Piraeus Port Authority S.A. Annual Financial Report
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PIRAEUS PORT AU THORITY S.A. ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2018 (IN ACCORDANCE WITH THE L. 3556/2007) WorldReginfo - 4aac7156-b0aa-428d-be03-ee017797d73b PIRAEUS PORT AUTHORITY S.A Annual Financial Report for the year ended December 31, 2018 (amounts in Euro unless stated otherwise) Index to the Annual Financial Report PAGE STATEMENTS OF THE MEMBERS OF THE BOARD OF DIRECTORS ....................................................................................................... 3 ANNUAL REPORT OF THE BOARD OF DIRECTORS .............................................................................................................................. 4 STATEMENT OF CORPORATE GOVERNANCE ................................................................................................................................... 53 INDEPENDENT AUDITOR’S REPORT ................................................................................................................................................. 61 STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2018 ................................................................. 67 STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2018 .................................................................................................. 68 STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED DECEMBER 31, 2018 ......................................................................... 69 CASH FLOW STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2018 ............................................................................................ 70 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2018 ..................................................................... 71 1. ESTABLISHMENT AND ACTIVITY OF THE COMPANY: ........................................................................................................................ 71 2. BASIS OF PRESENTATION OF FINANCIAL STATEMENTS: ................................................................................................................... 72 3. PRINCIPAL ACCOUNTING POLICIES .................................................................................................................................................. 74 4. PROPERTY, PLANT & EQUIPMENT ................................................................................................................................................... 89 5. INVESTMENT PROPERTY .................................................................................................................................................................. 90 6. INTANGIBLE ASSETS ........................................................................................................................................................................ 92 7. OTHER NON-CURRENT ASSETS ........................................................................................................................................................ 93 8. INCOME TAX (CURRENT AND DEFERRED) ........................................................................................................................................ 94 9. INVENTORIES ................................................................................................................................................................................... 97 10. TRADE AND OTHER RECEIVABLES .................................................................................................................................................... 97 11. CASH AND CASH EQUIVALENTS ....................................................................................................................................................... 99 12. SHARE CAPITAL .............................................................................................................................................................................. 100 13. RESERVES ...................................................................................................................................................................................... 100 14. GOVERNMENT GRANTS ................................................................................................................................................................. 101 15. PROVISIONS ................................................................................................................................................................................... 101 16. RESERVE FOR STAFF LEAVING INDEMNITIES .................................................................................................................................. 102 17. FINANCE LEASE OBLIGATIONS ....................................................................................................................................................... 103 18. LONG-TERM & SHORT TERM BORROWINGS .................................................................................................................................. 104 19. DIVIDENDS ..................................................................................................................................................................................... 105 20. ACCRUED AND OTHER CURRENT LIABILITIES ................................................................................................................................. 106 21. DEFERRED INCOME ....................................................................................................................................................................... 106 22. SEGMENT INFORMATION .............................................................................................................................................................. 107 23. REVENUES ..................................................................................................................................................................................... 109 24. ANALYSIS OF EXPENSES ................................................................................................................................................................ 109 25. OTHER OPERATING INCOME / EXPENSES ...................................................................................................................................... 110 26. FINANCIAL INCOME/ (EXPENSES).................................................................................................................................................. 111 27. DEPRECIATION AND AMORTISATION ............................................................................................................................................ 111 28. PAYROLL AND EMPLOYEE RELATED COST ...................................................................................................................................... 111 29. EARNINGS PER SHARE ................................................................................................................................................................... 112 30. COMMITMENTS AND CONTINGENT LIABILITIES ............................................................................................................................ 112 31. RELATED PARTIES .......................................................................................................................................................................... 114 32. FINANCIAL INSTRUMENTS ............................................................................................................................................................. 116 33. SUBSEQUENT EVENTS ................................................................................................................................................................... 119 WEBSITE PLACE OF UPLOADING THE FINANCIAL STATEMENTS ..................................................................................................... 120 Page 2 από 120 WorldReginfo - 4aac7156-b0aa-428d-be03-ee017797d73b PIRAEUS PORT AUTHORITY S.A Annual Financial Report for the year ended December 31, 2018 (amounts in Euro unless stated otherwise) STATEMENTS OF THE MEMBERS OF THE BOARD OF DIRECTORS Statements of the Members of the Boards of Directors (In accordance with article 4 par. 2 of L. 3556/2007) The Board of Directors Members of the Company “Piraeus Port Authority Societé Anonyme” and trade title “PPA S.A.” (hereinafter referred to as “Company” or as “PPA”) and the undersigned: 1. FU Chengqiu, Chairman of the Board of Directors and Managing Director 2. FENG Boming, Member of Board of Directors 3. ZHU Jianhui, Member of the Board of Directors In our above-mentioned capacity and as specifically appointed by the Board of Directors of the Company, we state and we assert that to the best of our knowledge: (a) the financial statements of the societe anonyme Company under the name “Piraeus Port Authority Societe Anonyme” and trade title “PPA S.A.” for the period from January 1, 2018 to December 31, 2018, which were compiled according to the applicable International Financial Reporting Standards as adopted by the E.U., provide a true and fair view of the assets and the liabilities, the equity and the results of the period of the Company, according to that stated in paragraphs 3 to 5 of article 4 of the L.3556/2007 and the relevant executive Decisions of the Board of Directors of the Capital Market Commission. (b) the annual Report of the Company’s Board of Directors provide