8/12/2019 Big Solar Agglikos

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BIG SOLAR S AHEADQUARTERS: ASPROPYRGOS, ATHENS P.C.S.A. REGISTER No 68216/03//09/34 - No G.E.MI: 121836707000

BALANCE SHEET (for the year ended 31st December 2012) According to the "Greek Accounting Standards" - 3rd FINANCIAL YEAR (JANUARY 1, - DECEMBER 31, 2012) IN EUROASSETS 31.12.2012 31.12.2011

C. FIXED ASSETS Cost Acc. Depreciation Net Book value Cost Acc. Depreciation Net Book value

. Tangible Assets

4. Machinery and equipment 241.371,92 23.977,66 217.394,26 239.311,40 11.445,91 227.865,49

5. Vehicles 104.255,26 10.449,37 93.805,89 27.401,27 1.519,48 25.881,79

6. Furniture & other equipment 349.288,42 169.396,73 179.891,69 22.385,07 17.517,59 4.867,48

7. Assets under construction 62.054,00 0,00 62.054,00 49.850,00 0,00 49.850,00

Total of Tangible Assets 756.969,60 203.823,76 553.145,84 338.947,74 30.482,98 308.464,76=============== ================ ================ ================ ================ ================

. nvestments & other long term receivables

1. Investments in affiliated companies 153.683,45 0,00

7. Other long - term receivables 54.673,00 5.400,00

208.356,45 5.400,00================ ================

otal Fixed assets 761.502,29 313.864,76================ ================

D. CURRENT ASSETS

. Inventories

1. Merchandise 6.412.929,96 4.332.048,10

3. Finished & Semi - finished products 0,00 166.317,89

5. Prepayments for inventories purchase 28.125,00 116.053,95

6.441.054,96 4.614.419,94================ ================

. Trade and other receivables

1. Trade receivables 13.330.321,22 3.260.696,76

Less: Provision for doubtful debts 632.500,00 12.697.821,22 172.500,00 3.088.196,76

3a. Post dated cheques 5.456.832,63 2.549.311,90

11. Other Debtors 4.343.753,62 1.112.595,52

12. Other Advances & Credits 164.865,78 12.535,76

22.663.273,25 6.762.639,94================ ================

. Securities

1. Shares 48.313,94 0,00================ ================

V. Cash & Banks

1. Cash on hand 100.821,56 80.175,92

3. Cash in banks 1.628.618,63 818.993,44

1.729.440,19 899.169,36================ ================

Total current assets 30.882.082,34 12.276.229,24================ ================

. PREPAYMENTS AND ACCRUED INCOME

1. Prepaid expenses 31.829,91 17.882,43

3. Accrude income 0,00 889.548,42

31.829,91 907.430,85================ ================

TOTAL ASSETS 31.675.414,54 13.497.524,85================ ================

DEBIT MEMO ACCOUNTS

1. Assets belonging to third parties 0,77 0,43

2. Debit accounts of guarantees & colateral 910.704,70 130.000,00

4. Other memo accounts ( debit ) 0,00 8.557.093,06

910.705,47 8.687.093,49================ ================

PROFIT & LOSS ACCOUNT for the year ended 31st December 2012

. OPERATING RESULTS 31.12.2012 31.12.2011

Sales 97.068.524,04 36.202.050,54

Less: Cost of goods sold 79.613.017,39 30.160.559,06

Gross Profit 17.455.506,65 6.041.491,48

Plus other operating income 164.198,45 4.308,42

Total 17.619.705,10 6.045.799,90

Less: 1. Administrative expenses 2.287.882,76 943.289,70

3. Selling expenses 1.691.124,43 3.979.007,19 927.451,33 1.870.741,03

Operating results before financial income -net 13.640.697,91 4.175.058,87

Plus: 4. Interest & related income 19.333,08 3.601,86

Less: 3. Interest & related expenses 99.098,16 -79.765,08 42.630,09 -39.028,23

Total net operating income before extraordinary items & taxes 13.560.932,83 4.136.030,64

. PLUS: EXTRAORDINARY ITEMS

1. Extraordinary income 7.187,20 7.248,993. Prior period income 964,90 8.152,10 0,00 7.248,99

Less: 1. Extraordinary and nonoperating

expenses 15.235,31 189,72

3. Prior period expenses 7.702,92 0,00

4. Provisions for doubtful accounts 460.000,00 482.938,23 -474.786,13 172.500,00 172.689,72 -165.440,73

Net income after extraordinary items & before taxes & extra depreciation 13.086.146,70 3.970.589,91

LESS: Total depreciation recorded 173.340,78 22.570,17

LESS: Normal depreciation (included in the operating cost) 173.340,78 0,00 22.570,17 0,00

NET INCOME BEFORE TAX 13.086.146,70 3.970.589,91

Aplicable income tax -2.728.801,73 -817.330,52

Other nonoperating taxes & levies 0,00 -285,00

PROFIT AVAILABLE FOR DISTRIBUTION 10.357.344,97 3.152.974,39================ ================

LIABILITIES 31.12.2012 31.12.2011

. SHARE CAPITAL

. Participial capital

(15.000 shares, 10,00 )

1. Paid in capital 150.000,00 150.000,00================ ================

V. Reserves

1. Statutory Reserve 50.000,00 50.000,00================ ================

V. Retained earnings

Profit brought forward 13.440.648,35 3.083.303,38================ ================

VI. Sums intended for increase of capital

1. Shareholders' deposits 300.000,00 10.700,00================ ================

Total shareholders equity 13.940.648,35 3.294.003,38================ ================

C. LIABILITIES

. Current Liabilities

1. Trade payables 7.228.620,58 837.054,52

2a . P ost da ted cheques pa yabl e 79.633,40 330.000,00

3. Bank overdrafts 339.712,38 927.303,94

4. Customer advances 6.505.919,52 3.651.988,78

5. T axes & duties payable 3.457.222,17 1.031.918,31

6.Social security contr ibutions payable 73.008,31 32.048,52

11. Other payables 44.078,70 3.392.645,61

Total current liabilities 17.728.195,06 10.202.959,68================ ================

D. ACCRUALS

2. Accrued expenses 0,00 561,79

3. Other transit credit balances 6.571,13 0,00

6.571,13 561,79================ ================

TOTAL EQUITY & LIABILITIES 31.675.414,54 13.497.524,85================ ================

CREDIT MEMO ACCOUNTS

1. Assets belonging to third parties 0,77 0,43

2. Credit balances of guarantees

& colateral security 910.704,70 130.000,00

4. Other memo accounts ( credit ) 0,00 8.557.093,06

910.705,47 8.687.093,49================ ================

APPROPRIATION ACCOUNT

31.12.2012 31.12.2011

Net results before tax 13.086.146,70 3.970.589,91

Retained earnings B/T 3.083.303,38 -19.671,01

Total 16.169.450,08 3.950.918,90

Minus: 1. Income tax 2.728.801,73 817.330,52

2. Other taxes 0,00 285,00

2.728.801,73 817.615,52

Profits for distribution 13.440.648,35 3.133.303,38================ ================

Distribution of profits is as follows:

1. Statutory reserve 0,00 50.000,00

8. P rofits b rough t forw ard 13.440.648,35 3. 083. 303, 38

13.440.648,35 3.133.303,38================ ================

Aspropirgos , 20 March 2013

THE CHAIRMAN OF THE BOARD OF DIRECTORS THE MANAGING DIRECTOR THE ACCOUNTIG DEPT. MANAGER

IOANNIS P. BITROS STAVROS N. GATOPOULOS TEODOROS A. KOKORIS

ID. No AB 049848 / 05.01.2006 ID. No AB 520095 / 14.07.2006 ID. No AE 524378 / 26.04.2007

Independent Auditors Report

To the Shareholders of Big Solar SA

Report on the Financial Statements. We have audited the above financial statements of Big Solar SA (the Company) which comprise the balance sheet as of 31 December 2012, the income statement and appropriation accountfor the year then ended and the related notes therein. Managements Responsibility for the Financial Statements. Management is responsible for the preparation and fair presentation of these financial statements in accordance

with Accounting Standards prescribed by the Greek General Chart of Accounts and the provisions of articles 42a up to 43c of the Codified L.2190/1920 and for such internal control as management determines is necessary to enable

the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the

financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the

auditor's judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the

entity's preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's

internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial

statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Basis for Qualified Opinion. 1. The tax liabilities of the Company have not been examined by the

tax authorities since its inception. As a result, the tax results/liabilities for fiscal years up to 2012 have not been finalized. The Company has not made an estimate of the amount of the additional taxes and duties that may be imposed

in case of a future tax audit and has not raised a relevant provision for this contingent liability. From our audit, we have not obtained reasonable assurance in relation to the exact amount of the provision that might be needed. 2.

Since we were appointed as auditors of the Company at 8 June 2012, it was not possible for us to be present during the physical stock count performed by the Company at the beginning of the current year or to confirm the quantity

of inventory as at 31 December 2011 through alternative auditing procedures. Consequently, it was not possible for us to determine whether there would be an impact on the opening inventory and consequently on the results of the

current year.Qualified Opinion. In our opinion, except for the possible effects of the matters described in the Basis for Qualified Opinion paragraphs, the financial statements present fairly, in all material respects, the financial position

of Big Solar SA as at 31 December 2012, and of its financial performance for the year then ended in accordance with the Accounting Standards prescribed by the Greek General Chart of Accounts and the provisions of articles 42a up

to 43c of the Codified L.2190/1920.Reference on Other Legal and Regulatory Matters. We verified the conformity and consistency of the information given in the Board of Directors report with the above financial statements in accordance

with the requirements of article 43a and 37 of Codified Law 2190/1920.

Athens, June 6, 2013

Constantine Mihalatos

REGISTRATION No 17701

KRONOS S.A.

PricewaterhouseCoopersAnonymous Auditing FirmChartered Accountants

Av. Kifissias 268, 15232 AthensRegistration No 113