|
Group |
Company |
| (all amounts in Euro thousands) |
2013 |
2012 |
2013 |
2012 |
| Government grants |
4.840 |
5.516 |
4.472 |
5.043 |
| Other non-current liabilities (note 34) |
24.795 |
25.116 |
85 |
- |
|
29.635 |
30.632 |
4.557 |
5.043 |
The other non-current liabilities of the fiscal year 2013 include among others: a) the amount of €23.4 mil. (2012: €21.1 mil.), which relates to the fair value of the put option, given by the Group to non-controlling interests, specifically the European Bank for Reconstruction and Development (EBRD) and International Finance Corporation (IFC), so that such non-controlling interests have the right to sell their shares in ANTEA Cement SHA to the Group at predetermined conditions (note 32) and b) the amount of €0.7 mil. (2012: €2.3 mil.), which relates to a contingency of the Group's subsidiary in Egypt, Beni Suef, towards the Public Power Corporation.
Analysis of Government grants:
|
Group |
Company |
| (all amounts in Euro thousands) |
2013 |
2012 |
2013 |
2012 |
| Non - current |
4.840 |
5.516 |
4.472 |
5.043 |
| Current (note 28) |
224 |
232 |
224 |
232 |
|
5.064 |
5.748 |
4.696 |
5.275 |
|
Group |
Company |
| (all amounts in Euro thousands) |
2013 |
2012 |
2013 |
2012 |
| Opening balance |
5.748 |
6.339 |
5.275 |
5.762 |
| Additions |
- |
8 |
- |
8 |
| Grand settlements |
-356 |
-271 |
-356 |
-271 |
| Amortization (note 29) |
-328 |
-328 |
-223 |
-224 |
| Ending balance |
5.064 |
5.748 |
4.696 |
5.275 |
Government grants are recognized at fair value when it is certain that the grant will be received and that the Group will comply with the terms and conditions of the grant.
Government grants relating to capital expenses are reflected as long-term liabilities and are amortized on a straight line basis, based on the estimated useful life of the asset for which the grant was received.
Government grants received in respect of expenses are reflected in the income statement when the related expense is incurred so that the expense is matched to the income received.