252.515	11.087.129	15.252.515
Total	16.761.986	18.937.545	19.887.966	19.837.678

Analysis of provisions is as follows:

	THE GROUP	THE COMPANY
Balance as at 1 July 2004	-	-
Provision made 1/7/2004-30/6/2005	109.601	14.000
Balance as at 30 June 2005	109.601	14.000
Additional provisions for the period	17.500	17.500
Balance as at 31 December 2005	127.101	31.500

19. Other receivables

Other receivables are broken down as follows:

	THE GROUP		THE COMPANY
	31/12/2005	30/6/2005	31/12/2005	30/6/2005
Sundry debtors	13.419.699	13.378.307	12.722.227	13.378.307
Receivables from the Greek State	8.628.073	8.698.780	8.628.073	8.698.780
Other receivables	1.241.501	560.153	951.490	560.153
Net receivables	23.289.273	22.637.240	22.301.790	22.637.240

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:

	THE GROUP			THE COMPANY
	31/12/2005	30/6/2005	31/12/2005	30/6/2005
Prepaid expenses	1.248.453	2.350.488	1.248.453	2.350.488
Discounts on purchases	48.921	225.801	48.921	225.801
Total	1.297.374	2.576.289	1.297.374	2.576.289

Other current assets mostly pertain to expenses of subsequent years such as insurance fees, packing material etc.

21. Cash and cash equivalents

	THE GROUP		THE COMPANY
	31/12/2005	30/6/2005	31/12/2005	30/6/2005
Cash in hand	2.962.995	2.234.480	2.916.090	2.205.558
Balance of open accounts of banks	22.622.002	1.626.271	17.080.356	1.626.271
Sight and time deposits	45.061.472	27.593.810	38.502.217	20.630.597
Total	70.646.469	31.454.561	58.498.663	24.462.426

Sight deposits pertain to short term investments of high liquidity. The interest rate for time deposits was 2,33% – 2,340% while for sight deposits it was 0,15%.

22. Capital and reserves

22.1 Share capital

	Number of shares	Nominal share value	Value of ordinary shares	Share premium	Total
Balance as at 1st July 2004	45.619.200	0,8	36.495.360	-	36.495.360
Issue of new shares	-	-	-	-	-
Balance as at 30th June 2005	45.619.200	0,8	36.495.360	-	36.495.360
Issue of new shares	4.895.265	0,8	3.916.212	11.098.497	15.014.709
Balance as at 31st December 2005	50.514.465	0,8	40.411.572	11.098.497	51.510.069

On 11/10/2005 the company proceeded with the increase of its share capital by € 3.916.212, through the issue of 4.895.265 new, common, registered shares with nominal value of € 0,8 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. The conversion of the convertible bond loan resulted in a difference of € 11.098.497 which is included in the balance sheet in the share premium account. The approval by the Board of Directors regarding the share capital increase is dated on 12/10/2005. In total relative expenses regarding the issue of € 67.742 were deducted from equity.

The Board of Directors of the Athens Stock Exchange approved the introduction for trading of the Company's new common registered shares 4.895.265. The trade date of these shares was settled on 3rd November 2005. The new shares were delivered to the beneficiaries (previous bond holders) of the company.

22.2 Other reserves

The analysis of other reserves is as follows:

Tax free Legal
reserves reserve
5.764.780 3.566.067
142.403 1.448.696
5.907.183 5.014.763
-
5.907.183 5.014.763
Tax free
reserves
5.764.780 3.566.067
142.403 1.448.696
5.907.183 5.014.763
-
5.907.183 5.014.763

It is noted that extraordinary reserves have been fully taxed and are free for capitalization (distribution) further to a relevant decision by the Shareholders' General Meeting.

23. Liabilities for compensation to personnel due for retirement

Accounts in tables below are calculated based on financial and actuarial assertions 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 evaluation date are treated separately from expected benefits in the year subsequent to the evaluation 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 June in 2004 and 2005.

To perform the calculations we had to make assumptions regarding information affecting the results of the evaluation 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 30/6/2005 is broken down as follows:

	THE GROUP	THE COMPANY
Balance as at 1 July 2004	948.102	948.102
Additional provisions for the year	379.891	379.891
Used provisions in the year	(212.069)	(212.069)
Balance as at 30 June 2005	1.115.924	1.115.924
Additional provisions for the period Used provisions for the period	147.084 -	147.084 -
Balance as at 31 December 2005	1.263.008	1.263.008

As at 30/6/2005 the liability is broken down as follows:

Present value of non financed liabilities	1.318.425
Fair value of plan assets	-
	1.318.425
Non recognized actuarial profits / (losses)	(202.501)
Non recognized cost of years of service	-
Net liability recognized in the balance sheet	1.115.924
Amounts recognized in the profit and loss account
Cost of current employment	178.513
Interest on liability	41.813
Recognition of actuarial loss / (gains)	-
Recognition of past service cost	-
Ordinary expense in the profit and loss account	220.326
Cost of additional benefits	159.565
Other expense / (income)	-
Total expense in the profit and loss account	379.891
Changes in net liability recognized in the balance sheet
Net liability at the beginning of the year	948.102
Employer's contribution	-
Benefits paid by the employer	(212.069)
Total expense recognized in the profit and loss account	379.891
Net liability at year end	1.115.924
Change in the present value of the liability
Current value of the liability at the beginning of the year	948.102
Cost of current employment	178.513
Cost of interest	41.813
Employees contribution	-
Benefits paid by the employer	(212.069)
Expenses	-
Additional payments or expenses /(income)	159.565
Cost of years of services for the period	-
Actuarial loss / (profit)	202.501
Current value of liability at year end	1.318.425

Respective charges in the profit and loss account and the balance sheet as at 31/12/2005 and 31/12/2004 are broken down as follows:

Account for use in the period	1/7/2004 - 31/12/2005	1/7/2004 - 31/12/2004
Cost of current employment	119.258	38.549
Interest on liability	25.806	20.906
Recognition of actuarial loss / (profit)	2.020	-
Ordinary expense in the profit and loss account	147.084	59.455
Cost of additional benefits	-	-
Total expense in the profit and loss account	147.084	59.455

Key actuarial assertions used are as follows:

	31/12/2005	30/6/2005
Discount interest rate	4,0%	4,0%
Inflation	2,5%	2,5%
Increase in salaries and wages	3,5%	3,5%

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

Current payroll costs of the Group and the Company are analysed as follows:

	THE GROUP		THE COMPANY
	31/12/2005	31/12/2004	31/12/2005	31/12/2004
Salaries, wages and allowances	15.410.153	12.079.145	14.142.099	10.865.463
Social insurance costs	3.621.793	2.773.586	3.621.793	2.773.586
Termination of service expenses Other employee costs	170.595 273.930	130.490 191.850	170.595 273.930	130.490 191.850
Provision for compensation to personnel due to retirement	121.278	38.549	121.278	38.549
Total	19.597.749	15.213.620	18.329.695	13.999.938

The total of the above expenses has been allocated to distribution costs and administrative expenses in the profit and loss account.

For the year 2005/2006 the Annual General Meeting of the shareholders which took place on 7/12/2005 unanimously pre-approved gross fees of € 480.130 for five (5) members of the Board of Directors which are not under an employment service contract with the Company. Gross fees paid to these members for the period 1/7/2005 to 31/12/2005 were € 274.872 while for the period 1/7/2004 to 31/12/2004 were € 213.279. Gross fees paid to members of the Board of Directors of the Company in the year 2004/2005 amounted to 377.520 euro in total and were finally approved by the Annual General Meeting of the shareholders. The above fees have been included in administrative expenses in the profit and loss account for the year 2004/2005.

Other members of the B.O.D. and specifically the Financial Director and the Vice President have an employment contract and they are paid salaries which are included in the Company's administrative expenses. Total salaries in the period 1/7/2005 – 31/12/2005 for the above persons amounted to € 114.250, with minimum salary € 6.620 and maximum salary € 7.320 compared to last periods amounts which were € 110.937.

Regarding the subsidiary Jumbo Trading Ltd the members of the B.O.D. which are under employment contracts with the company received for services rendered during the period 1/7/2005 – 31/12/2005 € 133.698 (i.e. CYP 76.653) while in the previous period received € 204.798. Total fees of the members of the board of directors in the year 2004/2005 were € 409.597 (234.711 Λ.Κ.) which have been included in administrative expenses under profit and loss account 2004/2005.

No loans whatsoever have been granted to members of the B.O.D. or other executives of the Group (nor their families).

24. Loan liabilities

Long term loan liabilities of the Group are broken down as follows:

	THE GROUP		THE COMPANY
	31/12/2005	30/6/2005	31/12/2005	30/6/2005
Bond loan convertible to shares	588	14.839.802	588	14.839.802
Bond loan non convertible to shares	-	14.748.629	-	14.748.629
Syndicated loan	62.786.337	60.888.576	62.786.337	60.888.576
Other bank loans	5.566.429	8.896.570	-	-
Liabilities from financial leases	6.036.808	6.883.353	6.017.258	6.872.872
Total	74.390.162	106.256.930	68.804.183	97.349.879

24.1 Long term loans

Bond loan convertible to shares

The Company, further to the decision on 11.05.2000 of the Extraordinary General Meeting of its shareholders, has issued a convertible bond loan, not listed on the Stock Exchange, of nominal value € 11.765.106,38, with a 4-year duration, in the context of which 2.764.800 bonds of nominal value and sale price € 4,25 each were issued and given to beneficiary shareholders. The terms of the convertible loan were modified following the General Meetings of the shareholders dated 14/11/2002 and 17/12/2003 in combination with the relevant General Meetings of the Bond holders dated 31/3/2003 and 26/5/2004

According to terms applicable as at 11.10.2005, 17 bond holders, who hold 2.719.596 bonds in total, submitted to the Representative of the bonded loan "Geniki Bank of Greece S.A." which has legally replaced "Societe Generale" applications – statements for converting their bonds to registered shares of the Company, attaching the original copies of their bonds. Statements and titles of the bonds were presented to the members of the Board of Directors. Therefore on the anniversary of the loan on 11/10/2005 the Company converted the largest part of the loan to shares since only 107 bonds were not converted.

According to 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 in that IAS (note 4.12) transferring the remaining balance (free of tax) from the difference between the nominal value of the loan and its present value in account "other reserves". Upon the conversion of the loan there was a difference between the nominal increase of the share capital and the carrying amount of the loan as it was measured according to the IAS 32 and IAS 39, was recognized as equity instrument in the share premium account.

The movement of the loan on the conversion date is as follows:

	31/12/2005
Carrying amount of the loan before conversion	15.068.735
Increase of share capital	(3.916.212)
Deferred tax recognized directly in equity	(4.801)
Expenses and offsetting of remaining other reserves	(49.225)
Final share premium amount 31/12/2005	11.098.497

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. Administrators 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 31/12/2005 the first series of bonds amounting to € 15.000.000. Based on the loan contract on 12/2/2004 for the period that the Company does not issue a second series of bonds amounting to € 30.000.000 it is charged with an inactivity commission at the rate of 0,4% annually on the value of non issued bonds. It is evaluated at the effective interest rate method. On 31/12/2005 the actual quarterly interest rate was 1,158%.

Syndicated loan

On 13/2/2004 and 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 30/9/2005 the actual annual interest rate was 6,089%.

For the syndicated loan as well as for the bond loan non convertible to shares 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.

Expiration of long term loans are broken down as follows:

	THE GROUP		THE COMPANY
	31/12/2005	30/6/2005	31/12/2005	30/6/2005
From 1 to 2 years	17.798.499	2.220.752	14.848.163	-
From 2 to 5 years	68.352.766	93.714.998	62.786.337	90.477.007
After 5 years	-	4.579.248	-	-
	86.151.265	100.514.998	77.634.500	90.477.007

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 leasing are broken down as follows:

		THE GROUP	THE COMPANY
	31/12/2005	30/6/2005	31/12/2005	30/6/2005
Up to 1 year	1.142.834	1.115.739	1.122.053	1.105.476
From 1 to 5 years	5.337.473	5.454.451	5.314.024	5.444.188
After 5 years	1.965.606	2.391.321	1.965.606	2.389.611
	8.445.913	8.961.511	8.401.683	8.939.275
	(1.184.908)	(1.243.547)	(1.178.528)	(1.240.776)
Future debits of financial leases
Present value of liabilities of financial leases	7.261.005	7.717.964	7.223.155	7.698.499
		THE GROUP		THE COMPANY
The current value of liabilities of financial leases is:	31/12/2005	30/6/2005	31/12/2005	30/6/2005
Up to 1 year	856.597	834.611	838.297	825.627
From 1 to 5 years	4.559.871	4.649.709	4.540.321	4.640.726
After 5 years	1.844.537	2.233.644	1.844.537	2.232.146

24.3 Current loan liabilities / long term liabilities payable in the subsequent year

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

	THE GROUP			THE COMPANY
	30/9/2005	30/6/2005	30/9/2005	30/6/2005
Bond loan convertible to shares Bond loan non convertible to	-	-	-	-
shares Bank loans payable in the	14.847.575	-	14.847.575
subsequent year	1.475.168	1.141.421	-	-
Overdrafts	-	51.950	-	-
Liabilities from financial leases payable in the subsequent year	1.224.187	834.611	1.205.887	825.627
Total	17.546.930	2.027.982	16.053.462	825.627

7.261.005 7.717.964 7.223.155 7.698.499

As mentioned above the bonded loan convertible to shares was paid on its first anniversary on 11/10/2005 through conversion of bonds and increase of share capital (note 24.1).Average weighted interest rates are broken down as follows:

	31/12/2005	30/6/2005
Long term bank loans	5,597%	5,823%
Short term bank loans	5,500%	5,750%
Financial leases	4,526%	4,127%

25. Other long term liabilities

Analysis is as follows:

	THE GROUP			THE COMPANY
	31/12/2005	30/6/2005	31/12/2005	30/6/2005
Cheques long - term
Opening balance	56.000	100.000	56.000	100.000
Additions	56.000	312.000	56.000	312.000
Reductions	(112.000)	(356.000)	(112.000)	(356.000)
Closing balance	-	56.000	-	56.000
Guarantees obtained
Opening balance	1.210	7.348	1.210	7.348
Additions	-	423	-	423
Reductions	-	(6.561)	-	(6.561)
Closing balance	1.210	1.210	1.210	1.210
Total	1.210	57.210	1.210	57.210

26. Deferred tax liabilities

Deferred tax liabilities as deriving from temporary tax differences are as follows:

	THE GROUP
	31/12/2005		30/6/2005
	Asset	Liability	Asset	Liability
Non current assets
Tangible assets	1.385.335	5.324.948	1.515.210	5.392.623
Tangible assets from financial leases	184.747	499.952	130.865	380.450
Reserves
Offsetting of deferred tax from bond loan conversion	-	547	-	4.801
Long term liabilities
Benefits to employees		8.852
Long term loans	539.887	-	539.022	-
Liabilities from financial leases	1.169.908	929.648	1.129.626	995.676
Offsetting	(8.370.827)	(8.370.827)	(8.363.992)	(8.363.992)
Total	(5.090.951)	(1.606.881)	(5.049.269)	(1.590.442)
Deferred tax liability		3.484.070		3.458.827

For the company the respective accounts are broken down as follows:

	THE COMPANY
	31/12/2005		30/6/2005
	Asset	Liability	Asset	Liability
Non current assets
Tangible assets	1.385.335	5.319.011	1.515.210	5.385.788
Tangible assets from financial leases	184.747	499.952	130.865	380.450
Reserves
Offsetting of deferred tax from bond loan conversion	-	547	-	4.801
Long term liabilities
Benefits to employees	-	8.852	-	-
Long term loans	539.887	-	539.022	-
Liabilities from financial leases	1.169.908	929.648	1.129.626	995.676
Offsetting	(8.370.827)	(8.370.827)	(10.065.124)	(10.065.124)
Total	(5.090.951)	(1.612.818)	(6.750.401)	(3.298.409)
Deferred tax liability		3.478.133		3.451.992

27. 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.

Other provisions pertain to tax provisions for contingent tax liabilities from years uninspected by the tax authorities and to pending law cases which it is unlikely that the Company will win. Analysis is as follows:

	THE GROUP		THE COMPANY
	Provisions for contingent tax liabilities from years uninspected by the tax authorities	Provisions for pending law cases	Provisions for contingent tax liabilities from years uninspected by the tax authorities	Provisions for pending law cases
Balance as at 1 July 2004 Additional provisions for the	89.413	24.100	89.413	24.100
period	108.984	1.800	108.984	1.800
Used provisions for the period	-	-	-	-
Balance as at 30 June 2005	198.397	25.900	198.397	25.900
Additional provisions for the period	62.284	1.500	62.284	1.500
Used provisions for the period	-	-	-	-
Balances as at 31 December 2005	263.681	27.400	263.681	27.400

28. Trade and other payables

The balance of the account is broken down as follows:

	THE GROUP		THE COMPANY
	31/12/2005	30/6/2005	31/12/2005	30/6/2005
Suppliers	8.267.146	7.559.109	8.039.470	7.844.903
Bills payable & promissory notes	2.922.885	2.644.217	2.922.885	2.644.217
Cheques payable	23.669.011	28.434.248	23.225.351	28.310.222
Advances from trade debtors	2.613.091	810.884	2.613.091	810.883
Total	37.472.133	39.448.458	36.800.797	39.610.225

29. Current tax liabilities

Analysis of tax liabilities is as follows:

	THE GROUP		THE COMPANY
	31/12/2005	30/6/2005	31/12/2005	30/6/2005
Expense for tax corresponding to the period	11.239.001	16.724.124	10.502.663	16.268.736
Liabilities from taxes	25.076.216	3.384.870	23.594.198	2.977.784
Total	36.315.217	20.108.994	34.096.861	19.246.520

Expenses for tax pertaining to the period include deferred tax.

30. Other current liabilities

Other current liabilities are broken down as follows:

	THE GROUP			THE COMPANY
	31/12/2005	30/6/2005	31/12/2005	30/6/2005
Suppliers of fixed assets	1.565.950	3.502.631	1.565.950	3.502.631
Salaries payable to personnel	2.893.912	816.646	2.893.912	816.646
Sundry creditors	4.589.987	2.510.388	3.631.305	2.376.743
Social security funds	2.564.147	935.750	2.516.665	868.730
Interest coupons payable	47.825	58.201	47.825	58.201
Dividends payable	11.244.991	138.249	11.244.991	138.249
Accrued expenses	1.912.130	1.564.527	1.135.227	914.353
Other liabilities	86.667	82.696	86.667	82.696
Total	24.905.609	9.609.088	23.122.542	8.758.249

31. Cash flows from operating activities

	THE GROUP		THE COMPANY
	31/12/2005	31/12/2004	31/12/2005	31/12/2004
Cash flows from operating activities
Net profit for the period	28.054.822	20.742.153	23.130.808	18.452.872
Adjustments for:
Income taxes	11.305.465	9.222.422	10.568.905	8.880.346
Depreciation of non current assets	4.233.059	3.638.391	3.858.169	3.270.698
Pension liability provisions (net)	121.278	38.549	121.278	38.549
Other provisions	66.784	54.494	66.784	54.494
Interest and other related income	(344.031)	(167.009)	(228.301)	(167.009)
Interest and other related expenses	3.134.826	3.451.860	2.747.682	3.063.328
Operating profit before change in working capital	46.572.203	36.980.860	40.265.325	33.593.278
Change in working capital
increase/(decrease) in inventories	(231.939)	17.707.635	(165.820)	17.037.364
Increase/(decrease) in trade and other receivables	1.523.526	6.986.492	285.162	7.103.352
increase/(decrease) in other non current assets	1.278.915	155.618	1.278.915	155.618
Increse/(decrease) in trade payables	2.213.455	7.708.778	448.123	6.815.101
Other	(2.307.467)	(17.690)	(136.713)	(17.690)
	2.476.490	32.540.833	1.709.667	31.093.745
Cash flows from operating activities	49.048.693	69.521.693	41.974.992	64.687.023

32. Analysis of adjustments for transition to and first time adoption of IFRS

The group's adjustments practically pertain to the parent company given that the subsidiary company had implemented IAS on a previous date.

32.1 Impact of transition adjustments to equity

	THE GROUP		THE COMPANY
	1/7/2004	30/6/2005	31/12/2004	1/7/2004	30/6/2005	31/12/2004
Total equity as it was previously reported according to the Greek GAAP	75.391.012	99.659.317	106.851.664	72.350.319	92.516.601	101.150.500
Adjustments for the transition to IFRSs
Effect from derecognition of formation and set up expenses in
the balance sheet and transfer of the carrying ammount and	(339.474)	(105.632)	(227.580)	[339.474]	(105.632)	(227.580)
accumulated depreciation in retained earnings
Effect from the change in depreciation coefficients and the	8.342.712	9.982.921	9.047.757	8.342.712	9.982.921	9.047.757
depreciable value of use of fixed assets
Effect from the recognition of capitalised expenses in the cost
of fixed assets. Transfer of depreciation in retained earnings	2.837.317	3.543.120	3.178.318	2.837.317	3.543.120	3.178.317
due to the change in depreciation coefficients.
Derecognition of revaluation of property according to Law		[2.589.708]	(2.589.708)		(2.589.708)	[2.589.708]
2065/92 at 31/12/2004
Derecognition of depreciation on revaluation of property		228.094	210.547		228.094	210,547
according to Law 2065/92 at 31/12/2004
Effect of recognition of expenses in the cost of leased assets	15.248	15.248	15.248	15.248	15.248	15.248
Transfer of recognition of dividends payable at the time of their	7.755.264	11.113.226		7.755.264	11.113.226
approval by the general meeting of the shareholders
Effect from the transfer of leasing costs as a reduction of the	484.123	1.314.183	948.651	484.123	1.314.183	948.651
liability
Effect from the recognition of leasing finance charges		[226.287]	(115.786)		(226.287)	(115.786)
Recognition of accrued interests regarding finance leases	(4.096)	[22.988]	(12.174)	(4.096)	(22.988)	(12.174)
Recognition of depreciation of leased assets	(160.308)	(373.900)	(259.530)	(160.308)	(373.900)	(259.530)
Long term loans measurment - calculation of interest
according to the effective interest rate method	(109.543)	[386.456]	(303.328)	(109.543)	(386.456)	(303,328)
Effect from measurement of convertible bonds loan facility	[2.648.855]	(3.180.545)	(3.007.286)	[2.648.855]	(3.180.545)	[3.007.286]
Reversal of depreciation of capitalised expenses related to
the measurement of long term loan facilitiy	95.120	190.773	142,680	95.120	190.773	142,680
Trasnfer of expenses to the loan facility	610.267	610.267	610.267	610.267	610.267	610.267
Bad debts provision		(14.000)			(14.000)
Trasnlation differences of foreign operations		684	961
Defered tax recognition	(2.875.727)	(3.451.992)	(2.460.366)	[2.875.727]	(3.451.992)	[2.460.366]
Income tax for the period			(9.583.292)			(9.241.216)
Provisions for contingent tax liabilities from years uninspected
by the tax authorities	(89.413)	(198.397)	(143.905)	[89.413]	(198.397)	(143.905)
Recognition of exchanges differences	18.375	2.128	95.304	18.375	2.128	95.304
Recognition of employee retirement provisions	(948.102)	(1.074.111)	(986.651)	(948.102)	(1.074.111)	(986.651)
Finance costs for employee retirement provisions		(41.813)	(20.906)		(41.813)	(20.906)
Other provisions	(24.100)	(25.900)	(24.100)	(24.100)	(25.900)	(24.100)
Total adjustments	12.958.808	15.308.915	(5.484.879)	12.958.808	15.308.231	(5.143.765)
Equity according to International Financial Reporting	88.349.820	114.968.232	101.366.785	85.309.127	107.824.832	96.006.735
Standards

32.2 Impact of transition adjustments to profits

	THE GROUP		THE COMPANY
	1-lou A-2004	30-loov-2005	31-Δεκ-2004	1-Ιουλ-2004	30-louv-2005	31-Δεκ-2004
Results as it was previously reported according to the Greek		48.941.724	29.027.443		44.575.272	26.403.474
GAAP
Adjustments for the transition to IFRSs
Effect from derecognition of formation and set up expenses in
the balance sheet and transfer of the carrying ammount and		233.842	111.894		233.842	111.894
accumulated depreciation in results
Effect from the change in depreciation coefficients and the		1.640.209	705.045		1,640,209	705,045
depreciable value of use of fixed assets
Effect from the recognition of capitalised expenses in the cost
of fixed assets. Transfer of depreciation in results due to the		705,802	341,001		705,802	341.001
change in depreciation coefficients.
Αντιλογισμός αναπροσαρμογής αξίας κτήσης ακινήτων N.2065/1992 rnc 31/12/2004
Derecognition of depreciation on revaluation of property
according to Law 2065/92 at 31/12/2004		35.092	17.546		35.092	17.546
Αναστροφή αποσβέσεων εξόδων εγκατάστασης που είχαν
κεφαλαιοποιηθεί σε προηγούμενες χρήσεις			$\Omega$
Κεφαλαιοποίηση εξόδων - αυξητικά της αξίας κτήσης
Μετάθεση αναγνώρισης πληρωτέων μερισμάτων στο χρόνο
έγκρισης τους από την Γ.Σ.
Αναγνώριση χρηματοδοτικών μισθώσεων ως ενσώματες
ακινητοποιήσεις και υποχρεώσεις
Effect from the transfer of leasing costs as a reduction of the
liability		830.060	464.528		830.060	464.528
Effect from the recognition of leasing finance charges		(226.287)	(115.786)		(226.287)	(115.786)
Recognition of accrued interests regarding finance leases		(18.891)	(8.078)		(18.891)	(8.078)
Recognition of depreciation of leased assets		(213.592)	(99.222)		(213.592)	(99.222)
Long term loans measurment - calculation of interest
according to the effective interest rate method		(276.912)	(193.786)		[276.912]	(193.786)
Effect from measurement of convertible bonds loan facility		(531.690)	(358.431)		(531.690)	(358.431)
Reversal of depreciation of capitalised expenses related to
the measurement of long term loan facilitiy		95.653	47.560		95.653	47.560
Μεταφορά εξόδων σε προϊον δανείου
Bad debts provision		(14.000)			(14.000)
Trasnlation differences of foreign operations		(43.818)	7.388
Defered tax recognition		[576.265]	415.361		(576.265)	415.361
Income tax for the period		(16.153.793)	(9.583.292)		(15.692.471)	(9.241.216)
Provisions for contingent tax liabilities from years uninspected
by the tax authorities		(108.984)	(54.492)		(108.984)	(54.492)
Recognition of exchanges differences		(16.247)	76.929		(16.247)	76.929
Recognition of employee retirement provisions		(126.009)	(38.549)		(126.009)	(38.549)
Finance costs for employee retirement provisions		(41.813)	(20.906)		(41.813)	(20.906)
Other provisions		(1.800)			(1.800)
Total adjustments		(14.809.443)	(8.285.290)		(14.304.303)	(7.950.602)
Results according to International Financial Reporting Standards		34.132.281	20.742.153		30.270.969	18.452.872

Impact from adjustments in property plant and equipment

The group re-estimated the useful life of its tangible assets upon the transition to IFRS. This re-estimation resulted in a cumulative profit which as at 30/6/2004 amounted to € 8.342.712 and was added to profit carried forward, broken down as follows:

Re-adjustment of depreciation for furniture and fixtures due to re-estimation of useful life	2.464.773
Re-adjustment of depreciation of machinery due to re-estimation of useful life	1.497.451
Re-adjustment of depreciation of buildings due to re-estimation of useful life	4.380.488
	8.342.712

According to the same standard the company recognized as cost to the property plant and equipment formation expenses which, according to the previous accounting principles, were not considered as cost of tangible assets. Their accumulated depreciation was readjusted according to the useful life of buildings. Other formation expenses which did not fulfill the recognition criteria were transferred to profit and loss carried forward as at the transition date. Breakdown as at 30/6/2004 is as follows:

		Accumulated
	Cost value	depreciation	Balance
Transfer of formation expenses to results	1.949.313	1.609.839	339.474
Transfer of accumulated amortization of formation expenses
accounts due to their recording in intangible assets			3.113.889
Calculation of value adjustments based on useful life			(276.572)
			2.837.317

Finally at the year ended as at 30/6/2005 the parent company should reverse the readjustment of its buildings and land made in accordance with law 2065/92 because it is not an item to be recognized in the financial statements according to IFRS. Total amount reversed as at 30/6/2005 amounts to € 2.589.708 while depreciation of the readjustment amounts to € 228.093

Impact from the evaluation of the bond loan convertible to shares

The group could not apply the exception provided by IFRS 1 in connection with compound financial instruments as at the transition date given that the balance of the loan at that date had not been paid off or converted. So the Group applied the standard retrospectively and separated the balance of the long term liability from the part pertaining to equity. As at the transition date the terms of the loan in force as at that date were used, while the measurement of the loan incorporated all cash flows which were provided for by the relevant contracts from the beginning to the end of the loan. The negative impact on the company's equity amounts to € 2.648.855 and is broken down as follows:

Recognition of accumulated financial cost according to IFRS	2.990.237
Proportion of net equity – transfer to the reserves of the group	(13.717)
Reversal of recognized accumulated financial cost of the company according to previous
accounting principles	(327.665)
	2.648.855

Impact from recognition of cost of compensation to personnel due for retirement

The group recognized total cost for compensation to personnel due for retirement for the first time, based on actuarial assertions of IAS 19. The accumulated cost charged to net equity as at 30/6/2004 amounts to € 948.102.

Impact from recognition of financial leases

In accordance with IFRS the group separated operating and financial leases and recognized the latter in the financial statements in compliance with IAS 17. The recognition of financial leases resulted in the recognition of non current assets in the balance sheet and the recognition of the financial liability in liabilities due to the separation of financial cost and the capital of the leasing. Further to the above the impact on the company's net equity as at 30/6/2004 and 30/6/2005 was the following:

	30/6/2004
Benefit from transfer of capital to net equity as at 30/6/2004	484.123
Reversal of leases charged to result and transfer due to pay-off of capital	830.060
Total impact on net equity from the recognition and pay-off of installments of capital as at
30/6/2005	1.314.183

The accumulated impact of depreciation of non current assets charged to net equity of the company as at 30/6/2004 and 30/6/2005 amounted to € 160.308 and 373.900 respectively.

Provision for contingent liabilities

During the current period the Company restated net equity by charging a provision for contingent tax audits for unaudited years by tax authorities, as at 30/6/2005 as well as the relevant results for the period ended 31/12/2005 and 31/12/2005 (notes 11 and 27). The amount of € 89.413 for 30/6/2004 and € 198.397 for 30/6/2005 adjusted the company's equity.

33. Commitments

Commitments mostly pertain to operating leases of transportation equipment which expire on different dates. Minimum payable rent in the future based on operational lease contracts which can not be rescinded are analysed as follows:

	THE GROUP		THE COMPANY
	31/12/2005	30/6/2005	31/12/2005	30/6/2005
Up to 1 year	113.360	60.395	3.927	3.973
From 1 to 5 years	180.892	232.963	2.618	4.582
After 5 years	44.568	102.999	-	-
	338.820	396.357	6.545	8.555

34. Contingent assets - liabilities

The tax returns of the parent company for the years ended as at 30/6/2004, 30/6/2005 and the first semester 01/07/2005-31/12/2005 and of the subsidiary company operating in Cyprus from the year 2001 to 31/12/2005 have not been inspected by the tax authorities. Consequently it is possible that additional taxes and increments be imposed when the tax authorities inspect and finalize them. The outcome of the tax inspection can not be predicted at this point and therefore no relevant provision has been made in the financial statements. However the Company has conducted a provision for contingent tax liabilities which could occur from relevant tax inspection (note 27).

The subsidiary company JUMBO TRADING LTD which operates in Cyprus 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 the 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 company established in Bulgaria in the first semester of the current year has not commenced its activities yet and therefore there is no case of uninspected tax year.

35. Transactions with related parties

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

In the years presented only the Cypriot company JUMBO TRADING LTD has operating activities, while the second one which is registered in Sofia, Bulgaria, has not any trading activities yet.

The following transactions were carried out with the affiliated undertakings:

Sales/ (purchases) of merchandise

	31/12/2005	31/12/2004
Sales of JUMBO SA to JUMBO TRADING LTD	6.322.061	5.011.443
Purchases by JUMBO SA from JUMBO TRADING LTD	361.036	418.956
	6.683.097	5.430.399

Net balance arising from transactions with the subsidiary companies

	31/12/2005	31/12/2004
Amounts owed to JUMBO SA from JUMBO TRADING LTD	4.574.804	3.576.688
Amounts owed by JUMBO SA to JUMBO TRADING LTD	311.438	157.056
	4.886.242	3.733.744
Amounts owed to JUMBO SA by JUMBO EC.D LTD	2.165.000	-
Amounts owed by JUMBO SA to JUMBO EC.D LTD	-	-
	2.165.000	-

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.

36. Events subsequent to the balance sheet date

Apart from the above mentioned events, there are no other subsequent events to the balance sheet date, with regard to the Group or the Company, which impose any reference according to the International Financial Reporting Standards.