METKA GROUP | ANNUAL REPORT 2013 - page 127

125
Annual financial statements from the 1st of January to the 31st of December 2013
In order to address the above risks, the Group proceeds to the 100% insurance against such risks to cover
the total value of projects and activities with all-risk insurance policies (Erection All Risks & Construction All
Risks), including civil liability, employer liability, machinery, vehicles etc to renowned international insurance
firms.
However, the existing insurance policies cannot always fully cover possible damages from unexpected events
such as natural disaster, war or terrorist attacks.
c) Risks arising from geopolitical factors
Apart from the Group’s activity in Syria, there is no foreseeable risk for the Company due to geopolitical factors.
Concerning the activity in Syria, it should be clear that METKA is not subjected into investor’s risks but to
the risks of a manufacturer with assured funding and confirmed credit. Nevertheless, the postponement of
works for a certain period, the necessity for extremely high safety measures, our extended presence in the
Project, the increased freight and insurance charges, and the extraordinary, in general, conditions under
which the Project continues today, have increased significantly the cost although not to a degree which hinders
its continuation, expecting of course a compensation from the client for all proven over-expenses which are
imposed to us for reasons outside our responsibility.
42. Fair value of financial instruments
Analysis of financial assets and financial liabilities is as follows:
Fair Value Chain
The funds of each type of financial instruments of the balance sheet, valued at the fair value, for disclosure
reasons, should be registered at the following three levels, depending on their data quality used for the
evaluation of the fair value:
Level 1:
Investments that are valued at fair value based on quoted (unadjusted) prices in active markets
for identical assets or liabilities.
1...,117,118,119,120,121,122,123,124,125,126 128,129,130,131,132,133,134,135,136
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