Ch. Charilaou Group Plc

Annual / Quarterly Financial Statement • May 4, 2016

CONSOLIDATED STATEMENT OF PROFIT AND LOSS ACCOUNT 31 December 2015

	2015	2014
	€	€
Income	1,720,289	1,911,213
Cost of sales	(1,107,090)	(1,229,314)
Gross profit	613,199	681,899
Other operating income	6,593	47,629
Loss from investing activities	(140,000)	(454,552)
Distribution and sales expenses	(69,784)	(42,111)
Administrative costs	(346,508)	(391,290)
Profit/(loss) from operations	63,500	(158,425)
Net finance costs	(7,763)	(13,935)
Profit/(loss) before taxation	55,737	(172,360)
Taxation	(33,002)	(45,137)
Net profit/(loss) for the year	22,735	(217,497)
Earnings/(loss) per share attributable to the shareholders of the
parent company (cent)	0.011	(0.10)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION 31 December 2015

	2015 €	2014 €
ASSETS
Non-current assets
Plant and equipment	71,767	66,018
Intangible assets	470,222	487,656
	541,989	553,674
Current assets
Inventories	273,592	180,250
Trade and other receivables	717,668	979,355
Financial assets at fair value through profit and loss	14,740	154,740
Cash at bank and in hand	551,767	598,375
	1,557,787	1,912,720
Total assets	2,099,776	2,466,394
EQUITY AND LIABILITIES
Equity
Share capital	362,430	362,430
Accumulated profits	1,205,675	1,199,333
Total equity	1,568,105	1,561,763
Non-current liabilities
Borrowings	28,091	42,726
	28,091	42,726
Current liabilities
Trade and other creditors	457,191	682,046
Bank overdrafts	20,414	111,610
Borrowings	22,500	22,500
Current tax liabilities	3,475	45,749
	503,580	861,905
Total liabilities	531,671	904,631
Total equity and liabilities	2,099,776	2,466,394

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 31 December 2015

	Share	Accumulated
	capital	profits	Total
	€	€	€
Balance as at 1 January 2014	362,430	1,416,830	1,779,260
Net loss for the year	-	(217,497)	(217,497)
Balance as at 31 December 2014 / 1 January 2015	362,430	1,199,333	1,561,763
Net profit for the year	-	22,735	22,735
Contribution for defence in deemed dividend distribution	-	(16,393)	(16,393)
Balance as at 31 December 2015	362,430	1,205,675	1,568,105

Companies which do not distribute 70% of their profits after tax, as defined by the Special Contribution for Defence Law of the Republic, within two years after the end of the relevant tax year, will be deemed to have distributed this amount as dividends. Special contribution for defence at 20% for the years 2012 and 2013 and 17% for 2014 onwards will be payable on such deemed dividends to the extent that the shareholders (individuals and companies), at the end of the period of two years following the end of the relevant tax year, are Cyprus tax residents and are deemed to be domiciled in Cyprus. The amount of deemed distribution is reduced by any actual dividends paid out of the profits of the relevant year at any time. This special contribution for defence is payable by the Company for the account of the shareholders.

CH. CHARILAOU GROUP PLC

CONSOLIDATED STATEMENT OF CASH FLOWS 31 December 2015

	2015	2014
	€	€
CASH FLOW FROM OPERATING ACTIVITIES
Profit/(loss) before taxation	55,737	(172,360)
Adjustments for:
Depreciation of plant and equipment	29,903	25,084
Depreciation of goodwill	17,434	17,435
Fair value loss in financial assets at fair value through profit and loss	140,000	454,295
Charge for impairment in the value of investments in affiliated
companies	-	257
Charge for impairment in the value of plant and equipment	46,818	-
Credit interest	(2,895)	(5,370)
Debit interest	8,735	17,256
	295,732	336,597
Changes in working capital:
Increase in inventories	(93,342)	(76,597)
Decrease/(increase) in receivables	261,687	(544,992)
Decrease in trade and other creditors	(224,855)	(32,476)
Cash from/(for) operations	239,222	(317,468)
Tax paid	(75,276)	(95,217)
Net cash from/(for) operations	163,946	(412,685)
CASH FLOW FROM INVESTING ACTIVITIES
Payment for purchase of plant and equipment	(82,470)	(10,161)
Interest received	2,895	5,370
Net cash for investing activities	(79,575)	(4,791)
CASH FLOW FROM FINANCING ACTIVITIES
Loan repayments	(14,635)	(12,535)
Payment of interest	(8,735)	(17,256)
Payment of contribution for defence in deemed dividend distribution	(16,393)	-
Net cash for financing activities	(39,763)	(29,791)
Net increase/(decrease) in cash and cash equivalents	44,608	(447,267)
Cash and cash equivalents at beginning of year	486,765	934,032
Cash and cash equivalents at end of year	531,373	486,765