ENTERSOFT S.A.
Annual Financial Report for the Year 2021
In accordance with article 4 of L. 3556/2007 and the executive
decisions of the Board of Directors of the Capital Market Commission
ENTERSOFT S.A.
G.E.MI. No.: 122264001000
KALLITHEA ATTICA (362, SYNGROU AVE. & EVRIPIDOU STR.)
It is certified that this Annual Financial Report concerning the year 2021 (01.01.2021- 31.12.2021), is that which was unanimously approved by the Board of Directors of the Public Limited Company under the name "ENTERSOFT S.A." at its meeting on 11/3/2022 and is posted on the Internet in the legally registered with GEMI email address www.entersoft.gr, where it will remain at the disposal of the investment public for a period of at least ten (10) years from the date of its preparation and publication.
Annual Financial Statements | 1 |
(1st January 2021 to 31st December 2021) |
Annual Financial Statements for the year 2021
STATEMENTS OF THE MEMBERS OF THE BOARD OF DIRECTORS
(According to article 4 § 2 of L.3556/2007)
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The members of the Board of Directors of ENTERSOFT S.A.:
Pantelis Nikolopoulos, Chairman of the Board of Directors and non-executive member,
Antonios Kotzamanidis, Managing Director and executive member of the Board of Directors,
Charalampos Avratoglou, Executive member of the Board of Directors,
in our above-mentioned capacity, specially appointed for this by the Board of Directors of ENTERSOFT S.A., state and certify by the present that from what we know:
- The annual financial statements of ENTERSOFT, Group and Company, for the year from January 01, 2021 to December 31, 2021, prepared in accordance with the applicable International Financial Reporting Standards (IFRS), give a true and fair view of the Assets and Liabilities items, the Equity and the Results of the Company for the year 2021 as well as the companies included in the consolidation taken as a whole, in accordance with paragraphs 3 to 5 of article 4 of L.3556/2007.
- The annual Report of the Board of Directors gives a true and fair view of the evolution, performance, position of the Company, as well as of the companies included in the consolidated financial statements as a whole, together with a description of the main risks and uncertainties addressed.
Pantelis N. Nikolopoulos | Antonios N. Kotzamanidis | Charalampos F. Avratoglou |
Chairman of the Board of Directors | Chief Executive Officer | Executive Member of the Board of Directors |
Annual Financial Statements | 2 |
(1st January 2021 to 31st December 2021) |
CONTENTS
Page | |
Introduction .............................................................................................................................................. | 6 |
Overview of significant events that occurred during the closing fiscal year ..................................... | 7 |
Review of the Financial Results .......................................................................................................... | 14 |
Forecast for 2022.................................................................................................................................. | 20 |
Information about the Group................................................................................................................ | 20 |
Important Agreements.......................................................................................................................... | 22 |
Loan Agreements ................................................................................................................................. | 22 |
Intercompany balances and transactions .......................................................................................... | 23 |
Significant Risks.................................................................................................................................... | 24 |
Dividend Policy...................................................................................................................................... | 25 |
Environmental Issues ........................................................................................................................... | 25 |
Labour Issues........................................................................................................................................ | 25 |
Society.................................................................................................................................................... | 27 |
Company real estate ............................................................................................................................ | 27 |
Corporate Governance Statement...................................................................................................... | 28 |
Explanatory Report of the Board of Directors (in accordance with paras 7 and 8 of article 4 of | |
Law 3556/2007) .................................................................................................................................... | 62 |
Annual report on the Audit Committee for the financial year 01.01.2021 - 31.12.2021 66 To the Ordinary General Meeting of the Shareholders of the Company "ENTERSOFT SOCIETE ANONYME FOR SOFTWARE AND SERVICES DEVELOPMENT AND TRADE"
66 | ||
1. | Composition of Audit Committee .................................................................................. | 66 |
2. | Purpose and Responsibilities of the Audit Committee ............................................... | 68 |
3. | Meetings of the Audit Committee .................................................................................. | 69 |
4. Audit Committee's progress during the fiscal year 2021 ............................................ | 70 | |
3. | Independent Auditor's Report....................................................................................... | 72 |
Report on the Audit of the Separate and Consolidated Financial Statements ............. | 72 | |
Report on Other Legal and Regulatory Requirements .................................................... | 78 | |
4. FINANCIAL STATEMENTS FOR THE YEAR 2021......................................................... | 82 | |
4.1 Statement of Financial Position of Group and Company (amounts in EURO) ....................... | 82 | |
4.2 Statement of Comprehensive Income of Group and Company (amounts in Euro) ............... | 83 | |
4.3 Statement of Changes in Equity (amounts in Euro) ................................................................... | 84 | |
4.4 Statement of Cash Flows (amounts in EURO) ........................................................................... | 86 | |
5. Information about the Group and Company ................................................................. | 87 | |
5.1 The Company ................................................................................................................................. | 87 | |
4.2 Subsidiaries..................................................................................................................................... | 88 | |
6. | Basis of preparation of the Financial Statements........................................................ | 89 |
7. | Significant accounting policies...................................................................................... | 90 |
7.1 New standards interpretations and amendments to existing standards and interpretations | ||
that were adopted by the Group and Company................................................................................ | 90 | |
Annual Financial Statements | 3 | |
(1st January 2021 to 31st December 2021) |
7.2 Significant accounting judgments and estimates........................................................................ | 94 |
7.2.1 Judgments ................................................................................................................................... | 94 |
7.2.2 Estimates and Assumptions ...................................................................................................... | 94 |
7.3 Going Concern................................................................................................................................ | 94 |
7.4 Segment information...................................................................................................................... | 95 |
7.5 Consolidation .................................................................................................................................. | 95 |
7.6 Foreign currency............................................................................................................................. | 96 |
7.7 Property, plant and equipment...................................................................................................... | 97 |
7.8 Intangible Assets and Goodwill..................................................................................................... | 97 |
7.9 Impairment of non-financial assets............................................................................................... | 98 |
7.10 Financial assets and liabilities..................................................................................................... | 99 |
7.11 Impairment of financial assets .................................................................................................. | 102 |
7.12 Investments in subsidiaries ....................................................................................................... | 102 |
7.13 Cash and cash equivalents....................................................................................................... | 102 |
7.14 14 Equity...................................................................................................................................... | 102 |
7.15 Leases ......................................................................................................................................... | 102 |
7.16 Income tax & deferred tax ......................................................................................................... | 105 |
7.17 Employee benefits...................................................................................................................... | 106 |
7.18 Grants .......................................................................................................................................... | 106 |
7.19 Loans and borrowings ............................................................................................................... | 107 |
7.20 Trade and other payables ......................................................................................................... | 107 |
7.21 Provisions.................................................................................................................................... | 107 |
7.22 Revenue from contract with customers ................................................................................... | 107 |
7.23 Dividend distribution................................................................................................................... | 109 |
7.24 Expenses .................................................................................................................................... | 109 |
7.25 Fair value measurement............................................................................................................ | 109 |
8. Risk Management .......................................................................................................... | 110 |
9. Group Structure ............................................................................................................. | 116 |
10. Segment Information and Revenue analysis............................................................ | 116 |
11. Notes to the Financial Statements............................................................................. | 121 |
11.1 Property, plant and equipment.................................................................................................. | 121 |
11.2 Intangible assets......................................................................................................................... | 123 |
11.3 Acquisition of a subsidiary......................................................................................................... | 125 |
Measurement of fair values ............................................................................................................... | 126 |
11.4 Goodwill....................................................................................................................................... | 126 |
11.5 Investment in subsidiaries ......................................................................................................... | 129 |
11.6 Other non-current assets........................................................................................................... | 131 |
11.7 Trade and other receivables ..................................................................................................... | 131 |
11.8 Other receivables ....................................................................................................................... | 133 |
11.9 Other current assets................................................................................................................... | 133 |
11.10 Financial assets at fair value through profit or loss............................................................... | 134 |
11.11 Cash and cash equivalents..................................................................................................... | 134 |
11.12 Equity......................................................................................................................................... | 135 |
11.13 Exchange differences arising from translation of foreign subsidiaries ............................... | 137 |
Annual Financial Statements | 4 |
(1st January 2021 to 31st December 2021) |
11.14 Employees benefits ................................................................................................................. | 137 |
11.15 Other non-current liabilities ..................................................................................................... | 138 |
11.16 Trade and other payables ....................................................................................................... | 138 |
11.17 Income Tax payable ................................................................................................................ | 138 |
11.18 Other current tax liabilities ....................................................................................................... | 138 |
11.19 Short-term borrowings ............................................................................................................. | 138 |
11.20 Other current liabilities ............................................................................................................. | 139 |
11.21 EBITDA ..................................................................................................................................... | 140 |
11.22 Analysis of expenses by function ........................................................................................... | 140 |
11.23 Other income / expenses ........................................................................................................ | 141 |
11.24 Finance income and expenses .............................................................................................. | 141 |
11.25 Income tax ................................................................................................................................ | 142 |
11.26 Earning per Share.................................................................................................................... | 143 |
11.27 Dividends .................................................................................................................................. | 144 |
11.28 Payroll cost................................................................................................................................ | 144 |
11.29 Number of Personnel............................................................................................................... | 144 |
11.30 Related party transactions ...................................................................................................... | 145 |
11.31 Benefits to Management and Executives.............................................................................. | 146 |
11.32 Contingent assets - liabilities.................................................................................................. | 146 |
11.33 Other Information ..................................................................................................................... | 148 |
11.34 Impact of COVID-19 ................................................................................................................ | 148 |
11.35 Impact of Energy Crisis ........................................................................................................... | 149 |
11.36 Subsequent events .................................................................................................................. | 150 |
REPORT ON THE USE OF FUNDS RAISED .................................................................... | 151 |
Report of Factual Findings on Agreed-Upon Procedures on the Table of Use of Funds | |
Raised ................................................................................................................................. | 153 |
Annual Financial Statements | 5 |
(1st January 2021 to 31st December 2021) |
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Entersoft SA published this content on 14 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 March 2022 17:53:02 UTC.