Interim / Quarterly Report • Aug 6, 2021
Interim / Quarterly Report
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According to article 5, Law 3556/2007
| A) STATEMENTS BY THE REPRESENTATIVES OF THE BOARD OF DIRECTORS 3 | |
|---|---|
| B) SEMI-ANNUAL REPORT OF THE ISSUER'S BOARD OF DIRECTORS 4 | |
| C) REVIEW REPORT ON INTERIM FINANCIAL INFORMATION 10 | |
| D) INTERIM CONDENSED FINANCIAL STATEMENTS 11 | |
| Consolidated Statement of Financial Position12 | |
| Company's Statement of Financial Position13 | |
| Company's Income Statement15 | |
| Consolidated Statement of Comprehensive Income 16 | |
| Company's Statement of Comprehensive Income 17 | |
| Consolidated Statement of Changes in Equity18 | |
| Company's statement of changes in equity 19 | |
| Consolidated Statement of Cash Flows20 | |
| Company's statement of Cash Flows21 | |
| Notes to the Financial Statements 22 |
The members of the Board of Directors:
1) Panagiotis Spyropoulos, Chairman of the Board of Directors & Group CEO
2) Ilias Karantzalis, Vice Chairman
3) Emmanouil Evangelos Lekakis, 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 HOLDINGS S.A.», declare and certify that to the best of our knowledge:
(a) The interim, company and consolidated, financial statements of «INFORM P. LYKOS HOLDINGS S.A.» for the period 1/1/2021 - 30/06/2021, which were prepared in accordance with the applicable accounting standards, present truly and fairly the assets and liabilities, the equity and the financial results of the Company and the consolidated companies as a group, according to par. 3 - 5 of article 5 of L. 3556/2007 and the authorizing decisions of the BoD of the Hellenic Capital Market Commission.
(b) The interim 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 of the BoD of the Hellenic Capital Market Commission.
Koropi Attica, 06 August 2021
The designees
Chairman of the Board of Directors & Group CEO Vice Chairman of the Board of Directors The appointed Member of the Board of
Directors
Panagiotis Spyropoulos Ilias Karantzalis Emmanouil Evangelos Lekakis I.D. No AI 579288 I.D. No AN 644777 I.D. No ΑΙ 008743
The present Semi-annual Report of the Board of Directors of INFORM P. LYKOS HOLDINGS S.A. concerns the period of the first half of the current fiscal year 2021. The report was prepared and is in accordance with the Greek legislation, Law 3556/2007 (Official publication in National gazette 91A / 30.4.2007) and the issued executive decisions of the Hellenic Capital Market Commission.
This report summarizes the financial information of the Group and the company INFORM P. LYKOS HOLDINGS S.A. for the first half of the current fiscal year, significant events that took place during this period and their effect on the interim financial statements. In addition, it outlines the main risks and uncertainties that Group companies may face in the second half of the year and finally lists significant transactions between the issuer and its affiliates.
The effects of the COVID-19 pandemic, that has been affecting the global economy since March 2020, were also affected the first half of 2021 to a limited extent compared to 2020. The European Commission estimates for 2021 that the rate of change in GDP in Greece, this year, will be 3,5%. The World Bank expects a recovery in the eurozone as well as globally between 3% and 4%.
Management continues to closely monitor the development of this pandemic, including how it may affect the Group, and takes immediate actions to protect the business and its people in the face of this crisis. Ensuring the health of staff, defining alternative means of communication and the immediate management of information systems, in order to ensure the safe telecommuting against cyber threats were the first and continuous actions to ensure the operation of the company. Management has the appropriate planning to deal with this situation and will continue to monitor and evaluate the current development and respond accordingly.
The Group, committed to the goal of increasing participation in its financial figures of digital transformation solutions, continues to create and provide technologically advanced services in order to support its customers in their own digital transformation by providing highly specialized solutions. In this context, it focuses on expanding the range of solutions provided, through new acquisitions and increasing percentages on existing holdings.
On February 10, 2021, INFORM P. LYKOS HOLDINGS S.A. signed an agreement for the acquisition of a majority stake of 56,5% of the share capital and at the same time the acquisition of control of the Cypriot company CLOUDFIN LTD at a price amounting to 1 million euros. With this investment, INFORM expands the portfolio of services provided to its existing customers and the ability to reach new customers, providing management services, automatic identification and registration (Process Automation), all types of documents and other documents (purchase documents , expenses, contracts, etc.) using Machine Learning (ML) and interface with ERP systems. In addition, through this investment, INFORM will provide Document Management services, including electronic archiving, as well as document recognition products for Know Your Customer / Business (KYC / KYB) processes, with control authentication and extraction of data from identification documents (IDs, passports, driving licenses), tax, corporate and utility documents.
On February 18, 2021, INFORM LYKOS Romania (INFORM LYKOS S.A.), a subsidiary of INFORM P. LYKOS HOLDINGS S.A., increased also its majority stake in the share capital of NEXT DOCS ECM EXPERT S.R.L. and NEXT DOCS CONFIDENTIAL S.R.L., who are already members of the Group. Specifically, INFORM LYKOS Romania now owns 80.59% of NEXT DOCS ECM EXPERT S.R.L. and 80% of NEXT DOCS CONFIDENTIAL S.R.L. The purchase price of 15,52% and 14,55% respectively of the above mentioned companies amounted to 1,3 million euros. The activities of NEXT DOCS companies are related to the provision of services such as Enterprise Document Management, Scanning & Archiving.
During the first half of 2021, Group sales increased by € 1.1 million or +3.2% and reached € 34.7 million compared to € 33.6 million compared to the corresponding half of 2020. Operating profitability was reduced by € 0.3 million to € 3.2 million compared to € 3.5 million in the corresponding half of 2020, as it was affected by the sales mix, as analyzed below.
Excluding intersegment revenues, sales in Greece reached € 13.1 million compared to € 13.5 million in the corresponding half of 2020, reduced by € 0.4 million with negative and positive deviations mainly from:
In Romania, sales increased by 6.6% compared to the corresponding half of 2020 and reached € 21 million compared to € 19.7 million. This increase of € 1.3 million comes from:
It follows relevant table with the results of the Group regarding the first half of 2021 compared to the corresponding semester of 2020.
| 01/01- 30/6/2021 |
01/01- 30/6/2020 |
Δ 21-20 | % Δ 21-20 | |
|---|---|---|---|---|
| Revenues | 34.728.845 | 33.652.850 | 1.075.994 | 3,2% |
| Cost of materials | (21.458.556) | (20.736.759) | (721.797) | 3,5% |
| Gross profit I | 13.270.289 | 12.916.092 | 354.197 | 2,7% |
| Gross margin Ι | 38,2% | 38,4% | ||
| Production cost | (7.322.383) | (6.932.109) | (390.275) | 5,6% |
| Cost of sales | (28.780.939) | (27.668.867) | (1.112.072) | 4,0% |
| Gross profit II | 5.947.905 | 5.983.983 | (36.077) | -0,6% |
| Gross margin ΙI | 17,1% | 17,8% | ||
| Other income | 667.244 | 798.046 | (130.803) | -16,4% |
| Selling and distribution expenses | (2.573.293) | (2.413.539) | (159.754) | 6,6% |
| Administrative expenses | (2.499.379) | (2.243.817) | (255.562) | 11,4% |
| Research and development expenses | (238.877) | (407.886) | 169.009 | -41,4% |
| Other expenses | (288.797) | (303.893) | 15.096 | -5,0% |
| + Depreciation & amortization | 2.230.640 | 2.081.390 | 149.249 | 7,2% |
| EBITDA | 3.245.443 | 3.494.285 | (248.842) | -7,1% |
| - Depreciation & amortization | (2.230.640) | (2.081.390) | (149.249) | 7,2% |
| EBIT | 1.014.804 | 1.412.894 | (398.091) | -28,2% |
| Financial income | 131 | 1.180 | (1.049) | -88,9% |
| Financial expenses | (718.500) | (804.583) | 86.083 | -10,7% |
| Net finance costs | (718.369) | (803.403) | 85.034 | -10,6% |
| EBT | 296.435 | 609.492 | (313.057) | -51,4% |
| Income tax | (182.466) | (246.050) | 63.584 | -25,8% |
| EAT | 113.970 | 363.442 | (249.473) | -68,6% |
As a result of the above, the key financial profitability figures of INFORM Group are presented, as follows:
| Operating expenses excluding depreciation & amortization |
01/01- 30/6/2021 |
01/01- 30/6/2020 |
Δ 21-20 | % Δ 21-20 |
|---|---|---|---|---|
| Production cost | (7.322.383) | (6.932.109) | (390.275) | 5,6% |
| Selling and distribution expenses | (2.573.293) | (2.413.539) | (159.754) | 6,6% |
| Administrative expenses | (2.499.379) | (2.243.817) | (255.562) | 11,4% |
| Research and development expenses | (238.877) | (407.886) | 169.009 | -41,4% |
| + Depreciation & amortization | 2.230.640 | 2.081.390 | 149.249 | 7,2% |
| Total | (10.403.293) | (9.915.960) | (487.333) | 4,9% |
| % Operating expenses on sales | 30,0% | 29,5% |
The operating expenses excluding depreciation & amortization increased by € 0,5 million or 4,9% from € 9,9 million to € 10,4 million. One of the most important factors in increasing operating expenses is the continuous investment in specialized personnel to provide new innovative digital transformation solutions in Greece and Romania.
The consolidated operating cash flows generated in the first half of 2021 amounted to € 0,5 million compared to € 0,7 million in the corresponding half of 2020. The net debt of the Group amounted to € 21,4 million by the first half of 2021, compared to € 20,6 million in the corresponding half of 2020 and compared to € 18,6 million at the end of 2020, increased by € 2,8 million, compared to the year 2020, mainly due to the acquisition of CLOUDFIN LTD in Cyprus of € 1,1 million, the acquisition of an additional percentage of NEXT DOCS companies in Romania of € 1,3 million and investments in machinery equipment.
According to the above, the financial performance ratios of the Group in the first semester 2021 compared to the first semester 2020 were as follows:
The margin of earnings before interest, taxes, depreciation and amortization amounted to 9,3% from 10,4%, decreased by 1%,
The margin of earnings before interest and taxes amounted to 2,9% from 4,2%, decreased by 1,3%,
The margin of earnings before taxes amounted to 0,9% from 1,8%, decreased by 1%,
The performance ratio of equity amounted to 0,3% from 1%, decreased by 0,6%,
The performance ratio of assets amounted to 0,1% from 0,4%, decreased by 0,3%,
The ratio of liabilities to equity amounted to 1,26 from 1,12 the first semester of 2020,
The ratio of bank debt to equity amounted to 0,6 at the same level with the first semester of 2020,
No further event has occurred after 30/06/2021, which may have a significant impact on the Group's financial position or operation.
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. 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) take place 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.
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 applied credit control procedures in order to minimize bad debts. Sales are directed mainly to large public and private organizations with an evaluated credit rating. In any case, the Group assesses the credit risk on the basis of approved policies and procedures and recognizes a provision for impairment.
The Group applies the simplified approach for customer receivables and contract assets for the calculation of expected credit losses. Therefore, in every reference date, the Group measures the provision for a financial instrument for an amount equal to the expected credit losses over the lifetime. For determining the expected credit losses, a chronological analysis and percentages table is applied using historical data and reasonable assumptions
The Group manages its working capital needs by closely monitoring its debts, long-term financing obligations and payments. Liquidity is monitored on a daily basis and the planning of payments takes place on weekly and monthly basis. Close attention is given to the 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 Group having great know-how in integrated solutions - services has developed long term customer relationships offering high level products and services, at competitive prices, so as to be considered a strategic supplier of banking institutions, telecommunications and other organizations either in the private sector or in the public sector.
The Group is constantly working to create added value to its shareholders in the following areas:
It will continue to focus on the increase of market share in the existing markets, on the increase of exports, and will also focus on exploring and evaluating new growth opportunities at the sector of secure documents management and information,with significant areas of interest in Europe,Africa and Middle East.
INFORM innovates by developing higher value-added services, such as Enterprise Document Management and Scanning & Archiving services, as well as providing highly specialized and technologically advanced digitalization solutions such as Remote Digital Onboarding (DoB) , OCR / Data Capture Solutions, Process Automation using Machine Learning (ML), Robotic Process Automation, Natural Language Understanding and Cognitive Analytics Solutions, to support existing and new customers in their own digital transformation.
Ιt will continue to improve its efficiency and will continue to invest in new technologies that will increase production capacity and reduce costs, in order to enhance profitability.
It will continue to search potential opportunities for strategic partnerships, aiming at a further strengthening of its position in the broader region of Central and Eastern Europe.
For 2021, the Management of the Group monitors the developments and with the adaptability shown by the management of the spread of the COVID-19 pandemic in the year 2020, expects to successfully face any new conditions that will arise in the economic environment. The Group having proved its ability to adapt to rapidly changing and unpredictable European market conditions, in which operates, faces challenges and also sees opportunities from the faster transition to digital transformation of enterprises, look to the future with optimism and expects the market normalization in 2021, so to be recorded in the growth indicators the significant effort made by all the teams of the Organization.
INFORM has incorporated the principles of Sustainable Development into its business activities, recognizing that these principles are a prerequisite for its long-term development. INFORM's key Sustainability priorities are, ensuring a healthy and safe working environment, caring for the natural environment, fulfilling of customers' needs and expectations and the harmonious co-existence with the local communities where it operates.
Aspiring at Sustainable Development, INFRORM has developed and adopted specific policies and puts into practice adequate management systems and procedures that uphold responsible operation and define the way in which the Company's goals are achieved. More specifically, the Company has established and implements, among others, the following policies and codes:
The management of Corporate Responsibility by INFORM is based on the development and implementation of certified management systems to all of its operations and facilities, while attaining high performance in all segments. Specifically, the following systems are applied:
All production units have been audited and certified according the above Management Systems. For INFORM, management systems are dynamic tools allowing the Company to secure its regular operation and achieve continuous improvement. The implementation of certified management systems plays a very important role in achieving the goals set by the Company, and secures all their operations in light of the ongoing requirements for effective risk management.
The Company focuses on making continuous investments in human capital, by encouraging initiative taking for synergies, and on continuous development through training. INFORM keeps relations of trust with all employees, while seeking to maintain a safe and discrimination-free working environment that offers at all times training opportunities and fair rewarding.
The Company's main concern is to secure optimum working environment demonstrating fairness and equal reward, showing respect for human rights, diversity and equal opportunities to all employees. The policies and initiatives of INFORM that concern human resources aim at the effectively recruitment, development and retaining of employees. Steadily oriented to human values, the Company strives to implement responsible management practices by focusing on material issues such as:
In 2020, the COVID-19 pandemic reminded everyone that health is the most important and can not be taken for granted. In order to protect our employees, we have implemented various protection measures to increase hygiene and avoid close contact in all facilities of the Group.
In total, the Group's personnel reached 509 employees at 30/06/2021 from 513 on 30/06/2020.
INFORM, has carried out the assessment of its environmental aspects, confirming that there is not a significant burden on the environment deriving from its operations. However, recognizing the importance of environmental protection for all of its stakeholders, the Company is stepping up its efforts to monitor and improve its environmental performance. In this context, INFORM has implemented an Environmental Management System, certified according to ISO 14001 and Production Management System FSC (Forest Stewardship Council), in accordance with FSC Chain of Custody (FSC-STD-40-004).
The purpose of implementing an Environmental Management System, is to effectively manage any significant environmental aspects and impacts that arise from the Company's operations in order to minimize any possibility of environmental spill. In addition, the Environmental Management System ensures the harmonization of the Company's operation with the relevant environmental legislation, while achieving continuous environmental improvement.
Detailed information on INFORM's Corporate Responsibility programs and action plan are presented in Corporate Responsibility Report 2019, which is presented on the Company's website www.informlykos.com. The Corporate Responsibility Report is an important tool as it reflects and communicates the way in which the Company responds to important/material issues and to stakeholders' expectations.
The Group's research and development strategy focuses on the following objectives:
Especially in the digital era, effective research and development is important as product cycles are short and the requirements of partners and end customers are evolving. This is particularly valid for the digital printing sector. We perceive these changes as opportunities and rely on Research & Development experts so that we can offer unique services to our customers that will help us grow in the short and long term.
INFORM innovates by developing higher value-added services, such as Enterprise Document Management and Scanning & Archiving services, as well as providing highly specialized and technologically advanced digitalization solutions such as Digital Onboarding (DoB) , OCR / Data Capture Solutions, Process Automation using Machine Learning (ML), Robotic Process Automation, Natural Language Understanding and Cognitive Analytics Solutions, to support existing and new customers in their own digital transformation.
The transactions between the company and its related parties within the first half of 202, were conducted on usual market terms (arm's length), 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.
| Parent Company - from/to subsidiaries |
Sales of goods /services |
Purchase of goods /services |
Receivables | Liabilities | Dividends Receivable |
Dividends | Loans |
|---|---|---|---|---|---|---|---|
| INFORM LYKOS (HELLAS) S.A. |
295 | 0 | 69 | 703 | 0 | 0 | 0 |
| S.C. INFORM LYKOS S.A. | 308 | 0 | 112 | 0 | 0 | 0 | 0 |
| CLOUDFIN LTD | 0 | 0 | 0 | 0 | 0 | 0 | 181 |
|---|---|---|---|---|---|---|---|
| TERRANE LTD | 0 | 0 | 0 | 0 | 1.000 | 1.070 | 0 |
| INFORM ALBANIA SH.P.K. | 9 | 0 | 11 | 0 | 62 | 0 | 0 |
| Total | 612 | 0 | 191 | 703 | 1.062 | 1.070 | 181 |
The sales of the parent company to its subsidiaries relate mainly to provision of advice and services in the fields of general administration, financial management, sales, marketing, IT, research and development, and in general any kind of service that enhances the know-how of the subsidiaries and will ensure their smooth and orderly operation, as well as their development always in accordance with the specifications set by the Group.
The Company has no branches.
The company did not hold own shares on 30/06/2021.
Koropi, 06 August 2021
Panagiotis Spyropoulos Ilias Karantzalis Group CEO
Chairman of the Board of Directors & Vice Chairman of the Board of Directors
We have reviewed the accompanying condensed company and consolidated statement of financial position of INFORM P. LYKOS HOLDINGS S.A. (the "Company"), as of 30 June 2021 and the related condensed company and consolidated statements of profit or loss and other comprehensive income , changes in equity and cash flows for the six-month period then ended, and the selected explanatory notes, which comprise the interim condensed financial information and which form an integral part of the six-month financial report as required by 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 they have been adopted by the European Union and applied to interim financial reporting (International Accounting Standard "IAS 34"). Our responsibility is to express a conclusion on this interim condensed 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, as they have been transposed into Greek Legislation 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.
Our review did not identify any material inconsistency or misstatement in the statements of the members of the Board of Directors and the information of the six-month Board of Director's report, according to article 5 and 5a of L. 3556/2007, with the accompanying condensed interim financial information.
Athens, 06 August 2021 The certified chartered accountant
Nikos Garbis SOEL Reg. No. 25011
The attached interim condensed financial statements that constitute an integral part of the interim financial report under Article 5 of Law 3556/2007, were approved by the Board of Directors of the issuer (hereinafter INFORM P. LYKOS HOLDINGS S.A. or the Company) on 06.08.2021 and have been published on the Company's website - www.informlykos.com, as well as on the ASE website where they will remain at the disposal of investors for at least ten (10) years from their preparation and publication date. It is noted that the annual financial statements, audit reports of the statutory auditor and the reports of the board of directors of the subsidiaries are posted at the site www.informlykos.com.
The Statement of Financial Position of the Group for the period ended as at 30/06/2021 and the corresponding comparative figures of previous year 31/12/2020 are the following:
| THE GROUP | |||
|---|---|---|---|
| Notes | 30/6/2021 | 31/12/2020 | |
| Assets | |||
| Property, plant and equipment | 14 | 42.519.415 | 43.802.419 |
| Intangible assets | 15 | 11.360.358 | 10.624.899 |
| Other receivables | 16 | 27.741 | 27.741 |
| Deferred tax assets | 277.681 | 275.864 | |
| Non-current assets | 54.185.195 | 54.730.923 | |
| Inventories | 5.719.132 | 4.949.608 | |
| Contract assets | 1.458.145 | 1.275.001 | |
| Current income tax assets | 279.293 | 256.491 | |
| Trade receivables | 16 | 13.660.043 | 11.656.898 |
| Other receivables | 16 | 1.007.879 | 800.549 |
| Receivables from related parties | 16 | 809.253 | 535.254 |
| Cash and cash equivalents | 17 | 2.099.783 | 5.039.745 |
| Current assets | 25.033.527 | 24.513.546 | |
| Total assets | 79.218.723 | 79.244.470 | |
| Equity | |||
| Share capital | 12.758.592 | 12.758.592 | |
| Share premium | 9.436.797 | 9.436.797 | |
| Reserves | 12.477.676 | 13.396.360 | |
| Retained profits | 160.091 | 1.546.529 | |
| Equity attributable to shareholders of the | 34.833.155 | 37.138.278 | |
| Parent Company Non-controlling interests |
250.654 | 230.533 | |
| Total Equity | 35.083.809 | 37.368.811 | |
| Liabilities | |||
| Loans and borrowings | 18 | 14.957.009 | 17.562.496 |
| Employee benefits | 1.206.138 | 1.193.128 | |
| 19 | |||
| Other payables Deferred tax liabilities |
16.883 990.742 |
16.883 1.114.968 |
|
| Non-current liabilities | 17.170.772 | 19.887.476 | |
| Current tax liabilities | 220.858 | 241.946 | |
| Loans and borrowings | 18 | 8.555.763 | 6.076.856 |
| Trade payables | 19 | 13.593.068 | 12.291.185 |
| Other payables | 19 | 2.338.286 | 1.737.622 |
| Contract liabilities | 802.355 | 493.241 | |
| Liabilities to related parties | 19 | 628.225 | 361.496 |
| Deferred income | 48.887 | 0 | |
| Provisions | 776.699 | 785.839 | |
| Current Liabilities | 26.964.142 | 21.988.183 | |
| Total Liabilities | 44.134.914 | 41.875.659 | |
| Total Equity and Liabilities | 79.218.723 | 79.244.470 |
The Statement of Financial Position of the Company for the period ended as at 30/06/2021 and the corresponding comparative figures of previous year 31/12/2020 are the following:
| THE COMPANY | |||||
|---|---|---|---|---|---|
| Notes | 30/6/2021 | 31/12/2020 | |||
| Assets | |||||
| Property, plant and equipment | 14 | 110.008 | 73.578 | ||
| Intangible assets | 15 | 95.221 | 112.538 | ||
| Investments in subsidiaries | 36.032.132 | 35.015.132 | |||
| Deferred tax assets | 217.675 | 216.041 | |||
| Non-current assets | 36.455.035 | 35.417.289 | |||
| Current income tax assets | 176.402 | 176.402 | |||
| Other receivables | 83 | 3.089 | |||
| Receivables from related parties | 16 | 1.434.036 | 1.208.667 | ||
| Cash and cash equivalents | 17 | 907.814 | 734.583 | ||
| Current assets | 2.518.335 | 2.122.741 | |||
| Total assets | 38.973.370 | 37.540.030 | |||
| Equity | |||||
| Share capital | 12.758.592 | 12.758.592 | |||
| Share premium | 9.436.797 | 9.436.797 | |||
| Reserves | 13.021.296 | 13.021.296 | |||
| Retained profits | 1.874.005 | 1.675.623 | |||
| Total Equity | 37.090.689 | 36.892.307 | |||
| Liabilities Loans and borrowings |
18 | 53.783 | 23.332 | ||
| Employee benefits | 120.568 | 117.012 | |||
| Other payables | 19 | 16.883 | 16.883 | ||
| Non-current liabilities | 191.234 | 157.227 | |||
| Current income tax liabilities | 64.927 | 85.746 | |||
| Loans and borrowings | 18 | 20.245 | 13.642 | ||
| Trade payables | 19 | 88.815 | 59.923 | ||
| Other payables | 19 | 814.675 | 114.654 | ||
| Liabilities to related parties | 19 | 702.784 | 216.530 | ||
| Current Liabilities | 1.691.446 | 490.495 | |||
| Total Liabilities | 1.882.681 | 647.723 | |||
| Total Equity and Liabilities | 38.973.370 | 37.540.030 |
The Income Statement of the Group for the period 01/01 - 30/06/2021 and the respective comparative figures of the previous period are the following:
| THE GROUP | |||
|---|---|---|---|
| Notes | 01/01- 30/6/2021 |
01/01- 30/6/2020 |
|
| Revenue | 8 | 34.728.845 | 33.652.850 |
| Cost of sales | 9 | (28.780.939) | (27.668.867) |
| Gross profit | 5.947.905 | 5.983.983 | |
| Other income | 667.244 | 798.046 | |
| Selling and distribution expenses | (2.573.293) | (2.413.539) | |
| Administrative expenses | (2.499.379) | (2.243.817) | |
| Research and development expenses | (238.877) | (407.886) | |
| Other expenses | (288.797) | (303.893) | |
| + Depreciation & amorisation | 2.230.640 | 2.081.390 | |
| EBITDA | 3.245.443 | 3.494.285 | |
| - Depreciation & amorisation | (2.230.640) | (2.081.390) | |
| EBIT | 1.014.803 | 1.412.894 | |
| Financial income | 10 | 131 | 1.180 |
| Financial expenses | 10 | (718.500) | (804.583) |
| Net finance costs | (718.369) | (803.403) | |
| Profits / (losses) before taxes | 296.435 | 609.492 | |
| Income tax expense | 12 | (182.466) | (246.050) |
| Profits / (losses) after taxes for the period | 113.969 | 363.442 | |
| Profits / (losses) attributable to: | |||
| Owners of the Parent Company | (27.481) | 213.997 | |
| Non-controlling interests | 141.450 | 149.444 | |
| 113.969 | 363.442 |
The Income Statement of the Company for the period 1/1 - 30/06/2021 and the respective comparative figures of the previous period are the following:
| THE COMPANY | |||||
|---|---|---|---|---|---|
| Notes | 30/6/2021 | 30/6/2020 | |||
| Revenue | 8 | 611.946 | 549.832 | ||
| Cost of sales | 9 | 0 | 0 | ||
| Gross profit | 611.946 | 549.832 | |||
| Other income | 306 | 400 | |||
| Administrative expenses | (656.988) | (638.533) | |||
| Other expenses | (3.561) | (2.512) | |||
| + Depreciation & amorisation | 29.571 | 26.922 | |||
| EBITDA | (18.725) | (63.892) | |||
| - Depreciation & amorisation | (29.571) | (26.922) | |||
| EBIT | (48.296) | (90.814) | |||
| Financial income | 10 | 1.070.818 | 2.501.030 | ||
| Financial expenses | 10 | (2.639) | (2.316) | ||
| Net finance costs | 1.068.179 | 2.498.714 | |||
| Profits / (losses) before taxes | 1.019.883 | 2.407.901 | |||
| Income tax expense | 12 | 1.634 | (3.504) | ||
| Profits / (losses) after taxes for the period | 1.021.517 | 2.404.397 |
The Statement of Comprehensive Income of the Group for the period 1/1 - 30/06/2021 and the respective comparative figures of the previous period are the following:
| THE GROUP | |||
|---|---|---|---|
| Notes | 01/01- 30/6/2021 |
01/01- 30/6/2020 |
|
| Profits / (Losses) after taxes | 113.969 | 363.442 | |
| Other comprehensive income | |||
| Items that will never be reclassified to profit or loss |
|||
| 0 | 0 | ||
| Items that are or may be reclassified to profit or loss |
|||
| Foreign operations - foreign currency translation differences |
13 | (212.633) | (270.295) |
| (212.633) | (270.295) | ||
| Other comprehensive income, net of tax | (212.633) | (270.295) | |
| Total comprehensive income | (98.663) | 93.147 | |
| Total comprehensive income attributable to: Owners of the Parent Company Non-controlling interests |
(239.716) 141.052 (98.663) |
(52.683) 145.830 93.147 |
|
The accompanying explanatory notes constitute an integral part of the presented financial statements.
The Statement of Comprehensive Income of the Company for the period 1/1 - 30/06/2021 and the respective comparative figures of the previous period are the following:
| THE COMPANY | |||
|---|---|---|---|
| Notes | 30/6/2021 | 30/6/2020 | |
| Profits / (Losses) after taxes | 1.021.517 | 2.404.397 | |
| Other comprehensive income | |||
| Items that will never be reclassified to profit or loss |
|||
| 0 | 0 | ||
| Items that are or may be reclassified to profit or loss |
|||
| Other comprehensive income, net of tax | 0 | 0 | |
| Total comprehensive income | 1.021.517 | 2.404.397 |
The accompanying explanatory notes constitute an integral part of the presented financial statements.
The Statement of Changes in Equity of the Group is the following:
| For the period ended 30 June 2021 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Attributable to owners of the Company | ||||||||||
| THE GROUP | Share capital |
Share premium |
Translation and other reserves |
Revaluation reserve |
IAS 19 reserve |
Retained earnings |
Total | Non controlling interest |
Total equity |
|
| Balance at 31 December 2020 | 12.758.592 | 9.436.797 | (2.815.570) | 16.446.306 | (234.377) | 1.546.529 | 37.138.278 | 230.533 | 37.368.811 | |
| Profits / (losses) |
0 | 0 | 0 | 0 | 0 | (27.481) | (27.481) | 141.450 | 113.969 | |
| Other comprehensive income | 0 | 0 | (212.235) | 0 | 0 | 0 | (212.235) | (398) | (212.633) | |
| Total comprehensive income | 0 | 0 | (212.235) | 0 | 0 | (27.481) | (239.716) | 141.052 | (98.663) | |
| Revaluation surplus transfer | 0 | 0 | 0 | (706.449) | 0 | 706.449 | 0 | 0 | 0 | |
| Acquisition of subsidiaries | 0 | 0 | 0 | 0 | 0 | 13.863 | 13.863 | 62.227 | 76.090 | |
| Change of percentage of ownerhip interests | 0 | 0 | 0 | 0 | 0 | (1.256.136) | (1.256.136) | (2.374) | (1.258.510) | |
| Dividend distribution | 0 | 0 | 0 | 0 | 0 | (823.135) | (823.135) | (180.784) | (1.003.919) | |
| Balance at 30 June 2021 | 12.758.592 | 9.436.797 | (3.027.804) | 15.739.857 | (234.377) | 160.091 | 34.833.155 | 250.654 | 35.083.809 |
| THE GROUP | For the period ended 30 June 2020 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Attributable to owners of the Company | ||||||||||
| Share capital |
Share premium |
Translation and other reserves |
Revaluation reserve |
IAS 19 reserve |
Retained earnings |
Total | Non controlling interest |
Total equity |
||
| Balance at 31 December 2019 | 12.758.592 | 9.436.797 | (2.436.962) | 16.001.048 | (205.390) | 3.716.990 | 39.271.075 | 139.427 | 39.410.502 | |
| Profits / (losses) |
0 | 0 | 0 | 0 | 0 | 213.997 | 213.997 | 149.444 | 363.442 | |
| Other comprehensive income | 0 | 0 | (266.680) | 0 | 0 | 0 | (266.680) | (3.614) | (270.295) | |
| Total comprehensive income | 0 | 0 | (266.680) | 0 | 0 | 213.997 | (52.683) | 145.830 | 93.147 | |
| Dividend distribution | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (92.191) | (92.191) | |
| Other movements | 0 | 0 | 0 | 0 | 0 | (3.864) | (3.864) | (102) | (3.965) | |
| Balance at 30 June 2020 | 12.758.592 | 9.436.797 | (2.703.642) | 16.001.048 | (205.390) | 3.927.124 | 39.214.528 | 192.965 | 39.407.493 |
The statement of changes in equity of the Company is the following:
| THE COMPANY | For the period ended 30 June 2021 Attributable to owners of the Company |
|||||||
|---|---|---|---|---|---|---|---|---|
| Share capital |
Share premium |
Revaluation reserve |
IAS 19 reserve |
Other Reserves |
Retained earnings |
Total | ||
| Balance at 31 December 2020 | 12.758.592 | 9.436.797 | 0 | (52.849) | 13.074.144 | 1.675.623 | 36.892.307 | |
| Profits / (losses) |
0 | 0 | 0 | 0 | 0 | 1.021.517 | 1.021.517 | |
| Total comprehensive income | 0 | 0 | 0 | 0 | 0 | 1.021.517 | 1.021.517 | |
| Dividend distribution | 0 | 0 | 0 | 0 | 0 | (823.135) | (823.135) | |
| Balance at 30 June 2021 | 12.758.592 | 9.436.797 | 0 | (52.849) | 13.074.144 | 1.874.005 | 37.090.689 |
Attributable to owners of the Company
| Share capital |
Share premium |
Revaluation reserve |
Revaluation reserve |
Other Reserves |
Retained earnings |
Total | |
|---|---|---|---|---|---|---|---|
| Balance at 31 December 2019 | 12.758.592 | 9.436.797 | 0 | 0 | 13.074.144 | 1.309.009 | 36.578.542 |
| Profits / (losses) |
0 | 0 | 0 | 0 | 0 | 2.404.397 | 2.404.397 |
| Total comprehensive income | 0 | 0 | 0 | 0 | 0 | 2.404.397 | 2.404.397 |
| Balance at 30 June 2020 | 12.758.592 | 9.436.797 | 0 | 0 | 13.074.144 | 3.713.406 | 38.982.938 |
Cash flows of the Group for the period 1/1 - 30/06/2021 and the respective comparative figures of the previous period are the following:
| THE GROUP | ||
|---|---|---|
| 30/6/2021 | 30/6/2020 | |
| Cash flows from operating activities | ||
| Profits / (Losses) before taxes | 296.435 | 609.492 |
| Adjustments for: | ||
| – Depreciation & amortisation | 2.230.640 | 2.081.390 |
| – Net finance cost | 718.369 | 803.403 |
| – Gain on sale of property, plant and equipment | (187) | 0 |
| – Foreign exchange differences included in EBIT | (29.340) | (52.046) |
| – Change in long-term employee benefits & provisions | 13.010 | 18.445 |
| – Other | (416.722) | (21.830) |
| 2.812.205 | 3.438.854 | |
| Changes in: | ||
| – Inventories | (769.524) | (316.288) |
| – Trade and other receivables | (2.667.616) | (1.226.039) |
| – Trade and other payables | 1.780.328 | (273.772) |
| Cash generated from operating activities | 1.155.393 | 1.622.755 |
| Taxes paid | (321.830) | (330.284) |
| Interest paid | (329.153) | (612.284) |
| Net cash from (used in) operating activities | 504.410 | 680.186 |
| Cash flows from investment activities | ||
| Interest received | 832 | 1.043 |
| Proceeds from sale of property, plant and equipment | 1.704 | 0 |
| Acquisition of subsidiaries, business, net of cash acquired | (2.255.528) | 0 |
| Acquisition of property, plant and equipment & intangible assets | (704.186) | (1.066.393) |
| Net cash from (used in) investing activities | (2.957.177) | (1.065.349) |
| Cash flows from financing activities | ||
| Proceeds from loans & borrowings | 2.628.001 | 1.850.816 |
| Payment of loans | (2.341.702) | (1.176.728) |
| Payment of finance lease liabilities | (566.482) | (505.889) |
| Dividends paid to non-controlling interest | (193.859) | (160.471) |
| Net cash from (used in) financing activities | (474.042) | 7.729 |
| Net (decrease) in cash and cash equivalents | (2.926.809) | (377.434) |
| Cash and cash equivalents at 1 January | 5.039.745 | 4.066.858 |
| Effect of movements in exchange rates on cash held | (13.153) | (14.376) |
| Cash and cash equivalents at 30 June | 2.099.783 | 3.675.048 |
Cash flows of the Company for the period 1/1 - 30/06/2021 and the respective comparative figures of the previous period are the following:
| THE COMPANY | |||
|---|---|---|---|
| 01/01 - 30/6/2021 |
01/01 - 30/6/2020 |
||
| Cash flows from operating activities | |||
| Profits / (Losses) before taxes | 1.019.883 | 2.407.901 | |
| Adjustments for: | |||
| – Depreciation & amortisation | 29.571 | 26.922 | |
| – Net finance cost | (1.068.179) | (2.498.714) | |
| – Other | 4.061 | 2.422 | |
| (14.664) | (61.470) | ||
| Changes in: | |||
| – Trade and other receivables | (222.362) | (1.748.208) | |
| – Trade and other payables | 584.026 | (46.695) | |
| Cash generated from operating activities | 347.000 | (1.856.373) | |
| Taxes paid / income tax returns | (20.819) | 78.935 | |
| Interest paid | (1.544) | (2.316) | |
| Net cash from (used in) operating activities | 324.637 | (1.779.754) | |
| Cash flows from investment activities | |||
| Interest received | 772 | 1.030 | |
| Dividend received | 1.070.045 | 1.100.000 | |
| Acquisition of subsidiaries | (1.017.000) | 0 | |
| Net cash from (used in) investing activities | 53.818 | 1.101.030 | |
| Cash flows from financing activities | |||
| Granted loans to related parties | (180.000) | 0 | |
| Payment of finance lease liabilities | (12.365) | (9.292) | |
| Dividends paid to non-controlling interest | (12.858) | 0 | |
| Net cash from (used in) financing activities | (205.223) | (9.292) | |
| Net increase / (decrease) in cash and cash equivalents | 173.231 | (688.016) | |
| Cash and cash equivalents at 1 January | 734.583 | 1.932.751 | |
| Cash and cash equivalents at 30 June | 907.814 | 1.244.735 |
The Group INFORM is a fast-growing Group of companies, forming the market in the business area of Information Management under the brand INFORM. Nowadays, the Group is operating internationally and is a leader in the field of secure management of documents and information, in the markets of Central and Eastern Europe in the Public and Private Sector. It owns three production units in Athens (Greece), Bucharest (Romania) and Tirana (Albania). The entities and activities of the Information Management sector refer to the parent company INFORM P. LYKOS HOLDINGS S.A. based in Greece.
The registered office of the parent company INFORM P. LYKOS HOLDINGS S.A. (the Company) is in Koropi Attica, 5th km. of Varis-Koropiou Avenue.
The main business purpose of the parent company INFORM P. LYKOS HOLDINGS S.A. is the participation in the capital of companies of any kind and the provision of support services to its subsidiaries. In particular, it generates revenue from the provision of consulting services in the fields of general administration, financial management, sales, marketing, IT, research and development, and in general from any kind of service that will enhance the know-how of the subsidiaries and ensure their smooth operation, as well as their development, always in accordance with the specifications set by the Group. The Board of Directors approved the present financial statements on 06/08/2021.
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 through the results 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 relative 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 31/12/2020, apart from the changes arising following the adoption of new or revised IAS - IFRS or Interpretations that are effective on or after January 1st 2021. The aforementioned changes are described in the note 27.
The consolidated and separate 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.
For the preparation of these consolidated financial statements, the Management has made judgments, estimates and assumptions that affect the published amounts of assets and liabilities as at the financial statements preparation date. These also affect the disclosures of contingent receivables and liabilities as at the financial statements preparation date, as well as the publicized amounts of incomes 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 revaluated 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.
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 on 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 (ie 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 valuation information on the transfer of a liability (ie 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 (ie 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, 2020 (13(B)). The fair value of these assets has not changed substantially and therefore remains the same as they were valued at 31/12/2020.
The financial risks and their management policies have not changed in relation to those detailed in the most recent annual financial statements.
We particularly note that the Group does not hold financial assets that can be traded in active markets.
The Group maintains one strategic segment, the "Information Management" (printing segment), which is its reportable segment. Every unit of the segment offers same products and services, and requires the same technology and marketing strategies.
The activity of the printing segment mainly extents geographically in two countries Greece and Romania. This geographic allocation is the designated factor for the segmentation of printing segment.
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.
| 01/01-30/06/2021 | Greece | Romania | Other | Eliminations | Total |
|---|---|---|---|---|---|
| Revenues | 13.144.461 | 20.968.996 | 615.388 | 0 | 34.728.845 |
| Intersegment revenues | 410.243 | 894.495 | 0 | (1.304.738) | 0 |
| Segment revenues | 13.554.703 | 21.863.491 | 615.388 | (1.304.738) | 34.728.845 |
| Cost of sales | (11.526.982) | (17.684.418) | (500.343) | 930.804 | (28.780.939) |
| Gross profit | 2.027.721 | 4.179.074 | 115.044 | (373.933) | 5.947.906 |
| Other income | 240.050 | 448.726 | 68 | (21.600) | 667.244 |
| Selling and distribution expenses | (1.443.811) | (1.220.082) | 0 | 90.600 | (2.573.293) |
| Administrative expenses | (1.384.557) | (1.280.014) | (139.411) | 304.603 | (2.499.379) |
| Research and development expenses | (238.877) | 0 | 0 | 0 | (238.877) |
| Other expenses | (36.426) | (251.584) | (787) | 0 | (288.797) |
| + Depreciation & amortization | 1.266.574 | 921.694 | 42.372 | 0 | 2.230.640 |
| EBITDA | 430.674 | 2.797.813 | 17.287 | (330) | 3.245.443 |
| - Depreciation & amortization | (1.266.574) | (921.694) | (42.372) | 0 | (2.230.640) |
| EBIT | (835.900) | 1.876.119 | (25.085) | (330) | 1.014.803 |
| Financial income | 832 | 22 | 2.201 | (2.924) | 131 |
| Financial expenses | (415.029) | (301.770) | (5.275) | 3.573 | (718.500) |
| Net finance costs | (414.196) | (301.748) | (3.074) | 649 | (718.369) |
| Profit / (loss) before tax | (1.250.097) | 1.574.372 | (28.159) | 319 | 296.435 |
| Income tax expense | 87.395 | (269.860) | 0 | 0 | (182.466) |
| Profit / (loss) | (1.162.702) | 1.304.511 | (28.159) | 319 | 113.969 |
| 01/01-30/06/2020 | Greece | Romania | Other | Eliminations | Total |
|---|---|---|---|---|---|
| Revenues | 13.546.664 | 19.729.141 | 377.045 | 0 | 33.652.850 |
| Intersegment revenues | 359.229 | 1.123.488 | 0 | (1.482.717) | 0 |
| Segment revenues | 13.905.893 | 20.852.629 | 377.045 | (1.482.717) | 33.652.850 |
| Cost of sales | (11.257.395) | (17.248.884) | (304.099) | 1.141.510 | (27.668.867) |
| Gross profit | 2.648.498 | 3.603.746 | 72.946 | (341.207) | 5.983.983 |
| Other income | 302.247 | 775.005 | 0 | (279.205) | 798.046 |
| Selling and distribution expenses | (1.253.682) | (1.248.607) | 0 | 88.750 | (2.413.539) |
| Administrative expenses | (1.282.786) | (1.172.531) | (62.874) | 274.374 | (2.243.817) |
| Research and development expenses | (407.886) | 0 | 0 | 0 | (407.886) |
| Other expenses | (38.869) | (521.639) | (991) | 257.606 | (303.893) |
| + Depreciation & amortization | 1.182.764 | 880.088 | 18.538 | 0 | 2.081.390 |
| EBITDA | 1.150.287 | 2.316.060 | 27.619 | 319 | 3.494.284 |
| - Depreciation & amortization | (1.182.764) | (880.088) | (18.538) | 0 | (2.081.390) |
|---|---|---|---|---|---|
| EBIT | (32.477) | 1.435.972 | 9.080 | 319 | 1.412.894 |
| Financial income | 1.043 | 137 | 19.367 | (19.367) | 1.180 |
| Financial expenses | (388.417) | (411.806) | (22.128) | 17.768 | (804.583) |
| Net finance costs | (387.373) | (411.669) | (2.761) | (1.599) | (803.403) |
| Profit / (loss) before tax | (419.851) | 1.024.303 | 6.319 | (1.281) | 609.491 |
| Income tax expense | 62.715 | (306.334) | (2.431) | 0 | (246.050) |
| Profit / (loss) | (357.136) | 717.970 | 3.888 | (1.281) | 363.442 |
The allocation of assets, liabilities, capital expenditure and depreciation to operating segments is as follows:
| 30/6/2021 | Greece | Romania | Other | Eliminations | Total |
|---|---|---|---|---|---|
| Assets | 56.880.512 | 41.891.300 | 981.790 | (20.534.879) | 79.218.723 |
| Liabilities | 23.525.649 | 20.920.197 | 1.509.614 | (1.820.546) | 44.134.914 |
| Capital expenditures (1/1-30/6/2021) | 559.567 | 337.145 | 6.990 | 0 | 903.702 |
| Depreciation (1/1-30/6/2021) | 1.266.574 | 921.694 | 42.372 | 0 | 2.230.640 |
| 31/12/2020 | Greece | Romania | Other | Eliminations | Total |
|---|---|---|---|---|---|
| Assets | 57.644.717 | 40.877.505 | 578.555 | (19.856.307) | 79.244.470 |
| Liabilities | 23.374.060 | 18.481.377 | 1.242.505 | (1.222.283) | 41.875.659 |
| Capital expenditures (1/1-30/6/2020) | 732.693 | 570.058 | 0 | 0 | 1.302.750 |
| Depreciation (1/1-30/6/2020) | 1.182.764 | 880.088 | 18.538 | 0 | 2.081.390 |
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.
Α. Revenues by category
| THE GROUP | THE COMPANY | ||||
|---|---|---|---|---|---|
| 01/01- 30/6/2021 |
01/01- 30/6/2020 |
01/01- 30/6/2021 |
01/01- 30/6/2020 |
||
| Sales of goods | 11.527.474 | 12.446.055 | 0 | 0 | |
| Rendering of services | 18.560.106 | 16.147.348 | 611.946 | 549.832 | |
| Sales of merchandise | 4.641.265 | 5.059.448 | 0 | 0 | |
| Total | 34.728.845 | 33.652.850 | 611.946 | 549.832 |
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 01/01- 30/6/2021 |
01/01- 30/6/2020 |
30/6/2021 | 30/6/2020 | |
| West Europe | 440.423 | 1.058.957 | 0 | 0 |
| Central & Eastern Europe | 34.133.740 | 32.307.228 | 611.946 | 549.832 |
| Asia & Africa | 154.681 | 286.665 | 0 | 0 |
| Total | 34.728.845 | 33.652.850 | 611.946 | 549.832 |
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 01/01- 30/6/2021 |
01/01- 30/6/2020 |
30/6/2021 | 30/6/2020 | |
| Employee compensation and expenses | 3.205.655 | 3.004.087 | 0 | 0 |
| Cost of inventories recognized as expense | 5.853.580 | 6.580.304 | 0 | 0 |
| Cost of services | 12.363.536 | 10.926.315 | 0 | 0 |
| Cost of merchandise | 3.241.440 | 3.230.140 | 0 | 0 |
| Third party fees | 871.615 | 603.023 | 0 | 0 |
| Utilities and maintenance expenses | 746.847 | 804.457 | 0 | 0 |
| Rentals from property and machinery | 104.952 | 108.673 | 0 | 0 |
| Tax and duties | 55.441 | 59.700 | 0 | 0 |
| Transportation expenses | 10.373 | 8.917 | 0 | 0 |
| Other consumable materials | 613.109 | 624.944 | 0 | 0 |
| Depreciation and amortisation | 1.580.233 | 1.547.734 | 0 | 0 |
| Other expenses | 134.158 | 170.574 | 0 | 0 |
| Total | 28.780.939 | 27.668.867 | 0 | 0 |
| THE GROUP | THE COMPANY | ||||
|---|---|---|---|---|---|
| 01/01- 30/6/2021 |
01/01- 30/6/2020 |
01/01- 30/6/2021 |
01/01- 30/6/2020 |
||
| Interest income | 86 | 1.180 | 772 | 1.030 | |
| Dividend income * | 45 | 0 | 1.070.045 | 2.500.000 | |
| Financial income | 131 | 1.180 | 1.070.818 | 2.501.030 | |
| Interest expense | 529.518 | 614.387 | 1.544 | 1.678 | |
| Commissions of letters of guarantee | 76.425 | 53.911 | 0 | 0 | |
| Losses from foreign exchange differences) | 106.130 | 118.476 | 0 | 0 | |
| Other financial expenses | 6.427 | 17.808 | 1.095 | 637 | |
| Finance costs | 718.500 | 804.583 | 2.639 | 2.316 | |
| Net finance costs recognised in profit or loss | (718.369) | (803.403) | 1.068.179 | 2.498.714 |
*It concerns the distribution of dividends from the Group's activity in Romania through our subsidiary TERRANE LTD in Cyprus.
All shares of the Company are ordinary. 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.
| THE GROUP | |||
|---|---|---|---|
| 30/6/2021 | 30/6/2020 | ||
| Profits / (losses) attributable to the owners of the Company |
(27.481) | 213.997 |
| 2021 | 2020 | |
|---|---|---|
| Issued ordinary shares at 1 January | 20.578.374 | 20.578.374 |
| Weighted - average number of ordinary shares at 30th June |
20.578.374 | 20.578.374 |
| 2021 | 2020 | |
|---|---|---|
| Profit / (loss) per share | (0,0013) | 0,0104 |
| THE GROUP | THE COMPANY | ||||
|---|---|---|---|---|---|
| 01/01- 30/6/2021 |
01/01- 30/6/2020 |
30/6/2021 | 30/6/2020 | ||
| Current tax expense | |||||
| Current year income tax | (241.813) | (164.835) | 0 | 0 | |
| Adjustment for prior years | (10.225) | (155.343) | 0 | 0 | |
| (252.038) | (320.179) | 0 | 0 | ||
| Deferred taxation | |||||
| Origination and reversal of temporary differences | 69.572 | 74.129 | 1.634 | (3.504) | |
| 69.572 | 74.129 | 1.634 | (3.504) | ||
| Total | (182.466) | (246.050) | 1.634 | (3.504) |
Foreign currency translation differences amounting to (€ 212.633) recognized in OCI for the period 1/1 - 30/06/2021 (1/1 - 30/6/2020: € 270.295) mainly pertain to foreign currency translation differences arising from conversion of the financial statements of the Group subsidiaries in Romania («S.C. INFORM LYKOS S.A.», «COMPAPER CONVERTING S.A.», «NEXT DOCS ECM EXPERT S.R.L.» and «NEXT DOCS CONFIDENTIAL S.R.L.») and in Albania («INFORM ALBANIA SH.P.K.»), 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 2020 | 52.275.308 | 52.654.934 | 6.525.639 | 112.535 | 111.568.416 |
| Additions | 102.087 | 729.083 | 92.041 | 207.501 | 1.130.712 |
| Disposals / other transfers | 0 | (16.593) | (676.864) | (213.759) | (907.216) |
| Reclassifications | 17.232 | (19.081) | 1.849 | 0 | (0) |
| Revaluation | 661.984 | 0 | 0 | 0 | 661.984 |
| Transfers | 0 | 1.849 | 0 | (1.849) | 0 |
| Effect of movements in exchange rates | (354.076) | (268.075) | (6.636) | (1.503) | (630.290) |
| Balance at 31 December 2020 | 52.702.534 | 53.082.117 | 5.936.029 | 102.925 | 111.823.605 |
| Balance at 1 January 2021 | 52.702.534 | 53.082.117 | 5.936.029 | 102.925 | 111.823.605 |
| Additions | 21.544 | 474.293 | 57.877 | 16.335 | 570.049 |
| Disposals | 0 | (105.747) | 0 | (2.229) | (107.976) |
| Acquisitions through business combinations | 0 | 296 | 0 | 0 | 296 |
| Effect of movements in exchange rates | (218.260) | (161.549) | (2.838) | (833) | (383.480) |
| Balance at 30 June 2021 | 52.505.819 | 53.289.410 | 5.991.068 | 116.198 | 111.902.494 |
| Accumulated depreciation and impairment | |||||
| losses | |||||
| Balance at 1 January 2020 | 20.510.330 | 39.446.543 | 6.009.416 | 0 | 65.966.290 |
| Depreciation | 524.164 | 2.282.805 | 144.394 | 0 | 2.951.362 |
| Disposals | 0 | (4.636) | (676.864) | 0 | (681.500) |
| Reclassifications | 10.248 | (10.248) | 0 | 0 | 0 |
| Effect of movements in exchange rates | (37.545) | (173.106) | (4.315) | 0 | (214.966) |
| Balance at 31 December 2020 | 21.007.197 | 41.541.358 | 5.472.631 | 0 | 68.021.186 |
| Balance at 1 January 2021 | 21.007.197 | 41.541.358 | 5.472.631 | 0 | 68.021.186 |
| Depreciation | 366.005 | 1.117.725 | 66.000 | 0 | 1.549.729 |
| Acquisitions through business combinations | 0 | 60 | 0 | 0 | 60 |
| Disposals | 0 | (50.173) | 0 | 0 | (50.173) |
| Effect of movements in exchange rates | (25.184) | (110.583) | (1.957) | 0 | (137.723) |
| Balance at 30 June 2021 | 21.348.018 | 42.498.387 | 5.536.673 | 0 | 69.383.079 |
| Carrying amounts | |||||
| Balance at 31 December 2020 | 31.695.337 | 11.540.759 | 463.398 | 102.925 | 43.802.419 |
| Balance at 30 June 2021 | 31.157.801 | 10.791.022 | 454.394 | 116.198 | 42.519.415 |
| THE COMPANY | ||||||
|---|---|---|---|---|---|---|
| Land and buildings |
Plant and equipment |
Fixtures and fittings |
Under construction |
Total | ||
| Cost | ||||||
| Balance at 1 January 2020 | 225.196 | 33.268 | 249.614 | 0 | 508.078 | |
| Additions | 0 | 28.429 | 0 | 0 | 28.429 | |
| Revaluation | (5.000) | 0 | 0 | 0 | (5.000) | |
| Balance at 31 December 2020 | 220.196 | 61.697 | 249.614 | 0 | 531.507 | |
| Balance at 1 January 2021 | 220.196 | 61.697 | 249.614 | 0 | 531.507 | |
| Additions | 48.683 | 48.683 | ||||
| Balance at 30 June 2021 | 220.196 | 110.380 | 249.614 | 0 | 580.190 | |
| Accumulated depreciation and impairment losses |
||||||
| Balance at 1 January 2020 | 183.478 | 10.198 | 248.333 | 0 | 442.008 | |
| Depreciation | 228 | 15.410 | 282 | 0 | 15.920 | |
| Balance at 31 December 2020 | 183.706 | 25.608 | 248.615 | 0 | 457.928 | |
| Balance at 1 January 2021 | 183.706 | 25.608 | 248.615 | 0 | 457.928 | |
| Depreciation | 114 | 11.999 | 141 | 12.254 | ||
| Balance at 30 June 2021 | 183.820 | 37.606 | 248.756 | 0 | 470.182 | |
| Carrying amounts | ||||||
| Balance at 31 December 2020 | 36.490 | 36.089 | 999 | 0 | 73.578 | |
| Balance at 30 June 2021 | 36.376 | 72.774 | 858 | 0 | 110.008 |
The Group leases machinery in Greece and Romania. At 30/6/2021 the net carrying amount of leased equipment was € 2.794.921 (2020: € 3.201.305). The value of the leased equipment is a guarantee of the relevant leasing obligations.
The Group leases assets with rights of use (mainly means of transport) in Greece and Romania. Their value on 30/6/2021 amounts € 540.208 (2020: 556.907) and is a guarantee of the related leasing liabilities.
There are no encumbrances on the Group's fixed assets in order to cover loan liabilities.
The changes to the Group intangible assets values for the period are as follows:
| THE GROUP | ||||||
|---|---|---|---|---|---|---|
| Goodwill | Software, Patents, licenses |
Development costs |
Customer Relationship |
Total | ||
| Cost | ||||||
| Balance at 1 January 2020 | 7.211.515 | 15.653.784 | 1.413.450 | 5.503.561 | 29.782.310 | |
| Additions | 0 | 450.647 | 0 | 0 | 450.647 | |
| Acquisitions - internally developed | 0 | 187.717 | 247.595 | 0 | 435.312 | |
| Disposals | 0 | (2.306.580) | 0 | 0 | (2.306.580) | |
| Effect of movements in exchange rates | (4.333) | (36.393) | (3.381) | (49.402) | (93.509) | |
| Balance at 31 December 2020 | 7.207.181 | 13.949.175 | 1.657.664 | 5.454.159 | 28.268.180 | |
| Balance at 1 January 2021 | 7.207.181 | 13.949.175 | 1.657.664 | 5.454.159 | 28.268.180 | |
| Additions | 0 | 106.044 | 0 | 0 | 106.044 | |
| Acquisitions through business combinations * | 936.177 | 271.000 | 0 | 0 | 1.207.177 | |
| Acquisitions - internally developed | 0 | 143.354 | 84.256 | 0 | 227.610 | |
| Effect of movements in exchange rates | (2.673) | (25.058) | (3.206) | (30.478) | (61.415) | |
| Balance at 30 June 2021 | 8.140.685 | 14.444.515 | 1.738.714 | 5.423.682 | 29.747.595 | |
| Accumulated amortisation and impairment losses |
||||||
| Balance at 1 January 2020 | 4.017.437 | 13.815.689 | 840.421 | 88.996 | 18.762.543 |
| Amortization | 0 | 614.783 | 209.816 | 398.995 | 1.223.595 |
|---|---|---|---|---|---|
| Disposals | 0 | (2.306.580) | 0 | 0 | (2.306.580) |
| Effect of movements in exchange rates | 0 | (32.903) | (561) | (2.813) | (36.278) |
| Balance at 31 December 2020 | 4.017.437 | 12.090.989 | 1.049.677 | 485.178 | 17.643.281 |
| Balance at 1 January 2021 | 4.017.437 | 12.090.989 | 1.049.677 | 485.178 | 17.643.281 |
| Amortization | 0 | 368.089 | 114.469 | 198.353 | 680.911 |
| Acquisitions through business combinations | 0 | 89.197 | 0 | 0 | 89.197 |
| Effect of movements in exchange rates | 0 | (21.802) | (847) | (3.502) | (26.151) |
| Balance at 30 June 2021 | 4.017.437 | 12.526.473 | 1.163.298 | 680.029 | 18.387.238 |
| Carrying amounts | |||||
| Balance at 31 December 2020 | 3.189.744 | 1.858.186 | 607.988 | 4.968.981 | 10.624.899 |
| Balance at 30 June 2021 | 4.123.248 | 1.918.042 | 575.416 | 4.743.653 | 11.360.358 |
* It concerns assets acquired through business combinations during the period presented. (see note 15 (B)).
| THE COMPANY | |||
|---|---|---|---|
| Software, Patents, licenses |
Development costs |
Total | |
| Cost | |||
| Balance at 1 January 2020 | 1.291.284 | 0 | 1.291.284 |
| Additions | 11.500 | 0 | 11.500 |
| Balance at 31 December 2020 | 1.302.784 | 0 | 1.302.784 |
| Balance at 1 January 2021 | 1.302.784 | 0 | 1.302.784 |
| Additions | 0 | 0 | 0 |
| Balance at 30 June 2021 | 1.302.784 | 0 | 1.302.784 |
| Accumulated amortisation and impairment losses | |||
| Balance at 1 January 2020 | 1.152.946 | 0 | 1.152.946 |
| Amortization | 37.301 | 0 | 37.301 |
| Balance at 31 December 2020 | 1.190.247 | 0 | 1.190.247 |
| Balance at 1 January 2021 | 1.190.247 | 0 | 1.190.247 |
| Amortization | 17.317 | 0 | 17.317 |
| Balance at 30 June 2021 | 1.207.564 | 0 | 1.207.564 |
| Carrying amounts | |||
| Balance at 31 December 2020 | 112.538 | 0 | 112.538 |
| Balance at 30 June 2021 | 95.221 | 0 | 95.221 |
During the current period and specifically on February 10, 2021, the Group through the parent company signed an agreement for the acquisition of a majority stake of 56.5% of the share capital and at the same time the acquisition of control of the Cypriot company CLOUDFIN LTD at a price of 1 million euro.
The goodwill from CLOUDFIN LTD acquisition has been recognized on a provisional basis as follows:
| CLOUDFIN LTD |
|
|---|---|
| Acquisition price (56,5%) | 1.017.000 |
| Net assets acquired | 143.050 |
| Non – controlling interests | (62.227) |
| Provisional Goodwill | 936.177 |
Τhe procedure of determining the Purchase Price Allocation in accordance with IFRS 3 "Business Combinations" will be finalized within 12 monthsfrom the acquisition date. Accordingly, the provisional fair values of the assets acquired and liabilities assumed as at 10.02.2021 are as follows:
| CLOUDFIN LTD |
|
|---|---|
| Property, plant and equipment | 217 |
| Intangible assets | 177.286 |
| Trade receivables | 43.468 |
| Cash and cash equivalents | 10.843 |
| Current income tax liabilities | (1.302) |
| Trade payables | (6.832) |
| Other payables | (6.625) |
| Defreed income | (74.004) |
| Net assets and liabilities | 143.050 |
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 30/6/2021 | 31/12/2020 | 30/6/2021 | 31/12/2020 | |
| Trade receivables | 14.851.865 | 12.851.612 | 0 | 0 |
| Minus: Allowance for doubtful accounts | (1.191.823) | (1.194.714) | 0 | 0 |
| Total trade receivables | 13.660.043 | 11.656.898 | 0 | 0 |
| Trade receivables due from related parties | 809.253 | 535.254 | 1.434.036* | 1.208.667* |
| Total trade receivables due from related | ||||
| parties | 809.253 | 535.254 | 1.434.036 | 1.208.667 |
| Debtors - Prepayments to creditors | 90.221 | 94.829 | 0 | 0 |
| Personnel prepayments and loans | 87.615 | 84.502 | 0 | 581 |
| VAT and other Tax related receivables | 33.859 | 29.105 | 0 | 0 |
| Deffered expenses | 461.192 | 326.530 | 83 | 2.508 |
| Other non-financial receivables and assets | 123.634 | 40.519 | 0 | 0 |
| Other receivables - non-financial instruments | 796.521 | 575.486 | 83 | 3.089 |
| Accruals | 153.504 | 141.130 | 0 | 0 |
| Other financial receivables and assets | 85.596 | 111.674 | 0 | 0 |
| Other receivables - financial instruments | 239.099 | 252.804 | 0 | 0 |
| Other receivables | 1.035.620 | 828.290 | 83 | 3.089 |
| Total | 15.504.915 | 13.020.442 | 1.434.119 | 1.211.756 |
| Non-current | 27.741 | 27.741 | 0 | 0 |
| Current | 15.477.174 | 12.992.701 | 1.434.119 | 1.211.756 |
| 15.504.915 | 13.020.442 | 1.434.119 | 1.211.756 |
* In this item, it is included an amount of € 1.000.000 which concerns the distribution of dividends from the Group's operations in Romania through our subsidiary TERRANE LTD in Cyprus.
| THE GROUP | THE COMPANY | ||||
|---|---|---|---|---|---|
| 30/6/2021 | 31/12/2020 | 30/6/2021 | 31/12/2020 | ||
| Cash at hand | 22.767 | 30.626 | 16.135 | 23.849 | |
| Short term bank balances | 2.077.017 | 5.009.119 | 891.679 | 710.734 | |
| Total | 2.099.783 | 5.039.745 | 907.814 | 734.583 |
The Group does not hold deposits pledged to secure any obligation.
| THE GROUP | THE COMPANY | ||||
|---|---|---|---|---|---|
| 30/6/2021 | 31/12/2020 | 30/6/2021 | 31/12/2020 | ||
| Non-current liabilities | |||||
| Secured bank loans | 3.737.052 | 3.658.993 | 0 | 0 |
| Unsecured bank loans | 1.800.000 | 3.300.000 | 0 | 0 |
|---|---|---|---|---|
| Bonds | 7.475.000 | 8.062.500 | 0 | 0 |
| Finance lease liabilities | 1.944.957 | 2.541.003 | 53.783 | 23.332 |
| 14.957.009 | 17.562.496 | 53.783 | 23.332 | |
| Current liabilities | ||||
| Secured bank loans | 3.124.702 | 1.399.743 | 0 | 0 |
| Unsecured bank loans | 2.015.889 | 2.022.404 | 0 | 0 |
| Bonds | 2.025.000 | 1.437.500 | 0 | 0 |
| Finance lease liabilities | 1.390.172 | 1.217.209 | 20.245 | 13.642 |
| 8.555.763 | 6.076.856 | 20.245 | 13.642 |
The terms and conditions of Group's and Company's loans are as follows:
| Lender/Bank Currency interest rate maturity Pledge type amount Secured bank loans 6.861.755 Robor 3m + Pledge on RON/EUR 2% / Euribor 2022 receivables 1.386.526 3m + 3,25% Robor 3m + Pledge on EUR 2024 3.954.325 2,9% receivables Robor 3m + Pledge on EUR 2024 1.520.904 2,9% receivables Unsecured bank loans 3.815.889 Euribor 6m + EUR 2021 - 2.000.000 3,85% 1Y Euribor + EUR 2021 - 15.889 3,5% Euribor 1m + EUR 2023 - 1.800.000 3,6% Bonds 9.500.000 Euribor 6m + EUR 2025 - 3.500.000 2,5% Euribor 3m + EUR 2027 - 6.000.000 3,2% Finance lease liabilities 3.335.129 Pledge on 6% 2021 leased 268.595 EUR equipment Pledge on 5% 2023 leased 209.738 EUR equipment Pledge on 4% 2023 leased 838.105 EUR equipment Pledge on 0% 2023 leased 8.569 EUR equipment Pledge on 2% 2024 leased 543.966 EUR equipment Pledge on Euribor 1y + 2024 leased 14.577 3,5% > 3,99% EUR equipment Pledge on 5% 2025 leased 307.322 EUR equipment Pledge on Euribor 1y + 2025 leased 24.635 3,5% > 3,99% EUR equipment Pledge on 5% 2025 leased 44.738 EUR equipment Pledge on 2% 2026 leased 534.677 EUR equipment |
Nominal | Year of | Carrying | |
|---|---|---|---|---|
| less than 1 year 130.852 IFRS 16 |
| more than 1 year | 409.356 |
|---|---|
| 23.512.772 |
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 30/6/2021 | 31/12/2020 | 30/6/2021 | 31/12/2020 | |
| Trade payables | 12.344.365 | 11.630.725 | 88.815 | 59.923 |
| Accrued expenses | 1.248.703 | 660.460 | 0 | 0 |
| Trade payables | 13.593.068 | 12.291.185 | 88.815 | 59.923 |
| Other trade payables due to related parties | 628.225 | 361.496 | 702.784 | 216.530 |
| Trade payables due to related parties | 628.225 | 361.496 | 702.784 | 216.530 |
| Social security | 256.102 | 410.212 | 12.203 | 25.615 |
| Wages and salaries payable | 182.075 | 159.169 | 0 | 0 |
| Accruals - personnel related | 184.422 | 106.187 | 19.134 | 0 |
| VAT payable and other taxes | 979.089 | 683.355 | 141.318 | 129.062 |
| Other non-financial payables | 157.986 | 38.963 | 158.011 | 38.976 |
| Other payables - non-finanacial instruments | 1.759.675 | 1.397.886 | 330.666 | 193.652 |
| Dividends payable | 845.966 | 47.358 | 822.118 | 23.631 |
| Accruals | (42.352) | 221.999 | (256.299) | 0 |
| Other financial payables | 12.739 | 87.262 | 0 | 0 |
| Other payables - financial instruments | 816.353 | 356.619 | 565.820 | 23.631 |
| Other payables | 2.576.028 | 1.754.505 | 896.485 | 217.284 |
| Total | 16.797.321 | 14.407.185 | 1.688.085 | 493.737 |
| Non current | 16.883 | 16.883 | 16.883 | 16.883 |
| Current | 16.780.437 | 14.390.302 | 1.671.202 | 476.854 |
| 16.797.321 | 14.407.185 | 1.688.085 | 493.737 |
Set out below a list of all subsidiaries' country, participation percentage, consolidation method and participation relation of incorporated subsidiaries the Group as at 30/06/2021:
| Company | Country | Participation percentage |
Consolidation method |
Participation relationship |
|---|---|---|---|---|
| INFORM P. LYKOS HOLDINGS S.A. | Greece | Parent | - | Parent |
| INFORM LYKOS (HELLAS) S.A. | Greece | 100,00% | Full | Direct |
| INFORM ALBANIA Sh.p.k | Albania | 75,50% | Full | Direct |
| TERRANE LTD | Cyprus | 100,00% | Full | Direct |
| CLOUDFIN LTD | Cyprus | 56,50% | Full | Direct |
| CLOUDFIN SINGLE MEMBER S.A. | Greece | 56,50% | Full | Indirect |
| S.C. INFORM LYKOS S.A. | Romania | 99,99% | Full | Indirect |
| COMPAPER CONVERTING S.A. | Romania | 97,44% | Full | Indirect |
| NEXT DOCS ECM EXPERT S.R.L. | Romania | 80,60% | Full | Indirect |
| NEXT DOCS CONFIDENTIAL S.R.L. | Romania | 80,00% | Full | Indirect |
| Investments in subsidiaries | 30/06/2021 | 31/12/2020 |
|---|---|---|
| TERRANE LTD | 20.402.500 | 20.402.500 |
| INFORM LYKOS (HELLAS) S.A. | 14.295.632 | 14.295.632 |
| CLOUDFIN LTD | 1.017.000 | 0 |
| INFORM ALBANIA Sh.p.k | 317.000 | 317.000 |
| 36.032.132 | 35.015.132 |
On February 10, 2021, INFORM P. LYKOS SA HOLDINGS signed an agreement for the acquisition of a majority stake of 56,5% of the share capital and at the same time the acquisition of control of the Cypriot company CLOUDFIN LTD at a price of 1 million euro. The company CLOUDFIN SINGLE MEMBER S.A. was established on June 7, 2021 with CLOUDFIN LTD as the sole shareholder.
On February 18, 2021, INFORM LYKOS Romania (INFORM LYKOS S.A.), a subsidiary of INFORM P. LYKOS SA HOLDINGS, increased its majority stake in the share capital of NEXT DOCS ECM EXPERT S.R.L. and NEXT DOCS CONFIDENTIAL S.R.L., who are already members of the Group. Specifically, INFORM LYKOS Romania now owns 80,59% of NEXT DOCS ECM EXPERT S.R.L. and 80% of NEXT DOCS CONFIDENTIAL S.R.L. The purchase price of 15,52% and 14,55% respectively of the above mentioned companies amounted to 1,3 million euros. This transaction was recognized as changes in ownership interests in subsidiaries without change of control and the difference of 1,2 million euro between fair value of the consideration paid and the relevant share acquired of the carrying value of net assets of the subsidiary was recorded in equity.
The Group does not include subsidiary with material non-controlling interests
No dividends were paid by the Parent Company of the Group during the period presented. The Ordinary General Meeting of June 18, 2021 unanimously approved the distribution of profits proposed by the Board of Directors of the fiscal year 01.01.2020 to 31.12.2020. Specifically, it was decided to pay a dividend of € 823.134,96, ie € 0,04 per share before withholding tax (€ 0,038 net per share, dividend). The cut-off date for dividend entitlement was set at 01 July 2021 and the starting date for dividend payment was 8 July 2021.
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 Group as at 30/06/2021.
For the Greek companies of the Group, for the years 2011-2019, an unqualified conclusion formed from the conducted tax audits, in accordance with the provisions of Article 82, par. 5, of Law 2238/1994 and Article 65a of Law 4174/2013. Tax audit regarding fiscal year 2020 is in progress although the Group Management does not expect a significant tax burden when the audit is completed and for this reason has not recognized a relevant provision.
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 | Domicile | Tax unaudited years |
|---|---|---|
| INFORM P. LYKOS HOLDINGS S.A. | Greece | 2020 |
| INFORM LYKOS (HELLAS) S.A. | Greece | 2020 |
| INFORM ALBANIA SH.P.K. | Albania | 2011-2020 |
| TERRANE LTD | Cyprus | 2015-2020 |
| CLOUDFIN L.T.D. | Cyprus | 2015-2020 |
| S.C. INFORM LYKOS S.A. | Romania | 2005-2020 |
| COMPAPER CONVERTING S.A. | Romania | 2005-2020 |
| NEXT DOCS ECM EXPERT S.R.L. | Romania | 2008-2020 |
| NEXT DOCS CONFIDENTIAL S.R.L. | Romania | 2010-2020 |
Apart from the aforementioned, there are no other cases of contingent liabilities or contingent receivables which could significantly affect the Group or the Company's financial position or operation.
There are no encumbrances on the Group's fixed assets in order to cover loan obligations.
The operational and investment activity of the Group creates certain earnings, assets or liabilities that concern except others related companies or individuals 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 transactions between the Company and the related parties during the reporting periods:
| THE GROUP | THE COMPANY | ||||
|---|---|---|---|---|---|
| 30/6/2021 | 30/6/2020 | 30/6/2021 | 30/6/2020 | ||
| Subsidiaries | 0 | 0 | 611.946 | 549.832 | |
| Other related parties | 441.963 | 378.982 | 0 | 0 | |
| Total | 441.963 | 378.982 | 611.946 | 549.832 |
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 30/6/2021 | 30/6/2020 | 30/6/2021 | 30/6/2020 | |
| Subsidiaries | 0 | 0 | 0 | 0 |
| Other related parties | 1.171.718 | 2.048.456 | 0 | 0 |
| Total | 1.171.718 | 2.048.456 | 0 | 0 |
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 30/6/2021 | 31/12/2020 | 30/6/2021 | 31/12/2020 | |
| Subsidiaries | 0 | 0 | 180.000 | 0 |
| Total | 0 | 0 | 180.000 | 0 |
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 30/6/2021 | 31/12/2020 | 30/6/2021 | 31/12/2020 | |
| Subsidiaries | 0 | 0 | 1.434.195 | 1.208.667 |
| Other related parties | 809.253 | 535.254 | 0 | 0 |
| Total | 809.253 | 535.254 | 1.434.195 | 1.208.667 |
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 30/6/2021 | 31/12/2020 | 30/6/2021 | 31/12/2020 | |
| Subsidiaries | 0 | 0 | 702.784 | 216.530 |
| Other related parties | 628.224 | 361.496 | 0 | 0 |
| Total | 628.224 | 361.496 | 702.784 | 216.530 |
| Income from dividends | ||
|---|---|---|
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 30/6/2021 | 30/6/2020 | 30/6/2021 | 30/6/2020 | |
| Subsidiaries | 0 | 0 | 1.070.000 | 2.500.000 |
| Other related parties | 45 | 0 | 0 | 0 |
| Total | 45 | 0 | 1.070.000 | 2.500.000 |
| THE GROUP | THE COMPANY | ||||
|---|---|---|---|---|---|
| 30/6/2021 | 30/6/2020 | 30/6/2021 | 30/6/2020 | ||
| Key executives | 301.828 | 278.368 | 301.828 | 278.368 | |
| Total | 301.828 | 278.368 | 301.828 | 278.368 |
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 30/6/2021 | 31/12/2020 | 30/6/2021 | 31/12/2020 | |
| Key executives | 0 | 0 | 0 | 0 |
| Total | 0 | 0 | 0 | 0 |
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 30/6/2021 | 30/6/2020 | 30/6/2021 | 30/6/2020 | |
| Key executives | 0 | 0 | 0 | 0 |
| Total | 0 | 0 | 0 | 0 |
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 30/6/2021 | 30/6/2020 | 30/6/2021 | 30/6/2020 | |
| Non-executive members of the Board of Directors | 31.983 | 34.784 | 31.983 | 34.784 |
| Total | 31.983 | 34.784 | 31.983 | 34.784 |
No event has taken place after 30/06/2021, which may have a significant impact on the Group's financial position or operation.
The following new Standards, Interpretations and amendments of IFRSs have been issued by the International Accounting Standards Board (IASB), are adopted by the European Union, and their application is mandatory from or after 01/01/2021.
Amendments to IFRS 4 "Insurance Contracts" – deferral of IFRS 9 (effective for annual periods starting on or after 01/01/2021)
In June 2020, the IASB issued amendments that declare deferral of the date of initial application of IFRS 17 by two years, to annual periods beginning on or after January 1, 2023. As a consequence, the IASB also extended the fixed expiry date for the temporary exemption from applying IFRS 9 "Financial Instruments" in IFRS 4 "Insurance Contracts", so that the entities are required to apply IFRS 9 for annual periods beginning on or after January 1, 2023. The amendments do not affect the consolidated Financial Statements.
Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16: "Interest Rate Benchmark Reform – Phase 2" (effective for annual periods starting on or after 01/01/2021)
In August 2020, the IASB has finalized its response to the ongoing reform of IBOR and other interest benchmarks by issuing a package of amendments to IFRS Standards. The amendments complement those issued in 2019 and focus on the effects on financial statements when a company replaces the old interest rate benchmark with an alternative benchmark rate as a result of the reform. More specifically, the amendments relate to how a company will account for changes in the contractual cash flows of financial instruments, how it will account for a change in its hedging relationships as a result of the reform, as well as relevant information required to be disclosed. The amendments do not affect the consolidated Financial Statements.
The following new Standards, Interpretations 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.
Amendments to IFRS 3 "Business Combinations", IAS 16 "Property, Plant and Equipment", IAS 37 "Provisions, Contingent Liabilities and Contingent Assets" and "Annual Improvements 2018-2020" (effective for annual periods starting on or after 01/01/2022)
In May 2020, the IASB issued a package of amendments which includes narrow-scope amendments to three Standards as well as the Board's Annual Improvements, which are changes that clarify the wording or correct minor consequences, oversights or conflicts between requirements in the Standards. More specifically:
Amendments to IFRS 3 Business Combinations update a reference in IFRS 3 to the Conceptual Framework for Financial Reporting without changing the accounting requirements for business combinations.
Amendments to IAS 16 Property, Plant and Equipment prohibit a company from deducting from the cost of property, plant and equipment amounts received from selling items produced while the company is preparing the asset for its intended use. Instead, a company will recognize such sales proceeds and related cost in profit or loss.
Amendments to IAS 37 Provisions, Contingent Liabilities and Contingent Assets specify which costs a company includes when assessing whether a contract will be loss-making.
Annual Improvements 2018-2020 make minor amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 9 Financial Instruments, IAS 41 Agriculture and the Illustrative Examples accompanying IFRS 16 Leases.
The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have been adopted by the European Union with effective date of 01/01/2022.
Amendments to IFRS 16 "Leases": Covid-19 – Related Rent Concessions beyond 30 June 2021 (effective for annual periods starting on or after 01/04/2021)
In March 2021, the IASB issued amendments to the practical expedient of IFRS 16, that extend the application period by one year to cover Covid-19-related rent concessions that reduce only lease payments due on or before 30 June 2022. 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 May 2017, the IASB issued a new Standard, IFRS 17, which replaces an interim Standard, IFRS 4. The aim of the project was to provide a single principle-based standard to account for all types of insurance contracts, including reinsurance contracts that an insurer holds. A single principle-based standard would enhance comparability of financial reporting among entities, jurisdictions and capital markets. IFRS 17 sets out the requirements that an entity should apply in reporting information about insurance contracts it issues and reinsurance contracts it holds. Furthermore, in June 2020, the IASB issued amendments, which do not affect the fundamental principles introduced when IFRS 17 has first been issued. The amendments are designed to reduce costs by simplifying some requirements in the Standard, make financial performance easier to explain, as well as ease transition by deferring the effective date of the Standard to 2023 and by providing additional relief to reduce the effort required when applying the Standard for the first 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 January 2020, the IASB issued amendments to IAS 1 that affect requirements for the presentation of liabilities. Specifically, they clarify one of the criteria for classifying a liability as non-current, the requirement for an entity to have the right to defer settlement of the liability for at least 12 months after the reporting period. The amendments include: (a) specifying that an entity's right to defer settlement must exist at the end of the reporting period; (b) clarifying that classification is unaffected by management's intentions or expectations about whether the entity will exercise its right to defer settlement; (c) clarifying how lending conditions affect classification; and (d) clarifying requirements for classifying
liabilities an entity will or may settle by issuing its own equity instruments. Furthermore, in July 2020, the IASB issued an amendment to defer by one year the effective date of the initially issued amendment to IAS 1, in response to the Covid-19 pandemic. 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 February 2021, the IASB issued narrow-scope amendments that pertain to accounting policy disclosures. The objective of these amendments is to improve accounting policy disclosures so that they provide more useful information to investors and other primary users of the financial statements. More specifically, companies are required to disclose their material accounting policy information rather than their significant accounting policies. 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 8 "Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates" (effective for annual periods starting on or after 01/01/2023)
In February 2021, the IASB issued narrow-scope amendments that they clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. That distinction is important because changes in accounting estimates are applied prospectively only to future transactions and other future events, but changes in accounting policies are generally also applied retrospectively to past transactions and other past events. 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 May 2021, the IASB issued targeted amendments to IAS 12 to specify how companies should account for deferred tax on transactions such as leases and decommissioning obligations – transactions for which companies recognise both an asset and a liability. In specified circumstances, companies are exempt from recognising deferred tax when they recognise assets or liabilities for the first time. The amendments clarify that the exemption does not apply and that companies are required to recognise deferred tax on such transactions. 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.
Koropi Attica, 06 August 2021
CHAIRMAN OF THE BOARD OF DIRECTORS & VICE CHAIRMAN OF THE BOARD OF DIRECTORS GROUP CEO
PANAGIOTIS SPYROPOULOS ILIAS KARANTZALIS I.D. No AI 579288 I.D. No AN 644777
MANAGING DIRECTOR OF THE GROUP CHIEF FINANCIAL OFFICER
EMMANOUIL KONTOS ALEXANDRA ADAM ID No AK 093427 ID No AE 118025
HEAD OF ACCOUNTING DEPARTMENT
ANASTASIOS TATOS ID No AM 556006 Registr. No of E.C. A' CLASS 9657
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