Elton S.A. — Interim / Quarterly Report 2016

Oct 3, 2016

1.1. STATEMENT OF FINANCIAL POSITION (consolidated and company's) Amounts in euro 1.4 CASH FLOW STATEMENT

COMPANY INFORMATION

General Commercial Reg.Number 346001000

Company's No in the Registry of S.A. : 7951/06/Β/86/85

Head Office: Avlonas Attiki , Draseza place (Industrial zone Avlona)

FINANCIAL STATEMENTS AND INFORMATION of period from 1st January 2016 until 30th June 2016

(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.

Website :
	Board of Directors :

Date of Financial Statements' approval by the Board : Certified Auditor : Audit firm :

Type of Audit Review :

http://www.elton.gr Nestor D. Papathanasiou President and CEO, Alkisti Ν. Papathanasiou executive member, Katy Andreou executive member, Elektra Ν. Papathanasiou non executive member, Christos Κ. Poulis non executive independent member ,Michalis Hatzis non executive independent member. 28/9/2016 Ioannis Savadis A.M. S.O.E.L. 33391 SOL AE OE Unqualified opinion

depreciation (EBITDA)

4.257.161

2.948.765 1.3 STATEMENT OF CHANGES IN EQUITY

(Consolidated and company's) Amounts in euro

	GROUP			COMPANY
	30/6/2016	31/12/2015	30/6/2016	31/12/2015
ASSETS
Fixed Assets	16.449.185	16.476.505	11.427.220	11.398.112
Intagible Assets	2.792.937	2.908.998	2.725.077	2.817.988
Other non current Assets	1.998.807	1.940.497	13.418.231	13.315.263
Inventories	18.509.295	18.648.025	11.847.552	12.276.893
Trade Receivables	49.069.588	40.419.974	35.662.161	28.704.058
Other current Assets	8.189.776	7.863.526	6.658.743	5.743.244
TOTAL ASSETS	97.009.587	88.257.523	81.738.984	74.255.556
EQUITY AND LIABILITIES
Share Capital	16.038.112	16.038.112	16.038.112	16.038.112
minus : purchase of company's own shares	0	0	0	0
Other net Equity	33.584.788	31.114.128	28.645.918	27.099.426
Equity attributable to the equity holders of the parent (a)	49.622.900	47.152.240	44.684.030	43.137.538
Minority interest (b)	310.003	289.189	0	0
Total Equity (c)=(a)+(b)	49.932.903	47.441.428	44.684.030	43.137.538
Long Term Borrowings	833.332	1.666.664	833.332	1.666.664
Provisions/Other Long Term Liabilities	2.425.256	2.377.295	2.301.088	2.236.973
Short Term Borrowings	22.749.185	19.587.810	18.000.721	15.028.912
Other Short Term Liabilities	21.068.910	17.184.326	15.919.813	12.185.469
Total Liabilities (d)	47.076.684	40.816.095	37.054.954	31.118.018
TOTAL EQUITY AND LIABILITIES (c)+(d)	97.009.587	88.257.523	81.738.984	74.255.556
(consolidated and company's) Amounts in euro	1.2. INCOME STATEMENT
	GROUP			COMPANY
	1 Jan-30 Jun	1 Jan-30 Jun	1 Jan-30 Jun	1 Jan-30 Jun
	2016	2015	2016	2015
Turnover	58.865.039	52.824.109	39.871.482	37.528.299
Gross Profit	9.567.248	8.237.442	6.505.540	5.778.893
Profit/(loss) before taxes,financing & investing results	3.829.419	3.166.908	2.632.247	2.130.089
Profit before taxes	3.239.319	2.699.736	2.195.845	1.755.062
Profit/(loss) after Taxes (Α)	2.400.078	2.084.876	1.546.492	1.293.136
Attributable to: Owners of the parent company	2.379.263	2.084.876	1.546.492	1.293.136
Minority interest	20.815	0	0	0
Other comprehensive Income after tax (B)	91.398	25.691	0	0
Total comprehensive Income after tax (A)+(B)	2.491.476	2.110.567	1.546.492	1.293.136
Attributable to: Owners of the parent company	2.470.661	2.110.567	1.546.492	1.293.136
Minority interest	20.815	0	0	0
Earnings after taxes per share (€)	0,0898	0,0780	0,0579	0,0484
Profit before taxes, financing & investing results and

	Consolidated and Company's (amounts in euro)
	GROUP COMPANY
31/12/2015		1 Jan -30 Jun	1 Jan -30 Jun	1 Jan -30 Jun	1 Jan -30 Jun
		2016	2015	2016	2015
11.398.112	Operating Activities
2.817.988	Profit before taxes	3.239.319	2.699.736	2.195.845	1.755.062
13.315.263	Adjustments for :
12.276.893	Depreciation and Amortization	427.032	433.587	316.120	327.365
28.704.058	Amortization of grants	(29.307)	(40.000)	(29.307)	(40.000)
5.743.244	Provisions	484.413	59.896	390.000	200.000
74.255.556	Exchange Differences	87.932	180.457	(6.578)	4.018
	(Gain) or Loss from Investing activities	1.277	(9.575)	1.277	(3.550)
16.038.112	Interest and similar charges	606.756	467.172	436.401	375.027
0	Working capital changes
27.099.426	Decrease / (increase) of inventory	138.729	(2.557.660)	429.341	(1.936.277)
43.137.538	Decrease / (increase) of trade receivables	(9.888.987)	(8.381.648)	(7.195.073)	(6.144.600)
0	(Decrease) / increase of liabilities (except loans)	3.252.658	7.681.900	3.054.051	6.640.300
43.137.538	Less :
1.666.664	Interest and similar charges paid	(637.050)	(411.524)	(412.251)	(324.509)
2.236.973	Tax paid	(249.134)	(118.018)	0	(4.001)
15.028.912	Total cash/ (used in) generated from operating activities (a)	(2.566.362)	4.322	(820.173)	848.835
12.185.469	Investing Activities
31.118.018	Acquisition of Subsidiary	0	(210.000)	0	(210.000)
74.255.556	Purchase of Intagible Assets, Property	(353.817)	(206.778)	(253.595)	(120.233)
	Sale of fixed and Intagible assets	66.090	3.600	0	3.600
	Interest received	8.619	17.076	210	31
	Dividends received	0	0	0	0
1 Jan-30 Jun	Total cash/ (used in) generated from investing activities (b)	(279.107)	(396.103)	(253.384)	(326.603)
2015	Financing Activities
37.528.299	Proceeds from Borrowings	16.723.796	5.978.155	13.570.000	4.600.000
5.778.893	Repayment of Borrowings	(14.349.717)	(1.407.606)	(11.431.523)	(892.598)
2.130.089	Dividends paid	0	0	0	0
1.755.062	Total cash/ (used in) generated from financing activities (c)	2.374.079	4.570.549	2.138.477	3.707.402
1.293.136	Net increase/(decrease) in Cash and Cash equivalents (a)+(b)+(c)	(471.390)	4.178.769	1.064.919	4.229.634
1.293.136	Cash and Cash Equivalents at the beginning of the period	5.492.326	1.164.918	3.450.156	431.009
0	Cash and Cash Equivalents at the end of the period	5.020.935	5.343.687	4.515.075	4.660.643
0
1.293.136
1.293.136

						GROUP		COMPANY
		GROUP	COMPANY
	1 Apr-30 Jun	1 Apr-30 Jun	1 Apr-30 Jun	1 Apr-30 Jun		30/6/2016	30/6/2015	30/6/2016	30/6/2015
	2016	2015	2016	2015
Turnover	32.281.598	28.985.401	21.943.363	20.627.157	Equity at the beginning of the period (1.1.2016 and 1.1.2015 respectively)	47.441.427	44.546.676	43.137.538	41.622.609
Gross Profit	5.208.195	4.509.009	3.531.469	3.223.536	Total comprehensive income after tax	2.400.078	2.084.876	1.546.492	1.293.136
Profit/(loss) before taxes,financing & investing results	2.069.180	1.683.727	1.343.560	1.214.630	Exchange differences	91.398	25.691	0	0
Profit before taxes	1.748.810	1.445.259	1.120.226	1.008.800	Dividends distributed	0	0	0	0
Profit/(loss) after Taxes (Α)	1.306.287	1.064.658	790.282	697.216	Equity at the end of the period (30.6.2016 and 30.6.2015 respectively)	49.932.903	46.657.243	44.684.030	42.915.745
Attributable to: Owners of the parent company	1.300.751	1.064.658	790.282	697.216
Minority interest	5.537	0	0	0
Other comprehensive Income after tax (B)	109.182	-152.621	0	0
Total comprehensive Income after tax (A)+(B)	1.415.469	912.037	790.282	697.216
Attributable to: Owners of the parent company	1.408.865	912.037	790.282	697.216
Minority interest	6.604	0	0	0
Earnings after taxes per share (€)	0,0489	0,0398	0,0296	0,0261
Profit before taxes, financing & investing results and
depreciation (EBITDA)	2.268.673	1.893.419	1.499.093	1.370.916
				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 LTD	BULGARIA		100%	FULL

1. The unaudited financial years concerning the Group's companies are presented in note 17 of the financial statements. The Company and the Group have formed provisions for tax unaudited fiscal years amounting to € 115.496.

2. There are no encumbrances on the property.

3. There is not any litigation or arbitration or administrative court that may have a material effect on the financial position of the Company andits subsidiaries.

4. Number of employees at the end of the current period : Group 224, Company 116 (30/6/2015: Group 207,Company118).

5. On the above financial statements complied same basic accounting principles as at the Balance Sheet 31/12/2015.

6. The Group and the Company have made provisions for bad debts up and until 30.6.2016 amounting to 4.143.502 and 3.241.235 euros respectively and provisions for discredited inventories totally amounting to 230.000 euros for the Group and for the Company. Until June 30th 2016 the provision for staff compensation in the Group and the Company was 442.473 euros.

7. 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 six month period, resulting from its transactions with associated parties , according to the IFRS 24, are as follows :

		GROUP	COMPANY
		1/1-30/6/2016	1/1-30/6/2016
Sales		0	541.472
Purchases		0	434.156
Receivables from associated parties		0	899.415
Payables to associated parties		0	1.667.952
Directors' and Managers' remuneration		454.366	316.735
Receivables from Managers and Directors		4.500	4.500
Payables to Managers and Directors		74.337	74.337
9. The other comprehensive income after tax are:
	GROUP		COMPANY
	30/6/2016 30/6/2015		30/6/2016 30/6/2015
Exchange Differences	91.398 25.691		0	0
TOTAL	91.398 25.691		0	0
		Avlonas Attica, 28 September 2016
PRESIDENT & CEO	B.O.D. MEMBER			FINANCIAL MANAGER	GROUP C.F.O.
NESTOR D. PAPATHANASIOU	ALK.Ν.PAPATHANASIOU			STELIOS.D.VASILIOU	ANTONIS GIASSARIS
ID card num. ΑΒ606775	ID card num. ΑΕ105490			ID card num.Τ 132250	ID card num. Ξ 237863
					Οffices Service S.A. 210 92 47 017

ELTON INTERNATIONAL TRADING COMPANY S.A.

3.600.495

2.457.454

(consolidated and company's) Amounts in euro

ELTON CORPORATION DOO MARMARA ENDUSTRIYEL

100% 70%

FULL FULL

SERBIA TURKEY