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20161231 Notes Eng CONTENTS STATEMENT BY THE MEMBERS OF THE BOARD OF DIRECTORS .................................................................... 3 ANNUAL REPORT OF THE BOARD OF DIRECTORS ......................................................................................... 4 FOR THE FISCAL YEAR 2016 .......................................................................................................................... 4 INDEPENDENT AUDITOR’S REPORT ............................................................................................................ 45 ANNUAL SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS AS OF 31ST DECEMBER 2016 .............. 48 STATEMENT OF COMPREHENSIVE INCOME ............................................................................................... 49 STATEMENTS OF FINANCIAL POSITION ...................................................................................................... 50 STATEMENT OF CHANGE IN SHAREHOLDER’S EQUITY ............................................................................... 51 CASH FLOW STATEMENTS .......................................................................................................................... 52 NOTES ON THE FINANCIAL STATEMENTS OF FISCAL YEAR 2016 ................................................................. 53 1. General information for the Company and the Group ....................................................................... 54 2. Preparation basis of the financial statements .................................................................................... 55 3. Principal accounting policies .............................................................................................................. 61 4. Segmental information ....................................................................................................................... 70 5. Cost of sales ........................................................................................................................................ 72 6. Administrative / Selling expenses ...................................................................................................... 72 7. Other income / expenses ................................................................................................................... 73 8. Financial results .................................................................................................................................. 73 9. Results from investing activities ......................................................................................................... 74 10. Results from measurement of investments in associates .................................................................. 74 11. Fixed assets / Investments in property .............................................................................................. 74 12. Investments in subsidiaries & affiliates .............................................................................................. 78 13. Inventories ......................................................................................................................................... 79 14. Trade receivables and other short term receivables.......................................................................... 79 15. Financial assets at fair value through profit and loss ......................................................................... 80 16. Cash and cash equivalents ................................................................................................................. 80 17. Share capital / Share premium account ............................................................................................. 81 18. Reserves ............................................................................................................................................. 81 19. Results carried forward ...................................................................................................................... 82 20. Long term and short term bank borrowings ...................................................................................... 82 21. Deferred tax and income tax .............................................................................................................. 83 22. Employee benefits / Other provisions ................................................................................................ 85 23. Capital leases liabilities....................................................................................................................... 87 24. Other long term liabilities .................................................................................................................. 87 25. Trade and other current liabilities ...................................................................................................... 87 26. Earnings / (losses) per share .............................................................................................................. 88 27. Dividends ............................................................................................................................................ 88 28. Adjustments of figures ....................................................................................................................... 88 29. Balances and transactions with related parties ................................................................................. 89 30. Commitments and contractual liabilities ........................................................................................... 91 31. Contingent liabilities / receivables – litigious disputes or disputes in arbitration ............................. 92 32. Risk management and policies ........................................................................................................... 93 33. Financial assets at fair value ............................................................................................................... 97 34. Subsequent events ............................................................................................................................. 97 DATA AND INFORMATION FOR FISCAL YEAR 2016 ..................................................................................... 99 INFORMATION PROVIDED UNDER ART. 10 OF LAW 3401/2005 ............................................................... 100 The annual financial report for fiscal year 2016 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 12th April 2017. It is noted that the present annual report is translated from the Greek original version. Statement by the members of the B.o.D. STATEMENT BY THE MEMBERS OF THE BOARD OF DIRECTORS (pursuant to art. 4, par. 2 of Law no. 3556/2007) The members of the Board of Directors of the ANEK S.A.: - Georgios Katsanevakis, Chairman - Ioannis Vardinoyannis, Managing Director - Spyridon Protopapadakis, Senior 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 2016 to 31st December 2016, which are prepared in accordance with the applicable International Financial Report- ing Standards, accurately present the assets, liabilities, equity and results of ANEK S.A., as well as those of the companies 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 position 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, 12 April 2017 Chairman Managing Director Senior 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 3 Annual report of the Board of Directors for the fiscal year 2016 ANNUAL REPORT OF THE BOARD OF DIRECTORS FOR THE FISCAL YEAR 2016 This annual report by the Board of Directors of ANEK S.A. for the fiscal year from 1st January to 31st December 2016 was drafted in accordance with the provisions of Codified Law 2190/1920 (articles 43a,43bb, 107a and 136) 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 in- cludes information relating to the progress of the Group and the Company’s activities, as well as their financial position, results, significant changes and events that took place in fiscal year 2016. 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 transac- tions between the Company and its related parties. Ι. OVERVIEW OF ACTIVITIES & FINANCIAL POSITION In year 2016, ANEK Group maintained its profitability at the net income level, confirming the strong recovery that began in the previous year. The more effective management of vessels and itineraries, the reduction in operating cost, the extraordinary charters and the fluctuation of international oil prices at low- er levels compared to previous years, were the factors that allowed the Group to offset the negative effects of
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