Philoktimatiki Public LTD

Annual / Quarterly Financial Statement • Aug 8, 2016

CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

12 months ended 31 December			6 months ended 30 June
2015 €		2016 €	2015 €
158,186 (150,341)	INCOME Cost of sales	136,968 (84,161)	97,213 (61,309)
7,845 (2,944) (290,598) 2,131 (150,000)	GROSS PROFIT Sales and promotion expenses Administrative expenses Other income Other losses	52,807 (756) (122,197) 1,974 -	35,904 (1,696) (174,249) 1.011 -
(433,566) (73,896) (283,919)	LOSS FROM OPERATIONS Finance costs Share of (loss) / profit in associated company	(68,172) (48,674) (12,040)	(139,030) (34,626) 7,500
(223,543) (70,540)	LOSS BEFORE TAXATION Taxation	(128,886) (30,181)	(166,156) (5,205)
(153,003) -- -------------	LOSS FOR THE PERIOD Other comprehensive income	(159,067) - -----------	(171,361) - -------------
(153,003)	TOTAL LOSS FOR THE PERIOD	(159,067)	(171,361)
(160,598) 7,595	Attributable to: Shareholder interest Minority interest	(152,520) (6,547)	(163,988) (7,373)
(153,003)		(159,067)	(171,361)
(3.34)	Loss per share (cents) – basic	(3.17)	(3.41)
(3.34)	Loss per share (cents) – diluted	(3.17)	(3.41)

CONDENSED CONSOLIDATED BALANCE SHEET

	30 June	31 December
	2016	2015
	€	€
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment	128,674	128,950
Investment in associated company	10,952,616	10,964,656
	11,081,290	11,093,606
CURRENT ASSETS
Stocks and works in progress	1,018,427	1,018,427
Trade and other receivables	47,457	41,787
Receivables from affiliates	630,851	606,530
Tax receivable	-	9,373
Cash and cash equivalents	300	140,686
	1,697,035	1,816,803
TOTAL ASSETS	12,778,325	12,910,409
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	6,436,039	6,585,818
	10,834,070	10,983,849
Minority interest	66,409	99,518
TOTAL EQUITY	10,900,479	11,083,367
LONG-TERM LIABILITIES
Loans	348,879	-
CURRENT LIABILITIES
Payables to affiliates	18,292	18,292
Other creditors, payables and accrued expenses	66,187	66,136
Provisions	332	457
Loans	209,516	203,388
Bank facilities	1,234,640	1,516,964
Current tax liabilities	-	21,805
TOTAL CURRENT LIABILITIES	1,528,967	1,827,042
TOTAL LIABILITIES	1,877,846	1,827,042
TOTAL EQUITY AND LIABILITIES	12,778,325	12,910,409

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

Half-yearly statement 2016	Share Capital	Attributable to the Company's shareholders Share premium reserve €	Reserve from the conversion of capital into euro	Retained earnings	Total	Minority interest	Total equity
	€		€	€	€	€	€
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 subsidiary to the minority interest following the voluntary winding-up of the subsidiary				2,741	2,741	(26,562)	2,741 (26,562)
Balance as at 30.06.2016	4,084,128	293,239	20,664	6,436,039	10,834,070	66,409	10,900,479
Half-yearly statement 2015
Balance as at 01.01.2015	4,084,128	293,239	20,664	6,764,710	11,162,741	91,923	11,254,664
Net loss for the period	---	---	--	(163,988)	(163,988)	(7,373)	(171,361)
Balance as at 30.06.2015	4,084,128	293,239	20,664	6,600,722	10,998,753	84,550	11,083,303

(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

	Six months	Six months
	ended	ended
	30 June 2016	30 June 2015
CASH FLOW FROM OPERATING ACTIVITIES
Loss before taxation	(128,886)	(166,156)
Adjustments for:
Depreciation for property, plant and equipment	4,280	4,272
Share of (loss) / profit in associated company	12,040	(7,500)
Debit interest	48,674	34,626
Credit interest	--	(891)
	(63,892)	(135,649)
Changes in working capital
Stocks and works in progress	--	451,976
Trade and other receivables	(5,670)	(12,689)
Receivables from affiliates	(24,321)	-
Payables to affiliate	-	(65,001)
Other creditors and accrued expenses	51	(169,157)
Provisions	(125)	(598)
Cash (used in) / from operating activities	(93,957)	68,882
Tax paid	(39,872)	(27,952)
Net cash (for) / from operating activities	(133,829)	40,930
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment	(4,004)	-
Interest received	-	891
Net cash (for) / from investing activities	(4,004)	891
CASH FLOW FOR FINANCING ACTIVITIES
Loans from affiliates	350,000	-
Repayments of loan to affiliates	(1,121)	-
Interest paid	(42,546)	(34,626)
Minority interest for distribution of capital & reserves from voluntary
winding-up of subsidiary	(26,562)	-
Net cash from / (for) financing activities	279,771	(34,626)
Net increase in cash and cash equivalents and bank overdrafts	141,938	7,195
Cash and cash equivalents and bank overdrafts at beginning of year	(1,376,278)	1,388,999
Cash and cash equivalents and bank overdrafts at end of period	(1,234,340)	(1,381,804)