Annual Financial Report for the period from 1st of January to the 31st of December 2012
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In order to resolve the above mentioned dispute the ALUMINIUM S.A. and the Provider after specific decisions
made by their Boards of Directors have submitted to arbitration the aforesaid dispute to the Supreme Court
(Areios Pagos), in order for it to decide whether the interpretation o the relevant legislative previsions was cor-
rect or not, in other words whether the increase of 10% was legally levied on the prior invoice in force without
any prior negotiation as well as whether there was a right and / or an obligation of the Provider to negotiate the
terms of the relevant supply contract , in particular regarding the process of defining the price, with the only
limitation the highest price limit which was defined by the prior invoice in force (A150) surcharged / increased
by 10% and with no lowest price limit.
On 25.2.2010 the Arbitration Court has issued its decision based on which the two parties are invited to come
to negotiations abiding with the principles of good faith and transaction customs. The objective of the negotia-
tions between the two parties which started on 23 March 2010 was the agreement on the terms based on which
the Provider would respond to the needs of the ALUMINIUM S.A. regarding the electrical energy as a whole or
in part, as well as regulating the relations of the two parties for the time period 01.0.2008 until the signature
of a final agreement.
The administration of the ALUMINIUM S.A. taking into account the relevant Ministry decision regarding the
aforesaid decision of the Arbitration Court has proceeded to the evaluation of the maximum potential obliga-
tion / liability to the Provider regarding the time period 01.07.2008 – 31.12.2009 which it integrated in the op-
erational results of the accounting period as prevision.
On 04.08.2010 the negotiations between the Provider and the ALUMINIUM S.A. have concluded in an agree-
ment frame based on which the two sides would proceed to the signature of a new contract of electrical energy
supply. The agreement frame provided the terms regarding the electrical energy supply from the ALUMINIUM
S.A. by the CCP for a total of 4.710 hours annually (hours of low and middle demand as defined in the abol-
ished invoice A-150 with a price 40,7 €/ΜWh (price of the electrical energy in the abolished invoice which was
equivalent to the aforesaid hours) while for the other hours ALUMINIUM S.A. would cover its needs in electrical
energy as self supplied, when this would be possible on a legal and a regulation aspect.
The time period of the agreement in cause was provided for 25 years with a prevision to redefine the terms after
31.12.2013 depending on the conditions of the electrical energy market as well as on the CO2 emission rights.
Furthermore, the agreement frame in cause was in force from 1/7/2010 and it defined also the payment pro-
cess of the sum of the ALUMINIUM S.A. to the Provider on 30/6/2010 as this was agreed upon by the two parties
, the sum of € 82,6. In particular, the agreement between the two parties defined the terms of the payment of
the sum of 20 million euros from the ALUMINIUM S.A. to the Provider as well as the return to the ALUMINIUM
S.A. of the down payment of 9,1 million euros which it owned according to the old contract between the two
parties. Furthermore, the agreement defined the terms for the monthly instalments of the sum:
€ 1 mio while the middle monthly rate LME is until the 2.500$/τν
€ 1 mio while the middle monthly rate LME is from 2.500$/τν until 3.000$ / τν
€ 1 mio while the middle monthly rate LME is over 3.000$/τν
