Quarterly Report • Feb 25, 2016
Quarterly Report
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REG No. 7650/06/B/86/04 - G.E.MI.No. 121653960000 Cyprou 9 & Hydras Street, Moschato Attikis, 183 46
SIX-MONTH FINANCIAL REPORT For the period from 1 July 2015 to 31 December 2015 (According to Article 5, Law 3556/2007)
| Page | |||
|---|---|---|---|
| I. | 4 | Statements of the members of the Board of Directors (according to Article 5, par. 2, Law 3556/2007) | |
| II. | Independent Auditor's Review Report on Interim Financial Information 5 | ||
| III. | Board of Directors' Report 6 | ||
| IV. | Interim Corporate and Consolidated Financial Statements for the financial period 01.07.2015- 31.12.2015 17 |
||
| A. | INTERIM STATEMENT OF TOTAL COMPREHENSIVE INCOME OF H1/Q2 17 | ||
| B. | CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME OF H1/Q2 19 | ||
| C. | CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION 20 | ||
| D. | CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY - CONSOLIDATED 21 | ||
| E. | 23 | CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY OF THE PARENT - COMPANY | |
| F. | CONDENSED INTERIM STATEMENT OF CASH FLOWS 25 | ||
| G. | SELECTED EXPLANATORY NOTES TO THE INTERIM SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS AS AT 31st DECEMBER 2015 26 |
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| 1. | Information 26 | ||
| 2. | Nature of Operations 26 | ||
| 3. | Accounting Principles Summary 27 | ||
| 3.1 | New Standards, Interpretations, Revisions and Amendments to existing Standards that are effective and have been adopted by the European Union 28 |
||
| 3.2 | The Group Structure 28 | ||
| 4. | Notes to the Financial Statements 30 | ||
| 4.1 | Segment Reporting 30 | ||
| 4.2 | Income tax 33 | ||
| 4.3 | Earnings per share 33 | ||
| 4.4 | Property plant and equipment 34 | ||
| 4.5 | Investment property (leased properties) 38 | ||
| 4.6 | Investments in associates 39 Financial Assets available for sale 39 |
||
| 4.7 4.8 |
Trading Securities – Financial Derivatives 40 | ||
| 4.9 | Fair value of financial assets 40 | ||
| 4.10 | Other long term receivables 41 | ||
| 4.11 | Long term and short term restricted bank deposits 42 | ||
| 4.12 | Cash and cash equivalents 42 | ||
| 4.13 | Equity 42 | ||
| 4.13.1 | Share capital 42 | ||
| 4.13.2 | Share Premium and Other reserves 43 | ||
| 4.14 | Long term loan liabilities 44 | ||
| 4.15 | Short-term loan liabilities 44 | ||
| 4.16 | Deferred tax liabilities 45 | ||
| 4.17 | Current tax liabilities 45 | ||
| 4.18 | Cash flows from operating activities 46 | ||
| 4.19 | Contingent Liabilities / Contingent Assets 46 | ||
| 4.20 | Unaudited Fiscal Years 47 |
| 5. | Transactions with related parties 48 | |
|---|---|---|
| 6. | Management Fees 50 | |
| 7. | Lawsuits and Litigations 50 | |
| 8. | Number of employees 51 | |
| 9. | Seasonal fluctuation 51 | |
| 10. | Significant events during the period 01.07.2015-31.12.2015 51 | |
| 11. | Events subsequent to the Statement of Financial Position date 51 | |
| H. | Figures and Information for the period 01.07.2015-31.12.2015 53 | |
The following members of the Board of Directors of "JUMBO SA"
certify that as far as we know, in our property as persons appointed by the Board of Directors of the company under the title "JUMBO SA" (henceforth referred to "the Company") as follows:
Moschato, 24 February 2016 The designees
| Apostolos - Evangelos Vakakis | Ioannis Oikonomou | Sofia Vakaki |
|---|---|---|
| President of the Board of Directors | Vice-President of the Board of Directors |
Appointed Consultant |
We have reviewed the accompanying condensed separate and consolidated statement of financial position of JUMBO SA as at 31 December 2015 and the relative condensed separate and consolidated statement of profit or loss and comprehensive income, changes in equity and cash flows for the six-month period then ended, as well as the selected explanatory notes, that comprise the interim financial information, which form an integral part of the six-month financial report of Law 3556/2007. Management is responsible for the preparation and fair presentation of this condensed interim financial information, in accordance with International Financial Reporting Standards, as adopted by European Union and apply for interim financial reporting (International Accounting Standard "IAS 34"). Our responsibility is to express a conclusion on this condensed interim financial statements based on our review.
We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Auditing Standards 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 International Accounting Standard "IAS 34".
Based on our review, we concluded that the content of the six-month financial report, as required by the article Law 3556/2007, is consistent with the accompanying condensed interim financial information.
Athens, 24 February 2016
The Chartered Accountants
Marios Lasanianos
I.C.P.A. Reg. No 25101
Athanasia Arampatzi I.C.P.A. Reg. No 12821
Dear Shareholders,
The current six-month report of the Board of Directors concerns the period of the first six months of the current financial year 2015/2016 (01.07.2015-31.12.2015). The Report has been prepared according to the relative provisions of Law 3556/2007 (Government Gazette 91A/30.04.2007) as well as the publicized resolution of the BoD of the Hellenic Capital Market Commission (Decision 1/434/03.07.2007 and Decision 7/448/11.10.2007).
The current report briefly describes financial information for the six-month period, the most significant events that took place during this period and their effect on the financial statements of this period regarding Jumbo SA and Jumbo Group. Moreover, it provides a description of the main risks and uncertainties the Group and Company might be faced during the second half of the financial year as well as the most significant transactions that took place between the issuer and its related parties.
Turnover: The Group's turnover reached € 371,75 mil, presenting an increase of 8,97%, as compared to the respective period of the last financial year, with a turnover of € 341,13 mil. The Company's turnover amounted to € 317,05 mil, presenting an increase of 4,49% as compared to the respective period of the last financial year, with a turnover of € 303,43 mil.
During the first six months of the current financial year, Jumbo Group has operated the new store in Pitesti, Romania (12.000 sqm).
At the end December 2015, the Group's network had 73 stores in four countries. More specifically, the Group had 53 stores in Greece, 5 in Cyprus, 8 in Bulgaria and 7 in Romania and also an on-line store, e-Jumbo.
Gross profit: The Group's gross profit margin for the period 01.07.2015-31.12.2015 reached 51,54% from 50,97% recorded in the respective period of the last financial year. The decrease of the transportation costs as well as the commodity prices contributed to the improvement of the gross margin despite the strengthening of the US dollar against the Euro.
Respectively, the Company's gross profit margin for the period 01.07.2015-31.12.2015 reached 44,21% compared to 44,28% in the respective period of the last financial year.
Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA): Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) of the Group reached € 105,48 mil from € 91,65 mil in the respective period of the last financial year and the EBITDA margin stood at 28,37% from 26,87% in the respective period of the last financial year. Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA) for the Company, reached € 72,02 mil as compared to € 66,73 mil in the respective period of the last financial year and the EBITDA margin stood at 22,72% from 21,99% in the respective period of the last financial year.
Net Profits after tax: Net Consolidated Profits after tax reached € 72,52 mil. from € 62,67 mil. in the respective period of the last financial year, i.e. increased by 15,72%.
Net Profits after tax for the Company reached € 46,09 mil. from € 42,61 mil. in the respective period of the last financial year, i.e. increased by 8,16%.
Net cash flows from operating activities: Net cash flows from operating activities of the Group amounted to € 145,94 mil. from € 107,78 mil. with investments in assets and other investing activities amounting to € 16,22 mil during the first six months of the current financial year, net cash flows after investing and operating activities amounted to € 129,71 mil for the Group, during the first six months of the current financial year from € 74,97 mil in the respective period of the previous financial year. Cash available after financing activities amounted to € 426,40 mil. for the first six months of the current financial year from € 316,46 mil in the respective period of the previous financial year.
Net cash flows from operating activities of the Company amounted to € 118,47 mil. from € 79,44 mil. with investments in assets and other investing activities amounting to € 27,05 mil during the first six months of the current financial year, net cash flows after investing and operating activities stood at € 91,42 mil during the first six months of the current financial year from net cash outflows after investment and operating activities of € 52,62 mil in the respective period of the previous financial year. Cash and cash equivalent after financing activities amounted to € 258,65 mil during the first six months of the current financial year from € 202,10 mil in the respective period of the previous financial year.
Earnings per share: The Group's basic earnings per share for the period ended on 31.12.2015 reached € 0,5330 as compared to € 0,4606 in the respective period of the previous financial year, i.e. increased by 15,72% and the Company's basic earnings per share reached € 0,3387, increased by 8,14% from 0,3132 in the respective period of the previous financial year.
Earnings/(losses) per share were calculated based on allocation of profit/ (loss) after tax over the total weighted average number of the Company's shares.
Tangible Fixed Assets: As at 31.12.2015, the Group's Tangible Fixed Assets stood at € 501,71 mil and represented 42,55% of the Total Assets as compared to the amount of € 504,00 mil , recorded as at 30.06.2015, which represented 46,22% of the Total Assets.
As at 31.12.2015, the Company's Tangible Fixed Assets stood at € 294,72 mil and represented 30,64% of the Total Assets as compared to the amount of € 295,50 mil, recorded as at 30.06.2015, which represented 32,35% of the Total Assets.
Inventories: On 31.12.2015, inventories of the Group amounted to € 152,57 mil compared to € 197,79 mil on 30.06.2015 and represented 12,94% of Total Consolidated Assets which on 31.12.2015, compared to 18,14% on 30.06.2015. On 31.12.2015, inventories of the Company amounted, respectively, to € 129,68 mil compared to € 172,70 mil recorded on 30.06.2015 and represented 13,48% of Total Assets of the Company, compared to 18,91% on 30.06.2015.
Long term bank liabilities: On 31.12.2015, long term bank liabilities of the Group amounted to € 144,05 mil (€ 144,05 mil for the Company) i.e. 12,22% of Total Liabilities (14,98% for the Company) compared to € 143,92 mil for the Group and for the Company on 30.06.2015.
Equity: Consolidated Equity on 31.12.2015 amounted to € 866,62 mil compared to € 797,21 mil on 30.06.2015 and represented 73,49% of the Group's Total Equity and Liabilities. Equity for the Parent Company on 31.12.2015 amounted to € 679,60 mil compared to € 633,42 mil on 30.06.2015 representing 70,65% of the Company's Total Equity and Liabilities. The increase in the Group's Equity is mainly attributed to the Group and the Company profitability.
Net borrowing ratio: During the first six months of the current financial year, cash balances of the Group were higher than the total borrowings by the amount of € 281,20 mil and, as a consequence, at 31.12.2015, total net borrowings were negative. At 30.06.2015, cash balances of the Group were higher
than the total borrowings by the amount of € 152,12 mil and, as a consequence, total net borrowings were negative.
During the first six months of the current financial year, cash balances of the Company were higher than the total borrowings by the amount of € 114,60 mil and, as a consequence, at 31.12.2015, total net borrowings were negative. At 30.06.2015, cash balances of the Company were higher than the total borrowings by the amount of € 23,31 mil and, as a consequence, total net borrowings were negative.
The Group recognizes four geographical segments Greece, Cyprus, Bulgaria and Romania as information segments. The Management's strategic decisions are based on the readjusted operating results of every segment, are used for profitability measurement.
On 31.12.2015, the total amount of earnings before taxes, financial and investment results allocated among the four segments stood at € 109,47 mil and the non-allocated amount stood at losses of € 15,21 mil. This amount includes several non-allocated expenses (the total of the allocated and nonallocated results, an amount of € 94,26 mil represents earnings before taxes, financial and investment results).
Respectively, on 31.12.2014, the total amount of earnings before taxes, financial and investment results allocated among the four segments stood at € 96,23 mil and the non-allocated amount stood at losses of € 15,23 mil. This amount includes several non-allocated expenses (the total of the allocated and non-allocated results, an amount of € 81,00 mil represents earnings before taxes, financial and investment results).
For the period 01.07.2015-31.12.2015, the segment of Greece represented 71,34% of the Group's turnover, while it also contributed 66,15% of allocated earnings before taxes, financial and investment results. For the respective period of the previous financial year, this segment represented 75,15% of turnover, while it contributed 70,41% of allocated earnings before taxes, financial and investment results.
For the period 01.07.2015-31.12.2015, the segment of Cyprus represented 12,32% of the Group's turnover, while it also contributed 16,12% of allocated earnings before taxes, financial and investment results. For the respective period of the previous financial year this segment represented 12,73% of turnover, while it contributed 16,99% of allocated earnings before taxes, financial and investment results.
For the period 01.07.2015-31.12.2015, the segment of Bulgaria represented 8,69% of the Group's turnover, while it also contributed 9,23% of allocated earnings before taxes, financial and investment results. For the respective period of the previous financial year this segment represented 8,39% of turnover, while it contributed 8,69% of allocated earnings before taxes, financial and investment results.
For the period 01.07.2015-31.12.2015, the segment of Romania represented 7,65% of the Group's turnover, while it also contributed 8,51% of allocated earnings before taxes, financial and investment results. For the respective period of the previous financial year this segment represented 3,73% of turnover while contributed 3,92% of allocated earnings before taxes, financial and investment results.
The Group's policy is to monitor its results and performance on a monthly basis, thus timely and effectively identifying deviations from its objectives and undertaking necessary corrective actions. The Group 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 of the two last years and the average of the total borrowings of the two last years.
ROE (Return on Equity): this ratio divides the Earning After Tax (EAT) with the average Equity of the two last years.
The significant events which took place during the first half of the current financial year (July 2015-December 2015), and had a positive or negative effect on the interim financial statements are the following.
In July 2015, the amount of € 20,7 million was paid in respect of the share capital increase of the subsidiary company JUMBO EC.R SRL. The share capital of the subsidiary as at 31.12.2015 amounts to € 48.9 million.
The Annual Regular General Meeting of the shareholders held on 11.11.2015 approved, among other issues, non-distribution of dividends from the profits of the financial year 2014-2015.
In October, Jumbo S.A. proceeded with the expansion of its store in the Port of Thessaloniki through the acquisition of 3.296,05 sqm for EUR 3,2 million. Moreover, in December, Jumbo proceeded with expansion of its warehouse facilities at Inofyta, adding 8.308 sqm of land and 2.557 sqm of building for EUR 400 thousand.
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 Group's financial results which arises from the inability to predict financial markets and variation in cost and revenue variables.
The risk management policy is carried out by the Management of the Group, which evaluates the risks related to the Group's activities, plans methodology and selects suitable financial products for risk reduction.
The Group's financial instruments include mainly bank deposits, banks overdrafts, trade debtors and creditors, dividends paid, leasing liabilities and loans.
Despite the challenging macroeconomic and financial environment in Greece, the Group and the Company successfully responded to the specific conditions of the Greek economy, recording an increase of sales by 8,97% y-o-y and 4,49% y-o-y respectively. Having already experienced capital control restriction in Cyprus, the Group Management was prepared to take the necessary steps to adequately address the impact of capital restriction imposed in Greece. In particular: a) the Group had sufficient stocks to facilitate uninterrupted supply of the stores, b) the Company and its subsidiaries were adequately capitalized, with no liquidity problems and cash and cash equivalents exceeded the bank loans, c) the Group has a significant presence in Greece, but due to its export orientation, 29% of its revenue refer to foreign operations. Combined with the existing provisions for the implementation of imports, the needs of the Group are counterbalanced.
Based on the overall evaluation, the Group Management has concluded there is no need to recognize provisions or impairment charges for the period ended December 31, 2015.
The Group Management continuously assesses the situation and its possible consequences and takes all the necessary measures to maintain the viability of the Group in order to minimize any adverse impact on the Group's activities and facilitate extension of its operations in the current business and economic environment. However, it is to be noted that the company viability is inextricably linked to the sustainability of the country in its efforts for reconstruction within the European environment.
The Group operates internationally and, therefore, is exposed to foreign exchange risk, which arises mainly from U.S. Dollar and Romanian Lei (RON). This risk mostly arises from transactions, payables in foreign currency and the operation of the Group through its subsidiary company in Romania. The Group addresses this risk through the strategy of early stocking that provides the opportunity to purchase inventories at more favorable prices, while the Group has the opportunity to review its pricing policy through its main operation activity, which is retail sales.
Οn 21.05.2014 the parent company signed an agreement with a financial institution regarding the coverage of a five-year duration Common Bond Loan, of a maximum amount up to €145 million on favourable terms. The interest rate is six-month euribor + 4% margin. The loan will be fully repaid at maturity.
The main part of the Group's sales concerns retail sales (for which cash is collected), while wholesale sales are 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. To minimize this credit risk as regards cash and cash equivalent, the Group performs transactions only 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 operations. The Group ensures that sufficient available credit facilitations exist, so that it is capable of covering the short-term business needs, after calculating cash inflows arising from its operation as well as its cash and cash equivalents.
Demand for products and services as well as the Company's sales and final economic results are affected by external factors such as political instability, economic uncertainty, capital controls and recession.
Moreover, factors such as taxes, political, economic and social changes that can affect Greece as a country and other countries, where the Group operates, can have a negative effect on the Company's and the Group's going concern, financial position and results.
In order to address the above risks, the Company constantly redesigns its products, focusing on cost constrain and timely creating sufficient stock at favourable prices.
During the last six years and, particularly, during the latest period, characterized by imposition of capital controls, the internal economic crisis and recession have caused significant problems both - in the public finances and private economy of our country, generating the risk of bankruptcy of some suppliers of the Company. In this case, the Company faces the risk of losing the advance payments that had been made for products acquisition.
As a safeguard from the aforementioned risk, the Company has contracted collaboration with a significant number of suppliers, none of whom holds a high percentage on the total amount of the advance payments.
Due to the specified nature of the Group΄s products, its sales present high level of seasonality. In particular, at Christmas, the Company records approximately 28% of its annual turnover, while sales fluctuations are observed during the months of 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 the peak seasons. The Group's potential inability to effectively address seasonal needs for working capital during the peak seasons may further increase financial
expenses and negatively affect its results and financial position.
The Group's inability to effectively address the increased demand during these specific periods as well as the delays in deliveries due to the imposition of capital control will probably adversely affect its annual results. Moreover, problems can arise due to external factors, such as severe 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 operate agencies in Greece. Moreover, the Company acquires its products from 163 suppliers that 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 and if there are delays in deliveries due to capital controls. Nevertheless, it is estimated that the risk of not renewing the cooperation with the 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 on the Company's sizes since none of the suppliers represents more than 6% of the Company's total sales.
The Company is established as a market leader within the retail sale of toys and infant supplies market. The 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.
70% of company's products originate from China. The facts that could lead to disruption of Chinese imports (such as embargo for Chinese imports or increased import taxes for Chinese imports or politicaleconomic crises and personnel strikes in China, capital controls) could interrupt the provision of the Company's selling points. Such potentiality would have a negative effect on the Company's operations and its financial position. Imposition of capital control could affect the Company's ability to timely receive the goods.
Threat or event of war or a terrorist attack or potential consequences for Greece from failure to meet the third rescue program or possible consequences of the continuing crisis in Eurozone and in the other countries where the Group operates are the factors that cannot be foreseen and controlled by the Company. Such events can affect the economic, political and social environment of the country and the Group in general.
The new fiscal year that started on July 1, 2015, was marked by the imposition of capital control in Greece, still effective currently. On July 28, discussions on the preparation of a new financial aid program started and on August 14, a Eurogroup agreement was endorsed.
During a difficult period for the Greek economy, in time of great uncertainty, the Group was timely prepared to have sufficient reserves to cope with the initial shock. Also, the Group's companies were sufficiently capitalized, with no liquidity problems and its cash and cash equivalents exceeded its bank loans.
In this context, the Group monitors and continually assesses the developments and will inform the investing public about any effect that the prevailing conditions may have on its operation, financial position and results. However, it is to be noted that the company viability is inextricably linked to the sustainability of the country in its efforts for reconstruction within the European environment.
The Group holds a leading position in the retail sale of toys, baby products, gift articles, household products, stationery and relevant and similar types of products and intends to maintain it. The
means to achieve this objective include continuous enrichment of variety of its trading products, based on developments and demand trends in the categories where the Group operates, maintaining product prices at competitive levels as well as e advertising of strong branding.
With regard to the Group stores network:
In Greece, on 31.12.2015, the Group operated 53 stores and e-jumbo shop. The Company's objective is to facilitate better management of the existing network and infrastructure through revaluation and upgrading the existing stores as announced and expansion of the network in the areas where the Company has had no presence so far through adding new stores in the following years. In the context of the above mentioned the company closed two small stores in January 2016 and as a result today the store network comprises 51 stores while the Company plans the opening of a new store in Greece during the next financial year.
In Bulgaria, the subsidiary company «Jumbo ΕC.B LTD», operated until 31.12.2015 eight stores, four in Sofia, one in Plovdiv, one in Varna, one in Burgas and one in Rousse. The Group aims to open two more stores in Bulgaria in the following years.
In Cyprus, the subsidiary company Jumbo Trading Ltd, operated until 31.12.2015 five stores. One in Nicosia, two in Lemessos, one in Larnaka and one in Paphos.
In Romania, the subsidiary company «Jumbo ΕC.R SRL» had until 31.12.2015 seven hyper-stores. Two in Bucharest, one in Timisoara, one in Oradea, one in Arad, one in Ploiesti and one in Pitesti. The Group aims to reach a network of 14-16 stores in the country in the following years.
Apart from "JUMBO S.A.", the group includes the following related companies:
1. The subsidiary company «Jumbo Trading LTD», based in Cyprus, in which the Parent company holds 100% of shares and 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. Moreover, the subsidiary company JUMBO TRADING LTD participates at the rate of 100% in the share capital of RIMOKIN PROPERTIES LTD, of GEOCAM HOLDINGS LIMITED and GEOFORM LIMITED.
2. The subsidiary company «JUMBO EC.B. LTD» based in Sofia, Bulgaria, in which the Parent company holds 100% of shares and the voting rights.
3. The subsidiary company «JUMBO EC.R. SRL» based in Bucharest, Romania in which the Parent company holds the 100% of shares and voting rights.
The most important transactions and balances between the Company and the related parties (except physical persons) on 31.12.2015, as defined in IAS 24, are as follows:
| Amounts in € | THE GROUP | THE COMPANY | |||
|---|---|---|---|---|---|
| Sales of products | 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 | |
| Subsidiaries | - | - | 51.830.763 | 47.059.785 | |
| Total | - | - | 51.830.763 | 47.059.785 | |
| Sales of services | 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 | |
| Subsidiaries | - | - | 14.526 | 13.194 | |
| Total | - | - | 14.526 | 13.194 | |
| Sales of tangible assets | 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 | |
| Subsidiaries | - | - | 445.321 | 384.686 | |
| Total | - | - | 445.321 | 384.686 |
| THE GROUP | THE COMPANY | ||||
|---|---|---|---|---|---|
| Purchases of products | 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 | |
| Subsidiaries | - | - | 900.138 | 866.859 | |
| Other related parties | - | 418.829 | - | 418.829 | |
| Total | - | 418.829 | 900.138 | 1.285.688 | |
| Purchases of tangible assets | 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 | |
| Subsidiaries | - | - | 7.089 | - | |
| Total | - | - | 7.089 | - | |
| Purchases of services | 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 | |
| Subsidiaries | - | - | - | - | |
| Total | - | - | - | - | |
| THE GROUP | THE COMPANY | ||||
| Receivables | 31/12/2015 | 30/6/2015 | 31/12/2015 | 30/6/2015 | |
| Subsidiaries | - | - | 14.227.422 | 26.234.485 | |
| Total | - | - | 14.227.422 | 26.234.485 | |
| Liabilities | 31/12/2015 | 30/6/2015 | 31/12/2015 | 30/6/2015 | |
| Subsidiaries | - | - | - | 20.708.461 | |
| Total | - | - | - | 20.708.461 |
The most important transactions and balances between the companies of the Group (except the parent company JUMBO S.A. that are not included in the above tables), as defined in IAS 24, are as follows:
| 31/12/2015 | 31/12/2014 | ||||
|---|---|---|---|---|---|
| Amounts in € | Income | Expenses | Income | Expenses | |
| JUMBO ΕC.B LTD with JUMBO ΕC.R SRL | 2.296 | - | - | 397.108 | |
| Total | 2.296 | - | - | 397.108 | |
| 31/12/2015 | 30/6/2015 | ||||
| Receivables | Liabilities | Receivables | Liabilities | ||
| JUMBO ΕC.B LTD with JUMBO ΕC.R SRL | - | - | 20.456 | - | |
| Total | - | - | 20.456 | - |
The above amounts have been eliminated at Group level.
Purchases of products from other related parties of the Group at 31.12.2014 relate to purchases of goods from the company TANOSIRIAN SA. The company Tanosirian S.A. is shareholder of the parent company Jumbo S.A.. A member of Tanosirian S.A. Management is also a member of the parent company's Management.
Sales and purchases of merchandise concern goods that the parent company trades, that is, toys, infantile items, stationery, home and seasonal goods. All the transactions described above have been carried out under the usual market terms. Also, the terms that govern the transactions with the above related parties are equivalent to those that prevail in arm's length transactions.
Apart from the above transaction with the affiliated companies, the paragraph below presents transactions with other related parties (key management and Board of Directors members).
Transactions with the Management at the Group and the Company level are analysed as follows:
| Transactions with Directors and BoD Members | THE GROUP | THE COMPANY |
|---|---|---|
| Amounts in euro | 31/12/2015 | 31/12/2015 |
| Short term employee benefits: | ||
| Wages and salaries | 621.578 | 330.912 |
| Insurance service cost Other fees and transactions with the members of the Board of Directors |
41.176 1.149.619 |
17.979 1.149.619 |
| Compensation due to termination of employment | 3.473 | 3.473 |
| Total | 1.815.846 | 1.501.983 |
| Pension Benefits: | 31/12/2015 | 31/12/2015 |
| Defined benefits plan | - | - |
| Defined contribution plan | - | - |
| Other Benefits plan | 302.094 | 302.094 |
| Payments through Equity | - | - |
| Total | 302.094 | 302.094 |
| Transactions with Directors and BoD Members | THE GROUP | THE COMPANY |
| Amounts in euro | 31/12/2014 | 31/12/2014 |
| Short term employee benefits: | ||
| Wages and salaries | 643.755 | 330.912 |
| Insurance service cost Other fees and transactions with the members of |
44.746 | 17.979 |
| the Board of Directors | 1.035.239 | 1.035.239 |
| Compensation due to termination of employment | 3.690 | 3.690 |
| Total | 1.727.430 | 1.387.820 |
| Pension Benefits: | 30/06/2015 | 30/06/2015 |
| Defined benefits plan | - | - |
| Defined contribution plan | - | - |
| Other Benefits plan | 269.278 | 269.278 |
| Payments through Equity | - | - |
No loans have been given to members of Board of Directors or other management members of the Group (and their families) and there are no receivables from members of Board of Directors or other management members of the Group and their families.
As part of the strategy and the network utilization, in January 2016 the Company proceeded with the closure of the leased stores in Kallithea and Seirios. The company's management believes that this event would not significantly affect the results of the current year. Consequently, until the date of approval of the six-month Financial Report, the Group had a network of 71 stores in four countries. More specifically, the Group had 51 stores, located in Greece, 5 in Cyprus, 8 in Bulgaria and 7 in Romania and also the on line store e-Jumbo.
The Board of Directors of JUMBO S.A. convened on 15.02.2016, following the resignation due to retirement of Ms. Kalliopi Vernadaki from the positions held as Executive Board member and as CEO of the Company, and discussed the replacement of the resigned member and the re-composition of the Board of Directors. The Board of Directors decided to replace the above Executive Board member with from Ms. Sophia Vakaki. The election will have to be approved at the first subsequent ordinary general meeting of shareholders.
There are no other events subsequent to the financial statements that affect the Group or the Company, for which reference under IFRS is required.
The current six-month report of BoD for the period 01.07.2015 – 31.12.2015 has been published on the company's website www.e-jumbo.gr.
With the authorization of the Board of Directors
Apostolos - Evangelos Vakakis
President of the Board of Directors
It is confirmed that the attached Interim Condensed Financial Statements for the period 01.07.2015- 31.12.2015, are the ones approved by the Board of Directors of JUMBO S.A. on February 24th, 2016 and available on the Company's website www.e-jumbo.gr where they will remain at the disposal of investors for at least five (5) years starting from their preparation and publication date. It is noted that condensed financial items and information published on ATHEX website and Company's website arising from condensed interim Financial Statements aim at providing the reader with a general update on the financial position and performance of the Company and the Group but do not provide a complete view of the financial position, financial performance and cash flows, according to the International Financial Reporting Standards.
Moschato, 24th February 2016
As and on behalf of Jumbo S.A. The President of the Board of Directors
Apostolos - Evangelos Vakakis
(All amounts are stated in Euro)
| THE GROUP | |||||
|---|---|---|---|---|---|
| Notes | 01/07/2015- 31/12/2015 |
01/10/2015- 31/12/2015 |
01/07/2014- 31/12/2014 |
01/10/2014- 31/12/2014 |
|
| Turnover | 4.1 | 371.745.679 | 219.117.352 | 341.133.497 | 195.622.211 |
| Cost of sales | (180.159.661) | (100.747.017) | (167.247.941) | (90.925.080) | |
| Gross profit | 191.586.018 | 118.370.336 | 173.885.556 | 104.697.131 | |
| Other income | 1.768.543 | 438.061 | 1.685.688 | 1.082.193 | |
| Distribution costs | (81.621.604) | (43.704.946) | (77.366.496) | (40.746.822) | |
| Administrative expenses | (13.398.380) | (6.348.113) | (12.999.716) | (6.463.310) | |
| Other expenses | (4.079.391) | (1.741.138) | (4.204.529) | (2.575.196) | |
| Profit before tax, interest and investment results |
94.255.187 | 67.014.199 | 81.000.503 | 55.993.996 | |
| Finance costs | (3.265.182) | (1.635.699) | (3.828.331) | (1.872.115) | |
| Finance income | 3.952.929 | 2.177.708 | 5.050.734 | 2.439.264 | |
| Other financial results | 1.872.240 | 91.520 | (796.640) | (657.280) | |
| 2.559.987 | 633.528 | 425.763 | (90.131) | ||
| Profit before taxes | 96.815.174 | 67.647.727 | 81.426.266 | 55.903.865 | |
| Income tax | 4.2 | (24.295.475) | (16.919.421) | (18.760.258) | (13.247.747) |
| Profits after income tax | 72.519.699 | 50.728.306 | 62.666.008 | 42.656.118 | |
| Attributable to: Shareholders of the parent company Non-controlling Interests |
72.519.699 - |
50.728.306 - |
62.666.008 - |
42.656.118 - |
|
| Earnings per share | |||||
| Basic earnings per share (€/share) | 4.3 | 0,5330 | 0,3728 | 0,4606 | 0,3135 |
| Earnings before interest, tax investment results, depreciation and amortization Earnings before interest, tax and investment results |
105.480.813 94.255.187 |
72.622.041 67.014.199 |
91.645.562 81.000.503 |
61.659.544 55.993.996 |
|
| Profit before tax | 96.815.174 | 67.647.727 | 81.426.266 | 55.903.865 | |
| Profit after tax | 72.519.699 | 50.728.306 | 62.666.008 | 42.656.118 |
| THE COMPANY | |||||||
|---|---|---|---|---|---|---|---|
| Notes | 01/07/2015- 31/12/2015 |
01/10/2015- 31/12/2015 |
01/07/2014- 31/12/2014 |
01/10/2014- 31/12/2014 |
|||
| Turnover | 4.1 | 317.045.279 | 185.017.849 | 303.434.500 | 172.070.249 | ||
| Cost of sales | (176.884.595) | (98.030.575) | (169.066.775) | (91.895.112) | |||
| Gross profit | 140.160.684 | 86.987.274 | 134.367.725 | 80.175.138 | |||
| Other income | 1.356.260 | 945.867 | 1.193.473 | 754.424 | |||
| Distribution costs | (63.780.906) | (33.365.384) | (63.120.772) | (32.373.459) | |||
| Administrative expenses Other expenses |
(10.161.863) (2.986.116) |
(4.851.924) (1.688.192) |
(10.260.725) (3.049.262) |
(5.008.194) (1.822.559) |
|||
| Profit before tax, interest and investment results |
64.588.059 | 48.027.642 | 59.130.439 | 41.725.350 | |||
| Finance costs | (3.165.773) | (1.579.045) | (3.747.459) | (1.872.941) | |||
| Finance income | 3.004.739 | 1.590.100 | 3.614.526 | 1.786.428 | |||
| Other financial results | 1.872.240 | 91.520 | (796.640) | (657.280) | |||
| 1.711.206 | 102.575 | (929.574) | (743.792) | ||||
| Profit before taxes | 66.299.265 | 48.130.217 | 58.200.865 | 40.981.558 | |||
| Income tax | 4.2 | (20.213.917) | (14.309.753) | (15.593.434) | (11.251.994) | ||
| Profits after income tax | 46.085.348 | 33.820.464 | 42.607.431 | 29.729.564 | |||
| Attributable to: Shareholders of the parent company |
46.085.348 | 33.820.464 | 42.607.431 | 29.729.564 | |||
| Non-controlling Interests | - | - | - | - | |||
| Earnings per share | |||||||
| Basic earnings per share (€/share) | 4.3 | 0,3387 | 0,2486 | 0,3132 | 0,2185 | ||
| Earnings before interest, tax investment results, depreciation and amortization Earnings before interest, tax and investment results |
72.019.929 64.588.059 |
51.719.961 48.027.642 |
66.732.724 59.130.439 |
45.611.398 41.725.350 |
|||
| Profit before tax | 66.299.265 | 48.130.217 | 58.200.865 | 40.981.558 | |||
| Profit after tax | 46.085.348 | 33.820.464 | 42.607.431 | 29.729.564 |
(All amounts are stated in Euro)
| THE GROUP | ||||
|---|---|---|---|---|
| 01/07/2015- 31/12/2015 |
01/10/2015- 31/12/2015 |
01/07/2014- 31/12/2014 |
01/10/2014- 31/12/2014 |
|
| Net profit (loss) for the period | 72.519.699 | 50.728.306 | 62.666.008 | 42.656.118 |
| Items that will not be subsequently reclassified in the income statement: |
||||
| Actuarial Gains / (Losses) | 9.542 | 9.542 | (2.998) | (2.998) |
| Deferred taxes on actuarial gains / (losses) Deferred taxes on actuarial gains / (losses)due to tax rate |
(954) | (954) | 300 | 300 |
| change | 34.561 | - | - | - |
| Items that potentially will be subsequently reclassified in the income statement: |
43.149 | 8.588 | (2.698) | (2.698) |
| Gain / (losses) of financial assets available for sale | (2.501.207) | (1.596.515) | (1.277.212) | (1.277.212) |
| Exchange differences on translation of foreign operations | (720.642) | (1.402.203) | (345.699) | (277.249) |
| (3.221.848) | (2.998.717) | (1.622.911) | (1.554.461) | |
| Other comprehensive income for the period after tax | (3.178.699) | (2.990.129) | (1.625.609) | (1.557.160) |
| Total comprehensive income for the period | 69.340.999 | 47.738.176 | 61.040.399 | 41.098.959 |
| Total comprehensive income for the period attributed to : Owners of the parent Non-controlling Interests |
69.340.999 - |
47.738.176 - |
61.040.399 - |
41.098.959 - |
| THE COMPANY | ||||
| 01/07/2015- 31/12/2015 |
01/10/2015- 31/12/2015 |
01/07/2014- 31/12/2014 |
01/10/2014- 31/12/2014 |
|
| Net profit (loss) for the period | 46.085.348 | 33.820.464 | 42.607.431 | 29.729.564 |
| Items that will not be subsequently reclassified in the income statement: |
||||
| Deferred taxes on actuarial gains / (losses)due to tax rate change |
34.561 | ‐ | - | ‐ |
| 34.561 | - | - | - | |
| Items that potentially will be subsequently reclassified in the income statement: |
||||
| Gain / (losses) of financial assets available for sale | - | - | - | - |
| Other comprehensive income for the period after tax | 34.561 | - | - | - |
| Total comprehensive income for the period | 46.119.909 | 33.820.464 | 42.607.431 | 29.729.564 |
| Total comprehensive income for the period attributed to : | ||||
| Owners of the parent | 46.119.909 | 33.820.464 | 42.607.431 | 29.729.564 |
| Non-controlling Interests | - | - | - | - |
(All amounts are stated in Euro unless otherwise mentioned)
| THE GROUP | THE COMPANY | ||||
|---|---|---|---|---|---|
| Assets | Notes | 31/12/2015 | 30/06/2015 | 31/12/2015 | 30/6/2015 |
| Non-current Assets | |||||
| Property, plant and | |||||
| equipment | 4.4 | 495.785.924 | 497.881.150 | 288.792.051 | 289.382.423 |
| Investment property | 4.5 | 5.927.136 | 6.118.721 | 5.927.136 | 6.118.721 |
| Investments in subsidiaries | 4.6 | - | - | 187.087.027 | 187.087.027 |
| Financial assets available for | 4.7/4.9 | ||||
| sale | 7.876.142 | 10.377.348 | - | - | |
| Other long term receivables Long term restricted bank |
4.10 | 17.448.573 | 17.759.078 | 7.456.459 | 7.490.272 |
| deposits | 4.11 | 952.903 | 952.903 | - | - |
| 527.990.678 | 533.089.200 | 489.262.673 | 490.078.443 | ||
| Current Assets | |||||
| Inventories | 152.571.977 | 197.792.010 | 129.676.377 | 172.697.801 | |
| Trade debtors and other | |||||
| trade receivables | 24.100.353 | 15.546.511 | 37.877.519 | 41.746.395 | |
| Other receivables | 36.609.686 | 33.250.940 | 35.243.000 | 28.231.165 | |
| Trading securities- Derivatives | 4.8/4.9 | 7.783.360 | 5.911.120 | 7.783.360 | 5.911.120 |
| Other current assets | 3.782.683 | 5.819.069 | 3.411.367 | 4.922.230 | |
| Cash and cash equivalents | 4.12 | 426.396.488 | 298.918.408 | 258.648.084 | 169.893.073 |
| 651.244.547 | 557.238.058 | 472.639.707 | 423.401.784 | ||
| Total assets | 1.179.235.225 | 1.090.327.258 | 961.902.380 | 913.480.227 | |
| Equity and Liabilities | |||||
| Equity attributable to the | |||||
| shareholders of the parent | |||||
| Share capital Share premium |
4.13.1 | 161.911.113 | 161.911.113 | 161.911.113 | 161.911.113 |
| Translation reserve | 4.13.2 | 7.768.954 (1.613.517) |
7.702.078 (892.875) |
7.768.954 - |
7.702.078 - |
| Other reserves | 4.13.2 | 435.730.423 | 361.636.240 | 437.354.960 | 360.764.882 |
| Retained earnings | 262.819.451 | 266.851.991 | 72.567.490 | 103.037.659 | |
| 866.616.424 | 797.208.547 | 679.602.517 | 633.415.732 | ||
| Non-controlling Interests | - | - | - | - | |
| Total equity | 866.616.424 | 797.208.547 | 679.602.517 | 633.415.732 | |
| Non-current liabilities | |||||
| Pension and other employee | |||||
| obligations | 6.099.041 | 5.775.652 | 6.070.982 | 5.745.038 | |
| Long term loan liabilities | 4.14 | 144.052.427 | 143.916.512 | 144.052.427 | 143.916.512 |
| Other long term liabilities | 6.030.394 | 12.950.464 | 27.272 | 28.472 | |
| Deferred tax liabilities | 4.16 | 8.133.926 | 6.994.412 | 8.094.353 | 6.950.916 |
| Total non-current liabilities | 164.315.788 | 169.637.040 | 158.245.032 | 156.640.938 | |
| Current liabilities | |||||
| Provisions | 235.540 | 234.431 | 216.937 | 216.937 | |
| Trade and other payables | 42.961.449 | 51.406.028 | 41.559.886 | 51.640.474 | |
| 4.17 | |||||
| Current tax liabilities Short-term loan liabilities |
71.959.601 | 40.010.796 | 61.210.192 | 33.856.631 | |
| Other current liabilities | 4.15 | 1.148.815 31.997.608 |
2.877.527 28.952.889 |
- 21.067.815 |
2.669.667 35.039.848 |
| Total current liabilities | 148.303.013 | 123.481.671 | 124.054.831 | 123.423.557 | |
| Total liabilities | 312.618.801 | 293.118.711 | 282.299.863 | 280.064.495 | |
| Total equity and liabilities | 1.179.235.225 | 1.090.327.258 | 961.902.380 | 913.480.227 | |
For the period from 1st July 2015 to 31st December 2015
(All amounts are stated in Euro)
| TH | E G RO UP |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Sh are ita l ca p |
Sh are ium p rem res erv e |
Tra nsl ati on res erv e |
Sta tut ory res erv e |
Fa ir v alu e res erv e |
Ta fre x- e res erv es |
Ex ord ina tra ry res erv es |
Ot he r res erv es |
Re tai d ne rni ea ng s |
To tal Eq uit y |
|
| lan uly Ba t 1 st J 20 15 ce s a s a , rdi th FRS to e I ac co ng |
16 1.9 11 .11 3 |
7.7 02 .07 8 |
( ) 89 2.8 75 |
36 .11 0.8 03 |
58 6.1 95 |
1.7 97 .94 4 |
32 3.9 96 .48 9 |
( ) 85 5.1 92 |
26 6.8 51 .99 1 |
79 7.2 08 .54 7 |
| Ch in Eq uit an g es y |
||||||||||
| fer d t issu ost f De re ax on e c s o ha ita l s re ca p |
6 6. 87 6 |
66 .87 6 |
||||||||
| Sta tut ory re se rve s Ext rd ina rao ry res erv es |
3.7 6 0. 26 9 |
7 2.7 91 97 1 |
( 3.7 6 0. 26 9 ) ( 7 2.7 91 97 1 ) |
- - |
||||||
| Tra cti ith nsa on s w ow ne rs |
- | 66 .87 6 |
- | 3.7 60 .26 9 |
- | - | 72 .79 1.9 71 |
- | ( ) 76 .55 2.2 39 |
- |
| Ne t P rof it f the eri od or p 01 /0 7/2 01 5-3 1/1 2/2 01 5 |
72 .51 9.6 99 |
72 .51 9.6 98 |
||||||||
| Ot he reh siv e i r c om p en nc om e ha d i f fer Exc ng e en ce s o n tra lat ion f for ig rat ion ns o e n o pe s Ga in/ ( Lo ) f f ina ia l a ts sse s o nc sse |
( ) 7 20 6 42 |
2.5 01 20 7 |
( ) 72 0.6 42 2.5 01 .20 7 |
|||||||
| ila b le for le av a sa |
( ) |
( ) |
||||||||
| Ot he reh siv e i r c om p en nc om e for th eri od e p |
43 .15 0 |
- | 43 .15 0 |
|||||||
| To tal reh siv e i co mp en nc om e for th eri od e p |
- | - | ( ) 72 0.6 42 |
- | ( ) 2.5 01 .20 7 |
- | - | 43 .15 0 |
72 .51 9.6 99 |
69 .34 0.9 99 |
| Ba lan De mb 31 at st, ce as ce er 20 15 rdi IF RS to ac co ng |
16 1.9 11 .11 3 |
7.7 68 .95 4 |
( ) 1.6 13 .51 7 |
39 .87 1.0 72 |
( ) 1.9 15 .01 3 |
1.7 97 .94 4 |
39 6.7 88 .46 0 |
( ) 81 2.0 41 |
26 2.8 19 .45 1 |
86 6.6 16 .42 4 |
(All amounts are stated in Euro)
| THE GR |
OU P |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Sha re ital ca p |
Sha re miu pre m res erv e |
Tra nsl atio n re ser ve |
Sta tuto ry res erv e |
Fai r V alu e res erv e |
Tax fre e - res erv es |
Ext rdi rao na ry r ese rve s |
Oth er res erv es |
Ret ain ed rnin ea gs |
Tot al Equ ity |
|
| Ba lan t 1s t Ju ly 201 4, ce s a s a rdi to the IFR S ac co ng |
161 .91 1.1 13 |
7.7 02. 078 |
( 8) 635 .62 |
32. 136 .23 5 |
2.9 80. 969 |
1.7 97. 944 |
302 .90 7.2 27 |
( 8) 351 .37 |
236 .06 1.7 99 |
744 .51 0.3 58 |
| Ch s i n E ity an ge qu Div ide nd aid s p Sta tut ory re ser ve |
3.6 86. 709 |
( 24. 490 .75 7) |
( 24. 490 .75 7) ( ) 3.6 86. 709 |
( 4) 48. 981 .51 - |
||||||
| Ext rdi rao na ry r ese rve s |
45. 580 .01 9 |
( 45. 580 .01 9) |
- | |||||||
| Tra ctio wit h o nsa ns wn ers |
- | - | 3.6 86. 709 |
- | - | 21. 089 .26 2 |
- | ( 6) 73. 757 .48 |
( 4) 48. 981 .51 |
|
| Ne t Pr ofit fo r th eri od e p 01/ 07/ 201 4-3 1/1 2/2 014 Oth reh si v e in er co mp en co me |
62. 666 .00 8 |
62. 666 .00 8 |
||||||||
| Exc ha e d iffe ng ren ce s o n tra nsla tio f fo reig rat ion n o n o pe s |
( 9) 345 .69 |
( 9) 345 .69 |
||||||||
| Ga in / ( ) o f fin cia l as Los set ses an s aila ble fo av r sal e |
( 1.2 77. 212 ) |
( ) 1.2 77. 212 |
||||||||
| Ot he he nsiv e in fo r c om pre co me r riod the pe |
( 98) 2.6 |
- | ( 98) 2.6 |
|||||||
| Tot al c he nsi inc e fo om pre ve om r the riod pe |
- | - | ( 9) 345 .69 |
- | ( ) 1.2 77. 212 |
- | - | ( 98) 2.6 |
62. 666 .00 8 |
61. 040 .39 9 |
| lan mb Ba at De 3 1st, ce as ce er 201 4 ord ing IFR S to a cc |
161 .91 1.1 13 |
7.7 02. 078 |
( 7) 981 .32 |
35. 822 .94 4 |
1.7 03. 757 |
1.7 97. 944 |
323 .99 6.4 90 |
( 5) 354 .07 |
224 .97 0.3 20 |
756 .56 9.2 44 |
For the period from 1st July 2015 to 31st December 2015
(All amounts are stated in Euro)
| TH E C |
OM PA NY |
|||||||
|---|---|---|---|---|---|---|---|---|
| Sh are Ca ita l p |
Sh are Pre mi um Re ser ve |
Sta tut ory Re ser ve |
- fr Tax ee res erv es |
rdi Ext rao na ry res erv es |
Ot he r re ser ve s |
Re d ea tai ne rni ng s |
To tal Eq uit y |
|
| Ba lan st J uly ord ing th t 1 20 15 to ce s a s a , a cc e IFR S |
16 1.9 11 .11 3 |
7.7 02 .07 8 |
35 .82 2.9 44 |
1.7 97 .94 4 |
32 3.9 96 .48 9 |
( ) 85 2.4 95 |
10 3.0 37 .65 9 |
63 3.4 15 .73 2 |
| Ch in Eq uit an g es y |
||||||||
| fer d t issu ost f s ha ita l De re ax on e c s o re ca p |
- | 6 6. 87 6 |
- | - | - | - | - | 6 6. 87 6 |
| Sta tut ory re se rve s |
- | - | 3.7 6 3.5 46 |
- | - | - | ( 3.7 6 3.5 46 ) |
- |
| Ext rd ina rao ry res erv es |
- | - | - | - | 2.7 91 97 7 1 |
- | ( 2.7 91 97 ) 7 1 |
- |
| Tra cti ith nsa on s w ow ne rs |
- | 66 .87 6 |
3.7 63 .54 6 |
- | 72 .79 1.9 71 |
- | ( ) 76 .55 5.5 17 |
66 .87 6 |
| Ne t P rof it f the eri od 01 /0 7/2 01 5- or p 31 /1 2/2 01 5 |
- | - | - | - | - | - | 46 .08 5.3 48 |
46 .08 5.3 48 |
| Ot he reh siv e i r c om p en nc om e |
||||||||
| fer d t tua ia l g ins / De re ax es on ac r a ( los ) du e t ha in tax te ses o c ng es ra |
- | - | - | - | - | 3 4.5 61 |
- | 34 .56 1 |
| To tal reh siv e i e f the eri od co mp en nc om or p |
- | - | - | - | - | 34 .56 1 |
46 .08 5.3 48 |
46 .11 9.9 09 |
| Ba lan at De mb 31 st, 20 15 ce as ce er rdi to IF RS ac co ng |
1.9 3 16 11 .11 |
68 .95 7.7 4 |
39 .58 89 6.4 |
97 .94 1.7 4 |
39 88 6.7 .46 1 |
( ) 81 7.9 34 |
72 90 .56 7.4 |
9.6 02 67 .51 7 |
(All amounts are stated in Euro)
| TH E C OM |
PA NY |
|||||||
|---|---|---|---|---|---|---|---|---|
| Sh are ita l ca p |
Sh ium are p rem res erv e |
Sta tut ory res erv e |
fre Ta e x - res erv es |
rdi Ext rao na ry res erv es |
Ot he r res erv es |
tai d Re ne rni ea ng s |
To tal Eq uit y |
|
| Ba lan st J uly 20 ord ing t 1 14 to ce s a s a , a cc the IF RS |
16 1.9 11 .11 3 |
7.7 02 .07 8 |
32 .13 6.2 35 |
1.7 97 .94 4 |
30 2.9 07 .22 7 |
( ) 34 9.5 53 |
10 2.1 31 .74 1 |
60 8.2 36 .78 5 |
| C ha in Eq ity ng es u |
||||||||
| D iv ide nd id s p a |
( 24 49 0.7 57 ) |
( 24 49 0.7 57 ) |
( ) 48 .98 1.5 14 |
|||||
| Sta tut ory re se rve |
3. 6 8 6.7 0 9 |
( 3. 6 8 6.7 0 9 ) |
- | |||||
| Ext rd ina rao ry res erv es |
45 8 0. 01 9 .5 |
( 45 8 0. 01 9 ) .5 |
- | |||||
| cti ith Tra nsa on s w ow ne rs |
- | - | 3.6 86 .70 9 |
- | 21 .08 9.2 62 |
- | ( ) 73 .75 7.4 85 |
( ) 48 .98 1.5 14 |
| /0 7/2 Ne t P rof it f the eri od 01 01 4- or p /1 2/2 31 01 4 |
42 .60 7.4 31 |
42 .60 7.4 31 |
||||||
| Ot he reh siv e i r c om p en nc om e |
||||||||
| ha d i f fer n t lat ion f Exc ng e en ce s o ran s o for ig rat ion e n o pe s |
- | |||||||
| Ga in / ( Lo ) f f ina ia l sse s o nc ets ila b le for le ass av a sa |
- | |||||||
| fer d t ion f ina ia l a De at ts re ax nc sse ila for b le le av a sa |
- | |||||||
| Ot he he ive inc for th r c om pre ns om e e io d pe r |
- | |||||||
| To tal reh siv e i e f the eri od co mp en nc om or p |
- | - | - | - | - | - | 42 .60 7.4 31 |
42 .60 7.4 31 |
| Ba lan De mb 31 20 14 at st, ce as ce er rdi IF RS to ac co ng |
16 1.9 11 .11 3 |
7.7 02 .07 8 |
35 .82 2.9 44 |
1.7 97 .94 4 |
32 3.9 96 .49 0 |
( ) 34 9.5 53 |
70 .98 1.6 86 |
60 1.8 62 .70 2 |
(All amounts are stated in Euro unless otherwise mentioned)
| THE GROUP | THE COMPANY | ||||
|---|---|---|---|---|---|
| Indirect Method | Notes | 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 |
| Cash flows from operating activities | |||||
| Cash flows from operating activities | 4.18 | 161.618.008 | 121.751.625 | 130.302.074 | 90.982.601 |
| Interest payable | (3.211.195) | (3.623.547) | (3.126.033) | (3.552.528) | |
| Income tax payable | (12.469.025) | (10.346.911) | (8.701.343) | (7.990.949) | |
| Net cash flows from operating activities |
145.937.788 | 107.781.167 | 118.474.699 | 79.439.124 | |
| Cash flows from investing activities | |||||
| Purchases of tangible and | |||||
| intangible assets | (20.030.546) | (31.815.154) | (9.868.022) | (5.837.179) | |
| Proceeds from disposal of tangible | |||||
| and intangible assets | 521.723 | 391.400 | 521.723 | 391.400 | |
| Share Capital Increase of | |||||
| subsidiaries | - | - | (20.708.461) | (25.000.002) | |
| Investments in financial assets | |||||
| available for sale | - | (6.268.188) | - | - | |
| Interest received | 3.284.770 | 4.880.150 | 3.004.739 | 3.626.979 | |
| Net cash flows from investing activities |
(16.224.052) | (32.811.792) | (27.050.021) | (26.818.802) | |
| Cash flows from financing activities | |||||
| Dividends paid | - | (24.483.049) | - | (24.483.049) | |
| Proceeds from borrowings | 940.954 | - | - | - | |
| Repayment of borrowings | |||||
| Payments of finance lease liabilities | (2.669.667) - |
(20.039.718) (1.373.561) |
(2.669.667) - |
(20.039.718) (1.373.561) |
|
| Net cash flows from financing | |||||
| activities | (1.728.713) | (45.896.328) | (2.669.667) | (45.896.328) | |
| Increase/(decrease) in cash and | |||||
| cash equivalents (net) | 127.985.022 | 29.073.047 | 88.755.010 | 6.723.994 | |
| Cash and cash equivalents at the | |||||
| beginning of the period | 298.918.408 | 287.567.276 | 169.893.073 | 195.373.828 | |
| Exchange difference of cash and | |||||
| cash equivalents | (506.942) | (178.903) | - | - | |
| Cash and cash equivalents at the | |||||
| end of the period | 426.396.488 | 316.461.420 | 258.648.084 | 202.097.822 | |
| Cash in hand | 3.488.996 | 3.610.161 | 3.090.353 | 3.238.339 | |
| Carrying amount of bank deposits | |||||
| and bank overdrafts | 5.821.683 | 25.298.317 | 5.821.683 | 1.196.933 | |
| Sight and time deposits | 417.085.809 | 287.552.942 | 249.736.048 | 197.662.550 | |
| Cash and cash equivalents | 426.396.488 | 316.461.420 | 258.648.084 | 202.097.822 |
The Interim separate and consolidated Financial Statement have been prepared in accordance with the International Financial Reporting Standards (IFRS) as they have been issued by the International Accounting Standards Board (IASB).
JUMBO is a trading company, established according to the laws of the Hellenic Republic. 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 in 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 5.6.2025.
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 the Register of Societe Anonyme.
Initially, 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 Cyprou street and Hydras, PC 183 46.
The Company is registered in the Register of Societe Anonyme of the Ministry of Development, Department of Societe Anonyme and Credit, under Num. 7650/06/Β/86/04, while the Company's registration number at the General Electronic Commercial Registry (G.E.MI.) is 121653960000.
The Company's operations are governed by Law 2190/1920.
The Interim Financial Statements of December 31st, 2015 (01.07.2015-31.12.2015) were approved by the Board of Directors on February 24th, 2016.
The Company's main operation is retail sale of toys, baby items, seasonal items, decoration items, books and stationery and is classified based on the STAKOD 03 bulletin of the National Statistics Service in Greece (E.S.Y.E.) within the sector "other retail trade of new items in specialized shops" (STAKOD category 525.9). A small part of its operations is wholesale of toys and similar items to third parties.
Since 19.7.1997 the Company has been listed on the Athens Exchange and since June 2010 it participates in FTSE/Athex 20 index. Based on the stipulations of the Regulation of the Athens Exchange, the Company's shares are placed in the "Main Market" category. Additionally, the Athens Exchange applying the decision made on 24.11.2005 by its Board of Directors, regarding the adoption of a model of FTSE Dow Jones Industry Classification Benchmark (ICB), as of 2.1.2006 classified the Company under the sector of financial activity Toys, which includes only the company "JUMBO".
Within its 30 years of operation, the Company has become one of the largest companies in retail sale.
As at 31.12.2015, the Group operated 73 stores in Greece, Cyprus, Bulgaria, Romania and the on line store e-jumbo. In October a new store of the Group began to operate in Pitesti, Romania (12.000 sqm).
On 31 December 2015 the Group employed 5.913 persons, of which 4.237 as permanent staff and 1.676 as seasonal staff. The average number of employees for the period, 01.07.2015 – 31.12.2015, was 5.056 persons (4.243 as permanent and 814 as seasonal staff).
The attached interim financial statements of the Group and the Company (henceforth Financial Statements) dated as of December 31st, 2015 , for the period from July 1st 2015 to December 31st 2015 have been prepared according to the historical cost convention, the going concern principle and are in compliance with the International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), and adopted by the European Union, as well as their interpretations issued by the IFRS Interpretations Committee (I.F.R.I.C.) of IASB, and are consistent with IAS 34 "Interim Financial Information".
Condensed interim financial statements do not contain all the information and notes required in annual financial statements and must be studied in line with the financial statements of the Company and the Group of the 30th of June, 2015 which have been uploaded on the Company's website www.e-jumbo.gr.
The reporting currency is Euro (currency of the country of the Company's headquarters) and all the amounts are reported in Euro unless stated otherwise.
The preparation of financial statements according to International Financial Reporting Standards (IFRS) demands the use of estimate and judgment on the implementation of accounting principles. Significant assumptions made by the Management regarding the application of the Group's accounting principles and methods have been highlighted whenever deemed necessary. Estimates and judgments made by the Management are constantly evaluated and are based on experiential data and other factors, including future events considered as predictable under normal circumstances.
The key accounting policies, accounting estimates and judgements applied under the preparation of interim Financial Statements regarding the Group accounting policies are the same as the ones applied in the annual financial statements for FY 2014-2015 (see Note 3.2 to the annual Financial Statements).
Also, regarding the interim Financial Statements for the period ended 31.12.2015, there are still effective the main sources of uncertainties that existed under the preparation of Financial Statements for FY ended 30.06.2015. Exceptions pertain to the risks regarding the latest economic developments in Greece.
Despite the challenging macroeconomic and financial environment in Greece, the Group and the Company successfully responded to the specific conditions of the Greek economy, recording an increase of sales by 8,97% y-o-y and 4,49% y-o-y respectively. Having already experienced capital control restriction in Cyprus, the Group Management was prepared to take the necessary steps to adequately address the impact of capital restriction imposed in Greece. In particular: a) the Group had sufficient stocks to facilitate uninterrupted supply of the stores, b) the Company and its subsidiaries were adequately capitalized, with no liquidity problems and the cash and cash equivalents exceeded the bank loans, c) the Group has a significant presence in Greece, but due to its export orientation, 29% of its revenue refer to foreign operations. Combined with the existing provisions for the implementation of imports, the needs of the Group are counterbalanced.
Based on the overall evaluation, the Group Management has concluded there is no need to recognize provisions or impairment charges for the period ended December 31, 2015. The Group Management continuously assesses the situation and its possible consequences and takes all the necessary measures to maintain the viability of the Group in order to minimize any adverse impact on the Group's activities and facilitate extension of its operations in the current business and economic environment. However, it is to be noted that the company viability is inextricably linked to the sustainability of the country in its efforts for reconstruction within the European environment.
The basic accounting principles adopted for the preparation of these financial statements have been also applied to the financial statements of 2014-2015 and have been applied to all the periods presented apart from the changes listed below.
The following amendments and interpretations of the IFRS have been issued by the International Accounting Standards Board (IASB), adopted by the European Union, and their application is mandatory from or after 01.07.2015.
In December 2013, the IASB issued Annual Improvements to IFRSs 2011-2013 Cycle, a collection of amendments to IFRSs, in response to four issues addressed during the 2011-2013 cycle. The amendments are effective for annual periods beginning on or after 1 July 2014, although entities are permitted to apply them earlier. The issues included in this cycle are the following: IFRS 1: Meaning of effective IFRSs, IFRS 3: Scope exceptions for joint ventures; IFRS 13: Scope of paragraph 52 (portfolio exception); and IAS 40: Clarifying the interrelationship of IFRS 3 Business Combinations and IAS 40 Investment Property when classifying property as investment property or owner-occupied property. The amendments have no significtn effect on the consolidated and corporate Financial Statements.
The following companies are included in the consolidated financial statements of JUMBO S.A.:
The Societe Anonyme under the title «JUMBO SA» and the distinctive title «JUMBO» was founded in 1986. Currently, its headquarters are located in Moschato of Attica (at Cyprou 9 and Hydras Str.) and since 1997, it has been listed on the Stock Exchange and is registered in the Registry of Societe Anonyme of the Ministry of Development under reg. no. 7650/06/Β/86/04, while the Company's number at the General Electronic Commercial Registry (G.E.MI.) is 121653960000. The Company has been classified in the Main Market category of the Stock Exchange.
1. The subsidiary company under the title «Jumbo Trading Ltd», is a Cypriot company of limited liability. It was founded in 1991. Its headquarters are in Nicosia, Cyprus (Avenue Avraam Antoniou 9, Kato Lakatamia of Nicosia). It is registered in the Registration of Companies Cyprus, under number Ε 44824. It operates in Cyprus and has the same objective as the Parent, that is retail toys trade. The parent company holds 100% of its shares and its voting rights.
2. The subsidiary company in Bulgaria under the title «JUMBO EC.B. LTD» was founded on the 1st of September 2005 as a Single-member Limited Liability Company under the Registration Number 96904, book 1291, of the First Instance Court of of Sofia and according to the conditions of the Special Law, under number 115. Its headquarters are in Sofia, Bulgaria (Bul. Bulgaria 51, Sofia 1404). The parent company holds 100% of its shares and voting rights.
3. The subsidiary company in Romania under the title «JUMBO EC.R. S.R.L.» was founded on the 9th of August 2006 as a Limited Liability Company (srl) under Registration Number J40/12864/2006 of the Trade Register, with registered office in Bucharest, area 3, B-dul Theodor Pallady avenue, number 51, Centrul de Calcul building 5th floor. The parent company holds 100% of its shares and voting rights.
4. The subsidiary company ASPETTO Ltd was founded on 21.08.2006 in Cyprus, Nicosia (Abraham Antoniou 9 avenue, Kato Lakatamia, Nicosia). "Jumbo Trading Ltd" holds 100% of its voting rights.
5. WESTLOOK SRL is a subsidiary of ASPETTO Ltd which holds a 100% stake of its share capital. The company registered office is in Crevedia, county Dâmboviţa (motorway Bucureşti -
Târgovişte, No. 670, Apartment 52). The company was founded at 16.10.2006.
6. Rimokin Properties Ltd is a subsidiary of Jumbo Trading Ltd which holds a 100% stake of its share capital. The company registered office is in Nicosia, of Cyprus (Avraam Antoniou 9 Avenue, Kato Lakatamia of Nicosia). The company was founded at 28.07.2014.
7. Geocam Holdings Limited is a subsidiary of Jumbo Trading Ltd which holds a 100% stake of its share capital. The company registered office is in Nicosia, of Cyprus (Avraam Antoniou 9 Avenue, Kato Lakatamia of Nicosia). The company was founded at 13.03.2015.
8. Geoform Limited is a subsidiary of Jumbo Trading Ltd which holds a 100% stake of its share capital. The company registered office is in Nicosia, of Cyprus (Avraam Antoniou 9 Avenue, Kato Lakatamia of Nicosia). The company was founded at 13.03.2015.
The Group companies, included in the consolidated financial statements and the consolidation method are the following:
| Consolidated | Percentage and | Headquarters | Activity | Consolidation |
|---|---|---|---|---|
| Subsidiary | Participation | method | ||
| JUMBO | 100% Direct | Cyprus | Commercial | Full Consolidation |
| TRADING LTD | ||||
| JUMBO EC.B LTD | 100% Direct | Bulgaria | Commercial | Full Consolidation |
| JUMBO EC.R SRL | 100% Direct | Romania | Commercial | Full Consolidation |
| ASPETTO LTD | 100% Indirect | Cyprus | Investment | Full Consolidation |
| WESTLOOK SRL | 100% Indirect | Romania | Investment | Full Consolidation |
| RΙΜΟΚΙΝ | 100% Indirect | Cyprus | Investment | Full Consolidation |
| PROPERTIES LTD | ||||
| GEOCAM | 100% Indirect | Cyprus | Investment | Full Consolidation |
| HOLDINGS | ||||
| LIMITED | ||||
| GEOFORM | 100% Indirect | Cyprus | Investment | Full Consolidation |
| LIMITED |
There have been no changes to the Group structure within the period.
In terms of information segments, the Group operates through a sales' network developed in Greece, Cyprus, Bulgaria and Romania. The Management's strategic decisions are based on the readjusted operating results of every segment which are used for productivity measurement.
The Group operations that don't fall within the criteria and the quantitative limits of IFRS 8 in order to be set as operating segments are presented as "Others". The "Others" category includes finance costs and finance income, which can't be divided because they pertain to the total operations of the Group.
Regarding Greece, the Company's management also monitors the sales from Greece to FYROM based on the commercial agreement with the independent customer Veropoulos Dooel and the sales from Greece to Albania and Kossovo based on the commercial agreement with the independent customer Kind Zone Sh.p.k. Total sales of the Company to FYROM, Albania and Kossovo for the period 01.07.2015-31.12.2015 reached the amount of 6.648 thousand euro.
Results per segment for the first six months of the current financial year are as follows:
| (amounts in €) | Greece | Cyprus | Bulgaria | Romania | Other | Total |
|---|---|---|---|---|---|---|
| Sales | 317.045.279 | 46.241.276 | 32.540.446 | 28.649.580 | - | 424.476.581 |
| Intragroup Sales | (51.830.763) | (450.720) | (241.496) | (207.922) | - | (52.730.902) |
| Total net sales | 265.214.516 | 45.790.555 | 32.298.950 | 28.441.658 | - | 371.745.679 |
| Cost of sales | (128.527.605) | (22.047.379) | (15.938.691) | (13.645.986) | - | (180.159.661) |
| Gross Profit | 136.686.911 | 23.743.176 | 16.360.259 | 14.795.672 | - | 191.586.018 |
| Other income | - | - | - | - | 1.768.543 | 1.768.543 |
| Administrative expenses | (830.181) | - | - | - | (12.568.199) | (13.398.380) |
| Distribution costs | (63.449.636) | (6.101.905) | (6.256.160) | (5.482.633) | (331.270) | (81.621.604) |
| Other expenses | - | - | - | - | (4.079.391) | (4.079.391) |
| Profit before tax, interest and investing results |
72.407.095 | 17.641.271 | 10.104.099 | 9.313.039 | (15.210.317) | 94.255.187 |
| Financial expenses | - | - | - | - | (3.265.182) | (3.265.182) |
| Financial income | - | - | - | - | 3.952.929 | 3.952.929 |
| Other financial results | - | - | - | - | 1.872.240 | 1.872.240 |
| Profit before tax | 72.407.095 | 17.641.271 | 10.104.099 | 9.313.039 | (12.650.330) | 96.815.174 |
| Income tax | - | - | - | - | (24.295.475) | (24.295.475) |
| Net profit | 72.407.095 | 17.641.271 | 10.104.099 | 9.313.039 | (36.945.805) | 72.519.699 |
| Depreciation and amortization |
(7.278.863) | (960.273) | (1.673.555) | (1.105.012) | (280.459) | (11.298.163) |
| 01/07/2014-31/12/2014 | ||||||
|---|---|---|---|---|---|---|
| (amounts in €) | Greece | Cyprus | Bulgaria | Romania | Other | Total |
| Sales | 303.434.500 | 43.853.919 | 29.246.409 | 12.922.421 | - | 389.457.249 |
| Intragroup Sales | (47.059.785) | (438.041) | (631.474) | (194.452) | - | (48.323.752) |
| Total net sales | 256.374.715 | 43.415.878 | 28.614.935 | 12.727.969 | - | 341.133.497 |
| Cost of sales | (125.208.962) | (21.311.132) | (14.597.757) | (6.130.090) | - | (167.247.941) |
| Gross Profit | 131.165.753 | 22.104.746 | 14.017.178 | 6.597.879 | - | 173.885.556 |
| Other income | 1.685.688 | 1.685.688 | ||||
| Administrative expenses | (562.260) | - | - | - | (12.437.456) | (12.999.716) |
| Distribution costs | (62.845.722) | (5.758.970) | (5.658.534) | (2.828.220) | (275.050) | (77.366.496) |
| Other expenses | - | - | - | - | (4.204.529) | (4.204.529) |
| Profit before tax, interest and investing results |
67.757.772 | 16.345.776 | 8.358.644 | 3.769.659 | (15.231.348) | 81.000.503 |
| Financial expenses | - | - | - | - | (3.828.331) | (3.828.331) |
| Financial income | - | - | - | - | 5.050.734 | 5.050.734 |
| Other financial Results | - | - | - | - | (796.640) | (796.640) |
| Profit before tax | 67.757.772 | 16.345.776 | 8.358.644 | 3.769.659 | (14.805.585) | 81.426.266 |
| Income tax | - | - | - | - | (18.760.258) | (18.760.258) |
| Net profit | 67.757.772 | 16.345.776 | 8.358.644 | 3.769.659 | (33.565.843) | 62.666.008 |
| Depreciation and amortization |
(7.160.165) | (745.465) | (1.725.435) | (515.161) | (393.225) | (10.539.451) |
Results per segment for the first six months of the previous financial year are as follows:
The allocation of consolidated assets and liabilities to business segments for the period 01.07.2015- 31.12.2015 and 01.07.2014- 30.06.2015 is analysed as follows:
| 31/12/2015 | ||||||
|---|---|---|---|---|---|---|
| (amounts in €) | Greece | Cyprus | Bulgaria | Romania | Other | Total |
| Segment assets | 422.992.770 | 71.176.442 | 102.932.241 | 49.642.855 | - | 646.744.308 |
| Non allocated Assets | - | - | - | 532.490.917 | 532.490.917 | |
| Consolidated Assets | 422.992.770 | 71.176.442 | 102.932.241 | 49.642.855 | 532.490.917 | 1.179.235.225 |
| Segment liabilities | 212.995.317 | 3.527.411 | 1.437.720 | 14.564.823 | - | 232.525.271 |
| Non allocated Liabilities | - | - | - | - | 80.093.530 | 80.093.530 |
| Consolidated Liabilities | 212.995.317 | 3.527.411 | 1.437.720 | 14.564.823 | 80.093.530 | 312.618.801 |
| Group's Asset additions | |
|---|---|
| (amounts in €) | 31/12/2015 |
| Greece | 7.171.706 |
| Cyprus | 484.336 |
| Bulgaria | 65.743 |
| Romania | 2.268.493 |
| Total | 9.990.278 |
| 30/6/2015 | ||||||
|---|---|---|---|---|---|---|
| (amounts in €) | Greece | Cyprus | Bulgaria | Romania | Other | Total |
| Segment assets | 466.555.691 | 73.362.450 | 105.729.499 | 48.199.432 | - | 693.847.072 |
| Non allocated Assets | - | - | - | 396.480.186 | 396.480.186 | |
| Consolidated Assets | 466.555.691 | 73.362.450 | 105.729.499 | 48.199.432 | 396.480.186 | 1.090.327.258 |
| Segment liabilities | 218.548.484 | 4.986.131 | 887.841 | 21.691.047 | - | 246.113.503 |
| Non allocated Liabilities | - | - | - | - | 47.005.208 | 47.005.208 |
| Consolidated Liabilities | 218.548.484 | 4.986.131 | 887.841 | 21.691.047 | 47.005.208 | 293.118.711 |
| Group's Asset additions | |
|---|---|
| (amounts in €) | 30/6/2015 |
| Greece | 12.509.822 |
| Cyprus | 21.473.181 |
| Bulgaria | 158.555 |
| Romania | 41.755.147 |
| Total | 75.896.705 |
The Group's main activity is retail sale of toys, infant supplies, seasonal items, home items, books and stationery.
The sales per type of product for the first half of the current fiscal year are as follows:
| Product Type | Sales in € | Percentage | |
|---|---|---|---|
| Toy | 107.760.769 | 28,99% | |
| Baby products | 25.028.483 | 6,73% | |
| Stationary | 34.517.019 | 9,29% | |
| Seasonal | 98.595.442 | 26,52% | |
| Home products | 105.675.796 | 28,43% | |
| Other | 168.170 | 0,05% | |
| Total | 371.745.679 | 100,00% |
Sales per product type for the period 01/07/2015-31/12/2015
The sales per type of product for the first half of the previous fiscal year are as follows:
| Sales per product type for the period 01/07/2014-31/12/2014 | |||||
|---|---|---|---|---|---|
| Product Type | Sales in € | Percentage | |||
| Toy | 100.316.958 | 29,41% | |||
| Baby products | 27.308.768 | 8,01% | |||
| Stationary | 33.007.944 | 9,68% | |||
| Seasonal | 88.302.561 | 25,89% | |||
| Home products | 91.993.200 | 26,97% | |||
| Other | 204.066 | 0,06% | |||
| Total | 341.133.497 | 100,00% |
According to Greek tax legislation, income tax for the period 01.07.2015-31.12.2015 was calculated at the rate of 29% on profits of the parent company, 10%, at average, on profits of the subsidiary JUMBO EC.B. LTD in Bulgaria and 16% on profits of the subsidiaries JUMBO EC.R SRL and WESTLOOK SRL in Romania. In respect of the subsidiary companies in Cyprus, the tax rate was 12,5%. The effect of the change in the tax rate on deferred tax in Greece amounted to € (856.093) in the Income Statement and the corresponding effect on Equity amounted to € 101.436.
Provision for income taxes disclosed in the financial statements is analyzed as follows:
| THE GROUP | THE COMPANY | ||||
|---|---|---|---|---|---|
| (amounts in €) | 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 | |
| Income taxes for the period | 23.055.427 | 19.080.419 | 18.969.044 | 15.908.910 | |
| Deferred tax for the period | 1.240.048 | (320.161) | 1.244.873 | (315.476) | |
| Total income tax | 24.295.475 | 18.760.258 | 20.213.917 | 15.593.434 |
Basic earnings per share for the Group and the Company are as follows:
| THE GROUP | |||||
|---|---|---|---|---|---|
| 01/07/2015- | 01/10/2015- | 01/07/2014- | 01/10/2014- | ||
| Basic earnings per share (amounts in euro) |
31/12/2015 | 31/12/2015 | 31/12/2014 | 31/12/2014 | |
| Earnings attributable to the shareholders of the parent company |
72.519.699 | 50.728.306 | 62.666.008 | 42.656.118 | |
| Weighted average number of shares Basic earnings per share (euro per |
136.059.759 | 136.059.759 | 136.059.759 | 136.059.759 | |
| share) | 0,5330 | 0,3728 | 0,4606 | 0,3135 |
| THE COMPANY | |||||
|---|---|---|---|---|---|
| 01/07/2015- | 01/10/2015- | 01/07/2014- | 01/10/2014- | ||
| Basic earnings per share | 31/12/2015 | 31/12/2015 | 31/12/2014 | 31/12/2014 | |
| (amounts in euro ) | |||||
| Earnings attributable to the shareholders of the parent company |
46.085.348 | 33.820.464 | 42.607.431 | 29.729.564 | |
| Weighted average number of shares | 136.059.759 | 136.059.759 | 136.059.759 | 136.059.759 | |
| Basic earnings per share (euro per share) |
0,3387 | 0,2486 | 0,3132 | 0,2185 |
Earnings / (losses) per share were calculated by dividing profits / (losses) after tax, by the weighted average number of shares of the parent company.
As at 31.12.2015 the Company or its subsidiary and associate companies did not hold any shares of the Parent Company. Moreover, during the interim period, there are no titles potentially convertible into shares, which could lead to dilution of earnings per share.
Depreciation of tangible assets (other than land) is calculated based on the straight line method during their useful life which is as follows:
| Buildings | 30 – 35 years |
|---|---|
| Mechanical equipment | 5 - 20 years |
| Vehicles | 5 – 10 years |
| Other equipment | 4 - 10 years |
| Computers and software | 3 – 5 years |
Net investments for the acquisition of fixed assets by the Company for the period 01.07.2015-31.12.2015 reached the amount of € 7.172 thousand and for the Group € 9.990 thousand. On 31.12.2015 the Group had agreements on construction of buildings, fixtures on buildings and transportation means of € 1.828 thousand and the Company of € 1.472 thousand.
| GRO UP |
||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Lan d - Free hold |
Buil ding d s an fixt bu ildin ure s on gs - Free hold |
Tra tion orta nsp mea ns |
Mac hine ry - furn itur nd o the e a r ipm ent equ |
Sof twa re |
Fixe d as set s und er ctio stru con n |
Tot al |
Lea seh old land and bu ildin gs |
Lea of tra sed me ans ort atio nsp n |
f leas Tot al o eho ld fi xed ass ets |
Tot erty Plan al P rop d Equ t an ipm ent |
Inv t Pro est men ty per |
|
| Cos /06/ t 30 201 4 |
131 .142 .015 |
350 .574 .743 |
1.63 7.84 7 |
90.2 89.5 02 |
3.25 0.35 5 |
8.67 8.35 6 |
585 .57 2.81 8 |
0 | 2.87 8.31 0 |
2.87 8.3 10 |
588 .45 1.12 8 |
11.5 06.6 12 |
| Acc late d de iatio umu prec n |
0 | (79 ) .456 .172 |
(1.2 68) 78.7 |
(57 ) .930 .464 |
(2.5 94) 16.4 |
0 | (14 8) 1.18 1.89 |
0 | (1.4 25) 14.3 |
(1.4 25) 14.3 |
(14 23) 2.59 6.2 |
(5.0 21) 04.7 |
| Net Co st a s at 30 /06 /20 14 |
131 .14 2.01 5 |
271 .118 .57 1 |
359 .079 |
32. 359 .038 |
733 .86 1 |
8.6 78. 356 |
444 .390 .920 |
0 | 1.4 63.9 85 |
1.4 63.9 85 |
445 .854 .905 |
6.5 01.8 91 |
| Cos t 30 /06/ 201 5 |
142 .973 .687 |
.579 .391 405 |
8.13 7.67 1 |
97.9 29.0 02 |
3.49 4.79 7 |
966 .810 |
658 .62 1.81 8 |
0 | 0 | 0 | 658 .62 1.81 8 |
12 11.5 06.6 |
| Acc late d de iatio umu prec n |
0 | (92 ) .648 .704 |
(1.4 35) 87.9 |
(63 ) .841 .790 |
(2.7 39) 62.2 |
0 | (16 68) 0.7 40.6 |
0 | 0 | 0 | (16 68) 0.7 40.6 |
(5.3 91) 87.8 |
| Net Co st a s at 30 /06 /20 15 |
142 .97 3.68 7 |
312 .930 .687 |
6.1 90. 196 |
34. 087 .212 |
732 .558 |
966 .810 |
497 .88 1.15 0 |
0 | 0 | 0 | 497 .88 1.15 0 |
6.1 18.7 21 |
| Cos /12/ t 31 201 5 |
143 .196 .255 |
412 .651 .503 |
7.63 9.92 4 |
99.9 06.9 29 |
3.50 3.80 4 |
451 .414 |
667 .349 .828 |
0 | 0 | 0 | 667 .349 .828 |
11.5 06.6 12 |
| Acc late d de iatio umu prec n |
0 | (99 ) .999 .529 |
(1.5 40) 07.8 |
(67 ) .154 .588 |
(2.9 47) 01.9 |
0 | (17 4) 1.56 3.90 |
0 | 0 | 0 | (17 4) 1.56 3.90 |
(5.5 76) 79.4 |
| Net Co st a s at 31 /12 /20 15 |
143 .196 .255 |
312 .65 1.97 4 |
6.1 32.0 84 |
32. 752 .34 1 |
601 .857 |
451 .414 |
495 .785 .924 |
0 | 0 | 0 | 495 .785 .924 |
5.9 27. 136 |
| Lan d - Free hold |
Buil ding d s an fixt bu ildin ure s on gs - Free hold |
Tra atio ort nsp n mea ns |
Mac hine ry - furn itur nd o the e a r ipm ent equ |
Sof twa re |
COM PAN Y Fixe d a ts sse und er ctio stru con n |
Tot al |
Lea seh old land and bu ildin gs |
Lea of tra sed me ans atio ort nsp n |
f leas Tot al o eho ld fi xed ass ets |
Tot erty Plan al P rop d Equ t an ipm ent |
Inv t Pro est men ty per |
|
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cos t 30 /06/ 201 4 |
80.5 97.6 67 |
242 .576 .182 |
1.49 8.22 2 |
74.5 32.5 34 |
2.40 6.27 7 |
7.40 6.27 5 |
409 .017 .15 8 |
0 | 2.87 8.31 0 |
2.87 8.3 10 |
411 .895 .468 |
11.5 06.6 12 |
| late d de iatio Acc umu prec n |
0 | (62 ) .890 .541 |
(1.1 42) 39.1 |
(50 ) .346 .883 |
(1.7 90) 77.8 |
0 | (11 55) 6.15 4.4 |
0 | (1.4 25) 14.3 |
(1.4 25) 14.3 |
(11 80) 7.5 68.7 |
(5.0 21) 04.7 |
| Net Co st a s at 30 /06 /20 14 |
80. 597 .667 |
179 .685 .64 1 |
359 .080 |
24. 185 .65 1 |
628 .38 7 |
7.4 06. 275 |
292 .86 2.70 3 |
0 | 1.4 63. 985 |
1.4 63.9 85 |
294 .326 .688 |
6.5 01. 891 |
| /06/ Cos t 30 201 5 |
81.1 81.8 67 |
257 .107 .965 |
1.49 8.22 2 |
76.4 68.3 11 |
2.53 5.71 5 |
0 | 418 .79 2.08 1 |
0 | 0 | 0 | 418 .79 2.08 1 |
11.5 06.6 12 |
| Acc late d de iatio umu prec n |
0 | (71 .724 .322 ) |
(1.2 87.9 06) |
(54 .430 .227 ) |
(1.9 67.2 05) |
0 | (12 9.40 9.6 58) |
0 | 0 | 0 | (12 9.40 9.6 58) |
(5.3 87.8 91) |
| /06 /20 Net Co st a s at 30 15 |
81. 181 .867 |
185 .38 3.64 3 |
210 .316 |
22. 038 .084 |
568 .510 |
0 | 289 .38 2.4 23 |
0 | 0 | 0 | 289 .38 2.42 3 |
6.1 18.7 21 |
| Cos t 31 /12/ 201 5 |
81.4 64.2 56 |
262 .507 .178 |
0.57 1.44 1 |
77.3 27.8 43 |
2.52 7.58 7 |
0 | 425 .267 .43 4 |
0 | 0 | 0 | 425 .267 .434 |
06.6 12 11.5 |
| Acc late d de iatio umu prec n |
0 | (76 ) .566 .392 |
(1.1 16) 86.6 |
(56 ) .651 .824 |
(2.0 53) 70.5 |
0 | (13 83) 6.47 5.3 |
0 | 0 | 0 | (13 3) 6.47 5.38 |
(5.5 76) 79.4 |
| Net Co 31 /12 /20 st a s at 15 |
81. .256 464 |
185 .940 .78 6 |
253 .955 |
20. .019 676 |
.03 457 4 |
0 | 288 .79 2.0 51 |
0 | 0 | 0 | 288 .79 2.05 1 |
5.9 27. 136 |
| Cos t |
Lan d - Free hold |
Buil ding d s an fixt bu ildin ure s on gs - Free hold |
Tra orta tion nsp mea ns |
Mac hine ry - furn itur nd o the e a r ipm ent equ |
Sof twa re |
GRO UP Fixe d as set s und er stru ctio con n |
Tot al |
Lea seh old land and bu ildin gs |
Lea of tra sed me ans ort atio nsp n |
f leas Tot al o eho ld fi xed ass ets |
Tot erty Plan al P rop d Equ t an ipm ent |
Inv t Pro est men ty per |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Co 30 /06 /20 14 st a s at |
131 .14 2.01 5 |
350 .574 .743 |
1.6 37.8 47 |
90. 289 .502 |
3.2 50.3 55 |
8.6 78. 356 |
585 .57 2.81 8 |
0 | 2.8 78. 310 |
2.8 78. 310 |
588 .45 1.12 8 |
11. 506 .612 |
| - Ad ditio ns |
11.8 85.6 23 |
56.0 29.5 50 |
7.27 0.28 4 |
9.39 4.26 1 |
256 .364 |
14.9 86.5 48 |
99.8 22.6 30 |
0 | 0 | 0 | 99. 822 .630 |
0 |
| - De nsfe - tra crea ses rs - Ex cha diff nge eren ces |
(5.4 43) (48 ) .508 |
(1.0 24.9 02) 0 |
(1.2 30.0 00) 0 |
(1.7 15.3 26) (39 ) .435 |
(10 .538 ) (1.3 84) |
(22 .695 .925 ) (2.1 69) |
(26 .682 .134 ) (91 ) .496 |
0 0 |
(2.8 78.3 10) 0 |
(2.8 78. 310 ) 0 |
(29 .560 .444 ) (91 ) .496 |
0 0 |
| Net Co st a s at 30 /06 /20 15 |
142 .97 3.68 7 |
405 .579 .39 1 |
7.6 78. 131 |
97. 929 .002 |
3.4 94.7 97 |
966 .810 |
658 .62 1.81 8 |
0 | 0 | 0 | 658 .62 1.81 8 |
11. 506 .612 |
| - Ad ditio ns - De - tra nsfe crea ses rs |
282 .389 0 |
7.43 8.78 5 (13 ) .929 |
120 .341 (15 9) 8.54 |
2.53 6.80 5 (47 2) 4.71 |
11.0 85 0 |
1.54 6.82 7 (2.0 23) 62.2 |
11.9 36.2 32 (2.7 ) 09. 412 |
0 0 |
0 0 |
0 0 |
11. 936 .232 (2.7 ) 09. 412 |
0 0 |
| - Ex cha diff nge eren ces |
(59 ) .821 |
(35 5) 2.74 |
0 | (84 ) .166 |
(2.0 78) |
(0) | (49 10) 8.8 |
0 | 0 | 0 | (49 10) 8.8 |
0 |
| Net Co st a s at 31 /12 /20 15 |
143 .196 .255 |
412 .65 1.50 3 |
7.6 39.9 24 |
99. 906 .929 |
3.5 03. 804 |
451 .414 |
667 .349 .828 |
0 | 0 | 0 | 667 .349 .828 |
11. 506 .612 |
| Dep iatio rec n |
||||||||||||
| Net Co 30 /06 /20 14 st a s at |
0 | (79 2) .456 .17 |
(1.2 68) 78.7 |
(57 ) .930 .464 |
(2.5 94) 16.4 |
0 | (14 8) 1.18 1.89 |
0 | (1.4 25) 14.3 |
(1.4 25) 14.3 |
(14 23) 2.59 6.2 |
(5.0 21) 04.7 |
| - Ad ditio ns |
0 | (13 ) .666 .599 |
(22 7) 5.56 |
(6.5 73) 84.9 |
(25 8) 6.69 |
0 | (20 ) .733 .837 |
0 | (13 5) 1.86 |
(13 5) 1.86 |
(20 2) .865 .70 |
(383 ) .170 |
| - De nsfe - tra crea ses rs - Ex cha diff nge eren ces |
0 0 |
469 .807 4.26 0 |
16.4 00 0 |
665 .963 7.68 4 |
10.5 38 415 |
0 0 |
1.16 2.70 8 12.3 59 |
0 0 |
1.54 6.19 0 0 |
1.54 6.19 0 0 |
2.7 08. 898 12. 359 |
0 0 |
| Net Co st a s at 30 /06 /20 15 |
0 | (92 ) .648 .704 |
(1.4 35) 87.9 |
(63 ) .841 .790 |
(2.7 39) 62.2 |
0 | (16 68) 0.7 40.6 |
0 | 0 | 0 | (16 68) 0.7 40.6 |
(5.3 91) 87.8 |
| - Ad ditio ns |
0 | (7.3 05) 68.4 |
(17 3) 8.45 |
(3.4 93) 18.9 |
(140 ) .727 |
0 | (11 ) .106 .578 |
0 | 0 | 0 | (11 ) .106 .578 |
(191 ) .585 |
| - De - tra nsfe crea ses rs - Ex cha diff nge eren ces |
0 0 |
0 17.5 80 |
158 .548 0 |
88.5 49 17.6 46 |
0 1.01 9 |
0 0 |
247 .097 36.2 45 |
0 0 |
0 0 |
0 0 |
247 .097 36. 245 |
0 0 |
| /12 /20 Net Co st a s at 31 15 |
0 | (99 ) .999 .529 |
(1.5 ) 07. 840 |
(67 ) .154 .588 |
(2.9 ) 01. 947 |
0 | (17 4) 1.56 3.90 |
0 | 0 | 0 | (17 4) 1.56 3.90 |
(5.5 ) 79. 476 |
| Cos t |
d - Lan Free hold |
Buil ding d s an fixt bu ildin ure s on gs - Free hold |
tion Tra orta nsp mea ns |
Mac hine ry - furn itur d ot her e an ipm ent equ |
Sof twa re |
COM PAN Y Fixe d as set s und er stru ctio con n |
Tot al |
seh old land Lea and bu ildin gs |
of tran sed Lea me ans ion rtat spo |
f leas Tot al o eho ld fi xed ass ets |
Tot al P erty Plan rop d Equ t an ipm ent |
Inv t Pro est men ty per |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Co 30/ 06/ 201 4 st a s at |
80. 597 .667 |
242 .576 .182 |
1.4 98.2 22 |
74. 532 .534 |
2.4 06. 277 |
7.4 06. 275 |
409 .017 .158 |
0 | 2.8 78.3 10 |
2.8 78.3 10 |
411 .895 .468 |
11. 506 .612 |
| - Ad ditio ns |
584 .200 |
15.5 56.6 85 |
1.23 0.00 0 |
3.63 5.23 6 |
139 .976 |
7.18 5.68 6 |
28.3 31.7 83 |
0 | 0 | 0 | 28. 331 .783 |
0 |
| - De nsfe - tra crea ses rs |
0 | (1.0 24.9 02) |
(1.2 30.0 00) |
(1.6 99.4 59) |
(10 .538 ) |
(14 .591 .961 ) |
(18 .556 .860 ) |
0 | (2.8 78.3 10) |
(2.8 78.3 10) |
(21 .435 .170 ) |
0 |
| - Ex cha diffe nge renc es |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| 30/ 06/ Net Co st a s at 201 5 |
81. 181 .867 |
257 .107 .965 |
1.4 98.2 22 |
76. 468 .311 |
2.5 35.7 15 |
0 | 418 .792 .081 |
0 | 0 | 0 | 418 .792 .081 |
11. 506 .612 |
| - Ad ditio ns |
282 .389 |
5.41 3.14 2 |
100 .896 |
1.38 3.40 7 |
(8.1 28) |
0 | 7.17 1.70 6 |
0 | 0 | 0 | 7.1 71.7 06 |
0 |
| nsfe - De - tra crea ses rs |
0 | (13 ) .929 |
(158 ) .548 |
(52 5) 3.87 |
0 | 0 | (69 2) 6.35 |
0 | 0 | 0 | (69 2) 6.35 |
0 |
| - Ex cha diffe nge renc es |
0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Co st a s at 31/ 12/ 201 5 |
81. 464 .256 |
262 .507 .178 |
1.4 40.5 71 |
77. 327 .843 |
2.5 27.5 87 |
0 | 425 .267 .434 |
0 | 0 | 0 | 425 .267 .434 |
11. 506 .612 |
| Dep iatio rec n |
||||||||||||
| Net Co 30/ 06/ st a s at 201 4 |
0 | (62 ) .890 .541 |
(1.1 42) 39.1 |
(50 ) .346 .883 |
(1.7 90) 77.8 |
0 | (11 5) 6.15 4.45 |
0 | (1.4 25) 14.3 |
(1.4 25) 14.3 |
(11 0) 7.56 8.78 |
(5.0 21) 04.7 |
| - Ad ditio ns |
0 | (9.3 88) 03.5 |
(16 4) 5.16 |
(4.7 42) 18.5 |
(199 ) .853 |
0 | (14 ) .387 .147 |
0 | (13 5) 1.86 |
(13 5) 1.86 |
(14 ) .519 .012 |
(383 ) .170 |
| - De nsfe - tra crea ses rs |
0 | 469 .807 |
16.4 00 |
635 .198 |
10.5 38 |
0 | 1.13 1.94 3 |
0 | 1.54 6.19 0 |
1.54 6.19 0 |
2.6 78.1 32 |
0 |
| - Ex cha diffe nge renc es |
0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| 30/ 06/ Net Co st a s at 201 5 |
0 | (71 ) .724 .322 |
(1.2 06) 87.9 |
(54 ) .430 .227 |
(1.9 05) 67.2 |
0 | (12 8) 9.40 9.65 |
0 | 0 | 0 | (12 8) 9.40 9.65 |
(5.3 91) 87.8 |
| - Ad ditio ns |
0 | (4.8 70) 42.0 |
(57 ) .258 |
(2.3 46) 10.1 |
(10 8) 3.34 |
(7.3 21) 12.8 |
0 | 0 | 0 | (7.3 21) 12.8 |
(191 ) .585 |
|
| - De - tra nsfe crea ses rs |
0 | 0 | 158 .548 |
88.5 49 |
247 .097 |
0 | 0 | 0 | 247 .097 |
0 | ||
| cha diffe - Ex nge renc es |
0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||
| Net Co st a s at 31/ 12/ 201 5 |
0 | (76 ) .566 .392 |
(1.1 16) 86.6 |
(56 ) .651 .824 |
(2.0 53) 70.5 |
0 | (13 3) 6.47 5.38 |
0 | 0 | 0 | (13 3) 6.47 5.38 |
(5.5 76) 79.4 |
As at 31.12.2015, there are no encumbrances on the Group's fixed assets.
As at the transition date the Group designated as investment property, investments in real estate buildings and land plots or part of them which could be measured separately and constituted a main part of the building or land plot under exploitation. The Group measures those investments at cost less any impairment losses.
Summary information regarding those investments is as follows:
| (amounts in euro) | Income from rentals | ||||
|---|---|---|---|---|---|
| Location of asset | Description – operation of asset | 1/7/2015 – 31/12/2015 |
1/7/2014 – 31/12/2014 |
||
| 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 |
||||
| 28.768 | 28.768 | ||||
| Nea Efkarpia | Retail Shop | 4.500 | 4.500 | ||
| Renti | Retail Shop | 12.000 | 12.000 | ||
| Total | 45.268 | 45.268 |
None of the subsidiaries had any items of investment property until 31.12.2015. Net book value of those investments is analysed as follows:
| (amounts in euro) | THE GROUP | |||
|---|---|---|---|---|
| Investment Property | ||||
| Cost 30/06/2015 | 11.506.612 | |||
| Accumulated depreciation | (5.387.891) | |||
| Net book value as at 30/06/2015 | 6.118.721 | |||
| Cost 31/12/2015 | 11.506.612 | |||
| Accumulated depreciation | (5.579.476) | |||
| Net book value as at 31/12/2015 | 5.927.136 |
Changes in the account for the period are as follows:
| (amounts in euro) | THE GROUP |
|---|---|
| Investment Property | |
| Cost | |
| Balance as at 30/6/2015 | 11.506.612 |
| - Additions | - |
| - Decreases – transfers | - |
| Balance as at 31/12/2015 | 11.506.612 |
| Depreciation | |
| Balance as at 30/6/2015 | (5.387.891) |
| - Additions | (191.585) |
| - Decreases – transfers | - |
| Balance as at 31/12/2015 | (5.579.476) |
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 | Headquarters | Participation rate |
Amount of participation |
|---|---|---|---|
| JUMBO TRADING LTD | Avraam Antoniou 9- 2330 Kato Lakatamia Nicosia - Cyprus |
100% | 11.074.190 |
| JUMBO EC.B LTD | Sofia, Bu.Bulgaria 51-Bulgaria | 100% | 127.104.299 |
| JUMBO EC.R SRL | Bucharest (administrative area 3, B-dul Theodor Pallady, number.51, bulding Centrul de Calcul, 5th floor ) |
100% | 48.908.538 |
| 187.087.027 |
In June 2015, the subsidiary JUMBO EC. R SRL proceeded with the share capital increase of € 20,7m that was paid in July 2015. On 31.12.2015, the subsidiary's share capital after the above increase amounts to € 48,9m. The above increase was covered by 100% by the parent company.
In the company's financial statements, investments in subsidiaries are stated at their acquisition cost, less potential recognizable impairment losses. The acquisition cost constitutes the fair value of the consideration less the direct costs associated with the acquisition of the investment.
The financial assets available for sale are presented in the table below as follows:
| Amounts in € | THE GROUP | THE COMPANY | |||
|---|---|---|---|---|---|
| 31/12/2015 | 30/6/2015 | 31/12/2015 | 30/6/2015 | ||
| Conversion of deposits into Bank of Cyprus shares |
7.876.142 | 5.284.445 | - | - | |
| Investments in Bank of Cyprus shares | - | 5.092.903 | - | - | |
| Total assets available for sale | 7.876.142 | 10.377.348 | - | - | |
| Analysis for the period: | THE GROUP | THE COMPANY | |||
| Amounts in € | 31/12/2015 | 30/6/2015 | 31/12/2015 | 30/6/2015 | |
| Opening balance | 10.377.348 | 6.503.935 | - | - | |
| Additions | - | 6.268.187 | - | - | |
| Gains/(losses) of financial assets available for sale |
(2.501.206) | (2.394.774) | - | - | |
| Impairment | - | - | - | - | |
| Closing Balance | 7.876.142 | 10.377.348 | - | - |
| THE GROUP | THE COMPANY | ||||
|---|---|---|---|---|---|
| Amounts in € | 31/12/2015 | 30/6/2015 | 31/12/2015 | 30/6/2015 | |
| Bonds | 7.783.360 | 5.911.120 | 7.783.360 | 5.911.120 | |
| Total | 7.783.360 | 5.911.120 | 7.783.360 | 5.911.120 | |
| Analysis for the fiscal year: | THE GROUP | THE COMPANY | |||
| Amounts in € | 31/12/2015 | 30/6/2015 | 31/12/2015 | 30/6/2015 | |
| Opening balance | 5.911.120 | 8.566.160 | 5.911.120 | 8.566.160 | |
| Sales | - | - | - | - | |
| Gains/(losses) on valuation of financial assets at fair value |
|||||
| through profit and loss | 1.872.240 | (2.655.040) | 1.872.240 | (2.655.040) | |
| Closing Balance | 7.783.360 | 5.911.120 | 7.783.360 | 5.911.120 |
Trading securities and financial derivatives are analysed below as follows:
The table below presents the financial instruments measured at fair value in the statement of financial position, in respect of fair value measurement hierarchy. According to the fair value measurement hierarchy, financial assets and liabilities are grouped into three levels based on the importance of data input on the measurement of their fair value. The fair value hierarchy has the following three levels:
Level 1: inputs as a quoted price in an active market for an identical asset or liability.
Level 2: inputs other than Level 1 that are observable for financial assets or liabilities either directly (e.g. market price) or indirectly (arising from market prices) and
Level 3: inputs for assets or liabilities not based on observable market input (unobservable inputs).
The level for each financial asset or liability is defined based on the lowest level of significance of the data introduced for fair value measurement purposes.
Financial assets and liabilities measured at fair value in the statement of financial position are categorized in the fair value hierarchy as follows:
| THE GROUP | |||||||
|---|---|---|---|---|---|---|---|
| Amounts in € | Valuation at fair value at the end of the reporting period using: | ||||||
| 31/12/2015 | Level 1 | Level 2 | Level 3 | ||||
| Description | |||||||
| -Bonds | 7.783.360 | 7.783.360 | - | - | |||
| -Shares | 7.876.142 | 7.876.142 | - | - | |||
| Total asset at fair value | 15.659.502 | 15.659.502 | - | - | |||
| THE GROUP | |||||||
| Amounts in € | Valuation at fair value at the end of the previous fiscal year using: | ||||||
| 30/6/2015 | Level 1 | Level 2 | Level 3 | ||||
| Description | |||||||
| -Bonds | 5.911.120 | 5.911.120 | - | - | |||
| -Shares | 10.377.348 | 10.377.348 | - | - | |||
| Total asset at fair value | 16.288.468 | 16.288.468 | - | - |
| THE COMPANY | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Amounts in € | Valuation at fair value at the end of the reporting period using: | ||||||||
| 31/12/2015 | Level 1 | Level 2 | Level 3 | ||||||
| Description | |||||||||
| -Bonds | 7.783.360 | 7.783.360 | - | - | |||||
| -Shares | - | - | - | - | |||||
| Total asset at fair value | 7.783.360 | 7.783.360 | - | - | |||||
| THE COMPANY | |||||||||
| Amounts in € | Valuation at fair value at the end of the previous fiscal year using: | ||||||||
| 30/6/2015 | Level 1 | Level 2 | Level 3 | ||||||
| Description | |||||||||
| -Bonds | 5.911.120 | 5.911.120 | - | - | |||||
| -Shares | - | - | - | - | |||||
| Total asset at fair value | 5.911.120 | 5.911.120 | - | - |
Listed bonds are valued at the closing price on the reporting date.
Listed shares are valued at the closing price on the reporting date.
Listed shares concern the shares of Bank of Cyprus that the subsidiary company Jumbo Trading LTD holds. The relative reference is made in Note 4.7.
The balance of the account is analysed as follows:
| (amounts in €) | THE GROUP | THE COMPANY | |||
|---|---|---|---|---|---|
| Other long term receivables | 31/12/2015 | 30/06/2015 | 31/12/2015 | 30/06/2015 | |
| Guarantees | 6.709.442 | 6.704.086 | 6.691.312 | 6.686.556 | |
| Prepaid expenses | 10.739.131 | 11.054.992 | 765.147 | 803.716 | |
| Total | 17.448.573 | 17.759.078 | 7.456.459 | 7.490.272 |
The sum of «Guarantees» relates to long term guarantees, which will be collected or returned after the end of the next financial year.
The amount of prepaid expenses refers to long-term prepaid store rentals. The amount includes an amount of € 8.444.768 out of € 10.000.000 as an advance payment of future rents that the subsidiary company Jumbo Trading made for a hyper store in a mall in a central area in Paphos that opened on November 2013. The duration is for 20 year with the option of renewal for two more periods of 10 years each. In order to guarantee the above the subsidiary has received a letter of guarantee. Relevant information is provided in Note 4.19 below.
Fair value of these receivables does not differ from the one presented in the Financial Statements and is subject to re-evaluation on an annual basis.
| Amounts in € | THE GROUP | THE COMPANY | ||
|---|---|---|---|---|
| Restricted bank deposits | 31/12/2015 | 30/06/2015 | 31/12/2015 | 30/6/2015 |
| Long Term Restricted bank deposits | 952.903 | 952.903 | - | - |
| Short Term Restricted bank deposits | - | - | - | - |
| Total | 952.903 | 952.903 | - | - |
The amount of € 952.903 on 31.12.2015 concerns the collateral in the form of restricted bank deposits to secure bank overdrafts of the subsidiary company Jumbo Trading Ltd.
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| Cash and cash equivalents | 31/12/2015 | 30/6/2015 | 31/12/2015 | 30/6/2015 |
| (amounts in euro) | ||||
| Cash in hand | 3.488.996 | 4.031.446 | 3.090.353 | 3.582.257 |
| Bank account balances | 5.821.683 | - | 5.821.683 | - |
| Sight and time deposits | 417.085.809 | 294.886.962 | 249.736.048 | 166.310.816 |
| Total | 426.396.488 | 298.918.408 | 258.648.084 | 169.893.073 |
Sight deposits concern short term investments of high liquidity. The interest rate for time deposits for the Group was 1,00%-3,21% while for sight deposits it was 0,25%-1,00%.
| (amounts in euro except shares) | Number of shares |
Nominal share value |
Value of ordinary shares |
|---|---|---|---|
| Balance as at July 1st 2014 | 136.059.759 | 1,19 | 161.911.113 |
| Changes in the period | - | - | - |
| Balance as at 30th June 2015 | 136.059.759 | 1,19 | 161.911.113 |
| Changes in the period | - | - | - |
| Balance as at 31st December 2015 | 136.059.759 | 1,19 | 161.911.113 |
The analysis of share premium and other reserves is as follows:
| TH E G |
RO UP |
||||||||
|---|---|---|---|---|---|---|---|---|---|
| (am ) in nts ou eu ro |
Sh ium are p rem |
Sta tut ory res erv e |
Fa ir v alu e res erv es |
Ta x f ree res erv es |
Ex tra ord ina ry res erv es |
Sp ial ec res erv es |
Ot he r res erv es |
To tal of oth er res erv es |
To tal |
| Ba lan 1s t Ju ly 20 14 at ce |
7.7 02 .07 8 |
32 .13 6.2 35 |
2.9 80 .96 9 |
1.7 97 .94 4 |
30 2.9 07 .22 7 |
( ) 35 1.3 78 |
- | 33 9.4 70 .99 6 |
34 7.1 73 .07 4 |
| C ha in the f ina ia l ye ng es nc ar |
- | 3. 97 4.5 6 8 |
( 2. 3 9 4.7 7 4 ) |
- | 21 0 8 9. 26 2 |
( 5 0 3. 81 5 ) |
- | 22 .1 65 24 2 |
22 .1 65 24 2 |
| Ba lan 30 th J e 2 01 5 at ce un |
7.7 02 .07 8 |
36 .11 0.8 03 |
58 6.1 95 |
1.7 97 .94 4 |
32 3.9 96 .48 9 |
( ) 85 5.1 92 |
- | 36 1.6 36 .24 0 |
36 9.3 38 .31 8 |
| in io C ha the d ng es pe r |
6 6. 87 6 |
3.7 6 0. 26 9 |
( 2.5 01 20 7 ) |
- | 7 2.7 91 97 1 |
43 .15 0 |
- | 7 4. 0 9 4.1 8 3 |
7 4.1 61 05 9 |
| Ba lan De mb 31 at st ce ce er 20 15 |
7.7 68 .95 4 |
39 .87 1.0 72 |
( ) 1.9 15 .01 3 |
1.7 97 .94 4 |
39 6.7 88 .46 0 |
( ) 81 2.0 41 |
- | 43 5.7 30 .42 3 |
44 3.4 99 .37 7 |
| TH | E C OM PA NY |
|
|---|---|---|
| (am ) in nts ou eu ro |
Sh ium are p rem |
Sta tut ory res erv e |
Re ir va t fa se rve s a lue |
Ta x f ree res erv es |
ord Ex tra ina ry res erv es |
Sp ial ec res erv es |
Ot he r res erv es |
To tal of oth er res erv es |
To tal |
|---|---|---|---|---|---|---|---|---|---|
| lan ly Ba at 1s t Ju 20 14 ce |
7.7 02 .07 8 |
32 .13 6.2 35 |
- | 1.7 97 .94 4 |
30 2.9 07 .22 7 |
( ) 34 9.5 53 |
- | 33 6.4 91 .85 3 |
34 4.1 93 .93 1 |
| in f ina ia C ha the l ye ng es nc ar |
- | 3. 6 8 6.7 0 9 |
- | - | 21 0 8 9. 26 3 |
( 5 0 2. 9 42 ) |
- | 24 27 3. 0 3 0 |
24 27 3. 0 3 0 |
| Ba lan 30 th J e 2 01 at 5 ce un |
02 8 7.7 .07 |
35 .82 2.9 44 |
- | 97 .94 1.7 4 |
32 3.9 96 .48 9 |
( ) 85 2.4 95 |
- | 36 .88 2 0.7 64 |
36 8.4 .96 66 0 |
| in io C ha the d ng es pe r |
6 6. 87 6 |
3.7 6 3.5 46 |
- | - | 7 2.7 91 97 1 |
3 4.5 61 |
- | 7 6.5 9 0. 07 8 |
7 6. 65 6. 95 4 |
| Ba lan De mb 31 at st ce ce er 20 15 |
7.7 68 .95 4 |
39 .58 6.4 89 |
- | 1.7 97 .94 4 |
39 6.7 88 .46 1 |
( ) 81 7.9 34 |
- | 43 7.3 54 .96 0 |
44 5.1 23 .91 4 |
Long term loan liabilities of the Group and the Company are analysed as follows:
| Loans | THE GROUP | THE COMPANY | ||
|---|---|---|---|---|
| (amounts in euro) | 31/12/2015 | 30/6/2015 | 31/12/2015 | 30/6/2015 |
| Long term loan liabilities | ||||
| Bond loan non - convertible | ||||
| to shares | 144.052.427 | 143.916.512 | 144.052.427 | 143.916.512 |
| Total | 144.052.427 | 143.916.512 | 144.052.427 | 143.916.512 |
On 21.05.2014 a common bond loan agreement was signed, between the parent company and financial institutions, of five year duration with a maximum amount of up to € 145 million under favorable terms for the Company. The interest rate is 6 - month euribor + 4% margin. The loan will be fully repaid at maturity.
Maturity of long term loans is analysed as follows:
| THE GROUP | THE COMPANY | ||||
|---|---|---|---|---|---|
| (amounts in euro) | 31/12/2015 | 30/6/2015 | 31/12/2015 | 30/6/2015 | |
| From 1 to 2 years From 2 to 5 years After 5 years |
- 144.052.427 - |
- 143.916.512 - |
- 144.052.427 - |
- 143.916.512 - |
|
| 144.052.427 | 143.916.512 | 144.052.427 | 143.916.512 |
Short- term loan liabilities are analysed as follows:
| Amounts in € | THE GROUP | THE COMPANY | ||
|---|---|---|---|---|
| Short- term loan liabilities | 31/12/2015 | 30/06/2015 | 31/12/2015 | 30/06/2015 |
| Overdraft account | ||||
| 1.148.815 | 2.877.527 | - | 2.669.667 | |
| Total | 1.148.815 | 2.877.527 | - | 2.669.667 |
The Company signed an overdraft agreement, covering its working capital requirements. On 31.12.2015, the Company overdraft account has a debit balance and, therefore, it has been classified into cash and cash equivalent for the reporting period.
| THE GROUP | ||||||
|---|---|---|---|---|---|---|
| 31/12/2015 | 30/06/2015 | |||||
| (amounts in euro) | Asset | Liability | Asset | Liability | ||
| Non current assets | ||||||
| Tangible assets | - | 9.888.510 | - | 8.714.972 | ||
| Tangible assets from financial leases | - | - | - | - | ||
| Current Assets Financial assets at fair value through profit and loss |
- | - | ||||
| account -Trading securities | - | - | 297.657 | - | ||
| Equity | ||||||
| Share Capital Increase expenses | 235.909 | - | 169.034 | - | ||
| Deferred tax of the IAS 19 | 336.892 | - | 302.586 | - | ||
| Long term liabilities | ||||||
| Provisions | 13.998 | - | 12.393 | - | ||
| Benefits to employees | 1.435.129 | - | 1.202.296 | - | ||
| Long-term loans | 267.344 | - | 263.406 | |||
| Total | 2.021.928 | 10.155.854 | 1.983.966 | 8.978.378 | ||
| Deferred tax liability | 8.133.926 | 6.994.412 |
For the Company, the respective accounts are analysed as follows:
| THE COMPANY | ||||
|---|---|---|---|---|
| 31/12/2015 | 30/06/2015 | |||
| (amounts in euro) | Asset | Liability | Asset | Liability |
| Non current assets | ||||
| Tangible assets | - | 9.822.667 | - | 8.647.910 |
| Tangible assets from financial leases | - | - | - | - |
| Current Assets | ||||
| Financial assets at fair value through profit and loss | ||||
| account -Trading securities | - | - | 297.657 | - |
| Equity | ||||
| Share Capital Increase expenses | 235.909 | - | 169.034 | - |
| Deferred tax of the IAS 19 | 334.086 | - | 299.525 | - |
| Long term liabilities | ||||
| Provisions | - | 836 | - | - |
| Benefits to employees | 1.426.499 | - | 1.194.184 | - |
| Long-term loans | - | 267.344 | - | 263.406 |
| Total | 1.996.494 | 10.090.847 | 1.960.400 | 8.911.316 |
| Deferred tax liability | 8.094.353 | 6.950.916 |
Under the provisions of Law 4334/2015, publicized as at 16.07.2015, the income tax rate regarding the legal entities in Greece for the profits arising in tax years starting on or after 01.01.2015, was increased and stood at 29% versus 26%, effective as at 30.06.2015. Moreover, the advance legal entities income tax payment, under the aforementioned Law, was increased and stood at 100% versus 80%. Under POL 1217/2015 (publication date - 24/09/2015), as far as all the legal entities are concerned, the advance tax payment is increased to 100% for the profits arising in tax years starting on or after 01.01.2014. The changes in the tax legislation, as mentioned above, have resulted in a) an increase in the company's
obligations arising from income tax, and b) an increase of € 5,6 million in the receivables from the Greek State included in the items "Other Receivables".
The analysis of tax liabilities is as follows:
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| Current tax liabilities | 31/12/2015 | 30/06/2015 | 31/12/2015 | 30/06/2015 |
| (amounts in €) | ||||
| Income tax liability | 50.111.514 | 33.348.894 | 47.204.253 | 31.310.547 |
| Other tax liability | 21.848.087 | 6.661.902 | 14.005.939 | 2.546.084 |
| Total | 71.959.601 | 40.010.796 | 61.210.192 | 33.856.631 |
Deferred tax is not included in income tax liabilities.
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| (amounts in euro) | 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 |
| Cash flows from operating activities | ||||
| Profit before taxes for the period | 96.815.174 | 81.426.266 | 66.299.265 | 58.200.865 |
| Adjustments for: Depreciation of tangible and intangible assets Pension liabilities provisions (net) |
11.298.163 255.717 |
10.539.451 216.142 |
7.504.407 250.122 |
7.502.120 211.775 |
| Other provisions | 83.037 | 54.722 | - | 66.342 |
| (Profit)/ loss from sales of tangible assets (Gain)/ losses of financial assets at fair |
(72.537) | 105.608 | (72.537) | 100.165 |
| value through profit/ loss account | (1.872.240) | 796.640 | (1.872.240) | 796.640 |
| Interest and related income | (3.948.593) | (5.050.607) | (3.004.739) | (3.614.526) |
| Interest and related expenses | 3.261.963 | 3.826.544 | 3.165.773 | 3.747.459 |
| Other non -cash adjustments | 69 | - | 69 | - |
| Exchange Differences | (6.916) | (46.270) | (4.603) | 9.582 |
| Operating profit before change in working capital |
105.813.837 | 91.868.496 | 72.265.516 | 67.020.422 |
| Change in working capital | ||||
| (Increase)/ decrease in inventories (Increase)/ decrease in trade receivables (Increase)/ decrease in other current |
45.000.497 (5.911.124) |
7.143.680 (2.766.947) |
43.021.424 2.447.346 |
10.156.839 958.980 |
| assets Short term restricted bank deposits Increase/ (decrease) in trade payables |
2.074.671 - |
2.644.794 7.138.988 |
1.519.050 - |
2.277.939 - |
| (except from liabilities to banks) Other |
14.606.310 33.815 |
15.992.889 (270.275) |
11.014.927 33.812 |
10.580.257 (11.836) |
| 55.804.171 | 29.883.129 | 58.036.558 | 23.962.179 | |
| Cash flows from operating activities | 161.618.008 | 121.751.625 | 130.302.074 | 90.982.601 |
During the closing period, the Group has granted letters of guarantee to third parties as security for liabilities of € 25 ths. (30.06.2015: € 106 ths). This amount concerns the parent company.
The Annex to the non-cancellable lease agreement on real estate renting, which originally ends on 28 May 2023 and is extended until 28 May 2035, makes reference to the fact that Jumbo EC.B. LTD will be obliged to purchase the rented store and the property ownership, under which the store is constructed for a total
price of EUR 13.500.000 without VAT, in case during the rental period Mr. Apostolos Vakakis ceases to be an executive member of the Board of Directors of Jumbo SA.
From the total of € 13.500.000 Jumbo Trading Limited is a guarantor for the amount of € 10.125.000. Moreover, Jumbo Trading Limited, Cyprus is a co-debtor and is jointly liable with the Company for all the obligations, arising from the rental agreement and all annexes to it.
The Public Authorities have imposed on JUMBO EC. B LTD additional tax liabilities of € 110.712 relating to tax audit results, for which the subsidiary has filed lawsuits. The actual amount that may have to be paid and the actual time at which the payment shall be made will be defined during the appeal process. Based on the Management's estimates, which take into account the opinion of the legal consultant and the possibility of an outflow of economic resources, the amount potentially to be paid stands at € 18.603. Regarding the aforementioned amount, an equal provision has been made in the Statement of financial Position, in the account "Provisions". The Group's Management estimates that the final outcome of this case will not lead to significant losses, exceeding the amounts for which provision has already been made.
On 31.12.2015, the Group had good performance letters of guarantee amounting to € 12,8 million, that are analysed as follows:
A letter of guarantee amounting to € 9,20 million to the subsidiary Jumbo Trading Ltd to fulfill the terms of the property lease contract in Paphos.
A letter of guarantee of € 2,6 million to the parent company for good performance of cooperation with the customer Franchise Kid-Zone in Albania and Kossovo and a letter of guarantee of € 1,0 million with Veropoulos Dooel in FYROM.
As at 31.12.2015, the unaudited fiscal years in respect of the Group are as follows:
| Company | Unaudited Financial Years |
|---|---|
| JUMBO S.A. | 01.07.2009-30.06.2010 |
| JUMBO TRADING LTD | From 01.01.2010-30.06.2010 to 01.07.2014-30.06.2015 |
| JUMBO EC.B LTD | From 01.01.2010-31.12.2010 to 01.01.2015-31.12.2015 |
| JUMBO EC.R S.R.L | From 01.08.2006-31.12.2006 to 01.01.2014-30.06.2015 |
| ASPETΤO LTD | From 01.08.2006-31.12.2006 to 01.01.2015-31.12.2015 |
| WESTLOOK S.R.L. | From 01.10.2006-31.12.2006 to 01.01.2015-31.12.2015 |
The unaudited fiscal year for the Company is the one ended on 30.06.2010 (01.07.2009 - 30.06.2010). For the fiscal year 30.06.2011 up to 30.06.2014, the Company has been tax audited by the Certified Public Accountants in accordance with the provisions of Article 82, par 5, Law 2238/1994. For the fiscal year ended as at 30.06.2015, it has been subject to tax audit of the Certified Public Accountants in accordance with the provisions of Article 65Α, Law Ν. 4174/2013. The aforementioned audits for the fiscal years from 30.06.2011 until 30.06.2015 have been completed and the tax certificates have been issued as those with unqualified conclusion, and the relevant reports have been submitted to the Ministry of Finance.
The subsidiary company JUMBO TRADING LTD, operating in Cyprus, has been inspected by the tax authorities until 31.12.2009 in accordance with the Cypriot tax authorities. JUMBO TRADING LTD prepares its financial statements in compliance with IFRS and consequently it charges its results with relevant provisions for tax differences, whenever necessary.
The subsidiary companies JUMBO EC.B LTD and JUMBO EC.R S.R.L prepare their financial statements in compliance with IFRS, making provisions for additional tax differences, whenever necessary, burdening their results.
The subsidiary companies WESTLOOK SRL in Romania and ASPETΤO LTD in Cyprus, have not yet started their commercial activity and, therefore, no issue of unaudited fiscal years and further tax liabilities arises.
Regarding the newly acquired «GEOCAM HOLDINGS LIMITED», «GEOFORM LIMITED» and «RIMOKIN PROPERTIES LTD» in Cyprus, they are going through their first financial and tax year.
For the tax unaudited fiscal years of the Group's companies, a provision of € 165.311 (Company: € 146.708) has been formed, regarded as sufficient.
Apart from "JUMBO SA", the Group includes the following related companies:
1. The subsidiary company «Jumbo Trading LTD», based in Cyprus, in which the Parent company holds 100% of shares and 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. Moreover, the subsidiary company JUMBO TRADING LTD participates at the rate of 100% in the share capital of RIMOKIN PROPERTIES LTD, of GEOCAM HOLDINGS LIMITED and GEOFORM LIMITED.
2. The subsidiary company «JUMBO EC.B. LTD» based in Sofia, Bulgaria, in which the Parent company holds 100% of shares and voting rights.
3. The subsidiary company «JUMBO EC.R. SRL» based in Bucharest, Romania, in which the Parent company holds 100% of shares and voting rights.
The most significant transactions and balances between the Company and the related parties (except physical persons) on 31.12.2015, as defined in IAS 24, are as follows:
| Amounts in € | THE GROUP | THE COMPANY | ||||
|---|---|---|---|---|---|---|
| Sales of products | 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 | ||
| Subsidiaries | - | - | 51.830.763 | 47.059.785 | ||
| Total | - | - | 51.830.763 | 47.059.785 | ||
| Sales of services | 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 | ||
| Subsidiaries | - | - | 14.526 | 13.194 | ||
| Total | - | - | 14.526 | 13.194 | ||
| Sales of tangible assets | 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 | ||
| Subsidiaries | - | - | 445.321 | 384.686 | ||
| Total | - | - | 445.321 | 384.686 | ||
| THE GROUP | THE COMPANY | |||||
| Purchases of products | 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 | ||
| Subsidiaries | - | - | 900.138 | 866.859 | ||
| Other related parties | - | 418.829 | - | 418.829 | ||
| Total | - | 418.829 | 900.138 | 1.285.688 | ||
| Purchases of tangible assets | 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 | ||
| Subsidiaries | - | - | 7.089 | - | ||
| Total | - | - | 7.089 | - |
SIX-MONTH FINANCIAL REPORT
Of the period from 1st July 2015 to 31st December 2015 Page: 48
| Purchases of services Subsidiaries |
31/12/2015 - |
31/12/2014 - |
31/12/2015 - |
31/12/2014 - |
||
|---|---|---|---|---|---|---|
| Total | - | - | - | - | ||
| THE GROUP | THE COMPANY | |||||
| Receivables | 31/12/2015 | 30/6/2015 | 31/12/2015 | 30/6/2015 | ||
| Subsidiaries | - | - | 14.227.422 | 26.234.485 | ||
| Total | - | - | 14.227.422 | 26.234.485 | ||
| Liabilities | 31/12/2015 | 30/6/2015 | 31/12/2015 | 30/6/2015 | ||
| Subsidiaries | - | - | - | 20.708.461 | ||
| Total | - | - | - | 20.708.461 |
The most important transactions and balances between the companies of the Group (except the parent company JUMBO S.A. that are not included in the above tables), as defined in IAS 24, are as follows:
| 31/12/2015 | 31/12/2014 | |||||
|---|---|---|---|---|---|---|
| Amounts in € | Income | Expenses | Income | Expenses | ||
| JUMBO ΕC.B LTD with JUMBO ΕC.R SRL | 2.296 | - | - | 397.108 | ||
| Total | 2.296 | - | - | 397.108 | ||
| 31/12/2015 | 30/6/2015 | |||||
| Receivables | Liabilities | Receivables | Liabilities | |||
| JUMBO ΕC.B LTD with JUMBO ΕC.R SRL | - | - | 20.456 | - | ||
| Total | - | - | 20.456 | - |
The above amounts have been eliminated at Group level.
Purchases of products from other related parties of the Group on 31.12.2014 pertain to purchases of goods from the company TANOSIRIAN SA. The company Tanosirian S.A. is shareholder of the parent company Jumbo S.A.. A member of Tanosirian S.A. Management is also a member of the parent company's Management.
Sales and purchases of merchandise concern goods that the parent company trades, that is, toys, infantile items, stationery, home and seasonal goods. All the transactions described above have been carried out under the usual market terms. Also, the terms that govern the transactions with the above related parties are equivalent to those that prevail in arm's length transactions.
Apart from the above transaction with the affiliated companies, paragraph 6 below presents transactions with other related parties (key management and Board of Directors members).
The transactions with the Management at the Group and the Company levels are presented as follows:
| Transactions with Directors and Board Members | THE GROUP | THE COMPANY |
|---|---|---|
| Amounts in euro | 31/12/2015 | 31/12/2015 |
| Short term employee benefits: | ||
| Wages and salaries | 621.578 | 330.912 |
| Insurance service cost | 41.176 | 17.979 |
| Other fees and transactions with the members of the Board of Directors |
1.149.619 | 1.149.619 |
| Compensation due to termination of employment | 3.473 | 3.473 |
| Total | 1.815.846 | 1.501.983 |
| Pension Benefits: | 31/12/2015 | 31/12/2015 |
| Defined benefits plan | - | - |
| Defined contribution plan | - | - |
| Other Benefits plan | 302.094 | 302.094 |
| Payments through Equity | - | - |
| Total | 302.094 | 302.094 |
| Transactions with Directors and Board Members | THE GROUP | THE COMPANY |
| Amounts in euro | 31/12/2014 | 31/12/2014 |
| Short term employee benefits: | ||
| Wages and salaries | 643.755 | 330.912 |
| Insurance service cost | 44.746 | 17.979 |
| Other fees and transactions with the members of the Board of Directors |
1.035.239 | 1.035.239 |
| Compensation due to termination of employment | 3.690 | 3.690 |
| Total | 1.727.430 | 1.387.820 |
| Pension Benefits: | 30/06/2015 | 30/06/2015 |
| Defined benefits plan | - | - |
| Defined contribution plan | - | - |
| Other Benefits plan | 269.278 | 269.278 |
| Payments through Equity | - | - |
| Total | 269.278 | 269.278 |
No loans have been granted to members of BoD or other directors of the Group (and their families) and there are no assets or liabilities granted to members of BoD or other directors of the Group and their families.
Since the Company's establishment till presently, no termination activity procedure has taken place. There are no lawsuits or litigations that might have significant negative effect on the financial position of the Group and the Company.
The Group has made a provision for lawsuits and litigations, amounting to € 70.229, which as a total pertains to the Company.
As at December 31st 2015, the Group occupied 5.913 people, 4.237 permanent personnel and 1.676 seasonal personnel, while the average number of personnel for the first half of the closing period i.e. from 01.07.2015 to 31.12.2015 stood at 5.056 persons (4.243 permanent personnel and 814 seasonal personnel). More specifically: the Parent company as at December 31st 2015 occupied in total 4.228 people, 2.959 permanent personnel and 1.269 seasonal, the Cypriot subsidiary company Jumbo Trading Ltd in total 595 people (249 permanent and 346 seasonal personnel), the subsidiary company in Bulgaria 495 people of permanent personnel and the subsidiary company in Romania 595 people (534 permanent and 61 seasonal personnel).
The demand for the Group's products is seasonal. It is higher in the period of September, Christmas and Easter.
Income from the sale of products for the Group for the first half of the current financial year reached 63,81% of the total sales of the previous financial year (01.07.2014 – 30.06.2015).
The corresponding income of the comparative period 01.07.2014-31.12.2014 reached 58,56% of the total income of the financial year 01.07.2014 – 30.06.2015.
In July 2015, the parent company paid the amount of € 20,7 million in respect of the share capital increase of the subsidiary company JUMBO EC.R SRL, which took place in June 2015. The share capital of the subsidiary as at 31.12.2015 amounts to € 48,9 million. The aforementioned share capital increased was fully covered by the parent Company.
In Romania, in October, a new store was opened in Pitesti (12.000 sqm ). At the end December 2015, the Group's network had 73 stores in Greece, Cyprus, Bulgaria and Romania and an on- line store, e-Jumbo.
The Annual Regular General Meeting of the shareholders held on 11.11.2015 approved, among other issues, non-distribution of dividends from the profits of the financial year 2014-2015.
In October, Jumbo S.A. proceeded with the expansion of its store in the Port of Thessaloniki through the acquisition of 3.296,05 sqm for EUR 3,2 million. Moreover, in December, Jumbo proceeded with expansion of its warehouse facilities at Inofyta, adding 8.308 sqm of land and 2.557 sqm of building for EUR 400 thousand.
As already recorded above, the Company's objective is to facilitate better management of the existing network and infrastructure through revaluation and upgrading the existing stores and expansion of the network in the areas, places where the Company has had no presence so far through adding new stores in following years. In the context of the above mentioned, the company closed two small leased stores in January 2016.
Consequently, until the date of approval of the six-month Financial Report, the Group had a network of 71 stores in four countries. More specifically, the Group had 51 stores, located in Greece, 5 in Cyprus, 8 in Bulgaria and 7 in Romania and also the on line store e-Jumbo.
The Board of Directors of JUMBO S.A. convened on 15.02.2016, following the resignation due to retirement of Ms. Kalliopi Vernadaki from the positions held as Executive Board member and as CEO of the Company, and discussed the replacement of the resigned member and the re-composition of the Board of Directors. The Board of Directors decided to replace the above Executive Board member with
from Ms. Sophia Vakaki. The election will have to be approved at the first subsequent ordinary general meeting of shareholders.
There are no other events subsequent to the financial statements that affect the Group or the Company, for which reference under IFRS is required.
Moschato, 24th February 2016
The persons responsible for the Financial Statements
| The President of the Board of | |
|---|---|
| Directors |
The Vice-President of the Board of Directors Appointed Consultant
The Head of the Accounting Department
| Apostolos -Evangelos Vakakis son | |
|---|---|
| of Georgios | |
Identity card no ΑΜ 052833/2014 Identity card no X
Ioannis Oikonomou son of Christos 156531/2002
Sofia Vakaki daughter of Apostolos-Evangelos Identity card no ΑΙ516280/4.3.2010
Panagiotis Xiros son of Kon/nos
Identity card no Λ 370348/1977
| JUMBO SOCIETE ANONYME REG No. 7650/06/8/86/04 - G.E.MI.No. 121653960000 Cyprou 9 and Hydras Street, 18346 Moschato Attikls FIGURES AND INFORMATION FOR THE PERIOD 1 JULY 2015 TO 31 DECEMBER 2015 |
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| Publicized according to the Resolution 4/507/28.04.2009 of the Hellenic Capital Market Commission's BoD The following function and the form of the finance Statements, am to you summark interest in a family position and the result of JURD's A. and JURD's conceptions, we second individually a second individual in a mail of the |
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| Company's Web Site : Date of approval of the six- month financial statements by the Board of Directors : Certified Auditors : |
to coms - a www. 24.02.2016 |
Marios Lasanianos (ICPA: Reg No 25101) Athenasia Arampatzi (ICPA. Reg No 12821) |
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| Auditing company: Auditor's review report. |
Unqualified Conclusion | Grant Thornton S.A. (Reg No ICPA, 127) | |||||||
| (consolidated and non-consolidated) amounts in € | STATEMENT OF FINANCIAL POSITION | CASH FLOW STATEMENT-INDIRECT METHOD (consolidated and non-consolidated) amounts in € |
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| THE GROUP 31/12/2015 |
30/6/2015 | 31/12/2015 | THE COMPANY 30/6/2015 |
01/07/2015 | THE GROUP 01/07/2014 |
01/07/2015 | THE COMPANY 01/07/2014 |
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| ASSETS angible fixed assets and intangible assets. |
495 785 974 | 497.881.150 | 266.792.05 | 289 382 423 | Operating activities Profits for the period before taxes |
31/12/2016 96.915.174 |
31/12/2014 81.426.266 |
31/12/2016 66 299 265 |
31/12/2014 58 200 865 |
| vestments property Other non current assets |
5 927 136 26 277 618 |
6.118.721 29 089 329 |
5.927.136 104 543 486 |
6.118.721 194 577 299 |
Plus/minus edjustments for Depreciation of tangible and intangible assets |
11,298.163 | 10.539.451 | 7,504,407 | 7,502,120 |
| hventories Trade debtors Other current assets |
152.571.977 24.100.353 474 572 217 |
197.792.010 15:546.511 343 899 537 |
129.676.377 37,877,519 305.085.811 |
172,697,801 41.746.395 208 957 588 |
Pension liability provisions (net) Other provisions (Profit)/ loss from sales of tangible assets |
255.717 83.037 (72.537) |
216.142 54.722 105,608 |
250.122 (72.537) |
211,775 06.342 100.165 |
| TOTAL ASSETS | 1.179.235.225 | 1.090.327.258 | 961.902.380 | 913.480.227 | Revaluation (gain) / losses of financial assets | (1.872, 340) | 796.640 | (1.872.240) | 796,640 |
| EQUITY AND LIABILITIES | at fair value through profit / loss account Interest and related income |
(3.948.593) | (5.050.607) | (3.004.739) | (3.614.526) | ||||
| hare Capital Other Shareholder's Equity Items |
161.911.113 | 161.911.113 207,434 |
161.911.113 17 801 404 |
161.911.113 471.504.619 |
Interest and related expenses Other non cash adjustments |
3.261.963 f(t) |
3.826.544 | 3 165 773 | 3.747.459 |
| Total Shareholder's Equity (a) introlling Interest (b) |
866.616.424 | 797.208.647 | 679.602.517 | 633.415.732 | Exchange Differences Operating profit before changes in the operating capital |
105.813.837 | 91.868.496 | 72.266.616 | 67.020.422 |
| Total Equity (c)* (a)+(b) ong term liabilities from loans |
866.616.424 144 052 427 |
797.208.547 143.916.512 |
679.602.617 144 052 427 |
633.416.732 143.916.512 |
Changes in Working Capital (Increase)/decrease in inventories |
45.000.497 | 7.143.680 | 43.021.424 | 10.156.839 |
| wisions / Other long term liabilities Short term borrowings |
20, 263, 361 1,148.815 |
25.720.528 2877527 |
14.192.606 | 12.724.426 2.669.667 |
EncreaseVdecrease in trade and other receivables. (Increase)/decrease in other current assets |
(5.911.124) 2.074.671 |
(2.766.947) 2.644.704 |
2 447 346 1.519.050 |
958 980 2.277.939 |
| Xher short term liabilities Total liabilities (d) TOTAL EQUITY AND LIABILITIES (c) + (d) |
147.154.19 312,619,001 1.179.235.225 |
120 604 144 293.119.711 1.090.327.258 |
34.054.83 282.299.863 |
753, 800 280.064.496 913.480.227 |
Increase)/decrease in short term pledged bank deposits Increase / (decrease) in liabilities (excluding loans) Other |
14.606.310 33.815 |
7.138.985 15.992.889 (270.275) |
11.014.927 33.812 |
10.580.257 |
| STATEMENT OF TOTAL COMPREHENSIVE INCOME | 961.902.380 | Mnus. Interest expense paid |
(3.211.195) | (3.623.547) | (3.126.033) | (11.836) (3.552.528) |
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| (consolidated and non-consolidated) amounts in € | THE GROUP | Income tax paid Total cash flows from operating activities (a) |
146, 937, 788 | 10.346.911 107.781.167 |
118,474.699 | 79.439.124 | |||
| 01/07/2015 31/12/2015 |
01/10/2015 31/12/2016 |
01/07/2014 31/12/2014 |
01/10/2014 31/12/2014 |
Investing activities | |||||
| Turnover | 371.745.679 | 219.117.352 | 341.133.497 | 196.622.211 | Share Capital increase of subsidiary Purchases of tangible and intangible assets |
(20.030.546) | (31815.154) | (20.708.461) (9.868.022) |
(25 000.002) (5.837, 179) |
| Gross profit / (Loss) (Loss) before tax, financial and investment results rote I Profit / (loss) before tax |
191.506.018 96.815.174 |
118.370.336 67.647.727 |
173.055.556 81.426.266 |
104.697.131 55.903.865 |
Sales of tangible & intagible assets Interest received Investments in financial aspets available for sale |
521.723 3,284,770 |
391-400 4.880.150 |
521.723 3,004.739 |
391,400 3.626.979 |
| 405.34 Profit / (loss) after tax (A) |
24 295 475 | 16.919.421 50.729.306 |
18,760-258 62.666.008 |
13.247.747 42, 666.119 |
Total cash flows from investing activities (b) Financing activities |
(16.224.062) | (32.011.792) | [27.050.021] | (26.010.002) |
| ot eldetudnitik | 72.519.699 | Dividends paid. Proceeds from borrowings |
940.954 | (24.483.049) | (24.483.049) | ||||
| Iwners of the Company Non-Controlling Interest |
72.519.699 | 50.728.306 | 62,666,008 | 42.656.118 | Repayment of borrowings Payment of finance lease kapilities |
(2.689.687) | (20.039.718) | (2.669.687) | (20.039.718) 373 561 |
| Other comprehensive income after tax (B) | (3.178.699) | (2.990.129) | (1.626.609) | (1.667.160) | Total cash flows from financing activities ( c) Increasel(decrease) in cash and cash equivalents of the period |
(1.728.713) | (45.896.328) 29.073.047 |
(2.669.667) | (45.896.328) |
| Total comprehensive income after tax (A) + (B) Owners of the Company |
69.340.999 69.340.999 |
47.738.176 47.738.176 |
61.040.399 61,040,399 |
41.098.959 41.098.959 |
$(a)+(b)+(c)$ Cash and cash equivalents at the beginning of the period |
127.985.022 298.918.408 |
287.567.276 | 88.755.010 169.893.073 |
6.723.994 195.373.828 |
| Non-Controling Interest Profit / (loss) after taxes per basic share (in C) |
0.6330 | 0,3728 | 0,4606 | 0,3135 | Exchange difference of cash and cash equivalent Cash and cash equivalents at the end of the period |
1506-942 426.396.488 |
316.461.420 | 258.648.084 | 202.097.922 |
| rolit / (Loss) before tax, financial, investment results, depreciation and amortization |
105,480,813 | 72.622.041 | 91.645.562 | 61.659.544 | Cash in hand Carrying amount of bank deposits and bank overdrafts |
3.488.99 5.821.683 |
3.610.16 25.298.317 |
3.090.35 5.821.683 |
3.238.339 1.196.933 |
| THE COMPANY | Sight and time deposits Cash and cash equivalents at the end of the period |
426.396.498 | 316.461.420 | 268.648.064 | 202.097.822 | ||||
| 01/07/2015 31/12/2015 |
01/10/2015- 31/12/2015 |
01/07/2014- 31/12/2014 |
01/10/2014- 31/12/2014 |
STATEMENT OF CHANGES IN EQUITY (consolidated and non-consolidated) amounts in 6 |
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| Turnover | 317.045.279 | 185, 017, 849 | 303.434.500 | 172.070.249 | THE GROUP | THE COMPANY | |||
| Gross profit / (Loss) | 140.160.684 | 86.987.274 | 134.367.725 | 80.175.138 | 31/12/2015 | 31/12/2014 | 31/12/2015 | 31/12/2014 | |
| Profit / (Loss) before tax, financial and investment results | 64.588.059 | 48.027.642 | 59.130.439 | 41.725.350 | Total Equity at the beginning of the period (01.07.2015 and 01.07.2014 respectively) |
797.208.547 | 744.510.358 | 633.415.732 | 609.236.786 |
| Profit / (loss) before tax ess to |
66.299.265 10:213.917 |
48.130.217 14.309.753 |
58.200.865 15.593.434 |
40.981.558 (11.251.994) |
Total comprehensive income for the period after tax (continuing) discontinuing operations) Chridends paid |
69.340.999 | 61.040.399 (48.981.514) |
46.119.909 | 42.607.431 (48.981.514) |
| Profit / (loss) after tax (A) | 46.085.348 | 33.820.464 | 42.607.431 | 29.729.564 | Net income recorded directly to equity Total equity at the end of the period (31.12.2016 and 31.12.2014 |
66.876 | 66.876 | ||
| Attributable to: Owners of the Company |
46.085.348 | 33.820.464 | 42.607.431 | 29.729.564 | respectively) | 866.616.424 | 756,569,244 | 679.602.517 | 601.962.702 |
| Non-Controlling Interes Other comprehensive income after tax (B) |
34, 561 | ||||||||
| Total comprehensive income after tax (A) + (B) where of the Company |
46.119.909 46.119.909 |
33.820.464 33.820.464 |
42,607.431 42 607 431 |
29.729.564 29.729.564 |
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| Non-Controling Interest Profit / (loss) after taxes per basic share (in C) |
0.3387 | 0.2486 | 0.3132 | 0.2185 | |||||
| rofit / (Loss) before tax, financial, investment results, depreciation nodestrome bea |
72.019.929 | 51.719.961 | 66.732.724 | 45.611.393 | |||||
| ADDITIONAL ITEMS AND INFORMATION | |||||||||
| References to the "COMPANY" or "JUMBO S.A." indicate, unless contents state otherwise, the "JUMBO" Group and its consolidated U thradiacies |
Amounts in C a) Income b) E-pense |
The Group | The Company | ||||||
| 34.227.422 | |||||||||
| 1. The basic accurating principles applied ander the projection of the accompanying interm Francist Statements are constant info three applies and the first three applies and the first many applies and the management of th | e) Transcitors and renumeration of key metubies and management f) Receivables from key executives and |
1.015.04 | 1,531,983 | ||||||
| Bon of the charused in this com- financial year ended on 30.06.2015, there are no changes in their consolidation method, and there are no companies or joint ventures that are |
That are considered at | management 2) Payables to key executives and |
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| not included in the Consolidated Financial Statements. 3. There are no liens on the Group's and Company's assets on 31, 12,2015. In order to obtain bank overdrafts for a Group's subsidiary, the |
management | ||||||||
| ount of € 952 903 has been granted as pledge in the form of restricted bank deposite bevolume that to technical & |
The Group | 31/12/2015 | 31/12/2014 | During the period 01.07.2015-31.12.2015 JUMBO EC B. LTD occurred expenses from purchases of products from JUMBO EC R SRL, totally amounting to € 2.295 All intercompany transactions and balances of the companies that have been included in the consolidation have been eliminated from the interim ix-month Financial Stateme |
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| Total | 2911 | 5.879 | 8 The Group companies included in the Consolidated Financial Statements, their registered addresses, percentage and type of participation, activity and method of consolidation are presented in Note 3.2 to the litterim Financial Statements |
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| The Company | 31/12/2015 | 31/12/2014 | 9. Not investments for acquisition of fixed assets for the period 01.07.2015-31.12.2015 for the Company came to 6.7.172 thousand and for the Group to 6 390 thousand |
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| Total | 2,999 1, 2, 3 |
2.971 $+279$ |
10. Nether the Parent company, nor its subsidiaries and associates possess at 31.12.2015 any shares of the Parent Company. 11. In July 2015, the perint company pad the amount of 6,20.7 million in respect of the share captal increase of the subsidiary company JUMBO ECR SRL, which tosk place in June 2015. The that captal of the subsidiary amount |
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| 5. There are no libgious cases, the negative outcome of which might have a significant effect on the financial results of the Group and the | |||||||||
| Company, The Group's and the Company's amount of the cumulative provisions, for each of the following categories, is as follow | Category (amounts in €) Provisions for significant litigations or artistrations. |
Group Company | eamings of the financial year 2014-2015. 13. Eamings/(losses) per share were calculated according to the weighted average number of the Company's total shares 14. Total comprehensive income (after tax) for the Group, amounting at € (3.178.699) is analyzed as follows: a) FX differences of foreign subsidianes € (720.642), b) gain / (losses) from fair value measurement of financial |
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| Provision for bacunaud ted financial years | 70.229 265.311 |
deferred tax on actuarial gains / (losses) due to change of the tax rate € 34.561. Respectively, the total comprehensive income for the Company, amounting at € 34.561, pertains to deferred tax on actuarial gains / (losses) |
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| At the balance of trade and other receivables for the Group are included provisions for doubtful customers' amount of € 23.702 income (after tax) for the Group, amounting at € (1.625.609) is analyzed as follows a) FX differences of foreign subsidiaries € (345.699), b) actuantel gains / (losses) € (2.698) and c) gain / (losses) from fair value meas 6. The fiscal years that are unaudted by the tax authorites for the Company and its subsidiaries are analytically presented in Note 4.20 to the |
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| Interim Financial Statements for the Company for the period 01.07.2014-31.12.2014 was € 0. 15. Events after the end of the reporting period are presented in Note 11 to the Interim Financial Statements. Income and expenses, cumulatively from the beginning of the accounting period and payables and receivables of the Company at the end of the current accounting period which have arisen from transactions with related parties within the scope of IAS 24 are as follows |
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| 16. Any differences in the amounts are due to rounding. | |||||||||
| Moschato, 24 February 2016 | |||||||||
| THE PRESIDENT OF THE ROD. | THE VICE-PRESIDENT OF THE BOD. | APPOINTED CONSULTANT | THE HEAD OF THE ACCOUNTING DEPARTMENT | ||||||
| APOSTOLOS- EVANGELOS VAKAIGS SON OF GEORGE Identity card no AM 052833/2014 |
IOANNIS OIKONOMOU SON OF CHRISTOS | identity card no X 156531/2002 | SOFIA VAKAKI DAUGHTER OF APOSTOLOS-EVANGELOS Identity card to AI516280/4.3.2010 |
PANAGIOTIS XIROS SON OF KONINOS Identity card no A 370348/1977 |
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| H.E.C. Licence No. 0018111 / A' Class |
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