For the Period 1St of January 2013 – 30Th June 2013 (According to Article 5 of L.3556/2007)
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INTERIM CONDENSED FINANCIAL STATEMENTS for the period 1st of January 2013 – 30th June 2013 (according to article 5 of L.3556/2007) Joint Stock, Reg: 41913/06/Β/98/32 Commercial Reg:58240404000 Egnatias Street 127, Thessaloniki, 54635 INTERIM CONDENSED FINANCIAL INFORMATION of the six month period at 30 June 2013 30 June (Amounts in 2013 Euros) INFORMATION FOR THE PERIOD FROM 1ST OF JANUARY 2013 TO 30th OF JUNE 2013 ACCORDING TO THE INTERNATIONAL FINANCIAL REPORTING STANDARDS It is certified that the attached interim financial report is the one approved by the Board of Directors of the “WATER SUPPLY AND SEWERAGE SYSTEMS COMPANY OF THESSALONIKI SA” on the 29th of August 2013 and has been posted on the internet at www.eyath.gr. It is noted that the published in the press brief financial data aim to offer the reader some general financial data but it do not provide a complete picture of the financial state and results of the Group and the Company, according to the International Financial Reporting Standards. It is also noted that, for simplification’s sake, in the published to the press brief financial data, there have been certain compressions of funds. 2 INTERIM CONDENSED FINANCIAL INFORMATION of the six month period at 30 June 2013 30 June (Amounts in 2013 Euros) TABLE OF CONTENTS FOR THE INTERIM FINANCIAL STATEMENTS STATEMENTS OF THE MEMBERS OF THE BOARD OF DIRECTORS................................. 4 (IN ACCORDANCE TO THE ARTICLE 5 PAR. 2 OF THE L. 3556/2007)................................ 4 HALF YEAR MANAGEMENT REPORT OF THE BOARD OF DIRECTORS OF ..................... 5 AUDITOR’S REPOST ON THE INTERIM FINANCIALS STATEMENTS ............................... 15 BALANCE SHEET ...................................................................................................................18 INCOME STATEMENTS ......................................................................................................... 19 EQUITY CHANGES STATEMENT.......................................................................................... 20 CASH FLOW STATEMENT..................................................................................................... 23 1. GENERAL INFORMATION ON THE GROUP AND THE COMPANY........................24 2 BASE FOR DRAWING UP THE FINANCIAL STATEMENTS....................................25 1. ΠΛΗΡΟΦΟΡΗΣΗ ΚΑΤΑ ΤΟΜΕΑ...............................................................................31 2. TANGIBLE FIXED ASSETS.......................................................................................32 3. INVENTORIES ..........................................................................................................33 4. CUSTOMER AND OTHER CLAIMS ..........................................................................33 5. CASH RESERVES AND EQUIVALENTS..................................................................35 6. SHARE CAPITAL.......................................................................................................35 7. PROVISIONS FOR BENEFITS TO EMPLOYEES ....................................................36 8. PROVISIONS FOR RISKS AND EXPENSES............................................................37 9. TRADE AND OTHER LIABILITIES ............................................................................37 10. SHORT TERM TAX LIABILITIES ...........................................................................37 11. INCOME TAX .........................................................................................................38 12. EARNINGS PER SHARE.......................................................................................39 13. TRANSACTIONS WITH AFFILIATED PARTIES ...................................................40 14. COMMITMENTS AND POTENTIAL LIABILITIES..................................................40 15. NUMBER OF EMPLOYEES...................................................................................42 16. IMPORTANT FACTS .............................................................................................42 17. FACTS POSTERIOR TO THE BALANCE SHEET.................................................44 TABLE OF RAISED FUNDS..............................................................................................45 FIGURES AND INFORMATION ........................................................................................46 3 INTERIM CONDENSED FINANCIAL INFORMATION of the six month period at 30 June 2013 30 June (Amounts in 2013 Euros) STATEMENTS OF THE MEMBERS OF THE BOARD OF DIRECTORS (in accordance to the article 5 par. 2 of the l. 3556/2007) We, the members of the Board of Directors of the S.A Company WATER SUPPLY AND SEWERAGE SYSTEMS COMPANY OF THESSALONIKI S.A. under the trade name EYATH S.A, based at 127 Egnatias Street, in Thessaloniki (P.C. 54 635): 1. Nikoloaos Papadakis, President of the BoD & CEO, 2. Penelope Ralli, Vice President of the BoD, 3. Konstantinos Koutroukis, Vice President of the BoD. We state and certify to the best of our knowledge: (a) the attached half year, company and consolidated financial statements of EYATH S.A for the fiscal period 01.01.2013-30.06.2013, drawn up according the current IAS 34, truthfully show the assets and liabilities data, the net worth and the results for the fiscal period of EYATH S.A, as well as of the companies included in the integration as a total, according to the statements in the paragraphs 3 to 5 of the article 5 of the l. 3556/2007, and (b) the six month statement of the Board of Directors of EYATH SA truthfully shoes the information demanded based on the paragraph 6 of the article 5 of the l. 3556/2007. Thessaloniki, 29th of August 2013 The certifying members Nikolaos Papadakis Penelope Ralli Konstantinos Kamakas President of the BoD & CEO Vice President of the BoD Vice President of the BoD 4 INTERIM CONDENSED FINANCIAL INFORMATION of the six month period at 30 June 2013 30 June (Amounts in 2013 Euros) HALF YEAR MANAGEMENT REPORT OF THE BOARD OF DIRECTORS OF WATER SUPPLY AND SEWERAGE COMPANY OF THESSALONIKI FOR THE PERIOD 1 January 2013 - 30 June 2013 (According to the provisions of the par. 6 of the article 5 of the law 3556/2007 and the respective decisions of the Capital Market Committee) Dear Sharerholders, According to the provisions of L.3556/2007 and the respective decisions of the Capital Market Committee, we submit the present Yearly Report of the BoD for the current fiscal period (1/1/2013-30/06/2013). The present report offers brief financial information on the financial state and the results of the Company EYATH S.A and the Group of companies EYATH S.A, a description of the most important facts that took place during the closing fiscal period, a description of the important facts that took place after the balance sheet date, a description of the expected development of Group and Company activities, information regarding the management of significant financial risks which the Group and the Company are called to face, a list of the important transactions drawn up between Company and the Group and associated persons as well as other information regarding stocks, equity capital and important agreements valid on the ending of the closing fiscal period. BRIEF FINANCIAL INFORMATION ON THE GROUP AND THE COMPANY The Group includes the Company «WATER SUPPLY AND SEWERAGE SYSTEMS COMPANY OF THESSALONIKI S.A. », under the trade name EYATH (hereafter “COMPANY” or “EYATH S.A”) was founded in 1998 ( Law no. 2651/3-11-1998 (GN. Α΄ 248/2-11-1998) deriving from the merging of the S.A “Thessaloniki Water Supply Organization S.A”(ΟΥTH S.Α.) and the «Thessaloniki Sewerage Systems Company S.A” (OATH S.A) which had been turned into S.A’s in 1997, and the subsidiary company EYATH Services S.A aiming to supply water supply and sewerage services of any type, telecommunication services as well as the production and sale of electric power. FINANCIAL DATA – WORK PROGRESS The below financial data regard the EYATH S.A Group. Turnover reached the amount of € 36,198 from € 37,761 during the respective period last year noting a decrease by € 1,563 or 4.1%. On the contrary, the cost of goods sold reached the amount of € 21,939 from € 21,661, noting an increase of €278 or 1.3%. Before Tax Group Profits, reached for this period of 2013, the amount of € 11,111 from € 14,299, noting a decrease of € 3,188 or 22.29%. Finally the After Tax Earnings, reached the amount of € 9,024 from € 11,310, noting a decrease by € 2,286 or 20.2%. 5 INTERIM CONDENSED FINANCIAL INFORMATION of the six month period at 30 June 2013 30 June (Amounts in 2013 Euros) Group turnover resulted from sales of water services and sewerage systems. Turnover decrease is due to the decrease in consumption and the respective sewerage tariff fees as well as the decrease of the building activity, due to the continued economic sentiment. Gross Profit for the period reached the €14,259 from €16,099 in the previous period, making a decrease of € 1,840 or 11.4%. EBITDA for EYATH S.A. reached for the current period the amount of €12,901 from €15,505 noting a decrease by € 2,604 or 16.8%. Finally cash and cash equivalent for the period end reached at 30/06/2013 the amount of € 42,333 from € 32,976 on the 31 /12/2012 which is an important increase of € 9,357 or 28.4%. GROUP FINANCIAL RATIOS 01/01/2013-30/06/20011/01/2012-30/06/2012 Deviation PRODUCTIVITY RATIOS Gross Profit Margin 39,39% 42,63% -3,24% EBITDA 35,72% 41,05% -5,33% EBIT 27,59% 33,56% -5,97% EBT 30,70% 37,87% -7,17% EAT 24,93% 29,95% -5,02% INVESTMENT RATIOS