You are on page 1of 1

THRACEAN GOLD MINING AND INDUSTRIAL S.A.

Head Office: Athens - Registered No. 24268/01/B/91/484/01 BALANCE SHEET AS AT DECEMBER 31, 2012 (21th Fiscal Year) (Amounts in Euros)
ASSETS ESTABLISHMENT EXPENSES Other Establishment Expenses FIXED ASSETS INTANGIBLE ASSETS Research & Development Expenses Grantings & Industrial Property Rights Other Intangible Assets
Closing Year - 2012 Acquisition Cost Depreciation Balance Previous Year - 2011 Acquisition Cost Depreciation

Amounts
Balance

Amounts
of Previous Year - 2011

LIABILITIES & STOCKHOLDERS EQUITY


. STOCKHOLDER EQUITY . Share Capital (369.646 shares of 29,35 Euros) 1. Deposited V. Results Carried forward Losses carried forward (+) balance of previous year's losses (- ) Written-off losses-capital dercrease

of Current Year - 2012

B. 4. C. . 1. 2. 5. . 2. 3. 4.

280.477,65

140.553,21

139.924,44

131.444,95

87.742,91

43.702,04

10.849.110,10

8.120.117,75

3.474.277,38 801.466,48 12.373,71 4.288.117,57 108.365,53 88.631,59 73.970,37 155.423,88 154.873,15 263.175,71 844.440,23 5.132.557,80

751.810,73 801.466,44 12.373,46 1.565.650,63 4.905,29 34.936,02 71.248,26 80.004,53

2.722.466,65 0,04 0,25 2.722.466,94 108.365,53 83.726,30 39.034,35 84.175,62 74.868,62 263.175,71 653.346,13 3.375.813,07 9.460,73 3.385.273,80

1.293.839,10 801.466,48 12.373,71 2.107.679,29 63.319,17 10.214,20 46.903,44 75.368,25 66.553,24 80.497,30 262.358,30 2.370.037,59

114.888,96 801.466,44 12.373,46 928.728,86 589,16 28.747,42 58.375,31 60.653,80

1.178.950,14 0,04 0,25 1.178.950,43 63.319,17 9.625,04 18.156,02 16.992,94 5.899,44 80.497,30 194.489,91 1.373.440,34 5.631,73 1.379.072,07

(3.695.331,20) (7.205.127,73) (10.900.458,93)

(1.686.562,02) (5.518.565,71) (7.205.127,73)

TANGIBLE ASSETS Mines-Land Buildings and technical works Machinery, Technical Installations and other mechanical equipment 5. Vehicles 6. Furniture and other Equipment 7. Payments on account and tangible assets in course of construction TOTAL TANGIBLE & INTANGIBLE ASSETS (CI + CII) . PARTICIPATION & OTHER LONG TERM CLAIMS 7. Other long term claims TOTAL FIXED ASSETS (CI + CII +CIII) D. . 11. V. 1. 3. CURRENT ASSETS Accounts Receivables Other Debtors Cash & Banks Cash in Hand Bank Deposits

V. Amounts for further Capital Increase 1. Shareholders' Deposits TOTAL STOCKHOLDERS EQUITY

4.673.023,75 4.621.674,92

1.183.516,10 2.098.506,12

191.094,10 1.756.744,73

148.365,69 1.077.094,55

. PROVISIONS FOR RISKS & EXPENSES 1. Provisions for personnel compensation 2. Other provisions

39.444,78 2.606,39 42.051,17

44.235,98 44.235,98

1.157.711,31 1.139,54 624.855,80 625.995,34 1.783.706,65 17.411,55 5.326.316,44

745.016,01 1.483,54 51.624,54 53.108,08 798.124,09 43.812,00 2.264.710,20

C. . 1. 5. 6. 11.

LIABILITIES Short-Term Liabilities Suppliers Taxes & Accounts Payable Social Security Other Creditors TOTAL LIABILITIES (CII)

451.741,83 39.931,91 39.097,50 119.499,11 650.270,35

19.476,54 19.106,39 15.803,35 55.261,82 109.648,10

TOTAL CURRENT ASSETS . TRANSITORY ASSETS ACCOUNTS 1. Subsequent Fiscal Years - expenses TOTAL ASSETS (B+C+D+E) OFF BALANCE CREDIT ACCOUNTS 2. Off balance credit accounts

D. LIABILITIES TRANSITORY ACCOUNTS 2. Accrued Expenses

12.320,00

12.320,00

TOTAL LIABILITIES (A+B+C+D) OFF BALANCE CREDIT ACCOUNTS 2. Off Balance accounts

5.326.316,44

2.264.710,20

739.016,26

15.847,39

739.016,26

15.847,39

NOTE: Because the total value of the Equity is less than one half (1/2) of the paid up Share Capital, concur the conditions for the application of the provisions of article 47 of c.L. 2190/1920. The Annual General Meeting of Shareholders will resolve the capitalization of the shareholders deposits as well as the taking of other appropriate reconstruction measures for the company to continue in operation as a going concern.

PROFIT & LOSS STATEMENT


31st December 2012 (1 January to 31 December 2012
Current Year-2012 Previous Year-2011

DISTRIBUTION TABLE

Amounts
of Current

Amounts
of Previous Year - 2011

. Operating Results Income Minus : costs of sales Gross Operating Results Minus 1. Administrative Expenses Partial Operating Results Minus 4. Interests received Minus 3. Interests paid Total Operating Results . PLUS: NON-OPERATING RESULTS 1. Extraordinary & non-operating revenues 4. Income from prior years' provisions Minus 1. Extraordinary & non-operating expenses 3. Previous year's expenses Operating & Non-Operating Results (losses) Minus Total Depreciations minus : depreciations embodies in Operational Costs TOTAL LOSSES BEFORE TAXES

3.693.000,98 (3.693.000,98) 2.471,86 4.136,33 (1.664,47) (3.694.665,45) 0,06 554,11 1.600,77

1.673.431,74 (1.673.431,74)

Year - 2012

Net Results (losses) for the year (+) Losses carried forward from previous year Profit carried forward

(3.695.331,20) (7.205.127,73) (10.900.458,93)

(1.686.562,02) (5.518.565,71) (7.205.127,73)

(1.046,66) (1.674.478,40)

6.195,53 4.791,20

10.986,73

0,06

11.652,48 -

11.652,48

(665,75) (3.695.331,20)

6.977,77 5.105,91

12.083,68

(12.083,62) (1.686.562,02)

731.530,49 731.530,49

(3.695.331,20)

32.801,71 32.801,71

(1.686.562,02)

Athens, 25 January, 2013

The Chairman of the Board

The BoD Member and General Manager

Chief Accountant

George Xydous Id.Card No. A 636146

George Markopoulos Id.No. 118301

Christos Priovolos Id.No. 016427, License No. 1799

INDEPENDENT AUDITORS REPORT To the Shareholders of THRACEAN GOLD MINING AND INDUSTRIAL S.A.
Report on the Financial Statements We have audited the above financial statements of the Company THRACEAN GOLD MINING AND INDUSTRIAL S.A., which comprise the balance sheet as at 31 December 2012 and the statement of income, and the results appropriation account for the year then ended, as well as the relevant notes to the financial statements. Managements Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with the Accounting Standards that are prescribed by the Greek General Chart of Accounts and the provisions of the articles 42a up to 43c of the cod. L. 2190/1920 and for such internal controls as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entitys preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entitys system of internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Basis for Qualified Opinion As a result of our audit arose that it has not been set up provision for additional taxes and penalties in respect of the un-audited fiscal years 2009 to 2011 as well as for contingent differences over the Greek State refund procedure of V.A.T. for years 2006-2012, amounting Euro 1.152 thousands that is included in the account Sundry debtors out of which for amount Euro 364,5 thousands refund claims are pending from prior years. The amount of the provision could not be predicted within the scope of our audit. Qualified Opinion In our opinion, except for the possible effects of the matter described in the Basis for Qualified Opinion paragraph, the above financial statements present fairly, in all material respects, the financial position of the Company THRACEAN GOLD MINING AND INDUSTRIAL S.A. as at 31 December 2012, and of its financial performance for the year then ended in accordance with the Accounting Standards that are prescribed by the Greek General Chart of Accounts and the provisions of the articles 42a up to 43c of the cod. L. 2190/1920. Emphasis of Matters We draw your attention to the following: 1) Note 7.d.2 in the Notes to the financial statements where reference is made to the impossibility to determine the time of the refund from the Greek State or offsetting, of the debit balance of V.A.T., amount Euro 1.152 thousands that is included in the account Sundry debtors. 2) Note 13.d in the Notes to the financial statements and companys note under the Balance Sheet where reference is made to the total value of the companys equity (including also the shareholders deposits), at 31 December 2012, is less than one half (1/2) of its paid up share capital as well as the intention of the shareholders to resolve, at the forthcoming General Meeting to continue the financial assistance to the company, assumption which has been taken into consideration at the preparation of the above financial statements. Our opinion is not qualified in respect of these matters. Report on Other Legal and Regulatory Requirements We verified the consistency and the correspondence of the content of the Report of the Board of Directors with the above financial statements, under the legal frame of the articles 43a and 37 of c.L. 2190/1920.
Athens, 28 January, 2013

MICHAEL I. TSIAVOS
Certified Public Accountant Auditor Institute of CPA (SOEL) Reg. No. 14971 Associated Certified Public Accountants s.a. member of Crowe Horwath International

3, Fok. Negri Street 112 57 Athens, Greece


Institute of CPA (SOEL) Reg. No. 125