Annual Report • Mar 15, 2016
Annual Report
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of the Financial Year 2015
from 1 January to 31 December 2015
(According to Law 3556/07)
| 1. | STATEMENTS BY MEMBERS OF THE BOARD OF DIRECTORS 4 | |||
|---|---|---|---|---|
| 2. | ANNUAL BOARD OF DIRECTORS' MANAGEMENT REPORT5 | |||
| 2.1 | INTRODUCTION5 | |||
| 2.2 | PERFORMANCE AND FINANCIAL POSITION 5 | |||
| 2.2.1 | Basic financial ratios of the Group's consolidated results 6 | |||
| 2.3 | SIGNIFICANT EVENTS DURING 2015 7 | |||
| 2.4 | MAJOR RISKS AND UNCERTAINTIES FOR 2016 8 | |||
| 2.5 | FUTURE OUTLOOK AND PROSPECTS9 | |||
| 2.6 | RELATED PARTY TRANSACTIONS9 | |||
| 2.7 | DETAILED INFORMATION ACCORDING TO A. 4, PAR.7, L.3556/2007 12 | |||
| 2.8 | TREASURY SHARES 13 | |||
| 2.9 | EVENTS AFTER THE REPORTING PERIOD13 | |||
| 2.10 | CORPORATE GOVERNANCE STATEMENT 13 | |||
| 3. | INDEPENDENT AUDITOR'S REPORT 20 | |||
| 4. | ANNUAL FINANCIAL STATEMENTS 22 | |||
| 4.1 | STATEMENT OF FINANCIAL POSITION 23 | |||
| 4.2 | STATEMENT OF COMPREHENSIVE INCOME24 | |||
| 4.3 | STATEMENT OF CHANGES IN GROUP'S EQUITY FOR THE PERIOD26 | |||
| 4.4 | STATEMENT OF CHANGES IN COMPANY'S EQUITY FOR THE PERIOD27 | |||
| 4.5 | STATEMENT OF CASH FLOWS 28 | |||
| 4.6 | NOTES ON THE ANNUAL FINANCIAL STATEMENTS29 | |||
| 4.6.1 | The Company 29 | |||
| 4.6.2 | Group Structure 29 | |||
| 4.7 | BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS 31 | |||
| 4.7.1 | Compliance with IFRS 31 | |||
| 4.7.2 | Basis for the preparation of the financial statements31 | |||
| 4.7.3 | Approval of financial statements 31 | |||
| 4.7.4 4.7.5 |
Covered period31 Presentation of the financial statements31 |
|||
| 4.7.6 | Significant judgments and estimations by Management31 | |||
| 4.7.7 | New standards, interpretations, and amendments to existing standards32 | |||
| 4.8 | BASIC ACCOUNTING PRINCIPLES35 | |||
| 4.8.1 | Consolidation 35 | |||
| 4.8.2 | Foreign currency translation 36 | |||
| 4.8.3 | Financial information by segment36 | |||
| 4.8.4 | Goodwill 37 | |||
| 4.8.5 | Intangible assets37 | |||
| 4.8.6 | Tangible assets37 | |||
| 4.8.7 | Investments in Property 38 | |||
| 4.8.8 | Impairment of non financial assets38 | |||
| 4.8.9 | Inventories 38 | |||
| 4.8.10 | Financial instruments38 | |||
| 4.8.11 | Recognition and measurement39 | |||
| 4.8.12 | Impairment of financial assets39 | |||
| 4.8.13 | Trade receivables 40 | |||
| 4.8.14 | Cash & cash equivalents40 | |||
| 4.8.15 | Share capital40 | ||
|---|---|---|---|
| 4.8.16 | Loans 40 | ||
| 4.8.17 | Leases40 | ||
| 4.8.18 | Employee benefits40 | ||
| 4.8.19 | Recognition of income and expenses41 | ||
| 4.8.20 | Government grants42 | ||
| 4.8.21 | Contingent Liabilities and Provisions 42 | ||
| 4.8.22 | Dividend distribution42 | ||
| 4.8.23 | Current and deferred taxation 42 | ||
| 4.8.24 | Noncurrent assets held for sale and discontinued operations 42 | ||
| 4.9 | FINANCIAL RISK MANAGEMENT 43 | ||
| 4.9.1 | Capital Management43 | ||
| 4.9.2 | Financial Instruments43 | ||
| 4.9.3 | Definition of fair values44 | ||
| 4.9.4 | Foreign exchange risk45 | ||
| 4.9.5 | Interest Rate Risk 45 | ||
| 4.9.6 | Credit Risk46 | ||
| 4.9.7 | Liquidity risk 46 | ||
| 4.9.8 | Raw material price risk47 | ||
| 4.10 | EXPLANATORY NOTES ON THE FINANCIAL STATEMENTS 47 | ||
| 4.10.1 | Segment reporting 47 | ||
| 4.10.2 | Goodwill 49 | ||
| 4.10.3 | Inventories 50 | ||
| 4.10.4 | Trade and other receivables50 | ||
| 4.10.5 | Cash & cash equivalents51 | ||
| 4.10.6 | Financial assets at fair value through profit and loss51 | ||
| 4.10.7 | Trade and other liabilities 52 | ||
| 4.10.8 | Provisions and other long-term liabilities 53 | ||
| 4.10.9 | Loans 53 | ||
| 4.10.10 Income Tax 54 | |||
| 4.10.11 Deferred taxes55 | |||
| 4.10.12 Employee benefits57 | |||
| 4.10.13 Expenses per category 57 | |||
| 4.10.14 Share capital58 | |||
| 4.10.15 Treasury shares 58 | |||
| 4.10.16 Table of changes in fixed assets59 | |||
| 4.10.17 Number of Employees64 | |||
| 4.10.18 Provisions for post-employment employee benefits64 | |||
| 4.10.19 Legal Cases 65 | |||
| 4.10.20 Events after the reporting period65 | |||
| 4.10.21 Intra-Group Transactions 66 | |||
| 4.10.22 Business Unit and Geographical Analysis70 | |||
| 5. | DATA AND INFORMATION73 | ||
| 6. | INFORMATION a.10 L.3401/2005 74 | ||
| 7. | ONLINE ACCESS TO THE ANNUAL FINANCIAL REPORT 75 | ||
It is hereby declared that to our knowledge, the annual parent and consolidated financial statements of the company "GR. SARANTIS S.A." for the financial year 2015 (from 1 January 2015 to 31 December 2015), which were prepared according to the applicable International Financial Reporting Standards, accurately present the assets and liabilities, equity and results of the Company Gr. Sarantis SA as well as those of the companies included in the consolidation, considered as a whole.
Furthermore, we declare that to our knowledge, the annual report of the Board of Directors reflects in a true manner the development, performance and financial position of "GR. SARANTIS S.A.", and of the businesses included in the Group consolidation, considered as a whole, including the description of the principal risks and uncertainties faced.
| THE CHAIRMAN OF THE BOARD | THE VICE-CHAIRMAN & CHIEF EXECUTIVE OFFICER |
THE FINANCE DIRECTOR & BOARD MEMBER |
|---|---|---|
| GRIGORIS SARANTIS | KYRIAKOS SARANTIS | KONSTANTINOS ROZAKEAS |
| ID No. Χ 080619/03 | ID No. ΑΙ 597050/2010 | ID No. ΑΚ 783631/13 |
The present Annual Report by the Board of Directors which follows (hereinafter the "Report") refers to the financial period 01.01.2015-31.12.2015. This Report was prepared and is in line with the relevant stipulations of law 3556/2007 (Government Gazette 91A/30.04.2007) and the relevant executive decisions issued by the Hellenic Capital Market Commission, as well as Decision no 7/448/11.10.2007 issued by the Board of Directors of Hellenic Capital Market Commission.
The Report is included in the 2015 annual financial report, together with the Company's financial statements and other information and statements required by law.
The present report briefly presents the Company's financial information for financial year 2015, significant events that occurred during the year and their effects on the financial statements. The report also includes a description of the basic risks and uncertainties the Group's companies may face and finally, significant transactions between the issuer and its related parties are also presented.
The Group's consolidated turnover amounted to €278.76 mil. from €248.44 mil. in FY 2014, up by 12.21%, supported by growth across the Group's territory, driven by both organic growth as well as recent additions in the product portfolio. The foreign markets exhibited an increase of 10.46% and the Greek market, despite the negative economic environment, was up by 15.33% in 2015, performing significantly better than the market.
The Group's Gross Profit stood at €132.50 mil. during FY 2015 from €120.62 last year. The Group's Gross Profit margin during FY 2015 stood at 47.53% from 48.55% last year. The decrease in the Gross profit margin is a result of more intense trade allowances given to the clients and indirectly to the consumers, as part of the Group's effort to increase its market shares and defend its competitive positioning in the market.
Nevertheless, the Group's increased sales combined with the efficient management of operational expenses lead to higher than expected profitability.
Specifically:
EBITDA was up by 16.07% to € 29.77 mil. from €25.64 mil, with an EBITDA margin of 10.68% from 10.32% in FY 2014.
EBIT reached € 26.04 mil. increased by 18.12% versus €22.05 mil. and EBIT margin rose at 9.34% from 8.87% in FY 2014.
EBT settled at €24.16 mil. from €21.49 mil. in FY 2014 up by 12.44% with the EBT margin reaching 8.67% from 8.65% in last year.
Net Profit increased by 15.39% to €19.78 mil. from €17.14 mil. in the previous year, while Net Profit margin reached 7.10% from 6.90% in FY 2014.
EPS settled at €0.5689 from €0.4930 in FY 2014.
The FY 2015 Sarantis Group consolidated results refer to the Continued Activities of the Group, as during Q4 of 2015 GR.SARANTIS S.A. participation in its subsidiary SARANTIS ANADOL S.A. was written off. Moreover, the FY 2014 financial results presented herein refer to the Total Activities of the Group, including the Continued and
Discontinued Activities. Further information on both the Continued and Discontinued Activities is presented in the 2015 Annual Financial Report of the Group.
As fas as the analysis by business unit is concerned, Cosmetics sales were up by 21.66% yoy to €134.48 mil. in FY 2015 from €110.53 mil. in FY 2014, predominantly supported by the new additions in the Group's own brand portfolio NOXZEMA (acquisition in Greece) and ASTRID (acquisition in Czech Republic) as well as by new product launches in the distributed brands subcategory. Cosmetics participation to total Group turnover at 48.24%.
Sales of Household Products increased by 4.51% amounting to € 113.61 million from €108.71 million in the previous year, supported by growth in the own brands subcategory, which was partly attributed to the addition of AVA (acquisition in Greece). The category's participation to total Group turnover amounted to 40.76%.
The category of Other Sales increased by 5.07% driven by both the subcategories of Health & Care products and Luxury Cosmetics.
Regarding operating earnings, Cosmetics EBIT increased by 38.98% in FY 2015 to €8.12 million from €5.92 million in the previous year, driven by the own Cosmetics subcategory EBIT that was up by 26.90% to € 7.23 million from € 5.70 million in last year. The margin of Cosmetics increased at 6.12% in FY 2015 from 5.36% in the previous year.
The EBIT of Household Products posted an increase of 1.71% during FY 2015 to €9.24 million from €9.09 million in FY 2014, driven by the own brands performance. The EBIT margin of the household products stood at 8.14% during FY 2015 from 8.36% in FY 2014 and their participation to total Group EBIT settled at 35.50% in FY 2015.
The income from Associated Companies includes income of €-0.10 mil. from the company Thrace Sarantis.
In terms of geographical background, despite the turbulent macroeconomic environment, Greece, exhibited a sales increase of 15.33% performing better than the total retail market. Greek sales were supported further by the recent acquisitions of Noxzema and AVA.
Τhe foreign markets of the Group showed a turnover increase of 10.46% yoy to €176.20 million from €159.51 mil in FY 2014. The foreign countries presented an average sales growth in local currencies by 10.67%, while the average effect of the currencies devaluation was 0.21%.
The Greek EBIT during FY 2015 increased by 23.12% to €15.56 mil., from €12.64 mil. in FY 2014.
Excluding the income from Associated companies, Greek EBIT during FY 2015 amounted to €9.46 mil. increased by 22.89% compared to €7.70 mil. last year.
Greek EBIT margin, excluding income from Associated Companies, stood at 9.23% during FY 2015 from 8.66% in FY 2014.
The foreign countries posted an increase in EBIT of 11.41% during FY 2015, amounting to €10.48 mil., from 9.41 mil. The foreign countries EBIT margin rose at 5.95% from 5.90% in the previous year
The table below outlines some basic financial ratios regarding the Group's financial performance during FY 2015 compared to FY 2014.
| 12M 2015 | 12M 2014 | |
|---|---|---|
| Gross Profit Margin | 47.53% | 48,55% |
| EBIT Margin | 9.34% | 8,87% |
| Net Profit Margin | 7.10% | 6,90% |
| Operating Working Capital | 79.21 | 70,75 |
| Operating Working Capital over Sales | 28.42% | 28,48% |
| Total Bank Debt | 34.16 | 17,00 |
| Net Debt | -7.20 | -9,58 |
| Net Debt / EBITDA | -0.24x | -0,37x |
| Debt/Equity | 20.40% | 10,65% |
| Non Current Liabilities to Total | 13.82% | 1,55% |
| Current Liabilities to Total | 23.24% | 29,26% |
The Group's Gross Profit margin during FY 2015 stood at 47.53% from 48.55% last year. The decrease in the Gross profit margin is a result of more intense trade allowances given to the clients and indirectly to the consumers, as part of the Group's effort to increase its market shares and defend its competitive positioning in the market.
Nevertheless, the Group's increased sales combined with the efficient management of operational expenses lead to higher profitability and improvement of profitability margins.
In particular, EBIT margin reached 9.34% compared to 8.87% last year and Net Profit margins increased to 7.10% from 6.90% in 2014.
the Group's operating working capital settled at €79.21 mil. in FY 2015 compared to €70.75 mil. in FY 2014, while operating working capital requirements over sales settled at 28.42% in FY 2015 versus 28.48% in FY 2014, a fact that highlights the efficient working capital management in terms of both inventory management and tight credit control despite the new businesses added in the Group
The Group holds bank debt of €34.16 mil. and has managed to maintain its net cash position to €7.20 mil. despite having paid a dividend for FY 2014 of approximately €5.15 mil. and having completed two acquisitions, the AVA brand in Greece of c. €3.5 mil. and the Polish company POLIPAK of € 4.5 mil.
The Company's Board of Directors will propose at the Annual Shareholders General Meeting the distribution of a dividend payment for FY 2015 equal to 0.16 euro per share.
Based on the Group's initial business plan, the production of all NOXZEMA products was transferred at the end of 2015 to SARANTIS GROUP production facilities at Oinofoita in Greece.
The total investment, which was mainly utilized for special production machines amounted to 1 million euro, while 20 employees were added in the Greek plant to accommodate the increased production.
This way, production capacity becomes further consolidated, quality control will be further enhanced and economies of scale will be achieved, since approximately 4 million units will be added in the production.
This move is in line with the management's strategy to further support the Group's growth through value adding acquisitions while fully exploiting the synergies and the operational leverage these acquisitions offer at all levels.
Sarantis Group finalized on 17/12/2015 the acquisition of the Polish packaging products Company Polipak Sp. z.o.o. More specifically, Sarantis Polska S.A., a 100% subsidiary of GR. SARANTIS S.A., signed an agreement for the acquisition of 70% of the share capital of Polipak Sp. z.o.o.
This acquisition, completed within the context of the Group's strategic growth plan, supports further the Group's geographical footprint in the market where it already operates and provides growth opportunities for the Group into new markets. Polipak is a producer of polyethylene-film-based packaging products (mainly garbage bags), having warehousing and production facilities in Poland. Polipak's current production involves mainly private label garbage bags and Sarantis Group branded garbage bags, covering at the moment 10% of Sarantis Group's needs.
Excluding Sarantis Group business, Polipak's annual sales for 2015 will amount to approximately 13.7 mil euros., while the EBITDA margin is expected to reach 10%.
The acquisition cost amounted to 4.5 mil. euros, while the transaction was self-financed.
Sarantis Group's management initial focus will be targeted on transferring within 2016 all of its garbage bags production to Polipak exploiting the benefits on the production cost, while at the same time appropriate preparations will be done in order for the Group to expand at a later stage the existing private label business.
This acquisition is a great fit for Sarantis Group, as it not only supports its existing core business activity of branded household products, but it also provides the opportunity for the Group to penetrate the private label market.
Taking advantage of the improved unit cost, Sarantis Group can capitalize on its existing partnerships, as well as expand the client base by penetrating the discounter stores market.
via the National Bank of Greece through the authorized operators of the beneficiary shareholders registered with the D.S.S.
The Group is exposed to financial and other risks, including the effects of changes in interest rates, credit risks and liquidity risks. The Group's overall risk management program aims at minimizing the possible negative effects from such risks on its financial performance. The Group's financial instruments consist mainly of deposits with banks, trade accounts receivable and payable, loans and dividends payable.
The Group operates in an environment characterized by relatively high foreign exchange risk given that almost 63% of the Group's total turnover comes from Eastern European countries where the volatility of foreign exchange rates has recently been high. The management of the Group is constantly examining the currencies' fluctuations, but at the moment it has not taken any measures against the fx risk due to the lack of appropriate hedging tools.
The Group's objective is to achieve an optimal balance between borrowing cost and the potential effect of interest rate changes on earnings and cash flows. The Group monitors and manages its debt and overall financing strategies using a combination of short and long-term debt. It is policy of the Group to continuously review interest rate trends along with its financing needs. Daily working capital requirements are typically financed with operational cash flow and through the use of various committed lines of credit. The interest rate on these short-term borrowing arrangements, is generally determined as the inter-bank offering rate at the borrowing date plus a pre-set margin. The mix of fixed-rate debt and variable-rate debt is managed within Group policy guidelines.
The Group's trade receivables mainly come from wholesale clients. All Group companies monitor the financial position of their debtors on an ongoing basis and control the granting of credit as well as the credit lines. Where considered appropriate, credit guarantee insurance cover is purchased. Moreover, appropriate provision for impairment losses is made for specific credit risks wherever deemed necessary.
Prudent liquidity risk management implies the existence of a balance between cash flows as well as funding through adequate amounts of committed credit facilities. The Group closely monitors the amount of funding as well as the short-term and long-term funding with respect to total debt and the composition of total debt, and it manages the risk that could arise from the lack of sufficient liquidity and secures that necessary borrowing facilities are
maintained. The Group has sufficient credit line facilities that could be utilized to fund any potential shortfall in cash resources.
The Group manages and monitors its working capital in order to minimize any possible liquidity and cash flow risks.
The Group is exposed to the volatility of raw material prices. For instance, aluminum is a basic raw material for the Group and as such movements in the aluminum price affect the Group's financials. In order to protect itself against adverse aluminum price movements, the Group hedges against fluctuations of the aluminum price over short-term periods of time.
The Group's Full Year of 2015 financial performance demonstrate the Group's ability to grow amidst a challenging business environment.
During FY 2015 the Group delivered double digit growth in turnover and across all profitability lines, exceeding the management's estimates. Margins improved, net cash position was maintained and operating working capital was enhanced, demonstrating the Group's consistency and success behind its strategic decisions.
Looking forward to 2016 and beyond, while the challenges remain, the Group is moving in the right direction, positioned to gain further market share, identify areas that can benefit the Group further and exploit growth opportunities.
As always, emphasis will be given to the efficient management of working capital needs, the containment of operating cost, the generation of free cashflows and the maintenance of a net cash position.
The Group's strategy is focused on product innovations within the Group's core business categories of mass market cosmetics and household products, the renewal and enrichment of the Group's brand portfolio, increasing its market shares, improving productivity and production cost and targeting acquisition opportunities able to provide high returns.
Consistent with its yearly schedule, the Sarantis Group management will publish its FY 2016 guidance on Wednesday, March 16th 2016 during the Group's annual presentation at the Hellenic Fund and Asset Management Association.
The most significant transactions between the Company and its related parties, as such are defined by International Accounting Standard 24, are presented below.
| Subsidiaries: | Company | ||
|---|---|---|---|
| Trade receivables | 31/12/2015 | 31/12/2014 | |
| SARANTIS ROMANIA S.A | 657,725.79 | 146,723.70 | |
| SARANTIS CZECH REPUBLIC sro | 694,556.64 | 851,639.25 | |
| SARANTIS POLSKA S.A | 1,148,547.54 | 1,042,959.16 | |
| ELODE FRANCE S.A.R.L. | 9,058.97 | 5,208.72 | |
| SARANTIS ANADOL S.A | 0.00 | 6,000.00 | |
| POLIPAK SP.Z.O.O. | 178,449.64 | 0,00 | |
| SARANTIS HUNGARY Kft. | 947,537.30 | 1,402,602.23 | |
| SARANTIS BULGARIA L.T.D | 90,951.99 | 80,676.43 |
| Total | 5,097,826.15 | 4,491,695.03 |
|---|---|---|
| SARANTIS PORTUGAL LDA | 1,370,998.28 | 629,893.95 |
| ARPINA MEPE | 0.00 | 325,991.59 |
| GRAND TOTAL - RECEIVABLES | 5,097,826.15 | 4.491.695,03 |
|---|---|---|
| Trade Liabilities | 31/12/2015 | 31/12/2014 |
|---|---|---|
| THRACE-SARANTIS S.A | 154,355.33 | 799,297.85 |
| SARANTIS POLSKA S.A | 199,465.90 | 46,763.48 |
| SARANTIS BELGRADE D.O.O | 826,103.84 | 688,645.95 |
| SARANTIS ROMANIA S.A | 9,612.37 | 0.00 |
| SARANTIS BULGARIA L.T.D | 78,993.68 | 0.00 |
| POLIPAK SP.Z.O.O. | 67.310,40 | 0,00 |
| SARANTIS SKOPJE D.O.O | 148,125.48 | 645,819.49 |
| SARANTIS HUNGARY Kft. | 38,228.61 | 2,881.68 |
| ARPINA MEPE | 161,165.11 | 0.00 |
| Total | 1,683,360.72 | 2,183,408.45 |
| Liabilities from loans | 31/12/2015 | 31/12/2014 |
|---|---|---|
| SAREAST L.T.D | 507,380.07 | 520,526.36 |
| WALDECK L.T.D | 697.77 | 10,952.69 |
| Total | 508,077.84 | 531,479.05 |
| GRAND TOTAL - LIABILITIES | 2,191,438.56 | 2,714,887.50 | |
|---|---|---|---|
| -- | --------------------------- | -------------- | -------------- |
INCOME
| Income from sale of merchandise | 31/12/2015 | 31/12/2014 |
|---|---|---|
| SARANTIS ROMANIA S.A | 4,451,017.06 | 3,201,771.33 |
| SARANTIS BULGARIA L.T.D | 1,738,740.05 | 1,577,789.48 |
| SARANTIS BELGRADE D.O.O | 1,772,648.15 | 1,850,302.00 |
| SARANTIS SKOPJE D.O.O | 490,436.28 | 526,860.94 |
| SARANTIS POLSKA S.A | 6,208,046.49 | 5,116,301.77 |
| SARANTIS CZECH REPUBLIC sro | 2,087,197.61 | 1,739,860.24 |
| SARANTIS HUNGARY | 864,787.79 | 813,748.49 |
| ARPINA MEPE | 2,024,036.36 | 2,981,307.44 |
| SARANTIS PORTUGAL LDA | 761,236.58 | 584,662.95 |
| Total | 20,398,146.37 | 18,392,604.64 |
| Other Income | 31/12/2015 | 31/12/2014 |
|---|---|---|
| SARANTIS BANJA LUKA DOO | 2,508.16 | 0.00 |
| SARANTIS ROMANIA S.A | 39,022.31 | 78,391.00 |
| SARANTIS BELGRADE D.O.O | 26,311.76 | 23,763.90 |
| SARANTIS SKOPJE D.O.O | 14,812.48 | 11,058.50 |
| SARANTIS HUNGARY | 48,674.23 | 41,513.35 |
| SARANTIS CZECH REPUBLIC sro | 77,912.63 | 69,339.00 |
| SARANTIS POLSKA S.A | 74,091.88 | 46,572.00 |
| SARANTIS BULGARIA L.T.D | 17,021.70 | 13,245.70 |
| THRACE SARANTIS AE | 0.00 | 291.83 |
| ARPINA MEPE | 2,175.60 | 2,400.00 |
| SARANTIS PORTUGAL LDA | 53,044.44 | 45,231.00 |
| Total | 355,575.19 | 331,806.28 |
| GRAND TOTAL - INCOME | 20,753,721.56 | 18,724,410.92 |
|---|---|---|
| ---------------------- | --------------- | --------------- |
| Purchases of Merchandise | 31/12/2015 | 31/12/2014 |
|---|---|---|
| SARANTIS BULGARIA L.T.D | 221,763.89 | 4,785.13 |
| SARANTIS ROMANIA S.A | 43,934.90 | 1,063,379.47 |
| SARANTIS CZECH REPUBLIC sro | 1,676.76 | 5,086.46 |
| SARANTIS BELGRADE D.O.O | 504,997.35 | 647,083.61 |
| SARANTIS POLSKA S.A | 852,863.99 | 175,402.00 |
| SARANTIS SKOPJE D.O.O | 3,245.49 | 0.00 |
| SARANTIS HUNGARY | 51,273.17 | 6,992.37 |
| THRACE-SARANTIS S.A | 1,108,256.86 | 3,023,004.06 |
| ARPINA MEPE | 869,429.60 | 1,126,305.69 |
| Total | 3,657,442.07 | 6,052,038.79 |
| Expenses – Interest | 31/12/2015 | 31/12/2014 |
|---|---|---|
| WALDECK L.T.D | 161.20 | 614.10 |
| SAREAST L.T.D | 22,059.70 | 22,059.69 |
| Total | 22,220.90 | 22,673.79 |
GRAND TOTAL - EXPENSES 3,679,662.90 6,074,712.58
| TABLE OF DISCLOSURE OF RELATED PARTIES | ||||||
|---|---|---|---|---|---|---|
| Group | Company | |||||
| a) Income | 0.00 | 20,753,721.56 | ||||
| b) Expenses | 0.00 | 3,679,662.90 | ||||
| c) Receivables | 0.00 | 5,097,826.15 | ||||
| d) Liabilities | 0.00 | 2,191,438.56 | ||||
| e) Transactions and remuneration of senior executives and management | 1,995,685.69 | 1,809,374.17 | ||||
| f) Receivables from senior executives and management | 0.00 | 0.00 | ||||
| g) Liabilities towards senior executives and management | 0.00 | 0.00 |
The company's share capital amounts to fifty three million eight hundred and ninety five thousand and twenty two euro and ten cents (53,895,022.10 Euro), divided into thirty four million seven hundred and seventy thousand nine hundred and eighty two common registered shares with voting right (34,770,982 shares), with a nominal value of one euro and fifty five cents (1.55 Euro) each.
All the shares are registered and listed for trading in the Securities Market of the Athens Exchange ("Large Cap" classification).
The rights of the Company's shareholders with respect to their shares are proportional to the share capital stake to which the paid-in share value corresponds. Each share incorporates all the rights and obligations that are stipulated by the Law and Company's Articles of Association, and more specifically:
• The right to dividend from the annual earnings or liquidation profits of the Company.
A percentage of 35% of the net earnings following deduction only of the statutory reserve is distributed from the earnings of each year to shareholders as an initial dividend while the distribution of an additional dividend is resolved upon by the General Meeting. Dividends are entitled to each shareholder who is registered in the Shareholders' Register at the dividend record date. The dividend for each share is paid to its holder within two (2) months from the date on which the Ordinary General Meeting approved the Annual Financial Statements. The payment date and the payment method are released through the Press. The right to receive payment of the dividend is subject to a time limitation and the respective unclaimed amount goes to the State upon the lapse of five years from the end of the year during which the General Meeting approved the distribution of the said dividend.
• The right to reclaim the amount of one's contribution during the liquidation or, similarly, the writing off of the capital representing the share, provided that this is resolved upon by the General Meeting,
• The pre-emptive right at every share capital increase of the Company via cash payment or the issuance of new shares.
• Each shareholder is entitled to request a copy of the financial statements along with the relevant reports of the Board of Directors and the Auditors of the Company.
• The right to participate in the Company's General Meeting which consists of the following specific rights: legitimacy, presence, participation in discussions, submission of proposals on the items of the agenda, entry of one's opinion on the minutes of the Meeting and finally the right to vote.
• The General Meeting of Company's Shareholders retains all its rights and obligations during liquidation. The liability of shareholders is limited to the nominal value of the shares such hold.
The transfer of Company shares takes place based on procedures stipulated by Law, while there are no restrictions set by the Articles of Association for transfer of shares, as such are dematerialized shares listed on the Athens Exchange
During 2015 there following disclosure on significant direct or indirect holdings according to the definition of L. 3556/2007 was made:
The total percentage of voting rights that Brandes Investment Partners L.P. holds in the Company increased from 4.79% to 5.44% on 03/06/2015 (i.e. 1,891,528 voting rights).
None of the Company shares carry any special rights of control.
The Articles of Association make no provision for any limitations on voting rights emanating from its shares.
The Company is not aware of any agreements among shareholders entailing limitations on the transfer of shares or limitations on voting rights emanating from its shares, apart from those mentioned in paragraph 2.7.3.
The rules set out in the Articles of Association of the Company on the appointment and replacement of members of the Board of Directors and the amendment of the provisions of the Articles of Association do not differ from those envisaged in Codified Law 2190/20.
According to the provisions of article 13 par. 1 item b) of C.L. 2190/1920 the Company's Board of Directors has the right, following a relevant decision by the General Shareholder's Meeting that is subject to the publicity announcements of article 7b of C.L. 2190/1920, to increase the Company's share capital with the issuance of new shares, through a decision by the Board of Directors that is made with a majority of at least two thirds (2/3) of its total members. In this case, Company's share capital may be increased by no more than the share capital amount paid up on the date when the Board of Directors was granted such power by the General Meeting. This power of the Board of Directors may be renewed by the General Meeting for a period that may not exceed five year per instance of renewal.
There are no agreements which enter into force, are amended or terminated in the event of change in the control of the Company following a public offer.
The Company has no significant agreements with members of the Board of Directors or its employees providing for the payment of compensation, especially in the case of resignation or dismissal without good reason or termination of their period of office or employment due to a public offer.
The Extraordinary General Meeting of the Company's shareholders on 25.06.2015 approved the termination of the current stock repurchase plan which was previously approved during the Ordinary General Meeting of shareholders on 26.06.2014, and authorized the Board of Directors to proceed with any pertinent action.
As of 31/12/2015, the Company held 437,549 shares in total with an average acquisition price at Euro 5.33 per share, corresponding to 1.26% of the share capital.
There are no events after the reporting period that may significantly affect the financial statements and the operations of the Company and the Group.
In the context of compliance with the obligations emanating from the clauses of article 2, paragraph 2 of L. 3873/10, the following statement has been compiled.
Gr. Sarantis SA applies corporate governance rules and practices, which are summarized in the Corporate Governance Code which the Company has compiled, taking into consideration the state law and the relevant guidance of the pertinent authorities, which have been announced up to the publication date of the current statement.
The Corporate Governance Code of Gr. Sarantis SA is at any interested party's disposal in the corporate website: http://ir.sarantis.gr/el-gr/intro/our-responsibility.
The General Assembly (GA) is the supreme body of the Company. It is entitled to decide upon any subject, whereas its decision constitutes commitment even for the absent or opposing shareholders. The General Assembly is chaired by the Chairman of the Board of Directors (BoD) who based on defined procedure provides for the election of the ordinary President of the GA. The GA is obliged to take decisions for all subjects of the agenda, whereas it is the only appropriate body to decide on the following: a) for the amendments of the articles of association including capital changes, b) for the election of the BoD directors, the auditors and the determination of their fees. Based on the article 10 of the articles of association, the election of the directors of the first BoD is excluded from the rule, whereas based on the article 12 of the articles of association, the election of BoD advisors for substituting vacancies that were due to death, resignation or deposition, is also excluded, c) for the approval of the financial statements, d) for the allocation of the annual earnings, e) for the issuance of convertible bond (according to the article 3 of PL 2190/20, f) for the cases of merger, split, transformation, renewal, extension or termination of the company, and g) for the appointment of liquidators.
Amendment to the clauses of the articles of association that are noted in article 29, paragraph 3 of PL 2190/20 is performed with increased quorum (2/3) and majority (2/3 of the attendants). Amendment of other clauses is performed with simple quorum (1/5) and majority (½ + 1 of the attendants).
The Company operates a website which presents subjects and information for the shareholders, in both the Greek and the English language.
The shareholders have at their disposal the contact details of both the Chairman of the Company, and the manager of investor relations and shareholders department, in case there is a need for immediate communication.
In cases of institutional shareholders wishing to acquaint with the Group, they may contact the manager of investor relations and shareholders department who will handle the arrangement of a relevant presentation meeting.
With regard to the operating procedure of the General Assembly, the Company is governed by the clauses of L. 3884/10 and posts all the required, by law, information at its website in both the Greek and the English language for the facilitation of shareholders.
(a) The Company is governed by the Board of Directors (BoD), which is elected from the General Assembly, in the context of the Company's Articles of Association and the L. 2190/1920, is comprised of 3 (three) up to 11 (eleven) directors and has a six-year term (according to the provisions of article 19 of L. 2190/1920).
Specifically, the current Board of Directors is comprised of 8 (eight) directors. Four (4) of the directors of the BoD are non executive directors, whereas two (2) of the non executive directors are also independent directors.
The Board of Directors with the following composition was elected from the Extraordinary General Assembly as of 2/22/2013 and its term ends on 11/30/2017.
Chairman: Grigorios Sarantis of Pantazis, (executive member)
Vice Chairman and Chief Executive Officer: Kyriakos Sarantis of Pantazis, (executive member)
Executive Directors: Konstantinos Rozakeas of Petros, Konstantinos Stamatiou of Fokion
Non Executive Directors: Aikaterini Sarantis of Pantazis, Antonios Agiostratitis of Miltiadis,
Independent Non Executive Directors: Dimitrios Efstathiou of Konstantinos, Christos Oikonomou of Ioannis The curriculum vitae of each of the directors of the Company's BOD are posted in the corporate website http://ir.sarantis.gr/el-gr/viograficadbod/board-of-directors-cvs.
The members of the BoD are elected – appointed from the General Assembly with simple quorum (1/5) and majority (½ + 1 of the attendants).
In case of resignation, casualty or loss in any manner of the status of member or members of the Board of Directors, the remaining members can decide to continue the administration and representation of the Company without the replacement of the vacancies, under the condition that the number of the remaining members exceeds the ½ of the number of members they were in effect prior to the occurrence of the above events. In any case, the remaining members are not allowed to account for less than three (3).
2015 ANNUAL FINANCIAL REPORT 1/1/2015 – 31/12/2015 15
The BoD convenes regularly depending on the needs of the Company and the subjects for arrangement, and at least once per month. The Legal Advisor of the Company, who is also executive director of the BoD, keeps the minutes of the meetings. It is noted that in the financial year 2015, the attendances of the executive and non executive directors amounted, as a percentage, to around 94.6% and of the independent non executive directors to the neighborhood of 5.9% of the total meetings.
The Board of Directors possesses the authorities, responsibilities and duties provided by the Law, the General Assembly and the Company's Articles of Association. In the above mentioned context, the Board of Directors is the Body which exercises control over the Company. The duties of the Board of Directors include the decision making process and the responsibility for exercising effective control over the Company's entire scope of activities.
The major responsibilities of the Board of Directors based on the Articles of Association and the Company's Internal Regulation of Operation are the following:
The application of the general corporate policy and the communication of the approved business targets to the lower-ranking employees.
The evaluation of recommendations and proposals of the Directors of Divisions.
The approval of the business action plan and the annual budget.
The monitoring and evaluation of the effectiveness and implementation of the business action plan.
The management of the Company's assets and the Company's representation. The control and approval of large capital expenditures, concerning investment plans under implementation.
The definition of the risk management policy and the formulation of action plans.
The existence of sufficient and effective Internal Control System.
The integration of the principles of Corporate Governance into business practices and the supervision of the Internal Regulation of Operation, the Corporate Governance Code and the Ethics Code.
The monitoring and arrangement of any conflict of interest issues between the directorial officials, the members of the Board of Directors and the shareholders, including cases of asset mismanagement and transactions with affiliated parties.
The compliance of the Company's activities with the legislation in effect and the corporate practices.
The audit of validity and completeness of the released financial statements, including the Chartered Auditor Accountant report. The compilation of the annual, six-month and quarterly financial reports which include, among other notes, the Company's transactions with its affiliated companies in the context provided by the article 42e, par. 5 of P.L. 2190/1920.
The subjects concerning any kind of fees paid to the Company's directorial officials and the Company's broader remuneration policy.
In the context of the above authorities and duties it possesses, the Board of Directors acts collectively and its relevant decisions are approved by all directors independently of their status as executive, non executive or independent directors.
The members of the BoD possess the right to request from the Management via the Chief Executive Officer any information they deem appropriate in the execution of their duties.
The executive directors are responsible with the daily subjects of the Company's management and the supervision of the execution of the BoD decisions.
The non executive directors deal with the supervision of subjects which they have been assigned for, following decision of the BoD.
The independent non executive directors formulate estimations with regard to the effectiveness and capacity of the managerial efforts, whereas they can submit, either individually or jointly, to the General Meeting, reports and notes different from the ones of the BoD in case they deem it necessary.
The independent directors are, also, appointed from the General Assembly of Shareholders. The BoD examines the suitability of a candidate independent director prior to his / her placement for election in front of the General Assembly. Specifically, independent are the directors who have no business, or commercial, relation with the Company, relation that could affect their independence. More particularly, it is not considered as independent the director who: (i) Possesses, or possessed within the previous the year, a material business relation with the Company or with affiliated company (in the concept of article 42e, paragraph 5 of P.L. 2190/1920), acting as an important customer or supplier, or as partner, shareholder, BoD director, or highranking official of a legal entity which is related in such nature with the Company or with affiliated party, (ii) Is
Chairman or General Director or executive director of the BoD of an affiliated company, or retains a dependent, or rendered against payment, employment relation with the Company or with affiliated company, (iii) Has been appointed according to article 18, paragraph 3 of P.L. 2190/1920 in the Company or affiliated company, (iv) Possesses up to second degree family relation or marital relation with executive director of the BoD, highranking official, advisor, or major shareholder of the company or affiliated company, (v) Controls, directly or indirectly through affiliated companies, over 10% of the Company's voting rights, or represents major shareholder of the Company or affiliated company (in the concept of article 42e, paragraph 5 of P.L. 2190/1920).
Executive Management Committee (see Corporate Governance Code chapter 4, paragraph 4.1), which is chaired by the Chief Executive Officer and has as members six directors of the Company's core operations team and on case by case basis the pertinent directors of the Business Units. The Executive Management Committee constitutes collective body of the Company's management with explicitly executive responsibilities and supervision role over current operating and administrative issues. It is the appropriate committee for the business risk management.
Audit Committee (see Corporate Governance Code, chapter 3, paragraph 3.1). An independent non executive director of the BoD is chairman of the committee which reports to the BoD and is comprised of three nonexecutive directors, two of which are independent.
The Audit Committee monitors the operation of the Internal Control Department and receives information regarding the department's quarterly reports which are noted in the corresponding minutes of the BoD.
The Committee ensures the independence of the Internal Control Department and approves the provision of information to the external auditors and the responsible bodies.
It supervises the risk management reports as well as the actions which are taken to handle the risks.
The Internal Controller informs the Committee about conflict of interest related cases during the Company's transactions with affiliated parties, cases which are detected during the exercise of the Internal Controller's duties. For these cases, the Audit Committee compiles and submits relevant reports to the BoD.
The Committee is informed by the External Auditors of the Company about the validity of the financial information and the credibility of the financial statements. It supervises every official announcement with regard to the Company's financial performance and examines the major parts of financial statements which contain important judgments and estimations made from the Company's Management. It supervises the ordinary audit process, monitors the independence of the ordinary auditor and ensures that any additional services rendered by the ordinary auditor have no effect on the subjectivity of the audits and the proper application of the audit standards.
It participates in the formulation the Internal Control Department's regulation of operation, which is presented in the Internal Regulation of Operation.
The meetings of the Audit Committee within the past year completed with quorum, whereas the subjects of the agenda are the following:
| Date | Subjects of Daily Agenda |
|---|---|
| 8/1/2015 | Approval of the implemented audits from the Internal Control for the 4th quarter 2014 |
| 6/4/2015 | Approval of the implemented audits from the Internal Control for the 1st quarter 2015 |
| 15/7/2015 | Approval of the implemented audits from the Internal Control for the 2nd quarter 2015 |
| 5/10/2015 | Approval of the implemented audits from the Internal Control for the 3rd quarter 2015 |
The authorities, the obligations, the duties and the responsibilities of the Board of Directors of the Executive Management Committee and the Audit Committee are published with the Corporate Governance Code and are described in the Company's Internal Regulation of Operation.
The management has developed a procedure based on which the BoD members are evaluated and their fees are defined.
It is noted that the fees of the Chief Executive Officer are proposed annually from the BoD to the General Assembly for approval.
The evaluation of the non executive directors is mainly performed through the broader evaluation of the effectiveness of the committees which the directors participate in.
The Chief Executive Officer and the Personnel Director are responsible for evaluating and granting their fees.
The fees of the non executive directors concern only annual compensation. They are also associated with the responsibilities and duties that have been assigned to the directors, as well as with any additional participations or presidencies in the BoD committees.
The Internal Control System is defined by the entire procedures, methods and mechanisms, the application of which is responsibility of the board of directors, the directors of the management and in general the entire personnel of the Group based on their corresponding responsibilities. The System is designed to provide a desirable assurance level with regard to the achievement of the following targets:
The internal control as a set of procedures, methods and mechanisms, is practically performed by the directors of the management, and in general, by the organization's entire personnel based on the corresponding responsibilities, is supervised by the Audit Committee, the BoD and the Chief Executive Officer and is examined for its effectiveness and completeness – adequacy by the Internal Control Department.
The Group's Management is responsible for the introduction, operation and monitoring of the control systems. The Board of Directors ensures that the Company's senior management has introduced, applied and operates an appropriate internal control and risk management system.
The issues referring to the Group's internal control are the following:
The Internal Control Department is responsible to conduct the audits, as well as for the submission of proposals, the communication of the results and the monitoring of the corrective actions wherever is required. It evaluates the probable risks detected during the audits and communicates these risks to the Audit Committee and the Chief Executive Officer, with the objective to undertake appropriate measures for their elimination. The Internal Control Department reports to the Chief Executive Officer, the Deputy General Manager and the Audit Committee, whereas it is supervised by the Audit Committee.
The Management has developed a system of assessment, evaluation and management of the potential risks, both the ones related to the environment which the Company activates in, and the ones related to endogenous factors of operation.
Depending on the nature, the effect and the probability of risks, relevant cost – benefit decisions, based on estimates, for their acceptance are taken, or decisions for the activation of audit mechanisms, or in general the undertaking of measures with the objective to smooth out or eliminate their consequences.
Major risks which the Group faces are presented and noted in the BoD report to the General Meeting and in greater analysis in the Annual Financial Statements.
The Management has compiled and uses, as a general framework of rules and operations for the Group, the Internal Regulation of Operations, the Corporate Governance code and the Code of Ethics. The Internal Regulation of Operations and the Code of Ethics are posted in the corporate website: http://ir.sarantis.gr/elgr/intro/our-responsibility.
It has a fully developed, and integrated into its information system, budgetary control which is constantly updated and performs continuous audit of its activities.
It possesses a network of procedures with integrated control mechanisms (in many cases automated via its information system), for all its operations and specifically for the ones most susceptible to risks.
It possesses an analytical program for ending period works and an automated extraction system of the relevant reports.
The adequacy and effectiveness of the internal control system is examined by the Internal Control Department, per business cycle or per operation, following an annual program of audit projects and priority definition.
It has a reliable, extended and secure information system which evolves and can be adjusted to any Company's needs.
It possesses complete security system with regard to its information systems.
The Company is under the directive 2004/25/CMC concerning the public offerings for acquisition / takeover.
Group's structure is presented analytically in chapter 4.6.2 of the Financial Statements compiled by the Company and published with the means provided by the law.
| 2015 ANNUAL FINANCIAL REPORT 1/1/2015 – 31/12/2015 | 19 | ||
|---|---|---|---|
| the possession of securities. | The Company has not issued any securities granting special control rights to their holders. Furthermore, there are no constraints to the voting rights, the expiration periods for exercising the voting rights are the ones in effect during the General Assembly of the shareholders, there are no loans convertible into bonds and in general, there are no systems via which the financial rights emanating from the securities are dissociated from |
||
| Marousi, 8 March 2016 | |||
| The Board of Directors | |||
| THE CHAIRMAN OF THE BOARD | THE VICE-CHAIRMAN & CHIEF EXECUTIVE OFFICER |
THE FINANCE DIRECTOR & BOARD MEMBER |
|
| GRIGORIS SARANTIS | KYRIAKOS SARANTIS | KONSTANTINOS ROZAKEAS | |
| ID No. Χ 080619/03 | ID No. ΑΙ 597050/2010 | ID No. ΑΚ 783631/13 |
We have audited the accompanying stand alone and consolidated financial statements of "GR. SARANTIS S.A.", which consist of the standalone and consolidated financial position as at 31 December 2015, the stand alone and consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory notes.
Management is responsible for the preparation and fair presentation of these stand-alone and consolidated financial statements in accordance with International Financial Reporting Standards as adopted by the European Union and for such internal controls as management determines is necessary to enable the preparation of standalone and consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on these stand-alone and consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the stand-alone and consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the standalone and consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the stand-alone and consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the stand-alone and consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the stand-alone and consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
In our opinion, the accompanying stand-alone and consolidated financial statements present fairly, in all material respects, the financial position of the "GR. SARANTIS S.A." and of its subsidiaries as at December 31, 2015, and their financial performance and their cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the European Union.
a) The Report of the Board of Directors includes a statement of corporate governance, which provide the information specified in article 43a (par. 3d) of Codified Law 2190/1920.
b) We confirm that the information given in the Board of Director's Report is consistent with the accompanying stand alone and consolidated financial statements and complete in the context of the requirements of articles 43a (par 3a), 108 and 37 of Codified Law 2190/1290.
BDO Certified Public Accountant S.A. 449 Mesogion Av, Athens- Ag. Paraskevi, Greece Reg. SOEL: 173
Ag. Paraskevi, 11 March 2016 Certified Public Accountant
Evangelos N. Pagonis Reg. SOEL: 14211
Those responsible for the preparation of the 2015 Annual Financial Statements (01/01/2015 – 31/12/2015) are the signatories at the end of the Financial Statements.
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| Note | 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 | |
| ASSETS | |||||
| Non-current assets | 86,772,043.31 | 83,387,200.09 | 77,300,322.35 | 76,311,035.05 | |
| Tangible fixed assets | 4.10.16 | 33,966,044.51 | 30,181,658.85 | 26,796,917.93 | 27,101,185.90 |
| Investments in Property | 4.10.16 | 538,952.72 | 542,249.19 | 190,483.44 | 190,483.44 |
| Intangible assets | 4.10.16 | 34,122,041.39 | 31,601,765.57 | 16,421,014.04 | 13,417,207.52 |
| Company goodwill | 4.10.2 | 7,535,705.24 | 5,439,194.36 | 1,365,130.32 | 1,365,130.32 |
| Deferred tax assets | 4.10.11 | 594,543.32 | 735,634.48 | 139,577.15 | 355,989.75 |
| Investments in subsidiaries, associates | 8,761,420.54 | 13,217,746.06 | 31,573,648.74 | 32,715,830.67 | |
| Financial assets available for sale | 4.9.3 | 908,520.28 | 1,323,254.00 | 587,820.28 | 955,850.00 |
| Other long-term receivables | 344,815.31 | 345,697.59 | 225,730.45 | 209,357.45 | |
| Current assets | 179,191,613.59 | 147,330,743.09 | 101,468,288.33 | 80,972,867.86 | |
| Inventories | 4.10.3 | 53,603,453.08 | 48,764,509.42 | 27,488,466.18 | 25,127,989.84 |
| Trade receivables | 4.10.4 | 76,142,726.97 | 65,911,693.84 | 39,889,121.26 | 32,979,777.64 |
| Other receivables | 4.10.4 | 7,228,672.44 | 5,833,040.10 | 8,128,848.48 | 7,102,482.97 |
| Cash & cash equivalents | 4.10.5 | 33,434,257.18 | 19,478,988.10 | 18,335,615.72 | 9,372,096.84 |
| Financial assets at fair value through profit and loss | 4.10.6 | 7,017,679.38 | 5,775,794.16 | 7,017,679.38 | 5,775,794.16 |
| Prepayments and accrued income | 1,764,824.55 | 1,566,717.47 | 608,557.31 | 614,726.41 | |
| Total Assets | 265,963,656.90 | 230,717,943.18 | 178,768,610.68 | 157,283,902.91 | |
| Shareholders' EQUITY: | |||||
| Share capital | 4.10.14 | 53,895,022.10 | 53,895,022.10 | 53,895,022.10 | 53,895,022.10 |
| Share premium account | 39,369,495.98 | 39,369,495.98 | 39,369,495.98 | 39,369,495.98 | |
| Reserves | 13,479,332.19 | 5,212,658.59 | 67,816,109.59 | 48,489,507.76 | |
| Profit (losses) carried forward | 59,661,472.81 | 61,160,483.60 | -48,573,351.03 | -32,605,039.30 | |
| Total Shareholders' Equity | 166,405,323.08 | 159,637,660.27 | 112,507,276.64 | 109,148,986.54 | |
| Non controlling interest: | 1,005,222.91 | 0.00 | 0.00 | 0.00 | |
| Total Equity | 167,410,545.99 | 159,637,660.27 | 112,507,276.64 | 109,148,986.54 | |
| LIABILITIES | |||||
| Long-term liabilities | 36,756,315.58 | 3,568,766.29 | 33,043,413.83 | 1,823,392.83 | |
| Loans | 4.10.9 | 32,137,121.88 | 0.00 | 30,800,000.00 | 0.00 |
| Deferred tax liabilities | 4.10.11 | 1,865,505.39 | 1,662,680.64 | 0.00 | 0.00 |
| Provisions for post employment employee benefits | 973,925.00 | 913,904.00 | 973,925.00 | 913,904.00 | |
| Provisions - Long-term liabilities | 4.10.8 | 1,779,763.32 | 992,181.66 | 1,269,488.83 | 909,488.83 |
| Short-term liabilities | 61,796,795.33 | 67,511,516.61 | 33,217,920.21 | 46,311,523.54 | |
| Suppliers | 4.10.7 | 50,531,959.71 | 43,927,104.86 | 27,202,502.21 | 24,288,283.27 |
| Other liabilities | 4.10.7 | 4,730,878.25 | 3,374,571.13 | 3,359,375.20 | 4,309,110.66 |
| Income taxes - other taxes payable | 2,450,851.03 | 2,093,476.09 | 571,384.93 | 573,599.51 | |
| Loans | 4.10.9 | 2,018,992.36 | 17,000,000.00 | 1,200,000.00 | 17,000,000.00 |
| Accruals and deferred expenses | 2,064,113.97 | 1,116,364.54 | 884,657.87 | 140,530.10 | |
| Total Equity & Liabilities | 265,963,656.90 | 230,717,943.18 | 178,768,610.68 | 157,283,902.91 |
| GROUP | COMPANY | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 01/01 – 31/12/15 | 01/01 – 31/12/14 | 01/01 – 31/12/15 |
01/01 – 31/12/14 |
|||||||
| Note | Continuing Operations |
Discontinued Activities |
Total Activities | Continuing Operations |
Discontinued Activities |
Total Activities | ||||
| Revenue | 4.10.1 | 278,760,551.85 | - | 278,760,551.85 | 248,436,662.77 | - | 248,436,662.77 | 120,722,091.38 | 104,247,995.79 | |
| Cost of sales | 4.10.13 | (146,262,092.82) | - | (146,262,092.82) | (127,820,825.84) | - | (127,820,825.84) | (69,777,922.37) | (59,085,271.92) | |
| Gross operating profit |
132,498,459.04 | - | 132,498,459.04 | 120,615,836.93 | - | 120,615,836.93 | 50,944,169.01 | 45,162,723.87 | ||
| Other operating income |
7,743,734.36 | - | 7,743,734.36 | 6,849,250.11 | - | 6,849,250.11 | 1,958,011.82 | 1,685,040.22 | ||
| Administrativ e expenses |
4.10.13 | (12,872,428.84) | (1,242,947.73) | (14,115,376.57) | (13,062,348.89) | (75,454.12) | (13,137,803.01) | (6,638,990.88) | (6,939,290.80) | |
| Distribution expenses |
4.10.13 | (101,325,722.75) | - | (101,325,722.75) | (92,278,948.74) | - | (92,278,948.74) | (41,833,025.06) | (37,453,754.96) | |
| Operating profit (loss) |
26,044,041.80 | (1,242,947.73) | 24,801,094.08 | 22,123,789.42 | (75,454.12) | 22,048,335.30 | 4,430,164.89 | 2,454,718.33 | ||
| Subsidiary Impairment |
- | - | - | - | - | - | (5,030,078.17) | - | ||
| Financial income expenses |
(1,883,400.10) | (6,128.55) | (1,889,528.65) | (552,192.57) | (8,733.27) | (560,925.84) | 11,840,571.66 | 14,087,402.84 | ||
| Earnings (loss) before taxes |
24,160,641.70 | (1,249,076.28) | 22,911,565.42 | 21,571,596.85 | (84,187.39) | 21,487,409.46 | 11,240,658.38 | 16,542,121.17 | ||
| Income tax | 4.10.10 | (4,124,528.19) | - | (4,124,528.19) | (2,778,189.48) | - | (2,778,189.48) | - | - | |
| Deferred tax | 4.10.10 | (255,314.62) | - | (255,314.62) | (1,566,793.57) | - | (1,566,793.57) | (207,866.11) | (119,197.65) | |
| Earnings (loss) after the deduction of tax (A) |
19,780,798.89 | (1,249,076.28) | 18,531,722.61 | 17,226,613.79 | (84,187.39) | 17,142,426.40 | 11,032,792.27 | 16,422,923.52 | ||
| Shareholders of the parent |
19,780,798.89 | (1,249,076.28) | 18,531,722.61 | 17,226,613.79 | (84,187.39) | 17,142,426.40 | 11,032,792.27 | 16,422,923.52 | ||
| Non controlling interest |
- | - | - | - | - | - | ||||
| Other Income: |
||||||||||
| Items not transferred to the statement of comprehensi ve income: |
10,302.67 | - | 10,302.67 | 84,845.44 | - | 84,845.44 | 10,302.67 | 75,979.00 | ||
| Profit/Loss from actuarial study |
18,849.16 | - | 18,849.16 | 111,540.76 | 0.00 | 111,540.76 | 18,849.16 | 102,674.32 | ||
| Actuarial study deferred tax |
(8,546.49) | - | (8,546.49) | (26,695.32) | 0.00 | (26,695.32) | (8,546.49) | (26,695.32) | ||
| Items which may be transferred in future to the statement of comprehensi ve income: |
(1,904,018.90) | (13,609.62) | (1,917,628.52) | (1,613,985.45) | 8,661.78 | (1,605,323.67) | (2,054,456.89) | (584,632.12) | ||
| Valuation of available for sale financial assets |
(1,601,160.89) | - | (1,601,160.89) | (633,232.12) | 0.00 | (633,232.12) | (2,054,456.89) | (584,632.12) | ||
| Foreign exchange differences |
(302,858.01) | (13,609.62) | (316,467.63) | (980,753.33) | 8,661.78 | (972,091.547) | - | - |
| from subsidiaries abroad |
||||||||
|---|---|---|---|---|---|---|---|---|
| Other total income after taxes (Β) |
(1,893,716.23) | (13,609.62) | (1,907,325.85) | (1,529,140.01) | 8,661.78 | (1,520,478.23) | (2,044,154.22) | (508,653.12) |
| Total comprehensi ve income after taxes (A) + (B) |
17,887,082.66 | (1,262,685.90) | 16,624,396.76 | 15,697,473.77 | (75,525.61) | 15,621,948.16 | 8,988,638.05 | 15,914,270.40 |
| Owners of the parent |
17,887,082.66 | (1,262,685.90) | 16,624,396.76 | 15,697,473.77 | (75,525.61) | 15,621,948.16 | - | - |
| Non controlling interest |
- | - | - | - | - | - | - | - |
| Proposed dividend |
- | - | - | - | - | - | 0.1600 | 0.1500 |
| Earnings (loss) per share, which correspond to the parent's shareholders for the period |
0,5689 | (0,0359) | 0,5330 | 0.4954 | (0.0024) | 0.4930 | 0.3173 | 0.4723 |
| Attributed to shareholders of the parent | ||||||||
|---|---|---|---|---|---|---|---|---|
| Amounts in € | Share Capital | Amounts for Share Capital Increase |
Share Premium | Readjustments Reserve and other reserves |
Balance of profit / losses |
Total | Non controlling interests |
Total |
| Balance as at 1 January 2014 | 53,547,312.28 | 347,709.82 | 39,369,495.98 | 18,399,193.40 | 42,780,624.33 | 154,444,335.81 | 0.00 | 154,444,335.81 |
| Total comprehensive income for the period | ||||||||
| Net profit for the period | 17,142,426.40 | 17,142,426.40 | 17,142,426.40 | |||||
| Other comprehensive income | ||||||||
| Financial assets available for sale | -633,232.12 | -633,232.12 | -633,232.12 | |||||
| Foreign exchange differences | -972,091.55 | -972,091.55 | -972,091.55 | |||||
| Reserve due to actuarial study | 84,845.44 | 84,845.44 | 84,845.44 | |||||
| Total other comprehensive income | 0.00 | 0.00 | 0.00 | -548,386.68 | -972,091.55 | -1,520,478.23 | 0.00 | -1,520,478.23 |
| Total comprehensive income after taxes | 0.00 | 0.00 | 0.00 | -548,386.68 | 16,170,334.85 | 15,621,948.16 | 0.00 | 15,621,948.16 |
| Other transactions registered in Equity | ||||||||
| Purchase of treasury shares | -285,267.00 | -285,267.00 | -285,267.00 | |||||
| Allocation of Treasury Shares | 119,469.74 | 119,469.74 | 119,469.74 | |||||
| Share capital increase | 347,709.82 | -347,709.82 | 0.00 | 0.00 | ||||
| Distributed First Dividend | -10,325,456.70 | -10,325,456.70 | -10,325,456.70 | |||||
| Capital Aggregation Tax | -400.00 | -400.00 | -400.00 | |||||
| Circular recording of reserve | -2,146,894.16 | 2,146,894.16 | 0.00 | 0.00 | ||||
| Allocation of stock options | 63,030.26 | 63,030.26 | 63,030.26 | |||||
| Total other transactions | 347,709.82 | -347,709.82 | 0.00 | -12,638,148.12 | 2,209,524.42 | -10,428,623.70 | 0.00 | -10,428,623.70 |
| Balance as at 31 December 2014 | 53,895,022.10 | 0.00 | 39,369,495.98 | 5,212,658.59 | 61,160,483.60 | 159,637,660.27 | 0.00 | 159,637,660.27 |
| Balance as at 1 January 2015 | 53,895,022.10 | 0.00 | 39,369,495.98 | 5,212,658.59 | 61,160,483.60 | 159,637,660.27 | 0.00 | 159,637,660.27 |
| Total comprehensive income for the period | ||||||||
| Net profit for the period | 18,531,722.61 | 18,531,722.61 | 18,531,722.61 | |||||
| Other comprehensive income | ||||||||
| Financial assets available for sale | -1,601,160.89 | -1,601,160.89 | -1,601,160.89 | |||||
| Foreign exchange differences | -316,467.63 | -316,467.63 | -316,467.63 | |||||
| Reserve due to actuarial study | 10,302.67 | 0.00 | 10,302.67 | 10,302.67 | ||||
| Total other comprehensive income | 0.00 | 0.00 | 0.00 | -1,590,858.22 | -316,467.63 | -1,907,325.85 | 0.00 | -1,907,325.85 |
| Total comprehensive income after taxes | 0.00 | 0.00 | 0.00 | -1,590,858.22 | 18,215,254.98 | 16,624,396.76 | 0.00 | 16,624,396.76 |
| Other transactions registered in Equity | ||||||||
| Purchase of treasury shares | -480,333.00 | 0.00 | -480,333.00 | -480,333.00 | ||||
| Distributed dividends | 0.00 | -5,150,014.95 | -5,150,014.95 | -5,150,014.95 | ||||
| Minority interests due to acquisition of interest in a subsidiary |
0.00 | 0.00 | 1,005,222.91 | 1,005,222.91 | ||||
| Formation of reserves | 12,408.12 | -12,408.12 | 0.00 | 0.00 | ||||
| Circular recording of reserve | 10,325,456.70 | -10,325,456.70 | 0.00 | 0.00 | ||||
| Change from associates | 0.00 | -4,226,386.00 | -4,226,386.00 | -4,226,386.00 | ||||
| Total other transactions | 0.00 | 0.00 | 0.00 | 9,857,531.82 | -19,714,265.77 | -9,856,733.95 | 1,005,222.91 | -8,851,511.04 |
| Balance as at 31 December 2015 | 53,895,022.10 | 0.00 | 39,369,495.98 | 13,479,332.19 | 59,661,472.81 | 166,405,323.08 | 1,005,222.91 | 167,410,545.99 |
| Attributed to shareholders of the parent | ||||||||
|---|---|---|---|---|---|---|---|---|
| Amounts in € | Share Capital | Amounts for Share Capital Increase |
Share Premium |
Readjustments Reserve and other reserves |
Balance of profit / losses |
Total | Non contr olling inter ests |
Total |
| Balance as at 1 January 2014 | 53,547,312.28 | 347,709.82 | 39,369,495.98 | 61,636,309.00 | -51,237,887.24 | 103,662,939.84 | 0.00 | 103,662,939.84 |
| Total comprehensive income for the period | ||||||||
| Net profit for the period | 16,422,923.52 | 16,422,923.52 | 16,422,923.52 | |||||
| Other comprehensive income | ||||||||
| Financial assets available for sale | -584,632.12 | -584,632.12 | -584,632.12 | |||||
| Reserve due to actuarial study | 75,979.00 | 75,979.00 | 75,979.00 | |||||
| Total other comprehensive income | 0.00 | 0.00 | 0.00 | -508,653.12 | 0.00 | -508,653.12 | 0.00 | -508,653.12 |
| Total comprehensive income after taxes | 0.00 | 0.00 | 0.00 | -508,653.12 | 16,422,923.52 | 15,914,270.40 | 0.00 | 15,914,270.40 |
| Other transactions registered in Equity | ||||||||
| Purchase of treasury shares | -285,267.00 | -285,267.00 | -285,267.00 | |||||
| Allocation of Treasury Shares | 119,469.74 | 119,469.74 | 119,469.74 | |||||
| Share capital increase | 347,709.82 | -347,709.82 | 0.00 | 0.00 | ||||
| Distributed First Dividend | -10,325,456.70 | -10,325,456.70 | -10,325,456.70 | |||||
| Circular recording of reserve | -2,146,894.16 | 2,146,894.16 | 0.00 | 0.00 | ||||
| Allocation of stock options | 63,030.26 | 63,030.26 | 63,030.26 | |||||
| Total other transactions | 347,709.82 | -347,709.82 | 0.00 | -12,638,148.12 | 2,209,924.42 | -10,428,223.70 | 0.00 | -10,428,223.70 |
| Balance as at 31 December 2014 | 53,895,022.10 | 0.00 | 39,369,495.98 | 48,489,507.76 | -32,605,039.30 | 109,148,986.54 | 0.00 | 109,148,986.54 |
| Balance as at 1 January 2015 | 53,895,022.10 | 0.00 | 39,369,495.98 | 48,489,507.76 | -32,605,039.30 | 109,148,986.54 | 0.00 | 109,148,986.54 |
| Total comprehensive income for the period | ||||||||
| Net profit for the period | 11,032,792.27 | 11,032,792.27 | 11,032,792.27 | |||||
| Other comprehensive income | ||||||||
| Financial assets available for sale | -2,054,456.89 | -2,054,456.89 | -2,054,456.89 | |||||
| Reserve due to actuarial study | 10,302.67 | 10,302.67 | 10,302.67 | |||||
| Total other comprehensive income | 0.00 | 0.00 | 0.00 | -2,044,154.22 | 0.00 | -2,044,154.22 | 0.00 | -2,044,154.22 |
| Total comprehensive income after taxes | 0.00 | 0.00 | 0.00 | -2,044,154.22 | 11,032,792.27 | 8,988,638.05 | 0.00 | 8,988,638.05 |
| Other transactions registered in Equity | ||||||||
| Purchase of treasury shares | -480,333.00 | -480,333.00 | -480,333.00 | |||||
| Distributed dividends Formation of reserves from dividends |
-5,150,014.95 | -5,150,014.95 | -5,150,014.95 | |||||
| received | 27,001,104.00 | -27,001,104.00 | 0.00 | 0.00 | ||||
| Total other transactions Balance as at 31 December 2015 |
0.00 53,895,022.10 |
0.00 0.00 |
0.00 39,369,495.98 |
21,370,756.05 67,816,109.59 |
-27,001,104.00 -48,573,351.03 |
-5,630,347.95 112,507,276.64 |
0.00 0.00 |
-5,630,347.95 112,507,276.64 |
| GROUP | COMPANY | |||
|---|---|---|---|---|
| 01.01-31.12-2015 | 01.01-31.12-2014 | 01.01-31-12-2015 | 01.01-31.12-2014 | |
| Operating Activities | ||||
| Earnings / (loss) before tax (continuing activities) | 24,160,641.70 | 21,571,596.85 | 11,240,658.38 | 16,542,121.17 |
| Earnings / (loss) before tax (discontinued activities) | -1,249,076.28 | -84,187.39 | - | - |
| Plus/minus adjustments for: | ||||
| Depreciation/Amortization | 3,722,372.13 | 3,565,538.81 | 2,513,263.84 | 2,299,911.94 |
| Foreign Exchange differences | 259,254.24 | 394,386.94 | 203,500.41 | 24,419.84 |
| Results (income, expenses, profits and losses) from investing activities | -6,434,496.34 | -5,940,061.75 | -8,529,960.33 | -14,869,283.11 |
| Interest expense and related expenses | 2,022,156.61 | 1,119,240.32 | 1,628,175.19 | 800,278.77 |
| Decrease / (increase) in inventories | -3,035,206.51 | -10,478,838.21 | -2,360,476.34 | -7,785,430.59 |
| Decrease / (increase) in receivables | -10,013,353.00 | 2,422,326.61 | -6,990,394.49 | 1,512,637.32 |
| (Decrease) / increase in liabilities (other than to banks) | 5,829,734.35 | -702,697.18 | 2,622,683.68 | 2,630,883.79 |
| Less: | ||||
| Interest and related expenses paid | -2,134,174.33 | -1,092,505.91 | -1,605,540.59 | -752,924.89 |
| Tax paid | -2,339,065.41 | -2,274,352.84 | 0.00 | 0.00 |
| Operating flows from discontinued operating activities | 1,247,306.01 | 144,660.01 | - | - |
| Total inflows / (outflows) from operating activities (a) | 12,036,093.18 | 8,645,106.25 | -1,278,090.25 | 402,614.24 |
| Investing Activities | ||||
| Acquisition/Sale of subsidiaries, associates, joint ventures and other investments | -7,370,124.78 | -4,481,102.18 | -6,095,964.12 | 657,966.42 |
| Purchase of tangible and intangible fixed assets | -6,025,672.26 | -11,929,543.89 | -5,547,766.25 | -10,501,434.91 |
| Proceeds from sale of tangible and intangible assets | 260,345.84 | 96,260.84 | 44,305.45 | 29,580.00 |
| Interest received | 1,027,939.69 | 775,827.50 | 809,778.28 | 571,077.33 |
| Dividends received | 4,391,355.77 | 7,357,868.84 | 11,414,582.02 | 10,336,979.30 |
| Net inflows / (outflows) from discontinued investment activities | -17,474.76 | -44,199.53 | - | - |
| Total inflows / (outflows) from investing activities (b) | -7,733,630.51 | -8,224,888.42 | 624,935.38 | 1,094,168.14 |
| Financing Activities | ||||
| Proceeds from loans granted / assumed | 34,800,000.00 | 0.00 | 34,800,000.00 | 0.00 |
| Payment of loans | -19,800,000.00 | -76.87 | -19,810,400.00 | -3,276.87 |
| Dividends paid | -4,892,593.25 | -9,731,417.85 | -4,892,593.25 | -9,731,417.85 |
| (Payments)/Proceeds from (purchase)/sale of treasury shares | -480,333.00 | -285,017.00 | -480,333.00 | -285,017.00 |
| Net inflows / (outflows) from discontinued financial activities | 0.00 | 0.00 | - | - |
| Total inflows / (outflows) from financing activities (c) | 9,627,073.75 | -10,016,511.72 | 9,616,673.75 | -10,019,711.72 |
| Net increase / (decrease) in cash and cash equivalents (a+b+c) | 13,929,536.42 | -9,596,293.89 | 8,963,518.88 | -8,522,929.34 |
| Cash and cash equivalents at the start of the period | 19,478,988.10 | 29,193,769.32 | 9,372,096.84 | 17,895,026.18 |
| Effect from foreign exchange differences due to translation to euro | 25,732.65 | -118,487.32 | 0.00 | 0.00 |
| CASH & CASH EQUIVALENTS AT THE END OF THE PERIOD | 33,434,257.18 | 19,478,988.10 | 18,335,615.72 | 9,372,096.84 |
Gr. Sarantis SA (the Company) has the legal form of a société anonyme and is the parent company of the Gr. Sarantis SA Group (the Group).
The Company's domicile is located at 26 Amarousiou – Chalandriou Street, Marousi Greece, The Company's central offices are also located at the same address.
The shares of Gr. Sarantis SA are listed on the main market of the Athens Exchange.
The Group's companies, which are included in the consolidated financial statements, are the following:
| GROUP STRUCTURE | |||||
|---|---|---|---|---|---|
| COMPANY | DOMICILE | DIRECT PARTICIPATION PERCENTAGE |
INDIRECT PARTICIPATION PERCENTAGE |
TOTAL | TAX UN-AUDITED FISCAL YEARS |
| FULL CONSOLIDATION METHOD | |||||
| GR. SARANTIS S.A. | GREECE | PARENT | 2009,2010,2014-2015 | ||
| SARANTIS ANADOL S.A. | TURKEY | 99.98% | 0.00% | 99.98% | - |
| SARANTIS BULGARIA L.T.D | BULGARIA | 0.00% | 100.00% | 100.00% | 2010-2015 |
| SARANTIS ROMANIA S.A. | ROMANIA | 0.00% | 100.00% | 100.00% | 2010-2015 |
| SARANTIS BELGRADE D.O.O | SERBIA | 0.00% | 100.00% | 100.00% | 2010-2015 |
| SARANTIS BANJA LUKA D.O.O | BOSNIA | 0.00% | 100.00% | 100.00% | 2014-2015 |
| SARANTIS SKOPJE D.O.O | F.Y.R.O.M. | 0.00% | 100.00% | 100.00% | 2005-2015 |
| SARANTIS POLSKA S.A. | POLAND | 0.00% | 100.00% | 100.00% | 2010-2015 |
| POLIPAK SP.Z.O.O. | POLAND | 0.00% | 70.00% | 70.00% | 2015 |
| SARANTIS CZECH REPUBLIC sro | CZECH REPUBLIC | 0.00% | 100.00% | 100.00% | 2010-2015 |
| SARANTIS HUNGARY Kft. | HUNGARY | 0.00% | 100.00% | 100.00% | 2012-2015 |
| GR SARANTIS CYPRUS L.T.D | CYPRUS | 100.00% | 0.00% | 100.00% | 2013-2015 |
| ΖΕΤΑFIN LTD | CYPRUS | 0.00% | 100.00% | 100.00% | 2013-2015 |
| ΖΕΤΑ COSMETICS L.T.D | CYPRUS | 0.00% | 100.00% | 100.00% | 2008-2015 |
| WALDECK L.T.D | CYPRUS | 0.00% | 100.00% | 100.00% | 2014-2015 |
| SAREAST L.T.D | CYPRUS | 0.00% | 100.00% | 100.00% | 2014-2015 |
| ELODE FRANCE S.A.R.L | FRANCE | 100.00% | 0.00% | 100.00% | 2011-2015 |
| ARPINA SA | GREECE | 100.00% | 0.00% | 100.00% | 2014-2015 |
| SARANTIS PORTUGAL Lda | PORTUGAL | 0.00% | 100.00% | 100.00% | 2013-2015 |
| ASTRID TM A.S. | CZECH REPUBLIC | 0.00% | 100.00% | 100.00% | 2014-2015 |
| EQUITY CONSOLIDATION METHOD | |||||
| ΕLCA COSMETICS LTD | CYPRUS | 0.00% | 49.00% | 49.00% | 2013-2015 |
| ESTEE LAUDER HELLAS S.A. | GREECE | 0.00% | 49.00% | 49.00% | 2009-2010,2014-2015 |
| ΕSTEE LAUDER BULGARIA | BULGARIA | 0.00% | 49.00% | 49.00% | 2010-2015 |
| ESTEE LAUDER ROMANIA S.A. | ROMANIA | 0.00% | 49.00% | 49.00% | 2010-2015 |
| THRACE-SARANTIS S.A. | GREECE | 0.00% | 50.00% | 50.00% | 2009-2010,2014-2015 |
Notes:
The statement of comprehensive income of the discontinued activity is presented as follows:
| 01/01-31/12/2015 | 01/01-31/12/2014 | |
|---|---|---|
| Discontinued Activities | ||
| Revenue | - | - |
| Cost of sales | - | - |
| Gross operating profit | - | - |
| Other operating income | - | - |
| Administrative expenses | (1,242,947.73) | (75,454.12) |
| Distribution expenses | - | - |
| Operating profit (loss) | (1,242,947.73) | (75,454.12) |
| Impairment of subsidiary company | - | - |
| Financial income-expenses | (6,128.55) | (8,733.27) |
| Earnings (loss) before taxes | (1,249,076.28) | (84,187.39) |
| Income tax | - | - |
| Deferred tax | - | - |
| Earnings (loss) after the deduction of tax (A) | (1,249,076.28) | (84,187.39) |
| Shareholders of the parent | (1,249,076.28) | (84,187.39) |
| Non controlling interest | - | - |
| Other Income: | ||
| Items not transferred to the statement of comprehensive income: |
- | - |
| Profit/Loss from actuarial study | - | - |
| Actuarial study deferred tax | - | - |
| Items which may be transferred in future to the statement of comprehensive income: |
(13,609.62) | 8,661.78 |
| Valuation of available for sale financial assets | - | - |
| Foreign exchange differences from subsidiaries abroad |
(13,609.62) | 8,661.78 |
| Other total income after taxes (Β) | (13,609.62) | 8,661.78 |
| Total comprehensive income after taxes (A) + (B) |
(1,262,685.90) | (75,525.61) |
| Owners of the parent | (1,262,685.90) | (75,525.61) |
| Non controlling interest | - | - |
| Earnings (loss) per share, which correspond to the parent's shareholders for the period |
(0,0359) | (0.0024) |
| 01/01-31/12/2015 | 01/01-31/12/2014 | |
|---|---|---|
| Total inflows / (outflows) from discontinued operating activities |
(1,770.27) | 60,472.62 |
| Total inflows / (outflows) from discontinued investing activities |
(17,474.76) | (44,199.53) |
| Total inflows / (outflows) from discontinued financing activities |
0.00 | 0.00 |
The Group is active in the production and trade of cosmetics, household use products and parapharmaceutical items.
The Group's basic activities have not changed from the previous year.
The consolidated and individual financial statements of "GR. SARANTIS S.A." are in accordance with the International Financial Reporting Standards (IFRS), which have been issued by the International Accounting Standards Board (IASB) as well as their interpretations, which have been issued by the International Financial Reporting Interpretations Committee (IFRIC) of IASB that have been adopted by the European Union.
The consolidated and parent financial statements of "GR. SARANTIS SA" have been compiled on the basis of the "going concern" principle as well as on the basis of the historical cost principle, apart from the financial assets at fair value through results, available for sale, which based on the requirements of IFRS are recorded at fair value.
The annual consolidated financial statements have been approved by the Company's Board of Directors on 08/03/2016.
The present annual consolidated financial statements include the financial statements of "GR. SARANTIS S.A." and its subsidiaries, which together are referred to as the Group, and cover the period from January 1st 2015 to December 31st 2015.
The present financial statements are presented in €, which is the Group's operating currency, namely the currency of the primary economic environment in which the parent Company operates.
The preparation of the Financial Statements according to the International Accounting Standards requires the implementation of estimations, judgments and assumptions that may affect the accounting balances of assets and liabilities and the required disclosures for contingent receivables and liabilities, as well as the amount of income and expenses recognized.
The use of adequate information and the implementation of subjective judgment constitute inseparable data for the conduct of estimations in the valuation of assets, liabilities for employee benefits, impairment of assets, recognition of deferred tax assets and pending judicial cases. The estimations are considered significant but not binding. Actual future results may differ from the aforementioned estimations.
Specifically new standards, amendments of standards and interpretations have been issued, which are mandatory for accounting periods beginning during the current year or after.
The following amendments describe the most important changes in three IFRS as result of the cycle 2011 – 2013 of the annual improvement program of IASB.
Certain new standards, amendments of standards and interpretations have been issued which are not mandatory for the accounting period beginning after 1st January 2015. These have not been adopted earlier and the Group currently assesses the potential effect on its financial statements.
The final version of IFRS 9 replaces the provisions of IAS 39 "Financial Instruments: Recognition and measurement" referring to the classification and measurement of financial assets and financial liabilities and also includes a single, forward-looking 'expected loss' impairment model which replaces the model of actual loss currently in effect. Furthermore, if a financial liability has been classified (according to IFRS 9) based on fair value via the results, then any change in the fair value of the particular financial liability due to changes of the credit risk of the economic entity, will be recorded in the Other Comprehensive Income instead of the results. The standard IFRS 9 also establishes an approach to hedge accounting based on principles and handles inconsistencies and weaknesses in the current model of IAS 39.
The Group currently assesses the potential effect of IFRS 9 on its financial statements. The standard has not been yet adopted by the European Union.
IFRS 15 was issued in May 2014 and includes the most immediate and accurate requirements compared to the existing standards (IAS 18 and IAS 11). The purpose of the standard is to provide a unified and clear model for the recognition of income from all customer contracts and to improve the comparability among companies of the same sector, different sectors and different capital markets. It includes the principles which must be applied by an economic entity in order to define the measurement of income and the timing of recognition. The basic principle is that an economic entity will recognize income in a manner that depicts the actual transfer of goods or services to customers at the amount expected to fairly collect in exchange for these goods or services with the application of five stages.
The Group currently assesses the potential effect of IFRS 15 on its financial statements. The standard has not been yet adopted by the European Union.
IFRS 16 was issued in January 2016 and replaces IAS 17. The purpose of the standard is to ensure that the lessor and the lessee provide useful information that fairly presents the substance of the transactions concerning leasing agreements. IFRS 16 introduces a new model for the accounting treatment from the side of the lessor. The model requires that the lessor recognizes assets and liabilities for all leasing agreements with duration longer than 12 months, unless the underlying asset has no significant value. With regard to the accounting treatment from the side of the lessee, IFRS 16 practically incorporates the requirements of IAS 17. As a result, the lessee continues to categorize the leasing agreements between operating and financial ones, and to follow different accounting treatment for each type of leasing agreement.
The Group currently assesses the potential effect of IFRS 16 on its financial statements. The standard has not been yet adopted by the European Union.
The amendments clarify the application of the consolidation exception with regard to investment entities and their subsidiaries. More analytically, the exception from the presentation of consolidated financial statements is valid in the case of a parent company which is subsidiary of an investment company even if the investment company measures all subsidiaries at fair value instead of consolidating them, under the condition that the financial statements prepared by the latter are in accordance with the requirements of IFRS 10. Furthermore, the amendments clarify that only the subsidiaries which themselves are not investment companies and offer support services to a parent investment company, are consolidated. All other subsidiaries of the investment company are measured at fair value. Finally, the amendments clarify that for an entity which does not constitute an investment company but it participates in an associate company or joint venture which constitutes an investment company, the investor may, during the application of the equity method, maintain the fair value measurement which is applied from the associate investment company or joint venture in the case of the latter's participation in subsidiaries.
The Group currently assesses the potential effect on its financial statements. The amendments have not been yet adopted by the European Union.
This amendment requires from an investor to apply the purchase method (according to IFRS 3) when the investor acquires an interest in a joint arrangement that constitutes a "company".
The Group currently assesses the potential effect on its financial statements.
In December 2014, the IASB proceeded with the publication of amendments to the IAS 1. The amendments concern the significance, the sequence of the notes, the subtotals and the separation, the accounting policies and the presentation of the figures of the other comprehensive income which is generated from investments recorded with the equity method. The amendments were made in order to resolve issues with regard to existing presentation and disclosure requirements and ensure the ability of economic entities to make judgments when preparing their financial statements.
The Group currently assesses the potential effect on its financial statements.
These amendments clarify that the use of methods based on income are not appropriate in the calculation of the depreciation of an asset and also clarify that income is not the appropriate basis in the measurement of consumption of the economic benefits incorporated into an intangible asset.
The Group currently assesses the potential effect on its financial statements.
IAS 16 and IAS 41 (Amendment): "Bearer Plants" (effective for annual accounting periods beginning on or after 1 January 2016)
According to this amendment, bearer plants will now fall under the application field of IAS 16 and will be subject to all requirements set within it. This includes the ability to select between the cost model and the adjustment model in the subsequent measurement. The produce growing on bearer plants (for example fruit growing in a tree) will remain within the scope of IAS 41. State grants which concern bearer plants are now accounted for according to IAS 20 instead of the IAS 41.
The Group currently assesses the potential effect on its financial statements.
This amendment allows economic entities to use the equity method in order to record the investments in subsidiaries, joint ventures and associate companies in their separate financial statements. It also clarifies the definition of separate financial statements.
The Group currently assesses the potential effect on its financial statements.
The amendment is of limited scope and is applied to employee or third party contributions in defined benefit plans, thus simplifying the accounting of contributions when these are independent of the number of years in service, for example contributions made by employees calculated as fixed percentage against the salary.
The Group currently assesses the potential effect on its financial statements.
The following amendments describe the most important changes in seven IFRS as result of the cycle 2010 – 2012 of the annual improvement program of IASB.
The following amendments describe the most important changes in four IFRS. These amendments have not been yet adopted by the European Union.
IFRS 7 "Financial Instruments: Disclosures": The amendment adds certain guidance in order to assist the management to define whether the terms of a servicing contract is continuing involvement in a transferred asset. It also clarifies that additional disclosures required according to the amendment of IFRS 7 "Disclosures – Offsetting financial asset and financial liabilities" are not required for all interim periods unless such requirement is defined by IAS 34.
IAS 19 "Employee Benefits": The amendment clarifies that, when the discount rate is defined with regard to liabilities for post retirement personnel benefits, the important issue is the currency at which the relevant liabilities are recorded and not the country from which the liabilities originate.
The Group's subsidiaries are legal entities on which the Group has the ability to set the operational and financial policies, usually by participating in their share capital with a voting right over 50%. The existence and effect of voting rights that may be exercised or converted are taken into account when establishing whether the Group controls a legal entity.
Subsidiaries are consolidated with the full consolidation method from the date that control is transferred to the Group and cease to be consolidated from the date that this control no longer exists.
The accounting method of the acquisition is used for the accounting entries of the subsidiaries' acquisition by the Group. The acquisition cost is calculated as the fair value of assets acquired, liabilities assumed or existing and financial products issued during the transaction date. Expenses related to the acquisition are registered in the results. The assets acquired, the liabilities and contingent liabilities assumed during a business combination are initially recognized at fair value during the acquisition date. According to the case, the Group recognizes the value of the minority interest either at fair value or as a percentage of the minority shareholders on the net assets acquired. The difference between the acquisition cost, the proportion of the minority interest plus fair value during the acquisition date of a previous participation and the Group's share in the net assets acquired, is booked as goodwill. If this value is less than the fair value of net assets acquired, the difference is registered directly in the results.
Transactions between group companies and unrealized profit related to transactions between Group companies are eliminated. Unrealized losses are also eliminated. The accounting principles of subsidiaries have been amended when necessary in order to conform to the accounting principles of the Group. In the financial statements of the parent company, investments in subsidiaries are valued at acquisition cost minus any cumulative impairment loss.
Associates are companies on which the Group can exert significant influence but which do not fulfill the conditions to be classified as subsidiaries or joint ventures. Significant influence is the authority to participate in decisions that regard decisions for the issuer's financial and business policies, but not control on such polices. Significant influence is usually implied when the group holds a percentage between 20% and 50% of the voting rights through ownership of shares or another type of agreement.
Investments in associates are initially recognized at cost and are subsequently valued using the equity method for consolidation purposes. Goodwill is included in the book cost of the investment and is examined for impairment as part of the investment.
When an economic unit of the group transacts with a group's associate company, any possible intra-company profit and losses are written-off by the participation percentage of the group in the relevant associate company.
All subsequent changes of the participation percentage in the associate company's net position are recognized in book value of the group's investment.
Changes that arise from the profit or losses of associates are registered in the consolidated profit and loss account.
Changes that have been directly recognized in equity of the associates are recognized in the group's consolidated equity.
Any changes recognized directly in equity that are not related to a result, such as the distribution of dividends or other transactions with shareholders of the associate, are registered in the book value of the participation. No
effect in the net result or equity is recognized in the context of such transactions.
When the share of losses in as associate for the group is equal or over the book value of the investment, including any other secured receivables, the group does not recognize further losses, unless it has been burdened with commitments or has proceeded with payments on behalf of the associate.
The accounting policies of associates are amended when deemed necessary in order to render such consistent with the policies adopted by the group.
In the parent's financial statements, investments in associates are valued, according to IAS 28, at acquisition cost minus any accumulated impairment loss.
Economic units whose financial activities are controlled jointly by the group and by other joint venture entities independent to the group, are accounted for using proportionate consolidation.
In the case where the group sells assets to the joint-venture, it recognizes only the profit or loss from the transaction that corresponds to the participation of the other members.
However, if the group purchases assets from the joint-venture, it does not recognize its share in the profit or loss until it sells the asset to third parties. In the case of indications of impairment of assets acquired by the jointventure, then any loss is recognized in whole.
Intra-company balances of the group with the joint-venture are written-off, canceling the balances of the jointventure by the share of the investing company.
Transactions in foreign currency are translated to the operating currency using exchange rates in effect during the date of the transactions.
Profit and losses from foreign exchange difference, which arise from the settlement of such transactions during the period and from the conversion of monetary items expressed in foreign currency with the effective exchange rates during the balance sheet date, are registered in the results.
Foreign exchange differences from non-monetary items valued at fair value, are considered as part of the fair value and thus are registered accordingly as fair value differences.
Items of the financial statements of the group's companies are calculated based on the currency of the economic environment in the country where each group company operates.
The individual financial statements of companies participating in the consolidation, and which are initially presented in a currency different than the group's presentation currency, have been converted to €. The assets and liabilities have been converted to € according to the closing exchange rate during the balance sheet date. Income and expenses have been converted to the group's presentation currency at average exchange rates of each reported period. Any differences that arise from this procedure have been transferred to an equity reserve.
The company's Board of Directors is the main decision maker and controls the internal financial reporting in order to assess the company's and Group's performance and make decisions relating to the allocation of resources.
The Management has defined activity sectors based on such internal reports according to IFRS 8. Operating segments are defined as the segments in which the Group operates and on which the Group's internal information system is based.
For the breakdown per operating segment, the following have been taken into account:
The Group offers information per geographic segment as additional information to readers of the financial statements.
Goodwill which is acquired during a business combination, is initially recognized at cost, which is the excess cost of the combination, over the group's proportion in the fair value of net assets acquired.
Following the initial recognition, goodwill is calculated at cost minus any accumulated impairment losses. The group examines goodwill for impairment at least on an annual basis. Impairment losses that are registered for goodwill are not reversed in subsequent periods.
Intangible assets of the group are initially recognized at acquisition cost. Following the initial recognition, intangible assets are calculated at cost minus accumulated amortization and any impairment loss that may have emerged.
The useful economic life and depreciation method are reviewed at least at the end of each financial period. If the estimated useful life or expected burn-up rate of future economic benefits incorporated in another intangible asset have changed, the changes are accounted for as changes in accounting estimations.
Intangible assets mainly include the acquired software used in production or management.
Land-plots and buildings are presented in the financial statements at readjusted values minus accumulated depreciations.
The fair value of land-plots and buildings is defined periodically by an independent evaluator.
The mechanical equipment and other tangible fixed assets are presented at acquisition cost minus accumulated depreciations and possible impairment losses.
The acquisition cost of fixed assets includes all expenses directly attributed to the acquisition of the assets. Subsequent expenses are registered as in increase of the tangible assets' book value or as a separate fixed asset, only to the extent where such expenses increase the future economic benefits expected to arise from the use of the fixed assets, and the cost of such may be reliably calculated. The cost of repairs and maintenance is registered in the results of the period where such are realized.
Self-produced tangible assets constitute and addition to the acquisition cost of tangible assets at values that include the direct payroll cost for staff that participates in the construction, the cost of used materials and other general costs.
The depreciations of tangible fixed assets are calculated with the straight line method during their useful life, which is as follows:
| Buildings | from 20 to 60 years |
|---|---|
| Mechanical equipment | from 8 to 10 years |
| Vehicles | from 5 to 9 years |
| Other equipment* | from 4 to 20 years |
The residual values and useful economic lives of tangible fixed assets are subject to reassessment at each balance sheet date. When the residuals values, the expected useful life or expected burn-up rate of future economic benefits incorporated in an asset have changed, the changes are accounted for as changes in accounting estimations.
Upon sale of the tangible fixed assets, any difference between the proceeds and the book value are booked as profit or loss to the results.
The book value of tangible fixed assets is examined for impairment when there are indications, namely events or changes in circumstances, that the book value may not be recoverable. If there is such an indication and the book value exceeds the estimated recoverable amount, the assets or cash flow creation units are impaired to the recoverable amount. The recoverable amount of property, facilities and equipment is the largest between their net sales price and their value in use. For the calculation of the value in use, the expected future cash flows are discounted to present value using a pre-tax discount rate that reflects the market's current expectations for the time value of money and related risks as regards to the asset. When the book values of tangible assets exceed their
recoverable value, the difference (impairment) is registered initially as a reduction of the created fair value reserve (if there is such for the relevant fixed asset), which is presented in equity accounts. Any impairment loss that emerges over the created reserve for the specific fixed asset, is recognized directly as an expense in the profit and loss account.
The investments in property include privately owned land plots and buildings, which are possessed by the Company with the objective to receive lease payments or / and to generate capital gains. The investments in property are initially recorded at their acquisition cost, which also includes the transaction costs. In a following stage, the investments in property are recorded at fair value.
Assets with an indefinite useful economic life are not depreciated and are subject to impairment reviews annually and also when several events or changes in conditions indicate that the book value may not be recoverable. The assets depreciated are subject to impairment review when there are indications that their book value will not be recovered. Impairment losses are recognized for the amount for which the book value of the fixed asset exceeds its recoverable value. The recoverable value is the largest between fair value less the relevant cost required for the sale and value in use (present value of cash flows expected to be generated according to management's estimation on the future financial and operating conditions). To estimate impairment losses, assets are classified in the smallest possible cash flow generating units. Non-financial assets apart from goodwill that have suffered impairment are re-assessed for possible reversal of the impairment during each balance sheet date.
The cost of inventories is defined using the weighted average method, and includes all the expenses realized in order to render inventories to their current position and condition and which are directly attributable to the production process, as well as part of general expenses related to the production. During the Balance Sheet date, inventories are presented at the lowest price between acquisition cost and net realizable value.
Net realizable value is the estimated sales price during the normal conduct of the company's activities, minus the estimated cost necessary to realize the sale.
Financial instrument is any contract that creates a financial asset in an enterprise and a financial liability or equity instrument in another. The financial instruments of the Group are classified in the following categories: Financial assets at fair value through profit and loss, investments held until maturity, investments available for sale and loans and receivables. The classification depends on the purpose for which the financial assets were acquired. Management defines the classification during the initial recognition and reviews the classification at each balance sheet date.
A financial asset is included in this category if it is acquired with the intention to be sold in a short period of time or if it has been characterized as such by management. Derivatives are also included in the category for sale unless such are intended for risk hedging. Assets in this category are included in current assets either because such are intended for sale or are to be liquidated within twelve months from the balance sheet date.
Such included non-derivative financial assets with fixed or pre-defined payments, which are not traded on active markets and there is no intention to sell such. Loans and receivables are included in current assets, except for those with a maturity over 12 months from the balance sheet date. The latter are included in non-current assets. Loans and receivables are included in trade and other receivables in the statement of financial position.
Such include non-derivative financial assets with fixed or pre-defined payments and a specific maturity date, which the Group's management intends and has the ability to hold until maturity. In case such assets are sold entirely or partially (unless the amount is trivial) then the entire category will be eliminated and the relevant assets must be reclassified to available for sale.
Such include non-derivative financial assets that are either defined in this category or cannot be included in any of the above categories. Financial assets available for sale are included in non-current assets given that Management has no intention of liquidating such within 12 months from the Balance Sheet date.
Financial assets measured at fair value through profit and loss are initially recognized at fair value and the transaction expenses are presented in the profit and loss account.
Fair value is an amount which can be the basis for an asset exchange, or for the settlement of an obligation, between two parties that willingly and knowledgeably proceed into a transaction purely on a trading basis.
The purchases and sales of financial assets are recognized during the transaction date that is also the date when the Group commits to purchasing or selling the investment. Financial assets are initially recognized at fair value plus the expenses directly attributed to the transaction, for all financial assets recognized at fair value through profit and loss. Financial assets are eliminated when the right to cash flows from the investments matures or is transferred and the Group has essentially transferred all the risks and rewards emanating from ownership. Financial assets available for sale are valued subsequently at cost minus impairment losses, given that equity instruments cannot be valued accurately.
Loans and receivables, as well as financial assets held until maturity are recognized at present value using the effective interest rate method. Realized and valuation profit or losses that result from a change in the fair value of assets in the category "financial assets through profit and loss" are registered in the results during the period when such are realized. Valuation profit or losses that result from the change in fair value of non-financial assets available for sale are included directly in equity. When investments available for sale are sold or impaired, the cumulative change in their fair value is transferred to the results as profit or loss from investments in securities. The fair values of financial assets that are traded on active markets are defined by the current market prices. For non-traded assets, the fair values are defined by the use of valuation techniques, such as analysis of recent transactions, comparable traded assets and discounted cash flows, that are specialized at reflecting the actual conditions of the issuer.
At each balance sheet date, the Group assesses whether there are objective indications that lead to the conclusion that financial assets have suffered impairment. For shares of companies listed as financial assets available for sale, such an indication refers to the significant or continuous reduction in fair value compared to the acquisition cost. If impairment is evidenced, the cumulative loss in equity – which corresponds to the difference between the acquisition cost and fair value minus previous impairment losses that had been recognized in the results for the specific financial asset – is transferred to the results. The impairment losses of equity instruments registered in the results are not reversed through the results. If there is objective indication for impairment of financial assets held until maturity that are presented at their net book value, then the impairment loss is calculated as the difference between the book value of the asset and the present value of estimated future cash flows (excluding future losses from credit risks that have not been realized), discounted with the initial effective interest rate of the financial assets. The current amount of the asset, is decreased using a provision account for impairment and the loss is recognized in the results.
Trade receivables are initially recognized at fair value and are measured subsequently at net book value using the effective interest rate, minus any impairment provisions. Impairment provisions are recognized when there is objective indication that the Group is not in a position to collect all amounts due according to the contractual terms. Trade receivables include bills of exchange and notes receivables from customers. Serious financial problems of a customer, the possibility of default or financial restructuring and the inability to perform normal payments are considered indications that the receivables are impaired. The amount of the impairment provision is the difference between the book value of receivables and the present value of estimated future cash flows, discounted with the effective interest rate. The amount of the impairment loss is registered in the results as an expense.
Cash & cash equivalents include cash in banks and in hand, as well as short-term highly liquid investments such as repos and bank deposits with a maturity less than three months.
The share capital includes the Company's common shares. Direct expenses realized for the issue of shares are presented after the deduction of the relevant income tax, and reduce the product of the issue.
Loans are initially registered at fair value, minus any direct expenses realized for the transaction. Subsequently loans are valued at net book cost. Any difference between the received amount (net of relevant expenses) and the repayment value is recognized in the results during the borrowing term according to the effective interest rate method. Loans are characterized as short-term liabilities unless the Group has the final right to postpone payment for at least 12 months following the balance sheet date.
Leases of fixed assets where the Group essentially maintains all the risks and benefits of ownership are classified as financial leases. Financial leases are capitalized at the inception of the lease at the lower value between the fair value of the fixed asset and the present value of minimum leases. Each lease payment is allocated between the liability and the financial expenses so as to achieve a fixed interest rate on the balance of the liability. The corresponding liabilities from leases, net of financial expenses, are presented in liabilities. The part of the lease's financing cost that refers to interest, is recognized in the results throughout the lease period in a way that assures a fixed rate on the balance of the liability during each period. Fixed assets acquired with financial leasing are depreciated within the smallest period between the useful life of the assets and the duration of their lease. Leases where essentially all the risks and benefits of ownership are maintained by the lessor, are classified as operating leases. The lease payments of an operating lease (net of any incentives offered by the lessor) are registered proportionately in the results throughout the duration of the lease period.
Short-term employee benefits (apart from employment termination benefits) in money and in kind, are recognized as an expense on an accrual basis.
Payments are defined by Greek law and the regulation of the pension funds. The Group has both defined contribution and defined benefit plans.
Defined benefit plans are those pension plans that define a specific amount of pension that will be received by the employee during retirement, which usually depends on one or more factors such as age, employment years and wage level.
Defined contribution plans are those pension plans in the context of which the Group realizes defined payments to a separate legal entity. The Group has no legal obligation to pay further contributions if the pension fund does not have adequate assets to pay all employees the benefits related to their employment service during the present and during the previous periods.
The liability registered in the balance sheet for defined benefit plans is the present value of the liability for the defined benefit together with the changes that result from the non-recognized actuarial profit and losses and the prior employment service cost. The liability of the defined benefit is calculated annually by an independent actuary using the projected unit credit method. The present value of the defined benefit liability is calculated by discounting the future cash outflows using the yield of long-term Greek government bonds with a similar duration with the pension plan as the discount rate. The cumulative actuarial profit and losses that result from the adjustments based on historic data and the assumptions of the actuarial study and which exceed 10% of the defined benefit liability are registered in the results during the expected average insurance employment period of those participating in the plan. The prior employment service cost is registered directly in the results except for the case where changes in the plan depend on the remaining employment service of employees. In the latter case, the employment service cost is registered in the results with the straight line method throughout the maturity period.
For defined contribution plans the Group pays contributions to State pension funds on a mandatory basis. The Group has no other liability given it has paid its contributions. Contributions are recognized as employee expenses when due. Contributions that are prepaid are recognized as an asset when there is the possibility of a rebate or offset with new dues.
The Group has a stock option plan in effect. The total amount of the expense during the maturity period of the option is defined according to the fair value of the plan during the period when the option is provided. The conditions not related to the purchase are included in the assumptions for the definition of the number of options expected to be exercised. At each balance sheet date, the Group revises its estimations on the number of stock options expected to be exercised. It recognizes the effect of the revision of initial estimations in the results with a corresponding adjustment of equity.
Income includes the fair value of sales of goods and provision of services, net of Value Added Tax, tariffs, discounts and rebates. Income is recognized when it is likely that economic benefits will arise for the Group. Income between Group companies consolidated with the full consolidation method, are fully written-off. Expenses are recognized in the results on an accrual basis. Payments realized for operating leases are transferred to the results as an expense, during the use of the lease. Interest expenses are recognized on an accrual basis.
The recognition of income is as follows:
Income from agreements for provision of services at a predefined price is recognized based on the completion stage of the transaction during the balance sheet date.
When the result of the transaction that concerns provision of services cannot be reliably estimated, the income is recognized only to the extent where the recognized expenses are recoverable.
Sales of goods are recognized when the Group delivers ownership and all the risks related to ownership of the goods to customers, the goods are accepted by the latter and the collection of the receivable is reasonably secured.
Interest income is recognized based on the time proportion and by using the real interest rate.
Dividends are accounted for as income when the right to receive such is established.
The Group recognizes the government grants that cumulatively satisfy the following criteria:
Government grants that relate to acquisition of fixed assets are presented as a deferred income in liabilities and recognized in the results during the useful life of the fixed assets such refer to.
Provisions are booked when the Group has a present, legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably measured. The provisions are reviewed at every balance sheet date and are adjusted so as to reflect the present value of the expense deemed necessary to settle the liability. Contingent liabilities are not recorded in the financial statements but are disclosed, except if the probability of an outflow of resources that embody economic benefits is very small. Contingent assets are not recorded in the financial statements but are disclosed if the inflow of economic benefits is probable.
Dividend distribution to shareholders of the parent from the period's profit, are recognized as a liability in the individual and consolidated financial statements on the date when the distribution is approved by the General Shareholders' Meeting.
The period's charge with income tax consists of current taxes and deferred taxes. Tax is recognized in the "Statement of comprehensive income", unless it is related to amounts recognized directly in "Equity". In the latter case tax is also recognized in Equity.
Income tax on earnings, is calculated based on the tax law in effect during the balance sheet date in countries where the Group's activities are carried out and is recognized as an expense during the period when earnings are gained. Management periodically reviews cases where the relevant tax law needs clarifications when interpreted. When deemed necessary provisions are made on the amounts expected to be paid to the tax authorities.
Deferred income tax is calculated according to the liability method which results from the temporary differences between the book value of assets or liabilities in the financial statements with their respective tax base. Deferred income tax is not recorded if such results from the initial recognition of an asset or liability in a transaction, apart from a business combination, which did not affect the accounting or the tax profit or loss when realized. Deferred tax is defined according to the tax rates and laws in effect during the balance sheet date and those expected to be effective when the deferred tax assets will be realized or the deferred tax liabilities repaid.
Deferred tax assets are recognized to the extent that there will be future taxable profit for the use of the temporary difference that creates the deferred tax asset. Deferred tax assets and liabilities are offset only when the law permits the offsetting of tax assets and liabilities and given that the deferred tax assets and liabilities arise from the same tax authority on one entity that is taxed or on different entities when the settlement is intended to take place through offsetting.
Assets held for sale include tangible fixed assets that the Group intends to sell within one year from their classification as "held for sale".
Assets classified as "held for sale" are valued at the lowest between their book value directly prior to their classification as held for sale, and their fair value less any sale cost. Assets classified as "held for sale" are not subject to depreciation. The profit or loss that results from the sale and revaluation of assets "held for sale" is included in the results.
The Group has not classified noncurrent assets as held for sale.
The Group's objectives as regards to management of capital, is to reassure the ability for the Group's smooth operation, aiming at providing satisfactory returns to shareholders and to maintain an ideal capital structure by reducing thus the cost of capital. The Group monitors its capital based on the leverage ratio. The leverage ratio is calculated by dividing net debt with total employed capital. Net debt is calculated as "Total debt" (including "shortterm and long-term debt" as presented in the Statement of Financial Position) minus "Cash and cash equivalents", "Financial assets available for sale" and "financial assets at fair value through the profit and loss". The calculation of net debt does not include the purchase of treasury shares. Total employed capital is calculated as "Shareholders' Equity" as presented in the statement of financial position plus net debt. The leverage ratio on 31 December 2015 was as follows:
| GROUP | |||
|---|---|---|---|
| 31/12/2015 | 31/12/2014 | ||
| TOTAL DEBT | 34,156,114.24 | 17,000,000.00 | |
| MINUS | |||
| CASH & CASH EQUIVALENTS | -33,434,257.18 | -19,478,988.10 | |
| FINANCIAL ASSETS AVAILABLE FOR SALE | -908,520.28 | -1,323,254.00 | |
| FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT AND LOSS | -7,017,679.38 | -5,775,794.16 | |
| NET DEBT | -7,204,342.60 | -9,578,036.26 | |
| TOTAL EQUITY | 167,410,545.99 | 159,637,660.27 | |
| TOTAL EMPLOYED CAPITAL | 160,206,203.40 | 150,059,624.01 | |
| LEVERAGE RATIO | -4.50% | -6.38% |
The Group's financial instruments mainly consist of bank deposits, bank overdrafts, trade debtors and creditors, investments in securities, other liabilities.
The financial assets and liabilities during the date of the financial statements can be classified as follows:
| Parent | ||||
|---|---|---|---|---|
| 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 | |
| 908,520.28 | 1,323,254.00 | 587,820.28 | 955,850.00 | |
| 344,815.31 | 345,697.59 | 225,730.45 | 209,357.45 | |
| 1,253,335.59 | 1,668,951.59 | 813,550.73 | 1,165,207.45 | |
| Group |
| ,059,624.01 | |
|---|---|
| ------------- | -- |
| Trade receivables | 76,142,726.97 | 65,911,693.84 | 39,889,121.26 | 32,979,777.64 |
|---|---|---|---|---|
| 2015 ANNUAL FINANCIAL REPORT (1/1/2015 – 31/12/2015) | 44 | ||||
|---|---|---|---|---|---|
| Other receivables | 7,228,672.44 | 5,833,040.10 | 8,128,848.48 | 7,102,482.97 | |
| Cash & cash equivalents | 33,434,257.18 | 19,478,988.10 | 18,335,615.72 | 9,372,096.84 | |
| Financial assets at fair value through profit and loss |
7,017,679.38 | 5,775,794.16 | 7,017,679.38 | 5,775,794.16 | |
| Total | 123,823,335.96 | 96,999,516.20 | 73,371,264.84 | 55,230,151.61 | |
| Long-term Liabilities | |||||
| Loans | 32,137,121.88 | 0.00 | 30,800,000.00 | 0.00 | |
| Provisions and other long-term liabilities |
1,779,763.32 | 992,181.66 | 1,269,488.83 | 909,488.83 | |
| Total | 33,916,885.20 | 992,181.66 | 32,069,488.83 | 909,488.83 | |
| Short-term Liabilities | |||||
| Suppliers | 50,531,959.71 | 43,927,104.86 | 27,202,502.21 | 24,288,283.27 | |
| Other liabilities | 4,730,878.25 | 3,374,571.13 | 3,359,375.20 | 4,309,110.66 | |
| Loans | 2,018,992.36 | 17,000,000.00 | 1,200,000.00 | 17,000,000.00 | |
| Total | 57,281,830.33 | 64,301,675.99 | 31,761,877.41 | 45,597,393.93 |
The following table presents the financial assets measured at fair value, according to the measurement method. The different categories are as follows:
• Publicized market prices (without amendment or adjustment) for the financial assets traded in active money markets (level 1)
• Measurement or valuation techniques based directly on publicized market prices or calculated indirectly from publicized market prices for similar instruments (level 2).
• Measurement or valuation techniques that are not based on available information from current transactions in active money markets (level 3).
The financial assets measured at fair value during 31 December 2015, are as follows:
| Group | ||||
|---|---|---|---|---|
| Assets | Level 1 | Level 2 | Level 3 | Total |
| Financial Assets Available for Sale | 908,520.28 | - | - | 908,520.28 |
| Financial Assets at Fair Value through Profit and Loss |
7,017,679.38 | - | - | 7,017,679.38 |
| Company | ||||
| Assets | Level 1 | Level 2 | Level 3 | Total |
| 2015 ANNUAL FINANCIAL REPORT (1/1/2015 – 31/12/2015) | 45 |
|---|---|
| Financial Assets Available for Sale | 587,820.28 | - | - | 587,820.28 |
|---|---|---|---|---|
| Financial Assets at Fair Value through | ||||
| Profit and Loss | 7,017,679.38 | - | - | 7,017,679.38 |
The fair value of financial assets traded on active markets (i.e. derivatives, equity, bonds, mutual funds), is defined based on the published prices in effect during the end of the reporting period. A market is considered "Active" when there are available and revised prices in frequent intervals, that are published by a stock exchange, broker, sector, rating agency or regulatory authority. Such financial instruments are included in level 1.
The fair value of financial assets not traded on active markets (i.e. over the counter derivative contracts) is defined using valuation techniques that are based primarily on available information for transactions carried out in active markets, while they use the least possible estimations by the entity. Such financial instruments are included in level 2.
If the valuation techniques are not based on available market information, then the financial instruments are included in level 3.
The Group operates in an environment characterized by relatively high foreign exchange risk given that almost 63% of the Group's total turnover comes from Eastern European countries where the volatility of foreign exchange rates has recently been high. The Management of the Group is constantly examining the currencies' fluctuations, but at the moment has not taken any measures against the foreign exchange risk due to the lack of appropriate hedging tools.
On 31 December 2015, if the euro had depreciated by 5% against the following currencies, with all other variables remaining constant, the effect on the statement of comprehensive income and on the equity of the Group for each currency separately, would be as follows:
| Effect | Results | Equity |
|---|---|---|
| PLN | 174,212 | 1,070,114 |
| RON | 202,681 | 677,592 |
| YUD | 96,271 | 886,890 |
An appreciation by 5% against the relevant currencies, would have an equivalent but opposite effect on the above currencies with the amounts presented above, given that all other variables remain constant.
The Group's objective is to achieve an optimal balance between borrowing cost and the potential effect of interest rate changes on earnings and cash flows. The Group monitors and manages its debt and overall financing strategies using a combination of short and long-term debt. It is Group policy to continuously review interest rate trends along with its financing needs. Daily working capital requirements are typically financed with operational cash flow and through the use of various committed lines of credit. The interest rate on these short-term borrowing arrangements, is generally determined as the inter-bank offering rate at the borrowing date plus a pre-set margin. The mix of fixed-rate debt and variable-rate debt is managed within Group policy guidelines.
An increase of the borrowing rate by 0.5%, taking into account the total debt on 31/12/2015, would result in a reduction of net results and Equity by € 170,781.
The Group's trade receivables mainly come from wholesale clients. All Group companies monitor the financial position of their debtors on an ongoing basis and control the granting of credit as well as the credit lines. When considered appropriate, credit guarantee insurance cover is purchased. When there is a possibility that receivables will not be collected, provisions are made for bad debts. On 31 December 2015 and 2014, the maturity of outstanding receivables from customers was as follows:
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 | ||
| From 0 till 180 days | 71,193,449.72 | 61,627,433.74 | 36,561,971.58 | 30,409,352.29 | |
| From 180 till 360 days | 2,817,280.90 | 1,977,350.82 | 1,290,229.69 | 845,055.55 | |
| Greater than 360 days | 2,131,996.36 | 2,306,909.28 | 2,036,919.99 | 1,725,369.80 | |
| 76,142,726.97 | 65,911,693.84 | 39,889,121.26 | 32,979,777.64 |
Prudent liquidity risk management implies the existence of a balance between cash flows as well as funding through adequate amounts of committed credit facilities. The Group closely monitors the amount of short-term and longterm funding as well as the proportion of such towards total debt and the composition of total debt, manages the risk that could arise from the lack of sufficient liquidity and secures that necessary borrowing facilities are maintained. The Group has sufficient credit line facilities that could be utilized to fund any potential shortfall in cash resources.
The Group manages and monitors its working capital in order to minimize any possible liquidity and cash flow risks. The maturity of financial liabilities on 31 December 2015 and 2014 for the Company and Group, is analyzed as follows:
| Maturity of Liabilities 2015 | within 6 months |
6 to 12 months | 1 to 5 years | over 5 years | Total |
|---|---|---|---|---|---|
| Long-term Loans | 30,800,000.00 | 30,800,000.00 | |||
| Short-term Loans | 1,200,000.00 | 1,200,000.00 | |||
| Suppliers | 25,026,302.03 | 2,176,200.18 | 27,202,502.21 | ||
| Other Liabilities | 3,292,187.70 | 67,187.50 | 3,359,375.20 | ||
| 28,318,489.73 | 3,443,387.68 | 30,800,000.00 | 0.00 | 62,561,877.41 |
| Company | |||||
|---|---|---|---|---|---|
| Maturity of Liabilities 2014 | within 6 months |
6 to 12 months | 1 to 5 years | over 5 years | Total |
| Long-term Loans | 0.00 | ||||
| Short-term Loans | 17,000,000.00 | 17,000,000.00 | |||
| Suppliers | 22,345,220.61 | 1,943,062.66 | 24,288,283.27 | ||
| Other Liabilities | 4,222,928.45 | 86,182.21 | 4,309,110.66 | ||
| 43,568,149.06 | 2,029,244.87 | 0.00 | 0.00 | 45,597,393.93 |
| SARANTIS | ||||
|---|---|---|---|---|
| Group | |||||
|---|---|---|---|---|---|
| Maturity of Liabilities 2015 | within 6 months |
6 to 12 months | 1 to 5 years | over 5 years | Total |
| Long-term Loans | 32,137,121.88 | 32,137,121.88 | |||
| Short-term Loans | 818,992.36 | 1,200,000.00 | 2,018,992.36 | ||
| Suppliers | 46,489,402.94 | 4,042,556.78 | 50,531,959.71 | ||
| Other Liabilities | 4,163,172.86 | 567,705.39 | 4,730,878.25 | ||
| 51,471,568.15 | 5,810,262.17 | 32,137,121.88 | 0.00 | 89,418,952.20 | |
| within 6 | Group | ||||
| Maturity of Liabilities 2014 | months | 6 to 12 months | 1 to 5 years | over 5 years | Total |
| Long-term Loans | 0.00 | ||||
| Short-term Loans | 17,000,000.00 | 17,000,000.00 | |||
| Suppliers | 40,412,936.47 | 3,514,168.39 | 43,927,104.86 | ||
| Other Liabilities | 2,969,622.59 | 404,948.54 | 3,374,571.13 | ||
| 60,382,559.06 | 3,919,116.92 | 0.00 | 0.00 | 64,301,675.99 |
The Group is exposed to the volatility of market prices of metals (aluminum), as aluminum is one of the basic raw materials used in its production process. In order to protect itself against adverse aluminum price movements, the Group hedges against fluctuations of the aluminum price over short term periods of time.
For management purposes, the Group is organized in three basic business segments: Mass Market Cosmetics, Household Products and Other Sales. According to IFRS 8 – Operating Segments, the management monitors the operating results of the business segments separately with the objective to evaluate the performance and decision making as regards to the allocation of resources.
The Group's results per segment are analyzed as follows:
For the period 01/01/2015 – 31/12/2015:
| Income from | |||||||
|---|---|---|---|---|---|---|---|
| COMMERCIAL ACTIVITY SECTORS |
Mass Market | Household | associate | Continuing | Discontinued | ||
| Cosmetics | Products | Other Sales | companies | Activities | Activities | Group Total | |
| INCOME FROM EXTERNAL CUSTOMERS |
134,475,516.94 | 113,613,189.40 | 30,671,845.51 | - | 278,760,551.85 | 0.00 | 278,760,551.85 |
| EARNINGS BEFORE INTEREST & TAX (EBIT) |
8,231,424.60 | 9,244,985.87 | 2,468,131.50 | 6,099,499.83 | 26,044,041.80 | -1,242,947.73 | 24,801,094.07 |
| INTEREST INCOME | 50,780.51 | 42,902.50 | 11,582.27 | - | 105,265.29 | 0.00 | 105,265.29 |
| INTEREST EXPENSES | -615,802.31 | -520,267.68 | -140,455.26 | - | -1,276,525.25 | 0.00 | -1,276,525.25 |
| EARNINGS BEFORE TAX |
7,322,862.75 | 8,477,376.93 | 2,260,902.19 | 6,099,499.83 | 24,160,641.70 | -1,249,076.28 | 22,911,565.42 |
| INCOME TAX | 1,157,442.51 | 1,339,923.58 | 357,355.37 | 1,525,121.35 | 4,379,842.81 | 0.00 | 4,379,842.81 |
| EARNINGS / LOSSES AFTER TAX |
6,165,420.23 | 7,137,453.35 | 1,903,546.82 | 4,574,378.48 | 19,780,798.89 | -1,249,076.28 | 18,531,722.61 |
| DEPRECIATION/ AMORTIZATION |
1,795,691.37 | 1,517,110.54 | 409,570.23 | - | 3,722,372.13 | 30,311.01 | 3,752,683.14 |
| EARNINGS BEFORE INTEREST, TAX, DEPRCIATION & AMORTIZATION |
|||||||
| (EBITDA) | 10,027,115.96 | 10,762,096.41 | 2,877,701.73 | 6,099,499.83 | 29,766,413.93 | -1,212,636.72 | 28,553,777.22 |
| For the period 01/01/2014 – 31/12/2014: | |||||||
| COMMERCIAL ACTIVITY SECTORS |
Mass Market Cosmetics |
Household Products |
Other Sales | Income from associate companies |
Continuing Activities |
Discontinued Activities |
Group Total |
| INCOME FROM EXTERNAL |
| EXTERNAL CUSTOMERS |
110,530,002.62 | 108,713,585.83 | 29,193,074.31 | - | 248,436,662.77 | 0.00 | 248,436,662.77 |
|---|---|---|---|---|---|---|---|
| EARNINGS BEFORE INTEREST & TAX (EBIT) |
5,998,348.43 | 9,089,139.63 | 2,096,604.99 | 4,939,696.36 | 22,123,789.42 | -75,454.12 | 22,048,335.30 |
| INTEREST INCOME | 152,247.20 | 149,745.21 | 40,211.38 | - | 342,203.79 | 2,690.93 | 344,894.72 |
| INTEREST EXPENSES | -316,693.21 | -311,488.77 | -83,644.70 | - | -711,826.67 | 0.00 | -711,826.67 |
| EARNINGS BEFORE TAX |
5,752,676.78 | 8,847,505.27 | 2,031,718.44 | 4,939,696.36 | 21,571,596.85 | -84,187.39 | 21,487,409.46 |
| INCOME TAX | 1,219,282.99 | 1,875,233.59 | 430,623.84 | 819,842.64 | 4,344,983.06 | 0.00 | 4,344,983.06 |
| EARNINGS / LOSSES AFTER TAX |
4,533,393.78 | 6,972,271.68 | 1,601,094.60 | 4,119,853.72 | 17,226,613.79 | -84,187.39 | 17,142,426.40 |
| DEPRECIATION/ AMORTIZATION |
1,586,315.84 | 1,560,246.81 | 418,976.16 | - | 3,565,538.81 | 31,084.55 | 3,596,623.36 |
| EARNINGS BEFORE INTEREST, TAX, DEPRCIATION & AMORTIZATION (EBITDA) |
7,584,664.28 | 10,649,386.44 | 2,515,581.15 | 4,939,696.36 | 25,689,328.23 | -44,369.57 | 25,644,958.66 |
The allocation of consolidated assets and liabilities to the Group's business segments, is analyzed as follows:
| GROUP | Mass Market Cosmetics | Household Products | Other Sales | |||||
|---|---|---|---|---|---|---|---|---|
| 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 | |
| Total Assets | 265,963,656.90 | 230,717,943.18 | 128,302,229.32 | 98,279,520.32 | 108,397,616.25 | 103,170,814.70 | 29,263,811.33 | 29,267,608.16 |
| Total Liabilities | 98,553,110.91 | 71,080,282.91 | 47,542,525.11 | 30,278,252.36 | 40,166,849.94 | 31,785,177.15 | 10,843,735.86 | 9,016,853.39 |
| Group | Company | |
|---|---|---|
| Balance 1.1.2015 | 5,439,194.36 | 1,365,130.32 |
| Additions / Eliminations | 2,207,768.19 | 0.00 |
| Goodwill Impairment | -111,257.31 | - |
| Balance 31.12.2015 | 7,535,705.24 | 1,365,130.32 |
The goodwill impairment of 111,257.31 euro is due to the liquidation of the company SARANTIS ANADOL S.A.
During the goodwill calculation relating to the acquisition of Polipak Sp. Zoo. , the book values were found equal to the fair values as shown below:
| Foreign exchange differences | -22,344.67 |
|---|---|
| Recognition of goodwill | 2,230,112.86 |
| Total | 2,207,768.19 |
| POLIPAK SP.Z.O.O. | FAIR VALUE AT THE ACQUISITION |
|---|---|
| Amounts in euro | |
| Tangible Assets | 4,957,214.70 |
| Intangible Fixed Assets | 1,309.40 |
| Deferred Tax Receivables | 18,925.50 |
| Inventories | 1,697,545.51 |
| Trade and Other Related Receivables | 3,396,232.19 |
| Other Receivables | 218,020.49 |
| Cash and Cash Equivalents | 243,486.35 |
| Transitory Asset Accounts | 32,776.57 |
| Loans Long-term Liabilities | -1,337,121.88 |
| Other Long-term Liabilities | -510,274.49 |
| Deferred Tax Liabilities | -24,777.19 |
| Suppliers | -2,428,747.78 |
| Other Liabilities | -1,769,001.73 |
| Income tax and other taxes payable | -90,861.67 |
| Loans Short-term Liabilities | -818,992.36 |
| Transitory Liability Accounts | -234,990.57 |
| Total Accounts of the Subsidiary | 3,350,743.04 |
| Analysis of Goodwill | |
|---|---|
| Acquisition Cost | |
| Acquisition Price | 4,575,632.99 |
| minus: | |
| Fair value of assets acquired | |
| from the Group | -2,345,520.13 |
| Acquired Goodwill | 2,230,112.86 |
Inventories are analyzed as follows:
| INVENTORIES | ||||
|---|---|---|---|---|
| A. Parent Company | 31/12/2015 | 31/12/2014 | ||
| Merchandise | 10,915,160.27 | 9,731,274.08 | ||
| Products | 8,963,357.08 | 8,809,153.26 | ||
| Raw Materials | 7,609,948.83 | 6,587,562.50 | ||
| 27,488,466.18 | 25,127,989.84 | |||
| Β. Group | 31/12/2015 | 31/12/2014 | ||
| Merchandise | 34,645,510.40 | 31,675,875.29 | ||
| Products | 9,316,215.26 | 9,126,202.67 | ||
| Raw Materials | 9,641,727.42 | 7,962,431.46 | ||
| 53,603,453.08 | 48,764,509.42 |
The trade receivables account is analyzed as follows:
| TRADE RECEIVABLES | |||||
|---|---|---|---|---|---|
| 31/12/2015 | 31/12/2014 | ||||
| Α. Parent company | |||||
| Trade receivables | 20,370,803.77 | 18,351,502.87 | |||
| Minus provisions | 599,872.46 | 299,872.46 | |||
| Net trade receivables | 19,770,931.31 | 18,051,630.41 | |||
| Checks and notes receivable | 20,118,189.95 | 14,928,147.23 | |||
| 39,889,121.26 | 32,979,777.64 | ||||
| Β. Group | 31/12/2015 | 31/12/2014 | |||
| Trade receivables | 56,081,060.22 | 51,053,555.36 | |||
| Minus provisions | 691,001.94 | 456,751.74 | |||
| Net trade receivables | 55,390,058.28 | 50,596,803.62 | |||
| Checks and notes receivable | 20,752,668.69 | 15,314,890.22 | |||
| 76,142,726.97 | 65,911,693.84 |
Other receivables are analyzed as follows:
| OTHER RECEIVABLES | |||||
|---|---|---|---|---|---|
| 31/12/2015 | 31/12/2014 | ||||
| A. Parent Company | |||||
| Accounts receivable in legal contest | 519,562.20 | 500,601.99 | |||
| Sundry Debtors | 7,563,205.22 | 6,553,281.38 | |||
| Accounts for management of prepayments & credits | 46,081.06 | 48,599.60 | |||
| 8,128,848.48 | 7,102,482.97 | ||||
| Β. Group | 31/12/2015 | 31/12/2014 | |||
| Accounts receivable in legal contest | 649,729.57 | 621,917.86 | |||
| Sundry Debtors | 6,532,861.81 | 5,147,530.64 | |||
| Accounts for management of prepayments & credits | 46,081.06 | 63,591.60 | |||
| 7,228,672.44 | 5,833,040.10 |
Cash & cash equivalents represent cash in hand of the Group and company and bank deposits available at first demand, which are analyzed as follows:
| CASH & CASH EQUIVALENTS | |||||||
|---|---|---|---|---|---|---|---|
| 31/12/2015 31/12/2014 |
|||||||
| A. Parent Company | |||||||
| Cash in hand | 172,796.78 | 62,759.30 | |||||
| Bank deposits | 18,162,818.94 | 9,309,337.54 | |||||
| 18,335,615.72 | 9,372,096.84 | ||||||
| Β. Group | 31/12/2015 | 31/12/2014 | |||||
| Cash in hand | 202,854.14 | 112,458.73 | |||||
| Bank deposits | 33,231,403.04 | 19,366,529.37 | |||||
| 33,434,257.18 | 19,478,988.10 |
| Group | Company | ||||
|---|---|---|---|---|---|
| 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 | ||
| Opening balance | 5,775,794.16 | 9,499,673.37 | 5,775,794.16 | 9,499,673.37 | |
| Additions/Sales | 1,486,136.64 | -2,580,070.60 | 1,486,136.64 | -2,580,070.60 | |
| Fair value adjustments | -244,251.42 | -1,143,808.61 | -244,251.42 | -1,143,808.61 | |
| Closing balance | 7,017,679.38 | 5,775,794.16 | 7,017,679.38 | 5,775,794.16 |
Such are placements with a short-term investment horizon that are traded on active markets.
The Company's and Group's trade and other liabilities are analyzed as follows:
| SUPPLIERS | |||||
|---|---|---|---|---|---|
| 31/12/2015 | 31/12/2014 | ||||
| A. Parent Company | |||||
| Suppliers | 22,105,331.16 | 19,321,232.37 | |||
| Checks payable | 5,097,171.05 | 4,852,306.88 | |||
| Notes payable | 0.00 | 114,744.02 | |||
| 27,202,502.21 | 24,288,283.27 | ||||
| Β. Group | 31/12/2015 | 31/12/2014 | |||
| Suppliers | 45,395,005.26 | 38,919,894.21 | |||
| Checks payable | 5,097,171.05 | 4,852,306.88 | |||
| Notes payable | 39,783.40 | 154,903.77 | |||
| 50,531,959.71 | 43,927,104.86 |
| OTHER LIABILITIES | |||||
|---|---|---|---|---|---|
| 31/12/2015 | 31/12/2014 | ||||
| A. Parent company | |||||
| Social Security Funds | 782,618.91 | 773,758.77 | |||
| Customer Prepayments | 1,854,382.58 | 2,768,618.15 | |||
| Short-term Liabilities towards Related Companies | 483,500.00 | 493,900.00 | |||
| Dividends Payable | 13,276.09 | 9,817.89 | |||
| Sundry Creditors | 225,597.62 | 263,015.85 | |||
| 3,359,375.20 | 4,309,110.66 | ||||
| Β. Group | 31/12/2015 | 31/12/2014 | |||
| Social Security Funds | 1,226,620.64 | 1,077,169.93 | |||
| Customer Prepayments | 1,284,637.77 | 1,570,851.31 | |||
| Dividends Payable | 13,276.09 | 9,817.89 | |||
| Long-term Liabilities payable in the following year | 252,106.41 | 149,544.17 | |||
| Sundry Creditors | 1,954,237.32 | 567,187.83 | |||
| 4,730,878.25 | 3,374,571.13 |
The provisions and other long-term liabilities are analyzed as follows:
| PROVISIONS – OTHER LONG-TERM LIABILITIES | ||
|---|---|---|
| 31/12/2015 | 31/12/2014 | |
| A. Parent Company | ||
| Taxes for tax un-audited fiscal years | 909,488.83 | 909,488.83 |
| Other provisions | 360,000.00 | 0.00 |
| 1,269,488.83 | 909,488.83 | |
| Β. Group | 31/12/2015 | 31/12/2014 |
| Taxes for tax un-audited fiscal years | 909,488.83 | 909,488.83 |
| Other provisions | 360,000.00 | 0.00 |
| Other Long-term Liabilities | 510,274.49 | 82,692.83 |
| 1,779,763.32 | 992,181.66 |
Loans are analyzed as follows:
| Group | Company | |||
|---|---|---|---|---|
| Short-term loans | 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 |
| Bank loans | 2,018,992.36 | 17,000,000.00 | 1,200,000.00 | 17,000,000.00 |
| Long-term loans | ||||
| Bank loans | 32,137,121.88 | 0.00 | 30,800,000.00 | 0.00 |
| Total | 34,156,114.24 | 17,000,000.00 | 32,000,000.00 | 17,000,000.00 |
| Parent Company | ||
|---|---|---|
| ANALYSIS OF CORPORATE BOND LOANS | ||
| BANK | MATURITY | AMOUNT |
| NBG | 20/09/2016 | 1,200,000 |
| NBG | 20/03/2017 | 1,200,000 |
| NBG | 20/09/2017 | 1,200,000 |
| NBG | 20/03/2018 | 1,200,000 |
| NBG | 20/09/2018 | 1,200,000 |
| NBG | 20/03/2019 | 9,000,000 |
| EUROBANK | 29/01/2019 | 17,000,000 |
| TOTAL | 32,000,000 |
| Group | ||
|---|---|---|
| ANALYSIS OF CORPORATE BOND LOANS | ||
| BANK | MATURITY | AMOUNT |
| NBG | 20/09/2016 | 1,200,000 |
| NBG | 20/03/2017 | 1,200,000 |
| NBG | 20/09/2017 | 1,200,000 |
| NBG | 20/03/2018 | 1,200,000 |
| NBG | 20/09/2018 | 1,200,000 |
| NBG | 20/03/2019 | 9,000,000 |
| EUROBANK | 29/01/2019 | 17,000,000 |
| TOTAL | 32,000,000 |
The Group's loan liabilities include the relevant liabilities through overdraft from the acquired company Polipak Sp. Zoo. Specifically:
| Short term loans | 818,992.36 |
|---|---|
| Long term loans | 1,337,121.88 |
| Total | 2,156,114.24 |
| GROUP | COMPANY | |||
|---|---|---|---|---|
| 1/1 - 31/12/2015 | 1/1 - 31/12/2014 | 1/1 - 31/12/2015 | 1/1 - 31/12/2014 | |
| Income tax | (4,124,528.19) | (2,778,189.48) | 0.00 | 0.00 |
| Tax differences | 0.00 | 0.00 | 0.00 | 0.00 |
| Deffered tax | (255,314.62) | (1,566,793.57) | (207,866.11) | (119,197.64) |
| Total | (4,379,842.81) | (4,344,983.05) | (207,866.11) | (119,197.64) |
| Profit/(Loss) before tax | 22,911,565.42 | 21,487,409.46 | 11,240,658.38 | 16,542,121.17 |
| +/- Temporary differences in income |
(3,404,660.98 ) | (11,059,389) | (2,061,777.21 ) | (934,962.95 ) |
| +/- Temporary differences in expenses |
1,571,631.20 | 335,138 | 1,409,761.11 | 226,632.70 |
| Adjustments to tax for income not subject to tax |
||||
| - Untaxed Income | 0.00 | 0 | (12,850,000.00 ) | (14,151,104.00) |
| - Income differences | (5,368,477.55 ) | (27,815,249) | (3,280,725.57 ) | (26,291,269.05 ) |
| - Profit from acquisitions | 0.00 | 0 | 0.00 | |
| - Other adjustments | 18,821.92 | (825,570) | 0.00 | |
| Adjustments to tax for expenses not deductible for tax purposes |
||||
| -Differences in costs | 5,375,315.60 | 14,928,831 | 5,369,765.60 | 1,314,024.30 |
| -Non deductible expenses | 10,676,306.49 | 21,386,676 | 5,438,504.57 | 11,689,774.47 |
| Offsetting of previous years' losses |
0.00 | 0.00 | (30,618,784.21 ) | (5,026,312.53 ) |
|---|---|---|---|---|
| 31,780,502.09 | 18,437,846.30 | (25,352,597.33) | (16,631,095.89) | |
| Tax rate (average rate for the Group) |
12.90% | 15.23% | 29.00% | 26.00% |
| Expected tax expense | 4,100,938.93 | 2,808,961.44 | 0.00 | 0.00 |
| Tax adjustements for tax rate changes |
(44,155.96) | 0.00 | (44,155.96) | 0.00 |
| Tax recognition for tax losses | 62,937.40 | 125,874.79 | 62,937.40 | 125,874.79 |
| Tax for temporary differences |
236,533.18 | 1,633,813.82 | 189,084.67 | 184,165.87 |
| Other items | 23,589.26 | -30,771.96 | 0.00 | |
| Provisions and expenses for additional tax liabilities |
0.00 | (192,895.04) | 0.00 | (190,843.01) |
| Total tax | 4,379,842.81 | 4,344,983.05 | 207,866.11 | 119,197.65 |
The tax audit for the year 2014 of the parent Company GR. SARANTIS S.A. was completed in accordance with provisions of paragraph 5, article 82 of L. 2238/94 and a relevant tax certificate was issued (opinion without reservation).
A. Parent Company
| DEFERRED TAX ASSETS | ||
|---|---|---|
| 31/12/2015 | 31/12/2014 | |
| Differences of intangible assets | -538,590.71 | -315,294.54 |
| Differences of tangible assets | 76,332.75 | 40,271.42 |
| Write-off of trade receivables | 0.00 | 0.00 |
| Provisions for employee benefits | 282,438.25 | 237,615.04 |
| Recognition of tax loss | 62,937.39 | 125,874.79 |
| Provisions | 256,459.47 | 267,523.04 |
| Total | 139,577.15 | 355,989.75 |
| DEFERRED TAXES | ||
|---|---|---|
| 31/12/2015 | 31/12/2014 | |
| Differences of intangible assets | -223,296.17 | -26,471.82 |
| Differences of tangible assets | 36,061.33 | 36,387.40 |
| Write-off of trade receivables | 0.00 | 0.00 |
| Provisions for employee benefits | 44,823.21 | -13,843.02 |
| Write-off of other trade receivables | 0.00 | 0.00 |
| Recognition of tax loss | -62,937.40 | -125,874.80 |
| Provisions | -11,063.57 | -16,090.72 |
| Total | -216,412.60 | -145,892.97 |
| Total deferred tax recognized in income statement | -207,866.11 | -119,197.65 |
| Total deferred tax recognized in other comprehensive income |
-8,546.49 | -26,695.32 |
| DEFERRED TAX ASSETS | ||
|---|---|---|
| 31/12/2015 | 31/12/2014 | |
| Differences of intangible assets | -538,590.71 | -315,294.54 |
| Differences of tangible assets | 106,331.69 | 52,208.46 |
| Write-off of trade receivables | 7,460.65 | 13,795.61 |
| Provisions for employee benefits | 288,097.91 | 243,726.25 |
| Provisions | 659,501.09 | 599,905.21 |
| Other movements | 0.00 | 0.00 |
| Recognition of tax loss | 62,937.39 | 125,874.79 |
| Foreign exchange differences | 8,805.29 | 15,418.70 |
| Total | 594,543.32 | 735,634.48 |
| DEFERRED LIABILITIES | ||
|---|---|---|
| 31/12/2015 | 31/12/2014 | |
| Differences of tangible assets | 37,334.22 | 11,876.68 |
| Differences of intangible assets | 1,824,618.96 | 1,641,659.70 |
| Provisions for employee benefits | 0.00 | 0.00 |
| Provisions | -948.34 | 278.33 |
| Foreign exchange differences | 4,500.55 | 8,865.93 |
| Total | 1,865,505.39 | 1,662,680.64 |
| DEFERRED TAXES | ||
|---|---|---|
| 31/12/2015 | 31/12/2014 | |
| Differences of intangible assets | -406,255.43 | -1,166,086.54 |
| Differences of tangible assets | -15,037.00 | 27,673.08 |
| Write-off of trade receivables | -6,334.96 | 3,681.30 |
| Provisions for employee benefits | 35,825.17 | -13,765.71 |
| Provisions | 60,822.55 | -333,885.32 |
| Other Movements | 0.00 | 0.00 |
| Recognition of tax loss | -62,937.40 | -125,983.10 |
| Foreign exchange differences | 12,537.65 | 12,707.65 |
| Sub-total | -381,379.42 | -1,595,658.65 |
| Share in deferred tax of related company | 117,518.31 | 2,169.76 |
| Total | -263,861.11 | -1,593,488.89 |
| Total deferred tax recognized in income statement | -255,314.62 | -1,566,793.57 |
| Total deferred tax recognized in other comprehensive income |
-8,546.49 | -26,695.32 |
With the article 1, paragraph 4 of Law 4334/2015, since the year 2015 the tax rate concerning the business activity of the legal entities in Greece increased to 29% from 26% previously.
Employee salaries and expenses are analyzed as follows:
| 31/12/2015 | 31/12/2014 | |
|---|---|---|
| A. Parent Company | ||
| Employee salaries | 13,437,387.38 | 13,198,943.91 |
| Employee benefits | 315,172.32 | 523,006.94 |
| Employer contributions | 3,170,303.50 | 3,279,298.44 |
| Employment termination indemnities | 471,808.68 | 264,030.73 |
| Attendance fees of BoD members | 328,758.00 | 328,688.01 |
| Remuneration of BoD members | 874,423.92 | 929,743.95 |
| Total | 18,597,853.80 | 18,523,711.98 |
| Average number of employees | 578 | 548 |
| B. Group | 31/12/2015 | 31/12/2014 |
| Employee salaries | 23,690,404.01 | 23,018,075.21 |
| Employee benefits | 587,230.40 | 755,401.56 |
| Employer contributions | 5,225,937.70 | 5,327,374.23 |
| Employment termination indemnities | 600,022.49 | 402,614.18 |
| Attendance fees of BoD members | 515,069.52 | 468,705.91 |
| Remuneration of BoD members | 874,423.92 | 929,743.95 |
| Total | 31,493,088.04 | 30,901,915.05 |
Expenses per category are analyzed as follows:
| 31/12/2015 | 31/12/2014 | |
|---|---|---|
| Α. Parent company | ||
| Cost of sales | 69,777,922.37 | 59,085,271.92 |
| Employee expenses | 16,630,809.42 | 16,472,973.52 |
| Third-party fees | 2,297,196.04 | 2,265,233.08 |
| Third-party benefits | 2,987,350.28 | 2,748,884.62 |
| Taxes – duties | 1,080,958.46 | 756,207.43 |
| Sundry expenses | 23,512,558.65 | 20,381,951.28 |
| Fixed asset depreciation | 1,963,143.09 | 1,767,795.83 |
| Continued Activities | 118,249,938.31 | 103,478,317.68 |
| Impairment of Subsidiary Company | 5,030,078.17 | 0.00 |
| Total Activities | 123,280,016.48 | 103,478,317.68 |
| Β. Group | 31/12/2015 | 31/12/2014 |
|---|---|---|
| Cost of sales | 146,262,092.82 | 127,820,825.84 |
| Employee expenses | 28,935,052.34 | 28,126,694.77 |
| Third-party fees | 5,032,803.32 | 4,970,554.15 |
| Third-party benefits | 7,418,558.54 | 6,964,886.24 |
| Taxes – duties | 1,658,582.39 | 1,195,027.56 |
| Sundry expenses | 68,049,190.12 | 61,152,117.69 |
| Fixed asset depreciation | 3,103,964.87 | 2,932,017.22 |
| Continued Activities | 260,460,244.41 | 233,162,123.47 |
| Discontinued Activities | 1,242,947.73 | 75,454.12 |
| Total Activities | 261,703,192.13 | 233,237,577.59 |
Note: The expenses above are reduced by the amount of expenses that have been charged to the production of the parent Company and Group.
| SHARE CAPITAL | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| NUMBER OF SHARES |
NOMINAL VALUE OF SHARES |
SHARE CAPITAL |
SHARE PREMIUM |
TOTAL | ||||||||||
| 31.12.2015 | 34,770,982 | 1.55 | 53,895,022.10 | 39,369,495.98 | 93,264,518.08 | |||||||||
| 31.12.2014 | 34,770,982 | 1.55 | 53,895,022.10 | 39,369,495.98 | 93,264,518.08 | |||||||||
| 31.12.2013 | 34,770,982 | 1.54 | 53,547,312.28 | 39,369,495.98 | 92,916,808.26 | |||||||||
| 31.12.2012 | 34,770,982 | 1.54 | 53,547,312.28 | 39,369,495.98 | 92,916,808.26 | |||||||||
| 31.12.2011 | 38,350,940 | 1.54 | 59,060,447.60 | 39,252,195.98 | 98,312,643.58 | |||||||||
| 31.12.2010 | 38,350,940 | 1.54 | 59,060,447.60 | 39,252,195.98 | 98,312,643.58 | |||||||||
| 31.12.2009 | 38,350,940 | 1.54 | 59,060,447.60 | 39,252,195.98 | 98,312,643.58 | |||||||||
| 31.12.2008 38,350,940 1.54 |
59,060,447.60 | 39,252,195.98 | 98,312,643.58 | |||||||||||
| 31.12.2007 | 38,146,940 | 1.50 | 57,220,410.00 | 38,750,355.98 | 95,970,765.98 |
The Extraordinary General Meeting of the Company's shareholders on 25.06.2015 approved the termination of the current stock repurchase plan which was previously approved during the Ordinary General Meeting of shareholders on 26.06.2014, and authorized the Board of Directors to proceed with any pertinent action.
As of 31/12/2015, the Company held 437,549 treasury shares with average price of EUR 5.33 per share, representing 1.26% of its total share capital.
| ACQUISITION COST 31/12/2013 |
ADDITIONS | TRANSFERS | REDUCTIO NS |
WRITE OFFS |
IMPAIRMENT OF SELF UTILIZED FIXED ASSETS |
VALUE AS AT 31/12/2014 |
|
|---|---|---|---|---|---|---|---|
| LAND-FIELDS | 6,053,419.78 | 0.00 | 0.00 | 0.00 | 0.00 | -4,221.22* | 6,057,641.00 |
| BUILDINGS, BUILDING FACILITIES | |||||||
| AND TECHNICAL PROJECTS INVESTMENTS IN PROPERTY |
26,603,992.18 208,218.24 |
116,900.44 0.00 |
540,971.44 0.00 |
0.00 0.00 |
57,226.71 0.00 |
0.00 4,221.22* |
27,204,637.35 203,997.02 |
| MACHINERY, TECHNICAL INSTALLATIONS & OTHER |
|||||||
| EQUIPMENT | 8,977,933.20 | 258,198.48 | 172,820.34 | 0.00 | 11,339.34 | 0.00 | 9,397,612.68 |
| VEHICLES | 1,080,107.69 | 155,599.46 | 0.00 | 214,704.15 | 145,974.31 | 0.00 | 875,028.69 |
| FURNITURE & OTHER EQUIPMENT |
8,047,274.56 | 553,450.09 | 0.00 | 3,540.70 | 770,479.80 | 0.00 | 7,826,704.15 |
| FIXED ASSETS UNDER CONSTRUCTION AND |
|||||||
| PREPAYMENTS | 237,848.50 | 602,022.69 | -838,371.19 | 0.00 | 0.00 | 0.00 | 1,500.00 |
| INTANGIBLE ASSETS | 6,342,847.05 | 8,815,263.75 | 124,579.41 | 0.00 | 0.00 | 0.00 | 15,282,690.21 |
| TOTAL | 57,551,641.20 | 10,501,434.91 | 0.00 | 218,244.85 | 985,020.16 | 0.00 | 66,849,811.10 |
* Transfer of impairment amount from the account Land-Fields" to the account "Investments in Property".
| DEPRECIATIONS 31/12/2013 |
DEPRECIATIONS FOR THE PERIOD |
DEPRECIATION S OF REDUCTIONS |
DEPRECIATION S OF WRITE OFFS |
DEPRECIATIONS 31/12/2014 |
NET BOOK VALUE AS AT 31/12/2014 |
|
|---|---|---|---|---|---|---|
| LAND-FIELDS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 6,057,641.00 |
| BUILDINGS, BUILDING FACILITIES | ||||||
| AND TECHNICAL PROJECTS | 9,569,836.91 | 981,259.47 | 0.00 | 41,346.29 | 10,509,750.09 | 16,694,887.26 |
| INVESTMENTS IN PROPERTY | 13,513.58 | 0.00 | 0.00 | 0.00 | 13,513.58 | 190,483.44 |
| MACHINERY, TECHNICAL | ||||||
| INSTALLATIONS & OTHER | ||||||
| EQUIPMENT | 6,564,147.71 | 416,920.17 | 0.00 | 11,339.32 | 6,969,728.56 | 2,427,884.12 |
| VEHICLES | 920,653.66 | 60,988.06 | 178,453.90 | 126,474.26 | 676,713.56 | 198,315.13 |
| FURNITURE & OTHER EQUIPMENT | 6,420,101.28 | 458,897.38 | 3,540.52 | 769,712.38 | 6,105,745.76 | 1,720,958.39 |
| FIXED ASSETS UNDER | ||||||
| CONSTRUCTION AND | ||||||
| PREPAYMENTS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1,500.00 |
| INTANGIBLE ASSETS | 1,483,635.83 | 381,846.86 | 0.00 | 0.00 | 1,865,482.69 | 13,417,207.52 |
| TOTAL | 24,971,888.97 | 2,299,911.94 | 181,994.42 | 948,872.25 | 26,140,934.24 | 40,708,876.86 |
| ACQUISITION COST 31/12/2014 |
ADDITIONS | REDUCTIONS | WRITE OFFS |
VALUE AS AT 31/12/2015 |
|
|---|---|---|---|---|---|
| LAND-FIELDS | 6,057,641.00 | 0.00 | 0.00 | 0.00 | 6,057,641.00 |
| BUILDINGS, BUILDING FACILITIES AND TECHNICAL PROJECTS |
27,204,637.35 | 48,215.32 | 0.00 | 124,625.70 | 27,128,226.97 |
| INVESTMENTS IN PROPERTY | 203,997.02 | 203,997.02 | |||
| MACHINERY, TECHNICAL INSTALLATIONS & OTHER EQUIPMENT |
9,397,612.68 | 1,169,280.22 | 261,311.32 | 201,797.15 | 10,103,784.43 |
| VEHICLES | 875,028.69 | 84,255.22 | 33,755.28 | 0.00 | 925,528.63 |
| FURNITURE & OTHER EQUIPMENT | 7,826,704.15 | 501,464.00 | 19,530.79 | 259,552.39 | 8,049,084.97 |
| FIXED ASSETS UNDER CONSTRUCTION AND PREPAYMENTS |
1,500.00 | 145,159.32 | 0.00 | 0.00 | 146,659.32 |
| INTANGIBLE ASSETS | 15,282,690.21 | 3,599,392.17* | 0.00 | 0.00 | 18,882,082.38 |
| TOTAL | 66,849,811.10 | 5,547,766.25 | 314,597.39 | 585,975.24 | 71,497,004.72 |
* The addition concerned the "AVA" brand acquired at the end of April 2015.
| DEPRECIATIONS 31/12/2014 |
DEPRECIATIO NS FOR THE PERIOD |
DEPRECIATIO NS OF REDUCTIONS |
DEPRECIATIO NS OF WRITE-OFFS |
DEPRECIATION S 31/12/2015 |
NET BOOK VALUE AS AT 31/12/2015 |
|
|---|---|---|---|---|---|---|
| LAND-FIELDS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 6,057,641.00 |
| BUILDINGS, BUILDING FACILITIES |
||||||
| AND TECHNICAL PROJECTS | 10,509,750.09 | 981,288.25 | 0.00 | 89,351.73 | 11,401,686.61 | 15,726,540.36 |
| INVESTMENTS IN PROPERTY | 13,513.58 | 0.00 | 13,513.58 | 190,483.44 | ||
| MACHINERY, TECHNICAL INSTALLATIONS |
||||||
| & OTHER EQUIPMENT | 6,969,728.56 | 431,270.15 | 267.54 | 166,177.88 | 7,234,553.29 | 2,869,231.14 |
| VEHICLES | 676,713.56 | 52,265.41 | 32,967.70 | 0.00 | 696,011.27 | 229,517.36 |
| FURNITURE & OTHER EQUIPMENT |
6,105,745.76 | 452,854.38 | 19,530.49 | 257,313.43 | 6,281,756.22 | 1,767,328.75 |
| FIXED ASSETS UNDER CONSTRUCTION AND |
||||||
| PREPAYMENTS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 146,659.32 |
| INTANGIBLE ASSETS | 1,865,482.69 | 595,585.65 | 0.00 | 0.00 | 2,461,068.34 | 16,421,014.04 |
| TOTAL | 26,140,934.24 | 2,513,263.84 | 52,765.73 | 512,843.04 | 28,088,589.31 | 43,408,415.41 |
| ACQUISITION COST 31/12/2013 |
ADDITIONS | TRANSFERS | REDUCTIONS | WRITE-OFFS | OTHER ADDITIONS |
IMPAIRMENT OF SELF-UTILIZED FIXED ASSETS |
FOREIGN EXCHANGE DIFFERENCES |
VALUE AS AT 31/12/2014 |
|
|---|---|---|---|---|---|---|---|---|---|
| LAND-FIELDS | 6,406,183.09 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -4,221.22* | 9,526.09 | 6,400,878.22 |
| BUILDINGS, BUILDING | 0.00 | ||||||||
| FACILITIES AND TECHNICAL PROJECTS |
27,667,745.59 | 161,099.97 | 540,971.44 | 0.00 | 57,226.71 | 0.00 | -9,815.97 | 28,322,406.25 | |
| INVESTMENTS IN PROPERTY | 515,183.98 | 0.00 | 0.00 | -45,002.98 | 0.00 | 0.00 | 4,221.22* | 202.97 | 555,762.77 |
| MACHINERY, TECHNICAL | |||||||||
| INSTALLATIONS & OTHER EQUIPMENT |
12,948,741.31 | 196,638.76 | 172,820.34 | 614,470.64 | 112,407.86 | 75,415.39 | 0.00 | 79,577.98 | 12,587,159.32 |
| VEHICLES | 3,485,871.82 | 418,067.82 | 0.00 | 347,924.03 | 142,305.65 | 0.00 | 0.00 | 65,780.59 | 3,347,929.37 |
| FURNITURE & OTHER EQUIPMENT |
8,873,562.91 | 564,505.63 | 0.00 | 4,838.84 | 893,480.50 | 0.00 | 0.00 | 11,581.08 | 8,528,168.12 |
| FIXED ASSETS UNDER CONSTRUCTION AND |
|||||||||
| PREPAYMENTS | 478,047.43 | 653,620.38 | -1,078,443.21 | 0.00 | 0.00 | 0.00 | 0.00 | 1,184.08 | 52,040.52 |
| INTANGIBLE ASSETS | 19,886,498.59 | 9,979,810.86 | 364,651.43 | 0.00 | 102,911.61 | 6,085,835.56 | 0.00 | 153,073.76 | 36,060,811.08 |
| TOTAL | 80,261,834.71 | 11,973,743.42 | 0.00 | 922,230.53 | 1,308,332.34 | 6,161,250.96 | 0.00 | 311,110.57 | 95,855,155.66 |
* Transfer of impairment amount from the account Land-Fields" to the account "Investments in Property".
| DEPRECIATIONS 31/12/2013 |
DEPRECIATIONS FOR THE PERIOD |
DEPRECIATIONS OF REDUCTIONS |
DEPRECIATIONS OF WRITE-OFFS |
OTHER ADDITIONS |
FOREIGN EXCHANGE DIFFERENCES |
DEPRECIATIONS 31/12/2014 |
NET BOOK VALUE AS AT 31/12/2014 |
|
|---|---|---|---|---|---|---|---|---|
| LAND-FIELDS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 6,400,878.22 |
| BUILDINGS, BUILDING FACILITIES AND TECHNICAL PROJECTS |
9,834,046.88 | 1,036,579.69 | 0.00 | 41,346.29 | 0.00 | -1,263.33 | 10,830,543.61 | 17,491,862.65 |
| INVESTMENTS IN PROPERTY | 13,513.58 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 13,513.58 | 542,249.19 |
| MACHINERY, TECHNICAL INSTALLATIONS & OTHER |
||||||||
| EQUIPMENT VEHICLES |
9,538,862.27 2,194,096.78 |
675,993.70 473,547.18 |
601,280.09 326,185.66 |
112,058.70 137,988.95 |
0.00 0.00 |
62,911.50 34,652.30 |
9,438,605.69 2,168,817.05 |
3,148,553.64 1,179,112.32 |
| FURNITURE & OTHER EQUIPMENT |
7,011,131.98 | 512,707.96 | 4,838.66 | 891,888.52 | 0.00 | 8,156.14 | 6,618,956.62 | 1,909,211.50 |
| FIXED ASSETS UNDER CONSTRUCTION AND |
||||||||
| PREPAYMENTS INTANGIBLE ASSETS |
0.00 3,657,751.32 |
0.00 897,794.83 |
0.00 0.00 |
0.00 102,911.61 |
0.00 49,586.37 |
0.00 43,175.39 |
0.00 4,459,045.51 |
52,040.52 31,601,765.57 |
| TOTAL | 32,249,402.81 | 3,596,623.36 | 932,304.41 | 1,286,194.07 | 49,586.37 | 147,632.01 | 33,529,482.05 | 62,325,673.60 |
| ACQUISITION COST 31/12/2014 |
ADDITIONS | TRANSFERS | FROM ACQUISITION OF SUBSIDIARY |
REDUCTIONS | WRITE-OFFS | FOREIGN EXCHANGE DIFFERENCES |
VALUE AS AT 31/12/2015 |
|
|---|---|---|---|---|---|---|---|---|
| LAND-FIELDS | 6,400,878.22 | 0.00 | 0.00 | 166,938.87 | 0.00 | 0.00 | -64.44 | 6,567,881.52 |
| BUILDINGS, BUILDING FACILITIES AND TECHNICAL PROJECTS |
28,322,406.25 | 65,690.08 | 0.00 | 2,509,748.70 | 608.61 | 729,539.97 | 40,326.01 | 30,127,370.44 |
| INVESTMENTS IN PROPERTY | 555,762.77 | 0.00 | 0.00 | 0.00 | 0.00 | 3,296.47 | 552,466.30 | |
| MACHINERY, TECHNICAL INSTALLATIONS & OTHER EQUIPMENT |
12,587,159.32 | 1,342,653.28 | 670.56 | 5,541,023.33 | 658,724.11 | 380,452.30 | -3,382.13 | 18,435,712.21 |
| VEHICLES | 3,347,929.37 | 117,152.78 | 17,134.91 | 179,899.19 | 773,720.85 | 191.21 | -6,971.57 | 2,895,175.77 |
| FURNITURE & OTHER EQUIPMENT | 8,528,168.12 | 560,235.68 | 0.00 | 0.00 | 19,530.79 | 291,959.45 | 3,710.00 | 8,773,203.57 |
| FIXED ASSETS UNDER CONSTRUCTION AND PREPAYMENTS |
52,040.52 | 310,505.19 | -50,599.79 | 2,235.89 | 0.00 | 0.00 | -1,587.62 | 315,769.43 |
| INTANGIBLE ASSETS | 36,060,811.08 | 3,646,910.02 | 32,794.32 | 88,774.26 | 310.71 | 42,417.04 | -2,901.21 | 39,789,463.14 |
| TOTAL | 95,855,155.66 | 6,043,147.03 | 0.00 | 8,488,620.24 | 1,452,895.07 | 1,444,559.96 | 32,425.52 | 107,457,042.38 |
| DEPRECIATIONS 31/12/2014 |
DEPRECIATIONS FOR THE PERIOD |
FROM ACQUISITION OF SUBSIDIARY |
DEPRECIATIONS OF REDUCTIONS |
DEPRECIATIONS OF WRITE-OFFS |
FOREIGN EXCHANGE DIFFERENCES |
DEPRECIATIONS 31/12/2015 |
NET BOOK VALUE AS AT 31/12/2015 |
|
|---|---|---|---|---|---|---|---|---|
| LAND-FIELDS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 6,567,881.52 | |
| BUILDINGS, BUILDING FACILITIES AND TECHNICAL PROJECTS | 10,830,543.61 | 1,034,386.63 | 559,604.12 | 245.70 | 263,891.64 | 10,399.68 | 12,149,997.34 | 17,977,373.10 |
| INVESTMENTS IN PROPERTY | 13,513.58 | 13,513.58 | 538,952.72 | |||||
| MACHINERY, TECHNICAL INSTALLATIONS & OTHER EQUIPMENT | 9,438,605.69 | 648,466.67 | 2,790,877.25 | 391,336.06 | 298,821.45 | -1,867.46 | 12,189,659.56 | 6,246,052.64 |
| VEHICLES | 2,168,817.05 | 396,287.66 | 92,149.92 | 656,700.89 | 2,296.49 | -3,471.64 | 2,001,728.89 | 893,446.88 |
| FURNITURE & OTHER EQUIPMENT | 6,618,956.62 | 500,777.99 | 19,530.49 | 289,720.49 | 2,801.01 | 6,807,682.63 | 1,965,520.93 | |
| FIXED ASSETS UNDER CONSTRUCTION AND PREPAYMENTS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 315,769.43 | |
| INTANGIBLE ASSETS | 4,459,045.51 | 1,172,764.17 | 87,464.86 | 310.71 | 42,417.04 | 9,125.05 | 5,667,421.75 | 34,122,041.39 |
| TOTAL | 33,529,482.05 | 3,752,683.14 | 3,530,096.15 | 1,068,123.86 | 897,147.10 | 16,986.64 | 38,830,003.75 | 68,627,038.62 |
The number of employees for the Group and Company is as follows:
| GROUP | COMPANY | |||||
|---|---|---|---|---|---|---|
| 01/01- 31/12/2015 |
01/01- 31/12/2014 |
01/01- 31/12/2015 |
01/01- 31/12/2014 |
|||
| Regular employees (during the presented date) | 1,414 | 1,135 | 507 | 478 | ||
| Day-wage employees (during the presented date) | 149 | 171 | 71 | 70 | ||
| Total Employees | 1,563 | 1,306 | 578 | 548 |
The liability for post employment benefits is presented in the Financial Statements according to IAS 19 and is based on an actuarial study that was carried out based on 31 December 2015.
The calculations of the study were based on the following actuarial assumptions:
a. Average annual long-term inflation rate: 2%
b. Annual Increase of Wages: 1.3%
c. Discount rate: According to guidance of IAS 19, the discount rate for the calculation of present values, and the investment of reserves must be defined prudently. In our case, this rate was set at 4.0%, in nominal terms.
d. Employee mobility: We assumed that no dismissals will occur and all employees will receive indemnity during their retirement.
e. Retirement ages and condition: According to the statutory provisions of the Main Social Insurance fund of each employee.
f. Indemnities: In application of the legal provisions of Law 4093/2012.
g. Assets for the indemnity of Law 2112/20: zero (0)
The expense for the provision for staff retirement indemnities that was recognized in the results, is as follows:
| GROUP | COMPANY | |||
|---|---|---|---|---|
| 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 | |
| Current Employment Service Cost | 78,602.00 | 75,755.00 | 78,602.00 | 75,755.00 |
| Financial cost | 36,556.16 | 36,280.12 | 36,556.16 | 36,280.12 |
| Actuarial Losses (Profit) | -18,849.16 | -102,674.32 | -18,849.16 | -102,674.32 |
| Total | 96,309.00 | 9,360.80 | 96,309.00 | 9,360.80 |
| Further Payments | -36,288.00 | -2,459.80 | -36,288.00 | -2,459.80 |
| Retirement expenses | 60,021.00 | 6,901.00 | 60,021.00 | 6,901.00 |
| Balance of Liability at beginning of period | 913,904.00 | 907,003.00 | 913,904.00 | 907,003.00 |
| Retirement expenses | 60,021.00 | 6,901.00 | 60,021.00 | 6,901.00 |
| Reductions due to discontinued activities | 0.00 | 0.00 | 0.00 | 0.00 |
| Closing Balances | 973,925.00 | 913,904.00 | 973,925.00 | 913,904.00 |
There are no significant developments with regard to the pending legal cases presented in the financial statements of December 31st, 2015.
There are no events after the reporting period that may significantly affect the financial statements and the operations of the Company and the Group.
Period : 01/01-31/12/2014
| SALES / PURCHASES & OTHER INCOME / EXPENSES |
GR. SARANTIS S.A. |
SARANTIS BANJA LUKA D.O.O |
ASTRID TM A.S. |
SARANTIS ROMANIA S.A |
SARANTIS BULGARIA L.T.D |
SARANTIS BELGRADE D.O.O |
SARANTIS SKOPJE D.O.O |
SARANTIS POLSKA S.A |
SARANTIS CZECH REPUBLIC sro |
SARANTIS HUNGARY Kft. |
GR SARANTIS CYPRUS L.T.D |
ARPINA S.A. | THRACE SARANTIS S.A. |
SARANTIS PORTUGAL LDA |
Grand Total |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GR. SARANTIS | |||||||||||||||
| S.A. SARANTIS |
3,280,162.33 | 1,591,035.18 | 1,874,065.90 | 537,919.44 | 5,162,873.77 | 1,809,199.24 | 855,261.84 | 2,983,707.44 | 291.83 | 629,893.95 | 18,724,410.92 | ||||
| ROMANIA S.A | 1,063,379.47 | 174,786.95 | 181,007.19 | 784,527.85 | 28,797.10 | 9,650.87 | 2,242,149.43 | ||||||||
| GR SARANTIS CYPRUS L.T.D |
20,319.18 | 79,500.00 | 7,583.33 | 40,200.00 | 11,856.85 | 159,459.36 | |||||||||
| SARANTIS SKOPJE D.O.O |
7,400.00 | 781.21 | 81,361.10 | 89,542.31 | |||||||||||
| SARANTIS BULGARIA L.T.D |
4,785.13 | 2,498.78 | 1,390.71 | 8,674.62 | |||||||||||
| SARANTIS CZECH REPUBLIC sro |
5,086.46 | 1,265.82 | 2,474.25 | 1,081.94 | 12,713.15 | 431.59 | 23,053.22 | ||||||||
| SARANTIS BELGRADE D.O.O |
647,083.61 | 661,843.38 | 256,735.42 | 52,623.82 | 753,841.35 | 82,450.14 | 27,156.70 | 15,424.18 | 34,416.95 | 2,531,575.55 | |||||
| SARANTIS POLSKA S.A |
175,402.00 | 1,581,795.72 | 539,523.01 | 1,940,047.13 | 887,691.27 | 143,425.18 | 88,161.78 | 5,356,046.09 | |||||||
| THRACE SARANTIS S.A. |
3,023,004.06 | 3,023,004.06 | |||||||||||||
| SARANTIS HUNGARY Kft. |
6,992.37 | 3,305.72 | 10,397.83 | 80,224.25 | 36,601.20 | 137,521.37 | |||||||||
| WALDECK L.T.D |
614.10 | 614.10 | |||||||||||||
| SAREAST CONSUMER PRODUCTS TRADING |
|||||||||||||||
| L.T.D | 22,059.69 | 22,059.69 | |||||||||||||
| ARPINA SA | 1,126,305.69 | 1,126,305.69 | |||||||||||||
| TOTAL | 6,074,712.58 | 669,243.38 | 20,319.18 | 5,125,763.79 | 2,360,443.21 | 4,086,881.20 | 1,291,760.79 | 6,122,789.17 | 2,797,028.85 | 1,065,784.37 | 81,361.10 | 2,983,707.44 | 291.83 | 764,329.53 | 33,444,416.42 |
| SALES / PURCHASE | GR. SARANTIS S.A. |
SARANTIS BANJA LUKA D.O.O. |
ASTRID TM A.S. |
SARANTIS ROMANIA S.A |
SARANTIS BULGARIA L.T.D |
SARANTIS BELGRADE D.O.O |
SARANTIS SKOPJE D.O.O |
SARANTIS ANADOL SA |
SARANTIS POLSKA S.A |
SARANTIS CZECH REPUBLIC sro |
SARANTIS HUNGARY Kft. |
GR SARANTIS CYPRUS L.T.D |
ARPINA S.A. | THRACE SARANTIS S.A |
SARANTIS PORTUGAL |
Grand Total |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GR. SARANTIS S.A. | 2,508.16 | 4,490,039.37 | 1,755,761.75 | 1,798,959.91 | 505,248.76 | 6,282,138.37 | 2,165,110.24 | 913,462.02 | 2,026,211.96 | 814,281.02 | 20,753,721.56 | |||||
| ΖΕΤΑ FIN LTD | 0.00 | |||||||||||||||
| SARANTIS ROMANIA S.A | 43,934.90 | 1,719.59 | 14,800.76 | 23,199.98 | 1,580.03 | 4,997.10 | 25,480.25 | 565.87 | 116,278.48 | |||||||
| GR SARANTIS CYPRUS L.T.D | 30,167.12 | 79,500.00 | 41,466.44 | 40,200.00 | 3,406.03 | 194,739.59 | ||||||||||
| SARANTIS SKOPJE D.O.O | 3,245.49 | 1,478.04 | 23,783.89 | 145,446.58 | 173,954.00 | |||||||||||
| SARANTIS BANJA LUKA D.O.O. | 7,852.69 | 7,852.69 | ||||||||||||||
| SARANTIS BULGARIA L.T.D | 221,763.89 | 15,193.68 | 4,408.94 | 4,915.82 | 246,282.32 | |||||||||||
| SARANTIS CZECH REPUBLIC sro | 1,676.76 | 620.09 | 1,929.51 | 978.53 | 39,936.78 | 2,733.69 | 47,875.35 | |||||||||
| SARANTIS BELGRADE D.O.O | 504,997.35 | 590,590.09 | 355,047.25 | 62,569.85 | 719,199.03 | 135,222.82 | 31,918.51 | 55,911.72 | 17,312.76 | 2,472,769.38 | ||||||
| SARANTIS POLSKA S.A | 852,863.99 | 1,609,602.08 | 513,349.52 | 2,013,648.79 | 933,400.53 | 1,631,836.90 | 54,074.72 | 7,608,776.52 | ||||||||
| SARANTIS ANADOL SA | 0.00 | |||||||||||||||
| THRACE-SARANTIS S.A | 1,108,256.86 | 1,108,256.86 | ||||||||||||||
| SARANTIS HUNGARY Kft. | 51,273.17 | 3,488.10 | 250,461.87 | 11,668.88 | 316,892.03 | |||||||||||
| WALDECK L.T.D | 161.20 | 161.20 | ||||||||||||||
| SAREAST L.T.D | 22,059.70 | 22,059.70 | ||||||||||||||
| ARPINA S.A. | 869,429.60 | 869,429.60 | ||||||||||||||
| ASTRID TM A.S. | 1,425,722.49 | 1,425,722.49 | ||||||||||||||
| TOTAL | 3,679,662.90 | 596,295.88 | 30,167.12 | 6,470,502.47 | 2,348,411.39 | 3,951,411.89 | 1,226,027.82 | 0.00 | 6,717,165.88 | 4,639,683.17 | 2,644,710.19 | 145,446.58 | 2,026,211.96 | 0.00 | 889,074.53 | 35,364,771.77 |
Period: 01/01-31/12/2014
| RECEIVABLES / LIABILITIES |
GR. SARANTIS S.A. |
SARANTISBA NJA LUKA D.O.O. |
ZETA COSMETICS LTD |
ASTRID TM A.S. |
SAREAST L.T.D. |
WALDECK L.T.D. |
SARANTIS BELGRADE D.O.O |
SARANTIS BULGARIA L.T.D |
SARANTIS ROMANIA S.A |
SARANTIS CZECH REPUBLIC sro |
SARANTIS POLSKA S.A |
ELODE FRANCE SARL |
SARANTIS ANADOL SA |
SARANTIS HUNGARY Kft. |
SARANTIS PORTUGAL LDA |
ARPINA S.A. | TOTAL |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GR. SARANTIS S.A. |
80,676.43 | 146,723.70 | 851,639.25 | 1,042,959.16 | 5,208.72 | 6,000.00 1,402,602.23 629,893.95 325,991.59 | 4,491,695.03 | ||||||||||
| THRACE SARANTIS S.A |
799,297.85 | 799,297.85 | |||||||||||||||
| ZETAFIN L.T.D. | 999.60 | 6,581.52 6,394.92 | 13,976.04 | ||||||||||||||
| SARANTIS POLSKA S.A |
46,763.48 | 384,932.89 | 106,049.21 | 400,100.31 | 269,034.77 | 50,191.18 | 120,404.53 | 1,377,476.37 | |||||||||
| SARANTIS CZECH REPUBLIC sro |
7,007.70 | 7,007.70 | |||||||||||||||
| SARANTIS BELGRADE D.O.O |
688,645.95 | 440,873.66 | 2,748.52 | 98,570.90 | 2,704.39 | 23,707.33 | 7,685.46 | 34,722.48 | 1,299,658.69 | ||||||||
| SARANTIS ROMANIA S.A |
2,882.64 | 4,955.14 | 4,566.02 | 12,403.80 | |||||||||||||
| SARANTIS BULGARIA L.T.D. |
9,000.00 | 9,000.00 | |||||||||||||||
| SAREAST CONSUMER PRODUCTS TRADING L.T.D 520,526.36 |
520,526.36 | ||||||||||||||||
| WALDECK L.T.D | 10,952.69 | 10,952.69 | |||||||||||||||
| GR SARANTIS CYPRUS L.T.D |
1,070,319.18 2,360.00 3,143.08 | 79,500.00 | 1,007,583.33 | 40,200.00 | 381,856.85 | 2,584,962.44 | |||||||||||
| SARANTIS SKOPJE D.O.O |
645,819.49 | 7,399.99 | 380,675.46 | 1,033,894.94 | |||||||||||||
| SARANTIS HUNGARY Kft. |
2,881.68 | 5,743.92 | 20,216.88 | 28,842.48 | |||||||||||||
| TOTAL | 2,714,887.50 | 448,273.65 | 999.60 | 1,070,319.18 8,941.52 9,538.00 | 847,990.99 | 189,474.16 | 654,394.91 2,136,705.66 1,098,846.21 | 5,208.72 | 6,000.00 1,505,244.89 1,166,877.81 325,991.59 | 12,189,694.39 | |||||||
| RECEIVABLES / LIABILITIES |
GR. SARANTIS S.A. |
SARANTIS BANJA LUKA D.O.O. |
ASTRID TM A.S. |
ΖΕΤΑ FIN LTD |
ZETA COSMETICS LTD |
SAREAST L.T.D |
WALDECK L.T.D |
SARANTIS BELGRADE D.O.O |
SARANTIS BULGARIA L.T.D |
SARANTIS SKOPJE D.O.O |
SARANTIS ROMANIA S.A |
SARANTIS CZECH REPUBLIC sro |
SARANTIS POLSKA S.A |
GR SARANTIS CYPRUS L.T.D |
ELODE FRANCE SARL |
POLIPAK SP.Z.O.O. |
SARANTIS HUNGARY Kft. |
SARANTIS PORTUGAL |
THRACE SARANTIS S.A |
ARPINA S.A. |
TOTAL |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GR. SARANTIS S.A. | 90,951.99 | 657,725.79 | 694,556.64 | 1,148,547.54 | 9,058.97 | 178,449.64 | 947,537.30 | 1,370,998.28 | 5,097,826.15 | ||||||||||||
| SARANTIS BANJA LUKA D.O.O. |
3,940.35 | 3,940.35 | |||||||||||||||||||
| THRACE-SARANTIS S.A |
154,355.33 | 154,355.33 | |||||||||||||||||||
| ΖΕΤΑ FIN LTD | 6,394.92 | 6,394.92 | |||||||||||||||||||
| SARANTIS POLSKA S.A |
199,465.90 | 97,286.64 | 410,629.53 | 136,921.37 | 522,045.74 | 26,363.68 | 1,392,712.86 | ||||||||||||||
| SARANTIS CZECH REPUBLIC sro |
11,691.79 | 987.66 | 12,679.45 | ||||||||||||||||||
| SARANTIS BELGRADE D.O.O |
826,103.84 | 767,442.23 | 10,491.22 | 135,887.74 | 972,518.00 | 7,734.87 | 2,720,177.90 | ||||||||||||||
| SARANTIS ROMANIA S.A |
9,612.37 | 3,662.46 | 1,589.50 | 235.23 | 15,099.56 | ||||||||||||||||
| SARANTIS BULGARIA L.T.D |
78,993.68 | 18,736.32 | 97,730.00 | ||||||||||||||||||
| SAREAST L.T.D | 507,380.07 | 507,380.07 | |||||||||||||||||||
| WALDECK L.T.D | 697.77 | 697.77 | |||||||||||||||||||
| GR SARANTIS CYPRUS L.T.D |
3,143.08 | 79,500.00 | 40,200.00 | 122,843.08 | |||||||||||||||||
| POLIPAK SP.Z.O.O. | 122,434.74 | 1,365,432.89 | 33,163.16 | 1,588,341.19 | |||||||||||||||||
| SARANTIS SKOPJE D.O.O |
148,125.48 | 1,476.00 | 392,973.41 | 542,574.89 | |||||||||||||||||
| ASTRID TM A.S. | 265,745.38 | 265,745.38 | |||||||||||||||||||
| SARANTIS HUNGARY Kft. |
38,228.61 | 8,217.31 | 46,445.92 | ||||||||||||||||||
| ARPINA SA | 161,165.11 | 161,165.11 | |||||||||||||||||||
| TOTAL | 2,124,128.16 | 768,918.23 | 11,691.79 | 0.00 | 0.00 | 0.00 | 9,538.00 | 481,063.88 | 198,729.85 | 1,589.50 | 1,222,979.38 | 1,219,658.13 | 3,494,950.97 | 0.00 | 9,058.97 | 178,449.64 | 1,550,681.07 | 1,397,361.96 | 0.00 | 0.00 | 12,736,109.94 |
All transactions (income and expenses) cumulatively from the beginning of the financial year as well as the balances of receivables and liabilities of the Company and the Group at the end of the period that have resulted from their transactions with related parties, as such are defined by IAS 24, are as follows:
| TABLE OF DISCLOSURE OF RELATED PARTIES | ||
|---|---|---|
| Group | Company | |
| a) Income | 0.00 | 20,753,721.56 |
| b) Expenses | 0.00 | 3,679,662.90 |
| c) Receivables | 0.00 | 5,097,826.15 |
| d) Liabilities | 0.00 | 2,191,438.56 |
| e) Transactions and remuneration of senior executives and management | 1,995,685.69 | 1,809,374.17 |
| f) Receivables from senior executives and management | 0.00 | 0.00 |
| g) Liabilities towards senior executives and management | 0.00 | 0.00 |
Turnover Analysis
| SBU Turnover (€ mil) | FY '15 | % | FY '14 |
|---|---|---|---|
| Cosmetics | 134.48 | 21.66% | 110.53 |
| % of Total | 48.24% | 44.49% | |
| Own | 94.36 | 20.90% | 78.05 |
| % of SBU | 70.17% | 70.61% | |
| Distributed | 40.12 | 23.51% | 32.48 |
| % of SBU | 29.83% | 29.39% | |
| Household Products | 113.61 | 4.51% | 108.71 |
| % of Total | 40.76% | 43.76% | |
| Own | 108.31 | 6.11% | 102.08 |
| % of SBU | 95.33% | 93.89% | |
| Distributed | 5.30 | -20.08% | 6.64 |
| % of SBU | 4.67% | 6.11% | |
| Other Sales | 30.67 | 5.07% | 29.19 |
| % of Total | 11.00% | 11.75% | |
| Health Care Products | 9.26 | 4.44% | 8.87 |
| % of SBU | 30.19% | 30.37% | |
| Selective | 21.41 | 5.34% | 20.33 |
| % of SBU | 69.81% | 69.63% | |
| Total Turnover | 278.76 | 12.21% | 248.44 |
| SBU EBIT (€ mil) | FY '15 | % | FY '14 | |
|---|---|---|---|---|
| Cosmetics | 8.23 | 38.98% | 5.92 | |
| Margin | 6.12% | 5.36% | ||
| % of EBIT | 31.61% | 26.86% | ||
| Own | 7.23 | 26.90% | 5.70 | |
| Margin | 7.66% | 7.30% | ||
| % of EBIT | 27.75% | 25.83% | ||
| Distributed | 1.00 | 341.93% | 0.23 | |
| Margin | 2.50% | 0.70% | ||
| % of EBIT | 3.85% | 1.03% | ||
| Household Products | 9.24 | 1.71% | 9.09 | |
| Margin | 8.14% | 8.36% | ||
| % of EBIT | 35.50% | 41.22% | ||
| Own | 9.14 | 4.30% | 8.76 | |
| Margin | 8.44% | 8.58% | ||
| % of EBIT | 35.08% | 39.73% | ||
| Distributed | 0.11 | -67.21% | 0.33 | |
| Margin | 2.03% | 4.94% | ||
| % of EBIT | 0.41% | 1.49% | ||
| Other Sales | 2.47 | 17.72% | 2.10 | |
| Margin | 8.05% | 7.18% | ||
| % of EBIT | 9.48% | 9.51% | ||
| Health Care Products | 1.07 | 10.90% | 0.96 | |
| Margin | 11.50% | 10.83% | ||
| % of EBIT | 4.09% | 4.36% | ||
| Selective | 1.40 | 23.49% | 1.14 | |
| Margin | 6.55% | 5.59% | ||
| % of EBIT | 5.39% | 5.15% | ||
| Income from Associated Companies | 6.10 | 23.48% | 4.94 | |
| % of EBIT | 23.42% | 22.40% | ||
| Total EBIT | 26.04 | 18.12% | 22.05 | |
Turnover Analysis
| Country Turnover (€ mil) | FY '15 | % | FY '14 |
|---|---|---|---|
| Greece | 102.56 | 15.33% | 88.93 |
| % of Total Turnover | 36.79% | 35.79% | |
| Poland | 63.89 | -2.89% | 65.79 |
| Romania | 45.08 | 13.72% | 39.64 |
| Bulgaria | 13.01 | 7.43% | 12.11 |
| Serbia | 16.15 | 6.11% | 15.22 |
| Czech Republic | 19.21 | 77.50% | 10.82 |
| Hungary | 11.22 | 15.15% | 9.75 |
| FYROM | 3.06 | 12.62% | 2.71 |
| Bosnia | 2.24 | 27.21% | 1.76 |
| Portugal | 2.34 | 37.37% | 1.70 |
| Foreign Countries Subtotal | 176.20 | 10.46% | 159.51 |
| % of Total Turnover | 63.21% | 64.21% | |
| Total Turnover | 278.76 | 12.21% | 248.44 |
| EBIT Analysis | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Country ΕΒΙΤ (€ mil) | FY '15 | % | FY '14 | ||||||||||
| Greece | 15.56 | 23.12% | 12.64 | ||||||||||
| % of Total Ebit | 59.75% | 57.33% | |||||||||||
| Poland | 2.85 | -22.81% | 3.69 | ||||||||||
| Romania | 3.54 | 30.27% | 2.72 | ||||||||||
| Bulgaria | 1.23 | -2.17% | 1.26 | ||||||||||
| Serbia | 1.60 | 4.63% | 1.53 | ||||||||||
| Czech Republic | 1.11 | 714.34% | 0.14 | ||||||||||
| Hungary | -0.12 | 60.95% | -0.31 | ||||||||||
| FYROM | 0.50 | 4.24% | 0.47 | ||||||||||
| Bosnia | -0.11 | -139.79% | -0.05 | ||||||||||
| Portugal | -0.09 | -234.65% | -0.03 | ||||||||||
| Foreign Countries Subtotal | 10.48 | 11.41% | 9.41 | ||||||||||
| % of Total Ebit | 40.25% | 42.67% | |||||||||||
| Total EBIT | 26.04 | 18.12% | 22.05 |
The FY 2015 financial results refer to the Continued Activities of the Group.
| GRIGORIS SARANTIS S.A. | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| ANONYMOUS INDUSTRIAL & COMMERCIAL COMPANY OF COSMETICS, CLOTHING, HOUSEHOLD & PHARMACEUTICAL PRODUCTS | ||||||||||||
| G.E.M.I. No 255201000 | ||||||||||||
| SARANTIS | 26 Amarousiou Halandriou Street, 151 25 Marousi, Athens | |||||||||||
| Great brands for everyday | Data and information for the Period from 1 January 2015 till 31 of December 2015 | |||||||||||
| According to the Law 2190/20, article 135 concerning companies which compile annual financial statements, either Consolidated or not under IFRS | ||||||||||||
| The following dots, afrom the Company's financial statements, aim at giving general information about the financial condition and results of GR SARMITS 3.A and its Group of the state in the Croup of the Company's wholite w | ||||||||||||
| Supervising authority: Internet address: |
www.sarantis.gr | MINISTRY OF DEVELOPMENT, DEPT. OF ANONYMOUS COMPANIES & CREDIT | CASHFLOW STATEMENT (consolidated and non-consolidated - amounts expressed in Euro) | THE GROUP | THE COMPANY | |||||||
| Members of the board of Directors: |
1. Gregory Sarantis son of Pantazis, Chairman of the BoD, executive member. | 01/01-31/12/2015 01/01-31/12/2014 01/01-31/12/2015 01/01-31/12/2014 | ||||||||||
| 2. Kyriakos Sarantis son of Pantazis, Vice-Chairman of the BoD and Chief Executive Officer, executive member. |
CASH FLOWS FROM OPERATING ACTIVITIES Profits (Losses) before taxes (Continued Activities) |
24,160,641.70 | 21,571,596.85 | 11,240,658.38 | 16,542,121.17 | |||||||
| 4. Antonios Ayiostratitis son of Miltiadis, non-executive member. | 3. Aikaterini Saranti daughter of Pantazis, non-executive member. | Profits (Losses) before taxes (Discontinued Activities) | $-1,249,076.28$ | $-84,187.39$ | ||||||||
| 5. Konstantinos Rozakeas son of Peter, executive member. 6. Konstantinos Stamatiou son of Fokion, executive member. |
Adjustments for: Depreciation of fixed assets Foreign exchange differences |
3.722.372.13 259,254.24 |
3.565.538.81 394,386.94 |
2.513.263.84 203,500.41 |
2,299,911.94 24,419.84 |
|||||||
| Christos Economou son of Ioannis, independent and non-executive member. 8. Dimitrios Efstathiou son of Konstantinos, independent and non-executive member. |
Income from investment activities Interest and other related expenses |
$-6.434.496.34$ 2,022,156.61 |
5,940,061.75 1,119,240.32 |
-8,529,960.33 1,628,175.19 |
$-14,869,283.11$ 800,278.77 |
|||||||
| Approval date by the BoD of the Interim Financial Statements: |
March 8th 2016 | EVANGELOS PAGONIS - A.M.S.O.EL. 14211 | Plus/minus adjustments for changes in working capital accounts or accounts related to operating activities: |
|||||||||
| Auditors: Auditors Company: Auditors' opinion: |
Unqualified | BDO Certified Public Accountant S.A. | Decrease / (increase) in inventories Decrease / (increase) in receivables |
$-3,035,206.51$ -10,013,353.00 |
$-10,478,838.21$ 2,422,326.61 |
$-2,360,476.34$ -6,990,394.49 |
-7,785,430.59 1,512,637.32 |
|||||
| STATEMENT OF FINANCIAL POSITION (consolidated and non-consolidated - amounts expressed in Euro) | Less: | (Decrease) / increase in liabilities (other than to banks) | 5,829,734.35 | $-702,697.18$ | 2,622,683.68 | 2,630,883.79 | ||||||
| THE GROUP | THE COMPANY | Interest and other related expenses, paid Tax Paid |
$-2.134.174.33$ $-2,339,065.41$ |
$-1.092,505.91$ $-2.274.352.84$ |
$-1.605.540.59$ 0.00 |
-752,924.89 0.00 |
||||||
| ASSETS | 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 | Net inflows / (outflows) | Operating flows from discontinued activities | 1,247,306.01 | 144,660.01 | ||||
| Tangible assets for own use Investments in real estate |
33,966,044.51 538,952.72 |
30,181,658.85 542,249.19 |
26,796,917.93 190,483.44 |
27,101,185.90 190,483.44 |
from operating activities (a) | CASH FLOWS FROM INVESTMENT ACTIVITIES | 12,036,093.18 | 8,645,106.25 | $-1,278,090.25$ | 402,614.24 | ||
| Intangible assets Other non current assets |
41,657,746.63 10,609,299.45 |
37,040,959.93 15,622,332.13 |
17,786,144.36 32,526,776.62 |
14,782,337.84 34,237,027.87 |
Acquisition/Disposal of subsidiaries, associates, | $-7,370,124.78$ | $-4.481.102.18$ | $-6,095,964.12$ | 657,966.42 | |||
| nventories Trade receivables |
53,603,453.08 76,142,726.97 |
48.764.509.42 65,911,693.84 |
27,488,466.18 39,889,121.26 |
25,127,989.84 32,979,777.64 |
joint ventures and other investments | Acquisition of tangible and intangible assets Revenues from sale of tangible and intangible assets |
$-6,025,672.26$ 260,345.84 |
-11,929,543.89 | -5,547,766.25 44,305.45 |
10,501,434.91 29,580.00 |
||
| Other current assets TOTAL ASSETS |
49,445,433.54 265,963,656.90 |
32,654,539.84 230,717,943.18 |
34,090,700.89 178,768,610.68 |
22,865,100.38 157,283,902.91 |
Interest received | 1,027,939.69 4,391,355.77 |
96,260.84 775,827.50 7,357,868.84 |
809,778.28 11,414,582.02 |
571,077.33 10,336,979.30 |
|||
| EQUITY AND LIABILITIES | Dividends received | Net inflows / (outflows) from discontinued investment activities | $-17,474.76$ | $-44,199.53$ | ||||||||
| Share capital Other equity items |
53,895,022.10 112,510,300.98 |
53.895.022.10 105,742,638.17 |
53,895,022.10 58,612,254.54 |
53,895,022.10 55,253,964.44 |
Net inflows / (outflows) from investment activities (b) |
$-7,733,630.51$ | $-8.224.888.42$ | 624,935.38 | 1,094,168.14 | |||
| Equity attributable to the equity holders of the company (a) Non controlling interest (b) |
166,405,323.08 1,005,222.91 |
159,637,660.27 0.00 |
12,507,276.64 0.00 |
109,148,986.54 0.00 |
Proceeds from loans granted / assumed | CASH FLOWS FROM FINANCIAL ACTIVITIES | 34,800,000.00 | 0.00 $-76.87$ |
34,800,000.00 19,810,400.00 |
0.00 $-3,276.87$ |
||
| TOTAL EQUITY $(c) = (a) + (b)$ | 167,410,545.99 | 159,637,660.27 | 112,507,276.64 | 109,148,986.54 | Loan payments Payment of liabilities from leasing |
-19,800,000.00 0.00 0.00 |
0.00 | 0.00 | 0.00 0.00 |
|||
| Long term liabilities from loans Provisions/Other long-term liabilities |
32.137.121.88 4,619,193.70 |
0.00 3,568,766.29 |
30,800,000.00 2,243,413.83 |
0.00 1,823,392.83 |
Income from share capital increase Dividends paid |
(Payment)/Proceeds from (purchase)/sale of own shares | $-4,892,593.25$ | 0.00 -9,731,417.85 |
0.00 -4,892,593.25 $-480.333.00$ |
-9,731,417.85 $-285.017.00$ |
||
| Short-term borrowings Other short term liabilities |
2,018,992.36 59,777,802.96 |
17,000,000.00 50,511,516.61 |
1,200,000.00 32,017,920.21 |
17,000,000.00 29,311,523.54 |
Net inflows / (outflows) from discontinued financial activities | 480,333.00 0.00 |
$-285,017.00$ 0.00 |
|||||
| TOTAL LIABILITIES (d) TOTAL EQUITY AND LIABILITES (c) + (d) |
98,553,110.91 | 71,080,282.91 | 66,261,334.04 265,963,656.90 230,717,943.18 178,768,610.68 157,283,902.91 |
48,134,916.37 | Net inflows / (outflows) from financial activities (c) |
9,627,073.75 | $-10,016,511.72$ | 9,616,673.75 | -10,019,711.72 | |||
| STATEMENT OF CHANGES IN EQUITY (consolidated and non-consolidated - amounts expressed in Euro) | equivalents for the period (a)+(b)+(c) | Net increase / decrease in cash and cash Cash and cash equivalents, beginning of the period |
13,929,536.42 | -9,596,293.89 | 8,963,518.88 | $-8,522,929.34$ | ||||||
| THE GROUP 01/01-31/12/2015 01/01-31/12/2014 |
THE COMPANY 01/01-31/12/2015 01/01-31/12/2014 |
Effect of FX differences on cash | 19,478,988.10 25.732.65 |
29,193,769.32 $-118,487,32$ |
9,372,096.84 0.00 |
17,895,026.18 0.00 |
||||||
| Total equity, beginning of the year | Cash and cash equivalents, end of the period |
33,434,257.18 | 19,478,988.10 | 18,335,615.72 | 9,372,096.84 | |||||||
| (01/01/2015 and 01/01/2014 respectively) Total comprehensive income after tax (a) + (b) |
159,637,660.27 16,624,396.76 |
154,444,335.81 15,621,948.16 |
109,148,986.54 8,988,638.05 |
103,662,939.84 15,914,270.40 |
||||||||
| Share capital increase | 176,262,057.03 0.00 |
170,066,283.97 347,709.82 |
118, 137, 624.59 0.00 |
119,577,210.24 347,709.82 |
||||||||
| Non controlling interest in subsidiary Amount allocated for capital increase |
1,005,222.91 0.00 |
0.00 -347,709.82 |
0.00 0.00 |
0.00 -347,709.82 |
||||||||
| Dividend/Interim Dividend paid Other items |
$-5,150,014.95$ $-4,226,386.00$ |
$-10,325,456.70$ 62,630.26 |
$-5,150,014.95$ 0.00 |
$-10,325,456.70$ 63,030.26 |
||||||||
| Purchase of own shares Net equity, end of the period |
-480,333.00 | $-165,797.26$ | -480,333.00 | $-165797.26$ | ||||||||
| 31/12/2015 and 31/12/2014 respectively | 167,410,545.99 | 159,637,660.27 112,507,276.64 109,148,986.54 | STATEMENT OF TOTAL COMPREHENSIVE INCOME (consolidated and non-consolidated - amounts expressed in Euro) | |||||||||
| THE GROUP | THE COMPANY | |||||||||||
| Continued Activities |
Discontinued Activities |
Total | Continued Activities |
Discontinued Activities |
Total | |||||||
| 01/01-31/12/2015 01/01-31/12/2015 01/01-31/12/2015 01/01-31/12/2014 01/01-31/12/2014 | 01/01-31/12/2014 01/01-31/12/2015 01/01-31/12/2014 | |||||||||||
| Turnover Gross profit / (loss) |
278,760,551.85 132,498,459.04 |
0.00 0.00 |
278,760,551.85 132,498,459.04 |
248,436,662.77 120,615,836.93 |
0.00 0.00 |
248,436,662.77 120,615,836.93 |
120,722,091.38 50,944,169.01 |
104,247,995.79 45,162,723.87 |
||||
| Profit / (loss) before tax, interest and investment results (EBIT) | 26,044,041.80 24,160,641.70 |
$-1,242,947.73$ | 24,801,094.08 22,911,565.42 |
22,123,789.42 21.571.596.85 |
$-75.454.12$ $-84,187.39$ |
22.048.335.30 21,487,409.46 |
4,430,164.89 11,240,658.38 |
2,454,718.33 | ||||
| Profit / (loss) before tax Income tax |
$-4,124,528.19$ | $-1,249,076.28$ 0.00 |
$-4,124,528.19$ | $-2,778,189.48$ | 0.00 | $-2,778,189.48$ | 0.00 | 16,542,121.17 0.00 |
||||
| Deferred tax Profit / (loss) after tax (a) |
$-255,314.62$ 19,780,798.89 |
0.00 $-1,249,076.28$ |
$-255,314.62$ 18,531,722.61 |
$-1,566,793.57$ 17,226,613.79 |
0.00 $-84,187.39$ |
$-1,566,793.57$ 17.142.426.40 |
$-207,866.11$ 11,032,792.27 |
$-119,197.65$ 16,422,923.52 |
||||
| Owners of the parent company Non conrtolling interest |
19,780,798.89 0.00 |
$-1,249,076.28$ 000 |
18,531,722.61 000 |
17,226,613.79 000 |
$-84,187.39$ 0.00 |
17,142,426.40 0.00 |
11,032,792.27 | 16,422,923.52 | ||||
| Other comprehensive income after tax (b) | $-1,893,716.23$ | $-13,609.62$ | $-1,907,325.85$ | $-1,529,140.01$ | 8.661.78 | $-1,520,478.23$ | $-2.044.154.22$ | $-508.653.12$ | ||||
| Total comprehensive income after tax (a) + (b) Owners of the parent company |
17.887.082.66 17,887,082.66 |
$-1,262,685.90$ $-1,262,685.90$ |
16,624,396.76 16,624,396.76 |
15,697,473.78 15,697,473.78 |
$-75,525.61$ $-75,525.61$ |
15,621,948.17 15,621,948.17 |
8,988,638.05 | 15,914,270.40 | ||||
| Non conrtolling interest After tax earnings per share (in Euro) |
0.00 0.5689 |
0.00 $-0.0359$ |
0.00 0.5330 |
0.00 0.4954 |
0.00 $-0.0024$ |
0.00 0.4930 |
0.3173 | 0.4723 | ||||
| Proposed dividend per share (in Euro) Profit / (loss) before tax, financial and investment results and depreciation |
29.766,413.93 | $-1,212,636.71$ | 28,553,777.22 | 25,689,328.23 | $-44,369.57$ | 25.644.958.66 | 0.1600 6,943,428.73 |
0.1500 4754,630.27 |
||||
| ADDITIONAL INFORMATION | ||||||||||||
| 1. The main accounting principles as of the balance sheet of 31.12.2014 have been applied. | 8. The other comprehensive income after taxes of the Group and parent Company are analyzed as follows: | |||||||||||
| 2. Group companies that are included in the consolidated financial statements with their respective locations as well as percentage of ownership are presented in Note 4.6.2 of the financial statements. |
Continued | Discontinued | THE GROUP Continued |
Discontinued | ||||||||
| 3. The unaudited tax years for the group are mentioned in Note 4.6.2 of the financial statements. 4. No fixed charges have been registered on the property of the company. |
Activities | Activities 01/01-31/12/2015 01/01-31/12/2015 01/01-31/12/2015 01/01-31/12/2014 01/01-31/12/2014 01/01-31/12/2014 |
Total | Activities | Activities | Total | ||||||
| 5. The amounts of income and expenses and outstanding balances of receivables and payables of the Company to and from its related parties (according to the provisions of IAS 24) for the period are as follows: |
Financial Assets available for sale | $-1,601,160.89$ | 0.00 | $-1,601,160.89$ | -633,232.12 | 0.00 | $-633,232.12$ | |||||
| TABLE OF RELATED PARTIES DISCLOSURES | Foreign exchange differences from conversion to euro Actuarial Gain/ILosses) |
$-302,858.01$ | $-13,609.62$ | $-316.467.63$ | -980,753.33 | 8,661.78 | -972,091.55 | |||||
| a) Income | THE GROUP 0.00 |
THE COMPANY 20,753,721.56 |
on defined benefit pension plans Deferred tax |
18,849.16 $-8,546.49$ |
0.00 0.00 |
111,540.76 18,849.16 $-8,546.49$ $-26.695.32$ |
0.00 0.00 |
111,540.76 $-26,695.32$ |
||||
| b) Expenses c) Receivables |
0.00 0.00 |
3,679,662.90 5,097,826.15 |
Other comprehensive income after tax |
$-1.893.716.23$ | $-13,609,62$ | $-1,907,325.85$ | $-1,529,140.01$ | 8,661.78 | $-1,520,478.23$ | |||
| dì Pavables e) Board members and key management personnel remuneration and other benefits 1, |
0.00 995,685.69 |
2.191.438.56 1,809,374.17 |
||||||||||
| f) Amounts from board members and key management personnel | 0.00 0.00 |
0.00 0.00 |
THE COMPANY 01/01-31/12/2015 01/01-31/12/2014 |
|||||||||
| Financial Assets available for sale Actuarial Gain/(Losses) |
2,054,456.89 | $-584,632.12$ | ||||||||||
| g) Amounts due to board members and key management personnel 6. The average number of the employees in the group and the company is: |
on defined benefit pension plans | 18,849.16 | 102,674.32 | |||||||||
| THE GROUP 01/01-31/12/2015 01/01-31/12/2014 |
THE COMPANY 01/01-31/12/2015 01/01-31/12/2014 |
Deferred tax | $-8,546.49$ | $-26,695.32$ | ||||||||
| 1,414 Salaried employees |
1,135 | 507 | 478 | Other comprehensive income after tax |
$-2,044,154.22$ | $-508,653.12$ | ||||||
| Wage employees 149 |
171 | 71 | 70 | |||||||||
| Total employees 1,563 |
1,306 | 578 | 548 | |||||||||
| 7. Investment in fixed assets made during the period: | THE GROUP | THE COMPANY | ||||||||||
| 6.025.672.26 | 5.547.766.25 | |||||||||||
| 9. As of 31/12/2015 the Company holds in total 437,549 treasury shares at an average price of 5.33 euro which corresponds to 1.26% of the share capitallt is noted that the Extraordinary General Shareholders' Meeting of 25/ program that had been decided by the Company's Annual General Shareholders Meeting of June 26th 2014 and authorized the Board of Directors to implement said resolution. More information can be found in the note 4.10.15 of |
||||||||||||
| 10. Provisions for bad debts for the Company and the Group amount to 599,872.46 and 691,001.94 euro respectively. 11. Provisions for unaudited tax years for both the Company and the Group amount to 909,488.83 euro. |
||||||||||||
| 12. As of 17/12/2015 Sarantis Polska S.A. completed the acquisition of the 70% of the share capital of the Polish company Polipak Sp.zoo which is fully consolidated wihitin the Group's financial figures/More information ca 13. During Q4 of 2015 the final liquidation of GR. SARANTIS S.A. subsidiary SARANTIS ANADOL S.A. was completed. More information can be found in the note 4.6.2 of the financial report. |
||||||||||||
| Marousi, 08/03/2016 | ||||||||||||
| THE PRESIDENT OF THE BOARD OF DIRECTORS | THE VICE PRESIDENT & MANAGING DIRECTOR | THE FINANCIAL DIRECTOR & EXECUTIVE MEMBER of BoD | THE DIRECTOR OF THE ACCOUNTING DPT. | |||||||||
| GRIGORIS P. SARANTIS I.D.No. X 080619/03 |
KIRIAKOS P. SARANTIS I.D.No. AI 597050/2010 |
KONSTANTINOS P. ROZAKEAS I.D.No.AK 783631/13 |
VASSILIOS D. MEINTANIS I.D.No.AB 656347/06 |
Announcements on www.helex.gr
18 DECEMBER 2015 SARANTIS GROUP ANNOUNCES THE ACQUISITION OF POLIPAK IN POLAND
3 NOVEMBER 2015 CONSOLIDATED FINANCIAL RESULTS NINE MONTHS OF 2015
29 OCTOBER 2015 AMENDMENT OF THE CONFERENCE CALL DATE OF SARANTIS GROUP 9M 2015 FINANCIAL RESULTS
19 OCTOBER 2015 RELEASE DATE OF SARANTIS GROUP FINANCIAL RESULTS FOR 9Μ 2015 & CONFERENCE CALL INVITATION
29 JULY 2015 CONSOLIDATED FINANCIAL RESULTS FIRST HALF OF 2015
20 JULY 2015 RELEASE DATE OF SARANTIS GROUP FINANCIAL RESULTS FOR H1 2015 & CONFERENCE CALL INVITATION
26 JUNE 2015 RESOLUTIONS OF THE EXTRAORDINARY GENERAL SHAREHOLDERS' MEETING 2 JUNE 2015 INVITATION TO THE EXTRAORDINARY GENERAL SHAREHOLDERS' MEETING
13 MAY 2015 ANNOUNCEMENT OF DIVIDEND PAYMENT OF FISCAL YEAR 2014
12 MAY 2015 CONSOLIDATED FINANCIAL RESULTS FIRST QUARTER OF 2015
12 MAY 2015 RESOLUTIONS OF THE ORDINARY GENERAL SHAREHOLDERS' MEETING
27 APRIL 2015 RELEASE DATE OF SARANTIS GROUP FINANCIAL RESULTS FOR Q1 2015 & CONFERENCE CALL INVITATION
17 APRIL 2015 INVITATION TO THE ORDINARY GENERAL SHAREHOLDERS' MEETING
3 APRIL 2015 PURCHASE OF OWN SHARES
1 APRIL 2015 SARANTIS GROUP ANNOUNCES THE ACQUISITION OF AVA IN GREECE
23 MARCH 2015 PURCHASE OF OWN SHARES
23 MARCH 2015 SARANTIS GROUP ANNUAL PRESENTATION TO ANALYSTS
20 MARCH 2015 PURCHASE OF OWN SHARES
19 MARCH 2015 PURCHASE OF OWN SHARES
18 MARCH 2015 CONSOLIDATED FINANCIAL RESULTS FULL YEAR 2014
17 MARCH 2015 PURCHASE OF OWN SHARES
16 MARCH 2015 PURCHASE OF OWN SHARES
12 MARCH 2015 PURCHASE OF OWN SHARES
11 MARCH 2015 PURCHASE OF OWN SHARES 9 MARCH 2015 SARANTIS GROUP FINANCIAL CALENDAR 2015
2 MARCH 2015 PURCHASE OF OWN SHARES
20 FEBRUARY 2015 PURCHASE OF OWN SHARES
19 FEBRUARY 2015 PURCHASE OF OWN SHARES
11 FEBRUARY 2015 PURCHASE OF OWN SHARES
10 FEBRUARY 2015 PURCHASE OF OWN SHARES
9 FEBRUARY 2015 PURCHASE OF OWN SHARES
6 FEBRUARY 2015 PURCHASE OF OWN SHARES
30 JANUARY 2015 PURCHASE OF OWN SHARES
30 JANUARY 2015 RELEASE DATE OF SARANTIS GROUP FINANCIAL RESULTS FOR FY 2014 & CONFERENCE CALL INVITATION
29 JANUARY 2015 PURCHASE OF OWN SHARES
8 JANUARY 2015 PURCHASE OF OWN SHARES
2 JANUARY 2015 PURCHASE OF OWN SHARES
The disclosures of transactions that are made in the context of a. 13 of Law 3340 and a. 6 of resolution 3/347/2005 of the Board of the Hellenic Capital Market Commission as well as the disclosure of significant participations based on Law 3556/2007 can be found at the company's IR site http://ir.sarantis.gr in the section Corporate Governance/Insiders/Insiders' Transactions
The Annual Financial Statements of the Company and Group, the Audit Report and the Board of Directors Management Report for 2015, have been posted on the Company's website http://ir.sarantis.gr
| 2015 ANNUAL FINANCIAL REPORT (1/1/2015 – 31/12/2015) | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Marousi, 8 March 2016 | |||||||||||
| THE CHAIRMAN OF THE BOARD |
THE VICE-CHAIRMAN | THE FINANCIAL DIRECTOR & BOARD MEMBER |
THE HEAD ACCOUNTANT | ||||||||
| GRIGORIS SARANTIS | KYRIAKOS SARANTIS | KONSTANTINOS ROZAKEAS | VASILIOS D. MEINTANIS | ||||||||
| ID No. Χ 080619/03 | ID No. ΑΙ 597050/2010 | ID No. ΑΚ 783631/13 | ID No. ΑΒ 656347/06 |
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