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CONTENTS
A. Representation of the Members of the Board of Directors..................................................... 22
B. Independent Auditor’s Report. ........................................................................................................... 23
C. Annual Board of Directors Management Report.......................................................................... 26
D. Statement of Corporate Governance................................................................................................ 45
E. Annual Financial Statements. ............................................................................................................. 59
I. Income Statement....................................................................................................................................... 60
II. Statement of Comprehensive Income....................................................................................................... 61
III. Statement of Financial Position................................................................................................................ 62
IV. Statement of changes in Equity (Group)................................................................................................... 63
V. Statement of changes in Equity (Company)............................................................................................... 64
VI. Cash flow statement................................................................................................................................. 65
1. Information about MYTILINEOS HOLDINGS S.A. .......................................................................................... 66
1.1 General Information................................................................................................................................. 66
1.2 Nature of activitie..................................................................................................................................... 66
2. Basis for preparation of the financial statements......................................................................................... 66
3. Basic accounting principles........................................................................................................................... 67
3.1 New and amended accounting standards and interpretations of IFRIC................................................. 67
3.2 Consolidation........................................................................................................................................... 70
3.3 Segment reporting.................................................................................................................................. 72
3.4 Foreign currency translation. .................................................................................................................. 72
3.5 Tangible assets......................................................................................................................................... 73
3.6 Intangible assets..................................................................................................................................... 73
3.7 Impairment of Assets............................................................................................................................... 75
3.8 Important accounting decisions, estimations and assumptions ............................................................ 75
3.8.1 Accounting decisions . ................................................................................................................... 75
3.8.2 Assumptions and estimations. ....................................................................................................... 77
3.9 Group Structure ...................................................................................................................................... 80
3.10 Significant information........................................................................................................................... 81
3.11 Financial instruments .......................................................................................................................... 83
3.12 Inventories.............................................................................................................................................. 84
3.13 Trade receivables . ................................................................................................................................ 84
3.14 Cash and cash equivalents ................................................................................................................... 85
3.15 Non-current assets classified as Held for sale ................................................................................... 85
3.16 Share capital ......................................................................................................................................... 85
3.17 Income tax & deferred tax..................................................................................................................... 85
3.18 Employee benefits.................................................................................................................................. 86
3.19 Grants..................................................................................................................................................... 87
3.20 Provisions .............................................................................................................................................. 87
3.21 Recognition of income and expenses.................................................................................................... 88
3.22 Leases ................................................................................................................................................... 88
3.23 Construction contracts........................................................................................................................... 89
3.24 Dividend distribution............................................................................................................................. 90
3.25 Proforma figure “Operating Earnings before Financial & Investment results, Tax,............................. 90
Depreciation & Amortization” (Group EBITDA)
4. Business Risk Management.......................................................................................................................... 91
4.1 Financial Risk Factors.............................................................................................................................. 91
