Philoktimatiki Public LTD

Annual / Quarterly Financial Statement • Aug 30, 2017

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

12 months ended 31 December			6 months ended 30 June
2016		2017	2016
€		€	€
275.787	INCOME	189.838	136.968
(176.276)	Cost of sales	(140.439)	(84.161)
99.511	GROSS PROFIT	49.399	52.807
(1.692)	Sales and promotion expenses	-	(756)
(236.071)	Administrative expenses	(115.342)	(122.197)
2.105	Other income	2.682	1.974
(25.000)	Other losses	-	-
(161.147)	LOSS FROM OPERATIONS	(63.261)	(68.172)
(90.807)	Finance costs	(44.305)	(48.674)
(4.876)	Share of (loss) / profit in associated company	6.315	(12.040)
(256.830)	LOSS BEFORE TAXATION	(101.251)	(128.886)
(30.181)	Taxation	-	(30.181)
(287.011)	LOSS FOR THE PERIOD	(101.251)	(159.067)
-	Other comprehensive income	-	-
(287.011)	TOTAL LOSS FOR THE PERIOD	(101.251)	(159.067)
	Attributable to:
(279.396)	Shareholder interest	(99.601)	(152.520)
(7.615)	Minority interest	(1.650)	(6.547)
(287.011)		(101.251)	(159.067)
(5.81)	Loss per share (cents) – basic	(2.07)	(3.17)
(5.81)	Loss per share (cents) – diluted	(2.07)	(3.17)

CONDENSED CONSOLIDATED BALANCE SHEET

	30 June	31 December
	2017	2016
	€	€
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment	159.674	124.448
Investment in associated company	10.942.255	10.935.940
	11.101.929	11.060.388
CURRENT ASSETS
Stocks and works in progress	993.427	993.427
Trade and other receivables	87.788	74.480
Receivables from affiliates	613.850	607.900
Cash and cash equivalents	300	-
	1.695.365	1.675.807
TOTAL ASSETS	12.797.294	12.736.195
EQUITY AND LIABILITIES
CAPITAL AND RESERVES
Share capital	4.084.128	4.084.128
Share premium reserve	293.239	293.239
Reserve from conversion of share capital into euro	20.664	20.664
Retained earnings	6.209.563	6.309.164
	10.607.594	10.707.195
Minority interest	63.691	65.340
TOTAL EQUITY	10.671.285	10.772.535
CURRENT LIABILITIES
Payables to affiliates	18.292	18.292
Other creditors and expenses due	78.474	64.302
Provisions	-	-
Borrowing	658.382	548.879
Bank facilities	1.370.861	1.332.187
TOTAL CURRENT LIABILITIES	2.126.009	1.963.660
TOTAL LIABILITIES	2.126.009	1.963.660
TOTAL EQUITY AND LIABILITIES	12.797.294	12.736.195

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

			Attributable to the Company's shareholders
	Share Capital	Share premium reserve	Reserve from the conversion of capital	Retained earnings	Total	Minority interest	Total equity
Half year 2017		€	into euro
	€		€	€	€	€	€
Balance as at 01.01.2017	4.084.128	293.239	20.664	6.309.164	10.707.195	65.340	10.772.535
Net loss for the period				(99.601)	(99.601)	(1.649)	(101.250)
Balance as at 30.06.2017	4.084.128	293.239	20.664	6.209.563	10.607.594	63.691	10.671.285
Half year 2016
Balance as at 01.01.2016	4.084.128	293.239	20.664	6.585.818	10.983.849	99.518	11.083.367
Net loss for the period				(152.520))	(152.520)	(6.547)	(159.067)
Transactions with owners Special contribution for defence on the
Deemed Dividend Distribution Distribution of capital and reserves from the				2.741	2.741		2.741
subsidiary to the minority interest following the voluntary winding-up of the subsidiary						(25.562)	(25.562)
Balance as at 30.06.2016	4.084.128	293.239	20.664	6.436.039	10.834.070	67.409	10.901.479

(1) Companies which do not distribute 70% of their profits after tax, as defined by the Special Contribution for the Defence of the Republic Law, by the end of the two years after the end of the year of assessment to which the profits refer, will be deemed to have distributed this amount as dividend. Special contribution for defence at 15% will be payable on such deemed dividend to the extent that the shareholders for deemed dividend distribution purposes at the end of the period of two years from the end of the year of assessment to which the profits refer, are Cyprus tax residents. Special contribution for defence rate increased to 17% in respect of profits of year of assessment 2009 and to 20% in respect of profits of years of assessment 2010 and 2011 and was reduced back to 17% in respect of profits of years of assessment 2012 onwards. The amount of this deemed dividend distribution is reduced by any actual dividend paid out of the profits of the relevant year by the end of the period of two years from the end of the year of assessment to which the profits refer. This special contribution for defence is paid by the Company for the account of the shareholders.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

ended ended 30 June 2017 30 June 2016 CASH FLOW FROM OPERATING ACTIVITIES Loss before taxation (101.251) (128.886) Adjustments for: Depreciation for property, plant and equipment 7.425 4.280 Profit from sale of property, plant and equipment (2.600) - Share of (profit) / loss in associated company (6.315) 12.040 Debit interest 44.305 48.674 (58.436) (63.892) Changes in working capital Trade and other receivables (13.308) (5.670) Receivables from affiliates (5.950) (24.321) Other creditors and expenses due 14.172 51 Provisions - (125) Cash used in operating activities (63.522) (93.957) Tax paid - (39.872) Net cash for operating activities (63.522) (133.829) CASH FLOW FROM INVESTING ACTIVITIES Purchase of property, plant and equipment (42.651) (4.004) Proceeds from sale of property, plant and equipment 2.600 - Net cash for investing activities (40.051) (4.004) CASH FLOW FROM FINANCING ACTIVITIES Loans from affiliates 102.000 350.000 Repayments of loan to affiliates - (1.121) Interest paid (36.801) (42.546) Payments to minority interest in voluntary winding-up of subsidiary - (26.562) Net cash from financing activities 65.199 279.771 Net (decrease)/increase in cash and cash equivalents and bank (38.374) 141.938 overdrafts Cash and cash equivalents and bank overdrafts at beginning of year (1.332.187) (1.376.278)		Six months	Six months
	Cash and cash equivalents and bank overdrafts at end of period	(1.370.561)	(1.234.340)