Annual / Quarterly Financial Statement • Apr 29, 2025
Annual / Quarterly Financial Statement
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| as at 31 December 2024 | ||
|---|---|---|
| 2024 | 2023 | |
| € | € | |
| Assets | ||
| Intangible assets and goodwill | 18.282.157 | 17.909.554 |
| Investment property | 79.089.955 | 77.750.419 |
| Property, plant and equipment | 133.130.043 | 135.765.318 |
| Right of use of assets | 29.463.622 | 30.620.544 |
| Investments valued with the equity method | 19.392.400 | 17.195.398 |
| Other investments | 1.554.900 | 730.000 |
| Loan to affiliated company | 1.000.000 | 1.500.000 |
| Trade and other receivables | 5.514.440 | 679.091 |
| Non-current assets | 287.427.517 | 282.150.324 |
| Inventories | 16.451.366 | 17.126.893 |
| Loan to affiliated company | 500.000 | 500.000 |
| Trade and other receivables | 60.898.532 | 58.748.084 |
| Tax receivable | 271.284 | 446.186 |
| Cash and cash equivalents | 3.416.600 | 1.422.337 |
| Current assets | 81.537.782 | 78.243.500 |
| Total assets | 368.965.299 | 360.393.824 |
| Equity | ||
| Share capital | 29.750.000 | 29.750.000 |
| Difference from conversion of share capital into euro | 150.525 | 150.525 |
| Share premium reserve | 9.611.704 | 9.611.704 |
| Revaluation reserve | 48.066.342 | 47.010.509 |
| Annuity reserve | 51.497.471 | 49.647.201 |
| Total equity | 139.076.042 | 136.169.939 |
| Liabilities | ||
| Long-term loans | 48.725.830 | 52.387.584 |
| Lease liabilities | 27.451.451 | 28.398.975 |
| Deferred taxation | 11.408.426 | 11.346.514 |
| Provisions for other liabilities and charges | 4.710.933 | 4.599.999 |
| Guarantees for cylinders and service stations | 2.045.599 | 2.041.358 |
| Non-current liabilities | 94.342.239 | 98.774.430 |
| Current portion of long-term loans | 5.413.047 | 5.699.747 |
| Lease liabilities | 4.165.355 | 3.870.469 |
| Short-term loans | 40.581.627 | 31.958.848 |
| Bank overdrafts | 70.876.203 | 68.283.773 |
| Trade and other liabilities | 14.510.786 | 14.836.618 |
| Possible consideration for acquisition of subsidiary | - | 800.000 |
| Current liabilities | 135.547.018 | 125.449.455 |
| Total liabilities | 229.889.257 | 224.223.885 |
| Total equity and liabilities | 368.965.299 | 360.393.824 |
| 2024 | 2023 | |
|---|---|---|
| € | € | |
| Sales through service stations and to commercial clients | 531.324.703 | 537.905.065 |
| Sales to other oil companies | 38.792.057 | 22.012.355 |
| Turnover | 570.116.760 | 559.917.420 |
| Cost of sales | (514.043.590) | (509.156.003) |
| Gross profit | 56.073.170 | 50.761.417 |
| Other operating income | 7.718.528 | 6.704.677 |
| Other operating expenses | (102.875) | (146.897) |
| Sales and distribution expenses | (44.255.976) | (40.156.133) |
| Administrative costs | (13.807.957) | (13.475.994) |
| Recoveries/(provisions) of doubtful debts | 235.495 | (696.542) |
| Operating profit | 5.860.385 | 2.990.528 |
| Finance income | 722.978 | 972.993 |
| Finance costs | (9.190.599) | (8.263.161) |
| Net finance costs | (8.467.621) | (7.290.168) |
| Share in gain from investments valued with the equity method | 5.678.139 | 4.991.422 |
| Profit before taxation | 3.070.903 | 691.782 |
| Taxation | (345.631) | 389.428 |
| Profit for the year | 2.725.272 | 1.081.210 |
| Other comprehensive income/(expenses) for the year | ||
| Amounts not to be reclassified to profit or loss at later periods: | ||
| Fair value reserve – financial assets at fair value through other total | ||
| income | 824.900 | - |
| Revaluation of land after deferred taxation | 230.933 | (803.543) |
| Other comprehensive income/(expenses) for the year | 1.055.833 | (803.543) |
| Total comprehensive income for the year | 3.781.105 | 277.667 |
| Basic and fully diluted earnings per share (cents) | 3.11 | 1.24 |
| Dividend | 1.750.000 | 2.362.500 |
for the year ended 31 December 2024
| 2024 | 2023 | |
|---|---|---|
| € | € | |
| CASH FLOW FROM OPERATING ACTIVITIES | ||
| Profit after taxation | 2.725.272 | 1.081.210 |
| Adjustments for: | ||
| Depreciation: | ||
| of property plant and equipment | 8.987.122 | 8.745.716 |
| of right of use of assets | 4.048.650 | 4.087.317 |
| of intangible assets – contracts with clients | 407.547 | 407.547 |
| Gain on valuation of investment property | - | (74.640) |
| Interest payable | 7.820.546 | 6.871.656 |
| Lease interest | 843.639 | 874.140 |
| Interest receivable | (49.219) | (64.439) |
| (Recoveries)/Provisions for doubtful debts | (235.495) | 696.542 |
| Share of gain in affiliated companies | (5.678.139) | (4.991.422) |
| Gain on disposal of plant and equipment | (31.585) | (307.091) |
| Gain resulted from the recovery of possible consideration of acquisition of | (50.000) | (555.113) |
| subsidiary | ||
| Loss on recalculation of provision for staff benefit due to exit from service | - | 43.675 |
| Taxation | 345.631 | (389.428) |
| 19.133.969 | 16.425.670 | |
| Change | ||
| In inventories | 675.527 | (4.913.748) |
| In trade and other receivables | (3.268.885) | 6.235.345 |
| In guarantees for cylinders and service stations | 4.241 | 10.886 |
| In trade and other liabilities | (475.715) | (470.134) |
| 16.069.137 | 17.288.019 | |
| Tax paid | - | - |
| Net inflow of cash from operating activities | 16.069.137 | 17.288.019 |
| CASH FLOW FROM INVESTING ACTIVITIES | ||
| Purchase of property. plant and equipment | (6.420.088) | (6.833.502) |
| Purchase and additions of investment property | (81.892) | (1.663.634) |
| Purchase of service stations | (959.800) | - |
| Proceeds from disposal of property, plant and equipment | 279.476 | 630.162 |
| Proceeds from loan to affiliated company | 548.938 | 500.000 |
| Payment for possible consideration of acquisition of subsidiary | (750.000) | - |
| Net outflow of cash for investing activities | (7.383.366) | (7.366.974) |
| CASH FLOW FROM FINANCING ACTIVITIES | ||
| Leases paid | (4.388.005) | (4.458.803) |
| Increase in long-term loans | 28.000.000 | 1.750.000 |
| Dividend paid | (875.002) | (2.800.001) |
| Interest paid | (8.429.817) | (6.563.149) |
| Loan repayment | (32.213.893) | (5.826.318) |
| Net inflow of cash in financing activities | (17.906.717) | (17.898.271) |
| Net decrease in cash and cash equivalents | (9.220.946) | (7.977.226) |
| Cash and cash equivalents at beginning of year | (98.820.284) | (90.843.058) |
| Cash and cash equivalents at end of year | (108.041.230) | (98.820.284) |
for the year ended 31 December 2024
| Share capital € |
Difference from conversion of share capital into euro € |
Share premium reserve € |
Revaluation reserve € |
Annuity reserve € |
Total Equity € |
|
|---|---|---|---|---|---|---|
| Balance as at 1 January 2023 | 29.750.000 | 150.525 | 9.611.704 | 47.814.052 | 51.365.992 | 138.692.273 |
| Total comprehensive income for the year | ||||||
| Profit for the year | - | - | - | - | 1.081.210 | 1.081.210 |
| Other total income for the year | - | - | - | (803.543) | - | (803.543) |
| Transactions with shareholders recognised in equity | ||||||
| Dividend paid | - | - | - | - | (2.800.001) | (2.800.001) |
| Balance as at 31 December 2023 | 29.750.000 | 150.525 | 9.611.704 | 47.010.509 | 49.647.201 | 136.169.939 |
| Share capital € |
Difference from conversion of share capital into euro € |
Share premium reserve € |
Revaluation reserve € |
Annuity reserve € |
Total Equity € |
|
|---|---|---|---|---|---|---|
| Balance as at 1 January 2024 | 29.750.000 | 150.525 | 9.611.704 | 47.010.509 | 49.647.201 | 138.169.939 |
| Total comprehensive income for the year | ||||||
| Profit for the year | - | - | - | - | 2.725.272 | 2.725.272 |
| Other total income for the year | - | - | - | 1.055.833 | - | 1.055.833 |
| Transactions with shareholders recognised in equity | ||||||
| Dividend paid | - | - | - | - | (875.002) | (875.002) |
| Balance as at 31 December 2024 | 29.750.000 | 150.525 | 9.611.704 | 48.066.342 | 51.497.471 | 139.076.042 |
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