ENTERSOFT S.A.
Companies Register No.: 52460/01NT/B/02/200
G.E.MI. No.: 122264001000
Registered Office: 362, Syngrou Ave. & Evripidou 17674 Kallithea
FINANCIAL DATA AND INFORMATION FOR THE YEAR
from 1 JANUARY 2020 to 31 DECEMBER 2020
The following data and information deriving from the Financial Statements aim to provide a general overview for the financial position and the results of operations of "ENTERSOFT S.A.". Therefore, we recommend the users of the financial data and information, before making any investment decision or proceeding to any other transaction with the Company, to visit the Company's web site, where the consolidated and separate Financial Statements are available together with the Independent Auditor's Report.
COMPANY INFORMATION
Competent Authority | : Hellenic Republic Athens Chamber of Commerce | ||
and Industry G.E.MI. Service | |||
Website address of the Company | : www.entersoft.gr | ||
Board of Directors | : Name | Position on the Board & Capacity | |
Pantelis Nikolopoulos | Chairman, Non-executive member | ||
Antonios Kotzamanidis | Managing Director, Executive member | ||
Konstantinos Dimitrakopoulos | Vice Chairman, Executive member | ||
Charalampos Avratoglou | Executive member | ||
Stavros Menegos | Executive member | ||
Konstantinos Fokas | Non-executive member | ||
Aikaterini Papachristopoulou | Executive member | ||
Marika Lamprou | Independent non-executive member | ||
Aikaterini Pramatari | Independent non-executive member | ||
Date of Approval by the Board of Directors | |||
of the Annual Financial Statements | : | 21/04/2021 | |
The Certified Auditor | : | Dimitrios Tanos | |
Audit Firm | : KPMG CERTIFIED AUDITORS S.A. | ||
Type of Auditor's Report | : | Unqualified |
1.1. DATA FROM STATEMENTS OF FINANCIAL POSITION (consolidated and separate) (Amounts in Euro)
GROUP | COMPANY | ||||||||
31.12.2020 | 31.12.2019 | 31.12.2020 | 31.12.2019 | ||||||
ASSETS | |||||||||
Property, plant and equipment (PPE) | 2.517.911 | 2.426.530 | 2.222.184 | 2.304.796 | |||||
Intangible assets | 6.103.282 | 2.498.689 | 2.701.280 | 2.413.652 | |||||
Goodwill | 2.152.017 | 138.095 | 0 | 0 | |||||
Investments in subsidiaries | 0 | 0 | 6.158.210 | 1.000.327 | |||||
Other non-current assets | 114.291 | 327.539 | 461.878 | 318.314 | |||||
Trade receivables | 7.192.436 | 7.049.861 | 6.112.479 | 6.644.677 | |||||
Other current assets | 8.097.896 | 3.451.526 | 5.829.345 | 2.712.022 | |||||
TOTAL ASSETS | 26.177.833 | 15.892.240 | 23.485.375 | 15.393.788 | |||||
EQUITY AND LIABILITIES | |||||||||
Share Capital | 1.500.000 | 1.336.800 | 1.500.000 | 1.336.800 | |||||
Other components of equity | 14.991.441 | 9.379.010 | 14.560.064 | 9.465.632 | |||||
Total equity owners of the parent (a) | 16.491.441 | 10.715.810 | 16.060.064 | 10.802.432 | |||||
Non controlling interests (b) | 21.568 | 17.630 | 0 | 0 | |||||
Total equity (c) = (a) + (b) | 16.513.009 | 10.733.440 | 16.060.064 | 10.802.432 | |||||
Provisions/Other non-current liablities | 4.060.728 | 2.141.934 | 3.113.313 | 2.025.415 | |||||
Other current liabilities | 5.604.097 | 3.016.864 | 4.311.998 | 2.565.942 | |||||
Total Liabilities (d) | 9.664.825 | 5.158.798 | 7.425.312 | 4.591.357 | |||||
TOTAL EQUITY AND LIABILITIES (c) + (d) | 26.177.833 | 15.892.238 | 23.485.376 | 15.393.789 |
1.5. ADDITIONAL DATA AND INFORMATION
1. Group Structure. The Group companies with their respective addresses, participating interests and consolidation method are as follows:
Name - Address | Consolidation Method | Participation % Held by Parent | |
ENTERSOFT S.A. | Parent | ||
362, Syngrou Ave. and Evripidou Kallithea, Athens-Greece | |||
ENTERSOFT BULGARIA EOOD | Full Consolidation | 100,00% | |
Evrotur Bisiness Center 12 Mihail Tenev 6th fl/21st Sofia-Bulgaria | |||
ENTERSOFT ROMANIA SOFTWARE SRL | Full Consolidation | 100,00% | |
43 Polona St., 6th floor, Bucharest-Romania | |||
RETAIL-LINK S.A. | Full Consolidation | 97,64% | |
362, Syngrou Ave. and Evripidou Kallithea, Athens-Greece | 0,976 | ||
ENTERSOFT MIDDLE EAST FZ LLC - | Full Consolidation | 100,00% | |
IMPZ, Publishing Pavilion , Office 220, P.O. BOX: 500424, | |||
Dubai UAE | |||
OPTIMUM S.A. | Full Consolidation | 100,00% | |
Acharnon 457 & Thespieon, Athens-Greece | |||
- There are no shares of the Company, which are held either by the parent or by its subsidiaries at the end of the current year.
- The Company and its subsidiary Retail-Link SA have obtained an unqualified tax compliance certificate from their statutory auditor with respect to its tax obligations for the years ended 31 December 2011 to 2019. For the tax position of the Company and Retail-Link SA for the year ended 31 December 2020, the tax compliance assurance work from the statutory auditor is in progress. The management assesses that If additional tax liabilities arise until the completion of the tax audit, it is estimated that these will not have a material effect on the Financial Statements. The tax obligations for the years 2011,2012,2013 and 2014 are considered as final in accordance with the Greek tax legislation. The Company's subsidiary Optimum S.A. has not received a tax compliance certificate and has not been audited by the tax authorities for the all the fiscal years up to 2020. Optimum has booked a provision for its open tax years of Euro 143.000.If additional tax liabilities arise until the completion of the tax audit, it is estimated that these will not have a material effect on the Financial Statements. Detailed analysis is presented in Note 10.32 of the Financial Statements.
- The annual consolidated Financial Statements of Entersoft SA and of its subsidiaries for the year ended 31 December 2020 have been prepared in accordance with International Financial Reporting Standards (IFRS) that have been issued by the International Accounting Standards Board (IASB) and have been adopted by the European Union (EU), as presented in note 6 of the annual Financial Statements of the Group and the Company.Where necessary, comparative data have been presented in a different manner to be consistent with any differences in the presentation of current year data.
- The Board of Directors that approved the annual Financial Statements for the year ended 31 December 2020 on April 21, 2021 proposes the dividend distribution of Euro 0.06 per share, a total amount of Euro 1.800.000. The final decision for the dividend distribution is subject to the approval of the Ordinary General Meeting of shareholders.
- There are no disputed or under arbitration cases of national or administrative courts that have a material impact on the financial position or operation of the
- There are no real liens on the Company's assets.
8.Table of transactions with related parties as defined in IAS 24 (Amounts in Euro): | |
31.12.2020 | |
Income | 260.690 |
Receivables | 361.060 |
Benefits to directors and first-degree relatives | 847.536 |
- Number of employees at the end of the year: Group 286 (31.12.2019: 243), Company 200 (31.12.2019: 188).
- An overview of significant events that occurred in the year is presented below:
9/3/2020: The Board of Directors announces that on Tuesday, March,10 2020 the trading of the total 5.000.000 shares of the company in the Regulated Market of the Athens Stock Exchange begins. The offer price of the Company's shares was set to Euro 7,00 per share, equal to the offer price which was set at the Prospectus during the Public Offering.
12/5/2020: At the Extraordinary General Assembly Meeting it was decided the decrease of the registered value of each ordinary voting share from thirty cents of Euro (0,30 Euro) to five cents of Euro (0.05 Euro) and replacement of each (1) old ordinary Company share with six (6) new registered Company shares, with increase of the total number of ordinary Company shares from 5.000.000 to 30.000.000 new ordinary voting shares of 0,05 Euro register value (stock split 1:6).
22/10/2020: The acquisition of the intellectual property, of the software Plexis ERP and of customer relationships from the company Computer Life ABEE was announced. The agreed purchase price amounted to Euro 350.000 and was financed from the Company's cash.
1/12/2020: The extraordinary general meeting of shareholders decided the dividend distribution of total amount of Euro 1.350.000, Euro 0,045 per share from the Company's retained earnings in accordance with paragraph 3 of article 162 of Law 4548/2018.
30/12/2020: The Company announces the acquisition of 100% of the shares of the company Optimum SA. The agreed consideration was Euro 5.1 million
and its payment was agreed as follows: 50% upon signing of the agreement, 25% payable in 12 months and 25% payable in 18 months. This acquisition was partly financed by the funds raised from the Company's listing in the Main Market of Athens Stock Exchange and partly from the Company's cash. With this acquisition, Entersoft is dynamically strengthening its portfolio of Supply Chain solutions and gains a leading position. It is a strategic acquisition for the Group supporting its continuous growth.
11. Continuing its investment plan, the Parent Company announced on March 1, 2021 that it is dynamically entering in the eCommerce software field, by acquiring the 100% shares of the limited liability company named "Wedia Ltd". The total consideration was agreed at Euro 500.000 and was fully-paid by the Company's cash.
1.2. DATA FROM STATEMENTS OF COMPREHENSIVE INCOME (consolidated and separate) (Amounts in Euro)
GROUP | COMPANY | |||||||
1.1.-31.12.20201.1.-31.12.20191.1.-31.12.20201.1.-31.12.2019 | ||||||||
Sales revenue | 16.570.949 | 15.413.984 | 12.962.846 | 12.406.182 | ||||
Gross profit | 10.855.848 | 9.647.949 | 8.485.968 | 7.760.806 | ||||
Earnings before taxes, financing and investing results (EBIT) | 4.438.354 | 3.061.324 | 3.140.340 | 2.256.372 | ||||
Profit before tax | 4.293.631 | 2.907.156 | 3.613.160 | 2.324.403 | ||||
Profit after tax (A) | 3.512.118 | 2.240.017 | 2.994.461 | 1.800.076 | ||||
Other comprehensive income/(loss) after tax (Β) | -15.737 | 25.874 | -30.164 | |||||
Total comprehensive income after tax (Α)+(Β) | 3.496.381 | 2.265.892 | 2.964.296 | 1.800.076 | ||||
Attributable to: | ||||||||
- Owners of the parent | 3.498.033 | 2.228.356 | 2.994.461 | 1.800.076 | ||||
- Non controlling interests | 14.085 | 11.662 | 0 | 0 | ||||
3.512.118 | 2.240.017 | 2.994.461 | 1.800.076 | |||||
Total comprehensive income attributable to: | ||||||||
- Owners of the parent | 3.482.295 | 2.254.230 | 2.964.296 | 1.800.076 | ||||
- Non controlling interests | 14.085 | 11.662 | 0 | 0 | ||||
3.496.381 | 2.265.893 | 2.964.296 | 1.800.076 | |||||
Earnings after tax per share - basic (in Euro) | 0,1190 | 0,5001 | 0,1019 | 0,4040 | ||||
Earnings before taxes, financing and investing results | 5.801.879 | 4.362.925 | 4.413.957 | 3.443.056 | ||||
and depreciation-amortisation (EBITDA) | ||||||||
1.3. DATA FROM STATEMENTS OF CHANGES IN EQUITY (consolidated and separate) (Amounts in Euro)
GROUP | COMPANY | ||||||
31.12.2020 | 31.12.2019 | 31.12.2020 | 31.12.2019 | ||||
Total equity at the beginning of the year | |||||||
(01.01.2020 and 01.01.2019 respectively) | |||||||
Total comprehensive income after tax | 10.733.441 | 9.430.518 | 10.802.432 | 9.870.923 | |||
3.496.380 | 2.265.892 | 2.964.297 | 1.800.076 | ||||
Subsidiaries expenses recognised directly in equity | 0 | -81.336 | 0 | 0 | |||
Increase/decrease in reserves | 0 | -8.610 | 0 | 0 | |||
Share Capital Increase | 3.788.960 | 0 | 3.788.960 | 0 | |||
Share capital increase expenses recognised directly in equity | -145.624 | -66.487 | -145.624 | -66.487 | |||
Dividend distribution | -1.360.148 | -806.535 | -1.350.000 | -802.080 | |||
Total equity at the end of the year | |||||||
(31.12.2020 and 31.12.2019 respectively) | 16.513.009 | 10.733.441 | 16.060.064 | 10.802.432 |
1.4. DATA FROM STATEMENT OF CASH FLOWS (consolidated and separate) (Amounts in Euro)
Indirect method | GROUP | COMPANY | |||||
31.12.2020 | 31.12.2019 | 31.12.2020 | 31.12.2019 | ||||
Cash Flows from Operating Activities | |||||||
Profit before taxes | 4.293.631 | 2.907.156 | 3.613.160 | 2.324.403 | |||
Adjustments for: | |||||||
Depreciation and Amortisation | 1.363.525 | 1.301.600 | 1.273.618 | 1.186.684 | |||
Provisions | 381.289 | 100.843 | 281.987 | 135.354 | |||
Gain on valuation of financial assets at fair value through profit or loss | -12.276 | -12.985 | -12.276 | -12.985 | |||
Impairment of goodwill of subsidiaries | 0 | 370.832 | 0 | 370.832 | |||
Depreciation of granted fixed assets | -78.604 | -78.604 | -78.604 | -78.604 | |||
Dividend income | 0 | 0 | -600.394 | -184.305 | |||
Finance income | -9.210 | -7.722 | -6.569 | -15.884 | |||
Finance cost | 165.669 | 174.875 | 146.418 | 145.144 | |||
Working capital adjustments: | |||||||
Decrease/(increase) of Receivables | 343.054 | -1.151.074 | 512.709 | -1.033.978 | |||
(Decrease)/increase of current liabilities | 463.937 | -12.724 | 438.956 | -114.878 | |||
(except borrowings and taxes) | |||||||
(Decrease)/increase of tax liabilities | -6.212 | -537.744 | -1.017 | -348.559 | |||
Less: | |||||||
Interest expense paid | -162.025 | -174.875 | -146.418 | -145.144 | |||
Income tax paid | -662.554 | -672.153 | -519.527 | -810.368 | |||
Net cash flows from Operating Activities (a) | 6.080.224 | 2.207.425 | 4.902.043 | 1.417.712 |
Cash Flows from Investing Activities | |||||||
Acquisition of property, plant and equipment (PPE) | -161.217 | -89.736 | -81.437 | -87.272 | |||
Acquisition of intangible assets | -353.041 | 0 | -350.000 | -704 | |||
Development expenditure | -681.365 | -558.064 | -597.228 | -460.589 | |||
Acquisition of subsidiary (net of cash acquired in the Group) | -1.815.711 | 0 | -2.550.000 | 0 | |||
Interest received | 6.656 | 20.707 | 6.569 | 15.884 | |||
Dividends received | 0 | 0 | 600.394 | 184.306 | |||
Increase/decrease of non-current liabilities (except borrowings) | 0 | 190 | 0 | 0 | |||
Net cash used in Investing Activities (b) | -3.004.678 | -626.903 | -2.971.702 | -348.375 | |||
Cash Flows from Financing Activities | |||||||
Proceeds from issue of share capital | 3.788.960 | 0 | 3.788.960 | 0 | |||
Dividends paid | -1.360.148 | -806.535 | -1.350.000 | -802.080 | |||
Proceeds from S.C. return of subsidiary | 0 | 0 | 0 | 100.000 | |||
Payment of lease liabilities | -477.960 | -418.522 | -462.051 | -389.275 | |||
Share Capital increase expenses recognised directly in equity | -145.624 | -66.487 | -145.624 | -66.487 | |||
Repayment of borrowings | -485.019 | -486.215 | -409.565 | -468.696 | |||
Net cash flows from/(used in) Financing Activities (c) | 1.320.209 | -1.777.759 | 1.421.720 | -1.626.538 | |||
Net increase/(decrease) in cash | |||||||
and cash equivalents for the year (a) + (b) + (c) | 4.395.755 | -197.237 | 3.352.061 | -557.201 | |||
Cash and cash equivalents at beginning of the year | 2.788.582 | 2.985.817 | 1.837.662 | 2.394.864 | |||
Cash and cash equivalents at end of the year | 7.184.337 | 2.788.582 | 5.189.723 | 1.837.662 | |||
Kallithea, 21 April 2021 | |
PANTELIS N. NIKOLOPOULOS | ANTONIOS N. KOTZAMANIDIS |
CHAIRMAN OF THE BOD | MANAGING DIRECTOR |
I.D. Number AH 120205 | I.D. Number AE 223981 |
NEKTARIA A. LIVANIOU ACCOUNTING MANAGER I.D. Number AN 689070
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Entersoft SA published this content on 23 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 April 2021 10:57:03 UTC.