Quarterly Report • Oct 30, 2013
Quarterly Report
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The Company presents the Interim Management Statement for the second half of 2013, pursuant to Article 11 of Law 190(I) 2008. The statement is based on the financial results and statements of the Group as at September 30, 2013, which have not been audited.
| 1/7 to 30/9 |
1/1 to 30/6 |
|
|---|---|---|
| 2013 | 2013 | |
| € | € | |
| Turnover | 4.676.657 | 8.418.972 |
| Cost of sales | -3.948.614 | -7.472.625 |
| Gross profit | 728.043 | 946.347 |
| Other income | 3.981 | 13.040 |
| Profit (Loss) from sale of property, plant and |
4.407 | -28.490 |
| equipment | ||
| Administrative expenses | -239.138 | -485.764 |
| Selling and distribution expenses | -595.299 | -1.211.165 |
| Loss from operations | -98.006 | -766.032 |
| Net finance cost | -133.799 | -309.146 |
| Profit from investment activities | ||
| Share of profit of associated company | 15.650 | 16.415 |
| Loss before taxation |
-216.155 | -1.058.763 |
| Taxation | 11.388 | 49.376 |
| Loss after taxation |
-204.767 | -1.009.387 |
| Other total expenses | ||
| Exchange difference from conversion of accounts on | 0 | 2.818 |
| consolidation | ||
| Total expenses/income for the period | -204.767 | -1.006.569 |
| 30 /9/2013 | 31 /12/2012 € |
|
|---|---|---|
| € | ||
| ASSETS | ||
| Non current assets | ||
| Fixed assets | 7.174.089 | 8.231.014 |
| Intangible assets | 74.733 | 76.887 |
| Investments in shares available for sale | 5.126 | 5.126 |
| Investments in properties | 9.471.804 | 9.496.569 |
| Investments in associated companies | 52.278 | 23.912 |
| 16.778.030 | 17.833.508 | |
| Current assets | ||
| Stock | 6.770.823 | 8.560.669 |
| Trade and other amounts receivable | 9.003.082 | 9.583.562 |
| Tax refundable | 72.583 | 71.743 |
| Cash in hand and at bank | 269.780 | 170.042 |
| 16.116.268 | 18.386.016 | |
| Total assets | 32.894.298 | 36.219.524 |
| EQUITY AND LIABILITIES | ||
| Capital and reserves | ||
| Share capital | 16.802.178 | 16.802.178 |
| Other reserves | 2.702.336 | 2.699.518 |
| Accumulated profits | 2.176.226 | 3.383.902 |
| 21.680.740 | 22.885.598 | |
| Minority interest | -37.011 | -27.102 |
| Total equity | 21.643.729 | 22.858.496 |
| Non short-term liabilities | ||
| Borrowing | 1.124.764 | 1.059.490 |
| Liabilities from finance lease | 14.094 | 66.247 |
| Deferred tax liabilities | 506.717 | 564.092 |
| 1.645.575 | 1.689.829 | |
| Short-term liabilities | ||
| Trade and other creditors | 1.985.008 | 3.554.709 |
| Borrowing | 7.520.841 | 8.001.840 |
| Liabilities from finance lease | 95.384 | 114.650 |
| Taxation due | 3.761 | |
| 9.604.994 | 11.671.199 |
| Total liabilities | 11.250.569 | 13.361.028 |
|---|---|---|
| Total equity and liabilities | 32.894.298 | 36.219.524 |
On September 30, 2013, the Group showed after tax loss of €1.211.336 compared to a loss of €1.381.453 in the corresponding period of 2012. This difference is attributable to the significant decline in sales.
The current assets fell from €18.386.016 to €16.116.268 due to the decline in stock and debt balances.
The total liabilities fell by €2.110.459 due to the lower commercial and other credit balances and borrowing.
There was no income from non-recurrent or extraordinary activities during the period.
The Group's turnover fell by €2.449.583 or 15.8% compared to the corresponding period of 2012 due to a significant decline in the construction industry, the lack of big projects and the negative climate of the economy after Eurogroup's decision.
The cost of sales stood at 87.21% from 87.04% in the corresponding period of 2012 and the percentage of gross profit fell from 12.96% to 12.79% mostly due to lower sales.
The other income decreased by €17.469 due to lower state subsidies and offered services.
The administrative expenses showed a decrease of €63.589 or 8.1% mostly due to the drop in payroll, the depreciations and the professional services cost.
The selling and distribution expenses stood at €1.806.464 from €2.118.993 on September 30, 2012 (-14.75%) due to the drop in payroll, depreciations and rents.
The finance cost declined by €108.457 due to the exchange differences and the drop in interests and bank expenses.
The recent Eurogroup decision and the agreement on March 25, 2013 between the Republic of Cyprus and the troika for a loan of up to €10 billion to restore the viability of the banking sector, the economic growth and the consolidation of the public finances has generated uncertainty to the economy, which together with the increased recession in the next few months, they could affect the future financial performance, the cash flows and the financial position of the Group.
The Group's activities are affected by several risks and uncertainties. The most significant are the market price risk, the interest rate risk, the credit risk and the liquidity risk as well as number of factors largely affecting the activities of the Group, such as the increase in the price of row material, the increased competition from imported goods and countries producing row material and have low labour cost.
The Company is constantly trying to reduce its operating cost with the introduction of new software and it revaluates all economic activities in order to achieve profit.
The difficult conditions and the general economic climate in Cyprus in the first nine months of 2013 will continue in the last quarter of the year. The lack of liquidity in the banking sector, the stagnation in the construction activity and the increased recession of the economy affect negatively the Group's activities. The Management is attempting to improve the results of the Group with a further reduction of the operating cost and new cooperation as well as the enrichment of the products.
There were no trade transactions between the Company and the associated persons during the period.
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