Elton S.A. — Interim / Quarterly Report 2020

Sep 29, 2020

FINANCIAL STATEMENTS AND INFORMATION of period from 1st January 2020 until 30th June 2020

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

ELTON INTERNATIONAL TRADING COMPANY S.A.

COMPANY INFORMATION						1.3 CASH FLOW STATEMENT
Website: http://www.elton-group.com					(consolidated and company's) Amounts in euro
Board of Directors :	President & CEO: Nestor Papathanasiou,					GROUP		COMPANY
	Executive members: Alkisti N.Papathanasiou, Dimitris Giotopoulos				Operating Activities	1/1-30/06/2020	1/1-30/06/2019	1/1-30/06/2020	1/1-30/06/2019
	Independent & not executive members: Michalis Chatzis, Christos Poulis,				Profit before taxes	3.082.330	3.144.951	2.292.247	2.814.164
	Not executive members Ilektra Papathanasiou, Antonios Mouzas, Lawrence Alvertis				Adjustments for :
Date of Financial Statements' approval by the Board : 25/9/2020					Depreciation and Amortization	917.913	850.767	492.032	461.617
Certified Auditor :	Ioannis Savadis / A.M. SOEL 33391				Amortization of grants	(34.551)	(34.551)	(34.551)	(34.551)
Audit firm :	SOL AE OE				Provisions	190.869	30.312	45.000	15.385
Type of Audit Review :	Unqualified opinion				Exchange Differences	(321.050)	(351.751)	(947)	(8.878)
	1.1. STATEMENT OF FINANCIAL POSITION				(Gain) or Loss from Investing activities	1.123	(189.179)	(116)	(13)
(consolidated and company's) Amounts in euro			Interest and similar charges	685.384	462.012	281.243	243.305
	GROUP		COMPANY		Working capital changes
	30/6/2020	31/12/2019	30/6/2020	31/12/2019	Decrease / (increase) of inventory	(3.232.935)	(582.180)	(1.862.196)	(378.174)
ASSETS					Decrease / (increase) of trade receivables	(5.634.296)	(9.102.171)	(3.072.131)	(7.077.391)
Fixed Assets	16.407.538	16.755.458	10.110.228	10.338.883	(Decrease) / increase of liabilities (except loans)	4.404.489	6.005.088	2.000.872	4.828.013
Rights for assets' use	1.575.401	1.662.712	754.537	777.114	Less :
Intagible Assets	2.193.189	2.293.632	2.101.312	2.171.302	Interest and similar charges paid	(736.092)	(446.661)	(281.438)	(244.042)
Other non current Assets	1.366.577	1.382.870	14.339.804	14.155.706		(37.839)	(39.792)	0	0
Inventories	26.375.099	23.142.164	13.808.059	11.945.863	Tax paid	(714.653)	(253.155)	(139.984)	619.436
Trade Receivables	50.172.326	45.598.443	37.405.331	34.309.259	Total cash/ (used in) generated from operating activities (a)
Other current Assets TOTAL ASSETS	6.408.668 104.498.799	4.983.161 95.818.440	5.313.302 83.832.573	3.608.465 77.306.591	Investing Activities
EQUITY AND LIABILITIES					Acquisition of Subsidiary	0	0	(200.000)	(200.000)
Share Capital	13.899.697	13.899.697	13.899.694	13.899.697	Purchase of Intagible Assets, Property	(64.408)	(234.023)	(43.450)	(99.737)
Other net Equity	40.959.223	38.975.351	36.304.552	34.567.574	Sale of fixed and Intagible assets	0	0	0	0
Equity attributable to the equity holders of the parent (a)	54.858.921	52.875.048	50.204.249	48.467.271	Interest received	76.449	209.596	195	737
Minority interest (b)	319.069	271.583	0	0	Total cash/ (used in) generated from investing activities (b)	12.041	(24.427)	(243.255)	(299.000)
Total Equity (c)=(a)+(b)	55.177.990	53.146.631	50.204.249	48.467.271	Financing Activities
Long Term Borrowings	4.593.286	5.513.034	3.767.857	4.625.000	Proceeds from Borrowings	9.160.038	8.160.038	4.000.000	3.000.000
Provisions/Other Long Term Liabilities	2.333.232	2.317.092	1.689.809	1.755.733	Repayment of Borrowings	(6.818.708)	(7.095.689)	(1.695.423)	(2.541.355)
Short Term Borrowings	20.929.670	17.642.850	13.117.568	9.955.848	Repayments of lease obligations	(177.368)	(330.594)	(148.011)	(118.975)
Other Short Term Liabilities	21.464.621	17.198.834	15.053.090	12.502.740	Total cash/ (used in) generated from financing activities (c)	2.163.962	733.755	2.156.566	339.670
Total Liabilities (d)	49.320.809	42.671.809	33.628.324	28.839.320	Net increase/(decrease) in Cash and Cash equivalents (a)+(b)+(c)	1.461.350	456.174	1.773.327	660.107
TOTAL EQUITY AND LIABILITIES (c)+(d)	104.498.799	95.818.440	83.832.57	77.306.591		2.335.676	2.630.590	1.280.884	1.707.721
					Cash and Cash Equivalents at the beginning of the period	3.797.026	3.086.764	3.054.211	2.367.828
1.2. INCOME STATEMENT				Cash and Cash Equivalents at the end of the period
(consolidated and company's) Amounts in euro
GROUP COMPANY				1.4 STATEMENT OF CHANGES IN EQUITY
	1/1-30/06/2020	1/1-30/06/2019	1/1-30/06/2020	1/1-30/06/2019	(consolidated and company's) Amounts in euro
Turnover	65.430.192	67.363.430	41.406.471	45.049.585		GROUP		COMPANY
Gross Profit	10.623.364	10.425.906	6.412.013	6.989.502		30/6/2020	30/6/2019	30/6/2020	30/6/2019
Profit/(loss) before taxes,financing & investing results	3.767.714	3.406.891	2.573.490	3.057.469	Equity at the beginning of the period (1/1/2020 and 1/1/2019
Profit before taxes	3.082.330	3.144.951	2.292.247	2.814.164	respectively)	53.146.631	51.786.156	48.467.271	46.854.651
Profit/(loss) after Taxes (Α)	2.391.696	2.194.743	1.736.978	2.008.558	Effect of implementation IFRS16	0	(1.742)	0	(4.416)
Attributable to: Owners of the parent company	2.344.210	2.185.584	1.736.978	2.008.558	Adjusted Equity at the beginning of the period (1/1/2020 and
Minority interest	47.486	9.159	0	0	1/1/2019 respectively)	53.146.631	51.784.413	48.467.271	46.850.235
Other comprehensive Income after tax (B)	(360.337)	(250.191)	0	0	Profit after taxes	2.391.696	2.194.743	1.736.978	2.008.558
Total comprehensive Income after tax (A)+(B)	2.031.359	1.944.552	1.736.978	2.008.558	Other comprehensive Income	(360.337)	(250.191)	0	0
Attributable to: Owners of the parent company	1.983.873	1.935.393	1.736.978	2.008.558	Dividends distribution	0	(1.603.811)	0	(1.603.811)
Minority interest	47.486	9.159	0	0	Equity at the end of the period (30/6/2020 and 30/6/2019
Earnings after taxes per share (€)	0,0877	0,0818	0,0650	0,0751
Profit before taxes, financing & investing results					respectively)	55.177.990	52.125.154	50.204.249	47.254.982
and depreciation (EBITDA)	4.651.077	4.223.108	3.030.972	3.484.536
	1.5 ADDITIONAL DATA AND INFORMATION
					6. On the above 30/06/2020 financial statements complied same basic accounting principles as at the Balance Sheet 31/12/2019.
1. The companies of the Group with their respective countries of residence and percentage holdings,included in the consolidated financial statements					7. The Group and the Company have made provisions for bad debts up to 30/6/2020 amounting to 9.145.687 and 5.996.334 euros re spectively and provisions for discredited inventories amounting to 365.930 euros for the Group and 245.496 for the Company. Until 30th
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 S.A. TURKEY 80% FULL 2. The unaudited tax years for the Group subsidiaries are the following: ELTON CORPORATION SA (2010-2019), ELTON CORPORA-

June 2020 the provision for staff compensation in the Group and the Company was 605.198 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 IAS 24, are as follows :

	GROUP	COMPANY
	1/1-30/06/2020	1/1-30/06/2020
Sales	0	557.389