Page 90 - Annual Report 2015 EN
P. 90
Financial Statements
• Experience: loss of €130,093 mainly due to higher than assumed salary increases over the period and
population mobility being lower than expected.
According to IAS19 Revised, the entire actuarial gains or losses that arise in each accounting period are
recognized immediately in the Statement of Other Comprehensive Income (OCI). In this case, the gain
arising over 2015 (i.e. €204,230) is recognized as an income in the OCI statement.
5.21 Provisions
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 €18.56m will be spent on major restoration activities commencing in year 2016
through to 2025 based on management’s current best estimates.
Analysis of provisions As at 1 Jan 2015 Additions Utilisations Releases As at 31 Dec 2015
Restoration expenses 14,006,226 765,920 36,717 0 14,735,429
Net other provisions 417,241 1,118,511 0 0 1,535,751
To be settled over 1 year 14,423,467 36,717 0 16,271,180
1,884,431
Total provisions 14,423,467 1,884,431 36,717 0 16,271,180
5.22 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 47 of Law 4172/2013.
At the balance sheet date the recognition of the income tax liability amounting to €46,808,450 (2014:
€30,672,973) 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 2015 2014
Deferred tax assets:
Deferred tax assets to be recovered after more than 12 months (98,837,961) (108,789,998)
Deferred tax assets to be recovered within 12 months (29,527,734) (26,667,914)
Total deferred tax assets (128,365,695)
Deferred tax liabilities: (135,457,912)
Deferred tax liabilities to be settled after more than 12 months 171,395,266
Deferred tax liabilities to be settled within 12 months 18,348,333 168,277,126
Total deferred tax liabilities 189,743,599 16,043,591
184,320,717
Deferred tax liabilities (net) 61,377,904 48,862,805
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
47 of 56
• Experience: loss of €130,093 mainly due to higher than assumed salary increases over the period and
population mobility being lower than expected.
According to IAS19 Revised, the entire actuarial gains or losses that arise in each accounting period are
recognized immediately in the Statement of Other Comprehensive Income (OCI). In this case, the gain
arising over 2015 (i.e. €204,230) is recognized as an income in the OCI statement.
5.21 Provisions
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 €18.56m will be spent on major restoration activities commencing in year 2016
through to 2025 based on management’s current best estimates.
Analysis of provisions As at 1 Jan 2015 Additions Utilisations Releases As at 31 Dec 2015
Restoration expenses 14,006,226 765,920 36,717 0 14,735,429
Net other provisions 417,241 1,118,511 0 0 1,535,751
To be settled over 1 year 14,423,467 36,717 0 16,271,180
1,884,431
Total provisions 14,423,467 1,884,431 36,717 0 16,271,180
5.22 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 47 of Law 4172/2013.
At the balance sheet date the recognition of the income tax liability amounting to €46,808,450 (2014:
€30,672,973) 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 2015 2014
Deferred tax assets:
Deferred tax assets to be recovered after more than 12 months (98,837,961) (108,789,998)
Deferred tax assets to be recovered within 12 months (29,527,734) (26,667,914)
Total deferred tax assets (128,365,695)
Deferred tax liabilities: (135,457,912)
Deferred tax liabilities to be settled after more than 12 months 171,395,266
Deferred tax liabilities to be settled within 12 months 18,348,333 168,277,126
Total deferred tax liabilities 189,743,599 16,043,591
184,320,717
Deferred tax liabilities (net) 61,377,904 48,862,805
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
47 of 56
