Quest Holdings S.A.

Earnings Release • Sep 21, 2015

Quest HOLDINGS

QUEST HOLDINGS S.A. S.A. Reg. No. 5419/06/B/86/02, Registered Address: 2A, Argyroupoleos Str. - 176 76 Kallithea, Athens, Greece

Financial data and information for the period from 1 January 2011 to 31 March 2011 Published according to decision 4/507/28.04.2009 resolution of Greek Capital Committee.

The financial data and information presented below, that are derived from the financial statements, aim to provide summary information on the financial position and results of QUEST HOLDINGS S.A. (Company) and the Group. T

						COMPANY'S PROFILE
Company's website: www.quest.gr	Date of approval of the financial statements by the Board of Directors: 25 May 2011						Board of Directors' composition: President - executive member	Vice President - independent non - executive member Tamvakakis Faidwn Managing Director - executive member Executive member Independent non - executive member		Fessas Theodoros Bitsakos Markos Koutsoureli Eftichia Papparis Michael
								Independent non - executive member Independent non - executive member		Rigas Konstantinos Papadopoulos Apostolos
	STATEMENT OF FINANCIAL POSITION (Amounts in thousand $\in$ )						STATEMENT OF COMPREHENSIVE INCOME (Amounts in thousand $\epsilon$ )
				GROUP	COMPANY					GROUP
ASSETS Property, plant and equipment			72.507	31/3/2011 31/12/2010 67.366	31/3/2011 31/12/2010 40.238	40.981	Sales			1/1-31/03/2011 1/1-31/03/2010 72,231	84.371
Investment properties Intangible assets			8.203 28.306	8.205 28.616	- 4		Gross profit Earnings / (losses) before tax, financing and investing results			11.919 871	13.629 752
Investments			11.292	11 331	137.785	137.787	Earnings / (losses) before tax			430	253
Other non current assets Inventories			13.155 19.592	12.456 22.538	5.425 $\overline{a}$	5.407	Earnings / (losses) after tax (A) - Owners of the parent			813 1.041	(878) (738)
Trade receivables Other current assets			101.052 78.372	108.113 72.258	4.685 13.893	6.109 14.361	- Non-controling interests Other comprehensive income, net of tax (B)			(228)	(140)
TOTAL ASSETS			332,480	330,885	202.027	204,643	Total comprehensive income, net of tax $(A) + (B)$			(13) 800	(2) (880)
EQUITY AND LIABILITIES Share capital			34.093	34.093	34.093	34.093	- Owners of the parent - Non-controling interests			1.028 (228)	(740) (140)
Share premium Other equity items			40.128 118.968	40.128 118 585	40.128 119.611	40.128 119.755	Earnings / (losses) after tax per share - basic (in $\in$ )			0,0215	(0,0152)
Total equity attributable to equity holders (a)			193.189	192.806	193.832	193.976	Earnings / (losses) before tax, financing, investing results, depreciation and amortization			2.148 COMPANY	2,060
Minority interest (b) Total equity $(c) = (a) + (b)$			7.433 200.622	7.672 200.479	193.832	193.976			1/1-31/03/2011		1/1-31/03/2011
Long term borrowings Provisions / Other long term liabilities			8.525 12.416	8.525 12.566	204	204				Continued operations	Discontinued operations	Total
Short term borrowings			16.708	8.700	4.157	4.126	Sales				40,264	40.264
Trade payables Other short term liabilities			32,081 62.128	39.979 60.634	620 3.213	2 3 6 3 3.974	Gross profit Earnings / (losses) before tax, financing and investing results		(185)	(549)	3.441 (425)	3,441 (974)
Total liabilities (d) TOTAL EQUITY AND LIABILITIES (c) + (d)			131.858 332.480	130.404 330.885	8.195 202.027	10.667 204.643	Earnings / (losses) before tax Earnings / (losses) after tax (A)		14 33	(576) (576)	(739) (778)	(1.315) (1.354)
							Other comprehensive income, net of tax (B)		(13)	(2)		(2)
	STATEMENT OF CHANGES IN EQUITY (Amounts in thousand $\epsilon$ )			GROUP	COMPANY		Total comprehensive income, net of tax $(A) + (B)$ Earnings / (losses) after tax per share - basic (in $\in$ )		20 0,0007	(578) (0,0118)	(778) (0,0160)	(1.356) (0,0278)
	Equity balance at the beginning of the year (1/1/2011 and 1/1/2010 respectively)		200.479	31/3/2011 31/3/2010 198.666	31/3/2011 31/3/2010 193.976	198.423	Earnings / (losses) before tax, financing, investing results, depreciation and amortization 184			(210)	(261)	(471)
Total comprehensive income net of tax Purchase of own shares			800 (164)	(880)	20 (164)	(1.356)	ADDITIONAL INFORMATION: 1. The companies included in the interim consolidated financial statements, together with their registered addresses, their share of
	Consolidation of new subsidiaries / associates and change in stake in existing ones		(493)	2.710			participation, the consolidation method and the tax unaudited years, are analyzed in note 22 of the interim consolidated financial statements.
	Equity balance at the end of the year (31/3/2011 and 31/3/2010 respectively) 200.622			200.495	193.832	197.067	2. In the consolidated financial statements for the period from 01/01/2011 to 31/03/2011 the following companies were consolidated whereas there were not consolidated in the previous period:Quest Solar Almirou Ltd (establishment) and Quest Solar Voiotias Ltd
	CASH FLOW STATEMENT (Amounts in thousand $\epsilon$ )			GROUP	COMPANY		(establishment) 3. There are no pledges over fixed assets 4. Number of employees at the end of the current period: Company 21, Group 1.245, and at the end of the previous period: Company 412, Group 1.405.5. Intercompany transactions (income, expenses) for the period
Indirect Method Operating activities		31/03/2011	$1/1$ -	1/1 31/03/2010 31/03/2011	1/1	1/1 31/03/2010	from 01/01/2011 to 31/03/2011 and intercompany balances (receivables, liabilities) as of 31 March 2011, according to IAS 24, as well as
Profit / (loss) before tax (continued operations)			430	253 $\overline{\phantom{a}}$	14 $\sim$	(576)	salaries and other short-term employment benefits, receivables from and payable to management personnel, are as follows: (Amounts in thousand $\in$ )			GROUP COMPANY
(Loss) before tax (discontinued operations) Adjustments for:						(739)		a) Income from sales of goods and services b) Expenses for purchases of goods and services	1.153 199	878 271
Provisions			1.277 31	1.308 135	369 (1)	339 34	Receivables C)		882	4.296
Depreciation and amortisation	Results (income, expenses, profit and loss) from investing activities		(136) 529	(235) 645	(257) 58	(14)	Liabilities d) e)	Salaries and other short-term employment benefits	165 1.307	111 71
Interest expense Other			47	128	(1)	25	Ť). g)	Receivables from management personnel Payables to management personnel
Changes in working capital: Decrease / (increase) in inventories			2.966	(3.429)			6. Earnings per share were calculated based on the weighted average number of shares in circulation 7. Until the current period, provisions
Decrease / (increase) in receivables	Increase / (decrease) in liabilities (excluding borrowings)		2.441 (5.876)	27.895 (21.110)	1.340 (2.577)	(154) (430)	for tax unaudited years are for the Group $\epsilon$ 1.741 thousand, whereas accumulated provisions for retirement benefit obligations are for the Group $\epsilon$ 4.329 thousand and for the Company $\epsilon$ 126 thousand. 8. "Other comprehensive income / (loss) for the period, net of tax" for the
Less:							Group and the Company includes an amount of $\in$ (13) thousand related to investments valuation provisions to available for sale financial
Interest paid Income tax paid			(529) (880)	(645) 365	(58) 75	(124)	assets. For the previous period the amount concerning investments valuation provisions to available-for-sale financial assets was $\epsilon$ (2) thousand for the Group and Company. 9. The same as of the previous year accounting principles were used for the preparation of the
Operating activities from discontinued operations Net cash generated from operating activities (a)			299	5.309	(1.035)	10.211 8.574	consolidated financial statements for the period from 01/01/2011 to 31/03/2011. 10. The Group has investments in a percentage rating from 20% to 50%. However, the Group is not capable of exercising a significant influence to them, since other shareholders are controlling them
Investing activities							either individually or in an agreement between them. For the above mentioned reason, the Group classifies the companies IASON S.A.
Acquisition of subsidiaries and other investments	Purchases of property, plant, equipment and intangible assets		(6.145)	(326)	(11) (134)	(3.410) (69)	(33.50% percentage), EFFECT S.A. (38% percentage), AMERICAN COMPUTERS & ENGINEERS HELLAS S.A. (35.48% percentage) and TEKA SYSTEMS S.A. (25% percentage), in the category "Available-for-sale financial assets" (Note 11), 11, On 10/5/2010 the Company's
Proceeds from capital decrease of subsidiaries	Proceeds from sale of property, plant, equipment and intangible assets			39 2.790	719		Board of Directors, implementing the decision of the Ordinary General Shareholders' Assembly, with which the purchase of own shares was approved, according to article 16 of the Law 2190/20, decided to purchase up to one million (1.000.000) own shares, with a minimum
Interest received			122	263		42	purchase price of fifty cents of euro ( $\in$ 0,50) and a maximum of five euro ( $\in$ 5,00) per share during the period from 11/05/2010 to
Investing activities from discontinued operations Net cash used in investing activities (b)			(6.023)	2.766	573	(89) (3.526)	31/12/2010. In 2010 the Company purchased 265.384 own shares, through the Athens Stock Exchange, with a total purchase price of euro 301 thousand. Furthermore, on 10/01/2011 the Company's Board of Directors, implementing the above decision of the Ordinary General
Financing activities Proceeds from borrowings			8.008	521	32		Shareholders' Assembly, decided to purchase up to one million (1.000.000) own shares, with a minimum purchase price of fifty cents of euro ( $\epsilon$ 0,50) and a maximum of five euro ( $\epsilon$ 5,00) per share until the 31st of December 2011. The Company purchased 114.383 own
Repayments of borrowings				(4.946)	$\sim$		shares during the period from 01 January 2011 to 31 March 2011, through the Athens Stock Exchange, with a total purchase price of euro
Other	Expenses from Info Quest Technologies share capital increase		(463) (164)		(164)		165 thousand and an average price of € 1,44 per share. On 31st of March 2011 the Company owns 379.767 treasury shares, with a total purchase price of euro 466 thousand, which represent the 0,78% of its share capital. 12. On 17th January 2011, the Extraordinary General
Financing activities from discontinued operations Net cash used in financing activities (c)			7.380	(4.425)	(133)	(4.942) (4.942)	Assembly of the Company's shareholders decided the spin off of the "Distribution & Technical Support of IT and Telecommunication Products and Services" business unit and its contribution to the company "Info Quest Technologies S.A." As a result, the share capital of
	Net increase/ (decrease) in cash and cash equivalents $(a)+(b)+(c)$		1.656	3.650	(595)	105 877	InfoQuest Technologies S.A. has increased by $\in$ 46.634.800 through the issue of 630.200 new common shares of a value $\in$ 74 each. The
Cash and cash equivalents at beginning of year Csh and cash equivalents at end of period			22.882 24.540	21 21 2 24.862	1.248 653	982	shares issued by InfoQuest Technologies S.A. were given as an exchange to Quest Holdings S.A. The financial statement of this business unit was prepared on 30th September 2010 whereas the above mentioned spin off was completed on 31 January 2011. It should be noted
							that the spin off the "Distribution & Technical Support of IT and Telecommunications Products and Services" business unit and its contribution to InfoQuest Technologies S.A. had no effect in the financial position of the Group, since the financial results of this business unit
THE PRESIDENT	THE MANAGING DIRECTOR	Kallithea, 25 May 2011 THE EXECUTIVE MEMBER			THE GROUP FINANCIAL CONTROLLER		are already included in the consolidated financial statements of the Company. 13. Events after the balance sheet date: The Company purchased 28.170 treasury shares during the period from 01/04/2011 to 25/05/2011 with a total purchase price of euro 34.4 thousand. On May 5th 2011 the subsidiary "Unisystems" acquired the 100% of the share capital of the company "Fast Hellas S A " with a total cost of euro

interim financial information date.

DIMITRIS PAPADIAMANTOPOULOS