Annual Financial Report for the period from 1st of January to the 31st of December 2012
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the International Financial Reporting Standards (IFRS) that have been issued by the International Accounting
Standards Board (IASB) and their interpretations that have been issued by the International Financial Report-
ing Interpretations Committee (IFRIC) of the IASB. The accompanying standalone financial statements are
compiled buy demand of the statutory law 2190/1920.
According to the IFRS, the preparation of the Financial Statements requires estimations during the applica-
tion of the company’s accounting principles. Important admissions are presented wherever it has been judged
appropriate.
The Group, SINCE 2009, applies IFRS 5 “Non-current assets held for sale & discontinues operations”, and
presents separately the assets and liabilities of the subsidiary company SOMETRA S.A., following the suspen-
sion of the production activity of the Zinc-Lead production plant in Romania, and presents also the amounts
recognized in the income statement separately from continuing operations. Given the global economic reces-
sion, there were no feasible scenarios for the alternative utilization of the aforementioned financial assets. For
that reason the Group plans to abandon the Zinc-Lead production while exploiting the remaining stock of the
plan. Consequently, by applying par. 13 of IFRS 5 “Non-current assets Held for Sale” the Zinc-Lead production
ceases to be an asset held for sale and is considered as an asset to be abandoned. The assets of the disposal
group to be abandoned are presented within the continuing operations while the results as discontinued op-
erations.
The reporting currency is Euro (currency of the country of the domicile of the parent Company) and all amounts
are reported in thousands unless stated otherwise.
3. Basic accounting principles
The accounting principles, applied by the Group for the reporting period are consistent with the accounting
principles applied for the fiscal year 2011.
3.1 New and amended accounting standards and interpretations of IFRIC
New Standards, Interpretations, Revisions and Amendments to existing Standards that are effective and
have been adopted by the European Union
The following amendments and interpretations of the IFRS have been issued by IASB and their application is
mandatory from or after 01/01/2012. The most significant Standards and Interpretations are as follows:
• Amendments to IFRS 7 “Financial Instruments: Disclosures - Transfer of Financial Assets” (effective for
annual periods beginning on or after 01/07/2011)
The amendment will allow users of Financial Statements to improve their understanding of transfer transac-
tions of financial assets (for example, securitizations), including understanding the possible effects of any
risks that may remain with the entity that transferred the assets. The amendment also requires additional
disclosures if a disproportionate amount of transfer transactions are undertaken around the end of a reporting
period. The amendment is not expected to affect significantly Group’s financial statements. This amendment
was approved by the European Union in November 2011.
• Amendment to IAS 12 “Deferred tax – Recovery of Underlying Assets” (effective for annual periods begin-
ning on or after 01/01/2012)
The current amendment to IAS 12 “Income Tax” was issued in December 2010. The amendment introduces a
