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GEK TERNA SOCIETE ANONYME HOLDINGS REAL ESTATE CONSTRUCTIONS 85 Mesogeion Ave., 115 26 Athens Greece S.A

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GEK TERNA SOCIETE ANONYME HOLDINGS REAL ESTATE CONSTRUCTIONS 85 Mesogeion Ave., 115 26 Athens Greece S.A GEK TERNA SOCIETE ANONYME HOLDINGS REAL ESTATE CONSTRUCTIONS 85 Mesogeion Ave., 115 26 Athens Greece S.A. Reg. No. 6044/06/Β/86/142 ANNUAL FINANCIAL REPORT for the year 1 January to 31 December 2008 According to article 4 of L. 3556/2007 and the relevant executive Decisions by the BoD of the Hellenic Capital Market Commission TABLE OF CONTENTS Ι. STATEMENTS BY MEMBERS OF THE BOARD OF DIRECTORS.............................................. 4 ΙΙ. AUDIT REPORT BY INDEPENDENT CERTIFIED AUDITOR ACCOUNTANT........................ 5 ΙΙΙ. ANNUAL REPORT OF THE BOARD OF DIRECTORS FOR THE FINANCIAL YEAR 2008.. 7 ΙV. ANNUAL FINANCIAL STATEMENTS, INDIVIDUAL AND CONSOLIDATED, OF 31 DECEMBER 2008 ................................................................................................................................ 17 1 ESTABLISHMENT AND ACTIVITY OF THE COMPANY................................................... 26 2 BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS ........................... 27 3 SUMMARY OF KEY ACCOUNTING PRINCIPLES .............................................................. 33 4 GROUP STRUCTURE............................................................................................................... 42 5 SEGMENT REPORTING .......................................................................................................... 47 6 INTANGIBLE FIXED ASSETS ................................................................................................ 52 7 TANGIBLE FIXED ASSETS..................................................................................................... 54 8 INVESTMENT PROPERTY...................................................................................................... 58 9 PARTICIPATIONS IN ASSOCIATE COMPANIES ................................................................ 59 10 OTHER LONG-TERM RECEIVABLES................................................................................... 60 11 INVENTORIES .......................................................................................................................... 61 12 TRADE RECEIVABLES AND PREPAYMENTS AND OTHER RECEIVABLES................ 61 13 CONSTRUCTION CONTRACTS ............................................................................................. 62 14 OTHER FINANCIAL ASSETS ................................................................................................. 63 15 CASH & CASH EQUIVALENTS.............................................................................................. 64 16 LONG-TERM LOANS AND FINANCIAL LEASES ............................................................... 64 17 PROVISIONS FOR STAFF INDEMNITIES............................................................................. 65 18 OTHER PROVISIONS............................................................................................................... 66 19 GRANTS..................................................................................................................................... 67 20 SUPPLIERS, ACCRUED AND OTHER LIABILITIES ........................................................... 68 21 SHORT-TERM LOANS............................................................................................................. 69 22 LIABILITIES FROM DERIVATIES ......................................................................................... 69 23 SHARE CAPITAL...................................................................................................................... 70 24 INCOME TAX............................................................................................................................ 70 25 COST OF SALES AND ADMINISTRATION AND DISTRIBUTION EXPENSES............... 78 26 OTHER INCOME/(EXPENSES) ............................................................................................... 79 27 FINANCIAL INCOME / (EXPENSES)..................................................................................... 80 28 PAYROLL COST ....................................................................................................................... 80 29 NON-CURRENT ASSETS HELD FOR SALE AND DISCONTINUED OPERATIONS ....... 80 30 INTERESTS IN JOINT VENTURES......................................................................................... 83 31 TRANSACTIONS WITH RELATED PARTIES....................................................................... 83 32 AIMS AND POLICIES OF RISK MANAGEMENT................................................................. 84 33 FOREIGN EXCHANGE RISK .................................................................................................. 84 34 SENSITIVITY ANALYSIS OF INTEREST RATE RISK ........................................................ 86 35 ANALYSIS OF CREDIT RISK ................................................................................................. 86 36 ANALYSIS OF LIQUIDITY RISK ........................................................................................... 87 37 PRESENTATION OF FINANCIAL ASSETS AND LIABILITIES PER CATEGORY........... 88 38 POLICIES AND PROCEDURES FOR CAPITAL MANAGEMENT ...................................... 89 39 EXISTING COLLATERAL ASSETS........................................................................................ 89 40 CONTINGENT LIABILITIES-OBLIGATIONS ....................................................................... 89 41 EVENTS AFTER THE BALANCE SHEET DATE .................................................................. 90 2 42 ADJUSTMENTS FOR THE PRESENTATION OF THE ABSOPTION OF TERNA SA OTHER ACTIVITIES BY THE PARENT COMPANY GEK TERNA SA ........................................ 90 V. DATA AND INFORMATION FOR FINANCIAL YEAR 2008 ................................................... 94 VII. INFORMATION OF ARTICLE 10 L.3401/2005 ......................................................................... 95 3 Ι. STATEMENTS BY MEMBERS OF THE BOARD OF DIRECTORS (according to article 4 par. 2 of L. 3556/2007) We, 1. George Peristeris, Chairman of the Board of Directors 2. Nikolaos Kampas, Vice-Chairman of the Board and Managing Director and, 3. Panayiotis Pothos, 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 SA HOLDINGS REAL ESTATE CONSTRUCTIONS for the year from January 1st 2008 till December 31st 2008, which were prepared in accordance with the accounting standards in effect, truly present the assets and liabilities, the shareholders’ equity and the results for the year 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 the companies included in the consolidated and considered aggregately as an entity, including the description of main risks and uncertainties such face. Athens, 27 March 2009 Chairman of the BoD Vice-President of the BoD Board Member & Managing Director George Peristeris Nikolas Kampas Panayiotis Pothos 4 ΙΙ. AUDIT REPORT BY INDEPENDENT CERTIFIED AUDITOR ACCOUNTANT AUDIT REPORT BY INDEPENDENT CERTIFIED AUDITOR ACCOUNTANT Towards the Shareholders of “GEK TERNA SA” Report on the Financial Statements We have audited the accompanying individual and consolidated Financial Statements of “GEK SA”, (the Company), which consist of the individual and consolidated balance sheet as at December 31st 2008, the income statements, statements of changes in equity and cash flow statements for the period ending on the aforementioned date as well as the summary of significant accounting policies and other explanatory notes. Management’s Responsibility for the Financial Statements The Management of the Company is responsible for the preparation and fair presentation of the Financial Statements according to the International Financial Reporting Standards, as such have been adopted by the European Union. This responsibility includes the planning, implementation and maintenance of an internal audit system as regards to the preparation and fair presentation of the financial statements, free from substantial inaccuracies due to fraud or errors. This responsibility also includes the selection and implementation of appropriate accounting principles and the conduct of accounting estimations that are reasonable for the circumstances. Auditor’s Responsibility Our responsibility is limited to the formation and expression of opinion on the Financial Statements, based on the conducted audit. Our audit was conducted based on the Greek Auditing Standards, which are in line with the International Auditing Standards. These Procedures demand our compliance with the ethics rules and the planning and implementation of the audit in a way that reassures with reasonable certainty that the financial statements do not include substantial inaccuracies or omissions. The audit includes the conduct of procedures for the collection of audit data, supporting the amounts and information included in the financial statements. The procedures are selected according to the auditor’s judgment and include the estimation of risk from substantial inaccuracies of the financial statements due to fraud or error. For the estimation of this risk, the auditor takes into account the internal audit system as regards to the compilation and fair presentation of financial statements, and aims
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