ATTICA HOLDINGS SA Annual Financial Report For
Total Page:16
File Type:pdf, Size:1020Kb
ATTICA HOLDINGS S.A. Annual Financial Report for the period 1.1.2018 to 31.12.2018 (In compliance with article 4 of Law 3556/2007) (amounts in Euro thousand) ATTICA HOLDINGS S.A. Registration Number: 7702/06/B/86/128 Commercial Registration Number: 5780001000 1-7 Lysikratous & Evripidou Street,176 74 Kallithea, Athens, Greece FINANCIAL REPORT FOR THE FISCAL YEAR 2018 CONTENTS Page Statement of the Board of Directors’ Members...................................................................................................... 4 Independent Auditor’s Report ............................................................................................................................... 5 Annual Report of the Board of Directors for the fiscal year 2018 ......................................................................... 11 Annual Consolidated and Company Financial Statements for the Fiscal Year 2018 ............................................ 40 Statement of comprehensive income for the period ended December 31 2018 & 2017 ....................................... 41 Statement of financial position as at 31st of December 2018 and at December 31, 2017 .................................... 42 Statement of changes in equity of the Group (period 1-1 to 31-12-2018) ............................................................. 43 Statement of changes in equity of the Group (period 1-1 to 31-12-2017) ............................................................. 43 Statement of changes in equity of the Company (period 1-1 to 31-12-2018) ....................................................... 44 Statement of changes in equity of the Company (period 1-1 to 31-12-2017) ....................................................... 44 Cash Flow Statement (period 1-1 to 31-12 2018 and 2017) ................................................................................ 45 NOTES TO THE FINANCIAL STATEMENTS ..................................................................................................... 46 1. General information ............................................................................................................................. 46 2. Significant Group accounting policies .................................................................................................. 46 2.1. Basis of preparation of financial statements ......................................................................................... 46 2.1.1. Major accounting judgements and main sources of uncertainty for accounting estimations................... 47 2.2. Consolidation ...................................................................................................................................... 48 2.2.1. Accounting Policy in accordance with the presentation of ANEK S.A. - SUPERFAST ENDEKA HELLAS INC &CO Joint Venture in the financial statements of the Group ......................................................... 48 2.2.2. Subsidiaries ........................................................................................................................................ 48 2.2.3. Consolidated financial statements ....................................................................................................... 48 2.3. Investments ......................................................................................................................................... 49 2.4. Associates ........................................................................................................................................... 49 2.5. Joint arrangements .............................................................................................................................. 49 2.6. Tangible assets ................................................................................................................................... 50 2.7. Intangible assets ................................................................................................................................. 51 2.8. Impairment of assets/ Reversal of impairments .................................................................................... 51 2.9. Inventories .......................................................................................................................................... 52 2.10. Trade receivables ................................................................................................................................ 52 2.11. Cash and cash equivalents .................................................................................................................. 52 2.12. Share capital ....................................................................................................................................... 52 2.13. Dividends ............................................................................................................................................ 53 2.14. Revenue ............................................................................................................................................. 53 2.14.1. Revenue from passengers and vehicle fares ....................................................................................... 53 2.14.2. Revenue from on board sales .............................................................................................................. 53 2.14.3. Interest income .................................................................................................................................... 53 2.14.4. Dividend income .................................................................................................................................. 53 2.14.5. Revenue from chartering ..................................................................................................................... 53 2.15. Accounting for Government grants and disclosure of Government assistance ...................................... 53 2.15.1. Government grants related to assets ................................................................................................... 53 2.15.2. Government grants related to income .................................................................................................. 54 2.16. Operating Segment ............................................................................................................................. 54 2.17. Expenses ............................................................................................................................................ 54 2.17.1. Recognition of expenses ..................................................................................................................... 54 2.17.2. Financial expenses .............................................................................................................................. 54 2.17.3. Borrowing costs ................................................................................................................................... 54 2.17.4. Employee benefits ............................................................................................................................... 54 2.17.4.1. Short-term benefits .............................................................................................................................. 54 2.17.4.2. Post-employment benefits ................................................................................................................... 55 2.17.5. Leases ................................................................................................................................................ 55 2.17.5.1. Finance leases .................................................................................................................................... 55 ATTICA HOLDINGS S.A., 1- 7 LYSIKRATOUS & EVRIPIDOU STR., 176 74, KALLITHEA, ATHENS pg. 1 FINANCIAL REPORT FOR THE FISCAL YEAR 2018 2.17.5.2. Operating leases ................................................................................................................................. 56 2.17.6. Provisions, contingent liabilities and contingent assets ......................................................................... 56 2.17.7. Allocation of revenue and expenses .................................................................................................... 56 2.17.7.1. Allocation of joint revenue and expenses ............................................................................................. 56 2.17.7.2. Allocation of expenses on a monthly basis ........................................................................................... 56 2.18. Current and deferred income taxes ...................................................................................................... 56 2.18.1. Income tax on profit from shipping activities ......................................................................................... 56 2.18.2. Income tax on profit from non-shipping activities .................................................................................. 57 2.19. The effect of changes in foreign exchange rates .................................................................................. 57 2.20. Financial instruments........................................................................................................................... 57 2.21. Financial instruments..........................................................................................................................