G.A.P. Vassilopoulos Public Ltd

Interim / Quarterly Report • Aug 31, 2015

Condensed interim consolidated statement of profit and loss account for the period ended 30 June 2015

	30 June 2015 €	30 June 2014 €
Sales
Cost of sales	20,743,250	21,346,137
	(18,020,545)	(18,681,870)
Gross profit	2,722,705	2,664,267
Other income	6,392	20,354
Administrative expenses	(2,807,079)	(2,768,885)
(Loss) from operations	(77,982)	(84,264)
Finance costs – net	(414,283)	(439,846)
Share of profit/(loss) of associated companies	20,046	(18,500)
(Loss) before taxation	(472,219)	(542,610)
Taxation	(1,972)	(4,639)
Group (loss) before minority interest	(474,191)	(547,249)
Attributable to:
Shareholders of the company	(491,129)	(535,965)
Minority interest	16,938	(11,284)
	(474,191)	(547,249)
(Loss) per share (cent):	cent	Cent
Basic	(1.26)	1.38
Fully diluted	(1.26)	(1.38

Condensed interim consolidated balance sheet as at 30 June 2015

30 June 2015 € € ASSETS Non-current assets Property, plant and equipment 12,776,573 12,971,511 Intangible assets 1,324,481 1,250,827 Investments in associated company 834,873 Financial assets available for sale 44,173 14,980,100 15,101,384 Current assets Stocks 21,771 Trade and other receivables 17,928,161 17,421,120 Cash and cash equivalents 7,294,030 9,166,912 25,243,962 26,604,252 Total assets 40,224,062 41,705,636 LIABILITIES AND SHAREHOLDER INTEREST	30 June 2014
	834,873
	44,173
	16,220
Non-current liabilities
Borrowings 4,606,484 4,791,746
Deferred tax liabilities 771,088	771,358
Liabilities of associated company 374,968	395,015
5,752,540 5,958,119
Current liabilities
Trade and other creditors 12,116,836 13,096,150
Current tax liabilities 191,148	191,148
Borrowings 9,397,052 9,789,468
21,705,036 23,076,766
Total liabilities 27,457,576 29,034,885
Capital and reserves
Share capital 6,587,540 6,587,540
Difference from conversion of capital into Euro 33,332	33,332
Other reserves 1,046,593	630,705
Retained earnings 2,207,987 2,699,116
9,875,452 9,950,693
Minority interest 2,891,034 2,720,058
12,766,486 12,670,751
Total equity and liabilities 40,224,062 41,705,636

Condensed interim consolidated statement of changes in equity For the period ended 30 June 2015

	Share capital	Difference from conversion of capital into Euro	Other reserves	Retained earnings	Minority interest	Total
	€	€	€	€	€	€
As at 1 January 2014	6,587,540	33,332	1,530,773	3,153,629	2,361,091	13,666,365
	6,587,540	33,332	1,530,773	3,153,629	2,361,091	13,666,365
Net profit/loss				(535,965)	(11,284)	(547,249)
Exchange difference / Loss recognised in equity			315,270		116,881	432,151
As at 30 June 2014	6,587,540	33,332	1,846,043	2.617,664	2,466,688	13,551,267
As at 1 January 2015	6,587,540	33,332	630,705	2,699,116	2,720.058	12,670,751
Fair value loss: Investments
	6,587,540	33,332	630,705	2,699,116	2,720,058	12,670,751
Net profit/loss				(491,129)	16,938	(474,191)
Exchange difference / Loss recognised in equity			415,888		154,038	569,926
As at 30 June 2015	6,587,540	33,332	1,046,593	2,207,987	2,891,034	12,766,486

Condensed interim consolidated statement of cash flows for the period ended 30 June 2015

30 June 2015 € 30 June 2014 € CASH FLOW FROM OPERATING ACTIVITIES Loss before taxation (472,219) (542,610) Adjustments for: Depreciation of intangible and fixed assets 463,322 505,695 Debit interest 619,341 635,747 Credit interest (205,058) (195,901) Unrealised exchange difference 181,854 174,762 Operating profit before changes in working capital 587,240 577,693 Changes in working capital: -Debtors (507,041) (517,462) -Creditors (979,314) (795,364) -Stocks (5,551) 420 Cash flow in / from operating activities (904,666) (734,713) Tax paid (4,896) (29,276) Net cash flow in / from operating activities (909,562) (763,989) CASH FLOW IN INVESTING ACTIVITIES Purchase of fixed assets (176,233) (193,670) Proceeds from the sale of property, plant and equipment 9,539 13,209 Purchase of intangible assets (73,654) (41,522) Interest received 205,058 195,901 Net cash flow in / from investing activities (35,290) (26,082) CASH FLOW IN FINANCING ACTIVITIES Repayment of loans (310,800) (503,234) Interest paid (619,341) (635,747) Net cash flow in financing activities (930,141) (1,138,981) Net decrease in cash and cash equivalents (1,874,993) (1,929,052) Cash and cash equivalents at beginning of period 862,841 607,574 Cash and cash equivalents at end of period (1,012,152) (1,321,478) Bank balances and cash in hand 7,294,030 6,835,573 Bank overdrafts (8,306,182) (8,157,051) (1,012,152) (1,321,478)