Interim Financial Report (Condensed Interim Separate & Consolidated Financial Statements) for the Period Ended 30 September 2009
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INTERIM FINANCIAL REPORT (CONDENSED INTERIM SEPARATE & CONSOLIDATED FINANCIAL STATEMENTS) FOR THE PERIOD ENDED 30 SEPTEMBER 2009 According to the International Financial Reporting Standards as adopted by the European Union and in particular according to IAS 34 (amounts in € thousand unless otherwise mentioned) The attached condensed interim Financial Statements for the Group and the Company were approved by the Board of Directors of MARFIN INVESTMENT GROUP HOLDINGS S.A. on 24/11/2009 and are available on the Company’s website www.marfininvestmentgroup.com as well as on ASE website where they will remain at the disposal of the investors for at least five (5) years starting from their preparation and publication date. It is noted that the published condensed interim financial items and information arising from condensed interim Financial Statements aim at providing the reader a general overview on the financial position and performance of the Company and the Group but do not provide a complete view of the Company’s and Group’s financial position, performance and cash flows, according to the International Financial Reporting Standards. MARFIN INVESTMENT GROUP HOLDINGS S.A., 24, Kifissias Ave, 151 25 Maroussi, Greece Tel. +30 210 6893450 Societe Anonyme Register Number: 16836/06/Β/88/06 Condensed Interim Financial Report for the period 01/01- 30/09/2009 TABLE OF CONTENTS Ι. CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED 30/09/2009.........................4 CONSOLIDATED CONDENSED INCOME STATEMENT FOR THE 9-MONTH PERIOD...........................................4 SEPARATE CONDENSED INCOME STATEMENT FOR THE 9-MONTH PERIOD ....................................................5 CONDENSED STATEMENT OF FINANCIAL POSITION..........................................................................................6 CONDENSED CONSOLIDATED STATEMENT OF NINE-MONTH COMPREHENSIVE INCOME .............................7 SEPARATE CONDENSED STATEMENT OF NINE-MONTH COMPREHENSIVE INCOME.......................................8 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY – 9Μ 2009 .............................................9 CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY – 9Μ 2008 ...........................................10 CONDENSED SEPARATE STATEMENT OF CHANGES IN EQUITY –9Μ 2009......................................................11 CONDENSED SEPARATE STATEMENT OF CHANGES IN EQUITY –9Μ 2008......................................................12 CONDENSED STATEMENT OF NINE-MONTH CASH FLOWS ..............................................................................13 ΙΙ. NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS ........................................................15 1. GENERAL INFORMATION ON THE GROUP .....................................................................................................15 2. GROUP STRUCTURE AND ACTIVITIES ...........................................................................................................15 3. BASIS OF PREPARATION OF FINANCIAL STATEMENTS ...............................................................................23 4. BASIC ACCOUNTING POLICIES.......................................................................................................................23 5. ACCOUNTING ESTIMATES...............................................................................................................................29 6. BUSINESS COMBINATIONS AND ACQUISITIONS OF NON-CONTROLLING INTERESTS ..............................29 7. ACQUISITIONS OF ASSOCIATES .....................................................................................................................37 8. OPERATING SEGMENTS...................................................................................................................................39 9. TANGIBLE ASSETS...........................................................................................................................................42 10. INTANGIBLE ASSETS .....................................................................................................................................43 11. INVESTMENTS IN SUBSIDIARIES ..................................................................................................................44 12. INVESTMENTS IN ASSOCIATES.....................................................................................................................45 13. INVESTMENT PORTFOLIO .............................................................................................................................46 14. INVESTMENT PROPERTY...............................................................................................................................47 15. TRADING PORTFOLIO AND OTHER FINANCIAL INSTRUMENTS AT FAIR VALUE THROUGH PROFIT & LOSS......................................................................................................................................................................47 16. BORROWINGS .................................................................................................................................................49 17. PROVISIONS....................................................................................................................................................50 18. STOCK OPTION PLAN.....................................................................................................................................52 19. SHARE CAPITAL AND SHARE PREMIUM ......................................................................................................52 20. OTHER INCOME ..............................................................................................................................................53 21. OTHER FINANCIAL RESULTS ........................................................................................................................53 22. INCOME TAX...................................................................................................................................................53 23. EARNINGS PER SHARE...................................................................................................................................53 24. ANALYSIS OF TAX EFFECTS ON OTHER COMPREHENSIVE INCOME.........................................................54 25. RELATED PARTY TRANSACTIONS................................................................................................................54 26. TRANSACTIONS WITH MARFIN POPULAR BANK GROUP ...........................................................................56 27. RESTATEMENTS DUE TO PPAS OF ACQUIRED COMPANIES .......................................................................56 28. CONTINGENT LIABILITIES ............................................................................................................................61 29. POST NINE MONTH REPORTING PERIOD EVENTS .......................................................................................64 30. APPROVAL OF FINANCIAL STATEMENTS ....................................................................................................65 ΙΙΙ. FINANCIAL STATEMENT INFORMATION .................................................................................................66 2 Condensed Interim Financial Report for the period 01/01- 30/09/2009 Abbreviations “ATTICA HOLDINGS” refers to «ATTICA HOLDINGS S.A» “BLUE STAR” refers to «BLUE STAR MARITIME S.A» “BVI” refers to «BRITISH VIRGIN ISLANDS» “CHIPITA SAUDI ARABIA” refers to «CHIPITA SAUDI ARABIA (CYPRUS) LTD» “DT” Refers to «DEUTSCHE TELEKOM AG» “ELEPHANT” refers to “ELEPHANT STORES OF ELECTRICAL AND HOME APPLIANCES S.A.” “EUROLINE” refers to «EUROLINE A.E.E.X.» “EVEREST” refers to «EVEREST S.A.» refers to «FLIGHT AMBULANCE INTERNATIONAL RENT-A-JET “FAI” AKTIENGELLSCHAFT» “HILTON” refers to «HILTON CYPRUS» “HTO” refers to «HELLENIC TELECOMMUNICATION ORGANISATION S.A.» “I.A.S.B.” refers to International Accounting Standards Board “INTERINVEST” refers to «INTERINVEST A.E.E.X.» “MARFIN CAPITAL” refers to «MARFIN CAPITAL S.A.» “MIG AVIATION 1” refers to «MIG AVIATION 1 LTD» “MIG AVIATION 2” refers to «MIG AVIATION 2 LTD» “MIG AVIATION 3” refers to «MIG AVIATION 3 LTD» “MIG AVIATION (UK)” refers to «MIG AVIATION (UK) LTD» “MIG LEISURE” refers to «MIG LEISURE LTD» “MIG LRE CROATIA” refers to «MIG LEISURE & REAL ESTATE CROATIA B.V.» “MIG REAL ESTATE” refers to «MIG REAL ESTATE A.E.Ε.Α.Π.» “MIG REAL ESTATE SERBIA” refers to «MIG REAL ESTATE SERBIA B.V.» “MIG SHIPPING” refers to «MIG SHIPPING S.A.» “MIG TECHNOLOGY” refers to «MIG TECHNOLOGY HOLDINGS S.A.» “NONNI’S” refers to «NONNI’S FOOD COMPANY INC» “OLYMPIC AIR” refers to «OLYMPIC AIR S.A.» “OLYMPIC ENGINEERING” refers to «OLYMPIC ENGINEERING S.A.» “OLYMPIC HANDLING” refers to «OLYMPIC HANDLING S.A.» “RKB” refers to «JSC ROBNE KUCE BEOGRAD» “SINGULARLOGIC” refers to «SINGULARLOGIC S.A,» “SUNCE” refers to «SUNCE KONCERN D.D. ZAGREB» ”VIVARTIA” refers to «VIVARTIA S.A.» “ALKMINI” refers to «ALKMINI CATERING S.A.» “ALKIONI” refers to «ALKIONI S.A.» “ARMA” refers to «ARMA INVESTMENTS S.A.» “AFS” refers to the Available for Sale Portfolio “IFRS” refers to the International Financial Reporting Standards “GLYFADA RESTAURANTS” refers to «GLYFADA RESTAURANTS PATISSERIES S.A.» “MIG”, “Company”, “Group” refers to «MARFIN INVESTMENT GROUP HOLDINGS S.A.» «EQ» refers to Equity “P&L” refers to «Profit and Loss» “CTDC” refers to «THE CYPRUS TOURISM DEVELOPMENT PUBLIC COMPANY