TIDMHLS
RNS Number : 0626Z
Helesi PLC
31 January 2014
Helesi PLC
Interim Financial Statements as
of and for the six months ended
30 June 2013 (compiled in accordance
with the International Financial
Reporting Standards that have been
adopted by the European Union).
This is to certify that the attached
Interim condensed Financial Statements
are those which were approved by
the Board of Directors of Helesi
PLC on 31/01/2014
Dimitris Kainaros Non - executive
Chairman Helesi PLC
31 January 2014
Helesi PLC
("Helesi" or "the Group")
Interim results for the six months to 30 June 2013
Helesi PLC (AIM: HLS), the Greece, Italy and Cyprus based waste
management products manufacturer and services supplier announces
interim results for the six months to 30 June 2013.
Highlights
-- Group sales revenues remained stable with a slight decrease
of 0.17% to EUR9.985 million (H1 2012: EUR10.002 million).
-- EBITDA performance improved by EUR1.45 million with positive
EBITDA of EUR0.55 million (H1 2012: EUR0.9 million loss).
-- Losses were reduced by almost EUR1.7 million, EUR6.5 million
in H1 2013 (H1 2012: EUR8.2 million)
-- The net debt of Helesi SA is EUR 62.2 million, We are
undergoing a negotiation process with the 3 largest creditors of
the Helesi SA holding 75% of total debt, namely Piraeus Bank
EUR24.9 million, Alpha Bank EUR15 million, and Eurobank EUR6.5
million. The rest of creditors have expressed their will to follow
the decision of the 3 most important creditors
Commenting on the results, Sakis Andrianopoulos, Chief Executive
of Helesi, said, "Helesi is impacted by recession in Italy and
Greece. This year we experienced a slowdown in Cyprus, which shows
the first signs of a deep recession. The Greek recession continues,
but the potentially disastrous event of default of the Greek state
and the "Grexit" scenario are fading away. The Greek waste market
is improving but funding problems are a setback for large waste
projects. Helesi will continue to focus on exports of plastic
products to utilize its production capacity."
For further information please visit www.helesi.com or
contact:
Helesi PLC +30 (0) 2299 0 82700
Sakis Andrianopoulos, Chief Executive
Christina Thanasoulia, Finance thanassoulia@helesi.com
Director
+44 (0) 20 7886
Panmure Gordon (Nomad and broker) 2500
Andrew Godber
Financial Performance
Sales revenues in the six months to 30 June 2013 slightly
decreased by 0.17% to % EUR9.985 million (H1 2012: EUR10.002
million), while total revenues slightly decreased as well. Tight
inventory control and the change of the sales mix sustained gross
margin levels slightly above 50%, same as in the previous year.
Personnel expenses decreased further by almost 0.6 million to
EUR2.5 million (H1 2012: EUR3.1 million) and also cost of goods
sold was also reduced EUR0.9 million to EUR3.5 million(H1 2012:
EUR4.4 million), as result of adjusting staff costs and reducing
operational expenses as operations were slimmed down. As a result,
the Group realized profit before interest, tax, depreciation and
amortisation of EUR0.55 million (H1 2012: loss EUR0.9 million). It
is the first time that the Group achieved EBITDA profitability
after the H1 2011. Interest costs slightly decreased by 7.3% to
EUR2.45 million (H1 2012: EUR2.64 million) leading to EUR4.4
million loss before tax (H1 2012: EUR6.3 million). The blended
average rate for our borrowings remains at high levels of 7.2% (H2
2012:7.4 %).
Whilst these results demonstrate an improvement, the Group is
still loss making and the net debt was EUR 62.2 million and current
liabilities exceed its current assets by EUR24 million as of 30
June 2013. The Group's banks have continued to support the business
with letters of credit and working capital facilities. The Group
relies on its long term relationships and support with domestic
banks and its suppliers in order to be able to continue as a going
concern. As disclosed below, the Group continues to be in breach of
some of its banking covenants. The Group's banks are actively
engaging with Helesi on extending the maturity of the Group's
borrowings and providing additional funding to facilitate the
growth of the business. The directors are confident of obtaining
the banks approval to a restructuring in the coming weeks and a
further announcement will be made at that time. Helesi's shares
remain temporarily suspended on AIM and the directors will also
provide an update on this matter when an announcement is made about
the debt restructuring. Additional information about the Group's
financial position and borrowings are further described in notes 4
and 10.
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 and Italian market. The
postponement of various projects in the Greek market, the
restriction of credit risk in combination with constrains in new
working capital sources held back operations. The structural reform
of the Greek State affected also the Services and Vehicles
business, and signs of recovery started to appear in the second
half of 2012 and continue within 2013. Helesi is building a
pipeline of new projects in the Greek market that in case of
success, and in the event that funding can be secured, has the
potential to benefit from over EUR40 million of revenues in future
years.
Outlook
Helesi remains positive for the future once its funding position
has been secured. 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, meanwhile taking the necessary steps to
improve further all cost areas, and reduce the debt burden. Most
importantly, the Group is negotiating with its creditors in order
to improve working capital availability, which will enable the
Group to realize its export growth potential.
Dimitri Kainaros
Non-Executive Chairman
Sakis Andrianopoulos
Chief Executive Officer
31 January 2014
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
2012 we confirm that, to the best of our knowledge:
(a) the annual consolidated financial statements that are on pages 7 to21:
(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) Chief Executive Officer
Andrianopoulos
Christina Thanassoulia Deputy Chief Executive
Elena Paraskeva Non Executive Director
Nicosia, Cyprus
Statements of Comprehensive Income
The Group The Company
Notes First First Year First First Year
half half half half
of of of of
2013 2012 2012 2013 2012 2012
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Sales revenue 9.985 10.002 28.795 - - -
Other revenue 167 903 1.154 266 296 630
Changes in inventories
of finished goods (418) (528) (1.399) - - -
Cost of materials
used (3.527) (4.404) (12.698) - - -
Personnel-related
costs 7 (2.447) (3.088) (6.550) - (17) (36)
Director's emoluments (31) (37) (73) (31) (37) (73)
Depreciation charges (2.504) (2.509) (4.974) - - -
Impairment of - - (400) - - -
goodwill
Write off receivables - - (1.831) - - -
Other operating (3.17
expenses 6) (3.751) (9.224) (28) (92) (308)
------ ------ ------ ------ ------ ------
Operating (loss)
/ profit (1.951) (3.412) (7.200) 207 150 -
Net finance cost (2.448) (2.884) (5.205) - - (5)
------ ------ ------ ------ ------ ------
(Loss) / profit
before taxes (4.399) (6.296) (12.405) 207 150 208
Income tax expense 8 (2.096) (1.890) (1.885) - - (23)
------ ------ ------ ------ ------ ------
(Loss) / profit
for the period (6.495) (8.186) (14.290) 207 150 185
------ ------ ------ ------ ------ ------
EBITDA 552 (903) 5 207 150 185
- - - - - - - - - - - -
- - - - - - - - - - - -
- - - - - - - - - - -
Total comprehensive
(loss) income (6.495) (8.186) (14.290) 207 150 185
------ ------ ------ ------ ------ ------
Basic and diluted
earnings(loss)
per share (in
Euro) 11 (0,17) (0,21) (0.36) 0,01 0,00 -
The attached notes form an integral part of this
interim condensed financial information
Statements of Financial Position
The Group The Company
Notes 30 30 31 December 30 30 31 December
June June June June
2013 2012 2012 2013 2012 2012
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Assets
Non current assets
Property, plant
and equipment 9 71.989 75.584 74.152 - 1 -
Goodwill 7.259 7.659 7.259 - - -
Other intangible
assets 1.054 1.427 1.303 - - -
Investment in
subsidiaries - - - 39.383 39.383 39.383
Other non-current
assets 81 81 81 - - -
------ ------ ------ ------ ------ ------
Total non-current
assets 80.383 84.751 82.795 39.383 39.383 39.383
------ ------ ------ ------ ------ ------
Inventories 4.105 4.193 4.322 - - -
Trade and other
receivables 23.724 30.846 24.081 100 645 193
Cash and cash
equivalents 1.003 441 452 321 - 1
------ ------ ------ ------ ------ ------
Total current
assets 28.832 35.480 28.855 421 645 194
------ ------ ------ ------ ------ ------
Total assets 109.215 120.231 111.650 39.804 40.029 39.577
------ ------ ------ ------ ------ ------
Share capital (3.981) (3.981) (3.981) (3.981) (3.981) (3.981)
Share premium (33.641) (33.641) (33.641) (33.641) (33.641) (33.641)
Capital reserves (9.981) (9.981) (9.981) - - -
Currency translation
adjustments - - - - - -
Retained earnings 38.484 25.537 31.966 (845) (603) (638)
------ ------ ------ ------ ------ ------
Total equity (9.119) (22.066) (15.637) (38.467) (38.225) 38.260
Non current liabilities
Long term borrowings 10 (38.212) (33.276) (14.692) - - -
Current liabilities
to supplier (1.579) (1.119) (1.575) - - -
Employee benefit (425) (299) (381) - - -
Deferred tax
liabilities (7.101) (5.119) (5.069) - - -
------ ------ ------ ------ ------ ------
Total Non current
liabilities (47.317) (39.813) (21.717) - - -
Current liabilities
Trade and other
payables (22.294) (25.982) (22.568) (1.336) (1.803) (1.294)
Income tax payable (786) (688) (726) - (1) (22)
Short term borrowings 10 (29.699) (31.683) (51.002) (1) - (1)
------ ------ ------ ------ ------ ------
Current liabilities (52.779) (58.353) (74.296) (1.338) (1.804) (1.317)
------ ------ ------ ------ ------ ------
Total liabilities
and equity (109.215) (120.231) (111.650) (39.804) (40.029) (39.577)
The attached notes form an integral part of this
interim condensed financial information
Statements of Changes in Shareholders' Equity
The Group
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
2012 3.981 33.641 9.981 - (17.351) 30.252
Profit for
the period - - - - (8.186) (8.186)
------ ------ ------ ------ ------ ------
As at 30
June 2012 3.981 33.641 9.981 - (25.537) 22.066
Profit for
the period - - - - (6.104) (6.104)
Prior year
adjustment - - - - (325) (325)
------ ------ ------ ------ ------ ------
As at 1 January
2013 3.981 33.641 9.981 - (31.966) 15.637
Profit for
the period - - - - (6.495) (6.495)
Prior year
adjustment - - - - (23) (23)
------ ------ ------ ------ ------ ------
As at 30
June 2013 3.981 33.641 9.981 38.484 9.119
------ ------ ------ ------ ------ ------
The Company
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
2012 3.981 33.641 - - 453 38.075
Profit for
the period - - - - 150 150
------ ------ ------ ------ ------ ------
As at 30
June 2012 3.981 33.641 - - 603 38.225
Profit for
the period
------ ------ ------ ------ ------ ------
As at 1 January
2013 3.981 33.641 - - 638 38.260
Profit for
the period
------ ------ ------ ------ ------ ------
As at 30
June 2013 3.981 33.641 - - 845 38.467
------ ------ ------ ------ ------ ------
The attached notes form an integral part
of this interim condensed financial information
Statements of cash flows
The Group The Company
First First Year First First Year
half half half half
of of of of
2013 2012 2012 2013 2012 2012
Operating activities EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Loss before tax (4.399) (6.296) (12.406) 207 150 209
Depreciation, amortisation
and profit n disposals 2.503 2.509 4.974 - - -
Interest payable 2.447 2.609 4.205 - (1) 1
Employee benefits 43 48 130 - - -
Profit/loss from
sale of fixed asset - 243 253 - - -
Profit from sales - - - -
unit
Other non cash item (23) (122) - - - -
Impairment of goodwill - - 400 - - -
------ ------ ------ ------ ------ ------
572 (460) (1.726) 207 149 209
(Increase)/ decrease
in inventories 217 681 551 -
(Increase)/ decrease
in receivables 357 2.929 9.695 92 (446) 221
Increase /(decrease)
in payables (270) 1.654 (1.305) 43 358 (368)
------ ------ ------ ------ ------ ------
876 4.804 7.215 135 62 147
Net interest received
/ (paid) (2.447) (2.640) (5.236) - (1) -
Income tax paid (3) (249) (104) (22) (62) -
------ ------ ------ ------ ------ ------
Net operating cash
inflows (outflows) (1.574) (1.641) 1.875 320 (1) 62
------ ------ ------ ------ ------ ------
Cash flows related
to investing activities
Purchase of property
plant and equipment (91) (1.330) (2.251) - (1)
Proceeds from sale
of property plant
and equipment - 225 226 - -
Purchase of intangible - - - -
assets (39)
Interest received - 30 31 - - 61
------ ------ ------ ------ ------ ------
Net investment cash
inflows (outflows) (91) (1.074) (2.033) - (1) 1
------ ------ ------ ------ ------ ------
Cash flows related
to financing activities
Loans contracted
/ (repaid) 2.217 (1.176) (441) - (8) 8
Finance lease payments - (148) (148) - - -
------ ------ ------ ------ ------ ------
Net financing cash
inflows (outflows) 2.217 1.324 (588) - (9) 8
------ ------ ------ ------ ------ ------
Net decrease /increase
in cash and cash
equivalents 551 (758) (747) 320 (9) (9)
Cash and cash equivalents,
at the beginning
of the period 452 1.198 1.198 1 9 9
------ ------ ------ ------ ------ ------
Cash and cash equivalents,
at the end of the
period 1.003 440 452 321 0 1
The attached notes form an integral part of this
interim financial information
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 2012 and the six months ended 30 June 2013.
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.
Details of the share options granted to directors, to date, are
set out below:
Elena Paraskeva 37,086
These options were granted on 23 November 2006, were exercisable
between 23 November 2009 and 23 November 2013, at an exercise price
of 116p, which is the IPO floating price. The options were not
exercised by Ms. Paraskeva and as a result, they are not valid any
more. The market price of the Helesi PLC shares, on the 7th of
December 2013. The Helesi shares have been suspended from trading
in the AIM market of the London stock exchange since 26 June 2013
(last transaction was made on the 7th of June 2013).
3. Economic Environment
The Greek economy is undergoing a severe recession for a sixth
consecutive year, totalling a decrease in GDP larger than 25%
without bearing in mind inflation. It is the worse recession for a
country within the EU in peace time. 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 which 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 2013, the Group's current liabilities exceed its
current assets by EUR24 million (H1 2012: EUR22.8 million) and the
Group was in breach of several of its loan covenants. The Group's
projections reflect sustainable net operating cashflow, and relies
on its long term relationships and support with domestic banks and
its suppliers. Helesi Italia is in the process of being divested
and as a result, the Group expects not only to adjust productive
capacity to current demand, but also to bolster its cash-flow with
an amount near EUR2 million in 2014.
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 2013
Environmental Environmental
products services Group
EUR'000 EUR'000 EUR'000
Third-party sales 6.265 3.720 9.985
Other third-party
revenues 167 - 167
------ ------ ------
Total revenues 6.432 3.720 10.152
Cost of materials
and accessories
used (2.765) (1.180) (3.945)
Personnel-related
costs (1.232) (1.216) (2.447)
Depreciation
and amortisation (2.275) (229) (2.504)
Third-party costs
and expenses (2.686) (521) (3.207)
------ ------ ------
Segmental profit,
before finance
charges (2.527) 576 (1.951)
First half of 2012
Environmental Environmental
products services Group
EUR'000 EUR'000 EUR'000
Third-party sales 6.691 3.311 10.002
Other third-party
revenues 814 89 903
------ ------ ------
Total revenues 7.505 3.400 10.905
Cost of materials
and accessories
used (4.540) (392) -(4.932)
Personnel-related
costs (1.859) (1.229) (3.088)
Depreciation and
amortisation (2.260) (249) (2.509)
Third-party costs
and expenses (2.137) (1.651) (3.788)
------ ------ ------
Segmental profit,
before finance
charges (3.291) (121) (3.412)
------ ------ ------
30 June 2013
Environmental Environmental
products services Group
EUR'000 EUR'000 EUR'000
Total Assets 101.840 7.375 109.215
Total Liabilities
to third parties (95.546) (4.550 (100.096)
------ ------ ------
Net Assets 6.294 2.825 9.119
------ ------ ------
30 June 2012
Environmental Environmental
products services Group
EUR'000 EUR'000 EUR'000
Total Assets 112.888 7.343 120.231
Total Liabilities
to third parties (93.654) (4.511) (98.165)
------ ------ ------
Net Assets 19.234 2.832 22.066
------ ------ ------
The Helesi PLC Group operates two facilities - one in Greece and
one in Italy, under the corporate umbrellas of Helesi SA and Helesi
Italia srl, respectively. The Italian production unit is in the
process of being divested though. The financial results and the
financial position of these operations are set out below.
First half of 2013
Elimination
of intersegment
Greece transactions Group
EUR'000 EUR'000 EUR'000 EUR'000
Third-party sales 9.505 480 - 9.985
Intersegment
sales 674 198 (872)
------ ------ ------ ------
Total sales 10.179 678 (872) 9.985
Other third-party
revenues 157 10 167
Intersegment - - - -
other revenues
------ ------ ------ ------
Total other revenues 10.336 688 (872) 10.152
Total revenues
Cost of materials
used (3.570) (375) - (3.945)
Third-party costs
and expenses (7.190) (968) - (8.158)
------ ------ ------ ------
Segmental profit
/ (loss) before
finance charges (424) (655) (872) (1.951)
------ ------ ------ ------
First half of 2012
Elimination
of intersegment
Greece IT transactions Group
EUR'000 EUR'000 EUR'000 EUR'000
Third-party sales 8.155 1.847 - 10.002
Intersegment
sales 1.296 641 (1.937) -
------ ------ ------ ------
Total sales 9.451 2.488 (1.937) 10.002
Other third-party
revenues 903 - - 903
Intersegment
other revenues (22) - 22 -
------ ------ ------ ------
Total other revenues 10.332 2.488 (1.915) 10.905
------ ------ ------ ------
Total revenues
Cost of materials
and accessories
used (3.634) (1.298) - (4.932)
Cost of intersegment
use of materials
Third-party costs
and expenses (8.018) (1.367) - (9.385)
------ ------ ------ ------
Segmental profit
/ (loss) before
finance charges (1.320) (177) (1.915) (3.412)
------ ------ ------ ------
Year 2012
Elimination
of intersegment
Greece Italy transactions Group
EUR'000 EUR'000 EUR'000 EUR'000
Third-party sales 25.166 3.269 - 28.795
Intersegment sales 2.289 1.252 (3.541) -
------ ------ ------ ------
Total sales 27.455 4.881 (3.541) 28.795
Other third-party
revenues 1.127 27 - 1.154
Intersegment other
sales - 2.500 (2.500) -
------ ------ ------ ------
Total revenues 28.582 7.408 (6.041) 29.949
Cost of materials
and accessories
used (10.544) (3.553) - (14.097)
Cost of intersegment
use of materials (651) (22) 673 -
Personnel-related
costs (5.500) (1.050) - (6.550)
Directors' fees (73) - - (73)
Depreciation and
amortisation expense (4.363) (611) - (4.974)
Other operating
expenses (9.632) (1.823) - (11.455)
------ ------ ------ ------
(2.181) 349 (5.368) (7.200)
Elimination of
intercompany receivables/liabilities (2.500) - 2.500 -
Segmental profit
/ (loss) before
finance charges (4.681) 349 (2.868) (7.200)
Cost of financing (5.037) (168) - (5.205)
------ ------ ------ ------
Segmental profit
(loss), before
taxes (9.718) 181 (2.868) (12.405)
------ ------ ------ ------
Income tax (1.885) - - (1.885)
------ ------ ------ ------
Net profit /(loss),
after tax (11.603) 181 (2.868) (14.290)
------ ------ ------ ------
30 June 2013
Elimination
of intersegment
Greece balances Group
EUR'000 EUR'000 EUR'000 EUR'000
Intersegment
investments
Intersegment
receivables/payables 3.822 (3.822) - -
Total other assets 95.261 13.954 - 109.215
Total liabilities
to third parties (95.072) (5.024) (100.096)
------ ------ ------ ------
Net assets 4.011 5.108 - 9.119
------ ------ ------ ------
30 June 2012
Elimination
of intersegment
Greece IT balances Group
EUR'000 EUR'000 EUR'000 EUR'000
Intersegment
investments 7.446 - (7.446) -
Intersegment
receivables/payables 5.577 (5.577) - -
Total other
assets 103.859 16.372 - 120.231
Total liabilities
to third parties (92.127) (6.038) - (98.165)
------ ------ ------ ------
Net assets 24.755 4.757 (7.446) 22.066
------ ------ ------ ------
31 December 2012
Elimination
of intersegment
Greece Italy balances Group
EUR'000 EUR'000 EUR'000 EUR'000
Intersegment
investments
Intersegment
receivables/payables 2.992 (2.992) - -
Total other
assets 94.880 16.770 - 111.650
Total liabilities
to third parties (88.019) (7.994) - (96.013)
------ ------ ------ ------
Net assets 9.853 5.784 - 15.637
------ ------ ------ ------
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
Union (non-EU)
Greece Italy states states Group
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
First half
of 2013
Value of sales 6.470 515 2.400 600 9.985
Trade receivables,
at period end 10.898 1.235 1.410 146 13.689
------ ------ ------ ------ ------
First half
of 2012
Value of sales 4.624 1.826 2.173 1.379 10.002
------ ------ ------ ------ ------
Trade receivables,
at period end 23.518 5.541 1.565 222 30.846
------ ------ ------ ------ ------
Year 2012
Value of sales 17.093 3.654 4.467 3.581 28.795
------ ------ ------ ------ ------
Trade receivables,
at year end 11.758 1.027 980 155 13.920
------ ------ ------ ------ ------
7. Persons Employed and Related Costs
The Group The Company
30 30 31 December 30 30 31 December
June June 2012 June June 2012
2013 2012 2013 2012
Number Number Number Number Number Number
Number of persons
employed (at
period end) 206 274 277 - 2 3
------ ------ ------ ------ ------ ------
First First Year First First Year
half half 2012 half half 2012
of of of of
2013 2012 2013 2012
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Salaries and
wages (1.858) (2.362) (4.940) - (15) (33)
Social security
costs (500) (638) (1.360) - (2) (3)
Other personnel
costs (17) (15) (86) - - -
Employment termination
benefits (72) (73) (164) - - -
------ ------ ------ ------ ------ ------
(2.447)) (3.088) (6.550) - (17) (36)
------ ------ ------ ------ ------ ------
Cost per employee
(in Euro) 11.878 11.270 23.646 - 8.500 12.000
------ ------ ------ ------ ------ ------
8. Income Taxes
The Group The Company
First First Year First First Year
half half 2012 half half 2012
of of of of
2013 2012 2013 2012
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
Profit, before
taxes, per the
statement of
earnings (4.398) (6.296) (12.405) - 150 208
------ ------ ------ ------ ------ ------
Income taxes,
at the nominal
tax rate (552) (796) (4.081) - 15 21
Taxes on permanent
differences
between accounting
and taxable
profits 1.287 95 1.813 - - -
Effect of tax
losses carried
forward (224) (14) -
Income not subjected
to taxation 9 (165) 22 - (15) -
Income non taxable - - - - 2
Tax relief due
to reduction
of the tax rate - - - - -
Tax losses previous
years for which
income tax assets
was recognized 1.352 2.980 4.145 - - -
------ ------ ------- ------ ------ ------
Total tax charge 2.096 1.890 1.885 - - 23
------ ------ ------ ------ ------ ------
Current tax
charge 52 251 125 - - 23
Deferred tax
charge 2.044 1.639 1.760 - - -
------ ------ ------ ------ ------ ------
Total tax charge 2.096 1.890 1.885 - - 23
9. Property, plant and equipment
The Group
Buildings Furniture Assets
and Plant and under
building and other constr.
Land installations machinery Vehicles equipment or installation Total
EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000 EUR'000
At cost or
valuation
As at 31 December
2011 2.609 25.093 59.211 4.689 1.698 2.708 96.008
Additions - 412 474 90 34 320 1.330
Disposals - (31) (314) (321) (19) - (685)
------ ------ ------ ------ ------ ------ ------
As at 30 June
2012 2.609 25.474 59.371 4.458 1.713 3.029 96.653
Additions - - 275 36 18 591 920
Disposals - - (51) (20) - - (71)
Transfers - - (14) - - - (14)
------ ------ ------ ------ ------ ------ ------
As at 31 December
2012 2.609 25.474 59.581 4.474 1.731 3.620 97.489
Additions - - - - 91 - 91
------ ------ ------ ------ ------ ------ ------
As at 30 June
2013 2.609 25.474 59.581 4.474 1.731 3.620 97.489
------ ------ ------ ------ ------ ------ ------
Accumulated
depreciation
As at 31 December
2011 - (2.784) (11.859) (3.372) (924) - (18.939)
Effect of
currency translation - - - - (3) - (3)
Depreciation
charge - (359) (1.600) (224) (161) - (2.344)
Disposals - - 68 143 6 217
------ ------ ------ ------ ------ ------ ------
As at 30 June
2012 - (3.143) (13.393 (3.455) (1.079) - (21.069)
Effect of
currency translation - - - - 3 - 3
Depreciation
charge - (370) (1.589) (219) (108) - (2.306)
Disposals - - 41 21 - - 61
Transfers - - (27) - - - (27)
------ ------ ----- ------ ------ ------ ------
As at 31 December
2012 - (3.513) (14.967) (3.653) (1.204) - (23.337)
Depreciation
charges - (364) (1.578) (191) (121) - (2.254)
------ ------ ------ ------ ------ ------ ------
As at 30 June
2013 (3.877) (16.545) (3.844) (1.325) - (25.591)
------ ------ ------ ------ ------ ------ ------
Net book values
As at 30 June
2013 2.609 21.597 43.036 630 494 3.620 71.986
------ ------ ------ ------ ------ ------ ------
As at 30 June
2012 2.609 22.331 45.978 1.003 634 3.029 75.584
------ ------ ------ ------ ------ ------ ------
As at 31 December
2012 2.609 21.961 44.614 821 527 3.620 74.152
------ ------ ------ ------ ------ ------ ------
The Fixed Assets are insured for EUR32 million.
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
30 June 2013 liabilities liabilities
EUR'000 EUR'000
Debenture loan 1.149 38.212
Short term bank
loans 28.550 -
------ ------
29.699 38.212
------ ------
Short-term Long-term
30 June 2012 liabilities liabilities
EUR'000 EUR'000
Debenture loan 5.200 32.915
Short term bank
loans 26.483 361
------ ------
31.683 33.276
------ ------
Short-term Long-term
31 December 2012 liabilities liabilities
EUR'000 EUR'000
Debenture loan 1.150 14.270
Short term bank
loans 49.852 422
------ ------
51.002 14.692
------ ------
The interest charges generated in relation to the above loans,
in the six month period ended 30 June 2013, amounted to EUR2.447
thousand (H1 2012 : EUR2.610 thousand). On 30 June 2013, bank
borrowings are secured by fixed charges over the Group's property
plant and equipment for amount of EUR63.8 million (H1 2012 : EUR61
million).
Banks continued to pass on to Helesi their increased cost of
borrowing. However, the weighted average cost of borrowing for H1
2013 slightly decreased to 7.2% (H1 2012:7.4%).
There are ongoing negotiations with all creditor banks, in order
to restructure Helesi Group debt and to reduce financial costs.
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
---------------- ----------------
The Group 30 June 30 June 30 June 30 June
2013 2012 2013 2012
EUR000 EUR000 EUR000 EUR000
Net profit attributable
to the shareholders
(in Euro thousand) (6.495) (8.186) (6.495) (8.186)
Weighted average
number of issued
shares (in thousand
pieces) 39.806 39.806 39.806 39.806
------ ------ ------ ------
Earnings/( loss)
per share (in EUR) (0,17) (0,21) (0,17) (0,21)
------ ------ ------ ------
12. Related party transactions and balances
The transactions of the Helesi PLC Group, in the period 30 June
2013 and the year 2012, with and receivables from and payables to
related parties, as on 30 June 2013 and 31 December 2012, are
analysed as follows:
The Group Purchases Receivable Payable
Sales to from from To
EUR000 EUR000 EUR000 EUR000
TECMEC S.A
30 June 2013 12 94 3.192 -
30 June 2012 49 825 3.286 -
31 December
2012 115 1.326 3.056 -
The compensation of the members of the Board of Directors and
certain other key management personnel executives for the group for
the first half 2013 and 2012 was as follows:
The Group The Company
First First First First
half half half half
of 2013 of 2012 of 2013 of 2012
EUR000 EUR000 EUR000 EUR000
Athanassios Andrianopoulos (9) (18) (9) (9)
Christina Thanassoulia (9) (18) (9) (9)
Dimitrios Kainaros (6) (12) (6) (7)
Elena Paraskeva (7) (13) (7) (7)
George Papagelis - (12) - (6)
(31) (37) ((31) (37)
-------- -------- -------- --------
13. 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 addition during the year, the
government terminated the waste management project contracted with
Helesi. In accordance with the contract, the Group is entitled to
significant compensation for delays, non-performance and/or
termination 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.
14. Post Balance Sheet Events
Helesi Italia ceased production operations in 2013. The Group's
management is in negotiations to divest its investment in Helesi
Italia either by disposing part of its operating unit or to dispose
the assets of this subsidiary.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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