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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 | 00:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Mar 2020 to Mar 2025
TIDMHLS
RNS Number : 2936P
Helesi PLC
30 September 2011
30 September 2011
Helesi PLC
("Helesi" or "the Group")
Interim results for the six months to 30 June 2011
Helesi PLC (AIM: HLS), the Greece, Italy and Cyprus based waste management products manufacturer and services supplier announces final results for the six months to 30 June 2011.
Hot Features
Premium
Highlights
-- Group revenues decreased by 39% to EUR15.7 million (H1
2010: EUR25.7 million).
-- Loss before tax of EUR4.9 million (H1 2010: Loss EUR1
million) due to lower sales across all regions.
-- Net debt decreased to EUR66.3 million versus EUR73.8 million
reflecting partial collection of receivables.
Commenting on the results, Sakis Andrianopoulos, Chief Executive of Helesi, said, "As the Greek recession continues, Helesi is impacted by the potentially disastrous event of default of the Greek state. The Greek waste market has not operated normally over the last 12 months. To accommodate the current situation we focused on exports of plastic products anticipating for recovery of the Greek market given the ongoing structural reforms"
For further information please visit www.helesi.com or contact:
Helesi PLC +30 (0) 2299 0 82700 Sakis Andrianopoulos, Chief Executive Ioannis Tolias, Finance Director itolias@helesi.com Panmure Gordon (Nomad and broker) +44 (0) 20 7459 3600 Andrew Godber Tavistock Communications + 44 (0) 20 7920 3150 Simon Hudson shudson@tavistock.co.uk
Financial Performance
The extensive restructuring in some parts of the public sector delayed the receipt of due receivables and postponed the announcement of new projects. The Greek plastic bin, and waste vehicles market was practically not operating over the last 12 months.
Revenues in the six months to 30 June 2011 decreased by 39% to EUR15.7 million (H1 2010: EUR25.7million), reflecting the drop in sales mainly in Greece. Inventory control and the change of the sales mix sustained gross margin levels slightly above 50%, same as in the first half of 2010.
Operating expenses decreased by 15% to EUR8.2 million (H1 2010: EUR9.7 million) as result of rightsizing staff costs and lesser operational expenses as operations were slimmed down. However, the Group realized a loss before interest, tax, depreciation and amortisation of EUR52,000 (H1 2010: EUR3.0 million profit). Finance costs increased by 33% to EUR2.4 million (H1 2010: EUR1.8 million) as banks increased their profit margins over the last 12 months, leading to EUR4.8 million loss before tax (H1 2010: EUR1.0 million).
Reflecting the collection of State Grants and due receivables, net debt dropped to EUR66.3 million (H1 2010: EUR74million). The blended average rate for our borrowings during the period increased to 7% (H1 2010:4.6%). Additional information about the Group's financial position and borrowings are further described in notes 4 and 10 and the auditor's report.
Dividend
Dividends will resume again once the operating cashflow of the Company improves.
Operations
In plastic products, revenues decreased due to lack of contribution from the Greek Market. The majority of revenues from plastic products were derived from overseas sales. The structural reform of the Greek State affected also the Services and Vehicles business. The majority of projects due for 2010 were postponed for 2011. The implementation of the State reforms fell behind schedule, leading to further postponements of new projects.
Outlook
Helesi remains positive for the future. The waste management sector faces huge challenges both in Greece and Cyprus where Helesi operates. Geographical diversification and product diversification reduces the downside risk of a prolonged recession scenario in Greece. The group will continue to focus on overseas sales of plastic products. In Services the Greek market is under new changes. A new law recently voted allowing outsourcing of waste collection to the private sector creates new opportunities for Helesi.
Dimitri Kainaros
Non-Executive Chairman
Sakis Andrianopoulos
Chief Executive Officer
29 September 2011
Statement of the members of the Board of Directors and other responsible persons of the Company for the financial statements
In accordance with Article 9, sections (3) (c) and (7) of the Transparency Requirements (Securities for Trading on regulated Market) Law of 2007 ("Law"), we the members of the Board of Directors and the other responsible persons for the consolidated financial statements of Helesi Plc for the period ended 30 June 2011 we confirm that, to the best of our knowledge:
(a) the annual consolidated financial statements that are on pages
7 to22:
(i) were prepared in accordance with the International Financial
Reporting Standards as adopted by the European Union, and
in accordance with the provisions of Article 9, section (4)
of the Law, and
(ii) give a true and fair view of the assets and liabilities, the
financial position and the profit or losses of Helesi Plc and
the businesses that are included in the consolidated accounts as
a total , and
(b) the directors' report gives a fair review of the developments
and the performance of the business as well as the financial
position of Helesi Plc and the businesses that are included in
the consolidated accounts as a total, together with a description
of the principal risks and uncertainties that they are facing.
Members of Board of Directors:
Kainaros Dimitrios Non-Executive Chairman Athanassios (Sakis) Andrianopoulos Chief Executive Officer Christina Thanassoulia Deputy Chief Executive George Papaggelis Non-Executive Director Elena Paraskeva Non Executive Director
Nicosia, Cyprus
29 September 2011
Report on Review of Interim Financial Information
To the Shareholders of Helesi PLC
Introduction
We have reviewed the accompanying interim consolidated condensed financial information of Helesi PLC (the "Company") and its subsidiaries (the "Group"), which comprise the statement of financial position and the consolidated statement of financial position of the Company and the Group, as at 30 June 2011, and the respective statements of comprehensive income, the statements of changes in shareholders' equity and the statements of cash flows for the six-month period then ended, and the notes thereon. Management is responsible for the preparation and fair presentation of this interim condensed consolidated financial information in accordance with the International Financial Reporting Standard 34 'Interim Financial Reporting' as issued by International Financial Reporting Standard Board (IASB) and adopted by the European Union. Our responsibility is to express a conclusion on this interim financial information based on our review.
Scope of Review
We conducted our review in accordance with the International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information does not give a true and fair view of the financial position of the Helesi Group and of Helesi PLC, as at 30 June 2011, and of their financial performance and their cash flows for the six-month period then ended, in accordance with the International Financial Reporting Standard 34 'Interim Financial Reporting'.
Emphasis of matter - Going concern
We draw attention to note 4 to the interim condensed consolidated financial statements which indicates that the Group's current liabilities exceed its current assets by EUR14.8 million. The Group also incurred a loss of EUR5.4 million for the period ended 30 June 2011and as explained in note 10 is in breach of various loan covenants. 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.
Other Matter
This report, including the conclusion, has been prepared for and only for the Company's members as a body in accordance with Section 34 of the Auditors and Statutory Audits of Annual and Consolidated Accounts Law of 2009 and for no other purpose. We do not, in giving this report, accept or assume responsibility for any other purpose or to any other person to whose knowledge this report may come to.
BDO Ltd
Certified Public Accountants (CY) and Registered Auditors
Nicosia, Cyprus
September 2011
Statements of Comprehensive Income
The Group
First half First half
Notes of of Year
2011 2010 2010
EUR'000 EUR'000 EUR'000
Sales revenue 15.057 24.879 50.085
Other revenue 669 851 1.232
------ ------ ------
15.726 25.730 51.317
Changes in inventories of
finished goods 33 56 (1.296)
Cost of materials used (7.537) (12.924) (25.882)
Personnel-related costs 8 (3.444) (4.210) (8.358)
Depreciation and amortisation
charges (2.368) (2.347) (4.664)
Other operating expenses (4.830) (5.566) (13.040)
------ ------ ------
Operating (loss)profit (2.420) 739 (1.923)
Finance costs (2.449) (1.781) (4.016)
------ ------ ------
(Loss) profit before tax (4.869) (1.042) (5.939)
Income tax expense 9 (597) (399) 856
------ ------ ------
(Loss) profit for the period (5.466) (1.441) (5.083)
------ ------ ------
Exchange differences on
translation of foreign
operations 70 127 79
- - - - - - - - - - -
- - - - - - -
Total comprehensive (loss)
income for the period, net
of tax (5.396) (1.314) (5.161)
Attributable to :
Owners of the parent (5.396) (1.314) (5.161)
Basic earnings(loss) per
share (in Euro) 12 (0,14) (0,036) (0.13)
------ ------ ------
Diluted earnings(loss) per
share (in Euro) 12 (0,14) (0,036) (0.13)
------ ------ ------
Statements of Financial Position
The Group
Notes 30 June 30 June 31 December
2011 2010 2010
EUR'000 EUR'000 EUR'000
Property, plant and equipment 10 78.593 78.463 80.853
Intangible assets 1.499 1.705 1.413
Goodwill 12.559 12.559 12.559
Investments in subsidiaries - - -
Other non-current assets 738 81 13
------ ------ ------
Non-current assets 93.389 92.808 94.838
------ ------ ------
Inventories 8.602 10.970 8.851
Trade and other receivables 38.259 51.768 36.568
Cash and cash equivalents 1.006 634 1.002
------ ------ ------
Current assets 47.867 63.372 46.421
------ ------ ------
Total assets 141.256 156.180 141.259
------ ------ ------
Trade and other payables (26.932) (24.414) (25.447)
Income tax payable (803) (1.235) (998)
Short term borrowings 11 (34.963) (50.553) (34.244)
------ ------ ------
Current liabilities (62.698) (76.202) (60.689)
------ ------ ------
Long term borrowings 11 (32.417) (23.966) (29.613)
Employee benefit liability (204) (106) (150)
Deferred tax liabilitiy (1.678) (2.404) (1.152)
------ ------ ------
Non current liabilities (34.299) (26.476) (30.915)
------ ------ ------
Share capital (3.981) (3.981) (3.981)
Share premium (33.641) (33.641) (33.641)
Capital reserves (9.981) (9.981) (9.981)
Currency translation
adjustments 959 823 1.029
Retained earnings 2.385 (6.722) (3.081)
------ ------ ------
Total equity (44.259) (53.502) (49.655)
------ ------ ------
Total liabilities and equity (141.256) (156.180) (141.259)
------ ------ ------
Statements of Changes in Shareholders' Equity
Currency
Share Share Capital translation Retained
capital premium reserves adjustments earnings Total
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
As at 1
January
2010 3.981 33.641 9.981 (950) 8.163 54.816
Profit for
the period - - - - (1.441) (1.441)
Currency
translation
adjustments - - - 127 - 127
------ ------ ------ ------ ------ ------
As at 30
June 2010 3.981 33.641 9.981 (823) 6.722 53.502
Profit for
the period (3.641) (3.641)
Currency
translation
adjustments (206) (206)
Capital
increase
cost
------ ------ ------ ------ ------ ------
As at 1
January
2011 3.981 33.641 9.981 (1.029) 3.081 49.655
Profit for
the period (5.466) (5.466)
Currency
translation
adjustments 70 70
------ ------ ------ ------ ------ ------
As at 30
June 2011 3.981 33.641 9.981 (959) (2.385) 44.259
------ ------ ------ ------ ------ ------
Statements of cash flows
The Group
First half First half
of of Year
2011 2010 2010
Operating activities EUR'000 EUR'000 EUR'000
Profit before tax (4.869) (1.042) (5.939)
Adjustments in respect of non-cash
transactions:
Depreciation, amortisation and
profit n disposals 2.368 2.347 4.664
Finance cost, net 2.449 1.781 4.016
Employee benefits 54 (13) 31
Profit from sales unit 251 (168) (549)
Other adjustments 75 (48) (229)
------ ------ ------
328 2.857 3.092
(Increase)/ decrese in inventories 248 978 3.097
(Increase)/ decrese in receivables (2.415) (514) 7.665
Increase /(decrease) in payables 1.489 (3.499) (5.296)
------ ------ ------
(350) (178) 8.558
Interest paid (2.451) (1.812) (4.132)
Income tax paid (269) (458) (1.188)
------ ------ ------
Net operating cash inflows (outflows) (3.070) (2.448) 3.238
------ ------ ------
Cash flows related to investing
activities
Purchase of property plant and
equipment (316) (3.777) (5.228)
Proceeds from sale of property
plant and equipment 26 2.082 1.387
Investment grants received - 2.010 10.143
Purchase of intangible assets (160) (77) (807)
Interest received 2 31 117
------ ------ ------
Net investment cash inflows (outflows) (448) 269 5.612
------ ------ ------
Cash flows related to financing
activities
Loans contracted (repaid) 3.525 1.374 (9.281)
Finance lease payments (3) (2) (8)
------ ------ ------
Net financing cash inflows (outflows) 3.522 1.372 (9.289)
------ ------ ------
Net decrese /increase in cash
and cash equivalents 4 (807) (439)
Cash and cash equivalents, at
the beginning of the period 1.002 1.411 1.411
Effect of currency translation
adjustments - 30 30
------ ------ ------
Cash and cash equivalents, at
the end of the period 1.006 634 1.002
------ ------ ------
Notes to the Interim Condensed Financial Statements
1. Accounting Policies
These interim financial statements have been compiled and are presented in accordance with IAS 34 Interim Financial Reporting. The accounting policies used in the preparation of the interim financial statements are consistent with those used in the compilation of the audited financial statements for the year ended 31 December 2010 and the six months ended 30 June 2010.
Costs that occur evenly during the financial year are anticipated or deferred in the interim financial statements, only if it would be appropriate to anticipate or defer such costs at the end of the financial year.
Income tax expense is recognised based on the best estimate of the weighted average annual income tax rate expected for the full financial year.
2. Capital Structure
The Helesi PLC Group operates an employee share options scheme (ESOS) under which employees of any of the entities forming part of the Group may be given the option to purchase shares of Helesi PLC. These options are exercisable not earlier than three years and not later than seven years after the grant date, at an exercise price which is specified, in Euros, at the time of granting the options.
The Board of Directors is empowered to grant options on a maximum of 10% of the outstanding shares. As at 30 June 2009 and 31 December 2008, the options granted under this scheme, which were outstanding, covered a total of 618,100 shares.
The terms under which these options were granted, in the year ended 31 December 2007, are described in the notes to the audited financial statements as of 31 December 2008.
3. Economic Environment
The downgrade of the Greek State has resulted in a liquidity crisis and fall in consumer and business confidence. The Greek state has been forced to implement austerity measures that include Greek budget cuts and the postponement of public sector projects. Banks have generally ceased providing new finance to Greek businesses since 2010 and some foreign banks operating in Greece have been instructed not to undertake "state risk". These factors have resulted in fall in revenues, deteriorating cash flows and increased finance costs.
4. Going concern
As at 30 June 2011 the Group's current liabilities exceed its current assets by EUR14.8 million (H1 2010: EUR12.8 million) and the Group was in breach of various of its loan covenants. Despite of that, the Group rescheduled part of long term debt by extending maturities. The Group is presently re-negotiating the restructuring of part of short loans to long term and re-organizing the debt structure among the companies of the group. Management considers the going concern assumption to be appropriate having regard to its business plan which anticipates an increase in revenues from municipal projects released from 2011 onwards and the collection of already delayed government receivables. However management cannot predict the full consequences in any significant further deterioration of the Greek economy.
5. Earnings per Share
The basic earnings per share in a given period are calculated by dividing the net profit attributable to the Group by the weighted average number of issued and outstanding shares in that period.
The calculation of the diluted earnings per share takes into consideration the options on shares granted to employees of the Group. The equivalent of these share options to shares is quantified by
reference to the exercise price of the options granted and the average listed price (in the accounting period reported upon) of the shares on which the options have been granted.
6. 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.
First half of 2011
Environmental Environmental
products services Group
EUR'000 EUR'000 EUR'000
Third-party sales 11.133 3.924 15.057
Other third-party revenues 669 - 669
------ ------ ------
Total revenues 11.802 3.924 15.726
Cost of materials and accessories
used (7.280) (224) (7.504)
Personnel-related costs (2.005) (1.439) (3.444)
Depreciation and amortisation (2.074) (294) (2.368)
Third-party costs and expenses (3.314) (1.516) (4.830)
------ ------ ------
Segmental profit, before
finance
charges (2.871) 451 (2.420)
------ ------ ------
First half of 2010
Environmental Environmental
products services Group
EUR'000 EUR'000 EUR'000
Third-party sales 21.241 3.638 24.879
Other third-party revenues 792 59 851
------ ------ ------
Total revenues 22.033 3.697 25.730
Cost of materials and accessories
used (12.868) - (12.868)
Personnel-related costs (2.498) (1.712) (4.210)
Depreciation and amortisation (2.057) (290) (2.347)
Third-party costs and expenses (4.122) (1.444) (5.566)
------ ------ ------
Segmental profit, before
finance charges 488 251 739
------ ------ ------
30 June 2011
Environmental Environmental
products services Group
EUR'000 EUR'000 EUR'000
Total Assets 130.722 10.534 141.256
Total Liabilities to
third parties (92.652) (4.345) (96.997)
------ ------ ------
Net Assets 38.070 6.189 44.259
------ ------ ------
30 June 2010
Environmental Environmental
products services Group
EUR'000 EUR'000 EUR'000
Total Assets 150.811 5.369 156.180
Total Liabilities to
third parties (97.772) (4.906) (102.678)
------ ------ ------
Net Assets 53.039 463 53.502
------ ------ ------
The Helesi PLC Group now operates 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 closed production in March 2010. The financial results and the financial position of these operations are set out below.
First half of 2011
Elimination
of intersegment
Greece UK transactions Group
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Third-party sales 12.076 39 2.942 - 15.057
Intersegment
sales (1.441) - (215) 1.656 0
------ ------ ------ ------ ------
Total sales 10.635 39 2.727 1.656 15.057
Other third-party
revenues 425 - 244 - 669
Intersegment
other revenues (369) - (30) 399 0
------ ------ ------ ------ ------
Total other
revenues 56 - 214 399 669
------ ------ ------ ------ ------
Total revenues 10.691 39 2.941 2.055 15.726
Cost of materials
used (5.021) - (2.483) - (7.504)
Third-party costs
and expenses (8.924) (145) (1.573) (10.645)
------ ------ ------ ------ ------
Segmental profit
/ (loss) before
finance charges (3.254) (106) (1.115) 2.055 (2.420)
------ ------ ------ ------ ------
First half of 2010
Elimination
of intersegment
Greece UK IT transactions Group
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Third-party
sales 19.128 2.345 3.406 - 24.879
Intersegment
sales 2.562 418 77 (3.057) 0
------ ------ ------ ------ ------
Total sales 21.690 2.763 3.483 (3.057) 24.879
Other
third-party
revenues 490 355 6 - 851
Intersegment
other revenues 349 70 44 (463) 0
------ ------ ------ ------ ------
Total other
revenues 839 425 50 (463) 851
Total revenues 22.529 3.188 3.533 (3.520) 25.730
Cost of
materials and
accessories
used (8.538) (2.299) (2.081) 0 (12.918)
Cost of
intersegment
use of
materials (2.306) (376) (69) 2.801 50
Third-party
costs and
expenses (10.428) (703) (1.608) 616 (12.123)
------ ------ ------ ------ ------
Segmental profit
/ (loss) before
finance
charges 1.257 (190) (225) (103) 739
------ ------ ------ ------ ------
Year 2010
Elimination of
intersegment
Greece UK Italy transactions Group
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
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 - 1.232
------ ------ ------ ------ ------
Total revenues 44.324 3.130 8.734 (4.871) 51.317
Cost of materials
and accessories
used (16.167) (5.429) (5.582) - (27.178)
Cost of
intersegment use
of materials (3.660) (438) (285) (4.363) 0
Personnel-related
costs (7.015) (218) (983) - (8.216)
Directors' fees (287) - - - (287)
Depreciation and
amortisation
expense (4.079) (37) (548) - (4.664)
Other operating
expenses (10.136) (689) (2.070) - (12.895)
------ ------ ------ ------ ------
Segmental profit /
(loss) before
finance charges 2.980 (3.681) (734) (488) (1.923)
Cost of financing (3.878) (6) (132) - (4.016)
------ ------ ------ ------ ------
Segmental profit
(loss), before
taxes (898) (3.687) (866) (488) (5.939)
Elimination of
intersegmental
profits (456) - (32) 488 0
------ ------ ------ ------ ------
Loss before tax (1.354) (3.687) (898) - (5.939)
Income tax 693 - 163 - 856
------ ------ ------ ------ ------
Net profit
/(loss), after
tax (661) (3.687) (735) - (5.083)
------ ------ ------ ------ ------
30 June 2011
Elimination
of
intersegment
Greece UK balances Group
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Intersegment
investments 5.046 - - (5.046) 0
Intersegment
receivables/payables 12.651 (3.125) (9.526) - 0
Total other assets 122.188 485 18.583 - 141.256
Total liabilities to
third parties (90.077) (253) (6.667) - (96.997)
------ ------ ------ ------ ------
Net assets 49.808 (2.893) 2.390 (5.046) 44.259
------ ------ ------ ------ ------
30 June 2010
Elimination
of
intersegment
Greece UK IT balances Group
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Intersegment
investments 5.046 - - (5.046) 0
Intersegment
receivables/payables 14.401 (4.828) (9.573) - 0
Total other assets 127.826 2.928 25.426 - 156.180
Total liabilities to
third parties (90.249) (284) (12.145) - (102.678)
------ ------ ------ ------ ------
Net assets 57.024 (2.184) 3.708 (5.046) 53.502
------ ------ ------ ------ ------
31 December 2010
Elimination
of
intersegment
Greece UK Italy balances Group
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
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 third-party sales and the value of the related trade receivables outstanding at period-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), are analysed as follows:
Other
European Other
United Union (non-EU)
Greece Kingdom Italy states states Group
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
First half of
2011
Value of
sales 5.354 995 2.691 3.770 2.247 15.057
------ ------ ------ ------ ------ ------
Trade
receivables,
at period
end 28.581 441 6.533 2.031 673 38.259
------ ------ ------ ------ ------ ------
First half of
2010
Value of
sales 12.687 3.321 3.775 3.085 2.011 24.879
------ ------ ------ ------ ------ ------
Trade
receivables,
at period
end 31.542 2.371 12.011 5.289 555 51.768
------ ------ ------ ------ ------ ------
Year 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
------ ------ ------ ------ ------ ------
7. Persons Employed and Related Costs
The Group
30 June 31 December
30 June 2011 2010 2010
Number Number Number
Number of persons employed
(at period end) 280 295 353
------ ------ ------
First half First half
of 2011 of 2010 Year 2010
EUR'000 EUR'000 EUR'000
Salaries and wages (2791) (3.482) (6.606)
Social security costs (657) (815) (1.695)
Other personnel costs (18) (87) (117)
Employment termination benefits (95) (16) (148)
Employment related costs,
capitalised 117 190 350
------ ------ ------
(3.444) (4.210) (8.216)
------ ------ ------
Cost per employee (in Euro) 12.300 14.915 23.275
------ ------ ------
8. Income Taxes
The Group
First half First half
of 2011 of 2010 Year 2010
EUR'000 EUR'000 EUR'000
Profit, before taxes, per
the statement of earnings (4.866) (1.042) (5.939)
------ ------ ------
Income taxes, at the nominal
tax rate 1.070 230 1.510
Taxes on permanent differences
between accounting and taxable
profits (60) (86) (159)
Effect of tax losses carried
forward (1.842) (188) (425)
Income not subjected to taxation 23 - -
Extra ordinary tax - (513) (513)
Tax relief due to reduction
of the tax rate (10) 158 444
Inome non taxable 222 - -
------ ------ ------
Total tax charge (597) (399) 856
------ ------ ------
Current tax charge (70) (577) (575)
Deferred tax charge (527) 178 1.431
------ ------ ------
Total tax charge (597) (399) 856
------ ------ ------
9. Property, plant and equipment
The Group
Buildings and Furniture Assets under
building Plant and and other constr. or
Land installations machinery Vehicles equipment installation Total
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
At cost or
valuation
As at 31
December
2009 2.609 21.237 57.669 4.918 1.229 2.695 90.357
Effect of
currency
translation - 61 1 (3) 59
Additions - 1.687 4.095 262 260 2.246 8.550
Disposals - - (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
Effect of
currency
translation - - (7) - (1) - (8)
Additions 109 560 (59) 207 (500) 317
Disposals - - (198) (320) (13) - (531)
Transfers - - - - 4 - 4
------ ------ ------ ------ ------ ------ ------
As at 30 June
2011 2.609 23.987 57.494 4.675 1.683 4.993 95.441
------ ------ ------ ------ ------ ------ ------
Accumulated
depreciation
As at 31
December
2009 - (1.432) (7.387) (2.474) (427) - (11.720)
Effect of
currency
translation - - 60 (1) (1) - 58
Depreciation
charge - (670) (2.958) (659) (228) - (4.515)
Disposals - - 1.265 106 - - 1.371
------ ------ ------ ------ ------ ------ ------
As at 31
December
2010 0 (2.102) (9.020) (3.028) (656) 0 (14.806)
Effect of
currency
translation - - 3 - 1 - 4
Depreciation
charge (337) (1.512) (295) (155) (2.299)
Disposals - - 10 242 2 - 253
------ ------ ------ ------ ------ ------ ------
As at 30 June
2011 0 (2.439) (10.519) (3.082) (808) 0 (16.848)
------ ------ ------ ------ ------ ------ ------
Net book
values
As at 30 June
2011 2.609 21.548 46.975 1.598 875 4.993 78.593
------ ------ ------ ------ ------ ------ ------
As at 30 June
2010 2.609 19.372 49.800 2.348 885 3.448 78.463
------ ------ ------ ------ ------ ------ ------
As at 31
December
2010 2.609 21.776 48.119 2.026 830 5.493 80.853
------ ------ ------ ------ ------ ------ ------
10. Interest-bearing loans and borrowings
The bank loans and other bank financing facilities (including the debenture loan) contracted by the Helesi PLC Group are analysed as follows:
Short-term Long-term Scheduled
30 June 2011 liabilities liabilities repayment
EUR'000 EUR'000 (to year)
Debenture loan 4.350 (32.413) 2011-2017
Short term bank loans 30.613 (4) 2011-2012
------ ------
34.963 32.417
------ ------
Short-term Long-term Scheduled
30 June 2010 liabilities liabilities repayment
EUR'000 EUR'000 (to year)
Debenture loan 7.853 23.966 2010-2017
Short term bank loans 42.700 - 2010-2011
------ ------
50.553 23.966
------ ------
Short-term Long-term Scheduled
31 December 2010 liabilities liabilities repayment
EUR'000 EUR'000 (to year)
Debenture loan 4.175 29.607 2011
Short term bank
loans 30.069 6 2011-2017
------ ------
34.244 29.613
------ ------
The interest charges generated in relation to the above loans, in the six month period ended 30 June 2011, amounted to EUR2.449 thousand (H1 2010 : EUR1.781 thousand). On 30 June 2011, bank borrowings are secured by fixed charges over the company's property plant and equipment for amount of EUR 51,4 million (31 Dec 2010 : EUR51,4 million).
In September 2011 the group has successfully rescheduled two bond loans with Alpha Bank of EUR4.1 million and EUR5 million. According to the new schedule of payments, the installments due for 2011 and 2012 have been rescheduled extending maturities up to 2015 and 2016 respectively. The cash flow benefit from the reschedule is EUR2.960 thousand and EUR1.280 thousand. According to interim results Helesi was in breach of covenants of these loans. No waiver was obtained from this bank in respect of the breach of these covenants.
At the fourth quarter of 2010, Bank of Cyprus approved the extension of the maturity of EUR4.3 million up to 2017. According to interim results Helesi was in breach of covenants in respect on this 100. No waiver was obtained from this bank in respect of the breach of these covenants.
11. Earnings per share and proposed 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
------------------- ------------------
30 June 30 June 30 June 30 June
The Group 2011 2010 2011 2010
EUR000 EUR000 EUR000 EUR000
Net profit attributable
to the shareholders (in
Euro thousand) (5.446) (1.441) (5.446) (1.441)
Weighted average number
of issued shares (in
thousand pieces) 39.806 39.806 39.806 39.806
------ ------ ------ ------
Earnings/( loss) per
share (in EUR) (0,14) (0,036) (0,14) (0,036)
------ ------ ------ ------
12. Research & Development (R & D)
The Helesi 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 R & D 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.
The development costs that have satisfied these criteria are analysed as follows :
First First
half half Year
2011 2010 2010
EUR'000 EUR'000 EUR'000
Personnel related
costs 117 190 350
Miscellaneous other
expenses 18 17 30
------ ------ ------
135 207 380
------ ------ ------
13. Related party transactions and balances
The transactions of the Helesi PLC Group, in the period 30 June 2011 and the year 2010, with and receivables from and payables to related parties, as at 30 June 2011 and 31 December 2010, are analysed as follows:
Purchases Receivable Payable
The Group Sales to from from to
EUR000 EUR000 EUR000 EUR000
TECMEC A.E
30 June 2011 22 478 4.851 0
31 December 2010 241 3.787 4.091 0
The compensation of the members of the Board of Directors and certain other key management personnel executives for the group for the first half 2011 and year 2010 was as follows:
The Group
First half First half
of 2011 of 2010
EUR000 EUR000
Dimitrios Goulandris - (40)
Athanassios Andrianopoulos (32) (32)
Christina Thanassoulia (16) (16)
Apostolos Binomakis (17) (20)
John Riskakis (26) (26)
Elena Paraskeva (13) (13)
George Papaggelis (1) -
---------- ----------
(105) (147)
---------- ----------
14. 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 recently enacted L. 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 is gradually reduced by one percentage point each year to reach 20% for the profits of fiscal years starting on January 1 2014. 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
15. Post Balance Sheet Events
Except as disclosed in note 11, there were no material events after the reporting period, which have a bearing on the understanding of financial statements.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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