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10
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A 1

1.4
A 2
A 3
3.1
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EIIKTEPE YMBATIKE XEEI :

26

N, . E
28
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29

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45

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5.1

5.2

5.3

49
49
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51

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54

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8.4

8.5

8.6
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54
54
55

58

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10.2

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64
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70
71
74
74
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KEAAIO IV MEETH-KATAKEYH TOY EPOY ( 1) 94


21

22




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23

24

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99
100

25
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26 -

101
102

27 ... -

103

28
29
29.1
29.2
29.3
29.4
29.6
29.7
29.8
30
30
30.1.
30.2
30.2.2
30.2.2.1
30.2.2.2
30.2.2.3
30.2.2.4
30.2.2.5
30.2.2.6
30.2.2.7
30.2.3.
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30.2.3.4
30.2.3.5
30.2.3.6
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36
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160
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162
37
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168
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167

KEAAIO V EITOYPIA - YNTHPHH TOY EPOY

167

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167
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178
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185
50.3
187
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188
A 51

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192
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193
52.4
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194
52.4.1 1.
194
52.4.2 1.
195
52.5

(2)
196
52.5.1 2.
197
52.5.2 2.
198
53

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53.3. -
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204

V ANA -

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54
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A 55
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55.2 AOZHMIH TOY ANAOXOY
A 56
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A 57

57.1
57.2
57.3
57.5

206
206
208
208
209
213

IX TE

220
220
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225

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249

250

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251

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3.1.1

3.1.1

3.1.2

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3.1.4

3.1.5

3.1.6

3.1.7

3.1.8

3.1.9

3.1.10

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3.1.10

3.1.11

3.1.8

3.1.12

3.1.13

3.1.14

3.1.14

3.1.14

3.1.15

3.1.16

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3.1.18

3.1.19

3.1.20

3.1.21

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3.1.22

3.1.23

3.1.24

3.1.25

3.1.26

3.1.10

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3.1.28

3.1.28

3.1.29

3.1.27

3.1.29

3.1.30

3.1.31

3.1.31

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T ' 839093 (-) / 22-5-1996 E E



()
(500.000.000), 22 23 .

c.

T ' 50306001/23-5-1996 E E
..
/ ( 1),

,
(27.200.000) ECU.

73

74

13.1.3.2

(10)
.. ,
... (28.000.000) ECU,
/
( 1)

13.2

13.2.1

(1)
1.
(B1LSP),
(25.000.000)
ECU, (3) E
, () () ()
,

...,
.

, B1LSP

(25.000.000) ECU .
.

13.2.1.1

13.2.2

, . 13.2.5
, 1 :

13.2.2.1

"K' "
(1)

a.

1LSP "' ",


"' " (..., LSP)
" " ...,
" ' ",
.

b.


" "

:
- .... - ..
( 1 - R/R 1)
.. ..
( 9 - R/R 9)
, ,
1LSP :

R/R 1 : (B1LSP)1 = 3,3%. B1LSP


R/R 9 : (B1LSP)9 = 0,5% . B1LSP

74

(2)

"' ",
,
30 ,

" ".

a.

, ,
, "' "
1 [ . 32.2.1.(1) (2)
32.3.4 ],
() 1LSP,
(40%).
, ,
, "'
" 1, [ . 32.4.1.(1)
32.4.4 ],
() 1LSP,
(20%).
, ,
(...), ("'
" " "), 1
[. 32.2.1.(3) 32.2.2.(3) ],
1LSP,
(60%)
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...
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1,
(40%) 1LSP ...

b.

(3)

a.

b.

13.2.2.2

75

, ,
, ("' "
" ") 1 [. 32.4.1.(2)

], 1LSP,
(20%).
c. , ,
, ("' "
" ") 1 [. 32.6.1.(2)
],
(20%) 1LSP,
...
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(1)

, , ,
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") 1 [. 32.2.1.(3) 32.2.2.(3)

75

13.2.3

76

], 1PW,
(60%)
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...
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... /
..., / .
, ...
, (40%) 1PW
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, ("' "
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], 1PW,
(20%).
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, ("' "
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],
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...
(4) K 27 .. 609/85. (
,
).
. 13.2.4 13.2.5 :
(1)

. 13.1.1.1, 13.1.1.2
13.1.1.3 , ...
25.000.000 ECU , ,

("' " " "
1 [. 32.2.1.(3) 32.2.2.(3) ].

(2)

...,
. 13.1.1.1, 13.1.1.2 13.1.1.3
..., 17.000.000
ECU.
M , ,
("'
" " ") 1
[. 32.4.1.(2) ],
. 13.1.1.1, 13.1.1.2 13.1.1.3
... 9.000.000 ECU.
. 13.1.1 a, 13.1.1 b
13.1.1 c,
1 (. 32.6.1.(2) ) ,
,

(3)

(4)

76

13.2.4

13.2.5

13.2.6

13.2.7

77


...
(5) ,
, ,
,
, (15) .
(4) .13.1.1.4

,
16.1.1.1 .
, ,
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, :
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.
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, () () (..
)
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53
.
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,
.
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,
.


-
- . 13.1.1.1, 13.1.1.2
13.1.1.3 .
(1) , ,
, (2)
: 0,40 . 2max.
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,
, .

77

KEAAIO III

78

XPHMATOOTHH TOY EPOY

A 14

N - E - .T.K.

14.1

O KE A, E N M
(ENM - ECU),
(A) ECU / , fixing .
O KE , , ,
, ,
E E.
...
( - ECU).

14.1.1

N E E E N E.E. .

14.1.2



. ...

.

14.1.3

K' KE A " E "


" E E".

14.2

O " 30.6.94",
"A T 1994 " ,
30 I 1994,
ECU . M
(A) fixing / ECU
1 ECU = 288,524 .

14.3

O
ECU 30.6.1994,
, "K
E O ECU", 14-1

14-2 .

78

79

, %

14 - 1
ECU 30-6-1994
9
8,8
8,6
8,4
8,2
8
7,8
7,6
7,4
7,2
7
6,8
6,6
6,4
6,2
6
5,8
5,6
5,4
5,2
5

12

14.3.1

14.4

14.5.

10 15 20 30

H , K
E O ECU .
O .T.K. ( T
K) C.P.I. (Consumer Price Index) E E,
T K E.E.,
E
(EUROSTAT).
O .T.K. E, T K
E Y E (E..Y.E.).
14 - 2
CU

XPONO

TKR

3 .
6 .
1 .
2 .
3 .
4 .
5 .

LIBOR/ BID ECU


LIBOR/ BID ECU
UKIN
UKIN
UKIN
BTNS
BTNS

CPN

8
8
5
7
5

MTY

AOOH

01/ 24/ 95
01/ 23/ 96
01/ 21/ 97
03/ 16/ 98
03/ 16/ 99

5.81 BGN
5.94 BGN
6.28
6.85
7.23
7.37
7.47

79

6 .
7 .
8 .
9 .
10 .
15 .
20 .
30 .

A 15
15.1

15.1.1

15.1.2

15.1.3

A 16

80

FRTR
UKIN
FRTR
FRTR
FRTR
EUROF

9
9 1/8
8
8
6
8

04/ 25/ 00
02/ 21/ 01
03/ 15/ 02
04/ 25/ 03
04/ 25/ 04
06/ 04/ 07

7.77
7.96
7.98
7.97
7.98
8.45

FRTR

04/ 25/ 22

8.45

YE XO E M
A
O A X
,
:
N I K - "K'
A A" ,
"K.E.." .. (
). T I K A,
16, 48, 49 50 .
E A () () ()
(), () ()
E, 17 19 .

( ), ...,
18 ,
, , , 16.
AO I KA

15.1.3 15 , 6.2.9
26.3.1999 . 17.6
:
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( )
15.1, 15.1.1 15.1.2 ...

15.1.3.
16

80

16.1

16.1.1

81

O A I K
- , E,
. 17 E :
N I K A.E. ,
(112.000.000) ECU, 1994,
(16%)
( 1994)
. P A,
E , I K
A, A , , , , ,
,
.
4 13.1.1.4 .
, :
a.
I K A ,
b.
T "K' A A", A,
A ,
"K E O ECU " "T T" I K
, ,
1994, ,
(15%) "K' A "
1994
(90.000.000) ECU 1994.
, ,
,

(5.500.000.000),

."1819

16.1.1 16 ,
16 , 6.2.34 26.3.1999
. 17.6 , :



18
16.1.1 16 6 ()
. 75/99.
19
16.1.1 16 ,
16 6.2.10 26.3.1999
. 17.6 :

, ,
16.3.1,
17

81

16.1.1.1

16.1.1.2

16.1.1.3

82

H
:
a.
M K
(112.000.000) ECU 1994,
.
b.
T A.E.
(250.000.000)
(800.000) ECU,
,
(158/22-5-1996)
( 23) . 2/22-5-1996


11
2190/20.
c.

,
,
,
16.1.2 ( 1-16) 16.1.3 ( 2-16)

(15%)
.
d.

,
,
16.1.2
( 1-16) 16.1.3 ( 2-16) .
,
,
.. 2190|1920 , ..
,
, 3.
3
...

.. 2190/1920,
(1/3) .

, 50%


.
:
a.

4 .. 2190/1920.
b.
.
c.
...
.

...
.

82

16.1.2

83

X I A,
,
:
1-1620

( - 1994)

1995

1996

1997

1998

1994

1.

.. (Ecu)

68.998.482

6.784.474

24.930.064

11.286.980

112.000.000

16.1.3

, A :

2 1621

( )

H
K

1
2
3
4
5
6
7
8
9

30-06-1995
31-12-1995
15-11-1996
15-02-1997
15-05-1997
15-08-1997
15-11-1997
15-02-1998
15-05-1998
YNOO

M
K A.E.
.A 1994
ECU
39.312.691
29.685.482
6.784.474
6.554.069
6.335.529
6.123.348
5.917.427
5.729.144
5.557.835
112.000.000


,
1-16 2-16
1-16 16.1.2 6 ()
. 75/ 99.
21
2 16 16.1.2 6 ()
. 75/99.
20

83

16.1.4

16.1.5

16.1.6

16.2

84

,
,
30.6.1995.
K , , / A.E., ECU A.E. I
, ( ,
.).
H I E
,
A.E., ECU , . 1
14 .
H E I K A.E., ECU
, .

I K (15) ,
, KE
/ ..
, , ,
, A.E.

, .

16.2.1

... ..
(10) ,
...
/ .

16.3

A M K (R.O.E.) A (A.E.) , , K VI , ,

, :

16.3.1

T
K A.E. (
),
, KE. K KE,
O A
:

16.3.2
a.
b.
c.
d.

e.

O M .
T .
O .
H A M K,
E .
A
A M K
.

84

f.

g.

85

T
A M K A.
T .

16.4

16.4.1

O A ,
...,
' I ,
A.E.

16.4.2

A , A.E., KE
( A)
A.E.,
A , X , . 16.3.1 .

16.1.1 (
) I K, KE
,
.
.. :
a.
O ....
b.
O ...
c.
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30%
(10) .
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16.4.3

16.4.4

:

..., (
)
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,
( )

,
.".22
,

16.4.4 (c) 16
6 () . 75/99.
22

85

A 17
17.1

17.2.

86

,

.
,

,
.
d.
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26 1 .. 2190/20).
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,
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)
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, :
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.

(10) . 11
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.

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,
. E KE A,

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,

,


16.4.4(c ) 16 6.2.11 26.3.1999


. 17.6
:
16.4.4.(c)
,
.
23

86

87

,


.
17.3

H 19
.

17.4

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. T A (
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9.1 (5) ,
11.2.4 24.

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17.5

17.6

17.7

(1)

(2)

(3)

(4)

17.5 17 6.2.12 26.3.1999


. 17.6
:

.
24

87

(5)

17.8

(1)

(2)

(3)

88

... ,

... 19.
...

, 55.2 56.23(4),

,
...

..., .
...
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) (cashflow test)



(
) ,
b.
.

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(2),


.

... , ...,
(23)
...
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...

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)


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. ,
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,
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,
(subordinated)

.
(2), ...

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88

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(5)

(6)

(7)

A 18
18.1

18.1.2

18.2.

89

(2)
.
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).

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..., ...

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,

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(1)
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XH H KE "K' A
"
H X KE "K' A " (KAT), A, (
250.000.000 ) ECU, " 30.6.1994".
18.1.1
H , KE A ,
18.2.
,
E
30 1995, "K' A A" E,
( 8) M
- - .
O K..E.
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...

25

17.7 17.8 17
7 . 75/99.

89

...
*
/
1
15 --1995
2
15 --1995
3
15 --1995
4
15 --1995
5
15 --1995
6
15 --1995
7
15 --1996
8
15 --1996
9
15 --1996
10
15 --1996
11
15 --1996
12
15 --1996
13
15 --1996
14
15 --1996
15
15 --1996
16
15 --1996
17
15 --1996
18
15 --1996
19
15 --1997
20
15 --1997
21
15 --1997
22
15 --1997
23
15 --1997
24
15 --1997
25
15 --1997
26
15 --1997
27
15 --1997
28
15 --1997
29
15 --1997
30
15 --1997
31
15 --1998
32
15 -1998
33
15 --1998
34
15 --1998
35
15 --1998
36
15 --1998
37
15 --1998
38
15 --1998
39
15 --1998
40
15 --1998
41
15 --1998
42
15 --1998
43
15 --1999
44
15 --1999
45
15 --1999
46
15 --1999
47
15 --1999
48
15 -1999
49
15 --1999
50
15 --1999
51
15 -1999
52
15 --1999
53
15 --1999
54
15 --1999
55
15 --2000
56
15 --2000
57
15 --2000
58
15 --2000
59
15 --2000
60
15 --2000
61
15 --2000

90

ECU 1994
42.530.743
0
634.822
883.413
880.400
878.317
395.676
341.617
341.016
339.885
398.242
663.108
936.910
1.064.346
1.326.950
1.457.699
1.551.654
1.695.701
1.907.258
2.295.810
2.613.079
2.716.027
2.871.636
3.372.725
3.449.530
3.350.438
4.009.377
4.525.197
4.695.251
4.867.631
4.689.480
4.523.166
4.552.946
5.263.204
5.311.639
5.808.089
6.528.452
6.925.831
6.768.419
6.630.582
6.109.878
6.091.349
5.821.557
5.834.612
5.774.556
5.853.978
5.579.858
5.220.570
5.029.540
4.648.134
4.656.960
4.669.797
5.152.554
5.051.468
4.559.741
4.165.686
2.373.503
32.041
619
0
9.377.309
250.000.000

90

18.3

18.3.1

18.3.2

A 19
19.1

19.1.1

19.2

19.2.1

91

...
,

,
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(15) ,
A , "K E O ECU" 14
. A, KE .
, , (3)
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) (5.000.000)
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, 57 .
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- (1)
O KE, , A, '
- ,
- (1).
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,
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91

19.2.2

20
20.1

20.2

20.3

20.4

92

,

11.2.4 .
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.

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,

20.2 20
8 () . 75 /99
27
20.2 20
8 () . 75/99.
28
20.3 20
8 () . 75/99.
26

92

93

20.329
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20.4 20 8 ()
. 75/99.
30
20 6.2.13 26.3.1999
. 17.6
: 20.2
, ,
( )
/
20.3
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29

93

KEAAIO IV

94

MEETH-KATAKEYH TOY EPOY ( 1)

21

21.1


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.

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.

21.3.2

,
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.

21.3.3

,

.
,
, :
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94

95

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95

96

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21.3.7 21 9
. 75/99.
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96

97

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21.7

21.8

98

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57
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98

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23.2 23
1 . 3/98 10 . 75/99, .
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99

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23.5

23.6

23.7

24
24.1

24.2

100

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23.4 23
1 . 3/98.
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24.1 24
11() . 75/99.
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100

24.3

24.4

24.5

24.6

24.7

101


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) " 1994"
30 1994,
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24.7.1

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51 .

24.7.2


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24.7.3



" - " (" " "
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25

24.4 24
11() . 75/99.
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101

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102

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26.4


TRANSROUTE INTERNATIONAL S.A., ,
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26.2 26 6.2.14
26.3.1999 . 17.6
:
.
38

102

103

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135

1418/84 40 .. 609/85,
, :
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33.3.1
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33.3.2
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135

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34

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34.1.1
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136

, , , ,
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39 .. 609/85.

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136

137

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o POC.

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" "
(1) ,
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8 1418/84 [ 2229/94 "
1418/84 " (. 12 13 2
2229/94)], 43 .. 609/85,
.. 286/1994 ( 148/14-9-94).
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, . 3
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137

34.1.2.4

34.2
34.2.1
34.2.1.1

34.2.1.2

138


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1418/84 ( -
2229/94) 43 .. 609/85,
.. 286/1994 ( 148/14-9-94).

.

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2

34.2.1.3

. 34.2.2 34.2.6
.

34.2.2


(1)

, , . 3
43 .. 609/85, ..
286/94 ( 148 /14-9-94),
,
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().

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138

139

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34.2.3

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43 .. 609/85, ..
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6//4/22172/9.9.92 ( 562 /14.9.92)].
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f.
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. ( 1031 - /17.8.76).
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a.

139

140

, '
. 5/30337/29.6.79 . ( 689 -
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. 34.2.3,
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),
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140

141

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141

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142

34.2.7

143

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,
34.2.3 65.

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34.3.1

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.
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34.4.1

" "
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34.2.7 34 16
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143

144

34.4.2


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144

35.1.5

145


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148


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150

151

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35.4.1

35.4.2

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151

152

36

ATH

36.1

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152

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36.6.1

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153

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36.8 36 17 . 75/99.

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161

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KEAAIO V

EITOYPIA - YNTHPHH TOY EPOY

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43.3

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43.3.2

.
a.

b.


. .

170

171

43.3.3

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:
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.

,
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43.3.5

...
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.

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a.

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171

43.6.2

172

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172

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173

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174

20.000 ECU
4
71.

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.

43.7.4

(
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43.7.3 (6) 43 6.2.23


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174

175

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175

176


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72

47 6.2.24 26.3. 1999


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KEAAIO VI

178

EKMETAEYH TOY EPOY

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,
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48.4.

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48.5.

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.

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178

179

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48.8.1 48 20
. 75/99.
74
48.10 48 6.2.25
26.3.1999 . 17.6
: 48.10 (a) "
"
... 48.10 (b) " ".
73

179

180

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,
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49.2

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49.2.1

K E, " A 30.6.1994",
(DIV) A.E.,
" A M K" (ROEav),

M K (EQ), 30-6-1994 "M A M K" (ROEav) .

49.2.2

E , M A M K (ROEav),
,
30.6.94, :
a.

E E M K (EQ) (-)

b.

M (DIV) (+) M A.E.,


A.E.,

EQ1
NPVED

= 0 =

---------------------

EQ2
-

---------------------

EQc
-

....

---------------------

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--------------------

....

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a.
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r ROE av
EQ1, EQ2, ..... EQc E E.

180

181

c.

DIV1, DIV2, .... DIVp M M


A.E. .

d.

t1, t2, .... tc ,


30/6/1994, / .

e.

to+1, ...... to+p M,


30/6/1994.

f.

to
30/6/1994.

49.3


(ROE),
"", " ", " "
,
, .

49.4

A "A E A
M K" ( ROEr), :
INAKA 49-1
YM ETHI
(ROEr)
/

ETO EITOYPIA
APAXPHH

ROEr
%

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018

14,00%
14,00%
14,00%
14,00%
14,00%
14,00%
14,00%
13,17%
12,80%
12,80%
12,80%
12,80%
12,30%
11,80%
11,30%
11,30%
11,30%
11,30%
10,41%
10,20%

181

A E A M K (ROEac)

A (DIV) .

49.5

49.6

182

(1)

O A ,
, "A O T" (AOT)
50 , A E A M K (ROEr) , E A M K (ROEac),
, ,

, A
M K (ROEac), () A.E. ,
:

ROEr j + 4%

> ROEac j j 1 - 3

ROEr j + 3%

> ROEac j j 4 - 6

ROEr j + 2%

> ROEac j j 7 - 10

ROEr j + 1,5% > ROEac j j 11 - ..


:
j =
(2)

1 .


j, (ROErj - ROEacj) ,
(j +1)
:
ROEr j +1 + () j +1 + (ROEr j - ROEa c j ) ROEa c j +1
j+1,
(ROEr j - ROEa c j )
() ,
.
(j+m), :
k=m-1
ROErj+m + ()j+m + (ROErj+k - ROEacj+k) ROEacj+m
k=1

182

183


(3)

(4)

49.7

49.8

(ROErj+k - ROEacj+k)
75.
..., , ,
,
, , ,
, " " (PVED) 48.9 48.10
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,
.
,
,

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,
.
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.
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49.6.(2) 49 6.2.26
26.3.1999 . 17.6
:
49.6 (2)
,
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.
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.

183

184


, ,
,
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( 49.6
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A 50

K - A

50.1

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50.1.1

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(1,56) ECU,
..., 30-6-199476.

50.1.2


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50.1.3

, :
a.

b.
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:
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24

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76

50.1.1 50 6.2.27
26.3.1999 . 17.6
:
1,56 ECU

(4) 50-1
.

184

185

,
50 ./ ".
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50.2


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H, ...,
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50.1
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, :
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.

(b)



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.

185

186

50-1
()
( , ..., 30.6.1994)

(1)

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-
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(4)

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ECU

1.

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0,78

0,5

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trailer
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h1,30 3
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186

50.3

187

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1994.

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( ECU 30-6-1994)
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30-6 .
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187

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50.4

188

.....
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188

189

A 51

51.1

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51.5


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190

191

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51.6

51.7


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191

192

ANA

52

52.1.

52.1.1


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52.1.3

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192

193

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)

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193

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52.4.1


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52.3 52 6.2.28 26.3.1999


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52.4 52 52.5 ,
6.2.29 26.3.1999 .
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195

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6.2.29 26.3.99
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.
CAR (Contractors All Risks) - .
TPL - .
FAULTY DESIGN -
.

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,
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200

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.

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.

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53.2.5.3.

53.2.5.3.1.

,
, , :

1.

2.

3.

1.500 000 ECU

300.000 ECU

,
,
2.500.000 ECU

4.

53.2.5.3.2.

30.000.000 ECU

(L) 30
1994 ,
, :
Li = Lo . Ii
:
Li =
i, ECU i.
Lo =
1994, ECU.
Ii =
" "
, (
) 30 1993 30
i-1, i.

203

204

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53.3.

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CECR
2 (3),
.
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53.3.4.

53.3.5

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53.3.6

(4)
.
53.3.7.

85

53.1 ,53.2 53 2-
26, 6.31 26.3.1999
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.

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54.3. 55 21
() 21 () . 75 /99.
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54.4 54 21
() . 75/99
86

206

207

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( 52
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.

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54.7

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54.4 54.9 54 , 6.2.32


26.3.1999 . 17.6
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89
54.8 (2) 54 21
() . 75/99.
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54.9 54 21 ()
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54.4 54.9 54 , 6.2.32


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55.1.1 55
22 () . 75/99.
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55.1.3

55.1.4

55.2

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AOZHMIH TOY ANAOXOY

. 55.1.1., 55.1.2. 55.1.3 55.1.495
:
(1)
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1
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,
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55.1.3
55 22() . 75/99.
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