Page 89 - Annual Report 2013
P. 89
Annual Report 2013
5.22 Provisions
Analysis of provisions As at Additions Utilisations Releases As at
1 Jan 2013 31 Dec 2013
Restoration expenses 13,975,165 513,075 1,405,749 75,855 13,006,636
Net other provisions 4,684,066 43,005 2,000,000 2,219,065 508,005
To be settled over 1 year 18,659,231 556,080 3,405,749 2,294,920 13,514,641
Total provisions 18,659,231 556,080 3,405,749 2,294,920 13,514,641
The provision for restoration expenses relates to the future expenses that result from the Company’s
contractual obligations to maintain or to restore the infrastructure to a specified condition before it is
handed over to the Greek State at the end of the service concession arrangement. It is expected that an
aggregate amount of €21m will be spent on major restoration activities commencing in year 2015 through
to 2025 based on management’s current best estimates.
5.23 Income & deferred tax liabilities
Income tax liabilities
The amount reflects the income tax payable on the dividends declared for distribution, although the
Company is in a tax loss position, in accordance with paragraph 1 of article 99 of Law 2238/1994.
At the balance sheet date the recognition of the income tax liability amounting to €25.344.324 (2012:
€19.875.000), in which €2.471.351 refer to the 8th installment of the previous year’s income tax and
€22.872.973 was determined for current year by applying the following formula:
Dividends declared for distribution * Income Tax Rate / (1- Income Tax Rate)
Deferred tax assets & liabilities
The analysis of deferred tax assets and deferred tax liabilities is as follows:
Deferred tax assets & liabilities 2013 2012 Restated*
Deferred tax assets:
Deferred tax assets to be recovered after more than 12 months (172,331,893) (164,936,548)
Deferred tax assets to be recovered within 12 months (31,184,148) (8,389,688)
Total deferred tax assets (203,516,041) (173,326,236)
Deferred tax liabilities:
Deferred tax liabilities to be settled after more than 12 months 228,937,237 190,968,126
Deferred tax liabilities to be settled within 12 months 19,955,635 15,424,500
Total deferred tax liabilities 248,892,872 206,392,626
Deferred tax liabilities (net) 45,376,830 33,066,390
*Restated following the application of IAS 19R . For further information refer to Note 5.32
The gross movement on the deferred income tax account is as follows:
2013 2012 Restated*
As at 1 January 33,066,390 32,190,317
Income statement charge 12,070,882 924,948
Other comprehensive income 239,558 (48,875)
As at 31 December 45,376,830 33,066,390
*Restated following the application of IAS 19R . For further information refer to Note 5.32
Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated). 48 of 58
5.22 Provisions
Analysis of provisions As at Additions Utilisations Releases As at
1 Jan 2013 31 Dec 2013
Restoration expenses 13,975,165 513,075 1,405,749 75,855 13,006,636
Net other provisions 4,684,066 43,005 2,000,000 2,219,065 508,005
To be settled over 1 year 18,659,231 556,080 3,405,749 2,294,920 13,514,641
Total provisions 18,659,231 556,080 3,405,749 2,294,920 13,514,641
The provision for restoration expenses relates to the future expenses that result from the Company’s
contractual obligations to maintain or to restore the infrastructure to a specified condition before it is
handed over to the Greek State at the end of the service concession arrangement. It is expected that an
aggregate amount of €21m will be spent on major restoration activities commencing in year 2015 through
to 2025 based on management’s current best estimates.
5.23 Income & deferred tax liabilities
Income tax liabilities
The amount reflects the income tax payable on the dividends declared for distribution, although the
Company is in a tax loss position, in accordance with paragraph 1 of article 99 of Law 2238/1994.
At the balance sheet date the recognition of the income tax liability amounting to €25.344.324 (2012:
€19.875.000), in which €2.471.351 refer to the 8th installment of the previous year’s income tax and
€22.872.973 was determined for current year by applying the following formula:
Dividends declared for distribution * Income Tax Rate / (1- Income Tax Rate)
Deferred tax assets & liabilities
The analysis of deferred tax assets and deferred tax liabilities is as follows:
Deferred tax assets & liabilities 2013 2012 Restated*
Deferred tax assets:
Deferred tax assets to be recovered after more than 12 months (172,331,893) (164,936,548)
Deferred tax assets to be recovered within 12 months (31,184,148) (8,389,688)
Total deferred tax assets (203,516,041) (173,326,236)
Deferred tax liabilities:
Deferred tax liabilities to be settled after more than 12 months 228,937,237 190,968,126
Deferred tax liabilities to be settled within 12 months 19,955,635 15,424,500
Total deferred tax liabilities 248,892,872 206,392,626
Deferred tax liabilities (net) 45,376,830 33,066,390
*Restated following the application of IAS 19R . For further information refer to Note 5.32
The gross movement on the deferred income tax account is as follows:
2013 2012 Restated*
As at 1 January 33,066,390 32,190,317
Income statement charge 12,070,882 924,948
Other comprehensive income 239,558 (48,875)
As at 31 December 45,376,830 33,066,390
*Restated following the application of IAS 19R . For further information refer to Note 5.32
Financial Statements as at 31 December 2013 (Amounts in Euros unless otherwise stated). 48 of 58
