115
114
Annual Financial Statements
4.9 Customers and other trade receivables
MYTILINEOS GROUP
MYTILINEOS S.A.
(Amounts in thousands €)
31/12/2014
31/12/2013
31/12/2014
31/12/2013
Customers
374,000
527,081
11,056
350
Notes receivable
-
4
-
-
Checks receivable
4,283
5,127
1,917
35
Less: Impairment Provisions
(5,498)
(15,548)
(3,479)
-
Net trade Receivables
372,786
516,664
9,494
385
Advances for inventory purchases
139
147
-
-
Advances to trade creditors
34,093
47,553
-
-
Total
407,018
564,363
9,494
385
MYTILINEOS GROUP
Construction Contracts
31/12/2014
31/12/2013
Realised Contractual Revenues
597,806
595,744
Realised Contractual Cost & Profits (minus realised
losses)
3,481,076
3,253,185
Advances received
(47,303)
(27,291)
Clients holdings for good performance
120,018
175,440
Receivables for construction contracts according to the
percentage of completion
63,130
27,179
Liabilities related to construction contracts according to
percent. of completion
(182,691)
(134,150)
On 11/4/2014, LAGIE sent a credit note amounting to
€
8.5m in total
to the Subsidiary Company, in application of subparagraph IC.3 of
Law 4254/2014. Specifically, this regulation provides that producers
of High-Efficiency CHP are obliged to issue a credit invoice by which
they provide a 10% discount on the total value of the energy that they
dispatched to the system during 2013. Additionally, said regulation
characteristically states that until the relevant credit invoice is issued
and delivered to LAGIE, the latter’s obligation to pay the tariff for the
amount of energy which dispatched but not paid for is suspended.
The special levy imposed by Law 4093/2012 was intended to con-
solidate the Special Account by way of an intervention/’haircut’ for
high guaranteed prices which applied to RES and (small) High-Ef-
ficiency CHP stations during previous years and during the period
of 2012-2014. However, during said time period, CHP neither issued
invoices nor was paid a tariff in accordance with the provisions of
Law 4001/2011. Instead, following the conclusion of the Private Agree-
ment between the Subsidiary and LAGIE on 26.4.2013, CHP issued
temporary invoices, for the aforementioned period in its entirety, at the
minimum tariff which could have resulted from the application of the
mathematical formula established by Law 4001/2011 (if the CC value
was set at the unit price, i.e. if the Mean Average Natural Gas Price
amounted to 26
€
/MWh). It must also be noted that except for Alumin-
ium of Greece’s High-Efficiency CHP, almost all other H-E-CHP plants
(agricultural & district heating) operating in Greece have already been
retrospectively exempted from the special 10% levy by way of the pro-
visions of Laws 4203/2013 and 4123/2013.
Furthermore, it is clear from both the letter and the rationale of the pro-
vision that if the total value of the electricity dispatched by the Subsidi-
ary’s HE-CHP is unknown or has not been
determined because of the absence of a
fixed tariff (failure of the Minister of Environ-
ment, Energy and Climate Change to issue
the anticipated Ministerial Decision), the
credit invoice cannot be issued in principle.
It is noted that the -de facto- compensation
received by Aluminium of Greece for the
electricity dispatched to the system during
the period of 28.11.2012-31.3.2014, which
corresponded to the minimum price which
could have resulted from the application of
the mathematical formula established by
Law 4001/2011 (if the CC value was set at
the unit price, or, otherwise, if the Mean Av-
erage Natural Gas Price amounted to 26
€
/
MWh), cannot in any case be deemed to
amount to a “tariff” which would allow for
the determination of the ‘total value’ of the
High-Efficiency CHP energy dispatched
to the system. Therefore, the claim that a
credit invoice may be issued using a tem-
porary price is illegal, since it is contrary to
both the letter and spirit of the law.
Accordingly, the Subsidiary has issued the
relevant credit invoice to LAGIE, recording
all of the aforementioned reservations, so
that LAGIE’s obligation to pay for the elec-
tricity that was both dispatched to the system and invoiced is not suspended, which would unjustifiably burden
the Company’s liquidity, in violation of both the letter and the logic of the law. At the same time, the Subsidiary has
recorded said amount amongst its assets, given that, for the reasons mentioned above, it considers it certain that
the respective amount will be recovered in its totality.
4.10 Cash and cash equivalents
MYTILINEOS GROUP
MYTILINEOS S.A.
(Amounts in thousands
€
)
31/12/2014
31/12/2013
31/12/2014
31/12/2013
Cash
283
292
15
13
Bank deposits
92,290
63,051
771
3,430
Time deposits & Repos
220,855
118,427
-
-
Total
313,428
181,770
786
3,443
The weighted average interest
rate is as:
31/12/2014
31/12/2013
Deposits in Euro
1.61%
1.52%
4.11 Suppliers and other liabilities
MYTILINEOS GROUP
MYTILINEOS S.A.
(Amounts in thousands
€
)
31/12/2014
31/12/2013
31/12/2014
31/12/2013
Suppliers
268,316
350,118
13,645
2,137
Cheques Payable
3
-
-
-
Customers’ Advances
34,678
37,273
1,710
4,144
Liabilities to customers for project
implementation
182,136
81,559
-
-
Total
485,133
468,950
15,355
6,281
4.12 Other short-term liabilities
MYTILINEOS GROUP
MYTILINEOS S.A.
(Amounts in thousands
€
)
31/12/2014
31/12/2013
31/12/2014
31/12/2013
Liabilities to Related Parties
1,336
1,137
123,984
119,854
Accrued expense
20,235
14,910
23
6
Social security insurance
3,346
3,747
177
165
Dividends payable
401
692
49
258
Deferred income-Grants
1,051
-
-
-
Others Liabilities
11,352
11,882
1,080
(173)
Total
37,720
32,368
125,314
120,109
