Annual Financial Report for the period from1st of January to the 31st of December 2013
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specific asset and liability items into market values, the going concern principle and are in accordance with
the International Financial Reporting Standards (IFRS) that have been issued by the International Accounting
Standards Board (IASB) and their interpretations that have been issued by the International Financial
Reporting Interpretations Committee (IFRIC) of the IASB. The accompanying standalone financial statements
are compiled by demand of the statutory law 2190/1920.
According to the IFRS, the preparation of the Financial Statements requires estimations during the application
of the company’s accounting principles. Important admissions are presented wherever it has been judged
appropriate.
The Group, since 2009, applies IFRS 5 “Non-current assets held for sale & discontinues operations”, and
presents separately the assets and liabilities of the subsidiary company SOMETRA S.A., following the
suspension of the production activity of the Zinc-Lead production plant in Romania, and presents also the
amounts recognized in the income statement separately from continuing operations. Given the global
economic recession, there were no feasible scenarios for the alternative utilization of the aforementioned
financial assets. For that reason the Group plans to abandon the Zinc-Lead production while exploiting the
remaining stock of the plan. Consequently, by applying par. 13 of IFRS 5 “Non-current assets Held for Sale” the
Zinc-Lead production ceases to be an asset held for sale and is considered as an asset to be abandoned. The
assets of the disposal group to be abandoned are presented within the continuing operations while the results
as discontinued operations.
The reporting currency is Euro (currency of the country of the domicile of the parent Company) and all amounts
are reported in thousands unless stated otherwise.
3. Basic accounting principles
The accounting principles, applied by the Group for the reporting period are consistent with the accounting
principles applied for the fiscal year 2012.
3.1 New and amended accounting standards and interpretations of IFRIC
New Standards, Interpretations, Revisions and Amendments to existing Standards that are
effective and have been adopted by the European Union
The following amendments and interpretations of the IFRS have been issued by IASB and their application is
mandatory from or after 01/01/2013. The most significant Standards and Interpretations are as follows:
Amendments to IAS1“Presentationof Financial Statements”–Presentationof ItemsofOtherComprehensive
Income
In June 2011, the IASB issued the amendment to IAS 1 “Presentation of Financial Statements”. The
amendments pertain to the way of other comprehensive income items presentation. The amendments affect
the consolidated and separate financial statements due to items that will not be reclassified and that may be
reclassified subsequently to profit or loss.
