ANNUAL
FINANCIAL
REPORT
2021
ANNUAL FINANCIAL REPORT
for the period
1 January 2021 – 31 December 2021
Ιn accordance with Article 4 of codified law 3556/2007
TOURIST AND TRADING SOCIETE ANONYME
31 Viltanioti Str., Kifissia, Attica
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Annual Financial Report 31.12.2021
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Contents
A. STATEMENT OF THE BOARD OF DIRECTORS .................................................................................................... 4
B. INDEPENDENT AUDITORS REPORT ................................................................................................................... 5
C. ANNUAL BOARD OF DIRECTORS REPORT ....................................................................................................... 16
D. ANNUAL FINANCIAL STATEMENTS ................................................................................................................. 65
I. STATEMENT OF FINANCIAL POSITION ................................................................................................ 66
II. STATEMENT OF PROFIT OR LOSS ........................................................................................................ 68
III. STATEMENT OF OTHER COMPREHENSIVE INCOME ........................................................................... 69
IV. STATEMENT OF CHANGES IN EQUITY ................................................................................................. 70
V. STATEMENT OF CASH FLOWS ............................................................................................................. 72
VI. NOTES TO THE FINANCIAL STATEMENTS ........................................................................................... 74
1. General Information ...................................................................................................................... 74
2. Summary of significant accounting policies .................................................................................. 74
3. Critical estimates, judgements and errors .................................................................................... 92
4. Financial risk management ............................................................................................................ 94
5. Fair value hierarchy ..................................................................................................................... 102
6. Segment information ................................................................................................................... 104
7. Property, plant and equipment ................................................................................................... 106
8. Right-of-use assets ...................................................................................................................... 111
9. Investment property .................................................................................................................... 112
10. Intangible assets & goodwill ........................................................................................................ 113
11. Investments in subsidiaries ......................................................................................................... 114
12. Investments in associates and joint ventures ............................................................................. 116
13. Deferred tax ................................................................................................................................. 118
14. Financial assets at fair value through other comprehensive income .......................................... 121
15. Financial assets at fair value through profit or loss ..................................................................... 122
16. Trade and other receivables ........................................................................................................ 122
17. Inventories ................................................................................................................................... 123
18. Cash and cash equivalents ........................................................................................................... 123
19. Share capital and share premium ................................................................................................ 123
20. Fair value reserves ....................................................................................................................... 124
21. Other reserves ............................................................................................................................. 125
22. Borrowings ................................................................................................................................... 126
23. Leases .......................................................................................................................................... 127
24. Post-employment benefits .......................................................................................................... 129
25. Trade and other payables ............................................................................................................ 135
26. Revenue ....................................................................................................................................... 136
27. Expenses by nature ...................................................................................................................... 136
28. Employee benefits expenses ....................................................................................................... 137
29. Other income ............................................................................................................................... 137
30. Other gains/(losses) - net ............................................................................................................ 138
31. Finance income and costs............................................................................................................ 138
32. Income tax expense ..................................................................................................................... 138
33. Securitisation ............................................................................................................................... 139
34. Contingencies .............................................................................................................................. 139
35. Commitments .............................................................................................................................. 140
36. Related party transactions .......................................................................................................... 141
37. Earnings per share ....................................................................................................................... 142
38. Events occurring after the reporting period ................................................................................ 143
39. Audit Fees .................................................................................................................................... 143
Annual Financial Report 31.12.2021
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A. STATEMENT OF THE BOARD OF DIRECTORS
(in accordance with article 4 par. 2c of L. 3556/2007)
The members of the Board of Directors Emmanouela Vasilaki, President, Eftichios Vassilakis, Managing
Director and Dimitrios Mangioros, Member, under the aforementioned capacity, declare to the best of their
knowledge that:
a) The Annual Group and Company Financial Statements for the period 1/1 - 31/12/2021, which have been
prepared in accordance with the applicable accounting standards, fairly present assets and liabilities, equity
and the income statement of AUTOHELLAS TOURIST AND TRADING SOCIETE ANONYME (hereinafter,
“Company”), as well as those of the companies included in the consolidation taken as a whole.
b) The Board of Directors' Annual Report accurately presents the performance and position of the Company
as well as of the companies included in the consolidation taken as a whole, including the description of the
main risks and uncertainties they might be facing.
Kifissia, 02 March 2022
Emmanouela Vasilaki
Eftichios Vassilakis
Dimitrios Mangioros
President
CEO
Member
Annual Financial Report 31.12.2021
5
B. INDEPENDENT AUDITORS REPORT
PricewaterhouseCoopers SA, T: +30 210 6874400, www.pwc.gr
Athens: 268 Kifissias Avenue, 15232 Halandri, Greece | T:+30 210 6874400
Thessaloniki: 16 Agias Anastasias & Laertou, 55535 Pylaia, Greece | Τ: +30 2310 488880 6
[Translation from the original text in Greek]
Independent auditor’s report
To the Shareholders of “AUTOHELLAS TOURIST AND TRADING SOCIETE ANONYME”
Report on the audit of the separate and consolidated financial statements
Our opinion
We have audited the accompanying separate and consolidated financial statements of “AUTOHELLAS
TOURIST AND TRADING SOCIETE ANONYME” (Company or/and Group) which comprise the
separate and consolidated statement of financial position as of 31 December 2021, the separate and
consolidated statements of profit or loss, other comprehensive income, changes in equity and cash
flow statements for the year then ended, and notes to the separate and consolidated financial
statements, including a summary of significant accounting policies.
In our opinion, the consolidated financial statements present fairly, in all material respects the
separate and consolidated financial position of the Company and the Group as at 31 December 2021,
their separate and consolidated financial performance and their separate and consolidated cash flows
for the year then ended in accordance with International Financial Reporting Standards (IFRS), as
adopted by the European Union and comply with the statutory requirements of Law 4548/2018.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs), as they have
been transposed into Greek Law. Our responsibilities under those standards are further described in
the Auditor’s responsibilities for the audit of the separate and consolidated financial statements
section of our report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for
our opinion.
Independence
During our audit we remained independent of the Company and the Group in accordance with the
International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants
(IESBA Code) that has been transposed into Greek Law, and the ethical requirements of Law
4449/2017 and of Regulation (EU) No 537/2014, that are relevant to the audit of the separate and
consolidated financial statements in Greece. We have fulfilled our other ethical responsibilities in
accordance with Law 4449/2017, Regulation (EU) No 537/2014 and the requirements of the IESBA
Code.
We declare that for the year ended as at December 31, 2021 we have not provided non-audit services to
the Company and its subsidiaries.
7
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most significance in
our audit of the separate and consolidated financial statements of the current year. These matters were
addressed in the context of our audit of the separate and consolidated financial statements as a whole,
and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key audit matter The procedures performed to address the
key audit matter
Estimation of the useful lives and
residual values of vehicles
Property, plant and equipment includes
vehicles amounting €296.5mn for the
Company and €394.2mn for the Group as at 31
December 2021, that are measured at cost less
accumulated depreciation and impairment.
The book values of vehicles are significant and
form the basis of the Company’s and the
Group’s rental and leasing operations.
The estimation of the useful lives of vehicles is
based on historic performance as well as
expectations about future use and therefore
requires a degree of judgement to be applied by
Management. Residual values are determined
taking into account generally accepted market
forecasts adjusted where necessary to take into
account factors specific to the vehicles.
Management is required to assess the useful
life and residual value of an asset periodically
and changes should either be accounted for as
an impairment charge or as a change in
accounting estimate through prospective
depreciation.
Due to the level of judgement required in
estimating useful lives and calculating residual
values of vehicles, it is considered a key audit
matter.
For more information, refer to notes 2, 3 and 7
of the financial statements.
Our audit approach included obtaining an
understanding of the vehicles management
process as designed and implemented at the
Company and the Group.
We evaluated and reviewed Management’s
process relating to useful lives and residual values
assessment for vehicles and examined the criteria
used to identify impairment indicators, with a
focus on the timely detection of impairments.
We tested the appropriateness of the approach
used and the reasonableness of key assumptions
applied by Management. Furthermore, we also
reviewed historical disposals of vehicles and the
profit or loss derived from these disposals to
assess if the followed approach reflects past
performance.
We determined that the approach for determining
useful lives and residual values of vehicles forms a
reasonable basis for Management’s assessment
and that the available evidence supported the key
assumptions used.
The disclosures in the financial statements are
adequate and consistent with the requirements of
relevant accounting standards.
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Key audit matter The procedures performed to address the
key audit matter
Revenue recognition
The Company’s and the Group’s revenue
streams include vehicle operating lease and
finance lease income, vehicle sales and income
from other additional vehicle related services,
which is an important determinant of the
Group’s profitability.
Furthermore, the Group focuses on revenue as
a key performance measure which could create
an incentive for revenue to be recognised
before the risks and rewards have been
transferred, resulting in a significant audit risk
associated with revenue recognition.
Furthermore, there exists an inherent risk
around the accuracy of revenue recorded given
the impact of changing pricing models.
Based on these factors, there is a heightened
risk of error that revenue is not completely or
accurately recorded or that revenue is not
recognised in the correct year.
Due to the significant risk associated with
revenue recognition and the increased work
effort from the audit team, the recognition of
revenue is considered a key audit matter.
For more information, refer to notes 2 and 26
of the financial statements.
Our audit procedures included obtaining an
understanding of the various revenue streams,
considering the appropriateness of the Group’s
revenue recognition accounting policies and
assessing compliance of these policies with
relevant standards.
Our audit approach included understanding the
systems and process that are relevant to revenue
recognition, holding discussions with relevant
Company and Group employees to validate
processes and re-performing key process.
Furthermore, we performed relevant substantive
audit procedures around the various revenue
streams, which focused on the adequacy and
consistency of the accounting policies applied, by
conducting audit procedures over the point of
transfer of risk and rewards. Our audit
procedures included:
• Analytical review procedures on the different
revenue streams.
• Sample testing of transactions during the year
of all material revenue streams.
• Revenue cut-off procedures.
• Testing of sales returns and credit notes
issued after year end.
• Sample third party confirmation of annual
revenue and trade receivables at year end.
Our procedures concluded that revenue
recognition for the Group’s revenue streams is
consistent with the Group’s accounting policies
and relevant standards. Based on our work, we
noted no significant issues regarding the accuracy
of revenue reported for the year.
The disclosures in the financial statements are
adequate and consistent with the requirements of
relevant accounting standards
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Key audit matter The procedures performed to address the
key audit matter
Valuation of Investment and Own-Use
Property
Investment and own use property comprise
owned land and buildings that is either held for
the purpose of generating long-term lease
revenue or capital gains or is used by the
Company and its subsidiaries for its
operations.
The Group measures investment and own-use
property at fair value. At 31 December 2021,
the book value of investment property of the
Company and the Group amounts to €74.1mn
and €41.3mn respectively and the book value
of own-use property amounts to €42.3mn and
€81.5mn respectively.
Fair value is determined by external valuers
and is based on prices prevailing in active real
estate markets, adjusted for any differences in
the physical condition or location of the
property being valued. To the extent that
active market prices are not available,
alternative methods are used that include the
use of prices in less active markets and
discounted future cash flows. Furthermore, in
determining fair value, additional external
factors such as rental rates for similar
properties, discount rates associated with each
tenant's operating activity, and current market
conditions, are considered.
This is considered a key audit matter because
of the:
• Relative size of the investment and
own-use property to the total assets of
the Company and the Group.
• Assumptions and estimates made by
management and their external valuers
in the valuation process.
• Sensitivity of valuations to key input
assumptions, specifically discount
rates and future rental income.
We obtained Management’s valuation reports for
the year ended 31 December 2021, that were
prepared by certified external valuers.
We compared the fair value of property to the
book values in the Company’s and the Group's
accounting records.
We evaluated and confirmed the independence,
objectivity and competence of the Company’s and
the Group’s certified external valuers.
We compared the fair values at 31 December 2021
with those at 31 December 2020 in order to assess
whether their change was in line with market
trends. For the properties that either contribute a
material value to the total book value of
investment and own-use property or that result in
significant fair value deviations, we obtained and
evaluated the valuation reports of Management’s
certified external valuers.
Our procedures with respect to the valuation
reports, also included:
• Assessing the appropriateness of the
methodologies used.
• Evaluating the key assumptions used,
based on current market information and
future expectations.
• We examined, on a sample basis, the
accuracy and relevance of the input data
used by Management’s certified external
valuers.
• With the support of our external real
estate valuation experts, from the total
population of properties, we focused on
those with the highest fair values, and we
determined that the resulting values are
within acceptable valuation ranges, based
on market information.
Notwithstanding the subjectivity associated with
determining valuations for individual properties
and the existence of alternative assumptions and
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Key audit matter The procedures performed to address the
key audit matter
For more information, refer to notes 2, 3, 7 and
9 of the financial statements.
valuation methods, our audit procedures
concluded that the valuations were based on
reasonable assumptions and appropriate data that
are consistent with the prevailing market
conditions.
We also found that the disclosures in the financial
statements are adequate and consistent with the
requirements of relevant accounting standards.
Other Information
The members of the Board of Directors are responsible for the Other Information. The Other
Information, which is included in the Annual Report in accordance with Law 3556/2007, is the
Statements of Members of the Board of Directors and the Report of the Board of Directors (but does
not include the financial statements and our auditor’s report thereon), which we obtained prior to the
date of this auditor’s report, and the “Sustainability Report 2021 of Autohellas Group”, which is
expected to be made available to us after 3/3/2022.
Our opinion on the separate and consolidated financial statements does not cover the Other
Information and except to the extent otherwise, explicitly stated in this section of our Report, we do
not express an audit opinion or other form of assurance thereon.
In connection with our audit of the separate and consolidated financial statements, our responsibility
is to read the Other Information identified above and, in doing so, consider whether the Other
Information is materially inconsistent with the separate and consolidated financial statements or our
knowledge obtained in the audit, or otherwise appears to be materially misstated.
We considered whether the Annual Report of the Board of Directors includes the disclosures required
by Law 4548/2018 and the Corporate Governance Statement required by article 152 of Law
4548/2018 has been prepared.
Based on the work undertaken in the course of our audit, in our opinion:
• The information given in the the Annual Report of the Board of Directors for the year ended at 31
December 2021 is consistent with the separate and consolidated financial statements.
• The Annual Report of the Board of Directors has been prepared in accordance with the legal
requirements of articles 150,151,153 and 154 of Law 4548/2018,
• The Corporate Governance Statement provides the information referred to items c and d of
paragraph 1 of article 152 of Law 4548/2018.
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In addition, in light of the knowledge and understanding of the Company and Group, “AUTOHELLAS
TOURIST AND TRADING SOCIETE ANONYME”, and their environment obtained in the course of the
audit, we are required to report if we have identified material misstatements in the Annual Report of
the Board of Directors and Other Information that we obtained prior to the date of this auditor’s
report. We have nothing to report in this respect.
When we read the “Sustainability Report 2021 of Autohellas Group”, if we conclude that there is a
material misstatement therein, we are required to communicate the matter to those charged with
governance and, depending on the case, to proceed in further action in compliance with relevant
legislation.
Responsibilities of Board of Directors and those charged with governance for the
separate and consolidated financial statements
The Board of Directors is responsible for the preparation and fair presentation of the separate and
consolidated financial statements in accordance with International Financial Reporting Standards, as
adopted by the European Union and comply with the requirements of Law 4548/2018, and for such
internal control as the Board of Directors determines is necessary to enable the preparation of separate
and consolidated financial statements that are free from material misstatement, whether due to fraud
or error.
In preparing the separate and consolidated financial statements, the Board of Directors is responsible
for assessing the Company’s and Group’s ability to continue as a going concern, disclosing, as
applicable, matters related to going concern and using the going concern basis of accounting unless the
Board of Directors either intends to liquidate the Company and Group or to cease operations, or has no
realistic alternative but to do so.
Those charged with governance are responsible for overseeing the Company’s and Group’s financial
reporting process.
Auditor’s responsibilities for the audit of the separate and consolidated financial
statements
Our objectives are to obtain reasonable assurance about whether the separate and consolidated
financial statements as a whole are free from material misstatement, whether due to fraud or error,
and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of
assurance but is not a guarantee that an audit conducted in accordance with ISAs will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered
material if, individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these separate and consolidated financial statements.
As part of an audit in accordance with ISAs, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:
12
• Identify and assess the risks of material misstatement of the separate and consolidated financial
statements, whether due to fraud or error, design and perform audit procedures responsive to
those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our
opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Company’s and Group’s internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting
estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of the Board of Directors use of the going concern basis of
accounting and, based on the audit evidence obtained, whether a material uncertainty exists
related to events or conditions that may cast significant doubt on the Company’s and Group’s
ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor’s report to the related disclosures in the separate and
consolidated financial statements or, if such disclosures are inadequate, to modify our opinion.
Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.
However, future events or conditions may cause the Company and Group to cease to continue as a
going concern.
• Evaluate the overall presentation, structure and content of the separate and consolidated financial
statements, including the disclosures, and whether the separate and consolidated financial
statements represent the underlying transactions and events in a manner that achieves fair
presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or
business activities within the Group to express an opinion on the consolidated financial
statements. We are responsible for the direction, supervision and performance of the Company
and Group audit. We remain solely responsible for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned
scope and timing of the audit and significant audit findings, including any significant deficiencies in
internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant
ethical requirements regarding independence, and to communicate with them all relationships and
other matters that may reasonably be thought to bear on our independence, and where applicable,
related safeguards.
From the matters communicated with those charged with governance, we determine those matters
that were of most significance in the audit of the separate and consolidated financial statements of the
current period and are therefore the key audit matters. We describe these matters in our auditor’s
report.
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Report on other legal and regulatory requirements
1. Additional Report to the Audit Committee
Our opinion on the accompanying separate and consolidated financial statements is consistent with
our Additional Report to the Audit Committee of the Company as provided by Article 11 of EU
Regulation 537/2014.
2. Appointment
We were first appointed as auditors of the Company by the decision of the annual general meeting of
shareholders on 25 April 2018. Our appointment has been renewed annually by the decision of the
annual general meeting of shareholders for a total uninterrupted period of appointment of 4 years.
3. Operating Regulation
The Company has an Operating Regulation in accordance with the content provided by the provisions
of article 14 of Law 4706/2020.
4. Assurance Report on the European Single Electronic Format
We have examined the digital files of the Company, which were compiled in accordance with the
European Single Electronic Format (ESEF) defined by the Commission Delegated Regulation (EU)
2019/815, as amended by Regulation (EU) 2020/1989 (hereinafter “ESEF Regulation”), and which
include the company and consolidated financial statements of the Company and the Group for the year
ended December 31, 2021, in XHTML format (213800DNMN314TEZPP87-2021-12-31-el.html), as
well as the provided XBRL file (213800DNMN314TEZPP87-2021-12-31-el.zip) with the appropriate
marking up, on the aforementioned consolidated financial statements.
Regulatory framework
The digital files of the European Unified Electronic Format are compiled in accordance with ESEF
Regulation and 2020 / C 379/01 Interpretative Communication of the European Commission of 10
November 2020, as provided by Law 3556/2007 and the relevant announcements of the Hellenic
Capital Market Commission and the Athens Stock Exchange (hereinafter “ESEF Regulatory
Framework”).
In summary, this Framework includes the following requirements:
• All annual financial reports should be prepared in XHTML format.
• For consolidated financial statements in accordance with International Financial Reporting
Standards, the financial information stated in the Statement of Financial Position, the Statement
of Profit or Loss, the Statement of Other Comprehensive Income, the Statement of Changes in
Equity and the Statement of Cash Flows should be marked-up with XBRL 'tags', according to the
ESEF Taxonomy, as in force. The technical specifications for ESEF, including the relevant
classification, are set out in the ESEF Regulatory Technical Standards.
14
The requirements set out in the current ESEF Regulatory Framework are suitable criteria for
formulating a reasonable assurance conclusion.
Responsibilities of the management and those charged with governance
The Management is responsible for the preparation and submission of the separate and consolidated
financial statements of the Company and the Group, for the year ended December 31, 2021, in
accordance with the requirements set by the ESEF Regulatory Framework, as well as for those internal
controls that Management identifies as necessary, to enable the compilation of digital files free of
material error due to either fraud or error.
Auditor’s responsibilities
Our responsibility is to plan and carry out this assurance work, in accordance with no. 214/4 /
11.02.2022 Decision of the Board of Directors of the Hellenic Accounting and Auditing Standards
Oversight Board (HAASOB) and the "Guidelines in relation to the work and the assurance report of the
Certified Public Accountants on the European Single Electronic Format (ESEF) of issuers with
securities listed on a regulated market in Greece" as issued by the Board of Certified Auditors on
14/02/2022 (hereinafter "ESEF Guidelines"), providing reasonable assurance that the separate and
consolidated financial statements of the Company and the Group prepared by the Management in
accordance with ESEF comply in all material respects with the applicable ESEF Regulatory
Framework.
Our work was carried out in accordance with the Code of Ethics for Professional Accountants of the
International Ethics Standard Board for Accountants (IESBA Code), which has been transposed into
Greek Law and in addition we have fulfilled the ethical responsibilities of independence, according to
Law 4449/2017 and the Regulation (EU) 537/2014.
The assurance work we conducted is limited to the procedures provided by the ESEF Guidelines and
was carried out in accordance with International Standard on Assurance Engagements 3000,
“Assurance Engagements other than Audits or Reviews of Historical Financial Information''.
Reasonable assurance is a high level of assurance, but it is not a guarantee that this work will always
detect a material misstatement regarding non-compliance with the requirements of the ESEF
Regulation.
15
Conclusion
Based on the procedures performed and the evidence obtained, we conclude that the separate and
consolidated financial statements of the Company and the Group for the year ended December 31,
2021, in XHTML format (213800DNMN314TEZPP87-2021-12-31-el.html), as well as the provided
XBRL file (213800DNMN314TEZPP87-2021-12-31-el.zip) with the appropriate marking up, on the
aforementioned consolidated financial statements have been prepared, in all material respects, in
accordance with the requirements of the ESEF Regulatory Framework.
Athens, 3 March 2022
The Certified Auditor Accountant
PricewaterhouseCoopers S.A.
Certified Auditors - Accountants
268, Kifissias Avenue
152 32 Halandri
SOEL Reg. No 113 Socrates Leptos-Bourgi
SOEL Reg. No 41541
Annual Financial Report 31.12.2021
16
C. ANNUAL BOARD OF DIRECTORS REPORT
Board of Directors Report for the period 01.01.2021-31.12.2021 for AUTOHELLAS TOURIST AND TRADING
SOCIETE ANONYME (hereinafter referred to as“ Company”), on the Consolidated and standalone financial
statements for the fiscal year 01.01.2021-31.12.2021.
This Management Report of the Company's Board of Directors concerns the fiscal year January 1st - December
31st, 2021 and provides summarized financial information on the annual financial statements and the results
of the Company and the Autohellas Group of Companies, and constitutesthe single report of Article 153(4)
Law 4548/2018 (hereinafter, the "Report"). The Report was prepared in accordance with the provisions of
Article 4 Law 3556/2007, the relevant decisions of the Board of Directors of the Hellenic Capital Market
Commission, the provisions of Articles 150 to 154 Law 4548/2018 and the relevant provision of the Law 4706.
The Report includes among other, information:
▪ On the financial position, the results aiming at giving a complete picture of the Company´s & the Group’s
performance during the period under examination, as well as on any changes that might have occurred.
▪ On any important event that took place during this fiscal year and on any impact that those events have
on the company’s financial statements,
▪ On any potential risks and uncertainties that might arise for the Company or the Group.
▪ On all transactions between the Company and related parties.
▪ On the Corporate Governance Statement.
▪ On the Non-Financial Disclosures
Autohellas Group of Companies (hereinafter referred to as the "Group") included in the consolidated financial
statements, other than the Company, the Subsidiaries and Associates/Joint Ventures that are further
presented in this report, under the sections titled “PARTICIPATIONS – CONSOLIDATED COMPANIES”.
THE GROUP AND ITS OPERATIONS
AUTOHELLAS Tourist and Trading Société Anonyme, with the distinctive title “Autohellas”, was incorporated
in Greece in 1962 and its shares are traded in the “Travel & Tourism” sector of the Athens Stock Exchange.
The Company’s registered office is at Viltanioti 31, Kifissia, Attica, Greece. The Company’s website address is
www.autohellas.gr .
The Company’s main activities are Short – term (Renting) and long term lease and Fleet Management. Renting
activities covers the needs of both individuals and companies for occasional, small duration rentals up to 1-
year long. Fleet Long term rentals (leasing) and fleet management refer to period above one year. Renting
and Fleet Management activities are further undertaken internationally through a number of subsidiaries in 7
countries in the Balkans, Cyprus and Ukraine.
Annual Financial Report 31.12.2021
17
The Company is HERTZ’ largest national franchisee in Europe. By virtue of agreement, Autohellas has the
exclusive right to use the Hertz brand name and trademark in Greece, to receive information and know-how
relating to the operation of car rental system, as well as any improvements in designing and implementing
rental services under the Hertz system. The Company has extended this right in 1998 until the 31st of
December 2023. This extraordinary, in duration, agreement has been granted to the Company as a result of
HERTZ’ successful representation in Greece during the past 30 years.
In May 2021, a 2-year extension of the right was signed, until December 31, 2025, so that there is a safe margin
of the right’s duration before the Company starts negotiations, after the end of the pandemic, for the long-
term renewal of the right.
In June 2021, the reorganization plan of Hertz Global Holdings was ratified by the Bankruptcy Court and its
capital restructuring process was successfully completed, recovering, with significantly stronger statement of
financial position and greater financial flexibility than before the COVID-19 pandemic, which led Hertz Global
Holdings to apply for subsumption to the Chapter 11 in May 2020. With new capital coming from its new group
of investors, Hertz Global Holdings reduced its corporate debt and significantly boosted its liquidity to finance
its operations and future growth.
Additionally, and in parallel with the Renting and Fleet Management activities, the Group undertakes car and
spare parts trading as well as after sales support activities in Greece through a number of Greek subsidiaries,
namely:
▪ “AUTOTECHNICA HELLAS S.A.” - The trade of new and used cars and the provision of after sales
support.
▪ "HYUNDAI HELLAS SA", "KIA HELLAS SA" and "TECHNOKAR SA",- The exclusive import and distribution
of new cars and spare parts of the brands SEAT, HYUNDAI and KIA respectively.
▪ "ELTREKKA SA" and its 100% subsidiary, "FASTTRAK S.A." - The import and distribution of aftermarket
car parts.
Following its acquisition in December 2017 of "HYUNDAI HELLAS SA" and "KIA HELLAS SA", along with
"TECHNOKAR SA", the Group's position in the car retail market has been strengthened significantly.
YEAR END – 2021 FINANCIAL RESULTS
The key financial highlights for the Company for the year ended 31 December 2021 are as follows:
▪ Turnover in 2021 reached €210.3mil. compared to €175.5mil. in 2020, recording a 19.9% increase
compared to the previous year.
▪ In particular, total turnover from the car rental business in 2021 reached €162.6mil. compared to
€128.7mil. in 2020, recording an increase of 26.3%, while the reselling of rented fleet in 2021 reached
€47.4mil. compared to €46.4mil. in 2020, recording an increase of 2.2%.
▪ In 2021 Profit before tax amounted to €44.1mil. compared to €20mil. in 2020, recording a 120.5%
increase, while Profit after tax amounted to €37.1mil. compared to €16.5mil. in 2020, recording a
125.4% increase.
▪ In 2021 Earnings before Tax, financial and investing activities and depreciation (EBITDA) amounted to
€119.7mil. compared to €93.9mil. in 2020, recording an increase of 27.5%.
Annual Financial Report 31.12.2021
18
The key financial highlights for the Group for the year ended 31 December 2021 are as follows:
▪ Consolidated turnover in 2021 reached €641.6mil. compared to €491.7mil. in 2020, recording a 30.5%
increase.
▪ In particular, consolidated turnover from car rental in 2021 reached €207.2mil. compared to
€165.7mil. in 2020, recording an increase of 25.1%, while the reselling of rented fleet in 2021 reached
€60.0mil. compared to €55.8mil. in 2020, recording an increase of 7.6%.
▪ Consolidated turnover from the Trade of cars, spare parts and services amounted to €374.4mil.
compared to €270.2 mil. in 2020, recording a 38.5% increase.
▪ In 2021 Profit before tax amounted to €44.1mil. compared to €20mil. in 2020, recording a 120.5%
increase, while Profit after tax amounted to €37.1mil. compared to €16.5mil. in 2020, recording an
increase of 125.4%.
▪ In 2021, consolidated Profit before tax amounted to €64.6mil. compared to 24.2mil. in 2020, recording
a 167.4% increase, while consolidated profit after tax amounted to 52.4mil. compared to 17.3mil in
2020, recording a 203.4% increase.
▪ In 2021 Earnings before Tax, financial and investing activities and depreciation (EBITDA) amounted to
€178.9mil. compared to €135.3mil. in 2020, recording a 32.2% increase.
FINANCIAL RATIOS
a) Growth Ratios
Group
Company
2021
2020
restated
(see Note 24a)
2021
2020
restated
(see Note 24a)
1. Turnover
30.5%
-11.5%
19.9%
-21.9%
2. Earnings Before Tax
167.4%
-57.9%
120.5%
-45.1%
The above ratios show the increase (or decrease) of sales and earnings before tax for both the company and
the group between 2021 and the previous year 2020.
b) Profitability Ratios
Group
Company
2021
2020
restated
(see Note 24a)
2021
2020
restated
(see Note 24a)
3. Profit before tax / Turnover
10.1%
4.9%
21.0%
11.4%
4. Profit after tax / Turnover
8.2%
3.5%
17.6%
9.4%
The above ratios present the final net profit before and after tax as a percentage of the company’s turnover.
Annual Financial Report 31.12.2021
19
Group
Company
2021
2020
restated
(see Note 24a)
2021
2020
restated
(see Note 24a)
5. Return on Equity
16.3%
6.3%
16.0%
8.1%
The above ratio shows the group’s and Company’s net income as a percentage of shareholder’s equity.
c) Financial leverage ratios
Group
Company
2021
2020
restated
(see Note 24a)
2021
2020
restated
(see Note 24a)
6. Bank Loans / Equity
1.23
1.50
1.55
1.77
The above ratios present bank loans as a percentage of total shareholders’ equity.
d) Financial structure ratios
Group
Company
2021
2020
restated
(see Note 24a)
2021
2020
restated
(see Note 24a)
7. Current Assets / Total Assets
25.3%
27.0%
14.9%
17.9%
This ratio shows the percentage of current assets on total Company assets.
Group
Company
2021
2020
restated
(see Note 24a)
2021
2020
restated
(see Note 24a)
8. Total Liabilities / Equity
2.00
2.21
2.19
2.33
This ratio reflects the Company’s financial sufficiency.
Group
Company
2021
2020
restated
(see Note 24a)
2021
2020
restated
(see Note 24a)
9. Tangible and intangible assets / Equity
1.59
1.75
1.47
1.54
This ratio shows what percentage of the Company’s own capital has been converted into assets.
Annual Financial Report 31.12.2021
20
Group
Company
2021
2020
restated
(see Note 24a)
2021
2020
restated
(see Note 24a)
10. Current assets / Current liabilities
0.69
0.91
0.43
0.67
This ratio reflects the Company’s liquidity.
ALTERNATIVE PERFORMANCE RATIOS (“APR”)
The Group uses Alternative Performance Ratios “APR” for decision making, strategic planning and
performance evaluation purposes. These ratios assist in improved and more complete understanding of
financial results of the Group and are considered along with financial results in accordance with IFRS.
Group
Company
2021
2020
restated
(see Note 24a)
2021
2020
restated
(see Note 24a)
11. Adjusted EBITDA
93,253,137
50,268,580
56,218,929
31,437,411
Adjusted EBITDA is, the EBITDA as it derives from the Financial Statements prepared in accordance with IFRS
less cars depreciation.
Reconciliation with financial statements:
Group
Company
2021
2020
restated
(see Note 24a)
2021
2020
restated
(see Note 24a)
EBITDA
178,876,365
135,322,441
119,706,133
93,892,501
Depreciation of cars
(85,623,228)
(85,053,861)
(63,487,204)
(62,455,090)
Adjusted EBITDA
93,253,137
50,268,580
56,218,929
31,437,411
Group
Company
2021
2020
restated
(see Note 24a)
2021
2020
restated
(see Note 24a)
12. Adjusted EBT
71,093,005
27,286,011
50,607,758
23,129,787
Adjusted EBT is EBT as it derives from the Financial Statements prepared in accordance with IFRS after
exclusion of one-off events occurred in the year which are not a result of the ordinary operations of the
Company. This ratio is used to present results just from usual operating activities of the Entity and the Group.
Annual Financial Report 31.12.2021
21
Reconciliation with financial statements:
Group
Company
2021
2020
restated
(see Note 24a)
2021
2020
restated
(see Note 24a)
Profit before income tax
64,585,271
24,152,556
44,100,024
19,996,330
Amortization of unwinding of discount and bond loan
costs
6,507,734
3,133,455
6,507,734
3,133,456
Adjusted EBT
71,093,005
27,286,011
50,607,758
23,129,786
Group
Company
2021
2020
restated
(see Note 24a)
2021
2020
restated
(see Note 24a)
13. Free Cash Flows
172,401,337
126,752,840
90,962,031
84,991,558
This ratio is used to present available cash from operating activities of the Entity and the Group before used
cars sales and before purchases of new rental cars for the year. This APR is used from the Group for better
evaluation of cash performance, debt repayment capacity and dividend distribution.
Reconciliation with financial statements:
Group
Company
2021
2020
restated
(see Note 24a)
2021
2020
restated
(see Note 24a)
Net cash generated from operating activities
70,707,651
119,506,333
13,144,864
86,706,141
Plus: Purchases of renting vehicles
187,301,239
105,758,269
153,774,706
85,752,775
Less: Finance leasing purchases of renting vehicles
(29,768,941)
(42,695,595)
(28,524,796)
(41,062,114)
Less: Sales of renting vehicles
(55,838,612)
(55,816,167)
(47,432,743)
(46,405,244)
Free Cash Flows
172,401,337
126,752,840
90,962,031
84,991,558
PARTICIPATIONS – CONSOLIDATED COMPANIES
i.Subsidiaries
Company
Headquarters
Ownership
interest held
AUTOHELLAS TOURIST AND
TRADING SOCIETE ANONYME
Kifissia, Attica
Parent
company
AUTOTECHNICA OOD
Sofia, Bulgaria
100%
(First consolidation on 30.09.2003, due to its
acquisition in 2003)
AUTOTECHNICA (CYPRUS) LIMITED
Nicosia, Cyprus
100%
(First consolidation on 31.12.2005, due to its
incorporation in 2005)
AUTOTECHNICA FLEET SERVICES
S.R.L.
Bucharest,
Romania
100%
(First consolidation on 31.03.2007, due to its
incorporation in 2007)
AUTOTECHNICA HELLAS S.A.
Kifissia, Attica
100%
(First consolidation on 31.03.2008, due to its
incorporation in 2008)-Note 8 to the Financial
Statements
A.T.C. AUTOTECHNICA (CYPRUS) LTD
Nicosia, Cyprus
100%
(First consolidation on 31.06.2008, due to its
incorporation in 2008)-Note 8 to the Financial
Statements
Annual Financial Report 31.12.2021
22
Company
Headquarters
Ownership
interest held
AUTOTECHNICA SERBIA DOO
Belgrade,
Serbia
100%
(First consolidation on 31.03.2010, due to its
incorporation in 2010)
AUTOTECHNICA MONTENEGRO
DOO
Podgorica,
Montenegro
100%
(First consolidation on 31.12.2010, due to its
incorporation in 2010)
AUTOTECHNICA FLEET SERVICES LLC
Kiev, Ukraine
100%
(First consolidation on 31.03.2015, due to its
incorporation in 2015)
AUTOTECHNICA FLEET SERVICES
DOO
Zagreb, Croatia
100%
(First consolidation on 30.06.2015, due to its
incorporation in Quarter 2 of 2015)
HYUNDAI HELLAS S.A.
Kifissia, Attica
70%
(First consolidation on 31.12.2017, due to its
acquisition on December 2017 through participation in
DERASCO TRADING LIMITED-Indirect Participation)
KIA HELLAS S.A.
Kifissia, Attica
70%
(First consolidation on 31.12.2017, due to its
acquisition on December 2017 through participation in
DERASCO TRADING LIMITED-Indirect Participation)
DERASCO TRADING LIMITED
Nicosia, Cyprus
100%
(First consolidation on 31.12.2017, due to its
acquisition in December 2017)
ELTREKKA S.A.
Kifissia, Attica
100%
(First consolidation on 31.05.2019, after acquiring
100% stake)
FASTTRACK S.A.
Kifissia, Attica
100%
Indirect participation through its consolidation in
ELTREKKA S.A.
TECHNOKAR S.A.
Kifissia, Attica
100%
(First consolidation on 01.07.2019, after spin-off)
KINEO S.A.
Kifissia, Attica
100%
(First consolidation on 31.03.2021, due to its
incorporation in 2021)
The consolidated financial statements of the company cover the company and its subsidiaries of the above
table a. (the Group). Subsidiaries are enterprises which are controlled by the parent. Subsidiaries are fully
consolidated from the date on which the control thereon is obtained and cease to be consolidated from the
date on which the control ceases.
ii.Associates/Joint Ventures
Company
Headquarters
Ownership
interest held
SPORTSLAND SPORT FACILITIES-TOURISM
AND HOTELS S.A. (Joint Venture)
Kifissia, Attica
50%
(First integration on 31.03.2008,
due to its incorporation in 2008)
CRETE GOLF S.A. (Associate)
Hersonissos,
Crete
45.033%
(First integration on 31.03.2015,
due to increase in Company’s
participation in its capital in 2015)
Associates are companies on which substantial influence is exercised. These companies are presented in the
consolidated financial statements using the equity method. Joint ventures are jointly controlled companies.
These companies are presented in the consolidated financial statements using the equity method.
Annual Financial Report 31.12.2021
23
In particular regarding associates and joint ventures:
The Company participates in the company “Sportsland SA”, with a participation percentage of 50%. Following
successive share capital increases, the Company's participation in the share capital of Sportsland SA. on
31.12.2021 amounts to € 6,830,000 (percentage 50%). The remaining 50% belonged on 31.12.2021 to
TOURISM ENTERPRISES OF MESSINIA S.A. (TEMES SA).
Autohellas holds an investment in the company Crete Golf S.A. with a percentage of 45.033% and after its
share capital increase that took place in May 2019 the investment amounts to € 9,502,281 having in its
ownership of 1,616,588 shares.
OTHER NON-CONSOLIDATED SIGNIFICANT PARTICIPATIONS
Finally, the Company maintains a significant stake in Aegean Airlines SA, 11.836%. With the referred company,
the Company has synergies, indicatively exclusive cooperation for the promotion of car rentals to its
customers.
BRANCHES
The Group maintains a total of 110 branches in Greece and abroad that cover the renting activity at the date
of publication of the Financial Statements. Due to increased seasonality during the summer season, the
operating branches increase depending on local demand. Also, the Group has 32 branches that cover the
needs of the car and spare parts trade.
PROSPECTS
2021 started presenting greater dynamic despite the limitations in transportation during the first four months.
Activities that are not related to tourism were enhanced by long term and monthly rentals, due to the efficacy
of the availability of the fleet used cars as well as to the significant growth in car sales activity both at the level
of Import / Distribution of cars, as well as at the level of Retail sale of cars and spare parts in Greece. The
enhancement of the Group’s economics continued in the first semester of 2021. The consumption recovery
as well as the increased shares that the Company achieved in its activities and services, concerning Greek
consumers and companies, oversubscribed the losses from the particularly weak touristic arrivals during the
second quarter.
The restart of the touristic activities from early June and specifically during the third quarter, led revenue and
profitability in higher levels than the respective ones in the pre-pandemic year. The Group invested early
enough in approximately 4,000 new cars for the short-term lease car fleet in Greece gaining significant market
shares in all of the main touristic areas in the country. At the same time, the car and spare parts sale had
exceptional dynamic despite the problems and delays that were observed in their supply chain.
Annual Financial Report 31.12.2021
24
For the year 2022 the emerging de-escalation of the pandemic, leading to the gradual lifting of restrictive
measures creates restrained optimism mainly for the course of tourism. Similarly, the resurgence of the
economy offers potential for further improvement in every sector where the Group is engaged.
i.Short and long-term leases in Greece
In 2021, the long-term lease started with optimism that the COVID-19 pandemic would be dealt with and that
normality would be reestablished. Unfortunately, the deficits in the global market due to the pandemic, also
affected the car production due to the known deficit of semiconductors. The delivery time of the cars was not
only extended but also the importing companies were unable to predict it, so scheduling was difficult.
Problems also emerged in the spare part imports which deteriorated the situation even more. Our experienced
personnel managed, under the unpresented circumstances, to face the challenge by making the most of the
diversity and the organization of the Group. The long-term lease, in the specific environment, managed to
increase its fleet and profits with a particularly high number of pending orders at the end of the year . The
synergies both with the sort-term lease and the rest of the Group companies, give to our customers the
certainty that their need will be met through the new products and programs we try to implement and evolve.
In 2022 we are optimistic for further increase of our figures. Despite the ongoing instability in the market due
to the reasons mentioned above, one of our main goals is to evolve our long-term lease for Individuals, to
increase and support our clients for the transitioning to electric cars with zero pollutants (cars and vans) and
the automatization of our procedures and systems. Our anthropocentric approach and communication and
the constant education of our employees always aim to the better service of our clients and provide them with
optimal solutions and services.
Regarding the short-term lease (Rent a Car) the initial assessment for the 2021 was confirmed and the first
four months were negatively affected from the internal restrictions in transportation, which seemed to
gradually improving after June.
The linear, steady improvement of touristic arrivals after June lead to a respective increase in the figures that
were much better than those of 2020, while by the end of Q3, the Company’s figures were close to those of
2019.
Important contribution in the yearly results:
A. The Company’s decision and ability to increase its short-term lease fleet immediately after the first
indications of the tourism resurgence,
B. The increased prices in renting that the Company was able to implement, in comparison to the past, in the
second semester, mainly due to the lack of cars in the RaC market.
C. The Company's commitment, starting from 2020, to the exploitation of the internal market through the
current and new approaches of the Greek public.
The pace at which the Company closed 2021 is predicted to be conserved in the first quarter of 2022, with the
pandemic still affecting transportation but in a smaller degree compared to last year. The indications for the
tourist season are currently promising and the possibilities of witnessing a season starting in April are
enhanced. The optimistic indications and the increased inbound air tickets indicate that the number of tourists
during the second semester will be similar to that of 2019, although we should be conservative while the
pandemic is present. The Company moves forward with a specific plan of investments concerning the renewal
and expansion of its fleet, the size of which depends on whether the positive indications will remain. If the
positive indications are validated then our prediction for 2022 will be that figures will improve compared to
the previous years, with the improvement coming to a large extent from the second quarter of the year
onwards.
Annual Financial Report 31.12.2021
25
The high service level, the further enhancement of investments regarding green fleet with zero pollutants and
the evolution of new products that will complete the Company’s services are still a priority.
ii.Cars and spare part sales and services
The import and sale of cars and providing services after sale, have increased its market share since the first
semester despite the problems which were created due to the shortage of semiconductors and in general of
raw materials. The decrease in the sale of cars and spare parts was eased by the positive performance of the
Group's Import Companies which were instantly adopted in order to restrain the negative impact.
As we can see in the first few months of 2022 and while there are enormous delays in the production chain,
our companies are adequately prepared to face the problem effectively.
By having the motive of differentiating in sales, new technologies in both the wholesale and retail, the
continuous investments in both the skills of the personnel and the collaborative network of the importing
companies and the increased governmental economic motives, the subsidiary companies of the import and
car sales are ready to fully take advantage of the transition towards electric transportation. Simultaneously,
there are further advancements in the providing services activity and in the used car secto.
iii.Short- and long-term rentals abroad
The subsidiary companies of the Company abroad, were affected in a similar manner by the pandemic. Each
country has a different competitor profile, different capabilities and market characteristics. In Croatia, Cyprus
and Montenegro where a significant part of our activities consists of rentals in airports, the negative effects
where bigger while in countries with more long-term lease like Bulgaria, Romania and Serbia the effects were
smaller. The end of the transport limitations during the second semester of 2021 which increased the short-
term lease as well as the emphasis on the sales of used cars contributed in improving results. Simultaneously
the infiltration in the local markets with the development of corporate rentals, aimed at small and medium
sized companies, is still the primarily goal in all countries. In 2022, expecting tourism to start earlier than the
previous year and combined with new corporate leasing products and services promoted in local markets, is
expected to be a year of further economic growth.
Annual Financial Report 31.12.2021
26
INFORMATION RELATED TO TREASURY SHARES
Following the Ordinary General Meeting of the Company's shareholders from July 15, 2020, under which a
program for the purchase of the Company's own shares was approved, in accordance with article 49 of Law
4548/2018 and the more specific terms set by this decision, as well as of the application and execution of this
decision of the Board of Directors of the Company of July 23, 2020, the Company has made in the fiscal year
2020 and 2021 successive acquisitions of its shares as follows:
Within the fiscal year 2020, a total of 394,071 own shares with a nominal value of € 0.08 each have been
acquired, with a total value of € 1,576,999, corresponding to 0.8104% of the Company's shares.
Within the fiscal year 2021, a total of 95,936 own shares with a nominal value of € 0.08 each have been
acquired, with a total value of € 715,443, corresponding to 0.1973% of the Company's shares.
The acquisitions were made through successive transactions, in accordance with the terms set by Law
4548/2018, Regulation (EU) 596/2014 and the Commission's Delegated Regulation (EU) 2016/1052 of 8 March
2016 and in general the applicable provisions of the stock exchange legislation, regarding the price and the
daily volume of the purchased shares and in any case with a purchase price within the defined limits of the
above decisions of 15.7.2020 and 23.7.2020 of the General Meeting and the Board of Directors of the Company
respectively.
It is noted that the Company previously held 230,236 shares with a nominal value of € 0.08 each, with a total
value of € 256.131 , corresponding to 0.4713% of the Company's share capital. These shares based on the
decision of 01.09.2021 Extraordinary General Meeting were canceled in accordance with article 49 of Law
4548/2018 with a consequent reduction of its share capital of €18,418.88 and a relevant amendment of article
3 (Share Capital) of its Articles of Association.
Therefore, in total as at 31.12.2021 the Company held 490,007 own shares with a nominal value of € 0.08
each, with a total value of € 2,292,442 corresponding to 1.0077% of the share capital.
USE OF FINANCIAL INSTRUMENTS
In November 2021 the Company proceeded to an Interest Rate Exchange Agreement for the amount of € 20m
with 30/06/2023 effective date and 28/06/2030 expiration date.
Annual Financial Report 31.12.2021
27
SIGNIFICANT EVENTS
The Company concluded a financing agreement of €180mil. with JPMorgan Chase through securitization of
receivables from long-term lease agreements. The financing is non-reducing and was intended to cover the
operating needs of the Company as well as the refinancing of existing borrowing.
MAIN RISKS AND UNCERTAINTIES
The section "Prospects" describes the impact of the COVID 19 pandemic on the Group's activities as well as
the management's assessment regarding the effects in 2021 and the estimate for 2022.
Additionally, the other risks and uncertainties that may affect the Group are described below.
i.Exchange rate risk
The Group, via its subsidiaries, is operating in Bulgaria, Romania, Cyprus, Serbia, Montenegro, Croatia and
Ukraine. The existing operations of the Group abroad refer both in short-term and long-term leases. Due to
these operations, the Group transacts with clients and suppliers outside the European Economic Area and
consequently holds assets and liabilities which are expressed in different currencies than the Euro, which is
the reporting currency of the Group. More specifically, the Group’s subsidiaries in Romania, Serbia, Croatia
and Ukraine have liabilities/assets in RON, RSD, HRK and UAH respectively. However, these subsidiaries do not
expose the Group into a material exchange rate risk due to their size and the currencies that they use.
ii.Interest rate risk
For the majority of its loans, the Group faces floating interest rates. It is noted that the Company and its
subsidiaries do not have interest-rate derivatives to hedge interest rate risk for floating interest rate loans
(Euribor).
iii.Credit risk
The Company does not have any substantial credit risk. Retail sales are mainly made through credit cards,
electronic banking transactions and to a very small extent in cash. Wholesales take place only after a thorough
check on the customer’s financial reliability has been conducted, and in most cases advance payments or
guarantees are obtained. In addition, the company and its subsidiaries pay close attention to its credit
collection period and act accordingly. Potential credit risk exists also for the Group's cash, but for the deposit
products are used recognized financial institutions with high credit standing. Additionally, in most of these
cases, the Group has debt obligations of a higher amount.
Annual Financial Report 31.12.2021
28
iv.Market price risk
With regard to Market Price Risk, the Company and consequently the Group as of 31.12.2021 is exposed to
the fluctuation Risk of the stock price of Aegean Airlines S.A. For 2021, and after the Company’s participation
in the increase of the share capital in Aegean Airlines S.A. in accordance with its participation of 11.836% there
was a positive effect of €761,924 on other comprehensive income of the Company and consequently of the
Group.
The Company and the Group is also exposed in used car price reduction risk. The Group’s ability to sell its used
car fleet could be reduced due to several reasons, including the macroeconomic environment, changes in the
operational model of the Rent a Car sector, regulatory changes (such as changes in taxation, in environmental
frameworks, as well as an over-supply of new cars in the market), that will result in a reduction towards the
demand of used cars and the subsequent reduction in their prices. The Company and the Group have been
dealing even to date with the risk of a reduction in resale prices through continuous market research and
marketability-based fleet configuration. At the same time, the Company is making adjustments to the
depreciation rates if required so that the residual book value does not deviate significantly from market prices.
Within 2021, the reduction of production and supply of new cars due to the lack of semiconductors and
generally raw materials led to an increase in the prices of used cars with a positive effect on the result of the
Company and the Group.
Finally, both the Group and the Company are exposed in property value changes. During the first semester of
2008 there has been a change in the valuation method of the company’s property which are no longer valued
based on their historical cost but on their fair value. In the end of 2010 the company revalued its property and
no decrease in total value has been recorded, on the contrary, an increase. In fiscal year 2012, property was
revalued and significant losses of € 16,504,166 were recorded. In 2013 there was another revaluation of the
company’s property and an additional loss of € 4,534,016 has been reported. In December 2017 there was
another properties revaluation. In investment properties an additional profit of € 1,583,598 has been reported
and in company’s own-used properties a loss of € 2,218,564. In December 2019, there was another revaluation
of the company’s properties. In investment properties there was an additional loss of € 1,061,125 and in own-
used properties a loss of €119,880. During December 2020 the revaluation gain for investment property was
€144,549 and €181,387 revaluation loss for the own-used properties. In December 2021, after the revaluations
of real estate, the revaluation gain for investment property was € 658,373 and € 293,837 revaluation loss for
the own-used properties.
v.Sales Seasonality
Rent-a-car sales (short – term rentals) are traditionally extremely seasonable in the Greek market, as they
depend heavily on tourist arrivals. It is indicative that 55% of total RaC sales in Greece, is generated during the
July – September period while this figure for the foreign countries stands at 42% for the summer months. As
a result, short – term sales can be affected substantially by events that have an impact on the tourism market,
especially if such events take place at the beginning of the season. A key factor in smoothing out seasonality
is sales for long-term car rentals, as they are evenly distributed over time. In particular, during 2021, due to
the lockdown of the first 4 months of the year and the delayed resumption of tourism activity since the
beginning of June, due to the pandemic, there was an increase in the contribution of short-term rental income
during the 3rd quarter of the year which amounted to 62% in the Greek market and 47% in the Group's
subsidiaries abroad.
Annual Financial Report 31.12.2021
29
RELATED PARTIES TRANSACTIONS
All transactions to and from related parties are made under standard market conditions. Significant
transactions with related parties as defined by IAS 24 (and in the case of legal entities controlled by them, as
defined by IAS 27) are described in detail in Note 36 of the Annual Consolidated and Company Financial
Statements for the year ended on December 31st, 2021.
The Company complied with the provisions of articles 99 to 101 of Law 4548/2018 for the transactions of the
Company from and to its related parties in their entirety.
Annual Financial Report 31.12.2021
30
CORPORATE GOVERNANCE STATEMENT
i.Corporate Governance Code
The Company applies the principles of corporate governance as defined by the relevant applicable legislative
framework,
The Company has voluntarily decided to apply the Hellenic Corporate Governance Code, which was issued in
July 2021 by the Hellenic Corporate Governance Council (hereinafter referred to as the "Code"). The Code is
adapted to Greek law and business reality and has been drafted on the basis of the principle of "compliance
or explanation". The Company had not adopted, for the closing fiscal year 2021, corporate governance
practices beyond the requirements of the legislation in force.
The Code can be found at the following Internet addresses in Greek and English respectively:
https://www.esed.org.gr/web/guest/code-listed
https://www.esed.org.gr/en/code-listed
This declaration defines the way in which the Company applies the Code and its deviations.
ii.Deviations from the Corporate Governance Code and justification thereof
The following are the cases and reasons why the Company deviated from the recommendations of the
Corporate Governance Code.
Hellenic Corporate Governance Code
Explanation of the reasons for non-compliance.
The company has a framework for filling positions and
succession of the members of the Board of Directors, in order
to identify the needs for filling positions or replacements and
to ensure each time the smooth continuation of the
management and the achievement of the company's
purpose.
The company ensures the smooth succession of the
members of the Board of Directors with their gradual
replacement in order to avoid the lack of management.
The succession framework shall in particular take into
account the findings of the Board of Directors evaluation in
order to achieve the required changes in composition or skills
and to maximize the effectiveness and collective suitability of
the Board of Directors.
The Company has recently proceeded to the
modification of the Board of Director’s synthesis, by
incorporating more independent non-executive
members than the number provided by the Law,
leading the ration between non-executive and
executive members at 6 to 4. In order for the further
development, the Company plans to illustrate the
framework concerning the filling of the positions and
succession plan of the Board of Directors members
within the current year, in order to facilitate the
implementation of the suitability policy established
and implemented as well as the utilization of the
results of the Board of Directors member’s valuation.
The contracts of the executive members of the Board of
Directors provide that the Board of Directors may require the
return of all or part of the bonus awarded, due to breach of
contractual terms or inaccurate financial statements of
previous fiscal years or in general based on incorrect financial
data, used for the calculation of this bonus.
There is no provision of such a term as there are no
contracts with the executive BoD members, apart
from one which has been signed since 1986, without
such a term. As a result, a relevant assessment can be
made based on the provisions of the Greek Law.
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Hellenic Corporate Governance Code
Explanation of the reasons for non-compliance.
The Board of Directors is supported by a competent, qualified
and experienced company secretary to comply with internal
procedures and policies, relevant laws and regulations and to
operate effectively and efficiently.
The company secretary shall be responsible, in consultation
with the President, for ensuring the direct, clear and
complete information of the Board of Directors, the inclusion
of new members, the organization of General Meetings, the
facilitation of communication of shareholders with the Board
of Directors and the facilitation of communication of the
Board of Directors with senior management executives.
The Company has not formally appointed a Company’s
Secretary, however an alternative practice is followed
based on which upper management in cooperation
with the Chairman have the responsibility of the
coordination of the Board of Director’s meetings as
well as the other responsibilities of the role. This
arrangement serves the Company for many years and
the communication between the shareholders and the
Board of Directors is performed smoothly.
However, due to the increased requirements of the
provision of the Corporate Governance Law, the
Company is planning the relevant appointment within
the year.
Other professional commitments of the members of the
Board of Directors (including significant non-executive
commitments to companies and non-profit organizations)
are notified before their appointment to the Board of
Directors and hereinafter in the corporate governance
statement. Changes regarding the above commitments are
reported to the Board of Directors as soon as they occur.
Although there is no requirement for the Board of
Directors members for stating other professional
commitments, the ability to fulfill their duties
according to their time available, is clearly a selection
criterion at the discretion of the Nomination and
Remuneration Committee and the Board of Directors,
which is being reviewed during the stage of the
interview with the candidate members. The degree of
their response to their duties is also subject of the
evaluation of the Board of Director’s Members.
Therefore, any possible risk is being minimized by the
above process.
The Company, in the process of adapting additional
internal policies and procedures within the new
corporate governance regime has updated and
expanded the information required by the candidate
members during their election process as well as the
duration of their term.
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iii.Composition and operation of administrative, management and supervisory bodies of the Company and
their committees
a) General Meeting of Shareholders
The General Meeting of the Company's shareholders, in accordance with its Articles of Association, is the
supreme governing body and decides on every corporate affair, while its legal decisions bind all shareholders.
The General Meeting of Shareholders is convened by the Board of Directors and meets at its headquarters at
least once every fiscal year at the latest until the tenth (10th) calendar day of the ninth month after the end
of the fiscal year, in order to decide on the approval of annual financial statements and for the election of
auditors. Based on the provisions of the article 10 par. 2 of the Company’s Charter, in the General Assembly
the shareholders, other persons entitled by the law to participate or some of them, can participate remotely
by audiovisual or other electronic means, if this is decided by the Board of Directors. The same can apply to
persons who attend the Shareholders’ General Meeting after the permission of the Chairman, in accordance
with article 127 par. 2 of law 4548/2018, provided that the Board of Directors provides this possibility, in
accordance with the previous paragraph, and the Chairman of the General Assembly approves it. The Board
of Directors determines by the aforementioned decision the details for the realization of the above in
accordance with the related provisions and taking sufficient measures to ensure the compliance with
provisions of article 125 par. 1 of law 4548/2018.
The General Meeting shall be convened at least 20 days prior to its holding by an invitation indicating the
building with the exact address, date and time of the meeting, the topics of discussion clearly, the shareholders
entitled to participate, as well as precise instructions for the way in which shareholders will be able to
participate in the meeting and exercise their rights in person or by proxy. The invitation shall be made public
as defined by the legislation and uploaded in Greek and English on the Company's website and shall indicate
further (a) the rights of minority shareholders referred to in Article 141 par. 2, 3, 6 and 7 of Law 4548/2018,
indicating the deadline within which any right may be exercised, or alternatively, the final date by which those
rights may be exercised, (b) the procedure for exercising the right to vote through a representative and in
particular the forms which the Company uses for this purpose, (c) determines the date of registration by law,
noting that only persons who are shareholders at that date have the right to participate and vote at the
General Meeting; (d) discloses the place where the full text of the documents and draft decisions provided for
by law are available, and (e) indicates the website address of the Company, where the information of par. 3
and 4 of Article 123 of Law 4548/2018, are available.
The members of the Board of Directors as well as the auditors of the Company are entitled to attend the
General Meeting, in order to provide information and briefing on issues of their competence, which are put
up for discussion, and on the questions or clarifications requested by the shareholders. Moreover, in the
meeting are attending the President of the Audit Committee as well as the Chief Internal Auditor. The
President of the General Meeting of the shareholders has sufficient time for the sumbmision of questions from
the shareholders. The President of the General Meeting may, under his responsibility, permit the presence at
the General Meeting of persons, who do not have a shareholder capacity or are not representatives of
shareholders, to the extent that this is not contrary to the Complany’s interest.
Decisions shall be taken by means of a vote in order to ensure that all shareholders participate in the results,
whether they attend the meeting in person or vote through an authorized representative.
The rights of the shareholders of the Company are defined in the Articles of Association and by Law 4548/2018,
are available.
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Communication with shareholders
The communication with the shareholders is ensured through the operation of the Investment Relations
Department of the Company, which implements the communication policy with the shareholders of the
Company. Included in the aforementioned department, the Company maintains a single Shareholders and
Corporate Communications Unit, which is responsible for the information and support of the shareholders
concerning the exercise of their rights and on the other hand makes the necessary announcements to the
investing public.
The Board of Directors has appointed the Head of the Shareholders and Corporate Communications
Department having as main tasks the direct, accurate and equal information of the Company's shareholders
as well as their support regarding the exercise of their rights, based on the applicable law and the Articles of
Association of the Company. Furthermore, regarding corporate communications, it is responsible for ensuring
the compliance of the Company with the current institutional framework and the communication of the
Company with the competent authorities, namely the Hellenic Capital Market Commission, the Stock
Exchange and other competent organizations.
Furthermore, the Company maintains an active website where useful information is posted for both
shareholders and investors under the responsibility of the head of the Shareholders and Corporate
Communications Department.
b) Board of Directors
Role of the Board of Directors.
The Board of Directors is the supreme executive body which, acting collectively, exercises the management of
the Company and exercises control over all its activities. The Board of Directors manages the corporate
property, represents the Company and decides on all issues that concern it with a view of promoting the
corporate purpose. The mission of the Board of Directors is to ensure the sustainability and smooth operation
of the Company, the correct and lawful management of its assets, the protection of the value of the
shareholders' investment, the defense of the corporate interest and the strengthening of the long-term
economic value of the Company. It is responsible for the complete and effective control of the Company's
activities and acts in accordance with the provisions of the law and the Articles of Association.
Composition of the Board of Directors.
In accordance with the Articles of Association of the Company, as in force, the Board of Directors may consist
of five to twelve members.
The Board of Directors is composed of executive, non-executive and independent non-executive members and
operates in accordance with the regulations governing its operation, the Charter of Operations of the
Company, the applicable legislation and the Articles of Association of the Company.
The members of the Board of Directors are elected by the General Meeting of the Company's shareholders,
which delineates their number within the limits provided by the Company's Articles of Association, as well as
its independent members, except in the case of replacement of missing members, in which case the Board of
Directors shall also decide in accordance with the law and the articles of association. The Board of Directors,
after its election, decides on the qualifications of its members as executive or non-executive, as well as on the
roles assigned to each of its members.
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Operation and Responsibilities of the Board of Directors.
The Board of Directors shall decide on any matter concerning the Company, shall formulate the corporate
strategy and shall perform any action except for those which, either by the laws governing the operation of
the Company or by the Articles of Association, fall under the responsibility of the General Meeting.
It operates in accordance with the applicable legislation, the Company's Articles of Association, the Company's
Charter of Operations, its Rules of Procedure, as well as the Company's policies, including the policy and
procedures for the prevention and treatment of situations of conflict of interest, the suitability policy of
members of the Board of Directors and the evaluation procedure of its members.
In addition, in order to provide sufficient information when making decisions regarding transactions between
related parties, including transactions of its subsidiaries, the Board of Directors has approved and applies a
procedure of transactions of related parties by both the parent company and the subsidiaries.
The procedure of transactions with related parties provides in particular:
▪ The legislative and regulatory framework with which the Company and its subsidiaries must comply;
▪ The responsibilities of the Company and its subsidiaries, as well as the roles and obligations of the
departments and directorates of the Company and its subsidiaries involved in the management of
transactions with related parties;
▪ Defining and identifying related parties;
▪ The procedure of managing and approving the conclusion of transactions with related parties;
▪ Cases of transactions excluded from the prior approval scheme;
▪ The legal notification procedures for concluding transactions with related parties.
In addition to the procedure concerning the transactions with related parties, the Company has adopted a
conflict of interest policy, which includes further procedures for the prevention of conflicts of interest in cases
of transactions with related parties, in order to avoid conflicts of interest of members of the Board of Directors,
as contracting parties in the relevant transaction.
Finally, the Company has established a policy of suitability of the members of the Board of Directors
(hereinafter referred to as the "Suitability Policy") which aims at ensuring quality staffing, efficient operation
and fulfillment of the role of the Board of Directors, based on the overall strategy and medium-term business
pursuits of the Company with a view to promoting the corporate interest. It includes the principles concerning
the selection or replacement of the members of the Board of Directors and the renewal of the term of office
of the existing members, the criteria for the assessment of the collective and individual suitability of the
members of the Board of Directors, the provision of diversity criteria.
The Suitability Policy is uploaded on the Company’s website (https://www.autohellas.gr/wp-
content/uploads/2021/07/POLITIKI-KATALLILOTITAS.pdf).
Chairman of the Board of Directors (Executive member)
The Chairman of the Board of Directors, who is an executive member, has the following indicative
responsibilities:
• Defines the items on the agenda of the meetings of the Board of Directors, ensures the proper organization
of the work of the Board of Directors, convenes a meeting of its members and directs its meetings.
• Presides over the Board of Directors, ensures the organization of its work and the effective conduct of
meetings.
• Represents the Company before any authority.
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• Facilitates the effective participation of the non-executive members of the Board of Directors in their work
and ensures constructive relations between them.
• Ensures the timely and correct information of the members of the Board of Directors, as well as its effective
communication with all shareholders, with a view to the fair and equal treatment of the interests of
shareholders.
• He / she assumes all the responsibilities assigned to him / her by the Board of Directors in case he / she is
executive.
Vice-Chairman of the Board of Directors (Independent Non-Executive)
As the Chairman of the Board of Directors is an executive member, the Vice-Chairman of the Board of Directors
is, in accordance with the Greek legislation, a non-executive member and in this case an independent non-
executive member. The Vice-Chairman of the Board of Directors is responsible for supporting the Chairman,
acting as a liaison between the Chairman and the members of the Board of Directors, coordinating the
independent non-executive members and leading the evaluation of the Chairman.
The independent non-executive vice-chairman shall not replace the Chairman in his / her executive duties.
Chief Executive Officer
The Chief Executive Officer reports to the Board of Directors and has the following indicative responsibilities:
• Ensures and controls the implementation of strategic decisions as defined by the Board of Directors and the
management of the Company’s affairs.
• Draws up the guidelines in the Company’s Directorates and oversees and ensures its smooth, orderly and
efficient operation, in line with the strategic objectives, operational plans and action plan as defined by the
decisions of the corporate bodies.
• Is responsible for the effective communication of the Board of Directors with the shareholders.
• Provides sufficient information to the Board of Directors regarding events and developments concerning the
Company.
• Coordinates and supervises the individual Directorates of the Company.
• Proposes the future strategy of the Company and evaluates the business opportunities presented.
Pursuant to the decision of the Extraordinary General Meeting of 01.09.2021 on the election of a new member
of the Board of Directors and of the Board of Directors on restructuring, the Board of Directors consists of 4
executive, 2 non-executive and 4 non-executive and independent members with a five year (5) term of office.
The following table presents the members of this Board of Directors, their capacity, as well as the start and
end dates of their current term of office. It is noted that the members of the current Board of Directors were
re-elected on 31.03.2021, except for Mr. Nikolaos Goulis, who was elected for the first time on the same date,
and Mrs. Polyxeni Kazoli, who was elected for the first time on 01.09.2021, when the Board of Directors was
reconstituted.
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NAME
CAPACITY
START OF
TERM
END OF
TERM
1. Emmanouela Vasilaki
Chairwoman of the Board of Directors, Executive Member
31.03.2021
31.03.2026
2. Marinos Yannopoulos
Vice-Chairman, Independent Non-Executive Member
31.03.2021
31.03.2026
3. Eftichios Vassilakis
Chief Executive Officer, Executive Member
31.03.2021
31.03.2026
4. George Vassilakis
Executive Member
31.03.2021
31.03.2026
5. Dimitris Mangioros
Executive Member
31.03.2021
31.03.2026
6. Garyfallia Pelekanou
Non-Executive Member
31.03.2021
31.03.2026
7. Spyridon Flengas
Non-Executive Member
31.03.2021
31.03.2026
8. Konstantinos Sfakakis
Independent Non-Executive Member
31.03.2021
31.03.2026
9. Nikolaos Goulis
Independent Non-Executive Member
31.03.2021
31.03.2026
10. Polyxeni Kazoli
Independent Non-Executive Member
01.09.2021
31.03.2026
The CVs of the Members of the Board of Directors of the Company have been posted on the Company’s
website at https://www.autohellas.gr/ependytikes-plirofories/etairiki-diakyvernisi/dioikitiko-symvoulio/
The aforementioned CVs reflects the knowledge, skills and experience required by the BOD to exercise its
responsibilities, in accordance with the suitability policy and the business model strategy of the Company.
It is noted that the criteria of independence of the article 9, of the Law 4706 are met by all the non-executive
members of the Board of Directors that have been appointed by the General Meeting of the Shareholders of
the Company.
Board of Directors Meetings
The Board of Directors shall meet either at the headquarters of the Company or by teleconference with regard
to some or all of its members, whenever the Law, the Articles of Association or the needs so require, and also
takes decisions without a meeting with the drawing and signature by all members of the relevant minutes.
The following table shows the participation of the members of the Board of Directors in the meetings, either
by physical presence or by teleconference, which took place during the fiscal year:
NAME
CAPACITY
Participation in
total meetings
Comments
1. Emmanouela Vasilaki
Chairwoman of the Board of Directors,
Executive Member
5/6
2. Marinos Yannopoulos
Vice-Chairman, Independent Non-Executive
Member
6/6
3. Eftichios Vassilakis
Chief Executive Officer, Executive Member
6/6
4. George Vassilakis
Executive Member
6/6
5. Dimitris Mangioros
Executive Member
4/6
6. Garyfallia Pelekanou
Non-Executive Member
6/6
7. Spyridon Flengas
Non-Executive Member
5/6
8. Konstantinos Sfakakis
Independent Non-Executive Member
6/6
9. Nikolaos Goulis
Independent Non-Executive Member
4/4
Commencement of term of
office 31.03.2021
10. Polyxeni Kazoli
Independent Non-Executive Member
1/1
Commencement of term of
office 01.09.2021
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It is noted that the total number of meetings held during the year was six (6) of which four (4) took place after
the election of the Board of Directors on 31.03.2021
Evaluation of the Board of Directors Members
The Board of Directors has established a procedure for the evaluation of the members in order to ensure the
effective functioning of the Board of Directors and the fulfillment of its role as the highest governing body of
the Company, responsible for the formulation of the strategy and the supervision of the management and
adequate control. The evaluation procedures and the frequency with which they are applied aim at the timely
identification of points that may need improvement, the appropriate information and the initiation of actions,
so as to ensure the effective functioning of the Board of Directors.
The members of the Board of Directors are evaluated annually: (a) on a collective basis, taking into account
the composition, diversity and effective cooperation of the members of the Board of Directors on the
fulfillment of their duties and (b) on an individual basis concerning the assessment the contribution of each
member to the successful operation of the Board of Directors, taking into account the status of the member
(executive, non-executive, independent), participation in committees, the assumption of specific
responsibilities / projects, the time devoted, the behavior and the use of the member’s knowledge and
experience.
In addition, through the evaluation of the effectiveness of the Committees of the Board of Directors, namely
the Audit Committee and the Nomination and Remuneration Committee, their contribution to the
constructive fulfillment of the support of the Board of Directors is assessed and evaluated.
Responsible for organizing the evaluation of the Committees of the Board of Directors are their Presidents.
Remuneration of the Board of Directors
The remuneration of the members of the Board of Directors, as well as their compensation, shall be
determined in accordance with the law governing the operation of the Company, and in particular the
provisions of Law 4548/2018, as well as in accordance with the applicable remuneration policy for the
members of the Board of Directors (hereinafter referred to as the "Remuneration Policy") as approved and /
or amended by the General Meeting of the Company's shareholders.
The members of the Board of Directors, the General Manager and the Deputy General Manager fall within the
scope of the Remuneration Policy. Its aim is to align the interests of the members of the Board of Directors
with the long-term interests, the business strategy and the sustainability of the Company and it defines the
framework within which the remuneration of the members of the Board of Directors, executive and non-
executive is determined.
For the total remuneration and compensation, pursuant to the provisions of the law annually, the
remuneration report as provided for by Law 4548/2018 is prepared, approved by the Board of Directors and
submitted to the Ordinary General Meeting for voting, and which, in view of its approval by the Ordinary
General Meeting is checked for completeness by the external auditors of the Company. The information on
the remuneration report shall also be examined by the Candidacy and Remuneration Committee, which shall
provide its opinion to the Board of Directors before submitting the report to the General Meeting.
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During the Ordinary General Meeting of shareholders that will take place within 2022 concerning the approval
of the financial results 2021, the Remuneration Report related to the paid remunerations to the Board of
Directors Members during 2021, will be submitted according to article 112 of Law 4548/2018 as well as the
Company’s Remuneration Policy of the Board of Directors.
The Remuneration Policy as well as the remuneration report is made available on the website of the Company
www.autohellas.gr.
c) Committees of the Board of Directors
(i) Audit Committee
The Audit Committee shall be composed of three (3) members, independent in their majority, and shall
operate in accordance with Article 44 of Law 4449/2017 as amended by Article 74 of Law 4706/2020, Articles
10, 15 and 16 of Law 4706/2020 and EU Regulation No 537/2014, the Hellenic Corporate Governance Code
that the Company has voluntarily adopted and the provisions of its Charter of Operations.
The Audit Committee operates in the aim of supporting the Company’s Board of Directors in the effective
fulfillment of its tasks related to financial information, the supervision of the internal audit system and the
regular audit of the Company.
The main tasks of the Audit Committee include, inter alia, the monitoring of the financial information process
and the submission of recommendations or proposals to ensure its integrity, the monitoring of the
effectiveness of the internal audit systems, risk management and internal audit of the Company and the
monitoring of the mandatory audit of the annual and consolidated financial statements of the Company and
its results.
The operating principles and tasks of the Committee are described in detail in its Charter which is available on
the Company’s website (https://www.autohellas.gr/ependytikes-plirofories/etairiki-diakyvernisi/epitropi-
elegxou/).
The current Audit Committee is an independent committee, consisting of two independent non-executive
members of the Board of Directors of the Company and a third, non-member of the Board of Directors, elected
by the General Meeting of the shareholders of the Company. The members of the Audit Committee are as
follows:
Konstantinos Sfakakis
Chairman of the Audit Committee,
Independent - Non-Executive Member of the Board of Directors of the Company
Eleni Igglezou
Member of the Audit Committee
Not a member of the Board of Directors of the Company
Marinos Yannopoulos
Member of the Audit Committee,
Independent - Non-Executive Member of the Board of Directors of the Company
Each of the above members meets the requirements of the Law and the Charter of the Audit Committee. In
particular, the members of the Committee as a whole have sufficient knowledge of the sector in which the
Company operates, while two of the three members, i.e. the majority of them, are independent of the
Company within the meaning of the provisions of Law 4706/2020. The criterion of adequate knowledge and
experience in audit and accounting is met by all members of the Audit Committee.
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39
The Audit Committee shall meet at regular intervals, at least four (4) times per year annually, and
extraordinarily when required. The meetings of the Audit Committee shall be attended by all its members. It
is at the discretion of the Audit Committee to invite, whenever appropriate, key executives involved in the
governance of the Company, including the CEO, the Director of Finance and the Head of the Internal Audit
Service, to attend specific meetings or specific topics of the agenda. The Audit Committee met eleven (11)
times during the fiscal year 2020 with all its members present (i.e. 100% participation rate).
Report on the activities of the Audit Committee for the fiscal year 2021
“Dear Shareholders,
This report was issued on the basis of the provisions of Law 4449/2017 as amended by Article 75 of
Law 4706/2020 and refers to the work of the Audit Committee (hereinafter referred to as the
“Committee”) for the period 1.1-31.12.2021, based on its responsibilities, as described in detail in its
Charter, which is available on the Company's website.
During the fiscal year ended, the Committee met eleven (11) times, and where it was deemed
appropriate, key executives and external certified auditors - accountants of the Company were
involved. Minutes were kept during the meeting, wherein the agenda items and any decisions of the
Committee were described.
More specificaly, the Committee proceeded to the following:
In relation to the external audit
-Reviewed and examined the procedure for carrying out the mandatory audit of the annual financial
statements of the Company and the Group for the fiscal year 2021 and the review of the first half of
2021, as well as the contents of the reports of the certified auditor. Specifically, it met four (4) times
with the certified auditor of the Company. Two times before the start of the audit procedures with a
view to informing the Committee and reviewing the audit plan of the external auditors and two times
after the completion of the audit and before the publication of the financial statements of the Group
to discuss any findings.
- Examined the key audit matters and the risks that could have an impact on the financial information
process, as they are mentioned in the Report of the independent certified auditor and informed the
Company’s Board of Directors about the result of the mandatory audit.
- Confirmed the independence of the certified auditor. The auditing firm PricewaterhouseCoopers
stated in writing its independence, as well as the independence of its executives involved in the
mandatory audit.
- Confirmed that the conditions for changing the certified auditor for the regular audit of the fiscal
year were not met and proposed the re-election of the auditing firm PricewaterhouseCoopers.
- Reviewed the total remuneration of external auditors for the audit work carried out. No non-audit
work was performed by the auditing firm PricewaterhouseCoopers.
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40
In relation to the financial information process
- Reviewed and evaluated the process of preparation of Financial Information, followed by the
Company during the issuance of the annual and semi-annual financial statements and informed the
Board of Directors accordingly.
- Reviewed and evaluated the process of drafting the Group's summary financial results for the first
and third quarters of the fiscal year.
- It was extensively informed through meetings by the competent bodies of the Management and the
certified auditors on the important audit issues, the important judgments, assumptions and estimates
in the preparation of the financial statements.
- It held meetings with the directors of finance of the Group companies, the internal audit officer, the
IT manager and other executives of the Company and was informed about important issues such as
the work plan of the IT department, the pending legal cases of the Group and the relevant provisions.
- It made recommendations to the Board of Directors on the six month and annual financial statements
based on the results of the audit work of the external auditors, the internal audit officer and the above
meetings.
In relation to the Internal Audit System, the Risk Management and Internal Audit Units.
- Reviewed and evaluated the work of the Internal Audit Unit as to the adequacy and effectiveness of
the audit carried out, was informed about all the audits carried out during the period under review,
their findings, the corrective actions agreed with the senior management and informed the Board of
Directors accordingly.
-Evaluated the staffing of the Internal Audit Unit and informed the Board of Directors accordingly.
- Reviewed and approved the annual audit program of the Internal Audit Unit, which was prepared
based on the main risks faced by the Group companies.
- Was informed, through a relevant written statement of the internal audit officer on the
independence of the internal audit unit.
- Evaluated the performance of the internal audit officer.
- Followed the process of compliance of the Company with the requirements of the Corporate
Governance Law 4706/2020 through the work of the Internal Audit Unit and meetings with the
competent executives of the Group and the external consultant who was entrusted with the provision
of consulting services related to the specific project.
- Reviewed and approved the revision of the Company's Charter of Operations and the Charter of the
Internal Audit Unit.
- Proposed to the Board of Directors the appointment of the Risk Management and Compliance
Officer.
-Reviwed and approved the Risk Management and Regulatory Compliance Framework, the Policy and
Procedure for the evaluation of the Internal Audit System before their approval by the Board of
Directors.
- It proceeded to the review and evaluation of the work of the Regulatory Compliance and Risk
Management Unit with a view to the adequacy and effectiveness of the Company’s risk management
procedure.
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41
In relation to the Sustainable Development Policy followed.
The Company, underlining the organization’s sincere commitment to the principles of Corporate
Responsibility and Sustainable Development, issued the Sustainable Development Policy, which was
approved within the year by the Board of Directors of the Company. The policy covers all the activities
of the Company and the Group in Greece and abroad and binds the Company and all its subsidiaries.
The fundamental commitments of corporate responsibility and sustainable development are defined
as follows:
-As regards the environment, the aim is to provide optimal services with a view to the protection of
the environment.
-In terms of human resources, trust in the personnel’s abilities and the development of their skills,
creating equal opportunities with respect to diversity.
-As regards society, the support of local communities with actions that contribute to meeting
expectations of local issues, concerns and expectations.
-With regard to the market, the commitment to continuously improve the products and services
provided
In addition, the Group proceeded to the analysis, identification and evaluation of the key issues related
to its activity, per Sustainable Development axis. The assessment of these issues was based on the
guidelines of the Global Reporting Initiative (GRI) Standards, the Sustainability Accounting Standards
Board (SASB) and the AA1000 Standard of the AccountAbility global consulting and standards firm and
is an important tool in the formulation and finalization of the annual action plan of the Group.
More detailed information on the performance of the Group in terms of corporate responsibility and
sustainable development, as well as the actions it implements per axis, will be presented in the Report
on Sustainable Development 2021 of the Autohellas Group, which will be available on the corporate
website.
Finally, it should be noted that during the completion of its duties, the Committee had unhindered
and full access to all information in order to carry out its tasks effectively.
FOR THE AUDIT COMMITTEE
THE CHAIRMAN
KONSTANTINOS SFAKAKIS”
(ii) Candidacy and Remuneration Committee
The Candidacy and Remuneration Committee shall assist the Board of Directors in relation to the nomination
of the members of the Board of Directors and the remuneration of the members of the Board of Directors and
the executives of the Company. It is appointed by the Board of Directors of the Company and consists of at
least three (3) non-executive members, of which at least two (2) are independent non-executive members.
The independent non-executive members of the Board of Directors shall always constitute the majority of the
members of the Committee.
Annual Financial Report 31.12.2021
42
The appointment of the Candidacy and Remuneration Committee of the Company was decided on 14.7.21
and consists of the following members:
1.Marinos Yannopoulos
President of the Committee,
Independent - Non-Executive Member of the Board of Directors of the Company
2.Nikolaos Goulis
Member of the Committee,
Independent - Non-Executive Member of the Board of Directors of the Company
3.Spyridon Flengas
Member of the Committee,
Non-Executive Member of the Board of Directors of the Company
The term of office of the Committee shall be the same as that of the Board of Directors, i.e. until 31.3.2026.
The Candidacy and Remuneration Committee shall meet at regular intervals, at least four (4) times annually,
and extraordinarily when required. Within the fiscal year it met four (4) times with all its members present
(i.e. 100% participation rate).
The Nomination and Remuneration Committee operates in accordance with its Charter of Operations, which
has been posted on the Company's website (https://www.autohellas.gr/ependytikes-plirofories/etairiki-
diakyvernisi/epitropi-ypopsifiotiton-apodoxon/).
Report on the activities of the Candidacy and Remuneration Committee
“Dear Shareholders,
The purpose of this report is to describe the actions of the Candidacy and Remuneration Committee
of the Company (hereinafter referred to as the "Committee").
The Committee was established by the decision of the Board of Directors dated 14.07.2021, pursuant
to the provisions of Law 4706/2020, was established in a body by its decision dated 19.07.2021 and
met four (4) times during the fiscal year with all members present. Minutes were kept during the
meeting, wherein the agenda items and any decisions of the Committee were described.
Through its meetings, the Committee reviewed the policies and procedures approved by the Board of
Directors of the Company related to its operation and responsibilities.
Furthermore, it evaluated the candidate for new member of the Board of Directors, Ms. Xenia Kazoli,
in view of the consideration of the General Meeting of Shareholders on 1.9.2021, where it examined:
-the detailed CV of that person, which includes information about his / her current and previous
activity, as well as his / her participation in the management positions of other companies or his / her
participation in other boards of directors and committees of boards of directors of legal persons;
-the conclusions from the personal interview with the above person conducted on 28/7/2021;
-the signed statement of the above person, according to which it is confirmed that it meets the
conditions of independence of Article 9 of Law 4706/2020;
-the results of the investigation carried out in the Company's share register, following a relevant
written confirmation from the Investor Relations Department, in order to ensure that the above
person does not hold a percentage of voting rights of more than zero point five (0.5%) of the share
capital of the Company;
-the results of the audit of the Company's register of contracts, as well as its accounting records and
books carried out by the Department of Finance and confirmed in writing at the request of the
Committee, in order to verify that this person does not receive any remuneration or benefits or has
with the Company another link that would create a dependency relationship that would make it non-
independent under the conditions of independence of Article 9 of Law 4706/2020.
After reviewing the above, the Committee prepared its evaluation report and communicated its
conclusions to the Board of Directors.
Annual Financial Report 31.12.2021
43
Finally, it has initiated the process of reviewing the questionnaires and finalizing the detailed
description of the procedure on the basis of which the evaluation of the members of the Board of
Directors and its Committees for the fiscal year of 2021 will take place.
FOR THE NOMINATION AND REMUNERATION COMMITTEE
THE CHAIRMAN
MARINOS YANNOPOULOS”
Information about the number of Company’s shares held by the BOD members as well as the upper
Management.
Name
Capacity
No of
shares
Emmanouela Vasilaki
BOD Chairwoman-Executive Member
122,316
Dimitrios Maggioros
Executive Member of BoD
21,720
Spiridon Flengas
Non-Executive Member of BoD
3,864
Antonia Dimitrakopoulou
Chief Financial Officer
2,800
Evangelos Fytalis
Commercial Director-Long term Rentals
38,624
Alexios Karamalis
Commercial Director-Short term Rentals
2,875
Panagiotis Karabourniotis
Chief Information Officer
4,000
Constantinos Siambanis
Accounting Manager
8,000
Zacharias Vitzilaios
IR Officer
844
The CVs of the Company’s executives can be found in the company’s site address: https://www.autohellas.gr/
Description of the diversity policy applicable to the Company's administrative, management and
supervisory bodies
The Company and the Group provide equal opportunities to all its employees and prospective employees, at
all levels of the hierarchy, and avoids all kinds of discrimination. The same policy of diversity and equality
applies to its administrative, management and supervisory bodies, in the effort to cultivate an environment of
equality and non-discrimination.
Management and employees are evaluated on the basis of their education and professional background,
knowledge of the subject of the Company and their leadership skills, experience and efficiency. Evaluation
decisions of all kinds are free from unlawful discrimination.
Annual Financial Report 31.12.2021
44
In the Board of Directors and in the Committees of the Company, the greatest possible diversity is sought, in
terms of gender, age and the educational and professional history of the members, as is also shown by what
was presented above regarding the Members of the Board of Directors and of the Committees. The objective
is to have within the Company pluralism of opinions, skills, knowledge and experience, which meet the
Company's objectives. The adoption and implementation of this policy results in the creation of a working
environment without discrimination and prejudice.
Further details regarding the diversity of the Company are set out in the chapter on Non-Financial Information.
iv.Description of the main characteristics of the Internal Audit and Risk Management Systems of the Company
in relation to the process of preparation of the financial statements.
Internal Audit System
The Internal Audit System is defined as the set of internal audit mechanisms and procedures, including risk
management, internal audit and regulatory compliance, which continuously covers every activity of the
Company and contributes to its safe and effective operation.
Under the responsibility of the Board of Directors, the Internal Audit System is periodically evaluated on the
basis of the approved evaluation policy and procedure followed by the Company. The policy shall include the
general principles concerning the scope and periodicity of the Iinternal Audit System audit, the scope of the
assessment, any significant subsidiaries that will be included in the evaluation, assignment and monitoring of
the results of the evaluation.
In addition, a relevant Internal audit System Evaluation Procedure is applied, which includes the individual
selection stages of the candidates to be evaluated by the competent body, the process of proposal, selection
and approval of the assignment of the evaluation by the competent body, as well as the competent person /
body responsible for monitoring and compliance of the agreed project.
In relation to the process of drafting the financial statements as key safety valves, the following are mentioned:
- Segregation of duties
- Determination of restricted access rights for users of the system, based on the tasks falling within their
responsibilities
- Existence of a group exclusively engaged in the preparation of financial statements of parent and
consolidated
- Conducting audits by Senior Executives of the Financial Director at each stage of preparation of the
financial statements
- Verifications and checks of the exported reports of various information systems
- Control of consolidation process
- Confirmation of trade receivables and liabilities by confirmation letters
- Regular and ad-hoc stock counts
- Competent and experienced executives
In addition to the above, the procedures followed during the preparation of financial statements and
relevant controls are subject to audit by the Company’s Internal Audit Unit.
Annual Financial Report 31.12.2021
45
Internal Audit Unit
The Internal Audit Unit is an independent organizational unit within the Company, with a view to monitoring
and improving the Company's functions and policies regarding its Internal Audit System. It is independent from
the other operational units of the Company and reports administratively to the CEO and functionally to the
Audit Committee, which is also its supervisory body.
The Head of the Internal Audit Unit is appointed by the Board of Directors of the Company, upon proposal of
the Audit Committee, is a full-time and exclusive employee, personally and functionally independent and
objective in the performance of his / her duties and has the appropriate knowledge and relevant professional
experience.
Each member of the Internal Audit Unit for the exercise of his / her duties must follow the applicable
legislation, the International Standards for the Professional Practice of Internal Auditing of the Institute of
Internal Auditors, the decisions of the Management and the Audit Committee, science and modern theory and
practice.
It also has to comply with the Code of Ethics of the Institute of Internal Auditors and is expected to apply and
defend the following principles:
• Integrity
• Objectivity
• Confidentiality
• Adequacy
Detailed description of the tasks and principles of operation of the Unit are included in the charter of
operations of the Unit approved by the Audit Committee and the Board of Directors of the Company.
Responsibilities of the Internal Audit Unit
The Internal Audit Unit has the following indicative responsibilities:
▪ Monitors, controls and evaluates in particular:
- The implementation of the Charter of Operations and the Internal Audit System, in particular
as regards the adequacy and correctness of the financial and non-financial information
provided, risk management, regulatory compliance and the Corporate Governance Code
adopted by the Company,
- Compliance with legislation,
- Quality assurance mechanisms,
- Corporate governance mechanisms; and
- Compliance with the commitments contained in the Company's prospectuses and business
plans concerning the use of funds raised from the regulated market.
▪ Issues reports to the audited units with the findings, the risks arising from them and the improvement
proposals, if any. The above reports, following the incorporation of the relevant views by the audited
units, the agreed actions, if any, or the acceptance of the risk of not taking action by them, the
limitations in its scope, if any, the final internal audit proposals and the results of the response of the
audited units of the Company to its proposals shall be submitted every three months to the Audit
Committee.
Annual Financial Report 31.12.2021
46
▪ Submits reports to the Audit Committee at least every three months, including its most important
issues and proposals, on the tasks referred to in (a) and (b) above, which the Audit Committee shall
present and submit together with its observations to the Board of Directors. In exceptional cases and
where circumstances arise, special reports shall be submitted upon the recommendation of the Audit
Committee. In general, the Head of the Internal Audit Unit has regular meetings and communication
with the Audit Committee to discuss issues within its competence, as well as problems that may arise
from internal audits.
▪ Plays a leading role in the implementation of the monitoring of the Internal Audit System of the
Company and examines the effectiveness of the existing safety valves
▪ The Head of the Unit submits to the Audit Committee an annual audit program and the requirements
of the necessary resources, as well as the impact of limiting the resources or the audit work of the unit
in general.
The annual audit program shall be prepared on the basis of an assessment of the risks of the Company, having
previously taken into account the opinion of the Audit Committee as well as on matters identified by the
Management and the Audit Committee.
In order to carry out the project, the Internal Audit Unit shall have access to any organizational unit of the
Company and shall be informed of any information required for the performance of its duties.
More specifically, during the performance of his / her duties, the Head of the Unit is entitled to be informed
of any book, document, file, bank account and portfolio of the Company and to have full and free access to
the records, physical facilities and personnel of the Company. He or she is entitled, in general, to be informed
of any data necessary for the exercise of his / her duties.
Compliance and Risk Management Unit
The Company has established a Risk Management and Regulatory Compliance Unit which is responsible for
the review of the risk identification and assessment process, the management and response procedures of
the Company to them and the procedures for monitoring the development of risks and on the other hand
establishes and applies appropriate and updated policies and procedures, in order to achieve in a timely
manner the full and continuous compliance of the Company with the applicable regulatory framework.
It consists of two arms which act as a single unit. The Risk Management and Regulatory Compliance Unit is
administratively subordinated to the CEO and reports to the Audit Committee.
Annual Financial Report 31.12.2021
47
Its main responsibilities regarding risk management are the following:
• Identifying, evaluating and reporting the most important risks, as well as finding appropriate methods to
minimize them.
• The preparation and renewal of the risk and safety register.
• Makes recommendations about the risk profile and risk appetite of the Company.
• Makes recommendations about risk management policies and procedures.
• Makes recommendations about the overall risk management strategy.
• Assesses capital requirements on existing and future risks.
• Submits risk assessment reports and other reports.
The Risk Management and Regulatory Compliance Unit, within its competence on regulatory compliance,
supports the Internal Audit Unit in the management of regulatory compliance risk. Supervises and coordinates
the compliance of the Company with the current institutional framework, the rules of the Hellenic Capital
Market Commission and other supervisory authorities, as well as the internal rules adopted.
The Risk Management and Regulatory Compliance Unit in the above framework essentially functions as a
second line defense unit of the rules and procedures for the timely and continuous compliance of the
Company with the applicable regulatory framework and its internal charter of operations.
The main responsibilities of the Risk Management and Regulatory Compliance Unit as regards the part of
regulatory compliance are the following:
• Establishes appropriate and up-to-date policies and procedures, in order to achieve in a timely manner the
full and continuous compliance of the Company with the applicable legal and regulatory framework and to
check the degree of achievement of this purpose.
• Monitors and controls on a continuous basis the Company’s compliance with regulatory and legislative
requirements.
• Supervises legislative and regulatory risk support procedures.
• Advises on regulatory issue.
v.The information required in cases c, d, f, h and i of par. 1 of Article 10 of Directive 2004/25/EC of the
European Parliament and of the Council of 21 April 2004 takeover bids, are stated below.
Information of Article 4 (par.7) L.3556/2007
a) Company’s share capital structure
By the decision of the Extraordinary General Meeting of Shareholders dated September 01, 2021, it was
decided to cancel 230.236 treasury shares of nominal value of EUR 0.08 each that the Company had acquired
and held by virtue of the decision of the Annual General Meeting of Shareholders of 24.4.2012 in accordance
with article 16 of the then applicable Law 2190/1920, with a consequent reduction of its share capital by the
amount of EUR 18,418.88. Following the above reduction due to the cancellation of the shares, the Company's
share capital now amounts to EUR 3,889,981.12, divided into 48,624,764 common registered shares with a
nominal value of €0.08 each.
Annual Financial Report 31.12.2021
48
The Company's shares are listed for trading in the Securities Market of the Athens Stock Exchange ("Medium
Capitalization" category).
The rights of the Company's shareholders arising from its share are proportional to the capital percentage
which the paid value of the share corresponds to. Each share confers all the rights provided by the law and
the Articles of Association of the Company, and in particular:
• Right to dividend from the Company's annual profits or liquidation proceedings. After the withholding of (a)
a statutory reserve from the Company's net profits in accordance with article 158 Law 4548/2018 and (b) other
credit items in the income statement, not derived from realized profits, and (c) the payment of the minimum
dividend of Article 161 Law 4548/2018, in accordance with a relevant decision of the General Meeting, the
remaining net profits, as well as any other profits that may arise and be distributed, in accordance with Article
159 Law 4548/2018, are distributed according to the definitions of the Articles of Association and the decisions
of the General Meeting. As to the remainder of issues of distribution of profits, the provisions of Law
4548/2018 apply, as in force;
• Right to take over the contribution at the time of liquidation or, respectively, the capital depreciation which
corresponds to the share, if decided by the General Meeting;
• Right of pre-emption to any increase in the share capital of the Company in cash and to the subscription of
new shares;
• Right to obtain a copy of the financial statements and reports of the auditors-certified accountants and the
Company’s BoD;
• Right to participate in the General Meeting, which is specialized in the following individual rights: legalization,
presence, participation in the discussions, and submission of proposals on items of the agenda, recording of
opinions in the Minutes and voting;
• The General Meeting of the Company’s Shareholders reserves all its rights during liquidation;
The liability of the Company's shareholders is limited to the nominal value of the shares they hold.
b) Restrictions on corporate shares’ transfer
Corporate shares are transferred as prescribed by the Law and there are no restrictions on their transfer
provided by its Articles of Association, especially as they are intangible shares listed on the Athens Stock
Exchange.
c) Significant, direct or indirect participations according to Article 4(7) Law 3556/2007
On 31.12.2021, the company under the name MAIN STREAM S.A. owned 61.16% of the total voting rights in
the Company. The above company is controlled by Mr. Eftichios Vassilakis.
d) Shares, conferring special control rights
There are no corporate shares, conferring special controlling rights to their holders.
Annual Financial Report 31.12.2021
49
e) Restrictions on voting rights
The Company's Article of Association does not provide for any restrictions on the voting rights, deriving from
its shares.
f) Agreements of Company’s Shareholders
The Company is not aware of existing agreements between its shareholders, which imply restrictions on the
transfer of its shares or on the exercise of the voting rights, deriving from its shares.
g) Rules for the appointment & replacement of BoD members and for amendments to the Article of
Association
The BoD consists of five to twelve members, elected by the General Meeting with a five-year term of office,
which cannot, in any case, exceed six years.
The rules laid down in the Article of Association of the Company for the appointment and replacement of BoD
members and for the amendment of its provisions are not different from the provisions of Law 4548/2018, as
in force and/or Law 3016/2002, as in force.
h) Competence of the BoD for the issuance of new or the purchase of own shares
Pursuant to the provisions of Article 24(1) Law 4548/2018, the BoD of the Company is entitled, following a
relevant decision of the General Meeting, subject to the disclosure formalities of Article 13 Law 4548/2018, to
increase the share capital of the Company, in whole or in part, through the issuance of new shares, by a
decision taken by a majority of at least two-thirds (2/3) of all its members. In this case, the share capital may
be increased by an amount which cannot exceed three times the existing capital at the date when the power
for a capital increase was granted to the BoD. The abovementioned BoD power may be renewed by the
General Meeting for a period not exceeding five years for each renewal granted. The validity of each renewal
commences from the expiry date of the previous one. The decisions of the General Meeting to grant or renew
the BoD power to increase the capital are subject to statutory disclosure.
Pursuant to Article 49(1) Law 4548/2018, the Company, either by itself or through an individual acting in
his/her own name but on behalf of the Company, may acquire its own shares already issued, but only after
approval by the General Meeting, which stipulates the terms and conditions of the foreseen acquisitions and,
in particular, the maximum number of shares that may be acquired, the validity period of the approval, which
may not exceed twenty-four (24) months and, in the case of acquisition for burdensome cause, the upper and
lower limits of the acquisition value. The decision of the General Meeting is subject to disclosure. These
acquisitions are made with the care of BoD members under the conditions of Article 49(2) Law 4548/2018.
Detailed information regarding the acquisition of treasury shares by the Company is provided in the section
above "INFORMATION RELATED TO TREASURY SHARES”.
i) Significant agreements that enter into force, are amended or expire in the event of change of control,
following a public offer
There are no agreements that enter into force, amended or expire in the event of a change in the Company's
control following a public offer.
Annual Financial Report 31.12.2021
50
j) Agreements with BoD members or Company personnel, regarding compensation in case of resignation,
etc.
There are no agreements between the Company and its BoD members or its personnel, which provide for
payment of compensation especially in case of resignation or redundancy without a reasonable ground or
termination of their term of office or employment due to a public offer.
k) Explanatory report on additional data of article 4 (par.7) law 3556/2007
Regarding the information of paragraph 9, we note the following events that took place during the period
01.01.2021 - 31.12.2021.
Significant direct or indirect participations
On 31.12.2021, the company under the name MAIN STREAM S.A. owned 61.16% of the total voting rights in
the Company. The above company is controlled by Mr. Eftichios Vassilakis.
DIVIDEND POLICY
Board of Directors proposal on the distribution of dividend to shareholders shall be submitted up to the date
of publication of the invitation to the Regular General Meeting.
SIGNIFICANT EVENTS AFTER 31.12.2021
• Since the reporting date and until the approval of the Financial Statements from the Board of Directors,
the Company has issued two (2) Bond Loans of aggregate value € 130 mil. aiming at refinancing existing
debt.
• The Group started operating in Ukraine in 2015 having the exclusive rights to use the Hertz brand name.
The activity in Ukraine has a turnover of only € 686,000, ie 0.1% of consolidated turnover. A similar
percentage applies for the Group’s total assets. Based on the aforementioned figures, any development
will not affect the financial figures of the Group
After the recent events in the country, the Group is in contact with its employees, having their safety as
its top priority.
We hope that there will be no duration or expansion in this situation, and that both the market and the
economy in general will remain relatively unaffected.
Annual Financial Report 31.12.2021
51
CORPORATE RESPONSIBILITY AND SUSTAINABLE DEVELOPMENT
In the Autohellas Group, our business activities are linked to the sense of responsibility that governs our
operations, as well as our continuous support to our employees, customers, suppliers, and partners. The
primary objective is that our business action creates added value for the community and the environment in
which we operate. With this in mind, the Autohellas Group operates responsibly, with the priorities of
continuous improvement and business excellence, from which the corporate objectives are derived. The
priorities set are as follows:
• Providing high quality services that meet the needs and expectations of our customers.
• Maintaining a modern working environment focusing on the safety, satisfaction, and empowerment
of employees in order to develop professionally and personally.
• The economic and social support of our country, as well as the local communities in which we operate,
through the continuous development of our business.
• Operating with the intention of continuously reducing the environmental footprint of our activities.
• Contributing to and empowering vulnerable social groups.
For continuous improvement in corporate responsibility and sustainable development, we set specific targets
and develop relevant key performance indicators (KPIs). In this context, we annually design and implement
responsible operations programmes and actions, which are presented in the following sections, and we also
provide reports on our environmental and social performance.
1. Our values
Autohellas' values reflect the philosophy, the character and the most important elements of the Group's long
history.
Integrity: We operate to the highest standards of ethics and conduct, applying best practices in all our
operations. Our core concern is that the value of integrity should govern the framework of our operations, as
well as our relationships with all stakeholder groups, fostering a climate of respect and trust.
Responsibility: We act responsibly and promote transparency in our relationships with all our stakeholders
and partners. We cultivate a culture of responsibility, creating all the conditions that allow us to operate with
respect for people, the natural environment and society, effectively addressing the challenges towards
sustainable development.
Customer-centric philosophy: We seek to respond directly to customer requirements, respecting their needs
and closely following market trends, we design and offer products and services of high standards and
quality. We act with sincerity and place particular emphasis on strengthening trusting relationships with our
customers and maintaining their satisfaction.
Annual Financial Report 31.12.2021
52
Teamwork: We promote collaboration and teamwork between colleagues, teams, and departments in all
aspects of our activities, with the aim of sharing knowledge and information. Through collegiality and
teamwork, we work relentlessly with the aim of continuous personal improvement and professional
performance.
2. Management of Sustainable Development issues
We incorporate in our business activities the principles of sustainable development, recognising that they form
the basis for both the long-term growth and development of the Group and the well-being of society as a
whole. In this context, we apply a Sustainable Development Policy, through which the Group's Management
ensures and commits itself to the positive impact of the operation of the Group's companies in the social,
human, labour, and environmental fields.
The following are defined as fundamental commitments to corporate responsibility and sustainable
development:
• In terms of the environment, the pursuit of optimal service provision with a view to its protection.
• In terms of human resources, confidence in the abilities of staff and development of their skills,
creating equal opportunities with respect for diversity.
• In terms of society, supporting local communities with actions that help mitigate local issues,
concerns, and aspirations.
• In terms of the market, a commitment to the continuous improvement of the products and services
provided.
2.1 Policies and Systems
The Group, with Sustainable Development in mind, has established and implements specific policies,
procedures and codes that frame its responsible operation. Specifically, the following policies and procedures
are applied:
• Sustainable Development Policy
• Internal Rules of Procedure
• Code of Conduct and Business Ethics
• Health and Safety Policy
• Autohellas Group Whistleblowing Policy (whistleblowing)
• Anti-Bribery/Bribery and Corruption Policy
• Anti-Money Laundering Policy
• Recruitment process for the recruitment of managers & Evaluation of their Performance
• Training policy for the members of the Board of Directors, the
directors, as well as other executives of the Company
• Procedure for disclosure of dependency relationships of independent non-executive members of the
Board of Directors and persons with close links to them
• Policy and procedures to prevent and deal with conflict-of-interest situations
• Policy - Procedure for Transactions with Related Parties
• Legislative and regulatory compliance framework
• Procedures related to the application of Regulation (EU) 596/2014 on market abuse and Law
3556/2007 on transaction reporting
• Process for evaluating the corporate governance system
• Evaluation policy of the internal audit system
• Procedure for evaluating the internal audit system
• Policy - Risk Management process
Annual Financial Report 31.12.2021
53
3. Business model
MAIN
PARTNERSHIPS
• Partners and
customers
• Suppliers
MAIN ACTIVITIES
• Short- and long-term
car rental in Greece
and abroad
• Import and
distribution of new
cars and spare parts
and distribution of
used cars
VALUE CREATION
& USE
Autohellas Group owns a
fleet of more than 46,000
vehicles and over 142
service points. The Group
offers comprehensive and
innovative solutions that
meet the needs of every
customer, every time and is
constantly innovating by
introducing and utilizing
new services and
technologies.
MAIN ELEMENTS OF THE
RELATIONSHIP WITH
CUSTOMERS
• High level of
customer service
with quality and
immediate response
to requirements
• Customer satisfaction
surveys
CUSTOMER
CATEGORIES
• Individuals
• Companies
and
businesses
• Public
institutions
MAIN RESOURCES
• Own fleet of vehicles and related
equipment
• Highly trained staff
• Proprietary facilities, workshops, and
body-shops
CHANNELS OF COMMUNICATION WITH
SUBORDINATES & PROSPECTIVE CLIENTS
• Group companies
• Group company websites
• Commercial Address
• Industry communication media
• Participation in conferences / exhibitions
• Advertising campaign
• Mass media
COST STRUCTURE
• Fleet upgrades
• Remuneration & other employee
benefits
• Cost of operating equipment
• Fleet costs and maintenance
• Staff training
REVENUE STRUCTURE
The Group’s revenues derive
from the exercise
of its activities.
Business model canvas generation by Alexander Osterwalder and Yves Pigneur
ADVANTAGES
• Immediate and
continuous customer
service
• Ongoing investment in
plant and equipment
•
• Continuous fleet
upgrade with hybrid and
electric cars
Annual Financial Report 31.12.2021
54
4. Customer-centric philosophy and customer satisfaction
At Autohellas Group we seek to maximize the satisfaction of our customers by maintaining continuous
communication with them, in order to systematically collect their opinions and any feedback through:
• Maintaining specialized customer service centres for the Autohellas Group companies, in order to
provide better, more direct, and effective customer service.
• Conducting a customer satisfaction survey of the Autohellas Group companies, with a different
implementation framework per company.
• A survey of a virtual customer (Mystery Shopper or "ghost customer"), in order to better and more
effectively evaluate the services provided by the Autohellas Group.
• The application of the Net Promoter Score (NPS) evaluation, as part of the investigation of customer
satisfaction in Hertz channels.
• The digital channels of direct communication with customers, as well as the websites of the Group's
companies.
In addition, through the Customer Service Department, customers can contact us daily, either by telephone
or by filling out the relevant online contact form on our website. The call centre is open 24 hours a day, 7 days
a week and can handle bookings and customer requests at any time. Finally, we develop an open dialogue
with the community and maintain a strong presence on social media, responding and informing immediately
about all developments and news concerning the Autohellas Group.
5. Good Corporate Governance
The benchmark of our daily operations is the implementation of the principles and policies of corporate
governance, which are dictated by Greek legislation, international practices and which constitute the
framework of corporate conduct of companies listed on the Athens Stock Exchange. Our ongoing objective is
to operate responsibly on the basis of these principles, while we strive to enhance transparency and
independence in our management and control methods.
5.1 Managing transparency, corruption, and data protection issues
Having as our primary concern to operate with transparency, respecting the codes of ethics and conduct, both
within the organisation and in our dealings with third parties, we are opposed to any form of corruption or
bribery.
We have adopted active control mechanisms and processes, which the Group abides by to avoid and prevent
corruption. An Internal Audit department operates in the Group along with a Risk and Compliance
Department, as already mentioned above. Indicative measures that are applied for the prevention of such
cases focus on security and data breach issues, clear and adequate segregation of duties between employees,
approval limits, absolute transparency in suppliers’ selection and protection of corporate assets.
The Group’s Code of Conduct sets the framework of principles and rules for achieving the best result in the
exercise of the activities of its Companies. It is based on best international practices, legal and regulatory
obligations but also on the application of high standards of corporate and social responsibility.
Annual Financial Report 31.12.2021
55
Moreover, the Group has drafted and implements an Anti-Bribery/Bribery and Corruption Policy and an Anti-
Money Laundering Policy. These policies are communicated to all employees.
We respect and protect the personal data of employees, customers, and partners by acting appropriately in
accordance with the applicable legal framework.
As a result of the abovementioned policies and processes, no case of corruption, bribery, abuse, fraud or
misconduct have been reported.
5.2 Whistleblowing Policy
We have adopted and implement a whistleblowing policy, under which employees can make name-based or
anonymous reports about misconduct. We have also established a framework for managing such reports, with
the aim of effectively assessing and investigating them.
5.3 Committees
Below is a summary of the Board of Directors' committees, which effectively assist the Board of Directors in
its duties.
Audit Committee: The main responsibilities of the Audit Committee include, among others, monitoring the
financial reporting process and making recommendations or proposals to ensure its integrity, monitoring the
effectiveness of the Company's internal control, risk management and internal audit systems, as well as
monitoring the statutory audit of the annual and consolidated financial statements.
Nomination and Remuneration Committee: The Committee is responsible for determining the Company's
requirements regarding the size and composition of the Board of Directors, proposing changes and/or
improvements where it deems necessary, determining the criteria for the nomination of candidates for the
Board of Directors, in accordance with the Company's policy on the suitability of the members of the Board of
Directors, ensuring compliance with the criteria of diversity and adequate gender representation on the Board
of Directors, as well as the broader organization and monitoring of the self-evaluation and/or independent
evaluation of the members of the Board of Directors and the Audit Committee.
5.4 Risk management
In Autohellas Group we identify and manage the risks arising from our activities effectively and in a consistent
manner, ensuring that the main risks are considered and recorded, along with appropriate mitigation
measures.
In addition, we have established a Risk Management and Regulatory Compliance Unit, which is responsible for
overseeing the process of identifying and assessing risks, managing, and responding to them and monitoring
the evolution of risks. At the same time, it implements appropriate and updated policies and procedures to
ensure ongoing compliance with the regulatory framework in force at any given time.
Annual Financial Report 31.12.2021
56
Major non-financial risks
▪ Covid-19 pandemic: The pandemic had a significant impact mainly on the Autohellas Group's short-
term leasing business related to tourist arrivals, due to the lockdown measures implemented and their
impact on macro- and microeconomic indicators.
▪ Health and safety at work: one of the most important risks associated with social and labour issues is
the health and safety of our workers. We implement specific safety management procedures in our
facilities and operations, systematically monitoring any occupational hazards.
▪ Climate change: The effects of climate change are the basis for the occurrence of:
- Transition risks, arising from the transition to a low-carbon economy, related to European and
global policy requirements. The Autohellas Group is continuously investing in renewing its fleet
with low-emission and more environmentally friendly vehicles, such as electric and hybrid
vehicles.
- Natural hazards, such as natural disasters and severe weather events. In Autohellas Group, we are
constantly taking new measures to mitigate these risks.
6. 6. Care for our people
We constantly ensure a safe and meritocratic working environment, without discrimination, while offering
opportunities for continuous training and development, equal opportunities for advancement, fair
renumeration, and additional benefits. We aim to maintain trusting relationships with our employees and
ensure optimal working conditions, with respect for human rights and diversity.
Geographical distribution of human resources
2020
2021
Prefecture of Attica
679
719
Prefecture of Thessaloniki
124
145
Rest of Greece
197
245
Total
1,000
1,109
Annual Financial Report 31.12.2021
57
Breakdown of human resources by gender and age category
2020
2021
<30
30-50
51+
<30
30-50
51+
Men
115
464
231
160
497
240
Women
22
118
50
35
125
52
Total
137
582
281
195
622
292
The Code of Conduct applied in Autohellas Group reflects the basic principles, the operating framework, and
our corporate culture, while its main objective is to build and promote relationships of mutual respect and
cooperation between employees and partners of the Group. The Code is a valuable tool for creating and
maintaining a meritocratic working environment.
6.1 Direct and open communication with employees
Open dialogue and direct information are key components of the Autohellas Group's communication model.
We ensure that employees are informed in a timely and accurate manner about policies, procedures, and any
changes, while encouraging dialogue. As part of our direct communication practice ("open door policy"),
indicative communication channels include daily departmental staff meetings and announcements through
email correspondences.
6.2 Education
The training and development of our people is a key pillar for achieving our strategic goals. To this end, we
train our employees by offering specialized seminars, tailored to the role and needs of each individual. The
training and development processes include the orientation of new colleagues and in this context, a
comprehensive presentation of the tasks they are going to undertake, as well as all the necessary information
for their smooth integration into the new working environment, is conducted by the heads of the respective
departments.
We also offer internship opportunities at our offices and facilities.
Annual Financial Report 31.12.2021
58
Human resources 2021
Total hours of training by category
of workers
Average hours of training per
category of workers
Men
Women
Total
Men
Women
Total
Executives – Station managers
364
124
488
6.4
10.3
7.1
Administration
468
210
678
1.1
1.1
1.1
Other employees
456
2
458
1.1
0.2
1.0
Total
1,288
336
1,624
1.4
1.6
1.5
6.3 Response to the Covid-19 pandemic
Since the beginning of the Covid-19 pandemic, we have made it our top priority to protect the health and
safety of our employees and partners. In order to ensure the containment of the spread of the pandemic as
well as the early diagnosis of cases, we have introduced weekly diagnostic tests by qualified personnel at
Autohellas Group’s headquarters. In addition, we offer our employees access to valid diagnostic centres by
assuming the associated costs of Covid-19 molecular detection tests whenever necessary.
Our practices are aligned with current National and European regulations, legal obligations and guidelines and
mainly concern the conduct of SARS Cov-2 screening tests, the extension of remote working, the provision of
health material and continuous information.
7. Health and safety at work
Ensuring appropriate working conditions and compliance with health and safety rules for the protection of our
people are long-standing priorities for Autohellas Group. This commitment is expressed through our Health
and Safety Policy.
In this direction, we aim at:
• Strengthening the safety culture through continuous training and awareness of our employees
• The assessment of health and safety risks and their mitigation
• The application of the precautionary principle
Health and safety indicators
2020
2021
Number of employee incidents (LTI)
4
3
Event frequency index (LTIFR)
7.3
4.1
Accident severity index (SR)
1.7%
2.1%
LTI (Lost Time Incidents): Number of incidents
LTIFR (Lost Time Injury Frequency Rate): (Number of Incidents / working hours)*10
6
AR (Absenteeism Rate): (Number of absent days from work due to any kind of weakness except for
accidents or sickness / working hours (%))
In order to ensure the proper implementation of health and safety practices, Autohellas Group cooperates
with an external provider for the above services. The effective recording, monitoring and management of
health and safety issues is carried out through personal interviews with employees by the Safety Technician
and the Occupational Physician.
In Autohellas Group, we have established and apply a specific procedure for the management and response
to dangerous incidents and accidents, regardless of their severity. In the event of an incident, we take the
necessary measures immediately and an investigation is conducted into the causes that led to it. In addition,
on an ongoing basis, we place particular emphasis on timely information for our employees, implementing
regular training courses.
Annual Financial Report 31.12.2021
59
8. Responsibility for the environment
With Sustainable Development in mind and with the primary objective of mitigating climate change, we make
every effort to reduce our environmental footprint, while we systematically invest in practices and
technologies that lead to the "green" transition and contribute to the reduction of atmospheric emissions.
Towards this end, we aim, in particular, at saving energy in our facilities and to create an increasingly "green"
fleet, reducing carbon dioxide emissions from vehicle use.
8.1 “Green” fleet
The transition to a climate-neutral, zero-greenhouse-emission economy by 2050 is becoming a priority for
societies and businesses worldwide, as it is a fundamental pillar of the European Union's action plan. Among
other things, particular emphasis is placed on the green transition and the environmental benefits of
sustainable mobility.
It is worth noting that the Autohellas Group invests systematically in the renewal of its fleet and in this context,
we have already started to implement our strategy for the integration of electric and plug-in hybrid - low-
emission and therefore, more environmentally friendly vehicles. In this context, we have already begun to
gradually introduce zero-carbon vehicles to the market through investments in PHEV (plug-in hybrid electric
vehicles) and BEV (battery-electric vehicles) technologies.
8.2 Environmental performance
Energy consumption
We systematically monitor energy consumption in our facilities, aiming at continuously reducing our
environmental footprint. During 2021, total electricity consumption in the organisation amounted to
6,357*MWh.
Atmospheric emissions
For 2021, the Autohellas Group's air pollutant emissions amount to 7,859 tnCO2/m22 eq., of which 40% comes
from electricity consumption, 60% from the use of our vehicle fleet. For the vehicles in our fleet, the average
CO2/km emission per vehicle stands at 113.07 gr.
Water consumption
Responsible water consumption is a key priority for the Group. We systematically monitor the activities that
require water use and take all necessary measures to ensure efficient water use and limit water consumption.
Waste management
Our goal is to reduce the waste generated by our activities and in this context, we apply management and
disposal practices, while we cooperate exclusively with appropriately licensed waste management companies.
In addition, the Group applies recycling procedures to the quantities of tyres, batteries and spare parts
produced at its workshop facilities.
Annual Financial Report 31.12.2021
60
Solid Waste by Category
Dangerous waste (tn)
2021
2020
Oil Filters
7.83
9.31
Solid waste contaminated with oils and lubricants
3.40
3.23
Empty packages with residuals of dangerous substances
0.34
1.14
Solvents with body paint colors
2.62
1.96
Antifreeze liquids
-
0.35
Brakes’ liquids
0.34
0.12
Used oils
175.90
182.29
Batteries
51.51
53.88
Total
241.94
252.28
Non – dangerous waste (tn)
2021
2020
Paper
3.27
0.27
Metals
73.21
43.00
Total
76.48
43.27
9. Social issues
Social needs’ awareness and commitment to social contribution is everyone's business. In Autohellas Group,
we actively support vulnerable social groups by offering donations and participating with sponsorships. In
addition, we show our practical support for sports organisations and make our customers aware of the
allocation of resources for charitable purposes. Our activities are directed along four main pillars, covering a
wide range of needs:
▪ Contribution to health protection
Within the last two years, we have supported foundations and organizations such as the "Flame"
Foundation, the "Pisti" Association, the "Doctors without Borders" organization and MDA Hellas.
Autohellas Group also made a donation of 500,000 euros to the Athens General Hospital
"Evangelismos", in memory of Theodoros Vassilakis, founder of Autohellas Group.
▪ Support for vulnerable social groups
We are developing a range of initiatives for vulnerable social groups and populations, and we take an
active interest in the social life of people with disabilities. Typical examples of the Group's social
contribution to vulnerable groups are the donations made to the Centre for Special Needs "Joy", the
"Friends of the Elderly" foundation, the "Smile of the Child", the Corfu Orphanage, the "Friends of
PIKPA Voula Penteli", the "Ark of the World", the Association of Friends of Children with Cancer
"Elpida", the "SOS Children Villages", as well as the Holy Monastery of Kalyviani.
Annual Financial Report 31.12.2021
61
▪ Supporting culture and education
We actively participate in the preservation and promotion of the country's cultural heritage through
financial support for such initiatives and actions. In 2021, we carried out additional financial support
actions to the association "Friends of Corfu", as well as to the charitable Foundation of Ioannou
Kostopoulos, whose goal is to strengthen and promote Greek history and culture. In addition, we
financially support a number of educational institutions, such as the Nikolaos and Dolis Goulandris
Foundation, the association "The Friends of the European Cultural Centre of Delphi", the Secondary
Education School Committee, etc.
▪ Support for local authorities
We support the Municipality of Kifissia and the Volunteer Rescue Team. During 2021, we also donated
cars to the Civil Aviation Authority.
10. 10. Two-way communication with stakeholders
For the Group, systematic and two-way communication with stakeholders is a key factor in the planning,
successful implementation and evaluation of its actions and programmes. These groups belong either to the
Group's internal environment (shareholders, employees, members of the Board of Directors and members of
the Committees) or to the external environment (investors, corporate customers (B2B), private customers
(B2C), dealerships (car dealers), suppliers, government authorities, local community, financial institutions,
SMEs) and are identified by the Group’s strategy.
Establishing relationships of mutual trust and constructive cooperation with stakeholder groups is a priority
for the Group and in this context we have established specific channels of two-way communication with them,
in order to record their concerns, their different expectations and requirements. Additionally, through this
communication, the topics that are communicated to the Group, inteact with corporate strategy and are
incorporated in Group’s objectives.
It must be noted that the communication channels and the main concerns of the stakeholders, as well as the
way that those are taken into account in corporate discussions and decision-making, are integrated in the
Group’s Annual Sustainability Report. The following topics are mentioned indicatively:
Stakeholders
Communication Channels
Main concerns
Shareholders
• Annual General Meeting
• Investor Relations
• Press Releases, announcements
• Presentations of financial results
• Annual Financial Statements
• Company website
• Growth and Profitability
• Reputation
• Sustainable development and compliance with
market regulation
• Corporate governance and business ethics
• Transparency in stakrholder relationships
• Risk Management
Communication Frequency: Monthly and whenever it is deemed necessary
Annual Financial Report 31.12.2021
62
Stakeholders
Communication Channels
Main concerns
Employees
• Information via the Company website
• Constant communication between
Management and Human Resources
• Information via email correspondence and
newsletter
• Training courses and events
• Preservation of job positions
• Fair renumeration and evaluation
• Health and Safety in the workplace
• Professional growth potential
• Communication with Management
• Transparency, open communication and
information
Communication Frequency: Daily
B2B Clients
• Customer Service
• Annual Customer Satisfaction Surveys
• Sales Team Meetings
• Social Media
• Email correspondences
• Provision of vehicles and sevices of high quality on a
constant basis
• Competitive prices
• Reliability
• Innovation and Technology
• Flexibility
• Personal Data protection
Communication Frequency: Daily
More specific information regarding the comunication channels and the main concerns of each stakeholder
group are provided in Autohellas Group’s 2021 Annual Sustainability Report, which will be available on the
company’s website https://www.autohellas.gr/.
11. 11. Substantive issues and contribution to the Global Goals for Sustainable Development
Autohellas Group proceeded with the analysis and identification of the essential issues related to its activity,
by Sustainable Development pillar. This process ranked the material issues according to their impact on the
Group's activity in relation to the degree of importance assigned by the stakeholders.
The assessment of these issues, which is based on the guidelines of the Global Reporting Initiative (GRI
Standards), the Sustainability Accounting Standards Board (SASB) sectoral reporting framework, as well as the
AA1000 standard of the international organisation AccountAbility, is an important tool in the formulation and
finalisation of the Group's annual action plan.
In addition, as we have recognised the importance of developing actions to contribute to the achievement of
the United nations Sustainable Development Goals (SDGs), we have linked our substantive issues to the SDGs.
12. Disclosures according to the European Taxonomy (EU Taxonomy)
Regarding provisions of European Taxonomy, the Group linking its financial operations with the activities
contained in the Regulation of EU Taxonomy (https://ec.europa.eu/sustainable-finance-taxonomy/), has
identified its activity as “6.5 Transport by motorcycles, passenger cars and light commercial vehicles” of the
economic activity sector “Transport”. The specific category, which concerns the mitigation and adaptation
goals to climate change, includes the Group's activities related to zero or low emission vehicles.
Annual Financial Report 31.12.2021
63
The below table presents the share of the Group’s turnover, capital expenditure (Capex) and operating
expenditures (Opex) for the reporting period 2021, which are associated with Taxonomy-eligible economic
activities, in accordance with Art. 8 Taxonomy Regulation and Art. 10 (2) of the Art. 8 Delegated Act.
Revenue
CAPEX
OPEX
€
%
€
%
€
%
Taxonomy-eligible economic
activities:
- 6.5 Transport by motorbikes,
passenger cars and light
commercial vehicles
44,915,229
3%
16,857,112
9%
1,798,782
2%
Taxonomy-non-eligible economic
activities
596,730,904
97%
170,444,127
91%
88,140,340
98%
Total
641,646,133
187,301,239
83,939,122
Revenue KPI: The proportion of Taxonomy-eligible economic activities in the total turnover has been
calculated as the part of net turnover derived from sales associated with Taxonomy-eligible economic
activities (numerator) divided by the net turnover (denominator).
CAPEX KPI: The specific KPI is defined as the fracture of the taxonomy eligible CAPEX (numerator) divided by
total Capex (denominator). Total Capex consists of additions to tangible and intangible fixed assets during the
financial year, before depreciation, amortisation and any remeasurements.
OPEX KPI: The specific KPI is defined as the fracture of the taxonomy eligible OPEX (numerator) divided by
total Capex (denominator). Operating expenditures includes expenses maintenance and repair and other
direct expenses relating to the assets.
Further information about the accounting policies of Autohellas Group are descibed in note 2 of the financial
statements.
2021The Group's Sustainable Development Report includes a more detailed presentation of the material issues, the respective performance indicators,
as well as their connection with the UN's Global Sustainable Development Goals (Agenda 2030).
NOTE:
The non-financial indicators 2021 presented in this report are in line with the Sustainability Reporting Guidelines of the
Global Reporting Initiative (GRI Standards). More detailed information on the Group's performance on corporate
responsibility and sustainable development issues, as well as the actions implemented by axis, will be presented in the
Autohellas Group's Sustainability Report 2021, which will be available on the corporate website
https://www.autohellas.gr/
Annual Financial Report 31.12.2021
64
With the above information, the Auditors’ Report, as well as the annual financial statements of December 31st
2021, we believe you have at your disposal all necessary documentation to proceed with the approval of the
annual Financial Statements for the fiscal year ending on December 31st 2021 and to approve the overall
management of the Board of Directors.
Kifissia, 02 March 2022
The Board of Directors
Emmanouela Vasilaki
President of the Board of Directors
Eftichios Vassilakis
Managing Director and Executive Member of
the Board of Directors
Annual Financial Report 31.12.2021
65
D. ANNUAL FINANCIAL STATEMENTS
Annual Financial Report 31.12.2021
66
I.STATEMENT OF FINANCIAL POSITION
Group
Amounts in Euro
Note
31.12.2021
31.12.2020
restated
(see Note 24a)
1.1.2020
restated
(see Note 24a)
ASSETS
Property, plant and equipment
7
Right-of-use assets
8
Investment property
9
Intangible assets & goodwill
10
Investments in associates and joint ventures
12
Deferred tax assets
13
Financial assets at fair value through other comprehensive
income
14
Financial assets at fair value through profit or loss
15
Trade and other receivables
16
Total non-current assets
Inventories
17
Trade and other receivables
16
Current tax assets
Cash and cash equivalents
18
Total current assets
Total assets
EQUITY
Share capital and share premium
19
Treasury shares
19
(2,292,442 )
(1,796,293 )
(219,294 )
Fair value reserves
20
Other reserves
21
Retained earnings / (Accumulated losses)
Equity attributable to owners of the parent
Non-controlling interests
Total equity
LIABILITIES
Borrowings
22
Lease Liabilities
23
Securitisation
33
Deferred tax liabilities
13
Post-employment benefits
24
Trade and other payables
25
Provisions
Total non-current liabilities
Trade and other payables
25
Current tax liabilities
Borrowings
22
Lease Liabilities
23
Securitisation
33
Provisions
Total current liabilities
Total liabilities
Total equity and liabilities
The notes on pages 74 to 143 are an integral part of these financial statements.
Annual Financial Report 31.12.2021
67
Company
Amounts in Euro
Note
31.12.2021
31.12.2020
restated
(see Note 24a)
1.1.2020
restated
(see Note 24a)
ASSETS
Property, plant and equipment
7
Right-of-use assets
8
Investment property
9
Intangible assets & goodwill
10
Investments in subsidiaries
11
Investments in associates and joint ventures
12
Financial assets at fair value through other comprehensive
income
14
Financial assets at fair value through profit or loss
15
Trade and other receivables
16
Total non-current assets
Inventories
17
Trade and other receivables
16
Current tax assets
Cash and cash equivalents
18
Total current assets
Total assets
EQUITY
Share capital and share premium
19
Treasury shares
19
(2,292,442 )
(1,796,293 )
(219,294 )
Fair value reserves
20
Other reserves
21
Retained earnings / (Accumulated losses)
Total equity
LIABILITIES
Borrowings
22
Lease Liabilities
23
Securitisation
33
Deferred tax liabilities
13
Post-employment benefits
24
Total non-current liabilities
Trade and other payables
25
Current tax liabilities
Borrowings
22
Lease Liabilities
23
Securitisation
33
Total current liabilities
Total liabilities
Total equity and liabilities
The notes on pages 74 to 143 are an integral part of these financial statements.
Annual Financial Report 31.12.2021
68
II.STATEMENT OF PROFIT OR LOSS
Group
Company
Amounts in Euro
Note
2021
2020
restated
(see Note 24a)
2021
2020
restated
(see Note 24a)
Revenue
26
Cost of sales
27
(503,710,248 )
(412,351,673 )
(150,786,395 )
(144,961,553 )
Gross profit
Distribution costs
27
(33,971,237 )
(25,064,863 )
(2,477,039 )
(1,677,123 )
Administrative expenses
27
(34,878,849 )
(28,327,082 )
(13,068,158 )
(9,426,005 )
Net impairment losses on financial
assets
(34,983 )
Other income
29
Other gains / (losses) - net
30
(391,061 )
Operating profit
Finance income
31
Finance costs
31
(14,540,239 )
(15,416,284 )
(11,156,183 )
(11,340,754 )
Amortization of unwinding of discount
and bond loan costs
31
(6,507,734 )
(3,133,455 )
(6,507,734 )
(3,133,456 )
Finance costs - net
31
(19,075,056 )
(16,713,560 )
(16,039,543 )
(13,009,935 )
Share of profit / (loss) from equity-
accounted
investees
12
(278,794 )
(537,815 )
Profit before income tax
Income tax expense
32
(12,155,918 )
(6,869,329 )
(6,983,982 )
(3,527,834 )
Profit for the year
Profit for the year is attributable to:
Owners
Non-controlling interests
Earnings per share
Basic and diluted
37
EBIT / EBITDA Reconciliation
Group
Company
Amounts in Euro
2021
2020
restated
2021
2020
restated
Profit for the year
(+) Investment activities (dividends and fair value
movements from investment property and other
investments)
(8,164,536 )
(5,963,162 )
(+) Finance costs / (income) - net
(+) Amortization of unwinding of discount and
bond loan costs
(+) Income tax espense
Earnings before tax, interest & investment
activities (EBIT)
(+) Depreciation and amortisation
Earnings before tax, interest & investment
activities, depreciation & amortization (EBITDA)
The notes on pages 74 to 143 are an integral part of these financial statements.
Annual Financial Report 31.12.2021
69
III.STATEMENT OF OTHER COMPREHENSIVE INCOME
Group
Company
Amounts in Euro
Not
e
2021
2020
restated
(see Note 24a)
2021
2020
restated
(see Note 24a)
Profit / (loss) for the year
Items that will not be reclassified to profit or
loss
FVOCI financial assets - fair value gains/losses
(27,067,651 )
(27,067,651 )
Gain / (loss) on revaluation of property, plant and
equipment - gross
Gain / (loss) on revaluation of property, plant and
equipment - tax
(1,354,511 )
(355,643 )
(540,320 )
(122,622 )
Remeasurements of post-employment benefit
obligations - gross
24
(31,119 )
Remeasurements of post-employment benefit
obligations-tax
(353,200 )
(9,980 )
(7,900 )
(5,847 )
Other comprehensive income for the year, net
of tax
(25,897,852 )
(26,660,833 )
Total comprehensive income for the year
(8,614,625 )
(10,192,337 )
Total comprehensive income for the year is
attributable to:
Owners
(10,112,161 )
(10,192,337 )
Non-controlling interests
(8,614,625 )
(10,192,337 )
The notes on pages 74 to 143 are an integral part of these financial statements.
Annual Financial Report 31.12.2021
70
IV.STATEMENT OF CHANGES IN EQUITY
Group
Amounts in Euro
Note
Share capital
and share
premium
Treasury
shares
Fair value
reserves
Other reserves
Retained
earnings
Non
controlling
interest
Total equity
1 January 2020 (as published)
(219,294 )
Decision of the IFRS Interpretations Committee -
Measurement of the post-employment benefits
provision (see Note 24a)
-
1 January 2020 (restated)
(219,294 )
Profit for the year (restated - see Note 24a)
Other comprehensive income (restated - see
Note 24a)
(25,932,333 )
(25,897,852 )
Total comprehensive income for the year
(25,932,333 )
(8,614,625 )
Acquisition of treasury shares
19
(1,576,999 )
(1,576,999 )
Other
(1,274 )
(1,274 )
Dividends paid
(11,183,696 )
(11,183,696 )
Total transactions with owners
(1,576,999 )
(11,184,970 )
(12,761,969 )
31 December 2020 (restated)
(1,796,293 )
1 January 2021
(1,796,293 )
Profit / (loss) for the year
Other comprehensive income
(342,893 )
Total comprehensive income for the year
Acquisition of treasury shares
19
(715,443 )
(715,443 )
Treasury shares sold/cancelled
19
(18,419 )
(200,875 )
Correction of prior years
(286,615 )
(286,615 )
Dividends paid
(11,087,784 )
(11,087,784 )
Total transactions with owners
(18,419 )
(496,149 )
(11,575,274 )
(12,089,842 )
31 December 2021
(2,292,442 )
The notes on pages 74 to 143 are an integral part of these financial statements.
Annual Financial Report 31.12.2021
71
Company
Amounts in Euro
Note
Share capital
and share
premium
Treasury shares
Fair value
reserves
Other reserves
Retained earnings
Total equity
1 January 2020 (as published)
(219,294 )
Decision of the IFRS Interpretations Committee -
Measurement of the post-employment benefits
provision (see Note 24a)
1 January 2020 (restated)
(219,294 )
Profit / (loss) for the year (restated)
Other comprehensive income (restated)
(26,679,348 )
(26,660,833 )
Total comprehensive income for the year
(26,679,348 )
(10,192,337 )
Acquisition of treasury shares
19
(1,576,999 )
(1,576,999 )
Dividends paid
(11,183,696 )
(11,183,696 )
Total transactions with owners
(1,576,999 )
(11,183,696 )
(12,760,695 )
31 December 2020 (restated)
(1,796,293 )
1 January 2021
(1,796,293 )
Profit / (loss) for the year
Other comprehensive income
(39,019 )
Total comprehensive income for the year
Acquisition of treasury shares
19
(715,443 )
(715,443 )
Treasury shares sold/cancelled
19
(18,419 )
(200,875 )
Dividends paid
(11,087,784 )
(11,087,784 )
Total transactions with owners
(18,419 )
(496,149 )
(11,288,659 )
(11,803,227 )
31 December 2021
(2,292,442 )
The notes on pages 74 to 143 are an integral part of these financial statements.
Annual Financial Report 31.12.2021
72
V.STATEMENT OF CASH FLOWS
Group
Company
Amounts in Euro
Note
2021
2020
restated
(see Note 24a)
2021
2020
restated
(see Note 24a)
Profit before income tax
Adjustments for:
Depreciation of property, plant and equipment and
right-of-use assets
7
Amortisation of intangible assets
10
Fair value (gains) / losses of investment property
9
(658,373 )
(144,549 )
Impairment of property, plant and equipment
7
Provisions
Dividend income
29
(7,800,000 )
(6,000,000 )
(Profit) / loss on disposal of PPE
7
(12,515,214 )
(14,081,317 )
(17,039,756 )
(11,353,942 )
(Profit) / loss on disposal of investment property
9
(Profit) / loss from associates
12
(Profit) / loss from joint ventures
12
Finance costs - net
31
Exchange (gains) / losses
(185,632 )
Other non-cash transactions
(35,857 )
(7,714 )
(47,747 )
Changes in working capital
Decrease / (increase) in inventories
17
Decrease / (increase) in trade and other
receivables
16
(19,943,668 )
(17,969,987 )
Increase / (decrease) in trade and other payables
25
(21,487,716 )
(6,905,455 )
Purchases of renting vehicles
(187,301,239 )
(105,758,269 )
(153,774,706 )
(85,752,776 )
Finance leasing purchases of renting vehicles
Sales of renting vehicles
Increase / (decrease) in provisons
(903,055 )
Increase / (decrease) in post employment benefits
24
(768,096 )
(54,503 )
(694,672 )
(243,761 )
Other non-cash transactions
(22,013 )
(77,156,120 )
(76,552,956 )
Cash generated from operations
Interest paid
(15,250,721 )
(13,411,110 )
(11,507,254 )
(9,514,790 )
Income tax paid
(3,810,704 )
(982,661 )
(1,988,313 )
(184,005 )
Net cash generated from operating activities
Annual Financial Report 31.12.2021
73
Group
Company
Amounts in Euro
Note
2021
2020
restated
(see Note 24a)
2021
2020
restated
(see Note 24a)
Cash flows from investing activities
Payments for acquisition of subsidiaries
11
(600,000 )
(205 )
Payments for acquisition of joint ventures
12
(250,000 )
(170,000 )
(250,000 )
(170,000 )
Payments for other investments
(1,000,055 )
(500,055 )
Payments for property, plant and equipment
7
(10,311,126 )
(7,938,720 )
(1,485,878 )
(1,016,742 )
Payments for intangible assets
10
(154,526 )
(165,762 )
(120,709 )
(97,769 )
Proceeds from sale of PPE
7
Interest received
31
Dividends received
29
Net cash (used in) / generated from investing
activities
(1,694,868 )
Cash flows from financing activities
Purchases of treasury shares
(8,342,133 )
(1,576,999 )
(8,342,133 )
(1,576,999 )
Repayments of borrowings
(267,959,758 )
(146,857,178 )
(209,762,950 )
(69,639,099 )
Proceeds from borrowings
New finance leases
(29,768,941 )
(42,695,595 )
(28,524,796 )
(41,062,114 )
Capital repayment of operating leases
(5,343,238 )
(4,159,358 )
(2,278,962 )
(2,059,192 )
Securitisation of future receivables
Dividends paid to Company's shareholders
(11,087,784 )
(11,183,696 )
(11,087,784 )
(11,183,696 )
Net cash used in financing activities
(65,092,705 )
(50,726,820 )
(46,572,375 )
(31,467,924 )
Net (decrease) / increase in cash and cash
equivalents
(23,174,116 )
Cash and cash equivalents at beginning of the year
18
Cash and cash equivalents at the end of the year
The notes on pages 74 to 143 are an integral part of these financial statements.
Annual Financial Report 31.12.2021
74
VI.NOTES TO THE FINANCIAL STATEMENTS
1. General Information
in Greece in 1962 and its shares are traded in the “Travel & Tourism” sector of the Athens Stock Exchange.
The Group, through its subsidiaries and associates, operates in Greece , Bulgaria, Romania, Croatia, Serbia,
Montenegro, Ukraine and Cyprus. Its prin cipal activi ties compris e car rental and sale .
The Company’s registered office is at Viltanioti 31, Kifissia, Attica , Greece . The Company’s website address is
www.autohellas.gr .
These financial statements have been approved by the Board of Directors on 02 March 2022 and are subject
to the approval of the Annual General Meeting of the Shareholders.
The annual financial statements, the independent auditor’s reports and the Board of Directors’ reports of the
companies that are incorporated in the consolidated financial statements of the Group are posted in the
Company’s website www.autohellas.gr.
The financial statements have been prepared based on a going concern basis.
The amounts of the financial statements are presented in Euros, unless otherwise stated.
2. Summary of significant accounting policies
2.1 Basis of preparation
These financial statements consist of the standalone financial statements of Autohellas (the “Company”) and
the consolidated financial statements of the Company and its subsidiaries (together “Autohellas” or the
“Group”) for the year ended 31 December 2021, in accordance with International Financial Reporting
Standards (“IFRS”), as adopted by the European Union (EU).
These financial statements have been prepared on a historical cost basis with the exception of certain financial
assets, certain classes of property, plant and equipment and investment property which are measured at fair
value. The accounting policies have been consistently applied to all the years presented, unless otherwise
stated.
The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting
estimates. It also requires management to exercise judgement in the process of applying the Company’s
accounting policies. Moreover, the use of estimates and assumptions is required that affect the reported
amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of preparation
of financial statements and the reported income and expense amounts during the reporting period. Although
these estimates are based on the best possible knowledge of management with respect to the current
conditions and activities, the actual results can eventually differ from these estimates. The areas involving a
higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the
financial statements, are disclosed in note 3.
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75
Going concern and COVID-19 considerations
The outbreak of the COVID-19 pandemic during the 2020 has been an unprecedented event that created a
high degree of uncertainty as to future financial performance of many companies. The Greek economy as well
as other economies in which the Group operates were in recession for the first months of 2021.The gradual
withdrawal of restrictive measures in Greece and in transportation in general, resulted to the recuperation of
the group's activities and mainly to the recovery of short-term car rental related to the inbound tourism.
2.2 New standards, amendments to standards and interpretations:
Certain new standards, amendments to standards and interpretations have been issued that are mandatory
for periods beginning on or after 1 January 2021. The Group’s evaluation of the effect of these new standards,
amendments to standards and interpretations is as follows.
Standards and Interpretations effective for the current financial year
IFRS 16 (Amendment) ‘Covid-19-Related Rent Concessions’
The amendment provides lessees (but not lessors) with relief in the form of an optional exemption from
assessing whether a rent concession related to COVID-19 is a lease modification. Lessees can elect to account
for rent concessions in the same way as they would for changes which are not considered lease modifications.
IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (Amendments) ‘Interest rate benchmark reform – Phase 2’
The amendments complement those issued in 2019 and focus on the effects on financial statements when a
company replaces the old interest rate benchmark with an alternative benchmark rate as a result of the
reform. More specifically, the amendments relate to how a company will account for changes in the
contractual cash flows of financial instruments, how it will account for the change in its hedging relationships
and the information it should disclose.
Standards and Interpretations effective for subsequent periods
IFRS 16 (Amendment) ‘Covid-19-Related Rent Concessions’ (effective for annual periods beginning on or after
1 April 2021)
The amendment extends the application period of the practical expedient in relation to rent concessions by
one year to cover rental concessions that reduce leases due only on or before 30 June 2022.
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76
IAS 16 (Amendment) ‘Property, Plant and Equipment – Proceeds before Intended Use’ (effective for annual
periods beginning on or after 1 January 2022)
The amendment prohibits an entity from deducting from the cost of an item of PP&E any proceeds received
from selling items produced while the entity is preparing the asset for its intended use. It also requires entities
to separately disclose the amounts of proceeds and costs relating to such items produced that are not an
output of the entity’s ordinary activities.
IAS 37 (Amendment) ‘Onerous Contracts – Cost of Fulfilling a Contract’ (effective for annual periods
beginning on or after 1 January 2022)
The amendment clarifies that ‘costs to fulfil a contract’ comprise the incremental costs of fulfilling that
contract and an allocation of other costs that relate directly to fulfilling contracts. The amendment also clarifies
that, before a separate provision for an onerous contract is established, an entity recognises any impairment
loss that has occurred on assets used in fulfilling the contract, rather than on assets dedicated to that contract.
IFRS 3 (Amendment) ‘Reference to the Conceptual Framework’ (effective for annual periods beginning on or
after 1 January 2022)
The amendment updated the standard to refer to the 2018 Conceptual Framework for Financial Reporting, in
order to determine what constitutes an asset or a liability in a business combination. In addition, an exception
was added for some types of liabilities and contingent liabilities acquired in a business combination. Finally, it
is clarified that the acquirer should not recognise contingent assets, as defined in IAS 37, at the acquisition
date.
IAS 1 (Amendment) ‘Classification of liabilities as current or non-current’ (effective for annual periods
beginning on or after 1 January 2023)
The amendment clarifies that liabilities are classified as either current or non-current depending on the rights
that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or
events after the reporting date. The amendment also clarifies what IAS 1 means when it refers to the
‘settlement’ of a liability. The amendment has not yet been endorsed by the EU.
IAS 1 (Amendments) ‘Presentation of Financial Statements’ and IFRS Practice Statement 2 ‘Disclosure of
Accounting policies’ (effective for annual periods beginning on or after 1 January 2023)
The amendments require companies to disclose their material accounting policy information and provide
guidance on how to apply the concept of materiality to accounting policy disclosures. The amendments have
not yet been endorsed by the EU.
IAS 8 (Amendments) ‘Accounting policies, Changes in Accounting Estimates and Errors: Definition of
Accounting Estimates’ (effective for annual periods beginning on or after 1 January 2023)
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77
The amendments clarify how companies should distinguish changes in accounting policies from changes in
accounting estimates. The amendments have not yet been endorsed by the EU.
IAS 12 (Amendments) ‘Deferred tax related to Assets and Liabilities arising from a Single Transaction’
(effective for annual periods beginning on or after 1 January 2023)
The amendments require companies to recognise deferred tax on transactions that, on initial recognition, give
rise to equal amounts of taxable and deductible temporary differences. This will typically apply to transactions
such as leases for the lessee and decommissioning obligations. The amendments have not yet been endorsed
by the EU.
Annual Improvements to IFRS Standards 2018–2020 (effective for annual periods beginning on or after 1
January 2022)
IFRS 9 ‘Financial instruments’
The amendment addresses which fees should be included in the 10% test for derecognition of financial
liabilities. Costs or fees could be paid to either third parties or the lender. Under the amendment, costs or
fees paid to third parties will not be included in the 10% test.
IFRS 16 ‘Leases’
The amendment removed the illustration of payments from the lessor relating to leasehold improvements
in Illustrative Example 13 of the standard in order to remove any potential confusion about the treatment
of lease incentives.
IAS 41 ‘Agriculture’
The amendment has removed the requirement for entities to exclude cash flows for taxation when
measuring fair value under IAS 41.
IFRS Interpretations Committee decision (“IC”)
IAS 19 “Employee Benefits” - Awarding benefits in periods of service
In May 2021 an IC decision was published in relation to IAS 19 "Employee Benefits" and more specifically how
the principles and requirements of IAS 19 are applied regarding the period of recognition of a liability in
relation to a defined benefit plan. The IC has concluded that, for the defined benefit plan set out in the
Decision, the entity shall pay benefits for the final years of the retirement period (16 years of service).
Following the publication of the IC decision, a technical committee was set up in Greece between the Body of
Certified Public Accountants (SOEL) and qualified actuaries ("Technical Committee") to form a guideline
document that would examine the prevailing benefits practices in Greece as a basis for the implementation of
this decision. The IC decision and the guidance document resulted in the Company and the Group restating
their financial statements. Note 24a describes the impact of the EU decision on the financial statements
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78
2.3 Principles of consolidation and equity accounting
(i) Subsidiaries
Subsidiaries are all entities (including structured entities) over which the Group has control. The Group
controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with
the entity and has the ability to affect those returns through its power to direct the activities of the entity.
Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are
deconsolidated from the date that control ceases.
The acquisition method of accounting is used by the Group to account for all business combinations, regardless
of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition
of a subsidiary comprises the:
• fair values of the assets transferred
• liabilities incurred to the former owners of the acquired business
• equity interests issued by the Group
• fair value of any asset or liability resulting from a contingent consideration arrangement, and
• fair value of any pre-existing equity interest in the subsidiary.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are,
with limited exceptions, measured initially at their fair values at the acquisition date. The Group recognises
any non-controlling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or
at the non-controlling interest’s proportionate share of the acquired entity’s net identifiable assets.
Acquisition-related costs are expensed as incurred.
The excess of the
• consideration transferred,
• amount of any non-controlling interest in the acquired entity, and
• acquisition-date fair value of any previous equity interest in the acquired entity
• over the fair value of the net identifiable assets acquired is recorded as goodwill.
If those amounts are less than the fair value of the net identifiable assets of the business acquired, the
difference is recognised directly in profit or loss as a bargain purchase.
Intercompany transactions, balances and unrealised gains on transactions between group companies are
eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment
of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure
consistency with the policies adopted by the Group.
Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated
statement of profit or loss, the statement of other comprehensive income, the statement of changes in equity
and the statement of financial position respectively.
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79
(ii) Associates
Associates are all entities over which the Group has significant influence but not control or joint control. This
is generally the case where the Group holds between 20% and 50% of the voting rights. Investments in
associates are accounted for using the equity method of accounting (see (iv) below), after initially being
recognised at cost.
(iii) Joint arrangements
Under IFRS 11 Joint Arrangements investments in joint arrangements are classified as either joint operations
or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather
than the legal structure of the joint arrangement. The Group has assessed the nature of its joint arrangements
and determined them to be joint ventures.
Interests in joint ventures are accounted for using the equity method (see (iv) below), after initially being
recognised at cost in the consolidated statement of financial position.
(iv) Equity method
Under the equity method of accounting, the investments are initially recognised at cost and adjusted
thereafter to recognise the Group’s share of the post-acquisition profits or losses of the investee in profit or
loss, and the Group’s share of movements in other comprehensive income of the investee in other
comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as
a reduction in the carrying amount of the investment.
When the Group’s share of losses in an equity-accounted investment equals or exceeds its interest in the
entity, including any other unsecured long-term receivables, the Group does not recognise further losses,
unless it has incurred obligations or made payments on behalf of the other entity.
Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to
the extent of the Group’s interest in these entities. Unrealised losses are also eliminated unless the transaction
provides evidence of an impairment of the asset transferred. Accounting policies of equity accounted
investees have been changed where necessary to ensure consistency with the policies adopted by the Group.
The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy
described in 2.9 below.
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80
(v) Changes in ownership interests
When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint
control or significant influence, any retained interest in the entity is remeasured to its fair value with the
change in carrying amount recognised in profit or loss. This fair value becomes the initial carrying amount for
the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial
asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity
are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that
amounts previously recognised in other comprehensive income are reclassified to profit or loss.
If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence
is retained, only a proportionate share of the amounts previously recognised in other comprehensive income
are reclassified to profit or loss where appropriate.
The Company accounts for investments in subsidiaries, associates and joint ventures in its standalone financial
statements at cost less impairment.
When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint
control or significant influence, any retained interest in the entity is remeasured to its fair value with the
change in carrying amount recognised in profit or loss. This fair value becomes the initial carrying amount for
the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial
asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity
are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that
amounts previously recognised in other comprehensive income are reclassified to profit or loss.
If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence
is retained, only a proportionate share of the amounts previously recognised in other comprehensive income
are reclassified to profit or loss where appropriate.
The Company accounts for investments in subsidiaries, associates and joint ventures in its standalone financial
statements at cost less impairment.
2.4 Segment reporting
The segments are determined on the basis of internal reporting to the Group’s Board of Directors (as chief
operating decision maker) which makes strategic decisions based on its assessment of performance and
position of the Group.
Consequently, segment information is presented in the consolidated financial statements in respect of the
Group’s car leasing and car sales and related service activities in Greece and abroad.
2.5 Foreign currency translation
(i) Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured using the currency of
the primary economic environment in which the entity operates (‘the functional currency’). The consolidated
financial statements are presented in Euros (EUR), which is Autohellas’ functional and presentation currency.
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81
(ii) Transactions and balances
Foreign currency transactions are translated into the functional currency using the exchange rates at the dates
of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and
from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange
rates are generally recognised in profit or loss.
Foreign exchange gains and losses are presented in profit or loss on a net basis within other gains/(losses).
Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange
rates at the date when the fair value was determined. Translation differences on assets and liabilities carried
at fair value are reported as part of the fair value gain or loss.
(iii) (iii) Group companies
The results and financial position of foreign operations (none of which has the currency of a hyperinflationary
economy) that have a functional currency different from the presentation currency are translated into the
presentation currency as follows:
• assets and liabilities for each statement of financial position presented are translated at the
closing rate at the date of that statement of financial position
• income and expenses for each statement of profit or loss and statement of other comprehensive
income are translated at average exchange rates (unless this is not a reasonable approximation of
the cumulative effect of the rates prevailing on the transaction dates, in which case income and
expenses are translated at the dates of the transactions), and
• all resulting exchange differences are recognised in other comprehensive income.
When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the
associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale.
2.6 Revenue recognition
Revenue represents the fair value of the consideration received or receivable for the sale of goods and services
in the ordinary course of business of the Group.
Operating lease income
Leasing income from operating lease instalments is recognised on a straight-line basis over the lease term,
based on the total of the contractual payments divided by the number of months of the lease term. End of
contract fees may consist of fees charged to clients for deviations from the contractual terms related to
contract duration, excess of mileage and extensive wear and tear of the vehicle. The fees are recognised upon
termination of the lease contract.
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82
Revenue from Rents on Buildings/Land
Rental revenues are recognised on a straight-line basis over the term of the rental agreement.
Finance lease & other interest income
Interest income from finance lease contracts is recognised using the effective interest method. Payments
collected from the lease are allocated between reducing the net investment in the lease and recognising
interest income. Other interest income mainly includes income from interest-bearing assets, which is
recognised using the effective interest method.
Vehicle sales and Spare Cars
Vehicle and Spare Cars sales include revenue from the sale of new and used cars of the auto-trade sector,
sales of used cars upon termination of their lease contract and sales of new vehicle spare cars. Revenue from
vehicle sales are recognized when ownership is transferred.
Other services income and commissions
Additional services include fees charged for fleet management services, repair & maintenance services,
damage & insurance services, charges for car transportation and preparation services during sale, charges for
the issuance of car certificates and registration. Commissions include fees for mediating customer financing
with financial institutions.Revenue from fleet management services is recognised on a straight-line basis.
Dividends:
Dividends are accounted as income, when the right to receive payment is established, in other words on the
date the dividends are declared and approved.
The Group recognises revenue, other than revenue from car rentals recognised in accordance with IFRS 16,
upon transfer of promised goods or services to customers in amounts that reflect the consideration to which
the Group expects to be entitled in exchange for those goods or services based on the following five step
approach:
Step 1: Identify the contracts with customers
Step 2: Identify the performance obligations in the contract
Step 3: Determine the transaction price
Step 4: Allocate the transaction price to the performance obligations in the contract
Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation
2.7 Income tax
The income tax expense or credit for the period is the tax payable on the current period’s taxable income
based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and
liabilities attributable to temporary differences and to unused tax losses.
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83
The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at
the end of the reporting period in the countries where the Company and its subsidiaries and associates operate
and generate taxable income. Management periodically evaluates positions taken in tax returns with respect
to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where
appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the liability method, on temporary differences arising between
the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements.
However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill.
Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a
transaction other than a business combination that at the time of the transaction affects neither accounting
nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted
or substantively enacted by the end of the reporting period and are expected to apply when the related
deferred income tax asset is realised or the deferred income tax liability is settled.
The deferred tax liability in relation to investment property that is measured at fair value is determined
assuming the property will be recovered entirely through sale.
Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise
those temporary differences and losses.
Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount
and tax bases of investments in foreign operations where the company is able to control the timing of the
reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable
future.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets
and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to
settle on a net basis, or to realise the asset and settle the liability simultaneously.
Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised
in other comprehensive income or directly in equity. In this case, the tax is also recognised in other
comprehensive income or directly in equity, respectively.
2.8 Leases
a) Group as the lessee
As of 1st January 2019, the Group recognizes for all leases right of use asset as well as corresponding liability,
at the date on which the leased asset is available for use by the Group. Each lease payment is divided between
the liability and the financial cost.
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84
Rights of use asset and liabilities arising from the lease are initially measured at present value. Lease liabilities
include the net present value of the following leases:
• fixed rents (including substantially fixed payments), reduced by any lease receivable
• floating rates that depend on an index or interest rate, which are initially measured using the index or
interest rate at the start of the lease term
• rentals related to extension rights that are likely to be exercised.
• amounts expected to be paid by the group based on guaranteed residual values
• price of purchase option, if it is probable that the Group will exercise that option, and
• payment of a penalty for termination of the lease if the duration of the lease indicates that Group will
exercise the right to terminate the lease.
Lease payments are discounted using the interest rate included in the lease. If this rate cannot be directly
determined, the incremental borrowing rate is used, that is, the rate at which the lessee would be liable if he
borrowed the necessary funds to purchase similar asset, for a similar period, with similar collateral and in a
similar economic environment.
After their initial recognition, lease liabilities are increased for financial cost and reduced by lease payments.
The cost of the right to use the asset consists of:
a. the amount of the initial measurement of the lease liability
b. any rents paid at the start date of the lease period or earlier, less any incentives
leases have received
c. any initial direct costs incurred by the lessee and
d. an estimate of the costs incurred by the lessee in disassembling and removing the underlying asset, restoring
the premises where it has been located or restoring the underlying asset in the condition provided by the
terms and conditions of the lease.
Right of use assets are depreciated using the straight-line method over the shorter of the useful life of the
asset and the lease term. When the valuation of the present value has been done under assumption that
lease will exercise option to purchase underlying asset, then the right of use is amortized over the useful life
of the underlying asset.
Payments related to short-term leases for all categories of assets other than airport premises and low-value
leases are recognized using the straight-line method as an expense. Short-term leases are leases of twelve
months or less.
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b) Group as the lessor
Leases where substantially all the risks and rewards incidental to ownership of an asset are transferred to the
lessee are classified as finance leases. The Group as a lessor records a finance lease receivable at the amount
of its net investment which equals the present value of the future minimum lease payments receivable
(including any guaranteed residual value by the lessee) and the unguaranteed residual value accruing to the
Group, after any accumulated impairment losses. The finance lease receivables are presented within the
caption ‘Trade and other receivables’.
Unearned finance income is the difference between the gross investment in the lease and the net investment
in the lease. Over the lease term, the instalments charged to the clients are apportioned between a reduction
in the net investment in the lease and finance lease income.
2.9 Impairment of assets
Goodwill is not subject to amortisation and is tested annually for impairment, or more frequently if events or
changes in circumstances indicate that it might be impaired. Other assets are tested for impairment whenever
events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment
loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable amount. The
recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the
purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately
identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of
assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are
reviewed for possible reversal of the impairment at the end of each reporting period.
2.10 Cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions and other
short-term, highly liquid investments with original maturities of three months or less that are readily
convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.
2.11 Trade receivables
Trade receivables are amounts due from customers for goods sold or services performed in the ordinary
course of business. They are generally due for settlement within 30 days and therefore are all classified as
current. Trade receivables are recognised initially at the amount of consideration that is unconditional unless
they contain significant financing components, when they are recognised at fair value. The Group holds the
trade receivables with the objective to collect the contractual cash flows and therefore measures them
subsequently at amortised cost using the effective interest method.
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Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the
effective interest method, less loss allowance. See note 4.1 for a description of the Group’s impairment
policies.
2.12 Inventories
Inventories are stated at the lower of cost and net realisable value. Costs are assigned to new and used cars
on the basis of their individual cost while costs are assigned to spare parts on the basis of weighted average
costs. Net realisable value is the estimated selling price in the ordinary course of business less the estimated
costs necessary to make the sale.
2.13 Investments and other financial assets
(i) Classification
The Group classifies its financial assets in the following measurement categories:
• those to be measured subsequently at fair value (either through OCI or through profit or loss), and
• those to be measured at amortised cost.
The classification depends on the entity’s business model for managing the financial assets and the contractual
terms of the cash flows.
For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For
investments in equity instruments that are not held for trading, this will depend on whether the Group has
made an irrevocable election at the time of initial recognition to account for the equity investment at fair value
through other comprehensive income (FVOCI).
The Group reclassifies debt instruments when and only when its business model for managing those assets
changes.
(ii) Recognition and derecognition
Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the Group
commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows
from the financial assets have expired or have been transferred and the Group has transferred substantially
all the risks and rewards of ownership.
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(iii) Measurement
At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset
not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition
of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.
Debt instruments
Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset
and the cash flow characteristics of the asset. The Group measures its debt instruments at amortised cost
since they are held for collection of contractual cash flows that represent solely payments of principal and
interest. Interest income from these financial assets is included in finance income using the effective interest
rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and is presented
as a separate line item. Impairment losses are also presented as a separate line item in the statement of profit
or loss.
Equity instruments
The Group subsequently measures all equity investments at fair value. Where the Group’s management has
elected to present fair value gains and losses on equity investments in OCI, there is no subsequent
reclassification of fair value gains and losses to profit or loss following the derecognition of the investment.
Dividends from such investments continue to be recognised in profit or loss as other income when the Group’s
right to receive payments is established.
Changes in the fair value of financial assets at FVPL are recognised in other gains/(losses) in profit or loss as
applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI
are not reported separately from other changes in fair value.
Details on how the fair value of financial instruments is determined are disclosed in note 5.
(iv) Impairment
The Group assesses on a forward looking basis the expected credit losses associated with its debt instruments
carried at amortised cost. The impairment methodology applied depends on whether there has been a
significant increase in credit risk.
For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected
lifetime losses to be recognised from initial recognition of the receivables. See note 4.1 for further details.
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2.14 Property, plant and equipment
Land and buildings are recognised at fair value based on periodic valuations, every 1 to 2 years, by external
independent valuers, less subsequent depreciation for buildings. A revaluation surplus is credited to fair value
reserves in shareholders’ equity. All other property, plant and equipment is recognised at historical cost less
depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate,
only when it is probable that future economic benefits associated with the item will flow to the Group and the
cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate
asset is derecognised when replaced. All other repairs and maintenance are charged to profit or loss during
the reporting period in which they are incurred.
Increases in the carrying amounts arising on revaluation of land and buildings are recognised, net of tax, in
other comprehensive income and accumulated in reserves in shareholders’ equity. To the extent that the
increase reverses a decrease previously recognised in profit or loss, the increase is first recognised in profit or
loss. Decreases that reverse previous increases of the same asset are first recognised in other comprehensive
income to the extent of the remaining surplus attributable to the asset; all other decreases are charged to
profit or loss.
Land is not depreciated. Depreciation on the remaining property, plant & equipment categories is calculated
using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over
their estimated useful lives as follows:
• Buildings
20 - 25 years
• Machinery
6 years
• Vehicles
6 - 8 years
• Furniture, fittings and equipment
10 years
• IT equipment
5 years
The assets’ residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each
reporting period.
An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying
amount is greater than its estimated recoverable amount (note 2.9).
Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are
included in profit or loss. When revalued assets are sold, the Group transfers any amounts included in other
reserves in respect of those assets to retained earnings.
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89
2.15 Investment properties
Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by
the Group, is classified as investment property. In its standalone financial statements, the Company classifies
all land and buildings rented to subsidiaries as investment property. Investment properties consist of land and
buildings that are rented either to subsidiaries and related parties of the Group or to third parties.
Investment property is measured initially at cost. After initial recognition, investment property is carried at
fair value.
2.16 Intangible assets
(i) Goodwill
Goodwill is measured as described in note 2.3. Goodwill on acquisitions of subsidiaries is included in intangible
assets. Goodwill is not amortised but it is tested for impairment annually, or more frequently if events or
changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated
impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill
relating to the entity sold.
Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made
to those cash-generating units or groups of cash-generating units that are expected to benefit from the
business combination in which the goodwill arose. The units or groups of units are identified at the lowest
level at which goodwill is monitored for internal management purposes, being the operating segments (note
0).
(ii) Acquired software
Acquired computer software is stated at historical cost less subsequent amortisation and impairment losses.
It is amortised on a straight line basis over its useful life estimated to be 10 - 20 years.
2.17 Trade and other payables
These amounts represent liabilities for goods and services provided to the Group prior to the end of financial
year which are unpaid. The amounts are usually paid within 6 months of recognition. Trade and other payables
are presented as current liabilities unless payment is not due within 12 months after the reporting period.
They are recognised initially at their fair value and subsequently measured at amortised cost using the
effective interest method.
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2.18 Borrowings
Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently
measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the
redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest
method.
Borrowings are removed from the statement of financial position when the obligation specified in the contract
is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has
been extinguished or transferred to another party and the consideration paid, including any non-cash assets
transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs.
Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement
of the liability for at least 12 months after the reporting period.
2.19 Employee benefits
(i) Short-term obligations
Liabilities for wages and salaries that are expected to be settled wholly within 12 months after the end of the
period in which the employees render the related service are recognised in respect of employees’ services up
to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities
are settled. The liabilities are presented within other payables in the statement of financial position.
(ii) Post-employment obligations
Post-employment obligations are related with defined benefit and defined contribution pension plans.
The liability or asset recognised in the statement of financial position in respect of defined benefit pension
plans is the present value of the defined benefit obligation at the end of the reporting period. The defined
benefit obligation is calculated annually by independent actuaries using the projected unit credit method.
The present value of the defined benefit obligation is determined by discounting the estimated future cash
outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which
the benefits will be paid, and that have terms approximating to the terms of the related obligation.
The interest cost is calculated by applying the discount rate to the balance of the defined benefit obligation.
This cost is included in employee benefit expense in the profit or loss.
Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions
are recognised in the period in which they occur, directly in other comprehensive income. They are included
in retained earnings in the statement of changes in equity and in the statement of financial position.
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Changes in the present value of the defined benefit obligation resulting from plan amendments or
curtailments are recognised immediately in profit or loss as past service costs.
For defined contribution plans, the Group pays contributions to publicly or privately administered pension
insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations
once the contributions have been paid. The contributions are recognised as employee benefit expense when
they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction
in the future payments is available.
(iii) Termination benefits
Termination benefits are payable when employment is terminated by the Group before the normal retirement
date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group
recognises termination benefits at the earlier of the following dates: (a) when the Group can no longer
withdraw the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within
the scope of IAS 37 and involves the payment of terminations benefits. In the case of an offer made to
encourage voluntary redundancy, the termination benefits are measured based on the number of employees
expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period
are discounted to present value.
2.20 Share capital
Share capital comprises the ordinary shares of the Company. Ordinary shares are classified as equity.
Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of
tax, from the proceeds.
Where the Company reacquires its own equity instruments ('treasury shares'), the consideration paid,
including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable
to the Company’s equity holders as treasury shares until the shares are cancelled or reissued. Where such
ordinary shares are subsequently reissued, any consideration received, net of any directly attributable
incremental transaction costs and the related income tax effects, is included in equity attributable to the
Company’s equity holders.
2.21 Dividend distribution
Dividend distribution to the Company’s shareholders is recognised as a liability in the Group’s financial
statements in the period in which the dividends are approved by the General Meeting of the shareholders.
2.22 Earnings per share
(i) Basic earnings per share
Basic earnings per share is calculated by dividing the profit attributable to owners of the Company by the
weighted average number of ordinary shares outstanding during the financial year excluding treasury shares.
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(ii) Diluted earnings per share
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take
into account:
• the after income tax effect of interest and other financing costs associated with dilutive potential
ordinary shares, and
• the weighted average number of additional ordinary shares that would have been outstanding
assuming the conversion of all dilutive potential ordinary shares.
2.23 Rounding of amounts
All amounts disclosed in the financial statements and notes have been rounded off to the nearest currency
unit unless otherwise stated.
3. Critical estimates, judgements and errors
Estimates and judgements are continually evaluated. They are based on historical experience and other
factors, including expectations of future events that may have a financial impact on the entity and that are
believed to be reasonable under the circumstances.
This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of
items which are more likely to be materially adjusted due to estimates and assumptions turning out to be
wrong.
(i) Estimation of current tax payable and current tax expense
The Group is subject to income taxes in various jurisdictions. There are many transactions and calculations for
which the ultimate tax determination cannot be assessed with certainty in the ordinary course of business.
The Group recognises a provision for potential cases that might arise in the foreseeable future based on
assessment of the probabilities as to whether additional taxes will be due. Where the final tax outcome on
these matters is different from the amounts that were initially recorded, such differences will impact the
income tax provision in the period in which such determination is made.
(ii) Estimated goodwill impairment
The Group tests whether goodwill has suffered any impairment on an annual basis. For the 2019 and 2018
reporting period, the recoverable amount of the cash generating units (CGUs) was determined based on value-
in-use calculations which require the use of assumptions. The calculations use cash flow projections based on
financial budgets approved by management covering a five-year period. Cash flows beyond the five-year
period are extrapolated using estimated growth rates that are consistent with forecasts specific to the industry
in which each CGU operates. The sensitivity to estimates and assumptions used is presented in note 10.
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93
(iii) Estimation of pension benefit obligation
The Group provides pension benefit plans as an employee benefit in certain territories. Determining the value
of these plans requires several actuarial assumptions and estimates about discount rates, future salary
increases and future pension increases. Due to the long-term nature of these plans, such estimates are subject
to significant uncertainty.
(iv) Useful lives and residual values of vehicles
Vehicles are depreciated over their estimated useful lives based on their estimated residual values. These
estimates are reviewed taking into account relevant market related factors. Given market volatility and the
large number of different vehicles, the estimation of the residual values involves a high degree of judgement.
A change in these accounting estimates leads to a change in depreciation which will have an effect in the
current period and/or is expected to have an impact in subsequent periods.
(v) Estimation of fair values of land and buildings and investment property
The Group assigns independent valuations of investment property, land and buildings which are classified as
tangible assets in order to determine their fair value.
Fair value is based on active market prices, adjusted if necessary, for differences in the nature, geography or
status of the specific asset. If this information is not available, the Group applies alternative valuation methods,
such as recent prices in less active markets or discounted cash flow projections. Valuations are performed by
professional appraisers possessing recognized and relevant professional qualifications and have recent
experience in the geographic location and in the category of the investment properties under valuation.
Disclosures relating to the determination of fair values and the valuation techniques used are presented in
note 5.
(vi) Impairment of financial assets
The loss allowances for financial assets are based on assumptions about risk of default and expected loss rates.
The Group uses judgement in making these assumptions and selecting the inputs to the impairment
calculation, based on the Group’s past history, existing market conditions as well as forward looking estimates
at the end of each reporting period. Details of the key assumptions and inputs used are disclosed in note 4.1.
(vii) Impairment of investments in subsidiaries
Investments in subsidiaries are reviewed for impairment whenever events or changes in circumstances
indicate that the carrying amount may not be recoverable, in accordance with the accounting policy stated in
note 2.9.
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94
(viii) Changes in accounting estimates
From 1.1.2021 the depreciation rate of the car rental has changed. More precisely, the average depreciation
rate is 13.0% without any significant impact on the depreciation and the profits from their sale.
Given that in Greece the minimum retirement age is 62 years, the age of the employee from which post-
employment benefits have to be calculated is 46 years (62-16). Basing on these, according to the interpretation
of IAS 19, no obligation should be recognized for years of employment before the age of 46. Under the new
standard, the method of calculating provisions for post-employment benefits was adjusted, with the effect of
the accumulated amounts up to 01.01.2020 being recognized in equity, and the effect of adjusting the results
for the year 2020 being recognized in the results of said year and in equity through the statement of other
comprehensive income, taking into account that in the year 2020 actuarial losses had been recognized. Details
regarding the effect are included in Note 24a.
4. Financial risk management
4.1 Financial risk factors
The Group’s activities expose it to a variety of financial risks: market risk (including foreign currency risk, cash
flow and fair value interest rate risk and price risk), credit risk and liquidity risk. The Group’s overall risk
management programme focuses on the volatility of financial markets and seeks to minimise potential
adverse effects on the Group’s cash flows.
The Group’s risk management is predominantly controlled by a central treasury department (group treasury)
under policies approved by the Board of Directors. Group treasury identifies, evaluates and hedges financial
risks in close co-operation with the Group’s operating units. The board provides written principles for overall
risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk,
credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of
excess liquidity.
a) Market risk
i. Foreign exchange risk
Exposure
The Group is exposed to the effect of foreign currency risk on future transactions, recognised monetary assets
and liabilities that are denominated in currencies other than the local entity’s functional currency, as well as
net investments in foreign operations.
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95
More specifically, the Group, via its subsidiaries, is operating in Bulgaria, Romania, the Republic of Serbia and
in Montenegro, while also maintaining operations in Cyprus, Ukraine and Croatia. The existing operations of
the Group abroad refer both in short-term and long-term leases of cars. Due to these operations, the Group
transacts with clients and suppliers and holds assets and liabilities which are expressed in different currencies
than the Euro, which is the reporting currency of the Group. More specifically, the Group’s subsidiaries in
Romania, the Republic of Serbia, Croatia and Ukraine have liabilities/assets in RON, RSD, HRK and UAH
respectively. However, these subsidiaries do not expose the Group to a material exchange rate risk due to
their size and the currencies that they use.
ii. Cash flow and fair value interest rate risk
Exposure
The Group’s main interest rate risk arises from long-term borrowings with variable rates, which expose the
Group to cash flow interest rate risk. It must be mentioned that the company and its subsidiaries, as far as the
existing variable rate borrowings are concerned (Euribor), do not own interest-rate derivatives in order to
hedge interest-rate risk.
The exposure of the Group derived from financing through bank borrowings, finance lease, securitization of
future receivables and interest rate changes at the end of the reporting period, is as follows:
2021
2020
Total financing
445,834,037
451,152,627
The percentage of total loans shows the proportion of loans that are currently at variable rates in relation to
the total amount of borrowings.
Profit or loss is sensitive to higher/lower interest income from cash and cash equivalents and interest expense
from borrowings as a result of changes in interest rates.
Impact on profit after tax
2021
2020
Interest rates – increase by 0.5%
(171,873)
(171,825)
Interest rates – decrease by 0.5%
171,873
171,825
iii. Price risk
Exposure
The Group’s exposure to equity securities price risk arises from investments held by the Group and classified
in the statement of financial position either as at fair value through other comprehensive income (FVOCI) (note
14) or at fair value through profit or loss (FVTPL) (note Error! Reference source not found.).
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96
The Group’s equity investments that are publicly traded on the Athens Stock Exchange are classified as at
FVOCI.
b) Credit risk
i. Risk management
Credit risk arises from cash and cash equivalents, as well as credit exposures to wholesale and retail customers,
including outstanding receivables.
If wholesale customers are independently rated, these ratings are used. Otherwise, if there is no independent
rating, credit control assesses the credit quality of the customer, taking into account its financial position, past
experience and other factors. Individual risk limits are set based on internal or external ratings in accordance
with limits set by the board. The compliance with credit limits by wholesale customers is regularly monitored
by line management.
There are no significant concentrations of credit risk. Sales to retail customers are required to be settled in
cash or using major credit cards, mitigating credit risk. Wholesale operations are conducted after the
assessment of the credit-worthiness of the counterparty, while in most cases, guarantees are received. At the
same time, the Company and its subsidiaries continuously monitor the aging of their claims and take necessary
action, as the case may be. Cash and cash equivalents of the company and its Greek subsidiaries, that represent
around 80% of the Group’s total cash and cash equivalents are invested in Greek systemic financial institutions.
As far as foreign subsidiaries are concerned, cash and cash equivalents are invested mainly to local subsidiaries
of international, investment-grade, financial institutions with high credit ratings. Cash and cash equivalents
are invested for short-term. Potential credit risk is also present in the Group's cash flows. Additionally, in most
of these cases, the Group has debt obligations of a higher amount.
ii. Security
For the majority of trade receivables from wholesale customers, the Group obtains security in the form of
guarantees which can be offset with the claimed amounts if the counterparty is in default under the terms of
the agreement.
iii. Impairment of financial assets
The Group has the following types of financial assets that are subject to the expected credit loss model:
•Trade receivables
•Finance lease receivables
While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified
impairment loss was immaterial.
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97
Trade receivables and lease receivables
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime
expected loss allowance for all trade receivables and lease receivables.
The expected loss rates are based on the payment profiles of sales over a period of 12 months before 31
December 2021 and the corresponding historical credit losses experienced within this period. The historical
loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting
the ability of the customers to settle the receivables. The Group has identified the GDP and the unemployment
rate of the countries in which it sells its goods and services to be the most relevant factors, and accordingly
adjusts the historical loss rates based on expected changes in these factors.
On that basis, the loss allowance as at 31 December 2021 was determined as follows for both trade receivables
and lease receivables:
Group
Company
31.12.2021
Expected
loss rate
Gross carrying
amount
Expected
loss rate
Gross carrying
amount
Current
2%
46,706,025
2%
30,649,003
More than 30 days past due
7%
3,663,441
4%
530,297
More than 60 days past due
10%
1,905,109
6%
124,027
More than 90 days past due
34%
632,772
8%
29,374
More than 120 days past due
82%
6,722,350
95%
1,525,075
Total trade receivables
12%
59,629,697
7%
32,857,776
Loss allowance
7,296,551
2,220,711
The closing loss allowances for trade and lease receivables reconcile to the opening loss allowances as follows:
Group
Company
2021
2020
2021
2020
Balance as at 1 January
6,554,084
5,780,101
2,220,711
1,639,419
Increase in loss allowance recognised in profit or
loss during the year
1,718,740
1,220,505
574,757
710,175
Receivables written off during the year as
uncollectible
(898,286)
(389,858)
(574,757)
(128,883)
Unused amount reversed
(77,987)
-
-
-
Exchange differences
-
(56,664)
-
-
Balance as at 31 December
7,296,551
6,554,084
2,220,711
2,220,711
Trade receivables and lease receivables are written off when there is no reasonable expectation of recovery.
Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor
to engage in a repayment plan with the Group, and a failure to make contractual payments for a reasonable
period of time.
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98
Impairment losses on trade receivables and lease receivables are presented as net impairment losses within
operating profit. Subsequent recoveries of amounts previously written off are credited against the same line
item.
Other financial assets at amortised cost
There are no other financial assets at amortised cost which include loans to related parties and key
management personnel and other receivables.
c) Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the
availability of funding through an adequate amount of committed credit facilities to meet obligations when
due and to close out market positions. At the end of the reporting period the Group held deposits at call of
€115,032,892 (2020 - €111,112,814) that are expected to readily generate cash inflows for managing liquidity
risk. Due to the dynamic nature of the underlying businesses, the Group maintains flexibility in funding by
maintaining availability under committed credit lines. In addition, the Company through Securitization of
Future Receivables has assured the financing for the purchase of long-term lease vehicles.
(i) Financing arrangements
The Group and the Company had access to the following undrawn borrowing facilities at the end of the
reporting period:
Group
Company
2021
2020
2021
2020
Unused bank credit lines
127,326,859
115,015,050
59,625,953
52,317,192
The bank overdraft facilities may be drawn at any time and may be terminated by the bank without notice,
while the bank loan facilities may be drawn at any time and have an average maturity of 3 – 5 years.
(ii) Maturities of financial liabilities
The tables below analyse the Group’s and the Company’s financial liabilities into relevant maturity groupings
based on their contractual maturities. The amounts disclosed in the table are the contractual undiscounted
cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not
significant.
Maturity of borrowings in fair value, including interest, as of 31.12.2021 and 2020 for the Company and the
Group is as follows:
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99
Group
31 December 2021
Trade and
other payables
Borrowings
(excluding leases)
Finance lease
liabilities
Operating lease
liabilities
Total
Within 1 year
153,571,767
173,844,175
17,100,731
4,482,608
348,999,281
Between 1 and 5
years
846,167
53,071,322
34,279,325
6,834,954
95,031,768
Over 5 years
-
-
-
1,316,599
1,316,599
Total contractual
cash flows
154,417,934
226,915,496
51,380,056
12,634,161
445,347,647
Carrying amount
154,417,934
220,599,808
49,634,229
10,872,302
435,524,273
31 December 2020
Trade and
other payables
Borrowings
(excluding leases)
Finance lease
liabilities
Operating lease
liabilities
Total
Within 1 year
116,791,709
105,227,498
11,763,503
3,914,544
237,697,254
Between 1 and 5
years
2,024,146
286,251,625
30,224,799
7,739,944
326,240,514
Over 5 years
1,678,650
4,230,000
-
1,946,692
7,855,342
Total contractual
cash flows
120,494,505
395,709,123
41,988,302
13,601,180
571,793,110
Carrying amount
120,494,505
379,219,192
40,115,516
12,327,522
552,156,735
Company
31 December 2021
Trade and
other payables
Borrowings
(excluding leases)
Finance lease
liabilities
Operating lease
liabilities
Total
Within 1 year
74,423,590
160,133,998
16,505,187
2,415,713
253,478,488
Between 1 and 5
years
-
28,534,984
33,864,021
2,717,687
65,116,692
Total contractual
cash flows
74,423,590
188,668,983
50,369,208
5,133,400
318,595,181
Carrying amount
74,423,590
185,119,620
48,630,450
4,933,953
313,107,613
31 December 2020
Trade and
other payables
Borrowings
(excluding leases)
Finance lease
liabilities
Operating lease
liabilities
Total
Within 1 year
54,338,414
89,466,007
11,411,620
1,804,330
157,020,371
Between 1 and 5
years
-
252,042,443
29,711,688
3,247,965
285,002,096
Total contractual
cash flows
54,338,414
341,508,450
41,123,308
5,052,295
442,022,467
Carrying amount
54,338,414
328,167,043
39,271,405
4,788,858
426,565,720
The above do not include obligations from securitisation of receivables.
Annual Financial Report 31.12.2021
100
4.2 Capital management
α) Risk management
The Group’s objectives when managing capital are to
• safeguard their ability to continue as a going concern, so that they can continue to provide returns for
shareholders and benefits for other stakeholders, and
• maintain an optimal capital structure to reduce the cost of capital.
In order to maintain or adjust the capital structure, the Group may adjust the amount of dividends paid to
shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt.
Consistent with others in the industry, the Group monitors capital on the basis of the following gearing ratio:
Net debt (as the difference between cash and cash equivalents and borrowings, including finance lease
liabilities and securitisation)
divided by
Total “Equity” (as shown in the statement of financial position, including non-controlling interests)
During 2021, the Group’s strategy was to maintain a gearing ratio within 1 to 2 for both the Group and the
Company. The gearing ratios at 31 December 2021 and 31 December 2020 were as follows:
Group
Company
Note
31.12.2021
31.12.2020
restated
(see Note 24a)
31.12.2021
31.12.2020
restated
(see Note 24a)
Borrowings
22
220,599,808
379,219,192
185,119,620
328,167,043
Finance lease liabilties
23
49,634,229
40,115,516
48,630,450
39,271,405
Securitisation
175,600,000
31,817,919
175,600,000
31,817,919
Less: Cash and cash equivalents
24
(115,032,892)
(111,112,814)
(66,647,221)
(89,821,337)
Debt minus cash and cash equivalents
330,801,145
340,039,813
342,702,849
309,435,030
Total Equity
321,309,954
274,781,949
232,447,185
203,822,781
Gearing ratio
1.03
1.24
1.47
1.52
(i) Loan covenants
Under the terms of the major borrowing facilities, the Group is required to comply with the following financial
covenants:
• Net Debt to Equity
• Net Debt to Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
• Earnings before Interest, Taxes to Net Interest
• Total Liabilities to Equity
Total Liabilities less Cash and cash equivalents to Equity
Annual Financial Report 31.12.2021
101
The Group is in compliance with these covenants throughout the reporting period.
(ii) Externally imposed capital requirements regarding equity
There are certain limitations regarding equity, deriving from current Societe Anonyme legislation and in
particular from Law 4548/2018. The limitations are as follows:
• The purchase of own shares - with the exception of purchasing shares with sole purpose to be distributed
among its´ employees - cannot exceed 10% of the company’s share capital and cannot result in the
reduction of equity to an amount less than the amount of the share capital increased by the reserves, for
which distribution is forbidden by law.
• In case where total equity of the Company becomes less than half (1/2) of the capital, the Board of
Directors is obliged to convene the general meeting, within a period of six (6) months from the end of the
year, on the dissolution of the company or the adoption of another measure. The auditors of the Company
have the same obligation, if the Board of Directors does not convene within the above deadline.
• Annually, at least 1/20th of the company’s net profit is deducted to form a statutory reserve, which will
be used exclusively to balance, prior to any dividend distribution, the debit balance in Income Statement.
Forming such a reserve is not obligatory, once it reaches 1/3rd of the company’s share capital.
• The payment of an annual dividend to shareholders in cash, at an amount equal to at least 35% of the
company’s net earnings, after deducting the statutory reserve and the net result from the valuation of the
company’s assets and liabilities at fair value, is obligatory. The above does not apply if the general
assembly decides it by a majority of at least 65% of the paid-up share capital. In this case, dividend that
hasn’t been distributed and up to an amount equal to 35% of the above mentioned net earnings, has to
be reported as a “Reserve to be Capitalised”, within 4 years’ time by an issue of new shares, given to
eligible shareholders. Finally, a general shareholders meeting can decide not to distribute dividend, if it is
decided by a majority of over 70% of the paid-up share capital.
The Company is in compliance with all obligations deriving from all relevant provisions and regulations relating
to Equity.
β) Dividends
Dividends of €0.23 per ordinary share were paid during 2021 for the year ended 31 December 2020 (€0.23 per
ordinary share paid in 2020 for the year ended 31 December 2019). For 2022, the Board of Directors’ proposal
for distribution of dividends to the shareholders is €0.46 per ordinary share.
Annual Financial Report 31.12.2021
102
5. Fair value hierarchy
To provide an indication about the reliability of the inputs used in determining fair value, the Group has
classified its non-financial assets and liabilities as well as its financial instruments into the three levels
prescribed under the accounting standards. An explanation of each level is provided below.
Level 1: The fair value of financial instruments traded in active markets is based on quoted market prices at
the end of the reporting period. The quoted market price used for financial assets held by the Group is the
current bid price. These instruments are included in level 1.
Level 2: The fair value of financial instruments that are not traded in an active market is determined using
valuation techniques which maximise the use of observable market data and rely as little as possible on entity-
specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument
is included in level 2.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is
included in level 3.
At 31 December 2021 the Group had:
- land and buildings and investment properties measured at fair value of 81,536,427 and € 41,339,017
respectively, classified in level 3,
- listed equity investments at FVOCI of € 51,280,430 classified in level 1,
- unlisted equity investments at FVOCI of € 500,000 classified in level 3,
- unlisted equity investments at FVTPL of €500,056 classified in level 3.
There were no transfers in and out of level 3 measurements within the period.
Fair value estimation
(i) (i) Valuation techniques used to determine level 3 fair values
Land & buildings and investment property
The Group obtains independent valuations for its investment properties at least annually and for land and
buildings classified as property, plant and equipment at least every 1 to 2 years. The last independent valuation
of land and buildings was performed in January 2022 as at 31.12.2021.
Annual Financial Report 31.12.2021
103
At the end of each reporting period, the directors update their assessment of the fair value of each property,
taking into account the most recent independent valuations. The directors determine a property’s value within
a range of reasonable fair value estimates.
The best evidence of fair value is current prices in an active market for similar properties. Where such
information is not available the directors consider information from a variety of sources including:
• current prices in an active market for properties of different nature or recent prices of similar properties
in less active markets, adjusted to reflect those differences
• discounted cash flow projections based on reliable estimates of future cash flows
capitalised income projections based upon a property’s estimated net market income, and a capitalisation
rate derived from an analysis of market evidence. The fair value of real estate is estimated using the income
approach method, the sales comparison approach, the replacement cost method (when no comparative
rentals or sales are available) and the residual value method in cases of empty lots or calculation of building
balance value. The value of owner-occupied and investment properties is also estimated using the above-
mentioned methods depending on the property.
The value of land is calculated using the sales comparison approach, or, when such data exists, the residual
method or a combination of the two.
Unquoted equity investments
The value of unlisted securities is determined based on the management’s estimates of the expected future
profitability of unlisted securities, taking into consideration comparative data of similar assets.
Annual Financial Report 31.12.2021
104
6. Segment information
The Group operates in three segments, car rental and car & spare parts trade and services in Greece and car rental abroad.
2021
Car rental
(Greece)
Car & Spare parts
trade and services
(Greece)
Car rental
(International)
Other activities
Eliminations
Total
Revenue from third parties
206,361,676
369,754,716
65,529,740
-
-
641,646,132
Intra-segment revenue
3,668,938
122,300,090
417,982
-
(126,387,010)
-
Cost of sales
(150,457,531)
(431,272,754)
(51,783,879)
-
129,803,916
(503,710,248)
Gross profit
59,573,083
60,782,052
14,163,843
-
3,416,906
137,935,884
Other income third parties
9,988,925
12,154,346
901,113
-
(7,800,000)
15,244,384
Other intra-segment income
4,736,023
2,072,530
35,915
-
(6,844,468)
-
Administrative expenses
(12,977,031)
(19,821,445)
(5,002,561)
-
2,922,188
(34,878,849)
Distribution costs
(2,477,039)
(30,916,797)
(1,067,775)
-
490,374
(33,971,237)
Other gains / (losses) - net
1,085,421
(1,379,951)
(96,531)
-
-
(391,061)
Finance costs & amortization of unwinding of discount and bond loan costs
(17,663,917)
(2,328,939)
(1,055,117)
-
-
(21,047,973)
Finance income
1,624,374
208,045
140,498
-
-
1,972,917
Share of profit / (loss) from equity-accounted
investees
-
-
-
(278,794)
-
(278,794)
Profit before income tax
43,889,839
20,769,841
8,019,385
(278,794)
(7,815,000)
64,585,271
Income tax expense
(6,937,741)
(4,414,710)
(803,467)
-
-
(12,155,918)
Profit / (loss) for the year
36,952,098
16,355,131
7,215,918
(278,794)
(7,815,000)
52,429,353
Depreciation
67,077,355
4,858,172
22,175,954
-
-
94,111,481
Non current assets
600,521,861
19,915,726
99,395,161
-
-
719,832,748
Total assets
709,935,396
139,260,561
114,665,226
-
-
963,861,183
Total liabilities
(501,797,832)
(98,260,494)
(42,492,902)
-
-
(642,551,228)
Annual Financial Report 31.12.2021
105
2020
restated
(see Note 24a)
Car rental
(Greece)
Car & Spare parts
trade and services
(Greece)
Car rental
(International)
Other activities
Eliminations
Total
Revenue from third parties
171,669,782
268,111,917
51,937,177
-
-
491,718,876
Intra-segment revenue
3,482,317
67,726,935
136,064
-
(71,345,316)
-
Cost of sales
(144,652,382)
(296,363,374)
(45,517,188)
-
74,181,271
(412,351,673)
Gross profit
30,499,717
39,475,478
6,556,053
-
2,835,955
79,367,203
Other income third parties
9,052,367
10,934,263
867,909
-
(6,000,000)
14,854,539
Other intra-segment income
3,811,696
1,520,351
-
-
(5,332,047)
-
Administrative expenses
(9,283,344)
(16,822,032)
(4,313,348)
-
2,091,642
(28,327,082)
Distribution costs
(1,677,123)
(23,019,254)
(609,011)
-
240,525
(25,064,863)
Other gains / (losses) - net
390,702
200,870
17,545
-
-
609,117
Finance costs & amortization of unwinding of discount and bond loan costs
(14,474,210)
(2,858,404)
(1,409,542)
-
192,417
(18,549,739)
Finance income
1,464,275
196,886
175,018
-
-
1,836,179
Net impairment losses on financial assets
-
-
(34,983)
-
-
(34,983)
Share of profit / (loss) from equity-accounted
investees
-
-
-
(537,815)
-
(537,815)
Profit before income tax
19,784,080
9,628,158
1,249,641
(537,815)
(5,971,508)
24,152,556
Income tax expense
(3,476,894)
(2,845,869)
(546,566)
-
-
(6,869,329)
Profit / (loss) for the year
16,307,186
6,782,289
703,075
(537,815)
(5,971,508)
17,283,227
Depreciation
66,834,262
3,834,457
23,019,553
-
-
93,688,272
Non current assets
525,095,130
19,959,904
99,343,880
-
-
644,398,914
Total assets
646,452,064
117,382,643
119,414,536
-
-
883,249,243
Total liabilities
(474,568,432)
(84,678,230)
(49,220,632)
-
-
(608,467,294)
Annual Financial Report 31.12.2021
106
7. Property, plant and equipment
Group
Note
Land
Buildings &
Leasehold
improvements
Machinery
Vehicles
Furniture,
fittings and
equipment
Assets under
construction
Total
Cost or Fair value
1 January 2020
46,282,056
54,891,584
8,396,932
623,100,591
31,561,932
282,071
764,515,167
Transfer to right-of-use assets
-
-
-
(9,619,334)
-
-
(9,619,334)
Exchange differences
-
-
-
-
275
-
275
Additions
224,406
262,794
668,093
64,508,147
768,682
317,606
66,749,728
Revaluation surplus
(9,252)
2,029,741
-
-
-
-
2,020,490
Write-offs
-
(16,671)
(38,800)
(1,349,113)
(122,736)
-
(1,527,320)
Impairment
(181,287)
(105)
-
-
-
-
(181,393)
Disposals
-
(1,908)
(570,300)
(3,397,894)
(54,477)
-
(4,024,579)
Transfer to inventory
-
-
-
(112,984,984)
-
(35,786)
(113,020,770)
Transfer (to)/from investment property
-
669,900
-
-
-
-
669,900
Transfer from right-of-use assets
-
-
-
3,765,977
-
-
3,765,977
31 December 2020
46,315,923
57,835,335
8,455,925
564,023,391
32,153,676
563,891
709,348,141
1 January 2021
46,315,923
57,835,335
8,455,925
564,023,391
32,153,676
563,891
709,348,141
Exchange differences
-
-
-
-
6,006
-
6,006
Additions
93,258
940,989
803,462
155,311,551
1,091,122
369,268
158,609,650
Revaluation surplus
3,437,081
6,106,208
-
-
-
-
9,543,289
Write-offs
-
-
(16,677)
(948,527)
(680,640)
-
(1,645,844)
Impairment
(442,729)
(208,893)
-
-
-
-
(651,622)
Disposals
-
-
(1,897,344)
(5,797,700)
(69,728)
-
(7,764,772)
Transfer to inventory
-
-
-
(112,267,806)
-
(240,302)
(112,508,109)
Transfer (to)/from investment property
(2,162,913)
(670,653)
-
-
-
-
(2,833,566)
Transfer (to)/from right-of-use assets
-
-
-
1,991,217
-
-
1,991,217
31 December 2021
47,240,620
64,002,987
7,345,367
602,312,125
32,500,436
692,857
754,094,392
Annual Financial Report 31.12.2021
107
Group
Note
Land
Buildings &
Leasehold
improvements
Machinery
Vehicles
Furniture,
fittings and
equipment
Assets under
construction
Total
Accumulated depreciation
1 January 2020
-
(22,593,721)
(5,114,364)
(181,866,782)
(26,803,808)
-
(236,378,674)
Depreciation charge
27
-
(2,259,432)
(725,387)
(81,626,901)
(973,712)
-
(85,585,433)
Transfer to right-of-use assets
-
-
-
3,188,069
-
-
3,188,069
Revaluation surplus
-
(526,650)
-
-
-
-
(526,650)
Write-offs
-
16,671
16,761
499,021
122,736
-
655,189
Impairment
27
-
5
-
-
-
-
5
Disposals
-
1,908
351,658
639,863
54,477
-
1,047,905
Transfer to inventory
-
-
-
63,337,693
-
-
63,337,693
Transfer from right-of-use assets
-
-
-
(2,096,951)
-
-
(2,096,951)
31 December 2020
-
(25,361,218)
(5,471,332)
(197,925,988)
(27,600,307)
-
(256,358,845)
1 January 2021
-
(25,361,218)
(5,471,332)
(197,925,988)
(27,600,307)
-
(256,358,846)
Depreciation charge
27
-
(2,339,719)
(514,143)
(77,787,343)
(1,051,550)
-
(81,692,756)
Revaluation surplus
-
(2,419,315)
-
-
-
-
(2,419,315)
Write-offs
-
-
13,004
347,258
674,797
-
1,035,059
Impairment
27
-
159,666
-
-
-
-
159,666
Disposals
-
-
926,249
2,802,125
25,544
-
3,753,917
Transfers to inventory
-
-
-
65,490,877
-
-
65,490,877
Transfer (to)/from investment property
-
253,407
-
-
-
-
253,407
Transfer (to)/from right-of-use assets
-
-
-
(1,053,983)
171
-
(1,053,812)
31 December 2021
-
(29,707,180)
(5,046,223)
(208,127,055)
(27,951,346)
-
(270,831,804)
Net book value as at 1 January 2020
46,282,056
32,297,864
3,282,568
441,233,809
4,758,124
282,071
528,136,493
Net book value as at 31 December 2020
46,315,923
32,474,117
2,984,593
366,097,403
4,553,369
563,891
452,989,296
Net book value as at 31 December 2021
47,240,620
34,295,807
2,299,144
394,185,070
4,549,090
692,857
483,262,588
Annual Financial Report 31.12.2021
108
Company
Note
Land
Buildings
Machinery
Vehicles
Furniture,
fittings and
equipment
Assets under
construction
Total
Cost or Fair value
1 January 2020
30,476,181
21,870,081
3,814,229
469,040,922
13,134,745
117,452
538,453,609
Transfer to Right of Use Assets
-
-
-
(8,293,972)
-
-
(8,293,972)
Additions
224,406
164,218
33,084
37,980,125
308,689
286,346
38,996,868
Revaluation surplus
(9,252)
1,046,826
-
-
-
-
1,037,574
Write-offs
-
-
(38,800)
(1,313,342)
(57,576)
-
(1,409,718)
Impairment
(181,287)
(105)
-
-
-
-
(181,393)
Disposals
-
-
(492,395)
(2,496,627)
-
-
(2,989,022)
Transfer to inventory
-
-
-
(80,385,891)
-
-
(80,385,891)
Transfer from right-of-use assets
-
-
-
3,765,977
-
-
3,765,977
31 December 2020
30,510,048
23,081,020
3,316,118
418,297,192
13,385,857
403,797
488,994,032
1 January 2021
30,510,048
23,081,020
3,316,118
418,297,192
13,385,858
403,797
488,994,033
Additions
93,258
861,710
145,993
115,950,721
511,290
(126,373)
117,436,599
Revaluation surplus
881,697
4,666,626
-
-
-
-
5,548,324
Write-offs
-
-
(7,180)
(909,593)
(30,543)
-
(947,316)
Impairment
(244,610)
(208,893)
-
-
-
-
(453,503)
Disposals
-
-
(1,895,927)
(2,232,902)
(3,145)
-
(4,131,974)
Transfer to inventory
-
-
-
(77,300,057)
-
-
(77,300,057)
Transfer (to)/from investment property
(2,063,574)
(670,653)
-
-
-
-
(2,734,227)
Transfer from right-of-use assets
-
-
-
1,991,217
-
-
1,991,217
31 December 2021
29,176,820
27,729,810
1,559,004
455,796,578
13,863,460
277,425
528,403,096
Annual Financial Report 31.12.2021
109
Company
Note
Land
Buildings
Machinery
Vehicles
Furniture,
fittings and
equipment
Assets under
construction
Total
Accumulated depreciation
1 January 2020
-
(9,779,977)
(2,100,339)
(136,912,661)
(11,110,565)
-
(159,903,541)
Depreciation charge
27
-
(1,140,469)
(363,393)
(59,307,101)
(400,753)
-
(61,211,715)
Transfer to right-of-use assets
-
-
-
3,050,866
-
-
3,050,866
Revaluation surplus
-
(526,650)
-
-
-
-
(526,650)
Write-offs
-
-
16,761
495,399
57,576
-
569,736
Impairment
27
-
5
-
-
-
-
5
Disposals
-
-
275,136
389,119
-
-
664,255
Transfer to inventory
-
-
-
44,977,124
-
-
44,977,124
Transfer from right-of-use assets
-
-
-
(2,096,951)
-
-
(2,096,951)
31 December 2020
-
(11,447,090)
(2,171,835)
(149,404,205)
(11,453,742)
-
(174,476,871)
1 January 2021
-
(11,447,090)
(2,171,835)
(149,404,205)
(11,453,742)
-
(174,476,871)
Depreciation charge
27
-
(1,174,009)
(131,592)
(56,049,523)
(424,294)
-
(57,779,418)
Revaluation surplus
-
(2,419,315)
-
-
-
-
(2,419,315)
Write-offs
-
-
7,180
332,491
30,543
-
370,214
Impairment
27
-
159,666
-
-
-
-
159,666
Disposals
-
-
925,851
374,750
2,113
-
1,302,715
Transfers to inventory
-
-
-
46,526,906
-
-
46,526,906
Transfer (to)/from investment property
-
253,407
-
-
-
-
253,407
Transfer from right-of-use assets
-
-
-
(1,053,983)
171
-
(1,053,812)
31 December 2021
-
(14,627,342)
(1,370,396)
(159,273,563)
(11,845,209)
-
(187,116,508)
Net book value as at 1 January 2020
30,476,181
12,090,104
1,713,890
332,128,261
2,024,180
117,452
378,550,068
Net book value as at 31 December 2020
30,510,048
11,633,930
1,144,283
268,892,987
1,932,115
403,797
314,517,161
Net book value as at 31 December 2021
29,176,820
13,102,468
188,608
296,523,015
2,018,251
277,425
341,286,588
Annual Financial Report 31.12.2021
110
Land and Buildings are presented in depreciated fair value which is determined by independent appraisers. More
details concerning land and buildings’ valuation methods are presented in Note 3(v) and 5. Management also
examined the impact of the COVID-19 pandemic on the book value of land and buildings and, given the nature of the
land and buildings, concluded that book values have not been significantly affected.
Furthermore, in regard to motor vehicles, Management has evaluated the impact of the COVID-19 pandemic on the
useful lives, residual values and the overall book value of motor vehicles to determine if adjustments are required.
Management has concluded that no adjustments are required.
The Group in 2021 proceeded to a new asset backed securitisation transaction which involves the sale of future lease
instalment receivables and related residual value of leased vehicles. As a result of this sale this caption includes
securitized vehicles with a net book value of €206,611,045 as at 31.12.2021.
The Group has secured loans of €222,663.829 for First Class Mortgages on behalf of the Representatives and on behalf
of the Creditors, of aggregate value €105,603,932. At the same time, floating car insurance contracts of the Company
of aggregate value €77,314,752 have been concluded and some of them have been granted the rights deriving from
the future requirements of their contracts.
The Company has secured loans of €200,136,509 for First Class Mortgages on behalf of the Representatives and on
behalf of the Creditors, of aggregate value € 102,942,000. At the same time, floating car insurance contracts of the
Company of aggregate value € 60,440,253 have been concluded and some of them have been granted the rights
deriving from the future requirements of their contracts.
Impairment losses amounting to € 294 thousand in the current year (2020: €181 thousand) were recognized in Other
Gains/(Losses) - net, as the revaluation reserve does not include amounts relating to these assets.
Annual Financial Report 31.12.2021
111
8. Right-of-use assets
Group
Note
Buildings
Machinery
Vehicles
Total
Cost or Fair value
1 January 2020
20,652,566
74,352
351,716
21,078,634
Additions
919,091
-
41,249,381
42,168,472
Transfer from Property, Plant and Equipment
-
-
9,619,334
9,619,334
Write-offs
(2,953,674)
-
-
(2,953,674)
Disposals
(290,828)
-
(102,884)
(393,713)
Transfers to Property, Plant and Equipment
-
-
(3,765,977)
(3,765,977)
31 December 2020
18,327,154
74,352
47,351,570
65,753,076
1 January 2021
18,327,155
74,352
47,351,570
65,753,077
Exchange differences
11,361
-
-
11,361
Additions
3,215,324
-
29,816,652
33,031,977
Write-offs
(1,249,610)
(74,352)
-
(1,323,962)
Disposals
(468,096)
-
(70,171)
(538,268)
Transfers to Property, Plant and Equipment
-
-
(1,991,217)
(1,991,217)
31 December 2021
19,836,134
-
75,106,834
94,942,968
Accumulated depreciation
1 January 2020
(4,083,147)
(12,392)
(121,134)
(4,216,673)
Depreciation charge
27
(4,441,312)
(12,392)
(3,426,959)
(7,880,663)
Transfer from Property, Plant and Equipment
-
-
(3,188,069)
(3,188,069)
Write-offs
1,627,658
-
-
1,627,658
Disposals
334,379
-
12,713
347,092
Transfers to Property, Plant and Equipment
-
-
2,096,950
2,096,950
31 December 2020
(6,562,423)
(24,784)
(4,626,499)
(11,213,705)
1 January 2021
(6,562,422)
(24,784)
(4,626,499)
(11,213,705)
Depreciation charge
27
(4,365,030)
(4,131)
(7,835,885)
(12,205,046)
Write-offs
885,827
28,915
-
914,741
Disposals
468,096
-
18,375
486,471
Transfers to Property, Plant and Equipment
-
-
1,053,983
1,053,983
31 December 2021
(9,573,529)
-
(11,390,027)
(20,963,556)
Net book value as at 1 January 2020
16,569,419
61,960
230,583
16,861,961
Net book value as at 31 December 2020
11,764,731
49,568
42,725,071
54,539,371
Net book value as at 31 December 2021
10,262,605
-
63,716,807
73,979,412
Annual Financial Report 31.12.2021
112
Company
Note
Buildings
Vehicles
Total
Cost or Fair value
1 January 2020
10,512,852
-
10,512,852
Additions
301,560
41,091,588
41,393,147
Transfer from Property, Plant and Equipment
-
8,293,972
8,293,972
Write-offs
(2,776,436)
-
(2,776,436)
Disposals
-
(102,884)
(102,884)
Transfers to Property, Plant and Equipment
-
(3,765,977)
(3,765,977)
31 December 2020
8,037,975
45,516,698
53,554,674
1 January 2021
8,037,975
45,516,698
53,554,673
Additions
2,442,995
28,673,290
31,116,286
Write-offs
(521,143)
-
(521,143)
Disposals
-
(54,843)
(54,843)
Transfers to Property, Plant and Equipment
-
(1,991,217)
(1,991,217)
31 December 2021
9,959,828
72,143,928
82,103,756
Accumulated depreciation
1 January 2020
(2,408,009)
-
(2,408,009)
Depreciation charge
(2,314,276)
(3,147,990)
(5,462,266)
Transfer from Property, Plant and Equipment
(3,050,866)
(3,050,866)
Write-offs
1,537,324
-
1,537,324
Disposals
-
12,713
12,713
Transfers to Property, Plant and Equipment
-
2,096,951
2,096,951
31 December 2020
(3,184,961)
(4,089,192)
(7,274,153)
1 January 2021
(3,184,960)
(4,089,192)
(7,274,152)
Depreciation charge
(2,359,354)
(7,437,681)
(9,797,036)
Write-offs
502,896
-
502,896
Disposals
-
7,075
7,075
Transfers to Property, Plant and Equipment
-
1,053,983
1,053,983
31 December 2021
(5,041,419)
(10,465,816)
(15,507,234)
Net book value as at 1 January 2020
8,104,843
-
8,104,843
Net book value as at 31 December 2020
4,853,014
41,427,506
46,280,521
Net book value as at 31 December 2021
4,918,409
61,678,112
66,596,522
9. Investment property
Group
Company
Note
2021
2020
2021
2020
Balance as at 1 January
39,092,664
39,812,806
70,938,972
70,804,579
Disposals
-
(10,156)
-
(10,156)
Net gain/(loss) from fair value adjustment
30
(333,806)
(40,086)
658,373
144,549
Transfer (to)/from PPE
2,580,159
(669,900)
2,480,820
-
Balance as at 31 December
41,339,017
39,092,664
74,078,165
70,938,972
Annual Financial Report 31.12.2021
113
Land and Buildings are presented in depreciated fair value which is determined by independent valuers. More details
concerning the land and buildings’ valuation methods are presented in Notes 3(v) and 5. Management also assessed
the impact of the COVID-19 pandemic on the book value of investment properties and, given the nature of the
properties, concluded that the book values have not been significantly affected.
Amounts recognised in profit or loss for investment properties are as follows:
Group
Company
Note
2021
2020
2021
2020
Rental income
1,003,185
888,965
2,568,313
2,378,492
Fair value gains (included in other (losses) / gains
-net)
30
(333,806)
(40,086)
658,373
144,549
10. Intangible assets & goodwill
Group
Company
Note
Goodwill
Software
Total
Software
Total
Cost
1 January 2020
27,297,830
2,134,327
29,432,157
1,643,143
1,643,143
Exchange differences
-
341
341
-
-
Additions
-
165,762
165,762
97,769
97,769
Transfers
-
(139,284)
(139,284)
-
-
31 December 2020
27,297,830
2,161,146
29,458,976
1,740,912
1,740,912
1 January 2021
27,297,830
2,161,145
29,458,975
1,740,912
1,740,912
Exchange differences
-
200
200
-
-
Additions
-
154,526
154,526
120,709
120,709
31 December 2021
27,297,830
2,315,871
29,613,701
1,861,621
1,861,621
Accumulated amortisation
1 January 2020
-
(1,502,827)
(1,502,827)
(1,190,106)
(1,190,106)
Exchange differences
-
352
352
-
-
Amortisation charge
27
-
(222,175)
(222,175)
(175,418)
(175,418)
Transfers
-
139,282
139,282
-
-
31 December 2020
-
(1,585,368)
(1,585,368)
(1,365,524)
(1,365,523)
1 January 2021
-
(1,585,368)
(1,585,368)
(1,365,523)
(1,365,523)
Exchange differences
-
(166)
(166)
-
-
Amortisation charge
27
-
(213,679)
(213,679)
(154,648)
(154,648)
31 December 2021
-
(1,799,213)
(1,799,213)
(1,520,171)
(1,520,171)
Net book value as at 1 January 2020
27,297,830
631,500
27,929,330
453,037
453,037
Net book value as at 31 December 2020
27,297,830
575,778
27,873,608
375,389
375,389
Net book value as at 31 December 2021
27,297,830
516,658
27,814,488
341,450
341,450
Annual Financial Report 31.12.2021
114
(i) Impairment tests for goodwill
Goodwill is monitored by management at the level of the three operating segments identified in note 0.
A segment-level summary of the goodwill allocation is presented below:
31.12.2021
31.12.2020
Greece
Car rental
-
-
Greece
Car & spare parts trade & services
25,939,818
25,939,818
International
Car rental
1,358,012
1,358,012
Total goodwill
27,297,830
27,297,830
Goodwill arises from (a) e acquisition of Hyundai HELLAS SA. and KIA HELLAS SA. in 2017 for the amount of
€25,939,818, (b) the acquisition of AUTOTECHNICA FLEET SERVICES d.o.o. in Croatia in 2016 for the amount of
€1,312,539 and (c) DERASCO TRADING LIMITED of aggregate value €45,473.
(ii) Key assumptions used for value-in-use calculations
The Group audits goodwill on an annual basis, by assessing cash generating units (CGUs) for potential impairment. The
recoverable amount of CGUs was determined by value-in-use calculations that require the use of assumptions. The
calculations used cash flow forecasts based on management-approved budgets covering a period of five years. Cash
flows beyond the five-year period are calculated on the basis of the assumptions set out below, which are consistent
with the forecasts for the industry in which each CGU operates.
The basic assumptions adopted from management as of 31.12.2021, are the following:
• Reduction rate in present value: 8 -10% (2020: 11 -13%),
• Sales Growth Rate: 12 -15 % (2020: 9 -11 %),
• Perpetuity Growth Rate: 3% (2020: 4%)
Impairment testing as of 31.12.2021 has not resulted in an impairment of goodwill. Also, if the assumptions used as
of 31.12.2021, were further aggravated by 10%, goodwill’s accounting value would still not require any impairment.
11. Investments in subsidiaries
2021
2020
Balance as at 1 January
54,323,133
54,322,929
Acquisitions
600,000
204
Balance as at 31 December
54,923,133
54,323,133
The interests held in subsidiaries and their carrying amounts at 31 December are as follows:
Annual Financial Report 31.12.2021
115
Name of entity
Country of
incorporation
Ownership
interest
held
31.12.2021
Carrying
value
31.12.2021
Ownership
interest
held
31.12.2020
Carrying
value
31.12.2020
Principal activities
Autotechnica OOD
Bulgaria
100%
3,012,047
100%
3,012,047
Autotrade-After sales
& Car hire
Autotechnica (Cyprus) Ltd
Cyprus
100%
3,078,811
100%
3,078,811
Car hire
Autotechnica Fleet Services S.R.L.
Romania
100%
6,500,000
100%
6,500,000
Car hire
Autotechnica Hellas ATEE
Greece
100%
300,000
100%
300,000
Autotrade-After
sales
A.T.C.Autotechnica (Cyprus) Ltd
Cyprus
100%
1,709
100%
1,709
Car hire
Autotechnica Serbia Doo
Serbia
100%
4,000,000
100%
4,000,000
Car hire
Autotechnica Montenegro Doo
Montenegro
100%
1,000,000
100%
1,000,000
Car hire
Autotehcnica Fleet Services L.L.C.
Ukraine
100%
700,000
100%
700,000
Car hire
Autotehcnica Fleet Services Doo
Croatia
100%
4,462,750
100%
4,462,750
Car hire
Derasco Trading Limited
Cyprus
100%
20,131,000
100%
20,131,000
Holding company
Hyundai Hellas SA
Greece
70%
-
70%
-
Autotrade
Kia Hellas SA
Greece
70%
-
70%
-
Autotrade
Eltrekka SA
Greece
100%
1,086,818
100%
1,086,818
Auto spare parts
trading
Technokar SA
Greece
100%
10,050,000
100%
10,050,000
Autotrade
Kineo SA
Greece
100%
600,000
-
-
Renting services
The Company is indirectly participating in Hyundai Hellas and Kia Hellas, through its participation in Derasco Trading
Limited, companies which were consolidated for the first time on 31/12/2017, due to their acquisition on 12/12/2017.
In May 2019, the company acquired 100% of the shares of ELTREKKA SA. from ELTRAK SA and its subsidiary
Autotechnica S.A. The scope of business of ELTREKKA SA is import, storage, trade and distribution of car spare parts.
It should be noted that ELTREKKA SA holds 100% of the shares of Fasttrak which distributes the above mentioned
products.
ELTREKKA SA has been active in the import and distribution of aftermarket car spare parts in Greece since 1997,
representing the largest manufacturers worldwide. ELTREKKA's product range covers the full range of needs for repair
and maintenance of cars, commercial vehicles and motorcycles. ELTREKKA continues on the same path and invests in
lubricants, paint materials, paint consumables, diagnostic machines and tools. It has state-of-the-art storage facilities
that allow it to have high storage capacity and offer the shortest delivery time in the market.
On July 1
st
2019, the approval decision is issued by competent authorities for the spin-off of segment for import and
trade of new SEAT vehicles and spare parts, and its contribution for this purpose, to the established societe anonyme
with the name TECHNOCAR SINGLE MEMBER TRADING SOCIETE ANONYME. The spin-off of the sector aims at the
organizational separation and the specialization of the Group's business activities.
The Company established KINEO S.A, registered on the General Business Registry on 14.01.2021. KINEO S.A. operates
in the field of micromobility and more specifically in lightweight, personal electric vehicles. These types of vehicles
shrink the physical footprint required for the transportation of people and goods over relatively short distances.
Annual Financial Report 31.12.2021
116
12. Investments in associates and joint ventures
Group
Name of
entity
Country of
incorporation
Ownership
interest held
31.12.2021
Carrying value
31.12.2021
Ownership
interest held
31.12.2020
Carrying value
31.12.2020
Nature of
relationship
Measurement
method
SPORTSLAND
S.A.
Greece
50%
5,518,148
50%
5,310,845
Joint venture
Equity method
CRETE GOLF
CLUB S.A.
Greece
45%
6,317,978
45%
6,554,074
Associate
Equity method
Total
11,836,126
11,864,919
The share capital increase of €125,000 paid in during 2020 but certified during 2021 s presented in the table below as
"Increase/Decrease in reserves (125,000)".
Company
Name of
entity
Country of
incorporation
Ownership
interest held
31.12.2021
Carrying value
31.12.2021
Ownership
interest held
31.12.2020
Carrying value
31.12.2020
Nature of
relationship
Measurement
method
SPORTSLAND
S.A.
Greece
50%
6,830,000
50%
6,580,000
Joint venture
Equity method
CRETE GOLF
CLUB S.A.
Greece
45%
9,502,281
45%
9,502,281
Associate
Equity method
Total
16,332,281
16,082,281
SPORTSLAND S.A.
SPORTSLAND S.A. was founded in 2008. The company owns a large plot of land in Asopia, where it plans to develop a
touristic investment by acquiring every year other plots of land in the region. It is a company that has accumulated
large plots of land in that wider region and is planning to implement complex investments that combine sports and
recreational activities, thus creating an integrated recreational area for all.
CRETE GOLF CLUB S.A.
Cretan Golfs S.A. is an associate company of Autohellas whose main activity refers to the operation of a Golf court in
a plot of land, larger than 700 acres in Chersonisos region, in Heraklion, Crete. The company was founded in August
1977. The court operates on a full-year basis, has 18 pars according to PGA’s international standards, so as to meet all
the requirements of golfers and so as to be eligible for upholding international tournaments. Since early 2017, a new
5-star hotel division runs in the facilities that complements the operations of the golf court and helps in further
increasing quality tourism in Crete.
Annual Financial Report 31.12.2021
117
SPORTSLAND S.A.
CRETE GOLF CLUB S.A.
Summarised Statement of Financial Position
31.12.2021
31.12.2020
31.12.2021
31.12.2020
Current assets
Cash and cash equivalents
389,550
29,391
608,244
396,137
Other current assets
176,598
141,912
198,360
187,306
Total current assets
566,148
171,303
806,604
583,443
Non-current assets
10,922,705
10,706,140
13,561,886
14,254,297
Current liabilities
Financial liabilities (excluding trade payables)
-
-
-
-
Other current liabilities
110,737
17,404
285,872
241,901
Total current liabilities
110,737
17,404
285,872
241,901
Non-current liabilities
Financial liabilities (excluding trade payables)
-
-
-
-
Other non-current liabilities
341,820
363,348
52,955
41,902
Total non-current liabilities
341,820
363,348
52,955
41,902
Equity
11,036,296
10,496,691
14,029,662
14,553,936
Reconciliation of carrying amounts:
Equity as at 1 January
10,496,691
10,468,690
14,553,936
15,540,578
Increase/decrease in share capital
625,000
340,000
-
-
Increase/decrease in reserves
-
(125,000)
-
-
Profit for the period
(85,395)
(187,000)
(524,274)
(986,643)
Equity as at 31 December
11,036,296
10,496,691
14,029,662
14,553,936
Group’s share in %
50%
50%
45%
45%
Group’s share in €
5,518,148
5,248,345
6,317,978
6,554,074
Carrying amount
5,518,148
5,248,345
6,317,978
6,554,074
SPORTSLAND S.A.
CRETE GOLF CLUB S.A.
Summarised statement of profit or loss and other comprehensive income
2021
2020
2021
2020
Revenue
-
-
999,369
304,735
Interest income
1
6
-
-
Depreciation and amortisation
(5,050)
(4,495)
(711,782)
(713,454)
Interest expense
(415)
(292)
(9,838)
(2,639)
Income tax expense
21,528
(22,347)
-
-
Loss for the period
(85,395)
(187,000)
(524,274)
(986,643)
Total comprehensive income
(85,395)
(187,000)
(524,274)
(986,643)
Annual Financial Report 31.12.2021
118
13. Deferred tax
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets
against current tax liabilities and when the deferred income taxes relate to the same taxation authority. The offset
amounts are as follows:
Group
Company
Note
31.12.2021
31.12.2020
restated
(see Note 24a)
31.12.2021
31.12.2020
restated
(see Note 24a)
Deferred income tax liabilities
17,829,832
16,398,442
14,199,443
13,800,151
Deferred income tax assets
(1,081,583)
(1,854,306)
-
-
Deffered income tax (net)
16,748,249
14,544,136
14,199,443
13,800,151
The gross amounts of deferred tax assets and liabilities are as follows:
Group
Company
Note
31.12.2021
31.12.2020
restated
(see Note 24a)
31.12.2021
31.12.2020
restated
(see Note 24a)
Deferred income tax liabilities
18,428,070
17,208,394
16,483,480
16,278,954
Deferred income tax assets
(1,679,821)
(2,664,258)
(2,284,037)
(2,478,803)
Deffered income tax (net)
16,748,249
14,544,136
14,199,443
13,800,151
The majority of deferred tax assets and liabilities are long-term.
The movement in deferred tax assets and liabilities during the year is as follows:
Note
2021
2020
restated
(see Note 24a)
2021
2020
restated
(see Note 24a)
Balance at the beginning of year
14,544,134
12,407,838
13,800,153
13,198,099
Tax charged/credited to income statement
32
498,112
1,767,811
(148,931)
473,583
Tax charged/credited directly to equity
552,154
373,933
548,221
122,622
Tax charged/credited directly to other
comprehensive income
1,153,849
(5,446)
-
5,847
Balance at the end of year
16,748,249
14,544,136
14,199,443
13,800,151
Changes in deferred tax assets and liabilities during the year, excluding offsetting balances within the same tax area,
are as follows:
Annual Financial Report 31.12.2021
119
Deferred tax liabilities:
Group
Property, plant
and equipment
Borrowing
expenses
Other
Total
1 January 2020
17,424,750
512,149
(1,080,899)
16,856,000
Charged / (credited) to the income statement
481,218
(487,331)
-
(6,113)
Charged / (credited) directly to equity
358,507
-
-
358,507
31 December 2020
18,264,475
24,818
(1,080,899)
17,208,394
1 January 2021
18,264,475
24,818
(1,080,899)
17,208,394
Charged / (credited) to the income statement
159,989
(642,454)
10,504
(471,961)
Charged / (credited) directly to equity
544,251
-
-
544,251
Charged/(credited) directly to other comprehensive
income
1,147,386
-
-
1,147,386
31 December 2021
20,116,101
(617,636)
(1,070,395)
18,428,070
Company
Property, plant
and equipment
Borrowing
expenses
Other
Total
1 January 2020
15,318,457
517,166
-
15,835,623
Charged / (credited) to the income statement
138,002
182,708
-
320,710
Charged / (credited) directly to equity
122,621
-
-
122,621
31 December 2020
15,579,080
699,874
-
16,278,954
1 January 2021
15,579,081
699,874
-
16,278,955
Charged / (credited) to the income statement
999,833
(1,346,135)
10,504
(335,798)
Charged / (credited) directly to equity
540,323
-
-
540,323
31 December 2021
17,119,237
(646,261)
10,504
16,483,480
Annual Financial Report 31.12.2021
120
Deferred tax assets:
Group
Retirement benefit
obligations
Tax Losses
Provisions /
Accruals
Deferred revenue
Other
Total
1 January 2020 (as published)
(1,167,072)
(1,977,389)
(730,911)
(1,837,735)
740,474
(4,972,633)
Decision of the IFRS Interpretations Committee - Measurement of
the post-employment benefits provision (see Note 24a)
524,472
-
-
-
-
524,472
1 January 2020 (restated)
(642,600)
(1,977,389)
(730,911)
(1,837,735)
740,474
(4,448,161)
Charged / (credited) to the income statement (restated - see Note
24a)
2,340
1,423,970
52,609
94,391
200,614
1,773,924
Charged / (credited) directly to equity
15,425
-
-
-
-
15,425
Charged/(credited) directly to other comprehensive income
(restated - see Note 24a)
(5,446)
-
-
-
-
(5,446)
31 December 2020
(630,281)
(553,419)
(678,302)
(1,743,344)
941,088
(2,664,258)
1 January 2021
(630,281)
(553,419)
(678,302)
(1,743,344)
941,088
(2,664,258)
Charged / (credited) to the income statement (restated - see Note
24a)
219,854
270,389
345,712
15,917
118,200
970,072
Charged / (credited) directly to equity
7,902
-
-
-
-
7,902
Charged/(credited) directly to other comprehensive income
6,463
-
-
-
-
6,463
31 December 2021
(396,062)
(283,030)
(332,590)
(1,727,427)
1,059,288
(1,679,821)
Annual Financial Report 31.12.2021
121
Company
Retirement benefit
obligations
Deferred revenue
Total
1 January 2020 (as published)
(695,389)
(2,175,413)
(2,870,802)
Decision of the IFRS Interpretations Committee - Measurement of the
post-employment benefits provision (see Note 24a)
233,277
-
233,277
1 January 2020 (restated)
(462,112)
(2,175,413)
(2,637,525)
Charged / (credited) to the income statement (restated - see Note 24a)
58,484
94,391
152,875
Charged/(credited) directly to other comprehensive
income (restated - see Note 24a)
5,847
-
5,847
31 December 2020
(397,781)
(2,081,022)
(2,478,803)
1 January 2021
(397,781)
(2,081,022)
(2,478,803)
Charged / (credited) to the income statement (restated - see Note 24a)
170,949
15,917
186,866
Charged / (credited) directly to equity
7,900
-
7,900
31 December 2021
(218,932)
(2,065,105)
(2,284,037)
The Group’s deferred tax assets include an amount of €283,030 which relates to carried forward tax losses of ELTREKKA
SA. These losses originated in 2018 and 2019 and based on the estimated future taxable income as per the approved
business plans and budgets the Group estimates that the deferred tax assets are recoverable.
14. Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income (FVOCI) comprise equity securities of Aegean
Airlines which are not held for trading, and which the Group has irrevocably elected upon transition to IFRS 9 to
recognise in this category. These are strategic investments and the Group considers this classification to be more
relevant.
During 2021 the Group participated in the financing of Hellas Direct Insurance Limited of aggregate value € 500,000 in
the form of a convertible bond loan. With the current data, any conversion of the securities held by the Company into
shares is not expected to result in a significant participation in HD Insurance Limited.
Equity investments at FVOCI comprise the following individual investments:
Group
Company
31.12.2021
31.12.2020
31.12.2021
31.12.2020
Equity securities
Listed securities
51,280,430
42,891,816
51,280,430
42,891,816
Unlisted securities
500,000
-
-
-
51,780,430
42,891,816
51,280,430
42,891,816
Annual Financial Report 31.12.2021
122
15. Financial assets at fair value through profit or loss
Group
Company
31.12.2021
31.12.2020
31.12.2021
31.12.2020
Equity securities
Unlisted securities
500,056
1
500,055
-
500,056
1
500,055
-
Financial assets at fair value through profit or loss comprise of a 16.32% participation in Spotmechanic ltd of aggregate
value €1, as well as participation of 5% to the company iTeam Technology for Business of aggregate value €500,055.
16. Trade and other receivables
Group
Company
Note
31.12.2021
31.12.2020
31.12.2021
31.12.2020
Trade receivables
59,629,697
67,087,659
32,857,776
34,136,802
Less: provision for impairment of trade receivables
(7,296,551)
(6,554,084)
(2,220,711)
(2,220,711)
Trade receivables - net
52,333,146
60,533,575
30,637,065
31,916,091
Prepayments
17,045,698
10,662,081
7,834,959
4,011,197
Other receivables
36,610,147
11,022,960
30,048,904
6,767,529
Less: provision for impairment of other receivables
(518,835)
(527,835)
-
-
Receivables from related parties
36
208,239
64,680
1,214,993
399,664
Total
105,678,395
81,755,461
69,735,921
43,094,481
Group
Company
31.12.2021
31.12.2020
31.12.2021
31.12.2020
Non-current
28,239,048
13,292,933
26,058,563
11,320,745
Current
77,439,347
68,462,528
43,677,358
31,773,736
Total
105,678,395
81,755,461
69,735,921
43,094,481
Details about the group’s impairment policies and the calculation of the loss allowance are provided in note 4.1.
In the current environment affected by COVID-19, the Group actively monitors the recoverability of trade receivables
to ensure that any impairment provisions are reflected in a timely manner and in accordance with Management's best
estimate of potential losses, as required by IFRS 9.
Other receivables mainly relate to a Reserve from Securitization of Future Receivables and other, relative to the
securitization of future receivables, funds, along with invoices that relate to the Group’s companies’ other income, for
example rents, contracts etc. The non-current other receivables are due and payable within two to three years from
the end of the reporting period.
Further information relating to loans to related parties and key management personnel is set out in note 36.
Annual Financial Report 31.12.2021
123
Other long-term receivables include derivatives (interest swaps) of aggregate value of € 47.747. This transaction has
not been made under the scope of hedge accounting.
17. Inventories
Group
Company
31.12.2021
31.12.2020
31.12.2021
31.12.2020
New cars
31,516,373
37,500,144
-
-
Used cars
6,134,015
7,704,268
-
-
Parts - Accessories
13,502,777
13,636,900
28,245
45,485
Other Inventories
257,095
61,972
67,492
57,726
Total
51,410,260
58,903,284
95,737
103,211
Write-downs of inventories to net realisable value at Group level amounted to € 361,369 (2020 - € 246,482). These
were recognised as an expense during the year ended 31 December 2021 and included in Other expenses in profit or
loss.
18. Cash and cash equivalents
Group
Company
31.12.2021
31.12.2020
31.12.2021
31.12.2020
Cash in hand
134,441
111,391
58,964
49,313
Cash at bank
39,866,539
53,485,512
15,588,257
34,772,024
Time deposits
75,031,912
57,515,912
51,000,000
55,000,000
Total
115,032,892
111,112,815
66,647,221
89,821,337
The effective interest rate on time deposits was 0.01%-0.05% and 0.20%-0.40% for 2021 and 2020 respectively.
19. Share capital and share premium
Number
of shares
Ordinary
shares
Share
premium
Treasury
shares
Total
1 January 2020
48,855,000
3,908,400
130,553
(219,294)
3,819,659
Treasury shares purchased
-
-
-
(1,576,999)
(1,576,999)
31 December 2020
48,855,000
3,908,400
130,553
(1,796,293)
2,242,660
1 January 2021
48,855,000
3,908,400
130,553
(1,796,293)
2,242,660
Treasury shares sold/ cancelled
(230,236)
(18,419)
-
219,294
200,875
Treasury shares purchased
-
-
-
(715,443)
(715,443)
31 December 2021
48,624,764
3,889,981
130,553
(2,292,442)
1,728,092
The share capital of the Company amounts to € 3,889,981 divided into 48,624,764 common registered shares with a
nominal value of €0.08 each. All shares are common, have been paid in full, participate in earnings and are entitled to
voting rights.
Annual Financial Report 31.12.2021
124
The Annual General Meeting of the Company’s shareholders, held on 15.07.2020, approved, among other things, the
Own Share Acquisition program, through the Athens Stock Exchange. During 2020, a total of 394,071 Own Shares with
a nominal value of € 0.08 each were acquired, with total market value of € 1,576,999 and during the year 2021, a total
of 95,936 own shares with a nominal value of € 0.08 each were acquired, with a total value of € 0.08 each, with total
market value of € 715,443. As a result, as of 31.12.2021, the Company owned 490,007 own shares with a nominal
value of € 0.08 each, with total market value of € 2,292,442, corresponding to 1.0077% of its share capital.
At the same time with the decision of 01.09.2021 of the Extraordinary General Meeting, in accordance with article 49
of Law 4548/2018 230,236 own shares with a nominal value of € 0.08 each were cancelled, having been obtained
during 2012 and 2013, each with a consequent reduction of the Company's share capital by the amount of € 18,418.
88 and a corresponding amendment of article 3 (Share Capital) of its Articles of Association.
`
Number
of shares
Cost of
tresury shares
1 January 2020
230,236
256,131
Acquisition of shares
394,071
1,576,999
31 December 2020
624,307
1,833,130
Acquisition of shares
95,936
715,443
Shares sold / cancelled
(230,236)
(256,131)
31 December 2021
490,007
2,292,442
20. Fair value reserves
Group
Financial assets at
FVOCI
Revaluation
reserve
Total
1 January 2020
53,901,978
8,383,938
62,285,916
Revaluation - gross
(27,067,651)
1,493,840
(25,573,811)
Revaluation - tax
-
(358,522)
(358,522)
31 December 2020
-
-
-
1 January 2021
26,834,327
9,519,256
36,353,583
Revaluation - gross
761,924
7,123,974
7,885,898
Revaluation - tax
-
(1,354,511)
(1,354,511)
31 December 2021
27,596,251
15,288,719
42,884,970
Annual Financial Report 31.12.2021
125
Company
Financial assets at
FVOCI
Revaluation
reserve
Total
1 January 2020
53,901,978
6,314,885
60,216,863
Revaluation - gross
(27,067,651)
510,925
(26,556,726)
Revaluation - tax
-
(122,622)
(122,622)
31 December 2020
26,834,327
6,703,188
33,537,515
1 January 2021
26,834,327
6,703,188
33,537,515
Revaluation - gross
761,924
3,129,009
3,890,933
Revaluation - tax
-
(540,320)
(540,320)
31 December 2021
27,596,251
9,291,877
36,888,128
21. Other reserves
Group
Statutory
reserve
Special
reserve
Tax-free
reserve
Other
reserve
Total
1 January 2020
5,079,687
34,535,924
45,827
646,731
40,308,169
Other
-
-
-
2,879
2,879
31 December 2020
5,079,687
34,535,924
45,827
649,610
40,311,048
31 December 2021
5,079,687
34,535,924
45,827
649,610
40,311,048
Company
Statutory
reserve
Special
reserve
Tax-free
reserve
Other
reserve
Total
1 January 2020
4,870,218
37,935,923
96,812
384,225
43,287,178
Transfers from retained
earnings
-
6,000,000
-
-
6,000,000
31 December 2020
4,870,218
43,935,923
96,812
384,225
49,287,178
1 January 2021
4,870,218
43,935,923
96,812
384,225
49,287,178
Transfers from retained
earnings
-
7,800,000
-
-
7,800,000
31 December 2021
4,870,218
51,735,923
96,812
384,225
57,087,178
Statutory reserve
The statutory reserve is created under the provisions of Greek law according to which an amount of at least 5% of the
profit (after tax) for the year must be transferred to the reserve until it reaches one third of the paid share capital. The
statutory reserve can only be used with the approval of the Annual General Meeting of shareholders to offset
accumulated losses and therefore cannot be used for any other purpose.
Annual Financial Report 31.12.2021
126
Special reserves
This reserve relates to special reserves from income taxed by special tax scheme formed based on special provisions
of Greek tax legislation and refers to a) earnings from sale of a non-listed company which are tax-exempted since they
are not distributed. In any other case they would not be exempted from regular tax regulation and b) dividends
received.
Tax-free reserves
This reserve includes the portion of the net income carried forward every year that comes from tax-free profits and
profits taxed under special provisions by using up the tax liability. The aforementioned reserves can be capitalised or
distributed following the approval of the Annual General Meeting, after taking into consideration the restrictions that
may apply. In case of capitalisation or distribution, tax is calculated at the current tax rate.
Other reserves
This reserve was created from the merger of VAKAR S.A., VELMAR S.A. and TECHNOCAR S.A. In addition, Other
Reserves include exchange differences arising on translation of the foreign controlled entities are recognized in other
comprehensive income as described in note 2.5 and accumulated in a separate reserve within equity. The cumulative
amount is reclassified to profit or loss when the net investment is disposed of.
22. Borrowings
Group
Company
31.12.2021
31.12.2020
31.12.2021
31.12.2020
Non-current
Bank borrowings
50,019,516
282,211,136
27,181,277
246,037,511
Other borrowings
390,326
278,461
-
-
Total non-current
50,409,842
282,489,597
27,181,277
246,037,511
Current
Bank borrowings
11,295,508
10,534,000
-
-
Short term portion of long term bank borrowings
158,438,343
85,522,408
157,938,343
82,129,532
Other borrowings
456,115
673,187
-
-
Total current
170,189,966
96,729,595
157,938,343
82,129,532
Total borrowings
220,599,808
379,219,192
185,119,620
328,167,043
Part of the short-term and long-term borrowing is covered by auto and building collateral as set out in note 7 to the
Financial Statements.
The average effective interest rate for the Group’s short-term and long-term borrowings in 2021 fluctuated between
2.10% - 2.60% respectively (2020: The average effective interest rate fluctuated between 2.45% - 2.70%).
The average effective interest rate for the Company’s short-term and long-term borrowings in 2021 fluctuated
between 2.05% - 2.60% respectively (2020: The average effective interest rate fluctuated between 2.45% - 2.70%).
Annual Financial Report 31.12.2021
127
Changes in Borrowings
Group
Long-term
loans
Short-term
loans
Total
1 January 2020
277,241,786
85,226,689
362,468,475
Repayments
(14,351,103)
(86,691,016)
(101,042,119)
New Financing
53,361,455
61,375,200
114,736,655
Transfers
(36,708,583)
36,708,583
-
Loan Amortization
2,946,042
110,139
3,056,181
31 December 2020
282,489,597
96,729,595
379,219,192
1 January 2021
282,489,597
96,729,595
379,219,192
Repayments
(18,153,069)
(197,738,543)
(215,891,612)
New Financing
14,096,362
36,743,845
50,840,207
Transfers
(233,794,454)
233,794,454
-
Loan Amortization
5,771,406
660,615
6,432,021
31 December 2021
50,409,842
170,189,966
220,599,808
Company
Long-term
loans
Short-term
loans
Total
1 January 2020
239,066,896
56,986,831
296,053,727
Repayments
(7,384,835)
(16,548,709)
(23,933,544)
New Financing
47,991,062
5,000,000
52,991,062
Transfers
(36,571,654)
36,571,654
-
Loan Amortization
2,936,042
119,756
3,055,798
31 December 2020
246,037,511
82,129,532
328,167,043
1 January 2021
246,037,510
82,129,533
328,167,043
Repayments
-
(158,779,280)
(158,779,280)
New Financing
-
9,299,453
9,299,453
Transfers
(224,627,639)
224,627,639
-
Loan Amortization
5,771,406
660,998
6,432,404
31 December 2021
27,181,277
157,938,343
185,119,620
23. Leases
a) Finance lease liabilities
Group
Company
31.12.2021
31.12.2020
31.12.2021
31.12.2020
Finance lease liabilities- minimum lease payments
No later than 1 year
17,100,731
11,763,503
16,505,187
11,411,620
Later than 1 year but not later than 5 years
34,279,325
30,224,799
33,864,021
29,711,688
Total
51,380,056
41,988,302
50,369,208
41,123,308
Less: Future finance charges on finance leases
(1,745,827)
(1,872,786)
(1,738,758)
(1,851,903)
Present value of finance lease liabilities
49,634,229
40,115,516
48,630,450
39,271,405
Annual Financial Report 31.12.2021
128
The present value of finance lease liabilities is analysed as follows:
Group
Company
31.12.2021
31.12.2020
31.12.2021
31.12.2020
No later than 1 year
16,182,131
10,882,071
15,589,605
10,560,448
Later than 1 year but not later than 5 years
33,452,098
29,233,445
33,040,845
28,710,957
Total
49,634,229
40,115,516
48,630,450
39,271,405
b) Operating lease liabilities
Group
Company
31.12.2021
31.12.2020
31.12.2021
31.12.2020
Operating lease liabilities- minimum lease payments
No later than 1 year
4,482,608
3,914,544
2,415,713
1,804,330
Later than 1 year but not later than 5 years
6,834,954
7,739,944
2,717,687
3,247,965
Later than 5 years
1,316,599
1,946,692
-
-
Total
12,634,161
13,601,180
5,133,400
5,052,295
Less: Future finance charges on Operating leases
(1,761,859)
(1,273,658)
(199,447)
(263,437)
Present value of operating lease liabilities
10,872,302
12,327,522
4,933,953
4,788,858
The present value of operating lease liabilities is analysed as follows:
Group
Company
31.12.2021
31.12.2020
31.12.2021
31.12.2020
No later than 1 year
3,866,521
3,543,877
2,279,886
1,664,033
Later than 1 year but not later than 5 years
5,869,305
6,961,297
2,654,067
3,124,825
Later than 5 years
1,136,476
1,822,348
-
-
Total
10,872,302
12,327,522
4,933,953
4,788,858
c) Changes in lease liabilities
Group
Finance Lease
Liabilities
Operating
Lease
Liabilities
Total
1 January 2020
5,954,445
16,817,211
22,771,656
Repayments
(5,481,206)
(4,159,357)
(9,640,563)
New Financing
41,328,522
1,445,473
42,773,995
Terminated leases
-
(1,775,805)
(1,775,805)
Loan Amortization
(1,686,245)
-
(1,686,245)
31 December 2020
40,115,516
12,327,522
52,443,038
1 January 2021
40,115,516
12,327,522
52,443,038
Repayments
(20,250,228)
(4,384,775)
(24,635,003)
New Financing
29,768,941
3,157,320
32,926,261
Terminated leases
-
(227,765)
(227,765)
Loan Amortization
-
-
-
31 December 2020
49,634,229
10,872,302
60,506,531
Annual Financial Report 31.12.2021
129
Company
Finance Lease
Liabilities
Operating
Lease
Liabilities
Total
1 January 2020
3,580,993
7,896,916
11,477,909
Repayments
(5,371,702)
(2,059,192)
(7,430,894)
New Financing
41,062,114
319,879
41,381,993
Terminated leases
-
(1,368,744)
(1,368,744)
Loan Amortization
-
-
-
31 December 2020
39,271,405
4,788,859
44,060,264
1 January 2021
39,271,404
4,788,859
44,060,263
Repayments
(19,165,751)
(2,278,962)
(21,444,713)
New Financing
28,524,796
2,442,995
30,967,791
Terminated leases
-
(18,939)
(18,939)
Loan Amortization
-
-
-
31 December 2021
48,630,449
4,933,953
53,564,402
24. Post-employment benefits
For the Company and the Group entities based in Greece, the benefit obligations relate to the requirements under law
2112/1920 as amended by law 4093/2012 based on the years of employment of each employee. The liability is
measured and depicted on the basis of the expected entitlement of each employee at the reporting date or in the
interim financial statements, discounted to the present value, in relation to the expected time of payment.
The amounts recognised in the statement of financial position and the movements in the net benefit obligation over
the year are as follows:
Group
Company
2021
2020
restated
(see Note 24a)
2021
2020
restated
(see Note 24a)
1 January 2020 (as published)
4,713,176
4,855,712
2,427,803
2,797,590
Decision of the IFRS Interpretations Committee - Measurement
of the post-employment benefits provision (see Note 24a)
(2,134,490)
(2,185,301)
(870,321)
(971,985)
1 January (restated)
2,578,686
2,670,411
1,557,482
1,825,605
Amounts recognised in profit or loss:
Current service cost
212,221
194,430
83,784
112,836
Interest expense
10,425
18,660
5,133
9,323
Past service cost and (gains)/losses on settlements/curtailments
297,129
256,195
248,504
(31,190)
Total
519,775
469,285
337,421
90,969
Amounts recognised in other comprehensive income:
- (Gain) / Loss from change in demographic assumptions
-
-
-
-
- (Gain) / Loss from change in financial assumptions
59,666
57,720
34,576
22,913
- Experience (gain) / losses
(69,973)
(99,302)
(3,454)
(47,275)
Total
(10,307)
(41,582)
31,122
(24,362)
Other:
Benefits paid
(1,287,871)
(519,428)
(1,032,093)
(334,730)
Total
(1,287,871)
(519,428)
(1,032,093)
(334,730)
Balance as at 31 December
1,800,283
2,578,686
893,932
1,557,482
The principal actuarial assumptions used were as follows:
Group
Company
Annual Financial Report 31.12.2021
130
2021
2020
2021
2020
Discount rate
0.60%
0.60%
0.60%
0.60%
Inflation rate
1.00%
1.00%
1.00%
1.00%
Salary growth rate
1.00%
1.00%
1.00%
1.00%
Employee turnover:
Resignations
4.50%
4.50%
4.50%
4.50%
Dismissals
1.00%
1.00%
1.00%
1.00%
The weighted average duration of the benefit obligation is 14.65 years.
The above sensitivity analysis are based on a change in an assumption while holding all other assumptions constant.
In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the
sensitivity of the benefit obligation to significant actuarial assumptions the same method (present value of the defined
benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been
applied as when calculating the benefit liability recognised in the Statement of Financial Position.
The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior
period.
Group
Impact on defined benefit
obligation
Change in
assumption
Increase in
assumption
Decrease in
assumption
Discount rate
0.50%
(226,365)
249,441
Salary growth rate
0.50%
247,647
(227,658)
Company
Impact on defined benefit
obligation
Change in
assumption
Increase in
assumption
Decrease in
assumption
Discount rate
0.50%
(90,609)
99,659
Salary growth rate
0.50%
98,466
(91,594)
24a. Restatement following IFRS Interpretations Committee (“IC”) decision
Following the IC decision in May 2021 the Group’s and the Company’s basis for the measurement of the Staff Leaving
Indemnity provision that has been recognized and presented in accordance with IAS 19 “Employee Benefits” has been
impacted. The implementation of the IC decision has resulted in the Group and the Company having to restate its
previously issued financial statements as presented below. It is noted that only the relevant financial statement line
items that have been specifically impacted by the IC decision have been discretely presented.
Annual Financial Report 31.12.2021
131
Statement of Financial Position extract - 1 January 2020
Group
As published
IC decision
Restated
ASSETS
Deferred tax assets
3,677,283
(524,472)
3,152,811
Other non-current assets
713,156,072
-
713,156,072
Total non-current assets
716,833,355
(524,472)
716,308,883
Total current assets
200,628,816
-
200,628,816
Total assets
917,462,171
(524,472)
916,937,699
EQUITY
Retained earnings / (Accumulated losses)
187,702,932
1,660,830
189,363,762
Other equity
106,794,781
-
106,794,781
Total equity
294,497,713
1,660,830
296,158,543
LIABILITIES
Deferred tax liabilities
15,560,650
-
15,560,650
Post-employment benefits
4,855,713
(2,185,302)
2,670,411
Other non-current liabilities
331,985,767
-
331,985,767
Total non-current liabilities
352,402,130
(2,185,302)
350,216,828
Total current liabilities
270,562,328
-
270,562,328
Total liabilities
622,964,458
(2,185,302)
620,779,156
Total equity and liabilities
917,462,171
(524,472)
916,937,699
Company
As published
IC decision
Restated
ASSETS
Deferred tax assets
-
-
-
Other non-current assets
613,675,867
-
613,675,867
Total non-current assets
613,675,867
-
613,675,867
Total current assets
66,688,997
-
66,688,997
Total assets
680,364,864
-
680,364,864
EQUITY
Retained earnings / (Accumulated losses)
118,713,402
738,709
119,452,111
Other equity
107,323,700
-
107,323,700
Total equity
226,037,102
738,709
226,775,811
LIABILITIES
Deferred tax liabilities
12,964,822
233,277
13,198,099
Post-employment benefits
2,797,590
(971,985)
1,825,605
Other non-current liabilities
278,626,959
-
278,626,959
Total non-current liabilities
294,389,371
(738,708)
293,650,663
Total current liabilities
159,938,390
-
159,938,390
Total liabilities
454,327,761
(738,708)
453,589,053
Total equity and liabilities
680,364,864
-
680,364,864
Annual Financial Report 31.12.2021
132
Statement of Financial Position extract - 31 December 2020
Group
As published
IC decision
Restated
ASSETS
Deferred tax assets
2,366,584
(512,279)
1,854,306
Other non-current assets
642,544,608
-
642,544,608
Total non-current assets
644,911,192
(512,279)
644,398,914
Total current assets
238,850,329
-
238,850,329
Total assets
883,761,521
(512,279)
883,249,242
EQUITY
Retained earnings / (Accumulated losses)
192,373,875
1,622,211
193,996,086
Other equity
80,785,863
-
80,785,863
Total equity
273,159,738
1,622,211
274,781,949
LIABILITIES
Deferred tax liabilities
16,398,442
-
16,398,442
Post-employment benefits
4,713,176
(2,134,490)
2,578,686
Other non-current liabilities
327,404,683
-
327,404,683
Total non-current liabilities
348,516,301
(2,134,490)
346,381,811
Total current liabilities
262,085,482
-
262,085,482
Total liabilities
610,601,783
(2,134,490)
608,467,293
Total equity and liabilities
883,761,521
(512,279)
883,249,242
Company
As published
IC decision
Restated
ASSETS
Deferred tax assets
-
-
-
Other non-current assets
556,730,019
-
556,730,019
Total non-current assets
556,730,019
-
556,730,019
Total current assets
121,698,285
-
121,698,285
Total assets
678,428,304
-
678,428,303
EQUITY
Retained earnings / (Accumulated losses)
118,093,983
661,444
118,755,427
Other equity
85,067,354
-
85,067,354
Total equity
203,161,337
661,444
203,822,781
LIABILITIES
Deferred tax liabilities
13,591,276
208,875
13,800,151
Post-employment benefits
2,427,803
(870,320)
1,557,483
Other non-current liabilities
277,873,292
-
277,873,292
Total non-current liabilities
293,892,371
(661,445)
293,230,926
Total current liabilities
181,374,596
-
181,374,596
Total liabilities
475,266,967
(661,445)
474,605,522
Total equity and liabilities
678,428,303
-
678,428,303
Annual Financial Report 31.12.2021
133
Statement of Profit or Loss extract - 1.1.2020 to 31.12.2020
Group
As published
IC decision
Restated
Administrative expenses
(28,239,049)
(88,032)
(28,327,081)
Operating profit
41,491,963
(88,032)
41,403,931
Profit before income tax
24,240,588
(88,032)
24,152,556
Income tax expense
(6,890,456)
21,127
(6,869,329)
Profit / (loss) for the year
17,350,132
(66,905)
17,283,227
Company
As published
IC decision
Restated
Administrative expenses
(9,364,250)
(61,755)
(9,426,005)
Operating profit
33,068,020
(61,755)
33,006,265
Profit before income tax
20,058,085
(61,755)
19,996,330
Income tax expense
(3,542,655)
14,821
(3,527,834)
Profit / (loss) for the year
16,515,430
(46,934)
16,468,496
Statement of Other Comprehensive Income extract - 1.1.2020 to 31.12.2020
Group
As published
IC decision
Restated
Profit / (loss) for the year
17,350,132
(66,905)
17,283,227
Remeasurements of post-employment benefit obligations - gross
4,361
37,221
41,582
Remeasurements of post-employment benefit obligations-tax
(1,047)
(8,933)
(9,980)
Other
(25,929,454)
-
(25,929,454)
Other comprehensive income for the year, net of tax
(25,926,140)
28,288
(25,897,852)
Total comprehensive income for the year
(8,576,008)
(38,617)
(8,614,625)
Annual Financial Report 31.12.2021
134
Company
As published
IC decision
Restated
Profit / (loss) for the year
16,515,430
(46,934)
16,468,496
Remeasurements of post-employment benefit obligations - gross
64,273
(39,911)
24,362
Remeasurements of post-employment benefit obligations-tax
(15,425)
9,578
(5,847)
Other
(26,679,349)
-
(26,679,349)
Other comprehensive income for the year, net of tax
(26,630,501)
(30,333)
(26,660,834)
Total comprehensive income for the year
(10,115,071)
(77,267)
(10,192,338)
Movement of post-employment benefit obligation - 1.1.2020 to 31.12.2020
Group
As published
IC decision
Restated
Balance as at 1 January
4,855,712
(2,185,301)
2,670,411
Amounts recognised in profit or loss:
Current service cost
191,980
2,450
194,430
Interest expense
43,791
(25,131)
18,660
Past service cost and (gains)/losses on settlements/curtailments
70,403
185,792
256,195
Total
306,174
163,111
469,285
Amounts recognised in other comprehensive income:
- (Gain) / Loss from change in demographic assumptions
-
-
-
- (Gain) / Loss from change in financial assumptions
317,395
(259,675)
57,720
- Experience (gain) / losses
(321,756)
222,454
(99,302)
Total
(4,361)
(37,221)
(41,582)
Other:
Benefits paid
(444,351)
(75,077)
(519,428)
Total
(444,351)
(75,077)
(519,428)
Balance as at 31 December
4,713,174
(2,134,488)
2,578,686
Annual Financial Report 31.12.2021
135
Company
As published
IC decision
Restated
Balance as at 1 January
2,797,590
(971,985)
1,825,605
Amounts recognised in profit or loss:
Current service cost
94,180
18,656
112,836
Interest expense
20,123
(10,800)
9,323
Past service cost and (gains)/losses on settlements/curtailments
(85,088)
53,898
(31,190)
Total
29,215
61,754
90,969
Amounts recognised in other comprehensive income:
- (Gain) / Loss from change in demographic assumptions
-
-
-
- (Gain) / Loss from change in financial assumptions
131,013
(108,100)
22,913
- Experience (gain) / losses
(195,285)
148,010
(47,275)
Total
(64,272)
39,910
(24,362)
Other:
Benefits paid
(334,730)
-
(334,730)
Total
(334,730)
-
(334,730)
Balance as at 31 December
2,427,803
(870,321)
1,557,482
25. Trade and other payables
Group
Company
Note
31.12.2021
31.12.2020
31.12.2021
31.12.2020
Trade payables
76,534,338
59,480,413
15,758,570
11,022,346
Amounts due to related parties
36
85,710
57,006
7,809,633
68,503
Guarantees
26,419,565
21,886,381
25,242,704
20,831,619
Accrued expenses
8,287,653
5,308,448
5,535,939
3,782,035
Deferred income
682,375
223,333
-
-
Social security funds and other taxes
9,112,689
13,249,952
4,869,239
5,764,247
Advances from customers
20,647,346
8,761,900
4,791,749
2,543,493
Dividends payable
99,411
100,516
99,411
100,516
Other liabilities
12,548,847
11,426,556
10,316,345
10,225,655
Total
154,417,934
120,494,505
74,423,590
54,338,414
Group
Company
31.12.2021
31.12.2020
31.12.2021
31.12.2020
Non-current
846,167
3,702,796
-
-
Current
153,571,767
116,791,709
74,423,590
54,338,414
Total
154,417,934
120,494,505
74,423,590
54,338,414
Trade and other payables are usually paid within 2-3 months of recognition. Long term liabilities are mainly related to
liabilities of Hyundai Hellas and Kia Hellas as determined by the restructuring procedure.
The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their short-
term nature.
Annual Financial Report 31.12.2021
136
Provisions for other liabilities
Provisions and other liabilities mainly concern guarantees given on the retail sales of the car trading activity.
26. Revenue
Group
Company
2021
2020
2021
2020
Car rental and other services
207,204,033
165,671,070
162,597,871
128,746,856
Sales of cars, used and parts
374,392,881
270,231,639
314,018
320,917
Sales of used fleet
60,049,218
55,816,167
47,432,743
46,405,243
Total
641,646,132
491,718,876
210,344,632
175,473,016
The Group's revenue reported an increase of 30.5% and Company's revenue an increase of 19.9%. Activities which
were not related to tourism were boosted by long-term and monthly car rentals, by the efficiency of used cars, as well
as by the significant increase in both the import and distribution of new cars and in the car and spare parts sales in
Greece. In addition, the reboot of tourism activity in early June and especially during the third quarter of the year,
increased the Group's turnover to significantly greater results in comparison with last year, when the pandemic
affected the short-term car rental activity.
27. Expenses by nature
Group
Company
Note
2021
2020
restated
(see Note 24a)
2021
2020
restated
(see Note 24a)
Employee benefits expense
28
44,973,499
35,923,096
18,953,058
13,816,701
Changes in inventories recognised in cost of sales
358,501,246
273,525,322
30,989,813
35,604,472
Depreciation of property, plant and equipment
7
93,897,802
93,466,097
67,576,454
66,673,980
Impairment of property, plant and equipment
(including write offs)
7
491,956
213,536
293,837
181,387
Repairs and maintenance expenses
6,535,994
5,143,325
16,177,692
15,160,672
Amortisation of intangible assets
10
213,679
222,175
154,648
175,418
Impairment of receivables
1,614,316
911,274
574,757
710,175
Operating lease payments
1,303,073
774,243
1,157,147
486,538
Transportation expenses
4,339,901
2,542,822
592,087
348,552
Third parties' fees
22,070,535
13,394,088
8,397,959
4,366,137
Advertising costs
11,054,047
8,833,864
1,939,563
1,127,004
Utilities
5,359,504
4,679,419
2,153,476
1,746,378
Other
22,204,782
26,114,357
17,371,101
15,667,267
Total
572,560,334
465,743,618
166,331,592
156,064,681
Annual Financial Report 31.12.2021
137
Group
Company
2021
2020
restated
(see Note 24a)
2021
2020
restated
(see Note 24a)
Cost of sales
503,710,248
412,351,673
150,786,395
144,961,553
Distribution costs
33,971,237
25,064,863
2,477,039
1,677,123
Administrative expenses
34,878,849
28,327,082
13,068,158
9,426,005
572,560,334
465,743,618
166,331,592
156,064,681
Other operating expenses relate to insurance fees, road tax and registration fees, rents and miscellaneous operating
expenses.
28. Employee benefits expenses
Group
Company
Note
2021
2020
restated
(see Note 24a)
2021
2020
restated
(see Note 24a)
Wages and salaries
36,327,805
27,265,781
15,693,573
10,599,834
Termination benefits
4,242
67,928
-
-
Social security costs
6,659,309
5,922,809
2,403,221
2,117,163
Other short term employee benefits
1,302,042
2,134,207
518,842
862,775
Pension costs-defined contribution plans
160,325
138,163
-
145,959
Pension costs-defined benefit plans
24
519,776
394,208
337,422
90,970
Total
44,973,499
35,923,096
18,953,058
13,816,701
29. Other income
Group
Company
2021
2020
2021
2020
Dividend income from group companies
-
-
7,800,000
6,000,000
Income from commissions and services
6,152,363
5,174,640
2,138,568
2,501,082
Operating lease income
2,554,071
2,497,063
2,568,313
2,378,492
Other
6,537,950
7,182,836
2,534,224
2,327,654
Total
15,244,384
14,854,539
15,041,105
13,207,228
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
Group
Company
31.12.2021
31.12.2020
31.12.2021
31.12.2020
No later than 1 year
100,651,877
104,237,902
78,787,435
81,161,602
Later than 1 year and no later than 5 years
135,566,190
143,350,347
108,935,998
114,877,238
Later than 5 years
-
12,950
-
-
Total
236,218,067
247,601,199
187,723,433
196,038,840
Annual Financial Report 31.12.2021
138
30. Other gains/(losses) - net
Group
Company
Note
2021
2020
2021
2020
Fair value gains from financial assets at FVOCI
47,747
-
47,747
-
Fair value gains/ (losses) of investment property
9
(333,806)
(40,086)
658,373
144,549
Profit / (Loss) from the sale of property, plant
and equipment
7
845,669
577,616
379,302
246,153
Net foreign exchange (losses) / gains
(37,987)
14,283
-
-
Other
(912,684)
57,304
-
-
Total
(391,061)
609,117
1,085,422
390,702
31. Finance income and costs
Group
Company
2021
2020
2021
2020
Interest paid/payable for bank loans
10,911,786
12,281,343
9,503,324
10,245,611
Finance charges relating to lease liabilities
1,635,525
993,543
1,294,101
834,137
Other
2,054,022
2,002,207
358,758
261,006
Net foreign exchange (gains) / losses on financing
activities
(61,094)
139,191
-
-
Finance costs
14,540,239
15,416,284
11,156,183
11,340,754
Amortization of unwinding of discount and bond loan
costs
6,507,734
3,133,455
6,507,734
3,133,456
Total
21,047,973
18,549,739
17,663,917
14,474,210
Interest income on cash at bank
(1,762,586)
(1,632,840)
(1,624,374)
(1,464,275)
Interest income from discounting long term receivables
(210,331)
(203,339)
-
-
Finance income
(1,972,917)
(1,836,179)
(1,624,374)
(1,464,275)
Net finance costs
19,075,056
16,713,560
16,039,543
13,009,935
32. Income tax expense
Group
Company
Note
2021
2020
restated
(see Note 24a)
2021
2020
restated
(see Note 24a)
Current tax on profit for the year
11,659,829
4,793,186
7,135,507
3,118,371
Adjustments in respect of prior years
(2,023)
308,332
(2,594)
(64,123)
Total current tax
11,657,806
5,101,518
7,132,913
3,054,248
Deferred tax
13
498,112
1,767,811
(148,931)
473,586
Total
12,155,918
6,869,329
6,983,982
3,527,834
Annual Financial Report 31.12.2021
139
The Group’s and Company’s income tax differs from the theoretical amount that would arise using the tax rate
applicable to profits/losses as follows:
Group
Company
2021
2020
restated
(see Note 24a)
2021
2020
restated
(see Note 24a)
Profit before tax
64,585,273
24,152,555
44,100,024
19,996,331
Tax calculated at domestic tax rate applicable to profits in
the respective countries
15,084,233
5,630,247
9,702,005
4,799,119
Changes in tax rates
(1,024,018)
-
(1,016,698)
-
Income not subject to tax
(2,242,506)
(358,653)
(2,156,000)
(1,667,401)
Expenses not deductible for tax purposes
522,604
1,655,708
457,269
460,239
Utilisation of previously unrecognised tax losses
(427,818)
(170,556)
-
-
Other
243,423
112,583
(2,594)
(64,123)
Tax charge
12,155,918
6,869,329
6,983,982
3,527,834
33. Securitisation
In 2021, the Company proceeded with a financing agreement of €180,000,000 with JPMorgan Chase through a new
securitization of receivables from long-term lease agreements (Asset Backed Securitization). In the new financing there
is no reduction in other assets of the Company (non - recourse) while the business terms have significantly improved.
The purpose of this financing is to cover the operating needs of the Company as well as the refinancing of existing
borrowing. The amount of financing on 31.12.2021 reached € 175,600,000.
In this transaction with JPM, Alpha Bank S.A. has the role of Back-up Servicer and provides the Greek bank account of
the Special Purpose Vehicle serving the transaction.
34. Contingencies
The Group has contingent liabilities towards banks, other guarantees and other issues that might arise. No material
charges are expected from these contingent liabilities. The unaudited fiscal years are as follows:
Company
Years
AUTOHELLAS TOURIST AND TRADING SOCIETE ANONYME
-
AUTOTECHNICA OOD (Bulgaria)
2016-2021
AUTOTECHNICA (CYPRUS) LIMITED
2013-2021
A.T.C. AUTOTECHNICA (CYPRUS) LTD
2013-2021
DERASCO TRADING LIMITED
2013-2021
AUTOTECHNICA FLEET SERVICES S.R.L.
2015-2021
AUTOTECHNICA SERBIA DOO
2016-2021
AUTOTECHNICA MONTENEGRO DOO
2015-2021
AUTOTECHNICA FLEET SERVICES DOO (Croatia)
2015-2021
AUTOTECHNICA FLEET SERVICES LLC (Ukraine)
2017-2021
AUTOTECHNICA HELLAS S.A.
See below
HYUNDAI HELLAS S.A.
See below
KIA HELLAS S.A.
See below
ELTREKKA S.A.
See below
FASTTRAK S.A.
See below
TECHNOCAR SINGLE MEMBER TRADING SOCIETE ANONYME
See below
Annual Financial Report 31.12.2021
140
The corporate income tax rate of legal entities in Greece is currently set at 22% for fiscal year 2021 (2020: 24%).
The respective rate for international activity for 2021 is as follows:
Bulgaria
10%
Cyprus
12.5%
Romania
16%
Serbia
15%
Montenegro
9%
Ukraine
18%
Croatia
18%
Greek tax regulations and related clauses are subject to interpretation by the tax authorities and administrative courts
of law. Tax returns are filed annually. The profits or losses declared for tax purposes remain provisional until such time
as the tax authorities examine the returns and the records of the tax payer and a final assessment is issued. From the
financial year 2011 and onwards, the tax returns are subject to the audit tax certificate process (described below). Net
operating losses which are tax deductible, can be carried forward against taxable profits for a period of five years from
the year they are generated.
The Company establishes provisions for taxes that may arise from the non-audited fiscal years based on its experience.
Provisions as at 31.12.2021 amounted to € 118,802 for the Group and the Company.
Tax audit certificate
Regarding the Company and the subsidiaries based in Greece, the years 2011 to 2020 have been audited by the elected
by K.N. 4548/2018, in accordance with article 82 of L. 2238/1994 and article 65A of Law 4771/13, and the relevant tax
compliance reports. According to POL. 1006/05.01.2016, companies who submitted a tax compliance report without
remarks for tax violations are not excluded from conducting a regular tax audit by tax authorities. Therefore, it is
possible that tax authorities will demand to conduct their tax audit on the company’s books. However, the Company’s
management estimates that the results from potential regular tax audits from tax authorities, if conducted, will not
have a significant effect on the company’s financial position. Similarly, the tax audit for the Parent Company and
subsidiaries based in Greece for the year 2021 is carried out by the statutory auditor. Upon completion of the tax
audit, management does not expect to incur significant tax liabilities other than those recorded and reflected in the
financial statements.
35. Commitments
There are no capital commitments regarding the acquisition of tangible and intangible assets.
Annual Financial Report 31.12.2021
141
36. Related party transactions
The Group is controlled by Autohellas which is the immediate parent company. Interests in subsidiaries are set out in
note 11.
(i) (i) Key management personnel
Group
Company
2021
2020
2021
2020
Key management compensation
4,297,384
3,102,925
2,686,970
1,694,017
(ii) (ii) Transactions with other Group entities
Group
Company
2021
2020
2021
2020
Sales of goods
- Subsidiaries
-
-
253,940
248,042
Sales of services
- Subsidiaries
-
-
3,365,607
2,506,658
- Associates & Joint Ventures
75,516
23,322
73,356
20,163
- Other related companies
1,155,761
1,217,334
1,141,659
1,185,357
Purchases of goods
- Subsidiaries
-
-
67,589,051
30,196,644
Purchases of services
- Associates & Joint Ventures
-
-
4,763
-
- Other related companies
777,146
722,668
744,143
597,642
Sales of fixed assets
- Subsidiaries
-
-
3,474,226
3,326,184
Rental Income
- Subsidiaries
-
-
1,565,128
1,489,527
- Associates & Joint Ventures
2,160
2,160
2,160
2,160
- Other related companies
107,784
289,285
107,784
289,285
Rental Expense
- Other related companies
4,500
10,213
4,500
10,213
Dividends
- Subsidiaries
-
-
7,800,000
6,000,000
2,122,867
2,264,982
86,126,317
45,871,875
Annual Financial Report 31.12.2021
142
(iii) Outstanding balances arising from sales/purchases of goods and services
The following balances outstanding at the reporting date concern transactions with related parties:
Group
Company
2021
2020
2021
2020
Receivables
- Subsidiaries
-
-
1,006,782
341,351
- Associates & Joint Ventures
20,416
9,828
20,416
6,232
- Other related companies
187,823
54,852
187,795
52,081
208,239
64,680
1,214,993
399,664
Payables
- Subsidiaries
-
-
7,733,445
37,092
- Associates & Joint Ventures
5,483
-
5,483
-
- Other related companies
80,227
57,006
70,706
31,411
85,710
57,006
7,809,634
68,503
(iv) (iv) Terms and conditions
As related parties are defined Aegean Airlines SA and Olympic Air SA. The Company's sales to related parties mainly
concern the provision of consulting services, administrative support, car sales and car rentals. Sales prices are usually
determined by market conditions. The sales of services and goods to the Company, mainly concern car maintenance
and repair services as well as car sales under the usual market conditions.
37. Earnings per share
Group
Company
2021
2020
restated
(see Note 24a)
2021
2020
restated
(see Note 24a)
Profit attributable to the ordinary equity holders of the
company
48,993,693
15,785,691
37,116,042
16,468,496
Weighted average number of ordinary shares
48,134,757
48,230,693
48,134,757
48,230,693
Basic earnings per share
1.02
0.33
0.77
0.34
There are no dilutive potential ordinary shares for either the Group or the Company, therefore diluted earnings per
share equal basic earnings per share.
Annual Financial Report 31.12.2021
143
38. Events occurring after the reporting period
• Since the reporting date and until the approval of the Financial Statements from the Board of Directors, the
Company has issued two (2) Bond Loans of aggregate value € 130 mil. aiming at refinancing existing debt.
• The Group started operating in Ukraine in 2015 having the exclusive rights to use the Hertz brand name. The
activity in Ukraine has a turnover of only € 686,000, ie 0.1% of consolidated turnover. A similar percentage applies
for the Group’s total assets. Based on the aforementioned figures, any development will not affect the financial
figures of the Group
After the recent events in the country, the Group is in contact with its employees, having their safety as its top
priority.
We hope that there will be no duration or expansion in this situation, and that both the market and the economy
in general will remain relatively unaffected.
39. Audit Fees
Audit fees for 2021 for the Company amounted to € 82,000 for statutory audit and € 33,000 for tax audit. As far as the
Group is concerned, audit fees amounted to € 204,500 for statutory audit and € 74,000 for tax audit. Other services
are not provided.
Kifissia, 02 March 2022
President
Managing Director
Chief Financial Officer
Accounting Manager
Emmanouela Vasilaki
ICN: AK 121875
Eftichios Vassilakis
ICN: AN 049866
Antonia Dimitrakopoulou
ICN: AB 348453
Constantinos Siambanis
ICN: Φ 093095
Annual Financial Report 31.12.2021
144
INFORMATION BASED ON ARTICLE 10 OF L.3401/2005 PUBLISHED BY THE COMPANY DURING FISCAL YEAR 2021
AUTOHELLAS TOURIST AND TRADING SOCIETE ANONYME had disclosed the following information over the period
01/01/2021 – 31/12/2021, which are posted on the Company’s website www.autohellas.gr as well as the website of
the Athens Exchange www.athexgroup.gr.
Date
Subject
Website
17.12.2021
Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
14.12.2021
Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
13.12.2021
Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
10.12.2021
Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
09.12.2021
Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
07.12.2021
Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
06.12.2021
Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
01.12.2021
Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
26.11.2021
Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
24.11.2021
Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
16.11.2021
Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
12.11.2021
Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
10.11.2021
Results for the Third Quarter and Nine-Month period
of 2021
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
17.09.2021
Announcement of Cancellation and Delisting of Shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
14.09.2021
Minutes of the Ordinary General Meeting of the
Shareholders
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
14.09.2021
Minutes of the Board of Directors of the Assembly
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
01.09.2021
Announcement Election of the Board of Directors and
its Composition
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
01.09.2021
Decisions of the Extraordinary General Meeting
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
25.08.2021
Autohellas: Cooperation with JPMorgan Chase for EUR
180m financing through securitization (Asset Backed
Securitization)
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
30.07.2021
List of documents for Extraordinary General Assembly
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
30.07.2021
A1 – Invitation to General Meeting
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
30.07.2021
A2 – Draft Decisions
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
30.07.2021
A3 – Mail-voting-form
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
Annual Financial Report 31.12.2021
145
Date
Subject
Website
30.07.2021
A4 – Representative-delegate-appointment-form-for-
participation-with-mail-vote
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
30.07.2021
A5 – Representative-delegate-appointment-form-for-
participation-via-teleconference
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
30.07.2021
A6 – Announcement on shares and voting rights
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
30.07.2021
A7 – Exercising minority shareholders’ rights
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
30.07.2021
A8 – Terms and conditions for participation from
distance
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
30.07.2021
A9 – Information on personal data protection
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
30.07.2021
CV – Miss Xenia Kazoli
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
30.07.2021
Report on the evaluation of candidates or re-
evaluation of existing members of the Board of
Directors
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
23.07.2021
Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
22.07.2021
Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
12.07.2021
Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
06.07.2021
Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
01.07.2021
Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
18.05.2021
Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
17.05.2021
Announcement AUTOHELLAS Participation in AEGEAN
share capital increase
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
17.05.2021
Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
15.05.2021
Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
12.05.2021
Press Release Financial Results 1st Quarter 2021
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
05.05.2021
Announcement for Participation in Joint Venture
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
20.04.2021
Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
19.04.2021
Minutes of the Board of Directors of the Assembly
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
19.04.2021
Minutes of the Ordinary General Meeting of the
Shareholders
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
19.04.2021
Minutes of the Audit Committee Meeting
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
08.04.2021
Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
07.04.2021
Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
06.04.2021
Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
02.04.2021
Announcement of Election of the Audit Committee’s
Chairman
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
Annual Financial Report 31.12.2021
146
Date
Subject
Website
01.04.2021
Announcement Election of the Board of Directors and
its composition
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
01.04.2021
Announcement for the Election of the Audit
Committee
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
31.03.2021
Decisions of the Annual General Meeting
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
31.03.2021
Dividend Payment for 2020
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
24.03.2021
CVs of Nominated Members of the Board of Directors
of Autohellas
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
22.03.2021
Revised Financial Calendar 2021
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
10.03.2021
List of Documents for Ordinary General Assembly
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
10.03.2021
A1 – Invitation to General Meeting
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
10.03.2021
A2 – Draft Decisions
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
10.03.2021
A3 – Yearly Economic Report 2020
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
10.03.2021
A4 – Remuneration Report
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
10.03.2021
A5a – Articles of Association with suggested
amendments in markup
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
10.03.2021
A5b – Articles of Association with incorporated
amendments
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
10.03.2021
A6 – Suitability policy for the members of the Board of
Directors
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
10.03.2021
A7a – Remuneration policy with suggested
amendments in markup
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
10.03.2021
A7b – Remuneration policy with incorporated
amendments
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
10.03.2021
A8 – Annual report of Audit Committee
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
10.03.2021
A9 – Mail voting form
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
10.03.2021
A10 – Representative / delegate form for participation
with mail vote
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
10.03.2021
A11 – Representative / delegate form for participation
via teleconference
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
10.03.2021
A12 – Announcement on shares and voting rights
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
10.03.2021
A13 – Exercising minority shareholders’ rights
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
10.03.2021
A14 – Terms and conditions for participation from
distance
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
10.03.2021
A15 – Information on personal data protection
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
03.03.2021
Press Release Year 2020 Financial Results
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
02.03.2021
Revised Financial Calendar 2021
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
01.02.2021
Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
Annual Financial Report 31.12.2021
147
Date
Subject
Website
29.01.2021
Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
28.01.2021
Financial Calendar 2021
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
28.01.2021
Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
26.01.2021
Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
25.01.2021
Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
SITE FOR THE PUBLICATION OF THE FINANCIAL STATEMENTS OF SUBSIDIARY COMPANIES
The annual Financial Statements and the Independent Auditor’ s Report for the period 01.01.2021 – 31.12.2021 have been
published on the Company’s official website: www.autohellas.gr.
The financial statements of the subsidiaries will be published on the Company's website when they become ready for
publication.