Page 85 - Annual Report 2013
P. 85
Annual Report 2013
5.16 Cash and cash equivalents
Cash and cash equivalents are analysed as follows:
Analysis of cash & cash equivalents 2013 2012
Cash on hand 3,304 3,698
Current & time deposits 34,999,451 13,533,909
Total cash & cash equivalents 35,002,755 13,537,607
5.17 Share capital
The issued Share Capital of the Company has been fully paid by the shareholders and comprises
30.000.000 ordinary shares of €10 each amounting to €300.000.000.
The Company is jointly controlled by the Greek State (25% of the shares), the Hellenic Republic Asset
Development Fund (30% of the shares), the AviAlliance and other private shareholders (45% of the
shares).
5.18 Statutory & other reserves
Under Greek Corporate Law it is mandatory to transfer 5% of the net after tax annual profits to form the
legal reserve, which is used to offset any accumulated losses. The creation of the legal reserve ceases to
be compulsory when the balance of the legal reserve reaches 1/3 of the registered share capital.
At 31 December 2013 the Company’s legal reserve increased by an amount of €2.949.910 (2012:
€3.839.434) and amounted to €44.360.831 (2012:€41.410.921).
In addition, there are a reserve for tax purposes amounting to €360.137 (2012:€306.508) and a reserve for
actuarial gains/losses recognized due to the adoption of the amended IAS 19, amounting to €2.334.523
(2012:€2.322.721)
Analysis of other reserves 2013 Movement 2012 Restated*
Statutory reserves 44,360,831 2,949,910 41,410,921
Reserves for tax purposes 360,136 53,629 306,508
Actuarial gains/losses reserve net of tax 2,334,523 11,802 2,322,721
Totals 47,055,490 3,015,341 44,040,150
*Restated following the application of IAS 19R . For further information refer to Note 5.32
5.19 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. The dividends paid in 2013 were €79.500.000 (€2,65 per share). Having taken into
account the retained earnings of the previous years a dividend in respect of the year ended 31 December
2013 of €2,17 per share, amounting to a total dividend of €65.100.000 is to be proposed at the Annual
General Meeting. These financial statements do not reflect this dividend payable.
Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated). 44 of 58
5.16 Cash and cash equivalents
Cash and cash equivalents are analysed as follows:
Analysis of cash & cash equivalents 2013 2012
Cash on hand 3,304 3,698
Current & time deposits 34,999,451 13,533,909
Total cash & cash equivalents 35,002,755 13,537,607
5.17 Share capital
The issued Share Capital of the Company has been fully paid by the shareholders and comprises
30.000.000 ordinary shares of €10 each amounting to €300.000.000.
The Company is jointly controlled by the Greek State (25% of the shares), the Hellenic Republic Asset
Development Fund (30% of the shares), the AviAlliance and other private shareholders (45% of the
shares).
5.18 Statutory & other reserves
Under Greek Corporate Law it is mandatory to transfer 5% of the net after tax annual profits to form the
legal reserve, which is used to offset any accumulated losses. The creation of the legal reserve ceases to
be compulsory when the balance of the legal reserve reaches 1/3 of the registered share capital.
At 31 December 2013 the Company’s legal reserve increased by an amount of €2.949.910 (2012:
€3.839.434) and amounted to €44.360.831 (2012:€41.410.921).
In addition, there are a reserve for tax purposes amounting to €360.137 (2012:€306.508) and a reserve for
actuarial gains/losses recognized due to the adoption of the amended IAS 19, amounting to €2.334.523
(2012:€2.322.721)
Analysis of other reserves 2013 Movement 2012 Restated*
Statutory reserves 44,360,831 2,949,910 41,410,921
Reserves for tax purposes 360,136 53,629 306,508
Actuarial gains/losses reserve net of tax 2,334,523 11,802 2,322,721
Totals 47,055,490 3,015,341 44,040,150
*Restated following the application of IAS 19R . For further information refer to Note 5.32
5.19 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. The dividends paid in 2013 were €79.500.000 (€2,65 per share). Having taken into
account the retained earnings of the previous years a dividend in respect of the year ended 31 December
2013 of €2,17 per share, amounting to a total dividend of €65.100.000 is to be proposed at the Annual
General Meeting. These financial statements do not reflect this dividend payable.
Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated). 44 of 58
