K + G Complex Public Company LTD

Annual / Quarterly Financial Statement • Apr 30, 2014

Consolidated statement of comprehensive income for the year ended 31 December 2013

	Note	2013 €	2012 €
Sales	6	1.910.000	1.768.000
Cost of sales	9	(839.062)	(607.586)
Gross profit		_____ 1.070.938	_____ 1.160.414
Administrative expenses	9	(684.468)	(615.324)
Selling and marketing expenses	9	(200.330)	(163.401)
Other income	7	491.572	597.796
Impairment loss arising from converting cash deposits
into shares	23	(529.910)	-
Operating profit		_____ 147.802	_____ 979.485
Finance costs	11	(908.511)	(1.065.417)
Share of loss of associates	18	(2.871.320)	(3.181.066)
Loss before tax		_____ (3.632.029)	_____ (3.266.998)
Income tax expense	12	(9.752)	(137.364)
Loss for the year		_____ (3.641.781)	_____ (3.404.362)
Other comprehensive income		===========	===========
Items that will not be reclassified to profit or loss
Share of movement of reserves of associates	18	(3.623.180)	(3.246.164)
Total comprehensive loss for the year		____ (7.264.961) ===========	_____ (6.650.526) ===========
Loss per share based on the weighted average
number of ordinary shares (cents per share): - Basic and fully diluted	14	(3,64)	(3,40)
		===========	===========

Company's statement of comprehensive income for the year ended 31 December 2013

	Note	2013 €	2012 €
Sales	6	1.600.000	1.768.000
Cost of sales	9	(478.990) _____	(607.586) _____
Gross profit		1.121.010	1.160.414
Administrative expenses	9	(537.671)	(601.098)
Selling and marketing expenses	9	(200.330)	(163.401)
Other income	7	568.650	593.683
Impairment loss arising from converting cash deposits
into shares	23	(529.910)	-
Other losses	8	(200.000) _____	- _____
Operating profit		221.749	989.598
Finance costs	11	(1.046.545)	(1.203.102)
Loss before tax		_____ (824.796)	_____ (213.504)
Income tax expense	12	(15.922)	(124.757)
Total comprehensive loss for the year		_____ (840.718)	_____ (338.261)
		===========	===========

Consolidated balance sheet at 31 December 2013

	Note	2013 €	2012 €
Assets
Non-current assets
Property, plant and equipment	17	40.311	48.949
Investments in associates	18	85.219.574	91.714.074
Non-current receivables	20	3.832.513 _____	1.815.643 _____
		89.092.398 _____	93.578.666 _____
Current assets
Available-for-sale financial assets	23	158.285	-
Inventories	21	6.963.118	7.233.932
Trade and other receivables	22	6.959.314	5.404.734
Tax refundable		92.988	82.737
Cash and cash equivalents	24	969.086 _____	3.556.239 _____
		15.142.791 _____	16.277.642 _____
Total assets		104.235.189 ===========	109.856.309 ===========
Equity and liabilities Capital and reserves Share capital Share premium Reserve of changes in equity of associates Reserve arising on translation of share capital into Euro Retained earnings	25 25	21.859.647 1.757.006 (7.657.688) 86.014 68.121.046 _____	17.000.000 1.757.006 (4.034.508) 86.014 76.762.827 _____
Total equity		84.166.025	91.571.339
Non-current liabilities		_____	_____
Borrowings	26	17.737.900	14.656.949
Deferred income tax liabilities	27	19.700 _____	25.870 _____
		17.757.600 _____	14.682.819 _____
Current liabilities
Trade and other payables	28	511.382	590.950
Current income tax liabilities Borrowings	26	- 1.800.182	30.035 2.981.166
		_____ 2.311.564	_____ 3.602.151
Total liabilities		_____ 20.069.164	_____ 18.284.970
Total equity and liabilities		_____ 104.235.189	_____ 109.856.309
		===========	===========

On 29 April 2014 the Board of Directors of K + G Complex Public Company Limited authorised these financial statements for issue.

George St. Galatariotis, Executive Chairman

Vassos G. Lazarides , Finance Director

Company's balance sheet at 31 December 2013

		2013	2012
	Note	€	€
Assets
Non current assets
Property, plant and equipment	17	40.311	48.949
Investments in subsidiaries	19	3.000.000	3.200.000
Investments in associates	18	32.953.010	32.953.010
Non-current receivables	20	3.832.513	1.815.643
		__ 39.825.834 __	__ 38.017.602 __
Current assets
Available-for-sale financial assets	23	158.285	-
Inventories	21	6.807.643	7.078.457
Trade and other receivables	22	6.455.088	4.456.771
Tax refundable		86.113	82.737
Cash and cash equivalents	24	969.086	3.556.239
		_____ 14.476.215	_____ 15.174.204
Total assets		_____ 54.302.049 ===========	_____ 53.191.806 ===========
Equity and liabilities Capital and reserves Share capital Share premium Reserve arising on translation of share capital into Euro Retained earnings	25 25	21.859.647 1.757.006 86.014 8.480.713 _____ 32.183.380	17.000.000 1.757.006 86.014 14.321.431 _____ 33.164.451
Non current liabilities		_____	_____
Borrowings	26	20.152.038 _____	16.771.457 _____
		20.152.038 _____	16.771.457 _____
Current liabilities
Trade and other payables	28	174.450	255.630
Current income tax liabilities Borrowings	26	- 1.792.181	29.231 2.971.037
		_____ 1.966.631	_____ 3.255.898
Total liabilities		_____ 22.118.669	_____ 20.027.355
Total equity and liabilities		_____ 54.302.049	_____ 53.191.806
		===========	===========

On 29 April 2014 the Board of Directors of K + G Complex Public Company Limited authorised these financial statements for issue.

George St. Galatariotis, Executive Chairman

Vassos G. Lazarides , Finance Director