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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
2
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
3
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
4
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
Institute of CPA (SOEL) Reg No 125
LAMBRAKIS PRESS SA
TOTAL INTERIM INCOME STATEMENT
Group
In euros
Notes Continuing Operations 11-
31302011
Discontinued Operations 11-
31302011 Total
11-3132011
Continuing Operations 11-
3132010
Discontinued Operations 11-
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
6
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
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
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
TOTAL INTERIM INCOME STATEMENT
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
Other total revenues
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
The loss of the period is attributed as follows
To parent company shareholders -484881585 -525867950
Total -484881585 -525867950
The total income of the period is attributed as follows
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
The attached Notes 1 ndash 41 constitute an integral part of the interim financial statements herein
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
9
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
The attached Notes 1 ndash 41 constitute an integral part of the interim financial statements herein
10
LAMBRAKIS PRESS SA INTERIM STATEMENT OF CHANGES IN EQUITY
Group
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
recognized in equity
Retained earnings
Non controlling
interest Total equity
January 1 2011 4565000000 8975929810 402200737 1165686069 -798879484 -12141378907 322493076 2491051301
Comprehensive total results after tax 000 000 000 000 000 -986496928 -81959903 -1068456831
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
11
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
Results directly recognized in
equity Total equity
January 1 2011 4565000000 8975929810 325330375 577297317 -3959235264 -130857810 10353464428
Comprehensive total resuafter tax 000 000 000 000 -484881585 000 -484881585
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
1 COMPANY AND GROUP DESCRIPTION
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
13
2 INTERIM FINANCIAL STATEMENTS ELABORATION FRAMEWORK
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
14
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
15
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
16
4 SUMMARY OF COMPANY AND GROUP BASIC ACCOUNTING PRINCIPLES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
17
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
18
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
19
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
20
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
21
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
22
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
lease
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
rates
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
23
credit standing Finally a part of sales on credit is covered by an insurance policy against contracting party
risk
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
5 COMPANIES CONSOLIDATED IN LAMBRAKIS PRESS GROUP AND CONSOLIDATION METHOD
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
24
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
Media
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
25
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
26
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
name
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
2550
(through Iris SA) Greece
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
27
The dividends received by investors from an associate entity decrease the investmentrsquos book value in the
consolidated financial statements
Sector Company trade
name
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 -
bookstore Other Activities
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
Sector Company trade
name
Group
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
2
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
3
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
4
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
Institute of CPA (SOEL) Reg No 125
LAMBRAKIS PRESS SA
TOTAL INTERIM INCOME STATEMENT
Group
In euros
Notes Continuing Operations 11-
31302011
Discontinued Operations 11-
31302011 Total
11-3132011
Continuing Operations 11-
3132010
Discontinued Operations 11-
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
6
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
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
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
TOTAL INTERIM INCOME STATEMENT
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
Other total revenues
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
The loss of the period is attributed as follows
To parent company shareholders -484881585 -525867950
Total -484881585 -525867950
The total income of the period is attributed as follows
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
The attached Notes 1 ndash 41 constitute an integral part of the interim financial statements herein
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
9
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
The attached Notes 1 ndash 41 constitute an integral part of the interim financial statements herein
10
LAMBRAKIS PRESS SA INTERIM STATEMENT OF CHANGES IN EQUITY
Group
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
recognized in equity
Retained earnings
Non controlling
interest Total equity
January 1 2011 4565000000 8975929810 402200737 1165686069 -798879484 -12141378907 322493076 2491051301
Comprehensive total results after tax 000 000 000 000 000 -986496928 -81959903 -1068456831
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
11
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
Results directly recognized in
equity Total equity
January 1 2011 4565000000 8975929810 325330375 577297317 -3959235264 -130857810 10353464428
Comprehensive total resuafter tax 000 000 000 000 -484881585 000 -484881585
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
1 COMPANY AND GROUP DESCRIPTION
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
13
2 INTERIM FINANCIAL STATEMENTS ELABORATION FRAMEWORK
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
14
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
15
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
16
4 SUMMARY OF COMPANY AND GROUP BASIC ACCOUNTING PRINCIPLES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
17
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
18
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
19
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
20
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
21
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
22
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
lease
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
rates
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
23
credit standing Finally a part of sales on credit is covered by an insurance policy against contracting party
risk
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
5 COMPANIES CONSOLIDATED IN LAMBRAKIS PRESS GROUP AND CONSOLIDATION METHOD
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
24
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
Media
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
25
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
26
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
name
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
2550
(through Iris SA) Greece
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
27
The dividends received by investors from an associate entity decrease the investmentrsquos book value in the
consolidated financial statements
Sector Company trade
name
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 -
bookstore Other Activities
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
Sector Company trade
name
Group
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
3
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
4
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
Institute of CPA (SOEL) Reg No 125
LAMBRAKIS PRESS SA
TOTAL INTERIM INCOME STATEMENT
Group
In euros
Notes Continuing Operations 11-
31302011
Discontinued Operations 11-
31302011 Total
11-3132011
Continuing Operations 11-
3132010
Discontinued Operations 11-
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
6
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
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
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
TOTAL INTERIM INCOME STATEMENT
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
Other total revenues
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
The loss of the period is attributed as follows
To parent company shareholders -484881585 -525867950
Total -484881585 -525867950
The total income of the period is attributed as follows
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
The attached Notes 1 ndash 41 constitute an integral part of the interim financial statements herein
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
9
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
The attached Notes 1 ndash 41 constitute an integral part of the interim financial statements herein
10
LAMBRAKIS PRESS SA INTERIM STATEMENT OF CHANGES IN EQUITY
Group
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
recognized in equity
Retained earnings
Non controlling
interest Total equity
January 1 2011 4565000000 8975929810 402200737 1165686069 -798879484 -12141378907 322493076 2491051301
Comprehensive total results after tax 000 000 000 000 000 -986496928 -81959903 -1068456831
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
11
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
Results directly recognized in
equity Total equity
January 1 2011 4565000000 8975929810 325330375 577297317 -3959235264 -130857810 10353464428
Comprehensive total resuafter tax 000 000 000 000 -484881585 000 -484881585
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
1 COMPANY AND GROUP DESCRIPTION
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
13
2 INTERIM FINANCIAL STATEMENTS ELABORATION FRAMEWORK
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
14
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
15
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
16
4 SUMMARY OF COMPANY AND GROUP BASIC ACCOUNTING PRINCIPLES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
17
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
18
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
19
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
20
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
21
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
22
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
lease
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
rates
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
23
credit standing Finally a part of sales on credit is covered by an insurance policy against contracting party
risk
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
5 COMPANIES CONSOLIDATED IN LAMBRAKIS PRESS GROUP AND CONSOLIDATION METHOD
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
24
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
Media
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
25
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
26
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
name
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
2550
(through Iris SA) Greece
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
27
The dividends received by investors from an associate entity decrease the investmentrsquos book value in the
consolidated financial statements
Sector Company trade
name
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 -
bookstore Other Activities
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
Sector Company trade
name
Group
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
4
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
Institute of CPA (SOEL) Reg No 125
LAMBRAKIS PRESS SA
TOTAL INTERIM INCOME STATEMENT
Group
In euros
Notes Continuing Operations 11-
31302011
Discontinued Operations 11-
31302011 Total
11-3132011
Continuing Operations 11-
3132010
Discontinued Operations 11-
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
6
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
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
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
TOTAL INTERIM INCOME STATEMENT
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
Other total revenues
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
The loss of the period is attributed as follows
To parent company shareholders -484881585 -525867950
Total -484881585 -525867950
The total income of the period is attributed as follows
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
The attached Notes 1 ndash 41 constitute an integral part of the interim financial statements herein
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
9
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
The attached Notes 1 ndash 41 constitute an integral part of the interim financial statements herein
10
LAMBRAKIS PRESS SA INTERIM STATEMENT OF CHANGES IN EQUITY
Group
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
recognized in equity
Retained earnings
Non controlling
interest Total equity
January 1 2011 4565000000 8975929810 402200737 1165686069 -798879484 -12141378907 322493076 2491051301
Comprehensive total results after tax 000 000 000 000 000 -986496928 -81959903 -1068456831
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
11
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
Results directly recognized in
equity Total equity
January 1 2011 4565000000 8975929810 325330375 577297317 -3959235264 -130857810 10353464428
Comprehensive total resuafter tax 000 000 000 000 -484881585 000 -484881585
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
1 COMPANY AND GROUP DESCRIPTION
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
13
2 INTERIM FINANCIAL STATEMENTS ELABORATION FRAMEWORK
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
14
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
15
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
16
4 SUMMARY OF COMPANY AND GROUP BASIC ACCOUNTING PRINCIPLES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
17
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
18
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
19
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
20
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
21
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
22
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
lease
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
rates
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
23
credit standing Finally a part of sales on credit is covered by an insurance policy against contracting party
risk
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
5 COMPANIES CONSOLIDATED IN LAMBRAKIS PRESS GROUP AND CONSOLIDATION METHOD
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
24
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
Media
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
25
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
26
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
name
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
2550
(through Iris SA) Greece
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
27
The dividends received by investors from an associate entity decrease the investmentrsquos book value in the
consolidated financial statements
Sector Company trade
name
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 -
bookstore Other Activities
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
Sector Company trade
name
Group
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
TOTAL INTERIM INCOME STATEMENT
Group
In euros
Notes Continuing Operations 11-
31302011
Discontinued Operations 11-
31302011 Total
11-3132011
Continuing Operations 11-
3132010
Discontinued Operations 11-
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
6
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
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
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
TOTAL INTERIM INCOME STATEMENT
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
Other total revenues
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
The loss of the period is attributed as follows
To parent company shareholders -484881585 -525867950
Total -484881585 -525867950
The total income of the period is attributed as follows
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
The attached Notes 1 ndash 41 constitute an integral part of the interim financial statements herein
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
9
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
The attached Notes 1 ndash 41 constitute an integral part of the interim financial statements herein
10
LAMBRAKIS PRESS SA INTERIM STATEMENT OF CHANGES IN EQUITY
Group
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
recognized in equity
Retained earnings
Non controlling
interest Total equity
January 1 2011 4565000000 8975929810 402200737 1165686069 -798879484 -12141378907 322493076 2491051301
Comprehensive total results after tax 000 000 000 000 000 -986496928 -81959903 -1068456831
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
11
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
Results directly recognized in
equity Total equity
January 1 2011 4565000000 8975929810 325330375 577297317 -3959235264 -130857810 10353464428
Comprehensive total resuafter tax 000 000 000 000 -484881585 000 -484881585
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
1 COMPANY AND GROUP DESCRIPTION
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
13
2 INTERIM FINANCIAL STATEMENTS ELABORATION FRAMEWORK
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
14
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
15
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
16
4 SUMMARY OF COMPANY AND GROUP BASIC ACCOUNTING PRINCIPLES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
17
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
18
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
19
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
20
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
21
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
22
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
lease
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
rates
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
23
credit standing Finally a part of sales on credit is covered by an insurance policy against contracting party
risk
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
5 COMPANIES CONSOLIDATED IN LAMBRAKIS PRESS GROUP AND CONSOLIDATION METHOD
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
24
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
Media
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
25
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
26
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
name
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
2550
(through Iris SA) Greece
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
27
The dividends received by investors from an associate entity decrease the investmentrsquos book value in the
consolidated financial statements
Sector Company trade
name
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 -
bookstore Other Activities
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
Sector Company trade
name
Group
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
6
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
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
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
TOTAL INTERIM INCOME STATEMENT
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
Other total revenues
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
The loss of the period is attributed as follows
To parent company shareholders -484881585 -525867950
Total -484881585 -525867950
The total income of the period is attributed as follows
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
The attached Notes 1 ndash 41 constitute an integral part of the interim financial statements herein
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
9
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
The attached Notes 1 ndash 41 constitute an integral part of the interim financial statements herein
10
LAMBRAKIS PRESS SA INTERIM STATEMENT OF CHANGES IN EQUITY
Group
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
recognized in equity
Retained earnings
Non controlling
interest Total equity
January 1 2011 4565000000 8975929810 402200737 1165686069 -798879484 -12141378907 322493076 2491051301
Comprehensive total results after tax 000 000 000 000 000 -986496928 -81959903 -1068456831
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
11
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
Results directly recognized in
equity Total equity
January 1 2011 4565000000 8975929810 325330375 577297317 -3959235264 -130857810 10353464428
Comprehensive total resuafter tax 000 000 000 000 -484881585 000 -484881585
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
1 COMPANY AND GROUP DESCRIPTION
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
13
2 INTERIM FINANCIAL STATEMENTS ELABORATION FRAMEWORK
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
14
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
15
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
16
4 SUMMARY OF COMPANY AND GROUP BASIC ACCOUNTING PRINCIPLES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
17
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
18
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
19
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
20
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
21
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
22
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
lease
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
rates
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
23
credit standing Finally a part of sales on credit is covered by an insurance policy against contracting party
risk
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
5 COMPANIES CONSOLIDATED IN LAMBRAKIS PRESS GROUP AND CONSOLIDATION METHOD
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
24
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
Media
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
25
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
26
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
name
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
2550
(through Iris SA) Greece
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
27
The dividends received by investors from an associate entity decrease the investmentrsquos book value in the
consolidated financial statements
Sector Company trade
name
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 -
bookstore Other Activities
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
Sector Company trade
name
Group
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
TOTAL INTERIM INCOME STATEMENT
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
Other total revenues
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
The loss of the period is attributed as follows
To parent company shareholders -484881585 -525867950
Total -484881585 -525867950
The total income of the period is attributed as follows
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
The attached Notes 1 ndash 41 constitute an integral part of the interim financial statements herein
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
9
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
The attached Notes 1 ndash 41 constitute an integral part of the interim financial statements herein
10
LAMBRAKIS PRESS SA INTERIM STATEMENT OF CHANGES IN EQUITY
Group
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
recognized in equity
Retained earnings
Non controlling
interest Total equity
January 1 2011 4565000000 8975929810 402200737 1165686069 -798879484 -12141378907 322493076 2491051301
Comprehensive total results after tax 000 000 000 000 000 -986496928 -81959903 -1068456831
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
11
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
Results directly recognized in
equity Total equity
January 1 2011 4565000000 8975929810 325330375 577297317 -3959235264 -130857810 10353464428
Comprehensive total resuafter tax 000 000 000 000 -484881585 000 -484881585
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
1 COMPANY AND GROUP DESCRIPTION
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
13
2 INTERIM FINANCIAL STATEMENTS ELABORATION FRAMEWORK
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
14
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
15
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
16
4 SUMMARY OF COMPANY AND GROUP BASIC ACCOUNTING PRINCIPLES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
17
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
18
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
19
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
20
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
21
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
22
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
lease
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
rates
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
23
credit standing Finally a part of sales on credit is covered by an insurance policy against contracting party
risk
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
5 COMPANIES CONSOLIDATED IN LAMBRAKIS PRESS GROUP AND CONSOLIDATION METHOD
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
24
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
Media
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
25
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
26
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
name
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
2550
(through Iris SA) Greece
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
27
The dividends received by investors from an associate entity decrease the investmentrsquos book value in the
consolidated financial statements
Sector Company trade
name
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 -
bookstore Other Activities
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
Sector Company trade
name
Group
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
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
9
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
The attached Notes 1 ndash 41 constitute an integral part of the interim financial statements herein
10
LAMBRAKIS PRESS SA INTERIM STATEMENT OF CHANGES IN EQUITY
Group
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
recognized in equity
Retained earnings
Non controlling
interest Total equity
January 1 2011 4565000000 8975929810 402200737 1165686069 -798879484 -12141378907 322493076 2491051301
Comprehensive total results after tax 000 000 000 000 000 -986496928 -81959903 -1068456831
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
11
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
Results directly recognized in
equity Total equity
January 1 2011 4565000000 8975929810 325330375 577297317 -3959235264 -130857810 10353464428
Comprehensive total resuafter tax 000 000 000 000 -484881585 000 -484881585
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
1 COMPANY AND GROUP DESCRIPTION
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
13
2 INTERIM FINANCIAL STATEMENTS ELABORATION FRAMEWORK
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
14
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
15
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
16
4 SUMMARY OF COMPANY AND GROUP BASIC ACCOUNTING PRINCIPLES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
17
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
18
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
19
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
20
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
21
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
22
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
lease
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
rates
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
23
credit standing Finally a part of sales on credit is covered by an insurance policy against contracting party
risk
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
5 COMPANIES CONSOLIDATED IN LAMBRAKIS PRESS GROUP AND CONSOLIDATION METHOD
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
24
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
Media
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
25
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
26
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
name
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
2550
(through Iris SA) Greece
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
27
The dividends received by investors from an associate entity decrease the investmentrsquos book value in the
consolidated financial statements
Sector Company trade
name
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 -
bookstore Other Activities
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
Sector Company trade
name
Group
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
9
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
The attached Notes 1 ndash 41 constitute an integral part of the interim financial statements herein
10
LAMBRAKIS PRESS SA INTERIM STATEMENT OF CHANGES IN EQUITY
Group
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
recognized in equity
Retained earnings
Non controlling
interest Total equity
January 1 2011 4565000000 8975929810 402200737 1165686069 -798879484 -12141378907 322493076 2491051301
Comprehensive total results after tax 000 000 000 000 000 -986496928 -81959903 -1068456831
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
11
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
Results directly recognized in
equity Total equity
January 1 2011 4565000000 8975929810 325330375 577297317 -3959235264 -130857810 10353464428
Comprehensive total resuafter tax 000 000 000 000 -484881585 000 -484881585
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
1 COMPANY AND GROUP DESCRIPTION
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
13
2 INTERIM FINANCIAL STATEMENTS ELABORATION FRAMEWORK
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
14
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
15
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
16
4 SUMMARY OF COMPANY AND GROUP BASIC ACCOUNTING PRINCIPLES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
17
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
18
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
19
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
20
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
21
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
22
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
lease
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
rates
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
23
credit standing Finally a part of sales on credit is covered by an insurance policy against contracting party
risk
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
5 COMPANIES CONSOLIDATED IN LAMBRAKIS PRESS GROUP AND CONSOLIDATION METHOD
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
24
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
Media
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
25
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
26
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
name
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
2550
(through Iris SA) Greece
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
27
The dividends received by investors from an associate entity decrease the investmentrsquos book value in the
consolidated financial statements
Sector Company trade
name
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 -
bookstore Other Activities
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
Sector Company trade
name
Group
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
10
LAMBRAKIS PRESS SA INTERIM STATEMENT OF CHANGES IN EQUITY
Group
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
recognized in equity
Retained earnings
Non controlling
interest Total equity
January 1 2011 4565000000 8975929810 402200737 1165686069 -798879484 -12141378907 322493076 2491051301
Comprehensive total results after tax 000 000 000 000 000 -986496928 -81959903 -1068456831
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
11
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
Results directly recognized in
equity Total equity
January 1 2011 4565000000 8975929810 325330375 577297317 -3959235264 -130857810 10353464428
Comprehensive total resuafter tax 000 000 000 000 -484881585 000 -484881585
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
1 COMPANY AND GROUP DESCRIPTION
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
13
2 INTERIM FINANCIAL STATEMENTS ELABORATION FRAMEWORK
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
14
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
15
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
16
4 SUMMARY OF COMPANY AND GROUP BASIC ACCOUNTING PRINCIPLES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
17
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
18
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
19
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
20
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
21
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
22
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
lease
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
rates
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
23
credit standing Finally a part of sales on credit is covered by an insurance policy against contracting party
risk
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
5 COMPANIES CONSOLIDATED IN LAMBRAKIS PRESS GROUP AND CONSOLIDATION METHOD
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
24
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
Media
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
25
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
26
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
name
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
2550
(through Iris SA) Greece
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
27
The dividends received by investors from an associate entity decrease the investmentrsquos book value in the
consolidated financial statements
Sector Company trade
name
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 -
bookstore Other Activities
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
Sector Company trade
name
Group
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
11
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
Results directly recognized in
equity Total equity
January 1 2011 4565000000 8975929810 325330375 577297317 -3959235264 -130857810 10353464428
Comprehensive total resuafter tax 000 000 000 000 -484881585 000 -484881585
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
1 COMPANY AND GROUP DESCRIPTION
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
13
2 INTERIM FINANCIAL STATEMENTS ELABORATION FRAMEWORK
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
14
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
15
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
16
4 SUMMARY OF COMPANY AND GROUP BASIC ACCOUNTING PRINCIPLES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
17
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
18
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
19
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
20
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
21
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
22
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
lease
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
rates
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
23
credit standing Finally a part of sales on credit is covered by an insurance policy against contracting party
risk
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
5 COMPANIES CONSOLIDATED IN LAMBRAKIS PRESS GROUP AND CONSOLIDATION METHOD
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
24
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
Media
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
25
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
26
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
name
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
2550
(through Iris SA) Greece
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
27
The dividends received by investors from an associate entity decrease the investmentrsquos book value in the
consolidated financial statements
Sector Company trade
name
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 -
bookstore Other Activities
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
Sector Company trade
name
Group
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
1 COMPANY AND GROUP DESCRIPTION
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
13
2 INTERIM FINANCIAL STATEMENTS ELABORATION FRAMEWORK
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
14
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
15
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
16
4 SUMMARY OF COMPANY AND GROUP BASIC ACCOUNTING PRINCIPLES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
17
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
18
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
19
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
20
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
21
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
22
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
lease
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
rates
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
23
credit standing Finally a part of sales on credit is covered by an insurance policy against contracting party
risk
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
5 COMPANIES CONSOLIDATED IN LAMBRAKIS PRESS GROUP AND CONSOLIDATION METHOD
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
24
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
Media
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
25
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
26
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
name
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
2550
(through Iris SA) Greece
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
27
The dividends received by investors from an associate entity decrease the investmentrsquos book value in the
consolidated financial statements
Sector Company trade
name
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 -
bookstore Other Activities
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
Sector Company trade
name
Group
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
13
2 INTERIM FINANCIAL STATEMENTS ELABORATION FRAMEWORK
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
14
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
15
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
16
4 SUMMARY OF COMPANY AND GROUP BASIC ACCOUNTING PRINCIPLES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
17
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
18
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
19
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
20
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
21
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
22
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
lease
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
rates
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
23
credit standing Finally a part of sales on credit is covered by an insurance policy against contracting party
risk
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
5 COMPANIES CONSOLIDATED IN LAMBRAKIS PRESS GROUP AND CONSOLIDATION METHOD
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
24
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
Media
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
25
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
26
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
name
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
2550
(through Iris SA) Greece
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
27
The dividends received by investors from an associate entity decrease the investmentrsquos book value in the
consolidated financial statements
Sector Company trade
name
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 -
bookstore Other Activities
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
Sector Company trade
name
Group
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
14
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
15
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
16
4 SUMMARY OF COMPANY AND GROUP BASIC ACCOUNTING PRINCIPLES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
17
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
18
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
19
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
20
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
21
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
22
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
lease
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
rates
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
23
credit standing Finally a part of sales on credit is covered by an insurance policy against contracting party
risk
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
5 COMPANIES CONSOLIDATED IN LAMBRAKIS PRESS GROUP AND CONSOLIDATION METHOD
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
24
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
Media
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
25
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
26
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
name
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
2550
(through Iris SA) Greece
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
27
The dividends received by investors from an associate entity decrease the investmentrsquos book value in the
consolidated financial statements
Sector Company trade
name
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 -
bookstore Other Activities
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
Sector Company trade
name
Group
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
15
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
16
4 SUMMARY OF COMPANY AND GROUP BASIC ACCOUNTING PRINCIPLES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
17
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
18
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
19
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
20
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
21
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
22
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
lease
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
rates
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
23
credit standing Finally a part of sales on credit is covered by an insurance policy against contracting party
risk
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
5 COMPANIES CONSOLIDATED IN LAMBRAKIS PRESS GROUP AND CONSOLIDATION METHOD
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
24
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
Media
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
25
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
26
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
name
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
2550
(through Iris SA) Greece
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
27
The dividends received by investors from an associate entity decrease the investmentrsquos book value in the
consolidated financial statements
Sector Company trade
name
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 -
bookstore Other Activities
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
Sector Company trade
name
Group
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
16
4 SUMMARY OF COMPANY AND GROUP BASIC ACCOUNTING PRINCIPLES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
17
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
18
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
19
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
20
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
21
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
22
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
lease
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
rates
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
23
credit standing Finally a part of sales on credit is covered by an insurance policy against contracting party
risk
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
5 COMPANIES CONSOLIDATED IN LAMBRAKIS PRESS GROUP AND CONSOLIDATION METHOD
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
24
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
Media
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
25
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
26
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
name
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
2550
(through Iris SA) Greece
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
27
The dividends received by investors from an associate entity decrease the investmentrsquos book value in the
consolidated financial statements
Sector Company trade
name
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 -
bookstore Other Activities
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
Sector Company trade
name
Group
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
17
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
18
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
19
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
20
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
21
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
22
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
lease
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
rates
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
23
credit standing Finally a part of sales on credit is covered by an insurance policy against contracting party
risk
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
5 COMPANIES CONSOLIDATED IN LAMBRAKIS PRESS GROUP AND CONSOLIDATION METHOD
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
24
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
Media
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
25
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
26
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
name
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
2550
(through Iris SA) Greece
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
27
The dividends received by investors from an associate entity decrease the investmentrsquos book value in the
consolidated financial statements
Sector Company trade
name
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 -
bookstore Other Activities
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
Sector Company trade
name
Group
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
18
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
19
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
20
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
21
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
22
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
lease
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
rates
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
23
credit standing Finally a part of sales on credit is covered by an insurance policy against contracting party
risk
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
5 COMPANIES CONSOLIDATED IN LAMBRAKIS PRESS GROUP AND CONSOLIDATION METHOD
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
24
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
Media
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
25
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
26
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
name
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
2550
(through Iris SA) Greece
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
27
The dividends received by investors from an associate entity decrease the investmentrsquos book value in the
consolidated financial statements
Sector Company trade
name
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 -
bookstore Other Activities
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
Sector Company trade
name
Group
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
19
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
20
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
21
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
22
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
lease
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
rates
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
23
credit standing Finally a part of sales on credit is covered by an insurance policy against contracting party
risk
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
5 COMPANIES CONSOLIDATED IN LAMBRAKIS PRESS GROUP AND CONSOLIDATION METHOD
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
24
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
Media
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
25
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
26
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
name
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
2550
(through Iris SA) Greece
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
27
The dividends received by investors from an associate entity decrease the investmentrsquos book value in the
consolidated financial statements
Sector Company trade
name
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 -
bookstore Other Activities
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
Sector Company trade
name
Group
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
20
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
21
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
22
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
lease
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
rates
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
23
credit standing Finally a part of sales on credit is covered by an insurance policy against contracting party
risk
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
5 COMPANIES CONSOLIDATED IN LAMBRAKIS PRESS GROUP AND CONSOLIDATION METHOD
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
24
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
Media
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
25
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
26
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
name
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
2550
(through Iris SA) Greece
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
27
The dividends received by investors from an associate entity decrease the investmentrsquos book value in the
consolidated financial statements
Sector Company trade
name
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 -
bookstore Other Activities
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
Sector Company trade
name
Group
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
21
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
22
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
lease
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
rates
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
23
credit standing Finally a part of sales on credit is covered by an insurance policy against contracting party
risk
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
5 COMPANIES CONSOLIDATED IN LAMBRAKIS PRESS GROUP AND CONSOLIDATION METHOD
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
24
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
Media
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
25
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
26
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
name
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
2550
(through Iris SA) Greece
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
27
The dividends received by investors from an associate entity decrease the investmentrsquos book value in the
consolidated financial statements
Sector Company trade
name
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 -
bookstore Other Activities
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
Sector Company trade
name
Group
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
22
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
lease
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
rates
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
23
credit standing Finally a part of sales on credit is covered by an insurance policy against contracting party
risk
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
5 COMPANIES CONSOLIDATED IN LAMBRAKIS PRESS GROUP AND CONSOLIDATION METHOD
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
24
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
Media
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
25
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
26
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
name
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
2550
(through Iris SA) Greece
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
27
The dividends received by investors from an associate entity decrease the investmentrsquos book value in the
consolidated financial statements
Sector Company trade
name
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 -
bookstore Other Activities
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
Sector Company trade
name
Group
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
23
credit standing Finally a part of sales on credit is covered by an insurance policy against contracting party
risk
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
5 COMPANIES CONSOLIDATED IN LAMBRAKIS PRESS GROUP AND CONSOLIDATION METHOD
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
24
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
Media
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
25
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
26
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
name
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
2550
(through Iris SA) Greece
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
27
The dividends received by investors from an associate entity decrease the investmentrsquos book value in the
consolidated financial statements
Sector Company trade
name
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 -
bookstore Other Activities
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
Sector Company trade
name
Group
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
24
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
Media
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
25
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
26
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
name
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
2550
(through Iris SA) Greece
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
27
The dividends received by investors from an associate entity decrease the investmentrsquos book value in the
consolidated financial statements
Sector Company trade
name
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 -
bookstore Other Activities
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
Sector Company trade
name
Group
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
25
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
26
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
name
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
2550
(through Iris SA) Greece
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
27
The dividends received by investors from an associate entity decrease the investmentrsquos book value in the
consolidated financial statements
Sector Company trade
name
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 -
bookstore Other Activities
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
Sector Company trade
name
Group
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
26
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
name
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
2550
(through Iris SA) Greece
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
27
The dividends received by investors from an associate entity decrease the investmentrsquos book value in the
consolidated financial statements
Sector Company trade
name
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 -
bookstore Other Activities
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
Sector Company trade
name
Group
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
27
The dividends received by investors from an associate entity decrease the investmentrsquos book value in the
consolidated financial statements
Sector Company trade
name
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 -
bookstore Other Activities
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
Sector Company trade
name
Group
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
28
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
29
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
30
GROUP SEGMENT REPORTING
11 - 31 3 2010
In euros Publishing sector
Printing sector
Tourism sector
(discontinued operation)
IT and New Technologies
Sector
Other Segments
Total 31032010
Income
Total sales 3256384271 1226812652 515736935 67924310 568073148 5634931316
Intra-company sales -99600150 -425181061 -8385940 -7323721 -36941932 -574432804
Sales to external customers 3159784121 801631591 507350995 60600589 531131216 5060498512
Results from operating activities -523418137 -51232780 -67341917 -52489767 -91111447 -785594048
Results from other investing activities 59380 000 000 000 000 59380
Financial results -30171056 -28523448 -6288776 -5998758 -22281681 -93263719
Results before tax -553529813 -79756229 -73630693 -58488525 -113393127 -878798387
Income tax -17747162 567300 -413780 -213350 -2065480 -19872472
Minority interest 2189948 000 36281792 1038745 461901 39972387
Net result -569087027 -79188929 -37762681 -57663130 -114996706 -858698472
Assets for the segment 6767465772 7838917163 1865566742 356997897 5580631471 22409579045
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
Capital expenditures (capital assets)
5342745 4382760 16735675 133430 10662343 37256953
Additions in intangible assets 7755456 000 4579180 000 17538628 29873264
Intangible assets depreciation
6710230 164656 742778 284993 3599564 11502221
Tangible assets depreciation 22042686 112249691 1943944 1312416 16028100 153576837
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
31
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
Group
11 - 3132011 11 - 3132010 Activity
euros euros
Revenues from circulation 1573092041 4323 2231448076 4410
Revenues from advertisements 639835297 1759 853142141 1686
Total income from publishing operations 2212927338 6082 3084590217 6096
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
Income from services rendered 121927463 335 111040992 219
Wholesale of waste and residues 15771326 042 13358244 026
Total turnover 3638479326 10000 5060498512 10000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
32
8 COST OF GOODS SOLD
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
9 ADMINISTRATIVE EXPENSES
Group Company In euros 11 -
3132011 11 -
3132010 11 -
3132011 11 -
3132010
Payroll 237419622 263244444 147558352 167122047
Third party remuneration 137650121 154043790 62588595 63469904
Rents 31125872 37965832 33022971 30820425
Third parties grants 50864254 62001873 35634196 39010371
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
33
10 DISTRIBUTION EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010
11 - 3132011
11 - 3132010
Payroll 168987361 246840279 110436533 168748039
Commissions 512062091 722535284 432747982 624571207
Third party remuneration 46962147 48049281 4696430 4617407
Third parties grants 31702531 30307199 6833363 9280652
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
11 REVENUES AND EXPENSES FROM MAIN ACTIVITY SECTOR PARTICIPATIONS AND SECURITIES
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
34
12 OTHER OPERATING INCOME-EXPENSES
Group Company In euros
11 - 3132011
11 - 3132010 11 -
3132011
Income
Income from services rendered 5486101 5828910 10815974 13166099
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
35
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
36
16 FINANCIAL INCOME AND EXPENSES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
37
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
38
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
Group
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
Available for sale portfolio 000 000 000 000 000 000
Total income share from associates 000 000 000 000 000 000
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
Available for sale portfolio 000 000 000 000 000 000
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
39
19 RESULTS PER SHARE
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
40
20 TANGIBLE FIXED ASSETS
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Group
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
Total
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
Net unamortized value on 3132010 3808577379 4354028152 1758192892 33752977 172981354 29252158 10156784912
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
41
CHANGES IN TANGIBLE ASSETS
11-3103 2011
Company
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
Total
Opening balance on 112011 779771281 1439619810 104104466 15450507 925983425 000 3264929489
Additions for the period (+) 000 000 000 10000 9743129 000 9753129 Deductions for the period (-) 000 000 000 -855000 -10051736 000 -10906736
Acquisitions balance on 3132011 779771281 1439619810 104104466 14605507 925674818 000 3263775882
Accumulated depreciation on 112011
000 256818910 102859902 10764258 849380828 000 1219823898
Depreciation for the period 000 9080781 67105 329737 11174258 000 20651881
Reductionsrsquo depreciations 000 000 000 -854999 -10018950 000 -10873949
Depreciations balance on 3132011 000 265899691 102927007 10238996 850536136 000 1229601830
Net unamortized value on 31032011 779771281 1173720119 1177459 4366511 75138682 000 2034174052
Net unamortized value on 3132010 787105581 1252359951 1445877 4127073 100738569 000 2145777051
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
42
21 INTANGIBLE ASSETS
CHANGES IN INTANGIBLE ASSETS
11-3132011
Group
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
Net unamortized value on 3132010 12695774 143706632 156402406
The unamortized balance of Group tangible assets as of 31122010 differs from the opening balance as of
01012011 by the amount of 6891931 due to the discontinued consolidation of EUROSTAR SA
CHANGES IN INTANGIBLE ASSETS
11-3132011
Company
In euros
Internally generated intangible
assets
Software and other
rights Total
Opening balance on 112011 64884944 311645114 376530058
Additions for the period (+) 000 4447846 4447846Deductions for the period (-) 000 000 000
Acquisitions balance on 3132011 64884944 316092960 380977904
Accumulated depreciation on 112011 64884943 245479891 310364834Depreciation for the period 000 8126637 8126637Reductionsrsquo depreciations 000 000 000Depreciations balance on 3132011 64884943 253606528 318491471
Net unamortized value on 3132011 001 62486432 62486433
Net unamortized value on 3132010 001 86169690 86169691
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
43
22 INVESTMENTS IN SUBSIDIARIES JOINTLY CONTROLLED ENTITIES ASSOCIATES AND OTHER
COMPANIES
INVESTMENTS IN ASSOCIATES
Group
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
INVESTMENTS IN OTHER COMPANIES
Group
3132011 31122010 In euros Book Value Book Value
Interoptics SA 33777814 33777814
Total 33777814 33777814
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
44
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
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
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
45
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
23 AVAILABLE FOR SALE PORTFOLIO
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
46
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
25 TRADE RECEIVABLES
Group Company In euros
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
In euros Group Company
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
47
26 OTHER SHORT TERM RECEIVABLES
Group Company In euros
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
27 RECEIVABLES FROM RELATED COMPANIES
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)
28 TRADING PORTFOLIO
Parent Company trading portfolio refers to shares listed on ATHEX
Group Company In euros
3132011 31122010 3132011 31122010
Chaidemenos SA 3444040 3473730 3444040 3473730
Total listed shares 3444040 3473730 3444040 3473730
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
48
29 CASH IN HAND AND AT BANKS
Group Company In euros
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
30 SHARE CAPITAL SHARE PREMIUM
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
euros
During 11-31302011 period there was no change in the Companyrsquos share capital
31 RESERVES
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
49
32LONG TERM BORROWING
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
50
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
33 PROVISION FOR RETIREMENT BENEFITS LIABILITIES
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
51
The relevant provision movement respectively is the following
Group Company In euros
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
Group Company In euros
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
52
35 TRADE LIABILITIES
Group Company In euros
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
36 SHORT TERM BORROWING
Group Company In euros
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
amp L
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
53
37 OTHER SHORT TERM LIABILITIES AND ACCRUED EXPENSES
Group Company In euros
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
38 LIABILITIES FROM FINANCIAL LEASES
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
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
54
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
Payable up to 1 year 27564137 20913516
Payable from 1 to 5 years 97374225 83654064
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
55
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
56
Encumbrances and collaterals
There are no registered liens or encumbrances on DOL SA and Parent Company property
40 RELATED PARTIES DISCLOSURES
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
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 300000 5987832 1938924 000 300000
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
57
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
58
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
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
LAMBRAKIS PRESS SA
NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD ENDED ON 31 032011
59
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
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414
3132011 31122010 3132011 31122010
Continuing operations
Discontinued operations Total
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
Discontinued operations Total
Continuing operations
Discontinued operations Total
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
109789941 75512815 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)
000
000
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
GROUP
GROUP
TOTAL ASSETS
Other current assets
Other equity items
Total equity of parent company owners (a)
Non controlling interest (b)
Fx differences
EQUITY AND LIABILITIES
Share capital (83000000 shares of 055 euros nominal value each)
Other non current assets
Decrease (increase) in inventories
Minus
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
(Loss) Profit before tax
(Loss) Profit before taxes financing and investing results
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
Parent company owners
Non controlling interest
Loss Profit after tax per share
Other total revenuesexpenses after tax (b)
Total comprehensive incomeexpenses after tax (a)+(b)
Total comprehensive incomeexpenses after tax (a)+(b)
(Loss) Profit after Tax (a)
TOTAL
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
FIGURES AND INFORMATION FOR THE PERIOD
11-3132010
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
GROUP
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
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
d) Fromto other related parties
TOTAL
TOTAL INCOME STATEMENT
TOTAL INCOME STATEMENT
(Losses)Profit before tax from discontinued operations
11-3132011
11-3132011
GROUP
(Loss) Profit before taxes financing and investing results and depreciations
Other total revenuesexpenses after tax (b)
Turnover
Gross Profit (Loss)
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
GROUP
COMPANY
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
Total comprehensive incomeexpenses after tax (continuing and discontinued operations)
Dividends paid to non controlling interest
Changes in consolidation
Total equity at the end of the period (3032011 and 3022010 respectively)
TV ENTERPRISES SA (TVE) TV studios ndash TV productions
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
Dividends paid to non controlling interest
STATEMENT OF CHANGES IN EQUITY
Total equity at the beginning of the period (112011 and 112010 respectively)
FROM TO MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS
a) Fromto subsidiaries
b) Fromto jointly controlled entities
c) Fromto associates
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
REG No0001984 CLASS A
BoD DEPUTY CHAIRMAN amp and GENERAL MANAGER FOR BUSINESS DEVELOPMENT
PANAGIOTIS S PSYCHARISID NOΑΗ 042414