Iktinos Hellas S.A. - Investor Relations

IKTINOS HELLAS S.A. 2006

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Clarifications on Publications

17.04.2018

Following the questions which have been raised in an article in the press, IKTINOS HELLAS S.A. discloses the following:

1.      The claims from members of the Board of Directors in the amount of 671 thousand regard the sale of products and merchandise of a value of 547 thousand plus 24% VAT and they were made in accordance with the arm’s length principle as provided for in Intra-Group Transactions. The above transaction was settled in 2018 with the deposit of the amount of Euros 200,000 in a demand deposit account held by the company and the acceptance of three checks for the remaining amount.

2.      The claim against other associated parties amount to Euros 8,752 and not to millions as per the article in the press and regards a claim against IKTINOS TECHNICAL AND TOURIST S.A.3.      The amount of Euros 4,157,673 mentioned in the article regards the additional amount which was going to be received by IKTINOS HELLAS under the condition that all the respective licenses were obtained in time in accordance with the initial sale agreement of Latirus in 2006 and given that the above condition was not fulfilled in time and until the conclusion date of the acquisition in 2018, this amount has not been recorded in the financial statements of IKTINOS HELLAS, as it did not fulfill the accounts receivable recognition criteria. With the sale agreement with Latirus on 30/3/2018 it was agreed that the contracting parties have no entitlement, claim of any nature, by virtue of the initial sale agreement of 2006. In addition, it must be mentioned that from 19/12/2006 until 30/3/2018 Latirus performed increases in its share capital of a total amount of Euros 7.698 million and the project has progressed with the issuance of a series of licenses as mentioned in the annual financial statements of 2017 on pages 19-20. 4.      As regards liabilities in the amount of Euros 5.733 million of Latirus, they regard the deferred tax liabilities which mainly arose from the valuation of the property owned by the company through its subsidiary IKTINOS TECHNICAL AND TOURSIT S.A. IKTINOS TECHNICAL AND TOURIST S.A. draws up its financial statements in accordance with the Greek Accounting Standards and records its property at acquisition cost which amounted on 31/12/2017 to Euros 11.22 million. IKTINOS HELLAS, as a company listed on the Athens Stock Exchange is obligated to publish its financial statements in accordance with International Financial Reporting Standards and in order to record the value of its participation in IKTINOS TECHNICAL AND TOURIST S.A. (through Latirus) it evaluates property at fair value. The evaluation of the property was performed by COLLIERS INTERNATIONAL and amounts to Euros 33.645 million.IKTINOS HELLAS acquired Latirus and consequently IKTINOS TECHNICAL AND TOURIST S.A. as it believes that it will have a high return on its investment, examining all the possible scenarios for the best possible use of the investment.  


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