London | Athens | Thessaloniki | Nicosia | Sofia | Bucharest | Belgrade | Podgorica | Tirana |Skopje | Zagreb | Pristina | Banja Luka |Sarajevo | Cairo | Alexandria | Tbilisi | Kyiv | Tehran Associated Offices: Moscow | Beirut | Erbil | Ljubljana
Annual Report 2020Eurofast International Ltd
2
Letter from the CEODear colleagues, clients and associates,
Looking back on the departed 2020, a year that brought a great deal of uncertainty, difficulties andsuffering to humanity worldwide. But each challenge comes with a lesson or two and the pandemichas taught us numerous lessons, which I believe will make us stronger in the long run. We havelearned to respect our health which we may have neglected in the past. We have also learned thatthe world needs a great re-start and many of us are looking forward with optimism to the future.And, once again, businesses have learned that adaptation is crucial for survival.
Thankfully, in our team, we have experienced no job losses and no reduction of salaries; what's more,we have grown and strengthened our teams in most locations.
Our team has worked tirelessly into implementing our long-term plan of migrating our entire serverstructure from across all our offices to the cloud, using Azure, a cutting-edge technology platformwhich will redefine the way we work. Flexibility, reliability and security are only 3 of the benefitswhich our company will enjoy through this platform and we are very proud to announce itsimplementation.
Nonetheless, even though we have managed to maintain our level of business to a great extent, itmust be noted that we have also seen stagnation in certain service lines. All of this has created theneed to approach our growth strategy in new ways. This has been challenging for many of us,especially in service lines and sectors where face-to-face communication and close-knit relationshipswere cornerstone. We have been faced with a task to think about the "how" and not only the "what"and hopefully we have learned something out of this as well.
Here’s to a new, brighter yearChristodoulos Damianou Eurofast Group CEO
London | Athens | Thessaloniki | Nicosia | Sofia | Bucharest | Belgrade | Podgorica | Tirana |Skopje | Zagreb | Pristina | Banja Luka |Sarajevo | Cairo | Alexandria | Tbilisi | Kyiv | Tehran Associated Offices: Moscow | Beirut | Erbil | Ljubljana
Performance Growth
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2019 2020
Revenue per Service
Accounting Payroll/PEO Tax&Legal TP
Audit Advisory Other 0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Total Revenue
2019 2020
3
London | Athens | Thessaloniki | Nicosia | Sofia | Bucharest | Belgrade | Podgorica | Tirana |Skopje | Zagreb | Pristina | Banja Luka |Sarajevo | Cairo | Alexandria | Tbilisi | Kyiv | Tehran Associated Offices: Moscow | Beirut | Erbil | Ljubljana
Service Line Performance
2019
Accounting Payroll/PEO Tax&Legal TP
Audit Advisory Other
2020
Accounting Payroll/PEO Tax&Legal TP
4
0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100%
Albania
Bosnia & Herzegovina
Bulgaria
Croatia
Cyprus
Georgia
Greece
North Macedonia
Romania
Serbia
Percentage of Total EBITDA
2019 2020
London | Athens | Thessaloniki | Nicosia | Sofia | Bucharest | Belgrade | Podgorica | Tirana |Skopje | Zagreb | Pristina | Banja Luka |Sarajevo | Cairo | Alexandria | Tbilisi | Kyiv | Tehran Associated Offices: Moscow | Beirut | Erbil | Ljubljana
Contribution to EBITDA
5
London | Athens | Thessaloniki | Nicosia | Sofia | Bucharest | Belgrade | Podgorica | Tirana |Skopje | Zagreb | Pristina | Banja Luka |Sarajevo | Cairo | Alexandria | Tbilisi | Kyiv | Tehran Associated Offices: Moscow | Beirut | Erbil | Ljubljana
We are proud of our clients and our clients take pride in working with Eurofast. In 2020, Eurofast had more than 730 active clients; a number that speaks for itself.
Clients
0
20
40
60
80
100
120
140
160
180
200
Number of active clients
Active Clients
Albania Bosnia Bulgaria Croatia
Cyprus EF Audit A.E. Georgia Greece
Montenegro North Macedonia Romania Serbia
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London | Athens | Thessaloniki | Nicosia | Sofia | Bucharest | Belgrade | Podgorica | Tirana |Skopje | Zagreb | Pristina | Banja Luka |Sarajevo | Cairo | Alexandria | Tbilisi | Kyiv | Tehran Associated Offices: Moscow | Beirut | Erbil | Ljubljana
Board of Directors
Andreas AndreouAudit Managing
DirectorAthens, Greece
George PanoutsopoulosDirector Western
BalkansBelgrade, Serbia
Anastasia KalaitzakiChief Financial Officer
(CFO)Nicosia, Cyprus
Beshir NoureldinDirector Egypt
OperationsCairo, Egypt
Anna PhiliotisDirector Advisory
ServicesNicosia, Cyprus
Anastasia SagianniTransfer Pricing Director
Athens, Greece
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New Board Members
Antonis Gavrielides is the Director of Eurofast Greece.Mr. Gavrielides has a Master's Degree in BusinessAdministration from the University of Cyprus and has beenpart of Eurofast for the last 11 years.
Irena Damianou is the Chief Marketing Officer in charge ofall corporate activities and marketing strategies of thecompany. Irena holds a degree in Marketing & Managementand a postgraduate degree in E-Business from theUniversity of Newcastle-upon-Tyne in England.
Antonis Gavrielides and Irena Damianou joined Eurofast’s Board of Directors
BoD consists of: Irena Damianou, Maria Savva, AnnaPhiliotis, Anastasia Sagianni, Anastasia Kalaintzaki ,GeorgePanoutsopoulos, Antonis Gavrielides, Andreas Andreou,Beshir Noureldin
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London | Athens | Thessaloniki | Nicosia | Sofia | Bucharest | Belgrade | Podgorica | Tirana |Skopje | Zagreb | Pristina | Banja Luka |Sarajevo | Cairo | Alexandria | Tbilisi | Kyiv | Tehran Associated Offices: Moscow | Beirut | Erbil | Ljubljana
George PanoutsopoulosDimitris Thomopoulos is our new Business
Development Executive.
He holds a BA in Economics & Business
Administration from the Aristotle University
of Thessaloniki in Greece. He has served as
an executive member of large Greek and
multinational groups and has great
experience in Commercial and General
Management in Greece and the Balkans.
His role is to take over the Business
Development activities of the company.
Dimitris is responsible for the development
and implementation of sales strategies and
develop new business relationships while
ensuring the successful communication with
all parts.
In 2020, Eurofast welcomed:
People
George Panoutsopoulos appointed
Regional Director for the Western Balkans
and is located in our offices in Serbia.
George holds a diploma in Business
Administration and Management from
Harvard Business School and MSc in
Economics from Megatrend University,
Faculty for Business Studies in Belgrade.
He has great experience working in the
Financial and commercial management
and has served as Operations Director in
Greek and multinationals groups and
banks.
George Panoutsopoulos is in charge of
the offices in Belgarde, Banja Luka,
Sarajevo, Zagreb, Ljubljana and Podgoricain the Western Balkans.
Dimitris Thomopoulos
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London | Athens | Thessaloniki | Nicosia | Sofia | Bucharest | Belgrade | Podgorica | Tirana |Skopje | Zagreb | Pristina | Banja Luka |Sarajevo | Cairo | Alexandria | Tbilisi | Kyiv | Tehran Associated Offices: Moscow | Beirut | Erbil | Ljubljana
Slobodanka BucaloAccountant
Bosnia & Herzegovina
Dino DzajaSenior Accountant
Croatia
Ivana FiselPayroll Specialist
Croatia
Milanka KotlicaSenior Accountant
Montenegro
Alex KrecouzosPayroll Specialist
Greece
Antonis LarentzakisAsst. Audit Manager
Greece
Fatmegyul AptikadirSenior Accountant
Bulgaria
Sophia ManiatakiPayroll Specialist
Greece
Sylvia MarushkinaSenior Legal Advisor
Bulgaria
Andrea PeulicAccountant
Bosnia & Herzegovina
Fahrudin SutkovicHead Accountant
Montenegro
Slavica ZeljkovicAccountant
Bosnia & Herzegovina
Spasimira PavlovaJunior Accountant
Bulgaria
Marija SpasovaAccountant
North Macedonia
People
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London | Athens | Thessaloniki | Nicosia | Sofia | Bucharest | Belgrade | Podgorica | Tirana |Skopje | Zagreb | Pristina | Banja Luka |Sarajevo | Cairo | Alexandria | Tbilisi | Kyiv | Tehran Associated Offices: Moscow | Beirut | Erbil | Ljubljana
CEO – Honorary Consul
In August 2020, Christodoulos Damianou, the Group CEOof Eurofast was appointed Honorary Consul of Ukraine in theRepublic of Cyprus with jurisdiction over the district ofNicosia and Famagusta.
His Excellency Nicos Anastasiades, President of the Republicof Cyprus presented an Exequatur, signed by the Minister ofForeign Affairs of Cyprus, Nicos Christodoulides with whichthey enable Mr. Damianou to assume office.The Honorary Consul will provide support to the UkrainianEmbassy in Cyprus, in assisting Ukrainian nationals in Nicosiaand Famagusta.Mr. Damianou’s appointment will make a substantialcontribution to the bilateral relations of Cyprus andUkraine and enhance the already existing cooperation of thetwo countries.
Eurofast CEO, Christodoulos Damianou appointed Honorary Consul of Ukraine in Cyprus
EF Group Ceo , Christodoulos Damianou with Mrs.Nataliia Sirenko, Charge d'Affaires a.i. of Ukraine to the Republic of Cyprus and Mr. Nimchynskyi Ruslan, Ambassador Extraordinary and Plenipotentiary of Ukraine to the Republic of Cyprus.
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London | Athens | Thessaloniki | Nicosia | Sofia | Bucharest | Belgrade | Podgorica | Tirana |Skopje | Zagreb | Pristina | Banja Luka |Sarajevo | Cairo | Alexandria | Tbilisi | Kyiv | Tehran Associated Offices: Moscow | Beirut | Erbil | Ljubljana
40-year anniversary
On Thursday, 23 January 2020, Eurofast threw a house-warming partycelebrating 40 years of presence in the Business Market andinaugurating the new Eurofast-owned offices in Athens, Greece.
40 Years Eurofast – Anniversary party
The event was attended by more than 200 guests who savored a splendidevening and were mesmerized by the ravishing performance of the world-famous soprano, Katerina Mina and pianist, Mr. Giorgos Thanas.
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London | Athens | Thessaloniki | Nicosia | Sofia | Bucharest | Belgrade | Podgorica | Tirana |Skopje | Zagreb | Pristina | Banja Luka |Sarajevo | Cairo | Alexandria | Tbilisi | Kyiv | Tehran Associated Offices: Moscow | Beirut | Erbil | Ljubljana
Eurofast Group CEO: “Eurofast is one of the biggest Greekmultinational enterprises which walks against the wind of xenomaniathat unfortunately is so present in this country.
The truth is that the past 20 years, since the growth and prosperitystarted abroad, Eurofast has grown up in both size and in mind. Wehave learnt a lot. We have made mistakes during these years and wehave learnt from them. We have been through difficult, but alsopleasant moments. It makes us happy to watch our people’s effortspaying back. Watching them how much they have progressed,personally and professionally, having become experts in their field andcapable of working and offering in multinational companies all aroundthe globe.
Creativity, ability and knowledge are abundant values in all our 23offices, in Europe and the Middle East. From Cyprus and Greece toEgypt and Iran, it’s an organically grown network built from scratch byEurofast’s people. We have created our offices in each and every city,on our own, with great effort, dedication and love for what we do.”
40-year anniversary
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London | Athens | Thessaloniki | Nicosia | Sofia | Bucharest | Belgrade | Podgorica | Tirana |Skopje | Zagreb | Pristina | Banja Luka |Sarajevo | Cairo | Alexandria | Tbilisi | Kyiv | Tehran Associated Offices: Moscow | Beirut | Erbil | Ljubljana
Infrastructure
Our new offices in Belgrade, Athens, Sofia and TiranaA result of constant development of our business activities
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London | Athens | Thessaloniki | Nicosia | Sofia | Bucharest | Belgrade | Podgorica | Tirana |Skopje | Zagreb | Pristina | Banja Luka |Sarajevo | Cairo | Alexandria | Tbilisi | Kyiv | Tehran Associated Offices: Moscow | Beirut | Erbil | Ljubljana
Webinars were nothing new to Eurofast. We were the first ones to have
successfully held webinars throughout the past years when these were neither
the norm nor the trend. With the current situation underway, webinars were, and
continue to be, the only means of interaction.
During the Covid period, Eurofast turned the spotlight on webinars once again.
The Live Webinar Series feature guest speakers that share their best-case
practices and insights on the latest incentives, citizenship & residency
amendments and much more, in different languages. Only in the year 2020
Eurofast organized more than 25 webinars.
Webinars
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London | Athens | Thessaloniki | Nicosia | Sofia | Bucharest | Belgrade | Podgorica | Tirana |Skopje | Zagreb | Pristina | Banja Luka |Sarajevo | Cairo | Alexandria | Tbilisi | Kyiv | Tehran Associated Offices: Moscow | Beirut | Erbil | Ljubljana
David JakovljevicTax & Legal Advisor
Zagreb, Croatia
Elena KostovskaClient Relationship Manager
Skopje, North Macedonia
Alex MaistrenkoTax & Legal Advisor
Kyiv, Ukraine
Natasa NedicCountry ExecutiveBelgrade, Serbia
Katerina CharalambousClient Relationship Manager
Nicosia, Cyprus
Dajan TopicRegion ExecutiveBanja Luka, B&H
Maria SarantopoulouHead of Tax & Legal
Athens, Greece
Anna PhiliotisDirector Advisory Services
Nicosia, Cyprus
Constantinos PavlouHead of Legal
Nicosia, Cyprus
Our professionals who conducted presentations in our Webinars
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London | Athens | Thessaloniki | Nicosia | Sofia | Bucharest | Belgrade | Podgorica | Tirana |Skopje | Zagreb | Pristina | Banja Luka |Sarajevo | Cairo | Alexandria | Tbilisi | Kyiv | Tehran Associated Offices: Moscow | Beirut | Erbil | Ljubljana
Advertorials - Magazines
Eurofast was present in many advertorials and front covers in the year 2020. International magazines such as Gold News, HQ and CioLook hosted Eurofast, its services and its people for the outstanding services and background.
17
London | Athens | Thessaloniki | Nicosia | Sofia | Bucharest | Belgrade | Podgorica | Tirana |Skopje | Zagreb | Pristina | Banja Luka |Sarajevo | Cairo | Alexandria | Tbilisi | Kyiv | Tehran Associated Offices: Moscow | Beirut | Erbil | Ljubljana
Summing up..The strategy for 2020 included the biggest change in the company communicationchannels and looked forward to a new collaboration platform with many benefits - this isthe transition to the Office 365 working platform, which allowed us to strengthen andsimplify teamwork among 23 offices.
Despite the fact, that at the beginning of 2020, Covid-19 pandemic began to interfere tothe plans of not only our company, but the whole world, Eurofast continued to work,offering a full range of its services in 23 countries working remotely.
2020 was a challenging year, but we, at Eurofast, are made for challenges. We keepbecoming stronger and better for the development and well-being of our people andour clients.
18
LeadingCorporate Adviser
of the YearSouth East Europe
Acquisition INTL
2017Payroll ServicesAccountancy Firm
of the Year inSouth East Europe
2018Tax and TransferPricing Award
forSouth East Europe
International Advisory Experts
2021TransferPricing
Advisory Firm inSouth East Europe
2018Best BoutiqueProfessionalServices in
South East EuropeAcquisition International
2019TransferPricingAdvisorBalkans
Lawyer International Global Awards
2021Top 10
Payroll ServiceProviderof the Year
CIOLOOK
2018Best PayrollOutsourcing
Firmof the Yearby Inside Success
2016
RankedTier One TaxTransactional
Practise in Cyprus
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RankedTier One TaxTransactional
Practise in Cyprus
20142015
• Tax & Transfer Pricing
• Payroll & Employment
• Accounting & Compliance
• Advisory & Corporate
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