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Piraeus Port Authority Sa Annual Financial Report

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Piraeus Port Authority Sa Annual Financial Report PIRAEUS PORT AUTHORITY S.A. ANNUAL FINANCIAL REPORT FOR THE YEAR ENDED DECEMBER 31, 2016 (IN ACCORDANCE WITH THE L. 3556/2007) ΑNNUAL FINANCIAL REPORT 2016 1 PIRAEUS PORT AUTHORITY S.A Annual Financial Report for the year ended December 31, 2016 (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 ................................................................................................................................... 19 BOARD OF DIRECTORS EXPLANATORY REPORT............................................................................................................................... 25 INDEPENDENT AUDITOR'S REPORT.................................................................................................................................................. 27 STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED DECEMBER 31, 2016 ................................................................. 30 STATEMENT OF FINANCIAL POSITION AS AT DECEMBER 31, 2016................................................................................................... 31 STATEMENT OF CHANGES IN SHAREHOLDERS EQUITY FOR THE YEAR ENDED DECEMBER 31, 2016................................................. 32 CASH FLOW STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2016 .............................................................................................. 33 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED DECEMBER 31, 2016...................................................................... 34 1. ESTABLISHMENT AND ACTIVITY OF THE COMPANY: ..............................................................................................................34 2. BASIS OF PRESENTATION OF FINANCIAL STATEMENTS: .........................................................................................................35 3. PRINCIPAL ACCOUNTING POLICIES.........................................................................................................................................37 4. PROPERTY, PLANT & EQUIPMENT ..........................................................................................................................................47 5. INVESTMENT PROPERTY ........................................................................................................................................................48 7. OTHER NON-CURRENT ASSETS...............................................................................................................................................50 8. INVESTMENT IN SUBSIDIARIES ...............................................................................................................................................50 9. INCOME TAX (CURRENT AND DEFERRED)...............................................................................................................................51 10. INVENTORIES.........................................................................................................................................................................52 11. TRADE AND OTHER RECEIVABLES ..........................................................................................................................................53 12. CASH AND CASH EQUIVALENTS .............................................................................................................................................54 13. SHARE CAPITAL......................................................................................................................................................................55 14. RESERVES ..............................................................................................................................................................................55 15. GOVERNMENT GRANTS.........................................................................................................................................................55 16. PROVISIONS...........................................................................................................................................................................56 17. RESERVE FOR STAFF LEAVING INDEMNITES...........................................................................................................................58 18. FINANCE LEASE OBLIGATIONS ...............................................................................................................................................59 19. LONG-TERM & SHORT TERM LOANS......................................................................................................................................60 20. DIVIDENDS.............................................................................................................................................................................61 21. ACCRUED AND OTHER CURRENT LIABILITIES ..........................................................................................................................61 22. DEFERRED INCOME ...............................................................................................................................................................62 23. SEGMENT INFORMATION......................................................................................................................................................63 24. REVENUES.............................................................................................................................................................................65 25. ANALYSIS OF EXPENSES.........................................................................................................................................................65 26. OTHER OPERATING INCOME / EXPENSES ..............................................................................................................................66 27. FINANCIAL INCOME/ (EXPENSES)..........................................................................................................................................66 28. DEPRECIATION ......................................................................................................................................................................67 29. PAYROLL COST.......................................................................................................................................................................67 30. EARNINGS PER SHARE............................................................................................................................................................67 31. COMMITMENTS AND CONTINGENT LIABILITIES ....................................................................................................................67 32. RELATED PARTIES ..................................................................................................................................................................69 33. FINANCIAL INSTRUMENTS.....................................................................................................................................................70 34. SUBSEQUENT EVENTS............................................................................................................................................................73 WEBSITE PLACE OF UPLOADING THE FINANCIAL STATEMENTS ....................................................................................................... 74 Page 2 από 74 2 ΑNNUAL FINANCIAL REPORT 2016 PIRAEUS PORT AUTHORITY S.A Annual Financial Report for the year ended December 31, 2016 (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. WAN Min, President of the Board of Directors 2. FU Chengqiu, Managing Director and 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, 2016 to December 31, 2016, 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 a true and fair view of the evolution, the achievements and the financial position of the Company, including the description of the main risks and uncertainties it faces and relevant information that is required according to
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