Page 79 - Annual Report 2013
P. 79
Annual Report 2013
For the year ended 31 December 2013 the Company was entitled to subsidies under the ADF amounting
to €55.467.629 (2012: €56.399.151) as analysed below:
2013 2012
Receivables meeting interest and related expenses 39,767,343 43,325,943
Excess over borrowing cost 15,700,285 13,073,208
Total subsidies receivable 55,467,629 56,399,151
Any subsidies receivable in excess of qualifying interest and related expenses for the year are shown as
other revenues in line with the accounting policy 2.13.
5.5 Income tax expense
Domestic income tax is calculated at 26% (2012: 20%) on taxable income or, in circumstance where
the Company has tax losses carried forward, on gross dividends declared for distribution. (For further
information refer to note 5.23).
Change in tax rates is in accordance to the tax Law 4110/2013, set into force on 23 of January 2013.
The total income taxes charged to the income statement are analysed as follows:
2013 2012 Restated*
Income tax on dividends (22,872,973) (19,875,000)
Deferred income tax (12,070,883) (924,948)
Total income tax expense for the year (34,943,856) (20,799,948)
*Restated following the application of IAS 19R . For further information refer to Note 5.32
The following is the reconciliation between income taxes as presented in the income statement, with
those resulting from the application of the enacted tax rates:
Reconciliation of effective Rate 2013 Rate 2012 Restated*
income tax rate
Profit before tax for the year 93,942,047 97,506,004
Income tax 26.00% (24,424,932) 20.00% (19,501,201)
Expenses not deductible for tax purposes 1.46% (1,367,095) 1.39% (1,356,560)
Revenues relieved from income tax (0.04)% 40,892 (0.06)% 57,812
Effect of change in tax rates 9.79% (9,192,721) 0.00% 0
Total income tax expense for the year 37.20% (34,943,856) 21.33% (20,799,948)
*Restated following the application of IAS 19R . For further information refer to Note 5.32
Refer to notes 5.23 and 5.29 for further analysis of income and deferred taxes.
5.6 Basic earnings per share
Basic earnings per share are calculated by dividing the Company’s net profits after taxes by the
weighted average number of shares during the year as follows:
Analysis of earnings per share 2013 2012 Restated*
Profit of the year attributable to shareholders 58,998,191 76,706,056
Average No of shares during the year 30,000,000 30,000,000
Earnings per share for the year 1.97 2.56
*Restated following the application of IAS 19R . For further information refer to Note 5.32
There were no new shares issued or existing shares repurchased during the year. The average number of
shares remained unchanged. The Company does not have any potential dilutive instruments.
Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated). 38 of 58
For the year ended 31 December 2013 the Company was entitled to subsidies under the ADF amounting
to €55.467.629 (2012: €56.399.151) as analysed below:
2013 2012
Receivables meeting interest and related expenses 39,767,343 43,325,943
Excess over borrowing cost 15,700,285 13,073,208
Total subsidies receivable 55,467,629 56,399,151
Any subsidies receivable in excess of qualifying interest and related expenses for the year are shown as
other revenues in line with the accounting policy 2.13.
5.5 Income tax expense
Domestic income tax is calculated at 26% (2012: 20%) on taxable income or, in circumstance where
the Company has tax losses carried forward, on gross dividends declared for distribution. (For further
information refer to note 5.23).
Change in tax rates is in accordance to the tax Law 4110/2013, set into force on 23 of January 2013.
The total income taxes charged to the income statement are analysed as follows:
2013 2012 Restated*
Income tax on dividends (22,872,973) (19,875,000)
Deferred income tax (12,070,883) (924,948)
Total income tax expense for the year (34,943,856) (20,799,948)
*Restated following the application of IAS 19R . For further information refer to Note 5.32
The following is the reconciliation between income taxes as presented in the income statement, with
those resulting from the application of the enacted tax rates:
Reconciliation of effective Rate 2013 Rate 2012 Restated*
income tax rate
Profit before tax for the year 93,942,047 97,506,004
Income tax 26.00% (24,424,932) 20.00% (19,501,201)
Expenses not deductible for tax purposes 1.46% (1,367,095) 1.39% (1,356,560)
Revenues relieved from income tax (0.04)% 40,892 (0.06)% 57,812
Effect of change in tax rates 9.79% (9,192,721) 0.00% 0
Total income tax expense for the year 37.20% (34,943,856) 21.33% (20,799,948)
*Restated following the application of IAS 19R . For further information refer to Note 5.32
Refer to notes 5.23 and 5.29 for further analysis of income and deferred taxes.
5.6 Basic earnings per share
Basic earnings per share are calculated by dividing the Company’s net profits after taxes by the
weighted average number of shares during the year as follows:
Analysis of earnings per share 2013 2012 Restated*
Profit of the year attributable to shareholders 58,998,191 76,706,056
Average No of shares during the year 30,000,000 30,000,000
Earnings per share for the year 1.97 2.56
*Restated following the application of IAS 19R . For further information refer to Note 5.32
There were no new shares issued or existing shares repurchased during the year. The average number of
shares remained unchanged. The Company does not have any potential dilutive instruments.
Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated). 38 of 58
