Annual Financial Report for the period from1st of January to the 31st of December 2013
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degree; safeguarding claims by collateral loans on customer reserves; and receiving letters of guarantee.
To minimize credit risk on cash reserves and cash equivalents; in financial derivate contracts; as well as other
short term financial products, the Group specifies certain limits to its exposure on each individual financial
institution and only engages in transactions with creditworthy financial institutions of high credit rating.
Draft Law ‘ Arrangements for the reorganization of the special account referred to in article 40 of L. 2773/1999
and other provisions»
The draft law proposed arrangements in order to ensure the viability of the renewable energy sources (RES)
support mechanism, aimed at the consolidation of the special account referred to in article 40 of law 2773/1999.
In addition, the recommended settings are intended to help reduce the cost of electricity for final consumers and
the national economy. More specifically, the present draft law consists of three main axes: (a) price adjustment
to converge, as far as possible, the benefits from the RES support mechanism at around the same level for all
categories of producers, therefore being an adjustment that aims, as far as possible, on similar yields between
the several types of investment, b) investor protection taking into account existing financing agreements and c)
new tariffs to compensate producers of electricity from RES and through RES and high efficiency Cogeneration
Plants (HeCoGen), compatible with the requirements of the national electrical system, which will contribute to
reduction of energy costs while at the same time ensuring reasonable returns.
The said draft law was posted on 3 March 2014 and opened to public consultation which was concluded on
March 13, 2014.
In particular, Article 3 of the said draft law includes the following:
1. Within two (2) months from the entry into force of this law, the RES/HeCoGen producers shall issue a credit
note to provide discount:
a. 35% regarding energy from photovoltaic plants (except in cases of the «special program of development of
photovoltaic systems in buildings») and
b. 10% regarding energy from other RES and HeCoGens,
in both cases (a) and (b) calculated on the total value of energy sold in 2013.
2. On expiry of the period referred to in paragraph 1 and until issuance and delivery of the credit note
referred to in this paragraph, the obligation of LAGIE for the Interconnected System and DEDDIE for the Non
Interconnected System, to pay to RES and HeCoGens producers the price for the volume of electricity delivered
from the month of entry into force of said Law and onwards, shall be suspended. The General Secretariat of
Public Revenues is hereby authorized to determine by decision the details regarding the tax treatment of the
transaction described in paragraph 1 and the present.
3. For RES and HeCoGen projects that issue the credit note pursuant to para. 1 the excise tax of L. 4093/2012,
as amended and in force, is recalculated on the reduced, after the credit note discount, proceeds from the sale
of energy for the reference year 2013.
The Group has calculated the possible impact on consolidated Results and Consolidated Equity, whether the
provisions of the above article of the draft law are to be implemented. Said impact is as follows:
Amounts in mio€
Impact on Group’s Operatg Result
2,88
Impact on Group’s Earngs after
2,64
tax and morities
Impact on Group’s Equity:
2,64
