G.A.P. Vassilopoulos Public Ltd

Annual / Quarterly Financial Statement • Apr 28, 2016

Statement of profit and loss for the year ended 31 December 2015

	Group		Company
	2015 2014		2015	2014
	€	€	€	€
Turnover	43.069.562	43.780.972	9.973.535	10.829.877
Cost of services	(36.305.770)	(37.668.508)	(9.318.484)	(9.479.619)
Gross profit	6.763.792	6.112.464	655.051	1.350.258
Administrative, selling and marketing expenses	(7.701.732)	(7.081.290)	(2.058.111)	(2.133.263)
Other income - net	329.416	808.912	1.495.754	1.174.131
Other profit/(loss)	-	77.722	32.203	(175.728)
(Loss)/profit from operations	(608.524)	(82.192)	124.897	215.398
Finance income	383.549	391.182	637.032	636.143
Finance cost	(945.158)	(1.116.695)	(720.375)	(856.727)
Net exchange (loss)/profit	(38.995)	(2.346)	(11.487)	17.460
Finance cost - net	(600.604)	(727.859)	(94.830)	(203.124)
Share of net profit of associated companies	612.143	658.784	-	-
(Loss) / profit before taxation	(596.985)	(151.267)	30.067	12.274
Taxation (debit)/credit	(68.453)	(838)	(3.743)	35.061
(Loss)/profit for the year	(665.438)	(152.105)	26.324	47.335
Attributable to:
Shareholders of the company	(855.929)	(487.950)
Minority interest	190.491	335.845
	(665.438)	(152.105)
(Loss)/profit per share attributable to the
shareholders of the company (cent):
Basic and fully diluted	(2.21)	(1.26)

Statement of total income for the year ended 31 December 2015

	Group		Company
	2015	2014	2015	2014
	€	€	€	€
(Loss)/profit for the year	(665.438)	(152.105)	26.324	47.335
Other total loss
Adjustment in deferred taxation	(14.667)	132.571	(14.667)	111.456
Loss from revaluation of land and buildings	-	(999.040)	-	(851.675)
Exchange differences	(286.596)	196.188		-
Other adjustments	-	(1.330)	-	-
Other total loss for the year after taxation	(301.263)	(671.611)	(14.667)	(740.219)
Total loss for the year	(966.701)	(823.716)	11.657	(692.884)
Attributable to:
Shareholders of the company	(1.287.023)	(1.354.581)
Minority interest	320.322	530.865
	(966.701)	(823.716)

Balance sheet as at 31 December 2015

	Group		Company
	2015	2014	2015	2014
	€	€	€	€
ASSETS
Non-current assets
Property, plant and equipment	12.753.656	12.971.511	8.100.140	8.088.846
Intangible assets	1.241.854	1.250.827	414.569	411.532
Investments in subsidiaries	-	-	1.694.724	1.661.260
Investments in associated company	1.061.563	833.163	1.710	1.710
Investments in joint ventures	-	-	-	-
Financial assets available for sale	538.999	44.173	4.336	6.328
	15.596.072	15.099.674	10.215.479	10.169.676
Current assets
Stock	17.066	17.930	15.846	15.000
Trade and other receivables	10.661.649	11.169.155	2.115.325	2.172.916
Loans to related parties	6.939.353	6.251.965	12.305.677	14.553.019
Cash and deposits in bank	7.682.226	9.166.912	1.168.110	1.092.344
	25.300.294	26.605.962	15.594.958	17.833.279
Total assets	40.896.366	41.705.636	25.810.437	28.002.955
Equity and Liabilities
Capital and reserves
Share capital	6.587.540	6.587.540	6.587.540	6.587.540
Difference from conversion of capital into Euro	33.332	33.332	33.332	33.332
Other reserves	191.281	630.705	947.447	970.444
Retained earnings	2.956.554	2.699.116	3.330.793	3.377.370
	9.768.707	9.950.693	10.899.112	10.968.686
Minority interest	3.233.330	2.720.058	-	-
Total equity	13.002.037	12.670.751	10.899.112	10.968.686
Non-current liabilities
Borrowing	4.180.817	4.546.717	2.812.678	2.954.583
Deferred tax liabilities	786.480	771.358	498.117	479.845
Liabilities of associated company	378.282	395.015	-	-
	5.345.579	5.713.090	3.310.795	3.434.428
Current liabilities
Trade and other creditors	12.542.338	12.401.075	3.366.226	2.960.209
Current tax liabilities	340.832	191.148	94.916	13.685
Borrowings	9.036.605	9.613.259	6.096.649	5.598.210
Borrowing from related parties	224.893	421.238	1.877.775	4.842.773
Provisions and other liabilities	404.082	695.075	164.964	164.964
	22.548.750	23.321.795	11.600.530	13.599.841
Total liabilities	27.894.329	29.034.885	14.911.325	17.034.269
Total equity and liabilities	40.896.366	41.705.636	25.810.437	28.002.955

Statement of changes in equity for the year ended 31 December 2015

Group	Attributable to the shareholders of the Company
	Share capital	Difference from conversion of capital into Euro	Other reserves	Retained earnings	Minority interest	Total
	€	€	€	€	€	€
Balance as at 1 January 2014	6.587.540	33.332	1.530.773	3.153.629	2.361.091	13.666.365
Total income	-	-	-	(487.950)	335.845	(152.105)
Other total income/(loss)
Land and buildings:
Loss from revaluation – after taxation	-	-	(999.040)	-	-	(999040)
Deferred taxation adjustment	-	-	132.571	-	-	132.571
Transfer of depreciation – after taxation	-	-	(34.767)	34.767	-	-
Exchange difference in consolidation of subsidiaries	-	-	1.168	-	195.020	196.188
Other adjustments	-	-	-	(1.330)	-	(1.330)
Total of other total (loss)/profit	-	-	(900.068)	33.437	195.020	(671.611)
Total (loss)/profit for 2014	-	-	(900.068)	(454.513)	530.865	(823.716)
Transactions with owners
Dividend paid in minority interest by subsidiary	-	-	-	-	(441.898)	(441.898)
Transfer from joint ventures	-	-	-	-	270.000	270.000
Total transactions with owners	-	-	-	-	(171.898)	(171.898)
Balance as at 31 December 2014	6.587.540	33.332	630.705	2.699.116	2.720.058	12.670.751

Statement of changes in equity for the year ended 31 December 2015 (continued)

Group	Attributable to the shareholders of the Company
	Share capital	Difference from conversion	Other reserves	Retained earnings	Minority interest	Total
		of capital
	€	into Euro €	€	€	€	€
Balance as at 1 January 2015	6.587.540	33.332	630.705	2.699.116	2.720.058	12.670.751
Total income	-	-	-	(855.929)	190.491	(665.438)
Other total income/(loss)
Land and buildings:
Deferred taxation adjustment	-	-	(14.667)	-	-	(14.667)
Transfer of depreciation – after taxation	-	-	(8.330)	8.330	-	-
Exchange difference in consolidation of subsidiaries	-	-	(416.427)	-	129.831	(286.596)
Total of other total (loss)/profit	-	-	(439.424)	8.330	129.831	(301.263)
Total (loss)/profit for 2015	-	-	(439.424)	(847.599)	320.322	(966.701)
Transactions with owners
Contribution to defense to deemed distribution of
dividends of previous years	-	-	-	(81.231)	-	(81.231)
Dividend paid in minority interest	-	-	-	(108.600)	(7.300)	(115.900)
Sale of subsidiary share to minority interest	-	-	-	1.294.868	200.250	1.495.118
Total transactions with owners	-	-	-	1.105.037	192.950	1.297.987
Balance as at 31 December 2015	6.587.540	33.332	191.281	2.956.554	3.233.330	13.002.037

Statement of cash flows for the year ended 31 December 2015

	Group			Company
	2015	2014	2015	2014
	€	€	€	€
CASH FLOW FROM OPERATIONS
Profit/(loss) before taxation for the year	(596.985)	(151.267)	30.067	12.274
Adjustments for: Depreciation of property, plant and equipment	812.585	937.578	312.491	315.078
(Profit)/loss from sale of property, plant and
equipment	-	(8.802)	-	-
Depreciation of intangible assets	141.799	203.406	72.970	51.780
Charge of depreciation of intangible assets	-	-	-	-
Depreciation/(reversal of depreciation) of
investment in subsidiary	-	-	(32.203)	175.728
Provision of depreciation for doubtful receivables	96.576	199.898	19.185	69.185
Share of profit in associated company	(612.143)	(658.784)	-	-
Reversal of provision	(290.993)	(808.912)	-	-
Depreciation in the value of share titles	5.175	22.022	1.992	8.321
Income from dividends	-	-	(1.330.100)	(1.111.620)
Bank balances with initial maturity date over three
months	-	88.975	-	-
Credit interest	(383.549)	(391.182)	(637.032)	(636.143)
Debit interest	945.148	1.116.695	720.375	856.727
	117.613	549.627	(842.255)	(258.670)
Changes in working capital:
Stock	(845)	-	(846)	-
Trade and other receivables	864.574	43.795	38.406	21.109
Trade and other creditors	(137.721)	1.396.493	386.017	175.549
Cash from / (used in) operations	843.621	1.989.915	(418.678)	(62.012)
Tax paid	(139)	(12.539)	(139)	(109)
Net cash from/(for) operations	843.482	1.977.376	(418.817)	(62.121)
CASH FLOW FROM INVESTING ACTIVITIES
Purchase of property, plant and equipment	(577.192)	(476.677)	(323.785)	(146.691)
Proceeds from the sale of property, plant and
equipment	11.725	9.875	-	-
Purchase of intangible assets	(119.884)	(133.230)	(76.007)	(60.600)
Loans granted to related parties	(2.046.354)	(1.666.254)	(1.862.234)	(3.525.948)
Loans paid by related parties	1.672.153	1.331.592	4.746.145	1.036.547
Interest received	7.977	15.307	463	2.413
Dividends received	-	-	1.330.100	1.111.620
Cash flow from transfer of joint venture to subsidiary	-	638.734	-	-
Investments in subsidiaries	-	-	(1.261)	(7.240)
Net cash flow (for) / from investing activities	(1.051.575)	(280.653)	3.813.421	(1.589.899)
Balance carried forward	(208.093)	1.696.723	3.394.604	(1.652.020)

Statement of cash flows for the year ended 31 December 2015 (continued)

	Group		Company
	2015	2014	2015	2014
	€	€	€	€
Balance brought forward	(208.093)	1.696.723	3.394.604	(1.652.020)
CASH FLOW FROM FINANCING ACTIVITIES
Repayment of bank borrowing and finance leases	(812.833)	(499.205)	(109.906)	-
Receivables from minority interest	381.126	(198.309)	-	-
Interest paid	(867.417)	(1.105.713)	(561.065)	(653.516)
Dividends paid by subsidiaries to minority interest	(7.300)	(422.898)	-	-
Dividends received from associated company	367.010	-	-	-
Dividends paid to shareholders of the company by a
subsidiary	(108.600)	-	-	-
Loans paid to related parties	(211.691)	-	(3.318.439)	(216.103)
Loans granted from related parties	-	410.964	194.071	1.917.658
Net cash (for)/from financing activities	(1.259.705)	(1.835.161)	(3.795.339)	1.048.039
Net (decrease)/increase in cash and cash
equivalents and bank overdrafts Cash and cash equivalents and bank overdrafts at	(1.467.799)	(138.438)	(400.735)	(603.981)
beginning of year	862.841	607.574	(4.160.021)	(3.556.040)
Exchange difference in cash and cash equivalents and bank overdrafts	112.834	393.705	-	-
Cash and cash equivalents and bank overdrafts at end of year	(492.124)	862.841	(4.560.756)	(4.160.021)