GEK TERNA SOCIETE ANONYME HOLDINGS REAL ESTATE CONSTRUCTIONS · PDF fileGEK TERNA SOCIETE...

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Transcript of GEK TERNA SOCIETE ANONYME HOLDINGS REAL ESTATE CONSTRUCTIONS · PDF fileGEK TERNA SOCIETE...

  • GEK TERNA SOCIETE ANONYME HOLDINGS REAL ESTATE CONSTRUCTIONS

    85 Mesogeion Ave., 115 26 Athens Greece S.A. Reg. No. 6044/06//86/142

    ANNUAL FINANCIAL REPORT

    for the period

    1 January to 31 December 2011

    According to article 4 of L. 3556/2007 and the relevant executive Decisions by the BoD of the Hellenic Capital Market Commission

  • TABLE OF CONTENTS

    I. STATEMENTS BY MEMBERS OF THE BOARD OF DIRECTORS....................................... 3II. INDEPENDENT AUDITORS REPORT .................................................................................... 4III. ANNUAL REPORT OF THE BOARD OF DIRECTORS FOR THE FINANCIAL

    YEAR 2011................................................................................................................................... 6IV. ANNUAL FINANCIAL STATEMENTS SEPARATE AND CONSOLIDATED OF 31

    DECEMBER 2011 ...................................................................................................................... 271 ESTABLISHMENT AND ACTIVITY OF THE COMPANY................................................... 372 BASIS FOR THE PRESENTATION OF THE FINANCIAL STATEMENTS......................... 383 SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES ............................................. 444 GROUP STRUCTURE............................................................................................................... 545 OPERATING SEGMENTS ........................................................................................................ 626 INTANGIBLE FIXED ASSETS ................................................................................................ 687 TANGIBLE FIXED ASSETS..................................................................................................... 718 INVESTMENT PROPERTY...................................................................................................... 769 PARTICIPATION IN ASSOCIATES ........................................................................................ 7610 OTHER LONG-TERM RECEIVABLES................................................................................... 7811 INVENTORIES .......................................................................................................................... 7812 TRADE RECEIVABLES ........................................................................................................... 7913 CONSTRUCTION CONTRACTS ............................................................................................. 7914 PREPAYMENTS AND OTHER RECEIVABLES.................................................................... 7915 PROVISION FOR IMPAIRMENT OF TRADE AND OTHER RECEIVABLES .................... 8016 INVESTMENTS AVAILABLE FOR SALE ............................................................................. 8217 CASH AND CASH EQUIVALENTS ........................................................................................ 8218 LONG-TERM LOANS AND FINANCE LEASES ................................................................... 8319 PROVISION FOR STAFF INDEMNITIES ............................................................................... 8420 OTHER PROVISIONS............................................................................................................... 8621 GRANTS..................................................................................................................................... 8722 SUPPLIERS ................................................................................................................................ 8823 ACCRUED AND OTHER LIABILITIES.................................................................................. 8824 SHORT-TERM LOANS............................................................................................................. 8925 LIABILITIES FROM DERIVATIVES ...................................................................................... 8926 SHARE CAPITAL...................................................................................................................... 9027 INCOME TAX............................................................................................................................ 9028 COST OF SALES-ADMINISTRATIVE AND DISTRIBUTION EXPENSES-RESEARCH

    AND DEVELOPMENT EXPENSES....................................................................................... 10229 AUDITORS FEES .................................................................................................................... 10330 OTHER INCOME/(EXPENSES) ............................................................................................. 10331 FINANCIAL INCOME/(EXPENSES) ..................................................................................... 10432 PERSONNEL COST ................................................................................................................ 10533 ACQUISITIONS / FIRST CONSOLIDATION OF COMPANIES ......................................... 10534 RIGHTS IN JOINTLY CONTROLLED ENTITIES................................................................ 10635 TRANSACTIONS WITH RELATED PARTIES..................................................................... 10636 AIMS AND POLICIES OF RISK MANAGEMENT............................................................... 10837 PRESENTATION OF FINANCIAL ASSETS AND LIABILITIES PER CATEGORY......... 11238 POLICIES AND PROCEDURES FOR CAPITAL MANAGEMENT .................................... 11439 CONTINGENT LIABILITIES-OBLIGATIONS ..................................................................... 11440 EVENTS AFTER THE BALANCE SHEET DATE ................................................................ 114V. DATA AND INFORMATION FOR FINANCIAL YEAR 2011 ............................................. 116VI. INFORMATION OF ARTICLE 10 L. 3401/2005 ................................................................... 117

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    I. STATEMENTS BY MEMBERS OF THE BOARD OF DIRECTORS (according to article 4 par. 2 of L. 3556/2007) We 1. Nikolaos Kampas, Chairman of the Board of Directors 2. George Peristeris, Managing Director

    3. Panagiotis Pothos, Non-executive Member of the Board of Directors

    STATE THAT

    To the best of our knowledge: a. the annual company and consolidated financial statements of GEK TERNA SOCIETE ANONYME HOLDINGS REAL ESTATE CONSTRUCTIONS for the period from January 1st 2011 to December 31st 2011, which were prepared in accordance with the accounting standards in effect, present a true picture of the assets and liabilities, the shareholders equity and the results of the Group and Company, as well as of the companies included in the consolidation and considered aggregately as an entity and, b. the Board of Directors Report accurately presents the developments, the performance and position of the Company, as well as of the companies included in the consolidated and considered aggregately as an entity, including the description of main risks and uncertainties they face.

    Athens, 29 March 2012 Chairman of the BoD Managing Director Board Member

    Nikolaos Kampas George Peristeris Panagiotis Pothos

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    II. INDEPENDENT AUDITORS REPORT

    E x p e r i e n c e K n o w l e d g e R e l i a b i l i t y

    INDEPENDENT AUDITORS REPORT

    To the Shareholders of the Company GEK TERNA S.A.

    Report on the Separate and Consolidated Financial Statements We have audited the accompanying separate and consolidated financial statements of the Company GEK TERNA S.A., which comprise the separate and consolidated statement of financial position as of 31 December 2011, the separate and consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, and a summary of significant accounting principles and methods and other explanatory information. Managements Responsibility for the Separate and Consolidated Financial Statements Management is responsible for the preparation and fair presentation of these separate and consolidated financial statements in accordance with International Financial Reporting Standards, as adopted by the European Union and for such internal controls as management determines is necessary to enable the preparation of separate and consolidated financial statements that are free from material misstatement, whether due to fraud or error. Auditors Responsibility Our responsibility is to express an opinion on these separate and consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the separate and consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the separate and consolidated financial statements. The procedures selected depend on the auditors judgment, including the assessment of the risks of material misstatement of the separate and consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entitys preparation and fair presentation of the separate and consolidated financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entitys system of internal control. An audit also includes evaluating the appropriateness of accounting principles and methods used and the reasonableness of accounting estim