Intracom Constructions Societe Anonyme Technical and Steel Constructions G.E.M.I
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Intracom Constructions Societe Anonyme Technical and Steel Constructions G.E.M.I. No.: 408501000 (former Companies Register No.: 16205/06/Β/87/37) 19th km Peania - Markopoulou Ave. 190 02 Peania, Attika, Greece Annual Financial Report for the year 01.01.2013 – 31.12.2013 Index of Contents Page STATEMENTS OF THE BOARD OF DIRECTORS’ MEMBERS ....................................................................................... 1 ANNUAL REVIEW REPORT OF THE BOARD OF DIRECTORS.................................................................................... 2 INDEPENDENT AUDITOR’s REPORT ............................................................................................................................. 19 ANNUAL FINANCIAL STATEMENTS ............................................................................................................................ 21 1. Statement of Financial Position............................................................................................................................... 22 2. Statement of Comprehensive Income .................................................................................................................... 23 3.a Statement of Changes in Equity - Group ............................................................................................................... 24 3.b Statement of Changes in Equity - Company ......................................................................................................... 25 4. Statement of Cash Flows.......................................................................................................................................... 26 5. Notes to the Annual Financial Statements as of December 31st 2013 (Parent Company and Group)............ 28 5.1. General Information..................................................................................................................................... 28 5.2. Scope of Activity........................................................................................................................................... 28 5.3 Basis of preparation of the annual financial statements.......................................................................... 28 5.4 New standards, amendments and interpretations................................................................................... 29 5.5 Segmental Reporting.................................................................................................................................... 34 5.6 Consolidation................................................................................................................................................ 34 5.7 Group structure and methods of consolidating companies.................................................................... 36 5.8 Discontinued operations.............................................................................................................................. 37 5.9 Foreign currency translation....................................................................................................................... 38 5.10 Property, plant and equipment .................................................................................................................. 39 5.11 Investment property .................................................................................................................................... 39 5.12 Leases............................................................................................................................................................. 39 5.13 Intangible assets............................................................................................................................................ 40 5.14 Impairment of non-financial assets............................................................................................................ 40 5.15 Financial Assets ............................................................................................................................................ 40 5.16 Inventories..................................................................................................................................................... 42 5.17 Trade receivables.......................................................................................................................................... 42 5.19 Cash and cash equivalents .......................................................................................................................... 42 5.20 Non-current assets held for sale and discontinued operations .............................................................. 42 5.21 Share capital .................................................................................................................................................. 43 5.22 Borrowings .................................................................................................................................................... 43 5.23 Borrowing costs ............................................................................................................................................ 43 5.24 Current and deferred income tax ............................................................................................................... 43 5.25 Trade payables.............................................................................................................................................. 43 5.26 Employee benefits ........................................................................................................................................ 44 5.27 Provisions ...................................................................................................................................................... 44 5.28 Recognition of revenues and expenses...................................................................................................... 44 5.29 Construction contracts................................................................................................................................. 45 5.30 Dividend distribution .................................................................................................................................. 45 5.31 Financial risk management ......................................................................................................................... 45 5.32 Capital management .................................................................................................................................... 48 5.33 Reallocation of funds ................................................................................................................................... 48 5.34 Roundings ..................................................................................................................................................... 48 6. Segment information................................................................................................................................................ 49 6.1 Operational segments .................................................................................................................................. 49 6.2 Group's sales, assets and capital expenditure per geographical segment ............................................ 50 7. Detailed data regarding the Financial Statements................................................................................................ 51 7.1 Goodwill ........................................................................................................................................................ 51 7.2 Other intangible assets................................................................................................................................. 51 Annual Financial Report for the year 01.01.2013 – 31.12.2013 7.3 Property, plant and equipment .................................................................................................................. 52 7.4 Investment property .................................................................................................................................... 54 7.5 Investments in subsidiaries......................................................................................................................... 54 7.6 Investments in associates............................................................................................................................. 54 7.7 Available- for-sale financial assets ............................................................................................................. 56 7.8 Trade and other receivables ........................................................................................................................ 57 7.9 Deferred income tax..................................................................................................................................... 58 7.10 Inventories..................................................................................................................................................... 60 7.11 Construction contracts................................................................................................................................. 61 7.12 Other financial assets at fair value through profit or loss....................................................................... 61 7.13 Cash and cash equivalents