PLAISIO COMPUTERS S.A.

Transcription

1 PLAISIO COMPUTERS S.A. Half Year Financial Report (1 January-30 June 2011) (According to article 5 of the law Ν.3556/2007)

2 HALF YEAR FINANCIAL REPORT (1ST OF JANUARY 2011 TO 30TH OF JUNE 2011) The present Half Year Financial Report is compiled according to article 5 of the law. 3556/2007 and the decision 7/448/ and 1/434/2007 of the Hellenic Capital Market Commission and includes: 1. Statements (according to article 5 paragraph 2 of the law 3556/2007, as it stands) 2. Half Year report of the Board of Directors for the periods Report from the Auditor 4. Half Year Financial Reports 5. Condensed Reports of the period It is asserted that the present H.Y. Financial Report of the period is the one that was approved by the Board of Directors of PLAISIO COMPUTERS SA, during its deliberation on July 27th The present H.Y. financial report of the period is available in the internet on the web address where it will remain at the disposal of the investing public for at least 5 years from the date of its announcement.

3 TABLE OF CONTENTS 1. Statements (according to article 5 paragraph 2 of the law 3556/2007, as it stands) 2. Half Year report of the Board of Directors for the periods Report from the Auditor 4. Half Year Financial Reports 5. Condensed Reports of the period

4 1. STATEMENTS OF THE MEMBERS OF THE BOARD (According to article 5, par. 2 of the law 3556/2007) The members of the Board of Directors of Plaisio Computers SA: 1. George Gerardos, resident of Filothei Attica, 19 St. Filothei Street, President of the Board of Directors and CEO 2. Constantinos Gerardos, resident of Kifissia Attica, 44A St. Levidou Street, Vice-President of the Board of Directors 3. George Liaskas, resident of Brilissia Attica, 9 Kolokotroni Street, Member of the Board of Directors, in our above-mentioned capacity, and specifically the second and the third are especially assigned from the Board of Directors of the Public Listed Company under the name PLAISIO COMPUTERS SA (hereafter referred to as the company), we state and we assert that to the best of our knowledge: (a) The half-year financial statements of the company and the group of PLAISIO for the period , which were compiled according to the standing accounting standards (as they were from the regulation no 1606/2002 and are applied in the interim financial statements IAS 34), depicting in a truthful way the assets and the liabilities, the equity and the results of the Group and the Company, as well as the companies which are included in the consolidation as total, according to what is stated in paragraphs 3 to 5 of the article 5 of the law 3556/2007. (b) The half year report of the Board of Directors of the company depicts in a truthful way the information that are required based on paragraph 6 of article 5 of the law 3556/2007. Magoula Attica, July 27 th 2011 The asserting, The president of the Board & C.E.O. The members that were appointed by the Board of Directors. George Gerardos Constantine Gerardos George Liaskas ID no. Ν ID no. ΑΕ ID no. ΑB346335

5 2. HALF YEAR REPORT OF THE BOARD OF DIRECTORS FOR THE PERIOD The present Half Year Report of the Board of Directors which follows, refers to the first half year of the current period 2008 ( ) was compiled and is in line with the relevant stipulations of the law 3556/2007 (Government Gazette 91A/ ) and more specifically article 5 and the executive decisions of the Hellenic Capital Market Commission and the issued decisions and especially the Decision no 7/448/ and 1/434/2007 of the Board of Directors of Hellenic Capital Market Commission. The present report contains in a brief, but substantive manner all the important units, which are necessary, based on the above-mentioned legislative frame and depicts in a truthful way all the relevant indispensable according to the law information, in order to deduce a substantive and well-founded appraisal of the activity, during the time period in question, of the company PLAISIO COMPUTERS SA as well as the Group. In the Group, apart from Plaisio, are also included the following companies: Plaisio Computers J.S.C., which is located in Sophia Bulgaria, 5 Angel Kancef Street, in which Plaisio participates by 100%. Plaisio Estate SA, which is located in Kiffisia Attica, 88 King Othonos Street, in which Plaisio participates by 20%. Plaisio Estate J.S.C, which is located in Kiffisia Attica, 88 King Othonos Street, in which Plaisio participates by 20%. ELNOUS SA,, in which Plaisio participated by 24% and that the procedure of its liquidation was completed on March 15 th The present report was compiled according to the terms and conditions of article 5 of law 3556/2007 and of article 4 of the Decision 7/448/ of the Board of Directors of the Hellenic Capital Market Commission, accompanies the half year financial statements of this period ( ). Given that the Company also compiles consolidated financial results, the present report is single, the main point of reference is the consolidated financial figures of the Company and the associate companies, and the parent company s figures are referred to when it is considered necessary in order to better understand its content. This report is included uncut with the financial statements of the company and the other elements that are obliged by the law elements and statements of the half year financial report that refers to the first half year of The units of the Report and their content are as follows:

6 UNIT A PLAISIO COMPUTERS S.A. Half Year Financial Report Important events of the first-half-year 2011 The important events which took place during the first half year of the current period 2011, as well as their effect on the half-year financial statements are the following: 1. INCREASE OF SHARE CAPITAL OF PLAISIOCOMPUTERS JSC The company PLAISIO COMPUTERS SA ( Company ) announces to the investing public that the company PLAISIOComputers JSC, which has its seat in Sofia Bulgaria and is a 100% subsidiary of the company, decided the increase of its share capital by ,50 Lev ( ,00) via cash injection and the issuing of new shares, which will be purchased at 8,50 Lev each. 2. PRESENTATION OF ANNUAL RESULTS OF PLAISIO COMPUTERS IN THE HELLENIC FUND AND ASSET MANAGEMENT ASSOCIATION With the subject «2010 Another crash test», the President and CEO of PLAISIO COMPUTERS presented the priorities of the Group in the midst of the crisis. Mr. G. Gerardos set as a first priority the robust cashflow, the loss of which represents an immediate danger to the business, as second the existence of profitability, the loss of which represents a long term danger to the business and as third the increase of market share which however is not a capable condition for the success of the company. More specifically, the decrease of inventories by 24,7 m., liabilities by 21,6 m. and receivables by 11,1 m. led the Group to have cash of 24,8 m. at the end of the year, while the Bond Loans were 23,1 m. and the loans for working capital were zero. Then, Mr Gerardos referred to the profitable course of the Group (EBT came up to 5,1 m., decreased by 33,4%), the preservation of Gross Profit margin and the decrease of expenses which was achieved in In relation to market share, the Vice- President, Mr. Costas Gerardos referred to commercial data and analyzed the sales of the Group that came up to 358,2 m., having decreased by 8,1%. Emphasis was put on the successful course of Turbo-X and the increase of market share in the retail market of digital technology, IT and telephony. Finally, Mr. C. Gerardos presented the perspectives of the Group concerning sales to businesses and the productivity of the warehouse in Magoula. The new technologies and synergies that the new technological era creates were emphasized. The presentation concluded with the announcement of the re-opening of the store in Stournari soon. 3. REOPENING OF THE STOURNARI STORE On April 8 th 2011, the management of PLAISIO COMPUTERS informed the investing public that the store on 24 Stournari St. begun its trial operation. The store which is an investment of 2m. approximately and extends on s.m., had interrupted its operation as a result of the destruction from a fire in December The stores of Stournari 19 and 39 as well as Zaimi continue their operation.

7 4. INVITATION TO GENERAL SHAREHOLDERS MEETING The Board of Directors of the company PLAISIO COMPUTERS SA (from now on The Company ), invites according to the law and the Articles of Association of the company the shareholders of the company to General Assembly on Monday, May 16th 2011, at 17:00, at the seat of the company in Magoula Attica (Thesi Skliri, Exit no of the Attica Road), in order to discuss kai take decisions on the following matters of the agenda: Issue 1st: : Submission and approval of the Annual Financial Report of the 22st fiscal year ( ) and the relevant Financial Statements and reports of the Board of Directors and the Chartered Auditor. Issue 2nd: Approval of the distribution of profits for the period and the dividend distribution. Issue 3d: Discharge of the Members of the Board of Directors and of the Company s Auditors from all liability regarding their activities during the fiscal year ended as well as for the Annual Financial Statements. Issue 4th: Election of one regular and one substitute Chartered Auditor from the Board of Chartered Auditors for the fiscal year 2011 and determination of their remuneration. Issue 5th: Approval of labor contracts with the executive members of the Board of Directors of the company, under the article 23a of the Greek Law 2190/1920 and determination of their remunerations. Issue 6th: Consent regarding the participation of the members of the BoD in Board of Directors or the management of companies of the Group that have similar objectives to the ones of the company according to article 23, par. 1 of the law 2190/1920. Issue 7th: Other issues and announcements. 5. FULL COVERAGE OF THE INCREASE OF CAPITAL OF PLAISIO COMPUTERS JSC The company Plaisio Computers S.A. announces to the investing public, that the decided increase of share capital, of its subsidiary by 100%, Plaisio Computers JSC, residing in Sofia Bulgaria is completed from a typical and practical point of view. We remind the investing public that the said increase of Plaisio Computers JSC, which was realized by cash payment and the issuance of new shares of the subsidiary, of nominal value of 1 Lev each and sale price 8,5 Lev each (total amount ,50 Lev, ,00 Euro) was fully covered by Plaisio Computers SA. 6. DECISIONS OF GENERAL SHAREHOLDER MEETING PLAISIO COMPUTERS SA announces that on Monday May 16th 2011, the 22st Annual Shareholder s Meeting took place at the seat of the company, in Magoula Attica. In the Annual Shareholders Meeting 54 stockholders were present, representing the 85,78% of the Share capital of the company ( shares out of a total of shares). The Annual Shareholder Meeting approved unanimously each of the following issues: Issue 1st: The stockholders unanimously approved the Reports of the Board of Directors and the Auditors for the Annual Financial Statements, of the Company and of the Group, that refer to the 22st financial year ( ) as well as the Annual Financial Statements (of the Company and of the Group) of the relevant year and the Annual Financial Report in its totality.

8 Issue 2nd: The stockholders unanimously approved the Distribution of Profit of the Financial Year that ended on December 31st 2010, and more specifically approved the distribution of total dividend of ,00 euro, namely of an amount of 0,0500 euro per share, from which based on law 3943/2011 the according tax of 21% will e withheld and thus the total payable amount of dividend will be 0,0395 euro per share. Eligible to the aforementioned dividend will be the shareholders that are registered in the Dematerialized Securities System (DSS) on Thursday May 26th 2011 (record date). The ex dividend date is Tuesday May 24th The payment of the dividend tor the year 2010 will begin on Wednesday June 1st 2011 via EFG EUROBANK. The General Assembly authorized the BoD to act so that the above mentioned decision is executed. Issue 3d: The stockholders unanimously discharged the Members of the Board of Directors and of the Auditors from all liability and compensation liability regarding Annual Financial Statements and the activities during the fiscal year ended Issue 4th: The stockholders unanimously voted for the audit of the company, the auditing company BDO ORKOTOI ELEGKTES S.A. and more specifically Mrs. Olympia Mparzou (21371) for the position of the Regular Auditor and Mr. Charalampos Kamoutsis (29331) for the substitute auditor. As a fee for the auditors the amount of ,00 euro, plus VAT was determined. Issue 5th: The stockholders unanimously voted for the approval of the fees paid to the Board of Directors for their services during 2010, and the pre approval of the fees of the BoD until the next General Shareholder Meeting. Issue 6th: The General Assembly decided unanimously the approval of participation of the members of the BoD in Boards of Directors or the management of companies of the Group (existing or future) that have similar objectives to the ones of the company according to article 23, par. 1 of the law 2190/1920. Issue 7th: Some announcements concerning the course of the company were made. 7. DIVIDEND PAYMENT FOR THE YEAR 2010 The company PLAISIO COMPUTERS SA announces, that based on the decision of its Annual General Shareholders Meeting, of May 16th 2011, the dividend for the year 2010 comes up to ,00 euro, i.e. comes up to 0,0500 euro per share, from which amount the relevant tax on dividends 21% is withheld and thus the total payable amount of dividend per share will come up to 0,0395 euro, based on the law 3943/2011. Tuesday May 24th 2011 was determined as ex dividend date. It is clarified that based on the Rulebook of A.S.E., the company actions from January 1st 2009 are conducted based on the rule of record date. According to the new rule, eligible for the dividend will be the stockholders that are registered on Dematerialized Securities System (DSS) of the relevant date (record date). The payment of the dividend will begin on June 1st Consequently, eligible for the dividend of the aforementioned dividend are the stockholders that are registered on DSS on the record date, i.e. on Thursday May 26th The payment of dividend took place from the paying Bank EFG EUROBANK ERGASIAS. The collection of the dividend for the above mentioned cases 2 and 3 is possible until and is realized with the disclosure

9 of the DSS/SAT (Securities Account Number of the Investor) and proof of official identification or with a legally designated representative in any branch of the Bank. 8. FULL COVERAGE OF THE INCREASE OF CAPITAL OF PLAISIO COMPUTERS JSC The company Plaisio Computers S.A. announces to the investing public, that the decided increase of share capital, of its subsidiary by 100%, Plaisio Computers JSC, residing in Sofia Bulgaria is completed from a typical and practical point of view. We remind the investing public that the said increase of Plaisio Computers JSC, which was realized by cash payment and the issuance of new shares of the subsidiary, of nominal value of 1 Lev each and sale price 8,5 Lev each (total amount ,50 Lev, ,00 Euro) was fully covered by Plaisio Computers SA. 9. OUTCOME OF THE STATUTORY TAX AUDIT FOR THE FISCAL YEARS 2006, 2007 AND 2008 The company PLAISIO COMPUTERS SA announces to the investing public that the statutory tax audit for the years 2006, 2007 & 2008 is completed. The aggregate liability of the Company resulting from the tax audit, amounts to th. Euro for tax and surcharges. The Company has already provisioned in the corresponding years a total amount of 844 th Euro and the difference of 443 th euro has impacted the 1st half 2011 results.

10 UNIT B MAIN RISKS AND UNCERTAINTIES FOR THE 2ND HALF-YEAR OF 2011 The most common risks that the Group is exposed to are the following: 1. INTEREST RISK The long term loans of the Company and of the Group, on June 30 th 2011, were th., the short term bond loan was th. euro (1.243 on 31/12/2010), of which ( th. ) th. refer to a common Bond loan of fixed interest rate from NBG and the remaining th. refer to a common Bond Loan from EFG Eurobank with a 2 year grace period and floating interest rate. The short term loans of the company amounted to th. on 30/06/2011. From which th. refer to a common Bond loan from Alpha Bank with a floating interest rate that is covered from a derivative, th. refer to a common Bond Loan from EFG Eurobank with a 2 year grace period and floating interest rate and the remaining 643 th. refer to a common Bond loan of fixed interest rate from NBG. The following table presents the sensitivity of the results of the period as well as the net equity to a change of the interest rate of +1% or -1%. The relevant influence is presented as follows: Α) Interest Rate increase by 1%: The results of the period as well as the Net Equity of the Group and of the Company, in this case, would decrease by 120 th. and 121 th. on 30/06/2011 and 31/12/2010 respectively. Α) Interest Rate decrease by 1%: The results of the period as well as the Net Equity of the Group and of the Company, in this case, would increase by 120 th. and 121 th. on 30/06/2011 and 31/12/2010 respectively. The management of the group observes the course of the interest rates and takes all necessary actions to control this risk. 2. CREDIT RISK The Group has no significant credit risk, mainly because of the large dispersion of its customers( over business customers). Retail sales are paid in cash or credit cards. For wholesales the Group has the necessary policies in order to ensure that sales are made to customers with an appropriate credit history. Furthermore, the Group s receivables are insured. The Company has divided its customers to named (balances over ,00 ) and non-named (balances from 2.000,00 to ,99 ). In the first category the company participates in the credit risk by 15%, while in the second by 20%. The balances of the public sector are not a subject of insurance. On June 30th 2011 the total balance of customers and other trade receivables was th. and th., while the provision for doubtful receivables was th. and th. for the Group and for the Company respectively. It is also noted that the amount of the formed provision for the current period has increased to 12,2% from 4,5% (31/12/2010), confirming the conservative policy of the company in an environment of increased.

11 The debit balance of the Company Plaisio Computers JSC to the parent company PLAISIO COMPUTERS SA on 30/06/2011, amounted to 99 th.. The management of PLAISIO COMPUTERS S.A. considers the aforementioned amount has no risk of non collection for the company, given that PLAISIO COMPUTERS JSC is controlled 100% from the Parent Company. I In light of the financial environment, the risk is present, but it is considered controlled. 3. INVENTORY- SUPPLIERS RISK The Group takes all the necessary measures (insurance, safekeeping) so as to minimize the risk and contingent damages due to physical disasters, thefts etc. Furthermore, since the Group takes activity in a sector of high technology, where the risk of technical devaluation is extremely increased, the Management reviews the net realizable value of the inventory and forms the appropriate provisions so that their value in the financial statements coincides with the real one. On 30/06/2011 the total amount of inventories was th. and th., while the provision for devaluation was th. and th. for the Group and for the Company respectively. Based on the historical data, the management thinks that the decrease of the value of inventories (without disturbing the feeding of its stores), is the best practice as the product mix has increased fluctuations in its evaluation and may lead to high provisions for devaluation. Finally, the company considers the suppliers risk very limited, since in any case non-important for the financial results of the group, since there is no significant dependence on any one of its suppliers, given that no single one provides the company with over 10% of the total purchases, except for the HP for which the percentage amounts to 14,0%, while the percentage of the next supplier is less than 8%. During HY2 of 2011, no significant changes are expected concerning this risk. 4. FOREIGN EXCHANGE RISK The foreign exchange risk is the risk of volatility of the value of financial assets, of assets and liabilities due to changes in the exchange rates. Τhe majority of the Group s transactions and balances is in Euro. Therefore the management estimates that the Group is not exposed to foreign exchange risks. The management will observe the foreign currency risks that may arise and will evaluate the need for relevant measures. The activity of the Group in Bulgaria does not present such risk because the exchange rate is fixed. 5. LIQUIDITY RISK The Group retains enough capital and pre-approved credit balances from banks in order to minimize the liquidity risk. The company retains enough cash in order to cover any short term liquidity needs. The financial liabilities of the Group and for the Company are analyzed as follows: THE GROUP Up to 12 months 1 to 2 years 2 to 5 years Over 5 years Suppliers & Other Short term liabilities Short term loans Total

12 THE GROUP Up to 12 months 1 to 2 years 2 to 5 years Over 5 years Suppliers & Other Short term liabilities Short term loans Total THE COMPANY Up to 12 months 1 to 2 years 2 to 5 years Over 5 years Suppliers & Other Short term liabilities Short term loans Total THE COMPANY Up to 12 months 1 to 2 years 2 to 5 years Over 5 years Suppliers & Other Short term liabilities Short term loans Total The group considers its liabilities to suppliers as short-term, in the same category it includes other short term liabilities and tax liabilities. This risk is estimated as under control for the HY2 unless the financial situation deteriorates significantly, thus affecting the liquidity of the Group.

13 UNIT C IMPORTANT TRANSACTIONS WITH RELATED PARTIES In this section are included the most important transaction between the company and its related parties as they are defined by IAS 24. The companies that are related to the Company are : Plaisio Computers J.S.C., which is located in Sophia Bulgaria, 5 Angel Kancef Street, in which Plaisio participates by 100%. Plaisio Estate SA, which is located in Kiffisia Attica, 88 King Othonos Street, in which Plaisio participates by 20%. Plaisio Estate J.S.C, which is located in Sophia Bulgaria, 5 Angel Kancef Street, in which Plaisio participates by 20%. ELNOUS SA, under liquidation, which is located in Nea Ionia Attica, 102 Kapodistriou Street, in which Plaisio participates by 24%. On March 15th 2010 the product of the liquidation was distributed and it was deleted from the Register of Companies. In the following table the company BULDOZA is also include, in which the major shareholder by 85% is Costas Gerardos, Vice President of the PLAISIO COMPUTERS SA. This company is not consolidated but is a related party as this is defined in paragraph 9 of IAS 24. During the first HY of 2011 the receivables and the liabilities οf each company as well as the income or expense which resulted from the transactions with Plaisio during HY 2011 according to IFRS were the following (amounts in th. ): COMPANY RECEIVABLES LIABILITIES INCOME EXPENSE PLAISIO ESTATE S.A ELNOUS S.A PLAISIO COMPUTERS JSC PLAISIO ESTATE JSC BULDOZA SA TOTAL More specifically: PLAISIO ESTATE S.A. collected from PLAISIO S.A. 730 th., which referred to rents and service delivery from renting buildings (675 & 55 th. respectively). PLAISIO COMPUTERS invoiced PLAISIO COMPUTERS JSC for sales of merchandise to the latter with th., while PLAISIO COMPUTERS JSC invoiced PLAISIO COMPUTERS SA for sale.

14 It is, furthermore, clarified that for the above mentioned time, Plaisio Estate JSC had income of 75 th. from Plaisio Computers JSC which come from rents. It is, additionally, noted that the transactions and remuneration of the managers and members of the Board of the company came up to 321 th. for the period 01/01/ /06/2011, while the receivables of the Company from members of the Board on came up to 39 th. and the liabilities came up to 9 th.. As it is obvious based on the above mentioned, the transactions with associates are at a very low level, while there is no significant fluctuation of the relevant amounts compared to last year, therefore the above mentioned transactions do not affect significantly the financial position and the results of the company.

15 UNIT D Development and performance of the group The development of the group during the three previous years and the last semester are presented in the tables below: THE GROUP (in th. ) Sales Gross Profit E.B.T E.A.T And in percentages: THE GROUP (in th. ) 2008 vs vs vs /01 30/06/2011 vs 01/01 30/06/2010 Sales 7% -5% -8% -15% Gross Profit 5% -8% -9% 8% E.B.T. -56% 28% -33% 243% E.A.T. -57% 11% -45% 6.889% Financial Indices THE GROUP 30/06/ /12/ /06/2010 Comments Current Assets / Total Assets 65,0% 69,5% 67,3% Fixed Assets / Total Assets 35,0% 30,5% 32,7% Net Equity / Total Liabilities 77,9% 58,2% 56,4% These indices display the proportion of capital which has been used for current and fixed assets. This index shows the financial autarky of the company. Total Liabilities / Total Liabilities 56,2% 63,2% 64,0% This index shows the dependency of the company on loans. Net Equity / Total Liabilities 43,8% 36,8% 36,0%

16 THE GROUP 30/06/ /12/ /06/2010 Comments Net Equity / Fixed Assets 125,3% 120,5% 110,2% This index shows the degree of financing of the assets of the company from. Net Equity Current Assets / Short-term Liabilities 158,2% 155,5% 147,3% This index shows the capability of the company to cover short term liabilities with Assets. Working Capital / Current Assets 36,8% 35,7% 32,1% This index shows in % the part of current assets which is financed by own and long term capital (over the provisions for unexpected risks). EBT/ Total Sales 2,6% 1,4% 0,66% This index shows the total performance of the company in comparison to total sales. EBT / Net Equity 7,8% 9,9% 2,5% Gross Profits / Total Sales 21,1% 17,5% 16,6% This index shows the yield of the company s equity. This index shows the GP in % over the sales. Sales The Sales of Group on the 6M period of 2011 came up to th. euro vs th. euro in the relevant period in 2010, having decreased by 14,6%. More specifically, computers and digital technology sales came up to th. euro having decreased by 19,7%, sales of telephony products amounted to th. euro having decreased by 10,4% compared to 2010, while sales of office products were th. euro, having decreased by 4,9% from the relevant previous year period. Finally, sales of services amounted to th. euro, having increased by 10,8%. Other revenue was 86 th. euro vs 204 th. euro last year. Sales during the 2 nd quarter of the current period came up to th. having decreased by 9,9% relative to the previous year. This course of sales led to the increase of the share of the Group at a time when the competition came up against great problems.

17 Expenses Operational and Financial The expenses of the Group in the 6M period came up to th. euro, vs th. euro last year, having decreased by 1,6% and are analyzed as follows: Administration Expenses th. Euro Distribution Expenses th. euro and Other Expenses / (revenue): th. euro The results of the program for decrease of expenses are evident. The Group is activated in an environment of increased credit risks due to the general financial environment proceeded in forming robust provisions concerning its customers. More specifically, and even though its customers are insured and the sales take place to customers of low credit risk, the group increased the provision for bad debt from th. to th.. Financial Revenue, Expenses and Profit from Associates The by 9,7% increased amount of financial expenses (compared to the relevant period last year) is due to, as is analyzed in the chapter referring to Interest rate Risk, the increase amount of loans. Profits As a result of the above mentioned changes the profit before taxes of the Group came up to th. euro in the relevant period, increased by 243,2% compared to relevant period last year. The increase of the Gross Profit Margin (from 16,6% to 21,1%), is due on the one side to the fact that the Group is the strategic preference of its vendors and on the other side to the fact that the Group has increased negotiating power due to its high liquidity. At the same time an effort has been made to develop private labels which improve Gross Profit. EAT of the Group came up to th. compared to 39 th. the relevant period last year. It shoul be noted that EAT of the currents year have been aggravated by 443 th. Euro which refers to the completion of the tax audit for the years , as it is analyzed in note 20 of the Half Year Financial Statements. Moreover, the EBT of the previous year had been affected by the imposition of the extraordinary tax of article 5 of the law 3845/2010 (Government Gazzette A 65/ ) which for the Group amounted to 0,8 m.. The amount of the aforementioned tax was posted in the first six moth period of the previous year.

18 UNIT F. Post Balance Sheet Events On 27/07/2011 the Company received the Statuory Tax Report for the years 2006, 2007 and 2008, the results of which are analyzed in note 20 of the Interim Financial Statements. There are no post balance sheet events, concerning the Group or the Company, which have a significant effect on the financial position of the company. UNIT G. Assessment of the evolution of the activities of the company during the second HY 2011 The Group puts special emphasis on retaining the liquidity at the levels it has already achieved. Keeping the inventory and receivables on satisfactory levels makes sure that the Group has the possibility to have robust liquidity. A priority of the Group is ensuring profitability. To this end, the Group aims at the confinement of its expenses and ensuring its gross profit margin. With its leading position and its sound financial status, the Group negotiates with its vendors for better purchase terms and aims at the development of its brands Turbo- X, Q Connect work and the reinforcement of its already successful product mix with truly fresh products and not low-price products of devaluated technology. Finally, a firm intention of the Group remains the increase of market share and ensuring its leading position in the Greek economy. Magoula, 27 July 2011 With honour The Board of Directors

19 3. Report on Review of Interim Financial Information Independent Auditor s Report To the Shareholders of PLAISIO COMPUTERS S.A. Introduction We have reviewed the accompanying (separate and consolidated) condensed statement of financial position of PLAISIO COMPUTERS S.A. (the Company) as at 30th June 2011, the related (separate and consolidated) condensed statements of comprehensive income, changes in equity and cash flows for the six-month period then ended, and a summary of significant accounting policies and selected explanatory notes, that comprise the interim financial information, which is an integral part of the six-month financial report as required by the Law 3556/2007. The Company s Management is responsible for the preparation and fair presentation of this interim financial information in accordance with International Financial Reporting Standards as adopted by European Union and applied to interim financial reporting ( IAS 34 ). Our responsibility is to express a conclusion on this interim condensed financial information based on our review. Scope of Review We conducted our review in accordance with International Standard on Review Engagements 2410, Review of Interim Financial Information Performed by the Independent Auditor of the Entity. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. Conclusion Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with IAS 34. Reference to Other Legal Requirements Our review has not located any inconsistency or non-conformity between the other elements of the statutory by article 5 of L.3556/2007 six-month financial report, and the accompanying financial information. Athens, July 27, 2011 OLYMPIA G. MPARZOY Certified and Registered Auditor SOEL Reg. Number BDO Certified and Registered Auditors AE 81 Patission str. & 8 Heyden str., Athens, Greece, SOEL Reg. Number: 111

20 4. I N T E R I M C O N D E N S E D F I N A N C I A L S T A T E M E N T S F O R T H E P E R I O D 0 1 / / 0 6 / Table of Contents Statement of Comprehensive Income for the period January 1 st to June 30 th 2011 Statement of Comprehensive Income for the period April 1 st to June 30 th 2011 Statement of Financial position on 30 th June 2011 Statement of changes in equity on 30 th June 2011 Statement of Cash Flow for the period January 1 st to June 30 th 2011 Notes to the Financial Statements

21 Comprehensive Income Statement (Figures in thousand ) THE GROUP 01/01 01/01 30/06/11 30/06/10 THE COMPANY 01/01 30/06/11 01/01 30/06/10 Note Turnover Cost of Sales ( ) ( ) ( ) ( ) Gross Profit Other operating income Distribution/Selling expenses General Administrative expenses Other expenses (23.468) (25.626) (22.981) (25.164) (3.016) (3.132) (2.833) (2.945) (2.396) (77) (2.396) (77) ΕΒΙΤ Financial Income Financial expenses (969) (1.210) (961) (1.198) Profit / (loss) from associates Earnings before taxes Income taxes (1.445) (1.169) (1.445) (1.167) Earnings after taxes Distributed to: Equity Holders of the parent Minority interest Other Comprehensive 98 (11) 98 (11) Income after taxes Total Comprehensive Income after taxes Equity Holders of the parent Minority interest Basic earnings per share 24 0,1221 0,0017 0,1180 0,0030 Diluted earnings per share 24 0,1221 0,0017 0,1180 0,0030 EBITDA The notes on the accounts are an indispensable part of the attached financial statements.

22 Comprehensive Income Statement (Figures in thousand ) THE GROUP Note 01/04-01/04-30/06/11 30/06/10 THE COMPANY 01/04 01/04 30/06/11 30/06/10 Turnover Cost of Sales (57.564) (68.492) (56.776) (67.819) Gross Profit Other operating income Distribution/Selling expenses (11.669) (12.364) (11.421) (12.126) General Administrative expenses (1.508) (1.537) (1.405) (1.451) Other expenses (1.550) 116 (1.550) 116 ΕΒΙΤ Financial Income Financial expenses (487) (668) (482) (665) Profit / (loss) from associates Earnings before taxes Income taxes (964) (866) (963) (866) Earnings after taxes (799) (725) Distributed to: Equity Holders of the parent (799) (725) Minority interest Other Comprehensive Income after taxes Total Comprehensive Income after taxes Equity Holders of the parent (744) (670) (744) (670) Minority interest Basic earnings per share 24 0,0544 (0,0362) 0,0525 (0,0328) Diluted earnings per share 24 0,0544 (0,0362) 0,0525 (0,0328) EBITDA The notes on the accounts are an indispensable part of the attached financial statements.

23 STATEMENT OF FINANCIAL POSITION (Figures in thousand ) Assets Non current assets Note THE GROUP THE COMPANY 30/06/ /12/ /06/ /12/2010 Tangible fixed assets Intangible fixed assets Investments in subsidiaries Investments in associates Other investments Deferred tax assets Other non current assets Current assets Inventories Trade receivables Other receivables Cash and cash equivalents Shareholders Equity and Liabilities Share capital Additional paid-in capital Reserves Retained Earnings Dividends Long term banking liabilities Provision for pensions and similar commitments Long term provisions Deferred Income Suppliers and related liabilities Tax liabilities Short term banking liabilities Short term provisions Other short term liabilities Total Shareholders Equity and Liabilities

24 Statement of changes in net equity (Figures in thousand ) Consolidated statement of changes in net equity Share Capital Additional paid in capital Reserves and earnings carried forward Total Net equity balance at the beginning of the period (1 st of January 2010) Total Comprehensive Income Dividends paid 0 0 (2.650) (2.650) Net equity balance at the end of the period (30 st of June 2010) Net equity balance at the beginning of the period (1 st of January 2011) Total Comprehensive Income Dividends paid 0 0 (1.104) (1.104) Net equity balance at the end of the period (30 st of June 2011) Parent company s statement of changes in net equity Net equity balance at the beginning of the period (1 st of January 2010) Share Capital Additional paid in capital Reserves and earnings carried forward Total Total Comprehensive Income Dividends paid 0 0 (2.650) (2.650) Net equity balance at the end of the period (30 st of June 2010) Net equity balance at the beginning of the period (1 st of January 2011) Total Comprehensive Income Dividends paid 0 0 (1.104) (1.104) Net equity balance at the end of the period (30 st of June 2011) The notes on the accounts are an indispensable part of the attached financial statements.

25 Cash Flow Statement PLAISIO COMPUTERS S.A. Half Year Financial Report (Figures in thousand ) THE GROUP THE COMPANY 01/01-01/01-01/01-01/01-30/6/ /6/ /6/ /6/2010 Operating Activities Profits before taxes Plus / less adjustments for: Depreciation / amortization Depreciation of subsidies Devaluation of Investments Provisions Exchange differences Results (income, expenses, profit and loss) from investing activities Interest expenses and related costs Plus/less adjustments for changes in working capital or related to operating activities Decrease / (increase) in inventories Decrease / (increase) in receivables (Decrease) / increase in liabilities (except for banks) Less: Interest charges and related expenses paid Income taxes paid Total inflows / (outflows) from operating activities (a) Investing Activities Acquisition of subsidiaries, affiliated companies, joint ventures and other investments Purchase of tangible and intangible fixed assets Earnings from sales of tangible, intangible fixed assets and other investments Subsidies collected Received interest Received dividends Total inflows / (outflows) from investing activities (b) Financing Activities Proceeds from share capital increase Proceeds from issued loans Payments of loans Payments of financial leasing liabilities (capital installments) Dividends paid Total inflows / (outflows) from financing activities (c)

26 Net increase / (decrease) in cash and cash equivalents for the period (a) + (b) + (c) THE GROUP THE COMPANY 01/01-01/01-01/01-01/01-30/6/ /6/ /6/ /6/ Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period The notes on the accounts are an indispensable part of the attached financial statements.

27 N O T E S T O T H E I N T E R I M F I N A N C I A L S T A T E M E N T S 1. General Information These financial statements include the annual financial statements of the company PLAISIO COMPUTERS S.A. (the Company ) and the consolidated annual financial statements of the Company and its subsidiaries (together the Group ). PLAISIO COMPUTERS S.A. was founded in 1988 and is listed in the Athens Stock Exchange since The company s headquarters are located in Thesi Skliri, Magoula, Attica (Num. M.A.E 16601/06/B/88/13). The Company assembles and trades PCs, Telecommunication and Office Equipment. The Board of Directors of PLAISIO COMPUTERS S.A. approved the financial statements for the period ending on June 30th 2011 on the 27 th of July Basis of Preparation of Financial Statements and Accounting Principles 2.1 Basis of Preparation of Financial Statements The interim financial statements of the company and the group dated June 30th 2011 refer to period from January 1 st 2011 to June 30 th They have been prepared based on I.A.S 34 Interim Financial Information and have to be examined in comparison to the annual financial statements of December 31 st 2010 which are available on the company web site The comparable data, wherever it has deemed necessary were adjusted according to the changes the Group has made in the presentation of the financial statements. The accounting principles that have been used in the preparation and presentation of the annual financial statements are in accordance with those used for the preparation of the Company and Group financial statements as of December 31, 2010 as were published in website of the Company for information purposes. The preparation of the Financial Statements, in conformity with IFRS, requires the use of certain estimates and assumptions which affect the balances of the assets and liabilities, the contingencies disclosure as at the balance sheet date of the financial statements and the amounts of income and expense relating to the reporting year. These estimates are based on the best knowledge of the Company s and Group s management in relation to the current conditions and actions. Any differences between amounts in the primary financial statements and similar amounts detailed in the explanatory notes are due to rounding of figures.

28 2.2 Basis of Preparation of Financial Statements and Accounting Principles New standards, amendments to standards and interpretations: Certain new standards, amendments to standards and interpretations have been issued that are mandatory for periods beginning during the current reporting period and subsequent reporting periods. The Group s evaluation of the effect of these new standards, amendments to standards and interpretations is as follows: Standards and Interpretations effective for the current financial period / year New standards, amendments to standards and interpretations: Certain new standards, amendments to standards and interpretations have been issued that are mandatory for periods beginning during the current financial year and subsequent years. The Group s evaluation of the effect of these new standards, amendments to standards and interpretations is as follows: Standards and Interpretations effective for the current financial year IAS 24 (Revised) Related Party Disclosures This amendment attempts to reduce disclosures of transactions between government-related entities and clarify related-party definition. More specifically, it removes the requirement for government-related entities to disclose details of all transactions with the government and other government-related entities, clarifies and simplifies the definition of a related party and requires the disclosure not only of the relationships, transactions and outstanding balances between related parties, but of commitments as well in both the consolidated and the individual financial statements. This revision does not affect the Group s financial statements. IAS 32 (Amendment) Financial Instruments: Presentation This amendment clarifies how certain rights issues should be classified. In particular, based on this amendment, rights, options or warrants to acquire a fixed number of the entity s own equity instruments for a fixed amount of any currency are equity instruments if the entity offers the rights, options or warrants pro rata to all of its existing owners of the same class of its own non-derivative equity instruments. This amendment is not relevant to the Group. IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments This interpretation addresses the accounting by the entity that issues equity instruments to a creditor in order to settle, in full or in part, a financial liability. This interpretation is not relevant to the Group. IFRIC 14 (Amendment) The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction The amendments apply in limited circumstances: when an entity is subject to minimum funding requirements and makes an early payment of contributions to cover those requirements. The amendments permit such an entity to treat the benefit of such an early payment as an asset. This interpretation is not relevant to the Group. Amendments to standards that form part of the IASB s 2010 annual improvements project

29 The amendments set out below describe the key changes to IFRSs following the publication in May 2010 of the results of the IASB s annual improvements project. Unless otherwise stated the following amendments do not have a material impact on the Group s financial statements. IFRS 3 Business Combinations The amendments provide additional guidance with respect to: (i) contingent consideration arrangements arising from business combinations with acquisition dates preceding the application of IFRS 3 (2008); (ii) measuring non-controlling interests; and (iii) accounting for share-based payment transactions that are part of a business combination, including un-replaced and voluntarily replaced share-based payment awards. IFRS 7 Financial Instruments: Disclosures The amendments include multiple clarifications related to the disclosure of financial instruments. IAS 1 Presentation of Financial Statements The amendment clarifies that entities may present an analysis of the components of other comprehensive income either in the statement of changes in equity or within the notes. IAS 27 Consolidated and Separate Financial Statements The amendment clarifies that the consequential amendments to IAS 21, IAS 28 and IAS 31 resulting from the 2008 revisions to IAS 27 are to be applied prospectively. IAS 34 Interim Financial Reporting The amendment places greater emphasis on the disclosure principles that should be applied with respect to significant events and transactions, including changes to fair value measurements, and the need to update relevant information from the most recent annual report. IFRIC 13 Customer Loyalty Programmes The amendment clarifies the meaning of the term fair value in the context of measuring award credits under customer loyalty programmes. Standards and Interpretations effective from periods beginning on or after 1 January 2012 IFRS 7 (Amendment) Financial Instruments: Disclosures transfers of financial assets (effective for annual periods beginning on or after 1 July 2011) This amendment sets out disclosure requirements for transferred financial assets not derecognised in their entirety as well as on transferred financial assets derecognised in their entirety but in which the reporting entity has continuing involvement. It also provides guidance on applying the disclosure requirements. This amendment has not yet been endorsed by the EU. IAS 12 (Amendment) Income Taxes (effective for annual periods beginning on or after 1 January 2012) The amendment to IAS 12 provides a practical approach for measuring deferred tax liabilities and deferred tax assets when investment property is measured using the fair value model in IAS 40 Investment Property. This amendment has not yet been endorsed by the EU. IAS 1 (Amendment) Presentation of Financial Statements (effective for annual periods beginning on or after 1 July 2012)