ELMEC SPORT BULGARIA EOOD

More documents

Recommendations

Info

“Elmec Sport Bulgaria” ЕООDReport and Financial Statements for the year ended 31 December 2008____________________________________________________________________Other disclosureRelated parties transactionsAmounts due to related partiesName Nature of transactions 2008 2007Elmec Sport SA trade 6 353Elmec Romania SRL trade 109 23Total 115 376Purchases from related partiesName Nature of transactions 2008 2007Elmec Sport SA trade 10,085 5,340Total 10,085 5,340Amounts due from related personsName 31.12.2008 Guarantees 31.12.2007 GuaranteesElmec Sport SA 1,577 385Total 1,577 385Director’s remunarationGiven name, surnamePosition heldCalculated amounts for:Remunerations and social securitycontributions for the periodMihail Katsibiris Manager 268,307Total: 268,307Going concernThe company management believes that the Company will continue operating on a going concern basis.22
“Elmec Sport Bulgaria” ЕООDReport and Financial Statements for the year ended 31 December 2008____________________________________________________________________ACTIVITIES REPORTFor the year ended 31 December 2008THIS REPORT ON THE ACTIVITIES HAS BEEN DRAWN UP IN COMPLIANCE WITH THEPROVISIONS OF ART. 33 OF THE ACCOUNTANCY ACT, AND THE REQUIREMENTS OFTHE COMMERCE ACTThe management is presenting its annual report and its annual financial statements as at 31December 2008, drawn up in compliance with the International Financial Reporting Standards,adopted by the European Union. The financial statements have been audited by Baker Tilly Klitouand Partners Ltd.DESCRIPTION OF THE ACTIVITIESThe company is registered in Bulgaria. Its core activity is related to the distribution of sportcommodities in Bulgaria. The company has continued its core activity this year, too, involved in thedistribution of the brands NIKE and CONVERSE.The financial result of the company for year 2008 after tax is profit amounting to BGN 4 606 thousand.The taxation of the company is carried out in accordance with the local legislation.OVERVIEW OF THE ACTIVITIESResults for the current periodThe Company has increased the sales during the current year, by 56.8%, realising sales amounting toBGN 19.2 million, vs. BGN 12.3 million in 2007.The Company has realised a gross profit margin from the sales at the rate of 52.7%, vs. 51.7% for 2007during the previous year.The achieved profit increase after taxation is due to the considerable growth of the sales.Dividends and profit distributionThe management proposes that no dividends be paid for the fiscal year 2008, in order for theCompany to be able to maintain its growth rate.Shared capital structurePartners Ownership Number of shares Nominal valueElmec Sport SA Greece 100% 302 000 10ECONOMIC GOALS FOR 2008The management has set to itself the following main goals, that should be achieved in 2008:o We should be on the top in all the sectors where we are developing, and generatesatisfactory profits and return on the investmentso The Company has a sizable network of retail shops in Bulgaria, which comprises inlate 2008 nine shops, and has planned to open another four shops in 2009o As regards the commercial product range – we will go on working in the direction offurther establishing the brands represented by the Company, and towards a largershare of the respective market sector, as wellManagement responsibilities23
Page 1 and 2: ELMEC SPORT BULGARIA EOODANNUAL FIN
Page 3 and 4: “Elmec Sport Bulgaria” ЕООDR
Page 21: “Elmec Sport Bulgaria” ЕООDR
Page 25: “Elmec Sport Bulgaria” ЕООDR

ELMEC SPORT BULGARIA EOOD

Create successful ePaper yourself

Delete template?

Save as template?