Page 88 - Annual Report 2015 EN
P. 88
Financial Statements
2015 of €3.82 per share, amounting to a total dividend of €114,600,000 is to be proposed at the Annual
General Meeting for distribution. These financial statements do not reflect this dividend payable.
5.19 Bank loans
Borrowings are analysed as follows:
Analysis of loans 2015 2014
Long term loans
EIB loan 369,271,797 438,626,204
Total long term loans 369,271,797 438,626,204
Short term loans
EIB loan 69,354,407 65,274,765
Accrued interest & related expenses 2,750,300 2,434,606
Total short term loans 72,104,707 67,709,371
Total bank loans 441,376,504 506,335,575
The Company and EIB, under a supplemental agreement signed on 19 December 2008 between them,
agreed to partial release the Greek State’s Guarantee on the outstanding balance of EIB Loan and to modify
certain terms of the EIB Master Facility Agreement related to the applicable interest rates. The modified
terms are effective from 31 July 2009 and include the consolidation and division of the outstanding balance
of the initial loan into two loans, Loan A and Loan B. As of 31 December 2015 Loan A was fully repaid
while the outstanding balance of Loan B was €438,626,204.
The weighted average interest rate for all tranches under Loan B is 6.12%.
All the covenants set under the EIB Master Facility Agreement have been fulfilled as of 31 December 2015.
As explained in Note 3.1.4 and Note 5.9, subsequent to the year-end date, the Company did not meet the
criteria of “Authorised Investments” with respect to the Available-for-sale financial asset and obtained the
consent and waiver of EIB in accordance with the provisions of the loan agreements entered into between
the Company and EIB. Additional information is presented in the Note 5.31.
The amortised cost of the long term financial liabilities at fixed interest rates (i.e. EIB Loan) is determined
using the effective interest rate method, by discounting the future contractual cash flows with the effective
interest rate applied to those liabilities. The fair value of the financial liabilities at fixed interest rates is
determined by discounting the future contractual cash flows with the current mid-swap interest rate for
the average loan life period of such liabilities. The fair value measurement of the financial liabilities is
categorised as Level 2.
Fair value of the borrowings 2015 2014
Carrying amount 438,626,204 503,900,970
Fair value 596,596,764
Excess of fair value over carrying amount 521,762,789 (92,695,794)
(83,136,585)
All borrowings are denominated in Euro, the functional currency of the Company.
5.20 Employee retirement bene ts
In accordance with Greek labour law, employees are entitled to compensation payments in the event of
dismissal or retirement with the amount of payment varying depending on the employee’s compensation,
length of service and manner of termination (dismissal or retirement). Employees who resign or are
dismissed with cause are not entitled to termination payments. The amount payable in the event of
retirement is equal to 40.0% of the amount which would be payable upon dismissal without cause.
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
45 of 56
2015 of €3.82 per share, amounting to a total dividend of €114,600,000 is to be proposed at the Annual
General Meeting for distribution. These financial statements do not reflect this dividend payable.
5.19 Bank loans
Borrowings are analysed as follows:
Analysis of loans 2015 2014
Long term loans
EIB loan 369,271,797 438,626,204
Total long term loans 369,271,797 438,626,204
Short term loans
EIB loan 69,354,407 65,274,765
Accrued interest & related expenses 2,750,300 2,434,606
Total short term loans 72,104,707 67,709,371
Total bank loans 441,376,504 506,335,575
The Company and EIB, under a supplemental agreement signed on 19 December 2008 between them,
agreed to partial release the Greek State’s Guarantee on the outstanding balance of EIB Loan and to modify
certain terms of the EIB Master Facility Agreement related to the applicable interest rates. The modified
terms are effective from 31 July 2009 and include the consolidation and division of the outstanding balance
of the initial loan into two loans, Loan A and Loan B. As of 31 December 2015 Loan A was fully repaid
while the outstanding balance of Loan B was €438,626,204.
The weighted average interest rate for all tranches under Loan B is 6.12%.
All the covenants set under the EIB Master Facility Agreement have been fulfilled as of 31 December 2015.
As explained in Note 3.1.4 and Note 5.9, subsequent to the year-end date, the Company did not meet the
criteria of “Authorised Investments” with respect to the Available-for-sale financial asset and obtained the
consent and waiver of EIB in accordance with the provisions of the loan agreements entered into between
the Company and EIB. Additional information is presented in the Note 5.31.
The amortised cost of the long term financial liabilities at fixed interest rates (i.e. EIB Loan) is determined
using the effective interest rate method, by discounting the future contractual cash flows with the effective
interest rate applied to those liabilities. The fair value of the financial liabilities at fixed interest rates is
determined by discounting the future contractual cash flows with the current mid-swap interest rate for
the average loan life period of such liabilities. The fair value measurement of the financial liabilities is
categorised as Level 2.
Fair value of the borrowings 2015 2014
Carrying amount 438,626,204 503,900,970
Fair value 596,596,764
Excess of fair value over carrying amount 521,762,789 (92,695,794)
(83,136,585)
All borrowings are denominated in Euro, the functional currency of the Company.
5.20 Employee retirement bene ts
In accordance with Greek labour law, employees are entitled to compensation payments in the event of
dismissal or retirement with the amount of payment varying depending on the employee’s compensation,
length of service and manner of termination (dismissal or retirement). Employees who resign or are
dismissed with cause are not entitled to termination payments. The amount payable in the event of
retirement is equal to 40.0% of the amount which would be payable upon dismissal without cause.
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
45 of 56
