Reds S.A.

Annual / Quarterly Financial Statement • Sep 28, 2015

International Accounting Standards, as well as the certified auditor's report, when such a report is necessary, prior to making any investment decision or any other transaction with the company. COMPANY DETAILS
Company website address: Approval date of the Annual Financial Statements	www.reds.gr 28 August 2007				Certified Auditor: Auditing Company: Review Report Type :		Marios Psaltis (SOEL Reg no 38081) PriceWaterhouseCoopers Auditors SA Unqualified - points of emphasis
		BALANCE SHEET FIGURES (amounts in €)						INCOME STATEMENT FIGURES (amounts in €)
	CONSOLIDATED			COMPANY					CONSOLIDATED
	30/06/2007	31/12/2006	30/06/2007	31/12/2006			1/1-30/06/2007	1/1-30/06/2006 1/4-30/06/2007		1/4-30/06/2006
ASSETS Investment Property	103.286.532	107.451.874	13.224.684	35.268.810	Turnover		26.618.348	5.984.654	23.140.554	3.570.426
Fixed assets	526.905	255.071	98.228	136.213	Gross profit/(loss)		12.886.098	1.950.576	11.850.665	1.347.092
Investments in subsidiaries	-	-	39.406.512	39.390.511
Investments in joint ventures	-	-	10.770	10.770	Profit/(loss) before taxes, financing and investment results and depreciation		10.559.287	2.394.483	10.026.742	677.151
Advances for long-term Operating Leases	-	9.432.146	-	9.432.146	Profit/(loss) before taxes, financing and investment results
Inventories	7.342.553	9.026.078	7.297.077	6.719.997			10.213.732	2.054.975	9.855.647	508.379
Trade Receivables	8.000.775	7.232.075	5.947.915 23.739.816	4.304.912	Profit/(loss) before taxes		10.149.085	2.032.925	9.783.463	525.433
Cash and cash equivalents	53.494.019	23.353.827		2.435.689	Less taxes		(3.024.502)	(539.565)	(2.949.045)	(206.659)
Other Assets	2.332.932	2.470.346	2.038.352	2.113.041	Profit/(loss) after taxes from ongoing activities (a)		7.124.583	1.493.360	6.834.418	318.774
TOTAL ASSETS	174.983.716	159.221.417	91.763.355	99.812.090	Profit/(loss) after taxes from discontinued activities (b)		-	-	-
LIABILITIES					Profit/(loss) after taxes (ongoing & discontinued) activities (a+b)		7.124.583	1.493.360	6.834.418	318.774
Non-current liabilities	37.836.808	22.126.109	18.457.195	22.124.393	Attributable to:
Other current liabilities	21.679.377	29.267.564	13.228.306	24.308.359	Company Shareholders		7.124.583	1.493.360	6.834.418	318.774
Total liabilities (a)	59.516.185	51.393.674	31.685.501	46.432.753	Minority Shareholders		-	-	-
Share Capital	51.889.447	51.889.447	51.889.447	51.889.447	Profit/(loss) after tax per share - basic (in €)		0,1799	0,0377	0,1725	0,0080
Other equity figures Shareholders' Equity (b)	63.578.084 115.467.531	55.938.296 107.827.743	8.188.407 60.077.855	1.489.891 53.379.338
Minority Interest (c)	-	-	-	-
Total Equity (d)=(b)+(c)	115.467.531	107.827.743	60.077.855	53.379.338					COMPANY
TOTAL LIABILITIES (a) + (d)	174.983.716	159.221.417	91.763.355	99.812.090			1/1-30/06/2007	1/1-30/06/2006 1/4-30/06/2007		1/4-30/06/2006
	STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD	(in €)			Turnover Gross profit/(loss)		23.824.828 12.102.876	3.154.251 1.068.600	22.364.670 11.481.687	1.140.508 540.853
	CONSOLIDATED		COMPANY		Profit/(loss) before taxes, financing and investment results and depreciation		10.427.610	1.588.369	10.054.054	358.692
Start of period total equity (01/01/2007 and 01/01/2006, respectively)	30/06/2007 107.827.743	30/06/2006 105.794.262	30/06/2007 53.379.338	30/06/2006 52.578.500	Profit/(loss) before taxes, financing and investment results		10.152.048	1.320.569	9.917.917	224.974
Profit/(loss) of the period, after taxes	7.124.583	1.493.360	7.094.620	877.871	Profit/(loss) before taxes		9.914.897	1.198.061	9.840.622	185.390
Dividend allocated	(396.103)	-	(396.103)	-	Less taxes		(2.820.278)	(320.190)	(2.842.132)	(107.434)
Foreign exchange differences End of period total equity (30.06.07 and 30.06.06, respectively)	911.308 115.467.531	- 107.287.622	- 60.077.855	- 53.456.371	Profit/(loss) after taxes from ongoing activities (a) Profit/(loss) after taxes from discontinued activities (b)		7.094.620 -	877.871 -	6.998.490 -	77.956
					Profit/(loss) after taxes (ongoing & discontinued) activities (a+b)		7.094.620	877.871	6.998.490	77.956
		CASH FLOW STATEMENT FIGURES (amounts in €)			Attributable to:
	CONSOLIDATED COMPANY				Company Shareholders Minority Shareholders		7.094.620 -	877.871 -	6.998.490 -	77.956
	1/1-30/06/2007	1/1-30/06/2006	1/1-30/06/2007	1/1-30/06/2006	Profit/(loss) after tax per share - basic (in €)		0,1791	0,0222	0,1767	0,0020
Operating Activities
Profit/(loss) before taxes Plus/less adjustments for:	10.149.085	2.032.925	9.914.897	1.198.061
Depreciation	345.553	339.508	275.562		267.806 3 REDS SA is consolidated in the financial statements of "ELLINIKI TECHNODOMIKI TEB A.E." which holds 50.83% of its share capital and is registered in Greece.
Provisions Foreign exchange differences	5.378 619.312	971 -	5.041 -	-	3.789 4 The following table presents the unaudited years of the parent company and the Group's companies: Company
Results (income, expenses, profits and loss) from investing activity	2.145.188	(134.737)	2.482.519	(27.726)	REDS S.A.	1 year	(2006)
Debit interests and related expenses	510.632	156.954	345.805	150.395	PMS. PARKING SYSTEMS S.A.	4 years	(2003-2006)
Plus/less adjustments for differences in working capital balances or in balances related to operating activities:					LOFOS PALLINI S.A.	5 years	(2002-2006)
Decrease / (increase) in inventories	1.683.525	1.751.572	(577.081)	-	KANTZA COMMERCIAL S.A.	8 years	(1999-2006)
Decrease / (increase) in receivables Decrease / (increase) in current liabilities (except banks)	9.729.811 (5.867.526)	4.234.598 2.990.995	9.832.202 (6.706.947)	466.241 (733.017)	YIALOU COMMERCIAL & TOURIST S.A. 3G S.A.	5 years 4 years	(2002-2006) (2003-2006)
Less:					5 There are no encumbrances on the Company's or the Group's real property.
Debit interest and similar paid charges	(510.632)	(156.954)	(345.805)		(150.395) 6 The Group's companies have no disputes under litigation or arbitration, nor are there any court or arbitration decisions that are likely to have a significant
Taxes paid Total operating activities inflow (outflow) (a)	(2.908.672) 15.901.654	(247.271) 10.968.561	(2.876.198) 12.349.995	(151.721) 1.023.433	impact on the Group's companies' financial condition, except the pending court dispute between the "LOFOS PALLINI S.A." subsidiary and the City of Pallini before the State Council and the Athens Administrative Court of First Instance, regarding the amount payable as special contribution under Law 2947/2001,
Investing Activities					which, according to the City, rises to approx. €750,000. No provision has been made for this eventual obligation, as the Company's Management
Acquisition/sales of subsidiaries, affiliates, joint ventures and other investments Purchase of tangible and intangible fixed assets	- (18.276.015)	- (278.439)	(16.001) (328.117)	(1.500.000)	believes that the final outcome will be positive for the Company. (4.885) 7 On 30.06.2007 the Group employed 27 people and the Company 26. On 30.06.2006, the Group employed 26 people and the Company 24.
Income from the sale property, plant and equipment	19.543.945	2.773	19.543.494		2.773 8 On 28/07/2005 the company concluded an agreement with "LA SOCIETE GENERAL IMMOBILLIERE ESPANGE (LSGIE)", to sell 100% of the shares in subsidiary
Interests received	445.985	134.904	48.117	15.303	"KANTZA COMMERCIAL SA", at a total price of €70 mil. The transaction is expected to be completed by the end of 2009, and is subject to the acquisition
Dividend received Total investing activities inflow (outflow) (b)	- 1.713.915	- (140.762)	60.536 19.308.030	12.590 (1.474.218)	of the neighbouring property belonging to "KANTZA, REAL ESTATE DEVELOPMENT, MANAGEMENT & OPERATING S.A." and to obtaining all permits and approvals for the entire property in Kantza, Pallini.
Financing Activities					9 The company has recognised a provision to cover its obligation against OTE (Greek Telecoms Org.) to acquire 33% of the shares in subsidiary
Proceeds from loans Repayments of loans	22.877.561 (10.750.000)	- (100.000)	- (10.750.000)	- -	"LOFOS PALLINI S.A." for a minimum price, as stipulated in the relevant contract dated 28/2/2002. The amount of the provision rises to €18.3 mil. and has increased REDS's investment cost in said subsidiary, now consolidated at 100%.
Dividend payable	396.103	-	396.103		- 10 The value of the property belonging to subsidiary "YIALOU COMMERCIAL & TOURIST S.A." was revalued due to the fact that an area of approx.
Total financial activities inflow (outflow) (c)	12.523.664	(100.000)	(10.353.897)	-	133,000 sq.m. was included in the urban planning scheme, by virtue of Gov. Gazette 319/D/2005 approving the design for the "Yialou Business Park-City of Spata".
Net increase/(decrease) in cash and cash equivalents for the period (a)+(b)+(c)	30.139.233	10.727.800	21.304.128	(450.786)	The entire property of approx. 173,000 sq.m. belonging to said subsidiary, appears in the Consolidated Financial Statements with a value of €32.7 million,
Cash and cash equivalents at beginning of period	23.354.786	9.526.034	2.435.689	1.777.114	under "Investment property", according to IAS 40, and in April 2007 was revalued to €41.9 million.
Cash and cash equivalents at end of period	53.494.019	20.253.834	23.739.816		1.326.328 11 On 20/6/2006 a draft contract was signed for the sale of part of the property belonging to "YIALOU COMMERCIAL & TOURIST S.A." at the Gyalou Spata location,
					for a price of €13.4 mil. with MACARTHURGLEN HELLAS Ltd. The final sale contract is subject to the issuing of the building license. The company will not recognise any income until the transaction is finalised.
					12 In February 2007, "CLH ESTATE S.R.L." purchased a plot of approx. 8,500 sq.m. in Baneassa location, Bucharest, Romania, where it intends to build a luxury
ADDITIONAL FIGURES AND INFORMATION List of Group companies with their countries of registration and participating interests, included in the consolidated financial statements with full consolidation of 1					residential complex, with a total budget of approx €15 mil.
Assets, Liabilities and Profit & Loss figures:	Country of		Participation %		13 In April 2007, the Company acquired 100% of the Share Capital in "CORREA HOLDINGS LTD", registered in Cyprus. Then, "CORREA HOLDINGS LTD", acquired all the shares in "PROFIT CONSTRUCT SRL", registered in Romania.
REDS REAL ESTATE DEVELOPMENT & SERVICES SA	registration Greece		Parent		The Company, through its associate "Profit Construct SRL", now owns a plot of 6,000 sq.m. at the Spaiul Unirii location, in the center
LOFOS PALLINI S.A. (see note 9)	Greece		67,00%		Bucharest. The plot will be used for the construction of a residential and business complex, with a total budget of approx €45 mil.

Greece 100,00% The above participations were included for the first time in the Parent Company's Consolidated Statements on 30.06.07 with the Full Consolidation method. Greece 100,00% 14 On 12.06.2007 the Company concluded with companies managed by the HENDERSON investment house the following: a) sale agreements of its Shopping

PMS. PARKING SYSTEMS S.A.	Greece		100,00%	Centers Veso Mare and Escape Center, for a total price of €40.5 million & b) a preliminary sale agreement regarding 100% of the shares in subsidiary
KARTEREDA HOLDINGS LIMITED	Cyprus		100,00%	YIALOU COMMERCIAL & TOURIST S.A.", for an estimated price of €70 mil. The deal is expected to finalized in the second half of 2009, following
CLH ESTATE S.R.L.	Romania	Indirectly	100,00%	completion of construction and start of operations of the "Business Park", that the company will develop on part of its property in the
CORREA HOLDINGS LIMITED	Cyprus		100,00%	Yialou, Spata location. The company will not recognise any income until the transaction is finalised.
PROFIT CONSTRUCT S.R.L.	Romania	Indirectly	100,00%	15 Group and Company purchase and sales amounts for 01.01.2007 - 30.06.2007, as well as balances of receivables and liabilities as at 30.06.2007 from
List of Group companies with their countries of registration and participating interests, included in the consolidated financial statements with proportional 2 consolidation:
				transactions with related -parties, as defined in IAS 24, are:
3G ANAPTIXEOS KATASKEVASTIKON POLEODOMIKON & TOURISTIKON ERGON S.A.	Greece		50,00%	a) Sales of goods and services, Group € 69.033, Company € 397.306.
				b) Purchases of goods and services, Group € 653.427, Company € 653.878.
				c) Receivables, Group € 342.789, Company € 1.370.079.
			d) Liabilities, Group € 783.517, Company € 784.054.
				e) Transactions and fees of management executives and BoD members, Group € 331.403, Company € 293.785. f) Receivables from management executives and BoD members, Group € 887.289, Company € 0.
				g) Liabilities to management executives and BoD members, Group € 4.627, Company € 0.
Maroussi, 28 August 2007
CHAIRMAN OF THE BOARD		MANAGING DIRECTOR		GENERAL MANAGER	FINANCIAL MANAGER
				& MEMBER OF THE BOARD
DIMITRIOS KOUTRAS		ANASTASSIOS KALLITSANTSIS		IOANNIS MORAITIS	GIORGOS ILIOPOULOS
ID card no 023455		ID CARD NO. Ξ434814		ID CARD NO. Ξ145767	OEE License no. 37081

REDS REAL ESTATE DEVELOPMENT & SERVICES SA

(Pursuant to Decision no 2/396/31.08.2006 of the Capital Market Commission's Board of Directors)

FIGURES & INFORMATION FOR THE PERIOD 1 JANUARY 2007 TO 30 JUNE 2007 Registered office address: 39 Akakion str. & Minemvassias str., Maroussi 15125

PUBLIC COMPANIES REG. NO.: 13564/06/B/86/123

YIALOU COMMERCIAL & TOURIST S.A. KANTZA COMMERCIAL S.A.