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 2009
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, resualted from the financial statements, provide information about the financial position of AS COMPANY AE.
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 ANDREADIS 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 22nd 2010RIZOPOULOS P. KONSTANTINOS: Member of the B.O.D.Independent non-executive Member
Certified Auditor Accountant: Evaggelos Ν. Pagonis - L.C./ Accociation of Certified Auditors 14211VASILAKERIS 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 €
ASSETS31.12.200931.12.200831.12.200931.12.20081.1 to1.1 to1.1 to1.1 to
Tangible fixed assets8,203,334.048,424,386.948,203,334.047,976,435.37
Intangible fixed assets27,157.2727,841.2427,157.270.00Sales Turnover25,832,010.3927,245,709.3225,063,716.0726,606,519.22
Other non-current assets245,083.82438,670.84245,083.82716,048.05Gross profit / (loss)13,105,528.4113,827,248.8812,783,704.4613,510,594.72
Inventories5,416,061.536,989,276.015,416,061.536,691,907.29Profit/(loss) before tax, interest,
Trade debtors13,051,553.9615,075,360.5413,051,553.9614,780,919.60investing results3,551,903.284,838,790.143,700,893.225,218,527.10
Other current assets4,066,500.901,937,741.074,066,500.901,198,916.28Profit/(loss) before tax3,313,294.234,335,304.233,472,659.324,726,439.35
TOTAL ASSETS31,009,691.5232,893,276.6431,009,691.5231,364,226.59Profit/(loss) after tax (Α)2,124,839.023,144,367.452,246,935.273,422,879.78
- Owners of the parent2,124,839.023,144,367.452,246,935.273,422,879.78
Paid up share capital8,313,146.008,313,146.008,313,146.008,313,146.00Other Profit/(loss) after tax (Β)
Other shareholders' equity9,995,683.919,615,578.439,995,683.919,784,025.57Total Profit
Total Shareholder's Equity (a)18,308,829.9117,928,724.4318,308,829.9118,097,171.57after tax (Α) + (Β)2,124,839.023,144,367.452,246,935.273,422,879.78
- Owners of the parent2,124,839.023,144,367.452,246,935.273,422,879.78
Minority Rights (b) -Minority Shareholders'
Total Equity (c) = (a) + (b)18,308,829.9117,928,724.4318,308,829.9118,097,171.57
Profit after tax per share in (€)0.09710.14370.10270.1565
Long term liabilities5,204,000.004,332,000.005,204,000.003,332,000.00Intended dividend per share (in €)0.05000.08000.05000.0800
Provisions / Other long term liabilities890,673.64793,105.34890,673.64785,933.90Profit/(loss) before tax, interest,
Short term borrowing liabilities1,085,209.072,135,624.161,085,209.072,126,475.62investing results and depreciation3,991,757.215,451,183.914,119,846.235,802,059.69
Other short term liabilities5,520,978.907,703,822.715,520,978.907,022,645.50
Total liabilities (d)12,700,861.6114,964,552.2112,700,861.6113,267,055.02
TOTAL SHAREHOLDERS EQUITY & LIABILITIES (c) + (d)31,009,691.5232,893,276.6431,009,691.5231,364,226.59
1.The B.O.D., of mother company AS COMPANY S.A. and subsidiary company COSMOKID S.A. (participation percentage 100%), on July 16th 2009, decided on the merger, by absorption of the second company by the first, according to article 78 of law 2190/1920. Date of absorption was decided that of 30.06.2009, on which date the acquisition value of the participation was €390.000,00, sales turnover of the subsidiary €831.272,72, gross profit €321.823,95, semesters net profit € -122.096,25 & paid up share capital € 104.859,07. Thus all financial figures for 2009 in the all financial statements for the group include the amounts of the mother company and those of the absorbed subsidiary up to 30.06.2009, and therefore absolutely comparable with the corresponding amounts of the previous fiscal year which also included the absorbed subsidiary company COSMOKID S.A. The absorption of subsidiary company was completed on December 31st 2009 and from this point on a group will no longer exist but for comparison reasons alone last year’s figures have been provided. (please see note 5.1 in financial statement notes).
Amounts expressed in €
Opening balance
(01.01.2009 & 01.01.2008 accordingly)17,928,724.4316,424,427.7918,097,171.5716,424,427.79
Year's Profit / (loss) 2.In the above financial statements the basic accounting principles applied are consistent with those applied for the balance sheet of the previous fiscal year.
after taxes2,124,839.023,144,367.452,246,935.273,422,879.78
Dividends-1,750,136.00-1,750,136.00-1,750,136.00-1,750,136.003.During the reported fiscal year the amount of € 285.140,93 was reported in shareholders equity which represents the difference between the acquisition value and the shareholders equity of the absorbed subsidiary company COSMOKID S.A. Accordingly in the shareholders equity of the group there was reported the amount of € 5.402,46 which comes out from the difference between the value of the shareholders equity of subsidiary as at 30-06-2009 amount to € 104.859,07 and the initial value of the investment as it was formed in the corresponding period after the reductions which amounts to € 99.456,61.
Net income towards equity5,402.46110,065.1910,452,277.310.00
Year's end equity
(31.12.2009 & 31.12.2008 accordingly)18,308,829.9117,928,724.4318,308,829.9118,097,171.57
4. CASH FLOW STATEMENT4.There were no changes such as, in accounting policies, appreciation, correction in accounting mistakes, changes of entries in financial statements, regarding last year.
Amounts expressed in €
GROUPCOMPANY5.There were no changes in the company's fiscal year period, therefore all information presented is comparable.
1.1 to1.1to1.1 to1.1 to
31.12.200931.12.200831.12.200931.12.20086.The Financial Statements are not included in other consolidated financial statements published by other companies.
Operating activities7.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 until its absorption in 30.06.2009 (please see note 5.4 in financial statement notes).
Profit before tax 3,313,294.234,335,304.233,472,659.324,726,439.35
Increase / Decrease adjustments for:8.The number of staff employed by the Group and mother company was 75 & 75 employees accordingly as at the end of fical year and 67 & 55 employees accordingly, at the end of the previous fical year .
Previsions11,144.1312,646.6111,144.135,475.169.There do not exist any types of arbitration or pending litigation matters of the Group or the Company that could have a material adverse effect on financial condition or operation of the Group and the Company and therefore there do not exist any corresponding provisions. Provisions for the unaudited tax years of AS Company have been made which amount to € 235.000,00 while other provisions amount to € 1.202.430,33. (please see note 5.5 in financial statement notes).
Foreign Exchange Differences10,664,785.729,914,221.4210,664,785.729,914,221.42
Investing Activities Results (income, expences, profit & loss) -770,504.29816,692.31-230,634.67820,477.21
Interest Expense229,915.75508,449.51229,915.75496,317.55
Increase / Decrease adjustments for working capital:
Decrease/(increase) in inventories1,275,845.768,175,379.601,275,845.768,472,748.3210.IIn the Groups consolidated financial statements, during the previous fiscal year, were included COSMOKID S.A. figures, with location in Thessaloniki, Greece, with a 100% stake by AS Company, date of consolidation was initiated 04.04.2008. On 12.06.2008 the subsidiary Cosmokid S.A. incorporated its subsidiary COSMOKID ALBANIA LTD location Tirana, Albania, with 100% stake. During the year COSMOKID S.A. transferred the managing rights it had on a location it operated to a local representative, who would continue the further growth and expansion of the retail chain (kids clothing IDEXE and AS toys) in all of Albania. There were no other buyouts, consolidations, sell-off, secession, or reorganization of any of the company's parts. (please see note 5.8 in financial statement notes).
Decrease/(increase) in receivables1,436,669.389,980,702.131,436,669.3810,314,733.16
(Decrease)/increase in current liabilities (excluding borrowings)-1,117,778.1210,212,222.58-1,117,778.12-1,206,372.87
Minus :
Interest Paid10,507,502.4910,228,968.7310,507,502.4910,241,100.69
Income taxes paid9,364,453.3910,277,938.649,364,453.3910,277,938.64
Total cash flows from operating activities (a)3,122,026.73650,410.093,821,261.44959,520.02
Investing Activities11.The Company in compliance to the extraordinary charge (article 2 of law 3808/2009), was burdened with an additional € 274.807,61 charge on its after-tax-profit, which relate to extraordinary tax charge, This amount is calculated based on the 2009 income-tax return and will be paid in 12 monthly installments during 2010.
Purchase of tangible and intangible assets10,064,344.56-660,097.6810,064,344.5610,597,972.17
Proceeds from sales of tangible and intangible assets64.7340,305.0564.7321,193.6412.The amounts of sales and purchases from the beginning of the fiscal year καθώς and the balance of receivables and liabilities of the Group and the Company at the end of the fiscal year which have resulted from transactions from related sectors, such as defined by IAS standard 24 are as follows:
Proceeds from sales of securities0.
Interest income2,847.9819,997.182,847.9819,260.88
Dividends income58.270.0058.270.00
Total cash flows from ivnesting activities (b)-280,102.70-599,795.45-280,102.70-488,991.55GROUPCOMPANY
Χρηματοδοτικές δραστηριότητες a) Sales of goods and services0.000.00
Proceeds from Subsidiary0. b) Purchase of goods and services0.000.00
Proceeds from increased capital0.00110, c) Trade debtors0.000.00
Proceeds from borrowings830,733.451,504,213.59830,733.45495,065.05 d) Liabilities0.000.00
Inflow from Government Programs46,218.000.0046,218.000.00 e) Transactions & salaries of managerial staff and the board0.00801,401.83
Borrowings paid0. f) Receivables fron managerial staff and the board0.000.00
Payments of leasing liabilities10,645,556.81-77,646.8810,645,556.81-77,646.88 g) Liabilities towards managerial staff and te board0.000.00
Dividends paid-1,750,136.00-1,750,136.00-1,750,136.00-1,750,136.00
Total cash flows from Financing activities (c)-965,045.98-213,569.29-965,045.98-1,332,717.83Thessaloniki, March 22nd 2010
Net increase / (Decrease) in cash
and cash equivalents (a) + (b) + (c)1,876,878.05-162,954.652,576,112.76-862,189.36
Cash and cash equivalents opening balance992,971.811,155,926.46293,737.101,155,926.46
Cash and cash equivalents closing balance2,869,849.86992,971.812,869,849.86293,737.10