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International Accounting Standards

03 July 2002
In the context of the ongoing discussion regarding the publication of financial results according to International Accounting Standards (IAS) by companies listed on the Athens Stock Exchange (ASE), EFG Eurobank Ergasias notes that the Bank has been preparing its financial statements according to IAS since 1991, while since 2001the Bank has been publishing its financial statements simultaneously both under Greek GAAP and IAS on a quarterly basis.
In the context of the ongoing discussion regarding the publication of financial results according to International Accounting Standards (IAS) by companies listed on the Athens Stock Exchange (ASE), EFG Eurobank Ergasias notes that the Bank has been preparing its financial statements according to IAS since 1991, while since 2001the Bank has been publishing its financial statements simultaneously both under Greek GAAP and IAS on a quarterly basis.
This policy is based on the conviction that International Accounting Standards:
  • depict a full picture of the financial position of the Group as a whole
  • imposed a fair valuation of all assets and liabilities,
  • are in line with international best practice,
  • allow for comparisons with other financial institutions world - wide. The commitment of EFG Eurobank Ergasias in IAS reporting in the past few years, stems from the emphasis that the Bank places on sound corporate governance and, in particular, on the transparency of its financial results and on the dissemination of accurate information to the investment community, with the ultimate aim of safeguarding the interests of all its shareholders. Key highlights of the results of EFG Eurobank Ergasias in 2001, according to IAS were as follows:
  • Group net profit after tax and minorities amounted to € 206 million, increased by 3% compared to 2000,
  • Group shareholders equity amounted to € 2 billion. This amount is clean of goodwill from mergers and was burdened by the share buy back programme, which however does enhance shareholder value.
  • Group net profit according to Greek GAAP amounted to € 201 million, differing marginally from the figure reported under IAS (€ 206 million).Respectively, in the 1Q 2002 results announced on 25 April 2002, reported Group net profit after tax and minorities according to IAS was € 67 million, down 21.8% compared to 1Q 2001, while according to Greek GAAP, Group net profit amounted to € 61 million. As reported at the time, the comparative decline in profitability on a yearly basis was related to the non-repetition of the one – off extraordinary profit of € 22 million from the long – term lease of King George Hotel included in the 1Q 2001 results.
    EFG EUROBANK ERGASIAS GROUP NET PROFIT AFTER TAX AND MINORITIES
    (in € million)
    20011Q 2002
    IAS 20667
    Greek GAAP20161

    EFG Eurobank Ergasias plans to publish interim results for the first half of 2002 on August 7, 2002, both according to IAS and Greek GAAP. Initial estimates indicate that a smaller decline in profitability is expected in 1H 2002 over 1H 2001, as contrary to 1Q 2002, profits in the second quarter of 2002 are improved compared to the second quarter of 2001.
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