PETROS PETROPOULOS AEBE
Commercial and Industrial Societe Anonym Iera odos street 96 102, 10447 Athens General Commercial Registry Number 285301000
INTERIM FINANCIAL REPORT FOR THE PERIOD
1 January 2020 30 June 2020
In Accordance with the Law 3556/2007
The interim financial report has been approved by the Board of Directors of the company PETROS PETROPOULOS AEBE on 03/08/2020, and has been published on the internet in electronic address www.petropoulos.com .
Head offices Iera Odos street 96 104 General commercial registry number 285301000 Competent Authority Ministry of Finance, Structures, Shipping, and Tourism, General Secretariat of Commerce and Consumer Protection, General Administration of the Market, Administration of Companies and General Commercial Registry Number, Department of listed Entities and Sports SA. Members of the Board of Michael Economakis, Michalis Michaloutsos, Theodoros Directors: Anagnostopoulos, Ioannis Filiotis, Nikolaos Embeoglou, Ioannis Katsouridis, Georgios Drakos, Stefanos Manos Date of approval of the financial report 3.8.2020 Audit Firm : MPI HELLAS SA Conclusion of review report Unqualified conclusion
PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
CONTENTS
Page Declarations of the members of directors 3 Interim financial report of the board of directors 4 Α) First Semester Report Activity Evolution Performance Changes 4 Β) Significant events that took place during the first six months and their impact on the 5 interim financial report – Treasure shares C) Risks and uncertainties expected evolution of activities for the second half. 5 D) Alternative Performance Measures 6 Ε) Related party transactions 7 Review Report of Independent Auditor on Interim Financial Information 9 Interim financial information for the period 01.01 – 30.06.2020 10 Statement of financial position 11 Statement of comprehensive income 12 Statement of changes in equity – group 13 Statement of changes in equity – company 14 Cash flow statement 15 1. Information about the group 16 1.1 General information 16 1.2 Structure of the group 16 2. Significant accounting policies 17 Significant accounting estimates and conventions in applying accounting policies / New 2.1 17 accounting standards 2.2 Consolidation 18 2.3 Operating Segments 18 3. Additional information on the interim financial statements of 30.06.2020 24 3.1 Tangible and intangible assets 24 3.2 Inventory / Receivables from customers / Other receivables 24 3.3 Borrowings 26 3.4 Income tax 26 3.5 Seasonality 27 3.6 Dividends 27 3.7 Related party transactions 27 3.8 Contingencies 28 3.9 Events after the balance sheet date 28 Data and information for the period 01.01 – 30.06.2020 32
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PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
DECLARATIONS OF THE MEMBERS OF THE BOARD OF DIRECTORS (According to article 5 par.2c of Law 3556/2007)
The members of the Board of Directors of Petros Petropoulos SA: Michalis Oikonomakis, Chairman of the Board of Directors, Theodoros Anagnostopoulos, Chief Executive Officer and Ioannis D. Filiotis, Member, in our above mentioned capacity and Mr. Ioannis Filiotis, who was specially appointed by the Board of Directors of PETROS PETROPOULOS AEBE, we declare that to the best of our knowledge:
(a) the interim financial information for the period 01.01 – 30.06.2020 that has been prepared in accordance with the applicable accounting standards give a true and fair view of the assets and liabilities, the net position and the results of the Group and the Company and of the companies included in the consolidation taken as a whole, in accordance with par. 3 5 of the Law 3556/2007 and
(b) the Company's Board of Directors report accurately reflects the Company's development, its performance and financial position as well as of the entities included in the consolidation taken as a whole, including a description of the main risks and uncertainties they face on the basis of par. 6 of article 5 of the Law 3556/2007.
Athens August 3, 2020
Michael I. Economakis Chairman of the Board
Theodoros V. Anagnostopoulos Chief Executive Officer
Ioannis D. Filiotis Board of Directors’ Member
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PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
INTERIM FINANCIAL REPORT OF THE BOARD OF DIRECTORS FOR THE PERIOD 01.01 – 30.06.2020
This Report of the Board of Directors was prepared in accordance with the provisions of paragraph 6 of article 5 of the Law 3556/2007 and the decisions of the Board of Directors of the Hellenic Capital Market Commission pursuant to the Law.
The purpose of the REPORT is to inform the investing public for: • The financial position, the results, the course of the Group and the Company during the current period, as well as the changes that have been made. • The significant events that took place during the first half of the current financial year and their impact on the six month financial report. • The risks that may arise for the Group and the Company in the second half of the current year. • The transactions between the Company and its related parties.
A) First Semester Report Activity Evolution Performance Changes.
The global economic downturn that we have been experiencing since the beginning of March this year, due to the public health crisis caused by the Covid 19 pandemic, with the adverse effects on the country's development and investment course, the disruptions in the liquidity of the domestic market, the international trade, as well as the supply chain and exports, has significantly affected some economic figures of the company and the group.
In particular, the Group's sales in the first half of 2020 decreased by 20,5% compared to the corresponding period in 2019, from euro 57,3 m. to 45,5 m., mainly from the vehicle sector. Similarly, the almost general lock down had an impact on the large increase in the value of stocks from euro 16 m. at 31.12.2019 to euro 27,8 m. at 30.06.2020, as pre covid 19 car orders arrived in Greece and remained at customs. However, this situation has started to improve considerably since June of the year, stabilized in July and is expected to develop in the same way for the rest of the year, considering that the covid 19 development will be controllable and governments will not be forced to take new emergency measures, if the situation deteriorates.
However, gross profit of the Group and Company amounted to 18,9% compared to 16,9% in 2019. The increase of gross profit is due to the large proportional decrease in sales of passenger cars in accordance with the above mentioned, which are sold at a lower gross profit than the rest products of the company. The net profit of the group remained at the previous year level 0,9 m. euro and the net profit of the company at 0,8 m. euro compared to 0,6 m. of the year 2019.
The operating expenses of the Group decreased by 8,7% and of the Company by 10,9% compared to the same period of the previous year. In particular, staff costs that represent of approximately 50% of total expenses decreased from 3,4 m. to 3,3 m. The number of employees of the Group increased to 156 persons compared to the same corresponding period of the previous year, which was 149 persons.
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PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
Average credit limits provided to customers amounted to 71 days in the first half of this year compared to 62 days of 2019 and is estimated to fall to 65 days in the second half. It is crucial that losses and shortfalls from customers are very small.
Although the market in which the group operates showed a decrease in the current period, the group's share remained at the same level as last year.
Investments in fixed assets amounted to € 1.127.958,96 in the first half, compared to a budget of € 1.666.842 for the whole year.
B) Significant events that took place during the first six months and their impact on the interim financial report Treasury Shares.
In the current period, the Group's borrowing increased from 14,6 m. at 31.12.2019 to 23,5 at 30.06.2020. Net borrowing however (loans less cash) remained almost stable, (increased from 5,9 m. euro at 31.12.2019 to 6,1 m. euro at 30.06.2020, given that cash was not used. Financial cost remained at the same level compared to the same period of the previous year. The increase in borrowing is related to the administration's provision to address any emergencies that may arise from the evolution of covid 19 in the coming period.
The Company at the end of the period had 5.761 treasury shares.
C) Risks and uncertainties expected evolution of activities for the second half.
Projected Evolution / Prospects. Despite the looming deterioration of the economic climate, due to covid 19 reliable and objective forecasts, they still cannot exist. The group will continue to seek partnerships in Greece and abroad while looking at advantageous acquisitions of other companies with similar objects, considering that the problems of covid 19, in the medium term will be solved by the international community, even with some almost permanent effects and the company will return to its normal growth path.
Financial risk The Group and the Company are exposed to several financial risks such as market price risk, credit risk, cash flow risk from interest rate fluctuations and liquidity risk, but which, under normal market conditions, affect the Group and the Company to a small extent. More specifically: a) Currency risk Although the Group and the Company are active globally, they are not exposed to currency risk since almost all their transactions are carried out in euro. b) Credit risk
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PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
The Group and the Company do not have significant concentrations of credit risk. Wholesale sales are mainly made to customers with low degree of losses. In the case of a long term credit, usually more than one year and provided it is possible, the ownership of the goods sold is withheld.
c) Liquidity risk Liquidity risk is maintained at low levels through the availability of significant amounts of cash, sufficient credit limits and the assignment of receivables without recourse. The available credit limits for bank financing as at 30 June 2020 amount to approximately € 32.550.000 (not received at 30.06.2020 approximately € 9.150.000). All receivables that were assigned without recourse during the period amounted to € 1.571.973 and this practice, mutatis mutandis, is expected to apply for the remainder of the year. d) Interest rate risk . The Group and the Company do not have significant assets bearing interest. The risk of interest rate changes resulting from long term bank loans is not particularly significant for the Group and the Company, as all of them are bonded loans with a locked interest rate throughout their life. Short term loans also do not expose the group to significant risks due to its high credit standing.
Significant other risks and uncertainties The Company has a leading position in its sector and activities, and therefore does not face any particular risks and uncertainties other than those faced by the country in the context of the current economic climate.
Inventories are estimated to amount at € 22 m. at the end of the year, compared to € 16 m. at the end of 2019. Short term trade receivables are estimated to amount at € 18,4 m. at the end of the year, compared to € 18,3 m. at the end of 2019.
D) Alternative Performance Measures
Management monitors the following performance measure indicators:
(a) EBITDA The EBITDA relates to earnings before interest, tax, depreciation, and amortization and can be directly received by the income statement. The EBITDA of the Group amounted to € 2,5 m. in the period compaired to € 2,9 of the corresponding period of previous year, recording a decrease of 12,4%.
(b) Group's capital adequacy or solvency ratio. This indicator refers to the percentage of the assets that are financed by the equity and is computed as follows: Equity divided by the total assets without taking in to account cash and equivalents. The ratio remained at a high level of 57% compaired to 64,9% at the end of 2019.
(c) Employed capital replacement rate T
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PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
The rate is calculated as follows: Sales / (Inventories + Trade receivables + Other tangible assets). The T rate in the current period was 0,9 compared to 1,6 of the comparable period of the previous year. The difference is due to covid 19 lockdown. However the rate is expected to reach 1,2 at the end of the period.
(d) E.V.A. (Economic Value Added). The rate monitors the results of the parent company, taking into account the cost of the capital employed, and is calculated by a specific methodology as follows: E.V.A. = Operating Profit (WACC * Total Employed Funds), where WACC: Weighted Average Capital Cost. E.V.A. of the company for the period amounted to € 42.120 compaired to € (226.835) of the corresponding period of the previous year.
E) Related party transactions The transactions of the Company with its related parties during the period 01.01 – 30.06.2020, have been made under the usual commercial terms and have not changed in proportion to the transactions for the corresponding period of 2019. Consequently, there is no material effect on the financial position and performance of the Company. Intercompany income and expenses and intercompany balances of receivables and payables are presented in the following tables:
Other intercompany sales 01.01 30.06.2020 Obtaining company Selling company Kind PETROS PETROPOULOS AEBE Totals AEGEM SA Rentals 130.451,88 260.903,76
Receivables – Payables of PETROS PETROPOULOS ΑΕΒΕ at 30.06.2020
Company Receivables Liabilities Totals AEGEM 0,00 (1.306.432,02) (1.306.432,02)
Key management personnel transactions 01.01 30.06.2020 Group Company Key management personnel remuneration (short term benefits) 338.732,33 338.732,33 Key management personnel remuneration (extra short term benefits) 224.313,35 224.313,35 Receivables from key management personnel 9.500,00 9.500,00 Liabilities to key management personnel 382.639,90 382.639,90
Transactions with other related parties 01.01 – 30.06.2020 Obtaining company Selling company Kind PETROS PETROPOULOS AEBE PETROPOULOI AFOI OE Sales of goods 4.920,00 PETROPOULOI AFOI OE PETROS PETROPOULOS AEBE Sales of goods 2.277,20
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PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
PETROS PETROPOULOS AEBE NTELPA AE Sales of services 99.876,00 Group Company Liabilities to other related parties 410.907,21 410.907,21
Other related parties concern basic shareholders and their companies.
There are no doubtful receivables or provisions for doubtful debts among related parties.
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PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
Review Report of Ιndependent Auditor
To the Board of Directors of «PETROS PETROPOULOS AEBE»
Review report on Interim Financial Information
Introduction
We have reviewed the accompanying statement of financial position of PETROS PETROPOULOS AEBE as at 30 June 2020 and the related statements of comprehensive income, changes in equity and cash flows for the six month period then ended, as well as the selected explanatory notes that constitute the interim condensed separate and consolidated financial information, which is an integral part of the six month period financial report under article 5 of L. 3556/2007. Management is responsible for the preparation and presentation of this interim condensed financial information in accordance with International Financial Reporting Standards as adopted by the European Union (EU) and apply to interim financial information (“IAS 34”). Our responsibility is to express a conclusion on this interim condensed financial information based on our review.
Scope of Review
We conducted our review in accordance with International Standard on Review Engagements 2410, «Review of Interim Financial Information Performed by the Independent Auditor of the Entity». A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Auditing Standards that have been adopted by the Greek Law and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with International Accounting Standard «IAS 34».
Report on Other Legal and Regulatory Requirements
Our review has not detected any inconsistency or mismatch between the other elements of the six month report provided by article 5 of Law 3556/2007 and the accompanying financial information.
Athens August 4, 2020
MPI HELLAS SA Certified Auditor Reg. Num.:155
Εthnikis Antistaseos 9 – 11 Michael Zacharioudakis Reg. Num.: 13191 Chalandri Αthens
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PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
INTERIM FINANCIAL INFORMATION
FOR THE PERIOD 01.01.2020 – 30.06.2020
In Accordance with IAS 34
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PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
I. Statement of financial position
(Amounts in euro) Group Company Assets Note 30/6/2020 31/12/2019 30/6/2020 31/12/2019 Non current assets Property plant and equipment 3.1 13.793.558,33 13.672.995,86 9.338.558,32 9.208.995,85 Intangible assets 3.1 349.537,94 442.924,04 349.237,93 442.021,78 Investments in subsidiaries 0,00 0,00 4.683.310,36 4.683.310,36 Deferred tax assets 592.088,46 635.559,59 742.923,16 779.847,61 Trade receivables 3.2 296.839,63 319.310,80 296.839,63 319.310,80 Other long term receivables 3.2 701.399,70 715.590,91 701.399,70 715.590,91 Total non current assets 15.733.424,06 15.786.381,20 16.112.269,10 16.149.077,31
Current assets inventory 3.2 27.812.115,08 16.021.424,14 27.812.115,08 16.021.424,14 Trade receivables 3.2 17.771.482,98 18.044.220,47 17.689.854,10 18.007.882,78 Other receivables 3.2 2.051.132,69 5.491.638,23 2.049.017,00 5.491.636,70 Cash and cash equivalents 17.408.075,95 8.735.764,04 17.239.751,12 8.542.714,01
Total current assets 65.042.806,70 48.293.046,88 64.790.737,30 48.063.657,63
Total assets 80.776.230,76 64.079.428,08 80.903.006,40 64.212.734,94
Equity and liabilities Equity od shareholders of the parent Share capital 6.575.472,00 6.575.472,00 6.575.472,00 6.575.472,00 Reserves 8.412.264,12 8.447.629,76 7.631.496,25 7.666.861,89 Retained earnings 21.086.712,77 20.900.053,07 20.743.479,06 20.675.165,33
Total equity 36.074.448,89 35.923.154,83 34.950.447,31 34.917.499,22
Long term liabilities Long term borrowings 3.3 4.625.000,00 5.750.000,00 4.625.000,00 5.750.000,00 Provisions for staff indemnity 1.239.662,37 1.239.662,37 1.239.662,37 1.239.662,37 Other long term liabilities 758.867,61 708.867,61 758.867,61 708.867,61
Total long term liabilities 6.623.529,98 7.698.529,98 6.623.529,98 7.698.529,98
Short term liabilities Short term borrowings 3.3 15.524.888,28 5.513.495,85 15.524.888,28 5.513.495,85 Short term part of long term borrowings 3.3 3.375.000,00 3.375.000,00 3.375.000,00 3.375.000,00 Trade and other liabilities 19.155.309,00 11.562.038,81 20.429.140,83 12.708.209,89 Current income tax 3.4 23.054,61 7.208,61 0,00 0,00
Total short term liabilities 38.078.251,89 20.457.743,27 39.329.029,11 21.596.705,74
Total liabilities 44.701.781,87 28.156.273,25 45.952.559,09 29.295.235,72
Total equity and liabilities 80.776.230,76 64.079.428,08 80.903.006,40 64.212.734,94
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PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
ΙΙ. Statement of comprehensive income
(Amounts in euro) Group Company
Note 1/1 30/6/2020 1/1 30/6/2019 1/1 30/6/2020 1/1 30/6/2019
Revenue 2.3 45.506.948,01 57.271.775,02 45.387.262,23 57.183.689,49
Cost of sales 2.3 (36.917.235,85) (47.585.104,07) (36.812.587,63) (47.509.539,38)
Gross profit 8.589.712,16 9.686.670,95 8.574.674,60 9.674.150,11
Other revenue 932.783,57 931.367,48 911.287,34 852.124,23
Administrative expenses (1.665.638,60) (1.803.051,47) (1.777.409,19) (2.126.130,51)
Selling expenses (5.510.207,68) (6.057.589,10) (5.510.207,68) (6.057.589,10)
Other expenses (235.986,45) (272.886,11) (235.986,45) (266.091,34)
Profit before tax, finance and investment income 2.110.663,00 2.484.511,75 1.962.358,62 2.076.463,39
Interest income 33.746,46 16.436,29 33.744,23 16.431,62
Interest expense (844.837,66) (503.025,50) (844.478,31) (502.214,23)
Profit before tax 1.299.571,80 1.997.922,54 1.151.624,54 1.590.680,78
Income tax 3.4 (405.912,10) (1.128.783,68) (376.310,81) (995.780,65)
Profit after tax 893.659,70 869.138,86 775.313,73 594.900,13
Other comprehensive income net of tax 0,00 0,00 0,00 0,00
Total comprehensive income after tax 893.659,70 869.138,86 775.313,73 594.900,13
Profit is attributed to:
Shareholders of parent company 893.659,70 869.138,86 775.313,73 594.900,13
Non controlling interests 0,00 0,00 0,00 0,00
Total 893.659,70 869.138,86 775.313,73 594.900,13
Total comprehensive income is attributed to:
Shareholders of parent company 893.659,70 869.138,86 775.313,73 594.900,13
Non controlling interests 0,00 0,00 0,00 0,00
Total 893.659,70 869.138,86 775.313,73 594.900,13
Basic earnings per share 0,1265 0,1229 0,1097 0,0841
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PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
ΙΙΙ. Statement of changes in equity (Group)
Share Share Treasury Revaluation Other Retained (Amounts in euro) Total capital premium shares reserve reserves earnings
Balance at 01.01.2019 6.575.472,00 148.782,35 (322.948,04) 2.598.548,14 5.443.489,10 17.613.989,41 32.057.332,96 Total comprehensive income of the period 869.138,86 869.138,86 Total 6.575.472,00 148.782,35 (322.948,04) 2.598.548,14 5.443.489,10 18.483.128,27 32.926.471,82
Treasury shares 393.024,30 393.024,30 Balance at 30.06.2019 6.575.472,00 148.782,35 70.076,26 2.598.548,14 5.443.489,10 18.483.128,27 33.319.496,12
Balance at 01.01.2020 6.575.472,00 148.782,35 74.526,24 2.597.527,71 5.626.793,46 20.900.053,07 35.923.154,83 Total comprehensive income of the period 893.659,70 893.659,70 Total 6.575.472,00 148.782,35 74.526,24 2.597.527,71 5.626.793,46 21.793.712,77 36.816.814,53
Dividends (707.000,00) (707.000,00) Treasury shares (35.365,64) (35.365,64) Balance at 30.06.2020 6.575.472,00 148.782,35 39.160,60 2.597.527,71 5.626.793,46 21.086.712,77 36.074.448,89
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PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
ΙΙΙ. Statement of changes in equity (Company)
Share Share Treasury Revaluation Other Retained (Amounts in euro) Total capital premium shares reserve reserves earnings
Balance at 01.01.2019 6.575.472,00 148.782,35 (322.948,04) 1.977.777,57 5.305.036,65 17.786.449,17 31.470.569,70 Total comprehensive income of the period 0,00 594.900,13 594.900,13 Total 6.575.472,00 148.782,35 (322.948,04) 1.977.777,57 5.305.036,65 18.381.349,30 32.065.469,83
Treasury shares 393.024,30 393.024,30 Balance at 30.06.2019 6.575.472,00 148.782,35 70.076,26 1.977.777,57 5.305.036,65 18.381.349,30 32.458.494,13
Balance at 01.01.2020 6.575.472,00 148.782,35 74.526,24 1.971.290,69 5.472.262,61 20.675.165,33 34.917.499,22 Total comprehensive income of the period 775.313,73 775.313,73 Total 6.575.472,00 148.782,35 74.526,24 1.971.290,69 5.472.262,61 21.450.479,06 35.692.812,95
Dividends (707.000,00) (707.000,00) Treasury shares (35.365,64) (35.365,64) Balance at 30.06.2020 6.575.472,00 148.782,35 39.160,60 1.971.290,69 5.472.262,61 20.743.479,06 34.950.447,31
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PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
IV. Cash flow statement
(Amounts in euro) Group Company
1/1 1/1 1/1 1/1 Indirect method Note 30/06/2020 30/06/2019 30/06/2020 30/06/2019
Operating activities
Profit before tax 1.299.571,80 1.997.922,54 1.151.624,54 1.590.680,78
Adjustments for:
Depreciation 3.1 389.878,99 368.536,84 380.312,80 358.969,95
Interest income (33.746,46) (16.436,29) (33.744,23) (16.431,62)
Interest expense 844.837,66 503.025,50 844.478,31 502.214,23
2.500.541,99 2.853.048,59 2.342.671,42 2.435.433,34
Changes of working capital
(Increase) / decrease of inventory (11.790.690,94) (1.477.212,75) (11.790.690,94) (1.493.162,75)
(Increase) / decrease of receivables 3.793.376,54 (6.476.361,33) 3.834.235,21 (6.543.682,67)
Increase / (decrease) of liabilities (except borrowings) 6.546.204,09 1.954.267,59 6.687.620,13 2.431.015,43
(1.451.110,31) (5.999.306,49) (1.268.835,60) (5.605.829,99)
Less:
Interest paid (844.837,66) (503.025,50) (844.478,31) (502.214,23)
Net cash flows from operating activities (a) 204.594,02 (3.649.283,40) 229.357,51 (3.672.610,88)
Investing activities
Purchase of fixed assets (1.127.958,96) (2.228.343,12) (1.127.958,96) (2.228.343,12)
Receipt form sales of fixed assets 710.903,60 1.290.401,11 710.867,54 1.290.401,11
Interest received 33.746,46 16.436,29 33.744,23 16.431,62 Net cash flows from investing activities (b) (383.308,90) (921.505,72) (383.347,19) (921.510,39)
Financing activities Purchases /(sales) of treasury shares (35.365,64) 393.024,30 (35.365,64) 393.024,30 Borrowings received/paid 3.3 8.886.392,43 823.632,14 8.886.392,43 823.632,14 Net cash flows from financing activities (c) 8.851.026,79 1.216.656,44 8.851.026,79 1.216.656,44
Net (decrease) / increase in cash and cash equivalents 8.672.311,91 (3.354.132,68) 8.697.037,11 (3.377.464,83) (a+b+c) Cash and cash equivalents at the beginning of the period 8.735.764,04 7.750.180,22 8.542.714,01 7.485.954,86
Cash and cash equivalents at the end of the period 17.408.075,95 4.396.047,54 17.239.751,12 4.108.490,03
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PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
SELECTED NOTES ON THE FINANCIAL STATEMENTS For the period 1 January to 30 June 2020
1. Information about the group
1.1 General information
PETROS PETROPOULOS SA (the "Company") is a company registered in Greece under R.N. 285301000. It has its headquarter in Athens, at 96 104 Iera Odos Street, and its internet address is www.petropoulos.com. Founded in 1922 in Thessaloniki, it manufactures, amends, distributes and trades a wide range of products such as cars, trucks, buses, generators, vehicle batteries, diesel engines, boats, outboard engines, agricultural, earthmoving and industrial machinery. The Company holds a leading position in the Greek market in every sector of its activity.
These financial statements of the Group and the Company, for the period from 1 January to 30 June 2020, were approved by the Board of Directors on 3.8.2020.
The Board of Directors consists of: Michael Economakis, Chairman (Non Executive) Michalis Michaloutsos, Vice President (Non Executive) Theodoros Anagnostopoulos, Managing Director (Executive Member) Ioannis Filiotis, member (Non Executive, Independent) Nikolaos Ebeoglou, member (Non Executive, Independent) Ioannis Katsouridis, member (Non Executive, Independent) George Drakos, member (Non Executive, Independent) Stephanos Manos (Non Executive, Independent).
1.2 Structure of the Group
The consolidated financial statements (Group) include the financial statements of the parent Company and its subsidiaries:
Company Head Office Percentage of Participation PETROS PETROPOULOS AEBE Athens, Greece Parent
A.E.G.E.M. S.A. Athens, Greece 100% PETROMOTOR BULGARIA EOOD Sofia, Boulgaria 100 %
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PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
2 Significant Accounting Policies Used by the Group and the Company
2.1 Significant accounting estimates and conventions in applying accounting policies / New accounting standards The accounting policies and methods of computation applied for the preparation of these condensed financial statements, the significant assumptions adopted by the management as well as the main sources of uncertainty that affect the estimates, are the same with those adopted in the annual financial statements of 2019. As these financial statements are condensed, they should be considered in relation to the annual financial statements for the financial year 2019.
Standards and interpretation applicable in 2020
«Amendments to IAS 1 and IAS 8 » regarding the definition of material that was published in October of 2018 and is applicable for annual period beginning on or after 01.01.2020. It had no impact on the financial statements of the company and the group.
«Amendments to IFRS 3» regarding the definition Business, that was issued in October of 2018 and is applicable for annual period beginning on or after 01.01.2020. που εκδόθηκε τον Οκτώβριο του 2018 ε ισχύ για ετήσιες περιόδους που ξεκινούν την ή ετά την 01.01.2020. It had no impact on the financial statements of the company and the group.
«Covid 19 Related Rent Concessions – Amendments to IFRS 16 Leases». It was issued in May 2020 and is applicable for annual periods beginning on or after 01.06.2020. It permits to lessees, for rent concessions of leases related to covid 19 pandemic and which meet some conditions, not to account for them as modifications of the lease. It is not expected to have any effect on the financial statements of the company and the group.
New standards and interpretations applicable for annual periods beginning after 01.01.2020
«Amendments to IFRS 9, IAS 39 and IFRS 7 in relation to Interest Rate Benchmark Reform». It introduces amendments to hedge accounting of IFRS 9 and IAS 39 by giving exemptions from the discontinuation of hedge accounting, due to reform of interest rate benchmark. It was approved in September of 2019 and is applicable for annual periods beginning on or after 01.01.2021. It is not expected to have any effect on the financial statements of the company and the group.
«Amendments to IAS 1 in relation to the classification of liabilities as current and non current». It was approved in January of 2020 and is applicable for annual periods beginning on or after 01.01.2022, with retrospective application in accordance with IAS 8. In July of 2020 its application was postponed for 01.01.2023. It is not expected to have any effect on the financial statements of the company and the group.
«Reference to the Conceptual Framework Amendments to IFRS 3 Business Combinations». It was issued in May 2020 and is applicable for annual periods beginning on or after 01.01.2022. It is not expected to have any effect on the financial statements of the company and the group.
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PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
«Onerous Contracts – Cost Fulfilling a Contract Amendments to IAS 37 Provisions». It was issued in May 2020 and is applicable for annual periods beginning on or after 01.01.2022. It relates to costs that are taking into account in order to be estimated whether a contract is onerous. It is not expected to have any effect on the financial statements of the company and the group. «Property, Plant and Equipment – Proceeds Before Intended Use – Amendments to IAS 16». It was issued in May of 2020 and is applicable for annual periods beginning on or after 01.01.2022. It relates to revenue and cost of goods sold, for goods produced by fixed assets before they are ready for their intended use. Under the amendment these revenue and costs are recognized as revenue and expenses in the income statement and not as an increase of the cost of fixed assets. It is not expected to have any effect on the financial statements of the company and the group.
«Annual Improvements in Standards of Period 2018 2020». It was issued in May of 2020 and is applicable for annual periods beginning on or after 01.01.2022. It includes various improvements in IFRS 1, IFRS 9, IFRS 16 and IAS 41. It is not expected to have any effect on the financial statements of the company and the group.
«Amendments to IFRS 17 Insurance Contracts». It was issued in October of 2020, is applicable for annual periods beginning on or after 01.01.2023 and includes extensive amendments in relation to the existing standard. In July of 2020, a consolidation of all amendments up to then was made and a single and complete standard for insurance contracts was issued. It is not relevant to the activities of the company and the group.
2.2 Consolidation
Subsidiary companies The consolidated financial statements include the financial statements of the Company and the companies controlled by it (subsidiaries). Control exists when the Company has the power to direct the financial and operating activities of a business in order to obtain benefit. Revenue and expenses (gains/losses), assets and liabilities of subsidiaries are included in the financial statements using the full consolidation method. The financial statements of subsidiaries are prepared with the same accounting policies used by the Company. Intra group transactions, intra group balances and intra group revenues and expenses are eliminated in full on consolidation. Goodwill arising on the acquisition of a business, if positive, is recognized as a non depreciable asset subject to impairment testing annually. If it is negative, it is recognized as income in the income statement of the Group. Goodwill is the difference between the acquisition cost and the fair value of the individual assets, liabilities and contingent liabilities of the acquiree.
2.3 Operating Segments
The Group's operating segments are strategic units selling different goods. They are monitored and managed separately by the Board of Directors because these goods are of a completely different nature, market demand and gross profit margin. The sectors of the Group are:
1. Vehicle Sector, which includes Truck & Bus Business Units, Isuzu and Land Rover & Jaquar.
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PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
2. Self Propelled Machines Sector, which includes the Petrogen Business Units (Electric Power Supply), E & B (Engines and Boats), McCormic Landini and Cubota (Agricultural Machinery), I E (Industrial Equipment) and Geotech (agricultural and garden equipment). 3. Lubricants and Batteries Sector. 4. Real Estate Sector.
The accounting policies for the operating segments are the same as those used for the preparation of the Financial Statements.
Profitability of segments is measured on the basis of profit or loss from operating activities before income tax and without taking into account certain income and expense items (extraordinary and foreign exchange differences) that management monitors overall.
Group sales are wholesale in total and include domestic sales and exports. Other revenue concerns domestic revenue.
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PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
Self Propelled Lubricants and Vehicles Real Estate 30.06.2020 Machines Butteries Other Eliminations Total Segment Segment Segment segment Sales to external customers 20.433.516,79 16.351.806,13 8.721.625,06 0,03 45.506.948,01 Intersegment sales 0,00 0 0,00 0,00 0,00 Cost of goods sold (18.152.827,65) (11.929.930,59) (6.834.254,11) (223,50) (36.917.235,85) Gross margin 2.280.689,14 4.421.875,54 1.887.370,95 (223,47) 8.589.712,16
Other revenue from external 235.945,41 41.637,10 507.081,48 73.148,54 74.971,04 0,00 932.783,57 customers Intersegment other revenue 0,00 0,00 0,00 130.451,88 0,00 (130.451,88) 0,00 Depreciation and amortization (115.146,47) (47.675,32) (69.659,88) (9.000,00) (148.397,32) (389.878,99) Other expenses (1.489.573,22) (2.276.069,79) (1.456.980,32) (2.809,33) (1.850.113,27) 53.592,19 (7.021.953,74) Interest expense (32.455,68) (64.034,29) (40.352,94) (15,00) (784.839,44) 76.859,69 (844.837,66) Interest income 0,00 8.252,43 3.256,62 2,21 22.235,20 33.746,46 Profit before tax 879.459,19 2.083.985,67 830.715,91 191.778,30 (2.686.367,26) 0,00 1.299.571,80 Income tax (405.912,10) Net profit 893.659,70
30/6/2020 30/6/2020 30/6/2020 30/6/2020 30/6/2020 30/6/2020 30/6/2020 Segment assets 22.614.002,69 11.983.595,43 5.518.168,69 5.811.854,25 34.848.609,70 80.776.230,76
30/6/2020 30/6/2020 30/6/2020 30/6/2020 30/6/2020 30/6/2020 30/6/2020 Acquisition of fixed assets 941.149,66 1.129,00 0,00 0,00 185.680,30 1.127.958,96
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PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
Lubricants and Vehicles Self Propelled Real Estate 30.06.2019 Butteries Other Eliminations Total Segment Machines Segment Segment segment Sales to external customers 31.559.930,04 14.184.206,80 11.527.638,16 0,02 57.271.775,02 Intersegment sales 0,00 0,00 0,00 0,00 0,00 Cost of goods sold (27.781.372,23) (10.610.803,24) (9.192.493,58) (435,02) (47.585.104,07) Gross margin 3.778.557,81 3.573.403,56 2.335.144,58 (435,00) 9.686.670,95
Other revenue from external 228.679,55 39.308,89 525.340,90 72.036,65 66.001,49 0,00 931.367,48 customers Intersegment other revenue 0,00 0,00 0,00 352.817,76 0,00 (352.817,76) 0,00 Depreciation and amortization (72.147,04) (48.464,01) (95.490,47) (9.000,00) (143.435,32) (368.536,84) Other expenses (1.842.241,99) (2.240.589,93) (1.676.311,88) (22.278,17) (2.248.786,53) 265.218,66 (7.764.989,84) Interest expense (54.000,61) (59.165,92) (51.127,49) (298,76) (426.031,82) 87.599,10 (503.025,50) Interest income 0,00 2.444,47 2.873,56 4,67 11.113,59 16.436,29 Profit before tax 2.038.847,73 1.266.937,06 1.040.429,20 393.282,15 (2.741.573,59) 0,00 1.997.922,54 Income tax (1.128.783,68) Net profit 869.138,86
31/12/2019 31/12/2019 31/12/2019 31/12/2019 31/12/2019 31/12/2019 31/12/2019 Segment assets 17.448.617,53 11.125.789,31 5.742.852,40 5.683.871,91 24.078.296,93 64.079.428,08
31/12/2019 31/12/2019 31/12/2019 31/12/2019 31/12/2019 31/12/2019 31/12/2019 Acquisition of fixed assets 942.671,49 20.231,31 1.390,76 0,00 1.264.049,56 2.228.343,12
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PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
Sales by geographical area, product category and time of recognition, have as follows:
Self Propelled Lubricants and Real Estate 30.6.2020 Vehicles Segment Other Total Machines Segment Butteries segment Segment Geographical area
Domestic 15.041.734,74 15.689.384,02 7.861.470,91 0,00 0,03 38.592.589,70 Abroad 5.391.782,05 662.422,11 860.154,15 0,00 0,00 6.914.358,31 Total 20.433.516,79 16.351.806,13 8.721.625,06 0,00 0,03 45.506.948,01
Product categories Trucks and busses 4.820.008,94 4.820.008,94 Light tracks 1.764.158,80 1.764.158,80 Cars 13.849.349,05 13.849.349,05 Engines and boats 2.372.681,79 2.372.681,79 Power supply 3.296.206,79 3.296.206,79 Agricultural machines 10.192.538,09 10.192.538,09 Industrial equipment 490.379,46 490.379,46 Batteries and accessories 2.015.163,73 2.015.163,73 Lubricants 6.706.461,33 6.706.461,33 Various 0,03 0,03 Total 20.433.516,79 16.351.806,13 8.721.625,06 0,00 0,03 45.506.948,01
Time of recognition At a point in time 20.433.516,79 15.821.571,04 8.721.625,06 0,00 0,03 44.976.712,92 Over time 0,00 530.235,09 530.235,09 Total 20.433.516,79 16.351.806,13 8.721.625,06 0,00 0,03 45.506.948,01
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PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
30.06.2019 Self Propelled Machines Lubricants and Real Estate Vehicles Segment Other Total Segment Butteries segment Segment Geographical area
Domestic 24.455.204,81 13.934.635,03 10.664.715,64 0,00 0,02 49.054.555,50 Abroad 7.104.725,23 249.571,77 862.922,52 0,00 0,00 8.217.219,52 Total 31.559.930,04 14.184.206,80 11.527.638,16 0,00 0,02 57.271.775,02
Product categories Trucks and busses 7.552.388,09 7.552.388,09 Light tracks 2.339.186,29 2.339.186,29 Cars 21.668.355,66 21.668.355,66 Engines and boats 3.238.217,37 3.238.217,37 Power supply 4.179.948,45 4.179.948,45 Agricultural machines 6.027.229,45 6.027.229,45 Industrial equipment 738.811,53 738.811,53 Batteries and accessories 2.190.288,11 2.190.288,11 Lubricants 9.337.350,05 9.337.350,05 Various 0,02 0,02 Total 31.559.930,04 14.184.206,80 11.527.638,16 0,00 0,02 57.271.775,02
Time of recognition At a point in time 31.559.930,04 12.893.061,53 11.527.638,16 0,00 0,02 55.980.629,75 Over time 0,00 1.291.145,27 1.291.145,27 Total 31.559.930,04 14.184.206,80 11.527.638,16 0,00 0,02 57.271.775,02
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PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
3 Additional information on the interim financial statements of 30.06.2020
3.1 Tangible and intangible assets
Investments in tangible and intangible assets amounted to € 2.127.958,96 for both, group and company. The amounts for the previous year were € 2.228.343,12. Depreciation of tangible assets amounted to € 263.051,21 for the group and € 254.051,21 for the company. Amortization of intangible assets amounted to €126.827,78 for the group and the company. Amortization of intangible assets includes the amount of € 98.150,80 that concerns amortization of the brand name and clientele of SHELL and the brand name of LANDINI. The last revaluation of Property refers to 31.12.2017 and was performed by independent valuer. Fair values of self occupied property were determined by using the method of comparable fingers (level 3 of fair value hierarchy). The benchmark price range of land was € 880 2.119 / s.m. for offices, € 1.667 – 2.555 / s.m. for stores, € 375 800 / s.m. for warehouses, € 380 780 / s.m. for industrial buildings and € 706 1.087 / s.m. for plots. The average of the abovementioned comparative figures is about € 1.265 / s.m. for offices, € 2.090 / s.m. for stores, € 481 / s.m. for warehouses, € 627 / s.m. for industrial buildings and € 841 / s.m. for plots.
3.2 Inventory / Receivables from customers / Other receivables
Inventory
No new write off was recognized in the period, since net realizable values of inventory at which they have been measured in the previous year reflect the market conditions.
Receivables form customers
(Long term) Group Company 30/06/2020 31/12/2019 30/06/2020 31/12/2019 Long term notes receivable 301.700,11 370.628,79 301.700,11 370.628,79
Non accrued interest (39.440,15) (51.317,99) (39.440,15) (51.317,99) Prepayments 34.579,67 0,00 34.579,67 0,00 Total 296.839,63 319.310,80 296.839,63 319.310,80
(Short term) Group Company 30/06/2020 31/12/2019 30/06/2020 31/12/2019 Open balances 11.863.560,16 12.424.691,66 11.781.926,34 12.388.353,97 Notes receivable 1.869.066,08 692.079,54 1.869.066,08 692.079,54 Non accrued interest (7.533,04) (15.066,08) (7.533,04) (15.066,08) Post dated checks 3.426.107,00 4.163.358,65 3.426.107,00 4.163.358,65 Past due receivables 2.675.622,23 2.675.622,23 2.675.622,23 2.675.622,23 Past due notes 456.449,40 430.095,65 456.449,40 430.095,65 Impairment of receivables (2.511.788,85) (2.326.561,18) (2.511.783,91) (2.326.561,18) Total (net amount) 17.771.482,98 18.044.220,47 17.689.854,10 18.007.882,78
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PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
The company and the group apply the simplified approach of of IFRS 9, under which the allowance for expected credit losses is measured at an amount equal to lifetime expected credit losses.
To determine the expected credit losses, the following table that presents a time analysis of the receivables and loss percentages on the basis of historical data and forecasts for the future economic conditions, was used. Under this analysis the expected credit losses for the period 01.01 – 30.06.2020 amounted to € 185.227,67 for both group and company and were recognized as expenses in the income statement. The expected credit losses that were recognized as expenses in the income statement of the comparable period 01.01 30.06.2019 were € 134.199,48 for both group end company.
Impairment of receivables
Group More than 31 60 61 90 91 180 1 30 days 180 31.12.2019 Current days days days Total past due days past past due past due past due due
Receivables 15.296.818,93 875.939,95 283.759,93 218.757,57 709.481,20 3.371.718,94 20.756.476,52
Loss percentage 0,10% 0,50% 2,00% 3,00% 5,00% 67,00%
Expected credit losses at 31.12.2019 15.296,82 4.379,70 5.675,20 6.562,73 35.474,06 2.259.172,68 2.326.561,18 Balance at 01.01.2019 2.094.727,45 Eliminations in 2019 0 Expected credit losses for year 2019 231.833,73
More than 31 60 61 90 91 180 1 30 days 180 30.6.2020 Current days days days Total past due days past past due past due past due due Receivables 14.403.100,79 723.563,99 661.611,20 845.755,68 355.020,39 3.638.032,60 20.627.084,65
Loss percentage 0,10% 0,50% 2,00% 3,00% 5,00% 67,00%
Expected credit losses at 30.06.2020 14.333,27 3.617,82 13.232,22 25.372,67 17.751,02 2.437.481,84 2.511.788,85 Balance at 31.12.2019 2.326.561,18 Eliminations in 2020 0,00 Expected credit losses for 01.01 185.227,67 30.06.2020
Company More than 31 60 61 90 91 180 1 30 days 180 31.12.2019 Current days days days Total past due days past past due past due past due due
Receivables 15.296.818,93 875.939,95 283.759,93 218.757,57 673.143,51 3.371.718,94 20.720.138,83
Loss percentage 0,10% 0,50% 2,00% 3,00% 5,00% 67,00%
Expected credit losses at 31.12.2019 15.296,82 4.379,70 5.675,20 6.562,73 33.657,18 2.260.989,56 2.326.561,18 Balance at 01.01.2019 2.094.727,45 Eliminations in 2019 0,00 Expected credit losses for year 2019 231.833,73
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PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
More than 31 60 61 90 91 180 1 30 days 180 30.6.2020 Current days days days Total past due days past past due past due past due due Receivables 14.321.466,97 723.563,99 661.611,20 845.755,68 355.020,39 3.638.032,60 20.545.450,83
Loss percentage 0,10% 0,50% 2,00% 3,00% 5,00% 67,00%
Expected credit losses at 30.06.2020 14.328,34 3.617,82 13.232,22 25.372,67 17.751,02 2.437.481,84 2.511.783,91 Balance at 31.12.2019 2.326.561,18 Eliminations in 2019 0,00 Expected credit losses for 01.01 185.222,73 30.06.2020
Other current receivables
The analysis of other short term receivables has as follows:
Group Company 30/06/2020 31/12/2019 30/06/2020 31/12/2019 Sundry debtors 1.043.178,01 758.082,88 1.041.062,32 758.082,88 Prepayments to vendors 1.006.286,98 3.762.334,23 1.006.286,98 3.762.334,23 Sundry prepayments (39.374,08) 18.799,93 (39.374,08) 18.799,93 Next year expenses 39.900,78 951.278,66 39.900,78 951.278,66 Other 1.141,00 1.142,53 1.141,00 1.141,00 Total 2.051.132,69 5.491.638,23 2.049.017,00 5.491.636,70
3.3 Borrowings Net inflows/outflows (loans received/loans paid) amounted to € 8.886.392,43 for both group and company. The corresponding amounts for the comparative period were € 823.632,14 for both group and company.
3.4 Income tax
Group Company 30/06 /2020 30/06 /2019 30/06 /2020 30/06 /2019 Current income tax (362.440,97) (558.434,95) (339.386,36) (497.279,23) Deferred income tax (43.471,13) (9.091,78) (36.924,45) 62.755,53 Tax inspection differences 2014 0,00 (561.256,95) 0,00 (561.256,95) 2016 Total income tax (405.912,10) (1.128.783,68) (376.310,81) (995.780,65)
During the first half of the year 2019, the tax inspection of the Company for the years 2014, 2015 and 2016 was completed. The inspection imposed taxes and stamp duty including penalties of € 131.066.50, which have been recognized in the item "Other Expenses" and income tax including penalties of € 561.256,95 95 which have been recognized in the item of income statement "Income Tax".
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PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
Income tax expense differs from the theoretical amount that would result by using the average tax rate on period’s profit. The difference has as follows: Group Company 30/06 /2020 30/06 /20 19 30/06 /2020 30/06 /20 19 Profit before tax 1.299.571,80 1.997.922,5 1.151.624,54 1.590.680,78 Income tax rate 24% 28% 24% 28% Income tax on the basis of tax rate (311.897,23) (559.418,3 (276.389,89) (445.390,62) Tax on items non deducted for tax (94.014,87) (8.108,42) (99.920,92) 10.866,92 Tax inspection differences 2014 2016 0,00 (561.256,9 0,00 (561.256,95) Total income tax (405.912,10 ) (1.128.783, (376.310,81 ) (995.780,65)
The following tax years have not been audited by tax authorities:
Company Headquarters Years
PETROS PETROPOULOS AEBE Athens, Greece 2017 2019 SEMKA LTD Egaleo, Greece 2014 2017 LYPA INTERNATIONAL AEBE Athens, Greece 2014 2019 AEGEM SA Athens, Greece 2014 2019
Tax years 2014 and 2015 of the subsidiaries have been audited for tax purposes, by the statutory auditor in accordance with the provisions of tax law.
3.5 Seasonality The activities of the group and the company do not have any special seasonality.
3.6 Dividends The annual meeting of the shareholders of the company that took place on 29.6.2020, decided the distribution of dividend €0,10 per share from the profits of year 2019.
3.7 Related party transactions
(a) Transactions with subsidiaries and key management personnel remuneration
Group Company 30.06.2020 30.06.2019 30.06.2020 30.06.2019 Rendering of services from subsidiaries 0,00 0,00 130.451,88 352.817,76 Key management personnel remuneration 338.732,33 248.423,92 338.732,33 248.423,92 (short term benefits) Key management personnel remuneration 224.313,35 108.017,97 224.313,35 108.017,97 (extra short term benefits)
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PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
30.06.2020 31.12.2019 30.06.2020 31.12.2019 Liabilities to subsidiaries 0,00 0,00 1.306.432,02 1.171.283,88 Receivables from key management personnel 9.500,00 0,00 9.500,00 0,00 Liabilities to key management personnel 382.639,90 330.000,00 382.639,90 330.000,00
(b) Transactions with other related parties (basic shareholders and their companies)
Group Company 30.06.2020 30.06.2019 30.06.2020 30.06.2019 Purchases of goods 4.920,00 5.000,00 4.920,00 5.000,00 Sales of goods 2.277,20 590,72 2.277,20 590,72 Rendering of services 99.876,00 60.876,00 99.876,00 60.876,00
30.06.2020 31.12.2019 30.06.2020 31.12.2019 Liabilities 410.907,21 405.454,70 410.907,21 405.454,70
The transactions of the Company with its related parties have been made under the usual commercial terms. There are no loans to related parties. There are no doubtful receivables or provisions for doubtful debts among the Group's related parties.
3. 8 Contingencies There are no litigation or arbitration actions against the Group or the Company.
3. 9 Events after the balance sheet date Except those already reported in the financial statements, there are no other events that affect them or must be disclosed in them .
Athens August 3, 2020
Micha el Ec onomakis Theodoros Anagnostopoulos George Papadopoulos
Chairman of the Board C.E.O. C.F.O.
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PETROS PETROPOULOS AEBE Interim financial report For the period 1 January 2020 up to 30 June 2020
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