103
102
Annual Financial Statements
B. Cash Flow Hedging
The Group enters into Cash Flow Hedging transactions in order to cover the risks that cause fluctuations in its cash
flows and arise either from an asset or a liability or a forecasted transaction.
On revaluation of open positions, the effective part of the hedging instrument is recognized directly in Equity as “Hedg-
ing Reserve” while the ineffective part is recognized in Profit & Loss. The amounts recognized in Equity are transferred
in profit and loss at the same time as the underlying.
When a hedging instrument has expired, sold, settled or does not qualify for hedging accounting all accumulated profit
or loss recognized in Equity, stays in Equity until the final settlement of the underlying. If the underlying is not expected
to be settled then any profit or loss recognized in Equity is transferred to profit and loss account.
C. Hedging of a Net Investment
Hedging of a foreign investment is regarded for accounting purposes in a way similar to cash flow hedging.
The effective part of the hedging result is recognized directly in Equity while any ineffective part is recognized in profit
and loss. Accumulated profit or loss recognized in Equity is transferred in profit and loss account at the time of disposal
of the investment.
Determination of Fair Value
The fair value of financial instruments trading in an active market is defined by the published prices as of the date of
the financial statements.
The fair value of financial instruments not traded in active market is defined through the use of valuation techniques and
assumptions based on relevant market information as of the date of the financial statements.
4. Notes on the financial Statements
4.1 Tangible assets
MYTILINEOS GROUP
(Amounts in thousands
€
)
Land & Buildings Vehicles & mechanical
equipment
Furniture and
other equipment
Tangible
assets under
construction
Total
Gross Book Value
389,167
1,332,167
29,524
16,997
1,767,855
Accumulated depreciation and/or impairment
(67,408)
(580,410)
(22,509)
-
(670,325)
Net Book Value as at
1/1/2013
321,759
751,758
7,015
16,997
1,097,530
Gross Book Value
391,140
1,386,321
31,656
22,078
1,831,195
Accumulated depreciation and/or impairment
(74,063)
(651,858)
(23,600)
-
(749,522)
Net Book Value as at
31/12/2013
317,077
734,462
8,056
22,078
1,081,673
Gross Book Value
389,660
1,384,596
32,822
41,630
1,848,709
Accumulated depreciation and/or impairment
(79,427)
(681,291)
(24,633)
-
(785,352)
Net Book Value as at
31/12/2014
310,233
703,305
8,189
41,630
1,063,357
MYTILINEOS GROUP
(Amounts in thousands
€
)
Land &
Buildings
Vehicles & mechanical
equipment
Furniture and
other equipment
Tangible
assets under
construction
Total
Net Book Value as at
1/1/2013
321,759
751,758
7,015
16,997
1,097,530
Additions
893
30,073
886
21,673
53,524
Sales - Reductions
(248)
(2,618)
(162)
(446)
(3,474)
Depreciation
(6,139)
(56,881)
(1,341)
-
(64,361)
Reclassifications
1,675
12,185
1,701
(15,981)
(420)
Net Foreign Exchange Differences
(862)
(55)
(43)
(165)
(1,126)
Net Book Value as at
31/12/2013
317,077
734,462
8,056
22,078
1,081,673
Additions
3,937
11,972
1,076
32,463
49,448
Sales - Reductions
(154)
(1,398)
39
(8,019)
(9,533)
Depreciation
(7,413)
(43,899)
(1,477)
-
(52,789)
Reclassifications
425
4,369
830
(5,851)
(228)
Net Foreign Exchange Differences
2,510
16
6
527
3,059
Tangible Assets From Acquisition/(Sale) Of
Subsidiary
(6,149)
(2,215)
(341)
433
(8,272)
Merge Through Acquisition Of Subsidiary
-
(2)
-
-
(1)
Net Book Value as at
31/12/2014
310,233
703,305
8,189
41,630
1,063,357
MYTILINEOS S.A.
(Amounts in thousands
€
)
Land &
Buildings
Vehicles & mechanical
equipment
Furniture and
other equipment
Total
Gross Book Value
13,304
222
1,800
15,327
Accumulated depreciation and/or impairment
(3,428)
(162)
(1,451)
(5,042)
Net Book Value as at
1/1/2013
9,876
60
349
10,285
Gross Book Value
13,307
324
1,904
15,535
Accumulated depreciation and/or impairment
(3,634)
(177)
(1,520)
(5,331)
Net Book Value as at
31/12/2013
9,673
147
384
10,204
Gross Book Value
13,309
479
2,040
15,828
Accumulated depreciation and/or impairment
(3,840)
(365)
(1,698)
(5,904)
Net Book Value as at
31/12/2014
9,469
113
342
9,924
(Amounts in thousands €)
Land &
Buildings
Vehicles & mechanical
equipment
Furniture and
other equipment
Total
Net Book Value as at
1/1/2013
9,876
60
349
10,285
Additions
3
102
120
224
Sales - Reductions
-
-
(1)
(1)
Depreciation
(206)
(14)
(85)
(305)
Net Book Value as at
31/12/2013
9,673
147
384
10,204
Additions
2
-
47
49
Sales - Reductions
-
(15)
-
(15)
Depreciation
(206)
(27)
(90)
(323)
Merge Through Acquisition Of Subsidiary
-
7
2
9
Net Book Value as at
31/12/2014
9,469
113
342
9,924
Depreciation charged in profit and loss is analyzed in notes 4.17 and 4.18.
