91
90
Annual Financial Statements
NAME OF SUBSIDIARIES,
ASSOCIATES AND JOINT VENTURES
COUNTRY OF
INCORPORATION PERCENTAGE
CONSOLIDATION
METHOD
43 METKA AIOLIKA PLATANOU S.A.
Greece
80.20%
Full
44 AIOLIKI SAMOTHRAKIS S.A.
Greece
100.00%
Full
45 AIOLIKI EVOIAS DIAKOFTIS S.A.
Greece
80.20%
Full
46 AIOLIKI SIDIROKASTROU S.A.
Greece
80.20%
Full
47 HELLENIC SOLAR S.A.
Greece
100.00%
Full
48 SPIDER S.A.
Greece
100.00%
Full
49 GREENENERGY A.E.
Greece
80.00%
Full
50 MOVAL S.A.
Greece
100.00%
Full
51 PROTERGIA THERMOELECTRIC (former ARGYRITIS GEA S.A.)
Greece
100.00%
Full
52 ANEMOSTRATA RENEWABLE ENERGY SOURCES S.A.
Greece
100.00%
Full
53 ANEMODRASI RENEWABLE ENERGY SOURCES S.A.
Greece
100.00%
Full
54 ANEMORAHI RENEWABLE ENERGY SOURCES S.A.
Greece
100.00%
Full
55 ANEMOSKALA RENEWABLE ENERGY SOURCES S.A.
Greece
100.00%
Full
56 KATAVATIS RENEWABLE ENERGY SOURCES S.A.
Greece
100.00%
Full
57 HORTEROU S.A.
Greece
100.00%
Full
58 KISSAVOS DROSERI RAHI S.A.
Greece
100.00%
Full
59 KISSAVOS PLAKA TRANI S.A.
Greece
100.00%
Full
60 KISSAVOS FOTINI S.A.
Greece
100.00%
Full
61 AETOVOUNI S.A.
Greece
100.00%
Full
62 LOGGARIA S.A.
Greece
100.00%
Full
63 KILKIS PALEON TRIETHNES S.A.
Greece
100.00%
Full
64 ANEMOROE S.A.
Greece
100.00%
Full
65 PROTERGIA ENERGY S.A.
Greece
100.00%
Full
66 PROTERGIA AGIOS NIKOLAOS POWER SA OF GENERATION AND
SUPPLY OF ELECTRICITY
Greece
100.00%
Full
67 OSTENITIS SA (former ALUMINIUM OF GREECE S.A.)
Greece
100.00%
Full
68 SOLIEN ENERGY S.A.
Greece
100.00%
Full
69 KORINTHOS POWER S.A.
Greece
65.00%
Full
70 IKAROS ANEMOS SA
Greece
100.00%
Full
71 KERASOUDA SA
Greece
100.00%
Full
72 AIOLIKH ARGOSTYLIAS A.E.
Greece
100.00%
Full
73 M & M GAS Co S.A.
Greece
50.00%
Full
74 J/V ΜΕΤΚΑ – ΤΕRΝΑ
Greece
5.00%
Equity
75 AIOLIKH TRIKORFON S.A.
Greece
100.00%
Full
76 MAKRYNOROS ENERGEIAKH S.A.
Greece
100.00%
Full
77 INDUSTRIAL RESEARCH PROGRAMS "VEAT’’
Greece
35.00%
Equity
78 THERMOREMA S.A.
Greece
40.00%
Equity
79 FTHIOTIKI ENERGY S.A.
Greece
31.50%
Equity
80 J/V ΑΤΕRMOΝ ΑΤΤΕΕ-ΕΚΜΕ S.A.-TMUCB SA-METKA S.A.
Greece
5.00%
Equity
81 BUSINESS ENERGY TRIZINIA S.A.
Greece
49.00%
Equity
82 IONIA ENERGY S.A.
Greece
49.00%
Equity
83 ELECTRONWATT S.A.
Greece
10.00%
Equity
3.10.1 Foundation & Acquisition
- On 24/03/2014, the 100% Group’s subsidiary company,
OSTENITIS S.A. (former ALUMINIUM OF GREECE S.A.),
founded ST. NIKOLAOS SINGLE MEMBER P.C., in which she’s
a shareholder of 100%. The incorporation of the foresaid
company in the consolidated financial statements was made
using the full consolidation method.
- On 27/06/2014, the 100% Group’s subsidiary company,
MOVAL S.A., acquired the 80% of her subsidiary company,
AIOLIKI ARGOSTYLIAS S.A., and her incorporation in the
consolidated financial statements was made using the equity
method.
- On 26/06/2014, the Parent company of the Group,
MYTILINEOS S.A., acquired the 80% of the subsidiary
companies ANEMOSTRATA S.A. and ANEMOSKALA S.A..
Their incorporation in the consolidated financial statements was
made using the full consolidation method.
- On 28/12/2014 all shares of the company titled “RODAX
ROMANIASRL”were transferred fromMETKASA toMYTILINEOS
FINANCE S.A., a subsidiary of MYTILINEOS HOLDINGS SA.
- According to the Board Decision of 16th December 2013,
the Board of “Spider Energy S.A.” decided to acquire the total
number of shares of “Makrynoros S.A. Generation and trading
of Electricity” and “ Ispanoelliniki Aioliki Trikorfon SA Generation
and trading of Electricity” from “Acciona Energy and Investment
Company”. As stated in January 9, 2014 private contract,
the selling price for the acquisition of 50% stake was agreed
to one hundred thousand euros (100,000) for the company
“Ispanoelliniki Aioliki Trikorfon SA Generation and trading of
Electricity” and two hundred thousand euros (200,000) for
the company “Makrynoros S.A. Generation and trading of
Electricity”.
3.10.2 Sale and other changes
- On 30/06/2014, the J/V “HELLENIC SOLAR-VOULGARAKIS
LTD” ceased its operation.
- On 29/08/2014, the J/V “DEFENCE MAΤERIAL INDUSTRY
SA-MYTILINEOS & CO” ceased its operation.
- In August, the Group’s subsidiary company “ALUMINIUM
SOCIETE ANONYME.” switched her name to “ALUMINIUM
OF GREECE INDUSTRIAL AND COMMERCIAL SOCIETE
ANONYME”.
- MYTILINEOS HOLDINGS S.A. (the Company), announced
that its Board of Directors, approved the Draft Agreement for
the Merger by Absorption of the Company’s wholly-owned
subsidiary under the business name “THORIKI – PRODUCTION
AND TRADE OF METALS INDUSTRIAL S.A.” with the Company.
The aforementioned resolution also set 31.05.2014 as the
TransformationBalanceSheet dateand tookplace inaccordance
with the provisions of articles 67-68 of C.K. 2190/1920 and
articles 1-5 of Law 2166/1993. The merger was approved by
Decision no. K2-4873/14.10.2014 of the
Deputy Minister for Development and
Competitiveness, which was registered
with the General Commercial Register
(GEMI) under Registration No. 260475 on
14.10.2014.
In order to show the merger, the Company
used in the Individual &Consolidated
Financial Statements the paragraphs 10-
12 of IAS 8 “Accounting Policies, Changes
in Accounting Estimates and Mistakes”.
The merger’s accounting policy serves the
need of financial decisions of the users,
offering essential information concerning
the financial yield and the Group’s/
Company’s financial position , in the
context of the rules required by the IFRS.
Taking into account that the merged com-
pany is a 100% subsidiary and in the con-
text of the directives of paragraphs 10-12 of
IAS 8, the Company used the requirements
of paragraph 23 of IFRS 10 “Consolidated
Financial Statements”. According to this,
any changes in the ownership of a subsidi-
ary which do not result in losing control,
are accounted as equity transactions (that
is, transactions with owners acting as own-
ers). In those cases, the accounting values
of equities attributed to shareholders of
the parent company and the shareholders
of the minority shall be adjusted in order
to show the changes to their respective
stakes in subsidiary. Any difference be-
tween the amount by which the minority
rights are adjusted and the fair value of the
amount paid or received should be directly
noted in the equity and accounted to the
parent company owners.
According to the above:
Included in the parent Company’s results
are the results of the above subsidiary,
starting from 16/2014. Also in the parent
Company are included the assets, liabili-
ties and the net portion of the above com-
pany, on the date of the merger approval.
Finally, in the parent Company’s Equity is
the difference which is resulted from the
deletion of the absorbed company’s Equity
and the parent Company’s stake in it.
