213800NFMFOGISHVA9512021-12-31213800NFMFOGISHVA9512020-12-31213800NFMFOGISHVA9512020-01-01213800NFMFOGISHVA9512020-01-01ifrs-full:PreviouslyStatedMemberifrs-full:IssuedCapitalMember213800NFMFOGISHVA9512020-01-01ifrs-full:PreviouslyStatedMembercoral:ReservesMember213800NFMFOGISHVA9512020-01-01ifrs-full:PreviouslyStatedMemberifrs-full:RetainedEarningsMember213800NFMFOGISHVA9512020-01-01ifrs-full:PreviouslyStatedMemberifrs-full:EquityAttributableToOwnersOfParentMember213800NFMFOGISHVA9512020-01-01ifrs-full:PreviouslyStatedMemberifrs-full:NoncontrollingInterestsMember213800NFMFOGISHVA9512020-01-01ifrs-full:PreviouslyStatedMember213800NFMFOGISHVA9512020-01-01ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsMemberifrs-full:IssuedCapitalMember213800NFMFOGISHVA9512020-01-01ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsMembercoral:ReservesMember213800NFMFOGISHVA9512020-01-01ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsMemberifrs-full:RetainedEarningsMember213800NFMFOGISHVA9512020-01-01ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsMemberifrs-full:EquityAttributableToOwnersOfParentMember213800NFMFOGISHVA9512020-01-01ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsMemberifrs-full:NoncontrollingInterestsMember213800NFMFOGISHVA9512020-01-01ifrs-full:IncreaseDecreaseDueToChangesInAccountingPolicyRequiredByIFRSsMember213800NFMFOGISHVA9512020-01-01ifrs-full:IssuedCapitalMember213800NFMFOGISHVA9512020-01-01coral:ReservesMember213800NFMFOGISHVA9512020-01-01ifrs-full:RetainedEarningsMember213800NFMFOGISHVA9512020-01-01ifrs-full:EquityAttributableToOwnersOfParentMember213800NFMFOGISHVA9512020-01-01ifrs-full:NoncontrollingInterestsMember213800NFMFOGISHVA9512020-12-31ifrs-full:IssuedCapitalMember213800NFMFOGISHVA9512020-12-31coral:ReservesMember213800NFMFOGISHVA9512020-12-31ifrs-full:RetainedEarningsMember213800NFMFOGISHVA9512020-12-31ifrs-full:EquityAttributableToOwnersOfParentMember213800NFMFOGISHVA9512020-12-31ifrs-full:NoncontrollingInterestsMember213800NFMFOGISHVA9512021-12-31ifrs-full:IssuedCapitalMember213800NFMFOGISHVA9512021-12-31coral:ReservesMember213800NFMFOGISHVA9512021-12-31ifrs-full:RetainedEarningsMember213800NFMFOGISHVA9512021-12-31ifrs-full:EquityAttributableToOwnersOfParentMember213800NFMFOGISHVA9512021-12-31ifrs-full:NoncontrollingInterestsMember213800NFMFOGISHVA9512020-01-012020-12-31ifrs-full:IssuedCapitalMember213800NFMFOGISHVA9512020-01-012020-12-31coral:ReservesMember213800NFMFOGISHVA9512020-01-012020-12-31ifrs-full:RetainedEarningsMember213800NFMFOGISHVA9512020-01-012020-12-31ifrs-full:EquityAttributableToOwnersOfParentMember213800NFMFOGISHVA9512020-01-012020-12-31ifrs-full:NoncontrollingInterestsMember213800NFMFOGISHVA9512020-01-012020-12-31213800NFMFOGISHVA9512021-01-012021-12-31ifrs-full:IssuedCapitalMember213800NFMFOGISHVA9512021-01-012021-12-31coral:ReservesMember213800NFMFOGISHVA9512021-01-012021-12-31ifrs-full:RetainedEarningsMember213800NFMFOGISHVA9512021-01-012021-12-31ifrs-full:EquityAttributableToOwnersOfParentMember213800NFMFOGISHVA9512021-01-012021-12-31ifrs-full:NoncontrollingInterestsMember213800NFMFOGISHVA9512021-01-012021-12-31iso4217:EURiso4217:EURxbrli:shares
ANNUAL FINANCIAL REPORT
FOR THE PERIOD 1 JANUARY – 31 DECEMBER 2021
TABLE OF CONTENTS:
DECLARATION OF THE BoD REPRESENTATIVES
DIRECTORS’ REPORT
CORPORATE GOVERNANCE STATEMENT (Law 4548/2018)
AUDIT COMMITTEE REPORT
ANNUAL FINANCIAL STATEMENTS
INDEPENDENT AUDITOR’S REPORT
[IMAGE]
[IMAGE]
DECLARATION OF THE REPRESENTATIVES OF THE BOARD OF DIRECTORS - CORAL GROUP OF COMPANIES
DECLARATION OF THE REPRESENTATIVES
OF THE BOARD OF DIRECTORS OF
“CORAL OIL AND CHEMICAL PRODUCTS SOCIETE ANONYME”
Pursuant to the provisions of article 4 paragraph 2 item c of Law 3556/2007 we hereby declare that to the best of our knowledge:
A. The single and consolidated financial statements of “CORAL SINGLE MEMBER SA OIL AND CHEMICAL PRODUCTS” (the Company) for the year ended on December 31st, 2021, which have been prepared in accordance with the applicable accounting standards, truly present the assets, the liabilities, the shareholders’ equity and the statement of comprehensive income of the Company and the companies included in the consolidated financial statements taken as a total, and
B. The Board of Directors’ annual report truly presents the course, the performance and the position of the Company and the companies included in the consolidated financial statements taken as a total, including the description of the most important risks and uncertainties they are facing.
Marousi, April 2 0th , 202 2
BoD CHAIRMAN
GENERAL MANAGER
BoD VICE-CHAIRMAN
JOHN V. VARDINOYANNIS
GEORGE N. HATZOPOULOS
GEORGE K. THOMAIDIS
ID No ΑΗ 567603/2009
ID No. ΑΡ 076631/2022
ID No. Σ 040106/1996
[IMAGE]
[IMAGE]
Coral Group of Companies
Management Report for the year ended on 31 December 2021
[IMAGE]
[IMAGE]
MANAGEMENT REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 - CORAL GROUP OF COMPANIES
2
1. Group’s operation report
The financial data of the Group for the year 2021 compared to the corresponding data of the year 2020 are presented below:
1/1-
1/1-
Movement
Amounts in th. €
12/31/2021
12/31/2020
Amount
%
Revenue
2,477,518
1,801,473
676,045
37.53%
Cost of sales (exc. Depreciation)
(2,244,946)
(1,644,873)
600,073
36.48%
Gross profit
232,572
156,600
75,972
48.51%
Distribution expenses (exc. Depreciation)
(128,350)
(111,444)
16,906
15.17%
Administration expenses (exc. Depreciation)
(13,248)
(11,596)
1,652
14.25%
Other operating income
3,656
3,475
181
5.21%
Other gain/ (losses)
(2,070)
(3,149)
(1,079)
(34.27%)
Earnings before interest , tax & depreciation (EBITDA)
92,560
33,885
58,675
173.16%
Financial expenses
(22,023)
(19,848)
2,175
10.96%
Income from investments
4,934
4,996
(62)
(1.24%)
Gain from subsidiary acquisition
500
-
500
-
Profit from associates
2,357
(598)
2,955
494.15%
Profit/(Losses) before depreciation & tax
78,328
18,434
59,894
324.91%
Depreciation
(38,808)
(34,510)
4,298
12.45%
Profit/(Losses) before tax
39,520
(16,075)
55,595
345.85%
Income tax
(9,207)
3,334
(12,541)
(376.16%)
Net profit /(losses) for the year after tax
30,313
(12,741)
43,054
337.92%
Accordingly, the financial data of the Company for the year 2021 compared to the corresponding data of the year 2020 are presented below:
1/1-
1/1-
Movement
Amounts in th. €
12/31/2021
12/31/2020
Amount
%
Revenue
2,142,510
1,594,597
547,913
34.36%
Cost of sales (exc. Depreciation)
(2,037,366)
(1,535,640)
501,726
32.67%
Gross profit
105,144
58,957
46,187
78.34%
Distribution expenses (exc. Depreciation)
(48,487)
(46,596)
1,891
4.06%
Administration expenses (exc. Depreciation)
(8,248)
(8,847)
(599)
(6.77%)
Other operating income
10,449
10,053
396
3.94%
Other gain/ (losses)
(529)
(1,313)
(784)
(59.71%)
Earnings before interest , tax & depreciation (EBITDA)
58,329
12,253
46,076
376.04%
Financial expenses
(13,130)
(12,963)
167
1.29%
Income from investments
11,618
12,152
(534)
(4.39%)
Profit/(Losses) before depreciation & tax
56,817
11,441
45,376
396.61%
Depreciation
(27,522)
(26,204)
1,318
5.03%
Profit/(Losses) before tax
29,295
(14,763)
44,058
298.44%
Income tax
(6,230)
5,082
(11,312)
(222.59%)
Net profit /(losses) for the year after tax
23,065
(9,681)
32,746
338.25%
The comparative amounts of the Group and the Company for the year 2020 have been revised due to the change in accounting policy of IAS 19.
MANAGEMENT REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 - CORAL GROUP OF COMPANIES
3
According to the data above, the following can be noticed:
1.1 Revenue
The gross turnover of the Group increased in the year 2021 by 676 million , presenting a percentage change of 37.5 % compared to the previous year, as shown in the table below:
Group
1/1-
1/1-
Amounts in th. €
12/31/2021
12/31/2020
Merchandise
1,005,410
662,244
Products
1,447,029
1,119,108
Services
25,210
20,285
Other
(131)
(164)
Total
2,477,518
1,801,473
The sales analysis per geographical segments of operation and by sales category for the Group is as follows:
Group
Sales category
1/1-
1/1-
Amounts in th. €
12/31/2021
12/31/2020
Fuel
302,767
104,458
Lubricants
9
14
Chemicals
4,992
1,814
Natural gas/LPG
2,353
559
Services
494
158
Other
30,047
3,649
Total export sales
340,662
110,652
Sales category
1/1-
1/1-
Amounts in th. €
12/31/2021
12/31/2020
Fuel
2,011,518
1,609,924
Lubricants
6,200
5,275
Chemicals
65,989
32,652
Natural gas/LPG
20,067
15,954
Services
24,715
20,285
Other
8,367
6,731
Total domestic sales
2,136,856
1,690,821
General Total
2,477,518
1,801,473
The total quantity traded by the Group during the year ended 12/31/2021 and during the comparative period is analyzed in the following table:
Group
1/1-
1/1-
Quantity in MT
12/31/2021
12/31/2020
Fuel
2,188,899
2,080,909
Lubricants
2,922
2,430
Chemicals
60,592
42,011
Natural gas/LPG
17,954
15,394
Other
41,230
11,940
Total
2,311,597
2,152,684
The amount of fuel traded by the Group increased by approximately 7.4%.
MANAGEMENT REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 - CORAL GROUP OF COMPANIES
4
The corresponding analysis of the Company's sales in 2021 is presented below:
Company
1/1-
1/1-
Amounts in th. €
12/31/2021
12/31/2020
Merchandise
674,165
455,555
Products
1,447,029
1,119,108
Services
21,447
20,098
Other
(131)
(164)
Total
2,142,510
1,594,597
The Company's revenue for the year 2021 amounted at 2,143 million from 1,595 million in the year 2020, showing an increase by approximately 34.4%.
The analysis of sales by geographical segment of activity and by sales category of the Company is as follows:
Company
Sales category
1/1-
1/1-
Amounts in th. €
12/31/2021
12/31/2020
Fuel
100,081
35,498
Lubricants
111
167
Chemicals
4,979
1,814
Other
11,870
1,414
Total export sales
117,041
38,893
Sales category
1/1-
1/1-
Amounts in th. €
12/31/2021
12/31/2020
Fuel
1,927,434
1,494,103
Lubricants
6,200
5,275
Chemicals
65,338
32,652
Services
21,447
20,098
Other
5,050
3,576
Total domestic sales
2,025,469
1,555,704
General Total
2,142,510
1,594,597
The total quantity traded by the Company during the year ended 12/31/2021 and during the comparative period is analyzed in the following table:
Company
1/1-
1/1-
Quantity in MT
12/31/2021
12/31/2020
Fuel
2,022,043
1,890,817
Lubricants
3,000
2,503
Chemicals
60,214
42,011
Other
41,680
11,940
Total
2,126,937
1,947,271
The quantities of fuel traded by the Company recorded an increase of approximately 9.2%.
MANAGEMENT REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 - CORAL GROUP OF COMPANIES
5
1.2 Gross profit margin
The gross profit margin before depreciation of the Group amounted to 232,572 thousand or 9.4% on turnover, compared to 156,600 thousand or 8.7% on turnover of the previous year, showing an increase of approximately 48.5%.
The gross profit margin before depreciation of the Company amounted to 105,144 thousand or 4.9% on turnover, compared to € 58,957 thousand or 3.7% on turnover of the previous year, showing an increase of approximately 78.3%.
1.3 Operating expenses
The following table presents the movement of operating expenses between fiscal years 2021 and 2020:
Group
1/1-
1/1-
Allocation per operation:
12/31/2021
12/31/2020
Cost of sales
5,792
5,929
Distribution expenses
166,202
145,000
Administration expenses
14,171
12,527
Total
186,165
163,456
As evidenced in the table above, the Group’s operating expenses show an increase of approximately 22,709 thousand or approximately 13.9%. The increase of operating expenses is mainly due to the integration of results of the acquired subsidiary in Croatia as well as the increase of the sites’ managers fees as a result of the limitation of measures regarding Covid-19.
In order to better assess and compare the movement of operating expenses within the two periods, the following table presents the most important expenses categories .
Group
1/1-
1/1-
Movement
Amounts in th. €
12/31/2021
12/31/2020
Amount
%
Benefits to employees
19,552
17,575
1,977
11.25%
Depreciation of Property, Plant and Equipment
17,319
14,676
2,643
18.01%
Depreciation of Intangible assets
3,342
2,492
850
34.11%
Depreciation of Right of use assets
18,147
17,342
805
4.64%
Expenses of repair and maintenance of tangible assets
3,763
3,750
13
0.35%
Rental fee based on operating leases
2,682
2,135
547
25.62%
Storage charges
6,788
6,984
(196)
(2.81%)
Provision for bad debt
116
2,235
(2,119)
(94.81%)
Transportation and travel expenses
22,756
19,903
2,853
14.34%
Fees for sites’ managers
45,531
37,833
7,698
20.35%
Third parties’ fees and expenses
23,922
21,275
2,647
12.44%
Promotion and advertising expenses
6,994
6,216
778
12.52%
Insurance expenses
1,456
1,031
425
41.22%
Telecommunication expenses
609
507
102
20.12%
Electricity expenses
5,555
3,454
2,101
60.83%
Other taxes fees
2,607
2,664
(57)
(2.14%)
Rental reductions related to Covid-19
(86)
(613)
(527)
(85.97%)
Other expenses
5,112
3,997
1,115
27.90%
Total
186,165
163,456
22,709
13.89%
Operating expenses for 2021 represent a percentage equal to 7.5% of turnover for the year, while for 2020 the corresponding percentage amounted to 9.1%.
MANAGEMENT REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 - CORAL GROUP OF COMPANIES
6
Respectively, Company s operating expenses during 2021 are presented below:
Company
1/1-
1/1-
Allocation per operation:
12/31/2021
12/31/2020
Cost of sales
19,409
18,882
Distribution expenses
75,178
71,954
Administration expenses
9,079
9,692
Total
103,666
100,528
According to the data above, the operating expenses of the Company during the current year increased compared to the previous period, representing a percentage equal to 4.8% of the turnover (6.3% for the year 2020).
Company
1/1-
1/1-
Movement
Amounts in th. €
12/31/2021
12/31/2020
Amount
%
Benefits to employees
15,691
16,203
(512)
(3.16%)
Depreciation of Property, Plant and Equipment
13,010
11,913
1,097
9.21%
Depreciation of Intangible assets
1,908
1,982
(74)
(3.73%)
Depreciation of Right of use assets
12,605
12,308
297
2.41%
Expenses of repair and maintenance of tangible assets
2,860
2,965
(105)
(3.54%)
Rental fee based on operating leases
2,084
1,696
388
22.88%
Storage charges
4,926
5,065
(139)
(2.74%)
Provision for bad debt
-
2,212
2,212
100.00%
Transportation and travel expenses
18,592
17,241
1,351
7.84%
Third parties’ fees and expenses
17,289
15,839
1,450
9.16%
Promotion and advertising expenses
9,286
8,668
618
7.13%
Insurance expenses
857
663
194
29.26%
Telecommunication expenses
471
367
104
28.34%
Electricity expenses
819
310
509
164.19%
Other taxes fees
1,613
1,681
(68)
(4.05%)
Rental reductions related to Covid-19
(86)
(466)
(380)
(81.55%)
Other expenses
1,742
1,883
(141)
(7.49%)
Total
103,666
100,528
3,138
3.12%
1.4 Other operating income
Other operating income of the Group and the Company increased in current year by 5.2% and 3.9% respectively.
Group
1/1-
1/1-
Movement
Amounts in th. €
12/31/2021
12/31/2020
Amount
%
Rental income
872
953
(81)
(8.50%)
Income from fuel cards’ clients
492
506
(14)
(2.77%)
Income from commercial representatives
576
489
87
17.79%
Income from commisions
684
552
132
23.91%
Other
1,032
975
57
5.85%
Total
3,656
3,475
181
5.21%
Company
1/1-
1/1-
Movement
Amounts in th. €
12/31/2021
12/31/2020
Amount
%
Rental income
8,460
7,939
521
6.56%
Income from fuel cards’ clients
492
506
(14)
(2.77%)
Income from commercial representatives
747
646
101
15.64%
Income from commisions
436
554
(118)
(21.30%)
Other
314
408
(94)
(23.04%)
Total
10,449
10,053
396
3.94%
MANAGEMENT REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 - CORAL GROUP OF COMPANIES
7
1.5 Other Gain/(Losses)
Group
1/1-
1/1-
Movement
Amounts in th. €
12/31/2021
12/31/2020
Amount
%
Gains / (losses) from sales and write-offs of fixed assets
(239)
212
(451)
(212.74%)
Net gain/(losses) from exchange rate differences
(972)
(820)
152
18.54%
Gains from unused provisions for doubtful receivables that were reversed
84
-
84
-
Other
(943)
(2,541)
(1,598)
(62.89%)
Total
(2,070)
(3,149)
(1,079)
(34.26%)
Company
1/1-
1/1-
Movement
Amounts in th. €
12/31/2021
12/31/2020
Amount
%
Gains / (losses) from sales and write-offs of fixed assets
26
24
2
8.33%
Net gain/(losses) from exchange rate differences
268
(145)
413
284.83%
Gains from unused provisions for doubtful receivables that were reversed
59
-
59
-
Other
(882)
(1,192)
(310)
(26.01%)
Total
(529)
(1,313)
(784)
(59.71%)
1.6 Financial expenses
Group
1/1-
1/1-
Movement
Amounts in th. €
12/31/2021
12/31/2020
Amount
%
Interest of short-term loans
1,108
257
851
331.13%
Interest and expenses of long-term loans
4,863
4,932
(69)
(1.40%)
Interest on leases
4,000
3,393
607
17.89%
Total interest
9,971
8,582
1,389
16.19%
Bank commissions
6,280
4,574
1,706
37.30%
Amortization of bond loans expenses
449
429
20
4.66%
Commitment fees
272
154
118
76.62%
Realised losses from derivatives accounted at FVTPL*
4,649
5,972
(1,323)
(22.15%)
Losses from valuation of derivatives accounted at FVTPL*
264
117
147
125.64%
Other interest expenses
138
20
118
590.00%
Total
22,023
19,848
2,175
10.96%
Company
1/1-
1/1-
Movement
Amounts in th. €
12/31/2021
12/31/2020
Amount
%
Interest of short-term loans
140
62
78
125.81%
Interest and expenses of long-term loans
4,313
4,256
57
1.34%
Interest on leases
2,860
2,703
157
5.81%
Total interest
7,313
7,021
292
4.16%
Bank commissions
471
359
112
31.20%
Amortization of bond loans expenses
425
403
22
5.46%
Commitment fees
260
151
109
72.19%
Realised losses from derivatives accounted at FVTPL*
4,472
4,901
(429)
(8.75%)
Losses from valuation of derivatives accounted at FVTPL*
168
117
51
43.59%
Other interest expenses
21
11
10
90.91%
Total
13,130
12,963
167
1.29%
* Fair Value Through Profit and Loss Statement
MANAGEMENT REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 - CORAL GROUP OF COMPANIES
8
1.7 Income from investments & (Gain)/Losses from associates
Group
1/1-
1/1-
Movement
Amounts in th. €
12/31/2021
12/31/2020
Amount
%
Interest income
210
340
(130)
(38.24%)
Realised gains from derivatives accounted at FVTPL*
4,206
4,555
(349)
(7.66%)
Gains from valuation of derivatives accounted at FVTPL*
518
101
417
412.87%
(Gain)/Losses from associates
2,357
(598)
2,955
494.15%
Total
7,291
4,398
2,893
65.78%
Company
1/1-
1/1-
Movement
Amounts in th. €
12/31/2021
12/31/2020
Amount
%
Interest income
583
865
(282)
(32.60%)
Realised gains from derivatives accounted at FVTPL*
4,159
4,449
(290)
(6.52%)
Gains from valuation of derivatives accounted at FVTPL*
284
101
183
181.19%
Dividend income
6,592
6,737
(145)
(2.15%)
Total
11,618
12,152
(534)
(4.39%)
* Fair Value Through Profit and Loss Statement
Income from Associates amounting to 2,357 thousand relate to the Group's ratio to the financial results of the companies consolidated using the Equity method "Shell & MoH SA Aviation Fuels" and "Petroleum Facilities of Rhodes - Alexandroupolis SA".
Interest income includes mainly interest earned on deposits, as well as finance income from discounted repayable credits amounting to € 207 thousand for the year 2021 and € 272 thousand for the year 2020.
Finally, the income from dividends for the current year includes dividends amounting to €2,842 thousand from the affiliated company “Shell & MoH SA Aviation Fuels”, as well as dividends from subsidiaries “Hermes SA”, “Myrtea SA” and “Medprofile Ltd.” (€2,000 thousand, €1,000 thousand and €750 thousand respectively). In the comparative period dividend income includes €1,568 thousand and 169 thousand from the affiliated companies “Shell & MoH SA Aviation Fuels” and “Petroleum Facilities Rhodes - Alexandroupolis SA” respectively, as well as dividends from subsidiaries “Hermes SA” and “Myrtea SA” (€ 2,000 thousand and 3,000 thousand respectively).
1.8 Income tax
Group
1/1-
1/1-
Movement
Amounts in th. €
12/31/2021
12/31/2020
Amount
%
Current corporate tax for the period
4,072
2,754
1,318
47.86%
Tax audit differences from prior years
(104)
108
(212)
(196.30%)
Deferred tax
5,293
(6,213)
11,506
185.19%
Total
9,261
(3,351)
12,612
376.37%
Company
1/1-
1/1-
Movement
Amounts in th. €
12/31/2021
12/31/2020
Amount
%
Current corporate tax for the period
1,480
-
1,480
-
Tax audit differences from prior years
(26)
203
(229)
(112.81%)
Deferred tax
4,829
(5,296)
10,125
191.18%
Total
6,283
(5,093)
11,376
223.37%
Income tax is calculated at a corporate tax rate of 22% for 2021 and 24% for the comparative period 2020.
MANAGEMENT REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 - CORAL GROUP OF COMPANIES
9
The income tax for the year, results after taking into consideration the following items of income or expenses that are taxable or deductible in other years and items that are never taxable or deductible on the accounting profit:
Group
1/1-
1/1-
Amounts in th. €
12/31/2021
12/31/2020
Profit/(Losses) before tax
39,520
(16,075)
Tax calculated based on the corporate tax rates
8,070
(3,858)
Tax audit differences from prior years
(104)
108
Non-deductible for tax purposes expenses
518
545
Income excepted from tax
(406)
(422)
Other (change of tax rate etc)
1,183
276
Total
9,261
(3,351)
Company
1/1-
1/1-
Amounts in th. €
12/31/2021
12/31/2020
Profit/(Losses) before tax
29,295
(14,762)
Tax calculated based on the corporate tax rates
6,445
(3,542)
Tax audit differences from prior years
(26)
203
Non-deductible for tax purposes expenses
391
366
Income excepted from tax
(1,450)
(2,182)
Other (change of tax rate etc)
923
62
Total
6,283
(5,093)
2. Financial Ratios
The basic financial ratios of the group are as follows:
Group
Amounts in th. €
12/31/2021
%
12/31/2020
%
a. Return on Assets (ROA)
Net Profit (losses) after tax
30,313
4.4%
(12,741)
-2.4%
Total assets
695,442
536,416
b. Return on Equity (ROE)
Net Profit (losses) after tax
30,313
17.3%
(12,741)
-9.0%
Total Equity
175,705
141,567
c.Return on Invested Capital (ROIC)
Profit after tax +Financial Expenses
52,335
10.6%
7,107
1.7%
Total Net Ι ndebtedness+Equity +Provisions
496,058
420,187
d. Capital Gearing ratio
Total Net Ιndebtedness
316,429
64.3%
273,809
65.9%
Total Net Ιndebtedness & Equity
492,134
415,375
e. Ratio of Net Ι ndebtedness over Equity
Total Net Ιndebtedness
316,429
180.1%
273,809
193.4%
Total Equity
175,705
141,567
MANAGEMENT REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 - CORAL GROUP OF COMPANIES
10
The respective ratios for the Company are displayed below:
Company
Amounts in th. €
12/31/2021
%
12/31/2020
%
a. Return on Assets (ROA)
Net Profit (losses) after tax
23,065
4.3%
(9,681)
-2.2%
Total assets
537,852
445,196
b. Return on Equity (ROE)
Net Profit (losses) after tax
23,065
16.2%
(9,681)
-8.1%
Total Equity
142,600
119,469
c.Return on Invested Capital (ROIC)
Profit after tax +Financial Expenses
36,196
9.2%
3,282
0.9%
Total Net Ι ndebtedness +Equity +Provisions
394,328
356,141
d. Capital Gearing ratio
Total Net Ιndebtedness
247,832
63.5%
232,808
66.1%
Total Net Ιndebtedness & Equity
390,432
352,276
e. Ratio of Net Ι ndebtedness over Equity
Total Net Ιndebtedness
247,832
173.8%
232,808
194.9%
Total Equity
142,600
119,469
The calculation of key financial ratios also includes the effect from the application of IFRS 16.
3. Transactions among Related Parties
The following transactions refer to transactions with related parties:
Group
Company
1/1-
1/1-
1/1-
1/1-
Amounts in th. €
12/31/2021
12/31/2020
12/31/2021
12/31/2020
Sale of services and goods:
To the parent company
12,569
26,654
12,524
19,055
To subsidiaries
-
-
1,121,487
797,862
To associates
1,398
1,017
1,398
1,017
To other related parties
82,295
86,073
81,454
85,522
Total
96,262
113,744
1,216,863
903,456
Purchases of services and goods:
From the parent company
517,154
351,716
499,834
319,113
From subsidiaries
-
-
11,308
7,818
From associates
317
308
317
308
From other related parties
67,054
60,306
43,923
40,725
Total
584,525
412,330
555,382
367,964
MANAGEMENT REPORT FOR THE YEAR ENDED 31 DECEMBER 2021 - CORAL GROUP OF COMPANIES
11
Services from and to related parties, as well as sales and purchases of goods are performed