74
75
Annual Financial Statements
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
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 S.A.
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 HYDRIA ENERGY S.A.
Greece
90.03%
Full
30 EN.DY. S.A.
Greece
90.03%
Full
31 SMALL HYDROELECTRIC STATIONS PELOPONNISOU
S.A. (former FOTINOS TILEMAHOS S.A.s)
Greece
90.03%
Full
32 THESSALIKI ENERGY S.A.
Greece
90.03%
Full
33 PROTERGIA S.A.
Greece
100.00%
Full
34 NORTH AEGEAN RENEWABLES
Greece
100.00%
Full
35 MYTILINEOS HELLENIC WIND POWER S.A.
Greece
80.00%
Full
36 AIOLIKI ANDROU TSIROVLIDI S.A.
Greece
80.20%
Full
37 MYTILINEOS AIOLIKI NEAPOLEOS S.A.
Greece
80.20%
Full
38 AIOLIKI EVOIAS PIRGOS S.A.
Greece
80.20%
Full
39 AIOLIKI EVOIAS POUNTA S.A.
Greece
80.20%
Full
40 AIOLIKI EVOIAS HELONA S.A.
Greece
80.20%
Full
41 AIOLIKI ANDROU RAHI XIROKABI S.A.
Greece
80.20%
Full
42 METKA AIOLIKA PLATANOU S.A.
Greece
80.20%
Full
43 AIOLIKI SAMOTHRAKIS S.A.
Greece
100.00%
Full
44 AIOLIKI EVOIAS DIAKOFTIS S.A.
Greece
80.20%
Full
•
Budget of construction contracts
The treatment for income and expenses of a construction contract, depends on
whether the final result of the contract can be reliably estimated. When the result
of a construction contract can be estimated reliably then all income and expens-
es related to the contract are recognized as such during the time period of the
contract. The Group uses the percentage of completion method to determine the
appropriate amount of income and expense to be recognized in each period. The
percentage of completion is calculated as the contracted cost realized over the
total budgeted cost of construction for each project.
•
Income Tax
Group and company is subject to income taxes in numerous jurisdictions. Signifi-
cant estimates are required in determining the provision for income taxes. There
are many transactions and calculations for which the ultimate tax determination
is uncertain during the ordinary course of business. Group and company recog-
nises liabilities for anticipated tax audit issues based on estimates of whether ad-
ditional taxes will be due. Where the final tax outcome of these matters is different
from the amounts that were initially recorded, such differences will impact the
income tax and deferred tax provisions in the period in which such determination
is made.
•
Provisions
Doubtful accounts
are reported at the amounts
likely to be recoverable based on historical experi-
ence of customer default. As soon as it is learned
that a particular account is subject to a risk over and
above the normal credit risk (e.g., low creditworthi-
ness of customer, dispute as to the existence or the
amount of the claim, etc.), the account is analyzed
and written down if circumstances indicate the re-
ceivable is uncollectible.
Provisions for environmental rehabilitation
are
reported at the amounts that are likely to be claimed
against the Group in order to settle the liability
•
Contingencies
The Group is involved in litigation and claims in the
normal course of operations. Management is of the
opinion that any resulting settlements would not
materially affect the financial position of the Group
as at December 31, 2014. However, the determi-
nation of contingent liabilities relating to the litiga-
tion and claims is a complex process that involves
judgments as to the outcomes and interpretation of
laws and regulations. Changes in the judgments or
interpretations may result in an increase or decrease
in the Company’s contingent liabilities in the future.
3.9 Group Structure
