METKA ANNUAL REPORT 2015 - page 24-25

24
25
STATEMENTS OF MEMBERS OF THE BOARD OF DIRECTORS
01
Contents
A. STATEMENTS OF MEMBERS OF THE BOARD OF DIRECTORS
26
B. Independent Auditor’s Report
30
C. Annual Report of the Board of Directors of the Company METKA S.A. On the consolidated
and Company Financial Statements For the financial year 2015
34
D. Annual Financial Statements for FY 2015
62
Ι. ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31/12/2015
63
Income Statement (Consolidated and Corporate)
63
Statement of Comprehensive Income (Consolidated and Corporate)
64
Statement of Financial Position (Consolidated and Corporate)
65
Consolidated Statement of Changes in Equity
66
Company Statement of Changes in Equity
67
Cash Flow Statement (Consolidated and Corporate) FY 2015
68
ΙΙ. NOTES ON THE ANNUAL FINANCIAL STATEMENTS FOR THE YEAR ENDED 31/12/2015
69
1. General Information for the Company
69
2. Nature of operations
69
3. Basis for preparation of the financial statements
69
3.1 Declaration of Conformity
69
3.2 Presentation Currency
70
3.3 Measurement Base
70
3.4 Use of Estimates
70
3.5. Changes in Accounting Policies
70
3.5.1 New Standards, Interpretations, Revisions and Amendments to existing Standards that are effective and have been
adopted by the European Union 70
3.5.2 New Standards and Interpretations that have not been applied yet or have not been adopted by the European Union. 71
4. Summary of Important Accounting Policies
72
4.1 Consolidation
72
4.2 Operating Segments
73
4.3 Foreign currency conversion
74
4.4 Tangible assets
74
4.5 Intangible assets
74
4.6 Impairment of Assets
75
4.7 Financial instruments
75
4.8 Inventories
76
4.9 Trade receivables
76
4.10 Cash and cash equivalents
76
4.11 Non current segment assets held for sale
76
4.12 Share capital
76
4.13 Income tax & deferred tax
77
4.14 Employee benefits
77
4.15 Grants
78
4.16 Provisions
78
4.17 Recognition of income
78
4.18 Leases
78
4.19 Construction contracts
79
4.20 Dividend distribution
79
4.21 Earnings per share
79
5. Significant accounting judgments, estimates and assumptions
79
5.1 Judgments
80
5.2 Estimates and assumptions
80
6. Group Structure and consolidation method
81
7. Operating Segments
82
8. Property, plant & equipment
84
9. Goodwill
86
10. Intangible Assets
86
11. Investments in Subsidiaries
87
12. Investments in Associate Companies
87
13. Deferred tax receivables and liabilities
88
14. Financial Assets available for sale
91
15. Other long-term receivables
91
16. Inventories
92
17. Customers and other trade receivables
92
18. Other receivables – other current assets
94
19. Financial assets at fair value through profit and loss
94
20. Cash and cash equivalents
95
21. Construction contracts
95
22. Total equity
96
22.1 Share capital
96
22.2 Other reserves
96
22.3 Retained earnings
98
23. Liabilities for pension plans
98
24. Other long-term liabilities
101
25. Suppliers and other liabilities
102
26. Tax Payable
102
27. Debt
102
28. Other short-term liabilities
103
29. Provisions
103
30. Sales
104
31. Analysis of expenses by their nature
104
32. Number of Employees
106
33. Other operating income and expense
106
34. Financial income / expenses
107
35. Other financial results
107
36. Income tax expense
108
37. Earnings per share
108
38. Analysis of Cash Flow Adjustments
109
39. Related party transactions
109
39.1 Transactions with key management personnel
111
40. Contingent liabilities and receivables
111
40.1 Encumbrances
111
40.2 Commitments
111
40.3 Anaudited fiscal years
112
40.4 Court claims & arbitration proceedings
112
41. Risk management objectives and policies.
112
41.1 Financial Risk Factors
113
41.2 Market Risk
113
41.3 Credit Risk
114
41.4 Liquidity Risk
114
41.5 Cash Flow Risk and fair value risk due to changes in Interest Rate
116
41.6 Market Risk
116
41.7 Other risks and uncertainties
116
42. Fair value of financial instruments
117
43. Capital management policies and procedures
119
44. Subsequent events
119
Ε. Figures and Information
122
F. Availability of Financial Statements (WEBSITE)
126
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