G.A.P. Vassilopoulos Public Ltd

Earnings Release • Sep 27, 2017

Condensed interim consolidated statement of profit and loss account for the period ended 30 June 2017

	30 June 2017 €	30 June 2016 €
Sales
Cost of sales	25,680,417	23,532,038
	(21,971,593)	(20,356,324)
Gross profit	3,708,824	3,175,714
Other income	-	9,020
Administrative expenses	(3,650,363)	(3,273,305)
Profit / (loss) from operations	58,461	(88,571)
Finance costs – net	(351,624)	(367,986)
Share of profit of associated companies	561,174	20,279
Profit / (loss) before taxation	268,011	(436,278)
Taxation	--	--
Group profit / (loss) before minority interest	268,011	(436,278)
Attributable to:
Company shareholders	147,814	(448,446)
Minority interest	120,197	12,168
	268,011	(436,278)
Earnings / (loss) per share (cents):	Cents	cents
Basic	0.38	(1.16)
Fully diluted	0.38	(1.16)

Condensed interim consolidated balance sheet as at 30 June 2017

	30 June	31 December
	2017	2016
	€	€
ASSETS
Non-current assets
Property, plant and equipment	12,161,826	12,447,023
Intangible assets	1,239,008	1,204,856
Investments in associated company	2,150,422	1,575,408
Financial assets available for sale	493,840	493,840
	16,045,096	15,721,127
Current assets
Stocks	17,560	18,242
Trade and other receivables	17,511,988	16,555,752
Cash and cash equivalents	6,873,296	9,085,892
	24,402,844	25,659,886
Total assets	40,447,940	41,381,013
LIABILITIES AND SHAREHOLDER INTEREST
Non-current liabilities
Borrowings	4,868,339	5,290,456
Deferred tax liabilities	843,171	843,171
Liabilities of associated company	362,343	348,503
	6,073,853	6,482,130
Current liabilities
Trade and other creditors	12,661,569	15,857,498
Current tax liabilities	391,442	391,442
Borrowings / overdrafts	9,309,364	7,059,782
	22,362,375	23,308,722
Total liabilities	28,436,228	29,790,852
Capital and reserves
Share capital	6,587,540	6,587,540
Difference from conversion of capital into Euro	33,332	33,332
Other reserves	(48,654)	(163,815)
Retained earnings	2,534,290	2,386,476
	9,106,508	8,843,533
Minority interest	2,905,204	2,746,628
	12,011,712	11,590,161
Total equity and liabilities	40,447,940	41,381,013

Condensed interim consolidated statement of changes in equity for the period ended 30 June 2017

	Share capital	Difference from conversion of capital into Euro	Other reserves	Earnings retained	Minority interest	Total
	€	€	€	€	€	€
As at 1 January 2016	6,587,540	33,332	191,281	2,956,554	3,233,330	13,002,037
	6,587,540	33,332	191,281	2,956,554	3,233,330	13,002,037
Net profit/loss				(448,446)	12,168	(436,278)
Exchange difference / profit recognised in equity			(435,572)		(144,924)	(580,496)
Dividend paid to minority interest from subsidiary company					(26,400)	(26,400)
As at 30 June 2016	6,587,540	33,332	(244,291)	2,508,108	3,074,174	11,958,863
As at 1 January 2017	6,587,540	33,332	(163,815)	2,386,476	2,746,628	11,590,161
Fair value loss Investments
	6,587,540	33,332	(163,815)	2,386,476	2,746,628	11,590,161
Net profit				147,814	120,197	268,011
Exchange difference / profit recognised in equity			115,161		38,379	153,540
Dividend paid to minority interest from subsidiary company
As at 30 June 2017	6,587,540	33,332	(48,654)	2,534,290	2,905,204	12,011,712

Condensed interim consolidated statement of cash flows for the period ended 30 June 2017

	30 June 2017	30 June 2016
	€	€
CASH FLOW FROM OPERATING ACTIVITIES
Profit / Loss before taxation	268,011	(436,278)
Adjustments for:
Depreciation of intangible and fixed assets	571,407	473,632
Debit interest	452,334	553,066
Credit interest	(100,710)	(185,080)
Share of gain in associated company	(561,174)	--
Unrealised exchange difference	(210,130)	(175,450)
Operating profit before changes in working capital	419,738	229,890
Changes in working capital:
-Debtors	456,236	956,633
-Creditors	(3,910,634)	918,514
-Stocks	682	(7,398)
Cash flow in /from operating activities	(3,033,978)	2,097,639
Tax paid	--	--
Net cash flow in / from operating activities	(3,033,978)	2,097,639
CASH FLOW IN INVESTING ACTIVITIES
Purchase of fixed assets	(261,935)	(615,517)
Proceeds from sale of property, plant and equipment	--	1,011
Purchase of intangible assets	(58,967)	(105,917)
Interest received	100,710	185,080
Net cash flow in investing activities	(220,192)	(535,343)
CASH FLOW IN FINANCING ACTIVITIES
Repayment of loans	(861,226)	(292,800)
Interest paid	(452,334)	(553,066)
Net cash flow in financing activities	(1,313,560)	(845,866)
Net decrease/increase in cash and cash equivalents	(4,567,730)	716,430
Cash and cash equivalents at beginning of period	3,348,512	(492,124)
Cash and cash equivalents at end of period	(1,219,218)	224,306
Bank balances and cash in hand	6,873,296)	7,100,160
Bank overdrafts	(8,092,514)	(6,875,854)
	(1,219,218)	224,306