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JUMBO S.A.
GROUP OF COMPANIES
REG No. 7650/06/B/86/04- G.E.MI. No. 121653960000
Cyprou 9 & Hydras Street, Moschato Attikis
ANNUAL REPORT
for the Financial Year
from 1
st
January 2022 to 31
st
December 2022
ACCORDING TO
ARTICLE 4 OF
LAW 3556/2007
JUMBO GROUP S.A.
Annual Report for the financial year 01.01.2022
-31.12.2022
2
CONTENTS
Page
I.
Statements of the members of the Board of Directors (according to Law 3556/2007)
.............................
4
II.
Independent Auditor’s Report
.....................................................................................................................
5
III.
Board of Directors’ Annual Report
..........................................................................................................
11
IV.
Annual Financial Statements
....................................................................................................................
59
A.
INCOME STATEMENT
.............................................................................................................................
61
B.STATEMENT OF COMPREHENSIVE INCOME
............................................................................................
62
C.STATEMENT OF FINANCIAL POSITION
......................................................................................................
63
D.STATEMENT OF CHANGES IN EQUITY - GROUP
.....................................................................................
64
E.STATEMENT OF CHANGES IN EQUITY - COMPANY
................................................................................
66
F.STATEMENT OF CASH FLOWS
........................................................................................................................
68
G.NOTES TO THE ANNUAL SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS
AS AT
31 DECEMBER 2022
................................................................................................................................................
69
1.
Information
.................................................................................................................................................
69
2.
Company’s Activity
...................................................................................................................................
69
3.
Framework for the Preparation of Financial Statements
....................................................................
70
3.1 Changes in Accounting Policies
.................................................................................................................
70
3.1.1.
New Standards, Interpretations, Revisions and Amendments to existing Standards that are
effective and have been adopted by the European Union
. ........................................................................
70
3.1.2.
New Standards, Interpretations, Revisions and Amendments to existing Standards that
have not been applied yet or have not been adopted by the European Union
.......................................
71
3.2. Significant, Accounting Judgments Estimates and Assumptions
......................................................
73
4.
Key accounting principles
........................................................................................................................
74
4.1
Segment Reporting
.............................................................................................................................
74
4.2
Basis for Consolidation
......................................................................................................................
75
4.3
The Group Structure
..........................................................................................................................
75
4.4
Functional currency, presentation currency and
foreign currency translation
........................
77
4.5
Property, Plant and Equipment
........................................................................................................
78
4.6
Investment Property
..........................................................................................................................
78
4.7
Impairment of Assets
.........................................................................................................................
79
4.8
Financial Instruments
........................................................................................................................
79
4.9
Inventory
.............................................................................................................................................
80
4.10
Trade receivables
................................................................................................................................
81
4.11
Cash and cash equivalents
................................................................................................................
81
4.12
Share capital
........................................................................................................................................
81
4.13
Financial Liabilities
............................................................................................................................
81
4.14
Loans
....................................................................................................................................................
82
4.15
Income & deferred tax
.......................................................................................................................
82
4.16
Employee benefits
..............................................................................................................................
83
4.17
Provisions and Contingent Liabilities/Assets
................................................................................
84
4.18
Leases
...................................................................................................................................................
84
4.19
Recognition of revenue and expenses
.............................................................................................
85
4.20
Distribution of dividends
..................................................................................................................
86
5. Notes to the Financial Statements
...............................................................................................................
88
5.1
Segment Reporting
.............................................................................................................................
88
                                            
JUMBO GROUP S.A.
Annual Report for the financial year 01.01.2022
-31.12.2022
3
5.2
Cost of sales
.........................................................................................................................................
90
5.3
Distribution and Administrative Expenses
....................................................................................
91
5.4
Other operating income and expenses
............................................................................................
92
5.5
Finance income / expenses and other financial results
................................................................
92
5.6
Income tax
...........................................................................................................................................
93
5.7
Earnings per share
..............................................................................................................................
93
5.8
Property, plant and equipment and right-of-use assets
................................................................
94
5.9
Investment property (leased properties)
.........................................................................................
99
5.10
Investments in subsidiaries
.............................................................................................................
100
5.11
Financial instruments per category
................................................................................................
101
5.11.1 Financial instruments at fair value through other comprehensive income
................................
103
5.11.2 Fair value of financial instruments
..................................................................................................
104
5.12
Other long-term
receivables
...........................................................................................................
105
5.13
Inventories
.........................................................................................................................................
105
5.14
Trade debtors and other trade receivables
...................................................................................
105
5.15
Other receivables
..............................................................................................................................
106
5.16
Other current assets
.........................................................................................................................
107
5.17
Long-term
and Short term restricted bank deposits
...................................................................
107
5.18
Other current financial assets
.........................................................................................................
107
5.19
Cash and cash equivalents
..............................................................................................................
108
5.20
Equity
.................................................................................................................................................
108
5.20.1. Share capital
.......................................................................................................................................
108
5.20.2. Share Premium and other reserves
.................................................................................................
109
5.21
Liabilities for pension plans
............................................................................................................
111
5.22
Long-term
loan liabilities
...............................................................................................................
113
5.23
Long and Short term lease liabilities
..............................................................................................
113
5.24
Other long-term
liabilities
..............................................................................................................
114
5.25
Deferred tax liabilities
......................................................................................................................
115
5.26
Provisions
..........................................................................................................................................
117
5.27
Trade and other payables
................................................................................................................
117
5.28
Current tax liabilities
.......................................................................................................................
117
5.29
Other short term liabilities
..............................................................................................................
118
5.30
Cash flows from operating activities
.............................................................................................
118
5.31
Commitments, Contingent Liabilities / Contingent Assets
.......................................................
119
5.32
Unaudited fiscal years by tax authorities
......................................................................................
120
6.
Transactions with related parties
..........................................................................................................
121
7.
Fees to members of the Board of Directors
.........................................................................................
123
8.
Lawsuits and litigations
..........................................................................................................................
123
9.
Number of employees
.............................................................................................................................
124
10.
Proposal for distribution of dividend for the year 01.01.2022- 31.12.2022
.................................
124
11.
Risk management Policies
.................................................................................................................
125
11.1 Foreign currency risk
............................................................................................................................
125
11.2 Interest Rate Sensitivity Analysis
........................................................................................................
127
11.3 Credit Risk Analysis
..............................................................................................................................
127
11.4 Liquidity Risk Analysis
........................................................................................................................
128
12
Objectives & policies for capital management
..............................................................................
129
13
Post-reporting date events
..................................................................................................................
130
V.
Website where the Parent, Consolidated and the Financial Statements of subsidiaries are posted.
132
                                                 
 
JUMBO GROUP S.A.
Annual Report for the financi
al year 01.01.2022-31.12.2022
4
Ι.
Statements of the members of the Board of Directors (according to Law 3556/2007)
We, the members of the Board of Directors of “JUMBO SA
Apostolos - Evangelos Vakakis, Chairman of the Board of Directors
Dimitrios Kerameus, Vice-Chairman of the Board of Directors
Konstantina Demiri, Chief Executive Officer
in our above capacity, specifically
appointed for this purpose
by the Board of Directors of
“JUMBO
SA” we hereby declare and certify that, as far as we knows:
a.
The attached annual financial statements of “JUMBO SA” for the year 01.01.2022-31.12.2022,
which were prepared according to the applicable accounting standards, present truly and
fairly the assets and the liabilities, the equity and the financial results of “JUMBO SA”, as
well as the companies included in the consolidation as aggregate.
b.
The annual report of the Board of Directors presents in a true and fair way the performance
and the financial position of “JUMBO SA”, as well as the companies included in the
consolidation as aggregate, including the description of the main risks and uncertainties that
they confront.
Moschato, 10 April 2023
The designees
Apostolos - Evangelos Vakakis
Dimitrios Kerameus
Konstantina Demiri
Chairman of the Board of Directors
Vice-Chairman of the
Board of Directors
Chief Executive Officer
5
ΙΙ.
Independent Auditor’s Report
To the shareholders of JUMBO S.A.
Report on the Audit of the Separate and Consolidated Financial Statements
Opinion
We have audited the accompanying separate and consolidated financial statements of JUMBO S.A. (the Company), which
comprise the separate and consolidated statements of financial position as at December 31, 2022, the separate and
consolidated statements of profit or loss and other comprehensive income, statements of changes in equity and cash flows
for
the year then ended, as well as
a summary of significant accounting policies and selected explanatory notes.
In our opinion, the accompanying separate and consolidated financial statements present fairly, in all material respects, the
financial position of the Company JUMBO S.A. and its subsidiaries (the Group) as at December 31, 2022, their financial
performance and cash flows for the year then ended, in accordance with the International Financial Reporting Standards
(IFRSs) as adopted by the European Union.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (ISAs), as incorporated into the Greek
Legislation. Our responsibilities, under those standards are further described in the “Auditor’s Responsibilities for the Audit of
the Separate and Consolidated Financial Statements” section of our report. We remained independent of the Company and its
subsidiaries, during the entire period of our appointment, in accordance with the International Ethics Standards Board for
Accountants “Code of Ethics for Professional Accountants (IESBA Code) as incorporated in the Greek Legislation
and we
have fulfilled our ethical responsibilities in accordance with current legislation requirements and the aforementioned Code of
Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the separate
and consolidated financial statements of the current year. These matters and the related risks of material misstatement were
addressed in the context of our audit of the separate and consolidated financial statements as a whole, and in forming our
opinion thereon, and we do not express a separate opinion on these matters.
Key Audit Matter
How our audit addressed the key audit matters
Revenue recognition
Regarding the FY ended as at 31/12/2022 (01/01/2022 –
31/12/2022), the Company’s and the Group’s sales stood at
€ 752,6 million
and € € 949,4 million respectively. Most
sales refer to retail sales performed through a network of 83
stores and 2 e-
shop stores. Retail sales recognition has
been identified as key audit matter due to the complexity
related to significant
volume of transactions performed at
various sales points, use of information systems for price
change and revenue recognition purposes, as well as
judgments and estimates of the Management.
Recognition of revenue arising from the total of sales points
as well as update of accounting files is automatically
performed through the Company’s subsystems. The Group
uses information systems and internal controls in order to
ensure an integrated revenue recognition framework.
Revenue is recognized when the relative risks and rewards
associated with the goods sold are transferred to customers,
while collecting receivables is reasonably secured.
The disclosures made by the Group in respect of the applied
accounting policies regarding revenue recognition are
presented in Notes 4.19 and 5.1 to the financial statements.
Our audit approach included, inter alia, the following
procedures:
We have assessed the information systems environment
supporting various revenue categories, including the
relative internal control procedures.
We have tested the correct transfer of data from
separate information systems to the general ledger
accounts.
We have assessed the assumptions regarding rebates
and sales discounts recognition.
We have performed, inter alia, analytical procedures
regarding revenue, taking into account tendencies and
seasonal fluctuations.
Regarding
the abovementioned procedures, we used
our firm’s specialist when
deemed appropriate,.
We have assessed the adequacy of disclosures in the
accompanying
financia
l statements in respect of this
matter.
6
Net realizable value of inventory
As at 31/12/2022, the Company’s and the Group’s inventory
amounted
to
198,0
million
and
239,5
million
respectively. The income statement has been charged with
an amount of € 2,4 million regarding the Company and an
amount of € 2,4 million regarding the Group pertaining to
damaged inventory or /and obsolete and impaired.
The Group measures the inventory at the lower of cost and
net realizable value. Net realizable value is the estimated
sale price in the ordinary course of the company’s
operations less any related distribution expenses.
Determination of net realizable value of inventory has been
identified as a key audit matter, since it involves estimates
and judgements o
f the Management related to the net
realizable value.
In this context, in every reporting period, the Group
Management makes estimates regarding identification of
slow
moving/obsolete
inventory
and
determines
net
realizable value, based on products season
ality, their
movement during the year, as well as next year projections.
The Group's disclosures in respect of accounting policies
used are presented in Notes 3.2, 4.9 and 5.13 to the
financial statements.
Our audit approach included, inter alia, the following
procedures:
We understood and recorded the procedures applied by
the Management for the purposes of identifying slow
moving/obsolete inventory and determining their net
realizable value.
We performed procedures for identifying slow moving
inventory or inventory with low commerciality.
We evaluated the Management’s estimates in respect of
net realizable value of inventory, taking into account,
inter alia, the sales performed
after the end of the
reporting period.
We assessed the Management’s conclusions regarding
the book value of the Company’s and the Group’s
inventory.
We evaluated the Management’s estimates regarding
slow moving inventory, taking into account historical data
and subsequent sales.
We participated in some of the physical inventory
counts.
We assessed the adequacy of disclosures in the
accompanying financial statements in respect of this
matter.
Other Information
Management is responsible for the other information. The other information is included in the Board of Directors’ Report, as
referred to the “Report on other Legal and Regulatory Requirements” section, in the Representations
of the Members of the
Board of Directors
but does not include the financial statements and our auditor’s report thereon.
Our opinion on the separate and consolidated financial statements does not cover the other information and we will not
express any form of assurance conclusion thereon.
In connection with our audit of the separate and consolidated financial statements, our responsibility is to read the other
information identified above and, in doing so, consider whether the other information is materially inconsistent with the
separate and consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially
misstated. If, based on the procedures performed, we conclude that there is a material misstatement therein; we are required
to communicate that matter. We have nothing to report in this respect.
Responsibilities of Management and Those Charged with Governance for the separate and consolidated Financial Statements
Management is responsible for the preparation and fair presentation of the separate and consolidated financial statements in
accordance with International Financial Reporting Standards, as endorsed by the European Union, and for such internal
control as management determines is necessary to enable the preparation of separate and consolidated financial statements
that are free from material misstatement, whether due to fraud or error.
In preparing the separate and consolidated financial statements, management is responsible for assessing the Group’s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis
of accounting unless management either intends to liquidate the Company or the Group or to cease operations, or has no
realistic alternative but to do so.
The Audit Committee (Art. 44, Law 4449/2017) of the Company is responsible for overseeing the Company’s and the Group’s
financial reporting process.
Auditor’s Responsibilities for the Audit of the separate and consolidated Financial Statements
Our objectives are to obtain reasonable assurance about whether the separate and the consolidated financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
7
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs, as they have been transposed in Greek Legislation, will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these separate and consolidated
financial statements.
As part of an audit in accordance with ISAs as they have been transposed in Greek Legislation, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the separate and consolidated financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit 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
Company’s and the Group’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the Company’s and the Group’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the separate
and consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Company and the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the separate and consolidated financial statements,
including the disclosures, and whether the separate and consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities
within the Group to express an opinion on the separate and consolidated financial statements. We are responsible for
the direction, supervision and performance of the audit of the Company and the Group. We remain solely responsible
for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters.
Our objectives are to obtain reasonable assurance about whether the separate and the consolidated financial statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our
opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with
ISAs, as they have been transposed in Greek Legislation, will always detect a material misstatement when it exists.
Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of these separate and consolidated
financial statements.
As part of an audit in accordance with ISAs as they have been transposed in Greek Legislation, we exercise professional
judgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the separate and consolidated financial statements, whether
due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
8
Obtain an understanding of internal control relevant to the audit 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
Company’s and the Group’s internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.
Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant
doubt on the Company’s and the Group’s ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the separate
and consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions
are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions
may cause the Company and the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the separate and consolidated financial statements,
including the disclosures, and whether the separate and consolidated financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities
within the Group to express an opinion on the separate and consolidated financial statements. We are responsible for
the direction, supervision and performance of the audit of the Company and the Group. We remain solely responsible
for our audit opinion.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the
audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements
regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to
bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters.
Report on Other Legal and Regulatory Requirements
1.
Management Report of the Board of Directors
Taking into consideration that Management is responsible for the preparation of the Management Report of the Board of
Directors which includes the Corporate Governance Statement, according to the provisions of paragraph 5 of article 2 of Law
4336/2015 (part B) we note the following:
a. The Management Report of the Board of Directors includes a statement of corporate governance that provides the
information required by Article 152 of Codified Law 4548/2018.
b. In our opinion, the Management Report of the Board of Director’s has been prepared in accordance with the legal
requirements of articles 150-151, 152 (par. 1 c-d) and 153-154 of the Codified Law 4548/2018 and the content of the report is
consistent with the accompanying separate and consolidated financial statements for the year ended 31 December 2022.
c. Based on the knowledge we obtained during our audit of the Company JUMBO S.A. and its
environment, we have not
identified any material misstatements in the Management Report of the Board of Directors.
2.
Additional
Report to the Audit Committee
Our audit opinion on the accompanying separate and consolidated financial statements is consistent with the Additional
Report to the Company’s Audit Committee in accordance with Article 11 of the European Union (EU) Regulation 537/2014.
3.
Non-Audit Services
We have not provided to the Company and its subsidiaries any prohibited non-audit services referred to in Article 5, EU
Regulation No 537/2014.
The non-audit services not provided to the Company and the Group, in addition to the statutory audit, during the year ended
December 31, 2022 have been disclosed in Note 5.3 to the accompanying separate and consolidated financial statements.
4.
Auditor’s Appointment
We were
first appointed the Company’s Statutory Auditors by the decision of the
Annual General Meeting of the Company’s
Shareholders
on 11/12/1998. Since then, we have been appointed as the Statutory Auditors for a total period of 25 years
based on the decisions of the
Annual General Meetings of Shareholders.