| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | AS COMPANY S.A. | | | | | | | | | | | | | | | | | | | | |
| | | | 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 2008 ended in June 30th 2008 | | | | | | | | | | | | | | | | | | | | |
| | | | In agreance with decision 6/448/11.10.2007 of the Hellenic Comission of Market Capitalization | | | | | | | | | | | | | | | | | | | | |
| | | | The figures presented below provide information about the financial position of AS COMPANY S.A. | | | | | | | | | | | | | | | | | | | | |
| | | | The reader who seeks to draft a completed figure of the company's financial statement and financial results, sould get access | | | | | | | | | | | | | | | | | | | | |
| | | | to the Company's web site, where the annual financial statements according to International Accounting Standards | | | | | | | | | | | | | | | | | | | | |
| | | | and Certified Auditors Accountant Audit Report are posted. | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Company's web site | | | | | | : www.ascompany.gr | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Approval date from the B.O.D. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | of quarterly periodic financial statements | | | | | | : 31 Ιουλίου 2008 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 1.1 BALANCE SHEET | | | | | | | | | | | 1.2 PROFIT AND LOSS STATEMENT | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Amounts expressed in € | | | | | | | | | | | Amounts expressed in € | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | GROUP | | COMPANY | | | | | | GROUP | | COMPANY | | | | | | | | | | | | | | | | | |
| | | ASSETS | | 30.06.2008 | | 31.12.2007 | | 30.06.2008 | | 31.12.2007 | | | | | | 1.1 - | | 1.1 - | | 1.1 - | | 1.1 - | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 30.06.2008 | | 30.06.2007 | | 30.06.2008 | | 30.06.2007 | | | | | | | | | | | | | | | | | |
| | | Tangible fixed assets | | 8,444,816.75 | | 8,358,170.01 | | 8,176,130.43 | | 8,358,170.01 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Intangible fixed assets | | 124,522.27 | | 83,311.32 | | 94,469.53 | | 83,311.32 | | | Sales Turnover | | | 12,095,433.28 | | 11,154,312.71 | | 12,016,734.91 | | 11,154,312.71 | | | | | | | | | | | | | | | | | |
| | | Other non current assets | | 204,872.67 | | 168,143.77 | | 518,093.60 | | 168,143.77 | | | Gross profit | | | 7,153,518.60 | | 6,015,935.69 | | 7,105,526.01 | | 6,015,935.69 | | | | | | | | | | | | | | | | | |
| | | Inventories | | 5,279,956.18 | | 4,427,237.37 | | 5,126,350.50 | | 4,427,237.37 | | | Profit/(loss) before tax, interest, | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Trade debtors | | 16,512,963.33 | | 14,827,625.01 | | 16,477,013.58 | | 14,827,625.01 | | | and investing results | | | 3039821.71 | | 2,521,990.38 | | 3,160,721.16 | | 2,521,990.38 | | | | | | | | | | | | | | | | | |
| | | Other current assets | | 2,316,879.15 | | 1,606,995.23 | | 2,030,639.11 | | 1,606,995.23 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Profit/(loss) before tax | | | 2,857,498.59 | | 2,315,835.28 | | 2,977,981.20 | | 2,315,835.28 | | | | | | | | | | | | | | | | | |
| | | TOTAL ASSETS | | 32,884,010.35 | | 29,471,482.71 | | 32,422,696.75 | | 29,471,482.71 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Profit/(loss) after tax | | | 2,149,271.03 | | 1,804,200.91 | | 2,232,974.58 | | 1,804,200.91 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | SHAREHOLDERS' EQUITY AND LIABILITIES | | | | | | | | | | | Distribution: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Company's shareholders | | | 2,174,331.58 | | 1,804,200.91 | | 2,232,974.58 | | 1,804,200.91 | | | | | | | | | | | | | | | | | |
| | | Paid up share capital | | 8,313,146.00 | | 8,313,146.00 | | 8,313,146.00 | | 8,313,146.00 | | | Minority Shareholders' | | | 10,712,357.69 | | 0.00 | | 0.00 | | 0.00 | | | | | | | | | | | | | | | | | |
| | | Other shareholders' equity | | 8,535,477.37 | | 8,111,281.79 | | 8,594,120.37 | | 8,111,281.79 | | | Profit after tax per share in (€) | | | 0.0998 | | 0.0828 | | 0.1025 | | 0.0828 | | | | | | | | | | | | | | | | | |
| | | Total shareholders' equity (a) | | 16,848,623.37 | | 16,424,427.79 | | 16,907,266.37 | | 16,424,427.79 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Profit/(loss) before tax, interest, | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Minority rights (b) | | 124,939.45 | | 0.00 | | 0.00 | | 0.00 | | | investing results and depreciation | | | 3,303,039.83 | | 2,788,245.02 | | 3,415,483.47 | | 2,788,245.02 | | | | | | | | | | | | | | | | | |
| | | Total equity (c) = (a) + (b) | | 16,973,562.82 | | 16,424,427.79 | | 16,907,266.37 | | 16,424,427.79 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | 1.2a PROFIT AND LOSS STATEMENT | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | Amounts expressed in € | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Long term liabilities | | 4,166,000.00 | | 3,332,800.00 | | 4,166,000.00 | | 3,332,800.00 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Provisions/ Other long term liabilities | | 1,435,420.80 | | 690,464.35 | | 1,435,420.80 | | 690,464.35 | | | | | | GROUP | | COMPANY | | | | | | | | | | | | | | | | | |
| | | Short term liabilities | | 426,042.26 | | 1,630,610.57 | | 426,042.26 | | 1,630,610.57 | | | | | | 1.4 - | | 1.4 - | | 1.4 - | | 1.4 - | | | | | | | | | | | | | | | | | |
| | | Other short term liabilities | | 9,882,984.47 | | 7,393,180.00 | | 9,487,967.32 | | 7,393,180.00 | | | | | | 30.06.2008 | | 30.06.2007 | | 30.06.2008 | | 30.06.2007 | | | | | | | | | | | | | | | | | |
| | | Total liabilities (d) | | 15,910,447.53 | | 13,047,054.92 | | 15,515,430.38 | | 13,047,054.92 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Sales Turnover | | | 4,910,230.22 | | 4,243,815.76 | | 4,831,531.85 | | 4,243,815.76 | | | | | | | | | | | | | | | | | |
| | | TOTAL SHAREHOLDERS EQUITY & LIABILITIES (e)=(a)+(d) | | 32,884,010.35 | | 29,471,482.71 | | 32,422,696.75 | | 29,471,482.71 | | | Gross profit | | | 3,078,494.63 | | 2,138,198.57 | | 3,030,502.04 | | 2,138,198.57 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Profit/(loss) before tax, interest, | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | and investing results | | | 934,637.87 | | 784,238.07 | | 1,055,537.32 | | 784,238.07 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Profit/(loss) before tax | | | 850,482.91 | | 685,482.29 | | 970,965.53 | | 685,482.29 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Profit/(loss) after tax | | | 568,291.94 | | 511,231.15 | | 651,995.49 | | 511,231.15 | | | | | | | | | | | | | | | | | |
| | | | 1.3 STATEMENT OF CHANGES IN EQUITY | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | Amounts expressed in € | | | | | | | | | | Distribution: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | GROUP | | COMPANY | | | Company's shareholders | | | 593,352.49 | | 511,231.15 | | 651,995.49 | | 511,231.15 | | | | | | | | | | | | | | | | | |
| | | | | 30.06.2008 | | 30.06.2007 | | 30.06.2008 | | 30.06.2007 | | | Minority Shareholders' | | | 10,712,357.69 | | 0.00 | | 0.00 | | 0.00 | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | Profit after tax per share in (€) | | | 0.0272 | | 0.0234 | | 0.0298 | | 0.0234 | | | | | | | | | | | | | | | | | |
| | | Opening balance (01.01.2008& 01.01.2007 respectively) | | 16,424,427.79 | | 14,876,955.79 | | 16,424,427.79 | | 14,876,955.79 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Year's Profit / (loss) after taxes | | 2,149,271.03 | | 1,804,200.91 | | 2,232,974.58 | | 1,804,200.91 | | | Profit/(loss) before tax, interest, | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Dividends | | -1,750,136.00 | | 1,072,429,222.00 | | -1,750,136.00 | | 1,072,429,222.00 | | | investing results and depreciation | | | 1,069,324.60 | | 914,915.22 | | 1,181,768.23 | | 914,915.22 | | | | | | | | | | | | | | | | | |
| | | Net income towards equity | | 0.00 | | 0.00 | | 0.00 | | 0.00 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Minority Stake in Subsidiary | | 150,000.00 | | 0.00 | | 0.00 | | 0.00 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Bought / (Sold) own shares | | 0.00 | | 0.00 | | 0.00 | | 0.00 | | | Notes: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Year end equity (31.03.2008 & 31.03.2007 respectively) | | 16,973,562.82 | | 15,368,554.70 | | 16,907,266.37 | | 15,368,554.70 | | 1. | The Company's tax returns have been audited by the tax authorities up to and including the fiscal year 2004, with the chance of an imposition of further taxation and surcharges throughout the year that will be reviewed and defined in the tax returns of the unaudited fiscal years. The results of the audit can not be projected at this time and therefore no relevant projection has been made that depicts the effect on the financial statements. Our subsidiary Cosmokid S.A. was incorporated in 2008 and has not filed any income tax return. | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 1.4 CASH FLOW STATEMENT | | | | | | | | | | 2. | All standard accounting pronciples have remained in force as in the 31.12.2007 Financial Statements. | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Amounts expressed in € | | GROUP | | COMPANY | | 3. | No circumstance in regards to changes in accounting principles and projections exited that would effect the comparability of the data presented. | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | 1.1 - | | 1.1 - | | 1.1 - | | 1.1 - | | 4. | There were no, during the present fiscal period, any buyouts, consolidations, sell-off, secession, or reorganization of any of the company's parts. There was only the incorporation of the subsidiary company Cosmokid S.A. of which AS Company S.A. has 70% stake. | | | | | | | | | | | | | | | | | |
| | | | | 30.06.2008 | | 30.06.2007 | | 30.06.2008 | | 30.06.2007 | | | | | | | | | | | | | | | | | | | |
| | | Operating activities | | | | | | | | | | 5. | There were no changes in the company's fiscal year period, therefore all information presented is comparable. | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Profit before tax | | 2,857,498.59 | | 2,315,835.28 | | 2,977,981.20 | | 2,315,835.28 | | 6. | During the 2nd quarter the company for the first time issued consolidated financial statements in which the results of its subsidiary Cosmokid S.A., with its corresponding stake of 70%, and date of incorporation 04/04/2008. The mother company's financial results are not incorporated in any other company's consolidated financial statements. | | | | | | | | | | | | | | | | | |
| | | Increase / Decrease adjustments for: | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Depreciation | | 263,218.12 | | 266,254.64 | | 254,762.31 | | 266,254.64 | | 7. | There is no mortgaging over company's fixed assets. | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Previsions | | 0.00 | | 0.00 | | 0.00 | | 0.00 | | 8. | The purchases in tangible and intangible fixed assets for the 1st half 2008 were 412.711,22€. On a consolidated basis and 86.759,05€ for the mother company. | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Investing Activities Results (income, expences, profit & loss) | | -6,596.16 | | 14,928.07 | | 10,731,784.73 | | 14,928.07 | | 9. | There do not exist any types of arbitration or pending litigation matters that could have a material adverse effect on AS Company S.A. financial condition. As of 30/06/2008 there were provisions made on inventory of € 616.163,94 , receivables provision of € 368.595,89, and retirement provision of € 164.748,90. There were no other provisions made. | | | | | | | | | | | | | | | | | |
| | | Interest Expense | | 188,565.19 | | 222,216.20 | | 188,373.47 | | 222,216.20 | | | | | | | | | | | | | | | | | | | |
| | | Increase / Decrease adjustments for working capital: | | | | | | | | | | 10. | The profits per share were based on the average trading shares less the own owned shares aquired by the Company. | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Decrease/(increase) in inventories | | 9,884,699.43 | | 10,007,169.00 | | 10,038,305.11 | | 10,007,169.00 | | 11. | The number of staff employed by the Company as at the end of period is 60 and it was 56 at the end of the respective period. | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Decrease/(increase) in receivables | | 9,133,324.92 | | 7,989,943.69 | | 9,292,060.93 | | 7,989,943.69 | | | As of 31.12.2005 the Company has acquired through the Athens Stock Exchange 94.730 same shares at an average price of € 0,766 total €72.559,90. On 03/07/2008 it was decided by the BOD that these shares would be distributed to its employees based on specific criteria. | | | | | | | | | | | | | | | | | |
| | | (Decrease)/increase in current liabilities (excluding borrowings) | | 2,802,382.70 | | 2,461,471.99 | | 2,407,365.55 | | 2,461,471.99 | | 12. | | | | | | | | | | | | | | | | | |
| | | Minus : | | | | | | | | | | 13. | The amounts of sales and purchases from the beginning of the fiscal period and the balance of receivables and liabilities at the end of the fiscal | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Interest Received | | 10,548,853.05 | | 10,515,202.04 | | 10,549,044.77 | | 10,515,202.04 | | | period, which have resulted from transactions from related sectors, such as defined by IAS standard 24 are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Income taxes paid | | 10,458,815.38 | | 10,496,859.68 | | 10,458,815.38 | | 10,496,859.68 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Total cash flows from operating activities (a) | | 3,181,088.26 | | 1,340,207.63 | | 3,211,402.25 | | 1,340,207.63 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Investing Activities | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Subsidiary | | 0.00 | | 0.00 | | -350,000.00 | | 0.00 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Purchase of tangible and intangible assets | | 10,324,707.02 | | 10,598,465.06 | | -86,759.04 | | 10,598,465.06 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Proceeds from sales of tangible and intangible assets | | 21,989.51 | | 0.00 | | 2,878.10 | | 0.00 | | | a) Sales of goods and services | | | 0 | | 11,677.65 | | | | | | | | | | | | | | | | | | | | | |
| | | Proceeds from sales (puschase) of securities | | 0.00 | | 10,729,666.03 | | 0.00 | | 10,729,666.03 | | | b) Purchase of goods and services | | | 0 | | 0.00 | | | | | | | | | | | | | | | | | | | | | |
| | | Interest income | | 12,995.98 | | 4,922.43 | | 12,387.43 | | 4,922.43 | | | c) Trade debtors | | | 0 | | 1,191.40 | | | | | | | | | | | | | | | | | | | | | |
| | | Dividends income | | 0.00 | | 0.00 | | 0.00 | | 0.00 | | | d) Liabilities | | | 0 | | 478.54 | | | | | | | | | | | | | | | | | | | | | |
| | | Total cash flows from ivnesting activities (b) | | -377,725.73 | | -141,782.96 | | -71,493.51 | | -141,782.96 | | | e) Transactions & salaries of managerial staff and the board | | | 271160.83 | | 262,247.58 | | | | | | | | | | | | | | | | | | | | | |
| | | Financing activities | | | | | | | | | | | f) Receivables fron managerial staff and the board | | | 0 | | 0.00 | | | | | | | | | | | | | | | | | | | | | |
| | | Proceeds from Subsidiary | | 150,000.00 | | 0.00 | | 0.00 | | 0.00 | | | g) Liabilities towards managerial staff and te board | | | 0 | | 5,457.98 | | | | | | | | | | | | | | | | | | | | | |
| | | Proceeds from share capital increase | | 0.00 | | 277,006.49 | | 0.00 | | 277,006.49 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Proceeds from borrowings | | 10,366,049.93 | | 0.00 | | 10,366,049.93 | | 0.00 | | | | | Thessaloniki, July 31st 2008 | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Borrowings paid | | -33,975.38 | | -41,174.64 | | -33,975.38 | | -41,174.64 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Dividends paid | | -1,750,136.00 | | 1,072,429,222.00 | | -1,750,136.00 | | 1,072,429,222.00 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Total cash flows from Financing activities ( c) | | -2,005,479.69 | | -1,076,770.15 | | -2,155,479.69 | | -1,076,770.15 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Net increase / (Decrease) in cash | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | and cash equivalents (a) + (b) + ( c) | | 797,882.84 | | 121,654.52 | | 984,429.05 | | 121,654.52 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Cash and cash equivalents opening balance | | 1,155,926.46 | | 351,041.97 | | 1,155,926.46 | | 351,041.97 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | Cash and cash equivalents closing balance | | 1,953,809.30 | | 472,696.49 | | 2,140,355.51 | | 472,696.49 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |