Quarterly Report • Sep 28, 2015
Quarterly Report
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REG No. 7650/06/B/86/04 - G.E.MI.No. 121653960000
744.510.358 639.068.192 608.236.785 534.099.581 101.679.704 104.672.906 74.160.461 73.367.945
Total Equity at the beginning of the year (01.07.2014 and
01.07.2013 respectively)
Total comprehensive income for the year after tax
Cyprou 9 and Hydras Street, Moschato Attikis
Published, according to Law. 2190/20, article 135, for Companies preparing annual financial statements, consolidated or not, according to the IAS Regulatory Authority : Board of Directors composition: Company's Web Site : www.jumbo.gr 2. Vice-President of the BoD - Ioannis Oikonomou 3. Managing Director - Kalliopi Vernadaki 4. Deputy Vice President - Evangelos Papaevaggelou Certified Auditors : Vassilis Kazas (SOEL. Reg No 13281) 5. Non Executive member - Paraskevi Kavoura Athanasia Arampatzi (SOEL. Reg No 12821) 6. Independent non executive member - Georgios Katsaros Auditing company : Grant Thornton S.A. (Reg No SOEL. 127) 7. Independent non executive member – Nikolaos Velissariou Auditor's opinion : Unqualified opinion THE GROUP THE GROUP THE COMPANY 30/6/2015 30/6/2014 30/6/2015 30/6/2014 1/7/2014- 30/6/2015 1/7/2013- 30/6/2014 1/7/2014- 30/6/2015 1/7/2013- 30/6/2014 ASSETS Tangible fixed assets and Intangible assets 497.881.150 445.854.905 289.382.423 294.326.688 Turnover 582.548.135 541.847.153 518.969.929 491.555.418 Investments property 6.118.721 6.501.891 6.118.721 6.501.891 Gross profit / (Loss) 309.705.031 287.809.705 242.010.038 234.091.050 Other non current assets 29.089.329 30.074.180 194.577.299 153.181.896 Profit / (Loss) before tax, financial Inventories 197.792.010 186.179.153 172.697.801 166.012.254 and investment results 137.936.653 127.122.817 105.049.293 100.271.224 Trade debtors 15.546.511 30.700.007 41.746.395 35.576.952 Profit / (loss) before tax 136.950.418 129.978.935 101.717.465 99.640.788 Other current assets 343.899.537 334.626.875 208.957.588 233.675.057 Less tax (32.113.054) (28.729.774) (27.054.062) (26.613.481) TOTAL ASSETS 1.090.327.258 1.033.937.011 913.480.227 889.274.738 Profit / (loss) after tax (Α) 104.837.364 101.249.161 74.663.403 73.027.307 EQUITY AND LIABILITIES Attributable to: Share Capital 161.911.113 161.911.113 161.911.113 161.911.113 -Owners of the Company 104.837.364 101.249.161 74.663.403 73.027.307 Other Shareholder's Equity Items 635.297.434 582.599.245 471.504.619 446.325.672 -Non-Controlling Interest - - - - Total Shareholder's Equity (a) 797.208.547 744.510.358 633.415.732 608.236.785 Other comprehensive income after tax (B) (3.157.660) 3.423.746 (502.942) 340.638 Non-Controlling Interest (b) - - -- Total comprehensive income after tax (A) + (B) 101.679.704 104.672.906 74.160.461 73.367.945 Total Equity (c)= (a)+(b) 797.208.547 744.510.358 633.415.732 608.236.785 -Owners of the Company 101.679.704 104.672.906 74.160.461 73.367.945 Long term liabilities from loans 143.916.512 143.675.000 143.916.512 143.675.000 -Non-Controlling Interest - - - - Provisions / Other long term liabilities 25.720.528 12.432.815 12.724.426 12.385.655 Profit / (loss) after taxes per basic share (in €) 0,7705 0,7443 0,5488 0,5368 Short term borrowings 2.877.527 20.039.718 2.669.667 20.039.718 Profit / (Loss) before tax, financial, Other short term liabilities 120.604.144 113.279.120 120.753.890 104.937.580 investment results, depreciation and amortization 159.262.340 146.515.521 120.018.853 114.657.359 Total liabilities (d) 293.118.711 289.426.653 280.064.495 281.037.953 Total Equity and Liabilities (c) + (d) 1.090.327.258 1.033.937.011 913.480.227 889.274.738 THE GROUP THE COMPANY 1/7/2014- 30/6/2015 1/7/2013- 30/6/2014 1/7/2014- 30/6/2015 1/7/2013- 30/6/2014 Operating activities Profits for the year before taxes 136.950.418 129.978.935 101.717.465 99.640.788 Plus/minus adjustments for: Depreciation of tangible and intangible assets 21.248.872 19.375.889 14.902.182 14.368.977 238.007 180.346 233.640 175.020 38.559 - 50.179 - 2.731.855 (152.351) 2.722.418 (152.008) Interest and related income (9.047.370) (9.525.033) (6.584.504) (5.867.714) Interest and related expenses 7.378.565 6.236.038 7.261.292 6.093.829 Effective interest rate differences of convertible bond loan - (46.335) - (46.335) Exchange Differences (124.952) (76.542) (31.730) (45.307) 159.413.954 145.970.947 120.270.942 114.167.250 Changes in Working Capital (Increase)/decrease in inventories (11.612.857) (10.150.178) (6.685.548) (5.165.918) (Increase)/decrease in trade and other receivables 12.188.831 (12.063.753) (5.224.683) (1.468.265) (Increase)/decrease in other current assets (215.080) 682.392 (76.662) 698.536 (Increase)/decrease in short term pledged bank deposits 7.138.988 7.138.988 - - - 6.205.684 - - Increase / (Decrease) in liabilities (excluding loans) 731.540 9.028.769 (6.681.772) 6.783.333 Other (6.839) (77.233) (6.841) (82.921) Minus: Interest expense paid (7.048.438) (6.281.943) (6.932.255) (6.149.109) Income tax paid (31.676.155) (18.308.094) (27.968.322) (16.672.375) Total cash flows from operating activities (a) 128.913.944 122.145.579 66.694.859 92.110.531 Investing activities Share Capital increase of subsidiary - - (25.000.002) (2.000.004) Reduction of subsidiary's share capital - - - 20.000.000 Purchases of tangible and intangible assets (59.146.194) (35.866.964) (12.132.395) (31.771.720) Sales of tangible & intagible assets 2.867.696 568.286 2.867.696 566.647 Purchases of investments held to maturity - (207.771.760) - (207.771.760) Proceeds from investments held to maturity - 209.881.000 - 209.881.000 Interest received 9.313.485 7.623.121 6.617.982 4.231.057 Investments in financial assets available for sale (6.268.188) 2.287.175 - 2.287.175 - 1.811.314 - 1.811.314 Total cash flows from investing activities (b) (53.233.201) (21.467.828) (27.646.719) (2.766.291) Financing activities Expenses for Capital Increase - (101.668) - (101.668) Proceeds from borrowings 2.877.527 175.000.000 2.669.667 175.000.000 Bond issue expenses - (1.345.000) - (1.345.000) Loan repayments (20.039.718) (156.324.054) (20.039.718) (155.544.549) Payment of finance lease liabilities (1.373.561) (344.624) (1.373.561) (344.624) Dividends paid (45.785.283) - (45.785.283) - Total cash flows from financing activities ( c) (64.321.035) 16.884.654 (64.528.895) 17.664.159 Increase/(decrease) in cash and cash equivalents (a)+(b)+(c) 11.359.708 117.562.405 (25.480.755) 107.008.399 Cash and cash equivalents at the beginning of the year 287.567.276 170.014.243 195.373.828 88.365.429 Exchange difference of cash and cash equivalents (8.576) (9.372) - - Cash and cash equivalents at the end of the year 298.918.408 287.567.276 169.893.073 195.373.828 Cash in hand 4.031.446 2.780.725 3.582.257 2.407.000 Carrying amount of bank deposits and bank overdrafts - 2.780.663 - - Sight and time deposits 294.886.962 282.005.888 166.310.816 192.966.828 Cash and cash equivalents at the end of the year 298.918.408 287.567.276 169.893.073 195.373.828 THE GROUP THE COMPANY 30/6/2015 30/6/2014 30/6/2015 30/6/2014 ADDITIONAL ITEMS AND INFORMATION Results from investing activities(income,expenses,profits,losses) CASH FLOW STATEMENT-INDIRECT METHOD (consolidated and non-consolidated) amounts in € FIGURES AND INFORMATION FOR THE ANNUAL PERIOD 1 JULY 2014 TO 30 JUNE 2015 Investments in financial assets at fair value through profit/loss account STATEMENT OF CHANGES IN EQUITY (consolidated and non-consolidated) amounts in € Pension liability provisions (net) Other provisions Operating profit before changes in the operating capital THE COMPANY 1. President of the Board of Directors - Apostolos- Evangelos Vakakis COMPANY'S INFORMATION Date of approval of the annual financial statements by the Board of directors : 25/9/2015 Ministry of Finance, Development and Tourism, General Secretariat for Trade and Consumer Protection, Address Societe Anonyme and Credit (Increase)/decrease in long term pledged bank deposits STATEMENT OF FINANCIAL POSITION STATEMENT OF TOTAL COMPREHENSIVE INCOME (consolidated and non-consolidated) amounts in € (consolidated and non-consolidated) amounts in € The following figures and information that derive from the Financial Statements, aim to provide general information about the financial position and the results of JUMBO S.A. and JUMBO Group. Consequently, we recommend to the reader, before proceeding to any type of investment choice or other transaction with the Company, to visit the company's web-site, where the Financial Statements prepared according to the International Accounting Standards are posted, as well as the Independent Auditor's Report. References to the "COMPANY" or "JUMBO S.A." indicate, unless contents state otherwise, the "JUMBO" Group and its consolidated subsidiaries. 1. The Financial Statements have been prepared based on accounting principles, used under the preparation of the Financial Statements of the previous year 2013-2014 (01.07.2013-30.06.2014), apart from changes to accounting standards and interpretations mentioned in note 3.1 to the Financial Statements. As at 30.06.2015, there is no change in the consolidation method in comparison to the financial year ended on 30.06.2014. 2. As compared to the previous year, the consolidated Financial Statements incorporate for the first time, under full consolidation method, the newly acquired by the subsidiary "Jumbo Trading Ltd" company "Rimokin Properties Ltd", "Geocam Holdings Limited" and "Geoform Limited", the reference to which is made in Note 4.3 of the Financial Statements. Regarding the current reporting period, this incorporation has not caused significant changes to the turnover, earnings after tax and non-controlling interest and the parent owners' equity. There are no changes in the consolidation method regarding the other consolidated companies and there are no companies or joint ventures that are not included in the Consolidated Financial Statements. 3. There are no liens on the Group's and Company's assets on 30.06.2015. In order to obtain bank overdrafts for a Group's subsidiary, the amount of € 952.903 has been granted as pledge in the form of restricted bank deposits. 4. Number of staff employed: 5. There are no litigious cases, the negative outcome of which might have a significant effect on the financial results of the Group and the Company. 6. The Group's and the Company's amount of the cumulative provisions, for every of the following categories, is as following: Category (amounts in €) The Group The Company Provisions for significant litigations or arbitrations 70.229 70.229 Provision for tax unaudited financial years 164.202 146.708 Other provisions 23.702 - 7. The fiscal years that are unaudited by the tax authorities for the Company and the Group's subsidiaries are analytically presented in Note 5.34 of the Financial Statements. 8. Income and expenses, cumulatively from the beginning of the accounting period and payables and receivables of the Company at the end of the current reporting period which have arisen from transactions with related parties according to the IAS 24 are as follows: Amounts in € The Group The Company a) Income - 82.184.057 b) Expenses 418.829 2.457.003 c) Receivables - 26.234.485 d) Payables - 20.708.461 e) Transactions and remuneration of key executives and management 2.204.632 1.638.655 f) Receivables from key executives and management - g) Payables to key executives and management - - During the annual period 01.07.2014-30.06.2015 JUMBO EC. R. SRL had expenses from purchases and services from JUMBO EC.B. LTD of total amount of € 445.899. On 30.06.2015 JUMBO EC.R. SRL had a liability amount of € 20.456 to JUMBO EC.B LTD and JUMBO S.A. to JUMBO EC.R. SRL amount of € 20.708.461. All intercompany transactions and balances of the companies that have been included in the consolidation have been eliminated from the above Annual Financial Statements. 9. The Group companies included in the Consolidated Financial Statements and their registered addresses, participation, interest and method of consolidation are presented in note 4.3 of the Financial Statements. 10. Net investments for acquisition of fixed assets for the period 01.07.2014-30.06.2015 for the Company came to € 12.510 thousand and for the Group to € 75.897 thousand. 11. As at the end of the current reporting period, the Company or its subsidiaries have not acquired any shares of the Parent Company. 12. On August 28, 2014, the increase of the share capital of the Bank of Cyprus by the shareholders of the bank at a price of € 0,24 per share was confirmed. JUMBO TRADING LTD purchased 26.117.453 shares of Bank of Cyprus, total value of € 6.268.188. The price of the share as at 30.06.2015 was € 0,195 given the shares valuation, and a loss of € 2.394.774 has arisen recorded in the statement of Other Comprehensive Income in the Financial Statements. 13. In August, September, December 2014 and June 2015, the subsidiary JUMBO EC. R SRL proceeded with four more share capital increases of € 46m as a total. On 30.06.2015, the subsidiary's share capital after the above increases amounts to € 48,9m. All the above increases were covered by 100% by the parent company. The amount of € 20,7m that concerns the June's share capital increase was paid in July 2015. 14. The Annual Regular General Meeting of the shareholders held on 17.10.2014 approved among other issues the distribution of a dividend from the earnings of the financial year 2013-2014 of gross amount of € 24.490.756,62 or 0,18 Euro (gross amount) per share, from which amount, in accordance to article 6 of Law 4110/2013, a 10% tax is withheld, if required. As a result, the final amount of dividend paid is 0,162 Euro per share (net amount). The payment of the above mentioned dividend started on 30.10.2014. 15. The Extraordinary General Meeting of the shareholders held on 12.12.2014 approved the distribution to the shareholders of the Company of an extraordinary dividend from taxed and undistributed profits of previous fiscal years and, specifically, from the year ended on 30/06/2015 30/06/2014 The Group Permanent 4.065 3.767 Seasonal 670 331 Total 4.735 4.098 30/06/2015 30/06/2014 The Company Permanent 2.974 2.957 Seasonal 332 120 Total 3.306 3.077
| The decision of the Extraordinary Statutory General Meeting was confirmed, as required by law, by the Annual Regular Meeting which was | (continuing/ discontinuing operations) | |||||
|---|---|---|---|---|---|---|
| held on 17.10.2014. 17. Regarding the Other Comprehensive Income (after tax) for the Group, an amount of € (3.157.660) is analyzed as expense of € 257.247 from FX foreign subsidiary translation differences, expenses of € 505.639 pertaining to actuarial losses and expenses of € 2.394.774 from valuation of financial assets available for sale. Respectively, Other Comprehensive Income for the Company amount of € (502.942) pertaining to actuarial losses. 18. On 17.2.2015, the subsidiary "JUMBO TRADING LTD" acquired 100% of the shares of the company "Rimokin Properties Limited". The agreed consideration stood at 9,69 million Euro. Analytical information is presented in Note 4.3 of the Financial Statements. 19. On 13.03.2015, the subsidiary "JUMBO TRADING LTD" acquired 100% of the shares of the companies "Geocam Holdings Limited" and "Geoform Limited". The agreed upon consideration stood at 2.000 Euro each. Analytical information is presented in Note 4.3 of the Financial Statements. 20. The Company's BoD will propose to the Annual General Meeting no dividend distribution for the financial year 2014/2015. The non dividend distribution from the profits of the current reporting period will be subject to the next Annual General Meeting of Shareholders' approval, which should be decided under the necessary quorum and majority in accordance with the relevant provisions of the Law 2190/1920. 21. Events after the end of the reporting period are presented in Note 13 of the Financial Statements. 22. Any differences in the sums are due to rounding. |
Increase / (Decrease) in Share Capital due to cοnversion of bond loan |
- | 177.835 | - | 177.835 | |
| Increase / (Decrease) in Share Capital due to capitalization of other reserve |
- | (17.870) | - | (17.870) | ||
| Dividends paid | (48.981.514) | - | (48.981.514) | - | ||
| Increase of reserve due to conversion of bond loan | - | 698.698 | - | 698.698 | ||
| Net Income recorded directly to equity | - | (89.404) | - | (89.404) | ||
| Total equity at the end of the year (30.06.2015 and 30.06.2014 respectively) |
797.208.547 | 744.510.358 | 633.415.732 | 608.236.785 | ||
| Moschato , 25 September 2015 | ||||||
| THE PRESIDENT OF THE BOARD OF DIRECTOR | THE MANAGING DIRECTOR | THE VICE-PRESIDENT OF THE BOD | THE HEAD OF THE ACCOUNTING DEPARTMENT | |||
| APOSTOLOS- EVANGELOS VAKAKIS SON OF GEORGE KALLIOPI VERNADAKI DAUGHTER OF EMMANOUIL |
IOANNIS OIKONOMOU SON OF CHRISTOS | PANAGIOTIS XIROS SON OF KON/NOS | ||||
| Identity card no ΑΜ 052833/2014 | Identity card no Φ 099860/2001 | Identity card no X 156531/2002 | Identity card no Λ 370348/1977 H.E.C. Licence No. 0018111 / A' Class |
30.06.2013, equal to EUR 0,18 per share (gross amount). The payment of the above mentioned dividend started on 05.01.2015. The decision will be subject to the next Annual General Meeting of Shareholders' approval, that will be held at 11.11.2015
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