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 December 31st 2014
In accordance with Decision 4/507/28.04.2009 of the HCMC
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 Authority: Ministry 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 27th 2015IAKOVOU N. PETROS: Member of the B.O.D.Independent non-executive Member
Certified Auditor Accountant: Ioannis V. Kalogeropoulos L.C./ Accociation of Certified Auditors 10741VASILAKERIS V. MORFIS: Member of the B.O.D.Independent non-executive Member
Auditing Firm: ALPHA ΑΕ BAKER TILLY AE - 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 €
ASSETS31.12.201431.12.20131.1 to1.1 to
Tangible fixed assets6,753,138.147,049,242.82
Intangible fixed assets6,405.726,222.19Sales Turnover19,244,697.3016,962,613.35
Other non-current assets22,019.6699,175.45Gross profit / (loss)9,826,244.747,760,726.70
Inventories3,167,034.662,674,362.06Profit/(loss) before tax, interest,
Trade debtors8,440,245.038,264,898.33investing results2,719,780.17912,537.76
Other current assets8,469,495.997,166,138.53Profit/(loss) before tax2,588,019.31911,870.18
TOTAL ASSETS26,858,339.2025,260,039.38Profit/(loss) after tax (Α)1,867,225.57437,170.64
- Owners of the parent1,867,225.57437,170.64
SHAREHOLDERS' EQUITY AND LIABILITIES - Minority Shareholders'0.000.00
Paid up share capital9,975,775.209,975,775.20Other Profit/(loss) after tax (Β)0.000.00
Other shareholders' equity10,754,903.498,940,857.45Total Profit
Total Shareholder's Equity (a)20,730,678.6918,916,632.65after tax (Α) + (Β)1,867,225.57437,170.64
- Owners of the parent1,867,225.57437,170.64
Minority Rights (b)0.000.00 -Minority Shareholders'0.000.00
Total Equity (c) = (a) + (b)20,730,678.6918,916,632.65Impact from revised IAS 190.0029,487.52
Profit after tax per share in (€)0.07110.0200
Long term liabilities2,375,000.00625,000.00Intended dividend per share (in €)0.00000.0000
Provisions / Other long term liabilities717,142.05395,568.15Profit/(loss) before tax, interest,
Short term borrowing liabilities258,757.592,250,000.00investing results and depreciation3,085,317.541,286,806.26
Other short term liabilities2,776,760.873,072,838.58
Total liabilities (d)6,127,660.516,343,406.73
TOTAL SHAREHOLDERS EQUITY & LIABILITIES (c) + (d)26,858,339.2025,260,039.38Amounts expressed in €
Opening balance
4. CASH FLOW STATEMENT(01.01.2014 & 01.01.2013 accordingly)18,916,632.6518,495,497.27
Amounts expressed in €Impact from revised IAS 1910,684,238.7110,721,382.98
Year's Profit / (loss)
1.1 to1.1 toafter taxes1,867,225.57437,170.64
Operating activitiesNet income towards equity0.000.00
Profit before tax 2,588,019.31911,870.18Year's end equity
Increase / Decrease adjustments for:(31.12.2014 & 31.12.2013 accordingly)20,730,678.6918,916,632.65
Foreign Exchange Differences10,443,957.79113,758.125. NOTES
Investing Activities Results (income, expences, profit & loss) 202,114.4410,532,919.99
Interest Expense161,963.6591,500.981.In the above financial statements the basic accounting principles applied are consistent with those applied for the balance sheet of the previous fiscal year 2013, including the first application in 2013 using the revised International Accounting Standard (IAS) 19.
Increase / Decrease adjustments for working capital:
Decrease/(increase) in inventories10,244,745.64-200,887.072.There were no changes such as, in accounting policies, appreciation, correction in accounting mistakes, changes of entries in financial statements, regarding last year (taking account of the revised IAS 19).
Decrease/(increase) in receivables-312,361.7110,309,919.94
(Decrease)/increase in current liabilities (excluding borrowings)107,127.82-912,084.073.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 Paid10,575,454.5910,645,917.264.There were no changes in the company's fiscal year period, therefore all information presented is comparable.
Income taxes paid9,982,266.35-200,744.49
Total cash flows from operating activities (a)1,440,085.46-178,132.255.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 assets10,667,802.02-172,263.57
Proceeds from sales of tangible and intangible assets0.000.00
Proceeds from sales of securities8,766,348.718,899,841.297.The number of staff employed by the Company was 70 employees as at the end of the reported period and was 65 employees accordingly at the end of the previous respective period.
Interest income92,323.2879,472.07
Dividends income0.000.008.The company applied for first time the revised IAS 19 in 31.12.2013 which required the revision of the previous years financial statements. . 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 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. By updating the actuarial valuation for 2014 and recalculations, Equity decreased by the amount of € 53.179,53. Also, the amounts of deferred tax assets are offset against the corresponding deferred tax liabilities and are presented as a single item in the Statement of Financial Position.
Total cash flows from ivnesting activities (b)-1,948,362.47-1,930,368.45
Financing activities
Proceeds from Subsidiary0.000.00
Proceeds from increased capital0.000.00
Proceeds from borrowings1,750,000.001,184,400.00
Inflow from Government Programs0.000.00
Borrowings paid8,746,175.83-1,375,000.009.In the year 2013 the tax audit was conducted and completed for the unaudited fiscal years 2005 to 2009. The incremental amount of taxes and penalties that occurred was EUR 231,387.03 payable in installments. For the corresponding unaudited years the company had recorded ​​provisions amounting to 235.000,00 euros, covering the amount of taxes and penalties resulting from the audit. The positive difference resulting from the provisions, ie EUR 3,612.97, reduced the tax of fiscal year 2013. For the open fiscal year 2010, whose audit is in progress, a provision has been reserved for € 50.000,00. For the fiscal year 2014 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. The audit is in progress and the related tax certificate is to be granted after the publication of the financial statements of the year. Upon completion of this tax audit, the B.O.D. does not expect anytax liabilities to arise apart from those recorded and presended in the financial statements (please see note 5.9 in financial statement statements).
Payments of leasing liabilities10,682,692.8510,685,498.27
Dividends paid0.000.00
Total cash flows from Financing activities (c)-295,967.80-242,519.97
Net increase / (Decrease) in cash
and cash equivalents (a) + (b) + (c)-804,244.81-2,351,020.67
Cash and cash equivalents opening balance4,634,053.016,985,073.68
Cash and cash equivalents closing balance3,829,808.204,634,053.01
10.According to Article 72 of Law 4172/2013 and based on the decision of the Extraordinary General Assembly of Shareholders conducted on 27.12.2013, the following were decided: a) increase of the share capital by the total amount of 1.662.629,20 €, which resulted from the capitalization of tax free reserves, gains from investments and securities, taxed reserves from prior years profits and the capitalization of taxed retained earnings, and (b) issuing of 4.375.340 new shares, of nominal value 0,38 € each , which were offered free to the shareholders, with a ratio of 2 new shares for 10 old shares.
Thessaloniki, March 27th 2015
11.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 board613,687.90
f) Receivables fron managerial staff and the board0.00
g) Liabilities towards managerial staff and the board0.00