93
92
Annual Financial Statements
(Amounts in thousands
€
)
Result from the disposal
Book value of EKME S.A.
11,075
Net sale value
8,000
Losses from sale
3,075
Further to all the above, and in order to better compare and under-
stand the merger’s impact in parent’s Company Financial Statements,
we include the following financial information:
THORIKI S.A.I.C.
(Amounts in thousands
€
)
31/05/2014
Assets
-
Non current assets
-
Tangible Assets
8
Investments in Subsidiary Companies
4,747
Deferred Tax Receivables
8,011
Financial Assets Available for Sale
75
Other Long-term Receivables
6
12,846
Current assets
-
Total Stock
11
Trade and other receivables
9,781
Other receivables
2,890
Cash and cash equivalents
90
12,771
Assets
25,618
Liabilities & Equity
-
EQUITY
-
Share capital
22,544
Fair value reserves
-
Other reserves
(669)
Retained earnings
(23,146)
Equity attributable to parent’s shareholders
(1,271)
EQUITY
(1,271)
Non-Current Liabilities
-
Deferred Tax Liability
2,568
Liabilities for pension plans
69
Non-Current Liabilities
2,637
Current Liabilities
-
Trade and other payables
23,138
Tax payable
35
Short-term debt
298
Other payables
781
Current Liabilities
24,252
LIABILITIES
26,889
Liabilities & Equity
25,618
The completion of the merger did not have
any impact on the Group’s total results due
to the fact that the merged company was a
100% subsidiary.
THORIKI S.A.I.C.
(Amounts in thousands
€
) 1/1-31/05/2014
Sales
-
Cost of sales
-
Gross profit
-
Other operating income
1,525
Administrative expenses
(826)
Other operating expenses
(1,698)
Earnings before interest
and income tax
(999)
Financial income
67
Financial expenses
(8)
Profit before income tax
(940)
Profit for the period
(940)
-On 25/08/2014, 50% Group’s subsidiary company METKA
S.A. sold its stake in the company «ΕΚΜΕ S.A.». The stake
(a total investment of 40%) was sold for a total of € 8 million
which was fully paid on the date of sale. EKME was included in
Group’s consolidated financial statements with the method of
full consolidation since, although the parent company METKA
S.A. possessed less than 50% voting rights, it was in control
further to an agreement with the shareholders. In the Financial
Statements for the period from 1st of January to the 30th of
September 2014, the Profit and Loss figures of this subsidiary
(for the period 01/01-25/8/2014) as well as the result of the sale,
have been included in the period’s results and not separately
as «Profit /(Loss) after taxes from discontinued activities», since
the subsidiary does not fulfill the criteria of IFRS 5 in order to be
considered as a discontinued activity for the Group.
From the above transaction, a loss of
€
1.538k resulted for the
Group. This is included in the «Other Financial Results» account
in the consolidated statement of Profit and Loss. The amount of
loss was calculated based on the stake percentage the Group
holds on subsidiary METKA S.A. to the loss amount that oc-
curred to the latter due to the sale.
The following table shows in detail the book value of EKME’s
net assets on the date of sale:
(Amounts in thousands
€
)
Equity 31/5/2014 of merged company
(1,271)
Mytilineos Book Value Investment
4,747
Change in Metka equity
(6,018)
The completion of the merger did not have
any impact on the Group’s total results due
to the fact that the merged company was a
100% subsidiary.
(Amounts in thousands
€
)
Book value of EKME S.A.
at 25/08/214
Non current assets
8,380
Current assets
14,335
Cash and cash equivalents
9,338
Assets
32,053
Non-Current Liabilities
1,348
Current Liabilities
3,015
LIABILITIES
4,363
EQUITY
27,690
Less: Non controling Interests
16,615
Equity attributable to parent’s
shareholders
11,075
The result of the transaction is calculated as follows:
The Group did not consolidate on
31/12/2014 the figures of EKME’s State-
ment of Financial Position. However, it in-
cluded the result of the above company in
the consolidated Profit and Loss Statement
– that is, a loss of
€
3.182 th. which is further
analyzed into loss from the sale (
€
3.075 th.)
plus loss from the company’s activity in the
period 01/01-25/08/2014 (
€
107 th.) More
specifically, EKME’s Statement of Profit
and Loss for the period 01/01-25/08/2014
and the respective comparative period
01/01-30/09/2013 is as follows:
(Amounts in
thousands
€
)
1/1-25/08/2014 1/1-30/09/2013
Sales
12,039
10,230
Cost of sales
(11,675)
(9,365)
Gross profit
364
865
Other operating
income
170
2
Distribution
expenses
(193)
(205)
Administrative
expenses
(450)
(479)
Other operating
expenses
(80)
(251)
Earnings before
interest and
income tax
(189)
(68)
Financial income
124
106
Financial expenses
(52)
(54)
Other financial
results
86
-
Share of profit of
associates
(50)
(125)
Profit before
income tax
(81)
(141)
Income tax expense
(26)
(5)
Profit for the
period
(107)
(146)
