Interim / Quarterly Report • Oct 4, 2016
Interim / Quarterly Report
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for the period
from January 1st to June 30th 2016
According to the International Financial Reporting Standards (I.F.R.S) & 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 - Markopoulo Ave. 190 02 Peania, Attika, Greece
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| STATEMENTS OF THE BOARD OF DIRECTORS' MEMBERS 1 SEMI-ANNUAL REVIEW REPORT OF THE BOARD OF DIRECTORS 2 REVIEW REPORT ON INTERIM FINANCIAL INFORMATION 9 SEMI-ANNUAL FINANCIAL STATEMENTS 10 1. Statement of Financial Position 11 2. Statement of Comprehensive Income 12 3.a Statement of Changes in Equity - Group 13 3.b Statement of Changes in Equity - Company 14 4. Statement of Cash Flows 15 5. Notes to the Interim Financial Statements as of June 30th 2016 16 5.1. General Information 16 5.2. Scope of Activity 16 5.3 Basis of preparation of the financial statements 16 5.4 New standards, amendments and interpretations 17 5.5 Group structure and methods of consolidating companies 21 5.6 Financial risk management 22 5.7 Roundings 23 6. Segment information 24 6.1 Operational segments 24 6.2 Group's sales, assets and capital expenditure per geographical segment 24 6.3 Group's sales per category of operations 24 7. Detailed data regarding the Financial Statements 25 7.1 Capital Expenditures 25 7.2 Investments in subsidiaries 27 7.3 Investments in associates 27 7.4 Available- for-sale financial assets 27 7.5 Share capital 28 7.6 Fair value reserves 28 7.7 Other reserves 29 7.8 Borrowings 29 7.9 Provisions 31 7.10 Finance leases 31 7.11 Expenses by nature 32 7.12 Other income 33 7.13 Other gains/ losses (net) 33 7.14 Finance cost (net) 34 7.15 Eearnings/(losses) per share 34 7.16 Fair value measurement of financial instruments 35 7.17 Number of employed personnel 36 7.18 Contingencies and commitments 36 7.19 Related party transactions 38 7.20 Litigious or under arbitration differences 39 7.21 Tax unaudited years 40 7.22 Significant events after the balance sheet date 41 FINANCIAL DATA AND INFORMATION FOR THE PERIOD 42 |
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It is hereby declared and certified as far as we know, that:
Α. The semi-annual separate and consolidated financial statements of the company and the Group for the period from January 1st 2016 to June 30th 2016, drawn up in accordance with the applicable International Financial Reporting Standards, reflect in a true manner the assets, liabilities, the equity and comprehensive income for the period, of «INTRACOM CONSTRUCTIONS SOCIETE ANONYME TECHNICAL AND STEEL CONSTRUCTIONS», as well as of the undertakings included in the consolidation taken as a whole, according to the provisions of paragraphs 3 to 5 of article 5 of Law 3556/2007 and
Β. The BoD's semi-annual report reflects in a true manner the information required according to par. 6, article 5 of Law 3556/2007.
The certifiers
The Chairman of the B.o.D The Managing Director The B.o.D. Member
DIMITRIOS X. KLONIS ID No AK 121708
PETROS K. SOURETIS ID No ΑΒ 348882
DIMITRIOS A. PAPPAS ID No Χ 661414
The present Semi-annual Report of the Board of Directors was drawn up in accordance with the provisions of Law 3556/2007 as well as the issued thereon implementing decisions of the Board of Directors of the Capital Market Commission.
The purpose of the Report is to inform the investors about:
The Group's sales during the 1st semester 2016 amounted € 95,6 million as opposed to € 68,1 million of the 1st semester 2015, marking an increase of 40,3%.
The Group's results before taxes showed an improvement and amounted to profits of € 1,7 million as opposed to profits of € 1,1 million of the respective period 2015, while results net of taxes amounted to profits of € 143,9 thousand as opposed to profits of € 82,5 thousand.
Improved were also the Group's results before interest, taxes, depreciation, and amortization (EBITDA) during the 1st semester 2016, amounting to profits of € 8,2 million as opposed to profits of € 7 million of the respective period 2015.
The Company's sales amounted € 85,7 million as opposed to € 60,3 million, recording an increase of 42,2% compared with the 1st semester 2015.
The Company's results before taxes showed an improvement and amounted to profits of € 1,5 million as opposed to profits of € 1 million of the respective period 2015, while results net of taxes amounted to profits of € 308 thousand as opposed to profits of € 213 thousand.
Improved were also the Company's results before interest, taxes, depreciation, and amortization (EBITDA) amounting to profits of € 6,1 million as opposed to profits of € 5,4 million of the respective period 2015.
The Group's liabilities at the end of the 1st semester 2016 amounted € 247,4 million against € 234,8 million at the end of 2015 which include a long-term loan of a subsidiary for the implementation of a Wind Park Unit, as well as a short-term loan taken by a subsidiary for the implementation of a PPP project.
The equity at the end of the 1st semester of 2016 amounted € 58,9 million for the Group and € 66,3 million for the Company.
Total cash at the end of the 1st semester of 2016 amounted for the Group € 16,4 million while for the Company € 6,8 million and total assets for the Group amounted € 306,3 million while for the Company € 237,6 million.
The liquidity and leverage ratios for the 1st semester 2016 as compared to those for the year 2015 are as follows:
| GROUP | COMPANY | |||
|---|---|---|---|---|
| 30.06.2016 | 31.12.2015 | 30.06.2016 | 31.12.2015 | |
| LIQUIDITY RATIO | ||||
| General Liquidity | 1,11 | 1,08 | 1,19 | 1,12 |
| LEVERAGE RATIO | ||||
| Liabilities / Equity | 4,20 | 3,84 | 2,58 | 2,44 |
| Borrowings / Equity | 1,85 | 1,71 | 0,97 | 0,89 |
Summary figures regarding the cash flow statement for the 1st semester 2016 as compared to those for the 1st semester 2015 are as follows:
| GROUP | COMPANY | |||
|---|---|---|---|---|
| (Amounts in Euro) | 01.01 - 30.06.2016 |
01.01 - 30.06.2015 |
01.01 - 30.06.2016 |
01.01 - 30.06.2015 |
| Net cash flows from operating activities | (13.442.228) | (10.953.174) | (12.709.353) | (6.992.297) |
| Net cash flows from investing activities | (5.557.849) | (4.338.391) | (171.773) | (1.562.004) |
| Net cash flows from financing activities | 4.065.209 | 6.133.374 | 3.723.218 | 7.784.644 |
| Cash and cash equivalents at the end of the year | 16.389.883 | 16.589.531 | 6.798.130 | 6.304.313 |
The Ordinary General Shareholders' Meeting of INTRAKAT held on 29.06.2016, took the following major decisions:
In the first semester of 2016, the Greek economy continued to be at a very crucial turning point and in a quest for the actions and solutions that will directly help it to break away from its long recessionary situation.
During this period there has been a very positive development this being the successful completion of the first evaluation of the current financial plan.
This event, in connection with the fact that citizens and enterprises, despite the difficulties, support the European perspective of the economy and the country, created the belief in the overall economy that in the 2nd semester of 2016 there will be the end of the deep recession and the transition to the next period which will be characterized by a dynamic productive development.
The completion of the first evaluation of the current financial plan has ensured the smooth financing of the economy from European funds, thereby expecting an immediate strengthening of the overall liquidity which until now emerges as the major problem.
In addition, it is the general assessment that in order to enable the economy to run with positive growth rates, a direct emphasis and top priority should be paid to the necessary reforms agreed with the European Union partners, and at the same time it is necessary to lay the foundations for the gradual creation of a stable climate that will actively support entrepreneurship and attract long-term investments both from within and from abroad.
As prerequisites for the above to occur are considered:
In mid-2016 the economic climate indices in Greece were changed slightly positively in relation to the corresponding period of 2015. The indices however of all sub-sectors and in particular those relating to the construction sector record small positive and / or negative deviations and generally show a relative stagnation.
In late July, the business expectations index in construction records a relative improvement in relation to the corresponding prior period's performance (41,5 points from 39,3 points). However, 84% of companies expressed pessimistic forecasts for the next quarter's scheduled tasks while the forecasts for employment in the sector remain negative.
Indicative of the stagnant situation in the field is that 50% of businesses consider as main obstacle to their operation the low funding, 30% the insufficient demand and 14% other circumstantial factors.
Especially, in the field of Public Projects construction, in mid-2016, the business expectations index records a relative improvement in relation to the corresponding prior period's level (40,1 points from 35,1 points), while the forecasts for employment recorded a slight fall.
Also indicative of the stagnant situation is that of all construction enterprises in the field of Public Projects, only a 3% state seamless business operation, while 34% report the inadequate demand, 45% the insufficient financing and 14% the current financial situation as major business obstacles in their operation.
INTRAKAT Group has signed within 2016 new projects amounting € 80,2 million while the backlog of signed projects as of 30.06.2016 amounts € 226 million plus € 56 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) |
€ 130 mil. | |
| F Construction of Road Section Potidea-Kassandria - Prefecture of Chalkidiki | € 54,3 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 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. | |
| CONSTRUCTION PROJECTS | F TAFF PRIME - Design, equipment supply, installation and commissioning of Wind Parks in the prefecture of Magnesia and Kilkis |
€ 13,2 mil. |
| F PELOPONNISOS DISTRICT - Completion of works of Sparta detour, Section Skouras - Pyri | € 9,7 mil. | |
| F OTE - Construction & Maintenance Technical works | € 8,7 mil. | |
| F ALBANIA - Works for construction of Vlora Waterfront Project - Phase 1 | € 8,2 mil. | |
| F Prefecture of Ioannina - Improvement of Road Tiria-Sistrouni | € 7,6 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 ΟΤΕ - Development of a Next Generation Access (NGA) Network in areas of the Greek territory | € 4,9 mil. | |
| F AGGEMAR S.A. - Amendment to AGGEMAR Agreement Phase B Construction works-E/M-Planting Surrounding area |
€ 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 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 COSMOTE - Construction & Maintenance Technical works | € 3,6 mil. | |
| F HEDNO S.A (Hellenic Electricity Distribution Network Operator S.A.) 2nd Suplem. Installation of Telemetering System for Major Low Voltage Customer Meters" |
€ 3,3 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 OLYMPIC AIR - Building construction for the temporary operation of the Terminal of Paros New Airport | € 1,2 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. | |
| PUBLIC-PRIVATE PARTNERSHIPS (PPP) |
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) |
€ 7,3 mil. |
The difficulties faced by the Greek economy due to the economic crisis, has greatly affected the construction field as well.
In order for the Group 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)..
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.
Part of the Group'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 Group 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 Group faces the following financial risks:
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 guarantee letters and fundings for the implementation of the 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 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 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.
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 for the period 1/1 – 30/06/2016 are as follows:
| GROUP | |||||
|---|---|---|---|---|---|
| COMPANY NAME | ASSETS | LIABILITIES | REVENUES | EXPENSES | |
| PARENT COMPANY | |||||
| INTRACOM HOLDINGS | 1.622.474 | 3.318.716 | 90.626 | 538.494 | |
| ASSOCIATE COMPANIES | |||||
| ADVANCED TRANSPORT TELEMATICS S.A. | 2.991.217 | - | 205.009 | - | |
| MOBILE COMPOSTING S.A. | 304.254 | - | 4.200 | - | |
| FRACASSO HOLDINGS D.O.O. | 223.529 | 23.100 | 5.040 | 323.100 | |
| Total | 3.519.000 | 23.100 | 214.249 | 323.100 | |
| JOINT VENTURES (EQUITY) | |||||
| J/V MOHLOS - INTRACOM CONSTRUCTIONS (TENNIS) | 112.640 | 34.319 | - | - | |
| J/V PANTHESSALIKO STADIUM | 4.703 | 75.353 | - | - | |
| J/V MOHLOS - INTRACOM CONSTRUCTIONS (SWIMMING POOL) | 354.767 | - | - | - | |
| J/V ΙΝΤRΑΚΑΤ-ERGAS-ALGAS | 7.713 | - | - | - | |
| Total | 479.823 | 109.673 | - | - | |
| OTHER RELATED PARTIES | |||||
| INTRALOT S.A. | 51.021 | - | 85.591 | - | |
| INTRALOT OPERATIONS LTD | - | 266.000 | - | 3.413 | |
| INTRASOFT INTERNATIONAL S.A. | 4.906.349 | 9.325.924 | 1.539.389 | 6.068.306 | |
| INTRACOM DEFENSE | 74.956 | 16.174 | 291.998 | - | |
| KEKROPS S.A. | 883.052 | 492 | 600 | - | |
| INTRAPAR S.A. | 131.344 | - | 3.845 | - | |
| ΑΜΥΝΑ INSURANCE BROKERS LTD | 2.718 | 28.848 | - | 94.339 | |
| OTHER RELATED PARTIES | 394.629 | 661.269 | 13.179 | 12.500 | |
| Total | 6.444.068 | 10.298.707 | 1.934.601 | 6.178.557 | |
| MANAGEMENT BODIES | |||||
| MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS | 206.853 | 311.716 | 535 | 663.011 | |
| 12.272.219 | 14.061.912 | 2.240.012 | 7.703.162 |
| COMPANY | |||||
|---|---|---|---|---|---|
| COMPANY NAME | ASSETS | LIABILITIES | REVENUES | EXPENSES | |
| PARENT COMPANY | |||||
| INTRACOM HOLDINGS | 1.430.464 | 3.247.517 | - | 527.005 | |
| SUBSIDIARIES | |||||
| IN MAINT S.A. | - | 105.574 | - | 101.781 | |
| EUROKAT ATE | 3.323.237 | 12.400 | - | 60.000 | |
| INTRACOM CONSTRUCT S.A. | 686.700 | 43.547 | - | - | |
| INTRADEVELOPMENT S.A. | 4.369.148 | - | 974 | - | |
| ANAPTIXIAKI CYCLADES S.A. | 631.048 | - | 312.983 | - | |
| INTRA-CYCLADES S.A. | 171.942 | 22.000 | 732 | - | |
| INTRA-BLUE S.A. | 3.212.065 | - | 2.376.021 | - | |
| INTRA-HOSPITALITY S.A. | 23.570 | - | 1.302 | - | |
| ALPHA ANAPTIXIAKI CYCLADES S.A. | 547 | - | 542 | - | |
| B.L. BLUEPRO HOLDINGS LTD | 592.076 | - | 1.076 | - | |
| INTRAKAT INTERNATIONAL LTD | 25.365 | 117.732 | - | - | |
| Α. KATSELIS ENERGEIAKI S.A. | 900.968 | - | 64.869 | - | |
| FRACASSO HELLAS S.A. | 2.441.406 | 10.000 | 2.348.610 | 860.220 | |
| INTRAPOWER S.A. | 2.093.317 | - | 1.271 | 5.554 | |
| RURAL CONNECT S.A. | 12.575.308 | 3.446.306 | 13.161.007 | 44.180 | |
| ICMH HEALTH SERVICES S.A. | 4.114 | - | 1.092 | - | |
| B WIND POWER S.A. | 2.190 | - | 518 | - | |
| Total | 31.053.001 | 3.757.559 | 18.270.997 | 1.071.735 | |
| JOINT OPERATIONS | |||||
| J/V EUROKAT - INTRAKAT (IONIOS GENERAL CLINIC) | 2.310 | 109.747 | - | - | |
| J/V EUROKAT - PROTEYS (PEANIA'S RAINWATER) | 502 | 192.218 | - | - | |
| Total | 2.813 | 301.966 | - | - | |
| ASSOCIATE COMPANIES | |||||
| ADVANCED TRANSPORT TELEMATICS S.A. | 2.991.217 | - | 205.009 | - | |
| MOBILE COMPOSTING S.A. | 304.254 | - | 4.200 | - | |
| Total | 3.295.471 | - | 209.209 | - | |
| JOINT VENTURES (EQUITY) | |||||
| J/V MOHLOS - INTRACOM CONSTRUCTIONS (TENNIS) | 112.640 | 34.319 | - | - | |
| J/V MOHLOS - INTRACOM CONSTRUCTIONS (SWIMMING POOL) | 354.767 | - | - | - | |
| J/V PANTHESSALIKO STADIUM | 4.703 | 75.353 | - | - | |
| J/V ΙΝΤRΑΚΑΤ-ERGAS-ALGAS | 7.713 | - | - | - | |
| Total | 479.823 | 109.673 | - | - | |
| OTHER RELATED PARTIES | |||||
| INTRASOFT INTERNATIONAL S.A. | 4.755.195 | 9.191.829 | 983.960 | 6.067.499 | |
| INTRALOT S.A. | 11.812 | - | - | - | |
| INTRALOT OPERATIONS LTD | - | 266.000 | - | - | |
| INTRACOM DEFENSE | 23.792 | - | - | - | |
| KEKROPS S.A. | 882.313 | - | - | - | |
| INTRAPAR S.A. | 131.344 | - | 3.845 | - | |
| OTHER RELATED PARTIES | 361.864 | 685.278 | - | 12.500 | |
| Total | 6.166.320 | 10.143.106 | 987.805 | 6.079.999 | |
| MANAGEMENT BODIES | |||||
| MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS | 137.655 | 97.646 | - | 609.151 | |
| 42.565.547 | 17.657.467 | 19.468.011 | 8.287.890 | ||
Management executives and administration members fees for the period ended 30.06.2016 amounted € 663.011. These fees concern dependent work fees of the members of the Board of Directors and of management executives.
The Group's employed personnel on 30.06.2016 were 438 people, 117 of which were administrative staff and the other 321 were technical staff.
Peania, September 19th 2016
To the shareholders of the company "INTRACOM CONSTRUCTIONS SOCIETE ANONYME TECHNICAL AND STEEL CONSTRUCTIONS"
We have reviewed the accompanying condensed separate and consolidated statement of financial position of the Company "INTRACOM CONSTRUCTIONS SOCIÉTÉ ANONYME TECHNICAL AND STEEL CONSTRUCTIONS" as at 30 June 2016 and the relative condensed separate and consolidated statements of comprehensive income, changes in equity and cash flows for the six-month period then ended, as well as the selected explanatory notes, that constitute the condensed interim financial information, which is an integral part of the six-month financial report under the L. 3556/2007. Management is responsible for the preparation and presentation of this condensed interim financial information, in accordance with International Financial Reporting Standards, as adopted by the European Union (EU) and which apply to Interim Financial Reporting (International Accounting Standard "IAS 34"). Our responsibility is to express a conclusion on this condensed interim financial information based on our review.
We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial information is not prepared, in all material respects, in accordance with International Accounting Standard "IAS 34".
Our review did not identify any inconsistency or mismatching of the other data of the provided by the article 5 of L. 3556/2007 six-month financial report with the accompanying condensed interim financial information.
ZOE D. SOFOU Certified Public Accountant Auditor Institute of CPA (SOEL) Reg. No.14701
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 | 30.06.2016 | 31.12.2015 | 30.06.2016 | 31.12.2015 |
| Non-current assets | |||||
| Goodwill | 2.926.597 | 2.926.597 | 326.268 | 326.268 | |
| Other intangible assets | 7.1 | 2.568.982 | 1.639.122 | 178.218 | 223.613 |
| Property, plant and equipment | 7.1 | 65.971.561 | 64.382.723 | 28.653.972 | 29.522.804 |
| Investment property | 7.1 | 15.855.517 | 14.885.920 | 8.665.654 | 8.662.550 |
| Investment in subsidiaries | 7.2 | - | - | 19.423.203 | 17.350.403 |
| Investment in associates | 7.3 | 1.266.737 | 1.126.599 | 427.997 | 427.997 |
| Available-for-sale financial assets | 7.4 | 831.106 | 2.481.582 | 831.106 | 2.481.582 |
| Trade and other receivables | 4.475.921 | 4.383.685 | 6.091.454 | 7.080.769 | |
| Deferred income tax assets | 2.068.038 | 1.208.842 | 2.365.129 | 1.263.802 | |
| 95.964.458 | 93.035.070 | 66.962.999 | 67.339.788 | ||
| Current assets | |||||
| Inventories | 13.638.390 | 13.743.597 | 8.117.098 | 8.984.415 | |
| Construction contracts | 40.273.569 | 41.177.752 | 39.983.796 | 41.012.624 | |
| State financial contribution (IFRIC 12) | 26.731.400 | 11.646.815 | - | - | |
| Trade and other receivables | 102.420.615 | 95.738.654 | 105.472.153 | 91.804.742 | |
| Financial assets at fair value through profit and loss | 158.587 | 170.389 | 158.587 | 170.389 | |
| Current income tax assets | 10.716.940 | 9.239.429 | 10.159.416 | 8.629.870 | |
| Cash and cash equivalents | 16.389.883 210.329.385 |
31.324.751 203.041.386 |
6.798.130 170.689.180 |
15.956.037 166.558.077 |
|
| Total assets | 306.293.843 | 296.076.456 | 237.652.179 | 233.897.865 | |
| EQUITY | |||||
| Capital and reserves attributable to the Parent's equity holders | |||||
| Share capital | 7.5 | 65.573.476 | 65.573.476 | 65.573.476 | 65.573.476 |
| Fair value reserves | 7.6 | (3.016.568) | (1.135.197) | (2.183.958) | (301.956) |
| Other reserves | 7.7 | 16.001.570 | 15.994.739 | 15.945.834 | 15.945.834 |
| Retained earnings | (21.921.849) | (21.574.951) | (13.007.784) | (13.315.336) | |
| 56.636.629 | 58.858.067 | 66.327.568 | 67.902.018 | ||
| Non-controlling interests | 2.249.282 | 2.365.445 | - | - | |
| Total equity | 58.885.911 | 61.223.512 | 66.327.568 | 67.902.018 | |
| LIABILITIES | |||||
| Non-current liabilities | |||||
| Borrowings | 7.8 | 55.938.795 | 44.837.810 | 26.997.128 | 16.654.593 |
| Provisions for retirement benefit obligations | 1.162.851 | 1.144.048 | 842.186 | 816.254 | |
| Grants | 51.828 57.153.475 |
54.556 46.036.413 |
51.828 27.891.142 |
54.556 17.525.402 |
|
| Current Liabilities | |||||
| Trade and other payables | 129.028.602 | 120.046.599 | 98.040.888 | 94.212.405 | |
| Borrowings | 7.8 | 52.746.272 | 59.613.808 | 37.282.961 | 43.725.364 |
| Construction contracts | 5.715.937 | 8.112.449 | 5.715.937 | 9.797.672 | |
| Current income tax liabilities | 2.438.637 | 681.456 | 2.068.674 | 372.783 | |
| Short-term provisions for other liabilities and charges | 7.9 | 325.009 | 362.220 | 325.009 | 362.220 |
| 190.254.457 | 188.816.531 | 143.433.469 | 148.470.445 | ||
| Total liabilities | 247.407.932 | 234.852.944 | 171.324.611 | 165.995.847 | |
| Total Equity and Liabilities | 306.293.843 | 296.076.456 | 237.652.179 | 233.897.865 |
| (Amounts in Euro) | GROUP | COMPANY | |||
|---|---|---|---|---|---|
| Note | 01.01 - 30.06.2016 |
01.01 - 30.06.2015 |
01.01 - 30.06.2016 |
01.01 - 30.06.2015 |
|
| Sales | 95.578.035 | 68.129.289 | 85.681.193 | 60.271.623 | |
| Cost of goods sold | 7.11 | (83.051.510) | (57.947.145) | (76.000.595) | (51.434.988) |
| Gross profit | 12.526.525 | 10.182.145 | 9.680.598 | 8.836.636 | |
| Administrative expenses | 7.11 | (7.239.843) | (6.614.948) | (5.909.094) | (5.523.731) |
| Other income | 7.12 | 859.139 | 1.675.233 | 1.201.623 | 1.321.654 |
| Other gains/(losses) - net | 7.13 | 325.005 | 37.270 | 251.665 | (157.130) |
| Operating results | 6.470.825 | 5.279.700 | 5.224.793 | 4.477.429 | |
| Finance income | 7.14 | 158.824 | 99.151 | 153.293 | 94.353 |
| Finance expenses | 7.14 | (4.917.155) | (4.290.034) | (3.870.922) | (3.546.254) |
| Finance cost - net | (4.758.331) | (4.190.884) | (3.717.629) | (3.451.901) | |
| Profit/(losses) from associates | 22.068 | 9.628 | - | - | |
| Profit before taxes | 1.734.563 | 1.098.445 | 1.507.164 | 1.025.529 | |
| Income tax expense | (1.590.664) | (1.015.948) | (1.199.612) | (812.244) | |
| Profit net of taxes | 143.898 | 82.496 | 307.552 | 213.285 | |
| Other comprehensive income net of taxes: | |||||
| Amounts which may be transferred to results | |||||
| Available-for-sale financial assets - Fair value /profit/(losses) | (1.705.088) | 333.573 | (1.705.088) | 333.573 | |
| Transfer to results | (54.437) | - | (54.437) | - | |
| Currency translation differences | (121.602) | 75.903 | (122.476) | 69.986 | |
| Other comprehensive income net of taxes | (1.881.127) | 409.476 | (1.882.002) | 403.558 | |
| Total comprehensive income net of taxes | (1.737.229) | 491.972 | (1.574.450) | 616.843 | |
| Profit for the period attributable to : | |||||
| Owners of the Parent | 39.158 | (131.284) | 307.552 | 213.285 | |
| Non-controlling interests | 104.740 | 213.781 | - | - | |
| 143.898 | 82.496 | 307.552 | 213.285 | ||
| Total comprehensive income net of taxes | |||||
| Attributable to: | |||||
| Owners of the Parent | (1.842.212) | 280.410 | (1.574.450) | 616.843 | |
| Non-controlling interests | 104.983 | 211.562 | - | - | |
| (1.737.229) | 491.972 | (1.574.450) | 616.843 | ||
| Basic earnings/(losses) per share | 7.15 | 0,0017 | -0,0057 | 0,0133 | 0,0092 |
| (Amounts in Euro) | GROUP | ||||||
|---|---|---|---|---|---|---|---|
| Note | Ordinary Share Capital |
Fair Value Reserves |
Other Reserves |
Retained Earnings |
Non-controlling interests |
Total Equity | |
| Balance at 1 January 2015 | 65.573.476 | (5.767.520) | 15.973.532 | (14.980.850) | 1.305.380 | 62.104.018 | |
| Net profit for the period | - | - | - | (131.284) | 213.781 | 82.496 | |
| Available-for-sale financial assets - Fair value (losses)/profit | - | 333.573 | - | - | - | 333.573 | |
| Currency translation differences | - | 78.122 | - | - | (2.218) | 75.903 | |
| Total comprehensive income | - | 411.694 | - | (131.284) | 211.562 | 491.972 | |
| Disposal of interest held in sybsidiary to the minority | (3.746) | 69.214 | 150.532 | 216.000 | |||
| Acquisition of interest in sybsidiaries from the minority Increase of subsidiary' share capital with change in the interest held |
- - |
- - |
2.903 | (2.103) (240.903) |
(9.897) 238.000 |
(12.000) - |
|
| Contribution/payment to subsidiary's share capital | - | - | 12.000 | 12.000 | |||
| Change of interest held in foreign subsidiaries | - | (73.318) | - | 135.824 | (58.235) | 4.271 | |
| Transfer | - | - | - | (60.649) | 60.649 | - | |
| Transfer from retained earnings to other income | - | - | 7.465 | (7.465) | - | - | |
| Balance at 30 June 2015 | 65.573.476 | (5.429.144) | 15.980.154 | (15.218.216) | 1.909.991 | 62.816.261 | |
| 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 | - | (470.812) | - | - | - | (470.812) | |
| Transfer to results | - | 5.258.029 | - | - | - | 5.258.029 | |
| Currency translation differences | - | (150.233) | - | - | (2.675) | (152.908) | |
| Actuarial gains/(losses) | - | - | 6.189 | - | (424) | 5.765 | |
| 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 capital increase |
- - |
- - |
- - |
(3.442) 998 |
(4.158) 1.206 |
(7.600) 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 | - | - | - | (56.564) | 56.564 | - | |
| Transfer from retained earnings to other income | - | - | 17.466 | (17.466) | - | - | |
| Balance at 31 December 2015 | 65.573.476 | (1.135.197) | 15.994.739 | (21.574.951) | 2.365.445 | 61.223.512 | |
| Balance at 1 January 2016 | 65.573.476 | (1.135.197) | 15.994.739 | (21.574.951) | 2.365.445 | 61.223.512 | |
| Net profit for the period | - | - | - | 39.158 | 104.740 | 143.898 | |
| Available-for-sale financial assets - Fair value (losses)/profit | 7.6 | - | (1.705.088) | - | - | - | (1.705.088) |
| Currency translation differences | 7.6 | - | (121.845) | - | - | 243 | (121.602) |
| Currency translation differences - transfer to results | 7.6 | - | (54.437) | - | - | - | (54.437) |
| Total comprehensive income | - | (1.881.371) | - | 39.158 | 104.983 | (1.737.229) | |
| Increase of subsidiary's' share capital covered by the minority | - | - | - | 3.696 | 20.304 | 24.000 | |
| Expenses of subsidiaries' share capital increase | - | - | - | (16.080) | (120) | (16.200) | |
| Deferred tax recorded directly in equity | - | - | - | 4.628 | - | 4.628 | |
| Acquisition of interest in sybsidiaries from the minority | - | - | 6.831 | (378.384) | (241.247) | (612.800) | |
| Transfer | - | - | - | 83 | (83) | - | |
| Balance at 30 June 2016 | 65.573.476 | (3.016.568) | 16.001.570 | (21.921.849) | 2.249.282 | 58.885.911 |
| (Amounts in Euro) | COMPANY | |||||||
|---|---|---|---|---|---|---|---|---|
| Note | Ordinary Share Capital |
Fair Value Reserves |
Other Reserves |
Retained Earnings |
Total Equity | |||
| Balance at 1 January 2015 | 65.573.476 | (5.046.175) | 15.938.694 | (6.688.979) | 69.777.017 | |||
| Net profit for the period | - | - | - | 213.285 | 213.285 | |||
| Available-for-sale financial assets - Fair value (losses)/profit | - | 333.573 | - | - | 333.573 | |||
| Currency translation differences | - | 69.986 | - | - | 69.986 | |||
| Total comprehensive income | - | 403.558 | - | 213.285 | 616.843 | |||
| Transfer from other income to retained earnings | - | - | (6) | 6 | - | |||
| Balance at 30 June 2015 | 65.573.476 | (4.642.616) | 15.938.688 | (6.475.688) | 70.393.860 | |||
| 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 | - | (470.812) | - | - | (470.812) | |||
| Available-for-sale financial assets - Transfer to results | - | 5.258.029 | - | - | 5.258.029 | |||
| Currency translation differences | - | (42.997) | - | - | (42.997) | |||
| Actuarial gains/(losses) | - | - | 7.145 | - | 7.145 | |||
| Total comprehensive income | - | 4.744.219 | 7.145 | (6.626.363) | (1.874.999) | |||
| Transfer from other income to retained earnings | - | - | (6) | 6 | - | |||
| Balance at 31 December 2015 | 65.573.476 | (301.956) | 15.945.834 | (13.315.336) | 67.902.018 | |||
| Balance at 1 January 2016 | 65.573.476 | (301.956) | 15.945.834 | (13.315.336) | 67.902.018 | |||
| Net profit for the period | - | - | - | 307.552 | 307.552 | |||
| Available-for-sale financial assets - Fair value (losses)/profit | 7.6 | - | (1.705.088) | - | - | (1.705.088) | ||
| Currency translation differences | 7.6 | - | (122.476) | - | - | (122.476) | ||
| Currency translation differences - transfer to results | 7.6 | - | (54.437) | - | - | (54.437) | ||
| Total comprehensive income | - | (1.882.002) | - | 307.552 | (1.574.450) | |||
| Balance at 30 June 2016 | 65.573.476 | (2.183.958) | 15.945.834 | (13.007.784) | 66.327.568 |
| Note 30.06.2016 30.06.2015 30.06.2016 30.06.2015 Cash flows from operating activities Profit for the Period 143.898 82.496 307.552 213.285 Adjustments for: Taxes 1.590.664 1.015.948 1.199.612 812.244 Depreciation 2.015.428 1.815.797 1.147.922 1.011.293 Gains/ (losses) from disposal of PPE 7.13 24.630 (36.002) 18.191 (36.002) Fair value gains/ (losses) of other financial assets at fair value through profit or loss 7.13 11.802 (5.420) 11.802 (5.420) Gains / (losses) from disposal of subsidiaries - - - 194.400 Interest income 7.14 (158.824) (99.151) (153.293) (94.353) Interest expense 7.14 4.917.155 4.290.034 3.870.922 3.546.254 Dividend income 7.12 (365) - (365) - Depreciation of grants received 7.12 (2.727) (3.214) (2.727) (3.214) Impairment of doubtful debts 7.11 63.422 - - - Impairment of subsidiaries 7.13 - - 143.200 - Extraordinary gains from judicial settlement of obligations 7.13 (333.210) - (333.210) - Currency translation differences 16.004 (13.351) 8.630 (4.588) Share of profit from associates 7.3 (22.068) (9.628) - - Cash flows from operating activities before changes in the working capital 8.265.808 7.037.510 6.218.234 5.633.899 Changes in working capital : (Increase) / decrease of inventories 105.206 (777.063) 867.316 (410.983) (Increase) / decrease of receivables (21.018.021) (19.391.422) (13.245.267) (17.291.435) Increase / (decrease) of payables 6.305.902 6.787.576 (532.842) 8.967.541 Increase / (decrease) of provisions (37.210) 4.153 (37.210) 4.153 Increase / (decrease) of retirement benefit obligations 18.804 40.136 25.932 27.666 (14.625.320) (13.336.621) (12.922.071) (8.703.060) Cash flows from operating activities (6.359.512) (6.299.111) (6.703.837) (3.069.161) Interest paid (4.917.155) (4.290.034) (3.870.922) (3.546.254) Income tax paid (2.165.561) (364.029) (2.134.594) (376.882) Net cash generated from operating activities (13.442.228) (10.953.174) (12.709.353) (6.992.297) Cash flows from investing activities Purchase of property, plant and equipment 7.1 (4.783.868) (821.024) (490.497) (218.880) Purchase of investment property 7.1 (70.065) (3.896.025) (15.757) - Purchase of intangible assets 7.1 (986.216) (9.059) (8.498) (7.538) Disposal of property, plant & equipment 303.723 84.566 251.133 54.672 Dividends received 7.12 365 - 365 - Purchase of financial assets available for sale 7.4 (54.612) - (54.612) - Additions and acquisition of interest in subsidiaries from minority - (12.000) - (1.688.611) Disposal of interest held in subsidiary to minority - 216.000 - 216.000 Contribution to the share capital of subsidiaries/associates (126.000) - (7.200) (12.000) Interest received 158.824 99.151 153.293 94.353 Net cash used in investing activities (5.557.849) (4.338.391) (171.773) (1.562.004) Cash flows from financing activities Share of minority shareholders to payment of subsidiary's share capital 24.000 12.000 - - Expenses of subsidiaries' share capital increase (16.200) - - - Proceeds from borrowings 41.262.670 13.950.520 39.546.206 11.655.396 Repayment of borrowings (36.863.148) (7.812.229) (35.483.542) (3.859.553) Repayments of finance lease obligations (166.074) (86.902) (162.533) (81.186) Currency translation differences (176.039) 69.986 (176.914) 69.986 Net cash used in financing activities 4.065.209 6.133.374 3.723.218 7.784.644 Net (decrease) / increase in cash & cash equivalents (14.934.868) (9.158.191) (9.157.908) (769.657) Cash and cash equivalents at the beginning of the period 31.324.751 25.747.722 15.956.037 7.073.970 Cash and cash equivalents at the end of the period 16.389.883 16.589.531 6.798.130 6.304.313 |
(Amounts in Euro) | GROUP | COMPANY | ||
|---|---|---|---|---|---|
The interim 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 six-month period ended 30 June 2016 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-Markopoulo Ave., Peania Attikis, Greece P.O. 190 02.
The Company's shares are listed on the Athens Stock Exchange.
The interim financial statements for the period ended on June 30th 2016 were approved by the Board of Directors on September 19th 2016.
Η Εταιρεία «INTRAKAT» ιδρύθηκε το έτος 1987, είναι Ελληνική Ανώνυμη Εταιρεία με αριθμό Γενικού Εμπορικού Μητρώου: 408501000, (πρώην αριθμό μητρώου Α.Ε. 16205/06/Β/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 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 interim condensed separate and consolidated financial statements for the period ended 30 June 2016 (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 and in particular with the provisions of IAS 34 "Interim Financial Reporting".
The interim condensed financial statements include limited information as compared to those of the annual financial statements and therefore should be considered in conjunction with the latest published annual financial statements.
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, the actual results may eventually differ from these estimates.
The accounting principles used for the preparation of the interim 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 2016 have been taken under 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.
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.
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.
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.
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.
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.
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.
The amendments of the 2012-2014 cycle, were issued by IASB on September 25th 2014 and are effective for periods beginning on or after January 1st 2016. 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 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 the standard does not remove the ability to measure short-term receivables and payables at their invoice amounts if the effect of not discounting is immaterial.
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 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.
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. Concerning IFRS 15, on April 12th 2016 the final clarifications were issued, which apart from explanations on specific issues contain facilitations regarding the initial application of the standard.
On January 19th 2016 the IASB issued the final version of IFRS 16, which is mandatory for annual periods beginning on or after January 1st 2019, constitutes the new standard for leases and has not yet been adopted by the European Union.
IFRS 16 replaces IAS 17, IFRIC 4, SIC 15 and SIC 27.
The new standard defines how will the recognition, measurement, presentation and disclosure of leases will be made. Regarding the accounting of leases on the part of the lessee, it provides a single accounting model according to which all leases, with a term of more than 12 months or relating to property of considerable value must be recognized as assets and liabilities. Lessors shall continue to distinguish between finance leases and operating leases, with the approach of the new standard remaining essentially unchanged compared with that of IAS 17.
The Group is in the process of assessing the impact the adoption of this amendment will have on its financial statements.
The amendment is effective for annual periods beginning on or after 1.1.2018 and has not yet been adopted by the European Union. On 20.6.2016 the IASB issued an amendment to IFRS 2 which in brief contains: a) additional instructions for transactions that include a performance condition, b) classification of share-based payment transactions with net settlement features and c) accounting for modifications of share-based payment transactions from cash-settled to equity-settled due to changes in the terms and conditions.
The Group is in the process of assessing the impact the adoption of this amendment will have on its financial statements.
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 financing activities of 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 is in the process of assessing the impact the adoption of this amendment will have 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 Group's structure on June 30th 2016 is as follows:
| COMPANY NAME | % of interest held |
Consolidation method |
|---|---|---|
| INTRAKAT, Greece | Parent Company | |
| EUROKAT ATE, Greece | 100,00% | 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 | 50,00% | Full * |
| - INESTIA TOUTISTIKI SOCIETE ANONYME, Greece | 50,00% | Equity * |
| - ALPHA ANAPTIXIAKI CYCLADES S.A., Greece | 100,00% | Full * |
| - DEVENETCO L.T.D., Cyprus | 100,00% | Full * |
| - B.L.BLUEPRO HOLDINGS L.T.D., Cyprus | 100,00% | Full * |
| 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 | Μητρική |
| Joint operations | |
| - J/V ΙΝΤRΑΚΑΤ - ΑΤΤΙΚΑΤ (ΕGΝΑΤΙΑ ROAD), 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 | 100,00% |
| - 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 - 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), Greece |
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 | 33,33% |
| - J/V EUROKAT ATE - PROTEYS A.T.E.E. (PROJECT OF RAINWATER RUNOFF NETWORKS IN PAIANIA's MUNICIPALITY), Greece | 50,00% |
* indirect participation, ** direct and indirect participation
In the current period:
The current period's consolidation does not include the joint operations, J/V ΙΝΤRΑΚΑΤ - ELTER (XIRIAS PROJECT)» and «J/V INTRAKAT - ELTER (CONSTRUCTION OF DAM AT THE FILIATRINOU BASIN)», 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 € -3 thousand and on the issuer's equity was € -382 thousand.
The Group 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, it is noted that events such as the difficulties observed in the liquidity of companies, the restriction of capital movements imposed on Greek banks and pending their recapitalization which is underway, 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 such malfunctions and risks associated with the above to occur 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.
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 - 30.06.2016 | 01.01 - 30.06.2015 | |||||||
|---|---|---|---|---|---|---|---|---|
| Constructions | Steel structures | Renewable Energy Sources |
Total | Constructions | Steel structures | Renewable Energy Sources |
Total | |
| Sales by segment | 78.602.956 | 14.063.775 | 2.911.304 | 95.578.035 | 57.211.507 | 9.001.890 | 1.915.892 | 68.129.289 |
| Operating results Profit before taxes, financing and investing results and total |
3.822.715 | 1.066.531 | 1.581.579 | 6.470.825 | 4.351.228 | 307.894 | 620.578 | 5.279.700 |
| depreciation (EBITDA) | 4.115.304 | 1.653.117 | 2.385.514 | 8.153.935 | 4.810.951 | 819.928 | 1.367.806 | 6.998.685 |
| Finance cost - net (Note 7.14) | (4.758.331) | (4.190.884) | ||||||
| Profit/(losses) from associates | 22.068 | 9.628 | ||||||
| Profit before taxes | 1.734.563 | 1.098.445 | ||||||
| Income tax | (1.590.664) | (1.015.948) | ||||||
| Profit net of taxes from continuing operations | 143.898 | 82.496 |
| 01.01 - 30.06.2016 | 01.01 - 30.06.2015 | |||||||
|---|---|---|---|---|---|---|---|---|
| Constructions | Steel structures | Renewable Energy Sources |
Total | Constructions | Steel structures | Renewable Energy Sources |
Total | |
| Impairment of trade receivables | - | 61.508 | 1.914 | 63.422 | - | - | - | - |
| Depreciation/amortization | 706.128 | 505.366 | 803.935 | 2.015.428 | 556.535 | 512.034 | 747.228 | 1.815.797 |
| 30.06.2016 | 31.12.2015 | |||||||
| Constructions | Steel structures | Renewable Energy Sources |
Total | Constructions | Steel structures | Renewable Energy Sources |
Total | |
| Assets | 230.207.992 | 34.200.396 | 41.885.454 | 306.293.843 | 218.318.669 | 34.587.795 | 43.169.992 | 296.076.456 |
| Liabilities | 198.703.575 | 11.471.614 | 37.232.742 | 247.407.932 | 187.977.816 | 12.735.371 | 34.139.757 | 234.852.944 |
| Sales | Total Assets | Capital Expenditure | ||||
|---|---|---|---|---|---|---|
| (Amounts in Euro) | 01.01- 30.06.2016 |
01.01- 30.06.2015 |
30.06.2016 | 31.12.2015 | 30.06.2016 | 31.12.2015 |
| Greece | 91.996.429 | 66.522.363 | 290.093.913 | 278.951.594 | 5.484.781 | 9.557.455 |
| European Community countries | 1.386.104 | 1.606.926 | 14.566.369 | 15.596.782 | 481.368 | 3.276 |
| Other European countries | 2.195.502 | - | 1.633.562 | 1.528.081 | - | 255 |
| Total | 95.578.035 | 68.129.289 | 306.293.843 | 296.076.456 | 5.966.149 | 9.560.986 |
| GROUP | COMPANY | |||
|---|---|---|---|---|
| Sales | Sales | |||
| (Amounts in Euro) | 01.01- 30.06.2016 |
01.01- 30.06.2015 |
01.01- 30.06.2016 |
01.01- 30.06.2015 |
| Sale of products | 25.845.649 | 12.244.426 | 17.894.605 | 7.860.353 |
| Sale of goods | 1.533.297 | 1.403.754 | 440.322 | 612.070 |
| Revenue from services | 3.448.763 | 3.321.341 | 3.215.451 | 1.533.964 |
| Construction contracts | 64.750.326 | 51.159.768 | 64.130.815 | 50.265.237 |
| Total | 95.578.035 | 68.129.289 | 85.681.193 | 60.271.623 |
The Group's and the Company's capital expenditures (tangible and intangible assets as well as investment property) for the first semester are analyzed as follows:
| GROUP | ||||||
|---|---|---|---|---|---|---|
| (Amounts in Euro) | Property, plant and equipment |
Intangible assets |
Investment property |
Total | ||
| Period until 30 June 2015 | ||||||
| Net book value at 1 January 2015 | 62.047.029 | 336.721 | 12.922.987 | 75.306.737 | ||
| Currency translation differences | 6.308 | 2 | 7.041 | 13.351 | ||
| Additions | 821.024 | 9.059 | 3.896.025 | 4.726.108 | ||
| Disposals/write-offs | (48.564) | - | - | (48.564) | ||
| Depreciation | (1.746.790) | (56.354) | (12.653) | (1.815.797) | ||
| Transfer from inventories | - | - | 64.654 | 64.654 | ||
| Net book value at 30 June 2015 | 61.079.007 | 289.428 | 16.878.054 | 78.246.489 | ||
| Period until 31 December 2015 | ||||||
| Net book value at 1 January 2015 | 62.047.029 | 336.721 | 12.922.987 | 75.306.737 | ||
| Currency translation differences | (5.502) | (8) | (27.842) | (33.352) | ||
| Additions | 6.451.931 | 1.416.015 | 1.693.040 | 9.560.986 | ||
| Disposals/write-offs | (206.456) | - | - | (206.456) | ||
| Depreciation | (3.645.892) | (113.605) | (25.305) | (3.784.803) | ||
| Transfer from inventories | 64.654 | - | - | 64.654 | ||
| Transfer to investment property | (323.041) | - | 323.041 | - | ||
| Net book value at 31 December 2015 | 64.382.723 | 1.639.122 | 14.885.920 | 80.907.765 | ||
| Period until 30 June 2016 | ||||||
| Net book value at 1 January 2016 | 64.382.723 | 1.639.122 | 14.885.920 | 80.907.765 | ||
| Currency translation differences | (8.475) | - | 402 | (8.073) | ||
| Additions | 4.783.868 | 986.216 | 70.065 | 5.840.149 | ||
| Disposals/write-offs | (328.353) | - | - | (328.353) | ||
| Depreciation | (1.937.191) | (56.356) | (21.881) | (2.015.428) | ||
| Transfer to investment property | (921.011) | - | 921.011 | - | ||
| Net book value at 30 June 2016 | 65.971.561 | 2.568.982 | 15.855.517 | 84.396.060 |
The above table includes assets held under finance lease as follows:
| (Amounts in Euro) | Property, plant and equipment |
Intangible assets |
Investment property |
Total |
|---|---|---|---|---|
| 30.06.2016 | ||||
| Capitalization of finance lease | 614.116 | - | 581.138 | 1.195.254 |
| Accumulated amortization | (246.563) | - | (169.388) | (415.951) |
| Net book value | 367.553 | - | 411.749 | 779.302 |
| 31.12.2015 | ||||
| Capitalization of finance lease | 614.110 | - | 581.138 | 1.195.248 |
| Accumulated amortization | (111.056) | - | (159.684) | (270.740) |
| Net book value | 503.054 | - | 421.454 | 924.508 |
| (Amounts in Euro) | Property, plant and equipment |
Intangible assets |
Investment property |
Total |
|---|---|---|---|---|
| Period until 30 June 2015 | ||||
| Net book value at 1 January 2015 | 30.658.306 | 306.955 | 8.687.855 | 39.653.116 |
| Currency translation differences | 4.588 | - | - | 4.588 |
| Additions | 218.880 | 7.538 | - | 226.418 |
| Disposals/write-offs | (18.670) | - | - | (18.670) |
| Depreciation | (944.807) | (53.833) | (12.653) | (1.011.293) |
| Net book value at 30 June 2015 | 29.918.296 | 260.660 | 8.675.202 | 38.854.158 |
| Period until 31 December 2015 | ||||
| Net book value at 1 January 2015 | 30.658.306 | 306.955 | 8.687.855 | 39.653.116 |
| Currency translation differences | 663 | - | 663 | |
| Additions | 910.608 | 25.173 | - | 935.781 |
| Disposals/write-offs | (29.792) | - | - | (29.792) |
| Depreciation | (2.016.980) | (108.515) | (25.305) | (2.150.800) |
| Net book value at 31 December 2015 | 29.522.804 | 223.613 | 8.662.550 | 38.408.967 |
| Period until 30 June 2016 | ||||
| Net book value at 1 January 2016 | 29.522.804 | 223.613 | 8.662.550 | 38.408.967 |
| Currency translation differences | (8.630) | - | - | (8.630) |
| Additions | 490.497 | 8.498 | 15.757 | 514.752 |
| Disposals/write-offs | (269.324) | - | - | (269.324) |
COMPANY
The above table includes assets held under finance lease as follows:
| (Amounts in Euro) | Property, plant and equipment |
Intangible assets |
Investment property |
Total |
|---|---|---|---|---|
| 30.06.2016 | ||||
| Capitalization of finance lease | 567.997 | - | 581.138 | 1.149.135 |
| Accumulated amortization | (222.222) | - | (169.388) | (391.611) |
| Net book value | 345.775 | - | 411.749 | 757.524 |
| 31.12.2015 | ||||
| Capitalization of finance lease | 567.997 | - | 581.138 | 1.149.135 |
| Accumulated amortization | (90.562) | - | (159.684) | (250.245) |
| Net book value | 477.436 | - | 421.454 | 898.890 |
Depreciation (1.081.376) (53.893) (12.653) (1.147.922) Net book value at 30 June 2016 28.653.972 178.218 8.665.654 37.497.844
On the Company's and the Group's fixed assets and investmemt property there are encumbrances amounting € 64 million to secure bank borrowings and guarantees.
The Company's investments in subsidiaries are analyzed in the following table:
| COMPANY | ||||
|---|---|---|---|---|
| (Amounts in Euro) | 30.06.2016 | 31.12.2015 | ||
| Balance at the beginning of the period | 17.350.403 | 13.790.903 | ||
| Share capital increase | 1.596.000 | 2.999.369 | ||
| Payment of share capital | 7.200 | 12.000 | ||
| Acquisition of interest in subsidiaries from minority | 612.800 | 12.000 | ||
| Disposal of interest held in subsidiary to the minority | - | (684.000) | ||
| Additions | - | 1.676.611 | ||
| Impairment of subsidiaries | (143.200) | (456.480) | ||
| Balance at the end of the period | 19.423.203 | 17.350.403 |
Summarized financial information regarding the Company's subsidiaries is given below:
| 30.06.2016 | 31.12.2015 | |
|---|---|---|
| Assets | 127.823.480 | 112.007.342 |
| Liabilities | 110.346.684 | 96.057.203 |
| Revenues | 29.174.866 | 35.951.353 |
| Profit (Loss) | (315.147) | 247.482 |
The Group's and Company's investments in associates are analyzed in the following table:
| 30.06.2016 1.126.599 |
31.12.2015 |
|---|---|
| 890.193 | |
| 22.068 | (3.992) |
| (7.931) | 1.873 |
| 475.327 | |
| - | (236.802) |
| 1.126.599 | |
| 126.000 1.266.737 |
| (Amounts in Euro) | 30.06.2016 | 31.12.2015 |
|---|---|---|
| Balance at the beginning of the period | 427.997 | 500.697 |
| Disposals/write-offs | - | (72.700) |
| Balance at the end of the period | 427.997 | 427.997 |
| (Amounts in Euro) | GROUP | COMPANY | ||
|---|---|---|---|---|
| Balance at 1 January 2016 and 1 January 2015 respectively | 2.481.582 | 700.394 | 2.481.582 | 700.394 |
| Additions | 54.612 | 2.252.000 | 54.612 | 2.252.000 |
| Fair value adjustment (Note 7.6) | (1.705.088) | (470.812) | (1.705.088) | (470.812) |
| Balance at 30 June 2016 and 31 December 2015 respectively | 831.106 | 2.481.582 | 831.106 | 2.481.582 |
| Non-current assets | 831.106 | 2.481.582 | 831.106 | 2.481.582 |
| 831.106 | 2.481.582 | 831.106 | 2.481.582 |
COMPANY
Available-for-sale financial assets are denominated in the following currencies:
| 30.06.2016 | 31.12.2015 | |
|---|---|---|
| Euro | 831.106 | 2.481.582 |
| 831.106 | 2.481.582 |
The fair value adjustment relates to equity securities listed on the ASE (Level 1), the recoverable value of which shall be reviewed for impairment purposes in subsequent financial statements.
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 2015 | 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 | ||
| Balance at 30 June 2016 | 23.154.250 | 31.489.780 | 34.083.696 | 65.573.476 | ||
| GROUP | |||||||
|---|---|---|---|---|---|---|---|
| (Amounts in Euro) | Number of shares |
Common shares Share premium | Total | ||||
| Balance at 1 January 2015 | 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 | |||
| Balance at 30 June 2016 | 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:
| GROUP | ||||
|---|---|---|---|---|
| (Amounts in Euro) | Available-for-sale financial assets |
Exchange diferrences reserves |
Total | |
| Balance at 1 January 2015 | (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) | |
| Balance at 1 January 2016 | - | (1.135.197) | (1.135.197) | |
| Revaluation Currency translation differences of foreign subsidiaries & |
(1.705.088) | - | (1.705.088) | |
| branch offices | - | (113.914) | (113.914) | |
| Currency translation differences of associates | - | (7.931) | (7.931) | |
| Tranfer to results | - | (54.437) | (54.437) | |
| Balance at 30 June 2016 | (1.705.088) | (1.311.480) | (3.016.568) |
| (Amounts in Euro) | Available-for-sale financial assets |
Exchange diferrences reserves |
Total |
|---|---|---|---|
| Balance at 1 January 2015 | (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 1 January 2016 | - | (301.956) | (301.956) |
| Revaluation | (1.705.088) | - | (1.705.088) |
| Currency translation differences of foreign branch offices | - | (122.476) | (122.476) |
| Tranfer to results | - | (54.437) | (54.437) |
| Balance at 30 June 2016 | (1.705.088) | (478.869) | (2.183.958) |
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 2015 | 3.743.770 | 11.829.032 | (690.817) | 1.091.546 | 15.973.532 |
| Transfer from retained earnings Increase of subsidiay's' share capital with a change in |
17.472 | - | - | (6) | 17.466 |
| the 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 |
| Change of interest held in subsidiaries | 6.831 | - | - | - | 6.831 |
| Balance at 30 June 2016 | 3.765.626 | 11.829.032 | (684.628) | 1.091.540 | 16.001.570 |
| COMPANY | |||||
|---|---|---|---|---|---|
| (Amounts in Euro) | Statutory reserves |
Tax free reserves |
Actuarial gains/losses |
Other reserves |
Total |
| Balance at 1 January 2015 | 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 |
| Balance at 30 June 2016 | 3.672.540 | 11.829.032 | (647.278) | 1.091.540 | 15.945.834 |
| GROUP | COMPANY | |||
|---|---|---|---|---|
| (Amounts in Euro) | 30.06.2016 | 31.12.2015 | 30.06.2016 | 31.12.2015 |
| Non-current borrowings | ||||
| Bank loans | 29.498.238 | 34.343.910 | 556.571 | 6.160.693 |
| Bond Loan | 26.135.000 | 10.035.000 | 26.135.000 | 10.035.000 |
| Finance lease liabilities | 305.556 | 458.900 | 305.556 | 458.900 |
| Total non-current borrowings | 55.938.795 | 44.837.810 | 26.997.128 | 16.654.593 |
| Current borrowings | ||||
| Current portion of non-current borrowings | 3.063.008 | 4.803.551 | 204.408 | 599.305 |
| Bank loans | 37.277.085 | 44.912.863 | 35.058.006 | 42.296.323 |
| Bond Loan | 11.850.000 | 9.331.899 | 1.400.000 | 500.000 |
| Borrowings from related parties | 235.631 | 232.219 | 300.000 | - |
| Finance lease liabilities | 320.547 | 333.277 | 320.547 | 329.736 |
| Total current borrowings | 52.746.272 | 59.613.808 | 37.282.961 | 43.725.364 |
| Total borrowings | 108.685.066 | 104.451.618 | 64.280.088 | 60.379.957 |
Exposure to interest rate changes as well as the contractual re-pricing dates of current borrowings is 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 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 | |
| 30 June 2016 | ||||||
| Total borrowings | 37.437.359 | 15.308.913 | 52.746.272 | 35.218.280 | 2.064.681 | 37.282.961 |
| 37.437.359 | 15.308.913 | 52.746.272 | 35.218.280 | 2.064.681 | 37.282.961 |
The contractual undiscounted cash flows of the non-current borrowings are as follows:
| GROUP | COMPANY | |||
|---|---|---|---|---|
| (Amounts in Euro) | 30.06.2016 | 31.12.2015 | 30.06.2016 | 31.12.2015 |
| Between 1 and 2 years | 4.624.115 | 5.361.247 | 1.614.808 | 1.109.553 |
| Between 2 and 3 years | 5.688.428 | 5.590.420 | 2.525.626 | 1.320.107 |
| Between 3 and 4 years | 5.514.021 | 5.537.408 | 2.416.137 | 1.331.033 |
| Between 4 and 5 years | 13.535.296 | 13.180.657 | 10.335.000 | 9.135.000 |
| Over 5 years | 26.271.378 | 14.709.177 | 9.800.000 | 3.300.000 |
| 55.633.238 | 44.378.910 | 26.691.571 | 16.195.693 |
The weighted average effective interest rates at the balance sheet date are the following:
| GROUP | ||||
|---|---|---|---|---|
| 30.06.2016 | 31.12.2015 | |||
| € | Other | € | Other | |
| Bank loans (current) | 6,50% | 6,50% | 6,50% | 6,50% |
| Bank loans (non-current) | 5,75% | - | 5,75% | - |
| Bond loan | 5,50% | - | 5,50% | - |
| Finance lease liabilities | 6,50% | 6,50% | 6,50% | 6,50% |
| 30.06.2016 | 31.12.2015 | |||
|---|---|---|---|---|
| € | Other | € | Other | |
| Bank loans (current) | 6,50% | 6,50% | 6,50% | 6,50% |
| Bank loans (non-current) | 5,75% | - | 5,75% | - |
| Bond loan | 5,50% | - | 5,50% | - |
| Finance lease liabilities | 6,50% | - | 6,50% | - |
COMPANY
The carrying amounts and fair values of the non-current borrowings are the following:
| GROUP | ||||
|---|---|---|---|---|
| Carrying amount |
Fair value | Carrying amount |
Fair value | |
| 29.498.238 | 29.498.238 | 34.343.910 | 34.343.910 | |
| 26.135.000 | 26.135.000 | 10.035.000 | 10.035.000 | |
| 305.556 | 305.556 | 458.900 | 458.900 44.837.810 |
|
| 55.938.795 | 30.06.2016 55.938.795 |
31.12.2015 44.837.810 |
| 30.06.2016 | 31.12.2015 | |||
|---|---|---|---|---|
| (Amounts in Euro) | Carrying amount |
Fair value | Carrying amount |
Fair value |
| Bank loans | 556.571 | 556.571 | 6.160.693 | 6.160.693 |
| Bond Loan | 26.135.000 | 26.135.000 | 10.035.000 | 10.035.000 |
| Finance lease liabilities | 305.556 | 305.556 | 458.900 | 458.900 |
| Total | 26.997.128 | 26.997.128 | 16.654.593 | 16.654.593 |
The carrying amounts of borrowings are denominated in the following currencies:
| GROUP | COMPANY | |||
|---|---|---|---|---|
| 30.06.2016 | 31.12.2015 | 30.06.2016 | 31.12.2015 | |
| Euro | 108.314.096 | 103.226.403 | 63.909.118 | 59.154.742 |
| Polish zloty | 370.971 | 1.225.215 | 370.971 | 1.225.215 |
| 108.685.066 | 104.451.618 | 64.280.088 | 60.379.957 |
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 |
| Balance at 1 January 2015 | 414.281 |
| Additional provisions for the period | 37.017 |
| Realized provisions for the period | (89.078) |
| Balance at 31 December 2015 | 362.220 |
| Additional provisions for the period | 2.923 |
| Unrealized reversed provisions | (40.133) |
| Balance at 30 June 2016 | 325.009 |
| GROUP & COMPANY | |||
|---|---|---|---|
| (Amounts in Euro) | 30.06.2016 31.12.2015 |
||
| Non-current provisions | - | - | |
| Current provisions | 325.009 | 362.220 | |
| Total | 325.009 | 362.220 |
| GROUP | COMPANY | |||
|---|---|---|---|---|
| (Amounts in Euro) | 30.06.2016 | 31.12.2015 | 30.06.2016 | 31.12.2015 |
| Finance lease liabilities- minimum lease | ||||
| Not later than 1 year | 341.380 | 370.296 | 341.380 | 366.725 |
| Between 1 and 5 years | 344.975 | 382.655 | 344.975 | 382.655 |
| More than 5 years | - | 123.435 | - | 123.435 |
| Total | 686.355 | 876.386 | 686.355 | 872.815 |
| Less: Future finance charges on finance leases | (60.252) | (84.209) | (60.252) | (84.179) |
| Present value of finance lease liabilities | 626.103 | 792.177 | 626.103 | 788.636 |
The present value of finance lease liabilities is analyzed below:
| GROUP | COMPANY | |||
|---|---|---|---|---|
| (Amounts in Euro) | 30.06.2016 | 31.12.2015 | 30.06.2016 | 31.12.2015 |
| Not later than 1 year | 320.547 | 333.277 | 320.547 | 329.736 |
| Between 1 and 5 years | 305.556 | 337.211 | 305.556 | 337.211 |
| More than 5 years | - | 121.689 | - | 121.689 |
| Total | 626.103 | 792.177 | 626.103 | 788.636 |
The Group's expenses by nature are analyzed as follows:
| GROUP | ||||||
|---|---|---|---|---|---|---|
| (Amounts in Euro) | 01.01 - 30.06.2016 | 01.01 - 30.06.2015 | ||||
| Cost of goods | Administrative | Total | Cost of goods | Administrative | Total | |
| sold | expenses | sold | expenses | |||
| Employee benefit expense | 4.441.970 | 1.503.378 | 5.945.348 | 3.539.757 | 1.411.890 | 4.951.647 |
| Inventory cost recognised as expense | 26.517.456 | 149.526 | 26.666.981 | 19.512.052 | 573 | 19.512.625 |
| Depreciation of PPE | ||||||
| - Owned assets | 1.470.115 | 331.570 | 1.801.684 | 1.426.373 | 291.478 | 1.717.851 |
| - Leased assets | 131.661 | 3.846 | 135.507 | 15.212 | 13.727 | 28.939 |
| Repairs and maintenance of PPE | 407.584 | 82.340 | 489.924 | 324.727 | 89.553 | 414.280 |
| Amortisation of intangible assets | 32.609 | 23.747 | 56.356 | 26.472 | 29.881 | 56.354 |
| Depreciation of investment property | - | 12.176 | 12.176 | - | 2.948 | 2.948 |
| Depreciation of leased investment property | - | 9.705 | 9.705 | - | 9.705 | 9.705 |
| Operating lease payments | ||||||
| - Land | 247.801 | 149.681 | 397.481 | 158.173 | 211.119 | 369.292 |
| - Machinery | 591.509 | 2.474 | 593.983 | 1.531.862 | 2.528 | 1.534.390 |
| - Furniture and other equipment | 43.776 | 28.729 | 72.505 | 39.575 | 380 | 39.955 |
| - Vehicles | 184.274 | 120.528 | 304.802 | 165.107 | 107.903 | 273.010 |
| Advertisement | 25.159 | 539.421 | 564.579 | 18.892 | 596.900 | 615.793 |
| Subcontractors' and third paries' fees | 44.584.924 | 2.471.188 | 47.056.112 | 27.330.260 | 2.364.263 | 29.694.523 |
| Other (Third party benefits, various epenses etc.) | 4.372.674 | 1.811.536 | 6.184.210 | 3.858.682 | 1.482.099 | 5.340.781 |
| Total | 83.051.510 | 7.239.843 | 90.291.354 | 57.947.145 | 6.614.948 | 64.562.092 |
| COMPANY | ||||||
|---|---|---|---|---|---|---|
| (Amounts in Euro) | 01.01 - 30.06.2016 | 01.01 - 30.06.2015 | ||||
| Cost of goods | Administrative | Total | Cost of goods | Administrative | Total | |
| sold | expenses | sold | expenses | |||
| Employee benefit expense | 3.311.604 | 1.286.477 | 4.598.081 | 2.455.155 | 1.240.280 | 3.695.435 |
| Inventory cost recognised as expense | 23.575.436 | 147.854 | 23.723.289 | 17.163.398 | - | 17.163.398 |
| Depreciation of PPE | ||||||
| - Owned assets | 654.750 | 294.965 | 949.715 | 645.114 | 274.641 | 919.755 |
| - Leased assets | 131.661 | - | 131.661 | 15.212 | 9.840 | 25.052 |
| Repairs and maintenance of PPE | 440.792 | 103.306 | 544.098 | 359.017 | 80.713 | 439.730 |
| Amortisation of intangible assets | 32.347 | 21.547 | 53.893 | 26.396 | 27.437 | 53.833 |
| Depreciation of investment property | - | 2.948 | 2.948 | - | 2.948 | 2.948 |
| Depreciation of leased investment property | - | 9.705 | 9.705 | - | 9.705 | 9.705 |
| Operating lease payments | ||||||
| - Land | 130.807 | 127.152 | 257.959 | 65.122 | 129.067 | 194.189 |
| - Machinery | 588.967 | 12 | 588.979 | 1.530.836 | 27 | 1.530.863 |
| - Furniture and other equipment | 43.776 | 4.216 | 47.992 | 39.575 | 380 | 39.955 |
| - Vehicles | 166.083 | 114.928 | 281.011 | 146.649 | 102.410 | 249.059 |
| Advertisement | 24.615 | 535.126 | 559.741 | 18.713 | 552.963 | 571.676 |
| Subcontractors' and third paries' fees | 42.965.377 | 1.891.629 | 44.857.006 | 25.492.422 | 1.897.729 | 27.390.152 |
| Other (Third party benefits, various epenses etc.) | 3.934.382 | 1.369.228 | 5.303.609 | 3.477.378 | 1.195.590 | 4.672.968 |
| Total | 76.000.595 | 5.909.094 | 81.909.689 | 51.434.988 | 5.523.731 | 56.958.719 |
The Group's and the Company's other income is analyzed as follows:
| GROUP | ||||
|---|---|---|---|---|
| (Amounts in Euro) | 01.01- 30.06.2016 |
01.01- 30.06.2015 |
||
| Other financial assets at fair value through profit or loss: | ||||
| - Dividend income | 365 | - | ||
| Amortization of grants received | 2.727 | 3.214 | ||
| Rental income | 41.432 | 52.176 | ||
| Insurance reimbursement | - | 514.797 | ||
| Forfeiture of guarantees | 81.965 | - | ||
| Income from leased equipment | 4.000 | - | ||
| Income from services rendered to third parties | 604.694 | 904.254 | ||
| Other income | 123.957 | 200.793 | ||
| Total | 859.139 | 1.675.233 |
| COMPANY | |||
|---|---|---|---|
| (Amounts in Euro) | 01.01- 30.06.2016 |
01.01- 30.06.2015 |
|
| Other financial assets at fair value through profit or loss: | |||
| - Dividend income | 365 | - | |
| Amortization of grants received | 2.727 | 3.214 | |
| Rental income | 70.272 | 84.546 | |
| Insurance reimbursement | - | 20 | |
| Income from leased equipment | 1.860 | - | |
| Income from services rendered to third parties | 1.002.602 | 1.057.557 | |
| Other income | 123.797 | 176.317 | |
| Total | 1.201.623 | 1.321.654 |
The Group's and Company's other gains / losses are as follows:
| GROUP | |||
|---|---|---|---|
| (Amounts in Euro) | 01.01- 30.06.2016 |
01.01- 30.06.2015 |
|
| Other financial assets at fair value through profit or loss: | |||
| - Fair value gains / (losses) | (11.802) | 5.420 | |
| Impairment of doubtful debts | (66.528) | - | |
| Provision of doubtful debts restored | 3.106 | - | |
| Currency translation differences of foreign branch offices - Transfer to | |||
| results | 54.437 | - | |
| Extraordinary gains from judicial settlement of obligations | 333.210 | - | |
| Gains/ (losses) from disposal of PPE | (24.630) | 36.002 | |
| Share of losses from J/Vs consolidated according to the equity method | 37.210 | (4.152) | |
| 325.005 | 37.270 |
| COMPANY | |||
|---|---|---|---|
| 01.01- | 01.01- | ||
| (Amounts in Euro) | 30.06.2016 | 30.06.2015 | |
| Other financial assets at fair value through profit or loss: | |||
| - Fair value gains / (losses) | (11.802) | 5.420 | |
| Impairment of subsidiaries (Note 7.2) | (143.200) | - | |
| Currency translation differences of foreign branch offices - Transfer to | |||
| results | 54.437 | - | |
| Extraordinary gains from judicial settlement of obligations | 333.210 | - | |
| Share of losses from J/Vs consolidated according to the equity method | 37.210 | (4.152) | |
| Gains/ (losses) from disposal of participation percentages | - | (194.400) | |
| Gains/ (losses) from disposal of PPE | (18.191) | 36.002 | |
| 251.665 | (157.130) |
The Group's finance cost is as follows:
| GROUP | ||||
|---|---|---|---|---|
| (Amounts in Euro) | 01.01- 30.06.2016 |
01.01- 30.06.2015 |
||
| Finance expenses | ||||
| - Bank loans | (2.198.416) | (2.285.971) | ||
| - Bond loan | (504.726) | - | ||
| - Finance leases | (22.675) | (13.307) | ||
| - Letters of credit | (1.455.977) | (1.701.215) | ||
| - Interest on advances from customers | (215.130) | (172.771) | ||
| - Other | (518.343) | (155.753) | ||
| - Net gains / (losses) from currency translation differences | (1.887) | 38.982 | ||
| (4.917.155) | (4.290.034) | |||
| Interest income | 158.824 | 99.151 | ||
| Total | (4.758.331) | (4.190.884) |
| COMPANY | |||
|---|---|---|---|
| (Amounts in Euro) | 01.01- 30.06.2016 |
01.01- 30.06.2015 |
|
| Finance expenses | |||
| - Bank loans | (1.168.376) | (1.556.503) | |
| - Bond loan | (504.726) | - | |
| - Finance leases | (22.645) | (12.832) | |
| - Letters of credit | (1.455.977) | (1.701.215) | |
| - Interest on advances from customers | (215.130) | (172.771) | |
| - Other | (500.039) | (131.229) | |
| - Net gains / (losses) from currency translation differences | (4.028) | 28.296 | |
| (3.870.922) | (3.546.254) | ||
| Interest income | 153.293 | 94.353 | |
| Total | (3.717.629) | (3.451.901) |
Eearnings/(losses) per share were calculated using the weighted average number of shares multiplied by the total number of outstanding common shares.
| GROUP | ||
|---|---|---|
| 30.06.2016 | 30.06.2015 | |
| Weighted average number of shares | 23.154.250 | 23.154.250 |
| 01.01- 30.06.2016 |
01.01- 30.06.2015 |
|
| Profit before taxes | 1.734.563 | 1.098.445 |
| Income tax | (1.590.664) | (1.015.948) |
| Profit net of taxes from continuing operations | 143.898 | 82.496 |
| Attributable to: | ||
| Owners of the Parent | 39.158 | (131.284) |
| Non-controlling interests | 104.740 | 213.781 |
| Basic earnings/(losses) per share | 0,0017 | -0,0057 |
| COMPANY | ||
| 30.06.2016 | 30.06.2015 | |
| Weighted average number of shares | 23.154.250 | 23.154.250 |
| 01.01- | 01.01- | |
| 30.06.2016 | 30.06.2015 | |
| Profit before taxes | 1.507.164 | 1.025.529 |
| Income tax | (1.199.612) | (812.244) |
| Profit net of taxes | 307.552 | 213.285 |
Basic earnings/(losses) per share 0,0133 0,0092
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation method:
| GROUP | |||
|---|---|---|---|
| 30.06.2016 | |||
| (Amounts in Euro) | Level 1 | Level 3 | |
| Financial assets measured at fair value | |||
| Avaialable for sale financial assets | 831.106 | - | |
| Financial assets at fair value through profit or loss | 158.587 | - | |
| 989.693 | - | ||
| GROUP | |||||
|---|---|---|---|---|---|
| 31.12.2015 | |||||
| (Amounts in Euro) | Level 1 | 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 |
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 number of employees on June 30th, 2016 and June 30th, 2015 respectively is:
| GROUP | COMPANY | ||||
|---|---|---|---|---|---|
| Average number of employees | 438 | 391 | 325 | 274 | |
| 30.06.2016 | 30.06.2015 | 30.06.2016 | 30.06.2015 | ||
| (per category) | |||||
| Administrative personnel | 117 | 105 | 78 | 69 | |
| Workers personnel | 321 | 286 | 247 | 205 |
a) Letters of guarantee
| GROUP | |||||
|---|---|---|---|---|---|
| (Amounts in Euro) | 30.06.2016 | 31.12.2015 | |||
| Good performance guarantees | 107.828.625 | 97.426.302 | |||
| Advance payments guarantees | 21.069.586 | 17.185.881 | |||
| Good payment guarantees | 16.505.373 | 15.721.437 | |||
| Other guarantees | 520.342 | 499.342 | |||
| Good operation guarantees | 421.757 | 319.370 | |||
| Participation guarantees | 8.046.694 | 8.401.051 | |||
| Guarantees to banks on behalf of subsidiaries | 9.024.138 | 7.028.662 | |||
| 163.416.515 | 146.582.045 |
| COMPANY | ||
|---|---|---|
| (Amounts in Euro) | 30.06.2016 | 31.12.2015 |
| Good performance guarantees | 93.271.967 | 91.296.302 |
| Advance payments guarantees | 7.473.808 | 8.755.881 |
| Good payment guarantees | 16.505.373 | 15.721.437 |
| Other guarantees | 520.342 | 499.342 |
| Good operation guarantees | 421.757 | 319.370 |
| Participation guarantees | 8.046.694 | 8.401.051 |
| Guarantees to banks on behalf of subsidiaries | 9.024.138 | 7.028.662 |
| 135.264.079 | 132.022.045 |
b) The company falls under the ex-officio investigation of the Hellenic Competition Commission into public infrastructure works tender competitions for possible violation of Article 1 Law 3959/2011 (or of the preexisting Article 1 of Law 703/1977) on "Protection of Free Competition" and of Article 101 of the Treaty on the European Union (TFEU). The relevant Objections Report has been notified to the company which on the one hand is not binding for the Plenary of the Competition Committee that shall decide the case and on the other hand it is being evaluated as to its content and rebuttal. The investigation and the related procedural stages are underway.
| GROUP | |||
|---|---|---|---|
| (Amounts in Euro) | 30.06.2016 | 31.12.2015 | |
| Customers' good payment guarantees | 33.000 | 6.137.653 | |
| Suppliers' good performance guarantees | 1.498.345 | 1.579.559 | |
| Advance payments guarantees | 798.965 | 579.341 | |
| 2.330.310 | 8.296.553 |
| COMPANY | |||
|---|---|---|---|
| (Amounts in Euro) | 30.06.2016 | 31.12.2015 | |
| Customers' good payment guarantees | 33.000 | 6.137.653 | |
| Suppliers' good performance guarantees | 1.498.345 | 1.579.559 | |
| Advance payments guarantees | 798.965 | 579.341 | |
| 2.330.310 | 8.296.553 |
| GROUP | ||||
|---|---|---|---|---|
| (Amounts in Euro) | 30.06.2016 | 31.12.2015 | ||
| Not later than 1 year | 65.869 | 123.550 | ||
| Between 1 and 5 years | 137.588 | 174.400 | ||
| More than 5 years | 36.384 | 48.463 | ||
| 239.841 | 346.413 |
| COMPANY | ||
|---|---|---|
| (Amounts in Euro) | 30.06.2016 | 31.12.2015 |
| Not later than 1 year | 122.303 | 167.672 |
| Between 1 and 5 years | 278.235 | 266.332 |
| More than 5 years | 121.002 | 48.463 |
| 521.540 | 482.467 |
Commitments pertain to future lease obligations regarding the operational leasing of buildings-land, machinery, vehicles etc.
| GROUP | ||||
|---|---|---|---|---|
| (Amounts in Euro) | 30.06.2016 | 31.12.2015 | ||
| Not later than 1 year | 815.803 | 986.337 | ||
| Between 1 and 5 years | 2.067.670 | 2.102.800 | ||
| More than 5 years | 1.516.167 | 1.448.667 | ||
| 4.399.640 | 4.537.804 | |||
| COMPANY | ||||
| (Amounts in Euro) | 30.06.2016 | 31.12.2015 |
| Not later than 1 year | 724.025 | 773.588 |
|---|---|---|
| Between 1 and 5 years | 1.580.604 | 1.662.800 |
| More than 5 years | 1.249.500 | 1.134.000 |
| 3.554.129 | 3.570.388 |
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 | ||
|---|---|---|
| Assets - Liabilities | 30.06.2016 | 31.12.2015 |
| Receivables from the parent company Ιntracom Holdings | 1.622.474 | 1.627.530 |
| Receivables from associates | 3.519.000 | 3.021.846 |
| Receivables from J/Vs | 479.823 | 505.288 |
| Receivables from other related parties | 6.444.068 | 5.495.779 |
| Receivables from Management Executives and Administration Members | 206.853 | 206.941 |
| 12.272.219 | 10.857.384 | |
| Payables to the parent company Intracom Holdings | 3.318.716 | 2.936.259 |
| Payables to associates | 23.100 | - |
| Payables to J/Vs | 109.673 | 109.673 |
| Payables to other related parties | 10.298.707 | 2.867.503 |
| Payables to Management Executives and Administration Members | 311.716 14.061.912 |
272.640 6.186.075 |
| Revenues - Expenses | 30.06.2016 | 30.06.2015 |
| Revenues from the parent company Intracom Holdings | 90.626 | 325.845 |
| Revenues from associates | 214.249 | 83.901 |
| Revenues from other related parties | 1.934.601 | 3.958.052 |
| Revenues from Management Executives and Administration Members | 535 | - |
| 2.240.012 | 4.367.799 | |
| Purchases from the parent company Intracom Holdings | 538.494 | 739.689 |
| Purchases from associates | 323.100 | - |
| Purchases from other related parties | 6.178.557 | 5.972.671 |
| Fees to Management Executives and Administration Members | 663.011 7.703.162 |
553.834 7.266.194 |
| The above transactions pertain to: | ||
| Income from construction contracts | 983.960 | 2.146.738 |
| Income from sale of goods and services | 1.163.565 | 2.131.277 |
| Interest income | 88.286 | 83.204 |
| Rental income | 4.200 | 6.580 |
| 2.240.012 | 4.367.799 | |
| Purchase of tangible and intangible assets | 323.100 | - |
| Purchase of goods | - | 391.469 |
| Subcontractors | 6.010.896 | - |
| Purchase of services | 566.214 | 6.189.817 |
| Rental expenses | 136.529 | 127.680 |
| Interest expenses | 3.413 | 3.394 |
| Fees to Management Executives and Administration Members | 663.011 | 553.834 |
| 7.703.162 | 7.266.194 |
| 30.06.2016 31.12.2015 Receivables from the parent company Ιntracom Holdings 1.430.464 1.430.464 Receivables from subsidiaries 31.053.001 21.044.051 Receivables from joint operations 2.813 293 Receivables from associates 3.295.471 2.876.269 Receivables from J/Vs 479.823 505.288 Receivables from other related parties 6.166.320 5.104.486 Receivables from Management Executives and Administration Members 137.655 137.744 42.565.547 31.098.594 Payables to the parent company Intracom Holdings 3.247.517 2.876.961 Payables to subsidiaries 3.757.559 5.302.083 Payables to joint operations 301.966 303.716 Payables to J/Vs 109.673 109.673 Payables to other related parties 10.143.106 2.494.551 Payables to Management Executives and Administration Members 97.646 48.992 17.657.467 11.135.975 Revenues - Expenses 30.06.2016 30.06.2015 Revenues from the parent company Intracom Holdings - 130.000 Revenues from subsidiaries 18.270.997 3.083.200 Revenues from associates 209.209 83.901 Revenues from other related parties 987.805 3.334.846 19.468.011 6.631.947 Purchases from the parent company Intracom Holdings 527.005 738.023 Purchases from subsidiaries 1.071.735 426.249 Purchases from other related parties 6.079.999 94.523 Fees to Management Executives and Administration Members 609.151 487.834 8.287.890 1.746.628 The above transactions pertain to: Income from disposal of assets 10.000 - Income from construction contracts 14.144.068 4.793.838 Income from sale of goods and services 5.194.721 1.715.955 Rental income 33.040 38.951 Income from leases 1.860 - Interest income 84.322 83.204 19.468.011 6.631.947 Purchase of goods 865.774 277.377 Subcontractors 6.010.896 82.346 Purchase of services 616.068 773.071 Rental expenses 186.000 126.000 Fees of Management Executives and Administration Members 609.151 487.834 8.287.890 1.746.628 |
Assets - Liabilities | |
|---|---|---|
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 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 | 8 |
| - J/V INTRAKAT - ELTER (NATURAL GAS PIPELINES DISTRIBUTION AND SUPPLY NETWORK IN SOUTH ATTIKA REGION - EPA 7), Greece | 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 - J/V ANASTILOTIKI - INTRAKAT - GETEM - ETETH (CIVIL, ELECTROΜECHANICAL WORKS & SHAPING OF SURROUNDINGS OF THE NEW |
6 6 |
| MUSEUM IN PATRA), Greece - J/V ANASTILOTIKI - GETEM - INTRAKAT (CONSTRUCTION OF REFINERY & WATER PIPELINES IN PATRA & ITS INDUSTRIAL DISTRICT FROM |
7 |
| PEIROS - PARAPEIROS DAM), Greece - J/V ALTEK SA - INTRAKAT - ANASTILOTIKI ATE (EXPANSION OF THE TERMINAL OF THESSALONIKI's PUBLIC AIRPORT "MACEDONIA" |
6 |
| NORTHWEST UNTIL THE CONTROL TOWER), Greece - 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 | 5 |
| - 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 | 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 - J/V ATERMON ΑΤΕ-ΙΝΤRΑΚΑΤ (MATERIAL SUPPLY & CONSTRUCTION OF T.L. ΚΥΤ LAGADA-ΚΥΤ FILIPPON), Greece |
2 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/V INTRAKAT - PROTEAS (COMPLETION WORKS FOR SETTLING XIRIAS TORRENT), Greece | 2 |
| EUROKAT ATE, Greece | 1 |
| Joint operations | |
| - 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 | 1 |
| - FRACASSO HOLDINGS D.O.O. , Croatia | 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 |
| - ALPHA ANAPTIXIAKI CYCLADES S.A., Greece | 0 |
| - DEVENETCO L.T.D., Cyprus | 0 |
| - B.L.BLUEPRO HOLDINGS L.T.D., Cyprus INTRA-BLUE HOSPITALITY AND BUSINESS TOURISM SOCIETE ANONYME, Greece |
0 2 |
| INTRAPOWER SOCIETE ANONYME ENERGY PROJECTS, Greece | 1 |
| RURAL CONNECT S.A., Greece | 2 |
| ICMH HEALTH SERVICES S.A. Greece | 2 |
| B-WIND POWER ENERGY SOCIETE ANONYME, Greece | 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 | 6 |
| J/V MOHLOS - INTRACOM CONSTRUCTIONS (SWIMMING POOL), Greece J/V PANTHESSALIKO STADIUM, Greece |
6 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 (XIRIAS PROJECT) and J/V INTRAKAT - ELTER (CONSTRUCTION OF DAM AT THE FILIATRINOU BASIN) which were liquidated, no provisions have been made for unaudited fiscal years, since it is estimated that there will be no additional charges.
There are no events after the balance sheet date that may significantly affect the financial situation of the Company and the Group.
Peania, September 19th 2016
The Chairman of the B.o.D. The Managing Director
DIMITRIOS X. KLONIS ID No ΑΚ 121708
PETROS K. SOYRETIS ID No. / AB 348882
The Financial Director The Chief Accountant
SOTIRIOS K. KARAMAGIOLIS ID No. / AI 059874
HELEN A. SALATA Licence No A/30440 Economic Chamber of Greece
Date of the semi-annual financial statements' approvald by the Board of DirectoSeptember 19th, 2016
Auditing Firm : S.O.L.- Associated Certified Public Accountants s.a. Certified Auditor Accountant : Zoe D. Sofou Institute of CPA (SOEL) Reg. No.: 14701 Type of auditor's review report : Unqualified opinion Company's web site address : www.intrakat.gr
| THE GROUP | THE COMPANY | THE GROUP | THE COMPANY | ||||||
|---|---|---|---|---|---|---|---|---|---|
| 30.06.2016 | 31.12.2015 | 30.06.2016 | 31.12.2015 | 01.01.-30.06.2016 01.01.-30.06.2015 01.01.-30.06.2016 01.01.-30.06.2015 | |||||
| ASSETS | Net equity of period opening balance | ||||||||
| Own-used tangible fixed assets | 65.971.561 | 64.382.723 | 28.653.972 | 29.522.804 | (01.01.2016 and 01.01.2015 respectively) | 61.223.512 | 62.104.018 | 67.902.018 | 69.777.017 |
| Investment property | 15.855.517 | 14.885.920 | 8.665.654 | 8.662.550 | Total comprehensive income net of taxes | -1.737.229 | 491.972 | -1.574.450 | 616.843 |
| Goodwill | 2.926.597 | 2.926.597 | 326.268 | 326.268 | Other changes | -600.372 | 220.271 | -- | -- |
| Intangible assets | 2.568.982 | 1.639.122 | 178.218 | 223.613 | Net equity of period closing balance | ||||
| Other non-current assets | 8.641.802 | 9.200.708 | 29.138.887 | 28.604.552 | (30.06.2016 and 30.06.2015 respectively) | 58.885.911 | 62.816.261 | 66.327.568 | 70.393.860 |
| Inventories | 13.638.390 | 13.743.597 | 8.117.098 | 8.984.415 | |||||
| Trade receivables | 102.420.615 | 95.738.654 | 105.472.153 | 91.804.742 | |||||
| Other current assets | 94.270.379 | 93.559.136 | 57.099.929 | 65.768.921 | DATA FROM STATEMENT OF CASH FLOWS (Figures expressed in Euro) | ||||
| TOTAL ASSETS | 306.293.843 | 296.076.456 | 237.652.179 | 233.897.865 | THE GROUP | THE COMPANY | |||
| 01.01.-30.06.2016 01.01.-30.06.2015 01.01.-30.06.2016 01.01.-30.06.2015 | |||||||||
| EQUITY AND LIABILITIES | Cash Flows from Operating activities | ||||||||
| Share capital | 31.489.780 | 31.489.780 | 31.489.780 | 31.489.780 | Profit/losses before taxes from continuing operations | 1.734.563 | 1.098.445 | 1.507.164 | 1.025.529 |
| Other equity items | 25.146.849 | 27.368.287 | 34.837.788 | 36.412.238 | Plus / less adjustments for: | ||||
| Total equity of Company's Shareholders (a) | 56.636.629 | 58.858.067 | 66.327.568 | 67.902.018 | Depreciation and amortisation | 2.015.428 | 1.815.797 | 1.147.922 | 1.011.293 |
| Non-controlling interests (b) | 2.249.282 | 2.365.445 | -- | -- | Impairments | 63.422 | -- | 143.200 | -- |
| Total Equity (c) = (a) + (b) | 58.885.911 | 61.223.512 | 66.327.568 | 67.902.018 | Provisions | -18.407 | 44.289 | -11.278 | 31.819 |
| Long-term borrowings | 55.633.238 | 44.378.910 | 26.691.571 | 16.195.693 | Results (revenues, expenses, profit & losses) from investing activity | -464.760 | -166.766 | -450.974 | 50.821 |
| Provisions/Other long-term liabilities | 1.520.237 | 1.657.504 | 1.199.571 | 1.329.709 | Interest and other relevant expenses | 4.917.155 | 4.290.034 | 3.870.922 | 3.546.254 |
| Current borrowings | 52.425.725 | 59.280.531 | 39.962.414 | 43.395.628 | Plus / less adjustments for changes in working capital accounts | ||||
| Other current liabilities | 137.828.732 | 129.536.000 | 106.471.055 | 105.074.817 | or related to operating activities: | ||||
| Total Liabilities (d) | 247.407.932 | 234.852.944 | 174.324.611 | 165.995.847 | Decrease / (increase) of inventories | 105.206 | -777.063 | 867.316 | -410.983 |
| TOTAL EQUITY & LIABILITIES (c) + (d) | 306.293.843 | 296.076.456 | 240.652.179 | 233.897.865 | Decrease / (increase) of receivables | -21.018.021 | -19.391.422 | -13.245.267 | -17.291.435 |
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 01.01.-30.06.2016 01.01.-30.06.2015 01.01.-30.06.2016 01.01.-30.06.2015 | ||||
| (Decrease) / increase of payables (except for borrowings) | 6.305.902 | 6.787.575 | -532.842 | 8.967.541 |
| Less: Interest and other relevant expenses paid | 4.917.155 | 4.290.034 | 3.870.922 | 3.546.254 |
| Less: Income tax paid/(received) | 2.165.561 | 364.029 | 2.134.594 | 376.882 |
| Net cash generated from operating activities (a) | -13.442.228 | -10.953.174 | -12.709.353 | -6.992.297 |
| Repayment of finance lease obligations (installments for paying off the d | -166.074 | -86.902 | -162.533 | -81.185 |
| Currency translation differences | -176.039 | 69.985 | -176.914 | 69.986 |
| Net cash used in financing activities (c) | 4.065.209 | 6.133.374 | 3.723.218 | 7.784.644 |
| Net increase / (decrease) in the perios's cash and | ||||
| -14.934.868 | -9.158.191 | -9.157.908 | -769.657 | |
| cash equivalents (a)+(b)+(c) Cash and cash equivalents at the beginning of the period |
31.324.751 | 25.747.722 | 15.956.037 | 7.073.970 |
| 1. The companies and joint-ventures included in the Group and all the related information are set out in detail in note 5.5 of the financial statements. | ||||||
|---|---|---|---|---|---|---|
| 2. All transactions from the beginning of the period, as well as the balances of the receivables and liabilities of the Parent company and the Group at the end of the current period, 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 | 2.239.477 | 19.468.011 | ||||
| b) Expenses | 7.040.151 | 7.678.739 | ||||
| c) Receivables | 12.065.366 | 42.427.892 | ||||
| d) Liabilities | 13.750.195 | 17.559.821 | ||||
| e) Receivables from management executives and administration members | 206.853 | 137.655 |
f) Payables to management executives and administration members 311.716 97.646
e) Transactions and fees of management executives and administration members 663.545 609.151
3. The number of employed personnel at the end of the current period was for the Group 438 people (30.06.2015: 391) and for the Company 325 people (30.06.2015: 274). 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 period.
5. Other comprehensive income net of taxes pertain to: a) valuation of available-for-sale financial assets amounting € -1.705,08 thousand (Group and Company), b) tranfer to results of exchange differences reserves amounting € -54,44 thousand (Group and Company), c) currency translation differences amounting € -121,60 thousand (Group) and € -122,48 thousand (Company), (notes 3a & 3b).
| 6. The Basic Accounting Principles applied on the financial statements as of 30.06.2016 are the same with those applied on the financial statements as of 31.12.2015. | ||
|---|---|---|
| -- | -- | ----------------------------------------------------------------------------------------------------------------------------------------------------------------------- |
| THE GROUP | THE COMPANY | Net cash generated from operating activities (a) | -13.442.228 | -10.953.174 | -12.709.353 | -6.992.297 | |||
|---|---|---|---|---|---|---|---|---|---|
| 01.01.-30.06.2016 01.01.-30.06.2015 01.01.-30.06.2016 01.01.-30.06.2015 | |||||||||
| Sales | 95.578.035 | 68.129.289 | 85.681.193 | 60.271.623 | Cash Flows from Investing activities | ||||
| Gross Profit | 12.526.525 | 10.182.145 | 9.680.598 | 8.836.636 | Acquisition of subsidiaries, associates & other investments | -126.000 | -12.000 | -7.200 | -1.700.611 |
| Profit/losses before taxes, financing and investing results | 6.138.507 | 5.182.888 | 4.936.973 | 4.348.247 | Disposal of subsidiaries, associates & other investments | -- | 216.000 | -- | 216.000 |
| Losses/profit before taxes | 1.734.563 | 1.098.445 | 1.507.164 | 1.025.529 | Purchase of available-for-sale financial assets | -54.612 | -- | -54.612 | -- |
| Losses/profit net of taxes (A) | 143.898 | 82.496 | 307.552 | 213.285 | Purchase of tangible, intangible fixed assets & investment property | -5.840.149 | -4.726.108 | -514.752 | -226.418 |
| Attributable to: | Proceeds from disposal of tangible, intangible fixed assets | ||||||||
| Owners of the Parent | 39.158 | -131.285 | 307.552 | 213.285 | & investment property | 303.723 | 84.566 | 251.133 | 54.672 |
| Non-controlling interests | 104.740 | 213.781 | -- | -- | Interest received | 158.824 | 99.151 | 153.293 | 94.353 |
| Other comprehensive income net of taxes (B) | -1.881.127 | 409.476 | -1.882.002 | 403.558 | Dividends received | 365 | -- | 365 | -- |
| Total comprehensive income net of taxes (C)=(A)+(B) | -1.737.229 | 491.972 | -1.574.450 | 616.843 | Net cash used in investing activities (b) | -5.557.849 | -4.338.391 | -171.773 | -1.562.004 |
| Attributable to: | |||||||||
| Owners of the Parent | -1.842.212 | 280.410 | -1.574.450 | 616.843 | Cash Flows from Financing activities | ||||
| Non-controlling interests | 104.983 | 211.562 | -- | -- | Share of minority shareholders in the foundation of subsidiaries | 24.000 | 12.000 | -- | -- |
| Basic profit/losses net of taxes per share (in Euro) | 0,0017 | -0,0057 | 0,0133 | 0,0092 | Expenses of subsidiaries' share capital increase | -16.200 | -- | -- | -- |
| Profit/losses before taxes, financing, investing | Proceeds on issued/raised bank borrowings | 41.262.670 | 13.950.520 | 39.546.206 | 11.655.396 | ||||
| results and total depreciation | 8.153.935 | 6.998.685 | 6.084.895 | 5.359.540 | Repayment of borrowings | -36.863.148 | -7.812.229 | -35.483.541 | -3.859.553 |
10. The current period's consolidation include, through the subsidiary INTRADEVELOPMENT S.A., according to the full consolidation method the newly founded companies ALPHA ANAPTIXIAKI CYCLADES with a participation percentage of 100%, DEVENETCO L.T.D. domiciled in Cyprus and a partcipation percentage of 100% and B.L. BLUEPRO HOLDINGS L.T.D. with a participation percentage of 100%, domiciled in Cyprus. The impact on the financial figures of the Group was insignificant (note 5.5).
Peania, September 19th 2016
| 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 period from January 1st 2016 to June 30th 2016 |
| According to the Decision 4/507/28.04.2009 of the Board of Directors of the Stock Exchange Committee |
| THE CHAIRMAN OF THE B.o.D. | THE MANAGING DIRECTOR | THE FINANCIAL DIRECTOR | THE CHIEF ACCOUNTANT |
|---|---|---|---|
| D. X. KLONIS | P. K. SOURETIS | S. K. KARAMAGIOLIS | H. Α. SALATA |
| ID No. / ΑΚ 121708 | ID No. / AB 348882 | ID No. / AI 059874 | Licence No A/30440 |
| Economic Chamber of Greece | |||
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 (d.t. INTRAKAT) 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.
ADDITIONAL DATA AND INFORMATION
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