"ΑLFA - ΒEΤΑ" VASSILOPOULOS S.A.
REGISTERED OFFICE: GERAKAS ATTICA - REGISTER NUMBER OF COMMERCE: 13363/06/B/86/17
BALANCE SHEET as at December 31, 1999
29th FISCAL YEAR (JANUARY 1st - DECEMBER 31st 1999)
(All amounts expressed in Greek Drachmas)
ASSETS
Current year 1999 in GRD
Cost
Β. ESTABLISHMENT EXPENSES
1.
Formation and Start-up Costs
4.
Other Installation Expenses
Total Intangible Assets (B)
C. FIXED ASSETS
ΙΙ. Tangible Assets
1.
Land
3.
Buildings and Installations
4. Μachinery and Equipment
5.
Vehicles
6.
Furniture and Fixtures
7.
Construction in progress
and Advances
Total Tangible Assets (C ΙΙ)
ΙΙΙ.Investments and Other
Long-term Receivables
7.
Other Long-term Receivables
Depreciation
Cost
Current year 1999 in GRD
Net Book
Value
Depreciation
1.935.013.122
1.185.159.832
3.120.172.954
987.124.876
988.959.950
1.976.084.826
947.888.246
196.199.882
1.144.088.128
1.216.811.068
1.137.892.157
2.354.703.225
1.027.105.074
759.060.549
1.786.165.623
189.705.994
378.831.608
568.537.602
5.346.040.572
23.114.466.255
8.693.925.033
1.663.870.539
7.913.155.456
0
6.845.042.188
3.455.635.452
802.617.866
5.201.748.846
5.346.040.572
16.269.424.067
5.238.289.581
861.252.673
2.711.406.610
5.255.810.301
20.345.637.583
7.451.089.832
1.279.411.473
6.585.245.537
0
5.268.883.040
2.496.672.905
550.991.851
3.944.549.501
5.255.810.301
15.076.754.543
4.954.416.927
728.419.622
2.640.696.036
768.031.881
47.499.489.736
0
16.305.044.352
768.031.881
31.194.445.384
987.209.600
41.904.404.326
0
12.261.097.297
987.209.600
29.643.307.029
691.013.169
691.013.169
Total Fixed Assets (CΙΙ+CΙΙΙ)
D. CURRENT ASSETS
Ι. Inventory
1.
Merchandise
4.
Raw Materials, consumables, spare parts
and packing materials
5.
Advances for the purchase of inventories
ΙΙ. Receivables
1.
Trade Receivables
3a. Cheques Receivable
10.
11.
11b.
12.
Previous year 1998 in GRD
Net Book
Value
Doubtful Receivables
Other Debtors
Due from the Greek State
Prepayments
ΙV. Cash and Banks
1.
Cash
3.
Banks
Total Current Assets (DΙ+DΙΙ+DΙV)
Ε. TEMPORARY ACCOUNTS
1.
Deferred Expenses
2.
Accrued Income
3.
Other Temporary Accounts
TOTAL ASSETS (Β+C+D+Ε)
DEBIT MEMORANDUM ACCOUNTS
1.
Leases
2.
Guarantees
4.
Other memorandum accounts
486.494.312
486.494.312
31.885.458.553
30.129.801.341
16.039.432.140
12.575.641.513
198.726.880
285.077.714
16.523.236.734
186.570.035
348.023.735
13.110.235.283
119.275.531
169.009.859
123.957.959
140.281.156
368.495.124
453.578.533
399.552.195
14.929.619
1.524.840.861
367.877.908
677.347.091
451.451.172
13.839.334
1.774.754.620
385.701.920
4.239.077.267
4.624.779.187
361.951.049
4.945.796.303
5.307.747.352
22.672.856.782
20.192.737.255
88.922.296
303.213.715
854.467.782
1.246.603.793
56.949.007.256
183.519.933
180.428.141
709.978.177
1.073.926.251
51.965.002.449
50.341.799
1.518.722.620
60.893.497
1.629.957.916
202.753
1.054.087.679
47.456.637
1.101.747.069
CAPITAL AND LIABILITIES
Α. SHAREHOLDERS EQUITY
Ι. Share Capital
(9.794.400 shares of 500 GRD each)
1. Paid up Capital
ΙΙ. Share premium
ΙΙI. Revaluation Surplus arising from revaluation
of Tangible Fixed Assets
2. Revaluation Surplus arising from revaluation
of Tangible Fixed Assets
ΙV. Other Reserves
1.
Legal Reserves
4. Εxtraordinary Reserves
5.
Tax Free Reserves
Total Shareholders Equity (ΑΙ+ΑΙΙ+ΑΙΙΙ+ΑΙV)
Β. PROVISIONS FOR LIABILITIES & CHARGES
1.
Provision for staff leaving indemnities
2.
Other Provisions
C.CURRENT LIABILITIES
Ι. Long-Term Debts
8.
Other Long-term liabilities
ΙΙ.Short-Term Liabilities
1.
Trade Creditors
2.
Bills Payables
2α. Cheques Payables
3.
Short-term loans
4.
Advances from customers
5.
Taxes and duties Payables
6.
Social Security Contribution
10.
Dividends payable
11.
Other Creditors
Total of Liabilities (CΙ + CΙΙ)
D. INTERIM ACCOUNTS
2.
Accrued expenses
3.
Other transitory accounts
TOTAL LIABILITIES &
SHAREHOLDERS EQUITY(Α+Β+C+D)
CREDIT MEMORANDUM ACCOUNTS
1. Leases
2. Guarantees
4. Others
LIABILITIES
Previous year 1998 in GRD
4.897.200.000
4.897.200.000
4.620.448.000
4.620.448.000
135.179.086
135.179.086
537.356.049
1.015.698.707
2.741.933.647
4.294.988.403
472.356.049
852.059.210
2.407.653.529
3.732.068.788
13.947.815.489
13.384.895.874
96.161.952
173.228.561
269.390.513
48.161.952
162.291.608
210.453.560
90.803.957
90.803.957
114.086.897
114.086.897
26.265.509.568
1.494.983.170
5.529.115.896
2.600.000.000
8.212.484
1.835.497.439
1.108.566.481
685.608.000
2.168.430.241
41.695.923.279
22.695.974.039
2.187.201.350
5.680.564.279
1.000.000.000
5.517.333
1.899.547.422
673.221.539
685.608.000
2.633.719.251
37.461.353.213
41.786.727.236
37.575.440.110
503.402.325
441.671.693
945.074.018
452.404.449
341.808.456
794.212.905
56.949.007.256
51.965.002.449
50.341.799
1.518.722.620
60.893.497
1.629.957.916
202.753
1.054.087.679
47.456.637
1.101.747.069
Notes:1.The current year's depreciation charge of the owned building were calculated based on the Consolatory Response of the Ministry of Finance 1049451/15413/C0012/23-06-1999,consequently to be higher by GRD. 373 mil in 1999. The building depreciation in third parties assets were caltculated
according to the L. 2753/1999 therefore to be lower in 1999 by GRD. 414 mil.
2.The last readjustment of the company's fixed assets made in 1996 based on the L.2065/92 as it has been modified by the L.2443/96.
PROFIT & LOSS STATEMENT
as at December 31, 1999 (1 January 1999 - 31 December 1999)
Current year 1999 in GRD
Ι. Operating Results
Sales
Less: Cost of goods sold
Gross Profit
Plus: Other Operating Revenue
Total Gross Profit
LESS:
1. Administration Expenses
3. Selling Expenses
Profit from operations
PLUS :
2. Income from bonds
4. Interest and Other Financial Revenue
148.791.239.570
116.936.852.977
31.854.386.593
647.845.173
32.502.231.766
3.864.599.422
26.251.070.524
143.475.065
3.318.858.452
21.650.624.144
30.115.669.946
2.386.561.820
(98.042.833)
2.288.518.987
262.325.601
752.909.606
(237.398.628)
1.191.226.708
2.051.120.359
5.354.467.359
5.354.467.359
LESS:
1.
2.
4.857.565.327
Income Tax
Other Taxes not included
in Operating Cost
Profit available for distribution
Distributed as follows :
Legal Reserve
Dividend
Extraordinary Reserves
Tax Investment Reserves
- Αrticle 12 L. 1892/90
6a. Reserves from tax exempted income
- Article 3 L. 2601/98
6b. Reserves from Specially
Taxed Revenues
1.
2.
5.
6.
(762.438.014)
2.268.941.041
4.857.565.327
0
2.051.120.359
2.051.120.359
2.268.941.041
0
2.051.120.359
153.860.510
2.115.080.531
732.761.201
785.418.973
69.831.543
1.248.527.615
55.794.031
1.273.867.527
65.000.000
685.608.000
163.639.497
65.000.000
685.608.000
122.058.050
(212.240.816)
3.031.379.055
247.907.966
35.302.838
132.960.324
12.617.566
428.788.694
913.133.157
16.668.882
195.849.868
65.574.801
Net Profit before Taxes
Less: Differences from Prior Years
Tax Audits
Total
Previous year 1998 in GRD
24.969.482.596
3.243.619.871
177.096
49.907.689
50.084.785
390.083.801
6.820.720
100.456.505
18.149.952
515.510.978
456.950.007
3.033.163
261.710.716
31.215.720
Current year 1999 in GRD
129.817.843.012
102.312.038.194
27.505.804.818
707.297.649
28.213.102.467
493.151
44.939.081
45.432.232
Less:
3. Interests and Other Financial Expenses
Profit from Operations
ΙΙ. PLUS: Extraordinary Results
1. Εxtraordinary Income
2. Εxtraordinary Results
3. Prior Years Income
4. Income from prior periods unused provisions
Less:
1. Εxtraordinary Expenses
2. Εxtraordinary Losses
3. Prior Years Expenses
4. Provisions for extraordinary risks
Οrdinary and Extraordinary Results
LESS:
Total Depreciation of Fixed Assets
Less: Depreciation included in operating
costs above
NET PROFIT (before taxes)
APPROPRIATION ACCOUNT
Previous year 1998 in GRD
0
2.268.941.041
117.725.310
153.087.340
194.725.494
221.407.451
21.829.314
26.706.686
1.248.527.615
1.273.867.527
Gerakas, 25 Αpril , 2000
The Chairman of the Board of Directors
The Vice Chairman of the Board Of Directors
The General Manager
The Financial Director
The General Ledger
Raphael A. Moissis
Identity Card no Κ 325346
George Th. Anagnostopoulos
Identity Card no Κ 357763
Konstantinos D. Macheras
Identity Card no Θ 724826
Maria V. Kuhkalani
Identity Card no N 257221
Konstantinos G. Doukas
Identity Card no Ρ 594825
AUDITOR 'S REPORT
To the shareholders of
"ΑLFA-ΒEΤΑ" VASSILOPOULOS S.A.
We have audited the accompanying financial statements and the related Appendix thereto of "ALFA-BETA" VASSILOPOULOS S.A. for the year ended December 31, 1999.
Our audit which included the operating results for the activities of the Company's branches, was performed in accordance with the provisions of article 37 of Law 2190/1920 governing societe anonymes and the auditing procedures which we considered necessary based on the principles and standards followed by the Institute of
Certified Auditors and Accountants in Greece . The Company made available to us all its books and records and provided all the necessary information and other explanations that we requested. The Company has complied with the provisions of the Greek Chart of Accounts.Εxcept as noted in note 1 to the financial statements no
change in the accounting principles methods has been made as compared with those of the previous year. We agreed the contents of the Directors' Report to the General Assembly of the Shareholders with the underlying financial statements. The Appendix includes all the information required by paragraph 1 of article 43a of L.
2190/1920.
Τhe Company based on ruling 205/1988 of the Legal Council relating to the interpretation of Article 42e paragraph 14 of Law 2190/1920, did not provide for the minimum retirement benefits for all its employees. Had the Company provided for the minimum retirement benefits for all its employees on the assumption that they wo
remain with the Company until retirement, the provision for retiremen benefits would have been approximately GRD 1,127 million higher of which approximately GRD 83 million would have been charged to the current year's results and approximately GRD 1,044 million would have been charged to prior years' results.
In our opinion, the accompanying financial statements, derived from the books and records of the Company, present fairly together with the Appendix, and after taking into account the matter referred to in the preceding paragraph, the financial structure and position of the Company at December 31, 1999 and the results of its
operations for the year then ended, in accordance with the provisions of the Laws which are in force and accounting principles which are generally accepted and do not differ from those applied in the previous year except as noted in note 1 to the financial statements.
Athens, 26 April , 2000
The Certified Auditor Accountant
George D. Cambanis
Reg. no (ICAA GR): 10761
Deloitte & Touche S.A.