Elton S.A. — Annual Report 2018

Apr 16, 2019

Receivables from associated parties 0 1.264.741 Payables to associated parties 0 1.273.444 Directors' and Managers' remuneration 961.998 619.289 Receivables from Managers and Directors 0 0 Payables to Managers and Directors 24.337 24.337

FINANCIAL STATEMENTS AND INFORMATION of period from 1st January 2018 until 31st December 2018

Company's No in the Registry of S.A. : 346001000 Head Office: Avlonas Attiki , Draseza place (Industrial zone Avlona)

ELTON INTERNATIONAL TRADING COMPANY S.A.

	COMPANY INFORMATION					1.3 CASH FLOW STATEMENT
Website : www.elton.gr Board of Directors : President and CEO : Nestor D. Papathanasiou					Consolidated and Company's (amounts in euro)
	Executive members : Alkisti N.Papathanasiou, Katy Andreou,				GROUP COMPANY
			Epaminondas Taflambas, Dimitrios Giotopoulos		Operating Activities	1/1-31/12/2018	1/1-31/12/2017	1/1-31/12/2018	1/1-31/12/2017
	Independent & not executive members : Michalis Chatzis, Christos Poulis				Profit before taxes	5.114.069	4.594.021	4.739.834	3.008.250
	Not executive member : Ilektra Papathanasiou				Adjustments for :
Date of Financial Statements' approval by the Board : 10/4/2019					Depreciation and Amortization	1.030.229	879.428	686.088	629.848
Certified Auditor	Ioannis Savadis S.O.E.L. 33391				Amortization of grants	-69.102	-51.543	-69.102	-51.543
Audit firm : Type of Audit Review :	SOL AE OE Unqualified opinion				Provisions/ Impairments	925.960	2.847.483	545.316	1.384.618
					Exchange Differences	-281.207	-250.894	-14.908	2.731
	1.1. STATEMENT OF FINANCIAL POSITION				(Gain) or Loss from Investing activities	-86.682	55.975	18.473	1.089
	(consolidated and company's) Amounts in euro				Interest and similar charges	1.340.549	1.271.117	651.306	733.956
	GROUP		COMPANY		Working capital changes
ASSETS	31/12/2018	31/12/2017	31/12/2018	31/12/2017	Decrease / (increase) of inventory	-1.562.939	-3.678.340	-1.031.567	-1.035.133
Fixed Assets	17.432.133	16.974.968	10.730.890	11.076.543	Decrease / (increase) of trade receivables	108.346	-6.328.117	-50.427	-3.660.550
Intagible Assets	2.448.983	2.626.986	2.333.435	2.491.297	(Decrease) / increase of liabilities (except loans)	-2.367.754	3.716.674	-402.898	1.894.468
Other non current Assets	1.414.176	1.338.009	13.824.940	13.447.051	Less :
Inventories	23.500.458	22.053.015	13.338.677	12.422.606	Interest and similar charges paid	-1.317.625	-1.242.014	-656.015	-733.556
Trade Receivables	43.024.454	44.913.373	31.320.731	32.028.419	Tax paid	-1.605.162	-2.056.712	-1.440.585	-1.775.157
Other current Assets	4.840.465	6.781.699	3.648.755	6.218.773	Total cash/(used in) generated from operating activities(a)	1.228.682	-242.922	2.975.514	399.022
TOTAL ASSETS	92.660.670	94.688.050	75.197.428	77.684.689
EQUITY AND LIABILITIES					Investing Activities
Share Capital	13.899.697	13.899.697	13.899.697	13.899.697	Acquisition of Subsidiary	-41.000	0	-349.965	0
Other net Equity	37.639.163	36.162.309	32.954.954	30.823.039	Purchase of Intagible Assets, Property	-1.481.752	-1.708.027	-201.046	-285.397
Equity attributable to the equity holders of the parent (a)	51.538.861	50.062.006	46.854.651	44.722.736	Sale of fixed and Intagible assets	731	1.564	0	0
Minority interest (b)	247.295	333.085	0	0	Interest received	182.192	22.243	5.750	640
Total Equity (c)=(a)+(b)	51.786.156	50.395.091	46.854.651	44.722.736	Total cash/(used in) generated from investing activities(b)	-1.339.829	-1.684.219	-545.262	-284.756
Long Term Borrowings	8.643.140	5.566.525	7.593.467	4.427.174	Financing Activities
Provisions/Other Long Term Liabilities	1.286.393	1.462.340	1.198.231	1.473.737	Proceeds from Borrowings	16.526.466	27.834.889	9.300.000	13.025.000
Short Term Borrowings	14.082.749	18.130.070	6.990.587	14.286.341	Repayment of Borrowings	-17.547.912	-24.977.792	-13.429.461	-11.825.945
Other Short Term Liabilities	16.862.232	19.134.024	12.560.492	12.904.701	Dividends paid or paymernts from capital decrease	-1.069.207	-2.138.415	-1.069.207	-2.138.415
	40.874.514	44.292.959	28.342.777	32.961.953	Total cash/(used in) generated from financing activities(c)	-2.090.653	718.682	-5.198.668	-939.360
Total Liabilities (d)					Net increase/(decrease)
TOTAL EQUITY AND LIABILITIES (c)+(d)	92.660.670	94.688.050	75.197.428	77.684.689	in Cash and Cash equivalents (a)+(b)+(c)	-2.201.801	-1.208.458	-2.768.416	-825.094
	1.2. INCOME STATEMENT				Cash and Cash Equivalents at the beginning of the period	4.832.391	6.040.849	4.476.137	5.301.231
	(consolidated and company's) Amounts in euro				Cash and Cash Equivalents at the end of the period	2.630.590	4.832.391	1.707.721	4.476.137
	GROUP		COMPANY
	1/1-31/12/2018	1/1-31/12/2017	1/1-31/12/2018	1/1-31/12/2017		1.4 STATEMENT OF CHANGES IN EQUITY
Turnover	132.709.642	126.923.231	85.678.302	79.252.711		(Consolidated and company's) Amounts in euro
Gross Profit	20.673.388	20.625.657	13.524.997	12.914.882		GROUP		COMPANY
Profit/(loss) before taxes,financing						31/12/2018	31/12/2017	31/12/2018	31/12/2017
& investing results	6.301.282	5.862.050	5.391.140	3.742.206	Equity at the beginning of the period
Profit before taxes	5.114.069	4.594.021	4.739.834	3.008.250	(1.1.2018 and 1.1.2017 respectively)	50.395.091	49.587.373	44.722.736	44.794.962
Profit/(loss) after Taxes (Α)	3.491.524	3.357.240	3.278.750	2.075.185	Effect of IFRS9	-645.739	0	-63.390	0
Attributable to: Owners of the parent company	3.465.124	3.322.825	3.278.750	2.075.185	Equity at the beginning of the period 1/1/2018
Minority interest	26.400	34.415	0	0	(reformed) and 1/1/2017	49.749.353	49.587.373	44.659.346	44.794.962
	-385.514	-411.107	-14.238	-8.996	Total comprehensive income after tax
Other comprehensive Income after tax (B)
Total comprehensive Income after tax (A)+(B)	3.106.011	2.946.133	3.264.512	2.066.189		3.491.524	3.357.240	3.278.750	2.075.185
Attributable to: Owners of the parent company	3.191.801	2.961.597	3.264.512	2.066.189	Exchange differences	-371.275	-402.111	0	0
Minority interest	-85.790	-15.464	0	0	Actuarially profit / (loss) on defined benefit pension plans	-14.238	-8.996	-14.238	-8.996
Earnings after taxes per share (€)	0,1296	0,1243	0,1227	0,0776	Dividents paid/ capital return	-1.069.207	-2.138.415	-1.069.207	-2.138.415
					Equity at the end of the period
Profit before taxes, financing & investing results and					(31.12.2018 and 31.12.2017 respectively)	51.786.156	50.395.091	46.854.651	44.722.736
depreciation (EBITDA)	7.263.033	6.742.728	6.008.126	4.372.054
					1.5 ADDITIONAL DATA AND INFORMATION
1. The companies of the Group with their respective countries of residence and percentage holdings, included in the consolidated financial statements
COMPANY			COUNTRY		PERCENTAGE HOLDING CONSOLIDATION METHOD
	ELTON INTERNATIONAL TRADING COMPANY SA		GREECE		PARENT
ELTON CORPORATION SA			ROMANIA		100% FULL
ELTON CORPORATION EOOD			BULGARIA		100% FULL
ELTON CORPORATION DOO			SERBIA		100% FULL
ELTON CORPORATION LLC			UKRAINE		100% FULL
	ELTON MARMARA KIMYA SANAYI VE TICARET AS		TURKEY		70% FULL
					2. The unaudited tax years for the Group subsidiaries are the following: ELTON CORPORATION SA (2010-2018), ELTON CORPORATION EOOD (2010-2018), ELTON CORPORATION DOO (2010-2018), ELTON CORPORATION LLC (2012-2018). For the year 2018 the
					company has benefited from the tax audit of Certified Auditors Accountants provided by the provisions of Article 65 A N.4174/2013. This audit is in progress and the related tax certificate will be granted after the publication of the financial statements of year 2018.
3. There aren't any Company's shares holded by the parent or the subsidiaries companies at the end of the fiscal year.
4. There are encumbrances on the property of the subsidiary in Bulgaria for securing loan obligations at the amount of 2,36 mil. euro
5. There is not any litigation or arbitration or administrative court that may have a material effect on the financial position of the Company and its subsidiaries. 6. Number of employees at the end of the current period : Group 248 Company 122. (31/12/2017: Group 241 ,Company119).
7. On the above 31/12/2018 financial statements complied same basic accounting principles as at the Balance Sheet 31/12/2017
8. The impact of the adoption of IFRS 9 on the annual financial statements of the Group and the Company is detailed in Note 2.3 of the Financial Statements.
					9. Reclassifications have been made for better presentation purposes that have had no impact on the Company's equity or results, as detailed in Note 2.2 of the Financial Statements.
					10. The Group and the Company have made provisions for bad debts up to 31/12/2018 amounting to 8.486.103 and 5.514.674 euros respectively and provisions for discredited inventories at the amount of 247.052 euros for the Group and 245.496 euros for the
Company. Until 31st December 2018 the provision for staff compensation in the Group and the Company was 540.832 €
					11. Cumulative amounts of sales and purchases , since the begining of the year and the balances of receivables and payables of the Group and the Company at the end of the year, resulting from its transactions with associated parties, according to the IFRS 24,
are as follows :
				GROUP	COMPANY
Sales				1/1-31/12/2018 0	1/1-31/12/2018 696.554

12. The other comprehensive income after tax are:	GROUP		COMPANY
	31/12/2018	31/12/2017	31/12/2018	31/12/2017
Exchange Differences	-371.275	-402.111	0	0
Effect of tax rate change on deffered tax	-3.966	0	-3.966	0
Deffered taxes	3.424	3.675	3.424	3.675
Actuarially profit/loss	-13.696	-12.671	-13.696	-12.671
TOTAL	-385.514	-411.107	-14.238	-8.996
Avlonas Attica, 10th April 2019
PRESIDENT & CEO	B.O.D. MEMBER			FINANCIAL MANAGER	GROUP C.F.O.
NESTOR D. PAPATHANASIOU ID card num. ΑΒ 606775	ALK.Ν.PAPATHANASIOU ID card num. ΑΕ 105490			ST.D.VASILIOU ID card num.Τ 132250	ANTONIS YASSARIS ID card num. ΑΝ 061294
					Offices Service S.A. 2109247017

(pubished according to K.N. 2190/20, article 135 for companies that issue annual financial statements consolidated and non, according to IAS). The following data and information derived from the financial statements aim to provide general information about the financial position and results of ELTON INTERNATIONAL TRADING COMPANY SA. We advise the reader, before making any investment decision or other transaction with the company, to visit the web site where the financial statements and the report of the auditor where required.