Former PUBLIC GAS CORPORATION of GREECE (DEPA) S.A.
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DEPA COMMERCIAL S.A. (DEPA S.A.) (former PUBLIC GAS CORPORATION OF GREECE (DEPA) S.A.) Annual Financial Statements for FY from 1 January 2019 to 31 December 2019 in accordance with International Financial Reporting Standards as adopted by the European Union (TRANSLATED FROM THE GREEK ORIGINAL) 1 DEPA COMMERCIAL S.A. (DEPA S.A.) Annual Financial Statements For FY from 1 January 2019 to 31 December 2019 (The amounts are stated in Euro unless otherwise mentioned) Table of Contents I. COMPANY INFORMATION ..................................................................................................... 6 II. BOARD OF DIRECTORS REPORT FOR THE CORPORATE YEAR 1.1.2019-31.12.2019 . 7 III. INDEPENDENT AUDITOR’S REPORT ................................................................................. 36 IV. ANNUAL SEPARATE AND CONSOCIATED FINANCIAL STATEMENTS FOR FY ENDED AS AT DECEMBER 31st 2019 (1 January 2019 - 31 December 2019) ............................ 39 STATEMENT OF COMPREHENSIVE INCOME .................................................................... 40 STATEMENT OF FINANCIAL POSITION ............................................................................. 41 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY ................................................ 43 STATEMENT OF CASH FLOWS ........................................................................................... 45 V. NOTES TO FINANCIAL STATEMENTS ................................................................................ 46 1. Description of the Group ...................................................................................................... 47 2. Basis for Preparation of Financial Statements .................................................................. 51 2.1. Basis for presentations of financial statements ................................................................ 51 3. Key Accounting Policies ...................................................................................................... 52 3.1. Basis of Consolidation ......................................................................................................... 52 3.2. Business Combinations ....................................................................................................... 54 3.3. Functional and presentation currency and foreign currency translation ....................... 54 3.4. Goodwill ................................................................................................................................. 55 3.5. Property, plant and equipment ............................................................................................ 55 3.6. Investment property.............................................................................................................. 56 3.7. Intangible assets ................................................................................................................... 56 3.7.1. Rights of use (right of way) .................................................................................................. 56 3.7.2 Software ................................................................................................................................. 56 3.8. Impairment of non-current assets (intangible, goodwill and tangible assets/investments in consolidated companies) .............................................................. 56 3.9. Financial Instruments ........................................................................................................... 57 3.9.1. Recognition and derecognition ........................................................................................... 57 3.9.2 Classification and initial recognition of financial assets .................................................. 57 3.9.3 Subsequent measurement of financial assets ................................................................... 58 2 DEPA COMMERCIAL S.A. (DEPA S.A.) Annual Financial Statements For FY from 1 January 2019 to 31 December 2019 (The amounts are stated in Euro unless otherwise mentioned) 3.9.4 Impairment of financial assets ............................................................................................ 58 3.9.5 Classification and management of financial liabilities ..................................................... 59 3.10 Assets available for sale ...................................................................................................... 60 3.11 Non-current assets held for sale and discontinues operations ....................................... 60 3.12 Inventory ................................................................................................................................ 61 3.13 Financial derivatives and risk hedging activities .............................................................. 61 3.14 Share capital, reserves and distribution of dividends ...................................................... 62 3.15 Income tax ............................................................................................................................. 62 3.16 Employee benefits ................................................................................................................ 63 3.17 Government grants ............................................................................................................... 64 3.18 Provisions and contingent assets and liabilities ............................................................... 64 3.19 Trade and other payables .................................................................................................... 64 3.20 Revenue ................................................................................................................................. 64 3.21 Interest income ...................................................................................................................... 66 3.22 Expenses ............................................................................................................................... 66 3.22.1 Cost of Financing .................................................................................................................. 66 3.22.2 Accounting treatment of expenses ..................................................................................... 66 3.23 Earnings per share................................................................................................................ 66 3.24 Profit or loss from discontinued operations ...................................................................... 66 4. Use of estimates and assumptions ..................................................................................... 67 5. Νew standards, amendment and interpretations .............................................................. 70 6. Turnover ................................................................................................................................. 75 7. Cost of Sales ......................................................................................................................... 75 8. Administrative expenses ...................................................................................................... 76 9. Distribution expenses .......................................................................................................... 76 10. Other (expenses) / revenue .................................................................................................. 77 11. Profit/(Loss)from foreign currency translation .................................................................. 77 12. Financial expenses and income .......................................................................................... 78 13. Profit/(Loss) from associates and jointly controlled entities ........................................... 78 14. Income Tax ............................................................................................................................ 79 3 DEPA COMMERCIAL S.A. (DEPA S.A.) Annual Financial Statements For FY from 1 January 2019 to 31 December 2019 (The amounts are stated in Euro unless otherwise mentioned) 15. Depreciation/Amortization ................................................................................................... 80 16. Goodwill ................................................................................................................................. 81 17. Property, plant and equipment ............................................................................................ 82 18. Investment property.............................................................................................................. 86 19. Intangible assets ................................................................................................................... 87 20. Right-of-use assets ............................................................................................................... 89 21. The Group Structure ............................................................................................................. 91 22.1 Investments in subsidiaries ................................................................................................ 92 22.2 Investment in joint ventures ................................................................................................ 92 22.3 Discontinued Operations ..................................................................................................... 96