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We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion, the individual and consolidated financial statements present fairly, in all material respects, the
financial position of the Company and its subsidiaries as at December 31, 2012, and the financial performance
and the cash flows of the Company and its subsidiaries for the year then ended in accordance with International
Financial Reporting Standards that have been adopted by the European Union.
Emphasis of matters
Without qualifying our opinion, we would like to draw your attention to the following:
As disclosed in note 6.34 of the Financial Statements, Group’s subsidiary company ‘’ALUMINUM S.A.’’, disputes
in total the electricity pricing that PPC has enforced since July 2008 by virtue of the relevant Ministerial decree
(Ministry of Development) regarding the determination of high voltage customers invoice. Following 346/2012
decision of RAE, the price of electricity procured by the subsidiary for the total hours of its operation was set.
Based on the abovementioned decision Group’s management uses that price in determining its liability due
to PPC regarding the true and fair price of the electricity procured. The finalization of the case lies upon the
arbitrary procedure that is in progress. Any contingent liabilities (in excess of the already formed provision)
or assets that may result from the final settlement of this dispute by the competent arbitrary court, cannot be
reliably assessed at the moment.
As disclosed in note 6.34 of the Financial Statements, on 25.7.2011, the Greek Government, via the Ministry of
Environment, Energy & Climate Change, disclosed to Group’s subsidiary company ‘’ALUMINUM OF GREECE
S.A.’’, the decision of the European Commision, rendering incompatible with the community regulations on
state assistance the pricing for electric energy sale imposed on ALUMINIUM OF GREECE S.A. by the PPC
for the period between January 2007 and March 2008. On 6.10.2011 ALUMINUM S.A. appealed before the
European Union’s General Court requesting annulment of the abovementioned decision. Group’s management
estimates that the probability of a future outflow of economic resources for the settlement of this contingent
liability of 17.4 million €, is remote.
