Interim / Quarterly Report • Oct 10, 2016
Interim / Quarterly Report
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According to article 5, Law 3556/2007
| Α) STATEMENTS BY THE REPRESENTATIVES OF THE BOARD OF DIRECTORS 3 | |
|---|---|
| Β) SIX MONTH REPORT OF THE BOARD OF DIRECTORS 4 | |
| C) REVIEW REPORT ON INTERIM FINANCIAL INFORMATION 8 | |
| D) SIX-MONTH CONDENSED FINANCIAL STATEMENTS 9 | |
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION 10 | |
| SEPARATE STATEMENT OF FINANCIAL POSITION 11 | |
| CONSOLIDATED INCOME STATEMENT 12 | |
| SEPARATE INCOME STATEMENT 13 | |
| CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 14 | |
| SEPARATE STATEMENT OF COMPREHENSIVE INCOME 15 | |
| CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 16 | |
| SEPARATE STATEMENT OF CHANGES IN EQUITY 18 | |
| CONSOLIDATED STATEMENT OF CASH FLOWS 20 | |
| SEPARATE STATEMENT OF CASH FLOWS 21 | |
| NOTES TO THE FINANCIAL STATEMENTS 22 | |
| Ε) FIGURES AND INFORMATION FOR THE PERIOD 1/1 - 30/06/2016 37 |
The members of the Board of Directors:
1) Panagiotis Lykos, President of the Board of Directors
2) Panagiotis Spyropoulos, Vice President of the Board of Directors and Managing Director of the Group
3) Elias Karantzalis, Member of the Board of Directors
in the above capacity, especially assigned by the Board of Directors of the Société Anonyme under the title «INFORM P. LYKOS S.Α.», declare and certify that to the best of our knowledge:
(a) The six-month, separate and consolidated, financial statements of «INFORM P. LYKOS S.Α.» for the period 1/1/2015-30/06/2015, which were prepared according to the effective accounting standards, present truly and fairly the assets and liabilities, the equity and the financial results of the Company as well as of the consolidated companies as a total, according to par. 3 - 5 of article 5 of L. 3556/2007 and the authorizing decisions of the BoD of the Stock Market Committee.
(b) The six-month management report of the Board of Directors presents in a true and fair way the information required according to par. 6 of article 5 of L. 3556/2007 and authorizing decisions the BoD of the Stock Market Committee.
Koropi Attica, 28 September 2016
The designees
President of the Board of Directors Vice President of the Board of Directors and Managing Director of the Group
Assigned Member of the Board of Directors
Panagiotis Lykos Panagiotis Spyropoulos Elias Karantzalis I.D. no. ΑΒ 607588 I.D. No ΑΙ 579288 I.D. No K 358862
INFORM Group registered an upward trend in the first semester both in terms of sales and profitability, as the production and overhead costs reduced thanks to the efficiency development program implemented by the company in recent years, with the aim of further improving competitiveness.
| 30/6/2016 | 30/6/2015 | D 16-15 | D 16-15 % |
|
|---|---|---|---|---|
| Revenue | 31.953.526 | 31.119.112 | 834.414 | 2,7% |
| Cost of materials | (20.776.261) | (19.606.288) | (1.169.973) | 6,0% |
| Gross profit I | 11.177.265 | 11.512.824 | (335.559) | -2,9% |
| Gross margin Ι | 35,0% | 37,0% | ||
| Cost of production | (6.650.872) | (7.026.437) | 375.565 | -5,3% |
| Gross profit ΙΙ | 4.526.394 | 4.486.387 | 40.007 | -8,3% |
| Gross margin ΙΙ | 14,2% | 14,4% | ||
| Other income | 623.259 | 423.013 | 200.247 | 47,3% |
| Selling and distribution expenses | (2.009.010) | (2.383.704) | 374.694 | -15,7% |
| Administrative expenses | (1.561.885) | (1.584.042) | 22.157 | -1,4% |
| Research and development expenses | (179.223) | (164.686) | (14.537) | 8,8% |
| Other expenses | (273.527) | (462.137) | 188.610 | -40,8% |
| + Depreciation | 1.835.723 | 1.786.912 | 48.811 | 2,7% |
| EBITDA | 2.961.730 | 2.101.742 | 859.988 | 40,9% |
| - Depreciation | (1.835.723) | (1.786.912) | (48.811) | 2,7% |
| Operating profits / (losses) | 1.126.007 | 314.830 | 811.177 | 257,7% |
| Financial income | 977 | 7.047 | (6.070) | -86,1% |
| Financial expenses | (604.926) | (562.476) | (42.450) | 7,5% |
| Net finance costs | (603.949) | (555.429) | (48.520) | 8,7% |
| Profits / (losses) before taxes | 522.059 | (240.599) | 762.658 | -317,0% |
| Income tax expense | (177.877) | 83.041 | (260.918) | -314,2% |
| Profits / (losses) after taxes | 344.182 | (157.558) | 501.740 | 318,4% |
| OPERATING EXPENSES (EXCLUDING DEPRECIATION) |
30/6/2016 | 30/6/2015 | D 16-15 | D 16-15 % |
|---|---|---|---|---|
| Cost of production | (6.650.872) | (7.026.437) | 375.565 | -5,3% |
| Selling and distribution expenses | (2.009.010) | (2.383.704) | 374.694 | -15,7% |
| Administrative expenses | (1.561.885) | (1.584.042) | 22.157 | -1,4% |
| Research and development expenses | (179.223) | (164.686) | (14.537) | 8,8% |
| + Depreciation | 1.835.723 | 1.786.912 | 48.811 | 2,7% |
| TOTAL | (8.565.267) | (9.371.958) | 806.690 | -8,6% |
| % OPERATING EXPENSES TO SALES | 26,8% | 30,1% |
The Group sales represented an increase of 2.7% in the first semester of 2016, and reached € 31.9 million compared to € 31.1 million in the first semester of 2015.
The earnings before interest, taxes, depreciation and amortisation (EBITDA) of the Group reached € 3 million compared to € 2.1 million in the first semester of 2015, increased by 40.9%, mainly due to the decrease by € 0,8 million of operating expenses.
Specifically, the parent company, INFORM P. LYKOS SA, by excluding the intercompany sales, recorded revenues of € 16.3 million in same levels with the first semester of 2015. Respectively in Romania, the subsidiary INFORM LYKOS S.A. recorded revenues of € 15.3 million compared to € 14.6 million in the first semester of 2015, due to the new projects of printing and mailing statements for Telecom companies.
As a result, the key financial figures of INFORM Group are presented improved, as follows:
The consolidated operating cash flow in the first semester of 2016 is presented marginally negative at € -0.2 million compared to € -0.5 million in the first semester of 2015, mainly due to the needs in working capital for purchasing inventories. The bank debt of the Group amounted to € 15.6 million in the first semester of 2016 from € 14.7 million in the first semester of 2015, increased by € 0.8 million, due to the investments that the Group completed in the first semester of 2016.
According to the above, financial ratios of the Group in the first six months of 2016 compared to the corresponding period in 2015, were as follows:
No other event occurred subsequent to the 30/06/2016 which may have a significant impact on the financial position and operations of the Group.
The Group uses financial instruments for trading, financial and investment purposes. The use of financial instruments by the Group materially affects the financial position, profitability and cash flows.
The main risks arising from the financial instruments held by the Group are mainly the following:
In relation to the risk arising from general market conditions, the Group has reduced exposure to this risk, due to the geographical dispersion with equal distribution of sales between Greece, Romania and Other Countries with major exposure to the markets of Central and Eastern Europe. A significant part of these sales is directed to the financial sector and mainly banking. The continuing negative economic conditions make the markets, in which we operate more vulnerable. However, the products we offer to our customers in both private and public sector are considered essential for their daily operation and growth. Furthermore, by achieving significant reductions in its operating expenses, the Group is particularly competitive and can offer high-level products and services at competitive prices.
Regarding the risks arising from the volatility of interest rates and exchange rates:
The main part of economic transactions of the Group companies (Greece, Romania, Albania) is dominated in the currency of the main economic environment, where each company operates (in operation currency). In Romania, part of the obligations of the company is denominated in RON and in Albania is denominated in ALL.
An exposure to exchange rate fluctuations exists regarding the value of the Group's investments in Romania, only at the time of consolidation of financial statements and their translation from the functional currency RON into the presentation currency Euro.
All bank debt of the Group is connected with fluctuating interest rates, maintaining however, the option to convert into stable interest rates, depending on the market conditions.
The company does not use financial derivatives. As in the previous year, other financial assets and other financial liabilities are not affected significantly by interest rates.
The Group has established and applies procedures of credit control, aiming at minimization of bad debt. Sales are directed mainly in big public and private organizations with evaluated historic credit abilities. In case indications of bad debts appear, the relative impairment provisions are made.
The Group manages its liquidity needs by careful follow-up of debts, long-term financing obligations and payments. Liquidity needs are monitoring on a daily basis and planning of payments - on weekly and monthly basis. Special attention is paid to management of inventories, receivables and liabilities in order to achieve the highest possible cash liquidity for the Group.
The central financial department of the company, responsible for risk management, operates following certain rules approved by the Board of Directors.
The Board of Directors through appointee members:
(a) Establishes and implements procedures and arrangements that allow the identification of risks which are associated with the activities, procedures and the Company's operating systems (notably credit risk, market risk and operational risk).
(b) Determines the acceptable level of risk.
(c) Ensures that the Group has the required capital adequacy and overall risk management arising from its operation.
The latest developments which resulted in imposing restrictions on the movement of capitals (capital controls), as well as the continuation of negotiations to finalize a medium-term program to support the Greek economy, are the factors of increased uncertainty regarding the general medium to long term economic operating conditions prevailing in the domestic market, potentially having a negative impact on the growth of the Greek economy and, by extension, the country's GDP in 2016 and 2017. Additionally, the application of new tax measures is likely to impede the ability of some companies to timely respond and to settle their obligations.
The macroeconomic environment, created by these events, generates the risks, the most significant of which relate to liquidity of the financial system and the entities, collectability of receivables, impairment of their assets, recognition of revenues, settlement of the existing debt obligations and / or meeting the terms and maintaining financial indicators, recoverability of deferred tax benefits, valuation of financial instruments, adequacy of provisions and the possibility of continuing business operations.
The aforementioned and other potentially arising adverse developments in Greece may negatively - to some extent - affect liquidity, earnings and financial position of the Greek companies of the Group mainly. However, despite the aforementioned economic conditions and even given further adverse developments, the Group's Management expects to fully maintain the sound operations of all the Group companies, domestic and foreign. These estimates are mainly based on the following conditions / events:
Specifically, the Group increased sales and significantly improved its operating profitability in the first semester of 2016 (increase: turnover 2,7%, EBITDA 40,9% in the period 1/1 - 30/6/2016 compared with the comparable period 1/1 - 30/06/2015).
The implementation of long-term strategy of the Group to provide high quality products and services and added value to its customers, enables the Group to remain on track of growth, despite the adverse conditions prevailing in markets where activates.
In Greece, INFORM P. LYKOS S.A. completed investments € 4,5 m. in ultramodern digital printing machinery and software, offering the possibility of direct, personalized and interactive information in the most efficient and economical way, presenting innovative solutions for more effective communication with products such as dynamic statements, cloud printing, e-invoicing. Based on the new investments will continue to focus on the development of these innovative interactive communication solutions in order to further increase revenues and profit margins.
In Romania, INFORM LYKOS ROMANIA has been established in the Romanian market and has significantly expanded its share in the banking sector, in the telecommunications sector and the private sector. Drawing expertise from the parent company it will continue to focus on providing high quality products and services and added value to its customers in order to further increase revenues.
Finally, at overall level, the Group continues to focus:
• to the exploration of possible opportunities of strategic partnerships with companies that have a significant position in the industry in which it operates, in order to strengthen its strategic advantage in research and technology and create increased synergies and economies of scale, with the ultimate aim of further strengthening position in the wider region of Central and Eastern Europe.
The commercial transactions between the company and its related parties within the first six-month period of 2016, were conducted on market terms, and did not sufficiently differ from the respective transactions conducted in the previous years and therefore, they do not materially affect the financial position and performance of the parent within the first six-month period of the current year.
| 30/06/2016 | |
|---|---|
| ------------ | -- |
| Parent – from/to subsidiaries | Sales of products or services |
Purchases of products or services |
Receivables | Liabilities |
|---|---|---|---|---|
| Lykos Paperless Solutions S.A. | 30 | 25 | 115 | |
| Inform Lykos S.A. (Romania) | 490 | 1.319 | 1.303 | 444 |
| Albanian Digital Printing Solutions Sh.p.k. | 48 | 79 | 2 | |
| Total | 568 | 1.319 | 1.407 | 561 |
The following shall be mentioned regarding the above:
The sales of the parent company to: (a) «Lykos Paperless Solutions S.A.» concern data processing products, (b) «Inform Lykos S.A. (Romania)» concern mainly printing items and data processing products, and (c) « Albanian Digital Printing Solutions» concern printing items and services.
The purchases of parent company from: «Inform Lykos S.A. (Romania)» concern mainly forms, services and printing items.
We have reviewed the accompanying separate and consolidated condensed statement of financial position of «INFORM P. LYKOS S.A.» (the Company) and its subsidiaries as at 30 June 2016, the relative separate and consolidated condensed statements of comprehensive income, changes in equity and cash flows for the six-month period then ended, as well as the selected explanatory notes, that constitute the interim financial information, which is an integral part of the six-month financial report under the article 5 of the L. 3556/2007. Management is responsible for the preparation and presentation of this condensed interim financial information, in accordance with International Financial Reporting Standards, as adopted by the European Union and which apply to Interim Financial Reporting (International Accounting Standard "IAS 34"). Our responsibility is to express a conclusion on this condensed interim financial information based on our review.
We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with IAS 34.
From the above review we ascertained that the content of the provided by the article 5 of L. 3556/2007 six-month financial report is consistent with the accompanying interim financial information.
Athens, 30 September 2016 Chartered Accountant
The attached six-month condensed financial statements that constitute an integral part of the six-month financial report under Article 5 of Law 3556/2007 were approved by the Board of Directors of the issuer (hereinafter INFORM P. LYKOS S.A. or the Company) on 28.09.2016 and have been published on the Company's website – www.lykos.gr as well as on the ASE website where they will remain at the disposal of investors for at least five (5) years from their preparation and publication date.
It is to be noted that the published condensed financial items and information arising from the interim condensed financial statements are aimed to provide the reader with a general update on the financial position and results of the Company and the consolidated companies as an aggregate (the Group), but do not provide a complete outlook of the financial position, financial performance and cash flows of the Company and the Group in compliance with International Financial Reporting Standards.
The Statement of Financial Position of the Group for the period ended as at 30/06/2016 and the corresponding comparative figures of previous year 31/12/2015 are the following:
| THE GROUP | |||
|---|---|---|---|
| Note | 30/6/2016 | 31/12/2015 | |
| Assets | |||
| Property, plant and equipment | 12 | 59.331.192 | 57.389.325 |
| Intangible assets | 13 | 3.600.796 | 3.468.934 |
| Other receivables | 25.898 | 61.499 | |
| Investment property | 307.821 | 310.847 | |
| Deferred tax assets | 33.100 | 52.475 | |
| Non-current assets | 63.298.807 | 61.283.080 | |
| Inventories | 14 | 6.993.261 | 5.816.156 |
| Current income tax assets | 1.164.431 | 1.168.610 | |
| Trade receivables | 12.574.874 | 12.568.147 | |
| Other receivables | 1.853.986 | 1.685.294 | |
| Receivables from related parties | 22 | 198.231 | 144.073 |
| Cash and cash equivalents | 1.742.379 | 3.927.869 | |
| Current assets | 24.527.162 | 25.310.149 | |
| Total assets | 87.825.969 | 86.593.229 | |
| Equity | |||
| Share capital | 15 | 12.758.592 | 12.758.592 |
| Share premium | 15 | 13.805.791 | 13.805.791 |
| Reserves | 15.694.437 | 15.677.169 | |
| Retained profits | 8.866.445 | 10.295.967 | |
| Equity attributable to shareholders of the Parent Company |
51.125.266 | 52.537.519 | |
| Non-controlling interests | 641.107 | 595.245 | |
| Total Equity | 51.766.372 | 53.132.765 | |
| Liabilities | |||
| Loans and borrowings | 16 | 4.847.449 | 2.576.196 |
| Employee benefits | 910.579 | 1.071.181 | |
| Other liabilities | 39.000 | 39.000 | |
| Deferred tax liabilities | 1.546.416 | 1.432.062 | |
| Non-current liabilities | 7.343.443 | 5.118.439 | |
| Current income tax liabilities | 23.467 | 3.237 | |
| Loans and borrowings | 16 | 10.752.071 | 12.168.383 |
| Trade payables | 10.925.628 | 9.746.619 | |
| Other payables | 3.154.122 | 1.647.229 | |
| Liabilities to related parties | 22 | 2.918.610 | 2.959.297 |
| Deferred income/revenue | 942.256 | 872.822 | |
| Provisions | 17 | 0 | 944.439 |
| Current Liabilities | 28.716.153 | 28.342.025 | |
| Total Liabilities | 36.059.597 | 33.460.464 | |
| Total Equity and Liabilities | 87.825.969 | 86.593.229 |
The Statement of Financial Position of the Company for the period ended as at 30/06/2016 and the corresponding comparative figures of previous year 31/12/2015 are the following:
| THE COMPANY | |||
|---|---|---|---|
| Note | 30/6/2016 | 31/12/2015 | |
| Assets | |||
| Property, plant and equipment | 12 | 33.243.636 | 32.108.331 |
| Intangible assets | 13 | 1.459.715 | 1.256.803 |
| Other receivables | 25.898 | 61.499 | |
| Investments in subsidiaries | 22.138.861 | 22.138.861 | |
| Non-current assets | 56.868.109 | 55.565.493 | |
| Inventories | 14 | 3.857.417 | 3.981.987 |
| Current income tax assets | 224.592 | 226.507 | |
| Trade receivables | 5.993.689 | 5.315.916 | |
| Other receivables | 739.734 | 791.706 | |
| Receivables from related parties | 22 | 1.847.740 | 683.844 |
| Cash and cash equivalents | 1.331.390 | 3.543.341 | |
| Current assets | 13.994.562 | 14.543.301 | |
| Total assets | 70.862.672 | 70.108.794 | |
| Equity | |||
| Share capital | 15 | 12.758.592 | 12.758.592 |
| Share premium | 15 | 13.805.791 | 13.805.791 |
| Reserves | 13.518.818 | 13.518.818 | |
| Retained profits | 6.060.264 | 7.730.574 | |
| Equity attributable to shareholders of the Parent Company |
46.143.465 | 47.813.775 | |
| Total Equity | 46.143.465 | 47.813.775 | |
| Liabilities | |||
| Loans and borrowings | 16 | 3.707.258 | 1.179.258 |
| Employee benefits | 910.579 | 1.071.181 | |
| Deferred tax liabilities | 1.232.505 | 1.143.488 | |
| Non-current liabilities | 5.850.341 | 3.393.926 | |
| Loans and borrowings | 16 | 8.698.980 | 9.216.525 |
| Trade payables | 4.334.720 | 4.557.173 | |
| Other payables | 2.780.269 | 1.384.180 | |
| Liabilities to related parties | 22 | 2.291.497 | 1.934.781 |
| Deferred income/revenue | 763.399 | 863.996 | |
| Provisions | 17 | 0 | 944.439 |
| Current Liabilities | 18.868.865 | 18.901.093 | |
| Total Liabilities | 24.719.207 | 22.295.020 | |
| Total Equity and Liabilities | 70.862.672 | 70.108.794 |
The Income Statement of the Group for the period ended as at 30/06/2016 and the respective comparative sizes of the previous year are the following:
| THE GROUP | |||
|---|---|---|---|
| Note | 30/6/2016 | 30/6/2015 | |
| Revenue | 7 | 31.953.526 | 31.119.112 |
| Cost of sales Gross profit |
(27.427.132) 4.526.394 |
(26.632.725) 4.486.387 |
|
| Other income | 8 | 623.259 | 423.013 |
| Selling and distribution expenses | (2.009.010) | (2.383.704) | |
| Administrative expenses | (1.561.885) | (1.584.042) | |
| Research and development expenses | (179.223) | (164.686) | |
| Other expenses | 8 | (273.527) | (462.137) |
| + Depreciation | 1.835.723 | 1.786.912 | |
| EBITDA | 2.961.730 | 2.101.742 | |
| - Depreciation | (1.835.723) | (1.786.912) | |
| EBIT | 1.126.007 | 314.830 | |
| Financial income Financial expenses |
977 (604.926) |
7.047 (562.476) |
|
| Net finance costs | (603.949) | (555.429) | |
| Profits / (losses) before taxes | 522.059 | (240.599) | |
| Income tax expense | 10 | (177.877) | 83.041 |
| Profits / (losses) after taxes for the period | 344.182 | (157.558) | |
| Profits / (losses) attributable to: | |||
| Owners of the Parent Company | 9 | 298.894 | (165.012) |
| Non-controlling interests | 45.288 | 7.454 | |
| 344.182 | (157.558) |
The Income Statement of the Company for the period 1/1 - 30/06/2016 and the respective comparative sizes of the previous year are the following:
| Note | 30/6/2016 | 30/6/2015 | |
|---|---|---|---|
| Revenue | 7 | 16.866.932 | 16.505.895 |
| Cost of sales | (14.421.303) | (13.907.166) | |
| Gross profit | 2.445.629 | 2.598.729 | |
| Other income | 8 | 500.435 | 236.261 |
| Selling and distribution expenses | (1.275.189) | (1.587.930) | |
| Administrative expenses | (839.638) | (987.046) | |
| Research and development expenses | (179.223) | (164.686) | |
| Other expenses | 8 | (52.808) | (281.216) |
| + Depreciation | 1.300.927 | 1.287.711 | |
| EBITDA | 1.900.134 | 1.101.822 | |
| - Depreciation | (1.300.927) | (1.287.711) | |
| EBIT | 599.207 | (185.889) | |
| Financial income | 100 | 37.988 | |
| Financial expenses | (452.185) | (405.863) | |
| Net finance costs | (452.086) | (367.875) | |
| Profits / (losses) before taxes | 147.121 | (553.764) | |
| Income tax expense | 10 | (89.017) | 165.918 |
| Profits / (losses) after taxes for the period | 58.104 | (387.846) | |
| Profits / (losses) attributable to: | |||
| Owners of the Parent Company | 58.104 | (387.846) | |
| Non-controlling interests | 0 | 0 | |
| 58.104 | (387.846) |
THE COMPANY
The Statement of Comprehensive Income of the Group for the period 1/1 - 30/06/2016 and the respective comparative sizes of the previous year are the following:
| THE GROUP | ||
|---|---|---|
| Note | 30/6/2016 | 30/6/2015 |
| Profits / (Losses) after taxes | 344.182 | (157.558) |
| Other comprehensive income | ||
| Items that will not be reclassified to profit or loss | ||
| Property revaluation | (41) | 0 |
| (41) | 0 | |
| Items that are or may be reclassified to profit or loss | ||
| Foreign operations – foreign currency translation differences 11 |
17.883 | 44.784 |
| 17.883 | 44.784 | |
| Other comprehensive income, net of tax | 17.842 | 44.784 |
| Total comprehensive income for the period | 362.024 | (112.774) |
| Total comprehensive income attributable to: | ||
| Owners of the Parent Company | 316.163 | (120.991) |
| Non-controlling interests | 45.861 | 8.217 |
| 362.024 | (112.774) |
The Statement of Comprehensive Income of the Company for the period 1/1 – 30/06/2016 and the respective comparative sizes of the previous year are the following:
| THE COMPANY | ||||
|---|---|---|---|---|
| 30/6/2016 | 30/6/2015 | |||
| Profits / (Losses) after taxes | 58.104 | (387.846) | ||
| Other comprehensive income | 0 | 0 | ||
| Total comprehensive income for the period | 58.104 | (387.846) |
The accompanying explanatory notes constitute an integral part of these condensed interim financial statements.
The Statement of Changes in Equity of the Group is the following:
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| To l tr ion it h ta ct an sa s w f t he Co ow ne rs o mp an y |
( 0 ) |
0 | 0 | ( ) 1 |
0 | ( 2 8. 6 ) 1.7 41 |
( 2 8. 6 ) 1.7 41 |
0 | ( 2 8. 6 ) 1.7 41 |
|
| Ba lan at 3 0 Ju 2 0 1 6 ce ne |
1 2.7 5 8. 5 9 2 |
1 3. 8 0 5. 7 9 1 |
( 1.1 5 6. 24 3 ) |
1 6. 95 9. 17 7 |
( 1 0 8. 4 97 ) |
8. 8 6 6. 44 5 |
5 1.1 25 2 6 6 |
6 41 .1 0 7 |
5 1.7 6 6. 3 7 2 |
| 2 0 15 For th eri od de d 3 0 J e p en un e |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
| No n |
|||||||||
| S ha re ca ita l p |
S ha re p ium rem |
lat ion Tr an s an d o he t r res erv es |
Re lua t ion va Re se rve |
Re I AS se rve 1 9 |
Re d ea ta ine ing rn s |
To l ta |
l l ing nt co ro int sts ere |
To ta l ity eq u |
|
| lan Βa at ce 3 1 D be 2 0 14 ec em r |
1 2.7 5 8. 5 9 2 |
2 8. 3 7 0. 15 8 |
( ) 94 7. 8 6 7 |
17 2 0 9.5 3 5 |
( ) 5 3. 0 3 9 |
2 0. 5 5 8. 74 3 |
77 8 9 6. 1 2 2 |
5 5 8. 5 3 5 |
7 8. 45 4. 6 5 6 |
| Pro fits / ( los ) ses |
0 | 0 | 0 | 0 | 0 | ( 1 6 5. 0 11 ) |
( 1 6 5. 0 11 ) |
7.4 5 4 |
( 15 7.5 5 7 ) |
| Ot he he ive in r c om p re ns com e |
0 | 0 | 44 0 7 0 |
0 | 0 | ( 4 9 ) |
44 0 21 |
7 6 3 |
44 .7 8 4 |
| To l c he ive inc ta om p re ns om e |
0 | 0 | 44 0 7 0 |
0 | 0 | ( 1 6 5. 0 6 0 ) |
( 1 2 0. 9 9 0 ) |
8. 21 7 |
( 11 2.7 7 3 ) |
| f s ha ita l by he Inc t rea se o re cap ita liza ion f s ha ium t cap o re p rem |
14 .4 0 4. 8 6 2 |
( ) 14 .4 0 4. 8 6 2 |
0 | 0 | 0 | 0 | 0 | 0 | 0 |
| f s Re du ct ion ha ita l to o re cap he ha ho l de ret to t urn s re rs |
( 0 8 6 2 ) 14 .4 4. |
0 | 0 | 0 | 0 | 0 | ( 0 8 6 2 ) 14 .4 4. |
0 | ( 0 8 6 2 ) 14 .4 4. |
| bu f d de ds Dis tr i t ion ivi o n |
0 | 0 | 0 | 0 | 0 | ( ) 8. 2 3 1. 3 4 9 |
( ) 8. 2 3 1. 3 4 9 |
0 | ( ) 8. 2 3 1. 3 4 9 |
| he Ot r tr t ion an sac s |
0 | ( ) 15 9.5 0 5 |
0 | 0 | 0 | 0 | ( ) 15 9.5 0 5 |
0 | ( ) 15 9.5 0 5 |
| To ta l c tr i bu t ion d on s a n d ist i bu ion t r s |
0 | ( 6 3 6 ) 14 .5 4. 7 |
0 | 0 | 0 | ( 8. 2 3 3 9 ) 1. 4 |
( 2 2.7 95 6 ) .71 |
0 | ( 2 2.7 95 6 ) .71 |
| l tr ion it h To ta ct an sa s w f t he Co ow ne rs o mp an y |
0 | ( 14 .5 6 4. 3 6 7 ) |
0 | 0 | 0 | ( 8. 2 3 1. 3 4 9 ) |
( 2 2.7 95 .71 6 ) |
0 | ( 2 2.7 95 .71 6 ) |
| lan Ba at 3 0 Ju 2 0 15 ce ne |
1 2.7 5 8. 5 9 2 |
1 3. 8 0 5. 7 9 1 |
( ) 9 0 3. 7 97 |
17 2 0 9.5 3 5 |
( ) 5 3. 0 3 9 |
1 2.1 6 2. 3 3 4 |
5 4. 97 9.4 1 6 |
5 6 6. 75 2 |
5 5. 5 4 6. 1 6 8 |
The Statement of Changes in Equity of the Company is the following:
| ha S re ita l ca p |
ha S re ium p rem |
lua ion Re t va Re se rve |
Re I AS 1 9 se rve |
Ot he r R es erv es |
Re ta ine d e ing ar n s |
l eq To ta ity u |
|
|---|---|---|---|---|---|---|---|
| Βa lan at ce be 3 1 D 2 0 15 ec em r |
2.7 8. 9 2 1 5 5 |
3. 8 0 9 1 5. 7 1 |
9 2 0. 0 6 5. 1 |
( 0 8. 9 8 ) 1 4 |
0 25 7.7 7. 5 |
3 0. 7.7 5 74 |
8 3. 47 1 77 5 |
| Pro fits / ( los ) ses he he |
0 | 0 | 0 | 0 | 0 | 5 8. 1 0 4 |
5 8. 1 0 4 |
| Ot ive in r c om p re ns com e l c he ive inc To ta om p re ns om e |
0 0 |
0 0 |
0 0 |
0 0 |
0 0 |
0 5 8. 1 0 4 |
0 5 8. 1 0 4 |
| Dis i bu ion f d ivi de ds tr t o n |
0 | 0 | 0 | 0 | 0 | ( 1.7 2 8. 41 4 ) |
( 1.7 2 8. 41 4 ) |
| l c i bu ion d To ta tr t on s a n d ist i bu ion t r s |
( 0 ) |
0 | 0 | 0 | 0 | ( 1.7 2 8. 41 ) 4 |
( 1.7 2 8. 41 ) 4 |
| l tr ion it h o To ta ct an sa s w wn ers f t he Co o mp an y |
( ) 0 |
0 | 0 | 0 | 0 | ( ) 1.7 2 8. 41 4 |
( ) 1.7 2 8. 41 4 |
| lan Ba at 3 0 Ju 2 0 1 6 ce ne |
1 2.7 5 8. 5 9 2 |
1 3. 8 0 5. 7 9 1 |
5. 9 2 0. 0 6 1 |
( ) 1 0 8. 4 9 8 |
7.7 0 7. 25 5 |
6. 0 6 0. 2 6 4 |
4 6. 14 3. 4 6 5 |
| ha S re ita l ca p |
ha S re ium p rem |
lua ion Re t va Re se rve |
AS 9 Re I 1 se rve |
Ot he r R es erv es |
ine d e ing Re ta ar n s |
l eq To ta ity u |
|
|---|---|---|---|---|---|---|---|
| lan Βa at ce 3 1 D be 2 0 14 ec em r |
1 2.7 5 8. 5 9 2 |
2 8. 3 7 0. 15 8 |
6. 17 0. 2 0 4 |
( ) 5 3. 0 3 9 |
7. 0 3 2. 8 4 2 |
1 8. 4 27 2 27 |
7 2.7 0 5. 9 8 4 |
| fits / ( los ) Pro ses he he Ot ive in r c om p re ns com e |
0 0 |
0 0 |
0 0 |
0 0 |
0 0 |
( 3 8 8 ) 7. 47 0 |
( 3 8 8 ) 7. 47 0 |
| l c he ive inc To ta om p re ns om e |
0 | 0 | 0 | 0 | 0 | ( 8 8 ) 3 7. 47 |
( 8 8 ) 3 7. 47 |
| f s ha l by he Inc ita t rea se o re cap liza f s ha ita t ion ium cap o re p rem Re du ion f s ha ita l to ct tur o re cap re n he ha ho l de to t s re rs |
14 .4 0 4. 8 6 2 ( 14 .4 0 4. 8 6 2 ) |
( 14 .4 0 4. 8 6 2 ) 0 |
0 0 |
0 0 |
0 0 |
0 0 |
0 ( 14 .4 0 4. 8 6 2 ) |
| Dis i bu ion f d ivi de ds tr t o n |
0 | 0 | 0 | 0 | 0 | ( 8. 2 3 1. 3 4 9 ) |
( 8. 2 3 1. 3 4 9 ) |
| he Ot r tr t ion an sac s |
0 | ( ) 15 9.5 0 5 |
0 | 0 | 0 | 0 | ( ) 15 9.5 0 5 |
| l c i bu ion d To ta tr t on s a n d ist i bu ion t r s |
0 | ( ) 14 .5 6 4. 3 6 7 |
0 | 0 | 0 | ( ) 8. 2 3 1. 3 4 9 |
( ) 2 2.7 95 .71 6 |
| l tr ion it h o To ta ct an sa s w wn ers f t he Co o an mp y |
0 | ( 14 .5 6 4. 3 6 7 ) |
0 | 0 | 0 | ( 8. 2 3 1. 3 4 9 ) |
( 2 2.7 95 .71 6 ) |
| Ba lan 3 0 Ju 2 0 15 at ce ne |
1 2.7 5 8. 5 9 2 |
1 3. 8 0 5. 7 9 1 |
6. 17 0. 2 0 4 |
( 5 3. 0 3 9 ) |
7. 0 3 2. 8 4 2 |
9. 8 0 8. 0 3 1 |
4 9.5 2 2.4 21 |
Cash flows of the Group for the period 1/1 – 30/06/2016 and the respective comparative sizes of the previous year are the following:
| For the period ended 30 June | |||
|---|---|---|---|
| THE GROUP | |||
| 30/6/2016 | 30/6/2015 | ||
| Cash flows from operating activities | |||
| Profits / (Losses) before taxes | 522.059 | (240.599) | |
| Adjustments for: | |||
| – Depreciation & Amortization | 1.835.723 | 1.786.912 | |
| – Net finance cost | 603.949 | 523.418 | |
| – Gain on sale of property, plant and equipment | (232.857) | 0 | |
| – Provisions / Accrued expenses | (1.105.041) | (274.236) | |
| – Other adjustments | 24.484 | 0 | |
| 1.648.315 | 1.795.496 | ||
| Changes in working capital: | |||
| Inventories | (1.177.105) | (762) | |
| Trade and other receivables | (790.647) | (1.852.394) | |
| Trade and other payables | 438.073 | 32.137 | |
| Cash generated from operating activities | 118.637 | (25.523) | |
| (Taxes paid) / Returns on income taxes Interest paid |
43.322 (383.195) |
(8.123) (460.977) |
|
| Net cash from operating activities | (221.236) | (494.623) | |
| Cash flows from investment activities | |||
| Interest received | 2.478 | 182.892 | |
| Dividends received | 0 | 0 | |
| Proceeds from sale of property, plant, equipment | 48.154 | 0 | |
| Acquisition of property, plant and equipment & intangible assets | (1.023.233) | (524.548) | |
| Net cash from investing activities | (972.602) | (341.656) | |
| Cash flows from financing activities | |||
| Decrease of share capital through capital return in cash | 0 | (14.404.862) | |
| Payment of share capital increase expenses | 0 | (159.505) | |
| Proceeds from loans | 0 | 4.092.579 | |
| Repayment of borrowings Payment of finance lease liabilities |
(802.392) (183.279) |
(20.009.354) (102.722) |
|
| Dividends paid | (1.616) | (8.218.926) | |
| Net cash from financing activities | (987.287) | (38.802.790) | |
| Net decrease in cash and cash equivalents | (2.181.125) | (39.639.070) | |
| Cash and cash equivalents at 1 January | 3.927.869 | 41.327.464 | |
| Effect of movements in exchange rates on cash held | (4.365) | (3.873) | |
| Cash and cash equivalents at 30 June | 1.742.380 | 1.684.522 |
Cash flows of the Company for the period 1/1 – 30/06/2016 and the respective comparative sizes of the previous year are the following:
| For the period ended 30 June THE COMPANY |
||
|---|---|---|
| 30/6/2016 | 30/6/2015 | |
| Cash flows from operating activities | ||
| Profits / (Losses) before taxes | 147.122 | (553.764) |
| Adjustments for : | ||
| – Depreciation & Amortization | 1.300.927 | 1.287.711 |
| – Net finance cost | 452.085 | 367.875 |
| – Gain on sale of property, plant and equipment | (208.722) | 0 |
| – Provisions / Accrued expenses | (1.105.041) | (274.236) |
| – Other adjustments | 25.358 | 0 |
| 611.727 | 827.586 | |
| Changes in working capital: | ||
| Inventories | 124.570 | 51.653 |
| Trade and other receivables | (863.471) | (1.576.489) |
| Trade and other payables | (405.372) | 1.155.238 |
| Cash generated from operating activities | (532.546) | 457.988 |
| (Taxes paid) / Returns on income taxes | 53.178 | 0 |
| Interest paid | (277.465) | (332.176) |
| Net cash from operating activities | (756.833) | 125.812 |
| Cash flows from investment activities | ||
| Interest received | 2.440 | 182.690 |
| Dividends received | 0 | 32.475.000 |
| Proceeds from sale of property, plant, equipment | 0 | 0 |
| Acquisition of property, plant and equipment & intangible assets | (714.321) | (464.858) |
| Net cash from investing activities | (711.882) | 32.192.832 |
| Cash flows from financing activities | ||
| Decrease of share capital through capital return in cash | 0 | (14.404.862) |
| Payment of share capital increase expenses | 0 | (159.505) |
| Proceeds from loans | 0 | 10.650.000 |
| Repayment of borrowings | (600.000) | (20.000.000) |
| Payment of finance lease liabilities | (141.620) | (60.916) |
| Dividends paid | (1.616) | (8.218.926) |
| Net cash from financing activities | (743.236) | (32.194.209) |
| Net (decrease) increase in cash and cash equivalents | (2.211.951) | 124.435 |
| Cash and cash equivalents at 1 January | 3.543.341 | 1.034.088 |
| Effect of movements in exchange rates on cash held | 0 | 0 |
| Cash and cash equivalents at 30 June | 1.331.390 | 1.158.523 |
The Group Inform P. Lykos S.Α. (the Group) is leader in the area of printing management, production of secured documents and business process outsourcing, offering services of printing and posting statements, electronic presentation of statements and printing management. The domicile of the parent company Inform P. Lykos S.Α. (the Company) is in Koropi Attica, 5th km. of Varis - Koropiou Avenue. Since 12/03/2014, the financial statements of the Group are included in the consolidated financial statements of AUSTRIACARD AG (former LYKOS AG) with its headquarters in Austria.
The present financial statements were approved by the Board of Directors on 28/9/2016.
The accompanying separate and consolidated financial statements (hereinafter "financial statements"), have been prepared by the Management based on historic cost principal, as modified following the adjustment of certain assets and liabilities at fair values and the going concern principle and are in accordance with the International Financial Reporting Standards (hereinafter ≪IFRS≫) and the International Accounting Standards (hereinafter ≪IAS≫), as adopted by the European Union (according to the Regulation (EC) No. 1606/ 2002 of the European Parliament and the Council of the European Union at July 19th, 2002) and published by the International Accounting Standards Board (IASB), and also their interpretations, as published by the International Financial Reporting Interpretation Committee (I.F.R.I.C.) of the IASB. The period of application of each IAS/IFRS is set by the regulations published by the competent commission of the European Union.
The accompanying interim condensed financial statements were prepared under the same accounting policies and methods of calculation as those applied for the preparation of the annual financial statements as of 31/12/2015, apart from the changes arising following the adoption of new or revised IAS – IFRS or Interpretations that are effective on or after January 1st 2016 apart from the changes arising following the adoption of new or revised IAS – IFRS or Interpretations that are effective on or after January 1st 26. The aforementioned changes are described in the note 26.
The separate and consolidated financial statements are presented in euro, which is the functional currency of the Company. All amounts have been rounded to the nearest unit euro (without decimals), unless otherwise indicated.
In preparing these consolidated financial statements, management has made judgments, estimates and assumptions that affect the application of the Group's accounting policies and the reported amounts of assets, liabilities, income and expenses, as also and the notes to the financial statements. They also affect disclosures of contingent assets and liabilities as at the financial statements preparation date as well as the publicized amounts of revenue and expenses.
Judgments, estimates and assumptions are based on the experience from previous years and other factors, included the expectations of future events that are considered reasonable under the particular conditions, while estimates and underlying assumptions are reviewed on an ongoing basis, making the best use of all the available data. Actual results may differ from these estimates.
Significant judgments and estimates used by the Group under the preparation of the presented interim financial statements are the same as the ones used under the preparation of the previous year annual financial statements, adjusted to the conditions, reflecting the current developments taking place in the Greek economy, described in Note 23.
As part of the implementation of IFRS, the Group has an obligation or option to revalue assets and liabilities at fair value.
The fair value measurement is based on the market and not to a particular entity. For certain assets and liabilities may be available observable market transactions or market information. For other assets and liabilities may not be available observable market transactions or market information. However, the objective of measuring fair value is the same in both cases to estimate the price at which it would take place a normal transaction to sell the asset or transfer the liability between market participants at the measurement date under current market conditions (i.e. an exit price at the measurement date from the perspective of a market participant that holds the asset or owes the liability).
Even when there is no observable market to provide pricing information on the sale of an asset or transfer a liability at the measurement date, the fair value measurement should consider that a transaction occurs on that date, considering the transaction from the perspective of a market participant that holds the asset or owes the liability. This alleged transaction constitutes the basis for valuation of the sale price of the asset or transfer the liability. Especially for liabilities if no observable market to provide pricing information on the transfer of a liability (e.g. when the contractual and other legal restrictions prevent the transfer of such data) may be observable market for such obligation if the other party holds as an asset (e.g. corporate bonds).
The assets and liabilities of the Group measured at fair value are mainly non-financial assets, in particular, real estate items, owned and used by the Group (self-owned and investment property) are monitored at fair value by using measurement techniques and are analytically presented in the relative Notes to the financial statements for the year ended as at December 31, 2015 (14Β and 15Β). The fair values of the aforementioned assets have not undergone significant changes, and, therefore, remain the same as the ones defined as at 31/12/2015.
The Group after the reorganization that was implemented at the end of the previous year by selling the segment of production, development and personalization of Cards maintains only one strategic segment, the printing division. Every unit of the division offers same products and services, and requires unique technology and marketing strategies.
The activity of the printing division mainly extents geographically in two countries Greece and Romania. This geographic allocation is from now on the designated factor for the segmentation of printing division.
These operating segments are monitored by the Head of Risk and Strategic decisions of the Group (Group CEO).
Information related to each reportable segment is set out below. Segment "profit before tax" is used to measure performance because management believes that this information is the most relevant in evaluating the results of the respective segments.
| 30/6/2016 | Printing segment (Greece) |
Printing segment (Romania) |
Other segments |
Total |
|---|---|---|---|---|
| Revenue | 16.896.932 | 16.608.286 | 335.065 | 33.840.282 |
| Intercompany sales elimination | (567.505) | (1.319.251) | 0 | (1.886.756) |
| Consolidated Revenue | 16.329.426 | 15.289.035 | 335.065 | 31.953.526 |
| Cost of sales | (14.532.800) | (14.785.230) | (197.702) | (29.515.731) |
| Intercompany costs elimination | 769.348 | 1.319.251 | 0 | 2.088.599 |
| Consolidated cost of sales | (13.763.452) | (13.465.979) | (197.702) | (27.427.132) |
| Gross profit | 2.565.975 | 1.823.056 | 137.363 | 4.526.394 |
| Gross margin | 15,2% | 11,0% | 41,0% | 13,4% |
| Other revenues | 537.935 | 287.161 | 0 | 825.097 |
| Intercompany revenues elimination | (197.100) | (4.738) | 0 | (201.838) |
| Consolidated other revenues | 340.835 | 282.424 | 0 | 623.259 |
| Selling and distribution expenses | (1.275.189) | (733.821) | 0 | (2.009.010) |
| Administrative expenses | (801.798) | (711.403) | (48.683) | (1.561.885) |
| Research and development expenses | (179.223) | 0 | 0 | (179.223) |
| Other expenses | (61.671) | (210.797) | (1.060) | (273.528) |
| + Depreciation | 1.338.558 | 478.470 | 18.695 | 1.835.723 |
| EBITDA | 1.927.487 | 927.928 | 106.314 | 2.961.730 |
| - Depreciation | (1.338.558) | (478.470) | (18.695) | (1.835.723) |
| EBIT | 588.929 | 449.458 | 87.620 | 1.126.007 |
| Financial income | 138 | 15 | 825 | 977 |
| Financial expenses | (452.187) | (149.993) | (2.746) | (604.926) |
| Net finance costs | (452.050) | (149.978) | (1.921) | (603.949) |
| Profits / (losses) before taxes | 136.879 | 299.481 | 85.698 | 522.058 |
| Income tax expense | (114.354) | (47.419) | (16.104) | (177.877) |
| profit / (losses) after taxes | 22.525 | 252.062 | 69.595 | 344.182 |
| 30/6/2015 | Printing segment (Greece) |
Printing segment (Romania) |
Other segments |
Total |
|---|---|---|---|---|
| Revenue Intercompany sales elimination |
16.535.895 (236.316) |
16.396.475 (1.814.892) |
237.951 0 |
33.170.320 (2.051.208) |
| Consolidated Revenue | 16.299.579 | 14.581.582 | 237.951 | 31.119.112 |
| Cost of sales | (13.976.031) | (14.683.025) | (154.717) | (28.813.773) |
| Intercompany costs elimination | 366.156 | 1.814.892 | 0 | 2.181.048 |
| Consolidated cost of sales | (13.609.875) | (12.868.133) | (154.717) | (26.632.725) |
| Gross profit | 2.689.704 | 1.713.449 | 83.234 | 4.486.387 |
| Gross margin | 16,3% | 10,5% | 35,0% | 13,5% |
| Other revenues | 273.761 | 279.092 | 0 | 552.853 |
| Intercompany revenues elimination | (125.100) | (4.740) | 0 | (129.840) |
| Consolidated other revenues | 148.661 | 274.352 | 0 | 423.013 |
| Selling and distribution expenses | (1.587.930) | (795.775) | 0 | (2.383.704) |
| Administrative expenses | (991.246) | (557.944) | (34.852) | (1.584.042) |
| Research and development expenses | (164.686) | 0 | 0 | (164.686) |
| Other expenses | (281.216) | (140.675) | (40.246) | (462.137) |
| + Depreciation | 1.325.471 | 438.878 | 22.562 | 1.786.912 |
| EBITDA | 1.138.757 | 932.286 | 30.699 | 2.101.742 |
| - Depreciation | (1.325.471) | (438.878) | (22.562) | (1.786.912) |
| EBIT | (186.714) | 493.408 | 8.137 | 314.830 |
| Financial income | 6.857 | 190 | (0) | 7.047 |
| Financial expenses | (405.886) | (152.083) | (4.507) | (562.476) |
| Net finance costs | (399.029) | (151.893) | (4.507) | (555.429) |
| Profits / (losses) before taxes | (585.743) | 341.515 | 3.630 | (240.599) |
| Income tax expense | 143.188 | (57.281) | (2.866) | 83.041 |
| profit / (losses) after taxes | (442.555) | 284.234 | 764 | (157.558) |
The allocation of assets, liabilities, capital expenditure and depreciation to operating segments is as follows:
| 30/6/2016 | Printing segment (Greece) |
Printing segment (Romania) |
Other segments |
Total |
|---|---|---|---|---|
| Assets | 50.372.944 | 35.528.954 | 1.924.071 | 87.825.968 |
| Liabilities | 24.509.230 | 9.988.269 | 1.562.098 | 36.059.597 |
| Capital expenditures (1/1-30/6/2016) | 3.600.422 | 310.066 | 0 | 3.910.487 |
| Depreciation (1/1-30/6/2016) | 1.300.927 | 478.470 | 56.326 | 1.835.723 |
| 31/12/2015 | Printing segment (Greece) |
Printing segment (Romania) |
Other segments |
Total |
|---|---|---|---|---|
| Assets | 51.300.222 | 33.581.718 | 1.711.288 | 86.593.228 |
| Liabilities | 22.176.761 | 9.748.924 | 1.534.779 | 33.460.464 |
| Capital expenditures (1/1-30/6/2016) | 366.995 | 60.834 | 1.207 | 429.036 |
| Depreciation (1/1-30/6/2015) | 1.287.711 | 438.878 | 60.322 | 1.786.912 |
The Group sales do not record significant seasonality and, therefore, are mainly equally allocated within the two semesters of the year. Furthermore, there is no indication of changes to assets, liabilities, equity, profit or cash flows caused by the unusual events regarding nature or size.
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| 30/6/2016 | 30/6/2015 | 30/6/2016 | 30/6/2015 | ||
| Sales of goods | 13.978.932 | 13.753.667 | 7.136.438 | 7.646.585 | |
| Rendering of services | 9.509.489 | 9.684.193 | 1.770.803 | 1.912.063 | |
| Sales of merchandise | 8.465.105 | 7.681.252 | 7.959.692 | 6.947.247 | |
| Total | 31.953.526 | 31.119.112 | 16.866.932 | 16.505.895 |
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| 30/6/2016 | 30/6/2015 | 30/6/2016 | 30/6/2015 | ||
| West Europe | 766.163 | 1.039.460 | 757.013 | 932.539 | |
| Central & Eastern Europe | 30.962.447 | 29.828.810 | 15.885.003 | 15.322.513 | |
| Asia & Africa | 224.916 | 250.842 | 224.916 | 250.842 | |
| Total | 31.953.526 | 31.119.112 | 16.866.932 | 16.505.895 |
| GROUP | COMPANY | |||
|---|---|---|---|---|
| 30/6/2016 | 30/6/2015 | 30/6/2016 | 30/6/2015 | |
| Gain on sale of property, plant and equipment | 219.493 | 0 | 208.722 | 0 |
| Rental income from property and machinery leases | 175.184 | 168.966 | 174.335 | 96.457 |
| Capitalisation of development loyalty expenses | 103.671 | 102.799 | 103.671 | 102.799 |
| Other income | 124.911 | 151.247 | 13.706 | 37.005 |
| Total | 623.259 | 423.013 | 500.435 | 236.261 |
| GROUP | COMPANY | |||
|---|---|---|---|---|
| 30/6/2016 | 30/6/2015 | 30/6/2016 | 30/6/2015 | |
| Exchange differences - Losses | 30.195 | 4.425 | 0 | 0 |
| Staff leaving indemnities | 0 | 228.189 | 0 | 228.189 |
| Re-invoiced costs | 94.972 | 88.533 | 0 | 0 |
| Other expenses | 148.360 | 140.990 | 52.808 | 53.027 |
| Total | 273.527 | 462.137 | 52.808 | 281.216 |
All shares are ordinary (see note 15). The calculation of earnings/(losses) per share is based on the following earnings/(losses) per share attributable to the ordinary shareholders and the weighted average number of ordinary outstanding shares.
| GROUP | |||
|---|---|---|---|
| 2016 | 2015 | ||
| Profits / (losses) for the year, attributable to the owners of the Company |
298.894 | (165.012) |
| 2016 | 2015 | |
|---|---|---|
| Issued ordinary shares at 1 January | 20.578.374 | 20.578.374 |
| Effects in the year | - | - |
| Weighted-average of ordinary shares at 30 June |
20.578.374 | 20.578.374 |
| GROUP | COMPANY | |||
|---|---|---|---|---|
| 30/6/2016 | 30/6/2015 | 30/6/2016 | 30/6/2015 | |
| Current tax expense | ||||
| Current year income tax | (63.523) | (60.147) | 0 | 0 |
| (63.523) | (60.147) | 0 | 0 | |
| Deferred taxation | ||||
| Origination and reversal of temporary differences |
(114.354) | 143.188 | (89.017) | 165.918 |
| (114.354) | 143.188 | (89.017) | 165.918 | |
| Total | (177.877) | 83.041 | (89.017) | 165.918 |
Foreign currency translation differences amounting to € 17.883, recognized in OCI for the period 1/1 – 30/06/2016 (1/1 – 30/6/2015: € 44.784) mainly pertain to foreign currency translation differences arising from conversion of the financial statements of the Group subsidiaries in Romania («Inform Lykos S.A.» and «Compaper Converting S.A.») from functional currency to the financial statements presentation currency (Euro).
A. Changes within the period
| THE GROUP | ||||||
|---|---|---|---|---|---|---|
| Land and buildings |
Plant and equipment |
Fixtures and fittings |
Under construction |
Total | ||
| Cost | ||||||
| Balance at 1 January 2015 | 52.890.243 | 43.397.126 | 6.227.737 | 32.215 | 102.547.320 | |
| Additions | 48.282 | 638.804 | 183.884 | 45.779 | 916.749 | |
| Disposals | 0 | (185.703) | (210.457) | 0 | (396.160) | |
| Effect of movements in exchange rates | (249.668) | (116.010) | (24.526) | (9) | (390.213) |
| Balance at 31 December 2015 | 52.688.857 | 43.734.217 | 6.176.638 | 77.985 | 102.677.696 |
|---|---|---|---|---|---|
| Cost | |||||
| Balance at 1 January 2016 | 52.688.857 | 43.734.217 | 6.176.638 | 77.985 | 102.677.696 |
| Additions | 67.242 | 3.400.659 | 74.180 | 1.154 | 3.543.235 |
| Disposals | 0 | (149.447) | 0 | (1.154) | (150.601) |
| Transfers | 0 | 11.218 | 0 | (11.217) | 0 |
| Effect of movements in exchange rates | 15.447 | 7.369 | 154 | 36 | 23.007 |
| Balance at 30 June 2016 | 52.771.546 | 47.004.016 | 6.250.972 | 66.803 | 106.093.337 |
| Accumulated depreciation and | |||||
| impairment losses | |||||
| Balance at 1 January 2015 | 17.142.684 | 20.197.396 | 5.331.124 | 0 | 42.671.204 |
| Depreciation | 512.153 | 2.441.289 | 207.769 | 0 | 3.161.211 |
| Disposals | 0 | (148.991) | (210.313) | 0 | (359.304) |
| Effect of movements in exchange rates | (81.106) | (240.832) | 137.198 | 0 | (184.740) |
| Balance at 31 December 2015 | 17.573.731 | 22.248.862 | 5.465.778 | 0 | 45.288.371 |
| Balance at 1 January 2016 | 17.573.731 | 22.248.862 | 5.465.778 | 0 | 45.288.371 |
| Depreciation | 252.303 | 1.246.699 | 97.454 | 0 | 1.596.455 |
| Disposals | 0 | (125.353) | 0 | 0 | (125.353) |
| Effect of movements in exchange rates | 526 | 2.072 | 74 | 0 | 2.672 |
| Balance at 30 June 2016 | 17.826.560 | 23.372.280 | 5.563.306 | 0 | 46.762.145 |
| Carrying amounts | |||||
| Balance at 31 December 2015 | 35.115.126 | 21.485.355 | 710.859 | 77.985 | 57.389.325 |
| Balance at 30 June 2016 | 34.944.986 | 23.631.736 | 687.667 | 66.803 | 59.331.192 |
| Land and buildings |
Plant and equipment |
Fixtures and fittings |
Under construction |
Total | |
|---|---|---|---|---|---|
| Costs | |||||
| Balance at 1 January 2015 | 32.683.951 | 30.317.770 | 5.034.978 | 31.300 | 68.067.999 |
| Additions | 37.186 | 524.114 | 173.087 | 0 | 734.387 |
| Disposals | 0 | (36.314) | 0 | 0 | (36.314) |
| Balance at 31 December 2015 | 32.721.137 | 30.805.570 | 5.208.065 | 31.300 | 68.766.072 |
| Balance at 1 January 2016 | 32.721.137 | 30.805.570 | 5.208.065 | 31.300 | 68.766.072 |
| Additions | 65.081 | 3.110.190 | 70.431 | 0 | 3.245.702 |
| Disposals | 0 | (2.243.504) | 0 | 0 | (2.243.504) |
| Balance at 30 June 2016 | 32.786.217 | 31.672.256 | 5.278.496 | 31.300 | 69.768.269 |
| Accumulated depreciation and impairment losses | |||||
| Balance at 1 January 2015 | 15.907.993 | 14.026.758 | 4.429.731 | 0 | 34.364.482 |
| Depreciation | 329.485 | 1.778.456 | 186.672 | 0 | 2.294.613 |
| Disposals | 0 | (1.354) | 0 | 0 | (1.354) |
| Balance at 31 December 2015 | 16.237.478 | 15.803.860 | 4.616.403 | 0 | 36.657.741 |
| Balance at 1 January 2016 | 16.237.478 | 15.803.861 | 4.616.402 | 0 | 36.657.741 |
| Depreciation | 164.852 | 896.631 | 87.636 | 0 | 1.149.119 |
| Disposals | 0 | (1.282.227) | 0 | 0 | (1.282.227) |
| Balance at 30 June 2016 | 16.402.330 | 15.418.265 | 4.704.039 | 0 | 36.524.633 |
| Carrying amounts | |||||
| Balance at 31 December 2015 | 16.483.659 | 15.001.710 | 591.662 | 31.300 | 32.108.331 |
| Balance at 30 June 2016 | 16.383.887 | 16.253.991 | 574.458 | 31.300 | 33.243.637 |
The Group leases machinery in Greece and Romania amounted at 30 June 2016 to € 4.253.851 (2015: € 1.682.107). The value of the leased equipment is ensuring the relevant leasing obligations.
There are encumbrances on the Group's fixed assets with value of € 5,2 millions in order to cover loan obligations. There are no encumbrances on the parent company's fixed assets.
27
The changes to the Group intangible assets values for the period as follows:
| THE GROUP | ||||
|---|---|---|---|---|
| Goodwill | Software licenses |
Development costs |
Total | |
| Costs | ||||
| Balance at 1 January 2015 | 6.103.881 | 10.656.067 | 2.024.530 | 18.784.478 |
| Additions | 0 | 269.631 | 0 | 269.631 |
| Acquisitions – internally developed | 0 | 0 | 208.208 | 208.208 |
| Disposals | 0 | (44.186) | 0 | (44.186) |
| Effect of movements in exchange rates | 0 | (165.433) | 0 | (165.433) |
| Balance at 31 December 2015 | 6.103.881 | 10.716.079 | 2.232.738 | 19.052.698 |
| Balance at 1 January 2016 | 6.103.881 | 10.716.079 | 2.232.738 | 19.052.698 |
| Additions | 0 | 263.581 | 0 | 263.581 |
| Acquisitions – internally developed | 0 | 0 | 103.671 | 103.671 |
| Effect of movements in exchange rates | 0 | 1.206 | 0 | 1.206 |
| Balance at 30 June 2016 | 6.103.881 | 10.980.866 | 2.336.409 | 19.421.156 |
| Accumulated amortisation and impairment losses |
||||
| Balance at 1January 2015 | 4.017.437 | 9.646.113 | 1.690.055 | 15.353.605 |
| Amortisation | 0 | 353.459 | 86.973 | 440.432 |
| Disposals | 0 | (44.186) | 0 | (44.186) |
| Effect of movements in exchange rates | 0 | (166.087) | 0 | (166.087) |
| Balance at 31 December 2015 | 4.017.437 | 9.789.299 | 1.777.028 | 15.583.764 |
| Balance at 1 January 2016 | 4.017.437 | 9.789.299 | 1.777.028 | 15.583.764 |
| Amortisation | 0 | 176.550 | 59.415 | 235.965 |
| Effect of movements in exchange rates | 0 | 631 | 0 | 631 |
| Balance at 30 June 2016 | 4.017.437 | 9.966.480 | 1.836.443 | 15.820.360 |
| Carrying amounts | ||||
| Balance at 31 December 2015 | 2.086.444 | 926.780 | 455.710 | 3.468.934 |
| Balance at 30 June 2016 | 2.086.444 | 1.014.386 | 499.966 | 3.600.796 |
| COMPANY | |||
|---|---|---|---|
| Software licenses |
Development costs |
Total | |
| Costs | |||
| Balance at 1 January 2015 | 6.717.247 | 2.024.530 | 8.741.777 |
| Additions | 202.981 | 0 | 202.981 |
| Acquisitions – internally developed | 0 | 208.208 | 208.208 |
| Balance at 31 December 2015 | 6.920.228 | 2.232.738 | 9.152.966 |
| Balance at 1 January 2016 | 6.920.228 | 2.232.738 | 9.152.966 |
| Additions | 251.049 | 251.049 | |
| Acquisitions – internally developed | 0 | 103.671 | 103.671 |
| Balance at 30 June 2016 | 7.171.277 | 2.336.409 | 9.507.686 |
| Accumulated amortisation and impairment losses | |||
| Balance at 1 January 2015 | 5.910.678 | 1.690.056 | 7.600.734 |
| Amortisation | 208.457 | 86.972 | 295.429 |
| Balance at 31 December 2015 | 6.119.135 | 1.777.028 | 7.896.163 |
| Balance 1 January 2016 | 6.119.135 | 1.777.029 | 7.896.163 |
| Amortisation | 92.393 | 59.415 | 151.808 |
| Balance at 30 June 2016 | 6.211.527 | 1.836.444 | 8.047.971 |
| Carrying amounts | |||
| Balance at 31 December 2015 | 801.093 | 455.710 | 1.256.803 |
| Balance at 30 June 2016 | 959.750 | 499.965 | 1.459.715 |
| GROUP | COMPANY | |||
|---|---|---|---|---|
| 30/6/2015 | 31/12/2015 | 30/6/2015 | 31/12/2015 | |
| Raw materials and consumables | 4.335.025 | 3.053.071 | 2.004.196 | 1.864.253 |
| Work in progress | 253.940 | 392.486 | 143.303 | 250.556 |
| Finished and semi-finished goods | 1.032.286 | 1.037.421 | 541.015 | 617.963 |
| Merchandise | 1.318.906 | 1.004.615 | 1.153.629 | 933.947 |
| Prepayments for inventory purchases | 53.104 | 328.563 | 15.274 | 315.269 |
| Total | 6.993.261 | 5.816.156 | 3.857.417 | 3.981.987 |
The Company's share is freely traded on the Athens Stock Exchange and participates in the business support services industry and in the Mid & Small Cap Price index.
The share premium of the Group and the Company comes from previous issuing of shares for cash at a value higher than their nominal value.
The share capital concerns exclusively ordinary shares, fully settled. In the Company's shares are not included shares with revoke right or preference shares. Moreover, the Company has not issued any bonds or other securities convertible into shares.
Within the period 1/1 – 30/6/2016, there was no change in the Company's share capital.
The Regular General Meeting for year 2016, held on 24/6/2016, approved the relative proposal of the Company Board of Directors on distribution of dividend of € 0,07 (net of taxes € 0,063) per share, i.e. a total amount of dividend of € 1.440.486,18. The aforementioned amount was fully paid in July of the current year 2016.
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 30/6/2016 | 31/12/2015 | 30/6/2016 | 31/12/2015 | |
| Non-current liabilities | ||||
| Secured bank loans | 1.032.222 | 1.252.442 | 0 | 0 |
| Finance lease liabilities | 3.815.227 | 1.323.754 | 3.707.258 | 1.179.258 |
| 4.847.449 | 2.576.196 | 3.707.258 | 1.179.258 | |
| Current liabilities | ||||
| Secured bank loans | 2.013.447 | 1.993.124 | 0 | 0 |
| Unsecured bank loans | 8.300.000 | 9.816.906 | 8.300.000 | 8.900.000 |
| Finance lease liabilities | 438.624 | 358.353 | 398.980 | 316.525 |
| 10.752.071 | 12.168.383 | 8.698.980 | 9.216.525 |
The terms and conditions of Group's and Company's loans are as follows:
| Lender/Bank | Currency | Nominal interest rate |
Year of maturity |
Pledge type | Carrying amount |
|---|---|---|---|---|---|
| Secured bank loans | Pledge on Land and Building (Romania) |
3.045.669 | |||
| RON | ROBOR 3 months + 3% |
2019 | 1.474.600 | ||
| 2016 | 1.571.069 | ||||
| Unsecured bank loans | EUR | Euribor 1m+ 5,4% |
2016 | 8.300.000 | |
| Finance lease liabilities | pledge on equipment |
4.253.851 | |||
| EUR | 1,3% | 2023 | 2.765.691 | ||
| EUR | 6,0% | 2021 | 1.108.537 | ||
| EUR | 9,0% | 2017 | 232.010 | ||
| EUR | EURIBOR 3M+4,65% |
2019 | 147.613 | ||
| Total | 15.599.520 |
The comparable amount of previous year € 944.439 related solely to provisions for reorganization expenses of the Company, which was completed during the period presented.
Set out below a list of all subsidiaries country, participation percentage, consolidation method and participation relation of incorporated subsidiaries the Group as at 30/06/2016:
| Company | Country | Participation percentage |
Consolidation method |
Participation relation |
|---|---|---|---|---|
| Inform P. Lykos S.A. | Greece | Parent | - | Parent |
| Lykos Paperless Solutions S.A. | Greece | 99,91% | Total | Direct |
| Terrane L.T.D. | Cyprus | 100,00% | Total | Direct |
| Inform Lykos (Romania) L.T.D. | Cyprus | 98,19% | Total | Indirect |
| Inform Lykos S.A. | Romania | 98,19% | Total | Indirect |
| Compaper Converting S.A. | Romania | 95,68% | Total | Indirect |
| Sagime Gmbh | Austria | 100,00% | Total | Direct |
| Albanian Digital Printing Solutions Sh.p.k. |
Albania | 51,00% | Total | Direct |
Information mentioned above has not change since 31/12/2015 and 30/6/2015.
Group does not include subsidiary with material non-controlling interest.
The Group has not entered into important commitments apart from those mentioned in subsections (loans, finance lease contracts etc.).
There are no judicial or legal claims that are expected to affect significantly the financial position of the company as at 30/06/2016.
In January 2016, the Romanian Competition Council issued a press release which announced the imposition of a fine for unfair competition of amount of € 854 thousand to Inform Lykos S.A. Romania (ILR), a subsidiary of the Group. The Competition Council considers that the ILR shaped its trade policy in cooperation with a third company.
The Group will exercise all legal rights to prove that the practice followed by the Group always comply with competition law and that the conclusion of the Competition Council is incorrect and unfounded. For the above reason the Group's management considers the above fact contingent liability and has not recorded any provision as of 31/12/2015.
The Company has not been tax audited by tax authorities for the years from 2009 and 2010. Contingently arising taxes are not expected to have a significant effect on the financial statements.
As starting from year 2011, the Greek companies of the Group are subject to tax audit conducted by Chartered Accountants in compliance with the provisions of Article 82, par. 5, Law 2238/1994 and of Article 65ΑLaw 4174/2013. This audit for the years 2011 - 2015 has been completed and the relative unqualified conclusions tax compliance certificates have been issued.
Regarding subsidiaries and related companies, they have not been tax inspected by tax authorities for the years, presented below, and therefore, their tax liabilities in respect of these years have not been finalized:
| Company | Country | FYs |
|---|---|---|
| Inform P. Lykos S.A. | Greece | 2009-2010 |
| Lykos Paperless Solutions S.A. | Greece | 2010 |
| Terrane Ltd | Cyprus | 2004-2015 |
| Inform Lykos (Romania)L.T.D | Cyprus | 2003-2015 |
| Inform Lykos S.A | Romania | 2005-2015 |
| Compaper Converting S.A | Romania | 2001-2015 |
| Sagime GmbH | Austria | 2010-2015 |
| ADPS Sh.p.k. | Albania | 2011-2015 |
Apart from the aforementioned, there are no other cases of contingent liabilities or contingent receivables, which could significantly affect the Group or the Company financial position or operation.
There are encumbrances on the Group's fixed assets with value of € 5,2 million in order to cover loan obligations. There are no encumbrances on the parent company's fixed assets.
The operational and investment activity of Group creates certain results, assets or liabilities that concern except others related companies or individual persons. These transactions are realised in commercial base and according to the laws of market. The Group did not participate in any transaction of uncommon nature or content which is essential for the Group, or the companies and the individuals connected closely with this, and does not aim to participate in such kind of transactions in the future.
The table below presents analytically all the intercompany transactions during the periods of 2016 and 2015 as well as the balances arising from these transactions as at 30/06/2015 and 31/12/2015 respectively:
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 30/6/2016 | 30/6/2015 | 30/6/2016 | 30/6/2015 | |
| Subsidiaries | 0 | 0 | 567.505 | 236.316 |
| Other related parties | 239.675 | 132.326 | 158.331 | 118.883 |
| Total | 239.675 | 132.326 | 725.836 | 355.199 |
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 30/6/2016 | 30/6/2015 | 30/6/2016 | 30/6/2015 | |
| Subsidiaries | 0 | 0 | 1.319.251 | 1.814.892 |
| Other related parties | 2.406.083 | 2.910.806 | 2.326.701 | 2.717.452 |
| Total | 2.406.083 | 2.910.806 | 3.645.952 | 4.532.344 |
Granted loans
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 30/6/2016 | 31/12/2015 | 30/6/2016 | 31/12/2015 | |
| Subsidiaries | 0 | 0 | 30.000 | 30.000 |
| Total | 0 | 0 | 30.000 | 30.000 |
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 30/6/2016 | 31/12/2015 | 30/6/2016 | 31/12/2015 | |
| Subsidiaries | 0 | 0 | 1.793.384 | 614.974 |
| Other related parties | 198.231 | 144.073 | 54.356 | 68.870 |
| Total | 198.231 | 144.073 | 1.847.740 | 683.844 |
| THE GROUP | THE COMPANY | |||||
|---|---|---|---|---|---|---|
| 30/6/2016 | 31/12/2015 | 30/6/2016 | 31/12/2015 | |||
| Subsidiaries | 0 | 561.136 | 162.098 | |||
| Other related parties | 2.918.610 | 2.959.297 | 1.730.361 | 1.772.683 | ||
| Total | 2.918.610 | 2.959.297 | 2.291.497 | 1.934.781 |
| THE GROUP | THE COMPANY | |||||
|---|---|---|---|---|---|---|
| 30/6/2016 | 30/6/2015 | 30/6/2016 | 30/6/2015 | |||
| Subsidiaries | 0 | 0 | 0 | 0 | ||
| Total | 0 | 0 | 0 | 0 |
| THE GROUP | THE COMPANY | |||||
|---|---|---|---|---|---|---|
| 30/6/2016 | 30/6/2015 | |||||
| Key executives | 183.450 | 161.100 | 183.450 | 161.100 | ||
| Total | 183.450 | 161.100 | 183.450 | 161.100 |
| THE GROUP | THE COMPANY | |||||
|---|---|---|---|---|---|---|
| 30/6/2016 | 31/12/2015 | 30/6/2016 | 31/12/2015 | |||
| Key executives | 0 | 0 | 0 | 0 | ||
| Total | 0 0 |
0 | 0 |
Balances of liabilities to key executives
| THE GROUP | THE COMPANY | |||||
|---|---|---|---|---|---|---|
| 30/6/2016 | 31/12/2015 | 30/6/2016 | 31/12/2015 | |||
| Key executives | 0 | 0 | 0 | 0 | ||
| Total | 0 0 |
0 | 0 |
These latest developments which resulted in imposing restrictions on the movement of capital (capital controls), as well as the continuation of negotiations to finalize a medium-term program to support the Greek economy, are the factors of increased uncertainty regarding the general medium to long term economic operating conditions prevailing in the domestic market, potentially having a negative impact on the growth of the Greek economy and, by extension, the country's GDP in 2016 and 2017. Additionally, the application of new tax measures is likely to impede the ability of some companies to timely respond and settle their obligations at all.
The macroeconomic environment, created by these events, generates the risks, the most significant of which relate to liquidity of the financial system and the entities, collectability of receivables, impairment of their assets, recognition of revenues, settlement of the existing debt obligations and / or meeting the terms and maintaining financial indicators, recoverability of deferred tax benefits, valuation of financial instruments, adequacy of provisions and the possibility of continuing business operations.
The aforementioned and other potentially arising adverse developments in Greece may negatively - to some extent – affect liquidity, earnings and financial position of the Greek operations of the Group. However, despite the aforementioned economic conditions and even given further adverse developments, the Group's Management expects to fully maintain the sound operations of all the Group companies, domestic and foreign. These estimates are mainly based on the following conditions / events:
There was no event that occurred subsequent to the 30/06/2016 which may have a significant impact on the financial position and operations of the Group.
The comparative financial statements were readjusted in order to reflect the effect of the change in the criteria of classification of various items of the Income Statement. In order to apply the principle of comparability of the presented years, the Group has also applied these criteria to the presented items of the Income Statement of the comparable period 1/1 – 30/6/2015. This resulted in the reclassification of several figures of the above statement in relation to those published in the annual financial statements of previous year 2015.
It should be noted that by the above reclassifications do not arise any impact on turnover, profits before and after taxes, operating result, non-controlling interests and total equity of the Company or the Group.
The effect of reclassifications on the figures of Income Statement of comparable period 1/1 – 30/6/2015 is as follows:
| THE GROUP | THE COMPANY | |||||||
|---|---|---|---|---|---|---|---|---|
| Restated figures 1/1 - 30/6/2015 |
Published figures 1/1 - 30/6/2015 |
Impact of reclassification |
Restated figures 1/1 - 30/6/2015 |
Published figures 1/1 - 30/6/2015 |
Impact of reclassification |
|||
| Cost of sales | (26.632.725) | (26.148.412) | 484.313 | (13.907.166) | (13.642.394) | (264.772) | ||
| Gross Profit | 4.486.387 | (26.148.412) | (30.634.799) | 2.598.729 | 2.863.499 | (264.770) | ||
| Other income | 423.013 | 309.731 | (113.282) | 236.261 | 133.942 | 102.319 | ||
| Selling and distribution expenses | (2.383.704) | (2.384.622) | (918) | (1.587.930) | (1.563.006) | (24.924) | ||
| Administrative expenses | (1.584.042) | (1.647.873) | (63.831) | (987.046) | (987.199) | 153 | ||
| Research and development expenses |
(164.686) | (63.107) | 101.579 | (164.686) | (61.887) | (102.799) | ||
| Other expenses | (462.137) | (870.505) | (408.368) | (281.216) | (571.238) | 290.022 | ||
| EBITDA | 314.830 | 314.324 | (506) | 1.101.822 | 1.101.822 | 0 | ||
| Financial expenses | (562.476) | (561.970) | 506 | |||||
| Net finance costs | (555.429) | (554.923) | 506 | |||||
| Profits / (losses) before taxes | (240.599) | (240.599) | 0 |
The following amendments of IFRSs have been issued by the International Accounting Standards Board (IASB), adopted by the European Union, and their application is mandatory from or after 01/01/2016.
• Amendments to IFRS 11: "Accounting for Acquisitions of Interests in Joint Operations" (effective for annual periods starting on or after 01/01/2016)
In May 2014, the IASB issued amendments to IFRS 11. The amendments add new guidance on how to account for the acquisition of an interest in a joint operation that constitutes a business and specify the appropriate accounting treatment for such acquisitions. The amendments do not affect the consolidated/ separate Financial Statements.
• Amendments to IAS 16 and IAS 38: "Clarification of Acceptable Methods of Depreciation and Amortisation" (effective for annual periods starting on or after 01/01/2016)
In May 2014, the IASB published amendments to IAS 16 and IAS 38. IAS 16 and IAS 38 both establish the principle for the basis of depreciation and amortisation as being the expected pattern of consumption of the future economic benefits of an asset. The IASB has clarified that the use of revenue-based methods to calculate the depreciation of an asset is not appropriate because revenue generated by an activity that includes the use of an asset generally reflects factors other than the consumption of the economic benefits embodied in the asset. The amendments do not affect the consolidated/ separate Financial Statements.
• Amendments to IAS 16 and IAS 41: "Agriculture: Bearer Plants" (effective for annual periods starting on or after 01/01/2016)
In June 2014, the IASB published amendments that change the financial reporting for bearer plants. The IASB decided that bearer plants should be accounted for in the same way as property, plant and equipment in IAS 16. Consequently, the amendments include bearer plants within the scope of IAS 16, instead of IAS 41. The produce growing on bearer plants will remain within the scope of IAS 41. The amendments do not affect the consolidated Financial Statements.
• Amendments to IAS 27: "Equity Method in Separate Financial Statements" (effective for annual periods starting on or after 01/01/2016)
In August 2014, the IASB published narrow scope amendments to IAS 27. Under the amendments, entities are permitted to use the equity method to account for investments in subsidiaries, joint ventures and associates in their separate Financial Statements – an option that was not effective prior to the issuance of the current amendments. The amendments do not affect the consolidated/ separate Financial Statements.
• Annual Improvements to IFRSs – 2012-2014 Cycle (effective for annual periods starting on or after 01/01/2016)
In September 2014, the IASB issued Annual Improvements to IFRSs - 2012-2014 Cycle, a collection of amendments to IFRSs, in response to four issues addressed during the 2012-2014 cycle. The amendments are effective for annual periods beginning on or after 1 January 2016, although entities are permitted to apply them earlier. The issues included in this cycle are the following: IFRS 5: Changes in methods of
disposal, IFRS 7: Servicing Contracts and Applicability of the amendments to IFRS 7 to condensed interim financial statements, IAS 19: Discount rate: regional market issue, and IAS 34: Disclosure of information "elsewhere in the interim financial report". The amendments do not affect the consolidated/ separate Financial Statements.
In December 2014, the IASB issued amendments to IAS 1. The aforementioned amendments address settling the issues pertaining to the effective presentation and disclosure requirements as well as the potential of entities to exercise judgment under the preparation of financial statements. The amendments do not affect the consolidated Financial Statements.
The following new Standards and amendments of IFRSs have been issued by the International Accounting Standards Board (IASB), but their application has not started yet or they have not been adopted by the European Union.
• IFRS 14 "Regulatory Deferral Accounts" (effective for annual periods starting on or after 01/01/2016)
In January 2014, the IASB issued a new Standard, IFRS 14. The aim of this interim Standard is to enhance the comparability of financial reporting by entities that are engaged in rate-regulated activities. Many countries have industry sectors that are subject to rate regulation, whereby governments regulate the supply and pricing of particular types of activity by private entities. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union, until the issuance of the final Standard.
• IFRS 15 "Revenue from Contracts with Customers" (effective for annual periods starting on or after 01/01/2018)
In May 2014, the IASB issued a new Standard, IFRS 15. The Standard fully converges with the requirements for the recognition of revenue in both IFRS and US GAAP. The key principles on which the Standard is based are consistent with much of current practice. The new Standard is expected to improve financial reporting by providing a more robust framework for addressing issues as they arise, increasing comparability across industries and capital markets, providing enhanced disclosures and clarifying accounting for contract costs. The new Standard will supersede IAS 11 "Construction Contracts", IAS 18 "Revenue" and several revenue related Interpretations. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union.
• IFRS 9 "Financial Instruments" (effective for annual periods starting on or after 01/01/2018)
In July 2014, the IASB issued the final version of IFRS 9. The package of improvements introduced by the final version of the Standard, includes a logical model for classification and measurement, a single, forward-looking "expected loss" impairment model and a substantiallyreformed approach to hedge accounting. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union.
• Amendments to IFRS 10 and IAS 28: "Sale or Contribution of Assets between an Investor and its Associate or Joint Venture" (the IASB postponed the effective date of this amendment indefinitely)
In September 2014, the IASB published narrow scope amendments to IFRS 10 and IAS 28. The objective of the aforementioned amendments is to address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28, in dealing with the sale or contribution of assets between an investor and its associate or joint venture. In December 2015, the IASB postponed the effective date of this amendments indefinitely pending the outcome of its research project on the equity method of accounting. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union.
• Amendments to IFRS 10, IFRS 12 and IAS 28: "Investment Entities: Applying the Consolidated Exception" (effective for annual periods starting on or after 01/01/2016)
In December 2014, the IASB published narrow scope amendments to IFRS 10, IFRS 11 and IAS 28. The aforementioned amendments introduce explanation regarding accounting requirements for investment entities, while providing exemptions in particular cases, which decrease the costs related to the implementation of the Standards. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union.
• IFRS 16 "Leases" (effective for annual periods starting on or after 01/01/2019)
In January 2016, the IASB issued a new Standard, IFRS 16. The objective of the project was to develop a new Leases Standard that sets out the principles that both parties to a contract, i.e. the customer ('lessee') and the supplier ('lessor'), apply to provide relevant information about leases in a manner that faithfully represents those transactions. To meet this objective, a lessee is required to recognise assets and liabilities arising from a lease. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union.
• Amendments to IAS 12: " Recognition of Deferred Tax Assets for Unrealized Losses" (effective for annual periods starting on or after 01/01/2017)
In January 2016, the IASB published narrow scope amendments to IAS 12. The objective of the amendments is to clarify the accounting for deferred tax assets for unrealized losses on debt instruments measured at fair value. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union.
In January 2016, the IASB published narrow scope amendments to IAS 7. The objective of the amendments is to enable users of financial statements to evaluate changes in liabilities arising from financing activities. The amendments will require entities to provide disclosures that enable investors to evaluate changes in liabilities arising from financing activities, including changes arising from cash flows and non-cash changes. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union.
• Clarification to IFRS 15 "Revenue from Contracts with Customers" (effective for annual periods starting on or after 01/01/2018)
In April 2016, the IASB published clarifications to IFRS 15. The amendments to IFRS 15 do not change the underlying principles of the Standard, but clarify how those principles should be applied. The amendments clarify how to identify a performance obligation in a contract, how to determine whether a company is a principal or an agent and how to determine whether the revenue from granting a license should be recognized at a point in time or over time. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union.
In June 2016, the IASB published narrow scope amendment to IFRS 2. The objective of this amendment is to clarify how to account for certain types of share-based payment transactions. More specifically, the amendments provide requirements on the accounting for the effects of vesting and non-vesting conditions on the measurement of cash-settled share-based payments, for share-based payment transactions with a net settlement feature for withholding tax obligation, as well as, a modification to the terms and conditions of a share-based payment that changes the classification of the transaction from cash-settled to equity-settled. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union.
| INFORM P. LYKOS S.A. | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| 5th km VARIS-KOROPIOU AVE, KOROPI | GENERAL ELECTRONIC COMMERCIAL REGISTRY No. 359201000 | ||||||||
| SUMMARY FINANCIAL STATEMENTS AND INFORMATION OF THE PERIOD FROM JANUARY 1, 2016 TO JUNE 30, 2016 | |||||||||
| (Published according to the decision no. 4/507/28.4.2009 of the Board of Directors of the Stock Market Commitee) The following figures and information which arise from the financial statements are intended to provide a general briefing about the financial position and results of INFORM P. LYKOS S.A. Group. Therefore, the reader is recommended before proceeding to any kind of investment choice or other transaction |
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| with the company, to refer to the company' s web address where the periodical financial statements and the auditor' s report whenever required, are presented. | |||||||||
| Web address: www.lykos.gr Date of the Board of Directors approval of the six months period financial statements: 28th September, 2016 |
STATEMENT OF PROFIT OR LOSS (consolidated and non-consolidated) | ||||||||
| Statutory Auditor: Garbis Nikos Audit firm: Grant Thornton S.A. |
Amounts in Euro THE GROUP |
THE COMPANY | |||||||
| Type of Auditor' s Report: Unqualified opinion | 1/1- 30/6/2016 |
1/1- 30/6/2015 |
1/1- 30/6/2016 |
1/1- 30/6/2015 |
|||||
| STATEMENT OF FINANCIAL POSITION (consolidated and non-consolidated) | Amounts in Euro | Revenue Gross profit / (loss) |
31.953.526 4.526.394 |
31.119.112 4.486.387 |
16.866.932 2.445.629 |
16.505.895 2.598.729 |
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| 30/06/2016 | THE GROUP 31/12/2015 |
THE COMPANY 30/06/2016 |
31/12/2015 | Operating profit / (loss) | 1.126.007 | 314.830 | 599.207 | (185.889) | |
| ASSETS Property, plant and equipment |
59.331.192 | 57.389.325 | 33.243.636 | 32.108.331 | Profit / (loss) before tax Profit / (loss) net of tax |
522.059 344.182 |
(240.599) (157.558) |
147.121 58.104 |
(553.764) (387.846) |
| Investment property Intangible assets and goodwill |
307.821 3.600.796 |
310.847 3.468.934 |
0 1.459.715 |
0 1.256.803 |
Attributable to: -Owners of the Company |
298.894 | (165.012) | 58.104 | (387.846) |
| Other non current assets Inventories |
58.998 6.993.261 |
113.974 5.816.156 |
22.164.759 3.857.417 |
22.200.360 3.981.987 |
-Non-controlling interests | 45.288 | 7.454 | - | - |
| Trade receivables | 12.574.874 | 12.568.147 | 5.993.689 | 5.315.916 | Basic earnings / (losses) net of taxes per share (euro) | 0,0145 | (0,0080) | 0,0028 | (0,0188) |
| Other current assets TOTAL ASSETS |
4.959.027 87.825.969 |
6.925.846 86.593.229 |
4.143.456 70.862.672 |
5.245.398 70.108.794 |
Earnings / (losses) before taxes, financing, investing results | ||||
| EQUITY AND LIABILITIES | and total depreciation / amortisation | 2.961.730 | 2.101.742 | 1.900.134 | 1.101.822 | ||||
| Share capital Share premium,reserves and retained earnings |
12.758.592 38.366.674 |
12.758.592 39.778.927 |
12.758.592 33.384.873 |
12.758.592 35.055.183 |
STATEMENT OF OTHER COMPREHENSIVE INCOME (consolidated and non-consolidated) | ||||
| Total equity attributable to owners of the Company (a) Non-controlling interests (b) |
51.125.266 641.107 |
52.537.519 595.245 |
46.143.465 0 |
47.813.775 0 |
Amounts in Euro | ||||
| Total equity (c)=(a)+(b) Non-current loans and borrowings |
51.766.372 4.847.449 |
53.132.765 2.576.196 |
46.143.465 3.707.258 |
47.813.775 1.179.258 |
THE GROUP 1/1- |
1/1- | THE COMPANY 1/1- |
1/1- | |
| Provisions / Other non-current liabilities Current loans and borrowings |
2.495.995 10.752.071 |
2.542.243 12.168.383 |
2.143.084 8.698.980 |
2.214.669 9.216.525 |
Profit / (losses) net of tax (a) | 30/6/2016 344.182 |
30/6/2015 (157.558) |
30/6/2016 58.104 |
30/6/2015 (387.846) |
| Other current liabilities Total liabilities (d) |
17.964.082 36.059.597 |
16.173.643 33.460.464 |
10.169.885 24.719.207 |
9.684.569 22.295.020 |
Other comprehensive income net of tax (b) Total compehensive income net of tax (a) + (b) |
17.842 362.024 |
44.784 (112.774) |
0 58.104 |
0 (387.846) |
| TOTAL EQUITY AND LIABILITIES (c) + (d) | 87.825.969 | 86.593.229 | 70.862.672 | 70.108.794 | - Owners of the Company - Non-controlling interests |
316.163 45.861 |
(120.991) 8.217 |
58.104 0 |
(387.846) 0 |
| 1. | ADDITIONAL DATA AND INFORMATION | STATEMENT OF CHANGES IN EQUITY (consolidated and non-consolidated) | |||||||
| The name, the country of the headquarters of every company included in the consolidated financial statements, the tax unaudited years, as well as the participating interest, direct or indirect of the parent company and the incorporation method applied regarding every company, are as follows: |
Amounts in Euro | ||||||||
| Company | Country Participation Percentage % |
Μέθοδος Ενοποίησης |
Consolidation Method |
Tax Unaudited |
THE GROUP 30/6/2016 |
30/6/2015 | THE COMPANY 30/6/2016 |
30/6/2015 | |
| Inform P.Lykos S.A. | Parent Greece |
- | Parent | Years 2009-2010 |
Total equity at the beginning of the period (01.01.2016 and 01.01.2015 respectively) |
53.132.765 | 78.454.656 | 47.813.775 | 72.705.984 |
| Lykos Paperless Solutions A.E. Terrane L.T.D. |
Greece 99,91% 100,00% Cyprus |
Total Total |
Direct Direct |
2010 2004-2015 |
Total comprehensive income after taxes Total transactions with the owners of the company |
362.024 (1.728.416) |
(112.774) (22.795.716) |
58.104 (1.728.414) |
(387.846) (22.795.716) |
| Inform Lykos (Romania) L.T.D. Inform Lykos S.A. |
98,19% Cyprus 98,19% Romania |
Total Total |
Indirect Indirect |
2003-2015 2005-2015 |
Total equity at the end of the period (30.06.2016 and 30.06.2015 respectively) |
51.766.372 | 55.546.166 | 46.143.465 | 49.522.422 |
| Compaper Converting S.A. Sagime GmbH Albanian Digital Printing Solutions Sh.p.k. |
Romania 95,68% Austria 100,00% 51,00% Albania |
Total Total Total |
Indirect Direct Direct |
2001-2015 2010-2015 2011-2015 |
STATEMENT OF CASH FLOWS (consolidated and non-consolidated) | ||||
| 2. The item "Other comprehensive income after taxes" for the period 1/1 - 30/6/2016 that is included in the "Statement of comprehensive income" of the Group amounting to € 17.842 concerns: (a) for the amount of € 17.883 exchange differencies from the conversion of the financial statements of business activities abroad (after taxes), and (b) for the amount of € (41) effect from the revaluation of property, plant and equipment. The |
Amounts in Euro THE GROUP |
THE COMPANY | |||||||
| corresponding amount for the period 1/1 - 30/6/2015 that is included in the "Statement of comprehensive income" of the Group amounting to € 44.784 concerns at all exchange differencies from the conversion of the financial statements of business activities abroad (after taxes). |
Indirect Method | 1/1- 30/6/2016 |
1/1- 30/6/2015 |
1/1- 30/6/2016 |
1/1- 30/6/2015 |
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| 3. There was no case of change in the duration or end of the fiscal year or the consolidation method of the companies of the Group. 4. The financial statements of the Group since 12/03/2014 are included into the consolidated financial statements of AUSTRIACARD AG (former: LYKOS |
Cash flows from operating activities Profit / (loss) before taxes |
522.059 | (240.599) | 147.121 | (553.764) | ||||
| AG) domiciled in Austria. 5. There are encumbrances on the Group' s property, plant and equipment with value of € 5,2 million in order to cover loan obligations. There are no |
Plus / less adjustments for : Depreciation / Amortisation |
1.835.723 | 1.786.912 | 1.300.927 | 1.287.711 | ||||
| encumbrances on the parent company' s property, plant and equipment. 6. There are no pending judicial cases or other disputes under arbitration, which might affect materially the financial position or operation of the |
Net finance costs Gain on sale of property, plant, equipment and intangible assets |
603.949 (232.857) |
523.418 0 |
452.085 (208.722) |
367.875 0 |
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| company or the whole Group. The cumulative provision for the tax unaudited years for the parent company amounts to € 15.000. There was no any recorded significant provision, 7. |
Provisions / Accrued expenses Other adjustments |
(1.105.041) 24.484 |
(274.236) 0 |
(1.105.041) 25.358 |
(274.236) 0 |
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| within the meaning of paragraphs 10, 11 and 14 of IAS 37. 8. The personnel number of the Group and the Company is as follows: |
Plus / less adjustments for changes in accounts related to working capital or operating activities: |
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| 30/6/16 | The Group 30/6/15 |
30/6/16 | The Company 30/6/15 |
Decrease / (Increase) of inventories Decrease / (Increase) of trade and other receivables |
(1.177.105) (790.647) |
(762) (1.852.394) |
124.570 (863.471) |
51.653 (1.576.489) |
|
| Number of personnel 9. Intercompany transactions between the Company, the Group and their associates during the period 1/1/2016 - 30/6/2016, as defined in IAS 24, are |
409 | 445 | 167 | 196 | Decrease / (Increase) of trade and other payables (except loans) Less: Debit interests and related finance costs paid |
438.073 (383.195) |
32.137 (460.977) |
(405.372) (277.465) |
1.155.238 (332.176) |
| as follows: a) Income |
The Group 239.675 |
The Company 725.836 |
(Taxes paid) / Returns on income taxes Net cash from operating activities (a) |
43.322 (221.235) |
(8.123) (494.623) |
53.178 (756.834) |
0 125.812 |
||
| b) Expenses c) Receivables |
2.406.083 198.231 |
3.645.952 1.847.740 |
Cash flows from investing activities | ||||||
| d) Liabilities e) Transactions and fees of Directors and |
2.918.610 | 2.291.497 | Acquisition of property, plant, equipment and intangible assets Proceeds from sale of property, plant, equipment and intangible assets |
(1.023.233) 48.154 |
(524.548) 0 |
(714.321) 0 |
(464.858) 0 |
||
| members of the Management f) Receivables from Directors and members of the |
183.450 | 183.450 | Dividends received Interest received |
0 2.478 |
0 182.892 |
0 2.440 |
32.475.000 182.690 |
||
| Management g) Liabilities to Directors and members of the |
0 | 0 | Net cash used in investing activities (b) | (972.602) | (341.656) | (711.882) | 32.192.832 | ||
| Management 10. Investments in property, plant and equipment during the period 1/1/2016 - 30/6/2016, were amounted for the Company and the Group in € 3.600 |
0 | 0 | Cash flows from financing activities Share capital decrease through capital return in cash |
0 | (14.404.862) | 0 | (14.404.862) | ||
| thous. and € 3.910 thous., respectively. Earnings / (losses) per share have been calculated according to the allocation of earnings upon the weighted average number of shares. 11. |
Payment of expenses for share capital increase Proceeds from loans and borrowings |
0 0 |
(159.505) 4.092.579 |
0 0 |
(159.505) 10.650.000 |
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| 12. In the above financial statements have been applied the accounting principles that were used under the preparation of the financial statements for the previous year 2015, adjusted with the revisions prescribed by IFRS apart from cases mentioned in explanatory note No. 23 of the Financial Report |
Repayment of borrowings Payment of finance lease liabilities |
(802.392) (183.279) |
(20.009.354) (102.722) |
(600.000) (141.620) |
(20.000.000) (60.916) |
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| of the period 01/01-30/06/2016. The financial statements of June 30th, 2016 for the Parent Company and the Group, were approved by the Board of Directors of the Company at 13. |
Dividends paid Net cash from financing activities (c) |
(1.616) (987.287) |
(8.218.926) (38.802.790) |
(1.616) | (8.218.926) (743.236) (32.194.209) |
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| September 28, 2016. Board of Directors members are: Panagiotis Lykos, Panagiotis Spyropoulos, Georgios Triantafillidis, Elias Karantzalis, Constantinos Lagios, Emmanuel Lekakis, Spiridon Manias. |
Net increase (decrease) in cash and cash equivalents | ||||||||
| 14. In acceptance of the relevant proposal of the Board of Directors of the Company the regular General Assembly of the year 2016 which took place at 24/6/2016, decided the distribution of dividend € 0,07 (net of taxes € 0,063) per share which means total dividend amounting to € 1.440.486. |
of the period (a) + (b) + (c) | (2.181.124) | (39.639.069) | (2.211.951) | 124.435 | ||||
| Cash and cash equivalents at the beginning of the period Effect from change in exchange rates |
3.927.869 (4.365) |
41.327.464 (3.873) |
3.543.341 0 |
1.034.088 0 |
|||||
| Cash and cash equivalents at the end of the period | 1.742.380 | 1.684.522 | 1.331.390 | 1.158.523 | |||||
| PRESIDENT OF THE BoD ΝΙΚΟΛΑΟΣ ΛΥΚΟΣ |
VICE PRESIDENT OF THE BoD AND MANAGING DIRECTOR OF THE GROUP |
Koropi Attikis, 28 September 2016 CHIEF FINANCIAL OFFICER |
ACCOUNTING MANAGER | ||||||
| Α.∆.T ΑΒ 241783 | |||||||||
| PANAGIOTIS LYKOS | PANAGIOTIS SPYROPOULOS | ALEXANDRA ADAM | ANASTASIOS TATOS ΑΝΑΣΤΑΣΙΟΣ ΤΑΤΟΣ |
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| I.D. no. ΑΒ 607588 | I.D. no. ΑΙ 579288 | I.D. no. ΑΕ 118025 | I.D. no. ΑΜ 556006 Α.∆.T. Σ 240679 REG. No. 9657-A' CLASS Α.Μ. Α∆ΕΙΑΣ Ο.Ε.Ε. Α΄ ΤΑΞΗΣ 9657 |
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Koropi Attikis, 28 September 2016
PRESIDENT OF THE BoD
VICE PRESIDENT OF THE BoD AND MANAGING DIRECTOR OF THE GROUP
PANAGIOTIS LYKOS PANAGIOTIS SPYROPOULOS I.D. no. ΑΒ 607588 I.D. no. ΑΙ 579288
CHIEF FINANCIAL OFFICER
ACCOUNTING MANAGER
ALEXANDRA ADAM ANASTASIOS TATOS I.D. no. ΑΕ 118025 I.D. no. ΑΜ 556006 REG. No. 9657-A' CLASS
38
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