Condensed Consolidated Interim Financial Statements ... - PrimeTel

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Condensed Consolidated Statement of Cash FlowsUnauditedFor the six month period ended 30 June 20121.1.2012- 1.1.2011-30.06.2012 30.06.2011€ €NoteCash flow from operating activitiesLoss for the period (2.164.539) (2.464.061)Adjustments for:Depreciation of property plant and equipment 2.058.513 1.813.404Amortization of computer software 484.620 417.986Amortizing of rights of use 2.810.020 2.607.999Loss/(profit) from the sale of property plant and equipment 8.120 (1.443)Interest income (39.546) (47.560)Interest paid 2.009.250 1.593.875Taxation 52.085 -Cash flows from operations before working capital changes 5.218.523 3.920.200(Increase)/Decrease in inventories (107.492) 42.353Decrease in trade and other receivables 303.154 1.647.937Decrease in trade and other payables (832.798) (10.665.939)Cash flow from operations 4.581.387 (5.055.449)Tax paid (52.085) 4.498Net cash from operating activities 4.529.302 (5.050.951)Cash flows from investing activitiesPayment for purchase of intangible assets 12 (1.959.819) (7.560.255)Payment for purchase of property plant and equipment 10&11 (3.321.430) (4.548.703)Proceeds from sale of property, plant and equipment 2.456 33.906Interest received 39.546 47.560Net cash used in investing activities (5.239.247) (12.027.492)Cash flows from financing activitiesIncrease of share capital - 9.560.992Proceeds from new borrowings 2.821.199 3.801.709Interest paid (2.009.250) (1.593.875)Defence contribution todeemed distribution ofdividends - (36.500)Net Cash flows from financing activities 811.949 11.732.326Net increase/(decrease) in cash and cash equivalent 102.004 (5.346.117)Cash and cash equivalents at the beginning of the period (1.736.520) (3.970.539)Cash and cash equivalents at the end of the period (1.634.516) (9.316.656)The notes on pages 8 to 20 form an integral part of these financial statements.7
Notes to the Condensed Consolidated Financial StatementsUnauditedFor the six month period ended 30 June 20121. Incorporation and principal activitiesPrimetel Co Limited ( the “Company”) was incorporated in Cyprus on 18 June 2003 as a private company with limitedliability in accordance with the Cyprus Company Law Cap.113. Its registered office is at Omonias Avenue 141, TheMaritime Center, 3045 Limassol. On 28 March 2006 it was renamed to Primetel Limited by a special resolution .On 4 June2007 by a special resolution the Company became Public in accordance with the Companies Law Cap. 113 and wasrenamed to Primetel Public Company Limited. Then on 30 August 2007 it was renamed to Primetel PLC. On 14 July theCompany entered the Alternative Market of the Cyprus Stock Exchange.The principal activities of the Company continue to be the services of Voice , Data and video through autonomous fiberopticnetwork. The fixed and mobile telephony , the broadband network and the Digital Television are some of the servicesprovided by the Company to individuals , enterprises and other telecommunications carriers as well as to companies thatprovide network service in Cyprus.The principal activities of the subsidiary M & S Madproperties Limited is the holding of leasehold land, whereas itssubsidiary Silver Link Investments Limited remained dormant.2. Unaudited condensed consolidated interim financial statementsThe condensed consolidated interim financial statements for the period from 1 st January 2012 to 30 June 2012 have notbeen audited by the external auditors.3. Basis of preparation(a) Statement of complianceThe unaudited Condensed Consolidated Interim Financial Statements of the Group for the six month period that ended on30 June 2012 consist of the Company Primetel PLC and the dependent Silverlink Investments Limited and M&SMedproperties Limited ( they are together reported as the “the Group”) and they are prepared according to the providencesof International Accountant Model No 34”Intermediary Economic Financial Statements”, the providences of the Law ofCyprus companies chapter 113 , as well as with providences of Values and Cyprus Stock Exchange Laws andRegulations.The unaudited Condensed Consolidated Financial Statements should be read in connection with the auditedFinancial Statements for the year ended on the 31 st December 2011. These Condensed Consolidated FinancialStatements were approved by the Board of Directors of the Company on the 20 th August 2012.(b) Basis of presentationThe condensed consolidated interim financial statements have been prepared under the historical cost conversion.(c) Functional and presentation currencyThe condensed consolidated interim financial statements are presented in Euro (€), which is the functional currency andpresentation of the group.(d) Significant accounting policiesThe accounting principles and the calculation methods applied for the preparation of these Condensed ConsolidatedInterim Financial Statements for the period ended 30 th June 2012 are the same as those applied by the Group in itsConsolidated Financial Statements for the year ended on 31 st December 2011.(e) Adoption of new and revised International Financial Reporting StandardsThe Group has adopted all the new and revised models and interpretations which are related with its operations and areeffective for accounting periods that begin on the 1 st January 2012. This adoption has not implicated any importantchanges in the accounting principles of the Group.8
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Condensed Consolidated Interim Financial Statements ... - PrimeTel

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