VIS Container Manufacturing : Semiannual financial report of the Fiscal Year January 1, 2018 - June 30, 2018 (pdf 913 kb)

SEMIANNUAL

F I N A N C I A L R E P O R Tfor the period from January 1st2018 to June 30rd2018

(According to the article 5 of Law 3556/2007)

VIS CONTAINERS MANUFACTURING CO. LTD

G.C.REG. No.: 122838007000

GEORGIOS GENNIMATAS AVENUE,190 18 MAGOULA, ATTICA

Tel.:[phone], Fax : [phone] e-mail :[e-mail]

CONTENTS

• 1. Statements by the Members of the Board of Directors ............................................................. 3

• 2. Report on Review of Interim Financial Information ................................................................... 4

• 3. Report of the Board of Directors ................................................................................................. 5

• 4. Semiannual financial statements .............................................................................................. 11

• 4.1 Statements of Financial Position .............................................................................................. 12

• 4.2 Income statement ....................................................................................................................... 13

• 4.3 Total income statement .............................................................................................................. 13

• 4.4 Statement of changes in Equity ................................................................................................ 14

• 4.5 Statement of cash flows ............................................................................................................. 15

• 5 Notes upon drawing the financial statements of the first semester of 2018 ......................... 16

• 5.1 General information .................................................................................................................... 16

• 5.2 Scope of works ........................................................................................................................... 16

• 5.3 Framework upon drawing the interim financial statements .................................................... 17

• 5.5.1 Self-used tangible fixed assets ................................................................................................. 21

• 5.5.2 Available for sale financial assets ............................................................................................. 21

• 5.5.3 Inventories ................................................................................................................................... 21

• 5.5.4 Customers and other commercial receivables ........................................................................ 22

• 5.5.5 Share capital ............................................................................................................................... 22

• 5.5.6 Long term loan liabilities ........................................................................................................... 22

• 5.5.7 Suppliers and other commercial liabilities ............................................................................... 23

• 5.5.8 Long term loan liabilities ........................................................................................................... 23

• 5.6 Analysis of total state accounts ................................................................................................ 23

• 5.6.1 Cost of sales ............................................................................................................................... 23

• 5.6.2 Administrative expenses ........................................................................................................... 24

• 5.6.3 Expenses distribution ................................................................................................................ 24

• 5.6.4 Financial cost (net) ..................................................................................................................... 24

• 5.6.5 Income tax ................................................................................................................................... 24

• 5.6.6 Earnings per share ..................................................................................................................... 25

• 5.7 Number of employed personnel and cost of payroll ............................................................... 25

• 5.8 Disputes in court or arbitration ................................................................................................. 25

• 5.9 Unaudited fiscal years ................................................................................................................ 25

• 5.10 Other eventual liabilities and eventual receivables ................................................................. 26

• 5.11 Transactions with connected parties .............................................................................................. 26

• 5.12 Events after the balance sheet date .......................................................................................... 27

Statements by the Members of the Board of Directors

The Members of the Board of Directors of "VIS CONTAINERS MANUFACTURING CO LTD":

• 1. Filippou I. Dimitrios, Chairman of the Board and Managing Director

• 2. Hadjivasileiou V. Georgios, Executive Member of the Board of Directors-Vice President,

Secretary and General Manager

3. Soupionas E. Kyriakos , Member of the Board of Directors - Executive Member and CFO under our aforementioned authority, hereby we state that to the best of our knowledge:

a. The semiannual financial statements of the company "VIS CONTAINERS MANUFACTURING CO. LTD" for the period 1stJanuary 2018 to June 30 2018, which have been drawn up according to the applicable financial reporting standards , truly depict the item of the assets and liabilities, the net position and the issuer's income statement according to what is mentioned in the paragraphs 3 up to 5 of the article 5 of Law 3556/2007 and the decisions taken per procuration by the Stock Exchange Committee,

b. The Board of Director's semiannual report truly depicts the required information, according to what is mentioned in paragraph 6 of the article 5 of Law 3556/2007 and in the decisions taken per procuration by the Stock Exchange Committee.

Magoula, September 26, 2018

The Chairman of the Board &

The appointed by the Board members

Managing Director

Dimitrios I. Filippou	Georgios V.Hadjivasileiou	Kyriakos E. Soupionas
ID No.ΑΑ- 061311	ID No.Ρ- 914464	ID No. AI - 540755

Report on Review of Interim Financial Information

To the shareholders of "VIS CONTAINERS MANUFACTURING CO. LTD"

Introduction

We have reviewed the accompanying condensed statement of financial condition of VIS CONTAINER MANUFACTURING CO.LTD (the Company) as at 30 June 2018 and the related condensed statements of comprehensive income, changes in equity and cash flows for the six month period then ended, and a summary of significant accounting policies and selected explanatory notes, that comprise the interim financial information, which is an integral part of six-month financial report as required by article 5 of law 3556/2007. The Company's Management is responsible for the preparation and fair presentation of this interim financial information in accordance with International Financial Reporting Standards, as adopted by European Union and applies to interim financial reporting ("IAS 34"). Our responsibility is to express a conclusion on this interim condensed financial information based on our review.

Scope of Review

We have conducted our view in accordance with International Standard on Review Engagements 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying interim financial information is not prepared, in all material respects, in accordance with IAS 34.

Reference to Other Legal Requirements

From our review we did not detected any inconsistency or mismatch of the other elements of the required by article 5 of law 3556/2007 six-month financial report, with the accompanying interim financial information.

Athens, 27 September 2018 The Chartered AccountantPKF EUROAUDITING S.A. Chartered Accountants

124 Kifisias Ave., 115 26 Athens SOEL Reg. 132

Fillipos E.Kabouropoulos SOEL Reg.36 141

Report of the Board of DirectorsSemiannual Report of the Board of Directors of "VIS CONTAINERS MANUFACTURING CO. LTD» for the financial statements of the period 1.1.2018 - 30.6.2018

The present semiannual report of the Board of Directors of VIS CONTAINERS MANUFACTURING CO. LTD, truly depicts the information which is required based on the paragraph 6 of the article 5 of the Law.3556/07 and contains all the important events during the first semester of the period 01/01/2018-30/06/2018 and their impact on the financial statements of the above period, moreover we describe the main risks and uncertainties.

Α. Financial developments and achievements of the semiannual period

Α1. Report of the period 1/1/2018 - 30/6/2018

The Company continued its course amid the unstable climate of the Greek economy. The work cycle showed decrease by 6,60% while gross profit before depreciation, decreased as a percentage of work cycle to 14,16%.

Herein below follows an analysis of certain items of the total income account.

The work cycle of the company on the 1st semester amounted to € 9.472.660,00 versus €10.141.622,00 of the respective semester of 2017 showing a 6,60% decrease.

The gross profits before depreciation amounted to € 1.285.191,00 versus € 2.051.568,00 of the respective semester of 2017 showing a 37,36% decrease. The profits before taxes, interests and depreciation (EBITDA) amounted to € -232.012,00 versus € 505.736,00 of the respective semester of 2017, affected by the significant increase in raw material costs over the same period last year.

The results before taxes amounted to losses of € 1.137.755,00 compared to profits of € 444.627,00 of the respective semester of 2017.

The losses after taxes amounted to € 1.137.755,00 versus profits of € 439.757,79 the semester of 2017.

The company uses basic indicators to measure performance in order to take decisions concerning its financial, functional and strategic planning. These indicators serve for better understanding of the financial and functional results of the company, its financial state as well the state of its cash flows. These indicators are portrayed below, however they should be examined in combination with the economic statements, while the amounts used in these indicators come from the economic statements of the previous period:

• •Working capital indicator

2018 Period

2017 Period

WORKING CAPITAL	2.271.788,10	3.145.537,96
TOTAL ASSETS	36.505.570,11	37.577.807,66

6,22%

8,37%

This indicator shows the liquidity measure of the company expressed as a percentage of total assets. The working capital is to be understood as the result of the subtraction of the short-term liabilities from the current assets.