Interim / Quarterly Report • Sep 24, 2015
Interim / Quarterly Report
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REG No. 7650/06/B/86/04 Cyprou 9 & Hydras Street, Moschato Attikis
INTERIM FINANCIAL RESULTS For the period from 1 July 2008 to 31 December 2008 (According to the article 5 of the Law 3556/2007)
Page
| I. | Statements of the members of the Board of Directors (according to the article 5, par. 2 of the Law 3556/2007) 4 |
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|---|---|---|---|
| II. | Report on Review of Interim Financial Information Independent Auditor's Report 5 | ||
| III. | Board of Directors' Half-Yearly Report 6 | ||
| IV. | Interim Parent and Consolidated Financial Statements for the financial period 01/07/2008- 31/12/2008 16 |
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| A. | INTERIM PROFIT AND LOSS ACCOUNT-GROUP 16 | ||
| B. | INTERIM PROFIT AND LOSS ACCOUNT-COMPANY 17 | ||
| C. | INTERIM BALANCE SHEET 18 | ||
| D. | STATEMENT OF CHANGES IN EQUITY - GROUP 19 | ||
| E. | STATEMENT OF CHANGES IN EQUITY - COMPANY 20 | ||
| F. | INTERIM CASH FLOW STATEMENT 21 | ||
| G. | SELECTED EXPLANATORY NOTES TO THE INTERIM PARENT AND CONSOLIDATED | ||
| FINANCIAL STATEMENTS AS AT 31 DECEMBER 2008 22 | |||
| 1. | Information of the Group 22 | ||
| 2. | Accounting Principles Summary 22 | ||
| 2.1 | New standards, amendments to published standards and interpretations 23 | ||
| 2.2 | Structure of the Group and consolidation method 25 | ||
| 3. | Notes to the Financial Statements 27 | ||
| 3.1. | Segment Reporting 27 | ||
| 3.2. | Allocation of Assets and Liabilities per business segment as at 31 December 2008 and 30 June | ||
| 2008 3.3. |
27 Information on sales per geographical area as at 31 December 2008 and 2007 28 |
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| 3.4. | Analysis of assets per geographical area as at 31 of December 2008 and 30 June 2008 28 | ||
| 3.5. | Other operating income and expenses 29 | ||
| 3.6. | Income tax 29 | ||
| 3.7. | Earnings per share 30 | ||
| 3.8. | Property plant and equipment 31 | ||
| 3.9. | Investment property (leased properties) 36 | ||
| 3.10. | Investments in subsidiaries 37 | ||
| 3.11. | Trade debtors and other trading receivables 37 | ||
| 3.12. | Cash and cash equivalents 38 | ||
| 3.13. | Equity 39 | ||
| 3.14. | Loan liabilities 40 | ||
| 3.15. | Long term loans 40 | ||
| 3.16. | Financial leases 41 | ||
| 3.17. | Short-term loan liabilities / long term liabilities payable in the subsequent year 41 | ||
| 3.18. | Deferred tax liabilities 42 | ||
| 3.19. | Trade and other payables 43 | ||
| 3.20. | Current tax liabilities 43 | ||
| 3.21. | Other short term liabilities 43 | ||
| 3.22. | Cash flows from operating activities 44 | ||
| 3.23. | Contingent assets - liabilities 44 | ||
| 4. | Transactions with related parties 45 | ||
| 5. | Fees to members of the BoD 46 | |
|---|---|---|
| 6. | Lawsuits and legal litigations 47 | |
| 7. | Number of employees 47 | |
| 8. | Important events of the period 01/07/2008-31/12/2008 47 | |
| 9. | Events subsequent to the balance sheet date 48 | |
| H. | FIGURES AND INFORMATION FOR THE PERIOD 1 JULY 2008 TO 31 DECEMBER 2008 49 | |
We the members of the Board of Directors of "Jumbo SA"
under the above-mentioned membership, specifically assigned from the Board of Directors of "JUMBO SA " (henceforth called for reasons of brevity as "the Company") we declare and certify with the present, that as far as we know:
Moschato, 24 February 2009 The asserting
| Evangelos–Apostolos Vakakis | Ioannis Oikonomou | Kalliopi Vernadaki | |
|---|---|---|---|
| President of the Board of Directors and Managing Director |
Vice-President of the BoD |
Executive Member of the BoD |
We have reviewed the accompanying balance sheet of JUMBO S.A (the Company) as well as the accompanying consolidated balance sheet of the Company and its subsidiaries (the Group) as of December 31, 2008 and the related statements of income, changes in equity and cash flows, for the six-month period then ended and the selected explanatory notes, that comprise the interim financial information, which constitutes an integral part of the six month financial report in compliance with Αrticle 5 of the law 3556/2007.The Company's Management is responsible for the preparation and presentation of this interim financial information in accordance with the International Financial Reporting Standards as they have been adopted by the European Union and applied for interim financial information (IAS 34). Our responsibility is to express a conclusion on this 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" to which the Greek Auditing Standards indict. 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 Greek Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with IAS 34.
Apart from the aforementioned interim financial information, we also reviewed the remaining components included in the six-month financial report as required by article 5 of L.3556/2007 as well as the information required by the relevant Decisions of the Capital Markets Committee as setout in the Law. Based on our review we concluded that the financial report includes the data and the information that are required by the Law and the Decisions referred to above and is consistent with the accompanying financial information.
Athens, 24 February 2009
The Chartered Accountant The Chartered Accountant
Georgios Deligiannis Panagiotis Christopoulos SOEL N. 15791 SOEL N. 28481
Vasileos Konstantinou 44, 116 35 Athens SOEL N.127
Dear Shareholders,
The present half-yearly report of the Board of Directors concerns the period of the first half of the current financial year 2008/2009 (01/07/2008-31/12/2008). The Report has been prepared according to the order of the Law 3556/2007 (Greek Government Gazette 91A/30.04.2007) and the resolution 7/448/11.10.2007 of the Board of the Hellenic Capital Committee.
The present report summarizes financial information of Jumbo SA and the Group of Jumbo companies for the first semester of the current financial year, important events, which took place and their effect in the financial statements of this period. It is also presents the main risks and uncertainties the Company and the Group may face at the second semester of the financial year and finally the important transactions that were made between the related parties of the Group.
Within the frame of the programmed expansion of the sales network during the closing period of (01.07.2008-31.12.2008) the following hyperstores started operating:
At the end of the first half of the current financial year 2008/2009, the Group's network had 44 stores. From the operating stores run by the parent company 19 are situated in Attica and 22 in the Greek province, 17 out of them are owned by the Group as well as the 2 operating in Cyprus and the one in Bulgaria.
Apart from the above operating stores, the Group has at its disposal in the geographical region of Greece 4 owned modern warehouses (one in Avlona Attica and three in Oinofita Viotia of total surface approximately 158.400sqm in plots of approximately 298.000sqm) and three rented warehouses with total surface of 11.184 sqm.
The results for the period ended on 31.12.2008 present the success of the strategic planning and the positive course of the Group and the Company.
Turnover: The Group's Turnover reached € 276,00 mil presenting an increase of 15,72% as compared to the respective period of the previous financial year with a turnover of 238,51 mil Euro. The Company's turnover amounted to 262,42 mil Euro presenting an increase of 15,51% as compared to the respective period of the previous fiscal year with a turnover of 227,18 mil Euro.
The Group continues to maintain its high growth rate despite the difficult macroeconomic environment and the events that took place in Greece in December. Important for that performance was the contribution of the stores in Greece which kept their dynamics as the Company's strategic choice is to maintain competitive product prices and to continue to enrich the variety of commercial items.
The performance of the hyper-store in Bulgaria was exceptional as it appears that at its first year of operation managed to attract the interest of the consumers despite the fact that the company continues having no advertising campaign at the neighbour country.
Gross profit: The Group's gross profit margin reached 51,68% at the period 01.07.2008-31.12.2008 compared to 51,49% at the respective period of the previous fiscal year.
Respectively, for the Company the gross profit margin for the period 01.07.2008-31.12.2008 reached 48,60% compared to 48.59% at the respective period of the previous fiscal year.
Earnings before interest, tax, investment results and depreciation (EBITDA): Earnings before interest, tax, investment results and depreciation (EBITDA) of the Group reached € 78,74mil from € 72,43m at the respective period of the previous fiscal year and the EBITDA margin to 28,52% from 30,37% at the respective period of the previous fiscal year. Earnings before interest, tax, investment results and depreciation (EBITDA) for the Company, reached € 68,74mil as compared to € 63,63 mil at the respective period of the previous fiscal year and the EBITDA margin to 26,19% from 28,01% at the respective period of the previous fiscal year.
The development of the financial indicator is attributed to the increase of the expenses due to the continuous development of the company through the expansion of its network and due to the increased need for advertisement.
Net Profits after tax: As a consequence of the above and taking into account the effect from the reduction of tax rate in the deferred taxation according to the IFRS 12, the net Consolidated Profits after tax reached € 55,40 m from € 48,17 m at the respective period of the previous financial year, i.e. an increase by 15,03%.
Net Profits after tax for the Company reached 46,82 mil Euro as from 40,64 mil Euro at the respective period of the previous financial year, increased by 15,21%.
Net cash flows from operating activities of the group: The net cash flows from operating activities of the group amounted to 75,66 mil Euro from 80,50 mil Euro. With capital expenses of € 29,99 mil at the period ended on 31.12.2008 and € 34,04 mil at the respective period of the previous financial year, the cash and cash equivalent amounted to € 70,47 mil at the period ended on 31.12.2008 from € 97,68 mil at the respective period of the previous financial year.
The net cash flows from operating activities of the Company amounted to 66,45 mil Euro from 70,75 mil Euro. With capital expenses of € 24,52 mil at the period ended on 31.12.2008 and € 32,82 mil at the respective period of the previous financial year, the cash and cash equivalent amounted to € 46,43 mil at the period ended on 31.12.2008 from € 76,86 mil at the respective period of the previous financial year.
Earnings per share: The Group's earnings per share for the period ended on 31.12.2008 reached € 0,4570 as compared to € 0,3973 of the respective period of the previous financial year, i.e. increased by 15,03% due to the increased profitability and the Earnings per share of the parent company reached € 0,3862, increased by 15,21% as compared to the respective period of the previous financial year of € 0,3352.
Diluted Earnings per share for the Group reached € 0,4342 compared to € 0,3711 of the respective period of the previous financial year, increased by 17% and the diluted earnings per share of the Company reached € 0,3683 increased by 17,59% as compared to the respective period of the previous financial year of € 0,3132. Diluted earnings per share are presented for information purposes and pertains the convertible bond loan which was issued at 08/09/2006. Moreover, earnings per share and diluted earnings per share have been calculated with the total number of shares as resulted from the last share capital increase for both compared periods.
Tangible Fixed Assets: As at 31.12.2008 the carrying amount of the Group's Tangible Fixed Assets amounted to € 274,61 mil and represented 46,99% of the Group's Total Assets as compared to the
carrying amount as at 30.06.2008 which was € 246,15 mil and represented the 46,90% of the Group's Total Assets.
As at 31.12.2008 the carrying amount of the Company's Tangible Fixed Assets amounted to € 218,38 mil and represented 41,24% of the Company's Total Assets as compared to the carrying amount as at 30.06.2008 which amounted to € 202,31 mil and represented the 42,25% of the Total Assets.
Inventories: Inventories of the Group amounted on 31.12.2008 at 169,77 mil Euro compared to 165,64 mil Euro on 30.06.2008 and represent a significant proportion of Total Consolidated Assets which is set on 31.12.2008 at 29,05% compared to 31,56% on 30.06.2008. Inventories of the Company amounted, respectively, in 157,76 mil Euro compared to 155,92 mil Euro and represent a proportion of Total Consolidated Assets which is set at 29,79% compared to 32,56%.
The decrease of the inventories as a percentage of the total assets is attributed to the better maintenance of the inventrory for the cover of the company's needs.
Long term bank liabilities: At the same period, long term bank liabilities of the Group (Bond Loans, Bank loans and Financial lease obligations) amounted to 98,47 mil Euro ( 92,91 mil Euro for the Company) i.e. 16,85% of total liabilities (17,55% for the Company) compared to 76,17 mil Euro for the Group and € 70,65 mil for the Company on 30.06.2008.
The change is attributed to the fact that the Company proceeded with the issuance of part of the bonds of the Series A of the Common Bond Loan (non convertible), amount of 20m Euro from the total 65m Euro of the Series A. The issuance of the Common Bond Loan was approved by the 1st Repeated Extraordinary Meeting of the shareholders on May 16th 2007 up to the amount of 145mil. Euro. The management has secured enough capital for the company's development needs in very favorable terms.
Equity: Consolidated equity amounted at the current period to 315,45mil Euro compared to 284,63 mil Euro on 30.06.2008 and represent 53,95% of the Group's Total Liabilities. Equity for the Company amounts to 270,70 mil Euro compared to 248,26 mil Euro on 30.06.2008 representing 51,12% of the Company's Total Liabilities. The increase of Equity is mainly attributed to the Group's and the Company's profitability.
Net borrowing ratio: Net borrowing (loans minus cash and cash equivalents) of the Group decreased to 71,26 mil Euro on 31.12.2008 from 88,23mil Euro on 30.06.2008, consequently the net borrowing ratio decreased from 0,31 on 30.06.2008 to 0,23 on 31.12.2008. Net borrowing to EBITDA was increased from to 0,70 on 30.06.2008 to 0,90 on 31.12.2008.
Net borrowing of the Company decreased to 89,17mil Euro on 31.12.2008 as compared to 103,00 mil Euro on 30.06.2008, consequently the net borrowing ratio decreased from 0,41 on 30.06.2008 to 0,33 on 31.12.2008. Net borrowings to EBITDA increased from 0,92 on 30.06.2008 to 1,30 on 31.12.2008.
Group monitors its performance through the analysis of its two basic activity sectors, which mainly concern the retail and wholesale business.
Retail business consists of the sales that are realised through the Group's store network. This sector counted for the current period 01.07.2008-31.12.2008 the 98,78% of the Group's turnover while contributed and the 98,78% of the EBITDA. For the respective period of the previous financial year this sector counted the 98,40% of the turnover while contributed to the 98,40% of the EBITDA.
Wholesale sector counted for the current period 01.07.2008-31.12.2008 the 1,22% of the Group's turnover while contributed to the 1,22% of the EBITDA. For the respective period of the previous financial year this sector counted the 1,6% of the turnover while contributed to the 1,6% of the EBITDA.
The Group's policy is to monitor its results and performance on a monthly basis thus tracking on time and effectively the deviations from its goals and undertaking necessary corrective actions. Jumbo SA. evaluates its financial performance using the following generally accepted Key Performance Indicators :
ROCE (Return on Capital Employed): this ratio divides the net earnings after taxes with the total Capital Employed which is the total of the average of the Equity and the average of the total borrowings.
ROE (Return on Equity): this ratio divides the Earning After Tax (EAT) with the average Equity.
The indicators are decreased concerning the corresponding period of the previous financial year for the Group and for Company mainly due to the increase of long-term loans at the current period.
Despite the opening of the hyper- stores at the first half of the current financial year 2008/2009, the company's management being constantly in the quest of opportunities for the purchase or lease of properties in strategic areas of Attica, the province and of Bulgaria with the aim of creating new Metropolitan facilities of exploitation, proceeded:
The company, apart from the sales points, and giving particular attention to the organisation and operation of a suitable infrastructure with the creation of modern storage areas, so as to secure the best coordination, control and supervision of provisions, supplies and distribution of the products to the company's stores,
9 Proceeded with the expansion of its warehouses by 37ths sqm approximately.
Net investments for the purchase of fixed assets by the company for the closing period amounted to € 20.201 thousand for the Company and € 30.955 thousand for the Group. It is noted that, there is an advance payment of € 4.303 thousand which concerns the purchase of land in Bulgaria by JUMBO EC. B. This purchase will be completed within the current fiscal year 2008/2009.
Parent: On 02.07.2008 the Company proceeded with the issuance of part of the bonds of the Series A of the Common Bond Loan (non convertible), amount of € 20m from the total € 65m of the Series A. The issuance of the Common Bond Loan was approved by the 1st Repeated Extraordinary Meeting of the shareholders on May 16th 2007 up to the amount of € 145mil. The nominal amount of the bond shall be repaid in full by the Issuer on May 24th 2014.
The company during the current period signed two financial lease contracts for the lease of four (4) professional vehicles of total value € 692.690. The duration of the lease is fix (6) years.
Subsidiaries: In November 2008 the subsidiary company JUMBO EC. B LTD increased its Share Capital by € 5m which was covered to the rate of 100% by the parent company JUMBO S.A. The share capital of the JUMBO EC. B LTD comes up to € 31,9 millions. The cause of the above share capital increase is further expansion of the Group in Bulgaria investing in land.
The Annual General Meeting of the company's shareholders at 03.12.2008 decided the increase of the existing fully paid-up share capital by the amount of € 84.864.301,20, through capitalization of reserves. The increase was concluded with the issuance of 60.617.358 new bonus shares, of nominal value
€ 1.40 each which were distributed in a proportion of one (1) new share for every one (1) old according to the regulation. Following the above share capital increase, the fully paid-up capital of the company rose to €169.728.602,40, consisting of 121.234.716 common shares of nominal value € 1.40 each. (Greek Government Gazette number 13605 11 December 2008).
Regarding the distribution of dividend, the Annual General Meeting of the company's shareholders which was held on 03.12.2008, approved the distribution of a dividend for the financial year from 1.7.2007 to 30.6.2008 of total amount € 24.246.943,20, ie. € 0,40 per share form € 0,32 of the financial year 2006/2007. Entitled to the dividend are those who held shares in our company at the close of the Athens Exchange session of Tuesday, 16.12.2008. As of the next day, i.e. as of Wednesday, 17.12.2008, the company's shares were negotiable without the right of the dividend. The dividend payment through the bank started on 29.12.2008.
At the First Repeated General Meeting of the company's shareholders which was held on 17.12.2008, approved the amendment of the Company's Articles of Association, addition of the articles 33a,34,35,36,38 and 39 amendment of the articles 5 par B', 6,7,9,11,13,14,15,21,22,23,24,27,32 and 33 in order to adjust them to the provisions of the Law 3604/2007, which has reformed the Law 2190/1920 and forming the Articles of Association into a single text.
On 20.01.2009 the Company proceeded with the issuance of the rest of the bonds of the Series A of the Common Bond Loan (non convertible), amount of € 45m from the total € 65m.
On 16.02.09 the Company proceeded with the repayment of the second instalment of the syndicated loan amounting to € 40mil, the agreement of which was signed on 13/02/2004 and had a maturity of 60 months. The company, in order to proceed with the loan repayment, drew an equal amount of € 40mil with the issuance of Series C bonds of the Common Bond Loan (non convertible). The nominal amount of the bond shall be repaid in full by the Issuer on May 24th 2014.
The basic purpose of the company continues to be the preservation and the further strengthening of established brand name of "JUMBO", the constant enforcement and amplification of its leading position in the retail sale of games, gift articles, bookseller's and stationer's etc relevant and similar types.
Imminent Company's priority and its stable philosophy, as in previous years, continues to be and for the second half of the current financial year the expansion and improvement of sales network.
For the second half of the current financial year 2008/2009 the Group will proceed with the opening of one new store at Aspropirgos (Attica area) of total surface 9ths sqm approximately. Moreover according to the company's plans for the networks restructure, aiming to the development of modern, competitive and more efficient facilities, the company proceed in January with the closing of the store in Cholargos.
The enrichment of variety of its trading products, based on the developments and the tendencies of demand in the relevant market, the best service of its customers, the exceptionally competitive prices of its products, will continue and in the second half of the current financial year. Furthermore, the company will continue the expansion of its warehouses. From 31.12.2008 other 3ths sqm approximately of warehouse have been build.
Furthermore, strategic aim of the management of the Jumbo Group is to establish its share as a stable defensive stock and for this reason a great emphasis will be given to the increase of revenue and income, always bearing in mind the next risks and uncertainties.
The Group is exposed to various financial risks such as market risk (variation in foreign exchange rates, interest rates, market prices etc.), credit risk and liquidity risk. The Group's risk management policy aims at limiting the negative impact on the company's financial results which results from the inability to predict financial markets and the variation in cost and revenue variables.
The risk management policy is executed by the Management of the Group which evaluates the risks related to the Group's activities, plans the methodology and selects suitable derivative products for risk reduction.
The Group's financial instruments include mainly bank deposits, banks overdrafts, trade debtors and creditors, dividends paid and leasing liabilities.
The Group operates internationally and therefore it is exposed to foreign exchange risk, which arises mainly from the U.S. Dollar. This risk mostly derives from transactions, payables in foreign currency. The company deals with this risk with the strategy of early stocking that it can purchase inventories at more favorable prices while is given the opportunity to review the pricing policy through its main operation activity which is retail sales.
The risk of interest rate change derives mainly from the long-term borrowings. The Group in order to fulfill its investment plan has already proceeded to the issuance of a Common Bond Loan (24/05/07) up to the amount of € 145mil on more favourable terms than the ones of the market today.
Other assets and other liabilites are in fix rate while operating revenues are substantially independent of the changes to the prices of the interest rates.
The main part of the Group's sales concerned retail sales (for which cash was collected), while wholesale sales were mostly made to client with a reliable credit record. In respect of trade and other receivables the Group is not exposed to any significant credit risk exposure. To minimize this credit risk as regards money market instruments, the Group only deals with well-established financial institutions of high credit standing.
The Group manages its liquidity by carefully monitoring scheduled debt servicing payments for long – term financial liabilities as well as cash – outflows due in day - to - day business. The Group ensures that sufficient available credit facilitations exist, so that it is capable of covering the short-term enterprising needs, after calculating the cash inputs resulting from its operation as well as its cash in hand and cash equivalent. The capital for the long-term needs of liquidity is ensured in addition by a sufficient sum of lending capital.
Demand of products and services as well as company's sales and final economic results are effected by external factors as political instability, economic uncertainty and decline.
Moreover, factors such as taxes, economic and political changes that can affect Greece as a country is possible to have a negative effect on company΄s going concern, its financial position and results.
In order to deal with the above risks the Company accelerates its expansion in Greece and in new markets, emphasising in the Bulgarian market, constantly re-engineer its products, emphases in cost constrain and create sufficient stock early enough in favourable prices.
The recession that affects the economies globally, creates the danger of bankruptcy of some suppliers of the company. In this case this company faces the danger of loss of advance payments that has been given for the purchase of products.
The company in order to be protected from the above danger has contracted collaboration with important number of suppliers where no one represents an important percentage on the total amount of the advance payments.
Due to the specified nature of company΄s products , its sales present high level of seasonality. In particular during Christmas the company succeeds 28% approximately of its annual turnover, while sales fluctuations are observed during months such as April (Easter – 10% of annual turnover) and September (beginning of school period- 10% of annual turnover). Sales seasonality demands rationality in working
capital management specifically during peak seasons. It is probable that company΄s inadequacy to deal effectively with seasonal needs for working capital during peak seasons may burden financial expenses and effect negatively its results and its financial position.
Company΄s inadequacy to deal effectively with increased demand during these specific periods will probably effect negatively its annual results. Moreover, problems can come up due to external factors such as bad weather conditions, strikes or defective and dangerous products.
The company imports its products directly from aboard as exclusive dealer for toy companies which do not maintain agencies in Greece. Moreover, the company acquires its products from 163 suppliers which operate within the Greek market.
However, the company faces the risk of losing revenues and profits in case its cooperation with some of its suppliers terminates. Nevertheless, it is estimated that the risk of not renewing the cooperation with its suppliers is inconsiderable due to the leading position of JUMBO in the Greek market. The potential of such a perspective would have a small effect to the company's size since none of the suppliers represents more than 6% of the company's total sales.
The company is established as market leader within the retail sale of toys and infant supplies market. Company's basic competitors are of lower size in number of sale points as well as in terms of turnover figures. The current status of the market could change in the future either due to the entrance of foreign companies in the Greek market or due to potential strategic changes and retail store expanding of present competitors.
80% of company's products originate from China. Facts that could lead to cessation of chinese imports (such as embargo for Chinese imports or increased import taxes for Chinese imports or politicaleconomic crises and personnel strikes in China) could interrupt the provision of the company's selling points. Such potentiality would have a negative effect to company's operations and its financial position.
Threat or event of war or a terrorist attack are factors that cannot be foreseen and controled by the company. Such events can effect the economic, political and social environment of the country and the company in general.
In the Group except "JUMBO S.A." the following related companies are included:
1. The subsidiary company «Jumbo Trading Ltd», based in Cyprus, in which the Parent company holds the 100% of the shares and of the voting rights. The subsidiary company JUMBO TRADING LTD participates at the rate of 100% in the share capital of the company ASPETTO LTD and ASPETTO LTD participates at the rate of 100% in the share capital of the company WESTLOOK SRL.
2. The subsidiary company in Bulgaria «JUMBO EC.B.» based in Sofia, Bulgaria, in which the Parent company holds the 100% of the shares and of the voting rights.
3. The subsidiary company in Romania «JUMBO EC.R.» based in Bucharest of Romania in which the Parent company holds the 100% of the shares and of the voting rights.
The following transactions were carried out with the affiliated undertakings:
| 31/12/2008 | 31/12/2007 | |
|---|---|---|
| Sales of JUMBO SA to JUMBO TRADING LTD | 11.954.972 | 9.637.852 |
| Sales of JUMBO SA to JUMBO EC.B | 3.946.839 | 2.347.206 |
| Sales of tangible assets JUMBO SA to JUMBO EC.B | 139 | 23.814 |
| Sales of services JUMBO SA to JUMBO EC.B | 45.694 | 26.551 |
| Sales of services JUMBO SA to JUMBO TRADING LTD | 114 | |
| Purchases of JUMBO SA from JUMBO EC.B | 264.167 | 2.824 |
| Purchases of JUMBO SA from JUMBO TRADING LTD | 564.898 | 323.362 |
| 16.776.823 | 12.361.608 |
| companies | ||
|---|---|---|
| 31/12/2008 | 30/06/2008 | |
| Amounts owed to JUMBO SA from JUMBO TRADING LTD | 1.947.024 | 739.630 |
| Amounts owed by JUMBO SA to JUMBO TRADING LTD | 525.178 | 100.747 |
| 2.472.201 | 840.377 | |
| Amounts owed to JUMBO SA from JUMBO EC.B.LTD | 3.949.365 | 3.199.156 |
| Amounts owed by JUMBO SA to JUMBO EC.B LTD | 41.716 | 213.078 |
| 3.991.081 | 3.412.234 | |
| Amounts owed to JUMBO SA from JUMBO EC.R.S.R.L | 12.166 | 7.166 |
| Amounts owed by JUMBO SA to JUMBO EC.R.S.R.L. | - | - |
| 12.166 | 7.166 |
The transactions with Directors and Board Members are presented below:
| THE GROUP | THE COMPANY | |
|---|---|---|
| 31/12/2008 | 31/12/2008 | |
| Short term employee benefits: | ||
| Wages and salaries | 418.147 | 189.405 |
| Insurance service cost | 24.685 | 10.602 |
| Bonus | 76.485 | 69.375 |
| Other fees and transactions to the members of the BoD | 764.097 | 764.097 |
| 1.283.413 | 1.033.478 | |
| Pension Benefits: | 31/12/2008 | 31/12/2008 |
| Defined benefits scheme | - | - |
| Defined contribution scheme | - | - |
| Other Benefits scheme | 11.601 | 11.601 |
| Payments through Equity | - | - |
| Total | 11.601 | 11.601 |
| THE GROUP | THE COMPANY | |
|---|---|---|
| 31/12/2007 | 31/12/2007 | |
| Short term employee benefits: | ||
| Wages and salaries | 362.657 | 147.591 |
| Insurance service cost | 19.754 | 8.400 |
| Bonus | 54.060 | 54.060 |
| Other fees and transactions to the members of the BoD | 390.347 | 390.347 |
| 826.818 | 600.398 | |
| Pension Benefits: | 31/12/2007 | 31/12/2007 |
| Defined benefits scheme | ||
| Defined contribution scheme | 8.130 | 8.130 |
| Other Benefits scheme | ||
| Payments through Equity Total |
8.130 | 8.130 |
No loans whatsoever have been granted to members of the B.O.D. or other executives of the Group (nor their families).
There were no changes of transactions between the Company and the related parties that could have significant consequences in the financing position and the performance of the Company for the first half of the current financial year 2008/2009.
Sales and purchase of merchandise concerns those products that parent company trades, like toys, infant products, stationery, home products and seasonal items. Additionally, the terms of the transactions with the above related parties are equal to the ones applicable for transactions on a purely trading basis (upon substantiation of terms).
The current half-yearly report of BoD for the period 01/07/2008 – 31/12/2008 has been published on the company's website www.jumbo.gr.
Moschato, 24 February 2009
With the authorization of the Board of Directors
Evangelos–Apostolos Vakakis
President of the Board of Directors and Managing Director
REG No. 7650/06/B/86/04 Cyprou 9 and Hydras Street, Moschato Attikis
It is confirmed that the attached Interim Financial Statements for the period 01.07.2008-31.12.2008, are the ones approved by the Board of Directors of JUMBO S.A. on February 24, 2009 and communicated to the public by being uploaded at the Company's website www.jumbo.gr where they will remain at the disposal of the investment public for a period of 5 years at least from the date of their editing and publishing. It is noted that summarized financial information published in the press is intended to give the reader a general view but it does not provide a complete picture of the financial position and the results of the Group and the Company in compliance with International Financial Reporting Standards. It is also noted that for simplification purposes summarized financial information published in the press includes accounts which have been condensed and reclassified.
Moschato, 24 February 2009
For the Jumbo SA The President of the Board of Directors and Managing Director
Evangelos – Apostolos Vakakis
(All amounts are expressed in euros except from shares)
| THE GROUP | |||||
|---|---|---|---|---|---|
| 01/07/2008- | 01/10/2008- | 01/07/2007- | 01/10/2007- | ||
| Notes | 31/12/2008 | 31/12/2008 | 31/12/2007 | 31/12/2007 | |
| Turnover Cost of sales |
276.006.810 (133.346.833) |
168.460.798 (78.494.843) |
238.510.778 (115.691.135) |
149.100.118 (69.416.774) |
|
| Gross profit | 142.659.977 | 89.965.955 | 122.819.643 | 79.683.344 | |
| Other income | 3.5 | 1.347.324 | 965.068 | 3.500.967 | 2.709.854 |
| Distribution costs | (59.188.661) | (33.047.159) | (48.711.149) | (27.955.715) | |
| Administrative expenses | (9.166.652) | (4.960.749) | (7.631.960) | (3.726.032) | |
| Other expenses | 3.5 | (2.382.676) | (1.716.718) | (2.247.911) | (1.812.934) |
| Profit before tax, interest and | |||||
| investment results | 73.269.313 | 51.206.397 | 67.729.591 | 48.898.517 | |
| Finance costs | (4.210.025) | (2.122.257) | (3.571.545) | (1.867.333) | |
| Finance income | 1.149.061 | 777.641 | 769.853 | 530.499 | |
| (3.060.964) | (1.344.616) | (2.801.692) | (1.336.834) | ||
| Profit before taxes | 70.208.349 | 49.861.781 | 64.927.899 | 47.561.683 | |
| Income tax | 3.6 | (14.804.343) | (10.104.816) | (16.762.631) | (12.644.822) |
| Profits after tax | 55.404.005 | 39.756.965 | 48.165.267 | 34.916.861 | |
| Attributable to: | |||||
| Shareholders of the parent | |||||
| company | 55.404.005 | 39.756.965 | 48.165.267 | 34.916.861 | |
| Minority interests | - | - | - | - | |
| Earnings per Share | |||||
| Basic earnings per share | |||||
| (€/share) | 3.7 | 0,4570 | 0,3279 | 0,3973 | 0,2880 |
| Diluted earnings per share | |||||
| (€/share) | 3.7 | 0,4342 | 0,3105 | 0,3711 | 0,2672 |
| Earnings before interest, tax, | |||||
| investment results and | |||||
| depreciation | 78.743.517 | 54.062.147 | 72.432.797 | 51.244.450 | |
| Earnings before interest, tax | |||||
| and investment results | 73.269.313 | 51.206.397 | 67.729.591 | 48.898.517 | |
| Profit before tax | 70.208.349 | 49.861.781 | 64.927.899 | 47.561.683 | |
| Profit after tax | 55.404.005 | 39.756.965 | 48.165.267 | 34.916.861 |
FOR THE PERIOD ENDED ON 31 DECEMBER 2008 AND 2007
(All amounts are expressed in euros except from shares)
| THE COMPANY | ||||||
|---|---|---|---|---|---|---|
| 01/07/2008- | 01/10/2008- | 01/07/2007- | 01/10/2007- | |||
| Notes | 31/12/2008 | 31/12/2008 | 31/12/2007 | 31/12/2007 | ||
| Turnover | 262.422.995 | 158.848.421 | 227.180.446 | 141.483.173 | ||
| Cost of sales | (134.880.699) | (79.044.848) | (116.798.909) | (70.309.420) | ||
| Gross profit | 127.542.296 | 79.803.573 | 110.381.537 | 71.173.753 | ||
| Other income | 3.5 | 1.271.864 | 916.227 | 3.483.085 | 2.703.395 | |
| Distribution costs | (55.358.664) | (30.512.228) | (46.030.139) | (25.927.584) | ||
| Administrative expenses | (7.566.109) | (4.044.037) | (6.280.080) | (2.992.139) | ||
| Other expenses | 3.5 | (1.970.279) | (1.339.625) | (2.247.911) | (1.812.934) | |
| Profit before tax, interest and | ||||||
| investment results | 63.919.109 | 44.823.909 | 59.306.492 | 43.144.491 | ||
| Finance costs | (3.994.186) | (2.010.705) | (3.337.161) | (1.678.917) | ||
| Finance income | 675.187 | 442.142 | 598.318 | 358.964 | ||
| (3.318.999) | (1.568.564) | (2.738.842) | (1.319.952) | |||
| Profit before taxes | 60.660.110 | 43.255.345 | 56.567.650 | 41.824.539 | ||
| 3.6 | (13.782.784) | (9.390.421) | (15.931.195) | (12.076.743) | ||
| Income tax | ||||||
| Profits after tax | 46.817.325 | 33.864.924 | 40.636.456 | 29.747.796 | ||
| Earnings per Share | ||||||
| Basic earnings per share | ||||||
| (€/share) | 3.7 | 0,3862 | 0,2793 | 0,3352 | 0,2454 | |
| Diluted earnings per share | ||||||
| (€/share) | 3.7 | 0,3683 | 0,2652 | 0,3132 | 0,2274 | |
| Earnings before interest, tax, investment results and |
||||||
| depreciation | 68.735.479 | 47.324.382 | 63.634.714 | 45.297.553 | ||
| Earnings before interest, tax | ||||||
| and investment results | 63.919.109 | 44.823.909 | 59.306.492 | 43.144.491 | ||
| Profit before tax | 60.600.110 | 43.255.345 | 56.567.650 | 41.824.539 | ||
| Profit after tax | 46.817.325 | 33.864.924 | 40.636.456 | 29.747.796 |
(All amounts are expressed in euros unless otherwise stated)
| THE GROUP | THE COMPANY | ||||
|---|---|---|---|---|---|
| Notes | 31/12/2008 | 30/6/2008 | 31/12/2008 | 30/6/2008 | |
| Assets | |||||
| Non current | |||||
| Property, plant and | |||||
| equipment | 3.8 | 266.051.008 | 237.394.669 | 209.822.244 | 193.557.803 |
| Investment property | 3.9 | 8.558.287 | 8.753.123 | 8.558.287 | 8.753.123 |
| Investments in subsidiaries | 3.10 | - | - | 42.979.798 | 37.979.874 |
| Other long term receivables | 3.020.845 | 2.891.087 | 3.016.163 | 2.891.087 | |
| 277.630.140 | 249.038.879 | 264.376.491 | 243.181.887 | ||
| Current Inventories |
169.768.763 | 165.642.910 | 157.756.817 | 155.917.480 | |
| Trade debtors and other | |||||
| trading receivables | 3.11 | 19.922.882 | 32.362.780 | 23.683.673 | 35.362.700 |
| Other receivables | 42.025.180 | 42.742.259 | 32.958.599 | 30.961.648 | |
| Other current assets | 4.571.749 | 4.551.243 | 4.296.990 | 4.480.633 | |
| Cash and cash equivalents | 3.12 | 70.468.704 | 30.477.648 | 46.429.450 | 8.945.605 |
| 306.757.278 | 275.776.840 | 265.125.529 | 235.668.066 | ||
| Total assets | 584.387.418 | 524.815.719 | 529.502.020 | 478.849.953 | |
| Equity and Liabilities | |||||
| Equity attributable to the | |||||
| shareholders of the parent | |||||
| entity Share capital |
3.13 3.13.1 |
169.728.602 | 84.864.301 | 169.728.602 | 84.864.301 |
| Share premium reserve | 3.13.1 | 7.547.078 | 7.678.828 | 7.547.078 | 7.678.828 |
| Translation reserve | (663.192) | (454.918) | - | - | |
| Other reserves | 3.13.2 | 27.455.890 | 66.290.317 | 27.455.890 | 66.290.317 |
| Retained earnings | 111.378.637 | 126.251.447 | 65.967.009 | 89.426.501 | |
| 315.447.014 | 284.629.976 | 270.698.579 | 248.259.948 | ||
| Minority interests | - | _ | - | - | |
| Total equity | 315.447.014 | 284.629.976 | 270.698.579 | 248.259.948 | |
| Long Term liabilities | |||||
| Liabilities for compensation to | |||||
| personnel due for retirement | 2.176.818 | 1.940.581 | 2.174.732 | 1.940.581 | |
| Long term loan liabilities | 3.14/3.15 | 98.474.496 | 76.167.471 | 92.906.368 | 70.653.403 |
| Other long term liabilities | 6.071 | 4.272 | 6.071 | 4.272 | |
| Deferred tax liabilities | 3.18 | 2.796.404 | 4.143.399 | 2.802.644 | 4.146.165 |
| Total non-current liabilities | 103.453.789 | 82.255.723 | 97.889.815 | 76.744.421 | |
| Current liabilities | |||||
| Provisions | 487.516 | 373.502 | 487.516 | 373.502 | |
| Trade and other payables | 3.19 | 47.764.672 | 65.949.581 | 48.113.274 | 65.758.886 |
| Current tax liabilities | 3.20 | 47.399.402 | 28.468.095 | 46.520.681 | 26.879.522 |
| Short-term loan liabilities | - | - | - | - | |
| Long term loan liabilities | |||||
| payable in the subsequent | |||||
| year | 3.17 | 43.247.782 | 42.538.714 | 42.691.974 | 41.300.004 |
| Other current liabilities | 3.21 | 26.587.242 | 20.600.129 | 23.100.180 | 19.533.670 |
| Total current liabilities | 165.486.614 | 157.930.021 | 160.913.625 | 153.845.584 | |
| Total liabilities Total equity and liabilities |
268.940.403 584.387.418 |
240.185.744 524.815.719 |
258.803.441 529.502.020 |
230.590.005 478.849.953 |
|
FOR THE PERIOD ENDED ON 31 DECEMBER 2008 AND 2007
(All amounts are expressed in euros unless otherwise stated)
| TH E G RO UP |
|||||||||
|---|---|---|---|---|---|---|---|---|---|
| Sh ita l are ca p |
Sh are ium p rem res erv e |
Tra nsl ati on res erv e |
Sta tut ory res erv e |
Ta fre x - e res erv es |
Ext rdi rao na ry res erv es |
Ot he r res erv es |
Re tai d ne rni ea ng s |
To tal Eq uit y |
|
| Re sta ted ba lan t 1 st J uly 20 08 ord ing to th e I FRS ce s a s a , a cc |
84 .86 4.3 01 |
7.6 78 .82 8 |
( 8) 454 .91 |
9.9 13. 166 |
1.7 97 .94 4 |
54 .55 5.6 22 |
23. 585 |
126 .25 1.4 47 |
284 .62 9.9 76 |
| Se t o f f o f d fer d t ite tra fer d d ire ct ly in ity e re ax on ms ns re eq u nsl ion d iffe f fo rei tio Tra at ren ce s o g n o p era ns ed Ne t in niz in uit co me re co g eq y |
( 74) 20 8.2 ( 74) 20 8.2 |
( 4) 208 .27 ( 4) 208 .27 |
|||||||
| Ne t p f it for th io d 01 / 07 / 20 0 8- 31 / 12/ 20 0 8 ro e p er To ta l re niz ed in fo r th eri od co g co me e p D iv ide nd s P b le ay a |
.40 4.0 05 55 55 .40 4.0 05 ( 24 .24 6.9 43 ) |
55 .40 4.0 05 55 .40 4.0 05 ( 3) 24. 246 .94 |
|||||||
| Sta tut ory re se rve S ha ita l inc ith ita l iza t ion f re re ca p rea se w ca p o se rve s |
84 .86 4.3 01 |
3.5 97 .72 4 |
( 84 .86 4.3 01 ) |
( 3.5 97 .72 4) |
- | ||||
| f re ta ine d e ing nd inc f re De cre as e o arn s a rea se o se rve s Ext rd ina rao ry res erv es f th ha ita l inc Exp en ses o e s re ca p rea se De fer d t l ia b il ity iste d d ire ct ly to ity re ax reg re eq u |
( 164 .68 9) 32 .93 7 |
42 .43 2.1 51 |
( 42 .43 2.1 51 ) |
( 51) 42. 43 2.1 42. 43 2.1 51 ( 9) 164 .68 32. 93 7 |
|||||
| ta l a d ju stm ts To en |
84 .86 4.3 01 |
( 131 .75 2) |
( 20 8.2 74) |
3.5 97 .72 4 |
0 | ( 42 .43 2.1 51 ) |
0 | ( 14. 872 .81 1) |
30. 81 7.0 38 |
| Ba lan st D be 8 at 31 r 2 00 ce as ec em |
169 .72 8.6 02 |
7.5 47. 07 8 |
( 92) 66 3.1 |
13. 510 .89 0 |
1.7 97 .94 4 |
12. 123 .47 1 |
23. 585 |
111 .37 8.6 37 |
315 .44 7.0 14 |
| ted ba ord Re sta lan t 1 st J uly 20 07 ing to th e I FRS ce s a s a , a cc |
84 .86 4.3 01 |
7.6 78 .82 8 |
( ) 19 7.7 97 |
7.0 78 .20 0 |
5.9 07 .18 3 |
24 .24 6.9 43 |
23 .58 5 |
92 .17 0.1 92 |
22 1.7 71 .43 5 |
| Se t o f f o f d fer d t ite tra fer d d ire ct ly in ity e re ax on ms ns re eq u nsl ion d iffe f fo rei tio Tra at ren ce s o g n o p era ns |
( 6 0.1 23 ) |
0 | 0 ( ) 60 .12 3 |
||||||
| t in niz ed in uit Ne co me re co g eq y f it for io Ne t p th d 01 / 07 / 20 07 -31 / 12/ 20 07 ro e p er l re niz ed in fo r th eri od To ta co g co me e p iv ide D nd s P b le ay a |
0 | 0 | ( 6 0.1 23 ) |
0 | 0 | 0 | 0 | 0 48 .1 65 26 7 48 .1 65 26 7 ( ) 19 3 97 .55 5 |
( ) 60 .12 3 48 .16 5.2 67 48 .16 5.2 67 ( ) 19 .39 7.5 55 |
| Sta tut ory re se rve f r inc f re ine ing De nd ta d e cre as e o ese rve s a rea se o arn s Ext rd ina rao ry res erv es |
2. 8 3 4. 9 6 6 |
( ) 4.1 0 9. 23 9 |
3 0. 3 0 8. 67 8 |
( 2. 8 3 4. 9 6 6 ) 4.1 0 9. 23 9 ( 3 0. 3 0 8. 67 8 ) |
0 0 0 |
||||
| ju To ta l a d stm ts en |
0 | 0 | ( ) 6 0.1 23 |
2. 8 3 4. 9 6 6 |
( ) 4.1 0 9. 23 9 |
3 0. 3 0 8. 67 8 |
0 | ( ) 26 6. 6 9 2 |
28 .70 7.5 89 |
| Ba lan at 31 st D be r 2 00 7 ce as ec em |
84 .86 4.3 01 |
7.6 78 .82 8 |
( ) 25 7.9 20 |
9.9 13 .16 6 |
1.7 97 .94 5 |
54 .55 5.6 21 |
23 .58 5 |
91 .90 3.5 00 |
250 .47 9.0 27 |
(All amounts are expressed in euros unless otherwise stated)
| TH E C OM PA |
NY | |||||||
|---|---|---|---|---|---|---|---|---|
| Sh ita l are ca p |
Sh are ium p rem res erv e |
Tra nsl ati on res erv e |
Sta tut ory res erv e |
Ta fre x - e res erv es |
Ext rdi rao na ry res erv es |
Ot he r re se rve s |
Re tai d e ing ne arn s |
|
| ord Ba lan t 1 st J uly 20 08 ing to th e I FRS ce s a s a , a cc |
84 .86 4.3 01 |
7.6 78 .82 8 |
9.9 13. 166 |
1.7 97 .94 4 |
54 .55 5.6 21 |
23. 585 |
89 .42 6.5 03 |
248 .25 9.9 48 |
| Se t o f f o f d fer d t ite tra fer d d ire ct ly in ity e re ax on ms ns re eq u Ne t in niz ed in uit co me re co g eq y |
||||||||
| Ne t p f it for th io d 01 / 07 / 20 0 8- 31 / 12/ 20 0 8 ro e p er |
46 .81 7.3 25 |
46. 81 7.3 25 |
||||||
| To ta l re niz ed in fo r th eri od co g co me e p |
46 .81 7.3 25 |
46. 81 7.3 25 |
||||||
| D iv ide nd s P b le ay a |
( 24 .24 6.9 43 ) |
( 3) 24. 246 .94 |
||||||
| Sta tut ory re se rve |
3.5 97 .72 4 |
( 3.5 97 .72 4) |
0 | |||||
| S ha ita l inc ith ita l iza t ion f re re ca p rea se w ca p o se rve s |
84 .86 1.3 01 |
( 01) 84 .86 4.3 |
||||||
| f re ine d e ing nd inc f re De ta cre as e o arn s a rea se o se rve s |
( 42 .43 2.1 51 ) |
( 51) 42. 43 2.1 |
||||||
| Ext rd ina rao ry res erv es |
42 .43 2.1 51 |
42. 43 2.1 51 |
||||||
| f th ha ita l inc Exp en ses o e s re ca p rea se |
( 164 .68 9) |
( 9) .68 164 |
||||||
| De fer d t l ia b il ity iste d d ire ct ly to ity re ax reg re eq u |
32 .93 7 |
32. 93 7 |
||||||
| l a d ju To ta stm ts en |
84 .86 4.3 01 |
( 131 .75 2) |
3.5 97 .72 4 |
0 | ( 42 .43 2.1 51 ) |
0 | ( 23 .45 9.4 92 ) |
22. 438 .63 2 |
| lan be Ba at 31 st D r 2 00 8 ce as ec em |
169 .72 8.6 02 |
7.5 47. 07 8 |
13. 510 .89 0 |
1.7 97 .94 4 |
12. 123 .47 1 |
23. 585 |
65 .96 7.0 09 |
270 .69 8.5 79 |
| lan uly ord ing th FRS Ba t 1 st J 20 07 to e I ce s a s a , a cc |
84 .86 4.3 01 |
7.6 78 .82 8 |
7.0 78 .20 0 |
5.9 07 .18 3 |
24 .24 6.9 43 |
23 .58 5 |
66 .88 2.0 44 |
19 6.6 81 .08 4 |
| Se t o f f o f d fer d t ite tra fer d d ire ct ly in ity e re ax on ms ns re eq u |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ne t p f it for th io d 01 / 07 / 20 07 -31 / 12/ 20 07 ro e p er |
40 6 3 6. 45 6 |
40 .63 6.4 56 |
||||||
| To ta l re niz ed in fo r th eri od co g co me e p |
40 6 3 6. 45 6 |
40 .63 6.4 56 |
||||||
| D iv ide nd s P b le ay a |
( 19 3 97 .55 5 ) |
( ) 19 .39 7.5 55 |
||||||
| S ha ita l inc re ca p rea se |
0 | 0 | ||||||
| Sta tut ory re se rve |
2. 8 3 4. 9 6 6 |
( 2. 8 3 4. 9 6 6 ) |
0 | |||||
| f r nd inc f re ta ine d e ing De cre as e o ese rve s a rea se o arn s |
( 4.1 0 9. 23 9 ) |
4.1 0 9. 23 9 |
0 | |||||
| Ext rd ina rao ry res erv es |
3 0. 3 0 8. 67 8 |
( 3 0. 3 0 8. 67 8 ) |
0 | |||||
| ta l a d ju stm ts To en |
0 | 0 | 2. 8 3 4. 9 6 6 |
( 4.1 0 9. 23 9 ) |
3 0. 3 0 8. 67 8 |
0 | ( 95 0 6 ) 7.7 .5 |
21 .23 8.9 01 |
| Ba lan 31 st D be r 2 at 00 7 ce as ec em |
84 .86 4.3 01 |
78 .82 8 7.6 |
9.9 13 .16 6 |
97 .94 1.7 5 |
21 54 .55 5.6 |
23 .58 5 |
59 .08 38 6.5 |
21 7.9 19 .98 5 |
FOR THE PERIOD ENDED ON 31 DECEMBER 2008 AND 2007
(All amounts are expressed in euros unless otherwise stated)
| THE GROUP | THE COMPANY | |||||
|---|---|---|---|---|---|---|
| Notes | 31/12/2008 | 31/12/2007 | 31/12/2008 | 31/12/2007 | ||
| Cash flows from operating activities |
||||||
| Interest paid | 3.22 | 83.531.727 | 88.565.913 | 73.351.108 | 77.383.310 | |
| Taxes paid | (576.908) | (545.281) | (540.862) | (310.897) | ||
| Income tax paid | (7.297.343) | (7.520.428) | (6.360.017) | (6.324.423) | ||
| Cash flows from operating activities |
75.657.477 | 80.500.204 | 66.450.230 | 70.747.990 | ||
| Cash flows from investing | ||||||
| activities Acquisition of non current assets Advance payments for |
(26.652.527) | (35.871.961) | (20.201.186) | (26.478.288) | ||
| purchase of assets | (4.302.636) | - | - | |||
| Sales of tangible assets Loans to subsidiaries |
7.901 - |
1.064.403 | 7.901 | 1.064.403 | ||
| Amounts owed by affiliated parties for share capital |
- | - | - | |||
| increase Accquisition of subsidiaries |
- - |
- - |
- (4.999.923) |
- (7.999.980) |
||
| Interest and related income receivable |
948.253 | 769.853 | 675.187 | 598.318 | ||
| Net cash flows from investing activities |
(29.999.009) | (34.037.705) | (24.518.021) | (32.815.547) | ||
| Cash flows from financing activities |
||||||
| Dividends paid to shareholders | (23.978.707) | - | (23.978.707) | - | ||
| Share capital increase expenses |
(164.689) | - | (164.689) | |||
| Loans received | 20.000.000 | - | 20.000.000 | - | ||
| Loans paid | (624.923) | (490.564) | - | (39.276) | ||
| Payments of capital of financial leasing |
(306.490) | (313.161) | (304.968) | (302.839) | ||
| Net cash flows from financing activities |
(5.074.806) | (803.725) | (4.448.364) | (342.115) | ||
| Increase/(decrease) in cash | ||||||
| and cash equivalents (net) Cash and cash equivalents in |
40.583.661 | 45.658.774 | 37.483.846 | 37.590.328 | ||
| the beginning of the period Exchange difference on cash |
29.885.207 | 52.078.722 | 8.945.605 | 39.265.843 | ||
| and cash equivalents | (166) | (60.267) | - | - | ||
| Cash and cash equivalents at the end of the period |
70.468.704 | 97.677.229 | 46.429.450 | 76.856.171 | ||
| Cash in hand | 2.693.053 | 1.204.767 | 2.645.169 | 1.019.247 | ||
| Carrying ammount of band deposits and bank overdrafts |
16.328.352 | 15.029.158 | 13.096.176 | 15.029.158 | ||
| Sight and time deposits | 51.447.299 | 81.443.304 | 30.688.105 | 60.807.766 | ||
| Cash and cash equivalents | 70.468.704 | 97.677.229 | 46.429.450 | 76.856.171 |
Group's Consolidated Financial Statements have been prepared in accordance with the International Financial Reporting Standards (IFRS) as those have been issued by the International Accounting Standards Board (IASB).
JUMBO is a trading company, established according to the laws in Greece. Reference made to the "COMPANY" or "JUMBO S.A." indicates, unless otherwise stated in the text, the Group "JUMBO" and its fully consolidated subsidiary companies.
The company's distinctive title is "JUMBO" and it has been registered in its articles of incorporation as well as by the department for trademarks of the Ministry of Development as a brand name for JUMBO products and services under number 127218 with protection period after extension until 5/6/2015.
The Company was incorporated in 1986 (Government Gazette 3234/26.11.1986) and its duration was set at thirty (30) years. According to the decision of the Extraordinary General Meeting of the shareholders dated 3/5/2006 which was approved by the decision of the Ministry of Development numbered K2- 6817/9.5.2006, the duration of the company was extended to seventy years (70) from the date of its registration in Register of Societes Anonyme.
Originally the company's registered office was at the Municipality of Glyfada, at 11 Angelou Metaxa street. According to the same decision (mentioned above) of the Extraordinary General Meeting of shareholders which was approved by the decision of the Ministry of Development numbered K2- 6817/9.5.2006 the registered office of the company was transferred to the Municipality of Moschato in Attica and specifically at 9 Kyprou street and Ydras, area code 183 46.
The company is registered in the Register of Societes Anonyme of the Ministry of Development, Department of Societes Anonyme and Credit, under No 7650/06/Β/86/04.
Activity of the company is governed by the law 2190/1920.
Interim Financial Statements of 31 December 2008 (01.07.2008-31.12.2008) have been approved by the Board of Directors on 24 February2009.
The enclosed interim financial statements of the Group and the Company (henceforth First Quarter Financial Statements) with date December 31 of 2008 , for the period of July 1st 2008 to December 31 2008 have been compiled according to the historical cost convention, the going concern principle and they comply with International Financial Reporting Standards (IFRS) as those have been issued by the International Accounting Standards Board (IASB), as well as their interpretations issued by the Standards Interpretation Committee (I.F.R.I.C.) of IASB. These interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting.
Interim summary financial statements do not contain all the information and notes required in annual financial statements of the Company and the Group of June 30th, 2008 and must be studied in addition to the financial statements of the Company and the Group of the 30th of June of 2008. available on the website www.jumbo.gr .
The accounting principles adopted for the preparation of these financial statements have been also applied to the financial statements of 2007-2008 and have been applied to all the periods presented. The presentation currency is Euro (the currency of the the Parent's Company country) and all amounts are presented in Euro unless otherwise stated.
Composition of financial statements according to International Financial Reporting Standards (IFRS) demands the use of accounting estimations and opinions from the Management during the application of accounting principles of the Group. Important acceptances for the application of the accounting methods
of the Company are marked wherever it is judged necessary. Estimations and opinions made by the Management are constantly syrveyed and are based on experiential facts and other factors, including anticipations for future facts, which are considered predictable under normal circumstances.
The International Accounting Standards Board and the Interpretations Committee have issued a series of new accounting standards and interpretations, which will be applied for the accounting periods beginning on or after January 1st, 2009. The Group's assessment regarding the effect of the aforementioned new standards and interpretations is as follows:
The standard was revised to require statement of changes in equity to include only transactions with shareholders. A new statement of comprehensive income is introduced and dividends to equity holders are shown only in the statement of changes of equity or notes to the financial statements. The Group is in the process of assessing the impact this revised standard will have on its financial statements. The revised IAS 1 becomes effective for financial years beginning on or after January 2009.
The amendment clarifies two issues: The definition of 'vesting condition', introducing the term 'nonvesting condition' for conditions other than service conditions and performance conditions. It also clarifies that the same accounting treatment applies to awards that are effectively cancelled by either the entity or the counterparty. The amended IFRS 2 becomes effective for financial years beginning on or after January 2009. The Managemnet estimates that the amendments of IFRS 2 will not have an impact on on the accounting policies of the Group due to the fact that no award programs depending on the value of shares exist.
As regards IFRS 3, this will apply to business combinations occurring in those periods and its scope has been revised to include combinations of mutual entities and combinations without consideration (dual listed shares). IFRS 3 and IAS 27, among other, require greater use of fair value through the income statement and cement the economic entity concept of the reporting entity. Furthermore, these standards also introduce the following requirements (i) to remeasure interests to fair value when control is obtained or lost, (ii) recognising directly in equity the impact of all transactions between controlling and noncontrolling shareholders where loss of control is not lost and, (iii) focuses on what is given to the vendor as consideration rather than what is spent to achieve the acquisition. More specifically, items such as acquisition-related costs, changes in the value of the contingent consideration, share-based payments and the settlement of pre-existing contracts will generally be accounted for separately from the business combination and will often affect the income statement. The revised IFRS 3 and IAS 27 become effective for financial years beginning on or after 1st July 2009.
IFRS 8 retains the general scope of IAS 14. It requires entities whose equity or debt securities are publicly traded and entities that are in the process of issuing equity or debt securities in public securities markets to disclose segment information. If a financial report contains both the consolidated financial statements of a parent that is within the scope of IFRS 8 as well as the parent's separate financial statements, segment information is required only in the consolidated financial statements. IFRS 8 applies for annual periods beginning on or after 1 January 2009.
In the revised standard of IFRS 23 "Borrowing Cost" , the previous benchmark treatment of recognising borrowing costs as an expense has been eliminated. Instead, borrowing costs that are directly attributable to the acquisition, construction or production of qualifying assets, as it is defined by IAS 23,form part of the costs of the asset. The revised version of IAS 23 Borrowing Cost needs to be applied for annual periods beginning on or after 1st January 2009.
The amendment to IAS 32 requires certain puttable financial instruments and obligations arising on liquidation to be classified as equity if certain criteria are met. The amendment to IAS 1 requires disclosure of certain information relating to puttable instruments classified as equity. The amendment to IAS 32 becomes effective for financial years beginning on or after January 2009. The Group's estimation is that this amendment will not affect its financial statements.
The amendment clarifies that an entity is permitted to designate a portion of the fair value changes or cash flow variability of a financial instrument as a hedged item. An entity can designate the changes in fair value or cash flows related to a one-sided risk as the hedged item in an effective hedge relationship. The Group does not expect this amendment to have an impact on its financial statements. The amendment to IAS 39 becomes effective for annual periods beginning on or after 1st July 2009. The Group had no such instruments up to the date of presentation of the specific statements.
The amendment permits an entity to reclassify non-derivative financial assets from the category of investments for sale, as well as the reclassification of financial elements from the category available for sale in the loans and receivables. The amendment of IFRS 7 requires additional information in the financial statements of the enities that apply the reffered amendments of IAS 39.The amendment to IAS 39 and IFRS 7 becomes effective for annual periods beginning on or after 1st July 2008. The Group had no such instruments up to the date of presentation of the specific statements.
During 2008 IASB proceeded in the publication of "Improvements of International Financial Reporting Standards ". Most of these amendments become effective on or after 1 January 2009. Amendments have been made to many Stadards and the Management of the Company estimates that the impact on Group's financial statements will not be important.
Customer Loyalty Programmes provide to the customers motives to buy products or services of an enterprise. If the customer buys products or services, then the enterprise awards credits for future free or discounted purchases of goods or services. These programs can be applied by the enterprise or by a third party. IFRIC 13 needs to be applied for annual periods beginning on or after 1st July 2008. IFRIC 13 has no application to the Group.
This interpretation is effective for the financial statements beginning on or after 1 January 2008. This interpretation has no application to the Group's operations. The interpetation have not yet been endorsed by the EU.
This interpretation was issued on 3 July, 2008 and is effective for annual periods beginning on or after 1 January 2009 and must be applied retrospectively. IFRIC 15 provides guidance on how to determine whether an agreement for the construction of real estate is within the scope of IAS 11 'Construction Contracts' or IAS 18 'Revenue' and, accordingly, when revenue from such construction should be recognised. The interpretation has no application to the Group.
The International Financial Reporting Interpretations Committee (IFRIC) issued the Interpretation, IFRIC 16 "Hedges of a Net Investment in a Foreign Operation". The Interpretation clarifies some issues on accounting for the hedge of a net investment in a foreign operation (such as subsidiary companies and their related enterprises operating in a different functional currency from the currency of the reporting company. Main issues being clarified are:
IFRIC 16 is effective for annual periods beginning on or after 1 October 2008. Earlier application is permitted. This interpretation has no effect on the Group's Financial Statements.
The Group has no intention applying any of the Standards or the Interpretations sooner.
Whenever an entity makes the statement of distribution and has the obligation to distribute elements of assets concerning its owners, an obligation should be recognised for these payable dividends.
The scope of IFRIC 17 is to provide guidance on when an entity should recognise dividends payable, how it should measure them and how the entity should account the difference difference between the dividend paid and the carrying amount of the net assets distributed when dividends are paid.
IFRIC 17 "Distributions of Non-cash Assets to Owners" will be applied by entities for annual periods that begin on or after the 01/07/2009. Earlier application is permitted as long as the entity notifies that in the Explanatory Notes of the financial statements and applies IFRIC 3 (as it was revised in 2008), IFRS 27 (revised in May 2008) and IFRIC 5 (revised by the afore-mentioned Amendement). Retrospective application in not allowed.
IFRIC 18 is particularly relevant for the utility sector. The EDDPHA is applied mainly in the enterprises or organisms of common utility. The aim of IFRIC 18 is to clarify the requirements of International Financial Reporting Standards (IFRSs) for agreements in which an entity receives from a customer an item of property, plant and equipment that the entity must then use either to connect the customer to a network or to provide the customer with ongoing access to a supply of goods or services (such as a supply of electricity, gas or water).
IFRIC 18 requires entities to apply the Interpretation prospectively to transfers of assets from customers received on or after 1 July 2009. This IFRIC has no application to the Group.
The Group has no intention applying any of the Standards or the Interpretations earlier.
The companies included in the full consolidation of JUMBO S.A. are the following:
Anonymous Trading Company under the name «JUMBO Anonymous Trading Company» and the title «JUMBO», was founded in year 1986, with headquarters today in Moschato of Attica (9 Cyprus & Ydras street), is enlisted since year 1997 in Parallel Market of Athens Stock Exchange and is enrolled to the Register of Societe Anonyme of Ministry of Development with Registration Number 7650/06/B/86/04. The company has been classified in the category of Big Capitalization of Athens Stock Exchange.
1. The subsidiary company with name «Jumbo Trading Ltd» is a Cypriot company of limited responsibility (Limited). It was founded in year 1991. Its foundation is Nicosia, Cyprus (Avraam Antoniou 9 Avenue, Kato Lakatameia of Nicosia). It is enrolled to the Register of Societe Anonyme of Cyprus, with number E 44824. The subsidiary company in Cyprus operates in the same sector with the parent company that is the retail toys trade. Parent company owns the 100% of its shares and its voting rights.
2. The subsidiary company in Bulgaria with name «JUMBO EC.B.» was founded on the 1st of September 2005 as an One – person Company of Limited Responsibility with Registration Number 96904, book 1291 of Court of first instance of Sofia and according to the conditions of Special Law with number 115. Its foundation is in Sofia, Bulgaria (Bul. Bulgaria 51 Sofia 1404). Parent company owns 100% of its shares and its voting rights.
3. The subsidiary company in Romania with name «JUMBO EC.R.S.R.L.» was founded on the 9th of August 2006 as a Company of Limited Responsibility (srl) with Registration Number J40/12864/2006 of the Trade Register, with foundation in Bucharest (apartment n.5, Int. Vasil Paun number 1, 3rd floor, administrative area 5, in Bucharest). Parent company owns 100% of its shares and its voting rights.
4. The subsidiary company ASPETTO Ltd was founded on 21/08/2006 , in Cyprus Nicosia (Abraham Antoniou 9 avenue). «Jumbo Trading Ltd» owns 100% of its shares and its voting rights.
5. WESTLOOK Ltd is a subsidiary of ASPETTO Ltd which holds a 100% stake of its share capital. The company has founded in Bucharest, Romania (Bucharest, District No 4, 90-92 Calea Serban Voda, 4th Floor) on 16/10/2006.
Group companies, included in the consolidated financial statements and the consolidation method are the following:
| Consolidated | Percentage and | Main Office | Consolidation |
|---|---|---|---|
| Subsidiary | Participation | method | |
| JUMBO | 100% Direct | Cyprus | Full Consolidation |
| TRADING LTD | |||
| JUMBO EC.B LTD | 100% Direct | Bulgaria | Full Consolidation |
| JUMBO EC.R SRL | 100% Direct | Romania | Full Consolidation |
| ASPETTO LTD | 100% Indirect | Cyprus | Full Consolidation |
| WESTLOOK SRL | 100% Indirect | Romania | Full Consolidation |
During the current year, the structure of the Group hasn't change.
The Group's main activity is the retail sale of toys, infant supplies, seasonal items, decoration items, books and stationery.
Results per segment for the the first half of the current financial year are as follows:
| 1/07/2008-31/12/2008 | ||||
|---|---|---|---|---|
| Retail | Wholesale | Other | Total | |
| Sales to third parties | 272.649.155 | 3.357.655 | - | 276.006.810 |
| Other operating income non allocated | 1.347.324 | 1.347.324 | ||
| Total revenue | 272.649.155 | 3.357.655 | 1.347.324 | 277.354.134 |
| Operating profit | 71.900.289 | 885.447 | 72.785.736 | |
| Other operating income non allocated | 483.577 | 483.577 | ||
| Net financial results | (3.060.964) | |||
| Profit before tax | 71.900.289 | 885.447 | 483.577 | 70.208.349 |
| Income tax | (14.804.343) | |||
| Net profit | 55.404.005 | |||
Results per segment for the the first half of the previous financial year are as follows:
| 1/7/2007-31/12/2007 | ||||
|---|---|---|---|---|
| Retail | Wholesale | Other | Total | |
| Sales to third parties | 234.698.539 | 3.812.239 | 238.510.778 | |
| Other operating income non allocated | 3.500.967 | 3.500.967 | ||
| Total revenue | 234.698.539 | 3.812.239 | 3.500.967 | 242.011.745 |
| Operating profit | 65.893.923 | 1.070.324 | 66.964.247 | |
| Other operating income non allocated | 765.344 | 765.344 | ||
| Net financial results | (2.801.692) | |||
| Profit before tax | 65.893.923 | 1.070.324 | 765.344 | 64.927.899 |
| Income tax | (16.762.631) | |||
| Net profit | 48.165.267 | |||
The allocation of consolidated assets and liabilities to business segments for the period 01/07/2008 - 31/12/2008 and 01/07/2007 - 30/6/2008 is broken down as follows:
| 31/12/2008 | ||||
|---|---|---|---|---|
| Retail | Wholesale | Other | Total | |
| Segment assets | 480.415.847 | 10.896.539 | - | 491.312.386 |
| Non allocated Assets | - | - | 93.075.032 | 93.075.032 |
| Consolidated Assets | 480.415.847 | 10.896.539 | 93.075.032 | 584.387.418 |
| Sector liabilities | 118.316.297 | 1.948.803 | - | 120.265.100 |
| Non allocated Liabilities items | - | - | 464.122.318 | 464.122.318 |
| Consolidated liabilities | 118.316.297 | 1.948.803 | 464.122.318 | 584.387.418 |
| 30/6/2008 | ||||
|---|---|---|---|---|
| Retail | Wholesale | Other | Total | |
| Segment assets | 454.518.926 | 9.546.558 | - | 464.065.484 |
| Non allocated Assets | - | - | 60.750.236 | 60.750.236 |
| Consolidated Assets | 454.518.926 | 9.546.558 | 60.750.236 | 524.815.719 |
| Sector liabilities | 111.704.379 | 1.867.724 | - | 113.572.103 |
| Non allocated Liabilities items | - | - | 411.243.616 | 411.243.616 |
| Consolidated liabilities | 111.704.379 | 1.867.724 | 411.243.616 | 524.815.719 |
Secondary segment reporting– geographical segment
Sales per geographical area as at 31 December 2008 και 2007 are as follows:
| 1/7/2008-31/12/2008 | 1/7/2007-31/12/2007 |
|---|---|
| 106.060.875 | 84.996.729 |
| 140.460.310 | 130.163.122 |
| 29.485.625 | 23.325.147 |
| - | 25.780 |
| 1.347.324 | 3.500.967 |
| 277.354.134 | 242.011.745 |
The following tables present an analysis of assets items per geographical area as at 31 December 2008 and 30 June 2008:
| 1/7/2008-31/12/2008 | 1/7/2007-30/06/2008 | |
|---|---|---|
| Balance of non current assets | ||
| Greece Attica | 93.017.791 | 87.217.286 |
| Rest of Greece | 128.378.902 | 117.984.727 |
| Eurozone | 56.233.447 | 43.836.866 |
| Third Countries | - | - |
| Total | 277.630.140 | 249.038.879 |
| Other assets items | ||
| Greece Attica | 113.921.114 | 95.719.127 |
| Rest of Greece | 145.295.861 | 136.003.012 |
| Eurozone | 47.540.303 | 44.054.701 |
| Third Countries | - | - |
| Total | 306.757.278 | 275.776.840 |
| Investments | ||
| Greece Attica | 7.770.554 | 31.894.609 |
| Rest of Greece | 12.430.630 | 10.558.367 |
| Eurozone | 6.451.343 | 10.637.990 |
| Third Countries | - | - |
| Total | 26.652.527 | 53.090.966 |
Other operating income and expenses pertain to income or expenses from the operating activity of the Group. Their analysis is as follows:
| THE GROUP | THE COMPANY | |||||
|---|---|---|---|---|---|---|
| Other operating income | 01/07/2008- 31/12/2008 |
01/07/2007- 31/12/2007 |
01/07/2008- 31/12/2008 |
01/07/2007- 31/12/2007 |
||
| (amounts in euro) Income from related activities |
888.613 | 778.113 | 813.153 | 760.231 | ||
| O.A.E.D. subsidies | - | 83.711 | - | 83.711 | ||
| Other income | 458.711 | 2.639.143 | 458.714 | 2.639.143 | ||
| Total | 1.347.324 | 3.500.967 | 1.271.864 | 3.483.085 |
| Other operating expenses | ||||
|---|---|---|---|---|
| (amounts in €) | ||||
| Other provisions | - | - | - | - |
| Taxes on property | 144.721 | - | 144.721 | - |
| Other expenses | 2.237.955 | 2.247.911 | 1.825.558 | 2.247.911 |
| Total | 2.382.676 | 2.247.911 | 1.970.279 | 2.247.911 |
Income from related activities mostly pertain to income from building rents and income from third products promotion. Most of other expenses pertain to losses from destruction of merchandise which has not been insured and losses from destruction of capital assets.
Other income of the period 01/07/2007-31/12/2007 appear increased, compared to the relevant period of the current financial year, mainly due to the insurance compensation amount of € 1,887 ths concerning damages from fire in Kolonos store.
Income tax for the period 1/7/2008-31/12/2008 was calculated at the rate of 25% on profits of the parent company, according to Greek taxation laws and 10% on average, on profits of the subsidiary JUMBO TRADING LTD in Cyprus, JUMBO EC.B. in Bulgaria and ASPETTO LTD in Cyprus and 16% on profits of the subsidiaries JUMBO EC.R SRL and WESTLOOK SRL in Romania.
Provision for income taxes disclosed in the financial statements is broken down as follows:
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 01/07/2008- 31/12/2008 |
01/07/2007- 31/12/2007 |
01/07/2008- 31/12/2008 |
01/07/2007- 31/12/2007 |
|
| Income taxes for the period | 16.002.912 | 14.794.088 | 14.981.353 | 13.961.029 |
| Adjustments of deferred taxes due to change in tax rate Τax on reserve formatted according to the |
(622.884) | - | (622.884) - |
- |
| Law 3220/2004 | - | 1.438.234 | 1.438.234 | |
| Deferred income tax for the period Provisions for contingent tax liabilities from |
(687.699) | 433.191 | (687.699) | 434.814 |
| years uninspected by the tax authorities | 112.014 | 97.119 | 112.014 | 97.119 |
| 14.804.343 | 16.762.631 | 13.782.784 | 15.931.195 |
The company modeled at the current period the effect from the tax rate reduction in the deferred taxation. Specifically, according to the law 3697/25.09.2008 the tax rate of which is calculated the tax on the companies' profits will gradually decrease by one percentage unit each year from 2010 until 2014 where it will reach 20%.
The analysis of basic and diluted earnings per share for the Group is as follows:
| Basic earnings per share | THE GROUP | ||||
|---|---|---|---|---|---|
| (euro per share) | 1/7/2008– 31/12/2008 |
1/10/2008 - 31/12/2008 |
1/7/2007 – 31/12/2007 |
1/10/2007 - 31/12/2007 |
|
| Earnings attributable to the shareholders of the parent company |
55.404.005 | 39.756.965 | 48.165.267 | 34.916.861 | |
| Weighted average number of shares | 121.234.716 | 121.234.716 | 121.234.716 | 121.234.716 | |
| Basic earnings per share (euro per share) | 0,4570 | 0,3279 | 0,3973 | 0,2880 | |
| Diluted earnings per share | THE GROUP | ||||
| (euro per share) | 1/7/2008 – 31/12/2008 |
1/10/2008 - 31/12/2008 |
1/7/2007 – 31/12/2007 |
1/10/2007 - 31/12/2007 |
|
| Earnings attributable to the shareholders of the parent company |
55.404.005 | 39.756.965 | 48.165.267 | 34.916.861 | |
| Interest expense for convertible bond (after taxes) |
1.113.116 | 650.165 | 130.507 | (147.488) | |
| Diluted earnings attributable to the shareholders of the parent company |
56.517.121 | 40.407.130 | 48.295.774 | 34.769.373 | |
| THE GROUP | |||||
| Number of shares | 1/7/2008 - 31/12/2008 |
1/10/2008 - 31/12/2008 |
1/7/2007 - 31/12/2007 |
1/10/2007 - 31/12/2007 |
|
| Weighted average number of common shares which are used for the calculation of the basic earnings per share |
121.234.716 | 121.234.716 | 121.234.716 | 121.234.716 | |
| Dilution effect: | |||||
| – Convertion of bond shares Weighted average number of shares which are used for the calculation of the diluted earnings per share |
8.914.317 | 8.914.317 | 8.914.317 | 8.914.317 | |
| 130.149.033 | 130.149.033 | 130.149.033 | 130.149.033 | ||
| Diluted earnings per share (€/share) | 0,4342 | 0,3105 | 0,3711 | 0,2672 |
The analysis of basic and diluted earnings per share for the Company is as follows:
| Basic earnings per share | THE COMPANY | |||
|---|---|---|---|---|
| (euro per share) | 1/7/2008– 31/12/2008 |
1/10/2008 - 31/12/2008 |
1/7/2007 – 31/12/2007 |
1/10/2007 - 31/12/2007 |
| Earnings attributable to the shareholders of the parent company |
46.817.325 | 33.864.924 | 40.636.456 | 29.747.796 |
| Weighted average number of shares | 121.234.716 | 121.234.716 | 121.234.716 | 121.234.716 |
| Basic earnings per share (euro per share) | 0,3862 | 0,2793 | 0,3352 | 0,2454 |
| Diluted earnings per share | THE COMPANY | |||
|---|---|---|---|---|
| (euro per share) | 1/7/2008 – 31/12/2008 |
1/10/2008 - 31/12/2008 |
1/7/2007 – 31/12/2007 |
1/10/2007 - 31/12/2007 |
| Earnings attributable to the shareholders of the parent company |
46.817.325 | 33.864.924 | 40.636.456 | 29.747.796 |
| Interest expense for convertible bond (after taxes) |
1.113.116 | 650.165 | 130.507 | (147.488) |
| Diluted earnings attributable to the shareholders of the parent company |
47.930.441 | 34.515.089 | 40.766.963 | 29.600.309 |
| THE COMPANY | ||||
|---|---|---|---|---|
| 1/7/2008 - | 1/10/2008 - | 1/7/2007 - | 1/10/2007 - | |
| Number of shares Weighted average number of common shares which are used for the calculation of the basic earnings per share |
31/12/2008 121.234.716 |
31/12/2008 121.234.716 |
31/12/2007 121.234.716 |
31/12/2007 121.234.716 |
| Dilution effect: | ||||
| – Convertion of bond shares Weighted average number of shares |
8.914.317 | 8.914.317 | 8.914.317 | 8.914.317 |
| which are used for the calculation of the diluted earnings per share |
130.149.033 | 130.149.033 | 130.149.033 | 130.149.033 |
| Diluted earnings per share (€/share) | 0,3683 | 0,2652 | 0,3132 | 0,2274 |
Due to IAS 33 the weighted average number of shares of the previous period 60.617.358 was adapted to 121.234.716 due to the share capital increase, through capitalization of reserves and distribution of one (1) new share for every one (1) old. (note 3.13.1)
Diluted earnings per share are presented for information purposes and pertains the convertible bond loan which was issued on 8/9/2006.
The Group re-estimated the useful life of fixed assets as at the date of the IFRS first time adoption based on the actual conditions under which fixed assets are used and not based on taxation criteria.
According to Greek taxation laws the Company as at 31/12/2004 adjusted the cost value of its buildings and land. For IFRS purposes that adjustment was reversed because it does not fulfill the requirements imposed by IFRS.
Based on IFRS 1 the Group had the right to keep previous adjustments if the latter disclosed the cost value of fixed assets which would be estimated according to IFRS. The management of the Group estimates that values as disclosed as at the transition date are not materially far from the cost value which would have been estimated as at 30/6/2004 if IFRS had been adopted.
Based on the previous accounting principles there were formation accounts (expenses for acquisition of assets, notary and other expenses) which were depreciated either in a lump sum or gradually in equal amounts within five years. Based on IFRS and the Company's estimates those items increased the cost value of tangible assets, and their depreciation was re-adjusted based on accounting estimates made on the fixed assets charged (re-adjustment of useful life of tangible assets).
Depreciation of tangible assets (other than land which is not depreciated) are calculated based on the fixed method during their useful life which is as follows:
| 30 – 35 years |
|---|
| 5 - 20 years |
| 5 – 7 years |
| 4 - 10 years |
| 3 – 5 years |
Net investments for the purchase of fixed assets by the company for the first semester of the current fiscal year amounted to € 20.201 thousand for the Company and € 30.955 thousand for the Group. It is noted that, there is an advance payment of € 4.303 thousand which concerns the purchase of land in Bulgaria by JUMBO EC. B. The advance payment appears in the financial statements on the" other receivables" figure.
The analysis of the Group's and Company's tangible assets is as follows:
| TH E G RO UP |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Lan d - Fre eh old |
Bu ild ing nd s a fix tur es on bu ild ing s - eh old Fre |
Tra ati ort nsp on me an s |
Ma chi ne ry - fun itu d re an oth er uip nt eq me |
So ftw are |
Fix ed ets ass de un r str uct ion con |
To tal |
seh old Lea lan d a nd bu ild ing s |
sed Lea m ea ns of tra ort ati nsp on |
tal of To lea seh old fix ed ets ass |
tal To Pr ert op y lan t a nd p Equ ipm t en |
|
| Cos t 30 /6/ 200 7 |
53 .00 7.3 87 |
12 2.8 45. 830 |
64 8.0 24 |
41 .23 5.2 48 |
1.6 45. 256 |
10 .66 5.4 86 |
230 .04 7.2 30 |
6.2 27. 263 |
2.4 48. 381 |
8.6 75 .64 4 |
23 8.7 22 .87 4 |
| Acc ula ted de cia tion um pre |
0 | ( 7) 18. 794 .22 |
( 1) 484 .41 |
( 0) 22. 134 .49 |
( ) 1.4 35. 219 |
0 | ( 48) 42 .84 8.3 |
( 4) 542 .26 |
( 6) 567 .92 |
( 1) 1.1 10 .19 |
( 38) 43 .95 8.5 |
| Ne t C 30 /6/ 200 7 ost at as |
53 .00 7.3 87 |
10 4.0 51 .60 2 |
16 3.6 13 |
19 .10 0.7 58 |
21 0.0 36 |
10 .66 5.4 86 |
18 7.1 98 .88 2 |
5.6 84 .99 9 |
1.8 80 .45 5 |
7.5 65 .45 4 |
19 4.7 64 .33 6 |
| 0,0 0 0,0 0 |
0,0 0 0,0 0 |
0,0 0 0,0 0 |
0,0 0 0,0 0 |
0,0 0 0,0 0 |
0,0 0 0,0 0 |
0,0 0 0,0 0 |
0,0 0 0,0 0 |
0,0 0 0,0 0 |
0,0 0 0,0 0 |
0,0 0 0,0 0 |
|
| Cos t 30 /06 /20 08 |
76 .99 5.2 51 |
14 1.6 93. 061 |
50 6.2 01 |
44 .83 2.9 08 |
1.7 33. 026 |
14 .94 6.1 55 |
280 .70 6.6 02 |
6.2 27. 263 |
2.4 23. 749 |
8.6 51 .01 2 |
28 9.3 57 .61 5 |
| ted de Acc ula cia tion um pre |
0 | ( 9) 22. 823 .11 |
( 8) 401 .17 |
( 8) 25. 675 .89 |
( ) 1.5 76. 080 |
0 | ( 76) 50 .47 6.2 |
( 9) 656 .35 |
( 2) 830 .31 |
( 2) 1.4 86 .67 |
( 47) 51 .96 2.9 |
| Ne t C 30 /0 6/ 200 8 ost at as |
76 .99 5.2 51 |
11 8.8 69 .94 2 |
10 5.0 24 |
19 .15 7.0 10 |
15 6.9 46 |
14 .94 6.1 55 |
23 0.2 30 .32 7 |
5.5 70 .90 4 |
1.5 93 .43 8 |
7.1 64 .34 1 |
23 7.3 94 .66 8 |
| 0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
|
| Cos t 30 /9/ 200 8 |
88 .13 0.1 82 |
17 2.7 05. 395 |
61 5.5 62 |
50 .52 4.5 68 |
1.7 98. 889 |
15 9.6 45 |
31 3.9 34 .24 2 |
6.2 27. 263 |
3.0 91. 459 |
9.3 18 .72 3 |
32 3.2 52 .96 4 |
| Acc ula ted de cia tion um pre |
0 | ( 1) 25. 669 .96 |
( 3) 452 .52 |
( 5) 27. 780 .41 |
( ) 1.6 19. 974 |
0 | ( 73) 55 .52 2.8 |
( 6) 713 .40 |
( 6) 965 .67 |
( 2) 1.6 79 .08 |
( 56) 57 .20 1.9 |
| Ne t C 30 /1 2/2 00 8 ost at as |
88 .13 0.1 82 |
14 7.0 35 .43 4 |
16 3.0 39 |
22 .74 4.1 53 |
17 8.9 15 |
15 9.6 45 |
25 8.4 11 .36 8 |
5.5 13 .85 7 |
2.1 25 .78 3 |
7.6 39 .64 0 |
26 6.0 51 .00 8 |
| TH E C OM PA NY |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Lan d - Fre eho ld |
Bu ildi d ngs an fix tur es on bu ildi ngs - Fre eho ld |
Tra ort ati nsp on me ans |
Ma chi ner y - fun itu and re oth ipm ent er equ |
So ftw are |
Fix ed ets ass und er ion str uct con |
To tal |
Lea seh old lan d a nd bu ildi ngs |
Lea sed m ean s of ati tra ort nsp on |
To tal of lea seh old fixe d a ts sse |
To tal Pro ty per Pla nt and Equ ipm ent |
|
| Cos t 30 /6/ 200 7 |
40. 758 .54 3 |
109 .20 7.6 53 |
54 1.0 01 |
38. 404 .99 5 |
1.0 54. 555 |
1.3 57. 415 |
19 1.3 24. 16 1 |
6.2 27. 263 |
2.3 98. 769 |
8.6 26. 03 2 |
19 9.9 50 .19 3 |
| Acc ula ted de ciat ion um pre |
0 | (16 40) .81 1.6 |
(38 39) 1.9 |
(20 57) .49 6.5 |
(89 30) 0.2 |
0 | (38 67) .58 0.3 |
(54 64) 2.2 |
(54 68) 8.8 |
(1. 33) 09 1.1 |
(39 99) .67 1.4 |
| Ne t C 30 /6/ 200 7 ost at as |
40 .75 8.5 43 |
92 .39 6.0 12 |
15 9.0 62 |
17 .90 8.4 38 |
16 4.3 25 |
1.3 57 .41 5 |
15 2.7 43 .79 5 |
5.6 84 .99 9 |
1.8 49 .90 0 |
7.5 34 .89 9 |
16 0.2 78 .69 4 |
| 0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
|
| /06 /20 Cos t 30 08 |
59. 545 .22 3 |
115 .60 6.0 06 |
395 .27 5 |
40. 972 .83 1 |
1.1 25. 887 |
13. 949 .27 5 |
23 1.5 94 .49 7 |
6.2 27. 263 |
2.3 98. 769 |
8.6 26. 03 2 |
24 0.2 20. 52 8 |
| Acc ula ted de ciat ion um pre |
0 | (20 72) .17 1.5 |
(29 54) 5.1 |
(23 80) .73 7.9 |
(98 37) 6.3 |
0 | (45 43) .19 1.0 |
(65 59) 6.3 |
(81 23) 5.3 |
(1. 83) 47 1.6 |
(46 25) .66 2.7 |
| /0 6/2 Ne t C ost at 30 00 8 as |
59 .54 5.2 23 |
95 .43 4.4 34 |
10 0.1 21 |
17 .23 4.8 51 |
13 9.5 51 |
13 .94 9.2 75 |
18 6.4 03 .45 4 |
5.5 70 .90 4 |
1.5 83 .44 6 |
7.1 54 .34 9 |
19 3.5 57 .80 3 |
| 0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
|
| Cos t 30 /9/ 200 8 |
60. 391 .50 5 |
143 .06 4.8 55 |
395 .27 5 |
580 .52 2 46. |
91. 089 1.1 |
124 .18 0 |
25 .42 1.7 47 5 |
6.2 27. 263 |
3.0 91. 459 |
9.3 18. 72 2 |
26 1.0 66 .14 7 |
| ula ted de ciat ion Acc um pre |
0 | (22 25) .56 4.4 |
(32 91) 4.4 |
(25 85) .65 1.6 |
(1. 0) 024 .22 |
0 | (49 21) .56 4.8 |
(71 06) 3.4 |
(96 75) 5.6 |
(1. 82) 67 9.0 |
(5 2) 1.2 43 .90 |
| Ne t C 30 /1 2/2 00 8 ost at as |
60 .39 1.5 05 |
12 0.5 00 .42 9 |
70 .78 4 |
20 .92 8.8 37 |
16 6.8 69 |
12 4.1 80 |
20 2.1 82 .60 4 |
5.5 13. 85 7 |
2.1 25. 78 3 |
7.6 39 .64 0 |
20 9.8 22. 245 |
| TH E G RO UP |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Lan d - eh old Fre |
Bu ild ing nd s a fix tur es on bu ild ing s - Fre eh old |
Tra ati ort nsp on me an s |
Ma chi ne ry - fun itu d re an oth er uip nt eq me |
So ftw are |
Fix ed ets ass de un r str uct ion con |
To tal |
seh old Lea lan d a nd bu ild ing s |
sed Lea m ea ns of tra ort ati nsp on |
tal of To lea seh old fix ed ets ass |
tal To Pr ert op y Pla nt d an Equ ipm t en |
|
| Co st |
|||||||||||
| Ba lan at 30/ 6/ 200 7 ce as |
53 .00 7.3 87 |
12 2.8 45 .83 0 |
64 8.0 24 |
41 .23 5.2 48 |
1.6 45 .25 6 |
10 .66 5.4 86 |
23 0.0 47 .23 0 |
6.2 27 .26 3 |
2.4 48 .38 1 |
8.6 75 .64 4 |
23 8.7 22 .87 4 |
| - Ad diti ons |
24 .27 7.1 23 |
20 .36 6.0 72 |
24 .50 6 |
4.0 73. 030 |
89 .35 7 |
22 .49 4.7 13 |
71 .32 4.8 00 |
0 | 0 | 0 | 71 .32 4.8 00 |
| - D - tr fers ecr eas es ans |
( ) 96. 978 |
( ) 1.4 82. 155 |
( 3) 163 .16 |
( 2) 467 .78 |
0 | ( 9) 18. 209 .32 |
( 08) 20 .41 9.4 |
0 | ( ) 24. 506 |
( 6) 24 .50 |
( 14) 20 .44 3.9 |
| - Ex cha dif fere nge nce s |
( .28 0) 192 |
( 686 ) 36. |
( 65) 3.1 |
( 88) 7.5 |
( 87) 1.5 |
( 14) 4.7 |
( 20) 24 6.0 |
0 | ( ) 126 |
( 6) 12 |
( 46) 24 6.1 |
| 30/ 6/ Ba lan at 200 8 ce as |
76 .99 5.2 51 |
14 1.6 93 .06 1 |
50 6.2 01 |
44 .83 2.9 08 |
1.7 33 .02 6 |
14 .94 6.1 55 |
28 0.7 06 .60 2 |
6.2 27 .26 3 |
2.4 23 .74 9 |
8.6 51 .01 2 |
28 9.3 57 .61 5 |
| 0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
0,0 0 |
|
| - Ad diti ons |
11 .34 5.3 83 |
30 .05 9.6 30 |
84 .38 1 |
5.7 33. 113 |
66 .30 4 |
15 .98 6.8 15 |
63 .27 5.6 26 |
0 | 69 2.6 90 |
69 2.6 90 |
63 .96 8.3 16 |
| fers - D - tr ecr eas es ans |
2.3 50 |
95 2.7 04 |
24 .98 0 |
( ) 41. 452 |
( ) 440 |
( 6) 30. 773 .32 |
( 84) 29 .83 5.1 |
0 | ( ) 24. 980 |
( 0) 24 .98 |
( 64) 29 .86 0.1 |
| - Ex cha dif fere nge nce s |
( 2) 212 .80 |
0 | 0 | 0 | 0 | 0 | ( 02) 21 2.8 |
0 | 0 | 0 | ( 02) 21 2.8 |
| 30/ 12/ Ba lan at 200 8 ce as |
88 .13 0.1 82 |
17 2.7 05 .39 5 |
61 5.5 62 |
50 .52 4.5 68 |
1.7 98 .88 9 |
15 9.6 45 |
31 3.9 34 .24 2 |
6.2 27 .26 3 |
3.0 91 .45 9 |
9.3 18 .72 3 |
32 3.2 52 .96 4 |
| De cia tio pre n |
|||||||||||
| Ba lan at 30/ 6/ 200 7 ce as |
0 | ( 27) 18 .79 4.2 |
( 11) 48 4.4 |
( 90) 22 .13 4.4 |
( 9) 1.4 35 .21 |
0 | ( 48) 42 .84 8.3 |
( 64) 54 2.2 |
( 26) 56 7.9 |
( 1) 1.1 10 .19 |
( 38) 43 .95 8.5 |
| - Ad diti ons |
0 | ( ) 4.9 21. 279 |
( ) 66. 112 |
( ) 3.8 78. 702 |
( 3) 142 .41 |
0 | ( 6) 9.0 08 .50 |
( 5) 114 .09 |
( 1) 271 .45 |
( 46) 38 5.5 |
( 1) 9.3 94 .05 |
| - D - tr fers ecr eas es ans |
0 | 88 7.0 50 |
14 5.7 25 |
33 2.9 78 |
0 | 0 | 1.3 65 .75 4 |
0 | 9.0 83 |
9.0 83 |
1.3 74 .83 7 |
| cha dif fere - Ex nge nce s |
0 | 5.3 36 |
3.6 20 |
4.3 16 |
1.5 52 |
0 | 14 .82 4 |
0 | ( 18) |
( 18) |
14 .80 6 |
| Ba lan at 30/ 06 /20 08 ce as |
0 | ( 19) 22 .82 3.1 |
( 78) 40 1.1 |
( 98) 25 .67 5.8 |
( 0) 1.5 76 .08 |
0 | ( 76) 50 .47 6.2 |
( 59) 65 6.3 |
( 2) 830 .31 |
( 2) 1.4 86 .67 |
( 47) 51 .96 2.9 |
| - Ad diti |
0,0 0 0 |
0,0 0 ( ) 2.8 53. 204 |
0,0 0 ( ) 36. 357 |
0,0 0 ( ) 2.1 35. 631 |
0,0 0 ( ) 44. 334 |
0,0 0 0 |
0,0 0 ( 6) 5.0 69 .52 |
0,0 0 ( ) 57. 047 |
0,0 0 ( 3) 150 .35 |
0,0 0 ( 00) 20 7.4 |
0,0 0 ( 6) 5.2 76 .92 |
| ons - D - tr fers |
0 | 6.3 62 |
( ) 14. 988 |
31 .11 3 |
440 | 0 | 22 .92 7 |
0 | 14 .98 8 |
14 .98 8 |
37 .91 5 |
| ecr eas es ans - Ex cha dif fere nce s |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| nge 31/ 12/ Ba lan at 200 8 ce as |
0 | ( 61) 25 .66 9.9 |
( 23) 45 2.5 |
( 15) 27 .78 0.4 |
( 4) 1.6 19 .97 |
0 | ( 75) 55 .52 2.8 |
( 06) 71 3.4 |
( 76) 96 5.6 |
( 4) 1.6 79 .08 |
( 58) 57 .20 1.9 |
Movement in fixed assets in the periods for the Company is as follows:
| TH E C OM PA NY |
|||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Lan d - Fre eho ld |
Bu ildi d ngs an fix tur es on bu ildi ngs - Fre eho ld |
Tra ort ati nsp on me ans |
Ma chi ner y - fun itu and re oth ipm ent er equ |
So ftw are |
Fix ed ets ass und er ion str uct con |
To tal |
Lea seh old lan d a nd bu ildi ngs |
Lea sed m ean s of ati tra ort nsp on |
To tal of lea seh old fixe d a ts sse |
To tal Pro ty per Pla nt and ipm Equ ent |
|
| Cos t |
-1, 78 |
||||||||||
| Ba lan at 30/ 6/2 00 7 ce as |
40 .75 8.5 43 |
10 9.2 07 .65 3 |
54 1.0 01 |
38 .40 4.9 95 |
1.0 54 .55 5 |
1.3 57 .41 5 |
19 1.3 24. 16 1 |
6.2 27. 26 |
3 2.3 98 .76 9 |
8.6 26. 03 2 |
19 9.9 50 .19 3 |
| - Ad diti ons |
18. 883 .65 8 |
7.8 80. 508 |
0 | 3.0 25. 618 |
71. 333 |
18. 711 .48 3 |
48 .57 2.5 99 |
0 0 |
0 | 48 .57 2.5 99 |
|
| - De tran sfe cre ase s - rs - Ex cha dif fere nge nce s |
(96 8) .97 |
(1. 5) 482 .15 |
(14 25) 5.7 |
(45 82) 7.7 |
0 | (6. 3) 119 .62 |
(8. 64) 30 2.2 |
0 0 |
0 | (8. 64) 30 2.2 |
|
| 30/ 6/2 Ba lan at 00 8 ce as |
59 .54 5.2 23 |
11 5.6 06 .00 6 |
39 5.2 75 |
40 .97 2.8 31 |
1.1 25. 88 7 |
13 .94 9.2 75 |
23 1.5 94 .49 7 |
6.2 27. 26 |
3 2.3 98 .76 9 |
8.6 26. 03 2 |
24 0.2 20. 529 |
| - Ad diti ons sfe - De tran cre ase s - rs - Ex cha dif fere nge nce s |
0,0 0 846 .28 2 |
0,0 0 27. .21 465 1 (6. ) 362 |
0,0 0 0 0 |
0,0 0 49. 143 5.6 (41 2) .45 |
0,0 0 642 65. (44 0) |
0,0 0 986 .81 15. 5 (29 10) .81 1.9 |
0,0 0 50 .01 3.0 93 (29 64) .86 0.1 |
0,0 | 0 0,0 0 0 692 .69 0 0 0 |
0,0 0 69 2.6 90 0 |
0,0 0 50 .70 83 5.7 (29 64) .86 0.1 |
| lan 30/ 12/ Ba at 200 8 ce as |
60 .39 1.5 05 |
14 3.0 64 .85 5 |
39 5.2 75 |
46 .58 0.5 22 |
1.1 91 .08 9 |
12 4.1 80 |
25 1.7 47 .42 5 |
6.2 27. 26 |
3 3.0 91 .45 9 |
9.3 18. 72 2 |
26 1.0 66 .14 7 |
| De cia tio pre n |
|||||||||||
| Ba lan at 30/ 6/2 00 7 ce as |
0 | (16 40) .81 1.6 |
(38 39) 1.9 |
(20 57) .49 6.5 |
(89 30) 0.2 |
0 | (38 66) .58 0.3 |
(54 64) 2.2 |
(54 68) 8.8 |
(1. 33) 09 1.1 |
(39 99) .67 1.4 |
| - Ad diti ons - De tran sfe cre ase s - rs - Ex cha dif fere nge nce s |
0 0 0 |
(4. 3) 246 .98 887 .05 0 |
(58 0) .94 145 .72 5 |
(3. 6) 572 .03 330 .61 3 |
(96 7) .10 0 |
0 0 |
(7. 65) 97 4.0 1.3 63 .38 9 |
(11 95) 4.0 |
(26 55) 6.4 0 0 |
(38 50) 0.5 0 |
(8. 15) 35 4.6 1.3 63 .38 9 |
| 30/ /20 Ba lan at 06 08 ce as |
0 | (20 72) .17 1.5 |
(29 54) 5.1 |
(23 80) .73 7.9 |
(98 37) 6.3 |
0 | (45 43) .19 1.0 |
(65 59) 6.3 |
(8 3) 15. 32 |
(1. 83) 47 1.6 |
(46 25) .66 2.7 |
| - Ad diti ons sfe - De tran cre ase s - rs - Ex cha dif fere nge nce s |
0,0 0 0 0 |
0,0 0 (2. 5) 399 .21 6.3 62 |
0,0 0 (29 7) .33 0 |
0,0 0 (1. .81 8) 944 31. 113 |
0,0 0 (38 3) .32 440 |
0,0 0 0 0 |
0,0 0 (4. 93) 41 1.6 37 .91 5 |
0,0 (57 7) .04 |
0 0,0 0 (15 53) 0.3 0 0 |
0,0 0 (20 00) 7.4 0 |
0,0 0 (4. 93) 61 9.0 37 .91 5 |
| 31/ 12/ Ba lan at 200 8 ce as |
0 | (22 25) .56 4.4 |
(32 91) 4.4 |
(25 85) .65 1.6 |
(1. 20) 02 4.2 |
0 | (49 21) .56 4.8 |
(7 6) 13. 40 |
(96 75) 5.6 |
(1. 83) 67 9.0 |
(5 3) 1.2 43 .90 |
The company during the current period signed two financial lease contracts for the lease of four (4) professional vehicles of total value € 692.690. The duration of the lease is fix (6) years. Relevant information at note 3.16
There are no encumbrances on the parent company's fixed assets while for the subsidiary company Jumbo Τrading LTD there are the following mortgages and prenotation of mortgage:
| 31/12/2008 € |
|
|---|---|
| Bank of Cyprus: | |
| Building in Lemessos | 4.271.504 |
| Building in Lemessos | 2.562.902 |
| 6.834.406 |
As at the transition date the Group designated as investment property, investments in real estate buildings and land or part of them which could be measured separately and constituted a main part of the building or land under exploitation. The Group measures those investments at cost less any impairment losses.
Summary information regarding those investments is as follows:
| Location of asset | Description – operation of asset | Income from rents | |||
|---|---|---|---|---|---|
| 1/7/2008 – 31/12/2008 |
1/7/2007 – 31/12/2007 |
||||
| Thessaloniki port | An area (parking space for 198 vehicles) on the first floor of a building, ground floor in the same building of 6.422,17 sq. m. area |
39.431 | 37.923 | ||
| Nea Efkarpia | Retail Shop | 162.119 | 153.640 | ||
| Psychiko | Retail Shop | 13.630 | 13.630 | ||
| Total | 215.180 | 205.193 |
None of the subsidiary had any investment properties until 31/12/2008. Net cost of those investments is analyzed as follows:
| THE GROUP | |
|---|---|
| Cost 31/12/2007 | Investment Property 11.701.866 |
| Accumulated depreciation | (2.818.885) |
| Net Cost as at 31/12/2007 | 8.882.981 |
| Cost 31/12/2008 | 11.701.866 |
| Accumulated depreciation | (3.143.579) |
| Net Cost as at 31/12/2008 | 8.558.287 |
Movements in the account for the period are as follows:
| THE GROUP | |
|---|---|
| Investment Property | |
| Cost | |
| Balance as at 30/6/2008 | 11.701.866 |
| - Additions | - |
| - Decreases - transfers | - |
| Balance as at 31/12/2008 | 11.701.866 |
| Depreciation | |
| Balance as at 30/6/2008 | (2.948.743) |
| - Additions | (194.836) |
| - Decreases - transfers | |
| Balance as at 31/12/2008 | (3.143.579) |
Fair values are not materially different from the ones disclosed in the Company's books regarding those assets.
The balance in the account of the parent company is analysed as follows:
| Company | Head offices | Participation rate |
Amount of participation |
|---|---|---|---|
| JUMBO TRADING LTD | Avraam Antoniou 9- 2330 Kato Lakatamia Nicosia - Cyprus |
100% | 11.074.190 |
| JUMBO EC.B | Sofia, Bu.Bulgaria 51-Bulgaria | 100% | 31.905.535 |
| JUMBO EC.R | Bucharest (apartment n.5, Int. Vasil Paun number 1, 3rd floor, administrative area 5) |
100% | 73 42.979.798 |
In the company's financial statements, investments in subsidiaries are valuated at their acquisition cost that is constituted by the fair value of the purchased price reduced with the direct expenses, related with the purchase of the investment.
In November 2008 the subsidiary company JUMBO EC. B LTD increased its Share Capital by € 5m which was covered to the rate of 100% by the parent company JUMBO S.A. The share capital of the JUMBO EC. B LTD comes up to € 31,9 millions. The cause of the above share capital increase is further expansion of the Group in Bulgaria investing in land.
The company has set a number of criteria to provide credit to clients which generally depend on the size of the client activities and an estimation of relevant financial information. As at every balance sheet date all overdue or doubtful debts are reviewed so that it is decided whether it is necessary or not to make a relevant provision for doubtful debts. Any deletion of trade debtors' balances is charged to the existing provision for doubtful debts. Credit risk arising from trade debtors and checks receivable is limited given that it is certain they will be collected and they are appropriately liquidated.
Analysis of trade debtors and other trade receivables is as follows:
| THE GROUP | THE COMPANY | ||||
|---|---|---|---|---|---|
| Customers and other trade receivables |
31/12/2008 | 30/6/2008 | 31/12/2008 | 30/6/2008 | |
| (amounts in euro) | |||||
| Customers | 2.888.451 | 1.382.273 | 6.923.470 | 4.356.875 | |
| Notes receivable | 71.000 | 111.000 | 71.000 | 111.000 | |
| Checks receivable | 2.057.151 | 1.973.380 | 1.729.398 | 1.945.173 | |
| Less:Impairment Provisions | (62.525) | (62.525) | (9.000) | (9.000) | |
| Net trade Receivables | 4.954.076 | 3.404.128 | 8.714.867 | 6.404.048 | |
| Advances for inventory | |||||
| purchases | 14.968.806 | 28.958.652 | 14.968.806 | 28.958.652 | |
| Total | 19.922.882 | 32.362.780 | 23.683.673 | 35.362.700 |
Analysis of provisions is as follows:
| THE GROUP | THE COMPANY | |
|---|---|---|
| Balance as at 30 June 2007 | 73.806 | 9.000 |
| Reversal of provisions for the year |
(11.106) | - |
| Additional provisions for the year | - | - |
| Exchange differences | (175) | - |
| Balance as at 30 June 2008 | 62.525 | 9.000 |
| Reversal of provisions for the year |
- | - |
| Additional provisions for the year | - | - |
| Exchange differences | - | - |
| Balance as at 31 December | ||
| 2008 | 62.525 | 9.000 |
| THE GROUP | THE COMPANY | |||||
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 31/12/2008 | 30/6/2008 | 31/12/2008 | 30/6/2008 | ||
| (amounts in euro) | ||||||
| Cash in hand | 2.693.053 | 2.085.614 | 2.645.169 | 1.988.182 | ||
| Bank account balances | ||||||
| 16.328.352 | 8.857.987 | 13.096.176 | 3.042.857 | |||
| Sight and time deposits | 51.447.299 | 19.534.047 | 30.688.105 | 3.914.566 | ||
| Total | 70.468.704 | 30.477.648 | 46.429.450 | 8.945.605 |
Sight deposits pertain to short term investments of high liquidity. The interest rate for time deposits was 3,25% – 5,92% while for sight deposits it was 1,60 %.
| Number of shares |
Nominal share value |
Value of ordinary shares |
Share premium |
Total | |
|---|---|---|---|---|---|
| Balance as at 30th June 2006 | 60.617.358 | 1,40 | 84.864.301 | 7.678.828 | 92.543.129 |
| Movement in the period | |||||
| Balance as at 30th June 2007 | 60.617.358 | 1,40 | 84.864.301 | 7.678.828 | 92.543.129 |
| Movement in the period | - | - | - | ||
| Balance as at 30th June 2008 | 60.617.358 | 1,40 | 84.864.301 | 7.678.828 | 92.543.129 |
| Movement in the period | 60.617.358 | 1,40 | 84.864.301 | (131.752) | 84.732.551 |
| Balance as at 31st December 2008 |
121.234.716 | 1,40 | 169.728.602 | 7.547.078 | 177.275.680 |
The Annual General Meeting of the company's shareholders at 03.12.2008 decided the increase of the existing fully paid-up share capital by the amount of eighty four millions eight hunderd sixty four thousands three hundred one Euros and twenty cents (€ 84.864.301,20), through capitalization of the following reserves: a) the total amount of the extraordinary reserves of previous fiscal years amount of fifty four millions five hundred fifty five thousands six hundred twenty two Euros and twenty cents (€ 54.555.622,20) and b) part of the extraordinary reserve of the fiscal year of 2007/2008 amounting to thirty millions three hundred eight thousands six hundred seventy nine (€ 30.308.679), which is included in the account "Retained Earnings" of the published, approved financial statements. The increase was concluded with the issuance of sixty millions six hundred seventeen thousands three hundred fifty eight (60.617.358) new bonus shares, of nominal value of one Euro and 40 cents (€ 1.40) each which were distributed in a proportion of one (1) new share for every one (1) old according to the regulation. Following the above share capital increase, the fully paid-up capital of the company rose to one hundred sixty nine millions seven hundred twenty eight thousands six hundred two and forty cents €169.728.602,40, consisting of one hundred twenty one millions two hundred thirty four thousands seven hundred and sixteen (121.234.716) common shares of nominal value € 1.40 each. The aforementioned decision of the General Assembly of the shareholders and the consecutive modification of article 5 paragraph A of the Statute of Incorporation of the Company were approved and registered in the Registration of Anonymous Companies, with the No K2-15012/11.12.2008 decision of the Ministry of Development, while relative statement was sent to publication in the Greek Government Gazette. (Greek Government Gazette number 13605 11 December 2008).
| DEVELOPMENT OF SHARE CAPITAL FROM 1/7/2008-31/12/2008 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Date of G .M. | Number of issue of Gov. Gazette |
Nominal Value of Shares |
Conversion of bonds |
With capitalisation of reserve funds |
Number of new shares |
Total number of shares |
Share capital after the increase of S. C. |
|||
| 1,40 | 60.617.358 | 84.864.301 | ||||||||
| 03.12.2008 | 13605/11/12/2008 | 1,40 | - | 84.864.301 60.617.358 | 121.234.716 | 169.728.602 |
The analysis of other reserves is as follows:
| THE GROUP - THE COMPANY | ||||||
|---|---|---|---|---|---|---|
| Legal reserve | Tax free reserves |
Extraordinary reserves |
Special reserves |
Other reserves |
Total | |
| Balance as at 30 June 2007 | 7.078.199 | 5.907.183 | 24.246.943 | 14.230 | 9.355 | 37.255.910 |
| Changes in the period | 2.063.436 | (4.109.239) | 30.308.679 | 0 | 0 | 29.034.407 |
| Balance at 30 June 2008 | 9.913.165 | 1.797.944 | 54.555.621 | 14.230 | 9.355 | 66.290.317 |
| Changes in the period | 3.597.724 | - | (42.432.151) | 0 | 0 | (38.834.427) |
| Balance at 31 December 2008 |
13.510.890 | 1.797.944 | 12.123.471 | 14.230 | 9.355 | 27.455.890 |
Long term loan liabilities of the Group are analysed as follows:
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| Loans | 31/12/2008 | 30/6/2008 | 31/12/2008 | 30/6/2008 |
| (amounts in euro) | ||||
| Long term loan liabilities | ||||
| Bond loan convertible to shares | 46.765.723 | 45.568.734 | 46.765.723 | 45.568.734 |
| Bond loan non convertible to shares |
40.842.493 | 20.045.280 | 40.842.493 | 20.045.280 |
| Syndicated loan | - | - | - | - |
| Other bank loans | 5.568.128 | 5.514.068 | - | - |
| Liabilities from financial leases | 5.298.152 | 5.039.389 | 5.298.152 | 5.039.389 |
| Total | 98.474.496 | 76.167.471 | 92.906.368 | 70.653.403 |
According to the decision of the first Repetitive Extraordinary General Meeting of the shareholders dated 16 May 2007 on the issue of Common Bond Loan of the article 6 of the law 3156/2003 up to the highest amount of one hundred forty five million Euro (€ 145.000.000), of seven year duration as starting from the issued date and will be used for the company's financing purposes, including the working capital, for the re- finance of outstanding semi-long term loan obligations of the company and its investment program.
On 02.07.2008 the Company proceeded with the issuance of part of the bonds of the Series A of the Common Bond Loan (non convertible), amount of € 20.000.000 from the total € 65.000.000 of the Series A.
It is noted that on 14/2/08 the Company had proceeded with the disbursal of the nominal bonds of Issue Series B mentioned above of total nominal value of € 20.000.000
The nominal amount of the bond shall be repaid in full by the Issuer on May 24th 2014.
Other loans concern loans of the affiliated company JUMBO TRADING LTD. These loans are paid off in monthly installments up until April 2014.
These loans are ensured as follows:
Expiration of long term loans is broken down as follows:
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 31/12/2008 | 30/6/2008 | 31/12/2008 | 30/6/2008 | |
| From 1 to 2 years | 43.964.785 | 43.378.880 | 42.103.137 | 40.835.751 |
| From 2 to 5 years | 49.839.900 | 3.078.551 | 46.761.348 | - |
| After 5 years | 42.026.230 | 66.743.591 | 40.842.493 | 65.614.014 |
| 135.830.914 | 113.201.022 | 129.706.978 | 106.449.765 |
The Group has signed a financial leasing contract for a building in Pilaia Thessaloniki which is used as a shop as well as for transportation equipment, analysis of which is presented in note 3.8.
The company during the current period signed two financial lease contracts for the lease of four (4) professional vehicles of total value € 692.690. The duration of the lease is fix (6) years.
In detail, liabilities from financial leases are analysed as follows:
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 31/12/2008 | 30/6/2008 | 31/12/2008 | 30/6/2008 | |
| Up to 1 year | 836.053 | 763.607 | 836.053 | 761.890 |
| From 1 to 5 years | 3.680.678 | 3.407.623 | 3.680.678 | 3.407.623 |
| After 5 years | 2.763.826 | 3.303.720 | 2.763.826 | 3.303.720 |
| 7.280.558 | 7.474.950 | 7.280.558 | 7.473.233 | |
| Future debits of financial leases | (1.389.195) | (1.969.787) | (1.389.195) | (1.969.591) |
| Present value of liabilities of financial leases | 5.891.362 | 5.505.163 | 5.891.362 | 5.503.641 |
| THE GROUP | THE COMPANY | |||
| The current value of liabilities of financial leases is: | 31/12/2008 | 30/6/2008 | 31/12/2008 | 30/6/2008 |
| Up to 1 year | 593.212 | 465.775 | 593.212 | 464.253 |
| From 1 to 5 years | 2.934.040 | 2.412.737 | 2.934.040 | 2.412.737 |
| After 5 years | 2.364.111 | 2.626.651 | 2.364.111 | 2.626.651 |
| 5.891.362 | 5.505.163 | 5.891.362 | 5.503.641 |
The Group's current loan liabilities are broken down as follows:
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 31/12/2008 | 30/6/2008 | 31/12/2008 | 30/6/2008 | |
| Short-term loan liabilities | ||||
| long term liabilities payable in the subsequent year | - | - | ||
| Bond loan non convertible to shares | - | - | ||
| Bank loans payable in the subsequent year Liabilities from financial leases payable in the subsequent |
42.654.570 | 42.072.940 | 42.098.762 | 40.835.751 |
| year | 593.212 | 465.774 | 593.212 | 464.253 |
| Total | 43.247.782 | 42.538.714 | 42.691.974 | 41.300.004 |
Deferred tax liabilities as deriving from temporary tax differences are as follows:
| THE GROUP | ||||
|---|---|---|---|---|
| 31/12/2008 | 30/6/2008 | |||
| Asset | Liability | Asset | Liability | |
| Non current assets | 774.141 | 4.389.226 | 1.112.981 | 5.998.083 |
| Tangible assets | ||||
| Tangible assets from financial leases | 1.491.849 | 1.837.707 | 1.375.911 | 1.788.587 |
| Inventories | 2.143 | - | - | - |
| Equity Deferred tax regarding share capital expenses Offsetting of deferred tax from bond loan conversion |
32.937 - |
- 3.294 |
- | 3.294 |
| Long term liabilities | ||||
| Provisions | - | 20.157 | - | 2.545 |
| Benefits to employees | 436.056 | - | 485.145 | - |
| Long-term loans | 1.133.820 | 416.967 | 1.113.654 | 438.581 |
| Offsetting | (3.967.003) | (3.967.003) | (5.297.779) | (5.297.779) |
| Total | (96.055) | 2.700.349 | (1.210.088) | 2.933.311 |
| Deferred tax liability | 2.796.404 | 4.143.399 |
For the company the respective accounts are analyzed as follows:
| THE COMPANY | ||||
|---|---|---|---|---|
| 31/12/2008 | 30/6/2008 | |||
| Asset | Liability | Asset | Liability | |
| Non current assets | ||||
| Tangible assets | 771.154 | 4.389.226 | 1.110.215 | 5.998.083 |
| Tangible assets from financial leases | 1.491.849 | 1.837.707 | 1.375.911 | 1.788.587 |
| Inventories | - | - | ||
| Equity | ||||
| Deferred tax regarding share capital expenses | 32.937 | - | ||
| Offsetting of deferred tax from bond loan conversion |
- | 3.294 | - | 3.294 |
| Long term liabilities | ||||
| Provisions | - | 20.157 | - | 2.545 |
| Benefits to employees | 436.946 | - | 485.145 | - |
| Long-term loans | 1.133.820 | 416.967 | 1.113.654 | 438.581 |
| Offsetting | (3.967.224) | (3.967.227) | (5.300.545) | (5.300.545) |
| Total | (102.517) | 2.700.128 | (1.215.620) | 2.930.545 |
| Deferred tax liability | 2.802.644 | 4.146.165 |
The balance of the account is analyzed as follows:
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| Suppliers and other liabilities | 31/12/2008 | 30/6/2008 | 31/12/2008 | 30/6/2008 |
| (amounts in euro) | ||||
| Suppliers | 11.671.025 | 11.249.900 | 12.019.627 | 11.070.723 |
| 2.696.298 | 2.577.663 | 2.696.298 | 2.577.663 | |
| Bills payable & promissory notes | 32.432.902 | 51.524.016 | 32.432.902 | 51.512.498 |
| Cheques payable | ||||
| Advances from trade debtors | 964.447 | 598.002 | 964.447 | 598.002 |
| Total | 47.764.672 | 65.949.581 | 48.113.274 | 65.758.886 |
The analysis of tax liabilities is as follows:
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| Current tax liabilities | 31/12/2008 | 30/6/2008 | 31/12/2008 | 30/6/2008 |
| (amounts in euro) | ||||
| Expense for tax corresponding the period |
16.114.926 | 25.699.145 | 15.093.367 | 24.356.830 |
| Liabilities from taxes | 31.284.476 | 2.768.950 | 31.427.314 | 2.522.692 |
| Total | 47.399.402 | 28.468.095 | 46.520.681 | 26.879.522 |
Other short term liabilities are analyzed as follows:
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| Other short term liabilities (amounts in euro) |
31/12/2008 | 30/6/2008 | 31/12/2008 | 30/6/2008 |
| Suppliers of fixed assets Salaries payable to |
5.499.205 | 10.118.937 | 5.480.057 | 9.686.036 |
| personnel | 5.481.341 | 1.699.444 | 5.024.084 | 1.602.290 |
| Sundry creditors | 6.803.430 | 5.085.893 | 6.147.940 | 4.916.284 |
| Social security liabilities | 6.112.879 | 1.657.447 | 4.159.178 | 1.620.378 |
| Interest coupons payable | 32.999 | 33.736 | 32.999 | 33.736 |
| Dividends payable | 431658 | 163.422 | 431.658 | 163.422 |
| Accrued expenses | 457.554 | 1.553.426 | 105.476 | 1.433.887 |
| Other liabilities | 1.768.178 | 287.825 | 1.718.790 | 77.638 |
| Total | 26.587.242 | 20.600.129 | 23.100.180 | 19.533.670 |
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 31/12/2008 | 31/12/2007 | 31/12/2008 | 31/12/2007 | |
| Cash flows from operating activities | ||||
| Net profit for the period | 55.404.005 | 48.165.267 | 46.817.325 | 40.636.456 |
| Adjustments for: | ||||
| Income taxes Depreciation of non current assets |
14.804.343 5.471.764 |
16.762.631 4.703.206 |
13.782.784 4.813.929 |
15.931.195 4.328.221 |
| Pension liabilities provisions (net) | 234.151 | 187.220 | 234.151 | 187.220 |
| Other provisions | 116.100 | 97.119 | 114.014 | 97.119 |
| Profit/ (loss) from sales of non current assets | 2.440 | (218.178) | 2.440 | (218.178) |
| Interest and related income Interest and related expenses Other Exchange Differences |
(1.149.061) 4.210.025 (72.472) |
(769.853) 3.571.545 (81.086) |
(675.187) 3.994.186 (70.447) |
(598.318) 3.337.161 (81.086) |
| Operating profit before change in working | ||||
| capital | 79.021.296 | 72.417.871 | 69.013.197 | 63.619.790 |
| Change in working capital | ||||
| (Increase)/ decrease in inventories (Increase)/ decrease in trade and other |
(4.125.853) | (5.944.057) | (1.839.337) | (2.723.913) |
| receivables (Increase)/ decrease in other current assets |
10.240.103 118.651 |
(4.170.254) (2.279.391) |
9.682.076 71.575 |
(6.869.525) (2.279.391) |
| Increase/ (decrease) in trade payables | (1.559.195) | 28.776.928 | (3.453.127) | 25.871.533 |
| Other | (123.276) | (235.184) | (123.276) | (235.184) |
| 4.510.430 | 16.148.042 | 4.337.911 | 13.763.520 | |
| Cash flows from operating activities | 83.531.727 | 88.565.913 | 73.351.108 | 77.383.310 |
Unaudited financial periods for the Group on 30.9.2008 are analysed as follows:
| Company | Unaudited Financial Periods |
|---|---|
| JUMBO S.A. | 01.07.2006-30.06.2007 |
| 01.07.2007-30.06.2008 | |
| JUMBO TRADING LTD | 01.01.2005-30.06.2005, |
| 01.07.2005-30.06.2006 | |
| 01.07.2006-30.06.2007 | |
| 01.07.2007-30.06.2008 | |
| JUMBO EC.B LTD | 01.01.2007-31.12.2007 |
| 01.01.2008-31.12.2008 | |
| JUMBO EC.R S.R.L | 01.08.2006-31.12.2006 |
| 01.01.2007-31.12.2007 | |
| 01.01.2008-31.12.2008 | |
| ASPETΤO LTD | 01.08.2006-31.12.2006 |
| 01.01.2007-31.12.2007 | |
| 01.01.2008-31.12.2008 | |
| WESTLOOK S.R.L. | 01.10.2006-31.12.2006 |
| 01.01.2007-31.12.2007 | |
| 01.01.2008-31.12.2008 |
The Company has been inspected by the tax authorities until 30/06/2006. The fiscal years that have not had a tax audit are the ones ended on 30.06.2007 and 30.06.2008. Consequently it is possible that additional taxes will be imposed after final inspections from the tax authorities. The outcome of the tax
inspection can not be predicted at this point. However the Company has conducted an accumulative provision for contingent tax liabilities which could occur from relevant tax inspection of the amount of € 467 thousand.
The subsidiary company JUMBO TRADING LTD which operates in Cyprus, has been inspected by the Cypriot tax authorities until 31/12/2004. The subsidiary company JUMBO TRADING LTD prepares its financial statements in compliance with IFRS and consequently it charges its results with relevant provisions for unispected tax years, whenever necessary. It is noted that due to the fact that the Cypriot tax authorities operate in a different fashion, consequently tax calculations are conducted differently, enabling companies to conduct more precisely tax provisions.
The subsidiary company JUMBO EC.B LTD commenced its operation on 07.12.2007 and has had a tax audit imposed by the Bulgarian Tax Authorities, up to 31.12.2006. The financial periods that have not had a tax audit are 01.01.2007-31.12.2007 and 01.07.2007-31.12.2008. The subsidiary company JUMBO EC.B LTD prepares its financial statements in compliance with IFRS and consequently it charges its results with relevant provisions for unispected tax years, whenever necessary.
The subsidiary companies JUMBO EC.R S.R.L and WESTLOOK SLR in Romania, ASPETΤO LTD in Cyprus cover their third fiscal year but they have not yet started their commercial activity and, therefore, no issue of un-audited fiscal years arises.
Ihe Group includes apart from "JUMBO SA" the following related companies:
1. The affiliated company with the name "Jumbo Trading Ltd", in Cyprus, of which the Parent company possesses the 100% of shares and voting rights of it. Affiliated company JUMBO TRADING LTD participates with percentage 100% in the share capital of ASPETO LTD and ASPETO LTD participates with percentage 100% in the share capital of WESTLOOK SRL.
2. The affiliated company in Bulgaria with name "JUMBO EC. B." that resides in Sofia of Bulgaria, of which the parent company possesses the 100% of shares and voting rights.
3. The affiliated company in Romania with name "JUMBO EC. R." that resides in Bucharest of Romania, in which Parent company possesses the 100% of shares and voting rights of it.
The following transactions were carried out with the affiliated undertakings: Income/ Expenses
| 31/12/2008 | 31/12/2007 | |
|---|---|---|
| Sales of JUMBO SA to JUMBO TRADING LTD | 11.954.972 | 9.637.852 |
| Sales of JUMBO SA to JUMBO EC.B | 3.946.839 | 2.347.206 |
| Sales of tangible assets JUMBO SA to JUMBO EC.B | 139 | 23.814 |
| Sales of services JUMBO SA to JUMBO EC.B | 45.694 | 26.551 |
| Sales of services JUMBO SA to JUMBO TRADING LTD | 114 | |
| Purchases of JUMBO SA from JUMBO EC.B | 264.167 | 2.824 |
| Purchases of JUMBO SA from JUMBO TRADING LTD | 564.898 | 323.362 |
| 16.776.823 | 12.361.608 | |
| Net balance arising from transactions with the subsidiary companies |
||
| 31/12/2008 | 30/06/2008 | |
| Amounts owed to JUMBO SA from JUMBO TRADING LTD | 1.947.024 | 739.630 |
| Amounts owed by JUMBO SA to JUMBO TRADING LTD | 525.178 | 100.747 |
| 2.472.201 | 840.377 | |
| Amounts owed to JUMBO SA from JUMBO EC.B.LTD | 3.949.365 | 3.199.156 |
| Amounts owed by JUMBO SA to JUMBO EC.B LTD | 41.716 | 213.078 |
| 3.991.081 | 3.412.234 |
| Amounts owed to JUMBO SA from JUMBO EC.R.S.R.L | 12.166 | 7.166 |
|---|---|---|
| Amounts owed by JUMBO SA to JUMBO EC.R.S.R.L. | - | - |
| 12.166 | 7.166 | |
The sales and the purchases of merchandises concern types that Parent company trades, toys, infant products, stationery, home and seasonal products. All the transactions that are described above have been realized under the usual terms of market. Also, the terms that condition the transactions with the above related parties are equivalent with those that prevail in transactions in clearly trade base (provided that these terms can be argued).
The transactions with Directors and Board Members are presented below:
| THE GROUP | THE COMPANY | ||
|---|---|---|---|
| 31/12/2008 | 31/12/2008 | ||
| Short term employee benefits: | |||
| Wages and salaries | 418.147 | 189.405 | |
| Insurance service cost | 24.685 | 10.602 | |
| Bonus | 76.485 | 69.375 | |
| Other fees and transactions to the members of the BoD | 764.097 | 764.097 | |
| 1.283.413 | 1.033.478 | ||
| Pension Benefits: | 31/12/2008 | 31/12/2008 | |
| Defined benefits scheme | - | - | |
| Defined contribution scheme | - | - | |
| Other Benefits scheme | 11.601 | 11.601 | |
| Payments through Equity | - | - | |
| Total | 11.601 | 11.601 | |
| Transactions with Directors and Board Members | |||
| THE GROUP | THE COMPANY | ||
| 31/12/2007 | 31/12/2007 | ||
| Short term employee benefits: | |||
| Wages and salaries | 362.657 | 147.591 | |
| Insurance service cost | 19.754 | 8.400 | |
| Bonus | 54.060 | 54.060 | |
| Other fees and transactions to the members of the BoD | 390.347 | 390.347 | |
| 826.818 | 600.398 | ||
| Pension Benefits: | 31/12/2007 | 31/12/2007 | |
| Defined benefits scheme | |||
| Defined contribution scheme | 8.130 | 8.130 | |
| Other Benefits scheme | |||
| Payments through Equity | |||
| Total | 8.130 | 8.130 |
No loans have been given to members of BoD or other management members of the group (and their families) and there are no assets nor liabilities given to members of BoD or or other management members of the group and their families.
Since the company's establishment up to today, no one termination activity procedure has taken place. There are no lawsuits or legal litigations that might have significant effect on the financial position or profitability of the Group.
The litigation provision balance as of December 31st, 2008 amounts € 20.050 for the Group and the Company.
On December 31st, 2008 the Group occupied 4.689 individuals, from which 2.519 permanent personnel and 2.170 extraordinary personnel while the mean of personnel for the period of current financial year i.e. from 01/07/2008 to 31/12/2008 oscillated in the 3.352 individuals (2.546 permanent personnel and 806 seasonal personnel). In more detail: Parent company on December 31st, 2008 occupied in total 4.319 individuals (2.279 permanent and 2.040 seasonal personnel), the Cypriot subsidiary company Jumbo Trading Ltd in total 276 individuals (146 permanent and 130 seasonal personnel) and the subsidiary company in Bulgaria 94 individuals permanent personnel.
At the current period (01.07.2008-31.12.2008) commenced the operation of three new hyper stores in Greece and more specific: in July the new rented store in Promahonas located at Serres near the borders with Boulgaria of total surface 8.000 sqm approximately and in August the two owned hyper-stores located at Rentis of total surface 20.000sqm approximately and at Marousi of total surface 10.000 sqm approximately.
On 02.07.2008 the Company proceeded with the issuance of part of the bonds of the Series A of the Common Bond Loan (non convertible), amount of € 20m from the total € 65m of the Series A. The issuance of the Common Bond Loan was approved by the 1st Repeated Extraordinary Meeting of the shareholders on May 16th 2007 up to the amount of € 145mil. The nominal amount of the bond shall be repaid in full by the Issuer on May 24th 2014.
In November 2008 the subsidiary company JUMBO EC. B LTD increased its Share Capital by € 5m which was covered to the rate of 100% by the parent company JUMBO S.A. The share capital of the JUMBO EC. B LTD comes up to € 31,9 millions. The cause of the above share capital increase is further expansion of the Group in Bulgaria investing in land.
The company during the current period signed two financial lease contracts for the lease of four (4) professional vehicles of total value € 692.690. The duration of the lease is fix (6) years.
The Annual General Meeting of the company's shareholders at 03.12.2008 decided the increase of the existing fully paid-up share capital by the amount of € 84.864.301,20, through capitalization of reserves. The increase was concluded with the issuance of 60.617.358 new bonus shares, of nominal value € 1.40 each which were distributed in a proportion of one (1) new share for every one (1) old according to the regulation. Following the above share capital increase, the fully paid-up capital of the company rose to €169.728.602,40, consisting of 121.234.716 common shares of nominal value € 1.40 each. (Greek Government Gazette number 13605 11 December 2008). The new shares started trading on January 5th ,2009.
Regarding the distribution of dividend, the Annual General Meeting of the company's shareholders which was held on 03.12.2008, approved the distribution of a dividend for the financial year from 1.7.2007 to 30.6.2008 of total amount € 24.246.943,20, ie. € 0,40 per share form € 0,32 of the financial year 2006/2007. Entitled to the dividend are those who held shares in our company at the close of the Athens Exchange session of Tuesday, 16.12.2008. As of the next day, i.e. as of Wednesday, 17.12.2008, the company's shares were negotiable without the right of the dividend. The dividend payment through the bank started on 29.12.2008.
At the First Repeated General Meeting of the company's shareholders which was held on 17.12.2008, approved the amendment of the Company's Articles of Association, addition of the articles 33a,34,35,36,38 and 39 amendment of the articles 5 par B', 6,7,9,11,13,14,15,21,22,23,24,27,32 and 33 in order to adjust them to the provisions of the Law 3604/2007, which has reformed the Law 2190/1920 and forming the Articles of Association into a single text.
On 20.01.2008 the Company proceeded with the issuance of the rest of the bonds of the Series A of the Common Bond Loan (non convertible), amount of € 45m from the total € 65m.
On 16.02.09 the Company proceeded with the repayment of the second instalment of the syndicated loan amounting to € 40mil, the agreement of which was signed on 13/02/2004 and had a maturity of 60 months. The company, in order to proceed with the loan repayment, drew an equal amount of € 40mil with the issuance of Series C bonds of the Common Bond Loan (non convertible). The nominal amount of the bond shall be repaid in full by the Issuer on May 24th 2014.
Moschato, February 24th, 2009
The responsible for the Financial Statements
The President of the Board of Directors & Managing Director
The Vice-President of the Board of Directors
The Financial Director The Head of the Accounting Department
Evangelos-Apostolos Vakakis son of Georgios Passport no AB0631716/2006 Identity card no X
Ioannis Oikonomou son of Christos 156531/2002
Kalliopi Vernadaki daughter of Emmanouil Identity card no Φ 099860/2001 Identity card no Λ
Panagiotis Xiros son of Kon/nos 370348/1977
| REG No. 7650/06/B/86/04 Cyprou 9 and Hydras Street, Moschato Attikis |
JUMBO SOCIETE ANONYME FIGURES AND INFORMATION FOR THE PERIOD 1 JULY 2008 TO 31 DECEMBER 2008 According to the Resolution 6/448/11.10.2007 of the Hellenic Capital Market Commission's BoD |
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| The following figures and information that derive from the financial statements, aim to give summary information about the financial position and the results of JUMBO S.A. and JUMBO Group. Consequently, we recommend to the reader, before proceeding in any type of investment choice or other transaction with the Company, to visit the company's web-page, where the financial statements prepared according to the international Financial Report Standards are posted, as well as the Auditor's Report, whenever this is required. |
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| Company's Web Site: | COMPANY'S INFORMATION | www.jumbo.gr | CASH FLOWS STATEMENT (consolidated and non-consolidated) sums in C | ||||||||
| Date of approval of the financial statements: Certified Auditor: |
24 February 2009 Deligiannis Georgios, Christopoulos Panagiotis |
31/12/2008 | THE GROUP 31/12/2007 |
31/12/2008 | THE COMPANY 31/12/2007 |
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| Auditing company. Auditor's opinion: |
Grant Thornton Unqualified |
Operating activities Net profit for the period |
55,404.005 | 48.165.267 | 46.817.325 | 40.636.456 | |||||
| BALANCE SHEET INFORMATION (consolidated and non-consolidated) sums in € | THE GROUP | THE COMPANY | Plus/minus adjustments for: ncome taxes |
14.804.343 | 16.762.631 | 13.782.784 | 15.931.195 | ||||
| 31/12/2008 | 30/06/2008 | 31/12/2008 | 30/06/2008 | Pension liability provisions (net) | Depreciation of non current assets. | 5,471.764 234.151 |
4.703.206 187.220 |
4,813.929 234.151 |
4.328.221 187.220 |
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| ASSETS Tangible fixed assets for private use |
266.051.008 | 237.394.669 | 209.822.244 | 193,557,803 | Other provisions | Profit/(loss) from investment activities | 116.100 | 97.119 | 114,014 | 97.119 | |
| Investments in real estate Other fixed assets |
8.558.287 3.020.845 |
8.753.123 2.891.087 |
8558.287 45,995,960 |
8.753.123 40.870.962 |
Interest and related income | (profits, losses, income, expenses) | 2.440 (1.149.061) |
(218.178) (769.853) |
2.440 (675.187) |
(218.178) (598.318) |
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| Inventories Trade debtors |
169, 768, 763 19.922.882 |
165.642.910 32.362.780 |
157.756.817 23.683.673 |
155,917,480 35.362.700 |
Interest and related experises Exchange Differences |
4.210.025 (72.472) |
3.571.545 (81.086) |
3.994.186 (70.447) |
3.337.161 (81.086) |
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| Other current assets TOTAL ASSETS |
117.065.633 584.387.418 |
77.771.150 524.815.719 |
83.685.039 529.502.020 |
44.387.886 478.849.953 |
Operating profit before changes | ||||||
| EQUITY AND LIABILITIES | in the operating capital | 79.021.296 | 72.417.871 | 69.013.197 | 63.619.790 | ||||||
| Share Capita Other elements of capital |
169.728.602 145.718.412 |
84.864.301 199.765.675 |
169.728.602 100.969.977 |
84.864.30 163.395.647 |
Changes in Working Capital lincreaseVdecrease in inventories |
(4.125.853) | (5.944.057) | (1.839.337) | (2.723.913) | ||
| Total Capital (a) Minority Rights (b) |
315.447.014 | 284.629.976 | 270.698.579 | 248.259.948 | (Increase)/decrease in trade and other receivables (Increase)/decrease in other current assets |
10.240.103 118,651 |
(4.170.254) (2.279.391) |
9.682.076 71.575 |
(6.869.525) (2.279.391) |
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| Total Equity (c)= $(a)+(b)$ | 315.447.014 | 284.629.976 | 270.698.579 | 248.259.948 | Other | ncrease/(decrease) in trade payables | (1.599.195) (123.276) |
28.776.928 (235.184) |
(3.453.127) (123.276) |
25.871.533 (235.184) |
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| Long term liabilities from loans Provisions / Other long term liabilities |
98.474.496 4979293 |
76.167.471 6.088.252 |
92,906,368 4.983.447 |
70.653.403 6.091.018 |
Minus Interest paid |
(576.908) | (545.281) | (540.862) | (310.897) | ||
| Other short term liabilities Total liabilities (d) |
165.486.614 268.940.403 |
157.930.02 240.185.744 |
160,913,625 258.803.441 |
153.845.584 230.590.005 |
Income tax paid | Total cash flows from operating activities (a) | (7.297.343) 75.657.477 |
(7.520.428) 80.500.204 |
(6.360.017) 66.450.230 |
(6.324.423) 70.747.990 |
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| Total Equity and Liabilities (c) + (d) | 584.387.418 | 524.815.719 | 529.502.020 | 478.849.953 | Investment activities | ||||||
| STATEMENT OF CHANGES IN EQUITY INFORMATION (consolidated and non-consolidated) sums in € | THE GROUP | THE COMPANY | Purchases of tangible and intangible assets Advance payments for purchase of assets |
(26.652.527) (4.302.636) |
(35.871.961) | (20.201.186) | (26.478.288) | ||||
| 31/12/2008 | 31/12/2007 | 31/12/2008 | 31/12/2007 | Acquisition of subsidiaries | Sales of tangible and intangible assets | 7.901 | 1.064.403 | 7.901 (4.999.923) |
1.064.403 (7.999.980) |
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| Total Equity in the beginning of the period (01.07.2008 and 01.07.2007 respectively) |
284.629.976 | 221.771.435 | 248,259,948 | 196.681.084 | Interest and related income received | 948.253 | 769.853 | 675.187 | 598.318 | ||
| Profit after tax for the period (going and interrupted activities) |
55.404.005 | 48.165.267 | 46.817.325 | 40.636.456 | Total cash flows from investment activities (b) | (29.999.009) | (34.037.705) | (24.518.021) | (32.815.547) | ||
| ncrease / (decrease) in share capital Transfer from Extraordinary & Voluntary |
84.864.301 | 84,864,301 | Enancial activities Dividends paid to shareholders |
(23.978.707) | (23.978.707) | ||||||
| Reserves to Share Capital Increase Dividends |
(84.864.301) (24.246.943) |
(19.397.555) | (84.864.301) (24.246.943) |
(19.397.555) | Expenses for Capital Increase Loans received |
(164.689) 20.000.000 |
(164.689) 20.000.000 |
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| Net Income recorded directly to equity Exchange differences from translation |
(131.752) | (131.752) | Loans paid | Payments of capital of financial leasing | (624.923) (306.490) |
(490.564) (313.161) |
(304.968) | (39.276) (302.839) |
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| of foreign subsidiaries Total equity at the end of the period |
(208.274) | (60.123) | Total cash flows from financial activities (c) | (5.074.806) | (803.725) | (4.448.364) | (342.115) | ||||
| (31.12.2008 and 31.12.2007 respectively) | 315.447.014 | 250.479.027 | 270.698.579 | 217.919.985 | cash equivalents (a)+(b)+(c) | Increase/(decrease) in cash and | 40.583.661 | 45.658.774 | 37.483.846 | 37.590.328 | |
| References to the "COMPANY" or "JUMBO S.A." indicate, unless contents state the opposite, the "JUMBO" Group and its consolidated | ADDITIONAL INFORMATION | Cash and cash equivalents in the beginning of the period |
29.885.207 | 52.078.722 | 8.945.605 | 39, 765, 843 | |||||
| subsidiaries. There is no change on the consolidation method in comparison to the accounting period ended on 30.06.2008 1. |
Exchange difference of cash and cash equivalents | (166) | (60.267) | ||||||||
| 2. The Group has applied the same accounting principles as in the financial statements of 30.06.2004 (FRS Stable Ratform). There are no changes in the composition of the companies that are consolidated at the Group's Financial Statements, there are no changes 3. |
Cash and cash equivalents at the end of the period |
70.468.704 | 97.677.229 | 46.429.450 | 76.856.171 | ||||||
| in their consolidation method, and there are no companies or and joint ventures that are not included in the Consolidated Financial Statements |
Cash in hand | 2,693,053 | 1,204,767 | 2.645.169 | 1.019.247 15.029.158 |
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| 15.029.158 13.096.176 Carrying amount of band deposits and bank overdrafts 16.328.352 4. The total effect in the company's Equity from the expenses of the share capital increase and deferred tax raises to €131.752. From that Sight and time deposits 51.447.299 81.443.304 30.688,105 amount, € 164.689 concern expenses and € 32.937 concerns deferred tax liability which correspond in these experi |
60.807.766 | ||||||||||
| s. There are no encumbrances on the company's assets. There are encumbrances on the subsidiary JUMBO TRADING LTD (a' & b' class mortgages), € 6.834 thousand to secure the bank borrowings |
Cash and cash equivalents | 70.468.704 | 97.677.229 | 46.429.450 | 76.856.171 | ||||||
| Number of staff employed as at the end of the current period. 6. Group |
31/12/2008 | 31/12/2007 | 11. Net investments for the procurement of property plant of the Company for the period 01.07.2008-31.12.2008 came up to € 20.201 thousand and the Group's at € 26.653 thousand. |
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| Permanen Seasonal |
1.836 | 12. During the current financial period the Company or its subsidiary companies have not acquired any shares of the Parent Company. | |||||||||
| Total Company |
4.689 31/12/2008 |
4.061 31/12/2007 |
13. On 02.07.2008 the Company proceeded with the issuance of part of the bonds of the Series A of the Common Bond Loan (non convertible), amount of € 20m from the total € 65m of the Series A. The issuance of the Common Bond Loan was approved by the 1st Repeated |
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| Extraordinary Meeting of the shareholders on May 16th 2007 up to the amount of € 145mil. The nominal amount of the bond shall be Permanen repaid in full by the bsuer on May 24th 2014. Relevant information is presented analytically in Note 3.15 of the semi -annual financial Seasonal |
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| Total 7. |
4.319 | 3.758 | statements | ||||||||
| 14. The company during the current period signed two financial lease contracts for the lease of four (4) professional vehicles of total value There are no litigious cases, the negative outcome of which might have a significant impact on the financial results of the Group and the Company. The Group's and Company's provisions balance, for every of the following categories are: € 692.690. The duration of the lease is fix (6) years. 15. In November 2008 the subsidiary company JUMBO EC. B LTD increased its Share Capital by E 5m which was covered to the rate of 100% |
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| Category Yovisions for litigation matters Provision for Unaudited financial years |
Group 467.466 |
Company 467.466 |
by the parent company JUMBO S.A. The share capital of the JUMBO EC. 8 LTD comes up to € 31,9 millions. The cause of the above share | ||||||||
| Other Provision 8. The fiscal years that are unaudited by the tax authorities for the Company and the Group's subsidianes are presented in detail in note 3.23 |
2,239,343 | 2.183.732 | capital increase is further expansion of the Group in Bulgaria investing in land. 16. The Annual General Meeting of the company's shareholders at 03.12.2008 decided the increase of the existing fully paid-up share capital |
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| of the interim financial statements 9. Income and expenses, cumulatively from the beginning of the accounting period and payables and receivables of the company at the end |
by the amount of € 84.864.301,20, through capitalization of reserves. The increase was concluded with the issuance of 60.617.358 new bonus shares, of nominal value € 1.40 each which were distributed in a proportion of one (1) new share for every one (1) old according to |
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| of the current accounting period which have arisen from transactions with related parties according to the IAS 24 are as follows: | Group | Company | the regulation. Following the above share capital increase, the fully paid-up capital of the company rose to €169.728.602,40, consisting of 121.234.716 common shares of nominal value € 1.40 each. (Greek Government Gazette number 13605 11 December 2008). The new |
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| a) Income b) Expense |
15.947.758 829 065 |
shares started trading on January 5th , 2009. | |||||||||
| Receivables | 5.908.554 | 17. The shareholders General Meeting approved on 03:12.2008 the distribution of dividend of € 24.246.943 (note N.8). | |||||||||
| 18. On 20.01.2009 the Company proceeded with the issuance of the rest of the bonds of the Series A of the Common Bond Loan (non 566.894 d) Payables convertible), amount of €45m from the total €65m. e) Transactions and remuneration of managers and members of the administration 1.295.014 1.045.079 19. On 16.02.09 the Company proceeded with the repayment of the second instalment of the syndicated loan amounting to € 40mil, the f) Receivables from managers and members of the administration |
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| g) Payables to managers and members of the administration 10. |
agreement of which was signed on 13/02/2004 and had a maturity of 60 months. The company, in order to proceed with the loan repayment, drew an equal amount of € 40mil with the issuance of Series C bonds of the Common Bond Loan (non convertible). The |
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| Companies included in the consolidated financial statements together with country located, participation of interest and method o consolidation in the first quarter are presented in note 2.2 of the interim financial statements |
nominal amount of the bond shall be repaid in full by the Esuer on May 24th 2014. | ||||||||||
| THE GROUP | INCOME STATEMENT INFORMATION (consolidated and non-consolidated) sums in € | THE COMPANY | |||||||||
| 1/7/08-31/12/08 | 01/10/08-31/12/08 01/07/07-31/12/07 | 01/10/07-31/12/07 | 1/7/08-31/12/08 01/10/08-31/12/08 | 01/07/07-31/12/07 01/10/07-31/12/07 | |||||||
| Turnover Gross profit / Loss |
276.006.810 142.659.977 |
168,460.798 89.965.955 |
238.510.778 122.819.643 |
149.100.118 79.683.344 |
262.422.995 127.542.296 |
158,848,421 | 79.803.573 | 227.180.446 110.381.537 |
141.483.173 71.173.753 |
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| Profit / (loss) before tax, interest and investment results | 73.269.313 | 51,206.397 | 67.729.591 | 48.898.517 | 63.919.109 | 44.823.909 | 59.306.492 | 43.144.491 | |||
| Profit /(loss) before taxes Less Income tax |
70.208.349 (14.804.343) |
49.861.781 (10.104.816) |
64.927.899 (16.762.631) |
47.561.683 (12.644.822) |
60.600.110 (13.782.784) |
43.255.345 (9.390.421) |
56.567.650 (15.931.195) |
41.824.539 (12.076.743) |
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| Profits / (loss) after tax Attributable to: |
55.404.005 | 39.756.965 | 48.165.267 | 34.916.861 | 46.817.325 | 33.864.924 | 40.636.456 | 29.747.796 | |||
| Shareholders of the parent company Minority shareholders |
55.404.005 | 39,756.965 | 48.165.267 | 34.916.861 | |||||||
| Basic earnings per share (C/share) | 0,4570 | 0,3279 | 0,3973 | 0,2880 | 0,3862 | 0,2793 | 0,3352 | 0,2454 | |||
| Reduced earnings per share (C/share) Profit (loss) before tax, interest, investment results, |
0,4342 | 0,3105 | 0,3711 | 0,2672 | 0,3683 | 0,2652 | 0,3132 | 0,2274 | |||
| depreciation & amortisation. | 78.743.517 | 54.062.147 | 72.432.797 Moschato, February 24th 2009 |
51.244.450 | 68.735.479 | 47.324.382 | 63.634.714 | 45.297.553 | |||
| THE PRESIDENT OF THE BOARD OF DIRECTORS & MANAGING DIRECTOR |
THE VICE-PRESIDENT OF THE BOARD OF DIRECTORS | THE FINANCIAL DIRECTOR | THE HEAD OF THE ACCOUNTING DEPARTMENT | ||||||||
| EVANGELOS-APOSTOLOS VAKAKIS SON OF GEORG. IOANNIS OIKONOMOU SON OF CHRIST. KALLIOPH VERNADAKI DAUGHTER OF EMMAN. PANAGIOTIS XIROS SON OF KON/NOS |
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| Passport no AB0631716/26-9-2006 | Identity card no X 156531/2002 Identity card no @ 099860/2001 |
Identity card no A 370348/1977 - typos 12102724090 |
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