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Gek Terna Societe Anonyme Holdings Real Estate Constructions

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Gek Terna Societe Anonyme Holdings Real Estate Constructions GEK TERNA SOCIETE ANONYME HOLDINGS REAL ESTATE CONSTRUCTIONS 85 Mesogeion Ave., 115 26 Athens Greece General Commercial Registry No. 253001000 (former S.A. Reg. No. 6044/06/Β/86/142) ANNUAL FINANCIAL REPORT for the period 1 January to 31 December 2014 In accordance with article 4 of L. 3556/2007 and the relevant executive Decisions by the Board of Directors of the Hellenic Capital Market Commission GEK TERNA GROUP Annual Financial Statements of the financial year 1 January 2014 ‐ 31 December 2014 (Amounts in thousands Euro, unless otherwise stated) CONTENTS I. STATEMENTS BY MEMBERS OF THE BOARD OF DIRECTORS ............................................... 4 II. INDEPENDENT AUDITOR’S REPORΤ ................................................................................... 5 III. ANNUAL REPORT OF THE BOARD OF DIRECTORS FOR THE FINANCIAL YEAR 2014 .............. 7 IV. ANNUAL FINANCIAL STATEMENTS SEPARATE AND CONSOLIDATED OF 31 DECEMBER 2014 (1 JANUARY ‐ 31 DECEMBER 2014) ......................................................................................... 32 STATEMENT OF FINANCIAL POSITION ................................................................................................... 33 STATEMENT OF COMPREHENSIVE INCOME ........................................................................................... 35 STATEMENT OF CASH FLOWS ................................................................................................................ 37 STATEMENT OF CHANGES IN EQUITY OF THE COMPANY ....................................................................... 39 V. NOTES ON THE FINANCIAL STATEMENTS ......................................................................... 41 1. ESTABLISHMENT AND ACTIVITY OF THE COMPANY ........................................................................... 41 2. BASIS FOR THE PRESENTATION OF THE FINANCIAL STATEMENTS ...................................................... 42 3. SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES ...................................................................... 51 4. STRUCTURE OF THE GROUP AND THE COMPANY ............................................................................... 62 5. OPERATING SEGMENTS....................................................................................................................... 70 6. INTANGIBLE FIXED ASSETS .................................................................................................................. 76 7. TANGIBLE FIXED ASSETS ...................................................................................................................... 79 8. INVESTMENT PROPERTY ..................................................................................................................... 82 9. PARTICIPATION IN SUBSIDIARIES ........................................................................................................ 85 10. PARTICIPATIONS IN ASSOCIATES......................................................................................................... 86 11. INTERESTS IN JOINT VENTURES .......................................................................................................... 88 12. OTHER LONG‐TERM RECEIVABLES ...................................................................................................... 92 13. INVENTORIES ....................................................................................................................................... 93 14. TRADE RECEIVABLES ........................................................................................................................... 93 15. CONSTRUCTION CONTRACTS .............................................................................................................. 94 16. PREPAYMENTS AND OTHER RECEIVABLES .......................................................................................... 95 17. PROVISION FOR IMPAIRMENT OF RECEIVABLES ................................................................................. 96 18. INVESTMENTS AVAILABLE FOR SALE ................................................................................................... 97 19. CASH AND CASH EQUIVALENTS .......................................................................................................... 97 20. LONG‐TERM LOANS AND FINANCE LEASES ......................................................................................... 98 21. LIABILITIES FROM FINANCIAL INSTRUMENTS ................................................................................... 100 22. PROVISION FOR STAFF INDEMNITIES ................................................................................................ 100 23. OTHER PROVISIONS .......................................................................................................................... 102 2 GEK TERNA GROUP Annual Financial Statements of the financial year 1 January 2014 ‐ 31 December 2014 (Amounts in thousands Euro, unless otherwise stated) 24. GRANTS ............................................................................................................................................. 103 25. SUPPLIERS ......................................................................................................................................... 104 26. ACCRUED AND OTHER LIABILITIES .................................................................................................... 104 27. SHORT‐TERM LOANS ......................................................................................................................... 105 28. LIABILITIES FROM DERIVATIVES ........................................................................................................ 105 29. SHARE CAPITAL – EARNINGS PER SHARE .......................................................................................... 106 30. RESERVES .......................................................................................................................................... 107 31. INCOME TAX ...................................................................................................................................... 107 32. COST OF SALES ‐ ADMINISTRATIVE AND DISTRIBUTION EXPENSES ‐ RESEARCH AND DEVELOPMENT EXPENSES .......................................................................................................................................... 117 33. AUDITORS FEES ................................................................................................................................. 118 34. OTHER INCOME/(EXPENSES) ............................................................................................................. 119 35. GAINS / (LOSSES) FROM SALE OF PARTICIPATION ............................................................................ 119 36. FINANCIAL INCOME/(EXPENSES) ...................................................................................................... 119 37. PERSONEL COST ................................................................................................................................ 120 38. TRANSACTIONS WITH RELATED PARTIES .......................................................................................... 120 39. AIMS AND POLICIES OF RISK MANAGEMENT .................................................................................... 122 40. PRESENTATION OF FINANCIAL ASSETS AND LIABILITIES PER CATEGORY ......................................... 127 41. POLICIES AND PROCEDURES FOR CAPITAL MANAGEMENT .............................................................. 129 42. RESTATEMENT OF FINANCIAL STATEMENTS BASED ON IFRS 11 ...................................................... 129 43. CONTINGENT LIABILITIES .................................................................................................................. 135 44. EVENTS AFTER THE BALANCE SHEET DATE ....................................................................................... 136 VI. DATA AND INFORMATION FOR THE PERIOD 1.1.2014‐31.12.2014 ................................. 137 VII. INFORMATION OF ARTICLE 10 L. 3401/2005 .................................................................. 138 3 GEK TERNA GROUP Annual Financial Statements of the financial year 1 January 2014 ‐ 31 December 2014 (Amounts in thousands Euro, unless otherwise stated) I. STATEMENTS BY MEMBERS OF THE BOARD OF DIRECTORS (according to article 4 par. 2 of L. 3556/2007) We 1. Nikolaos Kampas, Chairman of the Board of Directors 2. George Peristeris, Chief Executive Officer 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 SOCIETE ANONYME HOLDINGS REAL ESTATE CONSTRUCTIONS for the period from January 1st 2014 to December 31st 2014, which were prepared in accordance with the accounting standards in effect, present a true picture of the Assets and Liabilities, the Shareholders’ Equity and the Total Comprehensive Income 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 of the companies included in the consolidated and considered aggregately as an entity, including the description of main risks and uncertainties they face. Athens, 27 March 2015 Chairman of the Board Chief Executive Officer Board Member
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