Interim / Quarterly Report • Sep 16, 2019
Interim / Quarterly Report
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PERIOD 1ST JANUARY TO 30TH JUNE 2019
According to article 5 of Law. 3556/2007 and the implementing decisions therefrom of the BOD of the Capital Market Commission
Metamorphosis, 11 September 2019
IKTINOS HELLAS S.A. GREEK MARBLE INDUSTRY TECHNICAL AND TOURIST COMPANY SA Register Number 2304/06 / B / 86/53 7 LYKOVRYSIS, 14452 METAMORPHOSIS ATTICA Tel. 210-2826825 Fax. 210-2818574. E-mail: info@iktinos www.iktinos.gr
| 1. STATEMENTS OF THE BOARD OF DIRECTORS MEMBERS (IN ACCORDANCE WITH |
|---|
| ARTICLE 5 § 2 OF LAW 3556/2007) 3 |
| 2. INTERIM FINANCIAL INFORMATION OVERVIEW REPORT 4 |
| 3. SEMI-ANNUAL REPORT OF THE BOARD OF DIRECTORS FOR THE PERIOD 1 / 1-30 / |
| 6/2019 6 |
| 4. CONDENSED INTERIM FINANCIAL STATEMENTS FOR SIX-MONTH PERIOD 01/01 - |
| 30/06/2019 18 |
| 4.1 Condensed First Half Income Statement 19 |
| 4.2 Condensed Statement of Financial Position 20 |
| 4.3 Condensed Statement of Changes in Equity of the Group 21 |
| 4.4 Condensed Statement of Parent Company Equity Changes 22 |
| 4.5 Condensed Cash Flow Statement (indirect method) 23 |
| 4.6.4 Group structure and company consolidation method 36 |
| 4.6.5 Securities 37 |
| 4.6.6 Contingent Receivables - Liabilities 37 |
| 4.6.7 Provisions 38 |
| 4.6.8 Financial information by sector 39 |
| 4.6.9 Changes in Tangible, Intangible Assets and Real Estate Investment 41 |
| 4.6.10 Investments in Subsidiaries and Affiliates 44 |
| 4.6.12 Loan liabilities 45 |
| 4.6.13 Sales 46 |
| 4.6.14 Income tax 46 |
| 4.6.15 Profit per share 46 |
| 4.6.16 Financial assets and liabilities 46 |
| 4.6.17 Dividend Distribution 51 |
| 4.6.18 Transactions with related parties 51 |
| 4.6.19 Benefits to Management 52 |
| 4.6.20 Number of employees 52 |
| 4.6.21 Events after the reference date 52 |
The members of the Board of Directors of IKTINOS HELLAS SA
In our above capacity, specifically designated by the Board of Directors of the Société Anonyme under the name "IKTINOS HELLAS S.A.", we hereby declare and hereby assure that to the best of our knowledge:
(a) The semi-annual financial statements for the period 01/01/2019 - 30/06/2019, prepared in accordance with applicable accounting standards, accurately reflect assets and liabilities, net position as of 30/06/2019 and the results of the issuer's first half of 2019 as well as the undertakings included in the consolidation taken as a whole in accordance with paragraphs 3 to 5 of Law. 3556/2007 and the delegated decisions of the Board of Directors of the Capital Market Commission,
(b) The Board of Directors' semi-annual report accurately reflects the information required in accordance with paragraph 6 of Article 5 of Law 3556/2007 and the delegated decisions of the Board of Directors of the Capital Market Commission.
| The Chairman of the Board of Directors | The designated by the B.O.D. members | |
|---|---|---|
| & CEO | ||
| Haidas Evangelos | Ioulia Haida | Anastasia Haida |
| ID no. AE 079957 | ID no. Ξ 373770 | ID no. Ξ 299593 |
To the Board of Directors of IKTINOS HELLAS SOCIETE ANONYME
We have reviewed the attached interim condensed corporate and consolidated financial position of IKTINOS HELLAS S.A. as of 30th June 2019 and the related condensed corporate and consolidated financial results and other total income, changes in equity and cash flows for the six-month period ending on that date, as well as the selected explanatory notes that make up the interim summary financial information, which is an integral part of the semi-annual financial report of Law 3556/2007. Management is responsible for the preparation and presentation of this interim condensed financial information in accordance with International Financial Reporting Standards as adopted by the European Union and applied in the Interim Financial Reporting (Internation Accounting Standard "IAS 34"). It is our responsibility to express a conclusion based on our interim condensed financial information.
We conducted our review in accordance with International Standard on Review Engagements IISRE) 2410 "Review of Interim Financial Reporting by the Independent Auditor of the Entity". The overview of interim financial information consists of asking fact-finding inquiries mainly to persons responsible for financial and accounting matters and the application of analytical and other review procedures. The review is substantially narrower in scope than the audit which is conducted in accordance with International Audit Standards which are incorporated into Greek Law, and therefore does not enable us to obtain assurance that all important matters have come to our attention of those which may have been pointed out in an audit. Consequently, we do not express an audit opinion.
Based on our review, nothing has come to our attention that would lead us to believe that the attached interim condensed financial information has not been prepared, in all material respects, in accordance with IAS 34.
Our review found no material inconsistency or error in the Board members' statements and in the information of the Board of Directors' semi-annual Management Report, as set forth in Articles 5 and 5a of Law. 3556/2007, in relation to interim condensed corporate and consolidated financial information.
Athens, 11th September 2019
The Certified Public Accountant
Nikos Ioannou
RN SOEL (Institute of Certified Public Accountants of Greece) 29301
The present Board of Directors' Semi-Annual Report (hereinafter referred to as "Report") concerns the period of the first semester of the current fiscal year 2019 (1/1-30/6/2019). The Report was drafted and harmonized with the relevant provisions of Law 3556/2007 (Government Gazette 91A-30/4/2007) and the implementing decisions of the Capital Market Commission and in particular Decision no.7/448- 11/10/2007 of the Board of Directors of the Capital Market Commission.
Turnover for the first half of 2019 amounted to 20,906,619 euro while the corresponding amount for the first half of 2018 was 28,505,280 euro. A decrease of 7,598,660 euro was recorded and at 26.66%. The decrease in turnover is due to a decrease in Volakas marble sales in the first half of 2019 by 36.47%, due to reduced production, on one hand because of unexpected bad weather conditions and on the other hand, because of the delay of planned undergroung excavations (delay in licensing, delivery and training on special mining machinery). Two mining machines (sawmills) are already in operation, the third one will be delivered at the end of September and the fourth will be delivered at the end of the year.
Following the company's steady upward trend since its incorporation and continued geometric growth of its figures with huge leaps, there comes a balance of turnover and profits which is necessary for the next big and steady steps for growth.
In the second half, it is forecasted that there will be an improvement in figures, so that the turnover reduction in the first half is reduced to 12%, with a corresponding improvement in profits.
Provsisions for 2020 are for a 20% increase in turnover compared to 2019, which will come from:
the full operation of the new industrial plant in Drama, with initial production comparable to the industrial plants in Athens, while later production can be increased by the addition of new facilities, due to the possibility of expansion, to the neighboring properties of the company in the industrial area of Drama (approximately 45 acres, whereas approximately 11 acres in Athens).
the planned increased production of Volakas marble from underground mines, which can operate regardless weather conditions.
better performance of the new quarries of Pyrgoi, Peloponnese, etc.
Exports have stabilized at over 95% of turnover, 96.6% for the first half of 2019 and 95.00% for the first half of 2018. The export orientation of the company contributes significantly to improvement of its liquidity since the majority of sales is made by price prepayment.
In the first half of 2019 it amounted to 9,138,248 euro while the corresponding amount in the first half of 2018 amounted to 16,169,992 euro. A decrease of 7,001,744 euro was recorded and 43.38%. The cost of sales in the first half of 2019 decreased only by 4.83%, as most production costs were inelastic, as the number of staff did not decrease but rather increased during the first half.
In the first half of 2019 they amounted to 5,094,268 euro while the corresponding amount in the first half of 2018 was 5,491,352 euro. There was a decrease by 397,084 euro and 7.23%.
The first half of 2019 amounted to 5,230,026 euro while the corresponding amount in the first half of 2018 amounted to 11,291,088 euro. There was a decrease by 6,061,062 euro and 53.68%.
In the first half of 2019 it amounted to 3,211,709 euro while the corresponding amount in the first half of 2018 amounted to 10,075,823 euro. There was a decrease by 6,864,114 euro and 68.12%.
In the first half of 2019, it amounted to 2,336,033 euro while the corresponding amount in the first half of 2018 amounted to 7,017,485 euro. There was a decrease by 4,681,451 euro and 66.71%.
The companies in which IKTINOS HELLAS S.A. participated as of 30/6/2019 and included in the consolidated financial statements of the Group are as follows:
Its sales in the first half of 2019 amounted to 417,495 euro while the corresponding amount in the first half of 2018 amounted to 492,437 euro. There was a decrease by 74,942 euro and 15.22%. Profit before tax in the first half of 2019 amounted to 27,005 euro while the corresponding amount in the first half of 2018 amounted to 99,793 euro. There was a decrease by 72.788 euro and 72.94%.
Its sales in the first half of 2019 amounted to 1,193,801 euro while in the first half of 2018 it was 1,001,049 euro. There was an increase by 192,752 euro and 19.25%.
IDEH SA showed in the first half of 2019 Profit before tax of 27,149 euro while the corresponding amount for the first half of 2018 was (losses) of 207,257 euro. That is an improvement of the result by 234,406 euro.
Its sales in the first half of 2019 amounted to 1,443,006 euro while in the first half of 2018 it was 3,121,949 euro. There was a decrease by 1,678,943 euro and 53.78%.
Profit-Loss before tax in the first half of 2019 amounted to (loss) 169,796 euro while the corresponding amount for the first half of 2018 was (profit) € 441.645. There was a change in the result by 611,441 euro.
This company through its subsidiary "IKTINOS TECHNICAL & TOURISTIC S.A." is in the process of investments implementation.
Semi-annual Financial Report for the period 01 January to 30 June 2019 8 In the first half of 2019 it amounted to 23,246,741 euro while the corresponding amount in the first half of 2018 amounted to 32,076,428 euro. There was a decrease by 8,829,687 euro and 27.53%.
In the first half of 2019 it amounted to 9,389,528 euro while the corresponding amount in the first half of 2018 amounted to 16,912,648 euro. There was a decrease by 7,523,120 euro and 44.48%.
In the first half of 2019 it amounted to 5,635,160 euro while the corresponding amount in the first half of 2018 amounted to 6,034,639 euro. There was a decrease by 399,478 euro and 6.62%.
In the first half of 2019 it amounted to 6,050,313 euro while the corresponding amount in the first half of 2018 amounted to 12,510,693 euro. A decrease by 6,460,380 and 51.64%.
In the first half of 2019, total profit was 3,138,731 euro while the corresponding amount in the first half of 2018 amounted to 13,858,496 euro. There was a decrease by 10,719,765 and 77.35%.
In the first half of 2019, the profits amounted to 2,025,503 euro while the corresponding amount in the first half of 2018 amounted to profits of 10,585,133 euro. That was a decrease of 8,559,630 euro at 80.86%.
The Group uses as Alternative Financial Performance Measurement Indicators Profit before taxes, interest and depreciation (EBITDA), margin before interest, taxes, investment income and depreciation and Net Lending. The above indicators are taken into consideration by the Group's Management for strategic decisions.
| Earnings before interest and depreciation taxes (EBITDA) | |||||||
|---|---|---|---|---|---|---|---|
| The Group | The Company | ||||||
| 30/6/2019 | 30/6/2018 | 30/6/2019 | 30/6/2018 | ||||
| Profit after Tax | 2,025,503 | 10,585,133 | 2,336,033 | 7,017,485 | |||
| Taxes | 1,113,228 | 3,273,363 | 875,676 | 3,058,339 | |||
| Net financial results | 931,040 | 722,533 | 829,827 | 551,399 | |||
| Depreciation | 2,281,141 | 1,697,749 | 1,217,624 | 700,707 | |||
| Corresponding depreciation of grants | -300,599 | -308,305 | -29,135 | -36,841 | |||
| Earnings before interest, taxes and depreciation (EBITDA) |
6,050,313 | 15,970,473 | 5,230,026 | 11,291,089 | |||
| Investment results | 0 | -3,459,780 | 0 | 0 | |||
| Earnings before interest, taxes, investment results and depreciation |
6,050,313 | 12,510,693 | 5,230,026 | 11,291,089 | |||
| Turnover | 23,246,741 | 32,076,428 | 20,906,619 | 28,505,280 | |||
| Earnings before interest, taxes, investment results and depreciation |
26.03% | 39.00% | 25.02% | 39.61% |
| Net Lending | ||||||
|---|---|---|---|---|---|---|
| Club | The company | |||||
| 30/6/2019 | 31/12/2018 | 30/6/2019 | 31/12/2018 | |||
| Long-term borrowing liabilities | 17,921,569 | 19,304,533 | 15,029,900 | 15,834,531 | ||
| Lease liabilities | 1,509,096 | 779,168 | 1,449,534 | 779,168 | ||
| Short-term borrowing liabilities | 15,472,266 | 12,612,770 | 15,292,371 | 12,343,371 | ||
| Long-term borrowing liabilities payable in the next fiscal year |
2,025,730 | 1,786,475 | 1,474,739 | 1,124,816 | ||
| Short-term lease liabilities | 949,448 | 534,461 | 879,529 | 534,461 | ||
| Cash and Cash Equivalents | -2,082,216 | -1,869,531 | -1,902,386 | -1,643,977 | ||
| Net Lending | 35,795,893 | 33,147,876 | 32,223,687 | 28,972,369 |
The company submitted an investment file based on Development Law 4399/2016 totaling 6.9 million euro and qualified in 7/2019 for 6.7 million euro, which concerns the modernization of the new plant in the Industrial Area of Drama, with the aim of increasing its production capacity and improvement of the produced products. To date, about 90% of the mechanical equipment that has been operating in the second half of 2019 has been received. Works on the plant are expected to be completed by the end of the year and the initiation of works is expected in the first half of 2020 for the construction of new offices - exhibition space in the Industrial Area of Drama of a total area of 1,600 sq.m.
The company has offset tax liabilities, after a temporary audit by the competent Tax Authority (DOY FAE ATHENS) for VAT return applications amounting to 1,048,000 euro based on POL 1073/2004 for the period 1-6/2019.
The Ordinary General Meeting of the company, which was held on 26.6.2019, approved the reduction of the nominal value of the share from forty euro cents (0,40) to ten cents (0,10), with simultaneous increase of the total number of shares from 28,580,100 to 114,320,400 common registered shares (split), and the isuance of 85,740,300 new shares.
The above 85,740,300 new shares were distributed free of charge to the shareholders of the company and will correspond to four (4) common registered shares in replacement for each (1) old registered share. Following the above change, the Company's share capital remains at the amount of 11,432,040 euro divided into 114,320,400 common registered voting shares with a par value of 0.10 euro.
On 26.06.2019 the application for registration of the decision of General Assembly amending Article 5 of the Articles of Association was registered in the General Commercial Register (GEMI) with Registration Code No. 1586784 and the decision of the Department of Companies, Supervision of Listed S.A. and Athletic S.A. of the Ministry of Economy and Development was published with protocol No. 77773/24-7- 2019, which approved the amendment of article 5 of the Articles of Association of the the Company.
The Athens Stock Exchange Corporate Actions Committee, at its meeting on 31/7/2019, approved the listing for trading of the new shares of the Company in accordance with the above.
By the decision of the Company, the following were defined:
a) The date of termination of the right to participate in the split of shares was set on 05/08/2019. b) From the same date, the Company's shares were traded on the Athens Stock Exchange at the new nominal value, namely, 0.10 Euro per share, without the right to participate in such distribution of free shares, and the starting price of the Company's shares at the Athens Stock Exchange was formed in accordance with the Athens Stock Exchange Regulation in conjunction with decision No. 26 of the Board of Directors of the Athens Stock Exchange, as in force. c) Beneficiaries of the aforementioned corporate transaction were the Company's shareholders who were registered in the Dematerialized Securities System (DSS) on 06/08/2019.
The initiation of negotiating the new shares on the Athens Exchange was scheduled for 08/08/2019. As of the same date the above shares were credited to the shareholders' DSS shares and securities accounts.
The company IKTINOS TECHNICAL & TOURIST SA is active in the real estate sector. It has an area of approximately 2,689 acres, of which 556 acres are located on the seaside in Faneromeni bay in Sitia, Crete, and the remaining approximately 2133 acres are located approximately thousand meters south, on the Sopata Mexorachis plateau of the Municipality of Sitia in Crete.
a) Tourist establishment, 5-star hotel with 357 beds, 100-person thalassotherapy center, 200-person conference center covering approximately 116,32 acres;
b) Shelter of 85 touristic boats.
c) Residential Area of B' Residence through the PERPO mechanism (article 24 of Law 2508/1997) in an area of 204.71 acres where approximately 100 Vacation Homes of approximately 20,430 m2 will be constructed.
a) Residential Area of B' Residence through the PERPO mechanism (article 24 of Law 2508/1997) in an area of approximately 304.08 acres for which the preliminary Environmental Approval (PEA) has been granted.
(b) 18-hole C of approximately 1500 acres adjacent to the site for which the preliminary Environmental Approval (PEA) has been granted.
For 2019 the following tasks will continue:
In the marble sector, due to the general downturn in the internal market and the decline in the construction sector, the company has continued to give emphasis on its exports as the data until now welcome the correctness of its decisions and its continuity.
In the second half, it is forecasted that there will be an improvement in the figures, so that the reduction of turnover in the first half will be reduced to 12% with a corresponding improvement in earnings.
As part of its program for a dynamic presence in Renewable Energy, the group has planned the development of new Aeolian farms to be determined according to market conditions. The development of these new projects is already under way as applications for authorization for the development of Aeolian farms with a total capacity of 64 MW have already been submitted to the Competent Authorities.
The Group's activities in the field of Real Estate through its subsidiary IKTINOS TECHNICAL & TOURISTIC S.A. are planned to be implemented after the expected completion of the approvals and authorizations referred to in paragraph B2 above. The result will be the future increase in the value of the property and the corresponding improvement in the results of the Group's investment activity. The aim is to sell the company at a price above the valuation value.
The Group is exposed to financial and other risks. The Group's overall risk management program aims to minimize their potential adverse effect on the Group's financial performance.
The Financial Department monitors and manages the risks to which the Group is exposed, identifies, assesses and counterbalances if necessary the financial risks in collaboration with the services that confront those risks. It also does not engage in speculative transactions that are not related to the
Group's commercial, investment or borrowing activities. In particular for these risks we note the following:
The Group's functional currency is the Euro. The Group conducts the majority of its transactions in euro, therefore limiting the immediate foreign exchange risk. However, it also conducts international transactions outside the euro and is therefore exposed to foreign exchange risk primarily from the US dollar. These transactions involve only a small part of the activities and thus the currency risk is very limited.
Credit risk is the risk of any late payment to the group of current and potential counterparty liabilities. The Group's exposure to credit risk arises principally from cash and cash equivalents, trade and other receivables. The Group does not have a significant concentration of credit risk in any of its counterparties, mainly due to the high spread of its customer list. The Group's wholesale sales are made on the basis of its internal operating principles, which ensure that sales of goods and services are made to creditworthy customers. In addition, a significant portion of Group receivables is insured.
Liquidity needs are determined for a period of 6 months and redefined on a monthly basis. Payment needs are monitored on a weekly basis.
In times of inadequate liquidity, the company can finance its liquidity needs through bank borrowing from approved limits it maintains with banks.
On 30/06/2019 there is a temporary negative difference between the current assets and the short-term liabilities of the Group and the Company, amounting to 4,224,024 euro and 3,775,556 euro respectively. This difference will be covered by sales made within the year.
The Group monitors and manages its borrowing, using a combination of short and long term borrowings. There are approved financing limits and satisfactory co-operation and pricing terms for various banking operations that help reduce the Group's financial costs. The Group's policy is to maintain most of its loans in euro at a floating rate, and a potential Euribor increase would mean additional financial burden. Implementing the investment in Aeolian energy will also require additional borrowing and therefore additional financial burden.
The Group and the Company take all necessary measures (insurance, safeguarding) to minimize the risk and potential losses due to loss of inventory from natural disasters, theft, etc. Management is constantly reviewing the net realizable value of inventories and making appropriate impairments.
Also, Management considers that the dependence on suppliers is very limited and in any case not significant for the financial figures of the Group and the Company, as there is no significant dependence on specific suppliers, none of which supplies the Company with products over 10% of all its purchases.
The Group's customer base is highly dispersed and there is no risk of dependence on large customers. The Group aims to satisfy an increasing number of customers by increasing the range of products available and seeking immediate satisfaction of their needs.
"Related parties" under IAS 24 means subsidiaries, companies with joint ownership and/or management with the company, affiliates, as well as Board of Directors members and Company executives. The company is supplied with goods and services from the related parties, and also supplies and provides services to them. Sales of the company to related parties are mainly commodities. Sales of services to the company mainly concern marble processing services.
Remuneration to Board Members and Company executives relate to remuneration for employment services. The following table breaks down the benefits to the Group's executives as defined by IAS 24. The amounts of the Company's purchases and sales to and from the related parties as defined by IAS 24, cumulatively from the beginning of the current period 1/1-30/06/2019 and 01/01-30/06/2018 respectively, as well as the balances of receivables and liabilities of the above companies as of
| 30/6/2019 | 30/6/2018 | |
|---|---|---|
| Remuneration to BoD members and other executives |
249,269 | 249,415 |
| Sales to BoD members and other executives | 0 | 374,018 |
| 30/6/2019 | 31/12/2018 | |
| Receivables from BoD members and other executives |
73,367 | 73,827 |
| Liabilities of BoD members and other executives |
2,765,175 | 437,788 |
30/06/2019 and 31/12/2018 respectively are analysed as follows:
| GROUP | COMPANY | |||||
|---|---|---|---|---|---|---|
| 30/6/2019 | 30/6/2018 | 30/6/2019 | 30/6/2018 | |||
| Sales of merchandise / | ||||||
| services | ||||||
| Subsidiaries | 316,371 | 511,762 | ||||
| Totals | 316,371 | 511,762 | ||||
| Other Income / Expenses | ||||||
| Subsidiaries | 36,000 | 36,000 | ||||
| Other Related Parties | 0 | 0 | ||||
| Totals | 36,000 | 36,000 | ||||
| Goods / Services Markets | ||||||
| Affiliates | 427,264 | 550,030 | ||||
| Totals | 427,264 | 550,030 | ||||
| 30/6/2019 | 31/12/2018 | 30/6/2019 | 31/12/2018 | |||
| Receivables | ||||||
| Subsidiaries | 2,502,272 | 3,725,737 | ||||
| Other Related Parties | 10,488 | 10,488 | 10,488 | 10,488 | ||
| Totals | 10,488 | 10,488 | 2,512,760 | 3,736,225 | ||
| Liabilities | ||||||
| Affiliates | 638,002 | 528,072 | ||||
| Other Related Parties | ||||||
| Totals | 638,002 | 528,072 |
Metamorfosi 11/09/2019 The Chairman of the Board Evangelos Haidas
The attached semi-annual financial statements have been approved by the Board of Directors of "IKTINOS HELLAS SA" on 11.09.2019 and have been published by posting them online, at www.iktinos.gr and the ATHEX website, where they will be available to the investing public.
(amounts in €)
| CONSOLIDATED INFORMATION | COMPANY INFORMATION | |||||
|---|---|---|---|---|---|---|
| Note | 1/1 - 30/6/2019 | 1/1 - 30/6/2018 | 1/1 - 30/6/2019 | 1/1 - 30/6/2018 | ||
| Sales Cost of Sold |
4.6.13 | 23,246,741 (13,857,213) |
32,076,428 (15,163,780) |
20,906,619 (11,768,372) |
28,505,280 (12,365,288) |
|
| Gross profit Other operating income Costs of disposal Administrative expenses |
9,389,528 413,421 (3,297,207) (2,337,954) |
16,912,648 564,487 (3,485,317) (2,549,322) |
9,138,248 90,678 (3,155,062) (1,939,205) |
16,139,992 294,645 (3,307,314) (2,184,038) |
||
| Expenses, research and development Other operating expenses |
(47,377) (50,640) |
(26,889) (294,358) |
(47,377) (45,744) |
(26,889) (289,174) |
||
| Profit before Taxes on Financial and Investment Results |
4,069,771 | 11,121,249 | 4,041,536 | 10,627,222 | ||
| Financial Income Financial expenses |
1 (953,077) |
1,719 (714,831) |
1 (851,865) |
1,718 (543,697) |
||
| Other Financial Results | 22,037 | (9,420) | 22,037 | (9,420) | ||
| Results of investment activity | 0 | 4,356,262 | 0 | 0 | ||
| Profits / Losses from affiliates | 0 | (896,482) | 0 | 0 | ||
| Net Profit / (Loss) before taxes | 3,138,731 | 13,858,496 | 3,211,709 | 10,075,823 | ||
| Income tax | 4.6.14 | (1,113,228) | (3,273,363) | (875,676) | (3,058,339) | |
| Net Profit / (Loss) after tax (from continuing & discontinued activities) |
2,025,503 | 10,585,133 | 2,336,033 | 7,017,485 | ||
| Other Total Revenue: Amounts not reclassified to the Income Statement in subsequent periods: Actuarial Results |
0 | 0 | 0 | 0 | ||
| Aggregate Total Income after taxes |
2,025,503 | 10,585,133 | 2,336,033 | 7,017,485 | ||
| Aggregate Income after tax attributable to: |
||||||
| Parent Owners Non-controlling interests |
2,024,101 1,403 |
10,575,984 9,149 |
2,336,033 | 7,017,485 | ||
| Profit for the period after tax attributable to Parent Owners Non-controlling interests |
2,024,101 1,403 |
10,575,984 9,149 |
2,336,033 | 7,017,485 | ||
| Basic Earnings Per Share attributed to Parent Owners |
4.6.15 | 0.0711 | 0.3727 | 0.0821 | 0.2473 | |
| Summary of period results: | ||||||
| Profit before Taxes on Financial, Investment Results and Depreciation |
6,050,313 | 12,510,693 | 5,230,026 | 11,291,088 |
The Group and the Company did not proceed to the adjustment of the comparative amounts of 2018 when applying IFRS 16 (see Note 4.6.3.3 for details).
The accompanying notes form an integral part of the interim condensed consolidated and corporate semi-annual financial statements.
(amounts in €)
| Note | THE GROUP | THE COMPANY | |||
|---|---|---|---|---|---|
| Assets | 30/6/2019 | 31/12/2018 | 30/6/2019 | 31/12/2018 | |
| Non-Current Assets | |||||
| Tangible assets | 4.6.9 | 45,369,518 | 44,873,771 | 21,177,714 | 19,926,375 |
| Real estate investments Intangible assets |
4.6.9 4.6.9 |
28,869,543 7,228,183 |
28,835,851 7,438,640 |
55,851 6,966,910 |
55,851 7,163,611 |
| Investments in subsidiaries | 4.6.10 | 0 | 0 | 32,229,184 | 30,429,184 |
| Deferred tax assets | 1,156,939 | 1,133,127 | 2,926,434 | 2,924,400 | |
| Other long term receivables | 58,871 | 58,781 | 34,846 | 34,764 | |
| 82,683,054 | 82,340,169 | 63,390,939 | 60,534,184 | ||
| Current Assets | |||||
| Inventories | 20,368,453 | 19,686,898 | 19,259,658 | 18,558,470 | |
| Customers and other trade receivables | 9,581,957 | 7,261,978 | 10,390,052 | 7,364,905 | |
| Other receivables | 8,978,908 | 7,140,884 | 8,174,062 | 8,308,584 | |
| Financial assets at fair value through profit or loss | 40,564 | 18,528 | 40,564 | 18,528 | |
| Cash and cash equivalents | 2,082,216 | 1,869,531 | 1,902,386 | 1,643,977 | |
| 41,052,098 | 35,977,819 | 39,766,722 | 35,894,464 | ||
| Total assets | 123,735,152 | 118,317,989 | 103,157,661 | 96,428,648 | |
| Equity & Liabilities Equity |
|||||
| Share capital | 4.6.11 | 11,432,040 | 11,432,040 | 11,432,040 | 11,432,040 |
| For Parity | 43,792 | 43,792 | 43,792 | 43,792 | |
| Fixed asset differences | 461,172 | 461,172 | 437,237 | 437,237 | |
| Other Reserves | 9,382,626 | 8,786,715 | 9,382,626 | 8,786,715 | |
| Own share reserve | 181,138 | (181,138) | (181,138) | (181,138) | |
| Retained results Equity attributable to the shareholders of Parent |
23,377,253 | 26,217,705 | 20,830,496 | 23,359,015 | |
| Company | 44,515,744 | 46,760,286 | 41,945,053 | 43,877,661 | |
| Non-controlling interests | 500,328 | 498,926 | |||
| Total equity | 45,016,072 | 47,259,211 | 41,945,053 | 43,877,661 | |
| Long-term responsibilities Long-term loaning liabilities |
4.6.12 | 17,921,569 | 19,304,533 | 15,029,900 | 15,834,531 |
| Lease liabilities | 1,509,096 | 779,168 | 1,449,534 | 779,168 | |
| Deferred tax liabilities | 6,684,638 | 6,472,643 | 115,625 | 124,935 | |
| Retirement benefit liabilities | 794,802 | 755,925 | 684,603 | 650,417 | |
| Grants | 6,272,396 | 6,572,995 | 164,456 | 193,591 | |
| Provisions | 4.6.7 | 260,457 | 253,933 | 226,212 | 220,523 |
| Total Long Term Liabilities | 33,442,958 | 34,139,197 | 17,670,330 | 17,803,165 | |
| Short-term Liabilities | |||||
| Suppliers and other liabilities | 9,702,269 | 10,694,287 | 8,592,698 | 9,505,682 | |
| Current tax liabilities | 7,924,747 | 7,151,851 | 7,579,490 | 6,749,211 | |
| Short-term loan liabilities | 4.6.12 | 15,472,266 | 12,612,770 | 15,292,371 | 12,343,371 |
| Long-term loan liabilities payable in the following year | 4.6.12 | 2,025,730 | 1,786,475 | 1,474,739 | 1,124,816 |
| Short-term lease liabilities | 949,448 | 534,461 | 879,529 | 534,461 | |
| Other short-term liabilities | 9,201,662 | 4,139,736 | 9,723,451 | 4,490,281 | |
| Total Short-Term Liabilities | 45,276,122 | 36,919,580 | 43,542,279 | 34,747,822 | |
| Total liabilities | 78,719,080 | 71,058,777 | 61,212,608 | 52,550,987 | |
| Total Equity and Liabilities | 123,735,152 | 118,317,989 | 103,157,661 | 96,428,648 |
The Group and the Company did not proceed to the adjustment of the comparative amounts of 2018 when applying IFRS 16 (see Note 4.6.3.3 for details).
The accompanying notes form an integral part of the interim condensed consolidated and corporate semi-annual financial statements.
(amounts in €)
| Equity | For Parity |
Fair value reserves |
Other Reserves |
Own Share Reserve |
Retained results |
Total | Non controlling interests |
Total equity |
|
|---|---|---|---|---|---|---|---|---|---|
| Total equity as of December 31, 2017 Impact of IFRS 9 |
11,432,040 | 43,792 | 461,172 | 7,820,333 | (313,506) | 16,573,207 (216,630) |
36,017,038 (216,630) |
(12,213) | 36,004,825 (216,630) |
| Adjusted balance January 1, 2018 | 11,432,040 | 43,792 | 461,172 | 7,820,333 | (13,506) | 16,356,578 | 35,800,408 | (2,213) | 35,788,196 |
| Purchase of Own Shares |
(24,505) | (24,505) | (24,505) | ||||||
| Sale of Own Shares |
457,427 | 196,598 | 654,025 | 654,025 | |||||
| Formation of Regular Reserve | 508,955 | (508,955) | 0 | 0 | |||||
| Distribution of earnings from previous years | (1,992,628) | (1,992,628) | (1,992,628) | ||||||
| Acquisition of a subsidiary | 0 | 527,214 | 527,214 | ||||||
| Transactions with Owners | 0 | 0 | 0 | 966,382 | 172,093 | (2,501,584) | (1,363,109) | 527,214 | (835,895) |
| Financial Results 1/1 - 30/6/2018 |
10,575,984 | 10,575,984 | 9,149 | 10,585,133 | |||||
| Other Total Income for the period 1.1 - 30.6.2018 |
0 | 0 | |||||||
| Aggregate Total Income for the Period 1/1 - 30/6/2018 |
0 | 0 | 0 | 0 | 0 | 10,575,984 | 10,575,984 | 9,149 | 10,585,133 |
| Balances on 30/6/2018 | 11,432,040 | 43,792 | 461,172 | 8,786,715 | (141,413) | 24,430,978 | 45,013,284 | 524,150 | 45,537,434 |
| Total equity for commencement of period 1/1/2019 |
11,432,040 | 43,792 | 461,172 | 8,786,716 | (181,138) | 26,217,704 | 46,760,285 | 498,926 | 47,259,212 |
| Formation of Regular Reserve | 595,911 | (595,911) | 0 | 0 | |||||
| Distribution of earnings from previous years | (4,268,643) | (4,268,643) | (4,268,643) | ||||||
| Transactions with Owners | 0 | 0 | 0 | 595,911 | 0 | (4,864,554) | (4,268,643) | 0 | (4,268,643) |
| Financial Results 1/1 - 30/6/2019 |
2,024,101 | 2,024,101 | 1,403 | 2,025,503 | |||||
| Other Total Income for the period 1.1 - 30.6.2019 |
0 | 0 | |||||||
| Aggregate Total Income for the Period 1/1 - 30/6/2019 |
0 | 0 | 0 | 0 | 0 | 2,024,101 | 2,024,101 | 1,403 | 2,025,503 |
| Balances on 30/6/2019 | 11,432,040 | 43,792 | 461,172 | 9,382,627 | 181,138 | 23,377,251 | 44,515,743 | 500,329 | 45,016,072 |
The Group and the Company did not proceed to an adjustment of the comparative amounts of 2018 when applying IFRS 16 (see Note 4.6.3.3 for details). In addition, the Group and the Company, in applying IFRS 9, recognized its overall effect on the balance sheet "Retained Earnings Balance" on 01/01/2018.
The accompanying notes form an integral part of the interim condensed consolidated and corporate semi-annual financial statements.
(amounts in €)
| Share capital |
For Parity |
Fair value reserves |
Other Reserves |
Own share Reserve |
Retained results | Total | |
|---|---|---|---|---|---|---|---|
| Total equity as of December 31, 2017 Impact of IFRS 9 |
11,432,040 | 43,792 | 437,237 | 7,820,333 | (313,506) | 18,287,439 (216,630) |
37,707,335 (216,630) |
| Adjusted balance January 1, 2018 | 11,432,040 | 43,792 | 437,237 | 7,820,333 | (313,506) | 18,070,810 | 37,490,706 |
| Formation of own equity reserve Formation of Regular Reserve Distribution of earnings from previous years Purchase of Owns Shares Sale of own shares |
508,955 457,427 |
(24,505) 196,598 |
(508,955) (1,992,628) |
0 0 (1,992,628) (24,505) 654,025 |
|||
| Transactions with Owners | 0 | 0 | 0 | 966,382 | 172,093 | (2,501,584) | (1,363,109) |
| Results Period 1/1 - 30/6/2018 Other Total Income for the period 1.1 - 30.6.2018 |
7,017,485 0 |
7,017,485 0 |
|||||
| Aggregate Total Income for the Period 1/1 - 30/6/2018 |
0 | 0 | 0 | 0 | 0 | 7,017,485 | 7,017,485 |
| Balances on 30/6/2018 | 11,432,040 | 43,792 | 437,237 | 8,786,715 | (141,413) | 22,586,711 | 43,145,082 |
| Total equity for commencement of the period | |||||||
| 1/1/2019 | 11,432,040 | 43,792 | 437,237 | 8,786,715 | (181,138) | 23,359,016 | 43,877,662 |
| Formation of Regular Reserve Distribution of earnings from previous years |
595,911 | (595,911) (4,268,643) |
0 0 (4,268,643) |
||||
| Transactions with Owners | 0 | 0 | 0 | 595,911 | 0 | (4,864,554) | (4,268,643) |
| Results Period 1/1 - 30/6/2019 Other Total Income for the period 1.1 - 30.6.2019 |
2,336,033 0 |
2,336,033 0 |
|||||
| Aggregate Total Income for the Period 1/1 - 30/6/2019 |
0 | 0 | 0 | 0 | 0 | 2,336,033 | 2,336,033 |
| Balances on 30/6/2019 | 11,432,040 | 43,792 | 437,237 | 9,382,626 | (181,138) | 20,830,495 | 41,945,052 |
The Company did not adjust the comparative amounts of 2018 in applying IFRS 16 (see Note 4.6.3.3 for details). In addition, the Company, in applying IFRS 9, recognized its overall impact on the balance sheet "Retained Earnings Balance" on 01/01/2018.
The accompanying notes form an integral part of the interim condensed consolidated and corporate semi-annual financial statements.
(amounts in €)
| THE GROUP | THE COMPANY | ||||
|---|---|---|---|---|---|
| 1/1 - 30/06/2019 |
1/1 - 30/06/2018 |
1/1 - 30/06/2019 |
1/1 - 30/06/2018 |
||
| Operational activities | |||||
| Profit (loss) before taxes | 3,138,731 | 13,858,496 | 3,211,709 | 10,075,823 | |
| Plus / minus adjustments for: Depreciation |
2,281,141 | 1,697,749 | 1,217,624 | 700,707 | |
| Provisions | 39,712 | 630,452 | 34,186 | 629,657 | |
| Exchange differences Recognized grant revenue |
167 (300,599) |
3,678 (308,305) |
167 (29,135) |
3,678 (36,841) |
|
| Results (income, expense, profit and loss) of investment | (62,349) | (3,472,422) | (60,849) | 7,702 | |
| activity Debt interest and related expenses |
951,502 | 714,036 | 851,865 | 543,697 | |
| Plus / minus adjustments for working capital changes | |||||
| or related to operating activities: Decrease / (increase) of inventories |
(681,554) | (105,423) | (701,188) | 439,495 | |
| Reduction / (increase) of receivables | (5,958,093) | (4,260,132) | (4,690,707) | (2,781,626) | |
| (Decrease) / increase in liabilities (excluding banks) Minus: |
1,247,356 | 943,760 | (210,844) | (1,512,547) | |
| Debt interest and related expenses paid | (849,438) | (743,050) | (749,023) | (567,467) | |
| Taxes paid | (350) (193,774) |
0 8,958,838 |
(350) (1,126,544) |
0 7,502,277 |
|
| Total inflows / (outflows) from operating activities (a) Investment activities |
|||||
| Acquisition of subsidiaries, associates, joint ventures and other investments |
0 | (14,000,000) | 0 | (14,000,000) | |
| Purchase of tangible and intangible fixed assets | (1,919,966) | (3,031,280) | (1,769,925) | (2,985,572) | |
| Revenues from sales of tangible and intangible assets Interest received |
1,020,700 1 |
0 1,718 |
1,019,200 1 |
0 1,718 |
|
| Total inflows / (outflows) from investment activities | (899,265) | (17,029,562) | (750,724) | (16,983,854) | |
| (b) | |||||
| Funding activities | |||||
| Purchase of own shares | 0 | (24,405) | 0 | (24,405) | |
| Proceeds from the sale of own shares | 0 | 707,237 | 0 | 707,237 | |
| Proceeds from loans taken / loans undertaken | 2,494,788 | 14,785,510 | 2,494,292 | 14,785,510 | |
| Loan repayments Leasehold repayment obligations (debt securities) |
(779,001) (250,385) |
(742,400) (162,604) |
0 (198,937) |
0 (162,604) |
|
| Dividends paid | (159,678) | (2,068,902) | (159,678) | (2,068,902) | |
| Total inflows / (outflows) from financing activities (c) | 1,305,724 | 12,494,436 | 2,135,677 | 13,236,836 | |
| Net increase / (decrease) in cash and cash equivalents (a) + (b) + (c) |
212,685 | 4,423,712 | 258,409 | 3,755,259 | |
| Cash and cash equivalents start of period | 1,869,531 | 5,682,955 | 1,643,977 | 5,538,691 | |
| Start-up cash of subsidiaries incorporated for the first time in the Group |
0 | 966 | 0 | 0 | |
| Cash and cash equivalents end of period Total | 2,082,216 | 10,107,633 | 1,902,386 | 9,293,949 |
The Group and the Company did not adjust the comparative amounts of 2018 when applying IFRS 16 (see Note 4.6.3.3 for details).
The accompanying notes form an integral part of the interim condensed consolidated and corporate semi-annual financial statements.
The company IKTINOS HELLAS S.A is a Greek société anonyme and constitutes the parent company of the group. It was established on 12/03/1974 by the Architect-Mechanic Evangelos Nik. Chaidas, who still remains the principal shareholder. It operates under the corporate name "GREEK MARBLE INDUSTRY TECHNICAL AND TOURISTIC COMPANY IKTINOS HELLAS S.A." and the distinctive title "IKTINOS HELLAS S.A." (GG 244-12/3/1974 issue for S.A. and Ltd (E.P.E.)). It has been registered at the Ministry of Development Registry under the registration number S.A 2304/06/Β/86/53.
The Group's seat is in Metamorfossi Attica (7, Lykovrisseos str., P.C. 144 52). The company's shares were listed in the Athens Stock Market in 2000.
The construction of all types of buildings, in owned or foreign properties, particularly via the known and common in transactions "flats-for-land" exchange system ("antiparochi"), the purchase and sale of property, the undertaking of any kind of technical works or studies, in combination or even separately, both inlands and abroad, on behalf of legal or natural persons of the State, Public Organizations as well as public utility Organizations, public law legal entities, etc., as well as the industry of construction materials industry and technical works materials, in general.
The exercise of any type of Touristic Businesses, particularly those regarding the construction and operation of hotels of sleep and food, of hostels, lodges, settlements, be-aches and, in general of areas on the seaside, or not, in Greece or abroad, and, in fact, either or owned or leased properties.
All the aforementioned objectives of the company are acted on both in the interior of Greece as well as in any other foreign country.
By the extraordinary General Meeting of Shareholders of 20th March 2012, the objective of the Company was extended as follows:
"Production and trade of agricultural products in Greece and abroad, whether these are produced in Greece or abroad, as well as the participation, in any manner and under any legal form, in any kind of related, similar or identical businesses, which operate individually or under a corporate form, that have been already established or are about to be established wither by it or by other persons, with the same objective or objectives related to those mentioned in the present article."
The basic sector in which IKTINOS HELLAS S.A. is business active today is the sector of marble quarrying, processing and trade in marbles and granites and other ornamental stones.
Semi-annual Financial Report for the period 01 January to 30 June 2019 25 The company was established in 1981 as a Limited Liability Company (E.P.E.), while in 1986 it was transformed into a S.A. Its primary object of business is marble processing, particularly the section of blocks, mainly for third parties (piecework), as well as the export of the aforementioned products abroad, any similar of related work, which is connected to the above objects.
IKTINOS HELLAS S.A., in the context of its direct business activity in the aeolian energy, has acquired at a 100% percentage on 21/12/2007, the company under the corporate name IDIOTIKI EPICHEIRISI HELEKTRISMOU S.A. (ELECTRIC POWER PRIVATE CORPORATION S.A.), which has as objective the production of electric power by any legal manner or means and, particularly, of the electric power which comes from renewable sources of energy.
The KALLITECHNOKRATIS PROVISION OF SERVICES E.P.E. company was established in 1999 and has been put into a liquidation process since 26/4/2007 which has not yet been completed. The company's objective was to develop a sales network abroad. Its business plan had been approved by the Ministry of Development and it had been included in the subsidies of the Business Operational Program (subprogram 4, measure 2, action 9 - CLUSTERS Networks). he Ministry of Development has rejected the approval of the grants and KALITECHNOCRATIS LTD has appealed to the Council of State. It is noted that the case was heard on 9 May 2006 and the recommendation of the judge (rapporteur) was in favor of the Company and a positive decision is expected for the Company. The company is owned by IKTINOS HELLAS SA with a percentage of 25% and FIDIAS HELLAS SA. with a percentage of 5%.
IKTINOS HELLAS S.A. as of 30/08/2018 holds the 100% of the Cypriot company under the corporate name LATIRUS ENTERPRISES LIMITED, which holds the 97,764% of the shares of IKTINOS TECHNICAL & TOURISTIC S.A. IKTINOS TECHNICAL & TOURISTIC S.A is owner of land area, near Sitia of Crete, which is 2,800 acres and according to an ongoing business plan, it is reserved for tourism development.
IKTINOS HELLAS S.A., in the context of its business activity in the aeolian energy, proceeded to establish by deed of incorporation no 8497/21-1-2010, at a 100% percentage, the "Aioliki Mega Issoma Société Anonyme of electric power production", which has as purpose the production of electric power in any legal manner or means and, particularly, of the electric power which comes from renewable sources of energy.
IKTINOS HELLAS S.A., in the context of its business activity in the aeolian energy, proceeded to establish by deed of incorporation no 8854/24-2-2011, at a 100% percentage, the "Aioliki Lykofolia Société Anonyme of electric power production", which has as purpose the production of electric power in any legal manner or means and, particularly, of the electric power which comes from renewable sources of energy.
IKTINOS HELLAS S.A., in the context of its business activity in the aeolian energy, proceeded to establish by deed of incorporation no 8855/24-2-2011, at a 100% percentage, the "Aioliki Mavrolitharo Société Anonyme of electric power production", which has as purpose the production of electric power in any legal manner or means and, particularly, of the electric power which comes from renewable sources of energy.
IKTINOS HELLAS S.A., in the context of its business activity in the aeolian energy, proceeded to establish by deed of incorporation no 9377/21-3-2013, at a 100% percentage through its subsidiary company IDEH S.A., the "Aioliki Synora Société Anonyme of electric power production", which has as purpose the production of electric power in any legal manner or means and, particularly, of the electric power which comes from renewable sources of energy.
IKTINOS HELLAS, aiming at improving the services it provides in the domestic market and at undertaking big projects, decided to establish by deed of incorporation no 275/18-12-2015, a new company, IKTINOS MARMARON, which essentially comprises a continuation of the establishment of the store at Kifissias Avenue.
The condensed financial statements have been prepared in accordance with the International Accounting Standard ("IAS") 34 and must be considered in combination with the published annual financial statements of 31st December 2018 which are available at Company's website.
Semi-annual Financial Report for the period 01 January to 30 June 2019 27 The accounting principles and the accounting methods on the basis of which the condensed financial statements were prepared and presented, are consistent to those used for preparing the annual financial statements of the Group for fiscal year ended on 31 December, apart from the changes below.
Any differences in the sums are due to rounding.
The Group has adopted all new standards and interpretations, which have become mandatory for the years that began on 1 January 2018. Section 4.6.3 sets out the standards that have been applied by the Company and have been adopted since 1 January 2019
The following new standards, interpretations and amendments of the standards have been issued by the International Accounting Standards Board (IASB), been adopted by the European Union and their application is obligatory since 01/01/2019 or subsequently.
In January 2016, the IASB issued a new Standard, IFRS 16. The purpose of the IASB was to develop a new Standard for leases that sets out the principles that both parties must apply to a contract - that is, the client ("The lessee") and the supplier ("the lessor") - to provide relevant information on the lease in a way that accurately depicts these transactions. To achieve this, the lessee must recognize the assets and liabilities arising from the lease. The Group considered the impact of the new standard on the consolidated and corporate interim condensed financial statements. A detailed report on this is presented in Note 4.6.3.3.
In June 2017, the IASB issued a new IFRIC Interpretation 23. IAS 12 "Income Taxes" defines the accounting for current and deferred tax, but does not specify how its effects should be reflected. uncertainty. IFRIC 23 includes the additional requirements of IAS 12, specifying how the effects of uncertainty on the accounting treatment of income taxes should be reflected. The new Interpretation has no effect on the condensed and consolidated Interim Condensed Financial Statements.
Semi-annual Financial Report for the period 01 January to 30 June 2019 28 In October 2017, the IASB issued limited-purpose amendments to IFRS 9. Under existing IFRS 9 requirements, an entity would measure a financial asset with a negative return on fair value through profit or loss, as its attribute " negative compensation" could be considered to create potential cash flows that do not consist solely of capital and interest payments. Under the amendments, entities may measure specific prepaid financial assets with a negative return on amortized cost or fair value through other comprehensive income, provided a specific condition is met. The amendments have no effect on the consolidated and corporate interim condensed financial statements.
In October 2017, the IASB issued limited-purpose amendments to IAS 28. The purpose of these amendments is to provide clarifications on the accounting for long-term holdings in an associate or joint venture - to which the equity method does not apply - IFRS 9. The amendments have no effect on the consolidated and corporate interim condensed financial statements.
In December 2017, the IASB issued the "Annual Improvements to IFRSs - 2015-2017 Cycle", which consists of a series of amendments to certain Standards and is part of the program for annual improvements to IFRSs. The amendments included in this cycle are: IFRS 3 - IFRS 11: Equity Shares previously Acquired by the Acquirer in a Co-operation, IAS 12: Impact of Income Tax on Payments for Financial Instruments Classified as Equity, IAS 23: Borrowing costs eligible for capitalization. The amendments are effective for annual periods beginning on or after 1 January 2019. The amendments have no effect on the consolidated and separate interim condensed financial statements.
In February 2018, the IASB issued limited-purpose amendments to IAS 19 that require an entity to use up-to-date actuarial assumptions when determining current service costs and net interest for the remaining period after the amendment, the cut. or arranging for a defined benefit plan. The purpose of these amendments is to enhance understanding of the financial statements and to provide more useful information to their users. The amendments have no effect on the consolidated and corporate interim condensed financial statements.
The following New Standards, Interpretations, Revisions and Amendments of Standards, have been issued by IASB but they have not yet been force or they have not yet been adopted by the European Union.
In March 2018, the IASB revised the Financial Reporting Conceptual Framework, which was intended to incorporate significant issues that were not covered, as well as update and provide guidance on specific issues. The revised Conceptual Framework for Financial Reporting includes a new measurement chapter, which discusses the concept of measurement, including factors to be considered when selecting a measurement basis, issues of presentation and disclosure in the Financial Statements and guidance. regarding the derecognition of assets and liabilities from the Financial Statements. Further, the revised Conceptual Framework for Financial Reporting includes improved definitions of assets and liabilities, guidance to assist in applying those definitions, updating criteria for recognizing assets and liabilities, as well as significant clarifications. areas such as the roles of management, conservatism and uncertainty in the measurement of financial reporting. The Group will consider the impact of all of the above on its Financial Statements, although they are not expected to have any. The above have not been adopted by the European Union.
In March 2018, the IASB issued Amendments to the Conceptual Framework in IFRS following its revision. Some Standards include explicit references to earlier versions of the Financial Reporting Framework. The purpose of these amendments is to update these references and to support the transition to the revised Financial Reporting Framework. The Group will consider the impact of all of the above on its Financial Statements, although they are not expected to have any. The above have not been adopted by the European Union.
n October 2018, the IASB issued limited-purpose amendments to IFRS 3 to improve the definition of a business. The amendments will help companies determine whether an acquisition is a business combination or an acquisition of assets. The amended definition indicates that the outflow of a business is to provide goods and services to customers, while the earlier definition focused on returns in the form of dividends, lower costs or other financial benefits to investors and third parties. In addition to modifying the business definition, the IASB through this issue provides additional guidance. The Group will consider the impact of all of the above on its Financial Statements, although they are not expected to have any. The above have not been adopted by the European Union.
In October 2018, the IASB issued amendments to the definition of material to make it easier for companies to exercise a material judgment. The definition of material helps companies decide which information should be included in their financial statements. The new definition amends IAS 1 and IAS 8. The amendments clarify the definition of material and how it should be applied, including the guidance that has so far been included in other Standards. The Group will consider the impact of all of the above on its Financial Statements, although they are not expected to have any. The above have not been adopted by the European Union.
In May 2017, the IASB issued a new Standard, IFRS 17, replacing an interim Standard, IFRS 4. The purpose of the IASB's work was to develop a single principle-based standard for accounting for all types of insurance contracts, including reinsurance contracts held by an insurer. A single principles-based standard will enhance the comparability of financial reporting between entities, jurisdictions and capital markets. IFRS 17 sets out the requirements that an entity should apply to financial information related to the insurance contracts it issues and the reinsurance contracts it holds. The Group will consider the impact of all of the above on its Financial Statements, although they are not expected to have any. The above have not been adopted by the European Union.
As a result of the changes in accounting policies as described above, the Group and the Company adopted IFRS 16 on January 1, 2019, applying the amended retrospective approach. Based on this approach, the Group recognized an obligation that measured its present value as a result of the discounting of the residual leases at the incremental borrowing cost effective at the date of the initial application of the Standard on 01/01/2019.
Further, it recognized a right to use the asset by measuring that right at an amount equal to the corresponding liability recognized, adjusted for any lease payments that existed immediately before the date of initial application. The comparative information was not recast, and there was no effect of applying the new Standard on the Retained Earnings Balance at its first application on 01/01/2019.
Further, the Group applied the exemption granted by the Standard with respect to the lease determination and more specifically, the applicable practice of IFRS 16, whereby it does not need to
reassess whether a contract is or contains a lease at the date of the first transition. . This means that IFRS 16 has been applied to contracts that have already been recognized as leases by applying IAS 17 "Leases" and IFRIC 4 "Determining Whether an Arrangement Contains a Lease".
Finally, the Group also used the standard exemptions for short-term leases and low value leases. Regarding the discount rate, the Group decided to apply a single discount rate to each category of leases with similar characteristics.
The adoption of IFRS 16 had the following significant effects for the Group:
A) Leases previously classified as operating:
The Group had operating leases relating to land, buildings and means of transport. The Standard affected the accounting for the Group's operating leases. Specifically, when adopting IFRS 16, liabilities arising from operating leases - which, according to IAS 17, had to be disclosed in the notes to the financial statements - appear as assets (rights to use) and liabilities in the statement of financial position. The increase in lease liabilities led to a corresponding increase in the Group's net lending.
The nature of the costs associated with these leases has changed, with the application of IFRS 16 replacing the operating cost of leasing with depreciation expense for assets that relate to right to use and interest expense on liabilities incurred.
In the statement of equity in the first application there was no effect as the Group chose to recognize an equal liability with right to use.
In the cash flow statement, the part relating to the repayment of rents will reduce cash flows from financing activities and is no longer included in net cash flows from operating activities. Only interest repayments are still included in net cash flows from operating activities.
B) Leases previously classified as financial:
The Group did not change the pre-existing book values of tangible fixed assets and financial liabilities at the date of application of IFRS 16 for leases that were classified as finance leases (the rights to use fixed assets and the lease liabilities are equal to the leased assets and liabilities). IAS 17). The requirements of IFRS 16 have been applied to these leases as of 1 January 2019.
IFRS 16 did not have a significant impact on the accounting for leases, therefore, the Group has not made any significant changes to its leases under which it operates as a lessor.
The effect (increase / (decrease)) of IFRS 16 application on 1/1/2019 was as follows:
| 1/1/2019 | 1/1/2019 | |
|---|---|---|
| Group | Company | |
| Tangible fixed assets | ||
| Rights to Use Land and Buildings | 206,861 | 146,159 |
| Rights of use of means of transport | 306,855 | 213,002 |
| Total non-current assets | 513,716 | 359,160 |
| TOTAL ASSETS | 513,716 | 359,160 |
| Lease liabilities | 253,151 | 149,905 |
| Total short-term liabilities | 253,151 | 149,905 |
| Lease liabilities | 260,564 | 209,255 |
| Total long-term liabilities | 260,564 | 209,255 |
| TOTAL LIABILITIES | 513,716 | 359,160 |
The Group has had no impact on equity since the initial application of IFRS 16.
Until 2018, leases were classified as either an operating or a finance lease in accordance with the requirements of IAS 17. Leases were capitalized at the inception of the lease at the lower of the fair value of the asset and the present value of the minimum leases, each. of which were identified at the commencement of the lease. Each rent was split between the liability and the interest. Operating lease payments were recorded in the Statement of Comprehensive Income throughout the lease. As of 01/01/2019, IFRS 16 removes the lessee's classification of operating leases and finance leases, and all leases considered as assets of the "Financial Statement" by recognizing a "right to use" of assets and a "lease obligation".
At the start of a lease period, the Group recognizes a right to use an asset and a lease obligation by measuring the right to use the asset at cost.
The cost of the right to use an asset includes:
any lease payments made prior to or at the start of the lease period, reduced by the lease incentives received,
the initial direct costs borne by the lessee, and
At the start of the lease term, the Group measures the lease liability at the present value of the lease payments outstanding at that date. When the imputed lease rate is feasible to determine, then lease payments will be discounted using that interest rate. Otherwise, the Group's marginal lending rate is used.
At the lease start date, the lease payments included in the lease liability measurement include the following payments for the right to use the asset during the lease term, if they have not been paid at the lease start date:
(a) fixed payments less any lease payments receivable;
(b) any variable lease payments that depend on the future change in indices or interest rates initially measured using the index or interest rate at the date of the lease term;
(c) the amounts expected to be paid by the Group as residual value guarantees;
(d) the exercise price of the option if it is reasonably certain that the Group will exercise the option; and
(e) the payment of termination penalties if the lease term reflects the exercise of the Group's right to terminate the lease.
After the start date of the lease period, the Group measures the right to use the asset with the cost model.
The Group measures the right to use an asset at cost:
The Group applies the requirements of IAS 16 regarding the amortization of the right to use an asset, which it examines for impairment. The right to use an asset is amortized over the shorter of the useful life of the asset or its lease term, using the straight-line method.
After the start date of the lease period, the Group measures the lease liability as follows:
The financial cost of a lease liability is allocated during the lease period in such a way as to give a fixed periodic rate of interest on the outstanding balance of the liability.
After the effective date of the lease period, the Group recognizes profit or loss (unless costs are included in the carrying amount of another asset for which other relevant Standards are applied) and the following two items:
(a) the financial cost of the lease obligation, and
(b) variable lease payments not included in the measurement of the lease liability during the period in which the event that triggers such payments happened.
After initial recognition, the Group measures the usage rights and depreciates them at a fixed rate throughout the lease term. Accordingly, the Group measures the above lease liabilities and adjusts them based on the recognition of the relevant interest and lease payments.
Fixed assets include the following Right-of-Use Assets through leases according to IFRS 16 leases:
| PLOTS & | MEANS OF | ||
|---|---|---|---|
| BUILDINGS | TRANSPORT | MACHINERY | |
| Rest of period beginning before the | |||
| application of IFRS 16 | 0 | 0 | 2,507,004 |
| Impact of the application of IFRS 16 | 206,861 | 306,855 | 0 |
| Rest of period beginning after the | |||
| application of IFRS 16 | 206,861 | 306,855 | 2,507,004 |
| Additions of period | 11,424 | 83,616 | 872,539 |
| Depreciation of period | -56,824 | -60,436 | -193,542 |
| End of Period balance | 161,460 | 330,035 | 3,186,001 |
| PLOTS & BUILDINGS |
MEANS OF TRANSPORT |
MACHINERY | |
|---|---|---|---|
| Rest of period beginning before the | |||
| application of IFRS 16 | 0 | 0 | 2,507,004 |
| Impact of the application of IFRS 16 | 146,159 | 213,002 | 0 |
| Rest of period beginning after the | |||
| application of IFRS 16 | 146,159 | 213,002 | 2,507,004 |
| Additions of period | 0 | 71,775 | 872,539 |
| Depreciation of period | -28,299 | -39,642 | -193,542 |
| End of Period balance | 117,859 | 245,135 | 3,186,001 |
The Group companies that are included in the consolidated financial statements are:
| NAMES | SEAT | TURNOUT | CONSOLIDATION METHOD |
|---|---|---|---|
| IKTINOS HELLAS SA | Lykovrysis 7, Metamorfosi Attica | Mother | Total Consolidation |
| FIDIAS HELLAS SA | Tinou 12A, Vrilissia Attica | 90.00% | Total Consolidation |
| KALLITECHNOKRATIS LTD | Lykovrysis 7, Metamorfosi Attica | 30.00% | Total Consolidation |
| IKTINOS MARMARON SA | 112 Kifissias Ave.-Marousi | 100.00% | Total Consolidation |
| IDEI SA | 11 Aeschylou and Agioi Anargyroi, Drama |
100.00% | Total Consolidation |
| AEOLIKI MEGA IISOMA SA | Lykovrysis 7, Metamorfosi Attica | 100.00% | Total Consolidation |
| AEOLIKI MAVROLITHAROS SA |
Lykovrysis 7, Metamorfosi Attica | 100.00% | Total Consolidation |
| AEOLIKI LYKOFOLIA SA | Lykovrysis 7, Metamorfosi Attica | 100.00% | Total Consolidation |
| AEOLIKI SYNORA SA | Lykovrysis 7, Metamorfosi Attica | 100.00% | Total Consolidation |
| IKTINOS TECHNICAL AND |
Lykovrysis 7, Metamorfosi Attica | 97.764% | Total Consolidation |
| TOURISTIC SA | |||
| LATIRUS ENTERPRISES Ltd | Florinis 11-Nicosia | 100.00% | Total Consolidation |
The company applies the method of total consolidation of its subsidiary KALLITECHNOCRATIS LTD. because the parent company is in control of the amended IAS 27. The Company has effective and formal management of that subsidiary because: (a) Ms. Ioulia Haida (Vice President of the Board of Directors of
the Parent Company) is a liquidator of KALLITECHNOCRATES LTD (b) its effective operation is carried out with the assistance of the parent's administrative and financial services.
It is noted that on the property at 7 Lykovrisi Street, the company has pledged 6,500,000 euro (first mortgage) to secure the EUR 4,999,986 common bond loan signed with EUROBANK on 22/10/2008 and amended 17 / 10/2016 (balance as at 30/06/2019 277,777 euros), as it has entered into foreclosures of € 5,000,000 (second mortgage) in securing the 7,000,000 euro common bond loan signed with the COMMERCIAL BANK (now ALPHA) BANK) on 17.10.2008 and amended on 31.1.2017 (balance is 30 / EUR 2,088,475 06/2019). There are no notes on the fixed assets of the subsidiaries.
There are no litigation or arbitration disputes that have a significant impact on the financial position or operation of the Group.
The unaudited tax years of the Group companies are as follows:
| NAMES | SEAT | INCOMPATIBLE TAX USES |
|---|---|---|
| IKTINOS HELLAS SA | Lykovrysis 7, Metamorfosi Attica | - |
| FIDIAS HELLAS SA | Tinou 12A, Vrilissia Attica | 2010 UNDER |
| KALLITECHNOKRATIS LTD | Lykovrysis 7, Metamorfosi Attica | LIQUIDATION |
| IKTINOS MARBLE SA | 112 Kifissias Ave.-Marousi 11 Aeschylou and Agioi Anargyroi, |
2015 |
| IDEI SA | Drama | 2010 |
| AEOLIKI MEGA IISOMA SA | Lykovrysis 7, Metamorfosi Attica | 2014/-2018 |
| AEOLIKI MAVROLITHARO SA |
Lykovrysis 7, Metamorfosi Attica | 2011-2012 & 2014- 2018 |
| AEOLIKI LYKOFOLIA SA | Lykovrysis 7, Metamorfosi Attica | 2011-2012 & 2014- 2018 |
| AEOLIKI SYNORA SA | Lykovrysis 7, Metamorfosi Attica | 2014/-2018 |
| IKTINOS TECHNICAL AND TOURISTIC SA |
Lykovrysis 7, Metamorfosi Attica | 2010/-2018 |
| LATIRUS Ltd | Florinis 11-Nicosia | 2006/-2018 |
For the unaudited tax years listed in the table above, additional taxes and surcharges may be imposed at the time they are examined and finalized by the competent authorities. The Group estimates that any liabilities that are expected to arise from the audit of past years will not have a significant impact on the Group's financial figures.
For the years 2011-2013, Greek Societes Anonymes, whose annual financial statements are compulsorily audited, is required to obtain an "Annual Certificate" provided for in paragraph 5 of article 82 of Law 2238/1994, which is issued after tax audit. conducted by the same statutory auditor or audit firm that audits the annual financial statements. From 2014 onwards, the aforementioned Greek Societe Anonyme, except that pursuant to POL.1124 / 2015 are excluded from the annual certificate by statutory auditors provided by the provisions of article 65A of Law 4174/2013, as well as gross income. each of them do not exceed the amount of one hundred and fifty thousand euros per year, are required to obtain an "Annual Certificate" provided by the provisions of article 65A par.1 of Law 4174/2013. The result of the above audits results in the issuance of a tax certificate, which, if the relevant conditions are met, replaces the audit by the public authority, but retains the right of subsequent audit without terminating its tax liabilities for the financial year in question. Since 2016 with recent relevant legislation, this audit has now become optional. The Group has chosen to continue to receive the Annual Certificate for companies that meet the criteria of POL 1124/2015.
For fiscal year 2087, the tax audit for the issuance of a "Tax Compliance Report" for the Company and its subsidiaries IKTINOS MARMARON SA, FIDIAS HELLAS SA and IDEI SA is already underway, while no significant tax liabilities are expected to arise beyond those recorded and reflected in the financial statements.
The Group's and the Company's provisions are analyzed as follows:
| THE GROUP | THE COMPANY | |
|---|---|---|
| Provisions | Provisions | |
| Balances as of January 1, 2018 | 142,701 | 110,882 |
| Additional period provisions: | ||
| Tax on unaudited uses | ||
| Aeolian farm restoration costs | 1,591 | |
| Quarry resroration costs | 6,653 | 6,653 |
| Provisions recognized in fixed assets | 102,988 | 102,988 |
| Balances as of December 31, 2018 | 253,934 | 220,523 |
| Additional period provisions: | ||
| Tax on unaudited uses | ||
| Aeolian farm restoration costs | 835 | |
| Quarry restoration costs | 5,689 | 5,689 |
| Balances as of June 30, 2019 | 260,458 | 226,212 |
A business segment is a set of assets and activities that provide products and services that are subject to risks and returns that are different from those of other business segments.
A geographical area is defined as a geographic area in which products and services are provided and subject to different risks and returns from other areas.
The Group is active in the exploitation of marble quarries (Marble mining and trading), in the field of Aeolian energy, as well as in Real Estate. Geographically, the Group operates in the Greek Territory, in the Eurozone and in other countries.
The results for each sector for the period 1 January to 30 June 2019 and respectively for the period 1 January to 30 June 2018 were as follows:
| THE GROUP | ||||
|---|---|---|---|---|
| 1/1 - 30/6/2019 | Marbles | Aeolian Energy |
REAL ESTATE |
Grand total |
| Total gross sales / sector | 22,767,709 | 1,193,801 | 0 | 23,961,510 |
| Intra-group sales / sector | (714,769) | 0 | 0 | (714,769) |
| Net Sales by Sector | 22,052,940 | 1,193,801 | 0 | 23,246,741 |
| Cost of Sold | (12,537,498) | (1,319,715) | 0 | (13,857,213) |
| Mixed results | 9,515,442 | (125,914) | 0 | 9,389,528 |
| Operational results | (5,538,055) | 237,098 | (18,799) | (5,319,757) |
| Financial results | (839,568) | (90,474) | (998) | (931,040) |
| Investment Financing Results | 0 | 0 | 0 | 0 |
| Profit before tax | 3,137,818 | 20,710 | (19,797) | 3,138,731 |
| Income tax | (905,075) | (202,798) | (5,355) | (1,113,228) |
| Net profit / (loss) | 2,232,743 | -182,088 | (25,152) | 2,025,503 |
| Depreciation | 1,271,407 | 709,135 | 0 | 1,980,542 |
| Operational Results before Taxes, Finance, Investment Results and Depreciation (EBITDA) |
5,248,794 | 820,319 | (18,799) | 6,050,313 |
| THE GROUP | ||||
|---|---|---|---|---|
| 1/1 - 30/6/2018 | Marbles | Aeolian Energy |
REAL ESTATE |
Grand total |
| Total gross sales / sector | 32,119,665 | 1,001,049 | 0 | 33,120,714 |
| Intra-group sales / sector | -1,044,287 | 0 | 0 | -1,044,287 |
| Net Sales by Sector | 31,075,378 | 1,001,049 | 0 | 32,076,428 |
| Cost of Sold | -13,871,628 | -1,292,152 | 0 | -15,163,780 |
| Mixed results | 17,203,750 | -291,102 | 0 | 16,912,648 |
| Operational results | -5,995,123 | 227,936 | -24,212 | -5,791,399 |
| Financial results | -571,020 | -151,512 | 0 | -722,533 |
| Investment Financing Results | 0 | 0 | 3,459,780 | 3,459,780 |
| Profit before tax | 10,637,607 | -214,678 | 3,435,568 | 13,858,496 |
| Income tax | -3,061,227 | -212,136 | 0 | -3,273,363 |
| Net profit / (loss) | 7,576,379 | -426,814 | 3,435,568 | 10,585,133 |
| Depreciation | 709,640 | 679,804 | 0 | 1,389,444 |
| Operational Results before Taxes, Finance, Investment Results and Depreciation (EBITDA) |
11,918,267 | 616,638 | -24,212 | 12,510,693 |
The assets and liabilities for each segment as of 30 June 2019 and 31 December 2018, respectively, were as follows:
| THE GROUP | |||||
|---|---|---|---|---|---|
| 1/1 - 30/6/2019 | Marbles | Aeolian Energy |
REAL ESTATE |
Grand total | |
| Assets of Sector | 70,956,946 | 23,563,727 | 29,214,479 | 123,735,152 | |
| Consolidated Assets | 70,956,946 | 23,563,727 | 29,214,479 | 123,735,152 | |
| Sector Liabilities | 62,050,999 | 12,320,189 | 4,347,893 | 78,719,080 | |
| Consolidated Liabilities | 62,050,999 | 12,320,189 | 4,347,893 | 78,719,080 | |
| 1/1 - 31/12/2018 | Marbles | Aeolian Energy |
REAL ESTATE |
Grand total | |
| Assets of Sector | 64,463,908 | 24,654,142 | 29,199,938 | 118,317,988 | |
| Consolidated Assets | 64,463,908 | 24,654,142 | 29,199,938 | 118,317,988 | |
| Sector Liabilities | 53,402,583 | 13,120,446 | 4,535,748 | 71,058,777 | |
| Consolidated Liabilities | 53,402,583 | 13,120,446 | 4,535,748 | 71,058,777 |
The Group's headquarters and areas of activity are Greece, Eurozone and Asian countries and third countries.
The Group's sales by geographical segment are analyzed as follows:
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| SALES | 1/1 - 30/6/2019 |
1/1 - 30/6/2018 |
1/1 - 30/6/2019 |
1/1 - 30/6/2018 |
| Eurozone | 2,223,676 | 2,653,196 | 1,983,725 | 1,878,017 |
| Other European countries | 807,445 | 1,335,014 | 807,445 | 1,335,014 |
| Asia | 13,598,370 | 19,617,393 | 13,598,370 | 19,617,393 |
| America | 2,201,222 | 2,190,476 | 1,955,650 | 2,190,476 |
| Australia | 24,425 | 23,622 | 24,425 | 23,622 |
| Africa | 486,309 | 311,219 | 486,309 | 311,219 |
| Export through third parties | 1,341,533 | 1,734,064 | 1,341,533 | 1,734,064 |
| Greece | 2,563,761 | 4,211,444 | 709,162 | 1,415,475 |
| Total | 23,246,741 | 32,076,428 | 20,906,619 | 28,505,280 |
| THE GROUP | |||||
|---|---|---|---|---|---|
| Plots & Buildings |
Means of transport & machinery |
Furniture and Other Equipment |
Ιmm. property Under execution |
Total | |
| Book value as of 1 January 2018 | 12,985,437 | 28,330,975 | 141,967 | 3 | 41,458,381 |
| Gross book value | 17,818,226 | 56,549,928 | 1,159,941 | 0 | 75,528,096 |
| Accumulated depreciation and impairment | (4,077,129) | (25,611,347) | (965,852) | 3 | (30,654,325) |
| Book value as of 31 December 2018 | 13,741,096 | 30,938,582 | 194,089 | 3 | 44,873,771 |
| Gross book value | 18,542,471 | 58,233,725 | 1,277,151 | 0 | 78,053,348 |
| Accumulated depreciation and impairment | (4,334,238) | (27,356,062) | (993,532) | 3 | (32,683,829) |
| Book value as of 30 June 2019 | 14,208,233 | 30,877,664 | 283,619 | 3 | 45,369,519 |
| Plots & Buildings |
Means of transport & machinery |
Furniture and Other Equipment |
Imm. Property Under execution |
Total | |
|---|---|---|---|---|---|
| Book value as of 1 January 2018 | 12,985,437 | 28,330,975 | 141,967 | 3 | 41,458,381 |
| Additions | 1,153,309 | 5,695,174 | 132,303 | 0 | 6,980,787 |
| Sales – Reductions | 0 | (40,858) | 0 | 0 | (40,858) |
| Depreciation | (397,649) | (3,052,258) | (80,181) | 0 | (3,530,089) |
| Sales - Depreciation and amortization | 0 | 5,550 | 0 | 0 | 5,550 |
| Transport | 0 | 0 | 0 | 0 | 0 |
| Book value as of 31 December 2018 | 13,741,096 | 30,938,582 | 194,089 | 3 | 44,873,771 |
| Impact from the application of IFRS 16 (Note. 4.6.3.3) |
206,861 | 306,855 | 0 | 0 | 513,716 |
| Additions | 517,384 | 2,727,484 | 117,210 | 0 | 3,362,078 |
| Sales – Reductions | 0 | (1,350,542) | 0 | 0 | (1,350,542) |
| Depreciation | (257,109) | (1,784,869) | (27,680) | 0 | (2,069,658) |
| Sales - Depreciation and amortization | 0 | 40,154 | 0 | 0 | 40,154 |
| Transfer | 0 | 0 | 0 | 0 | 0 |
| Book value as of 30 June 2019 | 14,208,233 | 30,877,664 | 283,619 | 3 | 45,369,519 |
| THE COMPANY | |||||
|---|---|---|---|---|---|
| Plots & Buildings |
Means of transport & machinery |
Furniture and Other Equipment |
Imm. Property Under execution |
Total | |
| Book value as of 1 January 2018 | 8,836,180 | 5,766,358 | 121,999 | 3 | 14,724,539 |
| Gross book value | 12,091,974 | 20,443,014 | 1,080,066 | 3 | 33,615,056 |
| Accumulated depreciation and impairment | (2,441,076) | (10,340,266) | (907,339) | 0 | (13,688,681) |
| Book value as of 31 December 2018 | 9,650,898 | 10,102,748 | 172,726 | 3 | 19,926,375 |
| Gross book value | 12,686,103 | 22,005,944 | 1,166,917 | 3 | 35,858,966 |
| Accumulated depreciation and impairment | -2,565,511 | -11,186,033 | -929,707 | 0 | (14,681,252) |
| Book value as of 30 June 2019 | 10,120,592 | 10,819,911 | 237,209 | 3 | 21,177,715 |
| Plots & Buildings |
Means of transport & machinery |
Furniture and Other Equipment |
Imm. Property Under execution |
Total | |
|---|---|---|---|---|---|
| Book value as of 1 January 2018 | 8,836,180 | 5,766,358 | 121,999 | 3 | 14,724,539 |
| Additions | 994,704 | 5,643,343 | 117,435 | 0 | 6,755,482 |
| Sales – Reductions | 0 | (40,858) | 0 | 0 | (40,858) |
| Depreciation | (179,986) | (1,271,645) | (66,707) | 0 | (1,518,337) |
| Sales - Depreciation and amortization | 0 | 5,550 | 0 | 0 | 5,550 |
| Transfer | 0 | 0 | 0 | 0 | |
| Book value as of 31 December 2018 | 9,650,898 | 10,102,748 | 172,726 | 3 | 19,926,375 |
| Impact from the application of IFRS 16 (Note. 4.6.3.3) |
146,159 | 213,002 | 0 | 0 | 359,160 |
| Additions | 447,971 | 2,687,643 | 86,851 | 0 | 3,222,465 |
| Sales – Reductions | 0 | (1,337,715) | 0 | 0 | (1,337,715) |
| Depreciation | (124,435. | (873,093) | (22,368) | 0 | (1,019,897) |
| Sales - Depreciation and amortization | 0 | 27,326 | 0 | 0 | 27,326 |
| Transfer | 0 | 0 | 0 | 0 | 0 |
| Book value as of 30 June 2019 | 10,120,592 | 10,819,911 | 237,209 | 3 | 21,177,714 |
| THE COMPANY | |||||
|---|---|---|---|---|---|
| Software | Rights | Total | |||
| Book value as of 1 January 2018 | 30,401 | 173,177 | 203,578 | ||
| Gross book value | 367,546 | 7,777,578 | 8,145,124 | ||
| Accumulated depreciation and impairment | (342,691) | (638,822) | (981,512) | ||
| Book value as of 31 December 2018 | 24,855 | 7,138,756 | 7,163,611 | ||
| Gross book value | 368,006 | 7,778,144 | 8,146,149 | ||
| Accumulated depreciation and impairment | (348,600) | (830,639) | (1,179,240) | ||
| Book value as of 30 June 2019 | 19,405 | 6,947,504 | 6,966,910 |
| Software | Rights | Total | |
|---|---|---|---|
| Book value as of 1 January 2018 | 30,400 | 173,177 | 203,578 |
| Additions | 7,486 | 7,141,145 | 7,148,631 |
| sales-reductions | 0 | 0 | 0 |
| Depreciation | (13,032) | (175,566) | (188,597) |
| Sales - Depreciation and amortization | 0 | 0 | 0 |
| Transport | 0 | 0 | 0 |
| Book value as of 31 December 2018 | 24,855 | 7,138,757 | 7,163,611 |
| Additions | 0 | 0 | 0 |
| sales-reductions | 460 | 566 | 1,026 |
| Depreciation | 0 | 0 | 0 |
| Sales - Depreciation and amortization | -5,910 | -191,818 | -197,727 |
| Transport | 0 | 0 | 0 |
| Book value as of 30 June 2019 | 0 | 0 | 0 |
| 19,405 | 6,947,505 | 6,966,910 |
| THE GROUP | ||||
|---|---|---|---|---|
| Software | Rights | Other | Total | |
| Book value as of 1 January 2018 | 29,984 | 262,114 | 214,309 | 506,407 |
| Gross book value | 371,907 | 8,123,113 | 444,455 | 8,939,475 |
| Accumulated depreciation and impairment | (347,470) | (895,419) | (257,946) | (1,500,835) |
| Book value as of 31 December 2018 | 24,437 | 7,227,694 | 186,509 | 7,438,640 |
| Gross book value | 372,367 | 8,123,679 | 444,455 | 8,940,501 |
| Accumulated depreciation and impairment | (353,380) | (1,087,236) | (271,702) | (1,712,318) |
| Book value as of 30 June 2019 | 18,988 | 7,036,443 | 172,753 | 7,228,183 |
| Software | Rights | Other | Total | |
|---|---|---|---|---|
| Book value as of 1 January 2018 | 29,984 | 262,114 | 214,309 | 506,407 |
| Additions | 10,480 | 7,141,145 | 0 | 7,151,625 |
| sales-reductions | 0 | 0 | 0 | 0 |
| Depreciation | (16,026) | (175,566) | (27,800) | (219,392) |
| Transport | 0 | 0 | 0 | 0 |
| Book value as of 31 December 2018 | 24,438 | 7,227,693 | 186,509 | 7,438,640 |
| Additions | 460 | 566 | 0 | 1,026 |
| sales-reductions | 0 | 0 | 0 | 0 |
| Depreciation | (5,910) | (191,818) | (13,756) | (211,483) |
| Transport | 0 | |||
| Book value as of June 30, 2019 | 18,988 | 7,036,442 | 172,753 | 7,228,183 |
Investments in subsidiaries are analyzed below:
| FIDIAS SA (90.00% participation) |
KALLITECHNOKRATIS LTD (Participation 30,00%) |
IDEI SA (100% participation) |
IKTINOS MARMARON SA (100% participation) |
LATIRUS (Participation 97.85%) |
total | |
|---|---|---|---|---|---|---|
| Acquisition value 31/12/2018 |
864,742 | 11,005 | 12,251,500 | 1,786,028 | 15,515,908 | 30,429,184 |
| Participation purchase Increase in share capital |
1,800,000 | 0 1,800,000 |
||||
| Acquisition value 30/6/2019 |
864,742 | 11,005 | 14,051,500 | 1,786,028 | 15,515,908 | 32,229,184 |
On 10/4/2019, the share capital increase as of 30/06/2015 of the subsidiary IDEI SA was registered in GEMI. The company had participated in this share capital increase as per its participation percentage (100%) with a capitalization of receivables.
The company with the Annual Ordinary General Meeting of the Company's shareholders, held on 26.6.2019, decided to reduce the nominal value of the share from forty cents (0.40) to ten cents (0.10) by simultaneous increase of the total number of shares from 28,580,100 to 114,320,400 ordinary shares and the issue of 85,740,300 new shares.
The aforementioned 85,740,300 shares were distributed free of charge to the shareholders of the company with the replacement ratio of four (4) new ordinary shares for each one (1) old registered share. By the decision of the Company, the following were defined:
a) The date of termination of the right to participate in the split of shares was set on 05/08/2019.
b) From the same date, the Company's shares were traded on the Athens Stock Exchange at the new par value, namely, Euro 0.10 per share, without the right to participate in such distribution of free shares, and the starting price of the Company's shares. The Athens Stock Exchange was formed in accordance with the Athens Stock Exchange Regulation in conjunction with the decision No. 26 of the Board of Directors of the Athens Exchange, as in force.
c) The beneficiaries of the aforementioned corporate transaction were the Company's shareholders who were registered in the Intangible Securities System (ISS) archives on 06/08/2019.
The trading of the new shares on the Athens Exchange was scheduled for 08/08/2019. As of the same date the above shares were credited to the DSS shares and securities accounts.
(For a detailed analysis, see Board Report, Note B.1.3)
The Group's and the Company's loan liabilities are analyzed as follows:
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 30/6/2019 | 31/12/2018 | 30/6/2019 | 31/12/2018 | |
| Long term lending | ||||
| Bank loan | 17,921,569 | 19,304,533 | 15,029,900 | 15,834,531 |
| Lease liabilities | 1,509,096 | 779,168 | 1,449,534 | 779,168 |
| Long term loans | 19,430,665 | 20,083,701 | 16,479,434 | 16,613,699 |
| Long-term Obligations paid in Next Use |
2,025,730 | 1,786,475 | 1,474,739 | 1,124,816 |
| Short term loans | ||||
| Bank loan | 15,472,266 | 12,612,770 | 15,292,371 | 12,343,371 |
| Lease liabilities | 949,448 | 534,461 | 879,529 | 534,461 |
| Total short-term loans | 16,421,714 | 13,147,231 | 16,171,900 | 12,877,832 |
| Loans total | 37,878,109 | 35,017,407 | 34,126,073 | 30,616,346 |
The expiration dates of all loans are as follows:
| THE COMPANY | ||||
|---|---|---|---|---|
| Up to 1 year | Between 1 and 5 years |
Over 5 years | ||
| 31 December 2018 | ||||
| Total Loans | 13,468,187 | 9,994,531 | 5,840,000 | 29,302,718 |
| Total leases | 534,461 | 779,168 | 0 | 1,313,629 |
| 30 June 2019 | ||||
| Total Loans | 16,767,110 | 9,709,900 | 5,320,000 | 31,797,010 |
| Total leases | 879,529 | 1,439,090 | 10,444 | 2,329,063 |
| THE GROUP | ||||
|---|---|---|---|---|
| Up to 1 year | Between 1 and 5 years |
Over 5 years | Total | |
| 31 December 2018 | ||||
| Total Loans | 14,399,245 | 13,464,533 | 5,840,000 | 33,703,778 |
| Total leases | 534,461 | 779,168 | 0 | 1,313,629 |
| 30 June 2019 | ||||
| Total Loans | 17,497,997 | 12,601,569 | 5,320,000 | 35,419,566 |
| Total leases | 949,448 | 1,498,652 | 10,444 | 2,458,543 |
The sales of the Group and the Company are analyzed as follows
| THE GROUP | THE COMPANY | ||||
|---|---|---|---|---|---|
| 1/1 - 30/6/2019 |
1/1 - 30/6/2018 |
1/1 - 30/6/2019 |
1/1 - 30/6/2018 |
||
| Merchandise | 926,419 | 1,742,460 | 10,849 | 337,241 | |
| Products | 8,492,862 | 8,405,838 | 8,186,564 | 7,258,507 | |
| Raw Materials | 12,068,267 | 20,098,288 | 12,102,933 | 20,098,288 | |
| Services | 419,345 | 598,913 | 484,081 | 603,960 | |
| Aeolian Energy | 1,193,801 | 1,001,049 | 0 | 0 | |
| Other | 146,046 | 229,879 | 122,193 | 207,284 | |
| TOTAL | 23,246,741 | 32,076,428 | 20,906,619 | 28,505,280 |
| GROUP | COMPANY | |||
|---|---|---|---|---|
| 30/6/2019 | 30/6/2018 | 30/6/2019 | 30/6/2018 | |
| Period tax | 919,305 | 3,247,189 | 886,670 | 3,238,431 |
| Deferred income tax expense / (income) | 188,183 | 26,174 | -11,344 | -180,093 |
| Other taxes not included in operating costs | 5,740 | 0 | 350 | 0 |
| Total | 1,113,228 | 3,273,363 | 875,676 | 3,058,338 |
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 30/6/2019 | 30/6/2018 | 30/6/2019 | 30/6/2018 | |
| Number of Shares | 28,580,100 | 28,580,100 | 28,580,100 | 28,580,100 |
| Minus: Number of Parent Own Shares | (122,479) | -113,979 | (122,479) | -113,979 |
| Total shares | 28,457,621 | 28,466,121 | 28,457,621 | 28,466,121 |
| Earnings attributable to the shareholders of the parent |
2,024,101 | 10,575,984 | 2,336,033 | 7,017,485 |
| Weighted average number of current shares | 28,457,621 | 28,373,764 | 28,457,621 | 28,373,764 |
| Basic profit per share (Euro per share) | 0.0711 | 0.3727 | 0.0821 | 0.2473 |
The fair values of all the Group's and Company's financial products that are disclosed in the financial statements do not differ from their carrying amounts.
The following is an analysis of the Group's and Company's financial assets and liabilities other than cash and cash equivalents:
| Financial assets | Debt instruments valued at amortized cost |
Equity instruments valued at fair value through the results |
Total |
|---|---|---|---|
| Customers | 9,581,957 | 0 | 9,581,957 |
| Other receivables and advances | 9,037,780 | 0 | 9,037,780 |
| Listed other financial information | 0 | 40,564 | 40,564 |
| Total | 18,619,736 | 40,564 | 18,660,301 |
| Long-term | 58,871 | 0 | 58,871 |
| Short-term | 18,560,865 | 40,564 | 18,601,429 |
| Total | 18,619,736 | 40,564 | 18,660,301 |
| Financial assets | Debt instruments valued at amortized cost |
Equity instruments valued at fair value through profit or loss |
Total |
|---|---|---|---|
| Customers | 7,261,978 | 0 | 7,261,978 |
| Other receivables and advances | 7,199,664 | 0 | 7,199,664 |
| Listed other financial information | 0 | 18,528 | 18,528 |
| Total | 14,461,643 | 18,528 | 14,480,170 |
| Long-term | 58,781 | 0 | 58,781 |
| Short-term | 14,402,861 | 18,528 | 14,421,389 |
| Total | 14,461,643 | 18,528 | 14,480,170 |
| Financial liabilities | Financial liabilities carried at amortized cost |
Financial liabilities carried at fair value through results |
Total |
|---|---|---|---|
| Suppliers | 9,702,269 | 0 | 9,702,269 |
| Other liabilities | 9,201,662 | 0 | 9,201,662 |
| Borrowing and leasing | 37,878,109 | 0 | 37,878,109 |
| Total | 56,782,040 | 0 | 56,782,040 |
| Long-term | 19,430,665 | 0 | 19,430,665 |
| Short-term | 37,351,375 | 0 | 37,351,375 |
| Total | 56,782,040 | 0 | 56,782,040 |
| Financial liabilities | Financial liabilities carried at amortized cost |
Financial liabilities carried at fair value through results |
Total |
|---|---|---|---|
| Suppliers | 10,694,287 | 0 | 10,694,287 |
| Other liabilities | 4,139,736 | 0 | 4,139,736 |
| Borrowing and leasing | 35,017,407 | 0 | 35,017,407 |
| Total | 49,851,430 | 0 | 49,851,430 |
| Long-term | 20,083,701 | 0 | 20,083,701 |
| Short-term | 29,767,729 | 0 | 29,767,729 |
| Total | 49,851,430 | 0 | 49,851,430 |
| Financial assets | Debt instruments valued at amortized cost |
Equity instruments valued at fair value through results |
Total |
|---|---|---|---|
| Customers | 10,390,052 | 0 | 10,390,052 |
| Other receivables and advances | 8,208,908 | 0 | 8,208,908 |
| Listed other financial information | 0 | 40,564 | 40,564 |
| Total | 18,598,960 | 40,564 | 18,639,525 |
| Long-term | 34,846 | 0 | 34,846 |
| Short-term | 18,564,114 | 40,564 | 18,604,678 |
| Total | 18,598,960 | 40,564 | 18,639,525 |
| Financial assets | Debt instruments valued at amortized cost |
Equity instruments valued at fair value through results |
Total |
|---|---|---|---|
| Customers | 7,364,905 | 0 | 7,364,905 |
| Other receivables and advances | 8,343,348 | 0 | 8,343,348 |
| Listed other financial information | 0 | 18,528 | 18,528 |
| Total | 15,708,254 | 18,528 | 15,726,781 |
| Long-term | 34,764 | 0 | 34,764 |
| Short-term | 15,673,490 | 18,528 | 15,692,017 |
| Total | 15,708,254 | 18,528 | 15,726,781 |
| Financial liabilities | Financial liabilities carried at amortized cost |
Financial liabilities carried at fair value through results |
Total |
|---|---|---|---|
| Suppliers | 8,592,698 | 0 | 8,592,698 |
| Other liabilities | 9,723,451 | 0 | 9,723,451 |
| Borrowing and leasing | 34,126,073 | 0 | 34,126,073 |
| Total | 52,442,222 | 0 | 52,442,222 |
| Long-term | 16,479,434 | 0 | 16,479,434 |
| Short-term | 35,962,788 | 0 | 35,962,788 |
| Total | 52,442,222 | 0 | 52,442,222 |
|---|---|---|---|
| THE COMPANY 31/12/2018 |
|||
| Financial liabilities | Financial liabilities carried at amortized cost |
Financial liabilities carried at fair value through results |
Total |
| Suppliers | 9,505,682 | 0 | 9,505,682 |
| Other liabilities | 4,490,281 | 0 | 4,490,281 |
| Borrowing and leasing | 30,616,346 | 0 | 30,616,346 |
| Total | 44,612,310 | 0 | 44,612,310 |
| Long-term | 16,613,699 | 0 | 16,613,699 |
| Short-term | 27,998,611 | 0 | 27,998,611 |
| Total | 44,612,310 | 0 | 44,612,310 |
The Group uses the following hierarchy to determine and disclose the fair value of financial instruments by valuation technique:
Level 1: negotiable prices in active markets for similar assets or liabilities
Level 2: valuation techniques for which all inputs that have a significant effect on the recorded fair value are observable either directly or indirectly.
Level 3: techniques using inputs that have a significant effect on the recorded fair value and are not based on observable market data
The following tables show the financial assets and liabilities measured at fair value as of 30 June 2019.
| THE GROUP / THE COMPANY | ||||
|---|---|---|---|---|
| Financial instruments at fair value: |
Fair value measurement at the end of the reporting period using: |
|||
| Description | 30/6/2019 Level 1 Level 2 |
|||
| Financial assets are measured at fair value through results |
||||
| - Shares | 40,564 | 40,564 | ||
| Available-for-sale financial assets | ||||
| Totals | 40,564 | 40,564 | 0 |
The objectives of the Group and the Company in relation to the management of capital are as follows:
The Company monitors capital management on the basis of the following index, based on figures as shown in the Statement of Financial Position.
| GROUP | COMPANY | |||
|---|---|---|---|---|
| 30/6/2019 | 31/12/2018 | 30/6/2019 | 31/12/2018 | |
| Loans | 37,878,109 | 35,017,407 | 34,126,073 | 30,616,346 |
| Minus: Cash | (2,082,216) | (1,869,531) | (1,902,386) | (1,643,977) |
| Net Lending | 35,795,893 | 33,147,876 | 32,223,687 | 28,972,369 |
| Total equity | 45,016,072 | 47,259,211 | 41,945,053 | 43,877,661 |
| Total Funds | 45,016,072 | 47,259,211 | 41,945,053 | 43,877,661 |
| Leverage index | 0.7952 | 0.7014 | 0.7682 | 0.6603 |
| Net Lending | ||||||
|---|---|---|---|---|---|---|
| The Group | The Company | |||||
| 30/6/2019 | 31/12/201830/6/2019 | 31/12/2018 | ||||
| Long-term debt obligations | 17,921,569 | 19,304,533 | 15,029,900 | 15,834,531 | ||
| Lease liabilities | 1,509,096 | 779,168 | 1,449,534 | 779,168 | ||
| Short-term debt obligations | 15,472,266 | 12,612,770 | 15,292,371 | 12,343,371 | ||
| Long-term debt obligations payable in the following year | 2,025,730 | 1,786,475 | 1,474,739 | 1,124,816 | ||
| Short-term lease liabilities | 949,448 | 534,461 | 879,529 | 534,461 | ||
| Cash and Cash Equivalents | -2,082,216 | -1,869,531 | -1,902,386 | -1,643,977 | ||
| Net Lending | 35,795,893 | 33,147,876 | 32,223,687 | 28,972,369 |
The Ordinary General Meeting of Shareholders of 26/6/2019 decided to distribute a dividend for the fiscal year 2018 amounting to 0.14935718 euro per share, with the amount of 10% tax deducted from that amount, in accordance with Article 64 of this Law. Law 4603/2019 and therefore the total dividend paid per share will amount to Euro 0.134421462.
According to the applicable law, the dividend corresponding to the 122,479 shares held by the Company increases the dividend of the other shares and therefore the total gross amount per share will amount to 0.15 euro and the net to 0.135 euro per share.
The closing date was Monday July 8, 2019. The dividend holders were the stock holders at the end of the Athens Stock Exchange meeting on Tuesday July 9, 2019 and the dividend payment began on Friday July 12, 2019.
The amounts of the Company's purchases and sales from and to the related parties as defined by IAS 24, cumulatively from the beginning of the current period 1/1 - 30/06/2019 and 1/1 - 30/06/2018 respectively, as well as the balances of receivables and liabilities of the above companies as of 30/06/2019 and 31/12/2018 respectively are analysed as follows:
| GROUP | COMPANY | |||
|---|---|---|---|---|
| 30/6/2019 | 30/6/2018 | 30/6/2019 | 30/6/2018 | |
| Sales of merchandise / services | ||||
| Subsidiaries | 316,371 | 511,762 | ||
| Totals | 316,371 | 511,762 | ||
| Other Income / Expenses | ||||
| Subsidiaries | 36,000 | 36,000 | ||
| Other Related Parties | 0. | 0. | ||
| Totals | 36,000 | 36,000 | ||
| Goods / Services Markets | ||||
| Subsidiaries | 427,264 | 550,030 | ||
| Totals | 427,264 | 550,030 | ||
| 30/6/2019 | 31/12/2018 | 30/6/2019 | 31/12/2018 | |
| Receivables | ||||
| Subsidiaries | 2,502,272 | 3,725,737 | ||
| Other Related Parties | 10,488 | 10,488 | 10,488 | 10,488 |
| Totals | 10,488 | 10,488 | 2,512,760 | 3,736,225 |
| Liabilities Subsidiaries |
638,002 | 528,072 | |
|---|---|---|---|
| Other Related Parties | |||
| Totals | 638,002 | 528,072 |
The above transactions and balances have been eliminated from the consolidated financial statements of the Group.
During the period 01/01-30/06/2019 and the corresponding period 01 / 01-30 / 06/2018 the following benefits were provided to management:
| 30/6/2019 | 30/6/2018 | |
|---|---|---|
| Remuneration to BoD members and other executives |
249,269 | 249,415 |
| Sales to BoD members and other executives | 0 | 374,018 |
| 30/6/2019 | 31/12/2018 | |
| Receivables from BoD members and other executives |
73,367 | 73,827 |
| Liabilitiess of BoD members and other executives | 2,765,175 | 437,788 |
Also, no loans or board fees have been provided for the respective periods.
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 30/6/2019 | 30/6/2018 | 30/6/2019 | 30/6/2018 | |
| Employees | 161 | 156 | 147 | 138 |
| Wage earners | 274 | 259 | 266 | 247 |
| Total | 435 | 415 | 413 | 385 |
On 24/07/2019, the decision of the Board of Directors, Department of Supervision of Listed societes anonymes and Athletic societes anonymes of the Ministry of Economy and Development was published approving the amendment of article 5 of the Company's Articles of Association regarding the reduction of the nominal value of the share from forty cents (0.40) to ten cents (0.10) with a simultaneous increase of the total number of shares from 28,580,100 to 114,320,400 common ordinary shares (split) and the issuance of 85,740,300 new shares.
The Athens Stock Exchange Corporate Actions Committee, at its meeting on 31/7/2019, approved the listing for trading of the new shares of the Company in accordance with the above.
By the decision of the Company, the following were defined:
a) The date of termination of the right to participate in the split of shares was set on 05/08/2019. b) From the same date, the Company's shares were traded on the Athens Stock Exchange at the new nominal value, namely, 0.10 Euro per share, c) Beneficiaries of the aforementioned corporate transaction were the Company's shareholders who were registered in the Dematerialized Securities System (DSS) on 06/08/2019.
The trading of the new shares on the Athens Exchange was scheduled for 08/08/2019. As of the same date the above shares were credited to the shareholders' DSS shares and securities accounts. (see note B.1.3)
Apart from the above there are no other significant events after 30 June 2019 that relate to either the Group or the Company, which are required by IFRS.
THE PRESIDENT OF THE BOD THE VICE-PRESIDENT THE CHIEF FINANCIAL OFFICER & MANAGING DIRECTOR (CEO)
EVANGELOS N. HAIDAS IOULIA HAIDA PERISTERIS KATSIKAKIS ID Card No. ΑΕ 079957 ID Card No. Ξ 371470 License No. OEE 18896 ID Card No.Χ 630853
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