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PUBLIC GAS CORPORATION of GREECE (DEPA) S.A. Annual

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PUBLIC GAS CORPORATION of GREECE (DEPA) S.A. Annual PUBLIC GAS CORPORATION OF GREECE (DEPA) S.A. Annual Financial Statements for FY from 1 January 2018 to 31 December 2018 in accordance with International Financial Reporting Standards as adopted by the European Union (TRANSLATED FROM THE GREEK ORIGINAL) 1 Table of Contents I. COMPANY INFORMATION ....................................................................................................... 6 II. BOARD OF DIRECTORS REPORT FOR THE CORPORATE YEAR 1.1.2018-31.12.2018 ... 7 III. INDEPENDENT AUDITOR’S REPORT ................................................................................... 29 IV. ANNUAL SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS FOR FY ENDED st AS AT DECEMBER 31 (1 January 2018 - 31 December 2018) ........................................ 33 V. NOTES TO FINANCIAL STATEMENTS ................................................................................. 40 1. Description of the Group ....................................................................................................... 41 2. Basis for Preparation of Financial Statements .................................................................... 43 2.1. General..................................................................................................................................... 43 3. Key Accounting Policies ........................................................................................................ 44 3.1. Basis of Consolidation ........................................................................................................... 44 3.2. Business Combinations ......................................................................................................... 46 3.3. Functional and presentation currency and foreign currency translation ......................... 46 3.4. Goodwill ................................................................................................................................... 47 3.5. Property, plant and equipment .............................................................................................. 47 3.6. Investment property ............................................................................................................... 48 3.7. Intangible assets ..................................................................................................................... 48 3.7.1. Rights of use (rights of way) ........................................................................................ 48 3.7.2 Software ............................................................................................................................. 48 3.8. Impairment of non-current assets (intangible, goodwill and tangible assets/investments in consolidated companies) .................................................................................................. 48 3.9. Financial Instruments ............................................................................................................. 49 3.9.1. Recognition and derecognition .................................................................................... 49 3.9.2 Classification and initial recognition of financial assets .............................................. 49 3.9.3 Subsequent management of financial assets ................................................................ 50 3.9.4 Impairment of financial assets ......................................................................................... 50 2 PUBLIC GAS CORPORATION OF GREECE (DEPA) S.A. Annual Financial Statements For FY from 1 January 2018 to 31 December 2018 (The amounts are stated in Euro unless otherwise mentioned) 3.9.5 Classification and measurement of financial liabilities ................................................ 51 3.10 Inventory .................................................................................................................................. 52 3.11 Share capital, reserves and distribution of dividends ........................................................ 52 3.12 Income tax ............................................................................................................................... 52 3.13 Employee benefits .................................................................................................................. 53 3.14 Government grants ................................................................................................................. 53 3.15 Provisions and contingent assets and liabilities ................................................................ 54 3.16 Trade and other payables ...................................................................................................... 54 3.17 Revenue ................................................................................................................................... 54 3.18 Interest income ....................................................................................................................... 55 3.19 Expenses ................................................................................................................................. 55 3.19.1 Operating leases ................................................................................................................. 55 3.19.2 Cost of financing ........................................................................................................... 56 3.19.3 Accounting treatment of expenses .............................................................................. 56 3.20 Earnings per share ................................................................................................................. 56 3.21 Profit or loss from discontinued operations........................................................................ 56 4. Use of estimates and assumptions ...................................................................................... 57 5. New Standards, Interpretations and Amendments to Standards ...................................... 60 6. Turnover .................................................................................................................................. 66 7. Cost of sales ........................................................................................................................... 66 8. Administrative expenses ....................................................................................................... 67 9. Distribution expenses ............................................................................................................ 67 10. Other (expenses) / revenue ................................................................................................... 68 11. Profit/(Loss)from foreign currency translation ................................................................... 68 12. Financial expenses and income ............................................................................................ 68 13. Profit/(Loss) from associates and jointly controlled entities ............................................. 69 14. Income tax ............................................................................................................................... 70 15. Depreciation/Amortisation ..................................................................................................... 71 16. Property, plant and equipment .............................................................................................. 72 17. Investment property ............................................................................................................... 76 3 PUBLIC GAS CORPORATION OF GREECE (DEPA) S.A. Annual Financial Statements For FY from 1 January 2018 to 31 December 2018 (The amounts are stated in Euro unless otherwise mentioned) 18. Intangible assets ..................................................................................................................... 77 19. The Group structure ............................................................................................................... 79 19.1 Investments in subsidiaries .................................................................................................. 80 19.2 Investments in joint ventures................................................................................................ 80 20. Business combinations – acquisitions of jointly controlled investments ....................... 84 21. Discontinued operations........................................................................................................ 86 21.1 Disposal of investment in DESFA ........................................................................................ 86 21.2 Disposal of 51% of participating interest in Thessaloniki Thessalia EPA S.A. (ZENITH) 88 21.3 Net results of the Group from discontinues operations .................................................... 89 22. Deferred tax ............................................................................................................................. 90 23. Inventory .................................................................................................................................. 95 24. Cash and cash equivalents ................................................................................................... 95 25. Trade and other receivables .................................................................................................. 95 26. Share capital ..........................................................................................................................
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