THRACE PLASTICS CO S.A.

SEMI-ANNUAL FINANCIAL REPORT

01.01-30.06.2022

ACCORDING TO THE ARTICLE 5 OF LAW 3556/2007

General Commerce Reg. No. 12512246000 Domicile: Magiko Municipality of Avdira, Xanthi Greece Offices: 20 Marinou Antypa Str. 17455 Alimos, Attica Greece

www.thracegroup.com

Information regarding the preparation of the Semi-Annual Financial Report for the period from January 1st to June 30th 2022

The present Report was approved unanimously by the Board of Directors of "THRACE PLASTICS CO S.A." ("Company") on 14 September 2022, has been posted on the Company's website www.thracegroup.gr where such will remain available to investors for a period of at least (10) ten years from the publication date and includes:

	I.	STATEMENTS BY REPRESENTATIVES OF THE BOARD OF DIRECTORS	3
	II.	SEMI-ANNUAL REPORT BY THE BOARD OF DIRECTORS OF THRACE PLASTICS CO S.A. ON THE FINANCIAL STATEMENTS OF THE PERIOD FROM 01-01-2022 TO 30-06-2022	4
	ΙΙΙ.	AUDIT REPORT BY CERTIFIED AUDITOR	26
	IV.	INTERIM CONDENSED FINANCIAL STATEMENTS (SEPARATE AND CONSOLIDATED)	28
	V.	ONLINE AVAILABILITY OF THE INTERIM FINANCIAL REPORT	75

I. STATEMENTS BY REPRESENTATIVES OF THE BOARD OF DIRECTORS

(according to article 5 of Law 3556/2007)

We, the representatives of the Board of Directors, hereby state and confirm that to our knowledge:

(a) The interim condensed financial information of the Group and the Company, which concerns the period from January 1st 2022 to June 30th 2022, was prepared in accordance with the accounting standards in effect and accurately presents the Assets and Liabilities, Equity and Financial Results of the Company, as well as those of the companies included in the consolidation and considered aggregately as a whole, and
(b) The Semi-Annual Report by the Company's Board of Directors accurately presents the information required by the paragraph 6, article 5 of Law 3556/2007, as in force.

Xanthi, 14 September 2022

THE UNDERSIGNED

The Chairman of the BoD The Chief Executive Officer The Member of the BoD

Konstantinos St. Chalioris Dimitris P. Malamos Vasileios S. Zairopoulos

II. SEMI-ANNUAL REPORT BY THE BOARD OF DIRECTORS OF THRACE PLASTICS CO S.A. ON THE FINANCIAL STATEMENTS OF THE PERIOD FROM 01-01-2022 TO 30-06-2022

INTRODUCTION

The present Semi-Annual Management Report by the Board of Directors (hereinafter called as "Report" for abbreviation purposes) was prepared in accordance with the relevant provisions of Law 3556/2007 (GOV. GAZ. Α΄ 91/30.04.2007) as in force, following its amendment from Law 4374/2016 (GOV. GAZ. A΄ 50/01.04.2016), and the relevant executive decisions issued by the Board of Directors of the Hellenic Capital Market Commission, and especially the decisions with number 1/434/3.7.2007 and 8/754/14.04.2016, as in force after the final amendment from 12Α/889/31.08.2020 decision issued by the Board of Directors of the Hellenic Capital Market Commission.

The Report includes the total required by law information in a concise as well as comprehensive, objective and adequate manner and with the principle of providing the formal but also material information with regard to the issues included in such.

Given the fact that the Company prepares consolidated and non-consolidated (separate) interim financial statements, the present Report constitutes a single report referring mainly to the consolidated financial information of the Company and of the other consolidated companies. Any reference to non-consolidated financial information takes place in certain areas which have been deemed as necessary by the Board of Directors of the Company for the better understanding of the contents of the report and for better information of investor's community.

It is noted that the present Report includes, along with the interim financial statements of the first half of the year 2022 (1.1.2022-30.6.2022), the required by law information and declarations in the Semi-Annual Financial Report, which concerns the above time period.

The sections of the present Report and the contents of such are as follows:

SECTION I: Significant events that took place during the first half of 2022

Below, the most significant events that took place during the first half of 2022 are presented:

Macroeconomic environment, COVID-19 impact and Russia-Ukraine war

Global macroeconomic conditions continue to be affected by high inflationary pressures, primarily due to the skyrocketing energy costs, and despite the gradual decline in oil prices. The phenomenon of persistent inflation puts a significant burden on the cost structure of the industrial production in general, with the trend of price appreciation seen in the already increased prices in the various categories of expenses.

At the same time, the ongoing war between Ukraine and Russia, apart from the huge humanitarian crisis, continues to create difficult conditions at the level of the global market place, and especially of Europe, which is still more affected than the other economies across the globe. The Group, although not facing any direct negative effects from the declining trading activity in the particular region (as already announced, the Group's sales for the year 2021 in Ukraine and Russia amounted to only 0.6% of total sales), is being affected on the other hand from the unfavorable economic environment in broader terms as well as from the conditions of uncertainty that have been created.

Finally, the ongoing waves of the COV-ID-19 pandemic appear to be affecting in a lesser degree the day-to-day activities and consequently the real economy, although the high number of infections still implies the likely adoption of limited protective measures.

The above creates an extremely difficult economic environment, along with conditions of uncertainty regarding the course of the economies and their growth potential in the future.

I. Group's performance during the first half of the 2022 financial year

In this highly difficult environment as described above and despite the negative conditions that have emerged, the Group is still effectively facing its existing challenges, when the most basic cost categories have been significantly increasing and despite the evidence of negative changes observed at the level of global demand.

Regarding the operation of production, all production units within the Group continued to operate smoothly throughout the first half of 2022, without facing any operational issues from the spread of the pandemic, regarding the health and safety of the Group's employees, as a result of the particularly strict protection measures taken by the Group in order to ensure the smooth operation of the supply chain.

In terms of demand, the following were observed during the second quarter of 2022:

Increased demand for products in the construction sector.
Steady demand for products related to the infrastructure sector and to the large-scale construction projects.
Lag in demand for most of the products of the agricultural sector.
Steady demand for products related to the packaging sector.
Significantly decreased demand for products related to COVID-19.
Maintenance of the cost of raw materials at high levels.
Significantly increased energy costs, which is much higher compared to the already increased costs of the past months, in all countries which the Group is operating in.
Increased transport costs, with long delays on specific routes.
Significantly increased cost of raw materials as well as of packaging materials.

In financial terms, the Group, as it was expected due to the very low demand for COVID-19 related products, posted a limited drop in turnover from continuing operations, compared to the first half of 2021, despite the extremely negative conditions that have emerged and their impact on global demand. More specifically, the Group generated sales of €212.7 million, while the sales of the first half of the previous year had amounted to €234.3 million (9.2% decline of the latter as compared to the former).

Earnings before Taxes (EBT) from continuing operations amounted to €20.1 million (while in the first half of 2021 EBT amounted to €62.0 million), of which €15.4 million related to the traditional product portfolio and €4.7 million were generated from sales of personal protection equipment / products (while in the first half of 2021, EBT related to the traditional product portfolio amounted to €21.1 million and EBT related to COVID-19 products amounted to €40.9 million).

Earnings before Taxes in the first half of 2022 and in relation to the traditional product portfolio, as expected, posted a drop of 27.1%, compared to Earnings before Taxes from the traditional product portfolio of the corresponding period last year. During the second quarter of 2022 the decline compared to the second quarter of 2021 was at similar levels. However, given the special conditions that prevailed both in the first half of 2021, due to the outbreak of the pandemic, and the current period, due to the ongoing war conflict and the high inflationary pressures, any direct comparison between the two periods becomes extremely difficult.

As there is more direct comparison between the first half of 2022 and the prepandemic levels, i.e. the first half of 2019, it should be noted that Earnings before Taxes from the traditional product portfolio have more than doubled, recording an increase of 133%. This also demonstrates the significantly higher profitability that was generated amid especially difficult market conditions globally during the period under consideration along with the higher costs in terms of raw materials, energy and transportation. In addition, specifically for the second quarter of 2022, Earnings before Taxes from the traditional product portfolio have also more than doubled, posting an increase of 154% compared to the second quarter of 2019.

More specifically, during the second quarter of the year, the Group's Earnings before Taxes amounted to €9.3 million, of which €8.96 million were generated from the traditional product portfolio, showing that the Group has achieved its target. As it is evident, the above achievement was accomplished amid very different and actually negative conditions, compared to the ones that prevailed when such targets were adopted by the Management. This also demonstrates the Group's ability to adapt to the new conditions in a flexible but also resilient manner.

Therefore, it is now fully evident and can be once again confirmed that despite the especially difficult conditions prevailing in the global economy, the Group is capable of generating a stable, sustainable, and significantly higher recurring profitability, compared to the pre-pandemic levels. As a result, the Group has taken full advantage of the high profitability and liquidity that was available during the years 2020-2021 and has now further strengthened its financial performance, even in an unfavorable economic environment. This implies an even stronger outlook for the Group in the future especially if the energy crisis and the inflationary pressures deescalate.

Regarding the liquidity levels of the Group and the trading cycle of the subsidiaries, there has been no negative impact due to the prevailing extreme conditions. At the same time, the implementation of the Group's planned as well as extraordinary investments is progressing smoothly. The investment plan for 2022 amounts to €42 million, on a cash basis, consisting of investments mainly in the Group's facilities in Greece, but also in the other countries of operation. The investment plan will be financed to a significant extent with own resources. On the other hand, the anticipated negative trend that has been observed at the level of working capital is primarily due to seasonality and also due to the rising prices of raw materials, as all working capital parameters have resembled the well anticipated trend of the first half. Additional burdens on liquidity were caused by specific outflows, such as the financing of ongoing investments and the distribution of dividends. As a result of the above, the Group's Net Debt at the end of the first half of 2022 amounted to €22.3 million.

ΙΙ. Measures taken to reduce the impact of the pandemic

The Group's Management continues to closely monitor the developments related to the pandemic crisis and also continues to maintain in full implementation a plan to ensure the health and safety of the personnel and the smooth business continuity of the Group. The above plan has now been adapted to the newly revised health protocols as required by the various pertinent authorities in each country. More relevant information is included in the Annual Financial Report.

ΙΙΙ. Prospects of the Group, in terms of financial performance

Regarding the prospects for the year 2022, the Management closely monitors the macroeconomic developments, on a global level, which are characterized by the significantly stronger inflationary trends, throughout the economy but also in all cost items that constitute the industrial sector's cost base, and by the ongoing war between Russia and Ukraine, which is substantially aggravating the economic environment.

As a result of the above developments, there is a lag in demand which depending on the sector and market might be more or less significant but also quite sufficient to negatively affect the broader economic environment. At the same time, costs remain significantly higher compared to the past.

Regarding the third quarter of 2022, the Management of the Group closely monitors and adapts to the changes taking place at the macroeconomic level and to the clearly more difficult conditions compared to the first half of the year. In this context, the Management is taking measures to maximize the Group's financial performance to the greatest possible extent and given the unfavorable market conditions, with a parallel effort to effectively manage the operational risks that arise each time. In any case, for the third quarter of 2022 a relative slowdown in terms of profitability generation is estimated, compared to the second quarter of the year. The above trend was an expected one, taking into consideration the conditions experienced by the European economies following the energy crisis and the ongoing war conflict, and in particular the extreme increases of energy costs, the double-digit inflation rates and the slowdown in demand. However, it should be noted that the third quarter of the year will be more profitable, compared to the pre-pandemic levels, i.e. the corresponding period of 2019.

Regarding the course of 2022 as a whole, it is quite evident from the current conditions and also based on the mid/shortterm views of the global markets, that the macroeconomic environment is becoming difficult and this difficulty is expected to become even greater in the coming months and until the end of the year, but possibly extend to the next year as well. In any case, the Group's Management is working uninterruptedly to achieve the annual profitability targets (an EBT of €25 million coming for the traditional product portfolio, as already announced in the past months), without any target revision, as it is considered achievable, provided that the energy cost will remain at current levels and the level of demand will not decline further in the coming months.

At this point, it should be noted that, with a target of decreasing the high energy cost, the Group, within the first half of 2022 has already implemented an investment of 5MW in photovoltaics parks, while its plan for further energy savings is still ongoing. Also, the mechanical units are modified, where applicable, to have the capacity to use all types of fuels and energy, with a target of becoming independent from natural gas. Finally, it is critical to note that due to the great uncertainty generated by the global market conditions, any estimates on evolution of demand, cost or sufficiency of energy at European level and subsequently any estimates on future financial performance, become extremely difficult

and unsecured. The Group's Management is closely monitoring the market conditions to be in position to make business decision based on their evolution.

Despite the fact that the current conditions in the global market place create significant volatility, making any assessment regarding the production / commercial activity and the financial results of the Company and the Group uncertain, the Group's Management estimates that neither the Group nor any of its individual activities face any potential threat in terms of cessation of business activity (going concern).

Direct Impact of the War Conflict on the Financial Results of the Group

The war outbreak after the Russian military invasion of Ukraine creates geopolitical instability with macroeconomic consequences, the extent of which cannot yet be estimated. These consequences have been evident for all companies across the various economies on a day-to-day basis. The Group does not have significant business activities in Ukraine and in Russia, i.e. in the areas directly affected by the war. Furthermore, the overall exposure to Ukraine and Russia is minimal. Based on the financial results of 2021, sales in these two countries stood at 0.6% of the Group's total turnover. Therefore, no direct material impact is expected on the financial performance of the Group, given the nonexistence of business activity in the specific areas as far as sales towards customers are concerned. However, the effects on the Group's activities from the negative developments in the energy sector, from the wider macroeconomic uncertainty and from the high inflation pressures with a focus on the abruptly rising energy costs, comprise factors which negatively affect the financial performance of the Group and specifically its cost structure. The Group's Management closely monitors all the above developments and has taken actions accordingly and in order to effectively deal with issues concerning the trading cycle and its cost base.

Appointment of the Head of Regulatory Compliance and Risk Management Department (Unit)

The Board of Directors of the Company, during its meeting of 21/02/2022, appointed Mr. Michael Psarros of George as Head of the Department (Unit) of Regulatory Compliance and Risk Management. Mr. Psarros has been working in the Group since 2010. He is a graduate of the University of Patras and the University of Leicester and has worked for 21 years as an internal auditor, gaining extensive experience in the areas of regulatory compliance and risk management. Mr. Michael Psarros will assume his duties as Head of the Regulatory Compliance and Risk Management Department (Unit) from 24.02.2022.

Annual Ordinary General Meeting of the Company's shareholders

The Annual Ordinary General Meeting of the Company's shareholders, which took place on May 25, 2022 remotely in real time via videoconference, approved the following among others:

A) the General Meeting unanimously approved the allocation (distribution) of income for the financial year 2021 (01.01.2021-31.12.2021) and specifically it approved the distribution (payment) of a total dividend of Euro 11,750,000.00 (gross amount) from the earnings of the closing financial year 2021.

Given that the Company, by virtue of the relevant decision of the Board of Directors dated 24.09.2021, has already distributed to its shareholders for the fiscal year 2021 an interim dividend of total amount of 4,750,000.00 Euros (gross amount), i.e. 0.109858877 Euros per share (gross amount, along with the increase that corresponds to the treasury shares the Company held on the cut-off date of the interim dividend), the General Meeting unanimously approved the distribution of the remaining amount of the dividend, and in particular of 7,000,000.00 Euros (gross amount), i.e. an amount of 0.1600312674 Euros per share (gross amount). The latter amount per share after the increase corresponding to 659,853 treasury shares held by the Company and which are excluded from the payment of dividend settled at 0.1624823628 Euros per share (gross amount).

The Company's shareholders registered in the records of the Dematerialized Securities System (SAT) as of Tuesday, 31 May 2022 (record date), were those entitled to receive the above dividend.

Monday 30 May 2022 was set as the exdividend date according to the relevant article 5.2 of the Athens Exchange Regulation.

The payment of dividend commenced on Friday, 3 June 2022, and was implemented through the Societe Anonyme under the name "PIRAEUS BANK S.A.", according to the procedure stipulated by the Regulation of the Athens Exchange in effect.

B) the General Meeting approved by majority the Remuneration Report of the closing year 2021 (01.01.2021-31.12.2021), which was prepared in accordance with the provisions of article 112 of Law 4548/2018. The Report contains a comprehensive overview of the total remuneration of the members of the Board of Directors (executive and non-executive), and explains how the Remuneration Policy was implemented by the Company for the immediately preceding financial year.

The decisions of the General Meeting of Shareholders are posted on the Company's website at the link https://www.thra cegroup.com/gr/en/general-meetings/.

SECTION II: Review of material financial figures of the first half 2022

1. Group Financial Results

Continuing Operations

The following table depicts the Group's financial results (from Continuing Operations) for the first half of 2022 compared to the corresponding period of the year 2021:

	Financial Results of First Half 2022 (CONTINUING OPERATIONS)
(amounts in EUR thousand)	First Half 2022	First Half 2021	% Change
Turnover	212,710	234,285	-9.2%
Gross Profit	47,974	90,234	-46.8%
Gross Profit Margin	22.6%	38.5%
ΕΒΙΤ	19,558	61,193	-68.0%
EBIT Margin	9.2%	26.1%
EBITDA	29,960	72,459	-58.7%
EBITDA Margin	14.1%	30.9%
Adjusted EBITDA	29,960	72,841	-58.9%
Adjusted EBITDA Margin	14.1%	31.1%
Earnings before Taxes (EBT)	20,068	61,970	-67.6%
EBT Margin	9.4%	26.5%
Earnings after Taxes (EAT)	16,128	48,483	-66.7%
EAT Margin	7.6%	20.7%
Total EATAM	15,889	48,179	-67.0%
EATAM Margin	7.5%	20.6%
Earnings per Share (in euro)	0.3675	1.1103	-66.9%

* Note: The alternative performance measures are presented and described analytically in the section III of the present Report

Below, an analysis of the changes observed in key financial figures of the financial results compared to the previous year is included. However, it should be noted that the figures between the two periods are not directly comparable (or with 2020), due to the special conditions prevailing both in the current period as well as in the corresponding period of the previous year (Due to sales related to Covid-19 products) and therefore the pre-pandemia financial figures (i.e. for the first half of 2019) are also supplementary included for better interpretation purposes.

Turnover € 212,710 (-9.2%) ________________________________________________________________________________________________________________

Decrease in consolidated turnover by 9.2%, demonstrating a relatively controlled but also expected decrease compared to the previous year. In particular, the Packaging sector posted an increase of 16.5%, while the Technical Fabrics sector posted a decrease by 16.4% compared to the first half of 2021.

Gross Profit € 47,974 (-46.8%) ________________________________________________________________________________________________________________

Gross profit amounted to €47,974, posting a drop by 46.8% compared to the previous period. However, the gross profits of two periods are not directly comparable due to the shift of product mix towards the traditional portfolio (as compared to the generation of significant sales of products related to COVID-19 in the first half of 2021), and also due to the abrupt increase of major cost items following the macroeconomic and geopolitical developments of the past months. It is noted that the Gross Profit of the first half of 2019 amounted to €32,440.

EBIT € 19,558 (-68.0%) ________________________________________________________________________________________________________________

Earnings before financial and investing activities and taxes amounted to €19,558, posting a decrease of 68% compared to the respective period of the previous year, however, the comparison between the two periods becomes extremely difficult due to the shift of product mix towards the traditional portfolio (as compared to the generation of significant sales of products related to COVID-19 in the first half of 2021). It is noted that in the first half of 2019, EBIT amounted to € 9,434. Accordingly, the EBIT margin stood at 9.2% compared to 26.1% in the first half of 2021, while for the respective period of 2019, the EBIT margin stood at 6.1%.

EBITDA € 29,960 (-58.7%) ________________________________________________________________________________________________________________

Earnings before financial and investing activities, depreciation, amortization, impairments and taxes amounted to €29,960, recording a drop by 58.7% compared to the respective period of the previous year, however, the comparison between the two periods becomes extremely difficult due to the shift of product mix towards the traditional portfolio (as compared to the generation of significant sales of products related to COVID-19 in the first half of 2021). It is noted that in the first half of 2019, EBITDA amounted to € 16,468. Accordingly, the EBITDA margin settled at 14.1% compared to 30.9% during the respective period of the previous year, while for the respective period of 2019, the EBITDA margin stood at 10.6%.

Earnings before Taxes € 20,068 (-67.6%) ________________________________________________________________________________________________________________

Earnings before taxes amounted to € 20.1 million (in the respective period of 2021 amounted to € 62.0), of which according to the Management's estimates, € 4.7 million were related to the sales of personal protection and health products allocated as follows: €3.2 million was generated from the "Technical Fabrics" Sector, while €1.5 million was generated by the "Packaging" Sector. Accordingly, EBT margin stood at 9.4% compared to 26.5% in the respective period of the previous year.

It is noted that during the first half of 2021, Earnings before Taxes arising from sales of products related to COVID-19 had settled at €40.9 million following the outbreak and the rapid spread of pandemic at the time, not allowing the direct comparison with current year's EBT.

Earnings before Taxes posted an increase of 133% compared to the pre-pandemic

levels, i.e. the first half of the year 2019 (the comparison refers to the EBT from the traditional product portfolio), demonstrating a significantly increased profitability, despite the extremely unfavorable conditions prevailing in the global market place during the first half of 2022, and the significant increase in the cost of raw materials, energy and transport.

Earnings after Taxes	€ 16,128 (-66.7%) ________________

Earnings after taxes amounted to €16,128, posting a reduction of 66.7% compared to the previous period, but on the other hand demonstrated an improvement by 207% in comparison with the more representative levels of year 2019. Respectively, the profit margin after taxes settled at 7.6% compared to 20.7% in the respective period of the previous year.

Earnings after Taxes and Non-Controlling Interests € 15,889 (-67.0%) ________________________________________________________________________________________________________________

Earnings after Taxes and Non-Controlling Interests amounted to € 15,889, posting a decrease of 67.0% compared to the respective period of the previous year. Respectively, the profit margin after taxes and non-controlling interests stood at 7.5% in the first half of 2022 compared to 20.6% in the respective period of the previous year.

Total Operations

Due to the decision to permanently discontinue the production of Thrace Linq INC, which was decided in order for the Group to focus on profitable activities, this particular activity is reported in the Statement of Income and Other Comprehensive Income as discontinued operations.

For the completeness of information provided, the following table presents the Group's financial results in total (from Continuing and Discontinued Operations) in the first half of 2022, in comparison with the corresponding period of 2021:

Financial Results of First Half 2022 (CONTINUING & DISCONTINUED OPERATIONS)
(amounts in EUR thousand)	First Half 2022	First Half 2021	% Change
Turnover	212,710	234,285	-9.2%
Gross Profit	47,974	90,234	-46.8%
Gross Profit Margin	22.6%	38.5%
ΕΒΙΤ	19,535	61,134	-68.0%
EBIT Margin	9.2%	26.1%
EBITDA	29,937	72,400	-58.7%
EBITDA Margin	14.1%	30.9%
Adjusted EBITDA	29,960	72,841	-58.9%
Adjusted EBITDA Margin	14.1%	31.1%
Earnings before Taxes (EBT)	20,045	62,002	-67.7%
EBT Margin	9.4%	26.5%

Financial Results of First Half 2022 (CONTINUING & DISCONTINUED OPERATIONS)
Earnings after Taxes (EAT)	16,099	48,515	-66.8%
EAT Margin	7.6%	20.7%
Total EATAM	15,860	48,211	-67.1%
EATAM Margin	7.5%	20.6%
Earnings per Share (in euro)	0.3668	1.1110	-67.0%

2. Financial Results of the Group per Business Segment

The description and financial results of the Group's operating segments are presented as follows:

Technical Fabrics Sector

Production and trade of technical fabrics for industrial and technical use.

Packaging Sector

Production and trade of packaging materials, plastic bags, and plastic boxes for the packaging of food and paints and other packaging materials, mainly for agricultural use.

Other

It includes the Agricultural sector and the business activity of the Parent company which apart from the investing activities, also provides Administrative – Financial – IT services to its subsidiaries.

The following table summarizes the course of financial results from continuing operations of the individual sectors in which the Group is operating during the first half of the current fiscal year:

Sector	Technical Fabrics		Packaging		Other		Intra Segment Eliminations		Group
(amounts in € thous.)	First Half 2022	First Half 2021	% Ch.	First Half 2022	First Half 2021	% Ch.	First Half 2022	First Half 2021	First Half 2022	First Half 2021	First Half 2022	First Half 2021
Turnover	149,884	179,350	-16.4%	69,879	60,004	16.5%	2,910	2,631	-9,963		-7,700 212,710	234,285
Gross Profit	33,434	75,720	-55.8%	14,215	14,480	-1.8%	240	-477	85	511	47,974	90,234
Gross Profit Margin	22.3%	42.2%	-	20.3%	24.1%	-	8.2%	-18.1%	-	-	22.6%	38.5%
Total EBITDA	19,828	62,797	-68.4%	10,091	10,605	-4.8%	-44	-835	84	-108	29,960	72,459
EBITDA Margin	13.2%	35.0%	-	14.4%	17.7%	-	-1.5%	-31.7%	-	-	14.1%	30.9%

3. Consolidated Statement of Financial Position of the Group

The following table summarizes the main financial figures of the Group's financial position as of 30.06.2022:

(amounts in thousand Euro)	30.06.2022	31.12.2021	Change %
Property, Plant & Equipment	158,947	153,848	3.3%
Rights-of-use assets	2,701	3,051	-11.5%
Investment Property	113	113	0.0%
Intangible Assets	10,377	10,539	-1.5%
Investments in Joint Ventures	20,015	18,012	11.1%
Other Long-term Receivables	3,728	5,001	-25.5%
Deferred Tax Assets	358	380	-5.8%
Total Non-Current Assets	196,239	190,944	2.8%
Inventories	83,163	71,835	15.8%
Income Tax Prepaid	286	274	4.4%
Trade Receivables	83,671	64,547	29.6%
Other Receivables	12,092	14,359	-15.8%
Cash & Cash Equivalents	40,047	63,240	-36.7%
Total Current Assets	219,259	214,255	2.3%
TOTAL ASSETS	415,498	405,199	2.5%
TOTAL EQUITY	255,768	252,250	1.4%
Long-term Debt	35,687	33,610	6.2%
Liabilities from Leases	1,765	2,061	-14.4%
Provisions for Employee Benefits	1,584	3,499	-54.7%
Other Long-term Liabilities	7,345	6,979	5.2%
Total Long-term Liabilities	46,381	46,149	0.5%
Short-term Debt	24,009	17,393	38.0%
Liabilities from Leases	862	914	-5.7%
Suppliers	62,008	55,441	11.8%
Other Short-term Liabilities	26,470	33,052	-19.9%
Total Short-term Liabilities	113,349	106,800	6.1%
TOTAL EQUITY & LIABILITIES	415,498	405,199	2.5%

ASSETS

Property, Plant & Equipment € 196,239 (+2.8%) Total Property, Plant & Equipment amounted to € 196,239, posting an increase of 2.8% compared to the level as of 31.12.2021. Current Assets € 219,259 (+2.3%) ▶ Inventory: € 83,163 (+15.8%) The increase in Inventory is mainly due to the relatively higher purchase prices of raw materials. ▶ Trade Receivables: € 83,671 (+29.6%) The increase in Trade Receivables was mainly due to seasonality, while it was also affected by comparatively higher selling prices.

EQUITY AND LIABILITIES

Equity € 255,768 (+1.4%) ________________________________________________________________________________________________________________

Equity remained approximately at the same level with the one of 31.12.2021.

Provisions for Employee Benefits € 1,584 (-54.7%) ________________________________________________________________________________________________________________

Provisions for employee benefits declined by 54.7% mainly due to the reduction of the actuarial deficit of Don & Low LTD's pension plan.

Net Debt € 22,276 ________________________________________________________________________________________________________________

Net debt settled at €22,276, while on 31.12.2021 the Company had net cash of €(9,262). The Net Debt / Equity ratio stood at 0.09x on 30.06.2022 versus (0.04x) on 31.12.2021. The Group's Net Debt / EBITDA ratio for the period under consideration settled at 0.33x (EBIT-DA used for calculating the ratio concerned the period from 01.07.2021 to 30.06.2022). It is noted that on 31.12.2021 the above ratio stood at (0.08x) while on 30.06.2021 the ratio had settled at (0.10x).

Short-term Liabilities	€ 113,349 (+6.1%)
________________

Short-term liabilities amounted to €113,349 compared to €106,800 on 31.12.2021, posting an increase of 6.1%.

▶ Suppliers: € 62,008 (+11.8%)

The increase in Suppliers was mainly due to seasonality, while it was also affected by comparatively higher purchase prices.

4. Consolidated Cash Flows

In terms of consolidated cash flows, the Group recorded cash and cash equivalents of €40,047 on 30/06/2022 compared to €67,007 on 30/06/2021.

CASH FLOWS	30.06.2022	30.06.2021
EBITDA	29,937	72,400
Non cash and non-operating movements	151	2,473
Change in working capital	-34,553	-55
Cash Flows from Operating Activities	-4,465	74,818
Interest & income taxes & other financial expenses paid	-4,301	-7,259
Total inflows/outflows from operating activities	-8,766	67,559
Investing activities	-15,677	-10,008
Financing activities	1,690	-32,178
Net increase/(decrease) in cash and cash equivalents	-22,753	25,373
Cash and cash equivalents at beginning of period	63,240	40,824
Effect from changes in foreign exchange rates on cash reserves	-440	810
Cash and cash equivalents at end of period	40,047	67,007

SECTION III: Definition and Reconciliation of Alternative Performance Measures (APM)

In the context of its decision making concerning the financial, operating and strategic planning as well as the evaluation of its performance, the Group utilizes Alternative Performance Measures (APM). These indicators mainly serve the better understanding of the financial and operating results of the Group, its financial position as well as its cash flow statement. The Alternative Performance Measures (APM) should be always taken into account in line with the interim statements of financial information which have been prepared according to the International Financial Reporting Standards (IFRS) and in no case the APM replace the above.

Alternative Performance Measures (APM)

In the analysis of the developments and the performance of the Group, the alternative performance measures are utilized:

ΕΒΙΤ (Earnings before financial and investing activities as well as taxes)

The EBIT serves the better analysis of the Group's operating results and is calculated as follows: Turnover plus other operating income minus the total operating expenses, before the financial and investing activities and taxes. The EBIT margin (%) is calculated by dividing the EBIT by the total turnover.

EBITDA (Operating earnings before financial and investing activities as well as depreciation, amortization, impairment and taxes)

The EBITDA serves the better analysis of

the Group's operating results and is calculated as follows: Turnover plus other operating income minus the total operating expenses before the depreciation of property, plant and equipment, the amortization of grants and the impairments, as well as before the financial and investing activities and taxes. The EBITDA margin (%) is calculated by dividing the EBITDA by the turnover.

Adjusted EBITDA (Adjusted operating earnings before financial and investing activities as well as depreciation, amortization, impairment and taxes)

The Adjusted EBITDA is the EBITDA less any restructuring, acquisition, merger, and other non-recurring expenses that may be realized within the period / year, as well as any non-recurring gains (e.g. gain from the sale of property, plant and equipment).

Net Debt

It is calculated as the sum of long-term loans plus long-term lease liabilities plus short-term loans plus short-term lease liabilities minus the balance of cash & cash equivalents.

Total Debt / Equity

It is calculated as the ratio of Net Debt (see above) to Total Equity.

Net Debt / EBITDA

It is calculated as the ratio of Net Debt (see above) to EBITDA.

SECTION IV: Significant Transactions with Related Parties during the first half of 2022

The most significant transactions between the Company and its related parties during the first half of 2022 are depicted below:

Revenues* - Income	30.06.2022
Don & Low LTD	693
Thrace Nonwovens & Geosynthetics Single Person S.A.	813
Thrace Polyfilms Single Person S.A.	191
Thrace Plastics Pack S.A.	481
Thrace Ipoma A.D.	155
Synthetic Holdings LTD	130
Thrace Synthetic Packaging LTD	108
Thrace Polybulk AB	121
Thrace Polybulk AS	94
Thrace Linq Inc	100
Total	2,886

Short-term Liabilities	30.06.2022
Don & Low LTD	1,087
Thrace Synthetic Packaging LTD	1,011
Total	2,098

* Revenues concern fees charged for Administrative Services provided from the Parent company to its subsidiaries.

The Company has granted guarantees to banks in favor of its subsidiaries in order to secure long-term loans. As of 30.6.2022, the outstanding amount for which the Company has provided guarantees settles at € 38,688.

The remuneration and fees of the members of Group's Boards of Directors during the first half of the current year amounted to € 2,249 compared to € 1,933 previously and of the Company to € 798 compared to € 660 in the first half of the previous year. The remuneration and fees concern the Boards of Directors of 21 companies in which 32 people participate and include salaries of the executive members of the Boards of Directors, and also other fees and benefits of both the executive and the non-executive members.

There were no transactions between the Company, the Group and its related parties, which could have material impact on the financial position and performance of the Company and the Group in the first half of 2022.

All transactions described above have been carried out under normal market conditions.

SECTION V: Main Risks and Uncertainties – Prospects for the Second Half of 2022

Financial Risk Management

The financial assets used by the Group, mainly consist of bank deposits, bank overdrafts, receivable accounts, payable accounts and loans.

several financial risks. Such risks include market risk (foreign exchange risk and risk from changes of raw materials prices), credit risk, liquidity risk and interest rate risk.

The Group's activities, in general, create

Risk from fluctuation of prices of raw materials

The Group is exposed to fluctuations in the price of polypropylene (represents 52% approximately of the cost of sales), which are mainly faced by a similar change in the selling price of the final product. The possibility that the increase in the price of polypropylene cannot be fully passed on

Credit Risk

The credit risk to which the Group and the Company are exposed is the likelihood that a counterparty will cause financial loss to the Group and the Company as a result of the breach of its contractual obligations.

The maximum credit risk to which the Group and the Company are exposed at the date of preparation of the financial statements is the book value of their financial assets. In order to address credit risk, the Group consistently applies a clear credit policy, which is monitored and evaluated on an ongoing basis so that the credit granted does not exceed the credit limit per customer. Client sales insurance policies are also concluded per customer and no tangible guarantees on the assets of clients are required.

In order to monitor credit risk, customers are grouped according to the category they belong to, their credit risk characteristics, the maturity of their receivables and to the selling price, causes unavoidably the compression of margins. For this reason, the Group accordingly adjusts, to the extent it is feasible, its inventory policy as well as its commercial policy in general. Therefore in any case, the particular risk is deemed as relatively controlled.

any previous receivables that they have caused, taking into account future factors as well as the economic environment.

• Impairment

The Group and the Company, in the financial assets that are subject to the new model of expected credit losses (IFRS 9), include receivables from customers and other financial assets.

At each reporting date, IFRS 9 requires the loss provision for a financial instrument to be measured at an amount equal to the lifetime expected credit losses if the credit risk of the financial instrument has increased significantly since initial recognition. Conversely, if, at the reporting date, the credit risk of a financial instrument has not increased significantly since initial recognition, IFRS 9 requires the loss provision for the particular financial instrument to be measured at an amount equal to twelvemonth expected credit losses. The risk parameters taken into consideration for the calculation of the expected credit losses are the following: the estimated probability of default, the percentage of loss on the amount due, when the customer has defaulted on repaying the amount due, and finally the balance to which the company is exposed in case of customer's default. In specific cases, the Company may assess for certain financial items that a credit event exists when there is internal or external information indicating that the collection of the amounts due based on a relevant contract is not likely to be realized in full. As a general rule, the classification assessment

Liquidity Risk

Liquidity risk monitoring focuses on the management of cash inflows and outflows on a permanent basis, so that the Group has the ability to meet its cash obligations and retain the cash reserves required for its operations. Liquidity is managed by maintaining cash and approved bank credit lines. At the date of preparation of

Foreign Exchange Risk

The Group is exposed to foreign exchange risks arising from existing or expected cash flows in foreign currency and investments that have been made in countries outside the Euro zone (e.g. USA, United Kingdom, etc.). The management of the various risks is made by the use of natural hedge inwith regard to the respective stages is carried out at each reporting period.

For the trade receivables, the Group and the Company applied the simplified approach of the accounting standard and calculated the expected credit losses based on the expected credit losses for the entire lifetime of these items. For this purpose, a table of credit loss provisions based on the maturity of the balances was used, with which the relevant provisions were calculated in a manner that reflects the evidence of past events as well as projections over the future financial condition of customers and the macroeconomic environment. The balance of the specific provision for doubtful trade receivables is adjusted accordingly at each reporting date to reflect the respective risks that are likely to emerge. Any write-off of customer balances is charged against the existing provision for doubtful trade receivables. It is the Company's policy not to write off any trade receivable until all possible legal actions for its collection have taken place.

the financial statements, unused approved bank credits were available to the Group, which are considered sufficient to handle any possible shortage of cash in the future.

Short-term bank liabilities are renewed at maturity, as they are part of the approved bank credit lines.

struments. In order to hedge the foreign exchange risk from customers' receivables in foreign currency, an equal amount of borrowing is agreed in the same currency according to the management's policy and judgment.

Interest Rate Risk

The long-term loans of the Group have been granted by Greek and foreign banks and are mainly in Euro. Their repayment time varies, depending on the loan agreement and they are usually linked to Euribor plus margin. The Group's short-term loans have been granted by various banks, with Euribor interest rate plus margin as well as Libor interest rate plus margin. Therefore changes in interest rates may positively or negatively affect the Group.

Capital Adequacy Risk

The Group controls capital adequacy using the Net Debt to Equity ratio and the Net Debt to EBITDA ratio. The Group's objective in relation to capital management is to ensure the ability for its smooth operation in the future, while providing satisfactory returns to shareholders and benefits to other parties, as well as to maintain an ideal capital structure so as to ensure a low cost of capital. For this purpose, it systematically monitors working capital in order to maintain the lowest possible level of external financing.

Capital Adequacy Risk	Group
	30.06.2022	31.12.2021
Long-term debt	35,687	33,610
Long-term debt from leases	1,765	2,061
Short-term debt	24,009	17,393
Short-term debt from leases	862	914
Total debt	62,323	53,978
Minus cash & cash equivalents	40,047	63,240
Net debt	22,276	(9,262)

EQUITY	255,768	252,250
NET DEBT / EQUITY	0.09	(0.04)

In addition, the Group's Net Debt / EBITDA ratio for the period under consideration settled at 0.33x (EBITDA utilized for estimating the ratio concerned the period from 01.07.2021 to 30.06.2022).

It is noted that on 31.12.2021 the above ratio stood at (0.08x) while on 30.06.2021 the ratio had settled at (0.10x)

Prospects of the Group for the second half of 2022

Regarding the third quarter of 2022, the Management of the Group closely monitors and adapts to the changes taking place at the macroeconomic level and to the clearly more difficult conditions compared to the first half of the year. In this context, the Management is taking measures to maximize the Group's financial performance to the greatest possible extent and given the unfavorable market conditions, with a parallel effort to effectively manage the operational risks that arise each time. In any case, for the third quarter of 2022 a relative slowdown in terms of profitability generation is estimated, compared to the second quarter of the year. The above trend was an expected one, taking into consideration the conditions experienced by the European economies following the energy crisis and the ongoing war conflict, and in particular the extreme increases of energy costs, the double-digit inflation rates and the slowdown in demand. However, it should be noted that the third quarter of the year will be more profitable, compared to the pre-pandemic levels, i.e. the corresponding period of 2019.

Regarding the course of 2022 as a whole, it is quite evident from the current conditions and also based on the mid/shortterm views of the global markets, that the macroeconomic environment is becoming difficult and this difficulty is expected to become even greater in the coming months and until the end of the year, but possibly extend to the next year as well. In any case, the Group's Management is working uninterruptedly to achieve the annual profitability targets (an EBT of €25 million coming for the traditional product portfolio, as already announced in the past months), without any target revision, as it is considered achievable, provided that the energy cost will remain at current levels and the level of demand will not decline further in the coming months.

SECTION VΙ: Treasury Shares

The General Meeting of the Company's shareholders on May 21st, 2021 decided, inter alia, to approve the purchase of own shares in accordance with the provisions of article 49 of Law 4548/2018 as currently in force. The General Meeting approved the purchase within a period of twenty-four (24) months from the present resolution, i.e. no later than 21.05.2023, of a maximum of 4,341,876 common registered shares, within a price range from fifty cents of Euro (0.50 €) per share (minimum) to ten Euros (10.00 €) per share (maximum).

In the context of the implementation of the new share buyback plan, and up until 30.06.2022, the Company had purchased 393,543 own shares. Therefore the Company at 30.06.2022 holds a total number of 716,231 treasury shares from both the current and the previous share buyback plans.

SECTION VΙΙ: Sustainable Development

The Group's objective via sustainable development is to create value for both the society and the environment. In this framework the Group's priorities comprise the generation of sustainable products in the context of the circular economy, the increase in the utilization of recycled raw materials, the investment in renewable energy sources and the materialization of actions that will contribute to the further reduction of the environmental footprint. The Group implements a specific policy and strategy regarding sustainable development and is committed to demonstrate respect for the human factor, society and the environment, in order to remain a reliable social partner. The approach towards sustainable development is based on the following six pillars: (i) Reducing direct and indirect emissions, (ii) Operating according to the model of the circular economy, (iii) Generating value for stakeholders, (iv) Contribution to the local community, (v ) Operating with transparency and integrity, (vi) Ensuring business continuity. The main risks along with the risk management policy, as well as the performance and commitments under the UN Sustainable Development Objectives are presented in detail in the corresponding annual reports of the Sustainable Development and the Non-Financial Information.

SECTION VΙΙΙ: Significant Events after the Balance Sheet Date

There are no other events after the Balance Sheet date that have a significant impact on the financial statements of the Group.

Xanthi, 14 September 2022

The Chairman of the BoD	The Chief Executive Officer	The Member of the BoD


Konstantinos St. Chalioris	Dimitris P. Malamos	Vassilios S. Zairopoulos

[Translation from the original text in Greek]

Page 26 of 76 Interim Financial Information - 01.01- 30.06.2022

Report on Review of Interim Financial Information

To the Board of directors of "Thrace Plastics Co S.A."

Report on Review of Interim Financial Information

Introduction

We have reviewed the accompanying condensed company and consolidated statement of financial position of "Thrace Plastics Co S.A." (the "Company"), as of 30 June 2022 and the related condensed company and consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flow statements for the six-month period then ended, and the selected explanatory notes that comprise the interim condensed financial information and which form an integral part of the six-month financial report as required by L.3556/2007.

Management is responsible for the preparation and presentation of this condensed interim financial information in accordance with International Financial Reporting Standards as they have been adopted by the European Union and applied to interim financial reporting (International Accounting Standard "IAS 34"). Our responsibility is to express a conclusion on this interim condensed financial information based on our review.

Scope of Review

We conducted our review in accordance with International Standard on Review Engagements 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity". A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing, as they have been transposed into Greek Law and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed interim financial information is not prepared, in all material respects, in accordance with IAS 34.

Amounts in thousand Euro, unless stated otherwise

PricewaterhouseCoopers SA, T: +30 210 6874400, www.pwc.gr

Athens: 268 Kifissias Avenue, 15232 Halandri, Greece | T:+30 210 6874400 Thessaloniki: 16 Agias Anastasias & Laertou, 55535 Pylaia, Greece | Τ: +30 2310 488880 Patra: Othonos Amalias 11 & Karolou 2A (ex 28 Oktovriou) 262 23

Report on other legal and regulatory requirements

Our review has not revealed any material inconsistency or misstatement in the statements of the members of the Board of Directors and the information of the six-month Board of Directors Report, as defined in articles 5 and 5a of Law 3556/2007, in relation to the accompanying condensed interim financial information.

Page 27 of 76 Interim Financial Information - 01.01- 30.06.2022

15 September 2022

PricewaterhouseCoopers SA 268 Kifissias Avenue, 152 32 Halandri, Greece The Certified Auditor SOEL Reg.No 113 Socrates Leptos-Bourgi

SOEL Reg. No 41541

Amounts in thousand Euro, unless stated otherwise

IV. INTERIM CONDENSED FINANCIAL STATEMENTS (SEPARATE AND CONSOLIDATED)

		CONDENSED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (01.01.2022 – 30.06.2022)	29
		CONDENSED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME
		(01.04.2022 – 30.06.2022)	31
		CONDENSED STATEMENT OF FINANCIAL POSITION	33
		CONDENSED STATEMENT OF CHANGES IN EQUITY	34

		CONDENSED STATEMENT OF CASH FLOWS	36
1.		Information about the Group	37
2.		Basis for the Preparation of the Interim Condensed Statements
		of Financial Information and Main Accounting Principles	39
	2.1	Basis of Preparation	39
	2.2	New standards, amendments to standards and interpretations	40
	2.3	Significant Accounting Estimations and Judgments of the Management	42
3.		Notes on the Financial Statements.	43
	3.1	Developments and Performance of the Group	43
	3.2	Discontinued Operations	44
	3.3	Segment Reporting	45
	3.4	Other Operating Income	49
	3.5	Other Gains / Losses	49
	3.6	Number of Employees	49
	3.7	Other Operating Expenses	50
	3.8	Financial income / (expenses)	51
	3.9	Earnings per Share (Consolidated)	51
	3.10 3.11	Income Tax Property, Plant and Equipment	52 53
	3.12	Right-of-use assets	54
	3.13	Intangible Assets	55
	3.14	Other Long-term Receivables	55
	3.15	Trade and other receivables	56
	3.16	Long - term and Short - term Borrowings	57
	3.17	Net Debt / (Net Cash)	58
	3.18	Employee Benefits	58
	3.19	Suppliers and Other Short-Term Liabilities	62
	3.20	Transactions with Related Parties	63
	3.21	Remuneration of Board of Directors	66
	3.22	Investments	66
	3.23	Commitments and Contingent Liabilities	67
	3.24	Financial risks	68
	3.25	Significant Events	70
	3.26	Significant Events after the Balance Sheet Date	75

Information.

CONDENSED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (01.01.2022 – 30.06.2022) CONDENSED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (01.01.2022 – 30.06.2022)

		Group		Company
	Note	1/1 - 30/06/2022	1/1 - 30/06/2021	1/1 - 30/06/2022	1/1 - 30/06/2021
Turnover		212,710	234,285	2,910	2,632
Cost of Sales		(164,736)	(144,051)	(2,670)	(3,108)
Gross profit/(loss) - continuing operations		47,974	90,234	240	(476)
Other Operating Income	3.4	1,208	638	43	107
Selling and Distribution Expenses		(19,867)	(17,500)	-	-
Administrative Expenses		(8,526)	(9,799)	(478)	(534)
Research and Development Expenses		(1,037)	(951)	-	-
Other Operating Expenses	3.7	(780)	(2,130)	(4)	(94)
Other gain / (losses)	3.5	586	702	(3)	2
Operating Profit /(loss) before interest and tax - continuing operations		19,558	61,193	(202)	(995)
Financial Income	3.8	471	760	-	-
Financial Expenses		(1,788)	(1,886)	(32)	(10)
	3.8	-	-	7,494	8,108
Income from Dividends Profit / (loss) from companies consolidated with the Equity Method	3.22	1,827	1,903	-	-

Profit/(loss) before Tax - continuing operations		20,068	61,970	7,260	7,103
Income Tax	3.10	(3,940)	(13,487)	(11)	(18)
Profit/(loss) after tax (Α) - continuing operations		16,128	48,483	7,249	7,085
Profit/(loss) after tax (Α) - discontinued operations	3.2	(29)	32	-	-
Profit/(loss) after tax (Α)		16,099	48,515	7,249	7,085

FX differences from SOFP balances translation		(1,243)	2,433	-	-
Actuarial profit/(loss)		1,217	7,002	-	-
Other comprehensive income after taxes (B) - continuing operations		(26)	9,435	-	-
FX differences from SOFP balances translation		162	43	-	-
Actuarial profit/(loss)		-	-	-	-
Other comprehensive income after taxes (B) - discontinued operations		162	43	-	-

FX differences from SOFP balances translation		(1,081)	2,476	-	-
Actuarial profit/(loss)		1,217	7,002	-	-
Other comprehensive income after taxes (B)		136	9,478	-	-
Total comprehensive income / (loss) after taxes (A) + (B) - continuing operations			57,918		7,085
		16,102		7,249
Total comprehensive income / (loss) after taxes (A) + (B) - discontinued operations		133	75	-	-
Total comprehensive income / (loss) after taxes (A) + (B)		16,235	57,993	7,249	7,085

The accompanying notes that are presented in pages 152-237 form an integral part of the Interim Condensed Statements of Financial The accompanying notes that are presented in pages 37-76 form an integral part of the Interim Condensed Statements of Financial Information

Interim Condensed Financial Information of 30.06.2022 Page 28 of 69

CONDENSED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (01.01.2022 – 30.06.2022) (continues from previous page) CONDENSED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (01.01.2022 – 30.06.2022) (continues from previous page)

	Group		Company
Continuing operations	1/1 - 30/06/2022	1/1 - 30/06/2021	1/1 - 30/06/2022	1/1 - 30/06/2021
Profit / (loss) after tax
Attributed to:
Ewuity holders of the parent	15,889	48,179	-	-
Non controlling interest	239	304	-	-
Total comprehensive income / (loss) after taxes
Attributed to:
Ewuity holders of the parent Non controlling interest	15,860 242	57,618 300	- -	- -
Discontinued operations
Profit / (loss) after tax
Attributed to:
Ewuity holders of the parent	(29)	32	-	-
Non controlling interest	-	-	-	-
Total comprehensive income / (loss) after taxes
Attributed to:
Ewuity holders of the parent	133	75	-	-
Non controlling interest	-	-	-	-

Total Operations
Profit / (loss) after tax
Attributed to:
Ewuity holders of the parent	15,860	48,211	-	-
Non controlling interest	239	304	-	-
Total comprehensive income / (loss) after taxes
Attributed to:
Ewuity holders of the parent	15,993	57,693	-	-
Non controlling interest	242	300	-	-

Profit/(loss) allocated to shareholders per share - continuing operations
Number of shares	43,234	43,393
Earnings/(loss) per share	3.9 0.3675	1.1103
Profit/(loss) allocated to shareholders per share - discontinued operations
Number of shares	43,234	43,393
Earnings/(loss) per share	3.9 (0.0007)	0.0007

Profit/(loss) allocated to shareholders per share
Number of shares	43,234	43,393
Earnings/(loss) per share	3.9 0.3668	1.1110

The accompanying notes that are presented in pages 152-237 form an integral part of the Interim Condensed Statements of Financial Information. The accompanying notes that are presented in pages 37-76 form an integral part of the Interim Condensed Statements of Financial Information

Interim Condensed Financial Information of 30.06.2022 Page 29 of 69

CONDENSED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (01.04.2022 – 30.06.2022) CONDENSED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (01.04.2022 – 30.06.2022)

	Group		Company
	1/4 - 30/6/2022	1/4 - 30/6/2021	1/4 - 30/6/2022	1/4 - 30/6/2021
Turnover	106,453	122,918	1,469	1,303
Cost of Sales Gross profit/(loss) - continuing operations	(83,166) 23,287	(77,104)	(1,363)	(1,811)
		45,814	106	(508)
Other Operating Income	882	412	19	76
Selling and Distribution Expenses	(9,564)	(9,325)	-	-
Administrative Expenses	(4,504)	(5,601)	(268)	(304)
Research and Development Expenses	(578)	(566)	-	-
Other Operating Expenses	(532)	(568)	(2)	(1)
Other gain / (losses)	433	904	(2)	3
Operating Profit /(loss) before interest and tax - continuing operations	9,424	31,069	(147)	(734)
Financial Income	115	524	-	-
Financial Expenses	(975)	(766)	(20)	(7)
Income from Dividends	-	-	7,494	8,108
Profit / (loss) from companies consolidated with the Equity Method	762	1,749	-	-
Profit/(loss) before Tax - continuing operations	9,326	32,576	7,327	7,367

Income Tax	(1,988)	(8,626)	(13)	(12)
Profit/(loss) after tax (Α) - continuing operations	7,338	23,950	7,314	7,355
Profit/(loss) after tax (Α) - discontinued operations	(21)	24	-	-
Profit/(loss) after tax (Α)	7,317	23,974	7,314	7,355
FX differences from SOFP balances translation	(896)	(677)	-	-
Actuarial profit/(loss)	(607)	596	-	-
Other comprehensive income after taxes (B) - continuing operations	(1,503)	(81)	-	-
FX differences from SOFP balances translation	70	19	-	-
	-	-	-	-
Actuarial profit/(loss) Other comprehensive income after taxes (B) - discontinued operations	70	19	-	-

FX differences from SOFP balances translation	(826)	(658)	-	-
Actuarial profit/(loss)	(607)	596	-	-
Other comprehensive income after taxes (B)	(1,433)	(62)	-	-
Total comprehensive income / (loss) after taxes (A) + (B) - continuing
operations	5,835	23,869	7,314	7,355
Total comprehensive income / (loss) after taxes (A) + (B) - discontinued operations	49	43	-	-

Total comprehensive income / (loss) after taxes (A) + (B)	5,884	23,912	7,314	7,355

Interim Condensed Financial Information of 30.06.2022 Page 30 of 69

Information.

CONDENSED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (01.04.2022 – 30.06.2022) (continues from previous page) CONDENSED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (01.04.2022 – 30.06.2022) (continues from previous page)

	Group		Company
Continuing operations	1/4 - 30/6/2022	1/4 - 30/6/2021	1/4 - 30/6/2022	1/4 - 30/6/2021

Profit / (loss) after tax Attributed to:
Ewuity holders of the parent	7,223	23,781	-	-
Non controlling interest	115	169	-	-

Total comprehensive income / (loss) after taxes
Attributed to:
Ewuity holders of the parent	5,717	23,700	-	-
Non controlling interest	118	169	-	-
Discontinued operations
Profit / (loss) after tax
Attributed to:
Ewuity holders of the parent	(21)	24	-	-
Non controlling interest	-	-	-	-
Total comprehensive income / (loss) after taxes
Attributed to:
Ewuity holders of the parent	49	43	-	-
Non controlling interest	-	-	-	-
Total Operations
Profit / (loss) after tax
Attributed to:
Ewuity holders of the parent	7,202	23,805	-	-
Non controlling interest	115	169	-	-

Total comprehensive income / (loss) after taxes
Attributed to:
Ewuity holders of the parent	5,766	23,743	-	-
Non controlling interest	118	169	-	-
Profit/(loss) allocated to shareholders per share - continuing operations
Number of shares	43,234	43,393
Earnings/(loss) per share	0.1671	0.5480
Profit/(loss) allocated to shareholders per share - discontinued operations
Number of shares	43,234	43,393
Earnings/(loss) per share	(0.0005)	0.0006
Profit/(loss) allocated to shareholders per share
Number of shares	43,234	43,393
Earnings/(loss) per share	0.1666	0.5486

The accompanying notes that are presented in pages 37-76 form an integral part of the Interim Condensed Statements of Financial Information

The accompanying notes that are presented in pages 152-237 form an integral part of the Interim Condensed Statements of Financial

Interim Condensed Financial Information of 30.06.2022 Page 31 of 69

CONDENSED STATEMENT OF FINANCIAL POSITION CONDENSED STATEMENT OF FINANCIAL POSITION

		Group		Company
	Note	30/6/2022	31/12/2021	30/6/2022	31/12/2021
ASSETS
Non-Current Assets
Property Plant and Equipment	3.11	158,947	153,848	328	327
Rights-of-use assets	3.12	2,701	3,051	273	344
Investment property		113	113	-	-
Intangible Assets	3.13	10,377	10,539	201	262
Investments in subsidiaries	3.22	-	-	73,858	73,858
Investments in joint ventures	3.22	20,015	18,012	3,819	3,819
Other long term receivables	3.14	3,728	5,001	1,157	1,156
Deferred tax assets		358	380	102	113
Total non-Current Assets		196,239	190,944	79,738	79,879

Current Assets
Inventories		83,163	71,835	-	-
Income tax prepaid		286	274	38	25
Trade receivables	3.15	83,671	64,547	148	309
Other debtors	3.15	12,092	14,359	1,608	7,003
Cash and Cash Equivalents		40,047	63,240	360	137
Total Current Assets		219,259	214,255	2,154	7,474

TOTAL ASSETS		415,498	405,199	81,892	87,353
EQUITY AND LIABILITIES
Equity
Share Capital		28,869	28,869	28,869	28,869
Share premium		21,524	21,524	21,644	21,644
Other reserves		23,341	23,496	12,422	12,605
Retained earnings		178,176	174,631	14,090	19,297
Total Shareholders' equity		251,910	248,520	77,025	82,415
Non controlling interest		3,858	3,730	-	-
Total Equity		255,768	252,250	77,025	82,415
Long Term Liabilities
Long Term Debt	3.16	35,687	33,610	-	-
Liabilities from leases	3.12	1,765	2,061	136	208
Provisions for Employee Benefits	3.18	1,584	3,499	87	79
Other provisions		-	-	283	284
Deferred Tax Liabilities		7,138	6,742	-	-
Other Long Term Liabilities		207	237	-	1
Total Long Term Liabilities		46,381	46,149	506	572
Short Term Liabilities
Short Term Debt	3.16	24,009	17,393	1,404	1,519
Liabilities from leases	3.12	862	914	142	139
Income Tax		4,648	4,057	56	56
Suppliers	3.19	62,008	55,441	522	1,046
Other short-term liabilities	3.19	21,822	28,995	2,237	1,606
Total Short Term Liabilities		113,349	106,800	4,361	4,366

TOTAL LIABILITIES		159,730	152,949	4,867	4,938
TOTAL EQUITY & LIABILITIES		415,498	405,199	81,892	87,353

The accompanying notes that are presented in pages 37-76 form an integral part of the Interim Condensed Statements of Financial Information

Interim Condensed Financial Information of 30.06.2022 Page 32 of 69

CONDENSED STATEMENT OF CHANGES IN EQUITY

The accompanying notes that are presented in pages 152-237 form an integral part of the Interim Condensed Statements of Financial Information.

Amounts in Euro thousandGroup , unless stated otherwise

Group

CONDENSED STATEMENT OF CHANGES IN EQUITY

	Share Capital	Share Premium	Other Reserves	Treasury shares reserves	FX translation reserves	Retained earnings	Total before non controlling interest	Non controlling interest	Total
Balance as at 01/01/2021	28,869	21,524	33,891	(786)	(11,947)	99,548	171,099	3,484	174,583
Profit / (losses) for the period	-	-	-	-	-	48,211	48,211	304	48,515
Other comprehensive income	-	-	-	-	2,480	7,002	9,482	(4)	9,478
Distribution of earnings	-	-	1,575	-	-	(1,575)	-	-	-
Dividends	-	-	-	-	-	(6,947)	(6,947)	(176)	(7,123)
Other changes	-	-	-	-	-	(16)	(16)	-	(16)
Purchase of treasury shares	-	-	-	(333)	-	-	(333)	-	(333)
Changes during the period	-	-	1,575	(333)	2,480	46,675	50,397	124	50,521
Balance as at 30/06/2021	28,869	21,524	35,466	(1,119)	(9,467)	146,223	221,496	3,608	225,104
Balance as at 01/01/2022	28,869	21,524	33,286	(2,291)	(7,499)	174,631	248,520	3,730	252,250
Profit / (losses) for the period	-	-	-	-	-	15,860	15,860	239	16,099
Other comprehensive income	-	-	-	-	(1,081)	1,217	136	-	136
Distribution of earnings	-	-	1,815	-	-	(1,815)	-	-	-
Dividends	-	-	-	-	-	(11,750)	(11,750)	(114)	(11,864)
Transfers	-	-	-	-	-	-	-	-	-
Other changes	-	-	-	-	-	33	33	3	36
Purchase of treasury shares	-	-	-	(889)	-	-	(889)	-	(889)
Changes during the period	-	-	1,815	(889)	(1,081)	3,545	3,390	128	3,518
Balance as at 30/06/2022	28,869	21,524	35,101	(3,180)	(8,580)	178,176	251,910	3,858	255,768

The accompanying notes that are presented in pages 37-76 form an integral part of the Interim Condensed Statements of Financial Information

Interim Condensed Financial Information of 30.06.2022 Page 33 of 69

The accompanying notes that are presented in pages 152-237 form an integral part of the Interim Condensed Statements of Financial Information.

CONDENSED STATEMENT OF CHANGES IN EQUITY (continues from previous page)

Amounts in Euro thousand, unless stated otherwise

Company

CONDENSED STATEMENT OF CHANGES IN EQUITY (continues from previous page) Company

	Share Capital		Share Premium Other Reserves	Treasury shares reserves	FX translation reserves	Retained earnings	Total
Balance as at 01/01/2021	28,869	21,644	14,320	(786)	16	12,560	76,623
Profit / (losses) for the period	-	-	-	-	-	7,085	7,085
Other comprehensive income	-	-	-	-	-	-	-
Distribution of earnings	-	-	560	-	-	(560)	-
Dividends	-	-	-	-	-	(6,947)	(6,947)
Other changes	-	-	-	-	-	-	-
Purchase of treasury shares	-	-	-	(333)	-	-	(333)
Changes during the period	-	-	560	(333)	-	(422)	(195)
Balance as at 30/06/2021	28,869	21,644	14,880	(1,119)	16	12,138	76,428
Balance as at 01/01/2022	28,869	21,644	14,880	(2,291)	16	19,297	82,415
Profit / (losses) for the period	-	-	-	-	-	7,249	7,249
Other comprehensive income	-	-	-	-	-		-
Distribution of earnings	-	-	706	-	-	(706)	-
Dividends	-	-	-	-	-	(11,750)	(11,750)
Other changes	-	-	-	-	-	-	-
Purchase of treasury shares	-	-	-	(889)	-	-	(889)
Changes during the period	-	-	706	(889)	-	(5,207)	(5,390)
Balance as at 30/06/2022	28,869	21,644	15,586	(3,180)	16	14,090	77,025

The accompanying notes that are presented in pages 37-76 form an integral part of the Interim Condensed Statements of Financial Information

Interim Condensed Financial Information of 30.06.2022 Page 34 of 69

Information.

CONDENSED STATEMENT OF CASH FLOWS CONDENSED STATEMENT OF CASH FLOWS

Amounts in Euro thousand, unless stated otherwise

	Group		Company
	1/1 - 30/06/2022	1/1 - 30/06/2021	1/1 - 30/06/2022	1/1 - 30/06/2021
Cash flows from Operating Activities
Profit before Taxes and Non controlling interest - continuing
operations	20,068	61,970	7,260	7,103
Profit before Taxes and Non controlling interest - discontinued
operations	(23)	32	-	-
Plus / (minus) adjustments for: Depreciation	10,402	11,266	158	- 161
Provisions	876	3,273	7	97
Grants	(38)	(92)	-	-
FX differences	(693)	67	3	-
(Gain)/loss from sale of property, plant and equipment	6	(775)	-	(2)
	-	-	(7,494)	(8,108)
Dividends received Interest & similar expenses / (income)	1,317	1,034	32	10

(Profit) / loss from companies consolidated with the Equity method	(1,827)	(1,903)	-	-
Operating Profit before adjustments in working capital	30,088	74,872	(34)	(739)
(Increase)/decrease in receivables	(20,717)	(22,073)	(196)	(76)
(Increase)/decrease in inventories	(12,180)	(2,042)	-	-
Increase/(decrease) in liabilities (apart from banks-taxes)	(1,656)	24,061	(259)	825
Cash generated from Operating activities	(4,465)	74,818	(489)	10
Interest Paid	(630)	(1,166)	-	-
Other financial income/(expenses)	(559)	134	(5)	(9)
Taxes paid	(3,112)	(6,227)	-	-
Cash flows from operating activities (a)	(8,766)	67,559	(494)	1

Investing Activities
Proceeds from sales of property, plant and equipment	25	1,096	-	-
Interest received	26	62	-	-
Dividends received	338	270	8,483	8,108
Purchase of property, plant and equipment and intangible assets.	(16,104)	(11,528)	(28)	(7)
Investment grants	38	92	-	-
Cash flow from investing activities (b)	(15,677)	(10,008)	8,455	8,101

Financing activities
Proceeds from loans	18,239	1,456	1,000	1,500
Purchase of treasury shares	(889)	(333)	(889)	(333)
Repayment of loans	(8,411)	(23,231)	(1,141)	(960)
Financial leases	(498)	(3,455)	(70)	(71)
Dividends paid	(6,751)	(6,615)	(6,638)	(6,615)
Cash flow from financing activities (c)	1,690	(32,178)	(7,738)	(6,479)
Net increase /(decrease) in Cash and Cash Equivalents	(22,753)	25,373	223	1,623
Cash and Cash Equivalents at beginning of period	63,240	40,824	137	163

Effect from changes in foreign exchange rates on cash reserves	(440)	810	-	-

Cash and Cash Equivalents at end of period	40,047	67,007	360	1,786

The accompanying notes that are presented in pages 37-76 form an integral part of the Interim Condensed Statements of Financial Information

The accompanying notes that are presented in pages 152-237 form an integral part of the Interim Condensed Statements of Financial

Interim Condensed Financial Information of 30.06.2022 Page 35 of 69

1. Information about the Group

The company THRACE PLASTICS CO S.A. as it was renamed following the approval and the amendment of its name on GEMI (hereinafter the "Company") was founded in 1977. It is based in Magiko of municipality of Avdira in Xanthi, Northern Greece, and is registered in the Public Companies (S.A.) Register under Reg. No. 11188/06/Β/86/31 and in the General Commercial Register under Reg. No. 12512246000.

The main objective of the Company was altered as result of the spin-off of the business segment of production and trade of industrial packaging products of the Company and the subsequent amendment of the relevant article 3 of the Company's Articles of Association, according to the precise form that was previously announced by the Company, and in line with the clauses of article 27, paragraph 3, case d' of P.L. 2190/1920. The aim of the Company and its main objective is to participate in the share capital of companies and to finance companies of any legal form, kind and objective, either listed or non-listed on organized market, as well as the provision of Administrative - Financial - IT Services to its Subsidiaries.

The Company is the parent of a Group of companies (hereinafter the "Group"), which operate mainly in two sectors, the technical fabrics sector and the packaging sector.

The Company's shares are listed on the Athens Stock Exchange since June 26, 1995.

The company's shareholders, with equity stakes above 5%, as of 30.06.2022 were the following:

Chalioris Konstantinos	43.29%
Chaliori Eyfimia	20.85%

The Group maintains production and trade facilities in Greece, United Kingdom, Ireland, Sweden, Norway, Serbia, Bulgaria, U.S.A. and Romania.

The Group, including its joint ventures, employed a total of 2,190 employees as of June 30, 2022, of which 1,376 were employed in Greece.

The structure of the Group as of 30th June 2022 was as follows:

Company	Registered Offices	Ownership Percentage of Parent Company	Ownership Percentage of Group	Consolidation Method
Thrace Plastics Co S.A.	GREECE-Xanthi	Parent	-	Full
Don & Low LTD	SCOTLAND-Forfar	100.00%	100.00%	Full
Don & Low Australia Pty LTD	AUSTRALIA	-	100.00%	Full
Thrace Nonwovens & Geosynthetics Single Person S.A.	GREECE-Xanthi	100.00%	100.00%	Full
Saepe LTD	CYPRUS-Nicosia	-	100.00%	Full
Thrace Asia	HONG KONG	-	100.00%	Full
Thrace Protect S.M.P.C.	GREECE-Xanthi	-	100.00%	Full
Thrace Plastics Pack S.A.	GREECE-Ioannina	92.94%	92.94%	Full
Thrace Greiner Packaging SRL	ROMANIA - Sibiou	-	46.47%	Equity
Thrace Plastics Packaging D.O.O.	SERBIA-Nova Pazova	-	92.94%	Full
Trierina Trading LTD	CYPRUS-Nicosia	-	92.94%	Full
Thrace Ipoma A.D.	BULGARIA-Sofia	-	92.83%	Full
Synthetic Holdings LTD	N. IRELAND-Belfast	100.00%	100.00%	Full
Thrace Synthetic Packaging LTD	IRELAND - Clara	-	100.00%	Full
Arno LTD	IRELAND -Dublin	-	100.00%	Full
Synthetic Textiles LTD	N. IRELAND-Belfast	-	100.00%	Full
Thrace Polybulk A.B.	SWEDEN -Köping	-	100.00%	Full
Thrace Polybulk A.S.	NORWAY-Brevik	-	100.00%	Full
Lumite INC.	U.S.A. - Georgia	-	50.00%	Equity
Adfirmate LTD	CYPRUS-Nicosia	-	100.00%	Full
Pareen LTD	CYPRUS-Nicosia	-	100.00%	Full
Thrace Linq INC.	U.S.A. - South Carolina	-	100.00%	Full
Thrace Polyfilms Single Person S.A.	GREECE - Xanthi	100.00%	100.00%	Full
Thrace Greenhouses S.A.	GREECE - Xanthi	50.91%	50.91%	Equity
Thrace Eurobent S.A.	GREECE - Xanthi	51.00%	51.00%	Equity

2. Basis for the Preparation of the Interim Condensed Statements of Financial Information and Main Accounting Principles

2.1 Basis of Preparation

The present interim financial information has been prepared according to the International Financial Reporting Standards (I.F.R.S.), including the International Accounting Standards (I.A.S.) and interpretations that have been issued by the International Financial Reporting Interpretations Committee (I.F.R.I.C.), as such have been adopted by the European Union until 30th June 2022. The basic accounting principles that were applied for the preparation of the interim condensed financial information of the semi-annual period ended 30th June 2022 are the same as those applied for the preparation of the Financial Statements for the year ended 31st December 2021.

When deemed necessary, the comparative data have been reclassified in order to conform to possible changes in the presentation of the data of the current period.

Differences that possibly appear between accounts in the financial statement and the respective accounts in the notes are due to rounding.

The interim condensed financial information has been prepared according to the historic cost principle, as such is disclosed in the Company's accounting principles presented below.

Moreover, the Group's and Company's interim condensed financial information has been prepared according to the "going concern" principle taking into account the significant profitability of the Group and the Company along with all the macroeconomic and microeconomic factors and their effect on the smooth operation of the Group and the Company.

The interim condensed financial information contains a limited number of explanations and does not contain all the information required for the annual financial statements. Therefore, the interim condensed financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2021.

The interim condensed financial information was approved by the Board of Directors of the Company on 14 September 2022.

The interim condensed financial information of the Group THRACE PLASTICS Co. S.A. is posted on the internet, on the website www.thracegroup.gr.

2.2 New standards, amendments to standards and interpretations

Certain new standards, amendments to standards and interpretations have been issued that are mandatory for periods beginning on or after 1 January 2022.

STANDARDS AND INTERPRETATIONS EFFECTIVE FOR THE CURRENT FINANCIAL YEAR

IFRS 16 (Amendment) 'Covid-19- Related Rent Concessions'

The amendment extends the application period of the practical expedient in relation to rent concessions by one year to cover rental concessions that reduce leases due only on or before 30 June 2022.

IAS 16 (Amendment) 'Property, Plant and Equipment – Proceeds before Intended Use'

The amendment prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while the entity is preparing the asset for its intended use. It also requires entities to separately disclose the amounts of proceeds and costs relating to such items produced that are not an output of the entity's ordinary activities.

IAS 37 (Amendment) 'Onerous Contracts – Cost of Fulfilling a Contract'

The amendment clarifies that 'costs to fulfil a contract' comprise the incremental costs of fulfilling that contract and an allocation of other costs that relate directly to fulfilling contracts. The amendment also clarifies that, before a separate provision for an onerous contract is established, an entity recognizes any impairment loss that has occurred on assets used in fulfilling the contract, rather than on assets dedicated to that contract.

IFRS 3 (Amendment) 'Reference to the Conceptual Framework'

The amendment updated the standard targeting to make a reference to the 2018 Conceptual Framework for Financial Reporting, in order to determine what constitutes an asset or a liability in a business combination. In addition, an exception was added for some types of liabilities and contingent liabilities acquired in a business combination. Finally, it is clarified that the acquirer should not recognize contingent assets, as defined in IAS 37, at the acquisition date.

STANDARDS AND INTERPRETATIONS MANDATORY FOR SUBSEQUENT PERIODS

IAS 1 (Amendment) 'Classification of liabilities as current or non-current' (effective for annual periods beginning on or after 1 January 2023)

The amendment clarifies that liabilities are classified as either current or non-current depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date. The amendment also clarifies what IAS 1 means when it refers to the 'settlement' of a liability. The amendment has not yet been endorsed by the EU.

IAS 1 (Amendments) 'Presentation of Financial Statements' and IFRS Practice Statement 2 'Disclosure of Accounting policies' (effective for annual periods beginning on or after 1 January 2023)

The amendments require companies to disclose their material accounting policy information and provide guidance on how to apply the concept of materiality to accounting policy disclosures.

IAS 8 (Amendments) 'Accounting policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates' (effective for annual periods beginning on or after 1 January 2023)

The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates.

IΑS 12 (Amendments) 'Deferred tax related to Assets and Liabilities arising from a Single Transaction' (effective for annual periods beginning on or after 1 January 2023)

The amendments require companies to recognize deferred tax on transactions that, on initial recognition, give rise to equal amounts of taxable and deductible temporary differences. This will typically apply to transactions such as leases for the lessee and decommissioning obligations. The amendments have not yet been endorsed by the EU.

Annual Improvements to IFRS 2018–

2020 (effective for annual periods beginning on or after 1 January 2022)

IFRS 9 'Financial instruments'

The amendment addresses which fees should be included in the 10% test for de-recognition of financial liabilities. Costs or fees could be paid to either third parties or the lender. Under the amendment, costs or fees paid to third parties will not be included in the 10% test.

IFRS 16 'Leases'

The amendment removed the illustration of payments from the lessor relating to leasehold improvements in Illustrative Example 13 of the standard in order to remove any potential confusion about the treatment of lease incentives.

IAS 41 'Agriculture'

The amendment has removed the requirement for entities to exclude cash flows for taxation when measuring fair value under IAS 41.

2.3 Significant Accounting Estimations and Judgments of the Management

The estimations and judgments of the Management of the Group are constantly assessed. They are based on historic data and expectations for future events, which are deemed as fair according to the ones in effect

2.3.1 Significant Accounting Estimates and Assumptions

The preparation of the interim condensed financial information in accordance with International Financial Reporting Standards (IFRS) requires the management to make estimates and assumptions that may affect the accounting balances of assets and liabilities, the required disclosure of contingent assets and liabilities at the date of the interim financial information as well as the amounts of revenues and expenses that have been recognized during the reported period. The use of the available information, which is based in historical data and assumptions and the implementation of subjective evaluation are necessary in order to conduct estimates. The actual future results may differ from the above estimates and these differences may affect the interim condensed financial information. Estimates and relative assumptions are revised constantly. The revisions in accounting estimations are recognized in the period they occur if the revision affects only the specific period or in the revised period and the future periods if the revisions affect the current and the future periods.

For the preparation of the interim condensed financial information, the significant accounting estimates and assumptions by the Management in the application of the accounting policies of the Group and the Company, as well as the main sources for the assessment of uncertainty are the same as those adopted during the preparation of the annual financial statements as of December 31st, 2021.

3. Notes on the Financial Statements.

3.1 Developments and Performance of the Group

The following table depicts in synopsis the Group's financial results from continuing operations for the period ended on 30th June 2022:

	Financial Results of First Half 2022 (CONTINUING OPERATIONS)
(amounts in EUR thousand)	First Half 2022	First Half 2021	% Change
Turnover	212,710	234,285	-9.2%
Gross Profit	47,974	90,234	-46.8%
Gross Profit Margin	22.6%	38.5%
ΕΒΙΤ	19,558	61,193	-68.0%
EBIT Margin	9.2%	26.1%
EBITDA	29,960	72,459	-58.7%
EBITDA Margin	14.1%	30.9%
Adjusted EBITDA	29,960	72,841	-58.9%
Adjusted EBITDA Margin	14.1%	31.1%
Earnings before Taxes (EBT)	20,068	61,970	-67.6%
EBT Margin	9.4%	26.5%
Earnings after Taxes (EAT)	16,128	48,483	-66.7%
EAT Margin	7.6%	20.7%
Total EATAM	15,889	48,179	-67.0%
EATAM Margin	7.5%	20.6%
Earnings per Share (in euro)	0.3675	1.1103	-66.9%

For completeness purposes, the following table is also presented depicting in synopsis the financial results of the Group for the period ended on 30th June 2022 in total, both from continuing and discontinued operations:

Financial Results of First Half 2022 (CONTINUING & DISCONTINUED OPERATIONS)
(amounts in EUR thousand)	First Half 2022	First Half 2021	% Change
Turnover	212,710	234,285	-9.2%
Gross Profit	47,974	90,234	-46.8%
Gross Profit Margin	22.6%	38.5%
ΕΒΙΤ	19,535	61,134	-68.0%
EBIT Margin	9.2%	26.1%
EBITDA	29,937	72,400	-58.7%
EBITDA Margin	14.1%	30.9%
Adjusted EBITDA	29,960	72,841	-58.9%
Adjusted EBITDA Margin	14.1%	31.1%
Earnings before Taxes (EBT)	20,045	62,002	-67.7%
EBT Margin	9.4%	26.5%
Earnings after Taxes (EAT)	16,099	48,515	-66.8%
EAT Margin	7.6%	20.7%
Total EATAM	15,860	48,211	-67.1%
EATAM Margin	7.5%	20.6%
Earnings per Share (in euro)	0.3668	1.1110	-67.0%

3.2 Discontinued Operations

Due to the decision to permanently discontinue the production activity of Thrace Linq INC, which was taken in order for the Group to focus on profitable business activities, this specific business activity is recorded in the income statement and the other comprehensive income as "discontinued operations".

Discontinued Operations	Thrace Linq INC
Statement of Income and Other Comprehensive Income	30.06.2022	30.06.2021
Turnover	-	-
Cost of Sales	-	-
Gross Profit / (Loss)	-	-
Non-Operating Income / (Expenses)	(129)	(119)
Earnings / (Losses) before Taxes	(129)	(119)
Taxes	(6)	-
Earnings / (Losses) after Taxes	(135)	(119)
Intra- group Eliminations	106	151
Earnings / (Losses) after Taxes	(29)	32

Page 45 of 76 Interim Financial Information - 01.01- 30.06.2022

Contents >>

Discontinued Operations Cash Flows	Thrace Linq INC 30.06.2022
Cash Flows from operating activities	(232)
Cash Flows from investment activities*	(3,018)
Cash Flows from Financing Activities	-
Change in Cash and Cash Equivalents	(3,250)
Cash Flows 31.12.2021	3,464
Foreign Exchange Differences	142
Cash Flows 30.06.2022	356

* Refers to intra-group transaction.

3.3 Segment Reporting

The Group applies IFRS 8 to monitor its business activities by sector. The areas of activity of the Group have been defined based on the legal structure and the business activities of the Group. The Group Management, responsible for making financial decisions, monitors the financial information separately as presented by the parent company and by each of its subsidiaries.

The operating segments (business units) are structured based on the different product category, the structure of the Group's management and the internal reporting system. Using the criteria as defined in the financial reporting standards and based on the Group's different activities, the Group's business activity is divided into two sectors, namely the "Technical Fabrics" and the "Packaging" sector.

The information related to the business activities that do not comprise separate segments for reporting purposes, have been aggregated and depicted in the category "Other", which includes the agricultural sector and the activities of the Parent Company.

The operating segments (business units) of the Group are as follows:

During the year 2020, which was characterized by the spread of the Covid-19 coronavirus pandemic, the Group faced significantly increased demand for specific products of its existing product portfolio and specifically for technical fabrics for personal protection and health applications (Personal Protective Equipment).

From a commercial point of view, the Group during both 2020 and 2021 developed its customer base, through the available sales networks per country, based on the separate needs of the respective markets in each country, through the group subsidiaries and regardless of the reference sector. The Group acted in the above manner either by channeling the products into the retail market or by entering into agreements with the respective national (local) health systems.

During the third quarter of the year 2021, there was a significant decline in the demand for these products and an accelerated shift of the product mix towards the traditional portfolio, with this trend being even more evident and constant throughout the last quarter of the year.

With regard to the current fiscal year, in the first quarter there was strong demand especially for enhanced protection masks and technical fabrics with similar attributes, which in turn led to the improvement of the sales and profitability of this particular product category. Also, the fulfillment of the final part of the available contract with a national health system took place. In the second quarter of the year, respective demand has significantly declined, concerning mainly enhanced protection masks (FFP2).

Earnings before Taxes at the Group level in the first half of 2022 amounted to € 20.1 million out of which, according to the Management's estimates, € 4.7 million derived from the sales of personal protection and health products: in particular an amount of € 3.2 million was generated from the "Technical Fabrics" Segment, whereas € 1.5 million was generated from the "Packaging" Sector.

BALANCE SHEET OF 30.06.2022	TECHNICAL FABRICS	PACKAGING		OTHER	INTRA-SEGMENT ELIMINATIONS	GROUP
Total consolidated assets	276,545	129,364		82,776	(73,187)	415,498
INCOME STATEMENT FOR THE PERIOD FROM 01.01 - 30.06.2022		TECHNICAL FABRICS	PACKAGING	OTHER	INTRA SEGMENT ELIMINATIONS	GROUP
Turnover		149,884	69,879	2,910	(9,963)	212,710
Cost of sales		(116,450)	(55,664)	(2,670)	10,048	(164,736)
Gross profit		33,434	14,215	240	85	47,974
Other operating income		1,248	127	43	(209)	1,208
Selling & Distribution Expenses		(14,542)	(5,109)	-	(216)	(19,867)

INCOME STATEMENT FOR THE PERIOD FROM 01.01 - 30.06.2022	TECHNICAL FABRICS	PACKAGING	OTHER	INTRA SEGMENT ELIMINATIONS	GROUP
Administrative expenses	(6,238)	(2,235)	(478)	425	(8,526)
Research and Development Expenses	(842)	(194)	-	-	(1,037)
Other operating expenses	(336)	(440)	(4)	-	(780)
Other Income / (Losses)	597	(8)	(3)	-	586
Operating profit / (loss)	13,320	6,356	(202)	84	19,558
Interest & other related (expenses)/ income	(803)	(490)	(31)	7	(1,317)
Income from dividends	-	-	7,495	(7,495)	-
Profit / (loss) from companies consolidated under the Equity method	1,098	518	211	-	1,827
Earnings / (losses) before tax (Continuing operations)	13,615	6,384	7,473	(7,404)	20,068
Earnings / (losses) before tax (Discontinued operations)	(23)	-	-	-	(23)
Total Earnings / (losses) before tax	13,592	6,384	7,473	(7,404)	20,045
Depreciation from continuing operations	6,508	3,736	159	-	10,402
Depreciation from discontinued operations	-	-	-	-	-
Total Depreciation	6,508	3,736	159	-	10,402
Earnings / (losses) before interest, tax, depreciation & amortization from continuing operations (EBITDA)	19,828	10,091	(44)	84	29,960
Earnings / (losses) before interest, tax, depreciation & amortization from discontinued operations (EBITDA)	(23)	-	-	-	(23)
Total Earnings / (losses) before interest, tax, depreciation & amortization (EBITDA)	19,805	10,091	(44)	84	29,937
				INTRA
BALANCE SHEET OF 31.12.2021	TECHNICAL FABRICS	PACKAGING	OTHER	SEGMENT ELIMINATIONS	GROUP
Total consolidated assets	269,145	120,066	88,026	(72,578)	405,199

INCOME STATEMENT FOR THE PERIOD FROM 01.01 - 30.06.2021	TECHNICAL FABRICS	PACKAGING	OTHER	INTRA SEGMENT ELIMINATIONS	GROUP
Turnover	179,350	60,004	2,631	(7,700)	234,285
Cost of sales	(103,630)	(45,524)	(3,108)	8,211	(144,051)
Gross profit	75,720	14,480	(477)	511	90,234
Other operating income	404	228	107	(101)	638
Selling & Distribution Expenses	(12,686)	(4,636)	-	(178)	(17,500)
Administrative expenses	(7,021)	(1,905)	(534)	(339)	(9,799)
Research and Development Expenses	(780)	(171)	-	-	(951)
Other operating expenses	(1,518)	(518)	(94)	-	(2,130)
Other Income / (Losses)	689	11	2	-	702
Operating profit / (loss)	54,808	7,489	(996)	(108)	61,193
Interest & other related (expenses)/income	(609)	(533)	(9)	25	(1,126)
Income from dividends	-	-	8,108	(8,108)	-
Profit / (loss) from companies consolidated under the Equity method	1,190	645	68	-	1,903
Earnings / (losses) before tax (Continuing operations)	55,389	7,601	7,171	(8,191)	61,970
Earnings / (losses) before tax (Discontinued operations)	32	-	-	-	32
Total Earnings / (losses) before tax	55,421	7,601	7,171	(8,191)	62,002
Depreciation from continuing operations	7,989	3,116	161	-	11,266
Depreciation from discontinued operations	-	-	-	-	-
Total Depreciation	7,989	3,116	161	-	11,266
Earnings / (losses) before interest, tax, depreciation & amortization from continuing operations (EBITDA)	62,797	10,605	(835)	(108)	72,459
Earnings / (losses) before interest, tax, depreciation & amortization from discontinued operations (EBITDA)	(59)	-	-	-	(59)
Total Earnings / (losses) before interest, tax, depreciation & amortization (EBITDA)	62,738	10,605	(835)	(108)	72,400

3.4 Other Operating Income

	Group		Company
Other Operating Income	30.06.2022	30.06.2021	30.06.2022	30.06.2021
Grants *	786	230	-	-
Income from rents	33	24	-	-
Income from prototype materials	13	19	-	-
Reverse entry of not utilized provisions	2	20	-	-
Income from electric energy management programs	185	227	-	-
Other operating income	189	118	43	107
Total	1,208	638	43	107

* The amount of € 786 concerns grants relating to: investments, research and development, recruitment of new graduates as well as professional training of the Group's employees.

3.5 Other Gains / Losses

Other Gains / (Losses)	Group		Company
	30.06.2022	30.06.2021	30.06.2022	30.06.2021
Gains / (Losses) from sale of property, plant and equipment	(5)	19	-	2
Extraordinary Gains / (Losses) from sale of property, plant and equipment of Don & Low LTD	-	756	-	-
Foreign Exchange Differences	591	(73)	(3)	-
Total	586	702	(3)	2

3.6 Number of Employees

The number of employed staff at the Group and the Company at the end of the period (excluding the joint ventures) was as follows:

Number of employees	Group		Company
	30.06.2022	30.06.2021	30.06.2022	30.06.2021
Full-time employees / Wage based employees	1,717	1,702	26	24

3.7 Other Operating Expenses

Other Operating Expenses	Group		Company
	30.06.2022	30.06.2021	30.06.2022	30.06.2021
Provisions for doubtful receivables	176	234	-	-
Other taxes and duties non incorporated in operating cost	76	86	-	-
Depreciation	42	23	-	-
Staff indemnities	20	273	-	92
Commissions / other bank expenses	57	84	-	-
Expenses for the purchase of prototype materials (maquettes)	24	42	-	-
Other operating expenses	385	250	4	2
Sub-Total	780	992	4	94
Extraordinary and non-recurring expenses	-	1,138	-	-
Total	780	2,130	4	94

Analysis of Extraordinary non-recurring expenses	Group
	30.06.2022	30.06.2021
Impairment of fixed assets	-	738
Provision for expenses	-	400
Total	-	1,138

During the first half of 2022, no extraordinary non-recurring expenses were recorded.

During the year 2021, in the context of the Group's restructuring plan, there were fixed asset impairments of € 738 resulting from the operational restructuring of the subsidiary Don & Low LTD. This company reduced its presence in the market of woven technical fabrics, while increasing its production capacity in the non-woven technical fabrics. Furthermore, additional expenses of € 400 arose relating to provisions for personnel costs and indemnities.

3.8 Financial income / (expenses)

3.8.1 Financial Income

Financial income	Group		Company
	30.06.2022	30.06.2021	30.06.2022	30.06.2021
Credit interest and similar income	28	63	-	-
Foreign exchange differences	443	697	-	-
Total	471	760	-	-
Income from dividends	-	-	7,494	8,108

3.8.2 Financial Expenses

Financial expenses	Group		Company
	30.06.2022	30.06.2021	30.06.2022	30.06.2021
Interest Expense and other similar expenses	(913)	(1,210)	(32)	(9)
Foreign exchange differences	(635)	(441)	-	-
Financial result from Pension Plans	(240)	(235)	-	(1)
Total	(1,788)	(1,886)	(32)	(10)

3.9 Earnings per Share (Consolidated)

Earnings after taxes per share, are calculated by dividing net earnings (after tax) allocated to shareholders, by the weighted average number of shares outstanding during the relevant financial period, after the deduction of any treasury shares held.

Basic earnings per share (Consolidated, continuing operations)	30.06.2022	30.06.2021
Earnings allocated to shareholders	15,889	48,179
Number of outstanding shares (weighted)	43,234	43,393
Basic and adjusted earnings per share (Euro in absolute terms)	0.3675	1.1103

Basic earnings per share (Consolidated, discontinued operations)	30.06.2022	30.06.2021
Earnings allocated to shareholders	(29)	32
Number of outstanding shares (weighted)	43,234	43,393
Basic and adjusted earnings per share (Euro in absolute terms)	(0.0007)	0.0007

Basic earnings per share (Consolidated, total operations)	30.06.2022	30.06.2021
Earnings allocated to shareholders	15,860	48,211
Number of outstanding shares (weighted)	43,234	43,393
Basic and adjusted earnings per share (Euro in absolute terms)	0.3668	1.1110

As of 30th June 2022, the Company held 716,231 treasury shares.

3.10 Income Tax

The analysis of tax charged in the period's results, is as follows:

Income Tax	Group		Company
	30.06.2022	30.06.2021	30.06.2022	30.06.2021
Income tax	(3,741)	(12,461)	-	-
Deferred tax (expense)/income	(199)	(1,026)	(11)	(18)
Total	(3,940)	(13,487)	(11)	(18)

The income tax for the period is calculated based on the domestically applicable tax rates. Deferred taxes are calculated on temporary differences using the applicable tax rate in the countries where the Group's companies operate.

The effective tax rate of the Group differs significantly from the nominal tax rate, as there are tax losses in the companies of the Group for which no deferred tax asset is recognized as well as significant non-tax deductible expenses.

According to Law 4799/2021, the income tax rate of legal entities in Greece was reduced from 24% to 22% from the year 2021 onwards.

3.11 Property, Plant and Equipment

The changes in Property, Plant & Equipment during the period are analyzed as follows:

Property, Plant and Equipment	Group	Company
Balance as at 01.01.2022	153,848	327
Additions	17,694	28
Disposals – acquisition cost	(4,568)	-
Depreciation	(9,764)	(27)
Disposals – Cumulative Depreciation	2,766	-
Foreign exchange differences	(1,029)	-
Balance as at 30.06.2022	158,947	328

Property, Plant and Equipment	Group	Company
Balance as at 01.01.2021	131,512	357
Additions	30,279	22
Disposals – acquisition cost	(6,985)	-
Transfer from right of use assets	10,059	-
Impairments	(2,456)	-
Depreciation	(18,327)	(51)
Depreciation of assets sold	6,246	-
Foreign exchange differences	3,520	-
Balance as at 31.12.2021	153,848	327

There are no liens and guarantees on the Company's property, plant and equipment, while the liens on the Group's property, plant and equipment amount to € 6,630.

3.12 Right-of-use assets

The right-of-use assets are analyzed as follows:

Assets with right of use	Group	Company
Balance as at 01.01.2022	3,050	344
Additions	160	-
De-recognition	(79)	-
Depreciation	(471)	(71)
Depreciation of assets sold	52	-
Foreign exchange differences	(11)	-
Balance as at 30.06.2022	2,701	273

Assets with right of use	Group	Company
Balance as at 01.01.2021	13,197	55
Additions	1,136	425
De-recognition	(44)	-
Transfer to Property, Plant and Equipment	(10,059)	-
Depreciation	(1,208)	(136)
Foreign exchange differences	28	-
Balance as at 31.12.2021	3,050	344

The consolidated and separate statement of financial position includes the following amounts related to lease liabilities:

Liabilities from Leasing	Group		Company
	30.06.2022	31.12.2021	30.06.2022	31.12.2021
Short-term liabilities from leasing	862	914	142	139
Long-term liabilities from leasing	1,765	2,061	136	208
Total Liabilities from Leasing	2,627	2,975	278	347

The above amounts include, among others, leases for buildings, cars, clark, printers and other equipment that were initially recognized due to the first time adoption of IFRS 16 in financial year 2019.

These amounts for the Group settled at €1,831 for the first half of 2022 and at €2,034 for 2021. On the Company level, the respective amounts settled at €278 and €347 respectively.

3.13 Intangible Assets

The changes in the intangible assets during the period are analyzed as follows:

Intangible Assets	Group	Company
Balance 01.01.2022	10,539	262
Additions	55	-
Amortization	(167)	(61)
FX differences	(50)	-
Balance 30.06.2022	10,377	201

Intangible Assets	Group	Company

Balance 01.01.2021	10,655	401
Additions	141	-
Amortization	(342)	(139)
Transfers	57	-
FX differences	28	-

Intangible assets relate mainly to subsidiary related goodwill accounts which are analyzed in the annual financial statements.

3.14 Other Long-term Receivables

Due to delays observed in the collection of grants receivable from the Greek State, the Group has reclassified this item in the previous years from short-term to long-term receivables, while proceeding to a partial impairment, and therefore the outstanding balance of the receivable at the end of the previous period is €4,879. The total receivables of the Group that have been recorded before the impairments, amount to € 11,062.

The receivable was formed due to a 12% grant on the payroll cost concerning the personnel employed in Xanthi and is to be collected from OAED (Greek Manpower Employment Organization).

Other Long-Term Receivables	Group		Company
	30.06.2022	31.12.2021	30.06.2022	31.12.2021
Grants receivable	3,595	4,879	1,119	1,119
Other accounts receivable	133	122	38	37
Total	3,728	5,001	1,157	1,156

On July 17, 2020, the Law 4706/2020 was voted, according to which the outstanding receivables of the beneficiaries until 31.12.2015, will be offset against existing and future liabilities against the State, by the entry into force of the above law.

The obligations of OAED (Greek Manpower Employment Organization) and the Greek State are exhausted according to the provisions of article 87, paragraph 2 of Law 4706/2020. The companies of the Group have implemented the procedures provided by Law 4706/2020, in accordance with the issued circulars of OAED, in order to certify the correctness of the claimed amounts by comparing the already submitted statements. At the time of preparation of the current report, OAED has already issued the approval decisions for two companies of the Group, whereas during the first half of the year there have been receivables offsetting for a value of € 1,284, with a corresponding reduction of the formed receivable. At the same time, the process of issuing the approval decisions for the other companies of the Group is not yet completed and therefore the respective process remains in progress.

3.15 Trade and other receivables

Trade Receivables	Group		Company
	30.06.2022	31.12.2021	30.06.2022	31.12.2021
Customers	91,559	72,268	2,465	2,626
Provisions for doubtful debts	(7,888)	(7,721)	(2,317)	(2,317)
Total	83,671	64,547	148	309

3.15.1 Trade Receivables

The Group's Customers include notes and checks overdue of € 7,014 as of 30.06.2022 versus € 8,070 which was the corresponding amount as of 31.12.2021.

Classification of customer receivables

Receivables from customers consist of the amounts due from customers from the sale of products that occur during the normal operation of the Group. In general, credit terms range from 30 to 180 days and therefore customer receivables are classified as short-term. Receivables from customers are initially recognized in the transaction amount if the Group has the unconditional right to receive the transaction price. The Group holds the receivables from customers in order to collect the contractual cash flows and therefore measures them at amortized cost using the effective interest rate method.

The dispersion of the Group's sales is deemed as satisfactory. There is no concentration of sales into a limited number of customers and therefore there is no increased risk of income loss or increased credit risk.

Fair value of receivables from customers

Given their short-term nature, the fair value of receivables approximates book value.

Impairment of receivables from customers

For the accounting policy on impairment of receivables from customers, see note 2.10 in the financial statements of the year ended 31.12.2021. For information on financial risk management, see note 3.24.

3.15.2 Other receivables

Other receivables	Group		Company
	30.06.2022	31.12.2021	30.06.2022	31.12.2021
Debtors	3,662	3,438	1,354	1,066
Investment Grant Receivable	2,353	2,353	-	-
Prepaid expenses	6,077	3,818	242	187
Interim Dividend – Dividend receivable	-	4,750	12	5,750
Total	12,092	14,359	1,608	7,003

The above concerns a grant receivable of the subsidiary Thrace Plastics Pack SA concerning an implemented investment and the grant is related to Law 3299/2004.

Accrued expenses mainly concern the receivable for government grants, advance payments of taxes other than income tax and other prepaid expenses.

3.16 Long - term and Short - term Borrowings

The Group's long term loans have been granted from Greek and foreign banks. The repayment time varies, according to the loan contract, while most loans are linked to Euribor plus a spread.

granted from Greek and foreign banks with interest rates of Euribor or Libor plus a margin. The book value of loans approaches their fair value during 30 June 2022.

Analytically, bank debt at the end of the period was as follows:

The Group's short term loans have been

Debt	Group		Company
	30.06.2022	31.12.2021	30.06.2022	31.12.2021
Long-term debt	35,687	33,610	-	-
Total long-term debt	35,687	33,610	-	-
Short term portion of long term debt	7,979	8,519	-	-
Short-term debt	16,030	8,874	1,404	1,519
Total short-term debt	24,009	17,393	1,404	1,519
Grand Total	59,696	51,003	1,404	1,519

The Company has no bank debt, whereas the balance of debt liabilities in its Balance Sheet refers to intragroup debt.

As noted, interest rates are linked on a case by case basis with a Euribor or Libor plus a margin ranging from 1.25% to 3.5%.

3.17 Net Debt / (Net Cash)

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Net Debt / (Net Cash)	Group		Company
	30.06.2022	31.12.2021	30.06.2022	31.12.2021
Long-term debt	35,687	33,610	-	-
Long-term liabilities from leases	1,765	2,061	136	208
Short-term debt	24,009	17,393	1,404	1,519
Short-term liabilities from leases	862	914	142	139
Total Debt & Lease Liabilities	62,323	53,978	1,682	1,866
Minus cash & cash equivalents	40,047	63,240	360	137
Net Debt / (Net cash)	22,276	(9,262)	1,322	1,729

EQUITY	255,768	252,250	77,025	82,415
NET DEBT (NET CASH) / EQUITY	0.09	(0.04)	0.02	0.02

Furthermore, the Net Debt / EBITDA ratio of the Group for the period amounted to 0.33x (where the EBITDA figure refers to the period from 01.07.2021 to 30.06.2022).

It is noted that on 31.12.2021 the ratio stood at (0.08x) while on 30.06.2021 it had settled at (0.10x).

3.18 Employee Benefits

The liabilities of the Company and the Group towards its employees in providing them with certain future benefits, depending on the length of service is calculated by an actuarial study on annual basis. The accounting treatment is made on the basis of the accrued entitlement, as at the Balance Sheet date, that is anticipated to be paid, discounted to its present value by reference to the anticipated time of payment.

The liability for the Company and the Group, as presented in the Balance Sheet, is analyzed as follows:

Employee Benefits	Group		Company
	30.06.2022	31.12.2021	30.06.2022	31.12.2021
Defined contribution plans – Not self financed	1,703	1,599	87	79
Defined benefit plans – Self financed	(119)	1,900	-	-
Total provision at the end of period	1,584	3,499	87	79

3.18.1 Defined contribution plans – Not self-financed

The IFRS Interpretations Committee issued in May 2021 the final decision on the agenda entitled "Distribution of benefits in periods of service in accordance with International Accounting Standard (IAS) 19", which includes explanatory material on how to distribute benefits in periods of service on a specific defined benefit plan proportional to that defined in article 8 of L.3198 / 1955 regarding the provision of compensation due to retirement (the "Program of Fixed Benefits of Labor Law").

Based on the above Decision, there should be an alteration in the way in which the basic principles of IAS 19 were applied in Greece in the past in this regard. Consequently, according to what is defined in the "IASB Due Process Handbook (par. 8.6)", the economic entities that prepare their financial statements in accordance with IFRS are required to amend their accounting policies in relation to the above.

Until the issuance of the decision, for the

Greek subsidiaries, the Group applied IAS 19 distributing the benefits defined by the article 8 of L.3198 / 1955, L. 2112/1920, and its amendment by Law 4093/2012 in the period from the recruitment until the date of retirement of the employees.

The application of this final Decision to the attached financial statements, has brought as requirement the distribution of benefits defined in the last sixteen (16) years until the date of retirement of employees following the scale of Law 4093/2012.

In this context, the application of the above Final Decision has been treated as a change in accounting policy, applying the change retroactively from the beginning of the first comparative period, in accordance with paragraphs 19 to 22 of IAS 8.

The Greek companies of the Group as well as the subsidiary Thrace Ipoma A.D. domiciled in Bulgaria participate in the following plan.

Defined contribution plans – Not self financed	Group		Company
	30.06.2022	31.12.2021	30.06.2022	31.12.2021
Amounts recognized in the balance sheet
Present value of liabilities	1,703	1,599	87	79
Net liability recognized in the balance sheet	1,703	1,599	87	79
Amounts recorded in SOCI
Cost of current employment	106	164	8	12
Net interest on the liability / (asset)	4	6	-	-
Ordinary expense recorded in SOCI	110	170	8	12
Recognition of prior service cost	-	(22)	-	-
Cost of curtailment / settlements / service termination	(1)	386	-	88
Other expense / (income)	-	-	-	-
Total expense recorded in SOCI	109	534	8	100
Changes in the Net Liability recognized in Balance Sheet
Net liability / receivable at the beginning of year	1,599	1,462	79	78
Benefits paid from the employer - Other	(5)	(480)	-	(92)
Total expense recorded in SOCI	109	534	8	100
Total amount recognized in SOCE	-	83	-	(7)
Other	-	-	-
Net liability at the end of year	1,703	1,599	87	79

During the current period, no changes have been made to the actuarial assumptions as presented in note 3.23 of the annual financial statements of the year 2021.

3.18.2 Defined Benefit Plans – Self financed

The subsidiaries Don & Low LTD and Thrace Polybulk AS have formed Pension Plans which operate as separate legal entities in the form of trusts. Therefore the assets of the plans are not related to the assets of the companies.

The accounting depiction of the plans according to the revised IAS 19 is as follows:

Page 61 of 76 Interim Financial Information - 01.01- 30.06.2022

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Defined Benefit Plans – Self financed	Group
	30.06.2022	31.12.2021
Amounts recognized in the balance sheet
Present value of liabilities	119,944	160,955
Fair value of the plan's assets	(120,063)	(159,055)
Net liability recognized in the balance sheet	(119)	1,900
Amounts recognized in the financial results
Cost of current employment	-	186
Net interest on the liability / (asset)	-	120
Ordinary expense in the account of financial results	-	306
Cost recognition from previous years	-	-
Cost of curtailment / settlements / service termination	-	-
Other expense / (income)	237	349
Foreign exchange differences		-
Total expense recorded in SOCI	237	655
Asset allocation*
Mutual Funds (Equities)	13,331	15,640
Mutual Funds (Bonds)	59,571	79,893
Diversified Growth Funds	39,268	52,839
Other	7,892	10,683
Total	120,062	159,055
Changes in the Net Liability recognized in Balance Sheet
Net liability / (receivable) at the beginning of year	1,900	12,729
Contributions paid from the employer / Other	(593)	(2,009)
Total expense recorded in SOCI	237	655
Total amount recognized in SOCE	(1,662)	(10,103)
Foreign exchange differences	(1)	628
Net liability / (asset) at the end	(119)	1,900

* The assets of the plan are measured at fair values and include mainly mutual funds of Baillie Gifford, of Legal & General Investment Management as well as of Ninety One plc.

The category "Other" also includes the plan's cash reserves.

The actuarial assumptions are presented in the following table.

Actuarial Assumptions	Don & Low LTD		Thrace Polybulk AS
	30.06.2022	31.12.2021	30.06.2022	31.12.2021
Discount rate	3.87%	1.84%	1.70%	1.70%
Inflation	3.11%	3.37%	2.00%	2.00%
Average annual increase of personnel salaries	3.37%	3.37%	2.00%	2.00%
Duration of liabilities	18 years	18 years	10 years	10 years

3.19 Suppliers and Other Short-Term Liabilities

The following tables include the analysis of suppliers and other short-term liabilities.

3.19.1	Suppliers
--------	-----------

Suppliers	Group		Company
	30.06.2022	31.12.2021	30.06.2022	31.12.2021
Suppliers	62,008	55,441	522	1,046
Total	62,008	55,441	522	1,046

3.19.2 Other Short-Term Liabilities

Other Short-Term Liabilities	Group		Company
	30.06.2022	31.12.2021	30.06.2022	31.12.2021
Various creditors	6,621	4,531	1,003	16
Liabilities from taxes and pensions	3,270	4,993	473	426
Dividends payable	119	107	116	102
Customer prepayments *	1,286	7,794	-	-
Personnel salaries payable	1,158	1,216	51	65
Accrued expenses – Other accounts payable	9,368	10,354	594	997
Total short-term liabilities	21,822	28,995	2,237	1,606

The fair value of the liabilities approaches the book value.

* Customer prepayments refer to the Group's obligation to deliver products to third parties.

Revenues will be recognized in the results upon delivery of the order. Revenue corresponding to previous year's customer advances has been recognized in the current period.

3.20 Transactions with Related Parties

The Group classifies as related parties the members of the Board of Directors, the directors of the Company's divisions as well as the shareholders who own more than 5% of the Company's share capital (their related parties included).

The commercial transactions of the Group with these related parties during the period 01.01.2022 – 30.06.2022 have been conducted according to market terms and in the context of the ordinary business activities.

The transactions with the Subsidiaries, Joint Ventures and Related companies according to the IFRS 24 during the period 01.01.2022 – 30.06.2022 are depicted below.

	Group		Company
Income	01.01 –	01.01 –	01.01 –	01.01 –
	30.06.2022	30.06.2021	30.06.2022	30.06.2021
Subsidiaries	-	-	2,898	2,683
Joint Ventures	4,144	3,310	55	56
Affiliated Companies	5	5	-	-
Total	4,149	3,315	2,953	2,739

	Group		Company
Expenses	01.01 –	01.01 –	01.01 –	01.01 –
	30.06.2022	30.06.2021	30.06.2022	30.06.2021
Subsidiaries	-	-	90	36
Joint Ventures	326	236	-	-
Affiliated Companies	450	448	257	212
Total	776	684	347	248

Trade and other receivables	Group		Company
	30.06.2022	31.12.2021	30.06.2022	31.12.2021
Subsidiaries	-	-	155	1,297
Joint Ventures	2,391	1,195	-	7
Affiliated Companies	34	38	26	26
Total	2,425	1,233	181	1,330

Suppliers and Other Liabilities	Group		Company
	30.06.2022	31.12.2021	30.06.2022	31.12.2021
Subsidiaries	-	-	2,275	1,678
Joint Ventures	97	48	-	5
Affiliated Companies	128	92	85	69
Total	225	140	2,360	1,752

Long-term Liabilities	Group		Company
	30.06.2022	31.12.2021	30.06.2022	31.12.2021
Subsidiaries	-	-	283	284
Joint Ventures	-	-	-	-
Affiliated Companies	-	-	-	-
Total	-	-	283	284

In the context of the adoption of IFRS 16, the Company's liabilities to Subsidiaries and Affiliated companies include lease liabilities.

The Company's lease liabilities with related parties are analyzed as follows:

Company
Liabilities from leases	Opening balance 01.01.2022	Payments of leases	New Contracts / Amendments of Contracts	Interests on Leases	Closing Balance 30.06.2022
Subsidiaries	2	(1)	-	-	1
Affiliated Companies	277	(60)	-	5	222
Total	279	(61)	-	5	223

Company
Liabilities from leases	Opening balance 01.01.2021	Payments of leases	New Contracts / Amendments of Contracts	Interests on Leases	Closing Balance 31.12.2021
Subsidiaries	3	(1)	-	-	2
Affiliated Companies	20	(120)	367	9	277
Total	23	(121)	367	9	279

In addition, the depreciation includes depreciation for right-of-use assets' lease agreements with related parties, amounting to € 57 (2021: € 115).

Also, the Group's liabilities to affiliated companies include lease liabilities.

The Group's lease liabilities with related parties are analyzed as follows:

Group
Liabilities from leases	Opening balance 01.01.2022	Payments of leases	New Contracts / Amendments of Contracts	Interests on Leases	Closing Balance 30.06.2022
Affiliated Companies	559	(124)	-	9	444
Total	559	(124)	-	9	444

Group
Liabilities from leases	Opening balance 01.01.2021	Payments of leases	New Contracts / Amendments of Contracts	Interests on Leases	Closing Balance 31.12.2021
Affiliated Companies	21	(186)	708	16	559
Total	21	(186)	708	16	559

In addition, the depreciation includes depreciation for right-of-use assets' lease agreements with related parties, amounting to € 114 (2021: € 182).

The Group's "subsidiaries" include all companies consolidated under "Thrace Plastics Group" via the full consolidation method. The "Joint Ventures" include those companies consolidated with the equity method.

The Company has granted guarantees to banks against long-term loans of its subsidiaries. On 30.06.2022, the outstanding amount for which the Company had provided guarantee settled at € 38,688 and is analyzed as follows.

Guarantees for Subsidiaries	30.06.2022
Thrace Nonwovens & Geosynthetics Single Person S.A.	16,915
Thrace Plastics Pack SA	17,276
Thrace Polyfilms Single Person SA	4,497
Total	38,688

3.21 Remuneration of Board of Directors

BoD Fees	Group		Company
	30.06.2022	30.06.2021	30.06.2022	30.06.2021
BoD Fees	2,249	1,933	798	660

The remuneration concerns the Boards of Directors of 21 companies in which 32 members participate and include salaries of the executive members of the Boards of Directors, other remuneration and benefits of both the executive and the nonexecutive directors.

3.22 Investments

3.22.1 Investments in companies consolidated with the full consolidation method

The value of the Company's investments in the subsidiaries, as of 30th June 2022, is as follows:

Companies consolidated with the full consolidation method	30.06.2022	31.12.2021
Don & Low LTD	37,495	37,495
Thrace Plastics Pack S.A.	15,507	15,507
Thrace Nonwovens & Geosynthetics Single Person S.A.	5,710	5,710
Synthetic Holdings LTD	11,728	11,728
Thrace Polyfilms Single Person S.A.	3,418	3,418
Total	73,858	73,858

Investments in companies consolidated with the equity method

The following table presents the companies in which the management is jointly controlled with another shareholder with the right to participate in their net assets. The companies are consolidated according to the Equity method in line with the provisions of IFRS 11. The parent Company holds direct business interest of 50.91% in Thrace Greenhouses SA with a value of € 3,615 and of 51% in Thrace Eurobent SA with a value of € 204 as at 31.12.2021. The company Thrace Greiner Packaging SRL is 50% owned by Thrace Plastics Pack SA whereas Lumite INC. is 50% owned by Synthetic Holdings LTD.

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Company	Country of Operation	Business Activity	Percentage of Shareholding
Thrace Greiner Packaging	Romania	The company activates in the production of plastic boxes for food products and paints and belongs to the packaging sector.	46.47%
SRL		The company's shares are not listed.
Lumite INC	United States	The company activates in the production of agricultural fabrics and belongs to the technical fabrics sector.	50.00%
		The company's shares are not listed.
Thrace Greenhouses SA	Greece	The company activates in the production of agricultural products and belongs to the agricultural sector.	50.91%
		The company's shares are not listed.
Thrace Eurobent SA	Greece	The company activates in the manufacturing of waterproof products via the use of Geosynthetic Clay Liner – GCL, and belongs to the technical fabrics sector.	51.00%
		The company's shares are not listed.

The change of the Group's Investments in the companies that are consolidated with the equity method is analyzed as follows:

Investments in companies consolidated with the equity method	01.01 – 30.06.2022	01.01 - 31.12.2021
Balance at beginning of period	18,012	15,068
Profit / (loss) from joint ventures	1,827	2,770
Dividends	(678)	(401)
Foreign exchange differences and other reserves	854	575
Balance at end of period	20,015	18,012

3.23 Commitments and Contingent Liabilities

On 30th June 2022 there are no significant legal issues pending that may have a material effect in the financial position of the Group Companies.

The letters of guarantee issued by the banks for the Company and in favor of third parties (Greek State, suppliers and customers) amount to € 834.

3.24 Financial risks

The financial assets used by the Group, mainly consist of bank deposits, bank overdrafts, receivable and payable accounts and loans.

In general, the Group's activities create several financial risks. Such risks include market risk (foreign exchange risk and risk from changes and raw materials prices), credit risk, liquidity risk and interest rate risk.

3.24.1 Risk of Price Fluctuations of Raw Materials

The Group is exposed to fluctuations in the price of polypropylene (represents 52% of the cost of sales), which are mainly counterbalanced by a similar change in the selling price of the final product. The possibility that the increase in the price of polypropylene cannot be fully passed on

3.24.2 Credit Risks

In order to monitor credit risk, customers are grouped according to the category they belong to, their credit risk characteristics, the maturity of their receivables and any previous receivables that they have caused, taking into account future factors as well as the economic environment.

to the selling price, causes unavoidably the compression of margins. For this reason, the Company accordingly adjusts, to the extent it is feasible, its inventory policy as well as its commercial policy in general. Therefore in any case, the particular risk is deemed as relatively controlled.

• Impairment

The Group and the Company, in the financial assets that are subject to the new model of expected credit losses, include receivables from customers and other financial assets.

The Group and the Company recognize provisions for impairment with regard to the expected credit losses of all financial assets. The expected credit losses are based on the difference between the contractual cash flows and the entire cash flows which the Group (or the Company) anticipates to receive. The difference is discounted by using an estimate concerning the initial effective interest rate of the financial asset. For the trade receivables, the Group and the Company applied the simplified approach of the accounting standard and calculated the expected credit losses based on the expected credit losses for the entire lifetime of these items. Regarding the remaining financial assets, the expected credit losses are being calculated according to the losses of the next 12 months. The expected credit losses of the following 12 months is part of the an-

ticipated credit losses for the entire life of the financial assets, which emanates from the probability of a default in the payment of the contractual obligations within the next 12-month period starting from the reporting date. In case of a significant increase in credit risk since the initial recognition, the

3.24.3 Liquidity risk

The monitoring of liquidity risk is focused on managing cash inflows and outflows on a constant basis, in order for the Group to have the ability to meet its cash flow obligations. The management of liquidity risk is applied by maintaining cash equivalents and approved bank credits. During the preparation date of the financial state-

3.24.4 Foreign exchange risk

The Group is exposed to foreign exchange risks arising from existing or expected cash flows in foreign currency and investments that have been made in foreign countries. The management of the various risks is made by the use of natural hedge instruprovision for impairment will be based on the expected credit losses of the entire life of the asset.

At the date of the preparation of the financial statements, impairment of receivables from customers and other financial assets was made on the basis of the above.

ments, there were adequate, unused bank credits, approved to the Group, which are considered sufficient to face a possible shortage of cash equivalents.

Short-term bank liabilities are revolved at their maturity, as they are part of the approved bank credits.

ments. In order to hedge foreign currency risk from foreign currency customer receivables, borrowings are contracted in the same currency, according to the management's judgment.

3.24.5 Interest rate Risk

The Group's long-term loans have been granted by Greek and foreign banks and are mainly denominated in Euro. The repayment period varies, according to each loan contract, while long-term loans are mainly linked to Euribor plus a margin. The

3.24.6 Capital Adequacy Risk

The Group controls capital adequacy using the net debt (net cash) to operating profit ratio and the net debt (net cash) to equity ratio. The Group's objective in relation to capital management is to ensure the ability for its smooth operation in the future, while providing satisfactory returns Group's short-term loans have been granted by several banks, under Euribor, plus a margin and Libor plus a margin. Therefore changes in interest rates may positively or negatively affect the Group.

to shareholders and benefits to other parties, as well as to maintain an ideal capital structure so as to ensure a low cost of capital. For this purpose, it systematically monitors working capital in order to maintain the lowest possible level of external financing (see note 3.17).

3.25 Significant Events

Macroeconomic environment, COVID-19 impact and Russia-Ukraine war

The above creates an extremely difficult economic environment, along with conditions of uncertainty regarding the course of the economies and their growth potential in the future.

I. Group's performance during the first half of the 2022 financial year

In terms of demand, the following were observed during the second quarter of 2022:

Increased demand for products in the construction sector.
Steady demand for products related to the infrastructure sector and to the large-scale construction projects.
Lag in demand for most of the products of the agricultural sector.
Steady demand for products related to the packaging sector.
Significantly decreased demand for products related to COVID-19.
Maintenance of the cost of raw materials at high levels.
Significantly increased energy costs, which is much higher compared to

the already increased costs of the past months, in all countries which the Group is operating in.

Increased transport costs, with long delays on specific routes.
Significantly increased cost of raw materials as well as of packaging materials.

As there is more direct comparison between the first half of 2022 and the prepandemic levels, i.e. the first half of 2019, it should be noted that Earnings before Taxes from the traditional product portfolio have more than doubled, recording an increase of 133%. This also demonstrates the significantly higher profitability that was generated amid especially difficult market conditions globally during the period under consideration along with the higher costs in terms of raw materials, energy and transportation. In addition, specifically for the second quarter of 2022, Earnings before Taxes from the traditional product portfolio have also more than doubled, posting an increase of 154% compared to the second quarter of 2019.

itability, compared to the pre-pandemic levels. As a result, the Group has taken full advantage of the high profitability and liquidity that was available during the years 2020-2021 and has now further strengthened its financial performance, even in an unfavorable economic environment. This implies an even stronger outlook for the Group in the future especially if the energy crisis and the inflationary pressures deescalate.

ΙΙ. Measures taken to reduce the impact of the pandemic

ΙΙΙ. Prospects of the Group, in terms of financial performance

Regarding the prospects for the year 2022, the Management closely monitors the macroeconomic developments, on a global level, which are characterized by the significantly stronger inflationary trends, throughout the economy but also in all cost items that constitute the industrial sector's cost base, and by the ongoing war between Russia and Ukraine, which is substantially aggravating the economic environment.

down in terms of profitability generation is estimated, compared to the second quarter of the year. The above trend was an expected one, taking into consideration the conditions experienced by the European economies following the energy crisis and the ongoing war conflict, and in particular the extreme increases of energy costs, the double-digit inflation rates and the slowdown in demand. However, it should be noted that the third quarter of the year will be more profitable, compared to the prepandemic levels, i.e. the corresponding period of 2019.

Regarding the course of 2022 as a whole, it is quite evident from the current conditions and also based on the mid/ short-term views of the global markets, that the macroeconomic environment is becoming difficult and this difficulty is expected to become even greater in the coming months and until the end of the year, but possibly extend to the next year as well. In any case, the Group's Management is working uninterruptedly to achieve the annual profitability targets (an EBT of €25 million coming for the traditional product portfolio, as already announced in the past months), without any target revision, as it is considered achievable, provided that the energy cost will remain at current levels and the level of demand will not decline further in the coming months.

Direct Impact of the War Conflict on the Financial Results of the Group

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sales towards customers are concerned. However, the effects on the Group's activities from the negative developments in the energy sector, from the wider macroeconomic uncertainty and from the high inflation pressures with a focus on the abruptly rising energy costs, comprise factors which negatively affect the financial performance of the Group and specifically its cost structure. The Group's Management closely monitors all the above developments and has taken actions accordingly and in order to effectively deal with issues concerning the trading cycle and its cost base.

Appointment of the Head of Regulatory Compliance and Risk Management Department (Unit)

Annual Ordinary General Meeting of the Company's shareholders

The Annual Ordinary General Meeting of the Company's shareholders, which took place on May 25, 2022 remotely in real time via videoconference, approved the following among others:

The Company's shareholders registered in the records of the Dematerialized Securities System (SAT) as of Tuesday, 31 May 2022 (record date), were those entitled to receive the above dividend.

Monday 30 May 2022 was set as the exdividend date according to the relevant article 5.2 of the Athens Exchange Regulation.

Page 75 of 76 Interim Financial Information - 01.01- 30.06.2022

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The decisions of the General Meeting of Shareholders are posted on the Company's website at the link https://www.thrace group.com/gr/el/general-meetings/.

3.26 Significant Events after the Balance Sheet Date

There are no other events subsequent to the date of the Balance Sheet, which materially affect the financial statements of the Group.

The Financial Statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union, were approved by the Board of Directors on 14 September 2022 and are signed by the representatives of such.

The Chairman	The Chief	The Chief Financial	The Chief
of the BoD	Executive Officer	Officer	Accountant

KONSTANTINOS ST.	DIMITRIOS P.	DIMITRIOS V.	FOTINI K.
CHALIORIS	MALAMOS	FRAGKOU	KYRLIDOU
ID NO. AM 919476	ID NO. ΑΟ 000311	ID NO. ΑΗ 027548	ID NO. ΑΚ 104541 Accountant Lic. Reg. No. 34806 Α' CLASS

V. ONLINE AVAILABILITY OF THE INTERIM FINANCIAL REPORT

The interim condensed financial information of the Company "THRACE PLASTICS CO SA" is registered on the internet at www.thracegroup.gr

Domicile: Magiko Municipality of Avdira, Xanthi Greece Offices: 20 Marinou Antypa Str. 17455 Alimos, Attica Greece

AI Terminal

Thrace Plastics Holding and Commercial S.A.

2756_ir_2022-09-16_442a9a7e-1933-4b4f-95bb-cbcda5681200.pdf

THRACE PLASTICS CO S.A.

SEMI-ANNUAL FINANCIAL REPORT

CONTENTS

I. STATEMENTS BY REPRESENTATIVES OF THE BOARD OF DIRECTORS

THE UNDERSIGNED

INTRODUCTION

SECTION I: Significant events that took place during the first half of 2022

Macroeconomic environment, COVID-19 impact and Russia-Ukraine war

I. Group's performance during the first half of the 2022 financial year

ΙΙ. Measures taken to reduce the impact of the pandemic

ΙΙΙ. Prospects of the Group, in terms of financial performance

Direct Impact of the War Conflict on the Financial Results of the Group

Appointment of the Head of Regulatory Compliance and Risk Management Department (Unit)

SECTION II: Review of material financial figures of the first half 2022

1. Group Financial Results

Continuing Operations

Turnover € 212,710 (-9.2%) ________________________________________________________________________________________________________________

Gross Profit € 47,974 (-46.8%) ________________________________________________________________________________________________________________

EBIT € 19,558 (-68.0%) ________________________________________________________________________________________________________________

EBITDA € 29,960 (-58.7%) ________________________________________________________________________________________________________________

Earnings before Taxes € 20,068 (-67.6%) ________________________________________________________________________________________________________________

Earnings before Taxes posted an increase of 133% compared to the pre-pandemic

Earnings after Taxes and Non-Controlling Interests € 15,889 (-67.0%) ________________________________________________________________________________________________________________

Total Operations

2. Financial Results of the Group per Business Segment

Technical Fabrics Sector

Packaging Sector

Other

3. Consolidated Statement of Financial Position of the Group

ASSETS

EQUITY AND LIABILITIES

Equity € 255,768 (+1.4%) ________________________________________________________________________________________________________________

Provisions for Employee Benefits € 1,584 (-54.7%) ________________________________________________________________________________________________________________

Net Debt € 22,276 ________________________________________________________________________________________________________________

▶ Suppliers: € 62,008 (+11.8%)

The increase in Suppliers was mainly due to seasonality, while it was also affected by comparatively higher purchase prices.

4. Consolidated Cash Flows

SECTION III: Definition and Reconciliation of Alternative Performance Measures (APM)

Alternative Performance Measures (APM)

ΕΒΙΤ (Earnings before financial and investing activities as well as taxes)

EBITDA (Operating earnings before financial and investing activities as well as depreciation, amortization, impairment and taxes)

Adjusted EBITDA (Adjusted operating earnings before financial and investing activities as well as depreciation, amortization, impairment and taxes)

Net Debt

Total Debt / Equity

Net Debt / EBITDA

SECTION IV: Significant Transactions with Related Parties during the first half of 2022

SECTION V: Main Risks and Uncertainties – Prospects for the Second Half of 2022

Financial Risk Management

Risk from fluctuation of prices of raw materials

Liquidity Risk

Foreign Exchange Risk

Interest Rate Risk

Capital Adequacy Risk

Prospects of the Group for the second half of 2022

SECTION VΙ: Treasury Shares

SECTION VΙΙ: Sustainable Development

SECTION VΙΙΙ: Significant Events after the Balance Sheet Date

[Translation from the original text in Greek]

Report on Review of Interim Financial Information

Report on Review of Interim Financial Information

Introduction

Scope of Review

Conclusion

Report on other legal and regulatory requirements

IV. INTERIM CONDENSED FINANCIAL STATEMENTS (SEPARATE AND CONSOLIDATED)

CONDENSED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (01.01.2022 – 30.06.2022) CONDENSED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (01.01.2022 – 30.06.2022)

CONDENSED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (01.01.2022 – 30.06.2022) (continues from previous page) CONDENSED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (01.01.2022 – 30.06.2022) (continues from previous page)

CONDENSED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (01.04.2022 – 30.06.2022) CONDENSED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (01.04.2022 – 30.06.2022)

CONDENSED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (01.04.2022 – 30.06.2022) (continues from previous page) CONDENSED STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (01.04.2022 – 30.06.2022) (continues from previous page)

CONDENSED STATEMENT OF FINANCIAL POSITION CONDENSED STATEMENT OF FINANCIAL POSITION

CONDENSED STATEMENT OF CHANGES IN EQUITY

Amounts in Euro thousandGroup , unless stated otherwise

CONDENSED STATEMENT OF CHANGES IN EQUITY (continues from previous page) Company

CONDENSED STATEMENT OF CASH FLOWS CONDENSED STATEMENT OF CASH FLOWS

1. Information about the Group

2. Basis for the Preparation of the Interim Condensed Statements of Financial Information and Main Accounting Principles

2.1 Basis of Preparation