Salamis Tours (Holdings) Public LTD

Earnings Release • Apr 14, 2016

CONSOLIDATED STATEMENT OF PROFIT AND LOSS Year ended 31 December 2015

	2015 €	2014 €
Turnover Cost of sales	36.492.431 (25.025.812)	33.894.018 (25.348.999)
Gross profit	11.466.619	8.545.019
Other operating income	66.673	127.429
Depreciation Sales expenses Administrative expenses	(1.704.988) (275.975) (4.152.218)	(1.907.573) (372.039) (3.918.753)
Operating profit	5.400.111	2.474.083
Net finance income/(costs)	143.173	(34.392)
Net profit from the disposal of property, vessels, plant and equipment	276.733	136.534
Profit before taxation	5.820.017	2.576.225
Taxation	(205.353)	(97.483)
Net profit for the year	5.614.664	2.478.742
Net profit for the year attributable to: Shareholders of parent company Minority interest	5.672.454 (57.790)	2.463.256 15.486
Net profit for the year	5.614.664	2.478.742
Profit per share attributable to the shareholders of the parent company (cent)	15,53	6,74

CONSOLIDATED STATEMEMENT OF PROFIT AND LOSS AND OTHER COMPREHENSIVE INCOME

Year ended 31 December 2015

	2015 €	2014 €
Net profit for the year	5.614.664	2.478.742
Other comprehensive income
Items not to be reclassified to profit or loss in subsequent periods
Deferred taxation on revaluation of property	1.259	(134)
	1.259	(134)
Items that will or may be reclassified to profit or loss in subsequent periods:
Financial assets available for sale – Fair value gains/(losses)	7.709	(2.052)
	7.709	(2.052)
Other comprehensive income / (costs) for the year after taxation	8.968	(2.186)
Comprehensive income for the year	5.623.632	2.476.556
Total profit for the year attributable to: Shareholders of the parent company Minority interest	5.681.422 (57.790)	2.461.070 15.486
	5.623.632	2.476.556

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

31 December 2015

	2015	2014
ASSETS	€	€
Non-current assets
Property, vessels, plant and equipment	14.884.904	13.758.358
Financial assets available for sale	1.765.406	1.756.739
Trade and other receivables	341.720	341.720
	16.992.030	15.856.817
Current assets
Inventories	437.942	335.297
Trade and other receivables	2.412.393	2.595.343
Cash at bank and in hand	9.160.662	6.104.244
	12.010.997	9.034.884
Total assets	29.003.027	24.891.701
EQUITY AND LIABILITIES
Equity
Share capital	15.707.529	15.707.529
Share premium reserve	937.067	937.067
Fair value reserve	2.242.726	2.233.758
Accumulated profits /(losses)	2.866.227	(956.666)
	21.753.549	17.921.688
Minority interest	(39.230)	19.570
Total equity	21.714.319	17.941.258
Non-current liabilities
Borrowings	-	500.000
Trade and other creditors	719.766	-
Deferred tax liabilities	807.789	812.230
	1.527.555	1.312.230
Current liabilities
Trade and other creditors	3.246.439	3.042.746
Borrowings Current tax liabilities	1.718.239 108.735	2.525.095 70.372
Dividend payable	687.740	-
	5.761.153	5.638.213
Total liabilities	7.288.708	6.950.443
Total equity and liabilities	29.003.027	24.891.701

CONSOLIDATED STATEMENT OF CASH FLOWS Year ended 31 December 2015

	2015	2014
	€	€
CASH FLOW FROM OPERATING ACTIVITIES Profit before taxation Adjustments for:	5.820.017	2.576.225
Depreciation of property, vessels, plant and equipment Unrealised exchange gain	1.704.988 (331.271)	1.907.573 (301.993)
Profit from the sale of property, vessels, plant and equipment Provision for the write-off of bad debtors	(276.733) 15.000	(136.534) 109.484
Credit interest Debit interest	(54.619) 85.824	(87.759) 216.136
	6.963.206	4.283.132
Changes in working capital: (Increase)/decrease in inventories Decrease/(increase) in receivables Increase/(decrease) in trade and other creditors	(102.645) 168.400 923.459	100.799 (147.835) (1.134.324)
Cash from operating activities Tax paid	7.952.420 (170.172)	3.101.772 (107.830)
Net cash from operating activities	7.782.248	2.993.942
CASH FLOW FROM INVESTMENT ACTIVITIES Payment for the purchase of property, vessels, plant and equipment	(2.855.834)	(879.727)
Payment for the purchase of financial assets available for sale Proceeds from the sale of property, vessels, plant and equipment Interest received	(958) 301.033 54.619	- 341.775 87.759
Net cash for investment activities	(2.501.140)	(450.193)
CASH FLOW FROM FINANCING ACTIVITIES
Loan repayments Payment of interest Payment of dividends Payment of contribution for defence in deemed distribution of dividend Payment of dividends to minority interest	(550.000) (85.824) (1.138.717) (23.104) (1.460)	(800.000) (216.136) - - -
Net cash for financing activities	(1.799.105)	(1.016.136)
Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year	3.482.003 4.129.149	1.527.613 2.299.543
Effect of changes in exchange rates on cash and cash equivalents	331.271	301.993
Cash and cash equivalents at end of year	7.942.423	4.129.149

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY Year ended 31 December 2015

	Share capital €	Share premium reserve €	Other reserves €	Accumulated profits / (losses) €	Minority interest €	Total €
Balance as at 1 January 2014 Comprehensive income	15,707,529	937,067	2,235,944	(3,419,922)	4,084	15,464,702
Net profit for the year Other comprehensive expenses for the	-	-	-	2,463,256	15,486	2,478,742
year Comprehensive income for the year	- -	- -	(2,186) (2,186)	- 2,463,256	- 15,486	(2,186) 2,476,556
Balance as at 31 December 2014 / 1 January 2015
	15,707,529	937,067	2,233,758	(956,666)	19,570	17,941,258
Comprehensive income Net profit for the year Other comprehensive income for the	-	-	-	5,672,454	(57,790)	5,614,664
year Comprehensive income for the year	- -	- -	8,968 8,968	- 5,672,454	- (57,790)	- 5,623,632
Transactions with shareholders Dividends	-	-	-	(1,826,457)	-	(1,826,457)
Contribution of defence in deeded dividend distribution
Total transactions with owners	- -	- -	- -	(23,104) (1,849,561)	- -	(23,104) (1,849,561)
Other changes Minority interest in the share capital of a subsidiary	-	-	-	-	450	450
Dividends payable by a subsidiary in minority interest Total other changes	- -	- -	- -	- -	(1,460) (1,010)	(1,460) (1,010)
Balance as at 31 December 2015	15,707,529	937,067	2,242,726	2,866,227	(39,230)	21,714,319

Companies which do not distribute 70% of their profits after tax, as defined by the relevant tax law, within two years after the end of the relevant tax year, will be deemed to have distributed as dividends 70% of these profits. Special contribution for defence at 20% for the years 2012 and 2013 and 17% for 2014 onwards will be payable on such deemed dividends to the extent that the shareholders (companies and individuals) are Cyprus tax residents. 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

The above provision does not apply to the profits of ship-owning Cypriot companies deriving directly or indirectly from shipping activities and of companies which provide ship management services and maintain offices in Cyprus.