Annual Financial Report for the period from1st of January to the 31st of December 2013
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The assumptions used, are presented in the following table:
31/12/2013 31/12/2012
Discount Rate
3,60%
4,60%
Future Salary increases
2,00%
3,00%
Inflation
1,50%
2,00%
6.18 Other long-term liabilities
6.19 Provisions
Provisions referring to Group and Company are recognized if the following are met: (a) legal or implied
liabilities exist as a consequence of past events, (b) there is a possibility of settlement that will require the
outflow if economic benefits and (c) the amount of the liability can be measured reliably. More specifically, the
Group recognizes provisions for environmental restorations as a result of exploitation of mineral resources
processed mainly for the production of Alumina and Aluminum. All provisions are reviewed at each balance-
sheet date and are adjusted accordingly so that they reflect the present value of expenses that will be required
for the restoration of the environment. Contingent receivables are not recognized in the financial statements
but are disclosed if there is a possibility of an inflow of economic benefits.
