Elton S.A. — Interim / Quarterly Report 2018

Sep 25, 2018

ELTON INTERNATIONAL TRADING COMPANY S.A.

General Commercial Reg.Number : 346001000 Head Office: Avlonas Attiki , Draseza place (Industrial zone Avlona)

					FINANCIAL STATEMENTS AND INFORMATION of period from 1st January 2018 until 30th June 2018
COMPANY INFORMATION						1.3 CASH FLOW STATEMENT
Website : Board of Directors :	www.elton.gr President and CEO : Nestor D. Papathanasiou				Consolidated and Company's (amounts in euro)
	Executive members : Alkisti N.Papathanasiou, Katy Andreou,				GROUP		COMPANY
	Independent & not executive members : Michalis Chatzis, Christos Poulis		Nondas Taflabas, Dimitris Giotopoulos		Operating Activities Profit before taxes	1/1-30/6/2018 3.493.827	1/1-30/6/2017 4.092.536	1/1-30/6/2018 3.141.203	1/1-30/6/2017 2.654.088
	Not executive member : Ilektra Papathanasiou				Adjustments for :
Date of Financial Statements' approval by the Board : 17/09//2018 Certified Auditor	Ioannis Savadis S.O.E.L. 33391				Depreciation and Amortization	449.475	421.697	324.589	315.851
Audit firm :	SOL AE OE				Amortization of grants Provisions	(34.551) 301.931	(29.251) 291.915	(34.551) 256.101	(29.251) 240.000
Type of Audit Review :	Unqualified opinion				Exchange Differences	(168.567)	(108.044)	(11.928)	(5.442)
	1.1. STATEMENT OF FINANCIAL POSITION (consolidated and company's) Amounts in euro				(Gain) or Loss from Investing activities	3.805	19.189	21.910	0
	GROUP		COMPANY		Interest and similar charges	582.199	536.802	348.850	343.552
ASSETS	30/06/2018	31/12/2017	30/06/2018	31/12/2017	Working capital changes Decrease / (increase) of inventory	(2.069.629)	(1.934.578)	(1.432.473)	(196.808)
Fixed Assets	17.571.274	16.974.968	10.847.662	11.076.543	Decrease / (increase) of trade receivables	(7.581.441)	(11.449.622)	(5.230.424)	(7.068.337)
Intagible Assets Other non current Assets	2.537.595 1.362.033	2.626.986 1.338.009	2.417.297 13.789.913	2.491.297 13.447.051	(Decrease) / increase of liabilities (except loans)	4.346.319	8.095.788	3.700.258	5.247.478
Inventories	24.252.644	22.183.015	13.985.079	12.552.606	Less :
Trade Receivables	52.612.908	44.913.373	37.999.062	32.028.419	Interest and similar charges paid	(582.958)	(555.775)	(349.431)	(342.896)
Other current Assets TOTAL ASSETS	5.001.822 103.338.277	6.781.699 94.818.050	3.828.435 82.867.448	6.218.773 77.814.689	Tax paid Total cash/(used in) generated from operating activities(a)	(254.512) (1.514.103)	(170.302) (789.644)	0 734.104	0 1.158.233
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	37.339.073	36.162.309	31.944.402	30.823.039	Purchase of Intagible Assets, Property	(986.084)	(179.646)	(43.618)	(12.386)
Equity attributable to the equity holders of the parent (a) Minority interest (b)	51.238.770 330.066	50.062.006 333.085	45.844.100 0	44.722.736 0	Sale of fixed and Intagible assets	731	0	0	0
Total Equity (c)=(a)+(b)	51.568.836	50.395.091	45.844.100	44.722.736	Interest received Total cash/(used in) generated from investing activities(b)	14.614 (1.011.738)	20.003 (159.643)	1.621 (391.962)	385 (12.001)
Long Term Borrowings	10.377.104	5.566.525	9.210.317	4.427.174	Financing Activities
Provisions/Other Long Term Liabilities	1.440.190	1.592.340	1.439.186	1.473.737	Proceeds from Borrowings	12.254.541	8.654.296	8.500.000	4.125.000
Short Term Borrowings Other Short Term Liabilities	14.563.991 25.388.156	18.130.070 19.134.024	7.818.140 18.555.706	14.286.341 12.904.701	Repayment of Borrowings	(11.010.042)	(9.300.263)	(10.185.058)	(6.423.931)
Total Liabilities (d)	51.769.441	44.422.959	37.023.348	33.091.953	Total cash/(used in) generated from financing activities(c)	1.244.500	(645.968)	(1.685.058)	(2.298.931)
TOTAL EQUITY AND LIABILITIES (c)+(d)	103.338.277	94.818.050	82.867.448	77.814.689	Net increase/(decrease) in Cash and Cash equivalents (a)+(b)+(c)	(1.281.341)	(1.595.255)	(1.342.916)	(1.152.698)
	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	3.551.050	4.445.594	3.133.221	4.148.533
	GROUP		COMPANY
1/1-30/6/2018 1/1-30/6/2017 1/1-30/6/2018 1/1-30/6/2017						1.4 STATEMENT OF CHANGES IN EQUITY (Consolidated and company's) Amounts in euro
Turnover Gross Profit	70.850.463 11.037.441	64.629.607 10.845.759	46.407.400 7.342.647	41.258.548 6.849.709
Profit/(loss) before taxes,financing						GROUP		COMPANY
& investing results	4.050.580	4.628.583	3.490.054	2.997.639	Equity at the beginning of the period	30/6/2018	30/6/2017	30/6/2018	30/6/2017
Profit before taxes	3.493.827	4.092.536	3.141.203	2.654.088	(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) Attributable to: Owners of the parent company	2.489.304 2.492.323	3.045.035 3.007.533	2.216.019 2.216.019	1.815.242 1.815.242	Profit after taxes	2.489.304	3.045.035	2.216.019	1.815.242
Minority interest	(3.019)	37.502	0	0	Other comprehensive Income	(168.981)	(116.842)	0	0
Other comprehensive Income after tax (B)	(168.981)	(116.842)	0	0	Other	(1.146.578)	(2.138.415)	(1.094.656)	(2.138.415)
Total comprehensive Income after tax (A)+(B)	2.320.323 2.323.342	2.928.193 2.890.691	2.216.019 2.216.019	1.815.242 1.815.242	Equity at the end of the period (30/6/2018 and 30/6/2017 respectively)	51.568.836	50.377.151	45.844.100	44.471.789
Attributable to: Owners of the parent company Minority interest	(3.019)	37.502	0	0
Earnings after taxes per share (€)	0,0932	0,1125	0,0829	0,0679
Profit before taxes, financing & investing results and
depreciation (EBITDA)	4.500.679	5.050.906	3.814.643	3.313.491
					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 ELTON CORPORATION LLC			SERBIA UKRAINE		100% FULL 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 (2010-2017), ELTON CORPORATION EOOD (2010-2017), ELTON CORPORATION DOO (2010-2017), ELTON CORPORATION LLC (2011-2017). The Company and
the Group have formed provisions for tax unaudited fiscal years amounting to € 115.496.
statements of six months 2018.					For the year 2017 the Company has benefited from the tax audit of Certified Auditors Accountants provided by the provisions of Article 65A N.4174/2013. This audit is in progress and the related tax certificate will be granted after the publication of the financial
3. There are no encumbrances on the property.
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 252, Company 122 (30/6/2017: Group 237, Company 119).
6. On the above 30/06/2018 financial statements complied same basic accounting principles as at the Balance Sheet 31/12/2017.
					7. The Group and the Company have made provisions for bad debts up to 30/6/2018 amounting to 7.457.056 and 5.243.178 euros respectively and provisions for discredited inventories amounting to 130.000 euros for the Group and the Company. Until 30th June
2018 the provision for staff compensation in the Group and the Company was 501.740 euro.					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 :				GROUP	COMPANY
				1/1-30/6/2018	1/1-30/6/2018
Sales				0	404.917
Purchases Receivables from associated parties				0 0	148.017 1.340.809
Payables to associated parties				0	1.353.611
Directors' and Managers' remuneration Receivables from Managers and Directors				436.421	265.456
Payables to Managers and Directors				0 24.337	0 24.337
					9. The other comprehensive income after tax(B) of the Group at 30/6/2018 and 30/6/2017 amount (168.981) euro and (116.842) euro respectively, are related to exchange differences arising from the translation of financial statements of subsidiaries in foreign currency.
					Avlonas Attica, 2018
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