213800NFMFOGISHVA9512022-12-31213800NFMFOGISHVA9512021-12-31213800NFMFOGISHVA9512020-12-31ifrs-full:IssuedCapitalMember213800NFMFOGISHVA9512020-12-31coral:ReservesMember213800NFMFOGISHVA9512020-12-31ifrs-full:RetainedEarningsMember213800NFMFOGISHVA9512020-12-31ifrs-full:EquityAttributableToOwnersOfParentMember213800NFMFOGISHVA9512020-12-31ifrs-full:NoncontrollingInterestsMember213800NFMFOGISHVA9512020-12-31213800NFMFOGISHVA9512021-12-31ifrs-full:IssuedCapitalMember213800NFMFOGISHVA9512021-12-31coral:ReservesMember213800NFMFOGISHVA9512021-12-31ifrs-full:RetainedEarningsMember213800NFMFOGISHVA9512021-12-31ifrs-full:EquityAttributableToOwnersOfParentMember213800NFMFOGISHVA9512021-12-31ifrs-full:NoncontrollingInterestsMember213800NFMFOGISHVA9512022-12-31ifrs-full:IssuedCapitalMember213800NFMFOGISHVA9512022-12-31coral:ReservesMember213800NFMFOGISHVA9512022-12-31ifrs-full:RetainedEarningsMember213800NFMFOGISHVA9512022-12-31ifrs-full:EquityAttributableToOwnersOfParentMember213800NFMFOGISHVA9512022-12-31ifrs-full:NoncontrollingInterestsMember213800NFMFOGISHVA9512021-01-012021-12-31ifrs-full:IssuedCapitalMember213800NFMFOGISHVA9512021-01-012021-12-31coral:ReservesMember213800NFMFOGISHVA9512021-01-012021-12-31ifrs-full:RetainedEarningsMember213800NFMFOGISHVA9512021-01-012021-12-31ifrs-full:EquityAttributableToOwnersOfParentMember213800NFMFOGISHVA9512021-01-012021-12-31ifrs-full:NoncontrollingInterestsMember213800NFMFOGISHVA9512021-01-012021-12-31213800NFMFOGISHVA9512022-01-012022-12-31ifrs-full:IssuedCapitalMember213800NFMFOGISHVA9512022-01-012022-12-31coral:ReservesMember213800NFMFOGISHVA9512022-01-012022-12-31ifrs-full:RetainedEarningsMember213800NFMFOGISHVA9512022-01-012022-12-31ifrs-full:EquityAttributableToOwnersOfParentMember213800NFMFOGISHVA9512022-01-012022-12-31ifrs-full:NoncontrollingInterestsMember213800NFMFOGISHVA9512022-01-012022-12-31iso4217:EURiso4217:EURxbrli:shares
ANNUAL FINANCIAL REPORT
FOR THE PERIOD 1 JANUARY – 31 DECEMBER 2022
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, 2022, 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 26 , 202 3
BoD CHAIRMAN
GENERAL MANAGER
BoD EXECUTIVE MEMBER
JOHN V. VARDINOYANNIS
GEORGE N. HATZOPOULOS
IOANNIS E. KALOGIROU
ID No ΑΗ 567603/2009
ID No. ΑΡ 076631/2022
ID No Χ 217575/2003
[IMAGE]
[IMAGE]
Coral Group of Companies
Management Report for the year ended on 31 December 2022
[IMAGE]
[IMAGE]
MANAGEMENT REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 - CORAL GROUP OF COMPANIES
1
1. Group’s operation report
The financial data of the Group for the year 2022 compared to the corresponding data of the year 2021 are presented below:
1/1-
1/1-
Movement
Amounts in th. €
12/31/2022
12/31/2021
Amount
%
Revenue
3,575,453
2,477,518
1,097,935
44.32%
Cost of Sales (exc. Depreciation)
(3,322,017)
(2,244,946)
1,077,071
47.98%
Gross profit
253,436
232,572
20,864
8.97%
Distribution expenses (exc. Depreciation)
(151,853)
(128,350)
23,503
18.31%
Administration expenses (exc. Depreciation)
(14,977)
(13,248)
1,729
13.05%
Other operating income
4,823
3,656
1,167
31.92%
Other gain/ (losses)
3,555
(2,070)
5,625
271.74%
Earnings before interest , tax & depreciation (EBITDA)
94,984
92,560
2,424
2.62%
Financial expenses
(22,778)
(22,023)
755
3.43%
Income from investments
8,657
4,934
3,723
75.46%
Impairment of other financial assets
(155)
-
155
-
Gain from subsidiary acquisition
-
500
(500)
(100.00%)
Profit from associates
7,555
2,357
5,198
220.54%
Profit/(Losses) before depreciation & tax
88,263
78,328
9,935
12.68%
Depreciation
(41,616)
(38,808)
2,808
7.24%
Profit/(Losses) before tax
46,647
39,520
7,127
18.03%
Income tax
(9,527)
(9,207)
320
3.48%
Net profit /(losses) for the year after tax
37,120
30,313
6,807
22.46%
Accordingly, the financial data of the Company for the year 2022 compared to the corresponding data of the year 2021 are presented below:
1/1-
1/1-
Movement
Amounts in th. €
12/31/2022
12/31/2021
Amount
%
Revenue
2,980,992
2,142,510
838,482
39.14%
Cost of Sales (exc. Depreciation)
(2,887,136)
(2,037,366)
849,770
41.71%
Gross profit
93,856
105,144
(11,288)
(10.74%)
Distribution expenses (exc. Depreciation)
(58,018)
(48,487)
9,531
19.66%
Administration expenses (exc. Depreciation)
(9,298)
(8,248)
1,050
12.73%
Other operating income
11,595
10,449
1,146
10.97%
Other gain/ (losses)
1,831
(529)
2,360
446.13%
Earnings before interest , tax & depreciation (EBITDA)
39,966
58,329
(18,363)
(31.48%)
Financial expenses
(11,474)
(13,130)
(1,656)
(12.61%)
Income from investments
13,365
11,618
1,747
15.04%
Profit/(Losses) before depreciation & tax
41,856
56,817
(14,961)
(26.33%)
Depreciation
(29,854)
(27,522)
2,332
8.47%
Profit/(Losses) before tax
12,002
29,295
(17,293)
(59.03%)
Income tax
(2,518)
(6,230)
(3,712)
(59.58%)
Net profit /(losses) for the year after tax
9,484
23,065
(13,581)
(58.88%)
MANAGEMENT REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 - CORAL GROUP OF COMPANIES
2
According to the data above, the following can be noticed:
1.1 Revenue
The turnover of the Group increased in the year 2022 by 1,098 million, presenting a percentage change of 44.3 % compared to the previous year, as shown in the table below:
Group
1/1-
1/1-
Amounts in th. €
12/31/2022
12/31/2021
Merchandise
1,604,317
1,005,410
Products
1,940,513
1,447,029
Services
30,743
25,210
Other
(120)
(131)
Total
3,575,453
2,477,518
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. €
12/31/2022
12/31/2021
Fuel
499,366
302,767
Lubricants
11
9
Chemicals
8,519
4,992
Natural gas/LPG
3,466
2,353
Services
884
494
Other
24,022
30,047
Total export sales
536,267
340,662
Sales category
1/1-
1/1-
Amounts in th. €
12/31/2022
12/31/2021
Fuel
2,882,713
2,011,518
Lubricants
7,339
6,200
Chemicals
89,212
65,989
Natural gas/LPG
24,386
20,067
Services
29,860
24,715
Other
5,676
8,367
Total domestic sales
3,039,186
2,136,856
General Total
3,575,453
2,477,518
The total quantity traded by the Group during the year ended 12/31/2022 and during the comparative period is analyzed in the following table:
Group
1/1-
1/1-
Quantity in MT
12/31/2022
12/31/2021
Fuel
2,343,974
2,188,899
Lubricants
3,088
2,922
Chemicals
64,904
60,592
Natural gas/LPG
18,593
17,954
Other
6,879
41,230
Total
2,437,438
2,311,597
MANAGEMENT REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 - CORAL GROUP OF COMPANIES
3
The amount of fuel traded by the Group increased by approximately 5.4%.
The corresponding analysis of the Company's sales in 2022 is presented below:
Company
1/1-
1/1-
Amounts in th. €
12/31/2022
12/31/2021
Merchandise
1,016,095
674,165
Products
1,940,513
1,447,029
Services
24,504
21,447
Other
(120)
(131)
Total
2,980,992
2,142,510
The Company's revenue for the year 2022 amounted at 2,981 million from 2,143 million in the year 2021, showing an increase by approximately 39.1%.
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. €
12/31/2022
12/31/2021
Fuel
216,831
100,081
Lubricants
101
111
Chemicals
8,494
4,979
Other
597
11,870
Total export sales
226,023
117,041
Sales category
1/1-
1/1-
Amounts in th. €
12/31/2022
12/31/2021
Fuel
2,634,992
1,927,434
Lubricants
7,339
6,200
Chemicals
89,212
65,338
Services
24,504
21,447
Other
(1,079)
5,050
Total domestic sales
2,754,969
2,025,469
General Total
2,980,992
2,142,510
The total quantity traded by the Company during the year ended 12/31/2022 and during the comparative period is analyzed in the following table:
Company
1/1-
1/1-
Quantity in MT
12/31/2022
12/31/2021
Fuel
2,039,506
2,022,043
Lubricants
3,123
3,000
Chemicals
65,051
60,214
Other
6,879
41,680
Total
2,114,559
2,126,937
The quantities of fuel sold by the Company decreased by approximately 1%.
1.2 Gross profit margin
The gross profit margin before depreciation of the Group amounted to 2 53 , 436 thousand or 7 . 1 % approximately on turnover, compared to € 232 , 572 thousand or 9 . 4 % on turnover of the previous year, showing an increase of approximately 9%.
MANAGEMENT REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 - CORAL GROUP OF COMPANIES
4
The gross profit margin before depreciation of the Company amounted to 93,856 thousand or 3.1% on turnover, compared to 105,144 thousand or 4.9% on turnover of the previous year, showing a reduction of approximately 10.8%.
1.3 Operating expenses
The following table presents the movement of operating expenses between fiscal years 2022 and 2021:
Group
1/1-
1/1-
Allocation per operation:
12/31/2022
12/31/2021
Cost of sales
10,812
5,792
Distribution expenses
191,943
166,202
Administration expenses
16,465
14,171
Total
219,220
186,165
As evidenced in the table above, the Group’s operating expenses show an increase of approximately 33,055 thousand or approximately 17.7%. The increase in operating expenses is a result of the sharp increase in inflation in 2022, which comes as a result of the broader challenges facing the domestic and global economy. In 2022, the global economy faced major challenges, such as the invasion of Ukraine, the energy crisis, and supply chain disruptions.
In order to better assess and compare the movement of operating expenses within the two periods, the following table presents the most important expense categories .
1/1-
1/1-
Movement
Amounts in th. €
12/31/2022
12/31/2021
Amount
%
Benefits to employees
23,189
19,552
3,637
18.60%
Depreciation of Tangible Assets
18,469
17,319
1,150
6.64%
Depreciation of Intangible assets
3,463
3,342
121
3.62%
Depreciation of Right of use assets
19,685
18,147
1,538
8.48%
Expenses of repair and maintenance of tangible assets
5,410
3,763
1,647
43.77%
Rental fee
3,622
2,682
940
35.05%
Storage charges
7,464
6,788
676
9.96%
Provision for bad debt
1,976
116
1,860
1 , 603.45%
Transportation and travel expenses
28,568
22,756
5,812
25.54%
Fees for sites’ managers
51,020
45,531
5,489
12.06%
Third parties’ fees and expenses
27,570
23,922
3,648
15.25%
Promotion and advertising expenses
7,795
6,994
801
11.45%
Insurance expenses
1,733
1,456
277
19.03%
Telecommunication expenses
666
609
57
9.36%
Electricity expenses
7,914
5,555
2,359
42.47%
Other taxes fees
3,600
2,607
993
38.09%
Rental reductions related to Covid-19
-
(86)
86
100.00%
Other expenses
7,076
5,112
1,964
38.42%
Total
219,220
186,165
33,055
17.76%
Operating expenses for 2022 represent a percentage equal to 6.1% of turnover for the year, while for 2021 the corresponding percentage amounted to 7.5%.
Respectively, Company s operating expenses during 2022 are presented below:
Company
1/1-
1/1-
Allocation per operation:
12/31/2022
12/31/2021
Cost of sales
23,156
19,409
Distribution expenses
87,018
75,178
Administration expenses
10,152
9,079
Total
120,326
103,666
MANAGEMENT REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 - CORAL GROUP OF COMPANIES
5
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% approximately of the turnover ( 4 . 8 % for the year 202 1 ).
1/1-
1/1-
Movement
Amounts in th. €
12/31/2022
12/31/2021
Amount
%
Benefits to employees
18,602
15,691
2,911
18.55%
Depreciation of Tangible Assets
13,656
13,010
646
4.97%
Depreciation of Intangible assets
2,029
1,908
121
6.34%
Depreciation of Right of use assets
14,169
12,605
1,564
12.41%
Expenses of repair and maintenance of tangible assets
4,143
2,860
1,283
44.86%
Rental fee
2,601
2,084
517
24.81%
Storage charges
5,068
4,926
142
2.88%
Provision for bad debt
2,028
-
2,028
-
Transportation and travel expenses
23,118
18,592
4,526
24.34%
Third parties’ fees and expenses
18,260
17,289
971
5.62%
Promotion and advertising expenses
9,613
9,286
327
3.52%
Insurance expenses
989
857
132
15.40%
Telecommunication expenses
425
471
(46)
(9.77%)
Electricity expenses
1,171
819
352
42.98%
Other taxes fees
1,823
1,613
210
13.02%
Rental reductions related to Covid-19
-
(86)
86
100.00%
Other expenses
2,631
1,742
889
51.03%
Total
120,326
103,666
16,660
16.07%
1.4 Other operating income
Other operating income of the Group and the Company increased in current year by 3 1.9% and 10.9 % respectively.
Group
1/1-
1/1-
Movement
Amounts in th. €
12/31/2022
12/31/2021
Amount
%
Rental income
1,234
872
362
41.51%
Income from fuel cards’ clients
499
492
7
1.42%
Income from commercial representatives
771
576
195
33.85%
Income from commisions
267
684
(417)
(60.97%)
Other
2,052
1,032
1,020
98.84%
Total
4,823
3,656
1,167
31.92%
Company
1/1-
1/1-
Movement
Amounts in th. €
12/31/2022
12/31/2021
Amount
%
Rental income
9,282
8,460
822
9.72%
Income from fuel cards’ clients
499
492
7
1.42%
Income from commercial representatives
1,029
747
282
37.75%
Income from commisions
358
436
(78)
(17.89%)
Other
427
314
113
35.99%
Total
11,595
10,449
1,146
10.97%
MANAGEMENT REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 - CORAL GROUP OF COMPANIES
6
1.5 Other Gain/(Losses)
Group
1/1-
1/1-
Movement
Amounts in th. €
12/31/2022
12/31/2021
Amount
%
Gains/ (losses) from write-off of assets
113
(239)
352
147.28%
Net gain/(losses) from exchange rate differences
399
(972)
1,371
141.05%
Gains from unused provisions for doubtful receivables that were reversed
-
84
(84)
(100.00%)
Impairments of Fixed Assets
(1,016)
-
(1,016)
-
Other
4,059
(943)
5,002
530.44%
Total
3,555
(2,070)
5,625
271.74%
Company
1/1-
1/1-
Movement
Amounts in th. €
12/31/2022
12/31/2021
Amount
%
Gains/ (losses) from write-off of assets
9
26
(17)
(65.39%)
Net gain/(losses) from exchange rate differences
1,273
268
1,005
375.00%
Gains from unused provisions for doubtful receivables that were reversed
-
59
(59)
(100.00%)
Impairments of Fixed Assets
(1,016)
-
(1,016)
-
Other
1,564
(882)
2,446
277.32%
Total
1,831
(529)
2,360
446.12%
1.6 Financial expenses
Group
1/1-
1/1-
Movement
Amounts in th. €
12/31/2022
12/31/2021
Amount
%
Interest of short-term loans
1,161
1,108
53
4.78%
Interest and expenses of long-term loans
6,284
4,863
1,421
29.22%
Interest on leases
4,222
4,000
222
5.55%
Total interest
11,668
9,971
1,697
17.02%
Bank commissions
8,426
6,280
2,146
34.17%
Amortization of bond loan expenses
479
449
30
6.68%
Commitment fees
125
272
(147)
(54.04%)
Realised losses from derivatives accounted at FVTPL*
2,048
4,649
(2,601)
(55.95%)
Losses/ (gains) from valuation of derivatives accounted at FVTPL*
(72)
264
(336)
(127.27%)
Other interest expenses
104
138
(34)
(24.64%)
Total
22,778
22,023
755
3.43%
Company
1/1-
1/1-
Movement
Amounts in th. €
12/31/2022
12/31/2021
Amount
%
Interest of short-term loans
589
140
449
320.71%
Interest and expenses of long-term loans
5,141
4,313
828
19.20%
Interest on leases
3,210
2,860
350
12.24%
Total interest
8,940
7,313
1,627
22.25%
Bank commissions
431
471
(40)
(8.49%)
Amortization of bond loan expenses
424
425
(1)
(0.24%)
Commitment fees
88
260
(172)
(66.15%)
Realised losses from derivatives accounted at FVTPL*
1,531
4,472
(2,941)
(65.77%)
Losses/ (gains) from valuation of derivatives accounted at FVTPL*
(72)
168
(240)
(142.86%)
Other interest expenses
134
21
113
538.10%
Total
11,474
13,130
(1,656)
(12.61%)
* Fair Value Through Profit and Loss Statement
MANAGEMENT REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 - CORAL GROUP OF COMPANIES
7
1.7 Income from investments & (Gain)/Losses from associates
Group
1/1-
1/1-
Movement
Amounts in th. €
12/31/2022
12/31/2021
Amount
%
Interest income
151
210
(59)
(28.10%)
Realised gains from derivatives accounted at FVTPL*
1,353
4,206
(2,853)
(67.83%)
Gains from valuation of derivatives accounted at FVTPL*
7,153
518
6,635
1280.89%
Gains/(Losses) from associates
7,555
2,357
5,198
220.54%
Total
16,212
7,291
8,921
122.36%
Company
1/1-
1/1-
Movement
Amounts in th. €
12/31/2022
12/31/2021
Amount
%
Interest income
204
583
(379)
(65.01%)
Realised gains from derivatives accounted at FVTPL*
1,289
4,159
(2,870)
(69.01%)
Gains from valuation of derivatives accounted at FVTPL*
7,153
284
6,869
2 , 418.66%
Dividend income
4,719
6,592
(1,873)
(28.41%)
Total
13,365
11,618
1,747
15.04%
* Fair Value Through Profit and Loss Statement
Gain from associates of 7,555 thousand relates to Group's share in the financial results of the consolidated companies, accounted for using the equity method, “Shell & MoH Aviation Fuels SA” & "Petroleum Installations of Rhodes - Alexandroupolis SA”.
Interest income includes interest earned on deposits, as well as finance income from discounted repayable credits amounting to € 138 thousand for the year 2022 and € 207 thousand for the year 2021.
Finally, dividend income in current period contains dividends from the associate company "Shell & MoH Aviation Fuels SA" of 3,969 thousand, as well as from the subsidiary “Medprofile Ltd.” of 750 thousand. In 2021, dividend income contains dividends from the associate company "Shell & MoH Aviation Fuels SA" of €2,842 thousand as well as from the subsidiaries Ermis SA and Myrtea SA and Medprofile Ltd. (€2,000 thousand, €1,000 thousand and €750 thousand respectively ).
MANAGEMENT REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 - CORAL GROUP OF COMPANIES
8
1.8 Income tax
Group
1/1-
1/1-
Movement
Amounts in th. €
12/31/2022
12/31/2021
Amount
%
Current corporate tax for the period
8,715
4,072
4,643
114.02%
Tax audit differences from prior years
(236)
(104)
(132)
(126.92%)
Deferred tax
1,111
5,293
4,182
(79.01%)
Total
9,591
9,261
330
3.56%
Company
1/1-
1/1-
Movement
Amounts in th. €
12/31/2022
12/31/2021
Amount
%
Current corporate tax for the period
1,513
1,480
33
2.23%
Tax audit differences from prior years
(238)
(26)
(212)
(815.39%)
Deferred tax
1,306
4,829
(3,523)
(72.96%)
Total
2,581
6,283
(3,702)
(58.92%)
Income tax is calculated at a corporate tax rate of 22% for 2022 and for the comparative period 2021.
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. €
12/31/2022
12/31/2021
Profit/(Losses) before tax
46,647
39,520
Tax calculated based on the tax rates in force
9,924
8,070
Tax audit differences from prior years
(236)
(104)
Non-deductible for tax purposes expenses
1,123
518
Income excepted from tax
(1,363)
(406)
Other
143
1,183
Total
9,591
9,261
Company
1/1-
1/1-
Amounts in th. €
12/31/2022
12/31/2021
Profit/(Losses) before tax
12,002
29,295
Tax calculated based on the tax rates in force
2,640
6,445
Tax audit differences from prior years
(238)
(26)
Non-deductible for tax purposes expenses
1,019
391
Income excepted from tax
(791)
(1,450)
Other
(49)
923
Total
2,581
6,283
MANAGEMENT REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 - CORAL GROUP OF COMPANIES
9
2. Financial Ratios
The basic financial ratios of the group are as follows:
Group
Amounts in th. €
12/31/2022
%
12/31/2021
%
a. Return on Assets (ROA)
Net Profit (losses) after tax
37,120
4.5%
30,313
4.4%
Total assets
826,874
695,442
b. Return on Equity (ROE)
Net Profit (losses) after tax
37,120
18.0%
30,313
17.3%
Total Equity
205,831
175,705
c.Return on Invested Capital (ROIC)
Profit after tax +Financial Expenses
59,897
10.3%
52,335
10.6%
Total Net Ι ndebtedness+Equity +Provisions
581,302
496,058
d. Capital Gearing ratio
Total Net Ιndebtedness
372,799
64.4%
316,429
64.3%
Total Net Ιndebtedness & Equity
578,630
492,134
e. Ratio of Net Ι ndebtedness over Equity
Total Net Ιndebtedness
372,799
181.1%
316,429
180.1%
Total Equity
205,831
175,705
The respective ratios for the Company are displayed below:
Company
Amounts in th. €
12/31/2022
%
12/31/2021
%
a. Return on Assets (ROA)
Net Profit (losses) after tax
9,484
1.5%
23,065
4.3%
Total assets
653,939
537,852
b. Return on Equity (ROE)
Net Profit (losses) after tax
9,484
6.5%
23,065
16.2%
Total Equity
145,305
142,600
c.Return on Invested Capital (ROIC)
Profit after tax +Financial Expenses
20,958
4.3%
36,196
9.2%
Total Net Ι ndebtedness +Equity +Provisions
488,628
394,328
d. Capital Gearing ratio
Total Net Ιndebtedness
340,664
70.1%
247,832
63.5%
Total Net Ιndebtedness & Equity
485,969
390,432
e. Ratio of Net Ι ndebtedness over Equity
Total Net Ιndebtedness
340,664
234.4%
247,832
173.8%
Total Equity
145,305
142,600
The calculation of key financial ratios also includes the effect from the application of IFRS 16.
MANAGEMENT REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 - CORAL GROUP OF COMPANIES
10