ECONOMY

In 2014 Corinth Pipeworks takes a step forward and publishes its Annual Sustainability Report in a combined form with the annual Financial Report, entitled as "Annual Financial and Sustainability Report 2013". Having completed a five year period in publishing separated Annual Corporate Responsibility and Sustainable Development Reports (2008 was the starting year), the Company proceeded to an integrated development and publication.

All of Corinth Pipeworks’ Reports are developed according to the principles and guidelines of international financial standards (IFRS more specifically) and the specific sustainability reporting guidelines GRI-G3.1 and GRI-G4, by Global Reporting Initiative (GRI).

It is worth noting that the 2013 and 2014 CSR Reports succeeded to meet the requirements of A+ Application Level according to GRI-G3.1 reporting guidelines. Corinth Pipeworks 2015 Annual Report meets fully the requirements of GRI-G4 guidelines (Core level) and contains references to the recent Greek Sustainability Code (Level 4).

The Report’s financial data are presented in accordance to the international financial reporting standards (IFRS), while the Corporate Governance data are based on the relevant requirements of SEV’s Greek Corporate Governance Code for listed companies. The development of Corinth Pipeworks Annual Report is based on:

Guidelines and Principles of International Initiatives and Standards

• UN Global Compact – 10 principles
• International Accounting Standards
• GRI-G4 guidelines for CSR Reports
• ΑΑ 1000
• OECD Guidelines for multinational enterprises and organisations
• ISO 26000 for Social Responsibility

Programs and management systems applied  the Company

• API Q1 and ISO 9001 management systems
• Environmental management system according to ISO 14001
• Health and Safety management system according to OHSAS 18001

Certifications / accreditations of products and laboratories, quality control procedures and weldings:

• API 5L / steel pipes production for oil and gas pipelines
• API 5CT / steel pipes production for casing applications
• Quality laboratory accreditation
• Certification systems for quality procedures and welding controls

Each Corinth Pipeworks’ Report is prepared in accordance with the following GRI Principles, which determine the content:

• The principle of “Materiality”
• The principle of “Stakeholder inclusiveness”
• The principle of “Sustainability context”
• The principle of “Completeness”

Following the above principles, Corinth Pipeworks updates annually its Materiality matrix, which is formed based on the outcomes of stakeholders’ engagement and consultation process. During the development of 2015 Report, a workshop was held, in order to record and evaluate the most important issues for the Company and its stakeholders. The procedure followed during the workshop (materiality analysis), was  based on GRI-G4 guidelines and AA1000 AccountAbility standard. During the evaluation process, were taken into account as important issues those that could cause a wide range of changes in Company’s performance.

The collection and recording of material issues helps Corinth Pipeworks to:

• identify, record and assess potential risks related to  Corporate Responsibility pillars of the Company,
• identify strengths, weaknesses and opportunities,
• identify issues related to long-term strategic goals,
• align strategic objectives with Sustainable Development.

Furthermore, in order to increase accountability and transparency, Corinth Pipeworks assigned accredited bodies, domestic and international where appropriate, to verify the application level of the Report in accordance with the GRI standard, annually. Based on international studies the coverage level of this International Standard indicators, reflects the quality of each report and is an element of transparency and commitment of the Company towards its stakeholders.

The data and information presented in the Reports have been collected on the basis of the Company's existing recordkeeping procedures, as well as from databases maintained as part of various management systems. The data collection and presentation methodology is based on the GRI Indicator Protocols contained in GRI-G4. Where data, that is the result of processing or which is based on various assumptions is presented, the method or mode of calculation is always presented in line with Global Reporting Initiative guidelines (GRI – G4).

In 2015 Report, 53 qualitative and 97 quantitative GRI-G4 indicators were presented. The verification of the application level along with the material issues, was conducted by the accredited organisation “TUV HELLAS”, which confirmed compliance with the requirements of level "CORE" of GRI G4.