Annual Financial Report for the period from1st of January to the 31st of December 2013
25
and the cash flows of the Company and its subsidiaries for the year then ended in accordance with International
Financial Reporting Standards that have been adopted by the European Union.
Emphasis of matter
We draw your attention to note 6.34 of the Financial Statements, where it is described the matter that on
25.7.2011, the Greek Government, via the Ministry of Environment, Energy & Climate Change, disclosed to
Group’s subsidiary company ALUMINUM S.A., the decision of the European Commision, rendering incompatible
with the community regulations on state assistance the pricing for electric energy sale imposed on ALUMINIUM
S.A. by the PPC, for the period between January 2007 and March 2008. On 6.10.2011 ALUMINUM S.A. appealed
before the European Union’s General Court requesting annulment of the abovementioned decision. PPC is
trying to enforce the aforementioned European Commision decision through a payment order issued, against
which ALUMINUM S.A. will appeal any procedural measure tried by PPC aiming to the enforcement of the
payment order and shall target the issuance of a new injunction decision (enforcement suspension). Group’s
management estimates that the probability of a future outflow of economic resources for the settlement of this
contingent liability of € 20,3 million (€ 17,4 million plus interest), is remote.
Our opinion is not qualified in respect of this matter.
Report on Other Legal and Regulatory Requirements
a) The Director’s Report includes a statement of Corporate Governance, which comprises the information as
defined by paragraph 3d of article 43a, of Codified Law 2190/1920.
b) We confirm that the information given in the Director’s Report is consistent with the accompanying separate
and consolidated financial statements and complete in the context of the requirements of articles 43a, 108
and 37 of Codified Law 2190/1920.
Athens, 24 March 2014
The Chartered Accountant
Vassilis Kazas
S.O.E.L. Reg. No. 13281
Ο Ορκωτός Ελεγκτής Λογιστής
Thanasis Xynas
S.O.E.L. Reg. No. 34081
