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Number in the General Commercial Registry: 1422601000
ACHARNES, ATTICA (4 ANEMONIS STR.)
“STELIOS KANAKIS S.A.”
CONCISE INTERIM FINANCIAL STATEMENTS
For the period between January 1, 2014 and March 31, 2014
Prepared in accordance with the International Financial Reporting Standards
(IFRS 34)
It is hereby certified that the attached Concise Interim Financial Statements, for the
period 1.1.2014-31.3.2014 are the ones approved by the Board of Directors of
"STELIOS KANAKIS S.A." during its meeting on May 21, 2014. The Concise Interim
Financial Statements, for the period 1.1.2014-31.3.2014 (1st Quarter 2014) have been
posted in the following address: www.stelioskanakis.gr , where they shall remain
available to investors for at least five (5) years from the date they were prepared and
published.
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TABLE OF CONTENTS
Interim Statement of Comprehensive Income ............................................................... 4
Interim Statement of Financial Position ........................................................................ 5
Statement of Changes in Equity ..................................................................................... 6
Interim Cash Flow Statement......................................................................................... 7
Background .................................................................................................................... 8
Summary of important accounting policies ................................................................... 8
Important Accounting Assessments and Considerations ............................................. 12
Information per segment .............................................................................................. 14
Notes on the Interim Concise Financial Statements: ................................................... 15
1. Facilities, plant and equipment ................................................................................ 15
2. Intangible assets ....................................................................................................... 16
3. Retained tax liabilities.............................................................................................. 17
4. Inventories................................................................................................................ 17
5. Trades and other trade receivables ........................................................................... 18
6. Other receivables ..................................................................................................... 19
7. Cash and cash equivalents ....................................................................................... 19
8. Equity accounts ....................................................................................................... 19
9. Short-term loans ....................................................................................................... 20
10. Suppliers and other short-term liabilities ............................................................... 20
11. Sales ....................................................................................................................... 21
12. Other operating incomes ........................................................................................ 21
3
13. Analysis of expenses per category ......................................................................... 22
14. Income tax .............................................................................................................. 23
15. Events after the date of preparation of the Interim Concise Financial Statements23
16. Existing tangible liens ........................................................................................... 23
17. Probable Receivables – Payables ........................................................................... 23
18. Acquisitions and sales of tangible fixed assets ...................................................... 23
19. Unaudited fiscal periods ........................................................................................ 24
20. Personnel employed ............................................................................................... 24
21. Transactions with Company related parties ........................................................... 25
22. Significant period events (1st Quarter of 2014)...................................................... 26
Details and information for the period between 1.01.14 and 31.03.14. ....................... 27
4
Interim Statement of Comprehensive Income
(amounts in €)
Period
Notes 1.01-31.03.14 1.01-31.03.13
Turnover 11 3.815.832,19 3.740.267,97
Cost of sales 13 2.519.938,50 2.489.649,18
Gross profit 1.295.893,69 1.250.618,79
Other operating incomes 12 10.406,97 51.771,40
Administrative expenses 13 92.095,98 150.086,05
Cost of sales 13 785.900,67 869.990,91
Other operating expenses 36.534,39 11.518,67
Operating results 391.769,62 270.794,56
Financial income 7.985,73 16.090,63
Financial expenses 13 3.654,47 2.445,81
Profits before taxes 396.100,88 284.439,38
Income tax 14 123.213,29 121.822,67
Profits after taxes 272.887,59 162.616,71
Other total profits (losses) after taxes 0,00 0,00
Total period income 272.887,59 162.616,71
Attributable to:
Company shareholders 272.887,59 162.616,71
Basic earnings per share 0,036 0,022
Definition of account “Earnings before
interest, taxes, depreciation and amortization
(EBITDA)”
Period 1.01-31.03.14 01.01-31.03.12
Net fiscal year profits 396.100,88 284.439,38
Financial income 7.985,73 16.090,63
Financial expenses 3.654,47 2.445,81
Period depreciations 47.317,28 48.965,19
Earnings before interest, taxes, depreciation
and amortization (EBITDA) 439.086,90 319.759,75
The attached notes are an integral part of these financial statements.
5
Interim Statement of Financial Position
(amounts in €)
Balances
Non-current assets Note 31.03.2014 31.12.2013
Own-used tangible assets 1 7.161.485,71 7.166.752,92
Intangible assets 2 18.768,92 11.992,41
Other non-current assets 23.822,49 23.822,49
Total non-current assets 7.204.077,12 7.202.567,82
Current assets
Inventories 4 2.350.764,99 2.502.302,33
Trades and other trade receivables 5 6.840.326,67 7.305.875,13
Other receivables 6 545.006,06 577.272,95
Cash and cash equivalents 7 4.368.591,04 4.231.251,72
Total current assets 14.104.688,76 14.616.702,13
Total assets 21.308.765,88 21.819.269,95
Share capital 8 3.600.000,00 3.600.000,00
Share premium account 8 458.596,86 458.596,86
Other reserves 8 1.041.017,95 1.041.017,95
Retained profit 8 10.951.589,68 10.678.702,09
Valuation differences 8 998.445,05 998.445,05
Total equity 17.049.649,54 16.776.761,95
Provisions for retirement benefits 173.552,83 173.552,83
Retained tax liabilities 3 474.801,83 469.888,30
Other provisions 35.000,00 35.000,00
Total non-current liabilities 683.354,66 678.441,13
Short-term loans 9 0,00 0,00
Current income tax 850.312,98 924.257,53
Suppliers and other liabilities 10 2.725.448,70 3.439.809,34
Total current liabilities 3.575.761,68 4.364.066,87
Total equity and liabilities 21.308.765,88 21.819.269,95
The attached notes are an integral part of these financial statements.
6
Statement of Changes in Equity
Share
Capital
Share premium Ordinary
reserve
Other
reserves
Valuation
differences
Balance
carried
forward
Total
Balance on January 1, 2014 3.600.000,00 458.596,86 953.000,00 88.017,95 998.445,05 10.678.702,09 16.776.761,95
Change in equity for the period
Share capital reduction 0,00 0,00 0,00 0,00 0,00 0,00 0,00
Difference of retained tax following adjustment of fixed
assets
0,00 0,00 0,00 0,00 0,00 0,00 0,00
Other period comprehensive income after taxes 0,00 0,00 0,00 0,00 0,00 272.887,59 272.887,59
Balance on March 31, 2014 3.600.000,00 458.596,86 953.000,00 88.017,95 998.445,05 10.951.589,68 17.049.649,54
Share
Capital
Share premium Ordinary
reserve
Other
reserves
Valuation
differences
Balance
carried
forward
Total
Balance on January 1, 2013 4.950.000,00 458.596,86 893.000,00 88.017,95 1.072.141,30 9.282.146,88 16.743.902,99
Change in equity for the period
Share capital reduction -750.000,00 0,00 0,00 0,00 0,00 0,00 -750.000,00
Correction of reserves due to change of factor from 20%
to 26%
0,00
0,00
0,00
0,00
-73.696,25
0,00
-73.696,25
Other period comprehensive income after taxes
0,00
0,00
0,00
0,00
0,00
162.616,71
162.616,71
Balance on March 31, 2013 4.200.000,00 458.596,86 893.000,00 88.017,95 998.445,05 9.444.763,59 16.082.823,45
The attached notes are an integral part of these financial statements.
7
Interim Cash Flow Statement
(amounts in €)
1.01-31.03.2014 1.01-31.03.2013
Operating activities
Profits before tax (going concern) 396.100,88 284.439,38
Plus / minus adjustments for:
Depreciations 47.317,28 48.965,19
Forecasts 40.000,00 20.000,00
Results (incomes, expenses, profits and losses) of
investments 0,00 0,00
Interest and related expenses 3.654,47 2.445,81
Plus/ minus adjustments for changes in the working
capital accounts, or related to operating activities:
Decrease (increase) of inventories 151.537,34 -262.594,78
Decrease / (increase) of receivables 449.829,62 485.446,38
(Decrease) / increase of liabilities (excluding banks) -233.186,24 -224.917,26
Minus:
Debit Interest and related expenses paid -3.654,47 -2.445,81
Income tax paid -73.944,55 -19.304,00
Total inflows / (outflows) from operating activities (a)
777.654,33 332.034,91
Investments
Purchase of tangible and intangible fixed assets -48.826,58 -1.836,43
Interest received 7.985,73 16.090,63
Total inflows / (outflows) from investments (b)
-40.840,85 14.254,20
Financing activities
Payments for share capital reduction -599.474,16 0,00
Collections from loans 0,00 0,00
Net cash flows from financing activities (c)
-599.474,16 0,00
Net increase / (decrease) in cash and cash
equivalents for the period (a) + (b) + (c) 137.339,32 346.289,11
Cash and cash equivalents at beginning of period 4.231.251,72 2.642.539,58
Cash and cash equivalents at end of period 4.368.591,04 2.988.828,69
The attached notes are an integral part of these financial statements.
8
Background
The Société Anonyme (S.A.) titled “STELIOS KANAKIS S.A.” (hereinafter referred to as the
“Company” or “STELIOS KANAKIS” is a purely commercial company, active mainly in the area
of marketing and promoting raw materials for pastry, bakery and ice-cream. The products
represented, distributed and handled are imported from countries of West Europe, mainly from
France, Belgium, Germany, Denmark and Italy. The facilities and registered seat of the company
are located in the Municipality of Acharnes, at 4 Anemonis Street, Postcode: 136 78, while its
branch is located in Industrial Zone of Sindos, Thesssaloniki, C' Stage, Building block no.: 38,
Postcode: 57022. The company is set up as a Société Anonyme; its corporate website address is
www.stelioskanakis.gr (lawfully registered in the General Commercial Registry) and is listed in
Athens Stock Exchange (listing date: 18.07.2002), with Share code in OASIS: "KANAK".
Summary of important accounting policies
Drafting framework for the financial statements
The concise interim financial statements regarding the 1st quarter of 2014 for the Company
(1.1.2014 - 31.3.2014) have been prepared in accordance to the International Financial Reporting
Standards (hereinafter IFRS), adopted by the European Union, and follow the International
Accounting Standard (IAS) 34, in regards to interim financial statements. The interim concise
financial statements were approved for publication by the company’s Board of Directors, during its
meeting on May 21, 2014. For the preparation of the concise interim financial statements of
31.03.14, the accounting principles applicable on 31.12.13 were followed.
Important note: The preparation of the financial statements in accordance with the generally
acceptable accounting principles requires the use of calculations and assumptions that affect the
amounts of assets and liabilities reported, the disclosure of possible receivables and liabilities
effective on the date of the financial statements, as well as the amounts of incomes and expenses
reported during the period under examination. Despite the fact that these calculations are based on
the best possible knowledge of the Company’s management with regard to the current conditions
and actions, it is noted that the actual results may be different than those calculations.
9
Significant accounting principles
Tangible assets
Real property (land and buildings) is evaluated at fair value every four (4) years, at least, by
independent evaluators. The remaining tangible assets are evaluated at the ownership cost thereof,
less any accumulated depreciations and impairment losses. Increases in the book value of the
tangible assets, resulting from adjustments of the fair value are registered in the reserves of the
equity capitals.
Any reductions in the book value are realized by reducing reserves, if such reserve for this asset
had been formed in the past. Any reductions in the book value exceeding the value of the reserve,
as well as any reductions in the book value of the assets, for which there is no revaluation reserve,
are registered in results as an expense.
The difference between the depreciations performed over the revaluated value of the tangible
assets, registered in expenses, and the depreciations based on the ownership cost of tangible assets,
is transferred from the revaluation reserve to the retained profits account, through the complete
depreciation or sale thereof.
The value of the fields – properties cannot be amortized; the depreciations of the other elements of
the tangible assets are calculated with the fixed method during their useful life, which is as follows:
- Buildings 45 – 55 Years
- Plant 8-10 Years
- Vehicles 8-10 Years
- Miscellaneous equipment 5-7 Years
Residual values and useful lives of tangible fixed assets are subject to re-examination in each
annual Balance Sheet.
The registration of additions in the company books, is performed at ownership cost, which shall
include all directly related expenses for the acquisition of the elements.
Later expenses shall be registered by increasing the book value of the tangible fixed assets, only if
it is estimated that future financial benefits shall result for the company, and that the cost thereof
can be credibly evaluated. Any repairs and maintenances, when performed, are registered against
results of operations.
10
Intangible assets
Software licenses are evaluated at ownership cost, minus amortizations. Amortizations are
performed using the fixed method during the useful life of such assets, which varies between 4 - 5
years.
Retained income tax
Retained income tax is defined by the liability method resulting from the provisional differences
between the book value and the tax base of assets and liabilities.
Retained tax is defined by the tax rates applicable on the reporting date.
Retained tax demands are registered at the extent where a future taxable profit will come up from
the temporary difference creating the retained tax demand.
Inventories
Inventories are evaluated at the lowest value between ownership cost and net realisable value.
Ownership cost is defined by the method of weighted average. Borrowing cost is not included in
the ownership cost of inventories. The net realisable value is estimated in accordance with the
current sale prices of inventories in the context of usual business activity, after deducting any sales
expenses.
Trades and other trade receivables
Trades and other trade receivables are initially registered at fair value. Impairment losses (losses
from doubtful demands) are recognized when there is objective proof that the company is not in the
position to collect all due amounts based on the contractual terms. The impairment loss is registered
as an expense in results.
Cash and cash equivalents
Cash and cash equivalents include cash, demand deposits and short-term, up to 3 months,
investments of high liquidity and low risk.
11
Exchanges in foreign currency
Any exchanges noted in a foreign currency are converted to Euro, based on the exchange rate valid
on the transaction date. During the preparation of the financial statements, currency assets and
liabilities, noted in a foreign currency, are converted to Euro, based on the exchange rate valid on
that date. Translation differences resulting from this conversion shall burden the results of the
closing accounting period.
Share capital
Common shares are registered in equity. Direct costs for issuing shares are registered after
deducting the relevant income tax, by reducing the issuance product. Direct costs related to the
issuing of shares for the acquisition of businesses are included in the ownership cost of the business
to be acquired.
The ownership cost of the equity shares, reduced through the application of income tax (per
instance), is noted and deducted from the equity capitals of the company, until the equity shares are
sold or revoked. Every profit or damage resulting from a sale of equity shares (cleared from any
costs related to the transaction and from income tax, if necessary), appears as a reserve in equity
capitals.
Dividends
Payable dividends are noted as a liability at the time of approval by the Ordinary General Assembly
of shareholders.
Personnel benefits
The obligation of the company to individuals receiving a wage from it, with regard to the future
payment of provisions, depending on each person’s years of service, is included and presented in
accordance to the earned right of each employee, expected to be paid on the date of the financial
statements.
Forecasts
Provisions for the restoration of the environment, restructuring costs and indemnifications are
included when the following apply:
12
a) There is a current lawful or inferred commitment as a result of past events.
b) It is possible to require an outflow of resources in order to settle the commitment.
c) The required amount can be realistically evaluated.
Financial tools
The basic financial tools of the company are cash, bank deposits, short-term demands and
liabilities. Due to the short-term nature of these elements, the Management of the Company
believes that the fair value thereof is identical to the value noted in accounting books.
Recognition of revenue
Incomes include the fair value of goods sold and services provided, cleared from retrievable taxes,
discounts and returns. The recognition of income is made as follows:
(a) Sales of goods
The sales of goods are recognized when the Company delivers the goods to customers, the goods
are accepted by them and the collection of the receivable is reasonably ensured.
(b) Provision of services
Income from services rendered is accounted on the basis of the service’s completion stage, in
relation to its estimated total cost.
Important Accounting Assessments and Considerations
Management assessments and considerations are under continuous re-examination, based on the
historical data and expectations for future events that are considered reasonable in accordance with
current data. Any assessments and assumptions that may result to adjusting the book values of the
assets and obligations for the following years mainly involve unaudited accounting periods.
Liabilities with regard to expected taxes after audit are recognized on the basis of assessments
based on previous audits. When the final result of the audit is different than the one initially
recognized, the difference shall be registered in the income tax of the relevant accounting period.
13
Unaudited tax accounting periods:
With regard to 2011 fiscal year and afterwards, Greek companies are subject to annual tax
audit by their ordinary certified auditors - accountants, with regard to their compliance with
the clauses of the applicable tax legislation, the timely and proper submission of tax
statements, as well as the formulation of provisions for unregistered tax obligations. The
result of this audit leads to the issuing of a tax certificate which, provided the relevant
conditions are met, substitutes the audit by the state authority and allows the company to
complete its tax obligations for the relevant fiscal period. Within the context of the above
clauses, the company was audited for periods 2011 and 2012, receiving tax compliance
certificates with unqualified opinion.
With regard to 2013 fiscal year, this tax audit is under way; the Management is not
expecting any significant tax liabilities apart from those registered and presented in the
financial statements.
The Company has not been audited for 2010 fiscal year, and as a result, its tax liabilities for
this fiscal year have not been finalized. However, it must be noted that a provision of
€35.000 has been formulated, which is considered sufficient.
14
Information per segment
The company has been active in Greece, Bulgaria, Albania, and Cyprus. The company
allocates its commodities through its own distribution network for the districts of Attica and
Thessaloniki, and through dealers for the remaining of Greece and abroad. Company sales,
through its private network and dealers are as follows:
31.03.2014
Sales Cost of sales Gross profit %
Representatives 1.023.648,40 680.241,70 343.406,70 33,55%
Network 2.792.183,79 1.839.696,80 952.486,99 34,11%
Total 3.815.832,19 2.519.938,50 1.295.893,69 33,96%
31.03.2013
Sales Cost of sales Gross profit %
Representatives 1.060.757,87 694.740,25 366.017,62 34,51%
Network 2.679.510,10 1.794.908,93 884.601,17 33,01%
Total 3.740.267,97 2.489.649,18 1.250.618,79 33,44%
Sales per geographical territory are as follows:
PERIPHERIES 31.03.2014 % 31.03.2013 %
1 ATTICA 1.846.356,93 48,4% 1.793.741,75 48,0%
2 MACEDONIA 822.277,50 21,5% 801.010,65 21,4%
3 PELOPONNESUS 259.338,98 6,8% 258.305,99 6,9%
4 THESSALY 211.913,38 5,6% 211.164,31 5,6%
5 CENTRAL GREECE 167.699,68 4,4% 172.658,79 4,6%
6 CRETE 152.271,09 4,0% 187.035,37 5,0%
7 AEGEAN ISLANDS 70.652,51 1,9% 92.680,53 2,5%
8 THRACE 73.150,95 1,9% 83.804,46 2,2%
9 EPIRUS 18.546,00 0,5% 16.975,21 0,5%
10 IONIAN ISLANDS 17.935,06 0,5% 12.831,33 0,3%
11 EXPORTS 175.690,11 4,6% 110.059,58 2,9%
TOTAL 3.815.832,19 100% 3.740.267,97 100%
15
Notes on the Interim Concise Financial Statements:
1. Facilities, plant and equipment
The changes in the fixed assets during the period 01.01.14 – 31.03.14 and during the
respective period of 1.01.13 - 31.03.13 are noted below:
Cost of ownership or
evaluation
Fields –
land
property
Buildings -
Facilities
Mechanical
equipment
Other fixed
assets
Total
Inventory on 01.01.14 3.586.946,40 3.947.504,02 587.946,12 1.542.805,75 9.665.202,29
Additions 0,00 0,00 3.450,00 35.176,58 38.626,58
Adjustments 0,00 0,00 0,00 0,00 0,00
Balance on 31.03.14 3.586.946,40 3.947.504,02 591.396,12 1.577.982,33 9.703.828,87
Accrued depreciations
Inventory on 01.01.14 0,00 645.855,89 565.264,70 1.287.328,78 2.498.449,37
Period depreciations 0,00 19.741,09 2.579,46 21.573,24 43.893,79
Reductions 0,00 0,00 0,00 0,00 0,00
Balance on 31.03.14 0,00 665.596,98 567.844,16 1.308.902,02 2.542.343,16
Residual value
On 01.01.14 3.586.946,40 3.301.648,13 22.681,42 255.476,97 7.166.752,92
On 31.03.14 3.586.946,40 3.281.907,04 23.551,96 269.080,31 7.161.485,71
Cost of ownership or
evaluation
Fields –
land
property
Buildings -
Facilities
Mechanical
equipment
Other fixed
assets
Total
Inventory on 01.01.13 3.586.946,40 3.947.504,02 584.946,25 1.515.223,39 9.634.620,06
Additions 0,00 0,00 0,00 1.285,56 1.285,56
Adjustments 0,00 0,00 0,00 0,00 0,00
Balance on 31.03.13 3.586.946,40 3.947.504,02 584.946,25 1.516.508,95 9.635.905,62
Accrued depreciations
Inventory on 01.01.13 0,00 566.891,57 546.740,43 1.208.636,22 2.322.268,22
Period depreciations 0,00 19.741,09 5.031,07 20.975,79 45.747,95
Reductions 0,00 0,00 0,00 0,00 0,00
Balance on 31.03.13 0,00 586.632,66 551.771,50 1.229.612,01 2.368.016,17
Residual value
On 01.01.13 3.586.946,40 3.380.612,45 38.205,82 306.587,17 7.312.351,84
On 31.03.13 3.586.946,40 3.360.871,36 33.174,75 286.896,94 7.267.889,45
16
Depreciations for the period 01.01.14 to 31.03.14 reached the amount of €47.317,28
(tangible €43.893,79 and intangible €3.423,49) and burdened with €1.975,98 the expenses
for administrational operation and with €45.341,30 the distribution expenses.
No tangible liens have been registered on the fixed assets.
2. Intangible assets
The changes in intangible assets are noted below; the balance thereof refers completely to
software, for the periods between 01.01.14 - 31.03.14 and 01.01.13 - 31.03.13 respectively.
Cost of ownership or
evaluation Software
Inventory on 01.01.14 160.159,90
Additions 10.200,00
Balance on 31.03.14 170.359,90
Accrued depreciations
Inventory on 01.01.14 148.167,49
Period depreciations 3.423,49
Balance on 31.03.14 151.590,98
Residual value
On 01.01.14 11.992,41
On 31.03.14 18.768,92
Cost of ownership or
evaluation Software
Inventory on 01.01.13 157.399,03
Additions 550,87
Balance on 31.03.13 157.949,90
Accrued depreciations
Inventory on 01.01.13 135.869,34
Period depreciations 3.217,24
Balance on 31.03.13 139.086,58
Residual value
On 01.01.13 21.529,69
On 31.03.13 18.863,32
17
3. Retained tax liabilities
The transactions and the balances of deferred tax liabilities, as on 31.03.14 and 31.12.13 are
presented below.
Balances
31.03.14 31.12.2013
Balance at start of period -469.888,30 -374.882,25
Charges on net position 0,00 -73.696,25
Credits / Charges to results -4.913,53 -21.309,80
Balance at end of period -474.801,83 -469.888,30
Balances
31.03.14
31.12.13
Tangible assets -597.978,33
-593.664,14
Intangible assets -1.314,69
-2.127,21
Provisions for personnel
indemnity 34.351,43
34.351,43
Provisions for doubtful demands 104.647,77
94.247,77
Other receivables -14.508,01
-2.696,15
Balance at end of period -474.801,83
-469.888,30
4. Inventories
The balances of inventories on 31.03.14 and 31.12.13 respectively are noted below:
Balances
Inventories 31.03.14 31.12.13
Commodities 2.350.764,99 2.502.302,33
It is noted that the cost of the inventories, registered as an expense in the cost of sold items,
for the period from 01.01.14 until 31.03.14 reached the amount of €2.516.101,94 along with
an amount of €3.836,56 which refers to direct sales expenses (total cost for the period
€2.519.938,50).
18
5. Trades and other trade receivables
The balances from other customer receivables are analysed below:
Balances
Receivables 31.03.14 31.12.13
Clients 3.903.277,54 4.438.680,42
Promissory notes and checks receivables 3.340.334,14 3.230.479,72
Impairment provisions -403.285,01 -363.285,01
Total 6.840.326,67 7.305.875,13
Balances
31.03.14 31.12.13
Up to 4 months 4.407.633,36 3.857.015,72
Between 4 – 12 months 1.571.170,97 2.501.445,46
More than 12 months 861.522,34 947.413,95
Total 6.840.326,67 7.305.875,13
The provisions for doubtful debts is as follows:
Balances
31.03.14 31.12.13
Opening balance 363.285,01 398.842,98
Deletions of Customer Balances 0,00 -190.557,97
Supplementary provisions 40.000,00 155.000,00
Balance at end 403.285,01 363.285,01
It is noted that the Company is not under any significant credit risk, due to the large number
and diversity of its customers.
19
6. Other receivables
The balances from other receivables are analysed below:
Balances
31.03.14 31.12.13
Greek State, tax prepayment 495.511,80 495.511,80
Transitional accounts 20.711,62 60.021,97
Other receivables 15.274,14 11.622,49
Advance payments for acquiring inventories 13.508,50 10.116,69
Total 545.006,06 577.272,95
7. Cash and cash equivalents
The balances of cash and cash equivalents are analysed as follows:
Balances
Cash Available 31.03.14 31.12.13
Available in treasury 40.587,81 27.411,24
Available in banks 4.328.003,23 4.203.840,48
Total 4.368.591,04 4.231.251,72
8. Equity accounts
The balances of equity accounts on 31.03.14 and on 31.12.13 are as follows:
Balances
31.03.14 31.12.13
Share capital 3.600.000,00 3.600.000,00
Share premium account 458.596,86 458.596,86
Other reserves 1.041.017,95 1.041.017,95
Retained profit 10.951.589,68 10.678.702,09
Valuation differences 998.445,05 998.445,05
Total equity 17.049.649,54 16.776.761,95
It is noted that the amount of the issued and fully paid shares of the Company reaches the
amount of 7.500.000 common registered shares, each of €0,48 nominal value.
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9. Short-term loans
The balances of short-term loans are analysed below:
Balances
31.03.14 31.12.13
Loans 0,00 0,00
Total 0,00 0,00
10. Suppliers and other short-term liabilities
The balances of other short-term accounts are analysed below:
Balances
31.03.14 31.12.13
Suppliers 372.281,80 483.308,82
Payable checks – promissory notes 1.869.387,32 1.911.853,38
Dividends payable 493,18 603,58
Other Taxes 260.204,59 266.254,99
Insurance organizations 50.385,00 100.818,03
Transitional accounts 85.500,00 4.097,64
Capital refund to shareholders 1.728,22 601.202,38
Various creditors 85.468,59 71.670,52
Total 2.725.448,70 3.439.809,34
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11. Sales
The Company turnover, per main category of commodities, as on 31.03.14 and 31.03.13, is
analysed below:
Balances
Descriptions 31.03.14 % 31.03.13 %
MARGARINE 549.347,76 14,4% 605.508,54 16,2%
BUTTERS 446.854,41 11,7% 404.765,68 10,8%
MIXTURES 586.085,58 15,4% 568.977,55 15,2%
OTHER ITEMS 394.990,94 10,4% 436.848,69 11,7%
BREAD MIXTURES 691.752,29 18,1% 545.958,57 14,6%
CREAMS 363.578,74 9,5% 370.544,21 9,9%
ICE-CREAM PRODUCTS 281.237,76 7,4% 275.280,18 7,4%
DELIFRUIT 149.890,44 3,9% 167.270,92 4,5%
ARTIFICIAL MILK CREAM 132.950,99 3,5% 160.950,08 4,3%
DARK CHOCOLATES 141.813,70 3,7% 121.916,87 3,3%
JELLIES 77.329,58 2,0% 82.246,68 2,2%
Total 3.815.832,19 100% 3.740.267,97 100%
Cost of sales 2.519.938,50 2.489.649,18
Gross profit 1.295.893,69 1.250.618,79
It is noted that the cost of sold items includes an amount of €3.836,56 which refers to direct
costs of sales.
12. Other operating incomes
The remaining incomes of the company, on 31.03.2014 and 31.03.2013, itemized in the
respective categories thereof, are analysed below:
Balances
31.03.14 31.03.13
Income from discounts and from the suppliers’ payment
method
2.215,24 28.043,90
Participation of foreign houses in exhibitions –
Advertisements
8.191,73 23.727,50
TOTAL 10.406,97 51.771,40
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13. Analysis of expenses per category
The analysis of the Company expenses and the allocation thereof to operations are as
follows:
Period 01.01.14 to 31.03.14
Type of expense Cost of sales
Administrative
expenses
Distribution
expenses
Financial
expenses Total
Personnel fees and expenses 0,00 69.968,42 471.590,81 0,00 541.559,23
Third party fees and expenses 6.000,00 44.642,01 0,00 50.642,01
Third party benefits 0,00 6.673,25 104.830,61 0,00 111.503,86
Fees - Taxes 0,00 0,00 6.430,73 0,00 6.430,73
Miscellaneous expenses 3.836,56 7.478,33 113.065,21 0,00 124.380,10
Interest and relevant expenses 0,00 0,00 0,00 3.654,47 3.654,47
Depreciations from tangible
assets 0,00 1.975,98 41.917,81 0,00 43.893,79
Depreciations of intangible
assets 0,00 0,00 3.423,49 0,00 3.423,49
Cost of inventories 2.516.101,94 0,00 0,00 0,00 2.516.101,94
Total 2.519.938,50 92.095,98 785.900,67 3.654,47 3.401.589,62
Period 01.01.13 to 31.03.13
Type of expense Cost of sales
Administrative
expenses
Distribution
expenses
Financial
expenses Total
Personnel fees and expenses 0,00 61.862,86 469.393,47 0,00 531.256,33
Third party fees and expenses 0,00 38.666,83 92.384,49 0,00 131.051,32
Third party benefits 0,00 8.796,56 106.164,71 0,00 114.961,27
Fees - Taxes 0,00 0,00 4.902,02 0,00 4.902,02
Miscellaneous expenses 4.374,85 38.874,28 150.066,55 0,00 193.315,68
Interest and relevant expenses 0,00 0,00 0,00 2.445,81 2.445,81
Depreciations from tangible
assets 0,00 1.802,20 43.945,75 0,00 45.747,95
Depreciations of intangible
assets 0,00 83,32 3.133,92 0,00 3.217,24
Cost of inventories 2.485.274,33 0,00 0,00 0,00 2.485.274,33
Total 2.489.649,18 150.086,05 869.990,91 2.445,81 3.512.171,95
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14. Income tax
The activity of income tax for periods 1.01-31.03.14 and 1.01-31.03.13 is as follows:
Balances
Descriptions 31.03.14 31.03.13
Income tax 118.299,76 88.903,72
Retained tax of results 4.913,53 32.918,95
Total 123.213,29 121.822,67
15. Events after the date of preparation of the Interim Concise Financial Statements
No events have occurred after the preparation of the Concise Interim Financial Statements
that would affect the Company and should be mentioned in accordance with the
International Financial Reporting Standards (IFRS).
16. Existing tangible liens
No tangible liens have been placed on the fixed assets of the Company.
17. Probable Receivables – Payables
Information with regard to probable payables
There are no litigious or under arbitration differences or decisions issued by court or
arbitration bodies that have or could have a significant impact on the financial status or on
the operation of the company.
Information with regard to probable receivables
There are no probable receivables requiring special reference in the interim concise financial
statements of Company.
18. Acquisitions and sales of tangible fixed assets
Investments in fixed equipment for the period between 01.01.14 and 31.03.14 reached the
amount of €48.826,58.
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19. Unaudited fiscal periods
With regard to 2011 fiscal year and afterwards, Greek companies are subject to annual tax
audit by their ordinary certified auditors - accountants, with regard to their compliance with
the clauses of the applicable tax legislation, the timely and proper submission of tax
statements, as well as the formulation of provisions for unregistered tax obligations. The
result of this audit leads to the issuing of a tax certificate which, provided the relevant
conditions are met, substitutes the audit by the state authority and allows the company to
complete its tax obligations for the relevant fiscal period. Within the context of the above
regulatory framework, the company was audited for period 2011 as well as for period 2012,
receiving tax compliance certificates with unqualified opinion.
With regard to 2013 fiscal year, this tax audit is under way; the Management is not
expecting any significant tax liabilities apart from those registered and presented in the
financial statements.
The Company has not been audited for 2010 fiscal year, and as a result, its tax liabilities for
this fiscal year have not been finalized. However, it must be noted that a provision of
€35.000 has been formulated, which is considered sufficient.
20. Personnel employed
Employed personnel on 31.03.14: 64 persons.
Employed personnel on 31.03.13: 63 persons.
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21. Transactions with Company related parties
There are no participations in subsidiary or relative companies, as provided for by IAS 24;
the financial statements of the Company are not included in the consolidation of other
companies.
The transactions of the Company with related parties, as provided for by the IAS 24, are as
follows:
Provisions to Management and key company personnel
1.01-31.03.14 1.01-31.03.13
Sales of goods and services
To subsidiaries 0,00 0,00
To other related parties 0,00 0,00
Purchases of goods and services
From subsidiaries 0,00 0,00
From other related parties 0,00 0,00
Sales of fixed assets
To subsidiaries 0,00 0,00
To other related parties 0,00 0,00
Receivables
From subsidiaries 0,00 0,00
From other related parties 0,00 0,00
Payables
To subsidiaries 0,00 0,00
To other related parties 0,00 0,00
Payments to management and Company executives
Transactions and rewards for the members of the Board of
Directors and management members 78.874,14 123.150,03
Receivables from Management and Board of Directors 0,00 6.809,69
Liabilities to members of the BoD and management members 21.522,91 17.881,31
26
No loans have been granted to members of the Board, or to any Management personnel
(including their families).
22. Significant period events (1st Quarter of 2014)
It is noted that the Extraordinary shareholder General Assembly, which convened on
December 9, 2013, decided to reduce the Company’s share capital by six hundred thousand
Euros (€600.000,00), through the reduction of the nominal value of each Company share by
€ 0,08, i.e. from €0,56 to €0,48 and by the return of the capital through cash payment to
shareholders at € 0,08 per share. After the above reduction, the Company share capital
amounts to € 3.600.000,00 divided into 7.500.000 common registered shares, each of € 0,48
nominal value. The Ministry for Development, Competitiveness, through its decision no.
Κ2-7553/22-01-2014, approved the amendment to pertinent article 5, par. 1 of the
Company's Statute.
The Committee on Imports and Corporate Actions of Athens Exchange, during its meeting
on February 4, 2014, was informed about the reduction of the Company share capital
through the reduction of the nominal value of the Company’s shares and the return of the
capital through cash payment to shareholders at a rate of €0,08 per share.
Following the above, from February 10, 2014, the shares of the Company are traded in
Athens Exchange at the new nominal value of €0,48 per share, and without the right to
participate in the return of the capital through cash payment to shareholders at €0,08 per
share.
The shareholders registered in the D.S.S. files on February 12, 2014, were considered
eligible for collecting the returned capital.
The payment of the above capital return (at €0,08 per share) began on February 18, 2014.
27
Details and information for the period between 1.01.13 and 31.03.14.
28
Acharnes, May 21, 2014
The persons responsible for the preparation of the Concise Interim Financial
Statements
Stylianos Kanakis Maria Kanaki
Athanasios Syrmos
President & Managing Director Vice-President of the Board Financial Director
