ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR
2023
ATTICA HOLDINGS S.A., 1- 7 LYSIKRATOUS & EVRIPIDOU STR., 176 74, KALLITHEA, ATHENS
Page 2
3.1.15.
Earnings per share
..........................................................................................................................
120
3.1.16.
Operating segments
........................................................................................................................
120
3.1.17.
Expenses
........................................................................................................................................
121
3.1.17.1.
Recognition of expenses
.................................................................................................................
121
3.1.17.2.
Financial expenses
.........................................................................................................................
121
3.1.17.3.
Borrowing costs
..............................................................................................................................
121
3.1.18.
Employee benefits
..........................................................................................................................
121
3.1.18.1.
Short-term benefits
.........................................................................................................................
121
3.1.18.2.
Post-employment benefits
..............................................................................................................
121
3.1.19.
Leases
.............................................................................................................................................
122
3.1.19.1.
Finance Leases
...............................................................................................................................
122
3.1.19.2.
Operating Lease
.............................................................................................................................
124
3.1.20.
Contingent liabilities and contingent assets
....................................................................................
124
3.1.21.
Allocation of revenue and expenses
...............................................................................................
125
3.1.22.
Allocation of joint revenue and expenses
.......................................................................................
125
3.1.23.
Allocation of expenses
....................................................................................................................
125
3.1.24.
Current and deferred income taxes
................................................................................................
125
3.1.25.
Profit from shipping activities
..........................................................................................................
125
3.1.26.
Profit from non-shipping activities
...................................................................................................
125
3.2.
Other Accounting Policies
...............................................................................................................
126
3.2.1.
Effect of changes in foreign exchange rates
...................................................................................
126
3.2.2.
Cash and cash equivalents
.............................................................................................................
126
3.2.3.
Share Capital
..................................................................................................................................
126
3.2.4.
Distribution of dividends / optional reserves
...................................................................................
127
3.2.5.
Government Grants – Government Assistance
..............................................................................
127
3.2.6.
Assets related grants
......................................................................................................................
127
3.2.6.1.
Income related grants
.....................................................................................................................
127
4.
Financial risk management
.............................................................................................................
127
4.1.
Financial risk factors
.......................................................................................................................
127
4.1.1.
Foreign currency risk
......................................................................................................................
127
4.1.2.
Credit risk
........................................................................................................................................
128
4.1.3.
Liquidity risk
....................................................................................................................................
129
4.1.4.
Interest rate risk
..............................................................................................................................
130
4.1.5.
Capital Risk Management
...............................................................................................................
130
4.1.6.
Fuel prices fluctuation risk
..............................................................................................................
131
4.1.7.
Competition
.....................................................................................................................................
131
4.1.8.
Risks from climate change
..............................................................................................................
132
5.
Fair value of financial instruments
..................................................................................................
132
5.1.
Financial derivatives
.......................................................................................................................
132
5.2.
Investments carried at fair value
.....................................................................................................
132
5.3.
Other financial assets and liabilities carried at fair value
................................................................
134
6.
Consolidation - Joint venture revenue agreement
..........................................................................
134
6.1.1.
Consolidation of ATTICA S.A. HOLDING subsidiaries
...................................................................
134
6.1.2
Consolidation of associates / Joint ventures
...................................................................................
135
6.2.
Agreement between ATTICA HOLDINGS S.A. and ANEK
............................................................
135
6.3.
Business combinations
...................................................................................................................
136
6.3.1.
Merger through absorption of ANEK LINES S.A. by ATTICA HOLDINGS S.A
..............................
136
7.
Related Party disclosures
...............................................................................................................
139
7.1.
Intercompany transactions
..............................................................................................................
139
7.1.1.
Intercompany transactions between Attica Holdings S.A. and other related companies
...............
141