Villars Holding S.A.

Annual / Quarterly Financial Statement • Oct 1, 2015

AXON HOLDINGS S.A.

SHORT FORM FINANCIAL DATA AND INFORMATION FOR THE YEAR 1/1-31/12/2007

(published in accordance with L. 2190, article 135, regarding companies preparing annual financial statements, consolidated or not, in accordance with the I.F.R.S.) The following data and information aim at providing view of the financial position and the results of the Group and the company AXON HOLDINGS S.A. Interested parties who seek to obtain a full account of the Company's finan Independent Auditor. Indicatively, they can access the company's web site, www.axonholdings.gr, where the aforementioned infomation is posted.

Company Registered Offices: Foundation Date:			INCOME STATEMENT (All amounts in thousands of Euro €)
04/12/1987 G.N 2957/23.12.87 Main Activity: Holdings Company 16226/06/B/87/17 S.A. Registration No:						GROUP 1/1-31/12/07 1/1-31/12/06		COMPANY 1/1-31/12/07 1/1-31/12/06
Supervising Authority: and Credit			Ministry of Development, Administration of S.A.'s		Sales Gross profit	222.085 54.439	201.895 61.542	n 0	n 0
Members of the Board of Directors: Terzopoulos Apostolos (President), Doumanoglou Panagiotis (Managing Director), Nanopoulos				Profits before taxes, financing results, investment results and depreciation	34.984	48.495	705	1.844
Dimitrios (Member), Nikolaidis Petros (Member) Paka Paraskeui (Member) Approval date of the Financial Statements (out of					Profit before taxes, financing and ivnestment results Results before income taxes	23.139 33.220	38.665 31.151	703 6.589	1.843 2.133
which the brief financial statements were drawn): Independent Auditor:	26 March 2008	Koutras Grigorios, SOEL R.N. 13601			Minus Income taxes Results after income taxes from continued	(15.017)	(15.384)	(1.429)	(3.834)
Auditing Firm: Audit Report Type:		BDO PROTYPOS HELLENIC AUDITING Co S.A.	Unqualified opinion - matters of emphasis		operations (a) Results after income taxes from discontinued	18.203	15.767	5.160	(1.701)
www.axonholding.gr Company web site:				operations (b) Results after income taxes form continued and	0	0	0	0
BALANCE SHEET as of 31st December 2007 (All amounts in thousands of Euro $\epsilon$ )					discontinued operations) $(a) + (b)$ Attributable to:	18.203	15.767	5.160	(1.701)
ASSETS	GROUP 31/12/2007 31/12/2006		COMPANY 31/12/2007 31/12/2006		Company shareholders Minority shareholders	5.956 12.247	3.294 12.473	5.160 0	(1.701) $\Omega$
Tangible assets & Intangible assets Inventories	490.791 25.650	325.835 27.223	165.358 1.118	85.720 0	Earnings after taxes per share (in Euro)	0,20	0,12	0,16	(0.05)
Trade receivables Other Assets	96.205 197.720	83.832 85.707	0 3.333	0 3.701		CASH FLOW STATEMENT (All amounts in thousands of Euro €)
TOTAL ASSETS EQUITY AND LIABILITIES	810.366	522.598	169.809	89.422		1/1-31/12/07	GROUP	COMPANY 1/1-31/12/07 1/1-31/12/06
Non-Current Liabilities Current Bank Liabilities	172.563 148.366	79.572 86.987	14.064 33.730	1.189 16.086	Cash flows from operating activies: Profit before income taxes	33.220	1/1-31/12/06 31.151	6.589	2.133
Other Current Liabilities Total Liabilities (a)	230.843 551.772	214.785 381.344	18.028 65.821	8.416 25.691	Plus (minus) adjustements for: Depreciation and amortisation expenses	11.845	9.830	3	-1
Share Capital Other items of Shareholders' Equity	24.712 100.427	19.222 33.848	24.712 79.276	19.222 44.509	Provisions Loss / (gain) on disposal of fixed assets	1.831 1.675	2.452 (1.048)	(839) n	(1.880) 0
Total Equity attributable to Share holders (b) Minority Interests (c)	125.139 133.456	53.070 88.184	103.988 n	63.731 0	Loss / (gain) on investments Income from depreciation of fixed assets grants	(19.098) (286)	(837) (29)	(4.961) n	(236) 0
Total Equity $(d) = (b) + (c)$ TOTAL EQUITY AND LIABILITIES (a) + (d)	258.594 810.366	141.254 522.598	103.988 169.809	63.731 89.422	Income from participations Loss / (gain) from participating interests	(38) 227	(19) 4	(2.765) n	(980) 0
STATEMENT OF CHANGES IN EQUITY					Debit interest and other related expenses	12.165 41.540	7.746 49.249	1.346 (626)	925 (36)
(All amounts in thousands of Euro €)		GROUP		COMPANY	Plus / (minus) adjustments for changes in working capital
Equity at the beginning of the year			1/1-31/12/07 1/1-31/12/06 1/1-31/12/07 1/1-31/12/06		or operatiing activities accounts: Decrease / (Increase) in Inventories	1.717	(9.536)	$\mathbf{0}$	0
(01/01/2007 and 01/01/2006) Results after income taxes	141.254 18.203	126.586 15.767	63.731 5.160	65.747 (1.701)	Decrease / (Increase) in receivables Decrease / (Increase) in Non-Current receivables (Decrease) / Increase in liabilities (except bank loans)	(46.891) 1.357 53.786	(16.724) 1.784 3.350	4.083 (6) 468	(383) 0 2.212
Increase in share capital Dividends	35.960 (6.860)	0 (1.706)	35.960 0	0 (315)	(Minus):
Net income directly attributable in equity (Purchases) / Sales of treasury shares	59.305 10.732	663 (56)	0 (863)	0 0	Debit interest and other related expenses paid Income taxes paid	(13.725) (9.130)	(8.241) (6.986)	(1.346) (1.429)	(925) (925)
Other adjustments Equity at the end of the period (31/12/2007	0	0	0	0	Total Cash flows from operating activities (a) Cash Flows from Investing Activities:	28.654	12.896	1.144	(57)
and 31/12/2006)	258.594	141.254	103.988	63.731	Acquisition of subsidiaries, associates, joint ventures and other investments	(119.576)	(8.285)	(24.861)	(197)
ADDITIONAL DATA AND INFORMATION					Purchase of treasury shares Purchase of tangible and intangible assets	(863) (35.710)	(12) (22.908)	(863) (5)	0 $[4]$
1. The companies included in the consolidated financial statements of the closing year are the following. A. Total consolidation method		Country	Participating	Unaudited	Proceeds from tangible and intangible assets sales Proceeds from financial assets and investments sales	6.585 32.387	1.511 3.082	n 8.291	0 302
AXON HOLDINGS S.A.		Hellas	interest parent company	Years 2005-2007	Proceeds from financial assets Interest received	837 723	490	n	0 0
EUROMEDICA S.A. HELLENIC OPTHALMOLOGICAL CENTER ORASIS S.A.		Hellas Hellas	57,10% 40,54%	2006-2007 2007	Proceeds from grants for investements in fixed assets Dividends received	926 n	n 19	n 2.278	0 689
IPPOKRATIS CENTER OF NUCLEAR MEDICINE S.A. MEDICAL DIAGNOSTIC CENTER VOLOS «YGEIA VOLOU» S.A.		Hellas Hellas	34,26% 29,12%	2005-2007 2004-2007	Total Cash Flows from Investing Activities (b)	(114.692)	(26.098)	(15.160)	790
MELAMBUS MEDICINE S.A. OBSTETRIC GYNECOLOGICAL CLINIC «THEOTOKOS» S.A.		Hellas Hellas	42,40% 40,35%	2007 2007	Cash Flows from Financing Activites: Proceeds from share capital increase	0	0	0	0
EUROMEDICA MULTIDIAGNOSTIC CENTER LARISA S.A. PRIVATE DIAGNOSTIC CENTER PYLI AKSIOU S.A.		Hellas Hellas	39,97% 42,42%	2007 2003-2007	Proceeds (repayments) of loans Payments of leases liabilities	104.708 7.516	22.624 (3.686)	14.829 n	(317) 0
OBSTETRIC GYNECOLOGICAL CLINIC THESSALONIKI «GENESIS» S.A. EUROMEDICA AROGI MEDICAL CENTER APOKATASTASI S.A.		Hellas Hellas	28,55% 51,39%	2007 2003-2007	Dividends paid Board of Directors' fees	(8.242) (386)	(1.845) (531)	(662)	(459)
GENERAL CLINIC OF DODEKANISA S.A. EURO PROCUREMENT S.A.		Hellas Hellas	32,77% 57,02%	2003-2007 2007	Total Cash Flows from Financing Activities (c) Net increase / (decrease) in cash and cash	103.596	16.562	14.167	(777)
SONAK S.A. AXON SECURITIES		Hellas Hellas	52,51% 40,00%	2005-2007 2005-2007	equivalents $(a)+(b)+(c)$ Cash and cash equivalents at the beginning of year	17.559 13.146	3.360 9.785	151 73	(44) 117
ELSON S.A. DATA DESIGN S.A.		Hellas Hellas	52,51% 45,62%	2003-2007 2003-2007	Cash and cash equivalents of merged companies Cash and cash equivalents at the end of year	139 30.843	n 13.146	139 363	0 73
PRISMA TECHNICS S.A. NEOS EGEFALOS S.A.		Hellas Hellas	27,68% 62,35%	2005-2007 2003-2007	people respectively.
MAGNETIC TOMOGRAPHY VOLOS S.A. SERRES AXONIKOS TOMOGRAPHOS S.A.		Hellas Hellas	18,56% 26,84%	2003-2007 2003-2007	7. Investments in fixed assets during the current period came up to: € 5 k. for the Company and € 35.710 k. for the Group. 8. At 31 December 2007 the decision numbered K2-17814/21-12-2007 was approved by the Ministry of Development regarding the
PROLIPTIKI IATRIKI P. FALIROU L.T.D. YGEIA MAGNETIC DIAGNOSI PTOLEMAIDA S.A.		Hellas Hellas	27,94% 27,98%	2006-2007 2003-2007	break up contract plan of the company ACHAIKI INDUSTRY OF ADVANCED TECHNOLOGY S.A. with S.A. registration no 42412/22/B/99/23, according to which, the branch "Production of advanced technology products and services, buildings, lands and technical projects" of the company is broken up and absobed by the parent company of the Group AXON HOLDINGS S.A. and the
EUROMEDICA FINANCE No 1 S.A. TOURISTIC ENTERPRISES W. MACEDONIA S.A.		Luxembourg Hellas	57,10% 51,39%	2007 2003-2007	Investments' branch by the associated company of the Group MYSTRAS S.A. INVESTMENTS AND BUSINESS PARTICIPATION according to the decision of the General Meeting of the shareholders dated 8/12/07, according to the provisions of articles 81-85 of
EGEFALOS PELOPONNISOU S.A. «ARISTOTELEIO» PRIVATE DIAGNOSTIC LABORATORY		Hellas	100%	2003-2007	[CL 2190/1920 and the articles 1-5 of the L. 2166/1993 (see Note 7 to the annual financial statements). 9. A share capital increase was decided by the Extraordinary General Meeting of the Group's Subsidiary Company EUROMEDICA S.A.
AXONIKOS TOMOGRAPHOS MEDICAL S.A. AXIAL AND DIAGNOSTIC KORINTHOS S.A.		Hellas Hellas	29,78% 23,42%	2003-2007 2004-2007	shareholders on 30/6/2007, by issuing 7.500.000 new common shares, of nominal value 1,55 € each, in cash and by partial cancellation of the old shareholders preemptive right. The new shares were offered in favour of the company HEALTHCARE
MEDINET ALEXANDROUPOLI S.A. AROGI S.A. APOKASTASI S.A.		Hellas Hellas Hellas	27,98% 28,55% 28,55%	2003-2007 2006-2007 2006-2007	INVESTORS (GREECE) L.L.C. and the company AXON HOLDINS S.A. The issue price of the new shares was 8,00 € per share. The aforementioned share capital increase of the Company was approved by the decision numbered K2-1628/11-7-2007 of teh Ministry
EUROMEDICA ANATOLIKI ATTIKI PRIVATE MULDIMEDICAL CENTER S.A. IONIOS GENERAL CLINIC S.A. UTILISATION AND FUCTION OPERATOR		Hellas	41,00%	2007	of Development and after the fulfillmen of the share capital increase procedure, the new shares were listed in the Athens Stock Exchange on 28/8/2007, and they are entitled to receive dividend from the profits of the year 2007.
QUARANTINE ABSTRACTION S.A. (CORFU) IATRIKI MEGARON PRIVATE DIAGNOSTIC LABORATORY S.A.		Hellas Hellas	28,55% 42,83%	2004-2007 2006-2007	10. The Boards of Directors of the parent company of the Group EUROMEDICA S.A. and its subsidiary companies GENERAL CLINIC OF THESSALONIKI S.A., MEDICAL CENTER OF ADVANCED TECHNOLOGY KRITI S.A. and MEDICAL INSTITUTE OF ADVANCED
IONIA PRIVATE POLYIATRIO IATRIKI S.A. IONIA NEFROLOGIKI UNIT OF CHRONIC HEMODIALYSIS S.A.		Hellas Hellas	51,39% 27,98%	2006-2007 2006-2007	TECHNOLOGY WEST MACEDONIA S.A. decided, at 28/9/2007, the merger by absorption of th given three subsidiaries by the parent companny EUROMEDICA S.A The 30th of September 2007 was appointed as transformation date and the merger was accomplished according to the provisions of L. 2166/1993 and of C.L. 2190/1920. The aforementioned merger was approved by the
GALINOS MEDICAL DIAGNOSTIC TRIKALON S.A. MULTIDIAGNOSTIC CENTER OF PIERIA S.A.		Hellas Hellas	25,70% 38,18%	2005-2007 2003-2007	decision numberd K2-18601/31-12-2007 of the Ministry of Development (see Note 8 to the annual financial statements). 11. The cumulative amounts of sales and purchases from the opening of the fiscal year and the balances of claims and liabilities of
B. Equity Method EUROGENETIC S.A. PROTYPOS CENTRE OF RESEARCH AND APPLICATION					the Group and the Company to the end of the current year, regarding from transactions with related parties, as dictated by IAS 24, are as follows (amounts in thousands of euro $\epsilon$ ):
OF MOLECULAR BIOLOGY MEDITRON S.A.		Hellas Hellas	22,84% 22,81%	2006-2007 2003-2007	a) Sales of goods and services			GROUP 529	COMPANY 359
DORMED HELLAS S.A. N. IONIA AXIAL TOMOGRAPHY S.A.		Hellas Hellas	19,96% 22,84%	2003-2007 2004-2007	b) Purchases of goods and services c) Receivables			2.144 35.117	25 7.837
MEDECINE DIAGNOSTIC LABORATORY KOZANI MEDICINE S.A. PRIVATE POLYIATRIO IATRIKI S.A. (MEDICINE DIAGNOSIS OF LESVOS S.A.)		Hellas Hellas	11,99% 19,99%	2007 2007	d) Liabilities e) Transaction and fees of management executives and administration members			11.447 3.470	11.301 0
MEDINET KAVALAS PRIVATE DIAGNOSTIC CENTER S.A. 2. The matters of emphasis which the independent Auditor is referred to in the Audit Report, concern: a) pending law suits, b)		Hellas	19,42%		2003-2007 f) Receivables from managerial executives and administration members g) Liabilities to management executives and administration members			0 0	n 0
unaudited years by tax authorities. 3. At 1/1/2007, the Group's Management decided to change the accounting policy of the privately owned property (land and buildings) from that of historical cost to revaluation in the fair value in frequent time intervals. The emerging goodwill fo the Group amounted to € 48.496 k. resulting in the increase of the Group's and the Company's equity by the amount of € 36,37 k. (from which e 17.807 k. was attributable to minority shareholdes), after the deduction of the deferred tax liability amounting to € 12.124 k. (see LABORATORY S.A., IONIA PRIVATE POLYIATRIO IATRIKI S.A., IONIA NEFROLOGIKI UNIT OF CHRO Note 9 to the annual financial statements). 4. Prenotes on the property and land of the Company and the Group of total amount $\epsilon$ 14,3 mil. $\kappa$ at $\epsilon$ 94,4 mil. respectively have been recorded as loan quarantees. 5. There are raised law suits against companies of the Group claiming in total $\epsilon$ 49,6 mil., the biggest part of whom is covered by special insurance contracts. Furthemore, a legal recourse has been taken by a subsidiary company for unresolved tax differences concerning an amount of $\epsilon$ 11,5 mil approximately. It is estimated that the lawsuits will have no material effect on the economic position of the Group.					12. In the consolidated financial statements of the current year are included for the first time the financial statements of the companies: YGEIA MAGNETIC DIAGNOSI S.A., TOURISTIC ENTERPRISES W. MACEDONIA S.A., PRIVATE DIAGNOSTIC LABORATORY ARISTOTELEIO AXIAL TOMOGRAPHY MEDICAL S.A. and EUROMEDICA FINANCE No 1 S.A., DATA DESIGN S.A., AXIAL AND DIAGNOSTIC KORINTHOS S.A., MEDINET ALEXANDROUPOLI S.A., AROGI S.A., APOKATASTASI S.A., EUROMEDICA ANATOLIKI ATTIKI PRIVATE MULTIMEDICAL CENTER S.A., IONIOS GENERAL CLINIC S.A. (CORFU), IATRIKI MEGARON PRIVATE DIAGNOSTIC GALINOS MEDICAL DIAGNOSTIC TRIKALON S.A., and MULTIDAIGNOSTIC CENTER OF PIERIAS S.A. which were included for the first time with the consolidated method beginning from 1/1/2007, 1/4/2007, 1/4/2007, 30/6/2007, 1/9/2007, 30/9/2007, 1/9/2007, 1/9/2007, 1/7/2007, 31/12/2007, 6/12/2007, 1/10/2007, 1/10/2007, 1/10/2007, 23/11/2007, and 1/11/2007 respectively. Addiitionally, the associated companies EUROGENETIKI S.A., MEDITRON S.A., DORMED HELLAS S.A., N. IONIA AXIAL TOMOGRAPHY S.A., MEDECINE DIAGNOSTIC LABORATORY KOZANI MEDICINE S.A., PRIVATE POLYIATRIO IATRIKI S.A. (MEDICINE DIAGNOSIS OF LESVOS S.A.) and MEDINET KAVALAS PRIVATE DIAGNOSTIC CENTER S.A. which were consolidated for the first time with the equity method beginning from 1/11/2006, 31/12/2006, 1/6/2007, 30/6/2007, 1/10/2007, 1/11/2007 and 31/12/2007
6. The number of personnel of the Company and the Group at the end of the current year was 14 (2006: 4) and 2.269 (2006: 1.899) respectively. Athens, March 26, 2008
The Chief Executive Director TERZOPOULOS APOSTOLOS				The Managing Director DOUMANOGLOU PANAGIOTIS		Head of Accounting Department LIAKOS LOUKAS
ID. No S 636315/98				ID. No. S 2322215/00		ID. No. T 017003