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Financial Statements
Where the Company purchases the Company’s equity share capital (treasury shares), the consideration
paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity
attributable to the Company’s equity holders until the shares are cancelled or reissued. Where such shares are
subsequently reissued, any consideration received (net of any directly attributable incremental transaction costs
and the related income tax effects) is included in equity attributable to the Company’s equity holders.
2.12 Trade Payables
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using
the effective interest method.
2.13 Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently
stated at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption
value is recognised in the income statement over the period of the borrowings using the effective interest
method.
The fair value of the liability portion of a convertible bond is determined using a market interest rate for
an equivalent non-convertible bond. This amount is recorded as a liability on an amortised cost basis until
extinguished on conversion or maturity of the bonds. The remainder of the proceeds is allocated to the
conversion option. This is recognised in shareholders’ equity, net of tax.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer
settlement of the liability for at least 1 months after the balance sheet date.
2.14 Government Grants
Grants from the government are recognised at their fair value where there is a reasonable assurance that
the grant will be received and the Company will comply with all attached conditions.
Government grants relating to costs such as borrowing costs are recognised in the income statement to
match them with the costs that they are intended to compensate.
Government grants received towards principal repayment of borrowings are recognised in the income
statement in the year the qualifying borrowings are repaid.
Government grants relating to non-current assets are off-set against the cost of the relevant non-current
asset. The grant is recognised as income over the life of the respective depreciable non-current asset by
way of a reduction in the depreciation/amortisation charge.
Loans at nil or low interest rates received from Government are initially recognised at the amount of the
proceeds received. Subsequently, the carrying amount of such loans is not adjusted to reflect benefits
received through the imputation of interest.
2.15 Current and Deferred Income Tax
The current income tax charge is calculated on the basis of Greek tax laws enacted or substantively enacted
at the balance sheet date. Management periodically evaluates positions taken in tax returns with respect to
situations in which applicable tax regulations is subject to interpretation and establishes provisions where
appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the liability method, on temporary differences
arising between the tax bases of assets and liabilities and their carrying amounts in the Company’s
financial statements. However, the deferred income tax is not accounted for if it arises from initial
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Where the Company purchases the Company’s equity share capital (treasury shares), the consideration
paid, including any directly attributable incremental costs (net of income taxes), is deducted from equity
attributable to the Company’s equity holders until the shares are cancelled or reissued. Where such shares are
subsequently reissued, any consideration received (net of any directly attributable incremental transaction costs
and the related income tax effects) is included in equity attributable to the Company’s equity holders.
2.12 Trade Payables
Trade payables are recognised initially at fair value and subsequently measured at amortised cost using
the effective interest method.
2.13 Borrowings
Borrowings are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently
stated at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption
value is recognised in the income statement over the period of the borrowings using the effective interest
method.
The fair value of the liability portion of a convertible bond is determined using a market interest rate for
an equivalent non-convertible bond. This amount is recorded as a liability on an amortised cost basis until
extinguished on conversion or maturity of the bonds. The remainder of the proceeds is allocated to the
conversion option. This is recognised in shareholders’ equity, net of tax.
Borrowings are classified as current liabilities unless the Company has an unconditional right to defer
settlement of the liability for at least 1 months after the balance sheet date.
2.14 Government Grants
Grants from the government are recognised at their fair value where there is a reasonable assurance that
the grant will be received and the Company will comply with all attached conditions.
Government grants relating to costs such as borrowing costs are recognised in the income statement to
match them with the costs that they are intended to compensate.
Government grants received towards principal repayment of borrowings are recognised in the income
statement in the year the qualifying borrowings are repaid.
Government grants relating to non-current assets are off-set against the cost of the relevant non-current
asset. The grant is recognised as income over the life of the respective depreciable non-current asset by
way of a reduction in the depreciation/amortisation charge.
Loans at nil or low interest rates received from Government are initially recognised at the amount of the
proceeds received. Subsequently, the carrying amount of such loans is not adjusted to reflect benefits
received through the imputation of interest.
2.15 Current and Deferred Income Tax
The current income tax charge is calculated on the basis of Greek tax laws enacted or substantively enacted
at the balance sheet date. Management periodically evaluates positions taken in tax returns with respect to
situations in which applicable tax regulations is subject to interpretation and establishes provisions where
appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is provided in full, using the liability method, on temporary differences
arising between the tax bases of assets and liabilities and their carrying amounts in the Company’s
financial statements. However, the deferred income tax is not accounted for if it arises from initial
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