Aok 31122013 en

THESSALONIKI PORT AUTHORITY
PUBLIC LIMITED COMPANY

ANNUAL FINANCIAL REPORT for the fiscal ear e!"e" o! Dece#$er 31, 2013
(a#o%!ts i! %!less other&ise state")
Table of Contents
'( State#e!ts $ Me#$ers of the BoD (((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((((()
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A( The a!!%al fi!a!cial state#e!ts of the P%$lic Li#ite" Co#+a! FTHESSALONIKI PORT AUTHORITY
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E0;(2(-;;.> article 2@ a!"
the i#+le#e!te" "ecisio!s $ the Sec%rities a!" E7cha!*e Co##issio! iss%e" o! it a!" es+eciall the
"ecisio! %!"er !o( .E229E55(5;(-;;. ?articles 5 a!" -@ of the Boar" of Directors of the Sec%rities a!"
E7cha!*e Co##issio! a!" La& 09.0E-;5; o! cor+orate *o1er!a!ce(

The +rese!t Re+ort co!tai!s e1er rele1a!t i!for#atio!> !ecessar $ la&> i! or"er to "eri1e a #aterial
i!for#i!* o! the acti1it> i! the fiscal ear close"> of the Co#+a! FTHESSALONIKI PORT AUTHORITY K
SOCIETE ANONYMEG(

A "escri+tio! of the #a=or ris6s a!" %!certai!ties &hich the Co#+a! #i*ht face i! the f%t%re is also #a"e>
a!" the i#+orta!t tra!sactio!s $et&ee! the iss%er a!" the relate" +arties are cite"(

F%rther#ore> a state#e!t of cor+orate *o1er!a!ce i! co#+lia!ce &ith article - +ara*ra+h - of La&
09.0E-;5; is also cite"(

1+ Rat61e of a8t7X7t7esY
ThPA SA is a P%$lic Li#ite" Utilit Co#+a! ai#i!* to ser1e the +%$lic i!terest> o+erates %!"er +ri1ate
eco!o# +ri!ci+les a!" e!=os a! a"#i!istrati1e a!" eco!o#ic a%to!o#(
It has $ee! i!cor+orate" i! 5::: $ the co!1ersio! of the P%$lic La& Le*al E!tit FTHESSALONIKI PORT
AUTHORITYG to a P%$lic Li#ite" Co#+a!(

1+1+ A#o!* the co#+a!/s ai#s are the #a!a*e#e!t a!" e7+loitatio! of the +ort of Thessalo!i6i or a!"
other +orts a!" s+ecificallA
h The +ro1isio! of $erthi!* ser1ices for the shi+s a!" tra!s+ort ser1ices of car*o a!"
+asse!*ers fro# a!" to the Port(
h I!stallatio!> or*a!i8atio! a!" e7+loitatio! of a! t+e of +ort i!frastr%ct%re(

.
h A! +ort relate" acti1it> as &ell as a! other co##ercial> i!"%strial> oil a!" $%si!ess acti1it>
i!cl%"i!*> i! +artic%lar> to%ris#> c%lt%ral a!" fishi!* acti1ities> as &ell as +ort ser1ices
+la!!i!* a!" or*a!i8atio!(
h A! other acti1it assi*!e" to Thessalo!i6i Port A%thorit %!"er La& as a P%$lic La&
*o1er!e" Le*al E!tit(

1+2+ The #ai! acti1ities of the Co#+a! areA
The +ro1isio! of ser1ices> shi+ $erthi!*> loa"i!* a!" %!loa"i!*> car*o ha!"li!* a!" stora*e> other
+ort ser1ices ?&ater> electricit> tele+ho!e co!!ectio!> &aste re#o1al etc@> the ser1ici!* of
+asse!*ers ?coastal shi++i!* a!" cr%isers@ a!" the e7+loitatio! of +re#ises for c%lt%ral or other
f%!ctio!s(
The Co#+a! is acti1e i! the sector of a%7iliar relate" to tra!s+ort acti1ities a!" tra1el a*e!c
acti1ities ?Statistic Classificatio! of Bra!ches of Eco!o#ic Acti1it K STAKOD /;9> co"e )-@( The
!at%re of its acti1it is s%ch that allo&s for its e!*a*e#e!t o!l i! the territor of Creece>
i!"e+e!"e!t of the fact that its clie!tele i!cl%"es i!ter!atio!al co#+a!ies> &hile> f%rther#ore> the
Co#+a! "oes !ot e!*a*e i! a! other co##ercial or i!"%strial acti1ities> $eo!" the +ro1isio! of
ser1ices> &hich are re!"ere" i! the area of the Port of Thessalo!i6i(
Its $%si!ess acti1ities re*ar" the +ro1isio! of ser1icesA
h to %!iti8e" car*o ?co!tai!ers@>
h to co!1e!tio!al car*o ?$%l6> *e!eral> RO<RO@>
h to coastal shi++i!* a!" cr%iser +asse!*ers>
h to shi+s ?$erthi!*> #oora*e> "oc6i!* a!" other ser1ices@>
h to car +ar6i!* s+ace ser1ices(

1+3+ The Port/s co#+etiti1e e!1iro!#e!t is "eter#i!e" $ its *eo*ra+hic locatio!> the t+e>
ori*i!E"esti!atio! of the tra!s+orte" car*oes> the 3%alit a!" cost of the ser1ices re!"ere" a!"
i!cl%"es of +orts &ith "iffere!t o+erati!* feat%res(

The &i"er *eo*ra+hic territor at +rese!t ser1e" $ the Port of Thessalo!i6i isA
h Mace"o!ia> Thrace a!" +art of Thessal(
h FYROM> SL B%l*aria a!" North Ser$ia(
h The Blac6 Sea co%!tries(

The +ote!tial for attracti!* car*oes to"a ser1ice" $ the +orts of Ale7a!"ro%+olis> Ka1ala> Sta1ros>
N( Mo%"a!ia a!" Jolos is li#ite"> &hile &ith res+ect to the ha!"li!* of co!tai!ers co#+etitio! is
li#ite"> si!ce !o other +ort i! N( Creece +ossesses of the #ea!s re3%ire" to ha!"le co!tai!ers( It is
foresee! that the +orts i! Ale7a!"ro%+olis a!" Ka1ala &ill co!test a s#all #ar6et share follo&i!*
the co#+letio! or reali8atio! of their +la!s(
The i!cl%sio! i! the 8o!e of i!fl%e!ce of the Port of Thessalo!i6i of areas i! North B%l*aria> Ce!tral
Ser$ia> Ro#a!ia a!" Al$a!ia is "ee#e" to $e e7tre#el "iffic%lt> at least %!"er the +rese!t #o"e
of o+eratio! for ThPA S(A( ?re*%lator fra#e&or6 esse!tiall co!*e!ital to that of the +%$lic
sector@> also "%e to the ra+i" "e1elo+#e!t of local +orts i! these areas> %si!* +ri1ate f%!"i!*(

9
ThPA S(A( i!te!"s to attract !e& #a=or clie!ts fro# FYROM> SL B%l*aria a!" S( Ser$ia $
%+*ra"i!* its i!frastr%ct%re> the +roc%re#e!t of the !ecessar e3%i+#e!t a!"> i! +arallel> the
i#+ro1e#e!t of the +erfor#a!ce of its #ar6eti!* a!" sales ser1ices(

1+9+ The 6e clie!ts of the Co#+a! are i!"%stries> shi++i!* a*e!ts> co!tai!er tra!s+ortatio!
co#+a!ies> frei*ht tra!s+ort co#+a!ies ?co#+a!ies &hich %!"erta6e the tra!s+ort of
#ercha!"ise@> &hile its sales are #ar6ete"A
< Jia a sste# of colla$orati!* shi++i!* a*e!ts &ho re+rese!t thir" +arties ?co#+a!ies
e!*a*e" i! the tra!s+ortatio! of co!tai!ers> the tra"e of cereals> the tra"e of #i!erals>
steel&or6s etc@H
< B "irect co!tact a!" !e*otiatio! $et&ee! ThPA S(A( a!" the officers of the clie!ts(

2 Se/ 1eso618es

2+1+ The Co#+a! has the e7cl%si1e ri*ht for the %se a!" e7+loitatio! of the la!"> $%il"i!*s a!"
i!stallatio!s at the Terrestrial Io!e i! the Port of Thessalo!i6i> o&!ershi+ of the Cree6
Co1er!#e!t( The afore#e!tio!e" e7cl%si1e ri*ht &as 1este" to ThPA S(A( for 2; ears> $ 1irt%e of
the co!cessio! co!tract "ate" M%!e -.> -;;5 $et&ee! the Cree6 State ?as re+rese!te" $ the
Mi!isters of Eco!o# a!" Mercha!t Shi++i!*@ a!" ThPA S(A( a!" e7+ires i! the ear -;25> a*ai!st
co!si"eratio! a#o%!ti!* to a +erce!ta*e of 5N o! sales for the first three ears of the co!tract
a!" -N for the re#ai!i!* +erio"( The co!tract a$o1e &as sa!ctio!e" $ La& 0,)2E-;;9 o!
0(2(-;;9 $ 1irt%e of &hich the ori*i!al ter# of the co!tract &as e7te!"e" fro# 2; to ); ears>
th%s !o& e7+iri!* i! -;)5> &hile ThPA/s e7cl%si1e ri*ht to %se a!" e7+loit the la!"<$%il"i!*s a!"
i!stallatio!s *ra!ts to ThPA S(A( the ri*ht to tra!sfer it to thir" +arties for +%r+oses relate" to the
+ro1isio! of +ort ser1ices a!" ease#e!ts a!" for ter# !ot $eo!" that of the e7te!sio! of the
co!tract(
2+1+1+ The terrestrial +ort 8o!e of ThPA S(A( co1ers a! area of ro%*hl 5>));>;;; #O> a!"
e7te!"s alo!* ro%*hl 0>);; #eters( It +ossesses of ,>-;; #eters of &harfs &ith a !et
"e+th %+ to 5- #eters> , +iers> a"#i!istratio! a!" tech!ical s%++ort $%il"i!*s>
&areho%ses> "e+ots> s+ecial e3%i+#e!t a!" other i!stallatio!s(
2+1+2+ The Co!tai!er Ter#i!al is the !e&est $%il"i!* co#+le7 of ThPA S(A(( Desi*!e" a!"
o+erati!* $ase" o! state<of<the<art tech!olo*ies a!" the corres+o!"i!* e3%i+#e!t for
ha!"li!* co!tai!ers( It is locate" o! +ier ,> at &harf -,> its le!*th is ,;; #eters a!" ca!
$erth shi+s &ith "ra%*hts %+ to 5- #eters( Its i!"oor o+erati!* s+ace e7te!"s o1er
-;;>;;;#
-
> co!fi*%re" so as to ha!"le "eli1er a!" recei+t of co!tai!ers(
2+1+3+ The +art of the Port o%tsi"e the Co!tai!er Ter#i!al co!stit%tes its co!1e!tio!al +art
&hich is ser1ice" $ &harfs 5<-2 a!" co1ers a! area of a++ro7i#atel 5>;.;>;;; #O a!"
) +iers i! total( The co!1e!tio!al +ort is "i1i"e" i!to the Free Io!e ?3%as !o( 5) to -2@>
1ia &hich thir" co%!tries car*o is ha!"le"> &hile its re#ai!i!* +art ?3%as !o( 5 to 52@ is
"e"icate" to shi+#e!ts fro# EU co%!tries( I! +arallel> i!si"e the $o%!"aries of the

:
co!1e!tio!al +ort a!" o%tsi"e the Free Io!e +asse!*er shi+s> h"rofoils a!" cr%isers>
ser1ici!* the +asse!*er traffic #o1i!* 1ia the Port of Thessalo!i6i> #a $erth(

2+2+ Co#+a! assets i!cl%"eA
2+2+1+ Fo%r la!" +lots for e7+loitatio!> locate" i!si"e the co!ce"e" la!"> of total fair 1al%e
a#o%!ti!* to 0>:0. tho%sa!" P a!" &hich areA
< La!" +lot at Ko%!to%rioto% B Sala#i!os Sts( ?Thessalo!i6i@ lease" to the FU!io! of
Thessalo!i6i/s C%sto#s Bro6ers K SETHG> of total area 5>-00(2:#
-
(
< La!" +lot at Ko%!to%rioto% B Fo6aias Sts( ?Thessalo!i6i@ lease" to the FShi++i!* Bro6ers
U!io!G> of total area -9)>);#
-
(
< Plot at the Ol" Q%arr of Nares> i!cl%"i!* t&o *ra!ite 3%arries> the a$a!"o!e" $%il"i!*s
of the co#+a! to &hich the e7+loitatio! thereof &as assi*!e" a!" the i!stallatio!s for
the tra!s+ortatio! of the 3%arries/ +ro"%cts( The 3%arries &ere i! o+eratio! %!til the e!"
of the R);s> &hile +rese!tl the re#ai! %!e7+loite"( Ho&e1er> soil a!" s%$soil
#or+holo* re!"er a! resi"e!tial "e1elo+#e!t a!" e7+loitatio! +rohi$iti1e( Total area
5;2>;-0(;;#
-
(
< La!" +lot i! Tria!"ria> Thessalo!i6i> of total area 5)-(:9#
-
(
2+2+2+ B%il"i!*> #echa!ical a!" other e3%i+#e!t<i!stallatio!s> of total 1al%e ?historic cost@
:9>5;; tho%sa!" P(
E7cl%"i!* the $%il"i!* i!stallatio!s> the assets co!tri$%ti!* #ore tha! 5;N to the
+ro1isio! of ser1ices are> co!cisel> the follo&i!*A
< 2 Electric Ca!tr Cra!es> 59 Stra""le Carriers> 0 Fro!t Lifts> 5 Tra!stai!er
< 0- Cra!es> .0 For6lifts> 2 5;;<5); to!( Mo$ile Cra!es> 0. Loa"ers> a!" 1ario%s other
loa"i!* e3%i+#e!t(
2+2+3+ F%rther#ore> the Co#+a! has "e1elo+e" a state<of<the<art "i*ital co##%!icatio!
!et&or6> $ i!stalli!* o+tic fi$ers for the setti!* %+ of a Bac6$o!e Net&or6 &ith the total
le!*th of fi$ers e7cee"i!* .) 6ilo#eters(
The s+eciali8e" soft&are a++licatio!s %se"> of total 1al%e -(,9. tho%sa!" P ?historic cost@
alrea" cater for a lar*e +art of the +ort/s o+eratio!s> #ai!l the Fi!a!cial Ser1ices>
Statistic Data +rocessi!*> H%#a! Reso%rces Ma!a*e#e!t> Mai!te!a!ce> Doc%#e!t
Or*a!i8atio! a!" Ma!a*e#e!t a!" the Co!tai!er Ter#i!al Ma!a*e#e!t(

2+3+ The "ri1i!* force for the Co#+a! is its +erso!!el> &hich is "i1i"e" i!to the clerical +erso!!el
?A"#i!istrati1e> Tech!ical> A%7iliar@ a!" the Port Lor6ers( I! -;50 it e#+loe" 205 +eo+le>
a*ai!st 292 i! -;5-( La$or relatio!s are re*%late" $ the Ce!eral Perso!!el Re*%latio!> the
Natio!al Ce!eral Collecti1e A*ree#e!t> the Sectoral ?I!"%str<&i"e@ or si#ilar<+rofessio! Co!tracts>
&hile the re#%!eratio! of the e#+loees are *o1er!e" $ the O+eratio!al Collecti1e A*ree#e!t for
re*%lar +erso!!el or $ i!"i1i"%al la$or co!tracts a!" for ear -;5; $ La& 0900E-;5; ?Protectio!
of the !atio!al eco!o# K E#er*e!c #eas%res for co+i!* &ith fiscal crisis@ a!" La& 092)E-;5;
?Meas%res for the a++licatio! of the s%++ort #echa!is# for the Cree6 eco!o# $ e%ro area

5;
Me#$er States a!" the I!ter!atio!al Mo!etar F%!"@ a!" si!ce 5E55E-;5- $ the +ro1isio!s i!
article 05 of La& 2;-2E-;5-(

The co#+a! i!1ests i! the co!ti!%o%s trai!i!* a!" i!for#i!* of its +erso!!el $ 1irt%e of
e"%catio!al a!" trai!i!* +ro*ra##es a!" se#i!ars o! *e!eral iss%es> s%ch as co##%!icatio!>
#a!a*e#e!t> eco!o#ics> h*ie!e a!" safet(

3+ CbZe8t7Xes anF st1ateH7es

3+1+ The +ort of Thessalo!i6i is the first tra!sit +ort i! Creece &ith res+ect to co!1e!tio!al car*o( It is
the E%ro+ea! U!io! +ort !earest to the Bal6a! a!" the Blac6 Sea Io!e co%!tries> offers safet to
the car*o i! tra!sit a!" +ossesses of a !at%ral sea e!tra!ce &hich #a cater for shi+s &ith "ee+
"ra%*hts( O!e of its a"1a!ta*es is the Co!tai!er Ter#i!al> o+erati!* o! a -2<ho%r $asis &ith fi7e"
rates> the o+eratio! of the co!1e!tio!al Port &ith t&o shifts a!" hi*h le1el e3%i+#e!t a!" the
FFree Io!eG &hich is o!e of the -. i! o+eratio! thro%*ho%t the E%ro+ea! U!io! a!" ai#e" to
+ri!ci+all facilitate a!" "e1elo+ tra"e $et&ee! EU Me#$er<States a!" thir" co%!tries(

3+2+ The strate* of the co#+a! ai#s at the i!crease of its sharehol"ers/ assets co#$i!e" &ith the
f%lfill#e!t of its o$li*atio!s> $ei!* a P%$lic Utilit Co#+a!A
E #ai!tai!i!* the i#+orta!t ?"o#i!ati!*@ +ositio! the +ort hol"s &ith res+ect to its area a!"
ele1ati!* it to $eco#e the +ri!ci+al +ort i! the Bal6a!sH
E rei!forci!* of its role i! Easter! Me"iterra!ea! as a ce!ter for co#$i!e" tra!s+orts> a!"
E its e1ol%tio! to a tra!sit h%$ a!" i#+orta!t Re*io!al Port<Cate&a for the So%theaster!
E%ro+ea! #ar6ets> &here a si*!ifica!t share &ill $e hel" $ the ha!"li!* of co!tai!ers i!
tra!sit(
To&ar"s these it see6sA
E to $olster its co#+etiti1e +ositio! $ i#+ro1i!* its efficie!c a!" a"o+ti!* a! a++eali!*
+rici!* +olicH
E to i!crease its +rofita$ilit $ i#+ro1i!* its o+erati!* #ar*i!> attracti!* car*o> "ecreasi!*
costs a!" +ro1i"i!* !e& i!te*rate" +ort lo*istics ser1ices> orie!te" to&ar" Thir" Part
lo*istics ?0PL@ ser1icesH
E to i#+ro1e the 3%alit of the ser1ices f%r!ishe" $ #ea!s of its i!1est#e!t a!"
#o"er!i8atio! +ro*ra##e> as &ell as the e7te!sio! of +ort i!frastr%ct%re a!" s%+erstr%ct%re>
+erso!!el trai!i!* a!" the %+*ra"i!* of tech!olo*ical i!frastr%ct%re $ the i#+le#e!tatio! of
a"1a!ce" soft&are s%ites a!" the "e1elo+#e!t of s+eciali8e" co#+%teri8e" a++licatio!sH
E to f%rther "e1elo+ the Co!tai!er Ter#i!al(

3+3+ The #ai! a7is of the Co#+a!/s +rici!* +olic is to #ai!tai! the +rices for its ser1ices at
co#+etiti1e> co#+are" to the other +orts of the area> le1els> ai#i!* to attract clie!ts( For this
reaso! a!" ta6i!* acco%!t of the *lo$al eco!o#ic crisis &hich #a"e its a++eara!ce i! -;;9> the
+rices of the loa"i!*E%!loa"i!* ser1ices for tra!sit or fi!al "esti!atio! car*o ha1e re#ai!e" at the
sa#e le1el si!ce -;;.( F%rther#ore the +rices for co!1e!tio!al car*o ha1e $ee! 6e+t at the sa#e

55
le1els for -;5-> car*o &hich is ha!"le" a!" +rice" $ase" o! the s+ecial a*ree#e!ts ?co!tracts@
si*!e" $ ThPA S(A( a!" its clie!ts> follo&i!* a raise $ .N i! -;;9( For -;50 the +rici!* +olic
that &as follo&e" &as the sa#e as that for -;5- a!" -;5; a!" the +rice list &as 6e+t i! the sa#e
le1els &itho%t a! f%rther i!creases $%t &ith s#all scale "iffere!tiatio!s> s%ch as a );N "isco%!t i!
the +o&er s%++l tariffs for co!tai!ers for e7+ort> a "ecrease i! the tra!sshi+#e!tE+iece +rice for
co!tai!ers as &ell as a 5)N "isco%!t *ra!te" as a #oti1e for e1er co!tai!er ha!"le" i! -;52 o1er
a!" a$o1e --)>;;; co!tai!ers a!" e7cl%"i!* tra!sshi+#e!t co!tai!ers(

3+9+ A 6e o$=ecti1e is the attractio! of !e& frei*hts a!" the +ro1isio! of 1al%e a""e" ser1ices co#$i!e"
&ith safet a!" e7+e"ie!ce i! ha!"li!*( It is for this that ThPA co!ti!%o%sl stri1es to #o"er!i8e
a!" re!o1ate its i!frastr%ct%re> fi!a!ci!* these i!1est#e!ts fro# its a1aila$le f%!"s(
Th%s it +la!s toA
E *ra"%all #o"er!i8e the co!1e!tio!al car*o i!stallatio!s ?i!frastr%ct%re a!" electric<
#echa!ical e3%i+#e!t@ ai#i!* to $e a$le to acco##o"ate #ore to!s of car*o
< Co!str%ctio! of co!tai!er "e+osit area i! the fro!t of +ier ,(
< F%ll reco!str%ctio! a!" restoratio! of the +a1i!* of co!tai!er "e+osit o+e! air s+aces i! the
Co!tai!er Ter#i!al ?e#+t co!tai!ers area> +ar6i!* etc(@
< Co!tractio! of !e& +a1i!* $ehi!" &harf -2 i! +ier ,(
< Lao%t of +art of &areho%se -. for the tra!sfer of &or6sho+s(
< Proc%re#e!t of ca#eras a!" ISPS access co!trol(
< Co!str%ctio! of a! o+e! +i+e a!" lao%t of area for the "rai!a*e of rai!&ater at the $ase of
+ier ,(
< e7te!sio! of the rail !et&or6
< Restr%ct%re of o+e! air s+aces
< Re+air a!" #ai!te!a!ce of the faces of the Liste" B%il"i!* ho%si!* the Passe!*er Ter#i!al(
< Pa1i!* i! the car ter#i!al
< Proc%re#e!t of electric cra!es
< Proc%re#e!t of tractors a!"
< Proc%re#e!t of 1ario%s 1ehicles s%ch as &ater &a*o!> s&ee+er> ta!6 tr%c6 &ith $as6et>
*ar$a*e tr%c6> $%s B a%to#o$iles(
< Le*ali8atio! of $%il"i!* co!str%ctio!s ?s%r1es a!" cha!*es of %se@(
< Master Pla!(

5-
9+ W7nan87al FeXelo5.ents anF f7s8al /ea1 5e1fo1.an8e

I! a!al8i!* the res%lts for -;50 it is !ecessar to +oi!t o%t that i! the fiscal ear =%st la+se" the
+ort of Thessalo!i6i ser1e" a total of 5->0;0>)-. to!s ?<55(52N@ of car*o> of &hich ,>9);>29;
?S;(--N@ to!s of "r car*o> 0-->05; TEUs ?co!tai!ers@> 5>95: shi+s a!" 2.>925 +asse!*ers &ere
ser1e" $ the i!stallatio!s of the Co#+a!(

F%rther#ore i! the co%rse of this fiscal ear the follo&i!* &ere co#+lete"A
< The reco!str%ctio! of the area i! Pier A/(
< The !at%ral *as !et&or6 i! Lareho%se B/(
< The lice!si!* for &areho%ses 5 a!" D to $e lease" as ci!e#as(
< The reco!str%ctio! of the rail !et&or6 i! &harfs 5.> 59> -5 B --(
< The re+a1i!* of roa"s a!" the reco!str%ctio! of fe!ci!* a!" *ates for the i#+le#e!tatio! of
the ISPS co"e(
< The +roc%re#e!t of t&o ?-@ Stra""le Carriers(
< The +roc%re#e!t of cars a!" *ar$a*e tr%c6(

9+1+ Ci1e! these facts> the ha!"li!* of $%l6 car*oes e7hi$ite" a "ecrease> co#+are" to -;5->
?#ai!l #i!erals a!" scra+ B other "r frei*ht i! $%l6@ $ 5(9;N> the *e!eral car*o e7hi$ite"
a "ecrease $ :(0;N> the shi+ traffic a! i!crease $ -(.5N > the RO<RO car*o traffic a
"ecrease $ -)(52N> the %!iti8e" car*o ?co!tai!ers@ a! i!crease $ 5(20N i! Te%/s> &hile
the +asse!*er traffic e7hi$ite" a "ecrease $ )()2N(

9+1+1+ Base" o! &hat has $ee! cite" a$o1e> the Co#+a!/s t%r!o1er> for the fiscal ear of
-;50> a#o%!te" to P )5>),;>;:,()- a*ai!st P )->9,,>:,2(9; for the corres+o!"e!t fiscal
ear of -;5-> e7hi$iti!* a! "ecrease $ <-(2.N> attri$%te" to the "ecrease of the sales of
the co!1e!tio!al +ort $ :()9N> &hile a! i!crease &as e7hi$ite" i! the sales of the Co!tai!er
Ter#i!al $ -(22N> the Passe!*er Port $ 59(:5N a!" the e7+loitatio! of +re#ises $
5-(2:N corres+o!"i!*l(
9+1+2+ I! &hat it co!cer!s the e7+e!ses> it is !ote" that +erso!!el salaries B e7+e!ses
"ecrease" $ .(..N "%e to the co!ti!%e" i#+le#e!tatio! of La& 2;-2E-;5- a!" +erso!!el
retire#e!t( Thir" +arties co#+e!satio! a!" e7+e!ses "ecrease" $ 5(0)N> thir" +arties
$e!efits "ecrease" $ 0(9)N> ta7es K "%ties i!crease" $ 9();N> 1ario%s e7+e!ses i!crease"
$ ,)(0)N> fi!a!cial e7+e!ses "ecrease" $ 52(5)N> a#orti8atio!s i!crease" $ .().N>
+ro1isio!s "ecrease" $ 22(::N> &hile co!s%#+tio! of co!s%#a$les a!" s+are +arts for
fi7e" assets "ecrease" $ -)(-0N( I!co#e ta7 &as i!crease" "%e to hi*her ear!i!*s i! fiscal
ear -;50 a!" the =o%r!ali8e" ta7 corres+o!"i!* to the ta7<free reser1es(
9+1+3 As a res%lt of the "ecrease of the sales a!" the "ecrease of the e7+e!ses> the *ross
+rofits a#o%!te" to the s%# of P -->:-2>..-(50 ?a*ai!st P -->).,>0).(-) i! -;5-@ e7hi$iti!*
a! i!crease $ 5>)2N( Profits $efore ta7 a#o%!te" to P -2>02->-0.(05 ?a*ai!st
P-0>;-2>5,)(;) i! -;5-@> e7hi$iti!* a! i!crease $ )(.-N> &hile !et of ta7 the a#o%!te" to

50
P59>59.>9);(.) ?P59>220>,00(-2 i! -;5-@> e7hi$iti!* a "ecrease of 5(0:N( The res%lts of the
acti1ities of the Co#+a!EO+eratio!al Sector as "efi!e" $ the resol%tio! of the BoD !o(
2;,;E--()(-;;:> e7hi$it +rofits i! the sectors of the Co!tai!er Ter#i!al> the Co!1e!tio!al
Port a!" the E7+loitatio! of Pre#ises a!" loss i! the sector of Passe!*er Traffic(

9+2+ F%rther#ore> for the co#+ilatio! of the attache" fi!a!cial state#e!ts i! co#+lia!ce &ith the
a"o+te" $ the E%ro+ea! U!io! I!ter!atio!al Acco%!ti!* Sta!"ar"s<I!ter!atio!al Fi!a!cial
Re+orti!* Sta!"ar"s> the acco%!ti!* +ri!ci+les a!" "e+reciatio! factors> as "efi!e" $ the
"ecisio! of the BoD of ThPA SA %!"er !%#$er -,-0E--(,(-;;)> &ere follo&e" a!"
s+ecificallA
E The 1al%atio! of assets &as +erfor#e" $
T the fair 1al%e #etho" for the la!" +lots ?i!1est#e!t real estate@> as "eter#i!e" $
a! i!"e+e!"e!t s%r1eor o! 05(5-(-;50( Fro# this 1al%atio! the i!co#e state#e!t
for the fiscal ear &as e!c%#$ere" $ P .9.>20;(,)(
T the historic cost #etho" for the i!ta!*i$le a!" ta!*i$le fi7e" assets(
T the fair 1al%e #etho" for the +ost<ser1ice lia$ilities to&ar"s the e#+loees> $ase" o!
the "ata fro# the act%arial s%r1e o! 05(5-(-;50(
T the co##ercial tra!sactio! 1al%es for the rest assets a!" lia$ilities> &hich> "%e to
their short<ter# !at%re> a++roach their corres+o!"i!* fair 1al%es(
T the fair 1al%e thro%*h E3%it for the ite#s classifie" as Fi!1est#e!ts a1aila$le for
saleG i(e( o!e fi!a!cial +ro"%ct hel" $ ThPA SA( Its 1al%atio! o! 05E5-E-;50 res%lte"
to the i!crease of E3%it $ P 0,>,;;(;;(
T the fair 1al%e thro%*h +rofit or loss for the ite#s classifie" as Ffi!a!cial assets
thro%*h +rofit or lossG i(e( the $o!" of ALPHA BANK &hich &as hel" $ ThPA SA %!til
;5(;2(-;50( Its sale o! the afore#e!tio!e" "ate res%lte" to the i!crease of the
res%lts of the fiscal ear $ P ,;;>;;;(
E The strai*ht li!e "e+reciatio! #etho" &as follo&e" for the "e+reciatio! of the fi7e"
assets> &itho%t the calc%latio! of resi"%al 1al%es(

9+3+ Fro# the co#+ariso! of the fi*%res of the Fi!a!cial Positio! State#e!t a!" the res%lts of the
fiscal ear> it follo&s that the ca+ital str%ct%re a!" the fi!a!cial +o&er of the Co#+a!
re#ai!s stro!*(
9+3+1+ The "istri$%tio! of the Co#+a!/s ca+ital $et&ee! fi7e" a!" c%rre!t assets> is
esti#ate" satisfactor> *i1e! that the fi7e" assets ?ta!*i$le a!" i!ta!*i$le i!cl%"i!*
also the i!1est#e!ts i! real estate@ co1er 02(0;N of the Co#+a!/s total assets>
c%rre!t assets acco%!t for ,2(55N of total assets> &hile 5():N of !o!<c%rre!t assets
relate to other fi!a!cial ite#s of ThPA SA a!" "eferre" ta7 assets(
I! &hat it co!cer!s the a#o%!t of ca+itals co##itte" to fi7e" e3%i+#e!t> it is !ote"
that ThPA> $ei!* a P%$lic Utilit> is o$li*e" to i!1est i! hi*h tech!olo* #echa!ical

52
e3%i+#e!t a!" i!frastr%ct%re> i! or"er to a#eliorate the 3%alit of the ser1ices it
+ro1i"es a!" res+o!" to its %tilit o$=ecti1es a!"> therefore> co##its si*!ifica!t
f%!"s to this e!"(
9+3+2+ D%e to its hi*h a1aila$le assets> a#o%!ti!* to ,)(;5N of e3%it> it #ai!tai!s its
fi!a!cial i!"e+e!"e!ce a!" is a$le to fi!a!ce its i!1est#e!ts &itho%t resorti!* to
ta6i!* o%t loa!s( E3%it co1ers :;(-.N of its assets> &hile its o$li*atio!s ?lo!* a!"
short ter#@ co1er o!l :(.0N of lia$ilities(
The Co#+a!/s &or6i!* ca+ital> "%e to hi*h #o!etar assets> a#o%!ts to the s%# of
:;>;-5 tho%sa!" P(
The Co#+a! #ai!tai!s lo& i!1e!tor le1el ?#aterials a!" s+are +arts of fi7e"
assets@ a#o%!ti!* to 5>:9. tho%sa!" P> of &hich 0(,2N co!cer!s the f%el<l%$rica!ts
stoc6> 90(-5N co!s%#a$les a!" 50(.)N s+are +arts of fi7e" assets(
Fi!all> the t%r!aro%!" ti#e for c%rre!t assets ?0) "as for the collectio! of
recei1a$les a!"> ta6i!* "e+osits i!to acco%!t> 5. "as@ a!" lia$ilities ?2- "as for the
+a#e!t of s%++liers@ re!"er the Co#+a! ca+a$le to settle its lia$ilities at re*%lar
"ates a!" to #ai!tai! its self<s%fficie!c a!" its sol1e!c( The Co#+a! has !o "%e
"e$ts> !o short ter# loa!s or che3%es recei1a$le i! its +ortfolio(
Fro# its clie!ts> it collects "o&! +a#e!ts $efore carri!* o%t the &or6> &hich i!
-;50 a#o%!te" to 0>;52 tho%sa!" P a!"> co!se3%e!tl> the real recei1a$les of the
Co#+a! a#o%!t to ->-09 tho%sa!" P ?)>-)- tho%sa!" K 0>;52 tho%sa!"(@ o!
05(5-(-;50(
The cash li3%i"it i!"e7 is at 9(2,N &hile the *e!eral li3%i"it i!"e7 at :(-2N(

9+3+3+ The Ret%r! o! E3%it is "ee#e" satisfactor> si!ce it iel"e"
h 5,>2;N $ase" o! +reta7 +rofitsH
h 5->-)N $ase" o! !et of ta7 ear!i!*s(
fi*%res *reater tha! the i!terest rates for ti#e "e+osits &ith Ba!6s i! -;50> &hile the
ROA ?Ret%r! o! Assets@ iel"e"A
h 52>9;N $ase" o! +reta7 +rofitsH
h 55>;,N $ase" o! !et of ta7 ear!i!*s(
9+9+ ThPA SA shares are liste" o! the Lar*e Ca+ cate*or a!" i! sector FI!"%strial Pro"%cts B
Ser1ices K Tra!s+ortatio! Ser1icesG( The Co#+a!/s share is i!cl%"e" i! the FTSEEAST Mi"
Ca+ a!" FTSEEASE I!ter!atio!al i!"e7es( Fro# 5(5(-;50 %!til 05(5-(-;50 the +rice for the
share fell $ -(,N(
I! the sa#e i!ter1al the +rice of the ASE Ce!eral I!"e7 i!crease" $ -0()N a!" the share of
OLP SA i!crease" $ -(5-N(

5)
Share +rice o! 05(5-(-;50 &as P--(2( The $oo6 1al%e ?BJ@ of the share &as P52(.0 a*ai!st
P52>2) i! the corres+o!"i!* fiscal ear of -;5-> &hile Price to Boo6 Jal%e ?PBJ@ &as 5()-(

The ratio of the stoc6 e7cha!*e +rice of the share to ear!i!*s +er share ?PEE@ o! 05(5-(-;50
?PEE@ &as 5-(25(

<+ 47X7FenF Lol78/

The Co#+a!/s "i1i"e!" +olic ai#s to satisf its sharehol"ers &hile> i! +arallel> to $%il" reser1es to
fi!a!ce its i!1est#e!ts( It is +ro+ose" that a s%# of ,>;29>;;; E%ros fro# the !et +rofits for fiscal
ear -;50 $e "istri$%te" as "i1i"e!"> !a#el ;(,;PEshare> +e!"i!* o! the a++ro1al $ the A!!%al
Ce!eral Meeti!* of Sharehol"ers(

=+ O7s@s anF Xa17o6s 1elat7ons

=+1( The Co#+a!/s #o1a$le a!" real +ro+ert has !ot $ee! e!c%#$ere" &ith restricti1e lie!s o!
$ehalf of its cre"itors( At the ti#e this re+ort &as "ra&! %+> ThPA SA ha" !ot *ra!te" a!
*%ara!tees i! fa1or of a! thir" +art(

=+2+ F%rther#ore> the Co#+a! has a si*!ifica!t !%#$er of clie!ts a!" s%++liers( The re!"eri!*
of ser1ices a!" the +rici!* thereof is %!ifor# a!" irres+ecti1e of a*ree#e!ts( The co!cl%sio!
of co!tracts is +art of the *e!eral co!te7t of the *e!eral +olic $ ThPA SA to attract clie!ts
a!" i!crease the car*oes ha!"le" $ the Port of Thessalo!i6i( The co!tracts co!cl%"e" affor"
ease#e!ts to the clie!ts i! the co!te7t of a FMe#ora!"%# of U!"ersta!"i!*G> &itho%t a!
e7cl%si1it ri*hts o! the co!tracti!* +arties as re*ar"s the +ro1isio! of +ort ser1ices> $eo!"
the short<ter# a*ree#e!ts the co#+a! si*!s for the co!cessio! of sites(

=+3( The Co#+a! has !o $ra!ches(

=+9( Moreo1er> i! or"er to sec%re its assets a!" also its lia$ilit a*ai!st thir" +arties a!" its
+erso!!el for "a#a*es> it has i!s%re" its fi7e" e3%i+#e!t ?#achi!er K tools K 1ehicles a!"
1essels K $%il"i!*s co!ce"e" to it $ the Cree6 State> a*ai!st all ris6s a!" a*ai!st ci1il
lia$ilit a!" e#+loer/s ci1il lia$ilit> as &ell as the car*oes of its clie!ts a*ai!st ci1il lia$ilit
etc@ &ith a! a!!%al cost of a++ro7i#atel );; tho%sa!" P(

=+<+ As the Port a"#i!istrator> $%t also sho&i!* a +artic%lar se!siti1it to e!1iro!#e!tal
+rotectio!> the Co#+a! has $ee! certifie" %!"er FP(E(R(S(G $ ESPO B ECOPORTS
Fo%!"atio!> has "ra&! %+ a +la! for the re#o1al a!" #a!a*e#e!t of shi+ &aste a!"
resi"%es> a!" also for "eali!* &ith i!ci"e!ts of oil #ari!e +oll%tio! a!" "i1ests co!si"era$le
f%!"s to&ar"s this e!" o! a! a!!%al $asis( It> #oreo1er> see6s to "e1elo+ a! i!te*rate"
e!1iro!#e!tal #a!a*e#e!t sste# ?ISO 52;;;A5@( A! e!1iro!#e!tal s%r1e of +ort

5,
o+eratio!s has $ee! a++ro1e" a!" is c%rre!tl ela$orate"( F%rther#ore> it has also =oi!e" the
alter!ati1e &aste> l%$rica!t> %se" tres a!" $atteries #a!a*e#e!t sste# a!" i!1est i!
+erso!!el health a!" safet co!ti!%o%sl i#+ro1i!* &or6i!* co!"itio!s(

=+=+ F%rther#ore> si!ce -;;. ThPA SA has i#+le#e!te" the Port Facilit Safet Pla!> "ra&! %+ i!
co#+lia!ce &ith the I(S(P(S Co"e ?I!ter!atio!al Shi+ a!" Port Facilit Sec%rit Co"e@> i! or"er
to safe*%ar" shi+s "oc6i!* at Port facilities> car*oes ha!"le" $ it> their +erso!!el a!"
+asse!*ers a!" so o! fro# a! #alicio%s acti1it(

=+?+ Beo!" the lia$ilities a!" co!ti!*e!t lia$ilities i!cl%"e" i! the Fi!a!cial State#e!ts a!" &hich
are !ot e7+ecte" to ha1e si*!ifica!t i#+acts i! the o+eratio! of the Co#+a! a!" its fi!a!cial
stat%s> the Co#+a! has !o co##it#e!ts arisi!* fro# +ast e1e!ts &hich co%l" res%lt i! a!
o%tflo& of reso%rces> !or a! co##it#e!ts "%e to o!ero%s co!tracts or reco!str%ctio!
sche#es that &o%l" +ose a! ris6s to its co!ti!%i!* o+eratio!(

?+ O7s@ 0anaHe.ent

?+1+ W7nan87al O7s@ Wa8to1sY
The co#+a! is !ot e7+ose" to si*!ifica!t fi!a!cial ris6s> s%ch as the #ar6et ris6>
fl%ct%atio!s of forei*! e7cha!*e rates> #ar6et +rices> cre"it ris6 or li3%i"it ris6( Its fi!a!cial
i!str%#e!ts co#+rise of $a!6 "e+osits ?si*ht a!" ti#e@> tra"e "e$tors a!" cre"itors a!"
fi!a!cial i!str%#e!ts a1aila$le for sale a!" fi!a!cial i!str%#e!ts at fair 1al%e thro%*h Profit B
Loss(

?+2+ 0a1@et O7s@Y
T E7cha!*e rate ris6A The co#+a! "oes $%si!ess &ith "o#estic a!" forei*! clie!ts a!"
the tra!sactio! c%rre!c is E%ro( Co!se3%e!tl> there is !o e7cha!*e rate ris6(
T Price ris6Y The co#+a! is !ot e7+ose" to +rice ris6 si!ce it is a ser1ice +ro1i"er a!" th%s
!ot affecte" $ fl%ct%atio!s i! ra& #aterials +rices( The ser1ices it re!"ers are +rice"
$ase" o! its +%$lishe" +ricelist> the +rices of &hich are i!crease" or "ecrease" as a!"
&he! it is "ee#e" !ecessar $ the Co#+a!( Lith res+ect to the cost of the ser1ices
+ro1i"e"> si!ce it #ai!l co#+rises of +aroll costs> it is affecte" "%e to i!creases i! the
later 1ia i!flatio!ar tre!"s( F%rther#ore> the Co#+a! is affecte" $ a cha!*e of the
fair 1al%e of its i!1est#e!ts i! real estate( A cha!*e i! the +rice of real estate $ U ) N
shall $ri!* a$o%t a corres+o!"i!* cha!*e $ the s%# of 5:2 tho%sa!" P i! the i!co#e
state#e!t(
Fi!all> a cha!*e i! the fair 1al%e of the fi!a!cial i!str%#e!ts a1aila$le for sale $ U )N
shall $ri!* a a$o%t a cha!*e i! E3%it $ U 5) tho%sa!" P(
T I!terest rate ris6Y The Co#+a! is !ot e7+ose" to ris6s co!!ecte" &ith the fl%ct%atio! of
i!terest rates> si!ce it has !o "e$t o$li*atio!s( Fi!all> the co#+a! hol"s short<ter#
ti#e "e+osits> &hich are hi*hl li3%i"( A! i!crease ?"ecrease@ i! the i!terest rate i! the

5.
or"er of S5N or <5N &o%l" res%lt i! a! i!crease ?"ecrease@ i! the res%lts for the fiscal
ear $ a++ro7i#atel $ :,) tho%sa!" P(

?+3+ C1eF7t 17s@Y
The e7+os%re of the Co#+a! to cre"it ris6 is li#ite" to its fi!a!cial i!str%#e!ts(
The cre"it ris6 to &hich the co#+a! is e7+ose" &ith res+ect to its c%sto#ers is li#ite"
*i1e!> o! the o!e ha!"> its lar*e c%sto#er $ase a!"> o! the other ha!"> that as a
sta!"ar" +ractice it recei1es "o&! +a#e!ts or letters of cre"it +rior to the
co##e!ce#e!t of &or6s(
A""itio!all> &ith res+ect to the fi!a!cial assets as &ell as the cash or e3%i1ale!ts> the
#a!a*e#e!t of the co#+a! a++lies a "is+ersio! +olic for the !%#$er of $a!6s it "oes
$%si!ess &ith> as &ell as a +olic for assessi!* their cre"it&orthi!ess(

?+9+ :7[67F7t/ 17s@Y
There is !o li3%i"it ris6 for the co#+a!> si!ce its o+erati!* costs are co1ere" $ its cash
e3%i1ale!ts &hich acco%!t for :5()2N of circ%lati!* assets(

?+<+ Ca57tal 17s@ .anaHe.entY
The co#+a! "oes !ot %tili8e loa! ca+ital a!" the le1era*e ratio is> therefore> 8ero(

?+=+ Wa71 Xal6eY The a#o%!ts i! the State#e!t of Fi!a!cial Positio! for cash> recei1a$les a!"
short<ter# lia$ilities a++ro7i#ate their corres+o!"i!* fair 1al%es> "%e to their short<ter#
#at%rit(

\+ I.5o1tant eXents 7n f7s8al /ea1 2013

B 1irt%e of the resol%tio! ta6e! $ the Re*%lar Ce!eral Meeti!* of -.E;,E-;50 articles , a!" . of
the Articles of Associatio! of ThPA SA &ere a#e!"e"> i! co#+lia!ce &ith &hich co#+a! shares
#a $e liste"> $esi"es Athe!s Stoc6 E7cha!*e> also i! a! i!ter!atio!all reco*!i8e" Stoc6
E7cha!*e $ a resol%tio! ta6e! $ the Ce!eral Meeti!* of sharehol"ers &hile the co#+a!/s share
ca+ital #a $e i!crease" $ a! a#e!"#e!t of the articles of associatio! a!" the certificatio! of the
+a#e!t of the a#o%!t of the i!crease(

P%rs%a!t to La& 25)-E-;50> +ara*ra+h - i! article se1e! ?.@ of La& -,99E5:::> accor"i!* to &hich
ThPA SA is s%$=ect o!l to I!co#e Ta7 is a$olishe"( B 1irt%e of the sa#e la&> s%$+ara*ra+h D->
sectio! 5" a! iss%e re*ar"i!* the ta7atio! of ta7<free reser1es for#e" $ the 1al%atio!s of assets
e!s%es(
Base" o! La& 25.-E-;50 +ara*ra+h 5- i! article .- there e!s%es a! iss%e re*ar"i!* the ta7atio! of
other ta7<free reser1es(

59
M+ 4eXelo5.entEL1os5e8ts
Base" o! the a1aila$le "ata to"a o!e ca! o$ser1e a tre!" for the i#+ro1e#e!t of ha!"li!* at the
Co!tai!er Ter#i!al a!" a co!trolle" "ecrease at the Co!1e!tio!al Port(

10+ I.5o1tant t1ansa8t7ons ;7t2 asso87ateF 5a1t7es, as s682 a1e Fef7neF 7n IG- 29
0anaHe.ent 1e.6ne1at7on

I! the fiscal ear -;50 the total re#%!eratio! a!" atte!"a!ce fees +ai" to #e#$ers of the Boar" of
Directors a#o%!te" to 502>..,(,2P( Se!ior #a!a*ers> acco%!ti!* "e+art#e!t e7ec%ti1es> the hea"
of Le*al Affairs> the i!ter!al a%"itors a!" other Co#+a! e7ec%ti1es &ere +ai"> o1er the sa#e +erio">
P ):5>;22(.-(
Besi"es the re#%!eratio!s =%st cite" there is !o other $%si!ess relatio! or tra!sactio! fro# 5(5(-;50
%!til 05(5-(-;50 as &ell as !o other +ro1isio! of $e!efits "%ri!* the c%rre!t fiscal ear $et&ee! the
co#+a! a!" the +erso!s +artici+ati!* i! its #a!a*e#e!t(
No loa! fro# the Co#+a! has $ee! e7te!"e" to its Chair#a!> its Ma!a*i!* Director> the Me#$ers
of the Boar" of Directors as &ell as se!ior #a!a*e#e!t a!" other co#+a! e7ec%ti1es> the +erso!!el
of the I!ter!al A%"it De+art#e!t( F%rther#ore> o! 05(5-(-;50 the Co#+a! o&e" Boar" of Directors
fees a#o%!ti!* to P ->,)2(;9 &hich re*ar"e" the #o!th of Dece#$er a!" &ere settle" i! Ma!%ar
-;52(
The re#%!eratio! of Se!ior a!" other e7ec%ti1es is re*%late" $ the Sectoral Collecti1e La$o%r
A*ree#e!t for Co#+a! staff> &hile the re#%!eratio! of its Ce!eral Ma!a*ers a!" the Le*al Boar"
are re*%late" $ Boar" of Directors "ecisio!s> a!" the re#%!eratio! of the Chair#a!> the Jice<
Chair#a! a!" Ma!a*i!* Director a!" the co#+e!satio! +ai" to the Directors i! the BoD are
"eter#i!e" $ the "ecisio! of the Ce!eral Meeti!* of ThPA SA sharehol"ers(

11+ BXents afte1 t2e Oefe1en8e Le17oF

There &ere !o e1e!ts after the +re+aratio! of the Fi!a!cial State#e!ts o! 05(5-(-;50 &hich re*ar"
the Co#+a! a!" for &hich a rele1a!t refere!ce is !ecessitate"> +%rs%a!t to I!ter!atio!al Fi!a!cial
Re+orti!* Sta!"ar"s(

12+ CCOLCOGTB NCDBORGRCB -TGTB0BRT, 561s6ant to :G] 3\?3>2010

12+1+ Oefe1en8e to t2e 8o15o1ate HoXe1nan8e 8oFe to ;2782 t2e Co.5an/ 7s s6bs6.eF o1
;2782 t2e Co.5an/ 2as 6n7late1all/ Fe87FeF to 7.5le.ent, as ;ell as t2e lo8at7on ;2e1e t2e
1eleXant te^t 7s aXa7lable to t2e Hene1al 56bl78+
B 1irt%e of resol%tio! !o( 2,90E55(;0(-;55 $ its Boar" of Directors> the Co#+a! has i!stit%te" a!"
o$ser1es a Cor+orate Co1er!a!ce Co"e> i! co#+lia!ce &ith La& 09.0E-;5;> co"e &hich is +oste" o! the
Co#+a!/s &e$site at &&&(ThPA(*r %!"er Fi!1estors Relatio!sECCCG Vi! Cree6W(

5:
The Cor+orate Co1er!a!ce Co"e for liste" co#+a!ies that &as +%$lishe" $ the Helle!ic Fe"eratio! of
E!ter+rises i! Ma!%ar -;55 a!" the Cor+orate Co1er!a!ce +ri!ci+les $ OECD &ere ta6e! i!to acco%!t
for its co#+ilatio!(

The *e!eral +ri!ci+les of the co"e co1er the sectio!s $elo&A
Role a!" co#+ete!ces of the Boar" of Directors
Si8e a!" co#+ositio! of the Boar" of Directors
Role a!" re3%ire" ca+acities of the Chair#a! of the Boar" of Directors
D%ties a!" co!"%ct of the #e#$ers of the BoD
Electio! of #e#$ers of the Boar" of Directors
O+eratio! of the Boar" of Directors
Ma!a*i!* Director
Ma!a*e#e!t Boar"
E1al%atio! of the Boar" of Directors
I!ter!al A%"it Role
I!ter!al A%"it Bo"ies
Re#%!eratio!
Le1el a!" str%ct%re of re#%!eratio!
Co##%!icatio! &ith sharehol"ers
The Ce!eral Meeti!* of Sharehol"ers

12+2+ C7tat7on of t2e 8o15o1ate HoXe1nan8e 51a8t78es 7.5le.enteF b/ t2e Co.5an/ be/onF
t2ose 51oX7FeF b/ t2e :a; anF 1efe1en8e to t2e lo8at7on ;2e1e t2ese a1e 56bl787_eF

The +ractices i!stit%te" a!" i#+le#e!te" $ the Co#+a! are i! co#+lia!ce &ith its articles of
i!cor+oratio! a!" i!ter!al re*%latio!s a!" are "escri$e" i! "etail i! the i#+le#e!te" Cor+orate
Co1er!a!ce Co"e &hich is +oste" o! the Co#+a!/s &e$site i! the i!ter!et a!" #ore s+ecificall at
&&&(ThPA(*r %!"er Fi!1estors Relatio!sECCCG Vi! Cree6W(

12+3+ 4es8175t7on of t2e 517n875al feat61es of 7nte1nal a6F7t anF 17s@ .anaHe.ent s/ste.s of
t2e Co.5an/ ;7t2 1es5e8t to t2e 51e5a1at7on of f7nan87al state.ents

12+3+1 The I!ter!al A%"it De+art#e!t is a! i!"e+e!"e!t ser1ice "irectl re+orti!* to the Boar" of
Directors of the co#+a! 1ia the A%"it Boar" &hich co#+rises of #e#$ers of the BoD a!" s%+er1ise" $
the A%"it Boar" as a++oi!te" $ the Ce!eral Meeti!*(
I!ter!al a%"itors are *ra!te" free access to all co#+a! i!for#atio! a!" are +rese!t at Ce!eral
Meeti!*s(

The I!ter!al A%"it De+art#e!t assists Ma!a*e#e!t i! the effecti1e +erfor#a!ce of its "%ties> $
+ro1i"i!* a!alses> a++raisals> e1al%atio!s> s%**estio!s> co%!seli!* a!" i!for#atio! of all co#+a!
acti1ities it a%"its(

-;
I!ter!al A%"itA
5(< F%!ctio!s co!s%ltati1el to Ma!a*e#e!t> i! co#+lia!ce &ith a%"iti!* +ri!ci+les a!" i!ter!atio!al
sta!"ar"s(
-(< O+erates o$=ecti1el a!" i!"e+e!"e!tl of the acti1ities it a%"its(
0(< Re!"ers hi*h le1el ser1ices at all hierarchical le1els of the Co#+a!> 1ia re+orts> e1al%atio!s a!"
rele1a!t reco##e!"atio!s(
2(< F%!ctio!s as a assista!ce ser1ice o! all le1els of Co#+a! #a!a*erial a!" o+eratio!al str%ct%re a!"
the h%#a! reso%rces staffi!* the#(
)(< E!=os %!hi!"ere" access to recor"s> reso%rces a!"> i! *e!eral> Co#+a! i!for#atio! !ecessar for
co!"%cti!* the a%"it(

The co#+ete!ces of the I!ter!al A%"it De+art#e!t i!cl%"e> $esi"es those foresee! $ the +ro1isio!s of
La& 0;5,E-;;-> also ofA
< The sa#+le test of co#+a! o+eratio!s a!" tra!sactio!s as to e!s%reA
< Co!cor" &ith cor+orate strate* a!" tactics> as &ell as the i!"i1i"%al +ro*ra##es r%! $ the
co#+a!> their o+eratio!al +roce"%res> the la&s a!" re*%latio!s> as &ell as +re1e!ti1e a%"iti!*
#echa!is#s i!stit%te" for e1er o+eratio! a!" tra!sactio!(
< The relia$ilit a!" i!te*rit of fi!a!cial a!" o+eratio!al i!for#atio!(
< The +ro+er a!" effecti1e %se of reso%rces(
< The f%lfill#e!t of o$=ecti1es set for o+eratio!s a!" +ro*ra##es(
< Safe*%ar"i!* the assets a*ai!st 1ario%s 6i!"s of threats(

The I!ter!al A%"it De+art#e!t reali8es +erio" e1al%atio!s of all o+eratio!al %!its of the Co#+a!> i! or"er to
reco*!i8e areas of +ote!tial ris6s(

Base" o! s%ch e1al%atio!> the I!ter!al A%"it +ro+oses a! a!!%al a%"it sche"%le> &hich> follo&i!* its
a++ro1al $ the BoD shall co!stit%te the "etaile" actio! +la! ?re*%lar a%"it@( Also %!"er e7traor"i!ar
circ%#sta!ces> either acti!* o! a #a!"ate $ the A%"it Boar"> or $ the Ma!a*e#e!t> e7traor"i!ar
a%"its #a $e co!"%cte"(

At the e!" of e1er tri#ester> se#ester a!" at the e!" of e1er ear a re1ie& of the &or6 $ the I!ter!al
A%"it De+art#e!t shall $e s%$#itte" to the Boar" of Directors(

12+3+2 A%"it Boar"
The A%"it Boar" shall #o!itorA
< fi!a!cial i!for#atio! +roce"%resH
< the effecti1e o+eratio! of the i!ter!al a%"it a!" ris6 #a!a*e#e!t sste#sH
< the +ro+er o+eratio! of the i!ter!al a%"it %!it of the a%"ite" e!titH
< the +ro*ress of the re1ie& of i!teri# fi!a!cial state#e!ts a!" the #a!"ator a%"it of a!!%al fi!a!cial
state#e!ts $ e7ter!al chartere" a%"itorsH

-5
< the s%r1e a!" re1ie& of iss%es relati!* to #ai!tai!i!* o$=ecti1it a!" i!"e+e!"e!ce for the stat%tor
a%"itor or a%"iti!* fir#> es+eciall &ith re*ar" to the +ro1isio!> to the a%"ite" e!tit> of other ser1ices
re!"ere" $ the stat%tor a%"itor or a%"iti!* fir#(

The Or"i!ar Ce!eral Meeti!* o! -.E,E-;50 a++oi!te" as #e#$ers of the A%"it Boar" of ThPA SA the
follo&i!*A
a@ Ceor*ios Di#arelos> I!"e+e!"e!t !o!<e7ec%ti1e #e#$er
$@ Harala#$os To+ali"is> I!"e+e!"e!t !o!<e7ec%ti1e #e#$er
c@ Jasileios A!to!o+o%los> I!"e+e!"e!t !o!<e7ec%ti1e #e#$er

12(3+3 Other ris6 #a!a*e#e!t +ractices ?safet 1al1es@
The co#+a! has "e1elo+e" +olicies a!" +roce"%res &hich e!s%re effecti1e ris6 #a!a*e#e!t for its
acti1ities s%++orti!* a!" safe*%ar"i!* the i!ter!al co!trol sste# a!" the +re+aratio! of the Co#+a!/s
fi!a!cial state#e!ts(

These +olicies re*ar"> a#o!*st othersA
The assi*!#e!t of co#+ete!cies a!" a%thorities $oth to the se!ior #a!a*e#e!t as &ell as #i""le a!"
e!tr e7ec%ti1es &hich e!s%res the rei!force#e!t of the i!ter!al a%"it sste#/s efficie!c> &hile i!
+arallel safe*%ar"s the re3%ire" se*re*atio! of co#+ete!cies(
A++ro+riate staffi!* of Fi!a!cial Ser1ices &ith +erso!!el &hich +ossesses the re3%ire" tech!ical e7+ertise
a!" e7+erie!ce for the co#+ete!ces assi*!e" to the#(
Clos%re +roce"%res &hich i!cl%"e s%$#issio! "ea"li!es> co#+ete!cies a!" classificatio! of acco%!ts(
The e7iste!ce of safet 1al1es for fi7e" assets> reser1es> cash a!" other co#+a! assets> s%ch as>
i!"icati1el> the +hsical safet of the Treas%r or Lareho%ses a!" the I!1e!tor a!" co#+ariso! of
3%a!tities #eas%re" &ith those o! the acco%!ti!* $oo6s(
I!stit%tio! a!" o+eratio! of a re*%latio! for the o+eratio! of the "ata !et&or6 a!" i!for#atio! sste#s of
ThPA SA for the recor"i!* a!" co"ificatio! of sec%rit re3%ire#e!ts> %ser o$li*atio!s a!" ri*hts $%t also
of the ser1ices atte!"i!* to their s#ooth o+eratio!> i! the co!te7t of res+ecti!* h%#a! ri*hts(

12+9+ Info1.at7on 1e[671eF 561s6ant to a1t78le 10 5a1aH1a52 1 7te.s (8), (F), (f), (H), (2) of
471e8t7Xe 2009>2<>BC of t2e B61o5ean La1l7a.ent anF Co6n87l on G517l 21, 2009, 1eHa1F7nH
56bl78 ta@eEoXe1 b7Fs, 51oX7FeF t2e 8o.5an/ falls 6nFe1 t2e s8o5e of sa7F 471e8t7Xe

The i!for#atio! re3%ire" +%rs%a!t to article 5; +ar( 5 of Directi1e -;;2E-)EEC of the E%ro+ea!
Parlia#e!t a!" of the Co%!cil are i!cl%"e"> i! co#+lia!ce &ith article 2 +ar( . of La& 0)),E-;;. i! the
E7+la!ator Re+ort> &hich is cite" $elo& %!"er Sectio! 50 of the Boar" of Directors/ Ma!a*e#e!t Re+ort(

--
12+<+ Info1.at7on on t2e .oFe of o5e1at7on of t2e Nene1al 0eet7nH of -2a1e2olFe1s anF 7ts
bas78 a6t2o17t7es, as ;ell as a Fes8175t7on of s2a1e2olFe1s` 17H2ts anF t2e/ .anne1 s682 a1e
eê187seF

The Ce!eral Meeti!* of Co#+a! sharehol"ers is the s%+re#e co#+a! $o" a!" "eci"es o! e1er
co#+a! affair> %!"er other&ise esta$lishe" $ la& or the +rese!t articles of associatio!(
The co!1ocatio! of the Ce!eral Meeti!* of Co#+a! Sharehol"ers is effecte" i! co#+lia!ce &ith the
rele1a!t +ro1isio!s i! Co"ifie" La& -5:;E5:-; as i! force(
The Ce!eral Meeti!* is co!1o6e" $ the Boar" of Directors a!" co!1e!es at the Co#+a!/s re*istere"
seat> or"i!aril o!ce a ear a!" &ithi! si7 ?,@ #o!ths fro# the e!" of the fiscal ear(
The Ce!eral Meeti!* #a co!1e!e also e7traor"i!aril &he!e1er the Boar" of Directors "ee#s it
!ecessar> &he! sharehol"ers re+rese!ti!* o!e te!th of the +ai"<%+ ca+ital or the a%"itors re3%est it> as
&ell as o! the cases +ro1i"e" $ the la& or the articles of associatio!(
Lhe! sharehol"ers re+rese!ti!* o!e te!th of the +ai"<%+ ca+ital or a%"itors re3%est the co!1ocatio! of
a! e7traor"i!ar Ce!eral Meeti!*> the Boar" of Directors #%st &ithi! te! ?5;@ "as fro# the ser1ice of
the re3%est to its Chair#a!> co!1o6e the #eeti!* &ith its a*e!"a $ei!* the s%$=ect o! the a++licatio!(

The Boar" of Directors shall e!s%re that the +re+aratio! a!" co!"%ct of the Ce!eral Meeti!* of
sharehol"ers facilitates the effecti1e e7ercise of sharehol"ers/ ri*hts> a!" es+eciall those of #i!orit
sharehol"ers> forei*! sharehol"ers a!" all those "o#icile" i! re#ote areas i! or"er for the# to $e f%ll
i!for#e" o! all iss%es relati!* to their +artici+ati!* i! the Ce!eral Meeti!*> i!cl%"i!* the ite#s of the
a*e!"a> a!" their ri*hts i! the Ce!eral Meeti!*(

The Boar" of Directors #%st %tili8e the Ce!eral Meeti!* of sharehol"ers to facilitate their s%$sta!tial a!"
o+e! "ialo*%e &ith the co#+a!(
Sharehol"ers reser1e the ri*ht to +artici+ate i! the Ce!eral Meeti!* either i! +erso! or $ a le*all
a%thori8e" re+rese!tati1e> i! co#+lia!ce &ith the le*al +roce"%re i! force at each ti#e( Sharehol"ers
e7ercise their ri*hts 1is<X<1is the #a!a*e#e!t of the Co#+a!> e7cl%si1el $ +artici+ati!* i! the Ce!eral
Meeti!*s of sharehol"ers of the Co#+a!( Each share co!fers the ri*ht to a si!*le 1ote( Moi!t hol"ers of a
share> i! or"er to $e e!title" to 1ote> #%st "esi*!ate to the Co#+a! i! &riti!* a co##o! re+rese!tati1e
for sai" share> &ho shall re+rese!t the# i! the Ce!eral Meeti!*H &hile %!til s%ch "esi*!atio!> the e7ercise
of their ri*hts shall $e s%s+e!"e"(

The Ce!eral Meeti!* is the o!l co#+ete!t $o" to r%le o! the follo&i!* #attersA
a@ A#e!"#e!t of the articles of associatio!> i!cl%"i!* the i!creases or "ecreases of the share ca+ital(
$@ Li!"%+> e7te!sio! of ter#> #er*er> s+lit> co!1ersio! a!" re1i1al of the Co#+a!(
c@ Electio! of Boar" of Directors #e#$ers> i! co#+lia!ce &ith article :> a!" of A%"itors a!" a++ro1al of
the re#%!eratio! thereof(
"@ A++ro1al of the a!!%al fi!a!cial state#e!ts of the Co#+a!(
e@ A++ro+riatio! of a!!%al +rofits(
f@ De$t iss%a!ce(

-0
*@ Release of the Boar" of Directors a!" the A%"itors fro# all lia$ilit(
h@ A++oi!t#e!t of li3%i"ators(
i@ Lo"*#e!t of actio!s a*ai!st #e#$ers of the Boar" of Directors a!" the a%"itors i! case of !e*lect of
their le*al "%ties(

Co#$i!e" &ith the +ro1isio!s of La& 0992E-;5;> the co#+a! +osts o! its &e$site at least t&e!t ?-;@
"as +rior to the Ce!eral Meeti!*> $oth i! Cree6 a!" E!*lish> i!for#atio! re*ar"i!*A
< the "ate> ti#e a!" +lace of the Ce!eral Meeti!* of sharehol"ersH
< the $asic r%les a!" +ractices for +artici+ati!*> i!cl%"i!* the ri*ht to i!tro"%ce ite#s o! the a*e!"a
a!" +ose 3%estio!s> as &ell as the "ea"li!es &ithi! &hich s%ch ri*hts #a $e e7ercise"H
< 1oti!* +roce"%res> ter#s for re+rese!tatio! $ +ro7 a!" the "oc%#e!ts %se" for 1oti!* $ +ro7H
< the +ro+ose" a*e!"a for the #eeti!*> i!cl%"i!* the "ecisio!s to $e "eli$erate" a!" 1ote" o!> as
&ell as a! +ossi$le acco#+a!i!* "oc%#e!tsH
< the total !%#$er of sharehol"ers a!" 1oti!* ri*hts at the "ate of the co!1ocatio!H
< the a!!%al fi!a!cial re+ort &hich i!cl%"es the Boar" of Directors/ #a!a*e#e!t re+ort(

The Chair#a! of the Boar" of Directors of the co#+a!> the Ce!eral Ma!a*ers> the Chief Fi!a!cial
Officer a!" the i!ter!al a%"itors are all +rese!t at the Ce!eral Meeti!* of Sharehol"ers> i! or"er to i!for#
a!" $rief o! iss%es of their co#+ete!ce to $e "isc%sse"> a!" +ro1i"e a!s&ers or clarificatio!s as
re3%este" $ the sharehol"ers( The Chair#a! of the Ce!eral Meeti!* shall +ro1i"e a#+le ti#e for
sharehol"ers to +ose 3%estio!s(

The Chair#a! of the Boar" of Directors shall +ro1isio!all +resi"e at the co##e!ce#e!t of the Ce!eral
Meeti!*> &ho shall a++oi!t as secretar of the *e!eral #eeti!*> the Secretar of the Boar" of Directors(
I##e"iatel after the 1ali"atio! of the ta$le of sharehol"ers &ith 1oti!* ri*hts> the Ce!eral Meeti!* shall
elect its "efi!iti1e Chair#a! a!" secretar(

A s%##ar of the resol%tio!s $ the *e!eral #eeti!* shall $e a1aila$le o! the co#+a!/s &e$site o! the
!e7t "a after it has ta6e! +lace $ the latest(
12+=+ Co.5os7t7on anF o5e1at7on of t2e 3oa1F of 471e8to1s anF ot2e1 5oss7ble aF.7n7st1at7Xe,
.anaHe17al o1 s65e1X7so1/ boF7es o1 boa1Fs of t2e 8o.5an/
12+=+1 3oa1F of 471e8to1s
The Boar" of Directors is the s%+re#e #a!a*e#e!t $o" of the Co#+a! a!" sha+es the "e1elo+#e!t
strate* a!" +olic of the Co#+a!> &hile it also s%+er1ises> i!s+ects a!" #a!a*es co#+a! assets( It
"eci"es o! all iss%es relati!* to the Co#+a!> &ithi! the co!te7t of the co#+a! sco+e> &ith the
e7ce+tio! of those #atters &hich> i! co#+lia!ce &ith the la& or the articles of associatio!> fall %!"er the
e7cl%si1e co#+ete!ce of other $o"ies(
The co#+ete!ces of the Boar" of Directors are "escri$e" i! "etail i! the Cor+orate Co1er!a!ce Co"e(
The Boar" of Directors has ele1e! #e#$ers a!" co#+rises ofA

-2
a@ Se1e! #e#$ers electe" $ the Ce!eral Meeti!* of the sharehol"ers of the Co#+a!> a#o!*st &ho#
also the Chief E7ec%ti1e Officer(
$@ T&o re+rese!tati1es of Co#+a! e#+loees> co#i!* fro# the t&o #ost re+rese!tati1e seco!"ar
tra"e %!io!s> o!e re+rese!ti!* e#+loees a!" the other Port Lor6ers a!" each electe" $ its tra"e %!io!>
i! co#+lia!ce &ith the +roce"%re esta$lishe" i! article , +ar( - sectio! three of La& -252E5::,> as
s%++le#e!te" $ article 5. +ar( 5 of La& -2,:E5::.> &ithi! a "ea"li!e of t&o ?-@ #o!ths fro# the
!otificatio! of the rele1a!t tra"e %!io! $ the Co#+a!( The re+rese!tati1es electe" #%st &or6 for the
Co#+a!(
c@ O!e #e#$er !o#i!ate" $ the Eco!o#ic a!" Social Co##ittee ?ESC@> "ra&! fro# $o"ies relate" to
Co#+a! acti1ities( The #e#$er !o#i!ate" $ the ESC is !o#i!ate" &ithi! a "ea"li!e of t&o ?-@ #o!ths
fro# the ESC $ei!* !otifie" $ the Mi!ister for Eco!o#ic Affairs(
"@ O!e re+rese!tati1e of the #%!ici+alit &here the re*istere" seat of the Co#+a!(

The ter# i! office of the Boar" of Directors is fi1e ears(

The co#+ositio! of the Boar" of Directors for the +erio" 1+1+E20+3+2013 &as the follo&i!*A
A**elo%"is Stlia!os A Chair#a! to the BoD a!" CEO of ThPA SA> e7ec%ti1e #e#$er
Pa+aioa!!o% Co!sta!ti!os A Jice<Chair#a! to the BoDEThPA SA> e7ec%ti1e #e#$er
Aliri Christi!a A No!<e7ec%ti1e #e#$er
A!to!ia"is Christo"o%los A No!<e7ec%ti1e #e#$er
A!to!o+o%los Jasileios A I!"e+e!"e!t> !o!<e7ec%ti1e #e#$er
Sao%li"is A!to!ios A No!<e7ec%ti1e #e#$er ?!otice of resi*!atio!@
To+ali"is Harala#+os A I!"e+e!"e!t> !o!<e7ec%ti1e #e#$er
S+a!o+o%los Ceor*ios A No!<e7ec%ti1e #e#$er> staff re+rese!tati1e
Thirio% Di#itrios A No!<e7ec%ti1e #e#$er> "oc6&or6ers/ re+rese!tati1e
Di#arelos Ceor*ios A I!"e+e!"e!t !o!<e7ec%ti1e #e#$er> re+rese!ti!* the M%!ici+alit of Thessalo!i6i
Ne8is Co!sta!ti!os A I!"e+e!"e!t !o!<e7ec%ti1e #e#$er> ESC re+rese!tati1e

The co#+ositio! of the Boar" of Directors for the +erio" 21+3+E2?+=+2013 &as the follo&i!*A

The co#+ositio! of the Boar" of Directors for the +erio" 2?+=+E31+12+2013 &as the follo&i!*A

-)
Chloros Ale7a!"ros A No!<e7ec%ti1e #e#$er
The re#%!eratio! of the #e#$ers of the Boar" of Directors are +rese!te" i! +ara*ra+h 5; of the +rese!t
Re+ort a!" !ote 9(-. o! the fi!a!cial state#e!ts(
P%rs%a!t to the resol%tio! ta6e! $ the A!!%al Ce!eral Meeti!* of Co#+a! Sharehol"ers o! 9E,E-;5- the
co#+e!satio!E#eeti!* for the #e#$ers of the Boar" of Directors &as "esi*!ate" at the s%# ofA P 5.5>:-
&ith a #a7i#%# 0 #eeti!*s +er #o!th( The s%# re#ai!e" %!cha!*e" for -;50

The Boar" of Directors is co!1o6e" follo&i!* a! i!1itatio! $ the Chair#a! at the Co#+a!/s re*istere"
office a!" i! ti#e "eter#i!e" $ hi#( The Boar" of Directors co!1e!es at least o!ce a #o!th a!" at #ost
three ti#es a #o!th(

The Boar" of Directors is also co#+%lsor co!1o6e" $ its Chair#a! &ithi! te! ?5;@ &or6i!* "as fro# the
ser1ice of a &ritte! a++licatio! $ at least t&o ?-@ of its #e#$ers( The a++licatio! shall "esi*!ate all to+ics
that the #e#$ers as6 to $e i!cl%"e" o! the #eeti!*/s a*e!"a(

The i!1itatio!> &hich shall cite the to+ics of the a*e!"a> is ser1ice" $ +roof of "eli1er at least three ?0@
&or6i!* "as $efore the "a of the #eeti!*( I! %r*e!t cases> %!"er the esti#atio! of the Chair#a!> the
i!1itatio!> &hich shall cite the %r*e!c> ca! $e ser1ice" e1e! o! the "a $efore the #eeti!*( The
+roce"%re a!" these "ea"li!es shall !ot $e o$ser1e" if all of its #e#$ers are +rese!t a!" !o o!e o++%*!s
to the reali8atio! of the #eeti!* a!" the "ecisio! #a6i!*(

The Boar" of Directors is i! 3%or%# +ro1i"e" that at least si7 ?,@ of its #e#$ers are +rese!t> a#o!*st
&ho# the Chair#a! a!" the CEO or their s%$stit%tes( If !o!e of the re+rese!tati1es of the e#+loees> the
ESC or the M%!ici+alit ha1e $ee! a++oi!te" a t&o thir" ?-E0@ 3%or%# of the acti1e #e#$ers is re3%ire"(

Each o!e of the "irectors ca!> after a &ritte! letter> 1ali"l re+rese!t o!l o!e other "irector(
Re+rese!tatio! i! the Boar" of Directors ca!!ot $e assi*!e" to a! +erso! &ho is !ot #e#$er of the
Boar"(

The "ecisio!s of the Boar" of Directors are ta6e! $ #a=orit 1ote of the +rese!t #e#$ers(

-,
5-(,(- Chief E7ec%ti1e Officer(
The Chief E7ec%ti1e Officer ?CEO@ is a #e#$er of the Boar" of Directors of the Co#+a! a!" is electe" $
the Ce!eral Meeti!*( His ser1es a fi1e ear ter#( His office is !ot i!co#+ati$le &ith the office of the BoD
Chair#a!(

The CEO +resi"es o1er all Co#+a! ser1ices> "irects its &or6 a!" ta6es the !ecessar "ecisio!s i! the
co!te7t of +ro1isio!s &hich *o1er! the Co#+a! o+eratio!> the a++ro1e" +ro*ra#s a!" $%"*ets a!" the
Strate*ic a!" O+eratio!al Pla!( It is +ossi$le to release the CEO fro# his "%ties $ a resol%tio! ta6e! $
the Ce!eral Meeti!* a!" +ro1i"e" that a #a=or reaso! co!"%ces(

The CEO has also the co#+ete!ces a++oi!te" to hi# o! each occasio! $ the Boar" of Directors(

Lhe! a$se!t or %!a1aila$le> the Chief E7ec%ti1e Officer is re+lace" i! his "%ties $ a!other #e#$er of the
Boar" of Directors or $ o!e of the Ce!eral Ma!a*ers or> i! the case there are !o Ce!eral Ma!a*ers> $
o!e of the Co#+a!/s Directors> a++oi!te" $ a "ecisio! of the BoD> after a reco##e!"atio! $ the CEO(

Sho%l" the CEO +ass a&a> the "%ties of the CEO are +ro1isio!all +erfor#e" $ the Chair#a! of the BoD
a!" sho%l" the offices of the CEO a!" Chair#a! of the BoD co!c%r i! the sa#e +erso!> $ the Jice<
Chair#a! electe" +%rs%a!t to +ar( 5 of article 5; of the articles of associatio!( I! this case> the BoD
co!1o6es i##e"iatel a Ce!eral Meeti!* i! or"er to elect a CEO(
5-(,(0 Ma!a*e#e!t Boar"
The CEO> as Chair#a!> a!" the Ce!eral Ma!a*ers> as #e#$ers> +artici+ate i! the Ma!a*e#e!t Boar"> or
sho%l" there $e o!l o!e Ce!eral Ma!a*er> he a!" the Directors or i! a! other case the Directors(
The Ma!a*e#e!t Boar" has the co#+ete!ces a!alticall "escri$e" i! the Co#+a! Cor+orate Co1er!a!ce Co"e>
that the Co#+a! i#+le#e!ts(

13+ BaL:GRGTCOU OBLCOT 3U TQB 3CGO4 CW 4IOBCTCO-
(L61s6ant to a1t78le 9 5a1s+ ? anF \ of :a; 3<<=>200?)

13+1+ -t168t61e of t2e Co.5an/`s s2a1e 8a57tal

The share ca+ital of ThPA SA sta!"s at thirt #illio! t&o h%!"re" a!" fo%rt tho%sa!" E%ros
?0;>-2;>;;;@> is "i1i"e" i! te! #illio! a!" ei*ht tho%sa!" ?5;>;9;>;;;@ co##o! !o#i!al shares>
of a 1al%e of three e%ros ?0>;@ each( I! the share ca+ital there are !ot a! shares that "o !ot
re+rese!t ca+itals of the Co#+a! or ri*hts to ac3%ire $o!"s(
The Re*%lar Ce!eral Meeti!* of the Co#+a!/s sharehol"ers o! --(,(-;;5 "eci"e" to list the
shares of the Co#+a! FThPA SAG i! the Mai! Mar6et of the Athe!s Stoc6 E7cha!*e a!" to "is+ose
the e7isti!* shares o&!e" $ the Cree6 State(

-.
Fro# the total !%#$er of the Co#+a! shares ?5;>;9;>;;;@> &ere "is+ose" $ +%$lic offeri!*
->)-;>;;; shares o&!e" $ the Cree6 State ?-)N of the total assets@> 5-;>;;; shares of &hich
&ere "is+ose" $ +ri1ate offer to the Co#+a!/s e#+loees(
F%rther#ore> the Je!"or<Sharehol"er *ra!te" a share rete!tio! i!ce!ti1e of t&o ?-@ shares for
e1er te! ?5;@ shares that the sharehol"ers> &ho ha" ac3%ire" shares $ +%$lic offeri!* or +ri1ate
+lace#e!t> &o%l" hol" for a +erio" of three ?0@ #o!ths fro# the "ate that the tra!sfer of the
shares is re*istere" i! the Ce!tral Sec%rities De+ositor i! Athe!s a!" %+ to a total !%#$er of t&o
h%!"re" ?-;;@ free shares +er i!1estor(
O! -.(9(-;;5 $e*%! the tra"i!* of o1er ->)-;>;;; shares sol" $ +%$lic offeri!* a!" +ri1ate
+lace#e!t(

A cha!*e i! the +erce!ta*e hel" $ the Cree6 Co1er!#e!t i! the share ca+ital of the Co#+a!
occ%rre" o! -)E5E-;5- "%e to the tra!sfer &itho%t co!si"eratio! of ->029>92; shares ?a +erce!ta*e
of -0(0;N@ to the Helle!ic Re+%$lic Asset De1elo+#e!t F%!" ?HRADF SA@> +%rs%a!t to La&
0:9,E-;5- +ars( 2 B ) of article - a!" "ecisio! $ the I!ter<#i!isterial Co##ittee for Restr%ct%ri!*
a!" Pri1ati8atio!s !o( 5:)E-;5-( O! 55E)E-;5- i! co#+lia!ce &ith the afore#e!tio!e" La& a!" $
1irt%e of "ecisio! !o( -;,E-;5- $ the I!ter<#i!isterial Co##ittee for Restr%ct%ri!* a!"
Pri1ati8atio!s the re#ai!i!* )>50.>))2 hel" $ the Cree6 Co1er!#e!t &ere also tra!sferre" to
HRADF( HRADF !o& hol"s .2(-.N of the share ca+ital of Th(P(A( SA(

The sharehol"er str%ct%re of the Co#+a! o! 05E5-E-;50 &as as follo&sA
-2a1e2olFe1s
R6.be1 of
s2a1es

Le18entaHe
HRADF SA .(29,(5:2 .2>-.N
I!1esti!* +%$lic -():0(9;, -)>.0N
TCTG: 10+0\0+000 100,00b

For fiscal ear -;50 a!" the c%rre!t ear of -;52 there ha1e $ee! !o P%$lic Ta6eo1er Bi"s $ the
Co#+a! or thir" +arties> &ith cash or shares of other co#+a!ies or shares of ThPA SA
corres+o!"i!*l(

The Co#+a! "oes !ot hol" a! o&! shares(

All the Co#+a!/s shares are liste" i! the Athe!s Stoc6 E7cha!*e(

Sharehol"er lia$ilit is li#ite" to the !o#i!al 1al%e of the shares the hol"( No o&! shares ha1e
$ee! ac3%ire"(

-9
13+2+ :7.7tat7ons on s2a1e t1ansfe1

The Co#+a!/s shares are all co##o! re*istere" shares(

E1er Co#+a! share i!cor+orates e1er ri*ht a!" lia$ilit +rescri$e" $ La& a!" the Co#+a!/s
articles of associatio!> &hich "o !ot i!cl%"e +ro1isio!s i#+osi!* f%rther li#itatio!s tha! those
+ro1i"e" $ La&(

B 1irt%e of La& 2;:-E-;5-> ?Co1(Ca8( 'Y9(55(-;5- Me"i%#<Ter#A Sa!ctio! of PNP -;5-<
E7+loitatio! of +%$lic +ro+ert@ the Le*islati1e Act of .E:E-;5- &as sa!ctio!e" a!" e!tere" i!to
force( P%rs%a!t to this act the #i!i#%# +erce!ta*e of the sta6e of the Cree6 Co1er!#e!t i! ThPA
SA is a$olishe"( The Articles of Associatio! of the Co#+a! ?articles , +ar( - a!" .@ &here the
#i!i#%# sta6e of the Cree6 Co1er!#e!t i! the Share Ca+ital of the Co#+a! &as +ro1i"e" !e1er
to $e less tha! )5N also after the Co#+a! is liste" i! Athe!s Stoc6 E7cha!*e has alrea" $ee!
a#e!"e" &ith res+ect to the corres+o!"i!* articles i! the Articles of Associatio! $ 1irt%e of the
resol%tio! of the Re*%lar Ce!eral Meeti!* of -.E,E-;50(

La& 2;:-E-;5- a$ro*ates article 55 of La& 0,05E-;;9 +%rs%a!t to &hich F5( For P%$lic Li#ite"
Co#+a!ies of !atio!al strate*ic i#+orta!ce or &hich ha" a #o!o+ol a!" es+eciall &he!
re*ar"i!* co#+a!ies &hich o&! or e7+loit or #a!a*e !atio!al i!frastr%ct%re !et&or6s> the
ac3%isitio! $ so#e other sharehol"er> sa1e for the Cree6 Co1er!#e!t or affiliate" &ith it
e!ter+rises i! the se!se of article 2- of La& -5:;E5:-;> or $ sharehol"ers =oi!tl acti!* i! a
har#o!i8e" &a> of 1oti!* ri*hts o1er -;N of the e!tire share ca+ital> +res%++oses the +rior
a++ro1al of the Ca$i!et Co##ittee for Pri1ati8atio!s of La& 0;2:E-;;-> follo&i!* the +roce"%re set
forth i! that la&G(

13+3 -7Hn7f78ant F71e8t o1 7nF71e8t 2olF7nHs set o6t b/ a1t78les M to 11 of :a; 3<<=>200?

Besi"es HRADF &hich hol"s .2(-.N of the shares a!" La!s"o&!e Part!ers Li#ite" ?LPL@> &hich
hol"s a +erce!ta*e of i!"irect 1oti!* ri*hts of )(;0N of the share ca+ital of ThPA SA> there &ere
!o other sharehol"ers o! 05(5-(-;50> &ith si*!ifica!t "irect or i!"irect hol"i!*s set o%t $ the
+ro1isio!s of La& 0)),E;. ?articles :> 5;> 55@(

13+9 -2a1es H1ant7nH s5e87al 8ont1ol 17H2ts

Besi"es HRADF> the refere!ce sharehol"er> &ith a +erce!ta*e of .2(-.N> there are !o other
Co#+a! shares *ra!ti!* s+ecial co!trol ri*hts to their o&!ers(

-:
13+< Dot7nH 17H2ts 1est178t7onsE4eaFl7nes fo1 t2e eê187se of 1eleXant 17H2ts

E1er share *ra!ts the ri*ht of o!e 1ote( Moi!t hol"ers of a share> i! or"er to ha1e the ri*ht to 1ote
i! the Ce!eral Meeti!*> ha1e to a++oi!t to the Co#+a!> i! &riti!*> o!e co##o! re+rese!tati1e for
this share> &ho shall re+rese!t the# i! the Ce!eral Meeti!*> &hile %!til this a++oi!t#e!t> the
e7ercise of their ri*hts shall $e s%s+e!"e"( The Co#+a!/s shares are freel !e*otia$le( The
sharehol"ers e7ercise their ri*hts re*ar"i!* the #a!a*e#e!t of the Co#+a!> e7cl%si1el $
+artici+ati!* i! the Ce!eral Meeti!*s of the sharehol"ers of the Co#+a!(

13+= -2a1e2olFe1 aH1ee.ents, F7s8loseF to t2e Co.5an/, enta7l7nH 1est178t7ons to t2e
t1ansfe1 of s2a1es o1 to t2e eê187se of t2e 17H2ts to Xote

No a*ree#e!ts $et&ee! sharehol"ers> e!taili!* restrictio!s to the tra!sfer of shares or to the
e7ercise of the ri*hts to 1ote> ha1e $ee! "isclose" to the Co#+a!(

13+? O6les fo1 t2e a55o7nt.ent anF 1e5la8e.ent of .e.be1s of t2e 3oa1F of 471e8to1s anF
of a.enF.ent of t2e a1t78les of asso87at7on

The BoD re+rese!ts ThPA SA $oth i! a!" o%t of co%rt( It has iss%e" a "ecisio! to assi*! +art of its
+o&ers to its Chair#a! a!" CEO a!" to the Jice<Chair#a!> =oi!tl or each o!e i!"i1i"%all(

It is the s%+re#e i!str%#e!t for the #a!a*e#e!t of the Co#+a! a!" sha+es its strate* a!"
"e1elo+#e!t +olic> &hile s%+er1ises> co!trols a!" #a!a*es its assets( It "eci"es a$o%t e1er iss%e
re*ar"i!* the Co#+a!> i! the co!te7t of the cor+orate sco+e &ith the e7ce+tio! of those #atters
that> i! co#+lia!ce &ith La& or the articles of associatio!> fall %!"er the e7cl%si1e co#+ete!ce of
other i!str%#e!ts( There are !o co#+ete!ces for the iss%a!ce of !e& shares a!" +%rchase of o&!
shares> +%rs%a!t to article 5, of Co"ifie" La& -5:;E-;( The co#+ositio!> ter#> co!stit%tio!>
o+eratio! a!" co#+ete!ces of the BoD are *o1er!e" $ the +ro1isio!s of articles : to 5- of the
Co#+a!/s articles of associatio!( The BoD has ele1e! #e#$ers a!" their ter# i! office is fi1e
ears( Of the 55 #e#$ers> the . are electe" $ the Ce!eral Meeti!* of the Co#+a!/s
sharehol"ers> a#o!* &ho the CEO> &hile the other 2 are a++oi!te" $ the follo&i!* re+rese!tati1e
*ro%+s a!" &ho> e1e! if the are !ot sharehol"ers> ha1e the ri*ht to a++oi!t #e#$ers of the BoD
as follo&sA
T&o ?-@ #e#$ers ca! $e a++oi!te" as re+rese!tati1es $ the Co#+a!/s e#+loees( These
re+rese!tati1es co#e fro# the t&o #ost re+rese!tati1e seco!"ar tra"e %!io!s> o!e fro# the
e#+loees a!" the other fro# the "oc6ers a!" #%st &or6 i! the Co#+a!(
O!e ?5@ #e#$er is a++oi!te" $ the Eco!o#ic a!" Social Co##ittee ?ESC@ a!" co#es fro# $o"ies
rele1a!t to the Co#+a!/s acti1ities(
O!e ?5@ #e#$er re+rese!ts the M%!ici+alit of Thessalo!i6i(

0;
13+\+ Co.5eten8e of t2e 3o4 to 7ss6e ne; s2a1es o1 to 56182ase o;n s2a1es

The articles of associatio! "eter#i!es that $ "ecisio! of the Ce!eral Meeti!* the share ca+ital shall
i!crease $ iss%i!* !e& shares> +ro1i"e" that a! i!crease "oes !ot res%lt to the "ecrease of
hol"i!* of the Cree6 State %!"er the +erce!ta*e of )5N( B 1irt%e of La& 2;:-E-;5- &as a$olishe"
the a$o1e reco!"itio! of the #i!i#%# sta6e of the Cree6 State i! the co#+a!/s Share Ca+ital(The
Boar" of Directors #a +%rchase o&! shares i! the co!te7t of a "ecisio! of the Ce!eral Meeti!*>
+%rs%a!t to article 5,> +ar() to 50 of Co"ifie" La& -5:;E-;(

13+M+ -7Hn7f78ant aH1ee.ents bet;een t2e Co.5an/ anF t271F 5a1t7es t2at ;7ll 8o.e 7nto
effe8t, be a.enFeF o1 e^571e 7n 8ase of .oF7f78at7on of t2e 8o.5an/ 8ont1ol afte1 a
56bl78 offe17nH

There are !o a*ree#e!ts $et&ee! the Co#+a! a!" thir" +arties that &ill co#e i!to effect> $e
a#e!"e" or e7+ire i! case of #o"ificatio! of the co#+a! co!trol after a +%$lic offeri!*(

13+10+ GH1ee.ents t2at t2e Co.5an/ 2as .aFe ;7t2 .e.be1s of t2e 3o4 o1 ;7t2 7ts
5e1sonnel, ;2782 51oX7Fe a 8o.5ensat7on 7n 8ase of 1es7Hnat7on o1 F7s.7ssal ;7t2o6t a
Z6st7f7eF 1eason o1 t2e te1.7nat7on of t2e71 te1. 7n off78e o1 e.5lo/.ent F6e to a 56bl78
offe17nH

There are !o a*ree#e!ts $et&ee! the Co#+a! a!" #e#$ers of the BoD or &ith its +erso!!el>
&hich +ro1i"e a co#+e!satio! i! case of resi*!atio! or "is#issal &itho%t a =%stifie" reaso! or the
ter#i!atio! of their ter# i! office or e#+lo#e!t "%e to a +%$lic offeri!*(

T2essalon7@7, 0a182 2?, 2019
T2e 3oa1F of 471e8to1s

31

THIS IS A TRANSLATION FROM THE ORIGINAL VERSION IN GREEK LANGUAGE

InFe5enFent C2a1te1eF G6F7to1 G88o6ntant`s Oe5o1t

To the Shareholders of THESSALONIKI PORT AUTHORITY SOCIETE ANONYME

Report on Financial Statements

We have audited the accompanying financial statements of the Company THESSALONIKI PORT
AUTHORITY SOCIETE ANONYME, which comprise the statement of financial position as at 31
December 2013, the statement of comprehensive income, statements of changes in equity and cash
flow statement for the year then ended, and a summary of significant accounting policies and other
explanatory information.

Managements Responsibility for the Financial Statements

Management is responsible for the preparation and fair presentation of these financial statements in
accordance with International Financial Reporting Standards, as adopted by the European Union and
for such internal controls as management determines is necessary to enable the preparation of
financial statements that are free from material misstatement, whether due to fraud or error.

Auditors Responsibility

Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with International Standards of Auditing. Those standards require
that we comply with ethical requirements and plan and perform the audit to obtain reasonable
assurance whether the financial statements are free of material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures
in the financial statements. The procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal control relevant to the entity's
preparation and fair presentation of the financial statements in order to design audit procedures that
are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of accounting estimates made by management, as
well as evaluating the overall presentation of the financial statements.

We believe that the auditing evidence we have obtained is sufficient and appropriate to provide a basis
for our audit opinion.

0-
Opinion

In our opinion, the accompanying financial statements present fairly, in all material respects, the
financial position of THESSALONIKI PORT AUTHORITY SOCIETE ANONYME as at December 31,
2013, and of its financial performance and its cash flows for the year then ended in accordance with
International Financial Reporting Standards as adopted by the European Union.

Report on other Legal and Regulatory Issues

a) The Directors Report includes a statement of corporate governance which contains the
information required by paragraph 3d article 43a of Codified Law 2190/1920.
b) We confirm that the information given in the Directors Report is consistent with the
accompanying financial statements and complete in the context of the requirements of articles
43a and 37 of Codified Law 2190/1920.

Athens, March 27, 2014
THE CERTIFIED AUDITORS ACCOUNTANTS

PANAGIOTIS I.K. PAPAZOGLOU KONSTANTINOS KATSAGANNIS
S.O.E.L. R.N. 16631 S.O.E.L. R.N. 25921

ERNST & YOUNG (HELLAS) CERTIFIED AUDITORS ACCOUNTANTS S.A.
11
TH
KLM NATIONAL ROAD ATHENS LAMIA,
14451 METAMORFOSI
COMPANY S.O.E.L. R.N. 107

00
4+ Gnn6al W7nan87al -tate.ents
W7nan87al Los7t7on -tate.ent
G--BT-
Rote 31+12+2013 31+12+2012 01+01+2012
(Oe8ast)c (Oe8ast)c
Ron 8611ent assets
I!1est#e!ts i! real estate \+1 0(992(;5)>9. 2(,.5(22,>)- )(9-;()00>9)
Ta!*i$le fi7e" assets \+2 )5(),0(2-5>-0 )-(2.0(;9)>:, )-()2-(-;->95
I!ta!*i$le assets \+3 :)9()9->9; 9,;(.0,>): -)2(-)5>-5
Fi!a!cial Ite#s a1aila$le for sale \+9 -:-(9;;>;; 0(:9;(20.>); 2(955():5>2;
Lo!*<ter# recei1a$les \+< -.()02>0- -.()02>0- --(0::>0-
Deferre" ta7 lia$ilities \+29 -(-:9()),>22 5(,,)(:,;>5: 5(;)9(020>)-
Total non 8611ent assets <M+029+M10,== =3+=?M+201,0\ =9+<0M+322,11
C611ent Gssets
I!1e!tories \+= 5(:9.(;9)>-) 5(,,-(;,->25 5(.9,(:0)>0:
Recei1a$les fro# c%sto#ers \+? )(-)5().,>)2 2()9)(-:9>), .(;-0(::9>:.
A"1a!ces a!" other recei1a$les \+\ 5(,95(5:0>:; 0(;-)(-):>;2 0()52(,.,>05
Fi!a!cial assets i! fair 1al%e thro%*h +rofit a!" loss \+9 ;>;; 2;;(;;;>;; -;;(;;;>;;
Cash a!" cash e3%i1ale!ts \+M :,()50(,.,>,- 9.();.()-,>55 ,9(.:0(290>)9
Total 8611ent assets 10<+933+<32,31 M?+1\0+19=,12 \1+31M+0M9,2<
Total Gssets 1=9+9<\+992,M? 1=0+\<M+39?,20 19<+\2\+91=,3=
BdTITU
B[67t/
Share ca+ital \+10 0;(-2;(;;;>;; 0;(-2;(;;;>;; 0;(-2;(;;;>;;
I!1e!tories \+10 ,0(:)2(5.->)) ,0(;;2(95,>-0 ,;()02(),->,0
Profits carrie" for&ar" )2(-,;(.5->-, )5(9;;(0:5>:; 0:(;.-(9):>:0
Total e[67t/ 19\+9<9+\\9,\1 19<+09<+20\,13 12M+\9?+922,<=
:IG3I:ITIB-
:onHEte1. l7ab7l7t7es
Pro1isio!s for lia$ilities to e#+loees \+11 0(,.-(2;0>52 2(;,9(-25>;; 0(;.,(922>;;
Other +ro1isio!s \+12 9-0(995>.0 9);(5..>-: 9-0(995>.0
Other lo!*<ter# lia$ilities \+13 :2(9.2>., 9.(.00>22 :0(;)5>0.
Total :onHEte1. :7ab7l7t7es 9+<M1+1<M,=3 <+00=+1<1,?3 3+MM3+???,10
-2o1tEte1. :7ab7l7t7es
Lia$ilities to s%++liers \+19 5()25(-.;>2) 5()2;(5)2>09 -(,5.(;),>.5
C%sto#er "o&! +a#e!ts \+19 0(;50(.5,>-9 -(;,9(;9:>;; 2(;5)(5-;>).
I!co#e Ta7es +aa$le \+1< 0(0,0(50,>50 -(--9(0,)>): :.-()5.>.9
Other lia$ilities a!" accr%e" e7+e!ses \+19 0(2:2(-.)>,. 2(:.5(0.9>0. 2(09-()-5>,2
Total -2o1tEte1. :7ab7l7t7es 11+912+3M\,<3 10+\0?+M\?,39 11+M\?+21=,?0
Total B[67t/ anF :7ab7l7t7es 1=9+9<\+992,M? 1=0+\<M+39?,20 19<+\2\+91=,3=
Z Certai! ite#s "o !ot a*ree &ith those i!cl%"e" i! the a!!%al fi!a!cial state#e!ts of 05(5-(-;5-> "%e to the a"o+tio!
of the re1isio! of IAS 5:> as "escri$e" i! !ote 2(2 of the i!teri# co!cise fi!a!cial state#e!ts(

The e7+la!ator !otes attache" are a! i!te*ral +art of the +rese!t fi!a!cial state#e!ts(

02
Co.51e2ens7Xe In8o.e -tate.ent
Rote 1>1E31>12>2013 1>1E31>12>2012
?Recast@Z
Sales \+1= )5(),;(;:,>)- )-(9,,(:,2>9;
Cost of sales \+1? <-9(,0)(0-2>0: <0;(-:;(,;.>))
22+M29+??2,13 22+<?=+3<?,2<
Other i!co#e \+1\ 5(252(:,)>;0 5(-)5(-.2>;-
A"#i!istrati1e e7+e!ses \+1M <0(05)();5>90 <0();0(.,9>55
Distri$%tio! e7+e!ses \+20 <00,(.29>52 <.,9(90,>90
Other e7+e!ses \+22 <:)0(;9,>5; <5(,,9(;05>9;
1M+?39+901,0M 1?+\\=+MM9,<3
Fi!a!cial i!co#e \+23 2(,;9(.0.>-- )(509(--;>;;
Fi!a!cial e7+e!ses \+23 <:;5>;; <5(;2:>29
29+392+23?,31 23+029+1=<,0<
I!co#e ta7 \+29 <,(5)2(09,>), <2()9;()05>95
1\+1\?+\<0,?< 1\+993+=33,29
Ite.s to be 5oste17o1l/ 8lass7f7eF 7n t2e LA: a88o6nt
Differe!ce i! the 1al%atio! of fi!a!cial assets a1aila$le for sale \+9+1, \+10+2 ).(5.2>;; 5(),9(,.5>-9
Ite.s t2at ;7ll not be 5oste17o1l/ 8lass7f7eF 7n t2e LA: a88o6nt
Cha!*e to act%arial losses
\+11
05.(925>,. <:.9(529>,9
I!co#e ta7 corres+o!"i!* to act%arial losses "%e to the cha!*e of the ta7 rate <00(59:>.2 5:)(,-:>.0
391+\2<,M3 ?\=+1<2,33
1\+<2M+=?=,=\ 1M+22M+?\<,<?
\+2\ 1,\099 1,\2M?
?+2
23+<10+211,2M 21+3M=+M=\,23
Total 8o.51e2ens7Xe 7n8o.e net of ta^ (, e J)
3as78 anF Fe51e87ateF ea1n7nHs 5e1 s2a1e (7n )
C5e1at7nH 1es6lts befo1e ta^, f7nan87nH anF 7nXest7nH 1es6lts anF total
Fe51e87at7on
N1oss L1of7t
C5e1at7nH 1es6lts befo1e ta^, f7nan87al anF 7nXest.ent 1es6lts
W7s8al /ea1 51of7ts befo1e ta^
W7s8al /ea1 51of7ts net of ta^ (G)
Ct2e1 8o.51e2ens7Xe 7n8o.e net of ta^ (3)



0)
Cas2 Wlo; -tate.ent
Rote 31>12>2013 31>12>2012
Cash flow from operational activites
Profits $efore ta7 29+392+23?,31 23+029+1=<,0<
Pl%s E less a"=%st#e!ts forA
De+reciatio!s \+2, \+3 0(..)(95;>-; 0();:(:.0>.;
Pro1isio!s \+21, \+22, \+23 295(9-.>95 5(;59():5>2;
I!co#e fro# %!%se" +ro1isio!s \+?, \+\, \+1\ <-,:(,2:>:0 <),(,;->..
Losses fro# re1al%atio! of real estate i!1est#e!ts at fair 1al%e \+1, \+22 .9.(20;>,) 5(52:(;9.>00
Loss "%e to i#+air#e!t of fi7e" assets \+22 2()))>.9 5;,():0>0,
Cre"it i!terests a!" relati1e i!co#e \+23 <2(;;0()29>.- <2(9,,(;2)>59
Res%lts ?i!co#e> e7+e!ses> +rofits a!" losses@ fro# i!1est#e!t acti1it \+23 <,;)(599>); <-.-(5.2>9-
I!terest char*es a!" relati1e e7+e!ses \+23 :;5>;; 5(;2:>29
Pl%sE less a"=%st#e!ts for cha!*es of &or6i!* ca+ital acco%!ts or
relate" to the o+eratio!al acti1itiesA
?I!crease@EDecrease of i!1e!tories <2-9(;0,>92 ),(5:.>:9
Decrease of lia$ilities :))(,.:>.; 0(209(,-)>5)
Decrease of lia$ilities ?$a!6s e7cl%"e"@ <)-0(-59>;0 <-(22;(0:)>5;
Pa#e!ts for +erso!!el co#+e!satio! \+11 <0:;(;;;>;; <2,)(;;;>;;
LessA
I!terest char*es a!" relati1e +ai"<%+ e7+e!ses \+23 <:;5>;; <5(;2:>29
Ta7 +ai" <2(:92(5)0>05 <0(-.;(5.5>-9
Ret 8as2 flo; f1o. o5e1at7onal a8t7X7t7es (a) 1M+193+?9=,12 20+M32+\99,\2
Cas2 flo; f1o. 7nXest7nH a8t7X7t7es
P%rchase of ta!*i$le fi7e" assets a!" i!ta!*i$le assets \+2, \+3 <-(:,9()2.>2, <2(5)0(:0)>):
Sale of fi!a!cial assets a1aila$le for sale \+9+1 0(.);(;;;>;; -(2.-(;;;>;;
Sale of fi!a!cial assets at fair 1al%e thro%*h PBL \+9+2 5(;;;(;;;>;; ;>;;
I!terests a!" relati1e collecte" i!co#e 0(-;;(:)5>9) 0(2:)(500>0;
Ret 8as2 flo; f1o. 7nXest7nH a8t7X7t7es (b) 9+M\2+909,3M 1+\13+1M?,?1
Cas2 flo; f1o. f7nan87al a8t7X7t7es
Pai"<%+ "i1i"e!"s \+2< <5)(5-;(;;;>;; <2(;0-(;;;>;;
Ret 8as2 flo; f1o. f7nan87al a8t7X7t7es (8) E1<+120+000,00 E9+032+000,00
Ret 7n81ease of t2e 8as2 anF 8as2 e[67Xalents
fo1 t2e f7s8al /ea1 (a) e (b) e (8) M+00=+1<0,<1 1\+?19+092,<3
Cas2 anF 8as2 e[67Xalents at t2e beH7nn7nH of t2e f7s8al /ea1 \?+<0?+<2=,11 =\+?M3+9\3,<\
Cas2 anF 8as2 e[67Xalents at t2e enF of t2e f7s8al /ea1 M=+<13+=?=,=2 \?+<0?+<2=,11


0,
-tate.ent of C2anHes 7n B[67t/
-2a1e Ca57tal
-tat6to1/
Oese1Xe
Ron taâble
Oese1Xe
InXest.ents
aXa7lable fo1 sale
Xal6at7on
1ese1Xe Total Oese1Xes
L1of7t 8a117eF
fo1;a1F Total
B[67t/ at t2e beH7nn7nH of t2e f7s8al /ea1 (1+1+2013) 30+290+000,00 9+12\+?12,22 <M+12\+9?\,01 E2<2+3?9,00 =3+009+\1=,23 <2+9<M+?13,03 19<+?09+<2M,2=
Effect of +olic cha!*e ?!ote 2(2@ ;>;; ;>;; ;>;; ;>;; ;>;; <,):(0-5>50 <,):(0-5>50
GFZ6steF B[67t/ at sta1t of 5e17oF (1+1+2013)c 30+290+000,00 9+12\+?12,22 <M+12\+9?\,01 E2<2+3?9,00 =3+009+\1=,23 <1+\00+3M1,M0 19<+09<+20\,13
Tra!sactio!s &ith sharehol"ers
Di1i"e!"s "istri$%te" ?!ote 9(-)@ ;>;; ;>;; ;>;; ;>;; ;>;; <5)(5-;(;;;>;; <5)(5-;(;;;>;;
Other cha!*es for the +erio"
Perio" ear!i!*s !et of ta7 ;>;; ;>;; ;>;; ;>;; ;>;; 59(59.(9);>.) 59(59.(9);>.)
Other co#+rehe!si1e i!co#e !et of ta7 ;>;; ;>;; ;>;; ).(5.2>;; ).(5.2>;; -92(,)5>:0 025(9-)>:0
Total 8o.51e2ens7Xe
7n8o.e net of ta^ 0,00 0,00 0,00 <?+1?9,00 <?+1?9,00 1\+9?2+<02,=\ 1\+<2M+=?=,=\
Profit "istri$%tio! to reser1es ;>;; 9:-(59->0- ;>;; ;>;; \M2+1\2,32 <9:-(59->0- 0,00
B[67t/ at enF of 5e17oF (31+12+2013)
30+290+000,00 <+020+\M9,<9 <M+12\+9?\,01 E1M<+200,00 =3+M<9+1?2,<< <9+2=0+?12,2= 19\+9<9+\\9,\1
B[67t/ at sta1t of 5e17oF (1+1+2012) 30+290+000,00 3+22?+12M,M0 <M+12\+9?\,01 E1+\21+09<,2\ =0+<39+<=2,=3 3\+M9M+==2,11 12M+?29+229,?9
Effect of +olic cha!*e ?!ote 2(2@ ;>;; ;>;; ;>;; ;>;; ;>;; 5-0(5:.>9- 5-0(5:.>9-
GFZ6steF B[67t/ at sta1t of 5e17oF (1+1+2012) 30+290+000,00 3+22?+12M,M0 <M+12\+9?\,01 E1+\21+09<,2\ =0+<39+<=2,=3 3M+0?2+\<M,M3 12M+\9?+922,<=
Tra!sactio!s &ith sharehol"ers
Di1i"e!"s "istri$%te" ?!ote 9(-)@ ;>;; ;>;; ;>;; ;>;; ;>;; ?2(;0-(;;;>;;@ ?2(;0-(;;;>;;@
Other cha!*es for the +erio"
Perio" ear!i!*s !et of ta7 ;>;; ;>;; ;>;; ;>;; ;>;; 59(220(,00>-2 59(220(,00>-2
Other co#+rehe!si1e i!co#e !et of ta7 ;>;; ;>;; ;>;; 5(),9(,.5>-9 5(),9(,.5>-9 <.9-()59>:) .9,(5)->00
Total 8o.51e2ens7Xe
7n8o.e net of ta^ 0,00 0,00 0,00 1+<=\+=?1,2\ 1+<=\+=?1,2\ 1?+==1+119,2M 1M+22M+?\<,<?
Profit "istri$%tio! to reser1es ;>;; :;5()9->0- ;>;; ;>;; M01+<\2,32 <:;5()9->0- 0,00
B[67t/ at enF of 5e17oF (31+12+2012)
30+290+000,00 9+12\+?12,22 <M+12\+9?\,01 E2<2+3?9,00 =3+009+\1=,23 <1+\00+3M1,M0 19<+09<+20\,13



0.
f+ Rotes on t2e Gnn6al W7nan87al -tate.ents

1+ In8o15o1at7on anF Co.5an/ a8t7X7t/

The +%$lic li#ite" co#+a! $ the !a#e FTHESSALONIKI PORT AUTHORITY Soci[t[ A!o!#eG a!" tra"i!*
as FThPA SAG &as i!cor+orate" i! the ear 5:::> $ the co!1ersio! of the P%$lic La& Le*al E!tit \Thessalo!i6i
Port A%thorit] to a +%$lic li#ite" co#+a!> i! co#+lia!ce &ith La& -,99E5:::(

The co#+a! is i!1ol1e" i! the sector of the a%7iliar a!" relate" to tra!s+ortatio!s acti1ities a!" of the
acti1ities of tra1el a*e!ts ?STACOD /;9> co"e )-@> i(e( the +ro1isio! of ser1ices of loa"i!*E%!loa"i!* car*oes>
their stora*e> of other +ort ser1ices> of the ser1ice of +asse!*er traffic etc(

2+ :eHal W1a.e;o1@

The Co#+a! is s%+er1ise" $ the Mi!istr of Shi++i!* Affairs B the Ae*ea! a!" is *o1er!e" $ the
+ro1isio!s of La& -,99E5::: ?Co1( Ca8( 'Y 2;@ as a#e!"e" a!" s%$se3%e!tl s%++le#e!te" $ the +ro1isio!s
of article 5) of La& -995E-;;5 a!" article 5. of La& -9:-E-;;5> the +ro1isio!s of Co"ifie" La& a$o%t li#ite"
co#+a!ies -5:;E5:-;> as &ell as the le*islati1e "ecree -))5E5:)0 as i! force at each ti#e( ThPA SA is a +%$lic
%tilit li#ite" co#+a! ai#i!* to ser1ice the +%$lic i!terest> o+erates i! accor"a!ce &ith the co!si"eratio!s of
+ri1ate eco!o# a!" e!=os a"#i!istrati1e a!" eco!o#ic a%to!o#(

The +%r+ose of the Co#+a! is to #a!a*e a!" e7+loit the Port of Thessalo!i6i a!"Eor other +orts( The
$o%!"aries of the area of the Port of Thessalo!i6i> i!cl%"i!* the Free Io!e of Thessalo!i6i> are "eter#i!e" $
the +ro1isio!s i! force at each ti#e(

The sco+e of the Co#+a!> accor"i!* to article 0 of its articles of associatio!> i!cl%"es #ore s+ecificallA
The +ro1isio! of ser1ices of shi+ $erthi!* a!" of car*o a!" +asse!*er ha!"li!* fro# a!" to the +ortH
The i!stallatio!> or*a!i8atio! a!" e7+loitatio! of a! 6i!" of +ort i!frastr%ct%reH
The ass%#+tio! of a! acti1it relate" to the +ort &or6> as &ell as of a! other co##ercial> i!"%strial> oil
a!" $%si!ess acti1it> i!cl%"i!* es+eciall the to%ris#> c%lt%re a!" fishi!* acti1ities> as &ell as the +la!!i!*
a!" or*a!i8atio! of +ort ser1icesH
A! other co#+ete!ce le*all a++oi!te" to Thessalo!i6i Port A%thorit as a P%$lic La& Le*al E!tit(

This sco+e of the Co#+a! is i!cl%"e" i! its articles of associatio!> as this &as co#+ile" i! 1irt%e of La&
-,99E5::: ?article 9@ a!" a#e!"e" $ the .
th
e7traor"i!ar Ce!eral Meeti!* of the Sharehol"ers o! -0(9(-;;-
?Co1( Ca8( ::22E0;(:(-;;- iss%e o! SA B Lt"@( Si!ce the!> there has $ee! !o cha!*e i! the Co#+a!/s sco+e(

09

ThPA SA &ill co!ti!%e to $e *o1er!e"> &ith res+ect to its cor+orate o+eratio!> $ La& -,99E5:::> as
a#e!"e" a!" i! force> &hich is the s+ecial i!stit%tio!al fra#e&or6 for its o+eratio!> $%t also $ Co"ifie" La&
-5:;E-;> as a#e!"e" a!" i! force> &ith res+ect to iss%es for &hich there is !ot a s+ecial re*%latio!> a!" $ La&
0;5,E-;;- as i! force(

3+ Con8ess7on 8ont1a8t fo1 t2e 17H2t of 6se anF e^5lo7tat7on of t2e te11est17al 5o1t _one of t2e
Lo1t of T2essalon7@7

The Co#+a! has the e7cl%si1e ri*ht to %se a!" e7+loit the +lots> $%il"i!*s a!" i!stallatio!s of the
terrestrial +ort 8o!e of the Port of Thessalo!i6i> &hich are +ro+ert of the Cree6 State( The a$o1e e7cl%si1e ri*ht
&as co!ce"e" to ThPA SA for 2; ears> $ 1irt%e of the co!cessio! co!tract of M%!e -.
th
-;;5 $et&ee! the
Cree6 State ?re+rese!te" $ the Mi!isters of Fi!a!ce a!" Merca!tile Mari!e@ a!" ThPA SA a!" e7+ires i! the
ear -;25( The a$o1e co!tract &as ratifie" $ La& 0,)2E-;;9 o! 0E2E-;;9 a!" a++ro1e" $ the Re*%lar
Ce!eral Meeti!* of the Sharehol"ers of ThPA SA o! 0;E,E-;;9( B this la&> the i!itial ter# of the co!tract &as
e7te!"e" fro# 2; to ); ears> so it e7+ires i! -;)5 a!" the e7cl%si1e ri*ht of ThPA SA to %se a!" e7+loit the
+lots<$%il"i!*s a!" i!stallatio!s ca! $e co!ce"e" $ ThPA SA to thir" +arties for +%r+oses relate" to the
+ro1isio! of +ort ser1ices a!" facilities a!" for a +erio" of ti#e !ot e7cee"i!* the co!tract e7te!sio!(

The #ai! +arts of the co!tract after the +%$licatio! of La& 0,)2E-;;9 are the follo&i!*A
h The ri*ht of %se e7te!"s o1er the la!" sectio!s co1ere" or !ot> the e7isti!* $%il"i!*s> the tech!ical<+ort
&or6s> the e#$a!6#e!ts> ser1ice roa"s> rail&a !et&or6> +%$lic %tilit !et&or6s> e7te!sio!s to sites<&or6s>
the +ort #ariti#e 8o!e> i! *e!eral o1er the +re#ises of the 1ertical +ro=ectio! of the terrestrial +ort 8o!e
sa1e for $%il"i!*s ho%si!* +%$lic ser1ices> +arts of the terrestrial a!" sea area of the +ort sa1e for +arts
%se" $ the Cree6 ar#e" forces for +%r+oses of !atio!al sec%rit> s+eciall "esi*!e" $%il"i!*s of the +ier
AY a!" its s%rro%!"i!*s(
h The ri*ht to %se a!" e7+loit co!sists of the +ossi$ilit of ThPA SA> "%ri!* the ti#e the co!tract is i! effect>
to hol"> %se> e7+loit the terrestrial +ort 8o!e> the $%il"i!*s a!" i!stallatio!s a!" to co!ce"e these ri*hts to
thir" +arties for the +ro1isio! of +ort ser1ices i! co#+lia!ce &ith the s+ecific +ro1isio!s of +ar( 0 of the
co!tract(
h The ter# of the i!itial *ra!ti!* of ); ears ca! $e e7te!"e" $ a !e& co!tract i! &riti!* $ the - +arties
?article 2 of the Co!tract@(
h The co!tract ca! $e resci!"e" a!" ter#i!ate" $efore the e!" of the +erio" a*ree"(
h The ter#i!atio! or e7+iratio! i+so =%re o$li*e ThPA SA to assi*! to the Cree6 State the areas co!ce"e"> i!
the co!"itio! s+ecifie" i! the article ,(2 of the co!tract(

0:
h A co!si"eratio! is +aa$le &hich is "eter#i!e" as a +erce!ta*e o! the total co!soli"ate" i!co#e of the
Co#+a! ?e7cl%"i!* the e7traor"i!ar i!co#e> the i!co#e of +re1io%s fiscal ears a!" the i!co#e fro#
fi!a!cial #a!a*e#e!t@ &hich> for the first 0 fiscal ears> ha" $ee! "esi*!ate" at 5N &hile for the other
fiscal ears at -N( A""itio!al co!si"eratio! is +aa$leA
- I! case of e7te!sio! of the areas co!ce"e"H
- I! case of e7+loitatio! of i!stallatio!s for other +%r+osesH a!"
- I! case of re!e*otiatio! of the co!tract(
h ThPA SA is o$li*e" toA
< carr o%t +re1e!ti1e #ai!te!a!ce o! the &or6s<$%il"i!*s co!ce"e" a!" the restoratio! a!" re+air of
&earH
< to co#+l &ith the strate*ic> social a!" $%si!ess +%r+ose of the co!cessio!H
< to e!s%re a"e3%ate a!" safe i!frastr%ct%re a!" facilitiesH
< to safel "e#arcate a!" +rotect the Free Io!eH
< to treat %sers fairlH
< to +rotect the terrestrial a!" sea e!1iro!#e!tH
< to co!sta!tl %+*ra"e the le1el of the ser1ices to the %sers(
h The Cree6 State is o$li*e" to +ro1i"e its !ecessar assista!ceA
< for the achie1e#e!t of the +%r+ose of the co!cessio! a!"
< for the fi!a!ci!* of &or6 of !atio!al i!terest> i! co#+lia!ce &ith the +ro1isio!s of article 55 of the
Co!tract(

9+ W1a.e;o1@ fo1 t2e 51e5a1at7on anF bas7s fo1 t2e 51esentat7on of t2e f7nan87al state.ents

9+1+ W1a.e;o1@ fo1 t2e 51e5a1at7on

The fi!a!cial state#e!ts ha1e $ee! co#+ile" i! accor"a!ce &ith the I!ter!atio!al Fi!a!cial Re+orti!*
Sta!"ar"s ?IFRS@> as the ha1e $ee! +%$lishe" $ the I!ter!atio!al Acco%!ti!* Sta!"ar"s Boar" ?IASB@ as &ell
as i! accor"a!ce &ith their rele1a!t I!ter+retatio!s> as +%$lishe" $ the Sta!"ar"s I!ter+retatio! Co##ittee of
the IASB> as the ha1e $ee! a"o+te" $ the E%ro+ea! U!io! a!" #a!"atoril a++lie" for the fiscal ears e!"i!*
o! Dece#$er 05
st
-;50( There are !o sta!"ar"s a!" sta!"ar"s i!ter+retatio!s that ha1e $ee! a++lie" +rior to
the "ate of $e*i!!i!* of their a++licatio!(

2;
The fi!a!cial state#e!ts attache" ha1e $ee! +re+are" o! the $asis of the +ri!ci+le of *oi!* co!cer! a!"
the +ri!ci+le of historic cost> &ith the e7ce+tio! ofA
ta!*i$le a!" i!ta!*i$le assets for &hich the +re1io%s a"=%st#e!t &as %se"> o! Ma -;;;> $efore
the Co#+a! &as liste" o! the Athe!s Stoc6 E7cha!*e> as the i#+%te" cost o! that "ateH
i!1est#e!t real estate> &hich are 1al%ate" at their fair 1al%eH
fi!a!cial assets hel" for co##ercial +%r+oses> &hich are 1al%ate" at their fair 1al%e thro%*h
+rofit or lossH
fi!a!cial assets classifie" as i!1est#e!ts a1aila$le for sale> &hich are 1al%ate" at fair 1al%e a!"
reco*!i8i!* the cha!*es i! the co#+rehe!si1e i!co#e state#e!t(

9+2 L1esentat7on bas7s

The fi!a!cial state#e!ts are +rese!te" i! E%ros( Possi$le little "i1er*e!ces are "%e to the ro%!"i!* of
the rele1a!t a#o%!ts(

The a!!%al fi!a!cial state#e!ts of the fiscal ear that e!"e" o! Dece#$er 05
st
-;50 ha1e $ee!
co#+ile" i! co#+lia!ce &ith the I!ter!atio!al Fi!a!cial Acco%!ti!* Sta!"ar"s> a"o+te" $ the E%ro+ea!
U!io! a!" a++ro1e" $ the Boar" of Directors o! -.E;0E-;52 ?"ecisio! $ the BoD of ThPA SA
).9:E-.(;0(-;52@(

The A!!%al Fi!a!cial State#e!ts of the Co#+a!> the Chartere" Acco%!ta!t A%"itor/s Re+ort a!" the
Ma!a*e#e!t Re+ort $ the Boar" of Directors for the fiscal ear that e!"e" o! Dece#$er 05
st
-;50
ha1e $ee! +oste" o! the Co#+a!/s &e$site &&&(th+a(*r

9+3+ -tanFa1FsEG.enF.ents anF Inte151etat7ons 7n fo18e s7n8e 1+1+2013

The acco%!ti!* +ri!ci+les a"o+te" for the +re+aratio! a!" +rese!tatio! of the fi!a!cial state#e!ts of
05(5-(-;50 are co!siste!t &ith those follo&e" for the co#+ilatio! of the a!!%al fi!a!cial state#e!ts of the
Co#+a! for the fiscal ear that e!"e" o! Dece#$er 05(5-(-;5-> sa1e for the a"o+tio! of the follo&i!*
!e& sta!"ar"s a!" i!ter+retatio!s i! force for a!!%al +erio"s that $e*i! o! Ma!%ar 5
st
-;50(

B 1irt%e of a series of "irecti1es> the EU a"o+te" the follo&i!* !e& or a#e!"e" sta!"ar"s &hich e!tere"
i!to force o! 5(5(-;50(

25
IG- 1 L1esentat7on of W7nan87al -tate.ents (a.enF.ent) g L1esentat7on of Fata 7n Ct2e1
Co.51e2ens7Xe In8o.e
IG- 1M B.5lo/ee benef7ts (a.enF.ent)
IWO- ? W7nan87al Inst16.entsY 47s8los61es (a.enF.ent) g Cffsett7nH f7nan87al assets anF
f7nan87al l7ab7l7t7es
IWO- 13 Wa71 Xal6e .eas61e.ent
Inte151etat7on (-IC) 20 -t17557nH 8osts 7n t2e 51oF68t7Xe 52ase of a s61fa8e .7ne
Gnn6al I.51oXe.ents to IWO- 200ME2012
IG- 1 L1esentat7on of W7nan87al -tate.ents (a.enF.ent) g L1esentat7on of Fata 7n Ct2e1
Co.51e2ens7Xe In8o.e
This a#e!"#e!t cha!*es the *ro%+i!* of ite#s +rese!te" %!"er Other Co#+rehe!si1e I!co#e( Ite#s
&hich #a $e reclassifie" ?or Freccle"G@ i! the Profit or Loss at so#e ti#e i! the f%t%re ?for e7a#+le> !et
+rofit fro# the he"*i!* of a !et i!1est#e!t> e7cha!*e rate "iffere!ces fro# the co!1ersio! of forei*!
acti1ities> !et cha!*e of cash flo& he"*es a!" !et lossE+rofit fro# fi!a!cial assets a1aila$le for sale@ shall
$e +rese!te" se+aratel fro# other ite#s &hich shall !e1er $e reclassifie" ?for e7a#+le> act%arial +rofits
a!" losses for "efi!e" $e!efit +la!s a!" rea"=%st#e!t of the 1al%e of +lots a!" $%il"i!*s@( This a#e!"#e!t
affects o!l the +rese!tatio! a!" has !o effects o! the fi!a!cial +ositio! of the Co#+a! or o! its acti1it(
IG- 1M B.5lo/ee benef7ts (a.enF.ent)
The re1ise" IAS 5: i!tro"%ces a series of a#e!"#e!ts i! the acco%!ti!* treat#e!t of fi7e" $e!efits +la!s>
i!cl%"i!* the act%arial *ai!s a!" losses &hich are !o& reco*!i8e" i! Other Co#+rehe!si1e I!co#e a!" are
+er#a!e!tl e7e#+te" fro# the Profit B Loss( I! a""itio!> the a!tici+ate" ret%r!s of asset +ro*ra##es are
!o lo!*er reco*!i8e" i! the Profit B Loss> &hile the i!terest o! the !et lia$ilit ?or asset@ of a "efi!e" $e!efit
is re3%ire" to $e reco*!i8e" i! the Profit or Loss a!" &hich ?i!terest@ is calc%late" %si!* the "isco%!t rate
%se" for the #eas%re#e!t of the "efi!e" $e!efit lia$ilit( No! 1este" ser1ice costs are he!ceforth
reco*!i8e" i! the Profit or Loss at the earliest "ate $et&ee! the "ate the a#e!"e" e!tere" i!to effect a!"
the "ate the cost of the rele1a!t restr%ct%re or ter#i!atio! &as reco*!i8e"( Other a#e!"#e!ts i!cl%"e !e&
"isclos%res> s%ch as 3%a!titati1e se!siti1it "isclos%res( The effects of this a#e!"#e!t for the Co#+a! are
+rese!te" i! "etail i! !ote 2(2 of the fi!a!cial state#e!ts(
IWO- ? W7nan87al Inst16.entsY 47s8los61es (a.enF.ent) g Cffsett7nH W7nan87al Gssets anF
W7nan87al :7ab7l7t7es
These a#e!"#e!ts re3%ire the co#+a! to "isclose i!for#atio! o! the offsetti!* ri*hts a!" corres+o!"i!*
arra!*e#e!ts ?e(*( 1al%a$le sec%rities arra!*e#e!t@( S%ch "isclos%res +ro1i"e the %sers &ith i!for#atio!
&hich is %sef%l for the assess#e!t of the effects of offsetti!* arra!*e#e!ts o! the fi!a!cial +ositio!
state#e!t of a co#+a!( The !e& "isclos%res are re3%ire" for all fi!a!cial i!str%#e!ts reco*!i8e" a!"
s%$=ecte" to offsetti!* i! co#+lia!ce &ith IAS 0- Fi!a!cial I!str%#e!tsA Prese!tatio!( These "isclos%res are
also a++lica$le for fi!a!cial i!str%#e!ts s%$=ect to e7ec%ta$le #aster !etti!* or si#ilar arra!*e#e!ts>

2-
i!"e+e!"e!tl of &hether s%ch ha1e $ee! offset i! co#+lia!ce &ith IAS 0-( This a#e!"#e!t ha" !o effect
o! the fi!a!cial state#e!ts(
IWO- 13 Wa71 Xal6e .eas61e.ent
IFRS 50 esta$lishes a si!*le IFRS *%i"a!ce fra#e&or6 for all fair 1al%e #eas%re#e!ts( IFRS 50 "oes !ot
cha!*e re3%ire#e!ts re*ar"i!* &he! the co#+a! #%st %se fair 1al%e> $%t +ro1i"es *%i"a!ce i! the &a
fair 1al%e is #eas%re" i! IFRS &he! fair 1al%e is re3%ire" or +er#itte"( The i#+le#e!tatio! of IFRS 50 "i"
!ot si*!ifica!tl affect the fair 1al%e #eas%re#e!ts +erfor#e" $ the Co#+a!( IFRS 50 also re3%ire"
s+ecific fair 1al%e "isclos%res> so#e of &hich re+lace e7isti!* "isclos%re re3%ire#e!ts of other sta!"ar"s>
i!cl%"i!* IFRS . Fi!a!cial I!str%#e!tsA Disclos%res(
The sta!"ar" ha" !o effect o! the fi!a!cial state#e!ts(
Inte151etat7on (-IC) 20 -t17557nH 8osts 7n t2e 51oF68t7Xe 52ase of a s61fa8e .7ne
This i!ter+retatio! is a++lica$le for stri++i!* costs reali8e" "%ri!* the +rocess of s%rface e7ca1atio! i! the
co%rse of the +ro"%cti1e +hase of a #i!e ?Rstri++i!* e7+e!ses "%ri!* +ro"%ctio!/@( This i!ter+retatio! refers
to the acco%!ti!* +rese!tatio! of the $e!efits fro# the stri++i!* acti1it( This i!ter+retatio! ha" !o effect
o! the fi!a!cial state#e!ts(
The Inte1nat7onal G88o6nt7nH -tanFa1Fs 3oa1F (IG-3) 2as 56bl7s2eF a 8/8le of ann6al
7.51oXe.ents of IWO- 200ME2012> &hich co!tai!s a#e!"#e!ts of the sta!"ar"s a!" the
corres+o!"i!* co!cl%sio! $ases( The +ro*ra##e of a!!%al i#+ro1e#e!ts +ro1i"es a #echa!is# for the
i#+le#e!tatio! of !ecessar $%t !ot %r*e!t a#e!"#e!ts of IFRS( These a#e!"#e!ts ha" !o effect o! the
IG- 1 L1esentat7on of W7nan87al -tate.entsY This i#+ro1e#e!t clarifies the "iffere!ce
$et&ee! 1ol%!tar a""itio!al co#+arati1e i!for#atio! a!" the co#+arati1e i!for#atio! re3%ire" as
a #i!i#%#( I! *e!eral the re3%ire" co#+arati1e +erio" !ecessitate" at a #i!i#%# is the +re1io%s
+erio"(
IG- 1= L1o5e1t/, Llant anF B[675.entY Clarifies that #a=or s+are +arts a!" ser1ici!*
e3%i+#e!t that #eet the "efi!itio! of +ro+ert> +la!t a!" e3%i+#e!t are !ot i!1e!tor
IG- 32 W7nan87al Inst16.entsY L1esentat7onY Clarifies that i!co#e ta7es arisi!* fro#
"istri$%tio!s to e3%it hol"ers are acco%!te" for i! accor"a!ce &ith IAS 5- I!co#e Ta7es
IG- 39 Inte17. f7nan87al 1e5o1t7nHY This %+"ate co!for#s "isclos%re re3%ire#e!ts for total
assets +er re+orti!* sector &ith total lia$ilities +er re+orti!* sector i! i!teri# fi!a!cial state#e!ts(
This clarificatio! also e!s%res the co!for#it of "isclos%res i! i!teri# fi!a!cial state#e!ts to the
a!!%al o!es(

20
3) L6bl7s2eF stanFa1Fs not a55l78able fo1 t2e 8611ent a88o6nt7nH 5e17oF anF ;2782 t2e Co.5an/
2aF not aFo5teF ea1l7e1
IG- 2\ InXest.ents 7n Gsso87ates anF ho7nt Dent61es
This sta!"ar" is effecti1e for a!!%al acco%!ti!* +erio"s $e*i!!i!* o! or after Ma!%ar 5> -;52( As a
co!se3%e!ce of the !e& sta!"ar"s IFRS 55 Moi!t Arra!*e#e!ts a!" IFRS 5- Disclos%res of I!terests i!
other E!tities> IAS -9 I!1est#e!ts i! affiliate" e!tities &as re!a#e" to IAS -9 I!1est#e!ts i! Associates
a!" Moi!t Je!t%res a!" "escri$es the a++licatio! of the e3%it #etho" i! the acco%!ti!* treat#e!t of
i!1est#e!ts i! =oi!t 1e!t%res $esi"es i!1est#e!ts i! associates( Co#+a! Ma!a*e#e!t "oes !ot e7+ect
that this sta!"ar" &ill affect the fi!a!cial state#e!ts(
IG- 32 W7nan87al Inst16.entsY L1esentat7on (a.enF.ent) g Cffsett7nH of f7nan87al assets anF
f7nan87al l7ab7l7t7es
This a#e!"#e!t is effecti1e for a!!%al acco%!ti!* +erio"s $e*i!!i!* o! or after Ma!%ar 5> -;52( This
a#e!"#e!ts clarif the !otio! Fthere e7ists a le*all e!forcea$le ri*ht to offsetG( These a#e!"#e!ts also
clarif the a++licatio! of the offset criteria i! IAS 0- to arra!*e#e!t sste#s ?s%ch as ce!tral cleari!*
ho%se sste#s@ &hich a++l #i7e" arra!*e#e!t #echa!is#s &hich are !ot si#%lta!eo%sl i! o+eratio!(
Co#+a! Ma!a*e#e!t "oes !ot a!tici+ate for this a#e!"#e!t to ha1e a! effect o! the fi!a!cial
state#e!ts(
IWO- M W7nan87al 7nst16.ents g Class7f78at7on anF 0eas61e.ent anF s6bse[6ent a.enF.ents
to IWO- M anF IWO- ?Y 0anFato1/ effe8t7Xe Fate anF T1ans7t7on F7s8los61es, QeFHe G88o6nt7nH
anF a.enF.ents to IWO- M, IWO- ? anF IG- 3M
As +%$lishe" IFRS : reflects the first +hase of the &or6 of IASB for the re+lace#e!t of IAS 0: a!" a++lies
at the classificatio! a!" #eas%re#e!t of fi!a!cial assets a!" fi!a!cial lia$ilities as s%ch are "efi!e" i! IAS
0:( The a"o+tio! of the first +hase of IFRS : shall affect the classificatio! a!" #eas%re#e!t of fi!a!cial
assets $%t shall !ot affect the classificatio! a!" #eas%re#e!t of fi!a!cial lia$ilities( I! co#i!* +hases IASB
shall "eal &ith he"*e acco%!ti!* a!" the i#+air#e!t of fi!a!cial assets( The s%$se3%e!t a#e!"#e!t
+ac6a*e &hich &as +%$lishe" i! No1e#$er -;50 i!tro"%ces f%rther acco%!ti!* re3%ire#e!ts for fi!a!cial
i!str%#e!ts( These re3%ire#e!tsA ?a@ effect a s%$sta!tial re1isio! of he"*e acco%!ti!* &hich &ill +er#it
co#+a!ies to $etter +rese!t their ris6 #a!a*e#e!t acti1ities i! their fi!a!cial state#e!tsH ?$@ +er#it
cha!*es for "eali!* &ith the iss%e 6!o&! as Fo&! cre"it ris6G> &hich &as alrea" i!cl%"e" i! IFRS :
Fi!a!cial I!str%#e!ts so as to $e a++lica$le o! its o&!> &itho%t the !ee" to cha!*e a! other acco%!ti!*
treat#e!t of fi!a!cial i!str%#e!ts a!" ?c@ re#o1e the 5 Ma!%ar -;5) effecti1e "ate for IFRS : i! or"er to
+ro1i"e a"e3%ate ti#e for tra!sitio! to these !e& re3%ire#e!ts at the +re+aratio! of the fi!a!cial
state#e!ts( The E%ro+ea! U!io! has !ot et a"o+te" this sta!"ar" a!" a#e!"#e!t( The co#+a! shall
3%a!tif the i#+act co#$i!e" &ith the other +hases &he! the fi!al sta!"ar" is +%$lishe"> &hich shall
i!cl%"e all +hases(
IWO- 10 Consol7FateF W7nan87al -tate.ents, IG- 2? -e5a1ate W7nan87al -tate.ents

22
The !e& sta!"ar" is effecti1e for a!!%al acco%!ti!* +erio"s $e*i!!i!* o! or after Ma!%ar 5> -;52( IFRS 5;
re+laces that +art of IAS -. Co!soli"ate" a!" Se+arate Fi!a!cial State#e!ts &hich relates to co!soli"ate"
fi!a!cial state#e!ts( It also a""resses iss%es "e1elo+e" i! I!ter+retatio! ?SIC@ 5- Co!soli"atio! K S+ecial
+%r+ose e!tities( IFRS 5; esta$lishes a si!*le co!trol #o"el that a++lies to all e!tities> i!cl%"i!* s+ecial
+%r+ose e!tities( The cha!*es i!tro"%ce" $ IFRS 5; &ill re3%ire #a!a*e#e!t to e7ercise si*!ifica!t
=%"*e#e!t to "eter#i!e &hich e!tities are co!trolle"> a!" therefore are re3%ire" to $e co!soli"ate" $ a
+are!t> co#+are" &ith the re3%ire#e!ts that &ere i! IAS -.( Co#+a! Ma!a*e#e!t "oes !ot a!tici+ate for
this sta!"ar" to ha1e a! effect o! its fi!a!cial state#e!ts(
IWO- 11 ho7nt G11anHe.ents
The !e& sta!"ar" is effecti1e for a!!%al acco%!ti!* +erio"s $e*i!!i!* o! or after Ma!%ar 5> -;52( IFRS 55
re+lace IAS 05 I!terests i! Moi!t Je!t%res a!" I!ter+retatio! ?SIC@ 50 Moi!tl Co!trolle" E!tities K No!<
Mo!etar Co!tri$%tio!s $ Je!t%rers( IFRS 55 a$olishes the o+tio! for the +ro+ortio!ate co!soli"atio! of
=oi!tl co!trolle" e!tities( I!stea" =oi!tl co!trolle" e!tities &hich satisf the "efi!itio! of a =oi!t 1e!t%re
#%st $e acco%!te" %si!* the e3%it #etho"( Co#+a! Ma!a*e#e!t "oes !ot a!tici+ate this sta!"ar" to
ha1e a! effect o! the fi!a!cial state#e!ts(
IWO- 12 47s8los61e of 7nte1ests 7n ot2e1 ent7t7es
The !e& sta!"ar" is effecti1e for a!!%al acco%!ti!* +erio"s $e*i!!i!* o! or after Ma!%ar 5> -;52( IFRS 5-
i!cl%"es all "isclos%res +re1io%sl i!cl%"e" i! IAS -. a!" relati!* to co!soli"ate" fi!a!cial state#e!ts as
&ell as all "isclos%res +re1io%sl i!cl%"e" i! IAS 05 a!" IAS -9( S%ch "isclos%res relate to the +artici+atio!
of a co#+a! i! s%$si"iaries> =oi!t arra!*e#e!ts> associates a!" str%ct%re" e!tities( Also re3%ire" are a
series of !e& "isclos%res( Co#+a! Ma!a*e#e!t "oes !ot a!tici+ate this sta!"ar" to ha1e a! effect o!
the fi!a!cial state#e!ts(
T1ans7t7on F71e8t7Xes (G.enF.ent of IWO- 10, IWO- 11 anF IWO- 12)
The "irecti1e is effecti1e for a!!%al acco%!ti!* +erio"s $e*i!!i!* o! or after Ma!%ar 5> -;52( IASB
+%$lishe" a#e!"#e!ts to IFRS 5; Co!soli"ate" Fi!a!cial State#e!tsH IFRS 55 Moi!t Arra!*e#e!ts a!"
IFRS 5- Disclos%re of I!terests i! Other E!tities( The a#e!"#e!ts cha!*e the tra!sitio! "irecti1e so as to
+ro1i"e *reater relief fro# the f%ll retros+ecti1e i#+le#e!tatio!( The "ate for the Fi!itial effectG of IFRS 5;
is "efi!e" as the Fstart of the a!!%al +erio" &here IFRS 5; is a++lie" for the first ti#eG( The assess#e!t for
the e7iste!ce of co!trol is effecte" o! the Fi!itial effect "ateG i!stea" of the $e*i!!i!* of the co#+arati1e
+erio"( Pro1i"e" the co!trol assess#e!t is "iffere!t $et&ee! IFRS 5; a!" IAS -.EI!ter+retatio! ?SIC@ 5-
the retros+ecti1e a"=%st#e!ts #%st $e esta$lishe"( Ho&e1er> sho%l" the co!trol assess#e!t $e the sa#e
!o retros+ecti1e a++licatio! is re3%ire"( Sho%l" there $e #ore tha! o!e co#+arati1e +erio" +rese!t> a!
a""itio!al relief is +ro1i"e" &hich !ecessitates the refor#%latio! of o!l o!e +erio"( For the sa#e reaso!s
IASB a#e!"e" IFRS 55 Moi!t Arra!*e#e!ts a!" IFRS 5- Disclos%re of I!terests i! Other E!tities to +ro1i"e
relief for the tra!sitio!( Co#+a! Ma!a*e#e!t "oes !ot a!tici+ate this sta!"ar" to ha1e a! effect o! the

2)
InXest.ent ent7t7es (G.enF.ent of IWO- 10, IWO- 12 anF IG- 2?)
The a#e!"#e!t is effecti1e for a!!%al acco%!ti!* +erio"s co##e!ci!* o! or after Ma!%ar 5> -;52( The
a#e!"#e!t is a++lica$le for a s+ecific cate*or of e!tities characteri8e" as i!1est#e!t e!tities( The IFRS
%ses the ter# Fi!1est#e!t e!titG to refer to e!tities &hose sole a!" e7cl%si1e $%si!ess ai# is to i!1est
f%!"s for ret%r!s fro# ca+ital a++reciatio!> i!1est#e!t i!co#e or $oth( A! i!1est#e!t e!tit #a also
#eas%re the +erfor#a!ce of its i!1est#e!ts $ase" o! fair 1al%e( S%ch e!tities #a i!cl%"e or*a!i8atio!s of
+ri1ate i!1est#e!t f%!"s> or*a!i8atio!s of $%si!ess ca+ital> +e!sio! f%!"s> state i!1est#e!t f%!"s a!"
other i!1est#e!t f%!"s( I! co#+lia!ce &ith IFRS 5; Co!soli"ate" Fi!a!cial State#e!ts> e!tities +re+ari!*
fi!a!cial state#e!ts are o$li*e" to co!soli"ate their hol"i!*s i! other e!tities &here the e7ercise co!trol
?!a#el all s%$si"iaries@( The a#e!"#e!t for i!1est#e!t e!tities +ro1i"es a! e7e#+tio! fro# the
co!soli"atio! re3%ire#e!ts +ose" $ IFRS 5; a!" re3%ires i!1est#e!t e!tities to #eas%re s%ch s%$si"iaries
at fair 1al%e thro%*h +rofit a!" loss> i!stea" of co!soli"ati!* the#( F%rther#ore> the a#e!"#e!t +oses
"isclos%re re3%ire#e!ts for i!1est#e!t e!tities( Co#+a! Ma!a*e#e!t "oes !ot a!tici+ate this sta!"ar" to
ha1e a! effect o! the fi!a!cial state#e!ts(
IWO- 19 OeH6lato1/ 4efe11al G88o6nts
The a#e!"#e!t is effecti1e for a!!%al acco%!ti!* +erio"s co##e!ci!* o! or after Ma!%ar 5> -;5,( IASB
has sche"%le" to i!1esti*ate the &i"er iss%es relati!* to rate re*%latio! a!" is +la!!i!* to +%$lish a "raft
o! this iss%e i! -;52( I! a!tici+atio! of the res%lts of the total +ro=ect o! rate re*%late" acti1ities> IASB
"eci"e" to "e1elo+ IFRS 52 as a! i!teri# #eas%re( IFRS 52 +er#its first ti#e a"o+ters of IFRS to co!ti!%e
to reco*!i8e s%#s relati!* to re*%lator "eferral acco%!ts i! co#+lia!ce &ith the re3%ire#e!ts of the
+re1io%s acco%!ti!* +olicies fra#e&or6 %+o! tra!sitio! to IFRS( Ho&e1er> to s%++ort co#+ara$ilit &ith
e!tities alrea" a++li!* IFRS a!" !ot reco*!i8i!* s%ch s%#s> the !e& sta!"ar" re3%ires that the effect of
re*%lator rate $e +rese!te" se+aratel fro# other ite#s( A! eco!o#ic e!tit alrea" +re+ari!* its fi!a!cial
state#e!ts i! co#+lia!ce &ith IFRS ca!!ot a++l this sta!"ar"( The E%ro+ea! U!io! has !ot et a"o+te"
this sta!"ar"( Co#+a! Ma!a*e#e!t "oes !ot a!tici+ate for this sta!"ar" to ha1e a! effect o! its fi!a!cial
state#e!ts(
IG- 3= I.5a71.ent of assets (a.enF.ent) g Oe8oXe1able a.o6nt F7s8los61es fo1 nonEf7nan87al
assets
The a#e!"#e!t is effecti1e for a!!%al acco%!ti!* +erio"s co##e!ci!* o! or after Ma!%ar 5> -;52( This
a#e!"#e!t re#o1es the i!1ol%!tar co!se3%e!ces of IFRS 50 o! "isclos%res re3%ire" $ IAS 0,( I!
a""itio!> the a#e!"#e!t re3%ires the "isclos%re of the reco1era$le a#o%!t of assets or CCU for &hich
i#+air#e!t has $ee! reco*!i8e" or has $ee! re1erse" i! the co%rse of the +erio"( Co#+a! Ma!a*e#e!t
"oes !ot a!tici+ate for this sta!"ar" to ha1e a! effect o! its fi!a!cial state#e!ts(
IG- 3M W7nan87al Inst16.entsY Oe8oHn7t7on anF 0eas61e.ent g RoXat7on of 4e17Xat7Xes anF
8ont7n6at7on of QeFHe G88o6nt7nH

2,
The a#e!"#e!t is effecti1e for a!!%al acco%!ti!* +erio"s co##e!ci!* o! or after Ma!%ar 5> -;52(
Accor"i!* to this a#e!"#e!t the i!terr%+tio! of he"*e acco%!ti!* is !ot re3%ire" if a he"*e "eri1ati1e is
!o1ate"> +ro1i"e" certai! criteria are #et( IASB +rocee"e" &ith the li#ite" sco+e a#e!"#e!t of IAS 0: i!
or"er to +er#it the co!ti!%atio! of he"*e acco%!ti!* i! certai! cases &here the co%!ter+art of a he"*e
i!str%#e!t cha!*es> for the settle#e!t of s%ch i!str%#e!t( Co#+a! Ma!a*e#e!t "oes !ot a!tici+ate for
this sta!"ar" to ha1e a! effect o! its fi!a!cial state#e!ts(
IG- 1M 4ef7neF 3enef7t Llans (a.enF.ent)Y B.5lo/ee Cont17b6t7ons
The a#e!"#e!t is effecti1e for a!!%al acco%!ti!* +erio"s co##e!ci!* o! or after Ma!%ar 5> -;52( The
a#e!"#e!ts are a++lica$le for e#+loee or thir" +art co!tri$%tio!s to "efi!e" $e!efit +la!s( The
a#e!"#e!t ai#s to si#+lif the acco%!ti!* treat#e!t of co!tri$%tio!s &hich are i!"e+e!"e!t of the ears
of ser1ice of e#+loees> for e7a#+le> for e#+loee co!tri$%tio!s calc%late" accor"i!* to a fi7e" +erce!ta*e
of salar( The E%ro+ea! U!io! has !ot et a"o+te" this a#e!"#e!t( Co#+a! Ma!a*e#e!t "oes !ot
a!tici+ate for this sta!"ar" to ha1e a! effect o! its fi!a!cial state#e!ts(
Inte151etat7on (-IC) 21Y :eX7es
The i!ter+retatio! is effecti1e for a!!%al acco%!ti!* +erio"s co##e!ci!* o! or after Ma!%ar 5> -;52( IASB
?I!ter!atio!al Acco%!ti!* Sta!"ar"s Boar"@ &as calle" to e7a#i!e ho& a! eco!o#ic e!tit #%st e!ter i!to
its fi!a!cial state#e!ts the lia$ilities for the +a#e!t of le1ies &hich are i#+ose" $ *o1er!#e!t> e7ce+t
for i!co#e ta7es( This i!ter+retatio! is a! i!ter+retatio! of IAS 0. K Pro1isio!s> Co!ti!*e!t Lia$ilities a!"
Co!ti!*e!t Assets( IAS 0. esta$lishes the criteria for the reco*!itio! of a lia$ilities> o!e of &hich is the
re3%ire#e!t for there to $e a +rese!t lia$ilit as a res%lt of a +ast e1e!t ?$i!"i!* e1e!t@( The i!ter+retatio!
clarifie" that the $i!"i!* e1e!t &hich creates the lia$ilit for the +a#e!t of a le1 is the acti1it "escri$e"
i! the rele1a!t le*islatio! &hich acti1ates the +a#e!t of the le1( The E%ro+ea! U!io! has !ot et
a"o+te" this "irecti1e( Co#+a! Ma!a*e#e!t "oes !ot a!tici+ate for this sta!"ar" to ha1e a! effect o! its
IG-3 2as 56bl7s2eF a 8/8le of ann6al 7.51oXe.ents of IWO- 2010E2012> &hich is a collectio! of
a#e!"#e!ts to IFRS( The a#e!"#e!ts are effecti1e for a!!%al acco%!ti!* +erio"s $e*i!!i!* o! or after
M%l 5> -;52( The E%ro+ea! U!io! has !ot et a"o+te" these i#+ro1e#e!ts( Co#+a! Ma!a*e#e!t
esti#ates that these i#+ro1e#e!ts &ill !ot ha1e a! effect o! the fi!a!cial state#e!ts(
IWO- 2 -2a1eEbaseF 5a/.entY A#e!"s the "efi!itio!s of F1esti!* co!"itio!G a!" F#ar6et
co!"itio!G a!" a""s "efi!itio!s for the ter#s F+erfor#a!ce co!"itio!G a!" Fser1ice co!"itio!G
?+re1io%sl +art of the "efi!itio! of F1esti!* co!"itio!G@(
IWO- 3 36s7ness Co.b7nat7onsY This a#e!"#e!t clarifies that the co!ti!*e!t co!si"eratio! i! a
$%si!ess co#$i!atio! that is !ot classifie" i! !et +ositio!> shall $e s%$se3%e!tl #eas%re" at fair
1al%e i! Profit or Loss i!"e+e!"e!tl if it falls %!"er the sco+e of IFRS : Fi!a!cial I!str%#e!ts(
IWO- \ C5e1at7nH -eH.entsY This i#+ro1e#e!t re3%ires a! eco!o#ic e!tit to "isclose the
=%"*#e!ts #a"e $ #a!a*e#e!t i! a++li!* the a**re*atio! criteria to o+erati!* acti1it se*#e!ts

2.
a!" clarifies that the reco!ciliatio!s of the assets of se*#e!ts is re3%ire" o!l if s%ch are re*%larl
cite"(
IWO- 13 Wa71 Xal6e .eas61e.entY This a#e!"#e!t to the $asis for co!cl%sio!s of IFRS 50
clarifies that the +%$licatio! of IFRS 50 a!" the a#e!"#e!t of IFRS : a!" IAS 0: "o !ot reca!t the
ca+acit to #eas%re short<ter# recei1a$les a!" +aa$les &ith !o state" i!terest rate at their i!1oice
a#o%!ts &itho%t "isco%!ti!* if the effect of !ot "isco%!ti!* is i##aterial(
IG- 1= L1o5e1t/, Llant anF B[675.entY Clarifies that &he! a! ite# of +ro+ert> +la!t a!"
e3%i+#e!t is re1al%e" the *ross carri!* a#o%!t is a"=%ste" i! a #a!!er that is co!siste!t &ith the
re1al%atio! of the carri!* a#o%!t(
IG- 29 OelateF La1t/ 47s8los61esY Clarifies that a! e!tit +ro1i"i!* 6e #a!a*e#e!t +erso!!el
ser1ices to the re+orti!* e!tit or to the +are!t of the re+orti!* e!tit is a relate" +art of the
re+orti!* e!tit(
IG- 3\ IntanH7ble GssetsY Clarifies that &he! a! i!ta!*i$le asset is re1al%e" the *ross carri!*
a#o%!t is a"=%ste" i! a #a!!er that is co!siste!t &ith the re1al%atio! of the carri!* a#o%!t(
IG-3 2as 56bl7s2eF a 8/8le of ann6al 7.51oXe.ents of IWO- 2012E2013> &hich is a collectio! of
a#e!"#e!ts to IFRS( The a#e!"#e!ts are effecti1e for a!!%al acco%!ti!* +erio"s $e*i!!i!* o! or after
M%l 5> -;52( The E%ro+ea! U!io! has !ot et a"o+te" these i#+ro1e#e!ts( Co#+a! Ma!a*e#e!t
esti#ates that these i#+ro1e#e!ts &ill !ot ha1e a! effect o! the fi!a!cial state#e!ts(
IWO- 3 36s7ness Co.b7nat7onsY This i#+ro1e#e!t clarifies that IFRS 0 e7cl%"es fro# its sco+e
the acco%!ti!* for the for#atio! of a =oi!t arra!*e#e!t i! the fi!a!cial state#e!ts of the =oi!t
arra!*e#e!t itself(
IWO- 13 Wa71 Dal6e 0eas61e.entY This i#+ro1e#e!t clarifies that the sco+e of the +ortfolio
e7ce+tio! "efi!e" i! +ara*ra+h )- of IFRS 50 i!cl%"es all co!tracts acco%!te" for &ithi! the sco+e
of IAS 0: Fi!a!cial I!str%#e!tsA Reco*!itio! a!" Meas%re#e!t or IFRS : Fi!a!cial I!str%#e!ts>
re*ar"less of &hether the #eet the "efi!itio! of fi!a!cial assets or fi!a!cial lia$ilities as "efi!e"
i! IAS 0- Fi!a!cial I!str%#e!tsA Prese!tatio!(
IG- 90 InXest.ent L1o5e1t/Y This i#+ro1e#e!t Clarifies that "eter#i!i!* &hether a s+ecific
tra!sactio! #eets the "efi!itio! of $oth a $%si!ess co#$i!atio! as "efi!e" i! IFRS 0 B%si!ess
Co#$i!atio!s a!" i!1est#e!t +ro+ert as "efi!e" i! IAS 2; I!1est#e!t Pro+ert re3%ires the
se+arate a++licatio! of $oth sta!"ar"s i!"e+e!"e!tl of each other(

9+9+ C2anHe of a88o6nt7nH 5ol78/

I! -;50 the Co#+a! has a"o+te" the a#e!"#e!t of IAS 5: &hich +ro1i"es for the reco*!itio! of act%arial
+rofitsElosses "irectl i! other co#+rehe!si1e i!co#e( U!til Dece#$er 05> -;5- the Co#+a! reco*!i8e"
o!l the act%arial +rofitsElosses &hich e!s%e" fro# e#+irical rea"=%st#e!ts a!" cha!*es to the act%arial
h+otheses &hich c%#%lati1el e7cee"e" 5;N of the a!tici+ate" lia$ilit for the $e!efit at the start of each

29
+erio" a!" &as e!tere" i! the +rofit a!" loss state#e!t i! e3%al a#o%!ts> "e+e!"i!* o! the a1era*e
resi"%al ser1ice of the e#+loees it re*ar"e"> $ a++licatio! of the #ar*i! #etho" i! IAS 5:(

The cha!*e a$o1e res%lte" i! the f%ll reco*!itio! of lia$ilities si!ce the also i!cl%"e of the act%arial
+rofitsElosses( I! co#+lia!ce &ith IAS 9 FAcco%!ti!* Policies> Cha!*e i! Acco%!ti!* Esti#ates a!" ErrorsG>
this cha!*e has retroacti1e a++licatio! res%lti!* i! the rea"=%st#e!t of the +re1io%s fiscal ear i! fi!a!cial
state#e!ts(
This cha!*e of acco%!ti!* +olic ha" the follo&i!* effects o! the Co#+a!/s fi!a!cial state#e!tsA

O! Ma!%ar 5> -;5- ?a#o%!ts i! E%ros@A

01+01+2012
Decrease i! retire#e!t $e!efits lia$ilities ?5)0(::.>-.@
Decrease i! "eferre" ta7 recei1a$les ?0;(.::>2)@
I!crease i! e3%it ?res%lts carrie" for&ar"@ 5-0(5:.>9-

O! Dece#$er 05> -;5- ?a#o%!ts i! E%ros@A
31+12+2012
I!crease i! retire#e!t $e!efits lia$ilities 9-2(5)5>25
I!crease i! "eferre" ta7 recei1a$les 5,2(90;>-9
Decrease i! e3%it ?res%lts carrie" for&ar"@ ?,):(0-5>50@
Decrease i! other co#+rehe!si1e i!co#e after ta7 ?.9-()59>:2@

Total co#+rehe!si1e i!co#e after ta7es o! Dece#$er 05> -;5- ?s%#s i! E%ros@A

31+12+2012
Total 8o.51e2ens7Xe 7n8o.e afte1 taês 517o1 to t2e
82anHe 7n a88o6nt7nH 5ol78/

20+012+309,<2
Be!efits reco*!i8e" i! co#+rehe!si1e i!co#e state#e!t ?:.9(529>,9@
A"=%st#e!t of i!co#e ta7 5:)(,-:>.2
Total 8o.51e2ens7Xe 7n8o.e afte1 taês anF follo;7nH
t2e 82anHe 7n a88o6nt7nH 5ol78/

1M+22M+?\<,<\

E3%it ?a#o%!ts i! E%ros@A
31>12>2012 1>1>2012
B[67t/ 517o1 to t2e 82anHe 7n a88o6nt7nH 5ol78/ 19<+?09+<2M,2= 12M+?29+229,?9
Cha!*e i! res%lts carrie" for&ar"
?,):(0-5>50@ 5-0(5:.>9-
B[67t/ afte1 to t2e 82anHe 7n a88o6nt7nH 5ol78/ 19<+09<+20\,13 12M+\9?+922,<=

The cha!*e i! the acco%!ti!* +olic of the Co#+a! ha" !o effect o! $asic a!" "il%te" ear!i!*s +er
share for the +re1io%s fiscal ear(

2:
9+<+ I.5o1tant s6bZe8t7Xe Z6FH.ents, est7.ates anF ass6.5t7ons

Pre+aratio! of the fi!a!cial state#e!ts i! co#+lia!ce &ith the IFRS re3%ires that Co#+a! #a!a*e#e!t
#a6e =%"*e#e!ts> acco%!ti!* esti#ates a!" ass%#+tio!s &hich affect the +%$lishe" assets a!" lia$ilities> a!"
also "isclose co!ti!*e!t assets a!" lia$ilities o! the "ate the fi!a!cial state#e!ts are +re+are"> as &ell as the
+%$lishe" i!co#e a!" e7+e!ses for the refere!ce +erio"( Act%al res%lts #a "iffer fro# those &hich &ere
esti#ate"(

Esti#ates a!" =%"*e#e!ts are co!sta!tl re<assesse" a!" are $ase" $oth o! +ast e7+erie!ce a!" o!
other factors i!cl%"i!* e7+ectatio!s a$o%t f%t%re e1e!ts co!si"ere" reaso!a$le $ase" o! s+ecific circ%#sta!ces
a!" are co!sta!tl re<assesse" %si!* all a1aila$le i!for#atio!( Cha!*es i! =%"*e#e!ts ca! lea" to a! i!crease or
re"%ctio! i! the co#+a!/s co!ti!*e!t lia$ilities i! the f%t%re(

A #a=or acco%!ti!* esti#ate is co!si"ere" to $e o!e &here it is i#+orta!t for the +ict%re of the
co#+a!/s fi!a!cial sit%atio! a!" its res%lts a!" re3%ires #ore "iffic%lt> s%$=ecti1e or co#+licate" #a!a*e#e!t
=%"*e#e!ts a$o%t the i#+act of ass%#+tio!s &hich are %!certai!( The co#+a! e1al%ates s%ch esti#ates o! a
co!ti!%o%s $asis> reli!* o! +ast res%lts a!" o! e7+erie!ce> #eeti!*s &ith e7+erts> tre!"s a!" other #etho"s
&hich are co!si"ere" reaso!a$le %!"er the s+ecific circ%#sta!ces> a!" the forecasts a$o%t ho& the co%l"
cha!*e i! the f%t%re(

The 6e =%"*e#e!ts a!" esti#ates #a"e $ Co#+a! Ma!a*e#e!t &hich ha1e a #a=or i#+act o! the
a#o%!ts reco*!ise" i! the fi!a!cial state#e!ts +ri#aril "eal &ithA

T2e 6sef6l l7fe of Fe51e87ateF assets
Co#+a! Ma!a*e#e!t e7a#i!es the %sef%l life of "e+reciate" assets e1er fiscal ear( D%ri!* the ear
e!"e"> Co#+a! Ma!a*e#e!t co!si"ere" that %sef%l life reflecte" the e7+ecte" %tilit +erio" of assets(

CateHo17sat7on of 7nXest.ents
Ma!a*e#e!t "eci"es> &he! a! asset is ac3%ire"> &hether it shall $e cate*orise" as hel"<to<#at%rit>
hel"<for tra"e> #eas%re" at fair 1al%e thro%*h +rofit a!" loss or a1aila$le<for<sale( I! the case of i!1est#e!ts
characterise" as hel"<to<#at%rit> Ma!a*e#e!t e7a#i!es &hether the criteria i! IAS 0: are satisfie"> a!" i!
+artic%lar to &hat e7te!t the Co#+a! i!te!"s to hol" the assets to #at%rit( Cate*orisi!* i!1est#e!ts as
#eas%re" at fair 1al%e thro%*h +rofit a!" loss "e+e!"s o! the &a i! &hich Ma!a*e#e!t #o!itors the ret%r! o!
s%ch i!1est#e!ts( All other i!1est#e!ts are classifie" as a1aila$le<for<sale(

In8o.e ta^

);
The co#+a! is lia$le to +a i!co#e ta7 to the Cree6 ta7 a%thorities( Si*!ifica!t esti#ates are !ee"e"
&he! #a6i!* i!co#e ta7 +ro1isio!s( There are #a! tra!sactio!s a!" calc%latio!s for &hich the fi!al le1el of ta7
is %!certai! "%ri!* !or#al $%si!ess o+eratio!s( The co#+a! reco*!ises lia$ilities for iss%es e7+ecte" to arise
"%ri!* ta7 a%"its $ase" o! its esti#ates o! the e7te!t to &hich a""itio!al ta7es &ill $e o&e"( Lhe! the fi!al
res%lts i! those ta7 cases "iffers fro# the a#o%!ts i!itiall co#+%te"> s%ch "iffere!ces shall ha1e a! i#+act o!
the i!co#e ta7 a!" the +ro1isio!s for "eferre" ta7atio! i! the +erio" i! &hich those a#o%!ts $eco#e fi!al(

L1oX7s7ons
Ba" "e$t is +rese!te" as the a#o%!ts &hich #a $e reco1ere"( Esti#ates a$o%t the a#o%!ts e7+ecte" to
$e reco1ere" are #a"e after a!alsis a!" $ase" o! the Co#+a!^s e7+erie!ce co!cer!i!* the li6elihoo" of
c%sto#er $a" "e$t( O!ce it is 6!o&! that a s+ecific acco%!t is at ris6 a$o1e the !or#al cre"it ris6 le1el ?e(*( lo&
cre"it rati!* for c%sto#er> "isa*ree#e!t o1er e7iste!ce of recei1a$le or le1el thereof> etc(@ the acco%!t is
a!alse" a!" a recor" is #a"e of &hether the co!"itio!s i!"icate that the recei1a$le &ill !ot $e collecte"(

4ef7neF benef7t 5lans
The cost of $e!efits for "efi!e" $e!efit +la!s is calc%late" %si!* act%arial esti#ates> &hich %tili8e
ass%#+tio!s for the "isco%!ti!* factors> the rate of salar i!crease a!" #ortalit rates( D%e to the lo!*<ter#
!at%re of the +la!s> s%ch ass%#+tio!s are s%$=ect to co!si"era$le %!certai!t(

I.5le.entat7on of Inte151etat7on 12
Co#+a! Ma!a*e#e!t has e7a#i!e" &eather the co!tract for the co!cessio! of the e7cl%si1e ri*ht to %se
a!" e7+loit la!"> $%il"i!*s a!" facilities at the Port of Thessalo!i6i La!" Io!e fall %!"er the sco+e of the
+ro1isio!s of I!ter+retatio! 5-(
The #a!a*e#e!t co!cl%"e" that the a*ree#e!t i! 3%estio! "oes !ot fall %!"er the sco+e of a++licatio!
of I!ter+retatio! 5- for the follo&i!* reaso!sA
- The Cree6 Co1er!#e!t "oes !ot "eter#i!e !or co!trol i!itial +rices for the ser1ices re!"ere" $
ThPA as &ell as re1al%atio! "%ri!* the ter# of the a*ree#e!t( The o!l o$li*atio! o! $ehalf of the
Co#+a! is that +rices a!" cha!*es thereof #%st $e "isclose" to the Mi!istr of Shi++i!* Affairs B
the Ae*ea! a!" $e +%$lishe" i! the Co1er!#e!t Ca8ette(
- The co!ce"i!* a%thorit e7ercises !o co!trol o1er the ser1ices re!"ere"( The Co#+a! #a co!ce"e
the %se a!" e7+loitatio! of the afore#e!tio!e" facilities to thir" +arties for +%r+oses relate" to the
+ro1isio! of +ort or !o!<+ort ser1ices a!" for a ter# !ot e7cee"i!* the ter# a!" e7te!sio! of the
co!tract(
- The Co#+a! is %!"er !o o$li*atio! to reali8e a s+ecific le1el of i!1est#e!ts> o!l &he! s%ch is
"ee#e" !ecessar i! or"er to #ai!tai! the %!hi!"ere" o+eratio! of the Port(

)5

BXent6al 7n87Fents
The Co#+a! is i!1ol1e" i! co%rt clai#s a!" co#+e!satio!s i! the !or#al co%rse of its &or6( The
#a!a*e#e!t co!si"ers &hether a! settle#e!ts &o%l" affect i! a si*!ifica!t &a or !ot the Co#+a!/s fi!a!cial
+ositio!( Ho&e1er> the "eter#i!atio! of the e1e!t%al lia$ilities re*ar"i!* clai#s a!" recei1a$les is a co#+le7
+roce"%re that i!cl%"es =%"*#e!ts a$o%t the +ossi$le co!se3%e!ces as &ell as the i!ter+retatio!s re*ar"i!* the
la&s a!" re*%latio!s(

<+ -6..a1/ of s7Hn7f78ant a88o6nt7nH 5ol787es

The $asic acco%!ti!* +olicies o$ser1e" $ the Co#+a! for the +re+aratio! of its fi!a!cial state#e!ts are
the follo&i!*A

<+1 ConXe1s7on of 8611en8/
W6n8t7onal anF 51esentat7on 8611en8/Y The assets +rese!te" i! the Co#+a!/s Fi!a!cial
State#e!ts> are 1al%e" i! the c%rre!c of the fi!a!cial e!1iro!#e!t> &ithi! &hich it o+erates ?f%!ctio!al
c%rre!c@( The Fi!a!cial State#e!ts are +rese!te" i! E%ros> the f%!ctio!al c%rre!c of the Co#+a!(

<+2 Oeal Bstate InXest.ents
The Co#+a! o&!s fo%r +lots> locate" o%tsi"e the Port Io!e> &hich are hel" i! or"er to *e!erate re!t or
to i!crease the 1al%e of its ca+itals(
I!1est#e!ts i! Real Estate are i!itiall 1al%e" i! the ac3%isitio! cost> i!cl%si1e of tra!sactio! e7+e!ses(
The are s%$se3%e!tl reco*!i8e" at their fair 1al%e( Their fair 1al%e is "eter#i!e" $ i!"e+e!"e!t chartere"
s%r1eors(
The $oo6 1al%e reco*!i8e" i! the Co#+a!/s fi!a!cial state#e!ts reflects the #ar6et co!"itio!s at the
"ate of the fi!a!cial state#e!ts( E1er +rofit or loss arisi!* fro# a cha!*e of the fair 1al%e of the i!1est#e!t> is
reco*!i8e" i! the i!co#e state#e!t of the fiscal ear i! &hich the cha!*e occ%rs(

<+3 TanH7ble f7êF assets 6t7l7_eF fo1 o;n 5615oses
The Co#+a! %si!* the +ro1isio!s of IFRS 5A FFirst ti#e a"o+tio! of IFRSG> %se" the e7ce+tio! re*ar"i!*
the 1al%atio! of ta!*i$le fi7e" assets> &he! +re+ari!* the IFRS tra!sitio! Bala!ce Sheet o! Ma!%ar 5
st
-;;2( I!
this co!te7t> it co!si"ere" the rea"=%ste" 1al%es of the ta!*i$le fi7e" assets> as the &ere "eter#i!e" $ the
co##ittee of article : of Co"ifie" La& -5:;E5:-;> o! Ma -;;;> &he! ThPA &as co!1erte" to a +%$lic li#ite"
co#+a! a!" $efore it &as liste" to the Athe!s Stoc6 E7cha!*e> as the "ee#e" cost for the +%r+oses of
co#+ilatio! of the tra!sitio! Bala!ce Sheet o! Ma!%ar 5
st
-;;2(

)-
S%$se3%e!tl to the tra!sitio! "ate> the ta!*i$le fi7e" assets are 1al%ate" at the "ee#e" cost or at the
ac3%isitio! cost ?for the a""itio!s@ less the acc%#%late" "e+reciatio!s a!" their i#+air#e!ts(
The ac3%isitio! cost of the fi7e" assets co!sists of the +%rchase +rice> i!cl%"i!* the i#+ort tariffs> if
a++lica$le> a!" the !o!<re$ate +%rchase ta7es as &ell as a! other cost !ee"e" i! or"er to re!"er the fi7e"
asset f%!ctio!al a!" rea" for f%t%re %se( The re+airs a!" #ai!te!a!ces are recor"e" a#o!* the e7+e!ses of
the +erio" &he! the are reali8e"( Si*!ifica!t s%$se3%e!t a""itio!s a!" i#+ro1e#e!ts are ca+itali8e" i! the cost
of the rele1a!t fi7e" assets(
Fi7e" assets that are co!str%cte" $ the Co#+a!> are +oste" at o&! #a!%fact%re cost> &hich i!cl%"es
the cost of s%$co!tractors> the #aterial a!" e7+e!ses of +aroll of the tech!icia!s re*ar"i!* the co!str%ctio!s
?i!cl%"i!* the rele1a!t e#+loer social sec%rit co!tri$%tio!s@ as &ell as a +ro+ortio! of *e!eral a"#i!istrati1e
e7+e!ses(
The assets %!"er co!str%ctio! i!cl%"e the fi7e" assets %!"er co!str%ctio! a!" are +rese!te" at cost( The
assets %!"er co!str%ctio! are !ot "e+reciate" %!til the fi7e" asset is co#+lete a!" a1aila$le for the +ro"%cti1e
%se for &hich it &as i!te!"e"(
The +lots are !ot "e+reciate"( The "e+reciatio!s of the other ta!*i$le assets are co#+%te" $ the strai*ht
li!e #etho" $ase" o! the follo&i!* %sef%l li1es +er cate*or of fi7e" assetsA

Fi7e" Asset
Tsef6l :7fe
(/ea1s)
B%il"i!*s K Tech!ical &or6s 5)<2;
Mecha!ical Facilities 9<5;
Ca!tr cra!es<Mo$ile a!" Electric cra!es 0;<2;
Loa"ers .<5)
Machi!er 5;<5)
Loa"i!*EU!loa"i!* tools 5)
For6lifts 5;<5)
Floati!* tra!s+orts 5;<-;
F%r!it%re a!" other e3%i+#e!t ,<5;
Co#+%ters a!" electro!ic asse#$lies<Office e3%i+#e!t 0<)

The %sef%l li1es of the fi7e" assets are s%$=ect a!!%all to a ree7a#i!atio! o! the +re+aratio! of the
fi!a!cial state#e!ts( Resi"%al 1al%es are !ot "eter#i!e" $ the Co#+a! $eca%se> $ase" o! article 0- of La&(
05)0E-;;0> the +ro"%ct fro# the sale of fi7e" assets "e1ol1es to the State(

)0
Profits or losses arisi!* fro# the sale of ta!*i$le assets> are "eter#i!e" as the "iffere!ce $et&ee! the
a#o%!t of sale a!" its carrie" cost a!" are reco*!i8e" i! the +rofit or loss of the fiscal ear i! the FOther
i!co#eG or FOther e7+e!sesG acco%!t(
The Co#+a!/s !o!<o+erati!* fi7e" assets are "i1i"e" i!A
< scra+ assets> &hich are "elete"H
< a1aila$le for sale> i! co#+lia!ce &ith IFRS ) for &hich !o "e+reciatio!s are #a"eH
< those that "o !ot #eet the a$o1e #e!tio!e" criteria a!" for &hich "e+reciatio!s are #a"e(

<+9 IntanH7ble assets
The i!ta!*i$le assets co!cer! the cost of +%rchase of soft&are as &ell as a! e7+e!se reali8e" to "e1elo+
soft&are i! or"er for it to $e co##issio!e"( The "e+reciatio! of the soft&are is calc%late" $ase" o! the fi7e"
li!e #etho" a!" &ithi! a +erio" of 0<5; ears+

<+< I.5a71.ent of assets
I! co#+lia!ce &ith IAS 0,> the real estate> the i!stallatio!s> the e3%i+#e!t a!" the i!ta!*i$le assets> ha1e
to $e e1al%ate" for +ossi$le i#+air#e!t of their 1al%e> &he! there are i!"icatio!s that the acco%!ti!* 1al%e of
the asset e7cee"s its reco1era$le 1al%e( Lhe!e1er the acco%!ti!* 1al%e of a! asset e7cee"s its reco1era$le
1al%e> the corres+o!"i!* i#+air#e!t loss is recor"e" to the +rofit or loss of the fiscal ear( The reco1era$le
1al%e of a! asset is the $i**est a#o%!t $et&ee! the esti#ate" fair 1al%e less the "istri$%tio! cost a!" the 1al%e
i! %se( The !et sale 1al%e is "ee#e" to $e the reali8a$le +rocee"s $ the sale of a! asset i! the co!te7t of a
t&o<&a tra!sactio!> i! &hich the +arties are f%ll co*!i8a!t a!" i!to &hich the e!ter freel> after the
"e"%ctio! of all a""itio!al "irect selli!* cost of the asset> &hile> the 1al%e i! %se is the +rese!t 1al%e of the
esti#ate" f%t%re cash flo&s that are e7+ecte" to $e reali8e" fro# a co!ti!%o%s %se of a! asset a!" fro# its sale
at the e!" of its esti#ate" %sef%l life( If a co#+a! has !ot the +ossi$ilit to esti#ate the reco1era$le a#o%!t of
a! asset> for &hich there is i!"icatio! of i#+air#e!t> it "eter#i!es the reco1era$le a#o%!t of cash<flo&
*e!erati!* %!it to &hich the asset $elo!*s(
Re1ersal of i#+air#e!t losses for assets $oo6e" i! +re1io%s ears #a o!l $e offset &he! there are
satisfactor i!"icatio!s that s%ch i#+air#e!t !o lo!*er e7ists or has $ee! re"%ce"( I! s%ch cases the re1ersal is
reco*!i8e" as i!co#e(
The Ma!a*e#e!t esti#ates that there is !o iss%e of i#+air#e!t of the fi7e" e3%i+#e!t of the Co#+a!
e7ce+t for the i#+air#e!t alrea" recor"e" i! the fi!a!cial state#e!ts(

<+= W7nan87al Inst16.ents
A fi!a!cial i!str%#e!t is e1er co!tract that creates a fi!a!cial asset i! a co#+a! a!" a fi!a!cial lia$ilit
or a! e3%it sec%rit i! a!other co#+a!(

)2
The fi!a!cial assets of the co#+a! are classifie" at the follo&i!* cate*ories $ase" o! the s%$sta!ce of
the co!tract a!" the +%r+ose for &hich the &ere ac3%ire"(
7) W7nan87al assets Xal6eF at t2e71 fa71 Xal6e ;7t2 82anHes 7n 51of7t anF loss
These are fi!a!cial assets that #eet a! of the follo&i!* co!"itio!sA
< Fi!a!cial assets hel" for co##ercial +%r+oses ?i!cl%"i!* the "eri1ati1es> e7cl%"i!* those "esi*!ate" a!"
effecti1e he"*i!* i!str%#e!ts> those ac3%ire" or create" for sale or re+%rchase a!" fi!all those $ei!*
+art of a +ortfolio of reco*!i8e" fi!a!cial i!str%#e!ts@(
< At the i!itial reco*!itio!> the co#+a! "efi!es the# as assets 1al%e" at fair 1al%e> reco*!i8i!* the cha!*es
i! the co!"itio! of the total i!co#e(
The reali8e" a!" %!reali8e" +rofits or losses arisi!* fro# cha!*es i! the fair 1al%e of the fi!a!cial assets
1al%e" at their fair 1al%e &ith cha!*es o! +rofit or loss> are reco*!i8e" i! the +rofit or loss of the +erio"
&he! the arise(
The +%rchase a!" sale of i!1est#e!ts are reco*!i8e" o! the "ate of the tra!sactio! that is also the "ate
&he! the co#+a! co##its to +%rchase or sell the asset( The i!1est#e!ts are "elete" &he! the ri*ht to
cash flo&s fro# the i!1est#e!ts e7+ires or is tra!sferre" a!" the co#+a! has s%$sta!tiall tra!sferre"
e1er ris6 a!" re&ar" that the o&!ershi+ e!tails(
The fair 1al%es of the fi!a!cial assets that are !e*otia$le i! acti1e #ar6ets> are "eter#i!e" $ the c%rre!t
$i" +rices( For the !o!<!e*otia$le assets the fair 1al%es are "eter#i!e" %si!* 1al%ati!* tech!i3%es as the
a!alsis of rece!t tra!sactio!s> co#+ara$le assets !e*otiate" a!" cash flo& "isco%!ti!*(

77) :oans anF 1e8e7Xables
The i!cl%"e !o!<"eri1ati1e fi!a!cial assets &ith sta$le or "eter#i!e" +a#e!ts> &hich are !ot !e*otiate"
i! acti1e #ar6ets a!" there is !o &ill to sell the#( I! this cate*or are !ot i!cl%"e"A a@ recei1a$les fro#
"o&! +a#e!ts for the +%rchase of *oo"s or ser1ices> $@ recei1a$les relate" to ta7 tra!sactio!s> &hich
ha1e $ee! i#+ose" $ la& $ the state> c@ a!thi!* that is !ot co1ere" $ a co!tract &hich *i1es the
co#+a! the ri*ht to o$tai! cash or other fi!a!cial fi7e" assets(
The Co#+a! +ro1i"e i!terest<$eari!* a!" i!terest<free loa!s to its +erso!!el( All +erso!!el loa!s are
i!itiall recor"e" at cost> that is the act%al 1al%e of the co!si"eratio! recei1e" less the iss%a!ce e7+e!ses
relate" to the loa!( After the i!itial recor"i!*> the loa!s are 1al%e" at their cost> &hich is !ot #%ch
"iffere!t fro# their !o!<"e+reciate" cost> %si!* the effecti1e i!terest rate #etho"(
A! cha!*e of the 1al%e of the loa!s a!" recei1a$les is reco*!i8e" i! the +rofit or loss &he! the loa!s a!"
recei1a$les are "elete" or s%$=ect to i#+air#e!t(
Loa!s a!" recei1a$les are i!cl%"e" i! the c%rre!t assets> e7ce+t fro# those that e7+ire o1er 5- #o!ths
after the "ate of the fi!a!cial state#e!ts( The latter are i!cl%"e" i! the !o!<c%rre!t assets( The lo!*<ter#
recei1a$les &ith a s+ecific #at%rit "ate> &ere 1al%ate" at their ac3%isitio! cost &hich is !ot "iffere!t fro#
their act%al 1al%e> a++li!* the "isco%!t i!terest rate #etho"(

))
777) InXest.ents 2elF to .at617t/
The i!cl%"e the !o!<"eri1ati1e assets &ith fi7e" or "eter#i!e" +a#e!ts a!" a s+ecific #at%rit a!"
&hich the co#+a! has the i!te!sio! a!" the a$ilit to hol" to #at%rit( These assets are 1al%ate" &ith
the "e+reciate" cost #etho"> reco*!i8i!* the cha!*es i! the co#+rehe!si1e i!co#e state#e!t(
Profits or losses are recor"e" i! the +rofit or loss of the fiscal ear &he! the rele1a!t acco%!ts are "elete"
or i#+aire" as &ell as thro%*h the "e+reciatio! +roce"%re(

7X) InXest.ents aXa7lable fo1 sale
The assets a1aila$le for sale i!cl%"e !o!<"eri1ati1e assets &hich are classifie" at the a1aila$le for sale or
"o !ot #eet the criteria i! or"er to $e classifie" i! other fi!a!cial asset cate*ories( All fi!a!cial assets
i!cl%"e" i! this cate*or are 1al%ate" at fair 1al%e> o!l &he! the fair 1al%e ca! $e relia$l "eter#i!e">
&ith the cha!*es of their 1al%e to $e reco*!i8e" i! the other co#+rehe!si1e i!co#e a!" s%$se3%e!tl i!
e3%it reser1e> after the calc%latio! of e1er effect fro# ta7( Lhe! the a1aila$le for sale assets are sol" or
i#+aire"> the acc%#%late" +rofits or losses reco*!i8e" i! the rest total i!co#e are reco*!i8e" i! the +rofit
or loss of the fiscal ear(
The fi!a!cial lia$ilities of the Co#+a! i!cl%"e co##ercial lia$ilities as &ell as other lo!*<ter# a!" short<
ter# lia$ilities(
The co##ercial a!" other lo!*<ter# a!" short<ter# lia$ilities are i!itiall reco*!i8e" at their !o#i!al
1al%e a!" s%$se3%e!tl 1al%ate" to the "e+reciate" cost less the settle#e!t +a#e!ts(

<+? In8o.e taât7on (C611ent anF 4efe11eF)
C%rre!t a!" "eferre" i!co#e ta7> are calc%late" $ase" o! the rele1a!t fi!a!cial state#e!t acco%!ts> i!
co#+lia!ce &ith ta7 la&s &hich a++l i! Creece( The c%rre!t i!co#e ta7 co!cer!s the ta7 o! the ta7a$le +rofits
of the Co#+a!> as a"=%ste" i! co#+lia!ce &ith the re3%ire#e!ts of ta7 la& a!" calc%late" $ase" o! the
c%rre!t ta7 rate(
Deferre" ta7atio! is calc%late" %si!* the lia$ilit #etho" for all +ro1isio!al ta7 "iffere!ces o! the $ala!ce
sheet "ate a!" $et&ee! the ta7 $asis a!" the carri!* 1al%e of assets a!" lia$ilities(
A!tici+ate" ta7 effects fro# +ro1isio!al ta7 "iffere!ces are "eter#i!e" a!" a++ear either as f%t%re
?"eferre"@ ta7 lia$ilities> or as "eferre" ta7 recei1a$les(
Deferre" ta7 recei1a$les are e!tere" for all "e"%cti$le +ro1isio!al "iffere!ces a!" tra!sferre" ta7 losses to
the e7te!" it is tho%*ht li6el that there &ill $e ta7 +rofits a1aila$le> a*ai!st &hich the "e"%cti$le +ro1isio!al
"iffere!ce #a $e %tili8e"(
Deferre" ta7 recei1a$les a!" lia$ilities are calc%late" %si!* the ta7 rates e7+ecte" to a++l i! the +erio"
&he! the recei1a$le or lia$ilit &ill $e settle"> ta6i!* i!to acco%!t the ta7 rates a"o+te" or s%$sta!ti1el
a"o+te"> %!til the $ala!ce sheet "ate(

),
Most cha!*es to "eferre" ta7 assets or lia$ilities are reco*!ise" as ta7 e7+e!ses i! the res%lts( O!l
cha!*es to "eferre" ta7 assets or lia$ilities &hich are relate" to a cha!*e i! the 1al%e of the asset or lia$ilit
&hich are reco*!ise" "irectl i! e3%it are "e$ite" or cre"ite" "irectl i! e3%it(

<+\ InXento17es
Co!s%#a$les a!" s+are +arts %se" for the #ai!te!a!ce of the co#+a!/s #echa!ical e3%i+#e!t are
1al%e" at either cost +rice or !et realisa$le 1al%e> &hiche1er is lo&er> a!" their cost is calc%late" %si!* the
&ei*hte" a1era*e cost( S%ch co!s%#a$les are +oste" as i!1e!tories &he! +%rchase" a!" after the are +lace"
i! %se the are +oste" to e7+e!ses or are ca+italise"( At the e!" of each fiscal ear> the Co#+a! re<e7a#i!es
the +ossi$ilit of its i!1e!tories ha1i!* $eco#e o$solete a!" #a6es a +ro1isio! or "eletes the# fro# the $oo6s(

<+M T1aFe 1e8e7Xables
Recei1a$les fro# c%sto#ers> &ho i! *e!eral ha1e a ;<,; "as cre"it> are +oste" i!itiall at fair 1al%e a!"
later 1al%e" at carrie" cost %si!* the effecti1e i!terest rate less i#+air#e!t losses( I#+air#e!t losses ?losses
fro# $a" "e$t@ are reco*!ise" ha1i!* ta6e! i!to acco%!t the a*e of the $ala!ce> the c%sto#er/s fi!a!cial a$ilit
to +a a!" the effecti1e!ess of atte#+ts to collect the a#o%!t( The a"e3%ac of the +ro1isio! is fre3%e!tl
re1ie&e" i! co#$i!atio! &ith historical collectio! "ata a!" other fi!a!cial factors &hich affect the collecta$ilit of
recei1a$les( The a#o%!t of i#+air#e!t loss is reco*!ise" i! the res%lts as a! e7+e!se( It is the Co#+a!/s
+olic !ot to &rite<off a! recei1a$les %!til e1er +ossi$le le*al actio! has $ee! ta6e! for the collectio! of the
"e$ts(

<+10 Cas2 anF 8as2 e[67Xalents
Cash a!" cash e3%i1ale!ts i!cl%"e cash> si*ht "e+osits> short<ter# i!1est#e!ts a!" ti#e "e+osits> &hich
are hi*hl li3%i" a!" of #i!i#al ris6(

<+11 -2a1e 8a57tal
Share ca+ital is calc%late" $ase" o! the face 1al%e of shares &hich ha1e $ee! iss%e"( Shares are classifie"
i! e3%it(
Ca+ital Share i!creases $ cash i!cl%"e e1er +re#i%# o! the i!itial share ca+ital iss%e( E1er s%ch
tra!sactio! cost relate" to the iss%e of the shares as &ell as a! relati1e i!co#e ta7 $e!efit arisi!*> are
"e"%cte" fro# the share ca+ital i!crease(

<+12 L1oX7s7ons fo1 17s@s, e^5enses anF 8ont7nHent l7ab7l7t7esY
Pro1isio!s for ris6s a!" e7+e!ses are reco*!ise" &he! the co#+a! has a c%rre!t le*al or +res%#e"
co##it#e!t as a res%lt of +ast e1e!ts or &he! it is li6el that there is a reso%rce o%tflo& &hich e!tails fi!a!cial
$e!efits a!" the rele1a!t co##it#e!t ca! $e relia$l assesse"( Pro1isio!s are 1al%e" o! the $ala!ce sheet "ate

).
a!" are a"=%ste" i! or"er to reflect the c%rre!t 1al%e of the e7+e!se &hich is e7+ecte" to $e re3%ire" to settle
the lia$ilit(
Co!ti!*e!t lia$ilities are !ot +oste" to the fi!a!cial state#e!ts $%t are "isclose"> %!less the li6elihoo" of a
reso%rce o%tflo& i!cor+orati!* fi!a!cial $e!efits is #i!i#al( Co!ti!*e!t recei1a$les are !ot +oste" to the
fi!a!cial state#e!ts $%t are "isclose" &here the i!flo& of fi!a!cial $e!efits is li6el(

<+13 -tate s6bs7F7es
The Co#+a! has $ee! s%$si"i8e" fro# Co##%!it +ro*ra##es to ac3%ire i!ta!*i$le a!" ta!*i$le fi7e"
assets( S%$si"ies are reco*!ise" &he! there is a reaso!a$le ass%ra!ce that the s%$si" &ill $e collecte" a!" all
rele1a!t ter#s a!" co!"itio!s &ill $e co#+lie" &ith( Asset s%$si"ies are reco*!ise" as i!co#e for f%t%re +erio"s
a!" "e+reciate" i! li!e &ith the %sef%l life of the s%$si"<ai"e" asset( The "e+reciatio! of s%$si"<ai"e" assets is
+rese!te" i! the FOther I!co#eG acco%!t i! the Co#+rehe!si1e I!co#e State#e!t(

<+19 47X7FenFs
U!"er Cree6 co#+a! la&> co#+a!ies are re3%ire" to +a "i1i"e!"s each ear> corres+o!"i!* at least to
0)N of their a!!%al +rofits !et of ta7 a!" after ha1i!* "e"%cte" the stat%tor reser1e( Di1i"e!"s are +oste"
&he! the Ce!eral Meeti!* of Sharehol"ers iss%es a resol%tio! *ra!ti!* sharehol"ers the ri*ht to collect the#(

<+1< T1aFe anF ot2e1 l7ab7l7t7es
S%++lier $ala!ces a!" other lia$ilities are reco*!i8e" at cost> &hich is i"e!tifie" &ith the fair 1al%e of
f%t%re +a#e!ts for the +%rchase of the *oo"s a!" ser1ices re!"ere"( Tra"e a!" other short<ter# lia$ilities are
!ot i!terest $eari!* acco%!ts a!" are %s%all settle" i! ;<59; "as(

<+1= In8o.e 1e8oHn7t7on
I!co#e is reco*!i8e" &he! it is li6el that f%t%re fi!a!cial $e!efits shall accr%e to the eco!o#ic e!tit
a!" that s%ch $e!efits ca! $e relia$l #eas%re"( I!co#e is 1al%e" at the 1al%e of the co##ercial tra!sactio!
a!" $oo6e" i! the fiscal ear to &hich it relates( O! the "ate of the +re+aratio! of Fi!a!cial State#e!ts> all
#a!!er of accr%e"> !o!<i!1oice" i!co#e fro# ser1ices i! the +erio" those state#e!ts relate ?i!co#e fro# the
+ro1isio! of ser1ices or fro# ca+ital> etc@ is $oo6e"(
The #ost i#+orta!t i!co#e cate*ories for the Co#+a! areA
< In8o.e f1o. 6n7t7_eF 8a1Ho 2anFl7nH, ;2782 7n8l6FeY
h I!co#e fro# Co!tai!er Ter#i!al ser1ices>
h i!co#e fro# CONTAINER ser1ices

< In8o.e f1o. 8onXent7onal 8a1Ho 2anFl7nH, ;2782 7n8l6FeY
h I!co#e fro# loa"i!*E%!loa"i!* ser1ices at the co!1e!tio!al +ort>

)9
h i!co#e fro# SILO ser1ices(

< In8o.e f1o. se1X78es to 5assenHe1s on 8oastal anF 8167se s275s anF 7n t1ans7t, ;2782
7n8l6FeY
h I!co#e fro# Other Ser1ices ?s+ecial "%t@ o! tic6ets>
h I!co#e fro# Jehicle +assa*e(

< In8o.e f1o. se1X78es to s275s anF ot2e1 se1X78es, ;2782 7n8l6FeY
h I!co#e fro# #oori!* a!" $erthi!*>
h i!co#e fro# Other Ser1ices ?PPC> HTO> s+e!t oils collectio!> %se of sites@(

< In8o.e f1o. t2e e^5lo7tat7on of o1Han7_eF 5a1@7nH lots+

<+1? Ba1n7nHs 5e1 -2a1e
Ear!i!*s +er share are calc%late" $ "i1i"i!* the !et +rofit for the fiscal ear +aa$le to or"i!ar
sharehol"ers> $ the !%#$er of co##o! shares i! circ%latio! "%ri!* the +erio"( There &ere !o "e$e!t%res
co!1erti$le to stoc6 or other +ote!tial i!str%#e!ts co!1erti$le to stoc6 &hich &o%l" re"%ce +rofits "%ri!* the
+erio"s to &hich the fi!a!cial state#e!ts relate a!" co!se3%e!tl i#+aire" +rofits +er share ha1e !ot $ee!
calc%late"(

<+1\ Lost se1X78e 5e1sonnel benef7ts
The co#+a! +as co#+e!satio! to retiri!* e#+loees i! accor"a!ce &ith the +ro1isio!s of the a++lica$le
sectoral collecti1e la$o%r a*ree#e!ts i! effect fro# ti#e to ti#e> %+ to the #a7i#%# a#o%!t state" i! Article -
of La& 5.0E5:,. as i! force at each ti#e(
The lia$ilit +oste" to the fi!a!cial state#e!ts for "efi!e" $e!efit +la!s is the +rese!t 1al%e of the
co##it#e!t to +ro1i"e a "efi!e" $e!efit a!" the cha!*es &hich arise fro# !o!<reco*!ise" act%arial +rofits a!"
losses a!" the cost of +re1io%s ser1ice( I!"e+e!"e!t act%aries %si!* the +ro=ecte" %!it cre"it #etho" calc%late
the "efi!e" $e!efit o$li*atio! each ear(
The retire#e!t costs for the +erio" are i!cl%"e" i! the Co#+rehe!si1e I!co#e State#e!t a!" co#+rise of
the +rese!t 1al%e of $e!efits re!"ere" as accr%e" i! the co%rse of the ear> i!terests o! $e!efit lia$ilities> a!"
act%arial *ai!s or losses &hich are i##e"iatel a!" "irectl e!tere" i! other co#+rehe!si1e i!co#e a!" are !ot
s%$se3%e!tl tra!sferre" to +rofit or loss( The f%ll iel" c%r1e #etho" is %se" for the "isco%!t(

):
<+1M :eases
Co#+a! as LesseeA Lease a*ree#e!ts &here the lessor tra!sfers the ri*ht to %se a! asset for a! a*ree"
ter# &itho%t> ho&e1er> tra!sferri!* the ris6s a!" re&ar"s associate" &ith o&!ershi+ of the asset are classifie"
as o+erati!* leases( Pa#e!ts #a"e for o+erati!* leases ?!et of a! i!ce!ti1es offere" $ the lessor@ are
reco*!i8e" i! the i!co#e state#e!t +ro rata &ith the "%ratio! of the lease( All co#+a! leases are o+erati!*
leases(
Co#+a! as LessorA Leases &here the Co#+a! "oes !ot i! effect tra!sfer all ris6s a!" re&ar"s
associate" &ith the asset are classifie" as o+erati!* leases( I!itial "irect costs $or!e $ the lessors i!
!e*otiati!* a!" co!cl%"i!* a! o+erati!* lease are a""e" to the $oo6 1al%e of the lease" asset(
Re1e!%es fro# leases are reco*!i8e" i! e3%al a#o%!ts o1er the ter# of the lease(

<+20 Cffsett7nH of 1e8e7XablesEl7ab7l7t7es
The offsetti!* of fi!a!cial assets &ith lia$ilities a!" the +rese!tatio! of the !et s%# i! the fi!a!cial
state#e!ts is effecte" o!l &he! there is a le*al ri*ht for s%ch offsetti!* a!" there is the i!te!tio! for either
settle#e!t o! a !et $asis $oth of the asset a!" the lia$ilit corres+o!"i!*l> or for the settle#e!t of the !et
a#o%!t after the offset(

<+21 B^5enses
E7+e!ses are reco*!i8e" i! the i!co#e state#e!t o! a accr%e" $asis( Pa#e!ts #a"e for o+eratio!al
leases are tra!sferre" to the i!co#e state#e!t as e7+e!ses> at the %tili8atio! ti#e of the lease(

=+ O7s@ 0anaHe.ent

W7nan87al 17s@ fa8to1s
The co#+a! is !ot e7+ose" to si*!ifica!t fi!a!cial ris6s> s%ch as the #ar6et ris6 ?cha!*e" i! e7cha!*e rates>
#ar6et +rices@> the cre"it ris6 a!" li3%i"it ris6( The fi!a!cial i!str%#e!ts of the co#+a! co#+rise of $a!6
"e+osits ?si*ht> ti#e@> tra"e a!" other "e$tors a!" cre"itors a!" fi!a!cial assets a1aila$le for sale a!" fi!a!cial
i!str%#e!ts at fair 1al%e thro%*h +rofit a!" loss( The co#+a!/s ris6 #a!a*e#e!t +la! see6s to li#it a!
!e*ati1e i#+acts o! the fi!a!cial res%lts of the co#+a! arisi!* fro# the i!a$ilit to +re"ict ho& fi!a!cial
#ar6ets &ill +erfor# a!" fro# fl%ct%atio!s i! cost a!" sales 1aria$les(

=+1 0a1@et O7s@

(7) B^82anHe 1ate 17s@Y The co#+a! "oes $%si!ess &ith "o#estic a!" forei*! clie!ts a!" the
tra!sactio! c%rre!c is E%ro( Co!se3%e!tl there is !o e7cha!*e rate ris6(

,;
(77) L178e 17s@Y The co#+a! is !ot e7+ose" to +rice ris6 a!" is !ot affecte" $ fl%ct%atio!s i! ra&
#aterials +rices( The ser1ices it re!"ers are +rice" $ase" o! its +%$lishe" +ricelist> the +rices of &hich are
i!crease" or "ecrease" as a!" &he! it is "ee#e" !ecessar $ the Co#+a!( Lith res+ect to the cost of
the ser1ices +ro1i"e"> si!ce it #ai!l co#+rises of +aroll costs> it is affecte" "%e to i!creases i! the later
1ia i!flatio!ar tre!"s( F%rther#ore> the Co#+a! is affecte" $ a cha!*e of the fair 1al%e of its
i!1est#e!t i! real estate( A cha!*e i! the +rice of real estate $ S ) N shall $ri!* a$o%t a
corres+o!"i!* cha!*e $ the s%# of 5:2 tho%sa!" P i! the i!co#e state#e!t(

Fi!all> a cha!*e i! the fair 1al%e of the fi!a!cial i!str%#e!ts a1aila$le for sale $ U )N shall $ri!* a a$o%t
a cha!*e i! E3%it $ U 5; tho%sa!" P(

(777) Inte1est 1ate 17s@Y The Co#+a! hol"s certai! sec%rities the cash flo&s of &hich are "eter#i!e" $ a
floati!* i!terest rate tie" to EURIBOR( The co#+a! hol"s short<ter# ti#e "e+osits> &hich are hi*hl
li3%i"( A! i!crease ?"ecrease@ i! the i!terest rate i! the or"er of S5N or <5N &o%l" res%lt i! a! i!crease
?"ecrease@ i! the res%lts for the fiscal ear $ a++ro7i#atel :,2 tho%sa!" P(

The co#+a! has !o loa! lia$ilities(

=+2 C1eF7t 17s@
The e7+os%re of the co#+a! to cre"it ris6 is li#ite" to the fi!a!cial assets as these are a!al8e" as
follo&sA

A#o%!ts i! tho%sa!" P 2013 2012
Fi!a!cial assets a1aila$le for sale
-:0 0(:9;
Lo!*<ter# recei1a$les
-9 -9
Recei1a$les fro# c%sto#ers
)(-)- 2()9)
Do&! +a#e!ts a!" other recei1a$les
5(,95 0(;-)
Fi!a!cial assets at fair 1al%e thro%*h +rofit or loss ; 2;;
Cash a!" cash e3%i1ale!ts
:,()52 9.();9
Total 103+?=\ MM+<2=
Cate*ories of fi!a!cial assets

,5
The cre"it ris6 to &hich the co#+a! is e7+ose" a*ai!st its c%sto#ers> $eca%se of its lar*e c%sto#er
$ase> o! the o!e ha!"> a!" as it o$tai!s> as sta!"ar" +ractice> a"1a!ces or letters of cre"it $efore
co##e!ci!* &or6 carrie" o%t> o! the other ha!"(

F%rther#ore> re*ar"i!* the fi!a!cial assets as &ell as the cash a!" cash e3%i1ale!ts> the co#+a!/s
#a!a*e#e!t a++lies a "is+ersio! +olic for the !%#$er of $a!6s it has tra!sactio!s &ith> as &ell as a!
e1al%atio! +olic for their cre"it&orthi!ess(

=+3 :7[67F7t/ 17s@
For the co#+a!> there is !o li3%i"it ris6> as its o+erati!* costs are co1ere" $ the cash e3%i1ale!ts
co1eri!* :5()2N of the c%rre!t assets(

The #at%rit of its fi!a!cial lia$ilities o! 05(5-(-;50 a!" o! 05(5-(-;5- is a!al8e" as follo&sA

A#o%!ts i! tho%sa!" P
;7t27n =
.ont2s = to 12 .ont2s 1 to < /ea1s
.o1e t2an <
/ea1s
Lia$ilities to s%++liers
5()25 < < <
C%sto#er "o&! +a#e!ts 0(;52 < < <
Other lia$ilities a!" accr%e" e7+e!ses
0(2:2 < < <
Other lo!*<ter# lia$ilities < < :) <
Total \+09M E M< E
2013

A#o%!ts i! tho%sa!" P
;7t27n =
.ont2s = to 12 .ont2s 1 to < /ea1s
.o1e t2an <
/ea1s
Lia$ilities to s%++liers 5()2; < < <
c%sto#er "o&! +a#e!ts -(;,9 < < <
Other lia$ilities a!" accr%e" e7+e!ses 2(:.5 < < <
Other lo!*<ter# lia$ilities < < 99 <
Total \+<?M E \\ E
2012

=+9 Ca57tal 17s@ .anaHe.ent
The co#+a! "oes !ot %se loa! ca+ital a!"> co!se3%e!tl> the le1era*e factor is 8ero(

,-
=+< Wa71 Xal6e
The fair 1al%e of a fi!a!cial asset is the a#o%!t that is collecte" for the sale of a fi!a!cial asset or +ai" for
the settle#e!t of a lia$ilit i! a tra!sactio! %!"er !or#al co!"itio!s $et&ee! t&o co##ercial co%!ter+arties o!
its 1al%atio! "ate( The fair 1al%e of the fi!a!cial assets of the Fi!a!cial State#e!ts of Dece#$er 05
st
-;50> &as
"eter#i!e" $ the $est +ossi$le esti#ate $ the Ma!a*e#e!t( I! cases &here there are !o "ata a1aila$le or
these "ata are li#ite" fro# acti1e #o!e #ar6ets> the 1al%atio!s of the fair 1al%es ha1e arise! $ the
Ma!a*e#e!t/s esti#ate i! co#+lia!ce &ith the i!for#atio! a1aila$le(

The 1al%atio! #etho"s for the fair 1al%e are classifie" to three le1elsA

Le1el 5A Fi!a!cial 1al%es fro# acti1e #o!e #ar6ets for e7actl sa#e tra"a$le assetsH
Le1el -A Jal%es that are !ot i! le1el 5> $%t ca! $e "etecte" or "eter#i!e" "irectl or i!"irectl thro%*h
stoc6 e7cha!*e +rices fro# acti1e #o!e #ar6etsH
Le1el 0A Jal%es for assets or lia$ilities !o! $ase" o! stoc6 e7cha!*e +rices fro# acti1e #o!e #ar6ets(

D%ri!* the fiscal ear> there &ere !o tra!sfers $et&ee! le1els 5 a!" -> !or tra!sfers &ithi! or o%tsi"e le1el 0> for
the #eas%re#e!t of the fair 1al%e( Moreo1er> "%ri!* the fiscal ear there &as !o cha!*e of the ai# of a!
fi!a!cial asset that &o%l" lea" to a "iffere!t classificatio! of this asset(
The #o1e#e!t of the fi!a!cial assets is +rese!te" i! !ote 9(2(5 of the fi!a!cial state#e!ts(

The fair 1al%es of the fi!a!cial assets a1aila$le for sale a!" the fi!a!cial assets thro%*h +rofit or loss> are $ase"
o! a #ar6et 1al%atio!( For e1er fi!a!cial asset> the fair 1al%es are co!fir#e" $ the i!stit%tio!s &ith &hich the
Co#+a! has co!cl%"e" the rele1a!t co!tracts( The 1al%atio! #etho" ta6es i!to acco%!t all factors i! or"er to
relia$l "eter#i!e the fair 1al%e a!" falls &ithi! Le1el - of the classificatio! for the "eter#i!atio! of the fair
1al%e(

The fair 1al%e of le1el 0 i!1est#e!t +ro+ert is #eas%re" at the Co#+a! $ i!"e+e!"e!t e7ter!al s%r1eors(

The a#o%!ts &ith &hich reser1es> recei1a$les a!" short<ter# lia$ilities are +rese!te" i! the Fi!a!cial Positio!
State#e!t> a++roach their corres+o!"i!* fair 1al%es "%e to their short<ter# #at%rit( Co!se3%e!tl> there are !o
"iffere!ces $et&ee! the fair 1al%es a!" the corres+o!"i!* $oo6 1al%es of the Fi!a!cial Assets a!" Lia$ilities(

The Co#+a! "oes !ot %se "eri1ati1e fi!a!cial +ro"%cts(

,0
?+ -eH.ental 1e5o1t7nH

The Co#+a! o+erates i! Creece> irres+ecti1e of the fact that its c%sto#er $ase i!cl%"es i!ter!atio!al
co#+a!ies> &hile> a""itio!all> the Co#+a! "oes !ot e!*a*e i! co##ercial or i!"%strial acti1ities other
tha! the +ro1isio! of ser1ices solel &ithi! the $o%!"aries of the Port of Thessalo!i6i a!" "oes !ot ha1e
a! re1e!%es fro# e7ter!al c%sto#ersEother *eo*ra+hical territories a!" assets i! other *eo*ra+hical
territories(
Its $%si!ess acti1ities re*ar" the +ro1isio! of ser1ices toA
%!iti8e" car*oes ?co!tai!ers@H
co!1e!tio!al car*oes ?$%l6> *e!eral> RO<RO@H
coastal a!" cr%ise +asse!*ersH
shi+s ?a!chori!*> #oori!*> $erthi!* a!" other ser1ices@H
%sers of its +ort a!" !o!<+ort facilities> i!cl%"i!* the o+eratio! of car +ar6i!* statio!s
?or*a!i8e" or !ot@(

ThPA SA Ma!a*e#e!t assesses the res%lts of these acti1ities a!" ta6es $%si!ess "ecisio!s $ase" o! the
i!ter!al fi!a!cial i!for#atio! sste#> &hich is or*a!i8e" $ase" o! $oth the t+e of ser1ice re!"ere" a!"
the "iffere!ces the *e!erate "%ri!* the +ro"%ctio! +rocess> *i1e! that the are +ro1i"e" to "iffere!t
t+es of car*oes ?U!iti8e" a!" Co!1e!tio!al@> +asse!*ers a!" other %sers a!" the or*a!i8atio!al str%ct%re
of the Co#+a!(
Base" o! the afore#e!tio!e"> the Co#+a! has i"e!tifie" the follo&i!* fo%r ?2@ o+erati!* se*#e!ts for
"isclos%reA
< Co!tai!er Ter#i!al>
< Co!1e!tio!al Car*o>
< Passe!*er Traffic>
< Utili8atio! of facilities(

?+1 W7nan87al Fata 5e1 seH.ent

Co#+a! acti1ities +er o+erati!* se*#e!t a!" of Assets a!" Lia$ilities for fiscal ears 5(5<05(5-(-;50
a!" 5(5<05(5-(-;5- ca! $e $ro6e! "o&! as follo&sA

,2
W7s8al Uea1 2013
Oes6lts 5e1 seH.ent on 31+12+2013
Conta7ne1
Te1.7nal
ConXent7onal
Lo1t
LassenHe1
T1aff78
B^5lo7tat7on of
s5a8es
Gt 8o.5an/
leXel Co.5an/ Total
-ales 5e1 seH.ent
< to e7ter!al c%sto#ers -:(20;(:20>)9 -;(,09(--9>2; -20(-.5>5; 5(-2.(,)0>22 < )5(),;(;:,>)-
< to other se*#e!ts < < < < < <
Total -ales 5e1 seH.ent 2M+930+M93,<\ 20+=3\+22\,90 293+2?1,10 1+29?+=<3,99 E <1+<=0+0M=,<2
Cost of *oo"s sol" <5-(;.)(-2;>.0 <50(:05(.,9>:5 <-9)(0-0>;9 <5(-).(;.5>2, <5(;9)(:-;>-5 <-9(,0)(0-2>0:
N1oss 51of7t 5e1 seH.ent 1?+3<<+?02,\< =+?0=+9<M,9M E92+0<1,M\ EM+91\,02 E1+0\<+M20,21 22+M29+??2,13
Other i!co#e :-(09)>:2 -;0(..;>92 2(.22>90 ::,(9:)>.0 55.(5,.>,: 5(252(:,)>;0
Other es+e!ses <-(20;(.;;>;- <:.5(,;:>)5 <,;(-.:>., <:-9(2:,>-2 <-52(-);>)2 <2(,;)(00,>;.
C5e1at7nH 1es6lt 5e1 seH.ent
1<+01?+3\\,?? <+M3\+=20,\2 EM?+<\=,M1 <\+M\1,9? E1+1\3+003,0= 1M+?39+901,0M
Fi!a!cial i!co#e E e7+e!ses ?!et@ < < < < 2(,;.(90,>-- 2(,;.(90,>--
Oes6lts befo1e ta^ 5e1 seH.ent
1<+01?+3\\,?? <+M3\+=20,\2 EM?+<\=,M1 <\+M\1,9? 3+929+\33,1= 29+392+23?,31
I!co#e Ta7 < < < < <,(5)2(09,>), <,(5)2(09,>),
Oes6lts net of ta^ 5e1 seH.ent
1<+01?+3\\,?? <+M3\+=20,\2 EM?+<\=,M1 <\+M\1,9? E2+?2M+<<3,90 1\+1\?+\<0,?<
4e51e87at7ons of tanH7ble anF 7ntanH7ble assets
1+=\9+101,19 1+<20+??\,29 19+=\<,<< =<+<\2,19 9M0+==3,13 3+??<+\10,20
Oes6lts befo1e ta^, f7nan87al 1es6lts anF
Fe51e87at7ons 5e1 seH.ent
1=+?01+9\M,M1 ?+9<M+3MM,0= E\2+M01,3= 129+<=3,=1 E=M2+33M,M3 23+<10+211,2M

W7s8al Uea1 2012
Oes6lts 5e1 seH.ent on 31+12+2012
Conta7ne1
Te1.7nal ConXent7onal Lo1t
LassenHe1
T1aff78
B^5lo7tat7on of
s5a8es
Gt 8o.5an/
leXel Co.5an/ Total
-ales 5e1 seH.ent
< to e7ter!al c%sto#ers -9(.-.(2;;>,. --(9-)(:)9>0- -;2().;>., 5(5;:(;0)>;) < )-(9,,(:,2>9;
< to other se*#e!ts < < < < < <
Total -ales 5e1 seH.ent 2\+?2?+900,=? 22+\2<+M<\,32 209+<?0,?= 1+10M+03<,0< E <2+\==+M=9,\0
Cost of *oo"s sol" <50(95,()20>2) <52(:0)(,0:>); <2;.(;,2>.0 <5(505(0):>9. < <0;(-:;(,;.>))
N1oss 51of7t 5e1 seH.ent 19+M10+\<?,22 ?+\M0+31\,\2 E202+9M3,M? E22+329,\2 E 22+<?=+3<?,2<
Other i!co#e 5;,(,2->;. 550(292>2) 5;(.)2>:9 .:5(.00>5) --9(,):>0. 5(-)5(-.2>;-
Other es+e!ses <5(:.-(0.->.2 <-(-;)())0>;5 <-9(-))>5. <5();;(-),>-0 <-02(5::>): <)(:2;(,0,>.2
C5e1at7nH 1es6lt 5e1 seH.ent
13+09<+12=,<< <+?M\+2<0,2= E21M+MM9,1= E?30+\9?,M0 E<+<90,22 1?+\\=+MM9,<3
Fi!a!cial i!co#e E e7+e!ses ?!et@ < < < < )(50.(5.;>)- )(50.(5.;>)-
Oes6lts befo1e ta^ 5e1 seH.ent
13+09<+12=,<< <+?M\+2<0,2= E21M+MM9,1= E?30+\9?,M0 <+131+=30,30 23+029+1=<,0<
I!co#e Ta7 < < < < <2()9;()05>95 <2()9;()05>95
Oes6lts net of ta^ 5e1 seH.ent
13+09<+12=,<< <+?M\+2<0,2= E21M+MM9,1= E?30+\9?,M0 <<1+0M\,9M 1\+993+=33,29
4e51e87at7ons of tanH7ble anF 7ntanH7ble assets
1+9?9+9<<,\? 1+?\3+2==,M1 ?9+3=\,M0 109+?10,=3 ?3+1?1,3M 3+<0M+M?3,?0
Oes6lts befo1e ta^, f7nan87al 1es6lts anF
Fe51e87at7ons 5e1 seH.ent
19+<1M+<\2,92 ?+<\1+<1?,1? E19<+=2<,2= E=2=+13?,2? =?+=31,1? 21+3M=+M=\,23

,)
W7s8al Uea1 2013
31+12+2013
Conta7ne1
Te1.7nal
ConXent7onal
Lo1t
LassenHe1
T1aff78
B^5lo7tat7on
of s5a8es
Gt 8o.5an/
leXel Co.5an/ Total
Ta!*i$le fi7e" assets %tili8e" for o&! +%r+oses 00(525()5,>00 0(0),(5);>,. 55,().->.: 5()25(:9;>:5 50(2;.(-;;>)0 )5(),0(2-5>-0
I!1est#e!ts i! real estate < < < 0(992(;5)>9. < 0(992(;5)>9.
Other !o!<c%rre!t assets :5(5:5>9- 9()5;>)9 < < 0(2..(..5>5, 0()..(2.0>),
C%rre!t Assets 5())9(2.->-2 .(:;2(9;9>00 95(090>:: -29(0-0>2, :)(,2;()22>-: 5;)(200()0->05
Total assets 5e1 seH.ent 39+?M1+1\0,3M 11+2=M+9=M,<\ 1M?+M<=,?\ <+=?9+320,29 112+<2<+<1<,M\ 1=9+9<\+992,M?
E3%it < < < < 529(2)2(992>95 529(2)2(992>95
Lo!*<ter# lia$ilities 5(0)5(.:9>00 5(2--();:>5: 5-()5)>2) 5-;(2,,>,. 5(,90(9,:>:: 2():5(5):>,0
Short<ter# lia$ilities 2()-0(;20>9- ,(0.;(;2)>;. 55(99.>:9 22-(0:->,. ,)(;-9>:: 55(25-(0:9>)0
Total B[67t/ A :7ab7l7t7es 5e1 seH.ent
<+\?9+\92,1< ?+?M2+<<9,2= 29+903,93 <=2+\<M,39 1<0+203+?\3,?M 1=9+9<\+992,M?

W7s8al Uea1 2012
31+12+2012
Conta7ne1
Te1.7nal
ConXent7onal
Lo1t
LassenHe1
T1aff78
B^5lo7tat7on
of s5a8es
Gt 8o.5an/
leXel Co.5an/ Total
Ta!*i$le fi7e" assets %tili8e" for o&! +%r+oses 00()9-(..)>;5 5,(.:5(09.>)5 )-2(.0;>9, 5().2(5:->)9 )-(2.0(;9)>:,
I!1est#e!ts i! real estate < < < 2(,.5(22,>)- < 2(,.5(22,>)-
Other !o!<c%rre!t assets 52-()0,>;0 ,)(,;;>), ,(0-,()0->;; ,()02(,,9>):
C%rre!t Assets 5(2)0()),>:9 )(2,,(5:2>25 2()-,>.- 0.0(9,)>5. 9:(99-(;;->9) :.(59;(52,>50
Total assets 5e1 seH.ent 3<+1?\+\=\,02 22+323+1\2,9\ <2M+2<?,<\ =+=1M+<09,2? M=+20\+<39,\< 1=0+\<M+39?,20
E3%it < < < < 52)(;2)(-;9>50 52)(;2)(-;9>50
Lo!*<ter# lia$ilities 5():5());>0) 5()2)(9;9>,: -0(0).>2) 5.5(5;,>)2 5(,.2(0-9>.5 )(;;,(5)5>.2
Short<ter# lia$ilities 5(:):(;5)>:) 0(.-;(2;->2. -5(2,9>00 :)(95.>:: )(;55(-9->): 5;(9;.(:9.>00
Total B[67t/ A :7ab7l7t7es 5e1 seH.ent
3+<<0+<=<,30 <+2==+211,1= 99+\2<,?\ 2==+M29,<3 1<1+?30+\1M,93 1=0+\<M+39?,20

No! "istri$%te" assets #ai!l re*ar" cash hol"i!*s> fi!a!cial i!str%#e!ts a!" "eferre" ta7atio!> &hile
!o!<"istri$%te" e3%it a!" lia$ilities #ai!l re*ar" all of e3%it> lia$ilities fro# s%++liers> i!co#e ta7>
fi7e" asset s%$si"ies a!" other +ro1isio!s(

0aZo1 C6sto.e1sY There are t&o c%sto#ers> each of &hich acco%!ti!* for a +erce!ta*e o1er 5;N o!
the total sales of the co#+a!( O!e of the# o+erates i! the o+erati!* se*#e!t CONTAINER TERMINAL> &ith a
+erce!ta*e of 5-(.,N> &hile the other i! CONJENTIONAL PORT &ith a +erce!ta*e of 55())N of all co#+a!
sales(

?+2 Cal86lat7on of 1es6lts befo1e ta^, f7nan87al 1es6lts anF total Fe51e87at7ons (B3IT4G)
The res%lts $efore ta7> fi!a!cial res%lts a!" total "e+reciatio!s ?EBITDA@ &ere calc%late" as follo&sA
2013 2012
Profits $efore ta7 -2(02-(-0.>05 -0(;-2(5,)>;)
Pl%sA De+reciatio!s of ta!*i$le fi7e" assets a!" i!ta!*i$le
assets ?!otes 9(-> 9(0@

0(..)(95;>-;

0();:(:.0>.;
LessA Net fi!a!cial i!co#e ?!ote 9(-0@ ?2(,;.(90,>--@ ?)(50.(5.;>)-@
O+eratio!al +rofits ?EBITDA@ 23+<10+211,2M 21+3M=+M=\,23

,,
\+ Ite. anal/s7s A ot2e1 F7s8los61es

\+1 InXest.ents 7n 1eal estate

31>12>2013 31>12>2012
Bala!ce at start of +erio" 2(,.5(22,>)- )(9-;()00>9)
Loss fro# fair 1al%e at Profit or Loss ?!ote 9(-2@ <.9.(20;>,) <5(52:(;9.>00
3alan8e at enF of 5e17oF 3+\\9+01<,\? 9+=?1+99=,<2

The co#+a! o&!s fo%r +lots of la!" o%tsi"e the Port Io!e &hich are hel" to *e!erate re!t or i!crease the
1al%e of its ca+ital a!" &hich are free of all lie!s( The co#+a! has chose! the fair 1al%e #etho" for calc%lati!*
the $oo6 1al%e of its i!1est#e!t +ro+erties( Profits or losses arisi!* fro# a cha!*e i! fair 1al%e i! i!1est#e!ts i!
real estate are i!cl%"e" i! the !et +rofit or loss for the +erio" i! &hich that cha!*e occ%rs(
The fair 1al%e of le1el 0 i!1est#e!t +ro+erties is #eas%re" at the Co#+a! $ i!"e+e!"e!t e7ter!al s%r1eors(
The fair 1al%es of i!1est#e!t +ro+erties &ere co#+%te" i! accor"a!ce &ith the i!"e+e!"e!t s%r1eor/s re+ort
o! 05E5-E-;50( The #etho" %se" $ the i!"e+e!"e!t s%r1eor &as the FCo#+ara$le Data or Pro+ert Mar6etG
#etho" a!" i! +artic%lar the #etho"olo* of the FE7+loitatio!G of co#+a! +lots(
A cha!*e i! real estate +rices $ S)N &o%l" $ri!* a$o%t a corres+o!"i!* cha!*e $ a++ro7i#atel P 5:2
tho%sa!" i! the res%lts for the fiscal ear(
The #a=or ass%#+tio!sEfactors %se" for the 1al%atio! of i!1est#e!t +ro+ert are a!al8e" as follo&sA
OanHe (aXe1aHe 5178es)
Co!str%ctio! cost P ,;; < P :;; E #
-

Mar6et Jal%e ?"e+e!"i!* of the t+e of $%il"i!*@ P :;; < P 2(;;; E #
-

I!1est#e!t real estate area lease" to three co#+a!ies for the e7+loitatio! of car +ar6i!* s+aces( I!co#e fro#
the lease of i!1est#e!t real estate a#o%!t to P 5.->9;-(;2 a!" P 525>-9)(-2 for the fiscal ears e!"e" o!
Dece#$er 05> -;50 a!" -;5- corres+o!"i!*l( I! fiscal ears -;50 a!" -;5- !o re+air or #ai!te!a!ce e7+eses
&ere %!"erta6e! for the +ro+erties i! 3%estio!(

,.
\+2 TanH7ble Gssets
B%il"i!*s<
Facilities
Machi!er <
Mecha!ical
E3%i+#e!t
Mea!s of
Tra!s+ortatio!
F%r!it%re a!"
other
e3%i+#e!t
Pro=ects %!"er
co!str%ctio!
Total
Cost of f7êF assets 19+233+2==,<= <<+\10+0\<,<< 9+=03+==M,?? 3+<30+<=\,1? 1<+00=+\<M,3= M3+1\9+99M,91
on 01+01+2012
E7te!sio!s
5-,(,00>;; -9:(;)9>;2 02:>): 0;,(,).>;, -(.;.(029>90 3+930+09=,<2
I#+air#e!t of fi7e" assets < <5,)(95;>.5 <.00(,.)>.5 <)(2.0>-5 < EM09+M<M,=3
Tra!sfers -(.:)(.,.>2: 5(05:(.2)>.; 05(.-)>09 ;>;; <2(52.(-0.>). <
Cost of f7êF assets on
31+12+2012
1?+1<<+==?,0< <?+2<3+0?\,<\ 3+M02+0=M,03 3+\31+?<2,02 13+<==+M=M,=2 M<+?0M+<3=,30
G886.6lateF
Fe51e87at7on to
01+01+2012
9+9M?+?<2,?\ 30+==1+002,12 2+\19+<\\,3\ 2+==\+M03,32 E 90+=92+29=,=0
Period depreciation
,;:(-2)>)0 -(25,(),)>)) 52-(,5)>2, --2(520>2. < 0(0:-().;>;5
I#+air#e!t of fi7e" assets
< <5,)(95;>.5 <,-.(2-;>)) <)(50)>;5 < <.:9(0,.>-.
Total Fe51e87at7on to
31+12+2012
<+10=+MM\,31 32+M11+?<=,M= 2+32M+?\3,2M 2+\\?+M11,?\ E 93+23=+9<0,39
Ca117eF Xal6e on
31+12+2012
12+09\+==\,?9 29+391+321,=2 1+<?2+2\<,?9 M93+\90,<1 13+<==+M=M,=2 <2+9?3+0\<,M=
01+01+2013 1?+1<<+==?,0< <?+2<3+0?\,<\ 3+M02+0=M,03 3+\31+?<2,02 13+<==+M=M,=2 M<+?0M+<3=,30
Extensions for the period -:;(:2,>:. 5())0(299>-; -2,(2-->-0 55;(:95>:, 29:(9;9>5; -(,:5(,2.>2,
Tra!sfers
5(.)5(;,9>-- 29,(5;;>;; 02(9:)>0, < <-(-.-(;,0>)9 <
< <52)(.99>00 <5))(2.2>,. < < <0;5(-,0>;;
31+12+2013
1M+1M?+=\2,29 <M+19=+\?\,9< 9+02?+M11,M< 3+M92+?33,M\ 11+?\9+?19,19 M\+0MM+M20,?=
Acc%#%late" "e+reciatio! to
05(5-(-;5-
)(5;,(::9>05 0-(:55(.),>:, -(0-:(.90>-: -(99.(:55>.9 < 20(-0,(2);>02
Period depreciation
.,-(,-.>0; -(2)2(:):>-2 5)-(;29>22 --.(5-5>20 < 0():,(.),>25
< <52)(509>)- <5)5(),9>.; < < <-:,(.;.>--
Total Fe51e87at7on to
31+12+2013
<+\=M+=2<,=1 3<+221+<??,=\ 2+330+2=3,03 3+11<+033,21 E 9=+<3=+9MM,<3
Ca117eF Xal6e on
31+12+2013
13+32\+0<=,=3 23+M2<+300,?? 1+=M?+=9\,M2 \2?+?00,?? 11+?\9+?19,19 <1+<=3+921,23

Co#+a! assets are free of all lie!s( The Co#+a! co!ti!%es to %tili8e fi7e" assets &ith a total ac3%isitio! cost
of -(0 #il( P> &hich ha1e $ee! f%ll "e+reciate"( The co#+a! has co!cl%"e" i!s%ra!ce co!tracts co1eri!*
+ossi$le ris6s of earth3%a6e> fire a!" other ris6s to its assets fro# acts of *o" a!" also co1eri!* *e!eral ci1il
lia$ilit for electro#echa!ical e3%i+#e!t a!" $%il"i!*s &hich ha1e $ee! co!ce"e" to it $ the Cree6 State> a!"
e#+loer/s ci1il lia$ilit for #achi!er> 1ehicles> electric *a!tr cra!es a!" or"i!ar *a!tr cra!es(

,9
Ta!*i$le assets &hich are !ot s%$=ect to "e+reciatio! are a!!%al chec6e" for +ossi$le i#+air#e!t( For fi7e"
assets s%$=ect to "e+reciatio! a! i#+air#e!t chec6 shall ta6e +lace &he! e1e!ts a!" co!"itio!s s%**est that
their resi"%al 1al%e #a !o lo!*er $e reco1era$le( Sho%l" the resi"%al 1al%e of fi7e" assets e7cee" their
reco1era$le 1al%e> the accessor s%# re*ar"s a! i#+air#e!t loss> &hich is recor"e" "irectl as a! e7+e!se i!
the i!co#e state#e!t( No i#+air#e!t loss &as e!tere" for fiscal ears -;50 a!" -;5- as there &as !o
i!"icatio! of i#+air#e!t(

\+3 IntanH7ble assets
Software
Software in
development
Total
Cost of intangible assets on
01.01.2012
1.576.029,85 109.715,20 1.685.745,05
Extensions for the period 31.359,07 692.530,00 723.889,07
Transfers 109.715,20 -109.715,20 -
31.12.2012
1.717.104,12 692.530,00 2.409.634,12
Accumulated depreciation to
01.01.2012 1.431.493,84 - 1.431.493,84
Period depreciation 117.403,69 - 117.403,69
Total depreciation to 31.12.2012
1.548.897,53 - 1.548.897,53
Carried value on 31.12.2012
168.206,59 692.530,00 860.736,59
01.01.2013
1.717.104,12 692.530,00 2.409.634,12
Extensions for the period 79.500,00 197.400,00 276.900,00
Transfers 889.930,00 -889.930,00 -
31.12.2013
2.686.534,12 - 2.686.534,12
Accumulated depreciation to 31-12-
2012 1.548.897,53 - 1.548.897,53
Period depreciation 179.053,79 - 179.053,79
Total depreciation to 31.12.2013 1.727.951,32 - 1.727.951,32
Carried value on 31.12.2013
958.582,80 - 958.582,80

I!ta!*i$le assets relate to the cost of +%rchasi!* soft&are a!" all e7+e!ses i!c%rre" to "e1elo+ soft&are i!
or"er for it to $e co##issio!e"( De+reciatio! of soft&are is calc%late" $ase" o! a fi7e" li!e #etho" o1er a
+erio" of 0 to 5; ears(

,:
\+9 W7nan87al Gssets

\+9+1 RonE8611ent

W7nan87al Gssets GXa7lable fo1 sale
31>12>2013 31>12>2012
Bala!ce at start of +erio" 3.980.437,50 4.811.591,40
Reductions <0(.);(;;;>;; <-(2.-(;;;>;;
De+reciatio! at a +re#i%# ?!ote 9(-0@ )(599>); .-(5.2>9-
A"=%st#e!ts at fair 1al%e ?!ote 9(5;(-@ ).(5.2>;; 5(),9(,.5>-9
3alan8e at enF of 5e17oF 2M2+\00,00 3+M\0+93?,<0

C2anHes 7n t2e f7s8al /ea1

O! 55(;-(-;50 the $o!" $ ALPHA BANK of !o#i!al 1al%e P 0>.);>;;;(;; &hich the co#+a! hel" si!ce
-;5; &as recalle"( Fro# the 1al%atio!s of this +artic%lar title a reser1e &as *e!erate"> re"%ci!* e3%it $
the s%# of P -;>).2(;; a!" &hich tra!sferre" to the 1al%e of the $o!" "%e to li3%i"atio! at its !o#i!al
1al%e(
Fro# the 1al%atio! of the $o!" hel" o! Dece#$er 05> -;50 a! i!co#e a#o%!ti!* to P0,(,;;>;; e!s%e">
&hich is "e+icte" i! the Co#+rehe!si1e I!co#e State#e!t %!"er FOther Total I!co#eG $ the s%# of
P).(5.2>;;> to*ether &ith the 1al%atio! "iffere!ce a#o%!ti!* to P -;().2>;;> fro# the $o!" &hich e7+ire"
o! 55(;-(-;50(

C2anHes 7n t2e 51eX7o6s f7s8al /ea1

O! 5.(;:(-;5- a $o!" $ ALPHA BANK of !o#i!al 1al%e P ->2.->;;;(;; &hich the co#+a! hel" si!ce -;5;
&as recalle" a!" the Co#+a! collecte" its !o#i!al 1al%e( Fro# the 1al%atio!s of this +artic%lar title a
reser1e &as *e!erate"> re"%ci!* e3%it $ the s%# of P -29(;2:>09 a!" &hich &as erase" $ li3%i"atio!
?!ote 9(5;(-@(
Fro# the 1al%atio! of the $o!"s hel" $ ThPA SA o! Dece#$er 05> -;5- a +rofit a#o%!ti!* to
P5>0-;>,-5(:; ?05(5-(-;5-A Loss P :00>20-(:0@ e!s%e" &hich is "e+icte" o! the Co#+rehe!si1e I!co#e
State#e!t %!"er FOther Total I!co#eG $ the s%# of P 5>),9>,.5(-9> si!ce the 1al%atio! "iffere!ce
a#o%!ti!* to P -29>;2:(09 fro# the $o!" recalle" i! fiscal ear -;5- ?!ote 9(5;(-@ &as a""e"(

.;
\+9+2 C611ent

W7nan87al assets at fa71 Xal6e t21o6H2 LA:
31>12>2013 31>12>2012
Bala!ce at start of +erio" 2;;(;;;>;; -;;(;;;>;;
Jal%atio! *ai! ?!ote 9(-0@ ,;;(;;;>;; -;;(;;;>;;
Re"%ctio!s <5(;;;(;;;>;; ;>;;
Total 0,00 900+000,00

The title $ Natio!al Ba!6 of Creece of face 1al%e P5>;;;>;;;(;; &hich the co#+a! hel" si!ce -;;0 &as
li3%i"ate" o! ;5(;2(-;50( Fro# the 1al%atio! of this +artic%lar title a loss i! +re1io%s fiscal ears a#o%!ti!*
to P,;;>;;;(;; ha" e!s%e" &hich &as reco*!i8e" as a! i!co#e i! the c%rre!t fiscal ear a!" &as e!tere" i!
fi!a!cial i!co#e ?!ote 9(-0@(

\+< :onHEte1. 1e8e7Xables

Lo!*<ter# recei1a$les are a!al8e" as follo&sA
31>12>2013 31>12>2012
Electricit ?PPC@ *%ara!tees 5.(,;9>-5 5.(,;9>-5
Later s%++l ?EYATH@ *%ara!tees )5->55 )5->55
Nat%ral *as *%ara!tees 9(2;9>;; 9(2;9>;;
Other *%ara!tees
5(;;,>;; 5(;;,>;;
TCTG: 2?+<39,32 2?+<39,32

These recei1a$les relate to *%ara!tees &hich &ill !ot $e collecte" %!til the e!" of the !e7t fiscal ear a!"
&hich ha1e $ee! 1al%e" at cost(

\+= InXento17es

I!1e!tories are a!al8e" as follo&sA
31>12>2013 31>12>2012
Co!s%#a$les
At cost 5(9:.()-,>0. 5(,5,(-,2>9)
At !et reali8a$le 1al%e 5(.-)(90.>0. 5()9)(209>9)
S+are +arts
At cost -,5(-2.>99 552(2.->),
At !et reali8a$le 1al%e -,5(-2.>99 .,(,-0>),
Total 7nXento17es at t2e lo;est 8ost anF net
1eal7_able Xal6e 1+M\?+0\<,2< 1+==2+0=2,91

.5
E1er cha!*e i! the i#+air#e!t +ro1isio! i! the 1al%atio! of i!1e!tories at the e!" of the fiscal ear a!"
at their !et reali8a$le 1al%e is i!cl%"e" i! the cost of i!1e!tories e!tere" as a! e7+e!se at the cost of
*oo"s sol"(

I! fiscal ear -;50 a +ro1isio! a#o%!ti!* to P 5;0(;52>;; ?-;5-A P ,9(,.)>;;@ &as e!tere"> re*ar"i!*
loss fro# the 1al%atio! of i!1e!tories at the e!" of the fiscal ear a!" at their !et reali8a$le 1al%e ?!ote
9(5.@(

Co!s%#a$les a!" s+are +arts are i! *oo" &or6i!* or"er a!" !ecessar to r%! the electro#echa!ical
e3%i+#e!t of the co#+a!( There is !o iss%e of the i#+air#e!t of their 1al%e(

\+? T1aFe 1e8e7Xables

Tra"e recei1a$les are a!al8e" as follo&sA
31>12>2013 31>12>2012
Tra"e recei1a$les ,(259(;)->,: ,(;09(;))>)0
:essY Pro1isio! for $a" "e$t <5(5,,(2.,>5) <5(2)-(.),>:.
Total <+2<1+<?=,<9 9+<\<+2M\,<=

Ci1e! that the co#+a!> i! accor"a!ce &ith the c%rre!t FTh(P(A( S(A( Ser1ice Price List a!" Re*%latio!G>
recei1es a"1a!ce +a#e!ts ?"e+osits@ for &or6s> &hich are settle" at re*%lar i!ter1als> the !et recei1a$les
fro# c%sto#ers less acc%#%late" +ro1isio!s> a#o%!te" o! 05(5-(-;50 to the s%# of P -(-0.(9,;>-, ?P
)(-)5().,>)2 < P 0(;50(.5,>-9@ a!" o! 05(5-(-;5- to the s%# of P -()5.(-;:>), ?P 2()9)(-:9>), < P
-(;,9(;9:>;;@(

Each c%sto#er acco%!t is "e$ite" E cre"ite" &ith "o&! +a#e!ts collecte" a!" the fi!al +a#e!t for
s+ecific i!1oices corres+o!"i!* to s+ecific "o&! +a#e!ts( At the e!" of each +erio" that $ala!ce is
+rese!te" i! the lia$ilities acco%!t RC%sto#er Do&! +a#e!ts/( The #a=orit of c%sto#er $ala!ces ?,
#o!ths a!" o1er@ for &hich !o +ro1isio! has $ee! for#e" are co1ere"> for the #ost +art> $ "e+osits(
Lhere co!tracts ha1e $ee! co!cl%"e" &ith c%sto#ers &hich +ro1i"e for a "isco%!t> a letter of cre"it is
also "e+osite"(
S%ch letters of cre"it a#o%!te"> o! 05(5-(-;50> to the s%# of P 5(99;(;;;>;; ?P 5(99)(;;;>;; o!
05(5-(-;5-@(
The co#+a! has for#e" a +ro1isio! for $a" "e$t fro# recei1a$les &hich it co!si"ers it &ill $e %!a$le to
collect(

.-
The acco%!t of the +ro1isio! for $a" "e$ts fro# c%sto#er recei1a$les for fiscal ears e!"e" o! Dece#$er
05 -;50 a!" -;5- is $ro6e! "o&! follo&sA

3alan8e on han6a1/ 1, 2012 1+100+=1\,1M
A""itio!al +ro1isio! for the fiscal ear ?!ote 9(-;@ 0.-(,5;>9,
No!<%tili8e" +ro1isio! ?!ote 9(59@ <-;(2.->;9
3alan8e on 4e8e.be1 31, 2012 1+9<2+?<=,M?
A""itio!al +ro1isio! for the fiscal ear ?!ote 9(-;@ :0(5;)>),
Utili8e" +ro1isio! <5..(-9;>:.
No!<%tili8e" +ro1isio! ?!ote 9(59@ <-;-(5;)>25
3alan8e on 4e8e.be1 31, 2013 1+1==+9?=,1<

O! Dece#$er 05> c%sto#er a!" other tra"e recei1a$le #at%rit "ates &ere as follo&sA

Rot oXe1F6e
anF not
7.5a71eF 0E30 Fa/s 31E=0 Fa/s =1E300 Fa/s i300 Fa/s TCTG:
Recei1a$les 05(5-(-;50 5(.,)()-)>:5 5(.,-(;:5>)- 2);(,0;>,0 5(-.0(0-9>29 ;>;; <+2<1+<?=,<9
Recei1a$les 05(5-(-;5- -(0,0(,5;>5: 55-(05:>9) 0:5(.);>22 5(.5.(,59>;9 ;>;; 9+<\<+2M\,<=

\+\ GFXan8es anF ot2e1 1e8e7Xables

A"1a!ces a!" other recei1a$les are a!al8e" as follo&sA

31>12>2013 31>12>2012
A"1a!ces to staff -5.(:5,>09 -:)(02:>2,
Loa!s to staff 5:;(:-:>., 0-,(-,2>;:
Recei1a$les fro# c%rre!tl ear!e" i!co#e 90-(;0:>9. 5(,09(5,.>;9
S%!"r "e$tors 00)(:-,>.5 -5-(9..>2)
Recei1a$les fro# JAT .5(5;->5) 2;9(55;>)2
Ne7t +erio" e7+e!ses 00(-.:>;0 522(2:;>2-
Do%$tf%l "e$tors 95:(9;,>;5 99.(0);>)0
LessA Pro1isio! for $a" "e$t <95:(9;,>;5 <99.(0);>)0
TCTG: 1+=\1+1M3,M0 3+02<+2<M,09

GFXan8es to staffY Salaries for f%ll<ti#e staff are +ai" i! a"1a!ce o! the 5
st
a!" 5,
th
"a of each #o!th(
The a#o%!t +rese!te" relates to +a a"1a!ces for f%ll<ti#e staff for the #o!th of Ma!%ar -;52(

:oans to staffY The Co#+a! +ro1i"es its staff i!terest<$eari!* a!" i!terest<free loa!s( The total a#o%!t
of i!terest<$eari!* loa!s &hich ca! $e *ra!te" to staff ?office staff a!" +ort &or6ers@ each ear has $ee!
a++ro1e" $ the Boar" of Directors of ThPA S(A( ?Decisio! 29:)E.<5;<55@ a!" ca!!ot e7cee" the s%# of

.0
P595(;;; +er ear( Lhe! *ra!ti!* loa!s sta#+ "%t is a++lie" at ->2N a!" i! the case of i!terest<$eari!*
loa!s i!terest is calc%late" at a rate e3%al to the i!terest rate for 0<#o!th Cree6 Co1er!#e!t !otes( The
le1el of i!terest<free loa!s +er e#+loee "oes !ot e7cee" P )(-;;> &hile the le1el of i!terest<$eari!*
loa!s +er e#+loee "oes !ot e7cee" P .(;;; a!" i!stal#e!ts are &ithhel" fro# e#+loee salaries( Loa!s
are +rese!te" at face 1al%e &hich reflects their fair 1al%e(

Oe8e7Xables f1o. 8611entl/ ea1neF 7n8o.eY These ca#e fro#A ?a@ accr%e" i!terest i!co#e P
9;-():,>9. ?-;5-A P 5(0.;(:55>99@> ?$@ i!co#e fro# !o!<i!1oice" &or6s P :();;>;; ?-;5-A P -25(0-0>-;@
a!" ?c@ other i!co#e P 5:(:20>;; ?-;5-A P -)(:0->;;@(

The acco%!t for the +ro1isio! for "o%$tf%l other recei1a$les for fiscal ears e!"e" o! Dece#$er 05>
-;50 a!" -;5- is $ro6e! "o&! as follo&sA

3alan8e on han6a1/ 1, 2012 \<0+?1M,<=
A""itio!al +ro1isio! for the fiscal ear ?!ote 9(-;@ .-(.,5>,,
No!<%tili8e" +ro1isio! ?!ote 9(59@ <0,(50;>,:
3alan8e on 4e8e.be1 31, 2012 \\?+3<0,<3
No!<%tili8e" +ro1isio! ?!ote 9(59@ <,.()22>)-
3alan8e on 4e8e.be1 31, 2013 \1M+\0=,01

\+M Cas2 anF 8as2 e[67Xalents

Cash a!" cash e3%i1ale!ts are $ro6e! "o&! as follo&sA

31>12>2013 31>12>2012
Cash
5)-(,0.>)9 5-.(:2,>)0
Si*ht "e+osits
2(:5-(05,>02 -(.);();->-9
Ti#e "e+osits
:5(229(.-->.; 92(,-:(;..>0;
TCTG:
M=+<13+=?=,=2 \?+<0?+<2=,11

Si*ht a!" ti#e "e+osits ha1e a floati!* i!terest rate> "e+e!"i!* &ith the hei*ht of the "e+osit> &hich i!
the co%rse of fiscal ear -;50 ra!*e" fro# -(0;N to ,(9;N ?2(,;N to ,(9;N i! fiscal ear -;5-@( The
c%rre!t 1al%e of these si*ht a!" ti#e "e+osits a++ro7i#ates their $oo6 1al%e> "%e to the floati!* i!terest
rates a!" short<ter# #at%rit "ates(

I!co#e fro# i!terest fro# $a!6 "e+osits are reco*!i8e" %si!* the accr%e" i!terest +ri!ci+les> a!" a#o%!t
to P 0(:.9(,59>:; for the fiscal ear e!"e" o! Dece#$er 05> -;50> a!" P 2(,--(,5:>2: for the
corres+o!"i!* fiscal ear of -;5- ?!ote 9(-0@(

.2
\+10 B[67t/

\+10+1 -2a1e Ca57tal

ThPA/s share ca+ital sta!"s at thirt #illio! t&o h%!"re" a!" fort tho%sa!" E%ros ?P 0;>-2;>;;;@ a!" is
"i1i"e" i!to te! #illio! ei*ht tho%sa!" ?5;>;9;>;;;@ or"i!ar re*istere" shares &ith a face 1al%e of three
E%ros ?P 0(;;@ each( The share ca+ital &as f%ll +ai" %+ o! 05(5-(-;50( There &as !o cha!*e "%ri!* the
+erio"(

\+10+2 Oese1Xes
-tat6to1/
1ese1Xe
GXa7lable fo1
sale
7nXest.ent
Xal6at7on
1ese1Xe
TntaêF
1ese1Xes Total
3alan8e on han6a1/ 1, 2012 3+22?+12M,M0 E1+\21+09<,2\ <M+12\+9?\,01 =0+<39+<=2,=3
Cha!*es "%ri!* the fiscal ear
Tra!sfer fro# +rofits carrie" for&ar" :;5()9->0- < < :;5()9->0-
Jal%atio! of i!1est#e!ts a1aila$le for sale
?!ote 9(2(5@ < 5(),9(,.5>-9 < 5(),9(,.5>-9
3alan8e on 4e8e.be1 31, 2012 9+12\+?12,22 E2<2+3?9,00 <M+12\+9?\,01 =3+009+\1=,23
Cha!*es "%ri!* the fiscal ear
Tra!sfer fro# +rofits carrie" for&ar" 9:-(59->0- < < 9:-(59->0-
Jal%atio! of i!1est#e!ts a1aila$le for sale
?!ote 9(2(5@ < ).(5.2>;; < ).(5.2>;;
3alan8e on 4e8e.be1 31, 2013 <+020+\M9,<9 E1M<+200,00 <M+12\+9?\,01 =3+M<9+1?2,<<

The stat%tor reser1e has $ee! for#e" i! co#+lia!ce &ith the +ro1isio!s of Co##ercial La& -5:;E5:-;
a!" #a !ot $e "istri$%te" &hile the co#+a! is i! o+eratio!( U!ta7e" reser1es i!cl%"e reser1es fro#
i!co#e %!"er s+ecial ta7atio!> fro# fi!a!cial i!co#e e7e#+t fro# ta7atio!> &hich ha1e !ot $ee! ta7e"
$ase" o! s+ecial +ro1isio!s i! the la&> as &ell as the S+ecial %!ta7e" reser1e of La& -995E-;;5>
a#o%!ti!* to P).(5 #illio!(
La& 25)-E:<)<50 a!!%lle" +ar( ) i! article ) of the Articles of Associatio! of Th(P(A( SA a!" +ossi$le
*oo"&ill e!s%i!* fro# +erfor#e" i!creases of the share ca+ital of Th(P(A( SA to the e7te!t that s%ch ha1e
$ee! e!tere" i! a s+ecial reser1e shall $e ta7e" %!"er the co!"itio!s a!" to the e7te!t +ro1i"e" for $ the
*e!eral +ro1isio!s> !a#el i! case of its "istri$%tio! or ca+itali8atio!( Ta7es o! +ossi$le *oo"&ill to $e
"istri$%te" or ca+itali8e" shall $e co#+%te" $ase" o! the ta7 rate i! force for the ta7atio! of the +rofits of
the fiscal ear i! &hich s%ch "istri$%tio! or ca+itali8atio! &ill ta6e +lace( The Boar" of Directors of the
co#+a! has alrea" "eci"e"> "%e to the i#+orta!ce of the iss%e a!" i! a!tici+atio! of clarificatio!s fro#

.)
the Mi!istr of Eco!o#ics o! this iss%e> to i!cl%"e it i! the a*e!"a for the Re*%lar Ce!eral Meeti!* of
Sharehol"ers(

B 1irt%e of La& 25.-E-;50 +ar( 5- B 50 i! article .- there e!s%es a! iss%e re*ar"i!* the ta7atio! of
other e7e#+t fro# ta7 reser1es of ThPA SA> a#o%!ti!* to a++ro7i#atel P5(. #illio!( Base" o! this
cha!*e i! the le*islatio! o! the ta7atio! of reser1es for#e" $ e7e#+t fro# ta7atio! fi!a!cial i!co#e
+%rs%a!t to La& --09E5::2 the ta7 of 5:N "%e o! the reser1es a!" a#o%!ti!* to P0-5>)95()) has $ee!
reco*!i8e" i! fiscal ear -;50 ?!otes 9(5) a!" 9(-2@(
Fi!all> 1al%atio! res%lts for Ffi!a!cial assets a1aila$le for saleG are #o!itore" i! a s+ecial reser1es acco%!t
?Note 9(2(5@(

.,
\+11+ L1oX7s7ons fo1 obl7Hat7ons to e.5lo/ees

Pro1isio! for o$li*atio!s to e#+loees is a!al8e" as follo&sA

C2anHes to t2e net obl7Hat7on 1e8oHn7_eF 7n t2e W7nan87al Los7t7on -tate.ent
31>12>2013 31>12>2012
Prese!t 1al%e of o$li*atio! 0(,.-(2;0>52 2(;,9(-25>;;
-6.s 1e8oHn7_eF 7n t2e Co.51e2ens7Xe In8o.e -tate.ent
1>1>2013 E
31>12>2013
1>1>2012 E
31>12>2012
Ser1ice cost 559(;,5>;; 5,9(955>;;
Fi!a!cial cost 5;:(920>;; 5-:(02->;;
Cost of a""itio!al e#+loee $e!efits 92(;::>95 59;(;:)>0-
Cha!*es i! act%arial losses reco*!i8e" i! other i!co#e
<05.(925>,. :.9(529>,9
Total (7n8o.e)>e^5ense 7n Co.51e2ens7Xe In8o.e
-tate.ent E<+\3?,\= 1+9<=+3M?,00
C2anHes to net obl7Hat7on 1e8oHn7_eF 7n t2e W7nan87al Los7t7on -tate.ent
1>1>2013 E
31>12>2013
1>1>2012 E
31>12>2012
Net o$li*atio! at start of ear 2(;,9(-25>;; 0(;.,(922>;;
Char*es i! the I!co#e State#e!t ?!ote 9(-5@ 05-(;;0>95 2.9(-29>0-
Char*e i! other co#+rehe!si1e i!co#e <05.(925>,. :.9(529>,9
Be!efits +ai" $ the e#+loer <0:;(;;;>;; <2,)(;;;>;;
Ret obl7Hat7on at enF of /ea1 3+=?2+903,19 9+0=\+291,00

The +ri!ci+al act%arial ass%#+tio!s e#+loe" for the calc%latio! of the rele1a!t +ro1isio!s are as follo&sA
31>12>2013 31>12>2012
Disco%!t rate 0>-;N ->.;N
F%t%re salar i!creases ;>;;N ;>;;N
E7+ecte" resi"%al &or6i!* life 5->:, 50>)2

The Co#+a! calc%lates the reser1e for staff co#+e!satio! "%e to retire#e!t i! co#+lia!ce &ith the
+ro1isio!s of the sectoral collecti1e la$o%r a*ree#e!t ?E(S(S(E(@( Staff co#+e!satio! o$li*atio!s for -;50
a!" -;5- &ere calc%late" %si!* a! act%arial st%"(

..
I! case the ti#e<+refere!ce rate is i!crease" $ ;(-)N> the! all of the +erso!!el $e!efits &o%l" ha1e
$ee! "ecrease" $ -(9N &hile if the ti#e<+refere!ce rate &as to $e "ecrease" $ ;(-)N the! the s%# of
all +erso!!el $e!efits &o%l" ha1e $ee! i!crease" $ -(:N(

\+12 Ct2e1 51oX7s7ons

The acco%!t is $ro6e! "o&! as follo&sA

L1oX7s7ons fo1
o5en ta^ /ea1s
Ct2e1 51oX7s7ons Total
3alan8e on 1+1+2012
90=+3?1,?9 91?+<0M,MM \23+\\1,?3
A""itio!al +ro1isio!s ?!ote 9(--@
< -,(-:)>), -,(-:)>),
3alan8e on 31+12+2012
90=+3?1,?9 993+\0<,<< \<0+1??,2M
Use" +ro1isio!s
< <-,(-:)>), <-,(-:)>),
3alan8e on 31+12+2013
90=+3?1,?9 91?+<0M,MM \23+\\1,?3

ThPA SA has !ot $ee! a%"ite" for ta7atio! +%r+oses fro# -;;) %!til -;5; ?!ote 9(-.(2@(

\+13 Ct2e1 lonHEte1. l7ab7l7t7es

Other lo!*<ter# lia$ilities are a!al8e" as follo&sA
31>12>2013 31>12>2012
Re!t *%ara!tees :-(-5.>22 9.(.00>22
Other lo!*<ter# lia$ilities
-(,).>0- ;>;;
Total
M9+\?9,?= \?+?33,99

\+19 -2o1tEte1. :7ab7l7t7es

Short ter# lia$ilities> sa1e for i!co#e ta7> are a!al8e" as follo&sA
31>12>2013 31>12>2012
Lia$ilities to s%++liers 5()25(-.;>2) 5()2;(5)2>09
C%sto#er "o&! +a#e!ts 0(;50(.5,>-9 -(;,9(;9:>;;
Other lia$ilities a!" accr%e" e7+e!ses
0(2:2(-.)>,. 2(:.5(0.9>0.
Total
\+09M+2=2,90 \+<?M+=21,?<

.9
The fair 1al%e of tra"e a!" other recei1a$les is !ot +rese!te" se+aratel si!ce> *i1e! their short<ter#
!at%re> Ma!a*e#e!t co!si"ers that the $oo6 1al%es reco*!i8e" i! the fi!a!cial +ositio! state#e!t are a
reaso!a$le a++ro7i#atio! of the fair 1al%es i!1ol1e"( The a$o1e lia$ilities "o !ot i!1ol1e i!terest a!" are
%s%all settle" &ithi! , #o!ths(

C6sto.e1 Fo;n 5a/.entsY The Co#+a! collects "o&! +a#e!ts fro# c%sto#ers $efore starti!* to
+ro1i"e ser1ices> &hich are settle" &he! i!1oices are +ai" i! f%ll ?!ote 9(.@(

Ct2e1 l7ab7l7t7es anF a8816eF e^5ensesY Other lia$ilities a!" accr%e" e7+e!ses are a!al8e" as
follo&sA
31>12>2013 31>12>2012
Ta7es < "%ties o! staff a!" thir" +art salaries 09,(50:>2; 22;()9->::
Other ta7es < "%ties 20(995>)5 0:(5;;>,9
I!s%ra!ce a!" +e!sio! f%!" "%ties ,2,():->9. .-.(),0>0,
E#+loee salaries +aa$le -0-(5;5>)) .-:(-9,>0-
Salaries "%e BoD #e#$ers ?!ote 9(-,@ -(,)2>;9 5;(52:>2)
Accr%e" e7+e!ses 5(-59(,-5>00 5(-02(2,:>;.
Other short<ter# lia$ilities
:,2(-92>:0 5(.:;(--,>);
Total 3+9M9+2?<,=? 9+M?1+3?\,3?

Taês g 46t7es on -ala17esY This fi*%re +ri#aril re*ar"s &ithhol"i!* ta7 a++lie" to +erso!!el salaries>
&hich are %s%all +ai" i! the #o!th follo&i!* the &ithhol"i!*> i! co#+lia!ce &ith the +ro1isio!s i! ta7
la&(
-o87al 7ns61an8e anF 5ens7on f6nF l7ab7l7t7esY This fi*%re is +ri#aril co#+rise" of co!tri$%tio!s K
&ithhol"i!*s to social sec%rit f%!"s> as ca! $e see! fro# the +aroll a!" ca! $e a!al8e" as follo&sA

31>12>2013 31>12>2012
Social Sec%rit I!stit%te ?IKA@ < Other Pri!ci+al I!s%ra!ce F%!"s
,;-(5.,>-) ))0(.;5>--
Co!tri$%tio!s to a%7illiar f%!"s
22(25,>,- 5.0(9,->52
Total =9=+<M2,\? ?2?+<=3,3=

The Co#+a! has !o o%tsta!"i!* "e$ts to social sec%rit F%!"s(

.:
G8816eF e^5ensesA This acco%!t is a!al8e" as follo&sA
31>12>2013 31>12>2012
Thir" +arties re#%!eratio!
)9(,);>;; 2-(2:)>,)
Thir" +arties $e!efits
555(52:>:. :,(0,0>-9
Ta7es<D%ties
-,>-5 -)>-2
Co!cessio! +rice
5(;29(.:)>5) 5(;.,(0-;>:;
Other
;>;; 5:(-,2>;;
Total
1+21\+=21,33 1+239+9=M,0?

\+1< In8o.e taês 5a/able
The i!co#e ta7es +aa$le are a!al8e" as follo&sA
31>12>2013 31>12>2012
I!co#e Ta7 ?!ote 9(-2@
,(2:9():5>;; 2(::-()59>.)
Bala!ce of i!co#e ta7 +aa$le
.5-(;-5>:; ;>;;
Ta7 o! %!ta7e" reser1es of La& 25.-E-;50
0-5()95>)) ;>;;
A"1a!cesEta7es &ithhel"
<2(5,:(;)9>0- <-(.,2(5)0>5,
Total 3+3=3+13=,13 2+22\+3=<,<M

\+1= -ales
Sales are a!al8e" as follo&sA
1>1E31>12>2013 1>1E31>12>2012
I!co#e fro# Co!tai!er Ter#i!al ser1ices .(5-2(.2->,9 .(00)(5;->05
I!co#e fro# loa"i!*E%!loa"i!* ser1ices of the
co!1e!tio!al +ort 5.(209(.5,>52 5:(509(;;9>-;
I!co#e fro# co!tai!er ser1ices
5:(2:9(.25>,) 59(:0:(,):>-)
I!co#e fro# #oori!* a!" $erthi!*
5(,-,()):>;: 5(2:-(0.)>.9
I!co#e fro# silo ser1ices
-.(.:0>5- .-(2)0>02
I!co#e fro# or*a!i8e" +ar6i!* lots e7l+oitatio! 925(:.:>-) 90;(::)>:-
I!co#e fro# other +ro1isio!s
)(;;5(),2>): )(;)9(0.;>;;
Total
<1+<=0+0M=,<2 <2+\==+M=9,\0

9;
\+1? Cost of -ales

Cost of sales is a!al8e" as follo&sA
1>1E31>12>2013 1>1E31>12>2012
Perso!!el re#%!eratio! a!" e7+e!ses ?!ote 9(-5@ 5,(2;,(,05>0. 5.(.;.(5,,>;2
Thir" +arties re#%!eratio! a!" e7+e!ses 0;,(299>:. -2,(-2->5;
Thir" +arties $e!efits )(2:-()02>9. )(.;:(9:;>-5
Ta7es<D%ties 5,,(:9:>)) 5--(055>::
Jario%s e7+e!ses 029(,))>:. 5.2(002>.-
De+reciatio!s ?!otes 9(-> 9(0@ 0(,09(.2->)) 0(20,(9;->05
Pro1isio! for the co#+e!satio! of Perso!!el ?!ote 9(55@ -:.().2>-: 25)(,:)>,.
Cost of i!1e!tories reco*!i8e" as e7+e!se
5(:..(.;,>9- -(2.9(5,2>)5
Total
2\+=3<+329,3M 30+2M0+=0?,<<

The cost of i!1e!tories o! 05(5-(-;50 i!cl%"es a s%# of P 5;0>;52(;; ?-;5-A P ,9>,.)(;;@ &hich re*ar"s
losses fro# the 1al%atio! of i!1e!tories at the e!" of the fiscal ear a!" at their reali8a$le 1al%e ?!ote 9(,@(

\+1\ Ct2e1 In8o.e

Other i!co#e is a!al8e" as follo&sA
1>1E31>12>2013 1>1E31>12>2012
Cree6 Ma!+o&er E#+lo#e!t Or*a!i8atio! s%$si"ies ;>;; ).(.0,>;;
I!co#e fro# re!ts ?!ote 9(-.(-@ 9.;(:52>:) :09(090>,,
I!co#e fro# other *ra!ts< s%$si"ies< co#+e!satio! 0-(,2)>.; ,-(90)>2,
Hi*h&a Co"e fi!es 55(.-.>;- 50(-9)>,9
I!co#e fro# !o!<%tili8e" +ro1isio!s ?!otes 9(.> 9(9@ -,:(,2:>:0 ),(,;->..
Other i!co#e -0;(;-.>20 5--(20;>2)
Total 1+919+M=<,03 1+2<1+2?9,02

\+1M GF.7n7st1at7Xe B^5enses

A"#i!istrati1e e7+e!ses are a!al8e" as follo&sA
1>1E31>12>2013 1>1E31>12>2012
Perso!!el re#%!eratio! a!" e7+e!ses ?!ote 9(-5@ 5().9(-.2>:) 5(.2,();:>..
Thir" +arties re#%!eratio! a!" e7+e!ses 09-(095>;: 2,;(5:.>9,
Thir" +arties $e!efits 9),(:-)>29 9:,(:0:>-)
Ta7es<D%ties 2)(:;:>02 ,;(2:->-0
Jario%s e7+e!ses -.,(00;>-2 50-(-0)>;,
De+reciatio!s ?!otes 9(0> 9(2@ 5-0(5)->-, .5(,;)>,:
Perso!!el co#+e!satio! +ro1isio! ?!ote 9(55@ 52(2-:>)- ))()2:>00
Co!s%#a$les < s+are +arts 09(;:9>:) 9;(-09>:-
Total 3+31<+<01,\3 3+<03+?=\,11

95
\+20 -ell7nH B^5enses

Selli!* e7+e!ses are a!al8e" as follo&sA
1>1E31>12>2013 1>1E31>12>2012
Perso!!el re#%!eratio! a!" e7+e!ses ?!ote 9(-5@ :9(5:->,2 5)0(..2>;,
Thir" +arties re#%!eratio! a!" e7+e!ses :(225>90 5(2):>:,
Thir" +arties $e!efits 9(0:0>2, )(,0.>-:
Ta7es<D%ties 5(0)->., 52(,,.>,)
Jario%s e7+e!ses 55-(02,>); 50:(0),>00
De+reciatio!s ?!ote 9(0> 9(2@ 50(:5)>0: 5(),)>.;
Perso!!el co#+e!satio! +ro1isio! ?!ote 9(55@ ;>;; .(;;0>0-
Pro1isio! for $a" "e$t ?!ote 9(.> 9(9@ :0(5;)>), 22)(0.->)-
Total 33=+?9\,19 ?=\+\3=,\3

\+21 R6.be1 of 5e1sonnel anF 5a/1oll 8ost

The !%#$er of +erso!!el e#+loe" i! the Co#+a! is a!al8e" as follo&sA

31>12>2013 31>12>2012
E#+loees Z -)5 -,.
Da La$orers ZZ 59; -5.
Total 931 9\9

Z of &ho# Tech!olo*ical E"%catio! I!stit%te st%"e!ts , 52
ZZ of &ho# Cree6 Ma!+o&er E#+lo#e!t Or*a!i8atio! a++re!tices 2) .:

1>1E31>12>2013 1>1E31>12>2012
F%ll<ti#e +erso!!el salaries 9(9-,(,::>0, :(.0:(),9>9.
E#+loers co!tri$%tio!s to social sec%rit f%!"s -(00.(90,>:- -(090(0;5>;)
Si"e Be!efits 590(5.5>0. -;5(-25>5:
Perso!!el co#+e!satio! +ro1isio! ?!ote 9(55@ -;:(:25>0) 02:(9,5>):
-6btotal 11+<<?+=9M,00 12+=?3+M?2,?0
La*es 2(:.;(:-)>52 )(-0:(5),>2.
La*es of Cree6 Ma!+o&er E#+lo#e!t Or*a!i8atio!
a++re!tices
520(:,;>-- 5)2(;55>55
E#+loer co!tri$%tio!s to social sec%rit f%!"s 5()2)(9;2>;) 5(950(;0.>22
Si"e Be!efits .2(.;5>:; ..(500>.2
Perso!!el co#+e!satio! +ro1isio! ?!ote 9(55@ 5;-(;,->2, 5-9(09,>.0
-6btotal =+\3?+9<3,?? ?+911+?2<,9M
Nene1al Total 1\+3M<+102,?? 20+0\<+=M\,1M

9-
\+22 Ct2e1 e^5enses

The acco%!t is a!al8e" as follo&sA
1>1E31>12>2013 1>1E31>12>2012
Loss fro# the 1al%atio! of i!1est#e!t +ro+ert ?!ote 9(5@ .9.(20;>,) 5(52:(;9.>00
Loss fro# "a#a*eEi#+air#e!t of fi7e" assets ?!ote 9(-@ 2()))>.9 5;,():0>0,
Pre1io%s fiscal ears e7+e!ses .;():)>.5 052(-2.>55
Co#+e!satio!s to thir" +arties ).(0;,>;9 00(-:;>-.
E7traor"i!ar +ro1isio!s ?!ote 9(5-@ ;>;; -,(-:)>),
Ta7 fi!es 0(:2.>), 5:(90.>,;
Other -:(-);>0- 59(,9;>).
Total M<3+0\=,10 1+==\+031,\0

\+23 W7nan87al 7n8o.e (e^5enses)

The acco%!t is a!al8e" as follo&sA

1>1E31>12>2013 1>1E31>12>2012
W7nan87al In8o.e
I!terest fro# $a!6s ?!ote 9(:@ 0(:.9(,59>:; 2(,--(,5:>2:
I!co#e fro# sec%rities -2(:-:>9- -20(2-)>,:
Profits fro# the 1al%atio! of fi!a!cial assets ?!ote 9(2(-@ ,;;(;;;>;; -;;(;;;>;;
De+reciatio! a$o1e +ar ?!ote 9(2(5@
)(599>); .-(5.2>9-
Total 9+=0\+?3?,22 <+13\+220,00
W7nan87al e^5enses
I!terest char*es a!" relate" e7+e!ses :;5>;; 5(;2:>29
TCTG: M01,00 1+09M,9\

\+29 In8o.e ta^ (8611ent anF Fefe11eF)

The i!co#e ta7 +rese!te" i! the Co#+rehe!si1e I!co#e State#e!t is a!al8e" as follo&sA

1>1E31>12>2013 1>1E31>12>2012
C%rre!t i!co#e ta7 ?!ote 5)@ ,(2:9():5>;; 2(::-()59>.)
Ta7 o! ta7<e7e#+t reser1es of La& 25.-E-;50 ?!otes 9(5)> 9(5;(-@ 0-5()95>)) ;>;;
Deferre" i!co#e ta7 <,,)(.9)>:: <255(:9,>:2
In8o.e ta^ e^5ense =+1<9+3\=,<= 9+<\0+<31,\1

90
I! co#+lia!ce &ith ta7 La& 255;E-;50 the ta7 rate for fiscal ear -;50 is -,N ?-;5-A -;N@( Ta6i!*
i!to acco%!t the !e& ta7 rates a!" i! co#+lia!ce &ith IAS 5- the Co#+a! has rea"=%ste" "eferre"
ta7atio! reco*!i8i!* the "iffere!ce as +rocee"s fro# i!co#e ta7 i! +rofit a!" loss a!" i! other
co#+rehe!si1e i!co#e i! the Profit a!" Loss State#e!t a!" the Co#+rehe!si1e I!co#e State#e!t
corres+o!"i!*l(

The ta7 ret%r! is s%$#itte" each ear> rea"=%sti!* the $oo6 +rofits &ith the ta7 a"=%st#e!t ret%r!s> $%t
the +rofits or losses referre" to i! the# are co!si"ere" to $e i!teri# %!til a ta7 a%"it is carrie" o%t $ the
ta7atio! a%thorities a!" the rele1a!t re+ort is iss%e"> i! &hich the ta7 lia$ilities are fi!ali8e"(

I! the ta$le that follo&s &e cite the a*ree#e!t $et&ee! the !o#i!al a!" real ta7 rateA
31>12>2013 31>12>2012
Profits $efore i!co#e ta7 -2(02-(-0.>05 -0(;-2(5,)>;)
A++lie" ta7 rate 2=b 20b
I!co#e ta7 calc%late" &ith the a++lie" ta7 rate ,(0-9(:95>.; 2(,;2(900>;5
Ta7 effect of !o!<"e"%cti$le e7+e!ses :5(--->:- -;9(:55>5:
Ta7 effect o! ta7<e7e#+t i!co#e <5,-(90,>9) <500(;;;>;;
Ta7 effect fro# the ta7atio! rea"=%st#e!t of fi7e" assets ;>;; <5-,(-;.>-.
Ta7 effect fro# the cha!*e of ta7 rate <2);(009>9. ;>;;
Ta7 of ta7<e7e#+t reser1es of La& 25.-E-;50 0-5()95>)) ;>;;
S%++le#e!tar +ro+ert ta7 -)(..,>55 -)(::2>99
Ta^ e^5ense 7n Co.51e2ens7Xe In8o.e -tate.ent =+1<9+3\=,<= 9+<\0+<31,\1

Char*e for "eferre" i!co#e ta7 ?"eferre" ta7 lia$ilit@ at the attache" i!co#e state#e!ts co!tai!s the
+ro1isio!al ta7 "iffere!ces +ri!ci+all e!s%i!* fro# &ritte! i!co#e<*ai!s &hich &ill $e ta7e" at a f%t%re
"ate( Cre"it for "eferre" ta7es ?"eferre" ta7 recei1a$les@ #ai!l co!tai!s +ro1isio!al ta7 "iffere!ces &hich
e!s%e fro# s+ecific +ro1isio!s> &hich are ta7 "e"%cti$le at their reali8atio!(

Deferre" ta7 assets a!" lia$ilities are offset> &he! there is a le*al ri*ht to the offset of c%rre!t ta7 assets
a*ai!st c%rre!t ta7 lia$ilities a!" &here "eferre" i!co#e ta7es relate to the sa#e ta7 a%thorit(

92
Deferre" i!co#e ta7 assets a!" lia$ilities ori*i!ate fro# the follo&i!* ite#sA
3alan8e C2a1He >(C1eF7t) 3alan8e
-6.s 7n 1+1+2013
7n Oes6lts g ot2e1
7n8o.e 31+12+2013
No!<c%rre!t Assets
I!1est#e!t i! +ro+ert <29:(-0:>;2 ).(:,;>-, 205(-.9>.9
Ta!*i$le fi7e" assets %tili8e" for o&! +%r+oses 5(-05(95->9, 2,0(-:->-, 5(,:)(5;)>5-
I!ta!*i$le assets 2(,-2>.5 <:(0,->:- <2(.09>--
Other fi!a!cial ite#s <-)(-5->0; -)(-5->0; ;>;;
Reser1es 50(.0)>;; 0;(:;2>52 22(,0:>52
Tra"e B Other Recei1a$les 0.(,,.>-0 <5;;(-,0>09 <,-():,>5)
Pro1isio!s for lia$ilities to&ar"s e#+loees 950(,29>-; 525(5.,>,0 9-0(592>-9
Other lia$ilities a!" +ro1isio!s .9(:-0>)2 -0(,..>;, 5;-(,;;>,;
Total 1+==<+M=0,1M =32+<M=,2< 2+2M\+<<=,99
Reco*!i8e" asA
Net Deferre" Ta7 recei1a$le 1+==<+M=0,1M 2+2M\+<<=,99

3alan8e C2a1He >(C1eF7t) 3alan8e
-6.s 7n 1+1+2012
7n Oes6lts g ot2e1
7n8o.e 31+12+2012
No!<c%rre!t Assets
I!1est#e!t i! +ro+ert <92)(-,0>.9 0),(;-2>.2 <29:(-0:>;2
Ta!*i$le fi7e" assets %tili8e" for o&! +%r+oses 5(--2(9:9>,; ,(:52>-, 5(-05(95->9,
I!ta!*i$le assets -(,5.>:. -(;;,>.2 2(,-2>.5
Other fi!a!cial ite#s <0;(;)9>:2 2(92,>,2 <-)(-5->0;
Reser1es ;>;; 50(.0)>;; 50(.0)>;;
Tra"e B Other Recei1a$les 55(9).>00 -)(9;:>:; 0.(,,.>-0
Pro1isio!s for lia$ilities to&ar"s e#+loee ,5)(0,9>9; 5:9(-.:>2; 950(,29>-;
Other lia$ilities a!" +ro1isio!s .9(:-0>)2 ;>;; .9(:-0>)2
Total 1+0<\+393,<2 =0?+=1=,=? 1+==<+M=0,1M
Reco*!i8e" asA
Net Deferre" Ta7 recei1a$le 1+0<\+393,<2 1+==<+M=0,1M

\+2< 47X7Fents
P%rs%a!t to Cree6 le*islatio!> the co#+a!ies are o$li*e"> e1er fiscal ear> to "istri$%te to their
sharehol"ers> 0)N of the +rofits !et of ta7 a!" after the "e"%ctio! for stat%tor reser1es(

The Or"i!ar Ce!eral Meeti!* of -.(;,(-;50 "eci"e" to "istri$%te a "i1i"e!" of P 5)>5-;>;;;(;; &hich
a#o%!ts to P 5(); +er share( I! i#+le#e!tatio! of Decisio! 55-:E;,(;,(-;5- ?i!ter+reti!* La& 0:20E5-@
ta7 of -)N &as &ithhel" fro# the "i1i"e!" o!l for sharehol"ers other tha! the &i"er +%$lic sector>
a#o%!ti!* to P :.->,55(5; a!" co!se3%e!tl the !et "i1i"e!" +aa$le a#o%!te" to P52>52.>099(:; &as
+ai" i! M%l -;50(

9)
The Or"i!ar Ce!eral Meeti!* of -.(;,(-;5- "eci"e" to "istri$%te a "i1i"e!" of P 2>;0->;;; &hich
a#o%!ts to P ;(2; +er share( I! i#+le#e!tatio! of Decisio! 55-:E;,(;,(-;5- ?i!ter+reti!* La& 0:20E5-@
ta7 of -)N &as &ithhel" fro# the "i1i"e!" o!l for sharehol"ers other tha! the &i"er +%$lic sector a!"
co!se3%e!tl the !et "i1i"e!" +aa$le &as P0>..->,5: a!" the "i1i"e!" &as +ai" o! -2(.(-;5-(

O! -.E;0E-;52> the Boar" of Directors of the Co#+a! +ro+ose" the "istri$%tio! of a "i1i"e!" fro# the
+rofits of -;50 of a s%# of P ,>;29>;;;> &hich a#o%!ts _` ;(,; P Eshare( The +ro+osal is s%$=ect to
a++ro1al $ the A!!%al Re*%lar Ce!eral Meeti!* of Sharehol"ers(

\+2= T1ansa8t7ons ;7t2 1elateF 5a1t7es

Ma!a*ers/ fees
The re#%!eratio! a!" atte!"a!ce e7+e!ses +ai" to the #e#$ers of the Boar" of Directors a!" the
re#%!eratio! +ai" to the Co#+a! E7ec%ti1es are a!al8e" +er fiscal ear as follo&sA

31>12>2013 31>12>2012
-2o1tEte1. benef7ts
Boar" of Directors #e#$ers re#%!eratio!s 502(..,>,2 52:(.9->9;
Ma!a*ers salaries ):5(;22>.- ,;-(555>90
Total (a) ?2<+\21,3= ?<1+\M9,=3
Be!efits after retire#e!t associate" &ithA
Ter#i!atio! Be!efits -5(92:>22 -9(25;>-)
Total (b) 21+\9M,99 2\+910,2<

NoteA The re#%!eratio! of the #a!a*ers a!" other e7ec%ti1es &ere s%$=ect to e#+loer co!tri$%tio!s of
P 529>-9:(9) ?05(5-(-;55A P 559>2:;(0;@(

Beo!" the afore#e!tio!e" re#%!eratio!s<tra!sactio!s> !o other $%si!ess relatio! or tra!sactio! too6
+lace i! the +erio" 5E5E-;50K05E5-E-;50> as &ell as !o other $e!efit "%ri!* the c%rre!t fiscal ear
$et&ee! the co#+a! a!" the +eo+le +artici+ati!* i! its Ma!a*e#e!t( Moreo1er> o! 05E5-E-;50
re#%!eratio! to #e#$ers of the BoD for the #o!th of Dece#$er &ere o&e"> a#o%!ti!* to P ->,)2(;9
?05(5-(-;5-A P 5;>52:(2)@ ?!ote 9(52@(

Fi!all> it is cite" that the c%#%lati1e +ro1isio! for +erso!!el co#+e!satio! i!cl%"es a! a#o%!t of
P-).>5.,(5. ?05(5-(-;5-A P5:->.52()2@> that co!cer!s the #a!a*ers a!" other e7ec%ti1es of the
Co#+a!(

9,
\+2? Co..7t.ents anF 8ont7nHent 1e8e7XablesEl7ab7l7t7es

\+2?+1 LenF7nH 8ases

Thir" +art clai#s

O! 05(5-(-;50> there &ere +e!"i!* a*ai!st the Co#+a! lia$ilities to thir" +arties a#o%!ti!* to
P50,>.;,>-5.(.:( Of this a#o%!t> P 50,>052>05)(-9 co!cer! a clai# $ co#+a! FPlota Par6i!* SAG for
loss of ear!i!*s( Des+ite these +e!"i!* cases> the Co#+a!/s #a!a*e#e!t "eci"e" !ot to for# a rele1a!t
+ro1isio!> $eca%se %s%all i! s%ch cases it ta6es #a! ears for the fi!al =%"*#e!t a!" so> !o esti#ate is
+ossi$le for their o%tco#e !or a calc%latio! of a! a#o%!t of co#+e!satio!> !ot e1e! $ the la&ers
ha!"li!* these cases(

Co#+a! clai#s

The Co#+a!/s clai#s $efore Co%rts a*ai!st thir" +arties a#o%!t to P 020>;;2(;0 ?05(5-(-;5-A
P2..>-99(;0@( The clai#s i!cl%"eA a! a#o%!t of P 0,>.9.(2. ?05(5-(-;5-A P 0,>.9.(2.@ fro# liti*io%s
c%sto#ers> a! a#o%!t of P -0:>).)(;; ?05(5-(-;5-A P 0.0>9):(;;@ fro# co#+e!satio!s a!" a! a#o%!t
of P ,,>,25(), ?05(5-(-;5-A P ,,>,25(),@ fro# other +e!"i!* clai#s(

\+2?+2 Oe8e7Xables

The Co#+a! has si*!e" 1ario%s o+erati!* lease a*ree#e!ts &hich co!cer! a co!cessio! of s+aces %!til
March -;-)( The f%t%re #i!i#%# recei1a$les fro# the collectio! of o+erati!* lease re!ts are as follo&sA

Cont1a8ts 65 toY 31>12>2013 31>12>2012
5 ear ):9(,,2>); ),;(5;9>):
5 K ) ears -.9(95)>-, ,;9(,2.>)0
O1er ) ears 0-9(,,5>,. 095(,5:>2)
Total 1+20=+191,92 1+<<0+3?<,<?

The leases are i!cl%"e" i! the attache" Co#+rehe!si1e I!co#e State#e!t of the fiscal ear that e!"e" o!
Dece#$er 05
st
-;50 ?!ote 9(59@ a!" a#o%!t to P 9.;>:52(:) ?05(5-(-;5-A P :09>090(,,@(

9.
\+2?+3 N6a1antees

The Co#+a! hel"> o! 05E5-E-;50> letters of cre"it fro# s%++liers K c%sto#ers a#o%!ti!* to
P.>5-2>;92(25 co#+are" to P 5->.)9>2.2(9-> for the corres+o!"i!* fiscal ear of -;5-( Of this a#o%!t>
P)>-22>;92(25 relate to s%++liers a!" P 5>99;>;;;(;; to c%sto#ers for -;50 co#+are" to P 5;>9.0>2.2(9-
relati!* to s%++liers a!" P 5>99)>;;;(;; to c%sto#ers for -;5-(

\+2?+9 C5en ta^ /ea1s

The Co#+a! has $ee! a%"ite" for ta7atio! +%r+oses %+ to a!" i!cl%"i!* fiscal ear -;;2( For fiscal ears
-;;)<-;55 it is s%$=ect to ta7 a%"it a!" co!se3%e!tl its ta7 o$li*atio!s for these fiscal ears ha1e !ot
$ee! re!"ere" fi!al( The Co#+a!/s Ma!a*e#e!t esti#ates that it has for#e" a"e3%ate +ro1isio!s for
the o+e! ta7 ears ?!ote 9(5-@ a!" "oes !ot a!tici+ate for its cash flo&s to $e si*!ifica!tl affecte" at the
fi!ali8atio! of the ta7 a%"its( I! the case that the fi!al ta7es arisi!* after the ta7 a%"its are "iffere!t tha!
the a#o%!ts i!itiall recor"e"> these "iffere!ces &ill affect the i!co#e ta7 i! the fiscal ear &he! the ta7
"iffere!ces &ill $e "eter#i!e"(

I! co#+lia!ce &ith a%"it #a!"ate !o( 5;,E2E5559E0(5;(-;50 $ the A%"it A%thorit for Lar*e E!ter+rises
the ta7 a%"it $e*%! for the e!tire o+e! ta7 ears> &hich is esti#ate" to $e co!cl%"e" i! fiscal ear -;52(

For fiscal ears -;5- a!" -;55> the Co#+a!> s%$=ect to ta7 a%"it $ the Chartere" A%"itors<Acco%!ta!ts
i! co#+lia!ce &ith the +ro1isio!s i! article 9- +ar( ) of La& --09E5::2> has recei1e" a Ta7 Co#+lia!ce
Certificate> &itho%t a! e!s%i!* "iffere!ces(

For fiscal ear -;50> the Co#+a! is s%$=ect to ta7 a%"it $ the Chartere" A%"itors< Acco%!ta!ts +ro1i"e"
for $ the +ro1isio!s of article 9- +ar( ) of La& --09E5::2( This a%"it is i! +ro*ress a!" the rele1a!t ta7
certificate is *oi!* to $e iss%e" after the +%$licatio! of the fi!a!cial state#e!ts for fiscal ear -;50( If>
a""itio!al ta7 lia$ilities sho%l" arise %!til the co#+letio! of the ta7 a%"it> &e esti#ate that the &ill !ot
ha1e a! si*!ifica!t effect to the fi!a!cial state#e!ts(

\+2?+< Ca57tal e^5ense 8o..7t.ents

I! the fiscal ear e!"e" o! Dece#$er 05> -;50 the Co#+a! co!cl%"e" a co!tract &hich re*ar"s the
+roc%re#e!t of !e& #echa!ical e3%i+#e!t ?t&o t&o<&a tractors@ of total 1al%e P ):)>:09(;;> fro#
&hich !o a#o%!t has $ee! +ai" i! a"1a!ce i! fiscal ear -;50(

99
\+2\ Ba1n7nHs 5e1 s2a1e

The $asic ear!i!*s +er share are calc%late" $ "i1i"i!* the +rofit or loss corres+o!"i!* to the hol"ers of
co##o! shares of the +are!t eco!o#ic e!tit &ith the a1era*e &ei*hte" !%#$er of co##o! shares i!
circ%latio! "%ri!* the fiscal ear(

Dil%te" ear!i!*s +er share are calc%late" $ "i1i"i!* the !et +rofit attri$%ta$le to the sharehol"ers ?after
the "e"%ctio! i! the i!co#e state#e!t of the i#+act fro# the co!1ersio! of co!"itio!al assets co!1erti$le
to shares@ &ith the a1era*e &ei*hte" !%#$er of shares i! circ%latio! "%ri!* the fiscal ear ?a"=%ste" for
the i#+act of the co!"itio!al assets co!1erti$le to shares@(

There &ere !o $o!"s co!1erti$le to shares or other co!"itio!al titles co!1erti$le to shares &hich co%l"
"ecrease the +rofits "%ri!* the fiscal ears to &hich refer the fi!a!cial state#e!ts attache"> a!"
co!se3%e!tl> !o "il%te" ear!i!*s +er share ha1e $ee! calc%late"(

The calc%latio! of the $asic a!" "il%te" ear!i!*s +er share for the fiscal ears that e!"e" o! Dece#$er 05
st

-;50 a!" -;5- is as follo&sA

01>01 g
31>12>2013
01>01 g
31>12>2012
Net +rofits corres+o!"i!* to the co#+a!/s
sharehol"ers
59(59.(9);>.) 59(220(,00>-2
A1era*e &ei*hte" !%#$er of co##o! shares
5;(;9;(;;;

5;(;9;(;;;
3as78 anF F7l6teF ea1n7nHs 5e1 s2a1e
(>s2a1e)
1,\099 1,\2M?

9:
\+2M BXents afte1 t2e Fate of t2e f7nan87al state.ents

There &ere !o e1e!ts after the fi!a!cial state#e!ts of Dece#$er 05
st
-;50> &hich &o%l" affect i! a
si*!ifica!t &a the co#+rehe!sio! of these Fi!a!cial State#e!ts a!" sho%l" either $e !otifie" or
"iffere!tiate the ite#s of the +%$lishe" fi!a!cial state#e!ts(

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I4 Ca1F Ro+ ,f1?M\<<>0?
:ICBRCB RC 003M3=M

:;
W+ 4ata anF 7nfo1.at7on 5e1ta7n7nH to t2e Zo7nt .7n7ste17al Fe87s7on K2E113=<>200M
For the fiscal ear starti!* o! Ma!%ar 5
st
-;50 a!" e!"i!* o! Dece#$er 05
st
-;50> +%rs%a!t to la& -5:;E5:-;>
article 50)> for co#+a!ies co#+ili!* a!!%al Fi!a!cial State#e!ts> co!soli"ate" or !ot> i! co#+lia!ce &ith the
IFRS(

:5
N+ Info1.at7on 5e1ta7n7nH to a1t78le 10 of :a; 3901>200<
ThPA SA re!"ere" "is+osa$le for the +%$lic> "%ri!* the fiscal ear 5E5E-;50 K 05E5-E-;50> +%rs%a!t to the
le*islatio!> the follo&i!* i!for#atio!> &hich are +oste" o! its &e$site ?&&&(th+a(*r@ a!" o! the &e$site of the
Athe!s Stoc6 E7cha!*e ?&&&(ase(*r@(
SUBJECT DATE WEB ADDRESS
Res+o!se $ ThPA SA to a 3%estio!
$ the Helle!ic Ca+ital Mar6et
Co##issio!
--E-E-;50 &&&(th+a(*rEi!1estors
relatio!Ecor+orate a!!o%!ce#e!ts

Notice of resi*!atio! of BoD #e#$er -5E0E-;50 &&&(th+a(*rEi!1estors

Fi!a!cial Cale!"ar -;50 -.E0E-;50 &&&(th+a(*rEi!1estors

Res+o!se to a 3%estio! $ the
Helle!ic Ca+ital Mar6et Co##issio!
-.E0E-;50 &&&(th+a(*rEi!1estors

Co##e!ts o! the fi!a!cial
state#e!ts 05E5-E-;5-
-:E0E-;50 &&&(th+a(*rEi!1estors

Cha!*e to the Fi!a!cial Cale!"ar
-;50
52E)E-;50 &&&(th+a(*rEi!1estors

Seco!" cha!*e to the Fi!a!cial
Cale!"ar -;50
-2E)E-;50 &&&(th+a(*rEi!1estors

A!!o%!ce#e!t i! a"1a!ce for the
Ce!eral Meeti!* a!" rele1a!t
i!for#atio!
05E)E-;50 &&&(th+a(*rEi!1estors

Briefi!* of Eco!o#ic A!alsts 05E)E-;50 &&&(th+a(*rEi!1estors

Re1ise" I!1itatio! to the Re*%lar
Ce!eral Meeti!*
5-E,E-;50 &&&(th+a(*rEi!1estors

A++oi!t#e!t of !e& Ce!eral
Ma!a*er a!" !e& Director
-;E,E-;50 &&&(th+a(*rEi!1estors

Notice for e7<"i1i"e!" "ate -.E,E-;50 &&&(th+a(*rEi!1estors

:-

Resol%tio!s of the Re*%lar Ce!eral
Meeti!* of Sharehol"ers of M%!e -.>
-;50
-.E,E-;50 &&&(th+a(*rEi!1estors

Co##e!ts o! the Fi!a!cial
State#e!ts of the First Se#ester of
-;50
-9E9E-;50 &&&(th+a(*rEi!1estors

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