GROUP OF COMPANIES
AS COMMERCIAL INDUSTRIAL
COMPANY OF COMPUTERS AND TOYS
S.A.
ANNUAL FINANCIAL REPORT
of the fiscal year from January 1, 2024 to
December 31, 2024
In accordance with article 4 of Law
3556/2007
AS Commercial-Industrial Company of Computers and Toys S.A.
NO. General Registry : 57546304000 AMAE: 22949/06/Β/90/107
Headquarters:Ionia Street, Oreokastro, 57013, Thessaloniki
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the fiscal year from January 1, 2024 to December 31, 2024
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CONTENTS
I. STATEMENTS BY REPRESENTATIVES OF THE BOARD OF DIRECTORS ........................ 3
II. ANNUAL REPORT OF THE BOARD OF DIRECTORS (CORPORATE AND CONSOLIDATED)
FOR THE FINANCIAL YEAR FROM 1 JANUARY 2024 TO 31 DECEMBER 2024 (in accordance with
article 4 of Law 3556/2007) .................................................................................................. 4
III. INDEPENDENT AUDITOR'S REPORT ........................................................................ 63
A. ANNUAL FINANCIAL POSITION STATEMENT ............................................................... 72
B. ANNUAL STATEMENT OF TOTAL INCOME ................................................................... 73
C. ANNUAL STATEMENT OF CHANGES IN EQUITY .......................................................... 74
IV. ANNUAL CASH FLOW STATEMENT ............................................................................ 76
V. NOTES ON CORPORATE AND CONSOLIDATED ANNUAL FINANCIAL STATEMENTS ........ 77
1. General information .................................................................................................... 77
2. Framework for the preparation of financial statements ............................................. 77
3. New Accounting Policies .............................................................................................. 79
4. Essential Accounting Policies ....................................................................................... 81
4.1 Consolidation and Participations in Subsidiaries .............................................. 81
4.2 Accounting policy for business combinations .................................................. 81
4.3 Owner-occupied Tangible Assets ................................................................... 82
4.4 Investment Real Estate ................................................................................. 82
4.5 Intangible Assets Element ............................................................................. 83
4.6 Impairment of Non-Financial Assets .............................................................. 83
4.7 Financial Instruments ................................................................................... 84
4.8 Stocks ......................................................................................................... 85
4.9 Cash and Cash Equivalents ........................................................................... 85
4.10 Equity .......................................................................................................... 85
4.11 Government Grants ...................................................................................... 86
4.12 Staff Benefits ............................................................................................... 86
4.13 Predictions ................................................................................................... 87
4.14 Deferred Taxation-Income Tax ...................................................................... 87
4.15 Revenue recognition ..................................................................................... 87
4.16 Dividends ..................................................................................................... 88
4.17 Leases ......................................................................................................... 88
4.18 Currency Conversions ................................................................................... 88
4.19 Reclassifications ........................................................................................... 89
5. Other Information ....................................................................................................... 89
5.1 Consolidated Financial Statements ................................................................. 89
5.2 Seasonality of activities ................................................................................. 89
6. Operating Sectors ........................................................................................................ 89
7. OTHER EXPLANATORY INFORMATION ........................................................................ 91
7.1 Owner-Occupied Tangible Assets and Rights of Use of Assets ......................... 91
7.2 Intangible assets - Goodwill .......................................................................... 94
7.3 Investment Real Estate ................................................................................. 96
7.4 Participations in subsidiaries.......................................................................... 96
7.5 Other non-current assets .............................................................................. 97
7.6 Stocks ......................................................................................................... 97
7.7 Trade accounts receivable ............................................................................ 97
7.8 Investments in fair value through results ....................................................... 99
7.9 Other current assets .................................................................................... 101
7.10 Cash and cash equivalents ........................................................................... 102
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the fiscal year from January 1, 2024 to December 31, 2024
2
7.11 Paid-up Share Capital and Reserves.............................................................. 102
7.12 Lease liabilities ............................................................................................ 103
7.13 Deferred tax liabilities .................................................................................. 104
7.14 Staff benefits obligations due to exit from service .......................................... 105
7.15 Other long-term liabilities ............................................................................. 106
7.16 Debts to suppliers ....................................................................................... 107
7.17 Short-term loan obligations .......................................................................... 107
7.18 Other short-term liabilities ........................................................................... 107
7.19 Turnover..................................................................................................... 107
7.20 Sales Costs ................................................................................................. 108
7.21 Other operating income ............................................................................... 108
7.22 Administrative expenses .............................................................................. 108
7.23 Disposal Operating Costs ............................................................................. 108
7.24 Research and development expenses ........................................................... 109
7.25 Payroll costs................................................................................................ 109
7.26 Depreciation-Impairment ............................................................................. 110
7.27 Financial operating expenses ....................................................................... 110
7.28 Taxes ......................................................................................................... 111
8. Transactions with Connected Parties ........................................................................ 112
9. Financial risk management and financial assets........................................................ 114
10. Fair Value and Fair Value Hierarchy .......................................................................... 118
11. Commitments and contingent liabilities – Guarantees granted ............................... 119
12. Earnings per Share ..................................................................................................... 121
13. Audit fees ................................................................................................................... 121
14. Events after the date of the Financial Position.......................................................... 121
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the fiscal year from January 1, 2024 to December 31, 2024
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I. STATEMENTS BY REPRESENTATIVES OF THE BOARD OF DIRECTORS
(according to article 4 paragraph 2 of Law 3556/2007)
We, the members of the Board of Directors of " AS COMMERCIAL INDUSTRIAL COMPANY
OF COMPUTERS AND TOYS S.A.”:
1. Efstratios Andreadis son of Konstantinos, President of the Board of Directors and Chief
Executive Officer,
2. Anastasia Andreadou (née Angelos Kozlakidis), Executive Vice President of the Board of
Directors, Executive Member
3. Theodora Koufou son of Dimitrios, Executive Member of the Board of Directors,
in our above capacities, specifically appointed for this purpose by the Board of Directors of " AS
COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A" (hereinafter
referred to for brevity as the "Company") hereby declare and certify that, to the best of our
knowledge:
(a) The attached Corporate and Consolidated Annual Financial Statements for the year from
January 1, 2024 to December 31, 2024 of the Company AS COMMERCIAL INDUSTRIAL
COMPANY OF COMPUTERS AND TOYS S.A as well as the companies included in the
consolidation taken as a whole, prepared in accordance with the applicable International
Financial Reporting Standards, as adopted by the European Union, accurately reflect the
Assets and Liabilities, Equity and Profit and Loss Statement for the twelve month fiscal year
ended 31 December 2024.
(b) The Report of the Board of Directors on these Financial Statements depicts in a true manner
the development, performance and position of the Company as well as the companies
included in the consolidated Financial Statements, taken as a whole, including a description
of the main risks and uncertainties they face.
Thessaloniki, 15 April 2025
THE PRESIDENT OF THE BOARD OF
DIRECTORS
THE EXECUTIVE VICE-PRESIDENT
& CEO
OF THE BOARD OF DIRECTORS
EFSTRATIOS ANDREADIS
of Konstantinos
ANASTASIA ANDREADOU nee
Angelos Kozlakidis
VAT No: 025447871
VAT No: 040526342
THE MEMBER OF THE BOARD
OF DIRECTORS
THEODORA KOUFOU of
Dimitrios
VAT No : 116532026
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the fiscal year from January 1, 2024 to December 31, 2024
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II. ANNUAL REPORT OF THE BOARD OF DIRECTORS (CORPORATE AND
CONSOLIDATED) FOR THE FINANCIAL YEAR FROM 1 JANUARY 2024 TO 31
DECEMBER 2024 (in accordance with article 4 of Law 3556/2007)
Dear Shareholders,
This Annual Report of the Board of Directors of the Company relates to the period of the financial
year 2024, was prepared in accordance with the provisions of articles 150-154 of Law 4548/2018,
article 4 of Law 3556/2007 and the relevant executive decisions issued by the Hellenic Capital
Market Commission and refers to the Annual Corporate and Consolidated Financial Statements
(hereinafter the "Financial Statements") of December 31, 2024 and the twelve-month financial
year ended on that date.
This Report contains the financial statements for the financial year from 1 January 2024 to 31
December 2024, the significant events that took place during 2024, the description of the main
risks and uncertainties, the significant events that took place after the end of 2024 and until its
completion, the significant transactions of the Company and the AS Company Group S.A. (the
"Group") with the related parties as well as the Corporate Governance Statement.
The Annual Financial Statements (Corporate and Consolidated), the Report of the Independent
Statutory Auditor and the Report of the Board of Directors of AS EMPORIKI INDUSTRIALIKI
SOCIETÀ PC/Y PACHLIDION S.A. are posted at: https://ir.ascompany.gr/el/home/.
The Corporate and Consolidated Financial Statements were prepared in accordance with the
International Financial Reporting Standards (IFRS), as adopted by the European Union (EU).
The Annual Report of the Board of Directors presents in a true manner the development,
performance, position of the Company, as well as the companies included in the consolidated
Financial Statements as a whole.
The amounts in this Financial Report are presented in Euros.
A. FINANCIAL REPORT 2024
In 2024, the Group recorded a historical record of sales, which amounted to 31 million euros. An
increase of 8,05% compared to the corresponding fiscal year of 2023. On the contrary, a slight
decrease was recorded in EBITDA, of 6,07%, as well as in profits before taxes, which showed a
drop of 6,48% compared to the corresponding figures of the previous year. The decline in
profitability is mainly attributed to the increase in operating expenses, due to the start of the new
business activity (Chicco & Dorel), as the relevant revenues were recorded in the last quarter of
2024. In addition, increased investments in marketing activities, both in Greece and Romania, in
the context of the Management's overall strategy to strengthen market shares, further
contributed to the decline in profitability. Profit before taxes amounted to 5,57 million euros for
the current fiscal year, compared to 5,95 million euros during the corresponding fiscal year 2023.
On 31.07.2024, the Company completed the acquisition of the stocks and intangible commercial
assets of Chicco, Boppy, Bébé Comfort and Safety First products from the previously exclusive
distributor "V. & M. Skarmoutsos S.A.", where the total amount of the transaction amounted to €
1.524.063 of which € 874.063 relates to inventories. At the same time, the Company, on
31.07.2024, proceeded to the conclusion of contracts for the acquisition of exclusive distribution
rights in new product categories in the in the field of infant development and children's products,
with Artsana Spa (Chicco and Boppy) (Italy) for Greece and Cyprus, as well as with Maxi Miliaan
BV (Dorel) (Netherlands) for Greece. These strategic partnerships are part of the Group's broader
business direction to expand and strengthen its product portfolio. It is estimated that these new
partnerships will contribute positively to the formation of financial results, with their impact
reflected as early as the fiscal year 2025.
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.
Annual Financial Report of the fiscal year from January 1, 2024 to December 31, 2024
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The Group's turnover abroad through its two subsidiaries in Cyprus and Romania increased by
6,02% in 2024, compared to the corresponding year last year, an increase attributed to the high
growth rates of sales in Romania. Specifically, earnings before taxes showed an improvement of
5,95%. The share of subsidiaries' sales in the consolidated turnover stood at 15,72% in the
financial year 2024, compared to 16,02% in the financial year 2023, while EBITDA was recorded
at 17,19% and 15,19% respectively.
At the end of 2024, the Group maintained high liquidity, which amounted to EUR 15,9 million
compared to 14,3 million euros of the corresponding last year, ensuring a very healthy financial
position, which is based on profitable activity and balanced management of capital expenditures.
Cash reserves, fair value investments and the value of investment properties amounted to
€20.093.566 on 31.12.2024, recording an increase of €1.779.323 compared to the corresponding
year of the previous year.
The most important figures of the Company and the Group in relation to 2023 were as follows:
The Group's gross profit ratio remained at satisfactory levels and stood at 48,57%, compared to
48,30% in the corresponding last year, as part of the Management's broader strategy to focus
on products with higher added value.
Operating expenses, mainly marketing expenses as well as expenses related to the new infant
development business (Chicco & Dorel) showed an increase of 18,68%, which led to a decrease
in EBITDA, which amounted to 16,66% of sales, com