 |
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|
| As at 31 December | Note | 1997 | 1998 |
| ASSETS | |||
| I. Fixed assets | 39 524,2 | 56 517 | |
| 1. Intangible assets | 1 | 1 966,8 | 1 835 |
| 2. Tangible assets | 2 | 30 486,5 | 35 932 |
| 3. Long-term investments | 3 | 7 070,9 | 18 695 |
| 4. Long-term debtors | 4 | - | 55 |
| II. Current assets | 33 837,6 | 50 205 | |
| 1. Stocks | 5 | 4 317,0 | 10 184 |
| 2. Current debtors | 6 | 20 674,0 | 39 426 |
| 3. Temporary investments | 7 | 7 765,9 |
- |
| 4. Cash and cash equivalents | 8 | 1 080,7 | 595 |
| III. Deferred expenses | 9 | 334,9 | 1 367 |
| Total Assets | 73 696,7 | 108 089 | |
| LIABILITIES AND SHAREHOLDERS' EQUITY | |||
| I. Shareholders' equity | 49 050,3 | 55 848 | |
| 1. Share capital | 10 | 10 000,0 | 10 000,0 |
| 2. Not paid-up share capital (negative value) | - | - | |
| 3. Reserve capital | 11 | 29 818,4 | 34 307 |
| 4. Revaluation capital | 12 | 4 650,8 | 4 642 |
| 5. Other reserve capital | 13 | 100,5 | 100 |
| 6. Prior years' retained earnings (accumulated deficit) | 14 | - | - |
| 7. Net profit (loss) for the year | 4 480,6 | 6 814 | |
| II. Provisions | 15 | 574,8 | 785 |
| III. Liabilities | 23 151,5 | 48 457 | |
| 1. Long-term creditors | 16 | 4 312,7 | 3 009 |
| 2. Current creditors | 17 | 18 838,8 | 45 448 |
| IV. Accrued expenses and deferred income | 18 | 920,1 | 2 999 |
| Profit and Loss Account | |||
| Year ended 31 December | Note | 1997 | 1998 |
| I. Turnover | 115 635,9 | 191 270 | |
| 1. Net sales of merchandise and materials | 19 | 257,7 | 276 |
| 2. Net sales of products | 20 | 115 378,2 | 190 994 |
| II. Cost of sales | 99 131,8 | 166 285 | |
| 1. Cost of merchandise and materials sold | 152,1 | 262 | |
| 2. Cost of products sold | 21 | 98 979,7 | 166 285 |
| III. Gross profit (loss) on sales | 16 504,1 | 24 723 | |
| IV. Distribution costs | - | - | |
| V. General administrative expenses | 8 697,6 | 11 419 | |
| VI. Profit (loss) on sales | 7 806,5 | 13 304 | |
| VII. Other operating income | 22 | 544,0 | 294 |
| VIII. Other operating expenses | 23 | 928,0 | 620 |
| IX. Operating profit (loss) | 7 422,5 | 12 978 | |
| X. Dividend income, including that from: | - |
604 |
|
| XI. Income on other long-term investments, including that from: | - | - | |
| XII. Other financial income | 24 | 32 751,3 | 10 279 |
| XIII. Financial expenses | 25 | 33 471,1 | 13 185 |
| XIV. Profit (loss) on ordinary activities | 6 702,7 | 10 668 | |
| XV. Extraordinary items | 3,6 | (8) | |
| 1. Extraordinary income | 26 | 21,5 | 244 |
| 2. Extraordinary charges | 27 | 17,9 | 252 |
| XVI. Profit (Loss) before taxation | 6 706,3 | 10 668 | |
| XVII. Corporation income tax | 28 | 2 148,3 | 3 732 |
| XVIII. Other obligatory profit decreases (loss increases) | 29 | 77,4 | 122 |
| XIX. Net profit (loss) for the year | 4 480,6 | 6 814 | |
| Cash Flow Statement | |||
| Year ended 31 December | 1997 | 1998 | |
| A. CASH FLOWS - OPERATING ACTIVITIES | |||
| I. Net profit (loss) for the year | 4 480,6 | 6 814 | |
| II. Total adjustments | 5 210,2 | 10 | |
| 1. Depreciation and amortisation | 4 129,8 | 5 839 | |
| 2. Gain (loss) on exchange rate differences | 0,0 | (254) | |
| 3. Interest and dividends received and paid | 483,6 | 1 199 | |
| 4. Other reserves | 81,6 | 88 | |
| 5. Corporation income tax on profit before taxation | 2 148,3 | 3 732 | |
| 6. Corporation income tax paid | (2 208,9) | (2 830) | |
| 7. (Gain) loss on disposal of investments | 2 080,8 | 117 | |
| 8. Change in stocks | 4 819,0 | (5 867) | |
| 9. Change in current creditors (except loans and bank credits),including special funds | (776,3) | 18 006 | |
| 10. Change in deferred and accrued expenses | 69,3 | (512) | |
| 11. Change in deffered income | (1 338,5) | 1 559 | |
| 12. Other items | (75,7) | 3 | |
| B. CASH FLOWS - INVESTING ACTIVITIES | |||
| I. Cash inflow from investing activities | 1 506,5 | 10 888 | |
| 1. Sales of intangible assets | - | - | |
| 2. Sales of tangible assets | 9,0 | 3 | |
| 3. Disposal of shares and other securities of subsidiary undertakings | - | 2 263 | |
| 4. Disposal of shares and other securities of associated undertakings | - | 2 263 | |
| 7. Loans collected | - | - | |
| 8. Dividends received | - |
558 |
|
| 9. Interest received | 1 497,5 | 40 | |
| 10. Other income | - |
58 |
|
| II. Cash outflow from investing activities | 31 876,3 | 31 876,3 | |
| 1. Purchases of intangible assets | 1 781,9 | 297 | |
| 2. Purchases of tangible assets | 15 415,7 | 13 472 | |
| 3. Acquisition of shares and other securities of subsidiary undertakings | 6 892,8 | 11 819 | |
| 5. Acquisition of other long-term investments | - | - | |
| 6. Acquisition of temporary investments | 7 765,9 |
- |
|
| 7. Loans granted | - | - | |
| 8. Other expenses | 20,0 | 2 | |
| C. CASH FLOWS - FINANCING ACTIVITIES | |||
| I. Cash inflow from financing activities | 27 766,7 | 10 590 | |
| 1. Long-term bank credits contracted | 3 068,9 |
- |
|
| 2. Long-term loans contracted | - | - | |
| 3. Current loans contracted | - |
229 |
|
| 4. Issuances of bonds or other current commercial paper | - |
9 943 |
|
| 5. Shares issued and share premium | 24 500,0 |
- |
|
| 6. Interest repaid | 197,8 | 418 | |
| 7. Other income | - | - | |
| II. Cash outflow from financing activities | 7 478,5 | 3 198 | |
| 1. Payments of long-term bank credits and loans | - |
934 |
|
| 2. Redemption of bonds and other long-term notes payable | - | - | |
| 3. Payments of current bank credits | 4 959,7 |
- |
|
| 4. Payments of current loans | - | - | |
| 5. Redemption of bonds or other current commercial paper | - | - | |
| 6. Dividends and other payments to shareholders | - | - | |
| 7. Supervisory Board remuneration | - | - | |
| 8. Employee bonuses from net profit | - | - | |
| 9. Charitable contributions | - | - | |
| 10. Finance lease commitments paid | 370,0 | 370,0 | |
| 11. Interest paid | 2 148,8 | 1 891 | |
| 12. Other expenses | - |
3 |
|
| D. NET CHANGE IN CASH AND CASH EQUIVALENTS (AIII+BIII+CIII) | (390,8) | (486) | |
| E. CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR | 1 471,5 | 1 081 | |
| F. CASH AND CASH EQUIVALENTS - END OF YEAR (D+E) | 1 080,7 | 595 | |
