AS COMPANY S.A.
GROUP OF COMPANIES
ANNUAL FINANCIAL REPORT
of the financial year from
1 January 2022 to 31 December 2022
According to article 4 of Law 3556/2007
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
1
Contents
Ι. STATEMENTS BY REPRESENTATIVES OF THE BOARD OF DIRECTORS……………3
II. ANNUAL CONSOLIDATED ANNUAL REPORT OF THE BOARD OF DIRECTORS
(COMPANY AND SUMMARY) FOR THE FINANCIAL YEAR FROM 1 JANUARY 2022 TO 31
DECEMBER 2022 (pursuant to Article 4 of Law 3556/2007)………………………………………4
III. REPORT OF THE INDEPENDENT AUDITOR…………………………………………………50
Α΄. ANNUAL STATEMENT OF FINANCIAL POSITION……………………………………………..59
Β΄. ANNUAL STATEMENT OF COMPREHENSIVE INCOME……………………………………….60
C΄. ANNUAL STATEMENT OF CHANGES IN EQUITY……………………………………………….61
D΄. ANNUAL CASH FLOW STATEMENT…………………………………………………………………63
E΄. NOTES TO THE COMPANY AND CONSOLIDATED ANNUAL FINANCIAL
STATEMENTS……………………………………………………………………………………………………..64
1. General information………………………………………………………………………………….64
2. Framework for the preparation of the financial statements…………………………..64
3. Significant Accounting Principles and Methods…………………………………………….65
4. Significant Accounting Principles and Methods…………………………………………….68
4.1 Consolidation and Investments in Subsidiaries………………………………………………….68
4.2 Property, Plant and Equipment……………………………………………………………………….69
4.3 Investment Property……………………………………………………………………………………..69
4.4 Intangible Assets…………………………………………………………………………………………..70
4.5 Impairment of Non-financial Assets…………………………………………………………………70
4.6 Financial Instruments…………………..…………………..…………………..………………………70
4.7 Inventories…………………..…………………..…………………..……………………………………..72
4.8 Cash and cash equivalents…………………..…………………..…………………..……………….72
4.9 Share capital…………………..…………………..…………………..…………………..………………72
4.10 Government grants…………………..…………………..…………………..………………………..73
4.11 Employee benefits…………………..…………………..…………………..………………………….73
4.12 Provisions…………………..…………………..…………………..…………………..…………………74
4.13 Deferred Taxes…………………..…………………..…………………..…………………..…………74
4.14 Revenue recognition…………………..…………………..…………………..…………………..….74
4.15 Dividends…………………..…………………..…………………..…………………..…………………75
4.16 Leases…………………..…………………..…………………..…………………..……………………..75
4.17 Foreign currency conversion…………………..…………………..…………………..……………75
5. Other Information…………………..…………………..…………………..………………….…..76
5.1 Consolidated Financial Statements…………………..…………………..…………………..…….76
5.2 Seasonality of activities…………………..…………………..…………………..…………………….76
6. Operating Segments…………………..…………………..…………………..……………………76
7. OTHER EXPLANATORY INFORMATION…………………..…………………..……………...76
7.1 Property, Plant and Equipment and Rights to Use Assets…………………..………………76
7.2 Intangible assets…………………..…………………..…………………..……………………………..80
7.3 Investment property…………………..…………………..…………………..………………………..80
7.4 Investments in subsidiaries…………………..…………………..…………………..………………80
7.5 Other non-current assets…………………..…………………..…………………..………………….81
7.6 Inventories…………………..…………………..…………………..…………………..…………………81
7.7 Receivables from customers…………………..…………………..…………………..……………..81
7.8 Investments at fair value through profit or loss…………………..…………………..……….83
7.9 Other current assets…………………..…………………..…………………..…………………………84
7.10 Cash and cash equivalents…………………..…………………..…………………..………………84
7.11 Paid-up share capital and reserves…………………..…………………..…………………..…..85
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
2
7.12 Lease liabilities…………………..…………………..…………………..………………………………85
7.13 Deferred tax liabilities…………………..…………………..…………………..…………………….86
7.14 Employee termination benefit liabilities…………………..…………………..…………………87
7.15 Other long-term liabilities…………………..…………………..…………………..……………….88
7.16 Trade payables…………………..…………………..…………………..…………………..…………88
7.17 Short-term borrowings…………………..…………………..…………………..…………………..88
7.18 Other short-term liabilities…………………..…………………..…………………..………………89
7.19 Turnover…………………..…………………..…………………..…………………..………………….89
7.20 Cost of sales…………………..…………………..…………………..…………………..……………..89
7.21 Other operating income…………………..…………………..…………………..………………….90
7.22 Administrative expenses…………………..…………………..…………………..…………………90
7.23 Distribution operating expenses…………………..…………………..…………………..………90
7.24 Research and development expenses…………………..…………………..…………………..91
7.25 Payroll costs…………………..…………………..…………………..…………………..……………..91
7.26 Depreciation and amortisation…………………..…………………..…………………..…………91
7.27 Financial operating expenses…………………..…………………..…………………..…………..92
7.28 Taxes…………………..…………………..…………………..…………………..……………………… 92
8. Transactions with related parties…………………..…………………..………………………94
9. Financial risk management and financial assets…………………..…………………..….95
10. Fair Value and Fair Value Hierarchy…………………..…………………..…………………100
11. Commitments and contingent liabilities - Guarantees given…………………..…….100
12. Earnings per Share…………………..…………………..…………………..……………………101
13. Audit fees…………………..…………………..…………………..…………………..……………102
14. Potential impact of other risks…………………..…………………..…………………..…………102
15. Events after the date of the financial position…………………..…………………….…103
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
3
Ι. DECLARATIONS OF MEMBERS OF THE BOARD OF DIRECTORS
(in accordance with article 4, paragraph 2 of Law 3556/2007)
We, the members of the Board of Directors of "AS COMMERCIAL INDUSTRIAL COMPUTER
AND TOY COMPANY S.A.":
1. Efstratios Andreadis Konstantinos, President of the BoD & C.E.O.,
2. Anastasia Andreadou, nee Angelos Kozlacidis, Vice-President of the Board of Directors,
Executive Member
3. Theodora Koufou, Executive Member of the Board of Directors,
under our above-mentioned capacities specifically designated by the Board of Directors of
“AS COMMERCIAL INDUSTRIAL COMPUTER AND TOY COMPANY S.A.” (hereinafter
referred to as "Company") hereby declare and certify that to the best of our knowledge:
a) The accompanying Separate and Consolidated Financial Statements for the period from 1
January 2022 to 31 December 2022, of the Company "AS COMMERCIAL INDUSTRIAL
COMPUTER AND TOY COMPANY S.A.", as well as the companies that are included in the
consolidation taken as a whole, which were prepared in accordance with the International
Financial Reporting Standards, as adopted by the European Union, present in a true manner
the Assets and Liabilities, Equity and Profit and Loss statement of the year for the twelve-
month period ended on 31 December 2022.
b) The Board of Directors Report upon these Financial Statements accurately reflects in a true
manner the development, performance and financial position of the Company as well as the
companies included in the Consolidated Financial Statements taken as a whole, including the
description of the major risks and uncertainties they face.
Thessaloniki, 21 April 2023
PRESIDENT of the BoD & C.E.O.
EXECUTIVE VICE-PRESIDENT of the BoD
MANAGING DIRECTOR
EFSTRATIOS Κ. ANDREADIS
ANASTASIA Ε. ANDREADOU
ID No AP 235479
ID No ΑΗ 181790
B.O.D MEMBER
THEODORA D. KOUFOU
ID No AN 233404
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
4
ΙΙ. ANNUAL REPORT OF THE BOARD OF DIRECTORS (SEPARATE AND
CONSOLIDATED) FOR THE FINANCIAL YEAR FROM 1 JANUARY 2022 TO
31 DECEMBER 2022 (in accordance with article 4 of Law 3556/2007).
Dear Shareholders,
This Annual Report of the Company's Board of Directors concerns the financial year 2022 and was
prepared in accordance with articles 150-154 of Law 4548/2018, article 4 of Law 3556/2007 and
the relevant decisions of the Hellenic Capital Market Commission and refers to the Annual Separate
and Consolidated Financial Statements (hereinafter referred to as “Financial Statements”) as at
31 December 2021 and in the twelve-month period ended on that date.
This Report includes the actual depiction for the period from 1 January 2022 to
31 December 2022, the major events that took place in 2022, the description of the main risks
and uncertainties, the major events that took place after the end of 2022, the material transactions
of the Company and the Group of AS Company S.A. (the “Group”) with the related parties as well
as the Corporate Governance Declaration.
The Annual Financial Statements (Separate and Consolidated), the Auditor's Report and the Board
of Directors Report of AS COMMERCIAL INDUSTRIAL COMPUTER AND TOY COMPANY S.A. may
be found on the link: https://ir.ascompany.gr/el/home/.
The Separate and Consolidated Financial Statements have been prepared in accordance with
International Financial Reporting Standards (IFRS) as adopted by the European Union (EU).
The main point of reference of this Annual Financial Report is the consolidated financial data of
the Company with reference to the Company’s and the Group’s individual financial data.
All amounts in this Annual Financial Report are expressed in Euro.
Α. FINANCIAL INFORMATION 2022
In 2022 the Group presented a significant improvement regarding turnover of +26,27%
(amounted to 28,7 mil. Euros) in comparison to those of the prior year 2021, which can be
attributed to the increase of sales in the home market.
The Group’s turnover abroad through its two subsidiaries in Cyprus and Romania has also
presented important growth amounting to 25,25%.
The most significant figures of the Company and the Group in relation to 2021 were as follows:
Group
Company
1.1 until
31.12.2022
1.1 until
31.12.2021
V %
1.1 until
31.12.2022
1.1 until
31.12.2021
V%
Turnover
28.658.401
22.695.672
26,27%
26.465.125
20.742.788
27,59%
% Gross profit
margin
42,78%
46,67%
39,15%
42,82%
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
5
EBIDTA
4.658.993
3.882.380
20,00%
3.732.704
3.066.429
21,73%
% of sales
16,26%
17,11%
14,10%
14,78%
Profit before tax
3.283.855
3.976.932
-17,43%
3.602.286
3.202.791
12,47%
Profit after tax
2.581.101
3.184.247
-18,94%
3.005.423
2.507.080
19,88%
Total inflows from
operating activities
3.356.154
4.370.271
-23,20%
3.071.293
3.453.540
-11,07%
Cash and
investments
17.687.527
19.408.259
-8,87%
15.738.334
16.534.863
-4,82%
For the Group, the gross profit margin decreased by 3,9% at 42,78% from 46,67% last year which
is attributed to currency exchange rates of dollar and euro.
The operating expenses increased by 12,68% and, despite the decrease in the Gross margin profit
figure, the increase in the number of sales resulted in EBITDA to increase by 16,26% as a
percentage to sales against 17,11% in the previous year. In absolute figures, EBITA came up to
4,66 million euros compared to 3,88 million euros in 2021, presenting an increase of +20,00%.
The profit before tax of the Group were decreased by €693 thousand, hence -17,43%, mainly due
to the negative appreciation of the bonds compare to the positive appreciation of the relevant
period of 2021, while the profits after tax are decreased by -18,94% and totaled to 2,6 million
euros.
The total inflows of the Group from operating activities totaled to € 3,356 thousand during 2022
compared to €4.370 thousand the previous year of 2021, a fact which is attributed to increase of
stock.
Net Profit before Tax: The variation in profitability compared to the previous year for the Group
and the Company is attributable to:
Parent ( Α )
Α. Increase in sales volume
2.240.406
Β. Decrease in gross profit margin %
-760.799
C. Increase in operating costs
-879.827
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
6
D. Decrease of financial income
-280.133
Ε. Decrease in other operating income
66.495
F. Decrease in depreciation
13.352
Total change in Profits before taxes
399.494
Subsidiaries Activities ( Β )
-1.092.572
Total Change (A + B)
-693.077
Gearing rate: The situation of the gearing rate on 31.12.2022 excluding IFRS 16 in Euros is as
follows:
Group
Company
31.12.2022
31.12.2021
V %
31.12.2022
31.12.2021
V %
Bank loans
20.825
0
20.825
0
minus: cash and investments
-17.687.527
-19.408.259
-15.738.334
-16.534.863
Net Debt
-17.666.702
-19.408.259
-9,0%
-15.717.510
-16.534.863
-4,9%
Equity
34.704.150
33.631.847
3,2%
33.063.386
31.566.517
4,7%
Gearing ratio
-50,91%
-57,71%
-47,54%
-52,38%
The gearing ratio appears to be slightly decreased compared to 2021 and is still negative. Cash
plus short-term investments, is higher than bank debt by € 15,7 million and €17,7 million
(Company and Group respectively), a fact that certifies the healthy financial situation of the
Company and Group.
The adjusted gearing rate taking into account the effect of IFRS 16 is as follows:
Group
Company
31.12.2022
31.12.2021
V %
31.12.2022
31.12.2021
V %
Bank loans
159.431
227.760
152.891
213.608
less: cash and investments
-17.687.527
-19.408.259
-15.738.334
-16.534.863
Net Debt
-17.528.096
-19.180.499
-8,6%
-15.585.444
-16.321.255
-4,5%
Equity
34.704.150
33.631.847
3,2%
33.063.386
31.566.517
4,7%
Gearing ratio
-50,51%
-57,03%
-47,14%
-51,70%
Working Capital: The comparative figures for the working capital are as follows:
Group
Company
31.12.2022
31.12.2021
V %
31.12.2022
31.12.2021
V %
Current assets
33.896.928
35.135.014
31.174.689
32.016.435
Current liabilities
-6.196.776
-5.821.009
-5.647.957
-5.295.384
Working capital
27.700.151
29.314.005
-5,5%
25.526.732
26.721.051
-4,5%
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
7
The Group's inventories amounted to € 7.663 thousand compared to €4.531 thousand in the
previous year and represent 18,7% of the total assets, compared to 11,4% in the corresponding
period last year. The inventories of 2022 include stock in transit of €1,131 thousand compared to
€1,245 thousand of the previous year.
Respectively, the receivables from the customers of the Group decreased compared to the
previous year by €2.6 million, meaning 23,64% while the turnover increased by 26,27% compared
to the previous year.
Group
Company
31.12.2022
31.12.2021
V %
31.12.2022
31.12.2021
V %
Inventory and Receivables from
Customers & Other receivables
16.209.401
15.726.755
15.436.354
15.481.571
Minus: Trade payable and other
short term liabilities
-6.084.816
-5.716.492
-5.542.538
-5.198.814
Net Working Capital
10.124.584
10.010.264
1,3%
9.893.817
10.282.758
-3,8%
% of sales
35,4%
44,1%
37,4%
49,6%
Earnings per share: Earnings per share of the Company based on the weighted number of
shares amounted to €0,1976 compared to € 0,2433 of the previous year, showing a decrease of
18,8%. The nominal number of shares on 31.12.2022 was 13.065.125.
Capital expenditure: The Company’s investments amounted to €658.884 in the period from
1.1.2022 to 31.12.2022, compared to €55.792 of the respective comparative period.
Research and development costs: Within 2022, the Company incurred increased costs by
2,76% compared to the previous year, meaning €184 thousand compared to €179 thousand.
Key Financial Ratios: The main financial ratios as of 31.12.2022 and 31.12.2021 were as
follows taking into account the effect of IFRS 16 :
Group
31.12.2022
31.12.2021
31.12.2020
a. Financial Structure ratios
Current Assets / Total Assets
82,5%
88,0%
85,4%
Equity / Total Liabilities
545,0%
535,2%
655,9%
Equity / Fixed Assets
728,2%
739,3%
637,0%
Current Assets / Current Liabilities
547,0%
603,6%
727,9%
b. Performance and Efficiency ratios
31.12.2022
31.12.2021
31.12.2020
EBITDA / Turnover
16,3%
17,1%
15,8%
Gross Profit / Turnover
42,8%
46,7%
48,2%
Turnover / Equity
82,6%
67,5%
62,0%
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
8
Company
31.12.2022
31.12.2021
31.12.2020
a. Financial Structure ratios
Current Assets / Total Assets
80,2%
85,8%
83,2%
Equity / Total Liabilities
568,3%
548,8%
693,1%
Equity / Fixed Assets
695,3%
696,1%
610,0%
Current Assets / Current Liabilities
552,0%
604,6%
751,0%
b. Performance and Efficiency ratios
31.12.2022
31.12.2021
31.12.2020
EBITDA / Turnover
14,1%
14,8%
14,0%
Gross Profit / Turnover
39,2%
42,8%
44,7%
Turnover / Equity
80,0%
65,7%
60,4%
Building Facilities: The Company maintains in Oreokastro, Thessaloniki, in a privately owned
space, offices and warehouse. In the same premises, a retail store was operationg until
04/12/2022. Also, the Company maintains rented offices and exhibition space in Attica. In Cyprus
and Romania, the subsidiaries rent space for their offices.
Personnel: The number of employees at the end of the audited fiscal year 2022 amounted to 72
employees in the Group, specifically 66 in the parent company and 6 in the subsidiaries in Cyprus
and Romania. At the end of the previous year, the number of employees in the Group was 72
employees, specifically 66 in the parent company and 6 in the subsidiaries in Cyprus and Romania.
Investments: The Group structure as at 31.12.2022 is as follows:
Name Consolidation Method % of parent
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS Parent
AND TOYS S.A.
Ionia str., Oreokastro,
57013, Thessaloniki, Greece
AS COMPANY CYPRUS LTD Full Consolidation 100%
Akadimias 21 Aglatzia
2017, Nicosia, Cyprus
AS KIDS TOYS S.R.L Full Consolidation 100%
Calea Bucurestilor – Νο 3A, Parter Camera P1
Otopeni, Romania
In the fiscal year ended 31.12.2022, the Consolidated Financial Statements drafted, included the
financial information of the subsidiaries of «AS COMPANY CYPRUS LTD» and «AS KIDS TOYS
S.R.L.».
The financial statements of the Group subsidiaries that are consolidated and their shares are not
traded on any stock market are posted at the following address:
https://ir.ascompany.gr/el/home/.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
9
Β. IMPORTANT EVENTS OF 2022
1. General Meeting of Shareholders decisions
The General Meeting of the Company's Shareholders held on June 2
nd
2022 took the following
decisions:
a) approved the Separate and Consolidated Annual Financial Statements for the fiscal year
1.1.2021 – 31.12.2021 (the Board of Directors’ Annual Report of management in a
consolidated form for the Company and its Group and the Annual Financial Report for the
Company and its Group, according to Law 4548/2018 and the International Financial
Reporting Standards); accompanied with the relevant reports of the Auditor.
b) approved the distribution of dividends for the fiscal year 2021, of a gross amount of 0,1163
per share. The gross amount was increased by the dividend corresponding to the 60.825 treasury
shares held by the Company, which were not entitled to a dividend.
c) approved the overall management of the Board of Directors for the fiscal year 1.1.2021 -
31.12.2021 according to article 108 of Law 4548/2018 and the discharge of the Auditors
for the same fiscal year, according to article 117 par. 1 case c ' Law 4548/2018.
d) The Shareholders were informed on the Audit Committee’s Annual Report by its Chairman,
according to article 44, par. 1 of Law 4449/2017, in which the description of the Company’s
sustainable development policy is included. The Annual Report of the Audit Committee aims
to inform the Shareholders on the Committee’s activity during the financial year 1/1/2021
-031/12/2021 and, as a result, there was no vote upon this specific item.
e) the Report of the independent non executive members of the Board to the General Meeting
for the year 1.1.2021-31.12.2021 was submitted to the General Meeting by the non
executive Vice President and independent member of the Board. The Report aims to inform
the shareholders and as a result, there was no vote upon this specific item.
f) it was unanimously decided to elect a new Board of Directors, which will manage the
company for the next three years, due to the expiry of the current Board's term of office,
and to appoint the independent members. Mr. Efstratios Andreadis, Mrs. Anastasia
Andreadou, Mr. Apostolos Petalas, Mrs. Theodora Koufou, Mr. Konstantinos Andreadis, Mr.
Michael Zarkadis, Mr. Ioannis Apostolakos and Mr. Theophilos Mehteridis were elected as
members of the Board of Directors. Mr. Apostolos Petalas, Mr. Michael Zarkadis and Mr.
Ioannis Apostolakos were appointed as independent non-executive members of the Board
of Directors. The fulfillment of the criteria and conditions stipulated in the law and the
Company's Suitability Policy for the candidate Board members who were elected was
determined by the Remuneration and Nomination Committee and confirmed by the Board
of Directors at their respective meetings held on 4.5.2022. At the same meetings, it was
also ascertained that the independence requirements of the nominated independent non-
executive directors were fulfilled in accordance with Law 4706/2020.
g) approved the Remuneration Report for the members of the Board of Directors during the
year 1.1.2021–31.12.2021, according to article 112 of Law 4548/2018, which was approved
by the General Meeting. It is noted that the relevant voting had an advising role.
h) approved the remuneration and benefits to the members of the Board of Directors for the
fiscal year 1.1.2021 – 31.12.2021.
i) the shareholders, following the assent of the Remuneration Committee, approved
unanimously the remuneration to be paid during the present year of 2022 to the members
of the Board.
j) elected the Firm of Certified Auditors under the name "KPMG Certified Auditors SA" (AM SOEL:
114), based in Athens, Stratigou Tompra 3, postcode: 15342, Agia Paraskevi), to carry out
the mandatory audit of the Financial Statements and the granting of the annual tax
certificate for the fiscal year 2022 (1.1.2022 – 31.12.2022)
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
10
2. Participation in exhibitions
After almost two and a half years, the trade fairs returned with a physical presence but also
without the restrictions imposed by the coronavirus pandemic. In the first quarter of 2022, due to
the restrictive measures in force, the Annual Corporate Exhibition in Greece did not take place,
nor did the international toy industry exhibitions in Hong Kong and Nuremberg. However, AS
started its dynamic participation in foreign exhibitions in May 2022, took part in the Distoy Fair in
London, creating contacts and prospects for new partnerships with important companies in the
field. In the second half of 2022, the Company participated as a guest for the first time in the
most important for Europe International Table Games Fair in Essen, Germany (Spiel Essen).
The Company is following the same strategic path in 2023, with targeted moves and new
presences. At the beginning of 2023, it participated for the first time since the pandemic at the
International Toy Fair in Nuremberg ("Spielwarenmesse"). Also, at the end of February, the Annual
Corporate Exhibition in Greece was held at the end of February at the Company's premises in
Athens. The Company's presence at foreign exhibitions is considered of utmost importance for its
efforts to open up new markets and for this reason it plans to actively participate in the next
industry exhibitions throughout the year. Nevertheless, our communication with domestic and
non-domestic customers, as well as with suppliers, is also carried out - where required - remotely,
using new technologies and the most up-to-date equipment.
3. Approval of Dividend Distribution for the fiscal year 2021
The Company’s Shareholders’ Ordinary Generally Meeting held on 02.06.2022 decided the
distribution of the dividend of the fiscal year 2021, of a gross amount of 0,1163285315 euros per
share, increased by the dividend corresponding to the 60.825 own shares held by the Company.
According to the applicable tax law provisions (article 64 of Law 4172/2013, in its latest applicable
form), a tax of 5% was retained for the dividend’s gross value (with the exception or modulation
of this percentage of retainment for the Shareholders subject to specific provisions). As a result,
the net amount received by the Shareholders came up to the amount of 0,1105121049 euros per
share. Beneficiaries of this dividend were the Company’s Shareholders registered to the files of
the Intangible Securities System (S.A.T), managed by the “Greek Central Securities Depository
S.A.”, on Thursday 23
th
June 2022 (Record Date), while the distribution of the Dividend took place
on Tuesday 28
th
June 2022, through the paying Bank "Piraeus Bank S.A..".
4. Special Negotiator pause announcement
The Athens Exchange Listing and Market Operation Committee of the Athens Stock Exchange, at
its meeting of 12.7.2022, approved the resignation of the company - Member of the Athens
Exchange "EUROBANK EQUITIES MONOPROSOPI S.A.", from the capacity of Special Negotiator
on the shares of the company "A.S. COMMERCIAL- INDUSTRIAL COMPANY H/IC & GAMES S.A.".
The last day of the Special Negotiation was set as Friday 29 July 2022.
5. Digital Transformation of the Group
As part of its Digital Transformation, the Group invests in new technologies, which is why it has
chosen SAP Business One as its new ERP. The aim of the implementation of the new ERP is to
improve the effectiveness and efficiency of internal processes, better service to our customers,
faster and more effective decision-making, and support profitable growth. Its productive operation
started on 1 January 2023. At the same time, in 2022 the Group completed its investment in
Digitalization with the creation of a B2B platform which started its operation at the end of 2022.
6. Issuance of tax certificate for the year 2021
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
11
The tax audit of the Company for the year 2021, carried out by the Certified Public Accountant in
accordance with article 65A of Law 4174/2013, was completed on November 29, 2022, and the
corresponding Tax Compliance Report was issued with a conclusion "without reservation".
7. Engagement of AS Company SA in the sector of Luxury Tourist
Accommodation development
The Management of the Company, realizing the great opportunities presented in the rapidly
changing business environment, as well as the challenges created by demographics, climate
change, the digitalization of trade, geopolitical developments, etc., considers it necessary to
balance the Company's prospects and risks, with its activity in the development of luxury tourist
accommodation, taking advantage of the great comparative advantages that our country has to
offer in the tourism sector. The Company's financial structure, with its proven ability to generate
strong cash flows even in difficult economic conditions, such as the economic crisis, pandemic and
energy challenges, combined with its adequate investment portfolio, allows it to exploit
opportunities in the tourism sector, which has proven to be particularly resilient in recent years in
Greece and with potential for further growth.
AS Company has acquired a number of adjacent tracts of land, totalling 62,172.05 sqm, in the
highly attractive tourist areas of Elounda and Plaka Elounda, Lassithi, Crete, for the development
of luxury tourist accommodation. The total value of the transaction as at 31.12.2022 amounts to
EUR 2.262.741, including the transfer taxes. At the end of the financial year, approximately 80%
of the total transaction planned up to now by the Group's management was successfully
completed in the aforementioned two areas.
8. Dividend payment from AS COMPANY CYPRUS LIMITED to the Mother
company
The meeting of the Board of Directors of the subsidiary Company held on 18.10.2022 decided to
pay a dividend, which amounts to EUR 1,200,000 to the mother Shareholder of the subsidiary,
from the subsidiary's retained earnings in accordance with its financial statements as of 30 June
2022.
9. Board constitution
According to the decision of the Board of Directors of the Company from 01.02.2022, it was
decided that the up to then non-independent and non-Executive member of the Board of Directors
Mr Konstantinos Andreadis of Efstratios. Mr. Konstantinos Andreadis will henceforth be responsible
with new foreign markets development.
C. FINANCIAL RISK MANAGEMENT AND FINANCIAL ASSETS
The Group faces various risks and uncertainties related to its operations, which may significantly
affect its legal entities, their financial condition, business operations and cash flows.
Indicatively, the list of risks to which the Group is exposed is:
- Strategic risks
- Internal risk factors
- Country and international risks
- Profitable growth risk
- Supply chain risks
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
12
- Market risks - Cost reduction systems
- Human resource systems risks
- IT risks
- Compliance risks
- Financial risks
- Reporting risks - Maximum financial risks
- Risks - Internal Control and Risk Systems
- Risks - Sustainability Risks.
- Risks from Geopolitical Developments
C1. Planning to address major risks
The Group's management has prioritized the following 5 most important risks with regard to the
achievement of its strategic objectives.
- Profitable growth risk. In order to achieve profitable organic growth objectives, it is essential to
plan a response to the risks and limit the obstacles that will arise.
- Sustainable growth risk. In order to achieve the objectives of sustainable growth and to reduce
the competitiveness risk in relation to large companies that can take advantage of their faster
adaptation to the objectives of sustainable growth, there must be integrated response plans.
- Internal risk factors. To achieve the Company’s goals and vision, we need a healthy organization
that will be able to improve existing core competencies, develop new ones such as
internationalization competencies, new digital competencies with a focus on digitization and
collective leadership with high standards of corporate governance, adjusted to the specialties and
size of the Group and the Company.
- Compliance risks. Compliance with the requirements of the legislative framework is an ongoing
process that the Group must and strives to meet consistently.
- Risks from Geopolitical Developments. International political issues such as the war in Ukraine,
Greece's relations with Turkey are and will remain beyond the Group's control.
C2. Categorization of risks
The principal risks to which the Company and the Group are exposed have been categorized as
follows:
a. Business Risks
Risks related to the Group's strategy and the industry in which it operates, such as the speed of
response to changing customer/consumer demands, competition, regulatory framework and the
Company's reputation, as well as issues such as technological innovation.
b. Operational risks
Risks in relation to the Group's operations, arising from factors such as the supply chain
(procurement, production, distribution), financial reporting. Errors - fraud and third parties’
malicious acts that may affect the information system and communications as well as security in
customer service
c. Financial risks
Risks arising from the general macroeconomic environment on the one hand and factors that
constitute obstacles for the Group to meet its commitments and financial objectives on the other.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
13
The primary objective is to maintain strong creditworthiness and healthy business ratios to support
its business plans.
d. Risks from Geopolitical Developments
The Group's business is affected by the level of disposable income from economic consumption
which is influenced consequently by conditions such as inflation, GDP, unemployment levels and
taxation. Geopolitical developments in the countries of Europe in particular as well as in Greece's
relations with Turkey create a climate of uncertainty, resulting in a contraction of demand in the
product category in which the Group operates.
C3. Description of the main risks and uncertainties
The main risks that have a direct impact on the financial results are listed below.
(a) Foreign Exchange risk
This specific risk relates to the foreign exchange rate between euro and other currencies that are
related to the sales and purchases of the Company and the Subsidiaries.
The Group carries out a significant part of its imports from China which are invoiced in US Dollars
(USD). In 2022, purchases in dollars accounted for 63.3% of total purchases compared to 60.4%
of purchases in the previous period. The value of imports in dollars (USD) is increased by +54.8%
compared to the same period last year due to both higher sales and the Group's management's
decision to maintain higher inventories due to the general uncertainty in the global market
conditions.
The Group maintains cash and investment products in dollars (USD), which cover 41,3% of the
imports value in dollars made within 2022.
The average foreign exchange rate between euro/dollar the last 3 years is as follows:
2019
2020
2021
2022
Average exchange rate
1,1195
1,1419
1,1827
1,053
Annual change %
(5,21%)
2,0%
3,6%
(11,0%)
The Group in 2022 did not use financial instruments to reduce its exposure from foreign exchange
risk arising from the markets.
Due to the Group's activities in Romania through its subsidiary AS KIDS TOYS S.R.L., there is an
exchange rate risk of impairment of its net position from assets valued in Romanian lei (RON).
Based on the Group's overall net position figures, this risk remains at low levels.
(b) Interest rate risk
The Group's companies have credit limits in banks, but due to the significant liquidity, they have
not resorted to bank lending in 2022 and all their needs in working capital are financed by their
own available cash. The amount borrowed at the end of the financial year related to a balance in
a current account of EUR 20,824.61.
The Group does not use derivative financial instruments to reduce its exposure to the interest rate
risk at the date of preparation of the Statement of Financial Position.
The Group is closely monitoring developments and adjusting its policy to protect its high cash
holdings and continues to invest in a highly rated portfolio.
The Management considers that the aforementioned risk is not expected to significantly affect the
financial position of the Company and the Group.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
14
(c) Risk from commodity prices fluctuations and dependence for the supply of the goods.
Given that most of the toys traded by the Company and its Subsidiaries are imported from China,
any change in trade relations between China and the European Union, or any change in the
exchange rate between CNY/USD given that most of the of the Group's purchases are made in
USD, may affect positively or negatively, depending on the situation, the supply of customers and
sales of the Group, on the one hand, and on the other the Cost of Sales and Profitability.
Given that more than 60% of the Group's products originate from China and in order to limit the
financial impact of extraordinary events (e.g. temporary trade blockade - imposition of duties etc.)
the Management has adopted a policy of higher stock levels to ensure smooth supply to its
customers.
The Company continuously monitors the financial data of the Chinese market by maintaining long
lasting relationships with its suppliers. The Company also participates in exhibitions in China with
the purpose of setting up a preferred suppliers list, with whom it could enter into a business
relationship.
(d) Credit risk and liquidity risk
This specific risk has to identify the risk that the Company or the Group may face if a customer
fails to fulfil his contractual obligations. The Group and the Company, in order to reduce their
credit risk, apply a rational credit policy, taking into account any market information collected from
data banks for the credibility of their customers. The receivables of the Group and the Company
derive mainly from wholesales, while a significant part of the receivables derive from large
customers.The financial position of its customers is continuously monitored by the Group and the
Company by controlling the volume of credits as well as the credit limits provided. If deemed
necessary additional collaterals and guarantees are obtained.
Due to the size of the Company's trading circuit, the potential credit risk for the Group currently
concerns mainly the Company.
Potential credit risk exists in cash and cash equivalents and investments. In these cases, the risk
may arise from the inability of the counterparty to meet its obligations to the Group. The Group
ensures that it maintains appropriate diversification, and invests in institutions with enhanced
credit ratings to reduce risk.
The credit risk, which may arise from the failure of financial institutions to meet their obligations
to the Group in respect of investments and cash holdings, has been significantly reduced as the
majority of these are placed either with systemic Greek banks or with international banks outside
Greece with high investment grade ratings.
Liquidity risk exists in the event where the Group cannot fulfil its financial obligations. As appears
in the financial statements, both at Company and at Group level, the liquidity risk is fully controlled
(see working capital ratio).
GROUP 31.12.2022 31.12.2021
Current Assets / Current Liabilities 547,0% 603,6%
Company 31.12.2022 31.12.2021
Current Assets / Current Liabilities 552,0% 604,6%
As far as the cash flow risk is concerned, it is noted that the Company and the Subsidiary in Cyprus
are adequately protected, due to: a) their positive cash flows as mentioned above, b) the high
credit rating from the banking institutions, c) the financial assets of the Company, whose carrying
amount in the financial statements does not deviate from their fair value, d) maintaining liquid
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
15
assets in banks with a good rating by international firms and e) placing the Company's assets for
investment in marketable securities.
The subsidiary in Romania as of 31-12-2022 had € 415.123 in cash and has secured a bank’s
funding line of €200.000 which has not been used as of to date.
Due to the seasonality in the Group's products, a rational management of working capital is
required because in any other case additional financial costs may burden its results. The Group
has sufficient funding lines from various Banking Institutions.
The tables below summarize the maturities of the Company's and the Group's financial liabilities
at the date of preparation of the financial statements based on the payments terms resulting from
the relevant loan term agreements or the agreements with the counterparties.
Group
Total
Up to 1 year
From 1 to 5 years
2022
2021
2022
2021
2022
2021
Accounts payable
20.825
0
20.825
0
0
0
Liabilities to suppliers
2.435.960
3.063.528
2.435.960
3.063.528
0
0
Lease liabilities
138.606
227.760
91.135
104.518
47.471
123.242
Other short-term liabilities
3.648.857
2.652.964
3.648.857
2.652.964
0
0
Total
6.244.247
5.944.252
6.196.776
5.821.009
47.471
123.242
Company
Total
Up to 1 year
From 1 to 5 years
2022
2021
2022
2021
2022
2021
Lease liabilities
20.825
0
20.825
0
0
0
Liabilities to suppliers
132.066
213.608
84.595
96.570
47.471
117.038
Accounts payables
2.210.652
2.793.998
2.210.652
2.793.998
0
0
Other short-term liabilities
3.331.886
2.404.816
3.331.886
2.404.816
0
0
Total
5.695.428
5.412.422
5.647.957
5.295.384
47.471
117.038
Based on the above facts, the Group's Management estimates that Cash and Short-term
Investments, in addition to the abovementioned liquidity capabilities, adequately offset the
aforementioned risks.
(e) Insurance Risk (non financial risk)
Given that most of the Company's merchandise is carried over from its warehouse to customers,
the Company should be covered by its exposure to counterparty risk by insuring its products.
For this purpose, the Company carries out insurance of its facilities by a consortium of insurance
companies, something that gives adequate insurance cover for all the main risks.
The subsidiaries of Romania and Cyprus do not have their own warehouse and the transportation
of goods takes place through the Company's warehouse facilities. The products are insured during
their transport, both to the warehouses of the Company, and until their delivery to the subsidiaries’
customers.
(f) Risks from potential impairment of financial assets
The Company makes short-term investments (mainly bonds) of high credit rating after assessing
the relevant ratings from international agencies. As a rule, the bonds in which part of its cash is
invested are transferable securities traded mainly on the secondary market and other regulated
markets. The risks arising from investments in bonds are: (a) the risk of default on the repayment
of the capital invested; (b) market risk associated with fluctuations in bond prices resulting from
changes in interest rates and inflation (c) liquidity risk resulting in the bond being sold at a price
below its fair valuation and (d) the risk of early repayment by the issuer resulting in a reduction
in the expected return and the inability to reinvest the capital in products with similar returns.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
16
(g) Seasonality Risk
The Group operates in an industry that is highly seasonal, particularly during the Christmas and
Easter period. Indicatively, the Group's sales in the last quarter of the financial year - Christmas
period - account for 33% to 43% of its sales. This seasonality requires proper planning of
deliveries and timely delivery of the quantities requested by our customers.
Any inability of the Group to cope with the increased demand during these periods will negatively
affect the financial results of the entire financial year.
Other risks
The demand of Company’s products is influenced by external factors such as the economic
uncertainty, the reduced consumption and the consumers preference for low-priced products. The
geopolitical developments mainly in the countries of Europe, have given rise to a climate of
uncertainty, having as a result the decrease of demand in the product category the Group is
engaged in. In this context, the Company’s Management has made a selection of quality products,
which are attractive to consumers throughout the year.
The Group's Management aims to limit the potential negative impact of these risks on its financial
results and constantly adapts to new situations in order to maintain its activities unaffected.
D. STRATEGY OF THE COMPANY AND PERSPECTIVES FOR THE YEAR 2023
2022 was characterized by increased uncertainty and volatility in the global macroeconomic
environment. Key concerns, such as supply chain disruptions and geopolitical developments
centered on Ukraine and inflationary pressures, stem from the energy crisis. The first half of 2022,
the Greek Economy recorded an upturn but rising inflation significantly impacted growth in the
second half of the year and is expected to continue to affect growth in subsequent years. As a
result of the above, households' disposable income has declined and their operating expenses
have increased, factors that have reduced consumer purchasing power.
In this negative global environment, in an attempt to offset the strong inflationary pressures, the
ECB recently made the first interest rate increase above its initial forecasts. The contribution of
the Recovery & Resilience Fund (RRF) is expected to boost the Greek economy with more than
€30 billion over the coming years.
Despite the uncertain and volatile environment, the Management is monitoring global
developments, taking the necessary measures to address any impact on its operating activities
and always trying not to deviate from its vision for further growth. The Group's Management
continues to grow its sales in the three countries where it operates, with the constant launch of
new products in its main categories. To achieve this, the Group has focused on further increasing
its market share in the children's toy sector, with categories combining quality & price. The Group
also continues its organisational and digital restructuring actions, paying particular attention to
the digital footprint in all its activities. The Group's strategy is focused on providing the necessary
digital tools to its customers and consumers, with an emphasis on e-commerce. By leveraging
digital tools and new technologies, customers can now make wholesale purchases online through
the B2B digital platform as well as have direct access to digital materials and content for AS
Company products, so that end consumers can have a complete, omnichannel experience in their
contact with the Company, offline & online.
Shielding liquidity, achieving profitable results and maintaining a strong competitive position are
key objectives of the Management for FY 2023. At the same time, the Group's Management,
realizing the great opportunities presented in the rapidly changing business environment and the
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
17
challenges created by demographics, climate change, digitalization of trade, geopolitical
developments, etc., considers it necessary to balance the Group's prospects and risks. For this
reason, it plans with careful steps its activity in the tourism sector, in order to take advantage of
the great comparative advantages that our country has in this sector. In this context, the
acquisition in recent months, groups of adjacent plots in the areas of Elounda Lassithi and Plaka
Elounda Lassithi. The Management continues to investigate the possible acquisition of other land
plots adjacent to the acquired land in the two aforementioned areas or in other areas with
increased tourism development potential. The specific, case-by-case exploitation method and the
timing of its implementation will be decided after the completion of possible additional
acquisitions, in cooperation with specialized consultants and after taking into account the general
conditions. In any case, it is estimated that the consolidation of the land acquired per area has
already added value to the acquisition value of each individual plot of land, given the possibility
of exploiting the now unified areas on much more favorable terms, in accordance with the current
legal regime.
The Company's financial structure, with its proven ability to generate strong cash flows even in
difficult economic conditions, such as the financial crisis, pandemic and energy challenges,
combined with its investment portfolio, allows it to exploit opportunities in the tourism sector,
which has proven to be particularly resilient in recent years in Greece and with potential for further
growth. AS Management is firmly convinced that, with the Company's leading role in the gaming
sector and careful development in that of Tourism, its financial performance will improve even
further for the benefit of its shareholders, its employees and society.
Ε. RELATED PARTIES TRANSACTIONS
The definition of related parties includes, as defined by IAS 24, in addition to subsidiaries and
affiliates, also management and members of the Board of Directors.
Transactions with related parties during the year 2022, i.e. intercompany sales / purchases and
intercompany balances, were all transactions within the scope of the Company's business
operations.
All related party business transactions were conducted only with AS COMPANY CYPRUS LTD and
AS KIDS TOYS S.R.L.. No intercompany transactions were conducted beyond those described
above.
Sales
2022
2021
AS COMPANY CYPRUS LTD
1.713.411
1.235.473
AS KIDS TOYS S.R.L
1.105.688
817.641
Total
2.819.099
2.053.114
Purchases
2022
2021
AS COMPANY CYPRUS LTD
0
0
AS KIDS TOYS S.R.L
0
0
Total
0
0
Other Transactions
2022
2021
AS COMPANY CYPRUS LTD
110.214
100.739
AS KIDS TOYS S.R.L
76.823
84.769
Total
187.037
185.507
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
18
Balances from trading transactions
Receivables
2022
2021
AS COMPANY CYPRUS LTD
953.215
795.798
AS KIDS TOYS S.R.L
568.876
454.897
Total
1.522.092
1.250.694
Payables
2022
2021
AS COMPANY CYPRUS LTD
0
0
AS KIDS TOYS S.R.L
0
0
In fiscal year 2022 a dividend was approved from the subsidiary AS COMPANY CYPRUS LIMITED
to the Parent Company in the amount of EUR 1.200.000 (2021:0).
The remuneration to the Directors and the Company's management are analyzed as follows:
Remuneration and Transactions of
Management
Group
Company
Short – term employee benefits
2022
2021
2022
2021
Salaries
519.087
580.181
519.087
504.931
Social Security cost
86.356
94.472
86.356
85.341
Total
605.443
674.653
605.443
590.272
Remunerations and Transactions of Board of
Directors Members
Group
Company
Short – term benefits
2022
2021
2022
2021
Salaries
440.000
332.160
410.000
307.160
Social Security cost
71.819
50.843
70.992
50.640
BoD Remuneration Stamp
4.920
3.686
4.920
3.686
Other fees
48.510
34.140
48.510
34.140
Total
565.249
420.829
534.422
395.626
No loans have been granted to the Board of Director members, or to Management (and their
families). There were no changes in the transactions between the Company and its related persons
which could have a material impact on the Company's financial position and performance.
The fees paid during the fiscal year 2022 to the Chairman of the Board of Directors Mr. Efstratios
Andreadis, the Executive Vice President of the Board of Directors Mrs. Anastasia Andreadou, the
Executive member Mr. Konstantinos Andreadis and the non-executive members Mr. Ioannis
Apostolakos, Theofilos Mehteridis and Apostolos Petalas, concern remuneration of their position
as members of the Board of Directors. The Company does not pay remuneration to the Members
of the BoD for their capacities as members of the Audit Committee and the Remuneration and
Nomination Committee.
According to the decision of the Annual General Meeting on 02.06.2022, the payment of the
annual gross remuneration from the profits of the closed financial year 1.1.2021-31.12.2021 was
approved.
Theophilos Mehteridis, a non-executive member of the Board of Directors, was also paid fees due
to the provision of customs clearance services, in the context of his professional cooperation with
the Company, based on a relevant assessment of the Board of Directors. The fees paid to the
executive member of the Board of Directors, Mrs. Theodora Koufou, relate to the provision of
dependent work services to the Company throughout the financial year. The Directors who are
not members of the Board of Directors received fees based on their dependent employment
contracts with the Company.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
19
F. Corporate Governance Declaration
This Corporate Governance Declaration has been prepared in accordance with article 152 of Law
4548/2018 (Government Gazette A '104/ 13.06.2018), with the Law 4760/2020 and the relative
decisions and directives of Hellenic Capital Market Commission. It is included in the Annual Board
of Directors Report for the fiscal year 2022, as a special part of it; and is available through the
Company's website. The contents below reflect the current legal and factual situation.
CONTENTS
Corporate Governance Declaration
I. Corporate Governance Rules
II. Corporate Governance Code
III. Corporate Governance Practices in addition to legislation requirements
IV. Deviations from the Corporate Governance Code – Justification
V. Description of the main features of internal audit and risk management systems of the
Company and Subsidiaries' regarding the process of preparing the financial statements
VI. Information required under Article 10 (1) (c), (d), (f), (h) and (i) of Directive 2004/25 /
EC of the European Parliament and of the Council of 21 April 2004 on takeover bids,
provided that the Company is subject to this Directive.
VII. Information on the operation of the General Meeting of Shareholders and its basic powers
as well as a description of the rights of shareholders and how to exercise them.
VIII. Information on the composition and operation of the Board of Directors
IX. Information on the composition and operation of the Audit Committee
X. Information on the composition and operation of the Remuneration and Nominations
Committee
XI. Diversity policy in administrative, management and supervisory bodies.
XII. Evaluation of the Company’s Internal Control System from an independent evaluator
I. Corporate Governance Rules
The Company has adopted and applies the Corporate Governance Rules as they are valid from
the applicable legislation and the applicable international practices in connection with its principles
and corporate culture, aiming at functionality, efficiency and transparency towards the investing
public and safeguarding interests of shareholders’ and all those who are in any way connected
with its operation.
II. Corporate Governance Code
In the context of the implementation of the current legislative framework and in accordance with
the specific provisions of Article 17 of Law No. 4706/2020 and the Decision 2/905/3.3.2021 of the
Board of Directors of the Hellenic Capital Market Committee, the Company has voluntarily adopted,
with the resolution of 15.7.2021 decision of its Board of Directors, replacing the Corporate
Governance Code of SEV (2013), the Greek Corporate Governance Code (June 2021) of the
Hellenic Corporate Governance Council, with deviations consistent with its specific characteristics
and making its management more flexible and functional (see below, under IV).
The adopted Code in its initial format (without deviations) is uploaded on the electronic address:
http://www.sev.org.gr/Uploads/pdf/kodikas_etairikis_diakivernisis_GR_OCT2013.pdf
The BoD may approve amendments to the Code of Corporate Governance applied by the
Company. In this case, the amended text after its approval and/or the amendments will be
uploaded on the Company’s website.
III. Corporate Governance Practices in addition to legislation requirements
The Company does not apply additional Corporate Governance practices than those set out in the
adopted Governance Code and the applicable legislation.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
20
IV. Deviations from the Corporate Governance Code – Justification
1. Clause of 1.20. of the Code of Governance stipulates that:
«The Members of the Board of Directors shall receive the agenda of the next meeting and
supporting documents in good time, i.e. before the expiry of the statutory deadlines, so that they
can study them, taking into account each time the complexity of the issues to be discussed".
In the Board of Directors' rules of operation, which has been adopted, it is provided that the
Members of the BoD may take decisions without observing the formalities of the Law, provided
that all the members of the Board of Directors are present or participate and no member objects,
even without a prior meeting, under the conditions provided for in article 94 of Law 4548/18 and
articles 14 and 15 para 4 of the Company's Articles of Association. In practice, it has been proven
that in many cases and if the nature and scope of the matter to be discussed does not require
prior information and study on the matter, the Board of Directors may take decisions as described
above, for reasons of speed and flexibility.
2. Clause 2.2.12 of the Code of Governance stipulates that:
«The independent non-executive members shall not be less than one second (½) of the total
number of the members of the Board of Directors».
According to the current structure of the Board of Directors, it consists of eight (8) members, of
which four (4) are executive members and four (4) are non-executive members. Of the non-
executive members, three (3) are independent non-executives. It is considered that at this stage,
with the structure and needs of the Company, the administration and management of the affairs
of the Company is served in the best possible way, without requiring the Board members to be at
least half independent non-executive Members.
3. According to clauses 2.2.21, 2.2.22 and 2.2.23 of the Code of Governance:
«2.2.21. The President is elected by the independent non-executive members. In the event that
the President is elected by the non-executive Members, one of the independent non-executive
Members is appointed either as Vice President or as Senior Independent Director».
«2.2.22. The independent non-executive Vice President or the Senior Independent Director, as
the case may be, has the following responsibilities: to support the President, to act as a liaison
between the President and the Members of the Board of Directors, to coordinate the independent
non-executive Members and to lead the evaluation of the President».
«2.2.23. When the President is an executive Member, the independent non-executive vice-
President or the Senior Independent Director shall not replace the President in his executive
duties."
The current Articles of Association of the Company (article 12), as well as the Board Rules of
Operation which was approved pursuant to No. 793/30.11.2022 minutes of the Board, stipulate
that the BoD elects a President who is an executive Member, a non-executive Vice-President and
an executive Vice-President. In the event that the President is absent or unable to perform his
duties, he shall be replaced as President of the BoD, in his non-executive duties by the non-
executive Vice-President and in his executive duties by the executive Vice-President, and in the
event that both of them are absent or unable to perform their duties, by another member of the
Board of Directors in a similar capacity, to be determined specifically by the Board of Directors.
The adopted structure of the Board of Directors meets the requirements and definitions of the
Law and is deemed functional and adequate, both in terms of regulatory compliance and in terms
of flexibility and efficiency in the exercise of the respective responsibilities.
4. According to clauses 2.3.1., 2.3.2., 2.3.3. and 2.3.4 of the Code of Governance:
2.3.1 The Company has a framework for filling positions and succession of the Members of the
Board of Directors, in order to identify the needs for filling positions or replacements and to ensure
the smooth continuity of the management and the achievement of the Company's purpose.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
21
2.3.2 The Company ensures the smooth succession of the Board of Directors’ Members by
gradually replacing them in order to avoid a lack of management.
2.3.3 The succession framework takes into account in particular the findings of the evaluation of
the Board of Directors in order to achieve the required changes in its composition or skills and to
maximize the effectiveness and collective suitability of the Board.
2.3.4 The Company has also a succession plan for the CEO..."
In addition, clause 3.3.2 of the Code stipulates that:
"3.3.2 "The Board of Directors ensures for the Company an appropriate succession plan to ensure
the smooth continuity of the management of the Company's affairs and decision-making after the
departure of its Members, in particular executive and committee Members."
The Company, in the context of its compliance with the new institutional framework of Law No.
4706/2021 and the Circular 60/18.9.2020 of the Hellenic Capital Market Commission, the General
Meeting of the Company's Shareholders approved the Suitability Policy for the Members of the
BoD, by the decision of the General Meeting of the Company's shareholders No. 47/25.6.2021.
The Company complies in principle with clauses 2.3.1, 2.3.2 and 2.3.3 of the Code, regarding the
existence of a framework for the replacement and succession of Board members, in particular
concerning the independent BoD Members, but does not have a succession plan for the CEO,
which is under process, with the cooperation of the Remunerations and Nominations Committee
and the Company’s new HR Manager, who was hired in 20/03/2023.
If any issue of change, replacement of members of the Board of Directors and of the CEO arises,
it will be dealt with by the Remuneration and Nominations Committee, which, having the powers
of articles 11 and 12 of Law no. 4706/2020 and applying the provisions of the that article, of
Circular 60 of the Hellenic Capital Market Commission and of the Suitability Policy adopted by the
Company, identifies and evaluates the candidates and submits its proposal to the BoD, for the
persons it deems suitable to become Members of the BoD. The Board of Directors is then
competent, as part of its constitution and delegation process, to appoint a Managing Director in
accordance with the Company's Articles of Association.
5. Clauses 2.4.3 and 2.4.4 of the Code of Governance stipulate that:
"2.4.3 The remunerations of the executive Members of the Board of Directors and of the
Company’s senior management is linked to the size of the Company, the complexity of its activities,
the extent of their responsibilities, their degree of responsibility, the corporate strategy, the
Company's objectives and the realization of these, with the ultimate goal of creating long-term
value for the Company. The process for the developing the remuneration policy is characterized
by objectivity and transparency. The additional remuneration of the Members of the Board of
Directors should be linked to the achievement of certain objectives and should depend on or be
justified by the financial results of the Company based on its annual financial statements.
2.4.4 Additional remunerations of Members of the Board of Directors who participate in
Committees for transparency and information purposes is shown distinctively in the remuneration
report and also in their approval of the general meeting".
The Company has provided in the Remuneration Policy adopted, the possibility of granting to the
executive Members of the BoD additional remuneration, based on predefined measurable
quantitative and qualitative criteria, both short and long-term, which will be linked to the individual
performance of the beneficiary and to the positive financial performance of the Company and the
Group. Based on the resolutions of the General Meetings, no such remuneration has been
approved and granted to date. All members of the BoD, in such capacity and as Members of the
Company's Committees, receive fixed remuneration, which is deemed by the Remuneration
Committee to be in line with the Company's financial situation and market conditions, taking into
account various factors, such as the specific duties of each member, the need to allocate the time
required to perform them, etc.
6. Clause 2.4.10 of the Governance Code stipulates that:
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
22
"2.4.10. The Board considers and links executive directors' remuneration to indicators relating to
ESG and sustainable development issues that could add long-term value to the Company. In this
case, the Board shall ensure that these indicators are relevant and reliable and promote the proper
and effective management of ESG and sustainable development issues."
The Company does not link the remuneration of the executive members of the Board of Directors
to the above indicators. Fixed remuneration is paid, based on the prevailing general economic
conditions and the financial situation of the Company itself. It is noted that the Company is not
obliged - due to its size - to publish non-financial statements, in accordance with Regulation
2014/95/EU and Law 4548/2018.
7. Clauses 3.3.3, 3.3.4 and 3.3.5 of the Code stipulate that:
"3.3.3 The Board of Directors annually evaluates its effectiveness, the fulfillment of its duties, as
well as those of its committees”.
3.3.4 The Board of Directors collectively, as well as the President, the CEO and all other Members
of the Board of Directors are evaluated annually on the effective performance of their duties. At
least every three years this evaluation is facilitated by an external consultant”.
3.3.5 The evaluation process is chaired by the President in cooperation with the Nominations
Committee. The BoD also evaluates the performance of its President, a process which is chaired
by the Nominations Committee."
Considering that the provision of clause 3.3.5. of the Code takes as a given that the President of
the BoD is non-executive, while in the Company the President is executive and a non-executive
Vice-President is appointed, the latter will preside over the evaluation process, which will be
conducted in cooperation with the Nomination Committee. In compliance with the above
provisions, the Company has established a Policy and Procedure for the Evaluation of the Board
Members (individual and collective) and its Committees, namely the Audit Committee & the
Remuneration and Nominations Committee, where it is provided that the Non-Executive Vice-
Chairman is in charge of the relevant evaluation procedures, assisted and cooperating with the
Remuneration and Nominations Committee and the Company Secretary.
8. Clauses 5.1. and 5.6. of the Code of Governance provide for the following, in accordance with
the provisions of article 14 para 3b of Law No. 4706/2020 and of article 151 of Law 4548/2018:
"5.1 Among others, the Company's operating regulations include the Company's sustainable
development policy, where applicable.[...]
5.6 The Company shall adopt and implement a policy on ESG and sustainable development issues
(Sustainability Policy)".
According to the first subparagraph of para. 1 of article 151 of Law No. 4548/2018: "
1. Big Société
Anonyme Companies which constitute entities of public interest, within the meaning of Annex A
of Law No. 4308/2014, and which, at the date of closing their balance sheet, exceed the average
number of five hundred (500) employees during the financial year, shall include in the
management report a non-financial statement containing information, to the extent necessary for
an understanding of the evolution, performance, position and impact of its activities, at least in
relation to environmental, social and labour issues, respect for human rights, the fight against
corruption and issues relating to bribery”.
The Company, due to its size, does not fall into the scope of application of the above provision,
which leads to the obligation to adopt a sustainable development policy. Therefore, a deviation
from clause 5.1. of the Code is introduced, as it is not required for the Company's Operating
Regulations to include its sustainable development policy. The Company does not intend to directly
adopt and implement a policy on ESG and sustainable development issues (Sustainability Policy),
as per clause 5.6 of the Code, to the extent that it is not mandatory under the applicable regulatory
framework. The BoD will consider adopting such a policy in the future.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
23
V. Description of the main features of the internal audit and risk management
systems of the Company and its Subsidiaries regarding the process of preparing
the financial statements.
An internal audit system is defined as the set of procedures that are implemented by the Board
of Directors, the Management and the rest of the Company's personnel, in order to ensure the
efficiency and effectiveness of the company's operations, the reliability of the financial information
intended to be used to the preparation of financial statements and compliance with applicable
laws and regulations. Its responsibilities include, between others, monitoring financial information,
evaluating and improving risk management and internal audit systems, as well as verifying
compliance with the statutory policies and procedures as defined in the Company's Internal Rules
of Operation and applicable legislation.
2022 was AS Company Cyprus Ltd’s seventh year of operation from its establishment in May 2016
and the internal audit and risk management systems are currently exercised on a case by case
basis by executives of the Company or external associates who assist the Management of the
Subsidiary.
AS KIDS TOYS S.R.L. in the year 2022 covered its fifth year of operation, while the company’s
sales activity officially began in the 4
th
quarter of 2018. The internal control and risk management
systems are currently exercised by Company executives or external associates who assist the
Management of the Subsidiary. The accounting services of the two subsidiaries have been
outsourced to local partners supervised by the Chief Financial Officer and the Parent Company's
accounting department on a monthly basis.
The Company and its Subsidiaries apply the following control and validation procedures for the
preparation of the financial statements:
● The Accounting Department carries out periodic reconciliations on receivables, liabilities, cash
and short-term investments
● Uniform budgets for the following year are prepared and approved by the Board of Directors
of the company with the cooperation of the subsidiaries’ managers.
● Summary profit and loss statements for the financial position are prepared monthly based on
IFRS standards and uniform accounting applications and procedures enforced.
● The subsidiaries submit their six-month and annual statement of financial position and
income and comprehensive Statement of Profit or Loss according to specific closure and audit
procedures
● The Accounting Department carries out the consolidation entries based on IFRS standards.
● The Financial Statements of the Company and the Group are audited by independent
statutory auditors the work of whom are monitored by the Audit Committee. The plan of the
BoD’s Financial Statement is monitored and audited by the Audit Committee, which in turn
makes its recommendations to the BoD of the Company regarding its approval.
● There are security safeguards related to the security of the information systems used and
classified access to data according to the hierarchical level and the user's tasks.
● There is regular communication between the Auditors, the Management and the Audit
Committee, as well as between the Audit Committee and the Chief Financial Officer and the
Head of the Internal Audit Unit.
● The Board of Directors confirms the fulfilment of the independence requirements of the
independent Members of the Board of Directors at least annually and in any case before the
publication of the annual financial report.
Security measures are in place, applied by, the Company’s and the Group’s Management, from
the one hand, in order to perform their corporate functions and by the Audit Committee of the
Company, on the other hand, concerning the Internal Audit System based on the Internal Rules
of Operation.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
24
VI. Information required under Article 10 (1) (c), (d), (f), (h) and (i) of Directive
2004/25 / EC of the European Parliament and of the Council of 21 April 2004 on
takeover bids, provided that the Company is subject to this Directive.
The Company does not fall within the scope of this Directive.
VII. Information on the operation of the General Meeting of Shareholders and its basic
powers as well as a description of the rights of shareholders and how to exercise them.
General Meeting Mode of Operation
The General Meeting is held under the terms of Law 4548/2018 and the Company's Articles of
Association, published in its current version on the Company's website
https://www.ascompany.gr/
The BoD prepares and publishes draft resolutions in due time and ensures the careful preparation
and smooth conduct of the General Meeting of shareholders. In this context, it facilitates the
effective exercise of shareholders' rights, who can easily be informed about issues related to their
participation in the General Meeting, including the agenda items and their rights. In the General
Meeting of shareholders all information and clarifications are provided, in the context of a
meaningful dialogue between Management and shareholders. The Company posts on its internet
site at least twenty (20) days (excluding Repeat Meetings or Meetings which are equal to Repeat
Meetings) before the General Meeting information on:
● The date, time and venue of the General Meeting of Shareholders,
● the basic rules and practices of participation, including the right to introduce items on
the agenda and submit questions, as well as the deadlines within which such rights may
be exercised,
● voting procedures, proxy terms and forms used for proxy voting,
● the proposed agenda for the meeting, including draft decisions for discussion and
voting, as well as any accompanying documents,
● the proposed list of Nominees for the Board of Directors and their CVs (if there is a
subject of election of members),
● The assessment of the individual and collective suitability of the candidates for new
Board members (if there is an issue of election of new members), and the determination
of the suitability criteria of the candidates for new Board members by the Board itself;
and
● the total number of shares and voting rights at the date of the meeting
● any other information necessary according to the applicable legislation.
At least the President of the Board of Directors of the Company, the Vice-President, the Chief
Executive Officer, the Head of the Audit Committee, the internal auditor and the regular auditor
are present at the General Meeting of Shareholders in order to provide information on issues of
their competence for discussion, and upon questions or clarifications requested by shareholders.
The President of the General Meeting makes sure that there will be sufficient time for accepting
questions from shareholders and for responding to them in the best possible way.
Basic Responsibilities of the General Meeting
The General Meeting of the shareholders of the Company is the supreme body of the Company
and is competent to decide on all the Company's matters. The decisions of the General Meeting
binds all shareholders including those who are absent or those that disagree with these decisions.
The General Meeting of Shareholders of the Company is solely responsible for deciding on all the
matters that are provided for in paragraph 1 of article 117 of L. 4548/2018 (for the amendments
of the Articles of Association among others), subject to the exceptions listed in paragraph 2 of
that Article.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
25
Rights of shareholders and ways of exercising them
In the General Meeting of the Company one is entitled to participate and vote if the shareholder
appears in the records of the authority in which the shares of the Company are held. The exercise
of those rights does not entail the pledge of the shares of the beneficial owner or the observance
of a similar procedure. Shareholders entitled to participate in the General Meeting may be
represented by a person whom they have legally authorized. Each share provides with all the
rights provided by the Law as it applies every time, but also by the Company's Articles of
Association.
VIII. Information on the composition and operation of the Board of Directors
Suitability Policy for the Members of the Board of Directors
The Company has adopted a policy on the suitability of the Members of the BoD, which has been
approved by the Board of Directors at its meeting of 16.7.2021 and includes all the provisions of
article 3 of Law 4706/2020. The Suitability Policy has been amended pursuant to the Board of
Directors' minutes no.793/30.11.2022 and will be submitted for approval at the next General
Meeting of the Company, in accordance with article 3 par. 3 of Law 4706/2020.The policy is
published on the company's website https://www.ascompany.gr/
General principles concerning the selection, replacement or renewal of the mandate
of the Members of the Board of Directors, in accordance with the Suitability Policy
1. The Board has a sufficient number of members and an appropriate composition.
2. The Company seeks to staff the Board of Directors with persons of integrity and reputation.
3. BoD Members must possess the skills and experience required by the duties they undertake
and their role on the BoD, while having sufficient time to perform their duties.
4. When selecting, renewing the mandate and replacing a BoD Member, consideration shall be
given to the assessment of individual and collective suitability.
5. Candidate BoD Members shall, among other things, be familiar with the Company's culture,
values and general strategy, prior, if possible, to taking up the position.
6. The Board of Directors and the Nomination Committee shall monitor on a continuous basis the
suitability of the members of the Board of Directors, in particular to identify, in the light of any
relevant new event, cases in which it is necessary to re-evaluate their suitability. In particular, a
re-evaluation of suitability is carried out in the following cases: a) when doubts arise regarding
the individual suitability of the Board members or the suitability of the composition of the body,
b) in case of a significant impact on the reputation of a Board member, c) in any case of occurrence
of an event that may significantly affect the suitability of the Board member, including cases in
which the members do not comply with the Company's Conflict of Interest Policy.
7. The Board of Directors identifies as early as possible the need to fill positions or replace
members of the BoD and, in cooperation with the Nomination Committee, draws up a succession
plan to ensure the smooth continuation of the management and the achievement of the
Company's purpose. The succession plan shall take into account the findings of the evaluation of
the Nomination Committee and the BoD in order to achieve the required changes in composition
or skills and to maximise the effectiveness and the collective suitability of the Board.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
26
The Policy includes detailed reference to individual and collective assessment criteria, as well as
diversity criteria.
Composition of the Board of Directors
The Board of Directors exerts the management of corporate affairs for the benefit of the Company
and all its shareholders, ensuring the implementation of the corporate strategy and the fair and
equal treatment of all shareholders, including minority and foreign shareholders. It is responsible
to decide on any matter concerning the Company, other than those for which the General Meeting
of Shareholders is responsible by the Law or by the Articles of Association.
The Company is governed by a Board of Directors, which consists of at least seven (7) and up to
eleven (11) members. A legal entity may be assigned as a Member of the Board of Directors,
which is required to designate a natural person for the exercise of its powers, as a member of the
Board of Directors. The members of the Board of Directors are elected by the General Meeting of
the shareholders of the Company for a three (3) year term.
The General Meeting may also elect deputy members in the event of the resignation or death of
the persons elected by it or for any other reason who have lost their status as members of the
board of directors. If a deputy member has not been elected and the position of a Director is
vacant due to death, resignation for any reason, disqualification or legal incapacity, the other
Directors may, if there are at least three (3), elect a temporary replacement to fill the vacancy for
the term remaining in the vacated director. The decision of the election is made public and
announced by the board of directors at the next General Meeting, which can replace the elected,
even if no relevant item is on the agenda. If the above additional election of a director by the
Board of Directors is not approved, the General Meeting immediately elects another Director.
The current Board of Directors consists of eight (8) members, 4 executive and 4 non-executive
members. From the non-executive members the 3 are independent, fulfilling the requirements set
by L. 4706/2020 on Corporate Governance.
The persons who make up the current BoD are:
1. Efstratios Andreadis of Konstantinou, executive member of the BoD, President of the BoD
and CEO.
2. Anastasia Andreadou, nee Angelos Kozlacidis, executive member of the BoD, Vice-President
of the BoD.
3. Apostolos Petalas of Dimitrios, independent non-executive member of the BoD, Non Executive
Vice-President of the BoD
4. Theodora Koufou of Dimitriou, executive member of the BoD.
5. Konstantinos Andreadis of Efstratios, executive member of the BoD
6. Michail Zarkadis of Spyridon, independent, non-executive member of the BoD
7. Ioannis Apostolakos of Georgios, independent non-executive member of the BoD
8. Theofilos Mechteridis of Ioannis, non-executive member of the BoD
The mandate of the BoD, as provided for by the General Meeting of 21.6.2022, is for three years
and ends in 21.06.2025, being automatically extended until the convening of the Annual Ordinary
General Meeting of 2025, if it takes place after 21.06.2025.
Short Curriculum Vitae of Board Members and of the key executive Members of the
BoD and of the Committees:
1) Efstratios Andreadis, President, executive member of the BoD and Chief Executive Officer.
Born in 1957 in Vienna, Austria. He studied Mathematics at Universita Degli Studi Di Perugia, Italy.
He speaks English and Italian. He has been active in commerce since 1980. Along with the
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
27
Executive Vice-President of the BoD, Mrs Anastasia Andreadou, they proceeded, in 1990, in the
incorporation of AS Company, in which he holds, since then, the position of the President of the
BoD and the CEO.
2) Anastasia Andreadou, executive Vice-President and executive member of the BoD
Born in 1950 in Thessaloniki and studied Accounting and Economics in Svarna School, in
Thessaloniki. She has been active in commerce since 1982. Along with the President of the BoD,
Mr Efstratios Andreadis, they founded “AS Company S.A.” in 1990.
3) Apostolos Petalas, Non-Executive Vice-President of the BoD and Independent Non-
Executive Member of the BoD, President of the Audit Committee and of the
Remunerations and Nominations Committee
Born in 1961 in Soufli, Evros. He holds a Business Administration degree from Piraeus University,
certified in special programs: Leadership, Executive Management, Economics and Strategic
Analysis, in the Colgate Palmolive and PepsiCo internal training system in the USA. From 1985 to
1990 he worked at Colgate Palmolive in various sectors of Financial Services. From 1990 to 1999
he held management positions in the financial department of PepsiCo Hellas and till 2007, he was
the President and CEO of PepsiCO in Greece. From 2007 until today he is currently the Chief
Executive Officer of the listed company “Fourlis A.E. Holdings”, a holdings company of the Fourlis
Group. He is also Vice-President of the Association of Chief Executive Officers (ACEO) and Member
of the BoD of the Association of Business and Retail sales of Greece (HRBA).
4) Theodora Koufou, Executive Member of the BoD, General Manager
Born in 1972 in the United States. She holds a BSc in Finance from New York University and a
postgraduate Diploma in Economics from Pace University. She works for the Company since
September 2001. She has been appointed General Manager of AS Company S.A. on July 2015,
and was also the Internal Auditor of the Company. Prior to taking up her duties at AS Company,
she worked in the U.S. at John Kaldor Ltd, Angelika Films and others companies.
5) Konstantinos Andreadis, Executive Member of the BoD
Born in 1980 in Thessaloniki. He studied Business Administration at Kingston University-ICBS. He
also holds a postgraduate diploma (MA) in Marketing Management from Middlesex University.
From 01.12.2004 to 30.09.2016 he was worked in the Company’s Sales Department. Since
25.05.2016 and until today he holds the position of Director in the subsidiary company of "AS
COMPANY S.A." in Cyprus, with the name "AS Company Cyprus Ltd.
6) Michail Zarkadis, Independent, Non-Executive Member of the BoD, Member of the
Audit Committee and of the Remuneration and Nominations Committee
He was born in 1960 in Athens. He studied Business Administration at the Athens University of
Economics and Business Administration and holds an Executive MBA from the same University.
He is registered with the Economic Chamber of Greece as a Class A accountant. He has served as
a senior financial and management executive at "Mattel - S.A.V.E.E." (1989-2001) and 'Mattel -
S.E.E./M.E.A.'. (2001 - 2013). From 1986 to 1988, he also worked as an auditor at the auditing
firm PWC. From 2014 to 2017 he was a co-founder and partner in the business consulting firm
"DEZAVOU ASSOCIATES-OIKONOMIKOI SUMVOULOI I.K.E." and from 2017 to this date in the
company "SAVE2GROW - BUSINESS CONSULTANTS I.K.E.". He has served as a member of the
Board of Directors of Mattel S.A. (Executive Director - CFO 1991 - 2013), Member of the Board of
Directors of Mattel Italy SRL for two years; Member of the Mattel Global Council of CFOs.
7) Ioannis Apostolakos, Independent Non-Executive Member of the BoD, Member of
the Audit Committee
Born in 1964 in Athens. He studied Business Administration at ASOEE and holds an MBA from the
University of Cardiff, Wales. From 1991 to 2004, he held management positions in the Credit
Control and Investment Banking divisions of the Bank “Trapeza Ergasias” (now EFG Eurobank
Ergasias) and the Piraeus Bank Group. From 2004 to 2014, he has worked as an executive in
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
28
banks, in financial services companies, commercial and industrial companies. He has served as a
member of the Board of Directors of companies in the financial sector, as well as other listed and
non-listed companies, and as a member of the Audit Committee of a listed company. He is
Administrator in the Company ANCIENT OLYNTHEF IKE and Director of Deloitte. Up until 2018,
he was President of the Company’s Audit Committee, in which he is still a Member.
8) Theofilos Mechteridis, Non-Executive Member of the BoD, Member of the Audit
Committee and of the Remuneration and Nomination Committee
Born in 1966 in Thessaloniki. He studied at the School of Management and Economics of the
Department of Business Administration T.E.I. of Kavala. He received his degree as a customs
agent in 1989 and since then he has been practicing this profession until today.
The independent non-executive members, as provided for by the Board of Directors, pursuant to
its 06.04.2023 decision, maintain their independence at the time of drafting of the present in
accordance with the independence criteria of Law 4706/2020 and have submitted to the Company
relevant independence declarations.
As shown above, the members of the Board of Directors have the skills and experience required
for the exercise of their duties and meet the requirements set out in the Suitability Policy, the
operating model and the Company's strategy.
Chief Management Staff
Panayiotis Papaspyrou, Chief Financial Officer
He was born in 1960 in Athens. He studied at the University of Piraeus - Department of Business
Administration, at the University of Manchester U.K - Accounting & Finance and holds a Master's
degree from the University of Lancaster U.K - Accounting & Finance. He has worked as a Financial
Director in Greece and abroad for 20 years [Internal Auditor at Banque Nationale de Paris, Nutricia
(Dutch listed Company in baby food), IMI (English listed Comapny in the soft drinks dispensing
machinery sector, 3E (bottler of Coca Cola products) & Misko - Barilla (Italian company in the food
industry). Since 2000, he has been working as a financial consultant in support of the Finance
Departments of large companies. The professional cooperation with the Company started from
the year 2000.
Here is a description of the main responsibilities of the President of the BoD and Chief Executive
Officer, according to the current BoD’s constitution:
- Determines the issues on the agenda and convenes the BoD, ensures the good organization
of his work and directs its Meetings.
- Represents the Company in court and out of court.
- Exercises all the powers that belong to the BoD by the Articles of Association and the law,
which may delegate to another member by proxy.
As C.F.O., he monitors the achievement of the objectives and manages the Company's daily
matters, always in accordance with the decisions of the General Meeting and the BoD, ensuring
the orderly and efficient operation of the Company.
Members of the BoD and key management personnel holding Company shares
As of the date of the drafting the Corporate Governance Statement, the members of the Board of
Directors and key management personnel who held shares of the Company are the following:
(a) Efstratios Andreadis, President of the BoD and CEO: holds 4.216.287 shares, which represent
32,1216% of the Company’s share capital.
(b) Anastasia Andreadou, Executive Vice-President of the BoD: holds 4.179.804 shares, which
represent 31,84365% of the Company’s share capital.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
29
(c) Apostolos Petalas, Non-Executive Vice-President of the BoD: holds 5.501 shares, which
represent 0,04191% of the Company’s share capital
(d) Theodora Koufou, Executive Member of the BoD: holds 793 μετοχές, which represent
0,00604% of the Company’s share capital
(e) Konstantinos Andreadis, Executive Member of the BoD: holds 201.421 shares, which represent
1,53452% of the Company’s share capital
(f) Panagiotis Papaspyrou, Chief Financial Officer: holds 8.040 shares, that represent 0,06125%
of the Company’s share capital.
Declaration on the annual review of the fulfilment of the independence requirements
of the independent non-executive members of the Board of Directors.
The Board of Directors, having taken into consideration the relevant recommendation of the
Remuneration and Nominations Committee, regarding the review of the compliance with the
independence criteria of the existing three (3) independent members of the Board of Directors,
Mr. Apostolos Petalas, Mr. Ioannis Apostolakos and Mr. Michael Zarkadis, pursuant to its
06.04.2023 decision, has determined, in accordance with the provisions of Para. 3 of article 9 of
Law 4706/2020, that all the requirements of paragraphs 3. 1 and 2 of Article 9 for the classification
of all the above Board members as independent.
XIII. How the Board of Directors operates
The Board of Directors meets at the headquarters of the Company or at the branch office in
Athens, or anywhere in Greece or abroad, in accordance with the terms of the Law and the Articles
of Association, or else by teleconference. It is convened by the President or his deputy, or
whenever at least two (2) of the Directors ask for it. The Board of Directors may meet by
teleconference.
The Board of Directors may, by a decision taken by a simple majority of its Members present
and/or represented, delegate all or part of its powers, including the power of representation and
commitment of the Company, with the exception of those exercised collectively, to one or more
persons, members or non-members of the Board of Directors or third parties, determining at the
same time the extent of the aforementioned delegation.
The Board of Directors is in quorum and holds a valid meeting if half (1/2) plus one Director are
present or represented in it. To find the corresponding quorum number, the fraction that may
arise is omitted. The Board of Directors decides validly by an absolute majority of the
Representatives present or represented, except for the cases provided for in the Articles of
Association or the Law provide for increased majority. In case of a tie, the vote of the Chairman
of the Board prevails. In case of personal issues, the Board of Directors decides by secret vote by
ballot. Each director has one vote, while when it represents an absent director it has two (2)
votes. A director who is absent for any reason at a meeting is entitled to be represented by
another director, but in no case a member of the board can represent more than one directors.
During 2022, the Board of Directors of the Company held twenty five (25) meetings. The table
below shows the attendance of each member to the meetings of the Board:
Member
Attending
Meetings
Efstratios Andreadis, President & CEO, executive member
25
Anastasia Andreadou, Vice-President, executive member
25
Theodora Koufou, executive member
25
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
30
Michail Zarkadis, independent non-executive member (since his election as a
Member of the BoD)
25
Ioannis Apostolakos, independent non-executive member
25
Apostolos Petalas, independent non-executive member
25
Konstantinos Andreadis, executive member (by virtue of the Minutes of the
Board of Directors No. 777/01.02.2022, executive duties were assigned to Mr.
Konstantinos Andreadis, who until 01.02.2022 was a non-executive member
of the Board of Directors)
25
Theofilos Mechteridis, non-executive member
24
The above table shows that all the members of the Board of Directors attended all its meetings,
except for the member Mr Theophilos Mehteridis, who did not attend any of them. In particular,
he did not participate in the Board meeting of 13/01/2022 (Board minutes no. 775/13.01.2022),
since the issue to be discussed concerned him (approval of the contract for the provision of
customs clearance services with the Company).
The independent non-executive directors held a joint meeting on 29/04/2022 to prepare and
approve the joint report of the independent non-executive directors and submit it to the Annual
General Meeting of the Company's shareholders in 2022, as required by Article 9 para. 5. ν.
4706/2020.
IX. Information on the composition and operation of the Audit Committee
The Company, complying with the requirements of L.4449/2017, as every other Company listed
in the stock exchange ("public interest entity") has an Audit Committee made up of 4 members
of the Board of Directors, out of which 3 are independent non-executive members and 1 non-
executive member. The Audit Committee’s rules of operation are published on the Company’s
website https://www.ascompany.gr/.
The Audit Committee of the Company consists of the following members of the Board:
a) Ioannis Apostolakos, Independent Non-Executive Member of the BoD
b) Michael Zarkadis, Independent Non-Executive Member of the BoD
c) Theofilos Mechteridis, Non-Executive Member of the BoD
d) Apostolos Petalas, Independent Non-Executive Member of the BoD
The Committee includes three members who have knowledge of accounting and auditing,
Messrs. I. Apostolakos, A. Petalas and M. Zarkadis, with its Chairman being Mr. A. Petalas.
Since the Audit Committee is a Committee of the Board of Directors, its term of office is three
years, like that of the Board of Directors, and follows the term of office of the latter. The term of
office of this Committee shall expire at the end of the term of the Board of Directors, on
02.06.2025, and shall be automatically extended until the convening of the Annual Ordinary
General Meeting of 2025, at which a new Board of Directors will be elected, if this takes place
after 02.06.2025.
The renewal of the term of office or the modification of the composition of the Audit Committee
is made by decision of the Board of Directors of the Company.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
31
The Audit Committee, among other things, monitors and supervises the performance of the
Internal Audit by the Internal Audit Department, cooperates with the Company's auditors and
evaluators and makes recommendations to the Board of Directors.
The Audit Committee meets on a regular basis at least 4 times a year, following the completion
of the quarterly Internal Audit Reports and on an extraordinary basis if circumstances arise. Two
meetings take place prior to the publication of the semester and annual financial statements. At
the meetings, the findings of the audit work of the statutory auditors, the bodies of the supervisory
authorities and the Internal Auditor are assessed and evaluated.
The Audit Committee shall be convened by its Chairman. The quorum for meetings of the
Committee shall be at least 3 of its Members. Decisions shall be taken by a majority of its
members.
The following is the Report of the Audit Committee, by the Chairman of the Committee, to the
Annual General Meeting of Shareholders, for the year 2023.
The Report of the Audit Committee, drawn up by the Chairman of the Committee, for the
Shareholder’s Ordinary General Meeting of 2023, is attached hereto:
Report of the Audit Committee of the year 2022 pursuant to article 44 of L.4449/2017
To the Ordinary General Meeting of the Company’s Shareholders of the year 2023
Messrs. Shareholders,
In my capacity as Chairman of the Company’s Audit Committee, I briefly present to you the Report
of the Committee for the year 2022 (01.01.2022-31.12.2022), in order to demonstrate its
contribution and aid to the Company's compliance with the provisions of the current legislative
and regulatory framework.
1. Purpose
The primary purpose and main concern of the Audit Committee is the support and assistance of
the Board of Directors in the exercise of its duties regarding financial information, internal audit,
regulatory compliance, corporate risk management and the monitoring of adherence of the
relevant procedures by the management of the Company and the external affiliates of the
Company involved in them.
2. Composition – Rules of Operation
The Company, in accordance with the provisions of Law 4449/2017, as every Company which is
listed on the stock exchange (“public interest”), has an Audit Committee, which is a Committee of
the Board of Directors, comprised of 4 members of the Board of Directors, out of which 3 are
independent Non Executive Members and 1 Non Executive Member.
The Company’s Audit Committee is comprised of the following members of the Board of Directors:
a) Ioannis Apostolakos, Independent Non Executive Member of the Board of Directors
b) Michael Zarkadis, Independent Non Executive Member of the Board of Directors
c) Apostolos Petalas, Independent Non Executive Member of the Board of Directors
d) Theofilos Mechteridis, Non Executive Member of the Board of Directors
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
32
The Audit Committee’s term coincides with the term of the present Board of Directors, which ends
on the 2nd of June 2025, or until the date of the Ordinary General Meeting of year 2025 is
convened, where a new BoD shall be elected.
The members of the Audit Committee meet the criteria set out in article 4 of Law 3016/2022 and
article 44 of Law 4449/2017, i.e.:
(a) they do not hold shares of more than 0,5% of the Company’s share capital, and
(b) they do not maintain any sort of dependency relationship with the Company or related
persons thereof, as it (dependency relationship) is defined in the provisions of the aforementioned
article 4 of Law 3016/2002.
The members of the Audit Committee have been proven to have sufficient knowledge in the field
in which the Company is engaged (wholesale trade), as they have participated in its management
for a satisfactory period of time, having acquired as a result in-depth knowledge of the
organization, management and operation of the Company and its individual management. Of the
above members, Messrs. Ioannis Apostolakos, Apotolos Petalas and Michael Zarkadis have
sufficient knowledge in matters of auditing and accounting, a fact which ensures the smooth and
efficient organization and operation of the Committee. Pursuant to the decision of the Audit
Committee dated 02.06.2022, it was determined that the member of the Committee who will be
obliged to attend the meetings of the Committee concerning the approval of the financial
statements, will be the Chairman of the Committee Mr. Apostolos Petalas.
The Audit Committee has Rules of Operation, as they were amended and approved in 30.11.2022.
The Rules are available at the Company’s website https://ir.ascompany.gr/el/home.
3. Meetings – Participation frequency
During the fiscal year 2022 (01.01.2022-31.12.2022), the Audit Committee had eight (8)
meetings. In particular, it met on the following dates: 28.1.22, 24.2.22, 14.4.22, 5.5.22, 2.6.22,
22.9.22, 21.11.22 and 22.12.22. The participation of its members is presented at the following
table:
Audit Committee member
Participation in meetings
Ioannis Apostolakos, Independent Non Executive Member
8
Michael Zarkadis, Independent Non Executive Member Apostolos
Petalas, Independent Non Executive Member
8
Apostolos Petalas, Independent Non Executive Member
8
Theofilos Mechteridis, Non Executive Member
8
The above table shows that all members of the Committee attended all of its meetings.
The frequency and timing of meetings is decided by the Chairman of the Audit Committee. By its
decision dated 28.01.2022, the Audit Committee approved an annual schedule of its meetings for
the year 2022. Depending on the subject matter of the meetings and as appropriate, the Statutory
Auditors-Accountants, the Internal Auditor as well as other Company Executives in charge of the
administration and management of the Company's business, affairs and activities or other items
that are within the scope of the Committee's responsibilities are invited to participate in the
meetings in order to provide the necessary information and clarifications.
4. Committee Activities
In particular, with regard to the Committee’s activities during the year which ended on the 31st
of December 2022;
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
33
A. Financial information process
The Audit Committee was mainly concerned with:
• The process and schedule of compiling financial information on behalf of the Management. For
this purpose, it held meetings with the competent executives of the Financial Department of the
Company, which are in charge of the preparation of the Financial Reports (Annual and Bi-Annual).
• The information from the Certified Auditor/ Accountant on the annual program of mandatory
audit for the next year of 2023. The meeting took place on 22.12.2022, during which the Certified
Auditor presented the programming and method of the audit to be conducted in 2023.The
Committee evaluated the mandatory audit program and it was assured that it will cover the most
important areas of audit, taking into account the main areas of business and financial risk of the
Company. The members of the Committee, during 2022, were constantly in touch via telephone
and electronic communications (e-mail) with the Auditing Company K.P.M.G., which is engaged
with the audit of the Company, in order to receive information on the drafting of annual and bi-
annual financial statements.
• The monitoring, evaluation and examination of the process of preparation of financial
information, i.e. the mechanisms and systems of flow and dissemination of financial information
as well as other disclosed information (stock market announcements, press releases, etc.).
Specifically, it was found that the financial statements reasonably present the financial position of
the company and the group, their financial performance and their cash flows for the year ended
in accordance with International Financial Reporting Standards (IFRS), as these have been
adopted by the European Union. The observance of these publicity rules was also verified, as well
as the possibility of direct, unhindered and uninterrupted access thereof.
• The examination of the most important issues and risks that may have an impact on the
Company's financial statements.
B. Procedures for internal audit and risk management systems
The Audit Committee was mainly concerned with:
• Monitoring the need for updating and recommending the amendment of the Annexes of the
Company's Rules of Operation, which were finally approved in their current form by the Board of
Directors of the Company on 30.11.2022. Specifically, at its meeting held on 21.11.2022, the
Committee approved and proposed to the Board of Directors to update certain of the Annexes of
the Company's Rules of Operation, namely (a) the Audit Committee Rules of Operation (Annex
2), (b) the Internal Audit Department Rules of Operation (Annex 4) and (c) the Periodic Evaluation
Policy and Procedure for ICS (Annex 13).
• Monitoring, examining and evaluating the adequacy and effectiveness of all Company policies,
procedures and safeguards regarding the internal audit system, in order to ensure that the main
risks (credit risk, liquidity risk, interest rate risk, risk from macroeconomic conditions, etc.), are
identified, addressed and published appropriately and thoroughly.
• The monitoring and evaluation of the internal audit unit. To this end, the Committee monitored
and inspected the proper functioning of the internal audit unit in accordance with professional
standards and the current legislative and regulatory framework, while evaluating its work,
adequacy and effectiveness, without affecting its independence in any way.
• The evaluation of the annual audit program of the internal audit unit. Within the scope of this
responsibility, the Audit Committee approved the annual internal audit program for the year 2022,
and supervised its execution. It also held meetings with the head of the internal audit unit in order
to evaluate and discuss its suggestions and to confirm its independence after the completion of
each audit.
During the fiscal year 2022, a total of eight (8) audit items were inspected by the Internal Auditor
Mrs. Strikou, at a rate of 100% of the total inspected objects, without, however, discovering a
substantial finding. The eight (8) audit items concerned the parent company.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
34
The Committee received from the internal auditior the reports of the first, second, third and fourth
quarters of 2022, which were discussed in its relevant sessions (for the fourth semester, within
2023) and informed the Board of the Company, as recorded in relevant minutes of the Board.
With regard to the year 2022, the Committee received from the Company's internal auditor and
reviewed her annual report, for the period 1/7/2021 - 31/12/2022, which included her annual self-
assessment under the Quality Assurance and Improvement Program, the annual risk assessment
by the ICU and confirmation regarding the Head of the Internal Audit Unit's access to all necessary
information for the performance of her duties. The annual report was approved by the Committee
on 3/3/2023.
Finally, the Committee carried out its self-assessment, the results of which were presented by the
Chairman to the Committee at its meeting on 13/2/2023 and then at the Board meeting on that
day.
C. External audit
The Audit Committee was mainly concerned with:
• The confirmation of the independence, impartiality, objectivity and integrity of the Regular
Auditor, as well as the effectiveness of the audit process, based on the relevant professional
standards and regulatory requirements. In this context, the submitted Reports by the Auditor
were evaluated, as well as the relevant independence declarations contained thereto.
• The process of carrying out the statutory audit of the Company and the consolidated financial
statements of the Company (annual and bi-annual), as well as the content of the main and the
supplementary report submitted by the Regular Auditor. In this context, the Committee confirmed
that the audit of the financial statements is carried out in accordance with the applicable legal
framework, i.e. in accordance with International Standards on Auditing (IFRS) and the rules of
ethics imposed by the auditor.
• The selection of the Audit Company "KPMG Certified Auditors SA" for the mandatory audit of the
financial statements of the company and the Group, as well as for the issuance of a tax certificate,
and the proposal to the Board for the assignment of the aforementioned services to that Company,
based on the positive experience of the previous two years and the relevant offer received. The
proposal was approved by the Board and afterwards by the General Meeting of 2022.
• The provision to the Company of any additional services by the Auditing Company to which the
Regular Auditor belongs. In this context, he confirmed that the additional benefits provided to the
company by "KPMG Certified Auditors SA" were related to authorized auditing and non-auditing
services.
To monitor the above, in 2022 there were several telephone calls and electronic communications
via email, between the Audit Committee members and the Auditors of K.P.M.G.
Apart from the abovementioned communications, the following teleconference meetings were also
held:
• On 14.04.2022, on 22.9.2022 and on 22.12.2022.
In general, the Commission's cooperation with auditors is considered to have been very positive,
with direct information flow and communication flexibility, whenever deemed necessary. The
Auditors confirmed the flawless cooperation with all the departments of the Company relevant to
the audit they conducted.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
35
D. External Evaluation of the Internal Audit System
The Committee dealt with the selection of the External Auditor of the Internal Audit System, in
accordance with Law 4706/2020. In particular, it requested and received three offers from audit
firms of recognized value and reliability, which provide similar services. After evaluating them, it
submitted its recommendation to the Board of Directors, which was accepted and the services
were awarded to one of these firms, namely KPMG.
E. Sustainable Development
The Company has not adopted a sustainable development policy, given that, due to its
characteristics, it is not obliged by Law. However, it is dedicated to regulatory compliance and
business ethics, the safeguarding of health and safety of employees, customers and visitors, the
creation and distribution of immediate economic value to interested parties, the creation of jobs,
the creation of safe products, the policy of responsible communication with clients and consumers
of its products, the active and responsible social contribution through specific actions, the
protection of human rights and avoidance of discrimination in the workplace and the investment
in the education/ development of its employees and staff.
Finally, it is noted, in order for the present Report to be complete, that during the term of the
closing year 2022 (01.01.2022 – 31.12.2022), the Audit Committee had full and uninterrupted
access to all necessary and indispensable information regarding the exercise of its duties, while
the Management of the Company provided to the Committee all necessary facilities and space
needed to carry out its works constructively.
All Members of the Audit Committee believe that our Committee has fully carried out its duties,
pursuant to the provisions of the legislation in force, contributing to the endorsement of the
corporate governance and the works of the Board of Directors in general, securing the interests
of the Company’s shareholders.
Lastly, I’d like to thank the Internal Auditor, the staff of the Company for the support provided
during the entire aforementioned period, the members of the Committee Messrs. I. Apostolakos,
Th. Mechteridis and M. Zarkadis for the flawless cooperation.
Kind regards,
The Chairman of the Audit Committee
Apostolos Petalas
Χ. Information on the composition and operation of the Remuneration and
Nomination Committee
The Remuneration Committee of the members of the Board of Directors was established with a
decision of the Board of Directors of the Company in December 2019, based on the decision of
the extraordinary General Meeting of 18.12.2019. With the same decision of the General
Assembly, the Rules of Operation were approved. By the decision of the Board of Directors of the
Company dated 16.7.2021, the Committee assumed the role of the Nomination Committee and
was renamed as the Remuneration and Nomination Committee and on the same day the Board
of Directors approved its Rules of Operation. In 30/11/2022 pursuant to No. 793 BoD minutes the
Remuneration and Nominations Committee Rules of Operation were amended. It consists of three
non-executive members of the Board, the majority of whom are independent. Its President is also
an independent non-executive member of the Board. The Rules of the Committee are published
on the Company's website https://www.ascompany.gr/
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
36
The current Remuneration and Nominations Committee was designated pursuant to No.
785/02.06.2022 BoD minutes and consists of the following members:
a) Apostolos Petalas, independent non-executive member of BoD
b) Michail Zarkadis, independent non-executive member of the BoD
c) Theofilos Mechteridis, non-executive member of BoD
The President of the Remuneration Committee is Mr. Apostolos Petalas
The term of the Committee coincides with the term of the present BoD, i.e. 02.06.2025, and is
automatically extended until the convening of the Annual Ordinary General Meeting of year 2025,
if it is convened after 02.06.2022.
The Committee has the following responsibilities:
1. Concerning the remunerations of the Company’s BoD Members and of the General Managers
(a) makes recommendations to the Board of Directors regarding the remuneration policy which
is afterwards submitted for approval to the General Meeting of the Company, pursuant to
articles 110 par. 2 of the Law. 4548/2018 and 11 paragraph a) of Law 4706/2020.
(b) makes recommendations to the Board of Directors regarding the remuneration of persons
falling within the scope of the remuneration policy, pursuant to articles 110 of Law No.
4548/2018 and 11 paragraph b) of Law 4706/2020, as well as regarding the remuneration
of the General Manager, the management personnel, including the Head of the Internal
Audit Unit. Remuneration means all cash and in-kind benefits, both regular and
extraordinary.
(c) examines the information included in the final draft of the annual remuneration report,
providing its opinion to the Board of Directors, before submitting the report to the General
Meeting, pursuant to article 112 of Law No. 4548/2018, in conjunction with article 11 para.
(c) of Law 4706/2020.
(d) examines and recommends the conditions for the granting and subscription of variable
(other than fixed salary) remuneration for the above (e.g. setting and achieving financial
or other performance targets), if such are provided for.
(e) submits proposals to the Board of Directors regarding the terms of the contracts of the
above persons, in particular regarding non-salary benefits (e.g. pension/insurance plans) and
compensation in case of leaving the Company.
(f) considers and recommends the amount of all types of remuneration of the non-executive
members of the Board of Directors, in a manner that is commensurate with the duties they are
called upon to perform, based on the prevailing circumstances.
(g) formulates and submits proposals to the Board of Directors on any policy related to the
remuneration of the members of the Board of Directors and other executives.
2. Concerning the nomination of candidates for the Board of Directors of the Company:
(a) participates in the definition of the selection criteria and the procedures for the nomination of
the candidates for the Board of Directors.
(b) makes recommendations for the Diversity Policy, including gender balance.
(c) submits proposals to the BoD for the nomination of BoD Member candidates under the
approved Suitability Policy.
(d) conducts the process of definition and selection of candidates for BoD members within the
approved Suitability Policy.
(e) makes recommendations to the BoD regarding the succession plan for Board members and
senior executives.
(f) periodically and consistently reviews the renewal needs of the Board.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
37
(g) monitors the implementation of the Suitability Policy and submits proposals to the BoD for its
revision, if necessary.
(h) periodically assesses the size and composition of the BoD and makes recommendations for
consideration regarding its desired profile.
(i) assesses the existing balance of qualifications, knowledge, opinions, skills, experience relevant
to the corporate objectives as well as the balance between genders and, based on this
assessment, outlines the role and competencies required to fill vacancies.
(j) informs the Board of Directors on the results of the implementation of the Suitability Policy for
BoD members and the action taken in case of any deviations.
(k) Adhering to best practices, establishes the evaluation parameters and presides over the
following:
- evaluation of the Board of Directors body,
- individual evaluations of the CEO and the Chairman,
- succession plan for the CEO and the members of the Board of Directors,
- a targeted profile of the composition of the Board of Directors in relation to the Company's
strategy and suitability policy.
(l) carries out a self-evaluation as a Committee of the BoD, with its President’s initiative.
The results of the Board's evaluation shall be communicated to and discussed by the BoD and
shall be taken into account in its deliberations on the composition, the integration plan of new
members, the development of training programmes and other related BoD issues. Following the
evaluation, the Board of Directors shall take steps to address the identified weaknesses.
The Commission meets regularly at least twice a year and extraordinarily if required. It is convened
by its President and is in quorum when at least 2 of its members are present or represented.
Another Member, with its written authorization, can represent a Member of the Committee.
Decisions are taken by the majority of its members.
Activities of the Remuneration and Nomination Committee
During the financial year 2022, the Committee held twelve (12) meetings.
Member of the Remuneration Committee
Attending Meetings
Apostolos Petalas, independent non-executive member
12
Michail Zarkadis, independent non-executive member (after
taking up his duties)
12
Theofilos Mechteridis, non-executive member
11
Mr. Mehterides did not attend one meeting, as it was related to the recommendation to the Board
for the approval of a service contract between the Company and himself. Apart of the meetings/
teleconferences, there were also phone communications between the members, whenever
deemed necessary.
During the aforementioned meetings and among other things, the Committee approved a draft
remuneration report for the year 2021 to the Board of Directors, in view of the Ordinary General
Meeting of 2022, made a recommendation to the Ordinary General Meeting of 2022 regarding the
remuneration of the members of the Board of Directors for 2022 and their pre-approval for 2023,
approved the signing of a service contract with a non-executive member of the Board of Directors,
made recommendations to the Board of Directors regarding the determination of the remuneration
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
38
of the members of the Board of Directors, in the context of the implementation of the resolutions
of the Ordinary General Meeting of 02.06.2022, during which a new Board was elected, submitted
a proposal to the Board regarding the remuneration of the new position of the head of the
Directorate of Mass Market Products Design and Development, adopted an Evaluation Policy and
Procedure of the Board and its Committees in cooperation with the Board and commenced
procedures of their application.
ΧΙ. Diversity policy in the administrative, management and supervisory bodies
The Members of the Board have experience covering a relatively wide age range (ages 43-73)
while at the same time several of them have studied abroad. They actively contribute to the work
of the bodies as they have experience in areas related to the business of the Company and the
Group such as trade, imports / exports, financial, accounting and audit procedures.
The Board of Directors of the Company elected by the General Meeting as of 02.06.2022, consists
of six (6) men and two (2) women. The Audit Committee and the Remuneration Committee are
made up of men only.
The Company makes an effort so that the Board Members and the Audit Committee adhere to a
high level of professional training and experience, a high level of education and organizational
and administrative skills having served in similar positions.
The Group in no way considers gender as a criterion and factor that can in any way affect the
choice or participation of a person in any body or position in the company, and that is reflected in
its Rules of Operation, as well as in the policies and regulations that accompany it as annexes.
The aim is to add more female representatives to the Board of Directors or to the Committees in
the future, according to the needs of the Company and the Group in general, but this is not an
end in itself. In any case, the relevant legal provisions are strictly observed.
In addition to the Vice President and Executive Member of the Board Mr. Anastasia Andreadou,
the executive member of the BoD Ms. Th. Koufou holds the position of General Manager of the
Company, as well as that of Managing Director of the subsidiary in Romania, "AS KIDS TOYS
S.R.L". Managerial positions in the Company are held by 3 other women, 1 General Manager, two
heads of departments and the position of Internal Auditor.
XII. Evaluation of the Company's Internal Audit System by an independent evaluator.
In accordance with the provisions of Article 14 of Law 4706/2020, the Audit Committee's report
No. 1/891/30.9.2020 decision of the Board of Directors of the Hellenic Capital Market Commission,
as amended and in force, and the Policy and Procedure for the evaluation of the Internal Control
System approved by the Board of Directors, by decision of the Board of Directors in December
2022, the Company entrusted the evaluation of the adequacy and effectiveness of its Internal
Control System to "KPMG Certified Public Accountants SA". Mr. Charalambos Syrounis, Certified
Public Accountant with A.M. SOEL 19071, was appointed as the independent evaluator. The
evaluation started in December 2022 and was completed on 31.3.2023, having as reference date
31.12.2022 and reporting period from 17.7.2021 to 31.12.2022. In the Evaluation Report prepared
and sent to the Securities and Exchange Commission, no material weakness in the Company's
Internal Control System was identified in accordance with the Regulatory Framework. The same
report confirms the independence of the Evaluator, in accordance with the Code of Ethics for
Professional Auditors of the Council of International Standards on Auditing Ethics (Code of Ethics
for Professional Auditors), which has been incorporated into the Greek Legislation, as well as the
ethical requirements of the EU Regulation 537/2014 and Law 4449/2017. The audit/assessment
was conducted in accordance with the respective Policy included in the Company's Operating
Regulations and approved by the Board of Directors, in accordance with the audit program of the
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
39
Accounting Standards and Auditing Committee (ASC) decision number 40/2022 and the
International Standard on Assurance Engagements 3000 "Assurance Activities Other than Audit
or Review of Historical Financial Information".
Ζ. CORPORATE SOCIAL RESPONSIBILITY
General
Corporate Social Responsibility is of interest to all of us because it reflects the basic principles of
the society in which we live and is fully identified with our company's conscience. AS Company is
totally committed to providing excellent quality products, as the safety and quality of our toys are
key principles that underpin the operation of the Group. Based on these, the Group's course is
charted, its strategy for the future is created and we remain committed to our mission of giving
joy and knowledge to children young and old! Our philosophy, our way of thinking and our actions
are aimed at contributing to society as a whole, respecting our employees and respecting the
environment in which we operate.
Responsibility for the Market
Ethical values form the basis of AS's operations. Through our Code of Ethics and Conduct, we are
committed to integrity, responsibility, respect, compliance with professional standards, compliance
with laws and regulations, transparency, quality of our services, protection of human rights, which
are also the basic principles of Corporate Social Responsibility.
At the same time, AS collaborates with accredited reliable laboratories, internationally recognized
and carries out regular laboratory tests on all its products to ensure the absence of harmful
substances, high quality, longevity and durability.
During laboratory tests, European standards, directives and regulations as well as local legislation
on product safety and quality are followed. In practice, this means that AS toys come with a
guarantee of safety and quality, enabling the next generation to explore the wonder of childhood
and realize its full potential. The Quality Assurance department is responsible for checking and
ensuring that the safety and quality standards of the products are met.
With regard to the production line, AS in its partnership with Disney ensures that the products in
question produced in third countries are selected from suppliers that comply with its Code of
Conduct, which requires manufacturing plants to undergo regular audits and inspections of their
facilities by authorized social compliance monitoring organizations.
Social Responsibility
For AS, giving and giving back to the community are core values for the company. The Company
wishes to contribute substantially to the improvement of social conditions, starting with children
and young people who are the future and the development. Thus, it supports in all possible way
humanitarian actions and initiatives with significant impact and long-term results.
Through a Corporate Social Responsibility program, it carries out actions to support vulnerable
social groups. In this context, it supported the Vice-Region of Health and Social Solidarity of
Central Macedonia in its request for a product donation on the occasion of the World Childhood
Cancer Day to cover the needs of the Pediatric Oncology Clinic of the Hippocrates Hospital of
Thessaloniki. As well as in cooperation with "Make a Wish" during the Christmas period, it
undertook the sponsorship of 400 toys to the Pediatric Oncology Hospitals of the country!
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
40
At the same time, the Company continues with a sense of responsibility for the community and
by making a series of product donations, actively supporting organizations and associations such
as "Angel Guardian", the SOS Children's Village of Filyro, the Association for the Disabled YFADI,
the Panhellenic Association for the prevention and support of children with autism and down
syndrome "Power of Life", the Association of Friends of Papageorgiou Hospital "Antirida", as well
as many local institutions and social groceries, which through their actions support mainly children
and families.
H. Environmental & Work Issues
Environmentally
The Group in its countries of operation is not active in the processing of the products it distributes.
Also, the operation of the Group's facilities is of low nuisance. Due to its belief that rational
environmental management and the protection of the ecosystem concern us all, it makes sure
that the items available are as environmentally friendly as possible.
The Company, respecting the environment, adopts practices that save valuable energy resources,
and in early 2023 a total of 8 electric pallet trucks were replaced with new types of lithium
batteries, while aiming for a safer working environment with zero emissions. At the same time,
as part of energy-saving efforts, the Company continues to equip the areas of its buildings with
energy-efficient lighting lamps.
The Product Marketing department continues the "Reduce-Remove-Recycle-Materials" strategy
decided by 2021.
Reduce. The volume of paper and plastic parts in packaging is systematically reduced. From the
boardgame category in 2022, up to 30% of packaging paper was reduced to 31 codes from the
active listing of 67 codes in total. (The reduction was done in recognized brands like I’ve got it In
the Head, Mouth Open, Hidden Objects, and individual codes like Hide in the Bag, Save the Sheep
etc.). Also from the Art category, paper usage was reduced in Painting Workshops and Giga block.
While in Art cases all plastic /pvc parts were reduced by 30%. At the same time Silverlit, which
has exclusive distribution by AS, has also reduced paper and plastic in its packaging by over 20%
While it is gradually replacing in all its games where batteries are required either rechargeable
batteries or usb charging.
Remove. Non-recyclable products from products and packaging are removed, such as shrink
wraps, pvc blisters etc. A reduction of plastic packaging of 85% in the Art books category was
significant. In 2022, all Easter toy packaging did not use the plasticizing method, a practice that
was also applied in the first quarter of 2023. As a result, 105,000 pcs (2022) & 72,500 (2023)
boxes are fully recyclable.
Recycle. First materials from suppliers with recyclable sources and ecological certifications such
as FSC are used. In 2022 the new Shoko skate brand with FSC certified packaging was launched.
Products from Clementoni's Play for future range are continually added, made from recycled and
recyclable materials, showing its commitment to more responsible and sustainable products. Also,
in collaboration with Disney in the last quarter of 2022, the Flopsies range of stuffed animals that
were channeled to the Greek market were filled with 100% recycled polyester (44,400 pieces
made with recycled stuffing). In addition, in 2022 a total of 12.5 tons of pulp and 671 kg of plastic
were recycled through a certified recycling company. From 1/1/23 to date, a total of 3 tons of
paper and 341 kg of plastic were recycled.
Materials. Products made of natural materials are preferred and developed. In 2022, new wood
codes were added to the premium educational product line Magnet Box and the Art Box line was
launched, which has paper as its main material.
MATERIAL RECYCLING (Group Total)
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
41
MATERIAL CALCULATED IN 2022
Plastic and Paper packages: 236.866,68 Kg
Electric devices (Battery-powered toys): 251.402,85 Kg
Batteries: 81.885 τμχ
AS aims to combine its corporate objectives with its broader contribution to sustainable
development, while at the same time responding to the needs of consumers. With respect and
responsibility towards the environment, it is paving the way for a sustainable future for children
and families , creating innovative products and experiences that inspire, entertain and develop
children through play.
Employment
AS Company is its people, who daily support its smooth operation and progress.
Selection, placement in specific jobs, the assignment of tasks and the corresponding remuneration
are based on the principles of equal treatment and meritocracy. The Company's management of
Human Resources and employee relations issues affect its performance and are therefore an
important driver for its long-term growth.
In this context, the company pays particular attention to providing a positive, productive and safe
working environment and applies a recruitment and staffing policy that aims at the development
of its employees and the development of their skills. The key points of its policy are:
- it provides equal hiring opportunities to external candidates, based on merit-based criteria,
according to the specifications of each job.
- it provides equal opportunities for career development to its employees to ensure equal
opportunities and to combat discrimination.
- New vacancies are covered either by internal movement - promotion of employees by directly
proposing a change of position - promotion to an employee or by new recruitment, without
discrimination on any grounds (gender, nationality, religion, political or other beliefs, disability,
sexual orientation, etc.).
- it applies a fair remuneration and benefits policy.
The profile of employees for the Group is mixed as it employs a 57% of men and a 43% of
women.
The relations of the Group with its personnel are excellent and no work related issues have arisen.
As a result, there are no court cases regarding work related issues.
Staff Training & Retention
The Company's philosophy is "lifelong learning" and its aim is to maintain a well-trained Human
Resources that meet the requirements of their role, the current market demands that shape new
skills needs, as well as the possible intra-company changes in the work environment.
For this reason, the Company attaches importance to the training of its employees.
The training process involves the selection of appropriate programmes, designing their content,
implementation and keeping appropriate evaluation reports.
The purpose of the training programs is to improve the knowledge of employees, provide them
with expertise in their work, deepen and develop their skills, so that, consequently, they enhance
their performance and contribute to the achievement of corporate objectives.
The first training program for each employee is the onboarding program, through which newly
hired employees are informed about the Company's structure, their job position, the Company's
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
42
Internal Labor and Rules of Operation, its computer systems, and the corporate policies and
procedures that apply to them.
The annual training plan for each year is prepared by the end of the previous year by the Directors
/ Heads of Departments in collaboration with the HR Department. The following parameters are
taken into account in developing the annual training plan:
- The strategic objectives of the Company
- The previous year's trainings, the programs, the evaluation of the programs and the participants
- The training needs of each department and each employee in relation to the individual
development of his/her skills and subject matter
- The Company's available budget for the implementation of the training courses
Based on the needs and suggestions of all departments, the Company creates the annual AS
Company training plan that is implemented in stages in the following year.
All programs, internal trainings and trainings from external implementers, are evaluated for their
effectiveness and implemented either in person or remotely (e-learning).
Targeting-Evaluation
In the context of the Company's operation and its continuous development, a culture has been
established that encourages initiatives to optimize the organization and implementation of the
processes described in its Rules of Operation. To this end, in 2022 the Company, with the
assistance of a specialist consultant, decided to proceed with the creation of an integrated system
of target setting and employee evaluation, in order to identify strengths, areas for improvement
and training needs, always aiming to retain, develop and reward talented and efficient employees.
Health and Safety
The creation of a safe and healthy working environment is a priority for the Company. In the
context of protecting the health and safety of its employees, suppliers, customers and partners,
the following are implemented:
➢ Intensive inspections by safety technicians in all Company's facilities (Attica and
Thessaloniki)
➢ The Company provides the services of an occupational physician, based on the legislative
requirements
➢ The Company is implementing a series of preventive measures to deal with the pandemic
in accordance with the instructions of the EODY, the relevant Ministerial Decision put into
force by the state authorities and in accordance with the instructions of the occupational
physician and safety technicians (teleworking, spatial safety zones, special markings,
provision of sanitary material, decontamination, temperature controls, rapid tests, travel
restrictions, implementation of extensive online meetings, etc.)
➢ The Company regularly trains its employees to deal with safety and health emergencies
for both themselves and visitors to its facilities and has created an internal Fire Safety
and First Aid team, while it has also put designations relevant to safety in its facilities.
➢ Free provision to all staff of Group Private Medical Insurance, providing in addition the
possibility for the inclusion of the dependent members of the employees' families in the
insurance program, with the Company subsidizing part of the premium.
Human Respect
The Company adopts policies that aim to protect Human Rights in the workplace with the following
key pillars:
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
43
- the Internal Labour Regulation
- The Internal Work Rules and Regulations
- Human Resources Policies
- the Code of Conduct and Ethical Behaviour
- the Workplace Violence and Harassment Policy
All policies and regulations are available on the Company's intranet and individual updates have
been implemented for all staff.
Business Ethics and Compliance
The Company's approach to regulatory compliance issues is oriented towards three main pillars:
corporate governance, business ethics and solidarity-based work conduct.
In this context, the Company applies and has the following in place:
- Internal Rules of Operation
- Operational Code of Conduct
- Audit Committee
- Internal Audit Department
- Nomination and Remuneration Committee
- Procedure for informing Senior Management and Internal Audit of any incident of fraud or
corruption
Personal Data Protection
The Company is committed to protecting the confidentiality and privacy of the information
provided or collected by the Company and complies with the applicable legislation on the
protection of personal data of visitors, partners, customers and suppliers (current and former),
employees and prospective employees.
In this context, it has established a Personal Data Breach & Leakage Response Team and the
proper compliance of the system is regularly inspected by the Data Protection Officer (DPO/ DPO).
The policies, in compliance with the European Data Protection Regulation (GDPR) and Law
4624/2019, are posted on the Company's intranet.
In addition, the DPO, in cooperation with the heads of the HR and IT departments, carries out
continuous awareness-raising and information activities for the Company's staff regarding the
correct processing of personal data managed by the Company, as well as regular relevant training
sessions for all employees.
J. OTHER ISSUES-OWN SHARES
The Company has a specialized team who conducts market researches on the trends of the toy
industry for Greece and abroad and suggest to the Group's Management the development of toys
that suit the preferences of consumers in the markets in which the Group operates. Participation
in various national and international Exhibitions abroad assists significantly towards this purpose.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
44
On 21.06.2021, the programme for the purchase of the Company’s own shares, which was
approved by the Annual General Meeting of the shareholders on 21 June 2019, in accordance with
the provisions of article 49 of Law no. 4548/2018, ended.
Subsequently, pursuant to the resolutions of the Annual General Meeting of Shareholders of
25.06.2021 and the decision of the Board of Directors of 25.11.2021, in the context of the Plan
on the Purchase of the Company’s own shares, the Company announced on 25.11.2021 the launch
of the new Plan on the Purchase of the Company’s own shares. Following a decision of the Board
of Directors, in the fiscal year 2022 and up to 31.3.2022, 62.440 own shares with a total nominal
value of €41,210,40 representing 0.47570% of the capital with an average purchase price of
€1.96037 had been purchased.
J.A. INFORMATION ABOUT OWN SHARES REFUNDED Article 49 par.2 of Law
4548/2018
In execution of the decision of the Annual General Meeting of Shareholders of 21.6.2019 and of
the Annual General Meeting of Shareholders of 25.06.2021, which approved the purchase by the
Company of its own shares, up to 5% of the paid-up share capital of the Company, with a
minimum purchase price of 0,50 €/share and a maximum purchase price of 4,00 €/share, in
accordance with article 49 of Law no. 4548/2018., the Company purchased a total of 62,440
treasury shares of common nominal value, with an average purchase price of €1.96037 per share,
representing 0.47570% of the share capital, which it retains.
J.B. COMPLETION OF THE EVALUATION OF THE ADEQUACY AND EFFECTIVENESS OF
THE ICS
The evaluation of the adequacy and effectiveness of the ICS for the period 16/7/2021 to
31/12/2022 has been completed, as provided for in paragraphs 3(j) and 4(j) of article 14 of Law
4706/2020 and the decision 1/891/30.9.2020 of the Board of Directors of the Securities and
Exchange Commission, conducted by the Certified Public Accountant, was completed on 31 March
2023. In the Evaluation Report prepared and sent to the Securities and Exchange Commission, no
material weakness of the Company's Internal Control System was identified in accordance with
the Regulatory Framework.
I. DIVIDEND POLICY
The Company’s Management, having positively assessed the financial results of this financial year
and its high liquidity, intends to distribute a net dividend (after tax deduction) of 0.11 euros per
share. The proposed distribution is subject to the approval of the Annual General Meeting of
Shareholders.
IΑ. EXPLANATORY REPORT OF THE BOARD OF DIRECTORS TO THE ORDINARY
GENERAL MEETING OF SHAREHOLDERS (article 4 par. 7 of L. 3556/2007)
This explanatory report of the Board of Directors to the Ordinary General Meeting of the
Shareholders of the Company contains detailed information regarding the issues of paragraph 7
of Article 4 of L. 3556/2007 and is incorporated in the Board of Directors' report.
a. Share capital structure
The share capital of the Company amounts to eight million six hundred sixty-three thousand one
hundred seventy-three euros and twenty cents (€ 8,663,173.20), divided into thirteen million one
hundred twenty-six thousand and twenty (13,126,020) common shares, with a nominal value of
sixty-six cents (€ 0.66) each.
The Company's shares are listed for trading as a whole on the Athens Stock Exchange.
The Company owns 62.440 own shares. The shares with voting rights are 13.063.580.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
45
The rights of the Company's shareholders stemming from its share are based on the percentage
of the capital, which corresponds to the paid value of the share. All shares have the same rights
and obligations and each share incorporates all the rights and obligations provided by the Law
and the Articles of Association of the Company.
b. Restrictions on the transfer of the Company's shares
The transfer of the Company's shares is effected in accordance with the Law and there are no
restrictions on the transfer on the Company's Articles of Association, especially as they are
intangible shares listed on the Athens Stock Exchange. There was no change during the year 2022
until the date of drafting this report.
c. Significant direct or indirect holdings within the meaning of Articles 9 to 11 of
Law 3556/2007
The shareholders (natural persons or legal entities) that held at 31.12.2022, directly or indirectly
more than 5% of the total number of shares and the relevant voting rights of the Company are
listed in the table below.
Shareholder name
Participation*
1. Andreadis Efstratios
33,8061%
2. Andreadou Anastasia
31,992%
*Concerning the share capital and the voting rights
On 23/01/2023 the transfer of two hundred thousand (200.000) ordinary shares of the Company,
corresponding to 1,523695% of the voting shares of the Company, was completed due to the
parental benefit of shares of Mr. Efstratios Andreadis to his sons, Konstantinos and Evangelos
Andreadis. Mr. Efstratios Andreadis, who until the above transfer held 4,416,287 shares, i.e.
33.64529% of the total number of the Company's shares and 33.8061% of the voting shares,
transferred by parental benefit: (a) to his son Konstantinos Andreadis 72,000 shares and (b) to
his son Evangelos Andreadis 128,000 shares.
Following the above transfer, the percentage of voting rights of Mr. Efstratios Andreadis decreased
from 33.8061% to 32.2751% of the total voting rights.
There were no other changes from the reporting date 31.12.2022 until the time of writing this
report regarding the other shareholders (natural or legal persons) holding, directly or indirectly,
more than 5% of the total number of shares and related voting rights of the Company.
d. Shares providing special control rights and description of these
There are no Company shares that provide their holders with special control rights.
There was no change during the year 2022 and up until the date of drafting this report.
e. Restrictions on voting rights
The Company's Articles of Association do not provide for any restrictions on the voting rights
deriving from its shares.
There was no change during the year 2022 and the date of drafting this report.
f. Shareholder agreements known to the Company that involve restrictions on the
transfer of shares or the exercise of voting rights
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
46
It is not known to the Company the existence of agreements between its shareholders, which
impose restrictions on the transfer of its shares or on the exercise of the voting rights deriving
from its shares.
There was no change during the year 2022 and the date of drafting this report.
g. Rules for the appointment and replacement of Board members and an
amendment of the Articles of Association
The rules laid down in the Articles of Association of the Company for the appointment and
replacement of the members of the Board of Directors and the amendment of its provisions do
not differ from the provisions of the Law.
h. Responsibility of the Board of Directors or some of its members for the issue of
new or the purchase own shares
The General Meeting of the Company decides, solely (according to article 23 L. 4548/2018 – with
the quorum of article 130 para 3 & 4 and the majority of article 132 para 2 of the same law) on
the increase of share capital with the issuance of new shares. The purchase and administration
of treasury shares on behalf of the Company takes place in the context of the provisions of article
49 L. 4548/2018. The Articles of Association does not differ adjustments from what the law
provides for these issues.
The total number of shares of the Company traded on the Athens Stock Exchange amounts to
13.126.020 shares.
ΙΒ. Significant agreements that enter into force, amended or terminated in the
event of a change in control following a public offer and the results of such
agreements
There are no agreements that come into force, are amended or expired in case of change in the
control of the Company following a public proposal.
There was no change during the year 2022 and the date of writing this report.
ΙC. Agreements with members of the Board of Directors or senior executives of the
Company for compensation in the event of termination of cooperation or
termination of service for any reason
There are no agreements of the Company with members of its Board of Directors or its personnel,
which provide for the payment of compensation especially in case of resignation or dismissal
without a valid reason or termination of their term or employment due to a public offer.
There was no change during the year 2022 and the date of writing this report.
ΙD. SIGNIFICANT EVENTS AFTER THE END OF 2022
Α. Change of voting rights of Mr Efstratios Andreadis
On 23.01.2023, the transfer of two hundred thousand (200,000) ordinary shares of the Company,
corresponding to 1,523695% of the voting shares of the Company, due to parental benefit of
shares of Mr. Efstratios Andreadis to his sons, Konstantinos and Evangelos Andreadis, was
completed. The transaction was executed over-the-counter. In particular, Mr. Efstratios Andreadis,
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
47
who until the above transfer held 4,416,287 shares, i.e. 33.64529% of the total number of shares
of the Company and 33.8061% of the voting shares, transferred by parental gift: (a) to his son
Konstantinos Andreadis 72,000 shares and (b) to his son Evangelos Andreadis 128,000 shares.
Following the above transfer, the percentage of voting rights of Mr. Efstratios Andreadis decreased
from 33.8061% to 32.2751% of the total voting rights.
Β. Investment activity
In continuation of its new investment activities, in the first quarter of 2023, the Company
purchased land, adjacent to the land it had already acquired in 2022, with a total area of
approximately 20,650 sq.m., in the areas of Elounda and Plaka Elounda, Lassithi, Crete, for the
development of luxury tourist accommodation. The total value of the transactions within the
current year and up to the publication of the financial statements amounts to EUR 625,000.
C. As part of its Digital Transformation, the Group is investing in new technologies, for this reason
it has chosen SAP Business One as its new ERP.
The objective with the implementation of the new ERP :
- To improve the effectiveness and efficiency of internal processes.
- To better serve our customers.
- The faster and more efficient decision making.
- To support profitable growth.
Its productive operation started on 1 January 2023.
D. Transfer of the headquarters of subsidiary AS KIDS TOYS S.R.L.
The subsidiary AS KIDS TOYS S.R.L. leased new premises at the new address Bucharest, 2nd
district, 24 Delea Veche street, building A, floor 8, office 8-2, module M.2.1. The transfer of the
headquarters to the new premises will take place in May 2023.
Ε. Completion of the Evaluation of the Adequacy and Effectiveness of the ICS
The evaluation of the adequacy and effectiveness of the ICS for the period 16/7/2021 to
31/12/2022, as provided for in paragraphs 3(j) and 4(j), of article 14 of Law 4706/2020 and the
decision 1/891/30.9.2020 of the Board of Directors of the Securities and Exchange Commission,
conducted by the Certified Public Accountant, was completed on 31 March 2023. In the Evaluation
Report prepared and sent to the Securities and Exchange Commission, no material weakness of
the Company's Internal Control System was identified in accordance with the Regulatory
Framework.
There are no other events subsequent to the Financial Statements that relate to either the Group
or the Company that are required to be reported under International Financial Reporting
Standards.
2. Other risks
The recent geopolitical events in Ukraine have caused uncertainty in global markets. The Company
has no operations in Ukraine and Russia, which will not directly affect the financial results for fiscal
2023. However, there has been a moderation in consumer spending due to the general negative
climate and uncertainty.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
48
In terms of the broader economic environment, recent developments from the banking sector
suggest that central banks are expected to support financial institutions facing liquidity problems
due to the decline in bond prices from the continuous rise in interest rates. In FY2022, the Group
incurred losses on the valuation of its portfolio of investments in bonds, mutual funds and equities
which affected the results for the year. The Group is monitoring developments very closely and is
adjusting its policy to protect its high cash holdings and investment portfolio.
In addition, the Group has no direct and material exposure to climate risk. Any environmental
issues are not expected to have a significant impact on the Group's business due to the nature of
its operations. The Group is considering actions, in compliance with national and European
environmental legislation, that may lead to a reduction in its environmental footprint in order to
make its operations climate neutral. These conditions and actions are not expected to result in
significant changes in the value of the Group's existing assets.
IE. ALTERNATIVE PERFORMANCE MEASUREMENT INDICATORS (“APMI”)
For the analysis of the Company's and the Group's performance, "comparable" figures are used
which are calculated by adding-deducting captions presented in the Financial Statements prepared
in accordance with the International Financial Reporting Standards.
EBITDA ratio
This ratio results from the deduction of administrative, distribution and research expenses from
the gross profit plus other income. This ratio provides with useful information for the analysis of
the Company's and the Group's operating performance.
The evolution of the ratio for the corresponding years of 2020, 2021 & 2022 was as follows:
31.12.2022
31.12.2021
31.12.2020
EBIDTA
4.658.993
3.882.380
3.114.930
% in sales
16,26%
17,11%
15,89%
Leverage Factor Ratio and Net Debt
This ratio results from the addition of the short-term borrowings plus the long-term borrowings
from which the cash and cash equivalents and short-term investments are deducted. The outcome
of these captions is divided by the Equity to calculate the leverage ratio. The Group uses this ratio
to measure its liquidity. After the implementation of IFRS 16 lease-related financial liabilities are
included in the calculation of the net debt from 2020 onwards.
The evolution of the ratio for the corresponding years of 2020, 2021 & 2022 was as follows:
31.12.2022
31.12.2021
31.12.2020
% net
debt/equity
-50,91%
-57,03%
-48,33%
Net Debt
-17.528.096
-19.180.498
-15.274.543
Net Working Capital ratio
This ratio results from the addition of the Inventories, Receivables from Customers and Other
Assets with the deduction of the Trade Payables and Other Short-Term Liabilities. The Group uses
this ratio to assess its liquidity without taking into account cash and cash equivalents and
investments in fair value.
The evolution of the index in the respective twelve months of 2020, 2021 & 2022 were as follows:
31.12.2022 31.12.2021 31.12.2020
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
49
Net working capital 10.124.584 10.010.264 11.334.381
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Thessaloniki, 21 April 2023
THE PRESIDENT OF BOARD OF DIRECTORS B.O.D MEMBER
& MANAGING DIRECTOR
EFSTRATIOS K. ANDREADIS THEODORA D. KOUFOU
ID No: AP 235479 ID No: AN 233404
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
50
IΙΙ. Independent Auditors’ Report
Independent Auditor’s Report
(Translated from the original in Greek)
To the Shareholders of
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Report on the Audit of the Separate and Consolidated Financial Statements
Opinion
We have audited the accompanying Separate and Consolidated Financial Statements of AS
COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A. (the “Company”) which
comprise the Separate and Consolidated Statement of Financial Position as at 31 December 2022,
the Separate and Consolidated Statements of Comprehensive Income, Changes in Equity and Cash
Flows for the year then ended, and notes, comprising a summary of significant accounting policies
and other explanatory information.
In our opinion, the accompanying Separate and Consolidated Financial Statements present fairly,
in all material respects, the separate and consolidated financial position of AS COMMERCIAL
INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A. and its subsidiaries (the “Group”) as at
31 December 2022 and its separate and consolidated financial performance and its separate and
consolidated cash flows for the year then ended, in accordance with International Financial
Reporting Standards as adopted by the European Union.
Basis for Opinion
We conducted our audit in accordance with International Standards on Auditing (ISA), as
incorporated in Greek legislation. Our responsibilities under those standards are further
described in the Auditor’s Responsibilities for the Audit of the Separate and Consolidated
Financial Statements section of our report. We are independent of the Company and the Group
in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for
Professional Accountants, as incorporated in Greek legislation, together with the ethical
requirements that are relevant to the audit of the separate and consolidated financial statements
in Greece and we have fulfilled our ethical responsibilities in accordance with the requirements
of the applicable legislation.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
51
Key Audit Matters
Key audit matters are those matters, that, in our professional judgment, were of most significance in
our audit of the Separate and Consolidated Financial Statements of the current period. These
matters and the relevant significant assessed risks of material misstatement were addressed in the
context of our audit of the Separate and Consolidated Financial Statements as a whole, and in
forming our opinion thereon, and we do not provide a separate opinion on these matters.
1. Inventories Valuation
See Notes 2, 4.7 and 7.6 to the Separate and Consolidated Financial Statements
The key audit matter
How the matter was addressed in our audit
The Company’s and the Group’s inventories
amount to EUR 7 663 thousand, as valued
after the impairment provision of approximately
EUR 611 thousand.
Inventories are valued at the lower of cost and
net realizable value. The net realizable value is
determined based on the selling prices after
the year end of the year of reference.
Management's estimation concerning the
provision for impairment of inventories is
based on the estimations for slow moving and
obsolete inventories, the seasonality of
inventories and selling prices of the above.
Inventories valuation is a key audit matter due
to the significant balance of inventories and the
subjective judgment required from
management in the assessment of the
provision for impairment of inventories.
Our audit procedures in relation to this matter
included, among others, the following:
• We evaluated the design and implementation
of the internal controls of the Company
regarding the warehouse monitoring process.
• We performed substantive audit procedures
regarding the movement of inventories to
identify slow-moving inventories, so as to
evaluate the appropriateness of the
assumptions made by Management for the
inventories valuation process and the
calculation of impairment provision.
• In order to evaluate the inventory valuation in
comparison with the net realizable value, we
compared on a sample basis the accounting
value of inventories with their sale prices after
the year end of the year of reference.
• We examined, on a sample basis, the correct
calculation of the inventories acquisition cost.
• We attended year-end inventory count in
order to count on a sample basis the
inventories and to examine the physical
condition of inventories, as well as their
probable impairment.
We evaluated the appropriateness and adequacy
of disclosures, in the Financial Statements.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
52
2. Impairment of Trade Receivables
See Notes 2, 4.6 and 7.7 to the Separate and Consolidated Financial Statements
The key audit matter
How the matter was addressed in our audit
The Company's and the Group's Trade
Receivables amount approximately to
EUR 7 351 thousand and EUR 8 335 thousand
respectively, against which an impairment
provision of EUR 94 thousand was made.
Management evaluates the recoverability of
the Company’s and the Group’s trade
receivables and proceeds to the assessment
of the appropriate provision for impairment for
the expected credit losses.
In determining the expected credit losses of
trade receivables, the Company and the Group
uses a table of provisions for credit losses
based on ageing analysis of the balances, and
historical data of the Company and the Group
for credit losses, adjusted to future factors in
relation to debtors and the economic
environment.
Impairment of trade receivables is a key audit
matter due to the significant balance of trade
receivables and the subjective judgment
required from Management in the assessment
of the recoverability of trade receivables.
Our audit procedures in relation to this matter
included, among others, the following:
• We evaluated the design and the
implementation of the internal controls of the
Company and the Group regarding the
formation of provision for impairment.
• For a representative sample of trade
receivables, we received letters to confirm
year end balances.
• We also reviewed collections took place
subsequent the date of the Financial
Statements for a sample of trade receivables.
• We evaluated the ageing analysis of trade
receivables and examined significant
balances of customers as regards to the time
analysis of their maturity if they became
overdue as well as the financial position of
these customers.
• We examined the adequacy of the provision
for doubtful debts of the Company and the
Group by evaluating the method followed by
Management based on IFRS, the relevant
Management’s assumptions and the data
used, taking into account our knowledge of
the industry and the assessment of the
external legal advisors of the Company and
the Group for the outcome of the cases they
handle regarding the recoverability of trade
receivables.
We evaluated the appropriateness and adequacy
of disclosures, in the Financial Statements.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
53
Other Information
The Board of Directors is responsible for the other information. The other information comprises
the information included in the Board of Directors’ Report, for which reference is made in the
“Report on Other Legal and Regulatory Requirements” and the Declarations of the Members of
the Board of Directors but does not include the Separate and Consolidated Financial Statements
and our Auditor’s Report thereon.
Our opinion on the Separate and Consolidated Financial Statements does not cover the other
information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the Separate and Consolidated Financial Statements, our
responsibility is to read the other information and, in doing so, consider whether the other
information is materially inconsistent with the Separate and Consolidated Financial Statements
or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If,
based on the work we have performed, we conclude that there is a material misstatement of this
other information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the Board of Directors and Those Charged with Governance
for the Separate and Consolidated Financial Statements
The Board of Directors is responsible for the preparation and fair presentation of the Separate
and Consolidated Financial Statements in accordance with International Financial Reporting
Standards as adopted by the European Union, and for such internal control as the Board of
Directors determines is necessary to enable the preparation of separate and consolidated
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the Separate and Consolidated Financial Statements, the Board of Directors is
responsible for assessing the Company’s and the Group’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the Board of Directors either intends to liquidate the Company and the Group
or to cease operations, or has no realistic alternative but to do so.
The Audit Committee of the Company is responsible for overseeing the Company’s and the
Group’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Separate and Consolidated
Financial Statements
Our objectives are to obtain reasonable assurance about whether the Separate and
Consolidated Financial Statements as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with ISAs which have been incorporated in Greek legislation will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to
influence the economic decisions of users taken on the basis of these Separate and
Consolidated Financial Statements.
As part of an audit in accordance with ISAs, which have been incorporated in Greek legislation,
we exercise professional judgment and maintain professional skepticism throughout the audit.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
54
Report on Other Legal and Regulatory Requirements
We also:
• Identify and assess the risks of material misstatement of the separate and consolidated
financial statements, whether due to fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement resulting
from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing
an opinion on the effectiveness of the Company’s and the Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of
accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company’s and the
Group’s ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditor’s report to the related disclosures in
the Separate and Consolidated Financial Statements or, if such disclosures are inadequate,
to modify our opinion. Our conclusions are based on the audit evidence obtained up to the
date of our auditors’ report. However, future events or conditions may cause the Company or
the Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the Separate and Consolidated
Financial Statements, including the disclosures, and whether the separate and consolidated
financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities
or business activities within the Group to express an opinion on these Consolidated Financial
Statements. We are responsible for the direction, supervision and performance of the group
audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit and significant audit findings, including any significant
deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with
relevant ethical requirements regarding independence, and communicate with them all
relationships and other matters that may reasonably be thought to bear on our independence,
and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those
matters that were of most significance in the audit of the Separate and Consolidated Financial
Statements of the current period and are therefore the key audit matters. We describe these
matters in our auditor’s report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not be
communicated in our report because the adverse consequences of doing so would reasonably
be expected to outweigh the public interest benefits of such communication.
1. Board of Directors’ Report
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
55
The Board of Directors is responsible for the preparation of the Board of Directors’ Report and
the Corporate Governance Statement that is included in this report. Our opinion on the financial
statements does not cover the Board of Directors’ Report and we do not express an audit
opinion thereon. Our responsibility is to read the Board of Directors’ Report and, in doing so,
consider whether, based on our financial statements audit work, the information therein is
materially misstated or inconsistent with the financial statements or our audit knowledge. Based
solely on that work pursuant to the provisions of paragraph 5 of Article 2 of Law 4336/2015
(part B), we note that:
(a) The Board of Directors’ Report includes a Corporate Governance Statement which
provides the information set by Article 152 of L. 4548/2018.
(b) In our opinion, the Board of Directors’ Report has been prepared in accordance with the
applicable legal requirements of Articles 150 and 153 and of paragraph 1 (cases c and d)
of article 152 of L. 4548/2018 and its contents correspond with the accompanying
Separate and Consolidated Financial Statements for the year ended 31 December 2022.
(c) Based on the knowledge acquired during our audit, relating to AS COMMERCIAL
INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A. and its environment, we
have not identified any material misstatements in the Board of Directors’ Report.
2. Additional Report to the audit Committee
Our audit opinion on the Separate and Consolidated Financial Statements is consistent with the
Additional Report to the Audit Committee of the Company dated 21 April 2023, pursuant to the
requirements of article 11 of the Regulation 537/2014 of the European Union (EU).
3. Provision of non-audit Services
We have not provided to the Company and its subsidiaries any prohibited non-audit services
referred to in article 5 of Regulation (EU) 537/2014.
The permissible non-audit services that we have provided to the Company and its subsidiaries
during the year ended 31 December 2022 are disclosed in Note 13 of the accompanying Separate
and Consolidated Financial Statements.
4. Appointment of Auditors
We were appointed for the first time as Certified Auditors of the Company based on the decision
of the Annual General Shareholders’ Meeting dated 21 June 2018. From then onwards our
appointment has been renewed uninterruptedly for a total period of 5 years based on the annual
decisions of the General Shareholders’ Meeting.
5. Operations Regulation
The Company has an Operations Regulation in accordance with the content provided by the
provisions of the article 14 of Law 4706/2020.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
56
6. Assurance Report on the European Single Electronic Reporting Format
We examined the digital files of AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND
TOYS S.A. (the Company or/and Group), which were prepared in accordance with the European
Single Electronic Format (ESEF) that is determined by the Commission Delegated Regulation (EU)
2019/815, as amended by the Regulation (EU) 2020/1989 (the ESEF Regulation) that include the
separate and consolidated financial statements of the Company and the Group for the year ended
as at 31 December 2022 in XHTML format «213800NW1S2T9JRVU437-2022-12-31-el.xhtml», and
also the file XBRL «213800NW1S2T9JRVU437-2022-12-31-el.zip» with the appropriate mark up
of the those consolidated financial statements, including of the Notes to the Consolidated Financial
Statements.
Regulatory framework
The digital files of the European Single Electronic Format are prepared in accordance with the
ESEF Regulation and the 2020/C 379/01 Commission Interpretative Communication issued on 10
November 2020, as required by the L. 3556/2007 and the relevant announcements of the Hellenic
Capital Markets Commission and the Athens Stock Exchange (the “ESEF Regulatory Framework”).
This Framework includes in summary, among others, the following requirements:
• All the annual financial reports must be prepared in XHTML format.
• With respects to the consolidated financial statements based on International Financial
Reporting Standards (IFRS), the financial information that is included in the Statement of
Comprehensive Income, the Statement of Financial Position, the Statement of Changes in
Equity and the Statement of Cash Flows, as well as in the Notes to the consolidated financial
statements, must be marked up with XBRL tags, in accordance with the ESEF Taxonomy, as
in force. The technical requirements for the ESEF, including the relevant taxonomy, are
included in the ESEF Regulatory Technical Standards, including of the Notes to the
Consolidated Financial Statements.
The requirements as defined in the ESEF Regulatory Framework as in force are appropriate criteria
in order to express a reasonable assurance conclusion.
Responsibilities of the Board of Directors and those charged with governance
The Board of Directors is responsible for the preparation and filing of the separate and consolidated
financial statements of the Company and the Group, for the year ended as at 31 December 2022,
in accordance with the requirements determined by the ESEF Regulatory Framework, and for such
internal control as the Board of Directors determines is necessary to enable the preparation of
digital files that are free from material misstatement, whether due to fraud or error.
Auditor’s Responsibilities
Our responsibility is the planning and the execution of this assurance engagement in accordance
with the 214/4/11-02-2022 Decision of the Hellenic Accounting and Auditing Standards Oversight
Board and the Guidelines for the assurance engagement and report of Certified Auditors on the
European Single Electronic Reporting Format (ESEF) of issuers with shares listed in a regulated
market in Greece”, as these were issued by the Institute of Certified Public Accountants of Greece
on 14 February 2022 (the “ESEF Guidelines”), in order to obtain reasonable assurance that the
separate and consolidated financial statements of the Company and the Group that are prepared
by the Board of Directors of the Company in accordance with the ESEF comply in all material
respects with the ESEF Regulatory Framework as in force.
Our work was performed in accordance with the International Ethics Standards Board for
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
57
Accountants’
Code of Ethics for Professional Accountants,
as it has been incorporated into Greek
legislation and we have also fulfilled our independence requirements, in accordance with the
L. 4449/2017 and the Regulation (EU) 537/2014.
The assurance work that we carried out refers exclusively to the ESEF Guidelines and was
conducted in accordance with the International Standard on Assurance Engagements 3000,
“Assurance Engagements other than Audits or Reviews of Historical Financial Information”.
Reasonable assurance is a high level of assurance, but is not a guarantee that such an
assurance engagement will always detect a material misstatement regarding non-compliance
with the requirements of the ESEF Regulation.
Conclusion
Based on the procedures performed and the evidence obtained, we express the conclusion that
the separate and consolidated financial statements of the Company and the Group for the year
ended as of 31 December 2022 in XHTML format «213800NW1S2T9JRVU437-2022-12-31-
el.xhtml», and the XBRL file «213800NW1S2T9JRVU437-2022-12-31-el.zip» marked up with
respects to the consolidated financial statements, including the Notes to the consolidated financial
statements, have been prepared, in all material respects, in accordance with the requirements of
the ESEF Regulatory Framework.
Athens, 21 April 2023
KPMG Certified Auditors S.A.
AM SOEL 114
Dimitrios Tanos, Certified Auditor Accountant
AM SOEL 42241
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
58
AS COMMERCIAL INDUSTRIAL
COMPANY
OF COMPUTERS AND TOYS S.A.
ANNUAL FINANCIAL STATEMENTS
(SEPARATE AND CONSOLIDATED) AS OF
31 DECEMBER 2022
According to the International Financial Reporting Standards as adopted by the
European Union
It is ascertained that the attached Annual Separate and Consolidated Financial Statements of
31 December 2022 are those approved by the Board of Directors of “AS COMMERCIAL
INDUSTRIAL COMPANY OF COMPUTER AND TOYS S.A.” on 21 April 2023 and have been
made public by posting on the Internet at www.ascompany.gr where they will remain available
to the public for a period of at least ten (10) years.
Efstratios K. Andreadis
Prsident of BoD & Managing Director
AS COMPANY S.A.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
59
IV. ANNUAL FINANCIAL STATEMENTS
A. ANNUAL STATEMENT OF FINANCIAL POSITION
(Amounts in Euro)
GROUP COMPANY
31.12.2022
31.12.2021
31.12.2022
31.12.2021
ASSETS
Note
Non-current assets
Property, plant and equipment
7.1
4.193.286
4.417.093
Investor properties
7.3
2.201.615
0
Intangible assets
7.2
561.862
117.900
Rights of use of leased property
7.1
124.318
202.620
Participation in subsidiaries
7.4
550.000
550.000
Other non-current assets
7.5
75.689
14.191
7.706.770
5.301.803
Current assets
Inventories
7.6
7.662.384
4.530.559
Accounts receivables
7.7
7.351.284
10.356.239
Investments at fair value through
P&L
7.8
10.122.493
10.948.269
Other current assets
7.9
422.686
594.774
Cash and cash equivalents
7.10
5.615.842
5.586.594
31.174.689
32.016.435
TOTAL ASSETS
38.881.459
37.318.238
EQUITY AND LIABILITIES
Eguity
Share capital
7.11
8.663.173
8.663.173
Other reserves
1.981.162
1.859.642
Retained Earnings
22.419.051
21.043.702
Equity attributable to
shareholders of the Company
33.063.386
31.566.517
Total equity
33.063.386
31.566.517
Long-Term Liabilities
Long-term lease liabilities
7.12
47.471
117.038
Deferred tax liabilities
7.13
6.555
210.601
Staff leaving payments
7.14
83.865
82.027
Other long-term liabilities
7.15
32.224
46.671
170.115
456.338
Current Liabilities
Account payables
7.16
2.210.652
2.793.998
Short-term borrowings
7.17
20.825
0
Short-term lease liabilities
7.12
84.595
96.570
Other short-term liabilities
7.18
3.331.886
2.404.816
5.647.957
5.295.384
Total Liabilities
5.818.073
5.751.721
Total Equity and Liabilities
38.881.459
37.318.238
The accompanying notes set out on pages 59 to 104 form an integral part of these Separate and Consolidated Financial
Statements.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
60
B. ANNUAL STATEMENT OF COMPREHENSIVE INCOME
(Amounts in Euro)
GROUP
COMPANY
Note
1.1. to
31.12.2022
1.1. to
31.12.2021
1.1. to
31.12.2022
1.1. to
31.12.2021
Turnover
7.19
26.465.125
20.742.788
Cost of sales
7.20
-16.399.610
-12.102.790
-16.103.512
-11.860.782
Gross Profit
10.361.613
8.882.006
Other operating income
7.21
496.496
430.001
Administrative expenses
7.22
-2.800.810
-2.501.404
-2.550.593
-2.259.428
Distribution costs
7.23
-5.484.094
-4.835.197
-4.954.745
-4.345.417
Research and development expenses
7.24
-183.820
-178.888
-183.820
-178.888
Income / (Expense) from impairment of trade
receivables
38.950
0
Profits before interest, taxes,
depreciation and amortization
3.207.901
2.528.274
Income/ (expenses) from financing activity –
net
7.27
-826.498
394.384
674.517
Profits before tax
3.602.286
3.202.791
Income Taxes
7.28
-702.753
-792.684
-596.863
-695.711
Profits after taxes
3.005.423
2.507.080
Other comprehensive income not
subsequently reclassified as profit or
loss
Actuarial gains / (losses) from defined
benefits plan
7.14
18.834
2.003
Deferred tax
-4.143
-365
-4.143
-365
Total other comprehensive income not
subsequently reclassified as profit or
loss
14.690
1.638
Other Comprehensive that could be
subsequently reclassified as profit or
loss
Effect of exchange rates from the conversion
of the financial statements into a foreign
currencies
-245
-6.735
0
0
Total of other Comprehensive income
-5.097
14.690
1.638
Total of compressive income
3.020.113
2.508.718
attributable to:
- Shareholders of the Company
3.020.113
2.508.718
Earnings per share - basic (in €)
12
0,2300
0,1916
Decreased profits per share
0,2300
0,1916
Earnings before interest, taxes,
depreciation and amortization 7.26
3.732.704
3.066.429
The accompanying notes set out on pages 59 to 104 form an integral part of these Separate and Consolidated Financial
Statements.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
61
C. ANNUAL STATEMENT OF CHANGES IN EQUITY
(Amounts in Euro)
Group
Share capital
Other Reserves
Retained earnings
Total Equity
Equity as of the start of the period
(01.01.2021)
Profit for the year after taxes
Exchange differences & other reserves
-6.735
-6.735
Actuarial gains / (losses) from defined benefits
plan
Deferred tax on actuarial gains/(losses)
-365
-365
Other Total Income
-6.735
-5.097
Total comprehensive income
-6.735
Own shares acquisition
-57.034
-57.034
Legal Reserves
-82.250
Dividend distribution
-1.095.807
-1.095.807
Transactions with the owners
-1.178.057
-1.152.841
Equity as of the end of the period
(31.12.2021)
Equity as of the start of the period
(01.01.2022)
Profit for the year after taxes
Exchange differences and other reserves
-245
-245
Actuarial gains/ (losses) from defined benefits plan
Deferred tax on actuarial gains/ (losses)
-4.143
-4.143
Other comprehensive income
-245
Total comprehensive income
-245
Own shares acquisition
-3.389
-3.389
Legal Reserves
-131.841
Dividend distribution
-1.519.856
-1.519.856
Transactions with the owners
-1.651.697
-1.523.245
Equity as of the end of the period
(31.12.2022)
The accompanying notes set out on pages 59 to 104 form an integral part of these Separate and Consolidated Financial
Statements.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
62
Company
Share capital
Other Reserves
Retained earnings
Total Equity
Equity as of the start of the period
(01.01.2021)
8.663.173
1.846.874
19.700.593
30.210.640
Profit for the year after taxes
0
0
2.507.080
2.507.080
Actuarial gains / (losses) from defined benefits
plan
0
0
2.003
2.003
Deferred tax on actuarial gains/(losses)
0
0
-365
-365
Other comprehensive income
0
0
1.638
1.638
Total comprehensive income
0
0
2.508.718
2.508.718
Own shares acquisition
0
-57.034
0
-57.034
Legal Reserves
0
69.802
-69.802
0
Dividend distribution
0
0
-1.095.807
-1.095.807
Transactions with owners
0
12.768
-1.165.609
-1.152.841
Equity as of the end of the period
(31.12.2021)
8.663.173
1.859.642
21.043.702
31.566.517
Equity as of the start of the period
(01.01.2022)
8.663.173
1.859.642
21.043.702
31.566.517
Profit for the year after taxes
0
0
3.005.423
3.005.423
Actuarial gains/ (loses) from defined benefits plan
0
0
18.834
18.834
Deferred tax on actuarial gains/ (losses)
0
0
-4.143
-4.143
Other comprehensive income
0
0
14.690
14.690
Total comprehensive income
0
0
3.020.113
3.020.113
Own shares acquisition
0
-3.389
0
-3.389
Legal Reserves
0
124.909
-124.909
0
Dividend distribution
0
0
-1.519.856
-1.519.856
Transactions with owners
0
121.520
-1.644.764
-1.523.244
Equity as of the end of the period
(31.12.2022)
8.663.173
1.981.162
22.419.051
33.063.386
The item Retained earnings for the financial year 2022 includes dividend income (tax reserve) of the amount of EUR
1.200.000, in accordance with the provisions of article 48 of law 4172/2013 (POL 1039/2015).
The accompanying notes set out on pages 59 to 97 form an integral part of these Separate and Consolidated Financial
Statements
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
63
D. ANNUAL CASH FLOW STATEMENT
(Amounts in Euro)
COMPANY
Note
1.01. to
31.12.2022
1.1.to
31.12.2021
1.1. to
31.12.2022
1.1. to 31.12.2021
Operating activities
Profit before tax (continuing
activities)
3.602.286
3.202.791
Plus/minus adjustments for:
Depreciation
7.26
524.803
538.155
Provisions
-43.769
-43.769
114.005
Foreign Exchange differences
14.884
119.648
Results (Gain/loss) from
investing activities
-33.442
-47.608
-33.442
-42.076
Net financial income/
(expenses)
-656.939
-394.384
-674.517
Plus/Minus Working Capital
Adjustments:
(Increase)/ decrease in
inventories
-3.067.976
-7.325
-3.067.384
-15.607
Decrease/ (increase) in
receivables
-319.371
3.229.554
-429.228
(Decrease)/increase in
payables (except loans)
258.831
1.497.267
Minus :
Interest and related expenses
paid
-194.439
-108.891
-161.988
-91.312
Income tax paid
-965.238
-850.058
-858.097
-765.585
Net cash flows from
operating activities (α)
3.071.293
3.453.540
Investing Activities
Purchase of investor property
7.3
-2.262.741
-2.262.741
0
Purchase of tangible and
intangible assets
7.1-
7.2
-658.884
-55.792
-645.863
-27.477
Receivables from the disposal
of tangible and intangible
assets
161
0
Disposal/ (Purchases) of
financial assets
-545.028
-2.254.634
-278.076
-2.370.301
Interest received
478.814
385.491
Dividend received
1.200.000
0
Net cash flows from
operating activities (β)
-2.976.109
-1.924.935
-1.507.705
-2.012.287
Financing Activities
Receivables from issued/
received loans
3.000.000
0
Repayment of loans
-3.000.180
-3.000.000
0
Own share purchase
-3.389
-57.034
-3.389
-57.034
Repayment of finance lease
-88.974
-117.293
-81.542
-98.266
Dividends paid
-1.449.409
-1.045.016
-1.449.409
-1.045.016
Net cash flows from
financing activities (c)
-1.541.952
-1.219.342
-1.534.340
-1.200.315
Net increase / (decrease)
in cash and cash
equivalents (a) + (b) + (c)
-1.161.908
29.248
240.937
Cash and cash equivalents
at the beginning of the
year
7.10
5.586.594
5.345.657
Cash and cash equivalents
at the end of the year
7.10
5.615.842
5.586.594
The accompanying notes set out on pages 59 to 104 form an integral part of these Separate and Consolidated Financial
Statements
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
64
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
65
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
66
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
67
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
68
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
69
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
70
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
71
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
72
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
73
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
74
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
75
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
76
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
77
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
78
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
79
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
80
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
81
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
82
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
83
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
84
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
85
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
86
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
87
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
88
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
89
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
90
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
91
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
92
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
93
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
94
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
95
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
96
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
97
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
98
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
99
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
100
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
101
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
102
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
103
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the financial year from 1 January 2022 to 31 December 2022
104
Thessaloniki, 21 April 2021
PRESIDENT OF B.O.D. &
MANAGING DIRECTOR
EFSTRATIOS Κ. ANDREADIS
ID No ΑΡ 235479
VICE-PRESIDENT OF B.O.D
ANASTASIA Ε. ANDREADOU
ID No AH 181790
CHIEF FINANCIAL OFFICER
PANAGIOTIS V. PAPASPYROU
ID No ΑΕ 032224
License: 0019079 A' Class