Quarterly Report • Feb 28, 2017
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 2016 to 31 December 2016 (According to Article 5, Law 3556/2007)
| Page | |||
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| 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 01.07.2016- 31.12.2016 18 |
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| A. | INTERIM STATEMENT OF TOTAL COMPREHENSIVE INCOME OF H1 18 | ||
| B. | CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME OF H1 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 | ||
| SELECTED EXPLANATORY NOTES TO THE INTERIM SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS AS AT 31st DECEMBER 2016 26 |
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| 1. | Information 26 | ||
| 2. | Nature of Operations 26 | ||
| 3. | 3.1 | Accounting Principles Summary 27 New Standards, Interpretations, Revisions and Amendments to existing Standards that are |
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| effective and have been adopted by the European Union 27 | |||
| 3.2 | New Standards, Interpretations and Amendments to existing Standards that have not been | ||
| applied yet or have not been adopted by the European Union 28 | |||
| 3.3 | The Group Structure 31 | ||
| 4. | Notes to the Financial Statements 33 | ||
| 4.1 | Segment Reporting 33 | ||
| 4.2 | Income tax 36 | ||
| 4.3 | Earnings per share 36 | ||
| 4.4 4.5 |
Property plant and equipment 36 Investment property (leased properties) 40 |
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| 4.6 | Investments in subsidiaries 41 | ||
| 4.7 | Financial assets per category 42 | ||
| 4.7.1 Financial Assets available for sale 44 | |||
| 4.7.2 Trading Securities – Derivatives 45 | |||
| 4.7.3 Fair value of financial assets 45 | |||
| 4.8 | Other long term receivables 47 | ||
| 4.9 | Trade debtors and other trade receivables 47 | ||
| 4.10 | Other receivables 48 | ||
| 4.11 | Other current assets 48 | ||
| 4.12 | Long term restricted bank deposits 48 | ||
| 4.13 | Cash and cash equivalents 49 | ||
| 4.14 | Equity 49 | ||
| Share capital 49 4.14.1 |
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| Share Premium and Other reserves 50 4.14.2 Long term loan liabilities 51 |
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| 4.15 4.16 |
Short-term loan liabilities 51 | ||
| 4.17 | Other long term liabilities 51 | ||
|---|---|---|---|
| 4.18 | Deferred tax liabilities 52 | ||
| 4.19 | Trade and other payables 53 | ||
| 4.20 | Current tax liabilities 53 | ||
| 4.21 | Other short term liabilities 53 | ||
| 4.22 | Cash flows from operating activities 54 | ||
| 4.23 | Contingent Liabilities / Contingent Assets 54 | ||
| 4.24 | Unaudited Fiscal Years 55 | ||
| 5. | Transactions with related parties 56 | ||
| 6. | Management Fees 57 | ||
| 7. | Lawsuits and Litigations 58 | ||
| 8. | Number of employees 58 | ||
| 9. | Seasonal fluctuation 58 | ||
| 10. | Significant events during the period 01.07.2016-31.12.2016 58 |
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 2017 The designees
| Apostolos - Evangelos Vakakis | Ioannis Oikonomou | Konstantina Demiri |
|---|---|---|
| President of the Board of Directors | Vice-President of the Board of Directors |
Chief Executive Officer |
We have reviewed the accompanying condensed separate and consolidated statement of financial position of JUMBO SA as at 31 December 2016 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 5 of the Law 3556/2007, is consistent with the accompanying condensed interim financial information.
Athens, 24 February 2017
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 2016/2017 (01.07.2016-31.12.2016). 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, Decision 7/448/11.10.2007 and Decision 8/754/14.04.2016).
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 € 401,90 mil, presenting an increase of 8,11%, as compared to the respective period of the last financial year, with a turnover of € 371,75 mil. The Company's turnover amounted to € 341,98 mil, presenting an increase of 7,87% as compared to the respective period of the last financial year, with a turnover of € 317,05 mil.
During the first six months of the current financial year, Jumbo Group operated the new rented hyper- store in Stara Zagora, Bulgaria (11.000 sqm approximately).
At the end of December 2016, the Group's network had 72 stores in four countries. More specifically, the Group had 51 stores in Greece, 5 in Cyprus, 9 in Bulgaria and 7 in Romania, as well as an on-line store, e-Jumbo. Furthermore, the Company, through collaborations, has presence, with stores operating under the Jumbo brand, with two stores - in F.Y.R.O.M., with two stores – in Albania, with 3 stores – in Kosovo and with 2 stores - in Serbia.
Gross profit: The Group's gross profit margin for the period 01.07.2016-31.12.2016 reached 51,19% from 51,54% recorded in the respective period of the last financial year. Maintaining the transportation costs at low levels contributed to counterbalancing the pressure on the gross margin due to strengthening of US dollar against Euro and the increase in VAT in Greece.
Respectively, the Company's gross profit margin for the period 01.07.2016-31.12.2016 reached 42,53% compared to 44,21% in the respective period of the last financial year.
Earnings before interest, taxes, investment results, depreciation and amortization: Earnings before interest, taxes, investment results, depreciation and amortization of the Group reached € 117,26 mil from € 105,48 mil in the respective period of the last financial year and the Earnings before interest, taxes, investment results, depreciation and amortization margin stood at 29,18% from 28,37% in the respective period of the last financial year. Earnings before interest, taxes, investment results, depreciation and amortization for the Company, reached € 76,87 mil as compared to € 72,02 mil in the respective period of
the last financial year and the Earnings before interest, taxes, investment results, depreciation and amortization margin stood at 22,48% from 22,72% in the respective period of the last financial year.
Net Profits after tax: Net Consolidated Profits after tax reached € 81,41 mil. from € 72,52 mil. in the respective period of the last financial year, i.e. increased by 12,27%.
Net Profits after tax for the Company reached € 48,84 mil. from € 46,09 mil. in the respective period of the last financial year, i.e. increased by 5,98%.
Net cash flows from operating activities: Net cash flows from operating activities of the Group amounted to € 114,81 mil. from € 145,94 mil. with investments in assets and other investing activities amounting to € 14,12 mil during the first six months of the current financial year, net cash flows after investing and operating activities amounted to € 100,68 mil for the Group, during the first six months of the current financial year from € 129,71 mil in the respective period of the previous financial year. Cash available after financing activities amounted to € 395,01 mil. for the first six months of the current financial year from € 426,40 mil in the respective period of the previous financial year.
Net cash flows from operating activities of the Company amounted to € 72,70 mil. from € 118,47 mil with investments in assets and other investing activities amounting to € 7,17 mil during the first six months of the current financial year, net cash flows after investing and operating activities stood at € 65,54 mil during the first six months of the current financial year from net cash outflows after investment and operating activities of € 91,42 mil in the respective period of the previous financial year. Cash and cash equivalent after financing activities amounted to € 178,96 mil during the first six months of the current financial year from € 258,65 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 31.12.2016 reached € 0,5984 as compared to € 0,5330 in the respective period of the previous financial year, i.e. increased by 12,27% and the Company's basic earnings per share reached € 0,3590, increased by 5,98% from 0,3387 in the respective period of the previous financial year.
Earnings per share were calculated based on allocation of profit after tax over the total weighted average number of the Company's shares.
Tangible Fixed Assets: As at 31.12.2016, the Group's Tangible Fixed Assets stood at € 508,73 mil and represented 41,15% of the Total Assets as compared to the amount of € 504,50 mil, recorded as at 30.06.2016, which represented 41,71% of the Total Assets.
As at 31.12.2016, the Company's Tangible Fixed Assets stood at € 299,62 mil and represented 30,75% of the Total Assets as compared to the amount of € 297,24 mil, recorded as at 30.06.2016, which represented 30,24% of the Total Assets.
During the first six months of the current financial year, the Company purchased of a new building in the area of Thebes of approximately 60ths sq.m. (on a plot of approximately 71ths sq.m.). The above purchase as well as the configuration of existing facilities of the Company in the area of Thebes reached € 5,0 mil during the first half of the current financial year.
Inventories: On 31.12.2016, inventories of the Group amounted to € 207,84 mil compared to € 196,78 mil on 30.06.2016 and represented 16,81% of Total Consolidated Assets on 31.12.2016, compared to 16,27% on 30.06.2016. On 31.12.2016, inventories of the Company amounted to € 180,67 mil compared to € 172,02 mil recorded on 30.06.2016 and represented 18,54% of Total Assets of the Company, compared to 17,50% on 30.06.2016.
Long term bank liabilities: On 31.12.2016, long term bank liabilities of the Group and the Company amounted to € 144,23 mil i.e. 11,67% of Total Liabilities for the Group (14,80% for the Company) compared to € 144,19 mil for the Group and for the Company on 30.06.2016.
Equity: Consolidated Equity on 31.12.2016 amounted to € 910,42 mil compared to € 915,59 mil on 30.06.2016 and represented 73,64% of the Group's Total Equity and Liabilities. Equity for the Parent Company on 31.12.2016 amounted to € 679,56 mil compared to € 716,43 mil on 30.06.2016 representing 69,74% of the Company's Total Equity and Liabilities. The decrease in the Group's Equity is mainly attributed to the distribution of extraordinary and regular dividend from the Company.
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 € 250,70 mil and, as a consequence, at 31.12.2016, total net borrowings were negative. At 30.06.2016, cash balances of the Group were higher than the total borrowings by the amount of € 250,36 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 € 34,73 mil and, as a consequence, at 31.12.2016, total net borrowings were negative. At 30.06.2016, cash balances of the Company were higher than the total borrowings by the amount of € 69,24 mil and, as a consequence, total net borrowings were negative.
The Group recognizes four geographical segments Greece, Cyprus, Bulgaria and Romania - as reporting segments. The Management's strategic decisions are based on the operating results of every segment, which are used for profitability measurement.
On 31.12.2016, the total amount of earnings before taxes, financial and investment results allocated among the four segments stood at € 123,86 mil and the non-allocated amount recorded losses of € 17,91 mil. This amount includes several non-allocated expenses (the total of the allocated and nonallocated results, an amount of € 105,95 mil represents earnings before taxes, financial and investment results).
Respectively, 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 recorded 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).
For the period 01.07.2016-31.12.2016, the segment of Greece represented 68,43% of the Group's turnover, while it also contributed 63,77% of allocated earnings before taxes, financial and investment results. For the respective period of the previous financial year, this segment 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 period 01.07.2016-31.12.2016, the segment of Cyprus represented 11,71% of the Group's turnover, while it also contributed 14,61% of allocated earnings before taxes, financial and investment results. For the respective period of the previous financial year this segment represented 12,32% of turnover, while it contributed 16,12% of allocated earnings before taxes, financial and investment results.
For the period 01.07.2016-31.12.2016, the segment of Bulgaria represented 9,99% of the Group's turnover, while it also contributed 10,25% of allocated earnings before taxes, financial and investment results. For the respective period of the previous financial year this segment represented 8,69% of turnover, while it contributed 9,23% of allocated earnings before taxes, financial and investment results.
For the period 01.07.2016-31.12.2016, the segment of Romania represented 9,87% of the Group's turnover, while it also contributed 11,38% of allocated earnings before taxes, financial and investment results. For the respective period of the previous financial year this segment represented 7,65% of turnover while contributed 8,51% 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.
Notes
The Group uses as alternative performance measures the Earnings before Interest, Tax Depreciation and Amortization (EBITDA), Margin of Earnings before interest, tax investment results depreciation and amortization and Net debt. These indicators are taken into account by the Group's management for strategic decisions.
| Earnings before interest, taxes, depreciation and amortization (EBITDA) | |||||
|---|---|---|---|---|---|
| The Group | The Company | ||||
| Amounts in mil. € | 31/12/2016 | 31/12/2015 | 31/12/2016 | 31/12/2015 | |
| Earnings After Tax | 81,41 | 72,52 | 48,84 | 46,09 | |
| Taxes | 25,59 | 24,30 | 20,43 | 20,21 | |
| Interest | (1,05) | (2,56) | 0,16 | (1,71) | |
| Depreciation | 11,40 | 11,30 | 7,54 | 7,50 | |
| Earnings before interest, | |||||
| taxes, depreciation and | |||||
| amortization (EBITDA) | 117,35 | 105,55 | 76,97 | 72,09 | |
| Investment results | (0,09) | (0,07) | (0,09) | (0,07) | |
| Earnings before interest, tax | |||||
| investment results | |||||
| depreciation and | |||||
| amortization | 117,26 | 105,48 | 76,87 | 72,02 | |
| Turnover | 401,90 | 371,75 | 341,98 | 317,05 | |
| Margin of Earnings before | |||||
| interest, tax investment results | |||||
| depreciation and | |||||
| amortization | 29,18% | 28,38% | 22,48% | 22,72% |
1. The term EBITDA refers to earnings before interest, taxes, depreciation and amortization and alongside with the Earnings before interest, tax investment results depreciation and amortization Margin constitute measures of the Company's and the Group's operational performance.
| NET DEBT | ||||
|---|---|---|---|---|
| The Group | The Company | |||
| Amounts in mil. € | 31/12/2016 | 30/6/2016 | 31/12/2016 | 30/6/2016 |
| Long term loan liabilities | 144,23 | 144,19 | 144,23 | 144,19 |
| Short-term loan liabilities | 0,08 | 0,18 | - | - |
| Cash and cash | ||||
| equivalents | (395,01) | (394,73) | (178,96) | (213,43) |
| Net Debt | (250,70) | (250,36) | (34,73) | (69,24) |
1. The net debt for the Company and the Group is the total borrowings decreased by the amount of cash and cash equivalents and is used by the Management of the Company and the Group as a measure of liquidity.
The significant events which took place during the first half of the current financial year (July 2016-December 2016), and had a positive or negative effect on the interim condensed financial statements are the following.
Trading of 36.354.088 new ordinary shares with voting rights of the Company, of nominal value of EUR 0,88, began on 04.07.2016. The above-mentioned shares resulted from Prot. No. 58238/02.06.2016 decision of the Hellenic Ministry of Economy, Development and Tourism, which was filed at the "General Electronic Commercial Registry (G.E.MI.)" on the same day as Number 640856 approved the merger by absorption of the company "TANOCERIAN COMMERCIAL AND INVESTMENT S.A.", while the nominal value of the shares of the Company decreased from EUR 1.19 to EUR 0.88.
The Extraordinary General Meeting of the Company shareholders, which took place on 27.07.2016, approved an extraordinary dividend of € 0.27 per share before withholding tax, which formed part of the extraordinary reserves from taxed and undistributed profits for the year 1.7.2011 to 30.06.2012. This extraordinary dividend, after withholding tax, if necessary, amounts to 0,2430 euros per share and payments to shareholders began on 04.08.2016.
The Annual Regular General Meeting of the shareholders held on 02.11.2016, approved the distribution of a dividend of € 0,36 per share before withholding tax, formed from the undistributed profits for the year 2015/2016. This dividend, after withholding tax, if necessary, amounts to 0,3240 euros per share and payments to shareholders began on 10.11.2016.
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 changes in cost and revenue variables.
The risk management policy is executed by the Management of the Group, which evaluates the risks related to the Group's activities, plans the methodology and selects suitable financial products for risk reduction.
The Group's financial instruments include mainly bank deposits, trade debtors and creditors, dividends paid and loans.
The extended economic recession in line with capital control restriction imposed on 29.06.2015 on the Greek economy has had a materially adverse effect on the totality of the economic activity of the country. Greece has faced and continues facing significant fiscal challenges and structural weaknesses of its economy, which has raised doubts about a possible exit of Greece from the Eurozone. The potential extent and scope of the consequences of a potential exit of Greece from the Eurozone are uncertain, but such an exit or the threat thereof could have materially negative impact on the activities and liquidity of the Company.
A potential inability to realize the Economic Adjustment Programme and/or the inability of that programme to significantly improve the Greek economy or a potential, further credit-event related to public debt or its further restructuring or potential exit of the country from the Eurozone might have a negative influence on the income statements and the financial position of the Company and, therefore, of the Group, in ways that can currently not be foreseen.
Despite the volatile macroeconomic and financial environment predominating in Greece and the reduction in disposable income of the majority of consumers, the Company has responded successfully to the singular conditions of the Greek economy achieving an increase of 7,87% in revenue during the first half of the financial year 2016/2017 compared to the respective period of the previous financial year. Having already experienced capital control restriction in Cyprus, the Group Management was prepared to take the necessary steps and 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, 34% of its revenue refer to foreign operations.
The Group Management continuously assesses the situation and its possible consequences, and takes all the necessary measures to maintain the viability of the Group and the Company in order to minimize any adverse impact on the their activities and facilitate extension of their operations. 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 Eurozone.
The Group operates internationally and, therefore, it is exposed to foreign exchange risk, which arises mainly from U.S. Dollar and Romanian Lei (RON) due to the operation of the Group through its subsidiary company in Romania. The Group deals with this risk with the strategy of early stocking that provides the opportunity to purchase inventories at more favorable prices while is given the opportunity to review the pricing policy through its main operation activity which is retail sales. However, significant variation in foreign exchange rates could have a negative effect on the income statement.
Οn 21.05.2014 the parent company signed an agreement with financial institutions regarding the coverage of a five-year duration Common Bond Loan, of a maximum amount up to €145 million. In the first half of the current year, the Company renegotiated the terms of the loan and succeeded a decrease of the interest rate margin from 4% to 3.25% per annum. A potential increase in the Euribor would increase debit interest and have a negative effect on the income statement of the Group.
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 exposure. To minimize this credit risk as regards money market instruments, the Group only deals with well-established financial institutions of high credit standing.
The Group manages its liquidity by carefully monitoring scheduled debt servicing payments for long – term financial liabilities as well as cash outflows due in day - to - day business. The Group ensures that sufficient available credit facilitations exist, so that it is capable of covering the short-term enterprising needs, after calculating the cash inputs resulting from its operation as well as its cash in hand and cash equivalents.
Demand for products and services as well as the Company's sales and final economic results are effected 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, its financial position and results.
In order to deal with the above risks the Company constantly re-engineering its products, emphasizing in cost constrain and creating sufficient stock early enough at favourable prices.
During the last seven years and particularly during the period after the imposition of capital controls, the internal extraordinary economic crisis and recession have caused significant problems both in the public finances and private economy of our country, creating the risk of bankruptcy of some suppliers of the Company. In this case, the Company faces the danger of loss of advance payments that has been provided for the purchase of products.
As a safeguard from the aforementioned risk, the Company has contracted collaboration with important number of suppliers where no one represents an important percentage on the total amount of the advance payments.
Due to the specified nature of the Group's products, its sales present high level of seasonality. In particular, at Christmas, the Company succeeds approximately 28% of its annual turnover, while sales fluctuations are observed during months such as April (Easter – 10% of annual turnover) and September (beginning of school period - 10% of annual turnover). Sales seasonality demands rationality in working capital management, specifically during peak seasons. It is probable that the Group's inadequacy to deal effectively with seasonal needs for working capital during peak seasons may burden financial expenses and negatively affect its results and its financial position.
The Group's inadequacy to deal effectively with increased demand during these specific periods and delays in deliveries due to the imposition of capital control will probably effect negatively its annual results. Moreover, problems can come up due to external factors such as bad weather conditions, strikes or defective and dangerous products.
The Company imports its products directly from aboard as exclusive dealer for toy companies, which do not maintain agencies in Greece. Moreover, the Company acquires its products from 230 suppliers which operate within the Greek market.
However, the Company faces the risk of losing revenues and profits in case its cooperation with some of its suppliers terminates and due to delays in deliveries caused by capital controls. Nevertheless, it is estimated that the risk of not renewing the cooperation with its suppliers is inconsiderable due to the leading position of JUMBO in the Greek market. The potential of such a perspective would have a small effect on the Company's sizes, since none of the suppliers represents more than 3% of the Company's total sales.
The Company's basic competitors are super markets (food departments excepted), toy stores, baby product stores, stationery stores, seasonal-goods stores, as well as respective electronic storefronts. Significant mergers and acquisitions have taken place in the industry of super markets. The current status of the market could change in the future either due to the entrance of foreign companies into the Greek market, or due to potential strategic changes and retail store expanding of present competitors. A potential increase in competition e.g. through price wars or offers could have a negative impact on the revenue and profits of the Group.
70% of the Group's products originate from China. The facts that could lead to cessation of Chinese imports (such as embargo on Chinese imports or increased import taxes for Chinese imports or political and economic crises and personnel strikes in China, capital controls) could interrupt the provision of the Group's selling points. Such potentiality would have a negative effect on the Group's operations and its financial position. Imposition of capital controls could affect the Group'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 from the continuing crisis in Eurozone and to the other countries that the Group has operations are factors that cannot be foreseen and controlled. Such events can affect the economic, political and social environment of the country and the Group in general.
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:
On 31.12.2016, in Greece, the Group operated 51 stores and an 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 aim is to open one more store in Northern Greece until Christmas 2017.
In Bulgaria, the subsidiary company «Jumbo ΕC.B LTD», operated until 31.12.2016 nine stores, four in Sofia, one in Plovdiv, one in Varna, one in Burgas, one in Rousse and one in Stara Zagora. The Company Management considers the number and size of the stores adequate to fulfil market needs for the time being.
In Cyprus, the subsidiary company Jumbo Trading Ltd, operated until 31.12.2016 five stores. One in Nicosia, two in Lemessos, one in Larnaka and one in Paphos. The Company Management considers the number and size of the stores adequate to fulfil market needs for the time being.
In Romania, the subsidiary company «Jumbo ΕC.R SRL» had until 31.12.2016 seven hyper-stores. Two in Bucharest, one in Timisoara, one in Oradea, one in Arad, one in Ploiesti and one in Pitesti. Investments in Romania continue and it is expected the store network to reach at least 20 stores in the next five years. The Company has already entered into an agreement to purchase five stores in the country and to rent one more, as well. Until Christmas 2017, it is expected to operate four new hyper stores in Romania.
Moreover, via various collaborations, the Company has presence in four countries (FYROM, Albania, Kosovo, Serbia) with stores that operate under Jumbo brand name. In January 2017, an agreement was signed with a local partner for opening of the first store under Jumbo brand in Bosnia.
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 31.12.2016, as defined in IAS 24, are as follows:
| Amounts in € | THE GROUP | THE COMPANY | ||
|---|---|---|---|---|
| Sales of products | 31/12/2016 | 31/12/2015 | 31/12/2016 | 31/12/2015 |
| Subsidiaries | - | - | 66.948.510 | 51.830.763 |
| Total | - | - | 66.948.510 | 51.830.763 |
| Sales of services | 31/12/2016 | 31/12/2015 | 31/12/2016 | 31/12/2015 |
|---|---|---|---|---|
| Subsidiaries | - | - | 7.222 | 14.526 |
| Total | - | - | 7.222 | 14.526 |
| Sales of tangible assets | 31/12/2016 | 31/12/2015 | 31/12/2016 | 31/12/2015 |
| Subsidiaries | - | - | 578.354 | 445.321 |
| Total | - | - | 578.354 | 445.321 |
| THE GROUP | THE COMPANY | |||
| Purchases of products | 31/12/2016 | 31/12/2015 | 31/12/2016 | 31/12/2015 |
| Subsidiaries | - | - | 515.619 | 900.138 |
| Other related parties | - | - | - | - |
| Total | - | - | 515.619 | 900.138 |
| Purchases of tangible assets | 31/12/2016 | 31/12/2015 | 31/12/2016 | 31/12/2015 |
| Subsidiaries | - | - | - | 7.089 |
| Total | - | - | - | 7.089 |
| Purchases of services | 31/12/2016 | 31/12/2015 | 31/12/2016 | 31/12/2015 |
| Subsidiaries | - | - | 504 | - |
| Total | - | - | 504 | - |
| THE GROUP | THE COMPANY | |||
| 31/12/2016 | 30/6/2016 | 31/12/2016 | 30/6/2016 | |
| Receivables Subsidiaries |
- | - | 3.098.421 | 796.963 |
| Total | - | - | 3.098.421 | 796.963 |
| Liabilities | 31/12/2016 | 30/6/2016 | 31/12/2016 | 30/6/2016 |
| Subsidiaries | - | - | - | - |
| Total | - | - | - | - |
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:
| 31/12/2016 | 31/12/2015 | |||
|---|---|---|---|---|
| Amounts in € | Income | Expenses | Income | Expenses |
| JUMBO ΕC.B LTD with JUMBO ΕC.R SRL | 108.462 | - | 2.296 | - |
| Total | 108.462 | - | 2.296 | - |
The above amounts have been eliminated at the Group level.
Sales and purchases of merchandise concern goods that the parent company trades, that is, toys, baby 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 | 31/12/2016 | 31/12/2016 |
| Short term employee benefits: | ||
| Wages and salaries | 708.419 | 408.420 |
| Insurance service cost | 52.111 | 27.153 |
| Other fees and transactions with the members of the Board of Directors |
923.528 | 923.528 |
| Compensation due to termination of employment | 4.985 | 4.985 |
| Total | 1.689.043 | 1.364.086 |
| Pension Benefits: | 31/12/2016 | 31/12/2016 |
|---|---|---|
| Defined benefits plan | - | - |
| Defined contribution plan | - | - |
| Other Benefits plan | 319.258 | 319.258 |
| Payments through Equity | - | - |
| Total | 319.258 | 319.258 |
| 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 | 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: | 30/06/2016 | 30/06/2016 | |
| Defined benefits plan | - | - | |
| Defined contribution plan | - | - | |
| Other Benefits plan | 262.529 | 262.529 | |
| Payments through Equity | - | - | |
| Total | 262.529 | 262.529 |
No loans have been given to members of the Board of Directors or other members of the Group Management (and their families) and there are no receivables from members of the Board of Directors or other members of the Group Management and their families.
At its meeting dated February 24th, 2017, the Board of Directors of the Company decided to distribute the amount of Euro 0,18 per share as an interim dividend for the year 2016/2017. After withholding a dividend tax of 15%, the interim dividend amounts to 0,1530 Euro per share. The interim dividend will be paid at least twenty (20) days following the fulfilment of the publication requirements and procedures provided for by the Codified Law 2190/1920 as amended and effective. The ex – interim
dividend date as well as the interim dividend record date will be determined under a subsequent decision of the Board of Directors.
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 01.07.2016 – 31.12.2016 has been published on the company's website www.e-jumbo.gr (http://corporate.e-jumbo.gr/).
Moschato, 24 February 2017
With the authorization of the Board of Directors
Apostolos - Evangelos Vakakis
It is confirmed that the attached Interim Condensed Financial Statements for the period 01.07.2016- 31.12.2016, are the ones approved by the Board of Directors of JUMBO S.A. on February 24th, 2017 and available on the Company's website www.e-jumbo.gr (http://corporate.e-jumbo.gr/) where they will remain at the disposal of investors for at least ten (10) years starting from their preparation and publication date.
Moschato, 24th February 2017
As and on behalf of Jumbo S.A. The President of the Board of Directors
Apostolos - Evangelos Vakakis
(All amounts are stated in Euro. Any differences in the sums are due to rounding.)
| THE GROUP | THE COMPANY | |||||
|---|---|---|---|---|---|---|
| Notes | 01/07/2016- 31/12/2016 |
01/07/2015- 31/12/2015 |
01/07/2016- 31/12/2016 |
01/07/2015- 31/12/2015 |
||
| Turnover | 4.1 | 401.896.400 | 371.745.679 | 341.983.723 | 317.045.279 | |
| Cost of sales | (196.164.405) | (180.159.661) | (196.546.755) | (176.884.595) | ||
| Gross profit | 205.731.995 | 191.586.018 | 145.436.968 | 140.160.684 | ||
| Other income | 3.219.973 | 1.768.543 | 1.616.373 | 1.356.260 | ||
| Distribution costs | (85.808.106) | (81.621.604) | (65.639.728) | (63.780.906) | ||
| Administrative expenses | (13.368.441) | (13.398.380) | (10.354.601) | (10.161.863) | ||
| Other expenses | (3.827.477) | (4.079.391) | (1.629.903) | (2.986.116) | ||
| Profit before tax, interest and investment results |
105.947.944 | 94.255.187 | 69.429.109 | 64.588.059 | ||
| Finance costs | (2.667.359) | (3.265.182) | (2.575.327) | (3.165.773) | ||
| Finance income | 3.772.887 | 3.952.929 | 2.466.003 | 3.004.739 | ||
| Other financial results | (50.900) 1.054.628 |
1.872.240 2.559.987 |
(50.900) (160.224) |
1.872.240 1.711.206 |
||
| Profit before taxes | 107.002.572 | 96.815.174 | 69.268.885 | 66.299.265 | ||
| Income tax | 4.2 | (25.587.632) | (24.295.475) | (20.429.211) | (20.213.917) | |
| Profits after income tax | 81.414.940 | 72.519.699 | 48.839.674 | 46.085.348 | ||
| Attributable to: Shareholders of the parent company |
81.414.940 | 72.519.699 | 48.839.674 | 46.085.348 | ||
| Non-controlling Interests | - | - | - | - | ||
| Basic earnings per share (€/share) |
4.3 | 0,5984 | 0,5330 | 0,3590 | 0,3387 | |
| Earnings before interest, tax investment results depreciation and amortization |
117.259.666 | 105.480.813 | 76.872.667 | 72.019.929 | ||
| Earnings before interest, tax | ||||||
| and investment results | 105.947.944 | 94.255.187 | 69.429.109 | 64.588.059 | ||
| Profit before tax | 107.002.572 | 96.815.174 | 69.268.885 | 66.299.265 | ||
| Profit after tax | 81.414.940 | 72.519.699 | 48.839.674 | 46.085.348 |
(All amounts are stated in Euro. Any differences in the sums are due to rounding.)
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| 01/07/2016- 31/12/2016 |
01/07/2015- 31/12/2015 |
01/07/2016- 31/12/2016 |
01/07/2015- 31/12/2015 |
|
| Net profit (loss) for the period | 81.414.940 | 72.519.699 | 48.839.674 | 46.085.348 |
| Items will not be classified subsequently in the income statement: |
||||
| Actuarial Gains/ (Losses) | (2.927) | 9.542 | - | - |
| Deferred taxes to the actuarial gains/ (losses) |
293 | (954) | - | - |
| Deferred tax on actuarial gains/ (losses) due to tax rate increase |
- | 34.561 | - | 34.561 |
| (2.634) | 43.149 | - | 34.561 | |
| Items that it is possible to be classified subsequently in the income statement: |
||||
| Gain / (Losses)on measurement of financial assets available for sale |
(425.737) | (2.501.207) | - | - |
| Exchange differences on translation of foreign operations |
(441.405) | (720.642) | - | - |
| (867.142) | (3.221.848) | - | - | |
| Other comprehensive income for the period after tax |
(869.776) | (3.178.699) | 48.839.674 | 34.561 |
| Total comprehensive income for the period | 80.545.164 | 69.340.999 | 48.839.674 | 46.119.909 |
| Total comprehensive income for the period attributed to : |
||||
| Owners of the company | 80.545.164 | 69.340.999 | 48.839.674 | 46.119.909 |
| Non-controlling Interests | - | - | - | - |
(All amounts are stated in Euro unless otherwise mentioned. Any differences in the sums are due to rounding.)
| THE GROUP | THE COMPANY | ||||
|---|---|---|---|---|---|
| Assets | Notes | 31/12/2016 | 30/06/2016 | 31/12/2016 | 30/6/2016 |
| Non-current Assets | |||||
| Property, plant and | 503.188.438 | 498.767.593 | 294.076.931 | 291.507.053 | |
| equipment | 4.4 | ||||
| Investment property | 4.5 | 5.543.966 | 5.735.551 | 5.543.966 | 5.735.551 |
| Investments in subsidiaries | 4.6 | - | - | 207.087.029 | 207.087.029 |
| Financial assets available for | 4.7.1/4.7.3 | 7.450.404 | 7.876.142 | - | - |
| sale Other long term receivables |
4.8 | 16.788.282 | 17.139.164 | 7.351.051 | 7.425.092 |
| Long term restricted bank | 976.115 | 965.020 | - | - | |
| deposits | 4.12 | ||||
| Current Assets | 533.947.205 | 530.483.470 | 514.058.977 | 511.754.725 | |
| Inventories | 207.842.816 | 196.780.190 | 180.668.158 | 172.023.416 | |
| Trade debtors and other | |||||
| trade receivables | 4.9 | 42.344.796 | 32.573.115 | 45.375.422 | 33.303.033 |
| Other receivables | 4.10 | 45.225.062 | 44.453.856 | 44.288.398 | 43.770.634 |
| Trading securities- Derivatives | 4.7.2/4.7.3 | 8.105.520 | 8.156.420 | 8.105.520 | 8.156.420 |
| Other current assets | 4.11 | 3.868.488 | 2.231.628 | 3.005.046 | 657.932 |
| Cash and cash equivalents | 4.13 | 395.008.256 | 394.732.686 | 178.956.714 | 213.433.355 |
| 702.394.938 | 678.927.895 | 460.399.258 | 471.344.791 | ||
| Total assets | 1.236.342.143 | 1.209.411.365 | 974.458.235 | 983.099.516 | |
| Equity and Liabilities Equity attributable to the shareholders of the parent Share capital Share premium Translation reserve Other reserves Retained earnings |
4.14.1 4.14.2 4.14.2 |
119.732.588 49.995.207 (2.285.062) 430.795.745 312.179.665 |
119.732.588 49.995.207 (1.843.657) 436.804.707 310.901.782 |
119.732.588 49.995.207 - 433.133.237 76.695.584 |
119.732.588 49.995.207 - 437.804.606 108.902.190 |
| 910.418.142 | 915.590.627 | 679.556.617 | 716.434.591 | ||
| Non-controlling Interests | - | - | - | - | |
| Total equity | 910.418.142 | 915.590.627 | 679.556.617 | 716.434.591 | |
| Non-current liabilities | |||||
| Pension and other employee obligations |
7.867.625 | 7.448.903 | 7.831.775 | 7.420.844 | |
| Long term loan liabilities | 4.15 | 144.226.614 | 144.189.979 | 144.226.614 | 144.189.979 |
| Other long term liabilities | 4.17 | 1.773.354 | 5.814.360 | 29.272 | 29.272 |
| Deferred tax liabilities | 4.18 | 8.092.746 | 7.808.046 | 8.012.146 | 7.711.532 |
| Total non-current liabilities | 161.960.339 | 165.261.288 | 160.099.807 | 159.351.627 | |
| Current liabilities | |||||
| Provisions | 235.540 | 235.540 | 216.937 | 216.937 | |
| Trade and other payables | 4.19 | 52.649.302 | 39.060.184 | 50.095.096 | 37.918.855 |
| Current tax liabilities | 4.20 | 78.711.705 | 51.423.792 | 62.752.143 | 41.571.716 |
| Short-term loan liabilities | 4.16 | 82.108 | 180.164 | - | - |
| Other current liabilities | 4.21 | 32.285.007 | 37.659.770 | 21.737.635 | 27.605.790 |
| Total current liabilities | 163.963.662 | 128.559.450 | 134.801.811 | 107.313.298 | |
| Total liabilities | 325.924.001 | 293.820.738 | 294.901.618 | 266.664.925 | |
| Total equity and liabilities | 1.236.342.143 | 1.209.411.365 | 974.458.235 | 983.099.516 |
For the period from 1st July 2016 to 31st December 2016
(All amounts are stated in Euro. Any differences in the sums are due to rounding.)
| TH | E G RO UP |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| S ha re ita l ca p |
S ha re ium pre m res erv e |
Tra lat ion ns res erv e |
S tat uto ry res erv e |
Fa ir v lue a res erv e |
Ta x te d ex em p res erv es |
Ext rd ina rao ry res erv es |
O the r res erv es |
Re ta ine d ing ea rn s |
To ta l Eq ity u |
|
| lan t 1 ly 20 16 Ba st J ce s a s a u , rd ing to th FRS e I ac co |
11 9.7 3 2.5 8 8 |
49 9 95 20 7 |
( ) 1. 8 43 65 7 |
41 9 6 4. 0 6 8 |
( ) 1. 91 5. 01 1 |
1.7 97 9 44 |
3 9 6.7 8 4. 01 7 |
( ) 1. 8 26 31 0 |
31 0. 9 01 .7 81 |
91 5.5 9 0. 6 27 |
| C ha in Eq ity ng es u |
||||||||||
| D iv ide nd s P id a |
( 3 6.7 3 6.1 35 ) |
( 48 9 81 .51 3 ) |
( 85 .71 7. 6 48 ) |
|||||||
| S ta tu tor y r ese rve s O the ha r c ng es Ext rd ina rao ry res erv es |
4.1 57 49 6 ( 9 0 9. 22 2 ) |
27 9 07 27 0 |
( 4.1 57 49 6 ) 9 0 9. 22 2 ( 27 9 07 27 0 ) |
- - - |
||||||
| Tra t ion ith nsa c s w ow ne rs |
- | - | - | 3. 24 8. 27 4 |
- | - | ( 8. 8 28 8 65 ) |
- | ( 8 0.1 37 05 ) 7 |
( 85 6 48 ) .71 7. |
| Ne t P f it for th io d ro e p er 01 / 07 / 20 16 -31 / 12 / 20 16 |
81 41 4. 9 40 |
81 41 4. 9 40 |
||||||||
| O the he ive inc r c om pre ns om e Exc ha d i f fer ng e en ce s o n tra la t ion f for ig t ion ns o e n o pe ra s Ga in/ ( Lo ) f f ina ia l a ts sse s o nc sse ila b le for le av a sa |
( 44 1. 40 5 ) |
42 5.7 37 |
( 44 1. 40 5 ) 42 5.7 37 |
|||||||
| Ac tua ia l g ins / ( los ) r a ses on de f ine d be f it p ion lan ne en s p s |
( ) |
( ) 2. 9 27 |
( ) ( ) 2. 9 27 |
|||||||
| fer ia ins De d tax tua l g / re ac r a ( los ) ses |
29 3 |
29 3 |
||||||||
| O the he ive inc r c om pre ns om e for th io d e p er |
- | - | ( 44 1. 40 5 ) |
- | ( 42 5.7 37 ) |
- | - | ( 2. 6 3 4 ) |
( 87 0. 0 6 9 ) |
|
| ta l c he ive inc To om pre ns om e for th io d e p er |
- | - | ( ) 44 1. 40 5 |
- | ( ) 42 5.7 37 |
- | - | ( ) 2. 6 3 4 |
81 41 4. 9 40 |
8 0.5 45 .1 6 4 |
| Ba lan at De mb 31 st, ce as ce er 20 16 rd ing RS to IF ac co |
11 9.7 3 2.5 8 8 |
49 9 95 20 7 |
( 2. 28 5. 0 6 2 ) |
45 21 2. 3 42 |
( 2. 3 40 .7 48 ) |
1.7 97 9 44 |
3 87 95 5.1 5 2 |
( 1. 8 28 9 45 ) |
31 2.1 7 9. 6 6 4 |
91 0. 41 8.1 42 |
(All amounts are stated in Euro. Any differences in the sums are due to rounding.)
| TH | E G RO UP |
|||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| S ha re ita l ca p |
S ha re ium pre m res erv e |
lat ion Tra ns res erv e |
S tat uto ry res erv e |
ir v lue Fa a res erv e |
Ta x te d ex em p res erv es |
rd ina Ext rao ry res erv es |
O the r res erv es |
ine d Re ta ing ea rn s |
To ta l Eq ity u |
|
| Ba lan t 1 st J ly 20 15 ce s a s a u , rd ing to th e I FRS ac co |
16 91 13 1. 1.1 |
0 2. 07 8 7.7 |
( 8 9 2. 87 ) 5 |
3 6.1 10 8 0 3 |
8 6.1 95 5 |
97 9 44 1.7 |
3 23 9 9 6. 48 9 |
( 85 9 2 ) 5.1 |
26 6. 85 9 91 1. |
97 20 8.5 47 7 |
| in ity C ha Eq ng es u |
||||||||||
| De fer d tax issu ts o f re on e c os ha ita l s re ca p |
6 6. 87 6 |
6 6. 87 6 |
||||||||
| S ta tu tor y r ese 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 t ion ith nsa c s w ow ne rs |
- | 6 6. 87 6 |
- | 3.7 6 0. 26 9 |
- | - | 2.7 91 97 7 1 |
- | ( 6.5 2. 23 9 ) 7 5 |
- |
| Ne t P f it for th io d ro e p er 01 / 07 / 20 15 -31 / 12 / 20 15 |
2.5 19 6 9 9 7 |
2.5 19 6 9 8 7 |
||||||||
| O the he ive inc r c om pre ns om e ha d i f fer Exc ng e en ce s o n tra la t ion f for ig t ion ns o e n o pe ra s |
( ) 7 20 6 42 |
( ) 7 20 6 42 |
||||||||
| Ga in/ ( Lo ) f f ina ia l a ts sse s o nc sse ila b le for le av a sa |
( 2.5 01 20 ) 7 |
( 2.5 01 20 ) 7 |
||||||||
| O the he ive inc r c om pre ns om e for th io d e p er |
43 0 .15 |
- | 43 0 .15 |
|||||||
| ive inc To ta l c he om pre ns om e for io th d e p er |
- | - | ( 20 6 42 ) 7 |
- | ( 2.5 01 20 ) 7 |
- | - | 43 0 .15 |
2.5 19 6 9 9 7 |
6 9. 3 40 9 9 9 |
| Ba lan at De mb 31 st, ce as ce er 20 15 rd ing to IF RS ac co |
16 91 13 1. 1.1 |
6 8. 95 4 7.7 |
( 61 3.5 ) 1. 17 |
3 9. 87 07 2 1. |
( 91 01 3 ) 1. 5. |
97 9 44 1.7 |
3 9 6.7 8 8. 46 0 |
( 81 2. 0 41 ) |
26 2. 81 9. 45 1 |
8 6 6. 61 6. 42 4 |
For the period from 1st July 2016 to 31st December 2016
(All amounts are stated in Euro. Any differences in the sums are due to rounding.)
| E C TH |
OM PA NY |
|||||||
|---|---|---|---|---|---|---|---|---|
| Sh are Ca ita l p |
Sh are mi Pre um Re ser ve |
Sta tut ory Re ser ve |
Tax ted ex em p res erv es |
Ext rdi rao na ry res erv es |
Ot he r re ser ve s |
Re d ea ta ine ing rn s |
ta l Eq ity To u |
|
| Ba lan t 1 st J ly 20 16 d ing to th ce s a s a u , a cc or e IFR S |
9.7 3 2.5 8 8 11 |
49 9 95 20 7 |
41 05 4. 8 46 |
97 9 44 1.7 |
3 9 6.7 8 4. 01 7 |
( 8 3 2. 20 ) 1. 1 |
10 8. 9 0 2.1 9 0 |
6. 43 4.5 91 71 |
| in ity C ha Eq ng es u |
||||||||
| D iv ide nd s P id a |
( 3 6.7 3 6.1 35 ) |
( 48 9 81 .51 3 ) |
( 85 .71 7. 6 48 ) |
|||||
| S ta tu tor y r ese rve s |
4.1 49 6 57 |
( 4.1 49 6 ) 57 |
- | |||||
| ina Ext rd rao ry res erv es |
27 9 07 27 0 |
( ) 27 9 07 27 0 |
- | |||||
| ion ith Tra t nsa c s w ow ne rs |
- | - | 4.1 57 49 6 |
- | ( ) 8. 8 28 8 65 |
- | ( ) 81 0 46 28 0 |
( ) 85 .71 7. 6 48 |
| f it for io / / Ne t P th d 01 07 20 16 ro e p er - 31 / 12 / 20 16 |
- | - | - | - | - | - | 48 8 3 9. 67 4 |
48 8 3 9. 67 4 |
| O the he ive inc r c om pre ns om e |
||||||||
| O the he ive inc r c om pre ns om e |
- | - | - | |||||
| To ta l c he ive inc for th io d om pre ns om e e p er |
- | - | - | - | - | - | 48 8 3 9. 67 4 |
48 8 3 9. 67 4 |
| Ba lan at De mb 31 st, 20 16 ce as ce er rd ing to IF RS ac co |
11 9.7 3 2.5 8 8 |
49 9 95 20 7 |
45 21 2. 3 42 |
1.7 97 9 44 |
3 87 95 5.1 5 2 |
( ) 1. 8 3 2. 20 1 |
7 6. 6 95 .5 8 4 |
67 9.5 5 6. 61 7 |
(All amounts are stated in Euro. Any differences in the sums are due to rounding.)
| TH E C |
OM PA NY |
|||||||
|---|---|---|---|---|---|---|---|---|
| Sh are ita Ca l p |
Sh are mi Pre um Re ser ve |
Sta tut ory Re ser ve |
Tax ted ex em p res erv es |
Ext rdi rao na ry res erv es |
Ot he r re ser ve s |
Re d ea ta ine ing rn s |
l Eq ity To ta u |
|
| Ba lan t 1 st J ly 20 15 d ing to th ce s a s a , a cc or e u IFR S |
16 91 13 1. 1.1 |
0 2. 07 8 7.7 |
35 8 22 9 44 |
97 9 44 1.7 |
3 23 9 9 6. 48 9 |
( 85 2. 49 ) 5 |
10 3. 0 37 65 9 |
6 3 3. 41 3 2 5.7 |
| in ity C ha Eq ng es u |
||||||||
| fer d tax issu ts o f s ha ita l De re on e c os re ca p |
- | 6 6. 87 6 |
- | - | - | - | - | 6 6. 87 6 |
| S ta tu tor y r ese 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 t ion ith nsa c s w ow ne rs |
- | 6 6. 87 6 |
3.7 6 3.5 46 |
- | 2.7 91 97 7 1 |
- | ( 6.5 ) 7 55 .51 7 |
6 6. 87 6 |
| t P f it for th io d 01 / 07 / 20 Ne 15 ro e p er - 31 / 12 / 20 15 |
- | - | - | - | - | - | 46 0 85 3 48 |
46 0 85 3 48 |
| O the he ive inc r c om pre ns om e |
||||||||
| fer ia ins De d tax tua l g / re es on ac r a ( ) in los du to ha tax te ses e c ng es ra |
- | - | - | - | - | 3 4.5 61 |
- | 3 4.5 61 |
| ive inc for io To ta l c he th d om pre ns om e e p er |
- | - | - | - | - | 3 4.5 61 |
46 0 85 3 48 |
46 .11 9. 9 0 9 |
| Ba lan at De mb 31 st, 20 15 ce as ce er ing rd to IF RS ac co |
16 91 13 1. 1.1 |
6 8. 95 4 7.7 |
3 9.5 8 6. 48 9 |
97 9 44 1.7 |
3 9 6.7 8 8. 46 1 |
( 81 9 3 4 ) 7. |
2.5 67 49 0 7 |
67 9. 6 0 2.5 17 |
(All amounts are stated in Euro unless otherwise mentioned.Any differences in the sums are due to rounding.)
| THE GROUP | THE COMPANY | ||||
|---|---|---|---|---|---|
| Indirect Method | Notes | 31/12/2016 | 31/12/2015 | 31/12/2016 | 31/12/2015 |
| Cash flows from operating activities | |||||
| Cash flows from operating activities | 4.22 | 126.913.682 | 161.618.008 | 80.780.887 | 130.302.074 |
| Interest payable | (2.676.489) | (3.211.195) | (2.585.925) | (3.126.033) | |
| Income tax payable | (9.429.558) | (12.469.025) | (5.492.125) | (8.701.343) | |
| Net cash flows from operating activities |
114.807.635 | 145.937.788 | 72.702.837 | 118.474.699 | |
| Cash flows from investing activities | |||||
| Purchases of tangible and intangible assets Proceeds from disposal of tangible |
(19.073.732) | (20.030.546) | (10.374.866) | (9.868.022) | |
| and intangible assets Share Capital Increase of |
668.622 | 521.723 | 668.622 | 521.723 | |
| subsidiaries | - | - | - | (20.708.461) | |
| Interest received | 4.280.583 | 3.284.770 | 2.539.838 | 3.004.739 | |
| Net cash flows from investing | |||||
| activities | (14.124.527) | (16.224.052) | (7.166.406) | (27.050.021) | |
| Cash flows from financing activities | |||||
| Dividends paid | (96.697.739) | - | (96.697.739) | - | |
| Share Capital Return | (3.315.334) | - | (3.315.334) | - | |
| Proceeds from borrowings | - | 940.954 | - | - | |
| Repayment of borrowings | (98.057) | (2.669.667) | - | (2.669.667) | |
| Net cash flows from financing | |||||
| activities | (100.111.130) | (1.728.713) | (100.013.072) | (2.669.667) | |
| Increase/(decrease) in cash and cash equivalents (net) |
571.978 | 127.985.022 | (34.476.641) | 88.755.010 | |
| Cash and cash equivalents at the | |||||
| beginning of the period | 394.732.686 | 298.918.408 | 213.433.355 | 169.893.073 | |
| Exchange difference of cash and cash equivalents |
(296.408) | (506.942) | - | - | |
| Cash and cash equivalents at the | |||||
| end of the period | 395.008.256 | 426.396.488 | 178.956.714 | 258.648.084 | |
| Cash in hand | 3.390.624 | 3.488.996 | 2.933.889 | 3.090.353 | |
| Carrying amount of bank deposits | |||||
| and bank overdrafts | 8.128.046 | 5.821.683 | 8.128.046 | 5.821.683 | |
| Sight and time deposits | 383.489.586 | 417.085.809 | 167.894.779 | 249.736.048 | |
| Cash and cash equivalents | 395.008.256 | 426.396.488 | 178.956.714 | 258.648.084 |
The interim condensed 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 Condensed Financial Statements of December 31st, 2016 (01.07.2016-31.12.2016) were approved by the Board of Directors on February 24th, 2017.
All amounts are stated in Euro. Any differences in the sums are due to rounding.
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 31 years of operation, the Company has become one of the largest companies in retail sale.
As at 31.12.2016, the Group operated 72 stores in Greece, Cyprus, Bulgaria, Romania and an on-line store e-jumbo. In November, a new store of the Group began to operate in Stara Zagora, Bulgaria (approximately 11.000 sqm).
On 31 December 2016 the Group employed 6.146 persons, of which 4.580 as permanent staff and 1.566 as seasonal staff. The average number of employees for the period, 01.07.2016 – 31.12.2016, was 5.376 persons (4.512 as permanent and 864 as seasonal staff).
The attached interim condensed financial statements of the Group and the Company (henceforth Financial Statements) dated as of December 31st, 2016, for the period from July 1st 2016 to December 31st 2016 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, 2016 which have been uploaded on the Company's website www.e-jumbo.gr (http://corporate.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 2015-2016 (see Note 3.2 to the annual Financial Statements).
Also, regarding the interim condensed Financial Statements for the period ended 31.12.2016, there are still effective the main sources of uncertainties that existed under the preparation of Financial Statements for FY ended 30.06.2016.
The following amendments to IFRSs have been issued by the International Accounting Standards Board (IASB), adopted by the European Union, and their application is mandatory from or after 01/07/2016.
In May 2014, the IASB issued amendments to IFRS 11. The amendments add new guidance on how to account for the acquisition of an interest in a joint operation that constitutes a business and specify the appropriate accounting treatment for such acquisitions. The amendments do not affect the consolidated and separate Financial Statements.
In May 2014, the IASB published amendments to IAS 16 and IAS 38. IAS 16 and IAS 38 both establish the principle for the basis of depreciation and amortisation as being the expected pattern of consumption of the future economic benefits of an asset. The IASB has clarified that the use of revenue-based methods to calculate the depreciation of an asset is not appropriate because revenue generated by an activity that
includes the use of an asset generally reflects factors other than the consumption of the economic benefits embodied in the asset. The amendments do not affect the consolidated and separate Financial Statements.
In June 2014, the IASB published amendments that change the financial reporting for bearer plants. The IASB decided that bearer plants should be accounted for in the same way as property, plant and equipment in IAS 16. Consequently, the amendments include bearer plants within the scope of IAS 16, instead of IAS 41. The produce growing on bearer plants will remain within the scope of IAS 41. The amendments do not affect the consolidated and separate Financial Statements.
In August 2014, the IASB published narrow scope amendments to IAS 27. Under the amendments, entities are permitted to use the equity method to account for investments in subsidiaries, joint ventures and associates in their separate Financial Statements – an option that was not effective prior to the issuance of the current amendments. The amendments do not affect the consolidated and separate Financial Statements.
In September 2014, the IASB issued Annual Improvements to IFRSs - 2012-2014 Cycle, a collection of amendments to IFRSs, in response to four issues addressed during the 2012-2014 cycle. The amendments are effective for annual periods beginning on or after 1 January 2016, although entities are permitted to apply them earlier. The issues included in this cycle are the following: IFRS 5: Changes in methods of disposal, IFRS 7: Servicing Contracts and Applicability of the amendments to IFRS 7 to condensed interim financial statements, IAS 19: Discount rate: regional market issue, and IAS 34: Disclosure of information "elsewhere in the interim financial report". The amendments do not affect the consolidated and separate Financial Statements.
In December 2014, the IASB issued amendments to IAS 1. The aforementioned amendments address settling the issues pertaining to the effective presentation and disclosure requirements as well as the potential of entities to exercise judgment under the preparation of financial statements. The amendments do not affect the consolidated and separate Financial Statements.
In December 2014, the IASB published narrow scope amendments to IFRS 10, IFRS 11 and IAS 28. The aforementioned amendments introduce explanation regarding accounting requirements for investment entities, while providing exemptions in particular cases, which decrease the costs related to the implementation of the Standards. The amendments do not affect the consolidated and separate Financial Statements.
The following new Standards and amendments of IFRSs have been issued by the International Accounting Standards Board (IASB), but their application has not started yet or they have not been adopted by the European Union.
IFRS 14 "Regulatory Deferral Accounts" (effective for annual periods starting on or after 01/01/2016) In January 2014, the IASB issued a new Standard, IFRS 14. The aim of this interim Standard is to enhance the comparability of financial reporting by entities that are engaged in rate-regulated activities. Many
countries have industry sectors that are subject to rate regulation, whereby governments regulate the supply and pricing of particular types of activity by private entities. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union, until the issuance of the final Standard.
In May 2014, the IASB issued a new Standard, IFRS 15. The Standard fully converges with the requirements for the recognition of revenue in both IFRS and US GAAP. The key principles on which the Standard is based are consistent with much of current practice. The new Standard is expected to improve financial reporting by providing a more robust framework for addressing issues as they arise, increasing comparability across industries and capital markets, providing enhanced disclosures and clarifying accounting for contract costs. The new Standard will supersede IAS 11 "Construction Contracts", IAS 18 "Revenue" and several revenue related Interpretations. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have been adopted by the European Union with effective date of 01/01/2018.
In July 2014, the IASB issued the final version of IFRS 9. The package of improvements introduced by the final version of the Standard, includes a logical model for classification and measurement, a single, forward-looking "expected loss" impairment model and a substantially-reformed approach to hedge accounting. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have been adopted by the European Union with effective date of 01/01/2018.
In September 2014, the IASB published narrow scope amendments to IFRS 10 and IAS 28. The objective of the aforementioned amendments is to address an acknowledged inconsistency between the requirements in IFRS 10 and those in IAS 28, in dealing with the sale or contribution of assets between an investor and its associate or joint venture. In December 2015, the IASB postponed the effective date of these amendments indefinitely pending the outcome of its research project on the equity method of accounting. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union.
In January 2016, the IASB issued a new Standard, IFRS 16. The objective of the project was to develop a new Leases Standard that sets out the principles that both parties to a contract, i.e. the customer ('lessee') and the supplier ('lessor'), apply to provide relevant information about leases in a manner that faithfully represents those transactions. To meet this objective, a lessee is required to recognize assets and liabilities arising from a lease. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union.
In January 2016, the IASB published narrow scope amendments to IAS 12. The objective of the amendments is to clarify the accounting for deferred tax assets for unrealized losses on debt instruments measured at fair value. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union.
In January 2016, the IASB published narrow scope amendments to IAS 7. The objective of the amendments is to enable users of financial statements to evaluate changes in liabilities arising from financing activities. The amendments will require entities to provide disclosures that enable investors to
evaluate changes in liabilities arising from financing activities, including changes arising from cash flows and non-cash changes. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union.
In April 2016, the IASB published clarifications to IFRS 15. The amendments to IFRS 15 do not change the underlying principles of the Standard, but clarify how those principles should be applied. The amendments clarify how to identify a performance obligation in a contract, how to determine whether a company is a principal or an agent and how to determine whether the revenue from granting a license should be recognized at a point in time or over time. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union.
In June 2016, the IASB published narrow scope amendment to IFRS 2. The objective of this amendment is to clarify how to account for certain types of share-based payment transactions. More specifically, the amendments provide requirements on the accounting for the effects of vesting and non-vesting conditions on the measurement of cash-settled share-based payments, for share-based payment transactions with a net settlement feature for withholding tax obligation, as well as, a modification to the terms and conditions of a share-based payment that changes the classification of the transaction from cash-settled to equity-settled. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union.
In September 2016, the IASB published amendments to IFRS 4. The objective of the amendments is to address the temporary accounting consequences of the different effective dates of IFRS 9 Financial Instruments and the forthcoming insurance contracts Standard. The amendments to existing requirements of IFRS 4 permit entities whose predominant activities are connected with insurance to defer the application of IFRS 9 until 2021 (the "temporary exemption") and also permit all issuers of insurance contracts to recognize in other comprehensive income, rather than profit or loss, the volatility that could arise when IFRS 9 is applied before the new insurance contracts Standard is issued (the "overlay approach"). The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union.
In December 2016, the IASB issued Annual Improvements to IFRSs – 2014-2016 Cycle, a collection of amendments to IFRSs, in response to several issues addressed during the 2014-2016 cycle. The issues included in this cycle are the following: IFRS 12: Clarification of the scope of the Standard, IFRS 1: Deletion of short-term exemptions for first-time adopters, IAS 28: Measuring an associate or joint venture at fair value. The amendments are effective for annual periods beginning on or after 1 January 2017 for IFRS 12, and 1 January 2018 for IFRS 1 and IAS 28. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union.
In December 2016, the IASB issued a new Interpretation, IFRIC 22. IFRIC 22 provides requirements about which exchange rate to use in reporting foreign currency transactions (such as revenue transactions) when payment is made or received in advance. The Group will examine the impact of the above on its
Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union.
In December 2016, the IASB published narrow-scope amendments to IAS 40. The objective of the amendments is to reinforce the principle for transfers into, or out of, investment property in IAS 40, to specify that (a) a transfer into, or out of investment property should be made only when there has been a change in use of the property, and (b) such a change in use would involve the assessment of whether the property qualifies as an investment property. That change in use should be supported by evidence. The Group will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union.
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 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 Subsidiary |
Percentage and Participation |
Headquarters | Activity | Consolidation method |
|---|---|---|---|---|
| JUMBO TRADING LTD |
100% Direct | Cyprus | Commercial | Full Consolidation |
| 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 PROPERTIES LTD |
100% Indirect | Cyprus | Investment | Full Consolidation |
| 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 reporting segments, the Group operates through a sales' network developed in Greece, Cyprus, Bulgaria and Romania. The Management's strategic decisions are based on the operating results of every segment 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.
In the segment "Greece" the Company's Management also monitors the sales from Greece to FYROM and Serbia based on the commercial agreement with the independent customer Veropoulos Dooel and the sales from Greece to Albania and to Kosovo based on the commercial agreement with the independent customer Kind Zone Sh.p.k. Total sales of the Company to FYROM, Albania Kossovo and Serbia for the period 01.07.2016-31.12.2016 reached the amount of 11.482 ths 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 | 341.983.723 | 47.207.893 | 40.379.777 | 39.789.137 | - | 469.360.529 |
| Intragroup Sales | (66.948.509) | (164.112) | (247.301) | (104.207) | - | (67.464.129) |
| Total net sales | 275.035.214 | 47.043.781 | 40.132.476 | 39.684.930 | - | 401.896.400 |
| Cost of sales | (134.343.430) | (22.928.644) | (19.955.153) | (18.937.178) | - | (196.164.405) |
| Gross Profit | 140.691.784 | 24.115.137 | 20.177.323 | 20.747.752 | - | 205.731.995 |
| Other income | - | - | - | - | 3.219.973 | 3.219.973 |
| Administrative expenses | (353.446) | - | - | - | (13.014.995) | (13.368.441) |
| Distribution costs | (65.469.082) | (6.024.667) | (7.487.482) | (6.656.228) | (170.646) | (85.808.106) |
| Other expenses | - | - | - | - | (3.827.477) | (3.827.477) |
| Profit before tax, interest and investing results |
78.984.805 | 18.090.471 | 12.689.841 | 14.091.524 | (17.908.697) | 105.947.944 |
| Financial expenses | - | - | - | - | (2.667.359) | (2.667.359) |
| Financial income | - | - | - | - | 3.772.887 | 3.772.887 |
| Other financial results | - | - | - | - | (50.900) | (50.900) |
| Profit before tax | 78.984.805 | 18.090.471 | 12.689.841 | 14.091.524 | (16.854.069) | 107.002.572 |
| Income tax | - | - | - | - | (25.587.632) | (25.587.632) |
| Net profit | 78.984.805 | 18.090.471 | 12.689.841 | 14.091.524 | (42.441.701) | 81.414.940 |
| Depreciation and amortization |
(7.276.845) | (890.817) | (1.666.091) | (1.131.933) | (441.494) | (11.407.179) |
| 01/07/2015-31/12/2015 | ||||||
|---|---|---|---|---|---|---|
| (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) |
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 01.07.2016- 31.12.2016 and 01.07.2015- 30.06.2016 is analysed as follows:
| 31/12/2016 | ||||||
|---|---|---|---|---|---|---|
| (amounts in €) | Greece | Cyprus | Bulgaria | Romania | Other | Total |
| Segment assets | 478.941.982 | 74.805.072 | 102.410.833 | 48.452.204 | - | 704.610.091 |
| Non allocated Assets | - | - | - | 531.732.052 | 531.732.052 | |
| Consolidated Assets | 478.941.982 | 74.805.072 | 102.410.833 | 48.452.204 | 531.732.052 | 1.236.342.143 |
| Segment liabilities | 224.137.330 | 5.344.510 | 2.437.842 | 7.199.868 | - | 239.119.550 |
| Non allocated Liabilities | - | - | - | - | 86.804.451 | 86.804.451 |
| Consolidated Liabilities | 224.137.330 | 5.344.510 | 2.437.842 | 7.199.868 | 86.804.451 | 325.924.001 |
| Group's Asset additions | ||
|---|---|---|
| (amounts in €) | 31/12/2016 | |
| Greece | 10.504.528 | |
| Cyprus | 4.912.749 | |
| Bulgaria | 939.039 | |
| Romania | 115.767 | |
| Total | 16.472.083 | |
| 30/6/2016 | ||||||
|---|---|---|---|---|---|---|
| (amounts in €) | Greece | Cyprus | Bulgaria | Romania | Other | Total |
| Segment assets | 467.954.218 | 75.482.254 | 102.190.256 | 49.147.858 | - | 694.774.586 |
| Non allocated Assets | - | - | - | 514.636.779 | 514.636.779 | |
| Consolidated Assets | 467.954.218 | 75.482.254 | 102.190.256 | 49.147.858 | 514.636.779 | 1.209.411.365 |
| Segment liabilities | 217.381.675 | 2.217.432 | 1.108.642 | 13.881.153 | - | 234.588.902 |
| Non allocated Liabilities | - | - | - | - | 59.231.836 | 59.231.836 |
| Consolidated Liabilities | 217.381.675 | 2.217.432 | 1.108.642 | 13.881.153 | 59.231.836 | 293.820.738 |
| Group's Asset additions | |
|---|---|
| (amounts in €) | 30/6/2016 |
| Greece | 17.371.017 |
| Cyprus | 4.737.037 |
| Bulgaria | 23.280 |
| Romania | 2.266.885 |
| Total | 24.398.220 |
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:
| Sales per product type for the year 01/07/2016-31/12/2016 | |||||||
|---|---|---|---|---|---|---|---|
| Product Type | Sales in € | Percentage | |||||
| Toy | 92.310.322 | 22,97% | |||||
| Baby products | 24.136.388 | 6,01% | |||||
| Stationary | 36.397.308 | 9,06% | |||||
| Seasonal | 102.701.495 | 25,55% | |||||
| Home products | 117.504.021 | 29,24% | |||||
| Haberdashery and similar items |
28.595.141 | 7,12% | |||||
| Other | 251.725 | 0,06% | |||||
| Total | 401.896.400 | 100,00% |
It is noted that in the respective period last year, the category "Haberdashery and similar items " was included in the category "Toys" and corresponded to approximately 2% of total sales in the respective period last year.
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 01/07/2015-31/12/2015 | |||||||
|---|---|---|---|---|---|---|---|
| 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% |
According to Greek tax legislation, income tax for the period 01.07.2016-31.12.2016 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%.
Provision for income taxes disclosed in the financial statements is analyzed as follows:
| THE GROUP | THE COMPANY | ||||
|---|---|---|---|---|---|
| (amounts in €) | 31/12/2016 | 31/12/2015 | 31/12/2016 | 31/12/2015 | |
| Income taxes for the period | 25.302.639 | 23.055.427 | 20.128.596 | 18.969.044 | |
| Deferred tax for the period | 284.993 | 1.240.048 | 300.614 | 1.244.873 | |
| Total income tax | 25.587.632 | 24.295.475 | 20.429.211 | 20.213.917 |
Deferred tax for the comparative period both for the Group and for the Company includes amount of € 856.093 relating to the effect of the increase in the tax rate of Greece, from 26% to 29%.
Basic earnings per share for the Group and the Company are as follows:
| Basic earnings per share | THE GROUP | THE COMPANY | |||
|---|---|---|---|---|---|
| Amounts in € | 01/07/2016- 31/12/2016 |
01/07/2015- 31/12/2015 |
01/07/2016- 31/12/2016 |
01/07/2015- 31/12/2015 |
|
| Earnings attributable to the shareholders of the parent company |
81.414.940 | 72.519.699 | 48.839.674 | 46.085.348 | |
| Weighted average number of shares | 136.059.759 | 136.059.759 | 136.059.759 | 136.059.759 | |
| Basic earnings per share (euro per share) | 0,5984 | 0,5330 | 0,3590 | 0,3387 |
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 31.12.2016 the Company or its subsidiary 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 01.07.2016-31.12.2016 reached the amount of € 10.505 thousand and for the Group € 16.472 thousand. On 31.12.2016 the Group had agreements on construction of buildings, fixtures on buildings of € 615 thousand and the Company of € 540 thousand.
The analysis of the Group's and the Company's tangible assets is as follows: (amounts in Euro)
| La nd - Fre eh old |
Bu ildi nd ng s a fix tu bu ildi res on ng s - eh old Fre |
Tra tio rta ns po n me an s |
Ma ch ine ry - fur nit d o the ure an r uip nt eq me |
ftw So are |
Fix ed ts as se de un r tio nst co ruc n |
To l P ta ert rop y Pla nt d an ipm Equ t en |
|
|---|---|---|---|---|---|---|---|
| Co st 3 0/ 06/ 20 15 |
142 .97 3.6 87 |
405 .57 9.3 91 |
7.6 78. 131 |
97 .92 9.0 02 |
3.4 94 .79 7 |
966 .81 0 |
65 8.6 21 .81 8 |
| ula ted de Acc cia tio um pre n |
0 | ( 04) 92 .64 8.7 |
( 5) 1.4 87 .93 |
( 90) 63. 84 1.7 |
( 9) 2.7 62 .23 |
0 | ( 8) 16 0.7 40 .66 |
| 0/ / Ne t C t a t 3 06 20 15 os s a |
14 2.9 73 .68 7 |
31 2.9 30 .68 7 |
6.1 90 .19 6 |
34 .08 7.2 12 |
73 2.5 58 |
96 6.8 10 |
49 7.8 81 .15 0 |
| Co st 3 0/ 06/ 20 16 Acc ula ted de cia tio um pre n |
148 .14 3.0 90 0 |
416 .49 9.8 42 ( 107 .31 9.1 95) |
7.8 00 .19 5 ( 1.6 76. 337 ) |
101 .45 8.6 78 ( 70. 306 .46 8) |
3.4 97 .61 0 ( 3.0 24. 369 ) |
3.6 94 .54 7 0 |
68 1.0 93 .96 2 ( 18 2.3 26 .37 0) |
| 0/ / Ne t C t a t 3 06 20 16 os s a |
14 8.1 43 .09 0 |
30 9.1 80 .64 7 |
6.1 23 .85 8 |
31 .15 2.2 10 |
47 3.2 41 |
3.6 94 .54 7 |
49 8.7 67 .59 2 |
| Co st 3 1/ 12/ 20 16 Acc ula ted de cia tio um pre n |
147 .86 5.9 88 0 |
429 .56 2.0 31 ( 114 .81 8.1 17) |
9.9 13. 335 ( 1.2 93 .16 5) |
104 .54 0.0 01 ( 73. 332 .61 0) |
3.5 19. 282 ( 3.1 55. 198 ) |
386 .89 2 0 |
69 5.7 87 .52 9 ( 19 2.5 99 .09 1) |
| Ne t C t a t 3 1/ 12 / 20 16 os s a |
14 7.8 65 .98 8 |
31 4.7 43 .91 4 |
8.6 20 .17 0 |
31 .20 7.3 91 |
36 4.0 84 |
38 6.8 92 |
50 3.1 88 .43 8 |
| CO MP AN Y |
|
|---|---|
| d - Lan eh old Fre |
Bu ildi nd ng s a fixt n b uild ing ure s o s - Fre eh old |
ati Tra ort nsp on me an s |
Ma ch ine ry - fur nit d ure an oth uip nt er eq me |
So ftw are |
Fixe d a ts sse de un r tio nst co ruc n |
Tot al Pro rty pe Pla d nt an Equ ipm t en |
|
|---|---|---|---|---|---|---|---|
| Cos t 3 0/ 06/ 201 5 |
81. 181 .86 7 |
257 .10 7.9 65 |
98. 222 1.4 |
76. 468 .31 1 |
2.5 35. 715 |
0 | 8.7 92 .08 41 1 |
| ula ted de Acc cia tion um pre |
0 | ( 724 .32 2) 71. |
( 1.2 87. 906 ) |
( 430 .22 7) 54. |
( 1.9 67. 205 ) |
0 | ( 129 .40 9.6 58 ) |
| Co 30 / 06 / 20 Net st at 15 as |
81 .18 1.8 67 |
18 5.3 83 .64 3 |
21 0.3 16 |
22 .03 8.0 84 |
56 8.5 10 |
0 | 28 9.3 82 .42 3 |
| 0/ 06/ Cos t 3 201 6 ula ted de Acc cia tion um pre |
85. 148 .97 8 0 |
266 .29 1.3 02 ( 8) 81. 355 .12 |
1.5 81. 397 ( ) 1.2 33. 141 |
78. 712 .38 2 ( 2) 58. 707 .52 |
2.5 16. 868 ( ) 2.1 53. 071 |
704 .98 3 0 |
43 4.9 55 .91 3 ( 0) 14 3.4 48 .86 |
| / / Net Co st at 30 06 20 16 as |
85 .14 8.9 78 |
184 .93 6.1 74 |
34 8.2 56 |
20 .00 4.8 60 |
36 3.7 97 |
70 4.9 83 |
29 1.5 07 .05 3 |
| Cos t 3 1/ 12/ 201 6 Acc ula ted de cia tion um pre |
85. 735 .85 8 0 |
274 .19 7.2 94 ( 86. 324 .65 8) |
1.0 10. 037 ( 711 .46 6) |
80. 468 .61 2 ( 60. 599 .03 1) |
2.5 16. 868 ( 2.2 43. 838 ) |
27. 250 0 |
44 3.9 55 .92 2 ( 149 .87 8.9 91 ) |
| Net Co st at 31 / 12 / 20 16 as |
85 .73 5.8 58 |
18 7.8 72 .63 6 |
29 8.5 71 |
19 .86 9.5 81 |
27 3.0 31 |
27 .25 0 |
29 4.0 76 .93 1 |
GROUP
Changes in fixed assets during the period for the Group are as follows: (amounts in Euro)
| d - ho l d La Fre n e |
Bu i l d ing d s a n f ix bu i l d ing tu re s o n s - ho l d Fre e |
ion Tr ta t an sp or me an s |
Ma h ine c ry - fu i d o he tu t rn re a n r ip t eq u me n |
So f tw ar e |
F ixe d a ts e ss de un r ion tru t co ns c |
l lan To ta Pr ty P t op er d ip Eq t an u me n |
|
|---|---|---|---|---|---|---|---|
| Co t s |
|||||||
| / / Ne t Co t a t 3 0 0 6 2 0 1 5 s s a |
1 4 2. 9 7 3. 6 8 7 |
4 0 5. 5 7 9. 3 9 1 |
7. 6 7 8. 1 3 1 |
9 7. 9 2 9. 0 0 2 |
3. 4 9 4. 7 9 7 |
9 6 6. 8 1 0 |
6 5 8. 6 2 1. 8 1 8 |
| A d d i ion t s - |
5. 3 7 0. 7 5 6 |
1 1. 4 7 8. 1 5 7 |
2 8 0. 6 1 3 |
4. 4 2 1. 5 1 3 |
2 3. 5 0 5 |
4. 5 1 3. 0 0 5 |
2 6. 0 8 7. 5 4 8 |
| fer De tra cre as es ns s - - |
( 9 3 ) 5. 7 5 |
( 2 2 9 ) 7. 7 5 |
( 1 8. 9 ) 5 5 4 |
( 8 2 0. 0 3 ) 4 |
( 1 8. 8 ) 4 7 |
( 1. 8 0 0. 3 3 0 ) |
( 3. 1 2 1. 2 6 1 ) |
| ha d i f fer Exc ng e en ce s - |
( 0 6 8 ) 1 5. 1 |
( 3 2 9. 9 ) 4 7 |
0 | ( 9 ) 7 1. 7 4 |
( 8 6 ) 1. 4 |
0 6 2 1 5. |
( 9 ) 4 4. 1 4 4 |
| Co 3 0 / 0 6 / 2 0 6 Ne t t a t 1 s s a |
8. 3. 0 9 0 1 4 1 4 |
6. 9 9. 8 2 4 1 4 4 |
8 0 0. 9 7. 1 5 |
0 8. 6 8 1 1. 4 5 7 |
3. 9 6 0 4 7. 1 |
3. 6 9 4. 5 4 7 |
6 8 0 9 3. 9 6 2 1. |
| d d A i ion t s - |
5 8 6. 8 8 0 |
3. 9 3 7. 6 0 3 |
2. 7 1 3. 1 5 0 |
3. 0 2 2. 3 6 7 |
1 1. 4 5 9 |
6. 2 0 0. 6 2 4 |
1 6. 4 7 2. 0 8 |
| fer De tra cre as es ns s - - |
( 8 3 2. 5 7 1 ) |
9. 2 3 2. 8 4 3 |
( 6 0 0. 0 1 0 ) |
8 4. 1 7 6 |
1 0. 9 6 7 |
( 9. 5 0 8. 3 8 5 ) |
3 ( 1. 6 1 2. 9 8 0 ) |
| f fer Exc ha d i ng e en ce s - |
( 3 1. 4 1 1 ) |
( 1 0 8. 2 5 7 ) |
0 | ( 2 5. 2 2 0 ) |
( 7 5 4 ) |
1 0 7 |
( 1 6 5. 5 3 6 ) |
| Ne Co 3 1 / 1 2 / 2 0 1 6 t t a t s s a |
1 4 7. 8 6 5. 9 8 8 |
4 2 9. 5 6 2. 0 3 1 |
9. 9 1 3. 3 3 5 |
1 0 4. 5 4 0. 0 0 1 |
3. 5 1 9. 2 8 2 |
3 8 6. 8 9 2 |
6 9 5. 7 8 7. 5 2 9 |
| ia ion De t p re c |
|||||||
| / / Ne t Co t a t 3 0 0 6 2 0 1 5 s s a |
0 | ( 8. ) 9 2. 6 4 7 0 4 |
( 8 ) 1. 4 7. 9 3 5 |
( 8 ) 6 3. 4 1. 7 9 0 |
( ) 2. 7 6 2. 2 3 9 |
0 | ( 8 ) 1 6 0. 7 4 0. 6 6 |
| A d d i ion t s - |
0 | ( 1 4. 8 0 0. 5 9 2 ) |
( 3 4 6. 9 5 0 ) |
( 6. 8 3 5. 2 5 2 ) |
( 2 7 6. 3 7 7 ) |
0 | ( 2 2. 2 5 9. 1 7 2 ) |
| De fer tra cre as es ns s - - |
0 | 1 0 9. 7 7 6 |
1 5 8. 5 4 8 |
3 7 5. 6 3 1 |
1 5. 4 6 1 |
0 | 6 5 9. 4 1 6 |
| ha d f fer Exc i ng e en ce s - |
0 | 2 0. 3 2 5 |
0 | ( ) 5. 0 5 7 |
( ) 1. 2 1 4 |
0 | 1 4. 0 5 4 |
| Ne Co 3 0 / 0 6 / 2 0 1 6 t t a t s s a |
0 | ( 1 0 7. 3 1 9. 1 9 5 ) |
( 1. 6 7 6. 3 3 7 ) |
( 7 0. 3 0 6. 4 6 8 ) |
( 3. 0 2 4. 3 6 9 ) |
0 | ( 1 8 2. 3 2 6. 3 7 0 ) |
| d d i ion A t s - |
0 | ( 9 3 ) 7. 5 1 1. 5 |
( 9 0. 8 3 8 ) 1 |
( 3. 3 8 2 2 ) 1. 7 |
( 3 3 ) 1 1. 5 7 |
0 | ( 2 9 ) 1 1. 1 5. 5 1 |
| fer De tra cre as es ns s - - |
0 | 0 | 0 0 5 7 4. 1 |
3 3. 2 9 0 4 |
0 | 0 | 9 3 0 0 1 7. |
| ha d f fer Exc i ng e en ce s - |
0 | 3. 0 3 2 1 |
0 | 9 1 1. 7 5 |
7 4 4 |
0 | 2 0 5. 5 7 |
| 3 / / 0 Ne t Co t a t 1 1 2 2 1 6 s s a |
0 | ( 8 8. ) 1 1 4. 1 1 1 7 |
( 9 3. ) 1. 2 1 6 5 |
( 3. 3 3 0 ) 7 2. 6 1 |
( 3. 9 8 ) 1 5 5. 1 |
0 | ( 9 9 9. 0 9 ) 1 2. 5 1 |
Changes in fixed assets during the period for the Company are as follows: (amounts in Euro)
| La d - n ho l d Fre e |
Bu i l d ing d s a n f ixt bu i l d ing ur es on s - Fre ho l d e |
Tr ion ta t an sp or me an s |
Ma h ine c ry - fu itu d rn re an he ip ot nt r e q u me |
So ftw ar e |
F ixe d a et ss s de un r ion tru ct co ns |
To l Pr ta ty op er P lan d t a n Eq ip nt u me |
|
|---|---|---|---|---|---|---|---|
| Co st |
|||||||
| Co 3 0 / 0 6 / 2 0 Ne t st at 1 5 as |
8 8 8 6 1. 1 1. 7 |
2 0 9 6 5 7. 1 7. 5 |
9 8. 2 2 2 1. 4 |
6. 6 8. 3 7 4 1 1 |
2. 3 5 5. 7 1 5 |
0 | 8. 9 2. 0 8 4 1 7 1 |
| d d it ion A s - |
3. 9 6 1 1 1 7. |
9. 1 1. 0 9 6 4 |
2 1. 2 3 4 7 |
3. 0 6. 1 0 4 4 |
0 | 0 9 8 3 7 4. |
1 3 1. 0 1 7. 7 7 |
| De fer tr cre ase s - an s s - |
0 | ( 2 2 7. 7 5 9 ) |
( 1 5 8. 5 4 8 ) |
( 8 0 2. 0 3 3 ) |
( 1 8. 8 4 7 ) |
0 | ( 1. 2 0 7. 1 8 5 ) |
| Exc ha d i f fer ng e en ces - |
0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ne Co 3 0 / 0 6 / 2 0 1 6 t st at as |
8 5. 1 4 8. 9 7 8 |
2 6 6. 2 9 1. 3 0 2 |
1. 5 8 1. 3 9 7 |
7 8. 7 1 2. 3 8 2 |
2. 5 1 6. 8 6 8 |
7 0 4. 9 8 3 |
4 3 4. 9 5 5. 9 1 3 |
| A d d it ion s - |
5 8 6. 8 8 0 |
3. 8 3 2. 5 9 1 |
2 8. 6 5 0 |
2. 3 3 1. 6 1 2 |
0 | 3. 7 2 4. 7 9 4 |
1 0. 5 0 4. 5 2 8 |
| De fer tr cre ase s - an s s - |
0 | 4. 0 7 3. 4 0 0 |
( 6 0 0. 0 1 0 ) |
( 5 7 5. 3 8 2 ) |
0 | ( 4. 4 0 2. 5 2 7 ) |
( 1. 5 0 4. 5 1 9 ) |
| f fer Exc ha d i ng e en ces - |
0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Ne Co 3 1 / 1 2 / 2 0 1 6 t st at as |
8 5. 7 3 5. 8 5 8 |
2 7 4. 1 9 7. 2 9 4 |
1. 0 1 0. 0 3 7 |
8 0. 4 6 8. 6 1 2 |
2. 5 1 6. 8 6 8 |
2 7. 2 5 0 |
4 4 3. 9 5 5. 9 2 2 |
| iat ion De p re c |
|||||||
| / / Ne t Co st at 3 0 0 6 2 0 1 5 as |
0 | ( ) 7 1. 7 2 4. 3 2 2 |
( ) 1. 2 8 7. 9 0 6 |
( ) 5 4. 4 3 0. 2 2 7 |
( ) 1. 9 6 7. 2 0 5 |
0 | ( ) 1 2 9. 4 0 9. 6 5 8 |
| d d A it ion s - |
0 | ( ) 9. 7 4 0. 5 8 2 |
( ) 1 0 3. 7 8 3 |
( ) 4. 5 8 9. 0 5 7 |
( ) 2 0 1. 3 2 7 |
0 | ( ) 1 4. 6 3 4. 7 4 9 |
| fer De tr cre ase s - an s s - |
0 | 0 9. 6 1 7 7 |
8. 8 1 5 5 4 |
3 6 2 1 1. 7 |
6 1 5. 4 1 |
9 5 5. 5 4 7 |
|
| ha d f fer Exc i ng e en ces - |
0 | 0 | 0 | ||||
| / / Ne t Co st at 3 0 0 6 2 0 1 6 as |
0 | ( 8 8 ) 1. 3 5 5. 1 2 |
( ) 1. 2 3 3. 1 4 1 |
( 8. ) 5 7 0 7. 5 2 2 |
( ) 2. 1 5 3. 0 7 1 |
0 | ( 8. 8 ) 1 4 3. 4 4 6 0 |
| d d A it ion s - |
0 | ( 9 6 9. 2 9 ) 4. 5 |
( 2. 3 3 ) 5 5 |
( 2. 2 3 9 9 ) 4. 7 |
( 9 0. 6 6 ) 7 |
0 | ( 3 3 0 ) 7. 4 7. 4 |
| fer De tr cre ase s - an s s - |
0 | 0 | 0 0 5 7 4. 1 |
3 3. 2 9 0 4 |
0 | 0 | 9 3 0 0 1 7. |
| Exc ha d i f fer ng e en ces - |
0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Co 3 1 / 1 2 / 2 0 1 6 Ne t st at as |
0 | ( 8 6. 3 2 6 8 ) 4. 5 |
( 1 1. 6 6 ) 7 4 |
( 6 0. 9 9. 0 3 1 ) 5 |
( 2. 2 3. 8 3 8 ) 4 |
0 | ( 1 9. 8 8. 9 9 1 ) 4 7 |
As at 31.12.2016, there are no encumbrances on the Group's fixed assets.
Τhe 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 | 1/7/2016 – 31/12/2016 |
1/7/2015 – 31/12/2015 |
| 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 | 10.000 | 12.000 |
| Total | 43.268 | 45.268 |
None of the subsidiaries had any items of investment property until 31.12.2016. Net book value of those investments is analysed as follows:
| (amounts in euro) | THE GROUP |
|---|---|
| Investment Property | |
| Cost 30/06/2016 | 11.506.612 |
| Accumulated depreciation | (5.771.061) |
| Net book value as at 30/06/2016 | 5.735.551 |
| Cost 31/12/2016 | 11.506.612 |
| Accumulated depreciation | (5.962.646) |
| Net book value as at 31/12/2016 | 5.543.966 |
Changes in the account for the period are as follows:
| (amounts in euro) | THE GROUP |
|---|---|
| Investment Property | |
| Cost | |
| Balance as at 30/6/2016 | 11.506.612 |
| - Additions | - |
| - Decreases – transfers | - |
| Balance as at 31/12/2016 | 11.506.612 |
| Depreciation | |
| Balance as at 30/6/2016 | (5.771.061) |
| - Additions | (191.585) |
| - Decreases – transfers | - |
| Balance as at 31/12/2016 | (5.962.646) |
Fair values are not materially different from the ones disclosed in the Company's books regarding those assets.
| 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% | 68.908.540 |
| 207.087.029 |
In the company's separate financial statements, investments in subsidiaries are stated at their acquisition cost, less any 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.
| 31 / 12 |
/ 20 16 |
3 0 / 6 / 20 16 |
||||||
|---|---|---|---|---|---|---|---|---|
| in € Am nts ou |
As ts se ila b le for av a le ( fa ir sa ) lue va |
Tra d ing Se it ies cu r ( fa ir ) lue va |
Loa d ns an iva b les rec e ( at ort ize d am ) st co |
l To ta |
As ts se ila b le av a for le sa ( fa ir v ) lue a |
Tra d ing Se it ies cu r ( fa ir ) lue va |
d Loa ns an iva b les rec e ( at ort ize d am st ) co |
l To ta |
| F ina ia l A ts nc sse |
||||||||
| ina ia l a ila b le for le F ts a nc sse va sa |
7. 45 0. 40 4 |
- | - | 7. 45 0. 40 4 |
7. 87 6.1 42 |
- | - | 7. 87 6.1 42 |
| te tr ic te d ba nk ts Lo ng rm re s ac co un |
- | - | 97 6.1 15 |
97 6.1 15 |
- | - | 9 65 0 20 |
9 65 0 20 |
| Tra de de b tor nd the r tr de iva b les s a o a re ce |
- | - | 4. 9 0 8. 81 1 |
4. 9 0 8. 81 1 |
- | - | 3. 85 0. 3 28 |
3. 85 0. 3 28 |
| O the r R iva b les ec e |
- | - | 10 9 42 65 3 |
10 9 42 65 3 |
- | - | 11 3 41 31 1 |
11 3 41 31 1 |
| ing it ies Tra d se cu r |
- | 8.1 05 .5 20 |
- | 8.1 05 .5 20 |
- | 8.1 5 6. 42 0 |
- | 8.1 5 6. 42 0 |
| iva Ca h a nd h e len ts s ca s qu |
- | - | 3 95 0 0 8. 25 6 |
3 95 0 0 8. 25 6 |
- | - | 3 9 4.7 3 2. 6 8 6 |
3 9 4.7 3 2. 6 8 6 |
| ina ia F l A ts nc sse |
45 0. 40 4 7. |
8.1 05 20 .5 |
41 8 35 8 35 1. |
42 3 91 9 7. .75 |
87 6.1 42 7. |
8.1 6. 42 0 5 |
41 0. 8 8 9. 3 45 |
42 6. 9 21 9 07 |
The table above includes, per category, only financial assets under the relative definitions provided in IFRS. However, the aforementioned analysis can differ, on case basis, from the relative accounts presented in the Financial Statements.
THE GROUP
| TH E C OM PA NY |
|---|
| 31 | / 12 / 20 16 |
3 0 / 6 / 20 16 |
||||||
|---|---|---|---|---|---|---|---|---|
| nts in € Am ou |
As ts se ila b le av a for le sa ( fa ir lue ) va |
Tra d ing Se it ies cu r ( fa ir ) lue va |
d Loa ns an iva b les rec e ( at ort ize d am st ) co |
l To ta |
As ts se ila b le for av a le sa ( fa ir v ) lue a |
Tra d ing Se it ies cu r ( fa ir ) lue va |
d Loa ns an iva b les ( at rec e ort ize d st ) am co |
l To ta |
| ina ia F l A ts nc sse |
||||||||
| de de b tor nd the r tr de iva b les Tra s a o a re ce |
- | - | 9 3 9. 43 8 7. |
9 3 9. 43 8 7. |
- | - | 4.5 8 0. 24 6 |
4.5 8 0. 24 6 |
| O the iva b les r R ec e |
- | - | 10 9 42 65 3 |
10 9 42 65 3 |
- | - | 9. 9 21 .5 91 |
9. 9 21 .5 91 |
| Bo nd s |
- | 8.1 05 .5 20 |
- | 8.1 05 .5 20 |
- | 8.1 5 6. 42 0 |
- | 8.1 5 6. 42 0 |
| Ca h a nd h e iva len ts s ca s qu |
- | - | 17 8. 95 6.7 14 |
17 8. 95 6.7 14 |
- | - | 21 3. 43 3. 35 5 |
21 3. 43 3. 35 5 |
| ina ia F l A ts nc sse |
- | 8.1 05 .5 20 |
19 7. 8 3 8. 8 05 |
20 5. 9 44 3 25 |
- | 8.1 5 6. 42 0 |
22 7. 9 35 .1 9 2 |
23 6. 0 91 61 2 |
The table above includes, per category, only financial assets under the relative definitions provided in IFRS. However, the aforementioned analysis can differ, on case basis, from the relative accounts presented in the Financial Statements.
| THE GROUP | |||
|---|---|---|---|
| 31/12/2016 | 30/06/2016 Other Financial Liabilities (at amortized cost) |
||
| Amounts in € | Other Financial Liabilities (at amortized cost) |
||
| Financial Liabilities | |||
| Other long term liabilities | 1.744.082 | 5.652.744 | |
| Trade and other payables | 52.141.850 | 38.796.020 | |
| Loans | 144.308.722 | 144.370.143 | |
| Other current liabilities | 32.285.007 | 37.659.770 | |
| 230.479.661 | 226.478.677 | ||
| THE COMPANY | |||
| 31/12/2016 | 30/06/2016 | ||
| Amounts in € | Other Financial Liabilities (at amortized cost) |
Other Financial Liabilities (at amortized cost) |
|
| Financial Liabilities | |||
| Other long term liabilities | - | - | |
| Trade and other payables | 49.587.645 | 37.654.818 | |
| Loans | 144.226.614 | 144.189.979 | |
| Other current liabilities | 21.737.635 | 27.605.790 | |
| 215.551.894 | 209.450.587 |
The tables above include, as far as both – the Group and the Company are concerned – per category, only financial liabilities under the relative definitions provided in IFRS. However, the aforementioned analysis can differ, on case basis, from the relative accounts presented in the Financial Statements.
The financial assets available for sale are presented in the below table:
| Amounts in € | THE GROUP | THE COMPANY | ||
|---|---|---|---|---|
| 31/12/2016 | 30/06/2016 | 31/12/2016 | 30/06/2016 | |
| Conversion of deposits into Bank of Cyprus shares |
3.793.961 | 4.010.759 | - | - |
| Investments in shares of listed companies | 3.656.443 | 3.865.383 | - | - |
| Total assets available for sale | 7.450.404 | 7.876.142 | - | - |
| Analysis for the fiscal year: | THE GROUP | THE COMPANY | |||
|---|---|---|---|---|---|
| Amounts in € | 31/12/2016 | 30/06/2016 | 31/12/2016 | 30/06/2016 | |
| Opening balance | 7.876.142 | 10.377.348 | - | - | |
| Additions | - | - | - | - | |
| Sales | - | - | - | - | |
| Gains/(losses) on measurement of financial assets available for sale |
(425.737) | (2.501.206) | - | - | |
| Impairment | - | - | - | - | |
| Closing Balance | 7.450.404 | 7.876.142 | - | - |
Trading securities and derivatives are analyzed as follows:
| THE GROUP | THE COMPANY | ||||
|---|---|---|---|---|---|
| Amounts in € | 31/12/2016 | 30/06/2016 | 31/12/2016 | 30/06/2016 | |
| Bonds | 8.105.520 | 8.156.420 | 8.105.520 | 8.156.420 | |
| Total | 8.105.520 | 8.156.420 | 8.105.520 | 8.156.420 | |
| Analysis for the fiscal year: | THE GROUP | THE COMPANY | |||
| Amounts in € | 31/12/2016 | 30/06/2016 | 31/12/2016 | 30/06/2016 | |
| Opening balance | 8.156.420 | 5.911.120 | 8.156.420 | 5.911.120 | |
| Sales | - | - | - | - | |
| Profits/(losses) on measurement of financial assets at fair value |
|||||
| through profit and loss | (50.900) | 2.245.300 | (50.900) | 2.245.300 | |
| Closing Balance | 8.105.520 | 8.156.420 | 8.105.520 | 8.156.420 |
The Company and the Group trade portfolio includes investments in corporate bonds issued by ELPE (Hellenic Petroleum), listed on Luxemburg Stock exchange.
The table below presents the financial instruments measured at fair value in the statement of financial position, in a fair value measurement hierarchy. According to the hierarchy in fair value measurement, 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 introduced based on the lowest level of the overall fair value.
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: | ||||||
| 31/12/2016 | Level 1 | Level 2 | Level 3 | ||||
| Description | |||||||
| -Bonds | 8.105.520 | 8.105.520 | - | - | |||
| -Shares | 7.450.404 | 7.450.404 | - | - | |||
| Total asset at fair value | 15.555.924 | 15.555.924 | - | - | |||
| THE GROUP | |||||||
| Amounts in € | Valuation at fair value at the end of the reporting fiscal year using: | ||||||
| 30/6/2016 | Level 1 | Level 2 | Level 3 | ||||
| Description | |||||||
| -Bonds | 8.156.420 | 8.156.420 | - | - | |||
| -Shares | 7.876.142 | 7.876.142 | - | - | |||
| Total asset at fair value | 16.032.562 | 16.032.562 | - | - | |||
| THE COMPANY | |||||||
| Amounts in € | Valuation at fair value at the end of the reporting period using: | ||||||
| 31/12/2016 | Level 1 | Level 2 | Level 3 | ||||
| Description | |||||||
| -Bonds | 8.105.520 | 8.105.520 | - | - | |||
| -Shares | - | - | - | - | |||
| Total asset at fair value | 8.105.520 | 8.105.520 | - | - | |||
| THE COMPANY | |||||||
| Amounts in € | Valuation at fair value at the end of the reporting fiscal year using: | ||||||
| 30/6/2016 | Level 1 | Level 2 | Level 3 | ||||
| Description | |||||||
| -Bonds | 8.156.420 | 8.156.420 | - | - | |||
| -Shares | - | - | - | - | |||
| Total asset at fair value | 8.156.420 | 8.156.420 | - | - |
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 of the Group concern shares at the Bank of Cyprus which are held by the subsidiary JUMBO TRADING LIMITED. 47,5% of the uninsured deposits of the subsidiary JUMBO TRADING LTD at the Bank of Cyprus has been converted, following the decision of the Eurogroup in March 2013 into 27.099.720 ordinary shares of the Bank of Cyprus which are valued based on the closing price on 31.12.2016 and are included in Level 1. During fiscal year 2014/2015, the subsidiary company JUMBO TRADING LTD acquired additional 26.117.453 shares of the Bank of Cyprus of total value € 6.268.188. The price of the share as at 31.12.2016 was € 0,14 given the shares valuation, and a loss of € 425.737 has arisen recorded in the statement of other comprehensive income in the Interim Condensed Financial Statements.
The balance of the account is analyzed as follows:
| (amounts in €) | THE GROUP | THE COMPANY | |||
|---|---|---|---|---|---|
| Other long term receivables | 31/12/2016 | 30/06/2016 | 31/12/2016 | 30/06/2016 | |
| Guarantees | 6.674.472 | 6.709.142 | 6.656.639 | 6.692.111 | |
| Prepaid expenses | 10.113.810 | 10.430.022 | 694.412 | 732.981 | |
| Total | 16.788.282 | 17.139.164 | 7.351.051 | 7.425.092 |
The total of the account «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 € 7.944.728 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 4.23 below.
Fair value of these receivables does not differ from that presented in the Financial Statements and is subject to re-evaluation on an annual basis.
The Company has set a number of criteria to provide credit to clients, which generally depend on the size of the client activities and an estimation of relevant financial information. At each reporting date, all overdue or doubtful debts are reviewed so that it is decided whether it is necessary or not to make a relevant provision for doubtful debts. All trade debtors' balances that are written off are charged to the existing provision for doubtful debts. Credit risk arising from trade debtors and checks receivable is limited, given that it is certain they will be collected and are appropriately liquidated.
Analysis of trade debtors and other trade receivables is as follows:
| Customers and other trade receivables |
THE GROUP | THE COMPANY | |||
|---|---|---|---|---|---|
| (amounts in euro) | 31/12/2016 | 30/6/2016 | 31/12/2016 | 30/6/2016 | |
| Customers | 3.853.745 | 3.130.514 | 6.860.670 | 3.836.730 | |
| Notes receivable | 30.500 | 38.000 | 30.500 | 38.000 | |
| Cheques receivable | 1.048.268 | 705.516 | 1.048.268 | 705.516 | |
| Less: Impairment Provisions | (23.702) | (23.702) | - | - | |
| Net trade Receivables | 4.908.811 | 3.850.328 | 7.939.438 | 4.580.246 | |
| Advances for inventory | |||||
| purchases | 37.435.985 | 28.722.787 | 37.435.985 | 28.722.787 | |
| Total | 42.344.796 | 32.573.115 | 45.375.422 | 33.303.033 |
All amounts of the above receivables are short-term. The carrying amount of the trade receivables is considered to be approximately equal to the fair value. The total net receivables from customers exclude overdue receivables beyond the credit period that the Group's management provides in respect of collecting such receivables.
Other receivables are analyzed as follows:
| THE GROUP | THE COMPANY | ||||
|---|---|---|---|---|---|
| Other receivables | 31/12/2016 | 30/06/2016 | 31/12/2016 | 30/06/2016 | |
| (amounts in euro) | |||||
| Sundry debtors | 4.852.822 | 4.561.875 | 4.073.849 | 3.957.841 | |
| Receivables from the State | 34.723.034 | 34.436.020 | 34.636.780 | 34.363.503 | |
| Other receivables | 5.649.206 | 5.455.961 | 5.577.769 | 5.449.290 | |
| Net receivables | 45.225.062 | 44.453.856 | 44.288.398 | 43.770.634 |
As shown in the above table, the total amount of other receivables includes receivables of the Group:
a) From other receivables, pertaining mostly to receivables of the parent company from advance payments of rentals,
b) From amounts owed to the parent company and the subsidiaries by the State,
c) From sundry debtors deriving from advances to accounts for debtors (such as custom clearers), cash facilities to personnel, insurance receivables.
Other current assets pertain to the following:
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| Other current assets (amounts in euro) |
31/12/2016 | 30/6/2016 | 31/12/2016 | 30/6/2016 |
| Prepaid expenses | 2.889.889 | 908.052 | 2.238.355 | 143.371 |
| Accrued income Discounts on purchases |
652.535 | 1.323.475 | 440.627 | 514.460 |
| under arrangement | 326.064 | 101 | 326.064 | 101 |
| Total | 3.868.488 | 2.231.628 | 3.005.046 | 657.932 |
Other current assets mostly pertain to expenses of subsequent years as well as accrued financial income.
| Amounts in € | THE GROUP | THE COMPANY | ||
|---|---|---|---|---|
| Restricted bank deposits | 31/12/2016 | 30/06/2016 | 31/12/2016 | 30/06/2016 |
| Long Term Restricted bank deposits | 976.115 | 965.020 | - | - |
| Total | 976.115 | 965.020 | - | - |
As at 31.12.2016, the amount of € 976.115 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 | 31/12/2016 | 30/06/2016 | 31/12/2016 | 30/06/2016 | |
| (amounts in euro) | |||||
| Cash in hand | 3.390.624 | 2.959.168 | 2.933.889 | 2.500.579 | |
| Bank account balances | 8.128.046 | 4.264.832 | 8.128.046 | 4.264.832 | |
| Sight and time deposits | 383.489.586 | 387.508.686 | 167.894.779 | 206.667.944 | |
| Total | 395.008.256 | 394.732.686 | 178.956.714 | 213.433.355 |
Sight deposits concern short term investments of high liquidity. The interest rate for time deposits for the Group was 1,00%-3,106% 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 2015 | 136.059.759 | 1,19 | 161.911.113 |
| Share capital increase through capitalization of reserves |
- | 4.039 | |
| Share Capital Decrease due to merger | - | (43.261.365) | |
| Share capital increase by the contributed of the absorbed Tanosirian S.A. |
- | 1.078.800 | |
| Balance as at 30th June 2016 | 136.059.759 | 0,88 | 119.732.588 |
| Changes in the period | - | - | - |
| Balance as at 31st December 2016 | 136.059.759 | 0,88 | 119.732.588 |
The analysis of share premium and other reserves is as follows:
| TH E G RO UP |
||||||||
|---|---|---|---|---|---|---|---|---|
| ( nts in ) am ou eu ro |
S ha re pre ium m |
S tat uto ry res erv e |
ir v Fa lue a res erv es |
Ta d res te x e xe mp erv es |
ina Ext rd ry res rao erv es |
ia l res Sp ec erv es |
f o To ta l o the r res erv es |
To ta l |
| Ba lan at 1s t Ju ly 20 15 ce |
7.7 0 2. 07 8 |
3 6.1 10 8 0 3 |
5 8 6.1 95 |
1.7 97 9 44 |
3 23 9 9 6. 48 9 |
( 85 5.1 9 2 ) |
3 61 6 3 6. 24 0 |
3 6 9. 3 3 8. 31 8 |
| C ha in the f ina ia l ye ng es nc ar |
42 29 3.1 29 |
5. 85 3. 26 4 |
( 2.5 01 20 6 ) |
- | 7 2.7 87 .5 28 |
( 97 1.1 18 ) |
75 .1 6 8. 46 8 |
117 46 1.5 9 6 |
| Ba lan at 3 0th Ju 20 16 ce ne |
49 9 95 20 7 |
41 9 6 4. 0 6 8 |
( 1. 91 5. 01 1 ) |
1.7 97 9 44 |
3 9 6.7 8 4. 01 7 |
( 1. 8 26 31 0 ) |
43 6. 8 0 4.7 07 |
48 6.7 9 9. 91 4 |
| C ha in the io d ng es pe r |
- | 3. 24 8. 27 4 |
( 42 5.7 37 ) |
- | ( 8. 8 28 8 65 ) |
( 2. 6 3 4 ) |
( 6. 0 0 8. 9 6 2 ) |
( 6. 0 0 8. 9 6 2 ) |
| Ba lan at De mb 31 st ce ce er 20 16 |
49 9 95 20 7 |
45 21 2. 3 42 |
( 2. 3 40 .7 48 ) |
1.7 97 9 44 |
3 87 95 5.1 5 2 |
( 1. 8 28 9 45 ) |
43 0.7 95 .7 45 |
48 0.7 9 0. 95 2 |
| TH | E C OM PA NY |
|||||||
|---|---|---|---|---|---|---|---|---|
| ( in ) nts am ou eu ro |
S ha re pre ium m |
S tat uto ry res erv e |
Re t fa se rve s a ir v lue a |
Ta te d x e xe mp |
Ext rd ina ry res rao erv es |
l res Sp ia ec erv es |
To ta l o f o the r res erv es |
To ta l |
| Ba lan at 1s t Ju ly 20 15 ce |
7.7 0 2. 07 8 |
35 8 22 9 44 |
- | 1.7 97 9 44 |
3 23 9 9 6. 48 9 |
( 85 2. 49 5 ) |
3 6 0.7 6 4. 8 8 2 |
3 6 8. 46 6. 9 6 0 |
| C ha in the f ina ia l ye ng es nc ar |
42 29 3.1 29 |
23 9 0 2 5. 1. |
- | - | 2.7 87 28 7 .5 |
( 97 9.7 0 6 ) |
0 3 9.7 24 77 |
119 3 3 2. 85 3 |
| lan 3 0th 20 16 Ba at Ju ce ne |
49 9 95 20 7 |
41 05 4. 8 46 |
- | 1.7 97 9 44 |
3 9 6.7 8 4. 01 7 |
( ) 1. 8 3 2. 20 1 |
43 7. 8 0 4. 6 0 6 |
48 7.7 9 9. 81 3 |
| in io C ha the d ng es pe r |
- | 4.1 57 49 6 |
- | - | ( 8. 8 28 8 65 ) |
- | ( 4. 67 1. 3 6 9 ) |
( 4. 67 1. 3 6 9 ) |
| lan at mb 31 Ba De st ce ce er 20 16 |
49 9 95 20 7 |
45 21 2. 3 42 |
- | 1.7 97 9 44 |
3 87 95 5.1 5 2 |
( 1. 8 3 2. 20 2 ) |
43 3.1 3 3. 23 7 |
48 3.1 28 44 4 |
Long term loan liabilities of the Group and the Company are analyzed as follows:
| Loans | THE GROUP | THE COMPANY | ||
|---|---|---|---|---|
| (amounts in euro) | 31/12/2016 | 30/06/2016 | 31/12/2016 | 30/06/2016 |
| Long term loan liabilities Bond loan non - convertible to shares |
144.226.614 | 144.189.979 | 144.226.614 | 144.189.979 |
| Total | 144.226.614 | 144.189.979 | 144.226.614 | 144.189.979 |
Οn 21.05.2014 the parent company signed an agreement with financial institutions regarding the coverage of a five-year duration Common Bond Loan, of a maximum amount up to €145 million. In the first half of the current year, the Company renegotiated the terms of the loan and obtained a decrease of the interest rate margin from 4% to 3.25% on annual basis. The loan will be fully repaid at maturity.
Maturity of long term loans is analyzed as follows:
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| (amounts in euro) | 31/12/2016 | 30/06/2016 | 31/12/2016 | 30/06/2016 |
| From 1 to 2 years | - | - | - | - |
| From 2 to 5 years | 144.226.614 | 144.189.979 | 144.226.614 | 144.189.979 |
| After 5 years | - | - | - | - |
| 144.226.614 | 144.189.979 | 144.226.614 | 144.189.979 |
Short- term loan liabilities are analyzed as follows:
| Amounts in € | THE GROUP | THE COMPANY | ||
|---|---|---|---|---|
| Short- term loan liabilities | 31/12/2016 | 30/06/2016 | 31/12/2016 | 30/06/2016 |
| Overdraft account | 82.108 | 180.164 | - | - |
| Total | 82.108 | 180.164 | - | - |
On 31.12.2016, Jumbo Trading Ltd had unused cash facilities amounting to € 900.000.
The Group's and the Company's other long term liabilities are analyzed as follows:
| (amounts in euro) | THE GROUP | THE GROUP | THE COMPANY | THE COMPANY |
|---|---|---|---|---|
| Liabilities to creditors | 31/12/2016 | 30/06/2016 | 31/12/2016 | 30/06/2016 |
| Opening balance | 5.652.744 | 12.590.815 | - | - |
| Additions | 1.744.082 | - | - | - |
| Reductions | (5.652.744) | (6.938.071) | - | - |
| Total | 1.744.082 | 5.652.744 | - | - |
| Guarantees obtained | ||||
| Opening balance | 161.616 | 359.649 | 29.272 | 28.472 |
| Additions | - | 67.983 | - | 2.000 |
| Reductions | (132.344) | (266.016) | - | (1.200) |
| Total Guarantees | 29.272 | 161.616 | 29.272 | 29.272 |
| Total | 1.773.354 | 5.814.360 | 29.272 | 29.272 |
SIX-MONTH FINANCIAL REPORT
For the period from 1st July 2016 to 31st December 2016 Page: 51
Deferred tax liabilities as deriving from temporary tax differences are as follows:
| THE GROUP | ||||
|---|---|---|---|---|
| 31/12/2016 | 30/06/2016 | |||
| (amounts in euro) | Asset | Liability | Asset | |
| Non-current assets | ||||
| Tangible assets | - | 10.376.145 | - | 10.278.945 |
| Equity | ||||
| Share Capital Increase expenses | 235.909 | - | 235.909 | - |
| Deferred tax of the IAS 19 | 751.949 | - | 751.253 | - |
| Lon term liabilities | ||||
| Provisions | 17.099 | - | 15.740 | - |
| Benefits to employees | 1.533.359 | - | 1.411.790 | - |
| Long-term loans | - | 224.282 | - | 234.906 |
| Offsetting | - | 30.635 | 291.113 | - |
| Total | 2.538.316 | 10.631.062 | 2.705.805 | 10.513.851 |
| Deferred tax liability | 8.092.746 | 7.808.046 |
For the Company, the respective accounts are analyzed as follows:
| THE COMPANY | |||||
|---|---|---|---|---|---|
| 31/12/2016 | 30/06/2016 | ||||
| (amounts in euro) | Asset | Liability | Asset | Liability | |
| Non-current assets | |||||
| Tangible assets | - | 10.263.781 | - | 10.155.121 | |
| Equity | |||||
| Share Capital Increase expenses | 235.909 | - | 235.909 | - | |
| Deferred tax of the IAS 19 | 748.364 | - | 748.364 | - | |
| Long term liabilities | |||||
| Provisions | - | 573 | - | 572 | |
| Benefits to employees | 1.522.852 | - | 1.403.681 | - | |
| Long-term loans | - | 224.282 | - | 234.906 | |
| Offsetting | - | 30.635 | 291.113 | - | |
| Total | 2.507.125 | 10.519.271 | 2.679.067 | 10.390.599 | |
| Deferred tax liability | 8.012.146 | 7.711.532 |
The balance of the account is analyzed as follows:
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| Trade and other payables | 31/12/2016 | 30/6/2016 | 31/12/2016 | 30/6/2016 |
| (amounts in euro) | ||||
| Suppliers | 15.261.454 | 11.003.248 | 12.707.248 | 9.862.047 |
| Notes payable & promissory notes | 737.658 | 508.821 | 737.658 | 508.821 |
| Cheques payable | 36.142.739 | 27.283.950 | 36.142.739 | 27.283.950 |
| Advances from trade debtors | 507.451 | 264.165 | 507.451 | 264.037 |
| Total | 52.649.302 | 39.060.184 | 50.095.096 | 37.918.855 |
The analysis of tax liabilities is as follows:
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| Current tax liabilities | 31/12/2016 | 30/06/2016 | 31/12/2016 | 30/06/2016 |
| (amounts in €) | ||||
| Income tax liability | 59.679.917 | 44.007.164 | 53.325.489 | 38.693.958 |
| Other tax liability | 19.031.788 | 7.416.628 | 9.426.654 | 2.877.758 |
| Total | 78.711.705 | 51.423.792 | 62.752.143 | 41.571.716 |
Deferred tax is not included in income tax liabilities.
Other short term liabilities are analyzed as follows:
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| Other short term liabilities (amounts in euro) |
31/12/2016 | 30/06/2016 | 31/12/2016 | 30/06/2016 |
| Suppliers of fixed assets | 8.309.221 | 9.712.930 | 2.019.418 | 2.087.761 |
| Salaries payable to personnel | 3.549.943 | 2.195.791 | 2.492.336 | 1.517.653 |
| Sundry creditors | 11.923.840 | 6.944.133 | 9.406.876 | 5.504.699 |
| Social security liabilities | 4.612.144 | 1.831.492 | 3.932.895 | 1.521.376 |
| Interest coupons payable | 31.535 | 31.535 | 31.535 | 31.535 |
| Dividends payable | 83.608 | 11.063.695 | 83.608 | 11.063.695 |
| Accrued expenses | 3.677.200 | 2.469.973 | 3.677.200 | 2.469.973 |
| Other liabilities | 97.516 | 3.410.221 | 93.767 | 3.409.098 |
| Total | 32.285.007 | 37.659.770 | 21.737.635 | 27.605.790 |
| THE GROUP | THE COMPANY | |||
|---|---|---|---|---|
| (amounts in euro) | 31/12/2016 | 31/12/2015 | 31/12/2016 | 31/12/2015 |
| Cash flows from operating activities | ||||
| Profit before taxes for the period | 107.002.572 | 96.815.174 | 69.268.885 | 66.299.265 |
| Adjustments for: Depreciation of tangible and intangible assets Pension liabilities provisions (net) Other provisions |
11.407.179 359.267 37.082 |
11.298.163 255.717 83.037 |
7.539.015 355.318 - |
7.504.407 250.122 - |
| (Profit)/ loss from sales of tangible assets (Gain)/ losses of financial assets at fair |
(95.457) | (72.537) | (95.457) | (72.537) |
| value through profit/ loss account | 50.900 | (1.872.240) | 50.900 | (1.872.240) |
| Interest and related income | (3.772.887) | (3.948.593) | (2.466.003) | (3.004.739) |
| Interest and related expenses | 2.667.359 | 3.261.963 | 2.575.327 | 3.165.773 |
| Other non -cash adjustments | - | 69 | - | 69 |
| Exchange Differences | 3.136 | (6.916) | (1.580) | (4.603) |
| Operating profit before change in working capital |
117.659.151 | 105.813.837 | 77.226.405 | 72.265.516 |
| Change in working capital | ||||
| (Increase)/ decrease in inventories (Increase)/ decrease in trade receivables (Increase)/ decrease in other current |
(11.132.448) (10.226.842) |
45.000.497 (5.911.124) |
(8.644.742) (12.590.153) |
43.021.424 2.447.346 |
| assets Short term restricted bank deposits Increase/ (decrease) in trade payables |
(2.418.132) - |
2.074.671 - |
(2.412.606) - |
1.519.050 - |
| (except from liabilities to banks) Other |
32.957.913 74.040 |
14.606.310 33.815 |
27.127.942 74.041 |
11.014.927 33.812 |
| Cash flows from operating activities | 9.254.531 126.913.682 |
55.804.171 161.618.008 |
3.554.482 80.780.887 |
58.036.558 130.302.074 |
During the closing period, the Group has granted letters of guarantee to third parties as security for liabilities of € 25 ths. (30.06.2016: € 22 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.
With a non-cancellable lease contract for rent of real estate, JUMBO EC. B. LTD is obliged to pay to the lessor a penalty in the amount of the non-amortized part of the investment made by the lessor for the design, remodeling and construction of the leased real estate, as of the moment of termination, in case that the JUMBO EC. B. LTD vacates the leased real estate prior to the lapse of the first twelve years of the contract, i.e. prior to 15 November 2028. On 31.12.2016, this amount equals € 2.902.174. JUMBO SA, Greece has provided to the lessor a corporate guarantee, which covers any financial claim to the JUMBO EC. B. LTD under the lease contract.
On 31.12.2016, the Group had good performance letters of guarantee amounting to € 13,60 million, that are analysed as follows:
A letter of guarantee amounting to € 8,45 million to the subsidiary Jumbo Trading Ltd to fulfill the terms of the property lease contract in Paphos.
Letter of Guarantee of € 2,90 million to the parent company for the proper performance of cooperation with the customer Franchise Kid-Zone in Albania and Kossovo.
Letter of Guarantee of € 2,25 million to the parent company for the proper performance of cooperation with the customer Franchise Veropoulos Dooel in FYROM and Serbia.
As at 31.12.2016, 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 |
| 01.07.2015-30.06.2016 | |
| JUMBO EC.B LTD | From 01.01.2010-31.12.2010 to |
| 01.01.2016-31.12.2016 | |
| JUMBO EC.R S.R.L | From 01.08.2006-31.12.2006 to |
| 01.07.2015-30.06.2016 | |
| ASPETΤO LTD | From 01.08.2006-31.12.2006 to |
| 01.01.2016-31.12.2016 | |
| WESTLOOK S.R.L. | From 01.10.2006-31.12.2006 to |
| 01.01.2016-31.12.2016 | |
| GEOCAM HOLDINGS LIMITED | From 13.03.2015-31.12.2016 |
| GEOFORM LIMITED | From 13.03.2015-31.12.2016 |
| RIMOKIN PROPERTIES LTD | From 28.07.2014-31.12.2016 |
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 years ended as at 30.06.2015 and 30.06.2016, 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 30.06.2016 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.
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 31.12.2016, as defined in IAS 24, are as follows:
| Amounts in € | THE GROUP | THE COMPANY | |||
|---|---|---|---|---|---|
| Sales of products | 31/12/2016 | 31/12/2015 | 31/12/2016 | 31/12/2015 | |
| Subsidiaries | - | - | 66.948.510 | 51.830.763 | |
| Total | - | - | 66.948.510 | 51.830.763 | |
| Sales of services | 31/12/2016 | 31/12/2015 | 31/12/2016 | 31/12/2015 | |
| Subsidiaries | - | - | 7.222 | 14.526 | |
| Total | - | - | 7.222 | 14.526 | |
| Sales of tangible assets | 31/12/2016 | 31/12/2015 | 31/12/2016 | 31/12/2015 | |
| Subsidiaries | - | - | 578.354 | 445.321 | |
| Total | - | - | 578.354 | 445.321 | |
| THE GROUP | THE COMPANY | ||||
| 31/12/2016 | 31/12/2015 | 31/12/2016 | 31/12/2015 | ||
| Purchases of products | - | - | 515.619 | 900.138 | |
| Subsidiaries | - | - | - | - | |
| Other related parties Total |
- | - | 515.619 | 900.138 | |
| Purchases of tangible assets | 31/12/2016 | 31/12/2015 | 31/12/2016 | 31/12/2015 | |
| Subsidiaries | - | - | - | 7.089 | |
| Total | - | - | - | 7.089 | |
| Purchases of services | 31/12/2016 | 31/12/2015 | 31/12/2016 | 31/12/2015 | |
| Subsidiaries Total |
- - |
- - |
504 504 |
- - |
| Receivables | THE GROUP | THE COMPANY | |||
|---|---|---|---|---|---|
| 31/12/2016 | 30/6/2016 | 31/12/2016 | 30/6/2016 | ||
| Subsidiaries | - | - | 3.098.421 | 796.963 | |
| Total | - | - | 3.098.421 | 796.963 | |
| Liabilities | 31/12/2016 | 30/6/2016 | 31/12/2016 | 30/6/2016 | |
| Subsidiaries | - | - | - | - | |
| Total | - | - | - | - |
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:
| 31/12/2016 | 31/12/2015 | |||
|---|---|---|---|---|
| Amounts in € | Income | Expenses | Income | Expenses |
| JUMBO ΕC.B LTD with JUMBO ΕC.R SRL | 108.462 | - | 2.296 | - |
| Total | 108.462 | - | 2.296 | - |
The above amounts have been eliminated at Group level.
Sales and purchases of merchandise concern goods that the parent company trades, that is, toys, baby 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 BoD Members | THE GROUP | THE COMPANY | |
|---|---|---|---|
| Amounts in euro | 31/12/2016 | 31/12/2016 | |
| Wages and salaries | 708.419 | 408.420 | |
| Insurance service cost | 52.111 | 27.153 | |
| Other fees and transactions with the members of the Board of Directors |
923.528 | 923.528 | |
| Compensation due to termination of employment | 4.985 | 4.985 | |
| Total | 1.689.043 | 1.364.086 | |
| Pension Benefits: | 31/12/2016 | 31/12/2016 | |
| Defined benefits plan | - | - | |
| Defined contribution plan | - | - | |
| Other Benefits plan | 319.258 | 319.258 | |
| Payments through Equity | - | - | |
| Total | 319.258 | 319.258 | |
| Transactions with Directors and BoD Members | THE GROUP | THE COMPANY | |
| Amounts in euro | 31/12/2015 | 31/12/2015 |
| 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: | 30/06/2016 | 30/06/2016 |
| Defined benefits plan | - | - |
| Defined contribution plan | - | - |
| Other Benefits plan | 262.529 | 262.529 |
| Payments through Equity | - | - |
| Total | 262.529 | 262.529 |
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 2016, the Group occupied 6.146 people, 4.580 permanent personnel and 1.566 seasonal personnel, while the average number of personnel for the first half of the closing period i.e. from 01.07.2016 to 31.12.2016 stood at 5.376 persons (4.512 permanent personnel and 864 seasonal personnel). More specifically: the Parent company as at December 31st 2016 occupied in total 4.256 people, 3.048 permanent personnel and 1.208 seasonal, the Cypriot subsidiary company Jumbo Trading Ltd in total 628 people (277 permanent and 351 seasonal personnel), the subsidiary company in Bulgaria 653 people of permanent personnel and the subsidiary company in Romania 609 people (602 permanent and 7 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 63,04% of the total sales of the previous financial year (01.07.2015 – 30.06.2016).
The corresponding income of the comparative period 01.07.2015-31.12.2015 reached 58,31% of the total income of the financial year 01.07.2015 – 30.06.2016.
Trading of 36.354.088 new ordinary shares with voting rights of the Company, of nominal value of EUR 0,88, began on 04.07.2016. The above-mentioned shares resulted from Prot. No. 58238/02.06.2016 decision of the Hellenic Ministry of Economy, Development and Tourism, which was filed at the "General Electronic Commercial Registry (G.E.MI.)" on the same day as Number 640856 approved the merger by
absorption of the company "TANOCERIAN COMMERCIAL AND INVESTMENT S.A.", while the nominal value of the shares of the Company decreased from EUR 1.19 to EUR 0.88.
The Extraordinary General Meeting of the Company shareholders, which took place on 27.07.2016, approved an extraordinary dividend of €0.27 per share before withholding tax, which formed part of the extraordinary reserves from taxed and undistributed profits for the year 1.7.2011 to 30.06.2012. This extraordinary dividend, after withholding tax, if necessary, amounts to 0,2430 euros per share and payments to shareholders began on 04.08.2016.
The Annual Regular General Meeting of the shareholders held on 02.11.2016, approved the distribution of a dividend of € 0,36 per share before withholding tax, formed from the undistributed profits for the year 1.7.2015 to 30.06.2016. This dividend, after withholding tax, if necessary, amounts to 0,3240 euros per share and payments to shareholders began on 10.11.2016.
During the first six months of the current financial year, Jumbo Group operated the new hyper- store in Stara Zagora, Bulgaria (11.000 sqm approximately). At the end of December 2016, the Group's network had 72 stores in four countries. More specifically, the Group had 51 stores in Greece, 5 in Cyprus, 9 in Bulgaria and 7 in Romania, as well as an on-line store, e-Jumbo. Furthermore, the Company, through collaborations, has presence, with stores operating under the Jumbo brand, with two stores - in F.Y.R.O.M., with two stores – in Albania, with 3 stores – in Kosovo and with 2 stores - in Serbia.
At its meeting dated February 24th, 2017, the Board of Directors of the Company decided to distribute the amount of Euro 0,18 per share as an interim dividend for the year 2016/2017. After withholding a dividend tax of 15%, the interim dividend amounts to 0,1530 Euro per share. The interim dividend will be paid at least twenty (20) days following the fulfilment of the publication requirements and procedures provided for by the Codified Law 2190/1920 as amended and effective. The ex – interim dividend date as well as the interim dividend record date will be determined under a subsequent decision of the Board of Directors.
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 2017
The persons responsible for the Financial Statements
The President of the Board of Directors
The Vice-President of the Board of Directors Chief Executive Officer
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
Konstantina Demiri daughter of Stavros Identity card no ΑΚ541502/29.5.2012
Panagiotis Xiros son of Kon/nos Identity card no Λ 370348/1977
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