Mitsides Public Company Ltd

Annual / Quarterly Financial Statement • Apr 28, 2016

CONSOLIDATED STATEMENT OF PROFIT AND LOSS ACCOUNT for the year ended 31 December 2015

€ € Income 36,691,893 39,158,843 Cost of sales (28,052,638) (30,359,445) Gross profit 8,639,255 8,799,398 Other losses (151,039) (219,713) Other income 215,482 130,531 Sales and promotion expenses (5,646,924) (5,483,368) Administrative costs (3,848,922) (3,675,231) Operating loss (792,148) (448,383) Finance costs (1,049,432) (1,544,881) Loss before taxation (1,841,580) (1,993,264) Tax credit 3,870 451 Loss for the year (1,837,710) (1,992,813) Net loss attributable to: Company shareholders (1,837,710) (1,992,813)	2015	2014
Loss per share attributable to Company shareholders
(cent per share)- basic (22.41) (24.30)

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 December 2015

	2015	2014
	€	€
Loss for the year	(1,837,710)	(1,992,813)
Other comprehensive income:
Items not to be reclassified to profit and loss
Adjustment for deferred tax	(3,530)	(357)
Exchange difference from the conversion of subsidiary company into euro	(31,785)	(269,094)
Items not to be reclassified to profit and loss	(35,315)	(269,451)
Items that may subsequently be reclassified to profit and loss
Change in the fair value of financial assets available for sale	(1,670)	1,015
Items that may subsequently be reclassified to profit and loss	(1,670)	1,015
Other comprehensive income for the year, after taxation	(36,985)	(268,436)
Comprehensive loss for the year	(1,874,695)	(2,261,249)
Comprehensive loss for the year attributable to:
Company shareholders	(1,874,695)	(2,261,249)

CONSOLIDATED BALANCE SHEET as at 31 December 2015

	2015	2014
	€	€
Assets
Non-current assets
Property, plant and equipment	26,670,566	26,541,669
Investment property	3,360,898	4,208,933
Intangible assets	822,952	815,297
Financial assets available for sale	20,604	25,090
Deferred tax claims	394,735	396,914
Non-current receivables	-	21,747
	31,269,755	32,009,650
Current assets
Inventories	7,536,295	6,119,974
Short-term part of non-current receivables	22,943	-
Trade and other receivables	10,218,936	11,213,967
Tax refundable	180,228	159,660
Cash and bank deposits	567,961	1,599,743
	18,526,363	19,093,344
Total assets	49,796,118	51,102,994
Equity and liabilities
Capital and reserves
Share capital	8,446,000	8,446,000
Fair value reserves	8,571,205	8,698,502
Exchange difference reserves	(1,405,894)	(1,384,344)
Earnings retained	5,870,889	7,635,392
	21,482,200	23,395,550
Non-current liabilities
Borrowings	4,376,549	2,886,322
Deferred tax liabilities	3,331,495	3,395,755
	7,708,044	6,282,077
Current liabilities
Trade and other creditors	7,073,021	6,952,067
Current tax liabilities	125,759	120,702
Borrowings	13,407,094	14,352,598
	20,605,874	21,425,367
Total liabilities	28,313,918	27,707,444
Total equity and liabilities	49,796,118	51,102,994

MITSIDES PUBLIC COMPANY LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 31 December 2015

	ha S re	lue Fa ir v a ( ) 2 re se rv e	ha Ex c ng e d f fe i re nc e re se rv es	Ea ing rn s ( ) ine d 1 ta re	l To ta
	ita l ca p €	€	€	€	€
/ lan 3 be 2 0 3 2 0 Ba 1 De 1 1 Ja 1 4 at ce as ce m r nu ar y	8, 4 4 6, 0 0 0	8, 9 1 0, 0 9 4	( ) 1, 2 1 7, 9 2 0	9, 6 0 1, 7 9 5	2 5, 7 3 9, 9 6 9
he ive inc Co m p re ns om e
fo he Lo r t ss y ea r	-	-	-	( ) 1, 9 9 2, 8 1 3	( ) 1, 9 9 2, 8 1 3
he he ive inc Ot r c om p re ns om e
d a d bu l d La i ing n n s:
fe f de fte Tr iat ion ion r t at an s r o p re c a ax ,	-	( ) 1 0 9, 5 8 0	-	1 0 9, 5 8 0	-
d fo de fe d t A j tm t us en r rre ax	-	( ) 3 5 7	-	-	( ) 3 5 7
l a la b le fo le: F ina ia i ts nc sse av a r s a
lue Fa ir v ins a g a	-	1, 0 1 5	-	-	1, 0 1 5
ha d f fe fro f s bs d Ex i ion i iar c ng e re nc e m co nv er s o u y	-	( ) 1 0 2, 6 7 0	( ) 1 6 6, 4 2 4	-	( ) 2 6 9, 0 9 4
he l c he fo he Ot ive inc r t ot r t a om p re ns om e y ea r	-	( ) 2 1 1, 5 9 2	( ) 1 6 6, 4 2 4	1 0 9, 5 8 0	( ) 2 6 8, 4 3 6
he ive inc fo he Co r t m p re ns om e y ea r	-	( ) 2 1 1, 5 9 2	( ) 1 6 6, 4 2 4	( ) 1, 8 8 3, 2 3 3	( ) 2, 2 6 1, 2 4 9
ion it h o Tr ct an sa s w wn er s
i bu ion fo de fe in de d d iv i de d d ist i bu ion Co nt t t r r nc e em e n r	-	-	-	( ) 8 3, 1 7 0	( ) 8 3, 1 7 0
l t ion it h o To ta t ra ns ac s w wn er s	-	-	-	( ) 8 3, 1 7 0	( ) 8 3, 1 7 0
lan be Ba 3 1 De 2 0 1 4 at ce as ce m r	8, 4 4 6, 0 0 0	8. 6 9 8, 5 0 2	( ) 1, 3 8 4, 3 4 4	7, 6 3 5, 3 9 2	2 3, 3 9 5, 5 5 0

MITSIDES PUBLIC COMPANY LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 31 December 2015 (continued)

	ha Ex c ng e
		ir v lue Fa a	d i f fe re nc e	ing Ea rn s
	ha ita l S re ca p	( ) 2 re se rv e	re se rv es	ine d ( ) 1 ta re	l To ta
	€	€	€	€	€
/ lan be Ba 3 1 De 2 0 1 4 1 Ja 2 0 1 5 at ce as ce m r nu ar y	8, 4 4 6, 0 0 0	8, 6 9 8, 5 0 2	( ) 1, 3 8 4, 3 4 4	7, 6 3 5, 3 9 2	2 3, 3 9 5, 5 5 0
he Co ive inc m p re ns om e
fo he Lo r t ss y ea r	-	-	-	( ) 1, 8 3 7, 7 1 0	( ) 1, 8 3 7, 7 1 0
he he Ot ive inc r c om p re ns om e
La d a d bu i l d ing n n s:
fe f de iat ion fte ion Tr r t at an s r o p re c a ax ,	-	( ) 8 6 2 1 1 1,	-	8 6 2 1 1 1,	-
fo fe A d j de d t tm t us en r rre ax	-	( ) 3, 5 3 0	-	-	( ) 3, 5 3 0
ina ia l a i la b le fo le: F ts nc sse av a r s a
ir v lue los Fa a s	-	( ) 1, 6 7 0	-	-	1, 6 7 0
ha d i f fe fro ion f s bs i d iar Ex c ng e re nc e m co nv er s o u y	-	( ) 1 0, 2 3 5	( ) 2 1, 5 5 0	-	( ) 3 1, 7 8 5
he l c he ive inc fo he Ot r t ot r t a om p re ns om e y ea r	-	( ) 1 2 7, 2 9 7	( ) 2 1, 5 5 0	1 1 1, 8 6 2	( ) 3 6, 9 8 5
he fo he Co ive inc r t m p re ns om e ea r y	-	( ) 1 2 7, 2 9 7	( ) 2 1, 5 5 0	( ) 1, 7 2 5, 8 4 8	( ) 1, 8 7 4, 6 9 5
ion it h o Tr ct an sa s w wn er s
bu fo de fe de d d de d d bu Co i ion in iv i ist i ion nt t t r r nc e em e n r	-	-	-	( ) 3 8, 6 5 5	( ) 3 8, 6 5 5
l t h o To ion it ta t ra ns ac s w wn er s	-	-	-	( ) 3 8, 6 5 5	( ) 3 8, 6 5 5
lan be Ba 3 1 De 2 0 1 5 at ce as ce m r	8, 4 4 6, 0 0 0	8. 5 7 1, 2 0 5	( ) 1, 4 0 5, 8 9 4	5, 8 7 0, 8 8 9	2 1, 4 8 2, 2 0 0

• (1) 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 15% will be payable on such deemed dividends to the extent that the shareholders, at the end of the period of two years following the end of the relevant tax year, are Cyprus tax residents. The percentage of the special contribution for defence increased to 17% of profits for tax year 2009 and to 20% of profits for tax years 2010 and 2011 and was then reduced to 17% of profits for the tax years 2012 onwards. 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.
• (2)Fair value reserves are distributable as dividends.

CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 December 2015

	€	€
Cash flow from operations
Loss before taxation	(1,841,580)	(1,993,264)
Adjustments for:
Depreciation of property, plant and equipment	1,578,363	1,577,772
Depreciation of software programmes	28,412	24,563
Fair value loss in investment property	154,561	223,184
Income from dividends	(36)	(29)
Credit interest	(3,506)	(3,723)
Debit interest	973,181	1,275,579
Change in the provision for impairment of trade receivables	570,573	475,501
Loss on sale of property, plant and equipment	(3,522)	(3,471)
Exchange differences	27,538	310,285
	1,483,984	1,886,397
Changes in working capital:
Inventories	(1,416,321)	413,128
Trade and other receivables	431,269	(571,484)
Trade and other creditors	165,469	1,315,275
Cash from operations	664,401	3,043,316
Tax paid	(72,449)	(190,053)
Net cash from operations	591,952	2,853,263
Cash flow for investing activities
Purchase of property, plant and equipment	(1,124,148)	(558,736)
Purchase of software programmes	(36,495)	(20,038)
Purchase of investment property	(1,434)	-
Proceeds from sale of property, plant and equipment	48,271	12,741
Proceeds from return of capital in financial assets available for sale	46	-
Interest received	1,618	2,093
Dividends received	36	29
Loans granted to third parties	-	(21,000)
Net cash for investing activities	(1,112,106)	(584,911)
Balance carried forward	(520,154)	2,268,352

CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 December 2015 (continued)

	2015	2014
	€	€
Balance brought forward	(520,154)	2,268,352
Cash flow for financing activities
Net borrowings/(repayments of bank borrowings) - net	(236,532)	350,655
Interest paid	(973,181)	(1,275,579)
Contribution for defence in deemed dividend distribution	(83,170)	(119,087)
Net cash for financing activities	(1,292,883)	(1,044,011)
Net (decrease)/increase in cash and bank overdrafts	(1,813,037)	1,224,341
Cash and bank overdrafts at beginning of year	(8,433,502)	(9,657,843)
Cash and bank overdrafts at end of year	(10,246,539)	(8,433,502)