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 December 31st 2011
Published according to law 2190/20, article 135 for companies publishing their Annual Consolidated and Non Consolidated Financial Statements in accordance to the International Accounting Standards
The figures presented below provide information about the financial position of AS Company S.A.
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.
Supervising AuthorityMinistry of Finance-Societe AnonymeANDREADIS Κ. EFSTRATIOS: President & CEO of the B.O.D.Executive Member
Company's web site: www.ascompany.grANDREADOU Ε. ANASTASIA: Vice-President of the B.O.D.Executive Member
Approval date from the B.O.D.ANDREADIS Ε. KONSTANTINOS: Member of the B.O.D.Executive Member
for annual financial statements: March 26th 2012IAKOVOU N. PETROS: Member of the B.O.D.Independent non-executive Member
Certified Auditor AccountantIoannis V. Kalogeropoulos L.C./ Accociation of Certified Auditors 10741VASILAKERIS V. MORFIS: Member of the B.O.D.Non-executive Member
Auditing Association & Certified Auditing Firm: BAKER TILLY HELLAS ΑΕ - L.C./ Accociation of Certified Auditors Ε 148MEXTERIDIS Ι. THEOFILOS: Member of the B.O.D.Non-executive Member
Type of Review Opinion: Unqualified
Amounts expressed in €Amounts expressed in €
ASSETS31.12.201131.12.20101.1 to1.1 to
Tangible fixed assets7,569,191.657,846,303.91
Intangible fixed assets36,486.4840,751.42Sales Turnover17,737,939.9820,976,334.05
Other non-current assets353,316.95269,985.25Gross profit / (loss)8,299,705.259,873,820.08
Inventories3,635,125.655,605,117.57Profit/(loss) before tax, interest,
Trade debtors10,267,145.0712,718,906.55investing results1,033,570.881,070,304.10
Other current assets5,938,467.874,682,732.15Profit/(loss) before tax990,091.79953,434.59
TOTAL ASSETS27,799,733.6731,163,796.85Profit/(loss) after tax (Α)673,886.77345,674.17
- Owners of the parent673,886.77345,674.17
SHAREHOLDERS' EQUITY AND LIABILITIES - Minority Shareholders'0.000.00
Paid up share capital8,313,146.008,313,146.00Other Profit/(loss) after tax (Β)0.000.00
Other shareholders' equity9,921,409.859,247,523.08Total Profit
Total Shareholder's Equity (a)18,234,555.8517,560,669.08after tax (Α) + (Β)673,886.77345,674.17
- Owners of the parent673,886.77345,674.17
Minority Rights (b)0.000.00 -Minority Shareholders'0.000.00
Total Equity (c) = (a) + (b)18,234,555.8517,560,669.08
Profit after tax per share in (€)0.03080.0158
Long term liabilities1,065,600.006,134,800.00Intended dividend per share (in €)0.00000.0000
Provisions / Other long term liabilities1,031,317.93945,591.94Profit/(loss) before tax, interest,
Short term borrowing liabilities3,069,200.001,069,200.00investing results and depreciation1,461,737.441,507,951.93
Other short term liabilities4,399,059.895,453,535.83
Total liabilities (d)9,565,177.8213,603,127.77
TOTAL SHAREHOLDERS EQUITY & LIABILITIES (c) + (d)27,799,733.6731,163,796.85Amounts expressed in €
4. CASH FLOW STATEMENTOpening balance
Amounts expressed in €(01.01.2011 & 01.01.2010 accordingly)17,560,669.0818,308,829.91
Year's Profit / (loss)
1.1 to1.1 toafter taxes673,886.77345,674.17
Operating activitiesNet income towards equity0.000.00
Profit before tax 990,091.79953,434.59Year's end equity
Increase / Decrease adjustments for:(31.12.2011 & 31.12.2010 accordingly)18,234,555.8517,560,669.08
Foreign Exchange Differences10,482,826.33-502,534.585. NOTES
Investing Activities Results (income, expences, profit & loss) 127,095.42470,672.61
Interest Expense205,567.99160,953.671.In the above financial statements the basic accounting principles applied are consistent with those applied for the balance sheet of the previous fiscal year 2010.
Increase / Decrease adjustments for working capital:
Decrease/(increase) in inventories1,969,991.92-189,056.042.There were no changes such as, in accounting policies, appreciation, correction in accounting mistakes, changes of entries in financial statements, regarding last year. Since 2011 the company has changed its method of valuation of closing stocks, from quarterly weighted average cost to average annual progressive cost, without a significant difference in the amount of closing inventory of the year compared to last year and for this reason the company did not apply retrospective application of this policy and listing of relevant disclosures in accordance with the provisions of IAS 8 (paragraph 14, 15, 16b, 29, 50). (please see note 5.2 in financial statement notes).
Decrease/(increase) in receivables2,135,184.97758,183.43
(Decrease)/increase in current liabilities (excluding borrowings)9,660,501.49392,572.37
Minus :
Interest Paid10,531,850.25-160,953.67
Income taxes paid10,467,191.329,801,452.83
Total cash flows from operating activities (a)4,048,795.081,384,954.803.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.
Investing Activities
Subsidiary0.000.004.There were no changes in the company's fiscal year period, therefore all information presented is comparable.
Purchase of tangible and intangible assets10,562,144.0910,635,803.12
Proceeds from sales of tangible and intangible assets0.0034.69
Proceeds from sales of securities0.000.005.The Company does not prepare consolidated financial statements, the Financial Statements are not included in other consolidated financial statements published by other companies.
Interest income164,390.1645,997.46
Dividends income0.000.00
Total cash flows from ivnesting activities (b)10,726,534.2510,681,835.276.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. Provisions for the unaudited tax years of AS Company have been made which amount to € 285.000,00 while other provisions amount to €1.971.253,25. (please see note 5.7 in financial statement notes).
Financing activities
Proceeds from Subsidiary0.000.00
Proceeds from increased capital0.000.00
Proceeds from borrowings0.00914,790.93
Inflow from Government Programs74,900.000.007.The number of staff employed by the Company was 69 as at the end of the reported period and was 72 accordingly at the end of the previous respective period. Provisions have been made for personnel severance pay due to retirement amount to € 238.917,43.
Borrowings paid-3,069,200.000.00
Payments of leasing liabilities-89,024.0010,622,851.00
Dividends paid10,711,239.671,072,647,989.008.The Company has been audited by the tax authorities up to and including the fiscal year 2004. For the unaudited fiscal years, provision have been made for tax audit differences amount to € 285.000,00. For fiscal year 2011 the Company has been subject to tax audit of the statutory auditors provided by the provisions of paragraph 5 of Article 82 of Law 2238/1994. This audit is progress and the related tax certificate will be provided after the publication of financial statements for the year. Upon completion of this tax audit, the Company's management does not expect to emerge tax liabilities beyond those recorded and disclosed in financial statements. (please see note 5.6 in financial statement notes).
Total cash flows from Financing activities (c)7,627,915.6710,443,806.93
Net increase / (Decrease) in cash
and cash equivalents (a) + (b) + (c)928,408.521,035,760.52
Cash and cash equivalents opening balance3,905,610.382,869,849.86
Cash and cash equivalents closing balance4,834,018.903,905,610.38
Thessaloniki, March 26th 20129.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 board695,038.85
f) Receivables fron managerial staff and the board0.00
g) Liabilities towards managerial staff and the board38.17