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 December 31st 2008
Published according to law 2190/20, art. 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. and AS Company Group.
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 Development
Company's web site: www.ascompany.grANDREADIS K. EFSTRATIOS: President & CEOExecutive Member
Approval date from the B.O.D.ANDREADOU ANASTASIA E.: Vice-President of the B.O.D.Executive Member
for annual financial statements: March 20th 2009ANDREADIS Ε. KONSTANTINOS: Member of B.O.D.Executive Member
Certified Auditor Accountant: Evaggelos Ν. Pagonis - L.C./ Accociation of Certified Auditors 14211RIZOPOULOS P. KONSTANTINOS: Member of B.O.D.Independent non-executive Member
Auditing Association & Certified Auditing Firm: BAKER TILLY HELLAS ΑΕ - L.C./ Accociation of Certified Auditors Ε 148VASILAKERIS V. MORFIS: Member of B.O.D.Independent non-executive Member
Type of Review Opinion: Unqualified
Amounts expressed in €Amounts expressed in €
ASSETS31.12.200831.12.200731.12.200831.12.20071.1 to1.1 to1.1 to1.1 to
Tangible fixed assets8,424,386.948,358,170.017,976,435.378,358,170.01
Intangible fixed assets27,841.2483,311.320.0083,311.32Sales Turnover27,245,709.3225,817,738.3426,606,519.2225,817,738.34
Other non-current assets438,670.84168,143.77716,048.05168,143.77Gross profit / (loss)13,827,248.8812,749,696.4213,510,594.7212,749,696.42
Inventories6,989,276.014,427,237.376,691,907.294,427,237.37Profit/(loss) before tax, interest,
Trade debtors15,075,360.5414,827,625.0114,780,919.6014,827,625.01investing results4,838,790.144,238,676.375,218,527.104,238,676.37
Other current assets1,937,741.071,606,995.231,198,916.281,606,995.23Profit/(loss) before tax4,335,304.233,745,107.974,726,439.353,745,107.97
TOTAL ASSETS32,893,276.6429,471,482.7131,364,226.5929,471,482.71
Profit/(loss) after tax3,144,367.452,854,390.203,422,879.782,854,390.20
Company's shareholders3,144,367.452,854,390.203,422,879.782,854,390.20
Paid up share capital8,313,146.008,313,146.008,313,146.008,313,146.00Minority Shareholders'
Other shareholders' equity9,615,578.438,111,281.799,784,025.578,111,281.79Profit after tax per share in (€)0.14370.13050.15650.1305
Total Shareholder's Equity (a)17,928,724.4316,424,427.7918,097,171.5716,424,427.79Intended divident per share in (€)0.08000.08000.08000.0800
Profit/(loss) before tax, interest,
Minority Rights (b) results and depreciation5,451,183.914,757,950.405,802,059.694,757,950.40
Total Equity (c) = (a) + (b)17,928,724.4316,424,427.7918,097,171.5716,424,427.79
Long term liabilities4,332,000.003,332,800.003,332,000.003,332,800.00
Provisions / Other long term liabilities793,105.34690,464.35785,933.90690,464.351.3 STATEMENT OF CHANGES IN EQUITY
Short term borrowing liabilities2,135,624.161,630,610.572,126,475.621,630,610.57Amounts expressed in €
Other short term liabilities7,703,822.717,393,180.007,022,645.507,393,180.00GROUPCOMPANY
Total liabilities (d)14,964,552.2113,047,054.9213,267,055.0213,047,054.9231.12.200831.12.200731.12.200831.12.2007
Opening balance
TOTAL SHAREHOLDERS EQUITY & LIABILITIES (c) + (d)32,893,276.6429,471,482.7131,364,226.5929,471,482.71(01.01.2008 & 01.01.2007 respectively)16,424,427.7914,876,955.7916,424,427.7914,876,955.79
Year's Profit / (loss) after taxes3,144,367.452,854,390.203,422,879.782,854,390.20
Net income towards equity110,065.195,683.800.005,683.80
1.4 CASH FLOW STATEMENTYear's end equity
Amounts expressed in €(31.12.2008 & 31.12.2007 respectively)17,928,724.4316,424,427.7918,097,171.5716,424,427.79
1.1 to1.1 to1.1 to1.1 to
Operating activities1.The basic accounting principles applied are consistent with those applied for the balance sheet as at 31/12/2007.
Profit before tax 4,335,304.233,745,107.974,726,439.353,745,107.97
Increase / Decrease adjustments for:2.During the present fiscal year the subsidiary company COSMOKID S.A. was established of wich AS COMPANY S.A. has 100% stake, which in turn incorporated COSMOKID ALBANIA LTD, headquarters in Tirana, pwith all 100% stake. (please see note 5.2 in the financial statement notes). There were no other buyouts, consolidations, sell-off, secession, or reorganization of any of the company's parts.
Foreign Exchange Differences9,914,221.420.009,914,221.420.00
Investing Activities Results (income, expences, profit & loss) 816,692.31-12,928.90820,477.21-12,928.903.There were no changes in the company's fiscal year period, therefore all information presented is comparable.
Interest Expense508,449.51528,690.35496,317.55528,690.354.The Financial Statements are not included in other consolidated financial statements published by other companies.
Increase / Decrease adjustments for working capital:5.AS COMPANY S.A. has been audited by the tax authorities up to and including the fiscal year 2004 while subsidiary company COSMOKID S.A.was established in 2008 and has not been audited for it's first fiscal year (please see note 5.4 in financial statement notes).
Decrease/(increase) in inventories8,175,379.609,860,575.218,472,748.329,860,575.21
Decrease/(increase) in receivables9,980,702.139,047,949.6510,314,733.169,047,949.65
(Decrease)/increase in current liabilities (excluding borrowings)10,212,222.581,735,613.31-1,206,372.871,735,613.316.There do not exist any types of arbitration or pending litigation matters that could have a material adverse effect on AS Company S.A. & COSMOKID S.A. financial condition and therefore there do not exist any corresponding provisions. During the published fiscal year provisions for the unaudited tax years of AS Company have been made which amount to € 190.000,00 other provisions for slow moving stock amounting to € 1.116.163,94 and bad debt provisions amounting to € 632.570,06 have also been incorporated.
Minus :
Interest Paid10,228,968.7310,208,727.8910,241,100.6910,208,727.89
Income taxes paid10,277,938.649,889,140.7010,277,938.649,889,140.70
Total cash flows from operating activities (a)650,410.092,600,858.48959,520.022,600,858.48
7.The number of staff employed by the subsidiary and mother company as at the end of fical year is 73 & 57 accordingly and was 58 & 58 accordingly at the end of the respective period.
Investing Activities
Subsidiary0.000.00-390,000.000.008.There is no mortgaging over company's and groups fixed assets.
Purchase of tangible and intangible assets-660,097.6810,536,148.4010,597,972.1710,536,148.409.The Company, had previously acquired through the Athens Stock Exchange 94.730 own shares at an average price of €0,766 totalling € 72.559,90 an amount which reduced the total shareholders equity of the Group and the Company . On 03/07/2008, the BOD decided, these shares would be distributed to its employees based on specific criteria.
Proceeds from sales of tangible and intangible assets40,305.050.0021,193.640.00
Proceeds from sales of securities0.0010,729,666.030.0010,729,666.03
Interest income19,997.1818,612.6919,260.8818,612.6910.During the reported fiscal year the amount of € 110.065,19 was reported in the shareholders equity which represents: 1) €110.000,00 for the difference stemming from the buyout by the Company of 30% of its subsidiary Cosmokid S.A. and 2) the amount of €65,19 from foreign exchange differences stemming from the buyout of the subsidiary Cosmokid S.A. and its subsidiary COSMOKID ALBANIA LTD.
Dividends income0.
Total cash flows from ivnesting activities (b)-599,795.45-190,409.36-488,991.55-190,409.36
Financing activities
Proceeds from Subsidiary0. the first time during the reported fiscal year AS Company published consolidated financial statements that incorporate Cosmokid S.A. with location in Thessaloniki, Greece. AS Company's stake in Cosmokid S.A. is 100%, date consolidation was initiated 04.04.2008. On 12.06.2008 the subsidiary Cosmokid S.A. incorporated its subsidiary COSMOKID ALBANIA LTD location Tirana, Albaniawith 100% stake which were also incorporated in the Groups financial figures.
Proceeds from increased capital110,
Proceeds from borrowings1,504,213.5910,524,134.26495,065.0510,524,134.26
Borrowings paid0.
Payments of leasing liabilities-77,646.88-79,678.65-77,646.88-79,678.65
Dividends paid-1,750,136.001,072,429,222.00-1,750,136.001,072,429,222.0012.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:
Total cash flows from Financing activities (c)-213,569.29-1,605,564.63-1,332,717.83-1,605,564.63
Net increase / (Decrease) in cash
and cash equivalents (a) + (b) + (c)-162,954.65804,884.49-862,189.36804,884.49GROUPCOMPANY
Cash and cash equivalents opening balance1,155,926.46351,041.971,155,926.46351,041.97 a) Sales of goods and services0.0089,390.65
Cash and cash equivalents closing balance992,971.811,155,926.46293,737.101,155,926.46 b) Purchase of goods and services0.0020,441.50
c) Trade debtors0.0049,316.64
d) Liabilities0.0024,028.89
e) Transactions & salaries of managerial staff and the board603,033.75535,476.51
f) Receivables fron managerial staff and the board0.000.00
g) Liabilities towards managerial staff and te board0.000.00
Thessaloniki, March 20th 2009