For the half year ended 30 June 2015

	30/06/2015 €	30/06/2014 €
Turnover	14.639.727	14.019.645
Cost of sales	(10.567.112)	(11.080.242)
Gross profit	4.072.615	2.939.403
Administrative expenses	(1.988.338)	(1.871.049)
Sales expenses	(161.653)	(160.236)
Depreciations	(752.319)	(753.656)
Decrease in the value of intangible assets	(4.512)	(4.512)
	(2.906.822)	(2.789.453)
Operating profit	1.165.793	149.950
Other income	357.273	100.845
Net finance costs	150.620	(140.754)
Profit before taxation	1.673.686	110.041
Taxation	(118.139)	(120.627)
Net profit (loss) for the period	1.555.547	(10.586)
Attributable to:
Shareholders of the parent company	1.545.383	(29.776)
Minority interest	10.164	19.190
	1.555.547	(10.586)

	cent	cent
Basic and fully diluted profit (loss) per share	4,23	(0,08)

CONDENSED INTERIM CONSOLIDATED STATEMENT OF TOTAL INCOME

For the half-year ended 30 June 2015

	30/06/2015 €	30/06/2014 €
Net profit (loss) for the period	1.555.547	(10.586)
Other total income / (expenses)
	-	-
Total income (expenses) for the period	1.555.547	(10.586)

Total income (expenses) attributable to:
Shareholders of the parent company	1.545.383	(29.776)
Minority interest	10.164	19.190
	1.555.547	(10.586)

	30/06/2015	31/12/2014
ASSETS	€	€
Non-current assets
Property, vessels, plant and equipment	13.536.163	13.734.661
Intangible assets	19.185	23.697
Financial assets
available for sale	1.756.739	1.756.739
Loan to affiliated company	341.720	341.720
	15.653.807	15.856.817
Current assets
Stocks	680.203	335.297
Trade and other receivables	3.386.975	2.595.343
Cash in bank and at hand	7.407.805	6.104.244
	11.474.983	9.034.884
Total assets	27.128.790	24.891.701
EQUITY AND LIABILITIES
Capital and reserves
Share capital	15.707.529	15.707.529
Reserves	3.759.542	2.214.159
Equity attributable to shareholders	19.467.071	17.921.688
Minority interest	29.734	19.570
Total equity	19.496.805	17.941.258
Non-current liabilities
Borrowings	250.000	500.000
Deferred tax liabilities	812.230	812.230
	1.062.230	1.312.230
Current liabilities
Trade and other creditors	5.497.650	3.042.746
Borrowings	918.102	2.525.095
Current tax liabilities	154.003	70.372
	6.569.755	5.638.213
Total liabilities	7.631.985	6.950.443
Total equity and liabilities	27.128.790	24.891.701

The financial statements were approved by the Board of Directors of the Company on 8 August 2015.

Vassos G. Hadjitheodosiou) ) Directors

Antonis Loupis )

For the half-year ended 30 June 2015

	Share capital €	Share premium reserve €	Fair value reserves €	Accumulated losses €	Minority interest Total € €
Balance as at 1 Jan. 2014	15.707.529	937.067	2.235.944	(3.419.922)	4.084 15.464.702
Changes in equity for the period:
Reappraisal of investment	-	-	-	-	- -
Total income for the period	-	-	-	(29.776)	19.190 (10.586)
Balance as at 30 June 2014	15.707.529	937.067	2.235.944	(3.449.698)	23.274 15.454.116
Balance as at 1 Jan. 2015	15.707.529	937.067	2.233.758	(956.666)	19.570 17.941.258
Changes in equity for the period:
Reappraisal of investment	-	-	-	-	- -
Total income for the period	-	-	-	1.545.383	10.164 1.555.547
Balance as at 30 June 2015	15.707.529	937.067	2.233.758	588.717	29.734 19.496.805

	30/06/2015 €	30/06/2014 €
Profit before taxation	1.673.686	110.041
Adjustments for:
Depreciations	752.319	756.656
Decrease in the value of intangible assets	4.512	4.512
Interest receivable	(20.743)	(43.580)
Interest payable	47.701	102.287
Profit from the sale of fixed assets	(277.433)	(55.486)
Cash flow before changes in working capital	2.180.042	841.430
Increase in stocks	(344.906)	(135.043)
Increase in trade and other debtors	(791.632)	(823.683)
Increase in trade and other creditors	2.454.904	3.008.677
Cash flow from operating activities before taxation	3.498.408	2.921.381
Taxation
Tax paid	(34.508)	(28.396)
Net cash flow from operating activities	3.463.900	2.892.985
Investing activities
Purchase of fixed assets	(576.321)	(122.343)
Proceeds from the disposal of fixed assets	299.933	62.000
Interest collected	20.743	43.580
Cash flow for investing activities	(255.645)	(16.763)
Financing activities
Net loan payments	(300.000)	(400.000)
Interest paid	(47.701)	(102.287)
Cash flow for financing activities	(347.701)	(502.287)
Net cash inflow	2.860.554	2.373.935
Cash and cash equivalents at beginning of period	4.129.149	2.299.527
Cash and cash equivalents at end of period	6.989.703	4.673.462

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