Just seen this apologies - yes so this is the alternative to the circling approach, namely downwind to a specific waypoint - in this case waypoint ‘MKBSE’ (made up of the ICAO code for Mykonos LGMK, and BSE referring to start of the base leg).

From that point it becomes an RNAV Visual approach, basically as champair described it is essentially a visual approach but one that is coded into the flight computer, and can be flown with full automation - however visual approach rules still apply. This approach is probably more straightforward than the VOR 34 followed by circling, and saves time and fuel.