Comprehensive Report

Confidential: This document contain confidential information and it is for internal use only.

It might contain information that it is not up-to date.

COMPANY S.A.

Greek Company Name COMPANY Α.Ε.ICAP ID 25269

Address 45 Agiou Meletiou, 11251, Athens, Attiki

Tel. 2108600000

Fax 2108600001

U.R.L. www.company.gr

E-mail info@company.gr

Company Identification

Sector Trade (Household - Commercial Appliances)

Legal Form Societe Anonyme

Year Established 1995

Head Office Athens, Attiki

Duration Up to year 2020

Gov. Gazette No 60000/1995

Tax Registr. No 011111111

Member of ATHENS CHAMBER OF COMMERCE & INDUSTRY

General Reg. No. 0001234

Exports Reg. No. 0012345

Chairman, CEO Name A Mid. Surname A

Capital Euro 1,725,000

Total Equity Euro 5,114,416 (30/6/2012)

Turnover Income Euro 92,472,681 (1/7/2011 - 30/6/2012)

Profit/(Loss) Before Tax Euro -7,184,192 (1/7/2011 - 30/6/2012)

Staff of employees 600

Business Profile

Financial Status Rather Poor

Payment Record Regular

Trend Downward

Credit Worthiness Indicators

ICAP Score

Score of Transactional Behaviour 3 Stars (4,27)

Proposed Credit Limit Any business transactions must be carried out on a secure

basis.

Previous Proposed Credit Limit Any business transactions must be carried out on a secure

basis. (21/2/2014)

Special Events

Subject's shares are under supervision trading status from the Athens Stock Exchange.

Transaction Behaviour Index

Subject

Final Result: 3 Stars (4,27)

Detrimental Score Evolution (Per activity group)

2014 2013 2012 2011 2010

Group 1: 4*(4,60) 5*(5,00) 4*(4,56) 5*(5,00) 5*(5,00)

Group 2: 5*(5,00) 3*(4,46) 5*(5,00) 5*(5,00) 5*(5,00)

Group 3: 5*(5,00) 5*(5,00) 5*(5,00) 5*(5,00) 5*(5,00)

Total : 4*(4,60) 3*(4,46) 4*(4,56) 5*(5,00) 5*(5,00)

Index: 5*, 4*, 3*, 2*, 1*, NA (Not applicable)

Mortages - Prenotes

Details on subject up to 20.03.2014

Year Number Value (Euros) Comments

2014 3 500,000 It is noted in favour of Tax Revenue Department ofKifisia.

2012 2 20,000 On: a store 200 m2 with loft 50 m2 and basement 10m2 at the address Agiou Meletiou 45. In favour of:Alpha Bank SA

ICAP Score

The following table shows the company's ICAP Score evolution in comparison with the ICAP Score evolution for the

sector's S.A. & L.T.D. companies.

2013 2012 2011 2010 2009

Total Number Of Sector

Companies62 180 188 330 386

Creditworthiness Evaluation Zones (ICAP Scores)

Very Low Risk Low Risk Average Risk High Risk Very High Risk

A1 A2 B1 B2 C1 C2 D1 D2 E1 E2

(*) The classes NC, NR, NT, NA, NU do not constitute ICAP Score evaluations:

NC: Not Calculated. It refers to companies for which the ICAP Score cannot be calculated, due to their legal form or activity type,

etc.

NR: Not Rated. It refers to companies for which ICAP Score calculation is not feasible due to lack of information or the fact that

they are newly established, etc.

NT: Not Trading. Companies that have ceased their operations and cannot be evaluated.

NA: Not Available. It refers to companies for which the ICAP Score has not been calculated within the specific year.

NU: Not Updated. The company's data are under processing and ICAP Score cannot been calculated.

Recommended Credit Limit

Last Any business transactions must be carried out on a secure basis.

Previous Any business transactions must be carried out on a secure basis. (21/2/2014)

Company History

Established in Athens, on 18.03.1995. Subject commenced full business activities on 01.01.1996, undertaking the

business activities of the firms: - COMPANY 1 LTD (Est.: 1977) and COMPANY 2 LTD (Esta.: 1986).

Premises (as declared)

Offices • 45 Agiou Meletiou, 112-51 Athens, Attiki, rented, Buildings: 200 m2.

Head Office • 4 Nektariou, 105-59 Athens, Attiki, rented, Buildings: 100 m2.

Warehouse • 5 Dimokratias, 180-30 Methana, Attiki, owned, plot of land 20,000 m2,

Buildings: 16,000 m2.

Retail Store • 4 Nektariou, 105-59 Athens, Attiki, rented, Buildings: 100 m2.

Subject also maintains retail stores at 4 Nektariou, Athens and at 45 Agiou Meletiou, Athens. Notably that subject

operates total 3 retail stores.

Personnel

According to the latest data the company employs: 600 persons.

Seasonal: 80 persons.

Activity

Representations, exclusive imports and trade of household appliances, cooking utensils, telephone equipment, air

conditioners, computers, fax apparatus, GPS and satellite systems, exercising instruments and electronic games

Activity NACE (Main)

NACE 1 5245 Retail sale of electrical household appliances and radio and television goods

NACE 2 4754 Retail sale of electrical household appliances in specialised stores

Products - Services

Commercial Telephones and accessories, mobile ET

Appliances, household, electric ET,I,A

Air conditioners ET,I

Appliances, audiovisual ET,I,A

Computers ET

Games, electronic

Fax apparatus

Telephone sets

Utensils, cooking

Appliances and instruments, precision, measurement

and control

Exercising equipment

Telecommunication equipment

Symbol Interpretation

EM = Exports manufacturing FT = For third parties A = Representation

ET = Exports commerce F = In third party facilities D = Local agent

EY = Exports services I = Import

Represented Firms

Electric Multinational A

Symbol Interpretation A = Agent E = Exclusive importer

Imports

Countries Germany, Hong Kong, Romania

Imports percentage 50%

Terms C.A.D.

Promissory letter 90 days

Exports

Countries Bulgaria, Canada

Export sales percentage 50%

Terms Open credit 90 days

Suppliers

• COMPANY D LTD, Trade (Household - Commercial Appliances), (Kos, Dodekanissa)

• CONSTRUCTION COMPANY A.E., Trade (Garments - Footwear - Leather Goods), (Kalamata, Messinia)

Customers

• COMPANY C A.E., Holding Companies, (Petroupoli, Attiki)

• COMPANY E O.E., Industry (Metal Products & Structures), (Ptolemaida, Kozani)

Banks

Alpha Bank A.E. • Head Office (tel.:21-03260000)

Bank of Piraeus S.A. • Maroussi Branch (tel.:21-06145200)

National Bank of Greece S.A. • Ano Cholargos Branch (tel.:2106529790)

General Remarks

Subject is a large sized trading firm in the sector of electric and electronis appliances, which distributes its goods

mainly on retail basis (80%), through its retail stores . According to an official announcement , the company signed

an agreement with its main creditor banks to refinance existing short-term borrowing. Moreover, the company

decided to restructure the sales network, redefine and review all costs.

Group Data

The company according to the consolidated balance sheet as at (31/12/31/12/2012)belonged to:

(TRADE COMPANIES S.A. GROUP OF COMPANIES)

ICAP ID: 248158

Shareholder (as declared)

By 70.00% EMBORIKI ETAIRIA

Code Number : 1111111

Date Established : 2000

Sector : Trade (Machinery - Tools - Abrasives)

Capital : 36,300,000

Owners Equity : 107,069,850

Total Net Sales : 147,289,790

Net Income for the Year Before

Tax

: 20,439,898

Balance sheet details as at (31.12.2011) Euro

By 20.00% Name A Mid. Surname A (Born in 1940)

By 10.00% Name B Mid. Surname B

Subject's shares have been quoted at Athens Exchange since 01.01.2001.

Board of Directors

Name A Mid. Surname A Chairman, CEO

Name B Mid. Surname B Vice-Chairman

Name C Mid. Surname C Member

Management History Review

Subject's main administrators participate in the board of directors of the following firms:

NAME RELATION COMPANY ICAP ID SECTOR

Surname A Name

A

Chairman COMPANY E A.E. 2076560 Trade (Household - Commercial

Appliances)

CEO, Chairman CONSTRUCTION COMPANY A.E. 3333333 Trade (Garments - Footwear -

Leather Goods)

Surname B Name

B

Member CONSTRUCTION COMPANY A.E. 3333333 Trade (Garments - Footwear -

Leather Goods)

Member COMPANY C A.E. 5555555 Holding Companies

Participations

Subject participates in the following firm(s):

by 50.00% INDUSTRY COMPANY A.E.

Code No 6666666

Head Office 32 Aristotelous, 185 43, Piraeus, Attiki

Year Established 1980

Sector Holding Companies

Capital (Share) 1,200,000

Owners Equity 1,200,000

Net Profit 450,000

Balance sheet details as at (31.12.2012) σε Euro.

Affiliated Companies

Name A Mid. Surname A participates in the following firm(s):

CONSTRUCTION COMPANY A.E. by 50,00%

Code No 003333333

Head Office 41 Papadopoulou, 241 00, Kalamata, Messinia

Year Established 2011

Sector Trade (Garments - Footwear - Leather Goods)

Capital (Share) 100.000

Owners Equity 100.000

Total Net Sales 90.000

Net Income for the Year Before Tax 10.000

Balance sheet details as at 31.12.2011 in Euro.

Name B Mid. Surname B participates in the following firm(s):

CONSTRUCTION COMPANY A.E. by 50,00%

(As mentioned before)

INDUSTRY COMPANY A.E. by 50,00%

(As mentioned before)

Financial Information

The share capital of the company amounts to Euro 1,725,000 divided into 5,750,000 shares at EURO 0.30 each.

On 20/12/12 (Gov.Gaz.Νο.: 12345/12) was published a revocation of the decision on the last capital increase to6,500,000 Euro which was published in the Gov.Gaz.No.: 12456/11.

MID-TERM ACCOUNTING STATEMENT DATA

Accounts 1/7/2012 - 31/12/2012 1/7/2011 - 31/12/2011

SHAREHOLDERS EQUITY 2,535,022 10,959,729

TOTAL ASSETS 79,664,095 89,818,275

NET SALES 47,352,510 54,087,615

PROFIT BEFORE INCOME T -2,530,336 -2,403,447

Values in Euros

The financial data are presented according to the International Financial Reporting Standards.

Financial Comments

According to the balance sheet as at 30.6.2012 subject displays negative Operating Results after Interest Expenses

and Losses.

Balance Sheet Notes

• Subject's recent financial statements are published according to IAS/IFRS. Due to that reason, comparisons with

previous fiscal years in which company published its balance sheets according to Greek Financial Standards are

not presented.

• Type of Auditor's Audit Report for the Financial Statement ended 30/6/2012 : Disclaimer of opinion

Type of Auditor's Audit Report for the Financial Statement ended 30/6/2011 : Unqualified opinion

Type of Auditor's Audit Report for the Financial Statement ended 30/6/2010 : Unqualified opinion

Full Length Financial Statement

ASSETS

Accounts30/6/2012 Change

'12 - '11

(%)

30/6/2011 Change

'11 - '10

(%)

30/6/2010

Non-Current Assets (Net Value) 37.302.015 -6,67 39.966.702 1,15 39.511.103

Acquisition 57.661.875 -1,68 58.649.840 4,04 56.370.611

Depreciation 20.359.860 8,97 18.683.138 10,82 16.859.508

Tangible Fixed Assets (Net Value) 32.641.586 -7,11 35.139.239 -4,09 36.639.020

Acquisition 52.225.082 -1,66 53.104.852 0,52 52.829.991

Depreciation 19.583.496 9,00 17.965.613 10,96 16.190.971

Fields and Lots 13.457.100 -3,50 13.946.000 0 13.946.000

Buildings and Installations (Net Value) 17.488.000 -7,14 18.833.280 -3,71 19.559.568

Acquisition 29.025.639 -1,50 29.466.237 0,66 29.271.516

Depreciation 11.537.639 8,51 10.632.957 9,48 9.711.948

Furniture and Fixtures (Net Value) 1.675.722 -27,70 2.317.888 -23,93 3.046.947

Accounts30/6/2012 Change

'12 - '11

(%)

30/6/2011 Change

'11 - '10

(%)

30/6/2010

Acquisition 8.876.284 0,77 8.808.141 1,30 8.694.608

Depreciation 7.200.562 10,94 6.490.253 14,92 5.647.661

Machinery - Installations and Other Mechanical

Equipment (Net Value)19.801 -46,00 36.671 -30,05 52.423

Acquisition 360.940 0 360.940 0 360.940

Depreciation 341.139 5,20 324.269 5,10 308.517

Transportation Equipment (Net Value) 9 6 3 -82,17 5.400 -84,16 34.082

Acquisition 505.119 -3,52 523.534 -6,00 556.927

Depreciation 504.156 -2,70 518.134 -0,90 522.845

Intangible Fixed Assets (Net Value) 39.781 -56,80 92.076 -24,81 122.464

Acquisition 816.145 0,81 809.601 2,35 791.001

Depreciation 776.364 8,20 717.525 7,33 668.537

Software (Net Value) 39.781 -56,80 92.076 -24,81 122.464

Acquisition 816.145 0,81 809.601 2,35 791.001

Depreciation 776.364 8,20 717.525 7,33 668.537

Investments and Other Long-Term Receivables 4.620.648 -2,42 4.735.387 72,22 2.749.619

Investments in Subsidiaries 4.400.000 0 4.400.000 83,30 2.400.500

Guarantees Given 220.648 -34,21 335.387 -3,93 349.119

Current Assets 44.059.188 -8,93 48.378.840 -16,84 58.179.808

Inventories 18.841.611 -16,13 22.466.254 -18,36 27.518.627

Merchandise 18.871.527 -17,38 22.841.128 -18,19 27.918.627

Down Payments for Inventories 344.958 N/A N /A

Provisions for Inventories Depreciation 374.874 0 374.874 -6,28 400.000

Trade and Other Receivables 20.956.000 10,33 18.993.538 18,69 16.002.565

Trade Receivables 16.140.660 38,73 11.634.875 27,19 9.147.638

Cheques Receivable - Postdated 613.538 -16,54 735.165 23,56 594.962

Provisions for Customers and Doubtful Accounts 193.927 0 193.927 0 193.927

Provisions for Bad and Doubtful Debts 193.927 0 193.927 0 193.927

Receivables from Greek Public Sector 25.400 0 25.400 0 25.400

Prepaid Taxes 1.370.387 0,70 1.360.827 1,51 1.340.618

Advances and Credits Suspense Account 2.891.769 -45,62 5.317.934 362,82 1.149.032

Other Receivables 108.173 -4,49 113.264 -96,18 2.965.450

Transit Debit Accounts N /A N /A 973.392

Investment Portfolio 195.492 -67,17 595.529 -5,11 627.584

Financial Assets at Fair Value Through Profit and Loss 195.492 -67,17 595.529 -5,11 627.584

Cash and Cash Equivalents 4.066.085 -35,70 6.323.519 -54,93 14.031.032

Cash in Hand 753.325 260,13 209.183 -38,01 337.446

Sight and Time Deposits 3.312.760 -45,82 6.114.336 -55,35 13.693.586

Total Fixed Assets 81.361.203 -7,90 88.345.542 -9,57 97.690.911

LIABILITIES

Accounts30/6/2012 Change

'12 - '11

(%)

30/6/2011 Change

'11 - '10

(%)

30/6/2010

Total Equity 5.114.416 -61,35 13.232.247 -35,18 20.413.916

Shareholders Equity 5.114.416 -61,35 13.232.247 -35,18 20.413.916

Share Capital 1.725.000 0 1.725.000 -70,59 5.865.000

Share Premium 7.562.021 0 7.562.021 -0,75 7.619.221

Reserves 20.677.739 -2,73 21.257.242 24,19 17.117.243

Untaxed Reserves 1.621.332 0 1.621.332 0 1.621.332

Special Reserves 4.140.000 0 4.140.000 N/A

Reserves from Tax-Free Income 628.990 0 628.990 0 628.990

Reserves from Specially Taxed Income 215.361 0 215.361 0 215.361

Statutory Reserve 2.914.478 0 2.914.478 0 2.914.478

Extraordinary Reserves 122.084 0 122.084 0 122.084

Fair Value Reserves 10.970.093 -5,02 11.549.597 0 11.549.597

Other Reserves 65.401 0,00 65.400 -0,00 65.401

Retained Earnings (Loss) -24.850.344 -43,54 -17.312.016 -69,93 -10.187.548

Liabilities 76.246.787 1,51 75.113.295 -2,80 77.276.995

Long-Term Liabilities 5.182.974 2,16 5.073.586 31,97 3.844.579

Provisions 714.924 -12,26 814.796 -10,86 914.089

Personnel Dismissal and Retirement Compensation

Provisions714.924 -12,26 814.796 -10,86 914.089

Deferred Tax Liabilities 4.468.050 4,91 4.258.790 45,33 2.930.490

Short-Term Liabilities 71.063.813 1,46 70.039.709 -4,62 73.432.416

Trade Payable 19.808.738 -16,89 23.834.452 -24,81 31.698.882

Customers Payments in Advance 1.314.867 -25,43 1.763.320 -26,88 2.411.427

Outstanding Cheques 45.997 -97,94 2.232.451 196,31 753.414

Short-Term Bank Debts 37.435.728 11,29 33.636.852 20,73 27.860.324

Short-Term Bank Debt 37.435.728 N/A N /A

Sundry Creditors 5.927.032 -10,58 6.628.157 24,95 5.304.798

Dividends Payable 66.812 0 66.812 -0,01 66.822

Accounts30/6/2012 Change

'12 - '11

(%)

30/6/2011 Change

'11 - '10

(%)

30/6/2010

Obligations to Third Party N /A 1.000.000 N/A

Taxes and Contributions Payable N /A 261.487 -23,04 339.769

Tax Payable 363.195 -6,02 386.475 -55,42 866.837

Tax and Duties 61.627 N/A N /A

Social Security Payable 219.383 N/A N /A

Short-Term Provisions N /A N /A 512.500

Other Short-Term Liabilities 5.587.661 3.603,68 150.868 -95,74 3.539.400

Transit Credit Accounts 232.773 195,27 78.835 0,76 78.243

Earned Expenses 232.773 195,27 78.835 0,76 78.243

Total Owners Equity and Liabilities 81.361.203 -7,90 88.345.542 -9,57 97.690.911

Values in Euros

Profit & Loss Statement

Accounts1/7/2011 -

30/6/2012

Change

'12 - '11

(%)

1/7/2010 -

30/6/2011

Change

'11 - '10

(%)

1/7/2009 -

30/6/2010

Turnover Income 92.472.681 -20,96 116.996.881 -12,52 133.737.748

Net Sales 92.472.681 -20,96 116.996.881 -12,52 133.737.748

Total Cost 74.295.854 -21,23 94.316.030 -11,13 106.133.943

Cost of Sales 74.295.854 -21,23 94.316.030 -11,13 106.133.943

Gross Profit (Loss) 18.176.827 -19,86 22.680.851 -17,83 27.603.805

Other Operating Income-Expenses (Net) -183.832 17,53 -222.911 37,55 -356.943

Other Operating Income 2.219.214 -37,99 3.578.609 10,84 3.228.483

Other Operating Reserves and Expenses from

Investments N /A N /A -13.913.864

Administrative Expenses 5.332.749 -18,72 6.560.678 -14,97 7.715.534

Staff Salaries and Expenses 2.168.803 -21,06 2.747.425 -10,39 3.065.854

Third Party Fees and Expenses 194.179 -19,81 242.142 -47,83 464.181

Tax and Duties 115.687 -2,86 119.096 4,73 113.714

Other Operating Expenses 2.854.080 -17,32 3.452.015 -15,22 4.071.785

Marketing and Distribution Expenses 17.954.363 -18,72 22.088.571 -10,20 24.598.824

Operating Depreciation Expenses of Fixed Assets 2.166.837 -11,68 2.453.456 4,72 2.342.797

Profit/(Loss) Before Tax, Financing andInvesting Results and Depreciation-Amortisation (EBITDA)

-908.066 -470,24 -159.244 98,81 -13.410.080

Depreciation and Amortisation 2.166.837 -11,68 2.453.456 4,72 2.342.797

Profit/(Loss) Before Tax Financing and Investing

Results-3.074.903 -17,69 -2.612.700 83,41 -15.752.877

Financial Income 101.517 -54,28 222.042 -54,51 488.099

Financial Expenses 4.210.806 24,17 3.391.211 10,15 3.078.637

Profit/(Loss) Before Tax -7.184.192 -24,25 -5.781.869 68,48 -18.343.415

Deferred Tax -354.136 73,62 -1.342.599 -320,55 -319.251

Profit/(Loss) for the Period (A) -7.538.328 -5,81 -7.124.468 61,82 -18.662.666

Profit Attributed to Equity Holders of the Parent -7.538.328 -5,81 -7.124.468 61,82 -18.662.666

Other Total Income / Losses for the period (B) -579.503 N/A N /A 11.549.597

Aggregate Income for the period (A)+(B) -8.117.831 -13,94 -7.124.468 -0,16 -7.113.069

Aggregate Income for the period Attributed to Equity

Holders-8.117.831 -13,94 -7.124.468 -0,16 -7.113.069

Basic Earning per Share (in Euro) - 1 -5,69 - 1 62,04 - 3

Values in Euros

Cash Flow Statement

Accounts1/7/2011 -

30/6/2012

Change

'12 - '11

(%)

1/7/2010 -

30/6/2011

Change '11 -

'10 (%)

1/7/2009 -

30/6/2010

Total Inflow/Outflow from Operating Activities -10.049.952 10,37 -11.213.097 13,78 -13.004.482

Profit/(Loss) Before Tax -7.184.192 -24,25 -5.781.869 68,48 -18.343.415

Plus/Minus Adjustments For Depreciation of Tangible and Intangible Fixed Assets 2.166.835 -5,93 2.303.481 1,94 2.259.605

Provisions -138.983 4,15 -144.997 -101,09 13.314.096

Results from Investing Activity 23.040 -84,64 149.975 -50,99 306.006

Interest and Related Expenses 4.109.289 28,37 3.201.225 40,13 2.284.531

Plus/Minus Adjustments for Changes in Working Capital

Or in Relation to Operating Activities

Decrease/(Increase) of Inventory 3.969.601 -21,43 5.052.372 -7,23 5.446.407

Decrease/(Increase) of Receivables -2.192.682 26,34 -2.976.740 26,06 -4.026.052

Decrease/(Increase) of Current Liabilities (Excluding

Bank Accounts)-7.274.771 24,78 -9.671.036 14,98 -11.375.645

Less: Interest and Relevant Expenses Raid -3.528.089 -5,46 -3.345.508 -16,57 -2.870.015

Accounts1/7/2011 -

30/6/2012

Change

'12 - '11

(%)

1/7/2010 -

30/6/2011

Change '11 -

'10 (%)

1/7/2009 -

30/6/2010

Total of Inflow/(Outflow) from Investing Activities -119.950 96,27 -3.213.744 -19,09 -2.698.547

Purchases of Tangible and Intangible Assets -364.307 60,80 -929.286 70,82 -3.184.631

Cash Received from Sale of Tangible and Intangible

Asse t s N /A 6.000 N/A

Acquisition of Subsidiaries,Associates,Joint-

Ventures,and Other Investments N /A -2.512.500 -26.898,74 -9.306

Purchase / Sale of Financial Assets 177.260 N/A N /A

Interest Received 62.513 -70,70 213.321 -56,30 488.099

Dividends Received / (Paid) 4.584 -47,44 8.721 19,61 7.291

Total of Inflow/(Outflow) from Financing Activities 7.912.467 17,76 6.719.328 -49,48 13.300.000

Proceeds from Increase of Share Capital 4.500.000 N/A N /A

Inflow from Bank Loan 3.960.000 - 3 4 6.000.000 -54,89 13.300.000

Repayment of Borrowings -126.291 43,49 -223.472 N/A

Other Adjustments in Financing Activities -421.242 -144,68 942.800 N/A

Net Increase/(Decrease) in Cash and CashEquivalents of the Period

-2.257.435 70,71 -7.707.513 -220,74 -2.403.029

Cash and Cash Equivalents at the Beginningof the Period

6.323.520 -54,93 14.031.032 -14,62 16.434.061

Cash and Cash Equivalents at the End of thePeriod

4.066.085 -35,70 6.323.519 -54,93 14.031.032

Values in Euros

Statement of Changes in Equity

Accounts1/7/2011 -

30/6/2012

Change

'12 - '11

(%)

1/7/2010 -

30/6/2011

Change

'11 - '10

(%)

1/7/2009 -

30/6/2010

Equity Balance According to Previous IFRS 13.232.248 -35,18 20.413.916 -25,84 27.526.985

Net Income Recognised in Equity N /A -57.200 N/A

Aggregate Income for the period (A)+(B) -8.117.832 -13,94 -7.124.469 -0,16 -7.113.069

Equity Balance Carried forward 5.114.416 -61,35 13.232.247 -35,18 20.413.916

Values in Euros

Company Ratios

PROFITABILITY RATIOS

Ratios30/6/2012 Change '12 - '11

(%)

30/6/2011 Change '11 - '10

(%)

30/6/2010

Return on Equity (Before Income Tax) (%) -78,32 -127,91% -34,37 55,10% -76,53

Return on Equity (Before Interest and Income

Tax) (%)-32,41 -128,17% -14,21 77,70% -63,68

Return on Capital Employed (Before Income

Tax) (%)-8,47 -36,23% -6,22 66,59% -18,60

Return on Capital Employed (Before Interest

and Income Tax) (%)-3,50 -36,33% -2,57 83,45% -15,48

Gross Profit Margin (%) 19,66 1,39% 19,39 -6,06% 20,64

Operating Profitability (%) -3,33 -49,55% -2,23 81,14% -11,78

Net Profit Margin (Before Income Tax) (%) -7,77 -57,40% -4,94 64,04% -13,72

Net Profit Margin (Before Interest and Income

Tax) (%)-3,22 -58,13% -2,04 82,19% -11,41

Net Profit Margin EBITDA (before Interest,

Income Tax, Depreciation and Non Operating

Income) (%)

-0,98 -646,15% -0,14 98,70% -10,03

Efficiency of Financial Leverage (X) N/C N/A N/C N/A N/C

Personnel Productivity (EURO) 179.907,94 -16,04% 214.280 -12,52% 244.940,93

Personnel Profitability (EURO) N/C N/A N/C N/A N/C

CAPITAL STRUCTURE AND VIABILITY RATIOS

Ratios30/6/2012 Change '12 - '11

(%)

30/6/2011 Change '11 - '10

(%)

30/6/2010

Financial Leverage (:1) 0,94 10,59% 0,85 7,59% 0,79

Total Debt Equity Ratio (:1) 14,91 162,50% 5,68 49,87% 3,79

Banks-Short Term Obligations to Owners

Equity (%)N/A N/A 254,20 86,25% 136,48

Capital Structure (X) N/C N/A N/C N/A N/C

Basic Period of Viability (DAYS) 9 4 22,08% 7 7 -4,94% 8 1

Equity to Fixed Assets (X) 0,14 -57,58% 0,33 -36,54% 0,52

Fixed Assets to Long Term Liabilities (X) 7,20 -8,63% 7,88 -23,35% 10,28

Fixed Assets to Total Owners Equity and

Liabilities (%)45,85 1,35% 45,24 11,84% 40,45

Interest Coverage (Before Interest and Income

Tax) (X)N/C N/A N/C N/A N/C

LIQUIDITY RATIOS

Ratios30/6/2012 Change '12 - '11

(%)

30/6/2011 Change '11 - '10

(%)

30/6/2010

Current Ratio (Χ) 0,66 -10,81% 0,74 -13,95% 0,86

Quick Ratio (Acid Test) (Χ) 0,36 -7,69% 0,39 -11,36% 0,44

Cash Ratio (Χ) 0,08 -46,67% 0,15 -34,78% 0,23

Working Capital (EURO) -27.004.625 -24,67% -21.660.869 -42,01% -15.252.608

Short Term Liabilities to Working Capital (Χ) N/A N/A N/A N/A N/A

ACTIVITY RATIOS

Ratios30/6/2012 Change '12 - '11

(%)

30/6/2011 Change '11 - '10

(%)

30/6/2010

Collection Period (DAYS) 5 7 67,65% 3 4 30,77% 2 6

Payable Period (DAYS) 1 1 3 0 % 1 1 3 -16,91% 1 3 6

Inventory Turnover (DAYS) 1 0 1 4,12% 9 7 -6,73% 1 0 4

Operating Cycle (DAYS) 1 5 8 20,61% 1 3 1 0,77% 1 3 0

Commercial Cycle (DAYS) 4 5 164,70% 1 7 383,81% - 6

Equity Turnover (Χ) 10,08 45,04% 6,95 24,55% 5,58

Turnover of Capital Employed (Χ) 1,09 -13,49% 1,26 -7,35% 1,36

Fixed Assets Turnover (Χ) 2,39 -18,71% 2,94 -17,18% 3,55

Significance of Selling Expenses (%) 19,42 2,86% 18,88 2,66% 18,39

Sector Ratios

PROFITABILITY RATIOS

Ratios2012 Change '12 - '11

(%)

2011 Change '11 - '10

(%)

2010

Return on Equity (Before Income Tax) (%) -26,32 -90,51% -13,82 -60,21% -8,63

Return on Equity (Before Interest and Income

Tax) (%)-21,52 -205,54% -7,05 -145,30% -2,88

Return on Capital Employed (Before Interest

and Income Tax) (%)-4,35 -130,85% -1,89 -161,11% -0,73

Gross Profit Margin (%) 20,26 -10,55% 22,65 4,52% 21,67

Operating Profitability (%) -7,61 -10,55% -1,23 4,52% -0,30

Net Profit Margin (Before Income Tax) (%) -13,51 -284,62% -3,52 -76,38% -2,00

Net Profit Margin (before Interest, Income Tax,

Depreciation and Non Operating Income) (%)-5,54 -735,63% 0,87 -31,50% 1,27

LIQUIDITY RATIOS

Ratios2012 Change '12 - '11

(%)

2011 Change '11 - '10

(%)

2010

Current Ratio (Χ) 1,03 -11,96% 1,17 -5,64% 1,24

Quick Ratio (Χ) 0,72 -14,28% 0,84 -7,69% 0,90

Working Capital (EURO) -76.277.404,08 -168,47% 111.399.395,68 -51,84% 231.290.188,10

ACTIVITY RATIOS

Ratios2012 Change '12 - '11

(%)

2011 Change '11 - '10

(%)

2010

Collection Period (DAYS) 245,14 124,53% 109,18 -12,03% 124,11

Payable Period (DAYS) 360,52 170,19% 133,43 -5,66% 141,44

Inventory Turnover (DAYS) 252,74 164,90% 95,41 6,26% 89,78

Equity Turnover (Χ) 1,95 -50,38% 3,92 -9,03% 4,32

Turnover of Capital Employed (Χ) 0,39 -62,86% 1,05 -4,54% 1,10

CAPITAL STRUCTURE AND VIABILITY RATIOS

Ratios2012 Change '12 - '11

(%)

2011 Change '11 - '10

(%)

2010

Financial Leverage (:1) 1,21 61,33% 0,75 4,17% 0,72

Total Debt Equity Ratio (:1) N/C N/A 3 19,52% 2,51

Interest Coverage (Before Interest and Income

Tax) (X)N/C N/A N/C N/A N/C

Sample of Companies

2012 2011 2010

Number of Companies 23 263 273

Interpretation of Balance Sheet Symbols

• When the minus sign (-) appears to Income Tax Payable account or to other Tax accounts indicates a taxobligation, while the opposite signifies a tax return.

• Some ratios are calculated using the average value of the accounts of the Balance Sheet or MidtermStatements. For applying this type of calculation, financial statements must be presented in succession,

with common accounting standards (either Greek Standards or IFRS) and with the same depth of analysis.In the opposite case, the corresponding ratios are calculated based on the accounts as at they arepresented in the reporting year.

• N/A: Not Available

• N/C: Not Calculable

• The indications N/A and N/C may appear in cases where accounts that participate in the computation of theratios or in the accounts changes are not detected in the original balance sheet as well as the computationof certain ratios does not have a meaning i.e. Return on Equity ratio or Total Dept Equity ratio when Equityis negative, etc.

Balance Sheet Graphs

Company Ranking in Sector

Subject, among 23 sample of companies of its sector Trade (Household - Commercial Appliances), was ranked as

follows, based in 2012 B/S details :

Ranking

Fixed Assets 1

Total Fixed Assets 1

Equity Capital 1

Total Income 1

Contribution in Sector

Having evaluated subject accounts described in the last B/S (2012) in relation to the corresponding accounts of the

firms in the sector Trade (Household - Commercial Appliances) (sample of 23 companies), we make note that subject

contributes as follows in shaping sector's financial figures :

Company Participation

(Values in Euro) %

Fixed Assets 37,302,015 60.92%

Trade and Other Receivables 20,956,000 69.96%

Total Fixed Assets 81,361,203 48.78%

Total Equity 5,114,416 0%

Liabilities 76,246,787 40.76%

Turnover Income 92,472,681 29.48%

Gross Profit (Loss) 18,176,827 28.59%

The participation percentage for the account Profit / (Loss) Before Tax is calculated by

using only the profitable companies of the sector.

Comparison with Sector (Absolute figures)

The following table describes subject's specific accounts as they appeared in the last Balance Sheet, and relates

them to the averages figures for its corresponding sector Trade (Household - Commercial Appliances). Sector

averages have been calculated from a sample of 23 companies for the year 2012.

Company Sector Averages

(Values in Euro) (Values in Euro)

Fixed Assets 37,302,015 2,782,783

Trade and Other Receivables 20,956,000 1,302,219

Total Fixed Assets 81,361,203 7,250,879

Total Equity 5,114,416 -1,497,457

Liabilities 76,246,787 8,030,910

Turnover Income 92,472,681 13,637,384

Gross Profit (Loss) 18,176,827 2,763,496

Profit/(Loss) Before Tax -7,184,192 -1,842,756

Comparison with Sector (% Variations)

Having examined the course of subject accounts in comparison with the corresponding accounts of the sector Trade

(Household - Commercial Appliances), which it belongs to, we notice the following changes. Sector averages have

been calculated from a sample of 23 (2012), 263 (2011), 273 (2010) companies.

CompanyChanges

'12 - '11

SectorChanges

'12 - '11

CompanyChanges

'11 - '10

SectorChanges

'11 - '10

Fixed Assets -6.67% -83.27% 1.15% -1.99%

Trade and Other Receivables 10.33% -94.32% 18.69% -20.91%

Total Fixed Assets -7.90% -88.30% -9.57% -13.30%

Total Equity -61.35% -109.66% -35.18% -23.88%

Liabilities 1.51% -81.92% -2.80% -9.09%

Turnover Income -20.96% -80.62% -12.52% -24.05%

Gross Profit (Loss) -19.86% -82.67% -17.83% -20.61%

Profit/(Loss) Before Tax -24.25% 25.61% 68.48% -33.71%

Terms of Use: ICAP Group. All Rights Reserved. No part of this report may be

reproduced or distributed in any form or by any means or stored in a database orretrieval system without the prior written permission of ICAP. This report is providedby ICAP for the sole use of the customer requesting it for confidential and internal useonly. Where the information contained in the report includes personal data, ICAPprovides this report, and the customer agrees to use this report, in accordance withthe provisions of Law 2472/1997 concerning the protection of persons from processingof their personal information. This report is provided with the understanding on thecustomer's part that ICAP exercises maximum possible care to ensure the accuracy ofits contents but that due to the very large volume of data processed, the fact that thedata are collected from a variety of sources that cannot always be cross-checked orverified, and the length of time it takes to collect and process the data, ICAP is notresponsible for any inaccuracies, misrepresentations, or omissions in the information.This report is also provided with the understanding that ICAP is not responsible for thesubsequent use interpretation or use of the information in this report.

The Evaluation of Creditworthiness (ICAP Score) is a classification not issued inaccordance with the requirements of Regulation 1060/2009 of the European Parliamentand of the Council on credit rating agencies, as it applies to ICAP Credit Rating.

For more information please visit www.icap.gr

For any additional information or clarifications regarding this report please contact us

at telephone: +30 2107200399, email: icaprequest@icap.gr.For information regarding pending orders please contact us at telephone +30

2107200349, email: icaprequest@icap.gr.

For any further information regarding ICAP Group services, please contact ourC u s t o m e r C a r e D e p a r t m e n t a t t e l e p h o n e : + 3 0 2 1 0 7 2 0 0 0 5 0 , e m a i l :

customercare@icap.gr.