9M_CONS_2002

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					                                                                                  babis vovos s.a.
                                                       "BABIS VOVOS - INTERNATIONAL CONSTRUCTION S.A."
                                                                                           Reg No. 2283/06/B/86/12
                                                                                             (AMOUNTS IN EURO)


                                                                   I. CONSOLIDATED BALANCE SHEET OF 09/30/2002



                                                              09/30/2002           09/30/2001                                                                                                09/30/2002                09/30/2001
ASSETS                                                                                                CAPITAL AND LIABILITIES
Formation Expenses (Net Value)                                   2,959,875.48          3,968,300.40   Paid in share capital                                                                    10,179,000.00              9,957,446.81
Fixed Assets                                                    11,278,793.94         10,529,102.22   Reserves & other equity accounts                                                         35,790,829.13             21,350,272.75
Less: Depreciation until 09/30/2002                              1,487,960.20          1,200,366.93   Results of the current period                                                            29,787,259.07             39,454,866.77
Participations and other Long Term Assets                         871,343.77            691,561.60    Results of previous fiscal periods                                                        2,878,277.41              3,934,967.67
Inventories                                                     72,079,394.80         76,859,189.17   Other provisions                                                                              82,309.94              123,414.06
Customers                                                        6,167,337.12         13,484,318.84   Long Term Liabilities                                                                    34,663,672.97              3,376,058.20
Other Receivables                                               13,196,797.19          7,133,615.72   Short Term Liabilities                                                                  103,698,275.31             83,706,868.43
Securities                                                                 0.00        1,611,151.87   Accruals and Deferred Income                                                              7,033,838.38              3,305,951.72
Cash                                                             9,326,512.36         12,039,277.88
Prepayments and Accrued Income                                 109,721,367.75         40,093,695.64
TOTAL ASSETS                                                 224,113,462.21        165,209,846.41     TOTAL LIABILITIES AND EQUITY                                                           224,113,462.21            165,209,846.41
DEBIT MEMO ACCOUNTS                                             10,318,180.84          1,905,008.95   CREDIT MEMO ACCOUNTS                                                                     10,109,765.04              1,905,008.95




                                II. PROFIT AND LOSS ACCOUNT                                           NOTES:
                                                             1/1-9/30/2002        1/1-9/30/2001       1. The companies included in the consolidation are the following: 1) BABIS VOVOS DIETHNIS TECHNIKI S.A.
REVENUES                                                                                                  AND CO. LTD. 2) DOMA S.A. 3) ERGOLIPTIKI - KTIMATIKI - TOURISTIKI S.A. and 4) INTERNATIONAL
Revenues from Sales                                             93,852,991.87         82,690,023.49     PALACE HOTEL S.A.
Less: Cost of Goods Sold                                        54,483,642.21         37,169,925.87   2. The Accounting Principles used are the same as those used to prepare the financial statements of the fiscal
Plus: Other operating income                                         2,322.76              5,206.28        year 2001. Additionally, as always we follow the procedure of recording the income based on the partial
GROSS PROFIT                                                   39,371,672.42        45,525,303.90        completion of the projects.
Less: Administrative Expenses                                    5,036,574.53          1,824,823.48   3. A tax audit has been conducted on the companies included in the consolidation as follows: the Parent
       Selling Expenses                                           282,904.55            181,304.33      Company and ERGOLIPTIKI - KTIMATIKI - TOURISTIKI S.A. until the fiscal year 1999, BABIS VOVOS
Financial results                                               -4,238,753.55         -3,844,060.13     DIETHNIS TECHNIKI S.A. AND CO. LTD. and DOMA S.A. until the fiscal year 1998, while INTERNATIONAL
TOTAL                                                           9,558,232.63          5,850,187.94       PALACE HOTEL S.A. until the fiscal year 1992.
NET OPERATING INCOME                                           29,813,439.79        39,675,115.96     4. There are no cases contested in courts or under arbitration or decisions of courts which may affect the
Plus: Extraordinary Income-Profits                                560,833.48            291,234.19         company's financial position
Less: Extraordinary Expenses-Losses                               301,994.12            373,120.36    5. Employed personnel as of 9-30-2002: 558 individuals
NET INCOME FOR THE PERIOD BEFORE TAX                           30,072,279.15        39,593,229.78     6. Investments in fixed assets for the first nine-month period of 2002 amounted to 2,079,763.70 Euro.

Less: Other taxes not included in the operating cost              293,495.19            121,311.64    7. There are mortgage notes on the fixed assets of the consolidated companies amounting to
TOTAL NET PRE-TAX INCOME                                       29,778,783.96        39,471,918.14          44,066,125.56 Euro, for the securing of remaining balances of bank loans as od 9-30-2002 54,226,605.49
Less: Minority Proportion                                          -8,475.11             17,051.36         Euro.
TOTAL CONSOLIDATED NET PRE-TAX INCOME                          29,787,259.07        39,454,866.77     8. Until 9-30-2002 the Parent Company, in accordance with the decision of the General Assembly, had

                                                                                                           acquired 3,092,730 own shares at the amount of 43,947,828.45 Euro, which appears negative in account
                                                                                                          "Reserves & other equity accounts". The current value of these share as of 9-30-2002, based on
                                                                                                           L. 2190/1920, was higher than the acquisition cost by 11,801,722.53 Euro.
                                                                                                      9. Some accounts of the previous fiscal period have been reformed in order to be comparable with the
                                                                                                        corresponding ones of the current fiscal period
                                                                                                      10. The Turnover Analysis according to STAKOD-91 is the following:
                                                                                                           Code 70.11 Development and sale of real estate: 75,357,269.20 Euro
                                                                                                           Code 70.20 Leasing of private real estate: 17,446,060.74 Euro
                                                                                                           Code 45.21 Construction of buildings and civil engineer technical works: 1,049,661.93 Euro
                                                                                                      11. The last revaluation of fixed assets took place on 12-31-2000.




                                                                                             Athens, November 5, 2002
                    THE PRESIDENT OF THE B.O.D.                                      THE EXECUTIVE ADVISOR                                                                                        THE CHIEF ACCOUNTANT


                    CHARALAMBOS ARM. VOVOS                                            ARMODIOS CHAR. VOVOS                                                                                      ANDREAS THEOD. MISERLIS
                          I.C. No. A/377830                                              I.C. No. F/015559                                                                                           I.C. No. TH/293185

				
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