ANNUAL
FINANCIAL
REPORT
2022
Tourist and Trading Société Anonyme
31 Viltanioti Str., Kifissia, Attica
1
ANNUAL FINANCIAL REPORT 2022
for the year 1 January 2022 - 31 December 2022
In accordance with Article 4 of codified law 3556/2007
Annual Financial Report 31.12.2022
2
Index
A. STATEMENT OF THE BOARD OF DIRECTORS ..................................................................................................................... 3
B. INDEPENDENT AUDITOR’S REPORT .................................................................................................................................. 4
C. ANNUAL BOARD OF DIRECTORS REPORT ....................................................................................................................... 13
D. ANNUAL FINANCIAL STATEMENTS ................................................................................................................................. 55
I. STATEMENT OF FINANCIAL POSITION ............................................................................................................... 56
II. STATEMENT OF PROFIT OR LOSS ....................................................................................................................... 57
III. STATEMENT OF OTHER COMPREHENSIVE INCOME .......................................................................................... 58
IV. STATEMENT OF CHANGES IN EQUITY ................................................................................................................ 59
V. STATEMENT OF CASH FLOWS ............................................................................................................................ 61
VI. NOTES TO THE FINANCIAL STATEMENTS .......................................................................................................... 62
1. Gerenal information ..................................................................................................................................... 62
2. Summary of significant accounting policies .................................................................................................. 62
3. Critical estimates, judgements and errors .................................................................................................... 79
4. Financial risk management ........................................................................................................................... 81
5. Fair value hierarchy ....................................................................................................................................... 87
6. Segmental analysis ........................................................................................................................................ 89
7. Property, plant and equipment .................................................................................................................... 91
8. Right-of-use assets ........................................................................................................................................ 93
9. Investment property ..................................................................................................................................... 94
10. Intangible assets ........................................................................................................................................... 95
11. Goodwill ........................................................................................................................................................ 95
12. Investments in subsidiaries & business combinations .................................................................................. 96
13. Investments accounted for using the equity method ................................................................................... 99
14. Deferred tax ................................................................................................................................................ 101
15. Financial assets at fair value through other comprehensive income ......................................................... 103
16. Financial assets at fair value through profit or loss .................................................................................... 104
17. Derivative financial instruments and hedge accounting ............................................................................. 105
18. Trade and other receivables ....................................................................................................................... 106
19. Inventories .................................................................................................................................................. 106
20. Cash and cash equivalents .......................................................................................................................... 107
21. Share capital and share premium ............................................................................................................... 107
22. Other reserves ............................................................................................................................................ 109
23. Borrowings .................................................................................................................................................. 111
24. Lease liabilities ............................................................................................................................................ 113
25. Post-employment benefits ......................................................................................................................... 114
26. Trade and other payables ........................................................................................................................... 116
27. Revenue ...................................................................................................................................................... 116
28. Expenses ..................................................................................................................................................... 117
29. Employee benefit expenses ........................................................................................................................ 117
30. Other income .............................................................................................................................................. 118
31. Other gains/(losses) - net ............................................................................................................................ 118
32. Finance income and costs ........................................................................................................................... 119
33. Income tax expense .................................................................................................................................... 119
34. Securitisation .............................................................................................................................................. 120
35. Contingencies .............................................................................................................................................. 120
36. Commitments ............................................................................................................................................. 121
37. Related party transactions .......................................................................................................................... 121
38. Earnings per share ...................................................................................................................................... 123
39. Audit fees .................................................................................................................................................... 123
40. Events after the reporting period ............................................................................................................... 123
The attached annual financial statements of the Group and the Company were approved by the Board of Directors on 13
March 2023 and have been published on www.autohellas.gr.
Annual Financial Report 31.12.2022
3
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
Georgios Vassilakis, 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 - 31/12/2022, 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.
Κifissia, 13 March 2023
Emmanouela Vasilaki
Eftichios Vassilakis
Georgios Vassilakis
President
CEO
Member
Annual Financial Report 31.12.2022
4
B. INDEPENDENT AUDITOR’S REPORT
5
[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 2022, 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 2022, 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, 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 31 December 2022 we have not provided non-audit services to the
Company and its subsidiaries.
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 year under audit. 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.
How our audit addressed the key audit matter
Estimation of the useful lives and
residual values of vehicles
Property, plant and equipment includes
vehicles amounting €360m for the Company
and €488m for the Group as at 31 December
2022, that are measured at cost less
accumulated depreciation and impairment.
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
6
Key audit matter How our audit addressed the key audit matter
Group’s rental and leasing operations.
The estimation of the useful lives of vehicles, in
accordance with IAS 16 "Property, Plant and
Equipment", 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 its significance as well as the degree of
complexity and 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
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
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.
Τhe 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 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
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.
7
Key audit matter How our audit addressed the key audit matter
revenue is considered a key audit matter.
For more information, refer to notes 2 and 27
of the financial statements.
•
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 Company’s
and 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 under audit.
The disclosures in the financial statements are adequate and
consistent with the requirements of relevant accounting
standards.
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 2022,
the book value of investment property of the
Company and the Group amounts to €73.5m
and €41.1m respectively and the book value of
own-use property amounts to €46.0m and
€93.1m 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.
We obtained management’s valuation reports for the year
ended 31 December 2022, that were prepared by certified
external valuers.
We verified that the fair value of property, based on the
relevant valuations, was correctly recorded 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 2022 with those
at 31 December 2021 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
8
Key audit matter How our audit addressed the key audit matter
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.
For more information, refer to notes 2, 3, 7 and
9 of the financial statements.
alternative assumptions and 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.
Business Combination of
HR - ALUGUER DE AUTOMÓVEIS S.A.
On 1 October 2022 the Company completed
the acquisition of 89,56% of HR - ALUGUER
DE AUTOMÓVEIS S.A. (“HR”) the Hertz
International franchisee in Portugal.
This acquisition is a business combination
accounted for according to IFRS 3 “Business
Combinations”.
The purchase price comprises: i) an initial cash
consideration of €31.5m, and ii) a contingent
consideration of €7.5m that was valued at
€7.2m at the acquisition date.
The contingent consideration relates to profit
targets of HR for the period 2022 to 2024, for
which management considers payment highly
probable. Consequently at the acquisition date
the purchase price amounted to €38.74m and
has the Company also recognized a liability of
€7.2m for the contingent consideration.
The Group performed a preliminary Purchase
Price Allocation with the support of external
valuers that, in addition to certain fair value
adjustments being made to HR’s Non-Current
and Current Assets, resulted in the recognition
of intangibles assets related to the Hertz Brand
in Portugal of €18.9m and Goodwill of €16.2m.
This business combination and in particular
the purchase price allocation is considered as a
key audit matter due to the level of judgement
used in determining the fair value of the net
assets acquired.
For more information, refer to notes 2, 11 and
12 of the financial statements.
We obtained the report issued by the external valuer engaged
by the Group to perform the preliminary Purchase Price
Allocation and to support management with the
determination of identifiable assets and liabilities for this
business combination.
We evaluated and confirmed the independence and
objectivity of the external valuer.
We assessed the asset identification process, the
methodology adopted by the external valuer and the
assumptions applied, including the discount rate and royalty
rates used.
We obtained the cash flow forecasts supporting the valuation
of the intangible asset identified and assessed if these reflect
management's business plan.
Through the use of our component auditors in Portugal who
performed relevant audit procedures, examined the
determination of the identifiable assets acquired and the
liabilities and contingent liabilities assumed. Additionally we
verified the measurement methods applied, including the
useful lives of relevant identifiable assets.
We evaluated whether the disclosures are consistent and
adequate with the requirement of IFRS 3 “Business
Combinations”.
Notwithstanding the subjectivity associated with determining
fair values, and noting also that the fair values determined
are preliminary and will be finalized within 12 months from
the acquisition date when the purchase price allocation is
completed, our audit procedures concluded that the
accounting and measurement methods applied are in
accordance with IFRSs and the assumptions and
measurement parameters applied reflect management's
business plan.
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 Board of
Directors members and the Board of Directors Report (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.
9
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 Board of Directors Report 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 Board of Directors’ Report for the year ended at 31 December 2022 is
consistent with the separate and consolidated financial statements,
● The Board of Directors’ Report 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.
In addition, in light of the knowledge and understanding of the Company and Group and their environment
obtained in the course of the audit, we are required to report if we have identified material misstatements in the
Board of Directors’ Report and Other Information that we obtained prior to the date of this auditor’s report. We
have nothing to report in this respect.
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 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:
10
● 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 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 year under audit and
are therefore the key audit matters. We describe these matters in our auditor’s report.
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, as
per article 11 of Regulation (EU) 537/2014 required, Additional Report to the Audit Committee of the
Company.
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 5 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".
11
4. Assurance Report on the European Single Electronic Format
We have examined the digital files of AUTOHELLAS TOURIST AND TRADING SOCIETE ANONYME
(hereinafter referred to as the “Company and / or Group”), 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 separate and
consolidated financial statements of the Company and the Group for the year ended 31 December 2022, in
XHTML format “ 213800DNMN314TEZPP87-2022-12-31-el.xhtml ”, as well as the provided XBRL file
“ 213800DNMN314TEZPP87-2022-12-31-el.zip ” with the appropriate marking up, on the aforementioned
consolidated financial statements, including the other explanatory information (Notes to the financial
statements).
Regulatory framework
The digital files of the European Single 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 Comprehensive Income, the Statement of Financial
Position, the Statement of Changes in Equity and the Statement of Cash Flows, as well as the financial
information included in the other explanatory information, should be marked-up with XBRL 'tags' and
‘block tag’, 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.
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 31 December 2022, in accordance with the
requirements set by the ESEF Regulatory Framework, as well as for those internal controls that management
determines 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
current 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.
12
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.
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 31 December 2022, in XHTML file
format “ 213800DNMN314TEZPP87-2022-12-31-el.xhtml ”, as well as the provided XBRL file
“ 213800DNMN314TEZPP87-2022-12-31-el.zip ” with the appropriate marking up, on the aforementioned
consolidated financial statements, including the other explanatory information, have been prepared, in all
material respects, in accordance with the requirements of the ESEF Regulatory Framework.
Athens, 14 March 2023
The Certified Auditor Accountant
PricewaterhouseCoopers S.A.
Certified Auditors - Accountants
260 Kifissias Avenue
152 32, Halandri, Greece Socrates Leptos-Bourgi
SOEL Reg. No.: 113 SOEL Reg. No.: 41541
Annual Financial Report 31.12.2022
13
C. ANNUAL BOARD OF DIRECTORS REPORT
Board of Directors Report for the period 01.01.2022-31.12.2022 for AUTOHELLAS TOURIST AND TRADING SOCIETE ANONYME
(hereinafter referred to as“ Company”), on the Consolidated and standalone financial statements for the fiscal year 01.01.2022-
31.12.2022.
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 constitutes the 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 Financial Statements (consolidated and standalone), the Independent Auditor’s Report and the Board of Directors Report of
the Company are posted at the address:
https://www.autohellas.gr/en/investors/financial-statement/financial-statements/
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 8 countries in Portugal, Cyprus, the Balkans and Ukraine.
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.
Annual Financial Report 31.12.2022
14
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.
During the accounting period, and specifically on 01.10.2022, the execution of the agreement dated 01.08.2022 for the acquisition
of 85.60% (90% in total, including 4,24% treasury shares) of the Portuguese company ‘HR Aluguer de Automóveis S.A.’ (HR) was
completed. The acquired company has been the franchisee of Hertz International in Portugal since 1998, further strengthening
the Group's international presence. The completion of the acquisition renders HR Aluguer de Automóveis the largest subsidiary
of Autohellas abroad.
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 HYUNDAI, KIA and SEAT 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.
FINANCIAL RESULTS OVERVIEW
The key financial highlights for the Company for the year ended 31 December 2022 are as follows:
Turnover in 2022 reached € 260mil. compared to € 210mil. in. 2021 recording a 23.7% compared to the previous year.
In particular, total turnover from the car rental business in 2022 reached €195mil. compared to € 163mil. in 2021,
recording an increase of 19.6% while the reselling of rented fleet in 2022 reached €65mil. compared to €47mil. in 2021,
recording an increase of 37.8%.
In 2022 Profit before tax (EΒT) amounted to € 86mil. compared to € 44mil. in 2021 recording a 95.8% increase, while
Profit after tax (EAT) amounted to € 73mil. compared to € 37mil. in the prior year, recording an increase of 95.5%.
In 2022 Earnings before Tax, financial and investing activities and depreciation (EBITDA) amounted to € 151mil. compared
to € 120mil. in 2021, recording an increase of 26.3%.
The key financial highlights for the Group for the year ended 31 December 2022 are as follows:
Consolidated turnover in 2022 reached € 766mil. compared to €642mil. in 2021 recording a 19.3% increase compared to
the previous year.
In particular, consolidated turnover from car rentals in 2022 reached € 261mil. compared to €207mil. in 2021, recording
an increase of 26.1% while the reselling of rented fleet in 2022 reached €79mil. compared to €60mil. in 2021, recording
an increase of 30.9%.
Consolidated turnover from the Trade of cars, spare parts and services amounted to €426 mil. compared to €374 mil. in
2021, recording a 13.7% increase.
In 2022, consolidated earnings before tax (EΒT) amounted to €104mil. compared to €65mil. in 2021 recording a 61.1%
increase, while Profit after tax (EAT) amounted to €83mil. compared to €52mil. in the previous year, recording an increase
of 57.4% respectively.
Consolidated Earnings before Tax, financial and investing activities and depreciation (EBITDA) amounted to €226mil.
compared to €179mil. in 2021, recording an increase of 26.5%.
Annual Financial Report 31.12.2022
15
FINANCIAL RATIOS
(i) Growth Ratios
Group
Company
2022
2021
2022
2021
1. Turnover
19.3%
30.5%
23.7%
19.9%
2. Profit before tax
61.1%
167.4%
95.8%
120.5%
The above ratios show the increase (or decrease) of sales and earnings before tax for both the company and the group between
2022 and the previous year 2021.
(ii) Profitability Ratios
Group
Company
2022
2021
2022
2021
3. Profit before tax / Turnover
13.6%
10.1%
33.2%
21.0%
4. Profit after tax / Turnover
10.8%
8.2%
27.9%
17.6%
The above ratios present the final net profit before and after tax as a percentage of the company’s turnover.
Group
Company
2022
2021
2022
2021
5. Return on Equity
23.9%
16.3%
29.7%
16.0%
The above ratio shows the group’s and Company’s net income as a percentage of shareholder’s equity.
(iii) Financial leverage ratios
Group
Company
2022
2021
2022
2021
6. Bank Loans / Equity
1.52
1.23
1.86
1.55
The above ratios present bank loans as a percentage of total shareholders’ equity.
(iv) Financial structure ratios
Group
Company
2022
2021
2022
2021
7. Current Assets / Total Assets
22.3%
25.3%
9.4%
14.9%
This ratio shows the percentage of current assets on total Company assets.
Group
Company
2022
2021
2022
2021
8. Total Liabilities / Equity
2.48
2.00
2.52
2.19
This ratio reflects the Company’s financial sufficiency.
Annual Financial Report 31.12.2022
16
Group
Company
2022
2021
2022
2021
9. Tangible and intangible assets / Equity
1.90
1.59
1.67
1.47
This ratio shows what percentage of the Company’s own capital has been converted into assets.
Group
Company
2022
2021
2022
2021
10. Current assets / Current liabilities
0.90
0.69
0.57
0.43
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
2022
2021
2022
2021
11. Adjusted EBITDA
129,778,501
93,253,136
78,425,472
56,218,929
Adjusted EBITDA is, the EBITDA as it derives from the Financial Statements prepared in accordance with IFRS less cars depreciation.
Reconciliation with the financial statements:
Group
Company
2022
2021
2022
2021
EBITDA
226,364,642
178,876,365
151,174,617
119,706,133
Depreciation of cars
(96,586,141)
(85,623,229)
(72,749,145)
(63,487,204)
Adjusted EBITDA
129,778,501
93,253,136
78,425,472
56,218,929
Group
Company
2022
2021
2022
2021
12. Adjusted EBT
106,531,513
71,093,005
88,870,562
50,607,758
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 31.12.2022
17
Reconciliation with the financial statements:
Group
Company
2022
2021
2022
2021
Profit before tax (EBT)
104,025,311
64,585,271
86,364,360
44,100,024
Amortisation of unwinding of discount and bond loan costs
2,506,202
6,507,734
2,506,202
6,507,734
Adjusted EΒT
106,531,513
71,093,005
88,870,562
50,607,758
Group
Company
2022
2021
2022
2021
13. Free Cash Flows
171,313,480
172,401,337
117,551,328
90,962,031
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 the financial statements:
Group
Company
2022
2021
2022
2021
Net cash generated from operating activities
32,205,536
70,707,651
1,010,765
13,144,864
Plus: Purchases of renting vehicles
225,019,516
187,301,239
182,371,471
153,774,706
Less: Finance leasing purchases of renting vehicles
(7,476,561)
(29,768,941)
(465,049)
(28,524,796)
Less: Sales of renting vehicles
(78,435,011)
(55,838,612)
(65,365,859)
(47,432,743)
Free Cash Flows
171,313,480
172,401,337
117,551,328
90,962,031
PARTICIPATIONS – CONSOLIDATED COMPANIES
(i) Subsidiaries
Company Headquarters
Ownership
interest held
AUTOHELLAS TOURIST AND TRADING
SOCIETE ANONYME
Kifissia,
Attica
Parent
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.
A.T.C. AUTOTECHNICA (CYPRUS) LTD
Nicosia,
Cyprus
100%
First consolidation on 31.06.2008, due to its
incorporation in 2008.
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.
Annual Financial Report 31.12.2022
18
Company Headquarters
Ownership
interest held
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.
TECHNOCAR 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.
HR - ALUGUER DE AUTOMÓVEIS S.A.
Lisbon,
Portugal
89.56%
First consolidation on 31.12.2022 due to its acquisition
in October 2022.
The consolidated financial statements of the company cover the company and its subsidiaries of the above table i. (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.
It is noted that the subsidiary HR – ALUGUER DE AUTOMÓVEIS S.A. is (since 1998) the franchisee of Hertz International in Portugal
having as main activity the short-term car rentals (RAC) and their resale, using the Hertz and Thrifty brands. In addition , HR –
ALUGUER DE AUTOMÓVEIS S.A owns Hertz’s franchise for the Azores and Angola via sub-franchisees. HR Aluguer de Automóveis
owns the subsidiaries HIPOGEST - COMÉRCIO INTERNACIONAL DE VEÍCULOS DE TRANSPORTES LDA, that has as activity the
transport of vehicles ,HR RIDE PORTUGAL S.A, that owns the Hertz brand royalties concerning motor rentals and HR TOURS S.A.
that also operates in the tourism sector.
(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
INSTACAR S.A. (Associate)
Marousi,
Attica
23.4%
First integration on 08.07.2022, due to
increase in Company’s participation in its
capital in 2022
ELECION ENERGY PRODUCTION AND TRADING OF
ELECTRICITY SOCIETE ANONYME (Associate)
Palaio Faliro
Attica
25%
First integration on 04.08.2022 due to
increase in Company’s participation in its
capital in 2022
ORNOS SOCIETE ANONYME (Joint Venture) Greece 51%
First integration on 06.10.2022 due to its
incorporation in 2022
Annual Financial Report 31.12.2022
19
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.
In particular regarding associates and joint ventures:
The Company participates in the company “SPORTSLAND SPORT FACILITIES - TOURISM AND HOTELS S.A.”, 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 S.A.).
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.
During the year the Company’s Board of Directors decided the Company’s participation in the share capital increase of the
company ELECION ENERGY PRODUCTION AND TRADING OF ELECTRICITY SOCIETE ANONYME with the amount of 125.000€. The
Company owns as of 31.12.2022 a percentage of 25% of ELECION’s share capital. The investment refers to the construction of
solar panel park in Asopia Voiotias.
In addition, during 2022, the Company participates by 51% in the company ORNOS S.A. that constitutes a joint venture of
Autohellas and Samelet Groups. Ornos will have as activity the import and distribution of the 5 Samelet’s brands, specifically
Abarth, Alfa Romeo, Fiat, Fiat Professional and Jeep.
Finally, as of 31.12.2022 the company owns the 23.38% of the share capital of the Company INSTACAR SA which is active in vehicle
rentals through online subscriptions.
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. Additionally, participates in the
share capital of the company Trade Estates by 8,11%. Trade estates has as main activity the development of new generation retail
parks and Logistics centers, following the strongest trend in retail market developments worldwide, providing consumers with
convenient, safe and direct access to retail stores and services.
BRANCHES
The Group, after the acquisition of the subsidiary in Portugal, maintains a total of 135 branches in Greece in 8 countries 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 34 branches that cover the needs of the car and
spare parts trade.
Annual Financial Report 31.12.2022
20
PROSPECTS
2022 continued with the same momentum that 2021 had, especially after the further lifting of travel restrictions that were in force
in the corresponding period of the first half of 2021. At the same time, tourism related activity was not affected by the war in
Ukraine which sparked at the end of the first quarter of 2022. Meanwhile, the rest, non-tourism related, activities strengthened
despite the ongoing problems and delays in the production and the supply chain of cars and parts. Specifically, car trade activity’s
increase was significant, both in Import/Distribution level and Retails sales level. Used car sales showed similar growth, while there
was a slight increase in the long-term and monthly rentals segment. The recovery of the tourism market to 2019 levels, combined
with the successful strategic decisions led to a significant growth in the Group’s financial figures. More specifically, having
anticipated the recovery of the tourism market, the Group purchased nearly 4.000 new cars, similarly to 2021, for the short-term
rental fleet in Greece, further expanding the significant market share that the Group already holds in all major touristic areas in
Greece. At the same time, the increase in the car trade segment far exceeded the single-digit increase in car registrations,
expanding its market share for yet another year.
For 2023, tourism is expected to surpass 2019 levels, and especially in the first half of the year, which will strengthen the short-
term rental industry and enhance the seasonality of the business. At the same time, a partial restoration of the supply chain of
cars and spare parts is expected, which, on the one hand, will strengthen the car trade segment, while on the hand, will affect the
demand for used cars.
The Group’s overall activities are expected to be affected by the energy crisis that significantly impacted the European economy
causing inflationary pressures, and resulting in the significant increase of interest rates that has already caused an increase in
financial costs.
It is worth noting that in 2022 and 2023, Autohellas finalized financing agreements through the Recovery and Resilience Fund,
aiming at the acceleration of the effort to integrate “Green” vehicles into its fleet and the development of an electric car charging
network at its facilities. The Group’s vision is to lead the developments in the automotive industry and, since 2019, the Group has
prioritized the investment and development of its fleet with zero or low emission vehicles, thus contributing to not only reducing
its environmental footprint but also attracting more people across the country to a new, more environment friendly technology.
(i) Short and long-term rentals in Greece
The Long-term rental industry in 2022 was affected by the ongoing problems in the production of vehicles due to the shortage of
semi-conductors. Rising energy costs, the problems in the timely delivery of spare parts further worsened the industry’s situation.
Increases in retails car prices, in insurance premiums and in all the cost factors have created reasonable disruptions both for
corporate customers, which face increased transportation costs for their company’s staff, as well as for individuals who decided
to start a long-term lease. The Group’s strength helped ensure that all these problems affected our clientele as little as possible.
At the same time, the Group’s specialized staff has continuously tried to satisfy each customer by providing additional options
that better suit their needs. As a result of the above, there was a small increase in the turnover of the Long-term leasing sector,
ending another year with a large number of pending orders.
The values and the goals for 2023 are to further evolve the long-term rental products offered to individuals and freelancers, the
increase and the support of our customers in their transition to zero-emission electric vehicles (passenger cars and light trucks).
Finally, training our workforce always aims at better serving our customers but also at further developing their skills to achieve
their goals.
Annual Financial Report 31.12.2022
21
As far as the short-term rental sector (Rent a Car) is concerned, 2022 ended significantly improved to the previous year as the
optimistic scenarios for the second half of the season were confirmed. Rental days were significantly higher than 2021 especially
in the first half of the year, a result of the strategic decision to boost longer duration rentals in the domestic market, which had
already started to pay off since Q4 2021. The strategic planning of vehicle purchases also played a significant part on the increase
of rental days that allowed full exploitation of the increased demand. As far as tourism rentals are concerned, which mainly affect
the second and third quarter, the company's overall infrastructure as well as the breadth of its customer base helped to better
exploit the recovery of tourism, which in many areas reached or even exceeded the corresponding figures of 2019. The increase
in rental days was accompanied by maintaining the high revenue per rental day, as it has been the case, since the middle of last
year. The increase came in part from a broader price increase in the rental market but was also boosted to some extent by an
improvement in the mix of rentals towards slightly larger/differently equipped and feature classes of cars that have been added
to the fleet in recent years. From a management point of view, the emphasis placed on the quality of our customers' service and
rental experience is paying off, as all measurements show that the satisfaction rate is among the highest in Europe, which is an
important asset for the future.
The year ahead of us is expected to bring about a rationalization in travelers’ behavior, especially in the Rent a Car segment, and
already the rate of pre-bookings is increased compared to the corresponding period of last year where there was still a relative
travel-related insecurity. The indications we have for this year from all sectors of tourism are positive. However, we shall be
cautious in our forecasts as the increase in the cost of living observed in all the main inbound tourism markets is currently an
unsettling factor regarding final figures. In terms of domestic demand, the stable customer base that we have built and
strengthened in recent years, our infrastructure and our important strategic partnerships will be our strengths again this year in
the first and fourth quarters, which are traditionally the "weak" periods. Finally, the slight improvement in the production and
distribution of new cars may slightly increase the rental car park in Greece, negatively affecting rental prices to some extent,
something that will be seen when we are closer to the touristic season.
In 2023, the Group must face the challenge of integrating and operating the new unified, IT operating system. The Group believes
that this change will drive us in the “next chapter” offering homogeneity and will create the opportunities that the Group is seeking
for to fully, and timely cover all of our clients, continuously increasing needs.
(ii) Car and spare parts Trade
In 2022, despite the ongoing problems in the production chain, due to a lack of raw materials, the car trade activity showed a
significant increase compared to last year, resulting in all three import companies of the Group, but also the activity of the retail
sale of cars and after sales services, to further improve their profitability.
In 2023, the reduced production capacity of factories is expected to continue at least for the first half of the year. At the same
time, demand in Greece but also in Europe, as seen from the second half of 2022, shows a downward trend, due to geopolitical
events and inflationary pressures. The car trade segment will seek to maintain profitability at satisfactory levels, through continued
investments in electrification, sales diversification, as well as effective management of operating costs and working capital.
At the same time, retail sales, as counterbalance for the possibly reduced production of new cars, further support the used car
sales activity (Stock Center) and aims to also increase its market share in corporate sales.
In addition, the further exploitation of workshops with the addition of new services and the development of digital applications
aims at improving customer satisfaction indicators, adding value to the specific activity.
Annual Financial Report 31.12.2022
22
(iii) Short term and Long term Rentals in Greece
In the Balkan markets and in Cyprus, where the Group's subsidiaries operate, the rate of tourism recovery was at a lower level
than in Greece and did not reach 2019 levels. This had an impact mainly on the most tourism-sensitive markets such as Croatia,
Cyprus, and Montenegro. Nevertheless, the further lifting of travel restrictions in the first semester of 2022 compared to the
corresponding period of 2021 led to the stimulation of short-term rentals. At the same time, in the markets of Romania, Bulgaria
and Serbia, where the share of long-term leases is more pronounced, the Group's subsidiaries continued and intensified the
penetration of local markets with the development of corporate leases, targeting small and medium-sized enterprises. Overall, in
all the Group's subsidiaries abroad, greater emphasis was placed on the sale of used fleet cars, achieving more efficient fleet
management. The growth of the markets combined with the performance of the subsidiaries contributed to the significant growth
of the financial figures.
In 2023, a further recovery of tourist traffic approaching the levels of 2019 is expected, which combined with the new products
and services related to corporate leases promoted in the local markets, another year of organic growth of economic sizes is
expected.
At the same time, significant organic growth of the Group in the field of international activity is expected, after the addition of the
subsidiary in Portugal that has the franchise of the Hertz brand. The Portuguese market is a popular touristic destination in sizes
similar or even larger than Greece, where the Group's subsidiary occupies one of the first positions. The consolidation of the
subsidiary in full year terms is expected to double the size of the Group's international activity.
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.
Transfers of the above own shares acquired within the years 2020 and 2021 have not yet been carried out. The Company may use
them for distribution to staff and/or members of the Board of Directors either free of charge or within the framework of stock
option programs.
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.
Within 2022, an additional 37,993 treasury shares were acquired, with a total market value of €367,256
.
As a result, as of 31.12.2022 the Company holds 528.000 treasury shares with a nominal value of € 0.08 each, with a total value of
€2.659.698 corresponding to 1,0859% of its share capital.
Annual Financial Report 31.12.2022
23
USE OF FINANCIAL INSTRUMENTS
On December 31, 2022, the Company had entered into Interest Rate Swap agreements for the amount of €110,000,000 with an
effective date of 30/06/2023 and an expiration date of the transaction on 30/06/2030.
SIGNIFICANT EVENTS
In July 2022, the Company entered into an agreement with Fourlis Holding Company for its stake in the share capital of Trade
Estates REIC. Trade Logistics SA, a subsidiary of the Fourlis Group, agreed to sell to the Company 7,035,000 shares of TRADE
ESTATES SA for €15,000,226.65, a transaction which was completed within the year. At the same time, the Company acquires the
right to participate in a share capital increase of Trade Estates REIC, with contribution in kind of its property. If the Company
exercises this right, Trade Estates REIC will move to increase its share capital by issuing new shares to make the total increase
(nominal and premium) approximately €8,000,000. This increase will be covered exclusively by the Company, through a
contribution in kind of property, namely a plot of 45,408.04 m2 inside a Business Park in the Vamvakia area of the Municipality of
Elefsina.
On 1.10.2022 the execution of the agreement dated 01.08.2022 for the acquisition of 89,56% (including 4.24% treasury shares) of
the Portuguese company “HR Aluguer de Automóveis S.A.” (HR), which has been (since 1998) the franchisee of Hertz International
in Portugal, was completed, following the announcement dated 02.08.2022. The main activity of HR Aluguer de Automóveis
Portugal concerns short-term car rentals (RAC) and resale, using the Hertz and Thrifty brands, with a fleet size of 6,000 cars. In
addition, the company owns Hertz’s franchise for the Azores and Angola via sub-franchisees, collecting net revenue from royalties.
The purchase price was 31.5 million euros, while under profitability conditions for the 2022-24 period, it may increase in total by
an additional €7.5 million. The completion of the acquisition renders HR Automóveis Portugal the largest subsidiary of Autohellas
abroad.
In October 2022, the Autohellas and Samelet Groups reached an agreement with Stellantis N.V to acquire its subsidiary in Greece
for the import and sale of Abarth, Alfa Romeo, Fiat, Fiat Professional, and Jeep cars, and they set up a joint company to act as
Stellantis’ partner in the Greek market that will import and distribute the Abarth, Alfa Romeo Fiat, Fiat Professional, and Jeep
brands. Completion of this planned acquisition is subject to approval by the Hellenic Competition Commission as of 31.12.2022.
After the completion of the planned transaction, the joint company of the Autohellas and Samelet groups will be responsible for
the import and distribution of a total of 5 Stellantis Brands, having acquired its subsidiary FCA Italy S.p.A. in Greece, their importer
and distributor until now.
The Extraordinary General Meeting of the Company’s shareholders on 14 October 2022 decided on: (a) The increase of the
Company’s share capital by the total net amount of €48,624,764.00 [i.e. a gross amount of €51,183,962.11 minus €2,559,198.11,
which corresponds to the withheld amount of the 5% dividend tax, in accordance with Article 64(1)(a) of the Income Tax Code
(hereinafter the “GITC”) and Circular No. 1042/2015] by capitalising reserves and the increase of the nominal value of each share
of the Company by one (1) euro, namely, from €0.08 to €1.08; and (b) The equal reduction of the Company’s share capital by the
total net amount of €48,624,764.00, by reduction in the nominal value of each share of the Company by €1.00, namely, from €1.08
to €0.08, and the return – payment of the corresponding amount to the Company shareholders. Following the aforementioned
equal increase and reduction, the Company’s share capital amounts to €3,889,981.12 and consists of 48,624,764 ordinary
registered shares with a nominal value of €0.08 each.
Within December 2022, the Company signed a loan agreement as part of the National Recovery and Resilience Plan ‘Greece 2.0’,
to implement its investment plan with a total budget of €170 million, €51 million of which will be financed through a loan from
the National Bank of Greece, and €85 million of which will come from funds from the Recovery and Resilience Fund, while the
Company’s own participation will be €34 million. The co-financed investment plan concerns the renewal and expansion of the
Autohellas fleet for the 2022-2026 period, aiming for its energy upgrade. More specifically, the plan provides for the gradual
replacement of the company’s existing fleet with new electric and hybrid cars, with emission standards of up to 50 gr CO2/km.
The investment which is fully included in the green transition pillar, aims to develop the green economy, and contributes to
environmental protection through the lower pollutant emissions that characterise the new vehicles, which emit 80% less
pollutants than the cars they will replace.
Annual Financial Report 31.12.2022
24
On 19.12.2022, Autohellas was included in the Large Capitalisation category, FTSE/ATHEX, following the regular 6-monthly review
of FTSE/ATHEX indexes’ composition for the period May-October 2022. The review was conducted by ATHEX in cooperation with
FTSE Russell in November 2022.
MAIN RISKS AND UNCERTAINTIES
The section below describes the main risks and uncertainties that is possible to affect the Group.
(i) Exchange rate risk
The Group, via its subsidiaries, is operating in Portugal, 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 and Ukraine have liabilities/assets in RON, RSD 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
The Group, via its subsidiaries, is operating in Portugal, 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 and Ukraine have liabilities/assets in RON, RSD 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.
(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.
(iv) Market price risk
With regard to Market Price Risk, the Company and consequently the Group as of 31.12.2022 is exposed to the fluctuation Risk of
the stock price of Aegean Airlines S.A. For 2022, and after the Company’s participation in the increase of the share capital in
Aegean Airlines S.A. during 2021, in accordance with its participation of 11.836% there was a positive effect of € 5,176,068 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 2022, 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.
Annual Financial Report 31.12.2022
25
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. Finally, on 31.12.2022 the result of the property valuation
was losses of €716,807 for the investment properties and €6,727 for owner-occupied 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.
RELATED PARTY 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, 2022.
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.
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.
Annual Financial Report 31.12.2022
26
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 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 Remunerations and Candidacy Committee has already
initiated the process in order to illustrate the framework
concerning the filling of the positions and succession plan
of the Board of Directors members. During the following
months the process is expected to be finalized with the
Board of Directors’ approval of the aforementioned
framework.
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. As a result, a
relevant assessment can be made based on the provisions
of the Greek Law.
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 ot
her 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.
During 2022 the Company, has updated and expanded the
information required by the candidate members during
their election process as well as the duration of their term.
The collection of the aforementioned information is
expected to be finalized during the next months for all the
Board of directors’ members.
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.
Annual Financial Report 31.12.2022
27
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.
Communication with the 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.
Annual Financial Report 31.12.2022
28
b) Board of Directos
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.
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.
Annual Financial Report 31.12.2022
29
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.
• 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. We note that, within the accounting period and, specifically, with his letter dated 11.7.2022, Mr. Sp. Flengas
resigned from his duties as a non-executive member of the Board of Directors of the Company
Annual Financial Report 31.12.2022
30
Name
Capacity
Term start
Term end
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
11.07.2022
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
1. Emmanouela Vasilaki
Chairwoman of the Board of Directors, Executive Member
7/7
2. Marinos Yannopoulos
Vice-Chairman, Independent Non-Executive Member
7/7
3. Eftichios Vassilakis
Chief Executive Officer, Executive Member
7/7
4. George Vassilakis
Executive Member
7/7
5. Dimitris Mangioros
Executive Member
7/7
6. Garyfallia Pelekanou
Non-Executive Member
6/7
7. Spyridon Flengas
Non-Executive Member
4/4
8. Konstantinos Sfakakis
Independent Non-Executive Member
7/7
9. Nikolaos Goulis
Independent Non-Executive Member
7/7
10. Polyxeni Kazoli
Independent Non-Executive Member
6/7
It is noted that the total number of meetings held during the year was seven (7), three (3) took place after the resignation of the
non- executive BoD member Mr Flengas.
Annual Financial Report 31.12.2022
31
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.
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.
Annual Financial Report 31.12.2022
32
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 Control 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 Control 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:
1. Konstantinos Sfakakis
Chairman of the Audit Committee,
Independent - Non-Executive Member of the Board of Directors of the Company
2. Eleni Igglezou
Member of the Audit Committee
Not a member of the Board of Directors of the Company
3. 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.
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 nime
(9) 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 2022
“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 1.1-31.12.2022,
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 nine (9) 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 specifically, 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.
Annual Financial Report 31.12.2022
33
- 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 fees of the external auditors for the audit work carried out and verified that the provision of the EU
directive 537/2014 were met.
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.
- 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 Control 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 Chief Internal Auditor.
- Overviewed 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 work plan of the Risk Management and Regulatory Compliance Unit.
- 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 procedures.
- Monitored the audit procedure of the Company's Internal Control system under Article 14 of Law 4706/2020 and
Decision 1/891/30.09.2020 of the Board of Directors of the Hellenic Capital Market Commission and informed the Board
of Directors thereof.
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
Annual Financial Report 31.12.2022
34
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
2022 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.
The appointment of the Candidacy and Remuneration Committee of the Company was decided on 14.7.21 and for 2022 consisted
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 up to his resignation on
11.7.2022
4. Polixeni Kazoli
Member of the Committee since 11.7.2022,
Independent - 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 (6) 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 Company’s Nominations and Remuneration Committee (the
“Committee”).
The Committee was established by the decision of the Board of Directors dated 14.07.2021, based on the provisions of
Law 4706/2020. It was formed through its decision dated 19.07.2021, and it convened with all members present five (5)
times within the accounting period. Minutes were kept during the meetings, describing the agenda items and any
decisions made by the Committee.
More specifically, the Committee, in compliance with its rules of procedure, proceeded to the following:
Annual Financial Report 31.12.2022
35
-Reviewed the fulfilment of the conditions of independence of the independent non-executive members of the Board of
Directors;
- Reviewed the annual remuneration report under Article 112 of Law 4548/2018
- Reviewed and discussed the policies and procedures approved by the Company's Board of Directors that relate to its
operation and responsibilities.
- Discussed the suitability of the BoD following the resignation of BoD member Mr. Flengas,
- Evaluated the candidacy of the new member of the Board of Directors, Mr Filippos Kosteletos, considering, among other
things:
the detailed curriculum vitae of the above person, which includes information about his present and previous
activity, as well as his participation in management positions of other companies or his participation in other boards of
directors and board of director committees of legal entities;
the conclusions from the personal interview with the above person
After examining the above, the Committee prepared its evaluation report and communicated its conclusions to the Board
of Directors.
-Initiated and organized the process of self-evaluation of the Company’s Board of Directors, upon completion of which it
prepared a relevant report and informed the Board of Directors thereof.
FOR THE CANDIDACY 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
197.413
Dimitrios Maggioros
Executive Member of BoD
29.720
Spiridon Flengas
Non-Executive Member of BoD
3.400
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
2.000
Constantinos Siambanis
Accounting Manager
8.000
Zacharias Vitzilaios
IR Officer
1.641
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 31.12.2022
36
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 Control system
The Internal Control 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 Control 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 Control 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 Control 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 the preparation the financial statements as key controls, 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.
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 Control 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.
Annual Financial Report 31.12.2022
37
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 Control 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.
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 Control system of the Company and examines
the effectiveness of the existing controls
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.
During the completion of their duties, 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.
Annual Financial Report 31.12.2022
38
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.
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.Results of the evaluation of the Internal Control System of the Company for the period 17-07-2021 to 31-12-2022, based on the
provisions of par. 3 and. 4 of the article 14 of the Law. 4706/2020 and the 1/891/30.09.2020 decision of the Hellenic Capital
Market Commission’s Board of Directors (hereinafter “Regulatory Framework”).
The Company has assigned to PricewaterhouseCoopers the evaluation of the adequacy and effectiveness of the Internal Control
system of the Company As well as the main subsidiaries AUTOTECHNICA SA AND HYUNDAI HELLAS SA for the period 17-07-2021
to 31-12-2022, based on the Regulatory Framework.
Annual Financial Report 31.12.2022
39
The conclusion of the independent evaluator Mr Fotis Smyrnaios, Certified Public Accountant (SOEL No 52861), that is included in
the Assessment Report on the adequacy and effectiveness of the Internal Control System dated 14/03/2023, states:
Based on the procedures performed as described in the “Scope of Engagement” paragraph above, and the evidence obtained,
about the Company’s and its significant subsidiaries ICS adequacy and effectiveness, as at December 31, 2022 reporting date,
nothing has come to our attention that causes us to believe that something could be identified as a material weakness in terms of
the Company's and its significant subsidiaries ICS in compliance with the Regulatory Framework.
vi.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
Following 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.
The Company's shares are listed for trading in the Securities Market of the Athens Stock Exchange ("Large 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 31.12.2022, 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
Annual Financial Report 31.12.2022
40
d) Shares, conferring special control rights
There are no corporate shares, conferring special controlling rights to their holders.
e) Restrictions on the right to vote
The Company's articles of association do not provide for restrictions on the right to vote arising from its shares.
f) Company shareholders' agreements
The Company is not aware of the existence of agreements between its shareholders, which entail restrictions on the transfer of
its shares or on the exercise of the voting rights deriving from its shares.
g) Rules for appointing and replacing members of the Board of Directors and amending the statutes
The Board of Directors consists of five to twelve members, elected by the General Assembly for a five-year term, which cannot in
any case exceed six years.
The rules provided for in the Company's Articles of Association for the appointment and replacement of the members of its Board
of Directors as well as for the amendment of its provisions do not differ from those provided for in Law 4548/2018, as applicable
and/or in Law 4706/ 2020, as applicable.
h) Authority of the Board of Directors to issue new or purchase own shares
In accordance with the provisions of article 24 par. 1 of Law 4548/2018, the Company's Board of Directors has the right, following
a relevant decision of the General Assembly subject to the publicity formalities of article 13 of Law 4548/2018, to increase the
share capital of the Company partially or fully by issuing new shares, by its 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 that cannot exceed three times the capital existing
on the date the Board of Directors was granted the authority to increase the capital. The above authority of the Board of Directors
may be renewed by the General Assembly for a period not exceeding five years for each granted renewal. The validity of each
renewal starts from the expiration of the validity period of the previous one. The decisions of the General Assembly to grant or
renew the authority to increase the capital by the board of directors are submitted to the public according to law.
According to article 49 par. 1 of Law 4548/2018, the Company may, itself or with a person acting in its name but on its behalf,
acquire its shares that have already been issued, but only after the approval of the General Assembly which defines the terms and
conditions of the intended acquisitions and, in particular, the maximum number of shares that may be acquired, the duration for
which approval is granted, which cannot exceed twenty-four (24) months and, in case of acquisition due to compelling reason, the
minimum and maximum limits of the acquisition value. The decision of the General Assembly is made public. These acquisitions
are made under the responsibility of the members of the Board of Directors under the conditions of article 49 par. 2 of Law
4548/2018.
Regarding the acquisition of own shares by the Company, detailed information is listed above in the section “INFORMATION
REFERRING TO THE ACQUISITION OF OWN SHARES”.
i) Material agreements that come into force, are amended or expire in the event of a change of control following a public
offer
There are no agreements that come into force, are amended or expire in the event of a change in control of the Company following
a public offer.
j) Agreements with members of the Board of Directors or Company staff regarding compensation in case of resignation, etc.
There are no agreements of the Company with members of its Board of Directors or with its staff, which provide for the payment
of compensation specifically in case of resignation or dismissal without valid reason or termination of their term or employment
due to a public proposal.
Annual Financial Report 31.12.2022
41
k) Explanatory report on the additional information of article 4, paragraph 7 of Law 3556/2007
With reference to the information in paragraph 9, we note the following events that occurred during the period from 01.01.2022
to 31.12.2022.
Significant direct or indirect holdings
On 31.12.2021, the company under the name MAIN STREAM S.A. owned 61.25% 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 31.12.2022
Since the reporting date and until the approval of the Financial Statements from the Board of Directors, the Company has
proceeded with the following:
• In January 2023, Mr. Phillipe Marinos Costeletos was elected as a Non-executive Member of the Board of Directors after
it was established by the Board of Directors and the Nominations and Remuneration Committee that he meets all the
individual eligibility criteria pursuant to the Company's Eligibility Policy.
• In January 2023 the Company and JPMorgan Chase & Co signed the renewal of the revolving term financing through asset
backed securitisation for another 18 months, i.e. July 2024.
• In January 2023, a shareholders' agreement was signed between Derasco Ltd and other shareholders for the participation
in the financing of the company Instacar SA (hereinafter "Instacar") either through the contribution of Equity or through
borrowing. The agreement provides for the financing of Instacar through payment of cash or /and offsetting of previous
financings, As of the date of approval of the financial statements, no Share Capital Increase in Instacar SA has been
certified, therefore Derasco Ltd has included the funding of 4.3 million euros in other receivables.
• In February 2023, the Company proceeded to sign the 2nd loan agreement within the framework of the National Recovery
and Resilience Plan "Greece 2.0", for the implementation of the investment plan with a total budget of €130 million,
which is to be financed by €65 million through resources of the Recovery and Resilience Fund, by €39 million through a
loan from Eurobank S.A., and by €26 million through own participation. The co-financed investment plan concerns the
renewal and expansion of Autohellas’ fleet for the period 2022-2026, with the aim of its fuel upgrade.
• The deadline for the completion of the Company's participation in the agreed increase of the Share capital of Trade
Estates REIC with a contribution in kind of the property located in the Vamvakia business park in the Municipality of
Elefsina was extended until 30.04.2023
CORPORATE RESPONSIBILITY AND SUSTAINABLE DEVELOPMENT
At Autohellas Group we develop our business activity based on our mission and our values, while also recognising that the
principles of sustainable development are an integral part of our responsible course and continuous development. We also
acknowledge that our operation has direct and indirect economic, social, and environmental impacts on stakeholders, as well as
on the economy, society, and the natural environment in general. Therefore, we are committed to acting as a responsible social
and business partner and to incorporating goals and actions for maximising our contribution on all axes into our strategy. The
sectors of sustainable development on which we focus are:
Annual Financial Report 31.12.2022
42
1. High-quality and innovative services
We ensure the high quality of our services through the creation of innovative solutions and practices to serve customers
and stakeholders, closely monitoring international trends and developments.
2. Good governance and economic sustainability
We apply the principles of good corporate governance and manage our activities in an organised and coordinated
manner, always in accordance with corporate responsibility. We operate transparently and align with Greek law and
international practices.
3. Caring for our people
We develop and maintain a safe and merit-based work environment and invest in human resources through continuous
training and skill development. We promote open communication, respect, and solidarity among employees, and we
cultivate a spirit of trust and cooperation among our people.
4. Protection of the natural environment
Our overriding concern is to constantly reduce the environmental footprint of our operations. Building a resilient
ecosystem for coming generations is one of our top priorities.
5. Social progress and prosperity
We try in every way possible to be close to the local community and listen to its needs, through open communication
with local authorities and non-governmental organisations. We develop actions and implement sponsorship programmes
that contribute to social cohesion while also contributing to employment promotion and job creation.
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 programs
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.
Customer-centric philosophy: We seek to respond promptly to customer demands with respect for their needs and, by closely
monitoring market trends, to design and deliver high-quality products and services. We act honestly and we place special emphasis
on strengthening relations of trust with our customers and maintaining their satisfaction.
Responsibility: We act responsibly and promote transparency in our relationships with all 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 facing the challenges on the path to sustainable development.
Teamwork: We promote cooperation and teamwork among colleagues, teams, and departments in all aspects of our activities,
with the aim of spreading knowledge and exchanging information. Through collectivity and teamwork, we work towards optimum
professional performance and continuous personal development.
Annual Financial Report 31.12.2022
43
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
• Violence prevention and anti- harassment policy
3. Business model
The Group is active in the field of short- and long-term car rental in Greece and abroad, as well as in importing and trading in new
cars, spare parts, and second-hand cars. In this context, and driven by innovation, the Group introduces and develops new services
and technologies on an ongoing basis. The Group has a privately owned vehicle fleet of over 54,000 vehicles, and it has over 160
service points, offering integrated and innovative solutions that meet the needs of each customer at any time.
The main resources for the Group to carry out its activities are its privately owned vehicle fleet and related equipment, its highly
trained personnel, and its privately owned facilities, garages and body shops.
Annual Financial Report 31.12.2022
44
The Group studies, monitors, and focuses on issues that reflect the significant economic, environmental, and social impacts that its
activity creates throughout the value chain, continuously strengthening its competitive advantages. These advantages include
immediate and continuous customer service, constant investments in facilities and equipment, and the continuous upgrades to the
fleet with hybrid and electric cars.
The main partnerships of the Group are its relationships with customers, suppliers, and all types of partners. Specifically, the Group’s
customer categories are individuals, companies and enterprises, as well as public organisations. The Group’s main priorities are a
high level of customer service, with quality and prompt response to their requirements as its main characteristic, as well as satisfying
customer needs and expectations, which it effectively monitors through satisfaction surveys. In the interest of efficient and
transparent communication with existing and prospective customers, the Group uses a variety of communication channels through
its companies and their websites, through the Commercial Department, and through its participation in conferences and exhibitions.
Furthermore, the Group also promotes its activity in the sector’s communication media, the mass media, and through advertisement
campaigns.
As regards revenue structure, it comes from the company exercising its activities, while the costs concern fleet upgrades,
remuneration & other employee benefits, equipment operation costs, fleet maintenance, and personnel training.
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.
The corporate governance model we apply, combined with the excellent organizational structure of our companies, contributes
to effective management, as well as to the achievement of our short-term and long-term goals, making us more competitive.
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.
Annual Financial Report 31.12.2022
45
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.
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 Report management policy (whistleblowing)
Our commitment to the values of integrity, transparency and accountability is directly linked to instituting separate
communication procedures and tools for submitting complaints, observations, or other reports. To achieve this goal, we have
adopted and implement a report (whistleblowing) management policy based on which members of the Board of Directors,
employees, customers, suppliers, or partners may submit anonymous or signed reports regarding violations that are referred to
in the policy. The relevant policy defines the context in which we receive, assess and investigate all reports. In particular, we have
set out multiple ways of submitting such reports – to assist whistle-blowers and the parties competent with regard to receiving
and investigating the reports – as well as procedures based on which employees are encouraged to report such incidents or
behaviours.
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.
Candidacy 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.
Annual Financial Report 31.12.2022
46
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.
Major non-financial risks
Energy crisis: As a result of the geopolitical instability in Ukraine, the energy crisis is creating unprecedented pressure on
businesses of all sectors and sizes that are active in Europe. High energy costs pose a significant risk to businesses,
increasing the chances of output losses or even cessation of operations. At Autohellas Group, we are continuously
improving our infrastructure and net metering interconnections in order to facilitate the development of RES.
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. 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
2022
2021
Prefecture of Attica
1.029
719
Prefecture of Thessaloniki
193
145
Crete
143
85
Rest of Greece
197
160
Total
1.562
1.109
Breakdown of human resources by gender and age category
2022
2021
Men
Women
Total
Men
Women
Total
<30
278
56
334
160
35
195
30-50
667
175
842
497
125
622
51+
324
62
386
240
52
292
Total
1.269
293
1.562
897
212
1.109
Our core principles, operating framework and corporate culture are reflected in our Code of Conduct, which is based on best
international practices and high standards of corporate responsibility. The values, principles, and standards of ethical behaviour
set out in our Code of Conduct form the basis of the policies and procedures that Group employees must know and implement.
Moreover, the Group Code of Conduct is addressed to the members of the Board of Directors, as well as to all other stakeholders,
including customers, suppliers and external partners.
Annual Financial Report 31.12.2022
47
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.
Trainings 2022
Hierarchical level
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
55
167
222
18.33
83.50
44.40
Administration
6,008
1,415
7,423
15.61
17.05
15.86
Other employees
549
0
549
16.15
-
16.15
Total
6,612
1,582
8,194
15.67
18.61
16.16
6.3 Respect for people and diversity, and providing equal opportunities
Our work culture is based on, among other things, respect for and protection of diversity. Social or national backgrounds, political
or religious beliefs, age, sexual orientation, physical ability and gender are not criteria we use to attract and evaluate employees.
All employees, regardless of age and gender, are actively supported by Autohellas Group and are offered equal opportunities for
growth and development.
6.4 Human Rights
We respect internationally protected human rights, and in this context we tolerate no incidents of discrimination, forced labour,
or any form of harassment or violation of the rights of our employees or partners. The provision of equal pay for equal work or
work of equal value irrespective of gender is an integral part of our culture.
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, according to which
we have adopted a proactive approach in the conduct of its activities, taking into account all issues of safe work.
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
Annual Financial Report 31.12.2022
48
Health and safety indicators
2022 2021
Number of employee incidents (LTI)
9
3
Accident severity index (LTISR)
179.9
96.5
Event frequency index (LTIFR) 4.0 4.1
Absenteeism Rate (AR)
1.88
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.
8. Responsibility for the environment
Driven by Sustainable Development and with the primary goal of limiting climate change, we make every effort to reduce our
environmental footprint, while systematically investing in practices and technologies that lead to the "green" transition and
contribute to the reduction of atmospheric emissions. In this direction, we mainly aim to save energy in our facilities and to create
an increasingly large "green" fleet, reducing carbon dioxide emissions from the use of vehicles.
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.
At Autohellas Group, we are one step ahead and are constantly reducing our environmental footprint by supporting new ecological
mobility models. We have committed to this direction through:
1. The optimisation of our fleet and its constant renewal with more efficient vehicles with lower CO2 emissions
2. Solutions for sustainable transport, supporting sustainable travel initiatives, such as the establishment of KINEO for
micro-mobility.
It is worth mentioning that our fleet already consists mainly of the latest vehicle models with the highest CO2 emission control
standards. We also place special emphasis on preventative maintenance of our vehicles by implementing specialised training
courses for Autohellas Group technicians.
8.2 Environmental performance
Energy consumption
We systematically monitor energy consumption in our facilities, aiming at continuously reducing our environmental footprint.
Annual Financial Report 31.12.2022
49
Autohellas Group’s greenhouse gas emissions come from electricity consumption and the use of our vehicle fleet.
CO2 emissions
For 2022, for the vehicles in our fleet, the average CO2/km emission per vehicle stands at 114,2 gr CO2/km.
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.
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
hin the last two years, we have supported foundations and organizations such as the Oncology Medical Education and Research
Center (ΟΚΙΒΕΕ).
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 Association of Parents & Friends of Autistic People “Agios Nikolaos”, the United Nations High Commissioner, the
organisation “Together for Children”, the charitable association «Friends of the Child», the Association of Parents of Mentally
Challenged People “Agioi Anargyroi”, as well as the “Panagia Kaliviani” Monastery.
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 2022 we carried out additional financial support actions such as donations to the music production
company "Melodiko Karavi" for the release of a collector's cassette with music by Stamatis Spanoudakis and the public entity of
the municipality of Kifissia “Dimitrios Vikelas”, for the organisation of the “Menandreia” cultural events of the municipality.
In order to support education, we participated in the scholarship program of the College of Athens, with the creation of the
"Theodoros Vassilakis" scholarship.
Support for local authorities
We support the Municipality of Kifissia, by proceeding with donations to the Kifissias cemetery.
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.
Annual Financial Report 31.12.2022
50
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.
More specific information regarding the comunication channels and the main concerns of each stakeholder group are provided in
Autohellas Group’s 2022 Annual Sustainability Report, which will be available on the company’s website
https://www.autohellas.gr/.
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.
The Group’s 2022 Sustainable Development Report includes a more detailed presentation of the material issues, their respective
key performance indicators, and their connection to the UN’s Global Sustainable Development Goals (Agenda 2030).
NOTE:
The non-financial indexes for 2022 presented in this report are in accordance with the Sustainability Reporting Guidelines of the
Global Reporting Initiative (GRI Standards). More detailed information on the Group’s performance in corporate responsibility and
sustainable development issues, as well as the actions it implements per axis, is presented in Autohellas Group’s annual Sustainable
Development Report, which is posted on the company website https://www.autohellas.gr/
12. Disclosures according to the European Taxonomy (EU Taxonomy)
This section includes the necessary information and disclosures about the Group’s operations, in accordance with the
requirements of the Taxonomy Regulation. These disclosures are provided for the purposes of the simplified reporting
requirements in accordance with Article 10(2) of Article 8 Delegated Act (Delegated Regulation (EU) 2021/2178).
Regulation (EU) 2020/852 on EU Classification entered into force in the summer of 2021, with sustainability disclosure criteria and
requirements, promoting equal competition and legal certainty for all companies operating within the EU. The Classification
Regulation is a key part of the European Commission's action plan for redirecting capital flows towards a more sustainable
economy with the following 6 environmental objectives:
Annual Financial Report 31.12.2022
51
1. Climate change mitigation
2. Climate change adaptation
3. Sustainable use and protection of water and marine resources
4. Circular economy transition
5. Pollution prevention and control
6. Protection and restoration of biodiversity and ecosystems
Identification of the Company’s economic activities that are eligible based on EU Taxonomy requirements.
In order to determine eligibility to classify the economic activities from which the Group has income, all Group companies have
been taken into account. The classification of activities was established based on the Taxonomy criteria for economic activities
that contribute substantially to one of the six main environmental objectives and do not adversely affect the other five, while at
the same time meeting the minimum requirements. (EU 2020/852, article 3).
Within the framework of the above provisions of the European Classification System (EU Taxonomy), the Group has identified as
an activity eligible for classification the activity referred to as ‘6.5 Transport with motorcycles, passenger cars, and light commercial
vehicles’ of the ‘Transport’ economic activity sector.
Identification of the Company's economic activities aligned with EU Taxonomy requirements.
Each activity in this category must contribute to one or more environmental objectives. In order to ascertain which of the
economically eligible activities are aligned with the taxonomy, a check was carried out based on the Technical Inspection Criteria
(TSC), which revealed the incorporation of the activities related to zero- or low-emission vehicles, and specifically less than 50g
CO
2
/km.
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.
Turnover
CapEx
OpEx
€
%
€
%
€
%
Taxonomy-eligible economic activities:
- 6.5 Transport by motorbikes,
passenger cars and light commercial
vehicles
702,218,911 92% 206,897,709 86% 26,896,535 17%
Taxonomy aligned economic activities:
- 6.5 Transport by motorbikes,
passenger cars and light commercial
vehicles (<50g CO2/km)
30,662,401 4% 25,096,910 12% 1,468,361 5%
Taxonomy-non-eligible economic
activities
63,341,117 8% 33,681,022 14% 129,959,029 83%
Total
765,560,028
240,578,731
156,855,564
Turnover 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).
Annual Financial Report 31.12.2022
52
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 OpEx
(denominator). Operational expenditures include expenses maintenance and repair and other direct expenses relating to the
assets.
Turnover – Eligibility of economic activities for EU Taxonomy
Substantial contribution criteria
DNSH criteria
Economic activity
Absolute
value
Percentage
Climate change mitigation (5)
Climate change adaptation (6)
Water and marine resources (7)
Circular economy (8)
Pollution (9)
Biodiversity and ecosystems (10)
Climate change mitigation (11)
Climate change adaptation (12)
Water and marine resources (13)
Circular economy (14)
Pollution (15)
Biodiversity and ecosystems (16)
Minimum safeguards (17)
€
%
%
%
%
%
%
%
Ν/Ο
Ν/Ο
Ν/Ο
Ν/Ο
Ν/Ο
Ν/Ο
Ν/Ο
A. TAXONOMY - ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
6.5 Transport by motorbikes, passenger cars and light commercial
vehicles <50g CO2/km
30,622,401
4%
98%
2%
0%
0%
0%
0%
-
Yes
-
Yes
Yes
-
Yes
Turnover of environmentally sustainable activities (Taxonomy-
aligned)
30,622,401
4%
98%
2%
0%
0%
0%
0%
-
Yes
-
Yes
Yes
-
Yes
A.2 Taxonomy-eligible but not environmentally sustainable
activities (not Taxonomy-aligned activities)
6.5 Transport by motorbikes, passenger cars and light commercial
vehicles
671,556,510
96%
Turnover on Taxonomy-eligible but not environmentally
sustainable activities (not Taxonomy-aligned activities)
671,556,510
96%
Total A1+A2
702,218,911
92%
B. TAXONOMY – NON-ELIGIBLE ACTIVITIES
Turnover on Taxonomy-non-eligible activities
63,341,117
8%
Total (A + B)
765,560,028
100%
Annual Financial Report 31.12.2022
53
Capital Expenditure - Eligibility of economic activities for EU Taxonomy
Substantial contribution criteria
DNSH criteria
Economic activity
Absolute
value
Percentage
Climate change mitigation (5)
Climate change adaptation (6)
Water and marine resources (7)
Circular economy (8)
Pollution (9)
Biodiversity and ecosystems (10)
Climate change mitigation (11)
Climate change adaptation (12)
Water and marine resources (13)
Circular economy (14)
Pollution (15)
Biodiversity and ecosystems (16)
Minimum safeguards (17)
€
%
%
%
%
%
%
%
Ν/Ο
Ν/Ο
Ν/Ο
Ν/Ο
Ν/Ο
Ν/Ο
Ν/Ο
A. TAXONOMY - ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
6.5 Transport by motorbikes, passenger cars and light commercial
vehicles <50g CO2/km
25,096,910
12%
98%
2%
0%
0%
0%
0%
-
Yes
-
Yes
Yes
-
Yes
Capital expenditure of environmentally sustainable activities
(Taxonomy-aligned)
25,096,910
12%
98%
2%
0%
0%
0%
0%
-
Yes
-
Yes
Yes
-
Yes
A.2 Taxonomy-eligible but not environmentally sustainable
activities (not Taxonomy-aligned activities)
6.5 Transport by motorbikes, passenger cars and light commercial
vehicles
181,800,799
88%
Capital expenditure on Taxonomy-eligible but not
environmentally sustainable activities (not Taxonomy-aligned
activities)
181,800,799
88%
Total A1+A2
206,897,709
86%
B. TAXONOMY – NON-ELIGIBLE ACTIVITIES
Capital expenditure on Taxonomy-non-eligible activities
33,681,022
14%
Total (A + B)
240,578,731
100%
Operational Expenditure - Eligibility of economic activities for EU Taxonomy
Substantial contribution criteria
DNSH criteria
Economic activity
Absolute
value
Percentage
Climate change mitigation (5)
Climate change adaptation (6)
Water and marine resources (7)
Circular economy (8)
Pollution (9)
Biodiversity and ecosystems (10)
Climate change mitigation (11)
Climate change adaptation (12)
Water and marine resources (13)
Circular economy (14)
Pollution (15)
Biodiversity and ecosystems (16)
Minimum safeguards (17)
€
%
%
%
%
%
%
%
Ν/Ο
Ν/Ο
Ν/Ο
Ν/Ο
Ν/Ο
Ν/Ο
Ν/Ο
A. TAXONOMY - ELIGIBLE ACTIVITIES
A.1 Environmentally sustainable activities (Taxonomy-aligned)
6.5 Transport by motorbikes, passenger cars and light commercial
vehicles <50g CO2/km
1,468,361
5%
98%
2%
0%
0%
0%
0%
-
Yes
-
Yes
Yes
-
Yes
Operational expenditure of environmentally sustainable activities
(Taxonomy-aligned)
1,468,361
5%
98%
2%
0%
0%
0%
0%
-
Yes
-
Yes
Yes
-
Yes
A.2 Taxonomy-eligible but not environmentally sustainable
activities (not Taxonomy-aligned activities)
6.5 Transport by motorbikes, passenger cars and light commercial
vehicles
25,428,174
95%
Operational expenditure on Taxonomy-eligible but not
environmentally sustainable activities (not Taxonomy-aligned
activities)
25,428,174
95%
Total A1+A2
26,896,535
17%
B. TAXONOMY – NON-ELIGIBLE ACTIVITIES
Operational expenditure on Taxonomy-non-eligible activities
129,959,029
83%
Total (A + B)
156,855,564
100%
Annual Financial Report 31.12.2022
54
Aiming to further contibute to the Climate change mitigation within December 2022, the Company signed a loan agreement as
part of the National Recovery and Resilience Plan ‘Greece 2.0’, to implement its investment plan with a total budget of €170
million, €51 million of which will be financed through a loan from the National Bank of Greece, and €85 million of which will come
from funds from the Recovery and Resilience Fund, while the Company’s own participation will be €34 million. The co-financed
investment plan concerns the renewal and expansion of the Autohellas fleet for the 2022-2026 period, aiming for its energy
upgrade. More specifically, the plan provides for the gradual replacement of the company’s existing fleet with new electric and
hybrid cars, with emission standards of up to 50 gr CO2/km. The investment which is fully included in the green transition pillar,
aims to develop the green economy, and contributes to environmental protection through the lower pollutant emissions that
characterise the new vehicles, which emit 80% less pollutants than the cars they will replace.
Further information about the accounting policies of Autohellas Group are descibed in note 2 of the financial statements.
With the above information, the Auditors’ Report, as well as the annual financial statements of 31 December 2022, 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 31 December 2022 and to approve the overall management of the Board of Directors.
Kifissia, 13 March 2023
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 31.12.2022
55
D. ANNUAL FINANCIAL STATEMENTS
Annual Financial Report 31.12.2022
56
I. STATEMENT OF FINANCIAL POSITION
Group
Company
Amounts in €
Note
31.12.2022
31.12.2021
31.12.2022
31.12.2021
ASSETS
Property, plant and equipment
7
591,167,246
483,262,588
409,167,692
341,286,588
Right-of-use assets
8
96,884,082
73,979,412
57,698,476
66,596,522
Investment property
9
41,093,576
41,339,017
73,474,358
74,078,165
Intangible assets
10
19,517,010
516,658
319,650
341,450
Goodwill
11
43,457,435
27,297,830
-
-
Investments in subsidiaries
12
-
-
101,063,962
54,923,133
Investments accounted for using the equity method
13
14,089,329
11,836,126
18,087,281
16,332,281
Deferred tax assets
14
1,884,271
1,081,583
-
-
Financial assets at fair value through other comprehensive
income
15 78,027,607 51,280,430
78,027,607 51,280,430
Financial assets at fair value through profit or loss
16
2,307,332
1,000,056
1,000,455
500,055
Derivative financial instruments
17
8,308,415
-
8,308,415
-
Trade and other receivables
18
35,333,714
28,239,048
32,752,399
26,058,563
Total non-current assets
932,070,017
719,832,748
779,900,295
631,397,187
Inventories
19
75,763,350
51,410,260
103,634
95,737
Derivative financial instruments
17
1,946,797
47,747
1,946,797
47,747
Trade and other receivables
18
95,550,051
77,391,600
49,587,250
43,629,611
Current tax assets
39,419
145,936
-
-
Other assets
457,909
-
-
-
Cash and cash equivalents
20
93,793,719
115,032,892
29,391,195
66,647,221
Total current assets
267,551,245
244,028,435
81,028,876
110,420,316
Total assets
1,199,621,262
963,861,183
860,929,171
741,817,503
EQUITY
Share capital
21
3,889,981
3,889,981
3,889,981
3,889,981
Share premium
21
130,553
130,553
130,553
130,553
Treasury shares
21
(2,659,698)
(2,292,442)
(2,659,698)
(2,292,442)
Other reserves
22
53,935,449
83,196,018
84,458,439
93,975,306
Retained earnings
278,635,837
231,071,611
158,710,340
136,743,790
Equity attributable to owners of the parent
333,932,122
315,995,721
244,529,615
232,447,188
Non-controlling interests
11,027,022
5,314,233
-
-
Total equity
344,959,144
321,309,954
244,529,615
232,447,188
LIABILITIES
Borrowings
23
306,710,102
50,409,842
259,071,194
27,181,277
Lease liabilities
24
42,642,170
40,457,879
19,235,965
35,694,912
Securitisation
34
175,600,000
175,600,000
175,600,000
175,600,000
Deferred tax liabilities
14
27,316,129
17,829,832
18,489,920
14,199,443
Post-employment benefits
25
1,795,012
1,800,283
871,620
893,932
Trade and other payables
26
1,831,507
846,167
-
-
Provisions
2,515,764
2,535,351
-
-
Total non-current liabilities
558,410,684
289,479,354
473,268,699
253,569,564
Trade and other payables
26
211,507,347
153,571,767
95,965,874
74,423,590
Current tax liabilities
14,432,719
9,252,926
8,668,926
5,569,327
Borrowings
23
42,005,949
170,189,966
19,524,885
157,938,343
Lease liabilities
24
28,292,269
20,048,652
18,971,172
17,869,491
Provisions
13,150
8,564
-
-
Total current liabilities
296,251,434
353,071,875
143,130,857
255,800,751
Total liabilities
854,662,118
642,551,229
616,399,556
509,370,315
Total equity and liabilities
1,199,621,262
963,861,183
860,929,171
741,817,503
*Explanations for changes in comparative figures are illustrated in Note 2.26.
The notes on pages 62 to 124 are an integral part of these financial statements.
Annual Financial Report 31.12.2022
57
II. STATEMENT OF PROFIT OR LOSS
Group
Company
Amounts in €
Note
2022
2021
2022
2021
Revenue
27
765,560,028
641,646,132
260,248,332
210,344,632
Cost of sales
28
(581,321,474)
(503,710,248)
(174,478,506)
(150,786,395)
Gross profit
184,238,554
137,935,884
85,769,826
59,558,237
Distribution costs
28
(45,819,100)
(33,971,237)
(3,612,021)
(2,477,039)
Administrative expenses
28
(33,901,276)
(34,878,849)
(16,059,040)
(13,068,158)
Impairment losses on financial assets - net
(439,553)
-
(602,239)
-
Other income
30
16,440,523
15,244,384
33,235,610
15,041,105
Other gains / (losses) - net
31
176,252
(391,061)
(517,676)
1,085,422
Operating profit
120,695,400
83,939,121
98,214,460
60,139,567
Finance income
32
2,303,817
1,972,917
2,118,041
1,624,374
Finance costs
32
(15,869,741)
(14,540,239)
(11,461,939)
(11,156,183)
Amortisation of unwinding of discount and bond loan
costs
32 (2,506,202) (6,507,734)
(2,506,202) (6,507,734)
Finance costs - net
32
(16,072,126)
(19,075,056)
(11,850,100)
(16,039,543)
Share of profit / (loss) from investments accounted for using
the equity method
13 (597,963) (278,794)
- -
Profit before income tax
104,025,311
64,585,271
86,364,360
44,100,024
Income tax expense
33
(21,475,615)
(12,155,918)
(13,784,226)
(6,983,982)
Profit for the year
82,549,696
52,429,353
72,580,134
37,116,042
Profit is attributable to:
Owners
77,533,853
48,993,692
72,580,134
37,116,042
Non-controlling interests
5,015,843
3,435,661
-
-
Profit for the year
82,549,696
52,429,353
72,580,134
37,116,042
Earnings per share
Basic and diluted
38
1.61
1.02
1.51
0.77
EBIT & EBITDA reconciliation
Group
Company
Amounts in €
2022
2021
2022
2021
Profit for the year
82,549,696
52,429,353
72,580,134
37,116,042
(+) Investing activities (dividends and fair value movements
from investment property and other investments)
(69,419) 1,104,557
(24,914,981) (8,164,536)
(+) Finance costs / (income)
32
13,565,924
12,567,322
9,343,898
9,531,809
(+) Amortisation of unwinding of discount and bond loan
costs
32 2,506,202 6,507,734
2,506,202 6,507,734
(+) Income tax expense
33
21,475,615
12,155,918
13,784,226
6,983,982
Earnings before tax, interest & investment activities (EBIT)
120,028,018
84,764,884
73,299,479
51,975,031
(+) Depreciation and amortisation
28
106,336,624
94,111,481
77,875,138
67,731,102
Earnings before tax, interest & investment activities,
depreciation and amortisation (EBITDA)
226,364,642 178,876,365
151,174,617 119,706,133
The notes on pages 62 to 124 are an integral part of these financial statements.
Annual Financial Report 31.12.2022
58
III. STATEMENT OF OTHER COMPREHENSIVE INCOME
Group
Company
Amounts in €
Note
2022
2021
2022
2021
Profit for the year
82,549,696
52,429,353
72,580,134
37,116,042
Other comprehensive income
Items that are or may be reclassified to profit or loss
Gain/(Loss) from changes in the fair value of debt instruments at FVOCI
- gross
15 96,621 -
96,621 -
Gain/(Loss) from changes in the fair value of cash flow hedges
(effective portion) - gross
17 8,842,429 -
8,842,429 -
Gain/(Loss) from changes in the fair value of cash flow hedges
(reclassified to profit or loss) - gross
17 168,038 -
168,038 -
Exchange differences on translation of foreign operations
112,606
-
-
-
Income tax relating to items that are or may be reclassified to profit or
loss
(2,003,559) -
(2,003,559) -
7,216,135
-
7,103,529
-
Items that will not be reclassified to profit or loss
Gain/(Loss) from changes in the fair value of equity investments at
FVOCI - gross
15 5,176,068 761,924
5,176,068 761,924
Gain on revaluation of PPE - gross
7
2,304,706
7,123,974
1,192,566
3,129,009
Gain/(Loss) on remeasurement of employee benefit obligations - gross
25
94,603
10,307
21,601
(31,119)
Income tax relating to items that will not be reclassified to profit or loss
(527,848)
(1,707,711)
(267,117)
(548,220)
7,047,529
6,188,494
6,123,118
3,311,594
Other comprehensive income for the year, net of tax
14,263,664
6,188,494
13,226,647
3,311,594
Total comprehensive income for the year
96,813,360
58,617,847
85,806,781
40,427,636
Total comprehensive income is attributable to:
Owners
91,782,862
55,182,186
85,806,781
40,427,636
Non-controlling interests
5,030,498
3,435,661
-
-
Total comprehensive income for the year
96,813,360
58,617,847
85,806,781
40,427,636
The notes on pages 62 to 124 are an integral part of these financial statements
Annual Financial Report 31.12.2022
59
IV.STATEMENT OF CHANGES IN EQUITY
Group
Amounts in € Note
Share capital and
share premium
Treasury
shares
Other
reserves
Retained
earnings
Non
controlling
interest
Total equity
Balance as at 1 January 2021
4,038,953
(1,796,293)
76,664,631
193,996,086
1,878,572
274,781,949
Profit for the year
-
-
-
48,993,692
3,435,661
52,429,353
Other comprehensive income
22
-
-
6,531,387
(342,893)
-
6,188,494
Total comprehensive income for the year
-
-
6,531,387
48,650,799
3,435,661
58,617,847
Treasury shares acquired
21
-
(715,443)
-
-
-
(715,443)
Treasury shares sold/cancelled
21
(18,419)
219,294
-
(200,875)
-
-
Dividends paid
4.2
-
-
-
(11,087,784)
-
(11,087,784)
Correction relating to prior years
-
-
-
(286,615)
-
(286,615)
Total transactions with owners
(18,419)
(496,149)
-
(11,575,274)
-
(12,089,842)
Balance as at 31 December 2021
4,020,534
(2,292,442)
83,196,018
231,071,611
5,314,233
321,309,954
Balance as at 1 January 2022
4,020,534
(2,292,442)
83,196,018
231,071,611
5,314,233
321,309,954
Profit for the year
-
-
-
77,533,853
5,015,843
82,549,696
Other comprehensive income
22
-
-
14,189,874
59,135
14,655
14,263,664
Total comprehensive income for the year
-
-
14,189,874
77,592,988
5,030,498
96,813,360
Share capital increase and related costs
21
48,624,764
-
(45,726,665)
(5,505,922)
-
(2,607,823)
Share capital decrease
21
(48,624,764)
-
-
-
-
(48,624,764)
Acquisition of treasury shares
21
-
(367,256)
-
-
-
(367,256)
Non-controlling interests on acquisition of subsidiary
-
-
-
-
2,632,291
2,632,291
Dividends paid
4.2
-
-
-
(22,124,511)
(1,950,000)
(24,074,511)
Transfers
-
-
2,276,222
(2,276,222)
-
-
Correction relating to prior years
-
-
-
(122,107)
-
(122,107)
Total transactions with owners
-
(367,256)
(43,450,443)
(30,028,762)
682,291
(73,164,170)
Balance as at 31 December 2022
4,020,534
(2,659,698)
53,935,449
278,635,837
11,027,022
344,959,144
The notes on pages 62 to 124 are an integral part of these financial statements.
Annual Financial Report 31.12.2022
60
STATEMENT OF CHANGES IN EQUITY (continued)
Company
Amounts in € Note
Share capital and
share premium
Treasury shares Other reserves Retained earnings Total equity
Balance as at 1 January 2021
4,038,953
(1,796,293)
82,824,693
118,755,426
203,822,779
Profit for the year
-
-
7,800,000
29,316,042
37,116,042
Other comprehensive income
22
-
-
3,350,613
(39,019)
3,311,594
Total comprehensive income for the year
-
-
11,150,613
29,277,023
40,427,636
Treasury shares acquired
21
-
(715,443)
-
-
(715,443)
Treasury shares sold/cancelled
21
(18,419)
219,294
-
(200,875)
-
Dividends paid
4.2
-
-
-
(11,087,784)
(11,087,784)
Total transactions with owners
(18,419)
(496,149)
-
(11,288,659)
(11,803,227)
Balance as at 31 December 2021
4,020,534
(2,292,442)
93,975,306
136,743,790
232,447,188
Balance as at 1 January 2022
4,020,534
(2,292,442)
93,975,306
136,743,790
232,447,188
Profit for the year
-
-
23,000,000
49,580,134
72,580,134
Other comprehensive income
22
-
-
13,209,798
16,849
13,226,647
Total comprehensive income for the year
-
-
36,209,798
49,596,983
85,806,781
Share capital increase and related costs
21
48,624,764
-
(45,726,665)
(5,505,922)
(2,607,823)
Share capital decrease
21
(48,624,764)
-
-
-
(48,624,764)
Acquisition of treasury shares
21
-
(367,256)
-
-
(367,256)
Dividends paid
4.2
-
-
-
(22,124,511)
(22,124,511)
Total transactions with owners
-
(367,256)
(45,726,665)
(27,630,433)
(73,724,354)
Balance as at 31 December 2022
4,020,534
(2,659,698)
84,458,439
158,710,340
244,529,615
The notes on pages 62 to 124 are an integral part of these financial statements.
Annual Financial Report 31.12.2022
61
V.STATEMENT OF CASH FLOWS
Group
Company
Amounts in €
Note
2022
2021
2022
2021
Cash flows from operating activities
Profit before income tax
104,025,311
64,585,271
86,364,360
44,100,024
Adjustments for:
Depreciation of property, plant and equipment
7
90,499,904
81,692,756
65,872,611
57,779,418
Depreciation of right-of-use assets
8
15,624,348
12,205,046
11,865,490
9,797,036
Amortisation of intangible assets
10
212,372
213,679
137,037
154,648
Net (gain)/loss from fair value adjustment of investment property
9
245,441
333,806
716,807
(658,373)
Impairment of property, plant and equipment
7
425,693
491,956
6,727
293,837
Impairment losses on financial assets - net
439,553
569,970
602,239
574,757
(Gain)/Loss from changes in the fair value of derivatives
17
(1,196,999)
(47,747)
(1,196,999)
(47,747)
Dividend income
30
(422,100)
-
(24,722,100)
(7,800,000)
Share of (profit) / loss from investments accounted for using the equity method
13
597,963
278,794
-
-
(Profit) / loss on disposal of property, plant and equipment
7
(41,406,115)
(12,515,214)
(31,614,485)
(17,039,756)
Impairment of investments in subsidiaries
12
-
-
500,000
-
Finance costs - net
32
16,072,126
19,060,363
11,850,101
16,039,543
Exchange (gains) / losses
129,287
44,626
-
-
Other non-cash transactions
-
11,890
-
-
185,246,784
166,925,196
120,381,788
103,193,387
Changes in working capital
Decrease / (increase) in inventories
(24,179,498)
8,148,646
(7,896)
7,473
Decrease / (increase) in trade and other receivables
7,095,891
(19,943,668)
3,003,459
(17,969,987)
Increase / (decrease) in trade and other payables
32,942,297
37,235,643
13,819,296
19,226,725
Increase / (decrease) in provisons
(591,660)
(903,055)
-
-
Purchases of renting vehicles
(225,019,516)
(187,301,239)
(182,371,471)
(153,774,706)
of which: Finance leasing purchases of renting vehicles
7,476,561
29,768,941
465,049
28,524,796
Sales of renting vehicles
78,435,011
55,838,612
65,365,859
47,432,743
(123,840,914)
(77,156,120)
(99,725,704)
(76,552,956)
Cash generated from / (used in) operations
61,405,870
89,769,076
20,656,084
26,640,431
Interest paid
(14,691,291)
(15,250,721)
(11,290,994)
(11,507,254)
Income tax paid
(14,509,043)
(3,810,704)
(8,354,325)
(1,988,313)
Net cash generated from / (used in) operating activities
32,205,536
70,707,651
1,010,765
13,144,864
Cash flows from investing activities
Payments for acquisition of subsidiaries
12
(31,500,000)
-
(40,190,000)
(600,000)
Payments for acquisition of investments accounted for using the equity method
13
(2,851,166)
(250,000)
(1,755,000)
(250,000)
Payments for other investments
(21,384,684)
(1,000,055)
(21,974,887)
(500,055)
Payments for property, plant and equipment
7
(14,059,110)
(10,311,126)
(5,480,544)
(1,485,878)
Payments for intangible assets
10
(133,771)
(154,526)
(115,237)
(120,709)
Proceeds from sale of property, plant and equipment
7
8,854,621
8,047,922
5,516,350
3,785,663
Proceeds from sale of investment in subsidiaries
12
-
-
790,000
-
Interest received
32
2,303,817
1,972,917
2,118,041
1,624,374
Dividends received
30
422,100
-
24,722,100
7,800,000
Loans granted to related parties
37
(1,500,000)
-
-
-
Net cash generated from / (used in) investing activities
(59,848,193)
(1,694,868)
(36,369,177)
10,253,395
Cash flows from financing activities
Purchases of treasury shares
21
(367,256)
(8,342,133)
(367,256)
(8,342,133)
Proceeds from borrowings
23
319,894,490
81,809,149
271,647,857
37,824,250
of which: New finance leases
24
(7,476,561)
(29,768,941)
(465,049)
(28,524,796)
Repayments of borrowings
23
(214,262,923)
(248,667,993)
(180,212,552)
(190,597,199)
Capital repayments of finance leases
24
(27,964,313)
(20,250,228)
(16,096,997)
(19,165,751)
Repayment of operating leases
24
(5,480,045)
(4,384,775)
(3,046,519)
(2,278,962)
Securitisation of future receivables
34
-
175,600,000
-
175,600,000
Dividends paid to Company's shareholders
4.2
(24,074,511)
(11,087,784)
(22,124,511)
(11,087,784)
Outflow from share capital decrease
21
(51,232,587)
-
(51,232,587)
-
Net cash generated from / (used in) financing activities
(10,963,706)
(65,092,705)
(1,897,614)
(46,572,375)
Net increase / (decrease) in cash and cash equivalents
(38,606,363)
3,920,078
(37,256,026)
(23,174,116)
Cash and cash equivalents at the beginning of the year
20
115,032,892
111,112,814
66,647,221
89,821,337
Cash and cash equivalents from acquisition of subsidiary
17,367,190
-
-
-
Cash and cash equivalents as at the end of the year
93,793,719
115,032,892
29,391,195
66,647,221
*Explanations for changes in comparative figures are illustrated in Note 2.26.
The notes on pages 62 to 124 are an integral part of these financial statements.
Annual Financial Report 31.12.2022
62
VI. NOTES TO THE FINANCIAL STATEMENTS
1. Gerenal information
AUTOHELLAS Tourist and Trading Société Anonyme, with the d
istinctive title “Autohellas” , was incorporated in Greece in 1962
and its shares are traded in the “Travel & Tourism” sector of the Athens Stock Exchange. At the closing date the company
MAIN STREAM S.A. owns the 61.25% of the Company’s shares.
The
Group, through its subsidiaries and associates, operates in Greece, Bulgaria, Romania, Croatia, Serbia, Montenegro, Ukraine,
Cyprus and Portugal.
The Group’s principal activities comprise car rentals and car sales.
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 13 March 2023 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 amounts of the financial statements are presented in Euros, unless otherwise stated.
The financial statements have been prepared based on a going concern basis.
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
2022, in accordance with International Financial Reporting Standards (“IFRS”), as adopted by the European Union (EU).
T
hese 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.
Effects of energy and economic crises
The war in Ukraine, the energy crisis and inflation could lead economies to depression. The energy crisis in Europe had as a direct
effect the increase in power, natural gas and oil prices, consequently leading to an increase in prices of other products and services
which in turn results in significant inflation. European Central Bank proceeded to consecutive interest rate increases in order to
try to keep inflation in check and these interest rate increases are expected to continue into 2023. The increased borrowing costs,
as a result of high interest rates, is likely to cause divestment and therefore a growth slowdown in European markets.
Effects of Russian invasion in Ukraine
The Group is active in Ukraine through its subsidiary AUTOTECHNICA FLEET SERVICES LLC. Although cumulative impairment losses
of approx. 70% were recorded as at 31.12.2022 relevant to this investment, the Russian invasion caused higher inflation and
increased instability in the energy market, potentially impacting the broader economic environment.
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63
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 2022. The Group’s evaluation of the effect of these new standards, amendments to standards and
interpretations is as follows.
(i) Standards and Interpretations effective for the current financial year
IFRS 16 (Amendment) ‘Covid-19-Related Rent Concessions’
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.
IAS 16 (Amendment) ‘Property, Plant and Equipment – Proceeds before Intended Use
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’
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’
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.
Annual Improvements to IFRS Standards 2018–2020:
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.
Annual Financial Report 31.12.2022
64
(ii) Standards and Interpretations effective for subsequent periods
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)
The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting
estimates
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.
IAS 1 ‘Presentation of Financial Statements’ (Amendments) (effective for annual periods beginning on or after 1
January 2024
2020 Amendment ‘Classification of liabilities as current or non-current’
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.
2022 Amendments ‘Non-current liabilities with covenants’
The new amendments clarify that if the right to defer settlement is subject to the entity complying with specified
conditions (covenants), this amendment will only apply to conditions that exist when compliance is measured on or
before the reporting date. Additionally, the amendments aim to improve the information an entity provides when its
right to defer settlement of a liability is subject to compliance with covenants within twelve months after the reporting
period.
The 2022 amendments changed the effective date of the 2020 amendments. As a result, the 2020 and 2022 amendments
are effective for annual reporting periods beginning on or after 1 January 2024 and should be applied
retrospectively in accordance with IAS 8. As a result of aligning the effective dates, the 2022 amendments override the
2020 amendments when they both become effective in 2024. The amendments have not yet been endorsed by the EU.
IFRS 16 (Amendment) ‘Lease Liability in a Sale and Leaseback’ (effective for annual periods beginning on or after 1
January 2024)
The amendment clarifies how an entity accounts for a sale and leaseback after the date of the transaction. Sale and
leaseback transactions where some or all the lease payments are variable lease payments that do not depend on an index
or rate are most likely to be impacted. An entity applies the requirements retrospectively back to sale and leaseback
transactions that were entered into after the date when the entity initially applied IFRS 16. The amendment has not yet
been endorsed by the EU.
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65
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.
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.
(ii) Business combinations
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.
When the settlement of any part of the cash consideration is deferred, amounts payable in the future are discounted to their
present value on the swap date. The discount rate used is the incremental borrowing rate of the group, which is the rate at which
similar lending could be obtained from an independent financier under comparable terms and conditions. The contingent
consideration is classified as either equity or financial liability. Amounts classified as a financial liability are then remeasured at
fair value, with changes in fair value recognised in profit or loss.
(iii) 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 (v) below), after initially being recognised at cost.
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66
(iv) 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 (v) below), after initially being recognised at cost in the
consolidated statement of financial position.
(v) 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.
The Company accounts for investments in associates and joint ventures using the historical cost method.
(vi) Changes in ownership interests
Transactions with non-controlling interests that do not result in change of control are accounted for as equity transactions. A
movement in participation rates leads to an adjustment of controlling and non controlling interest's book value so as to reflect
the relation among the participations in the subsidiary. Any difference between the adjustment of non controlling interest and
the fair value of any consideration paid or received is recorded in a separate reserves account in equity.
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.
Annual Financial Report 31.12.2022
67
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.
(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 recognized on a net basis in the results in other gains/(losses) except for foreign exchange
gains or losses related to borrowings which are recognized in the results in finance costs.
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.
Exchange differences from equity securities, measured at fair value through Profit or Loss are recognized in the results, while
those from equity securities measured at fair value through other comprehensive income are recognized in Other Comprehensive
Income.
(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),
• the resulting exchange differences are recognised in other comprehensive income, and
• the share capital and reserves are translated at the exchange rates in force on the dates of the transactions
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.
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68
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.
(i) 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.
(ii) Revenue from Rents on Buildings/Land
Rental revenues are recognised on a straight-line basis over the term of the rental agreement.
(iii) 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.
(iv) Vehicles and spare parts sales
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.
(v) 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.
(vi) 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.
(vii) Revenue Recognition
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
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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.
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
(i) The Group as a lessee
The Group recognizes for all leases a right-of-use asset as well as a corresponding lease 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.
Right-of-use assets and lease liabilities arising from the lease are initially measured at present value. Lease liabilities include the
net present value of the following leases:
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70
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:
the amount of the initial measurement of the lease liability
any rents paid at the start date of the lease period or earlier, less any incentives leases have received
any initial direct costs incurred by the lessee and
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.
(ii) Group as lessor
Leases where substantially all the risks and rewards incidental to ownership of an asset are not transferred to the lessee are
classified as operating leases.
Income from operating leases, where the Group is the lessor, is recognized equally over the entire lease period.
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.
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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
For presentation purposes in the statement of cash flows, cash and cash equivalents include cash, demand deposits and other
highly liquid short-term investments with maturities of up to three months, which can be immediately converted into specified
amounts of cash and which are subject to immaterial risk of change in their 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.
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.
Financial assets with embedded derivatives are treated as a whole for SPPI testing and classification purposes (Solely Payments of
Principal and Interest) on the principal amount outstanding.
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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 other comprehensive income. 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.
(
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.
(a) 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 fair value through other comprehensive income or
through profit or loss. Interest income from these financial assets is included in finance income using the effective interest rate
method.
(b) 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 other comprehensive income, 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 fair value through profit or loss are recognised in other gains/(losses) in profit or
loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at fair value through
other comprehensive income 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.
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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.
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:
Asset category
Estimated useful lives
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.
2.15 Investment property
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.
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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 as presented in note 11.
(ii) Acquired software
Acquired software is recognized at cost less depreciation and any impairments. They are depreciated using the straight-line
method over their estimated useful lives of 10 - 20 years.
(iii) Franchise agreement
The trademark franchise agreement concerns the commercial cooperation between the licensor and the licensee and is recognized
in the intangible assets at present value. It is then amortized using the straight-line method over the term of the contract.
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.
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.
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75
(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.
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.
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76
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 shares
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.
(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.
2.24 Provisions
Provisions for legal claims, service warranties and make good obligations are recognised when the group has a present legal or
constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation,
and the amount can be reliably estimated.
Provisions are not recognised for future operating losses. Where there are a number of similar obligations, the likelihood that an
outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised
even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.
2.25 Derivative financial instruments and hedge accounting
Derivatives are initially recognised at fair value on the date of entering into a derivative contract and then remeasured at fair value
at the end of each accounting period. Accounting for subsequent changes in fair value depends on whether the derivative is
designated as a hedging instrument and, if so, the nature of the item being hedged. The group identifies certain derivatives as an
interest rate hedge related to the cash flows of the recognised loans (cash flow hedge). At the inception of the hedging
relationship, the group documents the financial relationship between the hedging instruments and the hedged items, including
whether the changes in the cash flows of the hedging instruments are expected to offset the changes in the cash flows of the
hedged items. The group documents the scope of its risk management and strategy for undertaking hedging transactions. The fair
values of derivative financial instruments specified in hedging relationships are disclosed in note 17. The movements of the
hedging reserve in equity are shown in note 22.
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77
(i) Derivatives that meet the hedging requirements
The effective part of the changes in fair value of derivatives that are designated and characterised as accounting cash flow hedges
is recognised under cash flow hedge reserve in equity. The profit or loss relating to the ineffective part is recognised immediately
under profit or loss in “Other gains/(losses)”.
The amounts accumulated in equity are reclassified in periods when the hedged item affects profits or losses. Profits or losses
related to the effective part of interest rate swaps that offset the floating rate loans are recognised in the results under financial
expenses at the same time as the interest expense of the hedged loans.
When a hedging instrument expires or is sold or terminated, or when a hedge no longer meets the criteria for hedge accounting,
any accumulated deferred gain or loss has been recognised in equity at that time remains in equity until the respective hedged
cash flows affect profit or loss. In addition, if the cash flows of the hedged items are no longer expected to rise, the accumulated
profit or loss that has been recognised in equity is reclassified immediately under profit or loss.
(ii) Derivatives that do not qualify for hedge accounting
Certain derivative instruments do not qualify for hedge accounting. Changes in the fair value of any derivative instrument that
does not qualify for hedge accounting are recognised immediately in the profit or loss statement and are included under Other
gains/(losses).
2.26 Reclassification of comparative figures
(i) Group
(α) Statement of Financial Position
The amount of €47,747 was reclassified from “Trade and other receivables” to “Derivative financial instruments”, due to the
adoption of a new accounting policy (see Note 2.25). More specifically:
31.12.2021
Amounts in € As published Reclassifications
Re-presented
amounts
ASSETS
Derivative financial instruments
-
47,747
47,747
Trade and other receivables
77,439,347
(47,747)
77,391,600
Total current assets
244,028,435
-
244,028,435
Total assets
963,861,183
-
963,861,183
In addition, an amount of €500,000, concerning the financing of the company HD Insurance Limited in the form of a convertible
bond loan, was reclassified from the account "Financial items at fair value through other comprehensive income" to the account
"Financial items at fair value through profit or loss", due to a correction , as it does not meet the SPPI test criteria.
Amounts in € As published Reclassifications
Re-presented
amounts
ASSETS
Financial assets at fair value through other comprehensive income
51,780,430
(500,000)
51,280,430
Financial assets at fair value through profit or loss
500,056
500,000
1,000,056
Total non-current assets
719,832,748
-
719,832,748
Total assets
963,861,183
-
963,861,183
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78
Finally, in order to better present the Statement of Financial Position, the caption "Intangible assets & goodwill" is broken down
into two separate lines as "Intangible assets" and "Goodwill". Accordingly, the item "Share capital and share premium" is broken
down into two separate lines as "Share capital" and "Share premium". Conversely, the caption "Fair value reserves" and "Other
reserves" are shown together in the line "Other reserves”.
(β) Statement of Cash Flows
An amount of €47,747 was reclassified from the "Other non-cash transactions" account to the "(Gains)/losses from fair value
adjustment of derivatives" account, due to the adoption of a new accounting policy (see Note 2.25). More specifically:
Amounts in € As published Reclassifications
Re-presented
amounts
Cash flows from operating activities
(Gain)/Loss from changes in the fair value of derivatives
-
(47,747)
(47,747)
Other non-cash transactions
(35,857)
47,747
11,890
Net cash flows from operating activities
70,707,651
-
70,707,651
Also, in order to better present the Statement of Cash Flows, the item "Depreciation of property, plant and equipment and right-
of-use assets " is broken down into two separate lines as "Depreciation of property, plant and equipment " and "Depreciation of
right-of-use assets.
Conversely, the captions "Increase/(decrease) in suppliers and other liabilities", "Increase/(decrease) in post-employment
benefits" and "Other non-cash transactions" in the changes in working capital are shown together in the line " Increase / (decrease)
in trade and other payables”, while the captions "Share of result from associates" and "Share of result from joint ventures" are
shown together in the line "Share of (profit) / loss from investments accounted for using the equity method “.
(ii) Company
(α) Statement of Financial Position
The amount of €47,747 was reclassified from “Trade and other receivables” to “Derivative financial instruments”, due to the
adoption of a new accounting policy. More specifically:
31.12.2021
Amounts in € As published Reclassifications
Re-presented
amounts
ASSETS
Derivative financial instruments
-
47,747
47,747
Trade and other receivables
43,677,358
(47,747)
43,629,611
Total current assets
110,420,316
-
110,420,316
Total assets
741,817,503
-
741,817,503
Also, the caption "Share capital and share premium" is broken down into two separate lines as "Share capital" and "Share
premium". Instead, the funds "Fair value reserves" and "Other reserves" are shown together in the line "Other reserves".
(α) Statement of Cash Flows
An amount of €47,747 was reclassified from the "Other non-cash transactions" account to the "(Gains)/losses from fair value
adjustment of derivatives" account, due to the adoption of a new accounting policy (see Note 2.25). Analytically:
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79
Amounts in € As published Reclassifications
Re-presented
amounts
Cash flows from operating activities
(Gain)/Loss from changes in the fair value of derivatives
-
(47,747)
(47,747)
Other non-cash transactions
(47,747)
47,747
-
Net cash flows from operating activities
13,144,864
-
13,144,864
Also, in order to better present the Statement of Cash Flows, the item "Depreciation of property, plant and equipment and right-
of-use assets " is broken down into two separate lines as "Depreciation of property, plant and equipment " and "Depreciation of
right-of-use assets”.
Conversely, the captions "Increase/(decrease) in suppliers and other liabilities", "Increase/(decrease) in post-employment
benefits" and "Other non-cash transactions" in the changes in working capital are shown together in the line " Increase / (decrease)
in trade and other payables”, while the captions "Share of result from associates" and "Share of result from joint ventures" are
shown together in the line "Share of (profit) / loss from investments accounted for using the equity method “.
3. Critical estimates, judgements and errors
The preparation of financial statements in accordance with IFRS requires the use of certain significant accounting estimates and
the exercise of judgment by Management in the process of applying the accounting principles. It also requires the use of
calculations and assumptions that affect the amounts of assets and liabilities, the disclosure of contingent claims and liabilities at
the date of the financial statements, and the amounts of income and expenses during the reporting period. Although these
calculations are based on management's best knowledge of current conditions and activities, actual results may ultimately differ
from these calculations. Areas involving complex transactions involving a high degree of subjectivity or assumptions and estimates
that are material to the financial statements are noted below.
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 2022 and 2021, 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 11.
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(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 when events or changes in circumstances indicate that their carrying
amount may not be recoverable, in accordance with the accounting policy stated in note 2.9.
(viii) Business combinations
On the acquisition of a company or business, a determination of the fair value and the useful lives of tangible and intangible
assets acquired is performed, which requires the application of judgement. Future events could cause the assumptions used by
the Group to change which could have an impact on the results and net position of the Group. Further information on business
combination is given in note 2.3 and note 12
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81
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.
(i) Market risk
(α) Foreign exchange risk
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.
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.
(β) Cash flow risk due to changes in interest rates
In 2022, 95.5% of the Group's bank borrowings and 99.3% of the Company's bank borrowings are of floating interest rates, similarly
to 2021. This has the consequence that borrowing costs are based on floating interest rates which expose the Group to risk cash
flows due to changes in interest rates. As a hedge against the interest rate risk, the Group has entered into interest rate swap
contracts to hedge the interest rate risk for the amount of 110m. euro.
The Group's and the Company's overall exposure to changes in interest rates comes from financing through bank borrowing,
finance leases and securitization of receivables and amounts at the end of the reference period to:
Group
Company
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Total financing
581,070,623
445,834,037
487,194,581
409,350,070
Sensitivity analysis of floating interest rates
The results of the Group and the Company are affected by fluctuations in interest income from cash and cash equivalents and in
financing interest expenses due to changes in interest rates.
Annual Financial Report 31.12.2022
82
Impact on profit after tax:
Group
Company
2022
2021
2022
2021
Interest rates – increase by 0.5%
(183,165)
(171,873)
(174,157)
(157,678)
Interest rates – decrease by 0.5%
183,165
171,873
174,157
157,678
The accounting policy for interest rate risk hedging is described in note 2.25.
(γ) Price risk
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 (note 15) or at fair value through profit or loss (note
16).
The Group’s equity investments that are publicly traded on the Athens Stock Exchange are classified as at fair value through other
comprehensive income.
(ii) Credit risk
(α) 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.
(β) Security of claims
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.
Annual Financial Report 31.12.2022
83
(γ) 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.
Trade receivables and lease receivables
The Group applies the simplified approach of IFRS 9 for the calculation of expected credit losses, in which an expected loss
provision is used for the entire life of trade receivables and finance lease receivables..
Expected loss rates are based on the sales payment profile for a 12-month period prior to December 31, 2022 and the
corresponding historical credit losses incurred during that period. Historical loss rates are adjusted to reflect current and future
information about macroeconomic factors affecting customers' ability to repay their obligations.
Based on the above, the loss provision for the Group and the Company was determined as follows for both trade receivables and
car lease receivables:
Group
31.12.2022
31.12.2021
Expected
loss rate
Gross carrying
amount
Expected
loss rate
Gross carrying
amount
Current
2%
64,514,884
1%
46,706,025
More than 30 days past due
7%
2,854,124
7%
3,663,441
More than 60 days past due
11%
1,374,178
7%
1,905,109
More than 90 days past due
28%
658,852
26%
632,772
More than 120 days past due
76%
9,075,629
68%
6,722,350
Total trade receivables
11%
78,477,667
12%
59,629,697
Loss allowance
9,019,863
7,296,551
Company
31.12.2022
31.12.2021
Expected
loss rate
Gross carrying
amount
Expected
loss rate
Gross carrying
amount
Current
3%
40,347,072
2%
30,649,003
More than 30 days past due
5%
449,007
4%
530,297
More than 60 days past due
6%
136,346
6%
124,027
More than 90 days past due
9%
76,002
8%
29,374
More than 120 days past due
95%
1,437,010
95%
1,525,075
Total trade receivables
6%
42,445,437
7%
32,857,776
Loss allowance
2,525,910
2,220,711
Annual Financial Report 31.12.2022
84
The loss allowances movement for trade and lease receivables reconcile is as follows:
Group
Company
2022
2021
2022
2021
Balance at the beginning of the year
7,296,551
6,554,084
2,220,711
2,220,711
Increase in loss allowance recognised in profit or loss
during the year
848,387 1,718,740 602,239 574,757
Write-off of loss allowance on receivables deemed
irreroverable
(1,486,394) (898,286) (297,040) (574,757)
Unused amount reversed
(430,584)
(77,987)
-
-
Acquisition of subsidiary
2,792,294
-
-
-
Exchange differences
(391)
-
-
-
Balance at the end of the year
9,019,863
7,296,551
2,525,910
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.
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.
(iii) 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 €93.793.719 (2021 - €115.032.892) 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.
(α) Financing arrangements
The Group and the Company had access to the following undrawn borrowing facilities at the end of the reporting period:
Group
Company
2022
2021
2022
2021
Unused bank credit lines
312,739,272
127,326,859
243,397,183
59,625,953
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.
(β) 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.
Annual Financial Report 31.12.2022
85
Maturity of borrowings in fair value, including interest, as of 31.12.2022 and 2021 for the Company and the Group is as follows:
Group
31 December 2022
Trade and
other payables
Borrowings
(excluding leases)
Finance lease
liabilities
Operating lease
liabilities
Total
Within 1 year
211,507,347
60,109,993
24,706,452
5,875,609
244,263,821
Between 1 and 5 years
1,831,507
346,351,441
35,273,608
8,175,052
390,646,268
Over 5 years
-
1,490,663
-
1,224,413
2,715,076
Total contractual
cash flows
213,338,854 407,952,097 59,980,060 15,275,074 637,625,165
Carrying amount
213,338,854
348,716,051
56,754,572
14,179,867
632,989,344
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
Company
31 December 2022
Trade and
other payables
Borrowings
(excluding leases)
Finance lease
liabilities
Operating lease
liabilities
Total
Within 1 year
95,965,874
34,324,042
16,670,782
3,285,694
150,246,392
Between 1 and 5 years
-
293,668,792
17,618,184
1,441,270
312,728,246
Over 5 years
-
1,490,659
-
712,955
2,203,614
Total contractual
cash flows
95,965,874 329,483,493 34,288,966 5,439,919 465,178,252
Carrying amount
95,965,874
278,596,079
32,998,502
5,208,635
412,769,090
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
Over 5 years
-
-
-
-
-
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
The above do not include obligations from securitisation of receivables.
Annual Financial Report 31.12.2022
86
4.2 Capital management
(i) 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
In consistency with the markets practices, 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 2022, 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 2022 and 31 December 2021 were as follows:
Group
Company
Note
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Borrowings
23
348,716,051
220,599,808
278,596,079
185,119,620
Finance lease liabilties
24
56,754,572
49,634,229
32,998,502
48,630,450
Securitisation
34
175,600,000
175,600,000
175,600,000
175,600,000
Less: Cash and cash equivalents
20
(93,793,719)
(115,032,892)
(29,391,195)
(66,647,221)
Debt less cash and cash equivalents
487,276,904
330,801,145
457,803,386
342,702,849
Total equity
344,959,144
321,309,954
244,529,615
232,447,188
Gearing ratio
1.41
1.03
1.87
1.47
(α) 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
• Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) to Net Interest
• Total Liabilities to Equity
• Total Liabilities less Cash and cash equivalents to Equity
The Group is in compliance with these covenants throughout the reporting period.
(β) 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:
4. 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.
Annual Financial Report 31.12.2022
87
• 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.
(ii) Dividends
Dividends of €0.46 per ordinary share were paid during 2022 for the year ended 31 December 2021. For the year ended 31
December 2022, the Board of Directors’ proposal for distribution of dividends to the shareholders during 2023 is €0.65 per
ordinary share and will be proposed for approval to the next General Assembly.
5. Fair value hierarchy
To determine the reliability of the data used to determine fair value, the Group has classified non-financial and financial assets
and liabilities measured at fair value into the three levels of the IFRS 13 hierarchy. A description 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.
The Group has classified its financial instruments in the aforementioned 3 levels as follows:
31.12.2022
Note
Level 1
Level 2
Level 3
Total
Financial assets at fair value through other comprehensive income
Listed equity securities
15
56,456,499
56,456,499
Listed debt securities
15
6,570,881
6,570,881
Unlisted equity securities
15
15,000,227
15,000,227
Financial assets at fair value through profit or loss
Unlisted equity securities
16
2,307,332
2,307,332
Hedging derivatives - interest rate swaps
17
10,255,212
10,255,212
63,027,380
10,255,212
17,307,559
90,590,151
31.12.2021
Note
Level 1
Level 2
Level 3
Total
Financial assets at fair value through other comprehensive income
Listed equity securities
15
51,280,430
51,280,430
Financial assets at fair value through profit or loss
Unlisted equity securities
16
1,000,056
1,000,056
Hedging derivatives - interest rate swaps
17
47,747
47,747
51,280,430
47,747
1,000,056
52,328,233
In addition as of 31.12.2022, the Group owns land and buildings and investment properties measured at fair value of €93.902.052
and €41.093.576 respectively, classified as level 3.
Annual Financial Report 31.12.2022
88
There were no transfers in and out of level 3 measurements within the period.
Valuation techniques used to determine level 3 fair values:
(i) 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 2023 as at 31.12.2022.
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:
the 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
the 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 owned-used 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
(ii) Unlisted securities
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 31.12.2022
89
6. Segmental analysis
The Group has three operating segments related to car rentals in Greece, trade of cars, spare parts and related services in Greece
as well as the car rentals and car sales abroad.
2022
Car rentals &
sales of used cars
(Greece)
Trade of cars -
spare parts &
related services
(Greece)
International
activity of car
rentals and cars
sales
Other
activities
Eliminations Total
Revenue from third parties
250,773,721
421,999,350
92,786,957
-
-
765,560,028
Inter-segment revenue
9,224,620
154,127,145
5,913,037
-
(169,264,802)
-
Cost of sales
28
(174,226,910)
(505,829,089)
(74,908,371)
-
173,642,896
(581,321,474)
Gross profit
85,771,431
70,297,406
23,791,623
-
4,378,094
184,238,554
Distribution costs
28
(3,612,021)
(41,704,821)
(1,016,734)
-
514,476
(45,819,100)
Administrative expenses
28
(15,966,511)
(14,065,939)
(7,479,337)
-
3,610,511
(33,901,276)
Impairment losses on financial
assets - net
(602,239) 24,734 (12,048) - 150,000 (439,553)
Other income from third parties
2,773,615
12,879,011
787,897
-
-
16,440,523
Other inter-segment income
5,793,705
2,660,810
214,243
-
(8,668,758)
-
Other gains / (losses) - net
31
(517,676)
(103,819)
(173,619)
-
971,366
176,252
Finance income
32
2,118,041
112,314
73,462
-
-
2,303,817
Finance costs & amortisation of
unwinding of discount and bond
loan costs
32 (13,968,143) (2,659,034) (1,787,099) - 38,333 (18,375,943)
Share of profit / (loss) from
investments accounted for
using the equity method
- - - (597,963) - (597,963)
Profit / (loss) before tax
61,790,202
27,440,662
14,398,388
(597,963)
994,022
104,025,311
Income tax expense
33
(13,723,911)
(6,107,308)
(1,644,396)
-
-
(21,475,615)
Profit / (loss) for the period
48,066,291
21,333,354
12,753,992
(597,963)
994,022
82,549,696
Depreciation & amortisation
7,8,10
(77,875,137)
(3,223,134)
(25,238,353)
-
-
(106,336,624)
Non current assets
688,294,103
48,337,749
195,438,165
-
-
932,070,017
Total assets
766,356,255
202,958,973
230,306,034
-
-
1,199,621,262
Total liabilities
(609,501,024)
(122,226,907)
(122,934,187)
-
-
(854,662,118)
Annual Financial Report 31.12.2022
90
2021
Car rentals &
sales of used cars
(Greece)
Trade of cars - spare
parts & services
(Greece)
International
activity of car
rentals and cars
sales
Other
activities
Eliminations Total
Revenue from third parties
206,361,676
369,754,716
65,529,740
-
-
641,646,132
Inter-segment revenue
3,668,938
122,300,090
417,982
-
(126,387,010)
-
Cost of sales
28
(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
Distribution costs
28
(2,477,039)
(30,916,797)
(1,067,775)
-
490,374
(33,971,237)
Administrative expenses
28
(12,977,031)
(19,821,445)
(5,002,561)
-
2,922,188
(34,878,849)
Impairment losses on
financial assets - net
- - - - - -
Other income from third
parties
2,188,925 12,154,346 901,113 - - 15,244,384
Other inter-segment income
4,736,023
2,072,530
35,915
-
(6,844,468)
-
Other gains / (losses) - net
31
1,085,421
(1,379,951)
(96,531)
-
-
(391,061)
Finance income
32
1,624,374
208,045
140,498
-
-
1,972,917
Finance costs &
amortisation of unwinding
of discount and bond loan
costs
32 (17,663,917) (2,328,939) (1,055,117) - - (21,047,973)
Share of profit / (loss) from
investments accounted for
using the equity method
- - - (278,794) - (278,794)
Profit / (loss) before tax
36,089,839
20,769,841
8,019,385
(278,794)
(15,000)
64,585,271
Income tax expense
33
(6,937,741)
(4,414,710)
(803,467)
-
-
(12,155,918)
Profit / (loss) for the period
29,152,098
16,355,131
7,215,918
(278,794)
(15,000)
52,429,353
Depreciation & amortisation
7,8,10
(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)
(42,492,903)
-
-
(642,551,229)
Annual Financial Report 31.12.2022
91
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
Balance as at 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
Impairment
(442,729)
(208,893)
-
-
-
-
(651,622)
Write-offs
-
-
(16,676)
(948,527)
(680,640)
-
(1,645,843)
Disposals
-
-
(1,897,344)
(5,797,700)
(69,728)
-
(7,764,772)
Transfers to inventory
-
-
-
(112,267,806)
-
(240,302)
(112,508,108)
Transfers to investment property
9
(2,162,913)
(670,653)
-
-
-
-
(2,833,566)
Transfers from right-of-use assets
8
-
-
-
1,991,217
-
-
1,991,217
Balance as at 31 December 2021
47,240,620
64,002,986
7,345,367
602,312,126
32,500,436
692,857
754,094,392
Balance as at 1 January 2022
47,240,620
64,002,986
7,345,367
602,312,126
32,500,436
692,857
754,094,392
Exchange differences
-
(3,080)
-
(218,237)
(3,209)
-
(224,526)
Additions
2,027,977
2,395,122
1,335,703
213,400,686
1,496,003
856,702
221,512,193
Revaluation surplus
484,959
3,847,607
-
-
-
-
4,332,566
Impairment
(422,397)
-
-
-
-
-
(422,397)
Write-offs
-
-
(15,097)
(1,166,181)
-
-
(1,181,278)
Disposals
(150,784)
-
(11,270)
(4,148,014)
(291,189)
-
(4,601,257)
Acquisition of subsidiary
12
1,497,951
1,915,971
-
20,672,421
224,442
593,616
24,904,401
Transfers to inventory
-
-
-
(130,554,371)
(1,765)
-
(130,556,136)
Transfers to investment property
9
-
(79,478)
-
-
-
-
(79,478)
Transfers from right-of-use assets
8
809,630
9,276,013
-
4,474,170
-
-
14,559,813
Other transfers
-
627,590
(800)
117,769
800
(745,359)
-
Balance as at 31 December 2022
51,487,956
81,982,731
8,653,903
704,890,369
33,925,518
1,397,816
882,338,293
Accumulated depreciation
Balance as at 1 January 2021
-
(25,361,219)
(5,471,332)
(197,925,988)
(27,600,308)
-
(256,358,847)
Depreciation charge
28
-
(2,339,719)
(514,143)
(77,787,344)
(1,051,550)
-
(81,692,756)
Revaluation surplus
-
(2,419,315)
-
-
-
-
(2,419,315)
Impairment
-
159,666
-
-
-
-
159,666
Write-offs
-
-
13,004
347,258
674,968
-
1,035,230
Disposals
-
-
926,248
2,802,125
25,544
-
3,753,917
Transfers to inventory
-
-
-
65,490,877
-
-
65,490,877
Transfers to investment property
9
-
253,407
-
-
-
-
253,407
Transfers from right-of-use assets
8
-
-
-
(1,053,983)
-
-
(1,053,983)
Balance as at 31 December 2021
-
(29,707,180)
(5,046,223)
(208,127,055)
(27,951,346)
-
(270,831,804)
Balance as at 1 January 2022
-
(29,707,180)
(5,046,223)
(208,127,055)
(27,951,346)
-
(270,831,804)
Exchange differences
-
5,356
-
41,498
5,860
-
52,714
Depreciation charge
28
-
(2,682,053)
(691,822)
(86,016,726)
(1,109,303)
-
(90,499,904)
Revaluation surplus
-
(2,027,860)
-
-
-
-
(2,027,860)
Impairment
-
-
-
(3,295)
-
-
(3,295)
Write-offs
-
-
14,569
494,732
-
-
509,301
Disposals
-
-
11,270
153,029
42,058
-
206,357
Transfers to inventory
-
-
-
77,488,840
528
-
77,489,368
Transfers to investment property
9
-
79,478
-
-
-
-
79,478
Transfers from right-of-use assets
8
-
(5,236,376)
-
(909,026)
-
-
(6,145,402)
Balance as at 31 December 2022
-
(39,568,635)
(5,712,206)
(216,878,003)
(29,012,203)
-
(291,171,047)
Net book value as at 1 January
2021
46,315,923 32,474,116 2,984,593 366,097,403 4,553,368 563,891 452,989,294
Net book value as at 31 December
2021
47,240,620 34,295,806 2,299,144 394,185,071 4,549,090 692,857 483,262,588
Net book value as at 31 December
2022
51,487,956 42,414,096 2,941,697 488,012,366 4,913,315 1,397,816 591,167,246
Annual Financial Report 31.12.2022
92
Company
Note Land
Buildings &
leasehold
improvements
Machinery Vehicles
Furniture, fittings
and equipment
Assets under
construction
Total
Cost or Fair value
Balance as at 1 January 2021
30,510,048
23,081,020
3,316,118
418,297,192
13,385,858
403,797
488,994,033
Additions
93,257
861,710
145,993
115,950,721
511,290
(126,372)
117,436,599
Revaluation surplus
881,698
4,666,626
-
-
-
-
5,548,324
Impairment
(244,610)
(208,893)
-
-
-
-
(453,503)
Write-offs
-
-
(7,180)
(909,593)
(30,543)
-
(947,316)
Disposals
-
-
(1,895,927)
(2,232,902)
(3,145)
-
(4,131,974)
Transfers to inventory
-
-
-
(77,300,057)
-
-
(77,300,057)
Transfers to investment property
9
(2,063,574)
(670,653)
-
-
-
-
(2,734,227)
Transfers from right-of-use assets
8
-
-
-
1,991,217
-
-
1,991,217
Balance as at 31 December 2021
29,176,819
27,729,810
1,559,004
455,796,578
13,863,460
277,425
528,403,096
Balance as at 1 January 2022
29,176,819
27,729,810
1,559,004
455,796,578
13,863,460
277,425
528,403,096
Additions
2,027,571
2,132,225
207,762
165,620,016
505,858
607,127
171,100,559
Revaluation surplus
(214,128)
3,434,554
-
-
-
-
3,220,426
Impairment
(6,727)
-
-
-
-
-
(6,727)
Write-offs
-
-
(99)
(1,166,181)
-
-
(1,166,280)
Disposals
(150,784)
-
-
(4,143,669)
(11,456)
-
(4,305,909)
Transfers to inventory
-
-
-
(91,614,131)
-
-
(91,614,131)
Transfers to investment property
9
(70,000)
(122,478)
-
-
-
-
(192,478)
Transfers from right-of-use assets
8
-
-
-
1,516,108
-
-
1,516,108
Other transfers
-
-
(800)
-
800
-
-
Balance as at 31 December 2022
30,762,751
33,174,111
1,765,867
526,008,721
14,358,662
884,552
606,954,664
Accumulated depreciation
Balance as at 1 January 2021
-
(11,447,090)
(2,171,835)
(149,404,204)
(11,453,742)
-
(174,476,871)
Depreciation charge
28
-
(1,174,009)
(131,592)
(56,049,523)
(424,294)
-
(57,779,418)
Revaluation surplus
-
(2,419,315)
-
-
-
-
(2,419,315)
Impairment
-
159,666
-
-
-
-
159,666
Write-offs
-
-
7,180
332,491
30,714
-
370,385
Disposals
-
-
925,851
374,750
2,114
-
1,302,715
Transfers to inventory
-
-
-
46,526,906
-
-
46,526,906
Transfers to investment property
9
-
253,407
-
-
-
-
253,407
Transfers from right-of-use assets
8
-
-
-
(1,053,983)
-
-
(1,053,983)
Balance as at 31 December 2021
-
(14,627,341)
(1,370,396)
(159,273,563)
(11,845,208)
-
(187,116,508)
Balance as at 1 January 2022
-
(14,627,341)
(1,370,396)
(159,273,563)
(11,845,208)
-
(187,116,508)
Depreciation charge
28
-
(1,343,822)
(224,210)
(63,881,670)
(422,909)
-
(65,872,611)
Revaluation surplus
-
(2,027,860)
-
-
-
-
(2,027,860)
Write-offs
-
-
99
494,732
-
-
494,831
Disposals
-
-
-
148,684
11,456
-
160,140
Transfers to inventory
-
-
-
57,163,626
-
-
57,163,626
Transfers to investment property
9
-
79,478
-
-
-
-
79,478
Transfers from right-of-use assets
8
-
-
-
(668,068)
-
-
(668,068)
Balance as at 31 December 2022
-
(17,919,545)
(1,594,507)
(166,016,259)
(12,256,661)
-
(197,786,972)
Net book value as at 1 January
2021
30,510,048 11,633,930 1,144,283 268,892,988 1,932,116 403,797 314,517,162
Net book value as at 31 December
2021
29,176,819 13,102,469 188,608 296,523,015 2,018,252 277,425 341,286,588
Net book value as at 31 December
2022
30,762,751 15,254,566 171,360 359,992,462 2,102,001 884,552 409,167,692
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.
Annual Financial Report 31.12.2022
93
For the Group in 2021 the receivables securitization transaction relates to the sale of future receivables and the relative residual
value of the leased cars associated with them. As of 31.12.2022 the collateral value related to securitization was €220.982.412.
As of the Balance Sheet date, the Group, in order to secure loans amounting to €407,468,096, has registered first-class mortgage
notes on properties on behalf of the Representatives and on behalf of the Creditors, for a total amount of €102,854,932.
At the
same time, floating car insurance contracts have been concluded on the Group's cars for a total amount of €177,892,900 and a
pledge has been established on the Company's account in the amount of €9,900,000.
As of the Balance Sheet date, the Company, in order to secure loans amounting to €312,602,818, has registered first-class
mortgage notes on properties on behalf of the Representatives and on behalf of the Creditors, for a total amount of €100,193,000.
At the same time, variable insurance contracts have been concluded on the Company's cars in the amount of €112,294,504 and a
pledge has been established on the Company's account in the amount of €9,900,000.
For all the properties, an assessment of their fair value was carried out and its apportionment to land and buildings by a certified
appraiser company, which is reflected in the financial statements of the Group and the Company.
8. Right-of-use assets
Group
Note
Land
Buildings
Machinery
Vehicles
Total
Cost
Balance as at 1 January 2021
-
18,327,155
74,352
47,351,570
65,753,077
Additions
-
3,215,324
-
29,816,652
33,031,976
Terminated leases
-
(1,706,345)
(74,352)
(70,171)
(1,850,868)
Transfers to property, plant and equipment
7
-
-
-
(1,991,217)
(1,991,217)
Balance as at 31 December 2021
-
19,836,134
-
75,106,834
94,942,968
Balance as at 1 January 2022
-
19,836,134
-
75,106,834
94,942,968
Exchange differences
-
-
-
(18,801)
(18,801)
Additions
-
5,642,216
-
7,796,192
13,438,408
Terminated leases
-
(2,809,874)
-
(97,165)
(2,907,039)
Acquisition of subsidiary
12
809,630
5,635,361
-
27,202,979
33,647,970
Transfers to property, plant and equipment
7
(809,630)
(9,276,013)
-
(4,474,170)
(14,559,813)
Balance as at 31 December 2022
-
19,027,824
-
105,515,869
124,543,693
Accumulated depreciation
Balance as at 1 January 2021
-
(6,562,422)
(24,784)
(4,626,499)
(11,213,705)
Depreciation charge
28
-
(4,365,030)
(4,131)
(7,835,885)
(12,205,046)
Terminated leases
-
1,353,922
28,915
18,375
1,401,212
Transfers to property, plant and equipment
7
-
-
-
1,053,983
1,053,983
Balance as at 31 December 2021
-
(9,573,530)
-
(11,390,026)
(20,963,556)
Balance as at 1 January 2022
-
(9,573,530)
-
(11,390,026)
(20,963,556)
Exchange differences
-
-
-
6,825
6,825
Depreciation charge
28
-
(5,054,933)
-
(10,569,415)
(15,624,348)
Terminated leases
-
2,736,592
-
39,474
2,776,066
Transfers to property, plant and equipment
7
-
5,236,376
-
909,026
6,145,402
Balance as at 31 December 2022
-
(6,655,495)
-
(21,004,116)
(27,659,611)
Net book value as at 1 January 2021
-
11,764,733
49,568
42,725,071
54,539,372
Net book value as at 31 December 2021
-
10,262,604
-
63,716,808
73,979,412
Net book value as at 31 December 2022
-
12,372,329
-
84,511,753
96,884,082
Annual Financial Report 31.12.2022
94
Company
Note
Buildings
Vehicles
Total
Cost
Balance as at 1 January 2021
8,037,975
45,516,698
53,554,673
Additions
2,442,996
28,673,290
31,116,286
Terminated leases
(521,143)
(54,843)
(575,986)
Transfers to property, plant and equipment
7
-
(1,991,217)
(1,991,217)
Balance as at 31 December 2021
9,959,828
72,143,928
82,103,756
Balance as at 1 January 2022
9,959,828
72,143,928
82,103,756
Additions
3,321,201
494,283
3,815,484
Terminated leases
(773,323)
-
(773,323)
Transfers to property, plant and equipment
7
-
(1,516,108)
(1,516,108)
Balance as at 31 December 2022
12,507,706
71,122,103
83,629,809
Accumulated depreciation
Balance as at 1 January 2021
(3,184,960)
(4,089,192)
(7,274,152)
Depreciation charge
28
(2,359,355)
(7,437,681)
(9,797,036)
Terminated leases
502,896
7,075
509,971
Transfers to property, plant and equipment
7
-
1,053,983
1,053,983
Balance as at 31 December 2021
(5,041,419)
(10,465,815)
(15,507,234)
Balance as at 1 January 2022
(5,041,419)
(10,465,815)
(15,507,234)
Depreciation charge
28
(2,998,015)
(8,867,475)
(11,865,490)
Terminated leases
773,323
-
773,323
Transfers to property, plant and equipment
7
-
668,068
668,068
Balance as at 31 December 2022
(7,266,111)
(18,665,222)
(25,931,333)
Net book value as at 1 January 2021
4,853,015
41,427,506
46,280,521
Net book value as at 31 December 2021
4,918,409
61,678,113
66,596,522
Net book value as at 31 December 2022
5,241,595
52,456,881
57,698,476
Expenses related to low-value or short-term leases accounted for in accordance with IFRS 16, par. 6, are shown in the line "Rental
expenses" in Note. 28.
9. Investment property
Group
Company
Note
2022
2021
2022
2021
Balance at the beginning of the year
41,339,017
39,092,664
74,078,165
70,938,972
Net gain/(loss) from fair value adjustment 31 (245,441) (333,806)
(716,807) 658,373
Transfer from PPE
7
-
2,580,159
113,000
2,480,820
Balance at the end of the year
41,093,576
41,339,017
73,474,358
74,078,165
Investment properties are presented at fair value determined at each reporting date by independent appraisers. More
information regarding investment property valuation methods is presented in notes 3(v) and 5.
Annual Financial Report 31.12.2022
95
The following amounts have been recognised in profit or loss:
Group
Company
Note
2022
2021
2022
2021
Rental income from operating leases
30
3,237,309
2,554,071
3,117,309
2,568,313
Fair value gain/(loss) recognised in other
gains/(losses)
31 (245,441) (333,806)
(716,807) 658,373
10. Intangible assets
Group
Company
Note
Trademarks
& licences
Software Total
Software Total
Cost
Balance as at 1 January 2021
-
2,161,145
2,161,145
1,740,912
1,740,912
Exchange differences
-
200
200
-
-
Additions
-
154,526
154,526
120,709
120,709
Balance as at 31 December 2021
-
2,315,871
2,315,871
1,861,621
1,861,621
Balance as at 1 January 2022
-
2,315,871
2,315,871
1,861,621
1,861,621
Exchange differences
-
-
-
-
-
Additions
-
132,316
132,316
115,237
115,237
Acquisition of subsidiary
12
19,023,592
50,944
19,074,536
-
-
Disposals
-
(224)
(224)
-
-
Balance as at 31 December 2022
19,023,592
2,498,907
21,522,499
1,976,858
1,976,858
Accumulated amortisation
Balance as at 1 January 2021
-
(1,585,368)
(1,585,368)
(1,365,523)
(1,365,523)
Exchange differences
-
(166)
(166)
-
Amortisation charge
28
-
(213,679)
(213,679)
(154,648)
(154,648)
Balance as at 31 December 2021
-
(1,799,213)
(1,799,213)
(1,520,171)
(1,520,171)
Balance as at 1 January 2022
-
(1,799,213)
(1,799,213)
(1,520,171)
(1,520,171)
Exchange differences
4,433
1,440
5,873
-
-
Amortisation charge
28
(15,896)
(196,477)
(212,373)
(137,037)
(137,037)
Disposals
-
224
224
-
-
Balance as at 31 December 2022
(11,463)
(1,994,026)
(2,005,489)
(1,657,208)
(1,657,208)
Net book value as at 1 January 2021
-
575,777
575,777
375,389
375,389
Net book value as at 31 December 2021
-
516,658
516,658
341,450
341,450
Net book value as at 31 December 2022
19,012,129
504,881
19,517,010
319,650
319,650
The Trademarks & licenses fund for the Group includes the valuation of the contract for the franchise of the Hertz brand amounting
to €18,876,394..
11. Goodwill
Group
2022
2021
Balance at the beginning of the year
27,297,830
27,297,830
Acquisition of subsidiary
16,159,605
-
Balance at the end of the year
43,457,435
27,297,830
Annual Financial Report 31.12.2022
96
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 and (d) the acquisition of HR - ALUGUER DE AUTOMÓVEIS S.A. in 2022 amounting to
€16,159,605, as presented in note 12.
(i) Goodwill per operating segment
Goodwill is monitored by management at the level of the three operating segments presented in note 6.
31.12.2022
31.12.2021
Greece
Car rental
-
-
Greece
Car & spare parts trade & services
25,985,291
25,939,818
International
Car rental
17,472,144
1,358,012
Total goodwill
43,457,435
27,297,830
(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 December 2022, are the following:
• Reduction rate in present value: 7% - 10% (2021: 8 -10%)
• Sales Growth Rate: 3% - 8% (2021: 12 -15%)
• Perpetuity Growth Rate: 2% (2021: 3%)
(iii) Impairment testing of Goodwill
Impairment testing as of 31 December 2022 has not resulted in an impairment of goodwill. Also, if the assumptions used as of 31
December 2022 were further aggravated by 10% goodwill’s accounting value would still not require any impairment.
12. Investments in subsidiaries & business combinations
(i) Investments in subsidiaries
Company
2022
2021
Balance at the beginning of the year
54,923,133
54,323,133
Acquisition of subsidiary
38,740,829
-
Share capital increase
8,690,000
600,000
Disposals
(790,000)
-
Impairment
(500,000)
-
Balance at the end of the year
101,063,962
54,923,133
Annual Financial Report 31.12.2022
97
The interests held in subsidiaries and their carrying amounts at 31 December are as follows:
Name of entity
Country of
incorporation
% ownership
Carrying value
Principal activities
31.12.2022
31.12.2021
31.12.2022
31.12.2021
AUTOTECHNICA HELLAS SINGLE
MEMBER SA
Greece
100% 100% 300,000 300,000 Car and spare parts trade
AUTOTECHNICA EOOD
Bulgaria
100% 100% 3,012,047 3,012,047
Car and spare parts trade &
Car rentals
AUTOTECHNICA (CYPRUS) LIMITED
Cyprus
100%
100%
3,078,811
3,078,811
Car rentals
AUTOTECHNICA FLEET SERVICES SRL
Romania
100%
100%
6,500,000
6,500,000
Car rentals
AUTOTECHNICA SERBIA DOO
Serbia
100%
100%
4,000,000
4,000,000
Car rentals
AUTOTECHNICA MONTENEGRO DOO
Montenegro
100%
100%
1,000,000
1,000,000
Car rentals
AUTOTECHNICA FLEET SERVICES DOO
Croatia
100%
100%
4,462,750
4,462,750
Car rentals
AUTOTECHNICA FLEET SERVICES LLC
Ukraine
100%
100%
200,000
700,000
Car rentals
DERASCO TRADING LIMITED
Cyprus
100%
100%
20,131,000
20,131,000
Holding company
HYUNDAI HELLAS INDUSTRIAL &
TRADING SA
Greece
70%* 70%* - - Car and spare parts trade
KIA HELLAS INDUSTRIAL & TRADING
SA
Greece
70%* 70%* - - Car and spare parts trade
TECHNOCAR SINGLE MEMBER
TRADING SA
Greece
100% 100% 10,050,000 10,050,000 Car and spare parts trade
ELTREKKA SA
Greece
100%
100%
1,086,817
1,086,817
Car and spare parts trade
KINEO SINGLE MEMBER SA
Greece
100%*
100%
-
600,000
Renting services
A.T.C.AUTOTECHNICA (CYPRUS) LTD
Cyprus
100%
100%
1,708
1,708
Car rentals (inactive company)
HR - ALUGUER DE AUTOMÓVEIS S.A.
Portugal
89.56%
-
47,240,829
-
Car rentals
(*indirect investment)
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 1st 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 proceeded to establish KINEO S.A. with a date of registration in GEMI 14.01.2021. KINEO is active in the field of
micromobility, and more specifically in Light Personal Electric Vehicles ("EPVs"). These types of vehicles shrink the physical
footprint required to move people and goods relatively short distances. Within 2022, the Company proceeded with a share capital
increase of €190,000 in KINEO, and then transferred all the shares of KINEO to its subsidiary Derasco Trading for a price of
€790,000.
The Company has operations in Ukraine through its subsidiary AUTOTECHNICA FLEET SERVICES LLC. Due to the Russian invasion
of Ukraine and the reduction of activities in the country, the Company proceeded during 2022 to impair the specific participation
by €500,000, which represents approximately 70% of the total participation.
Annual Financial Report 31.12.2022
98
(ii) Business combinations
(a) Acquisition summary
On 01.10.2022 AUTOHELLAS completed the acquisition of 89.56% (including 4.24% treasury shares) of the Portuguese company
HR - ALUGUER DE AUTOMÓVEIS S.A. (HR), which has been the franchisee of Hertz International in Portugal since 1998. The main
activity of HR Aluguer de Automóveis Portugal concerns short-term car rentals (RAC) and resale, using the Hertz and Thrifty brands.
In addition, the company owns Hertz’s franchise for the Azores and Angola via sub-franchisees, collecting net revenue from
royalties. The purchase price for 89,56% was 31.5 million euros, while under profitability conditions for the 2022-24 period, it may
increase in total by an additional €7.5 million. The completion of the acquisition makes HR Automóveis Portugal the largest
subsidiary of Autohellas abroad. HR Aluguer de Automóveis has subsidiaries HIPOGEST - COMÉRCIO INTERNACIONAL DE VEÍCULOS
DE TRANSPORTES LDA, which services the transport of its cars and third party cars, HR RIDE PORTUGAL S.A, with low activity that
owns the rights to the Hertz trademark for motorcycle rental , and HR TOURS S.A. which is also active in the tourism sector.
Details of the purchase price, net assets acquired and goodwill are as follows:
Amounts
Purchase price [see. (b) below]
Cash paid
31,500,000
Contingent fee
7,500,000
Discount on the contingent fee
(259,171)
Total purchase price
38,740,829
The contingent consideration is reflected in the present value of €7,240,829 in the financial statements.
Note
Fair value
Cash and cash equivalents
17,367,190
Trade and other receivables
21,909,466
Inventories
173,592
Land and buildings
7,8
9,858,913
Vehicles
7,8
47,875,400
Furniture, fittings and equipment
7,8
818,058
Intangible assets - Trademarks & licences
10
19,023,592
Intangible assets - Software
10
50,944
Deferred tax assets
14
1,260,686
Other investments
16
300,913
Trade payables
(29,273,646)
Borrowings
23
(27,567,911)
Lease liabilities
24
(29,932,044)
Deferred tax liabilities
14
(5,836,403)
Other liabilities
(815,235)
Net Identifiable assets acquired
25,213,515
Less: non-controlling interests
(2,632,291)
Plus: Goodwill
11
16,159,605
Net Identifiable assets acquired
38,740,829
Significant estimate: contingent consideration
The fair values of the above items are preliminary and will be finalized within one year from the acquisition date 1/10/2022
when the final outcome of the acquisition will be determined.
The goodwill is attributed to the workforce and high profitability of the acquired business. The resumption of tourism after the
pandemic and the full restoration of travel creates prospects for strong growth in the short-term rental sector in Portugal, the size
of which is comparable to that of the Greek tourism market.
Annual Financial Report 31.12.2022
99
In the event that the company achieves profitability at levels predetermined by the shareholders' agreement in the next two years
as well, an additional consideration of up to €7,500,000 will be paid consecutively with the years of profitability. The fair value of
the contingent consideration of €7,500,000 was calculated based on the present value of future expected cash flows, discounted
at 7.09%, and amounts to €7,240,829.
Receivables acquired
The fair value of the acquired trade receivables is €21,909,466.
Choice of accounting policy for non-controlling interests
The group recognises the rights of non-controlling interests in an acquired entity either at fair value or at the proportionate share
of the non-controlling interest in the net identifiable assets of the acquired entity. This decision is made per acquisition. For the
non-controlling interests of Autohellas Group, the Group has chosen to recognise the rights of non-controlling interests at the
proportionate share with allocation of the price.
Revenue and profit contribution
The acquired business contributed €18.336.385 in revenue to the Group from 1 October 2022 until 31 December 2022. If the
acquisition had taken place on 1 January 2022, the subsidiary’s revenue for the year ended 31 December 2022 would have been
approximately €75-80 million. This amount has been calculated applying the accounting policies of the Autohellas Group.
(b) Acquisition price – cash outflow
Amounts
Cash outflow for acquisition of subsidiary (net of cash acquired)
Cash price
31,500,000
Less: amounts acquired:
Cash and cash equivalents
(17,367,190)
Net outflow-Investing Activities
14,132,810
The costs of the acquisition amounting to €302,613 are included in the administrative expenses in the Statement of Profit or Loss
and in the cash flows from operating activities in the Statement of Cash Flows.
After the completion of the acquisition, during the last quarter of 2022, the Company proceeded to increase the share capital of
HR - ALUGUER DE AUTOMÓVEIS S.A. by €8,500,000.
13. Investments accounted for using the equity method
Group
Name of entity
Country of
incorporation
% of ownership interest
Nature of
relationship
Measurement
method
Carrying value
31.12.2022
31.12.2021
31.12.2022
31.12.2021
SPORTSLAND S.A.
Greece
50%
50%
Joint venture
Equity method
5,550,120
5,518,148
CRETE GOLF S.A.
Greece
45.033%
45.033%
Associate
Equity method
6,074,337
6,317,978
INSTACAR S.A.
Greece
23.38%
-
Associate
Equity method
971,379
-
ELECION ENERGY S.A.
Greece
25%
-
Associate
Equity method
107,671
-
ORNOS S.A.
Greece
51%
-
Joint venture
Equity method
1,385,822
-
Total investments accounted for using
the equity method
14,089,329 11,836,126
An
nual Financial Report 31.12.2022
100
Company
Name of entity
Country of
incorporation
% of ownership interest
Nature of
relationship
Measurement
method
Carrying value
31.12.2022
31.12.2021
31.12.2022
31.12.2021
SPORTSLAND S.A.
Greece
50%
50%
Joint venture
Acquisition cost
6,930,000
6,830,000
CRETE GOLF S.A.
Greece
45.033%
45.033%
Associate
Acquisition cost
9,502,281
9,502,281
ELECION ENERGY S.A.
Greece
25%
-
Associate
Acquisition cost
125,000
-
ORNOS S.A.
Greece
51%
-
Joint venture
Acquisition cost
1,530,000
-
Total investments accounted for at
cost
18,087,281 16,332,281
(
i) Short description of associates and joint ventures
SP
ORTSLAND S.A.
SPORTSLAND SPORT FACILITIES - TOURISM AND HOTELS S.A. was founded in 2008. The company owns a large plot of land in
A
sopia, 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.
C
RETE GOLF S.A.
CRETE GOLF 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 o
n
a fu
ll-year basis, has 18 pars according to PGA’s international standards, so as to meet all the requirements of golfers and so as t
o
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.
I
NSTACAR S.A.
I
NSTACAR S.A. is an associate of Autohellas Group through the subsidiary ‘DERASCO TRADING LIMITED’. Instacar’s main activity
is
t
he provision of short- and long-term leases of cars, bicycles, and mopeds in Greece. The company started its operations in
September 2019 and on 30 December 2021 it was established as a Société Anonyme
.
ELECION ENERGY S.A.
ELECION ENERGY - PRODUCTION AND TRADING OF ELECTRICITY SOCIETE ANONYME will be active in the sector of electricity
production from RES through a photovoltaic station at Asopia in the Municipal Units of Oinofyta and Tanagra. The development
of the above photovoltaic station will take place on an area leased by ELECION ENERGY from the société anonyme with the
corporate name “SPORTSLAND SPORT FACILITIES - TOURISM AND HOTELS S.A.”, in which the Company holds a 50% share. The
Company and ELECION ENERGY have intertwined financial interests and transactions, related activities and purposes, and to
achieve their objectives they have developed a close partnership
.
O
RNOS S.A.
O
RNOS SOCIETE ANONYME was founded in 2022 by the Autohellas and Samelet groups for the purpose of becoming Stellantis’
partner in the Greek market, to undertake the importing and distribution of the Abarth, Alfa Romeo Fiat, Fiat Professional, and
J
eep brands.
(
ii) Financial data of associates and joint ventures
The summary financial data of the Group's associates and joint ventures are summarized below. It is noted that as at 31 December
2022, the financial figures of associates and joint ventures were not quantitatively or qualitatively significant for the Group.
Ann
ual Financial Report 31.12.2022
101
Joint ventures
Associates
Summarised Statement of Financial Position
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Current assets
Cash and cash equivalents
3,190,067
389,550
1,366,658
836,274
Other current assets
78,272
176,598
11,766,663
2,166,860
Total current assets
3,268,339
566,148
13,133,321
3,003,134
Non-current assets
11,203,545
10,922,705
32,039,732
20,081,808
Current liabilities
Financial liabilities (excluding trade payables)
-
-
2,424,278
3,089,581
Other current liabilities
295,133
110,737
461,020
818,744
Total current liabilities
295,133
110,737
2,885,298
3,908,325
Non-current liabilities
Financial liabilities (excluding trade payables)
-
-
11,335,414
3,773,941
Other non-current liabilities
359,212
341,820
12,176,124
64,094
Total non-current liabilities
359,212
341,820
23,511,538
3,838,035
Equity
13,817,539
11,036,296
18,776,217
15,338,582
Joint ventures
Associates
Summarised statement of comprehensive income
2022
2021
2022
2021
Revenue
-
-
8,098,540
4,384,063
Interest income
-
-
-
-
Depreciation and amortisation
(4,905)
(5,050)
(9,395,843)
(1,441,789)
Interest expense
(596)
(415)
(991,085)
(265,274)
Income tax expense
(8,751)
21,528
-
-
Loss for the year
(418,757)
(85,395)
(1,858,220)
(915,706)
Total comprehensive income
(418,757)
(85,395)
(1,858,220)
(915,706)
14. Deferred tax
De
ferred 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.
(i
) Net amounts of deferred tax assets and liabilities
Group
Company
31.12.2022 31.12.2021 31.12.2022 31.12.2021
Deferred income tax liabilities
27,316,129
17,829,832
18,489,920
14,199,443
Deferred income tax assets
(1,884,271)
(1,081,583)
-
-
Deffered income tax (net)
25,431,858
16,748,249
18,489,920
14,199,443
(i
i) Gross amounts of deferred tax assets and liabilities
Group
Company
31.12.2022 31.12.2021 31.12.2022 31.12.2021
Deferred income tax liabilities
32,108,971
22,192,289
22,216,565
17,568,949
Deferred income tax assets
(6,677,113)
(5,444,040)
(3,726,645)
(3,369,506)
Deffered income tax (net)
25,431,858
16,748,249
18,489,920
14,199,443
The biggest part of deferred tax assets and liabilities is long-term.
An
nual Financial Report 31.12.2022
102
Group
Company
Note
2022
2021
2022
2021
Balance at the beginning of the year
16,748,249
14,544,134
14,199,443
13,800,153
Charged / (credited) to the income statement
33
1,822,099
498,112
2,019,801
(148,931)
Charged/(credited) to other comprehensive income
2,531,407
1,707,711
2,270,676
548,221
Charged / (credited) directly to equity
(293,522)
(1,708)
-
-
Acquisition of subsidiary
12
4,575,717
-
-
-
Exchange differences
47,908
-
-
-
Balance at the end of the year
25,431,858
16,748,249
18,489,920
14,199,443
(
iv) Movement in deferred tax assets
Group
Employee benefit
obligations
Lease
liabilities
Tax losses Other Total
Balance as at 1 January 2021
(1,171,504)
(4,199,577)
628,283
(2,321,511)
(7,064,309)
Charged / (credited) to the income statement
220,224
699,963
270,389
419,911
1,610,487
Charged/(credited) to other comprehensive income
11,490
-
-
-
11,490
Charged / (credited) directly to equity
(1,708)
-
-
-
(1,708)
Balance as at 31 December 2021
(941,498)
(3,499,614)
898,672
(1,901,600)
(5,444,040)
Balance as at 1 January 2022
(941,498)
(3,499,614)
898,672
(1,901,600)
(5,444,040)
Charged / (credited) to the income statement
(10,614)
78,355
133,570
(242,419)
(41,108)
Charged/(credited) to other comprehensive income
20,813
-
-
-
20,813
Acquisition of subsidiary
-
-
(1,260,686)
-
(1,260,686)
Exchange differences
-
-
47,908
-
47,908
Balance as at 31 December 2022
(931,299)
(3,421,259)
(180,536)
(2,144,019)
(6,677,113)
Th
e 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.
Company
Retirement
benefit
obligations
Lease
liabilities
Deferred
revenue
Total
Balance as at 1 January 2021
(397,781)
(1,149,325)
(2,081,022)
(3,628,128)
Charged / (credited) to the income statement
170,949
63,856
15,917
250,722
Charged/(credited) to other comprehensive income
7,900
-
-
7,900
Balance as at 31 December 2021
(218,932)
(1,085,469)
(2,065,105)
(3,369,506)
Balance as at 1 January 2022
(218,932)
(1,085,469)
(2,065,105)
(3,369,506)
Charged / (credited) to the income statement
(187)
(60,430)
(301,274)
(361,891)
Charged/(credited) to other comprehensive income
4,752
-
-
4,752
Balance as at 31 December 2022
(214,367)
(1,145,899)
(2,366,379)
(3,726,645)
Th
e above tables concerning movement in deferred tax assets exclude offsetting balances of deferred tax assets and liabilities
within the same tax area.
(iii) Total movement in deferred tax
Annual Financial Report 31.12.2022
103
(v) Movement in deferred tax liabilities
Group
Fixed and right-of-
use assets
Intangible
assets
Borrowing
expenses
Other Total
Balance as at 1 January 2021
18,397,373
-
4,291,969
(1,080,899)
21,608,443
Charged / (credited) to the income statement
287,112
-
(1,409,991)
10,504
(1,112,375)
Charged/(credited) to other comprehensive income
1,696,221
-
-
-
1,696,221
Balance as at 31 December 2021
20,380,706
-
2,881,978
(1,070,395)
22,192,289
Balance as at 1 January 2022
20,380,706
-
2,881,978
(1,070,395)
22,192,289
Charged / (credited) to the income statement
2,039,076
-
(439,209)
263,340
1,863,207
Charged/(credited) to other comprehensive income
507,035
-
-
2,003,559
2,510,594
Charged / (credited) directly to equity
(293,522)
-
-
-
(293,522)
Acquisition of subsidiary
1,872,360
3,964,043
-
-
5,836,403
Balance as at 31 December 2022
24,505,655
3,964,043
2,442,769
1,196,504
32,108,971
Company
Fixed and right-
of-use assets
Borrowing
expenses
Other Total
Balance as at 1 January 2021
15,579,081
1,849,200
-
17,428,281
Charged / (credited) to the income statement
999,833
(1,409,991)
10,505
(399,653)
Charged/(credited) to other comprehensive income
540,321
-
-
540,321
Charged / (credited) directly to equity
-
-
-
-
Balance as at 31 December 2021
17,119,235
439,209
10,505
17,568,949
Balance as at 1 January 2022
17,119,235
439,209
10,505
17,568,949
Charged / (credited) to the income statement
2,557,561
(439,209)
263,340
2,381,692
Charged/(credited) to other comprehensive income
262,365
-
2,003,559
2,265,924
Balance as at 31 December 2022
19,939,161
-
2,277,404
22,216,565
The above tables concerning movement in deferred tax liabilities exclude offsetting balances of deferred tax assets and liabilities
within the same tax area.
15. Financial assets at fair value through other comprehensive income
Group
Company
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Equity securities
Listed securities
56,456,499
51,280,430
56,456,499
51,280,430
Unlisted securities
15,000,227
-
15,000,227
-
Debt securities
Listed securities
6,570,881
6,570,881
78,027,607
51,280,430
78,027,607
51,280,430
Financial assets at fair value through other comprehensive income comprise equity securities of Aegean Airlines S.A. which are
not held for trading, and which the Group has irrevocably elected upon transition to IFRS 9 to recognize in this category. These
are strategic investments and the Group considers this classification to be more relevant.
During the year, the Group and the Company acquired bonds issued by credit Institutions amounting to € 6,474,261. Additionally,
the Group and the Company acquired a stake of €15,000,227 in Trade Estates S.A. (8.11% of the share capital).
Annual Financial Report 31.12.2022
104
The movement in financial assets at fair value through other comprehensive income is analyzed as follows:
Group
Company
2022
2021
2022
2021
Balance at the beginning of the year
51,280,430
42,891,816
51,280,430
42,891,816
Additions of listed debt securities
6,474,261
7,626,690
6,474,261
7,626,690
Additions of unlisted securities
15,000,227
-
15,000,227
-
Gains from changes in the fair value
recognised in other comprehensive income
5,272,689 761,924
5,272,689 761,924
Balance at the end of the year
78,027,607
51,280,430
78,027,607
51,280,430
The value of dividends from financial assets at fair value through other comprehensive income are presented in note 30.
The change in the fair value of financial assets at fair value through other comprehensive income is reflected in the Statement of
Other Comprehensive Income. The method of determining their fair value is described in note 5.
16. Financial assets at fair value through profit or loss
Group
Company
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Equity securities
Unlisted securities
2,307,332
1,000,056
1,000,455
500,055
2,307,332
1,000,056
1,000,455
500,055
The movement in financial assets at fair value through profit or loss is analyzed as follows:
Group
Company
2022
2021
2022
2021
Balance at the beginning of the year
1,000,056
1
500,055
-
Additions of unlisted securities
1,006,363
1,000,055
500,400
500,055
Acquisition of subsidiary
300,913
-
-
Balance at the end of the year
2,307,332
1,000,056
1,000,455
500,055
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.
Financial assets at fair value through profit or loss also comprise a 16.32% participation in Spotmechanic Limited of aggregate
value €1 and a participation of 10% and aggregate value of € 1,000,455 in iTeam Technology Solutions S.A..
The subsidiary HR Aluguer de Automóveis has a participation in Iberis Bluetech Fund, amounting to €607 thousand, and a
participation in Mobiag LDA amounting to €200 thousand.
Annual Financial Report 31.12.2022
105
17. Derivative financial instruments and hedge accounting
The Group and the Company have the following derivative financial instruments in the following balance sheet items:
Group
Company
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Non-current assets
Interest rate swaps – cash flow hedges
8,308,415
-
8,308,415
-
8,308,415
-
8,308,415
-
Current assets
Interest rate swaps – cash flow hedges
1,946,797
47,747
1,946,797
47,747
1,946,797
47,747
1,946,797
47,747
Total
10,255,212
47,747
10,255,212
47,747
(i) Hedging instruments used by the Group and the Company
For the year 2022 the interest rate swaps, which were used by the Group and the Company in effective cash flow hedge accounting
relationships, cover approximately 21% and 24% of the floating borrowings of the Group and the Company respectively and had
a total nominal value €110,000,000. Swap contracts require settlement of net interest receivable or payable every 90 days.
Settlement dates coincide with the dates on which interest is payable on the underlying debt. For the year 2021 the Company did
not apply cash flow hedge accounting.
(ii) Effects of interest rate swaps on financial position and performance
The effects of interest rate swaps on the financial position and performance of the Group and the Company are as follows:
Group
Company
2022
2022
Interest rate swaps
Carrying amount (Current and non-current)
10,255,212
10,255,212
Notional amount
110,000,000
110,000,000
Maturity date
2026-2030
2026-2030
Hedge ratio
100%
100%
Change in intrinsic value of hedging instruments since inception of the hedge
9,926,883
9,926,883
Change in value of hedged item used to determine hedge effectiveness
9,010,467
9,010,467
For the year ended 31 December 31 2022, after qualitative and quantitative assessment of the effectiveness of hedge accounting
relationships with the hypothetical derivative method, both at the beginning of the hedge and in the future, the Group and the
Company concluded that there is a high economic correlation between the hedging instruments (interest rate swaps) and the
hedged items (payments of floating interest rate borrowings). The excess amount of the cumulative change (ineffective part) in
the fair value of the hedging instruments in relation to the corresponding change in the hedged items has been recognized as
ineffectiveness in the results in the line "Other gains/losses" and amounts to € 916,416 for the year ended 31 December 31 2022.
Annual Financial Report 31.12.2022
106
18. Trade and other receivables
Group
Company
Note
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Trade receivables
78,477,667
59,629,697
42,445,437
32,857,776
Less: provision for impairment of trade receivables
4
(9,019,863)
(7,296,551)
(2,525,910)
(2,220,711)
Trade receivables - net
69,457,804
52,333,146
39,919,527
30,637,065
Prepayments
23,453,438
17,045,698
11,792,042
7,834,959
Other receivables
35,698,871
36,562,400
27,286,600
30,001,157
Less: provision for impairment of other receivables
(518,835)
(518,835)
-
-
Receivables from related parties
37
1,260,556
208,239
3,341,480
1,214,993
Receivables from loans to related parties
37
1,531,931
-
-
-
Total 130,883,765 105,630,648
82,339,649 69,688,174
Group
Company
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Non-current
35,333,714
28,239,048
32,752,399
26,058,563
Current
95,550,051
77,391,600
49,587,250
43,629,611
Total
130,883,765
105,630,648
82,339,649
69,688,174
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 the energy and the financial crisis, 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. The fair value of trade and other receivables approximates the carrying value.
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 balances with related parties and key management personnel is set out in note 37.
19. Inventories
Group
Company
31,12,2022
31,12,2021
31,12,2022
31,12,2021
New cars
47,089,995
31,516,373
-
-
Used cars
12,222,544
6,134,015
-
-
Parts - Accessories
15,891,411
13,502,777
29,070
28,245
Other Inventories
559,400
257,095
74,564
67,492
Total
75,763,350
51,410,260
103,634
95,737
Write-downs of inventories to net realisable value at Group level amounted to € 2,301 (2021 - € 361,369). These were recognised
as an expense during the year ended 31 December 2022 and included in cost of sales.
Annual Financial Report 31.12.2022
107
20. Cash and cash equivalents
Group
Company
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Cash in hand
212,405
134,441
73,189
58,964
Cash at bank
64,942,805
39,866,539
29,318,006
15,588,257
Time deposits
28,638,509
75,031,912
-
51,000,000
Total
93,793,719
115,032,892
29,391,195
66,647,221
The effective interest rate on time deposits was 0.01%-0.03% and 0.01%-0.05% for 2022 and 2021 respectively,
21. Share capital and share premium
Number
of shares
Ordinary
shares
Share
premium
Treasury
shares
Total
Balance as at 1 January 2021
48,855,000
3,908,400
130,553
(1,796,293)
2,242,660
Treasury shares acquired
-
-
-
(715,443)
(715,443)
Treasury shares sold / cancelled
(230,236)
(18,419)
-
219,294
200,875
Balance as at 31 December 2021
48,624,764
3,889,981
130,553
(2,292,442)
1,728,092
Balance as at 1 January 2022
48,624,764
3,889,981
130,553
(2,292,442)
1,728,092
Share capital increase
-
48,624,764
-
-
48,624,764
Share capital decrease
-
(48,624,764)
-
-
(48,624,764)
Treasury shares acquired
-
-
-
(367,256)
(367,256)
Balance as at 31 December 2022
48,624,764
3,889,981
130,553
(2,659,698)
1,360,836
(i) Share capital
The Company’s share capital amounted as at 31 December 2022 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.
At the Extraordinary General Meeting of shareholders on October 14, 2022, it has been decided: (a) Increase of the Company's
share capital by the net amount of €48,624,764 euros (gross amount 51,183,962,11 euros less amount of 2,559,198,11 euros
corresponding to the 5% dividend tax withholding amount according to article 64 par, 1a’ of Income Tax Code and POL 1042/2015)
through capitalization of reserves and increase of the nominal value of each share of the Company by one (1) euro, i.e. from 0.08
euro to 1.08 euro, (b) An equal reduction of the Company's share capital by the total net amount of 48,624,764.00 Euros, with a
reduction of the nominal value of each share of the Company by 1.00 Euros, i.e. from 1.08 Euros to 0.08 Euros, and the return -
payment of the corresponding amount to the shareholders of the Company. After the above equal increase and decrease, the
Company's share capital amounts to 3,889,981.12 Euro and is divided into 48,624,764 common, registered shares, with a nominal
value of 0.08 Euro each.
It is noted that the amount of the return corresponding to the 528,000 treasury shares of the Company increased the amount of
the return per share received by the remaining shareholders, therefore, the final net amount of the return per share was
1.0109778695 Euro.
Annual Financial Report 31.12.2022
108
(ii) Treasury shares
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.
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.
Within 2022, a total of 37,993 treasury shares with a nominal value of €0.08 each were acquired, with a total purchase value of
€367,256. Therefore, in total as at 31.12.2022 the Company held 528,000 treasury shares with a nominal value of €0.08 each, with
a total value of €2,659,698 corresponding to 1.0859% of its share capital.
The movement of the Company's own shares is reflected in the table below:
`
Number
of shares
Cost of
tresury shares
Balance as at 1 January 2021
624,307
1,833,130
Acquisition of shares
95,936
715,443
Shares sold / cancelled
(230,236)
(256,131)
Balance as at 31 December 2021
490,007
2,292,442
Acquisition of shares
37,993
367,256
Balance as at 31 December 2022
528,000
2,659,698
Annual Financial Report 31.12.2022
109
22. Other reserves
Group
Financial assets
at fair value
through other
comprehensive
income
Revaluation
reserve
Statutory
reserve
Special
reserve
Hedging
reserve
Other
reserve
Total
Balance as at 1 January 2021
26,834,327
9,519,256
5,079,687
34,535,924
-
695,437
76,664,631
Gain/(Loss) from changes in the fair
value of equity investments at fair
value through other comprehensive
income - gross
761,924 - - - - - 761,924
Gain/(Loss) from changes in the fair
value of equity investments at fair
value through other comprehensive
income - tax
- - - - - - -
Gain/(Loss) on revaluation of
property, plant and equipment -
gross
- 7,123,974 - - - - 7,123,974
Gain/(Loss) on revaluation of
property, plant and equipment - tax
- (1,354,511) - - - - (1,354,511)
Balance as at 31 December 2021
27,596,251
15,288,719
5,079,687
34,535,924
-
695,437
83,196,018
Balance as at 1 January 2022
27,596,251
15,288,719
5,079,687
34,535,924
-
695,437
83,196,018
Gain/(Loss) from changes in the fair
value of debt instruments at fair
value through other comprehensive
income - gross
96,621 - - - - - 96,621
Gain/(Loss) from changes in the fair
value of debt instruments at fair
value through other comprehensive
income - tax
(21,257) - - - - - (21,257)
Gain/(Loss) from changes in the fair
value of equity investments at fair
value through other comprehensive
income - gross
5,176,068 - - - - - 5,176,068
Gain/(Loss) from changes in the fair
value of equity investments at fair
value through other comprehensive
income - tax
- - - - - - -
Gain/(Loss) from changes in the fair
value of cash flow hedges (effective
portion) - gross
- - - - 8,842,429 - 8,842,429
Gain/(Loss) from changes in the fair
value of cash flow hedges (effective
portion) - tax
- - - - (1,945,334) - (1,945,334)
Gain/(Loss) from changes in the fair
value of cash flow hedges
(reclassified to profit or loss) - gross
- - - - 168,038 - 168,038
Gain/(Loss) from changes in the fair
value of cash flow hedges
(reclassified to profit or loss) - tax
- - - - (36,968) - (36,968)
Gain/(Loss) on revaluation of
property, plant and equipment -
gross
- 2,304,706 - - - - 2,304,706
Gain/(Loss) on revaluation of
property, plant and equipment - tax
- (507,035) - - - - (507,035)
Exchange differences on translation
of foreign operations
- - - - - 112,606 112,606
Transfer from retained earnings
-
-
2,294,718
-
-
(18,496)
2,276,222
Capitalization of reserves
-
-
-
(45,726,665)
-
-
(45,726,665)
Balance as at 31 December 2022
32,847,683
17,086,390
7,374,405
(11,190,741)
7,028,165
789,547
53,935,449
Annual Financial Report 31.12.2022
110
Company
Financial assets
at fair value
through other
comprehensive
income
Revaluation
reserve
Statutory
reserve
Special
reserve
Hedging
reserve
Other
reserve
Total
Balance as at 1 January 2021
26,834,327
6,703,188
4,870,218
43,935,923
-
481,037
82,824,693
Gain/(Loss) from changes in the fair
value of equity investments at fair
value through other comprehensive
income - gross
761,924 - - - - - 761,924
Gain/(Loss) from changes in the fair
value of equity investments at fair
value through other comprehensive
income - tax
- - - - - - -
Gain/(Loss) on revaluation of
property, plant and equipment -
gross
- 3,129,009 - - - - 3,129,009
Gain/(Loss) on revaluation of
property, plant and equipment - tax
- (540,320) - - - - (540,320)
Transfer from retained earnings
-
-
-
7,800,000
-
-
7,800,000
Balance as at 31 December 2021
27,596,251
9,291,877
4,870,218
51,735,923
-
481,037
93,975,306
Balance as at 1 January 2022
27,596,251
9,291,877
4,870,218
51,735,923
-
481,037
93,975,306
Gain/(Loss) from changes in the fair
value of debt instruments at fair
value through other comprehensive
income - gross
96,621 - - - - - 96,621
Gain/(Loss) from changes in the fair
value of debt instruments at fair
value through other comprehensive
income - tax
(21,257) - - - - - (21,257)
Gain/(Loss) from changes in the fair
value of equity investments at fair
value through other comprehensive
income - gross
5,176,068 - - - - - 5,176,068
Gain/(Loss) from changes in the fair
value of equity investments at fair
value through other comprehensive
income - tax
- - - - - - -
Gain/(Loss) from changes in the fair
value of cash flow hedges (effective
portion) - gross
- - - - 8,842,429 - 8,842,429
Gain/(Loss) from changes in the fair
value of cash flow hedges (effective
portion) - tax
- - - - (1,945,334) - (1,945,334)
Gain/(Loss) from changes in the fair
value of cash flow hedges
(reclassified to profit or loss) - gross
- - - - 168,038 - 168,038
Gain/(Loss) from changes in the fair
value of cash flow hedges
(reclassified to profit or loss) - tax
- - - - (36,968) - (36,968)
Gain/(Loss) on revaluation of
property, plant and equipment -
gross
- 1,192,566 - - - - 1,192,566
Gain/(Loss) on revaluation of
property, plant and equipment - tax
- (262,365) - - - - (262,365)
Transfer from retained earnings
-
-
-
23,000,000
-
-
23,000,000
Capitalization of reserves
-
-
-
(45,726,665)
-
-
(45,726,665)
Balance as at 31 December 2022 32,847,683 10,222,078 4,870,218 29,009,258 7,028,165 481,037 84,458,439
Annual Financial Report 31.12.2022
111
(i) 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.
(ii) Special reserve
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.
(iii) Hedging reserve
The hedging reserve comprises the cash flow hedge reserve. The cash flow hedge reserve is used to recognize the effective portion
of gains or losses from derivatives that are designated and qualify as cash flow hedges, as described in note 2.25. The amounts
are then reclassified to the statement of profit or loss, as appropriate.
(iv) Other reserves
Other reserves were 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.
Other reserves also include 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,
23. Borrowings
Group
Company
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Non-current
Bank borrowings
306,435,344
50,019,516
259,071,194
27,181,277
Other borrowings
274,758
390,326
-
-
Total non-current borrowings
306,710,102
50,409,842
259,071,194
27,181,277
Current
Short term portion of long term bank borrowings
32,154,837
158,438,343
19,524,885
157,938,343
Bank borrowings
9,327,759
11,295,508
-
-
Other borrowings
523,353
456,115
-
-
Total current borrowings
42,005,949
170,189,966
19,524,885
157,938,343
Total borrowings
348,716,051
220,599,808
278,596,079
185,119,620
Annual Financial Report 31.12.2022
112
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 fair value of the borrowings approximates the carrying value as at December 31 of 2022 and 2021.
The average effective interest rate for the Group’s short-term and long-term borrowings in 2022 fluctuated between 2.10% -
2.80% respectively (2021: The average effective interest rate fluctuated between 2.10% - 2.60%).
The average effective interest rate for the Company’s short-term and long-term borrowings in 2022 fluctuated between 2.10% -
2.90% respectively (2021: The average effective interest rate fluctuated between 2.05% - 2.60%).
(i) Movement in Borrowings
Group
Long-term
borrowings
Short-term
borrowings
Total
Balance as at 1 January 2021
282,489,597
96,729,595
379,219,192
New financing
14,096,362
36,743,845
50,840,207
Repayments
-
(215,891,612)
(215,891,612)
Loan amortisation
5,771,406
660,615
6,432,021
Transfers
(251,947,523)
251,947,523
-
Balance as at 31 December 2021
50,409,842
170,189,966
220,599,808
Balance as at 1 January 2022
50,409,842
170,189,966
220,599,808
Exchange differences
(166,160)
53,283
(112,877)
New financing
287,447,497
24,970,432
312,417,929
Repayments
-
(214,262,923)
(214,262,923)
Loan amortisation
-
2,506,203
2,506,203
Acquisition of subsidiary
19,675,174
7,892,737
27,567,911
Transfers
(50,656,251)
50,656,251
-
Balance as at 31 December 2022
306,710,102
42,005,949
348,716,051
Company
Long-term
borrowings
Short-term
borrowings
Total
Balance as at 1 January 2021
246,037,510
82,129,533
328,167,043
New financing
-
9,299,453
9,299,453
Repayments
-
(158,779,280)
(158,779,280)
Loan amortisation
5,771,406
660,998
6,432,404
Transfers
(224,627,639)
224,627,639
-
Balance as at 31 December 2021
27,181,277
157,938,343
185,119,620
Balance as at 1 January 2022
27,181,277
157,938,343
185,119,620
New financing
271,182,808
-
271,182,808
Repayments
-
(180,212,552)
(180,212,552)
Loan amortisation
-
2,506,203
2,506,203
Transfers
(39,292,891)
39,292,891
-
Balance as at 31 December 2022
259,071,194
19,524,885
278,596,079
Annual Financial Report 31.12.2022
113
24. Lease liabilities
The Group's lease liabilities are related to vehicle and real estate leases. The maturity of the lease liabilities is analyzed in note
4.1.
(i) Finance lease liabilities
Group
Company
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Finance lease liabilities - minimum lease payments
Less than 1 year
24,706,452
17,100,731
16,670,782
16,505,187
1-5 years
35,273,608
34,279,325
17,618,184
33,864,021
Total
59,980,060
51,380,056
34,288,966
50,369,208
Less: Future finance charges on finance leases
(3,225,488)
(1,745,827)
(1,290,464)
(1,738,758)
Present value of finance lease liabilities
56,754,572
49,634,229
32,998,502
48,630,450
The present value of finance lease liabilities is analysed as follows:
Group
Company
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Less than 1 year
22,782,619
16,182,131
15,785,026
15,589,605
1-5 years
33,971,953
33,452,098
17,213,476
33,040,845
Total
56,754,572
49,634,229
32,998,502
48,630,450
(ii) Operating lease liabilities
Group
Company
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Operating lease liabilities - minimum lease payments
Less than 1 year
5,875,609
4,482,608
3,285,694
2,415,713
1-5 years
8,175,052
6,834,954
1,441,270
2,717,687
Over 5 years
1,224,413
1,316,599
712,955
-
Total
15,275,074
12,634,161
5,439,919
5,133,400
Less: Future finance charges on operating leases
(1,095,207)
(1,761,859)
(231,284)
(199,447)
Present value of operating lease liabilities
14,179,867
10,872,302
5,208,635
4,933,953
The present value of operating lease liabilities is analysed as follows:
Group
Company
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Less than 1 year
5,509,650
3,866,521
3,186,146
2,279,886
1-5 years
6,960,363
5,869,305
1,352,887
2,654,067
Over 5 years
1,709,854
1,136,476
669,602
-
Total
14,179,867
10,872,302
5,208,635
4,933,953
Annual Financial Report 31.12.2022
114
(iii) Movement in lease liabilities
Group
Finance lease
liabilities
Operating
lease liabilities
Total
Balance as at 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)
Balance as at 31 December 2021
49,634,229
10,872,302
60,506,531
Balance as at 1 January 2022
49,634,229
10,872,302
60,506,531
Exchange differences
(2,101)
-
(2,101)
Repayments
(27,964,313)
(5,480,045)
(33,444,358)
New financing
7,476,561
6,495,546
13,972,107
Terminated leases
-
(29,784)
(29,784)
Acquisition of subsidiary
27,582,431
2,349,613
29,932,044
Reclassifications
27,765
(27,765)
-
Balance as at 31 December 2022
56,754,572
14,179,867
70,934,439
Company
Finance lease
liabilities
Operating lease
liabilities
Total
Balance as at 1 January 2021
39,271,405
4,788,859
44,060,264
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)
Balance as at 31 December 2021
48,630,450
4,933,953
53,564,403
Balance as at 1 January 2022
48,630,450
4,933,953
53,564,403
Repayments
(16,096,997)
(3,046,519)
(19,143,516)
New financing
465,049
3,321,201
3,786,250
Balance as at 31 December 2022
32,998,502
5,208,635
38,207,137
Finance costs concerning leases are presented in note 32.
The above division into finance and operating leases has been made for information purposes and is not required by IFRS 16,
25. 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.
(i) Amounts in the Statement of Financial Position
The amounts recognised in the statement of financial position and the movements in the net benefit obligation over the year are
as follows:
Annual Financial Report 31.12.2022
115
Group
Company
2022
2021
2022
2021
Balance at the beginning of the year
1,800,283
2,578,686
893,932
1,557,482
Amounts recognised in profit or loss:
Current service cost
237,539
212,221
94,991
83,784
Interest expense
10,800
10,425
5,364
5,133
Past service cost and (gains)/losses on settlements/curtailments
1,632,517
297,129
1,453,305
248,504
Total
1,880,856
519,775
1,553,660
337,421
Amounts recognised in other comprehensive income:
(Gain) / Loss from change in financial assumptions
(185,998)
59,666
(81,128)
34,576
Experience (gain) / losses
91,395
(69,973)
59,527
(3,454)
Total
(94,603)
(10,307)
(21,601)
31,122
Other
Benefits paid
(1,791,524)
(1,287,871)
(1,554,371)
(1,032,093)
Total
(1,791,524)
(1,287,871)
(1,554,371)
(1,032,093)
Balance at the end of the year
1,795,012
1,800,283
871,620
893,932
(ii) Actuarial assumptions
The principal actuarial assumptions used for the Group and the Company are as follows:
Group
Company
2022
2021
2022
2021
Economic assumptions:
Discount rate
2.80%
0.60%
2.80%
0.60%
Inflation rate
2.20%
1.80%
2.20%
1.80%
Salary growth rate
2.20%
1.80%
2.20%
1.80%
The weighted average duration of the benefit obligation is 14.65 years.
(iii) Sensitivity analysis
Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions
constant, would have affected the defined benefit obligation by the amounts shown below:
Group
Company
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Increase in discount rate by 0.5%
(46,292)
(226,365)
(20,289)
(90,609)
Decrease in discount rate by 0.5%
48,454
249,441
21,192
99,659
Increase in salary growth rate by 0.5%
42,811
247,647
16,631
98,466
Decrease in salary growth rate by 0.5%
(41,829)
(227,658)
(16,085)
(91,594)
The above sensitivity analyses 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.
Annual Financial Report 31.12.2022
116
26. Trade and other payables
Group
Company
Note
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Trade payables
115,743,271
76,534,338
23,142,760
15,758,570
Amounts due to related parties
37
147,138
85,710
11,197,002
7,809,633
Guarantees
28,870,974
26,419,565
27,243,107
25,242,704
Accrued expenses
18,865,348
8,287,653
6,265,056
5,535,939
Deferred income
1,312,649
682,375
-
-
Social security funds and other taxes
5,654,379
9,112,689
1,489,847
4,869,239
Advances from customers
24,069,991
20,647,346
6,154,152
4,791,749
Dividends payable
105,919
99,411
105,919
99,411
Other liabilities
18,569,185
12,548,847
20,368,031
10,316,345
Total
213,338,854
154,417,934
95,965,874
74,423,590
Group
Company
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Non-current
1,831,507
846,167
-
-
Current
211,507,347
153,571,767
95,965,874
74,423,590
Total
213,338,854
154,417,934
95,965,874
74,423,590
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 as at 31 December 2022 and 2021.
Amounts paid by leasing customers as guarantees are shown in the line of the same name in the first table of the note.
Other liabilities mainly concern guarantees given on the retail sales of the car trading activity.
(i) Provisions
Provisions for the Group amounting to €2,515,764 for 2022 (2021: €2,535,351) concerning guarantees for products and services
provided by the Group’s importing and car trading companies.
27. Revenue
Group
Company
2022
2021
2022
2021
Income from short and long term car rentals
260,570,756
207,204,033
194,632,482
162,597,871
Sales of new and used cars and spare parts and rendering
of after-sales services
426,554,261 374,392,881
249,991 314,018
Sales of used fleet
78,435,011
60,049,218
65,365,859
47,432,743
Total
765,560,028
641,646,132
260,248,332
210,344,632
Further breakdown by operating segment is presented in note 6.
The Group's revenues are recognized at a specific point in time.
An
nual Financial Report 31.12.2022
117
28. Expenses
(i) Breakdown of expenses by nature
Group
Company
Note
2022
2021
2022
2021
Changes in inventories recognised as an expense
397,421,668
358,501,246
34,605,567
30,989,813
Depreciation of property, plant and equipment
7
90,499,904
81,692,756
65,872,611
57,779,418
Depreciation of right-of-use assets
8
15,624,348
12,205,046
11,865,490
9,797,036
Amortisation of intangible assets
10
212,372
213,679
137,037
154,648
Impairment of inventories
19
2,301
-
-
-
Impairment of property, plant and equipment
425,693
491,956
6,727
293,837
Employee benefits expenses
29
55,154,919
44,973,499
23,174,652
18,953,058
Third parties' fees
28,553,392
22,070,535
12,249,784
8,397,959
Repairs and maintenance costs
8,234,591
6,535,994
18,340,622
16,177,692
Rental costs
6,090,807
1,303,073
2,068,137
1,157,147
Transportation costs
5,318,927
4,339,901
810,251
592,087
Advertising costs
12,390,829
11,054,047
2,995,295
1,939,563
Utilities expenses
6,848,740
5,359,504
2,745,654
2,153,476
Provisions
23,329
1,614,316
-
574,757
Other expenses
34,240,030
22,204,782
19,277,740
17,371,101
Total
661,041,850
572,560,334
194,149,567
166,331,592
Third party fees are mainly related to preparation costs for new car sales. Other operating expenses include insurance costs,
vehicle circulation and registration fees, and general operating costs.
(ii) Breakdown of expenses by function in the Statement of Profit or Loss
Group
Company
2022 2021 2022 2021
Cost of sales
581,321,474
503,710,248
174,478,506
150,786,395
Distribution costs
45,819,100
33,971,237
3,612,021
2,477,039
Administrative expenses
33,901,276
34,878,849
16,059,040
13,068,158
661,041,850
572,560,334
194,149,567
166,331,592
29. Employee benefit expenses
Group
Company
Note
2022
2021
2022
2021
Wages and salaries
41,876,303
36,327,805
17,657,269
15,693,573
Social security costs
7,713,485
6,659,309
2,868,371
2,403,221
Termination benefits
126,849
4,242
-
-
Defined contribution plan expenses
52,864
160,325
-
-
Defined benefit plan expenses
25
1,880,856
519,776
1,553,660
337,422
Other employee benefit expenses
3,504,562
1,302,042
1,095,352
518,842
Total
55,154,919
44,973,499
23,174,652
18,953,058
Annual Financial Report 31.12.2022
118
30. Other income
Group
Company
2022
2021
2022
2021
Dividend income from subsidiaries
-
-
24,300,000
7,800,000
Dividend income from financial assets at fair value
through profit or loss
422,100 -
422,100 -
Interest income from loans to related parties
31,931
-
-
-
Interest income from financial assets held as investments
89,469
-
89,469
-
Rental income from investment property
3,237,309
2,554,071
3,117,309
2,568,313
Income from commissions and services
7,045,924
6,152,363
2,483,353
2,138,568
Other
5,613,790
6,537,950
2,823,379
2,534,224
Total
16,440,523
15,244,384
33,235,610
15,041,105
The total future minimum lease payments receivable under non-cancellable operating leases are as follows:
Group
Company
31.12.2022
31.12.2021
31.12.2022
31.12.2021
Less than 1 year
1,058,379
968,554
2,842,095
2,768,595
1-5 years
1,349,268
1,224,513
4,940,173
5,419,944
Over 5 years
72,904
120,021
1,404,497
1,346,441
Total
2,480,550
2,313,089
9,186,765
9,534,980
31. Other gains/(losses) - net
Group
Company
Note
2022
2021
2022
2021
Gain/(Loss) from changes in the fair value of
derivatives
17 - 47,747
- 47,747
Gain/(Loss) on revaluation of investment
property
9 (245,441) (333,806)
(716,807) 658,373
Profit/(loss) from the sale of property, plant and
equipment
728,627 845,669
699,131 379,302
Impairment losses on investments in subsidiaries
12
-
-
(500,000)
-
Net gain/(loss) from translation of foreign
currency
(37,216) (37,987)
- -
Other
(269,718)
(912,684)
-
-
Total
176,252
(391,061)
(517,676)
1,085,422
Annual Financial Report 31.12.2022
119
32. Finance income and costs
Group
Company
2022
2021
2022
2021
Interest paid/payable on bank loans
10,731,181
10,911,786
9,490,263
9,503,324
Finance charges relating to lease liabilities
1,971,597
1,635,525
1,177,083
1,294,101
Loss from changes in the fair value of cash flow hedges
168,038
-
168,038
-
Other
2,990,497
2,054,022
626,555
358,758
Net foreign exchange (gains) / losses on financing activities 8,428 (61,094)
- -
Finance costs
15,869,741
14,540,239
11,461,939
11,156,183
Amortisation of unwinding of discount and bond loan costs 2,506,202 6,507,734
2,506,202 6,507,734
Total
18,375,943
21,047,973
13,968,141
17,663,917
Interest income from finance leases with buy-back option
(2,210,464)
(1,762,586)
(2,118,041)
(1,624,374)
Interest income from discounting long term receivables (93,353) (210,331)
- -
Finance income
(2,303,817)
(1,972,917)
(2,118,041)
(1,624,374)
Net finance costs 16,072,126 19,075,056
11,850,100 16,039,543
33. Income tax expense
Group
Company
Note 2022 2021
2022 2021
Current tax on profit for the year
19,923,689
11,659,829
11,784,594
7,135,507
Adjustments in respect of prior years
(270,173)
(2,023)
(20,169)
(2,594)
Total current tax
19,653,516
11,657,806
11,764,425
7,132,913
Deferred tax
14
1,822,099
498,112
2,019,801
(148,931)
Total
21,475,615
12,155,918
13,784,226
6,983,982
The income tax of the Company and the Group differs from the theoretical amount that would arise using the applicable tax rate
on the results of the Company and the Group. The difference is as follows:
Group
Company
2022 2021
2022 2021
Profit before tax
104,025,311
64,585,271
86,364,360
44,100,024
Tax calculated at domestic tax rate applicable to profits in
the respective countries
27,851,732 15,084,233
19,000,159 9,702,005
Changes in tax rates
-
(1,024,018)
-
(1,016,698)
Income not subject to tax
(9,428,879)
(2,242,506)
(5,227,257)
(2,156,000)
Expenses not deductible for tax purposes
3,715,974
522,604
31,493
457,269
Utilisation of previously unrecognised tax losses (449,531) (427,818)
- -
Other
(213,681)
243,423
(20,169)
(2,594)
Tax charge
21,475,615
12,155,918
13,784,226
6,983,982
Annual Financial Report 31.12.2022
120
34. Securitisation
In 2021, the Company entered into a financing agreement of 180 million euros with JPMorgan Chase & Co, through a new
securitization of receivables from long-term lease contracts (Asset Backed Securitization). In this financing, there is no recourse
to other assets of the company (non-recourse ). The purpose of this financing is to cover the operational needs of the company
as well as the refinancing of existing borrowing. The amount of financing on 31.12.2022 amounted to €175,600,000.
In January 2023 the Company and JPMorgan Chase & Co reached an agreement to renew the revolving term of this financing for
another 18 months.
35. Contingencies
The Group has contingent liabilities towards banks, other guarantees and other issues that might arise in the normal course of
business. No material charges are expected from these contingent liabilities. The unaudited fiscal years are as follows:
Company
Years
AUTOHELLAS TOURISTAND TRADING S.A.
-
AUTOTECHNICA OOD (Bulgaria)
2016-2021
AUTOTECHNICA (CYPRUS) LIMITED (Cyprus))
2013-2021
A.T.C. AUTOTECHNICA (CYPRUS) LTD (Cyprus)
2013-2021
DERASCO TRADING LIMITED (Cyprus)
2013-2021
AUTOTECHNICA FLEET SERVICES S.R.L. (Romania)
2015-2021
AUTOTECHNICA SERBIA DOO (Serbia)
2016-2021
AUTOTECHNICA MONTENEGRO DOO (Montenegro)
2015-2021
AUTOTECHNICA FLEET SERVICES DOO (Croatia)
2015-2021
AUTOTECHNICA FLEET SERVICES LLC (Ukraine)
2017-2021
AUTOTECHNICA HELLAS SINGLE MEMBER S.A.
See Note 35(i)
HYUNDAI HELLAS INDUSTRIAL & TRADING S.A.
See Note 35(i)
KIA HELLAS INDUSTRIAL & TRADING SA
See Note 35(i)
ELTREKKA SA
See Note 35(i)
FASTTRAK SA
See Note 35(i)
TECHNOCAR SINGLE MEMBER TRADING SA
See Note 35(i)
The corporate income tax rate of legal entities in Greece for the year 2022 is 22% (2021: 22%).
The respective income tax rates for 2022 for the international activity are as follows:
Bulgaria
10%
Cyprus
12.5%
Romania
16%
Serbia
15%
Montenegro
9-15%
Ukraine
18%
Croatia
18%
Portugal
21%
Annual Financial Report 31.12.2022
121
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.
(i) Tax audit certificate
Regarding the Company and the subsidiaries based in Greece, the years 2011 to 2021 have been audited by the elected by
L.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 that 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 its subsidiaries based in Greece for the year 2022 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.
36. Commitments
There are no capital commitments regarding the acquisition of tangible and intangible assets.
37. Related party transactions
The Group is controlled by Autohellas which is the direct parent company. Investments in subsidiaries are presented in note 12.
(i) Compensation of key management personnel
Group
Company
2022
2021
2022
2021
Key management compensation
5,807,066
4,297,384
3,817,007
2,686,970
Annual Financial Report 31.12.2022
122
(ii) Transactions with related parties
Group
Company
2022
2021
2022
2021
Sales of goods
- Subsidiaries
-
-
199,435
253,940
Sales of services
- Subsidiaries
-
-
4,220,740
3,365,607
- Associates & Joint Ventures
2,285,823
75,516
2,270,142
73,356
- Other related companies
1,290,611
1,155,761
1,264,251
1,141,659
Purchases of goods
- Subsidiaries
-
-
92,347,283
67,589,051
Purchases of services
- Associates & Joint Ventures
-
-
-
4,763
- Other related companies
1,469,006
777,146
1,271,321
744,143
Sales of fixed assets
- Subsidiaries
-
-
8,959,363
3,474,226
Rental income
- Subsidiaries
-
-
1,838,222
1,565,128
- Associates & Joint Ventures
2,727
2,160
2,727
2,160
- Other related companies
220,424
107,784
220,424
107,784
Rental costs
- Other related companies
-
4,500
-
4,500
Income from dividends
- Subsidiaries
-
-
24,300,000
7,800,000
- Financial assets at fair value through profit or loss
422,100
-
422,100
-
5,690,691
2,122,867
137,316,008
86,126,317
(iii) Outstanding balances arising from transactions with related parties
Group
Company
2022
2021
2022
2021
Receivables
- Subsidiaries
-
-
2,966,725
1,006,782
- Associates & Joint Ventures
1,109,188
20,416
276,918
20,416
- Other related companies
151,368
187,823
97,837
187,795
1,260,556
208,239
3,341,480
1,214,993
Payables
- Subsidiaries
-
-
11,080,739
7,733,445
- Associates & Joint Ventures
1,219
5,483
1,219
5,483
- Other related companies
145,919
80,227
115,044
70,705
147,138
85,710
11,197,002
7,809,633
Annual Financial Report 31.12.2022
123
(iv) Loans to related parties
Group
2022
Balance at the beginning of the year
-
Loans given
1,500,000
Interest charged
31,931
Balance at the end of the year
1,531,931
During the year the Company did not provide loans to related parties.
(v) Terms and conditions
Other related parties comprise AEGEAN AIRLINES S.A., OLYMPIC AIR S.A, and GOLF RESIDENCES S.A.. 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.
38. Earnings per share
Group
Company
2022
2021
2022
2021
Profit attributable to the ordinary equity holders of the
company
77,533,853 48,993,692
72,580,134 37,116,042
Weighted average number of ordinary shares
48,096,764
48,134,757
48,096,764
48,134,757
Basic earnings per share
1,61
1,02
1,51
0,77
There are no dilutive potential ordinary shares for either the Group or the Company, therefore diluted earnings per share equal
basic earnings per share.
39. Audit fees
Audit fees for the year 2022 for the Company amounted to € 139,000 for the statutory audit, the audit of L.4706 and the iXBRL
format, and € 34,000 for the tax audit, while for the Group audit fees amounted to € 275,900 for the statutory audit and € 42,500
for the tax audit. Other audit services are not provided.
40. Events after the reporting period
Since the reporting date and until the approval of the Financial Statements from the Board of Directors, the Company has
proceeded with the following:
• In January 2023, Mr. Phillipe Marinos Costeletos was elected as a Non-executive Member of the Board of Directors after
it was established by the Board of Directors and the Nominations and Remuneration Committee that he meets all the
individual eligibility criteria pursuant to the Company's Eligibility Policy.
• In January 2023 the Company and JPMorgan Chase & Co signed the renewal of the revolving term financing through asset
backed securitisation for another 18 months, i.e. July 2024.
Annual Financial Report 31.12.2022
124
• In January 2023, a shareholders' agreement was signed between Derasco Ltd and other shareholders for the participation
in the financing of the company Instacar SA (hereinafter "Instacar") either through the contribution of Equity or through
borrowing. The agreement provides for the financing of Instacar through payment of cash or /and offsetting of previous
financings, As of the date of approval of the financial statements, no Share Capital Increase in Instacar SA has been
certified, therefore Derasco Ltd has included the funding of 4.3 million euros in other receivables.
• In February 2023, the Company proceeded to sign the 2nd loan agreement within the framework of the National Recovery
and Resilience Plan "Greece 2.0", for the implementation of the investment plan with a total budget of €130 million,
which is to be financed by €65 million through resources of the Recovery and Resilience Fund, by €39 million through a
loan from Eurobank S.A., and by €26 million through own participation. The co-financed investment plan concerns the
renewal and expansion of Autohellas’ fleet for the period 2022-2026, with the aim of its fuel upgrade.
• The deadline for the completion of the Company's participation in the agreed increase of the Share capital of Trade
Estates REIC with a contribution in kind of the property located in the Vamvakia business park in the Municipality of
Elefsina was extended until 30.04.2023.
Kifissia, 13 March 2023
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 31.12.2022
125
INFORMATION BASED ON ARTICLE 10 OF L.3401/2005 PUBLISHED BY THE COMPANY DURING FISCAL YEAR 2022
AUTOHELLAS TOURIST AND TRADING SOCIETE ANONYME had disclosed over the period 01/01/2022 – 31/12/2022 the following
information, 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
27.12.2022 Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
22.12.2022 Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
15.12.2022
Announcement of the Nomination of a New Member of the Board
of Directors
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
14.12.2022 Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
13.12.2022 CV – Mrs Philippe Costeletos
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
13.12.2022
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
08.12.2022 Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
06.12.2022 Share price adjustment Announcement
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
29.11.2022 Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
28.11.2022 Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
28.11.2022 Autohellas S.A. Corporate Presentation November 2022
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
03.11.2022
Announcement regarding the share capital increase and equal
reduction of the share capital with an increase and a reduction in
the nominal value of each share and a cash return to the
shareholders
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
01.11.2022 Press Release Financial Figures 3rd Quarter and Nine months 2022
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
26.10.2022 Revised Financial Calendar 2022
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
14.10.2022 Decisions of the Extraordinary General Meeting
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
12.10.2022
Autohellas and Samelet Groups reach an agreement with Stellantis
to acquire its Greek Distribution Subsidiary of Abarth, Alfa Romeo,
Fiat, Fiat Professional and Jeep brands in Greece
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
04.10.2022
Finalization of Acquisition of “HR Automoveis” (Hertz Franchisee)
in Portugal
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
22.09.2022 Extraordinary General Meeting to approve Share Capital Return
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
21.09.2022 A1 – Invitation to Extraordinary General Meeting
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
21.09.2022 A2 – Draft Desicions
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
21.09.2022 A3 – Mail voting form
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
21.09.2022
A4 – Representative-delegate appointment form for participation
via teleconference
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
21.09.2022
A5 – Representative-delegate appointment form for participation
with mail vote
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
21.09.2022 A6 – Announcement on shares and voting rights
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
21.09.2022 A7 – Exercising minority shareholders’ rights
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
21.09.2022 A8 – Terms and conditions for participation from distance
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
Annual Financial Report 31.12.2022
126
Date
Subject
Website
21.09.2022 A9 – Information on personal data protection
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
21.09.2022 List of documents for Extraordinary General Meeting
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
07.09.2022 Press Release – 2nd Quarter and Half one results 2022
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
02.08.2022 Announcement for the Acquisition of HR AUTOMOVEIS
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
21.07.2022 Press Release – Fourlis Group and Autohellas
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
13.07.2022 Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
11.07.2022 Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
08.07.2022 Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
08.07.2022 Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
04.07.2022 Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
16.06.2022 Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
07.06.2022 Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
26.05.2022 Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
16.05.2022 Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
05.04.2022 Dividend Payment for 2021
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
05.04.2022 Decisions of the Annual General Meeting
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
21.03.2022 Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
18.03.2022 Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
17.03.2022 Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
14.03.2022 A1 – Invitation to General Meeting
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
14.03.2022 A2 – Draft Desicions
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
14.03.2022 A3 – Yearly Economic Report 2021
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
14.03.2022 A4 – Remuneration Report
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
14.03.2022 A5 – Audit Committee Report to GM
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
14.03.2022 A6 – Independent Non Executive Directors’ Report
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
14.03.2022 A7 – Mail voting form
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
14.03.2022
A8 – Representative-delegate appointment form for participation
with mail vote
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
14.03.2022
A9 – Representative-delegate appointment form for participation
via teleconference
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
14.03.2022 A10 – Announcement on shares and voting rights
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
14.03.2022 A11 – Exercising minority shareholders’ rights
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
14.03.2022 A12 – Terms and conditions for participation from distance
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
Annual Financial Report 31.12.2022
127
Date
Subject
Website
21.09.2022 A9 – Information on personal data protection
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
14.03.2022 A13 – Information on personal data protection
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
14.03.2022 List of documents for Ordinary General Meeting
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
11.03.2022 Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
09.03.2022 Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
09.03.2022 Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
09.03.2022 Announcement for the purchase of own shares
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
08.03.2022 Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
03.03.2022 Press Release Year 2021 Financial Results
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
31.01.2022 Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
31.01.2022 Financial Calendar 2022
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
24.01.2022 Announcement according to law 3556/2007
www.athexgroup.gr (Daily official list announcements)
www.autohellas.gr
WEBSITE FOR THE PUBLICATION OF THE FINANCIAL STATEMENTS OF SUBSIDIARY COMPANIES
The Company’s Annual Financial Statements, the Independent Auditor’ s Report and the Board of Directors Report for the year ended
31 December 2022 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 are ready for publication.
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