K. Kythreotis Holdings Public LTD

Annual Report • Apr 27, 2017

CONSOLIDATED STATEMENT OF PROFIT AND LOSS ACCOUNT for the year ended 31 December 2016

	2016	2015
	€	€
Turnover	10,087,472	8,424,665
Cost of sales	(8,628,651)	(7,869,538)
Gross profit	1,458,821	555,127
Other income	175,039	206,247
Sales and distribution expenses	(109,531)	(207,929)
Administrative expenses	(1,070,678)	(1,025,310)
Impairment in the value of goodwill	-	(105,263)
Increase in the fair value of investments held for trading	54	43
Loss from sale of investment property	(1000)	-
Transfer due to permanent decrease in the value of investments available for sale	(5,242)	-
Decrease in the fair value of investments held for trading	(2,516)	(7,218)
Decrease in the fair value of investment property	(75,852)	(379,641)
Finance cost	(80,667)	(124,859)
Loss from sale of associated company	-	(235,012)
Share in the loss from participation in associated company	-	(101,351)
Profit/(Loss) before taxation	288,428	(1,425,166)
Taxation	(105,964)	18,630
Profit/(Loss) for the year	182,464	(1,406,536)
Basic and fully diluted loss per share (cent)	0.43	(3.31)

K. KYTHREOTIS HOLDINGS PUBLIC LTD

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the year ended 31 December 2016

	2016	2015
	€	€
Profit/(Loss) for the year	182,464	(1,406,536)
Revaluation for the year	(293,208)	-
Adjustment on deferred taxation in revaluation of immovable property	57,754	(4,916)
Defence contribution for deemed dividend distribution	-	(14,552)
Decrease in the fair value of investments available for sale	5,242	-
Transfer to statement of profit and loss account due to permanent
decrease in the value of investments available for sale	(5,242)	-
Total expenses for the year	(52,990)	(1,426,004)

K. KYTHREOTIS HOLDINGS PUBLIC LTD

CONSOLIDATED BALANCE SHEET as at 31 December 2016

	2016 €	2015 €
ASSETS
Non-current assets
Property, plant and equipment	4,991,889	5,521,742
Goodwill	1,382,206	1,382,206
Investment in property	2,518,998	2,324,998
Investments available for sale	19,219	24,461
	8,912,312	9,253,407
Current assets
Inventories	1,491,092	1,341,276
Investments held for trading	16,913	19,375
Trade debtors and other debit balances	2,569,095	3,054,686
Taxation	-	5,444
Cash at bank and in hand	735,746	736,988
	4,812,846	5,157,769
Total assets	13,725,158	14,411,176
EQUITY AND LIABILITIES
Equity
Share capital	7,216,500	7,216,500
Reserves	3,714,569	3,767,559
Total equity	10,931,069	10,984,059
Non-current liabilities
Long-term instalments of hire-purchase creditors	-	-
Deferred taxation	244,628	197,276
Total non-current liabilities	244,628	197,276
Current liabilities
Trade creditors and other credit balances	1,759,082	2,069,097
Current installments of hire-purchase creditors	-	64,314
Τaxation	1,243	-
Bank overdrafts	789,136	1,096,430
Total current liabilities	2,549,461	3,229,841
Total liabilities	2,794,089	3,427,117
Total equity and liabilities	13,725,158	14,411,176

K. KYTHREOTIS HOLDINGS PUBLIC LTD

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY for the year ended 31 December 2016

	Share capital €	Share premium reserve €	Immovable property revaluation reserve €	Investments available for sale revaluation reserve €	Other reserves €	Conversion of share capital into euro reserve €	Profit and loss account reserve €	Total €
Balance as at 1 January 2015	7,216,500	2,019,176	1,051.120	-	39,761	36,513	2,046,993	12,410,063
Loss for the year	-	-	-	-	-	-	(1,406,536)	(1,406,536)
Revaluation for the year	-	-	-	-	-	-	-	-
Deferred taxation	-	-	(4.916)	-	-	-	-	(4,916)
Increase in the fair value of
investments available for sale	-	-	-	-	-	-	-	-
Defence contribution for deemed
dividend distribution	-	-	-	-	-	-	(14,552)	(14,552)
Balance as at 31 December 2015	7,216,500	2,019,176	1,046.204	-	39,761	36,513	625,905	10,984,059
Balance as at 1 January 2016	7,216,500	2,019,176	1,046,204	-	39,761	36,513	625,905	10,984,059
Loss for the year	-	-	-	-	-	-	182,464	182,464
Revaluation for the year	-	-	(293,208)	-	-	-	-	(293,208)
Deferred taxation	-	-	57,754	-	-	-	-	57,754
Decrease in the fair value of
investments available for sale	-	-	-	(5,242)	-	-	-	(5,242)
Transfer of permanent decrease in	-	-	-	5,242	-	-	-	5,242
the value of investments available for
sale
Defence contribution for deemed
dividend distribution	-	-	-	-	-	-	-	-
Balance as at 31 December 2016	7,216,500	2,019,176	810,750	-	39,761	36,513	808,369	10,931,069

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.

3. A total special defence contribution of €352,346 regarding payments of deemed dividend distribution for the years 2013 €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 2016

	2016	2015
	€	€
Cash flow from operating activities
Profit/(Loss) before taxation	288.428	(1,425,166)
Adjustments for:
Depreciation of property, plant and equipment	679.922	748,835
Interest payable	80.368	123,468
Interest receivable	(3.901)	(2,584)
Dividends receivable	(274)	(1,477)
Write-off of property, plant and equipment	-	22,573
Gain on the sale of property, plant and equipment	(27.851)	(60,500)
Loss on the sale of investment property	1.000	-
Transfer to the statement of profit and loss account due to permanent
decrease in the value of investments available for sale	5.242	-
Decrease in the fair value of investment property	75.852	379,641
Impairment in the value of goodwill	-	105,263
Loss on the sale of associated company	-	235,012
Share in the loss from participation in associated company	-	101.351
Decrease in the fair value of investments held for trading	2.516	7,218
Increase in the fair value of investments held for trading	(54)	(43)
	1.101.248	233,591
Decrease / (increase) in inventories	(149.816)	39,160
(Increase) / decrease in trade debtors and other debit balances	168.600	(224.992)
(Decrease)/Increase in trade creditors and other credit balances	(305.176)	225.304
Cash from operations	814.856	273.063
Tax paid	5.829	(4,565)
Net cash flow from operating activities	820.685	268.498
Cash flow from investing activities
Interest received	3.901	2,584
Purchase of property, plant and equipment	(447.429)	(18,896)
Purchase of investment property	(22.297)	(48.076)
Proceeds from the sale of associated company	-	117,083
Proceeds from the sale of property, plant and equipment	32.000	60,500
Proceeds from the sale of investment property	63.600	-
Purchase of investments held for trading	-	(1.300)
Dividends received	274	1,477
Net cash flow (used for)/from investing activities	(369.951)	113.372
Cash flow from financing activities
Interest paid	(80.368)	(123,468)
Net cash flow for hire-purchases	(64.314)	(85,750)
Net cash flow used for financing activities	(144.682)	(209,218)
Net increase in cash and cash equivalents	306.052	172,652
Cash and cash equivalents at beginning of year	(359.442)	(532,094)
Cash and cash equivalents at end of year	(53.390)	(359,442)