EUROPEAN RELIANCE
ASSET MANAGEMENT MUTUAL FUNDS
MANAGEMENT COMPANY S.A.
G.E.M.I. No. 1018101000
274 Kifisias Avenue, 15231,
Chalandri, Athens, Greece
Interim Financial Statements
For the period from January 1 to June 30, 2020
It is hereby certified that the financial statements have been approved by the Board of Directors of "EUROPEAN RELIANCE ASSET MANAGEMENT MUTUAL FUNDS MANAGEMENT CO. S.A." on Tuesday, August 25, 2020 and have been published on the Internet, in the website address https://www.europistiaedak.gr/en-us/home/home-page
The Vice Chairman of the Board of Directors
Stefanos Verzovitis
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Interim Financial Statements 1/1- 30/ 06/2020
CONTENTS | |||
Review of Interim Financial Information................................................................................................................................................................ | 3 | ||
STATEMENT OF FINANCIAL POSITION.................................................................................................................................................................... | 4 | ||
STATEMENT OF FINANCIAL RESULTS ..................................................................................................................................................................... | 5 | ||
STATEMENT OF CHANGES IN EQUITY .................................................................................................................................................................... | 7 | ||
STATEMENT OF CASH FLOWS ................................................................................................................................................................................ | 8 | ||
NOTES ON THE FINANCIAL STATEMENTS .............................................................................................................................................................. | 9 | ||
1. | GENERAL INFORMATION........................................................................................................................................................................ | 9 | |
2. | FRAMEWORK FOR THE PREPARATION OF THE FINANCIAL STATEMENTS .............................................................................................. | 9 | |
3. | ΝEW STANDARDS AND INTERPRETATIONS .......................................................................................................................................... | 10 | |
4. | FUND ANALYSIS AND OTHER INFORMATION ....................................................................................................................................... | 12 | |
4.1. | Tangible Assets.......................................................................................................................................................................... | 12 | |
4.2. | Intangible assets........................................................................................................................................................................ | 13 | |
4.3. | Financial instruments at fair value through profit & loss ......................................................................................................... | 14 | |
4.4. | Customers and Other Receivables ............................................................................................................................................ | 14 | |
4.5. | Suppliers and other liabilities .................................................................................................................................................... | 14 | |
4.6. | Provisions .................................................................................................................................................................................. | 14 | |
4.7. | Income from the provision of services...................................................................................................................................... | 15 | |
4.8. | Fiscal income and expenses ...................................................................................................................................................... | 15 | |
4.9. | Income Tax ................................................................................................................................................................................ | 15 | |
4.10. | Earnings Per Share..................................................................................................................................................................... | 16 | |
5. | BALANCE AND TRANSACTIONS WITH RELATED PARTIES ...................................................................................................................................... | 16 | |
6. | UNUSUAL TRANSACTIONS ........................................................................................................................................................................... | 16 | |
7. | CONTINGENT LIABILITIES............................................................................................................................................................................. | 16 | |
8. | OTHER DISCLOSURES ................................................................................................................................................................................. | 17 |
2
Interim Financial Statements 1/1- 30/ 06/2020
Review of Interim Financial Information
To the Board of Directors of the Company «EUROPEAN RELIANCE ASSET MANAGEMENT MUTUAL FUNDS MANAGEMENT S.A»
Introduction
We have audited the interim financial report of financial position of the Company attached herein "EUROPEAN RELIANCE ASSET MANAGEMENT MUTUAL FUNDS MANAGEMENT S.A" of June 30, 2020 and the relevant statements of financial results and other comprehensive income, changes in equity and cash flows of the fiscal period ending on June 30, 2020, as well as the explanatory notes that compose the interim financial information.
Management is responsible for the preparation and presentation of the interim financial information, according to the International Financial Reporting Standards, as adopted by the European Union and implemented in the Interim Financial Report (International Accounting Standards ("IAS 34"). Our responsibility is based on our review to make a conclusion on the interim financial information.
Range of our Review
We conducted our review according to the International Standard on Review Engagements (ISRE) 2400 "Review of Interim Financial Information performed by the Independent Auditor of the Entity". The review of the interim financial information requires the submission of explanatory questions, mainly in persons responsible for the financial and accounting matter and the implementation of analytical and other review procedures. The review has a substantially smaller scale that the audit report, which is conducted according to the International Accounting Standards that have been incorporated in the Greek Legislation and therefore does not give the opportunity to assure that all significant matters that could be traced in an audit have come to our knowledge. Therefore, we do not express an opinion.
Conclusion
Based on our review, it has not come to our knowledge anything that could make us believe that the interim financial information attached has not been prepared, in all material respects, according to IAS 34.
Athens, 26/08/2020
The Certified Public Accountant
Athanasia Gerasimopoulou
Reg. No. Institute of Certified Accountants of Greece (SOEL) 32071
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Interim Financial Statements 1/1- 30/ 06/2020
STATEMENT OF FINANCIAL POSITION
Note | 30/6/2020 | 31/12/2019 | |
Assets | |||
Tangible Assets | 4.1 | 86.917 | 94.686 |
Intangible Assets | 4.2 | 39.871 | 44.105 |
Deferred tax on assets | 46.200 | 23.423 | |
Other long-term receivables | 250.000 | 250.000 | |
Non-current assets | 422.987 | 412.215 | |
Customers and other trade receivables | 4.4 | 189.030 | 224.763 |
Financial instruments at fair value through profit & | 4.3 | 1.494.033 | 1.484.716 |
loss | |||
Cash and cash equivalents | 37.219 | 153.164 | |
Current assets | 1.720.282 | 1.862.643 | |
Total assets | 2.143.269 | 2.274.858 | |
Total Equity | |||
Share Capital | 507.001 | 507.001 | |
Reserves | 1.233.191 | 1.234.340 | |
Retained Earnings | (39.992) | (19.281) | |
Total Equity | 1.700.200 | 1.722.060 | |
Liabilities | |||
Liabilities for benefits to personnel for leaving the | 82.877 | 77.319 | |
service | |||
Total Long-term Liabilities | 82.877 | 77.319 | |
Suppliers and other liabilities | 4.5 | 93.378 | 273.209 |
Current tax laibilities | 64.545 | 0 | |
Provisions | 4.6 | 202.270 | 202.270 |
Total Short-term Liabilities | 360.193 | 475.479 | |
Total Liabilities | 443.070 | 552.798 | |
Total Equity and Liabilities | 2.143.269 | 2.274.858 |
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Interim Financial Statements 1/1- 30/ 06/2020
STATEMENT OF FINANCIAL RESULTS
Notes | 1/1- | 1/1- | |||
30/06/2020 | 30/06/2019 | ||||
Income from the provision of services | 4.7 | 540.044 | 576.094 | ||
Cost for the provision of services | (124.607) | (127.859) | |||
Gross profit | 415.436 | 448.236 | |||
Other income | 1.051 | 879 | |||
Administrative expenses | (322.487) | (311.138) | |||
Provision expenses | (44.235) | (44.816) | |||
Other expenses | (1.327) | (30.268) | |||
Operating profit | 48.438 | 62.893 | |||
Fiscal income | 19.208 | 130.791 | |||
Fiscal expenses | (94.939) | (221) | |||
Net fiscal expenses | 4.8 | (75.730) | 130.570 | ||
Pre-tax profit | (27.292) | 193.463 | |||
Income tax | 4.9 | 6.581 | (47.846) | ||
Net profit of the period | (20.711) | 145.617 | |||
After tax profit per share- basic (Euro) | 4.10 | -0,0551 | 0,3877 |
STATEMENT OF TOTAL COMPREHENSIVE INCOME
1/1- | 1/1- | |
30/06/2020 | 30/06/2019 | |
Net profit (loss) of the period | (20.711) | 145.617 |
Actuarial profit (loss) from defined benefit products | (1.512) | (18.679) |
Deferred Taxation on the actuarial losses of the defined | 363 | 4.670 |
benefit plans | ||
Profit/(Losses) from the valuation of the financial | 0 | 0 |
instrumetns at fair value through profit & loss | ||
Deferred taxation from the valuation of financial instruments at fair value | 0 | 0 |
through profit and loss | ||
Other total comprehensive income after-tax | (1.149) | (14.009) |
Total comprehensive income of the period | (21.860) | 131.608 |
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Interim Financial Statements 1/1- 30/ 06/2020
Chalandri, August 25, 2020 | ||
The Vice-Chairman of the Board of Directors | The CEO | The Head Officer of the Accounting |
Department |
Stefanos Verzovitis | Thomas Konstantinidis | Charalambos Vaksevanis |
ID No. ΑΕ 139108 | ID No. ΑΕ 043541 | ID No. ΑΚ 579313 |
License No. 0002733 1st Class |
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Interim Financial Statements 1/1- 30/ 06/2020
STATEMENT OF CHANGES IN EQUITY
Share | Retained | Total | ||||
Capital | Reserves | Earnings | ||||
Changes in Equity of the period 1/1-30/06/2019 | ||||||
Balances at January 1, 2019 | 507.001 | 1.254.046 | (240.639) | 1.520.408 | ||
Results of the period | 0 | 0 | 145.617 | 145.617 | ||
Actuarial profit / (losses) from the defined benefit products | 0 | (18.679) | 0 | (18.679) | ||
Deferred taxation on the actuarial profit on the | 0 | 4.670 | 0 | 4.670 | ||
Defined benefit products | ||||||
0 | (14.009) | 145.617 | 131.608 | |||
Total income of the period after-tax | ||||||
Balances at June 30, 2019 | 507.001 | 1.240.037 | (95.022) | 1.652.016 | ||
Changes in Equity in the period 1/1-30/06/2020 | ||||||
Balances at January 1, 2020 | 507.001 | 1.234.340 | (19.281) | 1.722.060 | ||
Results of the period | 0 | 0 | (20.711) | (20.711) | ||
Actuarial profit / (losses) from the defined benefit products | 0 | (1.512) | 0 | (1.512) | ||
Deferred taxation on the actuarial profit on the | 0 | 363 | 0 | 363 | ||
Defined benefit products | ||||||
0 | (1.149) | (20.711) | (21.860) | |||
Total income of the period after-tax | ||||||
Balances at June 30, 2020 | 507.001 | 1.233.191 | (39.992) | 1.700.200 |
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Interim Financial Statements 1/1- 30/ 06/2020
STATEMENT OF CASH FLOWS
1/1- | 1/1- | |
30/06/2020 | 30/06/2019 | |
Operating performances | ||
Pre-tax profit / (loss) | (27.292) | 193.880 |
Plus / less adjustments for: | ||
Depreciations | 20.881 | 13.638 |
Provisions | 4.046 | 32.280 |
Other non-cash transactions | 68 | (4.315) |
Results ( income, expenses, profit and losses | ||
from investment acitivites) | 75.488 | (110.679) |
Plus / less adjustments for changes in the accounts | ||
of the working capital or related to the operating | ||
activities | ||
Decrease / ( increase ) of receivables | 85.523 | 25.906 |
(Decrease) / increase of liabilities ( excluding banks ) | (172.400) | (90.401) |
Less: | ||
(Paid taxes) / Income tax returns | 0 | 0 |
Total inflows/ (outflows) from operating | ||
activities (a) | (13.686) | 60.310 |
Investment activities | ||
Sale/ (Acquisition) of other investments | (85.882) | 26.000 |
Acquisition of tangible and intangible assets | (8.877) | (10.384) |
Total inflows/ (outflows) from investment | ||
activities (b) | (94.759) | 15.616 |
Financing activities | ||
Payments from capital of financing activities | (7.500) | 0 |
Total inflows / (outflows) from financing |
activities ( c )
Net increase / (decrease) from cash &
cash equivalents (a)+(b)+(c)
Cash and cash equivalents in the beginning of the fiscal period
Cash and cash equivalents in the end of the fiscal period
(7.500)0
(115.945) 75.926
153.164 10.380
37.219 86.306
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Interim Financial Statements 1/1- 30/ 06/2020
NOTES ON THE FINANCIAL STATEMENTS
1. GENERAL INFORMATION
The Company "EUROPEAN RELIANCE ASSET MANAGEMENT MUTUAL FUNDS MANAGEMENT CO. S.A." (hereinafter "the Company") presents the Financial Statements and the Notes on the Financial Statements that consist an integral part thereof, for the fiscal period 1/1/2020 to 30/06/2020.
The Company was registered on the Registry of Société Anonyme Companies on 29/03/1990. With the decision with Prot. No.104940 17/10/2019 of the Ministry of Development and Investment, the duration of the company became indefinite.
The subject and objective of the Company is exclusively the management of mutual funds, according to the provisions of the Law, as applicable and in force, and the UCITS management, according to the regulation for Mutual Funds and moreover, the management of investment portfolios and investment consulting.
The interim financial statements of the Company are available at the Company's website at www.europistiaedak.gr/en-us/home/home-page. The Company's financial statements are included in the consolidated financial statements of the parent company "EUROPEAN RELIANCE GENERAL INSURANCE CO. S.A."
The number of the personnel employed on 30/06/2020 and 30/06/2019 was twelve (12) and eleven (11) people respectively.
2. FRAMEWORK FOR THE PREPARATION OF THE FINANCIAL STATEMENTS
The Interim Financial Statements for the semester that ended on June 30, 2020 (01/01/2020 - 30/06/2020) have been prepared according to the International Accounting Standard 34 (IAS34) "Interim Financial Reporting", as issued by the International Accounting Standards Board (IASB) and adopted by the European Union (EU). The Interim Financial Statements have been prepared based on the principle of historical cost as amended by the readjustment of specific assets and liabilities at fair values through the results and the going concern principle and are in compliance with the International Financial Reporting Standards (hereinafter "I.F.R.S.") and the International Accounting Standards Board (I.A.S.B.), as adopted by the European Union and issued by the International Accounting Standards Board (I.A.S.B.) and their interpretations, as issued by the I.F.R. Interpretations Committee (IFRIC) of IASB.
The financial statements have been prepared in €, which is the currency used for the presentation and function of the Company. All amounts are rounded, unless otherwise stated.
The Interim Financial Statements do not include all information and disclosures that are required for the annual financial statements and must be read in combination with the annual Financial Statements of the Company for the year ended December 31, 2019 that are available in the Website of the company https://www.europistiaedak.gr/en-us/home/home-page and which, among others, include a full analysis of the accounting principles, methods and estimates that were applied.
The preparation of the financial statements according to the I.A.S. / I.F.R.S. requires the adoption of estimates, principles and assumptions that affect the valuation of assets, liabilities, and the recognition of future liabilities, as well as the registration of income and expenses in the financial statements.
Moreover, the preparation requires judging criteria by the Management at the implementation of the accounting principles of the Company.
The Company is not obliged and does not provide disclosures that may be possibly required by the I.F.R.S., if the information provided through the disclosures is not important. The information is important, if its omission or misstatement could have an impact on the financial decisions of the users, which are taken based on the financial statements.
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Interim Financial Statements 1/1- 30/ 06/2020
3. ΝEW STANDARDS AND INTERPRETATIONS
- Changes in the accounting policies
I. New Standards, Interpretations, Revisions and Amendments of existing Standards that have been implemented and adopted by the European Union
The following new Standards, Interpretations, and amendments on Standards have been issued by the International Accounting Standards Board (IASB), they have been adopted by the European Union and their implementation is mandatory as from 01/01/2020 and after.
- Revision of the Conceptual Framework for Financial Reporting (effective for annual periods beginning on or after 01/01/2020)
In March 2018, the IASB performed a revision in the Conceptual Framework of the Financial report, with main objective to incorporate significant subjects that were not covered, as well as update and provide clarifications on specific guidelines. The revised Conceptual Framework of the Financial Report includes a new capital on the measurement, that analyzes the meaning of the measurement, including factors that must be taken into consideration at the selection of a valuation basis, issues relevant with the presentation and disclosure in the Financial Statements and guidelines regarding the derecognition of assets and liabilities in the Financial Statements. Moreover, the revised Conceptual Framework of the Financial Report includes improved definitions of the assets and liabilities, counseling that assists the implementation of these definitions, update of criteria for the recognition of assets and liabilities and clarifications in special sectors, such as management positions, conservatism and uncertainty at the measurement of the financial information. The amendments have no impact on the Financial Statements.
- "Amendments to References to the Conceptual Framework (effective for annual period beginning on or after 1/1/2020)
In March 2018, the IASB announced the issuance of Amendments to References of the Conceptual Framework, in continuation of its Revision. Certain Standards include explicit reports to prior issuances of the Conceptual Framework of the Financial Report. The objective of these amendments is the update of the above reports and the support for the transition to the revised Conceptual Framework for Financial Reporting. The amendments have no impact on the Financial Statements.
- Amendments to IAS 1 and IAS 8: "Definition of Material" (effective for annual periods beginning on or after 01/01/2020)
In October 2018, the IASB published amendments to the definition of material, in order to make it easier for companies to proceed to judgments on the materiality. The definition of the material assists companies to decide which information must be included in the Financial Statements. The new definition amends IAS 1 and IAS 8. The amendments determine the definition of the material and how this ought to be implemented, and include in the definition guidance, which has been included in other Standards. The amendments have no impact on the Financial Statements.
- Amendments to IFRS 9, IAS 39 and IFRS 7: "Interest Rate Benchmark Reform" (effective for annual periods beginning on or after 1/1/2020)
In September 2019, IASB completed the issuance of amendments to requirements of specific accounting treatment for hedge accounting, in order to remedy possible consequences arising by the uncertainty that derives from the interest rate benchmark reform. The amendments were planned to support the provisions of useful financial information from the companies over the period of uncertainty, which derives from the gradual abolition of the interest rate benchmark, such as interbank rates. Moreover, the companies are required to provide additional information to investors on the hedging relationships that are immediately affected by the background of uncertainty. The amendments have no impact on the Financial Statements.
- Amendments to IFRS 3: "Definition of a Business" (effective for annual periods beginning on or after 01/01/2020)
In October 2018, the IASB published amendments of limited purpose to IFRS 3, in order to improve the definition of a business. The amendments will support companies define whether an acquisition is related to a business merger or acquisition of assets. The modified definition means that the outflow of a business is to provide goods and services to customers and the prior definition focused on the returns in the form of dividends, lower cost or other financial benefits to the investors and third-parties. Additionally, to the amendment in the definition of a business, the IASB, through this issuance provides additional guidance. The amendments have no impact on the Financial Statements.
- New Standards, Interpretations, Revisions and Amendments of existing Standards that have not yet been put into force or adopted by the European Union
The following new Standards, Interpretations and amendments of Standards have been issued by the International Accounting Standards Board (IASB), but they have either not been put into force or adopted by the European Union.
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Interim Financial Statements 1/1- 30/ 06/2020
- Amendments to IFRS 16 "Leases" Covid-19-Related Rent Concessions (effective for annual periods beginning on or after 1 June 2020)
In May 2020, the IASB issued amendments to IFRS 16 that provide to the lessee the opportunity to avoid assessment on whether a Covid-19-Related Rent Concession is considered as an amendment to the lease. More specifically, the amendments clarify that in the case that specific requirements are met lessees are not required to evaluate whether these rent Concessions related with Covid-19 are amendments to the lease. On the contrary, the lessee that apply this practical implementation, will adopt an accounting treatment for these amendments to the lease, so that they do not consists amendments to the lease. The above is implemented for Covid-19-Related Rent Concessions that decrease the payments of rents that are considered payable on or before June 30, 2021. The Company will examine the impact of the above on its Financial Statements, although no impact is expected. The above have not been adopted by the European Union.
- Amendments to IFRS 4 "Insurance Contracts" - temporary exemption from the Implementation of IFRS 9 (effective for annual periods beginning on or after 1 January 2021)
In June 2020, the IASB proceed to the issuance of amendments based on which the initial date of implementation of the IFRS 17 is postponed for two years, that is it will be implemented for annual periods beginning on or after January 1, 2023. As a result, IASB also postponed the predefined closing date for the temporary exception from Applying IFRS 9 "Financial Instruments" that is included in IFRS 4 "Insurance Contracts", and as a result the financial entities are required to apply IFRS 9 for annual periods beginning on or after January 1, 2023. The Company will examine the impact of the above on its Financial Statements, although no impact is expected. The above have not been adopted by the European Union.
- Amendment to IAS 1 "Classification of Liabilities as Short-term or Long-term" (effective for annual periods beginning on or after 1 January 2022)
In January 2020, IASB performed issuance of amendments to IAS 1, that affect the receivables for the presentation of liabilities. More specifically, the amendments clarify as one of the criteria for classification of a liability as long-term, the requirement for an entity to have the right to postpone the settlement of a liability for at least 12 months after the reporting period. The amendments include: a) clarification that the right of an entity to postpone the settlement must apply at reference date, b) clarification that the classification of the liability shall not be affected by the intentions or expectations of the management on the exercise of the right to postpone the settlement, c) clarify that the borrowing conditions affect the classification, and d) clarification of the receivables on the classification of liabilities of an entity that may or might settle via issuance of equity instruments. The Company will examine the impact of the above on its Financial Statements, although no impact is expected. The above have not been adopted by the European Union.
- Amendments to IFRS 3: "Business Combinations", IAS 16 "Property, Plant and Equipment", IAS 37 "Provisions, Contingent Liabilities and Contingent Assets" and the "Annual improvements 2018-2020" (applicable for annual periods beginning on or after 01/01/2022)
In May 2020, IASB issued a series of amendments, that include amendments of limited purpose in three Standards, as well as the Annual Improvements of the Council. These amendments include clarifications on the formation of the Standards or correct minor consequences, omissions or conflicts between the requirements of the Standards. More specifically:
- The amendments to IFRS 3 "Business Combinations" update a reference of IFRS 3, in the Conceptual Framework for Financial Reporting, without modifying the accounting requirements that refer to business combinations.
- The amendments to IAS 16 "Property, Plant and Equipment" prohibit to a company to deduct from the cost of the tangible assets the amounts received from the sale of assets that are produced during the preparation of these assets to make them available for use. On the contrary, the company identifies the income from sales and related costs in the Statement of Financial Results.
- The amendments to IAS 37 "Provisions, Contingent Liabilities and Contingent Assets" identify the costs that a company must include in the evaluation on whether a policy is harmful.
-
The Annual Improvements of the IFRS - Cycle 2018-2020 includes minor amendments to IFRS 1 "First-time Adoption of International Financial Reporting Standards", in IFRS 9 "Financial Instruments", IAS 41 "Agriculture" and the Illustrative Examples of IFRS 16 "Leases".
The Company will examine the impact of the above on the financial Statements, although no impact is expected. The above have not been adopted by the European Union. - IFRS 17 "Insurance Contracts" (effective for annual periods beginning on or after 1 January 2023)
In May 2017, the IASB issued a new Standard, IFRS 17, which replaces an Interim Standard, IFRS 4. The purpose of IASB was to develop a comprehensive, principle-based Standard for the accounting treatment of all types of insurance policies, including the reinsurance treaties of an insurance company. A comprehensive Standard based on the principles will enhance the comparability of the financial report between financial entities, jurisdiction and capital markets. IFRS 17 defines the requirements that a financial entity must apply in the financial information related to the insurance policies issued and the reinsurance policies owned. Additionally, in June 2020, IASB completed issuance of amendments that do not affect established principles applicable in the issuance of IFRS 17. The amendments have been prepared in a way that will decrease the costs via the simplification of certain requirements of the Standard, to lead to a more easily accessible financial performance, as well as to facilitate the transition by postponing the date of implementation of the Standard to 2023, providing simultaneously additional assistance for the decrease of the effort required for the first implementation of the Standard. The Company will examine the impact of the above on the financial Statements, although no impact is expected. The above have not been adopted by the European Union.
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Interim Financial Statements 1/1- 30/ 06/2020
4. FUND ANALYSIS AND OTHER INFORMATION
4.1. Tangible Assets
There are no liens in the tangible assets of the Company. The tangible assets are analyzed as follows: | ||||
Buildings - | Means of | Furniture and | ||
Amounts in € | Facilities | Transport | other equipment | Total |
Α. Acquisition Values | ||||
Balances 01/01/2019 | 62.332 | 78 | 348.147 | 410.557 |
Additions | 29.482 | 0 | 3.553 | 33.035 |
Deductions | 0 | 0 | 0 | 0 |
Balances 31/12/2019 | 91.814 | 78 | 351.700 | 443.592 |
Additions | 2.296 | 0 | 3.937 | 6.232 |
Deductions | 0 | 0 | 0 | 0 |
Balances 30/6/2020 | 94.110 | 78 | 355.637 | 449.824 |
Β. Depreciations | ||||
Balances 01/01/2019 | 19.732 | 78 | 300.704 | 320.514 |
Depreciations | 17.098 | 0 | 11.294 | 28.391 |
Deductions | 0 | 0 | 0 | 0 |
Balances 31/12/2019 | 36.830 | 78 | 311.998 | 348.905 |
Depreciations | 8.594 | 0 | 5.408 | 14.002 |
Deductions | 0 | 0 | 0 | 0 |
Balances 30/6/2020 | 45.423 | 78 | 317.406 | 362.907 |
0 | ||||
Unamortized balance 31/12/2019 | 54.984 | 0 | 39.702 | 94.686 |
0 | ||||
Unamortized balance 30/6/2020 | 48.686 | 0 | 38.230 | 86.917 |
12
4.2. Intangible assets
The intangible assets refer to software programs and are analyzed as follows:
Amounts in € | Software |
- Acquisition Values
Balances 01/01/2019 | 472.810 |
Additions | 14.005 |
Deductions | 0 |
Balances 31/12/2019 | 486.815 |
Additions | 2.644 |
Deductions | 0 |
Balances 30/6/2020 | 489.459 |
Β. Depreciations | |
Balances 01/01/2019 | 429.171 |
Depreciations | 13.539 |
Deductions | 0 |
Balances 31/12/2019 | 442.710 |
Depreciations | 6.879 |
Deductions | 0 |
Balances 30/6/2020 | 449.588 |
Unamortized balance 31/12/2019 | 44.105 |
Unamortized balance 30/6/2020 | 39.871 |
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Interim Financial Statements 1/1- 30/ 06/2020
4.3. Financial instruments at fair value through profit & loss
The Financial instruments at fair value through profit and loss are analyzed as follows:
30/6/2020 | 31/12/2019 | |
Bonds | 876.733 | 791.804 |
Mutual funds | 617.300 | 692.912 |
Total | 1.494.033 | 1.484.716 |
4.4. Customers and Other Receivables | ||
The customers and other receivables are analyzed as follows: | ||
30/6/2020 | 31/12/2019 | |
Receivables from customers | 103.757 | 131.489 |
Other receivables | 85.273 | 93.274 |
Total | 189.030 | 224.763 |
Other Receivables | 30/6/2020 | 31/12/2019 |
Greek Government (Withheld taxes, etc.) | 66.113 | 20.726 |
Expenses of future fiscal years | 3.280 | 57.744 |
Earned income of fiscal year | 15.881 | 14.804 |
Other various debtors | 0 | 0 |
Total | 85.273 | 93.274 |
The book value of the above receivables reflects their fair value.
4.5. Suppliers and other liabilities
The suppliers and other liabilities are analyzed as follows: | ||
30/6/2020 | 31/12/2019 | |
Suppliers | 19.316 | 126.500 |
Liabilities to shareholders from decrease of share capital | 20.252 | 28.107 |
Withheld taxes | 14.393 | 16.694 |
Other taxes | 3.264 | 264 |
V.A.T. | 2.189 | 3.112 |
Insurance Contributions | 11.663 | 23.565 |
Beneficiaries | 22.301 | 74.967 |
Total | 93.378 | 273.209 |
The book value of the above liabilities reflects the fair value.
4.6. Provisions
The provisions are analyzed as follows (see par. 7): | ||
30/6/2020 | 31/12/2019 | |
Bad disputes | 202.270 | 202.270 |
Total | 202.270 | 202.270 |
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Interim Financial Statements 1/1- 30/ 06/2020
4.7. Income from the provision of services The income from the provision of services are as follows:
1/1- | 1/1- | |||
30/06/2020 | 30/06/2019 | |||
Income from the management of the Mutual Fund | 500.044 | 536.094 | ||
Income from commission of customers | 40.000 | 40.000 | ||
Total | 540.044 | 576.094 | ||
4.8. Fiscal income and expenses | ||||
The fiscal income and expenses are analyzed as follows: | ||||
1/1- | 1/1- | |||
30/06/2020 | 30/06/2019 | |||
Credit Interest | 0 | 0 | ||
Profit (loss) sale/valuation of securities | 18.132 | 126.118 | ||
Income from financial instruments | 1.077 | 4.673 | ||
Total | 19.208 | 130.791 | ||
1/1- | 1/1- | |||
30/06/2020 | 30/06/2019 | |||
Portfolio valuation | (94.696) | 0 | ||
Other related to fiscal expenses | (242) | (221) | ||
Total | (94.939) | (221) | ||
4.9. Income Tax | ||||
The taxes in the financial statement are analyzed as follows: | ||||
1/1- | 1/1- | |||
30/06/2020 | 30/06/2019 | |||
Current tax | 15.833 | 29.384 | ||
Variance of tax of the previous year | 0 | 0 | ||
Deferred taxation | (22.414) | 18.461 | ||
Total | (6.581) | 47.846 | ||
1/1- | 1/1- | |||
30/06/2020 | 30/06/2019 | |||
Benefits to personnel | (971) | (753) | ||
Valuations of financial instruments | (22.727) | 26.531 | ||
Provisions | 258 | 25.750 | ||
Other | 1.026 | (33.068) | ||
Total deferred | ||||
taxation | (22.414) | 18.461 |
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Interim Financial Statements 1/1- 30/ 06/2020
4.10.Earnings Per Share
The calculation of the earnings per share is as follows: | ||
1/1- | 1/1- | |
30/06/2020 | 30/06/2019 | |
Profit/ (Loss) after-tax | (20.711) | 145.617 |
Weighted average of the number of shares | 375.556 | 375.556 |
Key Earning per share (Euro per Share) | -0,0551 | 0,3877 |
5. Balance and transactions with Related Parties
The Company belongs to the Group of the listed company European Reliance General Insurance Co. S.A.
The transactions and the balances of the Company with the Companies of the Group and the members of the Management are as follows:
Sales of Services | 1/1- | 1/1- |
30/06/2020 | 30/06/2019 | |
Parent Company | 40.000 | 40.000 |
Total | 40.000 | 40.000 |
Expenses | 1/1- | 1/1- |
30/06/2020 | 30/06/2019 | |
Parent Company | 33.457 | 34.820 |
Other related parties | 2.185 | 1.025 |
Total | 35.642 | 35.845 |
Receivables | 30/6/2020 | 31/12/2019 |
Parent Company | 24.800 | 24.800 |
Total | 24.800 | 24.800 |
Liabilities | 30/6/2020 | 31/12/2019 |
Parent Company | 11.462 | 12.369 |
Other related parties | 102 | 304 |
Total | 11.564 | 12.673 |
Remuneration of key executives | 1/1- | 1/1- |
30/06/2020 | 30/06/2019 | |
Key executives | 75.709 | 75.466 |
Total | 75.709 | 75.466 |
6. Unusual transactions
We have not traced cases of financial assets, liabilities, equity, net profit or cash flows that may be unusual due to their nature, size or their case.
7. Contingent liabilities
For cases of bad debts against the Company we have identified a relevant provision in the financial statements, which, according to the Company's opinion is considered sufficient. The Management of the Company after the advice of its Legal Consultants, estimates that no further amounts will derive against the Company from the ongoing bad debts apart from the cases that are already covered by the relevant provisions.
The Company for fiscal years 2012 up to 2015 is subject to the tax audit of the Certified Public Accountants, according to the provisions of Art. 82, par. 5, L. 2238/1994, as modified and in force according to article 65A of L. 4174/2013 and the Ministerial Decision 1159/2011,
16
Interim Financial Statements 1/1- 30/ 06/2020
issued after authorization. These audits for fiscal years 2012 and 2015 have been completed and the Company has submitted the relevant Tax Compliance Reports of the Certified Public Accountant to the Ministry of Finance with a conclusion without reservation.
For fiscal years 2016. 2017 and 2018, the Company was subject to an optional tax audit, according to the modification of art. 65A of L. 4174/2013 and received the tax compliance report with a conclusion without reservation.
For fiscal year 2019, the Company was subject to an optional tax audit, according to the modification of art. 65A of L. 4174/2013. The aforementioned audit is in progress and it is not expected to have important difference in the tax liabilities integrated in the Financial Statements.
The Company's participation in the "Guarantee Fund" refers to amounts paid according to the provisions of L. 2533/1997, article 74 § 4 that provides that in case of interruption of the function of a member company, the Guarantee Fund returns its contributions to the company, decreased by the compensations paid (or it is probable to be paid by) the Guarantee Fund to the agents of the member Company.
8. Other disclosures
There are no events after the preparation of the interim financial statements that refer to the Company, that ought to be reported according to the International Financial Reporting Standards.
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European Reliance General Insurance Co. SA published this content on 27 October 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 November 2020 09:21:00 UTC