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GEK TERNA SOCIETE ANONYME HOLDINGS REAL ESTATE CONSTRUCTIONS 85 Mesogeion Ave., 115 26 Athens Greece General Commercial Registry No. 253001000 (former S.A. Reg. No. 6044/06/Β/86/142) ANNUAL FINANCIAL REPORT for the period 1 January to 31 December 2017 In accordance with article 4 of L. 3556/2007 and the relevant executive Decisions by the Board of Directors of the Hellenic Capital Market Commission GEK TERNA GROUP Annual Financial Statements of the financial year 1 January 2017 - 31 December 2017 (Amounts in thousands Euro, unless otherwise stated) CONTENTS I. STATEMENTS BY MEMBERS OF THE BOARD OF DIRECTORS .............................................. 4 II. INDEPENDENT AUDITOR'S REPORT .................................................................................. 5 III. REPORT ON SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS .............................. 5 IV. ANNUAL REPORT OF THE BOARD OF DIRECTORS FOR THE FINANCIAL YEAR 2017 ............ 12 V. ANNUAL FINANCIAL STATEMENTS SEPARATE AND CONSOLIDATED OF 31 DECEMBER 2017 (1 JANUARY - 31 DECEMBER 2017) ........................................................................................ 51 STATEMENT OF FINANCIAL POSITION.................................................................................... 52 STATEMENT OF COMPREHENSIVE INCOME ........................................................................... 54 STATEMENT OF CASH FLOWS ................................................................................................ 56 STATEMENT OF CHANGES IN EQUITY .................................................................................... 58 VI. NOTES ON THE FINANCIAL STATEMENTS ........................................................................ 61 1. ESTABLISHMENT AND ACTIVITY OF THE COMPANY ............................................................. 61 2. BASIS FOR THE PRESENTATION OF THE FINANCIAL STATEMENTS ....................................... 63 3. SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES........................................................ 72 4. STRUCTURE OF THE GROUP AND THE COMPANY................................................................. 87 5. OPERATING SEGMENTS ......................................................................................................... 95 6. IMPAIRMENT OF GOODWILL .............................................................................................. 101 7. INTANGIBLE ASSETS ............................................................................................................ 102 8. TANGIBLE FIXED ASSETS ...................................................................................................... 106 9. INVESTMENT PROPERTY ..................................................................................................... 111 10. PARTICIPATION IN SUBSIDIARIES ........................................................................................ 116 11. PARTICIPATIONS IN ASSOCIATES ......................................................................................... 117 12. INTERESTS IN JOINT VENTURES ........................................................................................... 118 13. FINANCIAL ASSETS – CONCESSIONS .................................................................................... 122 14. OTHER LONG-TERM RECEIVABLES ...................................................................................... 124 15. INVENTORIES ....................................................................................................................... 124 16. TRADE RECEIVABLES ............................................................................................................ 125 17. CONSTRUCTION CONTRACTS .............................................................................................. 126 18. PREPAYMENTS AND OTHER RECEIVABLES .......................................................................... 127 19. PROVISION FOR IMPAIRMENT OF RECEIVABLES ................................................................. 128 20. INVESTMENTS AVAILABLE FOR TRADING PURPOSES.......................................................... 129 2 GEK TERNA GROUP Annual Financial Statements of the financial year 1 January 2017 - 31 December 2017 (Amounts in thousands Euro, unless otherwise stated) 21. INVESTMENTS AVAILABLE FOR SALE ................................................................................... 129 22. CASH AND CASH EQUIVALENTS .......................................................................................... 130 23. LONG-TERM LOANS AND FINANCE LEASES ......................................................................... 131 24. LIABILITIES FROM FINANCIAL INSTRUMENTS ..................................................................... 134 25. PROVISION FOR STAFF INDEMNITIES .................................................................................. 136 26. OTHER PROVISIONS ............................................................................................................. 137 27. GRANTS ............................................................................................................................... 139 28. SUPPLIERS ............................................................................................................................ 140 29. ACCRUED AND OTHER LIABILITIES ...................................................................................... 140 30. SHORT-TERM LOANS ........................................................................................................... 142 31. DERIVATIVE FINANCIAL INSTRUMENTS .............................................................................. 142 32. SHARE CAPITAL – EARNINGS PER SHARE ............................................................................ 146 33. RESERVES ............................................................................................................................. 146 34. INCOME TAX ........................................................................................................................ 147 35. COST OF SALES - ADMINISTRATIVE AND DISTRIBUTION EXPENSES - RESEARCH AND DEVELOPMENT EXPENSES ................................................................................................... 158 36. AUDITORS’ FEES .................................................................................................................. 160 37. OTHER INCOME/(EXPENSES) ............................................................................................... 160 38. PROFIT / (LOSSES) FROM SALE OF PARTICIPATIONS ........................................................... 161 39. GAINS/(LOSSES) FROM VALUATION OF INTERESTS ............................................................ 161 40. FINANCIAL INCOME/(EXPENSES)......................................................................................... 162 41. PERSONNEL COST ................................................................................................................ 163 42. ACQUISITION OF COMPANIES ............................................................................................. 163 43. TRANSACTIONS WITH RELATED PARTIES ............................................................................ 168 44. AIMS AND POLICIES OF RISK MANAGEMENT...................................................................... 169 45. PRESENTATION OF FINANCIAL ASSETS AND LIABILITIES PER CATEGORY ........................... 174 46. POLICIES AND PROCEDURES FOR CAPITAL MANAGEMENT ................................................ 178 47. CONTINGENT LIABILITIES AND ASSETS ................................................................................ 179 48. EVENTS AFTER THE BALANCE SHEET DATE ......................................................................... 181 3 GEK TERNA GROUP Annual Financial Statements of the financial year 1 January 2017 - 31 December 2017 (Amounts in thousands Euro, unless otherwise stated) I.STATEMENTS BY MEMBERS OF THE BOARD OF DIRECTORS (according to article 4 par. 2 of L. 3556/2007) We 1. Nikolaos Kampas, Chairman of the Board of Directors 2. George Peristeris, Chief Executive Officer 3. Apostolos Tamvakakis,Vice-Chairman, Independent non-executive Member of the Board of Directors STATE THAT To the best of our knowledge: a. the annual company and consolidated financial statements of GEK TERNA SOCIETE ANONYME HOLDINGS REAL ESTATE CONSTRUCTIONS for the period from January 1st 2017 to December 31st 2017, which were prepared in accordance with the accounting standards in effect, present a true picture of the Assets and Liabilities, the Shareholders’ Equity and the Total Comprehensive Income of the Group and Company, as well as of the companies included in the consolidation and considered aggregately as an entity and b. the Board of Directors’ Report accurately presents the developments, the performance and position of the Company, as well as of the companies included in the consolidated and considered aggregately as an entity, including the description of main risks and uncertainties they face. Athens, 26 April 2018 Chairman of the Board Chief Executive Officer Vice-Chairman of the Board Nikolaos Kampas Georgios Peristeris Apostolos Tamvakakis 4 II. Independent Auditor's Report (This report has been translated from the Greek Original Version) To the Shareholders of “GEK TERNA SOCIETE ANONYME HOLDING REAL ESTATE CONSTRUCTIONS” Report on Separate and Consolidated Financial Statements Opinion
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