Hellenic Exchanges-Athens Stock Exchange SA Group (ATHEX) Has Been Prepared for the Fiscal Year 1.1.2014 - 31.12.2014
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HELLENIC EXCHANGES-ATHENS STOCK EXCHANGE S.A. (ATHEX) ANNUAL FINANCIAL REPORT For the period from January 1st 2014 to December 31st 2014 In accordance with the International Financial Reporting Standards ATHENS EXCHANGE GROUP 110 Athinon Ave. 10442 Athens GREECE Tel:+30-210/3366800 Fax:+30-10/3366101 The 2014 Annual Financial Report was prepared in accordance with article 4 of Law 3556/2007, has been approved by the BoD of Hellenic Exchanges-Athens Stock Exchange S.A. (ATHEX) on March 16th 2015, and has been posted on the internet www.athexgroup.gr WorldReginfo - 36f59805-e3bc-4caf-bd5a-69af28e6a3a8 2014 ANNUAL FINANCIAL REPORT 2014 ANNUAL FINANCIAL REPORT TABLE OF CONTENTS 1. DECLARATIONS BY MEMBERS OF THE BOARD OF DIRECTORS (in accordance with article 4 §2 of Law 3556/2007)................................................................................................................... 4 2. MANAGEMENT REPORT OF THE BOARD OF DIRECTORS OF HELLENIC EXCHANGES-ATHENS STOCK EXCHANGE S.A. HOLDING FOR THE FISCAL YEAR FROM JANUARY 1ST 2014 TO DECEMBER 31ST 2014 (in accordance with article 4 of Law 3556/2007) ...................................................... 6 2.1 Corporate Governance Declaration .......................................................................... 24 2.2 Transactions with associated companies of the HELLENIC EXCHANGES-ATHENS STOCK EXCHANGE S.A. (ATHEX) Group for the 13th fiscal year from 1.1.2014 to 31.12.2014 ............ 45 2.3 Explanatory Report in accordance with Article 4 of Law 3556/2007 ............................. 47 2.4 Information according to Article 10 of Law 3401/2005 ............................................... 49 3. AUDIT REPORT BY THE INDEPENDENT CERTIFIED AUDITORS ACCOUNTANTS ........................ 52 4. ANNUAL FINANCIAL STATEMENTS .................................................................................... 55 4.1 ANNUAL STATEMENT OF COMPREHENSIVE INCOME .................................................. 56 4.2 ANNUAL STATEMENT OF FINANCIAL POSITION ........................................................ 58 4.3 ANNUAL STATEMENT OF CHANGES IN EQUITY ......................................................... 59 4.4 ANNUAL CASH FLOW STATEMENT ........................................................................... 61 5. NOTES TO THE ANNUAL FINANCIAL STATEMENTS .............................................................. 62 5.1 General information about the Company and its subsidiaries ...................................... 63 5.2 Basis of preparation of the annual financial statements ............................................. 65 5.3 Basic Accounting Principles .................................................................................... 68 5.4 Risk Management ................................................................................................. 82 5.5 Adjustment of ATHEXClear to the EMIR Regulation .................................................... 87 5.6 Restructuring of the Group ..................................................................................... 90 5.7 Capital Management ............................................................................................. 92 5.8 Segment Information ............................................................................................ 92 5.9 Trading ............................................................................................................... 94 5.10 Clearing ............................................................................................................... 94 5.11 Settlement ........................................................................................................... 95 5.12 Exchange services ................................................................................................ 95 5.13 Depository Services .............................................................................................. 96 5.14 Clearing House Services ........................................................................................ 97 5.15 Market data ......................................................................................................... 97 5.16 IT services ........................................................................................................... 97 5.17 Revenue from re-invoiced expenses ........................................................................ 99 5.18 Other services ...................................................................................................... 99 5.19 New Services (Xnet, CSE-Sibex Common Platform, IT) ............................................ 100 5.20 Management of the Clearing Fund ......................................................................... 100 5.21 Personnel remuneration and expenses................................................................... 101 5.22 Third party fees & expenses ................................................................................. 105 5.23 Utilities .............................................................................................................. 105 5.24 Maintenance / IT Support .................................................................................... 106 2 WorldReginfo - 36f59805-e3bc-4caf-bd5a-69af28e6a3a8 2014 ANNUAL FINANCIAL REPORT 5.25 Taxes ................................................................................................................ 106 5.26 Building / equipment management ....................................................................... 106 5.27 Marketing and advertising expenses ...................................................................... 107 5.28 Participation in organizations expenses .................................................................. 107 5.29 Insurance premiums ........................................................................................... 107 5.30 Group & Company operating expenses .................................................................. 108 5.31 BoG cash settlement ........................................................................................... 108 5.32 Other expenses .................................................................................................. 108 5.33 Hellenic Capital Market Commission fee ................................................................. 109 5.34 Expenses for new services ................................................................................... 109 5.35 Re-invoiced expenses .......................................................................................... 110 5.36 Non-recurring expenses ....................................................................................... 110 5.37 Tangible assets for own use and intangible assets ................................................... 110 5.38 Real Estate Investments ...................................................................................... 113 5.39 Investments in subsidiaries and other long term claims ........................................... 114 5.40 Clients and other commercial receivables ............................................................... 114 5.41 Financial assets available for sale ......................................................................... 115 5.42 Cash and cash equivalents ................................................................................... 116 5.43 Third party balances in ATHEXClear account ........................................................... 116 5.44 Deferred Taxes ................................................................................................... 117 5.45 Share Capital and reserves .................................................................................. 118 5.46 Grants and other long term liabilities ..................................................................... 120 5.47 Provisions .......................................................................................................... 120 5.48 Suppliers and other commercial liabilities .............................................................. 121 5.49 Third party balances in ATHEXClear account ........................................................... 122 5.50 Current income tax and income taxes payable ........................................................ 122 5.51 Notifications of Associated parties ......................................................................... 124 5.52 Hellenic Corporate Governance Council (HCGC) ...................................................... 125 5.53 Composition of the BoDs of the companies of the Group .......................................... 126 5.54 Profits per share and dividends payable ................................................................. 127 5.55 Contingent Liabilities ........................................................................................... 127 5.56 Events after the date of the financial statements .................................................... 128 3 WorldReginfo - 36f59805-e3bc-4caf-bd5a-69af28e6a3a8 2014 ANNUAL FINANCIAL REPORT 1. DECLARATIONS BY MEMBERS OF THE BOARD OF DIRECTORS (in accordance with article 4 §2 of Law 3556/2007) 4 WorldReginfo - 36f59805-e3bc-4caf-bd5a-69af28e6a3a8 2014 ANNUAL FINANCIAL REPORT WE DECLARE THAT 1. to the best of our knowledge, the attached annual Financial Statements of the Group and the Company, which have been prepared in accordance with the international accounting standards in effect, reflect in a