LAMBRAKIS PRESS S.A. - REVIEW REPORT OF INTERIM FINANCIAL REPORTING To the Shareholders of LAMBRAKIS PRESS SA Introduction We have reviewed the accompanying separate and consolidated

LAMBRAKIS PRESS SA

INTERIM FINANCIAL STATEMENTS

OF THE PARENT COMPANY AND THE GROUP

FOR THE PERIOD

FROM JANUARY 1st 2011 T0 MARCH 31st 2011

PURSUANT TO ARTICLE 6 OF LAW 35562007

It is hereby certified that the attached Interim Financial Statement for the period 01012010- 31032011 is the

one approved by Lambrakis Press SA Board of Directors at its meeting dated May 25 2011 and is posted on the

web addresswwwdolgr where it will be available to investors for at least five (5) years since its compilation and

publication date

ATHENS MAY 2011

TABLE OF CONTENTS

I AUDIT REPORT BY AN INDEPENDENT CERTIFIED AUDITOR ACCOUNTANT

II INTERIM FINANCIAL STATEMENTS

GROUP AND COMPANY TOTAL INCOME STATEMENT

GROUP AND COMPANY TOTAL FINANCIAL POSITION STATEMENT

GROUP AND COMPANY CASH FLOW STATEMENT

GROUP STATEMENT OF CHANGES IN EQUITY

COMPANY STATEMENT OF CHANGES IN EQUITY

NOTES ON THE INTERIM FINANCIAL STATEMENTS

1 COMPANY AND GROUP DESCRIPTION

2 INTERIM FINANCIAL STATEMENTS ELABORATION FRAMEWORK

3 INTERIM FINANCIAL STATEMENTS APPROVAL

4 SUMMARY OF COMPANY AND GROUP BASIC ACCOUNTING PRINCIPLES

5 COMPANIES CONSOLIDATED IN LAMBRAKIS PRESS GROUP AND CONSOLIDATION METHOD

6 SEGMENT REPORTING

7 TURNOVER ANALYSIS

8 COST OF GOODS SOLD

9 ADMINISTRATIVE EXPENSES

10 DISTRIBUTION EXPENSES

11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES

12 OTHER OPERATING INCOME-EXPENSES

13 PAYROLL COST

14 DEPRECIATION

15 REVENUES AND EXPENSES FROM PARTICIPATIONS AND SECURITIES OF NON OPERATING ACTIVITY

16 FINANCIAL INCOME AND EXPENSES

17 INCOME TAX

18 OTHER TOTAL REVENUES

19 RESULTS PER SHARE

TABLE OF CONTENTS (continued)

20 TANGIBLE FIXED ASSETS

21 INTANGIBLE ASSETS

22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER COMPANIES

23 AVAILABLE FOR SALE PORTFOLIO

24 INVENTORIES

25 TRADE RECEIVABLES

26 OTHER SHORT TERM RECEIVABLES

27 RECEIVABLES FROM RELATED COMPANIES

28 TRADING PORTFOLIO

29 CASH IN HAND AND AT BANKS

30 SHARE CAPITAL SHARE PREMIUM

31 RESERVES

32 LONG TERM BORROWING

33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES

34 DEFERRED INCOME

35 TRADE LIABILITIES

36 SHORT TERM BORROWING

37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES

38 LIABILITIES FROM FINANCIAL LEASES

39 CONTINGENT LIABILITIES AND COMMITMENTS

40 RELATED PARTIES DISCLOSURES

41 POSTERIOR EVENTS

BoD CERTIFICATION

FIGURES AND INFORMATION FOR THE PERIOD

REVIEW REPORT OF INTERIM FINANCIAL REPORTING

To the Shareholders of LAMBRAKIS PRESS SA

Introduction

We have reviewed the accompanying separate and consolidated statement of financial position of LAMBRAKIS

PRESS SA (the ldquoCompanyrdquo) as at 31 March 2011 the relative separate and consolidated statements of

comprehensive income changes in equity and cash flows for the three -month period then ended as well as the

selected explanatory notes that constitute the condensed interim financial information Management is responsible

for the preparation and presentation of this condensed interim financial information in accordance with

International Financial Reporting Standards as adopted by the European Union (EU) and which apply to Interim

Financial Reporting (International Accounting Standard ldquoIAS 34rdquo) Our responsibility is to express a conclusion on

this condensed interim financial information based on our review

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410 ldquoReview of

Interim Financial Information Performed by the Independent Auditor of the Entityrdquo 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 auditAccordingly 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 International Accounting Standard

ldquoIAS 34rdquo

Athens 25 May 2011

Charalambos Petropoulos

Certified Public Accountant Auditor

Institute of CPA (SOEL) Reg No 12001

Associated Certified Public Accountants sa

member of Crowe Horwath International

3 Fok Negri Street ndash 112 57 Athens Greece

LAMBRAKIS PRESS SA

TOTAL INTERIM INCOME STATEMENT

In euros

Notes Continuing Operations 11-

31302011

Discontinued Operations 11-

31302011 Total

11-3132011

Continuing Operations 11-

3132010

3132010 Total

11-3132010

Sales 7 3376901999 261577327 3638479326 4544761577 515736935 5060498512

Cost of goods sold before depreciations 8 -2566068655 -328351319 -2894419974 -3288462373 -500640597 -3789102970

Gross profit before depreciation 810833344 -66773992 744059352 1256299204 15096338 1271395542

Administrative Expenses 9 -474384096 -36252131 -510636227 -489214696 -74483731 -563698427

Distribution expenses 10 -941828838 -33241093 -975069931 -1332902774 -11383320 -1344286094

Research and development expenses -1668974 000 -1668974 -2449581 000 -2449581

Revenues from main activity participations 11 000 000 000 553464 000 553464

Expenses from main activity participations 11 -135628236 000 -135628236 -17079038 000 -17079038

Other operating income expenses 12 44072657 -104101 43968556 28933626 6115518 35049144

Operating loss before depreciation -698604143 -136371317 -834975460 -555859795 -64655195 -620514990

Depreciation for the period embedded in the cost of goods sold 14 -110765329 -2191837 -112957166 -115628801 -1606660 -117235461

Depreciation for the period embedded in the administrative expenses 14 -46280341 -1080062 -47360403 -43118840 -1080062 -44198902

Depreciation for the period embedded in the distribution expenses 14 -3809725 000 -3809725 -3644695 000 -3644695

Operating loss -859459538 -139643216 -999102754 -718252131 -67341917 -785594048

Revenues from participations and securities 15 117761853 000 117761853 59380 000 59380

Expenses from participations and securities 15 -29690 000 -29690 000 000 000

Financial income 16 5109134 83362 5192496 617108 96728 713836

Financial expenses 16 -162841384 -7759998 -170601382 -87592051 -6385504 -93977555

Losses before tax -899459625 -147319852 -1046779477 -805167694 -73630693 -878798387

Income tax 17 -20336674 -1340680 -21677354 -19458692 -413780 -19872472

Net loss after tax from continuing operations (a) -919796299 000 -919796299 -824626386 000 -824626386

Net loss after tax from discontinued operations (b) 000 -148660532 -148660532 000 -74044473 -74044473

LOSS OF THE PERIOD (a)+(b) -919796299 -148660532 -1068456831 -824626386 -74044473 -898670859

Other total revenues

Available for sale portfolio 000 000 000 000 000 000

Total income share from associates 000 000 000 000 000 000

Income tax relevant to total elements of income 000 000 000 000 000 000

Other total revenues of the period after tax 18 000 000 000 000 000 000

TOTAL INCOME FOR THE PERIOD -919796299 -148660532 -1068456831 -824626386 -74044473 -898670859

The loss of the period is attributed as follows

To parent company shareholders -910680057 -75816871 -986496928 -820935791 -37762681 -858698472

To non controlling interest -9116242 -72843661 -81959903 -3690595 -36281792 -39972387

Total -919796299 -148660532 -1068456831 -824626386 -74044473 -898670859

The total income of the period is attributed as follows

Total -919796299 -148660532 -1068456831 -824626386 -74044473 -898670859

Loss after tax per weighted share 19 -01097 -00091 -01188 -00989 -00045 -01035

Weighted average number of shares 83000000 83000000 83000000 83000000 83000000 83000000

The attached Notes 1 ndash 41 constitute an integral part of the interim financial statements herein

LAMBRAKIS PRESS SA

Company In euros Notes 11 ndash

3132011 11 ndash

3132010 Sales 7 1995719244 2790777536

Cost of goods sold 8 -1463296595 -1962857088

Gross profit before depreciation 532422649 827920448

Administrative Expenses 9 -297237721 -323283644

Distribution expenses 10 -680209392 -989716800

Research and development expenses 000 000

Revenues from main activity participations 11 000 000

Expenses from main activity participations 11 000 000

Other operating income expenses 12 23868656 28202428

Operating loss before depreciation -421155808 -456877568

Depreciation for the period embedded in the cost of goods sold 14 -5514347 -5607112

Depreciation for the period embedded in the administrative expenses 14 -22343820 -20562588

Depreciation for the period embedded in the distribution expenses 14 -920351 -1938395

Operating loss -449934326 -484985663

Revenues from participations and securities 15 45027453 59380

Expenses from participations and securities 15 -29690 000

Financial income 16 14077 3373

Financial expenses 16 -66456399 -29629740

Losses before tax -471378885 -514552650

Income tax 17 -13502700 -11315300

Net loss after tax from continuing operations (a) -484881585 -525867950

Net loss profit after tax from discontinued operations (b) 000 000

LOSS OF THE PERIOD (a)+(b) -484881585 -525867950

Available for sale portfolio 000 000

Total income share from associates 000 000

Income tax relevant to total elements of income 000 000

Other total revenues of the period after tax 18 000 000

TOTAL INCOME FOR THE PERIOD -484881585 -525867950

To parent company shareholders -484881585 -525867950

Total -484881585 -525867950

Loss after tax per weighted share 19 -00584 -00634

Weighted average number of shares 83000000 83000000

LAMBRAKIS PRESS SA

INTERIM FINANCIAL POSITION STATEMENT

Group Company In euros Notes 31032011 31122010 31032011 31122010

ASSETS Non-current assets

Property plant and equipment 20 9677010048 9837905217 862559426 870415691

Property investments 20 59182200 59182200 1171614626 1174689900

Intangible assets 21 165589032 185864725 62486433 66165224

Investments in subsidiaries 22 000 000 4503478457 4864804119

Investments in jointly controlled companies 22 000 000 3239025294 3239025294

Investments in associates 22 2051717518 2187345754 6183513021 6183513021

Other investments 22 33777814 33777814 000 000

Available for sale portfolio 23 133521285 27248916 131029189 24756820

Deferred tax assets 17 317478424 358839779 272962200 286464900

Other non current assets 62758407 70156239 30958165 31362823

Total non current assets 12501034728 12760320644 16457626811 16741197792

Current assets

Inventories 24 1980563336 1839296034 336980864 312212277

Trade receivables 25 4707514953 6529851640 2091222882 2210918739

Other short term receivables 26 1498036733 1920468712 1065450372 796291435

Receivables from associates 27 542570017 451634767 492511126 440228760

Trading portfolio 28 3444040 3473730 3444040 3473730

Cash and cash equivalents 29 767245591 1382603246 103935188 45372807

Total current assets 9499374670 12127328129 4093544472 3808497748

TOTAL ASSETS 22000409398 24887648773 20551171283 20549695540

EQUITY AND LIABILITIES

Equity

Share capital 30 4565000000 4565000000 4565000000 4565000000

Share premium 30 8975929810 8975929810 8975929810 8975929810

Reserve funds 31 1558800508 1567886806 902627692 902627692

Retained earnings -13088484582 -12141378907 -4444116849 -3959235264

Result directly recorded in equity -798879484 -798879484 -130857810 -130857810

Total parent company owners equity 1212366252 2168558225 9868582843 10353464428

Non controlling interest -7624264 322493076 000 000

Total equity 1204741988 2491051301 9868582843 10353464428

Long term liabilities

Long term borrowing 32 5010986767 5106288896 1400000000 1400000000

Long term liabilities from financing leases 38 1929900271 1966580509 000 000 Provision for personnel retirement benefits liabilities 33 1136982328 1218885942 947290953 990482500

Other provisions 44740000 165849258 44360000 44360000

Deferred tax liabilities 17 61368450 58469540 000 000

Deferred income 34 43827207 51088650 000 000

Total long term liabilities 8227805023 8567162795 2391650953 2434842500

Short term liabilities

Trade liabilities 35 2901462403 3407513466 1808200578 1899705499

Short term borrowing 36 7156865237 7728200405 3873188781 3933707874

Liablities to associates 000 000 1287758411 806558861

Other liabilities and accrued expenses 37 2509534747 2693720806 1321789717 1121416378

Total short term liabilities 12567862387 13829434677 8290937487 7761388612

TOTAL EQUITY AND LIABILITIES 22000409398 24887648773 20551171283 20549695540The attached Notes 1 ndash 41 constitute an integral part of the interim financial statements herein

LAMBRAKIS PRESS SA

INTERIM CASH FLOW STATEMENT Group Company In euros Notes

3132011 3132010 3132011 3132010 Operating activities Losses before tax from continuing operations -899459625 -805167694 -471378885 -514552650Losses before tax from discontinued operations -147319852 -73630693 000 000Plusminus adjustments for Depreciations 14 160855395 162392336 28778518 28108095 Results from participations 1115 17896073 16466194 -44997763 -59380 Provisions 33 -168066472 -49257246 -43191547 -50370945 Fx differences 1187210 117100 -148957 67678 Interest on debt and similar charges (interest charges minus credit interest) 16 165408886 86974943 66442322 29626367

Adjustments for changes in working capital Accounts or in accounts relevant to operating activities Inventories increase (+) decrease (-) 24 -141267302 166698382 -24768587 47667373 Receivables increase (+) decrease (-) 458116819 1027514799 98622745 623706366 Liabilities (loans excluded) increase (+) decrease (-) 382404806 -651966242 715720024 -431236380

Less Interests on debt and similar paid up charges 16 -170601382 -87592051 -66456399 -29629740 Tax paid -127051855 000 -125503099 000 Cash flows from discontinued operations -69187327 -106738115 000 000 Total inflows (+) outflows (-) from operating activities (a) -537084626 -314182287 133118372 -296673216

Investing activities Acquisition of subsidiaries associates joint ventures and other investments 000 -100000000 000 -100000000

Proceeds from the sale of subsidiaries associates participations and securities etc 000 000 000 000

Purchase of tangible and intangible assets -23445870 -45815363 -14200975 -11908829 Proceeds from the sale of tangible and intangible assets 160000 000 150000 490000

Interests received 16 5192496 617108 14077 3373 Dividends received 000 000 000 000 Investment flows from discontinued operations -4749338 -21218127 000 000 Total inflows (+) outflows (-) from investing activities (b) -22842712 -166416382 -14036898 -111415456

Financing activities Proceeds from share capital increase 000 000 000 000 Proceeds from issuedgranted loans 000 600276966 000 339541819 Loans repayment -128584412 -309112526 -60519093 000 Settlement of liabilities from financing leases (amortizations) -36635846 -2041015 000 000

Dividends paid (plus minority dividends) 000 000 000 000 Financial flows from discontinued operations 109789941 75512815 000 000 Total inflows (+) outflows (-) from financing activities (c) -55430317 364636240 -60519093 339541819

Net (decrease)(-) increase (+) in cash and cash equivalents for the period (a) + (b) + (c)

-615357655 -115968429 58562381 -68546853

Cash and cash equivalents at the beginning of the period 1382603246 663813575 45372807 96156598

Cash and cash equivalents at the end of the period 767245591 547845146 103935188 27609745

LAMBRAKIS PRESS SA INTERIM STATEMENT OF CHANGES IN EQUITY

In euros Paid-up share capital Share premium Statutory

reserve Other

reserves

Results directly

recognized in equity

Retained earnings

Non controlling

interest Total equity

January 1 2010 4565000000 8975929810 401741237 1165686069 -798879484 -7325561168 343349755 7327266219

Comprehensive total results after tax 000 000 000 000 000 -858698772 -39972387 -898670859

Changes in consolidation 000 000 459500 000 000 -113997461 1384988 -112152973

March 31st 2010 4565000000 8975929810 402200737 1165686069 -798879484 -8298257101 304762356 6316442387

Paid-up share capital Share premium Statutory

reserve Other

reserves

Results directly

Retained earnings

Non controlling

January 1 2011 4565000000 8975929810 402200737 1165686069 -798879484 -12141378907 322493076 2491051301

Profit distribution of preceding financial year 000 000

Changes in consolidation 000 000 -5175135 -3911163 39391253 -248157437 -217852482

March 31st 2011 4565000000 8975929810 397025602 1161774906 -798879484 -13088484582 -7624264 1204741988

LAMBRAKIS PRESS SA

INTERIM STATEMENT OF CHANGES IN EQUITY

Company

In euros Paid-up share capital

Share premium

Statutory reserve

Other reserves

Retained earnings

Results directly recognized in

equity Total equity

January 1 2010 4565000000 8975929810 325330375 577297317 -1379824587 -130857810 12932875105

Comprehensive total resuafter tax 000 000 000 000 -525867950 000 -525867950

March 31st 2010 4565000000 8975929810 325330375 577297317 -1905692537 -130857810 12407007155

Paid-up share capital

Share premium

Statutory reserve

Other reserves

Retained earnings

equity Total equity

January 1 2011 4565000000 8975929810 325330375 577297317 -3959235264 -130857810 10353464428

Statutory reserve Paid-up dividends to parent company shareholders

000 000 000 000 000 000 000

March 31st 2011 4565000000 8975929810 325330375 577297317 -4444116849 -130857810 9868582843

The company LAMBRAKIS PRESS SA (hereinafter Parent Company or DOL SA or the Company) with the distinctive

title ldquoDOL SArdquo was established in 1970 and stemmed from the conversion of a sole proprietorship into a public

company (socieacuteteacute anonyme) After its registration in the SAs Registry of the Hellenic Ministry of Development DOL

SA holds the number 141006Β8640 Its duration has been fixed for 50 years since its registration date in the SA

Registry and its headquarters are located in the Municipality of Athens 3 Christou Lada street The Companys

offices are located in 80 Michalakopoulou street Athens GR-11528 The Company has been listed on Athens

Exchange since 1998

The Parent Company is organized on the basis of 5 self - contained business units (BUs) The BU heads are

responsible for the progress of business the required investments and the financial results of the business

activities assigned to the BUs

BUSINESS UNIT TO VIMA publishing the newspapers ldquoTO VIMArdquo (digital publication) and ldquoTO VIMA TIS

KYRIAKISrdquo and their supplement magazines

BUSINESS UNIT TA NEA publishing the newspapers ldquoTA NEArdquoand ldquoTA NEA SAVATOKYRIAKOrdquo and their

supplement magazines

MAGAZINE BUSINESS UNIT publishing all parent company and Group magazines

DIGITAL MEDIA BUSINESS UNIT developing digital products services and technologies pertaining to the

internet and media

MEDIA SUBSIDIARIES BUSINESS UNITsupervising the existing subsidiaries operating in the media sector and

related prospective investments

The business units are supported by two Centers as follows

THE BUSINESS DEVELOPMENT CENTER in charge of the Group and Business Units overall business

development

THE CORPORATE CENTER supervising the Grouprsquos financial and administrative operations and the HR

Department The Corporate Center has also been assigned the Grouprsquos non-media sector subsidiaries supervision

The Consolidated Financial Statements include the parent Company its subsidiaries associates and jointly

controlled companies mentioned in Notes 5a ndash 5c (hereinafter DOL Group or the Group) DOL Group

Publishes the highbrow daily newspapers TO VIMA TIS KYRIAKIS and TA NEA TA NEA

SAVVATOKYRIAKO the digital newspaper TO VIMA (wwwtovimagr)the sports newspaper EXEDRA

TON SPORTS and magazines covering a particularly wide spectrum of subjects and reading audience

steadily occupying the highest ranks in their sectors in terms of circulation readership and attracted

advertisement spending

It operates and develops-through the subsidiary DOL DIGITAL SA - the biggest and most long standing

Greek portal on the Webwwwingr

It participates in the radio station ΒΗΜΑ FM

Holds an investment in IRIS PRINTING SA that owns one vertically integrated industrial printing unit and

covers all stages of printing from importing and trading paper to finishing and packaging of printed material

Operates through the subsidiary STUDIO ATA SAin television programs production participates in the

television station MEGA CHANNEL in the press distribution agency ΑΡΓΟΣ SA and in the electronic store

GET IT NOW

LAMBRAKIS PRESS SA

NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011

2a Financial Statements Elaboration Framework The parent Company and Group financial statements for

112011 to 31032011 period (hereinafter jointly referred to as interim financial statements) have been prepared

according to

The principle of fair presentation and compliance with the IFRS

The principle of historic cost as amended by adjusting certain assets and liabilities at fair value mainly

for securities trading portfolio and real estate assets In particular land plots and buildings were measured at

fair value on IFRS transition date (January 1st 2004) and this fair value was recognized as imputed cost on the

above date

the principle of going concern

The accruals principle

The accrual accounting principle

The consistency of presentation

The significance of data

and comply with the International Financial Reporting Standards (IFRS) issued by the International Accounting

standards Board (IASB) as well as their interpretations issued by the International Financial Reporting

Interpretations Committee (IFRIC) of IASB also adopted by the European Union

DOL Group applied the same accounting principles of recognition and measurement in the interim financial

statements dated 31032011 that were applied in the annual financial statements dated 31122010 besides

adoption of new standards their application became mandatory for the financial years post January 1st 2011

The accounting principles have been applied consistently in all the accounting periods presented herein

2b Use of estimates Under IFRS financial statements preparation requires estimates and judgments in the

Grouprsquos accounting principles application The most significant assumptions made are quoted in the financial

statements notes where deemed advisable However notwithstanding the fact these estimates are based on

Company and Group Managemen best possible knowledge of current conditions and actions the results may

actually differ from such estimates

2c Reclassification of accounts for the period There were no reclassifications of accounts for the period

112010 - 3132010 except for the reclassification of amounts from continuing operations to discontinued operations

( see note 6 of financial statements )

2d Changes to the estimates of accounts and amounts There were no changes to the estimates of

accounts and amounts

2e Group interim financial statements comparability between 30032011 and 30032010

LAMBRAKIS PRESS SA

Moreover on 9122009 DOL SA participated by 40 in the newly established company Digital Shopping SA

share capital paying a consideration of 400000 euros Subsequently DOL SA paid in 1H 2010 other 740000 euros

participating in the share capital increase partly restricting existing shareholders preemption right maintening thus

its shareholding at 38 Moreover in 2H 2010 DOL SA paid an extra amount of 95000000 for the new Share

Capital Increase without changing its participation rate As of 311209 and onwards the company Digital

Shopping SA is consolidated with the proportional consolidation method

Moreover the subsidiary IRIS Printings SA as of 24112010 has been participating in the printing and bookbinding

company N LIAPIS SA by 5100 (indirect parent company shareholding of 2550) paying 350000 euros and

holding 1020 shares Moreover the subsidiary IRIS Printings SA as of 3132011 has been participating in the

printing and bookbinding company Iris Packaging SA by 5100 (indirect parent company shareholding of

2550) paying 3060000 euros and holding 30600shares

2f New standards interpretations and amendment to existing standards

The following standards modifications and revisions will take effect for annual periods beginning in the financial

year 2011 if required The Group estimate as to the impact of these new standards interpretations and

amendments is presented below

Changes impacting the financial years beginning on 112011

Amendments to Standards

IAS 32(Amendment) Presentation of options for a fixed amount of foreign currency Issued in October

2009 effective for annual periods beginning on or post 01022010 The amendment requires that rights options

or warrants to acquire a fixed number of the entitys 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 interpretation is not expected to be applied in the

Company

IFRS 1 (Amendment) First application of IFRS- Limited exemption from comparative IFRS 7

disclosures for first-time adopters Issued in January 2010 and is effective for annual periods beginning on or

after 01072010 This amendment is not applied in the company

Revised Standards

IAS 24 (Revised) Related Party Disclosures In November 2009 effective for annual periods beginning on or

after 01012011 The new standard simplified the definition of related parties providing some disclosures

exceptions for entities associated with the state It is not expected to materially affect the Company financial

statements

LAMBRAKIS PRESS SA

New Interpretations

IFRIC 19 Extinguishing Financial Liabilities with Equity Instruments

Issued in November 2009 effective for annual periods beginning on or post 01072010 this interpretation

addresses the accounting handling when an entity issues equity instruments to settle its liability Based on this

Interpretation the difference between a liability book value and equity instruments fair value is recognized as

profit or loss in the P amp L statement

This interpretation is not expected to be applied in the Company

Amendments to Interpretations

IFRIC 14 (Amendment) The Limit on a Defined Benefit Asset Minimum Funding requirements and

their Interaction

Issued in November 2009 and is effective for annual periods beginning on or after 01012011 This amendment is

not applied in the company

Improvements to IFRS

Improvements to IFRS issued in May 2010 effective for annual periods beginning on or after 01012011 in

the following standards IFRS 1 IFRS 3 IFRS 7 IAS 1 IAS 27 IAS 34 and INTERPRETATION 13

not expected to have substantial impact on the Company

Changes affecting posterior financial years

IFRS 9 Financial instruments Issued in November 2009 The Standard is applied for annual periods beginning

on or after 112013 Earlier application is allowed This Standard has not been yet adopted by the European

Union Most of the requirements regarding the financial liabilities were carried over without changes from the

previous text of IAS 39 However some changes were realized in relation to measurement at fair values of

financial liabilities

3 ANNUAL FINANCIAL STATEMENTS APPROVAL

The Company and Group interim financial statements of the period 11-31032011 have been approved by

Lambrakis Press SA Board of Directors at its meeting held on May 25 2011

LAMBRAKIS PRESS SA

4a INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES AND ASSOCIATES

In DOL SA financial statements investments (participations) in subsidiaries jointly controlled entities and

associates are measured at acquisition value minus contigent provisions for any impairment of their value For

every period of financial statements preparation the Company reviews the existence of permanent impairment

indication (significant or prolonged fair value decreases) of such participations using various valuation models

Besides the aforementioned models in order to assess above companies value for the impairment test purposes

the Company also considers Management resolutions on liquidation cessation of activity or absorption of specific

entities

In cases of a permanent impairment indication the loss is recognized in the income statement For DOL SA

subsidiaries jointly-controlled entities and associates not listed on ATHEX a valuation study is conducted in

accordance with IAS 36 so as to have an indication of their current valueGroup subsidiaries jointly controlled

entities and associates are presented in Notes 5a 5b and 5c respectively

4b INVESTMENTS IN OTHER ENTITIES

Company investments in other entities are initially recognized at cost plus the special acquisition expenses related

to the investment After the initial recognition investments are classified on basis of their acquisition purpose

Management reviews such classification on every publication date

bull Investments held for trading

This classification includes financial assets acquired primarily for profit arising from short term price fluctuations

This classification includes derivatives unless acquired for hedging purposes purchasing of shares for profiteering

and investments with defined or definable payouts if the Company does not intend to hold them to maturity but for

profit purposes Changes in above assets fair value are directly recognized in P amp L

bull Available for sale investments

After initial recognition investments classified as available for sale are measured at their fair value In case an

investmentrsquos fair value cannot be measured reliably it is then measured at acquisition cost Profit or loss from

investments available for sale is recognized separately in equity until the investment is sold settled or otherwise

disposed of or until there is an indication of investment value impairment In such case accrued profit or loss

previously recognized in equity are included in the P amp L

For investments traded on regulated markets fair value is determined by current market prices of such market on

the balance sheet closing date For investments without stock exchange market price fair value is determined on

the basis of current market price of a comparable financial asset traded or calculated on the basis of the issuerrsquos

equity discounted cash flows analysis

On every balance sheet publication date the Management reviews whether objective indications are in place

leading to the conclusion that financial assets have been impaired An investment is considered having been

LAMBRAKIS PRESS SA

impaired if its book value exceeds its recoverable value and there are material indications that its value decrease

has reached a level where investment capital recovery in the near future is impossible If there are reasonable

impairment indications the arising loss is recognized in P amp L

4c FOREIGN CURRENCY CONVERSION

The Company and DOL Group companies operating currency is Euro

The financial statements and the consolidated financial statements appear in euro (operating and reporting

currency) being also the currency of the country where the parent company DOL SA and DOL Group companies

are registered

Transactions in foreign currency are converted into euro using the exchange rates applicable on the transactions

dates Assets and liabilities denominated in foreign currency on financial statements compilation date are adjusted

to reflect the closing exchange rates of financial statements preparation date Profit or loss arising from exchange

rates adjustements are recorded in profit(loss) from fx differences in the income statements

4d TANGIBLE ASSETS (PROPERTY PLANT AND EQUIPMENT AND INVESTMENTS IN REAL ESTATE

Land plots and buildings were measured at imputed cost (ie at fair value on transition date January 1 2004) minus

accumulated depreciations and contingent impairment provisions

The Company proceeded to measurement at fair value of land plots and buildings as of January 1st 2004 and these

fair values were used as acquisition imputed cost on IFRS transition date The arising goodwill was recognized in

Equity

Machinery means of transport furniture and other fixtures are measured at the acquisition cost minus accumulated

depreciations and value impairment contingent provisions

Repairs and maintenance are recorded as expense in the financial year they take place

Posterior expenditures increasing useful life boosting productivity capacity or enhancing performance of assets

are included in the assetrsquos value or are recognized as a separate item on a case by case basis only when it is

probable that future economic benefits will be injected in the Group and these expenditures may be measured

reliably All other repair and maintenance expenses are recorded in the financial year results during the year they

are effected

A fixed assets or other itemrsquos recoverable value is measured when there is an indication an asset may have been

impaired and an impairement loss is recognized when the assetrsquos book value exceeds its recoverable amount The

highest amount between the assetrsquos net sale value and the acquisition value is recognized as recoverable amount

Net sale price is the amount collected from an assets sale in an objective transaction between parties aware of

and wanting to transact after deducting every direct disposal expenditure Acquisition value refers to the current

value of estimated future cash flows expected to arise from an assetrsquos continuous use and its disposal at the end of

its useful life

Tangible assets are written off upon sale or withdrawal or when no further economic benefits are anticipated from

continuous use thereof Profit or loss arising from an assets writing off are recorded in the P amp L of the financial year

said asset is written off

LAMBRAKIS PRESS SA

The Parent Companyrsquos tangible assets include land plots and buildings characterized as property investments This

classification also includes land plots to be held for future use still undefined at present and for future long term

enhancement of their value This classification also encompasses buildings possessed by the parent Company and

leased to Group subsidiaries and third parties

4e DEPRECIATION

The straight-line depreciation method based on assets estimated useful life duration applies in all tangible assets

The estimated useful life duration of most significant assets is the following

ASSETS ESTIMATED USEEFUL LIFE DURATION

ASSET GROUP COMPANY

Industrial buildings 40 years -

Other buildings 40 years 40 years

Buildings premises in third

party property 5 to 40 years 5 to 40 years

Machinery and

other equipment 8 to 20 years 8 to 16 years

Means of transport 5 to 12 years 5 to 6 years

Furniture and other

fixtures 3 to 8 years 3 to 8 years

Land-building plots and any asset at a construction stage (under way) are not depreciated

4f INTANGIBLE ASSETS

The Grouprsquos intangible assets mainly involve software licenses

The Group recognizes intagible assets in the acquisition cost Intangible assets acquired as part of business

consolidation are recorded separately from goodwill if their actual value can be reliably measured upon initial

recording

Development expenses carried out after the research stage are recorded in intangible assets if and only if all

requirements laid down in IAS 38 are cumulatively adhered to Expenses for research start up a business

education advertisement promotion relocation or restructuring of a part or a whole of a business are recognized

as expense when realized

LAMBRAKIS PRESS SA

After initial recognition intangible assets are depicted on the acquisition cost minus accumulated depreciations and

impairment losses

After initial recognition the Group Management regularly reviews intangible assets to verify probable impairment

of their value In case events or other circumstances point out that an intangible assetrsquos book value may not be

recoverable an impairment loss provision is formed so that the assetrsquos book value is depicted on its recoverable

value Intangible assets are written off from the balance sheet when disposed of or when no further economic

benefits are anticipated from their use

Intangible assets depreciations are calculated based on their estimated useful life not exceeding twenty years

Internally created intangible assets are depreciated within 5 years

4g FIXED ASSETS SUBSIDIZED INVESTMENTS

State grants are recognised as of the time the grant amount was obtained and are depicted on the attached

balance sheets as deferred income Their depreciation is calculated based on such assets useful life and is

subtracted from the depreciations account charging the production cost

4h INVENTORIES

Reserves appear at the lowest value between acquisition cost and net liquidation value Reserves acquisition cost is

determined by the ldquoFirst-in First-out methodrdquo (FIFO)

Reserves acquisition cost includes

bull Materials and services purchase expenses ie purchase price import duties and other non refundable taxes as

well as transportation fees delivery expenses and other expenses directly attributed to purchase of materials

bull Conversion cost consisting of expenditures directly related to produced units ie direct labor force and a

systematic distribution of fixed and variable production overheads realized upon converting materials into

finished products

bull Other incurred expenses so that reserves reach their present position and status

Net liquidation value is the calculated sale price during enterprisersquos usual operations minus the estimated cost

necessary to carry out the sale and the distribution expenses

There are appropriate provisions formed for redundant obsolete slow-moving reserves Reserves net liquidation

value decrease and other reserves losses are recorded in the P amp L statement in the period they are realized

4i ASSETS ACCOUNTS

Assets accounts appear in their nominal value after provisions for non receivable balances Calculation of doubtful

claims is carried out when it is no longer possible to collect part or the entire amount due

LAMBRAKIS PRESS SA

4j CASH AND CASH EQUIVALENTS

Cash and cash equivalents include cash in hand short term deposits with less than three (3) months maturity and

short term high liquidity investments directly convertible into specific cash amounts subject to a minimal risk of

change in their value

4k INTEREST BEARING LOANS

All loans are initially recorded in the cost representing the fair value of the consideration received minus loan

issuance fees After initial recording interest bearing loans are measured at amortized cost using the effective rate

method The amortized cost is calculated taking into account the issuance fees and the difference between initial

and maturity amount Profit and loss are recognized in the net profit or loss when liabilities are written off or

impaired through depreciation procedure

Loans are classified as short term liabilities when the Group or Company is bound to repay them within twelve (12)

months from the balance sheet date In the opposite case loans are classified as long term liabilities

4l PROVISIONS FOR RISKS AND EXPENSES CONTINGENT LIABILITIES AND CONTINGENT ASSETS

In accordance with IAS 37 requirements the Group forms provisions in case

bull Of a legal or imputed commitment as a result of past events

bull Of a probable outflow of resources including financial benefits for a liability settlement

bull The relevant liability amount can be measured reliably

Provisions are reviewed on every balance sheet date and are adjusted to depict the current value of the expense

estimated to be required for the liability settlement If the impact from time value of money is significant provisions

are calculated at probability-weighted expected cash flows using a pre-tax discount rate reflecting the current market

assessments of the time value of money and the risks specific to the liability wherever deemed necessary Contingent

liabilities are not recognized in the financial statements but are disclosed unless the possibility of an outflow of

economic resources is remote Contingent assets are not recognised in the financial statements but are disclosed

where an inflow of economic benefits is probable

4m PROVISIONS FOR RETIREMENT BENEFITS LIABILITIES

Pursuant to L211220 Group companies pay employees a benefit upon redundancy or retirement The benefit

amounts depend on the years of service the remuneration received and the reason of withdrawal (redundancy or

retirement)

Liabilities for retirement benefits are calculated by discounting expected future benefits value accumulated at the end

of the period based on the recognition of employees benefits rights during the expected work life duration Above

liabilities are calculated on the basis of economical and actuarial assumptions analysed in Note 33 and defined using

the actuarial valuation method of estimated liability units (Projected Unit Method)

LAMBRAKIS PRESS SA

Provisions covering the period are included in personnel payroll cost in the attached individual and consolidated P

amp L statements and consist of the current value of benefits becoming accrued during the year the interest on

benefits liability any previous service cost the actuarial profit or loss recognized in the financial year and any other

additional retirement cost Working experience cost is recognized on a constant basis until benefits vesting date

The non recognized actuarial profit and loss are recognized during the average residual working life of active

employees and are included as part of every retirement year net cost if at the beginning of the period they exceed

10 of the future estimated benefits liability Liabilities for retirement benefits are not financed

Personnel benefit provision for 2011 appearing in the Company and Group P amp L account is based on an actuarial

study carried out by an independent actuarials firm

4n STATE SOCIAL SECURITY SCHEMES

Group personnel pensions and healthcare are covered by Press Insurance Funds such as Athens amp Thessaloniki

Newspapers Personnel Insurance Fund Journalists Auxiliary Insurance and Healthcare Fund Press Owners and

Employees Insurance Fund and IKA the main Social Security Fund Every employee is bound to contribute part of

his monthly salary to the Fund while for IKA particularly a part of the overall contribution is borne by employers

Upon retirement the pension fund shall pay pensions to employees as a result the Group shall have no legal or

imputed liability to pay pensions and healthcare to its personnel

4o INCOME-EXPENSES RECOGNITION

Income from sales of products or services provision are recorded in the reference period only in case it is

estimated that economic benefits associated with the transaction shall be injected into the entity The Company

and other Group companies nature of commodities is such whereby transfer of risks and ownership benefits shall

coincide with sales documents issuance

Income from real estate rents is recorded on a systematic basis during the lease duration based on the lease

contract

Interest is recorded based on accrued income (taking into consideration the assetrsquos actual performance)

Dividends are recorded when collection right by shareholders is finalized

Expenses are recognized in the results on an accrued basis

4p INCOME TAX (CURRENT AND DEFERRED)

Current and deferred income tax is calculated based on the financial statements relevant accounts in accordance

with the relevant tax legislation applying in Greece

The current income tax is calculated based on the financial statements of each company included in the

consolidated financial statements and the applicable tax legislation in the companiesrsquo operation country The

income tax charge is based on the income tax of the current period according to Group companies results as

reclassified in their tax declaration forms applying the tax rate in effect

LAMBRAKIS PRESS SA

Deferred income tax provision is calculated using the liability method and taking into consideration the temporary

differences arising between assets or liabilities tax base and the respective amounts appearing in the accounting

financial statements

The anticipated tax impacts from temporary tax differences are determined and appear either as future (deferred)

tax liabilities or as deferred tax assets Deferred tax assets for the deferred tax losses are also recorded to the

extent an available taxable profit is probable in order to utilize the deductible temporary difference Deferred tax

assets book value is revised on every balance sheet date Deferred tax assets and liabilities for the current and

previous periods are measured at the amount anticipated to be paid to tax authorities (or be recovered by them)

using the tax rates (and tax laws) promulgated or substantially promulgated until the Balance sheet date

4q FINANCIAL AND OPERATING LEASES

Financial leases carrying over to the Company or Group companies practically all risks and benefits relevant to the

leased asset are capitalized at the beginning of lease at the leased assetrsquos fair value or if it is lower at minimum

leases current value Payments for financial leases are allocated between financial expenses and financial liability

decrease in order to attain a fixed interest rate on the remaining liability amount Financial expenses are directly

recorded in P amp L The capitalized leased assets are depreciated based on their useful life duration

Leases whereby the lessor reserves all risks and benefits of the assetrsquos ownership are recorded as operating leases

Operating leases payments are recognized as an expense in the P amp L statement on a constant basis during the

4r FINANCIAL PRODUCTS-RISK FACTORS

Financial assets and liabilities in the balance sheet include cash assets participations short term and long term

liabilities The accounting principles of assets recognition and valuation correspond to the accounting principles

presented herein The Group does not use derivatives neither for risk hedging nor for speculation purposes

Financial products appear as assets liabilities or equity based on the substance and content of the relevant

contracts they arise from Interests dividends profit and loss deriving from financial products characterized as

assets or liabilities are recognized as expenses or revenues respectively Dividends distribution to shareholders is

directly recorded in equity Financial products are offset when the Company according to Law is entitled to do so

and intends to offset them in equity (between them) or recover the asset and offset the liability at the same time

Financial risk management aims at minimizing possible negative impact In particular

bull Fair Value Fair value The amounts appearing in the attached interim financial statements for cash short

term assets and short term liabilities approach their respective fair values due to such financial products short

term maturity Long term loans fair value is not different from their book value due to the use of floating

bull Credit RiskThe Company and other Group companies do not present significant credit risk concentration vis-

agrave-vis contracting parties given that a big part of Group sales are effected in cash Sales on credit are collected

on average within 7 months and there is no risk concentration in big customers regularly audited for their

LAMBRAKIS PRESS SA

credit standing Finally a part of sales on credit is covered by an insurance policy against contracting party

bull Interest Rate Risk and Currency Risk The Company and the Group until the balance sheet compilation

date had not used derivatives to mitigate their exposure to interest rates fluctuation risk This risk exists due

to long term bond loans with floating rate (euribor plus spread) concluded by the Parent Company and Group

Companies Ellinika Grammata SA Michalakopoulou SA and Iris Printing SA Currency risk is considered

negligible given that the majority of Group companies realizes very few commercial or other transactions in

foreign currency

bull Market Risk The Company and other Group companies have not concluded contracts for hedging market

risk stemming from their exposure to prices fluctuations of raw materials used in the productive process

4s EARNINGS LOSS PER SHARE

Basic earningsloss per share are calculated by dividing profitloss proportioned to parent company common shares

holders by the weighted average number of common outstanding shares in the period in question The Company

does not calculate impaired earnings(loss) per share given that it has not issued preferred shares or potential

securities or stock options potentially converted into common shares (Note 19)

4t DIVIDENDS DISTRIBUTION

Dividends distribution to shareholders is recorded as liability in the financial statements when approved by

Shareholders General Meeting

The consolidated financial statements consist of the financial statements of Parent company DOL SA its

subsidiaries jointly controlled entities and associates as detailed below

5a Subsidiaries Subsidiaries are all companies managed and controlled directly or indirectly by the parent

company DOL SA Control exists when DOL SA through a direct or indirect shareholding holds the majority (over

50) of voting rights or has the power to control companies Board of Directors and to decide on the financial and

operational principles followed Subsidiaries are fully consolidated using the purchase method from the date of

control acquisition and cease being consolidated on the date such control is lost

Based on this method the acquisition cost is calculated on the corresponding fair value of assets carried over of

shares issued or of liabilities undertaken on the acquisition date plus the cost directly connected with the

acquisition Separate elements of assets and liabilities and contingent liabilities acquired in a business combination

are measured at their fair value on the acquisition date notwithstanding their shareholding rate The difference

between the acquisition cost and the respective fair value of the acquired subsidiaryrsquos equity is recognized as

LAMBRAKIS PRESS SA

goodwill In case the acquisition cost is less than the acquired subsidiaryrsquos equity fair value the difference is

directly recognized in P amp L

Intercompany transactions intercompany balances and unrealized profit and loss stemming from Group companies

transactions are written off

Subsidiaries follow the same accounting principles adopted by DOL Group Subsidiaries financial statements

preparation date coincides with parent company financial statements preparation date The table below shows all

subsidiaries alongside Group shareholdings

Sector Company trade name Direct

shareholding

Indirect

shareholding

Country of

business Activity

Michalakopoulou ndash Real

estate ndash tourism SA 10000 - Greece

Magazine

publications-Real

Estate

management Publishing

Nea Aktina SA 5050 - Greece Magazine

publications

Printing Multimedia SA 10000 - Greece Pre-press

Electronic and Digital Media

DOL Digital SA 8422 - Greece Digital Information

Ellinika Grammata SA 10000 - Greece Publishing house -

bookstore Other Activities

Studio ATA SA 9930 - Greece TV productions

Moreover on 1102010 the minutes of ELLINIKA GRAMMATA SA General Meeting was entered in the SAs Registry

of Athens Prefecture whereby the dissolution of the company in question and its liquidation were decided upon

starting on 30092010

On 3132011 DOL SA transferred 85226 shares or 36 of Eurostar SA share capital managed by the travel

agency TRAVEL PLAN to the company EXPRESS HOLIDAYS SA versus a consideration of 300080746 euros After

the sale of 36DOL SA maintains a 15 shareholding in the companys share capital Prior to the sale Eurostar

SA as a subsidiary had been fully consolidated in DOL Group financial statements contributing according to its

financial statements dated 31122010 13 of consolidated revenues while results posted losses before and after

tax As of 3132011 EUROSTAR SA shareholding (15) was classified in available for sale portfolio and therefore

is not consolidated in DOL Group financial statements

The result in the Financial Statements deriving from EUROSTAR SA sale to the parent company and the group is

presented below

LAMBRAKIS PRESS SA

Sale result on 31032011 Company Group

Sale price 300080746 300080746

Net assets sold -255053293 -182318893

Profit from sale 45027453 117761853

Cash flows

Sale price 300080746

Minus Tax -15004037

Minus Cash and cash equivalents on 31032011 -25300839

Net cash inflow

(in assets account on 31032011) 259775870

LAMBRAKIS PRESS SA

5b Jointly controlled entities Group participations in jointly controlled entities are integrated in the

consolidated financial statements using the method of proportional consolidation taking into consideration the

Group shareholding on the consolidation date According to this method the Grouprsquos shareholding in the assets

liabilities income and expenses of the entities is consolidated line per line The following table shows all jointly

controlled entities and the respective Group shareholdings

Sector Company trade

Direct

shareholding

Indirect

shareholding

Country of

business Activity

Hearst Lambrakis

Publishing LTD 5000 - Greece

Magazine

publications

Mellon Group SA 5000 - Greece Magazine

publications Publishing

Mikres Aggelies SA 3333 - Greece Inactive

Iris Printing SA 5000 - Greece Printing

Iris Packaging SA 2550

(through Iris SA) Greece

Bookbinding ndash

printing works Printing

ΝLIAPIS

BOOKBINDING SA

Bookbinding ndash

printing works

Electronic and

Digital Media

Radio Enterprises VIMA

FM SA 5000 - Greece Radio Station

Other Activities Digital Shopping SA 3800 - Greece E-commerce

The jointly controlled company IRIS Printings SA as of 24112010 has been participating in the printing and

bookbinding company N LIAPIS SA by 5100 Moreover the subsidiary IRIS Printings SA as of 3132011 has

been participating in the printing and bookbinding company Iris Packaging SA by 5100

5c Investments in associates Associates are the companies where the Group holds a 20 to 50

shareholding exercising significant influence but not control Group investments in associates are integrated in the

consolidated financial statements with the equity method

According to this method upon initial consolidation Group participation in the associate entity is recognized in the

consolidated balance sheet with the amount representing its share in its equity Furthermore the Group share in

associatesrsquo annual profit or loss is recognized in P amp L statement If the Group share in the associate entityrsquos loss

equals or exceeds the Group participation in this entity then the Group ceases to recognize its share in the

exceeding loss unless there are Group current liabilities or effected payments on behalf of the associate

LAMBRAKIS PRESS SA

The dividends received by investors from an associate entity decrease the investmentrsquos book value in the

consolidated financial statements

Direct

shareholding

Indirect

shareholding

Country of

business Activity

Publishing Northern Greece

Publishing SA 3333 - Greece Printing

Electronic and

Digital Media Tiletypos SA 2211 - Greece

TV station MEGA

CHANNEL

Argos SA 3870 - Greece Press Distribution

Papasotiriou

International

Bookstore SA

3000 - Greece Publishing house -

TV Enterprises SA 2500 - Greece TV studios

5d Companies not included in consolidation In the attached consolidated financial statements of DOL Group

the following company is not included

shareholding Registered office

Reason for non

consolidation Activity

Electronic and

Digital Media Interoptics SA 3718 Athens Unaudited

IT Applications ndash

Digital Publications

LAMBRAKIS PRESS SA

6 SEGMENT REPORTING

A Group operating segment is defined as a group of companies with related activities and operations offering

similar products and services subject to different risks and performance from other business segments

DOL SA and Group are active in the following sectors

Publishing sector The publishing sector includes the Parent Company and the following Group companies

MICHALAKOPOULOU REAL ESTATE TOURISM SA NEA AKTINA SA HEARST DOL PUBLISHING LTD MELLON

GROUP SA AND MIKRES AGGELIES SA (inactive) operating in newspapers and magazines publication The

Group publishes the top Greek newspapers TO VIMA TIS KYRIAKIS TO VIMA (digital publication) TA NEA

TA NEA SAVVATOKYRIAKO and EXEDRA TON SPORTS and magazines covering a particularly broad spectrum

of topics and readership Printing sector The printing sector includes the following companies MULTIMEDIA SA IRIS PRINTING SA

N LIAPIS SA (subsidiary of IRIS SA) and IRIS PACKAGING SA operating in electronic pre-press production

and printing and in all kinds of bookbinding

Electronic and Digital Media The sector includes the following companies DOL DIGITAL SA operating

the first and largest Greek web portal wwwingrand RADIO ENTERPRISES VIMA FM SA being the owner of

the radio station VIMA FM

Tourism sector The tourism sector which included until 3132011 the subsidiary EUROSTAR SA owner of a

tourism agency due to the companys 36 sale (see Note 5a) discontinued its operation The sectors

amounts were included in discontinued operations

Other investments Includes ELLINIKA GRAMMATA SA (in liquidation) STUDIO ATA SA DIGITAL

SHOPPING SA operating respectively in TV programs production and e-commerce through wwwgetitnowgr

Sales and any financial transaction between segments are recognized as sales or transactions with third parties

and are carried out at current market prices There is no geographical separation as the Group is active solely in

Greece The following tables present information on revenues and profit as well as information on assets and

liabilities covering the business segments for the periods ended on 3132011 and 3132010

LAMBRAKIS PRESS SA

GROUP SEGMENT REPORTING

11 - 31 3 2011

In euros Publishing sector

Printing sector

Tourism sector

(discontinued operation)

IT and New Technologies

Sector

Other Segments Total

Income

Total sales 2396203161 1008526587 261577327 75886578 313478631 4055672284

Intra-company sales -104265153 -297728036 -4858575 -6832074 -3509120 -417192958

Sales to external customers 2291938008 710798551 256718752 69054504 309969511 3638479326

Results from operating activities -605007381 -113868508 -139643216 -18435426 -122148223 -999102754

Results from other investing activities 117732163 000 000 000 000 117732163

Financial results -96968378 -25904011 -7676636 -7074753 -27785108 -165408886

Results before tax -584243596 -139772519 -147319852 -25510179 -149933331 -1046779477

Income tax -19536940 -62584 -1340680 -222550 -514600 -21677354

Minority interest 7718021 000 72843661 1134208 264011 81959903

Net result -596062515 -139835103 -75816871 -24598521 -150183920 -986496928

Assets for the segment 9549766480 7587878719 000 367319207 2443727474 19948691880

Investments in associates 2051717518 000 000 000 000 2051717518

Total assets 11601483998 7587878719 000 367319207 2443727474 22000409398

Liabilities per segment 11586317948 5016768291 - 628017944 2461949181 19693053364

Capital expenditures (capital assets)

10000576 9020502 - 197897 1000741 20219716

Additions in intangible assets 4545599 000 - 000 -1319445 3226154

Intangible assets depreciation

8318188 93000 - 1449375 6749356 16609919

Tangible assets depreciation 31895095 104629858 - 1124662 6595861 144245476

LAMBRAKIS PRESS SA

11 - 31 3 2010

Printing sector

Tourism sector

Sector

Other Segments

Total 31032010

Income

Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316

Income tax -17747162 567300 -413780 -213350 -2065480 -19872472

Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472

Investments in associates 2811970130 000 000 000

000 2811970130

Total assets 9579435902 7838917163 1865566742 356997897 5580631471 25221549175

Liabilities per segment 7807022903 4643188839 1046291705 675440577 3327392009 17499336033

5342745 4382760 16735675 133430 10662343 37256953

Additions in intangible assets 7755456 000 4579180 000 17538628 29873264

6710230 164656 742778 284993 3599564 11502221

Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837

LAMBRAKIS PRESS SA

7 TURNOVER ANALYSIS

Company

11 - 3132011 11 - 3132010 Activity

euros euros

Revenues from circulation 1191455610 5970 1603497159 5746

Revenues from advertisements 561914129 2816 763050299 2734

Income from autonomous sales 108586095 544 273300354 979

Total income from publishing operations 1861955834 9330 2639847812 9459

Income from services rendered 123637729 620 141633213 508

Income from sub-products sale 10125681 050 9296511 033

Total turnover 1995719244 10000 2790777536 10000

Publishing is the only parent company DOL SA operating segment

11 - 3132011 11 - 3132010 Activity

euros euros

Printing operations 644953640 1773 734870284 1451 Travel Agencies (discontinued operation) 256718752 706 507350995 1003

TV productions 196262000 539 417296279 825

Books publications and sale of stationary 34419439 095 97545256 193

Pre-press 65844910 181 66761307 132

Internet advertisement and subscriptions 6010709 017 10034339 020

Revenues from radio advertisements 6568289 018 4126490 008

Merchandises sale through the internet 77075460 212 13524111 027

Wholesale of waste and residues 15771326 042 13358244 026

Total turnover 3638479326 10000 5060498512 10000

LAMBRAKIS PRESS SA

Group Company In euros

11 ndash 3132011

11 ndash 3132010

11 - 3132011

11 ndash 3132010

Raw materials consumption ndash cost of merchandises 886350523 849892305 192025431 175971109

Payroll 930266877 1065988410 561430215 645375893

Third party remuneration 612117114 1257142036 603703266 1012753300

Third parties grants 125053862 116225914 44958639 49590594

Taxes 3155028 3226623 1118840 992554 Direct cost of tourism sector services 229619919 000 000 000

Other 107856651 496627682 60060204 78173638

Cost of goods sold before depreciations 2894419974 3789102970 1463296595 1962857088

Depreciations embedded in the cost of goods sold 112957166 117235461 5514347 5607112

Cost of goods sold after depreciations 3007377140 3906338431 1468810942 1968464200

Group Company In euros 11 -

3132011 11 -

3132010 11 -

3132011 11 -

3132010

Payroll 237419622 263244444 147558352 167122047

Rents 31125872 37965832 33022971 30820425

Taxes 16650044 8243189 3078456 2631684

Traveling expenses 3072177 6882132 2664875 5996073

Donations-grants 214955 385542 211055 168665

Other 33639182 30931625 12479221 14064475

Administrative expenses before depreciations 510636227 563698427 297237721 323283644

Depreciations embedded in administrative expenses 47360403 44198902 22343820 20562588

Administrative expenses after depreciations 557996630 607897329 319581541 343846232

LAMBRAKIS PRESS SA

11 - 3132011

11 - 3132010

11 - 3132011

11 - 3132010

Payroll 168987361 246840279 110436533 168748039

Commissions 512062091 722535284 432747982 624571207

Taxes 1425410 2199678 250990 1087391

Advertising 162319751 197621532 89834455 117401677

Transfer 24979895 34016903 22916863 31369529

Other expenses 26630745 62715938 12492776 32640898

Distribution expenses before depreciations 975069931 1344286094 680209392 989716800

Depreciations embedded in the distribution expenses 3809725 3644695 920351 1938395

Distribution expenses after depreciations 978879656 1347930789 681129743 991655195

Group Company

11- 3132011

11- 3132010

11- 3132011

11- 3132010

Income

Profit from integration of associates 000 553464 000 000

Dividends received 000 000 000 000

Total revenues 000 553464 000 000

Expenses Losses from integration of participations (Tiletypos SAΕΒΕ SA and TVE SA) 135628236 17079038 000 000

Total expenses 135628236 17079038 000 000

(Expenses) revenues from participations and securities -135628236 -16525574 000 000

LAMBRAKIS PRESS SA

11 - 3132011

11 - 3132010 11 -

3132011

Income

Income from rents 2901007 4158563 9778932 12245644

Profit from sale of assets 6453485 453364 151506 453364

Income from doubtful trade and other debtors 3112424 1605208 1400000 1327479

Fx differences 219074 5414200 210434 49881

Revenues from subsidized assets 725469 000 000 000

Other 25906431 17588899 1511810 959961

Total operating income 44803991 35049144 23868656 28202428

Expenses

Other expenses (Athens Press Techniciansrsquo Insurance Fund)

835435 000 000 000

Total operating expenses 835435 000 000 000

Other total operating income 43968556 35049144 23868656 28202428

13 PAYROLL COST

11 - 3132011

11 - 3132010

11 - 3132011

11 - 3132010

Salaries and wages 1132132429 1322355592 715089356 858046629

Employerrsquos contributions 95648627 116342338 32147749 38966111

Provision for personnel retirement benefit (Note 33) 29552777 36883506 24088953 29468850

Other personnel expenses 81009001 102941278 48099042 54764389

Total payroll 1338342834 1578522714 819425100 981245979

Expenses embedded in production cost 930266877 1065988410 561430215 645375893

Expenses embedded in administrative expenses 237419622 263244444 147558352 167122047

Expenses embedded in distribution expenses 168987361 246840279 110436533 168748039

Expenses embedded in research expenses 1668974 2449581 000 000

LAMBRAKIS PRESS SA

The employed personnel is the following Company 31032011 671 permanent staff (31 32010 796 permanent

staff ) The Company does not employ seasonal staff Group 31032011 1400 permanent staff and 44 seasonal

staff (31032010 1608 permanent staff and 42 seasonal staff)

14 DEPRECIATION

11 - 3132011

11 - 3132010

11 - 3132011

11 - 3132010

Depreciation of tangible assets (Note 20) 146766187 153576837 20651881 21651581

Depreciation of intangible assets (Note 21) 17361107 11502221 8126637 6456514

Total 164127294 165079058 28778518 28108095

Depreciation embedded in production cost 112957166 117235461 5514347 5607112

Depreciation embedded in administrative expenses 47360403 44198902 22343820 20562588

Depreciation embedded in distribution expenses 3809725 3644695 920351 1938395

15 REVENUES AND EXPENSES FROM PARTICIPATIONS AND SECURITIES OF NON OPERATING

ACTIVITY

Group Company

In euros 11 - 3132011

11 - 3132010

11 - 3132011

11 - 3132010

Income

Profit from valuation of listed securities amp trading portfolio 000 59380 000 59380

Profit from EUROSTAR shares sale 117761853 000 45027453 000

Total revenues 117761853 59380 45027453 59380

Expenses

Losses from valuation of listed securities amp trading portfolio 29690 000 29690 000

Total expenses 29690 000 29690 000

Revenues (Expenses) from participations and securities 117732163 59380 44997763 59380

LAMBRAKIS PRESS SA

11 ndash 3132011

11 ndash 3132010

11 ndash 3132011

11 ndash 3132010

Financial Income

Received interest from repos 3677720 000 000 000

Other credit interest 1389347 44031 14077 3373

Other financial income 125429 669805 000 000

Total financial income 5192496 713836 14077 3373

Interest paid on long-term loans (Note 32) 59309007 43892024 8920334 7685066

Interest paid on short-term loans (Note 36) 96336985 46668683 53381943 21674517

Other financial expenses 14955390 3416848 4154122 270157

Total financial expenses 170601382 93977555 66456399 29629740

Net financial expenses -165408886 -93263719 -66442322 -29626367

17 INCOME TAX

11 - 31032011

11 - 31032010

11 - 31032011

11 - 31032010

Provision for current period income tax 3344931 6217172 000 000

Tax on distributed profits 000 000 000 000

Deferred income tax 18332423 13655300 13502700 11315300

Tax audit differences 000 000 00 000 Other taxes non embedded in the cost 000 000 000 000

Total income tax 21677354 19872472 13502700 11315300

LAMBRAKIS PRESS SA

Deferred income tax

FINANCIAL POSITION TOTAL INCOME STATEMENT

GROUP COMPANY GROUP COMPANY In euros

3132011 31122010 3132011 31122010 11-3132011

11-3132010

11-3132011

11-3132010

Deferred tax liabilities Recognition of property at fair value as imputed cost

932731890 931825854 229665800 226488000 -906036 -3142940 -3177800 -3207700

Other provisions adjustment of intangible assets write-off of borrowing cost

358400 1831175 000 000 1472775 109550 000 000

Adjustment of fixed assets depreciation on the basis of their useful life

108978100 105758700 000 000 -3219400 -3917800 000 000

Gross deferred tax liabilities 1042068390 1039415729 229665800 226488000 -2652661 -6951190 -3177800 -3207700

Deferred tax assets

Write-off installation expenses not qualifying for recognition as intangible assets

2034742 2680356 000 000 -645614 -1049790 000 000

Valuation of buildings at their fair value 37308750 35112550 000 000 2196200 000 000 000

Provision adjustment for personnel allowance 225493625 233840860 189458200 198096500 -8347235 -10659980 -8638300 -10074100

Adjustment of provision for doubtful claims 226183593 228536461 121169800 122856400 -2352868 2850700 -1686600 1966500

Provision adjustment for inventory impairment 528900 528900 000 000 000 000 000 000

Other provisions 14551650 45339760 000 000 -30788110 -138300 000 000

Tax deductible loss 378574523 346134005 192000000 192000000 32440518 2701400 000 000

Adjustements of financial leases 413502750 420344650 000 000 -6841900 -408250 000 000

Other items -169 -094 000 000 -1340754 110 000 000

Gross deferred tax assets 1298178364 1312517448 502628000 512952900 -15679762 -6704110 -

10324900 -8107600

Net deferred tax assets 317478424 358839779 272962200 286464900 000 000 000 000

Net deferred tax liability 61368450 58469540 000 000 000 000

Deferred tax in the P amp L statement -18332423 -13655300 -

13502700 -11315300

The losses mainly derive from the financial year 2008 the benefit from the deferred asset will be offset in the

future

LAMBRAKIS PRESS SA

During the financial year 2010 total gross deferred liabilities differ by 21300 euros while total gross deferred

assets by 27289820 due to non consolidation of Eurostar which was reclassified on 3132011 from the category

of subsidiaries to the category of available for sale portfolio (see Note 5a)

In addition to the above tax-deductible loss for which deferred tax was recognized the Group registers additional

tax-deductible loss amounting to 8540221328 euros for which no deferred tax was recognized because currently

their tax utilization is deemed uncertain As laid down by legislation the Group is entitled to utilize for taxation

purposes the above loss within a period of five years starting from the fiscal year it was realized

18 OTHER TOTAL REVENUES FOR THE PERIOD ENDED ON 3132011

11 - 3132011 11 - 3132010

In euros Amounts

before tax Taxes

Income tax Net amounts after tax

Amounts before tax Income tax Net amounts

after tax

Company

11 - 31032011 11 - 31032010

In euros Amounts before tax Income tax Net amounts

after tax Amounts

before tax Income tax Net amounts after tax

LAMBRAKIS PRESS SA

The basic earningsloss per share are calculated dividing earnings or loss apportioned to Parent Company common

shares holders by the weighted average number of common outstanding shares for the period

For the calculation of basic earnings loss the following were taken into consideration

i) Earnings or loss apportioned to Parent Company shareholders It is noted that the Parent Company has not

issued preferred shares securities or options convertible to shares

The Company and the Group P amp L were not subject to any further adjustment

ii) The weighted average number of common outstanding shares during the period ie the number of common

shares outstanding at the beginning of periods adjusted by the number of common shares issued during these

periods multiplied by a weighted circulation time factor This factor is the number of days such shares are

outstanding in relation to the total number of days in the period

During QA 2011 and 2010 there was no change in the Companyrsquos share capital

Therefore the basic earnings loss per share for the Group and the Parent Company are the following

Group Company In euros 11-

3132011 11-

3132010 11-

3132011 11-

31032010 Net earnings allocated to Company shareholders -986496928 -858698472 -484881585 -525867950

Basic loss earnings per share -01188 -01035 -00584 -00634 Number of outstanding shares at the end of the period 8300000000 8300000000 8300000000 8300000000

Average weighted number of shares on the basis of bonus shares issuing 8300000000 8300000000 8300000000 8300000000

There is no reason to quote diluted earningsloss per share

LAMBRAKIS PRESS SA

CHANGES IN TANGIBLE ASSETS

11-3103 2011

In euros Land-building plots

Buildings and facilities

Machinery-technical

facilities amp other

equipment

Means of transport

Furniture and other fixtures

Real property

Fixed assets under

construction

Opening balance on 112011 3855670395 5011297747 5236790251 128077190 1812652032 29252158 16073739774

Additions for the period (+) 000 155884 4509358 207897 15346577 000 20219716

Deductions for the period (-) 000 -14602246 000 -855000 -23292974 000 -38750220

Other movements 000 000 000 000 000 000 000

Acquisitions balance on 3132011 3855670395 4996851385 5241299610 127430087 1804705635 29252158 16055209270

Accumulated depreciation on 112011 000 701901791 3742410928 94577875 1674187064 000 6213077658

Depreciation for the period 000 33578941 91987562 1784654 16894319 000 144245476

Reductionsrsquo depreciations 000 -14286670 000 -854999 -23164443 000 -38306112

Depreciations balance on 3132011 000 721194062 3834398490 95507530 1667916940 000 6319017022

Net unamortized value on 3132011 3855670395 4275657323 1406901120 31922557 136788695 29252158 9736192248

There are no registered liens or encumbrances on DOL SA fixed assets

The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of

112011 by the amount of 36426137 due to the discontinued consolidation of EUROSTAR SA

On 3132011 above tangible fixed assets include property investments-investments in land-building plots of

591822 euros acquisition cost (land plot in the Municipality of Thermi Thessaloniki 441000 euros land plot at

the Municipality of Sfakia Crete150822 euros)

The 100 subsidiary MICHALAKOPOULOS SA on 4112010 signed with ΕΘΝΙΚΗ LEASING a lease back agreement

for the privately-owned property at 80 Michalakopoulou street hosting the parent company headquarters and the

seat and offices of DOL Group subsidiaries The agreement includes the sale of a building against the amount of 26

million euros and its lease back by MICHALAKOPOULOS SA for 12 years with repurchase right at the price of 5

euros at the expiry of the lease period

LAMBRAKIS PRESS SA

11-3103 2011

Company

Machinery-technical

equipment

Means of transport

Real property Fixed assets

under construction

Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736

Accumulated depreciation on 112011

000 256818910 102859902 10764258 849380828 000 1219823898

Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949

On 31032011 the aforementioned tangible fixed assets include property investments of 1259828308 euros

acquisition cost (lang plot at the Municipality of Thermi Thessaloniki) 441000 euros land plot at the Municipality

of Sfakia Crete 150822 euros land plot and building in Paiania 502331699 euros property in 1 Chr) Lada

101635381 euros and property in 3 Chr Lada 596679028 euros) Their depreciation stood at 3075274 euros

for 11-3132011 period and at 3075274 euros for 11-31122010 period

LAMBRAKIS PRESS SA

CHANGES IN INTANGIBLE ASSETS

11-3132011

In euros

Internally generated intangible

assets

Software and other rights Total

Opening balance on 112011 132309747 665819921 798129668

Additions for the period (+) 000 3226154 3226154

Deductions for the period (-) -8400 000 -8400

Acquisitions balance on 3132011 132301347 669046075 801347422

Accumulated depreciation on 112011 125054991 494101879 619156870

Depreciation for the period 1813675 14796244 16609919

Reductionsrsquo depreciations -8399 000 -8399

Depreciations balance on 3132011 126860267 508898123 635758390

Net unamortized value on 3132011 5441080 160147952 165589032

11-3132011

Company

In euros

assets

Software and other

rights Total

Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000

Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471

LAMBRAKIS PRESS SA

22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER

COMPANIES

INVESTMENTS IN ASSOCIATES

3132011 31122010

In euros Acquisition cost

Share of profitloss Book value Acquisition

cost Share of

profitloss Book value

Northern Greece Publishing SA 592641070 -545416919 47224151 592641070 -409788683 182852387

Argos SA 211316560 46918313 258234873 211316560 46918313 258234873

Tiletypos SA 3431625589 -1756055706 1675569883 3431625589 -1756055706 1675569883

Papasotiriou SA 205431052 -156879490 48551562 205431052 -156879490 48551562

TV Enterprises SA 42498750 -20361701 22137049 42498750 -20361701 22137049

Total 4483513021 -2431795503 2051717518 4483513021 -2296167267 2187345754

The company Interoptics SA is not consolidated because the Parent Company and its subsidiaries do not exercise

any control or significant influence in accordance with provisions of paragraph 7 IAS 28

In DOL Group consolidated financial statements dated 31032011 the associates Papasotiriou SA and Argos SA

were integrated with their equity on 311209 while the company Northern Greece Publishing SA Tiletypos SA

and the company TV Enterprises SA with their equity on 31122010

DOL SA estimates that on 31032011 no significant differences arose in the consolidation of associates compared to

consolidation on 31122010

INVESTMENTS IN OTHER COMPANIES

3132011 31122010 In euros Book Value Book Value

Interoptics SA 33777814 33777814

Total 33777814 33777814

LAMBRAKIS PRESS SA

INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES AND ASSOCIATES

Company

In euros 31032011 31122010

Subsidiaries

DOL Digital SA 1374322184 1374322184

Multimedia SA 180209327 180209327

Studio ATA SA 281628783 281628783

Nea Aktina SA 4446075 4446075

Eurostar SA 000 361325662

Ellinika Grammata SA (in liquidation) 81372588 81372588

Michalakopoulou ndash Real estate ndash Tourism SA 2581499500 2581499500

Total 4503478457 4864804119

Jointly controlled entities

Mikres Aggelies SA (inactive) 000 000

Mellon Group SA 73367572 73367572

Hearst DOL LTD 74835000 74835000

Iris Printing SA 2731822722 2731822722

Digital Shopping SA 209000000 209000000

Radio Enterprises VIMA FM SA 150000000 150000000

Total 3239025294 3239025294

Associates

Northern Greece Publishing SA 592641070 592641070

Argos SA 211316560 211316560

Tiletypos SA 5131625589 5131625589

Papasotiriou SA 205431052 205431052

TV Enterprises SA 42498750 42498750

Total 6183513021 6183513021

LAMBRAKIS PRESS SA

As mentioned in Note 5b Group investments in jointly controlled entities are recognized in the consolidated financial

statements with the proportional consolidation method The relevant accounts embedded in the consolidated

financial statements on 31032011 and 31122010 are the following

In euros 31032011 31122010

Non current assets 5047981210 5167109123

Current assets 3458092478 3454820701

Short term liabilities 2561692496 2244176212

Total revenues 1211669388 5564536470

Total expenses 1395835946 6537710537

31032011 31122010 31032011 31122010

Μ Levis SA 1874580 1874580 1874580 1874580

Microland Computer SA 25374336 25374336 22882240 22882240

EUROSTAR SA 106272369 000 106272369 000

Total 133521285 27248916 131029189 24756820

24 INVENTORIES

Group Company In euros 31032011 31122010 31032011 31122010

Merchandises 152730951 135436355 62876670 22820407

Finished and unfinished products by-products and residuals 713787584 724596899 230249018 242379855

Production in progress 180791398 156929009 43855176 47012015 Raw and secondary materials consumables spare parts and packaging materials

803585173 773895675 000 000

Advance payments for purchases of inventories 129668230 48438096 000 000

Total 1980563336 1839296034 336980864 312212277

LAMBRAKIS PRESS SA

The movement of provisions for redundant and obsolete inventory (referring to the categories of merchandises and

products) for the period 11-3132011 is the following

In euros Group Company

Balance on 112011 331409722 133460766

Minus Usage of provision -142221921 -133460766

Plus Additional provision for the period 2500000 000

Balance on 31032011 191687801 000

31032011 31122010 31032011 31122010

Domestic customers 4257666517 5655178328 1906754719 1985220127

Receivable post-dated cheques and promissory notes 1187648997 1578878420 595424551 572224600

Cheques in guarantee awaiting clearance at banks 178140895 250545694 179564472 252982183

Foreign customers 55081567 73323274 30319273 32939415

Overdue cheques and promissory notes 419138321 448532665 6143342 760100

Total trade receivables 6097676297 8006458382 2718206357 2844126425

Provisions for doubtful claims -1390161344 -1475606742 -626983475 -633207686

Total 4707514953 6529851640 2091222882 2210918739

The movement of provisions for doubtful claims for 11-3132011 period is the following

Balance on 112011 1475606742 632207686

Changes from discontinued operation -86400378 000

Plus Provision for 11-31302011 period 10161600 2910743

Minus Claims provisions write-off -9206620 -8134954

Balance 313 2011 1390161344 626983475

LAMBRAKIS PRESS SA

3132011 31122010 3132011 31122010

Prepaid and withholding taxes 124413764 175953138 65652444 80899154

VAT receivable 153237472 337707816 000 60424677 Prepaid income tax 11387657 10439843 000 000

Accrued income 536259791 396832080 478032440 220050532

Prepaid expenses 92102916 223205590 67470423 73133822

Advance payments on account 78586481 67308942 6081476 5729244 Loans and advance payments to personnel 7845805 21735765 6138229 8177133

Other debtors 130439791 33152158 130109781 29741905

Advance payments of suppliers 311931329 581069973 311931329 318114968 Other 51831727 73063407 34250 20000

Total other short term receivables 1498036733 1920468712 1065450372 796291435

The Parent Company receivables from related companies on 3132011 amount to 492511126 euros (31032010

504097197euros) and regard remuneration for economic administrative legal commercial and computerization

support services offered by DOL SA to related companies Total Group receivables from related companies on

31032011 amount to 542570017 euros (31032010 454773738 euros)

Parent Company trading portfolio refers to shares listed on ATHEX

3132011 31122010 3132011 31122010

Chaidemenos SA 3444040 3473730 3444040 3473730

Total listed shares 3444040 3473730 3444040 3473730

LAMBRAKIS PRESS SA

3132011 31122010 3132011 31122010

Treasury 15104528 13986216 3542970 3825241

Bank deposits

Sight 752141063 1368617030 100392218 41547566

Term 000 000 000 000

Total 767245591 1382603246 103935188 45372807

Bank deposits are denominated in euros Sight deposits bear a foating interest rate

On 3132011 the Companyrsquos issued approved and paid up share capital stood at 45650000 euros divided into

83000000 common shares of nominal value 055 euros each and the share premium amounting to 8975929810

During 11-31302011 period there was no change in the Companyrsquos share capital

31 RESERVES

3132011 31122010 3132011 31122010

Statutory reserve 397025602 402200737 325330375 325330375

Tax free and specially taxed reserves 1117315538 1120395519 546791406 546791406

Special reserves 1688038 1688038 000 000

Other reserves 42771330 43602512 30505911 30505911

Total 1558800508 1567886806 902627692 902627692

Statutory reserveAccording to the Greek commercial law companies are required to form a statutory reserve of

at least 5 of their annual net profit as these profits are depicted in their accounting books until the statutory

reserve accrued amount reaches at least 13 of share capital This reserve cannot be distributed to shareholders

during Company operation

Tax free and specially taxed reserves They have been formed on the basis of various laws Pursuant to Greek

tax legislation specially taxed reserves are exempt from income tax on the condition they will not be distributed

to shareholders This account includes a parent company amount of 141362509 euros of a fully paid up tax

liability and can be distributed

LAMBRAKIS PRESS SA

32LONG TERM BORROWING

31032011 31122010 31032011 31122010

Long term loans 5604739302 5719119245 1400000000 1400000000

Long term loans installments payable in the following financial year (Note 36)

-593752535 -612830349 000 000

Total 5010986767 5106288896 1400000000 1400000000

Long term loans are payable as follows

31032011 31122010 31032011 31122010

Payable up to 1 year 593752535 612830349 000 000

Payable from 1 to 5 years 4878986767 4974288896 1400000000 1400000000

Payable after 5 years 132000000 132000000 000 000

Total 5604739302 5719119245 1400000000 1400000000

Bond Loan issued by the jointly controlled company IRIS PRINTING SA

On 2772007 IRIS Printing SA issued a common bond loan of 85000000 euros total amount on floating rate

(Euribor plus margin) for an 8-year duration The bond loan is anticipated to be fully paid by 2015 in 32 quarterly

installments

Bond Loan issued by Parent Company DOL SA

On 30112009 DOL SA issued a common bond loan amounting to 14000000 euros on a floating rate (euribor

plus margin 150) with 30112012 maturity date when the loan will be fully paid

Bond Loan issued by the subsidiary company ELLINIKA GRAMMATA SA

On 14122007 the subsidiary Company issued a common bond loan of 1000000000 euros initial amount on

floating rate (Euribor plus margin 100) for a 10-year duration plus a 2-year grace period The bond loan is

anticipated to be fully paid in 2017This bond loan was issued to refinance the existing short term borrowing and

the working capital

On 2372008 due to the Companyrsquos Share Capital increase 50 of the bond loan was early repaid Total bond

loan repayment shall be effected in eight semester installments expected by 0912 2013

Long term Loan of MICHALAKOPOULOU SA subsidiary

MICHALAKOPOULOU SA on 29122009 was financed with a long term loan of 3000000 euros total initial amount

on floating rate (Euribor plus margin 250) for a 5-year duration The capital is set to be fully paid up in 60 equal

-amount monthly installments of 30000 euros by 31012015 when the remaining loan will be fully paid on the

last installment

LAMBRAKIS PRESS SA

Moreover on 01012010 it was financed with one additional long term loan of 4400000 euros for a ten-year

duration expiring on 28112019 that will be repaid in 21 installments after partial repayment by 1470000

realized in 2010

Long term Loan of DOL DIGITAL SA subsidiary

The company concluded a long term loan for a five-year duration amounting to 430000000 expiring on

31122014

Long term Loan of DIGITAL SHOPPING SA subsidiary

On 28092010 the company concluded a long term loan of 300000000 euros with maturity date 28092014 and

two-year grace period

Long term borrowing total interest expenses stood at 59309007 euros on consolidated basis and at 8920334

euros for the Parent Company for 11-3132011 period (43892024 euros and 7685066 euros on consolidated

basis for the Parent Company respectively for 11-3132010 period) and are included in interest expenses in the

attached financial statement

31032011 31122010 31032011 31122010

Provision for personnel retirement benefits 1136982328 1218885942 947290953 990482500

Group and Company personnel retirement benefits liabilities were determined based on an actuarial study

Provision for personnel compensation recognized in the results is analyzed as follows

3132011 3132010 3132011 3132010

Current service cost 16904644 20121498 13172400 15151472

Financial cost 12648133 16762008 10916553 14317375

Total 29552777 36883506 24088953 29468847

LAMBRAKIS PRESS SA

The relevant provision movement respectively is the following

3132011 3132010 3132011 3132010

Commencement balance (112011 and 112010) 1218885942 1436837470 990482500 1195455698

Changes due to proportional consolidation of VIMA FM SA and MELLON GROUP SA in 2010 due to discontinued operation of Eurostar on 31311

-35909772 5287750 000 000

Provision for the period 29552777 36883506 24088953 29468847

Paid up compensations -75546619 -89936965 -67280500 -79839792

Closing balance 1136982328 1389071761 947290953 1145084753

The basic actuarial assumptions used to calculate the relevant provisions (personnel compensation due to

retirement ) are the following

3132011 3132010

Discount rate 47 55

Anticipated remuneration increase 25 25

Inflation 25 25

34 DEFERRED INCOME

Deferred income mainly refers to state grants for investments in fixed assets and proceeds from subsidized

programs The change of grants is as follows

3132011 31122010 3132011 31122010

Balance at the beginning of

the period

(112011 and 112010)

51088650 82310839 000 000

Additions 000 000 000 000

Depreciations -7261442 -31222189 000 000

Balance at the end of the

period

(31032011 and

31122010)

43827208 51088650 000 000

LAMBRAKIS PRESS SA

3132011 31122010 3132011 31122010

Domestic suppliers 2434114284 3061264257 1663240178 1726842465

Foreign suppliers 435658901 275406799 79878665 121421685

Post-dated payable cheques 31689218 70842410 65081735 51441349

Total 2901462403 3407513466 1808200578 1899705499

3132011 31122010 31032011 31122010

Available credit limits 9572400447 9763762337 4125400000 4125000000

Unutilized credit limit -3009287745 -2648392281 -252211219 -191292126

Short term borrowing 6563112702 7115370056 3873188781 3933707874

Long term liabilities payable within twelve months (Note 32) 593752535 612830349 000 000

Total 7156865237 7728200405 3873188781 3933707874

Short term loans for the period were denominated in euros

The weighted average interest rate for short term borrowing as of March 31 2011 was 640 (410 for 11-

3132010 period)

Short term loans interest amounted totally to 96336985 euros on consolidated basis and to 53381943 euros for

the parent company for the period ended on 3132011 ( 46668683 euros on consolidated basis and 21674517

euros for the parent company for the period ended on 3132010) 2010) and is depicted under interest expenses in P

LAMBRAKIS PRESS SA

3132011 31122010 3132011 31122010

Customers down payments 443063056 378655816 268137835 128484850

Payable taxes-income tax excluded 478728241 757487546 405221872 586953647

Income tax 1124794 000 000 000

Insurance contributions payable 71569196 177652879 36915529 88410225

Accrued expenses 931362115 850981431 488962455 165405148

Personnel compensation payable 52718557 63947960 52718557 63947960

Dividends Payable 5115305 2565305 2565305 2565305

Deferred income (subscriptions) 92507596 155242139 11151226 15621391

Long term liabilities of financial leases

payable in the following period 141662712 141618320 000 000

Other creditors 212938839 106456341 49308644 63079036

Other Transitional 78744336 59113069 6808294 6948816

Total 2509534747 2693720806 1321789717 1121416378

Commitments from financial leases On 3132011 the parent company did not have any commitments for

financial leases As regards the group on 4112010 the 100 subsidiary MICHALAKOPOULOS SA signed with

ΕΘΝΙΚΗ LEASING a sale and lease back agreement for the privately-owned property at 80 Michalakopoulou street

hosting the parent company headquarters and the seat and offices of DOL Group subsidiaries The agreement

includes the sale of a building against the amount of 26 million euros and its lease back by MICHALAKOPOULOS SA

for 12 years with repurchase right at the price of 5 euros at the expiry of the lease period

For the Group the future minimum lease payments based on the non-cancellable financial leases for buildings

cars and machinery on 3132011 are analyzed as follows

In euros

Future commitments from financial leases on

3132011

Group Company

Payable up to 1 year 141662712 000

Payable from 1 to 5 years 618418568 000

Payable beyond 5 years 1311481703 000

Total 2071562983 000

LAMBRAKIS PRESS SA

39CONTINGENT LIABILITIES AND COMMITMENTS

Commitments from operating leasesLiabilities from non-cancellable operating leases (minimum future lease

payments) on 3132011 are the following

Future commitments from operating leases on 3132011 In euros

Group Company

Total 124938362 104567580

Commitments for capital expenditures On 3132011 the Group and the Company had no commitments for

capital expenditures

Non tax audited financial years The Company has not been tax audited for the financial years 2006 up to

2010 Moreover some Group subsidiaries have not been tax audited mainly for the periods 2007 - 2010 so their

tax liabilities have not been finalized In case of an eventual future tax audit tax authorities may reject certain

expenses increasing thus Parent Company and subsidiaries taxable income imposing at the same time additional

taxes fines and surcharges Given the difficulty at present to accurately determine the amount of additional taxes

and fines to be possibly imposed the Company has formed estimated-based provisions on tax differences possibly

arising from the audit of non audited financial years up until 31122009 The Parent Company provision amount

stands at 44360000 euros For the other Group companies no respective provision has been formed

LAMBRAKIS PRESS SA

The table below outlines the non audited financial years of DOL Group consolidated companies

COMPANIES INCLUDED IN GROUP CONSOLIDATED FINANCIAL STATEMENTS

TRADE NAME ACTIVITY GROUP SHAREHOLDING

CONSOLIDATION METHOD

NON TAX AUDITED

FINANCIAL YEARS

Multimedia SA Pre-press 10000 Full 4

Michalakopoulou ndash Real estate ndash Tourism-Publishing SA

Publishing-Real Estate 10000 Full 1

Ellinika Grammata SA Publishing house - bookstore 10000 Full 4

Studio ATA SA TV productions 9930 Full 4

DOL Digital SA Digital information media 8422 Full 1

Nea Aktina SA Publications 5050 Full 1

Hearst Lambrakis Publishing LTD Publications 5000 Proportional 1

IRIS PRINTING SA Printing 5000 Proportional 1

Mikres Aggelies SA Publications 3333 Proportional 1

MELLON GROUP SA Publications 5000 Proportional 1

Radio Enterprises Vima FM SA Radio Station 5000 Proportional 1

Digital Shopping SA E-commerce 3800 Proportional 1

ΝLiapis Bookbinding SA Bookbinding ndashprinting works 2550 Proportional 1

Iris Packaging SA Bookbinding ndashprinting works 2550 Proportional 0

Argos SA Press Distribution Agency 3870 Equity 4

Northern Greece Publishing SA Publications-Printing 3333 Equity 4

Papasotiriou SA Bookstore chain-Publishing House 3000 Equity 5

Tiletypos SA Μega Channel TV station 2211 Equity 6

TV Enterprises SA TV studios ndash TV productions 2500 Equity 3

Pending litigations against the Company and DOL Group companies There are litigations pending against

Parent Company and Group associates arising mainly from publications in newspapers it is estimated that their

final outcome shall have no significant impact on the Company or Group financial position or operation For the

jointly controlled entity IRIS PRINTING SA the following are pending a) a ruling by the State Council for additional

contributions payment to a social security fund by an amount of euro3050 mn regarding the period 1998-2003 and

b) a hearing of the action brought before the Administrative Court of First Instance of Athens for the payment of

additional contributions to a social security fund amounting to around euro3064mn for the period 2004-2006 and its

communication is awaited These amounts have been booked in the companys expenses and have been paid in

the previous financial year and the current period

LAMBRAKIS PRESS SA

Encumbrances and collaterals

There are no registered liens or encumbrances on DOL SA and Parent Company property

40 a Subsidiareis jointly controlled entities associates and other related parties

Any transactions between DOL Group and DOL SA with subsidiaries jointly controlled entities and associates are

the following

Group Company

11-31311 FromTo subsidias

From to jointly

controlled entities

From to associates

From to other related

parties

FromTo subsidiaries

From to jointly controlled

entities

From to associates

From to other

related parties

a) Purchases of goods and services

000 000 495440919 240365 51408806 386925994 422673162 000

b) Acquisition of non current assets

000 000 000 000 000 000 000 000

c) Loans 000 000 000 000 000 000 000 000

d) Share capital increases 000 000 000 000 000 000 000 000

e) Dividends 000 000 000 000 000 000 000 000

f) Lease contracts 000 000 000 000 25474398 2821914 17607 000

Total 000 000 495440919 240365 76883204 389747908 422690769 000

a) Sales of goods and services

000 000 1551815382 1321121 64215686 40230151 1289621301 851931

b) Sales of non current assets 000 000 000 000 000 000 000 000

c) Loans granted 000 000 000 000 000 000 000 000

e) Dividends 000 000 000 000 000 000 000 000

Total 000 000 1551815382 1621121 70203518 42169075 1289621301 1151931

Group Company 11-31311

Receivables Liabilities Receivables Liabilities

Total 1467359932 616106294 1410196573 2475295713

LAMBRAKIS PRESS SA

Group and Parent Company transactions are included in lsquoother related partiesrsquo account with the public welfare

institution LAMBRAKIS FOUNDATION

40b Commercial and other agreements

DOL Group SA publishing companies assign to subsidiary Multimedia SA all pre-press work and to the jointly

controlled company Iris Printing SA all printing work required for the Grouprsquos publications The associate company

Argos SA undertakes handling and distribution of all company and Group publications on percentage-based fee

Additionally DOL SA has signed private agreements with associates and subsidiaries thereby mutually agreeing

that the former renders to the above companies administrative financial accounting legal commercial and IT

services and concludes lease contracts mainly as lessor Finally DOL SA has signed private agreements with

subsidiaries and associates for advertisements entries in DOL SA print-outs as well as advertising barter

agreements Finally within its normal course of business DOL SA occasionally concludes agreements with

subsidiaries operating primarily in sales of goods mutual rendering of services or editing publications Such

agreements are of very limited financial scope

40 c Granted guarantees to associates

Granted guarantees (in thous euros)

3132011

31122010

DOL Digital SA 860000 860000 Studio ΑΤΑ SA 774127 774127 Michalakopoulou SA 820000 820000 Eurostar SA 170800 170800 Ellinika Grammata SA 870000 870000 Multimedia 300000 300000 TV Enterprises SA 200000 200000 Digital Shopping SA 500000 500000 Total 4494927 4494927

40 d Board of Directors members and Senior Management Executives members remuneration

Transactions and remuneration of Management members and Senior Management Executives

(In euros)

11-3132011 Group Company

Remuneration 97644603 43705484

3132011 Group Company

Receivables 000 000

Liabilities 000 000

LAMBRAKIS PRESS SA

41POSTERIOR EVENTS

There were no events posterior to the financial statements date until their approval time that highlight the need for

adjustments of Assets and Liabilities or that require their disclosure in the financial statements of the period in

question

LAMBRAKIS PRESS SA

CERTIFICATION

It is hereby certified that the above PARENT COMPANY AND GROUP INTERIM FINANCIAL STATEMENTS DATED

MARCH 31st 2011 and the attached thereto lsquoNOTES 1-40rsquo were the ones approved by the Companys Board of

Directors at its meeting held on May 25th 2011

The persons in charge of data preparation and accuracy in the above PARENT COMPANY AND GROUP INTERIM

FINANCIAL STATEMENTS DATED MARCH 31 2011 and in the attached thereto lsquoNOTES 1-40rsquo were Messrs Stavros P

Psycharis BoD Executive Chairman and CEO Panagiotis St Psycharis BoD Executive deputy Chairman and Business

Development General Manager Nikolas G Pefanis BoD Member and General Manager of the Corporate Center and

Theodoros D Dolos Head of Accounting Department

Athens May 25 2011

BoD Chairman

and Chief Executive Officer

Stavros P Psycharis

ID No Χ 214638

BoD Deputy Chairman

and General Manager for Business

Development

Panagiotis S Psycharis

ID No ΑΗ 042414

BoD Member

and General Manager for

Corporate Center

Nikolas J Pefanis

ID NO Ξ 199212

Head of Accounting

Department

Theodoros D Dolos

ID No ΑΕ 103596

REG No0001984 CLASS A

3132011 31122010 3132011 31122010

Continuing operations

Discontinued operations Total

9677010048 9837905217 862559426 870415691 3376901999 261577327 3638479326 4544761577 515736935 5060498512

59182200 59182200 1171614626 1174689900 700068015 (68965829) 631102186 1140670403 13489678 1154160081

165589032 185864725 62486433 66165224 (859459538) (139643216) (999102754) (718252131) (67341917) (785594048)

133521285 27248916 131029189 24756820 (899459625) (147319852) (1046779477) (805167694) (73630693) (878798387)

2465732163 2650119586 14229937137 14605170157 (919796299) (148660532) (1068456831) (824626386) (74044473) (898670859)

Inventories 1980563336 1839296034 336980864 312212277 000 000 000

Loans and advances to customers 4707514953 6529851640 2091222882 2210918739 (910680057) (75816871) (986496928) (820935791) (37762681) (858698472)

2811296381 3758180455 1665340726 1285366732 (9116242) (72843661) (81959903) (3690595) (36281792) (39972387)

22000409398 24887648773 20551171283 20549695540 000 000 000 000 000 000

(919796299) (148660532) (1068456831) (824626386) (74044473) (898670859)

4565000000 4565000000 4565000000 4565000000 (910680057) (75816871) (986496928) (820935791) (37762681) (858698472)

(3352633748) (2396441775) 5303582843 5788464428 (9116242) (72843661) (81959903) (3690595) (36281792) (39972387)

1212366252 2168558225 9868582843 10353464428 (01097) (00091) (01188) (00989) (00045) (01035)

(7624264) 322493076 000 000 (698604143) (136371317) (834975460) (555859795) (64655195) (620514990)

1204741988 2491051301 9868582843 10353464428

5010986767 5106288896 1400000000 1400000000

3216818256 3460873899 991650953 1034842500 Continuing operations

7156865237 7728200405 3873188781 3933707874 1995719244 000 1995719244 2790777536 000 2790777536

5410997150 6101234272 4417748706 3827680738 526908302 000 526908302 822313336 000 822313336

000 000 000 000 (449934326) 000 (449934326) (484985663) 000 (484985663)

20795667410 22396597472 10682588440 10196231112 (471378885) 000 (471378885) (514552650) 000 (514552650)

22000409398 24887648773 20551171283 20549695540 (484881585) 000 (484881585) (525867950) 000 (525867950)

000 000 000 000 000 000

11 - 3132011 11 - 3132010 11 - 3132011 11 - 3132010 (484881585) 000 (484881585) (525867950) 000 (525867950)

(00584) 00000 (00584) (00634) 00000 (00634)

(899459625) (805167694) (471378885) (514552650) (421155808) 000 (421155808) (456877568) 000 (456877568)

(147319852) (73630693) 000 000

REVENUES EXPENSES REVENUES EXPENSES

160855395 162392336 28778518 28108095 000 000 70203518 76883204

000 000 42169075 389747908

(168066472) (49257246) (43191547) (50370945) 1551815382 495440919 1289621301 422690769

1187210 117100 (148957) 67678 1621121 240365 1151931 000

17896073 16466194 (44997763) (59380) 1553436503 495681284 1403145825 889321881

165408886 86974943 66442322 29626367 000 97644603 000 43705484

RECEIVABLES LIABILITIES RECEIVABLES LIABILITIES

(141267302) 166698382 (24768587) 47667373 000 000 508308362 1251040479

458116819 1027514799 98622745 623706366 000 000 341970283 726753251

382404806 (651966242) 715720024 (431236380) 1444133256 616106294 541502046 497501983

23226676 000 18415882 000

(170601382) (87592051) (66456399) (29629740) 1467359932 616106294 1410196573 2475295713

(127051855) 000 (125503099) 000 000 000 000 000

(69187327) (106738115) 000 000

(537084626) (314188287) 133118372 (296673216)

000 (100000000) 000 (100000000) Athens 10000 Full 4

(23445870) (45815363) (14200975) (11908829) Athens 10000 Full 1

160000 000 150000 490000 Athens 10000 Full 4

000 000 000 000 Maroussi 9930 Full 4

5192496 617108 14077 3373 Athens 8422 Full 1

000 000 000 000 NEA AKTINA SA Maroussi 5050 Full 1

(4749338) (21218127) 000 000 HEARST LAMBRAKIS PUBLISHING LTD Athens 5000 Proportional 1

(22842712) (166416382) (14036898) (111415456) IRIS PRINTING SA Koropi 5000 Proportional 1

MELLON GROUP SA Athens 5000 Proportional 1

000 600276966 000 339541819 Athens 5000 Proportional 1

(128584412) (309112526) (60519093) 000 DIGITAL SHOPPING SA Athens 3800 Proportional 1

(36635846) (2041015) 000 000 MIKRES AGGELIES SA Athens 3333 Proportional 1

000 000 000 000 Koropi 2550 Proportional 1

(55430317) 364636240 (60519093) 339541819 Koropi 3870 Equity 4

(615357655) (115968429) 58562381 (68546853) NORTHERN GREECE PUBLISHING SA Thessaloniki 3333 Equity 4

1382603246 663813575 45372807 96156598 PAPASOTIRIOU SA Athens 3000 Equity 5

767245591 547845146 103935188 27609745 Athens 2500 Equity 3

Athens 2211 Equity 6

11 - 3132011 11 - 3132010

2491051301 7327266219

(1068456831) (898670859)

000 000

(217852482) (112152973)

1204741988 6316442387

11 - 3132011 11 - 3132010

10353464428 12932875105

(484881585) (525867950)

9868582843 12407007155

Companys registered office 3 Chr Lada Street GR-10237 Athens

COMPANY DATA

Supervising Authority

Board of Directors Composition

Operating cash flows from discontinued operations

Stavros P Psycharis BoD Executive Chairman and CEO Panagiotis S Psycharis BoD Executive deputy Chairman and General Manager of Business Development CebrianJuan Luis Independent non executive member Colombani Jean Marie Independent non executive member Pandelis I Kapsis Executive member Nikolaos Ch KoritsasIndependent non Executive member Tryfon I Koutalidis Executive member Ioannis N Manos Executive member Stergios G Nezis Executive member Ioannis NParaschis Independent non Executive member Nikolaos G Pefanis Executive member Victor S Restis Non Executive member Antonios P Trifyllis Independent NonExecutive member Christina P Tsoutsoura ndash Psychary Executive member

Web address where the Financial Statements are posted httpwwwdolgrdown_finhtm

Certified Auditor

Audit Firm

Ministry of Development (General Secretariat of Commerce)

Charalambos Petropoulos SOL SA Reg No 12001

SOL SA

By consent

May 25 2011

Type of Auditors Review Report

Financial statements approval date by DOL SA BoD

Available for sale portfolio

Property investments

Intangible assets

COMPANYFINANCIAL POSITION STATEMENT

TOTAL ASSETS

Other current assets

Other equity items

Total equity of parent company owners (a)

Non controlling interest (b)

Fx differences

Share capital (83000000 shares of 055 euros nominal value each)

Other non current assets

Decrease (increase) in inventories

CASH FLOW STATEMENT

(Decrease) increase in liabilities (minus loans)

Interest on debt and similar charges (interest charges minus credit interest)

Plusminus adjustments for changes in working capital accounts or changes related to operating activities

Operating activities

(Losses)Profit before tax from continuing operations

Plus minus adjustments for

Provisions

Turnover

Gross Profit (Loss)

Liabilities related to non current assets available for sale

Proceeds from tangible and intangible fixed assets sales

Total liabilities (d)

Short term loans

Interests on debt and similar paid up charges

Total equity (c) = (a)+(b)

Taxes paid

Decrease (increase) in receivables

(Loss) Profit before taxes financing and investing results

Loans repayment

(Loss) Profit before tax

Settlement of liabilities from financing leases (amortizations)

TOTAL EQUITY AND LIABILITIES (c)+(d)

Interests received

Dividends received

Total (outflow) inflow from investing activities (b)

Proceeds from subsidiaries jointly controlled entities associates and securities sale

Parent company owners

Net (decrease) increase in cash and cash equivalents of the period (a)+(b)+(c)

Non controlling interest

(Loss) Profit after Tax (a)

Attributable to

Proceeds from loans

Financing activities

Acquisition of subsidiaries associates joint ventures and other investments

Other short term liabilities

Purchase of tangible and intangible fixed assets

COMPANY

Total inflow (outflow) from financing activities (c)

Dividends paid

Long term loans

Total inflow (outflow) from operating activities (a)

Provisions and other long term liabilities

Investing activities

Loss Profit after tax per share

LAMBRAKIS PRESS SA

Other total revenuesexpenses after tax (b)

Total comprehensive incomeexpenses after tax (a)+(b)

Total comprehensive incomeexpenses after tax (continuing and discontinued operations)

SA Reg No 1410 06 Β 86 40

TIN 094028358

The data and information below result from the financial statements and aim at an overall presentation of LAMBRAKIS PRESS SA and Group financial situation and results We therefore propose to readers prior to any investment choice or transaction with the Company to visit its web address httpwwwdolgr where the financial statements and the audit report by the chartered accountant when required are posted

FROM JANUARY 1 2011 T0 MARCH 31st 2011

amounts denominated in euros

Published pursuant to Resolution 450728042009 by the Capital Market Commission Board of Directors

(Loss) Profit before taxes financing and investing results and depreciations

COMPANY

11-3132010

ADDITIONAL DATA AND INFORMATION

Pre-press

d) Fromto other related parties

Cash and cash equivalents at the end of the period

Cash and cash equivalents at the beginning of the period

COMPANY

ASSETS

Property plant and equipment

Depreciations

Impairment of tangible and intangible assets

Results (revenues expenses profit and losses) from investment activities

Activity

Investment cash flows from discontinued operations

Financial cash flows from discontinued operations IRIS PACKAGING SA

GROUP SHAREHOLDING

Consolidation Method Non tax audited financial years

Publishing-Real Estate

Publishing house - bookstore-in liquidation

TV productions

Digital media-IT-internet

Registered office

Publications-Printing

Bookbinding works

Μega Channel TV station

Trade name

MULTIMEDIA SA

MICHALAKOPOULOU TOURISM-REAL ESTATE-PUBLISHING SA

ELLINIKA GRAMMATA SA

STUDIO ATA SA

DOL DIGITAL SA

Ν LIAPIS BOOKBINDING SA

Bookstore chain-Publishing House

Bookbinding works

ARGOS SA

Publications

Printing

Publications

Radio Station

E-commerce

Publications-Inactive

RADIO ENTERPRISES VIMA FM SA

Press Distribution Agency

TILETYPOS SA

COMPANIES INCLUDED IN THE GROUP CONSOLIDATED FINANCIAL STATEMENTS DATED 3132011

RELATED PARTY DISCLOSURES IN ACCORDANCE WITH IAS 24 (transactions and outstanding balances with related parties)

11-31032011

31032011

a) Fromto subsidiaries

b) Fromto jointly controlled entities

c) Fromto associates

TOTAL INCOME STATEMENT

(Losses)Profit before tax from discontinued operations

11-3132011

Turnover

Gross Profit (Loss)

Changes in consolidation

Total equity at the end of the period (3032011 and 3022010 respectively)

COMPANY

STATEMENT OF CHANGES IN EQUITY

Total equity at the beginning of the period (112011 and 112010 respectively)

Dividends paid to non controlling interest

TV ENTERPRISES SA (TVE) TV studios ndash TV productions

FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS

1 In the Financial Statements of the period 11-3132011 - wherefrom the above Data and Information were drawn- the basic valuation guidelines accounting principles and estimations of the Financial Statements of the previous financial year 2010 have been observed There were no other changes regarding corrections of accounting errors or reclassification of accounts except for the amounts reclassified from continuing operations to discontinued operations (see note 6 of financial statements and note 11 below of additional information)2 The Parent Company is non tax audited for the financial years 2006 to 2010 while for the consolidated companies the non tax audited financial years are presented in the next table (see note 39 in the Financial Statements of the period 11-3132011)3 The Company and the Group have not formed provisions for a possible adverse outcome of disputes under litigation or arbitration or for court rulings or decisions by arbitration bodies4 There are litigations pending against Parent Company and Group associates arising mainly from publications in newspapers it is estimated that their final outcome shall have no significant impact on the Company or Group financial position or operation For the jointly controlled entity IRIS PRINTING SA a) a ruling by the State Council for additional contributions payment to a social security fund by an amount of euro3050 mn regarding the period 1998-2003 is pending and b) the action brought before the Administrative Court of First Instance of Athens for the non payment of additional contributions to a social security fund amounting to around euro3064mn for the period 2004-2006 was dismissed and its disclosure is awaited These amounts have been booked in the companys expenses and have been paid in the previous financial year and the current period5 Up to 3132011 the Company had formed total provisions amounting to 4436 thous euros for the tax differences possibly arising from a future audit of the non tax audited financial years 2006 - 2010 The other Group companies have not formed provisions for the tax differences that might arise from the audit of the non tax audited financial years until 311220106 In the period 11- 3132011 the Company and the Group did not form provisions in the meaning of IAS 37 7 The absolute employed personnel figure is the following Company 31032011 671 permanent staff (3132010 796 permanent staff ) The Company does not employ seasonal staff Group 3132011 1400 permanent staff and 44 seasonal staff (3132010 1608 permanent staff and 42 seasonal staff)8 Moreover on 9122009 DOL SA participated by 40 in the newly established company Digital Shopping SA share capital paying a consideration of 400000 euros Subsequently DOL SA paid in 1H 2010 other 740000 euros participating in the share capital increase partly restricting existing shareholders preemption right maintening thus its shareholding at 38 Moreover in 2H 2010 DOL SA paid an extra amount of 95000000 for the new Share Capital Increase without changing its participation rate As of 311209 and onwards the company Digital Shopping SA is consolidated with the proportional consolidation method9 Moreover the subsidiary IRIS Printings SA as of 24112010 has been participating in the printing and bookbinding company N LIAPIS SA by 5100 (indirect DOL SA shareholding 2550) paying 350000 euros and holding 1020 shares Moreover the subsidiary IRIS Printings SA as of 3132011 has been participating in the printing and bookbinding company Iris Packaging SA by 5100 (indirect DOL SA shareholding 2550) paying 3060000 euros and holding 30600 shares10 On 1102010 the minutes of ELLINIKA GRAMMATA SA General Meeting was entered in the SAs Registry of Athens Prefecture whereby the dissolution of the company in question and its liquidation were decided upon starting on 30092010The company in question participates on 31032011 by 101 in the consolidated turnover and by 3 98 in the Groups total assets 11 On 3132011 DOL SA transferred 36 of Eurostar SA share capital managed by the travel agency TRAVEL PLAN to the company EXPRESS HOLIDAYS SA versus a consideration of 300080746 euros After the sale of 36DOL SA maintains a 15 shareholding in the companys share capital Prior to the sale Eurostar SA had been fully consolidated in DOL Group financial statements contributing according to its financial statements dated 31122010 to 13 of consolidated revenues while results posted losses before and after tax After the sale the company is no more consolidated in DOL Group financial statements 12 The financial statements results of the periods 11-31032011 and 11-31032010 derive from continuing and discontinued operations13 There are no registered liens or encumbrances on DOL SA and Group fixed assets 14 Loss earnings per share were calculated based on the number of shares at the end of the financial year as there is no reason for weighting15 No treasury shares are held by the Company In addition subsidiaries jointly controlled entities and associates do not hold any Company-issued shares16 For any posterior events having taken place until the financial statements approval date see relevant Financial Statements note 41 for 11-31302011 period

THE BoD CHAIRMAN AND AND CHIEF EXECUTIVE OFFICER

STAVROS P PSYCHARISID No Χ 214638

Athens May 25 2011

THE BoD MEMBER ANDGENERAL MANAGER FOR THE CORPORATE CENTER

NIKOLAS J PEFANISID NO Ξ 199212

HEAD OF ACCOUNTING DEPARTMENT

THEODOROS D DOLOSID No ΑΕ 103596

BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT

PANAGIOTIS S PSYCHARISID NOΑΗ 042414

ΟΙΚΟΝΟΜΙΚΕΣ ΚΑΤΑΣΤΑΣΕΙΣ 31032 011 ENGLISHpdf

LAMBRAKIS PRESS SA

DOL SYNOPTIKO - 31032011enpdf