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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Helesi | LSE:HLS | London | Ordinary Share | CY1010102113 | ORD EUR0.10 (DI) |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.75 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMHLS
RNS Number : 4251I
Helesi PLC
14 June 2011
14 June 2011
Helesi PLC
("Helesi", "the Company" or "the Group")
Final Results for the year to 31 December 2010
Helesi PLC (AIM: HLS), the Greece, Italy and Cyprus based waste management products manufacturer and services supplier announces final results for the year to 31 December 2010.
CHAIRMAN'S STATEMENT
I took over as Non-Executive Chairman on 29 September 2010, in succession to Dimitri Goulandris who had taken the role after the death of Roger Parsons in 2009. My appointment came along with a volatile market environment, Greece being hit from the economic crisis, and the Group suffering losses for the first time.
Whilst the Group continues to have strong growth prospects, my immediate focus is to drive cash generation, to restructure debt and to reposition operations to enable the Company to return to growth once a more stable environment has been restored.
Outlook
We expect 2011 to be another difficult year as Greece deals with many structural changes to emerge from recession and as demand in the rest of the world normalizes. We continue to be focused on managing our cost base and our receivables to ensure that we generate as much cash as possible.
Dimitri Kainaros
Non-Executive Chairman
CHIEF EXECUTIVE'S REVIEW OF OPERATIONS
The torrid economic environment and the Greek market Crisis during the year, affected Helesi's operations. The worldwide recession did not allow the reduction of our level of borrowings as planned. Greek State receivables continue to be late in arriving. However the agreed Greek Government grants were received in full, the Italian State also paid EUR3.8 million as part of the third installment of the subsidy and only EUR1.7 million are outstanding. This has meant that net debt stood at EUR62.8 million compared to the previous year higher levels of EUR71.7 million. We estimate a significant part of Greek State receivables and the remaining Italian grants will be collected within 2011, and allow further reduction of net debt levels.
Results
Group sales revenues decreased by 32% in 2010 to EUR50.1 million (2009: EUR73.9 million) due to weak demand across all geographical markets Helesi operates and due to a halt of the Greek Market in the second half of 2010. The extensive restructuring in some parts of the Greek public sector imposed by the EU/IMF support package, postponed the announcement of new projects. EBITDA dropped at EUR2.7 million (2009: EUR12.7 million). After increased costs and depreciation largely relating to the additional capacity created by the investment program, this resulted in losses before interest and taxation of EUR1.9 million (2009: profit EUR8.9 million). The continuing high levels of debt throughout the year, resulted to cost of financing of EUR4 million (2009: EUR4.5 million). Consequently a loss before tax was realized of EUR5.9 million (2009: profit EUR4.4 million). Net losses after tax stood at EUR 5.1 million (2009: profit EUR2.8 million). Additional information about the Group's borrowings and financial position are further described in notes 2 and 18.
Dividend
No dividend will be paid.
Operations
Due to the experience of budgetary constraints of Helesi clients across all geographical regions, the sales mix of our revenues has changed. In 2010, revenues were split 55%, 30%,15% in terms of Plastic Products (principally bins and pallet boxes), Vehicles and Services. This compares with 43%, 46%,11% in 2009 and reflects slowdown in sales in Vehicles. The changing in sales mix, has slightly effected EBITDA margins which resulted at 18.7% in 2010 (2009: 17.1%).
Plastic Products
Utilisation rates across all production sites were below 50% of the actual capacity. The world recession resulted in volume reduction which combined with slightly lower price levels affected the top line of Group sales.
Waste Management Services
Services Revenue reflect the budgetary restriction the Greek municipalities were facing throughout the year. In addition, the year's results reflect only the last quarter revenue contribution from the waste transfer station for a 10 year contract in Cyprus. This is because the Waste transfer Stations started operations at mid August 2010. Although the construction of one of the two stations is complete, the construction of the second station has not proceeded according to plan. The delay was due to the change of the location of the station, as the local community nearby the original site is opposed to its construction. In accordance with the contract the Group is entitled to significant compensation for delays and non-performance based upon criteria. Encouragingly the authorities have now indicated a new location, and the intention is to operate three stations instead of one station until the construction of the second station is complete.
Waste management Vehicles and Equipment
Helesi has the critical scale necessary to become a leading player in the high margin supply and distribution of specialist waste collection vehicles both in Greece and Cyprus. This new scale was illustrated with the fulfillment of large contracts in 2009. However the EU/IMF mandatory structural reform of the Greek Municipalities under a program named "Kallikratis" postponed the announcement of new projects.
Board
In September, we announced the appointment of Dimitri Kainaros as non-executive Chairman in succession to Dimitri Goulandris. Dimitri is an external consultant for the Greek Ministry of Development, responsible for the assessment and supervision of investment projects related to EU Co-financed Development Programs. Previously, Dimitri held the position of General Director of the Hellenic Arms Industry. Currently he holds the position of CEO at Veltion Ltd, a position he has held for five years.
Outlook
As global recession becomes slowly more distant, the impact of the Greek Market crisis will be more evident in 2011. Helesi will continue to react on market development and build a new operating profile for the future. The management is ready to utilize its capacity in Municipal Waste Collection benefiting from new legislation changes in the Greek Waste Services Sector. Helesi is repositioning itself participating in tenders of BOT projects for Waste Treatment Plants, joining forces with key market players. Managements' strong focus is on international sales of plastic products aiming to mitigate the risks of the Greek market. The principal focus on cash collection and management remains. Net debt will be reduced to lower levels as Greek State receivables are collected.
Sakis Andrianopoulos
Chief Executive Officer
The full text of the Independent Auditor's Report tothe Members of Helesi PLC as it appears in the Financial Statements of the Company for the year ended 31 December 2010 is set out below.
Report on the Financial Statements and the Consolidated Financial Statements
We have audited the accompanying financial statements and the consolidated financial statements of Helesi PLC (the "Company") and its subsidiaries ('the Group') on pages 12 to 46, which comprise the statement of financial position and the consolidated statement of financial position of the Company and the Group as at 31 December 2010, and the respective statements of comprehensive income, changes in equity and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information.
Board of Directors' Responsibility for the Financial Statements and the Consolidated Financial Statements
The Board of Directors is responsible for the preparation of financial statements and consolidated financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the European Union (EU) and the requirements of the Cyprus Companies Law, Cap. 113, and for such internal control as the Board of Directors determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial statements and consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the financial statements and consolidated financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements and the consolidated financial statements. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the financial statements and the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation of financial statements and consolidated financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors as well as evaluating the overall presentation of the financial statements and the consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion, the financial statements and the consolidated financial statements give a true and fair view of the financial position of Helesi PLC and its subsidiaries as at 31 December 2010, and of its financial performance and their cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the EU and the requirements of the Cyprus Companies Law, Cap. 113.
Emphasis of Matter
Without qualifying our opinion, we draw attention to note 2 to the consolidated financial statements which indicates that the Group's current liabilities exceed its current assets by EUR14.2 million. The Group also incurred a loss of EUR5.1 million for the year ended 31 December 2010. The Group's ability to continue as a going concern is dependent upon receiving the continuing support of domestic and other financial institutions. These factors together with the continuing financial crisis of the Greek economy and public sector indicate the existence of a material uncertainty that may cast significant doubt about the Group's ability to continue as a going concern.
Report on Other Legal and Regulatory Requirements
Pursuant to the requirements of the Law of 2009 on Statutory Audits of Annual and Consolidated Accounts, we report the following:
-- We have obtained all the information and explanations we considered necessary for the purposes of our audit.
-- In our opinion, proper books of account have been kept by the Company.
-- The Company's financial statements and consolidated financial statements are in agreement with the books of account.
-- In our opinion and to the best of our information and according to the explanations given to us, the financial statements and consolidated financial statements give the information required by the Cyprus Companies Law, Cap. 113, in the manner so required.
-- In our opinion, the information given in the report of the Board of Directors on page XX is consistent with the financial statements and the consolidated financial statements.
Pursuant to the requirements of the Directive DI190-2007-04 of the Cyprus Securities and Exchange Commission, we report that a corporate governance statement has been made for the information relating to paragraphs (a), (b), (c), (f) and (g) of article 5 of the said Directive, and it forms a special part of the Report of the Board of Directors.
Other Matter
This report, including the opinion, has been prepared for and only for the Company's members as a body in accordance with Section 34 of the Law of 2009 on Statutory Audits of Annual and Consolidated Accounts and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whose knowledge this report may come to.
Panicos Constantinou Certified Public Accountant and Registered Auditor for and on behalf of BDO Ltd Certified Public Accountants (CY) and Registered Auditors Nicosia, 10 June 2011
Statement of comprehensive income
The Group 31 December 31 December Notes 2010 2009 EUR000 EUR000 Sales revenue 3 50.085 73.998 Other revenue 4 1.232 1.228 Changes in inventories of finished goods (1.296) 2.371 Cost of materials used (25.882) (44.125) Personnel-related costs 5 (8.216) (7.750) Directors' emoluments 27 (287) (295) Depreciation charges 6 (4.664) (3.770) Other operating expenses 7 (12.895) (12.722) Cost of financing, net 8 (4.016) (4.530) ------ ------ (Loss) / Profit before taxes (5.939) 4.405 Income taxes 9 856 (1.539) ------ ------ (Loss) / Income of the year (5.083) 2.866 ------ ------ EBITDA 2.740 12.705 Currency translation adjustments 79 711 Total comprehensive (loss) / income (5.161) 3.577 ------ ------ Basic and diluted earnings per share (in euro) 25 (0.13) 0.08 ------ ------
Statement of financial position as at 31.12.2010
The Group -------------------------- 31 December 31 December Notes 2010 2009 ----------- ------------- (as restated) ----------- ------------- Assets Non current assets EUR000 EUR000 ----------- ------------- Property Plant and Equipment 12 80.853 78.637 ----------- ------------- Goodwill 13 12.559 12.559 ----------- ------------- Other intangible assets 13 1.413 799 ----------- ------------- Other long-term assets 14 13 80 ----------- ------------- Investment in subsidiaries - - ----------- ------------- ------ ------ ----------- ------------- Total non current assets 94.838 92.075 ----------- ------------- ------ ------ ----------- ------------- Current assets ----------- ------------- Inventories 15 8.851 11.948 ----------- ------------- Trade and other receivables 16 36.568 53.105 ----------- ------------- Cash and cash equivalents 17 1.002 1.411 ----------- ------------- ------ ------ ----------- ------------- Total current assets 46.421 66.464 ----------- ------------- ------ ------ ----------- ------------- Total assets 141.259 158.539 ----------- ------------- ------ ------ ----------- ------------- Share capital 23 (3.981) (3.981) ----------- ------------- Share premium 23 (33.641) (33.641) ----------- ------------- Capital reserves 24 (9.981) (9.981) ----------- ------------- Currency translation adjustments 24 1.029 950 ----------- ------------- Retained earnings (3.081) (8.163) ----------- ------------- ------ ------ ----------- ------------- Total equity (49.655) (54.816) ----------- ------------- Non current liabilities ----------- ------------- Long-term borrowings 18 (29.613) (26.129) ----------- ------------- Employee benefits 21 (150) (115) ----------- ------------- Deferred tax liabilities 26 (1.152) (2.590) ----------- ------------- ------ ------ ----------- ------------- Total non current liabilities (30.915) (28.834) ----------- ------------- Current liabilities ----------- ------------- Trade and other payables 20 (25.447) (26.915) ----------- ------------- Current tax payable (998) (958) ----------- ------------- Short-term borrowings 18 (34.244) (47.016) ----------- ------------- ------ ------ ----------- ------------- Total current liabilities (60.689) (74.889) ----------- ------------- ------ ------ ----------- ------------- Total liabilities (91.604) (103.723) ----------- ------------- ------ ------ ----------- ------------- Total liabilities and equity (141.259) (158.539)
Statement of changes in equity
The Group Currency Share Share Capital translation Retained Capital premium Reserves adjustments earnings Total 'EUR 000 Balances, as at 31 December 2008 3.278 29.950 8.903 (1.661) 6.375 46.845 Total comprehensive income for the year - - - 712 2.866 3.578 New shares issued 703 3.691 - - - 4.394 Transferred to capital issued - - 1.078 - (1.078) - ------ ------ ------ ------ ------ ------ Balances, as at 31 December 2009 3.981 33.641 9.981 (950) 8.163 54.816 ------ ------ ------ ------ ------ ------ Balances, as at 31 December 2009 3.981 33.641 9.981 (950) 8.163 54.816 Total comprehensive loss for the year - - - (79) (5.082) (5.161) ------ ------ ------ ------ ------ ------ Balances, as at 31 December 2010 3.981 33.641 9.981 (1.029) 3.081 49.655 ------ ------ ------ ------ ------ ------
Statements of cash flows
The Group 31 December 31 December 2010 2009 Cash flows related to operating activities EUR000 EUR000 (Loss)/ profit before taxes (5.939) 4.405 Adjustments in respect of non-cash transactions: - - Depreciation of fixed assets 4.664 3.770 Interest expense, net 4.016 4.530 Profit/loss from sale units 549 52 Employee retirement benefits 31 31 Other adjustments (229) 645 ------ ------ 3.092 13.433 Decrease (increase) in inventories 3.097 6.733 Decrease (increase) in receivables 7665 (2.580) Increase (decrease) in payables (5.296) (11.647) ------ ------ 8.558 5.939 Interest received (paid) (4.132) (4.596) Income taxes paid (1.188) (939) ------ ------ Net operating cash inflows (outflows) 3.238 404 ------ ------ Cash flows related to investing activities Acquisition of tangible fixed assets (5.228) (17.640) Disposal of tangible fixed assets 1.387 348 Investment grants received 10.143 7.987 Acquisition of intangible fixed assets (807) (480) Interest received 117 66 Acquisition of subsidiaries net of cash acquired - - ------ ------ Net investment cash inflows (outflows) 5.612 (9.719) ------ ------ Cash flows related to financing activities Proceeds of new shares issued - 4.395 Loans contracted (repaid) (9.281) 3.942 Finance lease payments (8) - Loan repaid by (granted to) Helesi AE - - ------ ------ Net financing cash inflows (outflows) (9.289) 8.337 ------ ------ Increase (decrease) of cash balances (439) (978) Cash balances, at the beginning of the period 1.411 2.360 Effect of currency translation adjustments 30 29 ------ ------ Cash balances, at the end of the period 1.002 1.411 ------ ------
Notes
1. Basis of preparation
Helesi PLC is a publicly listed company registered in Cyprus, which serves as the ultimate holding company of the Group. Its registered office is located at the Tseri Industrial Zone, near Nicosia. The Company was incorporated in Cyprus, in May 2006, as part of a Group restructuring process, entailing the exchange of Helesi AE shares for Helesi PLC shares, in anticipation of the admission of the Group to trading on AIM, which materialised in November 2006.
Helesi PLC holds 100% of Helesi SA, the Group's principal operating entity. Helesi SA is an anonymos eteria (corporation) registered in Greece. The full, formal name of the Helesi AE is Hellenic Industrial Environmental Systems SA (Helliniki Viomichania Perivallontikon Systimaton Anonymi Emporiki - Viomichaniki Eteria). Helesi SA was established in 1997, its registered office is located at 19 Agiou Ioannou Street, Aegeo, GR-25100, Greece and its administrative offices are located at Industrial Park of Markopoulo, Location Ntorovateza GR-19003 Attiki Greece. The Company is primarily engaged in the production and trading of injection-moulded refuse containers and in the recycling of rubber tyres, at a production plant located at Komotini, Northern Greece. In the course of 2007, Helesi SA merged with Perivallontiki Environmental Services SA (a wholly owned subsidiary of Helesi PLC at the time) and during the course of the same year with the Vehicles Division of Perivallontiki AE. As a result of these transactions Helesi SA also provides waste management services and special waste management vehicles.
On 3 January 2008, Helesi PLC acquired Perivallontiki AZ Ltd and Helesi Trans Ltd, which were wholly owned subsidiaries of Perivallontiki A.E. Perivallontiki AZ Ltd is a company incorporated in Cyprus, engaged in the distribution of Helesi products in Cyprus. Helesi Trans Ltd is also a company incorporated in Cyprus, engaged in the provision of international transportation services, mainly to the group. The consideration paid for acquiring the shares of these two entities amounted, in total, to EUR 952 thousand. The existing minority interests were also acquired for EUR 28 thousand. The acquisition cost of these two entities was impaired in 2010 by EUR490thousand in total. The impairment was EUR275 thousand for Perivallontiki AZ Ltd and EUR215 thousand for Helesi Trans Ltd.
Helesi UK Limited is a wholly-owned subsidiary of Helesi SA, registered in England, whose registered address is Units 14-17 Iron Park Works, Bowling Back Lane, Bradford, England. Helesi UK Limited, which was incorporated on 4 February 2004, is primarily engaged in the production and trading of injection-moulded refuse containers. In 2010 Helesi UK Limited sold the business and some of the assets which constitute Helesi's UK based two-wheeled bin manufacturing operations, to Straight Plc. The company does not operate the facility in Bradford North UK any longer.
Early in 2009 Helesi commenced the waste management of the Western Macedonia area under a profit sharing agreement with Mesogios AE, in which Mesogios AE is entitled to a share of 40% of the profits generated. The Group is in 60% control of the operations and is responsible for its financing and accordingly has recognised 60% of revenues and related costs in the Consolidated Financial Statements.
Helesi Italia srl is also a wholly-owned subsidiary of Helesi SA, registered in Italy, whose registered address is via Giovanni XXIII, N.106, Capri, Modena, Italy. By the first half of 2009, Helesi Italia completed the construction of its factory and commenced its operations.
The consolidated financial information of Helesi PLC includes Helesi SA, Helesi UK Ltd, Helesi Italia srl, Perivallontiki AZ Ltd ,Helesi Trans Ltd and JV Mesogios S.A.The financial statements of Helesi PLC will also be sent to the shareholders. Helesi PLC is referred to as "The Company".
Intragroup balances and intragroup transactions as well as the Helesi PLC Group profits that have arisen on intragroup transactions and have not been realised (at Helesi PLC Group level) as yet, are eliminated on consolidation.
The assets and the liabilities of foreign operations are converted into Euros at the rates of exchange prevailing on the balance sheet date, while the revenues and costs of foreign operations are converted into Euros at rates which tend to approximate the rates prevailing on the dates the transactions are entered into. The currency translation gains or losses that arise from the restatement of assets and liabilities of foreign operations are taken directly to equity and are reported in the "currency translation adjustments".
The financial statements have been compiled on the basis of the International Financial Reporting Standards (IFRS) that have been adopted by the European Union. The financial statements have been compiled on the basis of historical cost and the amounts reported therein are stated in Euro thousand.
These financial statements have been approved for publication by the Board of Helesi PLC, at its meeting held on 10(th) June 2011.
Helesi PLC Group structure
The Helesi PLC Group comprises the following entities:
Entity Country of Incorporation Equity Interest Helesi PLC Cyprus Holding entity Helesi SA* Greece 100% 100% via Helesi Helesi UK Ltd United Kingdom SA 99,99% via Helesi Helesi Italia srl* Italy SA AZ Perivallontiki Ltd Cyprus 100% Helesi Trans Ltd Cyprus 9% JV Perivallontiki Mesogeios SA Greece 60% (*) Entities with production facilities
2. Accounting polices
Adoption of new and revised IFRSs
As from 1 January 2010, the Company adopted all the following IFRSs and International Accounting Standards (IAS), which are relevant to its operations. The adoption of these Standards did not have a material effect on the financial statements.
At the date of approval of these financial statements the following accounting standards were issued by the International Accounting Standards Board but were not yet effective:
(i) Adopted by the European Union
New standards -- IAS 24 (revised): "Related Party Disclosures" (effective for annual periods beginning on or after 1 January 2011). Amendments IFRS Interpretations Committee -- Amendment to IFRS 1 "Limited Exemption from Comparative IFRS 7 Disclosures for First Time Adopters" (effective for annual periods beginning on or after 1 July 2010). -- Amendments to IAS 32 "Financial Instruments: Presentation -- Classification of rights issues" (effective for annual periods beginning on or after 1 February 2010). The amendments to IAS 32 address the classification of certain rights issues denominated in a foreign currency as either an equity instrument or as a financial liability. -- Improvements to IFRSs issued in 2010 (except for the amendments to IFRS 3(2008), IFRS 7, IAS 1 and IAS 28) (effective for annual periods beginning on or after 1 July 2010 and 1 January 2011, as appropriate) -- Improvements to IFRSs issued in May 2010 (effective for annual periods beginning on or after 1 July 2010) New IFRICs -- Amendment to IFRIC 14 "The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their interaction" -- Prepayments of a Minimum Funding Requirement (effective for annual periods beginning on or after 1 January 2011). -- IFRIC 19: "Extinguishing Financial Liabilities with Equity Instruments" (effective for annual periods beginning on or after 1 July 2010).
(ii) Not adopted by the European Union
New standards -- IFRS 9 "Financial Instruments" issued in November 2009 and amended in October 2010 introduces new requirements for the classification and measurement of financial assets and financial liabilities and for derecognition. (effective for annual periods beginning on or after 1 January 2013). -- IFRS 9 requires all recognised financial assets that are within the scope of IAS 39 "Financial Instruments: Recognition and Measurement" to be subsequently measured at amortised cost or fair value. Specifically, debt investments that are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments of principal and interest on the principal outstanding are generally measured at amortised cost at the end of subsequent accounting periods. All other debt investments and equity investments are measured at their fair values at the end of subsequent accounting periods. -- The most significant effect of IFRS 9 regarding the classification and measurement of financial liabilities relates to the accounting for changes in fair value of a financial liability (designated as at fair value through profit or loss) attributable to changes in the credit risk of that liability. Specifically, under IFRS 9, for financial liabilities that are designated as at fair value through profit or loss, the amount of change in the fair value of the financial liability that is attributable to changes in the credit risk of that liability is recognised in other comprehensive income, unless the recognition of the effects of changes in the liability's credit risk in other comprehensive income would create or enlarge an accounting mismatch in profit or loss. Changes in fair value attributable to a financial liability's credit risk are not subsequently reclassified to profit or loss. Previously, under IAS 39, the entire amount of the change in the fair value of the financial liability designated as at fair value through profit or loss was recognised in profit or loss. The Board of Directors anticipates that IFRS 9 that will be adopted in the Company's financial statements for the annual period beginning 1 January 2013 and that the application of the new Standard will have a significant impact on amounts reported in respect of the the Company's financial assets and financial liabilities. However, it is not practicable to provide a reasonable estimate of that effect until a detailed review has been completed. Amendments -- Amendments to IAS 12 -- "Deferred tax": Recovery of Underlying Assets: (effective for annual periods beginning on or after 1 January 2012). -- Amendments to IFRS 1 - Severe Hyperinflation and Removal of Fixed Dates for First--Time Adopters (effective for annual periods beginning on or after 1 July 2011). -- IFRS 7 (Amendment) Financial Instruments: Disclosures -- Transfers of Financial Assets (effective for annual periods beginning on or after 1 July 2011) The amendments to IFRS 7 increase the disclosure requirements for transactions involving transfers of financial assets. These amendments are intended to provide greater transparency around risk exposures when a financial asset is transferred but the transferor retains some level of continuing exposure in the asset. The amendments also require disclosures where transfers of financial assets are not evenly distributed throughout the period.
The Board of Directors expects that the adoption of these standards in future periods will not have a material effect on the financial statements of the Company.
Going concern
The financial statements are prepared under the going concern assumption. As at the balance sheet date, the Group's current liabilities exceed its current assets by an amount of EUR14.2 million. Furthermore the Group incurred a loss for the year of EUR5.1 million caused by the budgetary restriction of the Greek municipalities and extensive restructuring of the Greek public sector imposed by the EU/IMF support package that resulted from the Greek financial crises.
As previously disclosed, the Group was in breach of its loan covenants in 2010 and is expected to be in breach in 2011 also. The Group has received waivers relating to these breaches in 2010. The Group projections and budget for 2011 reflect sustainable net operating cash-flow. However the Group relies on its long term relationships with domestic banks. The budget assumes that the Group will receive the tail of EUR1.7 million Italian State Grants and the EUR7 million Greek State receivables funded by the "Theseus" program in the second half of 2011. Their collection will instantly reduce net debt levels and will allow the banks to provide additional headroom. It also assumes that the Group will receive waivers for its loan covenant breaches in 2011 as well.
The management's view is that Helesi does not face a high collection risk despite the prolongation of Greek State due receivables, and the Group will be able to meet its liabilities. Group receivables are safeguarded against defaults as primary customers are government bodies with the higher level of credibility compared to the rest of the corporate world. Helesi's management doubts that Greece will undergo a forced debt restructuring. It is becoming obvious that the choice for policy-makers over the question of Greek government financing is a simple one between bond market restructuring and further EU/IMF-sponsored aid, as Greece is likely to run out of funds in 2012. Many policy-makers appear keen to pass up any form of restructuring. A second aid plan might be challenging to justify on a political level, since in a sense it proves Greece's insolvency. However the consequences of debt or bond restructuring, if it were to occur, on the Greek Banking System and the Greek economy as a whole are unpredictable and could adversely affect the Group's ability to meet its budget for 2011 and adversely impact the Group's ability to meet its obligations as they fall due and to continue as a going concern. In such event the Group would be unable to realise the carrying value of its property, plant and equipment, whose values on a forced sale basis may be lower than their fair values, and goodwill and intangibles would be written off as their carrying values largely represent their values in use.
Fixed assets
Fixed assets are reported in the financial information at acquisition cost, after deduction of (a) the government grants received that partially cover their acquisition cost, (b) accumulated depreciation and, if applicable, (c) any permanent impairment.
The costs incurred for the replacement of substantial component parts of fixed assets are capitalised. The remaining costs that are incurred subsequent to the installation of fixed assets are capitalised only if they enhance the future economic benefits that will be derived through the use of the affected assets. All other costs and expenses that are incurred for the maintenance, repair etc. of fixed assets are charged to operations at the time they are incurred.
Depreciation is computed and charged to operations on the basis of the straight-line method, over the estimated useful life of the fixed assets. Land is not depreciated. The estimated useful life of each category of assets, is as follows:
Buildings, installations and infrastructural 20-40 Years works Landscaping 5 Years Industrial machinery and equipment 15-20 Years Other installations and equipment 4-8 Years Furniture and other equipment 4-8 Years Vehicles 4-8 Years
The intangible fixed assets acquired by the Helesi PLC Group are reported at their acquisition cost reduced by accumulated amortisation and, if applicable, by any permanent impairment of their value. The costs associated with internally generated goodwill are charged to operations in the period in which they are incurred.
The amortisation of intangible fixed assets, comprising computer software, is charged to operations on the basis of the straight-line method, over their estimated useful life. The estimated useful life of computer software is 5 - 8 years.
Capitalisation of Development Costs
The Helesi PLC Group invests substantial amounts in research and development and, in particular, in the development of new moulds and techniques that are instrumental in the lowering of costs and in attaining higher levels of operational efficiency. Such development costs are capitalised if, and only if, the following conditions are satisfied:
(a) the technical feasibility of completing the work undertaken (so that it will be available for use) is evident;
(b) the commitment and ability to complete such work and use its outcome exists;
(c) the generation of future economic benefits through the use of such development work is highly probable;
(d) the necessary technical, financial and other resources to complete the development work and to place it into use are available;
(e) the ability to measure reliably the expenditure attributable to such development work exists.
Participation in joint ventures
Joint Ventures are proportionally consolidated in the group's financial statements.
Inventories
Inventories are reported at the lower of their purchase or production cost and their corresponding net realisable value. Net realisable value is the estimated re-sale value of the inventories, reduced by the cost of disposal. The cost of inventories is quantified on the basis of the weighted average method and is inclusive of the costs associated with their acquisition or production (in the case of internally produced goods) and the costs incurred in bringing them to their present location and condition.
The specialised spare parts of machinery and equipment that are purchased at the stage of the acquisition of the machinery and equipment they relate to, are considered to be an integral part of and are depreciated along with the assets they are destined to support, while the replacements of such spare parts are expensed at the time of their purchase. In contrast, maintenance materials and general-use spare parts are included in inventories and are expensed as and when they are used.
Trade and other receivables
Receivables are reported net of the amounts that are deemed to be doubtful of collection.
Cash and cash equivalents
Cash is inclusive of cash equivalents, such as current account balances and short-term deposits. Bank overdrafts repayable on demand that form part of the cash management system of the Helesi PLC Group, are reported, in the statement of cash flows, as forming part of cash balances.
Transactions in foreign currencies
The transactions that are denominated in foreign currencies are stated in the functional currency of each entity forming part of the Helesi PLC Group, on the basis of the exchange rates ruling on the date of the transaction. On the balance sheet date, monetary assets and liabilities that are denominated in foreign currencies are re-stated in the reporting currency on the basis of the exchange rates ruling on this date. The gains and losses arising on restatement are taken to operations.
In contrast, the currency translation adjustments that arise in the consolidation process, on the conversion of the financial statements of subsidiaries that are compiled in currencies other than the Group's reporting currency, are reflected directly in shareholders' equity.
Dividends
Dividends payable are reported as a liability at the time that they are declared as payable by the shareholders in general meeting.
Employee retirement benefits
The obligations of the Helesi PLC Grouptowards its employees, who are based in Greece, for the payment of certain benefits at the stage of retirement that are dependent on the length of service, are quantified and reported by reference to the accrued, as at the date of the balance sheet, benefit that is anticipated to be paid to each employee in the future, discounted to its present value, having regard to the anticipated time of payment. The discount rate used is equal to the yield, as at the balance sheet date, of Greek Government bonds.
Provisions
Provisions are set up when the Helesi PLC Group has a legal or constructive obligation, in relation to a past event, and it is deemed likely that the settlement of the obligation will absorb resources embodying economic benefits.
Financial instruments
The basic financial instruments used by the Helesi PLC Group are cash, bank deposits, short-term receivables and payables and certain other forms of financing. Given the short-term nature of these instruments, Helesi PLC Group management believes that their fair value is essentially identical to the value at which they are reported in the accounting records of the Helesi PLC Group. Furthermore, Helesi PLC Group management believes that the interest rates paid in relation to the contracted loans are equivalent to the current fair market rates and, consequently, there are no grounds for adjusting the value at which these obligations are reported. The Helesi PLC Group does not use any financial derivatives.
Revenues
Sale of goods and services
The revenue derived from the sale of goods is recognised (reported in the statement of comprehensive income) at the stage when the basic risks and benefits associated with the ownership of the goods, are transferred to the buyer. The revenue derived from the rendering of services is recognised (reported in the statement of comprehensive income) on the basis of the stage of completion of the project, at the date of the balance sheet. Revenue is not recognised, if there is substantial uncertainty as to the likelihood of collecting the consideration agreed upon or the possible return of the goods.
Government grants
Government grants are accounted for when there is reasonable certainty that they will be collected and the Helesi PLC Group is in a position to conform to the terms and conditions imposed for their collection. The grants that are intended to partly finance the acquisition of fixed assets are deducted from the cost of the acquisition of the related assets. The grants, which aim at compensating the business for expenses incurred, are reported as income of the period in which the subsidised expenses are charged.
Expenses
Payroll Costs
Payroll costs are charged to operations as incurred, except for the element of these costs that is associated with the development of new products or new components of existing products, which may be capitalised, if appropriate.
Operating leases
The payments effected under operating leases are charged to operations in line with the usage of the leased asset.
Finance leases
Finance leases are treated as financing arrangements, resulting in the leased assets being reported as assets of the Helesi PLC Group (and depreciated accordingly) with a corresponding liability being reported towards the lessor or the lessors. The cost of financing is taken to operations as an expense, as it accrues.
Cost of financing
The net cost of financing comprises interest paid or accrued on contracted loans as well as on finance leases, calculated on the basis of the real interest rate, less interest income generated by the short-term investment of surplus cash funds. Exceptionally, the cost of financing the construction of fixed assets is treated as a component part of the cost of these assets, provided that the conditions set for such capitalisation are satisfied.
Income taxes
The income tax charge in the period comprises the current tax charge and the deferred tax element, that is the tax (or the tax relief), which is associated with revenues (or costs) that are reported, for accounting purposes, in the current period but will generate a tax burden or relief in future accounting periods. Income tax charges are shown in the statement of earnings, except for the tax, which relates to transactions taken directly to equity. This tax is also taken directly to equity.
The current tax charge is quantified by reference to the taxable income of the period of each entity forming part of the Helesi PLC Group, on the basis of the nominal rates of tax applicable as at the balance sheet date, plus any additional taxes likely to be imposed on the examination of the tax returns filed. In the case that different tax rates apply to distributed and retained earnings, the quantification of the current tax is based on the rates applicable to each category and by reference to the corresponding amounts. This inevitably results in the differentiation of the effective tax rate over time, depending on the policy followed by the Helesi PLC Group with respect to the distribution or the non-distribution of profits.
The deferred tax charge is quantified by the application of the relevant tax rates on the differences between the accounting and tax base of assets and liabilities, to the extent that such differences comprise timing differences that are anticipated to reverse in the future.
A deferred tax asset is recognised, only to the extent that is likely that taxable profits will be generated in the future, sufficient to absorb the tax relief obtained through the recognition of the deferred tax asset. A deferred tax asset is appropriately reduced to the extent that it becomes uncertain whether the anticipated future tax relief will, in fact, be secured.
Segmental analysis
A "segment" is defined as a separate and distinct group of business activities with common characteristics as to the nature of the activities and the business risk associated with such activities (business segment). A corresponding distinction is made on the basis of the business environment within which the activities are undertaken (geographic segment). Up to 31 December 2006, the Helesi PLC Group had only one substantial business activity segment, namely that of the production and sale of injection-moulded refuse containers (bins). However, as a result of the business combinations that were effected in the course of 2007, management is of the opinion that two distinct business segments have emerged: the environmental products segment and the environmental services segment. As a consequence, these two business segments are recognised for business segmental reporting purposes.
The business activities of the Helesi PLC Group can be distinguished between the production, marketing and distribution of environment-related products and environment-related services. At present, the Helesi PLC Group has two production and trading units - one in Greece and one in Italy, and one trading unit in the United Kingdom, under the corporate umbrellas of Helesi Sa, Helesi Italia Srl and Helesi UK Ltd, respectively. The financial results and the financial position of these two business and geographic segments are summarised in note 10 to the financial information. The third-party transactions and balances of Helesi PLC, Helesi Trans, AZ Perivallontiki, JV Perivallontiki-Mesogeios and Helesi Italia srl, which are not eliminated on consolidation, still comprise relatively immaterial amounts that are included in the Greek segment.
On the basis of business risks and, in general, the economic environment of each country in which Helesi PLC Group customers are based, an analysis is provided in note 10 of (a) the value of sales and (b) the value of the trade receivables outstanding at each year end.
For the purposes of this analysis, a distinction is made between the following geographic segments: Greece, United Kingdom, Italy, rest of European Union, Other (non-EU) states.
3. Sales revenue
The Group 2010 2009 EUR 000 EUR 000 Sales of plastic products 28.243 31.623 Sales of vehicles 14.459 34.413 Fees for services rendered 7.383 7.962 -------- -------- 50.085 73.998 -------- --------
4. Other revenue
The Group 2010 2009 EUR 000 EUR 000 Government grants 522 417 Recharging of transportation costs 140 169 Gain from disposal of tangible assets 437 172 Other revenues 133 470 -------- -------- 1.232 1.228 -------- --------
5. Persons employed and related costs
The Group 31 December 31 December 2010 2009 Number Number Number of persons employed (at year end) 353 348 -------- -------- 2010 2009 EUR000 EUR000 Salaries and wages (6.606) (6.658) Social insurance costs (1.695) (1.624) Other personnel costs (117) (76) Employment termination benefits (148) (30) Payroll costs capitalised 350 638 -------- -------- (8.216) (7.750) -------- -------- Cost per employee (in Euro) 23.275 22.270 -------- --------
6. Analysis of depreciation charges
The Group 2010 2009 EUR000 EUR000 Buildings and building installations (670) (355) Plant and machinery (2.958) (2477) Vehicles (659) (647) Furniture and other equipment (227) (140) Computer software (150) (151) -------- -------- (4.664) (3.770) -------- --------
7. Other operating expenses
The Group 2010 2009 Transportation expenses (2.848) (3.160) Electricity (1.051) (1.599) Telecommunication (192) (185) Rental expenses (367) (499) Exhibition and advertising expenses (237) (253) Travel expenses (408) (505) Repair and maintenance (1.050) (985) Insurance expenses (259) (306) Other taxes (382) (538) Work subcontracted to third parties (3.411) (3.063) Bad debts provision (700) (336) Other (2.019) (1.416) Impairment adjustments - - Capitalised costs 29 123 -------- -------- Total (12.895) (12.722) -------- --------
8. Cost of financing
The Group 2010 2009 EUR000 EUR000 Interest charges on bank loans (3.702) (3.647) Finance lease charges (1) - Cost of letters of credit, letters of guarantee and similar instruments (429) (949) -------- -------- (4.132) (4.596) Interest income 116 66 -------- -------- Net financing costs (4.016) (4.530) -------- --------
9. Income taxes
The Group 2010 2009 EUR000 EUR000 (Loss) / Profit, before taxes, per the statement of earnings (5.939) 4.405 -------- -------- Income taxes, at the nominal tax rate 1.510 (1.055) Taxes on permanent differences between accounting and taxable profits (159) (166) Effect of tax losses carried forward (425) (388) Group relief - - Income not subjected to taxation - 324 Extra ordinary tax (514) (370) Tax relief (Charge) due to the reduction (increase) of the tax rate 444 116 Adjustments in prior year expenses - - -------- -------- Total tax charge (856) (1.539) -------- -------- Current tax charge 575 (662) Deferred tax charge (1.431) (877) -------- -------- Total tax charge (856) (1.539) -------- --------
The fact that, in certain cases, revenues and expenses are recognised for accounting purposes in a different period than the period in which these income items are taxed or expense items provide tax relief requires the recognition of deferred tax assets and liabilities.
The nominal tax rate applicable to Helesi PLC is 10%. However, the dividends payable to natural persons, who are tax residents of Cyprus, are subject to a withholding tax of 15%.
The tax relief that is associated with profits that are not taxed or are taxed at reduced rates primarily emanates from the profits derived from the Greek activities of the Helesi PLC Group. In Greece, the taxation of certain forms of income may be deferred indefinitely, provided that the said income is transferred to reserves and its distribution is, likewise, deferred.
This year, Greek authorities levied by law 3808/2009 to impose an income tax resembling charge, called Social Responsibility Contribution similar to the previous year. For this reason, the Greek company was burdened with this special tax assessment with an amount of about EUR 514 thousand (2009: EUR370 thousand).
The tax returns of the entities forming part of the Helesi PLC Group, for certain years, have not been examined by the tax authorities as yet. As a consequence, it is possible that additional taxes may be assessed at the time of such an examination. These financial statements reflect a provision in respect of this contingent liability, based on management's best estimate of the amount that is likely to be assessed.
10. Segmental analysis
As from 2007, the Helesi PLC Group recognises two business segments: the environmental products segment and the environmental services segment. The financial results and the financial position of these two business segments are set out below.
The Group 2010 Environmental Environmental Helesi PLC products services Group EUR000 EUR000 EUR000 Third-party sales 42.521 7.564 50.085 Other third-party revenues 1.133 99 1.232 --------- --------- --------- Total revenues 43.654 7.663 51.317 Cost of Sales (26.862) (316) (27.178) Personnel-related costs (4.995) (3.221) (8.216) Directors' emoluments (287) - (287) Depreciation charges (4.053) (611) (4.664) Other operating expenses (9.819) (3.076) (12.895) Intersegment expenses - - - --------- --------- --------- Segmental loss, before finance charges (2.362) 439 (1.923) Cost of financing (3.515) (501) (4.016) --------- --------- --------- Segmental loss, before taxes (5.877) (62) (5.939) Elimination of intersegmental profits - - - --------- --------- --------- Loss from ordinary activities - - - Income taxes 841 15 856 --------- --------- --------- Net loss, after taxes (5.036) (47) (5.083) --------- --------- --------- The Group 2009 Environmental Environmental Helesi PLC products services Group EUR000 EUR000 EUR000 Third-party sales 66.036 7.962 73.998 Other third-party revenues 1.138 90 1.228 --------- --------- --------- Total revenues 67.174 8.052 75.226 Cost of Sales (41.754) - (41.754) Personnel-related costs (4.485) (3.265) (7.750) Directors' emoluments (295) - (295) Depreciation charges (3.245) (525) (3.770) Other operating expenses (10.096) (2.626) (12.722) Intersegment expenses - - - --------- --------- --------- Segmental profit, before finance charges 7.299 1.636 8.935 Cost of financing (4.043) (487) (4.530) --------- --------- --------- Segmental profit, before taxes 3.256 1.149 4.405 Elimination of intersegmental profits - - - --------- --------- --------- Profit from ordinary activities 3.256 1.149 4.405 Income taxes (1.137) (402) (1.539) --------- --------- --------- Net profit, after taxes 2.119 747 2.866 --------- --------- --------- The Group 31 December 2010 Environmental Environmental Helesi PLC products services Group EUR000 EUR000 EUR000 Total assets 131.596 9.663 141.259 Total liabilities to third parties (88.098) (3.506) (91.604) --------- --------- --------- Net assets 43.498 6.157 49.655 --------- --------- --------- The Group 31 December 2009 Environmental Environmental Helesi PLC products services Group EUR000 EUR000 EUR000 Total assets 146.790 11.749 158.539 Total liabilities to third parties (99.165) (4.558) (103.723) --------- --------- --------- Net assets 47.625 7.191 54.816 --------- --------- ---------
The Helesi PLC Group operates now two production units - one in Greece and one in Italy, under the corporate umbrellas of Helesi SA and Helesi Italia srl, respectively. The third production unit in UK has stop production in March 2010. The financial results and the financial position of these operations are set out below.
2010 Elimination of intersegment Helesi Greece UK Italy transactions PLC Group EUR000 EUR000 EUR000 EUR000 EUR000 Third-party sales 39.434 2.412 8.239 - 50.085 Intersegment sales 4.067 487 317 (4.871) 0 ------ ------ ------ ------ ------ Total sales 43.501 2.899 8.556 (4.871) 50.085 Other third-party revenues 823 231 178 - 1232 Intersegment other revenues - - - 0 Total revenues 44.324 3.130 8.734 (4.871) 51.317 ------ ------ ------ ------ ------ Cost of Sales (16.167) (5.429) (5.582) - (27.178) Cost of intersegment use of materials (3.660) (438) (285) 4.383 0 Personnel-related costs (7.015) (218) (983) - (8.216) Directors' emoluments (287) - - (287) Depreciation charges (4.079) (37) (548) - (4.664) Other operating expenses (10.136) (689) (2.070) - (12.895) ------ ------ ------ ------ ------ Segmental loss, before finance charges 2.980 (3.681) (734) (488) (1.923) Cost of financing (3.878) (6) (132) - (4.016) ------ ------ ------ ------ ------ Segmental loss, before taxes (898) (3.687) (866) (488) (5.939) Elimination of intersegmental profits (456) 0 (32) 488 0 ------ ------ ------ ------ ------ Loss, before taxes (1.354) (3.687) (898) 0 (5.939) Income taxes 693 0 163 - 856 ------ ------ ------ ------ ------ Net loss, after taxes (661) (3.687) (735) 0 (5.083) The Group 2009 Elimination of intersegment Helesi PLC Greece UK Italy transactions Group EUR000 EUR000 EUR000 EUR000 EUR000 Third-party sales 59.185 6.780 8.033 73.998 Intersegment sales 9.309 141 391 (9.841) - ------ ------ ------ ------ ------ Total sales 68.494 6.921 8.424 (9.841) 73.998 Other third-party revenues 943 172 113 1.228 Intersegment other revenues 27 (27) Total revenues 69.437 7.093 8.564 (9.868) 75.226 ------ ------ ------ ------ ------ Cost of Sales (30.649) (5.073) (6.032) - (41.754) Cost of intersegment use of materials (8.374) (127) (352) 8.853 - Personnel-related costs (6.351) (576) (823) - (7.750) Directors' emoluments (295) - (295) Dep reciation charges (2.927) (518) (325) - (3.770) Other operating expenses (9.590) (1.227) (1.905) - (12.722) ------ ------ ------ ------ ------ Segmental profit, before finance charges 11.251 (428) (873) (1.015) 8.935 Cost of financing (3.701) (550) (279) - (4.530) ------ ------ ------ ------ ------ Segmental profit, before taxes 7.550 (978) (1.152) (1.015) 4.405 Elimination of intersegmental profits (935) (14) (66) 1.015 - ------ ------ ------ ------ ------ Profit, before taxes 6.615 (992) (1.218) - 4.405 Income taxes (1.714) (27) 202 - (1.539) ------ ------ ------ ------ ------ Net profit, after taxes 4.901 (1.019) (1.016) - 2.866 ------ ------ ------ ------ ------ 31 December 2010 Elimination of Helesi intersegment PLC Greece UK Italy balances Group EUR000 EUR000 EUR000 EUR000 EUR000 Intersegment investments 5.046 - - (5.046) 0 Intersegment receivables/payables 12.882 (3.211) (9.671) - 0 Total other assets 119.504 671 21.084 - 141.259 Total liabilities to third parties (86.763) 3.210 (8.051) - (91.604) ------ ------ ------ ------ ------ Net assets 50.669 670 3.362 (5.046) 49.655 ------ ------ ------ ------ ------ The Group 31 December 2009 Elimination of Helesi intersegment PLC Greece UK Italy balances Group EUR000 EUR000 EUR000 EUR000 EUR000 Intersegment investments 5.046 - - (5.046) - Intersegment receivables/payables 15.200 (5.728) (9.472) - - Unrealised intersegment profits - 50 - (50) - Total other assets 126.832 3.783 27.924 - 158.539 Total liabilities to third parties (89.151) (186) (14.386) - (103.723) ------ ------ ------ ------ ------ Net assets 57.927 (2.081) 4.066 (5.096) 54.816 ------ ------ ------ ------ ------
The third-party sales and the value of the related trade receivables outstanding at each year end, on the basis of the location at which the customers operate (inclusive of the balances that are doubtful of collection and have been provided for), is analysed as follows:
Other European Helesi Union PLC The Group Greece UK Italy states Other Group (non-EU) states EUR000 EUR000 EUR000 EUR000 EUR000 EUR000 2010 Value of sales 28.187 2.538 8.206 9.011 2.143 50.085 ------ ------ ------ ------ ------ ------ Trade receivables, at year end 24.825 591 8.459 2.183 510 36.568 ------ ------ ------ ------ ------ ------ 2009 Value of sales 45.966 7.061 8.483 9.032 3.456 73.998 ------ ------ ------ ------ ------ ------ Trade receivables, at year end 30.122 1.552 14.184 6.894 353 53.105 ------ ------ ------ ------ ------ ------
11. Interest in joint ventures
In the year 2007, Helesi SA acquired the 70% of the joint venture in Cyprus with the purpose of construction and operation of two transhipment stations in Cyprus. In the beginning of 2008, the company purchased the other 30% for an amount of 700 EUR thousand. These two distinguished stages of the project, construction and operation, have been recognised at their fair value. The stage of construction is in progress and the 75% is estimated to have been completed on 31 December. Income and expenses related to the stage of construction have been recognised in the present financial statements by the percentage mentioned above. On 31 December 2010 the total assets are EUR2.744 thousand and the total liabilities are EUR2.378 thousand. In August 2010 one of the two stations commenced operations. During the construction period of the second station, Helesi agreed with the Cypriot State to operate three waste transfer stations at the area of Larnaca. On 31 December 2010 the revenues from operations are EUR359 thousand. The Gross Profit from operations is EUR295 thousand.
Additionally during 2009, Helesi SA and Mesogeios SA formed JV Perivallontiki - Mesogeios with purpose the waste management of West Macedonia Perfecture. Helesi participation is 60%. Revenues for the current financial year are EUR1.187 thousand and net profit after tax was EUR20 thousand. On 31 December 2010 the total assets are EUR352 (2009: EUR 5 thousand) thousand and the total liabilities are EUR319 thousand (2009: 127 thousand). The JV has been proportionally consolidated in the group statements.
12. Tangible fixed assets
Assets under Buildings and Furniture construction building Plant and and other or The Group Land installations machinery Vehicles equipment installation Total EUR000 EUR000 EUR000 EUR000 EUR000 EUR000 EUR000 At cost or valuation As at 31 December 2008 2.914 9.285 25.754 5.126 938 31.981 75.998 ------ ------ ------ ------ ------ ------ ------ Effect of currency translation - - 150 2 (65) - 87 Additions 2009 - 7.960 11.287 124 383 (4.941) 14.812 Disposals 2009 (88) (5) (261) (357) (5) - (716) Transfers (217) 3.747 19.957 23 (22) (24.345) 856 ------ ------ ------ ------ ------ ------ ------ As at 31 December 2009 2.609 20.987 56.887 4.918 1.229 2.695 89.326 Reclassifications from intangible assets 0 250 782 0 0 0 1.032 As at 31 December 2009 (as restated) 2.609 21.237 57.669 4.918 1.229 2.695 90.357 ------ ------ ------ ------ ------ ------ ------ Effect of currency translation - - 61 1 (3) - 59 Additions 2010 - 1.687 4.095 262 260 2.246 8.550 Disposals 2010 - - (3.180) (127) - - (3.307) Transfers - 954 (1.506) - - 552 - ------ ------ ------ ------ ------ ------ ------ As at 31 December 2010 2.609 23.878 57.139 5.054 1.486 5.493 95.659 ------ ------ ------ ------ ------ ------ ------ Accumulated depreciation As at 31 December 2008 - (1.062) (4.870) (2.094) (298) - (8.324) ------ ------ ------ ------ ------ ------ ------ Effect of currency translation - - (38) (2) 11 - (29) Depreciation charges 2009 - (355) (2.477) (647) (140) (3.619) Disposals 2009 - - 47 268 1 - 316 Transfers - (15) (49) 1 (1) - (64) ------ ------ ------ ------ ------ ------ ------ As at 31 December 2009 - (1.417) (7.338) (2.4743) (427) - (11.656) Reclassifications per intangible assets - (15) (49) - - - (64) As at 31 December 2009 - (1.432) (7.387) (2.474) (427) - (11.720) (as restated) ------ ------ ------ ------ ------ ------ ------ Effect of currency translation - - 60 (1) (1) - 58 Depreciation charges 2010 - (670) (2.958) (659) (228) - (4.515) Disposals 2010 - - 1.265 106 - - 1.371 ------ ------ ------ ------ ------ ------ ------ As at 31 December 2010 - (2.102) (9.020) (3.028) (656) - (14.806) ------ ------ ------ ------ ------ ------ ------ Net book values As at 31 December 2010 2.609 21.776 48.119 2.026 830 5.493 80.853 As at 31 December 2009 2.609 19.805 50.282 2.444 802 2.695 78.637 ------ ------ ------ ------ ------ ------ ------
In 2009, an amount of EUR1.051 thousand was misclassified as acquisition cost of intangible assets with depreciation charges amounting to EUR82 thousand. In 2010, this cost has been reclassified as tangible fixed asset with acquisition cost of EUR1.032 thousand and depreciation charges of EUR64 thousand. The reclassification did not have an effect on profits of 2009.
The cost of the acquisition of tangible fixed assets is reported net of the grants received for partly financing their purchase. The full purchase cost of these assets and the related grants that have been utilised to partially finance their acquisition is reflected in the following table:
Reported Full purchase Investment acquisition The Group cost grants costs EUR000 EUR000 EUR000 2010 Land 2.609 - 2.609 Buildings and building installations 32.581 (8.703) 23.878 Plant and machinery 98.633 (41.494) 57.139 Vehicles 6.051 (997) 5.054 Furniture and other equipment 1.902 (416) 1.486 Assets under construction 5.493 - 5.493 ------ ------ ------ 147.269 (51.610) 95.659 ------ ------ ------ 2009 Land 2.609 - 2.609 Buildings and building installations (as restated) 30.895 (9.658) 21.237 Plant and machinery (as restated) 97.990 (40.321) 57.669 Vehicles 5.915 (997) 4.918 Furniture and other equipment 1.645 (416) 1.229 Assets under construction 2.695 - 2.695 ------ ------ ------ 141.749 (51.392) 90.357 ------ ------ ------
In 2010, the development costs that have satisfied the capitalisation criteria set, amounted to EUR380, while for 2009 was EUR761 thousand. These costs comprised (in EUR'000):
2010 2009 Personnel related costs 351 638 Miscellaneous other expenses 29 123 ------ ------ 380 761 ------ ------
As at 31 December 2010 and 2009, there were mortgages and other charges on the property of the Helesi PLC Group, as a form of security for the financing facilities placed at the disposal of the Helesi PLC Group and for guarantees given in favour of the Helesi PLC Group, which amounted, in aggregate, to EUR52 million and EUR33 million, respectively. In the course of 2010, new charges of EUR19 million were added.
13. Intangible fixed assets
Computer The Group software Goodwill Total EUR000 EUR000 EUR000 At cost or valuation As at 1st January 2009 888 12.559 13.447 Effect of currency translation 5 - 5 Additions 2009 244 - 244 Transfers 856 - 856 ------ ------ ------ As at 31st December 2009 1.993 12.559 14.552 ------ ------ ------ Reclassification to tangible assets (1.051) 0 (1.051) Effect of currency translation 3 - 3 Additions 2010 807 - 807 Transfers (46) - (46) ------ ------ ------ As at 31st December 2010 1.706 12.559 14.265 ------ ------ ------ Accumulated depreciation As at 1st January 2009 (54) - (54) Depreciation charges 2009 (151) - (151) Transfers (21) - (21) ------ ------ ------ As at 31 December 2009 (226) - (226) ------ ------ ------ Reclassification to tangible assets 82 0 82 As of January 1(st) (143) - (143) Depreciation charges 2010 (150) - (150) ------ ------ ------ As at 31 December 2010 (293) - (293) ------ ------ ------ Net book values As at 31 December 2010 1.413 12.559 13.972 As at 31 December 2009 799 12.559 13.358 (as restated)
The carrying value of EUR12.5 million of goodwill which arose on the acquisition of the vehicles division is assessed annually for impairment based on management's forecasts to perpetuity. Helesi's management reviewed a five year earnings forecast of the vehicles distribution division based on past experience, the Greek market cyclicality and the effect of state structural reforms currently taking place. Future earnings were discounted at the Weighted Average Cost of Capital. Helesi applied a cumulative average growth rate of 15% to extrapolate the cash flow projections for the five year period.
14. Other long-term assets
Other long-term assets primarily comprise guarantee deposits given in relation to operating leases.
15. Inventories
The Group The Company 31 December 31 December 31 December 31 December 2010 2009 2010 2009 EUR000 EUR000 EUR000 EUR000 Vehicles 2.267 1.974 - - Manufactured goods 3.853 4.832 - - Raw and packaging materials 2.731 5.142 - - ------ ------ ------ ------ 8.851 11.948 - - ------ ------ ------ ------
16. Trade and other receivables
The Group 31 December 31 December 2010 2009 EUR000 EUR000 Trade receivables 27.725 33.366 Receivables doubtful of collection (993) (1.114) ------ ------ 26.732 32.252 Advances to suppliers 2.664 3.370 State receivables (including VAT,grants and refundable taxes) 4.046 13.419 Blocked deposit accounts 30 - Other receivables 3.096 4.064 ------ ------ 36.568 53.105 ------ ------
The provision for bad debts was increased by EUR700 thousand (2009: EUR336 thousand) out of which EUR821thousand were utilized. The past due receivables that have not been impaired amount to EUR12,1 million and are past due 3 months more or less from the contractual maturity. Management considers that these receivables will be collected in full.
The ageing analysis of trade receivables is as follows:
The Group 31December 31December 2010 2009 Period Up to 6 months 11.831 20.950 6 to 9 months 2.471 5.769 9 to 12 months 2.080 753 Over 12 months 10.350 5.780 ------ ------ 26.732 32,252 ------ ------
17. Cash and cash equivalents
Cash and cash equivalents comprise notes held by the Helesi PLC Group as well as bank deposits available on demand.
18. Borrowings
The loans contracted by the Helesi PLC Grouphave been advanced by Greek and Italian banks and are denominated in Euros. The amounts that are repayable within one year of the balance sheet date are reported as short-term liabilities while the amounts that are repayable at a subsequent stage, are reported as long-term obligations. The loans of the Helesi PLC Group are analysed as follows:
The Group 31 December 31 December 2010 2009 EUR000 EUR000 Short-term borrowings Bank loans (30.060) (41.362) Short-term portion of long-term loans (4.175) (5.646) Finance lease obligations (9) (8) ------ ------ (34.244) (47.016) ------ ------ Long-term borrowings Debenture loan (29.607) (26.115) Finance lease obligations (6) (14) ------ ------ (29.613) (26.129) ------ ------
Depending on the date of maturity, long-term borrowings are analysed as follows:
The Group 31 December 31 December 2010 2009 EUR000 EUR000 Long-term borrowing repayable in: 1 to 2 years (6.335) (6.295) 2 to 5 years (19.272) (14.372) Over 5 years (4.006) (5.462) ------ ------ (29.613) (26.129) ------ ------
The following are the contractual maturity of bank loans including interest payment:
The Group 31 December 31 December 2010 2009 EUR000 EUR000 1 to 2 years (8.444) (7.673) 2 to 5 years (22.630) (16.852) Over 5 years (4.271) (6.332) ------ ------ (35.345) (30.857) ------ ------
The credit downgrade of the Greek State in 2010 was followed by a credit downgrade of the local banks. The increased cost of borrowing for the local banks was passed on to Helesi. Consequently the weighted average cost of borrowing for 2010 increased to 5.8% ( 2009: 4%).
At the second half of 2010 the Greek Subsidiary Helesi SA renegotiated successfully EUR31 million of debt. Helesi rescheduled EUR6.5 million of debenture loans with Piraeus Bank expiring at 2015. A new balloon loan of EUR2.1 million was issued to refinance existing short term debt, expiring at 2015. Additionally EUR4.1 million and EUR5 million of debenture loans were rescheduled with Alpha Bank, with 1 year grace period expiring at 2013 and 2015 respectively. FBB agreed to extend the maturity of a EUR2 million long term loan, expiring at 2013. Bank of Cyprus approved the extension of the maturity of EUR4.3 million up to 2017, rescheduling payments with 1 year grace period. Panellinia Bank agreed for EUR1 million of debt expiring in 2010 to be rescheduled into balloon payments expiring at December 2011. Finally, at the first quarter of 2011, RBS agreed to extend EUR4 million of debenture loans and EUR2 million of short term debt up to 2016 with a grace period until 31 December 2011.
The contractual cash flows after the debt reschedule are the following:
The Group EUR000 0-3 months 465 4-12 months 5.231 1-5 years 31.392 More than 5 years 4.006
In 2010 the Group provided a pledge on its fixed assets in the amount of EUR19 million as additional security.
On 31 December 2010 the Greek subsidiary, Helesi SA was in breach of covenants related to a total amount of EUR24.2 million of long term debt. Waivers have been received in respect of all of these covenants.
19. Financing risks
Currency risk
The Helesi PLC Group is exposed to foreign currency risk by its subsidiary in UK. Sales and receivables of Helesi UK Ltd, are denominated in Pounds Sterling. Receivables on 31 December 2010 and 2009 were EUR352 thousand and EUR1.071thousand respectively. A change of exchange rate by +/- 10% would increase/reduce the profit of the Group by EUR 41thousand and EUR 95thousand respectively.
Credit risks
The Helesi PLC Group has a clearly defined policy, which is followed consistently. The exposure to credit risks is monitored and assessed on a regular basis, thus ensuring that the credit given does not exceed the authorised credit limits of each customer. As at 31 December 2010 and 2009, receivables, amounting to EUR257 thousand and EUR 50 thousand, respectively, were secured by letters of credit, letters of guarantee, state guarantees and distributor guarantees.
The maximum exposure of the Helesi PLC Group to credit risk, assuming that all customers will fail to honour their obligations, is the amount reported under receivables, less the aforementioned amounts of the guarantees secured.
Interest rate risks
Most of the interest-bearing receivables and payables of the Helesi PLC Group are linked to floating interest rates that are adjusted in line with interest-rate market fluctuations. The Helesi PLC Group does not use financial derivatives.
Liquidity risk
Liquidity risk arises from the differences in the timing of the maturity of payables and receivables. The liquidity risk is increased due to the high bank borrowing of the Group and the delay in the collection of receivables.
Cash flow risk
Group's borrowings are linked to floating interest rates, and as a consequence the Group is exposed to cash flow risk from changes in interest rates. A change (increase/decrease) of the interest rate by 100 basis points at 31.12.2010 would have resulted to the change (increase/ decrease) of the after taxes Group's profit by EUR685 thousand (2009: EUR712 thousand).
Fair value estimation
The carrying amounts and fair values of certain financial assets and liabilities are as follows:
Carrying amounts Fair values 31 December 31 December 31 December 31 December 2010 2009 2010 2009 EUR000 EUR000 EUR000 EUR000 Financial assets Cash and cash equivalents 1.002 1.411 1.002 1.411 Financial assets 36.568 53.105 36.568 53.105 Financial liabilities Trade payables (25.447) (26.915) (25.447) (26.915) Current borrowings (34.244) (47.016) (34.244) (47.016)
20. Trade and other payables
The Group 31 December 31 December 2010 2009 EUR000 EUR000 Trade creditors (22.933) (24.630) Accrued expenses (479) (433) Social security contributions payable (383) (418) Payable salaries (479) (304) Liabilities due to related parties - - Taxes (other than income tax) payable (487) (702) Other payables (686) (428) ------ ------ (25.447) (26.915) ------ ------
21. Employee benefits
The obligation of the Helesi PLC Group towards its employees based in Greece, to provide them with certain future benefits depending on their length of service is quantified and reported on the basis of the accrued entitlement, as at the date of the balance sheet, that is anticipated to be paid, discounted to its present value by reference to the anticipated time of payment. The discount rate used is broadly equal to the yield of Greek Government bonds. The movement of the account of employee benefits, in the years 2010 and 2009 was as follows:
The Group EUR000 Provision as at 31 December 2008 (84) Charge for the year in respect of employment termination benefits (74) Amounts actually disbursed 43 ------ Provision as at 31 December 2009 (115) ------ Charge for the year in respect of employment termination benefits (165) Amounts actually disbursed 130 ------ Provision as at 31 December 2010 (150) ------
22. Government grants
Government grants relate to Helesi SA and Helesi Italia srl and have been granted in relation to investments in fixed tangible assets, effected in the period from 2000 to 2010 or currently under construction. The reported value of the acquired fixed tangible assets has been reduced by the grants received and receivable for the purposes of partially financing their acquisition cost. Depending on the provisions of the law, under which the grants were advanced, certain restrictions apply as to the transfer of the ownership of the subsidised assets and to changes of the legal status of the entity to which the grants were advanced. The inspections carried out by the supervisory authorities, to date, have not disclosed cases of non-compliance with these restrictions that had not been approved, in advance.
The amount of government grants received and receivable, for the purposes of financing the purchase of fixed assets, is reported under the note covering fixed tangible assets. The resultant reduction of the depreciation charges that would have, otherwise, burdened the operations of the Helesi PLC Group is quantified in the following table:
The Group EUR000 Effective reduction of the value of tangible fixed assets, as at 31 December 2008 (48.203) New grants secured in 2009 800 Effective reduction of the depreciation charges, in 2009 1.576 ----- Effective reduction of the value of tangible fixed assets, as at 31 December 2009 (45.827) ------ Effective reduction of the value of tangible fixed assets, as at 31 December 2009 (45.827) New grants secured in 2010 (413) Effective reduction of the depreciation charges, in 2010 1.778 ----- Effective reduction of the value of tangible fixed assets, as at 31 December 2010 (44.462) ------
23. Share capital and share premium
Company'sauthorised share capital is divided into 60.000.000 shares (2009: 60.000.000 shares) of a nominal value of EUR0.10 each.
Company's issued share capital is divided into 39,805,754 shares (2009:39.805.754 shares) of a nominal value of EUR0.10 each.
By the decision of the General Shareholders Meeting, dated 7 April 2009 and the Extraordinary General Shareholders Meeting dated 22 June 2009 the share capital of Helesi PLC increased by EUR703,125 through the issuance of 7,031,249 new ordinary shares at a price of 0,64 Euro per share. The total of both increases was contributed by the company TECMEC SA. Costs of issuance amount to EUR105,000 have been deducted from the share premium reserve.
The share premium generated on the exchange of the Helesi SA shares for Helesi PLC shares of EUR15,753 thousand plus the share premium raised on the admission to AIM of EUR16,093 thousand has been reduced by the AIM admission costs of EUR2,301 thousand less the tax relief generated by these costs of EUR405 thousand, i.e. by a net amount of EUR1,896 thousand.
In September 2006, a Share Option Plan was introduced, entailing the granting of options to acquire shares of Helesi PLC, at specified exercise prices and within a specified period of time exceeding three but not exceeding seven years, to directors and key employees of the Group. The options, which may be granted under this Plan, may cover a maximum of 10% of the issued and outstanding shares of Helesi PLC. The operation of this Plan could have a dilutive effect on the issued and outstanding shares of Helesi PLC. The dilutive effect is a function of (a) the number of shares that may be acquired through the exercise of such rights, (b) the exercise price at which the options are granted, (c) the market price of the shares thus acquired and (d) the overall market capitalisation of the Company.
618,100 share options have been granted, under this Plan, to certain directors and key-managers of the Group. These options, which represent 1.5% of the issued and outstanding shares of Helesi PLC, mature over a period of three years and have an exercise price that is equal to the price at which the shares were listed on IPO (EUR1.71 per share). The exercise of the options is conditional on the attainment of certain overall financial targets of the Group.
According to the Register of shareholders of Helesi PLC, as at 31 December 2010 the shareholders holding shares of Helesi PLC exceeding 3% of the total number of issued and outstanding shares and the shareholders who serve the Helesi PLC Group as members of its management, were the following:
Athanasios Andrianopoulos 15,73% Christina Thanasoulia (wife of A. Andrianopoulos) 11,97% Tecmec SA 22,69% National Bank of Greece 8,81% Emmanouil Anyfantakis 5,90% Lazard Asset Management 3,87% Dimitrios Karaiskos 3,80% Hansa Capital 3,79% ----------------------------------------------- -------
Certain other members of Helesi PLC Groupmanagement hold shares in Helesi PLC but in no case do such holdings exceed 1%.
24. Reserves
The corporate restructuring process has, in effect, rendered "non-distributable" all the pre-restructuring reserves and retained earnings of the Group. A substantial part of the pre-structuring reserves of Helesi SA were, in any event, non-distributable either because they had, by law, been taken to capital reserves or because they had been allocated to untaxed reserves for the purposes of deferring the payment of the taxes (that would have been, otherwise, payable) on the profits so transferred.
The post-restructuring profits that have been taken to reserves, mainly by the Greek entities forming part of the Helesi Group, either by the operation of law or on the basis of provisions of Greek tax legislation, which permit the indefinite deferral of the incidence of taxation on otherwise taxable profits (as a form of an investment incentive, on condition that the said profits are re-invested in the business) are reported under "capital reserves". The tax thus deferred is precipitated by the disposal of the assets acquired, within a period of 5 years of their acquisition, or whenever the untaxed reserves are distributed. The tax liability that will precipitate on the distribution of these reserves, estimated, as at 31 December 2010, at EUR 4.3 million, shall be recognised as and when a decision to distribute these reserves, or part thereof, is taken.
The currency translation adjustments that arise in the consolidation process, on the conversion of the financial statements of Helesi UK Ltd from Pounds Sterling into Euro, are reflected directly in shareholders' equity and are reported under the caption "currency translation adjustments".
25. Earnings per share and dividends
Earnings per share are calculated by dividing the profit attributable to the shareholders of Helesi PLC by the weighted average number of issued and outstanding shares in the accounting period covered by the financial statements.
Basic EPS Diluted EPS 31 December 31 December 31 December 31 December The Group 2010 2009 2010 2009 EUR000 EUR000 EUR000 EUR000 Net profit attributable to the shareholders (in Euro thousand) (5.082) 2.866 (5.082) 2.866 Weighted average number of issued shares (in thousands) 39.806 37.109 39.806 37.109 ------ ------ ------ ------ Earnings per share (in EUR) (0.13) 0.08 (0.13) 0.08 ------ ------ ------ ------
For 2010, the Board of Directors has decided not to propose dividend, taking into account the financial environment.
26. Deferred tax assets and liabilities
Deferred tax assets and liabilities are quantified at the level of each separate entity forming part of the Helesi PLC Groupand, to the extent that deferred tax assets and deferred tax liabilities arise, they are off set against each other. The deferred tax assets and liabilities emanate from the following causes:
The Group 2010 2009 EUR000 EUR000 Tax impact of the differentiation of the accounting and the tax depreciation rates (3.960) (2.930) Anticipated tax burden on the disposal of revalued land - (28) Providing for doubtful receivables, while tax relief entails a write-off 191 191 Reducing the value of stocks to eliminate the effect of tax depreciation 71 78 Tax relief from taxable losses 2.081 - Miscellaneous timing differences between accounting profits and taxable income 465 99 ------ ------ Income taxes, which will burden future accounting periods (1.152) (2.590) ------
27. Related party transactions and balances
The transactions of the Helesi PLC Group, in the year 2010 and 2009, with and the receivables from and payables to related parties, as at 31 December 2010 and 2009, are analysed as follows:
Purchases Receivable Payable The Group Sales to from from to EUR000 EUR000 EUR000 EUR000 2010 TECMEC AE 241 3.787 4.091 2009 TECMEC AE 107 2.469 716 -
The compensation of the members of the Board of Directors and certain other key management personnel executives, in the years 2010 and 2009, was as follows:
The Group 2010 2009 EUR000 EUR000 Dimitrios Goulandris Chairman (60) (41) Athanassios Andrianopoulos, CEO (70) (77) Christina Thanassoulia (Deputy CEO) (35) (39) Apostolos Binomakis- Non executive member (40) (57) Frithjof Platou - Non executive member - (20) Elena Paraskeva - Non executive member (25) (25) Ioannis Riskakis - Executive member (57) (36) ------ ------ (287) (295) ------ ------
28. Commitments and contingencies.
The construction of one of the two waste transfer stations in Cyprus has not proceeded according to the contract with the Cyprus government as the local community of the original site strongly opposes its construction. In accordance with the contract, the group is entitled to significant compensation for delays and non-performance based upon a number of criteria. The Group is presently negotiating the level of compensation that will be finally paid with the appropriate authorities, but no provision has been made in these financial statements as the final figure cannot be determined with any degree of accuracy at the present time and will depend upon whether or not an alternative site will be found and the estimated time required to be able to start its construction and operation. Income from compensation will be realised as these uncertainties are resolved.
The recently enacted Law 3480/2010 is bringing about drastic changes in the corporate tax environment of Greece. In particular, the new tax law introduces essentially two corporate tax rates for the profits of Greek companies depending on whether profits are distributed or not. If the company's profits are not distributed, then the applicable corporate tax rate is 24% for the profits of fiscal year starting on January 1 2010 up to December 31 2010 and the new tax law at the end of this year 20%. On the other hand, if the company's profits are distributed, then the corporate tax rate is 40% and is imposed on the company's profits, which arise in fiscal years starting from December 31 2010 onwards, while no withholding tax is imposed on the dividends distributed.
The Helesi PLC Group is contractually committed under operating leases for the leasing of office space and warehouses and of certain production facilities in the UK, as follows:
Within Within 2-5 1 year years EUR000 EUR000 Office premises 17 36 Production facilities - 117 ------ ------ 17 153 ------ ------
The banks cooperating with the Group have provided guarantees in favour of third parties amounting to EUR 12.880 thousand.
29. Audit fee
The audit fees for the whole of the Helesi Group, for the year ended 31 December 2010 amounted to EUR100 thousand (2009: EUR103thousand). The audit fees charged by Group auditors for the year ended 31 December 2010 amounted to EUR31 thousand (2009: EUR31 thousand). There were no other fees charged by the Group's auditors.
30. Post balance sheet events
On 1(st) June Apostolos Binomakis, non-executive member of the board resigned to pursue his full-time business interests. On 14(th) June the board appointed George Papaggelis as a non-executive director.
Except as disclosed in Note 18, there were no material events after the reporting period which have a bearing on the understanding of the financial statements.
For further information please visit www.helesi.com or contact:
Helesi PLC + 30 22990 82700 Sakis Andrianopoulos, Chief Executive, Ioannis Tolias, Finance Director itolias@helesi.com Panmure Gordon +44 (0) 20 7459 3600 Andrew Godber Katherine Roe Tavistock Communications + 44 (0) 20 7920 3150 Simon Hudson shudson@tavistock.co.uk Lydia Eades leades@tavistock.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
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