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Financial Statements
CONTENTS PAGE
INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2011 13
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2011 14
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2011 15
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2011 16
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2011 17
NOTES TO THE FINANCIAL STATEMENTS 18
1 Incorporation & activities of the Company 18
2 Significant accounting policies 18
3 Financial risk management 27
4 Critical accounting estimates and judgements 31
4.1 Critical accounting estimates and assumptions 31
4.2 Critical judgements in applying the entity’s accounting policies 31
5 Notes to the financial statements 32
5.1 Operating revenues 32
5.2 Depreciation & amortisation charges 32
5.3 Net financial expenses 33
5.4 Subsidies received 33
5.5 Income tax expense 33
5.6 Basic earnings per share 34
5.7 Property plant & equipment-owned assets 35
5.8 Property, plant & equipment-leased assets 36
5.9 Intangible assets 37
5.10 Other non-current assets 38
5.11 Inventories 38
5.12 Construction works in progress 38
5.13 Trade receivables 38
5.14 Other receivables 39
5.15 Cash and cash equivalents 39
5.16 Share capital 39
5.17 Statutory & other reserves 39
5.18 Retained earnings 40
5.19 Bank loans 40
5.20 Employee retirement benefits 40
5.21 Provisions 42
5.22 Income & deferred tax liabilities 42
5.23 Other non-current liabilities 44
5.24 Trade & other payables 44
5.25 Other current liabilities 45
5.26 Operating lease arrangements 45
5.27 Commitments 45
5.28 Contingent liabilities 46
5.29 Related parties transactions 48
5.30 Events after the balance sheet date 48
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated) Page 11 of 50
CONTENTS PAGE
INCOME STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2011 13
STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2011 14
STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2011 15
STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2011 16
STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2011 17
NOTES TO THE FINANCIAL STATEMENTS 18
1 Incorporation & activities of the Company 18
2 Significant accounting policies 18
3 Financial risk management 27
4 Critical accounting estimates and judgements 31
4.1 Critical accounting estimates and assumptions 31
4.2 Critical judgements in applying the entity’s accounting policies 31
5 Notes to the financial statements 32
5.1 Operating revenues 32
5.2 Depreciation & amortisation charges 32
5.3 Net financial expenses 33
5.4 Subsidies received 33
5.5 Income tax expense 33
5.6 Basic earnings per share 34
5.7 Property plant & equipment-owned assets 35
5.8 Property, plant & equipment-leased assets 36
5.9 Intangible assets 37
5.10 Other non-current assets 38
5.11 Inventories 38
5.12 Construction works in progress 38
5.13 Trade receivables 38
5.14 Other receivables 39
5.15 Cash and cash equivalents 39
5.16 Share capital 39
5.17 Statutory & other reserves 39
5.18 Retained earnings 40
5.19 Bank loans 40
5.20 Employee retirement benefits 40
5.21 Provisions 42
5.22 Income & deferred tax liabilities 42
5.23 Other non-current liabilities 44
5.24 Trade & other payables 44
5.25 Other current liabilities 45
5.26 Operating lease arrangements 45
5.27 Commitments 45
5.28 Contingent liabilities 46
5.29 Related parties transactions 48
5.30 Events after the balance sheet date 48
Financial Statements as at 31 December 2011 (Amounts in Euros unless otherwise stated) Page 11 of 50
