MOTODYNAMICS S.A.
Société Anonyme
EMPORIKI EISAGOGIKI AFTOKINITON DITROHON kai MIHANON THALASSIS S.A. under the distinctive title "MOTODYNAMICS S.A." General Commercial Register No. 122090707000 10 Germanikis Scholis Athinon, 15123 Maroussi
CONTENTS | Page | |
DIRECTORS' STATEMENTS............................................................................................................................................................ | 1 | |
ANNUAL REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR 1/1-31/12/2020 ............................................................. | 2 | |
REPORT OF INDEPENDENT CHARTERED AUDITOR ACCOUNTANT........................................................................................................... | 8 | |
STATEMENT OF TOTAL INCOME FOR THE YEAR ENDED 31 DECEMBER 2020.................................................................... | 23 | |
FINANCIAL STATEMENT.............................................................................................................................................................. | 24 | |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY......................................................................................................... | 25 | |
SEPARATE STATEMENT OF CHANGES IN EQUITY ................................................................................................................... | 26 | |
STATEMENT OF CASH FLOW ...................................................................................................................................................... | 27 | |
NOTES ON THE ANNUAL FINANCIAL STATEMENTS ................................................................................................................ | 28 | |
1. | GENERAL INFORMATION.................................................................................................................................................... | 28 |
2. | BASIS FOR PRESENTATION OF CONSOLIDATED AND SEPARATE FINANCIAL STATEMENTS................................... | 28 |
3. | BASIC ACCOUNTING PRINCIPLES..................................................................................................................................... | 32 |
4. | HOLDINGS IN SUBSIDIARIES.............................................................................................................................................. | 38 |
5. | TRANSACTIONS - BALANCES WITH SUBSIDIARIES.......................................................................................................... | 39 |
6. | SALES ..................................................................................................................................................................................... | 43 |
7. | ADMINISTRATIVE EXPENSES ............................................................................................................................................. | 43 |
8. | SALES AND DISTRIBUTION EXPENSES.............................................................................................................................. | 43 |
9. | OTHER INCOME ................................................................................................................................................................... | 44 |
10. | OTHER EXPENSES................................................................................................................................................................ | 44 |
11. | FINANCIAL INCOME ............................................................................................................................................................ | 44 |
12. | FINANCIAL EXPENSES......................................................................................................................................................... | 45 |
13. | INCOME TAX (CURRENT AND DEFERRED) ...................................................................................................................... | 45 |
14. | PAYROLL COST..................................................................................................................................................................... | 48 |
15. | DEPRECIATION .................................................................................................................................................................... | 48 |
16. | EARNINGS PER SHARE ........................................................................................................................................................ | 49 |
17. | TANGIBLE FIXED ASSETS.................................................................................................................................................... | 50 |
18. | GOODWILL............................................................................................................................................................................ | 52 |
19. | RIGHT-TO-USE ASSETS........................................................................................................................................................ | 53 |
20. | INTANGIBLE ASSETS - RIGHTS............................................................................................................................................. | 55 |
21. | INVENTORIES ....................................................................................................................................................................... | 56 |
22. | TRADE RECEIVABLES.......................................................................................................................................................... | 56 |
23. | OTHER RECEIVABLES ......................................................................................................................................................... | 58 |
24. | CASH & CASH EQUIVALENTS ............................................................................................................................................. | 58 |
25. | ALLOCATION OF BONUS SHARES TO DIRECTORS .......................................................................................................... | 59 |
26. | SHARE CAPITAL.................................................................................................................................................................... | 59 |
27. | RESERVES.............................................................................................................................................................................. | 59 |
28. | DIVIDENDS ........................................................................................................................................................................... | 60 |
29. | PROVISION FOR STAFF RETIREMENT INDEMNITIES ..................................................................................................... | 60 |
30. | TRADE PAYABLES ................................................................................................................................................................ | 62 |
31. | LOANS .................................................................................................................................................................................... | 62 |
32. | OTHER SHORT-TERM LIABILITIES..................................................................................................................................... | 63 |
33. | FINANCIAL RISK MANAGEMENT ....................................................................................................................................... | 63 |
34. | COMMITMENTS AND CONTINGENCIES............................................................................................................................ | 65 |
35. | OPERATING SEGMENT REPORTING ................................................................................................................................. | 67 |
36. | EVENTS AFTER THE DATE OF THE STATEMENT OF FINANCIAL POSITION ................................................................ | 68 |
TABLE OF REFERENCES TO THE INFORMATION OF ARTICLE 10 OF LAW 3401/2005......................................................... | 69 | |
AVAILABILITY OF FINANCIAL STATEMENTS ............................................................................................................................ | 70 |
DIRECTORS' STATEMENTS (pursuant to Article 4(2)(c) of Law 3556/2007)
The undersigned below, Messrs:
- Paris Kyriakopoulos, Chairman of the Board of Directors
- Sotirios Hatzikos, Chief Executive Officer, and
- Nikolaos Sokratis Labroukos, member of the Board of Directors, especially nominated for this purpose by the Board of Directors during today's meeting (30.03.2021)
STATE THAT
To the best of our knowledge:
- The attached annual financial statements of the Company and the Group MOTODYNAMICS S.A. for the period 1/1/2020 and 31/12/2020, drawn up in accordance with the applicable International Financial Reporting Standards, as endorsed by the European Union, provide the true picture of the assets and liabilities, the net equity and the results of the Company, as well as of the companies included in the consolidation taken overall, pursuant to the provisions of Article 4 of Law 3556/2007.
- The Board of Directors' annual report provides a true picture of the development, performance and position of the Company and of the companies included in the consolidation overall, including descriptions of the main risks and uncertainties they are confronted with.
Maroussi, 30 March 2021
Kyriakopoulos Paris | Hatzikos Sotirios | Labroukos Nikolaos-Sokratis |
BoD Chairman | Chief Executive Officer | BoD Member |
1
ANNUAL REPORT OF THE BOARD OF DIRECTORS FOR THE YEAR 1/1-31/12/2020
Dear Shareholders,
The Board of Directors' annual report pertains to the financial year 2020 (1 January to 31 December 2020) and has been drawn up in accordance with the relevant provisions of Articles 150-154 of Law 4548/2018, of Law 3556/2007 (Government Gazette, Series I, No 91/30.4/2007) and the implementing decisions of the Capital Market Committee's and in particular the Decision under no. 7/448/11-10-2007 of the Board of Directors of the Capital Market Committee.
This report includes all significant individual thematic sections that are required, pursuant to the aforementioned legislative framework, and provides a true picture of all information required by the law, in order to provide substantial and well-documented information about activity during the period in question and the overall progress of "MOTODYNAMICS S.A." (hereinafter referred to as the Company) and the Group, in which the following companies are consolidated:
- MOTODIKTYO S.A. having its registered office in Greece and a participating interest of 100%
- MOTODYNAMICS SRL having its registered office in Romania and a participating interest of 100%
- MOTODYNAMICS LTD having its registered office in Bulgaria and a participating interest of 100%
- LION RENTAL S.A. having its registered office in Greece and a participating interest of 80,5%
The Report is included in its entirety, together with the Company and Group financial statements and other data and declarations of the Annual Financial Report as required by law, pertaining to the fiscal year 2020.
1) Overall course of the Company and the Group during 2020
The following tables present the main income statement and 2020 balance sheet accounts on a Group and Company level.
Income Statement:
Group | Company | |||||
01.01-31.12.2020 | 01.01-31.12.2019 | 01.01-31.12.2020 | 01.01-31.12.2019 | |||
Turnover | 78.305.142 | 94.388.869 | 59.916.300 | 60.214.357 | ||
Earnings Before Interest, Taxes, Depreciation an | 6.292.289 | 11.022.517 | 3.329.353 | 4.253.094 | ||
% on the sales | 8,0% | 11,7% | 5,6% | 7,1% | ||
Operating profit / Losses | -759.379 | 3.580.217 | 1.592.832 | 2.778.393 | ||
% on the sales | n/a | 3,8% | 2,7% | 4,6% | ||
Results before tax | -2.250.807 | 1.747.944 | 1.032.392 | 1.922.751 | ||
Results after tax | -2.601.163 | 1.243.908 | 563.643 | 1.286.448 |
Turnover:
The turnover of the Group in 2020 amounted to € 78,3 million, showing a decrease of 17% compared to 2019. Respectively, the turnover of the Company for the same period amounted to € 59,9 million, showing a decrease of 0,5 % compared to 2019
Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA)
Group | Company | |||||||
01.01-31.12.2020 | 01.01-31.12.2019 | 01.01-31.12.2020 | 01.01-31.12.2019 | |||||
Profit after tax | -2.601.163 | 1.243.908 | 563.643 | 1.286.448 | ||||
Taxes | -350.355 | -504.036 | -468.748 | -636.302 | ||||
Interest | -1.491.429 | -1.832.273 | -560.440 | -855.642 | ||||
Depreciation | -7.051.668 | -7.442.300 | -1.736.522 | -1.474.702 | ||||
Earnings Before Interest, Taxes, | 6.292.289 | 11.022.517 | 3.329.353 | 4.253.094 | ||||
Depreciation and Amortisation (EBITDA) | ||||||||
% on sales | ||||||||
8,0% | 11,7% | 5,6% | 7,1% |
The Group's pre-tax profits, interest and depreciation stood in 2020 at €6,3 million, an increase of 42,9% compared to 2019. Similarly, the profits before interest, taxes & depreciation of the parent company in 2020 amounted to € 3,3 million, a decrease of 21,7%
The Group and the company have adopted IFRS 16 'Leases' as of January 1, 2019. The comparable EBITDA of 2020 without the effect of the adoption of IFRS16 for the Group is € 4,8 million compared to € 9,6 million in 2019; for the Company it is € 2,4 million compared to € 3,6 million in 2019
2
Operating results
The Group's operating results amounted to € -0,8 million compared to € +3,6 million in 2019. Respectively, the operating profits of the Company in 2020 amounted to € 1,6 million compared to € 2,8 million in 2019
The comparable operating results of 2020 without the effect of the adoption of IFRS16 for the Group are losses of € 982 thousand against profits of € 3,4 million in 2019. Respectively, the comparable operating profits of the Company in 2020 amounted to € 1,5 million compared to € 2,7 million in 2019.
Net profit before tax and after tax:
The results before taxes of the Group amounted to losses of € 2,25 million, against profits of € 1,75 million in 201 9, while the results after taxes of the Group amounted to losses of € 2,6 million, compared to profits of € 1,2 million in 2019. The comparable results before taxes of the Group for 2020 without the effect of the adoption of IFRS16 is a loss of € 2,1 million against a profit of € 1,9 million in 2019. Respectively, the comparable results after taxes are losses of € 2,5 million against profits of € 1,41 million in 2019.
In 2020, the profits before tax of the Company stood at € 1 million compared to € 1,9 million in 2019, while the profits after tax stood at € 0,6 million compared to € 1,3 million in 2019. The comparable profits before tax of the Company for 2020 not taking into account the adoption of IFRS16 are € 1,13 million compared to € 1,99 million in 2019. The comparable profits after taxes are € 0,7 million compared to € 1,36 million in 2019.
Long-term assets:
Group | Company | |||||
31-Dec-20 | 31-Dec-19 | 31-Dec-20 | 31-Dec-19 | |||
Intangible Assets | 27.907.005 | 34.716.594 | 4.445.538 | 4.432.010 | ||
Intangible assets | 444.860 | 530.453 | 235.326 | 393.479 | ||
Right-of-use assets (IFRS 16) | 5.709.141 | 4.499.074 | 4.152.555 | 2.622.135 | ||
Deferred tax assets | 6.369.723 | 6.238.933 | 775.653 | 841.090 | ||
Other long-term assets | 1.545.583 | 2.268.211 | 812.025 | 898.854 | ||
41.976.313 | 48.253.264 | 10.421.098 | 9.187.567 | |||
Investments in subsidiaries | 18.372.057 | 17.821.919 | ||||
Goodwill | 2.766.409 | 2.766.409 | ||||
Total long-term assets | 44.742.721 | 51.019.673 | 28.793.154 | 27.009.486 | ||
In 2020 and excluding the impact of IFRS16, the long-term assets of the Group was reduced by 16,1% compared to 2019. The long-term assets of the Company excluding the effect of IFRS16 increased by 1% compared to 2019
Working capital (excluding net borrowings):
Group | Company | |||||||
31-Dec-20 | 31-Dec-19 | 31-Dec-20 | 31-Dec-19 | |||||
Inventories | 9.912.588 | 12.533.289 | 7.800.137 | 10.652.972 | ||||
Trade accounts receivable | 4.140.245 | 7.968.579 | 2.190.298 | 2.771.790 | ||||
Amounts due from subsidiaries | 2.130.740 | 3.482.343 | ||||||
Other receivables | 1.626.198 | 3.140.921 | 1.171.102 | 818.412 | ||||
15.679.032 | 23.642.790 | 13.292.278 | 17.725.518 | |||||
Trade payables | 12.027.433 | 16.197.878 | 9.229.748 | 8.844.710 | ||||
Other short-term payables | 3.415.993 | 3.936.352 | 2.547.346 | 2.682.750 | ||||
15.443.427 | 20.134.229 | 11.777.094 | 11.527.460 | |||||
Working capital | 235.605 | 3.508.560 | 1.515.184 | 6.198.058 | ||||
% on the sales | ||||||||
0,3% | 3,7% | 2,5% | 10,3% |
In 2020, the Group's and Company's working capital showed improvement, confirming management's focus on cash flow generation
3
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
Cars Motorcycles and Marine Engine Trade and Import Company SA published this content on 31 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 20 April 2021 03:37:03 UTC.