KEKROPS (ATHEX: ΚΕΚΡ) announces the financial results of the fiscal year 2018, according to IFRS.
| Headline Figures | ||
| Amounts in Euro | 31/12/2018 | 31/12/2017 |
| Rental Income | 13.306 | 14.835 |
| Gross Losses | -236.621 | -267.887 |
| Total operating gains / (losses) | 88.881 | -572.690 |
| EBITDA | -38.669 | -565.929 |
| (Loss) before tax | -89.828 | -876.558 |
| (Loss) after tax | -118.687 | -932.172 |
| Cash Flows from Operating Activities | -368.695 | -1.237.802 |
| Cash flows from investing activities | -62.397 | -157.311 |
| Cash flows from financing activities | -629.000 | 3.880.587 |
| Net increase / (decrease) in cash and cash equivalents | -1.060.092 | 2.485.474 |
| Cash and cash equivalents | 1.428.738 | 2.488.830 |
| Borrowings | 3.580.076 | 4.302.122 |
| Net Debt | 2.151.339 | 1.813.292 |
Turnover in 2018 decreased by €1,5 thousand compared to 2017, as a lease agreement was terminated during the year.
Gross loss for the year 2018 amounts to € 237 thousand compared to € 268 thousand in the year 2017, recording a decrease of 12%. The decrease is mainly due to a reduction in other taxes charged to the Company in the previous fiscal year.
Operating results amounted to profits of €89 thousand for the year 2018 compared to losses of €573 thousand in 2017 and this improvement is mainly due to the refund of unduly paid property tax and interest, the reduction of specific expenses and the absence of non-recurring expenses that burdened the results of the previous fiscal year such as the impairment of the VAT claim and the share capital increase expenses.
Loss after taxes was €119 thousand in 2018 compared to €932 thousand in 2017 and is reduced by 87%. This decrease is mainly attributable to the refund of unduly paid property tax and interest, the lower financial expenses due to loan repayments and the absence of non-recurring expenses that burdened the results of the previous fiscal year such as the impairment of the VAT claim and the share capital increase expenses.
Cash and Cash Equivalents
The reduction in cash and cash equivalents by €1.060 thousand is mainly due to the repayment of borrowings amounting €629 thousand, interest expense payments of €275 thousand, the continuation of the works on the investment property amounting €75 thousand and the working capital required for the operation of the Company/
Dividends
The Company will not distribute dividends for the fiscal year 2018.
Further information:
T: 210 – 6712071 E: [email protected] Web: www.kekrops.gr
