K R I - K R I M I L K I N D U S T R Y S . A .
General Commercial Registry No.: 113772252000
INTERIM FINANCIAL STATEMENTS
FOR THE PERIOD
01.01.2024 - 31.03.2024
IN ACCORDANCE WITH IFRS (IAS 34)
(TRANSLATION FROM THE GREEK ORIGINAL)
KRI-KRI MILK INDUSTRY S.A.
Interim Financial Statements as of 31 March 2024 | 2 |
(Amounts in €) |
CONTENTS | Page |
Condensed Statement of comprehensive income | 3 |
Condensed Statement of financial position | 4 |
Condensed Statement of change in shareholders' equity | 5 |
Condensed Cash flow statement | 6 |
General information | 7 |
Significant accounting policies | 7 |
Notes to Interim Financial Statements | 10 |
KRI-KRI MILK INDUSTRY S.A.
Interim Financial Statements as of 31 March 2024 (Amounts in €)
Condensed Statement of Comprehensive Income
Note. | |
Sales | C.1 |
Cost of sales | |
Gross profit | C.1 |
Distribution expenses | C.1 |
Administration expenses | |
Research and development expenses | |
Other income | |
Other (loss) / gain net | |
Profit before taxes, financial and investment income | C.1 |
Financial income | C.3 |
Financial expenses | C.3 |
Lease finance cost | C.3 |
Financial income (net) | |
Profit before taxes | |
Income tax | C.4 |
Net profit for the period (A) |
Other comprehensive income after tax (B)
Total comprehensive income after tax (A + B)
Net profit per share from continuous operations
- Basic and diluted (in €)
3
1/1-31/3/20241/1-31/3/2023
52.480.175 45.896.217
(35.883.825)(30.856.978)
16.596.350 15.039.239
(6.899.595)(5.755.614)
(1.224.400)(908.526)
(111.668)(87.720)
257.887211.471
(4.963)16.528
8.613.6108.515.377
179.20332.590
(63.842)(77.359)
(7.374)(6.668)
107.987(51.437)
8.721.5978.463.940
(1.901.875)(1.780.091)
6.819.7226.683.849
00
6.819.7226.683.849
0,20630,2021
The accompanying notes are an integral part of these financial statements.
KRI-KRI MILK INDUSTRY S.A.
Interim Financial Statements as of 31 March 2024 | 4 |
(Amounts in €) |
Condensed Statement of Financial Position
Note | 31/3/2024 | 31/12/2023 | |||
ASSETS | |||||
Non-current assets | |||||
Tangible assets | C.5 | 84.564.168 | 82.007.851 | ||
Right of use assets | C.6 | 552.499 | 588.763 | ||
Investment in properties | 10.082 | 10.082 | |||
Intangible assets | 193.041 | 193.614 | |||
Other non-current assets | 169.745 | 169.743 | |||
85.489.535 | 82.970.053 | ||||
Current assets | |||||
Inventories | C.7 | 24.406.751 | 17.288.601 | ||
Trade and other receivables | C.8 | 36.225.005 | 26.917.831 | ||
Investments in financial assets | 5.484.000 | 3.984.840 | |||
Restricted Deposits | 150.000 | 7.600.000 | |||
Cash and cash equivalents | 16.624.733 | 21.735.612 | |||
82.890.489 | 77.526.884 | ||||
Total assets | 168.380.024 | 160.496.937 | |||
EQUITY AND LIABILITIES | |||||
Equity | |||||
Share capital | 12.564.752 | 12.564.752 | |||
Reserves | 35.687.373 | 35.687.373 | |||
Reserve of own shares | (737.257) | (455.051) | |||
Retained earnings | 63.721.951 | 56.902.229 | |||
Total equity | 111.236.819 | 104.699.303 | |||
Liabilities | |||||
Non-current liabilities | |||||
Long-term borrowings | C.9 | 4.450.000 | 10.230.000 | ||
Lease liabilities | 332.314 | 376.253 | |||
Accrued pension and retirement obligations | 392.759 | 376.429 | |||
Deferred income tax liabilities | 5.473.694 | 5.384.001 | |||
Government grants | 5.045.227 | 5.140.381 | |||
15.693.994 | 21.507.064 | ||||
Current liabilities | |||||
Short-term borrowings | C.9 | 2.233 | 1.674.236 | ||
Lease liabilities | 249.516 | 242.185 | |||
Trade and other payables | C.10 | 32.768.136 | 25.743.242 | ||
Current income tax liabilities | 8.429.326 | 6.630.907 | |||
41.449.211 | 34.290.570 | ||||
Total liabilities | 57.143.205 | 55.797.634 | |||
Total equity and liabilities | 168.380.024 | 160.496.937 |
The accompanying notes are an integral part of these financial statements.
KRI-KRI MILK INDUSTRY S.A.
Interim Financial Statements as of 31 March 2024 | 5 | ||||||||||||||||||||
(Amounts in €) | |||||||||||||||||||||
Condensed Statement of changes in equity | |||||||||||||||||||||
Actuarial | |||||||||||||||||||||
Share capital | General | Special | Other | gains- | Reserve of | Retained earn- | Total Equity | ||||||||||||||
reserve | reserves | reserves | losses re- | own shares | ings | ||||||||||||||||
serve | |||||||||||||||||||||
Balance at 31.12.2022 | 12.564.752 | 4.188.251 | 20.390.759 | 38.275 | 68.778 | (541.308) | 42.192.614 | 78.902.121 | |||||||||||||
Profit for the period | 6.683.849 | 6.683.849 | |||||||||||||||||||
Total comprehensive income for | 6.683.849 | 6.683.849 | |||||||||||||||||||
the period | |||||||||||||||||||||
Distribution of own shares | 114.696 | 114.696 | |||||||||||||||||||
Balance at 31.3.2023 | 12.564.752 | 4.188.251 | 20.390.759 | 38.275 | 68.778 | (426.612) | 48.876.463 | 85.700.665 | |||||||||||||
Balance at 31.12.2023 | 12.564.752 | 4.188.251 | 31.390.759 | 38.275 | 70.091 | (455.054) | 56.902.229 | 104.699.303 | |||||||||||||
Profit for the period | 6.819.722 | 6.819.722 | |||||||||||||||||||
Total comprehensive income for | 6.819.722 | 6.819.722 | |||||||||||||||||||
the period | |||||||||||||||||||||
Purchase of own shares | (282.206) | (282.206) | |||||||||||||||||||
Balance at 31.3.2024 | 12.564.752 | 4.188.251 | 31.390.759 | 38.275 | 70.091 | (737.257) | 63.721.951 | 111.236.819 | |||||||||||||
The accompanying notes are an integral part of these financial statements.
KRI-KRI MILK INDUSTRY S.A.
Interim Financial Statements as of 31 March 2024 | 6 |
(Amounts in €) |
Condensed Statement of cash flows
Indirect method | 1/1-31/3/2024 | 1/1-31/3/2023 | |||
OPERATING ACTIVITIES | |||||
Profit before taxes | 8.721.597 | 8.463.940 | |||
Adjustments for: | |||||
Depreciation | 1.338.046 | 1.287.004 | |||
Provisions | 264.659 | 239.600 | |||
Foreign exchange differences, net | (9.127) | 4.904 | |||
Amortization of government grants relating to capital expenses | (95.154) | (96.923) | |||
Miscellaneous items | (8.884) | 105.812 | |||
Investment income | (182.836) | (35.019) | |||
Interest and related expenses | 28.027 | 51.938 | |||
10.056.328 | 10.021.256 | ||||
Changes in working capital: | |||||
(Increase) in inventories | (7.143.092) | (6.011.790) | |||
(Increase) in trade receivables | (7.873.590) | (5.445.029) | |||
Decrease / (Increase) in long-term receivables | (2) | 3.525 | |||
Increase in payables (except banks) | 5.445.242 | 1.933.260 | |||
Less: | |||||
Interest and related expenses paid | (28.027) | (51.938) | |||
Cash flow from operating activities (a) | 456.860 | 449.285 | |||
INVESTING ACTIVITIES | |||||
Purchase of tangible and intangible assets | (3.917.581) | (1.784.406) | |||
Proceeds from sales of intangibles and property, plant and equipment | 17.700 | 500 | |||
Interest received | 179.203 | 32.590 | |||
Purchase of financial instruments | (1.499.160) | 0 | |||
Cash flow from investing activities (b) | (5.219.838) | (1.751.316) | |||
FINANCING ACTIVITIES | |||||
Payment of loan liability | (7.443.119) | (2.000.000) | |||
Payment of loan lease obligations | (72.576) | (86.614) | |||
Purchase of own shares | (282.206) | 0 | |||
Decrease in restricted deposits | 7.450.000 | 0 | |||
Cash flow from financing activities ( c) | (347.901) | (2.086.614) | |||
Change in cash and equivalents (a+b+c) | (5.110.879) | (3.388.646) | |||
Cash and equivalents at beginning of period | 21.735.612 | 7.221.288 | |||
Cash and equivalents at end of period | 16.624.733 | 3.832.642 | |||
The accompanying notes are an integral part of these financial statements.
KRI-KRI MILK INDUSTRY S.A.
Interim Financial Statements as of 31 March 2024 (Amounts in €)
Α. General information
KRI-KRI MILK INDUSTRY S.A. (hereinafter referred to as the "Company") operates in the dairy industry. Its main business activity is the production of ice cream, yogurt and fresh milk.
The headquarters are located at 3rd km Serres-Drama, 62125, Serres, Greece, its website is www.krikri.grand its shares are listed on Athens Stock Exchange (Food sector).
These interim financial statements have been approved by the Board of Directors on 28 May 2024.
These interim financial statements are unaudited.
- Significant accounting policies
Β.1 Basis of preparation
These interim financial statements covering the period from 1.1.2024 to 31.3.2024 have been prepared according to IAS 34. The basis of their preparation is the historical cost and the "principle of going concern", taking into account all macroeconomic and microeconomic factors and their impact on the smooth operation of the Company.
The interim financial statements for the three-month period have been prepared on the basis of the same accounting principles followed for the preparation and presentation of the financial statements for the year 2023, except for the new standards and interpretations adopted, the implementation of which was compulsory for periods after 1 January 2024.
The interim financial statements should be read in conjunction with the audited financial statements for the year ended 31 December 2023, which have been posted on the Company's website and have been prepared in accordance with IFRSs.
The earnings' tax in the interim financial statements is calculated using the current tax rate (22%).
New Standards, Interpretations, Revisions and Amendments to existing Standards that are effective and have been adopted by the European Union
The following new Standards, Interpretations and amendments of IFRSs have been issued by the International Accounting Standards Board (IASB), are adopted by the Eu- ropean Union, and their application is mandatory from or after 01/01/2024.
7
Amendments to IFRS 16 "Leases: Lease Liability in a Sale and Leaseback" (effective for annual periods starting on or after 01/01/2024)
In September 2022, the IASB issued narrow-scope amendments to IFRS 16 "Leases" which add to requirements explaining how a company accounts for a sale and leaseback after the date of the transaction. A sale and leaseback is a transaction for which a company sells an asset and leases that same asset back for a period of time from the new owner. IFRS 16 includes requirements on how to account for a sale and leaseback at the date the transaction takes place. However, IFRS 16 had not specified how to measure the transaction when reporting after that date. The issued amendments add to the sale and leaseback requirements in IFRS 16, thereby supporting the consistent application of the Accounting Standard. These amendments will not change the accounting for leases other than those arising in a sale and leaseback transaction. The amendments do not affect the separate Financial Statements. The above have been adopted by the European Union with effective date of 01/01/2024.
Amendments to IAS 1 "Classification of Liabilities as Current or Non-current" (effective for annual periods starting on or after 01/01/2024)
In January 2020, the IASB issued amendments to IAS 1 that affect requirements for the presentation of liabilities. Specifically, they clarify one of the criteria for classifying a liability as non-current, the requirement for an entity to have the right to defer settlement of the liability for at least 12 months after the reporting period. The amendments include: (a) specifying that an entity's right to defer settlement must exist at the end of the reporting period; (b) clarifying that classification is unaffected by manage- ment's intentions or expectations about whether the entity will exercise its right to defer settlement; (c) clarifying how lending conditions affect classification; and (d) clarifying requirements for classifying liabilities an entity will or may settle by issuing its own equity instruments. Furthermore, in July 2020, the IASB issued an amendment to defer by one year the effective date of the initially issued amendment to IAS 1, in response to the Covid-19 pandemic. However, in October 2022, the IASB issued an additional amendment that aim to improve the information companies provide about long-term debt with covenants. IAS 1 requires a company to classify debt as non-current only if the company can avoid settling the debt in the 12 months after the reporting date. However, a company's ability to do so is often subject to complying with covenants. The amendments to IAS 1 specify that covenants to be complied with after the reporting date do not affect the classification of debt as current or non-current at the reporting date. Instead, the amendments require a company to disclose information about these covenants in the notes to the financial statements. The amendments are effective
KRI-KRI MILK INDUSTRY S.A.
Interim Financial Statements as of 31 March 2024 (Amounts in €)
for annual reporting periods beginning on or after 1 Janu- ary 2024, with early adoption permitted. The amendments do not affect the separate Financial Statements. The above have been adopted by the European Union with effective date of 01/01/2024.
New Standards, Interpretations, Revisions and Amendments to existing Standards that have not been applied yet or have not been adopted by the European Union
The following new Standards, Interpretations and amendments of IFRSs have been issued by the International Accounting Standards Board (IASB), but their application has not started yet or they have not been adopted by the Eu- ropean Union.
Amendments to IAS 7 "Statement of Cash Flows" and IFRS 7 "Financial Instruments: Disclosures": Supplier Finance Arrangements (effective for annual periods starting on or after 01/01/2024)
In May 2023, the International Accounting Standards Board (IASB) issued Supplier Finance Arrangements, which amended IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures. The IASB issued Supplier Finance Arrangements to require an entity to provide additional disclosures about its supplier finance ar- rangements. The amendments require additional disclosures that complement the existing disclosures in these two standards. They require entities to provide users of financial statements with information that enable them a) to assess how supplier finance arrangements affect an en- tity's liabilities and cash flows and to understand the effect of supplier finance arrangements on an entity's exposure to liquidity risk and how the entity might be affected if the arrangements were no longer available to it. The amendments to IAS 7 and IFRS 7 are effective for accounting periods on or after 1 January 2024. The Company will examine the impact of the above on its Financial Statements, though it is not expected to have any The above have not been adopted by the European Union.
Amendments to IAS 21 "The Effects of Changes in Foreign Exchange Rates: Lack of Exchangeability" (effective for annual periods starting on or after 01/01/2025)
In August 2023, the International Accounting Standards Board (IASB) issued amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates that require entities to provide more useful information in their financial statements when a currency cannot be exchanged into another currency. The amendments introduce a definition of currency exchangeability and the process by which an entity should assess this exchangeability. In addition, the amendments provide guidance on how an entity should estimate a spot exchange rate in cases where a currency is not exchangeable and require additional disclosures in
8
cases where an entity has estimated a spot exchange rate due to a lack of exchangeability. The amendments to IAS 21 are effective for accounting periods on or after 1 Janu- ary 2025. The Company will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union.
IFRS 18 "Presentation and Disclosure in Financial State- ments" (effective for annual periods starting on or after 01/01/2027)
In April 2024 the International Accounting Standards Board (IASB) issued a new standard, IFRS 18, which replaces IAS 1 'Presentation of Financial Statements'. The objective of the Standard is to improve how information is communicated in an entity's financial statements, particularly in the statement of profit or loss and in its notes to the financial statements. Specifically, the Standard will improve the quality of financial reporting due to a) the requirement of defined subtotals in the statement of profit or loss, b) the requirement of the disclosure about management -defined performance measures and c) the new principles for aggregation and disaggregation of infor- mation. The Company will examine the impact of the above on its Financial Statements, though it is not expected to have any. The above have not been adopted by the European Union.
Β.2 Financial risk management
The interim financial statements do not include disclosure of all risks required in the preparation of the annual financial statements and should be read in conjunction with the annual financial statements of the Company for the year ended 31 December 2023.
Β.3 Significant accounting estimations and judgments of the management
The preparation of the interim financial statements requires the Company's management to make estimations, judgments and assumptions that affect the application of the accounting principles and the asset/liability income/ex- pense accounting values. The results are maybe different that these estimations.
For the preparation of the interim financial statements the significant judgments and estimates of the Management regarding the application of the Company's accounting principles are the same as those used for the preparation and presentation of the Company's annual financial statements for the year 2023.
KRI-KRI MILK INDUSTRY S.A.
Interim Financial Statements as of 31 March 2024 | 9 |
(Amounts in €) |
Also, the main sources of uncertainty that existed in the preparation of the annual financial statements of 31 De- cember 2023 remained the same for the interim financial statements as at 31 March 2024.
Β.4 Comparative information
Comparative information is disclosed in respect of the previous period for all amounts reported in the financial state- ments, both face of financial statements and notes. Differences may arise between the amounts stated in the financial statements and the amounts stated in the notes, as a result of numbers rounding.
KRI-KRI MILK INDUSTRY S.A.
Interim Financial Statements as of 31 March 2024 | 10 |
(Amounts in €) |
C. Notes to the financial statements
C1. Operating segment information
The chief operating decision maker, in the case of KRI-KRI the CEO, receives internal financial reports to measure the performance of the operating segments and to distribute the resources between them. Under the operating distinction the Company's reportable segments are identified as follows:
- Ice-cream-Greece and Abroad.The segment refers to the production and distribution of ice-cream. There is distinctive performance measurement for Greece and other countries.
- Dairy-Yogurt-Greece and Abroad.The segment refers to the production and distribution mainly of yogurt and milk in a limited scale (Serres municipality). There is distinctive performance measurement for Greece and abroad.
The segments results for the periods ended 31.3.2024 and 31.3.2023 are analyzed as follows:
1/1-31/3/2024 | Revenue | Gross profit | Distribution | Operating | EBIT | ||||||
Cost | Earnings | ||||||||||
Ice-Cream | 5.017.119 | 2.505.716 | (2.414.629) | 91.087 | (83.040) | ||||||
Greece | 3.663.631 | 2.069.219 | (2.252.922) | (183.703) | (292.418) | ||||||
Abroad | 1.353.488 | 436.497 | (161.707) | 274.790 | 209.377 | ||||||
Dairy-Yogurt | 46.912.814 | 14.253.036 | (4.484.966) | 9.768.070 | 8.759.733 | ||||||
Greece | 17.739.609 | 4.948.314 | (2.304.672) | 2.643.642 | 2.214.212 | ||||||
Abroad | 29.173.205 | 9.304.722 | (2.180.294) | 7.124.428 | 6.545.521 | ||||||
Rest | 550.242 | (162.402) | 0 | (162.402) | (63.083) | ||||||
Total | 52.480.175 | 16.596.350 | (6.899.595) | 9.696.755 | 8.613.610 | ||||||
1/1-31/3/2023 | Revenue | Gross profit | Distribution | Operating | EBIT | ||||||
Cost | Earnings | ||||||||||
Ice-Cream | 4.966.300 | 2.365.333 | (2.110.995) | 254.338 | 111.202 | ||||||
Greece | 3.487.005 | 1.987.466 | (1.957.356) | 30.110 | (57.139) | ||||||
Abroad | 1.479.295 | 377.867 | (153.639) | 224.228 | 168.341 | ||||||
Dairy-Yogurt | 40.483.000 | 12.499.596 | (3.644.620) | 8.854.976 | 8.113.329 | ||||||
Greece | 17.548.023 | 5.248.268 | (2.065.591) | 3.182.676 | 2.823.121 | ||||||
Abroad | 22.934.978 | 7.251.328 | (1.579.028) | 5.672.300 | 5.290.208 | ||||||
Rest | 446.917 | 174.310 | 0 | 174.310 | 290.845 | ||||||
Total | 45.896.217 | 15.039.239 | (5.755.614) | 9.283.624 | 8.515.377 | ||||||
The "Operating Earnings" index is an Alternative Performance Measure (APM) and is calculated as follows: Gross Profit minus Distribution Cost.
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Kri-Kri Milk Industry SA published this content on 29 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 May 2024 14:51:05 UTC.