EFG HELLAS (CAYMAN ISLANDS) LIMITED

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1 Report and accounts 31 December 2003 Registered No. CR Cayman Islands Registered office: PO Box 309 GT Ugland House South Church Street George Town Grand Cayman, Cayman Islands Report of the Directors

2 The directors submit their report and accounts of the company for the period ended 31 December Business The company was incorporated under the laws of the Cayman Islands on 26 April 2002 as an exempted company with limited liability. Its purpose is to act as a financing vehicle for the EFG Eurobank Ergasias SA group through the issuance of medium term debt instruments under a programme dated May 2002 at an aggregate amount of 1,500,000,000. The programme was last updated in June 2003 at an aggregate amount of 2,500,000,000. The loan notes have been guaranteed by EFG Eurobank Ergasias SA, the company s immediate parent. The net proceeds have been applied by the company to meet part of the general financing requirements of the company s immediate parent undertaking and its subsidiaries. Risk management The company is exposed to credit, interest rate, currency and operational risk of which the latter is not considered to be significant. The directors have a policy of minimising such risks as follows: Credit risk: cash is placed with a group company, which the directors deem to be of an appropriate credit quality. Interest rate risk: interest rate risk is managed either by placing funds on deposit at a variable interest rate which changes on the same basis as the interest rate applied on the variable rate loan notes and commercial paper, or by the use of interest rate swaps to eliminate the interest rate risk on the structured loan notes. Currency risk: currency risk has been eliminated by placing funds on deposit in the same currency as the loan notes and commercial paper issued. The directors are responsible for the overall financial risk approach of the company. In this regard they liaise with the parent company risk managers to ensure financial risks are minimised. Results and dividend The loss for the year after taxation amounted to two thousand euros (period ended 2002 losses of: two thousand euros). The directors do not recommend the payment of a dividend (period ended 2002: nil). 1

3 Report of the Directors (continued) Directors The directors of the company who acted during the period were as follows: Nicholas Karamouzis Yasmine Ralli Fokion Karavias (appointed 15 April 2003) Julia Zavakou (appointed 15 April 2003) Panagiotis Vlachopoulos (appointed 15 April 2003) Andrew Robertson (appointed 15 April 2003) None of the directors has or had any notifiable interest in the shares of the company. Ultimate parent company The ultimate parent company is EFG Bank European Financial Group, a bank incorporated in Switzerland. All of the voting rights at general meetings of EFG Bank European Financial Group are held by Latsis family interests. Director s responsibilities The responsibility of the directors is to prepare financial statements for each financial year which fairly present the state of affairs of the company and the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group will continue in business. The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. By order of the Board Y.Ralli F.Karavias Director Director 19 th March th March

4 INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF EFG HELLAS (CAYMAN ISLANDS) LTD We have audited the financial statements on pages 6 to 16 which comprise the profit and loss account, the balance sheet and the related notes, which have been prepared under the accounting policies set out in the statement of accounting policies. Respective responsibilities of directors and auditors The directors responsibilities for preparing the Annual Report and the financial statements are set out in the statement of directors' responsibilities. Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and the United Kingdom Auditing Standards issued by the Auditing Practices Board. This report, including the opinion, has been prepared for and only for the company s management and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. We report to you our opinion as to whether the financial statements are fairly presented in accordance with the basis of preparation set out in the accounting policies note. We also report to you if, in our opinion, the directors report is not consistent with the financial statements, if the company has not kept proper accounting records, if the financial statements are not in agreement with the accounting records or if we have not received all the information and explanations which to the best of our knowledge and belief are necessary for the purpose of our audit. We read the other information contained in the Annual Report and consider the implications for our report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. The other information comprises only the directors report. Basis of audit opinion We conducted our audit in accordance with auditing standards issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company s circumstances, consistently applied and adequately disclosed. We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements. 3

5 Opinion In our opinion the financial statements present fairly the state of the company s affairs at 31 December 2003 and its loss for the year then ended in accordance with the basis of preparation set out in the accounting policies note. P PricewaterhouseCoopers LLP Chartered Accountants and Registered Auditors London [March 2004] 4

6 Profit and loss account For the year ended 31 December 2003 Note Interest receivable and similar income 2 1, Interest payable and similar charges 3 (1,042) (221) Foreign exchange losses (2) (2) Loss on ordinary activities before taxation 4 (2) (2) Taxation on loss on ordinary activities Loss for the financial year 12 (2) (2) All items dealt with in arriving at the operating loss relate to continuing operations. There is no difference between the loss on ordinary activities before taxation and its historical cost equivalent. There were no recognised gains and losses other than those included in the profit and loss account above. The notes on pages 7 to 16 form part of these accounts 5

7 Balance sheet at 31 December 2003 Current assets Note Cash at bank with parent and fellow subsidies undertaking 7 45,599 11,016 Debtors: amounts falling due within one year ,122 11,229 Creditors: Amounts falling due within one year Net current assets 45,519 10,890 Creditors: Amounts falling due after one year 10 45,507 10,876 Net assets Capital and reserves Called up share capital Profit and loss account 12 (4) (2) Equity shareholders' funds The accounts on pages 5 to 16 were approved by the Board of Directors on [ March 2004] and were signed on its behalf by: Y.Ralli Director F.Karavias Director The notes on pages 7 to 16 form part of these accounts 6

8 1. Accounting policies EFG HELLAS (CAYMAN ISLANDS) LIMITED (a) Accounting basis These accounts have been prepared under the historical cost convention, in accordance with applicable accounting standards in the United Kingdom. They are presented in euros as this is the currency of substantially all of the company s financial assets and liabilities. (b) Interest receivable/payable Interest receivable and payable represents the amount accrued to the profit and loss account over the period to which it relates, based on the underlying terms of the deposits, loan notes and interest rate swaps. However no interest has been accrued if it cannot be calculated with any reasonable degree of certainty. (c) Foreign currencies Assets and liabilities denominated in currencies other than euros, with the exception of share capital, have been translated into euros at the market rates of exchange ruling at the balance sheet date and the resulting gain or loss taken to profit and loss account. Called up share capital denominated in US dollars has been translated into euros at the rate on the date of issue. (d) Cash flow statement As permitted by Financial Reporting Standard 1 (Revised), the company is not required to produce a cash flow statement as the consolidated statement of its ultimate parent company, EFG Bank European Financial Group, includes its cash flows. (e) Related party transactions Related party transactions are on an arms length basis as disclosed in the notes to the accounts. Advantage has been taken of the exemption of not disclosing related party transactions with companies wholly owned within the same group. (f) Derivative financial instruments The company uses derivative financial instruments to hedge its exposures to fluctuations in interest rates. Instruments accounted for as hedges are designated as a hedge at inception of the contract. Receipts and payments on these instruments are recognised on an accruals basis over the life of the instrument. 7

9 1. Accounting policies (continued) (g) Capital Instruments Loan notes are stated net of debt issuance costs and the discount on the issue. These costs are amortised over the term of the debt on a straight line basis, as the difference between this method and a constant rate method would be immaterial. 8

10 2. Interest receivable and similar income Deposits placed with parent bank Interest rate swaps Deferred income and other interest , Interest payable and similar charges Interest payable on loan notes Amortised issue costs , Loss on ordinary activities before taxation The loss on ordinary activities before taxation does not include any charge for administrative costs (including auditors remuneration), which were borne by the immediate parent company, EFG Eurobank Ergasias SA. 5. Emoluments of directors and employment statistics The directors received no emoluments for their services (2002: nil). The emoluments of all directors are paid by a parent company. All the directors services to this company are of a non-executive nature and their emoluments are deemed to be wholly attributable to their services to other group companies. Accordingly, these accounts include no emoluments in respect of any director as it is not practicable to apportion the salary element. The company employed no staff during the year (2002: nil). 9

11 6. Taxation The company is non-uk resident and therefore not liable to UK corporation tax. In addition, the company was incorporated under the laws of the Cayman Islands as an exempted company with limited liability and, accordingly, has no liability to taxation in the Cayman Islands. 7. Cash at bank with parent and fellow subsidiary undertaking EFG Private Bank Limited EFG Eurobank Ergasias SA 45,588 11,002 45,599 11,016 Amounts are placed on time deposit with EFG Eurobank Ergasias SA at market rates of interest. 8. Debtors: Amounts falling due within one year Interest receivable on term deposits - EFG Eurobank Ergasias SA Net interest receivable on interest rate swaps EFG Eurobank Ergasias SA

12 9. Creditors: Amounts falling due within one year Interest payable on loan notes Deferred income Creditors: Amounts falling due after one year Loan notes 45,436 10,876 Deferred income 71-45,507 10, Book value 2003 Fair value 2002 Book value 2002 Fair value Loan notes 45,436 45,283 10,876 11,085 The notes are listed on the Luxembourg Stock Exchange. Loan notes are stated net of debt issuance costs. These costs are amortised over the term of the debt on a straight line basis, as the difference between this method and a constant rate method would be immaterial. 11

13 10. Creditors: Amounts falling due after one year (continued) Details of loan notes outstanding at 31 December 2003 are as follows: Currency Amount 000 Maturity Interest basis EUR 5,325 accreting by the accrual of the fixed interest rate on the preceding notional amount. August 2022, unless called in August 2007 or annually thereafter. EUR 6,302 accreting by the accrual of the fixed interest rate on the preceding notional amount. August 2022, unless called in August 2007 or annually thereafter. 6.50% per annum for the first five years. Thereafter, 10% minus 12 month Euribor for years 6 to 20 (floored at 5.90%). There are no coupon payments until the maturity date or call date, whichever occurs first. Until then, all coupons are withheld and compounded at the annual interest rate indicated above. 6.50% per annum for the first five years. Thereafter, 10% minus 12 month Euribor for years 6 to 20 (floored at 5.40%). There are no coupon payments until the maturity date or call date, whichever occurs first. Until then, all coupons are withheld and compounded at the annual interest rate indicated above. EUR 7,000 September month Euribor plus 25 basis points. USD 5,000 September month Libor plus 25 basis points. EUR 3,000 September 2006, unless redeemed in September 2004 or September 2005 if Eurostoxx 50 index is equal to or greater than the index start level. EUR 20,000 October 2023, unless called in October 2013 or annually thereafter 7% per annum until redeemed, but reduced on final maturity date (if not otherwise redeemed and the final level of the Eurostoxx 50 index is less than index start level) to a preset formula based on the final level of the index. However no interest has been accrued as it cannot be calculated with any reasonable degree of certainty. Fixed rate of 6.25% (reduced by a fraction based on the number of days twelve month Euribor falls below preset barrier limits) 10. Creditors: Amounts falling due after one year (continued) 12

14 At the end of 2002, two tranches of zero-coupon loan notes have been issued ( 5,000,000 and 6,000,000), both repayable on 1 August 2022 unless called on 1 August 2007 or annually thereafter. The interest rate for both issues is 6.50% per annum for the first five years. Thereafter, the interest rate is 10% minus 12 month Euribor for years 6 to 20 (floored at 5.90% and 5.40%, respectively). There are no coupon payments until the maturity date or call date, whichever occurs first. Until then, all coupons are withheld and compounded at the annual interest rate indicated above. 11. Called up share capital Number 000 Number 000 Authorised Ordinary shares of USD1 each 50, , Issued, allotted and paid up at USD 0.30 per ordinary share of USD1 each 50, , The issued share capital of USD 15,001 is reflected in the financial statements as 16,436 based on the prevailing exchange rate of /USD on the date of issue. 12. Reserves Profit and Loss Account At 1 January 2003 (2) Loss for the year to 31 December 2003 (2) (4) 13. Reconciliation of movements in shareholders' funds

15 Opening shareholders funds 14 - Loss for the year (2) (2) Issue of ordinary shares during the period - 16 Closing shareholders' funds Derivative Financial Instruments (a) Interest rate risk The company had the following interest rate swaps outstanding at the year-end for the purpose of hedging the interest rate risk in the structured loan notes: Currency EUR EUR Nominal Amount 000s 5,325 accreting by the accrual of the fixed interest rate on the preceding notional amount. 6,302 accreting by the accrual of the fixed interest rate on the preceding notional amount. Maturity August 2022, unless called in August 2007 or annually thereafter. August 2022, unless called in August 2007 or annually thereafter. EUR 3,000 September 2006, unless redeemed in September 2004 or September 2005 if Eurostoxx 50 index is equal to or greater than the start index level. EUR 20,000 October 2023, unless called in October 2013 or annually thereafter. Interest basis Receives 6.50% per annum for the first five years. Thereafter, 10% minus 12 month Euribor for years 6 to 20 (floored at 5.90%). There are no coupon payments until the maturity date or call date, whichever occurs first. Until then, all coupons are withheld and compounded at the annual interest rate indicated above. Pays 12 month Euribor plus 25 basis points. Receives 6.50% per annum for the first five years. Thereafter, 10% minus 12 month Euribor for years 6 to 20 (floored at 5.40%). There are no coupon payments until the maturity date or call date, whichever occurs first. Until then, all coupons are withheld and compounded at the annual interest rate indicated above. Pays 12 month Euribor plus 25 basis points. Receives 7% per annum until redeemed, but reduced on final maturity date (if not otherwise redeemed and the final level of the Eurostoxx 50 index is less than index start level) to a preset formula based on the final level of the index. However no interest has been accrued, as it cannot be calculated with any reasonable degree of certainty. Pays 6 month Euribor plus 10 basis points for the first year, and 6 month Euribor plus 15 basis points for year 2 and 6 month Euribor plus 25 basis points for year 3 unless otherwise redeemed. Fixed rate of 6.25% (reduced by a fraction based on the number of days twelve month Euribor falls below preset barrier limits). Pays 6 month Euribor plus 41 basis points. 14. Derivative Financial Instruments (continued) 14

16 At the end of 2002, the company had two interest rate swaps outstanding for the purpose of hedging the interest rate risk on the structured loan notes: 5,000,000 initially, accreting by the accrual of the fixed interest rate on the preceding notional amount, maturing on 1 August 2022 (callable by the counterparty on 1 August 2007 or annually thereafter), under which the company pays 12 month Euribor plus 25 basis points, and receives 6.50% per annum for the first five years. Thereafter, for years 6 to 20, the company receives 10% minus 12 month Euribor, floored at 5.90%. The second interest rate swap for 6,000,000, mirrors the above transaction in all respects except that the floor for years 6 to 20 is 5.40%. (b) Fair values Book value Fair value Book value Fair value Interest rate swaps 145 (348) The fair values of interest rate swap contracts have been determined by reference to the prices from the market on which they were traded. (c) Gains and losses on hedges The company uses interest rate swaps to manage its interest rate profile. Changes in the fair value of interest rate swaps used as hedges are not recognised in the financial statements until the hedged position matures. An analysis of these unrecognised gains and losses is as follows: 2003 Gains Losses Total net gain/(loss) Unrecognised gains and losses on hedges at 1/1/ (7) Amounts recognised in 2003 (79) - (79) Amounts arising in 2003 that were not recognised in (407) Unrecognised gains and losses on hedges at 31/12/ (493) Of which: Gains and losses expected to be recognised in Derivative Financial Instruments (continued) 15

17 2002 Gains Losses Total net gain/(loss) Unrecognised gains and losses on hedges at 1/1/ Gains and losses arising in 2002 that were not recognised in (7) Unrecognised gains and losses on hedges at 31/12/ (7) Of which: Gains and losses expected to be recognised in Financial Instruments - Currency and Maturity Risk Substantially all of the company s financial assets and financial liabilities are matched as to currency and maturity risk. 16. Ultimate parent company and controlling party The ultimate parent company is EFG Bank European Financial Group, a bank incorporated in Switzerland. All of the voting rights in EFG Bank European Financial Group are held by Latsis family interests. The company s results are consolidated in the group headed by EFG Eurobank Ergasias SA, its immediate parent undertaking, which is incorporated in Greece. 16

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