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Ανεκ 2019 Annual Financi

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Ανεκ 2019 Annual Financi CONTENTS STATEMENT BY THE MEMBERS OF THE BOARD OF DIRECTORS ................................................................... 3 ANNUAL REPORT OF THE BOARD OF DIRECTORS FOR THE FISCAL YEAR 2019 ............................................. 4 INDEPENDENT AUDITORS’ REPORT ........................................................................................................... 50 ANNUAL SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS AS OF 31ST DECEMBER 2019 ............ 57 STATEMENTS OF COMPREHENSIVE INCOME ............................................................................................. 58 STATEMENTS OF FINANCIAL POSITION ...................................................................................................... 59 STATEMENTS OF CHANGE IN SHAREHOLDER’S EQUITY ............................................................................. 60 CASH FLOW STATEMENTS .......................................................................................................................... 61 NOTES ON THE FINANCIAL STATEMENTS OF FISCAL YEAR 2019 ................................................................ 62 1. General information for the Company and the Group ...................................................................... 63 2. Preparation basis of the financial statement .................................................................................... 64 3. Principal accounting policies ............................................................................................................. 71 4. Segmental information ...................................................................................................................... 83 5. Cost of sales ....................................................................................................................................... 85 6. Administrative & Selling expenses .................................................................................................... 85 7. Other income / expenses .................................................................................................................. 86 8. Financial results ................................................................................................................................. 86 9. Results from investing activities ........................................................................................................ 87 10. Results from measurement of investments in associates ................................................................. 87 11. Other provisions ................................................................................................................................ 87 12. Fixed assets / Investments in property ............................................................................................. 87 13. Investments in subsidiaries & affiliates ............................................................................................. 91 14. Inventories......................................................................................................................................... 92 15. Trade receivables and other short term receivables ......................................................................... 93 16. Financial Assets at fair value through profit and loss ........................................................................ 94 17. Cash and cash equivalents ................................................................................................................ 94 18. Share capital / Share premium account ............................................................................................ 95 19. Reserves ............................................................................................................................................ 95 20. Results carries forward ...................................................................................................................... 96 21. Long term and short term bank borrowings ..................................................................................... 96 22. Deferred tax and income tax ............................................................................................................. 98 23. Employees benefits / Other provisions ............................................................................................. 99 24. Capital leases liabilities .................................................................................................................... 102 25. Other long term liabilities................................................................................................................ 102 26. Trade and other current liabilities ................................................................................................... 102 27. Earnings / (losses) per share ........................................................................................................... 103 28. Dividends ......................................................................................................................................... 103 29. Balances and transactions with related parties .............................................................................. 103 30. Commitments and contractual liabilities ........................................................................................ 105 31. Contingent liabilities / receivables – litigious disputes or disputes in arbitration .......................... 106 32. Risk managements and policies ...................................................................................................... 107 33. Financial assets at fair value ............................................................................................................ 112 34. Subsequent events .......................................................................................................................... 112 DATA & INFORMATION FOR FISCAL YEAR 2019 ...................................................................................... 114 INFORMATION PROVIDED UNDER ART. 10 OF LAW 3401/2005…………………………………………………………….113 The annual financial report for fiscal year 2019 was drafted pursuant to art. 4 of law 3556/2007 and was approved by the Board of Directors of ANEK S.A. in its meeting of 24 April 2020. It is noted that the present annual report is translated from the Greek original version. 2 STATEMENT BY THE MEMBERS OF THE BOARD OF DIRECTORS (pursuant to art. 4, par. 2 of Law no. 3556/2007) Τhe members of the Board of Directors of the ANEK S.A.: - Georgios Katsanevakis, Chairman - Ioannis Vardinoyannis, Managing Director - Spyridon Protopapadakis, Vice-Chairman as assigned hereby represent that, to the best of our knowledge: (a) the separate and consolidated annual financial statements for fiscal year from 1st January 2019 to 31st December 2019, which are prepared in accordance with the applicable International Financial Reporting Standards, accurately present the assets, liabilities, equity and results of ANEK S.A., as well as those of the com- panies included in the consolidation, aggregately considered as the group, and (b) the annual report by the Board of Directors, accurately presents the progress, performance and posi- tion of the Parent Company and of the companies included in the consolidation, aggregately considered as the group, including the description of the most important risks and insecurities faced by them. Chania, 24 April 2020 Chairman Managing Director Vice-Chairman GEORGIOS G. KATSANEVAKIS IOANNIS I. VARDINOYANNIS SPYRIDON I. PROTOPAPADAKIS ID Card No AI 473513 ID Card No. Π 966572 ID Card No. AA 490648 ANEK LINES S.A. G.E.S.R. NO: 121557860000 148 KARAMANLI AVE., 73100 CHANIA, CRETE TEL.: 28210 24000, FAX: 28210 36200 e-mail: [email protected] www.anek.gr Annual report of the B .o.D. for the fiscal year 20 1 9 ANNUAL REPORT OF THE BOARD OF DIRECTORS FOR THE FISCAL YEAR 2019 This annual report by the Board of Directors of ANEK S.A. for the fiscal year from 1st January to 31st December 2019 was drafted in accordance with the provisions of law 4548/2018 (articles 149 -154) and is in line with the provisions of law 3556/2007 and decision no 7/448/ 11.10.2007 of the Capital Market Commission. This report includes information relating to the progress of the Group and the Company’s activ- ities, as well as their financial position, results, significant changes and events that took place in fiscal year 2019. It also describes the most significant risks that the Company may face in the future, its anticipated progress in the current fiscal year and the most important transactions between the Company and its relat- ed parties. Ι. BRIEF DESCRIPTION OF BUSINESS MODEL “ANONIMI NAFTILIAKI ETERIA KRITIS (ANEK) S.A.” was established in 1967 and started operating in the passenger shipping sector in 1970. The Group of ANEK consists of: Parent Company ΑΝΕΚ S.A. (passenger shipping sector), AIGAION PELAGOS THALASSIES GRAMMES SHIPPING COMPANY (passenger shipping sector), ETANAP S.A. (Production and sale of bottled water - bottled water sector), LEFKA ORI S.A. (Packaging and trading agricultural products and packaging materials – industry sec- tor), ANEK HOLDINGS S.A. (Tourism, consulting etc. - tourism sector), ΑΝΕΚ LINES ITALIA S.r.l. (Agency and representation of shipping companies - tourism sector). Passenger shipping is the main activity of ANEK Group. The Parent Company provides maritime transport services by Ro/Pax vessels. Having
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