data concept annual report-09
TRANSCRIPT
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GREECE CYPRUS BULGARIA
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Our Vision
Data Concept S.A. is one of the most innovative Greek information
technology companies, with vast know-how and experience in the
execution and support of integrated systems and the development of
custom IT solutions.
With documented successful experience of 10 years as an IT
Solutions Provider we aspire to play an essential role concerning e-government 2.0, communication optimization, increase of
businesses competitiveness and upgrade of citizens' living
standards.
Our vision is to make Data Concept a trademark of
high quality IT solutions that provide effective work
and contribute in efficient data exchange. We do that
by identifying the needs of our clients, unifying
information and data exchange using a SOA
approach and simplifying all systems operations the
best possible way.
Our moto is:
IdentifyUnify - Simplify
You see things; and you say, "Why?" But
I dream things
that never were; and I say Why not?
--George Bernard Shaw--
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A Letter from the
PresidentAs we are shifting from the Knowledge Societytowards the Creativity Society there is a great
demand for innovation and business globalization.
In these challenging times, companies need to be
agile and transform their business strategies
accordingly in order to match the demand for new
products and services.
Foreseeing the global economic downturn and the
shifting towards innovative products and services,
Data Concept has extended its business software
portfolio from knowledge based systems to expert
solutions that enhance environmental issues and
eco-friendliness.
Our quest for new IT solutions and our
internationalized business strategy along with
disciplined management and customer retention
were the primary factors of our success over the
last years.
With an R&D percentage, approximately 20% of
our revenues we have invested, over the last 5
years, in the development of our flagship software
platform .Trak and the construction of several
broadband networks. This infrastructure will serve
as the basis of new products integration and will
increase our profit by accelerating our solutions
development.
Agility and GrowthAdapting to the changing needs in areas such as
energy management, environmental control and
digital infotainment and transforming our
companys profile from an IT project contractor to
an IT solutions provider is something that we are
working on and we will be working the upcoming
years.
All these efforts are paying off as we are
constantly increasing our revenues and sales by
extending our market share in Cyprus and
Bulgaria.
Founding of Media Concept and Ermis Concept
was also an important leap ahead in order to
expand in the areas of Web Communication,
Digital Signage and eCommerce, all
supplementary; to Data Concept key products and
services.
Positioning Data Concept for the future we also
upgraded our management organization. We did
that by putting into operation cost control
mechanisms, ISO systems and International
Financial Reporting Standards (IFRSs).
Leading Our Industryand the MarketData Concept is properly aligned to capture growth
opportunities in ebusiness solutions and to play a
significant role in the Public Private Partnership IT
projects of the future.
We will continue to invest in our people, assets and
innovations that differentiate Data Concept in the
market and empower our position for the future, asa leading European IT Solutions Provider, bearing
in mind that be a person first and a business
owner secondly is our most important belief.
Christos D. Emmanouilidis
PRESIDENT DATA CONCEPT S.A.
February 18, 2010
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Data Concept S.A.
Data Concept Bulgaria A.D. D.C. Data Concept Cyprus Ltd.
Athens
Sofia
Limassol
60% 20%
Media Concept Ltd.
Ermis Concept Ltd.
100%
98%
Group Structure
Data Concept S.A.
15 Vouliagmenis Avenue
116 36 Athens, Greece
www.dataconcept.eu/gr
Tel. +30 21 0 8105120
Fax + 30 210 8105111
Media Concept Ltd.
15 Vouliagmenis Avenue
116 36 Athens, Greece
www.mediaconcept.eu
Tel. +30 21 0 8105120
Fax + 30 210 8105111
Ermis Concept Ltd.
15 Vouliagmenis Avenue
116 36 Athens, Greece
www.ermisconcept.com
Tel. +30 21 0 8105120
Fax + 30 210 8105111
Data Concept
Bulgaria A.D.
15, Jerusalem Str., fl. 3, office
303, 1784 Sofia
BULGARIA
Tel.: + 359 2 9745560
Fax: +359 2 [email protected]
D.C. Data Concept
Cyprus Ltd.
5 Kosta Ourani Street,
Petoussis Court 501, 3085,
Limassol Cyprus
Tel. +357 25387995
Fax + 00357 [email protected]
http://www.dataconcept.eu/grmailto:[email protected]://www.mediaconcept.eu/mailto:[email protected]://www.ermisconcept.com/mailto:[email protected]:[email protected]:[email protected]:[email protected]://www.ermisconcept.com/mailto:[email protected]://www.mediaconcept.eu/mailto:[email protected]://www.dataconcept.eu/gr -
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Business and Corporate
OverviewServing customers in the geographic region of EMEA (representing Europe,
Middle East, and Africa), we have identified four industry sectors, enabling us to
focus our product development efforts and our business strategy:
eBusiness
SolutionseGovernment &
WebGIS Applications
Environmental & eco-
friendly Systems
Telemetry Systems and
infotainment
FactSheet
Total Revenue 3,9 million (FY 2009)
Software and Services Revenue 1,7 million (FY 2009)
Employees 42 (Feb. 28, 2010)
Customers 210 in 3 countries
Partners 12 certified partners
Main Partnerships Oracle, Microsoft, Fujitsu, CISCO
ISO certifications 9001:2005, 27001, 14001
R & D Investment 0,88 million (FY 2009)
Major Markets
Growth Markets
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Corporate Strategy
Data Concepts corporate strategy isaligned into the development of an
enterprise-wide multidisciplinary
information technology organization
that will help governments and
companies to resolve issues such as:
digital society, ecological change,global competitiveness, health care
and education.
Based on a high productivity model that relies
on innovative new products and services and a
focused corporate direction, Data Concept has a
strong economic growth and high reputability as
a company that maps technology to your
business needs; simply and effectively.
Our corporate strategy is an array of five
principals:
1. Strong leadership
2. Highly motivated personnel
3. Customers retention4. Innovative products and services
5. Internationalization
Data Concept S.A. as a group of companies is a
knowledge-intensive service organization with a
wide array of information technology
disciplines: Software development, systems
integration, networking, telemetry,
geoinformatics, web communication,infotainment and ecommerce.
The conceptual business model is based in the
interconnectedness and feedback loops of all
organization disciplines and the knowledge
diffusion among personnel. The resulted
business ecosystem is a strong concept brand
name with a first name; Data, Media andErmis that identify the business sector or the
market of their specialization while maintain a
robust holistic approach, as an integrated new-
economy technology group of companies.
Our sustainability model is based on ideas,
information and relationships that create
knowledge and innovation. Knowledge and
innovation create business opportunities. In our
business model the hub position belongs to Data
Concept that utilizes the interconnection
between all concept companies in order to
agglomerate and propagate new ideas. Our goal
is the development of new successful businesses
concepts, based on high technology and the
formation of new jobs as a socially active
organization.
ideas
knowledgeinnovation
information relationshi s
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Products & Services
At Data Concept we think outside theproduct, service, or system. We think
outside the benchmark! We think
about experience! Thats why we
have designed all of our products on
the same framework (.Trak); to
deliver a scalable unique businessexperience and make your life easier.
Our .Trak suite of software products consists
of business specific applications that address
document management, project management,
quality management, content management
and ecommerce issues.
Internet
Access
Application Server
Database Server
Web Server
.Trak Application
MS IIS 6.0+
PostgressOracle
DB
MS SQL
Server
or
ICT Consulting & Modernization
Information Management
ICT Public-Private Partnerships
Software Development
Systems Integration
Geoinformatics
Data Migration
Technical Support
Training
Application Outsourcing
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Quality, Memberships &
Certifications
Data Concept S.A. is a member of the Athens Chamber of Commerce and Industry
(ACCI, Reg. No 213948); the Federation of Hellenic Information Technology &
Communications Enterprises (SEPE); the Association of Technical Greek Software
Enterprises (SETEL); the Hellenic-Irish Commerce Chamber (HIBA), the Cyprus-
Greek Business Association, the Hellenic Network for Corporate Social
Responsibility, the Panhellenic Exporters Association as well as an affiliated
member of Climate Savers Computing.
In the framework of the provision of high-quality services and applications, Data Concept, since
its foundation, runs a Quality Management System (QMS) based on ISO 9001 for all its
activities. The company has also recently been awarded the certification for Information Security
Management Systems (EN ISO 27001) and Environmental Management System (ISO 14001).
During the last year, Data Concept also operates under the IT Service Management Standard
(ISO 20000).
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9
Timeline
2000
a new Concept
begins
Founding Data Concept
Engineering Applications
G.P
Signing contract with GIBB
Hellas for the installation
of Project Management
Information Systems for
the projects of Attiki Odos
2002
web applications
Exploring the eEurope
initiative
Extending the GIBB Hellas
contract to the Athens
Olympic Games venuesproject.
Deploying
www.dataconcept.gr
2001
engineering data
applications
Partnering with Oracle
Registration to SEPE andSETEL
Deploying Qualitrak as the
1st
web based document
management system
2003
Data Concept
S.A. begins
Founding Data Concept
S.A.
Participating in Public ICT
projects
2004
awarded the 1st
public project
ISO 9001 certification
Scheming a new company
structure with 3departments:
oEngineering application
oWeb communication
oICT networks
2005
systems
integration
Registering Hypertrak,
Recordstrak and Qualitrak
as software products
Extending solutions and
services portfolio to
systems integration
2006
new offices,
skyrocketing
turnover
Increase permanent staff
to 15 employees
20+ Public projects
completed
Microsoft Gold partners
2007
1m Euro new
projects
Sales margin increase for
Hypertrak and Qualitrak
WebGIS applications were
added to our projects
portfolio
2009
establishing Data
Concept group of
companies
Acquiring DigiSign Ltd. and
renaming it Media Concept
Ltd. xtending ourbusiness concepts
Establishing offices in Sofia
and Limassol
2008
extend Data
Concept outlook
to Bulgaria and
Cyrpus
Investing in R&D for thedevelopment of .Trak
Acquiring and extending
our offices to 580
sq.meters
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10
Organizational
Structure
PresidentCEO
Vice President
Data Concept S.A.
Board of Directors
AdministrativeSecretary
Legal
Consultants
Contracts & Legal
Documents Officer
Division of Public Projects &Enterprise Clients
Public Sales Dpt.Project Management
Dpt.
Designs &
European
Projects
Presales ProcurementFinancialControl
Technical and ICTSolutions Division
SoftwareEngineering
and
Development
Systems
IntegrationR&D
Customers
Support
eBusiness andMarketing Division
eBusinessSales
AccountsManagement
Division of FinancialManagement
AccountingInternal
ProcurementHuman
Resources
QualityAssurance
FinancialConsultants
PRConsultants
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Corporate
Governance.
Short Bio:
Mr. Emmanouilidis has vast professional experience in Greece and abroad. He started his career
in 1993 as a designer, civil-geotechnical engineer in Kentucky, USA. He then moved to
California where he worked as a civil engineer for MFS, a manufacturer of fiber systems (MCI-
MFS), dealing with the construction of the fiber optics network project, in San Diego. In 1997,
following the fulfillment of his military duties and having returned to Greece, he worked for the
J/V GEK-THEMELIODOMI as a construction engineer of M3-M4 at the Main Terminal of
Eleftherios Venizelos Airport of Athens. Later on he shifted to SGI Hellas (of Latsis Group) as a
geotechnical surveys supervisor engineer for the project ATTIKI ODOS, being responsible for
the geotechnical surveys and the supervision of construction. He was promoted to Head of
Constructions of the Western Sector in 2000 and at the same time, due to his knowledge in
computer and networks, he also assumed tasks of IT Systems Manager at JacobsGIBB Hellas
S.A., which was the leader of the J/V Independent Engineer of ATTIKI ODOS.
Tracing the business opportunities arising from the need to combine and integrate IT
systems specialized on infrastructure projects, Mr. Emmanouilidis along with Mr. Vlachos (co-
founder of the company) established DATA CONCEPTEngineering Applications G.P., the
company that has been the starting point for todays DATA CONCEPT S.A.
Mr. Emmanouilidis holds a BSc. in Civil Engineering from Western Kentucky University and an
MSc in Geomaterials from QMWC of the University of London. He is a member of the
American Society of Civil Engineers (ASCE). He was born in Athens in 1968 and has graduated
from the Italian School of Athens. He speaks Italian and English.
Christos D. Emmanouilidis
President and co-founder
eBusiness and Marketing Director
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Short Bio:
Mr. Vlachos started his career in 1990 when he founded an IT solutions company focusing on
the development of databases applications. From 1994 to 2000 he has worked as Materials,
Quality Control and Construction Engineer in various infrastructure projects, such as the
construction of Psytaleia, Eleftherios Venizelos Airport of Athens and ATTIKI ODOS. During
the construction of ATTIKI ODOS, being an employee of JacobsGIBB, Mr. Vlachos has utilized
his knowledge and experience in programming and analysis, next to his tasks as Materials and
Quality Engineer of the Central Sector, and has also assumed tasks as a Software Manager for
JacobsGIBB Hellas S.A., the leader of Independent Engineer J/V of ATTIKI ODOS.
Tracing the business opportunities arising from the need to combine and integrate IT
systems specialized on infrastructure projects, Mr. Vlachos along with Mr. Emmanouilidis (co-
founder of the company) established DATA CONCEPTEngineering Applications G.P., the
company that has been the starting point for todays DATA CONCEPT S.A.
Mr. Vlachos holds a Mining Engineering Degree from the National Technical University of
Athens (NTUA). He is a member of the Technical Chamber of Greece (TEE) and the Greek
Computer Society (GCS) as well as a certified quality assurance inspector of TUV-HELLAS. He
was born in Athens in 1967. Mr. Vlachos speaks English and French.
Andreas P. Vlachos
Vice PresidentCEO and co-founder
Technical and ICT Solutions Director
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Short Bio:
Mr. Panagopoulos is one of the main contributors of success and dynamics of the company.
After fulfilling his military duties, he worked for the company ever since the beginning of its
establishment as a programmer-analyst. He has dealt both with client-server programming and
with web programming (J2EE and .NET) concluding a large number of projects. Through the
design, implementation and management of complex IT systems, Mr. Panagopoulos evolved into
a fully-fledged IT solutions engineer and software architect with broad experience both in the
public and the private sector. Being head of the Software Engineering and Development
Department, he manages and directs the programming teams of the company.
Mr. Panagopoulos holds a BSc in Mathematics from the Aristotle University of Salonica and
speaks English. He was born in Athens in 1973 and is a member of the GCS.
Short Bio:
Mr. Arnokouros started his career in 2001 as member of the English company NW Telecom in
Telecommunications and Networking Maintenance. From 2002 till today Mr. Arnokouros holds
the neuralgic position as a head of Systems Integration Department.
Mr. Arnokouros is very experienced in the design, installation and support of networks as well as
the setting off infrastructure hardware and software, having worked as Project Manager in more
than 50 ICT infrastructure projects taken over by the company.
Kimon Panagopoulos
Shareholder, Executive Member of BoD
Manager, Software Development Dpt.
Gregory Arnokouros
Shareholder, Executive Member of BoD
Manager, Systems Integration Dpt.
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Mr. Arnokouros is a graduate of Westminster University and holder of MSc in Networks and
Telecommunications from the University College London. In the context of DATA CONCEPTs
lifelong training program Mr. Arnokouros monitors and completes a series of accreditation
seminars in CISCO systems. He was born in Athens in 1971. Mr. Arnokouros speaks English
and is a member of the GCS.
Short Bio:
With professional experience of more than 15 years, Mr. Pazarakiotis holds a key position in the
Software Engineering and Development Department. Having come from ALTEC in 2003 with
significant knowledge in web programming issues, he has given fresh impetus to our software
development team, with his knowledge and experience. As a software engineer Mr. Pazarakiotis
has long experience in the implementation of complex IT projects.
Mr. Panagiotis Pazarakiotis holds an Electrical & Computers Engineering Degree, from the
Aristotle University of Thessaloniki and speaks English. He was born in Athens in 1968. He is a
member of the Technical Chamber of Greece (TEE) and of the GCS.
Panagiotis Pazarakiotis
Shareholder, Executive Member of BoD
Deputy Manager, Software Development Dpt.
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Our Projects speakfor themselves
PPaassssiioonn ffoorr PPeerrffeeccttiioonn!!
By implementing more than 200 Projects in the regions of Europe, Middle East
and Africa (EMEA), over the last 10 years, we are experts in:
the development of software and the integration of the best of breed
applications, hardware and network, delivering turn-key solutions for the
public sector and the enterprises
the application of custom made on-demand solutions for businesses.
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Financial
Statements
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DATA CONCEPT S.A.
Annual Financial Statements
for the period
from 1st January to 31st December 2009
It is certified that the attached annual Financial Statements from the page 17 to 49 are those that were
approved by the Board of Directors of DATA CONCEPT S.A. on the 31/03/2010 and have been publicized by
their suspension at the Internet addresswww.dataconcept.eu.
Christos D. Emmanouilidis
The Chairman of BoD
http://www.dataconcept.eu/http://www.dataconcept.eu/http://www.dataconcept.eu/http://www.dataconcept.eu/ -
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Table of Contents
1. Financial Statements ....................................................................................................................................... 5
1.1. Statement of Financial Position .................................................................................................................... 5
1.2. Statement of Comprehensive Income ........................................................................................................... 6
1.3. Statement of Changes in Equity ................................................................................................................... 7
1.4. Statement of Cash flows ............................................................................................................................... 8
2. General information on the Company ............................................................................................................ 9
3. Nature of Activities ........................................................................................................................................ 9
4. Framework of financial statements preparation ........................................................................................... 10
4.1. Significant accounting judgments, estimations and assumptions ............................................................... 10
4.2. Judgments ................................................................................................................................................... 11
4.3. Estimates and affairs ................................................................................................................................... 11
5. Basic accounting principles .......................................................................................................................... 12
5.1. Foreign currency exchange ......................................................................................................................... 12
5.2. Tangible Assets .......................................................................................................................................... 12
5.3. Intangible assets .......................................................................................................................................... 13
5.4. Impairment of asset elements ..................................................................................................................... 13
5.5. Finance means ............................................................................................................................................ 14
5.6. Inventory..................................................................................................................................................... 14
5.7. Trade receivables ........................................................................................................................................ 15
5.8. Cash and cash equivalents .......................................................................................................................... 15
5.9. Share capital ............................................................................................................................................... 15
5.10. Income tax and deferred tax ..................................................................................................................... 15
5.11. Personnel Benefit plans ............................................................................................................................ 16
5.12. Subsidies ................................................................................................................................................... 17
5.13. Provisions ................................................................................................................................................. 17
5.14. Recognition of income ............................................................................................................................. 17
5.15. Leases ....................................................................................................................................................... 18
5.16. Dividends Distribution ............................................................................................................................. 19
5.17. Tangible Assets ........................................................................................................................................ 19
5.18. Intangible Assets ...................................................................................................................................... 20
5.19. Investments ............................................................................................................................................... 22
5.20. Deferred tax assets and liabilities ............................................................................................................. 22
5.21. Other non-current assets ........................................................................................................................... 23
5.22. Inventory................................................................................................................................................... 23
5.23. Customers and other trade receivables ..................................................................................................... 23
5.24. Other current assets .................................................................................................................................. 24
5.25. Cash and cash equivalents ........................................................................................................................ 24
5.26. Equity ....................................................................................................................................................... 25
5.27. Retirement Benefit Plans .......................................................................................................................... 25
5.28. Suppliers and other liabilities ................................................................................................................... 25
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5.29. Current tax liabilities ................................................................................................................................ 26
5.30. Loan obligations ....................................................................................................................................... 26
5.31. Other current liabilities ............................................................................................................................. 26
5.32. Turnover ................................................................................................................................................... 27
5.33. Analysis of Expenses per Category .......................................................................................................... 27
5.34. Personnel Benefits .................................................................................................................................... 27
5.35. Other income and Operating Costs ........................................................................................................... 28
5.36. Finance Income and Expenses .................................................................................................................. 28
5.37. Income Tax ............................................................................................................................................... 29
5.38. Related party transactions ......................................................................................................................... 29
5.39. Transactions with basic management executives ..................................................................................... 30
5.40. Engagements............................................................................................................................................. 30
5.41. Contingent assets - liabilities .................................................................................................................... 30
6. Aims and policies of risk management ......................................................................................................... 31
6.1. Factors of financial risk .............................................................................................................................. 31
6.2. Market risk.................................................................................................................................................. 31
6.3. Credit risk ................................................................................................................................................... 31
6.4. Liquidity risk .............................................................................................................................................. 33
6.5. Presentation of financial assets and liabilities ............................................................................................ 33
6.6. Policies and aims of capital management ................................................................................................... 33
6.7. Events after the Reporting Period ............................................................................................................... 34
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1. Fi nancia l Statements
1.1. Statement of Financia l Posit ion
Note 31/12/2009 31/12/2008
Non-current Assets
Tangible Assets 6.1 1.037.022 1.102.611
Other intangibles 6.2 1.074.230 579.536
Investments in subsidiaries 6.3 28.425 200
Other non-current assets 6.5 34.606 33.511
Current Assets
Inventories 6.6 450 10.101
Trade receivables 6.7 2.159.103 1.704.817
Other receivables 6.8 145.401 2.999Cash and cash equivalents 6.9 761.705 183.214
Total Assets 5.240.940 3.616.988
Equity and Liabilities
Equity
Share capital 6.10 186.584 186.584
Regular reserves 6.10 16.409 8.914
Retained earnings 6.10 10.168 -58.395
Total Equity 213.161 137.103
LIABILITIES
Non-current Liabilities
Other finance liabilities 6.14 144.625 138.568
Bank Loans 6.14 774.962 690.931
Personnel benefits 6.18 25.481 16.590
Deferred tax liabilities 6.4 116.659 83.063
Total Non-current Liabilities 1.061.727 929.151
Current Liabilities
Bank Loans 6.14 1.960.517 1.113.024
Trade payables (suppliers, etc) 6.12 1.690.841 1.280.616
Other liabilities 6.15 314.693 157.094
Total Current Liabilities 3.966.052 2.550.734
Total Liabilities 5.027.779 3.479.886Total Equity and Liabilities 5.240.940 3.616.988
The attached clarifying notes constitute an integral part of these Financial Statements.
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Ann al Financial Statements 6
1.2. Statement of Comprehensive Income
For the twelve-month period from 01.01 to 31.12.: Note: 2009 2008
Sales 6.16 3.790.420 3.466.943
Cost of Sales 6.17 (2.779.027) (2.795.658)
Gross Profit 1.011.393 671.285
Other operating income 6.19 74.067 105.664
Distribution expenses 6.17 (178.008) (76.451)
Administrative expenses 6.17(358.120) (309.404)
Other operating expenses 6.19 (16.514) (3.682)
Profit from Operations 532.818 387.413
Finance Income 6.20 93 129
Finance Expenses 6.20 (230.906) (164.002)
Finance loss (230.812) (163.873)
Profit before taxes 302.006 223.540Income Tax 6.21 (84.948) (80.746)
Profit after taxes 217.058 142.794
Earnings per share 1,163 0,765
The attached clarifying notes constitute an integral part of these Financial Statements.
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Annual Financial Statements 7
1.3. Statement of Changes in Equity
Note:Sharecapital
Regularreserves
Retainedearnings
Total
Balance as at 1/1/2008, according to the EGLS. 149.700 8.914 1.275 159.889
Adjustments IFRS (75.219) (75.219)
Balance as at 1/1/2008, according to IFRS 149.700 8.914 (73.944) 84.670Share capital increase 36.884 36.884
Approval for Distribution (127.245)(127.245)
Profits of economic year 142.794 142.794
Equity based on IFRS as at 31 December 2008 186.584 8.914 (58.395) 137.103
Share
capitalRegular
reserves
Retained
earningsTotal
Balance as at 1/1/2009, according to IFRS 186.584 8.914 (58.395) 137.103
Approval for Distribution 7.495 (148.495) (141.000)
Profits of economic year 217.058 217.058
Equity based on IFRS as at 31 December 2009 186.584 16.409 10.168 213.161
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Annual Financial Statements 8
1.4 . Statement of Cash f lows
For the twelve-month period from 01.01 to 31.12.: 2009 2008Operating activities
Profits before taxes 302.006 223.540
Plus / less adjustments for:Depreciations 249.961 176.321Provisions/(Income from unused provisions of previous years) 8.891 6.910Financial results 230.812 163.873Plus / less adjustments for: changes in working capital accounts of movement orthat are related with the operating activities:
Reduction/(increase) in inventories 9.651 (9.034)Reduction/(increase) in receivables (529.774) (1.108.324)(Reduction)/increase in payables (excluding borrowings) 567.824 1.020.140Less:
Interest charges and related expenses paid (230.906) (164.002)Taxes paid (119.360) (54.900)
Total of cash used in/(from) operating activities (a) 489.106 254.525Investing activities
Disposal (Acquisition) of subsidiary companies, related companies and joint ventures (28.225) (200)Purchase of tangible and intangible assets (653.606) (1.166.732)Interest received 93 129
Total of cash used in/ (from) investing activities (b) (681.737) (1.166.803)
Financing activities
Proceeds from share capital increase 0 36.884Proceeds from issued / undertaken loans 931.525 1.166.982Dividends paid (141.000) (127.245)Repayments of finance leases (19.403) (37.715)
Total of cash used in/ (from) financing activities (c) 771.122 1.038.906
Net increase/(decrease) in cash and cash equivalents (a) + (b) + (c) 578.491 126.628Cash and cash equivalents at the beginning of the year 183.214 56.586
Cash and cash equivalents at the end of the year 761.705 183.214
The attached clarifying notes constitute an integral part of these Financial Statements.
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Annual Financial Statements 9
2. General information on the Company
Data Concept S.A. is a privately-held, leading European Information Technology Services and Solutions provider,
headquartered in Athens, Greece, with subsidiaries in Sofia, Bulgaria and Limassol, Cyprus.
Our scope is:
To evolve the i2015 European strategy by developing ICT solutions that make a real and positive contribution to
growth, productivity and social inclusion
To apply innovative software solutions to dedicated industries as construction, medicine, agriculture, education,
energy and environment
To contribute into the modernization of businesses by applying customized ebusiness software.
The annual financial statements for year 2009 (that also include comparative elements for the year 2008) were approved
at the Board of Directors Meeting on 31/03/2010. It is reported that the present financial statements are subject to the
final approval of the Annual Ordinary General Assembly of Shareholders.
3. Nature of Act iv it ies
By implementing more than 200 Projects in the regions of Europe, Middle East and Africa (EMEA), over the last 10 years,
we are experts in:
the development of software and the integration of the best of breed applications, hardware and network,delivering turn-key solutions for the public sector and the enterprises
the application of custom made on-demand solutions for businesses.
Data Concept S.A. is one of the pioneers of internet solutions in Greece as we are developing web applications since
1999. We were the first company in Greece to develop a document management system totally exploited via the Internet
that over the years has being evolved to our flagship application; .Trak, an accelerated solutions and development
platform.
As our business development endeavors were extending to new concepts and in order to maintain Data Concepts strong
business profile as an IT solutions provider, we established, under the same concept, Media Concept and Ermis Concept,spin outs of Data Concepts or iginal business units. Media Concept Ltd. is specializing in Web Communication, Interactive
Technologies and Digital Signage, whereas Ermis Concept Ltd. is an electronic store selling and promoting, original and
unique Greek handicrafts.
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Today, the unique flexibility and adaptability of our eGovernment and ebusiness applications give us that decisive
competitive edge and ensures our position as a key player in the EMEA market, undertaking and executing large scale
Information Technology Projects and ebusiness applications. With an extensive knowhow in Information Technology
projects execution and a comprehensive IT services and solutions portfolio that is empowered by Media Concepts
expertise and our engineering projects management background, Data Concept will be an important player in the
upcoming Information technology Public Private Partnership (PPP) market, a market of the future.
4. Framework of f inancial statements preparat ion
The financial statements of Data Concept S.A. for the year 2009 that cover the period from 1 January to 31 December
2009, have been drawn up based on the principle of historic cost as this is modified with the readjustment of specific
assets and liabilities in present values, the principle of going concern and conform with the International Financial
Reporting Standards (IFRS).
The syntax of financial statements according to IFRS requires the use of accounting estimates and judgment of
administration in the application of accounting principles of the Company. Significant acknowledgements by the
administration for the application of accounting methods of the company have been pointed out where judged
appropriate.
The currency of presentation is Euro and, the all sums are presented in Euros except where stated differently.
4.1 . Signif icant account ing judgments, est imat ions and assumptions
The preparation of financial statements according to IFRS requires by the administration the shaping of judgments,
estimations and assumptions that influence the published assets and liabilities, as well as, the notification of contingent
assets and liabilities at Balance Sheet date and the published sums of income and expenses as at the reporting period
The actual results can differ from what has been estimated. The estimations and the judgments are re-assessed
continuously and are based so much on the experience of the past as well as on other factors, also including expectations
for future events which are considered logical based on the specific circumstances.
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4.2 . Judgments
The basic judgments realized by the Administration, (excluding those associated with estimates that are presented later
on) and that have the most significant effect in the sums recognized in the financial statements are mainly related with:
Assets resumption, How much a lease that it is contracted with an exterior lessor it is classified as operational or
financing.
4 .3 . Est imates and affairs
Specific sums which are included or influence the financial statements and the relative notifications should be assessed,
requiring the shaping of assumptions with regard to values or conditions that it is not possible to be known with certainty
at the reporting period. An accounting estimation is considered significant if it is important for the image of the companys
financial position and the results and requires the most difficult subjective or complex management judgments, often as a
result of the need for formation of estimates regarding the effect of uncertain assumptions. The company evaluates such
estimates on a continuous base, based on the results of the past and on experience, meetings with experts, trends and
other methods that are considered reasonable in the particular circumstances, as well as our provisions with regard to
how these might change in the future.
Income taxesImportant estimates are required for the determination of provisions on income taxes. There are a lot of transactions and
calculations for which a precise tax determination is uncertain during the usual course of the companys activities. The
company recognizes obligations deriving from an expected tax audit, based on estimates of whether additional taxes wilbe owed. When the final result after taxes on these assumptions differs from the sums that had initially been calculated,
such differences will have an effect in the income tax and in the provisions for deferred taxation in the period at which
these sums had been determined.
ProvisionsThe bad accounts are represented with the sums likely to be recovered. As soon as it becomes known that a certain
account is subject to a risk bigger than the usual credit risk (ex. Low customer credibility, disagreement with regard to
the existence of assets/payables etc), then the account is analyzed and it is registered if the conditions imply that asset
cannot in fact be repaid.
Contingent eventsThe company is involved in judicial claims and compensations at the usual course of activities. The management judges
that any settlements would not considerably influence the companys financial position, as at 31 December 2009.
Nevertheless, the determination of contingent liabilities that is related with the judicial claims is a complicated process
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that includes judgments with regard to the likely consequences and the interpretations referring to the laws and
regulations. Changes in the judgments or in interpretations are likely to lead to an increase or a decrease of the
Companys contingent liabilities in the future.
5. Basic account ing pr incip les
The accounting principles based on which the attached financial statements are drawn up and which the Company
systematically applies are following:
5.1 . Foreign currency exchange
The financial statements are presented in Euros, which is the operating currency and the presentation currency of
the Company.
The transactions in foreign currencies are transformed in the operating currency with the use of exchange rates
in effect at the transaction dates.
Profits and losses from exchange differences that result from the settlement of such transactions during the
course of the period and from the transformation of monetary elements expressed in foreigner currency with the
applicable exchange rates as at balance-sheet date, are registered in the income statement. The foreign
exchange differences from non-monetary elements that are valued in their fair value, are considered as part of
the fair value and are therefore registered similarly to the fair value differences.
5.2 . Tangible Assets
Tangible assets are depicted in the financial statements in their cost values or at the values of inferred cost, as this was
determined based on fair values at transition dates, less, firstly the accumulated depreciations and secondly, any asset
depreciations. The purchase cost includes all direct expenses for the acquisition of assets.
Later expenses are recognized in addition to the book value of tangible assets or as an identifiable asset only if it is likely
that the future economic benefits enter the Group and their cost can be measured reliably. The cost of repairs and
maintenance is recognized in the Income Statement when realized.
The depreciations of other tangible assets (excluding land which is not depreciated) are calculated using the straight-line
method during their useful life as follows:
- Buildings 35 years
- Vehicles 5-7 years
- Other equipment 4-7 years
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The residual values and the useful lives of tangible assets are subject to review at each balance sheet date. When the
book values of tangible assets exceed their cost value, the difference is directly recognized as expense in the income
statement.
At the sale of tangible assets, the differences between the price received and their book value are registered as profits or
losses in the income statement. Finally, when the tangible assets are valued at their fair values, any readjustment
reserves that exist in equity at the sale, are transferred in retained earnings. Repairs and maintenance are registered in
the expenses of the period under consideration.
5.3 . Intangible assets
Software licenses are included in the intangible assets.
Software: Software licenses are valued at cost less depreciations. Depreciations are operated based on the straight-line
method during the course of the elements useful lives which oscillates from 1 to 3 years.
Development expenses:Software programs and systems that are developed concern the cost of manufacture by the owner, software such as
payroll, materials, services as well as any expense that has been realized at the course of software development in order
that this is set into an operation state. The cost of software development that is recognized as an intangible asset is
depreciated using the straight-line method during the course of its useful life (3 - 5 years). The expenses that are
realized for software development controlled by the company, are registered as intangible asset elements when the
following conditions are in effect:
The technical possibility of the intangible asset completion so that it is rendered ready for use, sale or
exploitation.
The intention of the company to complete the intangible asset so that it is used or sold.
The companys capacity to sell or use the asset.
The intangible asset element will create future financial benefits.
The sufficiency of the technical, financial and other resources to completed development.
The companys capacity to evaluate reliably the expense that falls with the intangible asset during the
development period.
5.4 . Impairment of asset e lements
Assets that have an undefined useful life are not depreciated and are subject to impairment control annually and when
certain events show that the book value can be non-recoverable. The assets that are depreciated are subject to a
diminution control of their value when there are indications that their book value will not be recovered. The recoverable
value is the larger amount between the net selling price and the use value.
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The loss due to the value decrease of assets is recognized by the enterprise, when the book value of these elements (or
of the Unit of Cash Flow Creation) is bigger than their recoverable amount.
Net sales value is considered the amount from the sale of an asset in the framework of a bilateral transaction in which the
parts have complete knowledge and adhere willingly, after the abstraction of any additional direct cost of disposal of the
asset, while, value of use is the present value of the estimated future cash flows that are expected to enter the enterprise
by the use of an asset and by its disposal at the end of its estimated useful life.
5.5 . Finance means
Finance means is each contract that creates a finance asset element in an enterprise and a finance liability or a
participative title in another enterprise. The finance means of the Company are categorized in the following categories on
the basis of the substance of the contract and the aim for which they were acquired.
i. Loans and liabilities
They include non derivative finance assets with constant or determined payments, which are not negotiable in active
markets. In this category (Loans and Liabilities) are not included a) liabilities from advances for the purchase of goods or
services, b) liabilities that have to do with transactions for taxes, that have been imposed legislatively by the state, c)
anything that is not covered by contract so that it gives a right to the enterprise for cash withdrawal or other finance
assets.
The loans and the liabilities are included in the current assets, except from these with expiries greater than 12 months
from balance sheet date. The latter are included in the non current assets.
ii. Investments possessed up to expiry
It includes non derivative finance assets with constant or determined payments and specific expiry and for which theCompany has the intention and the ability to possess up to their expiry. The company did not possess investments of this
category.
5.6 . Inventory
The cost of inventory includes all expenses realized in order for inventories to reach the present position and state, that
are directly attributable in the productive process, as well as in the suitable and related with the production part of
overhead expenses, based on the regular capacity of productive installations. The cost of inventories does not include
finance expenses.
At balance-sheet date, inventories are valued in the lowest cost or at net liquidating value. The net liquidating value is
the estimated sale price at the usual course of work of an enterprise less any relative sales expenses. The cost of
inventories does not include finance expenses.
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5.7 . Trade receivables
The receivables from customers are registered initially at fair value and later they are valued at unamortized cost using
the method of effective interest-rate, less the forecast for reduction of their value. In the case where the unamortized
value or the cost of a finance element exceeds the present value, then this element is valued at its recoverable amount,
that is to say at present value of future flows of the finance element, which is calculated based on the actual initialinterest-rate.
The relative loss is transferred directly in the income statement. The diminution losses, that is to say when there is an
objective indication that the Company is not in a position to collect all the amounts owed based on contract terms, is
recognized in the income statement.
5.8 . Cash and cash equivalents
Cash and cash equivalents include cash at hand and at bank as well as short-term investments of high liquidity, as the
products of money market and bank deposits. The products of money markets are finance assets that are valued at fair
value via the income statement.
5.9 . Share capital
Expenses which were realized for share issuance are depicted after abstracting of relative income tax, in reduction of the
product of publication. The expenses which are related with the share issuance for the acquisition of enterprises are
included in the cost of possession of enterprise that is acquired.
5.10. Income tax and deferred tax
The load of the period with income taxes is constituted by the current taxes and the deferred taxes, that is to say the
taxes or the tax alleviations that are related with the economic benefits resulting during the period but have already been
registered or will be registered by the tax authorities in different periods. The income tax is recognized in the income
statement of period, except for that tax that concerns transactions that were registered directly in equity, in which case is
registered directly, at proportional way, in equity.
The current income taxes include the short-term liabilities or even assets to the fiscal authorities that are related with the
taxes payable on the taxable income of the period and any additional income taxes that concern previous years.
The current taxes are calculated according to the tax rates and the tax laws that are applied in the administrative periods
with which they are related, based on the taxable profit for the year. All the changes in the short-term tax asset or
liabilities are recognized as part of tax expenses in the income statement of the year.
The deferred income tax is determined with the method of obligation that results from the provisional differences
between the book value and the tax base of assets and liabilities. A deferred income tax is not accounted for if it results
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from the initial recognition of the asset or liability in transaction, except business combination, which did not influence
neither the book nor the tax profit or loss, when the transaction took place.
The deferred tax assets and liabilities are valued based on the tax rates expected to apply in the period at which the
asset or the liability will be settled, taking into consideration the tax rates (and tax laws) that have been placed in force or
substantially are in effect up to the balance sheet date. In the event of weakness of an explicit determination of the time
of inversion of provisional differences the tax rate that is in effect is applied at next year of balance-sheet date.
The deferred tax assets are recognized at the extent in which a future taxable profit will exist for the utilization of
provisional difference that creates the deferred tax asset.
The deferred income tax is recognized for the provisional differences that result from investments in subsidiaries and
related enterprises, with the exception of the case where the inversion of provisional differences is controlled by the
Company and is likely that the provisional differences will not be inverted in the foreseen future. Deferred tax liabilities,
are also determined taking into consideration the contingent tax differences that will result from the audit of the
competent authorities.
Most changes in the deferred tax assets or liabilities are recognized as a part of tax expenses in the income statement of
the year. Only these changes in assets or liabilities that influence the provisional differences are recognized directly in the
Group equity, as the reassessment of the value of buildings and land, have as result the relative change in the deferred
tax assets or liabilities to be debited against the relative account of equity.
5.11. Personnel Benefit p lans
Short-term benefits: The short-term benefits to the employees (apart from benefits of expiry of labor relation) in
money and in genre are recognized as expense when they are rendered accrued. Any non-acquitted sum is registered as
obligation, while in the event that the sum that was already paid exceeds the sum of benefits, the enterprise recognizesthe exaggerating sum as asset (prepaid expense) only at the extent that the prepayment will lead to reduction of future
payments or to refund.
Benefits after termination of service: The benefits after the termination of service include pensions or other benefits
(life insurance and medical care) provided by the enterprise after the expiry of service, as return of service of employees.
Consequently, they include programs of determined contributions and programs of determined benefits. The accrued
cost of programs of determined contributions is registered as expense in the period that it concerns.
Program of determined contributions
Based on the program of determined contributions, the obligation of the enterprise (legal or presumptive) is
limited in the sum that has been agreed to contribute to the institution (eg fund) that manages the
contributions and grants the benefits. Consequently the sum of benefits that will be received by the employee
is determined by the sum that is paid by the enterprise (or even the employee) and from the paid
investments of these contributions.
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The payable contribution by the enterprise in a program of determined contributions, is recognized either as
a liability after the abstraction of the contribution paid, or as an expense.
Program of determined benefits
The obligation that is registered in the balance-sheet for the programs of determined benefits constitutes the
present value of the liability for the determined benefit less the fair value of assets of the program (if they
exist) and the changes that result from any actuarial profit or loss and the cost of past working experience.
The engagement of the determined benefit is calculated annually by independent actuary with the use of the
projected unit credit method. For the discount the interest-rate of long-term Greek State bonds is used.
The actuarial profits and losses are recognized directly in the income statement of the year that they occur.
The cost of previous working experience is recognized directly in the income statement with the exception of
the case where the changes of the program depend on the remaining time of employee service. In this case
the cost of previous working experience is registered in the income statement with the straight-line method
within the period of maturity.
5.12. Subsid ies
The company recognizes the government subsidies that satisfy in total the following criteria: a) Exists certainty that the
enterprise has arranged itself or been is arranged with the terms of subsidy and b) is speculated that the sum of subsidy
will be collected. They are registered in the legitimate value and they are recognized with way systematic in the income,
with base the beginning of correlation of subsidies with the corresponding costs which subsidize also.
The subsidies that concern elements of asset are included in the long-term obligations as income of next uses and they
are recognized systematically and rationally in the income at the duration of beneficial life of constant element of asset.
5.13. Provis ions
Provisions are recognized when the Company has current legal or argued obligations of as a result of past events, their
settlement is likely via flows of resources and the estimate of the precise sum of the obligation can be realized with
reliability. The provisions are reviewed at the date of syntax of each balance-sheet and are adapted so that they reflect
the present value of expense that is expected to be required for the settlement of obligation.
The contingent obligations are not recognized in the financial statements but are notified, unless the probability of flows
of resources which incorporates financial profits is minimal. The contingent assets are not recognized in the financial
statements but are notified provided that the surge of economic profits is likely.
5.14. Recognit ion of income
Income: The income includes the fair value of executed work, sales of goods and provision of services, net of Value
Added Tax (VAT), discounts and returns. The recognition of income is made as follows:
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- Sales of goods: The sales of goods are recognized when the Company delivers the goods to the customers, the
goods become acceptable from them and the receipt of payables is fairly ensured.
- Provision of services: The income from provision of services is accounted for in the period that services are
provided, based on the stage of completion in combination with the total of provided services.
- Income from interest: The income from interest is recognized on the basis of time proportion and with the use of
actual interest-rate. When a diminution of assets exists, their book value is decreased in their recoverable amount
which is the present value of estimated future cash flows prepaid with the actual real interest-rate. Then interests are
calculated with the same interest-rate on the decreased (new book) value.
Expenses: The expenses are recognized in the income statement on an accruals basis. Payments that are realized for
operating leases are transferred in the income statement as expenses, at the year of use of the letting. The expenses
from interest are recognized in the Income Statement of the year, on an accruals basis.
5.15. Leases
Company as Lessee: The asset leases by which are transmitted in the Company all risks and profits that have a relation
with the ownership of an asset, regardless of the final transfer or not of this property title of this asset, constitute the
finance leases.
These leases are capitalized at the beginning of the lease in the lowest value between the fair value of the tangible asset
and the present value of the minimum rents. Each rent is allocated between the liability and the finance expenses so as a
constant interest-rate is achieved in the remaining finance liability.
The corresponding liabilities from leases, net of finance expenses, are depicted in liabilities. The part of the finance
expense that concerns finance leases is recognized in the yearly income statement at the duration of the lease. Assets
that were acquired with finance lease are depreciated in the smallest period between the useful life of assets and their
duration of lease.
Lease contracts where the lessor transmits the right of use of an asset element for an agreed time period, without
however to also transmit the risks and remunerations of the asset ownership, are categorized as operating leases. The
payments made for operating leases (net of any motives offered by the lessor) are recognized in yearly income statement
proportionally at the duration of the lease.
Company as lessor: Assets that are let with operational leases are included in the tangible assets of the balance-sheet.
They are depreciated at the duration of their expected useful life on a given to the lessees) is recognized with the
straight-line method at the duration of period of the lease. The company does not let assets with the method of finance
lease.
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5.16. Dividends Distr ibut ion
The distribution of dividends to the shareholders is recognized as a liability in the financial statements the date at which
the distribution is approved by the General Assembly of shareholders.
6. Notes on the f inanc ia l s tatements6.1 . Tangible Assets
The company has legal titles of ownership on the assets. On the building of the company have been registered three
mortgages amounting at710.000 and no other weights exist.
The tangible assets of the Company are analyzed in the following way:
The company possesses tangible assets (vehicles) with finance lease. The leased asset elements are analyzed in the
following way:
Amounts in Land Buildings Vehicles Furniture & otherequipmentAssets under
construction Total
Acquisition cost at 1January 2008 0 12.593 19.075 118.051 120.836 270.554less: Accumulated Depreciations 0 -2.111 -2.836 -59.929 0 -64.876Book value at 1January 2008 0 10.483 16.238 58.122 120.836 205.679
Additions 241.040 457.913 162.087 65.414 27.320 953.774Current year depreciations 0 -7.495 -20.810 -28.537 0 -56.843Acquisition cost at 31December 2008 241.040 470.507 181.162 183.465 148.156 1.224.329less: Accumulated depreciations at 31December 2008 0 -9.606 -23.646 -88.466 0 -121.718Book value at 31December 2008 241.040 460.901 157.515 94.999 148.156 1.102.611
Additions 0 33.274 25.460 113.441 0 172.175Plus/(less ):Transportation 0 0 0 0 -148.156 -148.156Current year Depreciations 0 -14.328 -25.424 -49.856 0 -89.608Acquisition Cost at 31December 2009 241.040 503.780 206.622 296.906 0 1.248.348
Less: Accumulated depreciations at 31December 2009 0 -23.934 -49.070 -138.322 0 -211.326Book value at 31December 2009 241.040 479.847 157.551 158.584 0 1.037.022
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6.2 . Intangible Assets
The intangible asset elements of the Company are analyzed as follows:
The development expenses concern the following products:
1. .Trak Platform (Accelerated Solutions Development Platform).Trak is a .NET based business software development plateau developed and maintained by Data Concept. This
accelerated business solutions platform allows non-programmers, easily and effectively, to develop customized software
solutions for their clients or even a whole business industry and to deliver business process outsourcing services. .Trak
is the best software development tool for business consultants due to the flexibility that it offers to describe business
Amounts in Development Costs Software TotalAcquisition cost at 1 January 2008 216.052 191.696 407.748Less: Accumulated depreciations -21.783 -61.995 -83.777Book value at 1 January 2008 194.269 129.701 323.970
Additions 371.681 3.364 375.044
Current year depreciations -80.684 -38.795 -119.478Acquisition Cost at 31 December 2008 587.733 195.059 782.792Less: Accumulated Depreciations -102.467 -100.789 -203.256Book Value at 31 Decemeber 2008 485.266 94.270 579.536
Additions 586.082 68.965 655.047Current year depreciations -118.034 -42.319 -160.353
Acquisition cost at 31 December 2008 1.173.815 264.024 1.437.839Less: Accumulated Depreciations -220.501 -143.108 -363.609Book Value at 31 Decemeber 2008 953.314 120.916 1.074.230
Amounts inTransportation
Means
Acquisition cost at 1 January 2008 15.810Less: Accumulated Depreciations (1.194 )Book value at 1 January 2008 14.616
Additions 162.087Current year depreciations (20.344 )
Acquisition cost at 31 December 2008 177.897Less: Accumulated Depreciations (21.538 )Book value at 31 December 2008 156.359
Additions 25.460Current year depreciations (25.424 )Depreciations of goods sold- Deleted 0
Acquisition cost at 31 December 2009 203.357Less: Accumulated depreciations (46.962 )Book value at 31 December 2009 156.395
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ontologies, business rules, workflows and create dynamic reports with absolutely, no programming. The solution can be
exploited by the consultants clients with the Software-as-a-Service model.
Access/Security rights, Menu management, Workflow, Collaboration and Reports creation are the administrative .Trak
modules that provide all the functionalities in order to develop and customize the software solution to fit each business
needs. .Trak platform it can be integrated to any database as well as third party applications including Microsoft
middleware, Primavera P3, ERP, CRM and GIS systems.
2. Hyper.Trak
Hyper.Trak helps you organize and expose, securely, your companys information into a structured form, easily
navigated and viewed from a unique template that best fits your companys profile. Each web page created from
Hyper.Trak is associated to a template, designed per case and enriched with customized title, keywords and content,
ready for SEO!
What really differentiate Hyper.Trak from other web content management products is the adoption of all Web 2.0
technologies (social networking, interaction etc.) and the experience of a complete web collaboration platform that lets
you increase your companys visibility and interact efficiently with your customers.
3. Sales.trak
Sales.Trak is an electronic trade and ecommerce application that consists from a front-to-back set of tools that organize
and optimize your online store in order to successfully promote and sale goods and services online. Beyond an embedded
SEO mechanism, Sales.Trak uses a unique module of items association in order to create relations between goods from
your online store, third party portals and search engines. Sales.Trak is the first ecommerce product that enhances
affiliated marketing and social networking techniques in order to increase your products visibility over multiple channels.
4. Quali.Trak
Being a software application based on our .Trak platform, Quali.Trak encompasses the full range of .Trak features
while in the same time maintains the flavor of a quality management application. Enable .Trak features according to
your needs and transform Quali.Trak, from a quality management system, into a powerful business knowledge solution.
With Quali.Trak, you can enforce ISO management and document retention policies according to the specific needs of
your company. Using the built-in ISO procedures policy manager, Quali.Trak can custom-tailor document actions and
dispositions to meet individual compliance and regulatory requirements.
5. Project.Trak
Optimized for the engineeringconstruction industry, Project.Trak provides embedded modules for design review,
quality control, construction management and laboratory testing. Project.Trak seamlessly integrates with Primavera
Project Management and any ERP in order to associate resources and project activities. With Project.Trak you can
monitor all office and on-site activities daily and get a clear view of the proper execution of works vs. cost and quality
control. Assure top quality execution of works and manage all health and safety issues, by monitoring all works from an
easy-to-use, GIS, multi project environment, accessible from the web and secured according to the role of each user.
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Enable further .Trak features and transform Project.Trak, from a project management system, into a powerful e-
services solution. Set up your projects, upload and organize tasks and deliverables and let your customers interact in
every stage, allowing early change of specifications and project transparency.
6. Records.Trak
Capture, organize, assign and associate all your incoming and outgoing documentation from multiple desks (registrars)
and eliminate copies, print outs, manual storage and distribution. Our easy-to-use electronic document distribution
environment seamlessly operates with MS Office applications, MS Outlook and your mobile phone providing an integrated
intranet environment for your company, hosted in your companys portal available from everywhere, anytime!
Enable further .Trak features according to your needs and expand Records.Trak functionalities to a Management
Information System solution, enabling your devices to form a contextual understanding of all digital content.
6.3 . Investments
In the financial statements the investments in subsidiaries, have been valued at their acquisition cost. The investments
concern the acquisition or establishment cost of the following companies:
Company Acquisition Cost Participation Rate
Media Concept Ltd.19.980 100%
Ermis Concept Ltd.4.410 98%
Data Concept Bulgaria AD3.834,69 60%
Data Concept Cyprus Ltd.20%
There are no restrictions in the ability of the above mentioned companies to transfer capital to the company in the form
of cash dividends or payments of loans or advances.
6.4 . Deferred tax assets and l iabi l i t ies
The deferred tax liabilities and obligations are set off when an applicable legal right exists to set off the current tax
receivables against the current tax payables and when the deferred income taxes concern the same tax authority. The set
off sums are the following:
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According to the tax law certain incomes are not taxed at the year of their acquisition, but at their year of distribution to
the shareholders. The accounting principle of the Company is that it recognizes deferred tax liabilities for these incomes
at the year of realization regardless of the year of their distribution.
The deferred taxation has been calculated based on the tax rate that is in effect. Specifically for year 2009 a rate equa
to 25% was used. The same rate was also used for the year 2008.
The deferred tax assets are recognized to the degree that the set off of the relative tax assets through future taxable
profits is likely.
6.5 . Other non-current assets
The remaining long-term assets of the Company are analyzed in the following table:
Amounts in 31/12/2009 31/12/2008
Guarantees granted 34.606 33.511
Other long-term assets 0 0
Total other long-term assets 34.606 33.511
These assets concern assets that are to be collected after the end of next year.
6.6 . Inventory
The Company inventory consists of electronic systems and computer expendables. The amount of inventory that was
recognized as expense during the period and is included in the cost of sales, amounts to 407.522 (2008: 378.776).
6.7 . Customers and other trade receivables
Def. Asset Def. Liability Def. Asset Def. LiabilityNon current Assets
Intangible Assets 48.185 155.958 29.494 114.654Tangible Assets 15.220 61.529 6.440 59.859
Current AssetsReceivables 0 0 19.830 0
Long-term liabilitiesProvisions for personnel benefits 5.606 0 3.816 0Finance Leases 31.818 0 31.871 0Other provisions 0 0 0 0
Short term LiabilitiesOther short-term liabilities 0 0 0 0
Total 100.828 217.487 91.451 174.513Offsetting 116.659 83.063
31/12/2009 31/12/2008
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Customers and other trade receivables of the Company, are analyzed as follows:
Amounts in 31/12/2009 31/12/2008
Customers (open account) 716.345 633.336
Customers of State 746.283 707.532
Checks Receivable 696.475 363.949
Total Net Receivables from Customers 2.159.103 1.704.817
The total of above receivables is considered to be of a short-term expiry. The fair value of these short-term finance assets
is not determined independently as the book value is considered to approach their fair value.
The maturity of receivables as is forecasted by IFRS 7, is mentioned below:
Amounts in 000 31.12.2009 31.12.2008
Less than 3 months 246.656, 37 167.569, 75
Between 3 and 6 months 1.001.357, 64 490.390, 51
Between 6 months and 1 year 187.211, 74 361.814, 47
More than 1 year 113.668, 67333.218,
97
Total 1.548.894, 42 1.352.993, 70
6.8 . Other current assets
The other current assets of the Company are analyzed as follows:
Amountsin 31/12/2009 31/12/2008
Advances to employees and third parties 721 721
Liabilities to the Greek State for taxes 70.287 2.278
Other assets 7.093 0
Expenses of next years 67.300 0
Total Other Assets 145.401 2.999
6.9 . Cash and cash equiva lents
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Cash and cash equivalents are analyzed as follows:
Amounts in 31/12/2009 31/12/2008
Cash at hand and in banks 26.228 4.841
Bank deposits 735.476 178.373
Total 761.705 183.214
6.10. Equity
Share Capital
The share capital of the Company constitutes 186.584 common fully paid off shares, of a nominal value of 1,00 each.
The total of share capital amounts to 186.584.
Other Reserves
Other reserves of the company of 16.409 concern the formed regular reserve as it is provided for by law.Balance of retained earnings
On 31/12/2009 and 31/12/2008 respectively the balances of the companys retained earnings amounts to
10.168 and -58.395.
6.11. Retirement Benefit P lans
The company recognizes as a liability retirement benefit plans due to service termination, the present value of the lega
engagement that it has undertaken for the payment of a lump sum compensation to the personnel that leaves the
company because of retirement. The company recognizes the relative obligation in the entirety of its personnel regardless
if it has a right of retirement in the next year. The relative obligation is analyzed as follows:
The relative obligation of the Company, is analyzed as follows:
Amountsin 31/12/2009 31/12/2008
Balance at the beginning 16.590 9.680
Cost of current employment 8.061 6.426
Financing cost 830 484
Payments of period 0 0Balance at the end 25.481 16.590
6.12. Suppl iers and other l iabi l i t ies
The balances of suppliers and of other relevant liabilities of the Company are analyzed as follows:
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Amounts in 31/12/2009 31/12/2008
Domestic Suppliers 833.410 780.678
International Suppliers 2.451 3.967
Checks Payable 854.981 495.971
Other liabilities
Total 1.690.841 1.280.616
The trade payables do not carry interest and are normally settled.
6.13. Current tax l iabi l i t ies
The company during the year because of its transactions with the Greek State advances the income tax. At the end of the
year the final settlement takes place. Both in the current year as well as in the previous the relative amount was a debit
amount and is analyzed in other liabilities. The company has not been audited by Tax Authorities for the time period
01/01/2007 up to 31/12/2009.
In the current year the tax audit for years 2005 until 2006 was completed. From the audit resulted differences of tax
audit amounting to 5.787, 77
6.14. Loan obl igat ions
The loan obligations of the Company, are analyzed as follows:
31/12/2009 31/12/2008
Long-term bank lending 774.962 690.931
Short-term Bank lending 1.960.517 1.113.024
Other (Leasing) 144.625 138.568
Total short-term loans 2.880.104 1.942.523
The total of loan obligations concerns payables in Euros. The medium borrowing interest-rate of the company amounted
to 10,86% for the current year versus 11,48% the previous year.
6.15. Other current l iabi l i t ies
Other current liabilities of the Company are analyzed as follows:
Amountsin 31/12/2009 31/12/2008
Insurance organizations 120.995 40.463
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Liabilities from other (retained) taxes 172.088 90.888
Accrued Expenses 1.089 571
Other liabilities 20.521 25.173
Total 314.693 157.094
6.16. Turnover
The analysis of the companys turnover for the current and previous year is as follows:
Amounts in 01/01 - 31/12/2009 01/01 - 31/12/2008
Sales of merchandize 603.403 482.090
Provision of services 3.187.017 2.984.853
3.790.420 3.466.943
6.17. Analysis of Expenses per Category
The Analysis of Expenses per category Company, for the years 2009 and 2008 is analyzed in the following way:
6.18. Personnel Benefits
The Companys personnel benefits are analyzed in the following way:
Amounts in 01/01 - 31/12/2009 01/01 - 31/12/2008
Wages 787.762 518.160
Social benefits 214.445 145.226
Other benefits 47.300 17.030
Total expense 1.049.507 680.416
Less amount that was capitalized 150.866 -144.254
Amount that was recognized in the Incomestatement 898.641 536.162
Amounts in Cost of SalesDistribution
expensesAdministration
expenses TotalCost of
Sales
DistributionCosts
Administrationexpenses Total
WAGES & PERSONNEL EXPENSES 621.913 177.365 99.364 898.641 443.321 74.743 18.098 536.162THIRD PARTY FEES & EXPENSES 1.344.353 47.551 0 1.410.904 1.589.805 118.086 46.532 1.754.423THIRD PARTY BENEFITS 24.210 47.534 14.448 86.192 105.752 12.209 3.257 121.218TAXES - CHARGES 9.253 2.757 3 12.013 8.186 945 252 9.384
VARIOUS EXPENSES 198.770 21.594 52.029 272.393 179.044 20.670 5.515 205.228SSET DEPRECIATIONS INVENTORY CONSUMPTIONS
176.478 61.318 12.164 249.961 90.773 82.752 2.796 176.321404.049 0 0 404.049 378.776 0 0 378.776
TOTAL: 2.779.027 358.120 178.008 3.334.154 2.795.658 309.404 76.451 3.181.513
01/01 - 31/12/2009 01/01 - 31/12/2008
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The number of company personnel of Company at the presented date is analyzed as follows:
Salaried employees 36 (THIRTY SIX)
Wage employees 1 (ONE)
6.19. Other income and Operat ing Costs
Other income and Operating costs of the Company, are analyzed as follows:
Amounts in
Other operating income 01/01 - 31/12/2009 01/01 - 31/12/2008
Depreciations of received subsidies 70.261 105.664
Previous years Income 3.805 0
Total 74.067 105.664
Other operating expenses
Other -15.222 -2.824Previous years expenses -1.291 -858
Total -16.514 -3.682
6.20. Finance Income and Expenses
The finance income and expenses of the Company are analyzed as follows:
Amounts in 01/01 -
31/12/200901/01 -
31/12/2008
Interest Income from:
- Bank Interests 93 129
- Interest of Granted Loans
- Discounts from lump-sum tax repayment
93 129
Interest Expenses from:
- Banking loans 163.310 127.610
- Supplies of Letters of Guarantee 18.180 17.790
- Finance Leases 23.638 18.601
- Other Bank Expenses 25.778 0
230.906 164.002
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6.21. Income Tax
The companys income tax is analyzed as follows:
Amounts in 31/12/2009 31/12/2008
Situation of account of resultsCurrent year tax 45.152 52.622
Deferred tax 33.597 28.124
Taxes of profits of previous year 5.798 0
Other taxes 401 0
Total Income Tax 84.948 80.746
The tax amount on the profits pre taxes of the Company differs from the theoretical amount that would result using
nominal tax rate that is applied on the profits of company. The relation between the expected tax expense, based on the
actual tax rate of the Company and the tax expense that was actually recognized in the income statement, is as follows:
Amounts in 31/12/2009 31/12/2008
Profits pre taxes, as Income statement for the current year 302.006 223.540
Applicable Tax Rate 25% 25%
Income tax, on the basis of applicable tax rate 75.501 55.885
Tax for Expenses that are not tax recognized 3.248 24.861
Other taxes 401 0
Previous years Taxes 5.798 0
Tax Expense at Current Year Income Statement 84.948 80.746
6.22. Related party transact ions
The transactions with the companies mentioned below are realized on a commercial base. The company Data Concept did
not participate in any transaction of uncommon nature or content which is essential for it, or the companies and the
individuals that are connected closely with it, and does not aim to participate in such type of transactions in the future.
None of the transactions includes special terms and conditions and no guarantee was given or was received.
Amounts in 31/12/2009
Data Concept Cyprus Media Concept
Sales 0 3.305
Markets 0 24.959
Receivables 3.025 7.332
Payables 1.800 24.959
There are no transactions for the year 2008.
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6.23. Transact ions with basic management execut ives
The wage to management executi