Interim / Quarterly Report • Sep 24, 2015
Interim / Quarterly Report
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FOR THE PERIOD 1 JANUARY – 30 JUNE 2008
(IN ACCORDANCE WITH L.3556/2007)
| 1. STATEMENTS OF THE BOARD OF DIRECTORS' MEMBERS 3 | |
|---|---|
| 2. HALF-YEAR REPORT OF THE BOARD OF DIRECTORS 4 | |
| 3. REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION 14 | |
| 4. INTERIM FINANCIAL STATEMENTS 16 | |
| 5. FINANCIAL FIGURES AND INFORMATION 55 |
It is certified that the attached Interim Financial Statements for the period 01/01 – 30/06/2008 are those approved by the Board of Directors of GR. SARANTIS SA on 29/08/2008 and are published in the website www.sarantis.gr.
It is hereby declared that as far as we know the financial statements for the first half of 2008 which were drawn up in accordance with applicable accounting standards, reflect in a true manner the assets and liabilities, equity and results of the Group and the Company and of the businesses included in consolidation, taken as a whole, in accordance with the provisions of Article 5, paragraphs 3 to 5 of Law 3556/2007.
Furthermore, we declare that the half-yearly report of the Board of Directors contains the true information required by Article 5, paragraph 6 of Law 3556/2007.
Marousi, August 29 2008
The Members of the BoD
| THE BoD CHAIRMAN | THE VICE-CHAIRMAN | THE FINANCE DIRECTOR & BoD MEMBER |
||
|---|---|---|---|---|
| GRIGORIS SARANTIS | KYRIAKOS SARANTIS | KONSTANTINOS ROZAKEAS | ||
| ID No. Χ 080619/03 | ID No. Ρ 539590/95 | ID No. Ρ 534498/94 |
The present Half Year Report of the Board of Directors which follows, refers to the first half year of the current period 2008 (01.01.2008-30.06.2008). This report is in line with the relevant stipulations of the law 3556/2007 (Government Gazette 91A/30.04.2007) and the executive decisions of the Hellenic Capital Market Commission and the issued decisions and especially the Decision no 7/448/11.10.2007 of the Board of Directors of Hellenic Capital Market Commission.
This report is included in the half year financial report that refers to the first half year of 2008 along with the financial statements of the company and the other elements that are obliged by the law.
This report briefly describes financial information on the company for the first half of 2008, important events that have taken place during this period as well as their impact on the financial figures. Moreover, this report comments on the major risks and uncertainties that the Group may face in the second half of the year. Finally, material transactions between the company and related parties are given.
The financial results of the Group in the first half of 2008 were in line with the Management's estimations and strategy, according to which particular emphasis was given to the strategic markets of fragrances & cosmetics and household products, aiming at the same time at the gradual boost of own products in the aforementioned categories. In addition, within the framework of the Group's strategy, foreign markets continued to present a satisfactory growth presenting higher growth rates compared to the Greek market, increasing their contribution in consolidated sales.
In H1 2008, consolidated turnover amounted to €125.74 mil., compared to €118.15 mil. in H1 2007, noting an increase of 6.42%. It should be noted that during H1 2008 we observe a satisfactory growth in the two basic sectors of activity, the fragrances & cosmetics and the household products, along with an overall strong activity growth in the Eastern European markets. Gross Profit increased by 9.20% to €65.23 mil. in H1 2008 from €59.74 mil. in H1 2007. Gross profit margin increased to 51.88% from 50.56% in H1 2007 underlying the strategic decision to rebalance the Group's product portfolio by increasing the participation of own products portfolio. Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) reached €20.56 mil. in H1 2008 an increase of 11.09% from €18.51 mil. in H1 2007 and EBITDA margin increased to 16.35% from 15.66% in H1 2007. Earnings before Interest and Tax (EBΙΤ) in H1 2008 amounted to €18.64 mil., an increase of 11.24% compared to H1 2007 (€16.75 mil). Earnings Before Tax for H1 2008 reached €19.62 mil. compared to €16.45 mil. in H1 2007, resulting to an increase of 19.26%. Earnings After Tax for H1 2008 amounted to €15.32 mil. compared to €11.97 mil. in H1 2007, resulting to an increase of 27.97%, mainly driven by a lower effective tax rate. The Earnings after Tax and Minorities (ΕΑΤΑΜ) reached €15.32 mil. in H1 2008, compared to €12.61 mil. in H1 2007, an increase of 21.52%.
In the categories of Fragrances & Cosmetics and Household Products, "own products" recorded substantial growth rates, a fact that is in line with the management's strategy. Household products demonstrated a 11.79% growth during the period under consideration, with revenues reaching €52.48 mil. The own brands turnover within this SBU increased by 12.07%, whereas distributed brands posted a 6.99% increase. Fragrances and cosmetics (F&C) recorded a satisfactory growth rate of 8.49% during H1 2008, amounting to €55.65 mil. In this SBU, own brands demonstrate a growth rate of 13.93%, increasing their contribution to 70.62% from 67.24% during H1 2007. It is noted that own brands sales of this SBU are affected by the weak Q1 2008 figures due to STR8 re launch. Health & care products as well as Selective products demonstrated a decrease of 21.32% and 3.12% respectively as some non profitable contacts were not renewed.
With respect to Earnings Before Interest and Tax, Fragrances & Cosmetics, posted an EBIT growth rate of 0.77%, compared to H1 2007, contributing by 43.57% versus 41.61% in H1 2007. Own brands EBIT squeeze is driven by higher expenses due to the promotional activities of the new STR8. Household products, posted an EBIT increase by 17.95%. Their contribution to total EBIT reached 25.88% in H1 2008 from 21.11% in H1 2007. Own products posted EBIT increase by 20.22% reaching €4.76 mil. compared to €3.96mil. in H1 2007. Own brand portfolio generated income of €11.31 mil. in H1 2008 versus €10.57 mil. in H1 2007, increased by 7.04%. Consequently, the contribution of own brands (fragrances & cosmetics and household products) to the total EBIT during H1 2008 accounted for 60.70% in comparison to 54.58% in H1 2007.
Looking at the geographical analysis, the Greek market succeeded a turnover increase of 2.21% at €58.83 mil. The Old Countries recorded growth of 13.80%, increasing their contribution to total sales up to 52.80% in H1 2008 from 49.38% in H1 2007. With respect to the new Countries of operation, it is worth to note that revenues are affected by the destocking process of the old STR8 during Q1 2008.
As far as EBIT is concerned, all restructuring costs related to the New Countries business model change, were absorbed by 9M 2007. Consequently, according to the management's guidance, all new countries of operation are free of costs in 6M 2008. It is worth to note that the old counties of operation reversed the negative results of Q1 2008, noting an EBIT increase of 12.36% to €5.59 mil. in H1 2008 from €4.98 mil in H1 2007. Additionally, Greek EBIT is substantially affected by the increased promotional expenses due to the STR8 relaunch as well as the exit from non profitable contracts within the Health & Care SBU that were not renewed.
Α) Relaunch of SARANTIS GROUP male fragrance STR8.
SARANTIS Group, proceeded with the relaunch of its male fragrance, STR8, in accordance with its growth strategy, reinforcing the potential of the Fragrances & Cosmetics sector.
The new STR8 fragrance was launched in April 2008 and is distributed, apart from Greece, in all the markets where the Group operates via subsidiaries and direct exports.
It is worth to mention that, in anticipation of this relaunch and aiming at exhausting in an efficient way the existing inventory, production and sales of the previous STR8 have been cut back during the 1st quarter of 2008, while the 2nd quarter of 2008 is expected to be strong in terms of production volume and orders of the new STR8.
It is reminded that STR8 is an own brand of Sarantis Group that was first launched in 1998, while a remarkably successful relaunch took place in 2004 boosting STR8 sales up in 2005 by 57%.
It is also worth to note that STR8 is the number one in sales own product of Sarantis Group reaching sales of c.33 million Euros in 2007 and posting two digit growth rates on a yearly basis, while it holds leading market shares in the markets it operates.
This move is of particular strategic importance for the Group, as it strengthens the Group's leading position in the Fragrances & Cosmetics sector and further reinforces the dynamic course of the Group's own brand portfolio.
Β) Freeze on GR SARANTIS SA product prices.
The company GR SARANTIS SA, taking into consideration the general climate against price increases and in the context of active and responsible corporate social responsibility, froze its product prices until the end of the current year in the greek market.
More specifically, the price freeze was applied to male cosmetics (PROSAR, STR8, ADIDAS, A. BANDERAS), female cosmetics (BU, C-THRU), shampoo (BEER ORZENE), suncare Products (CARROTEN, COPPERTONE), insecticides (TEZA, PYROX, BISBARDI), and household products (AFROSO, TUBOFLO, TRYLET, CAMEL, SANITAS Aluminium Trays & Aluminium Foil).
Γ) Acquisition of the Hungarian company TRADE 90.
The GR. SARANTIS S.A. Management proceeded to the acquisition of the Hungarian household products company TRADE 90.
More specifically, Sarantis Group, in the context of its further geographical expansion and the strengthening of its leading position in the consumer sector in Eastern Europe, signed an agreement for the acquisition of the 100% of the capital share of TRADE 90, through its subsidiary SARANTIS CYPRUS LTD. The closing of the aforementioned acquisition is subject to the findings
of the legal and financial due diligence of the company that will be completed by September 15th 2008.
TRADE 90 has been activating since 1991 in the household products sector and, more specifically, in the production and distribution of food packaging products. The company is one of the main suppliers of the Hungarian market having long-lasting agreements with the major key accounts, while it also has a powerful distribution network that covers the whole market. Additionally, it is also important to note that TRADE 90's packaging products are well positioned in the market and maintain the second position in terms of market share.
The company employs about 35 people, the majority of which belong to the Sales and Marketing department, and has export activity in Slovakia, Czech Republic, Romania and Austria.
The acquisition will be made through self financing and the transaction cost amounts to 2.74 mil. Euros.
It is noteworthy that the company has no debt outstanding and in 2008 is expected to record Sales, EBITDA and EBIT of approximately 6.5 mil. Euros, 0.5 mil. Euros and 0.45 mil. Euros, respectively. Through this deal, Sarantis Group acquires a company with homogeneous and supplementary activities to its core business, a fact which enables the achievement of important synergies, given that the packaging products division (aluminum foil, cling film, garbage bags, etc.) is one of the
most dynamic sub-categories of Sarantis Group with annual sales exceeding 65 mil. euros.
At the same time, through this acquisition, the Group's subsidiary in Hungary turns into a profitable company, reaching critical mass and strengthening its position in the Hungarian market due to TRADE 90's dynamic and lasting presence.
The Group's activities expose it to financial and other risks, including the effects of changes in debt and equity market prices and interest rates. The Group's overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the financial performance of the Group as a whole. The Group's financial instruments consist mainly of deposits with banks, trade accounts receivable and payable, loans, associates and dividends payable.
Τhe majority of the Group's transactions and balances is in Euro, while the company's loans are in Euro. Therefore the management estimates that the Group is not exposed to foreign exchange risks. In terms of the dollar based transactions, the company has established a hedging program against fluctuations of the Eurodollar rate.
The management is regularly observing the foreign exchange risks that may arise and evaluates the need for relevant measures accordingly.
Group's interest rate risk management 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 manages its debt and overall financing strategies using a combination of short and long-term debt. It is the 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 policy guidelines. In case of an interest rate increase within the second half of 2008, the company will not have a negative impact on FY 2008 financial results as part of the Group's strategy is the continuous reduction of the company's existing bank loans.
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 where deemed necessary. For the second half of 2008 the management does not consider the existence of any material credit risk exposure that is not already covered by credit guarantee insurance.
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, 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.
This section presents the most important transactions between the company and its related parties as these are defined by IAS 24.
| Receivables from operational activity | 30/6/2008 | 31/12/2007 |
|---|---|---|
| VENTURES A.E | 1,580,143.65 | 832,247.70 |
| ZETA AE | 401,303.82 | 250,371.42 |
| SAR.BELGRADE | 60,821.75 | 36,631.00 |
| SAR.SAREAST | 0.00 | 4,506.85 |
| SAR.SKOPJE L.T.D | 59,350.13 | 50,177.22 |
| SAR.ROMANIA | 110,295.92 | 1,551.40 |
| Κ.THEODORIDIS S.A. | 55,927.21 | 84,804.81 |
| SAR.CZECH | 985,410.12 | 834,409.71 |
| SAR.POLSKA | 1,156,889.60 | 890,947.74 |
| SAR UKRAINE | 590,309.58 | 958,032.67 |
| SAR TURKEY | 0.00 | 141,154.69 |
| SAR HUNGARY | 569,321.36 | 853,856.10 |
| SAR.RUSSIA | 1,380,970.75 | 1,832,525.95 |
| ELMIPLANT ROMANIA | 32.25 | 0.00 |
| Total | 6,950,776.14 | 6,771,217.26 |
| Receivables from loans | ||
| ZETA FIN LTD | 1,970,000.00 | 1,970,000.00 |
| TOTAL RECEIVABLES | 8,920,776.14 | 8,741,217.26 |
| Liabilities from operational activity | ||
| VENTURES ΑΕ | 200.00 | 11,862.00 |
| ZETA AE | 300.00 | 300.00 |
| Κ.THEODORIDIS S.A. | 80.54 | 43.30 |
| SAR.POLSKA | 9,027.80 | 44,928.67 |
| SAR BELGRADE | 138,353.25 | 698,920.00 |
| SAR ROMANIA | 0.00 | 103.00 |
| SAR BULGARIA | 173,849.08 | 0.00 |
| SAR RUSSIA | 0.00 | 67,705.89 |
| SAR TURKEY | 84,528.82 | 0.00 |
| Total | 406,339.49 | 823,862.86 |
| Liabilities from loans | ||
|---|---|---|
| ZETA FIN | 11,708,104.56 | 13,071,622.86 |
| GR SAR.CYPRUS LTD | 2,728,080.56 | 5,558,306.39 |
| Total | 14,436,185.12 | 18,629,929.25 |
| TOTAL LIABILITIES | 14,842,524.61 | 19,453,792.11 |
| Income | ||
| Sale of goods/merchandise | ||
| VENTURES ΑΕ | 1,131,012.56 | 1,272,538.00 |
| SAR.ROMANIA | 2,637,422.45 | 1,591,541.99 |
| SARANTIS BULGARIA | 1,795,126.91 | 929,210.89 |
| SAR. BELGRADE | 1,494,611.24 | 991,302.96 |
| SARANTIS SKOPJE | 497,122.99 | 459,050.12 |
| SARANTIS ANADOL S.A | 23,873.94 | 523,549.11 |
| SARANTIS UKRAINE | -36,083.17 | 153,241.48 |
| SARANTIS POLAND | 2,424,921.17 | 1,972,312.89 |
| SAR CZECH | 819,380.20 | 614,153.58 |
| Κ.THEODORIDIS S.A. | 36,746.75 | 107,210.51 |
| SAR RUSSIA | 619,398.82 | |
| SARANTIS HUNGARY | 693,369.67 | 488,204.63 |
| Total | 11,517,504.71 | 9,721,714.98 |
| Income | ||
| Other | ||
| VENTURES ΑΕ | 758.34 | 716.04 |
| SARANTIS UKRAINE | 2,754.10 | 13884.94 |
| SARANTIS POLAND | 11,200.00 | 8600 |
| ZETA AE | 900.00 | 900 |
| SAR SAREST | 40410.96 | |
| Κ.THEODORIDIS S.A. | 15,520.00 | 778 |
| Total | 31,132.44 | 65,289.94 |
| TOTAL INCOME | 11,548,637.15 | 9,787,004.92 |
Purchases of Goods and merchandise
| SARANTIS .HUNGARY | 9,526.33 | |
|---|---|---|
| SARANTIS CZECH | 5,100.24 | |
| SARANTIS POLAND | 12,717.55 | 70,951.90 |
| SARANTIS ANADOL S.A | 226,387.01 | |
| SARANTIS UKRAINE | 50,772.48 | |
| Total | 304,503.61 | 70,951.90 |
| Expenses - Interest | ||
| ΖΕΤΑ FIN LTD | 5,768.70 | 61,794.00 |
| GR.SARANTIS CYPRUS LIM. | 63,377.79 | 8,077.81 |
| Total | 69,146.49 | 69,871.81 |
| TOTAL EXPENSES | 373,650.10 | 140,823.71 |
| 2. Board members and key management | ||
| personnel remuneration and other benefits | 30/6/2008 | 31/12/2007 |
| The Group | 433,796.64 | 417,217 |
| The Company | 433,796.64 | 417,217 |
Marousi, August 29 2008
The Board of Directors
| THE BoD CHAIRMAN | THE VICE-CHAIRMAN | THE FINANCE DIRECTOR & BoD MEMBER |
THE ACCOUNTANT DIRECTOR |
|---|---|---|---|
| GRIGORIS SARANTIS | KYRIAKOS SARANTIS | KONSTANTINOS ROZAKEAS | VASILIOS D. MEINTANIS |
| ID No. Χ 080619/03 | ID No. Ρ 539590/95 | ID No. Ρ 534498/94 | ID No. ΑΒ 656347/06 |
We have reviewed the accompanying company and consolidated balance sheet of SARANTIS A.B.E.E. as at 30 June 2008, and the related income statements, statements of changes in equity, and cash flow statements for the six-month period then ended, as well as the explanatory notes that constitute the interim financial information, which is an integral part of the six-month financial report of article 5 Law 3556/2007. Management is responsible for the preparation and presentation of this interim financial information in accordance with International Financial Reporting Standards as adopted by the European Union and apply to interim financial reporting ("IAS 34"). Our responsibility is to express a conclusion on this interim financial information based on our review.
We conducted our review in accordance with the International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", to which the Greek Auditing Standards refer. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Greek Auditing Standards and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with IAS 34.
Apart from the aforementioned interim financial information, we also reviewed the remaining components included in the six-month financial report as required by article 5 of L.3556/2007 as well as the information required by the relevant Decisions of the Capital Markets Committee as setout in the Law. Based on our review we concluded that the financial report includes the data and the information that are required by the Law and the Decisions referred to above and is consistent with the accompanying financial information.
Athens, 29 th August 2008 The Certified Public Accountant
John V. Kalogeropoulos SOEL. Reg. No: 10741
Certified Public Accountants- Consultants A.E. 396, Mesogion Avenue 153 41 Ag.Paraskevi- Athens, Greece SOEL Reg.No: 148
It is certified that the attached Interim Financial Statements for the period 01/01 – 30/06/2008 are those approved by the Board of Directors of GR. SARANTIS SA on 29/08/2008 and are published in the website www.sarantis.gr. It is noted that the published in press financial statements aim to provide general financial information but do not provide the complete financial position and results of the Group in accordance with the International Financial Reporting Standards.
| BALANCE SHEET 16 | |||
|---|---|---|---|
| PROFIT AND LOSS ACCOUNT 17 | |||
| STATEMENT OF CHANGES IN GROUP EQUITY 18 | |||
| STATEMENT OF CHANGES IN COMPANY EQUITY 19 | |||
| CASH FLOW STATEMENT20 | |||
| 1 | NOTES ON THE ANNUAL FINANCIAL STATEMENTS 21 | ||
| 1.1 THE COMPANY 21 | |||
| 1.2 GROUP STRUCTURE22 | |||
| 1.3 | BUSINESS ACTIVITY 23 | ||
| 2. | BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS23 | ||
| 2.1 | COMPLIANCE WITH IFRS 23 | ||
| 2.2 | BASE FOR THE PREPARATION OF THE FINANCIAL STATEMENTS 23 | ||
| 2.3 | APPROVAL OF THE FINANCIAL STATEMENTS23 | ||
| 2.4 | COVERED PERIOD23 | ||
| 2.5 | PRESENTATION OF THE FINANCIAL STATEMENTS 23 | ||
| 2.6 | SIGNIFICANT JUDGMENTS AND ESTIMATIONS BY MANAGEMENT 23 | ||
| 2.7 | NEW STANDARDS – AMENDMENTS AND INTERPRETATIONS TO EXISTING STANDARDS24 | ||
| 3 | BASIC ACCOUNTING PRINCIPLES25 | ||
| 3.1 | CONSOLIDATION25 | ||
| 3.2 | FOREIGN CURRENCY CONVERSION27 | ||
| 3.3 | FINANCIAL INFORMATION BY SEGMENT27 | ||
| 3.4 | GOODWILL 28 | ||
| 3.5 | INTANGIBLE ASSETS 28 | ||
| 3.6 | TANGIBLE ASSETS28 | ||
| 3.7 | INVENTORIES29 | ||
| 3.8 | FINANCIAL INSTRUMENTS30 | ||
| 3.9 | TRADE RECEIVABLES30 | ||
| 3.10 | CASH & CASH EQUIVALENTS 30 |
| 3.11 | SHARE CAPITAL31 | ||
|---|---|---|---|
| 3.12 | LOANS31 | ||
| 3.13 | LEASES31 | ||
| 3.14 | RETIREMENT BENEFITS AND SHORT-TERM EMPLOYMENT BENEFITS32 | ||
| 3.15 | RECOGNITION OF INCOME32 | ||
| 3.16 | GOVERNMENT GRANTS33 | ||
| 3.17 | PROVISIONS33 | ||
| 3.18 | DIVIDEND DISTRIBUTION33 | ||
| 3.19 | INCOME TAX 33 | ||
| 4 | CAPITAL MANAGEMENT 34 | ||
| 5 | EXPLANATORY NOTES ON THE ANNUAL FINANCIAL STATEMENTS 35 | ||
| 5.1 | GOODWILL 35 | ||
| 5.2 | INVENTORIES37 | ||
| 5.3 | TRADE AND OTHER RECEIVABLES37 | ||
| 5.4 | CASH & CASH EQUIVALENTS 38 | ||
| 5.5 | SECURITIES 38 | ||
| 5.6 | TRADE AND OTHER CREDITORS 39 | ||
| 5.7 | PROVISIONS39 | ||
| 5.8 | LOANS40 | ||
| 5.9 | INCOME TAX 41 | ||
| 5.10 | DEFERRED TAX 41 | ||
| 5.11 | EMPLOYEE BENEFITS42 | ||
| 5.12 | EXPENSES PER CATEGORY43 | ||
| 5.13 | SHARE CAPITAL43 | ||
| 5.14 | TABLE OF CHANGES IN FIXED ASSETS44 | ||
| 5.15 | ACTUARIAL STUDY48 | ||
| 5.16 | INTRAGROUP TRANSACTIONS49 | ||
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| 30/6/2008 | 31/12/2007 | 30/6/2008 | 31/12/2007 | ||
| ASSETS | |||||
| Non-current assets | 76,786,578.67 | 72,636,176.15 | 95,523,747.77 | 95,764,038.99 | |
| Tangible fixed assets | 42,735,622.23 | 42,687,361.79 | 36,893,772.99 | 37,206,293.75 | |
| Intangible assets | 245,984.40 | 248,091.60 | 87,067.83 | 79,940.33 | |
| Company goodwill | 6,797,756.03 | 4,705,775.00 | |||
| Deferred tax asset | 1,857,983.80 | 2,840,631.32 | 1,825,934.22 | 2,808,588.74 | |
| Investments in subsidiaries, associates |
23,647,292.20 | 20,224,191.40 | 55,273,227.35 | 53,521,270.79 | |
| Other long-term assets | 1,501,940.01 | 1,930,125.04 | 1,443,745.38 | 2,147,945.38 | |
| Current assets | 169,421,918.94 | 172,371,959.57 | 92,779,620.28 | 105,120,238.45 | |
| Inventories | 43,398,463.96 | 39,316,599.01 | 19,790,389.26 | 20,997,323.74 | |
| Trade receivables | 89,023,653.63 | 73,688,460.01 | 55,706,656.77 | 42,216,518.00 | |
| Other receivables | 8,350,781.44 | 7,099,299.35 | 4,707,415.47 | 4,257,393.12 | |
| Cash & cash equivalents | 18,274,843.99 | 43,165,272.60 | 4,308,568.92 | 29,256,819.24 | |
| Securities | 9,753,894.45 | 8,340,248.22 | 8,071,379.25 | 8,120,863.58 | |
| Prepayments and accrued income |
620,281.47 | 762,080.38 | 195,210.61 | 271,320.77 | |
| Total Assets | 246,208,497.61 | 245,008,135.72 | 188,303,368.05 | 200,884,277.44 | |
| EQUITY of the Parent: | |||||
| Share capital | 59,060,447.60 | 59,060,447.60 | 59,060,447.60 | 59,060,447.60 | |
| Share premium account | 39,252,195.98 | 39,252,195.98 | 39,252,195.98 | 39,252,195.98 | |
| Reserves | - 3,005,863.30 |
- 3,037,785.22 |
- 2,855,609.55 |
- 3,037,785.22 |
|
| Profit (losses) carried forward | 15,843,416.18 | 6,293,422.99 | - 31,182,284.82 | - 31,463,422.08 | |
| Minority interest: | 6,821.08 | - 140,435.61 |
- | - | |
| Total Equity | 111,157,017.54 | 101,427,845.74 | 64,274,749.21 | 63,811,436.28 | |
| LIABILITIES | |||||
| Long-term liabilities | 63,992,913.13 | 87,911,677.95 | 61,763,315.88 | 85,683,142.28 | |
| Loans | 58,750,000.00 | 78,811,510.00 | 57,500,000.00 | 77,500,000.00 | |
| Deferred tax liability | - | 143,727.54 | - | 143,727.54 | |
| Provisions for post employment employee benefits |
1,759,583.05 | 1,759,583.05 | 1,690,392.63 | 1,690,392.63 | |
| Provisions and other long-term liabilities |
3,483,330.08 | 7,196,857.36 | 2,572,923.25 | 6,349,022.11 | |
| Short-term liabilities | 71,058,566.94 | 55,668,612.03 | 62,265,302.96 | 51,389,698.88 | |
| Suppliers and other liabilities | 44,546,745.05 | 39,358,863.00 | 30,709,408.65 | 25,044,173.85 | |
| Other liabilities | 4,046,411.26 | 3,961,254.56 | 17,229,691.09 | 21,187,980.73 | |
| Income taxes and other taxes payable |
5,255,146.78 | 6,776,708.34 | 3,491,904.37 | 4,067,524.96 | |
| Loans | 10,011,945.60 | 2,401,450.00 | 8,000,000.00 | - | |
| Accruals and deferred expenses | 7,198,318.25 | 3,170,336.13 | 2,834,298.85 | 1,090,019.34 | |
| Total Equity & Liabilities | 246,208,497.61 | 245,008,135.72 | 188,303,368.05 | 200,884,277.44 |
| GROUP | COMPANY | |||||||
|---|---|---|---|---|---|---|---|---|
| 1/1-30/06/2008 | 1/1-30/06/2007 | 1/04- 30/06/2008 |
1/04- 30/06/2007 |
1/1- 30/06/2008 |
1/1- 30/06/2007 |
1/04- 30/06/2008 |
1/04- 30/06/2007 |
|
| Sales | 125,736,376.17 | 118,145,805.12 | 69,575,066.92 63,763,709.91 66,744,253.84 63,184,743.47 36,103,355.25 32,922,895.57 | |||||
| Cost of sales | 60,503,150.94 | 58,406,285.34 | 33,382,256.16 31,644,432.81 33,399,491.15 31,649,171.24 18,093,022.63 15,845,209.40 | |||||
| Gross profit | 65,233,225.23 | 59,739,519.78 | 36,192,810.76 32,119,277.10 33,344,762.69 31,535,572.23 18,010,332.62 17,077,686.17 | |||||
| Other income - expenses (net) |
5,530,991.13 | 7,915,565.69 | 4,547,192.15 | 5,198,292.17 | 906,495.78 | 2,414,627.14 | 457,780.10 | 1,475,635.67 |
| Sales & Distribution costs |
45,314,492.03 | 42,687,090.90 | 26,503,482.19 24,153,979.58 22,247,375.75 21,407,281.59 13,056,009.32 12,219,439.12 | |||||
| Administrative expenses |
6,812,546.96 | 8,213,942.00 | 2,839,789.53 | 3,978,812.77 | 3,629,104.55 | 3,853,120.54 | 1,474,506.98 | 1,559,041.96 |
| Operating profit |
18,637,177.37 | 16,754,052.57 | 11,396,731.19 | 9,184,776.92 | 8,374,778.17 | 8,689,797.24 | 3,937,596.42 | 4,774,840.76 |
| Finance cost (net) |
978,014.16 | - 307,010.77 |
1,186,858.44 | - 53,683.21 |
320,360.74 | 822,004.09 | 334,774.17 | 1,018,647.81 |
| Net profit before taxes |
19,615,191.53 | 16,447,041.80 | 12,583,589.63 | 9,131,093.70 | 8,695,138.91 | 9,511,801.33 | 4,272,370.59 | 5,793,488.57 |
| Income tax | 3,453,674.37 | 4,400,485.91 | 1,887,141.25 | 2,337,679.66 | 1,055,414.87 | 1,884,984.98 | 126,633.52 | 1,149,967.28 |
| Deferred tax | 838,926.98 | 72,787.55 | 903,763.03 | 36,328.02 | 838,926.98 | 72,777.02 | 903,763.03 | 36,317.49 |
| Net profit for the fiscal period |
15,322,590.18 | 11,973,768.34 | 9,792,685.35 | 6,757,086.03 | 6,800,797.06 | 7,554,039.33 | 3,241,974.04 | 4,607,203.80 |
| Allocated to: | ||||||||
| Shareholders of the parent |
15,321,156.65 | 12,608,236.46 | 9,792,481.24 | 7,129,406.13 | 6,800,797.06 | 7,554,039.33 | 3,241,974.04 | 4,607,203.80 |
| Minority interest |
1,433.53 | - 634,468.12 |
204.11 | - 372,320.11 |
- | - | - | - |
| Earnings per share |
0.40 | 0.33 | 0.26 | 0.19 | 0.18 | 0.20 | 0.08 | 0.12 |
| Share Capital | Share premium account |
Reserve from Readjustments and other reserves |
Balance of profit losses |
Minority interest |
Total | |
|---|---|---|---|---|---|---|
| Balance as at January 1st 2007 | 57,220,410.00 | 38,750,355.98 | -1,931,132.77 | -16,620,686.12 | 2,985,012.68 | 80,403,959.77 |
| Foreign exchange differences | 1,752,433.75 | 71,402.79 | 1,823,836.54 | |||
| Dividends | -4,959,102.20 | -4,959,102.20 | ||||
| Net profit for the period | 12,608,236.46 | -634,468.12 | 11,973,768.34 | |||
| Financial assets available for sale |
-1,286,422.08 | -1,286,422.08 | ||||
| Capitalization of reserves | 0.00 | |||||
| Purchase of own shares | -3,772,826.26 | 0.00 | -3,772,826.26 | |||
| Results of own shares | 248,247.00 | 248,247.00 | ||||
| Net income registered directly in equity |
-418,721.23 | -418,721.23 | ||||
| Stock option | -83,897.12 | -83,897.12 | ||||
| Effect from change of consolidation method |
1,650.61 | - 2,098,177.10 |
-2,096,526.49 | |||
| of subsidiary | ||||||
| Transfer from reserves | 1,144,408.20 | 0.00 | -1,144,408.20 | 0.00 | 0.00 | |
| Balance as at June 30th 2007 | 58,364,818.20 | 38,750,355.98 | -3,301,451.97 | -12,305,176.19 | 323,770.25 | 81,832,316.27 |
| Balance as at January 1st 2008 | 59.060.447,60 | 39.252.195,98 | -3.037.785,22 | 6.293.422,99 | -140.435,61 | 101.427.845,74 |
| Foreign exchange differences | 748.496,34 | 0,00 | 748.496,34 | |||
| Dividends | -6.519.659,80 | -6.519.659,80 | ||||
| Net profit for the period | 15.321.156,65 | 1.433,53 | 15.322.590,18 | |||
| Financial assets available for | ||||||
| sale | -199.738,08 | -199.738,08 | ||||
| Stock option Effect from change in |
231.660,00 | 231.660,00 | ||||
| consolidation method of | ||||||
| subsidiary | 0,00 | 145.823,16 | 145.823,16 | |||
| Balance as at June 30th 2008 | 59.060.447,60 | 39.252.195,98 | -3.005.863,30 | 15.843.416,18 | 6.821,08 | 111.157.017,54 |
| Share Capital | Share premium account |
Reserve from Readjustments and other reserves |
Balance of profit losses |
Total | |
|---|---|---|---|---|---|
| Balance as at January 1st 2007 | 57,220,410.00 | 38,750,355.98 | -1,931,132.77 | -40,970,254.17 | 53,069,379.04 |
| Dividends | -4,959,102.20 | -4,959,102.20 | |||
| Net profit for the period | 7,554,039.33 | 7,554,039.33 | |||
| Financial assets available for sale | -1,286,422.08 | -1,286,422.08 | |||
| Capitalization of reserves | 0.00 | ||||
| Purchase of own shares | -3,772,826.26 | -3,772,826.26 | |||
| Results of own shares | 248,247.00 | 248,247.00 | |||
| Net income registered directly in equity |
-418,721.23 | -418,721.23 | |||
| Stock option | -83,897.12 | -83,897.12 | |||
| Transfer from reserves | 1,144,408.20 | 0.00 | -1,144,408.20 | 0.00 | |
| Balance as at June 30th 2007 | 58,364,818.20 | 38,750,355.98 | -3,301,451.97 | -43,463,025.73 | 50,350,696.48 |
| Balance as at January 1st 2008 | 59.060.447,60 | 39.252.195,98 | -3.037.785,22 | -31.463.422,08 | 63.811.436,28 |
| Dividends | -6.519.659,80 | -6.519.659,80 | |||
| Net profit for the period | 6.800.797,06 | 6.800.797,06 | |||
| Financial assets available for sale | -49.484,33 | -49.484,33 | |||
| Stock options | 231.660,00 | 231.660,00 | |||
| Balance as at June 30th 2008 | 59.060.447,60 | 39.252.195,98 | -2.855.609,55 | -31.182.284,82 | 64.274.749,21 |
| (Amounts in Euro) | GROUP | COMPANY | |||
|---|---|---|---|---|---|
| 01.01-30.06-2008 | 01.01-30.06-2007 | 01.01-30.06-2008 | 01.01-30.06-2007 | ||
| CASH FLOWS FROM OPERATING ACTIVITIES |
|||||
| Profits before tax | 19,615,191.53 | 16,447,041.80 | 8,695,138.91 | 9,511,801.33 | |
| Adjustments for: | |||||
| Depreciation of fixed assets | 1,920,788.62 | 1,752,075.55 | 1,154,116.08 | 1,093,201.58 | |
| Foreign Exchange differences | -259,785.00 | 55,237.00 | -334,402.86 | -124,004.65 | |
| Results(income. expenses. | |||||
| profits and losses) from | |||||
| investing activities | -7,387,138.46 | -8,071,326.01 | -2,044,282.04 | -3,428,245.11 | |
| Interest expense and related | |||||
| expenses Plus/minus adjustments for |
1,981,925.00 | 2,557,487.00 | 2,047,051.74 | 2,459,826.67 | |
| changes in working capital | |||||
| accounts or accounts related | |||||
| to operating activities: | |||||
| Decrease / (increase) in | |||||
| inventories | -4,081,864.95 | -4,775,074.20 | 1,206,934.48 | -2,516,070.48 | |
| Decrease / (increase) in | |||||
| receivables | -16,444,876.80 | -2,747,525.69 | -13,864,050.96 | -11,085,950.18 | |
| (Decrease) / increase in liabilities (other than to banks) |
|||||
| Less: | 3,472,695.69 | 6,689,274.55 | -2,010,803.78 | 13,048,514.90 | |
| Interest and related expenses | |||||
| paid | -1,206,176.07 | -1,728,593.71 | -1,271,302.81 | -1,630,932.78 | |
| Tax paid | -2,015,617.00 | -2,146,886.00 | -851,103.62 | -1,418,707.00 | |
| NET INFLOWS / | |||||
| (OUTFLOWS) FROM | |||||
| OPERATING ACTIVITIES (a) | -4,404,857.44 | 8,031,710.29 | -7,272,704.86 | 5,909,434.28 | |
| CASH FLOWS FROM | |||||
| INVESTING ACTIVITIES | |||||
| Acquisitions/sales of | |||||
| subsidiaries, associates, joint ventures and other |
|||||
| investments | -2,859,976.19 | 4,613,503.16 | -1,047,756.56 | 1,387,864.10 | |
| Purchase of tangible and | |||||
| intangible fixed assets | -3,668,436.30 | -1,113,119.65 | -2,385,425.33 | -629,562.03 | |
| Proceeds from sale of tangible | |||||
| and intangible assets | 4,087,107.07 | 1,073,452.71 | 3,747,852.04 | 1,009,876.94 | |
| Interest received | 343,516.00 | 210,381.60 | 32,289.74 | 3,517.60 | |
| Dividends received | 519,228.00 | 1,511,532.91 | 495,000.00 | 1,551,293.26 | |
| NET INFLOWS / | |||||
| (OUTFLOWS) FROM | |||||
| INVESTMENT ACTIVITIES (b) |
-1,578,561.42 | 6,295,750.73 | 841,959.89 | 3,322,989.87 | |
| CASH FLOWS FROM | |||||
| FINANCING ACTIVITIES | |||||
| Proceeds from issuance of | |||||
| share capital | 0.00 | 0.00 | 0.00 | 0.00 | |
| Proceeds from loans granted / | |||||
| assumed | 8,550,000.00 | 1,760,779.00 | 8,000,000.00 | 0.00 | |
| Payment of loans | -20,939,504.40 | 0.00 | -20,000,000.00 | 0.00 | |
| Expenses of share capital | |||||
| increase | 0.00 | 0.00 | 0.00 | 0.00 | |
| Dividends paid | -6,517,505.35 | -4,877,254.72 | -6,517,505.35 | -4,877,254.72 | |
| Purchase/sale of own shares | 0.00 | -3,772,826.26 | 0.00 | -3,772,826.26 | |
| TOTAL INFLOWS / (OUTFLOWS) FROM |
|||||
| FINANCING ACTIVITIES (c) | -18,907,009.75 | -6,889,301.98 | -18,517,505.35 | -8,650,080.98 | |
| Increase / (decrease) in | |||||
| cash and cash equivalents | |||||
| (a) + (b) + (c) | -24,890,428.61 | 7,438,159.04 | -24,948,250.32 | 582,343.17 | |
| Cash and cash equivalents | |||||
| at the start of the period | 43,165,272.60 | 14,264,427.66 | 29,256,819.24 | 4,481,468.38 | |
| CASH AND CASH EQUIVALENTS AT THE END |
|||||
| OF THE PERIOD | 18,274,843.99 | 21,702,586.70 | 4,308,568.92 | 5,063,811.55 | |
Gr. Sarantis SA (the company) has the legal form of a societe 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, in the Large Capitalization.
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 | ||||||||
| VENTURES AE | GREECE | 88,66% | 0,00% | 88,66% | 2005-2007 | |||
| GR SARANTIS CYPRUS LIMITED | CYPRUS | 100,00% | 0,00% | 100,00% | - | |||
| BRIARDALE SERVICES S.A | ISLE OF MAN | 0,00% | 100,00% | 100,00% | - | |||
| SARANTIS BULGARIA L.T.D | BULGARIA | 0,00% | 100,00% | 100,00% | 1999-2007 | |||
| SARANTIS ROMANIA S.A | ROMANIA | 0,00% | 100,00% | 100,00% | 2006-2007 | |||
| ELMIPLANT | ROMANIA | 0,00% | 100,00% | 100,00% | 2007 | |||
| SARANTIS DISTRIBUTION S.C | ROMANIA | 0,00% | 100,00% | 100,00% | 2006-2007 | |||
| SARANTIS L.T.D BELGRADE | SERBIA | 0,00% | 100,00% | 100,00% | - | |||
| SARANTIS SKOPJE L.T.D | FYROM | 0,00% | 100,00% | 100,00% | - | |||
| SARANTIS POLSKA S.A | POLAND | 0,00% | 100,00% | 100,00% | 2006-2007 | |||
| SARANTIS CZECH REPUBLIC sro | CZECH REPUBLIC |
0,00% | 100,00% | 100,00% | 2005-2007 | |||
| VENUS S.A | LUXEMBOURG | 0,00% | 100,00% | 100,00% | - | |||
| ΖΕΤΑ ΑΕ | GREECE | 0,00% | 100,00% | 100,00% | 2005-2007 | |||
| ΖΕΤΑ FIN LTD | CYPRUS | 0,00% | 100,00% | 100,00% | 2002-2007 | |||
| WALDECK LIMITED | CYPRUS | 0,00% | 100,00% | 100,00% | 2006-2007 | |||
| SAREAST | CYPRUS | 0,00% | 100,00% | 100,00% | 2006-2007 | |||
| SARANTIS RUSIA | RUSSIA | 0,00% | 100,00% | 100,00% | 2006-2007 | |||
| ΖΕΤΑ COSMETICS LTD | CYPRUS | 0,00% | 100,00% | 100,00% | 2002-2007 | |||
| SARANTIS ANADOL SA | TURKEY | 99,98% | 0,00% | 99,98% | 2005-2007 | |||
| SARANTIS HUNGARY KFT | HUNGARY | 0,00% | 100,00% | 100,00% | 2006-2007 | |||
| SARANTIS UKRAINE S.A | HUNGARY | 100,00% | 0,00% | 100,00% | 2006-2007 | |||
| PROPORTIONATE CONSOLIDATION METHOD |
||||||||
| K. THEODORIDIS SA | GREECE | 50,00% | 0,00% | 50,00% | 2006-2007 | |||
| ΟΤΟ ΤOP EOOD | BULGARIA | 0,00% | 25,50% | 25,50% | 1999-2007 | |||
| EQUITY CONSOLIDATION METHOD |
||||||||
| ΕLCA COSMETICS LTD | CYPRUS | 0,00% | 49,00% | 49,00% | 2001-2007 | |||
| ESTEE LAUDER HELLAS SA | GREECE | 0,00% | 49,00% | 49,00% | 2007 | |||
| ΕSTEE LAUDER BULGARIA | BULGARIA | 0,00% | 49,00% | 49,00% | 2001-2007 | |||
| ΙΜ COSMETICS SA | ROMANIA | 0,00% | 49,00% | 49,00% | 2001-2007 |
The group is active in the production and trade of cosmetics, household use products, parapharmaceutical items and car accessories.
The group's main 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 individual financial statements of "GR. SARANTIS S.A." have been prepared according to the going concern principle and the historic cost principle, as such is amended by the adjustment of specific asset and liability items.
The annual consolidated financial statements have been approved by the company's Board of Directors on 29/08/2008 and are subject to the final approval by the Ordinary General Shareholders' Meeting.
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 2008 to June 30th 2008.
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, tax un-audited fiscal years and pending judicial cases. The estimations are considered significant but not binding. Real future results may differ from the aforementioned estimations.
IFRS 8 - Operating Sectors (in effect for annual periods beginning from January 1st 2009 and onwards)
IFRS 8 replaces IAS 14 and requires the disclosure of specific descriptive and financial information as regards to operating sectors, while it also increases requirements for existing disclosures. The Group will not apply the standard in advance and is examining changes that such requires in its financial statements.
In the amendment of IAS 23 "Borrowing cost", the previously considered basic method for recognition of borrowing cost in the results has been eliminated. Borrowing cost that is directly attributed to the acquisition, construction or production of a selective asset, as defined by IAS 23, must be part of the item's cost. The amended version of IAS 23 is mandatory for annual periods beginning from January 1st 2009 and onwards. The group will not be affected by this amendment. The group does not intend to apply the revised Standard before January 1st 2009.
The interpretation is applied for annual financial periods beginning from March 1st 2007 and onwards and clarifies the case when employees of a subsidiary receive shares of the parent company. It also clarifies whether specific types of transactions should be accounted for as transactions settled with participating titles or as transactions settled with cash. The interpretation will not affect the group's financial statements.
IFRIC 12 applies to annual accounting periods beginning from January 1st 2008 and onwards and refers to companies that participate in concession agreements. IFRIC 12 does not apply to the group.
IFRIC issued an interpretation related to the implementation of those defined by IAS 18 for the recognition of income. IFRIC 13 "Customer loyalty programs" specifies that when companies grant their customers award credits (i.e. points) as part of a sale transaction and customers can cash such credits in the future for free or discounted goods or services, then paragraph 13 of IAS 18 should be applied. This requires that award credits be accounted for as a separate item of the sale transaction and a part of the price received or the receivable recognized to be allocated to award credits. The recognition time of this income item is postponed until the company satisfies its liabilities that are linked to the award credits, either providing such awards directly or transferring the liability to a third party. The application of IFRIC 13 is mandatory for periods beginning on or after July 1st 2008. The group does not intend to apply the interpretation in advance.
IFRIC 14 covers the interaction between minimum funding requirements (which are usually imposed by laws and regulations) and the measurement of a defined benefit asset. The issue addressed by IFRIC 14 is related only to limited cases of post employment defined benefit plans "in surplus" or subject to minimum funding requirements. Amongst others, the interpretation specifically addresses the definition of "available" used in IAS 19. Generally, the interpretation explains that an economic benefit is available if the company has an implicit right to recognize the benefit during the settlement of the defined benefit plan. The recognition of the item does not depend on whether the economic benefits are directly recognizable during the balance sheet date or from how any possible surplus is intended to be used. The interpretation also deals with the accounting handling of a liability for minimum funding requirements that arise from services already received by the company. IFRIC 14 is applied for periods beginning from January 1st 2008 and onwards. As an exception, IFRIC 14 does not require full retrospective application. The application is required during the beginning of the first period for which the Interpretation is applied. The interpretation will not affect the group's financial statements. The group does not intend to apply IFRIC 14 in advance.
Subsidiaries are all companies on which the group has the power to control their financial and business policies. The group considers that is has and exercises control when it participations with a percentage over half the voting rights of a company.
When defining whether the group exercises control on voting rights of another economic unit, the existence of potential voting rights that are exercisable or convertible are also taken into account.
Subsidiaries are consolidated with the full consolidation method from the date that control over them is acquired and cease to be consolidated from the date that this control no longer exists.
Furthermore, subsidiaries that are acquired are initially consolidated with the purchase method. This
method includes the readjustment to fair value of all recognized assets and liabilities, including contingent liabilities of the subsidiary during the acquisition date, regardless of whether such have been included in the financial statements of the subsidiary prior to its acquisition. During the initial recognition, the assets and liabilities of the subsidiary are included in the consolidated balance sheet in readjusted amounts, which are also used as the base for their subsequent calculation according to the group's accounting principles.
The accounting policies of subsidiaries are amended when deemed necessary in order to render such consistent with the policies adopted by the group.
Accounts for receivables and liabilities, as well as transactions, income and expenses and unrealized profit or losses between the group's companies, are written off in the consolidated financial statements.
In the parent's financial statements, investments in subsidiaries are valued, according to IAS 27, at acquisition cost minus any accumulated 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 intracompany 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 method.
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 joint-venture, 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 joint-venture by the share of the investing company.
Transactions in foreign currency are converted 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.
A business segment is defined as a group of assets and activities that provide goods and services,
that are subject to different risks and returns than other business segments.
A geographical segment is defined as a geographical region in which goods and services are provided and which is subject to different risks and returns than other regions.
The group has selected information by geographic segment as primary for segment reporting.
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 on an annual basis or more frequently if there are events or changes in circumstances that suggest that goodwill may be impaired.
Intangible assets of the group are initially recognized at acquisition cost. Following the initial recognition, intangible assets are calculated at cost minus accumulated depreciations 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 sued 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 25 to 60 years |
|---|---|
| Mechanical equipment | from 8 to 10 years |
| Vehicles | from 5 to 9 years |
| Other equipment | from 3 to 5 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.
Inventories include raw materials, materials and other goods acquired with the intention of selling such in the future.
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 according to the substance of the contract and the purpose for which they were purchased.
Financial instruments valued at fair value through the profit and loss account
These comprise assets that satisfy any of the following conditions:
Financial assets that are held for trading purposes (including derivatives, except those that are designated and effective hedging instruments, those that are acquired or incurred for the purpose of sale or repurchase and, finally, those that are part of a portfolio of designated financial instruments).
Upon initial recognition it is designated by the company as an instrument valued at fair value, with any changes recognized through the Profit and Loss Account.
Financial assets available for sale
These include non derivative financial assets that are either designated as such or cannot be included in any of the previous categories.
Given that they can be reliably defined, such financial assets are subsequently valued at fair value, while if they can not be reliably defined such are valued at acquisition cost.
The profit or losses that arise from financial assets available for sale are directly transferred to equity and remain in equity until such are written off.
In case of impairment in financial assets, the amount is not transferred to equity but to the results. The same holds for profit or losses that emerge from changes in exchange rates.
Receivables from customers are initially booked at their fair value, which coincides with there nominal value, less impairment losses. Impairment losses (losses from doubtful receivables) are recognized when there is objective evidence that the group is not in a position to collect all amounts due according to the contractual terms. The amount of the impairment loss is the difference between the book value of receivables and the estimated future cash flows. The amount of the impairment loss is registered as an expense in the results of the period where the above conditions hold.
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.
Expenses realized for the issuance of shares are presented after the deduction of the relevant income tax, reducing the product of the issue. Expenses related to the issuance of shares for the acquisition of companies, are included in the acquisition cost of the company acquired.
Loans provide long-term financing for the group's operations. All loans are initially recognized at cost, which is the fair value of the amount received, except for the direct expenses of the loan's issue.
Following the initial recognition, loans are valued at depreciation cost based on the real interest rate method and any differences in recognized in the results during the borrowing period.
The estimation of whether an agreement includes a lease, takes place during the agreement's initiation, taking into account all the available information and specific conditions in effect.
The ownership of a leased asset is transferred to the lessee if essentially all the risks and benefits related with the leased asset are transferred to the lessee, regardless of the contract's legal form. During the lease, the asset is recognized at the lower of the fair value of the asset and the present value of the minimum lease payments, including additional payments, if any, covered by the lessee. A respective amount is recognized as a liability from the financial lease regardless if some of the lease payments are paid in advance during the beginning of the lease.
The subsequent accounting treatment of assets acquired with financial leasing agreements, i.e. the used depreciation method and the definition of their useful life, is the same as that applied for comparable assets acquired without lease contracts. The accounting treatment of the respective liability refers to its gradual reduction, based on the minimum lease payments minus financial charges, which are recognized as an expense in financial expenses. Financial charges are allocated during the lease period and represent a fixed periodic interest rate on the liability's outstanding balance.
All other leases are treated as operating lease. Payments in operating leasing contracts are recognized as an expense in the results with the straight line method (connection of income for the period and expense). The related expenses, such as maintenance and insurance, are recognized as expenses when such are realized.
Short-term employee benefits (apart from benefits for employment termination) in cash and in kind, are recognized as an expense when such accrue. Any unpaid amount id registered as a liability, while in case where the amount already paid exceeds the benefit, the company then recognizes the excess amount as an asset item (prepaid expense) only to the extent where the prepayment will lead to a decrease of future payments or to a refund.
The liability registered in the balance sheet for defined benefit plans corresponds to the present value of the liability for the defined benefit according to L. 2112/20 and the changes that arise from any actuarial profit or loss and the working experience cost. The obligation of the defined benefit is calculated annually by and independent actuary with the use of the projected unit credit method.
Income is recognized to the extent that it is likely that economic benefits will arise for the group and the relevant amounts can be reliably measured. Income is net of value added tax, discounts and refunds. Income between group companies consolidated with the full consolidation method, are fully written-off.
The recognition of income takes place 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.
Income is registered when the essential risks and rewards that emanate from the ownership of the goods have been transferred to the buyer.
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 current tax asset/liability includes all the liabilities or receivables from the tax authorities that are related to the current or previous reference periods and which have not yet been paid until the Balance Sheet date. Such are calculated according to the tax rates and tax laws in effect and based on the taxable profit of each period. All change in current tax assets or liabilities are recognized as a tax expense in the results.
Deferred income tax is calculated according to the liability method which results from the temporary differences. Such includes the comparison between the book value of assets or liabilities in the consolidated financial statements with their respective tax base.
Deferred tax assets are recognized to the extent that it is likely that such will be offset against the future income tax.
The group recognizes a previously non-recognized deferred tax asset to the extent that it is likely that the future taxable profit will allow the recovery of the deferred tax asset.
The deferred tax asset is re-examined at each balance sheet date and is reduced to the extent that it is no longer likely that an adequate taxable profit will be available to allow the utilization of the benefit from part or the total deferred tax asset.
Deferred tax liabilities are recognized for all temporary tax difference.
Tax losses that can be transferred to subsequent periods are recognized as deferred tax assets.
Deferred tax assets and liabilities are valued based on the tax rates that are expected to be in effect during the period in which the asset or liability will be settled, taking into consideration the tax rates (and tax laws) that have been put into effect or are essentially in effect up until the balance sheet date.
Changes in the deferred tax assets or liabilities are recognized as part of the tax expense in the profit and loss account. Only changes that arise from specific changes in assets or liabilities, which are recognized directly in the equity of the Group, such as the revaluation of property value, result in the relevant change in deferred tax assets or liabilities being charged/credited against the relevant equity account.
The Group's objectives as regards to management of capital, is to reassure the ability for the Group's smooth operation, which aims 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 rate. The leverage rate is calculated by dividing net debt with total employed capital. Net debt is calculated as "Total debt" (including "short-term and long-term debt" as presented in the Balance Sheet) minus "Cash and cash equivalents". Total employed capital is calculated as "Equity attributed to shareholders of the parent" as presented in the balance sheet plus net debt. The leverage ratio on December 31st 2007 was as follows:
| GROUP | ||
|---|---|---|
| 30/6/2008 | 31/12/2007 | |
| Total Debt | 68,761,945.60 | 81,212,960.00 |
| less | ||
| Cash & Cash equivalents | -18,274,843.99 | -43,165,272.60 |
| Marketable Securities | -9,753,894.45 | -8,340,248.22 |
| Net Debt | 40,733,207.16 | 29,707,439.18 |
| Equity attributed to the shareholders of the parent | 111,150,196.46 | 101,568,281.35 |
| Equity attributed to the shareholders of the parent | ||
| & Net Debt | 151,883,403.62 | 131,275,720.53 |
| Leverage | 26.82% | 22.63% |
GOODWILL
| Balance 30.06.2008 | 6,797,756,03 |
|---|---|
| Additions | 2,091,980,59 |
| Balance 1.1.2008 | 4,705,775.44 |
The amount of goodwill recognized in the consolidated balance sheet during the period concerns the acquisition of a) the 35% of Group «SAREAST – SAR, RUSSIA» based in Cyprus and b) the 15% of company «SARANTIS ANADOL SA» based in Turkey. The account from the goodwill that emerged is analyzed as follows:
| SARANTIS | ||
|---|---|---|
| GOODWILL ANALYSIS | ANADOL S.A. | SAREAST |
| ACQUISITION COST | 531,956.56 | 1,474,510.00 |
| FAIR VALUE OF ITEMS | ||
| ACQUIRED | ||
| BY THE GROUP | -429,300.75 | 283,477.60 |
| ACQUIRED GOODWILL | 961,257.31 | 1,191,032.40 |
| ROMANIA / ELMIPLANT |
||
| FOREIGN EXCHANGE DIFFERENCES |
-60,309.12 |
Regarding the acquisition of company ELMIPLANT at December 2007 the group recognized the goodwill using temporary values. According to paragraph 62 of IFRS 3, the initial accounting of a business union by be defined only temporary until the end of the period when such took place due to
the fact that either the fair values for transfer to recognizable assets, liabilities or contingent liabilities of the acquired or the cost of the union may be defined only temporary. The acquirer will acount for the union using such temporary values. The acquirer will recognize any adjustment to such temporary values as a result of the completion of the initial accounting (a) within twelve months from the acquisition date and (b) from the acquisition date. Therefore: (i) the book value of a recognizable asset, liability or contingent liability that is recognized or adjusted as a result of the completion of the initial accounting, will be calculated as if its fair value during the acquisition date had been recognized from that date, (ii) the goodwill or any profit recognized, will be adjusted from the acquisition date by an amount equal to the adjustment to the fair value during the acquisition date of the recognizable asset, liability or contingent liability recognized or adjusted, (iii) the comparative information presented for periods prior to the completion of the initial accounting for the union, will be presented as if the initial accounting had been completed from the acquisition date.
The tempoary fair values of the subsidiary's assets and liabilities that were acquired during the acquisition date, are as follows:
| Amounts in € | Value |
|---|---|
| Tangible assets | 375,823 |
| Intangible assets | 1,140 |
| Inventory | 553,182 |
| Trade and other commercial receivables | 493,306 |
| Other receivables | 97,393 |
| Cash and equivalents | 626,941 |
| Long-term liabilities | (61,510) |
| Suppliers and other liabilities | (446,098) |
| Total items of subsidiary | 1,640,178 |
| Goodwill analysis | Group |
|---|---|
| Fair Value of items acquired | (1,640,177,44) |
| Paid amount | 6,345,952.25 |
| Acquired goodwill | 4,705,775.44 |
| INVENTORIES | |||
|---|---|---|---|
| 30/6/2008 | 31/12/2007 | ||
| A. Parent company | |||
| Merchandise | 9,262,057.16 | 8,305,831.79 | |
| Products | 5,471,052.42 | 6,420,824.20 | |
| Raw Materials | 5,057,279.68 | 6,270,667.75 | |
| 19,790,389.26 | 20,997,323.74 | ||
| 30/6/2008 | 31/12/2007 | ||
| B. Group | |||
| Merchandise | 30,311,186.30 | 24,578,248.80 | |
| Products | 5,973,787.38 | 6,923,524.67 | |
| Raw Materials | 7,113,490.28 | 7,814,825.54 | |
| 43,398,463.96 | 39,316,599.01 |
| TRADE AND OTHER RECEIVABLES | ||
|---|---|---|
| 30/6/2008 | 31/12/2007 | |
| A. Parent Company | ||
| Trade receivables | 36,236,120.82 | 28,289,994.45 |
| Less provisions | 788,352.50 | 613,352.50 |
| Net trade receivables | 35,447,768.32 | 27,676,641.95 |
| Checks and bills of exchange receivable | 20,258,888.45 | 14,539,876.05 |
| Sundry debtors | 4,707,415.47 | 4,257,393.12 |
| Accrued income | 183,614.56 | 188,767.61 |
| Deferred expenses | 11,596.05 | 53,558.22 |
| Other transitory accounts | - | 28,994.94 |
| 60,609,282.85 | 46,745,231.89 | |
| B. Group | ||
| Trade receivables | 68,185,368.05 | 58,530,364.76 |
| Less provisions | 1,265,306.22 | 1,067,522.50 |
| Net trade receivables | 66,920,061.83 | 57,462,842.26 |
| Checks and bills of exchange receivable | 22,103,591.80 | 16,225,617.75 |
| Sundry debtors | 8,350,781.44 | 7,099,299.35 |
| Accrued income | 291,187.79 | 196,106.10 |
| Deferred expenses | 156,610.19 | 516,858.34 |
| Other transitory accounts | 172,483.49 | 49,115.94 |
The total of aforementioned receivable is of short-term maturity. The fair value of this short-term financial assets is not determined independently as their book value is estimated that approached their fair value.
For all Group's receivables there is an estimation for the indication of potential impairment. The receivables that are affected by impairment refer to customers of the Group that face financial difficulties.
| CASH & CASH EQUIVALENTS | |||
|---|---|---|---|
| 30/06/2008 | 31/12/2007 | ||
| A. Parent company | |||
| Cash | 26,004.38 | 19,309.75 | |
| Bank deposits | 4,282,564.54 | 29,237,509.49 | |
| 4,308,568.92 | 29,256,819.24 | ||
| Β. Group | |||
| 30/06/2008 | 31/12/2007 | ||
| Cash | 143,227.41 | 170,056.32 | |
| Bank deposits | 18,131,616.58 | 42,995,216.28 | |
| 18,274,843.99 | 43,165,272.60 |
| SECURITIES | |||
|---|---|---|---|
| Α. Parent company | |||
| 30/06/2008 | 31/12/2007 | ||
| Available for sale with no effect on net position | 8,070,000.00 | 8,119,484.33 | |
| Other | 1,379.25 | 1,379.25 | |
| 8,071,379.25 | 8,120,863.58 | ||
| Β. Group | |||
| 30/06/2008 | 31/12/2007 | ||
| Available for sale with no effect on net position | 9,752,460.78 | 8,338,868.97 | |
| Other | 1,433.67 | 1,379.25 | |
| 9,753,894.45 | 8,340,248.22 | ||
| TRADE AND OTHER CREDITORS | |||
|---|---|---|---|
| 30/06/2008 | 31/12/2007 | ||
| A. Parent Company | |||
| Trade creditors | 24,521,346.94 | 18,748,716.20 | |
| Checks and bills of exchange payable |
6,188,061.71 | 6,295,457.65 | |
| Social security funds | 438,257.81 | 873,852.29 | |
| Accrued expenses | 0,00 | 811,351.86 | |
| Proceeds from future years | 2,641.23 | 278,667.48 | |
| Other transitory accounts | 2,831,657.62 | 0,00 | |
| Sundry creditors | 1,648,635.79 | 367,811.78 | |
| 30/06/2008 | 31/12/2007 | ||
| Β.Group | |||
| Trade creditors | 38,342,469.09 | 33,063,405.35 | |
| Checks and bills of exchange payable |
6,204,275.96 | 6,295,457.65 | |
| Social security funds | 855,159.53 | 1,175,978.21 | |
| Accrued expenses | 3,922,884.12 | 2,721,768.86 | |
| Proceeds from future years | 57,953.32 | 314,623.72 | |
| Other transitory accounts | 3,217,480.81 | 133,943.55 | |
| Sundry creditors | 2,131,417.18 | 1,918,817.35 |
| A. Parent Company | 30/06/2008 | 31/12/2007 |
|---|---|---|
| Taxes for the unaudited tax | ||
| years | 1,506,163.46 | 1,506,163.46 |
| Other provisions | 1,066,759.79 | 4,339,624.18 |
| Total | 2,572,923.25 | 5,845,787.64 |
| B. Group | ||
| Taxes for the unaudited tax | ||
| years | 1,601,163.46 | 1,596,163.46 |
| Other provisions | 1,131,355.82 | 4,476,216.21 |
| Συνολο | 2,732,519.28 | 6,072,379.67 |
| GROUP | PARENT | |||
|---|---|---|---|---|
| Long-term loans | 30/06/2008 | 31/12/2007 | 30/06/2008 | 31/12/2007 |
| Corporate Bond loans | 58,750,000.00 | 78,811,510.00 | 57,500,000.00 | 77,500,000.00 |
| Short-term loans | ||||
| Bank loans | 10,011,945.60 | 2,401,450.00 | 8,000,000.00 | 0,00 |
| Total loans | 68,761,945.60 | 81,212,960.00 | 65,500,000.00 | 77,500,000,00 |
| ANALYSIS OF CORPORATE BOND LOANS | |||
|---|---|---|---|
| BANK | maturity | amount | |
| NBG | 29/09/2009 | 13,500,000 | |
| ALPHA BANK | 17/10/2009 | 9,00,000 | |
| PIRAEUS BANK | 29/09/2009 | 4,500,000 | |
| MARFIN EGNATIA | 29/09/2009 | 1,000,000 | |
| ΑΒΝ ΑMRO | 29/09/2009 | 4,500,000 | |
| EFG EUROBANK | 02/05/2011 | 17,000,000 | |
| EMPORIKI | 29/09/2009 | 7,500,000 | |
| TOTAL | 57,500,000 |
| ANALYSIS OF CORPORATE BOND LOANS | ||||
|---|---|---|---|---|
| BANK | maturity | Amount | ||
| NBG | 29/09/2009 | 13,500,000 | ||
| ALPHA BANK | 17/10/2009 | 9,500,000 | ||
| PIRAEUS BANK | 29/09/2009 | 4,500,000 | ||
| MARFIN EGNATIA | 29/09/2009 | 1,000,000 | ||
| ΑΒΝ ΑMRO | 29/09/2009 | 4,500,000 | ||
| EFG EUROBANK | 31/08/2009 | 1,250,000.00 | ||
| EFG EUROBANK | 02/05/2011 | 17,000,000 | ||
| EMPORIKI | 29/09/2009 | 7,500,000 | ||
| TOTAL | 58,750,000.00 |
| GROUP | COMPANY | |||
|---|---|---|---|---|
| H1 2008 | 12M 2007 | H1 2008 | 12M 2007 | |
| Income Tax for the period | 3,453,674.37 | 6,787,317.39 | 1,055,414.87 | 1,908,500.45 |
| Income tax from sale of associate | 0.00 | 2,125,725.65 | 0,00 | 2,125,725.65 |
| Deferred tax | 838,926.98 | 277,329.96 | 838,926.98 | 277,166.01 |
| TOTAL | 4,292,601.35 | 9,190,373.00 | 1,894,341.85 | 4,311,392.11 |
| DEFERRED RECEIVABLES | |||
|---|---|---|---|
| 31/12/2007 | 01/01/2008- 30/06/2008 |
30/6/2008 | |
| Write-off of Capitalized expenses | 1.615.486,23 | -833.788,36 | 781.697,87 |
| Write-off of fixed assets under construction | 5.143,41 | 0,00 | 5.143,41 |
| Write-off of fixed assets | 107.881,77 | -79.859,59 | 28.022,18 |
| Write-off of trade receivables | 106.569,12 | 0,00 | 106.569,12 |
| Write-off of other receivables | 481.903,49 | 0,00 | 481.903,49 |
| Transfer of profit from sale and lease back transaction | 69.006,56 | -69.006,56 | 0,00 |
| Provisions | 422.598,17 | 0,00 | 422.598,17 |
| Total | 2.808.588,74 | -982.654,51 | 1.825.934,23 |
| 31/12/2007 | 01/01/2008- 30/06/2008 |
30/6/2008 | |
|---|---|---|---|
| From building sale and lease back | 143.727,54 | -143.727,54 | 0,00 |
| Total | 143.727,54 | -143.727,54 | 0,00 |
| DEFERRED RECEIVABLES | |||
|---|---|---|---|
| 31/12/2007 | 01/01/2008- 30/06/2008 |
30/6/2008 | |
| Write-off of Capitalized expenses | 1.615.479,23 | -833.781,27 | 781.697,96 |
| Write-off of fixed assets under construction | 5.143,41 | 0,00 | 5.143,41 |
| Write-off of fixed assets | 107.881,78 | -79.859,59 | 28.022,19 |
| Write-off of inventories | 0,00 | ||
|---|---|---|---|
| Write-off of trade receivables | 122.013,02 | 122.013,02 | |
| Write-off of other receivables | 481.903,48 | 0,00 | 481.903,48 |
| Transfer of profit from sale and lease back transaction | 69.006,66 | -69.006,66 | 0,00 |
| Actuarial study | 439.203,74 | 0,00 | 439.203,74 |
| Total | 2.840.631,32 | -982.647,52 | 1.857.983,80 |
| DEFERRED LIABILITIES | ||||
|---|---|---|---|---|
| 31/12/2007 | 01/01/2008- 30/06/2008 |
30/6/2008 | ||
| From building sale and lease back | 143.727,54 | -143.727,54 | 0,00 | |
| TOTAL | 143.727,54 | -143.727,54 | 0,00 |
| EMPLOYEE BENEFITS | ||||
|---|---|---|---|---|
| 30/06/2008 | 30/06/2007 | |||
| Α . Parent company | ||||
| Employee salaries | 9.136.898.31 | 8,835,852.42 | ||
| Employee benefits | 320.550.25 | 53,277.31 | ||
| Employer contributions | 1.898.404.25 | 1,836,887.89 | ||
| Compensations for dismissal | 249.173.27 | 604,407.43 | ||
| 11.605.026.08 | 11,330,425.05 | |||
| Average number of employees | 593 | 650 | ||
| Β . Group | ||||
| Employee salaries | 15,398,870.87 | 14,840,056.57 | ||
| Employee benefits | 541,776.56 | 266,477.21 | ||
| Employer contributions | 3,090,814.94 | 2,903,909.86 | ||
| Compensations for dismissal | 299,083.79 | 671,912.15 | ||
| 19,330,546.16 | 18,451,911.78 | |||
| Average number of employees | 1,639 | 1,514 |
| 30/06/2008 | 30/06/2007 | |
|---|---|---|
| Α . Parent company | ||
| Cost of sales | 33,399,491.15 | 31,649,171.24 |
| Employee expenses | 9,214,146.73 | 9,911,099.79 |
| Third-party fees | 809,382.88 | 891,467.91 |
| Third-party benefits | 1,993,816.49 | 1,953,389.38 |
| Taxes – duties | 559,345.79 | 535,492.04 |
| Sundry expenses | 12,528,763.51 | 11,253,576.65 |
| Fixed asset depreciation | 771,024.90 | 715,376.36 |
| Total | 59,275,971.45 | 56,909,573.37 |
| Β . Group | ||
| Cost of sales | 60,503,150.94 | 58,406,285.34 |
| Employee expenses | 16,526,931.79 | 17,032,586.50 |
| Third-party fees | 2,446,770.17 | 2,695,576.66 |
| Third-party benefits | 4,215,961.74 | 4,557,588.48 |
| Taxes – duties | 671,924.12 | 704,932.30 |
| Sundry expenses | 26,808,329.76 | 24,547,194.49 |
| Fixed asset depreciation | 1,457,121.41 | 1,363,154.48 |
| Total | 112,630,189.93 | 109,307,318.25 |
| NUMBER OF SHARES |
NOMINAL VALUE SHARES |
SHARE CAPITAL |
SHARE PREMIUM |
TOTAL | |
|---|---|---|---|---|---|
| 30.06.2008 | 38,350,940 | 1.54 | 59,060,447.60 | 39,252,195.98 | 98,312,643.58 |
| 31.12.2007 | 38,350,940 | 1.54 | 59,060.447.60 | 39,252,195.98 | 98,312,643.58 |
| 31.12.2006 | 38,146,940 | 1.50 | 57,220,410.00 | 38,750,355.98 | 95,970,765.98 |
| ACQUISITION COST 31/12/06 |
ADDITIONS TRANSFERS |
REDUCTIONS | VALUE 31/12/2007 |
|
|---|---|---|---|---|
| LAND-FIELDS | 8,563,871.26 | 0.00 | 0.00 | 8,563,871.26 |
| BUILDINGS-BUILDING | ||||
| FACILITIES AND | ||||
| TECHNICAL PROJECTS | 27,248,475.42 | 334,419.96 | 657,520.18 | 26,925,375.20 |
| MACHINERY TECHNICAL | ||||
| EQUIPMENT OTHER | ||||
| MECHANICAL EQUIPMENT | 6,704,152.97 | 167,836.12 | 108,114.26 | 6,763,874.83 |
| VEHICLES | 1,527,649.73 | 239,060.93 | 338,449.78 | 1,428,260.88 |
| FURNITURE & OTHER EQUIPMENT |
9,182,081.41 | 654,065.16 | 2,006,912.58 | 7,829,233.99 |
| FIXED ASSETS UNDER | ||||
| CONSTRUCTION AND | ||||
| PREPAYMENTS | 0.00 | 1,965,235.77 | 0.00 | 1,965,235.77 |
| INTANGIBLE ASSETS | 65,741.58 | 40,700.00 | 0.00 | 106,441.58 |
| TOTAL | 53,291,972.37 | 3,401,317.94 | 3,110,996.80 | 53,582,293.51 |
| DEPRECIATIO NS 31/12/2006 |
DEPRECIATIO NS FOR THE PERIOD |
REDUCTION OF DEPRECIATIO NS |
DEPRECIATIO NS 31/12/2007 |
NET BOOK VALUE 31/12/2007 |
|
|---|---|---|---|---|---|
| LAND-FIELDS | 0.00 | 0.00 | 0.00 | 0.00 | 8,563,871.26 |
| BUILDINGS-BUILDING FACILITIES AND |
|||||
| TECHNICAL PROJECTS | 3,487,791.02 | 1,038,698.34 | 49,139.07 | 4,477,350.29 | 22,448,024.91 |
| MACHINERY TECHNICAL EQUIPMENT OTHER MECHANICAL |
|||||
| EQUIPMENT | 4,609,391.67 | 373,848.22 | 108,114.23 | 4,875,125.66 | 1,888,749.17 |
| VEHICLES | 1,320,981.46 | 43,633.27 | 229,480.71 | 1,135,134.02 | 293,126.86 |
| FURNITURE & OTHER EQUIPMENT |
7,137,018.58 | 604,739.70 | 1,959,810.07 | 5,781,948.21 | 2,047,285.78 |
| FIXED ASSETS UNDER CONSTRUCTION AND PREPAYMENTS |
0.00 | 0.00 | 0.00 | 1,965,235.77 | |
| INTANGIBLE ASSETS | 4,511.48 | 21,989.77 | 0.00 | 26,501.25 | 79,940.33 |
| TOTAL | 16,559,694.21 | 2,082,909.30 | 2,346,544.08 | 16,296,059.43 | 37,286,234.08 |
Note: The account «Fixed assets under construction» mainly reflects the amounts related to the installation of the new software ERP SAP.
| ΑACQUISITION COST AT 31/12/2007 |
ADDITIONS TRANSFERS |
REDUCTIONS | VALUE AT 30/06/2008 |
|
|---|---|---|---|---|
| LAND-FIELDS | 8.563.871,26 | 0,00 | 727.881,02 | 7.835.990,24 |
| BUILDINGS-BUILDING FACILITIES AND TECHNICAL PROJECTS |
26.925.375,20 | 517.791,57 | 1.435.762,07 | 26.007.404,70 |
| MACHINERY TECHNICAL EQUIPMENT OTHER MECHANICAL EQUIPMENT |
6.763.874,83 | 230.927,37 | 21.886,25 | 6.972.915,95 |
| VEHICLES | 1.428.260,88 | 22.260,00 | 55.849,71 | 1.394.671,17 |
| FURNITURE & OTHER EQUIPMENT |
7.829.233,99 | 642.071,35 | 219.212,93 | 8.252.092,41 |
| FIXED ASSETS UNDER CONSTRUCTION AND PREPAYMENTS |
1.965.235,77 | 965.247,54 | 38.405,69 | 2.892.077,62 |
| INTANGIBLE ASSETS | 106.441,58 | 7.127,50 | 0,00 | 113.569,08 |
| TOTAL | 53.582.293,51 | 2.385.425,33 | 2.498.997,67 | 53.468.721,17 |
| DEPRECIATIONS 31/12/2007 |
DEPRECIATIONS FOR THE PERIOD |
REDUCTION OF DEPRECIATIONS |
DEPRECIATIONS 30/06/2008 |
NET BOOK VALUE 30/06/2008 |
|
|---|---|---|---|---|---|
| LAND-FIELDS | 0,00 | 0,00 | 0,00 | 0,00 | 7.835.990,24 |
| BUILDINGS-BUILDING FACILITIES AND TECHNICAL PROJECTS |
4.477.350,29 | 8.569,14 | 697.873,89 | 3.788.045,54 | 22.219.359,16 |
| MACHINERY TECHNICAL EQUIPMENT OTHER MECHANICAL EQUIPMENT |
4.875.125,66 | 677,79 | 13.034,86 | 4.862.768,59 | 2.110.147,36 |
| VEHICLES | 1.135.134,02 | 712,53 | 32.314,91 | 1.103.531,64 | 291.139,53 |
| FURNITURE & OTHER EQUIPMENT |
5.781.948,21 | 1.144.156,62 | 219.071,50 | 6.707.033,33 | 1.545.059,08 |
| FIXED ASSETS UNDER CONSTRUCTION AND PREPAYMENTS |
0,00 | 0,00 | 0,00 | 0,00 | 2.892.077,62 |
| INTANGIBLE ASSETS | 26.501,25 | 0,00 | 0,00 | 26.501,25 | 87.067,83 |
| TOTAL | 16.296.059,43 | 1.154.116,08 | 962.295,16 | 16.487.880,35 | 36.980.840,82 |
| ACQUISITION COST 31/12/06 |
ADDITIONS | REDUCTIONS | DELETIONS | RECLASSIFI CATIONS |
OTHER ADDITIONS |
FOREIGN EXCHANGE DIFFERENC ES |
VALUE 31/12/2007 |
|
|---|---|---|---|---|---|---|---|---|
| LAND-FIELDS | 9,435,667.26 | 0.00 | 0.00 | 0.00 | 5,353.00 | 9,430,314.26 | ||
| BUILDINGS-BUILDING FACILITIES AND TECHNICAL PROJECTS |
29,045,147.03 | 365,455.25 | 657,520.18 | 105,495.23 | -971,705.17 | -60,059.86 | 27,735,941.56 | |
| MACHINERY TECHNICAL EQUIPMENT OTHER MECHANICAL EQUIPMENT |
7,793,605.04 | 414,541.69 | 136,883.36 | 177,755.97 | 1,065,582.24 | 689,777.01 | -36,925.67 | 9,685,792.32 |
| VEHICLES | 6,581,438.43 | 1,223,748.31 | 1,182,251.44 | 291,580.54 | 300,987.32 | 11,411.16 | 6,620,930.93 | |
| FURNITURE & OTHER EQUIPMENT |
10,988,729.53 | 721,427.93 | 86,557.15 | 2,902,898.12 | 77,581.37 | -10,521.26 | 8,808,804.82 | |
| FIXED ASSETS UNDER CONSTRUCTION AND PREPAYMENTS |
337,360.12 | 2,030,100.51 | 0.00 | 301,892.59 | 531.28 | 2,065,036.77 | ||
| INTANGIBLE ASSETS | 1,021,410.66 | 163,857.52 | 0.00 | 226.65 | -93,877.07 | 11,067.14 | -41,881.98 | 1,144,113.58 |
| TOTAL | 65,203,358.07 | 4,919,131.20 | 2,063,212.13 | 3,779,849.09 | 0.00 | 1,079,412.85 | -132,093.33 | 65,490,934.24 |
| DEPRECIATIO NS 31/12/2006 |
DEPRECIATI ONS FOR THE PERIOD |
DEPRECIATI ON OF REDUCTION |
DEPRECIATI ON OF DELETIONS |
RECLASSIF ICATIONS |
OTHER ADDITIONS |
FOREIGN EXCHAN GE DIFFERE NCES |
DEPRECIATIO N 31/12/2007 |
NET BOOK VALUE 31/12/2007 |
|
|---|---|---|---|---|---|---|---|---|---|
| LAND-FIELDS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 9,430,314.26 | ||
| BUILDINGS BUILDING FACILITIES AND TECHNICAL |
|||||||||
| PROJECTS MACHINERY |
4,288,162.36 | 1,086,658.85 | 49,139.07 | 78,524.36 | -580,232.02 | -15,037.32 | 4,681,963.07 | 23,053,978.49 | |
| TECHNICAL EQUIPMENT OTHER MECHANICAL |
|||||||||
| EQUIPMENT | 5,286,353.61 | 660,202.25 | 115,786.54 | 118,390.43 | 576,227.26 | 436,132.03 | -111.66 | 6,724,849.85 | 2,960,942.47 |
| VEHICLES | 3,710,892.94 | 893,845.45 | 830,073.79 | 95,918.49 | 185,401.87 | 95,431.70 | 3,768,716.28 | 2,852,214.65 | |
| FURNITURE & OTHER EQUIPMENT |
8,553,506.57 | 728,234.71 | 82,623.64 | 2,796,137.52 | 72,522.82 | -8,426.73 | 6,483,929.67 | 2,324,875.15 | |
| FIXED ASSETS UNDER CONSTRUCTI ON AND PREPAYMENT |
|||||||||
| S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 2,065,036.77 | ||
| INTANGIBLE ASSETS |
754,010.37 | 150,205.80 | 0.00 | 33,304.04 | 4,004.76 | 9,926.41 | -11,178.68 | 896,021.98 | 248,091.60 |
| TOTAL | 22,592,925.85 | 3,519,147.06 | 1,077,623.03 | 3,122,274.84 | 0.00 | 703,983.12 | 60,677.31 | 22,555,480.85 | 42,935,453.39 |
| ACQUISITION COST 31/12/2007 |
ADDITIONS | REDUCTIONS | DELETIONS | FOREIGN EXCHANGE DIFFERENCES |
VALUE 30/06/2008 |
|
|---|---|---|---|---|---|---|
| LAND-FIELDS | 9.430.314,26 | 0,00 | 757.168,88 | 0,00 | -24.367,73 | 8.697.513,11 |
| BUILDINGS-BUILDING FACILITIES AND TECHNICAL PROJECTS |
27.735.941,56 | 704.402,15 | 1.636.194,40 | 0,00 | -11.279,17 | 26.815.428,47 |
| MACHINERY TECHNICAL EQUIPMENT OTHER MECHANICAL |
||||||
| EQUIPMENT | 9.685.792,32 | 302.630,09 | 90.215,10 | 5.339,63 | -86.798,88 | 9.979.666,56 |
| VEHICLES | 6.620.930,93 | 938.009,70 | 518.370,38 | 0,00 | -99.920,99 | 7.140.491,24 |
| FURNITURE & OTHER EQUIPMENT |
8.808.804,82 | 706.477,24 | 35.107,16 | 215.044,26 | -8.987,98 | 9.274.118,62 |
| FIXED ASSETS UNDER CONSTRUCTION AND PREPAYMENTS |
2.065.036,77 | 991.549,86 | 38.405,69 | 0,00 | -929,55 | 3.019.110,49 |
| INTANGIBLE ASSETS | 1.144.113,58 | 25.367,26 | 0,00 | 0,00 | -51.868,60 | 1.221.349,44 |
| TOTAL | 65.490.934,24 | 3.668.436,30 | 3.075.461,61 | 220.383,89 | -284.152,90 | 66.147.677,93 |
| DEPRECIATIONS 31/12/2007 |
DEPRECIATIONS FOR THE PERIOD |
DEPRECIATION OF REDUCTION |
DEPRECIATION OF DELETIONS |
FOREIGN EXCHANGE DIFFERENCES |
DEPRECIATION 31/06/2008 |
NET BOOK VALUE 30/06/2008 |
|
|---|---|---|---|---|---|---|---|
| LAND-FIELDS | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 8.697.513,11 |
| BUILDINGS-BUILDING FACILITIES AND TECHNICAL PROJECTS |
4.681.963,07 | 25.610,91 | 737.900,24 | 0,00 | -1.690,66 | 3.971.364,40 | 22.844.064,07 |
| MACHINERY TECHNICAL EQUIPMENT OTHER MECHANICAL |
|||||||
| EQUIPMENT | 6.724.849,85 | 185.286,69 | 61.980,34 | 3.799,49 | -53.994,97 | 6.898.351,69 | 3.081.314,87 |
| VEHICLES | 3.768.716,28 | 463.587,98 | 413.692,97 | 0,00 | -41.113,87 | 3.859.725,17 | 3.280.766,07 |
| FURNITURE & OTHER EQUIPMENT |
6.483.929,67 | 1.205.918,94 | 20.128,84 | 215.029,23 | -6.570,08 | 7.461.265,00 | 1.812.853,62 |
| FIXED ASSETS UNDER CONSTRUCTION AND PREPAYMENTS |
0,00 | 0,00 | 0,00 | 0,00 | 0,00 | f0,00 | 3.019.110,49 |
| INTANGIBLE ASSETS | 896.021,98 | 40.384,09 | 2.222,55 | 0,00 | -41.181,53 | 975.365,04 | 245.984,40 |
| TOTAL | 22.555.480,85 | 1.920.788,61 | 1.235.924,93 | 218.828,72 | -144.551,11 | 23.166.071,30 | 42.981.606,63 |
The following actuarial assumptions were made for the calculations of the study:
All calculations took place with constant prices of 31/07/2007. Namely, the assumption was made that wages and day wages and respective indemnities will be readjusted automatically with the current increase of consumer prices.
Wages and day wages increase by 4.0 annually in nominal prices, that is included inflation.
According to directions of IAS 19, the discount rate for the calculation of present values and the investment of inventories, must be defined with prudence. In our case, this rate was set at 5.0% in nominal terms.
As a mortality probability model, the Tables of Greek Population 1990 of the Hellenic Actuaries Union were used.
We assumed that no dismissals will occur and all employees will receive indemnity during their retirement.
Due to lack of information for premature retirement and retirement due to inabilities, the retirement ages of the National Social Security Institute (IKA) were used as retirement ages for men and women.
| Required Reserve |
Men | Women | Total |
|---|---|---|---|
| TOTAL | 874,476.84 | 815,915.79 | 1,690,392.63 |
The above amount of 1,690,392.63 euro is also presented in the Company's accounting books for 31/12/2007.
| sales purchases |
GR SARANTIS SA |
VENTURES ΑΕ | SAR. ROMANIA |
SARANTIS BULGARIA |
SAR. BELGRADE |
SARANTIS SKOPJE |
SARANTIS ANADOL S.A |
SARANTIS UKRAINE |
SARANTIS POLAND |
SAR CZECH | GR.SARANTIS CYPRUS LIM. |
ZETA FIN LTD |
ZETA AE |
K. THEODORIDIS SA |
ΟΤΟ ΤΟΡ BULGARIA |
SARANTIS HUNGARY |
TOTAL |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GR SARANTIS SA | - | 1,131,770.90 | 2,637,422.45 | 1,795,126.91 | 1,494,611.24 | 497,122.99 | 23,873.94 | - 33,329.07 |
2,436,121.17 | 819,380.20 | - | - | 900.00 | 52,266.75 | 693,369.67 | 11,548,637.15 | |
| ΖΕΤΑ FIN LTD | 5,768.70 | 5,768.70 | |||||||||||||||
| SAR.ROMANIA | - | - | - | 2,074.99 | - | 9,173.00 | - | - | 11,247.99 | ||||||||
| ELMIPLANT | 1,518,127.20 | 1,518,127.20 | |||||||||||||||
| GR.SARANTIS CYPRUS LIM. |
63,377.79 | 63,377.79 | |||||||||||||||
| SAR.HUNGARY | 9,526.33 | 2,149.97 | 41,335.19 | 11,092.53 | 64,104.02 | ||||||||||||
| SAR BULGARIA | - | - | 3,273.45 | 829.77 | 4,103.22 | ||||||||||||
| SAR CZECH | 5,100.24 | - | - | - | 5,100.24 | ||||||||||||
| SAR.BELGRADE | 157,766.45 | - | 157,766.45 | ||||||||||||||
| SARANTIS POLAND | 12,717.55 | 559,339.38 | 162,874.05 | 295,900.38 | 45,529.89 | 0.33 | 204,227.23 | - | 7,279.90 | 1,287,868.71 | |||||||
| K THEODORIDIS SA | 462,198.30 | 462,198.30 | |||||||||||||||
| SARANTIS ANADOL S.A | 226,387.01 | - | 226,387.01 | ||||||||||||||
| SAR RUSSIA | - | - | |||||||||||||||
| SARANTIS UKRAINE | 50,772.48 | 50,772.48 | |||||||||||||||
| TOTAL | 373,650.10 | 1,131,770.90 | 4,717,039.00 | 1,958,000.96 | 1,793,785.07 | 700,419.33 | 23,873.94 | - 33,328.74 |
2,480,361.12 | 1,034,699.96 | 9,173.00 | - | 900.00 | 52,266.75 | 462,198.30 | 700,649.57 | 15,405,459.26 |
| LIABILITIES / RECEIVABLES |
|||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GR SARANTIS SA |
VENTUR ES A.E |
ZETA COSMETIC S |
ZETA AE | SAR. BELGRAD E |
SAR.BULGAR IA L.T.D |
SAR SAREAST |
SAR.SKOPJ E L.T.D |
SAR. ROMANIA |
K. THEODORIDI S SA |
SAR. CZECH | SAR. POLSKA |
SAR UKRAIN E |
ZETA FIN LTD |
SAR HUNGARY |
SAR. RUSSIA |
OTO TOP BULGARIA |
ELMIPLANT ROMANIA |
TOTAL | |
| GR SARANTIS SA | - | 1,580,143. 65 |
- | 401,303.82 | 60,821.75 | - | - | 59,350.13 | 110,295.92 | 55,927.21 | 985,410.12 | 1,156,88 9.60 |
590,309.5 8 |
1,970,000.00 | 569,321.36 | 1,380,970.75 | 32.25 | 8,920,776 .14 |
|
| VENTURES ΑΕ | 200.00 | 200.00 | |||||||||||||||||
| ZETA AE | 300.00 | - | - | 18,386.37 | 18,686.37 | ||||||||||||||
| ZETA FIN | 11,708,104. 56 |
27,858.00 | 11,735,96 2.56 |
||||||||||||||||
| K. THEODORIDIS SA |
80.54 | 50,694.52 | - | 417,537.18 | 468,312.2 4 |
||||||||||||||
| SAR.POLSKA | 9,027.80 | 133,093.75 | 48,197.73 | 161,900.65 | 285,882.67 | - | 4,601.23 | 5,259.50 | 647,963.3 3 |
||||||||||
| SAR CZECH | - | 1,700.01 | 1,700.01 | ||||||||||||||||
| SAR BELGRADE | 138,353.25 | - | 24,656.22 | 163,009.4 7 |
|||||||||||||||
| SAR ROMANIA | |||||||||||||||||||
| SAR BULGARIA | 173,849.08 | - | - | - | 173,849.0 8 |
||||||||||||||
| VENUS SA | 134,506.97 | 134,506.9 7 |
|||||||||||||||||
| GR SAR. CYPRUS LTD |
2,728,080.5 6 |
3,000,000.00 | 84,215.00 | 5,160,70 1.85 |
860,000.00 | 11,832,99 7.41 |
|||||||||||||
| SAR TURKEY | 84,528.82 | - | 84,528.82 | ||||||||||||||||
| WALDEK | 450.00 | 450.00 | |||||||||||||||||
| ELMIPLANT | - | 1,446,727.5 0 |
- | 1,446,727 .50 |
|||||||||||||||
| SAR HUNGARY | - | - | - | 1,305.72 | 25,589.7 5 |
26,895.47 | |||||||||||||
| TOTAL | 14,842,524. 61 |
1,580,143. 65 |
27,858.00 | 535,810.79 | 193,915.50 | 3,048,197.73 | 84,215.00 | 84,006.35 | 1,769,618.5 9 |
55,927.21 | 1,272,598.51 | 6,343,18 1.20 |
590,309.5 8 |
1,988,836.37 | 1,435,622.60 | 1,386,230.25 | 417,537.18 | 32.25 | 35,656,56 5.37 |
The following table presents the most important transactions between the company and its related parties as these are defined by IAS 24.:
| RELATED PARTIES TRANSACTIONS TABLE | GROUP | COMPANY |
|---|---|---|
| a) Proceeds | 0 | 11,548,637.15 |
| b) Expenses | 0 | 373,650.10 |
| c) Receivables | 0 | 8,920,776.14 |
| d) Liabilities | 0 | 14,842,524.61 |
| e) Board members and key management personnel remuneration and other benefits |
433,796.64 | 433,796.64 |
| f) Amounts from board members and key management personnel | 0 | 0.00 |
| g) Amounts due to board members and key management personnel | 0 | 0.00 |
Analysis of Consolidated Sales
| H1 '08 Consolidated Turnover Breakdown per Business Activity | |||
|---|---|---|---|
| SBU Turnover (€ mil.) | H1 2008 | % | H1 2007 |
| Fragrances & Cosmetics | 55.65 | 8.49% | 51.29 |
| % of Total | 44.26% | 43.42% | |
| Own | 39.30 | 13.93% | 34.49 |
| % of SBU | 70.62% | 67.24% | |
| Distributed | 16.35 | -2.69% | 16.80 |
| % of SBU | 29.38% | 32.76% | |
| Household Products | 52.48 | 11.79% | 46.95 |
| % of Total | 41.74% | 39.74% | |
| Own | 49.74 | 12.07% | 44.39 |
| % of SBU | 94.78% | 94.55% | |
| Distributed | 2.74 | 6.99% | 2.56 |
| % of SBU | 5.22% | 5.45% | |
| Health & Care Products | 7.70 | -21.32% | 9.78 |
| % of Total | 6.12% | 8.28% | |
| Selective | 6.73 | -3.12% | 6.95 |
| % of Total | 5.35% | 5.88% | |
| Oto Top | 3.18 | 0.19% | 3.17 |
| % of Total | 2.53% | 2.68% | |
| Total Turnover | 125.74 | 6.42% | 118.15 |
| H1 '08 Consolidated EBIT Breakdown per Business Activity | |||
|---|---|---|---|
| SBU EBIT (€ mil.) | H1 2008 | % | H1 2007 |
| Fragrances & Cosmetics | 8.12 | 0.77% | 8.06 |
| % of EBIT | 43.57% | 41.61% | |
| Margin | 14.59% | 15.71% | |
| Own | 6.55 | -0.87% | 6.61 |
| % of EBIT | 35.15% | 34.12% | |
| Margin | 16.67% | 19.16% | |
| distributed | 1.57 | 8.27% | 1.45 |
| % of EBIT | 8.43% | 7.49% | |
| Margin | 9.60% | 8.63% | |
| Household Products | 4.82 | 17.95% | 4.09 |
| % of EBIT | 25.88% | 21.11% | |
| Margin | 9.19% | 8.71% | |
| Own | 4.76 | 20.22% | 3.96 |
| % of EBIT | 25.56% | 20.46% | |
| Margin | 9.58% | 8.93% | |
| distributed | 0.06 | -52.65% | 0.13 |
| % of EBIT | 0.32% | 0.66% | |
| Margin | 2.20% | 4.98% | |
| Health & Care Products | 1.03 | -32.99% | 1.53 |
| % of EBIT | 5.51% | 7.91% | |
| Margin | 13.33% | 15.65% | |
| Selective | 0.02 | 4.40% | 0.01 |
| % of EBIT | 0.08% | 0.08% | |
| Margin | 0.23% | 0.21% | |
| Oto Top | 0.03 | -85.22% | 0.184 |
| % of EBIT | 0.15% | 0.95% | |
| Margin | 0.86% | 5.81% | |
| Income from EL JV | 4.62 | 0.65% | 4.59 |
| % of EBIT | 24.81% | 23.72% | |
| Income from K.P.Marinopoulos SA | 0.00 | 0.90 | |
| % of EBIT | 0.00% | 4.64% | |
| Sub total EBIT | 18.64 | -3.77% | 19.37 |
| New Countries Restructuring Cost | -2.61 | ||
| Total EBIT | 18.64 | 11.24% | 16.75 |
| Margin | 14.82% | 14.18% |
Analysis of Consolidated Sales
| H1 '08 Consolidated Turnover Breakdown per Geographic Market | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Country Turnover (€ mil.) | H1 '08 | % | H1 '07 | |||||||||
| Greece | 58.83 | 2.21% | 57.56 | |||||||||
| % of Total Sales | 46.79% | 48.72% | ||||||||||
| Poland | 28.99 | 11.10% | 26.09 | |||||||||
| Romania | 20.46 | 14.04% | 17.94 | |||||||||
| Bulgaria | 7.27 | 17.68% | 6.18 | |||||||||
| Serbia | 5.12 | 17.84% | 4.34 | |||||||||
| Czech Republic | 2.67 | 20.32% | 2.22 | |||||||||
| FYROM | 0.95 | 12.19% | 0.85 | |||||||||
| Hungary | 0.93 | 29.52% | 0.72 | |||||||||
| Old Counties Subtotal | 66.39 | 13.80% | 58.34 | |||||||||
| % of Total Sales | 52.80% | 49.38% | ||||||||||
| Ukraine | 0.05 | 0.27 | ||||||||||
| Turkey | 0.35 | 1.31 | ||||||||||
| Russia | 0.11 | 0.67 | ||||||||||
| New Countries Subtotal | 0.51 | 2.24 | ||||||||||
| % of Total Sales | 0.41% | 1.90% | ||||||||||
| Total Sales | 125.74 | 6.42% | 118.15 |
| H1 '08 Consolidated EBIT Breakdown per Geographic Market | |||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Country EBIT (€ mil.) | H1 '08 | % | H1 '07 | ||||||||||
| Greece | 13.05 | -9.34% | 14.39 | ||||||||||
| % of Total EBIT | 70.00% | 85.89% | |||||||||||
| Poland | 1.01 | -5.31% | 1.07 | ||||||||||
| Romania | 2.59 | 28.79% | 2.01 | ||||||||||
| Bulgaria | 0.86 | 48.90% | 0.58 | ||||||||||
| Serbia | 1.29 | 7.98% | 1.20 | ||||||||||
| Czech Republic | -0.09 | 0.09 | |||||||||||
| FYROM | 0.24 | 42.87% | 0.17 | ||||||||||
| Hungary | -0.32 | -0.14 | |||||||||||
| Old Countries Subtotal | 5.59 | 12.36% | 4.98 | ||||||||||
| Greece & Old Countries | 18.64 | -3.77% | 19.37 | ||||||||||
| Ukraine | 0.00 | -0.33 | |||||||||||
| Turkey | 0.00 | -1.06 | |||||||||||
| Russia | 0.00 | -1.23 | |||||||||||
| New Countries Restructuring Cost | 0.00 | -2.61 | |||||||||||
| Total EBIT | 18.64 | 11.24% | 16.75 |
Marousi, August 29 2008 The Board of Directors
THE BoD CHAIRMAN THE VICE-CHAIRMAN THE FINANCE DIRECTOR & BoD MEMBER THE ACCOUNTANT DIRECTOR GRIGORIS SARANTIS KYRIAKOS SARANTIS KONSTANTINOS ROZAKEAS VASILIOS D. MEINTANIS ID No. Χ 080619/03 ID No. Ρ 539590/95 ID No. Ρ 534498/94 ID No. ΑΒ 656347/06
| $SAR$ $NTIS$ | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| G RIGORIS SARANTIS SA. NONYM OUS INDUSTRIAL& CO MMERC AL COM PANY OF COSMETICS, CLOTHING, HOUSEHO ID & PHARM ACEUTICALPRO DUCTS |
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| REGISTRATO N No.1308306B 8627 | D aa and information for the periof from 1 January 2008 til 30 of June 2008 According tothe decision6/448/11.10.2007 of the Board of Directors of the Graek Capital Market Commission! |
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| he blbwing data,anking fom the Compay's fhancialstdement,aimatgiving generalinformation dout the fhancial contitonand resuls of GR. SARANTISS.A. and its Goup Wetheeforerecommend to the reader, beforeany action of investmen | ||||||||||||||
| htemd add es: Amroval date of Financial Statements: |
www.sarantis.gr 29/72008 DANNSV.KAL GGDR OP OUL OS - A.M.S. OE A. 107 41 |
GRO UP STR UCTURE | ||||||||||||
| Auditor: Auditor's Company. Auditor's Opinion |
$\begin{array}{l} \text{BATE R TLY IEL } \text{AB AE} \,. \ \text{BQUAL F IID} \end{array}$ | |||||||||||||
| CO MP ANY | CO UNTRY | DIRECT PARTC PATION PERCENTAGE |
INDIRECT PA RTCIPATION PERCENTAGE |
TOTAL | UNAUDITED TAX YEARS |
|||||||||
| BALANCE SHEET (Amountsareexpressed in Euro) |
FULL CONSO UDATION METHOD | G REECE | 8.6 | 000 | 88.66 | 2005-2007 | ||||||||
| ASSETS | THE GROUP THE COMPANY 0101-30/06/2008 01/01-31/12/2007 0101-30/06/2008 0101-3112 2007 |
GR SARANTISCYPRU SLIMTED BRIARDALE SERVICESS.A SARANTIS BULG ARA L.TD |
C YPR US ISLE OF MAN BULGARIA |
100.00% 0.00% |
000 10000 10000 |
100.009 100.00 |
1999-2007 | |||||||
| Sef- used targible assets hves mert popety htargibleassets |
42735,622.23 | 42687,361.7 | 36,8937729 | 37,206293.75 | SARAN TS ROMANIA SA ELMPLANT SARANTISDISTRIBUTION S.C |
ROMAN A | $0.00%$ $0.00%$ $0.00%$ |
$10000$ $10000$ $10000$ |
$100.00$ $100.00$ $100.00$ |
$\begin{array}{r} 133.4807 \ 2008 - 2007 \ 2007 \ 2008 - 2007 \end{array}$ | ||||
| Other ron current assets hyentories |
7043740.42 27007216.01 43398463.96 |
4953.86 24994, 947. |
000 87067.83 8.54290695 19.79038926 |
0.00 79940.38 58477,804.91 20997,323.74 |
SARAN TS LT.D BELGRADE | SERBIA SKOP E |
0.00% | 10000 | 100.00 | |||||
| Tadereceivables Otter current as sets |
89023653.63 36999801.35 |
73688,460.0 59366,900.5 |
55,70665677 17,28257425 |
42216518.00 41906396.7 |
SARANTISPO LSKA S.A SARANTISCZECH REPUBLIC sro |
PO LAND CZECH REPUBLIC |
2006-2007 2005-2007 |
|||||||
| Non current assets fors ab TO TALASSETS |
246208497.6 | 245008.135. | ان 188,303,3680 |
200884277.44 | VENU SS.A ZETA AE |
LUXEMBOURG | $0.00\%$ 0.00% 0.00% 0.00% |
$100000$ $100000$ $100000$ | $100.00$ $100.00$ $100.00$ $100.00$ |
2005-2007 | ||||
| EQUITYAN DLIABILITES | ZETAFIN LTD | C YPR US | 0.00% | 10000 | 100.00 | 2002-2007 | ||||||||
| Sharecapital Otter Netequity Equity attributabletotheequityholders of he company (a) Mirorily Irlenest(b) |
59060447.60 52089748.86 111150196.46 6821.08 |
59060,447.6 42,507,85375 101,568,281.3 -140,435.6 |
8,0604476 $6,2143010$ $64,2747492$ |
59060447.60 4750988.08 63811436.28 |
VALDECK LIMTED SAREAST SARAN IS RUSSIA ZETA CO SMETICS LTD SARANTS ANADO L S.A |
C YPR US C YPR US |
$\begin{array}{c} 0.00\% \ 0.00\% \ 0.00\% \ 0.00\% \ 0.00\% \ \end{array}$ | $100000$ $100000$ $100000$ $100000$ 0000 |
$100.009100.009100.009100.009100.00999.989$ | 2008-2007 2008-2007 2008-2007 2002-2007 2006-2007 |
||||
| TO TALEQUITY (d = (d+(b) | 111 157, 017.54 | 101427.845 | 64.2747492 | 63811436.28 | SARAN TS HUNG ARYKET | C YPR US HUNG ARY |
0.00% | 10000 | 100.00 | 2006-2007 | ||||
| Longtem borrowings | 58750,000.00 | 78811,510. | 57,5000000 | 77.50000.00 | SARANTIS UKRAINE SA | UKRAINE | 100.00% | 000 | 100.009 | 2006-2007 | ||||
| Provisions/Other long-term liabilities Short-lerm borrowings |
5242913.13 10011945.60 |
9100, 167.95 2401, 450.00 |
4,26331588 8,00000000 |
8183142.28 51389698.88 |
PR OPORTIONAL CONSO UDATION METHO D | 000 | ||||||||
| Other shortterm labities Liabilies réalingtononcurrentassets held for sale TO TALLIABILITIES |
61046621.34 135051480.07 |
53267, 162.0 143580.289.9 |
54,26530296 124.02861884 |
137.072841.16 | K. THEODO RIDISA.E. O TO TO PEO OD |
G REECE BULGARIA |
50.00% 0.00% |
2550 | 60.009 25.50% |
2006-2007 1999-2007 |
||||
| TO TALEQUITY AND LIABILITES | 246208497.61 | 245008, 135.72 | 188,30336805 | 200884277.4 | EQ UITY METHOD ELCA COSMETICS LTD |
C YPR US | 0.00% | 4900 | 49.00 | 2001-2007 | ||||
| ESTEE LAUDER HELLASSA ESTEEL AUDER BULGARIA |
G REECE BULGARIA |
$0.00\%$ $0.00\%$ |
4900 4900 |
$49.00%$ $49.00%$ |
$2007$ $2001 - 2007$ |
|||||||||
| DATAFROM THE STATEM BN TOF CHANG ES N EQUITY FOR THE PERIOD (Amountsareexpressed in Euro) 01/01-30/08/2008 01/01-3008/2007 |
THE COMPANY 01/01-30/06/2008 07/01-30/062007 |
IMCO SMETICSSA | ROMAN A | 0.00% | 4900 | 49.00% | 2001-2007 | |||||||
| Totalegily, beginning of the period (01012008 and | 101427.845.74 | 80408.959. | 63.81143628 | 53069379.00 | ||||||||||
| 01/01/2007respedively) Prdit/ (loss) afer taxfor the period |
15322590.18 | 11973,768.3 92377,728.1 |
6.8007970 | 7554039.39 | DATA FROM CASH FLOW STATEMENT | |||||||||
| h crease /(decrease) of share captal | 116750435.92 | 70, 61 2 2 3 3 3 4 | 60623418.3 | (Amountsareexpressed in Euro) | THE GROUP 01013006-200 |
$1.01 - 30.062007$ | THE CO MPANY 30062008 $\alpha$ |
0101-30.06-2007 | ||||||
| Didendspad Puchase ofownshares |
$-6519699.80$ 926,241.42 |
$-4959, 102.2$ $-3772.88.3$ |
388888.8.8 1821756 |
$-4959102.20$ $-1,540793.43$ |
CASH R.OWS FROM OPERATN G ACTVITIES Profitsbeforetaxes |
19,61519153 | 16,447,04180 | 8695.138 | 9,511,80133 | |||||
| Ne incometransferreddirectly b equty Consolidations methodinfluence due to change Notequity,end of the period 30/06/2008 and 30/06/2007 espectively) |
0.00 | 288,043. | 001 | Pus/minus adjustnertsfor: Result from sale of affliatedcompany |
$^{001}_{001}$ | $\begin{array}{c} 0.00 \ 0.00 \end{array}$ | 1154.116.0 | 000000000000000000000000000000000000 1.098.20158 |
||||||
| 11157.017.54 | 81832.316.27 | 64.27474921 | 50350696.48 | Depredation offixedasset | 1.92078862 | 1.752.07555 | ||||||||
| DATAFROM INCOMESTATEMENT (Amountsareexpressed in Euro) |
Foreignex changed fferences Income from investment adivites Interestandother related expenses |
25978500 7,38713846 1.9819250 |
8,071,32601 2.557.487.00 |
$-334,402.8$ $-2044,282.0$ 2047.051 |
$-124,00465$ $-3,428,24511$ 2.459.82667 |
|||||||||
| 0101-30/06/2008 01/01-30/06/2007 01/04-30/06/2008 125736376.17 118145,805.12 69,57506692 |
THE GROUP | THE COMPANY 01/0430062007 0101-30/06/2008 0101-30/06/2007 0104-30/06/2008 01/0430062007 63763709.91 66744263.84 63164743.47 36103355.25 32922895.57 |
Creditin brests longtermeamings |
|||||||||||
| TotalTurnover | Pusminus adustment for charges in working capital accounts of accounts related to operating activities: |
|||||||||||||
| Gross proft /(loss) | 65233225.23 | 59739,519.7 | 36, 1928 107 | 32119277.10 | 33344762.69 | 31535572.23 | 18010332.62 | 17,077,686.17 | ||||||
| Gross proft /(loss) bebre bx firancial and investment es ults Gross proft /(loss) bebre bx Taxincome Deferred tax |
18637, 177.31 19615, 191.5 3453674.37 838926.98 |
16754.052. | 11,3967311 12,5835896 1,8871412 |
9184776.92 9131093.70 |
8374778.1 8695138.9 |
8689797.24 9511,801.33 1884984.98 72777.02 |
3937,596.42 4272370.59 126633.52 903763.03 |
4774840.76 5793488.57 |
Decrease/(horease) in hvenbries Decrease/(horease) in receivables (Decrease) / horease hilabities (dherthan to banks) Less : |
-4,08186495 16,44487680 3,4726956 |
$-4, 775, 07420$ $-2, 747, 62569$ 6,689,27455 |
4.426, 1206 5.60, 13864, $-20$ 10,808. |
$-2, 516, 07048$ 11,085,95018 13,048,51490 |
|
| Profit/ (loss) afer tax | 15322590.18 | 4400,485.91 72,787.55 11,973,768.34 |
9,79268535 | 2337679.66 36328.02 6757,086.02 |
1055414.8 838926.9 6800797.0 |
7554039.38 | 3241974.04 | 1149967.28 36317.49 4607208.80 |
Interestandother relatedexpenses, paid | $-1, 20617607$ | $-1,728,69371$ | $-1271,302.1$ | $-1,630,9278$ | |
| Alocaed b: Company'sshareholders |
0.00 15321,156.65 |
$0.00$ 12608,236.48 |
$000$ 9.79248124 |
$0.00$ 7,129406.13 |
$0.00$ $0.0800797.06$ |
$0.00$ 7554039.33 |
$0.00$ 324 1974.04 |
$0.00$ 4607208.80 |
Tax Paid | $-2.01561700$ $-4.40485744$ |
$-2.146.8600$ 000 8.031.71029 |
$-851.103.0$ $-7.272.704.8$ |
4 18,70700 5,909,43428 |
|
| hterestsshareholders Afer taxearrings per share (in Euro) Grossproft /(loss) bebre bx financial andinvestment esuits anddepredation |
1433.53 | $-634,468.12$ 03305 |
20411 | $-372320.11$ $01869$ |
0.1 | 0.20 | 0.08 | 0.12 | Tdalinflows/ (outfows) from operating adivites (a) | |||||
| 20557.986.99 | 18506.128.12 | 12,35038370 | 10064840.8 | 9528894.25 | 9782998.82 | 4506757.63 | 5333195.69 | CASH FLOWS FROM N VESTMENTAC TVITIES Recepts of secrities sales |
||||||
| ADDITO NALINFORM ATION | Aquistion /Dipposal of subsidaries, associates, pint ventures and dher in vestment Aquistion of targble and intargible assets |
$-2.899781$ $-3,6684363$ |
4 63 5316 1, 113, 11965 |
$-10.0778$ $-2365,425.$ |
1.387.8410 $-629,6203$ |
|||||||||
| Revenues from sale of targible and intargible assets | 4,087,10707 | 1,073,45271 | 374,852 | 1,009,87694 | ||||||||||
| Unaudtedtax years for the company GR. SARANTS S.A. are 2006ard 2007. The unaudited taxy ears for the group are membred in the N des |
Interestreceived Divident sreceived |
34351600 51922800 001 |
210,38160 1,511,53291 000 |
$2,28,7$ 495,000.0 0 1 |
3,51760 1,551,29326 000 |
|||||||||
| 2 No fied charges laveb enregisteed on the property of the company | Net inflows/ (outfows) from investment advites (b) | $-1,57856142$ | 6,295,75073 | 841,959. | 3,322,98987 | |||||||||
| 3 DISCLOSERS AND RELATED PARTIES TABLE | CASH R.OWS FROM FINANCIAL ACTIVITIES | |||||||||||||
| al Poceeds | THE GROUP 000 |
THE COMPANY 11548.637.15 |
Proceed sfrom share captalingease Proceed sfrom bans garted/assumed Loanpayments |
001 8, \$000000 20, \$950440 |
000 1,760,77900 000 |
.00,000 .00,000- |
000 000000000000000000000000000000000000 |
|||||||
| b) Expenses c) Receivables |
${}^{000}_{000}$ 000 |
373,65010 8,920,77614 |
Expenses of shae captaling ease | 001 | 000 | $^{\circ}$ | 000 | |||||||
| , e) Payables e) Boad membersan dke ymanagement pe son relremun eraton an dother berefts |
4379664 | 14842.52461 438.79664 |
Dividendspad Paymentofown sharespurchase |
$-6.61750535$ 000 |
$-4.87.25472$ $-3.772.82626$ |
$-65$ $7.506.3$ 0 0 |
$-4.877.25472$ $-3.772.82626$ |
|||||||
| Amount from to adm entiers and ley management personne gi Amaints dueto board members and key m an agement perso m e |
000 | 000 | Net inflows/ (outfows) from financial activties (c) | 18,907,00976 | $-6.889.30198$ | $-185T, 505.3$ | $-8,650,08098$ | |||||||
| Net increase/ decrease in cash and cash equivalents for heperiod $(3+(b))$ +(c) | ||||||||||||||
| 4 The number of the employees in the group and the company's | THE GROUP 0101-3006/2008 01/01-3006/2007 |
THE COM PANY 0101-30/06/2008 01/01-30062007 |
Cashandcashequivalents beginning of heperiod | $-24.89042861$ 43,16527260 18.27484399 |
7.488.15904 14,264,427.66 21.702.98670 |
$-24948.280.32$ $29256.89.2$ 4306.568.92 |
582,34317 4,481,46838 5.063.8155 |
|||||||
| Saaredemployees Wageemployees |
$\frac{1405}{234}$ | 1,159 355 |
$^{48}_{115}$ | $^{54}_{10}$ | Cashandcashequivalents endof the period | |||||||||
| Total empty es | 1,514 | |||||||||||||
| 5 Investment in fixed assets made in 1st semester of 2008 | THE GROUP 3,66843630 |
Π | THE COM PANY 2,385,42533 |
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| 6 The FhancialStatementsof hecomparyhavebeen posidin heintenet adtresswww.saranti.grand in the registermantained by heMinistryof Devebpment, Dept. d'Anonymous 7. The compary hadnosenbus Itigouscasesduing 2008 Provisionsfor . 8 Provisions for unaudtedtaxy ents forthe Company and the Grapamount to 1.08.18346: 11.00.11646 respectively, 9 The company KP. MAR NO POULOS S.A., that used to be completed with the maturity method in the formation in b |
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| 10. Thecompary ELMPLANT that was a quied by the Group's Romanians utsidiary, SARANTIS ROMANIAS.A., during the forth quarter of 2007, is consolidated during this period, wheeas it was not consolidated during the same period | ||||||||||||||
| Maous, 2907/2008 | ||||||||||||||
| THE PRESIDENT OF THE BO ARD OF DIRECTORS G RIGORIS P.SARAN TS ID.No. X08061903 |
THE VICE PRESIDENT& MANAGING DIRECTOR KIRIAKOS P. SARANTS I.D.No.P 539590/95 |
THE FINANCIALD REC TO R KONSTANTINOS P.R OZAKEAS |
THE MANAGER OF THEAC COUNTING DPT. VASSILIO SD. MENTANIS 1.D.NoAB 656347/06 |
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