Annual Financial Report 31.12.2023
Index
A. STATEMENT OF THE BOARD OF DIRECTORS ..................................................................................................................... 4
B. INDEPENDENT AUDITOR’S REPORT .................................................................................................................................. 5
C. ANNUAL BOARD OF DIRECTORS REPORT ....................................................................................................................... 14
D. ANNUAL FINANCIAL STATEMENTS ................................................................................................................................. 57
I. STATEMENT OF FINANCIAL POSITION ............................................................................................................... 58
II. STATEMENT OF PROFIT OR LOSS ...................................................................................................................... 59
III. STATEMENT OF OTHER COMPREHENSIVE INCOME .......................................................................................... 60
IV. STATEMENT OF CHANGES IN EQUITY ................................................................................................................ 61
V. STATEMENT OF CASH FLOWS............................................................................................................................ 63
VI. NOTES TO THE FINANCIAL STATEMENTS .......................................................................................................... 64
1. Gerenal information ..................................................................................................................................... 64
2. Summary of significant accounting policies .................................................................................................. 64
3. Critical estimates, judgements and errors .................................................................................................... 79
4. Financial risk management ........................................................................................................................... 81
5. Fair value hierarchy ....................................................................................................................................... 88
6. Segmental analysis ........................................................................................................................................ 90
7. Property, plant and equipment .................................................................................................................... 91
8. Right-of-use assets ........................................................................................................................................ 93
9. Investment property ..................................................................................................................................... 94
10. Intangible assets ........................................................................................................................................... 95
11. Goodwill ........................................................................................................................................................ 96
12. Investments in subsidiaries ........................................................................................................................... 97
13. Investments accounted for using the equity method ................................................................................... 98
14. Deferred tax ................................................................................................................................................ 100
15. Financial assets at fair value through other comprehensive income ......................................................... 103
16. Financial assets at fair value through profit or loss .................................................................................... 103
17. Derivative financial instruments and hedge accounting ............................................................................. 104
18. Trade and other receivables ....................................................................................................................... 105
19. Inventories .................................................................................................................................................. 106
20. Cash and cash equivalents .......................................................................................................................... 106
21. Share capital and share premium ............................................................................................................... 107
22. Other reserves ............................................................................................................................................ 108
23. Non-controlling interests ............................................................................................................................ 110
24. Borrowings .................................................................................................................................................. 111
25. Lease liabilities ............................................................................................................................................ 113
26. Securitisation .............................................................................................................................................. 115
27. Post-employment benefits ......................................................................................................................... 116
28. Trade and other payables ........................................................................................................................... 118
29. Provisions .................................................................................................................................................... 118
30. Revenue ...................................................................................................................................................... 119
31. Expenses ..................................................................................................................................................... 119
32. Employee benefit expenses ........................................................................................................................ 120
33. Other income .............................................................................................................................................. 120
34. Other gains/(losses) - net ............................................................................................................................ 121
35. Finance income/(costs) ............................................................................................................................... 121
36. Income tax expense .................................................................................................................................... 122
37. Investing activities....................................................................................................................................... 123
38. Contingent assets and liabilities ................................................................................................................. 124
39. Commitments ............................................................................................................................................. 125
40. Related party transactions .......................................................................................................................... 125
41. Earnings per share ...................................................................................................................................... 126
42. Audit fees .................................................................................................................................................... 127
43. Events after the reporting date .................................................................................................................. 127