Annual Financial Report for the period from1st of January to the 31st of December 2013
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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.
iv) Financial assets available for sale
These include non derivative financial assets that are either designated as such or cannot be included in any
of the previous categories.
Financial assets available for sale are valued at fair value and the relevant profit or loss is booked in Equity
reserves until such assets are sold or characterized as impaired.
During the sale, or when they are characterized as impaired, the profit or loss is transferred to the results.
Impairment losses that have been booked to the results are not reversed through the results. The purchases
and sales of investments are recognized during the transaction date, which is also the date the Group commits
to purchase or sell the item. Investments are initially recognized at fair value plus costs directly related to the
transaction. Costs directly related to the transaction are not added for items valued at fair value through the
income statement. Investments are written-off when the right on cash flows from investments mature or is
transferred and the Group has essentially transferred all the risks and rewards implied by the ownership.
The loans and receivables are recognized in amortized cost using the effective interest method.
The realized and unrealized profits or losses arising from changes in the fair value of financial assets valued at
fair value through the income statement, are recognized in the profit and loss of the period they occur.
The fair values of financial assets that are traded in active markets, are defined by their prices. For non-traded
assets, fair values are defined with the use of valuation techniques such as analysis of recent transactions,
comparative items that are traded and discounted cash flows. The securities that are not traded in an active
market that have been classified in the category Financial assets available for sale, and whose fair value
cannot be determined in an accurate and reliable way, are valued at their acquisition cost.
At each balance sheet date the Group assess whether there are objective indications that lead to the conclusion
that financial assets have been impaired. For company shares that have been classified as financial assets
available for sale, such an indication consists of a significant or extended decline in the fair value compared
to the acquisition cost. If impairment is established, any accumulated loss in Equity, which is the difference
between acquisition cost and fair value, is transferred to the results.
