Interim / Quarterly Report • Sep 23, 2015
Interim / Quarterly Report
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for the period from 1 January to 30 June 2009
| 1. STATEMENTS BY MEMBERS OF THE BOARD OF DIRECTORS 3 | |
|---|---|
| 2. HALF-YEAR BOARD OF DIRECTORS' MANAGEMENT REPORT 4 | |
| 3. REPORT ON REVIEW OF INTERIM FINANCIAL INFORMATION 13 | |
| 4. INTERIM FINANCIAL STATEMENTS 15 | |
| 5. PUBLISHED DATA AND INFORMATION 62 |
It is ascertained that the accompanying Interim Financial Statements for the period 01/01 – 30/06/2009 are those approved by the Board of Directors of "GR. SARANTIS S.A." during its meeting on 18 August 2009 and have been published by their posting on the internet, on the website www.sarantis.gr.
| THE CHAIRMAN OF THE BOARD |
THE VICE-CHAIRMAN | THE FINANCE DIRECTOR & BOARD MEMBER |
THE HEAD ACCOUNTANT | |
|---|---|---|---|---|
| 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 |
It is hereby declared that to our knowledge, the half-year parent and consolidated financial statements of the company "GR. SARANTIS S.A." for the period from 1 January 2009 to 30 June 2009, which were prepared according to the applicable International Financial Reporting Standards, accurately present the assets and liabilities, equity and results of the Group and Company as well as those of the companies included in the consolidated, considered as a whole.
Furthermore, we declare that to our knowledge, the half-year report of the Board of Directors reflects in a true manner the development, performance and financial position of GR. SARANTIS S.A., and of the businesses included in the Group consolidation, considered as a whole, including the description of the principal risks and uncertainties such face.
Marousi, 18 August 2009
The members of the Board
THE CHAIRMAN OF THE BOARD THE VICE-CHAIRMAN & CHIEF EXECUTIVE OFFICER THE FINANCE DIRECTOR & BOARD MEMBER GRIGORIS SARANTIS KYRIAKOS SARANTIS KONSTANTINOS ROZAKEAS ID No. Χ 080619/03 ID No. Ρ 539590/95 ID No. Ρ 534498/94
The present Half-Year Report by the Board of Directors which follows (hereinafter the "Report"), refers to the financial period of the 1st half of 2009 (01.01.2009-30.6.2009). This Report was prepared and is in line with the relevant stipulations of law 3556/2007 (Government Gazette 91A/30.04.2007) and the executive decisions by the Hellenic Capital Market Commission the issued decisions and especially the Decision no 7/448/11.10.2007 by the Board of Directors of Hellenic Capital Market Commission.
The Report is included in the half-year financial report that concerns the first half of 2009, together with the Company's financial statements and other information and statements required by law.
The present report briefly presents the company's financial information for the first half of the present year, significant events that occurred during the period and their effects on the half-year financial statements. The report also includes a description of the basic risks and uncertainties the group's companies may face during the second half of the year and finally significant transactions between the issuer and its affiliates are also presented.
In H1 2009 consolidated turnover declined by 15.29% reaching €106.51 mil. from €125.74 mil. the comparable prior-year period. The drop in the Group's consolidated turnover reflects the reduced consumer spending and the continuing adverse macroeconomic environment as well as the negative impact from currency movements. Excluding the FX translation effect, Group sales reduced by c. 6%. Moreover, it is worth to note that during Q2 2009 Group sales declined by 13.72%, improved over the 17.23% drop in Q1 2009, a fact which is partly explained by the lower inventory reduction in the retail sector during the second quarter. Gross profit reduced by 19.21% to €52.70 mil. in H1 2009 from €65.23 mil. Gross profit margin settled at 49.48% versus 51.88%, largely affected by the adverse currency movements. Nevertheless, the negative impact was partly offset by the high participation of the own brands portfolio as well as more competitive raw material prices. Earnings before Interest, Tax, Depreciation and Amortisation (EBITDA) posted a decrease of 38.11% to €12.72 mil. in H1 2009 from €20.56 mil. in H1 2008, while the EBITDA margin stood at 11.95% from 16.35% in the respective prior-year period. Earnings before Interest and Tax (EBΙΤ) reached €10.91 mil. from €18.64 mil., reduced by 41.44% and EBIT margin was reduced from 14.82% in H1 2008 to 10.25% in H1 2009. During the second quarter of 2009, the Group presented
financial income of €0.16 mil. mainly on the back of favorable currency movements during Q2 2009 versus Q1 2009. Earnings before taxes (EBT) settled at €9.89 mil. from €19.62 mil. in H1 2008, a reduction of 49.56% compared to the respective period of last year. Earnings after taxes and minorities reached €7.89, reduced by 48.49% compared to the comparable prior-year period and the EATAM margin settled at 7.41% from 12.19%.
It should be mentioned that the adverse conditions in the consumer sector as well as the unfavorable foreign exchange rates in the Group's foreign markets during the first half of 2009, had a negative effect on all the business categories of the Group.
Having said that however it is worth to highlight the improvement of the Household Products category sales during the second quarter of 2009 compared to the first quarter of 2009.
More specifically, the Household Products demonstrated a 8.08% sales drop in Q2 2009 compared to a 16.18% decline in Q1 2009. During H1 2009 household products turnover declined by 11.77%, reaching €46.31 mil. from €52.48 mil. in the respective period last year. The participation of own brands within this SBU increased to 99% from 94.78%.
Fragrances & Cosmetics on the other hand, follow a different sales pattern with Q2 2009 turnover having dropped by 18.43% compared to a 16.25% decline in Q1 2009. During H1 2009 Fragrances and Cosmetics recorded a sales decline of 17.50% amounting to €45.91 mil. from €55.65 mil. in the comparable prior-year period. In this SBU, own brands demonstrate a decline of 19.65% and their contribution to total turnover also dropped to 68.78% from 70.62%. The weakening in the Fragrances & Cosmetics category is partly attributed to the hard-relaunch of STR8 that took place in Q2 2008.
With respect to Earnings Before Interest and Tax, Fragrances & Cosmetics EBIT decreased in H1 2009 by 75.21%, compared to H1 2008, while the fragrances & cosmetics EBIT contribution to total EBIT settled at 18.45%. The operating profits of own brands within this category stood at €1.21 mil. from €6.55 mil., reduced by 81.54% compared to the respective period last year.
Household products EBIT was reduced by 11.98% to €4.25 mil. in H1 2009 from €4.82 mil., with their contribution to total EBIT reaching 38.91% in H1 2009 from 25.88% in H1 2008. Own brands of this category posted an EBIT reduction of 12.01% reaching €4.19 mil. compared to €4.76mil. in H1 2008.
It is worth to note that during the second quarter of 2009, the operating profits of the household products improved compared to the first quarter of 2009. More specifically, the own brands posted an EBIT growth of 21.12% during Q2 2009 vs Q2 2008 compared to a 52.02% EBIT decline during Q1 2009.
Looking at the geographical analysis, the weakening in the Group's sales across all regions reflects the adverse impact of lower consumer spending and the unfavorable macroeconomic environment as well as the negative FX translation impact in the Group's foreign markets.
It is important to stress however, that the Group performed better in terms of sales during the second quarter of 2009 compared to the first quarter of 2009, as Group turnover dropped by 13.72% in Q2 2009, while the sales decline during Q1 2009 was equal to 17.23%.
The improvement is largely attributed to the Greek market where sales dropped in Q2 2009 by 10.16%, compared to a 24.20% drop in Q1 2009, and is mainly explained by the lower inventory reduction in the retail sector.
The management believes that the unbalanced inventory management in the retail sector during the first half of 2009 represented an extreme reaction of the retail sector to the economic crisis and expects that a more rational inventory management will be applied in the second half of 2009, thus normalising the intense sales fluctuations which were observed during Q1 & Q2 of 2009 in Sarantis Greek market sales.
As far as the Old Countries turnover is concerned, during H1 2009 the Old Countries posted a sales decline of 13.63% reaching €57.34 mil. from €66.39 mil. in H1 2008, while their contribution to total Group sales increased to 53.83% from 52.80%. It is important to note that excluding the foreign exchange translation impact, the Old Countries turnover during H1 2009 posted a c. 4% growth versus the comparable prior-year period.
As far as EBIT is concerned, the old counties of operation recorded an EBIT reduction of 79.74% to €1.13 mil. in H1 2009 from €5.59 mil in H1 2008, while the old countries EBIT margin settled at 1.98% in H1 2009 from 8.42% in the respective period last year. Τhe Greek EBIT declined by 25.10% to €9.77 mil. from €13.05 mil. in H1 2008.
The table below summarizes some basic rations for the Group's financial performance for the years H1 2009 and H1 2008.
| 2008 | 2007 | |
|---|---|---|
| Gross Profit Margin | 49.48% | 51.88% |
| EATAM margin | 7.41% | 12.19% |
| Net Operating capital over sales | 33.92% | 33.64% |
| Total Bank Debt | 61.01 | 68.76 |
| Leverage (Debt/Equity) | 56.92% | 61.86% |
| Non current Liabilities to Total | 9.96% | 25.99% |
Gross profit margin settled at 49.48% versus 51.88%, largely affected by the adverse currency movements.
The EATAM margin is lower than last year's margin largely affected by the reduced consumer spending and the continuing adverse macroeconomic environment as well as the negative impact from currency movements.
Operating Working Capital requirements over sales is at last year's level.
The total Group's bank debt reduction lead to reduction of the leverage ratio.
Α) Corporate Presentation of the Group at the Association of Greek Institutional Investors
Sarantis Group corporate presentation was realized on April 1st 2009 at the Association of Greek Institutional Investors where Mr. Konstantinos Rozakeas, Chief Financial Officer of Sarantis Group, presented the Group's 2008 financial results as well as the management's strategy and estimates for 2009 financial results.
According to Mr. Rozakeas, despite the challenging economic environment in 2008 the Group's core Business Categories of Fragrances & Cosmetics and Household Products continued their satisfactory growth pattern, while at the same time further emphasis was placed on the own brand portfolio. In particular, own brands sales increased by 14.27% and their contribution to total turnover increased to 71.86% from 67.52% which was last year. Furthermore, the Group's foreign countries of operation continued to growth further, increasing at the same time their participation to total Group Turnover. More specifically, the business outside Greece contributed more than 50% to total consolidated sales reaching 58.84% from 55.61% last year.
In addition, Mr. Rozakeas pointed out a few factors that affected negatively the Group's financial results during the fourth quarter of 2008. More specifically, the main reasons of the Group's fourth quarter weak performance are the devaluation of the currencies of the Group's foreign countries, the Athens riots and the deteriorating consumption activity, the reduced earnings by the Estee Lauder JV, the one-off loss assumed due to the close of the aluminium hedge, the Group's cost saving initiatives and additional provisions for potential future bad debts.
In terms of the Group's future prospects and developments, Mr. Rozakeas remarked that in the middle of the adverse economic environment, the Group remains focused on its strategic pillars of growth. A significant part of the Group's strategy is the further organic growth of the core business activities together with the further development of the own brands portfolio. Surely, the company's duty is the continuous examination of the situation in the economies of the Group's foreign countries and modification of the business where deemed necessary according to the new market conditions. In any case, key to the Group's future development is the increase of the existing market shares of the own brands in the region. Finally, following the successful implementation and "go live" of SAP in the parent company in January 2009, the Group now focuses on the implementation of SAP and "go live" in Poland and Romania in January of 2010.
According to the Management's estimates, turnover will reach EUR 220 mil. by the end of 2009, versus EUR 259.37 mil. in the end of 2008. EBITDA is expected to decrease to 25.50 mil. from EUR 37.51 million in 2008. EBIT is estimated to reach EUR 22 mil. in 2009 from EUR 33.78 mil. in 2008, while 2009 EBT is expected to reach EUR 18.75 mil. Finally, EAT and EATAM are expected to settle at EUR 15 mil. in 2009.
The Group is exposed to financial and other risks, including the effects of changes in interest rates, credit risks and liquidity risks. The Group's overall risk management program aims at minimizing the possible negative effects from such risks on its financial performance. The Group's financial instruments consist mainly of deposits with banks, trade accounts receivable and payable, loans and dividends payable.
The Group operates in an environment characterized by relatively high foreign exchange risk given that almost 55% of the Group's total turnover comes from Eastern European countries where the volatility of foreign exchange rates has been high recently. The management of the Group is constantly monitoring the currencies' fluctuations, but at the moment it has not taken any measures against the fx risk due to the lack of appropriate hedging tools.
The Group's objective is to achieve an optimal balance between borrowing cost and the potential effect of interest rate changes on earnings and cash flows. The Group manages its debt and overall financing strategies using a combination of short and long-term debt. It is Group policy to continuously review interest rate trends along with its financing needs. Daily working capital requirements are typically financed with operational cash flow and through the use of various committed lines of credit. The interest rate on these short-term borrowing arrangements, is generally determined as the inter-bank offering rate at the borrowing date plus a pre-set margin. The mix of fixed-rate debt and variable-rate debt is managed within policy guidelines. In case of an interest rate increase, the Group will not have a negative impact on the next period's 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 when deemed necessary.
Prudent liquidity risk management implies the existence of a balance between cash flows as well as funding through adequate amounts of committed credit facilities. The Group closely monitors the amount of funding as well as the short-term and long-term funding with respect to total debt and the composition of total debt, manages the risk that could arise from the lack of sufficient liquidity and
secures that necessary borrowing facilities are maintained. The Group has sufficient credit line facilities that could be utilized to fund any potential shortfall in cash resources. The Group manages and monitors its working capital in order to minimize any possible liquidity and cash flow risks.
The Group is exposed to the volatility of raw material prices. For instance, aluminium is a basic raw material for the Group and as such movements in the aluminium price affect the Group's financials. In order to protect itself against adverse aluminium price movements, the Group hedges against fluctuations of the aluminium price over short term periods of time.
Sarantis Group H1 2009 financial results reflect the weakening in the consumer sector and the unfavourable currency movements in the Group's foreign countries.
The Group, is aware of the turbulent market conditions, keeps a close look on the developments of its foreign countries and is able to adjust to the new circumstances.
It should be noted that, compared to the first quarter of 2009, during the second quarter of 2009 the Group managed to improve its performance on the back of the improved Greek market operations and by focusing on cost saving initiatives and more rational operating expenses.
The management expects the difficult trading conditions will persist in the second half of 2009. However, unless there is a further deterioration in the economic environment and given the Group's recent performance, the management believes its FY 2009 estimates will be achieved.
In the middle of the particularly challenging economic and business environment, the Group remains focused on its strategic pillars of growth that consist of organic growth of the core business activities and emphasis on Sarantis own brands portfolio, increase of the existing market shares of own brands in the EE region, continuous examination of the situation in the economies of the Group's foreign countries and modification of the business where deemed necessary according to the new market conditions and finally, focus on the successful implementation of SAP and "go live" on 1/1/2010 in Poland and Romania.
The significant transactions between the Company and its affiliates (affiliated parties) as such are defined by International Accounting Standards 24, are described below.
Company
| Receivables from commercial activity | 30/6/2009 | 31/12/2008 |
|---|---|---|
| VENTURES S.A. | 1,486,049.06 | 811,093.87 |
| ZETA SA | 404,596.62 | 403,664.22 |
| SAR.BELGRADE | 56,613.09 | 0.00 |
| SAR.SAREAST | 0.00 | 0.00 |
| SAR.SKOPJE L.T.D | 0.00 | 98,395.40 |
| SAR.BULGARIA | 0.00 | 515,102.92 |
| SAR.ROMANIA | 60,004.64 | 2,137,532.43 |
| Κ.THEODORIDIS | 68,266.20 | 72,178.32 |
| SAR.CZECH | 830,468.78 | 635,029.22 |
| SAR.POLSKA | 197,731.62 | 2,316,795.26 |
| SAR UKRAINE | 501,980.09 | 501,980.09 |
| SAR TURKEY | 0.00 | 0.00 |
| SAR HUNGARY | 0.00 | 977,932.46 |
| SAR.RUSSIA | 657,381.76 | 1,380,970.75 |
| TRADE | 299,799.86 | 0.00 |
| Total | 4,562,891.72 | 9,850,674.94 |
| Receivables from loans | ||
| ZETA SA | 200,000.00 | 0.00 |
| TOTAL RECEIVABLES | 4,762,891.72 | 9,850,674.94 |
| Liabilities from commercial activity |
| 200.00 | 200.00 |
|---|---|
| 300.00 | 300.00 |
| 281,230.36 | 0.00 |
| 434,166.96 | 21,688.50 |
| 1,405.80 | 265,213.67 |
| 3,563,778.66 | 0.00 |
| 1,714.00 | 0.00 |
| 714,758.51 | 0.00 |
| 2,993,643.52 | 587.33 |
| SAR TURKEY | 226,939.40 | 168,837.45 |
|---|---|---|
| Total | 8,218,137.21 | 456,826.95 |
| Liabilities from loans | ||
| ZETA FIN | 16,662,917.00 | 16,339,916.00 |
| SAR.SAREAST | 409,400.00 | 400,350.00 |
| GR SAR.CYPRUS LTD | 9,869,205.22 | 16,306,247.61 |
| Total | 26,941,522.22 | 33,046,513.61 |
| TOTAL LIABILITIES | 35,159,659.43 | 33,503,340.56 |
| Income | 30/6/2009 | 30/6/2008 |
| Sales of merchandise | ||
| VENTURES SA | 1,077,762.40 | 1,131,012.56 |
| SAR.ROMANIA | 1,924,029.38 | 2,637,422.45 |
| SARANTIS BULGARIA | 989,685.24 | 1,795,126.91 |
| SAR. BELGRADE | 877,192.89 | 1,494,611.24 |
| SARANTIS SKOPJE | 344,654.56 | 497,122.99 |
| SARANTIS ANADOL S.A | 69,153.50 | 23,873.94 |
| SARANTIS UKRAINE | 0.00 | -36,083.17 |
| SARANTIS POLAND | 1,146,452.60 | 2,424,921.17 |
| SAR CZECH | 464,145.82 | 819,380.20 |
| K.THEODORIDIS SA | 9,098.00 | 36,746.75 |
| SAR RUSSIA | -723,588.99 | |
| SARANTIS TRADE | 284,908.02 | |
| SARANTIS HUNGARY | 0.00 | 693,369.67 |
| Total | 6,463,493.42 | 11,517,504.71 |
| Income | ||
| Other | ||
| VENTURES SA | ||
| SARANTIS UKRAINE | 7,087.14 0.00 |
758.34 2,754.10 |
| SARANTIS POLAND | 11,200.00 | 11,200.00 |
| ZETA SA | 925.00 | 900.00 |
| SAR SAREST | 0.00 | 0.00 |
| SAR BULGARIA | 0.00 | 0.00 |
| K.THODORIDIS SA | 0.00 | 15,520.00 |
| Total | 19,212.14 | 31,132.44 |
| TOTAL INCOME | 6,482,705.56 | 11,548,637.15 |
|---|---|---|
11
| SARANTIS BELGRADE | 1,386.75 | 0.00 | ||
|---|---|---|---|---|
| SARANTIS HUNGARY | 0.00 | 9,526.33 | ||
| SARANTIS TRADE | 13,236.41 | 0.00 | ||
| SARANTIS CZECH | 0.00 | 5,100.24 | ||
| SARANTIS POLAND | 11,803.75 | 12,717.55 | ||
| SARANTIS ANADOL S.A | 605,899.46 | 226,387.01 | ||
| SARANTIS RUSSIA | 709,446.53 | 0.00 | ||
| SARANTIS UKRAINE | 0.00 | 50,772.48 | ||
| Total | 1,341,772.90 | 304,503.61 | ||
| Expenses – Interest | ||||
| ΖΕΤΑ FIN LTD | 264,679.28 | 5,768.70 | ||
| GR.SARANTIS CYPRUS LIM. | 295,446.56 | 63,377.79 | ||
| SAREAST SA | 9,050.00 | 0.00 | ||
| Total | 569,175.84 | 69,146.49 | ||
| TOTAL EXPENSES Marousi, 18 August 2009 |
1,910,948.74 | 373,650.10 | ||
| The Board of Directors | ||||
| THE CHAIRMAN OF THE BOARD |
THE VICE-CHAIRMAN & CHIEF EXECUTIVE OFFICER |
THE FINANCE DIRECTOR & BOARD MEMBER |
||
| GRIGORIS SARANTIS | KYRIAKOS SARANTIS | KONSTANTINOS ROZAKEAS | ||
| ID No. Χ 080619/03 | ID No. Ρ 539590/95 | ID No. Ρ 534498/94 |
To the Shareholders of "GR. SARANTIS S.A. "
We have reviewed the accompanying condensed company and consolidated statement of financial position of "GR. SARANTIS S.A." (the "Company"), the related statements of comprehensive income, changes in equity and cash flows for the six-month period then ended, and selective explanatory notes which comprise the interim condensed financial statements, which represents an integral part of the half year financial report of L3556/2007. Management is responsible for the preparation and fair presentation of this interim condensed financial information in accordance with International Financial Reporting Standards as adopted by the European Union and applicable to interim financial reporting ("IAS 34"). Our responsibility is to express a conclusion on this interim condensed 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". 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 International Standards on Auditing 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 statement is not prepared, in all material respects, in accordance with IAS 34.
Based on our review we noted that the content of the half year Financial Report provided by article 5 of L3556/2007 is consistent with the accompanying interim condensed financial information.
Athens, 24 th August 2009 The Certified Public Accountant
George I. Varthalitis SOEL. Reg. No: 10251
SOEL Reg.No: 148
It is ascertained that the accompanying Interim Financial Statements for the period 01/01 – 30/06/2009 are those approved by the Board of Directors of "GR. SARANTIS S.A." on 18/08/2009 and have been published by their posting on the internet, on the website www.sarantis.gr. It is noted that the published in the press brief financial data aim at providing readers with general financial information and do not provide a complete picture of the financial position and results of the Group, according to the International Financial Reporting Standards.
| STATEMENT OF FINANCIAL POSITION17 | |||
|---|---|---|---|
| TOTAL COMPREHENSIVE INCOME STATEMENT18 | |||
| STATEMENT OF CHANGES IN GROUP'S EQUITY19 | |||
| STATEMENT OF CHANGES IN COMPANY'S EQUITY20 | |||
| CASH FLOW STATEMENT21 | |||
| 1. | NOTES ON THE INTERIM FINANCIAL STATEMENTS 22 | ||
| 1.1 1.2 1.3 |
THE COMPANY22 GROUP STRUCTURE23 BUSINESS ACTIVITY24 |
||
| 2. | BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS24 | ||
| 2.1 2.2 2.3 2.4 2.5 2.6 2.7 |
COMPLIANCE WITH IFRS 24 BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS 24 APPROVAL OF FINANCIAL STATEMENTS 24 COVERED PERIOD 24 PRESENTATION OF THE FINANCIAL STATEMENTS 24 SIGNIFICANT JUDGMENTS AND ESTIMATIONS BY MANAGEMENT 25 NEW STANDARDS – AMENDMENTS AND INTERPRETATIONS TO EXISTING STANDARDS25 |
||
| 3 | BASIC ACCOUNTING PRINCIPLES28 | ||
| 3.1 3.2 3.3 3.4 3.5 3.6 |
CONSOLIDATION28 FOREIGN CURRENCY CONVERSION30 FINANCIAL INFORMATION BY SEGMENT31 GOODWILL 31 INTANGIBLE ASSETS 31 TANGIBLE ASSETS 32 |
||
| 3.7 | INVENTORIES33 | ||
| 3.8 3.9 |
FINANCIAL INSTRUMENTS33 TRADE RECEIVABLES34 |
||
| 3.10 | CASH & CASH EQUIVALENTS 34 |
| 3.11 | SHARE CAPITAL 34 | ||
|---|---|---|---|
| 3.12 | LOANS34 | ||
| 3.13 | LEASES35 | ||
| 3.14 | RETIREMENT BENEFITS AND SHORT-TERM EMPLOYEE BENEFITS35 | ||
| 3.15 | RECOGNITION OF INCOME36 | ||
| 3.16 | GOVERNMENT GRANTS37 | ||
| 3.17 | PROVISIONS37 | ||
| 3.18 | DIVIDEND DISTRIBUTION37 | ||
| 3.19 | INCOME TAX 37 | ||
| 4 | CAPITAL MANAGEMENT 38 | ||
| 5 | EXPLANATORY NOTES ON THE FINANCIAL STATEMENTS 39 | ||
| 5.1 | SEGMENT REPORTING39 | ||
| 5.2 | GOODWILL 41 | ||
| 5.3 | INVENTORIES41 | ||
| 5.4 | TRADE AND OTHER RECEIVABLES41 | ||
| 5.5 | CASH & CASH EQUIVALENTS 42 | ||
| 5.6 | SECURITIES 43 | ||
| 5.7 | TRADE AND OTHER LIABILITIES43 | ||
| 5.8 | PROVISIONS44 | ||
| 5.9 | LOANS44 | ||
| 5.10 | INCOME TAX45 | ||
| 5.11 | DEFERRED TAXES45 | ||
| 5.12 | EMPLOYEE BENEFITS46 | ||
| 5.13 | EXPENSES PER CATEGORY47 | ||
| 5.14 | SHARE CAPITAL 48 | ||
| 5.15 | TREASURY SHARES48 | ||
| 5.16 | TABLE OF CHANGES IN FIXED ASSETS49 | ||
| 5.17 | ACTUARIAL STUDY53 | ||
| 5.18 | INTRA-GROUP TRANSACTIONS 54 |
| GROUP | COMPANY | |||
|---|---|---|---|---|
| 30/6/2009 | 31/12/2008 | 30/6/2009 | 31/12/2008 | |
| ASSETS | ||||
| Non-current assets | 77,484,161.38 | 74,839,473.11 | 93,857,585.77 | 94,357,360.65 |
| Tangible fixed assets | 39,562,817.24 | 43,733,650.40 | 33,729,297.16 | 38,025,807.71 |
| Intangible assets | 5,966,777.74 | 1,796,756.95 | 4,331,569.76 | 71,207.39 |
| Company goodwill | 5,964,078.33 | 6,082,525.83 | ||
| Deferred tax assets | 2,449,267.32 | 2,224,181.03 | 1,767,838.02 | 1,806,464.72 |
| Investments in subsidiaries, associates | 22,812,457.15 | 19,490,416.89 | 53,554,972.35 | 53,304,972.35 |
| Other long-term assets | 728,763.60 | 1,511,942.01 | 473,908.48 | 1,148,908.48 |
| Current assets | 139,381,322.30 | 154,199,010.24 | 78,183,756.29 | 88,665,160.58 |
| Inventories | 39,848,204.43 | 44,954,118.95 | 19,224,912.82 | 21,891,547.63 |
| Trade receivables | 77,535,041.17 | 73,312,724.26 | 48,037,494.94 | 42,988,981.51 |
| Other receivables | 5,724,503.50 | 6,054,920.21 | 3,607,192.99 | 4,209,784.70 |
| Cash & cash equivalents | 9,409,549.41 | 23,160,007.71 | 1,761,082.05 | 14,471,653.57 |
| Securities | 6,415,211.14 | 5,972,453.00 | 5,422,150.00 | 4,919,100.00 |
| Prepayments and accrued income | 448,812.65 | 744,786.11 | 130,923.49 | 184,093.17 |
| Total Assets | 216,865,483.68 | 229,038,483.35 | 172,041,342.06 | 183,022,521.23 |
| 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 | -14,780,443.81 | -12,241,635.30 | -13,819,624.86 | -11,299,975.40 |
| Profit (losses) carried forward | 23,634,310.66 | 18,706,144.33 | -32,054,258.84 | -32,744,807.32 |
| Minority interest: | 4,528.61 | 2,107.57 | 0.00 | 0.00 |
| Total Equity | 107,171,039.04 | 104,779,260.18 | 52,438,759.88 | 54,267,860.86 |
| LIABILITIES | ||||
| Long-term liabilities | 21,606,970.51 | 23,065,449.22 | 19,479,233.00 | 20,847,062.20 |
| Loans | 18,250,000.00 | 18,250,000.00 | 17,000,000.00 | 17,000,000.00 |
| Deferred tax liability | 0.00 | 48,095.79 | 0.00 | 0.00 |
| Provisions for post employment employee benefits |
1,696,595.09 | 1,696,595.09 | 1,641,233.00 | 1,641,233.00 |
| Provisions and other long-term liabilities | 1,660,375.42 | 3,070,758.34 | 838,000.00 | 2,205,829.20 |
| Short-term liabilities | 88,087,474.13 | 101,193,773.95 | 100,123,349.18 | 107,907,598.17 |
| Suppliers | 32,019,271.78 | 44,386,535.61 | 21,719,803.76 | 29,502,679.74 |
| Other liabilities | 3,911,684.72 | 2,709,131.03 | 36,519,653.78 | 35,036,609.15 |
| Income taxes and other taxes payable | 3,683,540.06 | 4,138,364.31 | 2,132,639.16 | 2,180,153.36 |
| Loans | 42,755,633.42 | 46,671,255.93 | 39,500,000.00 | 40,500,000.00 |
| Accruals and deferred expenses | 5,717,344.15 | 3,288,487.07 | 251,252.48 | 688,155.92 |
| Total Equity & Liabilities | 216,865,483.68 | 229,038,483.35 | 172,041,342.06 | 183,022,521.23 |
| GROUP | COMPANY | |||||||
|---|---|---|---|---|---|---|---|---|
| 1/1- 30/06/2009 |
1/1- 30/06/2008 |
1/04- 30/06/2009 |
1/04- 30/06/2008 |
1/1- 30/06/2009 |
1/1- 30/06/2008 |
1/04- 30/06/2009 |
1/04- 30/06/2008 |
|
| Sales | 106,514,994.34 | 125,736,376.17 | 60,032,418.62 | 69,575,066.92 | 52,239,058.75 | 66,744,253.84 | 29,275,434.44 | 36,103,355.25 |
| Cost of sales | 53,811,810.49 | 60,503,150.94 | 30,286,473.57 | 33,382,256.16 | 26,897,690.21 | 33,399,491.15 | 14,605,339.16 | 18,093,022.63 |
| Gross profit | 52,703,183.85 | 65,233,225.23 | 29,745,945.05 | 36,192,810.76 | 25,341,368.54 | 33,344,762.69 | 14,670,095.28 | 18,010,332.62 |
| Other income - expenses (net) |
5,374,715.60 | 5,530,991.13 | 4,681,280.05 | 4,547,192.15 | 1,058,266.05 | 906,495.78 | 576,536.81 | 457,780.10 |
| Distribution costs | 40,336,516.38 | 45,314,492.03 | 22,570,958.56 | 26,503,482.19 | 19,985,576.95 | 22,247,375.75 | 11,240,770.24 | 13,056,009.32 |
| Administrative expenses | 6,828,302.27 | 6,812,546.96 | 3,627,694.87 | 2,839,789.53 | 3,419,082.99 | 3,629,104.55 | 1,787,274.96 | 1,474,506.98 |
| Operating profit | 10,913,080.80 | 18,637,177.37 | 8,228,571.67 | 11,396,731.19 | 2,994,974.65 | 8,374,778.17 | 2,218,586.89 | 3,937,596.42 |
| Finance cost (net) | -1,019,568.00 | 978,014.16 | 164,186.94 | 1,186,858.44 | -1,121,308.18 | 320,360.74 | -82,804.27 | 334,774.17 |
| Net profit before taxes | 9,893,512.80 | 19,615,191.53 | 8,392,758.61 | 12,583,589.63 | 1,873,666.47 | 8,695,138.91 | 2,135,782.62 | 4,272,370.59 |
| Income tax | 1,959,792.51 | 3,453,674.37 | 1,509,134.49 | 1,887,141.25 | 188,918.32 | 1,055,414.87 | 188,918.32 | 126,633.52 |
| Deferred tax | 38,626.70 | 838,926.98 | 37,423.33 | 903,763.03 | 38,626.70 | 838,926.98 | 37,423.33 | 903,763.03 |
| Net profit for the period after taxes (A) |
7,895,093.59 | 15,322,590.18 | 6,846,200.79 | 9,792,685.35 | 1,646,121.45 | 6,800,797.06 | 1,909,440.97 | 3,241,974.04 |
| Shareholders of the parent | 7,892,672.55 | 15,321,156.65 | 6,845,054.31 | 9,792,481.24 | 1,646,121.45 | 6,800,797.06 | 1,909,440.97 | 3,241,974.04 |
| Minority interest | 2,421.04 | 1,433.53 | 1,146.48 | 204.11 | 0.00 | 0.00 | 0.00 | |
| Other comprehensive income after taxes (B) |
-841,737.63 | 926,241.42 | 3,582,451.21 | 1,210,165.19 | 1,186,354.67 | 182,175.67 | 2,311,350.00 | -199,170.00 |
| Total comprehensive income after taxes (A) + (B) |
7,053,355.96 | 16,248,831.60 | 10,428,652.00 | 11,002,850.54 | 2,832,476.12 | 6,982,972.73 | 4,220,790.97 | 3,042,804.04 |
| Owners of the parent | 7,050,934.92 | 16,247,398.07 | 10,427,505.52 | 11,002,646.43 | 0.00 | 0.00 | 0.00 | 0.00 |
| Minority interest | 2,421.04 | 1,433.53 | 1,146.48 | 204.11 | ||||
| Earnings per share, which correspond to the parent's shareholders for the period |
0.2058 | 0.3995 | 0.1785 | 0.2553 | 0.0429 | 0.1773 | 0.0498 | 0.0845 |
| Amounts for the period |
Share Capital | Share Premium | Readjustments Reserve and other reserves |
Balance of profit / losses |
Minority interest |
Total |
|---|---|---|---|---|---|---|
| Balance as at 1 January 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 | 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 | ||||
| Results of treasury shares |
231,660.00 | 231,660.00 | ||||
| Write-off of minority interest due to acquisition of stake |
145,823.16 | 145,823.16 | ||||
| Balance as at 30 JUNE 2008 |
59,060,447.60 | 39,252,195.98 | -3,005,863.30 | 15,843,416.18 | 6,821.08 | 111,157,017.54 |
| Balance as at 1 January 2009 |
59,060,447.60 | 39,252,195.98 | -12,241,635.30 | 18,706,144.33 | 2,107.57 | 104,779,260.18 |
| Foreign exchange differences |
-2,008,933.25 | 0.00 | -2,008,933.25 | |||
| Dividends | -1,150,528.20 | -1,150,528.20 | ||||
| Net profit for the period |
7,892,672.55 | 2,421.04 | 7,895,093.59 | |||
| Financial assets available for sale |
975,195.62 | 0.00 | 975,195.62 | |||
| Purchase of treasury shares |
-3,511,048.90 | 0.00 | 0.00 | -3,511,048.90 | ||
| Stock options | 192,000.00 | 192,000.00 | ||||
| Transfer from reserves to profit carried forward |
0.00 | -194,955.23 | 194,955.23 | 0.00 | 0.00 | |
| Balance as at 30 JUNE 2009 |
59,060,447.60 | 39,252,195.98 | -14,780,443.81 | 23,634,310.66 | 4,528.61 | 107,171,039.04 |
| Amounts for the period | Share Capital | Share Premium |
Readjustments Reserve and other reserves |
Balance of profit / losses |
Minority interest |
Total |
|---|---|---|---|---|---|---|
| Balance as at 1 January 2008 |
59,060,447.60 | 39,252,195.98 | -3,037,785.22 | -31,463,422.08 | 0 | 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 30 JUNE 2008 |
59,060,447.60 | 39,252,195.98 | -2,855,609.55 | -31,182,284.82 | 0 | 64,274,749.21 |
| Balance as at 1 January 2009 |
59,060,447.60 | 39,252,195.98 | -11,299,975.40 | -32,744,807.32 | 0.00 | 54,267,860.86 |
| Dividends | -1,150,528.20 | -1,150,528.20 | ||||
| Net profit for the period | 1,646,121.45 | 1,646,121.45 | ||||
| Financial assets available for sale |
994,354.67 | 994,354.67 | ||||
| Results of treasury shares | -3,511,048.90 | 0.00 | -3,511,048.90 | |||
| Stock options | 192,000.00 | 192,000.00 | ||||
| Transfer from reserves to profit carried forward |
0.00 | -194,955.23 | 194,955.23 | 0.00 | ||
| Balance as at 30 JUNE 2009 |
59,060,447.60 | 39,252,195.98 | -13,819,624.86 | -32,054,258.84 | 0.00 | 52,438,759.88 |
| CASH FLOW STATEMENT | |||||
|---|---|---|---|---|---|
| (Amounts in Euro) | GROUP | COMPANY | |||
| 01/01-30/06/2009 | 01/01-30/06/2008 | 01/01-30/06/2009 | 01/01-30/06/2008 | ||
| CASH FLOWS FROM OPERATING ACTIVITIES |
|||||
| Profits before tax | 9,893,512.80 | 19,615,191.53 | 1,873,666.47 | 8,695,138.91 | |
| Adjustments for: | |||||
| Depreciation of fixed assets | 1,810,503.54 | 1,920,788.62 | 1,118,187.47 | 1,154,116.08 | |
| Provisions | 0.00 | 0.00 | 0.00 | 0.00 | |
| Foreign Exchange differences | 221,202.00 | -259,785.00 | -180,194.98 | -334,402.86 | |
| Results(income. expenses. profits and losses) | |||||
| from investing activities Interest expense and related expenses |
-4,958,928.48 1,460,509.00 |
-7,387,138.46 1,981,925.00 |
-429,076.70 1,749,061.24 |
-2,044,282.04 2,047,051.74 |
|
| Plus/minus adjustments for changes in working capital accounts or those related to operating |
|||||
| activities: | |||||
| Decrease / (increase) in inventories | 5,105,914.52 | -4,081,864.95 | 2,666,634.81 | 1,206,934.48 | |
| Decrease / (increase) in receivables | -2,920,926.74 | -16,444,876.80 | -3,717,752.04 | -13,864,050.96 | |
| (Decrease) / increase in liabilities (other than to banks) |
-10,475,666.55 | 4,014,704.90 | -8,480,802.81 | -2,010,803.78 | |
| Less: | |||||
| Interest and related expenses paid | -828,253.50 | -1,206,176.07 | -1,162,707.08 | -1,271,302.81 | |
| Tax paid | -1,578,687.61 | -2,015,617.00 | -641,096.10 | -851,103.62 | |
| NET INFLOWS / (OUTFLOWS) FROM OPERATING ACTIVITIES (a) |
-2,270,821.01 | -3,862,848.23 | -7,204,079.72 | -7,272,704.86 | |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||
| Acquisition/Sale of subsidiaries, associates, | |||||
| joint ventures and other investments | 660,671.89 | -2,859,976.19 | 294,408.12 | -1,047,756.56 | |
| Purchase of tangible and intangible fixed assets | -2,420,737.70 | -3,668,436.30 | -1,300,648.36 | -2,385,425.33 | |
| Proceeds from sale of tangible and intangible assets |
82,927.47 | 4,087,107.07 | 1,172.92 | 3,747,852.04 | |
| Interest received | 226,896.00 | 343,516.00 | 13,944.86 | 32,289.74 | |
| Dividends received | 35,191.00 | 519,228.00 | 509.77 | 495,000.00 | |
| NET INFLOWS / (OUTFLOWS) FROM INVESTMENT ACTIVITIES (b) |
-1,415,051.34 | -1,578,561.42 | -990,612.69 | 841,959.89 | |
| CASH FLOWS FROM FINANCING ACTIVITIES |
|||||
| Proceeds from loans granted / assumed | 0.00 | 8,550,000.00 | 0.00 | 8,000,000.00 | |
| Payment of loans | -3,915,622.51 | -20,939,504.40 | -1,000,000.00 | -20,000,000.00 | |
| Expenses of share capital increase | 0.00 | 0.00 | 0.00 | 0.00 | |
| Dividends paid | -4,830.21 | -6,517,505.35 | -4,830.21 | -6,517,505.35 | |
| Payments for purchase of treasury shares | -3,511,048.90 | 0.00 | -3,511,048.90 | 0.00 | |
| TOTAL INFLOWS / (OUTFLOWS) FROM | |||||
| FINANCING ACTIVITIES (c) | -7,431,501.62 | -18,907,009.75 | -4,515,879.11 | -18,517,505.35 | |
| Increase / (decrease) in cash and cash | |||||
| equivalents (a+b+c) | -11,117,373.97 | -24,348,419.40 | -12,710,571.52 | -24,948,250.32 | |
| Cash and cash equivalents at the start of the | |||||
| period | 23,160,007.71 | 43,165,272.60 | 14,471,653.57 | 29,256,819.24 | |
| Effect from foreign exchange differences due to | |||||
| translation to euro | -2,633,084.33 | -542,009.21 | 0.00 | 0.00 | |
| CASH & CASH EQUIVALENTS AT THE END | |||||
| OF THE PERIOD | 9,409,549.41 | 18,274,843.99 | 1,761,082.05 | 4,308,568.92 |
Gr. Sarantis SA (the company) has the legal form of a socié té 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 category.
The group's companies, which are included in the consolidated financial statements, are the following:
| DIRECT PARTICIPATIO |
INDIRECT PARTICIPATIO |
TAX UN AUDITED |
|||
|---|---|---|---|---|---|
| COMPANY | DOMICILE | N PERCENTAGE |
N PERCENTAGE |
TOTAL | FISCAL YEARS |
| FULL CONSOLIDATION METHOD | |||||
| VENTURES SA | GREECE | 88.66% | 0.00% | 88.66% | 2007-2008 |
| GR SARANTIS CYPRUS LIMITED | CYPRUS | 100.00% | 0.00% | 100.00% | - |
| SARANTIS BULGARIA L.T.D | BULGARIA | 0.00% | 100.00% | 100.00% | 2008 |
| SARANTIS ROMANIA S.A | ROMANIA | 0.00% | 100.00% | 100.00% | 2008 |
| ELMIPLANT | ROMANIA | 0.00% | 100.00% | 100.00% | - |
| SARANTIS DISTRIBUTION S.C | ROMANIA | 0.00% | 100.00% | 100.00% | 2008 |
| SARANTIS BELGRADE D.O.O | SERBIA | 0.00% | 100.00% | 100.00% | 2008 |
| SARANTIS SKOPJE D.O.O | FYROM | 0.00% | 100.00% | 100.00% | 2008 |
| SARANTIS POLSKA S.A | POLAND | 0.00% | 100.00% | 100.00% | 2008 |
| SARANTIS TRADE 90 | HUNGARY | 0.00% | 100.00% | 100.00% | - |
| SARANTIS CZECH REPUBLIC sro | CZECH REPUBLIC |
0.00% | 100.00% | 100.00% | 2008 |
| VENUS S.A | LUXEMBOURG | 0.00% | 100.00% | 100.00% | - |
| ΖΕΤΑ SA | GREECE | 0.00% | 100.00% | 100.00% | 2007-2008 |
| ΖΕΤΑ FIN LTD | CYPRUS | 0.00% | 100.00% | 100.00% | 2002-2008 |
| WALDECK LIMITED | CYPRUS | 0.00% | 100.00% | 100.00% | 2006-2008 |
| SAREAST | CYPRUS | 0.00% | 100.00% | 100.00% | 2006-2008 |
| SARANTIS RUSIA | RUSSIA | 0.00% | 100.00% | 100.00% | 2006-2008 |
| ΖΕΤΑ COSMETICS LTD | CYPRUS | 0.00% | 100.00% | 100.00% | 2002-2008 |
| SARANTIS ANADOL SA | TURKEY | 99.98% | 0.00% | 99.98% | 2005-2008 |
| SARANTIS UKRAINE S.A | HUNGARY | 100.00% | 0.00% | 100.00% | 2006-2008 |
| UKRAINE | |||||
| PROPORTIONATE CONSOLIDATION METHOD |
|||||
| K. THEODORIDIS SA | GREECE | 50.00% | 0.00% | 50.00% | 2007-2008 |
| ΟΤΟ ΤOP EOOD | BULGARIA | 0.00% | 25.50% | 25.50% | 2008 |
| EQUITY CONSOLIDATION METHOD | |||||
| ΕLCA COSMETICS LTD | CYPRUS | 0.00% | 49.00% | 49.00% | 2001-2008 |
| ESTEE LAUDER HELLAS SA | GREECE | 0.00% | 49.00% | 49.00% | 2007-2008 |
| ΕSTEE LAUDER BULGARIA | BULGARIA | 0.00% | 49.00% | 49.00% | 2001-2008 |
| ΙΜ COSMETICS SA | ROMANIA | 0.00% | 49.00% | 49.00% | 2001-2008 |
Note:
During the 2nd quarter of 2009, the subsidiary company Trade 90 proceeded with the absorption of the subsidiary Sarantis Hungary Kft, while 30% of the subsidiary company Sarantis Skopje was transferred from the subsidiary GR. Sarantis Cyprus Ltd to the subsidiary Sarantis Belgrade DOO.
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.
Note: For comparability reasons, several accounts of the consolidated cash flow statement for the period from 01/01/2009 to 30/06/2009 were reclassified. Specifically, an account amounting to -542,009.21 euro was transferred from the line "(Decrease)/Increase of liabilities (apart from banks)" of operating activities, to the line "Effect of foreign exchange differences due to translation to euro".
The interim consolidated financial statements have been approved by the company's Board of Directors on 18/08/2009.
The present interim 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 2009 to June 30th 2009.
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 has applied IFRS 8 since January 1st 2009.
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 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 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 interpretation will not affect the financial statements of the group.
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 Interpretations Committee issued I.F.R.I.C. 15 "Agreements for the Construction of Real Estate". I.F.R.I.C. 15 is effective for annual periods beginning on or after 1 January 2009. The interpretation does not apply to the Group.
The Interpretation Committee issued I.F.R.I.C. 16 "Hedges of a Net Investment in a Foreign Operation". The Interpretation clarifies several issues for the accounting treatment of foreign exchange risk hedges of a net investment in a foreign operation (such as subsidiaries and associate companies whose activities take place in a currency other than the operating currency of the relevant company). I.F.R.I.C. 16 is effective for annual periods beginning on or after 1 October 2008, however retrospective application is not required. The interpretation does not apply to the Group.
The basic changes of this Standard are summarized in the separate presentation of changes in equity that arise from transactions with shareholders through their capacity as such (i.e. dividends, share capital increases) from the other changes in equity (i.e. conversion reserves). Also, the improved version of the Standard induces changes to the terminology as well as to the presentation of the financial statements. However, the new definitions of the Standard do not change the recognition, measurement or disclosure rules of specific transactions and other events that are required by other Standards. The amendment of IAS 1 is mandatory for periods beginning on or after 1 January 2009 while the requirements are also effective for IAS 8 "Accounting policies, changes in accounting estimations and errors". The changes induced from the amendment to IAS 1 are applied retrospectively. The group applied the above amendments and made the appropriate changes to the presentation of its financial statements for 2009.
The amendment to IAS 32 requires that specific financial instruments available by the owner ("puttable" instruments) and liabilities that arise during the liquidation of an entity, be classified as Equity if specific criteria are met. The amendment to IAS 1 requires the disclosure of information regarding the "puttable" instruments classified as Equity. The amended version of IAS 32 is effective for periods beginning on or after 1 January 2009.
The amendment of the standard clarifies two issues: The definition of the term "vesting condition", with the introduction of the term "non-vesting condition" for terms that do not constitute service or performance terms. Also, is clarifies that all cancellations, either arising from the entity or from the counterparties, must have the same accounting treatment. IFRS 2 is effective for periods beginning on or after 1 January 2009 and its application will not affect the group's financial statements.
IFRS 3 will apply to business combinations that arise in such periods and the application scope has been amended to include business combinations under joint control and without consideration (parallel listing of shares). IFRS 3 and IAS 27, amongst other, require a greater use of fair value through the income statement and the reinforcement of the relevant company's financial statement. Moreover, the above standards introduce the following requirements:
(1) the participation share must be re-calculated when control is acquired or lost
(2) the effect of all transactions between controlled and non-controlled parties must be recognized directly in equity when control has not been lost, and
(3) the standards focus on what has been provided to the seller as exchange rather than on the amount of the expense for the acquisition.
The amendments to IFRS 3 and IAS 27 are effective for periods beginning on or after 1 July 2009.
According to the Interpretation, when a company proceeds with announcing a distribution and has the obligation to distribute assets that relate to its owners, it should recognize a liability for such dividends payable. IFRIC 17 provide guidance regarding when a company should recognize dividends payable, how such should be measured as well as how the differences between the book value of assets distributed and the book value of dividends payable should be booked when the company pays out the dividends payable. IFRIC 17 is effective for annual periods beginning on or after 1 July 2009, while retrospective application is not required. The interpretation will not affect the group's financial statements. The group does not intend to apply the interpretation in advance.
IFRIC 18 mainly concerns utility companies. The Interpretation clarifies the requirements of IFRS regarding agreements in which a company receives from a customer an item of property, plant and equipment that it must then use either to connect the customer to a network or to provide the customer with ongoing access to a supply of goods or services (such as a supply of electricity, gas or water) or to do both. IFRIC 18 is effective for annual periods beginning on or after 1 July 2009, while retrospective application is not required. The interpretation does not apply to the group.
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.
Finally, the Group does not consolidated subsidiaries when it considers that the effect of such on the consolidated financial statements is insignificant.
Associates are companies on which the Group can exert significant influence but which do not fulfill the conditions to be classified as subsidiaries or joint ventures. Significant influence is the authority to participate in decisions that regard decisions for the issuer's financial and business policies, but not control on such polices. Significant influence is usually implied when the group holds a percentage between 20% and 50% of the voting rights through ownership of shares or another type of agreement.
Investments in associates are initially recognized at cost and are subsequently valued using the equity method for consolidation purposes. Goodwill is included in the book cost of the investment and is examined for impairment as part of the investment.
When an economic unit of the group transacts with a group's associate company, any possible intra-company profit and losses are written-off by the participation percentage of the group in the relevant associate company.
All subsequent changes of the participation percentage in the associate company's net
position are recognized in book value of the group's investment.
Changes that arise from the profit or losses of associates are registered in the consolidated profit and loss account.
Changes that have been directly recognized in equity of the associates are recognized in the group's consolidated equity.
Any changes recognized directly in equity that are not related to a result, such as the distribution of dividends or other transactions with shareholders of the associate, are registered in the book value of the participation. No effect in the net result or equity is recognized in the context of such transactions.
When the share of losses in as associate for the group is equal or over the book value of the investment, including any other secured receivables, the group does not recognize further losses, unless it has been burdened with commitments or has proceeded with payments on behalf of the associate.
The accounting policies of associates are amended when deemed necessary in order to render such consistent with the policies adopted by the group.
In the parent's financial statements, investments in associates are valued, according to IAS 28, at acquisition cost minus any accumulated impairment loss.
Economic units whose financial activities are controlled jointly by the group and by other joint venture entities independent to the group, are accounted for using proportionate consolidation.
In the case where the group sells assets to the joint-venture, it recognizes only the profit or loss from the transaction that corresponds to the participation of the other members.
However, if the group purchases assets from the joint-venture, it does not recognize its share in the profit or loss until it sells the asset to third parties. In the case of indications of impairment of assets acquired by the 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
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 amortization and any impairment loss that may have emerged.
The useful economic life and depreciation method are reviewed at least at the end of each financial period. If the estimated useful life or expected burn-up rate of future economic benefits incorporated in another intangible asset have changed, the changes are accounted
for as changes in accounting estimations.
Intangible assets mainly include the acquired software used in production or management.
Land-plots and buildings are presented in the financial statements at readjusted values minus accumulated depreciations.
The fair value of land-plots and buildings is defined periodically by an independent evaluator.
The mechanical equipment and other tangible fixed assets are presented at acquisition cost minus accumulated depreciations and possible impairment losses.
The acquisition cost of fixed assets includes all expenses directly attributed to the acquisition of the assets. Subsequent expenses are registered as in increase of the tangible assets' book value or as a separate fixed asset, only to the extent where such expenses increase the future economic benefits expected to arise from the use of the fixed assets, and the cost of such may be reliably calculated. The cost of repairs and maintenance is registered in the results of the period where such are realized.
Self-produced tangible assets constitute and addition to the acquisition cost of tangible assets at values that include the direct payroll cost for staff that participates in the construction, the cost of used materials and other general costs.
The depreciations of tangible fixed assets are calculated with the straight line method during their useful life, which is as follows:
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.
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.
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 their 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 leases. 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 changes 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 differences.
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, aiming at providing satisfactory returns to shareholders and to maintain an ideal capital structure by reducing thus the cost of capital. The Group monitors its capital based on the leverage ratio. The leverage ratio is calculated by dividing net debt with total employed capital. Net debt is calculated as "Total debt" (including "short-term and longterm 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 30 June 2009 was as follows:
| GROUP | |||
|---|---|---|---|
| 30/6/2009 | 31/12/2008 | ||
| TOTAL DEBT | 61,005,633.42 | 64,921,255.93 | |
| MINUS | |||
| CASH & CASH EQUIVALENTS | -9,409,549.41 | -23,160,007.71 | |
| SECURITIES | -6,415,211.14 | -5,972,453.00 | |
| NET DEBT | 45,180,872.87 | 35,788,795.22 | |
| EQUITY ATTRIBUTED TO SHAREHOLDERS OF THE | |||
| PARENT | 107,166,510.43 | 104,777,152.61 | |
| TOTAL EMPLOYED CAPITAL | 152,347,383.30 | 140,565,947.83 | |
| LEVERAGE RATIO | 30% | 25% |
For management purposes, the Group is organized in three basic business segments: Fragrances & Cosmetics, Household Products and Other Sales. According to IFRS-8 Operating Segments, the management monitors the operating results of business segments individually with the objective to evaluate the performance and facilitate decision making as regards to allocation of resources.
The Group's results per segment are analyzed as follows:
| Commercial Activity Sectors |
Turnover | Earnings before interest, taxes (EBIT) |
Financial income & expenses |
Earnings before taxes |
Income Tax | Earnings after Taxes |
Depreciation & Amortization |
Earnings before interest, tax, depreciation & amortization (EBITDA) |
|---|---|---|---|---|---|---|---|---|
| Fragrances & Cosmetics |
45,906,776.63 | 2,013,348.93 | -439,422.46 | 1,573,926.47 | 317,921.95 | 1,256,004.52 | 780,306.87 | 2,793,655.80 |
| Household Products |
46,305,359.95 | 4,245,788.70 | -443,237.72 | 3,802,550.98 | 768,088.25 | 3,034,462.73 | 787,081.84 | 5,032,870.54 |
| Other Sales Income from |
14,302,857.77 | 344,386.37 | -136,907.82 | 207,478.54 | 41,909.19 | 165,569.35 | 243,114.83 | 587,501.20 |
| Affiliated Companies |
- | 4,309,556.80 | - | 4,309,556.80 | 870,499.82 | 3,439,056.98 | 0.00 | 4,309,556.80 |
| TOTAL | 106,514,994.34 | 10,913,080.80 | -1,019,568.00 | 9,893,512.80 | 1,998,419.21 | 7,895,093.59 | 1,810,503.54 | 12,723,584.34 |
| Commercial Activity Sectors |
Turnover | Earnings before interest, taxes (EBIT) |
Financial income & expenses |
Earnings before taxes |
Income Tax | Earnings after Taxes |
Depreciation & Amortization |
Earnings before interest, tax, depreciation & amortization (EBITDA) |
|---|---|---|---|---|---|---|---|---|
| Fragrances & Cosmetics |
55,646,228.31 | 8,120,747.65 | 432,832.57 | 8,553,580.22 | 1,871,871.09 | 6,681,709.13 | 850,069.37 | 8,970,817.02 |
| Household Products |
52,481,432.76 | 4,823,434.19 | 408,215.87 | 5,231,650.06 | 1,144,897.72 | 4,086,752.34 | 801,722.95 | 5,625,157.14 |
| Other Sales Income from |
17,608,715.10 | 1,068,866.51 | 136,965.72 | 1,205,832.23 | 263,885.11 | 941,947.11 | 268,996.30 | 1,337,862.81 |
| associate Companies |
- | 4,624,129.02 | - | 4,624,129.02 | 1,011,947.42 | 3,612,181.60 | 0.00 | 4,624,129.02 |
| TOTAL | 125,736,376.17 | 18,637,177.37 | 978,014.16 | 19,615,191.53 | 4,292,601.35 | 15,322,590.18 | 1,920,788.62 | 20,557,965.99 |
The Income from Affiliated Companies refers to income that emerged from the joint venture Estee Lauder JV between the company and Estee Lauder Hellas and is included in the table for reconciliation purposes.
Financial income & expenses and depreciations have been calculated proportionately according to the sales of the Group's respective business activity. Also, income tax has been calculated proportionately on the earnings before taxes of the Group's respective business activity.
The breakdown of consolidated assets and liabilities on the Group's business segments, is analyzed as follows:
| Fragrances & Cosmetics | Household Products | Other Sales | ||||||
|---|---|---|---|---|---|---|---|---|
| 30/6/2009 | 31/12/2008 | 30/6/2009 | 31/12/2008 | 30/6/2009 | 31/12/2008 | 30/6/2009 | 31/12/2008 | |
| ASSETS | ||||||||
| Total Assets | 216,865,483.68 | 229,038,483.35 | 93,466,608.90 | 100,175,150.48 | 94,278,128.10 | 97,855,107.32 | 29,120,746.68 | 31,008,225.55 |
| LIABILITIES | 109,694,444.64 | 124,259,223.17 | 47,277,084.31 | 54,347,575.99 | 47,687,565.25 | 53,088,893.36 | 14,729,795.08 | 16,822,753.81 |
The calculation of total assets and liabilities has taken place proportionately on the sales of each business activity of the Group.
| GOODWILL | ||
|---|---|---|
| Balance 1.1.2009 | 6,082,525.83 | |
| Additions | -118,447.50 | |
| Balance 30.06.2009 | 5,964,078.33 | |
| ANAYLIS OF GOODWILL | ||
| ΡΟΥΜΑΝΙΑ / ELMIPLANT | ||
| FOREIGN EXCHANGE | ||
| DIFFERENCES | -118,447.50 | -118,447.50 |
| INVENTORIES | |||||
|---|---|---|---|---|---|
| A. Parent Company | 30/6/2009 | 31/12/2008 | |||
| Merchandise | 8,273,175.00 | 10,451,102.43 | |||
| Products | 6,331,138.48 | 6,950,960.10 | |||
| Raw Materials | 4,620,599.34 | 4,489,485.10 | |||
| 19,224,912.82 | 21,891,547.63 | ||||
| Β. Group | 30/6/2009 | 31/12/2008 | |||
| Merchandise | 26,467,449.96 | 30,588,655.63 | |||
| Products | 6,685,848.66 | 7,374,814.69 | |||
| Raw Materials | 6,694,905.81 | 6,990,648.63 | |||
| 39,848,204.43 | 44,954,118.95 |
| TRADE AND OTHER RECEIVABLES | |||||
|---|---|---|---|---|---|
| 30/6/2009 | 31/12/2008 | ||||
| Α. Parent company | |||||
| Trade receivables | 32,185,642.73 | 31,153,076.07 | |||
| Minus provisions | 2,653,285.69 | 2,304,850.22 | |||
| Net trade receivables | 29,532,357.04 | 28,848,225.85 | |||
| Checks and notes receivable | 18,505,137.90 | 14,140,755.66 | |||
| Sundry debtors | 3,607,192.99 | 4,209,784.70 | |||
| Accrued income | 60,015.73 | 125,427.95 | |||
| Deferred expenses | 70,907.76 | 56,258.98 | |||
| Other transitory accounts | 0.00 | 2,406.24 | |||
| 51,775,611.42 | 47,382,859.38 |
| Β. Group | ||
|---|---|---|
| Trade receivables | 60,675,933.48 | 59,004,467.05 |
| Minus provisions | 3,137,656.65 | 2,693,033.33 |
| Net trade receivables | 57,538,276.83 | 56,311,433.72 |
| Checks and notes receivable | 19,996,764.34 | 17,001,290.54 |
| Sundry debtors | 5,724,503.50 | 6,054,920.21 |
| Accrued income | 165,889.44 | 124,933.46 |
| Deferred expenses | 220,779.43 | 540,989.68 |
| Other transitory accounts | 62,143.78 | 78,862.97 |
| 83,708,357.32 | 80,112,430.58 |
The total above receivables are considered to have a short-term maturity. The fair value of such short-term financial assets is not defined independently as the book value is considered to approach their fair value.
| CASH & CASH EQUIVALENTS | |||||
|---|---|---|---|---|---|
| 30/6/2009 | 31/12/2008 | ||||
| A. Parent Company | |||||
| Cash in hand | 58,925.68 | 19,920.74 | |||
| Bank deposits | 1,702,156.37 | 14,451,732.83 | |||
| 1,761,082.05 | 14,471,653.57 | ||||
| B. Group | 30/6/2009 | 31/12/2008 | |||
| Cash in hand | 289,988.78 | 187,082.58 | |||
| Bank deposits | 9,119,560.63 | 22,972,925.13 | |||
| 9,409,549.41 | 23,160,007.71 |
| 30/6/2009 | 31/12/2008 | ||
|---|---|---|---|
| A. Parent Company | |||
| 1. | Available for sale with effect on net position |
5,422,150.00 | 4,919,100.00 |
| 2. | Other | 0.00 | 0.00 |
| 5,422,150.00 | 4,919,100.00 | ||
| B. Group | |||
| 1. | Available for sale with effect on net position |
6,415,211.14 | 5,972,453.00 |
| 2. | Other | 0.00 | 0.00 |
| 6,415,211.14 | 5,972,453.00 |
| Trade and other liabilities | ||||||
|---|---|---|---|---|---|---|
| 30/6/2009 | 31/12/2008 | |||||
| Α. Parent company | ||||||
| Suppliers | 16,553,759.74 | 20,729,866.08 | ||||
| Checks and notes payable | 5,166,044.02 | 8,772,813.66 | ||||
| Social security funds | 397,326.70 | 878,146.35 | ||||
| Accrued expenses | 350.01 | 596,098.69 | ||||
| Deferred income | 2641.24 | 2,641.23 | ||||
| Other transitory accounts | 248,261.24 | 89,416.00 | ||||
| Sundry creditors | 1,185,372.51 | 42,626.41 | ||||
| 23,553,755.46 | 31,111,608.42 | |||||
| Β. Group | ||||||
| Suppliers | 26,853,227.76 | 35,600,715.74 | ||||
| Checks and notes payable | 5,166,044.02 | 8,785,819.87 | ||||
| Social security funds | 712,498.15 | 1,192,483.33 | ||||
| Accrued expenses | 5,061,173.74 | 3,039,117.51 | ||||
| Deferred income | 71,493.09 | 65,138.46 | ||||
| Other transitory accounts | 584,677.32 | 184,231.09 | ||||
| Sundry creditors | 1,552,061.40 | 622,464.31 | ||||
| 40,001,175.48 | 49,489,970.31 |
| PROVISIONS | ||||||
|---|---|---|---|---|---|---|
| 30/6/2008 | 31/12/2008 | |||||
| A. Parent Company | ||||||
| Taxes for tax un-audited fiscal | ||||||
| years | 838,000.00 | 838,000.00 | ||||
| Other provisions | 0.00 | 1,367,829.20 | ||||
| Total | 838,000.00 | 2,205,829.20 | ||||
| B. Group | ||||||
| Taxes for tax un-audited fiscal | ||||||
| years | 933,000.00 | 933,000.00 | ||||
| Other provisions | 71,000.00 | 1,447,429.78 | ||||
| Total | 1,004,000.00 | 2,380,429.78 |
| Group | Company | |||
|---|---|---|---|---|
| Short-term loans | 30/6/2009 | 31/12/2008 | 30/6/2009 | 31/12/2008 |
| Bank loans | 42,755,633.42 | 46,671,255.93 | 39,500,000.00 | 40,500,000.00 |
| Long-term loans | ||||
| Corporate Bond loans | 18,250,000.00 | 18,250,000.00 | 17,000,000.00 | 17,000,000.00 |
| Total | 61,005,633.42 | 64,921,255.93 | 56,500,000.00 | 57,500,000.00 |
| ANALYSIS OF CORPORATE BOND LOANS | |||
|---|---|---|---|
| BANK | MATURITY | AMOUNT | |
| NBG | 29/9/2009 | 13,500,000 | |
| ALPHA BANK | 17/10/2009 | 9,500,000 | |
| PIRAEUS BANK | 29/9/2009 | 4,500,000 | |
| ΑΒΝ ΑMRO | 29/9/2009 | 4,500,000 | |
| EFG EUROBANK | 2/5/2011 | 17,000,000 | |
| EMPORIKI | 29/9/2009 | 7,500,000 | |
| TOTAL | 56,500,000 |
| ANALYSIS OF CORPORATE BOND LOANS | ||||
|---|---|---|---|---|
| BANK | MATURITY | AMOUNT | ||
| NBG | 29/9/2009 | 13,500,000 | ||
| ALPHA BANK | 17/10/2009 | 9,500,000 | ||
| PIRAEUS BANK | 29/9/2009 | 4,500,000 | ||
| ΑΒΝ ΑMRO | 29/9/2009 | 4,500,000 | ||
| EFG EUROBANK | 31/8/2009 | 1,250,000 | ||
| EFG EUROBANK | 2/5/2011 | 17,000,000 | ||
| EMPORIKI | 29/9/2009 | 7,500,000 | ||
| TOTAL | 57,750,000 |
| Group | Company | |||
|---|---|---|---|---|
| 30/6/2009 | 30/06/2008 | 30/6/2009 | 30/06/2008 | |
| Income Tax for the period | 1,959,792.51 | 3,453,674.37 | 188,918.32 | 1,055,414.87 |
| Deferred tax | 38,626.70 | 838,926.98 | 38,626.70 | 838,926.98 |
| TOTAL | 1,998,419.21 | 4,292,601.35 | 227,545.02 | 1,894,341.85 |
DEFERRED TAXES
| DEFERRED TAX ASSETS | Period | ||
|---|---|---|---|
| 31/12/2008 | 01/01/2009- 30/06/2009 |
30/06/2009 | |
| Write-off of Capitalized expenses | 802,962.81 | -37,008.28 | 765,954.53 |
| Write-off of fixed assets under construction | 5,143.41 | -1,618.42 | 3,524.99 |
| Write-off of tangible assets | -422.36 | 0.00 | -422.36 |
| 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 |
| Provisions | 410,308.26 | 0.00 | 410,308.26 |
| Total | 1,806,464.72 | -38,626.70 | 1,767,838.02 |
DEFERRED TAX LIABILITIES
| Period | |||
|---|---|---|---|
| 31/12/2008 | 01/01/2009- 31/03/2009 |
30/06/2009 | |
| From building sale and lease back | 0.00 | 0.00 | 0.00 |
| Total | 0.00 | 0.00 | 0.00 |
| DEFERRED TAX ASSETS | Period | ||
|---|---|---|---|
| 31/12/2008 | 01/01/2009- 31/06/2009 |
30/06/2009 | |
| Write-off of Capitalized expenses | 802,964.91 | -37,008.28 | 765,956.63 |
| Write-off of fixed assets under construction | 5,143.41 | 0.00 | 5,143.41 |
| Write-off of tangible assets | -422.35 | 0.00 | -422.35 |
| Write-off of trade receivables | 122,013.02 | 122,013.02 | |
| Write-off of other receivables | 481,903.48 | 0.00 | 481,903.48 |
| Provisions | 423,456.75 | 0.00 | 423,456.75 |
| Others | 136,513.00 | 262,094.57 | 398,607.57 |
| Foreign exchange differences | 252,608.81 | 0.00 | 252,608.81 |
| Total | 2,224,181.03 | 225,086.29 | 2,449,267.32 |
| Period | |||
|---|---|---|---|
| 31/12/2008 | 01/01/2009- 30/06/2009 |
30/06/2009 | |
| From building sale and lease back | 0.00 | 0.00 | 0.00 |
| Other | 38,029.00 | -38,029.00 | 0.00 |
| Foreign exchange differences | 10,067.00 | -10,067.00 | 0.00 |
| Total | 48,096.00 | -48,096.00 | 0.00 |
| 30/6/2009 | 30/6/2008 | |
|---|---|---|
| Α. Parent company | ||
| Employee salaries | 7,425,195.95 | 8,957,884.72 |
| Employee benefits | 287,760.84 | 320,550.25 |
| Employer contributions | 1,698,933.64 | 1,898,404.25 |
| Compensations for dismissal | 157,832.19 | 249,173.27 |
| 9,569,722.62 | 11,426,012.49 | |
| Average number of employees | 548 | 593 |
| Β. Group | ||
|---|---|---|
| Employee salaries | 12,503,800.75 | 15,398,870.87 |
| Employee benefits | 483,441.86 | 541,776.56 |
| Employer contributions | 2,764,975.66 | 3,090,814.94 |
| Compensations for dismissal | 192,996.85 | 299,083.79 |
| 15,945,215.12 | 19,330,546.16 | |
| Average number of employees | 1,614 | 1,639 |
| 30/6/2009 | 30/6/2008 | ||
|---|---|---|---|
| Α . Parent company | |||
| Cost of sales | 26,897,690.21 | 33,399,491.15 | |
| Employee expenses | 8,623,559.79 | 9,214,146.73 | |
| Third-party fees | 932,199.92 | 809,382.88 | |
| Third-party benefits | 1,727,607.39 | 1,993,816.49 | |
| Taxes – duties | 590,868.20 | 559,345.79 | |
| Sundry expenses | 10,755,731.58 | 12,528,763.51 | |
| Fixed asset depreciation | 774,693.06 | 771,024.90 | |
| Total | 50,302,350.15 | 59,275,971.45 | |
| Β . Group | |||
| Cost of sales | 53,811,810.49 | 60,503,150.94 | |
| Employee expenses | 14,598,826.47 | 16,526,931.79 | |
| Third-party fees | 2,411,961.81 | 2,446,770.17 | |
| Third-party benefits | 3,847,603.99 | 4,215,961.74 | |
| Taxes – duties | 716,334.50 | 671,924.12 | |
| Sundry expenses | 24,211,127.22 | 26,808,329.76 | |
| Fixed asset depreciation | 1,378,964.65 | 1,457,121.41 | |
| Total | 100,976,629.14 | 112,630,189.93 |
47
| SHARE CAPITAL | ||||||
|---|---|---|---|---|---|---|
| NUMBER | NOMINAL | |||||
| OF | VALUE OF | SHARE | SHARE | TOTAL | ||
| SHARES | SHARES | CAPITAL | PREMIUM | |||
| 30.06.2009 | 38,350,940 | 1.54 | 59,060,447.60 | 39,252,195.98 | 98,312,643.58 | |
| 31.12.2008 | 38,350,940 | 1.54 | 59,060,447.60 | 39,252,195.98 | 98,312,643.58 | |
| 31.12.2007 | 38,146,940 | 1.50 | 57,220,410.00 | 38,750,355.98 | 95,970,765.98 |
| TREASURY SHARES | ||||||
|---|---|---|---|---|---|---|
| Date | Purchased (Cumulatively) |
Average cost | Total Cumulative Value |
Percentage of share capital |
||
| 3RD QUARTER 2008 | 153,239 | 8.80 | 1,348,743 | 0.40% | ||
| 4th QUARTER 2008 | 979,169 | 5.24 | 5,131,438 | 2.55% | ||
| 1st QUARTER 2009 | 862,592 | 3.51 | 3,028,100 | 2.25% | ||
| 2nd QUARTER 2009 | 188,100 | 2.57 | 482,948.70 | 0.49% | ||
| Total | 2,183,100 | 4.58 | 9,991,230.28 | 5.69% |
In application of article 4 par. 4 of Directive No. 2273/2003 of the European Commission and according to article 16 of C.L. 2190/1920 and based on the relevant decisions by the Extraordinary General Shareholders' Meeting (held on 02/06/2008), as amended by the Extraordinary General Meeting on 11/11/2008 and the Board of Directors, during the 1st half of 2009 the company purchased a total of 1,050,692 treasury shares with an average price of 3.34 euro, which correspond to 2.74% of the share capital. In total, until 30/06/2009 the company owns 2,183,100 treasury shares with an average price of 4.58 euro, which correspond to 5.69% of the share capital.
| ACQUISITION COST 31/12/2007 |
ADDITIONS TRANSFERS |
REDUCTIONS | VALUE 31/12/2008 |
|
|---|---|---|---|---|
| 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 | 525,983.57 | 1,436,462.07 | 26,014,896.70 |
| MACHINERY TECHNICAL EQUIPMENT OTHER MECHANICAL EQUIPMENT |
6,763,874.83 | 643,536.73 | 79,723.39 | 7,327,688.17 |
| VEHICLES | 1,428,260.88 | 36,366.48 | 55,849.71 | 1,408,777.65 |
| FURNITURE & OTHER EQUIPMENT | 7,829,233.99 | 799,409.24 | 306,177.52 | 8,322,465.71 |
| FIXED ASSETS UNDER CONSTRUCTION AND PREPAYMENTS |
1,965,235.77 | 2,426,198.84 | 38,405.69 | 4,353,028.92 |
| INTANGIBLE ASSETS | 106,441.58 | 18,527.50 | 0.00 | 124,969.08 |
| TOTAL | 53,582,293.51 | 4,450,022.36 | 2,644,499.40 | 55,387,816.47 |
| DEPRECIATIONS 31/12/2007 |
DEPRECIATIONS FOR THE PERIOD |
REDUCTIONS OF DEPRECIATIONS |
DEPRECIATIONS 31/12/2008 |
NET BOOK VALUE 31/12/2008 |
|
|---|---|---|---|---|---|
| LAND-FIELDS | 0.00 | 0.00 | 0.00 | 0.00 | 7,835,990.24 |
| BUILDINGS-BUILDING FACILITIES AND |
|||||
| TECHNICAL PROJECTS | 4,477,350.29 | 964,409.92 | 697,884.74 | 4,743,875.47 | 21,271,021.23 |
| MACHINERY TECHNICAL EQUIPMENT OTHER MECHANICAL |
|||||
| EQUIPMENT | 4,875,125.66 | 388,049.47 | 45,867.87 | 5,217,307.26 | 2,110,380.91 |
| VEHICLES | 1,135,134.02 | 49,419.61 | 32,314.91 | 1,152,238.72 | 256,538.93 |
| FURNITURE & OTHER EQUIPMENT |
5,781,948.21 | 633,025.64 | 291,355.62 | 6,123,618.23 | 2,198,847.48 |
| FIXED ASSETS UNDER CONSTRUCTION AND PREPAYMENTS |
0.00 | 0.00 | 0.00 | 0.00 | 4,353,028.92 |
| INTANGIBLE ASSETS | 26,501.25 | 27,260.44 | 0.00 | 53,761.69 | 71,207.39 |
| TOTAL | 16,296,059.43 | 2,062,165.08 | 1,067,423.14 | 17,290,801.37 | 38,097,015.10 |
Note: The account "Fixed assets under construction" mainly represents amounts that regard the installation of the new ERP SAP application.
| ACQUISITION COST 31/12/2008 |
ADDITIONS | OTHER ADDITIONS TRANSFERS |
REDUCTIONS TRANSFERS |
VALUE 30/06/2009 |
|
|---|---|---|---|---|---|
| LAND-FIELDS | 7,835,990.24 | 0.00 | 0.00 | 7,835,990.24 | |
| BUILDINGS-BUILDING FACILITIES AND |
|||||
| TECHNICAL PROJECTS | 26,014,896.70 | 27,280.75 | 27,827.00 | 0.00 | 26,070,004.45 |
| MACHINERY TECHNICAL EQUIPMENT OTHER MECHANICAL |
|||||
| EQUIPMENT | 7,327,688.17 | 207,298.01 | 340.00 | 18,057.24 | 7,517,268.94 |
| VEHICLES | 1,408,777.65 | 100,431.65 | 133,995.28 | 1,375,214.02 | |
| FURNITURE & OTHER EQUIPMENT |
8,322,465.71 | 111,495.16 | 261,898.82 | 12,404.64 | 8,683,455.05 |
| FIXED ASSETS UNDER CONSTRUCTION AND |
|||||
| PREPAYMENTS | 4,353,028.92 | 852,410.79 | 4,795,405.43 | 410,034.28 | |
| INTANGIBLE ASSETS | 124,969.08 | 1,732.00 | 4,306,384.84 | 0.00 | 4,433,085.92 |
| TOTAL | 55,387,816.47 | 1,300,648.36 | 4,596,450.66 | 4,959,862.59 | 56,325,052.90 |
| REDUCTIONS | |||||
|---|---|---|---|---|---|
| DEPRECIATION | OF | NET BOOK | |||
| DEPRECIATIONS 31/12/2008 |
S FOR THE PERIOD |
DEPRECIATION S |
DEPRECIATION S 30/06/2009 |
VALUE 30/06/2009 |
|
| LAND-FIELDS | 0.00 | 0.00 | 0.00 | 0.00 | 7,835,990.24 |
| BUILDINGS | |||||
| BUILDING FACILITIES AND |
|||||
| TECHNICAL | |||||
| PROJECTS | 4,743,875.47 | 477,303.90 | 0.00 | 5,221,179.37 | 20,848,825.08 |
| MACHINERY | |||||
| TECHNICAL | |||||
| EQUIPMENT OTHER MECHANICAL |
|||||
| EQUIPMENT | 5,217,307.26 | 207,710.77 | 18,050.73 | 5,406,967.30 | 2,110,301.64 |
| VEHICLES | 1,152,238.72 | 30,783.27 | 114,371.75 | 1,068,650.24 | 306,563.78 |
| FURNITURE & | |||||
| OTHER EQUIPMENT | 6,123,618.23 | 354,635.07 | 12,380.39 | 6,465,872.91 | 2,217,582.14 |
| FIXED ASSETS | |||||
| UNDER | |||||
| CONSTRUCTION AND PREPAYMENTS |
0.00 | 0.00 | 0.00 | 0.00 | 410,034.28 |
| INTANGIBLE ASSETS | 53,761.69 | 47,754.47 | 0.00 | 101,516.16 | 4,331,569.76 |
| TOTAL | 17,290,801.37 | 1,118,187.48 | 144,802.87 | 18,264,185.98 | 38,060,866.92 |
| ACQUISITION COST 31/12/2007 |
ADDITIONS | OTHER ADDITIONS |
REDUCTIONS | WRITE OFFS |
FOREIGN EXCHANGE DIFFERENCES |
VALUE 31/12/2008 |
|
|---|---|---|---|---|---|---|---|
| LAND-FIELDS | 9,430,314.26 | 0.00 | 13,173.20 | 755,753.34 | 0.00 | 96,157.43 | 8,591,576.69 |
| BUILDINGS-BUILDING FACILITIES AND TECHNICAL PROJECTS |
27,735,941.56 | 913,835.53 | 0.00 | 1,627,643.16 | 80.00 | 121,554.80 | 26,900,499.12 |
| MACHINERY TECHNICAL EQUIPMENT OTHER MECHANICAL EQUIPMENT |
9,685,792.32 | 1,039,496.36 | 282,713.95 | 145,518.38 | 99,465.91 | 316,813.57 | 10,446,204.77 |
| VEHICLES | 6,620,930.93 | 1,509,405.56 | 0.00 | 1,001,068.53 | 0.00 | 526,526.68 | 6,602,741.27 |
| FURNITURE & OTHER EQUIPMENT |
8,808,804.82 | 859,239.08 | 62,523.60 | 44,338.76 | 305,474.26 | 56,770.29 | 9,323,984.19 |
| FIXED ASSETS UNDER CONSTRUCTION AND PREPAYMENTS |
2,065,036.77 | 2,410,119.19 | 0.00 | 38,405.69 | 0.00 | 10,585.55 | 4,426,164.72 |
| INTANGIBLE ASSETS | 1,144,113.58 | 136,693.60 | 1,581,501.05 | 0.00 | 98,990.52 | 115,226.41 | 2,648,091.29 |
| TOTAL | 65,490,934.24 | 6,868,789.31 | 1,939,911.80 | 3,612,727.86 | 504,010.68 | 1,243,634.75 | 68,939,262.06 |
| DEPRECIATIONS 31/12/2007 |
DEPRECIATION S FOR THE PERIOD |
DEPRECIATION S OF REDUCTIONS |
DEPRECIATI ONS OF WRITE-OFFS |
FOREIGN EXCHANGE DIFFERENC ES |
DEPRECIATIO NS 31/12/2008 |
NET BOOK VALUE 31/12/2008 |
|
|---|---|---|---|---|---|---|---|
| LAND-FIELDS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 8,591,576.69 |
| BUILDINGS-BUILDING FACILITIES AND TECHNICAL |
|||||||
| PROJECTS | 4,681,963.07 | 1,012,542.58 | 736,079.59 | 0.00 | 13,869.12 | 4,944,556.94 | 21,955,942.18 |
| MACHINERY TECHNICAL EQUIPMENT OTHER MECHANICAL |
|||||||
| EQUIPMENT | 6,724,849.85 | 851,038.70 | 184,988.81 | 93,624.99 | 208,579.92 | 7,088,694.83 | 3,357,509.94 |
| VEHICLES | 3,768,716.28 | 982,781.91 | 846,601.81 | 0.00 | 235,136.59 | 3,669,759.79 | 2,932,981.48 |
| FURNITURE & OTHER EQUIPMENT |
6,483,929.67 | 728,940.14 | 24,444.32 | 296,268.32 | 37,648.37 | 6,854,508.80 | 2,469,475.39 |
| FIXED ASSETS UNDER CONSTRUCTION AND PREPAYMENTS |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4,426,164.72 |
| INTANGIBLE ASSETS | 896,021.98 | 159,305.69 | 0.00 | 98,990.52 | 105,002.82 | 851,334.34 | 1,796,756.95 |
| TOTAL | 22,555,480.85 | 3,734,609.03 | 1,792,114.53 | 488,883.83 | 600,236.82 | 23,408,854.70 | 45,530,407.35 |
| ACQUISITION COST 31/12/2008 |
ADDITIONS | OTHER ADDITIONS |
REDUCTIO NS |
OTHER REDUCTION S |
WRITE-OFFS | FX DIFFERENC ES |
VALUE 30/06/2009 |
|
|---|---|---|---|---|---|---|---|---|
| LAND-FIELDS | 8,591,576.69 | 0.00 | -13,173.20 | 0.00 | 0.00 | 0.00 | 45,000.42 | 8,533,403.07 |
| BUILDINGS BUILDING FACILITIES AND TECHNICAL PROJECTS |
26,900,499.12 | 81,564.77 | 46,443.52 | 0.00 | 0.00 | 0.00 | 36,473.29 | 26,992,034.11 |
| MACHINERY TECHNICAL EQUIPMENT OTHER MECHANICAL |
||||||||
| EQUIPMENT | 10,446,204.77 | 478,052.89 | 401,884.57 | 33,449.85 | 0.00 | 6,907.86 | 165,722.88 | 11,120,061.63 |
| VEHICLES | 6,602,741.27 | 275,521.42 | 79,608.66 | 425,048.83 | 0.00 | 76,312.76 | 247,552.11 | 6,208,957.65 |
| FURNITURE & OTHER EQUIPMENT |
9,323,984.19 | 128,151.37 | 175,547.86 | 20,245.40 | 0.00 | 495.25 | 21,963.40 | 9,584,979.37 |
| FIXED ASSETS UNDER CONSTRUCTION AND PREPAYMENTS |
4,426,164.72 | 1,438,759.05 | 56,167.12 | 198,954.77 | 4,596,450.66 | 0.00 | 11,568.65 | 1,114,116.81 |
| INTANGIBLE | ||||||||
| ASSETS | 2,648,091.29 | 18,689.22 | 4,304,930.80 | 1,646.29 | 0.00 | 0.00 | 123,212.46 | 6,846,852.57 |
| TOTAL | 68,939,262.06 | 2,420,738.71 | 5,051,409.33 | 679,345.14 | 4,596,450.66 | 83,715.87 | 651,493.22 | 70,400,405.21 |
| DEPRECIATIO NS 31/12/2008 |
DEPRECIATI ONS FOR THE PERIOD |
OTHER DEPRECIATI ONS |
DEPRECIATI ONS OF REDUCTION S |
DEPRECIATI ONS OF WRITE OFFS |
FOREIGN EXCHANGE DIFFERENCE S |
DEPRECIATION S30/06/2009 |
NET BOOK VALUE 30/06/2009 |
|
|---|---|---|---|---|---|---|---|---|
| LAND-FIELDS | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 8,533,403.07 |
| BUILDINGS BUILDING FACILITIES AND TECHNICAL PROJECTS |
4,944,556.94 | 493,534.37 | 5,442.90 | 0.00 | 0.00 | 4,604.58 | 5,438,929.63 | 21,553,104.48 |
| MACHINERY TECHNICAL EQUIPMENT OTHER MECHANICAL |
||||||||
| EQUIPMENT | 7,088,694.83 | 420,840.12 | 366,058.45 | 26,247.53 | 6,907.86 | 103,897.30 | 7,738,540.70 | 3,381,520.93 |
| VEHICLES | 3,669,759.79 | 411,690.72 | 51,142.46 | 339,093.47 | 76,312.76 | 108,171.89 | 3,609,014.84 | 2,599,942.80 |
| FURNITURE & OTHER EQUIPMENT |
6,854,508.80 | 407,176.26 | -18,850.82 | 17,978.40 | 495.25 | 20,110.35 | 7,204,250.23 | 2,380,729.14 |
| FIXED ASSETS UNDER CONSTRUCTION AND PREPAYMENTS |
0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1,114,116.81 |
| INTANGIBLE | ||||||||
| ASSETS TOTAL |
851,334.34 23,408,854.69 |
77,264.09 1,810,505.56 |
0.00 403,792.98 |
1,370.66 384,690.07 |
0.00 83,715.87 |
47,152.93 283,937.05 |
880,074.83 24,870,810.25 |
5,966,777.73 45,529,594.96 |
The following actuarial assumptions were made for the calculations of the study:
All calculations took place with constant prices of 31/12/2008. 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 | 880,177.00 | 761,056.00 | 1,641,233.00 |
The above amount of 1,641,233.00 euro is also presented in the Company's accounting books for 31/12/2008.
| SALES PURCHSES |
GR. SARANTIS S.A. |
VENTURES SA | SAR.ROMANIA | SARANTIS BULGARIA |
SAR. BELGRADE | SARANTIS SKOPJE |
SARANTIS ANADOL S.A |
SARANTIS UKRAINE |
SARANTIS POLAND |
SAR CZECH | GR.SARANTIS CYPRUS LIM. |
ZETA SA | K. THEODORIDIS S.A. |
OTO TOP BULGARIA |
SARANTIS HUNGARY |
TOTAL |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SARANTIS SA | 0.00 | 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 | 0.00 | 900.00 | 52,266.75 | 693,369.67 | 11,548,637.15 | |
| ΖΕΤΑ FIN LTD | 5,768.70 | 5,768.70 | ||||||||||||||
| SARANTIS .ROMANIA |
0.00 | 0.00 | 0.00 | 2,074.99 | 0.00 | 9,173.00 | 0.00 | 0.00 | 11,247.99 | |||||||
| ELMIPLANT ROMANIA |
1,518,127.20 | 1,518,127.20 | ||||||||||||||
| GR.SARANTIS CYPRUS LIM. |
63,377.79 | 63,377.79 | ||||||||||||||
| SARANTIS .HUNGARY |
9,526.33 | 2,149.97 | 41,335.19 | 11,092.53 | 64,104.02 | |||||||||||
| SARANTIS BULGARIA |
0.00 | 0.00 | 3,273.45 | 829.77 | 4,103.22 | |||||||||||
| SARANTIS CZECH | 5,100.24 | 0.00 | 0.00 | 0.00 | 5,100.24 | |||||||||||
| SARANTIS BELGRADE |
157,766.45 | 0.00 | 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 | 0.00 | 7,279.90 | 1,287,868.71 | ||||||
| K. THEODORIDIS SA | 462,198.30 | 462,198.30 | ||||||||||||||
| SARANTIS ANADOL S.A |
226,387.01 | 0.00 | 226,387.01 | |||||||||||||
| SAR RUSSIA | 0.00 | 0.00 | ||||||||||||||
| 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 |
| SALES / PURCHASES |
GR. SARANTIS SA |
VENTURES SA |
SAR.ROMANIA | SARANTIS BULGARIA |
SAR. BELGRADE |
SARANTIS SKOPJE |
SARANTIS ANADOL S.A |
SARANTIS RUSSIA |
SARANTIS POLAND |
SAR CZECH |
K. THEODORIDIS SA |
OTO TOP BULGARIA |
SARANTIS HUNGARY |
ZETA SA | TOTAL |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| SARANTIS SA | 0.00 | 1,084,849.54 | 1,924,029.38 | 989,685.24 | 877,192.89 | 344,654.56 | 69,153.50 | -723,588.99 | 1,157,652.60 | 464,145.82 | 9,098.00 | 284,908.02 | 925.00 | 6,482,705.56 | |
| ΖΕΤΑ FIN LTD | 264,679.28 | 264,679.28 | |||||||||||||
| SARANTIS ROMANIA |
0.00 | 33,395.64 | 44,065.86 | 16,025.56 | 4,564.59 | 0.00 | 0.00 | 98,051.65 | |||||||
| ELMIPLANT ROMANIA |
1,450,417.21 | 1,450,417.21 | |||||||||||||
| GR.SARANTIS CYPRUS LIM. |
295,446.56 | 3,675.00 | 7,188.00 | 306,309.56 | |||||||||||
| SARANTIS RUSSIA |
709,446.53 | 709,446.53 | |||||||||||||
| SARANTIS BULGARIA |
0.00 | 36,511.56 | 66,005.77 | 3,707.84 | 6,041.87 | 12,545.22 | 124,812.26 | ||||||||
| SARANTIS CZECH |
0.00 | 13,008.99 | 4,835.28 | 9,221.11 | 48,271.41 | 23,539.35 | 98,876.14 | ||||||||
| SARANTIS BELGRADE |
1,386.75 | 2,361.44 | 151,497.46 | 0.00 | 155,245.65 | ||||||||||
| SARANTIS POLAND |
11,803.75 | 481,228.88 | 80,727.24 | 213,312.15 | 29,669.44 | 0.00 | 142,935.47 | 29,129.72 | 988,806.65 | ||||||
| K. THEODORIDIS SA |
199,265.47 | 199,265.47 | |||||||||||||
| SARANTIS ANADOL S.A |
605,899.46 | 0.00 | 605,899.46 | ||||||||||||
| SARANTIS UKRAINE |
0.00 | 0.00 | 0.00 | ||||||||||||
| TRADE 90 | 13,236.41 | 4,824.70 | 15,086.73 | 4,083.42 | 36,768.71 | 37,832.26 | 111,832.23 | ||||||||
| SAR.SAREAST | 9,050.00 | 9,050.00 | |||||||||||||
| TOTAL | 1,910,948.74 | 1,084,849.54 | 3,907,557.46 | 1,108,643.40 | 1,209,797.78 | 529,529.30 | 69,153.50 | -723,588.99 | 1,264,760.15 | 627,866.10 | 9,098.00 | 199,265.47 | 344,765.09 | 925.00 | 11,605,397.65 |
| LIABILITIES, RECEIVABLES |
GR. SARANTIS SA |
VENTURES SA |
ZETA COSMETICS |
ZETA SA | SAR. BELGRADE |
SAR.BULGARI A L.T.D |
SAR. SKOPJE LTD |
SAR. ROMANIA |
K. THEODORIDI S SA |
SAR. CZECH | SAR. POLSKA | SAR UKRAINE |
ZETA FIN LTD |
SAR HUNGARY |
SAR. RUSSIA |
OTO TOP BULGARIA |
ELMIPLANT ROM ANIA |
TRADE 90 | TOTAL |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GR. SARANTIS SA | 0.00 | 811,093.87 | 0.00 | 403,664.22 | 0.00 | 515,102.92 | 98,395.40 | 2,137,532.43 | 72,178.32 | 635,029.22 | 2,316,795.26 | 501,980.09 | 0.00 | 977,932.46 | 1,380,970.75 | 0.00 | 9,850,674.94 | ||
| VENTURES SA | 200.00 | 200.00 | |||||||||||||||||
| ZETA SA | 300.00 | 0.00 | 0.00 | 18,386.37 | 18,686.37 | ||||||||||||||
| ZETA FIN | 16,339,916.11 | 27,858.00 | 16,367,774.11 | ||||||||||||||||
| K. THEODORIDIS SA |
0.00 | 40,694.53 | 0.00 | 668,014.53 | 708,709.06 | ||||||||||||||
| SAR.POLSKA | 21,688.50 | 175,557.88 | 49,112.86 | 490,026.73 | 1,020,842.55 | 0.00 | 43,431.44 | 3,825.54 | 1,804,485.50 | ||||||||||
| SAR CZECH | 0.00 | 4,193.00 | 0.00 | 4,193.00 | |||||||||||||||
| SAR BELGRADE | 265,214.00 | 25,200.00 | 39,883.70 | 10,000.00 | 340,297.70 | ||||||||||||||
| SAR ROMANIA | 0.00 | 0.00 | 94.00 | 0.00 | 0.00 | 2,882.59 | 0.00 | 697.81 | 3,674.40 | ||||||||||
| SAR BULGARIA | 587.00 | 0.00 | 0.00 | 0.00 | 0.00 | 587.00 | |||||||||||||
| SAREAST | 400,350.00 | 0.00 | 400,350.00 | ||||||||||||||||
| VENUS SA | 134,506.97 | 134,506.97 | |||||||||||||||||
| GR.SARANTIS CYPRS LTD |
16,306,247.50 | 0.00 | 1,252,817.00 | 0.00 | 0.00 | 1,145,745.00 | 18,704,809.50 | ||||||||||||
| SAR TURKEY | 168,837.45 | 0.00 | 168,837.45 | ||||||||||||||||
| SAR. UKRAINE | 0.00 | 0.00 | 0.00 | ||||||||||||||||
| WALDEK | 450.00 | 450.00 | |||||||||||||||||
| ELMIPLANT | 0.00 | 1,338,474.65 | 0.00 | 1,338,474.65 | |||||||||||||||
| SAR HUNGARY | 0.00 | 0.00 | 4,555.58 | 19,757.95 | 37,132.00 | 61,445.53 | |||||||||||||
| TOTAL | 33,503,340.56 | 811,093.87 | 27,858.00 | 538,171.19 | 175,557.88 | 589,509.78 | 138,279.10 | 5,274,100.92 | 72,178.32 | 1,675,629.72 | 2,361,002.85 | 501,980.09 | 18,836.37 | 1,021,363.90 | 1,384,796.29 | 668,014.53 | 697.81 | 1,145,745.00 | 49,908,156.18 |
| LIABILITIES RECEIVABLES |
GR. SARANTIS SA |
VENTURES SA |
ZETA COSMETI CS |
ZETA SA | SAR.BELGR ADE |
SAR.BULGARIA L.T.D |
SAR.SKOPJ E L.T.D |
SAR.ROMAN IA |
K. THEODO RIDIS SA |
SAR.CZECH | SAR.POLSK A |
SAR UKRAINE | ZETA FIN LTD |
WALDE K |
SAR.RUSSI A |
OTO TOP BULGARIA |
TRADE 90 | TOTAL |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GR. SARANTIS SA |
0.00 | 1,486,049.06 | 0.00 | 604,596.62 | 56,613.09 | 0.00 | 0.00 | 60,004.64 | 68,266.20 | 830,468.78 | 197,731.62 | 501,980.09 | 0.00 | 657,381.76 | 299,799.86 | 4,762,891.72 | ||
| VENTURES SA | 200.00 | 200.00 | ||||||||||||||||
| ZETA SA | 300.00 | 0.00 | 0.00 | 18,386.37 | 18,686.37 | |||||||||||||
| ZETA FIN | 16,662,917.00 | 27,858.00 | 3,695.00 | 16,694,470.00 | ||||||||||||||
| K. THEODORIDIS SA |
0.00 | 40,694.53 | 0.00 | 428,778.50 | 469,473.03 | |||||||||||||
| SAR.POLSKA | 434,166.96 | 66,675.30 | 23,302.34 | 332,451.59 | 152,871.54 | 0.00 | 7,149.65 | 58,932.02 | 1,075,549.40 | |||||||||
| SAR CZECH | 0.00 | 12,441.00 | 19,094.00 | 13,156.24 | 44,691.24 | |||||||||||||
| SAR BELGRADE |
1,405.80 | 0.00 | 25,461.48 | 12,345.84 | 39,213.12 | |||||||||||||
| SAR ROMANIA | 3,563,778.66 | 29,480.01 | 1,444.92 | 0.00 | 4,521.40 | 13,849.92 | 0.00 | 3,613,074.91 | ||||||||||
| SAR BULGARIA |
2,993,643.52 | 2,754.74 | 12.00 | 8,356.08 | 0.00 | 0.00 | 3,004,766.34 | |||||||||||
| SAREAST | 409,400.00 | 0.00 | 409,400.00 | |||||||||||||||
| VENUS SA | 134,506.97 | 134,506.97 | ||||||||||||||||
| GR SAR.CYPRUS LTD |
9,869,205.22 | 1,700,000.00 | 472,817.17 | 703,675.00 | 0.00 | 0.00 | 7,188.00 | 12,752,885.39 | ||||||||||
| SAR TURKEY | 226,939.40 | 0.00 | 0.00 | 226,939.40 | ||||||||||||||
| SAR.SKOPJE | 281,230.36 | 0.00 | 281,230.36 | |||||||||||||||
| WALDEK | 450.00 | 450.00 | ||||||||||||||||
| ELMIPLANT | 0.00 | 1,404,566.69 | 0.00 | 1,404,566.69 | ||||||||||||||
| SAR RUSSIA | 714,758.51 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 714,758.51 | |||||||||||
| TRADE 90 | 1,714.00 | 23,977.22 | 12,296.45 | 37,987.67 | ||||||||||||||
| TOTAL | 35,159,659.43 | 1,486,049.06 | 27,858.00 | 739,103.59 | 155,523.14 | 1,724,747.26 | 25,473.48 | 2,343,677.54 | 68,266.20 | 1,715,513.94 | 242,971.99 | 501,980.09 | 18,836.37 | 3,695.00 | 664,531.41 | 428,778.50 | 379,076.12 | 45,685,741.12 |
All types of transactions (income and expenses) cumulatively from the beginning of the financial period as well as the balances of receivables and liabilities of the company and group at the end of the period, that have resulted from transactions with affiliated parties, as defined by IAS 24, are as follows:
| TABLE OF DISCLOSURE OF AFFILIATED PARTIES | GROUP | COMPANY |
|---|---|---|
| a) Income | 0.00 | 6,482,705.56 |
| b) Expenses | 0.00 | 1,910,948.74 |
| c) Receivables | 0.00 | 4,762,891.72 |
| d) Liabilities | 0.00 | 35,159,659.43 |
| e) Transactions and remuneration of senior executives and Board members |
347,823.16 | 347,823.16 |
| f) Receivables from senior executives and Board members | 0.00 | 0.00 |
| g) Liabilities towards senior executives and Board members | 0.00 | 0.00 |
| H1 '09 Consolidated Turnover Breakdown per Business Activity | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| SBU Turnover (€ mil) | H1 '09 | % | H1 '08 | ||||||||
| Fragrances & Cosmetics | 45.91 | -17.50% | 55.65 | ||||||||
| % of Total | 43.10% | 44.26% | |||||||||
| Own | 31.57 | -19.65% | 39.30 | ||||||||
| % of SBU | 68.78% | 70.62% | |||||||||
| Distributed | 14.33 | -12.35% | 16.35 | ||||||||
| % of SBU | 31.22% | 29.38% | |||||||||
| Household Products | 46.31 | -11.77% | 52.48 | ||||||||
| % of Total | 43.47% | 41.74% | |||||||||
| Own | 45.84 | -7.84% | 49.74 | ||||||||
| % of SBU | 99.00% | 94.78% | |||||||||
| Distributed | 0.46 | -83.13% | 2.74 | ||||||||
| % of SBU | 1.00% | 5.22% | |||||||||
| Other Sales | 14.30 | -18.77% | 17.61 | ||||||||
| % of Total | 13.43% | 14.00% | |||||||||
| Health Care Products | 6.15 | -20.14% | 7.70 | ||||||||
| % of SBU | 42.98% | 43.71% | |||||||||
| Selective | 6.00 | -10.85% | 6.73 | ||||||||
| % of SBU | 41.97% | 38.24% | |||||||||
| Oto Top | 2.15 | -32.25% | 3.18 | ||||||||
| % of SBU | 15.05% | 18.05% | |||||||||
| Total Turnover | 106.51 | -15.29% | 125.74 |
Analysis of Consolidated Sales
| H1'09 Consolidated EBIT Breakdown per Business Activity | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| SBU EBIT (€ mil) | H1 '09 | % | H1 '08 | ||||||
| Fragrances & Cosmetics | 2.01 | -75.21% | 8.12 | ||||||
| Margin | 4.39% | 14.59% | |||||||
| % of EBIT | 18.45% | 43.57% | |||||||
| Own | 1.21 | -81.54% | 6.55 | ||||||
| Margin | 3.83% | 16.67% | |||||||
| % of EBIT | 11.08% | 35.15% | |||||||
| Distributed | 0.80 | -48.81% | 1.57 | ||||||
| Margin | 5.61% | 9.60% | |||||||
| % of EBIT | 7.37% | 8.43% | |||||||
| Household Products | 4.25 | -11.98% | 4.82 | ||||||
| Margin | 9.17% | 9.19% | |||||||
| % of EBIT | 38.91% | 25.88% | |||||||
| Own | 4.19 | -12.01% | 4.76 | ||||||
| Margin | 9.14% | 9.58% | |||||||
| % of EBIT | 38.40% | 25.56% | |||||||
| Distributed | 0.05 | -9.09% | 0.06 | ||||||
| Margin | 11.87% | 2.20% | |||||||
| % of EBIT | 0.50% | 0.32% | |||||||
| Other Sales | 0.34 | -67.78% | 1.07 | ||||||
| Margin | 2.41% | 6.07% | |||||||
| % of EBIT | 3.16% | 5.74% | |||||||
| Health Care Products | 0.76 | -25.68% | 1.03 | ||||||
| Margin | 12.41% | 13.33% | |||||||
| % of EBIT | 6.99% | 5.51% | |||||||
| Selective | -0.30 | 0.02 | |||||||
| Margin | -4.94% | 0.23% | |||||||
| % of EBIT | -2.72% | 0.08% | |||||||
| Oto Top | -0.12 | 0.03 | |||||||
| Margin | -5.66% | 0.86% | |||||||
| % of EBIT | -1.12% | 0.15% | |||||||
| Income from Affiliated Companies | 4.31 | -6.80% | 4.62 | ||||||
| % of EBIT | 39.49% | 24.81% | |||||||
| Income From Estee Lauder JV | 4.31 | -6.80% | 4.62 | ||||||
| % of EBIT | 39.49% | 24.81% | |||||||
| Total EBIT | 10.91 | -41.44% | 18.64 | ||||||
| Margin | 10.25% | 14.82% |
| H1 '09 Consolidated Turnover Breakdown per Geographic Market | |||||||
|---|---|---|---|---|---|---|---|
| Country Turnover (€ mil) | H1 '09 | % | H1 '08 | ||||
| Greece | 49.07 | -16.60% | 58.83 | ||||
| % of Total Turnover | 46.07% | 46.79% | |||||
| Poland | 22.41 | -22.68% | 28.99 | ||||
| Romania | 17.48 | -14.55% | 20.46 | ||||
| Bulgaria | 6.62 | -8.99% | 7.27 | ||||
| Serbia | 4.63 | -9.49% | 5.12 | ||||
| Czech Republic | 2.28 | -14.50% | 2.67 | ||||
| Hungary | 2.82 | 202.29% | 0.93 | ||||
| FYROM | 1.09 | 15.02% | 0.95 | ||||
| Old Countries Subtotal | 57.34 | -13.63% | 66.39 | ||||
| % of Total Turnover | 53.83% | 52.80% | |||||
| Turkey | 0.10 | 0.51 | |||||
| New Countries Subtotal | 0.10 | 0.51 | |||||
| % of Total Turnover | 0.10% | 0.41% | |||||
| Total Turnover | 106.51 | -15.29% | 125.74 |
| Analysis of Consolidated Sales | ||
|---|---|---|
| -- | -------------------------------- | -- |
Ανάλυση Ενοποιημένων Κερδών προ Τόκων και Φόρων
| H1 '09 Consolidated EBIT Breakdown per Geographic Market | ||||||||
|---|---|---|---|---|---|---|---|---|
| Country ΕΒΙΤ (€ mil) | H1 '09 | % | H1 '08 | |||||
| Greece | 9.77 | -25.10% | 13.05 | |||||
| % of Total Ebit | 89.54% | 70.00% | ||||||
| Poland | 0.55 | -45.77% | 1.01 | |||||
| Romania | 0.44 | -83.06% | 2.59 | |||||
| Bulgaria | -0.05 | -105.49% | 0.86 | |||||
| Serbia | 0.63 | -50.95% | 1.29 | |||||
| Czech Republic | -0.29 | -0.09 | ||||||
| Hungary | -0.41 | -30.27% | -0.32 | |||||
| FYROM | 0.26 | 11.15% | 0.24 | |||||
| Old Countries Subtotal | 1.13 | -79.74% | 5.59 | |||||
| Greece & Old Countries | 10.90 | -41.49% | 18.64 | |||||
| Turkey | 0.01 | 0.00 | ||||||
| New Countries | 0.01 | 0.00 | ||||||
| Total EBIT | 10.91 | -41.44% | 18.64 |
| SARANTIS | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| GRIGORS SARANTIS S.A. ANONYMOUS NOUSTRIAL & COMMERCIAL COMPANY OF COSMETICS, CLOTHING, HOUSEHOLD & PHARMACEUTICAL PRODUCTS. |
||||||||||||||
| Data and info | REGISTRATION No. 1308308/88627 Indian for the periof from 1 January 2009 51130 of June 2009 |
|||||||||||||
| (According to the decision 4507/28.04.2009 of the Board of Directors of the Greek Capital Market Commission) | ||||||||||||||
| The lifesting are given in the finance of the ander devaluated that continue the PARMIS 3. and to the Strank comment the site of continue to make the memory of the strank of the strank of the strank of the strank of the st | ||||||||||||||
| Internet address: | www.enantis.gr | |||||||||||||
| 188209 GEODEL WITHAUTS - AMS 0 FAULOST |
||||||||||||||
| reemer ausress: Auproval date of Financial Statements: Auditors: Auditors' opinion: |
AREPTED HELSEA GUALFED |
|||||||||||||
| STATEMENT OF FINANCIAL POSITION | STATEMENT OF TOTAL COMPREHENSIVE INCOME | |||||||||||||
| (Amounts are excressed in Euro). | THE GROUP | THE COMPANY | (Апол замерчыва і Ево) - | THE GROUP | THE COMPAN | |||||||||
| 010130060000 010131/12/2003 | 0101-8008/2009 | 01/01/31/120009 | 0101-8006/2009 | 0101-30066006 | 0104-3008/2009 | 0104-3006/2009 | 01/01-30/05/2029 | 0101-3006008 | Imma.annsonna | minusomspone | ||||
| ASSETS Self used angible assets explorer procedy manglek accell Determine used assets |
49789,650 | 39 729,297.15 | 86,025,807.74 | stal lunove | 105,514.954 52.733.183 |
125, 136 S.F. 16.223 225 |
CONGAREZ | 35,500,332 e roeraa |
:2239,76675 26341.368.54 |
67,44,25384 33,944,782.69 |
29.275.434.42 14.671.395.2 |
25,102,255.2 80035262 |
||
| 89 562,817.24 11 330,856,07 75.960,488.07 |
$0.00$ - \$31,560.75 - \$31,560.75 |
$\begin{array}{r} 0.001 \ -71,207,36 \ -55,260,2-5.55 \end{array}$ | Grass arch./ (bas) Grass arch./ (bas) Latinotex, francial and insuling retails (EBF) |
C.913 08 | 13.637.177 | 29 745,916.05 8 228,571.67 8 332,758,61 1 500,154.49 |
11,336781.19 | 2994,074.65 1873,066.47 |
8,874,778 1 8,874,778 1 8,696, 38 0 1,056,414 8 |
22185868 21257826 1253182 |
3.337,536.42 4.277,370.60 1.76,633.67 |
|||
| با 1870,3827 1872,538 |
Gross orofit! (lees) bolono tax sicone |
1,31360 | $\frac{1000 + 171}{3,463,574}$ | 887 141 25 | 189,212.2 | |||||||||
| 23.343.304.45 | 44,354,118.9 | 13.224.512.82 | 21:301547.63 | Ceterne: tw | 38.623 | 828.325 | 37422.23 | 33.796.71 1343,12145 |
232,936.9 | 274020 | 327818 | |||
| rventorian Tracalisce vables Obrano, rentiasses |
$\frac{7753836777}{2136830623}$ | $-5572,242$ | 49107,494,94 | 42,982,87.51 | commercio Proto (Loss) abertes (a) Comers of the parent company |
7,885 023 58 | $15,322,981,1$ $15,321,157,3$ |
3945,20079 | $\begin{array}{c} 8,02005.36 \ 8,0240124 \end{array}$ | 1343,121.45 | 1900,797.00 | 909403 | 3,201,274.04 | |
| iven our entrassets for sele. TOTAL ASSETS |
r m 216 895 463 68 |
229 039 463 3 | 0.00 172.041,342.05 |
18302252123 | Minority into est Other comprehensive income after top (b) |
26213 | 14330 9262414 |
1.146.48 180,072 |
204.11 210.165.19 |
1131.541 | 1807.351 | -0.0 25'1350 |
0.00 1921/00 |
|
| EQUITY AND LIABILITIES | Cole Composite in the Cole State Sought Cole Composite in company Come stof the parant company |
-------------------------------------- | 16,248,831.5 | 13/28.552.03 | 002880.54 002649.43 |
2,882,476.12 | $\frac{682.972}{00}$ | $\frac{1}{1223}$ 790.9 | \$24229104 | |||||
| Share capital Obrer Netsquis |
69.060.4-7.60 69.060.4-7.6 | 63 360 4-7.63 63 360 4-7.60 | Minority interest | 24210 | 1433.5 | 1.146.48 | 324 | 00 | $\alpha$ | 0.00 | ||||
| 48100,002.85 45,719 705.01 | -3 521,087.72 | -4,792,536.74 | Abantas seminas per share (in Euro) | $-0.35%$ | 3 5 9 2 | 0.1785 | 0253 | 0.0429 | 0.77 | 3049 | 0.0349 | |||
| . Equity all: busis to be excitated es of the orient company (a). Vincent classifie |
07.165,510.45 | 101771152.6 | 62/88.759.88 | $\dot{\nu}$ 267,230.86 | Ghoss protof (loss) before tax, manced and investment results and capaciation |
12,723.58/34 | 20,557,985,99 | 9.151,324,29 | 12,850 585.70 | $-7.162.2$ | 9,628,894.25 | 2793 329 23 | 7,506,757.63 | |
| 107,171,039.04 | 104779.280 | 62,439,759.99 | 64,267,883.96 | |||||||||||
| TOTAL EQUITY (c)=(4) (b) | ||||||||||||||
| .org.sun.ooricsing: Frouskas/Other ong/windstation |
$\begin{array}{r} 18.250,000.00 \ 3.355,976.61 \end{array}$ | 19 250,000.0 4 3 15,446.0 |
$\substack{+7.000,000.00 \ -2.75,752.00}$ | 1,000,000.00 3,347,682.20 |
STATEMENT OF CHANGES IN EQUITY | |||||||||
| Shertrem behowings Othershotten habites |
42750,633.42 | 49 071 255.9 | $-43,500,630,00$ | (Amours sneepheresc in Furc) | THE GROUP 01/01/30/06/2009 01:01/30/06/2009 |
$\frac{\text{THE COMPAMY}}{010130032009} = \frac{0101330672008}{010130672008}$ | ||||||||
| liabilities theirs to non-current accel, held for sale | 45 331,840.7 r m |
£. | $\begin{array}{r} 39\,500\,000\,00 \ 63\,323\,39\,0.18 \ 0.03 \end{array}$ | 00 | ||||||||||
| "stallegaty beginning of the period (31/91/2009 and 01/01/2009) | 104,779.263.18 | 101,427,645.7 | 64 267 966 35 | 58,811-35.28 | ||||||||||
| TOTAL LIABILITIES (c) | 109.894,444.64 | 124 258 223 1 | 119.602,582.18 128,754,660.37 | (goilpel) dal comprehensive income attenties |
1053551 | 16,349,931 | 2002406 | 6,992,972.3 | ||||||
| TOTAL EQUITY AND LIABILITES (3) ~ (c) | 216,886,483.88 | 229.039.483.35 | 172,041,942.06 183,022,521.23 | 111,832,616.14 | 117,678,677.34 | 57.100.336.98 | 70,784,409.01 | |||||||
| horesse (igboresse) of characteristic Distance paid. |
ي ر 30.523.70 ب |
-6519.85 | 25. 28.5% 11:57 |
4,519853.30 | ||||||||||
| Purchase of over shares Ecuity active end of the period (500002306 and 50004308, respectively) |
2,51:04330 107,17103934 |
nt jet v 754 | $\frac{351,285}{2248,7883}$ | $^{11}$ 34,274.749.2 |
||||||||||
| CASH FLOW STATEMENT (Amount: are accressed in Furs) |
THE GROUP | THE COMPANY | ||||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | 010130066009 01013008/200 | 01/01-30/06/2009 01/01-30/06/2009 | ||||||||||||
| Profit: before sover Fixe (minus adj. covers for ) Tesubfrom asie of affiliated company |
1898512.81 | 19815,1915 | 1573,666.47 | $\frac{8,306,78,91}{0.00}$ | ||||||||||
| $^{(0)}$ CO. |
$^{(0)}$ OD) |
ADDITIONAL INFORMATION | ||||||||||||
| Decredation of fired assess | 1810.603.6 | 1920.788.6 | 1115.187.43 | 1,154,116.03 | ||||||||||
| -craign extrange offerences | 221,202.00 | 257,702 | $-137,194.95$ | -34,412.8 | . Il The main scrounting prindoles as of the belance sheet of 3.1.1.2.2007 mee beer applied. 2. Geo, o compar le trait are included in the corrabidated manoet statements with the respective locals or a seve les percentage |
|||||||||
| ncome from investment activities interest and other related experies |
$-358,528.48$ 1 - 61,605.00 |
-7.387, 188.4 1.81,05 |
$-22,0957$ 1747,061% |
-2,944,282.04 -2,147,051.74 |
concealibility proceeding Note 1,2 of the interimented disturbance. 2. June 16: Progress for the company (25, SMRANTIS S A is 2003) The unsus the trapperty for the goal of the metapod 2. June 16: Chicago: Conference progra |
|||||||||
| in Note 1.2 of the interim financial | ||||||||||||||
| Flustminus adjustments for changes in tooking capital accounts on accounts related to operating sculpties. Decrease J (fromsee) in internaties |
. 4. Sofizatet anas nevezer nepisaraten beprezete olihe compan. 6. The annuns of Innone and excenses and outstanding colones of receivables and psyches of the Company or and tom in related sorties. |
|||||||||||||
| 5105,614.62 | -4.081,8648 | 2.565,634.81 | 1,208,634.48 | (according to the provisions of w3 24) to the benocliare as follows: | ||||||||||
| . Decrease (intorease) in race vables (Decrease) (in crease in leadilities (of enthal for cankel) |
-2921, 226.74 13 - 75,666.55 |
13442/63 | 377,5204 | 13,964,050.96 | ||||||||||
| .eco: mensional cibere sind esperies pold. TaxPaid |
$(0)$ 323.32.51 |
$+305.176$ 1 | 0.00 $-1.187.20708$ |
.1712128 | DISCLOSERS AND RELATED PARTES TABLE | THE GROUP | THE COMPANY | |||||||
| 1578,687.61 | 2015.017.0 | 911,098.13 | 351, 33.62 | at Income | 3482,0558 1910,918.74 |
|||||||||
| Total inflows i (outflows) from operating activities (e) | car $-2.272, 82 - 01$ |
$^{6}$ $-3.967,0.02$ |
$-7.204(78.7)$ | $00 -$ -1277294.88 |
t: Exercise | $\frac{0.00}{0.00}$ | 476289170 | |||||||
| c: Pevables | 3.30 | 05/1996/143 | ||||||||||||
| CASH FLOWS FROM INVESTMENT ACTIVITIES | s) Exardir embars and keymanagar antiparsonnslinsmurarador and che barefts |
3/7823.16 | 347 823.16 | |||||||||||
| AcquisitionElispose of Eussidiates, associates, oint vertures and | ||||||||||||||
| she westments | $\begin{array}{r} 982,67^{\circ}.89 \ 7427,787.73 \end{array}$ | -2.859,970.1 -3.869,436.2 |
294,406.12 4 SQL 648.86 |
. 1,047,756.58 1) 586,426.38 |
0. The number of the employees in the group and the company is: | |||||||||
| Acquisition of rangible and intergible assets Revenues from sale or tangible and thangible assets |
THE GROUP | THE COMPANY | ||||||||||||
| rte estrucious | 3227.4 | $-787,107.0$ $343,516.0$ |
1,1/282 13,9/4.88 |
3,45,852.04 | 01.01-30.06/2009 01/01-31/03/2007 | 010131032008 | 0101-3103/2007 | |||||||
| Dividends received | 35,191.00 | 510.228 | 505.73 | 495,00.00 | Selation or toleyees Yaça amp syaes |
1362 | 1,405 | 466 | 41 | |||||
| Net inflows / (cultions) from investment activities (b) | $-1.415,051.34$ | $-1.578.661.4$ | 490,612.00 | 841,959.89 | otal employees | 鹽 | 飍 | 500 | $rac{1}{593}$ | |||||
| CASH FLOWS FROM FINANCIAL ACTIVITIES | 7 Investment in tized casers made during the first har | THE GROUP | THE COMPANY | |||||||||||
| 00 | 2421,737.73 | 1300,648.38 | ||||||||||||
| Proceeds from charging paradiges increases Proceeds from loans granted / annumed |
$^{0.03}_{0.03}$ | 3551,000 | $^{0.03}_{0.03}$ | 3,00,00.00 | The other comprehensive income after rases of the Cacus and parent ( | mpory are analyzed as follows | ||||||||
| staments. | -39'582251 | -21935,500.0 | -10050000 | -23,000,0000 0.0 |
The Group 3101-300000 3101-300603 |
The company | $-010 - 330608$ | |||||||
| Scores, cl., accordationals. Didents and |
$-60$ 488.21 |
43.75053 | $-0.00$ 4,836, 21 |
-33:153636 | Firencial Assets available for sale. | 975 155 5 | 259.785.3 | 0301-300309 300,5462 |
4948430 | |||||
| sast out a and are to there is | $-3.5^{\circ}1,025,90$ | C) | 351,000 | 0.00 | Stock options Foreign eachsings differences from consersion to euro |
32000 2,008 983 2 |
2496 | 192,000 55 |
2310000 33 |
|||||
| Net inflows / (outflows) from financial activities (c) | $-7.431,601.62$ | $-18.907,008.7$ | 4.616,879.11 | -18,617,605.36 | Delction of minority intercept due to acquisition of stake | 145.623.1 | -0.03 | $^{12}$ | ||||||
| Net increase I decrease in cash and cash equivalents for the | ||||||||||||||
| period (a)+[b]+(c) Cash and cash equivalents, beginning of the period Effect of FX cifferences on cash |
-11.117.373.97 | 24349,419.4 43155,272.9 |
-12.710,671.52 | 24,948,250.32 29,256,819.24 |
||||||||||
| 23.160,007.71 | 542,009.2 | $\frac{14.471,653.57}{6.00}$ | $\begin{tabular}{ c c c c c c c c c c c c c c c c c c c$ | |||||||||||
| Cash and cash equivalents, end of the period | 9.009.549.41 | 18.274.843.9 | 176109205 | 4.308.588.92 | ||||||||||
| Mac. 1: 1998/900 | . 11. Provisions is unables tax years for the Company and the Group empuritie \$86,000.00 sure and 988,000.00 euronespectrely while Other Presidient for the Croup onneutrie 71,000 auto concribers. |
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| THE PRESIDENT OF THE BOARD OF DIRECTORS. | ober Presidentische Grap von Internation en monomery. 12 The considerationella reuta chief estad al 2009 Poude the company TFADE 9.1 UPT that was acquired by be subsidiary GR SARANTS COFFIUS LTD and |
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| GRISCIAS PI SARANTIS | THE VICE PRESIDENT & MANAGING DRECTOR KIRIKKOS PI SARANTIS |
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| TDNo × 05061993 | T3 \o R 53359026 | . Sents ungeykb, olis Kreinis pricilenyer Krosen interholme arte d'AD, houle day or ray Taes Opersoles white documented interleding. Sents ungeykb, olis Kreinis ubec ay ramay Savita Sopyaca zantonal tombe ubec ay SR Sents |
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| A deep poon is given in the Note 1.2 of the interim menoral eters ments. | ||||||||||||||
| THE FINANCIAL DIRECTOR | THE VAILABER OF THE ACCOUNTING DPT. | . 18 That since things in the contribution including the companies of playing consolidated in the Internet francis statements. 14 The companitiey respect, some accounts of the companies from provident for the fisculy earli |
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| $\begin{array}{r} \text{KORSTWATP,OS-P-RCZMEAS} \ \text{1.7}\ \text{A} \text{P-SAGOSE-} \end{array}$ | VASSLIDS DIMENTANIS | |||||||||||||
Marousi, 18 August 2009
The members of the Board
THE CHAIRMAN OF THE BOARD THE VICE-CHAIRMAN
THE FINANCE DIRECTOR & BOARD MEMBER THE HEAD ACCOUNTANT
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
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