Financial Report ANEK LINES S.A
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CONTENTS STATEMENT BY THE MEMBERS OF THE BOARD OF DIRECTORS .................................................................... 3 ANNUAL REPORT OF THE BOARD OF DIRECTORS FOR THE FISCAL YEAR 2014 .............................................. 4 INDEPENDENT AUDITORS’ REPORT ............................................................................................................ 43 ANNUAL SEPARATE AND CONSOLIDATED FINANCIAL STATEMENTS AS OF 31ST DECEMBER 2017 .............. 50 STATEMENTS OF COMPREHENSIVE INCOME ............................................................................................. 51 STATEMENTS OF FINANCIAL POSITION ...................................................................................................... 52 STATEMENTS OG CHANGE IN SHAREHOLDER’S EQUITY............................................................................. 53 CASH FLOW STATEMENTS .......................................................................................................................... 54 NOTES ON THE FINANCIAL STATEMENTS OF FISCAL YEAR 2017 ................................................................. 55 1. General information for the Company and the Group ....................................................................... 56 2. Preparation basis of the financial statements .................................................................................... 57 3. Principal accounting policies .............................................................................................................. 62 4. Segmental information ....................................................................................................................... 71 5. Cost of sales ........................................................................................................................................ 73 6. Administrative / Selling expenses ...................................................................................................... 73 7. Other income / expenses ................................................................................................................... 74 8. Financial results .................................................................................................................................. 74 9. Results from investing activities ......................................................................................................... 75 10. Results from measurement of investments in associates ................................................................. 75 11. Fixed assets / Investments in property ............................................................................................. 75 12. Investments in subsidiaries & affiliates ............................................................................................. 79 13. Inventories......................................................................................................................................... 80 14. Trade receivables and other short term receivables ......................................................................... 80 15. Financial assets at fair value through profit and loss ........................................................................ 81 16. Cash and cash equivalents ................................................................................................................ 81 17. Share capital / Share premium account ............................................................................................ 82 18. Reserves ............................................................................................................................................ 82 19. Results carried forward ..................................................................................................................... 83 20. Long term and short term bank borrowings ..................................................................................... 83 21. Deferred tax and income tax ............................................................................................................. 85 22. Employees benefits / Other provisions ............................................................................................. 86 23. Capital leases liabilities ...................................................................................................................... 88 24. Other long term liabilities.................................................................................................................. 89 25. Trade and other current liabilities ..................................................................................................... 89 26. Earnings / (losses)per share .............................................................................................................. 89 27. Dividends ........................................................................................................................................... 90 28. Balances and transactions with related parties ................................................................................ 90 29. Commitments and contractual liabilities .......................................................................................... 92 30. Contingent liabilities / receivables – litigious disputes or disputes in arbitration ............................ 92 31. Risk managements and policies ........................................................................................................ 93 32. Financial assets at fair value .............................................................................................................. 97 33. Subsequent events ............................................................................................................................ 97 DATA AND INFORMATION FOR FISCAL YEAR 2017 ..................................................................................... 99 INFORMATION PROVIDED UNDER ART. 10 OF LAW 3401/2005 ............................................................... 100 The annual financial report for fiscal year 2017 was drafted pursuant to art. 4 of Law 3556/2007 and was approved by the Board of Directors of ANEK S.A. in its meeting of 13th March 2018. It is noted that the present annual report is translated from the Greek original version. 2 Statements by the members of the B.o.D STATEMENT BY THE MEMBERS OF THE BOARD OF DIRECTORS (pursuant to art. 4, par. 2 of Law no. 3556/2007) Τhe members of the Board of Directors of the ANEK S.A.: - Georgios Katsanevakis, Chairman - Ioannis Vardinoyannis, Managing Director - Spyridon Protopapadakis, Vice-Chairman as assigned hereby represent that, to the best of our knowledge: (a) the separate and consolidated annual financial statements for fiscal year from 1st January 2017 to 31st December 2017, which are prepared in accordance with the applicable International Financial Report- ing Standards, accurately present the assets, liabilities, equity and results of ANEK S.A., as well as those of the companies included in the consolidation, aggregately considered as the group, and (b) the annual report by the Board of Directors, accurately presents the progress, performance and position of the Parent Company and of the companies included in the consolidation, aggregately considered as the group, including the description of the most important risks and insecurities faced by them. Chania, 13 March 2018 Chairman Managing Director Vice-Chairman GEORGIOS G. KATSANEVAKIS IOANNIS I. VARDINOYANNIS SPYRIDON I. PROTOPAPADAKIS ID Card No AI 473513 ID Card No. Π 966572 ID Card No. AA 490648 ANEK LINES S.A. G.E.S.R. NO: 121557860000 148 KARAMANLI AVE., 73100 CHANIA, CRETE TEL.: 28210 24000, FAX: 28210 36200 e-mail: [email protected] www.anek.gr 3 Annual report of the B.o.D for the fiscal year 2017 ANNUAL REPORT OF THE BOARD OF DIRECTORS FOR THE FISCAL YEAR 2017 This annual report by the Board of Directors of ANEK S.A. for the fiscal year from 1st January to 31st December 2017 was drafted in accordance with the provisions of Codified Law 2190/1920 (articles 43a,43bb, 107a and 136) and is in line with the provisions of Law 3556/2007 and decision no 7/448/ 11.10.2007 of the Capital Market Commission. This report includes information relating to the progress of the Group and the Company’s activities, as well as their financial position, results, significant changes and events that took place in fiscal year 2017. It also describes the most significant risks that the Company may face in the future, its anticipated progress in the current fiscal year and the most important transactions between the Company and its related parties. Ι. OVERVIEW OF ACTIVITIES & FINANCIAL POSITION 2017 was a landmark year for ANEK, completing a long journey of 50 years of uninterrupted and dy- namic presence in the passenger shipping sector. In its half-century of life, the Company has contributed decisively to the upgrading of the country's coastal services. At the same time, while maintaining its Greek identity, it contributed decisively to the strengthening of the Greek presence on the international routes of the Adriatic, acquiring European range and prestige. Throughout this course, the Company, by highlighting and preserving its values, has received significant distinctions by well-known Greek and international organ- izations, while has implemented responsible social and environmental policies and has supported culture, education and sports. It is noted that the contribution