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effective for annual periods beginning on or after 01/01/2013. The Group will assess the impact of the amend-
ment on its consolidated and separate financial statements. This amendment has been adopted by the Euro-
pean Union in December 2012.
• Amendment to IFRS 1 “First-time Adoption of International Financial Reporting Standards” - Government
loans (effective for annual periods starting on or after 01/01/2013)
In March 2012, IASB issued amendment to IFRS 1, which gives IFRS first-time adopters the option, on a loan by
loan basis, of applying the IFRS requirements retrospectively provided that the necessary information to apply
the requirements to a particular government loan was obtained at the time of initially accounting for that loan.
The Group will assess the impact of the amendment on its consolidated and separate financial statements.
This amendment has not been adopted by the European Union yet.
• Annual Improvements 2009–2011 Cycle (issued in May 2012 – the amendments are effective for annual
periods starting on or after 01/01/2013)
In May 2012, IASB issued Annual Improvements 2009–2011 Cycle, a collection of amendments to 5 Interna-
tional Financial Reporting Standards (IFRSs), as its latest set of annual improvements. The amendments is not
expected to affect significantly Group’s financial statements. These amendments have not been adopted by the
European Union yet.
• Transition Guidance: Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests
in Other Entities (Amendments to IFRS 10, IFRS 11 and IFRS 12) (effective for annual periods starting on or
after 01/01/2013)
In June 2012 IASB issued Consolidated Financial Statements, Joint Arrangements and Disclosure of Interests
in Other Entities: Transition Guidance (Amendments to IFRS 10, IFRS 11 and IFRS 12) to clarify the transition
guidance in IFRS 10 Consolidated Financial Statements. The amendments also provide additional transition
relief in IFRS 10, IFRS 11 Joint Arrangements and IFRS 12 Disclosure of Interests in Other Entities, limiting the
requirement to provide adjusted comparative information to only the preceding comparative period. Further-
more, for disclosures related to unconsolidated structured entities, the amendments will remove the require-
ment to present comparative information for periods before IFRS 12 is first applied. The Group will assess the
impact of the amendment on its consolidated and separate financial statements. This amendment has not
been adopted by the European Union yet.
• Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27) (effective for annual periods starting on
or after 01/01/2014)
In October 2012 IASB issued Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27). The amend-
ments apply to a particular class of business that qualify as investment entities. The IASB uses the term ‘in-
vestment entity’ to refer to an entity whose business purpose is to invest funds solely for returns from capital
appreciation, investment income or both. An investment entity must also evaluate the performance of its invest-
ments on a fair value basis. Such entities could include private equity organisations, venture capital organisa-
tions, pension funds, sovereign wealth funds and other investment funds. The Investment Entities amendments
provide an exception to the consolidation requirements in IFRS 10 and require investment entities to measure
particular subsidiaries at fair value through profit or loss, rather than consolidate them. The amendments also
set out disclosure requirements for investment entities. The amendments are effective from 1 January 2014
with early adoption permitted. The Group will assess the impact of the amendment on its consolidated and
separate financial statements. This amendment has not been adopted by the European Union yet.
3.2 Consolidation
Subsidiaries:
All the companies that are managed or controlled, directly or indirectly, by another company
(parent) either through the majority of voting rights or through its dependence on the know-how provided from
the Group. Therefore, subsidiaries are companies in which control is exercised by the parent. Mytilineos S.A.
acquires and exercises control through voting rights.
