ASSA ABLOY

Annual / Quarterly Financial Statement • Mar 30, 2016

AS COMPANY S.A. COMMERCIAL INDUSTRIAL COMPUTER & TOY COMPANY General Trading Record Number 57546304000 - Company's Number in the Register of Societes Anonymes 22949/06/Β/90/107 - Headquarters: Municipality of Oraiokastro County of Thessaloniki FINANCIAL STATEMENTS INFORMATION January 1st ended December 31st 2015 Published according to the Article 135 of Law 2190/20, for companies preparing annual financial statements, consolidated or not, in accordance with the IFRS The figures presented below provide information about the financial position of AS Company S.A. The reader is reccommended, before entering into any investment activity with the company to access the Company's web site, where the annual financial statements and Certified Auditors Accountant Audit Report are posted.
COMPANY'S INFORMATION DATA			COMPOSITION of the B.O.D.
Supervising Authority	: Ministry of Finance-Societe Anonyme : www.ascompany.gr		ANDREADIS Κ. EFSTRATIOS	: President & CEO of the B.O.D.	Executive Member
Company's web site Approval date from the B.O.D.			ANDREADOU Ε. ANASTASIA ANDREADIS Ε. KONSTANTINOS	: Vice-President of the B.O.D. : Member of the B.O.D.	Executive Member Executive Member
for annual financial statements	: March 28th 2016		IAKOVOU N. PETROS	: Member of the B.O.D.	Independent non-executive Member
Certified Auditor Accountant			:Evangelos N. Pagonis/ Accociation of Certified Auditors 14211 APOSTOLAKOS G. IOANNIS	: Member of the B.O.D.	Independent non-executive Member
Auditing Firm			: BDO Auditor Accountants S.A./ Accociation of Certified Auditors Ε 173 MEXTERIDIS Ι. THEOFILOS	: Member of the B.O.D.	Non-executive Member
Type of Review Opinion : Unqualified
1. BALANCE SHEET Amounts expressed in €			2. STATEMENT OF COMPREHENSIVE INCOME Amounts expressed in €
ASSETS	31.12.2015	31.12.2014		1.1 to	1.1 to
Tangible fixed assets	6.376.241,93	6.753.138,14		31.12.2015	31.12.2014
Intangible fixed assets	8.171,44	6.405,72	Sales Turnover	21.428.803,85	19.244.697,30
Other non-current assets	23.313,66	22.019,66	Gross profit / (loss)	9.874.503,41	9.826.244,74
Inventories	2.922.815,81	3.167.034,66	Profit/(loss) before tax, interest,
Trade debtors	10.736.692,40	8.440.245,03	investing results	2.473.175,55	2.719.780,17
Other current assets	8.497.033,30	8.469.495,99	Profit/(loss) before tax	2.257.768,83	2.588.019,31
TOTAL ASSETS	28.564.268,54	26.858.339,20	Profit/(loss) after tax (Α) - Owners of the parent	1.542.126,20 1.542.126,20	1.867.225,57 1.867.225,57
SHAREHOLDERS' EQUITY AND LIABILITIES			- Minority Shareholders'	0,00	0,00
Paid up share capital Other shareholders' equity	8.925.693,60 12.297.029,69	9.975.775,20 10.754.903,49	Other Profit/(loss) after tax (Β) Total Profit	0,00	0,00
Total Shareholder's Equity (a)	21.222.723,29	20.730.678,69	after tax (Α) + (Β)	1.542.126,20	1.867.225,57
			- Owners of the parent	1.542.126,20	1.867.225,57
Minority Rights (b)	0,00	0,00	-Minority Shareholders'	0,00	0,00
Total Equity (c) = (a) + (b)	21.222.723,29	20.730.678,69	Impact from revised IAS 19	0,00	0,00
			Profit after tax per share in (€)	0,0587	0,0711
Long term liabilities	2.128.180,28	2.375.000,00	Intended dividend per share (in €)	0,0000	0,0000
Provisions / Other long term liabilities Short term borrowing liabilities	702.009,81 247.848,72	717.142,05 258.757,59	Profit/(loss) before tax, interest, investing results and depreciation	2.871.713,58	3.085.317,54
Other short term liabilities	4.263.506,44	2.776.760,87
Total liabilities (d)	7.341.545,25	6.127.660,51
			3. STATEMENT OF CHANGES IN EQUITY
TOTAL SHAREHOLDERS EQUITY & LIABILITIES (c) + (d)	28.564.268,54	26.858.339,20	Amounts expressed in €	31.12.2015	31.12.2014
			Opening balance
4. CASH FLOW STATEMENT			(01.01.2015 & 01.01.2014 accordingly)	20.730.678,69	18.916.632,65
Amounts expressed in €			Impact from revised IAS 19 Year's Profit / (loss)	0,00	-53.179,53
	1.1 to	1.1 to	after taxes	1.542.126,20	1.867.225,57
	31.12.2015	31.12.2014	Dividends	0,00	0,00
Operating activities			Net income towards equity	-1.050.081,60	0,00
Profit before tax	2.257.768,83	2.588.019,31	Year's end equity
Increase / Decrease adjustments for:			(31.12.2015 & 31.12.2014 accordingly)	21.222.723,29	20.730.678,69
Depreciation Previsions	398.538,03 34.184,39	365.537,37 30.933,17
Foreign Exchange Differences	-233.114,18	-293.460,45	5. NOTES
Investing Activities Results (income, expences, profit & loss)	127.619,19	202.114,44
Interest Expense	181.388,30	161.963,65	1.	In the above financial statements the basic accounting principles applied are consistent with those applied for the balance sheet of the previous fiscal year
Increase / Decrease adjustments for working capital:				2014, including the application using the revised International Accounting Standard (IAS) 19.
Decrease/(increase) in inventories	244.218,85	-492.672,60	2.	There were no changes such as, in accounting policies, appreciation, correction in accounting mistakes, changes of entries in financial statements, regarding
Decrease/(increase) in receivables	-3.070.085,32	-312.361,71	last year (taking account of the revised IAS 19).
(Decrease)/increase in current liabilities (excluding borrowings)	1.193.560,79	107.127,82	3. any operation.	There weren't any company proceedings such as take over, sale, merger of other company or branch, secession of branch and reorganization, neither break in
Minus : Interest Paid	-181.388,30	-161.963,65	4.
Income taxes paid	-433.634,28	-755.151,89		There were no changes in the company's fiscal year period, therefore all information presented is comparable.
Total cash flows from operating activities (a)	519.056,30	1.440.085,46	5.	The Company does not prepare consolidated financial statements, the Financial Statements are not included in other consolidated financial statements
			published by other companies.
Investing Activities			6.	There do not exist any types of arbitration or pending litigation matters of the Company that could have a material adverse effect on financial condition or
Subsidiary	0,00	0,00		operation of the Company and therefore there do not exist any corresponding provisions, except of those that are fully analyzed in financial statements. Other provisions have been made which amount to € 1.012.705,48 (please see note 5.7 in financial statement statements).
Purchase of tangible and intangible assets Proceeds from sales of tangible and intangible assets	-108.825,86 0,00	-69.616,22 0,00
Proceeds from sales of securities	-416.043,28	-1.971.069,53	7.	The number of staff employed by the Company was 66 employees as at the end of the reported period and was 69 employees accordingly at the end of the
Interest income	75.421,33	92.323,28	previous respective period.
Dividends income	0,00	0,00	8.	The company applied in previous years the revised IAS 19, updated and in the current period. The modification of the relative accounting policy has occurred
Total cash flows from ivnesting activities (b)	-449.447,81	-1.948.362,47		in accordance with the provisions of IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors". As it is mentioned in the Annual Financial
Financing activities				Statements the transition to the revised IAS 19 has an impact on the obligation of certain benefits due to the recognition of accumulated unrecognized actuarial gains / losses. Provisions for the employees have been made which amount to €381.597,94.
Proceeds from Subsidiary Reduction and refund of share capital	0,00 -1.050.081,60	0,00 0,00
Proceeds from borrowings	0,00	1.750.000,00	9.	For the fiscal year 2015 company's books are subject to Tax Certifcate Compliance Audit by Certified Auditors according to the provisions of Article 65a of Law
Inflow from Government Programs	27.597,02	0,00		4174/2013. This is audit is in progress and the related tax certificate will be issued after the publication of current year financial statements. Upon completion
Borrowings paid	-257.728,59	-1.991.242,41		of this tax audit, the B.O.D. does not anticipate any tax liabilities to arise apart from those recorded and reported in the financial statements (please see note
Payments of leasing liabilities	-58.369,92	-54.725,39		5.9 in financial statement notes). For the open fiscal year 2010, whose audit is in progress, a provision of € 50.000 has been acrrued.
Dividends paid	0,00	0,00
Total cash flows from Financing activities (c)	-1.338.583,09	-295.967,80
Net increase / (Decrease) in cash and cash equivalents (a) + (b) + (c)	-1.268.974,60	-804.244,81	10.	According the paragraph 4 of Article 1 of Law 4334/2015 since the fiscal year 2015 the income tax rate for legal entities increased from 26% to 29% and the advance income tax rate has increased from 80% to 100%. For the prepared financial statements of 31.12.15, the income tax and deferred income tax is
Cash and cash equivalents opening balance	3.829.808,20	4.634.053,01		calculated with the prevailing tax rate of 29%. If the current and deferred tax was calculated using the previous rate of 26%, the amount of current and
Cash and cash equivalents closing balance	2.560.833,60	3.829.808,20		deferred income tax would have amounted to 640 thousand euros (the current tax expense would have been 704 thousand euros and the deferred tax
			worth of the Company would have been higher by 75 thousand euro.	revenue would have been 64 thousand euros for the twelve months period). Profit after taxes would have been increased by 75 thousand euros and the net
Thessaloniki, March 28th 2016			11.	The Annual General Meeting of Company's Shareholders which was held on 05.08.2015 decided to reduce the company's share capital by the amount of €

PRESIDENT & CEO	VICE-PRESIDENT OF THE B.O.D.	FINANCE DIRECTOR	12. the end of the fiscal period which have resulted from transactions from related sectors, such as defined by IAS standard 24 are as follows:	The amounts of sales and purchases from the beginning of the fiscal period and the balance of receivables and liabilities of the Group and the Company at
EFSTRATIOS K. ANDREADIS IDENTITY CARD No ΑΒ 691316	ANASTASIA ANDREADOU IDENTITY CARD No AH 181790	PANAGIOTIS V. PAPASPYROU IDENTITY CARD No ΑΕ 032224 License: 0019079 A' Class	a) Sales of goods and services b) Purchase of goods and services c) Trade debtors d) Liabilities e) Transactions & salaries of managerial staff and the board f) Receivables fron managerial staff and the board g) Liabilities towards managerial staff and the board	0,00 0,00 0,00 0,00 1.018.578,21 0,00 0,00

1.050.081,60 by reducing the nominal value of each share by € 0,04 (from € 0,38 to € 0,34) and refund to the shareholders.