ETALBOND.. 31 2009.. &.....: 681178...: 016559...: 659818.. 28963 ETALBOND..... : 20827/01/ /90/434(2009). 2-4
....2....3....4 IV....5 V....6...7 1....7 2....7 3....19 4....20 5....21 6....21 7....22 8....23 9....24 10....24 11....26 12....26 13....26 14....27 15....28 16....29 17....29 18....29 19....30 20. / ( ),...30 21....30 22....31 23....31 24....31 25. / ( )...32 26....32 27....32 28....36 29....36 30....36
. 31/12/2009 31/12/2008 6 10.010.171-7 39.356-10 250-10.049.777-9 8.460.995-10 6.636.645 98.661 11 498.018 13.024 15.595.658 111.685 25.645.435 111.685 12 4.170.811 58.994 12 24.578 24.578 13 177.903 177.903 ( ) 5.679.517-149.878 10.052.810 111.597 - - 10.052.810 111.597 14 7.500.000-8 902.630-15 75.980-17 40.000-8.518.610-16 4.248.353 88 20.940-14 2.804.722-7.074.015 88 15.592.625 88 25.645.435 111.685. 2
. 12 31/12/2009 12 31/12/2008 9.022.361-18 -8.692.432-329.929 - ( ) 18 18 21-871.597 - -458.675-2.859 888.360 - -111.984-2.859 20 20-216.917-19.436 - - - / ( ) 21 - -34.165 /( ) -309.465-37.023 8-224.719 - /( ) -534.185-37.023 /( ) ( ) 25 (3,7591) (18,419). 3
. I 31 2007 83.572 177.903-112.855 148.620 1 2008 83.572 177.903-112.855 148.620 - - -37.023-37.023 31 2008 83.572 177.903-149.878 111.597 1 2009 83.572 177.903-149.878 111.597 - - -534.185-534.185 4.111.817 - - 4.111.817. - - 6.363.580 6.363.580 4.111.817-5.829.395 10.475.398 31 2009 4.195.389 177.903 5.679.517 10.052.809. 4
IV. 1/1 31/12/2009 1/1 31/12/2008 / ( ) -309.465-37.023 (. 6, 7 & 18) 553.197 - -283 34.165 (. 20) 149.499 - (. 15, 17) -454.367 - ( ) 2.008.629 - ( ) -389.469 1.399 /( ) ( ) 546.149 - -148.671-1.955.219-1.460 & (. 6, 7) -245.377-1.055 283 - -245.094 1.055 26 - -1.250.000-24.843 - -1.225.131 - / ( ) 484.994-405 13.024 13.429 498.018 13.024. 5
V. 1/1 31/12/2009 1/1 31/12/2008 / ( ) -534.185-37.023 - - -534.185-37.023 6
1. µµ µ µ µ ETALBOND.. ( ). µ 2010. («Etalbond»)..,. 2-4,,. µ µ µ 18/03/2010.., µ µ µ... µ.... ETALBOND.. 31 2009 100,00%. 2. 2.1. 31 2009, ( ). 1606/2002 3229/04 ( 3301/04) ( ) 1 2005,.,. : ), ) 5%. (,, (deemed cost), ). µ µ., µ µ. 7
µ,., 4., :, :,,.,. 31 2009 8 14,. 8 / (Chief Operating Decision Maker). ( ). 1 ( ) 1. ( ),. (performance statement). ( ) ( ).. 7 ( ) «:»,... 2 ( ) «(vesting conditions)», «(non-vesting conditions)».,,. H. 23 ( ) 23.,. [, ]. 8
32 ( ) «:» 1 ( ) 32 («puttable»),. 1 «puttable».. 39 ( ) «:». 39. 31 2009 13.. 15. 18 (. ) 11... 16-39..,. 18 ( 1 2009),.,.. 31 2009 3 ( ) 27 ( ) ( 1 2009) 3,. ( contingent consideration ). 27., 9
... 9 ( 1 2013) 9 ( ) 39. 9 2010,,,. 9,,,.. 9,,. 9,.,..,. 9,. 9. 9., 9 1 2013. 1 ( ) ( 1 2010),... 2 ( ) ( 1 2010) 2,... 10
24 ( ) ( 1 2011) (government-related entities).,,,... 32 ( ) «:» ( 1 2010).,,,,.. 39 ( ) «:» ( 1 2009),,., 39. 31 2009 12 - (, 30 2009). [. 17 ( 1 2009) (nonreciprocal) : ) ).. 19 ( 1 2010) 19,,,... 14 ( ) «,» ( 1 2011) :.. 11
.. ( ) 2009..,, 1 2010.,,. 2 ( 1 2009) 2. 5 «M». 8. 1. 7. 17. 18 /. 36 5 8 ( / ). 38 ( ) 3 ( ) ( ). 12
39 «:» ( ) /, ( ) ( ). 9 ( 1 2009) 9,,. 16 ( 1 2009),,,,. 2.2. ( ).,. ( ).,. 2.3.. 2.1,, 1 2004, ( deemed cost ).,...,. : 13
20 33 5 17 4 6 4 6 5 7., ( ).,..,. 2.4,., 3-5.. 2.5.. ( ),,.. 2.6 4... 14
( ). 12. ( ),., 12.. ( ).,. ( ),. 12....,.,,.,. ( ).. 2.7.... 15
2.8,..,.. 2.9,, 3.. 2.10.,,.. 2.11,.. ( ). 12.,,. 2.12..,,. ( ). 16
.,. 2.13 ( ). ( )... ( projected unit credit method ). 10%,... ( ).,,. 12.,. ( ).. 17
2.14.,.,. 2.15 : i.. ii.. iii..,.,, ( 4).. 2.16,,.. : ( ),.,,. ( ),. ( )., 18
. ( ). ( ),. 2.17 ( )..,,..... ( ).. ( ). 2.19. 3. 3.1. ( ) (..,,, ),.... 19
. 4.,.. 12,,. (value in use) (Cash Generating Unit).,,,..,.,,.,,. 20
5. ( ). 31/05/2009 ETALBOND.. ETALBOND A.E. : 10.357.347 10.469.624 4.320.574 (677.911) (69.737) (11.529.879) (2.394.647) 10.475.372 6. 31 2008 2009 2008 2009 : / / 1 2008 0 0 20.020 3.444 28.037 0 51.501 - - - - - - - 31 2008 0 0 20.020 3.444 28.037 0 51.501 1 2008 0 0-20.020-3.444-28.037 0-51.501 - - - - - - - 31 2008 0 0-20.020-3.444-28.037 - -51.501 31 2008 0 0 0 0 0 0 0 1 2009 0 0 20.020 3.444 28.037 0 51.501 - - 51.588 38.318 24.615 93.320 207.842-20.020-2.082-28.037 - -50.139 Etalbond 1.255.319 3.105.605 9.238.213 161.828 62.216 475.801 14.298.982 83.355 277.404-14.000-374.758 31 2009 1.255.319 3.188.960 9.567.205 201.507 100.831 194.363 14.508.185 1 2009 0 0-20.020-3.444-28.037 0-51.501 (. 18) - -90.927-436.110-5.968-8.102 - -541.107 - - 20.020 2.082 28.037-50.139 Etalbond - -788.836-3.058.654-67.891-40.164 - -3.955.545 31 2009-879.763-3.494.764-75.220-48.266 - -4.498.014 31 2009 1.255.319 2.309.197 6.072.440 126.287 52.565 194.363 10.010.171 21
7. : 1 2009 0 37.535 Etalbond 44.338 31 2009 81.873 1 2009 0 (. 18) 12.091 Etalbond 30.427 31 2009 42.518 31 2009 39.355 22
8.. : 31/12/2009 31/12/2008 - - 902.630-902.630 -.. 1/1/2008 - - - ( ) / - - - ( ) / - - - 31/12/2008 - - - 1/1/2009 - - - Etalbond - -677.911 - ( ) / - -224.720 - ( ) / - - - 31/12/2009 - -902.631 - / 1/1/2008 - - - - - Etalbond - - - - - ( ) / - - - - - ( ) / - - - - - 31/12/2008 - - - - - 1/1/2009 - - - - - Etalbond -932.370 159-112.500-1.044.711 ( ) / -40.383 - -47 112.500 72.070 ( ) / - - - - - 31/12/2009-972.753-112 - -972.641 / 1/1/2008 - - - - - Etalbond - - - - - ( ) / - - - - - ( ) / - - - - - 31/12/2008 - - - - - 1/1/2009 - - - - - Etalbond - 366.801 - - 366.801 ( ) / - -296.790 - - -296.790 ( ) / - - - - - 31/12/2009-70.011 - - 70.011 23
9. 31/12/2009 31/12/2008 132.936-2.868.624-1.585.939-106.879 - & 3.766.616 - - - 8.460.994 - : : - - - - 8.460.994-10. 31/12/2009 31/12/2008 1.458.788 85.316 (. 24) 5.223.274 - : -226.073-6.455.989 85.316 3.035-156.915-20.706 13.345 180.656 13.345 6.636.645 98.661 250-250 - 6.636.895 98.661 24
: : 31/12/2009 31/12/2008 - - ( ) 6.455.988 85.316 498.018 13.024 6.954.007 98.340 : 31/12/2009 31/12/2008 ( ) 6.381.641-6 30.333-6 44.014 85.316 6.455.988 85.316 : 31/12/2009 31/12/2008 ( ) 5.310.051-6 1.527.274-6 - - : 31/12/2009 31/12/2008 - - 226.073 - - - 226.073-25
11. 31 2008 2009 : 31/12/2009 31/12/2008 1.708 41 496.310 12.983 498.018 13.024. 12. 1 2008 2.010 58.993 24.578 83.572 31 2008 2.010 58.993 24.578 83.572 31 2009 142.106 4.170.811 24.578 4.195.389 13. 1 2008 19.663 - - 158.241 177.903 31 2008 19.663 - - 158.241 177.903 1 2009 19.663 - - 158.241 177.903 31 2009 19.663 - - 158.241 177.903 13.1,,, 5%.. 13.2 & : ( )... 26
14., : 31/12/2009 31/12/2008 - - 10.000.000-10.000.000 - : -2.500.000-7.500.000-304.722-2.500.000-2.804.722-10.304.722 - : 1 2 : 2.500.000 2 5 : 5.000.000 : ( ): 4,09% : 2,73%.,.,.. 1,2. 31/12/2009. 27
15.,, ( )., 40%.. H.. 31 2008 2009 : 31/12/2009 31/12/2008 : 75.980 - (. 19) 6.243-100.257 - -7.245-17.032-75.980-75.980 - - - - - 69.737 - (. 19) 6.243-75.980-75.980-4.458-1.940-6.287 - -6.442 - - - - - (. 19) 6.243 - : 5,0% - 4,5% - 28
16. 31/12/2009 31/12/2008 781.393-52.261 - (. 24) 3.298.777-99.560 88 12.008-4.353-4.248.352 88 17. : 1 2008-31 2008 - Etalbond 588.342-138.342 40.000-450.000 31 2009 40.000 40.000,. 18. 31/12/2008 - - 2.859 2.859 - - 2.859 2.859 31/12/2009 (. 19) 382.843 182.733 81.665 647.241 7.086.824 0 0 7.086.824 (. 6, 7) 545.887 1.124 6.187 553.198 14.341 1.123 4.261 19.725 3.998 7.481 10.237 21.715 34.636 134.174 10.249 179.059 & 0 102.998 0 102.998 397.982 159.031 252.187 809.200 0 127.732 0 127.732 225.921 155.202 93.889 475.013 8.692.432 871.598 458.675 10.022.705 29
19. 31/12/2009 31/12/2008 499.086-141.913 - (. 15) 6.243-647.242-20. / ( ), 31/12/2009 31/12/2008. 283-19.153-0 - 19.436 -. & -149.499-0 - -67.418-0 - -216.917 - ( ) -197.482-21. 31/12/2009 31/12/2008 483.068-405.292-888.360 - / ( ) (. 9) - -34.165 - ( ) 888.360-34.165 30
22.... : 31/12/2009 31/12/2008 1 33.675-1-5 44.212-77.887-21.693-23.,, : 31/12/2009 31/12/2008 92.700-92.700-24., : 31/12/2009 31/12/2008 6.521.221-6.521.221-483.068-483.068 -- 4.341.884-4.341.884-73.100-73.100-47.962-47.962-31/12/2009 31/12/2008-217.291-31
31/12/2009 31/12/2008 : (. 10) 5.223.274-5.223.274 - : (. 16) 3.298.777-3.298.777-25. / ( ) / ( ) / ( ),. 31/12/2009 31/12/2008 / ( ). -534.185-37.024. 142.106 2.010 / ( ) ( ) -3,7591-18,4198 26. 2009. 27. :,,,....,,. 32
. : 31/12/2009 31/12/2008 6.455.988 85.316 498.018 13.024 6.954.006 98.340 ( ).,,. 31/12/2009 10%..,.,,,..,,...,,, (. ).,.. ( ),,. 33
.,,,,.,,.. : 31/12/2009 <1 1-2 2-5 > 5 31 2009 10.000.000 2.500.000 2.500.000 5.000.000 10.000.000 / 304.722 304.722 304.722 4.248.353 4.248.353 4.248.353 14.553.075 7.053.075 2.500.000 5.000.000 14.553.075,.,. ( ) (,, ) /. (hedging),, ( 30%). ( ),.,,.. 34
: 31 2009. 6.403.846 232.798 0-10.304.722 0 0-4.230.668-30 -17.655 442.239 55.780 0-7.689.305 288.548-17.655 : 10%, : 2009 2008 2009 2008. 32.061 - - - -1.962 - - - 10%, : 2009 2008 2009 2008. -26.232 - - - 1.605 - - - ( ),.. (euribor)., : / 25 : 2009 2008 2009 2008 -/+20.056 - - - 35
,,.,,..... 28. 2004 2009... 29. : 34 (2008: 0) 30. 12 2010 «ETALBOND A.E. AN» ETALBOND A.E. ELVAL COLOUR AE 69-77.. 2190/20 1-5.2166/93., ( ) 28/2/2010 A ACUS 3. 2.2166/93.,. 36
.. «ETALBOND..». 1 31 2009,, 1 31 2009. 2009,, &. I. 2009,,, 309.465 534.185.,, (Energain)., ETALBOND... H 31/05/2009 ETALBOND : 10.357.347 10.469.624 4.320.574 (677.911) (69.737) (11.529.879) (2.394.647) 10.475.372 01/04/2000.., 31/5/2009 ETALBOND.. 2008. 2008 37.023,29. (30%).... ( 34.164,57)
, ETALBOND... 31/12/2009 31/12/2008 9.022.361 -, /, / & 441.214-37.024 4,89% - & 243.732-37.024 2,70% - -309.465-37.024-3,43% - / ( ) -534.185-37.024-5,92% - 31 2009 25,6., 2008 25,5, Etalbond. 15,6., ( 10,3.). 10,1 0,1.. 2,00., 10,5., (31/5/2009) 8,5. 31/12/2009. 2009 0,2. 1,2. 2009 0,2.. 12 2009 12 2008 ( / ) 3,66% - ( / ) -5,92% - ( / ) 1,55 - ( /. ) 2,20 - ( / ) -5,31% -. ( /.) x 360 250 -. ( / ) 360 150 -. (../.) x 360 99 -
II. 1/1/2009 31/12/2009 2009 : 31/05/2009 ETALBOND.. 13/7/2009. 30 2009 ETALBOND.. 100,00% : 1. 2008,. 2. 2008. 3. 2009 PRICEWATERHOUSECOOPERS,. 4. : ). 1/6/09. ). 17/9/08.. 5.,. 6. 3, : 3.,,. III. 31.384.. 3. 471.595,60 2065/1992 106.274,22.... 577.869,82..... 01/01/2004 677.449,22 1.255.319,04. 9.392,79...... 2.525.656,12.... 3.188.959,55. Etalbond..
IV. & 2009 i. 2009 2010.,,. 12 2010 ETALBOND A.E. ELVAL COLOUR AE 69-77.. 2190/20 1-5.2166/93., ( ) 28/2/2010 A ACUS 3. 2.2166/93.,. ELVAL COLOUR,. ii. &,,.,,.. ( ) &..,.,,. ( ).,,.
.,,,,.,,.,.,. ( ) (,, ) /. (hedging),, ( 30%). ( ),.,,.. 10%, : 2009 2008 2009 2008. 32.061 - - - -1.962 - - - 10%, : 2009 2008 2009 2008. -26.232 - - - 1.605 - - -
( ),.. (euribor)., : / 25 : 2009 2008 2009 2008 -/+20.056 - - -,,.,,..... 18 2010 -------------------------------------
:. 2-4, ', :... : 20827/01/ /90/434(2009) : : : / : 18/03/2010 : :...16891 : : :PriceWaterhouseCoopers : 31/12/2009 31/12/2008 31/12/2009 31/12/2008 10.010.171,00-39.356,00-250,00-9.022.361,00-8.460.995,00-329.929,00-6.636.645,00 98.661,00 / ( ), - - 498.018,00 13.024,00 (111.984,00) (2.859,00) 25.645.435,00 111.685,00 / ( ) (309.465,00) (37.023,00) (224.719,00) - 4.170.811,00 58.994,00 / ( ) ( ) (534.184,00) (37.023,00) 5.881.999,00 52.603,00 : ( ) 10.052.810,00 111.597,00 - - 7.500.000,00 - / 1.018.610,00 - ( ) - - 2.804.722,00 - ( + ) (534.184,00) (37.023,00) 4.269.293,00 88,00 : ( ) 15.592.625,00 88,00 (534.184,00) (37.023,00) & ( )+( ) 25.645.435,00 111.685,00 - - /( ) - ( ) (3,759) (18,419) (01/01/2009 01/01/2008 ) 111.597,00 148.620,00 / ( ), 31/12/2009 31/12/2008 (EBITDA) 441.213,00 (2.859,00) /( ) - - ( ) 553.197,00 - / ( ) (534.185,00) (37.023,00) /( ) 4.111.817,00 - - - : ( ) 6.363.580,00 - - - (31/12/2009 31/12/2008 ) 10.052.809,00 111.597,00 31/12/2009 31/12/2008 / ( ) ( ) (309.465,00) (37.023,00) / : - - & 553.197,00 - - - - - (283,00) 34.165,00 149.499,00 - (454.367,00) - ( )/ 2.008.629,00 - ( ) / - (389.469,00) 1.398,00 / ( ) - ( ) 546.149,00 - : - - (148.671,00) - - - ( ) ( ) 1.955.219,00 (1.460,00) & (245.377,00) - & - 1.055,00 283,00 - / ( ) ( ) (245.094,00) 1.055,00 1 2009 31 2009 (.2190 135,, ),, ETALBOND.. O.. (www.etem.gr) ( ) - / : 26,00 - / 24.843,00 - (1.250.000,00) - - - - - /( ) ( ) ETALBOND A.E. ( ) ( ) ( ) (1.225.131,00) - /( ) ( )+( )+( ) 484.994,00 (405,00) 13.024,00 13.429,00 498.018,00 13.024,00 1.. 2.. 3. 31/05/2009 ETALBOND... ( 5. ) 4. 31/12/2009 34. 5... 100%,. 6. 2004 2009., 40.000. 7., 24, : ( ) ) 7.004.289 ) 4.462.946 ) 5.223.274 ) 3.298.777 ). 217.291 ) - ) -, 18 2010.... & : 681178 : 016559 : 659818..: 28963 A!
ETALBOND A.E. ETALBOND A.E., 31 2009,,,.,,,,,...,.,.,.,,,.,..
,,, ETALBOND A.E. 31 2009,., 43 37.. 2190/1920., 24 2010 16891 268, 15232, 113