Philoktimatiki Public LTD

Annual / Quarterly Financial Statement • Aug 7, 2015

CONDENSED CONSOLIDATED STATEMENT OF TOTAL INCOME

12 months ended 31 December			6 months ended 30 June
2014 €		2015 €	2014 €
2,634,847	INCOME	97,213	782,045
(2,368,630)	Cost of sales	(61,309)	(752,794)
266,217	GROSS PROFIT	35,904	29,251
(47,907)	Sales and promotion expenses	(1,696)	(13,559)
(395,605)	Administrative expenses	(174,249)	(194,295)
3,156	Other income	1.011	160
(174,139)	LOSS FROM OPERATIONS	(139,030)	(178,443)
(140,428)	Finance cost	(34,626)	(74,197)
(390,396)	Share of profit in associated company	7,500	21,786
(704,963)	LOSS BEFORE TAXATION	(166,156)	(230,854)
(4,584)	Taxation	(5,205)	--
(709,547)	LOSS FOR THE PERIOD	(171,361)	(230,854)
--	Other total income	--	--
-------------		-------------	------------
(709,547)	TOTAL LOSS FOR THE PERIOD	(171,361)	(230,854)
(722,609)	Attributable to: Shareholder interest	(163,988)	(221,203)
13,062	Minority interest	(7,373)	(9,651)
(709,547)		(171,361)	(230,854)
(15.04)	Loss per share (cent) – basic	(3.41)	(4.60)
(15.04)	Loss per share (cent) – diluted	(3.41)	(4.60)

CONDENSED CONSOLIDATED BALANCE SHEET

	30 June	31 December
	2015	2014
	€	€
ASSETS
NON-CURRENT ASSETS
Property, plant and equipment	132,170	136,442
Investment in associated company	10,735,917	10.728,417
	10,868,087	10.864,859
CURRENT ASSETS
Stocks and works in progress	1,168,427	1,168,427
Trade and other receivables	50,368	502,344
Receivables from affiliates	553,794	541,105
Tax receivable	9,373	9,373
Cash and cash equivalents	142,799	101,088
	1,924,761	2,322,337
TOTAL ASSETS	12,792,848	13,187,196
EQUITY AND LIABILITIES
CAPITAL AND RESERVES
Share capital	4,084,128	4,084,128
Share premium reserve	293,239	293,239
Reserve from conversion of share capital into euro	20,664	20,664
Retained earnings	6,600,722	6,764,710
	10,998,753	11,162,741
Minority interest	84,550	91,923
TOTAL EQUITY	11,083,303	11,254,664
LIABILITIES
CURRENT LIABILITIES
Payables to affiliates	18,292	83,292
Other creditors, payables and accrued expenses	85,879	255,037
Provisions	1,430	2,028
Bank facilities	1,524,603	1,490,087
Current tax liabilities	79,341	102,088
TOTAL CURRENT LIABILITIES	1,709,545	1,932,532
TOTAL LIABILITIES	1,709,545	1,932,532
TOTAL EQUITY AND LIABILITIES	12,792,848	13,187,196

CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	Attributable to the Company's shareholders
Half-yearly statement 2015	Share Capital	Share premium reserve	Reserve from the conversion of capital into euro	Retained earnings	Total	Minority interest	Total equity
	€	€	€	€	€	€	€
Balance as at 01.01.2015	4,084,128	293,239	20,664	6,764,710	11,162,741	91,923	11,254,664
Net loss for the period	- --------------	- --------------	- -------------	(163,988) ---------------	(163,988) --------------	(7,373) ------------	(171,361) -------------
Balance as at 30.06.2015	4,084,128	293,239	20,664	6,600,722	10,998,753	84,550	11,083,303
Half-yearly statement 2014
Balance as at 01.01.2014	4,084,128	293,239	20,664	7,501,758	11,899,789	144,098	12,043,887
Net loss for the period Special contribution for defence on the Deemed	---	---	---	(221,203)	(221,203)	(9,651)	(230,854)
Dividend Distribution	--- ----------------	--- --------------	-- -------------	(714) ------------------	(714) ---------------	(237) ------------	(951) --------------
Balance as at 30.06.2014	4,084,128	293,239	20,664	7,279,841	11,677,872	134,210	11,812,082

(1) Companies which do not distribute 70% of their profits after tax, as defined by the Special Contribution for the Defence of the Republic Law, by the end of the two years after the end of the year of assessment to which the profits refer, will be deemed to have distributed this amount as dividend. Special contribution for defence at 15% will be payable on such deemed dividend to the extent that the shareholders for deemed dividend distribution purposes at the end of the period of two years from the end of the year of assessment to which the profits refer, are Cyprus tax residents. Special contribution for defence rate increased to 17% in respect of profits of year of assessment 2009 and to 20% in respect of profits of years of assessment 2010 and 2011 and was reduced back to 17% in respect of profits of years of assessment 2012 onwards. The amount of this deemed dividend distribution is reduced by any actual dividend paid out of the profits of the relevant year by the end of the period of two years from the end of the year of assessment to which the profits refer. This special contribution for defence is paid by the Company for the account of the shareholders.

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

	Six months	Six months
	ended	ended
	30 June 2015	30 June 2014
CASH FLOW FROM OPERATING ACTIVITIES
Loss before taxation	(166,156)	(230,854)
Adjustments for:
Depreciation for property, plant and equipment	4,272	8,859
Share of profit in associated company	(7,500)	(21,786)
Debit interest	34,626	74,197
Credit interest	(891)	-
	(135,649)	(169,584)
Changes in working capital
Stocks and works in progress	--	581,702
Trade and other receivables	451,976	7,392
Receivables from affiliates	(12,689)	72,063
Payable to affiliate	(65,001)	484
Other creditors and accrued expenses	(169,157)	128.190
Provisions	(598)	514
Cash from operating activities	68,882	620,761
Tax paid	(27,952)	(951)
Net cash from operating activities	40,930	619,810
CASH FLOW FROM / (FOR) INVESTING ACTIVITIES
Purchase of property, plant and equipment	-	(494)
Interest received	891
Net cash from / (for) investing activities	891	(494)
CASH FLOW FOR FINANCING ACTIVITIES
Repayments of loan to affiliates	-	(217,000)
Interest paid	(34,626)	(34,792)
Net cash for financing activities	(34,626)	(251,792)
Net increase in cash and cash equivalents and bank overdrafts	7,195	367,524
Cash and cash equivalents and bank overdrafts at beginning of year	1,388,999	(1,480,267)
Cash and cash equivalents and bank overdrafts at end of period	(1,381,804)	(1,112,743)