89
88
Annual Financial Statements
between the Subsidiary and LAGIE, the final settlement of the com-
pensatory price for High-Efficiency electricity dispatched to the sys-
tem was to take place following the issuance of the relevant Minis-
terial Decision, in accordance with the provisions of Law 4001/2011.
However, ADMIE’s issuance of a briefing note for the return of said
Natural Gas SCT constitutes a divergence by ADMIE from the usual in-
terpretation and application of the relevant Legislative and Regulatory
provisions, especially considering that: (a) there has been no change
in the legal framework or the specific Codes dictating the recovery
of the Natural Gas ET by power producers (including HE-CHP) and
(b ) the relevant Ministerial Decision according to which the High Ef-
ficiency CHP station would receive a final price for the high-efficiency
electricity dispatched to the system, according to the provisions of the
“Supplementary Agreement for Transactions relating to Electricity from
the Dispatchable High-Efficiency CHP Station” (Government Gazette
B’ 3108/23.11.2012), has not been issued. For the purpose of portray-
ing this divergence in the Subsidiary’s financial statements and for
the section of the Natural Gas ΕT reimbursement which corresponded
to consumption for the generation of thermal energy, this divergence
constitutes a prior period accounting error, as defined in IAS 8, par-
ticularly as regards mistakes which “include the effects of…misinter-
pretations of facts”, given that ADMIE’s aforementioned divergence as
regards the compensation for the Natural
Gas ΕT for CHP is accounted for as such.
Moreover, on the basis of the above
mentioned regarding said ADMIE brief-
ing notes, for the period from 28/11/2012
to 31/10/2013, the Subsidiary also recog-
nized for the rest of the months of 2013
(i.e. November and December), a liability
(deducted also from ADMIE’s receivable
balance) for the part of the Natural Gas
ET which corresponded to consumptions
made in generating useful heat (steam for
the Alumina production process) amount
to
€
1.6m, a receivable of
€
0.55m and cost
of
€
1.05m.
Consequently, the effect of returning the
Natural Gas ΕT which corresponded to
consumptions for the generation of use-
ful heat (steam for the Alumina production
process), on the Group’s financial state-
ments is as follows:
3.10 Group Structure
FINANCIAL YEAR 2013
Consolidated Statement of Financial Position elements
As Published
Adjusted IAS 8 Adjustment
Trade and Other Receivables
575,079
564,363
(10,716)
Other Receivables
103,855
107,222
3,367
Retained earnings
408,788
401,440
(7,348)
Equity attributable to parent’s shareholders
864,291
856,943
(7,348)
EQUITY
1,097,695
1,090,347
(7,348)
Consolidated Income Statement Elements
Cost of sales
(1,202,914)
(1,209,508)
(6,594)
Gross profit
200,040
193,445
(6,594)
Earnings before interest and income tax
166,642
160,047
(6,594)
Oper.Earnings before income tax, financial results, depreciation and amortization
231,899
225,305
(6,594)
EBT
80,378
73,784
(6,594)
Earnings after tax
67,118
60,523
(6,594)
Profit attributable to Equity Holders of the Parent
22,505
15,910
(6,595)
Earnings per share
0.1992
0.1408
(0.0584)
Consolidated Statement of Comprehensive Income Elements
Net result for the period
67,118
60,523
(6,594)
Total comprehensive income for the period
(16,935)
(23,530)
(6,594)
Total comprehensive income for the period attributable to parent’s shareholders
(61,371)
(67,965)
(6,594)
Consolidated Statement of changes in Equity
Opening Balance 1st January 2013
976,216
975,464
(753)
Net result for the period
67,118
60,523
(6,594)
Closing Balance 31st December 2013
1,097,695
1,090,347
(7,348)
FINANCIAL YEAR 2012
Consolidated Statement of Financial Position elements
As Published
Adjusted IAS 8 Adjustment
Trade and Other Receivables
658,247
657,494
(753)
Retained earnings
365,275
364,522
(753)
Equity attributable to parent’s shareholders
800,014
799,261
(753)
EQUITY
976,216
975,463
(753)
NAME OF SUBSIDIARIES,
ASSOCIATES AND JOINT VENTURES
COUNTRY OF
INCORPORATION PERCENTAGE CONSOLIDATION
METHOD
1
MYTILINEOS HOLDING S.A.
Greece
Parent
2 METKA S.A.
Greece
50.00%
Full
3 SERVISTEEL
Greece
50.00%
Full
4 RODAX ROMANIA SRL, Bucharest
Romania
100.00%
Full
5 ELEMKA S.A.
Greece
41.75%
Full
6 DROSCO HOLDINGS LIMITED
Cyprus
41.75%
Full
7 BRIDGE ACCESSORIES & CONSTRUCTION SYSTEMS S.A.
Greece
31.31%
Full
8 ΜΕΤΚΑ BRAZI SRL
Romania
50.00%
Full
9 POWER PROJECT SANAYI INSAAT TICARET LIMITED SIRKETI
Turkey
50.00%
Full
10 ALUMINIUM OF GREECE INDUSTRIAL AND COMMERCIAL
SOCIETE ANONYME
Greece
100.00%
Full
11 DELFI DISTOMON A.M.E.
Greece
100.00%
Full
12 DESFINA SHIPPING COMPANY
Greece
100.00%
Full
13 DESFINA MARINE S.A.
Marshall Islands
100.00%
Full
14 ST. NIKOLAOS SINGLE MEMBER P.C.
Greece
100.00%
Full
15 RENEWABLE SOURCES OF KARYSTIA SA
Greece
100.00%
Full
16 SOMETRA S.A.
Romania
92.79%
Full
17 STANMED TRADING LTD
Cyprus
100.00%
Full
18 MYTILINEOS FINANCE S.A.
Luxembourg
100.00%
Full
19 RDA TRADING
Guernsey Islands
100.00%
Full
20 MYTILINEOS BELGRADE D.O.O.
Serbia
92.79%
Full
21 MYVEKT INTERNATIONAL SKOPJE
FYROM
100.00%
Full
22 MYTILINEOS FINANCIAL PARTNERS S.A.
Luxembourg
87.50%
Full
23 MYTILINEOS INTERNATIONAL COMPANY AG "MIT Co"
Switzerland
100.00%
Full
24 GENIKI VIOMICHANIKI S.A.
Greece
Joint Management
Full
25 DELTA PROJECT CONSTRUCT SRL
Romania
95.01%
Full
26 DELTA ENERGY S.A.
Greece
90.03%
Full
27 FOIVOS ENERGY S.A.
Greece
90.03%
Full
28 HYDROHOOS S.A.
Greece
90.03%
Full
29 PEPONIAS S.A.
Greece
77.03%
Full
30 HYDRIA ENERGY S.A.
Greece
90.03%
Full
31 EN.DY. S.A.
Greece
90.03%
Full
32 SMALL HYDROELECTRIC STATIONS PELOPONNISOU S.A.
(former FOTINOS TILEMAHOS S.A.s)
Greece
90.03%
Full
33 THESSALIKI ENERGY S.A.
Greece
90.03%
Full
34 PROTERGIA S.A.
Greece
100.00%
Full
35 NORTH AEGEAN RENEWABLES
Greece
100.00%
Full
36 MYTILINEOS HELLENIC WIND POWER S.A.
Greece
80.00%
Full
37 AIOLIKI ANDROU TSIROVLIDI S.A.
Greece
80.20%
Full
38 AIOLIKI NEAPOLEOS S.A.
Greece
80.20%
Full
39 AIOLIKI EVOIAS PIRGOS S.A.
Greece
80.20%
Full
40 AIOLIKI EVOIAS POUNTA S.A.
Greece
80.20%
Full
41 AIOLIKI EVOIAS HELONA S.A.
Greece
80.20%
Full
42 AIOLIKI ANDROU RAHI XIROKABI S.A.
Greece
80.20%
Full
