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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 2016 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 WorldReginfo - 975f36f1-a755-4c40-ae96-2fe806eff500 GEK TERNA GROUP Annual Financial Statements of the financial year 1 January 2016 ‐ 31 December 2016 (Amounts in thousands Euro, unless otherwise stated) CONTENTS I. STATEMENTS BY MEMBERS OF THE BOARD OF DIRECTORS ............................................... 4 II. INDEPENDENT AUDITOR’S REPORT ................................................................................... 5 III. ANNUAL REPORT OF THE BOARD OF DIRECTORS FOR THE FINANCIAL YEAR 2016 .............. 7 IV. ANNUAL FINANCIAL STATEMENTS SEPARATE AND CONSOLIDATED OF 31 DECEMBER 2016 (1 JANUARY ‐ 31 DECEMBER 2016) ......................................................................................... 42 STATEMENT OF FINANCIAL POSITION ................................................................................................... 43 STATEMENT OF COMPREHENSIVE INCOME ........................................................................................... 45 STATEMENT OF CASH FLOWS ................................................................................................................ 47 STATEMENT OF CHANGES IN EQUITY .................................................................................................... 49 COMPANY ............................................................................................................................................ 49 GROUP ................................................................................................................................................. 50 V. NOTES ON THE FINANCIAL STATEMENTS ......................................................................... 51 1. ESTABLISHMENT AND ACTIVITY OF THE COMPANY ........................................................................... 51 2. BASIS FOR THE PRESENTATION OF THE FINANCIAL STATEMENTS ...................................................... 53 3. SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES ...................................................................... 61 4. STRUCTURE OF THE GROUP AND THE COMPANY ............................................................................... 73 5. OPERATING SEGMENTS....................................................................................................................... 80 6. INTANGIBLE FIXED ASSETS .................................................................................................................. 87 7. TANGIBLE FIXED ASSETS ...................................................................................................................... 91 8. INVESTMENT PROPERTY ..................................................................................................................... 96 9. PARTICIPATION IN SUBSIDIARIES ........................................................................................................ 99 10. PARTICIPATIONS IN ASSOCIATES....................................................................................................... 100 11. INTERESTS IN JOINT VENTURES ........................................................................................................ 102 12. FINANCIAL ASSETS – CONCESSIONS .................................................................................................. 106 13. OTHER LONG‐TERM RECEIVABLES .................................................................................................... 106 14. INVENTORIES ..................................................................................................................................... 107 15. TRADE RECEIVABLES ......................................................................................................................... 108 16. CONSTRUCTION CONTRACTS ............................................................................................................ 108 17. PREPAYMENTS AND OTHER RECEIVABLES ........................................................................................ 109 18. PROVISION FOR IMPAIRMENT OF RECEIVABLES ............................................................................... 110 19. INVESTMENTS AVAILABLE FOR TRADING PURPOSES ........................................................................ 111 20. INVESTMENTS AVAILABLE FOR SALE ................................................................................................. 111 21. CASH AND CASH EQUIVALENTS ........................................................................................................ 112 22. LONG‐TERM LOANS AND FINANCE LEASES ....................................................................................... 113 2 WorldReginfo - 975f36f1-a755-4c40-ae96-2fe806eff500 GEK TERNA GROUP Annual Financial Statements of the financial year 1 January 2016 ‐ 31 December 2016 (Amounts in thousands Euro, unless otherwise stated) 23. LIABILITIES FROM FINANCIAL INSTRUMENTS ................................................................................... 114 24. PROVISION FOR STAFF INDEMNITIES ................................................................................................ 115 25. OTHER PROVISIONS .......................................................................................................................... 117 26. GRANTS ............................................................................................................................................. 119 27. SUPPLIERS ......................................................................................................................................... 120 28. ACCRUED AND OTHER LIABILITIES .................................................................................................... 120 29. SHORT‐TERM LOANS ......................................................................................................................... 121 30. DERIVATIVE FINANCIAL INSTRUMENTS ............................................................................................ 121 31. SHARE CAPITAL – EARNINGS PER SHARE .......................................................................................... 122 32. RESERVES .......................................................................................................................................... 123 33. INCOME TAX ...................................................................................................................................... 124 34. COST OF SALES ‐ ADMINISTRATIVE AND DISTRIBUTION EXPENSES ‐ RESEARCH AND DEVELOPMENT EXPENSES .......................................................................................................................................... 134 35. AUDITORS FEES ................................................................................................................................. 135 36. OTHER INCOME/(EXPENSES) ............................................................................................................. 135 37. GAINS / (LOSSES) FROM SALE OF PARTICIPATION ............................................................................ 136 38. GAINS/(LOSSES) FROM VALUATION OF INTERESTS .......................................................................... 137 39. FINANCIAL INCOME/(EXPENSES) ...................................................................................................... 137 40. PERSONEL COST ................................................................................................................................ 138 41. TRANSACTIONS WITH RELATED PARTIES .......................................................................................... 138 42. AIMS AND POLICIES OF RISK MANAGEMENT .................................................................................... 140 43. PRESENTATION OF FINANCIAL ASSETS AND LIABILITIES PER CATEGORY ......................................... 144 44. POLICIES AND PROCEDURES FOR CAPITAL MANAGEMENT .............................................................. 146 45. CONTINGENT LIABILITIES .................................................................................................................. 147 46. EVENTS AFTER THE BALANCE SHEET DATE ....................................................................................... 148 VI. DATA AND INFORMATION FOR THE PERIOD 1.1.2016‐31.12.2016 ................................. 149 VII. INFORMATION OF ARTICLE 10 L. 3401/2005 .................................................................. 150 3 WorldReginfo - 975f36f1-a755-4c40-ae96-2fe806eff500 GEK TERNA GROUP Annual Financial Statements of the financial year 1 January 2016 ‐ 31 December 2016 (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. Angelos Tagmatarhis, 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
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