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FINANCIAL STATEMENTS
During 2009 the Company reversed the fair value gain of €359.806 resulting from the re-measurement of an available for
sale financial asset in 2008, as a result of the change in the classification of the investment (refer further to note 4.12)
Analysis of other reserves 2009 Movement 2008
Statutory reserves 27.544.914 9.087.008 18.457.905
AFS reserves 0 (359.806) 359.806
Other reserves 7.533
Totals 7.533 0
27.552.446 8.727.202 18.825.244
4.20 Retained earnings
In accordance with Greek Corporate Law, companies are required each year, to declare dividends of at least 35% of after
tax profits, after allowing for the legal reserve.
In addition, the prevailing bank loan agreements impose specific conditions for the permitted dividend distribution, which
have been fulfilled since 2003 when the Company was in the financial position to distribute dividends.
In June 2009, the Annual General Meeting of Shareholders approved the distribution of dividends amounting to €105.000.000
or €3,50 per share, which was fully paid to the shareholders in August 2009.
At the forthcoming Annual General Meeting of the Shareholders, the Board of Directors will propose a dividend distribution
amounting to €168.000.000, or €5,60 per ordinary share, with respect to the current financial year. These dividends
have not been provided for. Refer to notes 4.6 and 4.25 with respect to the income tax consequences on the proposed
dividends distribution.
4.21 Foreign currency transactions
Assets and liabilities of the Company that are denominated in foreign currencies have been valued at the prevailing
exchange rates at the date of the settlement or at year-end. Any difference arising from the settlement or the revaluation
of monetary items other than euro, are recognised in the income statement for the period.
4.22 Bank loans and other borrowings comprise the following:
The financial liabilities measured at amortised cost at 31 December 2009 analysed as follows:
Analysis of loans 2009 2008
Long term loans
EIB loan 729.043.391 777.365.635
Total long term loans 729.043.391 777.365.635
Short term loans 48.322.245 45.516.928
EIB loan 0 19.646.465
Subordinated loan
Accrued interest & related expenses 6.264.665 3.064.118
Total short term loans 54.586.910 68.227.511
783.630.301 845.593.146
Total bank & subordinated loans
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 57 OF 69
During 2009 the Company reversed the fair value gain of €359.806 resulting from the re-measurement of an available for
sale financial asset in 2008, as a result of the change in the classification of the investment (refer further to note 4.12)
Analysis of other reserves 2009 Movement 2008
Statutory reserves 27.544.914 9.087.008 18.457.905
AFS reserves 0 (359.806) 359.806
Other reserves 7.533
Totals 7.533 0
27.552.446 8.727.202 18.825.244
4.20 Retained earnings
In accordance with Greek Corporate Law, companies are required each year, to declare dividends of at least 35% of after
tax profits, after allowing for the legal reserve.
In addition, the prevailing bank loan agreements impose specific conditions for the permitted dividend distribution, which
have been fulfilled since 2003 when the Company was in the financial position to distribute dividends.
In June 2009, the Annual General Meeting of Shareholders approved the distribution of dividends amounting to €105.000.000
or €3,50 per share, which was fully paid to the shareholders in August 2009.
At the forthcoming Annual General Meeting of the Shareholders, the Board of Directors will propose a dividend distribution
amounting to €168.000.000, or €5,60 per ordinary share, with respect to the current financial year. These dividends
have not been provided for. Refer to notes 4.6 and 4.25 with respect to the income tax consequences on the proposed
dividends distribution.
4.21 Foreign currency transactions
Assets and liabilities of the Company that are denominated in foreign currencies have been valued at the prevailing
exchange rates at the date of the settlement or at year-end. Any difference arising from the settlement or the revaluation
of monetary items other than euro, are recognised in the income statement for the period.
4.22 Bank loans and other borrowings comprise the following:
The financial liabilities measured at amortised cost at 31 December 2009 analysed as follows:
Analysis of loans 2009 2008
Long term loans
EIB loan 729.043.391 777.365.635
Total long term loans 729.043.391 777.365.635
Short term loans 48.322.245 45.516.928
EIB loan 0 19.646.465
Subordinated loan
Accrued interest & related expenses 6.264.665 3.064.118
Total short term loans 54.586.910 68.227.511
783.630.301 845.593.146
Total bank & subordinated loans
Financial Statements as at 31 December 2009 (Amounts in Euros unless otherwise stated) PAGE 57 OF 69
