Elton S.A. — Interim / Quarterly Report 2019

Sep 26, 2019

ELTON INTERNATIONAL TRADING COMPANY S.A.

General Commercial Reg.Number: 346001000

FINANCIAL STATEMENTS AND INFORMATION of period from 1st January 2019 until 30th June 2019 Head Office: Avlonas Attiki , Draseza place (Industrial zone Avlona)

COMPANY INFORMATION					1.3 CASH FLOW STATEMENT
Website: http://www.elton.gr					(consolidated and company's) Amounts in euro GROUP COMPANY
Board of Directors : President & CEO: Nestor Papathanasiou, Executive members: Alkisti N.Papathanasiou, Katy Andreou, Nondas Taflabas,				Operating Activities	1/1-30/06/2019	1/1-30/06/2018	1/1-30/06/2019	1/1-30/06/2018
Dimitris Giotopoulos				Profit before taxes	3.144.951	3.493.827	2.814.164	3.141.203
	Not executive member: Ilektra Papathanasiou, Independent & not executive members Michalis Chatzis, Christos Poulis				Adjustments for :	850.767	449.475	461.617	324.589
Date of Financial Statements' approval by the Board : 20/9/2019					Depreciation and Amortization Amortization of grants	(34.551)	(34.551)	(34.551)	(34.551)
Certified Auditor :	Ioannis Savadis / A.M. SOEL 33391				Provisions	30.312	301.931	15.385	256.101
Audit firm : SOL AE OE					Exchange Differences	(351.751)	(168.567)	(8.878)	(11.928)
Type of Audit Review : Unqualified opinion					(Gain) or Loss from Investing activities	(189.179) 462.012	3.805 582.199	(13) 243.305	21.910 348.850
1.1. STATEMENT OF FINANCIAL POSITION					Interest and similar charges Working capital changes
(consolidated and company's) Amounts in euro GROUP COMPANY				Decrease / (increase) of inventory	(582.180)	(2.069.629)	(378.174)	(1.432.473)
	30/6/2019	31/12/2018	30/6/2019	31/12/2018	Decrease / (increase) of trade receivables	(9.102.171)	(7.581.441)	(7.077.391)	(5.230.424)
ASSETS					(Decrease) / increase of liabilities (except loans) Less :	6.005.088	4.346.319	4.828.013	3.700.258
Fixed Assets	17.079.699	17.432.133	10.573.502	10.730.890	Interest and similar charges paid	(446.661)	(582.958)	(244.042)	(349.431)
Rights for assets' use	1.845.386	0	756.046	0	Tax paid	(39.792)	(254.512)	0	0
Intagible Assets Other non current Assets	2.618.225 1.313.849	2.448.983 1.414.176	2.251.508 13.986.608	2.333.435 13.824.940	Total cash/ (used in) generated from operating activities (a)	(253.155)	(1.514.103)	619.436	734.104
Inventories	24.082.639	23.500.458	13.716.851	13.338.677	Investing Activities	0	(41.000)	(200.000)	(349.965)
Trade Receivables	53.177.222	43.024.454	39.534.046	31.320.731	Acquisition of Subsidiary Purchase of Intagible Assets, Property	(234.023)	(986.084)	(99.737)	(43.618)
Other current Assets	4.281.619	4.840.465	3.179.691	3.648.755	Sale of fixed and Intagible assets	0	731	0	0
TOTAL ASSETS	104.398.639	92.660.670	83.998.253	75.197.428	Interest received	209.596	14.614	737	1.621
EQUITY AND LIABILITIES Share Capital	13.899.697	13.899.697	13.899.697	13.899.697	Total cash/ (used in) generated from investing activities (b)	(24.427)	(1.011.738)	(299.000)	(391.962)
Other net Equity	37.969.003	37.639.163	33.355.284	32.954.954	Financing Activities Proceeds from Borrowings	8.160.038	12.254.541	3.000.000	8.500.000
Equity attributable to the equity holders of the parent (a)	51.868.700	51.538.861	47.254.982	46.854.651	Repayment of Borrowings	(7.095.689)	(11.010.042)	(2.541.355)	(10.185.058)
Minority interest (b)	256.454	247.295	0	0	Repayments of lease obligations	(330.594)	0	(118.975)	0
Total Equity (c)=(a)+(b) Long Term Borrowings	52.125.154 6.978.847	51.786.156 8.643.140	47.254.982 5.857.143	46.854.651 7.593.467	Total cash/ (used in) generated from financing activities (c)	733.755	1.244.500	339.670	(1.685.058)
Provisions/Other Long Term Liabilities	2.527.833	1.286.393	1.732.044	1.198.231	Net increase/(decrease) in Cash and Cash equivalents (a)+(b)+(c)	456.174 2.630.590	(1.281.341) 4.832.391	660.107 1.707.721	(1.342.916) 4.476.137
Short Term Borrowings	16.827.670	14.082.749	9.185.557	6.990.587	Cash and Cash Equivalents at the beginning of the period Cash and Cash Equivalents at the end of the period	3.086.764	3.551.050	2.367.828	3.133.221
Other Short Term Liabilities	25.939.135	16.862.232	19.968.528	12.560.492
Total Liabilities (d)	52.273.485	40.874.514	36.743.271	28.342.777
TOTAL EQUITY AND LIABILITIES (c)+(d)	104.398.639	92.660.670	83.998.253	75.197.428
1.2. INCOME STATEMENT					1.4 STATEMENT OF CHANGES IN EQUITY
(consolidated and company's) Amounts in euro				(consolidated and company's) Amounts in euro GROUP COMPANY
	GROUP		COMPANY			30/6/2019	30/6/2018	30/6/2019	30/6/2018
	1/1-30/06/2019	1/1-30/06/2018	1/1/-30/06/2019	1/1-30/06/2018	Equity at the beginning of the period (1/1/2019 and 1/1/2018
Turnover	67.363.430	70.850.463	45.049.585	46.407.400	respectively)	51.786.156	50.395.091	46.854.651	44.722.736
Gross Profit Profit/(loss) before taxes,financing & investing results	10.425.906 3.406.891	11.037.441 4.050.580	6.989.502 3.057.469	7.342.647 3.490.054	Effect of implementation IFRS16/IFRS9 Adjusted Equity at the beginning of the period (1/1/2019 and	(1.742)	(77.370)	(4.416)	(25.448)
Profit before taxes	3.144.951	3.493.827	2.814.164	3.141.203	1/1/2018 respectively)	51.784.413	50.317.721	46.850.235	44.697.288
Profit/(loss) after Taxes (Α)	2.194.743	2.489.304	2.008.558	2.216.019	Profit after taxes	2.194.743	2.489.304	2.008.558	2.216.019
Attributable to: Owners of the parent company	2.185.584	2.492.323	2.008.558	2.216.019	Other comprehensive Income	(250.191)	(168.981)	0	0
Minority interest Other comprehensive Income after tax (B)	9.159 (250.191)	(3.019) (168.981)	0 0	0 0	Other	(1.603.811)	(1.069.207)	(1.603.811)	(1.069.207)
Total comprehensive Income after tax (A)+(B)	1.944.552	2.320.323	2.008.558	2.216.019	Equity at the end of the period (30/6/2019 and 30/6/2018 respectively)	52.125.154	51.568.836	47.254.982	45.844.100
Attributable to: Owners of the parent company	1.935.393	2.323.342	2.008.558	2.216.019
Minority interest	9.159	(3.019)	0	0
Earnings after taxes per share (€)	0,0818	0,0932	0,0751	0,0829
Profit before taxes, financing & investing results and depreciation (EBITDA)	4.223.108	4.465.504	3.484.536	3.780.092
1. . The companies of the Group with their respective countries of residence and percentage holdings,included in the consolidated	1.5 ADDITIONAL DATA AND INFORMATION	6. On the above 30/06/2019 financial statements complied same basic accounting principles as at the Balance Sheet 31/12/2018 with the exemption of the implementation of the new standard IFRS16, which is obligatory implementation for the fiscal year starting from 1st
financial statements					January 2019.
COMPANY	COUNTRY	PERCENTAGE HOLDING	CONSOLIDATION METHOD		7. The Group and the Company have made provisions for bad debts up to 30/6/2019 amounting to 8.437.245 and 5.530.059 euros re
ELTON INTERNATIONAL TRADING COMPANY SA	GREECE	PARENT			spectively and provisions for discredited inventories amounting to 261.189 euros for the Group and 247.052 for the Company. Until 30th
ELTON CORPORATION SA ELTON CORPORATION EOOD	ROMANIA BULGARIA	100% 100%	FULL FULL		June 2019 the provision for staff compensation in the Group and the Company was 540.832 euro. 8. Cumulative amounts of sales and purchases , since the begining of the year and the balances of receivables and payables of the Group
ELTON CORPORATION DOO	SERBIA	100%	FULL		and the Company at the end of the year , resulting from its transactions with associated parties , according to the IAS 24, are as follows :
ELTON CORPORATION LLC	UKRAINE	100%	FULL			GROUP		COMPANY
ELTON MARMARA KIMYA SANAYI VE TICARET A.S. TURKEY		70%	FULL			1/1-30/06/2019	1/1-30/06/2019
2. The unaudited tax years for the Group subsidiaries are the following: ELTON CORPORATION SA (2010-2018), ELTON CORPORATION					Sales	0		578.384
EOOD (2010-2018), ELTON CORPORATION DOO (2010-2018), ELTON CORPORATION LLC (2012-2018). The Company and the Group have formed provisions for tax unaudited fiscal years amounting to € 115.496. For the year 2018 the Company has benefited from the tax					Purchases Receivables from associated parties	0 0		207.194 1.538.065
audit of Certified Auditors Accountants provided by the provisions of Article 65A N.4174/2013. This audit is in progress and the related				Payables to associated parties	0		1.223.253
tax certificate will be granted after the publication of the financial statements of six months 2019.					Directors' and Managers' remuneration	628,550		430.724
3. There are no encumbrances on the property.					Obligations to Managers and Directors	24.337		24.337
4. 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.					9. The other comprehensive income after tax (B) of the Group at 30/6/2019 and 30/6/2018 amount (250.191) euro and (168.981) euro respectively, are related to exchange differences arising from the translation of financial statements of subsidiaries in foreign currency
5. Number of employees at the end of the current period : Group 250, Company 121 (30/6/2018: Group 252, Company 122).					10. The Group has applied IFRS 16 using the modified retrospective approach. According to this method, the comparative
					information is not recast."
					AVLONA ATTICA, 20/9/2019
PRESIDENT & CEO		B.O.D. MEMBER			FINANCIAL MANAGER			GROUP C.F.O.
Nestor D. Papathanasiou		Alkisti Ν.Papathanasiou			Stelios D.Vasiliou			Antonis Yassaris
ID card num. ΑΒ606775			ID card num. ΑΕ105490		ID card num.Τ 132250	ID card num. AN 061294

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