K. Kythreotis Holdings Public LTD

Annual Report • Apr 21, 2016

CONSOLIDATED STATEMENT OF PROFIT AND LOSS ACCOUNT for the year ended 31 December 2015

	2015	2014
	€	€
Turnover	8,424,665	8,021,955
Cost of sales	(7,869,538)	(7,787,630)
Gross profit	555,127	234,325
Other income	206,247	80,157
Sales and distribution expenses	(207,929)	(243,058)
Administrative expenses	(1,025,310)	(1,057,353)
Impairment in the value of goodwill	(105,263)	(309,250)
Increase in the fair value of investments held for trading	43	7,691
Transfer due to permanent decrease in the value of investments available for sale	-	(6,988)
Decrease in the fair value of investments held for trading	(7,218)	(886)
Decrease in the fair value of investment property	(379,641)	(278,506)
Finance costs	(124,859)	(137,414)
Loss from the sale of associated company	(235,012)	-
Share in the loss from participation in associated company	(101,351)	(116,009)
Loss before taxation	(1,425,166)	(1,827,291)
Taxation	18,630	113,413
Loss for the year	(1,406,536)	(1,713,878)
Basic and fully diluted loss per share (cent)	3.31	4.04

K. KYTHREOTIS HOLDINGS PUBLIC LTD

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the year ended 31 December 2015

	2015	2014
	€	€
Loss for the year	(1,406,536)	(1,713,878)
Revaluation for the year	-	(292,864)
Adjustment on deferred taxation in revaluation of immovable property	(4,916)	61,400
Defence contribution for deemed dividend distribution	(14,552)
Transfer to statement of profit and loss account due to permanent
decrease in the value of investments available for sale	-	6,988
Decrease in the fair value of investments available for sale	-	6.988
Total expenses for the year	(1,426,004)	(1,931,366)

CONSOLIDATED BALANCE SHEET as at 31 December 2015

	2015 €	2014 €
ASSETS
Non-current assets
Property, plant and equipment	5,521,742	6,274,254
Goodwill	1,382,206	1,487,469
Investment property	2,324,998	2,486,549
Investment in associated company	-	575,927
Investments available for sale	24,461	24,461
Loan to associated company	-	92,120
	9,253,407	10,930,780
Current assets
Inventories	1,397,123	1,380,436
Investments held for trading	19,375	25,250
Trade debtors and other debit balances	3,057,436	2,795,109
Taxation	5,444	88,961
Cash at bank and in hand	736,988	736,591
	5,216,366	5,026,347
Total assets	14,469,773	15,957,127
EQUITY AND LIABILITIES
Equity
Share capital	7,216,500	7,216,500
Reserves	3,874,253	5,193,563
Total equity	11,090,753	12,410,063
Non-current liabilities
Long-term instalments of hire-purchase creditors	-	64,314
Deferred taxation	197,276	284,521
Total non-current liabilities	197,276	348,835
Current liabilities
Trade creditors and other credit balances	2,021,000	1,843,794
Current installments of hire-purchase creditors	64,314	85,750
Bank overdrafts	1,096,430	1,268,685
Total current liabilities	3,181,744	3,198,229
Total liabilities	3,379,020	3,547,064
Total equity and liabilities	14,469,773	15,957,127

K. KYTHREOTIS HOLDINGS PUBLIC LTD

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 31 December 2015

	ha ita l S re ca p €	ha S re mi pre um res erv e €	b le Im mo va rty pro pe lua tio rev a n res erv e €	Inv tm ts es en ai la b le fo av r le sa lua tio rev a n res erv e €	Ot he r res erv es €	Co ion f nv ers o ha ita l s re ca p int o e uro res erv e €	fit d Pro an los t s a cco un res erv e €	l To ta €
lan Ba 1 Ja 20 14 at ce as nu ary	7, 21 6, 50 0	2, 01 9, 17 6	1, 28 2, 58 4	( ) 13 97 6 ,	39 76 1 ,	36 51 3 ,	3, 76 0, 87 1	14 34 1, 42 9 ,
fo he Lo r t ss ye ar	-	-	-	-	-	-	( ) 1, 71 3, 87 8	( ) 1, 71 3, 87 8
lua fo he Re tio r t va n ye ar	-	-	( ) 29 2, 86 4	-	-	-	-	( ) 29 2, 86 4
fer d t ati De re ax on he fai lue f Inc in t rea se r v a o	-	-	61 40 0 ,	-	-	-	-	61 40 0 ,
la b le fo le inv ai est nts me av r s a fer he f p fit d Tra to t st ate nt ns me o ro an los du t e t t s a cco un o p erm an en	-	-	-	6, 98 8	-	-	-	6, 98 8
de cre ase	-	-	-	6, 98 8	-	-	-	6, 98 8
lan be Ba 31 D r 2 01 5 at ce as ec em	7, 21 6, 50 0	2, 01 9, 17 6	1, 05 1, 12 0	-	39 76 1 ,	36 51 3 ,	2, 04 6, 99 3	12 41 0, 06 3 ,
lan Ba 1 Ja 20 15 at ce as nu ary	7, 21 6, 50 0	2, 01 9, 17 6	1, 05 1, 12 0	-	39 76 1 ,	36 51 3 ,	2, 04 6, 99 3	12 41 0, 06 3 ,
Lo fo he r t ss ye ar	-	-	-	-	-	-	( ) 1, 40 6, 53 6	( ) 1, 40 6, 53 6
lua fo he Re tio r t va n ye ar	-	-	-	-	-	-	-	-
fer De d t ati re ax on he fai lue f Inc in t rea se r v a o	-	-	( ) 4, 91 6	-	-	-	-	( ) 4, 91 6
la b le fo le inv ai est nts me av r s a fen i bu tio fo r d d De ntr ce co n ee me	-	-	-	-	-	-	-	-
div ide nd di bu i tio str n	-	-	-	-	-	-	( ) 14 55 2 ,	( ) 14 55 2 ,
lan 31 be r 2 01 Ba D 5 at ce as ec em	21 6, 50 0 7,	2, 01 9, 6 17	04 6, 20 1, 4	-	39 76 1 ,	36 3 51 ,	62 90 5, 5	10 98 05 9 4, ,

Notes:

1. Companies which do not distribute 70% of their profits after tax, as defined by the Special Contribution for Defence Law of the Republic, within two years after the end of the relevant tax year, will be deemed to have distributed this amount as dividends. Special contribution for defence at 20% for the years 2014 and 2015 and 17% for 2015 onwards will be payable on such deemed dividends to the extent that the shareholders (individuals and companies), at the end of the period of two years following the end of the relevant tax year, are Cyprus tax residents and are deemed to be domiciled in Cyprus. The amount of deemed distribution is reduced by any actual dividends paid out of the profits of the relevant year at any time. This special contribution for defence is payable by the Company for the account of the shareholders.

2.The share premium reserve, the immovable property revaluation reserve, the investments available for sale revaluation reserve and the other reserves are not available for distribution.

1. A total special defence contribution of €352,346 regarding payments of deemed dividend distribution for the years 2012 €195,462 and 2014 € 156,884 is credited to the holding company and may be recovered for future dividend distributions.

CONSOLIDATED STATEMENT OF CASH FLOWS for the year ended 31 December 2015

	2015	2014
	€	€
Cash flow from operating activities
Loss before taxation	(1,425,166)	(1,927,291)
Adjustments for:
Depreciation of property, plant and equipment	748,835	805,165
Interest payable	123,468	124,536
Interest receivable	(2,584)	(3,087)
Dividends receivable	(1,477)	(3,851)
Write-off of property, plant and equipment	22,573	-
Gain on the sale of property, plant and equipment	(60,500)	-
Transfer to the statement of profit and loss account due to permanent
decrease in the value of investments available for sale	-	6,988
Decrease in the fair value of investment property	379,641	278,506
Impairment in the value of goodwill	105,263	309,250
Loss on the sale of associated company	235,012	-
Share in the loss from participation in associated company	101.351	116,009
Decrease in the fair value of investments held for trading	7,218	886
Increase in the fair value of investments held for trading	(43)	(7,691)
	233,591	(200,580)
Decrease / (increase) in inventories	39,160	(100,412)
(Increase) / decrease in trade debtors and other debit balances	(57,728)	497,494
Increase in trade creditors and other credit balances	228,054	411,981
Cash from operations	443,077	608,483
Taxes paid	(4,565)	-
Net cash flow from operating activities	438,512	608,483
Cash flow from investing activities
Interest received	2,584	3,087
Purchase of property, plant and equipment	(18,896)	(69,474)
Purchase of investment property	(218,090)	(14,206)
Loan to associated company	-	(82,120)
Proceeds from the sale of associated company	117,083	-
Proceeds from the sale of property, plant and equipment	60,500	-
Purchase of investments held for trading	(1,300)	-
Dividends received	1,477	3,851
Net cash flow used for investing activities	(56,642)	(158,862)
Cash flow from financing activities
Interest paid	(123,468)	(124,536)
Net cash flow for hire-purchases	(85,750)	(81,962)
Net cash flow used for financing activities	(209,218)	(206,498)
Net increase in cash and cash equivalents	172,652	243,123
Cash and cash equivalents at beginning of year	(532,094)	(775,217)
Cash and cash equivalents at end of year	(359,442)	(532,094)