Annual Financial Report for the period from 1st of January to the 31st of December 2012
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PPC which is currently in progress, as both parties have submitted their claims through Applications
Memoranda dated 21.12.2012, followed by their Responses dated 1.2.2013 on opposing claims. Further-
more, the Court of Arbitration has designated a date of hearing of claims by both parties and examination
of the first witness on part of the Company on 02.04.2013. In the months to follow, completion of the arbi-
tration procedure and issuance of decision are anticipated.
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The Ministry of Environment, Energy & Climate Change issued a decision on 17/1/2013 for licensing the
commercial service of the electric power / heat cogeneration plant of Aluminium S.A. As of 28/11/2012,
the plant in question was already in « trial operation » status as Distributed High Performance Electric
Power / Heat Cogeneration Plant (trial operation of Distributed HPEPHC) by the market operator, after
having signed a supplementary transaction contract, and ensuring the proportional estimation and billing
of electric power infused to the grid.
3.11 Financial instruments
Financial instrument is any contract that creates a financial asset in an enterprise and a financial liability or
Equity instrument in another.
The financial instruments of the Group are classified in the following categories according to the substance of
the contract and the purpose for which they were purchased.
i) Financial instruments valued at fair value through the income statement
These comprise assets that satisfy any of the following conditions:
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Financial assets that are held for trading purposes (including derivatives, except those that are designated
and effective hedging instruments, those that are acquired or incurred for the purpose of sale or repur-
chase and, finally, those that are part of a portfolio of designated financial instruments).
•
Upon initial recognition it is designated by the company as an instrument valued at fair value, with any
changes recognized through the Income Statement.
In the Balance-sheet of the Group the exchanges and the assessment at fair value of derivatives they are por-
trayed in separate items of Asset and Liabilities with titled « Derivatives Financial Assets ». The changes at fair
value of derivatives are registered in income statement.
ii) Loans and receivables
They include non-derivative financial assets with fixed or predefined payments which are not traded in active
markets. The following are not included in this category (loans and receivables):
a) Receivables from down payments for the purchase of goods or services,
b) Receivables relating to tax transactions, which have been legislatively imposed by the state,
c) Any receivable not covered by a contract which gives the company the right to receive cash or other financial
fixed assets.
Loans and receivables are included in current assets, except those with a maturity date exceeding 12 months
from the balance sheet date. The latter are included in the non-current assets.
iii) Investments held to maturity
These include non derivative financial assets with fixed or defined payments and specific maturity and which
the Group intends to hold until their maturity.
The Group did not hold investments of this category.
