122
123
Annual Financial Statements
for the year 2014, stating that said re-pricing was in accordance with the deci-
sion of its General Meeting on 28/2/2014. Consequently, PPC, acting unilaterally,
invoiced the Subsidiary Company for the period’s 01/01 -31/03/2015 electricity
consumption based on “A5” tariff which incorporated a 20% discount, stating
that these invoices were issued based on the decision of PPC’s extraordinary
General Meeting.
The Subsidiary contests the way in which PPC’s Management has interpreted
and applied the General Meeting’s decision of 28/2/2014 in relation to the issu-
ance of the aforementioned credit tariffs, stressing that in no case have they ever
reached an agreement with PPC either on the basis of the General Meeting reso-
lution, or on any other basis, given that decisions taken by a Company’s General
Assembly are only binding to the company issuing the General Assembly resolu-
tion and do not bind other contracting parties.
For the years 2014 and 2015, the difference between the amount announced in
the Subsidiary’s results as the cost for electricity consumption and the amount
that it would have announced on the basis of the tariffs which PPC unilaterally
and arbitrarily formed, amounts to
€
20.6 million and
€
21.7 million respectively
. Moreover, for the year 2014 and 2015, the difference between the amount an-
nounced in the Subsidiary’s results as the cost for electricity consumption and
the amount that it would have announced in implementation of PPC’s Extraordi-
nary General Meeting resolution, as this has been interpreted by the Subsidiary
Company during negotiations between the parties, amounts to
€
4.3 million and
5.8 million respectively.
However, it is noted that the two parties have not yet, as of the date of approval of
the Company Group’s Annual Financial Statements of 2015, reached an agree-
ment. Therefore, none of the above differences constitute contingent liabilities,
nor can they be considered as such, because contingent claims and contingent
liabilities which cannot be accurately estimated at this stage may arise for the
Subsidiary, as a result of the finalization of negotiations between the two parties,
or following new legal or arbitration procedures, or procedures before another
competent authority.
Other Contingent Assets & Liabilities
There is a pending legal claim of the parent company METKA from a supplier of
€
28.1 million which relates to compensation for poor performance. The defend-
ant company has filed a declaratory action claiming that it has no obligation to
pay the Company the above amount. The Company shall acknowledge in its
results the amount that may be assigned to it at the time of a positive outcome
and recovery. For the above case, the defendant company has also requested
arbitration against the absorbed company RODAX S.A., the cases of which are
automatically taken over by METKA.
There are other contingent liabilities against the Group, amounting to 5.46 m
€
, for
which no provision is formed on the results since the outcome of these is deemed
uncertain. Moreover there are Groups’ claims against third parties amounting to
72.02 m
€
.
4.36 Post Balance Sheet events
There are no other significant subsequent events, apart from the above men-
tioned, which should be announced for the purposes of I.F.R.S
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