In accordance to paragraph 9d of article 275 of the Athens Stock Exchange Regulation, Elmec Sport SA announces that the regular tax audit for the financial year 2006, has been completed. Additional taxes amounting to 197.606 euros in total came out of the audit, against a respective provision of 400.000 euro formed on 31st December 2006.
Moreover, the tax audit for the subsidiary company Factory Outlet S.A for the financial year 2006, has been completed. Additional taxes amounting to 49.373 euros in total came out of the audit, against a respective provision of 115.000 euro formed on 31st December 2006.
Therefore, the completion of the above mentioned tax audits will not affect the financial results of the current financial year (2007).
At the same time the tax audit for the subsidiary company Atitica department stores S.A for the financial year 2006, has been completed. Additional taxes amounting to 154.496 euros in total came out of the audit, against a respective provision of 80.000 euro formed on 31st December 2006.
With regard to the financial statements for the first semester 2007, which are currently under preparation, the completion of the tax audit in the current period is considered as an "Event After the Balance Sheet Date" according to IAS 10, therefore an expense of 74.496 euros will be recognised in the consolidated income statement of the first semester of 2007 (specifically of the 2nd quarter).