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suppliers in commercial transactions to be included in the Notes to the fnancial statements. By virtue of the stipulations in Transitional Provision Two, for frst-time application, the Company only provides information related to the overdue amounts payable to suppliers which at year end exceed the legal payment deadline. Exclusively for this item, the fnancial statements are considered frst-time fnancial statements in terms of uniformity and comparability and thus comparative information with respect to this new obligation is not presented.

Preparation of the consolidated fnancial statements

The Company, as the Parent of a corporate group in accordance with mercantile law and given that it is a listed company, is obliged to present consolidated fnancial statements in accordance with the International Accounting Standards as approved by the European Union. Accordingly, the corresponding consolidated fnancial statements were prepared together with these individual fnancial statements. Consolidated equity and net proft for the year ended 31 December 2010 totalled EUR 1,376,105 thousand and EUR 70,545 thousand, respectively.

Critical issues concerning the assessment of uncertainty

The preparation of the Company’s annual fnancial statements require the Directors to make judgments, estimates, and assumptions which afect the application of accounting principles and the balances of assets, liabilities, income and expenses and the disclosure of contingent assets and liabilities at the reporting date. These estimates and assumptions are based on historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying amount of the assets and liabilities that are not readily apparent fromother sources. Those estimates and assumptions are reviewed on an ongoing basis. The efects of the reviews of the accounting estimates are recognized in the period during which they are carried out, if they relate solely to that period, or in the period reviewed and future periods if the review afects both current and future periods. Nevertheless, the uncertainty inherent in the estimates and assumptions may lead to results that necessitate adjusting the carrying values of the assets and liabilities afected in the future.

Aside from the general process of making systematic and periodically revising estimates, the directors made certain value judgements on issues that have a special efect on the fnancial statements.

The main judgements as well as the estimates and assumptions regarding future events and other uncertain sources of estimates at the date of preparation of the fnancial statements that may cause corrections to assets and liabilities are as follows:

Impairment of non-current assets

When measuring non-current assets other than fnancial assets, especially goodwill and intangible assets with an indefnite useful life, estimates must be made to determine their fair value to assess if they are impaired. To determine fair value, the directors estimate the expected cash fows from assets or the cash-generating units to which they belong and apply an appropriate discount rate to calculate the present value of these cash fows.

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Financial Statements, Management and Corporate Governance Report. 2010