ANNUAL FINANCIAL REPORT - Terna .ANNUAL FINANCIAL REPORT ... separate and consolidated statement

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Transcript of ANNUAL FINANCIAL REPORT - Terna .ANNUAL FINANCIAL REPORT ... separate and consolidated statement

  • SocitAnonymeCommercialTechnicalCompany85MesogeionAve.,11526Athens

    SAReg.No.318/06//86/28

    ANNUALFINANCIALREPORT

    fortheperiod

    fromJanuary1sttoDecember31st2014

    Inaccordancewitharticle4ofL.3556/2007andtherelevantexecutiveDecisionsbytheBoardoftheHellenicCapitalMarketCommission

  • 2

    CONTENTS

    .STATEMENTSBYMEMBERSOFTHEBOARDOFDIRECTORS..................................................................................3.AUDITREPORTBYINDEPENDENTCERTIFIEDAUDITORACCOUNTANT................................................................4.ANNUALMANAGEMENTREPORTOFTHEBOARDOFDIRECTORSFORFINANCIALYEAR2014...........................6CORPORATEGOVERNANCESTATEMENT................................................................................................................13V.ANNUALFINANCIALSTATEMENTSPARENTANDCONSOLIDATEDOF31DECEMBER2014..............................21STATEMENTOFCASHFLOWS..................................................................................................................................261 ESTABLISHMENT&ACTIVITYOFTHECOMPANY...............................................................................................302 BASISFORTHEPRESENTATIONOFTHEFINANCIALSTATEMENTS.....................................................................303 SUMMARYOFKEYACCOUNTINGPRINCIPLES...................................................................................................384 GROUPSTRUCTURE............................................................................................................................................495 INFORMATIONREGARDINGOPERATINGSEGMENTS........................................................................................546 INTANGIBLEFIXEDASSETS.................................................................................................................................577 TANGIBLEFIXEDASSETS.....................................................................................................................................608 INVESTMENTASSETS..........................................................................................................................................649 PARTICIPATIONINASSOCIATECOMPANIES.......................................................................................................6410OTHERLONGTERMRECEIVABLES.....................................................................................................................6411INVENTORIES......................................................................................................................................................6512TRADERECEIVABLESANDPREPAYMENTSANDOTHERRECEIVABLES...............................................................6513AGREEMENTSFORTHECONSTRUCTIONOFTECHNICALWORKS......................................................................6714CASH&CASHEQUIVALENTS...........................................................................................................................6715LONGTERMLOANS............................................................................................................................................6716FINANCIALDERIVATIVES....................................................................................................................................6817PROVISIONSFORSTAFFRETIREMENTINDEMNITIES.........................................................................................6918OTHERPROVISIONS............................................................................................................................................7019GRANTS..............................................................................................................................................................7120FINANCIALLIABILITIES........................................................................................................................................7221SUPPLIERS...........................................................................................................................................................7222ACCRUEDANDOTHERLIABILITIES.....................................................................................................................7323SHORTTERMLOANS..........................................................................................................................................7324SHARECAPITAL...................................................................................................................................................7325EARNINGSPERSHARE........................................................................................................................................7426DIVIDENDS..........................................................................................................................................................7427INCOMETAX.......................................................................................................................................................7428COSTOFSALES,ADMINISTRATIVEANDRESEARCH&DEVELOPMENTEXPENSES.............................................7829OTHERINCOME/(EXPENSES)..............................................................................................................................7930FINANCIALINCOME/(EXPENSES)........................................................................................................................8031PAYROLLCOST....................................................................................................................................................8132TRANSACTIONSWITHRELATEDPARTIES...........................................................................................................8133AIMANDPOLICIESOFRISKMANAGEMENT.......................................................................................................8234POLICIESANDPROCEDURESFORCAPITALMANAGEMENT...............................................................................8735EXISTINGCOLLATERALASSETS...........................................................................................................................8836SIGNIFICANTEVENTSDURINGTHEPERIOD.......................................................................................................8837SIGNIFICANTEVENTSAFTERTHEREPORTINGPERIOD......................................................................................8938CONTINGENTLIABILITIES....................................................................................................................................89V.DATAANDINFORMATIONFORTHEPERIOD1.131.12.2014.............................................................................90

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    .STATEMENTSBYMEMBERSOFTHEBOARDOFDIRECTORS(accordingtoarticle4par.2ofLaw3556/2007)

    We

    1. GeorgePeristeris,ChairmanoftheBoard

    2. EmmanuelMaragoudakis,ChiefExecutiveOfficer

    3. GeorgeSpyrou,ExecutiveMemberoftheBoard

    STATETHAT

    Tothebestofourknowledge:

    a.Theannualcompanyandconsolidated financialstatementsofTERNAENERGYABETE for theperiod from

    January1st2014toDecember31st2014,whichwerepreparedinaccordancewiththeaccountingstandardsin

    effect,giveatruepictureoftheassetsandliabilities,theshareholdersequityandtheresultsfortheperiodof

    theGroupandCompany,aswellasofthecompaniesincludedintheconsolidationandconsideredaggregately

    asawhole,and

    b.TheBoardofDirectorsReportdepictsinatruemannertheperformance,developmentsandpositionofthe

    Companyaswellasofthecompanies included intheconsolidationasawhole,alongwiththedescriptionof

    themajorrisksanduncertaintiestheGroupfaces.

    Athens,27March2015

    ChairmanoftheBoard ChiefExecutiveOfficer Boardmember

    GeorgePeristeris EmmanuelMaragoudakis GeorgeSpyrou

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    .AUDITREPORTBYINDEPENDENTCERTIFIEDAUDITORACCOUNTANT

    TotheShareholdersofTERNAENERGYSOCIETEANONYMECOMMERCIALTECHNICALCOMPANYS.A.ReportontheFinancialStatementsWe have audited the accompanying separate and consolidated financial statements of TERNA ENERGYSOCIETE ANONYME INDUSTRIAL COMMERCIAL TECNHNICAL COMPANY S.A. and its subsidiaries, whichcomprise the separate and consolidated statementof financialposition as atDecember31,2014, and theseparate and consolidated statement of comprehensive income, statement of changes in equity andstatementofcashflowsfortheyearthenended,andasummaryofsignificantaccountingpoliciesandotherexplanatoryinformation.ManagementsResponsibilityfortheSeparateandConsolidatedFinancialStatementsManagement is responsible for the preparation and fair presentation of these separate and consolidatedfinancial statements in accordancewith International Financial Reporting Standards, and for such internalcontrol asmanagement determines is necessary to enable the preparation of separate and consolidatedfinancialstatementsthatarefreefrommaterialmisstatement,whetherduetofraudorerror.AuditorsResponsibilityOurresponsibility istoexpressanopinionontheseseparateandconsolidatedfinancialstatementsbasedonouraudit.Weconductedouraudit inaccordancewith InternationalStandardsonAuditing.Thosestandardsrequire that we comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the separate and consolidated financial statements are free from materialmisstatement.Anaudit involvesperformingprocedurestoobtainauditevidenceabouttheamountsanddisclosures intheseparateandconsolidatedfinancialstatements.Theproceduresselecteddependontheauditors judgment,including the assessment of the risks ofmaterialmisstatement of the separate and consolidated financialstatements,whetherdue to fraudorerror. Inmaking thoseriskassessments, theauditorconsiders internalcontrol relevant to theentityspreparationand fairpresentationof theseparateandconsolidated financialstatements inorder todesign auditprocedures that