Gr. Sarantis S.A.

Annual / Quarterly Financial Statement • Sep 24, 2015

					GRIGORIS SARANTIS S.A. ANONYMOUS INDUSTRIAL & COMMERCIAL COMPANY OF COSMETICS, CLOTHING, HOUSEHOLD & PHARMACEUTICAL PRODUCTS REGISTRATION No. 13083/06/B/86/27
					Data and information for the Fiscal Year from 1 January 2008 till 31 of December 2008 (according to the Law 2190/20, article 135 concerning companies which compile annual financial statements, either Consolidated or not under IFRS)
The following data, arising from the Company's financial statements, aim at giving general information about the financial condition and results of GR. SARANTIS S.A. and its Group. We therefore recommend to the reader, before any action of investment or any other transaction with the company, to visit the Company's website where all financial					statements of the company as well as the Auditors Report - when required- are available.
Supervising authority: Internet address:	www.sarantis.gr			MINISTRY OF DEVELOPMENT, DEPT. OF ANONYMOUS COMPANIES & CREDIT Grigoris Sarantis son of Pantazis: President - Executive member, Kiriakos Sarantis son of Pantazis: Vice President - Managing Director - Executive member, Konstantinos
Members of the board of Directors:				Rozakeas son of Petros: Executive member, Nikolaos Evangelou son of Pantelis: Executive member, Pantazis Sarantis son of Grigoris: Non executive member, Aikaterini Saranti daughter of Pantazis: Non executive member, Konstantinos Stamatiou son of Fokionos: Executive member, Fotios Mpompolas son of Georgios: Independent and non Executive member, Nikolaos Kontidis son of Konstantinos: Independent and non
Approval date of FY Financial Statements: Auditors: Auditors Company: Auditors' opinion:	Executive member. 12/3/2009 IOANNIS V. KALOGEROPOULOS - Α.Μ.S.Ο.ΕΛ. 10741 BAKER TILLY HELLAS A.E. UNQUALIFIED
1.1 BALANCE SHEET (Amounts are expressed in Euro)
ASSETS	THE GROUP		THE COMPANY 01/01-31/12/2008 01/01-31/12/2007 01/01-31/12/200801/01-31/12/2007		1.2 DATA FROM INCOME STATEMENT (Amounts are expressed in Euro)		THE GROUP				THE COMPANY
Self- used tangible assets			43,733,650.40 42,687,361.79 38,025,807.71 37,206,293.75				01/01-31/12/2008 01/01-31/12/2007 01/10-31/12/2008 01/10-31/12/200701/01-31/12/2008 01/01-31/12/2007 01/10-31/12/200801/10-31/12/2007
Investment property Intangible assets	0.00	0.00 7,879,282.78 4,953,866.60	0.00 71,207.39	0.00 79,940.33	Total Turnover Gross profit / (loss) Gross profit / (loss) before tax, financial		259,368,049.53 241,587,885.72 68,664,455.23 67,624,928.15 123,586,927.77 119,168,174.61 28,074,462.22 30,328,833.77 132,064,391.08 121,556,077.99 34,196,907.80 34,176,320.15 57,742,307.85 56,963,901.28 11,609,482.96 13,698,554.85
Other non current assets			23,226,539.93 24,994,947.76 56,260,345.55 58,477,804.91		and investment results	33,779,430.28	33,941,279.81			7,366,284.11 12,209,400.78 10,553,230.96 14,877,425.95			161,312.98 5,410,329.58
Inventories Trade receivables Other current assets			44,954,118.95 39,316,599.01 21,891,547.63 20,997,323.74 73,312,724.26 73,688,460.01 42,988,981.51 42,216,518.00 35,932,167.03 59,366,900.55 23,784,631.44 41,906,396.71		Result from sale of affiliated company Financial income/(expenses) Gross profit / (loss) before tax	0.00 -1,040,175.89 32,739,254.39	8,502,902.61 -2,379,953.20 40,064,229.22		0.00 8,502,902.61 0.00 -1,273,044.83 -794,524.56	0.00	8,502,902.61 -1,220,166.71 5,844,381.65 19,439,258.56 9,758,706.40 22,160,161.85 -308,030.57 12,674,269.13		0.00 8,502,902.61 0.00 -1,238,963.06
Non current assets for sale TOTAL ASSETS	0.00	0.00	0.00 229,038,483.35 245,008,135.72 183,022,521.23 200,884,277.44	0.00	Tax income Income tax from sale of affiliated company	6,592,962.88 0.00	6,787,317.39 2,125,725.65		2,074,145.99 1,313,271.22 1,700,498.39 0.00 2,125,725.65	0.00	1,908,500.45 2,125,725.65	482,578.00	43,264.30 0.00 2,125,725.65
EQUITY AND LIABILITIES					Deferred tax Profit / (loss) after tax	763,360.56 25,382,930.95	277,329.96 30,873,856.22		-75,566.42 168,128.63 858,396.48		277,166.01 3,845,802.08 15,832,133.06 7,199,811.53 17,848,769.74 -810,078.07 10,337,287.88		19,469.50 167,991.30
Share capital Other Net equity		45,716,705.01 42,507,833.75	59,060,447.60 59,060,447.60 59,060,447.60 59,060,447.60	-4,792,586.74 4,750,988.68	Allocated to : Company's shareholders	0.00 25,386,210.92	0.00 31,920,877.27	0.00	0.00	0.00	0.00 3,849,949.62 15,819,438.84 7,199,811.53 17,848,769.74 -810,078.07 10,337,287.88	0.00	0.00
Equity attributable to the equity holders of the Minority Interest (b)	2,107.57	-140,435.61	104,777,152.61 101,568,281.35 54,267,860.86 63,811,436.28 0.00	0.00	Interest's shareholders After tax earnings per share (in Euro)	-3,279.97 0.6619	-1,047,021.05 0.8323	-4,147.54 0.1003	12,694.22 0.4125	- 0.1877	- 0.4654	- -0.0212	- 0.2695
TOTAL EQUITY (c) = (a)+(b)			104,779,260.18 101,427,845.74 54,267,860.86 63,811,436.28		Proposed dividend (in Euro) Gross profit / (loss) before tax, financial and investment results and	37,514,040.13	37,460,426.87			0.03 8,177,723.46 12,992,611.43 12,615,396.04 16,960,335.25	0.17		496,686.90 5,849,891.64
Long term borrowings Provisions/Other long-term liabilities		4,815,449.22 9,100,167.95	18,250,000.00 78,811,510.00 17,000,000.00 77,500,000.00	3,847,062.20 8,183,142.28
Short-term borrowings Other short term liabities		46,671,255.93 2,401,450.00 40,500,000.00	54,522,518.02 53,267,162.03 67,407,598.17 51,389,698.88	0.00	1.3 DATA FROM THE STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD
Liabilities relating to non-current assets held for sale	0.00	0.00	0.00	0.00	(Amounts are expressed in Euro)	THE GROUP		THE COMPANY
TOTAL LIABILITIES (d)			124,259,223.17 143,580,289.98 128,754,660.37 137,072,841.16		Total equity, beginning of the period		01/01-31/12/2008 01/01-31/12/2007 01/01-31/12/2008 01/01-31/12/2007
TOTAL EQUITY AND LIABILITES (c) + (d)			229,038,483.35 245,008,135.72 183,022,521.23 200,884,277.44		(01/01/2008 and 01/01/2007 Profit / (loss) after tax for the period	101,427,845.74 25,382,930.95	30,873,856.22 126,810,776.69 111,277,815.99 71,011,247.81 70,918,148.78	80,403,959.77 63,811,436.28 53,069,379.04	7,199,811.53 17,848,769.74
					Ιncrease / (decrease) of share capital	0.00 -6,519,659.80	816,000.00	-4,959,102.20 -6,519,659.80 -4,959,102.20	0.00 816,000.00
1.4. DATA FROM CASH FLOW STATEMENT (Amounts are expressed in Euro)	THE GROUP		THE COMPANY		Dividends paid Purchase of own shares	-6,480,181.38		0.00 -6,480,181.38	0.00
CASH FLOWS FROM OPERATING ACTIVITIES			01.01-31.12-2008 01.01-31.12-2007 01.01-31.12-200801.01-31.12-2007		Net income transferred directly to equity Consolidation's method influence due to change	-9,031,675.33 0.00	-2,096,526.49	-3,610,341.56 -3,743,545.77 -2,963,610.30 0.00	0.00
Profits before taxes		32,739,254.39 40,064,229.22		9,758,706.40 22,160,161.85	Net equity, end of the period 31/12/2008 and 31/12/2007		104,779,260.18 101,427,845.74 54,267,860.86 63,811,436.28
Adjustments for: Depreciation of fixed assets		0.00 -8,502,902.61 3,734,609.85 3,519,147.06		0.00 -8,502,902.61 2,062,165.08 2,082,909.30
Foreign exchange differences	1,229,434.00	-457,836.00		-45,362.00 -577,700.11	ADDITIONAL INFORMATION 1. The main accounting principles as of the balance sheet of 31.12.2007 have been applied.
Income from investment activities Interest and other related expenses		4,388,162.00 5,550,845.00	-10,858,128.12 -11,579,290.99 -2,813,920.40 -3,375,215.61	4,424,174.16 4,923,446.15	2. Group companies that are included in the consolidated financial statements with their respective locations as well as percentage of ownership are presented in Note 1.2 of the full year financial statements. 3.The unaudited tax years for the group are mentioned in Note 1.2 of the interim financial statements. The tax audit of GR. SARANTIS S.A. for fiscal years 2006 and 2007 was completed.
Plus/minus adjustments for changes in working capital accounts or accounts related to operating					4. No fixed charges have been registered on the property of the company.
Decrease / (increase) in inventories Decrease / (increase) in receivables		-4,150,493.09 1,018,614.45 2,811,522.25 4,751,034.22		-894,223.89 -762,425.62 -637,627.49 1,638,211.65	5. The amounts of income and expenses and outstanding balances of receivables and payables of the Company to and from its related parties (according to the provisions of IAS 24) for the period are as follows:
(Decrease) / increase in liabilities (other than to	-3,271,764.52		-267,713.07 11,818,155.62 8,382,330.29
Less : Interest and other related expenses, paid Tax Paid	0.00	0.00	0.00 -3,886,728.11 -4,868,129.91 -3,922,740.27 -4,240,731.06 -5,052,176.08 -4,528,214.33 -2,112,892.21 -2,158,218.33	0.00	DISCLOSERS AND RELATED PARTIES TABLE a) Income	THE GROUP 0.00	THE COMPANY 23,425,036.47
Total inflows / (outflows) from operating activities (a)17,683,692.57 24,699,783.04 17,636,435.00 19,569,865.90					b) Expenses c) Receivables	0.00 0.00	1,950,836.89 9,850,674.94
					d) Payables e) Board members and key	0.00	33,503,340.56
CASH FLOWS FROM INVESTMENT ACTIVITIES					management personnel remuneration 889,554.98 f) Amounts from board members and key management personnel 0.00 0.00		889,554.98
Acquisition/Disposal of subsidiaries, associates, joint ventures and other investments		-6,615,932.62 18,108,282.51		697,492.00 19,944,145.55	g) Amounts due to board members and key management personnel 0.00 0.00
Acquisition of tangible and intangible assets Revenues from sale of tangible and intangible assets 4,262,869.31 1,367,960.54			-6,868,789.31 -4,919,131.30 -4,450,022.36 -3,401,317.94	3,779,742.04 1,014,089.00	6. The number of the employees in the group and the company is:
Interest received Dividends received	900,897.25	679,066.00 6,437,392.00 1,545,684.28	50,777.02	68,301.60 498,133.06 1,558,980.24		THE GROUP	01/01-31/12/2008 01/01-31/12/2007 01/01-31/12/200801/01-31/12/2007	THE COMPANY
Net inflows / (outflows) from investment activities (b)		-1,883,563.36 16,781,862.03		576,121.76 19,184,198.45	Salaried employees Wage employees	1,394 266	1,447 182	461 87	539 82
CASH FLOWS FROM FINANCIAL ACTIVITIES					Total employees	1,660	1,629	548	621
Proceeds from share capital increase Proceeds from loans granted / assumed	0.00	816,000.00 44,208,295.93 1,012,960.00 40,500,000.00		0.00 816,000.00 0.00			THE GROUP	THE COMPANY
Loan payments Expenses of share capital increase	0.00	-3,141.60	-60,500,000.00 -11,300,000.00 -60,500,000.00 -11,000,000.00 0.00	-3,141.60	7. Investment in fixed assets made during the year:		6,868,789.31	4,450,022.36
Dividends paid			-6,516,151.24 -4,935,567.13 -6,517,541.05 -4,935,567.13		8. During the year the following amounts were recognized directly in equity: Source of amount Foreign exchange differences from		THE GROUP	THE COMPANY
(Payment)/Proceeds from (purchase)/sale of own shares-6,480,181.38 1,143,995.24 -6,480,181.38 1,143,995.24					subsidiaries' financial statements conversion from local currency into		-4,514,360.42	0.00
Net inflows / (outflows) from financial activities (c) -29,288,036.69 -13,265,753.49 -32,997,722.43 -13,978,713.49					Valuation of available for sale securities Elimination of minoriry interests due to the buy-out of the minority shareholders percentage		-4,699,117.31 -3,743,545.77 145,823.16	0.00
Net increase / decrease in cash and cash					Prepayment of income tax		35,979.24	0.00
equivalents for the period (a)+(b)+( c) Cash and cash equivalents, beginning of the period 43,165,272.60 14,264,427.66 29,256,819.24 4,481,468.38			-13,487,907.48 28,215,891.58 -14,785,165.67 24,775,350.86		Total		-9,031,675.33 -3,743,545.77
Effect of FX differences on cash Cash and cash equivalents, end of the period	-6,517,357.41	684,953.36	0.00 23,160,007.71 43,165,272.60 14,471,653.57 29,256,819.24	0.00	9. Following the resolutions of the Company's Extraordinary Shareholders Meeting dated 02/06/2008 as these were modified by the Extraordinary Shareholders Meeting of 11/11/2008, and based on the legislation in force, the company during the period acquired 1,132,408 own shares at an average price of 5.72 which is equal to 2.95% of the company's share capital.
					10. The company had no serious litigious cases during the period. Provisions for bad debts for the Company and the Group amount to 2,304,850.22 and 2,693,033.33 euro respectively.
	Marousi, 12/03/2009				11. Provisions for unaudited tax years for the Company and the Group amount to 838,000.00 και 933,000.00 respectively, while Other Provisions amount to 1,367,829.20and 1,447,429.78, respectively.
THE PRESIDENT OF THE BOARD OF DIRECTORS GRIGORIS P. SARANTIS I.D.No. Χ 080619/03	THE VICE PRESIDENT & MANAGING DIRECTOR KIRIAKOS P. SARANTIS I.D.No. Ρ 539590/95				12. The company ELMIPLANT that was acquired by the Group's Romanian subsidiary, SARANTIS ROMANIA S.A., is consolidaded during this period. The Group finalized the related goodwill within 2008. Details are presented in the Note 5.1 of the full financial statements. 13. The company TRADE 90 KFT that was acquired by the Group's subsidiary SARANTIS CYPRUS LTD, is consolidaded during this period, whereas
					it was not consolidated duirng the same period last year. Details are presented in the Note 5.1 of the full financial statements.
THE FINANCIAL DIRECTOR KONSTANTINOS P. ROZAKEAS			THE DIRECTOR OF THE ACCOUNTING DPT. VASSILIOS D. MEINTANIS		14. There is no change in the consolidation method of the companies or joint ventures consolidated in the interim financial statements. 15. For comparability reasons, some accounts of the consolidated cash flow statement for the fiscal year from 01-01-07 to 31-12-07 were re-classified.Details are presented in the Note 2.2 of the full financial statements.
I.D.No.Ρ 534498/94			I.D.No.ΑΒ 656347/06