REG - Alpha Bank A.E. - Annual Financial Report <Origin Href="QuoteRef">ACBr.AT</Origin> - Part 7
31/03/2017 07:07
- Part 7: For the preceding part double click ID:nRSe0956Bf
Change in actuarial gains/(losses) of defined benefit obligations (10,689) 3,099 (7,590) 941 (74) 867
Tax rate adjustment (Law 4334/2015) 2,175 2,175
Total 25,142 (3,534) 21,608 269,723 (65,950) 203,773
The above analysis includes a credit tax amount of E 2 from discontinued operations (31.12.2015: deferred tax asset E 25).
During 2016 "Retained earnings" includes deferred tax amounting to E 25 which derives from Purchases)/Redemptions/Sales of
hybrid securities (2015: E 2,122).
During 2016 "Retained earnings" includes a credit tax amounting to E 281 resulting from the share capital increase expenses
which were recognized in the same account when the share capital increase took place in 2015. The respective amount for
2015 was E 17,770.
Furthermore in 2015 "Retained earnings" includes a deferred tax liability of E 6,261, referring to the income tax rate
adjustment on the share capital increase costs which were recorded in the same account in previous years.
12. Earnings/(losses) per share
a. Basic
Basic earnings/(losses) per share are calculated by dividing the profit/(losses) after income tax attributable to ordinary
equity owners of the Bank, by the weighted average number of outstanding ordinary shares, after deducting the weighted
average number of treasury shares held by the Bank, during the period.
b. Diluted
Diluted earnings/(losses) per share are calculated by adjusting the weighted average number of ordinary shares outstanding
to the presumed conversion amount of all dilutive potential ordinary shares. The Bank does not have any dilutive potential
ordinary shares and in addition, based on the issuance terms of the convertible bond loan covered by Credit Agricole S.A.,
basic and dilutive earnings/(losses) per share should not differ as the issue price of the ordinary shares will not be less
than their average market price.
It is noted that on 23.2.2017 the Bank increased its share capital due to the conversion of the total amount of the
convertible bond loan, by issuing 6,818,181 new ordinary shares (note 50).
From 1 January to
31.12.2016 31.12.2015
Profit/(losses) attributable to equity owners of the Bank 42,140 (1,371,714)
Weighted average number of outstanding ordinary shares 1,536,881,200 385,286,677
Basic and diluted earnings/(losses) per share (in E) 0.0274 (3.5602)
From 1 January to
31.12.2016 31.12.2015
Profit/(losses) from continuing operations attributable to equity owners of the Bank 19,374 (1,236,912)
Weighted average number of outstanding ordinary shares 1,536,881,200 385,286,677
Basic and diluted earnings/(losses) from continuing operations per share (in E) 0.0126 (3.2104)
From 1 January to
31.12.2016 31.12.2015
Profit/(losses) from discontinued operations attributable to equity owners of the Bank 22,766 (134,802)
Weighted average number of outstanding ordinary shares 1,536,881,200 385,286,677
Basic and diluted earnings/(losses) from discontinued operations per share (in E) 0.0148 (0.3499)
The weighted average number of ordinary shares as at 31.12.2015, has been retrospectively restated from the beginning of
the year, after the decrease of the total number of shares due to the merger in proportion of 50 voting common shares of
old nominal value to 1 voting common share of new nominal value which took place on November 2015.
ASSETS
13. Cash and balances with Central Banks
31.12.2016 31.12.2015
Cash 346,322 402,402
Cheques receivable 4,853 6,801
Placements with European Central Bank 10,500
Balances with Central Banks 1,152,932 1,321,124
Total 1,514,607 1,730,327
Less: Deposits pledged to Central Banks (1,016,213) (1,130,662)
Balance 498,394 599,665
The Bank is required to maintain a current account with the Bank of Greece (Central Bank) in order to facilitate interbank
transactions with the Central Bank and other financial institutions through the Trans European - Automated Real Time Gross
Settlement Express Transfer System (TARGET).
The Bank of Greece also requires, that all financial institutions established in Greece to maintain reserve deposits with
the Central Bank equal to 1% of customer deposits.
These deposits are interest bearing based on the refinancing rate set by the European Central Bank which as at 31.12.2016
was 0% (31.12.2015: 0.05%).
The subsidiaries that operate abroad and offer banking services, maintain pledged deposits in accordance with the rules set
by the respective Central Banks in their countries.
Cash and cash equivalents (as presented in the Statement of cash flows)
31.12.2016 31.12.2015
Cash and balances with Central Banks 498,394 599,665
Short-term placements with other banks 430,820 682,808
Cash and cash equivalents from discontinued operations 45,674 45,660
Total 974,888 1,328,133
14. Due from banks
31.12.2016 31.12.2015
Placements with other banks 812,337 912,933
Guarantees for coverage of derivative securities and sale and repurchase agreement (note 37e) 1,148,368 1,067,405
Sale and repurchase agreements (Reverse Repos) 50,475
Loans to credit institutions 62 4,900
Less:
Allowance for impairment losses (41,961) (8,965)
Total 1,969,281 1,976,273
In 2016, the Group transferred from Investment portfolio securities to Due from banks an amount of E 32,996 concerning a
bond issued by a foreign Credit Institution that matured. The bond has been fully impaired in prior years.
In 2015, the Group proceeded in the impairment and write off of E 2,552 for a loan to a foreign credit institution (note
10).
15. Trading securities
31.12.2016 31.12.2015
Bonds
Greek Government 2,256 1,888
Shares
Listed 2,445 891
Total 4,701 2,779
16. Derivative financial instruments (assets and liabilities)
31.12.2016
Contractual Nominal amount Fair value
Assets Liabilities
Derivatives held for trading purposes
a. Foreign exchange derivatives
Foreign exchange forwards 272,162 2,409 7,074
Foreign exchange swaps 1,158,359 6,362 2,723
Cross currency swaps 1,646,562 74,107 141,036
Currency options 68,547 227 491
Currency options embedded in customer products 8,991 69 108
Total non-listed 3,154,621 83,174 151,432
Futures
Total listed - - -
b. Interest rate derivatives
Interest rate swaps 7,285,341 465,554 528,852
Interest rate options (caps and floors) 240,395 15,204 4,275
Total non-listed 7,525,736 480,758 533,127
Futures
Total listed - - -
c. Commodity derivatives
Commodity swaps 126,458 8,341 7,841
Commodity options 1,413 422 419
Total non-listed 127,871 8,763 8,260
d. Index derivatives
OTC options 49,312 75 75
Total non-listed 49,312 75 75
Futures 48
Total listed 48 - -
e. Other derivatives
GDP linked security 1,663,143 4,224
Total listed 1,663,143 4,224 -
Derivatives for hedging purposes
a. Foreign exchange derivatives
FX swaps 24,826 304
Cross currency swaps 360,603 12,786
Total non-listed 385,429 304 12,786
b. Interest rate derivatives
Interest rate swaps 1,046,541 57,025 630,547
Total non-listed 1,046,541 57,025 630,547
Grand total 13,952,701 634,323 1,336,227
As part of the daily settlement and providing guarantee for derivatives with credit institutions as counterparties, the
Bank has pledged as collateral an amount of E 1.1 billion on 31.12.2016 (31.12.2015: E 1 billion). The respective net fair
value of derivatives with credit institutions amounted to E 1.1 billion on 31.12.2016 (31.12.2015: E 0.9 billion).
31.12.2015
Contractual Nominal amount Fair value
Assets Liabilities
Derivatives held for trading purposes
a. Foreign exchange derivatives
Foreign exchange forwards 177,192 719 4,162
Foreign exchange swaps 499,899 5,681 2,334
Cross currency swaps 3,723,496 248,200 394,746
Currency options 113,833 1,078 1,174
Currency options embedded in customer products 1,534 4 51
Total non-listed 4,515,954 255,682 402,467
Futures
Total listed - - -
b. Interest rate derivatives
Interest rate swaps 7,925,948 451,484 506,190
Interest rate options (caps and floors) 462,883 19,538 4,655
Total non-listed 8,388,831 471,022 510,845
Futures
Total listed - - -
c. Commodity derivatives
Commodity swaps 142,415 17,106 16,605
Total non-listed 142,415 17,106 16,605
d. Index derivatives
OTC options 49,000 176 176
Total non-listed 49,000 176 176
Futures 105 5 22
Total listed 105 5 22
e. Other derivatives
GDP linked security 1,665,055 6,660
Total listed 1,665,055 6,660 -
Derivatives for hedging purposes
a. Foreign exchange derivatives
Cross currency swaps 357,872 46,052
Total non-listed 357,872 - 46,052
b. Interest rate derivatives
Interest rate swaps 1,153,639 42,364 574,362
Interest rate options (caps and floors)
Total non-listed 1,153,639 42,364 574,362
Grand Total 16,272,871 793,015 1,550,529
17. Loans and advances to customers
31.12.2016 31.12.2015
Individuals
Mortgages: 19,670,133 20,171,969
Consumer:
- Non-securitized 4,041,109 4,063,792
- Securitized 1,272,572 1,299,934
Credit cards:
- Non-securitized 718,425 720,016
- Securitized 540,376 565,583
Other 705 2,601
Total 26,243,320 26,823,895
Companies:
Corporate loans
- Non-securitized 26,595,645 27,547,074
- Securitized 2,514,014 2,126,179
Leasing
- Non-securitized 347,810 245,981
- Securitized 324,773 447,618
Factoring 528,618 599,387
Total 30,310,860 30,966,239
Other receivables 412,833 417,737
56,967,013 58,207,871
Less: (12,558,253) (12,021,755)
Allowance for impairment losses *
Total 44,408,760 46,186,116
The Bank and Alpha Leasing A.E. have proceeded in securitization of consumer, corporate loans, credit cards and leasing
through special purpose entities controlled by them.
In addition, in 2016, the Bank proceeded in securitizing corporate (SME) loans by transferring the loans to the special
purpose entity, Alpha Proodos Designated Activity Company.
Based on the contractual terms and structure of the above transactions (e.g. allowance of guarantees or/and credit
enhancement or due to the Bank owing the bonds issued by the special purpose entities) the Bank and Alpha Leasing A.E.
retained in all cases the risks and rewards deriving from securitized portfolios.
The Bank has proceeded on 8.7.2015 in the cancellation of amount E 3.75 billion of covered that were issued, secured by
mortgage loans. On 31.12.2016, the balance of the covered bonds amounted to E 5 million (note 27). The value of mortgage
loans provided as coverage for these bonds amounted to E 15.5 million.
---------------------------------------------------
* In addition to the allowance of impairment losses regarding loans and advances to customers, a provision of E 3,195
(31.12.2015: E 4,713) has been recorded to cover credit risk relating to off-balance sheet items. The total provision
recorded to cover credit risk amounts to E 12,561,448 (31.12.2015: E 12,026,468).
Allowance for impairment losses
Balance 1.1.2015 8,830,277
Changes for the period 1.1 - 31.12.2015
Impairment losses for the year from continuing operations (note 10) 3,015,027
Impairment losses for the year from discontinued operations 32,814
Transfer of accumulated provisions to assets held for sale (111,912)
Change in present value of the impairment losses from continuing operations 547,996
Change in present value of the impairment losses from discontinued operations 1,435
Foreign exchange differences 54,781
Loans written-off during the year (348,663)
Balance 31.12.2015 12,021,755
Changes for the period 1.1 - 31.12.2016
Impairment losses for the year from continuing operations (note 10) 1,193,748
Transfer of accumulated provisions to assets held for sale (171,580)
Utilization of accumulated provisions for other movements (16,425)
Sales of impaired loans (17,795)
Change in present value of the impairment losses from continuing operations 413,835
Foreign exchange differences 7,893
Loans written-off during the year (873,178)
Balance 31.12.2016 12,558,253
The finance lease receivables by duration are as follows:
31.12.2016 31.12.2015
Up to 1 year 324,206 396,490
From 1 year to 5 years 202,472 136,893
Over 5 years 237,799 265,009
764,477 798,392
Non accrued finance lease income (91,894) (104,793)
Total 672,583 693,599
The net amount of finance lease receivables by duration is analyzed as follows:
31.12.2016 31.12.2015
Up to 1 year 309,997 380,421
From 1 year to 5 years 165,083 91,614
Over 5 years 197,503 221,564
Total 672,583 693,599
18. Investment securities
a. Available for sale
31.12.2016 31.12.2015
Greek Government:
- Bonds 2,078,924 1,787,958
- Treasury bills 1,510,796 2,142,123
Other Government:
- Bonds 273,171 319,117
- Treasury bills 254,654 239,621
Other issuers:
- Listed 921,473 1,074,750
- Non-listed 9,863 8,947
Shares
- Listed 78,748 149,482
- Non-listed 54,571 37,670
Other variable yield securities 34,853 34,816
Total 5,217,053 5,794,484
During 2016 the Group has recognized impairment losses amounting to E 3,279 which is analyzed to E 1,784 that relates to
shares, E 1,495 that relates to other variable yield securities.
During 2015 the Group has recognized impairment losses amounting to E 16,374 which is analyzed as E 9,197 that relates to
shares, E 4,227 that relates to other variable yield securities and an amount of E 2,950 which relates to bonds of other
issuers.
Ôhese impairment amounts are included in "Gains less losses on financial transactions".
b. Held to maturity
31.12.2016 31.12.2015
Other countries:
- Bonds 15,430 18,983
Other issuers:
- Listed 29,569 60,726
Total 44,999 79,709
The variation between the comparative years is mainly attributed to the maturity of bonds with a carrying amount of E 6.1
million and the sale of a bond close to its maturity with a book value amounting to E 28.6 million.
c. Loans and receivables
Loans and receivables include bonds issued by the European Financial Stability Facility (E.F.S.F.) with a nominal value of
E 3,960,544 received by the Bank as a result of the share capital increase which was completed on 6.6.2013 and a nominal
value of E 284,628 which were transferred to the Bank from the Hellenic Financial Stability Fund for the undertaking of
customer deposits from the former Cooperative Banks of West Macedonia, Evia and Dodecanese in December 2013.
These bonds under the original agreement could only be used as collateral to obtain liquidity from the Eurosystem or from
interbank counterparties in the form of repos.
In April 2016 the subscription agreement between the European Financial Stability Facility (EFSF), the Hellenic Financial
Stability Fund (HFSF) and the Bank was revised. The revision refers to the terms of use of the above bonds. The revision
states that the Bank may participate with the EFSF bonds in the purchase programme for the bonds issued by central
governments, special bodies-securities issuers and European supranational institutions of the Eurozone (Public Sector
Purchase Programme - PSPP) conducted by ECB. According to the ECB's decision, a total up to 50% of each EFSF issue can be
purchased until the completion of the program in March 2017. During 2016, the Bank conducted sale transactions of EFSF
securities at a nominal value of E 1,583 million, and within 2017 (until 23.1.2017) at a nominal value of E 140 million.
The total book value of these bonds on 31.12.2016 was E 2,682,655 (31.12.2015: E 4,289,482).
In the context of the implementation of short-term measures for public debt relief, the European Stability Mechanism (ESM),
the European Financial Stability Facility (EFSF), the Hellenic Financial Stability Fund (HFSF), the Greek State and the
four Greek systemic banks signed a bond exchange agreement in March 2017. Under this contract, floating rate bonds issued
by EFSF and held by the Banks are gradually exchanged with long-term fixed rate bonds issued by EFSF with equal nominal
value, which will be repurchased within one month from EFSF against cash. For the use of long-term fixed rate bonds the
same restrictions apply to these of floating-rate bonds, i.e. they consist eligible instruments for providing financing
from the Eurosystem and the participation of the ECB's bond purchase program (PSPP) and can be pledged as collateral under
repurchase transactions with interbank counterparties.
19. Investments in associates and joint ventures
31.12.2016 31.12.2015
Opening balance 45,771 46,383
New associates/joint ventures 18,439
Debt capitalization and share capital increase 168 9,756
Transfer to assets held for sale (39,244)
Share of profit/(loss) and other comprehensive income (3,342) (10,368)
Total 21,792 45,771
During 2016, the new investments in associates and joint ventures are "Aktua Hellas Holdings S.A." and "AEP Elaionas
A.E.".
The "Transfer due to reclassification to assets held for sale" relates to the joint ventures APE Commercial Property A.E.
and APE Investment Property A.E., which were classified as Assets Held for Sale on 30.6.2016, as described in detail in
note 47.
During 2015, the debt capitalization and share capital increase relates to the joint ventures "Alpha TANEO A.K.E.S." and
"APE Investment Property A.E.".
The associates and joint ventures of the Group are the following:
Name Country Group's ownership interest %
31.12.2016 31.12.2015
a. Associates
AEDEP Thessalias and Stereas Ellados Greece 50 50
A.L.C Novelle Investments Ltd Cyprus 33.33 33.33
Olganos Á.Å. Greece 30.44 30.44
Bank Information Systems ÁÅ Greece 23.77 23.77
Propindex Á.Å.D.Á Greece 35.58 35.58
Alpha Investment Property Elaionas Á.Å. Greece 50
Selonda A.E.G.E. Greece 21.97 23.01
Nireus S.A. Greece 20.65 20.72
b. Joint Ventures
APE Commercial Property Á.Å Greece 72.2 72.2
APE Investment Property A.E.* Greece 72.8 72.8
Alpha ÔÁÍÅÏ Á.Ê.Å.S. Greece 51 51
Rosequeens Properties Ltd* Cyprus 33.33 33.33
Aktua Hellas Holdings Á.Å.* Greece 45
The Bank participates in companies "Selonda A.E.G.E." and "Nireus S.A." as a consequence of their restructuring agreements
of loan liabilities. The Bank intends to transfer these companies in the near future. As a result these companies were
classified in assets held for sale at their fair value, which was determined in the amount of E 1.
-------------------------------------
* Companies are parent group entities as mentioned in note 38.
The Group's share in equity and profit/(loss) of each associate and joint venture is set out below:
Group's Share Share of other comprehensive income in equity
share on equity of profit/(loss)
From 1 January to From 1 January to From 1 January to
Name 31.12.2016 31.12.2015 31.12.2016 31.12.2015 31.12.2016 31.12.2015
a. Associates
AEDEP Thessalias and Stereas Ellados 74 74
A.L.C. Novelle Investments Ltd 1,012 1,020 (8) 510 (470)
Olganos Á.Å. (25)
Bank Information Systems Á.Å. 267 480 (213) 179
Propindex Á.Å.D.Á 86 86 (2)
Alpha Investment Property Elaionas Á.Å. 11,344 (555)
Total (a) 12,783 1,660 (776) 662 (470)
b. Joint ventures
APE Commercial Property Á.Å. 40,844 (1,600) (1,071) (77)
Alpha ÔÁÍÅÏ Á.Ê.Å.S. 3,213 3,267 (195) (173)
APE Investment Property A.E. (9,239)
Rosequeens Properties Ltd 12 (15)
Aktua Hellas Holdings Á.Å. 5,784 (756)
Total (b) 9,009 44,111 (2,566) (10,483) (77)
Total (a) + (b) 21,792 45,771 (3,342) (9,821) (547)
Investments in material associates and joint ventures
The Group considers as material the associate companies and joint ventures that it participates in, by taking into
consideration the activities of strategic importance carried out, but also the book value of the Group's investments as
well as the loans and receivables that consist part of the Group's net investment in the companies, if any.
On the basis of the above, the associate company AEP Elaionas A.E. and the joint ventures APE Commercial Property A.E. and
APE Investment Property A.E. are considered material.
AEP Elaionas mainly carries out activities relating to building construction and real estate exploitation in general. APE
Commercial Property A.E. carries out activities mainly relating to the management and exploitation of real estate
activities, as well as the acquisition and management of shareholding, while APE Investment Property A.E. activities
relating to the acquisition of securities and any kind of assets in general. The last two are classified as joint ventures,
since, under a contractual agreement, the exercise of control requires a consensus decision of the shareholders.
All the above mentioned companies are established in Greece, are not listed on a regulated market and therefore there is no
official reference regarding their fair value.
Condensed financial information about AEP Elaionas A.E., which is accounted for under the equity method, as presented
below. For APE Commercial Property A.E. and APE Investment Property A.E. that have been classified as Held for Sale on
30.6.2016, the applicable disclosures of IFRS 5 are provided in note 47.
Condensed Total Comprehensive Income
31.12.2016
Other expenses (1,110)
Profit/(losses) before income tax, from continuing operations (1,110)
Income tax -
Profit/(losses) after income tax, from continuing operations (1,110)
Other comprehensive income recognized directly in Equity:
Total comprehensive income for the year, after income tax (1,110)
Amount attributed to the participation of the Group to profits/(losses) of the joint venture (555)
Amount attributed to the participation of the Group to other comprehensive income recorded directly in the equity -
No dividends have been received from the joint venture in 2016.
31.12.2016
ASSETS
Cash and cash equivalents 326
Other current assets 489
Total current assets 815
Non current assets 104,940
Short-term liabilities 262
Total Short-term liabilities 262
Long-term liabilities 101,687
Total Long-term liabilities 101,687
Total Equity 3,806
Group participation (%) 50
Equity share 1,903
Goodwill from the acquisition 9,441
Carrying amount of participation 11,344
Loan that is part of the net investment 51,196
Net investment 62,540
The Group does not participate in joint operations.
Other information for associates and joint ventures and significant restrictions
Apart from the associated companies and the joint ventures that have been classified as Assets Held for Sale and are
accounded for in accordance with the provisions of IFRS 5, the rest of the associates and the joint ventures are accounted
for using the equity method.
No cases exist where the Group has stopped recognizing its share in the losses of associates and joint ventures because its
participation has been fully impaired.
The Group has no contingent liabilities regarding its participation in associates or joint ventures. The Bank has
undertaken the obligation to participate in additional investments in the joint venture Alpha TANEO AKES amounting up to
E 0.3 million. Further to this, there are no other unrecognized commitments of the Group relating with its participation in
joint ventures which could result in future cash or other outflows.
No significant restrictions exist on associates or joint ventures to transfer capital in the entity either as dividends or
to repay loans that have been financed by the Group apart from the restrictions imposed by Codified Law 2190/1920 on Greek
companies according to the minimum share capital required, equity and distribution of dividend. Moreover, restrictions
imposed by the adoption of Legislative Act within 2015 exist which refer to cash withdrawals and free capital flows as well
as any ministerial or other decision issued, which apply to all companies operating in Greece.
20. Investment property
Land - Buildings
Balance 1.1.2015
Cost 693,486
Accumulated depreciation and impairment losses (126,274)
1.1.2015 - 31.12.2015
Net book value 1.1.2015 567,212
Additions 21,543
Additions from companies consolidated for the first time in 2015 90,941
Reclassifications to "Other assets" (108)
Reclassifications from "Property, plant and equipment" 4,145
Reclassification to "Assets held for sale" (939)
Reclassification of discontinued operations assets to "Assets held for sale" (1,277)
Foreign exchange differences (771)
Disposals/Write-offs (13,836)
Depreciation charge for the year from continuing operations (10,802)
Depreciation charge for the year from discontinued operations (162)
Impairment losses (32,284)
Net book value 31.12.2015 623,662
Balance 31.12.2015
Cost 800,910
Accumulated depreciation and impairment losses (177,248)
1.1.2016 - 31.12.2016
Net book value 1.1.2016 623,662
Additions 76,069
Additions from companies consolidated for the first time in 2016 11,907
Reclassification to "Assets held for sale" (40,233)
Reclassification from/to «Property, plant and equipment » 25,312
Reclassification of discontinued operations assets to "Assets held for sale" (6,374)
Foreign exchange differences (539)
Disposals/Write-offs (30,584)
Depreciation charge for the year from continuing operations (12,937)
Impairment losses (32,191)
Net book value 31.12.2016 614,092
Balance 31.12.2016
Cost 800,527
Accumulated depreciation and impairment losses (186,435)
In 2016, an impairment loss amounting to E 32.2 million, in order for the carrying amount of investment property not to
exceed their recoverable amount as at 31.12.2016, as estimated by certified appraisers. In 2015, an impairment loss
amounted to E 32.3 million. The recoverable amount of investment property which was impaired during the current year
amounted to E 110.2 million (31.12.2015: E 100.1 million) and was calculated as the fair value less costs of disposal. The
fair value of investment property as at 31.12.2016 amounts to E 616.1 million (31.12.2015: E 667 million). The fair value
of investment property is calculated in accordance with the methods mentioned in note 1.8 and are classified, in terms of
fair value hierarchy, in Level 3, since they have made use of research inputs, assumptions and inputs relating to
properties of relevant characteristics and encompass a wide range of non-observable market inputs. The capitalization rate
used ranges between 7.0% and 8.5%.
The additions from companies consolidated for the first time in 2016 and 2015 relate to investment property which were
obtained as collateral for loans and acquired by the Group in the context of its credit risk management.
21. Property, plant and equipment
Land and buildings Leasehold improvements Equipment Total
Balance 1.1.2015
Cost 1,417,632 4,302 518,133 1,940,067
Accumulated depreciation and impairment losses (411,831) (3,152) (441,736) (856,719)
1.1.2015 - 31.12.2015
Net book value 1.1.2015 1,005,801 1,150 76,397 1,083,348
Foreign exchange differences (19) (1) 138 118
Additions 7,659 102 17,460 25,221
Additions from companies consolidated for the first time in 2015 949 949
Disposals/Write-offs (3,711) (7) (127) (3,845)
Reclassification to "Investment property" (4,145) (4,145)
Reclassification of discontinued operations assets to "Assets held for sale" (5,345) (3,131) (8,476)
Reclassification to "Assets held for sale" (164,166) (3,088) (167,254)
Reclassification internally to Property, plant and equipment 49 615 (664) -
Reclassification to "Other assets" (14,102) (18) (540) (14,660)
Depreciation charge from continuing operations (26,011) (400) (19,660) (46,071)
Depreciation charge from discontinued operations (1,454) (577) (2,031)
Impairment losses (1,929) (324) (2,253)
Net book value 31.12.2015 792,627 1,441 66,833 860,901
Balance 31.12.2015
Cost 1,169,294 4,090 472,059 1,645,443
Accumulated depreciation and impairment losses (376,667) (2,649) (405,226) (784,542)
1.1.2016 - 31.12.2016
Net book value 1.1.2016 792,627 1,441 66,833 860,901
Foreign exchange differences (286) (1) (37) (324)
Additions 10,074 71 20,414 30,559
Additions from companies consolidated for the first time in 2016 278 278
Disposals/Write-offs (3,040) (3) (86) (3,129)
Reclassification from/to "Investment property" (25,312) (25,312)
Reclassification of discontinued operations assets to "Assets held for sale" (400) (400)
Reclassification to "Assets held for sale" (19,579) (1,387) (20,966)
Reclassification internally to Property, plant and equipment (77) (471) 548 -
Reclassification to "Other assets" (4,035) (4,035)
Depreciation charge from continuing operations (20,604) (316) (18,745) (39,665)
Impairment losses (3,818) (121) (3,939)
Net book value 31.12.2016 725,550 721 67,697 793,968
Balance 31.12.2016
Cost 1,097,399 3,389 462,904 1,563,692
Accumulated depreciation and impairment losses (371,849) (2,668) (395,207) (769,724)
In 2016, an impairment loss of E 3.9 million (2015: E 2.3 million) was recognized in "Other Expenses". The recoverable
amount of the owned fixed assets that were impaired during the year amounted to E 23,023 (2015: E 9,828). During the
impairment test of property, plant and equipment, the estimation is based on the value in use incorporating the carrying
amount of an asset and all the improvements which render it absolutely suitable for use from the Group.
The carrying amount of owned land and buildings included in the above balances amounts to E 675,797 as at 31.12.2016
(31.12.2015: E 718,699).
22. Goodwill and other intangible assets
Goodwill Software Other intangible Total
Balance 1.1.2015
Cost 488,347 155,103 643,450
Accumulated amortization and impairment loss (278,559) (33,467) (312,026)
1.1.2015 - 31.12.2015
Net book value 1.1.2015 209,788 121,636 331,424
Additions 60,855 72 60,927
Additions from companies consolidated for the first time in 2015 2,900 2,900
Reclassification of discontinued operations assets to "Assets held for sale" (4,384) (1) (4,385)
Reclassification to "Assets held for sale" 22 22
Foreign exchange differences 198 198
Depreciation charge from continuing operations (22,804) (22,910) (45,714)
Depreciation charge from discontinued opearations (221) (221)
Net book value 31.12.2015 2,900 243,454 98,797 345,151
Balance 31.12.2015
Cost 2,900 544,009 152,363 699,272
Accumulated amortization and impairment loss (300,555) (53,566) (354,121)
1.1.2016 - 31.12.2016
Net book value 1.1.2016 2,900 243,454 98,797 345,151
Additions 79,420 79,420
Reclassification of discontinued operations assets to "Assets held for sale" (2) (2)
Reclassification to "Assets held for sale" (1,461) (1,461)
Foreign exchange differences (46) (46)
Disposals/Write-offs (170) (170)
Depreciation charge from continuing operations (26,531) (18,292) (44,823)
Impairment losses (2,900) (3,855) (6,755)
Net book value 31.12.2016 - 290,809 80,505 371,314
Balance 31.12.2016
Cost 617,620 140,128 757,748
Accumulated amortization and impairment loss (326,811) (59,623) (386,434)
The additions of year 2016 mainly concern acquisitions of user rights for computer applications. In 2015 the goodwill
amounting to E 2.9 million relates to the acquired company Asmita Gardens S.R.L., following the completion of valuation of
its assets (note 49). In 2016 the above goodwill was fully impaired.
23. Deferred tax assets and liabilities
31.12.2016 31.12.2015
Assets 4,519,046 4,398,176
Liabilities (21,219) (20,852)
Total 4,497,827 4,377,324
Deferred tax assets and liabilities are analyzed as follows:
1.1 - 31.12.2016
Balance 1.1.2016 Recognized in Transferred to Held for Sale Foreign exchange differences Balance 31.12.2016
Income Statement from continuing operations Income Statement from discontinued operations Equity
Debit difference of Law 4046/2012 1,158,424 (44,554) 1,113,870
Write-offs, depreciation, and impairment of fixed assets 32,883 5,806 38,689
Valuation/Impairment of loans 2,334,547 144,477 2,479,024
Valuation of loans due to hedging (1,154) 840 (314)
Employee defined benefit and insurance funds 69,580 (26,353) 3,099 46,326
Valuation of derivatives 150,183 6,032 16,069 172,284
Effective interest rate 11,909 (191) 11,718
Valuation of liabilities to credit institutions and other borrowed funds due to fair value hedge (50,491) (3,776) (54,267)
Valuation/impairment of bonds and other securities 78,185 210 84,438 (19,843) 142,991
Tax losses carried forward 488,502 (38,136) 281 450,647
Other temporary differences 101,398 (902) (25) (4,432) 322 96,363
Exchange differences from translating and hedging of foreign operations 3,358 (2,859) 499
Total 4,377,324 43,453 84,438 (3,278) (4,432) 322 4,497,827
1.1 - 31.12.2015
Balance 1.1.2015 Recognized in Transferred to Held for Sale Foreign exchange differences Balance 31.12.2015
Income Statement from continuing operations Income Statement from discontinued operations Equity
Debit difference of 1,078,533 79,891 1,158,424
Law 4046/2012
Write-offs, depreciation, and impairment of fixed assets 60,041 (22,946) 6,261 (10,473) 32,883
Valuation/Impairment of loans 1,636,632 697,915 2,334,547
Valuation of loans due to hedging
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