ANNUAL FINANCIAL REPORT FOR THE FISCAL YEAR 2021
ATTICA HOLDINGS S.A., 1- 7 LYSIKRATOUS & EVRIPIDOU STR., 176 74, KALLITHEA, ATHENS
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2.17.3. Borrowing costs .................................................................................................................................98
2.17.4. Employee benefits .............................................................................................................................99
2.17.4.1. Short-term benefits ............................................................................................................................99
2.17.4.2. Post-employment benefits .................................................................................................................99
2.17.5. Leases .............................................................................................................................................100
2.17.5.1. Finance Leases ...............................................................................................................................100
2.17.5.2. Operating Lease ..............................................................................................................................102
2.17.6. Contingent liabilities and contingent assets ....................................................................................102
2.17.7. Allocation of revenue and expenses ...............................................................................................102
2.17.7.1. Allocation of joint revenue and expenses ........................................................................................102
2.1.1.1. Allocation of expenses ....................................................................................................................103
2.18. Current and deferred income taxes .................................................................................................103
2.18.1. Profit from shipping activities...........................................................................................................103
2.18.2. Profit from non-shipping activities ...................................................................................................103
2.19. Effect of changes in foreign exchange rates ...................................................................................103
2.20. Financial liabilities ...........................................................................................................................104
2.21. Financial assets ...............................................................................................................................105
2.22. Earnings per share ..........................................................................................................................107
2.23. Application of new Standards ..........................................................................................................107
2.23.1. New Standards, Interpretations, Revisions and Amendments to existing Standards that are effective
and have been adopted by the European Union ............................................................................................107
2.23.2. New Standards, Interpretations, Revisions and Amendments to existing Standards that have not
been applied yet or have not been adopted by the European Union .............................................................108
2.23.3. Change in accounting policy regarding attributing defined benefit to periods of service in accordance
with IAS 19 “Employee Benefits” ....................................................................................................................110
3. Financial risk management .............................................................................................................112
3.1. Financial risk factors ........................................................................................................................112
3.1.1. Foreign currency risk .......................................................................................................................112
3.1.2. Credit risk ........................................................................................................................................113
3.1.3. Liquidity risk .....................................................................................................................................113
3.1.4. Interest rate risk ...............................................................................................................................115
3.1.5. Capital Risk Management ...............................................................................................................115
3.1.6. Fuel prices fluctuation risk ...............................................................................................................115
3.1.7. Competition .....................................................................................................................................116
3.1.8. Risks arising from COVID-19 pandemic .........................................................................................116
4. Fair value of financial instruments ...................................................................................................119
4.1. Financial derivatives ........................................................................................................................119
4.2. Investments carried at fair value .....................................................................................................119
4.3. Other financial assets and liabilities carried at fair value ................................................................120
5. Consolidation - Joint venture revenue agreement ..........................................................................121
5.1.1. Consolidation of ATTICA S.A. HOLDING subsidiaries ...................................................................121
5.1.2 Consolidation of associates / Joint ventures ...................................................................................121
5.2. Agreement between ATTICA HOLDINGS S.A. and ANEK .............................................................122
5.3. Business combinations ....................................................................................................................122
5.3.1. Attica Group aquires control at Naxos Resort Beach Hotel Single Member S.A. ...........................122
6. Related Party disclosures ................................................................................................................123
6.1. Intercompany transactions ..............................................................................................................123
6.1.1. Intercompany transactions with the companies of Marfin Investment Group and Piraeus Bank ....125
6.2. Participation of the members of the Board of Directors of ATTICA HOLDING S.A. in the Board of
Directors of other companies ..........................................................................................................................125
6.3. Guarantees ......................................................................................................................................125