General Trading Record Number 57546304000 - Company's Number in the Register of Societes Anonymes 22949/06/Β/90/107 - Headquarters: Municipality of Oraiokastro County of Thessaloniki
FINANCIAL STATEMENTS INFORMATION January 1st ended in September 30th 2015
In accordance with Decision 4/507/28.04.2009 of the HCMC
The reader is reccommended, before entering into any investment activity
with the company to access the Company's web site, where the annual financial statements
and Certified Auditors Accountant Audit Report are posted.
Company's web site:
Approval date from the B.O.D.
for annual financial statements: November 27th 2015
Amounts expressed in €Amounts expressed in €
ASSETS30.09.201531.12.20141.1 to1.1 to1.7 to1.7 to
Tangible fixed assets6,546,491.826,753,138.14
Intangible fixed assets8,809.226,405.72Sales Turnover13,759,507.4913,737,235.483,509,788.683,797,909.84
Other non-current assets23,313.6622,019.66Gross profit / (loss)6,627,906.447,406,353.311,273,704.821,945,373.68
Inventories4,485,932.643,167,034.66Profit/(loss) before tax, interest,
Trade debtors10,077,334.208,440,245.03investing results1,708,648.732,294,638.7210,723,862.86459,399.41
Other current assets6,577,168.788,469,495.99Profit/(loss) before tax1,469,467.022,265,369.6910,672,148.97436,806.02
TOTAL ASSETS27,719,050.3226,858,339.20Profit/(loss) after tax (Α)1,124,861.761,695,441.66-76,921.85324,293.25
- Owners of the parent1,124,861.761,695,441.66-76,921.85324,293.25
Paid up share capital8,925,693.609,975,775.20Other Profit/(loss) after tax (Β)
Other shareholders' equity11,879,765.2510,754,903.49Total Profit
Total Shareholder's Equity (a)20,805,458.8520,730,678.69after tax (Α) + (Β)1,124,861.761,695,441.66-76,921.85324,293.25
- Owners of the parent1,124,861.761,695,441.66-76,921.85324,293.25
Minority Rights (b)0.000.00 -Minority Shareholders'
Total Equity (c) = (a) + (b)20,805,458.8520,730,678.69Impact from revised IAS
Profit after tax per share in (€)0.04280.0646-0.00290.0124
Long term liabilities2,375,000.002,375,000.00Intended dividend per share (in €)0.00000.00000.00000.0000
Provisions / Other long term liabilities730,297.74717,142.05Profit/(loss) before tax, interest,
Short term borrowing liabilities0.00258,757.59investing results and depreciation1,986,656.992,567,950.4979,568.99552,101.01
Other short term liabilities3,808,293.732,776,760.87
Total liabilities (d)6,913,591.476,127,660.51
TOTAL SHAREHOLDERS EQUITY & LIABILITIES (c) + (d)27,719,050.3226,858,339.20Amounts expressed in €
Opening balance
4. CASH FLOW STATEMENT(01.01.2015 & 01.01.2014 accordingly)20,730,678.6918,916,632.65
Amounts expressed in €Impact from revised IAS 190.000.00
Year's Profit / (loss)
1.1 to1.1 toafter taxes1,124,861.761,695,441.66
Operating activitiesReduction and refund of share capital-1,050,081.600.00
Profit before tax 1,469,467.022,265,369.69Year's end equity
Increase / Decrease adjustments for:(30.09.2015 & 30.09.2014 accordingly)20,805,458.8520,612,074.31
Foreign Exchange Differences-189,594.4310,516,550.325. NOTES
Investing Activities Results (income, expences, profit & loss) 28,831.92154,437.39
Interest Expense136,568.75122,971.221.In the above financial statements the basic accounting principles applied are consistent with those applied for the balance sheet of the previous fiscal year 2014, including the application using the revised International Accounting Standard (IAS) 19.
Increase / Decrease adjustments for working capital:
Decrease/(increase) in inventories-1,318,897.989,218,697.092.There were no changes such as, in accounting policies, appreciation, correction in accounting mistakes, changes of entries in financial statements, regarding last year.
Decrease/(increase) in receivables-1,702,889.679,170,221.76
(Decrease)/increase in current liabilities (excluding borrowings)904,136.701,428,176.493.There weren't any company proceedings such as take over, sale, merger of other company or branch, secession of branch and reorganization, neither break in any operation.
Minus :
Interest Paid10,600,849.4910,614,447.024.There were no changes in the company's fiscal year period, therefore all information presented is comparable.
Income taxes paid10,509,269.14-559,841.32
Total cash flows from operating activities (a)-726,161.13284,182.265.The Company does not prepare consolidated financial statements, the Financial Statements are not included in other consolidated financial statements published by other companies.
Investing Activities6.There do not exist any types of arbitration or pending litigation matters of the Company that could have a material adverse effect on financial condition or operation of the Company and therefore there do not exist any corresponding provisions, except of those that are fully analyzed in financial statements. Other provisions have been made which amount to € 973.862,93 (please see note 5.7 in financial statement statements).
Purchase of tangible and intangible assets10,643,681.7010,682,309.84
Proceeds from sales of tangible and intangible assets0.000.00
Proceeds from sales of securities-285,211.7810,431,236.917.The number of staff employed by the Company was 71 employees as at the end of the reported period and was 66 employees, accordingly at the end of the previous respective period..
Interest income13,011.0367,407.81
Dividends income0.000.008.The company applied in previous years the revised IAS 19, updated and in the current period. The modification of the relative accounting policy has occurred in accordance with the provisions of IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors". As it is mentioned in the Annual Financial Statements the transition to the revised IAS 19 has an impact on the obligation of certain benefits due to the recognition of accumulated unrecognized actuarial gains / losses. Provisions for the employees have been made which amount to €376.731,62.
Total cash flows from ivnesting activities (b)-365,937.29-293,881.92
Financing activities
Proceeds from Subsidiary0.000.00
Proceeds from increased capital0.000.00
Reduction and refund of share capital-1,050,081.600.009.For the fiscal year 2014 the Company is subject to tax audit by the Statutory Auditors according to the provisions of Article 65a of Law 4174/2013 and has received by Certified Auditors, dated September 22nd 2015, Tax Compliance Certificate with unqualified conclusion. (Please see note 5.9 in financial statement statements). For the open fiscal year 2010, whose audit is in progress, a provision of € 50.000 has been acrrued.
Proceeds from borrowings0.000.00
Inflow from Government Programs35,965.770.00
Borrowings paid10,478,660.65-125,000.00
Payments of leasing liabilities10,692,622.0210,696,908.2310.According the paragraph 4 of Article 1 of Law 4334/2015 since the fiscal year 2015 the income tax rate of legal entities increased from 26% to 29% and the advance income tax rate has increased from 80% to 100%. For compiled financial statements at 30.09.2015, the income tax and deferred income tax is calculated with the prevailing tax rate on 30.9.2015 at 29%. If the current and deferred tax was calculated using the old rate of 26%, the amount of current and deferred income tax would have amounted to 307 thousand euros (the current tax expense would have been 382 thousand euros and the deferred tax-revenue would have been 75 thousand euros for the nine months period). Profit after taxes would have been increased by 37 thousand euros and the net worth of the Company would have been higher 37 thousand euro.
Dividends paid0.000.00
Total cash flows from Financing activities (c)-1,317,669.64-165,510.01
Net increase / (Decrease) in cash
and cash equivalents (a) + (b) + (c)-2,409,768.06-175,209.67
Cash and cash equivalents opening balance3,829,808.204,634,053.01
Cash and cash equivalents closing balance1,420,040.144,458,843.34
11.The Annual General Meeting of Company's Shareholders which was held on 05.08.2015 decided to reduce the company's share capital by the amount of € 1.050.081,60 by reducing the nominal value of each share by € 0,04 (from € 0,38 to € 0,34) and refund to the shareholders.
Thessaloniki, November 27th 2015
12.The amounts of sales and purchases from the beginning of the fiscal period and the balance of receivables and liabilities of the Group and the Company at the end of the fiscal period which have resulted from transactions from related sectors, such as defined by IAS standard 24 are as follows:
a) Sales of goods and services0.00
b) Purchase of goods and services0.00
c) Trade debtors0.00
d) Liabilities0.00
e) Transactions & salaries of managerial staff and the board693,285.62
f) Receivables fron managerial staff and the board0.00
g) Liabilities towards managerial staff and the board0.00