AI assistant
Elton S.A. — Audit Report / Information 2019
Apr 24, 2020
2769_10-k_2020-04-24_bb7bed7b-efab-4278-955e-55e22cdb5847.pdf
Audit Report / Information
Open in viewerOpens in your device viewer
| GROUP | COMPANY | |
|---|---|---|
| 1/1-31/12/2019 | 1/1-31/12/2019 | |
| Sales | 0 | 1.075.011 |
| Purchases | 0 | 321.245 |
| Receivables from associated parties | 0 | 1.469.080 |
| Payables to associated parties | 0 | 183.969 |
| Directors' and Managers' remuneration | 1.026.309 | 548.715 |
| Payables to Managers and Directors | 0 | 0 |
9. The other comprehensive income after tax are:
FINANCIAL STATEMENTS AND INFORMATION of period from 1st January 2019 until 31st December 2019
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.
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 | 80% | FULL |
2. The unaudited tax years for the Group subsidiaries are the following: ELTON CORPORATION SA (2010-2019), ELTON CORPORATION EOOD (2010-2019), ELTON CORPORATION DOO (2010-2019), ELTON CORPORATION LLC (2012-2019). For the year 2019 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 interim financial statements of year 2020. 3. There are encumbrances on the property of the subsidiary in Bulgaria for securing loan obligations at the amount of 2,11 mil. euro
| COMPANY INFORMATION | 1.3 CASH FLOW STATEMENT | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Website : | www.elton.gr | Consolidated and Company's (amounts in euro) | |||||||
| Board of Directors : | President and CEO : Nestor D. Papathanasiou Executive members : Alkisti N.Papathanasiou, Katy Andreou, |
GROUP | COMPANY | ||||||
| Epaminondas Taflambas, Dimitrios Giotopoulos | Operating Activities | 1/1-31/12/2019 | 1/1-31/12/2018 | 1/1-31/12/2019 | 1/1-31/12/2018 | ||||
| Independent & not executive members : Michalis Chatzis, Christos Poulis | Profit before taxes | 4.712.015 | 5.114.069 | 4.314.222 | 4.739.834 | ||||
| Not executive member : Ilektra Papathanasiou | Adjustments for : | ||||||||
| Date of Financial Statements' approval by the Board : 16/4/2020 | Depreciation and Amortization | 1.702.204 | 1.030.229 | 937.820 | 686.088 | ||||
| Certified Auditor | Ioannis Savadis S.O.E.L. 33391 | Amortization of grants | -69.102 | -69.102 | -69.102 | -69.102 | |||
| Audit firm : Type of Audit Review : |
SOL AE OE Unqualified opinion |
Provisions/ Impairments | 428.071 | 925.960 | 333.602 | 545.316 | |||
| Exchange Differences | -429.206 | -281.207 | -8.866 | -14.908 | |||||
| 1.1. STATEMENT OF FINANCIAL POSITION | (Gain) or Loss from Investing activities | 357.049 | -86.682 | 14.469 | 18.473 | ||||
| (consolidated and company's) Amounts in euro | Interest and similar charges | 1.308.575 | 1.340.549 | 570.989 | 651.306 | ||||
| GROUP | COMPANY | Working capital changes | |||||||
| ASSETS Fixed Assets |
31/12/2019 16.755.458 |
31/12/2018 17.432.133 |
31/12/2019 10.338.883 |
31/12/2018 10.730.890 |
Decrease / (increase) of inventory | 358.294 | -1.562.939 | 1.392.814 | -1.031.567 |
| Rights of use of assets | 1.662.712 | 0 | 777.114 | 0 | Decrease / (increase) of trade receivables | -3.331.642 | 108.346 | -3.658.480 | -50.427 |
| Intagible Assets | 2.293.632 | 2.448.983 | 2.171.302 | 2.333.435 | (Decrease) / increase of liabilities (except loans) | 638.412 | -2.367.754 | 413.523 | -402.898 |
| Other non current Assets | 1.382.870 | 1.414.176 | 14.155.706 | 13.824.940 | Less : | ||||
| Inventories | 23.142.164 | 23.500.458 | 11.945.863 | 13.338.677 | Interest and similar charges paid | -1.578.181 | -1.317.625 | -571.966 | -656.015 |
| Trade Receivables | 45.598.443 | 43.024.454 | 34.309.259 | 31.320.731 | Tax paid | -2.003.948 | -1.605.162 | -1.797.969 | -1.440.585 |
| Other current Assets | 4.983.161 | 4.840.465 | 3.608.465 | 3.648.755 | Total cash/(used in) generated from operating activities(a) | 2.092.543 | 1.228.682 | 1.871.058 | 2.975.514 |
| TOTAL ASSETS | 95.818.440 | 92.660.670 | 77.306.591 | 75.197.428 | Investing Activities | ||||
| EQUITY AND LIABILITIES | Acquisition of Subsidiary | 0 | -41.000 | -300.000 | -349.965 | ||||
| Share Capital | 13.899.697 | 13.899.697 | 13.899.697 | 13.899.697 | Purchase of Intagible Assets, Property | -540.924 | -1.481.752 | -143.021 | -201.046 |
| minus : purchase of company's own shares | 0 | 0 | 0 | 0 | Sale of fixed and Intagible assets | 41.919 | 731 | 0 | 0 |
| Other net Equity | 38.975.351 | 37.639.163 | 34.567.574 | 32.954.954 | Interest received | 291.690 | 182.192 | 977 | 5.750 |
| Equity attributable to the equity holders of the parent (a) | 52.875.048 | 51.538.861 | 48.467.271 | 46.854.651 | Dividends received | 0 | 0 | 0 | 0 |
| Minority interest (b) | 271.583 | 247.295 | 0 | 0 | Total cash/(used in) generated from investing activities(b) Financing Activities |
-207.315 | -1.339.829 | -442.044 | -545.262 |
| Total Equity (c)=(a)+(b) | 53.146.631 | 51.786.156 | 48.467.271 | 46.854.651 | Proceeds from Borrowings | 16.324.543 | 16.526.466 | 7.000.000 | 9.300.000 |
| Long Term Borrowings | 5.513.034 | 8.643.140 | 4.625.000 | 7.593.467 | Repayment of Borrowings | -15.916.632 | -17.547.912 | -7.003.206 | -13.429.461 |
| Provisions/Other Long Term Liabilities | 2.317.092 | 1.286.393 | 1.755.733 | 1.198.231 | Repayment of Finance Lease Liabilities | -984.241 | 0 | -248.833 | 0 |
| Short Term Borrowings | 17.642.850 | 14.082.749 | 9.955.848 | 6.990.587 | Dividends paid or paymernts from capital decrease | -1.603.811 | -1.069.207 | -1.603.811 | -1.069.207 |
| Other Short Term Liabilities | 17.198.834 | 16.862.232 | 12.502.740 | 12.560.492 | Total cash/(used in) generated from financing activities(c) | -2.180.142 | -2.090.653 | -1.855.851 | -5.198.668 |
| Total Liabilities (d) | 42.671.809 | 40.874.514 | 28.839.320 | 28.342.777 | Net increase/(decrease) | ||||
| TOTAL EQUITY AND LIABILITIES (c)+(d) | 95.818.440 | 92.660.670 | 77.306.591 | 75.197.428 | in Cash and Cash equivalents (a)+(b)+(c) | -294.914 | -2.201.801 | -426.837 | -2.768.416 |
| Cash and Cash Equivalents at the beginning of the period | 2.630.590 | 4.832.391 | 1.707.721 | 4.476.137 | |||||
| 1.2. INCOME STATEMENT | Subsidiary Consolidation | 0 | 0 | 0 | 0 | ||||
| (consolidated and company's) Amounts in euro | Cash and Cash Equivalents at the end of the period | 2.335.676 | 2.630.590 | 1.280.884 | 1.707.721 | ||||
| GROUP | COMPANY | ||||||||
| 1/1-31/12/2019 | 1/1-31/12/2018 | 1/1-31/12/2019 | 1/1-31/12/2018 | 1.4 STATEMENT OF CHANGES IN EQUITY | |||||
| Turnover | 131.219.811 | 132.709.642 | 86.677.971 | 85.678.302 | (Consolidated and company's) Amounts in euro | ||||
| Gross Profit Profit/(loss) before taxes,financing & investing results |
20.324.213 6.020.590 |
20.673.388 6.301.282 |
13.272.959 4.885.211 |
13.524.997 5.391.140 |
GROUP | COMPANY | |||
| Profit before taxes | 4.712.015 | 5.114.069 | 4.314.222 | 4.739.834 | 31/12/2019 | 31/12/2018 | 31/12/2019 | 31/12/2018 | |
| Profit/(loss) after Taxes (Α) | 3.400.194 | 3.491.524 | 3.247.984 | 3.278.750 | Equity at the beginning of the period (1/1/2019 | ||||
| Attributable to: Owners of the parent company | 3.352.694 | 3.465.124 | 3.247.984 | 3.278.750 | and 1/1/2018 respectively) | 51.786.156 | 50.395.091 | 46.854.651 | 44.722.736 |
| Minority interest | 47.500 | 26.400 | 0 | 0 | Effect of IFRS 16/ IFRS 9 | -4.505 | -645.739 | -4.505 | -63.390 |
| Other comprehensive Income after tax (B) | -431.403 | -385.514 | -27.048 | -14.238 | Equity at the beginning of the period 1/1/2019 | ||||
| Total comprehensive Income after tax (A)+(B) | 2.968.791 | 3.106.011 | 3.220.936 | 3.264.512 | (reformed) and 1/1/2018 | 51.781.651 | 49.749.353 | 46.850.146 | 44.659.346 |
| Attributable to: Owners of the parent company | 2.992.003 | 3.191.801 | 3.220.936 | 3.264.512 | Profit after tax | 3.400.194 | 3.491.524 | 3.247.984 | 3.278.750 |
| Minority interest | -23.212 | -85.790 | 0 | 0 | Other comprehensive Income | -431.403 | -385.514 | -27.048 | -14.238 |
| Earnings after taxes per share (€) | 0,1254 | 0,1296 | 0,1215 | 0,1227 | Dividents paid | -1.603.811 | -1.069.207 | -1.603.811 | -1.069.207 |
| Profit before taxes, financing & investing results and | Equity at the end of the period (31.12.2019 and 31.12.2018 respectively) |
53.146.631 | 51.786.156 | 48.467.271 | 46.854.651 | ||||
| depreciation (EBITDA) | 7.653.693 | 7.263.033 | 5.753.930 | 6.008.126 | |||||
4. 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.
5. Number of employees at the end of the current period : Group 258 Company 122. (31/12/2018: Group 248 ,Company122).
6. On the above 31/12/2019 financial statements complied same basic accounting principles as at the Balance Sheet 31/12/2018 with the exeption of new standard IFRS 16, for which the implementation is obligatory for fiscal years starting from 1st January 2019. 7. The Group and the Company have made provisions for bad debts up to 31/12/2019 amounting to 8.763.229 and 5.711.334 euros respectively and provisions for discredited inventories at the amount of 464.686 euros for the Group and 245.496 euros for the Company. Until 31st December 2019 the provision for staff compensation in the Group and the Company was 605.198 €
8. 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 :
| Avlonas Attica, 16th April 2020 | ||||||||
|---|---|---|---|---|---|---|---|---|
| PRESIDENT & CEO | B.O.D. MEMBER | FINANCIAL MANAGER | GROUP C.F.O. | |||||
| NESTOR D. PAPATHANASIOU | ALK.Ν.PAPATHANASIOU | ST.D.VASILIOU | ANTONIS YASSARIS | |||||
| ID card num. ΑΒ 606775 | ID card num. ΑΕ 105490 | ID card num.Τ 132250 | ID card num. ΑΝ 061294 Offices Service S.A. 2109247017 |
(pubished according to the decision 4/507/28.4.2009 of the Board of Hellenic Capital Market Commission 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.
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| 31/12/2019 | 31/12/2018 | 31/12/2019 | 31/12/2018 | ||
| Exchange Differences | -404.355 | -371.275 | 0 | 0 | |
| Effect of tax rate change on deffered tax | -1.129 | -3.966 | -1.129 | -3.966 | |
| Deffered taxes | 8.184 | 3.424 | 8.184 | 3.424 | |
| Actuarially profit/loss | -34.104 | -13.696 | -34.104 | -13.696 | |
| TOTAL | -431.403 | -385.514 | -27.048 | -14.238 |
10. The Group has implemented IFRS 16 using the modified retroactive approach. According to this method, the comparative information is not reprinted.