Page 99 - Annual Report 2015 EN
P. 99
Annual Report 2015
5.30 Reclassi cations
In the comparative figures of the Income Statement, an amount of €1,350,367 has been reclassified from
“Other operating expenses” to “Outsourcing expenses”, to conform to current period presentation.
5.31 Events after the balance sheet date
a) The Decisions of the Administrative Court of Appeals regarding the VAT assessments for the fiscal years
2004-2009, notified to the Company on 16 March 2016, have been issued by which accepted the appeals
of the Company and ordered the annulment of the VAT assessments of these fiscal years. For more
details refer to note 5.28, item “Value added tax”.
b) The LCIA award 142821 regarding the Property Tax dispute with the Greek State was issued on 21
January 2016 at the favour of the Company. For more details refer to note 5.28, item “Property Tax”.
c) Upon the relevant invitation from the Hellenic Republic Asset Development Fund (HRADF) and the
Minister for Infrastructure, Transport & Networks, in February 2016, the Company’s Board of Directors
decided to embark upon the process of discussions and negotiations with the Greek State on the issue of
concession extension.
d) Note 3.1.4, Note 5.9 and Note 5.19 describe the situation whereby, at the date of approval of these
Financial Statements, the Company has obtained the consent and waiver of the EIB, subject to the
subsequent fulfilment of certain conditions, in accordance with the terms set out in the relevant loan
agreements in relation to the investment in the Available-for-sale financial asset. Following written
communications between the Company and EIB, on 22 March 2016, the Greek State in its capacity as
Guarantor:
(i) will consent to the shares acquisition and to the waiver granted by EIB.
(ii) will undertake to provide to the EIB in writing, that it will cover the cash shortfall (balance) in the
form of equity or subordinated loan, if the sale price at which the Company will sell the Available-for-sale
financial asset falls below the price at which the Company originally acquired this financial asset including
due to a restructuring subjected to any recovery, resolution, reorganisation, winding-up, liquidation,
bankruptcy, compulsory administration or similar measure in Attica Bank resulting in the Company not
being able to resell the shares.
The consent and waiver provided by EIB will be automatically set aside and revoked as it had not been
issued in the first instance, within four (4) months from the signing date of the relevant Waiver & Consent
Letter, unless the Guarantor has provided evidence to the EIB that the European Commission has confirmed
that the aforementioned Guarantor’s undertaking is compatible to the European legislation to state aid.
Furthermore, the consent and waiver provided by EIB will be automatically set aside and revoked, as if it had
not been issued in the first instance if at any time within four (4) months:
(i) the Company commits to any further purchases of Attica Bank shares or to participating in any future
capital increase/recapitalisation of Attica Bank; or
(ii) the competent services of the European Commission have confirmed that the aforementioned
Guarantor’s undertaking is not compatible with the European Commission legislation on state aid.
It is further noted that the relative size of this Available-for-sale financial asset, when compared to the
Company’s overall level of financial assets, is not material and will not have any adverse effect on the
Company’s financial position or the ability of the Company to fulfil its loan obligations.
Other than the above, no significant events have been incurred after the balance sheet date, until the approval
of the Financial Statements by the Board of Directors.
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
56 of 56
5.30 Reclassi cations
In the comparative figures of the Income Statement, an amount of €1,350,367 has been reclassified from
“Other operating expenses” to “Outsourcing expenses”, to conform to current period presentation.
5.31 Events after the balance sheet date
a) The Decisions of the Administrative Court of Appeals regarding the VAT assessments for the fiscal years
2004-2009, notified to the Company on 16 March 2016, have been issued by which accepted the appeals
of the Company and ordered the annulment of the VAT assessments of these fiscal years. For more
details refer to note 5.28, item “Value added tax”.
b) The LCIA award 142821 regarding the Property Tax dispute with the Greek State was issued on 21
January 2016 at the favour of the Company. For more details refer to note 5.28, item “Property Tax”.
c) Upon the relevant invitation from the Hellenic Republic Asset Development Fund (HRADF) and the
Minister for Infrastructure, Transport & Networks, in February 2016, the Company’s Board of Directors
decided to embark upon the process of discussions and negotiations with the Greek State on the issue of
concession extension.
d) Note 3.1.4, Note 5.9 and Note 5.19 describe the situation whereby, at the date of approval of these
Financial Statements, the Company has obtained the consent and waiver of the EIB, subject to the
subsequent fulfilment of certain conditions, in accordance with the terms set out in the relevant loan
agreements in relation to the investment in the Available-for-sale financial asset. Following written
communications between the Company and EIB, on 22 March 2016, the Greek State in its capacity as
Guarantor:
(i) will consent to the shares acquisition and to the waiver granted by EIB.
(ii) will undertake to provide to the EIB in writing, that it will cover the cash shortfall (balance) in the
form of equity or subordinated loan, if the sale price at which the Company will sell the Available-for-sale
financial asset falls below the price at which the Company originally acquired this financial asset including
due to a restructuring subjected to any recovery, resolution, reorganisation, winding-up, liquidation,
bankruptcy, compulsory administration or similar measure in Attica Bank resulting in the Company not
being able to resell the shares.
The consent and waiver provided by EIB will be automatically set aside and revoked as it had not been
issued in the first instance, within four (4) months from the signing date of the relevant Waiver & Consent
Letter, unless the Guarantor has provided evidence to the EIB that the European Commission has confirmed
that the aforementioned Guarantor’s undertaking is compatible to the European legislation to state aid.
Furthermore, the consent and waiver provided by EIB will be automatically set aside and revoked, as if it had
not been issued in the first instance if at any time within four (4) months:
(i) the Company commits to any further purchases of Attica Bank shares or to participating in any future
capital increase/recapitalisation of Attica Bank; or
(ii) the competent services of the European Commission have confirmed that the aforementioned
Guarantor’s undertaking is not compatible with the European Commission legislation on state aid.
It is further noted that the relative size of this Available-for-sale financial asset, when compared to the
Company’s overall level of financial assets, is not material and will not have any adverse effect on the
Company’s financial position or the ability of the Company to fulfil its loan obligations.
Other than the above, no significant events have been incurred after the balance sheet date, until the approval
of the Financial Statements by the Board of Directors.
Financial Statements as at 31 December 2015 (Amounts in Euros unless otherwise stated)
56 of 56
