By virtue of a decision of the Board of Directors of the Athens Stock Exchange (ASE) it was decided to amend P.D.360/1988 so as to ensure transparency, objectivity and credibility of the published data.

In particular the decision provides for the following :

- within one month following the expiry of each semester the companies quoted on the ASE must publish their financial statements, whereas in case of delay fines may go up to 50 million drs.
- only in exceptional cases the Capital Market Commission may extend this time limit by a duly reasoned decision for one month.
- financial statements must be drawn up in three columns, showing the developments of the company data for the last three semesters.
- the following additional data must be included therein :

  • the value of the investments made within the last semester and the resources for their financing ;
  • the existing charges on company assets at the expiry of the semester ;
  • the number of personnel at the end of the semester ;
  • every change of the accounting policies followed for the drawing up of the financial statements for the last semester ;
  • every piece of information enabling investors to form an opinion on the future activity and the results of the company.

- the financial statements containing the above additional data must be audited prior to their
publication.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.