Lambrakis Press S.A. Annual Report 2002
Total Page:16
File Type:pdf, Size:1020Kb
LAMBRAKIS PRESS SA – ANNUAL REPORT 2002 LAMBRAKIS PRESS S.A. ANNUAL REPORT 2002 According to the regulations of article 16 of Resolution 5/204/14.11.2000 of the Capital Markets Commission Athens, May 2003 Page 1/203 LAMBRAKIS PRESS SA – ANNUAL REPORT 2002 TABLE OF CONTENTS A. SUMMARY FINANCIAL STATEMENTS OF THE COMPANY…………………………………..………..…..4 B. ADJUSTMENT OF THE COMPANY’S EARNINGS AND EQUITY CAPITAL……………..………….………5 C. FINANCIAL INDICATORS OF THE COMPANY…………………………………..….………………………….9 D. SUMMARY CONSOLIDATED FINANCIAL STATEMENT FOR THE GROUP……………….……………..11 E. ADJUSTED CONSOLIDATED EARNINGS AND EQUITY CAPITAL OF THE GROUP……………………14 I. INFORMATION ON THE ANNUAL REPORT AND THE COMPANY’S AUDITORS.............................16 II. SHARE CAPITAL INCREASE AND ALLOCATION OF RAISED FUNDS.............................................25 III. SHAREHOLDERS’ RIGHTS ..................................................................................................................29 IV. TAXATION OF DIVIDENDS...................................................................................................................30 V. INFORMATION ON THE COMPANY ....................................................................................................31 VI. BUSINESS ACTIVITY............................................................................................................................37 VII. PRODUCTION WORK FLOW ...............................................................................................................63 VIII. FIXED ASSETS – GUARANTEES AND COLLATERALS.....................................................................67 IX. CORPORATE ACTONS ON SHARE CAPITAL ....................................................................................74 X. EQUITY CAPITAL – BOOK VALUE OF SHARE ...................................................................................77 XI. CONSOLIDATED EQUITY CAPITAL – CONSOLIDATED BOOK VALUE OF SHARE........................78 XII. SHAREHOLDERS – SHAREHOLDING STRUCTURE .........................................................................79 XIII. MARKET VALUE OF THE SHARES .....................................................................................................80 XIV. BOARD OF DIRECTORS ......................................................................................................................81 XV. MANAGEMENT OF THE COMPANY....................................................................................................87 XVI. PRESONNEL .........................................................................................................................................90 XVII. THE COMPANY’S INVESTMENTS FOR THE PERIOD 1998-2002.....................................................91 XVIII. REVIEW OF ACTIVITIES AND EARNINGS..........................................................................................92 XIX. REVIEW OF BALANCE SHEET ............................................................................................................97 XX. SOURCES AND USES OF CAPITAL..................................................................................................109 XXI. CASH FLOW STATEMENTS...............................................................................................................110 XXII. CONSOLIDATED FINANCIAL STATEMENTS....................................................................................112 XXIII. CONSOLIDATED CASH FLOW ..........................................................................................................116 XXIV. DIRECT AND INDIRECT PARTICIPATIONS OF LAMBRAKIS PRESS SA OVER 5%......................118 XXV. COMPANIES ASSOCIATED WITH LAMBRAKIS PRESS SA ............................................................119 XXVI. INTERCOMPANY TRANSACTIONS...................................................................................................201 Page 2/203 LAMBRAKIS PRESS SA – ANNUAL REPORT 2002 Α. SUMMARY FINANCIAL STATEMENTS OF THE COMPANY 2001 2002 A.1.Summary Financial Statement Thousand Thousand euros euros Turnover 104,534.87 113,967.10 Less : Cost of Goods Sold before depreciation (1) 105,810.03 101,631.78 Gross earnings before depreciation -1,275.15 12,335.32 (% of turnover) -1.22% 10.82% Plus: Other operating revenues 1,823.71 1,869.66 Total before depreciation 548.55 14,204.97 (% of turnover) 0.52% 12.46% Less: General Admin. & Selling Expenses before Depreciation (1) 8,934.41 10,126.07 Operating Result before depreciation -8,385.86 4,078.91 (% of turnover) -8.02% 3.58% Plus : Net income (expenses), profit (loss) from participations, securities, -1,824.76 646.65 forecasts for decline of participations & securities Plus : Extraordinary and non-Operating Income -2,213.89 1,325.51 Profit or Loss before Interest payments, Depreciations and Taxes -12,424.52 6,051.07 Less : Interest (Credit – Debit) 666.00 798.40 Profit or Loss before Depreciation and Taxes -13,090.52 5,252.67 (% of turnover) -12.52% 4.61% Profit or Loss before Fiscal year Taxes -17,200.80 2,008.34 (% of turnover) -16.45% 1.76% Profit or Loss after Fiscal year Taxes -17,259.48 1,925.44 (% of turnover) -16.51% 1.69% Profit or Loss after current year’s taxes, Board of Directors fees and tax -17,259.48 1,925.44 imposed by Tax Audit of previous years (2) (3) (% of turnover) -16.51% 1.69% Total Dividend 0.00 0.00 Number of shares by end of fiscal year 75,300,000 75,300,000 2001 2002 Profit or Loss per share (4) Euro Euro Results before Depreciation and Fiscal year Taxes -0.17 0.07 Results before Fiscal year Taxes -0.23 0.03 Results after current year’s taxes, Board of Directors Fees and tax -0.23 0.03 imposed by Tax Audit of previous fiscal years (2) (3) Dividend per share 0.00 0.00 (1) For the calculation of Gross Results (Profit or Loss) before Depreciations and of Operating Results before Depreciations the following had been subtracted: the Consolidated Depreciations from the Cost of Goods Sold, the Administration Expenses and Selling Expenses as follows: 2001 2002 Allocation of Depreciations Thousand Thousand euros euros Cost of Goods Sold 2,349.58 2,215.36 Administration Expenses 789.94 935.36 Selling Expenses 90.50 93.62 α) Incorporated to the Operating Cost 3,230.03 3,244.33 β) Not incorporated to the Operating Cost 880.26 0.00 Grand Total 4,110.28 3,244.33 (2) No distribution of profits to Board of Directors for fiscal years 2001 and 2002. (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 year 1999 inclusive. The earnings from the ordinary tax audits until 1998 burdened the 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 2001 and 2002 will not be burdened with allocation of taxes from tax audits. In relation to Page 3/203 LAMBRAKIS PRESS SA – ANNUAL REPORT 2002 this, the Chartered Accountant noted the following on the Report for fiscal year 2002: “The Company has been audited for tax purposes up to fiscal year 1999. Consequently, the Company’s tax obligations for fiscal years from 2000 to 2002 remain inconclusive. However, owing to losses in previous fiscal years earnings, no tax on income, etc., is anticipated”. More information is provided in Chapter “INFORMATION ON THE ANNUAL REPORT AND THE COMPANY AUDITORS’ ” (4) No exigencies for weighting of the shares during the fiscal years of 2001 and 2002. The earnings per share have been calculated on the basis of the number of shares existing at the end of the fiscal year. 2001 2002 A. 2. Summary Balance Sheet of Lambrakis Press S.A. (1) Thousand Thousand euros euros Assets Non-depreciated Establishment Expenses 2,534.58 1,916.39 Non-depreciated Intangible Assets 123.56 80.81 Non-depreciated Tangible Assets 17,602.82 15,961.91 Participations in Subsidiaries 104,974.80 107,177.41 Other Long-term Receivables 361.17 360.66 Total Fixed Assets 123,062.36 123,580.79 Total Current Assets 94,949.01 87,359.75 Debit Items in Transit 215.80 598.78 Total Assets 220,761.74 213,455.70 Liabilities Total Shareholders’ Equity 181,248.36 172,993.52 Provisions 770.17 10.82 Total Short-term Liabilities 35,545.30 38,367.98 Total Liabilities 35,545.30 38,367.98 Transit Credit Balances 3,197.91 2,083.38 Total Liabilities 220,761.74 213,455.70 Book Value of Share (2) 2.41 2.30 (1) For fiscal year 2002 “Own Shares”, acquired at Є31,123 thousand, were transferred from Assets Account “Securities- Treasury Stock (own shares)” to a similar account in Liabilities reducing the “Equity Capital”. To make Balance Sheet figures (for fiscal years 2002 and 2001) comparable, the amount of 31,123 thousand euros of the previous fiscal year was transferred from Assets Account “Securities” to the debit of Liability Account “Equity Capital”. Furthermore, the amount of Є24,634 thousand was carried from the Liability Account “Losses from sale or devaluation of participations and securities” to the above-mentioned account in compliance with proper and legal Book keeping practices. (2) To calculate the Book value of shares at the end of the fiscal year, the total equity capital was taken into account. Β. ADJUSTMENT OF THE COMPANY’S EARNINGS AND EQUITY CAPITAL For fiscal years 2001 and 2002 the Notes of the Company and the Remarks of the Chartered Accountant who conducted the Ordinary