Annual Report • Apr 22, 2016
Annual Report
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from January 1st to December 31st 2015
According to the International Financial Reporting Standards & Greek Law 3556/2007
Intracom Constructions Societe Anonyme Technical and Steel Constructions G.E.M.I. No.: 408501000 (former Companies Register No.: 16205/06/Β/87/37) 19th km Peania - Markopoulou Ave. 190 02 Peania, Attika, Greece
| Page | |||
|---|---|---|---|
| STATEMENTS OF THE BOARD OF DIRECTORS' MEMBERS 1 | |||
| ANNUAL REVIEW REPORT OF THE BOARD OF DIRECTORS 2 | |||
| INDEPENDENT AUDITOR's REPORT 18 | |||
| ANNUAL FINANCIAL STATEMENTS 20 | |||
| 1. | Statement of Financial Position 21 | ||
| 2. | Statement of Comprehensive Income 22 | ||
| 3.a | Statement of Changes in Equity - Group 23 | ||
| 3.b | Statement of Changes in Equity - Company 24 | ||
| 4. | Statement of Cash Flows 25 | ||
| 5. | Notes to the Annual Financial Statements as of December 31st 2015 | ||
| (Parent Company and Group) 26 | |||
| 5.1. | General Information 26 | ||
| 5.2. | Scope of Activity 26 | ||
| 5.3 | Basis of preparation of the financial statements 26 | ||
| 5.4 | New standards, amendments and interpretations 27 | ||
| 5.5 | Segmental Reporting 31 | ||
| 5.6 | Consolidation 31 | ||
| 5.7 | Group structure and methods of consolidating companies 33 | ||
| 5.8 | Foreign currency translation 34 | ||
| 5.9 | Property, plant and equipment 35 | ||
| 5.10 | Investment property 35 | ||
| 5.11 | Leases 35 | ||
| 5.12 | Intangible assets 36 | ||
| 5.13 | Impairment of non-financial assets 36 | ||
| 5.14 | Financial Assets 36 | ||
| 5.15 | Inventories 38 | ||
| 5.16 | Trade receivables 38 | ||
| 5.17 | Factoring arrangements 38 | ||
| 5.18 | Cash and cash equivalents 38 | ||
| 5.19 | Non-current assets held for sale and discontinued operations 38 | ||
| 5.20 | Share capital 39 | ||
| 5.21 | Borrowings 39 | ||
| 5.22 | Borrowing costs 39 | ||
| 5.23 | Current and deferred income tax 39 | ||
| 5.24 | Trade payables 40 | ||
| 5.25 | Employee benefits 40 | ||
| 5.26 | Grands 40 | ||
| 5.27 | Other provisions 40 | ||
| 5.28 | Recognition of revenues and expenses 40 | ||
| 5.29 | Construction contracts 41 | ||
| 5.30 | Concession Arrangements 41 | ||
| 5.31 | Dividend distribution 42 | ||
| 5.32 | Financial risk management 42 | ||
| 5.33 | Capital management 45 | ||
| 5.34 | Review of useful life of tangible assets 45 | ||
| 5.35 | Roundings 45 | ||
| 6. | Segment information 46 | ||
| 6.1 6.2 |
Operational segments 46 Group's sales, assets and capital expenditure per geographical segment 46 |
||
| 7. | Detailed data regarding the Financial Statements 48 | ||
|---|---|---|---|
| 7.1 | Goodwill 48 | ||
| 7.2 | Other intangible assets 49 | ||
| 7.3 | Property, plant and equipment 50 | ||
| 7.4 | Investment property 52 | ||
| 7.5 | Investments in subsidiaries 52 | ||
| 7.6 | Investments in associates 53 | ||
| 7.7 | Available- for-sale financial assets 54 | ||
| 7.8 | Trade and other receivables 55 | ||
| 7.9 | Deferred income tax 56 | ||
| 7.10 | Inventories 58 | ||
| 7.11 | Construction contracts 59 | ||
| 7.12 | State financial contribution (IFRIC 12) 59 | ||
| 7.13 | Other financial assets at fair value through profit or loss 59 | ||
| 7.14 | Cash and cash equivalents 60 | ||
| 7.15 | Share capital 61 | ||
| 7.16 | Fair value reserves 61 | ||
| 7.17 | Other reserves 62 | ||
| 7.18 | Borrowings 62 | ||
| 7.19 | Retirement benefit obligations 64 | ||
| 7.20 | Grants 67 | ||
| 7.21 | Trade and other payables 67 | ||
| 7.22 | Finance leases 68 | ||
| 7.23 | Provisions 68 | ||
| 7.24 | Sales 69 | ||
| 7.25 | Expenses by nature 69 | ||
| 7.26 | Other income 70 | ||
| 7.27 | Other gains/ losses (net) 71 | ||
| 7.28 | Finance cost (net) 72 | ||
| 7.29 | Income tax expense 72 | ||
| 7.30 | (Losses)/earnings per share 73 | ||
| 7.31 | Fair value measurement of financial instruments 74 | ||
| 7.32 | Joint ventures/joint operations consolidated based on the proportional method 74 | ||
| 7.33 | Employee benefits 75 | ||
| 7.34 | Contingencies and commitments 75 | ||
| 7.35 | Related party transactions 77 | ||
| 7.36 | Litigious or under arbitration differences 81 | ||
| 7.37 | Tax unaudited years 82 | ||
| 7.38 | Dividend 83 | ||
| 7.39 | Significant events after the balance sheet date 83 | ||
| FINANCIAL DATA AND INFORMATION 84 | |||
| INFORMATION ACCORDING TO ARTICLE 10 OF LAW 3401/2005 85 | |||
| AVAILABILITY OF FINANCIAL STATEMENTS ONLINE 87 |
It is hereby declared and certified as far as we know, that:
A. The annual separate and consolidated financial statements of the company and the Group for the year from January 1st 2015 to December 31st 2015, drawn up in accordance with the applicable International Financial Reporting Standards, reflect in a true manner the assets, liabilities, equity and statement of comprehensive income of the year, of «INTRACOM CONSTRUCTIONS SOCIETE ANONYME TECHNICAL AND STEEL CONSTRUCTIONS», as well as of the undertakings included in the consolidation taken as a whole, and
B. The BoD's annual report reflects in a true manner the development, performance and position of the Company as well as of the undertakings included in the consolidation taken as a whole, including the description of the main risks and uncertainties they face.
Peania, March 28th 2016
The certifiers
The Chairman of the B.o.D. The Managing Director The B.o.D. Member
DIMITRIOS X. KLONIS ID No ΑΚ 121708
PETROS K. SOURETIS ID No ΑΒ 348882
DIMITRIOS A. PAPPAS ID No Χ 661414
of
To the Company's Shareholders' Annual General Meeting
Dear Shareholders,
We submit to you for approval, the Group's and the Company's financial statements for the financial year from January 1st to December 31st, 2015.
The current year's financial statements, as well as those of the previous year, have been drawn up in accordance with the International Financial Reporting Standards, as they have been adopted by the European Union.
The present Annual Review Report of the Board of Directors was drawn up according to the provisions of article 107 par. 3 of Codified Law 2190/1920, the provisions of article 4 of Law 3556/2007, as well as the by proxy of the same Law decisions of the Board of Directors of the Hellenic Capital Market Commission.
The Group's sales for the year 2015 amounted € 153,4 million as opposed to € 109,6 million during 2014, marking a decrease of 3,8%.
The Group's results before taxes amounted to losses of € 4,4 million against profits of € 1 million for 2014, while results net of taxes amounted to losses of € 5,9 million against profits of € 441 thousand.
The Group's results before interest, taxes, depreciation, and amortization (EBITDA) for 2015 amounted to profits of € 12,7 million against profits of € 11,09 million for 2014.
The Company's sales amounted € 128,7 million as opposed to € 146,1 million recording a decrease of 11,9% in respect to the year 2014.
The Company's results before taxes amounted to losses of € 6,1 million against profits of € 3,6 million for 2014, while results net of taxes amounted to losses of € 6,61 million against profits of € 2,87 million.
The Company's results before interest, taxes, depreciation, and amortization (EBITDA), amounted to profits of € 8,4 million against profits of € 13,1 million for 2014.
It is noted that the yearly results include an amount of € 5,2 million, which relates to impairment of financial assets available for sale. Consequently operating results before taxes and before this impairment amounted to € 848 thousand.
The Group's trade and other receivables appear increased as compared to the previous year amounting € 95,7 million as opposed to € 82,6 million, while for the Company they were increased as well amounting € 91,8 million from € 81,3 million, which is attributed to the difficulty particularly on the part of the government to repay its obligations. This difficulty at the end of 2015 began to smooth gradually.
The Group's liabilities at the end of 2015 amounted € 234,8 million against € 186 million and appear increased, mainly due to the increase in bank borrowings which include a long-term loan of a subsidiary for the implementation of a Wind Park, as well as a short-term loan taken by a subsidiary for the implementation of a PPP project.
The net finance cost amounted € 8,4 million for the Group and € 6,7 million for the Company. It is estimated that despite the increase in bank borrowings it will remain stable due to the restructuring of borrowing that took place in 2015 with the conversion of short-term borrowings into long-term bond loan.
The equity at the end of 2015 amounted € 61,2 million for the Group and € 67,9 million for the Company.
The liquidity and leverage ratios for the year 2015 as compared to those for the year 2014 are as follows:
| GROUP | COMPANY | |||
|---|---|---|---|---|
| 31.12.2015 31.12.2014 |
31.12.2015 | 31.12.2014 | ||
| LIQUIDITY RATIO | ||||
| General Liquidity | 1,08 | 1,15 | 1,12 | 1,20 |
| LEVERAGE RATIO | ||||
| Liabilities / Equity | 3,84 | 3,00 | 2,44 | 1,86 |
| Borrowings / Equity | 1,71 | 1,20 | 0,89 | 0,59 |
Summary figures regarding the cash flow statement for the year 2015 as compared to those of the year 2014 are as follows:
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| (Amounts in Euro) | 01.01 - 31.12.2015 |
01.01 - 31.12.2014 |
01.01 - 31.12.2015 |
01.01 - 31.12.2014 |
|
| Net cash flows from operating activities | (12.796.914) | 4.295.335 | (3.667.485) | (14.693.836) | |
| Net cash flows from investing activities | (11.122.221) | (26.823.106) | (6.298.559) | 693.385 | |
| Net cash flows from financing activities | 29.496.164 | 9.029.146 | 18.848.112 | 7.186.825 | |
| Cash and cash equivalents at the end of the year | 31.324.751 | 25.747.722 | 15.956.037 | 7.073.970 |
The Ordinary General Shareholders' Meeting of INTRAKAT held on 24.06.2015, took the following major decisions:
The year 2015 is characterized as the most decisive and crucial period for the country, since during this period developments have occurred that affected significantly the overall effort of the country to exit from the long term crisis.
The most crucial event in this period was the commitment of Greece and partners for a new agreement which ensured its eve within the European Framework as well as for a new financial facility program in parallel with the receipt of a package of prerequisite measures and reforms.
The second important event confirming the criticality of the period, is the imposition of restrictions on bank transactions and on capital movements imposed in order to stem the accelerated outflow of bank deposits and to support the domestic banking system liquidity.
The bank holiday and the imposition of these restrictive measures, on the one hand restrained deposit outflows and the capital flight abroad, but on the other affected in a negative way, creating distortions and problems in the operation and the daily life of Greek firms.
It is important to mention, that at the end of 2015 the gradual restoration of a climate of trust was aided considerably by the successful recapitalization of Greek banks.
Although the Greek economy in early 2016 continues to be at a critical point, the general forecast is that 2016 may constitute the beginning of a course that will lead the country to exit the crisis and to a sustainable development.
Crucial for the future developments is considered the successful completion of the evaluation of the ongoing program, the acceleration of reforms, the strengthening of the banking system and the encouragement of upcoming investments.
In addition, the further improvement of Greek banks' position can accelerate the procedures of relaxation and of final waiver of restrictions on capital movements so that it will enable them to raise liquid funds and to channel loans to the real economy and businesses.
The problems encountered in 2015 by all activity sectors of economy, affected the construction field as well, resulting in the production index in construction to decline and in particular in the last quarter of 2015 to fall short by 10,1% compared to the same period of 2014.
Similar was the trend of the index of business expectations in construction, which lost significant ground and was formed in December 2015 to 50,8 points, well below the corresponding prior year's performance (80,7 points).
Respectively the index of forecasts for scheduled tasks of the construction business deteriorated to -60 points in December 2015 compared with the corresponding prior year's performance (-30 points), while it shows a slight improvement in January 2016 to -52 points.
Especially, in the field of Public Projects construction, in late 2015, the index of business expectations dropped to the level of 47,2 points which is lower than the corresponding prior year's level (90,3 points), while it showed improvement in January 2016 to 63,1 points.
Indicative of the situation is that in the period December 2015 - January 2016 only a percentage of 12-13% of construction enterprises state seamless business operation, while more than 50% report as major problems for their smooth operation, the low demand, the insufficient funding, the current financial situation and naturally the imposition of restrictions on capital movements (capital control).
INTRAKAT Group, in 2015 continued smoothly, given the circumstances, the construction of the projects it has undertaken to implement, which are mentioned in detail below. These projects include road constructions, dams and hydraulic projects, telecommunication projects, airports, building infrastructure, hospitals, renewable energy projects and environmental projects, development of complex tourist, hotel and residential infrastructure.
Already in the Energy field the Group's Wind Park, the construction of which was completed at the end of 2014, functioned in 2015 with returns that exceed the initial estimates.
Intense the Group's involvement in the tourism real estate field that attracts a significant investor interest and is considered by the market as the pre-eminent field with favorable prospects of rapid recovery. The Group focuses its activity on the development of luxurious holiday residences and the development and operation of hotel facilities and believes it can obtain significant goodwill and yields, despite the adverse economic climate.
It is noted, that despite the problems faced by new investments in tourism real estate as they are recorded (bureaucratic and legal issues), investments in the tourism field will ultimately lead in the medium term to the development of high standards real estate that will bring significant benefits.
In full progress is the construction of the PPP project "Design, Financing, Installation, Operation Support, Maintenance and Facility Management of an Integrated Passenger Information System and Fleet Management for O.SY. SA" with a budget of € 48,2 million, where INTRAKAT, apart from its participation in the special purpose venture that will implement it, participates as well in its construction and the project is expected to be completed within the original timetable set.
Furthermore, in full progress since the beginning of the year is the construction of the PPP project "Development of Broadband Infrastructure on Rural" White "Areas of Greek Territory and Operations Services - Development of Infrastructure" with a budget of € 60 million, where INTRAKAT, apart from its participation in the special purpose venture that will implement and operate the project, participates as well as the exclusive manufacturer and the project is expected to be completed within the original timetable set.
Regarding the PPP project "Implementation of a Waste Treatment Unit in Serres Prefecture –Phase B.II" with a budget of € 39,2 million, where INTRAKAT, apart from its participation in the special purpose venture that is the temporary lowest bidder, will participate as well in the construction activities, the procedures for securing the project financing were completed in cooperation with a Greek bank and the relevant decisions of the Court of Auditors are expected. The procedures for signing the partnership contract of the project are expected to be completed in mid-2016.
Similar moves are made to finalize the securing financing of the PPP project "Treatment Facility of Municipal Solid Waste in the Prefecture of Epirus" with a budget of € 49,6 million, where INTRAKAT, apart from its participation in the special purpose venture that is the temporary lowest bidder, will participate as well in the construction activities. The relevant approvals are expected to be received within 2016.
Intensive and with cautious steps are the Group's efforts to expand its activities abroad, in addition to its existing activities in Romania and Poland. It is noted that the Group is investigating the potential undertaking of projects in the areas of Albania, Iraq and Central Africa and in a field related to the activity of the company.
During 2015 the Company undertook in Albania, through its branch there, the construction of the project "Works for construction of Vlora waterfront project - Phase 1" with a budget of € 8,2 million.
At the end of 2015 the Company undertook in The Republic of Macedonia the construction of the project «Construction works on the Clinical Hospital in Shtip» with a budget of € 29,2 million.
INTRAKAT Group has signed within 2015 new projects amounting € 116 million while the backlog of signed projects as of 31.12.2015 amounts € 276 million plus € 96 million mew projects for which the signing procedures are expected to be concluded.
The most important projects and their budget (Group's share) presently performed by INTRAKAT Group are listed in the following table.
| Description | Budget (INTRAKAT Group's share) |
|
|---|---|---|
| Ministry of Infrastructure, Transport and Networks - Peloponnese Motorway (Corinth-Tripoli-Kalamata) performed by the Joint venture "Moreas" (AKTOR: 71,67%, J&P AVAX: 15%, INTRAKAT: 13,3% - Total budget: € 800 F million) |
€ 129 mil. | |
| F Construction of Road Section Potidea-Kassandria - Prefecture of Chalkidiki | € 54,6 mil. | |
| F EGNATIA ODOS - Improvement, Upgrading of Western Internal Peripheral Road of Thessaloniki (District of PAPAGEORGIOU Hospital) |
€ 41,4 mil. | |
| F Ministry of Infrastructure, Transport and Networks - Reinforcement of the Reservoir at the Dam Aposelemis from the plateau of Lasithi |
€ 37 mil. | |
| F PAP ENERGY - Design, installation & commissioning of a Wind Park 24 MW in the municipality of Nafpaktia, R.U. of Aitoloakarnania, Region of West Greece |
€ 32,5 mil. | |
| F AGGEMAR S.A. - New building on the corner of L. Katsoni - Doiranis - Tagmatarchi Plessa in Kalithea. Works of Phase B (Completion) |
€ 31,8 mil. | |
| F SCOPJE - Construction works on the Clinical Hospital in Shtip | € 29,2 mil. | |
| F MINISTRY OF DEVELOPMENT - Construction of the Dam at the Filiatrinou Basin in the Prefecture of Messinia | € 26,5 mil. | |
| ERGA OSE - Construction of New Double Railway Line Infrastructure in the Section Rododafni-Psathopyrgos to be performed by the Joint venture "AKTOR-J&P AVAX-INTRAKAT" (AKTOR: 42%, J&P ΑVAX: 33%, F INTRAKAT: 25% - Total budget: € 293 million) |
€ 18,6 mil. | |
| F THEMIS CONSTRUCTION S.A. - General Detainment Facility of Crete II | € 18,2 mil. | |
| F Settlement of Eshatia Stream to be performed by the Joint venture "AKTOR ATE-MOHLOS SA-INTRAKAT" (AKTOR: 50%, MOHLOS: 25%, INTRAKAT: 25% - Total budget: € 71,5 million) |
€ 16,6 mil. | |
| F TAFF PRIME - Design, equipment supply, installation and commissioning of Wind Parks in the prefecture of Magnesia and Kilkis |
€ 13,2 mil. | |
| F Ministry of Infrastructure, Transport and Networks-EYDE AIRPORTS - New Apron of Paros National Airport | € 13 mil. | |
| F PELOPONNISOS DISTRICT - Completion of works of Sparta detour, Section Skouras - Pyri | € 9,7 mil. | |
| F ALBANIA - Works for construction of Vlora Waterfront Project - Phase 1 | € 8,2 mil. | |
| F LIDL HELLAS - Addition by extention of warehouse - Landscaping - Internal arrangements of existing - Construction of guardroom at "SAMARTHI" |
€ 8 mil. | |
| CONSTRUCTION PROJECTS | F DEPANOM - Addition of Psychiatric Section for Adults and Psychiatric Section for Children/Adolescents in the General Panarcadian Hospital of Tripoli "EVAGELISTRIA" |
€ 7,9 mil. |
| F Prefecture of Ioannina - Improvement of Road Tiria-Sistrouni | € 7,6 mil. | |
| F J/V ATERMON-INTRAKAT - Supply of materials & Construction of the Transmission Line 400kV Substation Lagada-Filippon and of the Variant of the Transmission Line of Thessaloniki-Substation Fillipon |
€ 7 mil. | |
| F EGNATIA - Sewage Projects in Evergetoula's Municipality - Prefecture of Lesvos | € 5,7 mil. | |
| F KTIRIAKES YPODOMES - Design, construction and equipment of Karpathos General Hospital | € 4,9 mil. | |
| F J/V THRIASION ERGOSE - Construction of the B΄ Operational Phase of Thriasion Complex and construction of S.S. Zefiriou |
€ 4,8 mil. | |
| F ATTICA DISTRICT - Rainwater Drainage of Anavissos, Section of expansion area of Anavissos A΄ Residence (PRISMA DOMI: 50%, PROTEAS: 50% - Total budget: € 9,1 million) |
€ 4,5 mil. | |
| F THISEFS SA - Closed and day-patient Rehabilitation, Recovery Center | € 4,2 mil. | |
| F Public Water Supply Sewerage of Nestos Kavala - Construction works of wastewater drainage of Keramoti and Haidefto settlements in the Municipal District of Keramoti |
€ 3,9 mil. | |
| F Ministry of Infrastructure, Transport and Networks - Completion works for the arrangement of Xiria's torrent in Corinth (INTRAKAT: 50%, PROTEAS: 50% - Total budget.: € 5 million) |
€ 2,5 mil. | |
| F LIDL HELLAS - Addition by extention, construction of underground space, roof replacement and modernization (LOF) of an existing Food Supermarket in Diavata Thessaloniki |
€ 2,4 mil. | |
| F CRETE DEVELOPMENT ORGANIZATION S.A. - Construction of A/K Amari of Rethymnon bypass | € 2,2 mil. | |
| DESFA S.A.- Detailed design, supply, construction, installation and integration of the expansion of the telecommunications systems and tele-surveillance System (Scada) of natural gas distribution systems in the F branches of Aliveri and Megalopolis |
€ 1,9 mil. | |
| F LIDL HELLAS - Addition by extention, construction of Bake off and substation to an existing Food Supermarket in Asprovalta |
€ 1,3 mil. | |
| F INTRA-BLUE S.A. - Construction and completion of an unfinished two-storey building with basement and pool in Kalathas Mykonos |
€ 1,0 mil. | |
| Development of Broadband Infrastructure in Rural "White" Areas of the Greek territory and Services for the Exploitation-Development of the Infrastructure with PPP (Association of companies INTRAKAT: 60% – F INTRACOM HOLDINGS: 30% – HELLAS ONLINE: 10% Total budget: € 161 million) |
€ 60 mil. | |
| F PREFECTURE OF EPIRUS - Treatment Facility of Municipal Solid Waste through PPP (Association of companies ARCHIRODON GROUP N.V.: 40% - INTRAKAT: 40% - ENVITEC: 20% Total budget: € 35 million) |
€ 14 mil. | |
| PARTNERSHIPS (PPP) PUBLIC-PRIVATE |
ESANS SA - Implementation of a Waste Treatment Unit in Serres Prefecture - Phase B.II through PPP (Association of companies ARCHIRODON GROUP N.V.: 40% - INTRAKAT: 40% - ENVITEC: 20% Total F budget: € 25,4 million) |
€ 10 mil. |
| ADVANCE TRANSPORT TELEMATICS A.E. - Design, Financing, Installation, Operation Support, Maintenance & Facility Management of an Integrated Passenger Information System and Fleet Management for ETHEL and F ILPAP with PPP (INTRAKAT: 50%, INSTRASOFT INT.: 50% Total budget.: € 48,2 million) |
€ 7 mil. |
The Group's and Company's transactions with related parties have been carried out under the common market terms.
The Group's and Company's main transactions with related parties in the sense used in IFRS 24 are:
| GROUP | |||||
|---|---|---|---|---|---|
| COMPANY NAME | ASSETS | LIABILITIES | REVENUES | EXPENSES | |
| PARENT COMPANY | |||||
| INTRACOM HOLDINGS | 1.627.530 | 2.936.259 | 469.262 | 1.475.886 | |
| ASSOCIATE COMPANIES | |||||
| ADVANCED TRANSPORT TELEMATICS S.A. | 2.716.366 | - | 167.850 | - | |
| FRACASSO HOLDINGS D.O.O. | 145.577 | - | 3.146 | - | |
| MOBILE COMPOSTING S.A. | 159.903 | - | 103.700 | - | |
| Total | 3.021.846 | - | 274.696 | - | |
| JOINT VENTURES (EQUITY) | |||||
| J/V MOHLOS - INTRACOM CONSTRUCTIONS (TENNIS) | 139.242 | 34.319 | - | - | |
| J/V PANTHESSALIKO STADIUM | 4.179 | 75.353 | - | - | |
| J/V MOHLOS - INTRACOM CONSTRUCTIONS (SWIMMING POOL) | 354.154 | - | - | - | |
| J/V ΙΝΤRΑΚΑΤ-ERGAS-ALGAS | 7.713 | - | - | - | |
| Total | 505.288 | 109.673 | - | - | |
| OTHER RELATED PARTIES | |||||
| INTRALOT S.A. | 30.651 | - | 2.450.823 | - | |
| INTRALOT OPERATIONS LTD | - | 498.219 | - | 6.844 | |
| INTRASOFT INTERNATIONAL S.A. | 3.731.849 | 2.308.649 | 3.518.185 | 1.568.282 | |
| INTRACOM DEFENSE | 69.407 | - | 753.453 | 450 | |
| KEKROPS S.A. | 882.436 | - | 223.962 | - | |
| INTRAPAR S.A. | 127.499 | - | 7.711 | - | |
| ΑΜΥΝΑ INSURANCE BROKERS LTD | 192.845 | 4.647 | - | 109.444 | |
| OTHER RELATED PARTIES | 461.092 | 55.989 | 459.939 | 22.522 | |
| Total | 5.495.779 | 2.867.503 | 7.414.073 | 1.707.541 | |
| MANAGEMENT BODIES | |||||
| MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS | 206.941 | 272.640 | 15.656 | 1.417.341 | |
| 10.857.384 | 6.186.075 | 8.173.686 | 4.600.769 |
| COMPANY | |||||||
|---|---|---|---|---|---|---|---|
| COMPANY NAME | ASSETS | LIABILITIES | REVENUES | EXPENSES | |||
| PARENT COMPANY | |||||||
| INTRACOM HOLDINGS | 1.430.464 | 2.876.961 | 130.000 | 1.472.553 | |||
| SUBSIDIARIES | |||||||
| IN MAINT S.A. | - | 303.826 | 12.600 | 352.233 | |||
| EUROKAT ATE | 5.019.597 | 147.600 | 128.500 | 120.000 | |||
| INTRACOM CONSTRUCT | 686.700 | 47.918 | - | 37.347 | |||
| INTRADEVELOPMENT | 2.922.226 | - | 1.949 | - | |||
| INTRAKAT INT. Ltd | 25.365 | 12.732 | 10.000 | 15.000 | |||
| -Α. KATSELIS ENERGEIAKI S.A. | 1.821.806 | - | 114.239 | - | |||
| FRACASSO HELLAS S.A. | 1.382.676 | - | 1.485.804 | 839.249 | |||
| INTRAPOWER S.A. | 3.512.348 | - | 2.541 | - | |||
| ANAPTIXIAKI CYCLADES S.A. | 298.755 | 23.000 | 227.654 | - | |||
| INTRA-CYCLADES S.A. | 72.103 | 22.000 | 1.464 | - | |||
| INTRA-HOSPITALITY S.A. | 3.257 | - | 2.964 | - | |||
| INTRA-BLUE S.A. | 453.825 | - | 212.184 | - | |||
| RURAL CONNECT S.A. | 4.841.035 | 4.745.007 | 12.588.811 | - | |||
| ICMH HEALTH SERVICES S.A. | 2.692 | - | 2.184 | - | |||
| B WIND POWER S.A. | 1.667 | - | 124 | - | |||
| Total | 21.044.051 | 5.302.083 | 14.791.017 | 1.363.829 | |||
| JOINT OPERATIONS | |||||||
| J/V EUROKAT - INTRAKAT (IONIOS GENERAL CLINIC) | - | 111.497 | - | - | |||
| J/V EUROKAT - PROTEYS (PEANIA'S RAINWATER) | 293 | 192.218 | - | - | |||
| Total | 293 | 303.716 | - | - |
| 31.098.594 | 11.135.975 | 21.240.697 | 5.687.844 | ||
|---|---|---|---|---|---|
| MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS | 137.744 | 48.992 | - | 1.237.991 | |
| MANAGEMENT BODIES | |||||
| Total | 5.104.486 | 2.494.551 | 6.048.130 | 1.613.471 | |
| OTHER RELATED PARTIES | 381.816 | 55.433 | 363.400 | 46.809 | |
| INTRAPAR S.A. | 127.499 | - | 7.711 | - | |
| KEKROPS S.A. | 882.313 | - | 222.367 | - | |
| INTRACOM DEFENSE | 23.792 | - | 158.616 | 450 | |
| INTRALOT OPERATIONS LTD | - | 266.000 | - | - | |
| INTRALOT S.A. | 11.812 | - | 2.262.415 | - | |
| INTRASOFT INTERNATIONAL S.A. | 3.677.253 | 2.173.118 | 3.033.622 | 1.566.212 | |
| OTHER RELATED PARTIES | |||||
| Total | 505.288 | 109.673 | - | - | |
| J/V ΙΝΤRΑΚΑΤ-ERGAS-ALGAS | 7.713 | - | - | - | |
| J/V PANTHESSALIKO STADIUM | 4.179 | 75.353 | - | - | |
| J/V MOHLOS - INTRACOM CONSTRUCTIONS (SWIMMING POOL) | 354.154 | - | - | - | |
| J/V MOHLOS - INTRACOM CONSTRUCTIONS (TENNIS) | 139.242 | 34.319 | - | - | |
| JOINT VENTURES (EQUITY) | |||||
| Total | 2.876.269 | - | 271.550 | - | |
| THIVAIKOS ANEMOS ENERGEIAKI S.A | 159.903 | - | 103.700 | - | |
| ADVANCED TRANSPORT TELEMATICS S.A. | 2.716.366 | - | 167.850 | - | |
| ASSOCIATE COMPANIES |
The transactions have been carried out under the common market terms.
Management executives and administration members fees for the year 2015 amounted € 1.417.341
These fees concern dependent work fees of the members of the Board of Directors and of management executives.
The Group's employed personnel on December 31st, 2015 were 414 people, 106 of which were administrative staff and the other 308 were technical staff.
The present Corporate Governance Statement of the company's Board of Directors refers to the total set of Principles adopted by the Company in order to ensure its efficiency, the interests of its shareholders and of the parties whose interests are associated with the Company, constitutes a special section of the Annual Review Report and includes the informative data under article 43a, case 3d' of Codified Law 2190/1920, as amended and in force by Law 3873/2010.
The Company, in compliance with the stipulations of Law 3873/2010 has enacted and follows a Corporate Governance Code which was drawn up after taking into consideration the final draft of the Corporate Governance Code for Listed Companies, released and posted on the website of SEV (Hellenic Federation of Enterprises) in January 2011, the OECD Corporate Governance Principles published in 2004 and the generally endorsed corporate governance principles applied in EU-member states. The Company's Corporate Governance Code which can be found in its website www.intrakat.com, is codified and posted on the company's website after any amendment-revision that takes place by decision of the company's Board of Directors. So far there has been no modification-revision of the abovementioned Code.
With the Corporate Governance Code the company records all the principles and practices adopted to ensure its maximum performance, the protection of the general corporate interest, the interests of its shareholders, its sound operation as well as its compliance with the requirements of the existing legislation, culminating in the implementation of Law 3873/2010, which incorporated into the Greek law the Directive No 2006/46/EC of the European Council.
The company may proceed to amendments of the Corporate Governance Code whenever it deems appropriate under decisions of the Board of Directors.
Based on the general principles of the company's operation, which are depicted in the Corporate Governance Code, the present CORPORATE GOVERNANCE STATEMENT is drawn up by the members of the company's Board of Directors.
The company is fully compliant with current legislation on corporate governance. The Corporate Governance principles it applies are presented in detail in the Corporate Governance Code.
The Company's internal control system covers all of the policies, processes, tasks, behaviors and other elements that characterizes her, which are implemented by the B.o.D., the Management and the rest of the workforce and have as objectives: a. the effective and efficient operation of the Company so as to respond appropriately to the risks associated with the achievement of its business objectives, b. ensuring the credibility of the supplied financial reporting and c. the compliance with applicable laws and regulations.
The Company's B.o.D. with the assistance of the Audit Committee (article 37 of Law 3693/2008) has the final responsibility for monitoring and evaluating the adequacy of the Company's internal control system.
The Company has Internal Rules and Regulations which govern the structure and the scope of each company's department, the relationship between departments and with administration, as well as the company's internal operating procedures. It sets the rules for operating and processing company's procedures and incorporates the Code of Conduct under which institutions and company employees must operate.
The Company's organizational structure is reflected in the company's organizational chart and described in detail in its Internal Rules and Regulations. The professionalism and competence of staff is maintained both through the rigorous recruitment policies and performance appraisal system.
Specific operating procedures have been established for areas related to transactions with suppliers and partners and all sorts of payments. These procedures describe all stages of approval required to ensure the effective control of transactions.
There are documented approval limits by the Board of Directors for all forms of payments, through bank accounts - bank transfers and / or issuing of checks and other responsibilities relevant to the management of corporate affairs and assets.
The Company has developed information systems that actively support the long-term corporate objectives. All significant business activities are covered by adequate policies and procedures.
Sufficient detailed budgets are drawn up which are subject to constant monitoring.
Comparisons are made between actual, historical and budgeted expense accounts with adequately detailed explanations obtained for all significant variances.
The company has placed special emphasis on the procedure for ensuring the smooth and safe operation of its information technology systems and infrastructure.
An adequate accounting system is installed providing Management with financial and operational performance measurement indicators. Analysis of results is prepared on a monthly basis covering all major areas of business activities.
Ensuring effective corporate governance is considered to be a very important goal for the Company. The company uses internal control as a key tool in implementing risk management rules, which in turn is an important objective in the implementation of effective corporate governance. The internal control system is reviewed on an ongoing basis to ensure the maintenance of a safe and effective control environment.
The organization and operation of internal control is conducted by the company's Internal Audit Committee (art. 7 Law 3016/2002), which monitors the implementation and continued observance of the company's internal operating rules and articles of association, as well as the company's overall compliance with the legislation. In addition, it reports to the Board, if found, any cases of conflict of interests of Board members and managers with the interests of the company, it regularly updates the Board on the audits carried out and the Audit Committee of article 37 Law 3693/2008, if any serious control issues arise and it assists the supervisory authorities in their monitoring and supervisory tasks.
Further, the Audit Committee (article 37 Law 3693/2008) deals with all major control issues raised from both management and internal and external auditors and reports its findings to the Board. It also recommends to the company's governing body the statutory auditor or the audit firm, which will be proposed for appointment to the General Meeting. For all the identified weaknesses in internal control, the Audit Committee ensures that management takes all necessary corrective actions.
The Company is exposed to various risks which is why through constant monitoring it attempts to predict the likelihood of such risks and act promptly in order to mitigate their effects to the extent possible. It has also created the necessary structures and procedures to help evaluate and manage risks related to financial reporting. Meetings of Administration members and Company's chief executive officers take place on a weekly basis to examine the company's current issues, including issues related to financial reporting as well as issues related to the company's projects.
Such risks are mainly:
• Course of the construction field - Expansion of Activities
The difficulties faced by the Greek economy due to the economic crisis, has greatly affected the construction field as well.
In order for the Company to ensure the stability of its financial figures, it is constantly adjusting its overall business planning and strategy in order to be able to expand its activities in other fields where it has the potential to develop outright, such as the field of environmental projects (management of natural resources projects, green development projects), the field of renewable energy sources and the field of solid waste management (waste to energy).
• Dependence on the contractors certificate
Pursuant to the provisions of the current legislation on public projects, in order for a contractor company to be able to participate in tenders for undertaking public project contracts, it must be registered in the Registry of Contractor Enterprises held by the Ministry of Infrastructure, Transport and Networks, while by the time the regular reassessment takes place, it should have the proper staffing, the necessary financial data demonstrating compliance with the sustainability indicators designated by the law, experience in project implementation, etc.
A potential weakness in fulfilling the criteria of a future reassessment will affect the Group's financial figures.
It is noted that in January 2015 the Company renewed its 7th grade contractors degree for the next three years.
• Implementation of projects through joint ventures
Part of the Company's income comes from projects being executed through entities of joint operations (joint ventures) with other construction companies in Greece. Each such entity is formed in order to carry out the implementation of a specific project (public or private). The joint venture members are jointly and severally liable to the owner of the project as well as for any liability of such an entity. For this reason, INTRAKAT Group is constantly monitoring these entities at a financial and technical level.
The activities of the Group's companies face risks that may result from adverse events, such as among others, accidents of any nature, wounds and injuries to persons (employees and/or other), environmental damages or damages to equipment and third parties' property.
All the above may very well cause delays or, in the worst case, interruption of the execution of works in the involved projects and may draw penal responsibilities to the Company's executives.
In order to reduce related potential risks, the Company takes all necessary precautions (hygiene and safety measures), so that such kind of adverse events are avoided while in parallel the proper for each activity insurance contracts, are being concluded.
The Company faces the following financial risks:
With respect to the liquidity risk, the Company, in the difficult economic environment as it is currently shaped, is in constant contact with the Greek banking institutions in order to ensure the required letters of guarantee and fundings for the implementation of the projects it has undertaken.
Furthermore, with respect to the credit risk, the Company constantly monitors the total of trade receivables and where necessary takes promptly all extrajudicial or judicial actions to safeguard the rights and interests of the Group's companies and the collection of receivables, thereby minimizing any credit risk. In cases where it appears that there is a potential risk of non-collection of a receivable, the Company proceeds to the formation of the required related provision.
With respect to the potential risks that may arise from changes in the macroeconomic and business environment in Greece and in conjunction with the capital restriction imposed on Greek banks that is expected to be gradually withdrawn, the Management of INTRAKAT Group believes that the activity and cash flows from operating activities of both the company and the Group will not be significantly affected by the above events. In any event, the Group and the Company monitor on a continuous basis any changes in the economic environment and timely adapt their strategic actions for protection against such potential risks.
• With regard to the required information pursuant to section (c) of article 10 par. 1 of the 2004/25/EC Directive, namely significant direct or indirect participations of the company (including indirect participations through pyramid structures or cross shareholdings) in the sense of article 85 of 2001/34/EC Directive, the following are stated:
Dated 31.12.2015, Intracom Holdings S.A. holds 61,76% of the company's share capital. No other natural or legal person holds more than 5% of the share capital.
It is noted, that the above information is already contained in the Explanatory Report of the Company's Board of Directors which contains detailed information on the issues of Article 11a of Law 3371/2005, in conjunction with paragraphs 7 and 8 of Law 3556/2007, as in force.
The General Meeting is the supreme Company body, convened by the Board of Directors and entitled to decide on all corporate affairs. All shareholders are entitled to participate in the General Meeting either in person or by a lawfully authorized proxy, in line with the legal procedure in force. The legal resolutions of the General Meeting bind as well the shareholders who are absent or disagree.
the voting procedures, proxy procedural terms and the forms to be used for proxy voting,
the proposed agenda of the meeting, including the drafts of the resolutions for discussion and voting and any accompanying documents,
Furthermore, apart from the invitation for the convocation of the General Meeting, the company posts on its website, from the date the Invitation is published until the date on which the General Shareholder Meeting is held, at least the following information:
Η Γενική Συνέλευση είναι η μόνη αρμοδία να αποφασίζει για :
The General Meeting is the sole body competent to decide on:
The provisions of the preceding paragraph shall not apply to: a) increases that pursuant to article 5 par. 2 of the company's Articles of Association, and article 13 par. 1 and 13 of Codified Law 2190/1920, as in force, are decided by the Board of Directors, as well as increases imposed by provisions of other laws, b) Amendments to the Articles of Association by the Board in accordance with article 11 par. 5 of Codified Law 2190/1920, as in force, article 13 par. 13 of Codified Law 2190/1920, as in force, article 13a par. 2 of Codified Law 2190/1920, as in force, and article 17b par. 4 of Codified Law 2190/1920, as in force, c) the absorption of a societe anonyme under article 78 of Codified Law 2190/1920, of which 100% of the shares is owned by the Company and d) the ability to distribute profits or optional reserves within the current financial year by decision of the Board, provided there is a related authorization by the Ordinary General Meeting.
The General Meeting has a quorum and is validly met on the items of the agenda, when at least 20% of the paid up share capital is represented at the meeting.
If that quorum is not achieved at the first meeting, the Meeting must reconvene within 20 days from the date on which the meeting was called off, and with the invitation at least 10 days prior to the meeting. That meeting has a quorum and is validly met on the items of the initial agenda, irrespective of the percentage of the paid-up share capital represented at that meeting. A newer invitation is not required, if the initial invitation specifies the location and timing of the repeat meetings provided for by law, in case of failure to reach quorum.
Decisions of the General Meeting are taken by absolute majority of the votes represented at it.
The Board acting collectively undertakes the management, administration and disposal of the company's assets and the representation of the Company, ensuring the implementation of corporate strategy and the equitable treatment of shareholders. It decides on all general issues relating to the Company within the context of its scope, except for those that pursuant to the law or the Articles of Association fall under the exclusive competence of the General Meeting. The Board of Directors is the trustee of the company's Corporate Governance Principles.
Resumes of board members are posted on the company website, www.intrakat.com.
i. The company is run by a B.o.D. that consists from three (3) at the minimum to eleven (11) members of which at least 1/3 are non-executive members, out of which at least two are independent non-executive members in accordance with the requirements of Law 3016/2002. The Executive Board members are employed in the company and provide their services to the company, while non-executive members do not perform administrative tasks in the company. The B.o.D. members are elected by the General Shareholders Meeting for a 5-year term of office, which is automatically extended until the first Ordinary General Meeting following the expiry of office, but cannot exceed six years. Members of the Board may be re-elected and withdrawn freely.
The present composition of the B.o.D., whose term of office ends on 26.06.2019, includes the following eleven (11) members:
| 1. | Dimitrios | Χ. | Klonis, | Chairman of the B.o.D., Executive member |
|---|---|---|---|---|
| 2. | Georgios | A. | Anninos | Α΄Vice Chairman of the B.o.D., Non-executive member |
| 3. | Dimitrios | S. | Theodoridis, | B΄Vice Chairman of the B.o.D., Executive member |
| 4. | Petros | Κ. | Souretis , | Managing Director, Executive member |
| 5. | Dimitrios | Α. | Pappas , | Executive member |
| 6. | Charalampos | Κ. | Kallis, | Executive member |
| 7. | Constantinos | S. | Kokkalis, | Non-executive member |
| 8. | Sokrates | S. | Kokkalis , | Non-executive member |
| 9. | Christos | D. | Mistriotis, | Non-executive member |
| 10. | Sotirios | Ν. | Filos, | Independent non-executive member |
| 11. | Anastasios | Μ. | Tsoufis, | Independent non-executive member |
During the year 2015 a total of 52 meetings were held by the Board of Directors.
In particular, the Current B.o.D. of the Company was elected by the Ordinary General Meeting held on 26.06.2014 and is 11-membered, consisting of the aforementioned. Originally, it was formed into a body in accordance with the by 26.06.2014 Minutes of the Company΄s Board of Directors and consisted of Messrs: Dimitrios X. Klonis, Petros K. Souretis, Dimitrios S. Theodoridis, Constantinos S. Kokkalis, Dimitrios A. Pappas, Charalampos K. Kallis, Georgios S. Koliastasis, Christos D. Mistriotis, Sokrates S. Kokkalis, Sotirios Ν. Filos, Anastasios Μ. Tsoufis. Following was the B.o.D. meeting held on 22.09.2014 by which the representation of the company was reassigned, and finally the B.o.D. meeting held on 04.11.2014 by which the representation of the company was reassigned. Recently, during the B.o.D. meeting held on 25.02.2016 it was decided to elect a new Board Member (namely, Mr. Georgios Anninos, who was appointed Α΄Vice Chairman of the B.o.D in replacement of the resigned member Mr. Georgios S. Koliastasis for the remainder of his term), to reform the B.o.D. into a body as above, and to reassign the representation rights and the company's commitment.
ii. The Board immediately after its election meets and forms into a body and elects from its members the Chairman and one or two Vice-chairmen.
The Board may elect one or two Managing Directors from its members only, defining at the same time their responsibilities.
The minutes of the meetings are signed by the Chairman, or his deputy, or the Managing Director of the Company. Each of the above persons is entitled to issue certified copies or extracts of the minutes, without the need for further validation.
v. The Board may, exclusively on its decision, confer the total or part of its powers and responsibilities (except for those requiring collective action) as well as the company's representation, to one or more persons, board members or not, determining at the same time the extent of this delegation. These persons may in turn confer the exercise of all or part of the powers delegated to them to other Board members, company employees or third parties, provided it is stated in the related decision of the B.o.D. Nevertheless, the responsibilities of the Board are subject to the provisions of Articles 10 and 23a of Codified Law 2190/1920, as in force.
Regarding the remuneration policy for the year 2015, the company shall make publicly available only its policy and principles for forming the remuneration of executive Board members, as well as the method of performance evaluation and calculation of the variable remuneration of the Board members. Pursuant to the above, it is stated:
There is no Remuneration Committee having as its task to determine the remuneration of executive and nonexecutive Board members, and thus there are no arrangements for the tasks of this Committee, the frequency of its meetings and other issues relating to its operation. The establishment of such a Committee, in view of the structure and operation of the company has not been deemed necessary until now, as any remuneration is approved by the General Shareholders Meeting, in accordance with the law and the Articles of Association. The process of determining the remuneration of Board members, executive and non, is in the custody of the Company's Board, in the light of creating long-term corporate value, maintaining the necessary balances and promoting meritocracy.
The remuneration of the Board members is presented in the annual financial Report in note 7.35.
It is noted, that the company is considering the possibility of setting up a Fee Committee.
Audit Committee of article 37 Law 3693/2008
The Audit Committee during the year 2015 held four meetings.
The Company is studying the newly introduced by the Greek Code of Corporate Governance (GCCG), (October 2013) optimum practices, indicatively, as to the following:
1.a. Policy of diversity as to the composition of the Board and the senior executive officers,
Particular practices referring to the disclosure of Board members fees,
in order to examine their applicability in the future.
The present Corporate Governance Statement was drawn up by the company's Board of Directors, in compliance with the stipulations of article 43a case d' of Codified Law 2190/1920, as amended and in force by Law 3873/2010.
The present explanatory Report of the Board of Directors for the year 2015 contains detailed information regarding the issues of paragraph 1 of article 11a of Law 3371/2005 (in conjunction to paragraphs 7 & 8 of article 4 of Law 3556/2007).
The Company's Share Capital amounts € 31.489.780 divided into 23.154.250 Common Registered Shares of € 1,36 par value each. All the Company's Shares are common, registered, voting and listed for trading in the Athens Stock Exchange Market and have all the rights and obligations defined by Law.
The Company shares are transferred as provided by Law. The Articles of Association provide no restrictions regarding their transfer.
On 31.12.2015, INTRACOM HOLDINGS holds a percentage of 61,76% of the Company's share capital. No other natural or legal person possesses more than 5% of its share capital.
None of the Company shares carry any special control rights.
The Company's Articles of Association make no provision for any limitations on voting rights.
The Company is not aware of any agreements among its shareholders, entailing limitations on the transfer of its shares or on the exercise of its voting rights.
The Board of Directors elects its members in substitution of members that resigned, died or lost their status in any other way. This appointment is possible provided that the replacement of these members is not possible by alternate members who may have been elected by the General Meeting. The above election by the Board of Directors shall be taken by the remaining members, if at least three (3), and is valid for the remaining tenure of the member being replaced. The decision of the election is submitted to the publicity of article 7b of Codified Law 2190/1920, as currently in force and notified by the Board of Directors at the immediately next General Meeting, which can replace the elected members, even if no related topic has been written on the agenda.
In case of resignation, death, or loss of status in any other way of a member or members of the Board of Directors, the remaining members may continue to manage and represent the Company without the substitution of missing members in accordance with the preceding paragraph, provided that their number is more than half of the members, as they were before the occurrence of these events. In each case the members may not be less than three (3).
In any case, the remaining Board members, regardless of their number, can proceed to convening the General Meeting for the sole purpose of electing a new Board of Directors.
There is no decision of the Shareholders General Meeting in effect, for acquiring own shares pursuant to article 16 of Codified Law 2190/1920, as in force.
There is no decision of the Shareholders General Meeting in effect, for offering stock options on Company's shares to persons mentioned in paragraph 13 of article 13 of Codified Law 2190/1920, as in force.
There are no agreements which are put in force, amended or terminated in the event of a change in the control of the Company, following a public offer.
The Company has made no agreements with members of its Board of Directors or its employees providing for the payment of compensation fees, especially in the case of resignation or dismissal without good reason, or termination of their period of office or employment due to a public offer.
Peania, March 28th 2016
The declarants
THE CHAIRMAN THE A΄ VICE CHAIRMAN THE B΄ VICE CHAIRMAN THE MANAGING DIRECTOR OF THE B.o.D. OF THE B.o.D. OF THE B.o.D. P. Κ. Souretis D. X. Klonis G. A. Anninos D. S. Theodoridis
D. Α. Pappas Ch. Κ. Κallis C. S. Kokkalis S. S. Kokkalis Ch. D. Mistriotis S. Ν. Filos Α. Μ. Tsoufis
To the shareholders of "INTRACOM CONSTRUCTIONS SOCIETE ANONYME TECHNICAL AND STEEL CONSTRUCTIONS"
We have audited the accompanying separate and consolidated financial statements of "INTRACOM CONSTRUCTIONS SOCIETE ANONYME TECHNICAL AND STEEL CONSTRUCTIONS", which comprise the separate and consolidated statement of financial position as of 31 December 2015, the separate and consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management is responsible for the preparation and fair presentation of these separate and consolidated financial statements in accordance with International Financial Reporting Standards, as adopted by the European Union, and for such internal controls as management determines is necessary to enable the preparation of separate and consolidated financial statements that are free from material misstatement, whether due to fraud or error.
Our responsibility is to express an opinion on these separate and consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the separate and consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the separate and consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the separate and consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the separate and consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's system of internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the separate and consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
In our opinion, the accompanying separate and consolidated financial statements present fairly, in all material respects, the financial position of the Company "INTRACOM CONSTRUCTIONS SOCIETE ANONYME TECHNICAL AND STEEL CONSTRUCTIONS" and its subsidiaries, as of 31 December 2015, their financial performance and their cash flows for the year then ended in accordance with the International Financial Reporting Standards, as adopted by the European Union.
a) The Report of the Board of Directors includes a corporate governance statement, which provides all information set out in article 43a (par.3d) of c.L. 2190/1920.
b) We verified the consistency and the correspondence of the content of the Report of the Board of Directors with the accompanying separate and consolidated financial statements, under the legal frame of the articles 43a, (par. 3a), 108 and 37 of c.L. 2190/1920.
Certified Public Accountant Auditor
Institute of CPA (SOEL) Reg. No. 15161
Associated Certified Public Accountants s.a. member of Crowe Horwath International 3, Fok. Negri Street – 112 57 Athens, Greece Institute of CPA (SOEL) Reg. No. 125
These financial statements have been translated from the original statutory financial statements that have been prepared in the Greek language. In the event that differences exist between this translation and the original Greek language financial statements, the Greek language financial statements will prevail over this document.
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| ASSETS | Note | 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 |
| Non-current assets | |||||
| Goodwill | 7.1 | 2.926.597 | 2.926.597 | 326.268 | 326.268 |
| Other intangible assets | 7.2 | 1.639.122 | 336.721 | 223.613 | 306.955 |
| Property, plant and equipment | 7.3 | 64.382.723 | 62.047.029 | 29.522.804 | 30.658.306 |
| Investment property | 7.4 | 14.885.920 | 12.922.987 | 8.662.550 | 8.687.855 |
| Investment in subsidiaries | 7.5 | - | - | 17.350.403 | 13.790.903 |
| Investment in associates (consolidated using the equity method) | 7.6 | 1.126.599 | 890.193 | 427.997 | 500.697 |
| Available-for-sale financial assets | 7.7 | 2.481.582 | 700.394 | 2.481.582 | 700.394 |
| Trade and other receivables | 7.8 | 4.383.685 | 1.829.131 | 7.080.769 | 4.672.462 |
| Deferred income tax assets | 7.9 | 1.208.842 | 2.264.997 | 1.263.802 | 1.785.734 |
| 93.035.070 | 83.918.049 | 67.339.788 | 61.429.574 | ||
| Current assets | |||||
| Inventories | 7.10 | 13.743.597 | 13.887.183 | 8.984.415 | 8.576.392 |
| Construction contracts | 7.11 | 41.177.752 | 35.354.498 | 41.012.624 | 35.141.879 |
| State financial contribution (IFRIC 12) | 7.12 | 11.646.815 | - | - | - |
| Πελάτες και λοιπές απαιτήσεις | 7.8 | 95.738.654 | 82.666.320 | 91.804.742 | 81.269.942 |
| Trade and other receivables | 7.13 | 170.389 | 178.967 | 170.389 | 178.967 |
| Financial assets at fair value through profit and loss | 9.239.429 | 6.616.937 | 8.629.870 | 5.977.044 | |
| Current income tax assets | 7.14 | 31.324.751 | 25.747.722 | 15.956.037 | 7.073.970 |
| Cash and cash equivalents | 203.041.386 | 164.451.628 | 166.558.077 | 138.218.193 | |
| Total assets | 296.076.456 | 248.369.677 | 233.897.865 | 199.647.767 | |
| EQUITY | |||||
| Capital and reserves attributable to the Parent's equity holders | |||||
| Share capital | 7.15 | 65.573.476 | 65.573.476 | 65.573.476 | 65.573.476 |
| Fair value reserves | 7.16 | (1.135.197) | (5.767.520) | (301.956) | (5.046.175) |
| Other reserves | 7.17 | 15.994.739 | 15.973.532 | 15.945.834 | 15.938.694 |
| Retained earnings | (21.574.951) | (14.980.850) | (13.315.336) | (6.688.979) | |
| 58.858.067 | 60.798.637 | 67.902.018 | 69.777.017 | ||
| Non-controlling interests | 2.365.445 | 1.305.380 | - | - | |
| Total equity | 61.223.512 | 62.104.018 | 67.902.018 | 69.777.017 | |
| LIABILITIES | |||||
| Non-current liabilities | |||||
| Borrowings | 7.18 | 44.837.810 | 41.657.300 | 16.654.593 | 13.103.758 |
| Provisions for retirement benefit obligations | 7.19 | 1.144.048 | 1.108.790 | 816.254 | 798.116 |
| Grants | 7.20 | 54.556 | 60.983 | 54.556 | 60.983 |
| Trade and other payables | 7.21 | - | 394.623 | - | 394.623 |
| 46.036.413 | 43.221.695 | 17.525.402 | 14.357.480 | ||
| Current Liabilities | |||||
| Trade and other payables | 7.21 | 120.046.599 | 107.282.732 | 94.212.405 | 84.133.009 |
| Borrowings | 7.18 | 59.613.808 | 32.622.029 | 43.725.364 | 27.857.471 |
| Construction contracts | 7.11 | 8.112.449 | 2.417.030 | 9.797.672 | 2.800.617 |
| Current income tax liabilities | 681.456 | 307.894 | 372.783 | 307.894 | |
| Short-term provisions for other liabilities and charges | 7.23 | 362.220 | 414.281 | 362.220 | 414.281 |
| 188.816.531 | 143.043.964 | 148.470.445 | 115.513.270 | ||
| Total liabilities | 234.852.944 | 186.265.660 | 165.995.847 | 129.870.751 | |
| Total Equity and Liabilities | 296.076.456 | 248.369.677 | 233.897.865 | 199.647.767 |
01.01 -
GROUP COMPANY
01.01 -
| (Amounts in Euro) | |
|---|---|
| Note | 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 | |
|---|---|---|---|---|---|
| Sales | 7.24 | 147.594.551 | 153.393.561 | 128.670.613 | 146.101.519 |
| Cost of goods sold | 7.25 | (125.663.074) | (130.488.625) | (111.131.770) | (122.896.223) |
| Gross profit | 21.931.477 | 22.904.936 | 17.538.843 | 23.205.296 | |
| Administrative expenses | 7.25 | (14.547.025) | (15.229.491) | (12.471.666) | (13.370.295) |
| Other income | 7.26 | 2.006.284 | 1.601.519 | 1.745.648 | 1.698.978 |
| Other gains/(losses) - net | 7.27 | (5.419.868) | (1.950.319) | (6.141.231) | (1.879.045) |
| Operating results | 3.970.869 | 7.326.645 | 671.594 | 9.654.934 | |
| Finance income | 7.28 | 194.219 | 1.839.698 | 180.758 | 1.761.295 |
| Finance expenses | 7.28 | (8.571.923) | (8.085.441) | (6.914.489) | (7.837.757) |
| Finance cost - net | (8.377.704) | (6.245.743) | (6.733.731) | (6.076.462) | |
| Losses from associates | (3.992) | (72.880) | - | - | |
| (Losses)/profit before taxes | (4.410.827) | 1.008.023 | (6.062.137) | 3.578.472 | |
| Income tax expense | 7.29 | (1.533.211) | (566.584) | (564.226) | (710.358) |
| (Losses)/profit net of taxes | (5.944.039) | 441.440 | (6.626.363) | 2.868.114 | |
| Other comprehensive income net of taxes: | |||||
| Amounts which may be transferred to results | |||||
| Available-for-sale financial assets - Fair value (losses)/profit | (470.812) | (3.376.148) | (470.812) | (3.376.148) | |
| Available-for-sale financial assets - Transfer to results | 5.258.029 | 857.297 | 5.258.029 | 857.297 | |
| Currency translation differences | (152.908) | (78.060) | (42.997) | (68.876) | |
| Amounts which are not transferred to results | |||||
| Actuarial gains/(losses) after deferred taxes | 5.765 | (75.209) | 7.145 | (37.205) | |
| Other comprehensive income net of taxes | 4.640.074 | (2.672.119) | 4.751.364 | (2.624.931) | |
| Total comprehensive income net of taxes | (1.303.965) | (2.230.679) | (1.874.999) | 243.183 | |
| (Losses)/profit for the year attributable to : | |||||
| Owners of the Parent | (6.417.692) | 535.966 | (6.626.363) | 2.868.114 | |
| Non-controlling interests | 473.653 | (94.526) | - | - | |
| (5.944.039) | 441.440 | (6.626.363) | 2.868.114 | ||
| Total comprehensive income net of taxes | |||||
| Attributable to: | |||||
| Owners of the Parent | (1.774.519) | (2.119.812) | (1.874.999) | 243.183 | |
| Non-controlling interests | 470.554 | (110.867) | - | - | |
| (1.303.965) | (2.230.679) | (1.874.999) | 243.183 | ||
| (Losses)/earnings per share | |||||
| Basic: | 7.30 | -0,2772 | 0,0231 | -0,2862 | 0,1239 |
01.01 -
01.01 -
| GROUP | |||||||
|---|---|---|---|---|---|---|---|
| Note | Ordinary Share Capital |
Fair Value Reserves |
Other Reserves |
Retained Earnings |
Non-controlling interests |
Total Equity | |
| Balance at 1 January 2014 | 65.573.476 | (3.170.630) | 17.868.549 | (17.463.600) | 2.273.211 | 65.081.006 | |
| Net profit for the year | - | - | - | 535.966 | (94.526) | 441.440 | |
| Available-for-sale financial assets - Fair value (losses)/profit | 7.16 | - | (3.376.148) | - | - | - | (3.376.148) |
| Currency translation differences | 7.16 | - | (78.039) | - | - | (20) | (78.060) |
| Actuarial (losses)/gains | - | - | (58.889) | - | (16.320) | (75.209) | |
| Available-for-sale financial assets - Transfer to results | 7.16 | - | 857.297 | - | - | - | 857.297 |
| Total comprehensive income | - | (2.596.890) | (58.889) | 535.966 | (110.867) | (2.230.679) | |
| Foundation of subsidiary | 966.000 | 966.000 | |||||
| Expenses of subsidiaries' share capital increase | - | - | - | (20.860) | - | (20.860) | |
| Change of interest held in subsidiaries | - | - | 11.414 | 58.723 | (1.773.811) | (1.703.675) | |
| Withdrawal from joint operations | - | - | - | 12.226 | - | 12.226 | |
| Adjustment | - | - | - | 49.153 | (49.153) | - | |
| Transfer from other income to retained earnings | 7.17 | - | - | (1.847.542) | 1.847.542 | - | - |
| Balance at 31 December 2014 | 65.573.476 | (5.767.520) | 15.973.532 | (14.980.850) | 1.305.380 | 62.104.018 | |
| Balance at 1 January 2015 | 65.573.476 | (5.767.520) | 15.973.532 | (14.980.850) | 1.305.380 | 62.104.018 | |
| Net losses for the year | - | - | - | (6.417.692) | 473.653 | (5.944.039) | |
| Available-for-sale financial assets - Fair value (losses)/profit | 7.16 | - | (470.812) | - | - | - | (470.812) |
| Currency translation differences | 7.16 | - | (150.233) | - | (2.675) | (152.908) | |
| Actuarial gains/(losses) | - | - | 6.189 | - | (424) | 5.765 | |
| Available-for-sale financial assets - Transfer to results | 7.16 | - | 5.258.029 | - | - | - | 5.258.029 |
| Total comprehensive income | - | 4.636.984 | 6.189 | (6.417.692) | 470.554 | (1.303.965) | |
| Increase of subsidiaries' share capital with an increase in the interest held |
- | - | 3.796 | (340.739) | 336.943 | - | |
| Expenses of subsidiariy's share capital increase Deferred tax imposed on the expenses of a subsidiary's share |
- | - | - | (3.442) | (4.158) | (7.600) | |
| capital increase | - | - | - | 998 | 1.206 | 2.204 | |
| Change of interest held in subsidiaries | - | (4.661) | (6.243) | 240.804 | 186.955 | 416.855 | |
| Payment of subsidiary's share capital | - | - | - | - | 12.000 | 12.000 | |
| Adjustment Transfer from retained earnings to other income |
7.17 | - - |
- - |
- 17.466 |
(56.564) (17.466) |
56.564 - |
- - |
| Balance at 31 December 2015 | 65.573.476 | (1.135.197) | 15.994.739 | (21.574.951) | 2.365.445 | 61.223.512 | |
| Note | Ordinary Share Capital |
Fair Value Reserves |
Other Reserves |
Retained Earnings |
Total Equity | |
|---|---|---|---|---|---|---|
| Balance at 1 January 2014 | 65.573.476 | (2.458.449) | 17.823.442 | (10.067.986) | 70.870.483 | |
| Net profit for the year | - | - | - | 2.868.114 | 2.868.114 | |
| Available-for-sale financial assets - Fair value (losses)/profit | 7.16 | - | (3.376.148) | - | - | (3.376.148) |
| Currency translation differences | 7.16 | - | (68.876) | - | - | (68.876) |
| Actuarial (losses)/gains | - | - | (37.205) | - | (37.205) | |
| Available-for-sale financial assets - Transfer to results | 7.16 | - | 857.297 | - | - | 857.297 |
| Total comprehensive income | - | (2.587.726) | (37.205) | 2.868.114 | 243.183 | |
| Acquisition from minority of interest held in merged subsidiary | - | - | - | (1.348.875) | (1.348.875) | |
| Transfer from other income to retained earnings | 7.17 | - | - | (1.847.542) | 1.847.542 | - |
| Withdrawal from joint operations | - | - | - | 12.226 | 12.226 | |
| Balance at 31 December 2014 | 65.573.476 | (5.046.175) | 15.938.694 | (6.688.979) | 69.777.017 | |
| Balance at 1 January 2015 | 65.573.476 | (5.046.175) | 15.938.694 | (6.688.979) | 69.777.017 | |
| Net losses for the year | - | - | - | (6.626.363) | (6.626.363) | |
| Available-for-sale financial assets - Fair value (losses)/profit | 7.16 | - | (470.812) | - | - | (470.812) |
| Currency translation differences | 7.16 | - | (42.997) | - | - | (42.997) |
| Actuarial gains/(losses) | - | - | 7.145 | - | 7.145 | |
| Available-for-sale financial assets - Transfer to results | 7.16 | - | 5.258.029 | - | - | 5.258.029 |
| Total comprehensive income | - | 4.744.219 | 7.145 | (6.626.363) | (1.874.999) | |
| Transfer from other income to retained earnings | 7.17 | - | - | (6) | 6 | - |
| Balance at 31 December 2015 | 65.573.476 | (301.956) | 15.945.834 | (13.315.336) | 67.902.018 |
| (Amounts in Euro) | GROUP | COMPANY | |||
|---|---|---|---|---|---|
| Note | 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 | |
| Cash flows from operating activities | |||||
| (Losses)/profit for the Period | (5.944.039) | 441.440 | (6.626.363) | 2.868.114 | |
| Adjustments for: | |||||
| Taxes | 1.533.211 | 566.584 | 564.226 | 710.358 | |
| Depreciation of property, plant & equipment | 3.645.892 | 2.542.211 | 2.016.980 | 2.301.633 | |
| Amortisation of intangible assets | 113.605 | 115.343 | 108.515 | 111.003 | |
| Depreciation of investment property | 25.305 | 24.625 | 25.305 | 24.625 | |
| Impairment of assets Gains/ (losses) from disposal of PPE |
7.27 | - (56.383) |
376.137 13.519 |
- (17.618) |
376.137 27.127 |
| Gains/ (losses) from disposal of investment property | 7.27 | - | (9.932) | - | (9.932) |
| Fair value gains/ (losses) of other financial assets at fair value through profit or loss | 7.27 | 8.578 | 44.204 | 8.578 | 44.204 |
| Gains / (losses) from disposal of financial assets available for sale | 7.27 | - | 757.584 | - | 757.584 |
| Impairment of available for sale assets | 7.27 | 5.258.029 | - | 5.258.029 | - |
| Gains / (losses) from disposal of subsidiaries or interests to minority | 7.27 | - | - | 324.000 | (400) |
| Gains / (losses) from disposal of associates | 7.27 | (182.696) | - | (221.994) | - |
| Dissolution of J/Vs (equity) | 77.505 | - | 72.700 | - | |
| Interest income | 7.28 | (194.219) | (1.839.698) | (180.758) | (1.761.295) |
| Interest expense | 7.28 | 8.571.923 | 8.085.441 | 6.921.615 | 7.780.710 |
| Dividend income | 7.26 | (1.040) | - | (1.040) | - |
| Depreciation of grants received | 7.26 | (6.427) | (6.428) | (6.427) | (6.428) |
| Impairment of doubtful debts | 7.27 | 414.946 | 758.675 | 361.166 | 674.192 |
| Impairment of subsidiaries | - | - | 456.480 | ||
| Currency translation differences | 37.855 | 16.945 | 3.839 | 7.057 | |
| Share of profit from associates | 7.6 | 3.992 | 72.880 | - | - |
| Cash flows from operating activities before changes in the working capital | 13.306.038 | 11.959.528 | 9.067.234 | 13.904.688 | |
| Changes in working capital : | |||||
| (Increase) / decrease of inventories | 143.586 | (2.217.711) | (408.023) | (1.592.824) | |
| (Increase) / decrease of receivables | (33.514.290) | (16.386.742) | (19.935.018) | (23.240.709) | |
| Increase / (decrease) of payables | 18.574.281 | 23.337.722 | 17.191.448 | 7.621.721 | |
| Increase / (decrease) of provisions | (52.061) | (190.698) | (52.061) | (155.699) | |
| Increase / (decrease) of retirement benefit obligations | 48.094 | (177.156) | 28.202 | (156.917) | |
| (14.800.390) | 4.365.415 | (3.175.453) | (17.524.427) | ||
| Cash flows from operating activities | (1.494.352) | 16.324.943 | 5.891.781 | (3.619.738) | |
| Interest paid Income tax paid |
(8.571.923) (2.730.639) |
(8.085.441) (3.944.167) |
(6.921.615) (2.637.652) |
(7.780.710) (3.293.388) |
|
| Net cash generated from operating activities | (12.796.914) | 4.295.335 | (3.667.485) | (14.693.836) | |
| Cash flows from investing activities | |||||
| Purchase of property, plant and equipment | 7.3 | (6.451.931) | (29.719.751) | (910.608) | (1.995.155) |
| Purchase of investment property | 7.4 | (1.693.040) | (1.177.904) | - | - |
| Purchase of intangible assets | 7.2 | (1.416.015) | (33.333) | (25.173) | (25.331) |
| Disposal of property, plant & equipment | 262.840 | 216.127 | 47.410 | 259.519 | |
| Disposal of investment property | - | 40.930 | - | 40.930 | |
| Purchase of financial assets available for sale | (2.252.000) | - | (2.252.000) | - | |
| Disposal of financial assets available for sale | - | 2.799.386 | - | 2.799.386 | |
| Disposal of interest held in subsidiaries to minority Disposal of associates |
7.6 | 360.000 359.994 |
42.000 - |
360.000 239.994 |
42.000 - |
| Acquisition of interest in subsidiaries | 7.5 | (12.000) | (396.800) | (1.688.611) | (396.800) |
| Contribution to the share capital of subsidiaries | 7.5 | - | - | (2.251.369) | - |
| Foundation of new subsidiaries | 7.5 | - | - | - | (1.521.000) |
| Foundation of new associates | 7.6 | (475.327) | (433.460) | - | (271.460) |
| Dividends received | 1.040 | - | 1.040 | - | |
| Interest received | 194.219 | 1.839.698 | 180.758 | 1.761.295 | |
| Net cash used in investing activities | (11.122.221) | (26.823.106) | (6.298.559) | 693.385 | |
| Cash flows from financing activities | |||||
| Share of minority shareholders in the foundation, share capital payment of subsidiaries Expenses of subsidiaries' share capital increase |
12.000 (7.600) |
966.000 (20.860) |
- - |
- - |
|
| Proceeds from borrowings | 62.858.519 | 21.324.476 | 47.804.135 | 18.272.800 | |
| Repayment of borrowings | (32.973.202) | (13.065.347) | (28.684.044) | (10.922.227) | |
| Repayments of finance lease obligations | (240.645) | (105.657) | (228.982) | (94.872) | |
| Currency translation differences of foreign associates | 7.6 | (1.873) | 8.593 | - | - |
| Currency translation differences of foreign subsidiaries & branches | (151.035) | (78.060) | (42.997) | (68.876) | |
| Net cash used in financing activities | 29.496.164 | 9.029.146 | 18.848.112 | 7.186.825 | |
| Net (decrease) / increase in cash & cash equivalents | 5.577.029 | (13.498.625) | 8.882.068 | (6.813.625) | |
| Cash and cash equivalents of discontinued operations Cash and cash equivalents at the beginning of the year |
- 25.747.722 |
(2.725) 39.249.071 |
- 7.073.970 |
(2.725) 13.890.320 |
The annual financial statements consist of the separate financial statements of «INTRACOM CONSTRUCTIONS SOCIETE ANONYME TECHNICAL AND STEEL CONSTRUCTIONS» (the "Company") and the consolidated financial statements of the Company and its subsidiaries (the "Group") for the year ended 31 December 2015, drawn up in accordance with the International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board (IASB).
«INTRACOM CONSTRUCTIONS SOCIETE ANONYME TECHNICAL AND STEEL CONSTRUCTIONS» (d.t. «INTRAKAT») is the parent company of the group domiciled in Greece. Its registered office is at the 19th km Peania-Markopoulou Ave., Peania Attikis, Greece P.O. 190 02.
The Company's shares are listed on the Athens Stock Exchange.
The annual financial statements for the year ended on December 31st 2015 were approved by the Board of Directors on March 28th, 2016.
INTRAKAT was founded in 1987, is a Greek Societe Anonyme with General Electronic Commercial Registry No: 408501000, (former companies registration No: 16205/06/B/87/37).
The Group's activity is focused mainly into two fields: construction (including telecommunications and optical fiber networks) and steel structures.
The construction activity is expanding in all contemporary fields of public and private projects and until today the Parent company as well as the joint-ventures/joint operations in which it participates have materialized significant projects such as office buildings, industrial buildings, hospitals, airport expansions, motorway infrastructures, athletic projects, railway projects, hotels, telecommunication projects and natural gas infrastructure projects.
The Parent company holds the upper (7th) grade Contractors Certificate of the Registry of Contractors' Enterprises (Ministry of Infrastructure, Transport and Networks) for all categories of projects.
Development in the field of steel structures is realized through the Company's factory unit, situated on a privately owned plot in Larissa, Yannouli, measuring 125.000 m² (25.000 m² indoor space), that provides a series of services including the design, study, development, industrialization and installation (erection) of complex steel and electromechanical structures.
At the same time INTRAKAT Group expands its activity in the fields of environmental projects (administration of natural resources and green development projects) and renewable energy sources (integrated solutions of study, installation and maintenance of solar and wind parks), while significant is its presence abroad, where through its subsidiaries in Romania and Cyprus and through its branch offices in Albania, Syria, Poland and Bulgaria, it implements various building projects and telecommunication infrastructure projects.
The annual separate and consolidated financial statements for the year ended 31 December 2015 (hereinafter the «financial statements») have been prepared under the historical cost convention, except for the available-for-sale financial assets, the financial assets at fair value through profit or loss valuated at fair value, the going concern principle and are in accordance with the International Financial Reporting Standards (IFRS), as those have been issued by the International Accounting Standards Board (IASB), as well as with their Interpretations, as issued by the International Financial Reporting Interpretations Committee (IFRIC) and approved by the European Union.
The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates and the exercise of Management's judgement in the process of applying the accounting policies. Moreover, the use of estimates and assumptions is required that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of preparation of the financial statements and the reported income and expense amounts during the reporting period. Although these estimates are based on the best possible knowledge of management with respect to the current conditions and activities, the actual results may eventually differ from these estimates.
The accounting principles applied in the preparation of the financial statements of the subsidiaries and associates, as well as those of the joint ventures, are uniform to those adopted by the Company.
The accounting principles used for the preparation of the financial statements are consistent with those used for the preparation of the annual financial statements of the previous year.
Furthermore, all amended standards and interpretations effective from January 1st 2015 have been taken into consideration to the extent they are applicable.
Certain new standards, amendments to standards and interpretations have been issued that are mandatory for annual periods beginning from January 1st 2015 or subsequently. The impact of the application of these new standards, amendments and interpretations is set out below.
The interpretation clarifies that the "obligating event" that should give rise to a liability to pay a levy is the activity described in the relevant legislation that triggers the payment of the levy. The interpretation is effective for annual periods beginning on or after June 17th 2014 and does not have a significant impact on the financial statements of the Company or the Group.
The IASB as part of its annual improvements program, issued in December 2013 the following amendments to existing standards. Τhese amendments do not have a significant impact on the financial statements of the Company or the Group unless otherwise stated.
The amendments of the 2011-2013 cycle, were issued by IASB on December 12th 2013 and are effective for annual periods beginning on or after January 1st 2015. The Company and the Group have adopted the annual improvements for the first time in the present financial statements which are presented in detail:
The amendment clarifies that an entity in the first financial statements under IFRS, has the option between applying an existing and valid IFRS or applying earlier a new or revised IFRS which is not yet mandatory, provided that the new or revised IFRS allows for earlier application. An entity is required to apply the same version of IFRS to all periods covered by the first financial statements under IFRS.
This amendment clarifies that IFRS 3 excludes from its scope the accounting for the formation of a joint arrangement in the financial statements of the joint arrangement itself.
This amendment clarifies that the scope of the portfolio exception defined in paragraph 52 of IFRS 13 includes all contracts accounted for within the scope of IAS 39 «Financial Instruments: Recognition and Measurement» or IFRS 9 «Financial Instruments», regardless of whether they meet the definition of financial assets or financial liabilities as defined in IAS 32 «Financial Instruments: Presentation».
This improvement clarifies that if a specific transaction meets the definition of both a business combination as defined in IFRS 3 «Business Combinations» and investment property as defined in IAS 40 «Investment Property», the separate application of both standards independently of each other is required.
The following new standards, amendments and interpretations have been issued but are mandatory for subsequent periods. The Company and the Group have not early adopted the following standards and are assessing their impact on the financial statements.
The amendment clarifies how contributions from employees or third parties related to service should be attributed to periods of service. Furthermore, it allows a practical solution, if the contributions are independent of the number of years of service. The amendment is effective for annual periods beginning on or after February 1st 2015.
On July 24th 2014, IASB issued the final version of IFRS 9 which includes the classification and measurement, the impairment and hedge accounting. The standard is going to replace IAS 39 as well as all other earlier versions of IFRS 9. The financial assets are measured at amortized cost, at fair value through profit or loss, or at fair value through other comprehensive income, based on the entity's business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. Apart from the credit risk of the entity, the classification and measurement of financial liabilities has not changed in relation to the existing requirements. The Company and the Group are in the process of assessing the impact of IFRS 9 on their financial statements. IFRS 9 is mandatory for annual periods beginning on or after January 1st 2018 and has not yet been adopted by the European Union.
On January 30th 2014 the IASB issued IFRS 14 «Regulatory Deferral Accounts»
The objective of IFRS 14 is to specify the financial reporting requirements for the "regulatory deferral accounts" balances that arise when an entity provides goods or services to customers at a price or rate that is subject to rate regulation by the state.
IFRS 14 permits an entity that is a first-time adopter of IFRS to continue to account, with minor changes, "regulatory deferral accounts" balances in accordance with the previous accounting standards, both in its first IFRS financial statements as well as in its subsequent financial statements. The balances and transactions of these accounts are presented separately in the statements of financial position, results and other comprehensive income, while specific disclosures are required. The new standard is effective for annual periods beginning on or after January 1st 2016 and has not yet been adopted by the European Union.
On May 28th 2014 the IASB issued IFRS 15 «Revenue from Contracts with Customers» which is mandatory for annual periods beginning on or after January 1st 2017 and constitutes the new standard for the recognition of revenue.
IFRS 15 replaces IAS 18, IAS 11 and the interpretations IFRIC 13, IFRIC 15, IFRIC 18 and SIC 31.
The new standard specifies how and when an entity will recognize revenue and requires such entities to provide users of financial statements with more informative, relevant disclosures. The standard provides a single five-step model to be applied to all contracts with customers for the recognition of revenue. IFRS 15 has not yet been adopted by the European Union.
IFRS 16 was issued in January 2016 and replaces IAS 17. The purpose of the standard is to ensure that lessees and lessors provide useful information that fairly presents the substance of transactions involving leases. IFRS 16 introduces a single lessee accounting model, which requires the lessee to recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. Regarding the accounting on the part of the lessor, IFRS 16 substantially carries forward the requirements in IAS 17. Accordingly, the lessor continues to classify its leases as operating leases or finance leases, and to account for those two types of leases differently. The Group is in the process of assessing the impact of IFRS 16 on its financial statements. The new standard is effective for annual periods beginning on or after January 1st 2019 and has not yet been adopted by the European Union.
The amendment is effective for annual periods beginning on or after January 1st 2017 and has not yet been adopted by the European Union. On 29.01.2016 the IASB issued an amendment to IAS 7 according to which an entity shall provide disclosures that enable users of financial statements to evaluate changes in those liabilities for which cash flows are classified in the statement of cash flows. The changes to be disclosed, which do not necessarily arise from financing activities include changes from financing cash flows, changes arising from obtaining or losing control of subsidiaries or other businesses, the effect of changes in foreign exchange rates, changes in fair values and other changes.
The Group assesses the impact of this amendment on its financial statements.
On 19.01.2016 the IASB issued an amendment to IAS 12, with which it clarifies that:
The amendment is effective for annual periods beginning on or after January 1st 2017 and has not yet been adopted by the European Union.
The main consequence of the amendment issued by IASB on September 11th 2014, is that a full gain or loss should be recognized when a transaction includes a business (whether it is housed in a subsidiary or not). A partial gain or loss is recognized when a transaction includes assets that do not constitute a business, even if these assets are housed in a subsidiary. The amendment is effective for annual periods beginning on or after January 1st 2016 and has not yet been adopted by the European Union.
On December 18th 2014 the IASB issued amendments to IFRS 10, IFRS 12 and IAS 28 to address issues that have arisen in relation to the exemption from consolidation for investment entities. The amendments are effective for annual periods beginning on or after January 1st 2016, with earlier application being permitted and have not yet been adopted by the European Union.
The amendments of the 2010-2012 cycle, were issued by IASB on December 12th 2013 and are effective for annual periods beginning on or after February 1st 2015.
This improvement amends the definitions of "vesting conditions" and "'market conditions" and adds definitions for "performance conditions" and "service conditions", which were previously part of the definition of "vesting conditions".
The amendment clarifies that the contingent consideration classified as an asset or liability will be measured at fair value at each balance sheet date.
This amendment requires an entity to disclose the judgments made by management in applying the aggregation criteria to operating segments. In addition it clarifies that an entity shall only provide reconciliations of the total of the reportable segments' assets to the entity's assets if the segment assets are reported to the chief operating decision maker regularly.
The amendment clarifies that when an item of property, plant and equipment is revalued, the gross carrying amount is adjusted in a manner that is consistent with the revaluation of the carrying amount.
The amendment clarifies that an entity providing "key management personnel" services to the reporting entity or to the parent of the reporting entity, is a related party of the reporting entity.
The amendment clarifies that when an intangible asset is revalued, the gross carrying amount is adjusted in a manner that is consistent with the revaluation of the carrying amount.
The amendments of the 2012-2014 cycle, were issued by IASB on September 25th 2014, are effective for periods beginning on or after January 1st 2016 and have been adopted by the European Union on December 15th 2015. Τhe following amendments are not expected to have a significant impact on the financial statements of the Company or the Group unless otherwise stated.
The amendment clarifies that changing from one disposal method to another (through sale or through distribution to the owners) should not be considered to be a new plan of disposal, rather it is a continuation of the original plan. There is therefore no interruption in the application of the requirements of IFRS 5. The amendment also clarifies that changing the disposal method does not change the date of classification.
The amendment clarifies that a servicing contract that includes a fee can constitute continuing involvement in a financial asset that has been derecognized. This affects the disclosures required by the standard. In addition, the amendment clarifies that the IFRS 7 disclosures relating to the offsetting of financial assets and financial liabilities are not required in the condensed interim financial report.
The amendment clarifies that market depth of high quality corporate bonds is assessed based on the currency in which the obligation is denominated, rather than the country where the obligation is located. When there is no deep market for high quality corporate bonds in that currency, government bond rates must be used.
The amendment clarifies that the required interim disclosures must either be in the interim financial statements or incorporated by cross - reference between the interim financial statements and wherever they are included within the interim financial report (e.g., Review Report). It is also clarified that the other information within the interim financial report must be available to users on the same terms and at the same time as the interim financial statements. If users do not have access to the other information in this manner, then the interim financial report is incomplete.
The amendments to IAS 1 issued by IASB on December 18th 2014, clarify that materiality applies to the whole financial statements and that inclusion of information which is not material can obscure the usefulness of disclosures. Furthermore, the amendments clarify that entities should exercise their professional judgment in specifying as to where and in what order the information is presented in the disclosures to the Financial Statements. The amendment is effective for annual periods beginning on or after January 1st 2016 and was adopted by the European Union on December 18th 2015.
The amendment clarifies that the use of revenue-based methods are not suitable for calculating the depreciation of an asset and that revenues are not considered an appropriate basis for measuring the consumption of the economic benefits embodied in an intangible asset. The amendment is effective for annual periods beginning on or after January 1st 2016 and was adopted by the European Union on December 2nd 2015.
The amendments bring bearer plants, which are used solely to grow production, within the scope of IAS 16 so that they are accounted for in the same way as property, plant and equipment. These amendments are effective for annual periods beginning on or after January 1st 2016, with earlier application being permitted and were adopted by the European Union on November 23rd 2015.
The amendment to IAS 27 issued by IASB on August 12th 2014, allows an entity to use the equity method when accounting for its investments in subsidiaries, joint ventures and associates in the separate financial statements. This constitutes an accounting policy choice for each category of investments. The amendment is effective for annual periods beginning on or after January 1st 2016 and was adopted by the European Union on December 18th 2015.
This amendment requires an investor to apply the acquisition method when acquiring an interest in a joint operation that is a "business". The amendment is effective for annual periods beginning on or after January 1st 2016 and was adopted by the European Union on November 24th 2015.
A business segment is a distinctive part of an entity, engaged in providing an individual product or service or a group of related products or services that are subject to risks and returns that are different from those of other business segments. A geographical segment is a distinctive part of an entity engaged in providing products or services within a particular economic environment and is subject to risks and benefits that are different from those of parts operating in different economic environments.
The Group is engaged in the field of Constructions, Steel Structures and Renewable Energy Sources. και των Ανανεώσιμων Πηγών Ενέργειας. Geographically the Group operates within the Greek territory, in countries of the European Community, in other European countries and Middle East.
Subsidiaries are all entities over which the Group exercises control. The Group exercises control over another entity when the Group is exposed or has rights to variable returns from its participation in the entity and has the capacity to affect those returns through its power exercised over the entity. Subsidiaries are fully consolidated from the date on which control over them is acquired and are no longer consolidated from the date on which control ceases.
The acquisition of a subsidiary by the Group is accounted for based on the acquisition method. The consideration transferred is calculated as the fair value of the assets transferred, the liabilities incurred to the former shareholders and the equity interests issued by the Group. Acquisition related costs are expensed as incurred. The assets, liabilities and contingent liabilities assumed in a business combination are measured at their fair values at the acquisition date. Per case of acquisition, the Group recognizes any non-controlling interest in a subsidiary either at fair value or at the value of the share of the non-controlling interest in the subsidiary's net assets.
If the acquisition of a subsidiary is achieved in stages, the fair value of the interest held by the Group in the acquiree is re-measured to fair value at the acquisition date.
Any contingent consideration to be transferred by the acquirer is recognized at fair value at the acquisition date. Subsequent changes to the fair value of the contingent consideration that is deemed to be an asset or liability, is recognized in accordance with IAS 39 either in profit or loss or as a change to other comprehensive income. Contingent consideration that is classified as equity is not re-measured until its subsequent settlement is accounted for within equity.
The difference between the consideration transferred and the fair value at the acquisition date of the equity interest in the acquired subsidiary is recognized as goodwill. If the aggregate of the consideration transferred is less than the fair value of the net assets acquired, the difference is recognized directly in profit or loss.
The Company accounts for investments in subsidiaries in its separate financial statements at cost less impairment provisions. Furthermore, the acquisition cost is adjusted to reflect changes in the consideration arising from any changes to the contingent consideration.
Inter-company transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.
Combinations of entities under joint control: In transactions involving combinations of entities or businesses under joint control and are excluded from the scope of IFRS 3 "Business Combinations", the Group applies the pooling of interest method. For reasons of comparability of financial statements, comparative information is adjusted where necessary.
The Group accounts for transactions with non-controlling interest holders in the same manner it accounts for transactions with the major shareholders of the Group. For purchases carried out by holders of non-controlling interests, the difference between the consideration paid and the carrying amount of the subsidiary's equity
interest acquired is recorded in equity. Gains or losses on disposals to non-controlling interest holders are also recorded in equity.
When the Group ceases to have control, any retained interest is re-measured at its fair value, while any differences arising are recognized in profit or loss. Subsequently, this asset is recognized as an associate, joint venture or financial asset at that fair value. In addition, related amounts previously recognized in other comprehensive income are accounted for as if the Group had directly disposed of the related assets or liabilities, thus they are transferred to profit or loss.
The joint operations are accounted for by the Group based on IFRS 11. Investments in joint operations are classified as either jointly controlled operations or as joint ventures and the classification depends on the contractual rights and obligations of each investor. The Group has assessed the nature of its investments in joint operations and decided that they constitute jointly controlled operations. According to this method, the share of assets, liabilities, income and expenses of the jointly controlled operations attributable to the Group is incorporated on a line-by-line basis in the Group's financial statements.
The Group recognizes the share of profits or losses on sales by the Group to the jointly controlled operations that is attributable to the other venturers of the jointly controlled operations. The Group does not recognise its share of profits or losses of the jointly controlled operations resulting from the Group's purchases from the jointly controlled operations until the assets acquired are sold to a third party. If a loss on such a transaction provides evidence of a reduction in the net realizable value of current assets or an impairment loss, the loss is recognized immediately.
Accounting policies of jointly controlled operations have been changed to ensure consistency with the policies adopted by the Group.
Associates are legal entities over which the Group has significant influence, but no control, which generally applies when participation percentages range between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method and are initially recognized at acquisition cost. Investments in associates include as well the goodwill arising on acquisition (net of any impairments losses).
The Group's share of the post-acquisition profits or losses is recognized in the income statement while its share of post-acquisition movements in other comprehensive income is recognized in other comprehensive income. The cumulative post-acquisition changes affect the carrying value of investments in associates. Unrealized gains on transactions between the Group and its associates are eliminated to the extent of the interest held in the associates. Unrealized losses are eliminated unless the transaction provides evidence of an impairment of the asset transferred. When the Group's share on losses of an associate exceeds its interest in the associate, no further losses are recognized, unless payments have been made or further obligations have incurred on behalf of the associate.
If the participation percentage in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income is reclassified to profit or loss.
When the Group ceases to have significant influence, the remaining interest in the former associate is measured at fair value. The difference between the fair value of the remaining interest, the consideration received against the sale of the interest held in the associate and the carrying amount of the investment in the associate, on the date the significant influence ceased to exist, is recognized in the results. In addition, related amounts previously recognized in other comprehensive income are accounted for in the same way that would be followed in case these assets and liabilities were sold, that is transferred to the results.
Accounting policies of associates have been changed to ensure consistency with the policies adopted by the Group.
The Company accounts for investments in associates in its separate financial statements at cost less impairment provisions
The Group's structure on December 31st, 2015 is as follows:
| COMPANY NAME | % of interest held |
Consolidation method |
|---|---|---|
| INTRAKAT, Greece | Parent Company | |
| EUROKAT ATE, Greece | 45,29% | Full |
| ΙΝ. ΜΑΙΝΤ S.A, Greece | 62,00% | Full |
| FRACASSO HELLAS S.A. DESIGN & CONSTRUCTION OF ROAD SAFETY SYSTEMS, Greece | 80,00% | Full |
| - FRACASSO HOLDINGS D.O.O., Croatia | 40,00% | Equity * |
| INTRADEVELOPMENT S.A., Greece | 100,00% | Full |
| - ANAPTIXIAKI CYCLADES S.A. REAL ESTATE DEVELOPMENT, Greece | 100,00% | Full |
| - INTRA-CYCLADES REAL ESTATE DEVELOPMENT COMPANY SOCIETE ANONYME, Greece | 100,00% | Full |
| - INTRA-HOSPITALITY SOCIETE ANONYME HOTEL AND TOURISM BUSINESS, Greece | 100,00% | Full |
| - INESTIA TOUTISTIKI SOCIETE ANONYME, Greece | 50,00% | Equity |
| INTRA-BLUE HOSPITALITY AND BUSINESS TOURISM SOCIETE ANONYME, Greece | 100,00% | Full ** |
| INTRAPOWER SOCIETE ANONYME ENERGY PROJECTS, Greece | 100,00% | Full |
| RURAL CONNECT S.A., Greece | 60,00% | Full |
| ICMH HEALTH SERVICES S.A. Greece | 50,00% | Full |
| B-WIND POWER ENERGY SOCIETE ANONYME, Greece | 100,00% | Full ** |
| INTRACOM CONSTRUCT SA, Romania | 97,17% | Full |
| OIKOS PROPERTIES SRL, Romania | 100,00% | Full |
| ROMINPLOT SRL, Romania | 100,00% | Full ** |
| ΙNTRAKAT INTERNATIONAL LIMITED, Cyprus | 100,00% | Full |
| - ALPHA MOGILANY DEVELOPMENT SP. Z.O.O, Poland | 25,00% | Equity * |
| - AMBTILA ENTERPRISES LIMITED, Cyprus | 100,00% | Full * |
| - Α.KATSELIS ENERGEIAKI S.A., Greece | 50,00% | Full * |
| MOBILE COMPOSTING S.A., Greece | 24,00% | Equity |
| ADVANCED TRANSPORT TELEMATICS S.A., Greece | 50,00% | Equity |
| J/V MOHLOS - INTRACOM CONSTRUCTIONS (TENNIS), Greece | 50,00% | Equity |
| J/V MOHLOS - INTRACOM CONSTRUCTIONS (SWIMMING POOL), Greece | 50,00% | Equity |
| J/V PANTHESSALIKO STADIUM, Greece | 15,00% | Equity |
| J/V INTRAKAT - ERGAS - ALGAS, Greece | 33,33% | Equity |
* indirect participation, ** direct and indirect participation
| COMPANY NAME | % of interest held |
|---|---|
| INTRAKAT, Greece | Parent Company |
| Joint operations | |
| - J/V ΙΝΤRΑΚΑΤ - ΑΤΤΙΚΑΤ (ΕGΝΑΤΙΑ ROAD), Greece | 50,00% |
| - J/V ΙΝΤRΑΚΑΤ - ELTER (XIRIAS PROJECT), Greece | 50,00% |
| - J/V INTRAKAT- ELTER (PROJECT OF NATURAL GAS SCHOOL INSTALLATION), Greece | 30,00% |
| - J/V ΙΝΤRΑΚΑΤ - ΙΝΤRACOM TELECOM (DEPA's TELECOMMUNICATION NETWORKS), Greece | 70,00% |
| - J/V INTRAKAT - ELTER (EXPANSION OF NATURAL GAS DISTRIBUTION NETWORKS XANTHI, SERRES, KOMOTINI), Greece | 50,00% |
| - J/V AKTOR ATE - J&P AVAX - ΙΝΤRΑΚΑΤ (J/V MOREAS), Greece | 13,33% |
| - J/V INTRAKAT - ELTER (NATURAL GAS PIPELINES DISTRIBUTION AND SUPPLY NETWORK IN SOUTH ATTIKA REGION - EPA 7), Greece | 49,00% |
| - J/V EUROKAT - INTRAKAT (IONIOS GENERAL CLINIC), Greece | 72,65% |
| - J/V INTRAKAT - ETVO (CONSTRUCTION OF THE CENTRAL LIBRARY FACILITIES OF THE ATHENS SCHOOL OF FINE ARTS), Greece | 70,00% |
| - J/V ANASTILOTIKI - INTRAKAT - GETEM - ETETH (CIVIL, ELECTROΜECHANICAL WORKS & SHAPING OF SURROUNDINGS OF THE NEW MUSEUM IN PATRA), Greece |
25,00% |
| - J/V ANASTILOTIKI - GETEM - INTRAKAT (CONSTRUCTION OF REFINERY & WATER PIPELINES IN PATRA & ITS INDUSTRIAL DISTRICT FROM PEIROS - PARAPEIROS DAM), Greece |
33,30% |
| - J/V ALTEK SA - INTRAKAT - ANASTILOTIKI ATE (EXPANSION OF THE TERMINAL OF THESSALONIKI's PUBLIC AIRPORT "MACEDONIA" NORTHWEST UNTIL THE CONTROL TOWER), Greece |
46,90% |
| - J/V INTRAKAT - ELTER (CONSTRUCTION OF DAM AT THE FILIATRINOU BASIN), Greece | 50,00% |
| - J/V INTRAKAT - K. PANAGIOTIDIS UNLIMITED CO. (PROJECT OF TRANSPORT LINES 'ONE'), Greece | 60,00% |
| - J/V INTRAKAT - FILIPPOS S.A. (AMFIPOLIS PROJECT), Greece | 50,00% |
| - J/V EKTER S.A. - ERTEKA S.A. - THEMELI S.A. - INTRAKAT (NETWORKS OF FILOTHEI REGION IN KIFISIA), Greece | 24,00% |
| - J/V INTRAKAT - G.D.Κ. TECHNIKI EPE "J/V FOR THE CONSTRUCTION OF THE FILIATRINOU DAM PROJECT", Greece | 70,00% |
| - J/V J&P ΑVAX-AEGEK-INTRAKAT (INFRASTRUCTURE OF THE DOUBLE RAIL LINE KIATO-RODODAFNI), Greece | 33,33% |
| - J/V AKTOR ΑΤΕ-PORTO KARRAS SA-INTRAKAT (SETTLEMENT OF ESHATIA STREAM), Greece | 25,00% |
| - J/V INTRAKAT-PROTEAS (SETTLEMENT OF XIRIAS TORRENT), Greece | 50,00% |
| - J/V AKTOR - J&P AVAX - INTRAKAT (PANAGOPOULA TUNNEL), Greece | 25,00% |
| - J/V AKTOR ATE-INTRAKAT (MONITORING APOSELEMIS's RESERVOIR FILLING PROCESS), Greece | 50,00% |
| - J/V ATERMON ΑΤΕ-ΙΝΤRΑΚΑΤ (MATERIAL SUPPLY & CONSTRUCTION OF T.L. ΚΥΤ LAGADA-ΚΥΤ FILIPPON), Greece | 50,00% |
| - J/V ΙΝΤRΑΚΑΤ-ΕRGO ΑΤΕ (CONSTRUCTION OF DISTRIBUTION NETWORK & NATURAL GAS PIPES IN ATTICA), Greece | 50,00% |
| - J/V INTRAKAT - "J/V ARHIRODON HELLAS ATE - INTRAKAT" (GENERAL DETAINMENT FACILITY OF EASTERN MACEDONIA & THRACE), | 80,00% |
| - J/V INTRAKAT - MESOGEIOS E.S. SA (PROJECT OF BIOLOGICAL PURIFICATION OPERATION MAINTENANCE IN OINOFITA SHIMATARIOU), | 50,00% |
| - J/V INTRAKAT - PROTEAS (DRAINAGE OF RAINWATER IN ANAVYSSOS), Greece | 50,00% |
| - J/VINTRAKAT - PROTEAS (COMPLETION WORKS FOR SETTLING XIRIAS TORRENT), Greece | 50,00% |
| - J/V AKTOR ATE - LOBBE TZILALIS - EUROKAT ATE (TOTAL ADMINISTRATION OF OOZE KEL), Greece | 15,10% |
| - J/V EUROKAT ATE - PROTEYS A.T.E.E. (PROJECT OF RAINWATER RUNOFF NETWORKS IN PAIANIA's MUNICIPALITY), Greece | 22,65% |
* indirect participation, ** direct and indirect participation
In the current year:
Following the above event the interest held by INTRAKAT in the subsidiary was formed into 97,17%.
The current period's consolidation does not include:
The joint operations, J/V ΙΝΤRΑΚΑΤ - ELTER (ALEXANDROUPOLI's PIPE LINE), J/V INTRAKAT - ELTER (KATERINI HOSPITAL), J/V INTRAKAT - ELTER (CORFU HOSPITAL), J/V INTRAKAT - ELTER (BROADBAND NETWORKS), J/V ΙΝΤRΑKΑΤ - ELTER (MAINTENANCE OF NORTH SECTOR), J/V ΙΝΤRΑΚΑΤ - ELTER (ARTA's DETOUR PROJECT), J/V INTRAKAT - ELTER (NATURAL GAS DISTRIBUTION NETWORK LAMIA-THIVA-HALKIDA), J/V INTRAKAT-MAVRIDIS (CONSTRUCTION OF CARREFOUR SUPERMARKET IN HALKIDIKI), J/V ELTER ATE - INTRAKAT (NEW MESIMVRIA PROJECT), J/V BIOTER SA - INTRAKAT (STUDY AND CONSTRUCTION OF THE WASTE TREATMENT PLANTS AND THE UNDERWATER DISPOSAL PIPELINE OF AG. THEODOROI MUNICIPALITY) due to their dissolution,
and the joint ventures J/V INTRACOM CONSTRUCTIONS - GANTZOULAS, J/V ELTER - INTRACOM CONSTRUCTIONS (EPA GAS) and J/V "J/V ATH.TECHNIKI - PRISMA DOMI" – INTRAKAT, which were consolidated according to the equity method, due to their dissolution.
The overall impact of the above events on the turnover was null, on the results net of taxes and non-controlling interests was € -108 thousand and on the issuer's equity was € -147 thousand.
Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which each entity operates ("the functional currency"). The consolidated financial statements are presented in Euros, which is the parent company's functional and presentation currency.
Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions within the year and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Translation differences on nonmonetary items carried at their fair value, are considered as part of fair value and therefore are recorded the same way fair value differences are.
The financial statements of all the group entities that have a functional currency different from the Group's presentation currency, are translated as follows:
Exchange differences arising from the translation of the net investment in a foreign entity as well as of borrowings designated as hedge of such an investment, are taken to shareholders' equity. When a foreign entity is sold, such exchange differences are recognized in the income statement as part of the gain or loss on sale.
Goodwill and fair value adjustments arising on the acquisition of foreign entities are treated as assets and liabilities of the foreign entity and are translated at the closing rate at the date of the balance sheet. The resulting exchange differences are recognized in other comprehensive income.
Property, plant and equipment are stated at historical cost less accumulated depreciation and impairment losses. Acquisition cost includes all expenses directly attributable to the acquisition of the items.
Additional expenses are added to the tangible assets' carrying amount or are recognized as a separate asset, only if it is expected to result in future economic benefits for the Group and their cost can be measured reliably. All other repairs and maintenance are charged to the income statement as incurred.
Land is not depreciated. Depreciation of other tangible assets is calculated using the straight line method over their estimated useful lives as follows:
| - Buildings |
33-43 | years |
|---|---|---|
| - Machinery, installations and equipment |
10-25 | years |
| - Motor vehicles |
6-15 | years |
| - Other equipment |
5-10 | years |
The residual values and useful lives of tangible assets are reviewed at each financial year end.
When the carrying values of tangible assets exceed their recoverable value, the difference (impairment) is immediately recorded as an expense in the income statement.
The cost and accumulated depreciation of an asset are written off upon its sale or withdrawal when no further economic benefits are expected from its continued use. Gains or losses arising on sale are included in the income statement of the year it is sold or written off.
Financial expenses relating to the construction of tangible assets are capitalized for the period required to complete the construction. All other financial expenses are recognized in the income statement as incurred.
Investment property is held to collect rents or to increase the value of capital or both.
They are recorded in the financial statements at their acquisition cost less, accumulated depreciation and any impairment. Acquisition cost includes all expenses directly attributable to the acquisition of the items.
Land included in investment property is not depreciated. Depreciation of buildings is calculated using the straight-line method over their useful life, which is 33-43 years.
Leases of property, plant and equipment, where the Group substantially maintains all the risks and rewards of ownership, are classified as finance leases. Finance leases are capitalised at the commencement of the lease at the lower of the fair value of the leased property or the present value of the minimum lease payments. Each lease payment is allocated between the liability and the financial expenses so as to achieve a constant rate on the financial liability outstanding. The corresponding rental obligations, net of finance charges, are included in liabilities. The part of financial expenses relating to finance leases is recognized in the income statement over the lease period. The property, plant and equipment acquired under finance leases are depreciated according to the useful life of similar property, plant and equipment owned by the Group.
Leases where substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases (net of any incentives offered by the lessor) are charged to the income statement proportionally over the lease period.
Goodwill: Represents the excess of the acquisition cost over the fair value of the Group's share of the net assets of the acquired subsidiary, joint venture/joint operations or associate at the date of acquisition. Goodwill on acquisitions of subsidiaries and joint ventures is included in intangible assets. Goodwill on acquisitions of associates is included in investments in associates.
Goodwill is not amortized; instead impairment reviews are undertaken annually or more frequently if events or changes in circumstances indicate a potential impairment. At the acquisition date (or at the date the allocation of the relative acquisition cost is completed) the goodwill acquired is allocated to each cash generating unit or to groups of cash generating units that are expected to benefit from this combination. Impairment is determined by assessing the recoverable amount of cash generating units, which relate to the goodwill.
If the carrying value of a cash generating unit, including the goodwill ratio, exceeds its recoverable amount, an impairment loss is recognized. The impairment loss is recognized in profit or loss and is not reversed
If part of a cash-generating unit to which goodwill has been allocated, is disposed of, the goodwill associated with the part disposed of is included in the carrying amount of this part when determining the gain or loss. The value of the goodwill of the part disposed of is determined based on the relative values of the part disposed of and the part of the cash-generating unit retained.
Goodwill resulting from acquisitions or business combinations has been allocated and monitored at a Group level over the basic cash generating units that are identified in relation to the provisions of IAS 36 «Impairment of Assets».
Computer software: Purchased computer software is valued at acquisition cost less amortization. Amortization is calculated using the straight line method over the useful life of the assets which ranges from 3 to 8 years.
Expenses associated to the maintenance of computer software programmes are recognized as an expense as incurred.
Concession rights: Concession rights are valued at acquisition cost less amortization. Amortization is calculated using the straight line method over the Concession Contract (note 5.30).
With the exception of goodwill and other intangible assets with an indefinite useful life, which are reviewed for impairment at least annually, the carrying value of other long term assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. When the carrying amount of an asset exceeds its recoverable amount, the respective impairment loss is recognized in the income statement. An asset's recoverable amount is defined as the higher of its fair value less selling expenses and its value-in-use. Fair value less selling expenses is the amount which can be obtained from the sale of an asset in an ordinary transaction between market participants, after deducting any additional direct cost of disposing the asset, while, value-in-use is the net present value of estimated future cash flows expected to be incurred from the continuing use of an asset and the revenue expected from its disposal at the end of its estimated useful life. For the purpose of assessing impairment, assets are grouped at the lowest level for which cash flows can be identified separately. Non-financial assets other than goodwill that suffered impairment are reviewed for possible reversal of the impairment at each reporting date.
The Group classifies its financial assets in the following categories. The classification depends on the purpose for which the investment was acquired. Management determines the classification of its financial assets at initial recognition.
This category includes financial assets acquired for the purpose of selling in the short term or that have been classified as such by Management. Derivatives are also categorized as held for trading unless they are designated as hedges. Assets in this category are classified as current assets if held for trading or expected to be settled within 12 months from the balance sheet date.
These are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and there is no intention of selling them. They are included in current assets, except for maturities greater than 12 months after the balance sheet date. These are classified as non-current assets.
Loans and receivables are recognized at unamortized cost using the effective interest rate method.
These are non-derivative financial assets with fixed or determinable payments and fixed maturities that the Group has the intention and ability to hold to maturity. During the year, the Group did not hold any investments of this category.
These are non-derivatives financial assets that are either designated in this category or cannot be classified in any of the other categories. They are included in non-current assets unless management intends to dispose of the investment within 12 months from the balance sheet date.
Purchases and sales of investments are recognized on the trade date, which is the date on which the Group commits to purchase or sell the asset. Investments are initially recognized at fair value plus transaction costs, with the exception of financial assets carried at fair value through profit or loss for which transaction costs are expensed in the income statement. Investments are written-off when the right to receive cash flows from the investments has expired or has been transferred and the Group has transferred substantially all risks and rewards of ownership.
Subsequently, available-for-sale financial assets are valuated at fair value and related gains or losses are recognized in other comprehensive income, until they are sold or impaired. When sold or impaired, accumulated gains or losses recognized in equity are transferred in the income statement. Impairment losses recognized in the income statement cannot be reverted through the results.
Gains or losses arising from changes in the fair value of the financial assets at fair value through profit or loss are presented in the income statement in the period in which they arise.
The fair values of quoted investments are determined based on current market prices. For unlisted securities, fair values are determined through the use of valuation techniques such as analysis of recent transactions, of comparable quoted investments and of discounted cash flows. In cases where the fair value cannot be reliably measured, the financial assets are valued at historical cost less impairment.
Financial assets and liabilities are offset and the net amount is reported in the balance sheet when there is a legally enforceable right to offset recognized amounts, and there is an intention to settle on the net basis the liability or realise the asset and settle the liability simultaneously.
The Group assesses at the end of each reporting period whether there is objective evidence that a financial asset or group of financial assets is impaired.
The financial assets that are reviewed for impairment (if any relevant indications) are assets valued at historical cost or under the equity method (investments in subsidiaries and associates), assets valued at amortized cost (long term receivables) and available for sale investments.
The recoverable amount of investments in subsidiaries and associates is determined in the same manner as for non-financial assets.
In order to carry out the relevant reviews for impairment, the recoverable amount of other financial assets is determined in general on the basis of the present value of estimated future cash flows discounted either at the original effective interest rate of the financial asset or group of assets, or at the current rate of return of a similar financial asset. The resulting impairment losses are recognized in profit or loss.
In the case of equity investments classified as available-for-sale, a significant or prolonged decline in the fair value of the security below its cost is also evidence that the assets are impaired. If any such evidence exists for availablefor-sale financial assets, the cumulative loss – measured as the difference between the acquisition cost and the current fair value, less any impairment loss on that financial asset previously recognized in profit or loss – is removed from equity and recognized in profit or loss. Impairment losses on equity securities recognized in the income statement are not reversed through the income statement.
Inventories are stated at the lower of acquisition cost and net realizable value. Cost is determined using the weighted average cost method. Net realizable value is estimated based on the current selling prices in the ordinary course of business, less any selling expenses.
Impairments are recognized in the income statement of the period in which they occur.
Trade receivables are recognized initially at fair value and subsequently measured at unamortized cost using the effective interest rate method, less impairment losses. Impairment losses are recognized when there is objective evidence that the Group will not be able to collect all amounts due according to the original terms of receivables. The amount of the impairment loss is the difference between the asset's carrying amount and the present value of estimated future cash flows, discounted at the effective interest rate. The amount of impairment loss is recognized as an expense in the income statement.
The amounts that have been pre-collected from factoring companies: a) without a recourse right, reduce trade receivables, b) with a recourse right, are depicted in borrowings.
Cash and cash equivalents comprise cash in hand, sight deposits, other short-term highly liquid and of low risk investments with original maturities of three months or less. The components of cash and cash equivalents have a negligible risk of change in value.
The Group classifies a non-current asset or a group of assets and liabilities as held for sale if their carrying amount is expected to be recovered principally through a sale transaction rather than through continuing use.
The basic requirements to classify a long-term asset or a group of items (assets and liabilities) as assets held for sale, is that the asset or group must be available for immediate sale in their present condition, the completion of the sale to be subject only to terms that are usual and customary for sales of such assets and the sale must be highly probable.
For the sale to be highly probable, the following conditions must be met cumulatively:
Immediately before the initial classification of the asset or the group of assets and liabilities as held for sale, the asset (or all the assets and liabilities included in the group) are measured based on the applicable in each case IFRS.
Long-term assets (or groups of assets and liabilities) classified as held for sale are measured (after the initial classification as above) at the lower of their carrying amount in the financial statements and their fair value less costs to sell and the resulting impairment losses are recognized in the income statement. Any potential increase in the fair value at a subsequent valuation is recognized in the income statement but not in excess of the initial recognized impairment loss.
From the day on which a long-term (amortized) asset (or long-term assets included in a group of assets and liabilities) is classified as held for sale, no amortization is accounted for.
Share capital includes all of the Company's ordinary shares. Ordinary shares are classified as equity. The consideration paid over the par value of each share is recognized as "Share premium" in shareholders' equity.
Expenses directly attributable to the issue of new shares are accounted for after the deduction of the relative income tax, by reducing the product of issue. Expenses directly attributable to the issue of new shares for the acquisition of other entities are included in the acquisition cost of the new company acquired.
The acquisition cost of treasury shares is presented subtractively in the Company's equity, until the shares are cancelled or disposed of. Any gain or loss from disposal of treasury shares, net of any directly attributable to the transaction costs and taxes, is included as a reserve in equity.
Borrowings are recognized initially at fair value, net of transaction costs incurred. Borrowings are subsequently carried at unamortized cost using the effective interest method. Any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the income statement over the period of borrowings using the effective interest method.
Borrowing costs directly attributable to the construction of tangible fixed assets are capitalized for the period required to complete the construction. All other borrowing costs are expensed in the profit of loss as incurred.
The tax expense for the period comprises current and deferred tax. Tax is recognized in the income statement, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity, respectively.
Current income tax is calculated on the basis of the tax statements of each of the companies included in the consolidated financial statements, in accordance with the tax laws in force in Greece or other tax frameworks within which foreign subsidiaries operate. The charge for current income tax includes the income tax resulting based on the profits of each company as adjusted in their tax returns and provisions for additional taxes and surcharges for open tax years, and is calculated according to the enacted or substantively enacted tax rates.
Deferred income tax is recognized using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit and loss, it is not accounted for.
Deferred income tax assets are recognized to the extent that a probable future taxable profit will be available, against which the temporary difference that creates the deferred income tax asset can be utilized.
Deferred income tax is recognized on temporary differences arising on investments in subsidiaries and associates, except where the reversal of the temporary differences is controlled by the Group and it is probable that the temporary differences will not be reversed in the foreseeable future. Deferred income tax asset is recognized on temporary differences arising on investments in subsidiaries and associates to the extent that it is probable that the temporary difference will be reversed in the future and there will be future taxable profit against which the temporary difference can be utilized.
Deferred income tax is determined using tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date and are expected to apply when the related deferred income tax asset is realized or the related deferred income tax liability is settled.
Trade payables are recognized initially at fair value and subsequently measured at amortised cost using the effective interest method.
Pension and other retirement obligations: Pension and other retirement schemes, include both defined benefit and defined contribution pension plans.
The accrued cost of defined contribution plans is recognized as an expense over the vesting period.
The liability recognized in the statement of financial position in respect of defined benefit pension or retirement plans is the present value of the defined benefit obligation at the reporting date. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method.
Actuarial gains and losses arising from adjustments based on historical data and from changes in actuarial assumptions are recognized in other comprehensive income in the period in which they occur. Past-service costs are recognized immediately in profit or loss.
Termination Benefits: Termination benefits are payable whenever an employee's employment is terminated, before the normal retirement date. The Group recognises termination benefits when it is demonstrably committed to a termination, or when the entity has a detailed formal plan to terminate the employment of current employees without possibility of withdrawal or when it offers these benefits to encourage voluntary redundancy. Benefits falling due more than 12 months after the end of the reporting period are discounted to their present value.
Where there is termination of employment or uncertainty about the number of employees who will accept an offer of termination benefits, the Group discloses information about the contingent liability.
Government grants are recognized at fair value when it is certain that the grant will be collected and the Group will comply with all stipulated terms.
Government grants relating to expenses are recorded in transitional accounts and are recognized in the results so that these will match the expenses that they will indemnify. Government grants relating to the purchase of tangible assets are included in long term liabilities as deferred government grants and are recognized as income on a straight-line method according to the expected useful life of the related assets.
Provisions are recognized when:
When the total estimated cost of a construction contract or a long-term service agreement exceeds the contractual price, the total loss up to the completion of the project is recognized immediately in the income statement of the period in which the harmful data become known. These losses are usually identified by a relevant provision.
Revenues: Revenues comprises the fair value of the sale of goods and services, net of value-added tax, rebates and discounts and after eliminating sales within the Group. Revenues are recognized as follows:
• Construction Contracts: Revenues from each construction contract are recognized in the income statement according to the percentage of the costs incurred in relation to the expected total cost of completing the project as defined by IAS 11.
Therefore, the cost of the contract realized but not invoiced to the customer, is recognized in the income statement along with the respective contractual revenue (Note 5.29).
Expenses: They are recognized in results on an accrued basis.
Construction contracts refer to the construction of assets or a group of related assets on behalf of customers according to the terms laid out in relevant contract agreements, their construction usually spanning more than one reporting period.
Expenses arising from the contract are recognized at the time they are incurred.
In case the profitability of a construction contract cannot be reliably estimated and especially when the project is at an early stage of completion, revenue is recognized only to the extent that the contractual construction cost may be recovered and the contractual cost is recognized in the income statement of the reporting period in which it came about.
Therefore, the level of revenues recognized from those construction contracts must be set accordingly to yield zero profitability for the project.
When the profitability of a construction contract may be reliably estimated, revenues and expenses arising from that contract are recognized during the term of the contract as revenue and expense, respectively.
The Group uses the percentage of completion method to determine the appropriate amount of income and expense to be recognized over a specific period.
The completion stage is calculated on the basis of the contractual cost realized until the reporting date in relation to the total estimated construction cost of each project.
If total costs from a construction contract are likely to exceed the relevant total revenues, the expected loss is recognized immediately in the income statement as an expense item.
For calculating the cost realized until the end of the reporting period, expenses related to future activities regarding the contract are excluded and appear as work in progress. Total realized cost and profit / loss recognized on each contract is compared with the progressive invoicing until the end of the reporting period.
If realized expenses, plus net realized profit (less realized losses), exceed the progressive invoicing, then the difference is entered as a receivable from contract customers in the assets account «Construction contracts». If progressive invoicing exceed realized expenses, plus net realized profits (less realized losses), the balance is entered as a liability to contract customers in the liability account «Construction contracts».
For service concession arrangements between the government or other public sector body and a private operator, the Group applies IFRIC 12 if the following two conditions are met:
According to IFRIC 12, such infrastructures are not recognized in the operator's assets as tangible assets, but in the financial assets as Government Financial Contribution (financial asset model) and / or in the intangible assets as Concession Right (intangible asset model), according to the conventional agreed terms.
When the concession arrangement provides that the operator is paid for the construction services partly by a financial asset and partly by an intangible asset, the Group recognizes each component of its fee, according to the above (Government Financial Contribution and Concession Right).
The Group recognizes and accounts for the revenues and costs associated with the construction or upgrading services in accordance with IAS 11, while the revenues and costs relating to operation services are recognized and accounted for in accordance with IAS 18.
IFRIC 12 and specifically the Mixed Model (Government Financial Contribution and Concession Right) is applied to the subsidiary RURAL CONNECT entrusted by the Information Society SA ( "CPC" or "grantor") with the construction, operation and exploitation for 17 years of the project "Development of Broadband Infrastructure in Rural" White "areas of the Greek Territory and Operations-Development Services of Infrastructure." The grantor specifies the services that can be offered by the Group and the pricing of these services is regulated. The grantor also controls the broadband network infrastructure to be returned at the end of the term of the arrangement.
Dividend distribution to the Company's shareholders is recognized as a liability when approved by the Shareholders General Meeting.
The Group is exposed to a variety of financial risks, including the unforeseeable fluctuation of foreign exchange and interest rates, credit risks and liquidity risks, since it has expanded its operations in foreign markets as well. The Group's effort through constant monitoring is to anticipate such risks so as to act in time and minimize potential adverse effects these risks may have on the Group's financial performance, however and wherever possible.
It is the Group's policy to use as natural hedges against underlying investments in foreign subsidiaries, whose net assets are exposed to currency translation risk, borrowings in local currency (where feasible), as well as agreements for the collection of its receivables in euro.
In order to maintain the risk of interest rate changes at low levels, the Group enters into borrowing contracts and lease contracts with floating interest rates, mainly based on a 3-month or 6-month euribor.
The Group is exposed to credit risks deriving from its debtors' inability to abide by their contractual obligations and pay off their liabilities. The Group attempts to repress such risks by constant monitoring the financial position of its debtors.
The liquidity risk to which the Group is exposed is attempted to be repressed by assuring the necessary cash and approved bank credit lines.
The Group is exposed to the risk of changes in the value of the securities it holds and concern stocks of companies listed in the Athens Stock Exchange Market.
With respect to the liquidity risk, the Group, in the difficult economic environment as it is currently shaped, is in constant contact with the Greek banking institutions in order to ensure the required letters of guarantee and fundings for the implementation of projects it has undertaken.
Furthermore, with respect to the credit risk, the Group constantly monitors the total of trade receivables and where necessary takes promptly all extrajudicial or judicial actions to safeguard the rights and interests of the Group's companies and the collection of receivables, thereby minimizing any credit risk. In cases where it appears that there is a potential risk of non-collection of a receivable, the Group proceeds to the formation of the required related provision.
With respect to the potential risks that may arise from changes in the macroeconomic and business environment in Greece, it is noted that events such as the difficulties observed in the liquidity of companies and the restriction of capital movements imposed on Greek banks, may adversely affect the position of the Group and the Company.
By ensuring the financial support that was recently achieved and after completing the recapitalization of Greek banks, the possibility of occurrence of such malfunctions and risks associated with the above is limited and is not expected to significantly affect the activity and liquidity of the Group and the Company. In addition, it is estimated that at this stage no additional impairment provision is required for the financial and other assets.
In any event, both the Group and the Company monitor on a continuous basis the economic environment and timely adapt their strategic actions in order to prevent any significant effects associated with these emerging risks.
The following tables summarize the Group's and Company's exposure to the above risks.
| Profit before taxes | ||||
|---|---|---|---|---|
| 2015 | 1,0% | -1,0% | ||
| Total borrowings | 104.451.618 | (1.044.516) | 1.044.516 | |
| 2014 | Profit before taxes | |||
| 1,0% | -1,0% | |||
| Total borrowings | 74.279.328 | (742.793) | 742.793 | |
| COMPANY | ||||
| Profit before taxes | ||||
| 2015 | 1,0% | -1,0% | ||
| Total borrowings | 60.379.957 | (603.800) | 603.800 | |
| 2014 | Profit before taxes | |||
| 1,0% | -1,0% | |||
| Total borrowings | 40.961.229 | (409.612) | 409.612 |
The table below presents the impact on the Group's profitability, due to its business in Romania and Poland, from the variation in the exchange rate of €/Ron and €/Pln + 1%, - 1%, all other variables held constant.
| 2015 | Book value | Profit before taxes | |
|---|---|---|---|
| €/Ron 1% |
€/Ron -1% |
||
| Trade receivables in Ron | 1.746.095 | (17.461) | 17.461 |
| Trade payables in Ron | 288.607 | 2.886 | (2.886) |
| Book value | Profit before taxes | ||
| € / Pln 1% |
€ / Pln -1% |
||
| Trade receivables in Pln | 4.453.632 | (44.536) | 44.536 |
| Trade payables in Pln | 1.432.048 | 14.320 | (14.320) |
| Borrowings in Pln | 1.225.215 | 12.252 | (12.252) |
| 2014 | Book value | Profit before taxes | |
|---|---|---|---|
| €/Ron 1% |
€/Ron -1% |
||
| Trade receivables in Ron | 1.868.021 | (18.680) | 18.680 |
| Trade payables in Ron | 674.392 | 6.744 (6.744) |
|
| Book value | Profit before taxes | ||
| €/Pln 1% |
€/Pln -1% |
||
| Trade receivables in Pln | 4.316.012 | (43.160) | 43.160 |
| Trade payables in Pln | 1.858.423 | 18.584 | (18.584) |
The Group holds securities valued at fair value through profit or loss and available-for-sale financial assets. The following analysis is based on the typical deviation of the prices of the above asset categories from the Athens Stock Exchange General Price Index. An index variation of + / - 1% will bring about a variation of + / - 1,0% in the financial assets at fair value through profit and loss and a variation of + / - 1,0% in the available-for-sale financial assets.
| Book value | Profit before taxes | |
|---|---|---|
| 1,0% | -1,0% | |
| 170.389 | 1.704 | (1.704) |
| Book value | Net worth | |
| 1,0% | -1,0% | |
| 2.481.582 | 24.816 | (24.816) |
| Book value | Profit before taxes | |||
|---|---|---|---|---|
| Financial assets at fair value through profit | 1,0% | -1,0% | ||
| or loss | 178.967 | 1.790 | (1.790) | |
| Book value | Net worth | |||
| 1,0% | -1,0% | |||
| Available-for-sale financial assets | 700.394 | 7.004 | (7.004) |
The liquidity risk for the Group is maintained at low levels as it keeps adequate cash facilities. The Group manages its liquidity by constantly monitoring its liabilities and payments and by consistently collecting its claims.
The maturity of the Group's and the Company's liabilities for the years 2015 and 2014, is analyzed as follows:
| 6 months | 6-12 months | 1-5 years | Over 5 years |
|---|---|---|---|
| 45.145.082 | 14.135.450 | 29.669.732 | 14.709.177 |
| 166.639 | 166.639 | 337.211 | 121.689 |
| 15.911.064 | 49.263.638 | - | - |
| 61.222.784 | 63.565.726 | 30.006.944 | 14.830.866 |
| 6 months | 6-12 months | 1-5 years | Over 5 years |
| 31.434.252 | 1.053.710 | 15.624.721 | 25.661.441 |
| - | 134.067 | 333.418 | 37.720 |
| 10.739.368 | 47.556.400 | - | - |
| 42.173.620 | 48.744.177 | 15.958.139 | 25.699.161 |
| GROUP |
| 2015 | 6 months | 6-12 months | 1-5 years | Over 5 years |
|---|---|---|---|---|
| Borrowings | 42.296.323 | 1.099.305 | 12.895.693 | 3.300.000 |
| Finance lease liabilities | 164.868 | 164.868 | 337.211 | 121.689 |
| Trade payables | 13.612.529 | 44.759.953 | - | - |
| 56.073.720 | 46.024.126 | 13.232.904 | 3.421.689 | |
| 2014 | 6 months | 6-12 months | 1-5 years | Over 5 years |
| Borrowings | 26.681.358 | 1.053.710 | 8.836.162 | 3.900.000 |
| Finance lease liabilities | - | 122.404 | 329.876 | 37.720 |
| Trade payables | 9.327.399 | 43.319.264 | - | - |
| 36.008.756 | 44.495.377 | 9.166.039 | 3.937.720 |
The Group's objectives when managing capital are to safeguard the group's ability to continue as a going concern and to maintain an optimal capital structure thus reducing the cost of capital.
The Group monitors its capital based on the leverage factor. This specific factor is calculated by dividing net borrowings with the total capital employed. Net borrowings are calculated as «Total borrowings» (including «current and long-term borrowings» as they appear on the balance sheet) less «Cash and cash equivalents». The total capital employed is calculated as «Equity attributed to the Company's shareholders» as they appear on the balance sheet plus net borrowings.
| GROUP | COMPANY | |||
|---|---|---|---|---|
| 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 | |
| Total borrowings | 104.451.618 | 74.279.328 | 60.379.957 | 40.961.229 |
| Less: Cash and cash equivalents | 31.324.751 25.747.722 |
15.956.037 | 7.073.970 | |
| Net borrowings | 73.126.867 | 48.531.606 | 44.423.919 | 33.887.260 |
| Equity attributed to the Company's shareholders | 58.858.067 | 60.798.637 | 67.902.018 | 69.777.017 |
| Total capital employed | 131.984.934 | 109.330.243 | 112.325.937 | 103.664.277 |
| Leverage factor | 55,41% | 44,39% | 39,55% | 32,69% |
On January 1st 2015, the Company reviewed the useful lives of tangible assets. The assessment took into account the appropriate operational data and future plans of the company during the review date and the market conditions. In this context their useful life was revised, resulting in a corresponding increase or decrease in depreciation rates. The most significant impact of the review concerned the categories "Buildings" and "Machinery", where in total there was an increase in the average useful life. The change in the estimate resulted in a decrease of the depreciation costs by € 416 thousand for the period 01/01/2015 - 31/12/2015 (as compared with the previous depreciation rates), and hence in an equal amount improvement of results net of taxes.
Differences between amounts presented in the financial statements and corresponding amounts in the notes result from roundings.
The Group recognizes as business and operational segments, which the Administration uses for internal information purposes preparative to making strategic decisions, the following:
Results of operational segments
| 01.01 - 31.12.2015 | 01.01 - 31.12.2014 | |||||||
|---|---|---|---|---|---|---|---|---|
| Constructions | Steel structures | Renewable Energy Sources |
Total | Constructions | Steel structures | Renewable Energy Sources |
Total | |
| Sales by segment | 123.884.439 | 18.328.982 | 5.381.130 | 147.594.551 | 139.712.150 | 13.214.397 | 467.014 | 153.393.561 |
| Operating results Profit before taxes, financing and investing results and total depreciation (EBITDA) |
5.156.702 6.010.202 |
469.098 1.493.909 |
3.603.098 5.172.319 |
9.228.898 12.676.430 |
8.749.616 10.795.964 |
(1.407.532) 43.060 |
(15.438) 246.989 |
7.326.645 11.086.013 |
| Impairment of investments Finance cost - net (Note 7.28) |
(5.258.029) | - | - | (5.258.029) (8.377.704) |
- (6.245.743) |
|||
| (Losses)/profit from associates (Losses)/profit before taxes |
(3.992) (4.410.827) |
(72.880) 1.008.023 |
||||||
| Income tax (Losses)/profit net of taxes from continuing operations |
(1.533.211) (5.944.039) |
(566.584) 441.440 |
| 01.01 - 31.12.2015 | 01.01 - 31.12.2014 | |||||||
|---|---|---|---|---|---|---|---|---|
| Constructions | Steel structures | Renewable Energy Sources |
Total | Constructions | Steel structures | Renewable Energy Sources |
Total | |
| Impairment of assets | - | - | - | - | 199.927 | 29.955 | - | 229.882 |
| Impairment of investment property | - | - | - | - | 146.255 | - | - | 146.255 |
| Impairment of trade receivables | 365.201 | 49.745 | - | 414.946 | 758.675 | - | - | 758.675 |
| Depreciation | ||||||||
| Depreciation of assets (Note 7.3) | 1.112.236 | 1.006.435 | 1.527.222 | 3.645.892 | 883.102 | 1.396.682 | 262.427 | 2.542.211 |
| Amortization of intangible assets (Note 7.2) | 95.229 | 18.376 | - | 113.605 | 91.388 | 23.955 | - | 115.343 |
| Depreciation of investment property (Note 7.4) | 25.305 | - | - | 25.305 | 24.625 | - | - | 24.625 |
| 1.232.770 | 1.024.811 | 1.527.222 | 3.784.803 | 999.115 | 1.420.637 | 262.427 | 2.682.180 |
| 31.12.2015 | 31.12.2014 | |||||||
|---|---|---|---|---|---|---|---|---|
| Constructions | Steel structures | Renewable Energy Sources |
Total | Constructions | Steel structures | Renewable Energy Sources |
Total | |
| Assets | 218.318.669 | 34.587.795 | 43.169.992 | 296.076.456 | 172.568.895 | 34.902.553 | 40.898.229 | 248.369.677 |
| Liabilities | 187.977.816 | 12.735.371 | 34.139.757 | 234.852.944 | 140.713.157 | 13.103.995 | 32.448.507 | 186.265.660 |
| Capital expenditure | 6.546.118 | 246.890 | 2.767.978 | 9.560.986 | 2.006.692 | 1.336.571 | 27.587.724 | 30.930.987 |
| Sales | Total Assets | Capital Expenditure | |||||
|---|---|---|---|---|---|---|---|
| (Amounts in Euro) | 01.01- 31.12.2015 |
01.01- 31.12.2014 |
31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 | |
| Greece | 140.840.542 | 147.384.780 | 278.951.594 | 232.668.627 | 9.557.455 | 30.926.395 | |
| European Community countries | 5.606.770 | 5.988.499 | 15.596.782 | 15.612.172 | 3.276 | 4.592 | |
| Other European countries | 1.147.239 | 19.645 | 1.528.081 | 84.709 | 255 | - | |
| Third countries | - | 636 | - | 4.168 | - | - | |
| Total | 147.594.551 | 153.393.561 | 296.076.456 | 248.369.677 | 9.560.986 | 30.930.987 |
| 31.12.2015 | |||||
|---|---|---|---|---|---|
| (Amounts in Euro) | Tangible Assets |
Intangible Assets |
Goodwill | Investment Property |
Associates |
| Greece | 63.488.950 | 1.637.743 | 2.926.598 | 11.856.535,34 | 623.597 |
| European Community countries | 893.539 | 1.379 | - | 3.029.384,65 | 503.002 |
| Other European countries | 234 | - | - | - | - |
| Third countries | - | - | - | - | - |
| Total | 64.382.723 | 1.639.122 | 2.926.598 | 14.885.920 | 1.126.599 |
| 31.12.2014 | |||||
|---|---|---|---|---|---|
| (Amounts in Euro) | Tangible Assets |
Intangible Assets |
Goodwill | Investment Property |
Associates |
| Greece | 61.095.399 | 335.804 | 2.926.598 | 9.865.759,68 | 666.657 |
| European Community countries | 951.630 | 917 | 3.057.227,02 | 223.536 | |
| Other European countries | - | - | - | - | - |
| Third countries | - | - | - | - | - |
| Total | 62.047.029 | 336.721 | 2.926.598 | 12.922.987 | 890.193 |
| (Amounts in Euro) | GROUP Goodwill |
COMPANY Goodwill |
|
|---|---|---|---|
| Balance at 1 January 2014 | 2.926.597 | 326.268 | |
| Balance at 31 December 2014 | 2.926.597 | 326.268 | |
| Balance at 1 January 2015 | 2.926.597 | 326.268 | |
| Balance at 31 December 2015 | 2.926.597 | 326.268 | |
| Net book value at 31 December 2015 | 2.926.597 | 326.268 |
Goodwill originates from the acquisition of the following companies and allocated to cash generating units ("CGU") as follows:
| 2.926.597 | |
|---|---|
| Prisma Domi ATE (was absorbed by INTRAKAT) | 326.268 |
| Katselis S.A. | 2.600.329 |
The Group, in order to determine whether there is an issue of impairment of goodwill at December 31st, 2015, performed the related impairment tests in the cash generating units to which goodwill has been allocated at a Group level.
In determining the recoverable amount of goodwill, the value in use was used. The value in use is measured as the present value of expected future cash flows of the cash generating unit (CGU) discounted at a rate reflecting the time value of money and the risk associated with the CGU. The cash flow projections for the CGU Prisma Domi ATE are based on the business plans for the five-year period 2015-2019, which have been approved by the Board of the Group. These business plans have been drawn up based on the results of 2015 while cash flows beyond the five-year period are assessed by reduction in perpetuity as shown below. For the CGU Katselis SA, the cash flow projections are based on the budget of the project of the wind farm operation which has a total estimated duration of 20 years and is not considered to have a residual value.
The key assumptions used are as follows:
| 2015 | 2014 | |
|---|---|---|
| Discount rate | 11,23% | 12,05% |
| Sales growth rate | 0,00% | 0,00% |
| EBIT margin | 72% - 60% | 72% - 60% |
| Change in perpetuity | 0,00% | 0,00% |
The key assumptions used are based on historical data and estimates for the future course of business and are consistent with external factors.
Based on the audits carried out, the recoverable amount of goodwill exceeds its carrying value and no impairment loss occurs.
From the sensitivity analysis of the recoverable amount of goodwill no likely changes in key assumptions as shown above were observed which would result in the recognition of goodwill impairment.
The impact of the sensitivity analysis on cash flow units is analyzed as follows:
| 2015 | 2014 | |
|---|---|---|
| Changes in sales prices | 10,00% -10,00% | 10,00% -10,00% |
| ΕΒΙΤ | 15,60% -15,60% | 15,30% -15,30% |
| 2015 | 2014 | |
|---|---|---|
| Change in the discount rate | 0,50% -0,50% | 0,50% -0,50% |
| ΕΒΙΤ | -3,00% 3,15% | -2,95% 3,10% |
| 2015 | 2014 | |
| Change in EBIT margin | 10,00% -10,00% | 10,00% -10,00% |
| ΕΒΙΤ | 10,00% -10,00% | 10,00% -10,00% |
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| (Amounts in Euro) | Software | Concession rights |
Total | Software | Total |
| Period until 31 December 2014 | |||||
| Balance at 1 January 2014 | 2.152.450 | - | 2.152.450 | 2.003.972 | 2.003.972 |
| Currency translation differences | (454) | - | (454) | (183) | (183) |
| Additions | 33.333 | - | 33.333 | 25.331 | 25.331 |
| Disposals/write-offs | (23.743) | - | (23.743) | (6.406) | (6.406) |
| Reclassifications | 23.425 | - | 23.425 | 917 | 917 |
| Balance at 31 December 2014 | 2.185.010 | - | 2.185.010 | 2.023.631 | 2.023.631 |
| Accumulated amortization | |||||
| Balance at 1 January 2014 | 1.757.141 | - | 1.757.141 | 1.612.262 | 1.612.262 |
| Currency translation differences | (452) | - | (452) | (183) | (183) |
| Amortization charge | 115.343 | - | 115.343 | 111.003 | 111.003 |
| Disposals/write-offs | (23.743) | - | (23.743) | (6.406) | (6.406) |
| Balance at 31 December 2014 | 1.848.289 | - | 1.848.289 | 1.716.676 | 1.716.676 |
| Net book value at 31 December 2014 | 336.721 | - | 336.721 | 306.955 | 306.955 |
| Period until 31 December 2015 | |||||
| Balance at 1 January 2015 | 2.185.010 | - | 2.185.010 | 2.023.631 | 2.023.631 |
| Currency translation differences | (942) | - | (942) | - | - |
| Amortization charge | 27.347 | 1.388.668 | 1.416.015 | 25.173 | 25.173 |
| Disposals/write-offs | (1.350) | - | (1.350) | (1.350) | (1.350) |
| Balance at 31 December 2015 | 2.210.065 | 1.388.668 | 3.598.733 | 2.047.454 | 2.047.454 |
| Accumulated amortization | |||||
| Balance at 1 January 2015 | 1.848.289 | - | 1.848.289 | 1.716.676 | 1.716.676 |
| Currency translation differences | (934) | - | (934) | - | - |
| Amortization charge | 113.605 | - | 113.605 | 108.515 | 108.515 |
| Disposals/write-offs | (1.350) | - | (1.350) | (1.350) | (1.350) |
| Balance at 31 December 2015 | 1.959.611 | - | 1.959.611 | 1.823.841 | 1.823.841 |
| Net book value at 31 December 2015 | 250.454 | 1.388.668 | 1.639.122 | 223.613 | 223.613 |
For concession rights see note 5.30.
| GROUP | |||||||
|---|---|---|---|---|---|---|---|
| (Amounts in Euro) | Land | Buildings | Machinery | Vehicles | Furniture & other equipment |
Prepayments and assets under construction |
Total |
| Period until 31 December 2014 | |||||||
| Balance at 1 January 2014 | 4.820.811 | 18.649.772 | 22.605.478 | 2.038.074 | 2.078.710 | 5.318.406 | 55.511.251 |
| Currency translation differences | (1.075) | (8.473) | (1.445) | (1.138) | (942) | (66) | (13.138) |
| Additions | 123.708 | 175.540 | 738.932 | 39.686 | 81.764 | 28.560.121 | 29.719.751 |
| Disposals/write-offs | - | - | (1.399.594) | (208.846) | (251.614) | (6.683) | (1.866.737) |
| Reclassifications | - | - | 30.525.380 | - | 395 | (30.549.199) | (23.425) |
| Transfer to investment property | (159.092) | (600.714) | - | - | - | - | (759.807) |
| Impairment of PPE | (197.487) | (33.966) | - | - | - | - | (231.453) |
| Balance at 31 December 2014 | 4.586.865 | 18.182.159 | 52.468.750 | 1.867.776 | 1.908.313 | 3.322.579 | 82.336.442 |
| Accumulated depreciation | |||||||
| Balance at 1 January 2014 | - | 5.437.171 | 10.960.699 | 1.603.843 | 1.511.548 | - | 19.513.261 |
| Currency translation differences | - | (1.457) | (1.406) | (625) | (936) | - | (4.424) |
| Depreciation charge | - | 707.294 | 1.540.781 | 138.024 | 156.113 | - | 2.542.211 |
| Disposals/write-offs | - | - | (1.232.279) | (155.440) | (248.060) | - | (1.635.779) |
| Impairment of PPE | - | (1.571) | - | - | - | - | (1.571) |
| Transfer to investment property | - | (124.286) | - | - | - | - | (124.286) |
| Balance at 31 December 2014 | - | 6.017.151 | 11.267.796 | 1.585.801 | 1.418.665 | - | 20.289.413 |
| Net book value at 31 December 2014 | 4.586.865 | 12.165.008 | 41.200.954 | 281.975 | 489.647 | 3.322.579 | 62.047.029 |
| Period until 31 December 2015 | |||||||
| Balance at 1 January 2015 | 4.586.865 | 18.182.159 | 52.468.750 | 1.867.776 | 1.908.313 | 3.322.579 | 82.336.442 |
| Currency translation differences | (3.710) | (4.114) | (1.429) | (1.078) | (252) | (228) | (10.811) |
| Additions | - | 44.063 | 3.498.933 | 9.335 | 101.602 | 2.797.998 | 6.451.931 |
| Disposals/write-offs | - | - | (292.698) | (76.930) | (15.704) | (29.894) | (415.226) |
| Reclassifications | - | (100.000) | 21.960 | - | - | 78.040 | - |
| Transfer from inventories | - | - | - | - | - | 64.654 | 64.654 |
| Transfer to investment property | (323.041) | - | - | - | - | - | (323.041) |
| Balance at 31 December 2015 | 4.260.114 | 18.122.108 | 55.695.516 | 1.799.103 | 1.993.958 | 6.233.150 | 88.103.949 |
| Accumulated depreciation | |||||||
| Balance at 1 January 2015 | - | 6.017.151 | 11.267.796 | 1.585.801 | 1.418.665 | - | 20.289.413 |
| Currency translation differences | - | (2.951) | (1.312) | (825) | (221) | - | (5.309) |
| Depreciation charge | - | 470.935 | 2.946.142 | 77.183 | 151.631 | - | 3.645.892 |
| Disposals/write-offs | - | - | (127.182) | (68.317) | (13.271) | - | (208.770) |
| Balance at 31 December 2015 | - | 6.485.135 | 14.085.444 | 1.593.842 | 1.556.805 | - | 23.721.226 |
| Net book value at 31 December 2015 | 4.260.114 | 11.636.973 | 41.610.071 | 205.261 | 437.154 | 6.233.150 | 64.382.723 |
The above table includes assets held under finance lease as follows:
| (Amounts in Euro) | Land | Buildings | Machinery | Vehicles | Furniture & other equipment |
Prepayments and assets under construction |
Total |
|---|---|---|---|---|---|---|---|
| 31.12.2014 | |||||||
| Capitalization of finance lease | - | - | 1.253.983 | 56.947 | - | - | 1.310.930 |
| Accumulated depreciation | - | - | (239.784) | (18.692) | - | - | (258.477) |
| Net book value | - | - | 1.014.199 | 38.254 | - | - | 1.052.453 |
| 31.12.2015 | |||||||
| Capitalization of finance lease | - | - | 567.997 | 46.113 | - | - | 614.110 |
| Accumulated depreciation | - | - | (90.562) | (20.495) | - | - | (111.056) |
| Net book value | - | - | 477.436 | 25.618 | - | - | 503.054 |
| COMPANY | |||||||
|---|---|---|---|---|---|---|---|
| (Amounts in Euro) | Land | Buildings | Machinery | Vehicles | Furniture & other equipment |
Prepayments and assets under construction |
Total |
| Period until 31 December 2014 | |||||||
| Balance at 1 January 2014 | 4.163.667 | 18.090.728 | 21.688.993 | 1.773.987 | 1.845.969 | 2.623.980 | 50.187.324 |
| Currency translation differences | - | (7.123) | (1.014) | (607) | (857) | - | (9.602) |
| Additions | - | - | 692.698 | 27.012 | 78.138 | 1.197.307 | 1.995.155 |
| Disposals/write-offs | - | - | (1.456.594) | (165.392) | (248.862) | (6.683) | (1.877.530) |
| Reclassifications | - | - | 1.095.618 | - | 395 | (1.096.930) | (917) |
| Impairment of PPE | (197.487) | (33.966) | - | - | - | - | (231.453) |
| Transfer to investment property | (159.092) | (600.714) | - | - | - | - | (759.807) |
| Balance at 31 December 2014 | 3.807.088 | 17.448.925 | 22.019.700 | 1.635.001 | 1.674.783 | 2.717.674 | 49.303.171 |
| Accumulated depreciation | |||||||
| Balance at 1 January 2014 | - | 5.239.416 | 10.250.060 | 1.280.154 | 1.291.736 | - | 18.061.366 |
| Currency translation differences | - | (622) | (1.014) | (212) | (857) | - | (2.705) |
| Depreciation charge | - | 663.028 | 1.361.569 | 124.235 | 152.801 | - | 2.301.633 |
| Disposals/write-offs | - | - | (1.232.279) | (111.985) | (245.307) | - | (1.589.571) |
| Impairment of PPE | - | (1.571) | - | - | - | - | (1.571) |
| Transfer to investment property | - | (124.286) | - | - | - | - | (124.286) |
| Balance at 31 December 2014 | - | 5.775.965 | 10.378.336 | 1.292.192 | 1.198.373 | - | 18.644.866 |
| Net book value at 31 December 2014 | 3.807.088 | 11.672.960 | 11.641.365 | 342.809 | 476.411 | 2.717.674 | 30.658.306 |
| Period until 31 December 2015 | |||||||
| Balance at 1 January 2015 | 3.807.088 | 17.448.925 | 22.019.700 | 1.635.001 | 1.674.783 | 2.717.674 | 49.303.171 |
| Currency translation differences | - | 543 | 77 | 23 | 30 | - | 672 |
| Additions | - | 13.126 | 750.087 | 9.334 | 98.387 | 39.673 | 910.608 |
| Disposals/write-offs | - | - | (131.385) | (64.987) | (15.704) | - | (212.075) |
| Reclassifications | - | - | 21.960 | - | - | (21.960) | - |
| Balance at 31 December 2015 | 3.807.088 | 17.462.594 | 22.660.440 | 1.579.371 | 1.757.496 | 2.735.388 | 50.002.376 |
| Accumulated depreciation | |||||||
| Balance at 1 January 2015 | - | 5.775.965 | 10.378.336 | 1.292.192 | 1.198.373 | - | 18.644.866 |
| Currency translation differences | - | (68) | 77 | (30) | 30 | - | 9 |
| Depreciation charge | - | 424.111 | 1.350.933 | 92.329 | 149.607 | - | 2.016.980 |
| Disposals/write-offs | - | - | (105.774) | (63.238) | (13.271) | - | (182.283) |
| Balance at 31 December 2015 | - | 6.200.008 | 11.623.572 | 1.321.253 | 1.334.739 | - | 20.479.572 |
| Net book value at 31 December 2015 | 3.807.088 | 11.262.586 | 11.036.867 | 258.119 | 422.757 | 2.735.388 | 29.522.804 |
The above table includes assets held under finance lease as follows:
| (Amounts in Euro) | Land | Buildings | Machinery | Vehicles | Furniture & other equipment |
Prepayments and assets under construction |
Total |
|---|---|---|---|---|---|---|---|
| 31.12.2014 | |||||||
| Capitalization of finance lease | - | - | 1.253.983 | 10.410 | - | - | 1.264.393 |
| Accumulated depreciation | - | - | (239.784) | (5.766) | - | - | (245.550) |
| Net book value | - | - | 1.014.199 | 4.644 | - | - | 1.018.843 |
| 31.12.2015 | |||||||
| Capitalization of finance lease | - | - | 567.997 | - | - | - | 567.997 |
| Accumulated depreciation | - | - | (90.562) | - | - | - | (90.562) |
| Net book value | - | - | 477.436 | - | - | - | 477.436 |
On 01.01.2015, the company reviewed the useful life of tangible fixed assets (see. Note. 5.34).
On the Company's and the Group's fixed assets there are encumbrances amounting € 45,3 million to secure bank borrowings and guarantees.
The Group's and Company's investment property is analyzed in the following table:
| GROUP | COMPANY | |||
|---|---|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 |
| Balance at the beginning of the year | 13.093.069 | 11.346.598 | 8.857.937 | 8.281.301 |
| Currency translation differences | (27.842) | (8.069) | - | - |
| Additions deriving from following expenditures / investments |
1.693.040 | 1.177.904 | - | - |
| Disposals | - | (30.998) | - | (30.998) |
| Impairment | - | (152.172) | - | (152.172) |
| Transfer from PPE | 323.041 | 759.807 | - | 759.807 |
| Balance at the end of the year | 15.081.308 | 13.093.069 | 8.857.937 | 8.857.937 |
| Accumulated depreciation | ||||
| Balance at the beginning of the year | 170.082 | 27.088 | 170.082 | 27.088 |
| Impairment | - | (5.917) | - | (5.917) |
| Depreciation charge | 25.305 | 24.625 | 25.305 | 24.625 |
| Transfer from PPE | - | 124.286 | - | 124.286 |
| Balance at the end of the year | 195.388 | 170.082 | 195.388 | 170.082 |
| Net book value at the end of the year | 14.885.920 | 12.922.987 | 8.662.550 | 8.687.855 |
The above table includes assets held under finance lease as follows:
| 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 | |
|---|---|---|---|---|
| Capitalization of finance lease | 581.138 | 581.138 | 581.138 | 581.138 |
| Accumulated depreciation | (159.684) | (140.275) | (159.684) | (140.275) |
| Net book value | 421.454 | 440.863 | 421.454 | 440.863 |
Investments in property are valued at the acquisition cost, less accumulated depreciation and accumulated impairment losses.
The Company's investments in subsidiaries are analyzed in the following table:
| COMPANY | ||
|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 |
| Balance at the beginning of the year | 13.790.903 | 10.756.703 |
| Share capital increase | 2.999.369 | 2.038.000 |
| Payment of shere capital | 12.000 | - |
| Acquisition of interest in subsidiaries from minority | 12.000 | 396.800 |
| Disposal of interest held in subsidiary to the minority | (684.000) | - |
| Additions | 1.676.611 | 1.521.000 |
| Impairment of subsidiaries | (456.480) | - |
| Disposals | - | (921.600) |
| Balance at the end of the year | 17.350.403 | 13.790.903 |
Summarized financial information regarding the Company's subsidiaries is given below:
| 31.12.2015 | 31.12.2014 | |
|---|---|---|
| Assets | 112.007.342 | 83.111.182 |
| Liabilities | 96.057.203 | 74.818.107 |
| Revenues | 35.951.353 | 16.999.305 |
| Profit (Loss) | 247.482 | (1.015.248) |
The Group's and Company's investments in associates are analyzed in the following table:
| GROUP | |||
|---|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | |
| Balance at the beginning of the year | 890.193 | 538.205 | |
| Share of profit / (loss) from associates (after tax and minority interest) | (3.992) | (72.880) | |
| Currency translation differences | 1.873 | (8.593) | |
| Additions | 475.327 | 433.460 | |
| Disposals/write-offs | (236.802) | - | |
| Balance at the end of the year | 1.126.599 | 890.193 |
| COMPANY | |||
|---|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | |
| Balance at the beginning of the year | 500.697 | 229.237 | |
| Foundation of associates | - | 271.460 | |
| Disposals/write-offs | (72.700) | - | |
| Balance at the end of the year | 427.997 | 500.697 |
| GROUP | ||||||
|---|---|---|---|---|---|---|
| Country of | % interest | |||||
| Company name | incorpopration | Assets | Liabilities | Revenues | Profit (Loss) | held |
| 31.12.2014 | ||||||
| ADVANCED TRANSPORT TELEMATICS AE | POLAND | 6.060.605 | 4.934.729 | - | (297.205) | 25,00% |
| THIVAIKOS ANEMOS ENERGEIAKI S.A. | GREECE | 7.047.361 | 6.488.904 | 2.013.388 | 15.537 | 50,00% |
| MOBILE COMPOSTING S.A. | GREECE | 114.944 | 61.673 | - | (2.406) | 45,00% |
| ΚΙΝΗΤΗ ΚΟΜΠΟΣΤΟΠΟΙΗΣΗ Α.Ε. | GREECE | 345.051 | 97.439 | 7.155 | (21.934) | 24,00% |
| 13.567.960 | 11.582.745 | 2.020.543 | (306.008) | |||
| 31.12.2015 | ||||||
| ALPHA MOGILANY DEVELOPMENT SP. Z.O.O | POLAND | 6.069.200 | 5.204.977 | 120 | (269.145) | 25,00% |
| ADVANCED TRANSPORT TELEMATICS AE | GREECE | 11.929.146 | 11.157.080 | 6.059.167 | 213.609 | 50,00% |
| THIVAIKOS ANEMOS ENERGEIAKI S.A. (results up to the date of disposal) | GREECE | - | - | - | (3.600) | 45,00% |
| MOBILE COMPOSTING S.A. | GREECE | 351.963 | 230.375 | - | (29.054) | 24,00% |
| FRACASSO HOLDINGS D.O.O. | CROATIAN | 993.770 | 303.856 | - | (12.898) | 50,00% |
| INESTIA TOUTISTIKI SOCIETE ANONYME | GREECE | 86.705 | 1.643 | - | (56.937) | 50,00% |
| 19.430.784 | 16.897.931 | 6.059.286 | (158.024) |
| Country of | % interest | |
|---|---|---|
| Company name | incorpopration | held |
| 31.12.2014 | ||
| J/V ELTER-INTRACOM CONSTRUCTIONS (EPA GAS) | GREECE | 45,00% |
| J/V MOHLOS-INTRAKAT (SWIMM. POOL-CONTRACTOR) | GREECE | 50,00% |
| J/V PANTHESSALIKO STADIUM | GREECE | 15,00% |
| J/V INTRACOM CONSTRUCTIONS-GANTZOULAS (DEPA) | GREECE | 50,00% |
| J/V MOHLOS-INTRACOM CONSTRUCTIONS (TENNIS) | GREECE | 50,00% |
| J/V "ATH.TECHNICAL-PRISMA DOMI"-INTRAKAT | GREECE | 65,00% |
| J/V INTRAKAT - ERGAS - ALGAS | GREECE | 33,33% |
| 31.12.2015 | ||
| J/V MOHLOS-INTRAKAT (SWIMM. POOL-CONTRACTOR) | GREECE | 50,00% |
| J/V PANTHESSALIKO STADIUM | GREECE | 15,00% |
| J/V MOHLOS-INTRACOM CONSTRUCTIONS (TENNIS) | GREECE | 50,00% |
| J/V INTRAKAT - ERGAS - ALGAS | GREECE | 33,33% |
On 23.12.2015, the Group ceded all the shares of the associate THIVAIKOS ANEMOS S.A. it held. The total net assets of THIVAIKOS ANEMOS S.A. the date of disposal (23.12.2015) was as follows:
| (Amounts in Euro) | |
|---|---|
| Cash | 1.000 |
| Tangible assets | 62.348 |
| Other assets | 74.149 |
| Other liabilities | (87.825) |
| 49.671 | |
| Profit from disposal | 182.696 |
| Consideration in: | |
| Cash | 359.994 |
| 359.994 |
| (Amounts in Euro) | GROUP | COMPANY | ||
|---|---|---|---|---|
| Balance at 1 January 2014 and 1 January 2013 respectively | 700.394 | 9.149.873 | 700.394 | 9.149.873 |
| Additions | 2.252.000 | - | 2.252.000 | - |
| Disposals/write-offs | - | (5.073.331) | - | (5.073.331) |
| Fair value adjustment (Note 7.16) | (470.812) | (3.376.148) | (470.812) | (3.376.148) |
| Balance at 31 December 2015 and 31 December 2014 respectively | 2.481.582 | 700.394 | 2.481.582 | 700.394 |
| Non-current assets | 2.481.582 | 700.394 | 2.481.582 | 700.394 |
| Current assets | - | - | - | - |
| 2.481.582 | 700.394 | 2.481.582 | 700.394 |
| GROUP | COMPANY | |||
|---|---|---|---|---|
| 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 | |
| 1. Listed equity securities | 229.582 | 471.280 | 229.582 | 471.280 |
| 3. Unlisted equity securiries | - | 229.114 | - | 229.114 |
| 3. Pre-registration in under publication listed equity securities | 2.252.000 | - | 2.252.000 | - |
Additions relate to participation in bank common shares which were listed for trading on January 18th, 2016. During the year the Group and the Company recorded in their results an impairment loss of € 5.258 respectively relating to investments in listed securities (Note 7.27).
Available-for-sale financial assets are denominated in the following currencies:
| 31.12.2015 | 31.12.2014 | |
|---|---|---|
| Euro | 2.481.582 | 700.394 |
| 2.481.582 | 700.394 |
Trade and other receivables are analyzed as follows:
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 | |
| Trade receivables | 66.192.617 | 56.347.743 | 53.923.041 | 49.930.067 | |
| Trade receivables - Related parties | 2.529.505 | 1.556.780 | 16.956.934 | 14.861.836 | |
| Less: Provisions for impairment | (7.375.638) | (7.526.699) | (7.025.537) | (7.022.906) | |
| Trade receivables - net | 61.346.484 | 50.377.824 | 63.854.438 | 57.768.996 | |
| Prepayments | 6.690.249 | 6.068.847 | 6.474.527 | 5.733.110 | |
| Prepayments - Related parties | 2.615.472 | 622.511 | 2.615.472 | 622.511 | |
| Borrowings to related parties | 2.702.546 | 2.560.115 | 2.560.115 | 2.560.115 | |
| Receivables from the state (except for income tax) | 10.508.338 | 7.554.552 | 3.054.920 | 2.209.118 | |
| Deposits against share capital increase of subsidiaries, associates | 26.000 | - | 2.802.000 | - | |
| Committed deposit accounts | 246.561 | 450.004 | 246.561 | 450.004 | |
| Prepaid expenses | 3.089.777 | 3.257.867 | 2.830.081 | 2.693.823 | |
| Prepaid expenses - Related parties | 126.915 | 11.215 | 16.243 | 11.215 | |
| Accrued income | 100.255 | 113.415 | - | 26 | |
| Accrued income - Related parties | 248.729 | 83.954 | 248.729 | 83.954 | |
| Other receivables | 12.902.052 | 14.522.626 | 11.339.074 | 12.229.246 | |
| Other receivables - Related parties | 2.608.216 | 2.580.732 | 5.899.100 | 5.254.992 | |
| Less: Provisions for impairment | (3.089.256) | (3.708.211) | (3.055.751) | (3.674.706) | |
| Total | 100.122.339 | 84.495.451 | 98.885.511 | 85.942.403 | |
| Non-current assets | 4.383.685 | 1.829.131 | 7.080.769 | 4.672.462 | |
| Current assets | 95.738.654 | 82.666.320 | 91.804.742 | 81.269.942 | |
| 100.122.339 | 84.495.451 | 98.885.511 | 85.942.403 |
The fair values of receivables are the following:
| GROUP | COMPANY | |||
|---|---|---|---|---|
| (Ποσά σε Ευρώ) | 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 |
| Trade receivables (less provisions) | 61.346.484 | 50.377.824 | 63.854.438 | 57.768.996 |
| Borrowings to related parties | 2.702.546 | 2.560.115 | 2.560.115 | 2.560.115 |
| Prepayments | 9.305.721 | 6.691.358 | 9.089.999 | 6.355.621 |
| Receivables from the state (except for income tax) | 10.508.338 | 7.554.552 | 3.054.920 | 2.209.118 |
| Prepaid expenses | 3.216.692 | 3.269.081 | 2.846.324 | 2.705.038 |
| Accrued income | 348.985 | 197.370 | 248.729 | 83.981 |
| Other receivables | 12.693.573 | 13.845.151 | 17.230.985 | 14.259.535 |
| 100.122.339 | 84.495.451 | 98.885.511 | 85.942.403 |
The analysis of trade receivables of the Group and the Company at the end of each year is as follows:
The average collection period for the Company's trade receivables is 120 days.
| GROUP | COMPANY | |||
|---|---|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 |
| Total | 61.346.484 | 50.377.824 | 63.854.438 | 57.768.996 |
| Not past due and not impaired at the balance sheet date | 35.990.415 | 23.889.529 | 37.993.730 | 30.134.172 |
| Impaired at the balance sheet date | 7.375.638 | 7.526.699 | 7.025.537 | 7.022.906 |
| Provision has been made for the amount: | (7.375.638) | (7.526.699) | (7.025.537) | (7.022.906) |
| - | - | - | - |
| 61.346.484 | 50.377.824 | 63.854.438 | 57.768.996 | |
|---|---|---|---|---|
| 25.356.069 | 26.488.295 | 25.860.708 | 27.634.824 | |
| > 365 days | 10.356.532 | 11.623.415 | 9.729.112 | 11.130.802 |
| 120 - 365 days | 2.368.403 | 7.251.184 | 2.870.268 | 3.946.531 |
| 0 - 120 days | 12.631.134 | 7.613.696 | 13.261.328 | 12.557.491 |
| From the Greek state | 6.525.775 | 7.779.072 | 4.982.046 | 7.744.545 |
|---|---|---|---|---|
| Other | 18.830.294 | 18.709.222 | 20.878.663 | 19.890.279 |
| 25.356.069 | 26.488.295 | 25.860.708 | 27.634.824 |
| (Amounts in Euro) | GROUP Individually impaired |
COMPANY Individually impaired |
|---|---|---|
| Balance at 1 January 2014 | 11.406.406 | 10.953.406 |
| Provision for impairment | 895.469 | 895.469 |
| Unused amounts reversed | (136.794) | (221.277) |
| Uncollected receivables written-off during the year | (895.469) | (895.469) |
| Currency translation differences | (34.701) | (34.516) |
| Balance at 31 December 2014 | 11.234.911 | 10.697.613 |
| Provision for impairment | 414.946 | 361.166 |
| Unused amounts reversed | (618.956) | (618.956) |
| Uncollected receivables written-off during the year | (567.997) | (361.166) |
| Currency translation differences | 1.990 | 2.630 |
| Balance at 31 December 2015 | 10.464.893 | 10.081.288 |
Trade and other receivables are denominated in the following currencies:
| GROUP | COMPANY | |||
|---|---|---|---|---|
| 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 | |
| Euro | 93.902.104 | 78.296.415 | 94.409.851 | 81.609.881 |
| Polish zloti | 4.453.632 | 4.316.012 | 4.453.632 | 4.316.012 |
| Romanian RON | 1.746.095 | 1.868.021 | 1.521 | 1.507 |
| Albanian Lek | 20.507 | 13.606 | 20.507 | 13.606 |
| Syrian pound | - | 1.397 | - | 1.397 |
| 100.122.339 | 84.495.451 | 98.885.511 | 85.942.403 |
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income taxes relate to the same tax authority. The offset amounts are as follows:
| GROUP | COMPANY | |||
|---|---|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 |
| Deferred tax assets: | ||||
| Recoverable after 12 months | (6.818.576) | (8.747.361) | (6.516.869) | (8.387.055) |
| Recoverable within 12 months | (829.148) | (533.894) | (818.637) | (449.319) |
| (7.647.724) | (9.281.255) | (7.335.506) | (8.836.374) | |
| Deferred tax liabilities: | ||||
| To be settled after 12 months | 2.224.064 | 3.091.964 | 2.174.513 | 3.081.423 |
| To be settled within 12 months | 4.214.817 | 3.924.294 | 3.897.191 | 3.969.217 |
| 6.438.882 | 7.016.258 | 6.071.704 | 7.050.640 | |
| (1.208.842) | (2.264.997) | (1.263.802) | (1.785.734) |
The gross movement on the deferred income tax account is as follows:
| GROUP | COMPANY | |||
|---|---|---|---|---|
| (Ποσά σε Ευρώ) | 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 |
| Balance at the beginning of the year | (2.264.997) | (2.128.490) | (1.785.734) | (1.985.342) |
| Currency translation differences | 4.503 | 161 | 4.503 | 161 |
| Actuarial gains/(losses) | 2.355 | (26.425) | 2.919 | (13.072) |
| Charged to equity | (2.204) | - | - | - |
| Income tax charge (Note 7.29) | 1.051.502 | (110.243) | 514.511 | 212.520 |
| Balance at the end of year | (1.208.842) | (2.264.997) | (1.263.802) | (1.785.734) |
The movement in deferred tax assets and liabilities during the year, without taking into consideration the offsetting of balances within the same tax jurisdictions, is as follows:
| GROUP | |||||
|---|---|---|---|---|---|
| (Amounts in Euro) | Accelerated tax depreciation |
Other | Total | ||
| 01.01.2014 | 2.435.753 | 3.149.129 | 5.584.883 | ||
| Charged / (credited) to the income statement | 305.351 | 1.127.199 | 1.432.550 | ||
| Currency translation differences | - | (1.175) | (1.175) | ||
| 01.01.2015 | 2.741.104 | 4.275.153 | 7.016.258 | ||
| Charged / (credited) to the income statement | 9.206 | (586.707) | (577.500) | ||
| Currency translation differences | - | 124 | 124 | ||
| 31.12.2015 | 2.750.311 | 3.688.571 | 6.438.882 |
| GROUP | ||||
|---|---|---|---|---|
| (Amounts in Euro) | Provisions / Impairment losses |
Tax losses | Other | Total |
| 01.01.2014 | (2.832.393) | (4.402.132) | (478.847) | (7.713.373) |
| Charged / (credited) to the income statement | (168.549) | (1.071.218) | (303.027) | (1.542.793) |
| Actuarial gains/(losses) | - | - | (26.425) | (26.425) |
| Currency translation differences | - | 1.336 | - | 1.336 |
| 01.01.2015 | (3.000.942) | (5.472.014) | (808.300) | (9.281.255) |
| Charged / (credited) to the income statement | (67.753) | 1.765.232 | (68.477) | 1.629.002 |
| Actuarial gains/(losses) | - | - | 2.355 | 2.355 |
| Charged to equity | - | - | (2.204) | (2.204) |
| Currency translation differences | 4.379 | - | - | 4.379 |
| 31.12.2015 | (3.064.316) | (3.706.782) | (876.626) | (7.647.724) |
| (Amounts in Euro) | Accelerated tax depreciation |
Other | Total | |
|---|---|---|---|---|
| 01.01.2014 | 2.433.922 | 3.083.602 | 5.517.524 | |
| Charged / (credited) to the income statement | 293.807 | 1.240.484 | 1.534.290 | |
| Currency translation differences | - | (1.175) | (1.175) | |
| 01.01.2015 | 2.727.729 | 4.322.911 | 7.050.640 | |
| Charged / (credited) to the income statement | (276.608) | (702.452) | (979.060) | |
| Currency translation differences | - | 124 | 124 | |
| 31.12.2015 | 2.451.121 | 3.620.583 | 6.071.704 |
| COMPANY | ||||
|---|---|---|---|---|
| (Amounts in Euro) | Provisions / Impairment losses |
Tax losses | Other | Total |
| 01.01.2014 | (2.665.475) | (4.271.389) | (566.004) | (7.502.867) |
| Charged / (credited) to the income statement | (184.437) | (926.708) | (210.625) | (1.321.771) |
| Actuarial gains/(losses) | - | - | (13.072) | (13.072) |
| Currency translation differences | - | 1.336 | - | 1.336 |
| 01.01.2015 | (2.849.912) | (5.196.762) | (789.701) | (8.836.374) |
| Charged / (credited) to the income statement | (137.676) | 1.601.065 | 30.183 | 1.493.571 |
| Actuarial gains/(losses) | - | - | 2.919 | 2.919 |
| Currency translation differences | 4.379 | - | - | 4.379 |
| 31.12.2015 | (2.983.210) | (3.595.697) | (756.600) | (7.335.506) |
The deferred tax posted directly in equity during the year is as follows:
| GROUP | ||
|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 |
| Share capital increase expenses | (2.204) | - |
| (2.204) | - |
The Group's and the Company's inventories are analyzed as follows:
| GROUP | COMPANY | |||
|---|---|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 |
| Raw materials | 6.735.342 | 5.435.562 | 6.022.496 | 4.787.149 |
| Merchandise | 671.687 | 560.847 | 355.614 | 280.395 |
| Finished goods | 6.206.859 | 6.892.882 | 2.476.596 | 2.672.442 |
| Work in progress | 1.271.163 | 2.139.346 | 1.271.163 | 1.977.861 |
| Total | 14.885.052 | 15.028.638 | 10.125.870 | 9.717.847 |
| Less: Provisions for obsolete inventories | ||||
| Raw materials | 145.713 | 145.713 | 145.713 | 145.713 |
| Finished goods | 995.742 | 995.742 | 995.742 | 995.742 |
| 1.141.455 | 1.141.455 | 1.141.455 | 1.141.455 | |
| Total net realizable value | 13.743.597 | 13.887.183 | 8.984.415 | 8.576.392 |
| Analysis of provision | ||||
| At the beginning of the year | 1.141.455 | 1.141.455 | 1.141.455 | 1.141.455 |
| At the end of the year | 1.141.455 | 1.141.455 | 1.141.455 | 1.141.455 |
| GROUP | COMPANY | |||
|---|---|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 |
| Contracts in progress at the balance sheet date: | ||||
| Receivables from construction contracts | 41.177.752 | 35.354.498 | 41.012.624 | 35.141.879 |
| Total | 41.177.752 | 35.354.498 | 41.012.624 | 35.141.879 |
| Contracts in progress at the balance sheet date: | ||||
| Liabilities from construction contracts | 8.112.449 | 2.417.030 | 9.797.672 | 2.800.617 |
| Total | 8.112.449 | 2.417.030 | 9.797.672 | 2.800.617 |
| Accumulated contract costs plus accumulated recognised profits less accumulated recognised losses Less: Progress billings Construction contracts |
515.595.889 (482.530.586) 33.065.304 |
459.450.002 (426.512.533) 32.937.468 |
492.060.823 (460.845.872) 31.214.952 |
433.165.324 (400.824.061) 32.341.262 |
| Sales | ||||
| Contract expenses recognized in the period | 87.787.058 | 115.516.910 | 86.494.374 | 117.753.781 |
| Plus: Recognized profit for the period | 16.446.877 | 18.154.481 | 16.388.291 | 20.356.557 |
| Revenues from construction contracts recognized in the period | 104.233.934 | 133.671.391 | 102.882.665 | 138.110.339 |
| Total advances received | 15.697.624 | 15.530.457 | 15.697.624 | 15.530.457 |
| Amounts withheld from project customers | 3.912.061 | 1.937.830 | 3.621.523 | 1.687.909 |
| GROUP | ||||
|---|---|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | ||
| Balance at the beginning of the year | - | - | ||
| Increase of receivables | 11.646.815 | - | ||
| Decrease of receivables | - | - | ||
| Total: | 11.646.815 | - | ||
| Non-current assets | - | - | ||
| Current assets | 11.646.815 | - | ||
| 11.646.815 | - | |||
| Total advances received | 18.090.000 | - |
The State financial contribution comes from its subsidiary RURAL CONNECT S.A. (Note 5.30). Total advances received are illustrated in "Trade and other payables" account (Note 7.21).
It concerns investments of high liquidation in stocks with a short-term investing horizon.
| GROUP | COMPANY | |
|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2015 |
| 1 January 2015 | 178.967 | 178.967 |
| Fair value adjustments | (8.578) | (8.578) |
| 31 December 2015 | 170.389 | 170.389 |
| Listed securities: | ||
| Equity securities - Greece | 170.389 | 170.389 |
| 170.389 | 170.389 |
The carrying values of the abovementioned financial assets are classified as follows:
| GROUP | COMPANY | |
|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2015 |
| Securities held | 170.389 | 170.389 |
| 170.389 | 170.389 |
Other financial assets at fair value through profit of loss are denominated in the following currencies:
| COMPANY |
|---|
| 31.12.2015 |
| 170.389 |
| 170.389 |
Other financial assets that are measured at fair value with changes recorded in the results, are presented in the cash flow statement, in the operating activities section, as part of the working capital changes.
Changes in fair value of financial assets at fair value through profit or loss are recorded in other gains / losses (net) in the income statement (Note 7.27).
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 | |
| Cash at bank and in hand | 31.324.751 | 25.147.722 | 15.956.037 | 6.473.970 | |
| Short-term bank deposits | - | 600.000 | - | 600.000 | |
| Total | 31.324.751 | 25.747.722 | 15.956.037 | 7.073.970 |
The weighted average effective interest rate was:
| GROUP | COMPANY | |||
|---|---|---|---|---|
| 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 | |
| Cash at bank and in hand | 0,50% | 0,75% | 0,50% | 0,75% |
| Short-term bank deposits | 1,10% | 1,10% | 1,10% | 1,10% |
Cash and cash equivalents include the following for the purposes of the cash flow statement:
| GROUP | COMPANY | |||
|---|---|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 |
| Cash and cash equivalents | 31.324.751 | 25.747.722 | 15.956.037 | 7.073.970 |
| Total | 31.324.751 | 25.747.722 | 15.956.037 | 7.073.970 |
Cash and cash equivalents are denominated in the following currencies:
| GROUP | COMPANY | |||
|---|---|---|---|---|
| 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 | |
| Euro | 30.728.074 | 24.845.369 | 15.805.302 | 6.663.709 |
| US dollar | 1.329 | 1.241 | - | - |
| Polish zloty | 107.201 | 332.633 | 107.201 | 332.633 |
| Romanian RON | 452.148 | 498.522 | 7.535 | 7.671 |
| Albanian Lek | 36.000 | 67.821 | 36.000 | 67.821 |
| Syrian pound | - | 2.136 | - | 2.136 |
| 31.324.751 | 25.747.722 | 15.956.037 | 7.073.970 |
The Company's shares are intangible and listed for trading on the Athens Stock Exchange Market ("Middle Capitalization" category).
| GROUP | ||||||
|---|---|---|---|---|---|---|
| (Amounts in Euro) | Number of shares |
Common shares Share premium | Total | |||
| Balance at 1 January 2014 | 23.154.250 | 31.489.780 | 34.083.696 | 65.573.476 | ||
| Balance at 31 December 2014 | 23.154.250 | 31.489.780 | 34.083.696 | 65.573.476 | ||
| Balance at 31 December 2015 | 23.154.250 | 31.489.780 | 34.083.696 | 65.573.476 |
| COMPANY | ||||
|---|---|---|---|---|
| (Amounts in Euro) | Number of shares |
Common shares Share premium | Total | |
| Balance at 1 January 2014 | 23.154.250 | 31.489.780 | 34.083.696 | 65.573.476 |
| Balance at 31 December 2014 | 23.154.250 | 31.489.780 | 34.083.696 | 65.573.476 |
| Balance at 31 December 2015 | 23.154.250 | 31.489.780 | 34.083.696 | 65.573.476 |
The fair value reserves of both the Group and the Company are analyzed as follows:
| (Amounts in Euro) | Available-for-sale financial assets |
GROUP Exchange diferrences reserves |
Total |
|---|---|---|---|
| Balance at 1 January 2014 | (2.268.366) | (902.264) | (3.170.630) |
| Revaluation Currency translation differences of foreign subsidiaries & |
(3.376.148) | - | (3.376.148) |
| branch offices Currency translation differences of associates |
- - |
(69.447) (8.593) |
(69.447) (8.593) |
| Tranfer to results | 857.297 | - | 857.297 |
| Balance at 31 December 2014 | (4.787.217) | (980.303) | (5.767.520) |
| Revaluation Currency translation differences of foreign subsidiaries & branch offices |
(470.812) - |
- (152.106) |
(470.812) (152.106) |
| Currency translation differences of associates | - | 1.873 | 1.873 |
| Change of interest held in foreign subsidiaries | - | (4.661) | (4.661) |
| Tranfer to results | 5.258.029 | - | 5.258.029 |
| Balance at 31 December 2015 | - | (1.135.197) | (1.135.197) |
| COMPANY | |||
|---|---|---|---|
| (Amounts in Euro) | Available-for-sale financial assets |
Exchange diferrences reserves |
Total |
| Balance at 1 January 2014 | (2.268.366) | (190.082) | (2.458.449) |
| Revaluation | (3.376.148) | - | (3.376.148) |
| Currency translation differences of foreign branch offices | - | (68.876) | (68.876) |
| Tranfer to results | 857.297 | - | 857.297 |
| Balance at 31 December 2014 | (4.787.217) | (258.958) | (5.046.175) |
| Revaluation | (470.812) | - | (470.812) |
| Currency translation differences of foreign branch offices | - | (42.997) | (42.997) |
| Tranfer to results | 5.258.029 | - | 5.258.029 |
| Balance at 31 December 2015 | - | (301.956) | (301.956) |
The other reserves of both the Group and the Company are analyzed as follows:
| GROUP | |||||
|---|---|---|---|---|---|
| (Amounts in Euro) | Statutory reserves |
Tax free reserves |
Actuarial gains/losses |
Other reserves |
Total |
| Balance at 1 January 2014 | 3.732.357 | 13.676.574 | (631.928) | 1.091.546 | 17.868.549 |
| Transfer from retained earnings | - | (1.847.542) | - | - | (1.847.542) |
| Change of interest held in subsidiary | 11.414 | - | - | - | 11.414 |
| Actuarial gains/(losses) | - | - | (58.889) | - | (58.889) |
| Balance at 31 December 2014 | 3.743.770 | 11.829.032 | (690.817) | 1.091.546 | 15.973.532 |
| Transfer to retained earnings Increase of subsidiay's' share capital with a change in the |
17.472 | - | - | (6) | 17.466 |
| interest held | 3.796 | - | - | - | 3.796 |
| Change of interest held in subsidiaries | (6.243) | - | - | - | (6.243) |
| Actuarial gains/(losses) | - | - | 6.189 | - | 6.189 |
| Balance at 31 December 2015 | 3.758.795 | 11.829.032 | (684.628) | 1.091.540 | 15.994.739 |
| COMPANY | |||||
|---|---|---|---|---|---|
| (Amounts in Euro) | Statutory reserves |
Tax free reserves |
Actuarial gains/losses |
Other reserves |
Total |
| Balance at 1 January 2014 | 3.672.540 | 13.676.574 | (617.218) | 1.091.546 | 17.823.442 |
| Transfer from retained earnings | - | (1.847.542) | - | - | (1.847.542) |
| Actuarial gains/(losses) | - | - | (37.205) | - | (37.205) |
| Balance at 31 December 2014 | 3.672.540 | 11.829.032 | (654.424) | 1.091.546 | 15.938.694 |
| Transfer from retained earnings | - | - | - | (6) | (6) |
| Actuarial gains/(losses) | - | - | 7.145 | - | 7.145 |
| Balance at 31 December 2015 | 3.672.540 | 11.829.032 | (647.278) | 1.091.540 | 15.945.834 |
| GROUP | COMPANY | ||
|---|---|---|---|
| 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 |
| 34.343.910 | 41.286.162 | 6.160.693 | 12.736.162 |
| 10.035.000 | - | 10.035.000 | - |
| 458.900 | 371.137 | 458.900 | 367.596 |
| 44.837.810 | 41.657.300 | 16.654.593 | 13.103.758 |
| 4.803.551 | 1.053.710 | 599.305 | 1.053.710 |
| 44.912.863 | 31.208.877 | 42.296.323 | 26.681.358 |
| 9.331.899 | - | 500.000 | - |
| 232.219 | 225.375 | - | - |
| 333.277 | 134.067 | 329.736 | 122.404 |
| 59.613.808 | 32.622.029 | 43.725.364 | 27.857.471 |
| 104.451.618 | 74.279.328 | 60.379.957 | 40.961.229 |
Exposure to interest rate changes as well as the contractual re-pricing dates of current borrowings are as follows:
| GROUP | COMPANY | |||||
|---|---|---|---|---|---|---|
| (Amounts in Euro) | 6 months or less |
6-12 months | Total | 6 months or less |
6-12 months | Total |
| 31 December 2014 | ||||||
| Total borrowings | 31.568.319 | 1.053.710 | 32.622.029 | 26.803.761 | 1.053.710 | 27.857.471 |
| 31.568.319 | 1.053.710 | 32.622.029 | 26.803.761 | 1.053.710 | 27.857.471 | |
| 31 December 2015 | ||||||
| Total borrowings | 45.311.720 | 14.302.088 | 59.613.808 | 42.461.191 | 1.264.173 | 43.725.364 |
| 45.311.720 | 14.302.088 | 59.613.808 | 42.461.191 | 1.264.173 | 43.725.364 |
The contractual undiscounted cash flows of the non-current borrowings are as follows:
| GROUP | COMPANY | |||
|---|---|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 |
| Between 1 and 2 years | 5.361.247 | 7.967.367 | 1.109.553 | 6.459.039 |
| Between 2 and 3 years | 5.590.420 | 2.376.206 | 1.320.107 | 725.984 |
| Between 3 and 4 years | 5.537.408 | 2.610.372 | 1.331.033 | 820.107 |
| Between 4 and 5 years | 13.180.657 | 2.670.776 | 9.135.000 | 831.033 |
| Over 5 years | 14.709.177 | 25.661.441 | 3.300.000 | 3.900.000 |
| 44.378.910 | 41.286.162 | 16.195.693 | 12.736.162 |
The weighted average effective interest rates at the balance sheet date are the following:
| GROUP | ||||
|---|---|---|---|---|
| 31.12.2015 | 31.12.2014 | |||
| € | Other | € | Other | |
| Bank loans (current) | 6,50% | 6,50% | 7,20% | 6,50% |
| Bank loans (non-current) | 5,75% | - | 6,20% | - |
| Bond loan | 5,50% | - | - | - |
| Finance lease liabilities | 6,50% | 6,50% | 7,50% | 6,50% |
| COMPANY | ||||
|---|---|---|---|---|
| 31.12.2015 | 31.12.2014 | |||
| € | Other | € | Other | |
| Bank loans (current) | 6,50% | 6,50% | 7,20% | 6,50% |
| Bank loans (non-current) | 5,75% | - | 6,60% | - |
| Bond loan | 5,50% | - | - | - |
| Finance lease liabilities | 6,50% | - | 7,50% | - |
The carrying amounts and fair values of the non-current borrowings are the following:
| GROUP | |||||
|---|---|---|---|---|---|
| 31.12.2015 | 31.12.2014 | ||||
| (Amounts in Euro) | Carrying amount |
Fair value | Carrying amount |
Fair value | |
| Bank loans | 34.343.910 | 34.343.910 | 41.286.162 | 41.286.162 | |
| Bond Loan | 10.035.000 | 10.035.000 | - | - | |
| Finance lease liabilities | 458.900 | 458.900 | 371.137 | 371.137 | |
| Total | 44.837.810 | 44.837.810 | 41.657.300 | 41.657.300 |
| 31.12.2015 | 31.12.2014 | |||
|---|---|---|---|---|
| (Amounts in Euro) | Carrying amount |
Fair value | Carrying amount |
Fair value |
| Bank loans | 6.160.693 | 6.160.693 | 12.736.162 | 12.736.162 |
| Bond Loan | 10.035.000 | 10.035.000 | - | - |
| Finance lease liabilities | 458.900 | 458.900 | 367.596 | 367.596 |
| Total | 16.654.593 | 16.654.593 | 13.103.758 | 13.103.758 |
The carrying amounts of borrowings are denominated in the following currencies:
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 | ||
| Euro | 103.226.403 | 72.410.787 | 59.154.742 | 39.092.688 | |
| Polish zloty | 1.225.215 | 1.868.541 | 1.225.215 | 1.868.541 | |
| 104.451.618 | 74.279.328 | 60.379.957 | 40.961.229 |
| GROUP | ||||
|---|---|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | ||
| Balance sheet obligations for: | ||||
| Pension benefits | 1.144.048 | 1.108.790 | ||
| Total | 1.144.048 | 1.108.790 | ||
| Income statement charge (Note 7.33) | ||||
| Pension benefits | 92.611 | 274.316 | ||
| Total | 92.611 | 274.316 | ||
| Actuarial gains/losses (Other comprehensive income) | ||||
| Pension benefits | (8.120) | 108.315 | ||
| Pension benefits-third parties | (4.717) | (26.235) | ||
| Total | (12.836) | 82.079 | ||
| COMPANY | ||||
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | ||
| Balance sheet obligations for: | ||||
| Pension benefits | 816.254 | 798.116 | ||
| Total | 816.254 | 798.116 | ||
| Income statement charge (Note 7.33) | ||||
| Pension benefits | 71.194 | 245.489 | ||
| Total | 71.194 | 245.489 |
Actuarial gains/losses (Other comprehensive income) Pension benefits (10.064) 50.277 Total 50.277 (10.064)
The amounts recognized in the balance sheet are the following:
| GROUP | |||
|---|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | |
| Present value of defined benefit obligations | 1.144.048 | 1.108.790 | |
| Liability on the balance sheet | 1.144.048 | 1.108.790 |
| COMPANY | |||||
|---|---|---|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | |||
| Present value of defined benefit obligations | 816.254 | 798.116 | |||
| Liability on the balance sheet | 816.254 | 798.116 |
The amounts recognized in the income statement are the following:
| GROUP | ||
|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 |
| Current service cost | 59.600 | 88.809 |
| Interest cost | 21.067 | 40.267 |
| Losses on curtailment | 16.607 | 153.759 |
| Total | 97.275 | 282.835 |
| Third party charges | 4.663 | 8.335 |
| Total, included in employee benefit expenses (Note 7.33) | 92.611 | 274.500 |
| GROUP | ||||
|---|---|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | ||
| Cost of goods sold | 49.320 | 62.268 | ||
| Administrative expenses | 43.291 | 212.232 | ||
| 92.611 | 274.500 | |||
| Third party charges | 4.663 | 8.335 | ||
| 97.275 | 282.835 |
| COMPANY | ||||
|---|---|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | ||
| Cost of goods sold | 27.903 | 33.256 | ||
| Administrative expenses | 43.291 | 212.232 | ||
| 71.194 | 245.489 |
The movement in the liability recognized in the balance sheet is as follows:
| GROUP | |||
|---|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | |
| Balance at the beginning of the year | 1.108.790 | 1.187.718 | |
| Total expense charged in the income statement | 92.611 | 274.500 | |
| Total expense charged to third parties | 4.663 | 8.335 | |
| Contributions paid | (49.181) | (443.842) | |
| 48.094 | (161.007) | ||
| Actuarial (gains) / losses from changes in financial assumptions | (6.819) | 103.532 | |
| Other actuarial gains / losses | (6.017) | (21.453) | |
| (12.836) | 82.079 | ||
| Balance at the end of the year | 1.144.048 | 1.108.790 |
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 |
|---|---|---|
| Balance at the beginning of the year | 798.116 | 904.756 |
| Total expense charged in the income statement | 71.194 | 245.489 |
| Contributions paid | (42.992) | (402.406) |
| 28.202 | (156.917) | |
| Actuarial (gains) / losses from changes in financial assumptions | (5.136) | 71.730 |
| Other actuarial gains / losses | (4.928) | (21.453) |
| (10.064) | 50.277 | |
| Balance at the end of the year | 816.254 | 798.116 |
The principal actuarial assumptions used for accounting purposes are the following:
| GROUP | ||||
|---|---|---|---|---|
| 31.12.2015 | 31.12.2014 | |||
| Discount rate | 2,0% | 1,9% | ||
| Inflation | 2,0% | 2,0% | ||
| Future salary increases | 3,0% | 3,0% |
| COMPANY | ||||
|---|---|---|---|---|
| 31.12.2015 | 31.12.2014 | |||
| Discount rate | 2,0% | 1,9% | ||
| Inflation | 2,0% | 2,0% | ||
| Future salary increases | 3,0% | 3,0% |
The sensitivity analysis of the present value to changes in key actuarial assumptions is as follows:
| GROUP | ||||
|---|---|---|---|---|
| Impact on employee benefits obligation | ||||
| Year 2015 | Change in assumption |
Increase in assumption |
Reduction in assumption |
|
| % | % | % | ||
| Discount rate | 0,50% | Reduction by 3,03% |
Increase by 3,03% |
|
| Future salary increases | 0,50% | Increase by 2,99% |
Reduction by 2,99% |
|
Average expected maturity of employee benefits obligation: Years Pension benefits 15,77
| COMPANY | ||
|---|---|---|
| Impact on employee benefits obligation | |||
|---|---|---|---|
| Year 2015 | Change in assumption |
Increase in assumption |
Reduction in assumption |
| % | % | % | |
| Discount rate | 0,50% | Reduction by 3,03% |
Increase by 3,03% |
| Future salary increases | 0,50% | Increase by 2,99% |
Reduction by 2,99% |
| 31.12.2015 |
| Average expected maturity of employee benefits obligation: | Έτη |
|---|---|
| Pension benefits | 15,82 |
31.12.2015
| GROUP | ||||
|---|---|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | ||
| Balance at the beginning of the year | 60.983 | 67.411 | ||
| Transfer to the profit or loss | (6.427) | (6.428) | ||
| Balance at the end of the year | 54.556 | 60.983 |
The analysis of the Group's and the Company's trade payables and other liabilities is as follows:
| GROUP | COMPANY | |||
|---|---|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 |
| Trade payables | 60.289.373 | 56.306.504 | 53.140.934 | 50.653.160 |
| Trade payables to related parties | 4.885.329 | 1.989.264 | 5.231.548 | 1.993.503 |
| Accrued expenses | 1.799.848 | 3.253.538 | 289.220 | 339.979 |
| Social security and other fees | 796.498 | 513.242 | 585.461 | 393.424 |
| Taxes (except from income tax) | 5.452.498 | 3.664.134 | 4.961.568 | 3.336.577 |
| Prepayments from customers | 33.874.117 | 31.003.398 | 15.712.668 | 19.649.498 |
| Prepayments from related parties | 405.103 | 1.400.165 | 5.041.950 | 1.481.254 |
| Deferred income | 327 | - | 327 | - |
| Other liabilities | 11.647.864 | 8.797.227 | 8.386.253 | 5.827.849 |
| Other liabilities to related parties | 895.643 | 749.882 | 862.478 | 852.386 |
| Total | 120.046.599 | 107.677.355 | 94.212.405 | 84.527.632 |
| Non-current liabilities | - | 394.623 | - | 394.623 |
| Current liabilities | 120.046.599 | 107.282.732 | 94.212.405 | 84.133.009 |
| 120.046.599 | 107.677.355 | 94.212.405 | 84.527.632 |
Trade and other payables are denominated in the following currencies:
| GROUP | COMPANY | |||
|---|---|---|---|---|
| 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 | |
| Euro | 117.622.508 | 105.133.591 | 92.072.266 | 82.653.673 |
| Polish zloti | 1.432.048 | 1.858.423 | 1.432.048 | 1.858.423 |
| Romanian RON | 288.607 | 674.392 | 4.655 | 4.588 |
| Albanian Lek | 703.436 | 2.260 | 703.436 | 2.260 |
| Syrian pound | - | 8.688 | - | 8.688 |
| 120.046.599 | 107.677.355 | 94.212.405 | 84.527.632 |
| GROUP | COMPANY | |||
|---|---|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 |
| Between 1 and 2 years | - | 394.623 | - | 394.623 |
| - | 394.623 | - | 394.623 |
The policy regarding payment of trade payables is 120 days.
The payments' maturity is as follows:
| 2015 | 2014 | |||
|---|---|---|---|---|
| GROUP | COMPANY | GROUP | COMPANY | |
| 0 - 120 days | 15.911.064 | 13.612.529 | 10.739.368 | 9.327.399 |
| 120 - 365 days | 49.263.638 | 44.759.953 | 47.556.400 | 43.319.264 |
| GROUP | COMPANY | |||
|---|---|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 |
| Finance lease liabilities- minimum lease | ||||
| Not later than 1 year | 370.296 | 164.610 | 366.725 | 152.230 |
| Between 1 and 5 years | 382.655 | 388.760 | 382.655 | 385.189 |
| More than 5 years | 123.435 | 44.886 | 123.435 | 44.886 |
| Total | 876.386 | 598.256 | 872.815 | 582.305 |
| Less: Future finance charges on finance leases | (84.209) | (93.052) | (84.179) | (92.305) |
| Present value of finance lease liabilities | 792.177 | 505.204 | 788.636 | 490.000 |
The present value of finance lease liabilities is analyzed below:
| GROUP | COMPANY | |||
|---|---|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 |
| Not later than 1 year | 333.277 | 134.067 | 329.736 | 122.404 |
| Between 1 and 5 years | 337.211 | 333.418 | 337.211 | 329.876 |
| More than 5 years | 121.689 | 37.720 | 121.689 | 37.720 |
| Total | 792.177 | 505.204 | 788.636 | 490.000 |
Provisions relating to the Group and the Company are recognized when there are present legal or constructive obligations as a result of past events, when there is a chance of settling them through an outflow of resources and when the obligation amount can be reliably estimated. Contingent assets are not recognized in the financial statements but disclosed when there is a potential inflow of economic benefits.
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| (Amounts in Euro) | Other provisions |
Total | Other provisions |
Total | |
| Balance at 1 January 2014 | 604.979 | 604.979 | 569.979 | 569.979 | |
| Additional provisions for the year | 10.134 | 10.134 | 10.134 | 10.134 | |
| Unrealized reversed provisions | (200.832) | (200.832) | (165.832) | (165.832) | |
| Balance at 31 December 2014 | 414.281 | 414.281 | 414.281 | 414.281 | |
| Additional provisions for the year | 37.017 | 37.017 | 37.017 | 37.017 | |
| Realized provisions for the year | (89.078) | (89.078) | (89.078) | (89.078) | |
| Balance at 31 December 2015 | 362.220 | 362.220 | 362.220 | 362.220 |
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 | |
| Non-current provisions | - | - | - | - | |
| Current provisions | 362.220 | 414.281 | 362.220 | 414.281 | |
| Total | 362.220 | 414.281 | 362.220 | 414.281 |
The Group's revenues are analyzed as follows:
| GROUP | ||
|---|---|---|
| (Amounts in Euro) | 01.01 - 31.12.2015 |
01.01 - 31.12.2014 |
| Sale of goods | 16.222.952 | 9.588.805 |
| Revenue from services rendered | 15.490.849 | 10.133.365 |
| Revenue from construction contracts | 115.880.749 | 133.671.391 |
| Total | 147.594.551 | 153.393.561 |
| COMPANY | |||
|---|---|---|---|
| (Amounts in Euro) | 01.01 - 31.12.2015 |
01.01 - 31.12.2014 |
|
| Sale of goods | 1.668.596 | 1.291.584 | |
| Revenue from services rendered | 24.119.351 | 6.699.596 | |
| Revenue from construction contracts | 102.882.665 | 138.110.339 | |
| Total | 128.670.613 | 146.101.519 |
The Group's expenses by nature are analyzed as follows:
| GROUP | |||||||
|---|---|---|---|---|---|---|---|
| (Amounts in Euro) | 01.01 - 31.12.2015 | 01.01 - 31.12.2014 | |||||
| Note | Cost of goods sold |
Administrative expenses |
Total | Cost of goods sold |
Administrative expenses |
Total | |
| Employee benefit expense | 7.33 | 7.340.586 | 2.865.509 | 10.206.094 | 7.019.650 | 3.132.597 | 10.152.247 |
| Inventory cost recognised as expense | 38.084.694 | 474.789 | 38.559.483 | 36.428.907 | 2.962 | 36.431.868 | |
| Depreciation of PPE | 7.3 | ||||||
| - Owned assets | 2.880.159 | 644.410 | 3.524.569 | 1.787.512 | 698.211 | 2.485.723 | |
| - Leased assets | 98.877 | 22.446 | 121.323 | 29.076 | 27.412 | 56.488 | |
| Repairs and maintenance of PPE | 629.946 | 157.625 | 787.571 | 749.963 | 244.329 | 994.292 | |
| Amortisation of intangible assets | 7.2 | 62.952 | 50.653 | 113.605 | 42.459 | 72.884 | 115.343 |
| Depreciation of investment property | 25.305 | 25.305 | - | 24.625 | 24.625 | ||
| Operating lease payments | |||||||
| - Land | 389.099 | 390.036 | 779.134 | 423.677 | 367.273 | 790.951 | |
| - Machinery | 3.288.531 | 5.051 | 3.293.582 | 4.931.776 | 6.600 | 4.938.376 | |
| - Furniture and other equipment | 68.950 | 1.880 | 70.830 | 65.489 | 1.334 | 66.823 | |
| - Vehicles | 351.240 | 201.881 | 553.120 | 346.416 | 201.616 | 548.032 | |
| Advertisement | 42.832 | 1.121.920 | 1.164.752 | 61.181 | 1.290.248 | 1.351.428 | |
| Subcontractors' and third paries' fees | 64.825.706 | 5.545.075 | 70.370.781 | 70.022.337 | 5.745.652 | 75.767.989 | |
| Other (Third party benefits, various epenses etc.) | 7.599.503 | 3.040.445 | 10.639.948 | 8.580.183 | 3.413.748 | 11.993.931 | |
| Total | 125.663.074 | 14.547.025 | 140.210.099 | 130.488.625 | 15.229.491 | 145.718.116 |
| COMPANY | |||||||
|---|---|---|---|---|---|---|---|
| (Amounts in Euro) | 01.01 - 31.12.2015 | 01.01 - 31.12.2014 | |||||
| Note | Cost of goods sold |
Administrative expenses |
Total | Cost of goods sold |
Administrative expenses |
Total | |
| Employee benefit expense | 7.33 | 5.035.157 | 2.529.865 | 7.565.022 | 5.214.839 | 2.830.975 | 8.045.815 |
| Inventory cost recognised as expense | 32.023.841 | 473.131 | 32.496.972 | 32.120.612 | - | 32.120.612 | |
| Depreciation of PPE | 7.3 | ||||||
| - Owned assets | 1.293.614 | 609.728 | 1.903.343 | 1.580.381 | 672.519 | 2.252.900 | |
| - Leased assets | 98.877 | 14.761 | 113.638 | 29.076 | 19.656 | 48.732 | |
| Repairs and maintenance of PPE | 711.682 | 164.321 | 876.003 | 820.033 | 258.516 | 1.078.549 | |
| Amortisation of intangible assets | 7.2 | 62.701 | 45.813 | 108.515 | 42.458 | 68.545 | 111.003 |
| Depreciation of investment property | - | ||||||
| - Owned investment property | - | 5.896 | 5.896 | - | 4.586 | 4.586 | |
| - Leased investment property | - | 19.409 | 19.409 | - | 20.039 | 20.039 | |
| Operating lease payments | |||||||
| - Land | 258.038 | 268.622 | 526.660 | 165.201 | 269.335 | 434.536 | |
| - Machinery | 3.285.707 | 50 | 3.285.757 | 4.927.289 | 187 | 4.927.476 | |
| - Furniture and other equipment | 68.950 | 1.880 | 70.830 | 65.489 | 1.334 | 66.823 | |
| - Vehicles | 316.021 | 191.572 | 507.594 | 313.184 | 192.872 | 506.056 | |
| Advertisement | 42.082 | 1.040.986 | 1.083.068 | 60.895 | 1.129.779 | 1.190.674 | |
| Subcontractors' and third paries' fees | 61.191.647 | 4.516.485 | 65.708.132 | 69.571.514 | 4.966.694 | 74.538.208 | |
| Other (Third party benefits, various epenses etc.) | 6.743.452 | 2.589.146 | 9.332.598 | 7.985.252 | 2.935.257 | 10.920.510 | |
| Total | 111.131.770 | 12.471.666 | 123.603.436 | 122.896.223 | 13.370.295 | 136.266.518 |
The Group's and the Company's other income is analyzed as follows:
| GROUP | |||
|---|---|---|---|
| (Amounts in Euro) | 01.01- | 01.01- | |
| 31.12.2015 | 31.12.2014 | ||
| Other financial assets at fair value through profit or loss: | |||
| - Dividend income | 1.040 | - | |
| Amortization of grants received (Note 7.20) | 6.427 | 6.428 | |
| Income from grants | - | 1.571 | |
| Rental income | 99.302 | 97.896 | |
| Insurance reimbursement | 623.711 | 130.603 | |
| Forfeiture of guarantees | 69.269 | - | |
| Income from leased equipment | 8.502 | - | |
| Income from services rendered to third parties | 668.138 | 690.244 | |
| Other income | 529.895 | 674.778 | |
| Total | 2.006.284 | 1.601.519 |
| COMPANY | ||||
|---|---|---|---|---|
| (Amounts in Euro) | 01.01- 31.12.2015 |
01.01- 31.12.2014 |
||
| Other financial assets at fair value through profit or loss: | ||||
| - Dividend income | 1.040 | - | ||
| Amortization of grants received (Note 7.20) | 6.427 | 6.428 | ||
| Income from grants | - | 1.571 | ||
| Rental income | 165.236 | 155.735 | ||
| Insurance reimbursement | 20 | 109.732 | ||
| Income from leased equipment | 11.272 | - | ||
| Income from services rendered to third parties | 1.071.665 | 936.779 | ||
| Other income | 489.987 | 488.733 | ||
| Total | 1.745.648 | 1.698.978 |
The Group's and Company's other gains / losses are as follows:
| GROUP | |||
|---|---|---|---|
| (Amounts in Euro) | 01.01- 31.12.2015 |
01.01- 31.12.2014 |
|
| Available-for-sale financial assets: | |||
| - Gains / (losses) from disposal | - | (757.584) | |
| - Impairment | (5.258.029) | - | |
| Other financial assets at fair value through profit or loss: | |||
| - Fair value gains / (losses) | (8.578) | (44.204) | |
| Provision for impairment of inventories | - | - | |
| Impairment of doubtful debts | (414.946) | (895.469) | |
| Provision of doubtful debts restored (Note 7.8) | - | 136.794 | |
| Impairment of PPE | - | (229.882) | |
| Impairment of investment property | - | (146.255) | |
| Share of gains/(losses) from J/Vs consolidated according to the equity method | (34.706) | (10.133) | |
| Gains/ (losses) from dissolution of J/Vs | 57.312 | - | |
| Gains/ (losses) from disposal of participation percentages | 182.696 | - | |
| Gains/ (losses) from disposal of PPE | 56.383 | (13.519) | |
| Gains/ (losses) from disposal of investment property | - | 9.932 | |
| (5.419.868) | (1.950.319) |
| COMPANY | ||
|---|---|---|
| (Amounts in Euro) | 01.01- 31.12.2015 |
01.01- 31.12.2014 |
| Available-for-sale financial assets: | ||
| - Gains / (losses) from disposal | - | (757.584) |
| - Impairment | (5.258.029) | - |
| Other financial assets at fair value through profit or loss: | ||
| - Fair value gains / (losses) | (8.578) | (44.204) |
| Impairment of subsidiaries (Note 7.5) | (456.480) | - |
| Impairment of doubtful debts | (361.166) | (895.469) |
| Provision of doubtful debts restored (Note 7.8) | - | 221.277 |
| Impairment of PPE | - | (229.882) |
| Impairment of investment property | - | (146.255) |
| Share of gains/(losses) from J/Vs consolidated according to the equity method | (34.706) | (10.133) |
| Gains/ (losses) from disposal of participation percentages | (102.006) | 400 |
| Gains/ (losses) from dissolution of J/Vs | 62.116 | - |
| Gains/ (losses) from disposal of PPE | 17.618 | (27.127) |
| Gains/ (losses) from disposal of investment property | - | 9.932 |
| (6.141.231) | (1.879.045) |
The Group's and Company's finance cost is analyzed below:
| GROUP | |||
|---|---|---|---|
| (Amounts in Euro) | 01.01- 31.12.2015 |
01.01- 31.12.2014 |
|
| Finance expenses | |||
| - Bank loans | (5.094.896) | (3.190.658) | |
| - Bond loan | (4.390) | - | |
| - Finance leases | (7.007) | (41.543) | |
| - Letters of credit | (2.421.823) | (3.377.393) | |
| - Interest on advances from customers | (617.997) | (682.498) | |
| - Other | (426.480) | (710.838) | |
| - Net gains / (losses) from currency translation differences | 670 | (82.510) | |
| (8.571.923) | (8.085.441) | ||
| Interest income | 194.219 | 1.839.698 | |
| Total | (8.377.704) | (6.245.743) |
| COMPANY | |||
|---|---|---|---|
| (Amounts in Euro) | 01.01- 31.12.2015 |
01.01- 31.12.2014 |
|
| Finance expenses | |||
| - Bank loans | (3.530.079) | (2.986.415) | |
| - Bond loan | (4.390) | - | |
| - Finance leases | (6.291) | (39.926) | |
| - Letters of credit | (2.421.823) | (3.377.393) | |
| - Interest on advances from customers | (616.751) | (681.163) | |
| - Other | (342.281) | (695.813) | |
| - Net gains / (losses) from currency translation differences | 7.125 | (57.047) | |
| (6.914.489) | (7.837.757) | ||
| Interest income | 180.758 | 1.761.295 | |
| Total | (6.733.731) | (6.076.462) |
The Group's and Company's income tax expense is as follows:
| GROUP | ||
|---|---|---|
| (Amounts in Euro) | 01.01 - 31.12.2015 |
01.01 - 31.12.2014 |
| Current income tax | (481.709) | (676.827) |
| Deferred tax (Note 7.9) | (1.051.502) | 110.243 |
| Total | (1.533.211) | (566.584) |
| COMPANY | ||
|---|---|---|
| (Amounts in Euro) | 01.01 - 31.12.2015 |
01.01 - 31.12.2014 |
| Current income tax | (49.715) | (497.838) |
| Deferred tax (Note 7.9) | (514.511) | (212.520) |
| Total | (564.226) | (710.358) |
On July 15th the Law 4334/2015 (Government Gazette A 80 / 16.7.2015) was passed under which the income tax rate for legal entities was set at 29%.
Income tax statements are filed annually. With respect to the fiscal years up to fiscal 2010, profits or losses declared for tax purposes remain provisional until the tax authorities audit the tax statements and records of the company, time at which the respective tax liabilities are cleared. From fiscal year 2011 onwards, the tax
statements are subject to the Tax Compliance Report issuing procedure. Tax losses, to the extent accepted by the tax authorities, can be used to offset profits of the five fiscal years following the year in which they incurred.
For the fiscal year 2011 onwards, the Greek Societe Anonyme and Limited Liability Companies whose annual financial statements are mandatorily audited, are required to obtain an "Annual Certificate" as provided in par. 5 of article 82 of L.2238/1994 (fiscal years 2011-2013 Circular 1159/2011, as amended and currently in force with Circular 1134/2016) and Article 65A of Law 4174/2013 (fiscal years 2014 onwards Circular 1124/2015), which is issued following a tax audit conducted by the same statutory auditor or audit firm that audits the annual financial statements. Upon completion of the tax audit, the statutory auditor or audit firm shall issue to the company a "Tax Compliance Report" which is subsequently submitted electronically to the Ministry of Finance.
The income tax on the Group's profit differs from the amount that would arise using the nominal tax rate in force in the home country of the Company, as follows:
| GROUP | |||
|---|---|---|---|
| (Amounts in Euro) | 01.01 - 31.12.2015 |
01.01 - 31.12.2014 |
|
| (Losses)/profit before taxes | (4.410.827) | 1.008.023 | |
| Tax calculated based on the tax rate applicable to profits | 1.279.140 | (262.086) | |
| Non taxable income | 559.883 | 1.887.299 | |
| Expenses not deductible for tax purposes | (3.096.540) | (2.002.138) | |
| Differences in tax rates | (191.047) | (157.552) | |
| Other taxes | (84.647) | (32.106) | |
| Realized tax on inxome | (1.533.211) | (566.584) |
| COMPANY | |||
|---|---|---|---|
| (Amounts in Euro) | 01.01 - | 01.01 - | |
| (Losses)/profit before taxes | 31.12.2015 (6.062.137) |
31.12.2014 3.578.472 |
|
| Tax calculated based on the tax rate applicable to profits | 1.758.020 | (930.403) | |
| Non taxable income | 465.971 | 1.901.666 | |
| Expenses not deductible for tax purposes | (2.620.449) | (1.573.425) | |
| Differences in tax rates | (103.903) | (79.619) | |
| Other taxes | (63.864) | (28.577) | |
| Realized tax on inxome | (564.226) | (710.358) |
(Losses)/earnings per share were calculated using the weighted average number of shares multiplied by the total number of outstanding common shares.
| GROUP | ||||
|---|---|---|---|---|
| 31.12.2015 | 31.12.2014 | |||
| Weighted average number of shares | 23.154.250 | 23.154.250 | ||
| 01.01- 31.12.2015 |
01.01- 31.12.2014 |
|||
| (Losses)/profit before taxes | (4.410.827) | 1.008.023 | ||
| Income tax | (1.533.211) | (566.584) | ||
| (Losses)/profit net of taxes for the period | (5.944.039) | 441.440 | ||
| Attributable to: | ||||
| Owners of the Parent | (6.417.692) | 535.966 | ||
| Non-controlling interests | 473.653 | (94.526) | ||
| Basic (losses)/earnings per share | -0,2772 | 0,0231 |
| COMPANY | |||
|---|---|---|---|
| 31.12.2015 | 31.12.2014 | ||
| Weighted average number of shares | 23.154.250 | 23.154.250 | |
| 01.01- 31.12.2015 |
01.01- 31.12.2014 |
||
| (Losses)/profit before taxes | (6.062.137) | 3.578.472 | |
| Income tax | (564.226) | (710.358) | |
| (Losses)/profit net of taxes for the period | (6.626.363) | 2.868.114 | |
| Basic (losses)/earnings per share | -0,2862 | 0,1239 |
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation method:
| GROUP | |||
|---|---|---|---|
| 31.12.2015 | |||
| (Amounts in Euro) | Level 1 | Level 2 | Level 3 |
| Financial assets measured at fair value | |||
| Avaialable for sale financial assets | 229.582 | - | 2.252.000 |
| Financial assets at fair value through profit or loss | 170.389 | - | - |
| 399.971 | - | 2.252.000 |
| GROUP | ||||
|---|---|---|---|---|
| 31.12.2014 | ||||
| (Amounts in Euro) | Level 1 | Level 2 | Level 3 | |
| Financial assets measured at fair value | ||||
| Avaialable for sale financial assets | 471.280 | 229.114 | - | |
| Financial assets at fair value through profit or loss | 178.967 | - | - | |
| 650.248 | 229.114 | - |
The Group has not made any transfers between valuation levels.
The carrying amount of the following categories of assets and liabilities approximates their fair value:
The following figures represent assets, liabilities, revenues and expenses and share of results for the company and the Group (through subsidiaries) from joint ventures/joint operations.
The joint ventures/joint operations are presented in details in Note 5.7 «Group Structure».
| GROUP | COMPANY | |||
|---|---|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 |
| Assets: | ||||
| Non-current assets | 133.088 | 289.751 | 133.087 | 289.717 |
| Current assets | 34.688.544 | 29.233.326 | 34.352.737 | 28.836.774 |
| 34.821.632 | 29.523.076 | 34.485.824 | 29.126.490 | |
| Liabilities: | ||||
| Current liabilities | 31.306.362 | 26.125.591 | 30.737.786 | 25.514.964 |
| 31.306.362 | 26.125.591 | 30.737.786 | 25.514.964 | |
| Net assets | 3.515.270 | 3.397.485 | 3.748.038 | 3.611.526 |
| Revenues | 17.282.489 | 14.374.541 | 17.282.457 | 14.327.269 |
| Expenses | (16.316.363) | (11.685.657) | (16.311.496) | (11.644.264) |
| Profit/ losses (after taxes) | 966.125 | 2.688.884 | 970.960 | 2.683.005 |
The number of employees on December 31st, 2015 and December 31st 2014 respectively is:
| GROUP | COMPANY | |||
|---|---|---|---|---|
| Average number of employees | 414 | 365 | 294 | 253 |
| 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 | |
| (per category) | ||||
| Administrative personnel | 106 | 101 | 67 | 69 |
| Workers personnel | 308 | 264 | 227 | 184 |
| GROUP | COMPANY | |||
|---|---|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 |
| Wages and salaries | 7.978.148 | 7.736.182 | 5.903.452 | 6.098.016 |
| Social security expenses | 2.135.335 | 2.141.565 | 1.590.376 | 1.702.310 |
| Pension costs - defined benefit plans | 92.611 | 274.500 | 71.194 | 245.489 |
| Total | 10.206.094 | 10.152.247 | 7.565.022 | 8.045.815 |
Letters of guarantee
| GROUP | ||
|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 |
| Good performance guarantees | 97.426.302 | 105.559.855 |
| Advance payments guarantees | 17.185.881 | 22.049.757 |
| Good payment guarantees | 15.721.437 | 11.831.466 |
| Other guarantees | 499.342 | 794.716 |
| Good operation guarantees | 319.370 | 552.660 |
| Participation guarantees | 8.401.051 | 13.017.219 |
| Guarantees to banks on behalf of subsidiaries | 7.028.662 | 12.421.001 |
| 146.582.045 | 166.226.674 |
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 |
|---|---|---|
| Good performance guarantees | 91.296.302 | 98.517.727 |
| Advance payments guarantees | 8.755.881 | 8.144.577 |
| Good payment guarantees | 15.721.437 | 11.831.466 |
| Other guarantees | 499.342 | 794.716 |
| Good operation guarantees | 319.370 | 552.660 |
| Participation guarantees | 8.401.051 | 12.936.577 |
| Guarantees to banks on behalf of subsidiaries | 7.028.662 | 12.421.001 |
| 132.022.045 | 145.198.724 |
| GROUP | ||
|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 |
| Customers' good payment guarantees | 6.137.653 | 6.227.653 |
| Suppliers' good performance guarantees | 1.579.559 | 816.000 |
| Advance payments guarantees | 579.341 | 1.016.698 |
| 8.296.553 | 8.060.351 |
| COMPANY | ||
|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 |
| Customers' good payment guarantees | 6.137.653 | 6.227.653 |
| Suppliers' good performance guarantees | 1.579.559 | 816.000 |
| Advance payments guarantees | 579.341 | 1.016.698 |
| 8.296.553 | 8.060.351 |
| GROUP | ||
|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 |
| Not later than 1 year | 123.550 | 105.111 |
| Between 1 and 5 years | 174.400 | 241.539 |
| More than 5 years | 48.463 | 60.708 |
| 346.413 | 407.358 | |
| COMPANY | ||||
|---|---|---|---|---|
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 | ||
| Not later than 1 year | 167.672 | 167.472 | ||
| Between 1 and 5 years | 266.332 | 383.175 | ||
| More than 5 years | 48.463 | 60.708 | ||
| 482.467 | 611.355 |
Commitments pertain to future lease obligations regarding the operational leasing of machinery, vehicles etc.
| (Amounts in Euro) | 31.12.2015 | 31.12.2014 |
|---|---|---|
| Not later than 1 year | 401.588 | 370.967 |
| Between 1 and 5 years | 614.800 | 720.760 |
| 1.016.388 | 1.091.727 |
The following tables present information regarding the Group's and the Company's transactions with related parties. Purchases and sales from and to related parties have been carried out under the common market terms.
| GROUP | |||||
|---|---|---|---|---|---|
| COMPANY NAME | ASSETS | LIABILITIES | REVENUES | EXPENSES | |
| PARENT COMPANY | |||||
| INTRACOM HOLDINGS | 1.627.530 | 2.936.259 | 469.262 | 1.475.886 | |
| ASSOCIATE COMPANIES | |||||
| ADVANCED TRANSPORT TELEMATICS S.A. | 2.716.366 | - | 167.850 | - | |
| FRACASSO HOLDINGS D.O.O. | 145.577 | - | 3.146 | - | |
| MOBILE COMPOSTING S.A. | 159.903 | - | 103.700 | - | |
| Total | 3.021.846 | - | 274.696 | - | |
| JOINT VENTURES (EQUITY) | |||||
| J/V MOHLOS - INTRACOM CONSTRUCTIONS (TENNIS) | 139.242 | 34.319 | - | - | |
| J/V PANTHESSALIKO STADIUM | 4.179 | 75.353 | - | - | |
| J/V MOHLOS - INTRACOM CONSTRUCTIONS (SWIMMING POOL) | 354.154 | - | - | - | |
| J/V ΙΝΤRΑΚΑΤ-ERGAS-ALGAS | 7.713 | - | - | - | |
| Total | 505.288 | 109.673 | - | - | |
| OTHER RELATED PARTIES | |||||
| INTRALOT S.A. | 30.651 | - | 2.450.823 | - | |
| INTRALOT OPERATIONS LTD | - | 498.219 | - | 6.844 | |
| INTRASOFT INTERNATIONAL S.A. | 3.731.849 | 2.308.649 | 3.518.185 | 1.568.282 | |
| INTRACOM DEFENSE | 69.407 | - | 753.453 | 450 | |
| KEKROPS S.A. | 882.436 | - | 223.962 | - | |
| INTRAPAR S.A. | 127.499 | - | 7.711 | - | |
| ΑΜΥΝΑ INSURANCE BROKERS LTD | 192.845 | 4.647 | - | 109.444 | |
| OTHER RELATED PARTIES | 461.092 | 55.989 | 459.939 | 22.522 | |
| Total | 5.495.779 | 2.867.503 | 7.414.073 | 1.707.541 | |
| MANAGEMENT BODIES | |||||
| MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS | 206.941 | 272.640 | 15.656 | 1.417.341 | |
| 10.857.384 | 6.186.075 | 8.173.686 | 4.600.769 |
| Income from construction contracts | 3.799.351 |
|---|---|
| Income from sale of goods and services | 4.192.876 |
| Rental income | 11.800 |
| Interest income | 169.659 |
| 8.173.686 | |
| Subcontractors | 1.451.703 |
| Rental expenses | 253.413 |
| Interest expenses | 6.844 |
| Purchase of services | 1.471.467 |
| Fees to Management Executives and Administration Members | 1.417.341 |
| 4.600.769 | |
| Receivables from the parent company Ιntracom Holdings | 1.627.530 |
| Receivables from associate companies | 3.021.846 |
| Receivables from J/Vs | 505.288 |
| Receivables from other related parties | 5.495.779 |
| Receivables from Management Executives and Administration Members | 206.941 |
| 10.857.384 | |
| Payables to the parent company Intracom Holdings | 2.936.259 |
| Payables to J/Vs | 109.673 |
| Payables to other related parties | 2.867.503 |
| Payables to Management Executives and Administration Members | 272.640 |
| 6.186.075 |
| COMPANY | |||||
|---|---|---|---|---|---|
| COMPANY NAME | ASSETS | LIABILITIES | REVENUES | EXPENSES | |
| PARENT COMPANY | |||||
| INTRACOM HOLDINGS | 1.430.464 | 2.876.961 | 130.000 | 1.472.553 | |
| SUBSIDIARIES | |||||
| IN MAINT S.A. | - | 303.826 | 12.600 | 352.233 | |
| EUROKAT ATE | 5.019.597 | 147.600 | 128.500 | 120.000 | |
| INTRACOM CONSTRUCT | 686.700 | 47.918 | - | 37.347 | |
| INTRADEVELOPMENT | 2.922.226 | - | 1.949 | - | |
| INTRAKAT INT. Ltd | 25.365 | 12.732 | 10.000 | 15.000 | |
| -Α. KATSELIS ENERGEIAKI S.A. | 1.821.806 | - | 114.239 | - | |
| FRACASSO HELLAS S.A. | 1.382.676 | - | 1.485.804 | 839.249 | |
| INTRAPOWER S.A. | 3.512.348 | - | 2.541 | - | |
| ANAPTIXIAKI CYCLADES S.A. | 298.755 | 23.000 | 227.654 | - | |
| INTRA-CYCLADES S.A. | 72.103 | 22.000 | 1.464 | - | |
| INTRA-HOSPITALITY S.A. | 3.257 | - | 2.964 | - | |
| INTRA-BLUE S.A. | 453.825 | - | 212.184 | - | |
| RURAL CONNECT S.A. | 4.841.035 | 4.745.007 | 12.588.811 | - | |
| ICMH HEALTH SERVICES S.A. | 2.692 | - | 2.184 | - | |
| B WIND POWER S.A. | 1.667 | - | 124 | - | |
| Total | 21.044.051 | 5.302.083 | 14.791.017 | 1.363.829 | |
| JOINT OPERATIONS | |||||
| J/V EUROKAT - INTRAKAT (IONIOS GENERAL CLINIC) | |||||
| J/V EUROKAT - PROTEYS (PEANIA'S RAINWATER) | - | 111.497 | - | - | |
| 293 | 192.218 | - | - | ||
| Total | 293 | 303.716 | - | - | |
| ASSOCIATE COMPANIES | |||||
| ADVANCED TRANSPORT TELEMATICS S.A. | 2.716.366 | - | 167.850 | - | |
| THIVAIKOS ANEMOS ENERGEIAKI S.A | 159.903 | - | 103.700 | - | |
| Total | 2.876.269 | - | 271.550 | - | |
| JOINT VENTURES (EQUITY) | |||||
| J/V MOHLOS - INTRACOM CONSTRUCTIONS (TENNIS) | 139.242 | 34.319 | - | - | |
| J/V MOHLOS - INTRACOM CONSTRUCTIONS (SWIMMING POOL) | 354.154 | - | - | - | |
| J/V PANTHESSALIKO STADIUM | 4.179 | 75.353 | - | - | |
| J/V ΙΝΤRΑΚΑΤ-ERGAS-ALGAS | 7.713 | - | - | - | |
| Total | 505.288 | 109.673 | - | - | |
| OTHER RELATED PARTIES | |||||
| INTRASOFT INTERNATIONAL S.A. | 3.677.253 | 2.173.118 | 3.033.622 | 1.566.212 | |
| INTRALOT S.A. | 11.812 | - | 2.262.415 | - | |
| INTRALOT OPERATIONS LTD | - | 266.000 | - | - | |
| INTRACOM DEFENSE | 23.792 | - | 158.616 | 450 | |
| KEKROPS S.A. | 882.313 | - | 222.367 | - | |
| INTRAPAR S.A. | 127.499 | - | 7.711 | - | |
| OTHER RELATED PARTIES | 381.816 | 55.433 | 363.400 | 46.809 | |
| Total | 5.104.486 | 2.494.551 | 6.048.130 | 1.613.471 | |
| MANAGEMENT BODIES MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS |
137.744 | 48.992 | - | 1.237.991 | |
| 31.098.594 | 11.135.975 | 21.240.697 | 5.687.844 | ||
| Income from construction contracts | 16.386.361 | |
|---|---|---|
| Income from sale of goods and services | 4.604.819 | |
| Rental income | 77.734 | |
| Income from leases | 5.270 | |
| Interest income | 166.513 | |
| 21.240.697 | - | |
| Purchase of goods | 876.596 | |
| Subcontractors | 1.641.258 | |
| Rental expenses | 372.000 | |
| Purchase of services | 1.559.999 | |
| Fees to Management Executives and Administration Members | 1.237.991 | |
| 5.687.844 |
| Receivables from the parent company Ιntracom Holdings | 1.430.464 | |
|---|---|---|
| Receivables from subsidiaries | 21.044.051 | |
| Receivables from joint operations | 293 | |
| Receivables from associate companies | 2.876.269 | |
| Receivables from J/Vs | 505.288 | |
| Receivables from other related parties | 5.104.486 | |
| Receivables from Management Executives and Administration Members | 137.744 | |
| 31.098.594 | ||
| Payables to the parent company Intracom Holdings | 2.876.961 | |
| Payables to subsidiaries | 5.302.083 | |
| Payables to joint operations | 303.716 | |
| Payables to J/Vs | 109.673 | |
| Payables to other related parties | 2.494.551 | |
| Payables to Management Executives and Administration Members | 48.992 |
Management executives and administration members fees for the year 2015 amounted € 1.417.341.
| GROUP | ||||
|---|---|---|---|---|
| COMPANY NAME | ASSETS | LIABILITIES | REVENUES | EXPENSES |
| PARENT COMPANY | ||||
| INTRACOM HOLDINGS | 1.839.753 | 1.436.378 | 523.603 | 1.488.106 |
| JOINT OPERATIONS | ||||
| J/V ΙΝΤRΑΚΑΤ - ΙΝΤRACOM TELECOM (DEPA's TELECOMMUNICATION | ||||
| NETWORKS) | - | - | 188.730 | 13.308 |
| ASSOCIATE COMPANIES | ||||
| ADVANCED TRANSPORT TELEMATICS S.A. | 2.571.426 | - | 402.784 | - |
| MOBILE COMPOSTING S.A. | 61.769 | 5.937 | - | - |
| THIVAIKOS ANEMOS ENERGEIAKI S.A. | 926 | - | - | - |
| Total | 2.634.121 | 5.937 | 402.784 | - |
| JOINT VENTURES (EQUITY) | ||||
| J/V MOHLOS - INTRACOM CONSTRUCTIONS (TENNIS) | 140.133 | 39.441 | - | - |
| J/V INTRAKAT- GANTZOULAS | 16.922 | 46.523 | - | - |
| J/V ELTER - INTRAKAT (EPA GAS) | 1.053 | 2.858 | - | - |
| J/V PANTHESSALIKO STADIUM | 2.003 | 75.353 | - | - |
| J/V MOHLOS - INTRACOM CONSTRUCTIONS (SWIMMING POOL) | 352.346 | - | - | - |
| J/V "ATH.TECHNIKI - PRISMA DOMI" - INTRAKAT (KARPATHOS AIRPORT) | 251.213 | - | 5.757 | - |
| J/V ΙΝΤRΑΚΑΤ-ERGAS-ALGAS | 5.711 | - | - | - |
| Total | 769.382 | 164.176 | 5.757 | - |
| OTHER RELATED PARTIES | ||||
| INTRASOFT S.A. | 296.753 | 1.411.740 | 173.944 | 95.481 |
| INTRALOT S.A. | 16.847 | 300.165 | 897.236 | - |
| INTRACOM TELECOM | - | - | 31.383 | 10.445.340 |
| HELLAS ON LINE | - | - | 3.031.745 | 149.968 |
| G. KARAISKAKIS STADIUM | 685.988 | 99.867 | - | 19.918 |
| INTRALOT CYPRUS Ltd | - | 266.000 | - | - |
| ΑΜΥΝΑ INSURANCE BROKERS LTD | 134.375 | 81.726 | - | 145.758 |
| KEKROPS S.A. | 615.675 | - | - | - |
| INTRAPAR S.A. | 119.789 | - | 2.789 | - |
| OTHER RELATED PARTIES | 219.249 | 46.955 | 5.100 | 6.978 |
| Total | 2.088.676 | 2.206.453 | 4.142.197 | 10.863.442 |
| MANAGEMENT BODIES | ||||
| MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS | 83.375 | 326.367 | - | 1.412.640 |
| 7.415.307 | 4.139.311 | 5.263.070 | 13.777.497 |
| Income from disposal of assets | 2.720.078 |
|---|---|
| Income from sale of goods and services | 2.403.831 |
| Interest income | 5.100 |
| Rental income | 134.061 |
| 5.263.070 |
| Purchase of tangible and intangible assets | 6.999 |
|---|---|
| Purchase of goods | 55.000 |
| Rental expenses | 253.413 |
| Purchase of services | 12.049.444 |
| Fees to Management Executives and Administration Members | 1.412.640 |
| 13.777.497 | |
| Receivables from the parent company Ιntracom Holdings | 1.839.753 |
| Receivables from associate companies | 2.634.121 |
| Receivables from J/Vs | 769.382 |
| Receivables from other related parties | 2.088.676 |
| Receivables from Management Executives and Administration Members | 83.375 |
| 7.415.307 | |
| Payables to the parent company Intracom Holdings | 1.436.378 |
| Payables to associate companies | 5.937 |
| Payables to J/Vs | 164.176 |
| Payables to other related parties | 2.206.453 |
| Payables to Management Executives and Administration Members | 326.367 |
| 4.139.311 |
| COMPANY | |||||
|---|---|---|---|---|---|
| COMPANY NAME | ASSETS | LIABILITIES | REVENUES | EXPENSES | |
| PARENT COMPANY | |||||
| INTRACOM HOLDINGS | 1.636.333 | 1.380.881 | 170.214 | 1.484.773 | |
| SUBSIDIARIES | |||||
| IN MAINT S.A. | 120.792 | 116.781 | 20.636 | 290.349 | |
| EUROKAT ATE | 5.350.641 | 31.898 | 325.452 | 2.600 | |
| INTRACOM CONSTRUCT | 686.700 | 10.611 | - | 6.200 | |
| INTRADEVELOPMENT | 25.914 | - | 1.949 | - | |
| INTRAKAT INT. Ltd | 25.365 | 12.382 | - | - | |
| -Α. KATSELIS ENERGEIAKI S.A. | 6.227.160 | - | 6.801.200 | - | |
| FRACASSO HELLAS S.A. | 1.396.773 | 32.445 | 1.736.079 | 209.569 | |
| INTRAPOWER S.A. | 3.422.401 | 1.914 | 2.541 | - | |
| ANAPTIXIAKI CYCLADES S.A. | 13.820 | 29.719 | 1.438 | - | |
| INTRA-CYCLADES S.A. | 15.113 | 29.370 | 1.220 | - | |
| INTRA-BLUE S.A. | 2.056 | 22.000 | 2.020 | - | |
| RURAL CONNECT S.A. | 2.795 | - | 339 | - | |
| ICMH HEALTH SERVICES S.A. | 93 | - | 91 | - | |
| Total | 17.289.623 | 287.121 | 8.892.964 | 508.718 | |
| JOINT OPERATIONS | |||||
| J/V EUROKAT - INTRAKAT (IONIOS GENERAL CLINIC) | - | 129.981 | 73.702 | - | |
| J/V EUROKAT - PROTEYS (PEANIA'S RAINWATER) | 3.865 | 99.974 | 2.815 | - | |
| J/V ΙΝΤRΑΚΑΤ - ΙΝΤRACOM TELECOM (DEPA's TELECOMMUNICATION | |||||
| NETWORKS) | - | - | 188.730 | 13.308 | |
| Total | 3.865 | 229.955 | 265.246 | 13.308 | |
| ASSOCIATE COMPANIES | |||||
| ADVANCED TRANSPORT TELEMATICS S.A. | 2.571.426 | - | 402.784 | - | |
| THIVAIKOS ANEMOS ENERGEIAKI S.A | 926 | - | - | - | |
| Total | 2.572.352 | - | 402.784 | - | |
| JOINT VENTURES (EQUITY) | |||||
| J/V MOHLOS - INTRACOM CONSTRUCTIONS (TENNIS) | 140.133 | 39.441 | - | - | |
| J/V MOHLOS - INTRACOM CONSTRUCTIONS (SWIMMING POOL) | 352.346 | - | - | - | |
| J/V PANTHESSALIKO STADIUM | 2.003 | 75.353 | - | - | |
| J/V ELTER-INTRAKAT EPA GAS | 1.053 | 2.858 | - | - | |
| J/V INTRAKAT- GANTZOULAS | 16.922 | 46.523 | - | - | |
| J/V "ATH.TECHNIKI - PRISMA DOMI" - INTRAKAT (KARPATHOS AIRPORT) | 251.213 | - | 5.757 | - | |
| J/V ΙΝΤRΑΚΑΤ-ERGAS-ALGAS | 5.711 | - | - | - | |
| Total | 769.382 | 164.176 | 5.757 | - |
| OTHER RELATED PARTIES | |||||
|---|---|---|---|---|---|
| INTRACOM TELECOM | - | - | 31.383 | 10.445.340 | |
| INTRASOFT S.A. | 213.491 | 1.279.705 | 173.944 | 88.482 | |
| INTRALOT S.A. | - | 300.165 | 897.236 | - | |
| INTRALOT CYPRUS Ltd | - | 266.000 | - | - | |
| HELLAS ON LINE | - | - | 3.031.745 | 149.968 | |
| ΑΜΥΝΑ INSURANCE BROKERS LTD | 60.139 | 3.237 | - | 115.106 | |
| KEKROPS S.A. | 615.472 | - | - | - | |
| INTRAPAR S.A. | 119.789 | - | 2.789 | - | |
| OTHER RELATED PARTIES | 84.072 | 143.986 | 15.650 | 25.729 | |
| Total | 1.092.963 | 1.993.092 | 4.152.747 | 10.824.625 | |
| MANAGEMENT BODIES | |||||
| MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS | 30.105 | 271.919 | - | 1.219.057 | |
| 23.394.622 | 4.327.143 | 13.889.711 | 14.050.481 |
| Income from disposal of assets | 60.000 |
|---|---|
| Income from construction contracts | 9.788.529 |
| Income from sale of goods and services | 3.762.079 |
| Rental income | 71.340 |
| Interest income | 207.762 |
| 13.889.711 | |
| Purchase of tangible and intangible assets | 8.800 |
| Purchase of goods | 263.869 |
| Subcontractors | 159.979 |
| Rental expenses | 252.000 |
| Purchase of services | 12.146.776 |
| Fees to Management Executives and Administration Members | 1.219.057 |
| 14.050.481 | |
| Receivables from the parent company Ιntracom Holdings | 1.636.333 |
| Receivables from subsidiaries | 17.289.623 |
| Receivables from joint operations | 3.865 |
| Receivables from associate companies | 2.572.352 |
| Receivables from J/Vs | 769.382 |
| Receivables from other related parties | 1.092.963 |
| Receivables from Management Executives and Administration Members | 30.105 |
| 23.394.622 | |
| Payables to the parent company Intracom Holdings | 1.380.881 |
| Payables to subsidiaries | 287.121 |
| Payables to joint operations | 229.955 |
| Payables to J/Vs | 164.176 |
| Payables to other related parties | 1.993.092 |
| Payables to Management Executives and Administration Members | 271.919 |
| 4.327.143 |
Management executives and administration members fees for the year 2014 amounted € 1.412.640.
There are no litigious or under arbitration differences relating to the Group which in their development are likely to have significant impact on the Group's results.
Tax unaudited years are presented for each company and joint venture/joint operations in the following table:
| COMPANY NAME | Tax unaudited years |
|---|---|
| INTRAKAT, Greece | 1 |
| Joint operations | |
| - J/V ΙΝΤRΑΚΑΤ - ΑΤΤΙΚΑΤ (ΕGΝΑΤΙΑ ROAD), Greece | 6 |
| - J/V ΙΝΤRΑΚΑΤ - ELTER (XIRIAS PROJECT), Greece | 6 |
| - J/V INTRAKAT- ELTER (PROJECT OF NATURAL GAS SCHOOL INSTALLATION), Greece | 6 |
| - J/V ΙΝΤRΑΚΑΤ - ΙΝΤRACOM TELECOM (DEPA's TELECOMMUNICATION NETWORKS), Greece | 6 |
| - J/V INTRAKAT - ELTER (EXPANSION OF NATURAL GAS DISTRIBUTION NETWORKS XANTHI, SERRES, KOMOTINI), Greece | 6 |
| - J/V AKTOR ATE - J&P AVAX - ΙΝΤRΑΚΑΤ (J/V MOREAS), Greece - J/V INTRAKAT - ELTER (NATURAL GAS PIPELINES DISTRIBUTION AND SUPPLY NETWORK IN SOUTH ATTIKA REGION - EPA 7), Greece |
8 6 |
| - J/V EUROKAT - INTRAKAT (IONIOS GENERAL CLINIC), Greece | 6 |
| - J/V INTRAKAT - ETVO (CONSTRUCTION OF THE CENTRAL LIBRARY FACILITIES OF THE ATHENS SCHOOL OF FINE ARTS), Greece | 6 |
| - J/V ANASTILOTIKI - INTRAKAT - GETEM - ETETH (CIVIL, ELECTROΜECHANICAL WORKS & SHAPING OF SURROUNDINGS OF THE NEW MUSEUM IN PATRA), Greece |
6 |
| - J/V ANASTILOTIKI - GETEM - INTRAKAT (CONSTRUCTION OF REFINERY & WATER PIPELINES IN PATRA & ITS INDUSTRIAL DISTRICT FROM PEIROS - PARAPEIROS DAM), Greece |
7 |
| - J/V ALTEK SA - INTRAKAT - ANASTILOTIKI ATE (EXPANSION OF THE TERMINAL OF THESSALONIKI's PUBLIC AIRPORT "MACEDONIA" NORTHWEST UNTIL THE CONTROL TOWER), Greece |
6 |
| - J/V INTRAKAT - ELTER (CONSTRUCTION OF DAM AT THE FILIATRINOU BASIN), Greece | 6 |
| - J/V INTRAKAT - K. PANAGIOTIDIS UNLIMITED CO. (PROJECT OF TRANSPORT LINES 'ONE'), Greece | 6 |
| - J/V INTRAKAT - FILIPPOS S.A. (AMFIPOLIS PROJECT), Greece | 5 |
| - J/V EKTER S.A. - ERTEKA S.A. - THEMELI S.A. - INTRAKAT (NETWORKS OF FILOTHEI REGION IN KIFISIA), Greece - J/V INTRAKAT - G.D.Κ. TECHNIKI EPE "J/V FOR THE CONSTRUCTION OF THE FILIATRINOU DAM PROJECT", Greece |
5 |
| - J/V J&P ΑVAX-AEGEK-INTRAKAT (INFRASTRUCTURE OF THE DOUBLE RAIL LINE KIATO-RODODAFNI), Greece | 5 4 |
| - J/V AKTOR ΑΤΕ-PORTO KARRAS SA-INTRAKAT (SETTLEMENT OF ESHATIA STREAM), Greece | 3 |
| - J/V INTRAKAT-PROTEAS (SETTLEMENT OF XIRIAS TORRENT), Greece | 4 |
| - J/V AKTOR - J&P AVAX - INTRAKAT (PANAGOPOULA TUNNEL), Greece | 2 |
| - J/V AKTOR ATE-INTRAKAT (MONITORING APOSELEMIS's RESERVOIR FILLING PROCESS), Greece | 2 |
| - J/V ATERMON ΑΤΕ-ΙΝΤRΑΚΑΤ (MATERIAL SUPPLY & CONSTRUCTION OF T.L. ΚΥΤ LAGADA-ΚΥΤ FILIPPON), Greece | 2 |
| - J/V ΙΝΤRΑΚΑΤ-ΕRGO ΑΤΕ (CONSTRUCTION OF DISTRIBUTION NETWORK & NATURAL GAS PIPES IN ATTICA), Greece | 2 |
| - J/V INTRAKAT - "J/V ARHIRODON HELLAS ATE - INTRAKAT" (GENERAL DETAINMENT FACILITY OF EASTERN MACEDONIA & THRACE), Greece |
6 |
| - J/V INTRAKAT - MESOGEIOS E.S. SA (PROJECT OF BIOLOGICAL PURIFICATION OPERATION MAINTENANCE IN OINOFITA SHIMATARIOU), | 6 |
| - J/V INTRAKAT - PROTEAS (DRAINAGE OF RAINWATER IN ANAVYSSOS), Greece | 2 |
| - J/VINTRAKAT - PROTEAS (COMPLETION WORKS FOR SETTLING XIRIAS TORRENT), Greece | 2 |
| EUROKAT ATE, Greece | 1 |
| Joint operations | 1 |
| - J/V AKTOR ATE - LOBBE TZILALIS - EUROKAT ATE (TOTAL ADMINISTRATION OF OOZE KEL), Greece - J/V EUROKAT ATE - PROTEYS A.T.E.E. (PROJECT OF RAINWATER RUNOFF NETWORKS IN PAIANIA's MUNICIPALITY), Greece |
6 5 |
| ΙΝ. ΜΑΙΝΤ S.A, Greece | 3 |
| FRACASSO HELLAS S.A. DESIGN & CONSTRUCTION OF ROAD SAFETY SYSTEMS, Greece - FRACASSO HOLDINGS D.O.O., Croatia |
1 1 |
| INTRADEVELOPMENT S.A., Greece | 6 |
| - ANAPTIXIAKI CYCLADES S.A. REAL ESTATE DEVELOPMENT, Greece | 2 |
| - INTRA-CYCLADES REAL ESTATE DEVELOPMENT COMPANY SOCIETE ANONYME, Greece | 2 |
| - INTRA-HOSPITALITY SOCIETE ANONYME HOTEL AND TOURISM BUSINESS, Greece | 1 |
| - INESTIA TOUTISTIKI SOCIETE ANONYME, Greece | 1 |
| INTRA-BLUE HOSPITALITY AND BUSINESS TOURISM SOCIETE ANONYME, Greece | 2 |
| INTRAPOWER SOCIETE ANONYME ENERGY PROJECTS, Greece | 1 |
| RURAL CONNECT S.A., Greece | 2 |
| ICMH HEALTH SERVICES S.A. Greece B-WIND POWER ENERGY SOCIETE ANONYME, Greece |
2 1 |
| INTRACOM CONSTRUCT SA, Romania | 7 |
| OIKOS PROPERTIES SRL, Romania | 7 |
| ROMINPLOT SRL, Romania | 7 |
| ΙNTRAKAT INTERNATIONAL LIMITED, Cyprus | 8 |
| - ALPHA MOGILANY DEVELOPMENT SP. Z.O.O, Poland | 8 |
| - AMBTILA ENTERPRISES LIMITED, Cyprus | 9 |
| - Α.KATSELIS ENERGEIAKI S.A., Greece | 6 |
| MOBILE COMPOSTING S.A., Greece | 4 |
| ADVANCED TRANSPORT TELEMATICS S.A., Greece | 2 |
| J/V MOHLOS - INTRACOM CONSTRUCTIONS (TENNIS), Greece J/V MOHLOS - INTRACOM CONSTRUCTIONS (SWIMMING POOL), Greece |
6 6 |
| J/V PANTHESSALIKO STADIUM, Greece | 6 |
| J/V INTRAKAT - ERGAS - ALGAS, Greece | 6 |
For the years 2011-2014 the parent company as well as companies of the Group in Greece, which are subject to a tax audit by Certified Auditors under the provisions of article 82 paragraph 5 of Law 2238/1994 and article 65A of Law 4174/2013, received a Tax Compliance Certificate without any substantial differences arising regarding the tax expense and the corresponding provision that was recognized in the annual financial statements of these years. The tax audit by the Certified Auditors for the year 2015, under the provisions of Law 4174/2013, article 65A par. 1, as in force, is in progress and the relevant tax certificate is to be granted after the publication of the financial statements for the year 2015. The Group's Management estimates that upon completion of the tax audit no additional tax obligations will arise that will have a substantial impact beyond those recognized and reported in the financial statements.
For the joint operations, J/V ΙΝΤRΑΚΑΤ - ELTER (ALEXANDROUPOLI's PIPE LINE), J/V INTRAKAT - ELTER (BROADBAND NETWORKS), J/V INTRAKAT - ELTER (KATERINI HOSPITAL), J/V INTRAKAT - ELTER (CORFU HOSPITAL), J/V ΙΝΤRΑKΑΤ - ELTER (MAINTENANCE OF NORTH SECTOR), J/V ΙΝΤRΑΚΑΤ - ELTER (ARTA's DETOUR PROJECT), J/V INTRAKAT - ELTER (NATURAL GAS DISTRIBUTION NETWORK LAMIA-THIVA-HALKIDA), J/V INTRAKAT-MAVRIDIS (CONSTRUCTION OF CARREFOUR SUPERMARKET IN HALKIDIKI), J/V ELTER ATE - INTRAKAT (NEW MESIMVRIA PROJECT), J/V BIOTER SA - INTRAKAT (STUDY AND CONSTRUCTION OF THE WASTE TREATMENT PLANTS AND THE UNDERWATER DISPOSAL PIPELINE OF AG. THEODOROI MUNICIPALITY) and for the joint ventures J/V INTRACOM CONSTRUCTIONS - GANTZOULAS, J/V ELTER - INTRACOM CONSTRUCTIONS (EPA GAS) and J/V "J/V ATH.TECHNIKI - PRISMA DOMI" – INTRAKAT, which were liquidated during the current period, no provisions have been made for unaudited fiscal years, since it is estimated that there will be no additional charges.
For the year 2015, the Company's Board of Directors decided to propose to the Shareholders General Meeting not to distribute any dividend.
There are no events after the balance sheet date that may significantly affect the financial situation of the Company and the Group.
Peania, March 28th 2016
The Chairman of the B.o.D. The Managing Director
DIMITRIOS X. KLONIS ID No ΑΚ 121708
The Financial Director The Chief Accountant
SOTIRIOS K. KARAMAGIOLIS ID No. / AI 059874
PETROS K. SOYRETIS ID No. / AB 348882
HELEN A. SALATA Licence No A/30440 Economic Chamber of Greece
from 1st January 2015 to 31st December 2015
| INTRACOM CONSTRUCTIONS SOCIETE ANONYME TECHNICAL AND STEEL CONSTRUCTIONS | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| G.E.MI. No. 408501000 (former Companies Register No.: 16205/06/Β/87/37) | |||||||||
| 19 KM PEANIA - MARKOPOULO AVE., 190 02 PEANIA ATTIKA, GREECE Financial data and information regarding the fiscal year from January 1st 2015 to December 31st 2015 |
|||||||||
| (published under the provisions of Codified Law 2190, Article 135, for companies preparing annual financial statements, consolidated and stand alone, in accordance with IFRS) | |||||||||
| The following data and information deriving from the financial statements, aim to provide a general briefing for the financial position and the results of operations of INTRACOM CONSTRUCTIONS SOCIETE ANONYME TECHNICAL AND STEEL CONSTRUCTIONS as well as of | |||||||||
| INTRAKAT Group. Therefore it is recommended to the reader, before proceeding to any kind of investment decision or any other transaction with the issuer, to visit the issuer's web site address, where the financial statements accompanied with the Independent Auditor's review | |||||||||
| report, are presented. | |||||||||
| Competent Prefecture : | COMPANY INFORMATION Ministry of Economy, Infrastructure, Shipping and Tourism, Management |
Date of the Financial Statements' approval | |||||||
| of Companies & G.C.R. | by the Board of Directors: | March 28th, 2016 | |||||||
| Composition of the Board of Directors Dimitrios Χ. Klonis, Chairman of the B.o.D., Executive Member | Auditing Firm : | S.O.L.- Associated Certified Public Accountants s.a. | |||||||
| Georgios A. Anninos, Α΄ Vice Chairman, Non-Executive Member Dimitrios S. Theodoridis, Β΄ Vice Chairman, Executive Member |
Certified Auditor Accountant : Type of auditor's review report : |
Maria N. Haritou Institute of CPA (SOEL) Reg. No.: 15161 Unqualified opinion |
|||||||
| Petros K. Souretis, Managing Director, Executive Member | Company's web site address : | www.intrakat.gr | |||||||
| Dimitrios A. Pappas, Executive Member | |||||||||
| Charalampos K. Kallis, Executive Member Constantinos S. Kokkalis, Non-Executive Member |
|||||||||
| Sokrates S. Kokkalis, Non-Executive Member | |||||||||
| Christos D. Mistriotis, Non-Executive Member | |||||||||
| Sotirios N. Filos, Independent Non-Executive Member Anastasios Μ. Tsoufis, Independent Non-Executive Member |
|||||||||
| DATA FROM STATEMENT OF FINANCIAL POSITION (Figures expressed in Euro) | THE GROUP | THE COMPANY | DATA FROM STATEMENT OF CHANGES IN EQUITY (Figures expressed in Euro) THE GROUP |
THE COMPANY | |||||
| 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 | 31.12.2015 | 31.12.2014 | ||
| ASSETS | Net equity of year opening balance | ||||||||
| Own-used tangible fixed assets | 64.382.723 | 62.047.029 | 29.522.804 | 30.658.306 | (01.01.2015 and 01.01.2014 respectively) | 62.104.018 | 65.081.006 | 69.777.017 | 70.870.483 |
| Investment property Goodwill |
14.885.920 2.926.597 |
12.922.987 2.926.597 |
8.662.550 326.268 |
8.687.855 326.268 |
Total comprehensive income net of taxes Subsidiaries' share capital increase |
-1.303.965 -5.396 |
-2.230.679 945.140 |
-1.874.999 -- |
243.183 -- |
| Other intangible assets | 1.639.122 | 336.721 | 223.613 | 306.955 | Change of interest held in subsidiary-J/V | 416.855 | -1.691.449 | -- | -1.336.649 |
| Other non-current assets | 9.200.708 | 5.684.715 | 28.604.552 | 21.450.190 | Other | 12.000 | -- | -- | -- |
| Inventories Trade debtors |
13.743.597 95.738.654 |
13.887.183 82.666.320 |
8.984.415 91.804.742 |
8.576.392 81.269.942 |
Net equity of year closing balance (31.12.2015 and 31.12.2014 respectively) |
61.223.512 | 62.104.018 | 67.902.018 | 69.777.017 |
| Other current assets | 93.559.136 | 67.898.125 | 65.768.921 | 48.371.859 | |||||
| TOTAL ASSETS | 296.076.456 | 248.369.677 | 233.897.865 | 199.647.767 | DATA FROM STATEMENT OF CASH FLOWS (Figures expressed in Euro) | ||||
| THE GROUP | THE COMPANY | ||||||||
| EQUITY AND LIABILITIES Share capital |
31.489.780 | 31.489.780 | 31.489.780 | 31.489.780 | Cash Flows from Operating activities | 01.01.-31.12.2015 01.01.-31.12.2014 01.01.-31.12.2015 01.01.-31.12.2014 | |||
| Other equity items | 27.368.287 | 29.308.858 | 36.412.238 | 38.287.237 | Losses/profit before taxes | -4.410.827 | 1.008.023 | -6.062.137 | 3.578.472 |
| Total equity of Company's Shareholders (a) | 58.858.067 | 60.798.638 | 67.902.018 | 69.777.017 | Plus / less adjustments for: | ||||
| Non-controlling interests (b) | 2.365.445 | 1.305.380 | -- | -- | Depreciation and amortisation | 3.784.803 | 2.682.180 | 2.150.800 | 2.437.260 |
| Total Equity (c) = (a) + (b) Long-term borrowings |
61.223.512 44.378.910 |
62.104.018 41.286.163 |
67.902.018 16.195.693 |
69.777.017 12.736.162 |
Impairments Provisions |
5.258.029 410.979 |
376.137 390.821 |
5.714.509 337.307 |
376.137 361.576 |
| Provisions/Other long-term liabilities | 1.657.504 | 1.935.533 | 1.329.709 | 1.621.318 | Results (revenues, expenses, profit & losses) from investing activity | -312.835 | -950.927 | -18.719 | -942.081 |
| Current borrowings | 59.280.531 | 32.487.962 | 43.395.628 | 27.735.067 | Interest and other relevant expenses | 8.571.923 | 8.085.441 | 6.921.615 | 7.780.710 |
| Other current liabilities | 129.536.000 | 110.556.001 | 105.074.817 | 87.778.202 | Plus / less adjustments for changes in working capital accounts or related to operating activities: |
||||
| Total Liabilities (d) TOTAL EQUITY & LIABILITIES (c) + (d) |
234.852.944 296.076.456 |
186.265.659 248.369.677 |
165.995.847 233.897.865 |
129.870.750 199.647.767 |
Decrease / (increase) of inventories | 143.586 | -2.217.711 | -408.023 | -1.592.824 |
| Decrease / (increase) of receivables | -33.514.290 | -16.386.743 | -19.935.018 | -23.240.709 | |||||
| DATA FROM STATEMENT OF COMPREHENSIVE INCOME (Figures expressed in Euro) | (Decrease) / increase of payables (except for borrowings) | 18.574.281 | 23.337.723 | 17.191.448 | 7.621.721 | ||||
| THE GROUP | 01.01.-31.12.2015 01.01.-31.12.2014 01.01.-31.12.2015 01.01.-31.12.2014 | THE COMPANY | Less: Interest and other relevant expenses paid Less: Income tax paid/received |
8.571.923 2.730.639 |
8.085.441 3.944.167 |
6.921.615 2.637.652 |
7.780.710 3.293.388 |
||
| Sales | 147.594.551 | 153.393.561 | 128.670.613 | 146.101.519 | Net cash generated from operating activities (a) | -12.796.914 | 4.295.336 | -3.667.485 | -14.693.836 |
| Gross Profit | 21.931.477 | 22.904.936 | 17.538.843 | 23.205.296 | Cash Flows from Investing activities | ||||
| Profit/losses before taxes, financing and investing results | 8.891.627 -4.410.827 |
8.403.833 1.008.023 |
6.306.366 -6.062.137 |
10.687.491 3.578.472 |
Acquisition of subsidiaries, associates & other investments Disposal of subsidiaries, associates & other investments |
-487.327 719.994 |
-830.260 42.000 |
-3.939.980 599.994 |
-2.189.260 42.000 |
| Losses/profit before taxes Losses/profit net of taxes (A) |
-5.944.039 | 441.440 | -6.626.363 | 2.868.114 | Disposal of available-for-sale financial assets | -- | 2.799.386 | -- | 2.799.386 |
| Attributable to: | Purchase of available-for-sale financial assets | -2.252.000 | -- | -2.252.000 | -- | ||||
| Owners of the Parent | -6.417.692 | 535.966 | -6.626.363 | 2.868.114 | Purchase of tangible, intangible fixed assets & investment property | -9.560.986 | -30.930.987 | -935.781 | -2.020.486 |
| Non-controlling interests Other comprehensive income net of taxes (B) |
473.653 4.640.074 |
-94.526 -2.672.119 |
-- 4.751.364 |
-- -2.624.931 |
Proceeds from disposal of tangible, intangible fixed assets & investment property |
262.840 | 257.057 | 47.410 | 300.450 |
| Total comprehensive income net of taxes (C)=(A)+(B) | -1.303.965 | -2.230.679 | -1.874.999 | 243.183 | Interest received | 194.219 | 1.839.698 | 180.758 | 1.761.295 |
| Attributable to: | Dividends received | 1.040 | -- | 1.040 | -- | ||||
| Owners of the Parent | -1.774.519 | -2.119.812 | -1.874.999 | 243.183 | Net cash used in investing activities (b) | -11.122.221 | -26.823.106 | -6.298.559 | 693.385 |
| Non-controlling interests Basic profit/losses net of taxes per share (in Euro) |
470.554 -0,2772 |
-110.867 0,0231 |
-- -0,2862 |
-- 0,1239 |
Cash Flows from Financing activities Subsidiary's share capital increase |
-7.600 | -20.860 | -- | -- |
| Profit/losses before taxes, financing, investing | Share of minority shareholders in the foundation of subsidiaries | 12.000 | 966.000 | -- | -- | ||||
| results and total depreciation | 12.676.430 | 11.086.013 | 8.457.167 | 13.100.126 | Proceeds on issued/raised bank borrowings | 62.858.519 | 21.324.476 | 47.804.135 | 18.272.800 |
| Repayment of borrowings | -32.973.202 | -13.065.346 | -28.684.044 | -10.922.227 | |||||
| Repayment of finance lease obligations (installments for paying off the debt) |
-240.645 | -105.657 | -228.982 | -94.872 | |||||
| Currency translation differences of foreign associates & branch offices | -152.908 | -69.467 | -42.997 | -68.876 | |||||
| Net cash used in financing activities (c) | 29.496.164 | 9.029.146 | 18.848.112 | 7.186.825 | |||||
| Net increase / (decrease) in the year's cash and | |||||||||
| cash equivalents (a)+(b)+(c) Cash and cash equivalents at the beginning of the year |
5.577.029 25.747.722 |
-13.498.624 39.249.071 |
8.882.068 7.073.970 |
-6.813.625 13.890.320 |
|||||
| Cash and cash equivalents of discontinued operations | -- | -2.725 | -- | -2.725 | |||||
| Cash and cash equivalents at the end of the year | 31.324.751 | 25.747.722 | 15.956.037 | 7.073.970 | |||||
| ADDITIONAL DATA AND INFORMATION | |||||||||
| 1. The companies and joint-ventures included in the Group and all the related information are set out in detail in note 5.7 of the Financial Statements. | 2. All transactions from the beginning of the year, as well as the balances of the receivables and liabilities of the Parent company and the Group at the end of the current year, resulting from transactions carried out with related parties, as these are defined by IAS 24, are as follows: | ||||||||
| Figures in Euro | The Group The Company | ||||||||
| a) Revenues | 8.158.030 | 21.240.697 | |||||||
| b) Expenses | 3.183.428 | 4.449.853 | |||||||
| c) Receivables d) Liabilities |
10.650.443 5.913.435 |
30.960.850 11.086.983 |
|||||||
| e) Receivables from management executives and administration members | 206.941 | 137.744 | |||||||
| f) Payables to management executives and administration members | 272.640 | 48.992 | |||||||
| g) Transactions and fees of management executives and administration members 1.432.997 1.237.991 3. The number of employed personnel at the end of the current year was: Group: 414 people (previous year: 365), Company: 294 people (previous year: 253). |
4. There are no shares of the Parent Company held either by the company or by subsidiaries, associates and joint-ventures at the end of the current year.
| DIMITRIOS X. KLONIS S. K. KARAMAGIOLIS P. K. SOURETIS H. Α. SALATA ID No. / ΑΚ 121708 ID No. / AB 348882 ID No. / AI 059874 Licence No A/30440 |
||||||
|---|---|---|---|---|---|---|
| THE FINANCIAL DIRECTOR THE CHIEF ACCOUNTANT THE CHAIRMAN OF THE B.o.D. THE MANAGING DIRECTOR |
||||||
| Peania, March 28th 2016 | ||||||
| 15. Any differences that may arise are due to roundings. | ||||||
| 14. For the year 2014, the amounts of € 35.354.498 for the Group and € 35.141.879 for the company relating to "Construction contracts", were reallocated from "Trade receivables" to "Other Current Assets". | ||||||
| 13. The Board of Directors will propose to the Shareholders General Meeting, not to distribute any dividend for the year 2015 (note 7.38). | ||||||
| impact on the financial figures of the Group (note 5.7). | ||||||
| INTRABLUE for the amount of € 12 thousand and as a result INTRAKAT's direct and indirect participation is now 100%. Finally, the interest held by the Group in the associate THIVAIKOS ANEMOS was sold for the amount of € 359,99 thousand. The above events had no significant | ||||||
| total interest it held in the subsidiaries OIKOS PROPERTIES and ROMINPLOT for the amount of € 1.676,61 thousand and as a result it now holds 100% of OIKOS PROPERTIES and 100% of ROMINPLOT. In addition, INTRAKAT acquired from the minority 50% of the subsidiary | ||||||
| increase in its share capital by the amount of € 2.239,39 thousand which was fully covered by INTRAKAT and as a result the interest the parent holds is now 97,17%. During the current year the parent INTRAKAT bought out from the subsidiary S.C. INTRACOM CONSTRUCT the | ||||||
| to the minority part of the interest it holds in the subsidiary EUROKAT ATE for the amount of € 360 thousand and as a result the interest it holds now is 45,29%, while maintaining the control of the subsidiary. The subsidiary S.C. INTRACOM CONSTRUCT proceeded as well to an | ||||||
| 12. During the current year the subsidiary EUROKAT ATE proceeded to an increase of its share capital by € 760 thousand, in which the parent company INTRAKAT participated in full with the capitalization of an equal amount claim. In addition, the parent company INTRAKAT transferred | ||||||
| CONSTRUCTIONS (Epa Gas) and J/V "J/V ATH.TECHNIKI - PRISMA DOMI" - INTRAKAT which were consolidated according to the equity method, due to their dissolution (note 5.7). | ||||||
| Mesimvria Project), J/V BIOTER SA - INTRAKAT (Study and Construction of the Waste Treatment Plants and the Underwater Disposal Pipeline of Ag. Theodoroi Municipality) and the joint ventures J/V INTRACOM CONSTRUCTIONS - GANTZOULAS, J/V ELTER - INTRACOM | ||||||
| (Maintenance of North Sector), J/V ΙΝΤRΑΚΑΤ - ELTER (Arta's Detour Project), J/V INTRAKAT - ELTER (Natural Gas Distribution Network Lamia-Thiva-Halkida), J/V INTRAKAT - MAVRIDIS (Construction of Carrefour Supermarket in Halkidiki), J/V ELTER ATE - INTRAKAT (New | ||||||
| 11. The current year's consolidation does not include the joint operations J/V ΙΝΤRΑΚΑΤ - ELTER (Alexandroupoli's Pipe Line), J/V INTRAKAT - ELTER (Katerini Hospital), J/V INTRAKAT - ELTER (Corfu Hospital), J/V INTRAKAT - ΕLTΕR (Broadband Networks), J/V ΙΝΤRΑKΑΤ - ELTER | ||||||
| figures of the Group was not significant (note 5.7). | ||||||
| by 100% and according to the equity method the newly founded subsidiaries INESTIA S.A.,in which the subsidiary INTRADEVELOPMENT participates by 50% and FRACASSO HOLDINGS D.o.o., in which the subsidiary FRACASSO participates by 50%. The impact on the financial | ||||||
| 10. The current year's consolidation include according to the full method the newly founded subsidiaries BWIND, in which INTRAKAT participates by 30% and INTRAPOWER by 70%, as well as INTRAHOSPITALITY S.A., in which the subsidiary INTRADEVELOPMENT S.A. participates | ||||||
| 9. The provisions made for "Other Provisions", amount € 362,20 thousand (Group and Company). No provisions have been made for unaudited fiscal years. There are no litigious or under arbitration differences that may have a material negative effect on the Company's and the Group's financial situation (notes 7.23, 7.36 & 7.37). |
||||||
| 8. On the Company's fixed assets there are encumbrances amounting € 45,3 million to secure bank borrowings and guarantees (note 7.3). | ||||||
| 7. The Group's financial statements are included in the consolidated financial statements of INTRACOM HOLDINGS Group, which is domiciled in Greece and participates in the issuer's share capital by 61,76%. | ||||||
| 6. The Basic Accounting Principles applied are the same with those applied on the Balance Sheet as of 31.12.2014. | ||||||
| and Company), c) actuarial gains-losses amounting € 5,76 thousand (Group) and € 7,15 thousand (Company) and d) currency translation differences amounting € -152,90 thousand (Group) and € -42,99 thousand (Company) (notes 3.a, 3b, 7.16 & 7.17). | ||||||
| 5. Other comprehensive income net of taxes pertain to: a) valuation of available-for-sale financial assets amounting € -470,81 thousand (Group and Company), b) tranfer to results of fair value reserves of available-for-sale financial assets amounting € 5.258,02 thousand (Group | ||||||
The Company published and rendered available to the public during fiscal year 2015 by law enforcement the following information, which are posted to the Company's website (www.intrakat.com in the "Investor Relations" section) as well as to the Athens Stock Exchange Market's site, as they appear in the following table:
| Friday, 20 March 2015 | INTRAKAT – Financial Calendar of 2015 |
|---|---|
| Monday, 23 March 2015 | Financial Statements in pdf - Data & Information for the year 2014 |
| Monday, 23 March 2015 | Financial Statements in pdf - Financial Report for the year 2014 |
| Monday, 23 March 2015 | Financial Statements in pdf - Financial Report for the year 2014 - Correct Repetition |
| Monday, 23 March 2015 | Financial Statements for the year 2014 |
| Monday, 23 March 2015 | Financial Statements for the year 2014 |
| Tuesday, 31 March 2015 | Financial Statements in pdf - Financial Report for the year 2014 - Correct Repetition |
| Thursday, 16 April 2015 | Financial Statements in pdf - Data & Information for the year 2014, in English |
| Thursday, 16 April 2015 | Financial Statements in pdf - Financial Report for the year 2014, in English |
| Wednesday, 20 May 2015 | INTRAKAT – Modification of Financial Calendar of 2015 |
| Friday, 29 May 2015 | Financial Statements in pdf - Data & Information for the first quarter 2015 |
| Friday, 29 May 2015 | Financial Statements in pdf - Financial Report for the first quarter 2015 |
| Friday, 29 May 2015 | Financial Statements for the first quarter 2015 |
| Friday, 29 May 2015 | Financial Statements for the first quarter 2015 |
| Friday, 29 May 2015 | Analysts' annual briefing on the financial results for the year 2014 |
| Tuesday, 2 June 2015 | Analysts' annual briefing |
| Wednesday, 3 June 2015 | Invitation of the Shareholders to the Ordinary General Meeting on 24/06/2015 |
| Wednesday, 3 June 2015 | Financial Statements in pdf - Data & Information for the first quarter 2015, in English |
| Wednesday, 3 June 2015 | Financial Statements in pdf - Financial Report for the first quarter 2015, in English |
| Tuesday, 16 June 2015 | PRESS RELEASE - OPENING CEREMONY FOR THE CONSTRUCTION OF THE PROJECT RESTORATION OF WATERFRONT IN VLORA ALBANIA, BUDGET € 8.2 MLN. |
| Wednesday, 24 June 2015 | Resolutions of the Shareholders' Ordinary General Meeting, 2015 |
|---|---|
| Thursday, 25 June 2015 | Resolutions of the Shareholders' Ordinary General Meeting, 2015 |
| Monday 31 August 2015 | Financial Statements in pdf - Data & Information for the first semester 2015 |
| Monday 31 August 2015 | Financial Statements in pdf - Financial Report for the first semester 2015 |
| Monday 31 August 2015 | Financial Statements for the first semester 2015 |
| Monday 31 August 2015 | Financial Statements for the first semester 2015 |
| Thursday, 10 September 2015 | Financial Statements in pdf - Data & Information for the first semester 2015, in English |
| Thursday, 10 September 2015 | Financial Statements in pdf - Financial Report for the first semester 2015, in English |
| Monday 30 November 2015 | Financial Statements in pdf - Data & Information for the 9-month 2015 |
| Monday 30 November 2015 | Financial Statements in pdf - Financial Report for the 9-month 2015 |
| Monday 30 November 2015 | Financial Statements for the 9-month 2015 |
| Monday 30 November 2015 | Financial Statements for the 9-month 2015 |
| Tuesday, 8 December 2015 | Financial Statements in pdf - Data & Information for the 9-month 2015, in English |
| Tuesday, 8 December 2015 | Financial Statements in pdf - Financial Report for the 9-month 2015, in English |
The Company's annual financial report on a consolidated and stand alone basis, is posted to the web site www.intrakat.com.
The financial statements along with the Board of Directors reports and the Auditors reports of the companies included in the consolidated financial statements, are available on the parent Company's website www.intrakat.com.
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