A N N U A L R E P O R T

Transcription

1 A N N U A L R E P O R T

2 AVRAMIDIS PANAGIOTIS ADAMOPOULOS IOANNIS ADELFIDIS ANTONIOS ATHANASOPOULOS STAVROS ALEXIADIS DIMITRIS ANAGNOSTOPOULOS THODOROS ANASTASIOU ELINA ANTONETSIS CHARALAMPOS ANTONOPOULOS GEORGIOS ANTONOPOULOS ILIAS ANTONOPOULOS IOANNIS ARGYRATOU EFTHYMIA ARGYRIS ALEKOS ARGYROPOULOU IOANNA ARGYROS VASILEIOS VAITSIS STEFANOS VELOUDOS SPYRIDON VRYONI MAGDALINI GAVRIIL IOANNIS GARGANOURAKIS NIKOLAOS GEDEON MELPOMENIMARIA GIANNOPOULOS GEORGIOS GIANNOPOULOS KONSTANTINOS DALKITZIS ELEFTHERIOS DARDAMANI MARIA DARDANOS GKIKAS DIMAKI IOANNA DIMOMELETIS ANASTASIOS DIMOU GIORGOS DIMOU DIMITRIOS DIALYNAS MANOLIS DRANDAKI ELEFTHERIA ZAGORAKIS NIKOLAOS ZAMPELIS IOANNIS ZEPPOS CHRONIS ZOGLOPITIS PANAGIOTIS THEODORIDIS ILIAS THEODOROPOULOU VASILIKI IOAKEIMIDIS DIMITRIOS KALAVROS STAVROS KALOGERAKIS EMMANOUIL KANDANOLEON EMMANOUIL KANELLAKIS IOANNIS KAPOUKINIS PANAGIOTIS KARAMOUTZAS KONSTANTINOS KARACHALIOU PANAGIOTA KARVELA ANASTASIA KARRAS SPYRIDON KIOUKIS IOANNIS KOVATSOS PANAGIOTIS KOKKORI MARIA KOKKORI CHRISTINA KOKORETSIS NIKOLAOS KONTOGIANNI EVANTHIA KONTOLAIMOS PANAGIOTIS KORDA ZETA KOUKOULAKI CHRISTINA KOUTSIOUMPA GEORGIA KOPSIDA CHRISTINA KYPRAIOU CHRISTINA LAZARIDIS ATHANASIOS LAZOS ASIMAKIS LENTA GEORGIA LEONTARIDIS NIKOLAOS LIAKOS LOUKAS LOUKAS THEOFANIS LOULOUDAKIS THEODOROS MANIATIS DIMITRIOS MANOLIS ANASTASIOS MANOLIS ANASTASIOS MARGARONI IOANNA MASVOULAS DIMITRIOS MITRAKI GIOTA MITRAKI SOFIA BAROUTIS VASILEIOS BELLOS NIKOLAOS BONATSOS IOANNIS BOULIS GIORGOS BRAVOS GIORGOS MYLONIDOU ELENI NIKOLAOU NIKOLAOS XIROS STAVROS XYGKAKIS CHRISTOS XYDIAS CHARALAMPOS ONOPAS DIMITRIS ORFANIDIS PERIKLIS PAGKRAKIOTIS ALEXANDROS PAPAGEORGIOU ELENI PAPAGIANNIS IOANNIS PAPADOPOULOS GEORGIOS PAPAZOTOS ANASTASIOS PAPAROUPAS GIORGOS PASPALIARIS KOSTANTINOS PASCHALIS VALIANOS PASCHALIS BAMPIS PAVLIDIS NEKTARIOS PEPERA THOMI Our core purpose is: PETROPOULOS DIONYSIOS PETROPOULOS IOANNIS PETROPOULOS KONSTANTINOS PIALOGLOU LAZAROS PIPPOS VASILEIOS PISIMISIS DIMITRIOS PLAKAKIS PETROS POTHITOS KONSTANTINOS POULAKIDA OURANIA PRINTZOU ARTEMISIA PROTOPSALTIS GEORGIOS RAPTOU To survive and grow in harmony with our values by creating superior and sustainable Economic Value for the prosperity of our people and of society MARIA ROUSSIS DIMITRIOS ROUSSOU KYRIAKOULA SAGANIS PAVLOS SAMPANI CHRYSA SERIATOS DIMITRIS STAVRIANOU PLOUMI STOGIANNOU SOFIA STRATAKI EVANGELIA TZIALAS NIKOS TOMPOULOGLOU AIKATERINI TSALMANOGLOU ATHANASIA TSIAGKA ATHINA TSOMI MARIA TSONOS NEKTARIOS FOLIA AIMILIA CHARALAMPOPOULOS DIMITRIOS CHARMANTAS STEFANOS CHARMANTZIS NIKOLAOS CHATZIIOAKEIMIDOU EIRINI CHRYSANTHOPOULOS ATHANASIOS CHTAPODAS ELEFTHERIOS AVRAMIDIS PANAGIOTIS ADAMOPOULOS IOANNIS ADELFIDIS ANTONIOS ATHANASOPOULOS STAVROS ALEXIADIS DIMITRIS ANAGNOSTOPOULOS THODOROS ANASTASIOU ELINA ANTONETSIS CHARALAMPOS ANTONOPOULOS GEORGIOS ANTONOPOULOS ILIAS ANTONOPOULOS IOANNIS ARGYRATOU EFTHYMIA ARGYRIS ALEKOS ARGYROPOULOU IOANNA ARGYROS VASILEIOS VAITSIS STEFANOS VELOUDOS SPYRIDON VRYONI MAGDALINI GAVRIIL IOANNIS GARGANOURAKIS NIKOLAOS GEDEON MELPOMENIMARIA GIANNOPOULOS GEORGIOS GIANNOPOULOS KONSTANTINOS DALKITZIS ELEFTHERIOS DARDAMANI MARIA DARDANOS GKIKAS DIMAKI IOANNA DIMOMELETIS ANASTASIOS DIMOU GIORGOS DIMOU DIMITRIOS DIALYNAS MANOLIS DRANDAKI ELEFTHERIA ZAGORAKIS NIKOLAOS ZAMPELIS IOANNIS ZEPPOS CHRONIS ZOGLOPITIS PANAGIOTIS THEODORIDIS ILIAS THEODOROPOULOU VASILIKI IOAKEIMIDIS DIMITRIOS KALAVROS STAVROS KALOGERAKIS EMMANOUIL KANDANOLEON EMMANOUIL KANELLAKIS IOANNIS KAPOUKINIS PANAGIOTIS KARAMOUTZAS KONSTANTINOS KARACHALIOU PANAGIOTA KARVELA ANASTASIA KARRAS SPYRIDON KIOUKIS IOANNIS KOVATSOS PANAGIOTIS KOKKORI MARIA KOKKORI CHRISTINA KOKORETSIS NIKOLAOS KONTOGIANNI EVANTHIA KONTOLAIMOS PANAGIOTIS KORDA ZETA KOUKOULAKI CHRISTINA KOUTSIOUMPA GEORGIA KOPSIDA CHRISTINA KYPRAIOU CHRISTINA LAZARIDIS ATHANASIOS LAZOS ASIMAKIS LENTA GEORGIA LEONTARIDIS NIKOLAOS LIAKOS LOUKAS LOUKAS THEOFANIS LOULOUDAKIS THEODOROS MANIATIS DIMITRIOS MANOLIS ANASTASIOS MANOLIS ANASTASIOS MARGARONI IOANNA MASVOULAS DIMITRIOS MITRAKI GIOTA MITRAKI SOFIA BAROUTIS VASILEIOS BELLOS NIKOLAOS BONATSOS IOANNIS BOULIS GIORGOS BRAVOS GIORGOS MYLONIDOU ELENI NIKOLAOU NIKOLAOS XIROS STAVROS XYGKAKIS CHRISTOS XYDIAS CHARALAMPOS ONOPAS DIMITRIS ORFANIDIS PERIKLIS PAGKRAKIOTIS ALEXANDROS PAPAGEORGIOU ELENI PAPAGIANNIS IOANNIS PAPADOPOULOS GEORGIOS PAPAZOTOS ANASTASIOS PAPAROUPAS GIORGOS PASPALIARIS KOSTANTINOS PASCHALIS VALIANOS PASCHALIS BAMPIS PAVLIDIS NEKTARIOS PEPERA THOMI PETROPOULOS DIONYSIOS PETROPOULOS IOANNIS PETROPOULOS KONSTANTINOS PIALOGLOU LAZAROS PIPPOS VASILEIOS PISIMISIS DIMITRIOS PLAKAKIS PETROS POTHITOS KONSTANTINOS POULAKIDA OURANIA PRINTZOU ARTEMISIA PROTOPSALTIS GEORGIOS RAPTOU MARIA ROUSSIS DIMITRIOS ROUSSOU KYRIAKOULA SAGANIS PAVLOS SAMPANI CHRYSA SERIATOS DIMITRIS STAVRIANOU PLOUMI STOGIANNOU SOFIA STRATAKI EVANGELIA TZIALAS NIKOS TOMPOULOGLOU AIKATERINI TSALMANOGLOU ATHANASIA TSIAGKA ATHINA TSOMI MARIA TSONOS NEKTARIOS FOLIA AIMILIA CHARALAMPOPOULOS DIMITRIOS CHARMANTAS

3 INCOME AND BALANCE SHEET The markets that we serve developed by 10% better than our original estimate, and as a result we have managed to increase our sales to about 80m, compared to 75m of our original plan, and 66m in We are expecting the markets in 2016 to drop about 5% below the 2015 levels. Group ΕΒΙTDA amounted to 5.3m compared to 4.0m in 2014, marking a 32.5% increase. Earnings before income tax were 1.2m ( 1.9m in 2014), while earnings after income tax and minority rights were 0.6m ( 1.4m 2014). Profits were burdened with of which was VAT tax that was pedantically imposed after a Tax Inspection for fiscal years and were losses arising from revaluation of Group s Investments in Property. Total bank borrowing was at the same level as last year at 22.7m, while net debt decreased by 56% to 4.1m ( 9.4m in 2014). Cash and cash equivalents increased by 40% to 18.6m as at compared to 13.3m in Equity amounted to 30.8m compared to 32.1m in The Group Solvency ratio also improved to 60.5% (55.4% in 2014). The Board of Directors will propose a capital return of 0.10 per share. NEW BUSINESS ACTIVITIES 2015 was the first year in which our new activity in the field of cogeneration systems with biogas engines showed substantial sales. This business is expected to show strong growth in the future. We expect that there will be opportunities for the acquisition of new brands both this year and the next one. INVESTMENTS Investments in fixed assets amounted to approximately 220,000, mainly for the acquisition of the goodwill of our newly acquired activity in the sector of electricity generators. Investments of 140,000 have been planned for 2016, mainly in vehicles and IT. Once again, the Group s employees and associates, including local dealers, suppliers and subcontractors deserve the Board of Directors gratitude for their loyal support, and congratulations for being the superior professionals they all are. C. P. Petropoulos Chairman of the Board of Directors J. P. Petropoulos Vice Chairman & Managing Director 1

4 31/12/14 31/1/15 3/3/15 3/4/15 3/5/15 3/6/15 3/7/15 3/8/15 3/9/15 3/10/15 3/11/15 3/12/15 T o m e a s u r e i s t o i m p r o v e L O R D K E L V I N BOARD OF DIRECTORS CONSTANTINE P. PETROPOULOS JOHN P. PETROPOULOS GEORGE A. DAVID NIKOLAOS M. EBEOGLOU EFSTATHIOS E. PAPAGEORGIOU JOHN N. FILIOTIS JOHN M. KATSOURIDIS Chairman Executive Member Vice Chairman & Managing Director Executive Member Independent non Executive Member Chairman of the Corporate Social Responsibility Committee Independent non Executive Member Chairman of the Nominations Committee Independent non Executive Member Chairman of the Audit Committee Independent non Executive Member Chairman of the Executive Evaluation and Compensation Committee Independent non Executive Member GEORGE P. DRAKOS Independent non Executive Member STEFANOS MANOS MICHALIS MICHALOUTSOS Independent non Executive Member Independent non Executive Member The Board of Directors was elected by the Annual General Meeting of Shareholders on April 18, 2013 for a five year term. It holds four major meetings per year. The December meeting is devoted to approving the Business Plan and the Company s strategy for the next year. The April, July, and October meetings deal with the progress of the Business Plan and longterm issues. 6,30% 6,70% 5,75% 5,00% 4,95% 4,5% 4,5% % PER ANNUM 1,00% 2,5% 3,00% 2,5% 1,00% 0,9% 1,3% 1,7% 2015 SALES TO AVERAGE OPERATING CURRENT ASSETS WITHOUT REAL ESTATE & END USER FINANCE Projection COST OF BORROWING TBILL INTEREST AVERAGE INFLATION GREEK ECONOMY: COST OF CAPITAL & INFLATION 160,00 140,00 120,00 MILLION EUROS 83,1 63,7 50,2 55,3 66,5 80,3 100,00 80,00 60,00 40, ,00 ASE INDEX PETRO S A L E S S T O C K P R I C E

5 N a t u r a n o n f a c i t s a l t u m A L F R E D M A R S H A L L PETROS PETROPOULOS GROUP FINANCIAL HISTORY IN THOUSAND Total Sales Invoiced Sales Gross Profit (Percent of Invoiced Sales) Other Income Marketing and Administrative Expenses (Percent of Invoiced Sales) Depreciation Included Operating Profit (Percent of Invoiced Sales) Losses from Revaluation of Property Ιnvestments Other Taxes Νet Financial Expense Foreign Exchange Gain (Loss) Net Profit / (Losses) Before Tax (Percent of Invoiced Sales) Income Tax Net Profit / (Losses) After Tax 80,292 80,198 14,705 (18,3%) 1,011 (11,355) (14,2%) 952 4,361 (5,4%) (664) (1,156) (1,308) (15) 1,218 (1,5%) (627) ,558 66,427 12,659 (19,1%) 1,287 (10,826) (16,3%) 896 3,120 (4,7%) (1,231) 1 1,890 (2,8%) (465) ,367 55,061 10,485 (19.0%) 1,197 (9,431) (17.1%) 847 2,251 (4.1%) (1,520) (22) 709 (1.3%) (97) ,181 50,072 9,518 (19.0%) 1,411 (12,297) (24.5%) 1,533 (1,368) (3,375) (1,617) (37) (6,397) 543 (5,854) 63,731 63,311 12,922 (20.4%) 1,157 (14,633) (23.1%) 1,525 (554) (1,267) 11 (1,809) 6 (1,803) BALANCE SHEET ITEMS (As at 31 December) Fixed & Long Term Assets Current Assets Cash & Securities Total Assets Short Term Liabilities Long Term Liabilities Net Worth 29,604 21,292 18,597 69,493 29,686 9,014 30,793 33,075 24,965 13,312 71,352 27,287 11,915 32,150 34,468 25,629 14,149 74,246 23,801 19,561 30,884 36,058 31,514 8,551 76,123 26,326 19,101 30,696 46,662 46,648 5,747 93,310 29,516 23,461 40,333 EMPLOYMENT ITEMS Average Number of Employees Total Cost Redundancy Compensation Net Total Cost Company Social Security Payments 113 5, , , ,152 1, , , , ,513 1, , ,048 1,335 KEY RATIOS Solvecy 31/12/15* Current Ratio Total Employment Cost Per Person Sales Per Employee Weighted Average Number of Shares Earnings / (Losses) per Share after Tax Capital Return per Share 60,5% , ,4% , % , % ,999,341 (0.80) 46% ,999,341 (0.26) 3 * Equity as % of Total Assets without Cash and Securities

6 BUSINESS UNIT TRUCK & BUS S C A N I A K O G E L A L L I S O N G E T M A N The overall new truck market grew in comparison to 2014, but nevertheless remained at relatively low levels. Only 220 trucks over 16 tonnes were registered. Scania s market share remained at 13.6%, despite the fact that the market as a whole includes 55 earthmoving trucks (4axle) and 80 refuse trucks. Scania is not involved in these two market segments due to the high cost arising from the greater technical capabilities of the Scania trucks. Despite the relatively small Greek market, the Business Unit managed to record a positive Economic Profit. Longhaul Scania trucks maintain their lead position in the Greek market, with a share exceeding 32%. The overall tourist and intercity bus market remained at low levels, as only 22 50seater buses were registered for the year, but the Unit managed to deliver 8 Scania touring buses, ideal for intercity routes, achieving a 36% market share. A further drop was noted in the market for midibuses of up to 30 seats, with sales of Isuzu Polis following the market s downward trend. The new Isuzu Visigo, a 9.5metre 40seater tourist bus, was released in Scania is a worldwide leader in diesel engine fuel economy and low carbon technologies. The Company sets high environmental standards for all its authorised service centres in Greece and around the globe. ACTIVITIES Sales, modification, superstructures and technical support for: Scania trucks and buses, Isuzu buses, Getman mining equipment, Allison automatic transmissions and Kögel trailers. 4 CUSTOMERS International and national transport companies and drivers, tourism companies,the public sector, public utilities, local administration organisations, private individuals, civil engineering contractors, subcontractors, mines and quarries.

7 BUSINESS UNIT ISUZU Pickup Trucks The pickup truck market showed a 33% increase compared to 2014, even though in 2015 the overall market was only 14% of the market that existed in I S U Z U The Isuzu market share, despite competition's great pressures on prices, increased by approximately one percent, reaching 10.8% of the market. The complete range of models (single cab, extended cab and double cab) allows us to plan for an increase of our share in In Bulgaria, the market is still in its infancy, and Isuzu's position will depend entirely on fleet sales. The Business Unit once again elected to base its promotional efforts mainly on electronic and social networking media, while also organising touring events to highlight the reliability, safety and low fuel consumption of the Isuzu DMAX. Trucks The ton light truck market continued to shrink in 2015, with a further 30% decrease. The Isuzu NSeries Euro6 trucks are the most comprehensive proposal in this market due to their low tare weight and therefore large payload, their already proven reliability and low fuel consumption achieved thanks to Isuzu s innovative diesel engines. The Isuzu Business Unit is expecting a small increase of its sales in this market in The Bulgarian market did not show signs of improvement, resulting in low sales in this segment. Isuzu is a worldwide leader in diesel engine fuel economy and exhaust emission technologies. ACTIVITIES Sales and technical support for Isuzu pickups and light trucks in Greece and Bulgaria. CUSTOMERS Farmers, professionals, delivery companies, construction companies and the public sector. NETWORK The authorised dealer network comprises 44 dealers, 47 repair shops and 53 points of sale throughout Greece. 5

8 BUSINESS UNIT JAGUAR LAND ROVER J A G U A R L A N D R O V E R The luxury car market in 2015 remained at approximately the same levels as Sales of Jaguar Land Rovers in the Greek market were up by 11.5%, mainly due to the new Jaguar XE and the hybrid models of Land Rover. The Business Unit's principal goal in 2015 was to improve the Jaguar Land Rover's position in the Greek market, while increased sales helped the JLR Business Unit to increase its turnover and its profitability. The renewed Range Rover Evoque, in combination with the Hybrid versions of Range Rover and Ranger Rover Sport, along with the new Jaguar XE & XF, drove sales for both makes during 2015, despite the adverse economic climate. For 2016, the Business Unit expects an increase in sales, with the new Land Rover Discovery 5, Range Rover Evoque Convertible and the new Jaguar SUV, the FPace, making a significant contribution in this direction. The ability of the Land Rover and Range Rover vehicles to traverse even the most inaccessible terrains will be of vital importance for conservation groups seeking to protect the natural environment throughout the globe. At the same time, Land Rover s commitment through the Fragile Earth programme is a global promise aimed at ensuring that our activities have the least possible impact on the environment. ACTIVITIES Sales and distribution of Land Rover & Range Rover cars and Land Rover, Range Rover & MG spare parts. CUSTOMERS Authorised network of sales and service representatives for Jaguar, Land Rover and Range Rover cars, consumers and Rental Companies. NETWORK The official network consists of nine authorised repair shops and one point of sale. 6

9 BUSINESS UNIT PETROGEN Sales of generating sets as well as the profitability of the Business Unit improved significantly in This improvement was driven by the increase of the sale of gensets both to newly built hotels and to older ones being renovated. The orders for gensets in 2015, by more than 35 hotels, exceeded one million euros in value. In 2015 our completed orders included two 1650 KVA gensets to Med Nautilus for a data centre, one 1425 KVA genset at the Mavra Litharia & Akrata tunnel project, one 1400 KVA genset to the Akti Zeus Hotel in Herakleion, Crete, one 1100 KVA genset to the Imperial Hotel in Rhodes and one 1100 KVA genset to the ELVAL factory in Oinofyta. P E T R O G E N F. G. W I L S O N K O H L E R G N B E X I D E An agreement with Sunlight was concluded in 2015, in order for the latter to transfer its entire generating set activity to the Company. The Business Unit has an organised network of authorised dealers providing technical support for generating sets and uninterruptible power systems (UPS) all over Greece and ensures that personnel receive regular training through training seminars offered throughout the year, helping to provide excellent customer service. The outstanding support provided anywhere in Greece and abroad constitutes the Petrogen Unit's comparative advantage and guarantees its future profitability. The Unit is also active in sales and support of GNBExide Technologies industrial batteries, UPS and voltage stabilisers. For 2016, there is modest optimism for growth in the genset market due to the expected relaunch of the large road projects, as well as the continuation of investments in the tourism sector. ACTIVITIES Manufacturing, sales and technical support for Petrogen generating sets from 2 to 2200 KVA, Exide industrial batteries and uninterruptible power systems (UPS). CUSTOMERS Manufacturing and construction companies, retailers, banks, telecommunication companies, shipping, hotels, hospitals, the Armed Forces, private consumers and the public sector. NETWORK A network of 30 authorised dealers operates throughout Greece. 7

10 BUSINESS UNIT ENGINES AND BOATS P E R K I N S L O M B A R D I N I S C A N I A I S U Z U B & S E V I N R U D E T O H A T S U C A N A M S E A D O O S P Y D E R Z O D I A C B O M B A R D A V O N Outboard Motors The year 2015 was a year of improvement for the marine leisure sector, as the outboard motor market grew from 2,800 motors sold in 2014 to 3,300 motors in The Business Unit managed to have positive profitability and significantly increase its Tohatsu motor market share, securing third place in the Greek market. Tohatsu engines represent a full range of fourstroke engines from 2.5hp to 50hp, as well as stateoftheart TLDI twostroke direct injection engines from 30hp to 115hp. An improvement in the outboard motor market and the stabilisation of the Unit's high market share are expected for The Business Unit also supplies the Greek market with Evinrude ETEC outboard motors (from 25hp to 300hp), whose main advantages include their low weight, great torque, reliability, low emissions and ease of use. The new G2 motors (from 200hp to 300hp), innovative both in respect to design and technology, have made a favourable impression thanks to their performance, and are expected to drive sales in Boats In 2015, Zodiac encountered problems with deliveries due to the financial problems of the manufacturer. After its successful acquisition, we are expecting for 2016 a renewal in its product range and a significant improvement in order lead times. Personal Watercraft (PWC) Personal watercraft sales in 2015 were at 2014 levels. We expect an increase in sales for 2016 thanks to the new BRP models (RXT/RXP and GTX) at 300hp. Bombardier Recreational ProductsBRP (ATVSSVSPYDER) The sales of BRP vehicles (Canam, Commander, Maverick and Spyder) increased in 2015 thanks to the competitive prices and technological advantages. The same trend is expected for Diesel & Gasoline Engines The sales of industrial engines enjoyed a significant increase in 2015, while sale figures for marine diesel engines remained unchanged. ETEC outboard motors are leaders in fuel economy and emission technologies. ACTIVITIES Sales, modification and technical support for: Evinrude and Tohatsu outboard motors, SeaDoo personal watercraft, CanAm ATV, Spyder motorcycles, Zodiac, Avon and Bombard inflatable and rigid inflatable boats, marine and industrial engines, marine generating sets and internal combustion engines. CUSTOMERS Consumers, boatyards, importers of power boats, fishermen, fish farms, pleasure craft owners, equipment manufacturers and dealers, farmers and the public sector. 8 NETWORK A network of 100 dealers operates throughout Greece.

11 BUSINESS UNIT AGRICULTURAL EQUIPMENT Despite the general drop in the agricultural equipment market by 17% in 2015, the Agricultural Equipment Business Unit managed to increase its share and significantly improve its profit. A full range of McCormick and Landini tractors are available, with their horsepower covering 40 to 220hp, for different kinds of crops. In 2015 the product range of both companies was expanded with new models: McCormick introduced the new Χ7.4 & Χ7.6 and Χ.4, Χ.5, Χ6, Χ6 LWB lines while a CVTequipped model was added to the Χ7 line. Landini introduced the new 45H6C6L lines, while the 67 lines were extended to include CVTequipped models. L A N D I N I M c C O R M I C K G A L L I G N A N I C E L L I McCormick & Landini introduced aesthetic improvements to the F & REX ranges of orchard tractors respectively, keeping unchanged the technical characteristics which made them successful. Both companies equip their models with new Euro 4 technology motors with Common Rail injection. These are new hightech models ranging between 85 and 170hp. For , McCormick will introduce the large X8 line (250320hp), and the small McCormick & Landini GM & MISTRAL tractor line will be renewed with the X2 & 2 lines covering the 4555hp range. These lines include advanced technology agricultural tractors that, in combination with the Gallignani balers and Celli tillers, can meet all the needs of crop and livestock farmers. The market is expected to drop in 2016 due to a delay in the new improvement plans. Despite the decreased market, the Unit aims at improved results. ACTIVITIES Sales and technical support for: McCormick and Landini agricultural tractors, Gallignani balers and Celli tillers. CUSTOMERS Farmers, livestock units, public utilities, municipalities and local authorities. NETWORK A network of 85 authorised dealers operates throughout Greece. 9

12 BUSINESS UNIT INDUSTRIAL EQUIPMENT I N G E R S O L L R A N D P U R E G A S 2 G The reduced investment in markets in which this Business Unit is engaged continued through The compressed air systems market remained stable, as compared to The Unit managed to increase its sales, both in value and units sold, as well as its financial profit. In 2016, the Unit will continue to focus on the Greek market in order to improve its share, capitalising on the capabilities of integrated compressed air system solutions by Ingersoll Rand. The electrical cogeneration market sector was affected by the economic environment in the second half of 2015, resulting in a delay in the completion of approved investments, which will be implemented in the first quarter of The first 2G cogeneration units were installed in 2015: a 250 KWe AGENITOR 306 unit in the waste treatment facility of Chania, and a 500 KWe Avus 500 Plus unit in a unit producing biogas from stock farming waste, in Ptolemaida. Provided there are no changes to this market's regulatory framework, the Unit's position in this activity is expected to improve in IngersollRand Nirvana compressors are leaders in energy economy. 2G Energy AG is amongst the world's leading manufacturer of cogeneration systems (CHP) for decentralized energy production and supply by means of combined heat and power with an overall degree of efficiency between 85 and 92 percent. ACTIVITIES Sales, modification, designassembly and technical support for: IngersollRand air compressors and air tools, Puregas compressed air dryer systems and 2G electrical cogeneration systems. CUSTOMERS Industry, commerce, shipping, shipyards and telecommunication companies. 10

13 BUSINESS UNIT LUBRICANT Despite the continued drop in the lubricant market by 1.5% compared to 2014, the Business Unit managed to increase sales by 7% gaining a larger market share while also improving its Economic Profit. S H E L L L U B R I C A N T S Shell lubricants are an outstanding option for any lubricating needs, offering a full range of products, including advanced technology synthetic products, oils and greases. Each family of products has been designed, tested and inspected to cover all lubricant requirements and to meet the highest manufacturer specifications. The Business Unit aims at the overall lubricant market, in all market segments: It is the number one lubricant supplier for drivers globally, offering both the professional and the private driver advanced technology lubricants for modern motors, ensuring optimum lubrication conditions, protecting the engine and reducing the maintenance cost. Since 2015, BMW Hellas is being supplied with BMW & Mini lubricants, produced by Shell, in implementation of the corresponding international agreement in Greece and Cyprus. For all industry sectors and for any specialised equipment, Shell lubricants and services have been designed to add value to the industrial unit's operation. They offer significant cost reduction and help maximise equipment efficiency, by extending its life and decreasing any maintenance downtime. Shell lubricants have been offering stateoftheart technology for shipping needs, for over a century, by developing products, applications and technical support services, depending on the everchanging shipping needs. Apart from the sale of lubricants, the Business Unit offers, in close cooperation with Shell, a high level of technical support services. They provide lubricant analysis, lubrication guides, product matching services, etc., while also catering for the supply of international shipping customers in all Greek ports, including Piraeus. The goal of this Unit for 2016 is to grow its market share, and to improve its Economic Profit. ACTIVITIES Sales and distribution of: Shell lubricants in Greece and Cyprus. CUSTOMERS Authorised repair garages, car import dealerships, industry, lubricant resellers, the construction sector, quarrying, the cement sector, metal construction, the public sector, shipping, aviation, energy generation, private individuals. NETWORK A network of 40 selected partners throughout Greece and Cyprus. 11

14 BUSINESS UNIT BATTERY E X I D E H A N K O O K The overall vehicle and boat battery market held steady in Sales for this Business Unit rose by 17% in comparison to 2014, while also increasing its Economic Profit. The Business Unit collaborates with two of the largest battery manufacturers: Exide, which is a leading vehicle and shipping battery manufacturer, with a complete highquality range of products that covers all electricity needs. As of 2015, Exide is producing and distributing worldwide the new StartStop and Premium battery lines, with the new Carbon Boost technology for faster charging, covering even the highest needs of modern vehicles. Hankook, with the guaranteed high quality of the famous Korean company, and the best value for money. The exports of batteries to Cyprus, FYROM and Albania are continuing successfully, where market shares are steadily growing, while expansion to other markets is also being explored. The Unit's goal for 2016 is to bolster the battery market share on the Greek market and markets abroad, but also to realise a positive Economic Profit. The company is an active participant in the System of Battery Recycling (COMBATT A.E ). ACTIVITIES Trade and distribution of Exide & Hankook batteries. CUSTOMERS Batterylubricantparts resellers, battery centres, electricians, car dealers and importers, industry, authorised service centres, the construction sector, shipping and consumers. NETWORK A network of 30 selected partners throughout Greece and Cyprus. 12

15 SUMMARY CONSOLIDATED BALANCE SHEET (IN THOUSAND ) ASSETS CURRENT ASSETS Inventories Accounts Receivable Other Receivables Cash & Securities 6,111 13,233 1,949 18,597 8,301 14,824 1,840 13,312 TOTAL 39,890 38,277 NON CURRENT ASSETS Intangible Assets Tangible Assets Investments in Real Estate Accounts Receivable Other Long Term Assets 1,853 16,069 8,840 1,201 1,640 2,091 17,761 9,504 1,882 1,837 TOTAL 29,603 33,075 TOTAL ASSETS 69,493 71,352 LIABILITIES CURRENT LIABILITIES Short Term Bank Debt Suppliers & Other Liabilities Current Income Tax Payable Customer Advances Other Taxes Payable Sundry Creditors Other Short Term Liabilities 15,920 8, ,975 1,296 1, ,881 9, , , TOTAL 29,686 27,287 LONG TERM LIABILITIES Long Term Bank Debt Staff Retirement Benefits Provisions Other Long Term Liabilities Income Tax Provisions Deferred Taxes TOTAL 6, ,014 9, ,915 Share Capital Reserves Profit Carried Forward TOTAL NET WORTH ATTRIBUTED TO SHAREHOLDERS Minority Rights 6,575 9,836 14,382 30, ,575 11,799 13,776 32,150 0 TOTAL NET WORTH 30,793 32,150 TOTAL LIABILITIES 69,493 71,352 13

16 CONSOLIDATED PROFIT & LOSS STATEMENT (IN THOUSAND ) TOTAL SALES INVOICED SALES Less: Cost of Goods Sold Gross Profit Plus: Other Operating Income TOTAL GROSS PROFIT AND OTHER OPERATING INCOME Less: General and Administrative Expenses Sales Expenses Other Expenses TOTAL OPERATING EXPENSE Losses from Revaluation of Property Ιnvestments Other Taxes OPERATING PROFIT Plus: Financial Income Less: Financial Charges NET FINANCIAL CHARGES NET PROFIT BEFORE TAX Less: Income Tax NET PROFIT AFTER TAX Depreciation Included in Expenses Profit Attributable to: Company s Shareholders Minority Shareholders Earnings / (Losses) Per Share After Tax ,292 80,198 (65,493) 14,705 1,744 16,449 (2,807) (8,548) (748) (12,103) (664) (1,156) 2, (1,465) (1,308) 1,218 (627) ,558 66,427 (53,768) 12,659 1,640 14,299 (2,992) (7,834) (352) (11,178) 0 0 3, (1,544) (1,231) 1,890 (465) 1, , NOTES 1. The consolidated financial statements of the Group of Companies led by Petros Petropoulos AEBE include the following companies: LYPA INTERNATIONAL AEBE, SEMKA EPE, AEGEM AEBE, all based in Athens, equity participation 100% in all cases and PETROMOTOR BULGARIA EOOD, based in Sofia, equity participation 100%. 2. The number of employees at the end of fiscal year 2015 was AUDITORS REPORT Type of Auditor s Report: Unqualified opinion.

17 AVRAMIDIS PANAGIOTIS ADAMOPOULOS IOANNIS ADELFIDIS ANTONIOS ATHANASOPOULOS STAVROS ALEXIADIS DIMITRIS ANAGNOSTOPOULOS THODOROS ANASTASIOU ELINA ANTONETSIS CHARALAMPOS ANTONOPOULOS GEORGIOS ANTONOPOULOS ILIAS ANTONOPOULOS IOANNIS ARGYRATOU EFTHYMIA ARGYRIS ALEKOS ARGYROPOULOU IOANNA ARGYROS VASILEIOS VAITSIS STEFANOS VELOUDOS SPYRIDON VRYONI MAGDALINI GAVRIIL IOANNIS GARGANOURAKIS NIKOLAOS GEDEON MELPOMENIMARIA GIANNOPOULOS GEORGIOS GIANNOPOULOS KONSTANTINOS DALKITZIS ELEFTHERIOS DARDAMANI MARIA DARDANOS GKIKAS DIMAKI IOANNA DIMOMELETIS ANASTASIOS DIMOU GIORGOS DIMOU DIMITRIOS DIALYNAS MANOLIS DRANDAKI ELEFTHERIA ZAGORAKIS NIKOLAOS ZAMPELIS IOANNIS ZEPPOS CHRONIS ZOGLOPITIS PANAGIOTIS THEODORIDIS ILIAS THEODOROPOULOU VASILIKI IOAKEIMIDIS DIMITRIOS KALAVROS STAVROS KALOGERAKIS EMMANOUIL KANDANOLEON EMMANOUIL KANELLAKIS IOANNIS KAPOUKINIS PANAGIOTIS KARAMOUTZAS KONSTANTINOS KARACHALIOU PANAGIOTA KARVELA ANASTASIA KARRAS SPYRIDON KIOUKIS IOANNIS KOVATSOS PANAGIOTIS KOKKORI MARIA KOKKORI CHRISTINA KOKORETSIS NIKOLAOS KONTOGIANNI EVANTHIA KONTOLAIMOS PANAGIOTIS KORDA ZETA KOUKOULAKI CHRISTINA KOUTSIOUMPA GEORGIA KOPSIDA CHRISTINA KYPRAIOU CHRISTINA LAZARIDIS ATHANASIOS LAZOS ASIMAKIS LENTA GEORGIA LEONTARIDIS NIKOLAOS LIAKOS LOUKAS LOUKAS THEOFANIS LOULOUDAKIS THEODOROS MANIATIS DIMITRIOS MANOLIS ANASTASIOS MANOLIS ANASTASIOS MARGARONI IOANNA MASVOULAS DIMITRIOS MITRAKI GIOTA MITRAKI SOFIA BAROUTIS VASILEIOS BELLOS NIKOLAOS BONATSOS IOANNIS BOULIS GIORGOS BRAVOS GIORGOS MYLONIDOU ELENI NIKOLAOU NIKOLAOS XIROS STAVROS XYGKAKIS CHRISTOS XYDIAS CHARALAMPOS ONOPAS DIMITRIS ORFANIDIS PERIKLIS PAGKRAKIOTIS ALEXANDROS PAPAGEORGIOU ELENI PAPAGIANNIS IOANNIS PAPADOPOULOS GEORGIOS PAPAZOTOS ANASTASIOS Our values: PAPAROUPAS GIORGOS PASPALIARIS KOSTANTINOS PASCHALIS VALIANOS PASCHALIS BAMPIS PAVLIDIS NEKTARIOS PEPERA THOMI PETROPOULOS DIONYSIOS PETROPOULOS IOANNIS PETROPOULOS KONSTANTINOS PIALOGLOU LAZAROS PIPPOS VASILEIOS PISIMISIS Respect for and trust in the individual DIMITRIOS PLAKAKIS PETROS POTHITOS KONSTANTINOS POULAKIDA OURANIA PRINTZOU ARTEMISIA PROTOPSALTIS GEORGIOS RAPTOU MARIA ROUSSIS DIMITRIOS ROUSSOU KYRIAKOULA SAGANIS PAVLOS SAMPANI CHRYSA SERIATOS DIMITRIS STAVRIANOU PLOUMI STOGIANNOU SOFIA STRATAKI EVANGELIA TZIALAS NIKOS TOMPOULOGLOU AIKATERINI TSALMANOGLOU ATHANASIA TSIAGKA ATHINA Keep the promise TSOMI MARIA TSONOS NEKTARIOS FOLIA AIMILIA CHARALAMPOPOULOS DIMITRIOS CHARMANTAS STEFANOS CHARMANTZIS NIKOLAOS CHATZIIOAKEIMIDOU EIRINI CHRYSANTHOPOULOS ATHANASIOS CHTAPODAS ELEFTHERIOS AVRAMIDIS PANAGIOTIS ADAMOPOULOS Fair championship IOANNIS ADELFIDIS ANTONIOS ATHANASOPOULOS STAVROS ALEXIADIS DIMITRIS ANAGNOSTOPOULOS THODOROS ANASTASIOU ELINA ANTONETSIS CHARALAMPOS ANTONOPOULOS GEORGIOS ANTONOPOULOS ILIAS ANTONOPOULOS IOANNIS ARGYRATOU EFTHYMIA Zero waste ARGYRIS ALEKOS ARGYROPOULOU IOANNA ARGYROS VASILEIOS VAITSIS STEFANOS VELOUDOS SPYRIDON VRYONI MAGDALINI Prudence GAVRIIL IOANNIS GARGANOURAKIS NIKOLAOS GEDEON MELPOMENIMARIA GIANNOPOULOS GEORGIOS GIANNOPOULOS KONSTANTINOS DALKITZIS ELEFTHERIOS DARDAMANI MARIA DARDANOS GKIKAS DIMAKI IOANNA DIMOMELETIS ANASTASIOS DIMOU GIORGOS DIMOU DIMITRIOS DIALYNAS MANOLIS DRANDAKI ELEFTHERIA ZAGORAKIS NIKOLAOS ZAMPELIS IOANNIS ZEPPOS CHRONIS ZOGLOPITIS PANAGIOTIS THEODORIDIS ILIAS THEODOROPOULOU VASILIKI IOAKEIMIDIS DIMITRIOS KALAVROS STAVROS KALOGERAKIS EMMANOUIL KANDANOLEON EMMANOUIL KANELLAKIS IOANNIS KAPOUKINIS PANAGIOTIS KARAMOUTZAS KONSTANTINOS KARACHALIOU PANAGIOTA KARVELA ANASTASIA KARRAS SPYRIDON KIOUKIS IOANNIS KOVATSOS PANAGIOTIS KOKKORI MARIA KOKKORI CHRISTINA KOKORETSIS NIKOLAOS KONTOGIANNI EVANTHIA KONTOLAIMOS PANAGIOTIS KORDA ZETA KOUKOULAKI CHRISTINA KOUTSIOUMPA GEORGIA KOPSIDA CHRISTINA KYPRAIOU CHRISTINA LAZARIDIS ATHANASIOS LAZOS ASIMAKIS LENTA GEORGIA LEONTARIDIS NIKOLAOS LIAKOS LOUKAS LOUKAS THEOFANIS LOULOUDAKIS THEODOROS MANIATIS DIMITRIOS MANOLIS ANASTASIOS MANOLIS ANASTASIOS MARGARONI IOANNA MASVOULAS DIMITRIOS MITRAKI GIOTA MITRAKI SOFIA BAROUTIS VASILEIOS BELLOS NIKOLAOS BONATSOS IOANNIS BOULIS GIORGOS BRAVOS GIORGOS MYLONIDOU ELENI NIKOLAOU NIKOLAOS XIROS STAVROS XYGKAKIS CHRISTOS XYDIAS CHARALAMPOS ONOPAS DIMITRIS ORFANIDIS PERIKLIS PAGKRAKIOTIS ALEXANDROS PAPAGEORGIOU ELENI PAPAGIANNIS IOANNIS PAPADOPOULOS GEORGIOS PAPAZOTOS ANASTASIOS PAPAROUPAS GIORGOS PASPALIARIS KOSTANTINOS PASCHALIS VALIANOS PASCHALIS BAMPIS PAVLIDIS NEKTARIOS PEPERA THOMI PETROPOULOS DIONYSIOS PETROPOULOS IOANNIS PETROPOULOS KONSTANTINOS PIALOGLOU LAZAROS PIPPOS VASILEIOS PISIMISIS DIMITRIOS PLAKAKIS PETROS POTHITOS KONSTANTINOS POULAKIDA OURANIA PRINTZOU ARTEMISIA PROTOPSALTIS GEORGIOS RAPTOU MARIA ROUSSIS DIMITRIOS ROUSSOU KYRIAKOULA SAGANIS PAVLOS SAMPANI CHRYSA SERIATOS DIMITRIS STAVRIANOU PLOUMI STOGIANNOU SOFIA STRATAKI EVANGELIA TZIALAS NIKOS TOMPOULOGLOU AIKATERINI TSALMANOGLOU ATHANASIA TSIAGKA ATHINA TSOMI MARIA TSONOS NEKTARIOS FOLIA AIMILIA CHARALAMPOPOULOS DIMITRIOS CHARMANTAS

18 96104, Iera Odos, Athens Tel , Fax: