Lambrakis Press S.A. Annual Report 2004

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Lambrakis Press S.A. Annual Report 2004 LAMBRAKIS PRESS S.A. ANNUAL REPORT 2004 ATHENS, JUNE 2005 -------------------------------------------------------------------------------------------------------------------------------------------------- LAMBRAKIS PRESS SA - ANNUAL REPORT 2004 Page 1/214 TABLE OF CONTENTS A. SUMMARY FINANCIAL STATEMENTS OF THE COMPANY............................................................................................4 B. FINANCIAL RATIOS OF THE COMPANY ..........................................................................................................................6 C. ADJUSTMENT OF THE COMPANY’S EARNINGS AND EQUITY CAPITAL ....................................................................7 D. SUMMARY CONSOLIDATED FINANCIAL STATEMENT OF THE GROUP ...................................................................10 E. CONSOLIDATED FINANCIAL RATIOS ............................................................................................................................14 F. ADJUSTMENT OF THE CONSOLIDATED EARNINGS AND EQUITY CAPITAL OF LAMBRAKIS PRESS GROUP...15 I. INFORMATION ON THE ANNUAL REPORT AND THE COMPANY’S AUDITORS ...............................................18 II. SHARE CAPITAL INCREASE AND ALLOCATION OF RAISED FUNDS...............................................................29 III. SHAREHOLDERS’ RIGHTS......................................................................................................................................33 IV. TAXATION OF DIVIDENDS.......................................................................................................................................34 V. INFORMATION ON THE COMPANY ........................................................................................................................35 VI. BUSINESS ACTIVITY................................................................................................................................................43 VII. PUBLISHING ACTIVITY ............................................................................................................................................44 VIII. PRODUCTION WORK FLOW ...................................................................................................................................70 IX. FIXED ASSETS – GUARANTEES AND REGISTERED ENCUMBRANCES...........................................................74 X. CORPORATE ACTIONS ON SHARE CAPITAL.......................................................................................................82 XI. EQUITY CAPITAL – BOOK VALUE OF SHARES ...................................................................................................85 XII. CONSOLIDATED EQUITY CAPITAL – CONSOLIDATED BOOK VALUE OF SHARES .......................................86 XIII. SHAREHOLDERS - SHAREHOLDING STRUCTURE..............................................................................................87 XIV. DEVELOPMENT OF THE MARKET VALUE OF SHARES ......................................................................................88 XV. BOARD OF DIRECTORS ..........................................................................................................................................90 XVI. MANAGEMENT OF THE COMPANY........................................................................................................................96 XVII. PERSONNEL ...........................................................................................................................................................100 XVIII. THE COMPANY’S INVESTMENTS FOR THE PERIOD 1999-2004.......................................................................101 XIX. REVIEW OF BUSINESS ACTIVITIES AND EARNINGS ........................................................................................103 XX. REVIEW OF BALANCE SHEET..............................................................................................................................108 XXI. SOURCES AND USES OF CAPITAL......................................................................................................................120 XXII. CONSOLIDATED FINANCIAL STATEMENTS.......................................................................................................123 XXIII. COMPANIES ASSOCIATED WITH LAMBRAKIS PRESS SA...............................................................................129 XXIV. INTERCOMPANY TRANSACTIONS.......................................................................................................................210 ANNEX ..................................................................................................................................................................................213 -------------------------------------------------------------------------------------------------------------------------------------------------- LAMBRAKIS PRESS SA - ANNUAL REPORT 2004 Page 2/214 -------------------------------------------------------------------------------------------------------------------------------------------------- LAMBRAKIS PRESS SA - ANNUAL REPORT 2004 Page 3/214 A. SUMMARY FINANCIAL STATEMENTS OF THE COMPANY 2003 2004 A.1. Summary Income Statement thousand thousand euros euros Turnover 123.354,46 139.734,75 Less: Cost of Goods Sold before depreciation (1) 70.965,02 79.710,35 Gross earnings before depreciation 52.389,43 60.024,40 (% of turnover) 42,47% 42,96% Plus: Other operating revenues 1.595,26 1.566,76 Total before depreciation 53.984,69 61.591,17 (% of turnover) 43,76% 44,08% Less: General Admin. & Selling Expenses before Depreciation (2) 43.712,77 49.857,13 Operating Result before depreciation 10.271,92 11.734,03 (% of turnover) 8,33% 8,40% Plus: Net income (expenses), profit (loss) from participations, 2.268,04 1.602,46 securities, forecasts for decline of participations & securities Plus: Extraordinary and non-Operating Income 2.671,60 -1.081,27 Profit or Loss before Interest payments, Depreciations and Taxes 15.211,55 12.255,22 Less: Interest (Credit - Debit) 638,19 862,56 Profit or Loss before Depreciation and Taxes 14.573,36 11.392,67 (% of turnover) 11,81% 8,15% Profit or Loss before Fiscal year Taxes 12.050,59 8.480,93 (% of turnover) 9,77% 6,07% Profit or Loss after Fiscal year Taxes 11.960,23 8.356,87 (% of turnover) 9,70% 5,98% Profit or Loss after current year’s taxes, Board of Directors fees (2) (3) 11.960,23 8.356,87 and tax imposed by Tax Audit of previous years (% of turnover) 9,70% 5,98% Total Dividend 0,00 0,00 Number of shares at year end 75.300.000 75.300.000 2003 2004 Profit or Loss per share (4) euros euros Results before Depreciation and Fiscal year Taxes 0,19 0,15 Results before Fiscal year Taxes 0,16 0,11 Results after current year’s taxes, Board of Directors Fees and tax 0,16 0,11 imposed by Tax Audit of previous fiscal years (2) (3) Dividend per share 0,00 0,00 (1) To calculate Gross Results before Depreciation and Operating Results before Depreciation, the Depreciation included in Operating cost was deducted from the Cost of Goods Sold, the Administrative and Selling Expenses as follows: -------------------------------------------------------------------------------------------------------------------------------------------------- LAMBRAKIS PRESS SA - ANNUAL REPORT 2004 Page 4/214 2003 2004 Allocation of Depreciation thousand euros thousand euros Cost of Goods Sold 898,78 1.162,32 Administrative Expenses 791,75 880,82 Selling Expenses 832,25 868,60 a) Included in the Operating Cost 2.522,78 2.911,74 b) Not included in the Operating Cost 0,00 0,00 Grand Total 2.522,78 2.911,74 (2) There was no distribution of profits to the Board of Directors for fiscal years 2003 and 2004. (3) The Company was subject to ordinary tax audit for all kinds of tax purposes (income, Books and Records Code, stamp duties, tax on large real estate, wage tax (FMY), tax on third party remuneration) up until the year 1999 inclusive. The charges from the ordinary tax audits until 1998 burdened the fiscal years up to 1999. No tax discrepancies were noted during the audit for year 1999, given that book discrepancies imputed reduced tax losses for fiscal year 1999. Consequently, the operating earnings for fiscal years 2003 and 2004 are not burdened with allocation of taxes from tax audits. In relation to this, the Certified Accountant noted the following in the Audit Report for fiscal year 2004: “The Company has been audited for tax purposes up to fiscal year 1999. Consequently, the Company’s tax liabilities for the fiscal years that are unaudited by tax authorities remain inconclusive.” More information is provided in Chapter “INFORMATION ON THE ANNUAL REPORT AND THE COMPANY’S AUDITORS” (4) In 2003 and 2004 there were no corporate or other actions calling for a weighting of the number of shares. The earnings per share have been calculated on the basis of the number of shares existing at the end of the fiscal year. 2003 2004 A. 2. Summary Balance Sheet of Lambrakis Press SA thousand euros thousand euros Assets Non-depreciated Establishment Expenses 1.222,15 2.655,78 Non-depreciated Intangible Assets 70,86 61,65 Non-depreciated Tangible Assets 17.934,79 23.071,03 Participations in Subsidiaries 130.004,85 125.832,87 Other Long-term Receivables 442,86 489,85 Total Fixed Assets 148.453,36 149.455,40 Total Current Assets 83.159,26 79.240,25 Transitional accounts 2.975,02 4.057,45 Total Assets 235.809,78 235.408,87 Liabilities Total Shareholders’ Equity 182.266,84 185.883,10 Provisions 3,74 511,86 Long-term
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