data concept annual report-09

8/9/2019 Data Concept Annual Report-09

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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

[email protected]

Media Concept Ltd.



www.mediaconcept.eu

Tel. +30 21 0 8105120

Fax + 30 210 8105111

[email protected]

Ermis Concept Ltd.



www.ermisconcept.com

Tel. +30 21 0 8105120

Fax + 30 210 8105111

[email protected]

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.


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


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


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.


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



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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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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



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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