MIRA INFORM REPORT

Report Date :

28.08.2013

IDENTIFICATION DETAILS

Name :	HAITOGLOU BROS S.A

Registered Office :	5-9 Lordou Vyronos , 57009 Kalochori, Thessaloniki

Country :	Greece

Financials (as on) :	31.12.2011

Year of Incorporation :	1985

Com. Reg. No.:	009207

Legal Form :	Societe Anonyme

Line of Business :	Manufactures Chocolate and Cocoa Products

No. of Employees :	321

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Clear

NOTES :

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Greece

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

GREECE - ECONOMIC OVERVIEW

Greece has a capitalist economy with a public sector accounting for about 40% of GDP and with per capita GDP about two-thirds that of the leading euro-zone economies. Tourism provides 15% of GDP. Immigrants make up nearly one-fifth of the work force, mainly in agricultural and unskilled jobs. Greece is a major beneficiary of EU aid, equal to about 3.3% of annual GDP. The Greek economy grew by nearly 4% per year between 2003 and 2007, due partly to infrastructural spending related to the 2004 Athens Olympic Games, and in part to an increased availability of credit, which has sustained record levels of consumer spending. But the economy went into recession in 2009 as a result of the world financial crisis, tightening credit conditions, and Athens' failure to address a growing budget deficit. The economy contracted by 2.3% in 2009, 3.5% in 2010, 6.9% in 2011, and 6.0% in 2012. Greece violated the EU's Growth and Stability Pact budget deficit criterion of no more than 3% of GDP from 2001 to 2006, but finally met that criterion in 2007-08, before exceeding it again in 2009, with the deficit reaching 15% of GDP. Austerity measures reduced the deficit to about 8% in 2012. Deteriorating public finances, inaccurate and misreported statistics, and consistent underperformance on reforms prompted major credit rating agencies to downgrade Greece's international debt rating in late 2009, and has led the country into a financial crisis. Under intense pressure from the EU and international market participants, the government adopted a medium-term austerity program that includes cutting government spending, decreasing tax evasion, overhauling the health-care and pension systems, and reforming the labor and product markets. Athens, however, faces long-term challenges to push through unpopular reforms in the face of widespread unrest from the country's powerful labor unions and the general public. In April 2010 a leading credit agency assigned Greek debt its lowest possible credit rating; in May 2010, the International Monetary Fund and Euro-Zone governments provided Greece emergency short- and medium-term loans worth $147 billion so that the country could make debt repayments to creditors. In exchange for the largest bailout ever assembled, the government announced combined spending cuts and tax increases totaling $40 billion over three years, on top of the tough austerity measures already taken. Greece, however, struggled to meet 2010 targets set by the EU and the IMF, especially after Eurostat - the EU's statistical office - revised upward Greece's deficit and debt numbers for 2009 and 2010. European leaders and the IMF agreed in October 2011 to provide Athens a second bailout package of $169 billion. The second deal however, calls for Greece's creditors to write down a significant portion of their Greek government bond holdings. In exchange for the second loan Greece has promised to introduce an additional $7.8 billion in austerity measures during 2013-15. However, these massive austerity cuts are lengthening Greece's economic recession and depressing tax revenues. Greece's lenders are calling on Athens to step up efforts to increase tax collection, privatize public enterprises, and rein in health spending, and are planning to give Greece more time to shore up its economy and finances. Many investors doubt that Greece can sustain fiscal efforts in the face of a bleak economic outlook, public discontent, and political instability.

Source : CIA

IDENTIFICATION DETAILS

Name: HAITOGLOU BROS S.A

Address: 5-9 LORDOU VYRONOS , 57009 KALOCHORI, THESSALONIKI, GREECE

TELEPHONE: 30 2310389700

FAX: 30 2310751747

E-MAIL ADDRESS: info@haifoods.com

WEB ADDRESS: www.haifoods.com

LEGAL STATUS AND HISTORY

Registration Number: 009207

Chamber of Commerce Number: 19885

Tax Registration Number: 094132463

STARTED: 1985

YEAR INC: 1985

LEGAL FORM: SOCIETE ANONYME

REG NO: 009207

GOVT GAZ NO: 00022 / 1985

REGISTERED OFFICE: 5-9 LORDOU VYRONOS , 57009 KALOCHORI, THESSALONIKI, GREECE

Subject established in Kalochori, Thessaloniki, in January 1985, following the change in the legal status of the general partnership company, HAITOGLOU BROS O.E., originally founded in 1924.

FINANCIALS

Nominal capital is divided into 537,927 shares of 29.83 each and fully paid-up.

	Fiscal	Fiscal	Fiscal
	Dec 31,2009	Dec 31,2010	Dec 31,2011
Turnover	71,946,000	76,168,000	73,934,000
Pre-Tax Profit	2,099,000	3,606,000	-7,260,000
Net Worth	37,928,000	37,078,000	30,680,000
Fixed Assets	91,221,000	90,798,000	91,280,000
Total Assets	178,717,000	187,299,000	181,740,000
Current Assets	64,851,000	76,487,000	71,969,000
Current Liabilities	65,913,000	78,826,000	85,439,000
Working Capital	-1,062,000	-2,339,000	-13,470,000
Long Term Debt	74,876,000	71,395,000	65,621,000
Financial Assets	22,445,000	19,831,000	18,323,000
Intangibles	200,000	183,000	168,000
Employees			323

Net Worth and Total Assets are tangible figures shown after the deduction of intangible assets.

Abstract from individual fiscal balance sheet as at Dec 31, 2011

LIABILITIES		ASSETS
Capital	16,048,000	Land/Buildings	55,798,000
Retained Profits	-2,139,000	Plant/Machinery	63,584,000
Misc Reserves	16,771,000	Depreciation	28,102,000
Net Worth	30,680,000	Total Fixed Ass	91,280,000
Misc Provisions	708,000	Shares in Group	16,652,000
Misc Def Liabs	64,913,000	Misc Fin'cl Ass	1,671,000
		Total Fin'cl Ass	18,323,000
		Misc Intangible	168,000
		Total Intangible	168,000
CURRENT LIABILITIES:		CURRENT ASSETS:
Trade Creditors	15,564,000	Stock	35,589,000
Short term Loans	65,229,000	Trade Debtors	29,188,000
		Misc Debtors	6,966,000
		Cash	195,000
		Market Securities	31,000
TOTAL CURRENT	85,439,000	TOTAL CURRENT	71,969,000
TOTAL LIABS & NW	181,740,000	TOTAL ASSETS	181,740,000

Profit & Loss Account from Jan 1, 2011 to Dec 31, 2011

Net Sales	73,934,000
Cost of Goods Sold	64,225,000
Gross Profit	9,709,000
Misc Operating Charges	8,573,000
Net Operating Income	1,136,000
Misc Financial Expenses	8,396,000
Total Financial Expenses	8,396,000
Profit Before Taxes	-7,260,000
Income Tax	-862,000
Profit After Tax	-6,398,000
Net Loss	6,398,000
Earnings per Share	-11
Previous Year	5

The above mentioned financial figures are in Euro.

Sales for the 12 month period ending Dec 31, 2012 were 65,000,000

ACTIVITIES

SIC: 2066 2033

ACTIVITY: MANUFACTURES CHOCOLATE AND COCOA PRODUCTS

Local Activity Code: 1082

Local Activity Code Type: STAKOD

Equivalent to: NACE 1

Manufactures chocolate and cocoa products

Manufactures canned fruits and specialties

Production of halva, sesame paste (tahini), marmalade, jam, hazelnut praline, vanilla sweet, wafers, sesame snack, locums, organic products and sesame oil (also for third parties). Processing, imports and trade of honey and sesame

Subject produces the following brand(s):

CANDY NUTS

FELICE

HAI

HOPS

JOYFERS

MACEDONIAN HALVA

MACEDONIAN TAHINI

NAOUSSA

NUTTI-NUTTI

PRALINATA HAI

SESAME SNACK

TWISTIES

EXPORTS

Exports 25% to Australia, Brazil, Canada, Costa Rica, Czech Republic, Finland, France, Germany, Jordan, Kuwait, Lithuania, Poland, Russian Fed, Saudi Arabia, South Africa, U A E, U K, U S A, Yemen

Normal exporting terms are cash against documents

IMPORTS

Imports 55% from Denmark, Ethiopia, France, Germany, Italy, Mexico,Netherlands, Sudan, Switzerland

Normal importing terms are cash against documents

EMPLOYEES

EMPLOYS: 321 as at Jan 4, 2012 including 0 part-time staff. The group employs 441.

The number of employees varies according to needs.

The number of employees peaks to 381.

BANKERS

Alpha Bank A.E., Monastiriou (Menemeni) Branch

Address: 315Monastiriou, Thessaloniki 54628, Greece.

Telephone: 30 2310539786

National Bank of Greece S.A., Dimokratias Sq Branch

Address: 15 Dioikitiriou, Thessaloniki 54630, Greece.

Telephone: 30 2310560928

EFG EUROBANK ERGASIAS S.A., Porto Center Branch

Address: 90 26^th Oktovriou, Thessaloniki 54627, Greece.

Telephone: 30 2310556525

Bank of Piraeus S.A., Katouni Branch

Address: 2 Tsimiski & Katouni, Thessaloniki 54625, Greece.

Telephone: 30 2310557240

Bank of Cyprus Ltd, Thessaloniki (nikis Ave) Branch

Address: 9 Nikis Ave, Thessaloniki 54624, Greece.

Telephone: 30 2310363000

SENIOR COMPANY PERSONNEL

Alexandros Nikolaos Haitoglou: Chairman

Dimitrios Eleftherios Haitoglou: Vice-chairman

Alexandros Nikolaos Haitoglou: Chief executive

Konstantinos Nikolaos Haitoglou: Chief executive

Dimitrios Eleftherios Haitoglou: Executive Director

Apostolos Konstantinos Vassileiou: Member

Eleftherios Dimitrios Haitoglou: Member

Olga Alexandros Haitoglou: Member

Nikolaos Alexandros Haitoglou: Member

Dionyssia Konstantinos Haitoglou: Member

Nikolaos Konstantinos Haitoglou: Member

SHAREHOLDERS

Alexandros Haitoglou holds 35.92% of the voting capital.

Konstantinos Haitoglou holds 35.92% of the voting capital.

Eleftherios Haitoglou holds 21.32% of the voting capital.

Dimitrios Haitoglou holds 4.70% of the voting capital.

Nikolaos Haitoglou holds 2.14% of the voting capital.

RELATED COMPANIES

NAME: Alexandros Nikolaos Haitoglou

Director of:

BOLERO CONFECTIONERY OF THRACE S.A.

EVZONIKI S.A.

HAITOGLOU BROS S.A., ERGOKTIMATIKI MAKEDONIAS S.A.

HAITOGLOU HARTELS.A.

BIOART S.A.,

MEDIA LOGISTICS LTD.

Partner in :

MEDIA LOGISTICS LTD.

Associated with:

ERGOKTIMATIKI MAKEDONIAS S.A.

EVZONIKI S.A.,

HAITOGLOU HARTEL S.A.

HAITOGLOU BROS S.A..

NAME: Alexandros Nikolaos Haitoglou

Director of:

BOLERO CONFECTIONERY OF THRACE S.A.

EVZONIKI S.A.

HAITOGLOU BROS S.A.

ERGOKTIMATIKI MAKEDONIAS S.A.

HAITOGLOU HARTELS.A.

BIOART S.A.

MEDIA LOGISTICS LTD.

Partner in:

MEDIA LOGISTICS LTD.

Associated with:

ERGOKTIMATIKI MAKEDONIAS S.A.

EVZONIKI S.A.,

HAITOGLOU HARTEL S.A.

HAITOGLOU BROS S.A..

NAME: Konstantinos Nikolaos Haitoglou

Director of:

ERGOKTIMATIKI MAKEDONIAS S.A.,

HAITOGLOU HARTEL S.A.,

EVZONIKI S.A.

BIOART S.A.

MEDIA LOGISTICS LTD.

Partner in:

MEDIA LOGISTICS LTD.

Associated with:

ERGOKTIMATIKI MAKEDONIAS S.A.

EVZONIKI S.A.,

HAITOGLOU HARTEL S.A.

HAITOGLOU BROS S.A..

NAME: Eleftherios Dimitrios Haitoglou

Director of:

PLANET, MY, S.A..

NAME: Olga Alexandros Haitoglou

Associated with:

HAITOGLOU S.A. GRAPHIC ARTS

HAITOGLOU HARTEL S.A..

NAME: Nikolaos Alexandros Haitoglou

Director of:

HAITOGLOU S.A. GRAPHIC ARTS.

Associated with:

HAITOGLOU S.A. GRAPHIC ARTS,

HAITOGLOU HARTEL S.A..

NAME: Dionyssia Konstantinos Haitoglou

Also a director of:

HAITOGLOU S.A. GRAPHIC ARTS.

Associated with:

HAITOGLOU S.A. GRAPHIC ARTS

HAITOGLOU HARTEL S.A..

NAME: Nikolaos Konstantinos Haitoglou

associated with:

HAITOGLOU S.A. GRAPHIC ARTS

HAITOGLOU HARTEL S.A..

SUBSIDIARIES

BIOART S.A. Societe Anonyme

Location: Kilkis, Greece

This subsidiary is dormant.

Year started: 1984.

Subject owns 100% of the capital.

BOLERO CONFECTIONERY OF THRACE S.A. Societe Anonyme,

Location: Komotini, Greece

Year started: 1997.

Subject owns 100% of the capital.

M.E.Z.A.P. S.A. Societe Anonyme

Location: Kalochori, Greece

Year started: 2001.

Subject owns 100% of the capital

The following are related through principal(s) and/or financial interest(s):

MEDIA LOGISTICS LTD Limited Liability Company

Location: Kalochori, Greece

Year started: 1992.