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Illustrative Corporate Financial Statements 2004

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Illustrative Corporate Financial Statements 2004 ELKO GRUPA JSC Consolidated Financial Statements in EUR For the year ended 31 December 2008 1 ELKO GRUPA JSC Consolidated financial statements for the year ended 31 December 2008 Structure Page General information ...........................................................................................3 Consolidated balance sheet ...............................................................................4 Consolidated income statement ........................................................................5 Consolidated statement of changes in equity....................................................6 Consolidated cash flows statement ...................................................................7 Notes to the consolidated financial statements ................................................8 Independent auditor's report...........................................................................37 2 ELKO GRUPA JSC Consolidated financial statements for the year ended 31 December 2008 General information Group name ELKO GRUPA Legal status of the Group Joint Stock Company Unified registration number, place and 000 312 956 date of registration Riga, 14 May, 1993 Re-registration in Commercial register 2ND December,2003 with re-registration number 4 000 312 956 4 Registered office 27 Rupniecibas street Riga LV-1045 Latvia Shareholders Egons Mednis (9,57 %), Latvia Andris Putāns (9,79 %), Latvia Ēriks Strods (9,10 %), Latvia Kaspars Viškints (9,79 %), Latvia IT Investīcijas”, AS (35,25 %), Latvia Amber Trust II S.C.A. (17,67%), Luxemburg East Capital Asset Management AB, domiciled in Sweden, represented by - East Capital Bering Russia fund (3,50 %), Caimans island - Concentra Ltd on behalf East Capital Bering Ukraine fund (3,50%), Caimans island - Dalepole Ltd on behalf of East Capital Bering New Europe fund (1,83%), Caimans island Council Members Andris Putāns – Chairman of Council Indrek Kasela – Deputy Chairman of the Council Kaspars Viškints – Council Member Ēriks Strods – Council Member Aleksandrs Jamņickis – Council Member (till 23.05.2008) Staņislavs Matvejevs – Council Member Vairis Brīze – Council Member Ainis Dābols – Council Member (from 23.05.2008) Valdis Lokenbahs – Council Member (from 23.05.2008) Board Members Egons Mednis – Chairman of the Board with powers to represent the Group individually, President Svens Dinsdorfs – Board Member with representation powers jointly with another Board Member, CFO Ilgonis Inspēters – Board Member with representation powers, Director of the Marketing and Business Development Department Jānis Casno – Board Member with representation powers jointly with another Board Member, Executive Director (from 27.10.2008) Jānis Abāšins – Board Member with representation powers jointly with another Board Member, Executive Director (till 24.10.2008) Reporting year 1 st January – 31ST December, 2008 3 ELKO GRUPA JSC Consolidated financial statements for the year ended 31 December 2008 Consolidated balance sheet Note 31.12.2008 31.12.2007 ASSETS EUR’000 EUR’000 Non-current assets Property, plant and equipment 6 996 760 Intangible assets 7 168 164 Deferred income tax assets 15 - 18 1,164 942 Current assets Inventories 8 117,403 98,052 Current income tax receivable 15 896 55 Trade and other receivables 9 99,279 143,673 Prepayments 1,610 781 Cash deposits 10 704 - Cash and cash equivalents 3,888 3,557 223,780 246,118 Total assets 224,944 247,060 EQUITY Capital and reserves attributable to equity holders of the Company Ordinary shares 11 9,785 9,785 Share premium 11 4,974 4,974 Translation reserve (2,708) (3,880) Retained earnings 52,680 47,720 64,731 58,599 Minority interest in equity 2,255 2,764 Total equity 66,986 61,363 LIABILITIES Non-current liabilities Borrowings 13 176 6,686 Deferred income tax liabilities - 16 176 6,702 Current liabilities Trade and other payables 12 60,835 116,624 Current income tax liabilities 15 545 1,858 Borrowings 13 96,212 60,357 Provisions 14 190 158 157,782 178,997 Total liabilities 157,958 185,699 Total equity and liabilities 224,944 247,060 The notes on pages 8 to 36 are an integral part of these consolidated financial statements. Egons Mednis Chairman of the Board, 2 April 2009 4 ELKO GRUPA JSC Consolidated financial statements for the year ended 31 December 2008 Consolidated income statement Note 2008 2007 EUR’000 EUR’000 Revenue 16 719,085 747,048 Cost of sales 17 (690,629) (707,337) Gross profit 28,456 39,711 Distribution costs 17 (3,838) (2,297) Administrative expenses 17 (11,756) (10,074) Other income 19 3,026 1,938 Other expenses 20 (1,991) (987) Operating profit 13,897 28,291 Finance income 172 115 Finance costs (4,493) (2,999) Finance income/ (costs) – net 21 (4,321) (2,884) Profit before income tax 9,576 25,407 Income tax expense 15 (865) (2,056) Profit for the year 8,711 23,351 Attributable to: Equity holders of the Company 8,946 22,378 Minority interest (235) 973 8,711 23,351 Earnings per share (basic and diluted) for profit attributable to the equity holders of the Company during the year (expressed in EUR per share) 22 1.30 3.25 The notes on pages 8 to 36 are an integral part of these consolidated financial statements. Egons Mednis Chairman of the Board 2 April 2009 5 ELKO GRUPA JSC Consolidated financial statements for the year ended 31 December 2008 Consolidated statement of changes in equity Attributable to equity holders Note of the Company Share Share Transla- Retained Total Minority Total capital premium tion earnings interest equity reserve EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 EUR ‘000 Balance at 1 January 9,785 4,974 (1,676) 33,378 46,461 2,151 48,612 2007 Currency translation - - (2,204)- (2,204) (11) (2,215) differences Profit for the year - -- 22,378 22,378 973 23,351 Total recognized income - - (2,204) 22,378 20,174 962 21,136 and expense for 2007 Dividend relating to 2006 23 - - - (8,036) (8,036) (349) (8,385) Balance at 31 December 9,785 4,974 (3,880) 47,720 58,599 2,764 61,363 2007 Balance at 1 January 2008 9,785 4,974 (3,880) 47,720 58,599 2,764 61,363 Currency translation - - 1,172 282 1,454 124 1,578 differences Profit for the year - - - 8,947 8,947 (235) 8,712 Total recognized income - - 1,172 9,229 10,401 (111) 10,290 and expense for 2008 Dividend relating to 2007 23 - - - (4,269) (4,269) (398) (4,667) Balance at 31 December 9,785 4,974 (2,708) 52,680 64,731 2,255 66,986 2008 Retained earnings are EUR 52,680 thousand (2007: EUR 47,720 thousand), of which EUR 61 thousand (2007: EUR 66 thousand) are statutory reserves and are not a subject to distribution in dividends. The notes on pages 8 to 36 are an integral part of these consolidated financial statements. Egons Mednis Chairman of the Board 2 April 2009 6 ELKO GRUPA JSC Consolidated financial statements for the year ended 31 December 2008 Consolidated cash flows statement Note 2008 2007 EUR’000 EUR’000 Operating activities Profit before tax 9,576 25,407 Adjustment to reconcile profit before tax to net cash flows Depreciation and impairment of property, plant and equipment 387 265 Amortisation and impairment of intangible assets 39 18 Loss (Gain) on disposal of property, plant and equipment 42 (24) Interest income (172) (115) Interest expenses 4,493 2,985 Movements in allowances 208 - Working capital adjustments: Decrease/(Increase) in trade and other receivables 44,659 (84,284) (Increase)/Decrease in inventories (19,392) 11,097 (Decrease)/Increase in trade and other payables (55,789) 35,590 Income tax paid (2,558) (1,130) Net cash used in operating activities (18,507) (10,189) Investing activities Proceeds from sale of property, plant and equipment - 48 Purchases of property, plant and equipment (675) (377) Purchases of intangible assets (53) (138) Increase in cash deposits (704) - Interest received 172 115 Net cash used in investing activities (1,260) (352) Financing activities Proceeds from borrowings 89,702 20,461 Repayments of borrowings (60,357) (1,807) Interest paid 21 (4,493) (2,740) Dividends paid to equity holders of the parent 23 (4,458) (3,122) Dividends paid to minority interests (296) (349) Net cash generated from financing activities 20,098 12,443 Net (decrease) / increase in cash and cash equivalents 331 1,902 Cash and cash equivalents at beginning of the year 3,557 1,655 Cash and cash equivalents at end of the year 3,888 3,557 The notes on pages 8 to 36 are an integral part of these consolidated financial statements. 7 ELKO GRUPA JSC Consolidated financial statements for the year ended 31 December 2008 Notes to the consolidated financial statements 1. General information A/S ELKO Grupa (“the Company”) and its subsidiaries (together “the Group”) principal activity is wholesale distribution of computer desktop components, notebooks, monitors, peripherals, multimedia, consumer and solution products, using the wide network of the Group companies and cooperation partners, representing a broad range of vendors of these products all over the world. The selection includes products from a range of vendors, including Intel, Seagate, Western Digital, Acer, Sony, Toshiba, Samsung, Tom-Tom, Asus and Logitech. The Company is a joint stock company incorporated and domiciled in Latvia with company’s registered office at Rupniecibas str, 27, Riga, LV-1045, Latvia. These consolidated financial statements have been prepared for issue by the Management on 2 April 2009 and signed on its behalf by the Chairman of the Board Egons Mednis. Shareholders have the right to make amendments to the financial statements approved by the Board. The Company has the following participating interest in the subsidiaries: Name Country Participatingrest ininte share capital of subsidiaries 31.12.2008 31.12.2007 % % ELKO Eesti AS Estonia 100% 100% WESTech s.r.o. Slovakia 51% 51% ELKOTech Romania SA Romania 51% 51% ELKO Latvija SIA Latvia 100% 100% ELKOTEX d.o.o. Slovenia 51% 51% ELKOTECH d.o.o.
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