1.			STATEMENTS BY MEMBERS OF THE BOARD OF DIRECTORS 4
2.			BOARD OF DIRECTORS' ANNUAL MANAGEMENT REPORT 6
	2.1		INTRODUCTION 6
	2.2		PERFORMANCE AND FINANCIAL POSITION 6
	2.3		SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR 2021 10
	2.4		MAJOR RISKS AND UNCERTAINTIES FOR 2022 12
	2.5		FUTURE OUTLOOK AND PROSPECTS 15
	2.6		RELATED PARTY TRANSACTIONS 16
	2.7		DETAILED INFORMATION ACCORDING TO A. 4, PAR.7, L.3556/2007. 18
	2.8		Information for acquired Treasury Shares according to article 50 paragraph 2 of L. 4548/2018. 20
	2.9		RESEARCH AND DEVELOPMENT ACTIVITY 20
	2.10		COMPANY'S BRANCHES 21
	2.11		SUBSEQUENT EVENTS 21
	2.12		CORPORATE GOVERNANCE STATEMENT 22
	2.13		NON-FINANCIAL STATEMENT 36
	2.14		ALTERNATIVE PERFORMANCE MEASURES ("APM") 58
3.			INDEPENDENT AUDITOR'S REPORT 61
4.			ANNUAL FINANCIAL STATEMENTS 70
	4.1		STATEMENT OF FINANCIAL POSITION 70
	4.2		STATEMENT OF COMPREHENSIVE INCOME 71
	4.3		STATEMENT OF CHANGES IN GROUP'S EQUITY FOR THE PERIOD 72
	4.4		STATEMENT OF CHANGES IN COMPANY'S EQUITY FOR THE PERIOD 73
	4.5		STATEMENT OF CASH FLOWS 74
	4.6		NOTES ON THE ANNUAL FINANCIAL STATEMENTS 75
		4.6.1	The Company 75
		4.6.2	Group's Structure 75
	4.7		BASIS FOR THE PREPARATION OF THE INTERIM CONDENSED FINANCIAL STATEMENTS 76
	4.8		BASIC ACCOUNTING PRINCIPLES 84
		4.8.1	Consolidation 84
		4.8.2	Foreign currency translation 86
		4.8.3	Financial information by segment 86
		4.8.4	Goodwill 86
		4.8.5	Intangible assets 86
		4.8.6	Tangible assets 87
		4.8.7	Investments in Property 88
		4.8.8	Impairment of non-financial assets 88
		4.8.9	Inventories 88
		4.8.10	Financial instruments 88
		4.8.11	Offsetting of financial instruments 90
		4.8.12	Trade receivables 90
		4.8.13	Cash & cash equivalents 90
		4.8.14	Share capital 90
		4.8.15	Loans 90
		4.8.16	Leases 90
		4.8.17	Employee benefit 91
		4.8.18	Recognition of income 92

		4.8.19	Government grants 92

	4.8.20	Contingent Liabilities and Provisions 93
	4.8.21	Dividend distribution 93
	4.8.22	Current and deferred taxation 93
	4.8.23	Reclassification of items 93
4.9		FINANCIAL RISK MANAGEMENT 93
4.9.1		Capital Management 93
4.9.2		Financial Instruments 94
4.9.3		Definition of fair values 94
4.9.4		Foreign exchange risk 95
4.9.5		Interest Rate Risk 96
4.9.6		Credit Risk 96
4.9.7		Liquidity Risk 96
4.9.8		Raw material price risk 97
4.10		EXPLANATORY NOTES ON THE FINANCIAL STATEMENTS 98
	4.10.1	Segment reporting 98
	4.10.2	Investments in subsidiaries, associates 100
	4.10.3	Goodwill 101
	4.10.4	Inventories 101
	4.10.5	Trade and other receivables 102
	4.10.6	Cash & cash equivalents 104
	4.10.7	Financial Assets at Fair Value through Results 104
	4.10.8	Trade and other liabilities 105
	4.10.9	Provisions and other long-term liabilities 105
	4.10.10	Loans 106
	4.10.11	Income Tax 108
	4.10.12	Deferred taxes 108
	4.10.13	Employee benefits 110
	4.10.14	Expenses per category 110
	4.10.15	Financial Income / Expenses 112
	4.10.16	Share capital 113
	4.10.17	Earnings per Share 113
	4.10.18	Dividends 113
	4.10.19	Treasury Shares 113
	4.10.20	Reserves 114
	4.10.21	Table of changes in fixed assets 115
	4.10.22	Number of Employees 122
	4.10.23	Provisions for post-employment employee benefits 122
	4.10.24	Litigation Cases 123
	4.10.25	Contingent Liabilities 123
	4.10.26	Contractual Obligations 123
	4.10.27	Events after the Balance Sheet Date 123
	4.10.28	Foreign Exchange Differences 124
	4.10.29	Related party transactions 125
	4.10.30	Business Units and Geographical Analysis Tables 128

1. STATEMENTS BY MEMBERS OF THE BOARD OF DIRECTORS

Statements by Members of the Board of Directors (according to article 4 of Law 3556/2007)

It is hereby declared that to our knowledge, the annual parent and consolidated financial statements of the company "GR. SARANTIS S.A." for the financial year 2021 (from 1 January 2021 to 31 December 2021), which were prepared according to the applicable International Financial Reporting Standards, accurately present the assets and liabilities, equity and results of the Company Gr. Sarantis S.A. as well as those of the companies included in the consolidation, considered as a whole.

Furthermore, we declare that to our knowledge, the annual management report of the Board of Directors reflects in a true manner the development, performance and financial position of GR. SARANTIS S.A., and of the businesses included in the Group consolidation, considered as a whole, including the description of the principal risks and uncertainties faced.

Marousi, April 28 th 2022 The Members of the Board

THE CHAIRMAN OF THE BOARD	CHIEF EXECUTIVE OFFICER & BOARD MEMBER	THE FINANCE DIRECTOR & BOARD MEMBER
GRIGORIS SARANTIS	KYRIAKOS SARANTIS	KONSTANTINOS ROZAKEAS
ID No. Χ 080619/03	ID No. ΑΙ 597050/2010	ID No. ΑΚ 783631/13

BOARD OF DIRECTORS' ANNUAL MANAGEMENT REPORT FOR THE YEAR 01.01.2021 – 31.12.2021

ANNUAL FINANCIAL REPORT OF THE FISCAL YEAR FROM 1/1/2021 – 31/12/2021

2. BOARD OF DIRECTORS' ANNUAL MANAGEMENT REPORT

ANNUAL MANAGEMENT REPORT OF THE BOARD OF DIRECTORS OF THE COMPANY "GR. SARANTIS S.A."

on the Annual Financial Statements for the financial year from 1st January to 31st December 2021

2.1 INTRODUCTION

The present Annual Report by the Board of Directors which follows (hereinafter the "Report") refers to the financial period 01.01.2021 - 31.12.2021. This Report was prepared and is in line with the relevant stipulations of Law 3556/2007 (Government Gazette 91A/30.04.2007) and the relevant executive decisions issued by the Hellenic Capital Market Commission, as well as Decision no 8/754/14.04.2016 issued by the Board of Directors of Hellenic Capital Market Commission and provisions of Law 4548/2018.

The Report, along with the financial statements of "GR. SARANTIS S.A." (hereafter the "Company"), includes to their entirety all the other elements and statements required by the law in the annual financial report for the period 1.1.2021-31.12.2021.

The present report briefly presents the Company's financial information for financial year 2019, significant events that occurred during the year and their effects on the financial statements. The report also includes a description of the basic risks and uncertainties the Group's companies may face in the following year and finally within the report, significant transactions between the issuer and its related parties are also presented.

The report also includes non financial information – sustainability report, the Corporate Governance statement, the depiction of the most significant related party transactions of the Company and the Group, as well as additional information as required by the respective legislation.

The financial statements (company and consolidated), the audit report by the certified auditor and the management report of the Board of Directors of GR. SARANTIS S.A. are being presented on the address: https://sarantisgroup.com/investor-relations/financial-briefing/results-release/

The financial statements and the certified auditors' audit reports of Sarantis Group's companies which are being consolidated and which are not publicly traded are being presented on the following address: https://sarantisgroup.com/investor-relations/financial-briefing/subsidiaries-financial-statements/

The Consolidated and Company Financial Statements were compiled according to the International Financial Reporting Standards (I.F.R.S.), as these have been adopted by the European Union (E.U.).

This Report also refers to Alternative Performance Measurement Indicators in paragraph 2.14.

2.2 PERFORMANCE AND FINANCIAL POSITION

The Group's total turnover during FY 2021 reached € 408.20 million from € 393.38 million in FY 2020, up by 3.77%, a significant performance compared to last year's high basis and given a more normalized consumption. Sales growth was presented behind the Group's strategic product categories, particularly those related to skin care, sun care, body wash, deodorants, food supplements, and home care products, as well as luxury cosmetics, that were positively influenced by higher demand and the reopening of the selective channel this year.

• Greece, presented sales of €142.78 million in FY 2021 compared to €136.05 mil. in FY 2020, up by 4.95%, with the mass market channel driving the growth, despite declining consumption in the Group's strategic categories, and the Luxury Cosmetics presenting positive growth.

• The foreign countries, exhibited growth of 3.14% reaching €265.42 million in FY 2021 from €257.33 million in FY 2020. Excluding fx currency impact, on a currency neutral basis, foreign countries presented a sales growth of 4.9%.

The Group's profitability in FY 2021 was largely influenced by increasing cost inflation, mainly driven by higher commodity prices and freight costs. Balanced operating expenses, and controlled advertising and promotion expenses that are focused on strategic categories and allocated behind strategic initiatives, helped to partly offset the impact of the inflationary pressures.

EBITDA* was down by 4.71% to € 59.69 mil. in FY 2021 from €62.64 mil. in FY 2020, with an EBITDA margin of 14.62% from 15.92% in FY 2020.
EBIT reached € 46.82 mil. during FY 2021 versus € 50.00 mil. in FY 2020, reduced by 6.36%, and EBIT margin stood at 11.47% from 12.71% in FY 2020.
EBT settled at €49.57 mil. in FY 2021 from €47.39 mil. in FY 2020, increased by 4.59%, with the EBT margin reaching 12.14% from 12.05% in the previous year.
Net Profit reached €40.29 mil. in FY 2021 from €38.70 mil. in the previous year, up by 4.12%, while Net Profit margin settled at 9.87% from 9.84% in FY 2020.

*Alternative Performance Measures as defined in paragraph 2.14 of the Group's Financial Report.

On the balance sheet front, the Group exhibits a healthy financial position supported by the profitability of the business, balanced capital expenditure as well as the efficient working capital management.

As of the end of 2021 the Group's net debt over EBITDA ratio stood at 0.1x, with a net debt position reaching €5.96 mil., from € 10.91 mil as of the end of 2020.

Additionally, on the back of improved inventory management and portfolio optimization, the Group managed to improve its operating working capital requirements over sales to 30.17% in FY '21 from 34.25% last year, therefore supporting further the Group's free cashflow generation.

Despite a very challenging market environment with COVID-19 pandemic still ongoing, disruptions in the global supply chains and inflationary pressures, the Group, committed to implementing its strategic agenda, invests the cash generated by the business behind initiatives to accelerate growth, either organically or through acquisitions, and to return value to its shareholders.

Within 2021, the Group paid a dividend for FY 2020 of approximately €15 mil. (0.22393 euros per share), increased by 34% compared to last year's dividend payment.

For FY 2021, the Board of Directors will propose to the Ordinary General Shareholders Meeting a dividend payment of 0.143108 euros per share, which is equivalent to €10 mil.

Moreover, within 2021, aiming to upgrade further its production line and increase efficiency, the Group completed its investments relating to the expansion of its production capacity and the purchase of more automated machinery equipment at its production facility at Oinofyta.

At the same time, the investments behind the construction of Polipak's new production facility in Poland continued, and are expected to be finalized by the end of H1 2022. Polipak's new garbage bags production plant will lead to a more automated production process, which, combined with a new R&D and new high-performance machinery equipment, will result in higher production capacity, increased efficiency and products improved in terms of ecological profile, durability and functionality.

As part of its strategy to further grow sales and profits organically, emphasis is given in optimizing the Group's product portfolio, leveraging the strong brand equity within its strategic product categories. Targeted investments and innovation plans will be allocated behind strategic product development initiatives in order to drive further growth across our territory.

Moreover, investments relating to infrastructure, systems, processes, and models have been enabled in order to increase further the Group's efficiency and effectiveness.

The Group's strong financial performance is giving the management drive to continue playing an active role towards supporting the local communities, addressing emerging societal needs, particularly relating to COVID-19, and

operating in an environmentally responsible way, as the Group's ultimate aim is to maintain the optimum balance between its economic performance and its responsible environmental and social practices.

Τhe renewal of the composition of the Group's BoD in 2021, underlines the Group's commitment Group to follow best practices in matters of Corporate Governance and Business Ethics and to intensify behind the Group's efforts towards Sustainable Development, addressing its four main pillars: sustainable production and consumption, responsible governance, empowered employees and thriving communities.

➢ Sustainable production and consumption are at the heart of the Group's sustainability strategy and significantly affect its production facilities and its product approach. Thus, special emphasis is placed on actions aimed at minimizing packaging and adopting circular economy waste practices, safeguarding sustainable and circular sourcing of raw and packaging materials, improving energy efficiency, using renewable energy sources and reducing GHG emissions, while ensuring innovation, product quality and consumer safety.

The highest quality standards and GPMs practices are followed by our production plants. Moreover our recent investments in automated production processes and production technologies at Oinofyta, Polipak and Ergopack plants will allow us to increase our energy efficiency and the use of sustainable materials, while we also try to increase the percentage of recycled and recyclable packaging materials and we further strengthen the philosophy of circular economy in production by reducing waste generation in our factories.

Moreover, the forthcoming acquisition, STELLA PACK, is expected to further contribute to circular economy waste practices and sustainable sourcing.

Our investments and approach are getting widely recognized. Sarantis Group was awarded, for its environmentally responsible practices, with the German Blue Angel ecolabel. Particularly, the Group's garbage bags production plant in Poland, Polipak, was distinguished for the high level of recycled plastic used in its products. Specifically, the Blue Angel ecolabel confirms Polipak's capability to produce garbage bags that include at least 80% of recycled plastic, through production methods that limit the environmental pollutants.

We implement an energy management system ISO 50001 at Oinofyta production plant and we continuously empower initiatives to reduce electricity consumption throughout the Group, while we have completely shifted from diesel to natural gas, in order to reduce our energy footprint. Additionally, we are in the process of installing photovoltaic systems in our production unit at Oinofyta in order to fully cover our energy needs. At the same time, we also focus on expanding the environmental management system ISO 14001 at a Group level.

➢ Empowered employees and consistent investment for the development, safety, and wellbeing of our employees are part of our philosophy. Initiatives, such as partnering with LinkedIn learning platform, upgrading our Performance Management process and implementing healthcare programs, empower our employees' development and well-being.

Particularly during the COVID-19 outbreak, we implemented all health and safety rules that were enforced by law and national authorities. The Group implemented internal regulations as well in order to prevent the spread of COVID-19 in facilities where physical presence is required, such as production operations. Remote working was introduced where possible. The Group applied specific guidelines to protect its employees, such as canceling internal and external events, business travel, and enforcing the use of protective face masks and gloves.

➢ Our contribution towards thriving communities was significant this year too, as the Group allocated within 2021 more than 700k euros across seven countries Greece, Poland, Bulgaria, Czech Republic, Ukraine, Romania and Philippines, through product donations and financial contribution to more than 28 NGOs, 6 hospitals/nursing homes, 10 kindergartens and 4 orphanages further enhancing its social footprint. Moreover, the Group mobilized product donations to provide emergency aid to those in need during the wildfires in Greece and in South Moravia (East-South region of Czech Republic) to those affected by tornado during June.

In terms of the business unit analysis, Personal Care products sales were up by 6.04% yoy to €176.31 mil. in FY 2021 from €166.27mil. in FY 2020, supported by growth in the own brands portfolio, that increased by 7.38%. This performance reflects the continued strong demand in categories related to personal hygiene, such as face care, body wash and hand wash, while the gradual reopening of the market benefited categories such as fragrances, deodorants and suncare. The category's participation to total Group turnover amounted to 43.19%.

Sales of Home Care amounted to €158.88 million from €156.39 million in FY 2020, increased by 1.60%, despite the high comparative basis of last year and the normalization of the consumption demand during 2021, with the subcategories of garbage bags and food packaging driving the growth. The category's participation to total Group turnover amounted to 38.92%.

The category "Private Label" represents sales of Polipak, the Polish packaging products company, which specializes on the production of private label garbage bags. Sales of this category exhibited a 1.66% increase in FY 2021 amounting to €22.50mil. from €22.13 mil. in FY 2020.

The category of Other Sales was up in sales by 3.96%, driven by the Luxury Cosmetics category, that presented a 2.61% sales growth as a result of the reopening of the market and increased consumption within this channel, as well as the Health & Care category that exhibited a 9.61% increase, supported by the strong demand for food supplements.

As for the operating income analysis by business unit, Personal Care products EBIT settled at €12.26 million from €8.50 million in FY2020, up by 44.18%, driven by the own products, due to the balanced management of advertising and promotion expenses. The EBIT margin of Personal Care products stood at 6.95% in FY 2021 from 5.11% in FY 2020. The EBIT of Home Care products negatively affected by inflationary pressures on raw material prices declined to €18.28 million from €22.05 million. The EBIT margin of the Home Care products stood at 11.51% during FY 2021 from 14.10% in FY 2020 and their participation to total Group EBIT settled at 39.05% in FY 2021.

The EBIT of the Other Sales category settled at €3.40 mil from € 4.45 mil. last year. The Luxury Cosmetics subcategory presented an EBIT decrease by 53%, while Health Care products presented an increase of EBIT by 21.87%.

The income from Associated Companies represents the income from the Estee Lauder JV that stood at €11.81 mil. up by 2.69% vs last year.

As far as the geographical analysis is concerned, Greece, presented sales of €142.78 million in FY 2021 compared to €136.05 mil. in FY 2020, up by 4.95%, with the mass market channel driving the growth, despite the downward trend of the market in the Group's strategic categories, and the Luxury Cosmetics gaining momentum following the reopening of the market and the increased consumption in the respective channel.

The foreign countries representing 65.02% of the Group's total sales, exhibited growth of 3.14% reaching €265.42 million in FY 2021 from €257.33 million in FY 2020. Excluding fx currency impact, on a currency neutral basis, foreign countries presented a sales growth of 4.9%.

Furthermore, the Greek EBIT during FY 2020 increased by 2.11% to €27.73 mil., from €27.15 mil. in FY 2020. Excluding the income from Associated companies, Greek EBIT during 2021 amounted to €15.92 mil. up by 1.69% compared to €15.65 mil. last year. Greek EBIT margin, excluding income from Associated Companies, stood at 11.15% during FY 2021 from 11.50% in FY 2020.

The foreign countries EBIT was down by 16.43% during FY 2021, amounting to €19.10 mil. from 22.85 mil last year. The foreign countries EBIT margin settled at 7.19% from 8.88% in FY 2020

It is noted that:

❖ The breakdown business unit and by geographical region is presented in detail in section 4.10.30 "Business Units and Geographical Analysis Tables".
❖ References to sales in Greece are made at Group level, that is, having eliminated intra-group transactions.
❖ References to the EBIT of Greece, as well as to the EBIT of the other countries, relate to the operating profitability as monitored by the management in order to serve the evaluation of the performance and to make a more efficient decision-making per sector of activity, it applies proportionally the distribution of expenses per country.

2.3 SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR 2021

❖ During February 24th 2021, the Extraordinary General Shareholders' Meeting of "GR. SARANTIS S.A." took place, with the following items on the agenda:
- Amendment of article 21 of the Company's articles of association.
- Amendment of article 25 of the Company's articles of association.
- Amendment of the Company's Remuneration Policy.
- Free offer of shares to the Company's personnel in accordance with the provisions of article 114 of law 4548/2018; granting of authorization to the Board of Directors.
- Amendment of the stock option plan.

Read the resolutions of the Extraordinary General Shareholders Meeting of February 24th 2021.

❖ During May 20th 2021, the Ordinary General Shareholders' Meeting of "GR. SARANTIS S.A." took place, with the following items on the agenda:
- Submission and approval of the Annual Financial Statements along with the Management's and Statutory Auditor's Report, for the financial year 1.1.2020 - 31.12.2020.
- Submission of the Annual Audit Committee report.
- Approval of the overall management for the financial year 01.01.2020 31.12.2020.
- Discharge of the Certified Auditors for the audit of the financial year 01.01.2020 31.12.2020.
- Election of a regular and an alternate certified auditor for the ordinary and tax audit of the financial year 1.1.2021 - 31.12.2021, and approval of their fees.
- Submission for discussion and voting of the Remuneration Report for the financial year 01.01.2020- 31.12.2020.
- Amendment of the Company's Remuneration Policy.
- Increase of the maximum number of the Board of Directors members from 11 to 15 and relevant amendment of article 8 of the Company's Articles of Association.
- Election of a new Board of Directors and appointment of the independent & non-executive members of the Board of Directors.
- Appointment of the Audit Committee members according to a.44 of L. 4449/2017.

Read the resolutions of the Ordinary General Shareholders Meeting of May 20th 2021.

❖ Following the Annual General Meeting of the Company's Shareholders, which was held on May 20th, 2021, the Company's Board of Directors was formed into body on May 20th 2021, as follows:
- 1. Grigoris P. Sarantis, Chairman-Executive member
- 1. Dimitrios P. Reppas, Vice Chairman Independent non-executive member,
- 1. Kyriakos P. Sarantis, Chief Executive Officer Executive member,
- 1. Aikaterini P. Saranti, Non-executive member,
- 1. Konstantinos P. Rozakeas, Executive member,
- 1. Konstantinos F. Stamatiou, Executive member,
- 1. Ioannis K. Bouras, Executive member,
- 1. Georgios P. Kostianis, Executive member,
- 1. Christos I. Oikonomou, Independent non-executive member,
- 1. Nikolaos P. Nomikos, Independent non-executive member,
- 1. Irene M. Nikiforaki, Independent non-executive member

The BoD's term is 5 years, that is until May 19th 2026, automatically extended until the end of the term, within which period the next regular general meeting must convene after the end of its term and until the relevant decision is taken, and it is not possible to exceed six years.

❖ Following the decision of the Annual General Meeting of the Company's Shareholders, which was held on May 20th, regarding the appointment of the Audit Committee, the Audit Committee was formed into body on May 28th 2021.

Following:

a) the election of the new third person, Mr. Ioannis Arkoulis of Michael, by the Ordinary General Meeting dated May 20th 2021, after having confirmed that the requirements set out by the provisions of article 44 of the L.4449/2017 are met, and
b) the appointment by the Board of Directors, of the independent and non-executive members of the Board of Directors, Ms. Irene M. Nikiforaki and Mr. Christos I. Economou, as the independent and nonexecutive members, who, together with Mr. I. Arkoulis, will form the Audit Committee, the aforementioned members of the Audit Committee, during the Committee's meeting on May 28th 2021, decided to appoint, Mr. Ioannis Arkoulis of Michael as its Chairman,
the Company's Audit Committee was formed as follows: • Ioannis M. Arkoulis, Chairman of the Audit Committee,
Christos I. Economou of Ioannis, member of the Audit Committee,
Irene M. Nikiforaki, member of the Audit Committee.

It is noted that the Audit Committee is an independent committee, since it consists of two independent nonexecutive members of the Board of Directors and a third person, and has a term starting from its election until the Ordinary General Meeting to be convened in 2022.

❖ Following the General Shareholders Meeting resolution dated May 20th 2021, the company GR. SARANTIS S.A. announced the distribution of dividend payment for the fiscal year 2020 amounting to 0. 214661421 euro per share.

According to the legislation in force, the dividend corresponding to the company's 2,891,424 treasury shares was applied to the dividend paid out to the other shareholders and hence the dividend was increased to 0. 22392718 euro per share.

The aforementioned dividend amount was subject to a 5% withholding tax and therefore shareholders received a net amount of 0,212730821 euro per share.

May 25th 2021 was set as the ex-dividend date, while the entitled shareholders were those registered in the Dematerialized Securities System on May 26th 2021 (Record date).

The dividend payment took place on May 31st 2021.

❖ During May 2021, the Company purchased more than 10% of the company IVYBRIDGE, as a result the Group now owns 100% of the shares, as well as the indirect participations of ERGOPACK and HOZTORG.
❖ The Group announced on July 8th 2021 that, in accordance with the terms and conditions of the amended Shareholders Agreement entered into with Estee Lauder Europe, Inc. ("EL Europe") with respect to the company ELCA Cosmetics Limited ("ELCA"), EL Europe announced its intention to exercise its first call option for the purchase of shares held by the Group. The first call option represents 9% of ELCA's shares.

ELCA is a joint venture that was created in 2001 for the sale and distribution of beauty products in Greece, Romania, Bulgaria and Cyprus. ELCA is currently owned by Sarantis Group, which holds a 49% interest in the joint venture and EL Europe which holds the remaining 51% interest.

ELCA is based in Cyprus and fully owns the subsidiary companies ESTEE LAUDER HELLAS S.A. Cosmetics Distribution, ΕSTEE LAUDER BULGARIA EOOD and ESTEE LAUDER ROMANIA Srl., based in Greece, Bulgaria and Romania respectively.

Based on the amended Shareholders Agreement, EL Europe has the right to increase its interest in ELCA to 100% by purchasing shares held by the Group, including the right to increase its stake based on the financial statements of ELCA at June 30th 2021, June 30th 2024 and June 30th 2027 for 9%, 25% and 15% respectively.

the sole item on the agenda being the approval of the Suitability Policy for the BoD members according to article 3. paragraph 3 of the law 4706/2020.

Read the resolutions of the Extraordinary General Shareholders Meeting of July 16th 2021.

❖ Sarantis Group, announced on November 11th 2021 that it has reached an agreement with UNILEVER ASIA for the representation and distribution of Fissan baby care products in Greece. The representation starts from 1st January 2022 and covers all of the brand's distribution networks in Greece.

Boasting an 85-year old history in the Greek market, Fissan is a baby care brand of high recognition. It is recommended by paediatricians and trusted by mothers for the care of babies between the ages of 0-3 years, as it is free of colorants and parabens, while it is distinguished for its mild compositions, neutral PH and characteristic soft perfume.

It is worth to note that no cost was assumed by Sarantis Group for this agreement.

❖ The Group's response to COVID-19

During 2021, the Group continued to effectively manage the effects of the COVID-19 pandemic, having as its ultimate priority the protection and safety of its employees and its smooth business operation, and in particular the continuous supply of high-demand products to the market.

The management of the Group continues to closely monitor the developments throughout its geographical region and to respond through a special action plan that is implemented accordingly to the Group's companies. From the beginning of the pandemic until today, a special protection policy has been successfully implemented which is in line with the guidelines of the World Health Organization and the individual measures set by the authorities in the countries of the Group, and which includes, amongst others, remote working, cancellation of both internal and external corporate events, regular disinfection and specific hygiene guidance.

The special executive team regularly evaluates the effectiveness of these measures in each country of the Group's operation, in order to ensure that they meet the objectives and that they comply with the relevant measures imposed in each country by the competent authorities.

2.4 MAJOR RISKS AND UNCERTAINTIES FOR 2022.

The Group is exposed to financial and other risks, including the unforeseen changes in interest rates, credit risks and liquidity risks. The Group's overall risk management program aims at minimizing the possible negative effects from such risks on its financial performance. The Group's financial instruments consist mainly of deposits with banks, trade accounts receivable and payable, loans and dividends payable.

2.4.1 Foreign exchange risk

The Group operates in an environment characterized by relatively high foreign exchange risk given that almost 65% of the Group's total turnover comes from Eastern European countries where the volatility of foreign exchange rates is likely to be high. The management of the Group is constantly examining the currencies' fluctuations, but at the moment it has not taken any measures against the foreign exchange risk due to the lack of appropriate hedging tools.

2.4.2 Interest rate risk

The interest rate risk emerges from the relation between the cost of debt and the subsequent effect of any interest rate changes on the earnings and cash flows. The Group's objective is to achieve an optimal balance between borrowing cost and the potential effect of any interest rate changes on earnings and cash flows. The Group monitors and manages its debt and overall financing strategies using a combination of short and long-term debt. It is policy of the Group to continuously review interest rate trends along with its financing needs. Daily working capital requirements are typically financed with operational cash flow and through the use of various committed lines of credit. The interest rate on these short-term borrowing arrangements, is generally determined as the interbank offering rate at the borrowing date plus a pre-set margin. The mix of fixed-rate debt and variable-rate debt is managed within Group policy guidelines.

2.4.3 Credit risk

Credit risk is the risk that a counterparty will cause the Group and the Company to suffer a financial loss because of the obligation to settle the liabilities. The maximum credit risk to which the Group and the Company are exposed at the date of the preparation of the financial statements is the book value of their financial assets.

Financial assets classified as at fair value through profit or loss are viewed not to expose the Group and the Company to material credit risk.

The greater part of the risk is found in the event that the debtor - customer of the Group may default on contractual obligations resulting in material loss to the Group. The Group's receivables come from wholesale, while a large part of its receivables come from large customers. The financial position of the customers is continuously monitored by the Group companies, which both control the amount of credit provisions and the credit limits of the accounts and, on the other hand, try to effectively manage the receivables before they become overdue but also when they become overdue or doubtful. Where necessary, additional collateral is required with guarantees.

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 problematic receivables that they have demonstrated, taking into account future factors as well as the economic environment.

The Group and the Company apply the simplified approach of IFRS 9 for the calculation of expected credit losses and recognize impairment losses for expected credit losses for all financial assets other than those measured at fair value through profit or loss.

During the year and despite the COVID-19 pandemic, the flow of receivables from clients is normal, as the Group's main distribution network is the mass market channel, which remained in full and even increased operation due to increased consumer needs. In addition, the health care network was fully operational, which means that more than 90% of the Group's sales remain unaffected by operating suspensions.

Specifically, regarding customers who have used the 75-day check repayment extension, the Company still receives all receivables. These customers relate to the luxury cosmetics network in Greece, which is periodically suspended, while the sales of this network represent less than 10% of the total sales of the Group.

2.4.4 Liquidity risk

The liquidity risk refers to a case when the Group is not in position to fulfill its obligations with regard to money payments. Prudent liquidity risk management implies the existence of a balance between cash flows as well as funding through adequate amounts of committed credit facilities. The Group closely monitors the amount of funding as well as the short-term and long-term funding with respect to total debt and the composition of total debt, and it manages the risk that could arise from the lack of sufficient liquidity and secures that necessary borrowing facilities are maintained. The Group has sufficient credit line facilities that could be utilized to fund any potential shortfall in cash resources.

The Group manages and monitors its working capital in order to minimize any possible liquidity and cash flow risks.

2.4.5 Raw material price risk

The Group is exposed to price volatility in the basic raw materials it uses for products that manufactures in its own production facilities.

❖ The basic raw materials used by the Group for the Perfume, Cosmetics and Face Care products are perfumes, oils and chemicals.

The prices of raw materials in perfumes, cosmetics and facials do not fluctuate significantly, and any differences are eliminated by gradually transferring volumes from one supplier to another when necessary, maintaining active alternative suppliers and creating security stocks.

❖ The basic raw materials used by the Group for the categories of household products (food packaging products and plastic waste bags) are aluminum (in jumbo rolls), plastic (PVC / LDPE Clingfilm in Jumbo rolls) and polyethylene (HDPE, LDPE, LLDPE).

Regarding the effect of fluctuations in the prices of aluminum and plastic, the Group proceeds to the closing of price at short intervals, and in addition creates a security stock when it deems it necessary.

2.4.6 Compliance Risk

The incomplete compliance with the legal regulatory framework that governs the Group could lead to penalties and other fines, so by this way it will negatively affect the financial position and, as a result its reputation. Regulatory compliance issues that are recognized by the management are as follows:

Issues related to commercial legislation
Taxation and labor issues
Issues related to the Capital Market Committee and the Stock Exchange
Issues related to the protection of personal data
Issues covered by the Code of Ethics (fraud, bribery, child labor, work safety and work practices, issues relating to free competition, etc.)
Issues relating to the protection of the environment and the operation of the production facilities.
Issues relating to product safety and certification (e.g. EFET) where provided, as well as to the protection of consumers.

The relevant body that is responsible for assessing the risks is the Executive Committee. Each group of risks shall be examined separately. The likelihood of occurrence, the potential effect and the level of the organization's tolerance are estimated, and then the optimum actions are being proposed. Subsequently the Group assigns the people responsible to implement the agreed actions and inform the management team about the results of these actions.

2.4.7 Pandemic Crisis of COVID

The COVID-19 pandemic has led to an unprecedented crisis in global health and the economy. The Group responded immediately at all levels, through a specific coronavirus action plan, in accordance with the evolution of the pandemic across its geographical region. Since the beginning of the COVID-19 outbreak, the Group had set out its key priorities concerning the health & safety of its employees and the society, the uninterrupted business continuity and the continuous supply of high-demand products to the market.

Since the beginning of 2020, when the virus started to spread worldwide, until today, the Group enacted a special management team and precautionary measures in line with each state's government in which it operates and in accordance with the official WHO's guidelines.

The Group's priorities during the COVID -19 outbreak include the following:

Ensuring the protection and safety of employees, customers, partners, consumers, as well as the ongoing support of social groups in need, especially those at the forefront of the pandemic and caring for those affected.
Implementing contingency and business continuity plans in order to safeguard production plants and enable the Group's supply chain to remain fully operational in order to ensure the uninterrupted business continuity and the continuous supply of high-demand products to the market.
Maintenance of financial resilience and implementation of the Group's strategic plan in order to support the Group's further growth.

Amidst this extraordinary environment, and as the Group's priorities remained focused on the health & safety of its employees and the society and its uninterrupted business continuity, the Group managed to maintain a solid financial position and free cashflow generation, while executing its investment plan and creating further value to all stakeholders.

During 2021, investments realized relate to new product development, new acquisitions, upgrading machinery equipment, expanding production capacity, while a dividend payment was done to the shareholders of the Company.

robust performance in 2020 as well as in 2021, which is characterized by increased sales, increase in earnings and strong cashflow generation.

While the outlook for the global economy in 2022 remains uncertain the management is encouraged by the Group's resilient performance.

Therefore, the management estimates that there is no substantial uncertainty regarding the continuation of the Group and the Company's activity.

2.4.8 Geo-political Risk

The Company is exposed to geopolitical risk, mainly through its subsidiaries' activities in the region of Central and Eastern Europe.

Political disorders that derive from geopolitical, economic and strategic countries' interests, trigger refugee flows, economic sanctions between states, changes in legislation and can even lead to military action by creating a fluid and unpredictable geopolitical environment that can potentially threaten the Group's business activities, its production, its supply chain, , its financial performance and the safety of its employees.

The Company has a coordinating team for geopolitical crisis management that assesses emerging geopolitical risks that may affect the Group's activity. The specific crisis management team ensures the objective assessment of the risks and ensures the timely information and activation of the Management for the taking measures and actions in view of the active geopolitical risks.

At the same time, in the context of the Group's expanding business activity, the risk management team examines thoroughly the Company's risk exposure assessment scenarios at all levels (eg political, credit, health & safety, tax, supply chain, etc.) and based on these, strategies for coping with the aforementioned risks are formed, always in relation to the benefits that appear from the expansion of the Company's activities.

2.5 FUTURE OUTLOOK AND PROSPECTS

During the full year of 2021 and despite the backdrop of a very challenging operating environment continuously disrupted by COVID-19 pandemic, tight global supply chains and inflationary pressures, the Group continued to deliver a significant business performance.

Underpinned by its ability to continue investing in the business and the implementation of the Group's future growth plan, the Group exhibited solid top line growth, despite the high comparative basis of last year and the normalization of the consumption demand and net profit growth of 4%.

The volatility that characterized 2021 is expected to remain high within 2022, exacerbated even more by the negative impacts of the war in Ukraine.

The Group maintains a strong financial position and cashflow generation, that provide safety and the support necessary to mitigate any potential negative impact. Amidst this environment, the Group is continuously reviewing its action plan, in order to activate further mitigating actions, so as to protect its profitability.

At the same time, the management is focused behind its strategic priorities, committed to executing its expansionary plans for further value creation, confident that the Group's agility and its people's capabilities will help us navigate through this unprecedented period and emerge stronger. Our focus is on organic and acquisitive growth, further market development and penetration, cost efficiencies, economies of scale, benefits from synergies and operating leverage.

2.6 RELATED PARTY TRANSACTIONS

The most significant transactions between the Company and its related parties, as such are defined by International Accounting Standard 24, are presented below.

Subsidiaries	Company
Trade receivables	31.12.2021	31.12.2020
Sarantis Belgrade D.O.O	0	88,281
Sarantis Banja Luca DOO	0	197
Sarantis Skopje D.O.O	0	245
Sarantis Bulgaria LTD	81,140	153,617
Sarantis Romania S.A.	896,889	582,200
Sarantis Polska S.A.	467,272	723,296
Sarantis Czech Republic sro	1,241,239	1,422,939
Polipak SP.Z.O.O.	8,526	47,530
Sarantis Slovakia S.R.O	64,936	320,150
Ergopack LLC	852,186	1,108,875
Sarantis Hungary Kft.	244,783	303,954
Sarantis Portugal Lda	671,346	1,119,722
Elode France SARL	31,042	27,734
Total	4,559,359	5,898,740

Trade Liabilities	31.12.2021	31.12.2020
Sarantis Belgrade D.O.O	963,891	1,067,589
Sarantis Banja Luca DOO	0	5,648
Sarantis Skopje D.O.O	676,358	301,140
Sarantis Bulgaria LTD	1,769	0
Sarantis Romania S.A.	7,293	10,687
Sarantis Polska S.A.	583,828	629,875
Sarantis Czech Republic sro	3,143	0
Polipak SP.Z.O.O.	746,010	321,052
Sarantis Slovakia S.R.O	7	0
Ergopack LLC	0	470
Sarantis Hungary Kft.	5,608	10,626
Sarantis France SARL	45,630	48,960
Total	3,033,537	2,396,047

Liabilities from loans	31.12.2021	31.12.2020
Sarantis Bulgaria LTD	2,250,742	7,501,237
Sarantis Romania S.A.	4,501,484	15,002,474
Sarantis Polska S.A.	2,250,742	7,501,237
Waldeck LTD	562,373	558,255
Total	9,565,342	30,563,203
Grand Total Liabilities	12,598,879	32,959,250

Income from sale of merchandise		01.01 - 31.12.2021 01.01 - 31.12.2020
Sarantis Belgrade D.O.O	1,940,193	2,474,368
Sarantis Skopje D.O.O	611,738	681,104
Sarantis Bulgaria LTD	1,756,835	2,051,024
Sarantis Romania S.A.	5,404,913	6,377,369
Sarantis Polska S.A.	6,226,631	6,766,827
Sarantis Czech Republic sro	4,987,002	4,793,629
Sarantis Slovakia S.R.O	1,733,014	1,121,558
Ergopack LLC	771,976	1,478,184
Sarantis Hungary Kft.	883,270	1,058,339
Sarantis Portugal Lda	804,948	1,041,381
Total	25,120,521	27,843,780

Income – Interest		01.01 - 31.12.2021 01.01 - 31.12.2020
Ergopack LLC	0	53,849
Total	0	53,849

Other Income		01.01 - 31.12.2021 01.01 - 31.12.2020
Sarantis Belgrade D.O.O	180,881	202,308
Sarantis Banja Luca DOO	8,501	4,695
Sarantis Skopje D.O.O	23,639	20,350
Sarantis Bulgaria LTD	34,992	27,669
Sarantis Romania S.A.	102,814	79,059
Sarantis Polska S.A.	583,281	421,105
Sarantis Czech Republic sro	183,365	123,851
Polipak SP.Z.O.O.	76,001	34,435
Sarantis Slovakia S.R.O	61,545	39,454
Ergopack LLC	149,328	309,685
Sarantis Hungary Kft.	75,801	92,700
Sarantis Portugal Lda	58,172	78,297
Total	1,538,320	1,433,608
Grand Total Income	26,658,841	29,331,237

Purchases of Merchandise - Services		01.01 - 31.12.2021 01.01 - 31.12.2020
Sarantis Belgrade D.O.O	1,443	35,041
Sarantis Banja Luca DOO	0	5,648
Sarantis Bulgaria LTD	4,526	0
Sarantis Romania S.A.	61,011	27,525
Sarantis Polska S.A.	1,976,184	2,222,215
Sarantis Czech Republic sro	3,515	6,579
Polipak SP.Z.O.O.	3,532,768	3,457,936
Sarantis Slovakia S.R.O	1,431	0
Ergopack LLC	0	2,541
Sarantis Hungary Kft.	5,675	11,177
Total	5,586,553	5,768,661

Expenses – Interest		01.01 - 31.12.2021 01.01 - 31.12.2020
Sarantis Bulgaria LTD	127,068	180,452
Sarantis Romania S.A.	254,137	360,904
Sarantis Polska S.A.	127,068	180,452
Waldeck LTD	15,687	22,120
Total	523,960	743,929

Other Expenses		01.01 - 31.12.2021 01.01 - 31.12.2020
Sarantis Bulgaria LTD	2,445	0
Sarantis Romania S.A.	4,891	0
Sarantis Polska S.A.	2,445	0
Total	9,781	0
Grand Total Expenses	6,120,295	6,512,590

Table of Disclosures of Related Parties
	Group	Company
a) Income	0	26,658,841
b) Expenses	0	6,120,295
c) Receivables	0	4,559,359
d) Liabilities	0	12,598,879
e) Transactions and remuneration of senior executives and management 2,174,257		2,174,257
f) Receivables from senior executives and management	84,778	84,778
g) Liabilities towards senior executives and management	0	0
h) Receivables from affiliates	178	178
i) Liabilities to affiliates	0	0

2.7 DETAILED INFORMATION ACCORDING TO A. 4, PAR.7, L.3556/2007.

2.7.1 Structure of the Company's share capital

The company's share capital amounts to 54,504,437.52 euro, divided into 69,877,484, common registered shares with voting right, and with a nominal value of 0.78 euro per share.

All the shares are registered and listed for trading in the Securities Market of the Athens Exchange.

The rights of the Company's shareholders with respect to their shares are proportional to the share capital stake to which the paid-in share value corresponds. Each share incorporates all the rights and obligations that are stipulated by the Law and Company's Articles of Association, and more specifically:

• The right to dividend from the annual earnings or liquidation profits of the Company.

A percentage of 35% of the net earnings following deduction only of the statutory reserve is distributed from the earnings of each year to shareholders as an initial dividend while the distribution of an additional dividend is resolved upon by the General Meeting. Dividends are entitled to each shareholder who is registered in the Shareholders' Register at the dividend record date. The dividend for each share is paid to its holder within two (2) months from the date on which the Ordinary General Meeting approved the Annual Financial Statements. The payment date and the payment method are released through the Press. The right to receive payment of the dividend is subject to a time limitation and the respective unclaimed amount goes to the State upon the lapse of 5 years from the end of the year during which the General Meeting approved the distribution of the said dividend.

• The right to reclaim the amount of one's contribution during the liquidation or, similarly, the writing off of the capital representing the share, provided that this is resolved upon by the General Meeting,

• The pre-emptive right at every share capital increase of the Company via cash payment or the issuance of new shares.

• Each shareholder is entitled to request a copy of the financial statements along with the relevant reports of the Board of Directors and the Auditors of the Company.

• The right to participate in the Company's General Meeting which consists of the following specific rights: legitimacy, presence, participation in discussions, submission of proposals on the items of the agenda, entry of one's opinion on the minutes of the Meeting and finally the right to vote.

• The General Meeting of Company's Shareholders retains all its rights and obligations during liquidation. The liability of shareholders is limited to the nominal value of the shares such hold.

2.7.2 Limits on transfers of Company's shares

The transfer of Company shares takes place based on procedures stipulated by Law, while there are no restrictions set by the Articles of Association for transfer of shares, as such are dematerialized shares listed on the Athens Exchange.

Pursuant to article 4 of Law 3016/2002, as in force, the independent non-executive members of the Board of Directors of the Company may not, among other things, hold shares exceeding 0.5% of the paid-up share capital.

In accordance with Article 19 of Regulation (EC) No 596/2014 of the European Parliament and of the Council (as well as Commission Regulation 2016/522 and Commission Executive Regulation 2016/523), the executives and the closely related people with these persons, are required to disclose transactions that are directly or indirectly incurred on their behalf and relate to the Company's shares or debt securities or derivatives or other financial instruments that are linked to them after the completion of a sum amounting to € euro 5,000 (gross basis) each year.

2.7.3 Significant direct or indirect holdings according to the definition of 3556/2007

Until 31/12/2021 the following announcement was made with regards to significant direct or indirect holdings according to the definition of 3556/2007:

❖ Pursuant to the Law 3556/2007 and following a notification received by Swedbank Robur Fonder AB on September 23rd 2021, the company GR. SARANTIS S.A. (the "Company") informed the investors' community that, due to purchase of shares, the total direct percentage held by the shareholder on the Company's voting rights crossed 5% on September 22nd 2021 and in particular reached 5.01% (i.e. 3,501,091 voting rights).

2.7.4 Shares conferring special control rights

None of the Company shares carry any special rights of control.

2.7.5 Limitations on voting rights

The Articles of Association make no provision for any limitations on voting rights emanating from its shares.

2.7.6 Agreements among Company shareholders

The Company is not aware of any agreements among shareholders entailing limitations on the transfer of shares or limitations on voting rights emanating from its shares, apart from those mentioned in paragraph 2.7.3.

2.7.7 Rules governing the appointment and replacement of members of Board of Directors and the amendment of the Articles of Association

The rules set out in the Articles of Association of the Company on the appointment and replacement of members of the Board of Directors and the amendment of the provisions of the Articles of Association do not differ from those envisaged in Codified Law 2190/1920 and since 1/1/2019 in Law 4548/2018.

2.7.8 Responsibility of the Board of Directors for the issuance of new shares or the purchase of treasury shares

According to the provisions of article 24§1b & 1c of Law 4548/2018, the Company's Board of Directors has the right, following a relevant decision by the General Shareholder's Meeting to increase the Company's share capital with the issuance of new shares, through a decision by the Board of Directors that is made with a majority of at least two thirds (2/3) of its total members. In this case, Company's share capital may be increased by no more than the share capital amount paid up on the date when the Board of Directors was granted such power by the General Meeting. This power of the Board of Directors may be renewed by the General Meeting for a period that may not exceed five year per instance of renewal.

2.7.9 Important agreements initiated, amended or terminated in case a charge arises in the company's control following a public offer

There are no agreements which enter into force, are amended or terminated in the event of change in the control of the Company following a public offer.

2.7.10 Agreements with members of the Board of Directors or employees of the Company

The Company has no significant agreements with members of the Board of Directors or its employees providing for the payment of compensation, especially in the case of resignation or dismissal without good reason or termination of their period of office or employment due to a public offer.

2.8 Information for acquired Treasury Shares according to article 50 paragraph 2 of L. 4548/2018.

During the year 2021, the Company proceeded to the purchase of 70,329 treasury shares at an average purchase price of 8.95 euro per share, paying 629,121 euro.

Including the 2,825,995 treasury shares already bought by the company during previous years, then as of 31/12/2021, the Company holds in total 2,896,324 treasury shares with nominal value of EUR 0.78 per share and an average purchase price of 4.82 euro per share, having paid a total of 13,959,515 euro.

The treasury shares that the Company holds correspond to 4.14% of its share capital.

2.9 RESEARCH AND DEVELOPMENT ACTIVITY

The development process of innovative, environmentally friendly products is at the heart of Sarantis Group business activity, providing the impetus to meet consumers' needs progressively over time, further enhancing their trust. The Group has evolved thanks to the given emphasis on know-how and specialisation without compromise aiming at optimizing and creating new products that exceed consumers' expectations having ensured the product's green footprint and top quality.

The Group's continuous investment in R&D and environmentally friendly responsible production practices ensure the product's quality and alignment with the circular economy. The Group supports the creation of eco products that increase environmental awareness and enhances responsible consumers' consumption, while further stimulates competition to mobilize a systematic change towards a greener future in terms of production.

The Group's Research & Development laboratory is composed of experienced scientists of various specialties who ensure that the latest scientific knowledge and trends are embedded in the development of innovative and safe products that always represent an environmental-friendly product-development philosophy. Our research teams aim to bring together the best ideas within the framework of collaboration with top universities and specialist companies, while they regularly attend international conferences & exhibitions to be constantly informed about the latest developments in the industry. In combination with the constant quality controls realized in all phases of product development process, from the collection of raw materials to their final appearance at the points of sale, our products meet the most demanding quality criteria and all modern consumers' needs.

Αt the same time, we explore the potential of circular innovation, both in terms of ingredients and packaging and we have started to develop our capabilities by starting pilot programs for brands and materials for future launches. The new modern research & development laboratory within the new production facility of Polipak will contribute significantly to this, the new R&D will have state-of-the-art equipment and will allow a wide range of measurements and tests, ultimately guaranteeing high innovation and quality in the category of household products.

The Group has developed a Regulatory Compliance System which includes: Codes, Policies, Regulations, Procedures, Work Instructions, Organizational Charts, Job Descriptions, Forms and Control Mechanisms. Each subsidiary is obliged to make use of the regulatory tools related to the Group, while it is obliged to develop regulatory tools based on the instructions of the responsible Business Controller.

The Regulatory Compliance System is complemented by the Integrated Management System. The Integrated Management System has been designed and installed to meet the requirements and expectations of customers in terms of quality and full compliance with applicable Regulatory Requirements.

Specifically, the implemented Integrated Management System has been designed and installed to meet the requirements of International Standards ISO 9001, FSSC 22000, ISO 13485, ISO 22716 & ISO 50001.

Analytically, in section 2.13 all Group's certifications are available.

2.10 COMPANY'S BRANCHES

The Company has the following branches:

1 67 MESOGEION TZAVELLA, 15231 HALANDRI
2 NATIONAL ROAD ATHENS-LAMIA POSITION LYSIA-TEMPELI 32011, Oinofyta
3 TZUMBA POSITION 0 19011 AVLONA
4 IROON POLYTECHNIOU 19, 15231 CHALANDRI
5 LAND PLOT 51 B10 GROUND FLOOR 0 57001 THERMI

2.11 SUBSEQUENT EVENTS

❖ Update regarding Ergopack

The company GR. SARANTIS SA, operates in the markets of Ukraine and Russia through its 100% subsidiaries ERGOPACK LLC and HOZTORG LLC respectively.

Ergopack LLC sales in 2021 represent 6.7% of the Group's total sales and Hoztorg LLC sales in 2021 represent 0.5% of the Group's total sales. In addition, based on 2021, Ergopack LLC Earnings, Interest and Taxes (EBIT) represent 1.0%, while Hoztorg LLC Earnings, Earnings and Interest (EBITs) represent -2.47% of total Earnings, Taxes and Interest of the Group.

The Group has no significant suppliers in Ukraine or Russia.

Having the health and safety of its employees as a top priority, ERGOPACK's production facility located in Kaniv, from the first day of the invasion, temporarily suspended its operation. Since then the management has been monitoring the situation closely and has been in frequent communication with the local team in Ukraine.

❖ Sarantis Group announced on March 2nd 2022 that it has entered into an agreement to acquire STELLA PACK S.A., a Polish consumer household products company.

More specifically, Sarantis Polska S.A., a 100% subsidiary of Gr. Sarantis S.A., signed an agreement for the acquisition of 100% of the share capital of the Polish company Stella Pack S.A. The finalization of this acquisition is subject to customary closing conditions and the approval of the antimonopoly authorities in the countries of Stella Pack's activity.

STELLA PACK is a leading player in the production and distribution of household products, boasting 25 years of successful presence in the categories of Garbage Bags, Food Packaging and Cleaning items for the Household with an annual turnover of approximately 65 million euros.

STELLA PACK contributes to the cyclical economy as it works only with recycled plastic and it owns a waste separation line that manufactures internally own recycled plastic covering fully its production needs.

This acquisition, completely aligned with the Group's strategic growth plan, is a great fit within the Group's portfolio and reinforces its position as a leading consumer products company, supporting further the Group's geographical footprint in its territory.

2.12 CORPORATE GOVERNANCE STATEMENT

The Corporate Governance Statement is included in the Annual Report of the Board of Directors pursuant to article 152, par.1 of Law 4548/2018. The present Statement concerns the fiscal year 1/1-31/12/2022.

The Company applies the principles of corporate government, as those are defined in the current legislative framework and particularly pursuant to article 17 of L. 4706/20 and article 4 of the Decision of the Hellenic Capital Market Commission (Decision no. 2/905/3.3.2021 of the Board of Directors of the Hellenic Capital Market Commission).

2.12.1 Corporate Governance Code:

Upon the decision of its Board of Directors dated on 15.07.2021, the Company applies the Hellenic Corporate Governance Code of the Hellenic Corporate Governance Council (HCGC) (June 2021), with the deviations mentioned in the present Corporate Governance Statement.

The Hellenic Corporate Governance Code is posted on the website of the Hellenic Corporate Governance Council HCGC\_Hellenic Corporate Governance Code as well as on the corporate website Gr. Sarantis SA\_Hellenic Corporate Governance Code (2021).

The Hellenic Corporate Governance Council (HCGC) was established in 2012 as a non-Profit Company with the joint initiative of the Hellenic Federation of Enterprises (SEV) and the Athens Stock Exchange (ATHEXGROUP). Since then, the Hellenic Banking Association in 2018 and the Hellenic Fund and Asset Management Association in 2019 became Regular Members of the HCGC. The purpose of the HCGC is to continuously increase the credibility of the Greek market among domestic and international investors and to improve the competitiveness of Greek corporations. It functions as a specialized body for disseminating the principles of corporate governance and seeks to develop a culture of good governance in the Greek economy and society.

2.12.2 The General Assembly of the Shareholders:

Operation Items of the General Assembly

The General Assembly of the shareholders is the supreme body of the Company. It is entitled to decide upon any subject, whereas its decision constitutes commitment even for the absent or opposing shareholders. The General Assembly is temporarily chaired by the Chairman of the BoD, who, through a specific procedure, provides for the election of the ordinary Chairman and the Secretary of the General Assembly. The responsibility of the General Assembly is to take decisions regarding all subjects submitted to it, whereas it is the only competent body to decide on issues mentioned in article 117 of L.4548/2018 and specifically the following:

amendments of the articles of association including capital changes;
the election of the BoD members, the auditors and the determination of their fees. Pursuant to article 10 of the articles of association, the election of BoD directors to substitute vacancies due to death, resignation or deposition is also excluded;
the approval overall management in line with article 108 of L. 4558/2018 and the discharge of auditors
the approval of Annual Consolidated financial statements,
the allocation of the annual profits;
the approval of of remuneration or advance payment of remuneration according to article 109 of Law 4548/2018,
the issuance of convertible loan;
the approval of the remuneration policy and report,
the cases of merger, split, transformation, revival, extension or dissolution of the company; and
the appointment of liquidators.

The Company has adjusted the provisions of its articles of association which are subject to the provisions of L. 4548/2018, such as the aforementioned decisions requiring an increased quorum (2/3) and a majority (2/3 of those present). Amendment of other provisions by simple quorum (1/5) and a majority ( ½ +1 of those present).

Communication with the Shareholders and the potential Shareholders.

The Company operates a website which presents subjects and information concerning the shareholders in both the Greek and the English language.

The contact details of both the Chairman of the Company and the manager of the investor relations and shareholders department are at the disposal of the shareholders for direct communication.

In case institutional shareholders wish to get acquainted with the group, they may contact the manager of the investor relations and shareholders department who will handle the arrangement of a relevant presentation meeting.

Regarding the procedure of holding the General Assembly, the company is subject to the provisions of the national legislation and posts on its website all the required information in Greek as well as in English for the shareholders' convenience.

Conditions for the Participation of Shareholders in the General Assembly.

Law 4548/2018, in article 124, and Law 4569/2018, in article 14, define the conditions for the participation of shareholders in the General Assembly.

In particular:

Any natural person or legal entity having a shareholder status on the fifth day (date of registration) before the General Assembly the has the right to participate.
For the cases of repeat General Assemblies or Assemblies after postponement, the deadlines of article 130, L. 4548/2018 apply.
Shareholder status is evidenced through information obtained from the Central Deposition, as well as through any legal means.
There is no requirement for the shareholders to block their shares in order to participate in the General Assemblies.

Shareholders' Rights

Law 4548/2018, in article 123, defines the shareholders' rights regarding the General Assembly and in particular the information that the company is obliged to provide to its shareholders. Specifically, the company is obliged to post on its website, from the publication of the invitation and until its convocation, the information provided for in article 121 of L. 4548/2018 regarding:

the procedure for the exercise of the right to vote through a representative;
the information regarding the exercise of minority rights pursuant to paragraphs 2, 3, 6 and 7 of article 141, L. 4548/2018;
the availability of representation appointment and revoking forms;
the decision drafts on items of the agenda;
the total number of shares and voting rights on the date of the invitation;
the alternative way of providing representation appointment and revoking forms, free of charge, in cases of inability to obtain them online.

For cases of participation through a representative, article 128 of L. 4548/2018 applies. The appointment, revoking and replacement of a representative are submitted to the Company in writing at least 48 hours before the General Assembly. In case of non-compliance, the non-compliant shareholder may participate in the General Assembly unless the General Assembly refuses the participation for a significant reason. The representative votes in accordance with the instructions of the shareholder, if any. Non-compliance of the representative with the instructions does not affect the validity of the decisions of the General Assembly. The representative is obliged to disclose to the Company, before the beginning of the General Assembly, any case of serving interests other than those of the represented shareholder.

The rights of the minority shareholders and the way to exercise them are defined in articles 141 to 144 of L. 4548/2018.

2.12.3 Board of Directors and Committees:

(a) The Company is governed by the Board of Directors, which is elected by the General Assembly, in the context of the Articles of Association of the Company and the national legislation. The current Board of Directors consists of 11 (eleven) members and has a six-year term (pursuant to the provisions of article 85 of L. 4548/2018). Five (5) of the BoD members are non-executive members, whereas four (4) of the non-executive members are also independent members.

The following table presents the members of the Board of Directors, the capacity and relation of each member, their participation in committees, the changes within the reference period, their total term (from the date the company was listed in the Athens Stock Exchange) as well as the beginning and the end of the term for the reference period.

								Committees
SN	Full Name Capacity		Relation	Term Beginning (years) of Term		End of Term	Remuneration & Audit Nominations
	Composition of the Board of Directors
1	Grigorios P. Sarantis	Chairman	Executive member	28	20/5/2021	19/5/2026
2	Dimitrios P. Reppas	Vice-chairman	Independent and non-executive member	1	20/5/2021	19/5/2026		C
3	Kyriakos P. Sarantis	CEO	Executive member	28	20/5/2021	19/5/2026
4	Ekaterini P. Saranti	Member	Non-executive member	19	20/5/2021	19/5/2026
5	Konastantinos P. Rozakeas	CFO & Deputy CEO	Executive member	23	20/5/2021	19/5/2026
6	Konstantinos F. Stamatiou	Legal Counsel	Executive member	22	20/5/2021	19/5/2026
7	Ioannis Κ. Bouras CCO & Deputy CEO		Executive member	1	20/5/2021	19/5/2026
8	Georgios P. Kostianis	COO		1	20/5/2021	19/5/2026
9	Christos Ι. Economou	Member		5	20/5/2021	19/5/2026	Μ	Μ
10	Irini Μ. Nikiforaki Member		member Independent and non-executive member	1	20/5/2021	19/5/2026	Μ
11	Nikolaos P. Member Nomikos		Independent and non-executive member	4	20/5/2021	19/5/2026		Μ

-	Dimitrios Κ. Efstathiou	Member	Independent and non-executive member	12	3/5/2017	20/5/2021	M	M
-	Antonios Μ. Member Agiostratitis		Non-executive member	12	3/5/2017	20/5/2021

-	Ioannis Μ. Arkoulis	Chairman of the Audit Committee	Third Party Independent, non-member of the BoD	2	20/5/2021	24/5/2022	C

The following table presents the professional commitments of the members of the Board of Directors other than their duties in the Group.

Full Name	Capacity	Professional Commitments
Grigorios P. Sarantis	Chairman	Estee Lauder Hellas S.A. (Chairman & CEO) DATABLUE S.A (BoD Chairman) SARKK S.A (BoD Chairman & CEO) ZAKIS Μ.LTD. (Administrator) POLYAGROKTIMA GI MAS (Administrator)
Dimitrios P. Reppas	Vice-chairman	-
Kyriakos P. Sarantis	CEO	SARKK S.A (BoD Vice-chairman) DIRTY LAUNDRY (Chairman & CEO) THINALOS KYKLADON S.A. (Chairman & CEO)
Ekaterini P. Saranti	Member	-
Konstantinos P. Rozakeas	CFO & Deputy CEO	LENIDI S.A. (BoD Chairman)
Konstantinos F. Stamatiou	Legal Counsel	LENIDI S.A. (BoD Member) DATABLUE S.A. (BoD Member) Practices Law
Ioannis Κ. Bouras Georgios P. Kostianis	CCO & Deputy CEO COO	- -

Christos Ι. Economou	Member	-
Irini Μ. Nikiforaki	Member	Lawyer of Athens at the Supreme Court, appointed in the Athens Court of First Instance. ΕΕΤΤ Lawyer. She teaches in the Post-graduate programs of the Law School of the Athens University. Partner of the law office 'Nikiforaki & Fereti Law'
Nikolaos P. Nomikos	Member	Works as a Growth Lead at Beat (Daimler Group)

The curriculum vitae of each member of the Company's Board of Directors are posted on the corporate website https://sarantisgroup.com/the-group/leadership/board-of-directors/. In particular:

GRIGORIS SARANTIS OF PANTAZIS, Chairman of the Board of Directors - Executive Member

Chief Executive Officer of the joint venture between Gr. Sarantis S.A. and THE ESTEE LAUDER COMPANIES.

He was born in Athens and studied at Athens Law School. He is a graduate of Athens College.

A leader with a vision and substantial contribution to the growth of both Sarantis Group and the joint venture with The Estee Lauder Companies.

He is a results-focused leader with a proven ability to deliver improvements to product quality, market positioning, customer relationships and financial performance.

His management style includes creativity, inspiration, vision, motives and rationality, qualities that he conveys to his partners.

DIMITRIOS P. REPPAS, BoD Vice-chairman - Independent & Non-executive Member

Dimitrios Reppas was born in Leonidio of Arkadia in 1952. He holds a BSc in Dentistry from the University of Athens. He has worked as a dentist surgeon in Athens. He was elected as Member of Parliament representing Arkadia in 1981 and reelected in subsequent elections until 2012. During this period, he served as Minister of: Press and Government Representative, Labor and Social Security, Transport and Network Infrastructure, Public Administration, and e-Government. He has written many articles, research papers and a book: "Face to face with the Media". He is married with two children.

KYRIAKOS SARANTIS OF PANTAZIS, Chief Executive Officer (CEO) of Sarantis Group

He was born in Athens and studied at the Athens University of Economics and Business. He is a graduate of Athens College.

His vision and business thinking brought significant development in the Group making it one of the leading consumer products companies in Europe.

Within dynamic and rapidly changing markets, he has repeatedly produced sustained revenue, significant improvement in the operational performance and profitability of the Group and achieved critical strategic goals, thus building shareholder value and confirming his vision.

He focuses particularly on the people of the Group by adopting a healthy and practical management style focused on the employees' fulfillment and advancement.

KONSTANTIONOS ROZAKEAS OF PETROS, Chief Financial Officer (CFO), and Deputy CEO of the Group, Executive Member.

He is responsible for all the non-commercial activities. He has been the Chief Financial Officer of the Group for the last 25 years, having 12 years of former experience as Certified Accountant (at SOL) and Business Consultant (at ARTHUR ANDERSEN). He has attended the executive programs of the INSEAD Business School, Advanced Management Program (AMP) and Corporate Financial Strategy in Global Markets (CFSGM).

KONSTANTINOS STAMATIOU OF FOKION, Manager of the Legal Department of the Group, Executive Member In-house Legal Counsel of GR. SARANTIS S.A. since 1997. Graduate (cum laude) of Athens College (1969-1978).

Graduate (magna cum laude) of Athens Law School of the University of Athens (1978-1982). Post-graduate studies (Μaster of Laws) at the University College of London and Queen Mary College of the University of London.

Apart from his position as Legal Counsel and participation in the Board of Directors of significant private sector companies, he has participated in the Board of Directors of the "National System for the Quality of Infrastructures" (Greek Organization for Standards and Standardization, National Institute for Measures & Metrology) and of "THEMIS Constructions" as Deputy Chairman.

IOANNIS Κ. BOURAS, Chief Commercial Officer (CCO) and Deputy CEO of the Group, Executive Member. A passionate visionary FMCG professional with experiences around various categories of products (food, personal care, and beauty), countries and regions of activity. He mainly focuses on brands and people of the organization, always aims at the day-to-day close cooperation to deliver business objectives and finally create

value for all stakeholders. He has the knowledge and the experience of all distribution channels, modern retailers and e-shops. Having proved his participation in leading teams in a volatile competitive environment, he has effective communication and engagement as his main pillars of his work. Effective, creative and productive, leading by example with front line leadership style. Always positive, energetic, solution and action oriented. His 20-year professional experience in the sector is a privilege for Sarantis Group. He has worked in many countries for various companies such as ΜΙΝΕRVΑ and PZ Cussons. He holds a bachelor in chemical engineering, ΜΒΑ degree, and completed the INSEAD International Directors Program in 2019.

GEORGIOS P. KOSTIANIS, Chief Operating Officer (COO) of the Group, Executive Member.

An extremely skilled FMCG professional with 30 years of experience in the sector. He has worked in many countries for various companies such as PZ Cussons and ΜΙΝΕRVΑ, and he was responsible for budgets of £500mil. and P&L of more than £100mil. while he is an expert in international supply chain & logistics matters. He is very experienced in Boards of Directors of companies abroad, as Chief Commercial Officer, in Nigeria, Singapore and Greece for PZ Cussons and ΜΙΝΕRVΑ respectively. He holds a BSc. and a MSc. in mechanical Engineering from the Universitiy of Birmingham and Manchester respectively. In 2003, he attended the INSEAD International Executive Program, and in 2019 he completed the Financial Times-Pearson Plc Non-executive Director (NED) Diploma.

EKATERINI SARANTI OF PANTAZIS, Non-executive Member

She holds a Μaster degree in Special Education from Lesly College (U.S.A.) and Bachelor in Psychology from Deree College. She is a graduate of Moraitis High School. She ensured the immediacy of the Audit Committee's communication with key shareholders and the expansion of the Audit Committee's expertise, maintaining communication channels during her term that lasted until 2018.

CHRISTOS ECONOMOU OF IOANNIS, Independent - Non-executive Member,

He has many years of experience in the construction sector, through the companies of Parnon S.A. and Vistonis S.A, and provides his experience particularly during the audit of the projects and the capital expenditures of the Group.

IRINI Μ. NIKIFORAKI, Independent-Non-executive member

Irini Nikiforaki was appointed to the Athens Court of First Instance in 1997 and is admitted before the Supreme Court of Greece. She holds a BSc in Law from the Law School of the University of Athens, a post-graduate degree from the same university (LL.M European Competition Law, Intellectual Property, International Commercial Arbitration) and a Ph.D from the Law School of the University of Edinburgh (PhD: "Technology Licensing: the evolution of EU Competition law"), while in 2020 she attended the Female Leadership Program of the University of Oxford, Saïd Business School. She specializes in the Competition and Regulatory Law, focusing on the Telecommunications sector, and on the Information/Communication/Technology sector (ICT sector), commercial contracts law, intellectual and industrial property law, corporate law, and mergers and acquisitions of companies. From 2002 until now, she is a Lawyer of the Hellenic Telecommunications and Posts Commission (ΕΕΤΤ) competent for regulatory and competition issues in the Electronic Communications sector. During 2007- 2008, she served as legal counsel in the Ministry of Infrastructure and Transports. She is a founding member of the law office 'Nikiforaki & Fereti Law' (https://nikiforaki.ondev.gr). Moreover, she has participated in a significant number of legislative bill drafting committees (for Telecommunications, the incorporation of the new code of Electronic Communications) and has represented EETT in the European competition network of the European Union. She teaches Electronic Communications Law as a visiting lecturer in the Post-Graduate programs of the Law School of the University of Athens and she has made various scientific and academic publications.

NIKOS ΝΟΜΙΚΟS OF PERIKLIS, Independent-Non-executive member

He holds a Bachelor in Business Management from the Univerity of Surrey and an MSc in Business Innovation, Entrepreneurial Finance and Innovation Management from University of London. He is a graduate of Moraitis High School. His professional activity is in the sector of financial advisory services. Since 2019 he has been working as a Growth Lead at Beat (Daimler Group).

MARIA FOTOPOULOU OF GEORGIOS, Corporate Secretary

Mrs Fotopoulou has been a lawyer for 21 years and legal counsel of Gr. Sarantis S.A. since 2015. She is a holder of a BSc from the Law School of Athens and a LL.M. in the European and International Law; she has a rich and broad legal background, dealing with cases of the corporate and commercial law, as well as the entire spectrum of law related to the Company's activities. Her legal training in combination with her extensive knowledge of the Group's operations ensures excellent support of the role of the Corporate Secretary.

The BoD members are elected – appointed by the General Assembly through simple quorum (1/5) and majority (½ +1 of those present).

In case of resignation, death or loss of the status of the member or members of the Board of Directors in any other way, the remaining members can decide to continue the administration and representation of the company even without the replacement of the vacancies on the condition that the number of the remaining members exceeds half the number of the members prior to the occurrence of these events. In any case, the remaining members are not allowed to be less than three (3).

The BoD convenes regularly depending on the needs of the Company and the items to be settled and at least once a month.

The Secretary of the Board of Directors holds the minutes of the Board of Directors and the Committees. The following table summarizes the number of meetings and participation rates of the Board of Directors and its

Committees during the reference period, that is, 1/1-31/12/2021

% participation BoD meetings % participation Audit Committee meetings % participation Remuneration & Nominations meetings SN Number of Meetings 61 16 2 1 Grigorios P. Sarantis Chairman Executive member 100% ² Kyriakos P. Sarantis Chief Executive Officer Executive member 100% 3 Konstantinos P. Rozakeas CFO & Deputy CEO Executive member 100% 4 Konstantinos F. Stamatiou Legal Counsel Executive member 100% 5 Ioannis Κ. Bouras CCO & Deputy CEO Executive member 46% 6 Georgios P. Kostianis COO Executive member 38% ⁷ Ekaterini P. Saranti Member Non-executive member 77% 8 Dimitrios P. Reppas Vice-chairman Independent and non-executive member 18% 50% 9 Christos Ι. Economou Member Independent and non-executive member 38% 94% 100% 10 Irini Μ. Nikiforaki Member Independent and non-executive member 25% 81% 11 Nikolaos P. Nomikos Member Independent and non-executive member 31% 100% - Ioannis Μ. Arkoulis Chairman of the Audit Committee Third Party Independent nonmember of the BoD 7% 100% Antonios Μ. Agiostratitis Member Non-executive member 36% Dimitrios Κ. Efstathiou Member Independent and non-executive member 13% 13% 50%

The Company's Regulation of Operation, a summary of which is posted on the corporate website Summary of the Regulation of Operation Gr. Sarantis S.A., describes in details the operation of the Board of Directors, its powers, authorities and duties, the authorities of the executive members, the non-executive members and the independent members. Reference is made to the authorities of the Chairman and the Independent Vicechairman.

The Management has established a policy and a procedure to prevent and address conflicts of interests. The goal of the Policy is to set the framework of identifying, assessing, managing and preventing cases of conflicts of interests, so that the administrative bodies of the Company can make prudent, objective and independent decisions in favor of the Company and the fulfilment of its aims, and that the due diligence of the members of the bodies and the promotion of the corporate interest is ensured. The Procedure reflects the principles and procedures that the Company adopted in order to fulfil its legal obligations to keep and implement effective administrative procedures and audit mechanisms to prevent, identify and manage existing and potential conflicts of interest within its activities.

The Management has taken care of adopting the compliance procedure regarding the transactions with related parties in line with article 14 of Law 4706/20 and of the obligations arising regarding the recognition, monitoring and disclosure of the Company's transactions with related parties.

The rules regarding the recognition, monitoring and disclosure of transactions with related parties are based on Law 4548/2018 and in particular Articles 99-101, International Accounting Standards / International Financial Reporting Standards and more specifically IAS 24 "Related Party Disclosures" and IAS 27 "Consolidated and separate financial statements" and the instructions of the Hellenic Capital Market Commission (Circular 45 / 21.7.2011 "Transactions of a listed company with related parties").

The monitoring of the transactions between the Company and its related parties is carried out on a continuous basis by the Finance Department. The Finance Department is responsible for the observance of the provisions of the legislation on intra-group transactions, the monitoring of the procedures of agreements or written contracts between the related entities as well as their justification and documentation by calculating the prices of products-services ( provided or received).

The Board of Directors of the Company evaluates and updates on an annual basis the criteria applied for the identification of the Company's transactions with related parties and the fulfillment of the criteria in order to exclude an impending transaction from the restrictions of Law 4548/2018.

The competent body, for taking the relevant decision on the preparation of Intragroup Transaction and the granting of the relevant license, is the Board of Directors of the Company. The competence of the Board of Directors for the issuance of a license is exercised collectively and cannot be assigned to one or more persons, members of the Board of Directors or not.

The Board of Directors may issue a license, which is valid for six (6) months. On repetitive contracts with the same person, a single contract can be issued, which defines the characteristics of the contracts and is valid for one (1) year.

The Board of Directors announces the issuance of a license for the preparation of the Intragroup Transaction. This announcement is submitted to the publicity provided by Law 4548/2018 before the completion of the transaction.

Within ten (10) days from the publication of the announcement of the granting of the above license by the Board of Directors, shareholders representing one twentieth (1/20) of the paid-up share capital, may request the convening of a General Meeting to decide on the issue of licensing. The contract for which a license was granted by the Board of Directors is considered final only after the expiration of the deadline of ten (10) days or the receipt of the license from the General Meeting or the written statement of all shareholders to the Company that it is not provided to request the convening of the General Assembly.

If the Intragroup Transaction has already been concluded until the General Meeting has been authorized, then the General Meeting is canceled if it is opposed by shareholders representing one twentieth (1/20) of the capital represented at the General Meeting.

In the event that the transaction concerns a shareholder of the Company, the specific shareholder does not participate in the voting of the General Meeting and is not calculated for the formation of the quorum and the majority. Similarly, other shareholders do not participate in the voting with whom the counterparty is associated with a relationship subject to paragraph 2 of article 99 of Law 4548/2018. This paragraph does not apply if the permission of the Board of Directors was given with the consent of the majority of its independent members.

In any case, the issuance of the license by the General Meeting is canceled, if it is opposed by shareholders representing one third (1/3) of the capital represented at the meeting.

If the permission to conclude the contract was given by the General Meeting, any amendments may be made with the permission of the Board of Directors, unless the General Meeting reserved the right to provide the permission to them as well.

The decision of the Board of Directors or the General Meeting (as the case may be) is taken based on the auditor's report or auditing company or other independent third party to the Company, which assesses whether the transaction is fair and reasonable for the Company and its shareholders that are not a related party,

including the Company's minority shareholders, and explains the assumptions on which it is based, together with the methods used. The persons of paragraph 2 of article 99 of Law 4548/2018 do not participate in the preparation of the specific report.

Except in the case that the Board of Directors has granted the permission for the preparation of the Intragroup Transaction, the Board of Directors announces the issuance of permission for the preparation of the Intragroup Transaction by the General Meeting, as well as the non-expiration of the ten (10) days according to the above. This announcement is submitted to the publicity provided by Law 4548/2018 before the completion of the Intragroup Transaction. Inaccuracy of the announcement is not opposed to third parties, unless the Company proves that the third parties were aware of this inaccuracy. The announcement includes at least some information:

as to the nature of the Company's relationship with the related party,
the date and value of the Intragroup Transaction,
any other information necessary to assess whether the transaction is fair and reasonable to the Company and its non-affiliated persons, including minority shareholders.

The announcement is accompanied by the report of the accountant auditor or auditing company according to the above. The transaction concluded between the person affiliated with the Company and its subsidiary is also submitted in the publicity formalities.

The provisions of this procedure are without prejudice to the obligations of disclosure of preferential information, as referred to in Article 17 of Regulation (EU) No 596/2014 of the European Parliament and of the Council.

The Management has provided for the generation of an Assessment and Supervision Procedure for the Members of the Board of Directors and its Committees. The assessment is carried out every year. In this context, the Nominations and Remuneration Committee assesses the structure, composition and performance of the bodies, as well as the skills, knowledge and experience of their members and submits proposals to the Company's Board of Directors. The assessment in both cases is conducted by filling in appropriate questionnaires. Once the Board of Directors is aware of the results of the assessment, the actions to be implemented are formed. In case decisions are made on corrective actions following the assessment, the Nominations and Remuneration Committee makes sure that these are properly implemented, and the implementation thereof is monitored by the Chairman of the Board of Directors.

(b) Committees

(b1) Executive/Management Committee (Regulation of Operation, par.2.2.3.1).

In addition to the provisions of the law, the company has established an Executive Committee. It is chaired by the Chief Executive Officer and the directors of the Group's core operations and on case by case basis the pertinent directors of the Business Units participate. The Executive Committee constitutes a collective body of the Company's management with explicitly executive responsibilities and supervisory role over current operating and administrative issues. It is the competent committee for the business risk management.

(b2) Audit Committee (Regulation of Operation, par.2.2.3.2).

The Audit Committee consists of at least three members as an independent committee. The Chairman is appointed by the members. Its members are Ioannis Arkoulis, Certified Public Accountant (Chairman, Independent third Party appointed by the Ordinary General Assembly), Irini Nikiforaki, Legal Counsel, Lawyer of Athens at the Supreme Court, and visiting lecturer in the Post-Graduate programs of the Law School of the University of Athens (Member, Independent non-executive BoD member), Christos Economou, Businessman (Member, Independent BoD Non-executive member).

The Audit Committee assists the Board of Directors in fulfilling its supervisory responsibility undertaken on behalf of the shareholders. It is a committee designed to add value and improve the operations of the organization. Its role includes, inter alia, the following: (a) it informs the Board of Directors about the results of the mandatory audit, (b) it monitors the financial reporting process, (c) it monitors the effectiveness of the internal audit systems, (d) it monitors the mandatory audit of the annual and consolidated financial statements, (e) it reviews and monitors the independence of the certified auditors or the auditing companies, (f) it is responsible for the selection of certified auditors or auditing companies, (g) its responsibility is to select independent evaluators to evaluate the Internal Audit System, monitor their work and inform both the Board of Directors and the competent supervisory body.

The Audit Committee has a regulation of operation, which defines, inter alia, its role, the process to fulfil it, and the way to convene and hold its meetings. The regulation of Operation of the Audit Committee is posted on the Company's website Regulation of Operation of the Audit Committee Gr. Sarantis S.A..

The Committee held 16 meetings in total during the fiscal year. The table of page 9 presents the percentage of participation for each member. A detailed description of the Committee's work is presented in the annual report of proceedings included in the annual Ordinary General Assembly and posted on the corporate website. In summary, the issues addressed were the following:

Regarding the obligation to supervise the external audit and the financial reporting process, the Audit Committee, inter alia:

Delivered its opinion regarding the extension of the appointment of the Auditing Company BDO Certified Public Accountants S.A. It received the schedule for the preparation of the financial reporting by the management and for the significant judgements estimates and assumptions during the preparation of the financial statements. It examined the independence of the Certified Auditors and ascertained that they do not receive fees by the Company and its subsidiaries for non-auditing services. During the meetings with the certified auditor of Gr. Sarantis S.A., it was informed about the annual plan of the mandatory audit, assessed the plan and confirmed that it includes the most significant fields of audit, in relation to the main business and financial risks of the Group. It examined the level of significance chosen by the certified auditor – accountant as well as the sampling method used. It received the supplementary report pursuant to article 11 of EU Regulation 537/2014 which contained the results of the mandatory audit and informed the Board of Directors. It was informed about the process and the software program regarding the consolidation of the Group's financial statements. It examined, before the approval by the Board of Directors, the financial statements (company and consolidated) and, taking into account the content of the supplementary report of the Certified Auditor, assessed positively the completeness and consistency thereof and informed the Board of Directors.

Regarding the supervision of the Internal Audit, Regulatory Compliance and Risk Management unit, the Audit Committee, inter alia:

Approved the updated regulation of operation of the Audit Committee and proposed it for approval to the Board of Directors. It assessed the adequacy and efficiency of the Internal Audit System, taking also into account the content of the audit reports of the Internal Audit Unit. It assessed the adequacy and efficiency of the Risk Management System. It assessed the adequacy and efficiency of the Regulatory Compliance System. Regarding the compliance with the new regulatory framework of corporate governance, Law 4706/2020, and the decisions and circulars of the Hellenic Capital Market Commission, the audit committee reviewed and approved the updated Policies, Regulations and Procedures, including the updated Code of Ethics of the organization. It approved the annual plan of audit of the Internal Audit Unit, assessing the process during which it was formed. It confirmed that the annual audit plan for 2021 was formed based on the main risks (financial reporting, operating, regulatory compliance and financial risks) that the Group's companies face. It monitored the implementation of the audit plan and assessed the efficiency of the Internal Audit Unit, through quarterly reports of the Head of the Unit. It monitored the progress and the efficiency of the auditing work, by assessing, through quarterly reports, the findings, the corrective actions agreed to handle the findings as well as the implementation thereof. It monitored the inventory procedures regarding the end of the fiscal year 2021. It became aware of compliance issues regarding data protection and the assurance system of the company.

Particularly regarding the non-corrective event of the war between Ukraine and Russia and its impact on the Group's subsidiaries in Ukraine and Russia, the Audit Committee:

Requested and received briefing by the Board of Directors regarding the assessment of risks and any potential examination of alternative scenarios to handle the situation. Together with the Management and the Auditors, it examined the likelihood of the non-going concern of the subsidiaries in Ukraine and Russia and any impact on the activity of the Company and the Group. It requested and received briefing by the Board of Directors regarding the possibility to complete the audit of the subsidiaries in Ukraine and Russia for the fiscal year 2021 and ascertained that they have been completed in time. Because of the criticality of the situation, it was agreed, at the Management's initiative, that the briefing by the Deputy CEO and Chief Financial Officer of the Group should be provided to the Chairman of the Audit Committee, the Certified Auditors and the Head of the Internal Audit on a weekly basis until the announcement of the results unless there is a relevant solution to this matter.

Regarding the Sustainable Development Policy, the Audit Committee received the Sustainable Development Policy approved by the Board of Directors. It ascertained the structure of the Policy and the commitments of the organization. It ascertained that the business practices adopted by the organization are designed in order to add value both in the short-term and in the long-term, thus maximizing the positive effects, such as creation of employment, improvement of consumers' health and well-being, by minimizing the negative effects, such as greenhouse gas emissions or the use of plastics.

The Sustainable Development Policy of the organization is based on:

The compliance with the applicable legislation
The contribution in the Sustainable Development Goals of the United Nations

The Precautionary Principle, as formulated by the UN pursuant to the Principle 15 of 'The Rio Declaration on Environment and Development (Precautionary Principle or approach - Principle 15 of 'The Rio Declaration on Environment and Development).
The principle of materiality, as defined by the GRI Standards, through which the Group is committed to prioritizing, at least every two years, the most significant financial, social and environmental effects it generates
The Principles of the United Nations Global Compact

The Sustainable Development Policy covers the following financial, social and environmental aspects of the Organization's effects, which result from the compliance with the Principles of the Policy and which are reviewed at least on a two-year basis, in the context of the analysis of the materiality of sustainable development issues of the Sarantis Group:

(i) Sustainable production and consumption:

Safeguarding of the quality of the products and the safety of the consumers
Responsible marketing and product environmental/social labelling
Safeguarding of the sustainable and circular supply of raw and packaging materials
Minimisation of packaging and adoption of circular practices in the waste management
Improvement of energy efficiency, use of renewable resources and reduction of greenhouse gas emissions in the production and distribution.
Investment in Research and Development for innovative and sustainable products
Assessment of the suppliers for environmental and social effects
Improvement of the efficiency of water usage, waste process and the circularity in the production
Support of the responsible consumption and the sustainable lifestyle

(ii) Responsible governance

Safeguarding of strong financial performance.
Safeguarding of corporate governance, regulatory compliance and business ethics.

(iii) Empowered employees

Creation of employment and investment in employees' training
Safeguarding of all employees' health, safety and well-being
Provision of equal opportunities, safeguarding of diversity and respect of Human Rights

(iv) Thriving Communities

As an active part of the society in which it operates, the Group effectively supports the needs of local communities and implements relevant initiatives. The impact of the Group on the local and broader community is understood in depth and expressed through financial contributions, brand-based donations and many other initiatives aiming to increase the positive financial, social and environmental effects towards all stakeholders.

The company prepares, as it should, a non-financial statement in which it incorporates a reference to the ESG material issues, and which it includes in the management report. Moreover, it prepares a Sustainable Development Report based on the GRI Standards.

(b3) Nominations & Remuneration Committee: (Regulation of Operation, par.2.2.3.3) It is a three-member committee and consists of non-executive and independent members of the Board of Directors. The current committee consists of Dimitrios Reppas of Konstantinos (Chairman, Independent Vice-chairman of the BoD), Christos Economou of Ioannis (Member, Independent non-executive member of the BoD), Nikolaos Nomikos of Periklis (Member, Independent non-executive member of the BoD).

The Regulation of Operation of the Nominations & Remuneration Committee is posted on the corporate website: Regulation of Operation of the Nominations & Remuneration Committee of\_Gr. Sarantis S.A.

The Committee held two meetings within the fiscal year and there was a quorum in both of them. During the first meeting within the year, it examined the remuneration policy and the remuneration report of the previous year and approved both the updated remuneration policy and the remuneration report, and both of them were submitted to be voted for and were included in the minutes of the Ordinary General Assembly of May 2021. During the second meeting, it was formed into body having its present composition.

Within 2022, the Committee examined the statements of independence of the independent members, based on the Independence Notification Procedure approved by the Board of Directors on the 14th of July 2021, and ascertained their independence.

The remuneration of the BoD members is determined based on the Remuneration Policy which is posted on the corporate website: Renumeration Policy of Sarantis S.A.

The Remuneration Report of the year 1/1 - 31/12/2021 was made available to the Nomination & Remuneration Committee, and was approved and posted on Tuesday May 3 rd 2022 on the corporate website: https://sarantisgroup.com/investor-relations/shareholders/general-meetings/

The following table presents the shares held by the members of the Board of Directors and the Executives as at 31/12/2021.

Full Name	Capacity	Shares
Grigoris Sarantis	Chairman	13,160,674
Dimitris Reppas	Independent Vice-chairman	-
Kyriakos Sarantis	Chief Executive Officer	14,875,207
Aikaterini Saranti	Non-executive member	7,578,801
Konstantinos Rozakeas	CFO & Deputy CEO	-
Konstantinos Stamatiou	Legal Councel	10
Ioannis Bouras	CCO & Deputy CEO	-
George Kostianis	COO	-
Christos Economou	Independent and non-executive member	-
Irene Nikiforaki	Independent and non-executive member	-
Nikolaos Nomikos	Independent and non-executive member	-
Anastasia-Stavroula Latsou	Finance Director GR. Sarantis S.A.	4,564
George Katsikogiannis	Group Supply Chain Manager	600
Krzysztof Kaminski	General Manager Sarantis Czech Republic	100

The Committee, within the framework of its competences, supervises the application of the Suitability Policy which is posted on the corporate website: Suitability Policy of BoD Members of Gr. Sarantis S.A. Pursuant to it, the members of the Board of Directors are judged whether they are suitable or not both individually and collectively in the bodies they participate. In particular, each member of the Board of Directors is judged based on the adequacy of his/her knowledge and skills, and the appropriate character requirements; he/she also is assessed based on the Conflict of Interests Policy to safeguard the independence of judgement. Moreover, features such as the impartial attitude, strength, ability to document and formulate the right questions, ability for critical thinking and resistance to group-thinking, as well as the adequacy of time are also examined. Regarding the collective suitability, the Board of Directors is examined as the body which should have the ability to examine issues related to the business activity and the related risks, issues of strategic planning, understanding and supervision of financial reports, understanding of regulatory and legislative issues, corporate governance issues, identification and management of risks, application of safe, reliable and effective technological solutions, and issues related to the Diversity Policy.

The organization has a Diversity Policy, the criteria of which are included in the Suitability Policy. The Diversity Policy and the Code of Ethics, which is posted on the corporate website: Code of Ethics of Gr. Sarantis S.A, set the specific principles as the foundation of the business model of the Organization. The commitments of the adequate representation per gender at least 25% on the total number of the members, and the non-exclusion due to the discrimination in terms of gender, race, colour, ethnic or social origin, religion or beliefs, property, birth, disability, age or sexual orientation are included in these principles. The current Board of Directors consists of 11 members and 25% of them correspond to 2.75 persons. The rounding in this case is done to the lower number.

The following table presents a summary of data regarding the gender, the age and the education of the highest, higher and middle management level of the Group.

	SARANTIS

Levels	Positions		GENDER	EDUCATION			AGE
31/12/2021		% Female	% Male	% THIRD LEVEL	% HIGHER (BSc)	% HIGHEST (MSc)	FROM	TO	AVERAGE
Highest	BOARD OF DIRECTORS	18,00%	82,00%		27,27%	72,72%	32	70	58
Higher	DIRECTORS & GM's	17,00%	83,00%		31,35%	68,65%	33	62	48
Middle	MANAGERS	46,00%	54,00%	16,50%	61,00%	22,50%	31	64	45

2.12.4 Internal Control System and risk management:

Internal Control System

The Internal Control System is defined by the entire procedures, methods and mechanisms, the application of which is responsibility of the board of directors, the directors of the management and in general the entire personnel of the Group based on their corresponding responsibilities, designed to provide a desirable assurance level regarding the achievement of the following targets:

The effectiveness and efficiency of various operations (business cycles)
The credibility of the reports
The compliance with the law and rules in effect

The internal audit system of the Organization includes the total internal audit mechanisms and procedures, Policies, Regulations and Codes, including risk management, internal audit and regulatory compliance, which continuously covers all its activities and contributes to its safe and effective operation. The Organization applies the three lines model of internal audit of the Institute of Internal Auditors (the IIA) as updated in July 2020.

The Main Roles in this model are the following:

I. Regarding the management body (Board of Directors and Management Committee)
It accepts accountability to the stakeholders for the supervision of the organization
It cooperates with stakeholders, monitors their interests and transparently communicates issues regarding the achievement of the goals
It develops a culture that promotes moral behavior and responsibility
It creates structures and procedures of governance, including auxiliary committees, as appropriate
It assigns responsibility and provides resources to the management in order to achieve the goals of the organization
It determines the tolerance against risks and supervises the risk management
It maintains the supervision of the compliance with the legal, regulatory and ethics framework
It creates and monitors an independent, objective and capable internal audit operation
II. Regarding the Management

First-line roles (Sales, Production, Warehouse, Stock Distribution-Management, etc.)

They lead and direct actions (including the management of risks identified during the implementation of the task), they provide resources in order to achieve the goals of the organization
They maintain open communication with the management body and report planned, actual and expected results related to the goals of the organization and the estimated risks
They create and maintain suitable structures and procedures (regulatory tools) for the management of operations and risks (including audit valves).
They ensure the compliance with the legal, regulatory and ethics framework

Second-line roles (Control, planning and assurance units, for example: Business Control, Credit Control, Quality Control, IT Security, Data Protection, Supply Chain Optimization unit, Factory Planning, Group Planning, Supply Planning, Group Procurement Financial Analyst, HR Organizational Development dpt, Group Product Development Departments, etc).

They provide supplementary expertise, support, monitoring and evaluation related to the management of risks, including:
- o the development, implementation and continuous improvement of the risks management, the practices (including internal audit valves), at the procedure level, and systems, at business entities level
- o the achievement of goals, the management of risks, such as: the best possible effectiveness and efficiency of the organization, the compliance with the laws, regulations, the Code of Ethics, the

internal audit, the safety of the corporate information and the integrity of the information systems, the sustainability and quality assurance

They provide analysis and reports regarding the adequacy and efficiency of the risks management (including the security valves of the internal audit system).

III. Internal audit

It has the primary responsibility towards the management body and independence from the responsibilities of the management
It provides independent and objective assurance and advice to the management and the managers regarding the adequacy and effectiveness of the governance and the risk management (including the applied internal audit systems) to support the achievement of the organizational goals and to promote and support continuous improvement
It reports effects (weakening) on the independence and objectivity to the management body and applies assurance methods, as appropriate.

IV. External assurance providers

They provide additional assurance so that:
- o the legislative and regulatory expectations for the protection of the interests of the stakeholders are met
- o the requests of the management and the management body regarding the additional assurance of the internal assurance systems of the organization are fulfilled

Relations between main roles

Between the management body and the management team (first and second line roles)

The management body set the direction of the organization by defining the vision, the mission, the values and the tolerance of the organization against risks. Afterwards, it transfers to the management team the responsibility to achieve the goals of the organization and provides the necessary resources. The management body receives reports from the management team containing the planned, actual and expected results, as well as reports regarding risks and their management.

Between the management team (first and second line roles) and the internal audit unit

The independence of the Internal Audit Unit from the management team ensures the performance of its work without obstacles or polarization, both during the planning and the performance of the work, by providing unlimited access to people, resources and information that the work requires. The Unit is accountable to the management body. However, independence does not entail isolation. There should be regular interaction between the Internal Audit Unit and the management team to ensure that the work of the internal audit is relevant and in line with the strategies and the operational needs of the organization. Through all its activities, the internal audit builds its knowledge and understanding for the organization and, through the provision of advice, contributes in the improvement of the organization management systems. There is a need for cooperation and communication with both the first and second line roles of the management teams and the Internal Audit Unit to ensure that there are not unnecessary repetitions, overlaps or gaps.

Between the Internal Audit Unit and the management body

The Internal Audit Unit reports to the management body. The management body has the responsibility to supervise the Internal Audit Unit:

it appoints the Chief of the Internal Audit
it ensures the independence of the Unit
it ensures την operational report of the Chief of the Internal Audit to the Audit Committee
it ensures the approval of the audit plan and the resources to implement it
it ensures free access of the Chief of the Internal Audit to the management body through personal meetings without the presence of the chiefs of the management team.

Among all Roles

The management body, the management team and the Internal Audit Unit have distinct authorities; however, all operations should be in line with the goals of the organization. The basis for their successful coherence is the regular and effective coordination, cooperation and communication.

Key Components of the Internal Audit System

Audit Environment, which is a set of structures, policies and procedures that provide the basis of an effective Internal Audit System;
Risk Management, which includes a review of the risk identification and assessment, the Company's risk management and risk response procedures and the risk monitoring procedures;
Audit Mechanisms & Safety valves, regarding the review of the audit mechanisms emphasizing on safety valves in terms of issues related to the conflict of interests, the separation of duties as well as the governance & security of the information systems;
Information and Communication regarding the review of the entire financial and non-financial reporting process, including reports of the audit mechanisms, as well as the review of the procedures & channels of the Company's internal and external communication;
Monitoring of the Internal Audit System, regarding the review of the Company's structures and mechanisms which are responsible for continuously assessing the data of the Internal Audit System and reporting findings to be corrected or improved. The operation of the Audit Committee, the Internal Audit Unit and the Regulatory Compliance and Risk Assessment Unit is reviewed by independent evaluator;
The Audit Committee is responsible for monitoring the work of the independent evaluator, who is called upon at regular time periods to provide information on the course of his/her work, as well as any risks (delays, etc.) in order to be solved. The Audit Committee cooperates with the Internal Audit, Risk Management and Regulatory Compliance Unit as well as with other organizational units of the Company for the seamless and timely implementation of the work. The Company, through its Audit Committee, submits without delay to the Hellenic Capital Market Commission, and in any case within three (3) months from the reference date of the Evaluation Report, the summary of the Report and, if required, the whole of it.

Internal Audit: As part of the system, the Organization has an Internal Audit Unit which operates pursuant to the regulation.

Regulatory Compliance: As part of the system, the Organization has a Regulatory Compliance Unit which operates pursuant to the regulation.

Information Report System of the Group (Speak-up Policy): In the context of the Internal Audit System, the Company prioritizes its operation within a framework governed by the maximum level of ethics and professional conduct. In this framework, it has established a Report and Complaints Management Policy. The Policy determines the principles and the operation of the procedure adopted by the Company in order to receive, process and investigate anonymous and/or identified reports and complaints regarding unethical conduct, irregularities, omissions or other unlawful activities.

Risk Assessment and Management: As part of the Internal Audit System, the Organization has a Risk Assessment & Management Unit which operates pursuant to the regulation.

The methodology, based on which the risks of the fiscal year are assessed, takes into account both the risks of the operating environment, and those due to internal factors of operation. The assessment process includes the following steps:

Identification of the risk;
Description of the possible effect on the organization since its occurrence;
Assessment of the likelihood for the risk to occur;
Assessment of the possible effect on the organization;
Determination of the organization's level of tolerance for the specific risk;
Actions of the management to address the risk (based on the main approaches of avoidance, acceptance, mitigation and transfer). As mentioned in the paragraph regarding the committees, the Management Committee is the competent committee to manage business risks.

Depending on the nature, the effect and the probability of risks, relevant decisions are made, based on costbenefit estimates.

The Board of Directors, with the support of the Management Committee, reviews regularly (and, in any case, at intervals not exceeding one year) the business risks and adjusts the corporate strategy and the Internal Audit System accordingly.

The main risks that the group faces are mentioned in the report of the Board of Directors to the General Assembly and in details in the Annual Financial Statements. In particular, the description of the main risks identified by the management is presented in chapter 2.4 of the annual financial report, whereas the description of the management of the main identified risks is included in chapter 4.9 of the annual financial report.

The Management has supported the development of a new methodology for the assessment of risks based on which the annual assessment of risks will be performed starting from the fiscal year 2022.

The Internal Audit System will be evaluated by an external evaluator in 2023.

Description of deviations from the special practices of the Hellenic Corporate Governance Code (June 2021) and justification.

The fiscal year 1/1-31/12/21 was the first fiscal year during which the Company complied with the Hellenic Corporate Governance Code (June 2021).

Special Practice 1.17. At the beginning of each calendar year, the Board of Directors adopts a calendar of meetings and an annual action plan, which is revised according to the developments and needs of the company, in order to ensure the correct, complete and timely fulfilment of its tasks, as well as the examination of all matters on which it takes decisions.

The Board of Directors approved the application of the Hellenic Corporate Governance Code on the 14th of July 2021. The practice will be applied in 2022.

During the first fiscal year (1/1-31/12/21) that the Company complied with the Hellenic Corporate Governance Code (June 2021), a calendar of meetings and an annual action plan were not drawn up. The company will comply with this special practice in the following fiscal year.

Special Practice 2.4.13. The maturity of the preemptive rights is defined for a period not less than three (3) years from the date of their granting to the executive members of the Board of Directors.

The preemptive rights plan does not provide for the maturity of the preemptive rights in the period defined by the special practice.

Special Practice 2.4.14. The contracts of the executive members of the Board of Directors provide that the Board of Directors may require the refund of all or part of the bonus awarded, due to breach of contractual terms or incorrect financial statements of previous fiscal years or generally based on incorrect financial data, used for the calculation of this bonus.

The above special practice is not followed.

Special Practice 3.3.12 The Board of Directors, under the guidance of the nomination committee, shall ensure the annual evaluation of the performance of the Chief Executive Officer. The results of the evaluation shall be communicated to the Chief Executive Officer and taken into account in determining his/her variable remuneration.
Special Practice 3.3.15 The results of the evaluation of the Board of Directors are communicated and discussed by the Board of Directors and are taken into account in its works on the composition, the plan for the inclusion of new members, the development of programs and other relevant issues of the Board of Directors. Following the evaluation, the Board of Directors takes measures to address the identified weaknesses.

Regarding the two aforementioned practices, the company has developed an ASSESSMENT AND SUPERVISION PROCEDURE FOR THE MEMBERS OF THE BOARD OF DIRECTORS AND ITS COMMITTEES. Based on this, the Board of Directors regularly assesses the effectiveness of the same as a collective body and the contribution of its members, as well as the effectiveness of its Committees. In this context, the Nominations and Remuneration Committee assesses the structure, the composition, the size and the performance of the members of the Board of Directors and the Committees of the Company, as well as the skills, the knowledge and the experience of the members of the Board of Directors and the Committees of the Company and its subsidiaries and submits relevant proposals to the Company's Board of Directors. The Nominations and Remuneration Committee is chaired by the Independent Vice-chairman. This assessment will be carried out within 2022.

2.13 NON-FINANCIAL STATEMENT

The current non-financial statement has been prepared in accordance with a. 151 of Law 4548/2018 and it provides information on the Company's policies and performance in relation to environmental, social and labor issues, respect for human rights, anti-corruption and anti-bribery issues. It also takes into consideration the GRI standards and the ATHEX ESG reporting guidelines.

Additional and more elaborative information on these issues, will also be available in the Sarantis Group 2021 Sustainability Report, which is currently being prepared in accordance with the Global Reporting Initiative Standards, and will be available by June 2022.

Short Description of the Business Model

Headquartered in Athens and boasting a history of over 50 years, Sarantis Group, is a multinational consumer products company, having dominant presence in Eastern Europe through own subsidiaries and strong export activity worldwide.

Throughout our history, we have been offering high quality consumer products that people trust in their everyday lives, always taking into consideration consumers' needs and our socio-environmental impact. From Personal Care to Health Care, as well as everyday Home Care Products and Luxury Cosmetics, we offer a wide range of products with high brand awareness.

The Group's companies are located in 13 countries within Europe, and in particular, in Greece, Poland, Romania, Bulgaria, Serbia, Czech Republic, Slovakia, North Macedonia, Hungary, Bosnia & Herzegovina, Portugal, Ukraine, and Russia, while at the same time, the Group maintains a powerful distribution network that exports to more than 50 countries in Europe, Asia, Africa and Oceania.

Sarantis Group is a long-standing reputable company built on excellence, trust, humbleness and ownership resilience, entrepreneurship, agility and trust, committed to bringing sustainable growth and achieving a positive impact on people's everyday lives.

The Group consists of a team of passionate and dedicated people we are proud of, who are committed to maximize company's heritage.

The Group is always nearby to its stakeholders, as an indispensable partner, working with them, creating value through the unique impact of our brands and our operational excellence.

Embracing local communities where the Group operates in and empowering them through initiatives that help build a better today while caring for tomorrow.

The Group's purpose is to uplift the mood of consumers, with beautiful simplicity that makes everyday life better, by being always nearby, working closely with our stakeholders to create value sustainably.

The Group follows and invests on a clear strategy that is shaped throughout its successful history and creates sustainable profitable growth and value for all stakeholders, (Shareholders, Banks & Financial Institutions, Customers, Consumers, Employees, Suppliers and Partners, Business Community , Society – Communities, State Authorities , Regulatory Authorities), within a highly competitive and dynamic international business environment.

The Group's strategic priorities are focused on further growing our Home Care, Personal Care and Beauty business in Central and Eastern Europe (CEE) as well as in the Commonwealth of Independent States (CIS) territory, reaching and impacting more consumers with everyday aspirational product propositions through our sustainable business practices and ethics.

The business model that supports and ensures the implementation of the Group's strategic objectives is as follows:

➢ Focus on maintaining dynamic sales growth both on an organic basis and through acquisitions, combined with new strategic international brand distribution agreements, as well as the geographical expansion of the Group.
➢ Focus on cost optimization, economies of scale and the exploitation of synergies.
➢ Efficient liquidity management.
➢ Reinvestment of net cash flows to further enhance the operation and financing of development projects.

In fulfilling the Group's mission, we are guided by our values. Our core values are: Excellence, Trust, Humbleness, Ownership, Sustainability. They are the foundation of our business model and, together with our solid financial performance, create the basis of our successful future development.

Our values define how we do business with our colleagues, partners, customers and consumers, while giving purpose to our daily work life.

"We are a Team with ETHOS"

Ethos comes from the Greek word "Ήθος" and shows a set of beliefs and ideas about the social behavior and relationships of a person or a group. ETHOS inspires constantly our moral culture. It's the path we have chosen to follow faithfully all these years.

Excellence: We strive for continuous improvement. We are restless to deliver top quality solutions to all our stakeholders and create value for them. Our results-driven performance – oriented culture empowers people to reach their full potential and achieve continuous growth

Trust: We are reliable partners. We build relationships that are in the interests of all involved. We always act and communicate with integrity and transparency. We follow through our promises and we deliver on them.

Humbleness: We dare to review our actions against the language of pride. We are willing to learn from each other and from failures as well as successes. We are confident and proud of our heritage, but we never assume that we are at the top of the game.

Ownership: We have owner's mentality. We think, decide and act like each of us owns the business. We understand that everything happens with a collective effort and we thus treat each other with respect and empathy. We lead with drive, passion and commitment to achieve success.

Sustainability: We conduct our business in a socially responsible and ethical manner providing long lasting value to our stakeholders. We respect diversity, human rights and the communities where we operate in.

Sustainable Development Strategy¹

We recognize that our operations have direct and indirect economic, social and environmental impacts on our stakeholders, including consumers, employees, investors, customers, partners and local communities in which we operate around the world.

We fully understand the importance of our contribution to sustainable development, we are committed to responsible management of these impacts throughout our value chain, from the production of the raw materials we procure to the use and disposal of our products by consumers.

For us, responding to the economic, social and environmental needs and expectations of our stakeholders, but also contributing to addressing the respective challenges of the wider society, especially on issues related to our sector, is not only a moral obligation but also a business incentive as we seek to maintain the optimum balance of our economic performance with responsible environmental and social practices.

Our business practices are designed to create value both in the short and long term, maximizing positive effects, such as creating employment and improving the health and well-being of consumers, and minimizing negative impacts, such as greenhouse gas emissions or the use of plastic.

To develop our sustainable development strategy, we followed a detailed mapping of our stakeholders, including all those who are affected by us and who affect us, in all countries of activity.

Applying the Principle of Stakeholder Participation of the GRI Standards, we have carried out a detailed mapping of the key categories and subcategories of stakeholders that are affected by us and that affect us, in all countries of activity.²

The following table includes our identified main stakeholder categories, their issues of interest, as well as the basic engagement types and their frequency.

Materiality analysis³

The materiality analysis process was based on the GRI Principles (Principle of Materiality, Principle of Completeness, Principle of Stakeholder Inclusiveness, Principle of the Sustainability Context).

We examined the economic, social and environmental impacts of our operation, throughout the value chain, which create effects either directly on our stakeholders, or more broadly in the economy, society and the natural environment.

Overall, 15 sustainability topics were identified across four main ESG pillars, based on the everyday communications with various stakeholder groups, review of the market sector, the points of interest of our stakeholders. These topics were prioritized using an online survey.

An internal materiality assessment conducted in 2021 ranked the topics based on their importance on influencing the decisions of stakeholders and on creating economic, environmental and social value throughout the Group's value chain in all the countries where the Group operates.

The results of the materiality analysis were validated by Sarantis Group upper management.

The identified topics and the material topics (bold) are as follows:

1	Ensuring robust economic performance
2	Safeguarding corporate governance, regulatory compliance and business ethics
3	Ensuring product quality and customer safety
4	Safeguarding sustainable, and circular sourcing of raw and packaging materials
5	Assessing suppliers against ESG criteria (i.e. energy, emissions, water, biodiversity, human rights, etc.)
6	Improving water use efficiency, wastewater treatment and circularity in production
7	Improving energy efficiency, use of renewable sources and reduction of GHG emissions in production and distribution
8	Minimizing packaging and adopting circular economy waste practices
9	Practicing responsible marketing and product environmental and social labeling
10	Supporting responsible consumption and sustainable lifestyles (i.e. water consumption and disposal related with use of products)
11	Investing in R&D for innovative and sustainable products
12	Building community relations and responding to societal needs
13	Creating employment and ensuring human capital development
14	Safeguarding employee diversity, equal opportunities and human rights
15	Ensuring occupational health & safety and wellbeing

The analysis of our economic, social and environmental impacts identified four main ESG pillars, and established the following key topics for sustainable development.

Responsible Governance	Sustainable Production and Consumption	Thriving Communities	Empowered Employees
We are committed to safeguarding a robust corporate governance, including roles and responsibilities for monitoring our sustainability impacts, compliance regulatory our and business ethics. Through our responsible governance structure, we maintain abilitv our to create economic impacts to our stakeholders, thus contributing to economic growth in our countries of operations, while safeguarding transparency.	We are committed to assessing and managing the environmental and social impacts of our products throughout their lifecycle, in order to ensure sustainable production in our own activities, as well as in those of our partners and suppliers, support responsible and to consumption practices in our value chain. To this end, we emphasize our in reducing our carbon efforts footprint, increase circularity in waste management, enhance our sustainable sourcing practices, while ensuring innovation, product quality and customer safety.	We are committed to building community all relations in countries of operations, creating socioeconomic impacts for our stakeholders through employment opportunities, payments to local suppliers etc., and responding to established and emerging societal needs.	We are committed to safeguarding occupational health, safety and wellbeing of our employees, investing in training for developing our human safeguarding diversity, capital, and equal opportunities and human rights.
SDGs	SDGs	SDGs	SDGs
B BOOKS WORK AND 16 Market	3 1600610000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000000 ercepture WC (0) 13 Lass 4 80.00 KAT 15 million CO 17 PHONERSON'S 8	3 AND INSTITUTIONS 1 Novem -Wo 8:49:9	3 MICHAELER O RECORT WORK AND 18 Market -Wo

I. Principal non-financial risks and their management

Risk Management System

Risk Assessment and Management is part of the Internal Audit System (paragraph 2.12.4). The Group has a Risk Assessment & Management Unit that operates according to regulations.

The methodology on which the risk assessment of the year is based takes into account both the risks of the operating environment and those due to endogenous operating factors. The evaluation process involves the following steps:

Risk identification
Description of the possible effect on the operation since its occurrence
Assessment of the possibility of the risk
Assessment of the possible impact on the operation
Determining the Group's level of tolerance for the specific risk
Management actions to address the risk (based on the main approaches of avoidance, acceptance, mitigation and transfer). The Executive Management Committee is the committee responsible for managing business risks.

Depending on the nature, impact and likelihood of the risks arising, relevant decisions are made, based on costbenefit estimates.

The Board of Directors, with the support of the executive Management Committee, reviews the business risks at regular intervals (at least annually) and adjusts the corporate strategy and the Internal Audit System accordingly.

The main risks faced by the group are reported in the report of the Board of Directors addressed to the General Shareholders Meeting and in more detail in the Annual Financial Statements. The description of the main risks identified by the management is presented in Chapter 2.4 of the Annual Financial Report, while the description of the main identified risks' management is included in Chapter 4.9 of the Annual Financial Report.

In addition to the financial risks described in the Annual Financial Report, the Group takes into consideration environmental (i.e. exposure to waste management and packaging material regulations, carbon footprint of our supply chain and potential implications, environmental impacts of the raw materials used in our products, etc.) and social (i.e. recalls, supply and sourcing risks, compliance with responsible marketing practices, etc.) risks that need to be managed. Environmental and social risks can have financial, legal and reputational impacts that threaten the Group's operations. As the Group operates in a sector that is heavily depended on raw materials and their extraction processes as well as the effects of products to our consumers, managing these risks is an integral part of our management procedure.

The Management has supported the development of a new risk assessment methodology based on which the annual risk assessment will be carried out starting from the year 2022.

The Management has compiled and uses, as a general framework of rules and operations for the Group, the Internal Regulation of Operations, the Corporate Governance Code and the Code of Business Conduct⁴ . The Internal Regulation of Operations and the Code of Business Conduct are posted in the corporate website: https://www.sarantisgroup.com/investor-relations/corporate-governance/corporate-governance/.

II. Environmental policies

The Group's commitment to safeguarding the environment is expressed through its environmental policy that incorporates the protection of the environment and halting climate change in the company strategy and culture.

Reaching a difficult crossroad regarding the planet's environmental challenges, it is crystal clear that our planet is at stake. We take steps to conserve natural resources by mitigating the Group's environmental footprint to contribute to change. This is a pivotal part of our responsibility to the world, and we embrace it by caring and enhancing sustainable production throughout our operational journey.

In the area of production, adopting sustainable development practices is a key component of our strategy within the supply chain. The efficient use of energy and natural resources, the use of renewable energy resources, the mitigation of waste production and their rational management, the manufacturing of more environmentally friendly products have been and still remain our commitments vis-à-vis the environmental challenges.

As far as responsible consumption is concerned, we are committed in promoting a more sustainable way of life to our consumers by supporting an ecological perspective in the usage of our products, while embracing recycling, responsible use of our products with respect to the environment, proper waste segregation and reusage of their packaging.

Ensuring product quality and customer safety

Product quality and safety is one of the Group's top priorities as we strive to the highest level of quality and safety criteria during our production processes, following all relevant local and European regulations. Quality is the foundation behind our product development process and is the factor that builds trust with consumers and drives strong brand awareness and performance. There is a continuous flow of new innovative ideas and techniques presenting an improved environmental and social footprint, having quality as a guiding principle.

Our focus is to provide the best possible ingredients, formulation, and performance in all Group's products. From careful sourcing to impeccable packaging, every step in the production process is carefully preselected, embracing quality as our pivotal commitment all along our operational journey.

The Group is constantly keeping abreast with the developments mainly around the European Union and worldwide, by following the positions and attitudes of opinion delivery organizations (IFRA, SCCS, etc.) and/or of collective bodies (Polish Association of Cosmetic and Detergent Industry, Romanian Union of Cosmetics and Detergents Manufacturers etc.).

The aim is to be in full and immediate compliance with the legal framework, regarding products, in the countries where the Group operates. The Group is in a position to respond to consumers' concerns and questions, offering documented information over the phone or in writing.

Moreover, the Group has implemented a vendor management process, in order to assess its suppliers through quality and social criteria, further ensuring quality to the final product produces.

Additionally, we are following strict internal quality control and quality assurance procedures in all our productions plants (Ergopack, Polipak, Poland, Inofyta). These procedures are an integral part of the Group's approach towards Quality. That way we are able to mitigate the impacts of any possible faulty product reaching the consumer as all finished products are checked thoroughly, while we monitor closely the whole production process aiming for excellence.

International Standard	International Standard Implementation Department	Scope of Certification
FSSC 22000	GR. SARANTIS SA	▪ Production (winding) & packaging of aluminium
Food Safety System Certification [for Packaging Materials]	HOUSEHOLD PRODUCTION	foil, cling-films and repacking of one-use plastic food packaging products.
ISO 9001	GR. SARANTIS SA	▪ Production and Packaging of Aluminum Foil, Plastic
Quality Management Systems-Requirements	HOUSEHOLD PRODUCTION	Films, Plastic Food Containers for multiple uses and related Food Packaging Products and Household – Garbage Bags for Household and Industrial Use.
ISO 22716	GR. SARANTIS SA	▪ Production and Packaging of Sun Care Products, Hair Care Products, Skin Care Products, Perfumery
Cosmetics-Good Manufacturing Practices (GMP)-Guidelines on Good Manufacturing Practices	COSMETICS PRODUCTION	Products and Depilatory Products.
ISO 9001	GR. SARANTIS SA
Quality Management	DISTRIBUTION CENTER /	▪ Trade and Distribution of Medical Devices for Self Care, Diagnostics and Disposables: Dressings and
Systems-Requirements	HEALTH & CARE DPT	Wound Care, Thermometers, Devices for
ISO 13485	GR. SARANTIS SA	Venipuncture, Therapy Delivery Devices, Earplugs, Thermogel, Ice Spray and Nasal Spray.
Medical devices-Quality	DISTRIBUTION CENTER /	▪ Trade and Distribution of IVD and self-test IVD
Management Systems Requirements for regulatory purposes	HEALTH & CARE DPT
ISO 9001	SARANTIS ROMANIA SA	▪ Import and distribution of cosmetics and home care products.
Quality Management Systems-Requirements
ISO 13485 Medical devices-Quality Management Systems Requirements for regulatory purposes	SARANTIS ROMANIA SA	▪ Import and distribution of medical devices - Mouth rinse device for prevention and/or treatment of tooth sensitivity and foot skin care products. Storage and distribution of products. Labeling and repackaging of products
BRC Consumer Products	SARANTIS POLAND	▪ Rewinding and packaging of aluminum foil, LDPE and
(Personal Care and Household)	HOUSEHOLD PRODUCTION	PVC foil for food, baking paper, breakfast paper; packaging of baking sleeves and freezer bags; sealing and packaging of ice bags.
		Exclusions: commercial products including other food contact articles, cosmetics, household chemicals, household and cleaning accessories, personal hygiene accessories.
ISO 9001	POLIPAK POLAND	▪ Designing, Production and Sales of Foil Packaging
Quality Management Systems-Requirements
ISO 9001	SARANTIS HUNGARY	▪ Distributing of Household Products, Household Cleaning Products and Cosmetic Products
Quality Management Systems-Requirements
ISO 9001 Quality Management Systems-Requirements	ERGOPACK	▪ Development, Manufacture and Supply of Household Disposable Goods

Investing in R&D for innovative and sustainable products

The Group demonstrates its commitment to a constantly evolving research and development philosophy by investing behind specialized R&D departments in its production facilities based in Greece, Poland and Ukraine.

The result of this effort is a continuous flow of new product development initiatives that satisfy sustainability criteria, such as the following:

"Green Life" Garbage bags line using 90% 100% of recycled plastic & FSC paper label packaging. The line supports brands such as Sanitas, Fino, Jan Niezbędny from 2020 until today.
"Flexi" garbage bags that derive from 100% of recycled plastic, enhancing a more environmental friendly profile, while the line has an eco-packaging of a paper wrap, removing plastic packaging bags. The specific line will be supported by our brands Sanitas and Fino.
Μoreover, the Group is examining to reduce the thickness of its plastic bags.
Sarantis Group was awarded, for its environmentally responsible practices, with the German Blue Angel ecolabel. Particularly, the Group's garbage bags production plant in Poland, Polipak, was distinguished for the high level of recycled plastic used in its products. Specifically, the Blue Angel ecolabel confirms Polipak's capability to produce garbage bags that include at least 80% of recycled plastic, through production methods that limit the environmental pollutants.
An ecoline will be launched within 2022 in our suncare subcategory having a sustainability orientation in terms of packaging and formulas.
Moreover, within our skincare category, it is planned to launch in 2022 fully recyclable tissue masks, with 100% recyclable packaging and 100% biodegradable tissue fabric.
The new investment at the Group's subsidiary Polipak will lead to a more automated production process within 2022, which, combined with a new R&D lab and new equipment, will result in increased production efficiency and QA improvement. Moreover, a new production technology in under development as well. When implemented within 2022, it will result in improved production processes that bear a smaller environmental footprint. This new technology is expected to be part of a new investment launched at Polipak's plant located in Poland.
New machinery in the Polish production plant (Polipak) will enhance the production of recycled plastic tie handle garbage bags, while we have implemented also new technology in embossed draw string bags. This product is produced 100% from recycled material and the new embossed technology is giving us opportunity to achieve better mechanical properties with the same sizes/thickness.

The Group is actively searching and investing in new production processes that will allow the increase of ingredients sourced from sustainable sources and adapt our formulas to have an improved environmental footprint (i.e. increase the percentage of natural ingredients, vegan friendly formulas, eco-balanced UV filters).

For instance, in our personal care category:

Indulona Caring Liquid Soaps contain in their formula 97% biodegradable ingredients.
Orzene's products contain high percentage of biodegradable ingredients, specifically its Shampoo: 80% & its Conditioners/ Masks: 60% biodegradable ingredients

-Luksja products contain a high percentage of natural ingredients, their formulas are vegan and biodegradable, in the categories of bar soaps, liquid soaps, refills, shower gels and bath foams.

-Noxzema shower products contain 95% of biodegradable ingredients in the shower gels formulations.

Overall, the Group is committed in applying the most updated technologies for safety and environmental protection, strictly following all relevant local and European regulations.

Safeguarding sustainable, and circular sourcing of raw and packaging materials

o The Group is continuously examining ways to increase the level of ingredients that are coming from sustainable sources, increase the percentage of sustainably sourced natural ingredients, increase the level of biodegradable ingredients and adapt our formulas to have an improved environmental footprint.
o Taking into account the increasing focus of the industry in more sustainable solutions which has been accelerated with the outburst of COVID-19 - as well as the escalating environmental consumer awareness, the

trend of sustainable suncare protection remains on the spotlight, therefore the Group plans to launch within 2022 its brand new suncare ecoline.

o We aim to increase capacity of own production for post-consumer plastic (PCR-regranulation) which is used in the processes of garbage collection/sorting, washing, melting, granules creation, foil production.
o We choose to closely collaborate with top suppliers, that have a proven ESG orientation, for the procurement of sustainably sourced materials. Collaborating with expert partners that actively support new trends and sustainable materials innovation is inspiring us and drives our ambitions towards a sustainable future. Our Vendor Management process that includes, amongst others, sustainability criteria to help us in the management, evaluation and risk assessment of our suppliers.

Minimizing packaging and adopting circular economy waste practices

The Group is continuously examining ways to increase the use of recycled packaging materials (plastic, glass, paper) and increase the packaging materials that are recyclable, reusable, or biodegradable. Indicative initiatives include:

o Suncare, Personal Care and Home Care product lines, have increased more the percentage of recycled plastic in their packaging. For instance, AVA products contain 20% less plastic in their packaging, Noxzema products contain 30% less plastic in their packaging and STR8's new deo spray contain 48% less plastic versus its previous packaging.
o Luksja, Elode, Noxzema roll on products have FSC certified paper in their packaging which means it meets the "gold standard" ethical production. The wood is harvested from forests that are responsibly managed, socially beneficial, environmentally conscious, and economically viable.
o Within the skincare category, fully recyclable tissue masks are currently being prepared.
o Currently the Group examines to create a new skincare line with a recyclable-reusable glass packaging, that will have additional refills.
o The Group has increased the FSC-certified paper boxes that uses in packaging,
o In the homecare product category, garbage bags made the transition to paper wrap packaging, removing the plastic package.
o More specifically, within the Home Care category plan within 2022 to rollout packaging deriving from 100% recycled paper (outer carton boxes, inner pack boxes & paper cores made from FSC certified material). With regards to the plastic packaging materials we aim to reduce the inner pack plastic packaging and increase the proportion of recycled material where possible, or use alternative packaging materials, without compromising quality and product safety.
o In the context of the Circular Economy we own a vertically integrated system for the production of recycling plastic film from consumer waste.
o In Greece, our financial contributions to the Hellenic Recovery Recycling Corporation, support the effort to improve the recycling infrastructure in Greece. The total amount of the company's financial contributions corresponds to the financing of the purchase of 5,540 blue bins or 10 recycling vehicles.
o Furthermore, through our "Vendor Management" procedure we focus on collaborating with partners that adopt circular economy waste practices and have standardized recycling processes.

Improving energy efficiency, use of renewable sources and reduction of GHG emissions in production and distribution

The Group's commitment to safeguarding the environment is expressed through its environmental policy that is incorporated in the Group's Code of Conduct. As the policy states, environmental topics such as the protection and conservation of the natural environment as well as halting climate change are incorporated in the Group's strategy and culture.

Sarantis Group has identified that the efficient use of energy and the use of renewable energy resources in its production processes have an intrinsic role in achieving the goals that are set and honoring our commitments regarding the environmental challenges we are facing.

• The Group has maintained this year its solar refrigeration system in the production site located in Inofita, Greece. The system transforms solar power into cooling energy, covering part of the plant's needs in air conditioning. The maintenance ensured more energy efficiency at the production plant, optimizing the system's efficiency.

The Group implemented the Energy Management System ISO 50001 in its headquarters and production site located in Greece. The relative certification was renewed in 2021. The certification scope covers production and packaging of household products and cosmetics, as well as trade and distribution of household products, cosmetics and health & care products. The system contributes to further improvement of energy performance, by reducing energy use and thus reducing greenhouse gas emissions.
Investments were made in environmental management systems by implementing and obtaining the relevant certification regarding ISO 14001 on Ergopack's production site located in Ukraine. The scope of the certification is the development, manufacture and Supply of household disposable goods. It is planned to expand the environmental ISO, in Greece's production plant within 2023 and by end of 2022 in the Polish production facility as well.
The first phase of the installation of photovoltaics in our production site in Greece was completed within 2021, while its connection and operation is expected within 2022. The system installed is expected to cover almost 45% of the production's needs. At the same time, it is examined to further expand the current photovoltaics system within 2022 in order to cover in the future almost 90% of the plant's needs.
Moreover, we are examining to proceed in PVs implementation at Polipak's production facility in the future covering c. 30% of plant's needs.
It is scheduled to proceed in Greece's plant to compressed air network control and upgrading of existing electric motors, in order to further mitigate our environmental footprint.
Finalized the replacement of lamps with led in all production areas at our production facility in Greece.
Optimizing our supply chain across our countries in order to mitigate our environmental footprint.

III. Social & labor policies

Building community relations and responding to societal needs

Together with our employees, we are committed to making a lasting contribution to the society across our countries, above and beyond our business activities. Sharing is inextricably linked to our future, empowering us to emerge stronger and united despite the adverse environment of social injustice.

Creating positive social impact beyond our products is the extension of our corporate philosophy and we take it just as seriously as we do our core business.

Sarantis Group family longs for a sustainable future and in that way, we insist on addressing social challenges. Ιn this context, each year we demonstrate our commitment to contribute to multiple NGOs and vulnerable groups through our well-planed brand-based donations or financial donations in order to further strengthen the communities by allocating multiple funds towards a better future for all.

After the pandemic crisis the Group organized to mobilize funds to provide emergency aid across its countries. In 2021 in Greece, after the Varipompi wildfires which destroyed almost the entire region exposing many people in an adverse situation, we have provided kind aid to support those affected. In Czech Republic, after a tornado passed through several villages on the border of the Břeclav and Hodonín regions in southern Moravia during summer, leaving the region undoubtedly affected, the Group provided product based aid to further smoothen the needs of those affected by the catastrophic weather phenomenon. Within 2021, product-based emergency aid was distributed, amounting to 20,000€ expressing our solidarity to vulnerable groups.

Counting our progress this year we have channeled multi-dimensional donations in 7 countries (Greece, Poland, Romania, Bulgaria, Czech Republic, Ukraine and Philippines) supporting more than 28 ΝGOs/organizations, 6 hospitals/nursing homes, 10 kindergartens, 4 orphanages to cover their needs while embracing their mission. More than 720,000 € were allocated by the Group to do our part towards our thriving communities sustainability pillar, supporting those who need it the most.

More specifically, in Greece our social contribution as below:

o Multiple financial donations were mobilized to further support NGOs' mission. This year we have supported: Child's Friends, Boroume, Ark of the World, Merimna, KETHEA, make a wish, Women on Top, Hara and Hadjipaterion.
Sarantis Group fully supported the NGO's W.I.N HELLAS cause in preventing and combating violence against women and promoting gender equality. Our trusted health care brand Lanes launched a supporting initiative by providing products that have a supporting message to the NGO. Through the brand's sales, financial support was directed to the organization. In Sarantis Group family, we support a future without violence towards women, and we do our best to ensure gender equality and women empowerment.
Sarantis Group contributed through financial donation to KETHEA's Early Intervention & Prevention Network. The amount was raised via products' discounts at AB VASILOPOULOS (SANITAS, AVA, AFROSO, BIOTEN, NOXZEMA, STR8, ORZENE, WASH & GO, KOLESTON and WELLA) to cover logistical needs but also to support the network's activities: funding of training seminars for beneficiaries and staff and recreational activities.
NOXZEMA, BIOTEN, KOLESTON, WELLAFLEX, ORZENE, WASH & GO, STR8, BU, AVA & SANITAS through product discounts offered financial support to the "Association of People with Multiple Sclerosis of Kastoria".

o Our purposeful brands acted through CSR initiatives further supporting many NGOs and organizations:

NOXZEMA provided a product donation of 30,000 soap bar items to Child's Friends NGO for their yearly needs.
SANITAS embraced the Save you hood initiative aiming to provide cleaner Neighborhoods, by providing SANITAS garbage bags for their needs during May, June and July!
Packaging materials, cleaning, dishwashing detergents, shampoos, shower gels, soaps and other products were provided to the NGO Ark of the world through a product donation empowered by our brands SANITAS, AVA, TUBOFLO, AFROSO, TEZA , PYROX, NOXZENA, BIOTEN , STR8, ORZENE, BU.
SANITAS joined forces with the NGO "Boroume" to support the work of the Network of Immediate Social Intervention of Western Athens and the church of Agiwn Asomatwn at Thissio - Ag. Georgiou Chatzikosta.

SANITAS offered 100,000 portions of food and 6,000 food packaging products to further strengthen the two organizations that support vulnerable social groups.

SANITAS provided NGO Ithaca with 9.000 garbage bags and 9.040 gloves to support their cause and daily demanding operations. We are glad to be part of this action, as Ithaca counts 6 years of existence and has helped more than 6.000 people in need through their mobile washing machine van unit, so as to restore their dignity and self-esteem.
SANITAS for the 5th consecutive time offered over 6,000 food packaging products to Galini Foundation and Agia Paraskevi's Social Kitchen. Galini Foundation serves daily 600 people through free meals service and Agia Paraskevi's Social Kitchen takes care of the needs of 120 people on a daily basis.
SAM LOVES BETTY provided with products the Municipality of Athens.
LANES offered free products to athletes, to consumers with severe health issues and at the Association of Border Guards of the Prefecture of Evros through the Panhellenic Federation of Border Guards (PO.SY.FY), while our Health Care division was a golden sponsor at the 1st Pharmacy Symposium "Vitamins and trace elements in COVID-19 period".
CARROTEN also donated multiple products at the Municipality of Nikaia and the Municipality of Lemnos, while supported the Safe Water sports initiative by embracing educational seminars regarding sun care and sun protection.
SANITAS, AVA, AFROSO, PYROX, CARROTEN, ΝΟΧΖΕΜΑ, ΒΙΟΤΕΝ, STR8, KOLESTON, WELLAFLEX, ORZENE via products' discounts at galaxy's hypermarkets supported Hadjipaterion's cause.
Personal care & home care products of AVA, ORZENE, STR8, BIOTEN, ANTONIO BANDERAS, SANITAS, TEZA were donated to support the elder people living the SAINT ATHANASIOS elderly home.
FINO, CARROTEN, NOXZEMA, STR8, C-THRU embraced via product donation the cause of Hellenic Voluntary Support amke.

In addition, though our CSR activity we have gave widely our support to many other countries.

o In Poland:

-The Group supported the "Clean Poland Initiative" through Jan Niezbędny sponsorship, while products of Jan Niezbędny and Luksja were donated to participants. This year at our subsidiary in Poland we celebrated the 10th anniversary of the Tatra Initiative, which is the biggest cleaning project in Poland. "Clean Tatra Mountains" event aims at raising ecological awareness and informing participants about current environmental issues. This year we have achieved to collect 589kg of waste, while volunteers had the opportunity to participate in various workshops. During workshops information about the changes in packaging, the need to segregate garbage, the recycling cycle, as well as the variety of products made of plastic was given. Furthermore, there was a lecture on the protection of Baltic ecosystems, emphasizing on the threats, opportunities and changes that await us in the near future. Kind Sponsors of the event were Biedronka, Garnier JN, REKOPOL, Olivia Business Centre, Re.kologia and ENEA.

-Carex was a proud sponsor of 1st Company Bike Run at Wrocław and provided freely the run participants with personal care products.

-Financial contribution was allocated to support the orphanage in Szlachcin, the nursing home in Środa Wlkp, the Foundation "Siepomaga", "Wielka Orkiestra Świątecznej Pomocy " for sick children. Moreover, financial support was given to Hospital "Szpital Średzki Serca Jezusowego", to the local Voluntary Fire Brigade in order to co-finance the purchase of a fire engine and to High school Liceum Ogólnokształcące, Zespół Szkół Rolniczych in order to provide equipment for school laboratories and student scholarships.

-In order to support the local biodiversity, we adopted three European bison from the Poznan New Zoo by financially supporting their maintenance.

o Ιn Bulgaria:

Through a crowd funding method our colleagues at Bulgaria's subsidiary raised money for the children deprived of parental care who live at the Institutional care Lisichovo. Moreover, linen for all the children in the home, books, board games, Christmas gift sets with chocolates and candies were offered as well.

o In Romania:

Through our beloved brands: STR8, ANTONIO BANDERAS, CTHRU, ELMIPLANT, TESORI D' ORIENTE, WASH & GO, DENIM, BABYLINO, TOPSTAR, FINO we mobilized product donations to the "Flowers' Whisper" Association that help abused women and children, victims of domestic violence and of human trafficking, to

NGOs such as: the Association for Sustainable Development, the Association "lives with joy" and finally we offered as well products to the Hospital for Infectious Diseases and Psychiatry - Baia Mare.

o In Ukraine:

We offered homecare products of MZ at the Heart Disease Department of Kyiv hospital.
Provided financial fund to further support a local orphanage and sponsored the celebrations made for the Official Day of Kaniv.

o In Czech Republic:

Our emergency aid fund was mobilized and through a product donation of INDULONA, we offered personal care products to those affected by the tornado at South Moravia during June (East-South region of Czech Republic).
We supported through washing hand seminars 10 kindergartens and donated INDULONA soap bars addressing the covid-19 pandemic.

o In Philippines

Τogether with the NGO For the Future, Madtravel.org, I-Face and bioten's Influencer Nadine Lustre, we have set a goal of planting in the upcoming years 88k trees in Philipinnes – in reflection of bioten's 88% natural ingredients included in SKIN MOISTURE face creams. This initiative will further enhance our endeavors to support change towards a greener future. Moreover, the initiative will significantly contribute to the local communities supporting them to thrive, as the Zambales province was destroyed by the eruption of Mt. Pinatubo in 1991 and therefore we embrace the efforts made by The Yangil and the Banawen tribes to replant the region.

Employer's Responsibility

Empowered employees and consistent investment for the development, safety, and wellbeing of our employees are part of the Group's philosophy. The Group is committed to provide a supportive workplace, while creating prospects for its employees, investing in upskilling their knowledge and capabilities in order to help them grow and fulfill their professional aspirations.

In this context, the main axes that the Group focuses on is the following:

• Creating employment and ensuring human capital development

o The Group supports the youth that long to get involved professionally in the FMCG sector. For that reason, we provide the "Shape your future with us" Internship Program. The program provides the opportunity to young university students to join our team and to get professional experience gaining knowledge and skills to further continue their professional journey. In 2021, we had the opportunity to welcome four interns in our premises in Greece, both in our headquarters and our production facility. Through this Internship program our HR department cooperates with the top universities and professional institutions of the country, to actively support the induction of young people into the workplace.
o We believe that having the right person in the right position is the key to unlocking value for the Group, and therefore we invest in a modern recruitment process with updated HR tools, while this year we have upgraded our profile in a recruitment platform in order to attract further candidates.
o This year through our collaboration with LinkedIn Learning platform, we launched my Sarantis LinkedIn learning tool that provides access to our employees across our countries to over 9,500 courses in different fields through a user-friendly environment and high caliber instructors. The tool within 2021 launched in Greece, Bosnia, Bulgaria, Czech Republic & Slovakia, Hungary, North Macedonia, Romania, Serbia and Ukraine, while in 2022 it will be available to our subsidiary in Poland too. More than 61,877 videos have been viewed offering the upskilling of our working force. Main content axes of the webinars this year were about: Leadership, Team Management, Performance Management,

Constructive Feedback, Marketing, Sales, Project Management, Supply Chain Management, HSE Management, ISO 50001, Competition Law, Lean Manufacturing, Labor Law, E-Commerce, Customer Service, Health & Safety, Tax and Risk Management. The Group seeks to empower its employees helping them to grow and fulfill their professional aspirations. This initiative will have a major impact on the Group's workplace culture by fostering continuous learning and development.

o Towards rewarding our employees for their efforts and evaluating their performance, within 2021 the HR department implemented an upgraded Perfomance Management process for all its employees. The timeline of the process is 3 times per year (target setting, midyear evaluation, endyear evaluation). This process will do its part in better monitoring and improving our employees' performance, assisting us to reward them accordingly.
o Group's aim is to strengthen the leadership capabilities of its people, their business insight, and their talents to create high-performance teams. The ever-changing, competitive conditions in the markets where the Group operates necessitate a business frame of mind that promotes innovation and improved performance. To that end, the Group invests in educational programs and training seminars for its employees internally or externally (SAP trainings, BV trainings, ESG trainings, PR trainings, crisis management trainings etc.), upgrading further their skillset and their knowhow in doing business.
o We provide a tailor-made induction program to all our fresh beginners in the company. In that way they may have the bigger picture of the company as weapon for their business journey.

• Ensuring occupational health & safety and wellbeing

Our employees are the Group's driving force, their welfare enhances the Group's prosperity, therefore we do our best in numerous ways to ensure their health, safety and wellbeing throughout their daily efforts.

• Working environment: The working environment can affect productivity directly. A safe and comfortable workplace, as well as a pleasant working environment where dialogue and cooperation are encouraged, can assist employees to overcome difficulties and be more motivated and efficient.

The Group's offices are hosted in modern buildings having advanced safety and security features (fire control systems etc.). We offer spacious, clean offices with modern furniture, adequate lighting-access to natural daylight, temperature control and quality of air. Furthermore, we provide a well-equipped space for their breaks (restaurant area etc.), and all the necessary tools, resources, and technology features to maximize their efficiency. Moreover, especially in Greece's a new ecofriendly building will be available by the end of 2022 to further accommodate our employees and their increased needs. As far as the employees at our production facilities are concerned, we do are best to ensure occupational health & safety, all best practices are followed under the strictest working conditions criteria. Our production plant at Ukraine obtains ISO 45001 regarding Occupational Health and Safety Management Systems-Requirements, and we plan to expand this ISO across our countries in the future, starting with Greece's production facility within 2022.

Personal attention & Support: We believe that family issues faced from employees during their business life need to be fully supported. While we do not make our employees feel uncomfortable to report sickness. We care for the wellbeing of our employees, both mental and physical, apart from their productivity. Especially this year, in the occasion of the International Family day the HR department held an online speech with a psychologist regarding the positive impact of covid-19 to family relations. The conversation was open for employees to join remotely and aimed in enhancing their wellbeing within the covid-19 era.
Medical & Health Care Services: The company has ensured (most of) its employers under a group policy which provided them and their children with various advantages, as well as, coverages such as: Life insurance, Major medical insurance, Maternity benefit insurance, preventive insurance (check-up), Surgical benefit insurance etc. Moreover, within 2021 the HR department achieved better terms in our medical plan.
We provide free appointments with an internal doctor / nutritionist in a yearly basis, while through the Hellenic anti-cancer company we have organized free mammographic examination for all our women employees in Greece.
Other Corporate Benefits provided to our employees for their wellbeing amounting to 84,950 €. Regarding the remuneration package, based on employees' position we offer: Health and insurance medical program, Pension scheme, Performance-based bonus, Interest-free loans for

serious incidents/emergencies, Corporate e-shop, Christmas box gifts, prepaid cards, free lunches, Blood bank both for our employees and their relatives and gifts on the occasion of the wedding, childbirth or retirement. Especially in our subsidiary in Czech Republic and Slovakia we offer 50% discount in multisport cards, financial support for vitamins/flu vaccinations and transportation cards.

• Our Wellness approach towards our employees:

We provide an in-house doctor and nutritionist for the employees of our company; therefore, we had the opportunity to share nutrition and detox tips to all our employees throughout the year and especially during easter. Moreover, "Sarantis Wellness Days" initiative was implemented by the HR department, aiming at empowering our employees' physical and mental health. Our employees in Greece had the opportunity to attend virtual events regarding mental resilience and more sustainable ways of nutrition, vitality health checks, yoga class, step challenge competition, @Linkedin Learning courses and healthy products for everyone.

• Further initiatives empowering employees' wellbeing through the Group's brand initiatives: Furthermore, throughout the year other initiatives took place as well. During summer, with the support of beloved bioten and Carroten we have embraced summer in Greece, with a special welcome event held for our employees at our headquarters. The event honored bioten's new launch, Vitamin C, by offering healthy smoothies to all Sarantis Group family members, while a summer photobooth supported by Carroten was offered to capture the moment of bonding. Moreover, as October is Breast Cancer Awareness Month, an annual campaign was organized at our premises in Greece to raise awareness about the impact of breast cancer and the importance of prevention in the fight against it. The initiative was empowered by the personal care brand bioten, the activation embraced all our female employees by spreading the word via encouraging messages regarding prevention, screening, and early diagnosis of the disease. Finally, during March we celebrated in the occasion of the International Women's Day our women workforce, recognizing their efforts behind the Group's success.

• Impact of the COVID-19 pandemic on Sarantis Group

Unfortunately the pandemic is still escalating across the globe, therefore all relevant rules and regulations that were imposed to halt the COVID-19 pandemic which were strictly implemented by the Group, both in Greece and in all countries within 2020, were extended throughout 2021.

Canceling business and personal travels
Canceling all internal and external events
Upkeeping personal hygiene
Keeping social distance
Appropriate use and disposal of single use masks and gloves

In addition, remote working was extended as well, and all employees were asked to consult the human resources department immediately in the event of COVID-19 symptoms.

• Safeguarding employee diversity, equal opportunities, and human rights

We believe that being different widens our perspective and strengthens our business. We respect the uniqueness of each individual and we aim to treat everyone equally, with respect and dignity. We value and pursue diversity in our business environment, we believe that diversity within the Group brings different thinking and agility. Furthermore, we believe in gender equality and women empowerment, therefore we invest in females' employees and their skills. In 2021, 55% of our total workforce are women employees, achieving a high percentage of diversity within the Group. Overall, the Group:

Offers equal employment opportunities.
Ensures no unlawful discrimination is practiced in any aspect of employment relationship.
Provides an inclusive working environment, free of any form of disrespectful treatment and hate activity such as harassment and bullying.

Encourages employees to report any concerns regarding discrimination in the workplace.

• Ensures that female employees are equally treated, remunerated, and promoted within the company, as male employees.

The Group's Human Rights Policy is incorporated in the Code of Business Conduct⁵ , which is posted in the corporate website: https://www.sarantisgroup.com/investor-relations/corporate-governance/corporate-governance/.

IV. Anti-corruption & anti-bribery policies

Safeguarding corporate governance, regulatory compliance and business ethics

• Fair competition

We fully comply with the Commercial Law and the Law on Competition in our transactions with competitors, partners and customers. We support and boost free entrepreneurship and we care for our operation pursuant to the principles of fair and free competition, in all sectors of our activities. Accordingly, we expect our employees to comply with the legal requirements on monopoly and competition and to participate only in fair and meritocratic transactions. Every employee, when necessary or if he/she has any doubt, must consult the Group's Legal Service for relevant issues, while he/she must directly inform the Group's Legal Service in case he/she receives any notification from an authority responsible for anti-monopoly issues. In the context of the above, any conduct that restricts or hinders free and fair competition is not acceptable by our Company.

• Combating any form of corruption and bribery

Any form of corruption, or unlawful professional activity or bribery is prohibited in our Group. Always in compliance with the applicable laws and regulations, unfair practices on behalf of our employees, partners or suppliers, which could be inappropriate and illegal activities, are not allowed. In the same context, any activity related to money laundering or illegal funding is condemned.

Moreover, the Company does not allow employees to accept gifts, invitations or offers, as there is a risk that their integrity and honesty may be questioned or professional decisions may be affected.

• Prevention of fraud

In the context of our responsible operation and activity, cases that may be connected to fraud are not tolerated. With a view to preventing such cases, safety valves have been developed, while through a special policy of complaints and reports that we have adopted (whistleblowing) an event of fraud or corruption can be reported, investigated and solved. The Report and Complaints Management Policy of Sarantis determines the principles and the operation of the procedure adopted by the Company in order to receive, process and investigate anonymous and/or identified reports and complaints regarding unethical conduct, irregularities, omissions or unlawful activities. The main commitment of the Company is to protect the anonymity and ensure the confidentiality of the data of people who file such reports/complaints. The Policy takes into account the Directive (ΕU) 2019/1937, and the best practices applied in the market.

The Company's Management has the responsibility to prevent, monitor and make corrective actions, while the individual divisions and departments must strictly apply all the relevant procedures and prevention measures.

• Conflict of interest

The conflicts of interest are forbidden within the framework of the Company's policy. A "conflict of interests" occurs when the private interest of an employee or executive or exclusive partner interferes in any way with or seems to affect the Company's interests. The Management and all the employees must settle their personal or other external activities and financial interest in such a way so that they ensure that there are no conflicts of interest with the Company. As conflicts of interest may occur in multiple cases in such a large Group as Sarantis, a policy and procedure to prevent and address conflicts of interest has been developed, providing detailed guidelines in order to avoid any relevant involvement of an employee, executive or exclusive partner. The conflicts of interest may not be always obvious; therefore, if any of our members has a question on whether a particular situation involves a conflict of interest, he/she should consult the Head of the regulatory compliance.

• Protection of data and confidential information

In full compliance with the relevant applicable legislation and in line with the Group's Personal Data Protection Policy⁶ , we ensure that personal data and confidential information are protected and kept confidential. Confidential information means any trade secret, exclusive information about customers or suppliers, contract or financial position. All employees must treat personal data and information with utmost discretion and must not disclose confidential information to third parties, persons or organizations, outside the Company. Moreover, we care for the continuous protection of the information systems, as the protection of their integrity and their rational use ensure the effective protection of personal and professional data against unauthorized access, loss, manipulation or leak. We follow best practices and we take all necessary steps to avoid security issues and maintain confidentiality, while the compliance with regulatory and legislative authorities is ensured. In this context, all employees of the Company should contribute to the protection of the security of information stored or circulated in the information systems within the organization. Unauthorized use or distribution of this information violates the Company's Policy and may result in civil and/or criminal penalties.

V. Outcomes and non-financial performance

The main results of the above policies are presented in the table below. Our non-financial information reporting is aligned with global sustainability reporting standards such as the GRI standards and takes into account the ATHEX ESG reporting guidelines:

Environment
	2021	2020	2019
Total Consumed Energy (GRI 302-1) (MJ)*	159,471,949	168,756,356	175,481,684
Energy intensity (GRI 302--3)	0.39	0.43	0.47
Consumed Energy from Renewable Energy Sources (GRI 302-1) (MJ)*	7,622,382	9,181,723	12,363,458
Total amount of energy consumed within the organisation (ATHEX C E3) (MWh)*	44,298	46,877	48,745
Percentage of electricity consumed, in percentage (ATHEX C-E3)*	57.76%	61.56%	60.39%
Percentage of energy consumed from renewable sources, in percentage (ATHEX C-E3)*	4.78%	5.44%	7.05%
Direct GHG emissions - Scope 1 (GRI 305-1, ATHEX C-E1) (tCO2)	3,635.6	3,396.5	3,665.9
Energy indirect GHG emissions - Scope 2 (GRI 305-2, ATHEX C-E2) - location based (tCO2)	14,547.7	16,155.2	15,724.4
Energy indirect GHG emissions - Scope 2 (GRI 305-2, ATHEX C-E2) - market based (tCO2)	16,500.0	18,282.0	18,116.9
GHG emissions intensity (GRI 305-4) - Scope 2 location based	0.04	0.05	0.05
GHG emissions intensity (GRI 305-4) - Scope 2 market based	0.05	0.06	0.06

Labor
Total number of employees (GRI 102-8)
	2021	2020	2019
Headcount	2,376	2,683	2,786
	2021	2020	2019
Percentage of total women employees (ΑΤΗΕΧ C-S2)	55%	56%	47%
Total number of employees by employment contract by gender in 2020 (GRI 102-8)
	Permanent	Temporary
Men		1,007	58
	Permanent	Temporary
Women		1,252	59
Total number of employees by employment type, by gender in 2020 (GRI 102-8)
Men		Full-time	Part-time
		1,048	19
Women		Full-time	Part-time
		1,219	90

Percentage of individuals within the organization's governance bodies by age and gender in 2021 (GRI 405-1, ATHEX C-S3)
	<30 years	30-50 years	>50 years
Men	0% 31%		54%
	<30 years	30-50 years	>50 years
Women	0%	0%	15%
	2021	2020	2019
Number of work-related injuries (GRI 403-9)	11	6	7
Average hours of training per year per employee (GRI 404-1)		2021	5
	Men 63%		Women
Percentage of employees receiving regular performance review (GRI 404-3)			54%

Laws & regulations
	2021	2020	2019
Total number of confirmed incidents of corruption (GRI 205-3)	0	0	0
Significant fines and non-monetary sanctions for non compliance with laws and/or regulations in the social and economic area (human rights & compulsory labor (GRI 419-1)	0	0	0
Significant fines and non-monetary sanctions for non compliance with environmental laws and/or regulations (GRI 307-1)	0	0	0
Social impact
	2021	2020	2019
Donations, charities, community offering (€)	720,033	926,812	190,000
Percentage of the procurement budget spent on local suppliers (GRI 204-1 )	71.84%	66.90%	73.20%

*Compared to last year's reporting, energy consumption reported here includes company vehicles' fuel consumption (diesel, petrol, LPG,LNG) for 2019-2021 and Hungary's natural gas consumption regarding years 2019, which last year was not taken into account due to COVID-19 pandemic restrictions that made more difficult to retrieve specific data. Furthermore, consumed energy from renewable sources (fuels) apart from Greece's data, this year include data from our production facility in Ukraine, specifically data regarding Biomass. The Data presented in the energy consumption chart refer to our operations in: Greece, Poland, Romania, Bulgaria, Hungary, Serbia, Czech Republic, Slovakia, North Macedonia, Bosnia & Herzegovina, Russia and Ukraine.

More sustainability related data will be presented in our 2021 Sustainability Report, which is currently being prepared in accordance with the GRI standards and is expected to be available later this year.

VI. EU Taxonomy

In order to support the transition to a more sustainable economy and in view of the global warming, the European states have committed themselves to more climate protection and reducing the GHG emissions. Ιn order to enable this transition, the Paris Climate Agreement and the European Green Deal view sustainable investments as an important starting point. A key instrument in this context is the EU taxonomy (https://ec.europa.eu/info/business economy-euro/banking-and-finance/sustainable-finance/eu-taxonomy-sustainable-activities\_en), an EU-wide classification system for sustainable economic activities with the aim of promoting investment in them. According to the "Regulation (EU) 2020/852 of the European Parliament and of the Council of June 2020 on the establishment of a framework to facilitate sustainable investment, and amending Regulation (EU) 2019/2088," an economic

activity is considered environmentally sustainable if it substantially contributes to achieving one or more of the environmental objectives.

The environmental objectives defined in terms of the Taxonomy Regulation are: climate change mitigation, climate change adaptation, the sustainable use and protection of water and marine resources, the transition to a circular economy, pollution prevention and control, and the protection and restoration of biodiversity and ecosystems.

At the same time, the economic activity that substantially contributes to achieving one or more of the environmental objectives must not significantly harm (DNSH) the other environmental objectives. In addition, the economic activity must be carried out in compliance with the minimum social safeguards and comply with the technical screening criteria established by the EU Commission by means of the delegated acts.

The EU Taxonomy Climate Delegated Act introduces the first set of technical screening criteria to determine which activities contribute significantly to achieving two of the environmental objectives set out in the Taxonomy Regulation: climate change mitigation and climate change adaptation.

We have undertaken a review of the Group's turnover, capital expenditure and operating expenditure (as defined in the EU taxonomy) to identify the extent of any eligible activities within our business.

We identified the following eligible economic activities:

• "Manufacture of plastics in primary form" (C.20.1.6), as it relates to part of Sarantis Group home care business unit.

In particular, Polipak, the Group's subsidiary that specializes on the production of Garbage Bags, engages, as part of its activities, in the production of recycled plastic granules from its own plastic waste that is subsequently re-used in the production process.

Moreover, Ergopack, processes post-consumer plastic waste producing recycled plastic granules that are used in the production of Ergopack's garbage bags.

• "Production of electricity from solar PVs" (D.35.1.1).

In particular, as part of its plan to reduce its GHG emissions, within 2021 the Group proceeded to the installation of photovoltaics at the Group's production plant at Oinofyta. The power of the installed photovoltaic system is 1 MW and the generated energy is estimated to reach 1,333 MWh, covering almost 50% of the factory's needs in terms of energy (net metering). It is noted that the system will be connected and operational within 2022.

Finally, the production and sales of Cosmetics and Personal Care products do not fall within the scope of taxonomy eligibility. Therefore, there were no corresponding investments or operating expenses that could be qualified as eligible.

Economic Activities		% of turnover	% of capex	% of opex
A. EU-taxonomy eligible activities
	Manufacturing of plastics in primary form (C.20.1.6)	1.86%	0	1.47%
	Production of electricity from solar PVs (D.35.1.1)	0	1,60%	0
	total	1.86%	1.60%	1.47%
B. EU-taxonomy non-eligible activities		98.14%	98.40%	98.53%
Total A+B		100%	100%	100%

The following table presents the KPIs of the economic activities that are EU taxonomy eligible for the fiscal year 2021:

Accounting Policy

The Group has defined the eligible Key Performance Indicators (hereinafter "KPI") in accordance with the legal requirements and describes its accounting policy in this regard, as follows:

The figures presented in this report have been calculated and are presented in accordance with the International Financial Reporting Standards (IFRS). Their preparation requires estimations during the application of the Group's accounting principles. Important assumptions are made wherever deemed appropriate.

In the present report we present the following KPIs: the proportion of the total turnover from the sale of goods, as well as the total capex and opex of the Group's economic activities that correspond to activities eligible for EU Taxonomy purposes according to the description of these activities and taking into account the respective NACE activity codes, as these are presented in the Delegated Act 2021/2139/EU.

Since we are currently in the first period of implementation of the Taxonomy framework (1/1 – 31/12/2022), the Group's economic activities were reviewed and ultimately included/excluded solely on eligibility basis and no testing for alignment has been conducted against the technical screening criteria provided in the related Delegated Acts.

Taking into consideration the above, the presented proportions have been calculated using the following approach:

KPI - Proportion of the total turnover: It was calculated based solely on the total net turnover from the sale of goods. The numerator includes only the activities that are considered to be eligible according to the Taxonomy regulation and under the condition that the related revenue is not intended for own use or intergroup transactions.
KPI - Proportion of the total capex: It was calculated based on the capitalized expenses incurred for additions to assets or processes corresponding to eligible economic activities. The numerator includes only the activities that are considered to be eligible according to the Taxonomy regulation.
KPI- Proportion of the total opex: It was calculated based on the operating expenses related to the repair and maintenance of assets or processes corresponding to eligible economic activities. The numerator includes only the activities that are considered to be eligible according to the Taxonomy regulation.

This section is included for the first time in the Non-Financial Statement, as provided for in Regulation (EU) 2020/852. The information presented follow the requirements of the Rules of regulation and the delegated acts issued. The relevant instructions leave room for interpretation and evolve, so accordingly the Group will monitor the developments and will adjust its approach accordingly.

2.14 ALTERNATIVE PERFORMANCE MEASURES ("APM")

The Group utilizes Alternative Performance Measures (APM) in the context of its decision making with regard to the financial, operational and strategic planning as well as for the evaluation and public disclosure of its performance. These APM serve and facilitate the best understanding of the financial and operating results of the Group, its financial position and the statement of cash flows. The Alternative Performance Measures (APM) should be always taken into consideration along with the financial results which have been prepared in accordance with the IFRS whereas in no case they replace IFRS.

Definitions and reconciliation of Alternative Performance Measures ("APM")

a) Profitability ratios

The Group utilizes the following profitability ratios for the purpose of the full analysis of its operating results:

EBITDA (Earnings before interest, taxes, depreciation and amortization)

EBITDA is calculated from the annual financial statements as follows: "Gross operating earnings" plus "Other operating income" minus the "Administrative Expenses" and the "Distribution Expenses" prior to depreciation and amortization. The depreciation and amortization for the Group are presented in the paragraph "Table of Changes in Fixed Assets" of the financial statements.

(Euro million)	FY 2021	FY 2020**
Gross operating earnings	143.90	148.47
Other operating income	12.73	12.53
Administrative expenses	19.06	18.26
Distribution expenses	90.74	92.74
Depreciation and amortization	12.87	12.63
Earnings before interest, taxes, depreciation and amortization	59.69	62.64

** The comparative figures for the year 2020 have been revised due to the change in the accounting policy of IAS 19.

EBIT (Earnings before interest and taxes)

EBIT equals with the operating earnings of the Group as they are recorded in the annual financial statements.

ΕΒΤ (Earnings before taxes)

EBT equals with the earnings deriving before the deduction of taxes from the annual financial statements.

Net Income (Net earnings)

It equals with the earnings after the deduction of taxes as they are recorded in the financial statements. These earnings are distributed to the shareholders of the parent company.

Profitability Margins

For all the above profitability figures, the corresponding profit margin is calculated by dividing each figure with the total turnover.

(Euro million)			FY 2021 Margin		FY 2020** Margin
EBITDA	Earnings before interest, taxes, depreciation and amortization	59.69	14.62%	62.64	15.92%
EBIT	Earnings before interest and taxes	46.82	11.47%	50.00	12.71%
EBT	Earnings before taxes	49.57	12.14%	47.39	12.05%
Net Income	Net Earnings	40.29	9.87%	38.70	9.84%

** The comparative figures for the year 2020 have been revised due to the change in the accounting policy of IAS 19.

b) Net Debt

The net debt comprises a figure which depicts the capital structure of the Group. It is calculated by adding the longterm loans and the short-term loans then by deducting the cash and cash equivalents and other financial assets, such as the "Financial Assets at fair value through results", since they are considered to be liquid items. The relevant calculations are presented in the following table:

(Euro million)	FY 2021	FY 2020
Long-term loans	43.97	48.61
Short-term loans	12.57	7.81
Cash and cash equivalents	45.81	40.60
Other financial assets	4.77	4.91
Net Debt	5.96	10.91

c) Operating Working Capital

Working capital is an indicator that aims to capture the Group's liquidity. The calculations are presented below:

(euro εκ.)	FY 2021	FY 2020
Trade receivables	91.91	90.95
Inventories	99.61	108.60
Suppliers	68.35	64.80
Operating Working Capital	123.17	134.75
Operating Working Capital over sales	30.17%	34.25%

Marousi, April 28 th 2022

The Board of Directors

THE CHAIRMAN OF THE BOARD CHIEF EXECUTIVE OFFICER & BOARD MEMBER THE FINANCE DIRECTOR & BOARD MEMBER

GRIGORIS SARANTIS KYRIAKOS SARANTIS KONSTANTINOS ROZAKEAS

ID No. Χ 080619/03 ID No. ΑΙ 597050/2010 ID No. ΑΚ 783631/13

3. INDEPENDENT AUDITOR'S REPORT

To the Shareholders of "Gr. Sarantis SA"

Report on the Audit of the Separate and Consolidated Financial Statements

Opinion

We have audited the accompanying separate and consolidated financial statements of the Company "Gr. Sarantis SA" (the Company), which comprise the separate and consolidated statement of financial position as at December 31, 2021, and the separate and consolidated statements of comprehensive income, changes in equity and cash flow for the year then ended, as well as a summary of significant accounting policies and other explanatory notes.

In our opinion, the accompanying separate and consolidated financial statements present fairly, in all material respects, the financial position of the Company "Gr. Sarantis SA" and its subsidiaries (the Group) as of December 31, 2021, and of their financial performance and their cash flows for the year then ended in accordance with International Financial Reporting Standards as endorsed by the European Union.

Basis for Opinion

We conducted our audit in accordance with the International Standards on Auditing (ISAs) as incorporated in Greek Legislation. Our responsibilities, under those standards are described in the "Auditor's Responsibilities for the Audit of the separate and consolidated financial statements" section of our report. During our audit, we remained independent of the Company and the Group, in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) as incorporated in Greek legislation and the ethical requirements relevant to the audit of the separate and consolidated financial statements in Greece and we have fulfilled our responsibilities in accordance with the provisions of the currently enacted law and the requirements of the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

We draw attention to Note 4.10.27 of the separate and consolidated financial statements, which describes the military invasion in Ukraine by Russian Federation which is constantly evolving from February 24, 2022. Taking into account that its course could significantly affect the operating environment of the subsidiaries in Ukraine and Russia and the final settlement cannot be predicted with certainty, the management of the Company and the Group closely monitors the situation and is ready to make any adjustments as soon as the impact of the invasion becomes clear. Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the separate and the consolidated financial statements of the current period. These matters and the related risks of material misstatement were addressed in the context of our audit of the separate and the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key audit matter Audit response

Assessment of goodwill impairment

As it is presented in note 4.10.3 of the financial statements, the book value of the goodwill in the balance sheet of the Group and the Company on 31st December 2021 amounts to € 7,663 k. and € 1,100 k. respectively.

The goodwill is tested for impairment at least on an annual basis. This review includes estimates based on assumptions of future cash flows, including the assumptions in relation to revenue growth, profit margins and projected cash flows, the selection of the appropriate discount rates and the assessment of the cash generation units of the Group and the Company.

Due to the significance of the value of the above item, the subjectivity with regard to the assumptions of the management and the significant judgments and estimates that are being made for the determination of the recoverable amount, we consider the evaluation of the potential goodwill impairment as one of the most significant issues within our audit.

The disclosures of the Group and the Company with regard to the accounting policy, as well as the judgments and estimates that were utilized during the assessment of goodwill impairment are included in notes 4.7.6, 4.8.4 and 4.10.3 of the financial statements.

Our audit approach was based on the audit risk and includes, among other, the performance of the following procedures:

We obtained the impairment estimate that was prepared by the management and we assessed the judgments, estimates and assumptions with regard to the future cash flows, the prospective growth rates in sales value and volume, the expected growth rates as well as the discount rate used for the cash flows of the Cash Generating Units. In the context of our assessment, we utilized historic data.
We assessed the consistency between the years, the methods, the assumptions and the calculations which are being followed by the Group and the Company, and the extent to which the management has taken into account any events within the year and after the year end which affect the environment or the conditions and the elements which in turn affect the assumptions used or changes in business practices, accounting principles and policies that affect the calculations.
We assessed the adequacy and the appropriateness of the relevant disclosures in the financial statements.

Inventory Valuation

As it is presented in note 4.10.4 of the financial statements, the value of the inventory on the balance sheet of the Group and the Company on 31th December 2021, amounts to € 99,614 k. and € 41,642 k. respectively. Against these inventories balances, the Group and the Company have recognized impairment provisions of € 3,037 k. and € 2,660 k. respectively.

The Group and the Company values the inventory at the lowest price between their acquisition cost and their net residual value. The net residual value is the estimated sales price during the normal course of the Group's and Company's activities, minus the estimated cost which is deemed as necessary for the realization of the sale.

Based on the above, the Group's management performs estimates for the calculation of the provision for obsolete inventories, based on the maturity of the inventory, their movement during the year as well as the respective planning for the following period and estimation of future selling prices.

Due to the significance of the value of inventory at the year end and the management's judgments and estimates in the determination of the net residual value, we deem that the proper valuation of the inventory comprises one of the most significant issues of our audit.

The Group's and Company's disclosures regarding the accounting policy that is utilized for the valuation of the inventory is included in the notes 4.7.6, 4.8.9 and 4.10.4 of the financial statements.

Our audit approach was based on the audit risk and includes, among other, the performance of the following procedures:

We partially attended the process of inventory physical counting that took place at Group's and Company's warehouses in order to examine, in a sampling basis, the inventories' condition.
For a sample of inventory codes, we recalculated the net realizable value based on the average sales of the period as well as of the period after the end of the reporting period and we compared it with the year-end cost.
For inventories of a limited economic life due to maturity, we ascertained the proper calculation of the impairment provision and the appropriate presentation in the financial statements.
We assessed the management's estimations reviewing historical data and reports, regarding the maturity of the inventory, the write-offs and the selling prices of the inventories.
We assessed the adequacy and the appropriateness of the relevant disclosures in the financial statements.

Recoverability of Trade Receivables

As it is presented in note 4.10.5 of the financial statement, the value of the trade receivables in the balance sheet of the Group and the Company on 31th December 2021 amounts to € 91,911 k. and € 43,372 k. respectively. Against these trade receivables the Group and the Company have recognized impairment provisions of € 5,508 k. and € 4,278 k. respectively.

The management assesses the recoverability of the Group's and Company's trade receivables and assesses the required provision of bad debts for the expected credit losses.

The management assesses the estimated provision based on the targeted review of customer accounts taking into consideration its experience in relation to the current economic conditions as well as the guarantees which have been acquired from specific customers.

Due to the significance of the value of trade receivables and the fact that the assessment of impairment requires a significant degree of judgment from the management regarding the assessment of the ability of the client to repay, the expected collection time, the value of the warranties held and future market conditions, we consider that the recoverability of the Group's and Company's trade receivables is one of the most significant matters of our audit.

The Group's and Company's disclosures with regard to the trade receivables, the related risks such as the credit risk and the aging of trade receivables, are included in notes 4.7.6, 4.8.12 and 4.10.5 of the financial statements.

Our audit approach was based on the audit risk and includes, among other, the performance of the following procedures:

We obtained an understanding of the Group's process to monitor trade receivables, and of the factors considered in estimating the provision for impairment. We evaluated whether the process is in line with the relevant accounting standards.
We received confirmation letters from third parties for a representative sample of trade receivables and we executed procedures for the collection of the year end balances after the date of the financial statements.
We assessed the management's estimation regarding the recoverability of the trade receivables, taking into consideration the aging analysis, any guarantees that have been granted from the customers.
We obtained and reviewed the letters of the legal advisors with regard to the recoverability of the trade receivables.
On a sample basis, we confirmed the accuracy and completeness of the data used by the management in the calculation of expected credit losses.
We assessed the adequacy and suitability of the relevant disclosures in the financial statements.

Other Information

Management is responsible for the other information. The other information is included in the Board of Directors' Report, as referred to the "Report on other Legal and Regulatory Requirements" section, in the Declaration of the Board of Directors Representatives, but does not include the financial statements and our auditor's report thereon, which we obtained prior to the date of this auditor's report, and the "Corporate Responsibility & Sustainability Report", which is expected to be made available to us after this date.

Our opinion on the separate and consolidated financial statements does not cover the other information and we will not express any form of assurance conclusion thereon.

In connection with our audit of the separate and consolidated financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the separate and consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. When we read the "Corporate Responsibility & Sustainability Report", if we conclude that there is a material misstatement therein, we are required to communicate this matter to those charged with governance and, depending on the case, to proceed in further action in compliance with relevant legislation.

Responsibilities of Management and Those Charged with Governance for the separate and consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the separate and consolidated financial statements in accordance with International Financial Reporting Standards, as endorsed by the European Union, and for such internal control as Management determines is necessary to enable the preparation of separate and consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the separate and consolidated financial statements, Management is responsible for assessing the Company's and Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless, management either intends to liquidate the Company and the Group or to cease operations, or has no realistic alternative but to do so.

The Audit Committee (art. 44 of Law 4449/2017) of the Company is responsible for overseeing the Company's and the Group's financial reporting process.

Auditor's Responsibilities for the Audit of the separate and consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the separate and the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs, as incorporated in Greek Legislation, will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these separate and consolidated financial statements.

As part of an audit in accordance with ISAs as incorporated in Greek Legislation, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the separate and consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit, in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's and the Group's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's and the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the separate and consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company and the Group to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the separate and consolidated financial statements, including the disclosures, and whether the separate and consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the separate and consolidated financial statements. We are responsible for the direction, supervision and performance of the audit of the Company and the Group. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the separate and consolidated financial statements of the current period and are therefore the key audit matters.

Report on Other Legal and Regulatory Requirements

1) Board of Directors' Report

Taking into consideration that management is responsible for the preparation of the Board of Directors' Report which also includes the Corporate Governance Statement, according to the provisions of paragraph 5 of article 2 of L. 4336/2015 (part B), we note that:

a) The Board of Directors' Report includes the Corporate Governance Statement which provides the information required by Article 152 of Law 4548/2018.

b) In our opinion the Board of Directors' Report has been prepared in accordance with the applicable legal requirements of articles 150-151 and 153-154 and paragraph 1 (cases c' and d') of article 152 of Law 4548/2018 and its content is consistent with the accompanying separate and consolidated financial statements for the year ended 31.12.2021.

c) Based on the knowledge we obtained during our audit about the company "Gr. Sarantis SA" and its environment, we have not identified any material inconsistencies in the Board of Directors' Report.

2) Additional Report to the Audit Committee

Our audit opinion on the separate and the consolidated financial statements is consistent with our Additional Report to the Audit Committee of the Company, referred to in article 11 of EU Regulation 537/2014. 3) Provision of Non-Audit Services

We have not provided to the Company and the Group any prohibited non-audit services referred to in article 5 of EU Regulation No 537/2014 or other permissible non-audit services.

4) Auditor's Appointment

We were appointed as statutory auditors for the first time by the General Assembly of shareholders of the Company on 26/06/2014. Our appointment has been, since then, uninterrupted renewed by the Annual General Assembly of shareholders of the Company for 8 consecutive years.

5) Bylaws (Internal Regulation Code)

The Company has in effect Bylaws (Internal Regulation Code) in conformance with the provisions of article 14 of Law 4706/2020.

6) Assurance Report on European Single Electronic Format

We examined the digital records of the Company, prepared in accordance with the European Single Electronic Format (ESEF) as defined by the European Commission Delegated Regulation 2019/815, amended by the Regulation (EU) 2020/1989 (ESEF Regulation), which comprise the separate and consolidated financial statements of the Company for the year ended December 31, 2021, in XHTML format (21380078FJXYHFE8KP46-2021-12-31-en.xhtml), as well as the provided XBRL file (21380078FJXYHFE8KP46- 2021-12-31-en.zip) with the appropriate mark-up, on the aforementioned consolidated financial statements.

Regulatory Framework

The digital records of the ESEF are prepared in accordance with the ESEF Regulation and the Commission Interpretative Communication 2020/C379/01 of November 10, 2020, in conformance with Law 3556/2007 and the relevant announcements of the Hellenic Capital Market Commission and the Athens Stock Exchange (ESEF Regulatory Framework). In summary, this framework includes, inter alia, the following requirements:

All annual financial reports shall be prepared in XHTML format.
For the consolidated financial statements in accordance with IFRS, financial information included in the statements of comprehensive income, financial position, changes in equity and cash flows shall be marked-up with XBRL tags, in accordance with the effective ESEF Taxonomy. ESEF technical specifications, including the relevant taxonomy, are set out in the ESEF Regulatory Technical Standards.

The requirements set out in the current ESEF Regulatory Framework constitute the appropriate criteria for expressing a conclusion of reasonable assurance.

Responsibilities of Management and Those Charged with Governance for the ESEF Digital Records

Management is responsible for the preparation and submission of the separate and consolidated financial statements of the Company for the year ended December 31, 2021, in accordance with the requirements of ESEF Regulatory Framework, and for such internal control as management determines is necessary to enable the preparation of digital records that are free from material misstatement, whether due to fraud or error.

Auditor's Responsibilities for the Reasonable Assurance of ESEF Digital Records

Our responsibility is to design and conduct this assurance engagement in accordance with No. 214/4/11-02- 2022 Decision of the Board of Directors of the Hellenic Accounting and Auditing Standards Oversight Board (HAASOB) and the "Guidelines on the auditors' engagement and reasonable assurance report on European Single Electronic Format (ESEF) for issuers whose securities are admitted to trading on a regulated market in Greece" as issued by the Institute of Certified Public Accountants of Greece on 14/02/2022 (hereinafter "ESEF Guidelines"), in order to obtain reasonable assurance that the separate and the consolidated financial statements of the Company, prepared by the management in accordance with ESEF are in compliance, in all material respects, with the effective ESEF Regulatory Framework.

We conducted our work in accordance with the Code of Ethics for Professional Accountants (IESBA Code) issued by the International Ethics Standards Board for Accountants, as incorporated in Greek legislation and we have complied with the ethical requirements of independence, in accordance with Law 4449/2017 and EU Regulation 537/2014.

We conducted our work in accordance with the International Standard on Assurance Engagements (ISAE) 3000 "Assurance Engagements other than Audits or Reviews of Historical Financial Information" and our procedures are limited to the requirements of ESEF Guidelines. Reasonable assurance is a high level of assurance, but is not a guarantee that this work will always detect a material misstatement of non-compliance with the requirements of ESEF Regulation.

Conclusion

Based on the procedures performed and the evidence obtained, the separate and consolidated financial statements of the Company for the year ended December 31, 2021, in XHTML format

(21380078FJXYHFE8KP46-2021-12-31-en.xhtml), as well as the provided XBRL file (21380078FJXYHFE8KP46- 2021-12-31-en.zip) with the appropriate mark-up on the above consolidated financial statements, have been prepared, in all material respects, in accordance with the requirements of the ESEF Regulatory Framework.

Ag. Paraskevi, April 29, 2022 Certified Public Accountant

BDO Certified Public Accountant S.A. 449 Mesogion Av, Athens- Ag. Paraskevi, Greece Reg. SOEL: 173

Christoforos Achiniotis Reg. SOEL: 35961

ANNUAL FINANCIAL STATEMENTS

ANNUAL FINANCIAL REPORT OF THE FISCAL YEAR FROM 1/1/2021 – 31/12/2021

4. ANNUAL FINANCIAL STATEMENTS

Those responsible for the preparation of the 2021 Annual Financial Statements (01/01/2021 – 31/12/2021) are the signatories at the end of the Financial Statements.

4.1 STATEMENT OF FINANCIAL POSITION

		Group		Company
Amounts in €	Note	31.12.2021	31.12.2020*	31.12.2021	31.12.2020*
ASSETS
Non-current assets		212,667,117	183,401,276	187,155,150	181,918,424
Tangible fixed assets	4.10.21	99,899,922	73,343,011	43,110,411	38,791,337
Right of use	4.10.21	11,088,658	14,622,686	4,587,805	5,694,264
Investments in Property	4.10.21	4,632,076	1,033,026	31,857	31,857
Intangible assets	4.10.21	59,286,939	60,381,322	30,464,273	31,436,048
Company goodwill	4.10.3	7,662,556	7,676,364	1,100,000	1,100,000
Deferred tax assets	4.10.12	126,963	287,378	0	0
Investments in subsidiaries, associates	4.10.2	29,606,078	25,649,283	107,598,517	104,633,691
Other long-term receivables		363,926	408,207	262,288	231,228
Current assets		250,272,217	251,973,162	115,225,509	119,516,988
Inventories	4.10.4	99,613,527	108,595,399	41,642,311	49,258,450
Trade receivables	4.10.5	91,911,217	90,951,747	43,372,075	45,583,265
Other receivables	4.10.5	8,166,547	6,921,480	5,357,115	3,628,334
Cash & cash equivalents	4.10.6	45,809,278	40,595,341	20,082,361	16,137,744
Financial assets at fair value through profit and loss	4.10.7	4,771,648	4,909,195	4,771,648	4,909,195
Total Assets		462,939,335	435,374,438	302,380,660	301,435,412
Shareholders' EQUITY:
Share capital	4.10.16	54,504,438	54,504,438	54,504,438	54,504,438
Share premium account	4.10.16	40,676,356	40,676,356	40,676,356	40,676,356
Reserves	4.10.20	19,744,904	17,388,833	13,818,124	11,903,109
Profit (losses) carried forward		182,996,596	158,026,014	107,371,318	96,344,957
Total Shareholders' Equity		297,922,293	270,595,641	216,370,235	203,428,860
Non controlling interest		2,071,826	2,638,737	0	0
Total Equity		299,994,119	273,234,378	216,370,235	203,428,860
LIABILITIES
Long-term liabilities		63,071,641	69,921,198	36,685,620	51,905,214
Loans	4.10.10	43,973,729	48,607,624	30,385,000	44,000,000
Lease liabilities		7,324,835	10,595,268	3,096,925	3,974,856
Deferred tax liabilities	4.10.12	6,676,942	5,868,690	2,153,149	2,037,813
Provisions for post employment employee benefits	4.10.23	1,196,007	2,012,802	1,050,546	1,885,457
Provisions - Long-term liabilities	4.10.9	3,900,128	2,836,813	0	7,087
Short-term liabilities		99,873,575	92,218,863	49,324,805	46,101,339
Suppliers	4.10.8	68,353,645	64,800,497	29,594,583	29,662,690
Other liabilities	4.10.8	9,282,427	9,220,899	7,166,001	6,048,675
Income taxes - other taxes payable		5,216,265	5,745,599	2,900,381	2,499,440
Loans	4.10.10	12,565,387	7,805,390	7,885,000	6,000,000
Lease liabilities		4,455,850	4,646,478	1,778,839	1,890,534
Total Equity & Liabilities		462,939,335	435,374,438	302,380,660	301,435,412

The basic financial statements should be read in conjunction with the attached notes.

*The comparative figures of the Group and the Company for the year 2020 have been revised due to the change of the accounting policy of IAS 19 (see note 4.7.7.1).

* Regarding the reserves from dividends, a reclassification has been made to the comparative figures of the Company for the fiscal year 2020 between the items "Reserves" and "Profit (loss) carried forward" (see note 4.8.23).

4.2 STATEMENT OF COMPREHENSIVE INCOME

		Group		Company
	Note	01.01-31.12.2021	01.01-31.12.2020*	01.01-31.12.2021	01.01-31.12.2020*
Amounts in €		Total Activities	Total Activities	Total Activities	Total Activities
Revenue	4.10.1	408,198,987	393,375,384	167,902,356	163,893,474
Cost of sales	4.10.14	(264,299,692)	(244,906,347)	(106,879,558)	(102,892,199)
Gross operating profit		143,899,295	148,469,038	61,022,798	61,001,275
Income from associates	4.10.2	11,812,501	11,502,933	0	0
Other operating income		916,934	1,031,075	1,763,069	1,782,480
Administrative expenses	4.10.14	(19,061,336)	(18,256,703)	(10,354,239)	(9,360,393)
Distribution expenses	4.10.14	(90,743,202)	(92,741,490)	(46,264,466)	(45,880,185)
Operating profit (loss)		46,824,192	50,004,853	6,167,162	7,543,177
Financial Income-Expenses	4.10.15	(890,985)	(2,631,109)	21,934,046	11,595,893
Gain (loss) from revaluation/disposal of fixed assets	4.10.21	3,635,244	19,057	0	0
Earnings (loss) before taxes		49,568,451	47,392,801	28,101,208	19,139,070
Income tax	4.10.11	(8,175,096)	(8,083,690)	(1,032,988)	(699,795)
Deferred tax	4.10.11	(796,227)	176,158	(127,520)	(143,584)
Earnings (loss) after the deduction of tax (A)		40,597,128	39,485,269	26,940,700	18,295,690
Owners of the parent		40,292,216	38,697,755	26,940,700	18,295,690
Non controlling interest		304,912	787,513	0	0
Other Comprehensive Income:
Items not transferred to the statement of comprehensive
income:		2,122,946	233,349	1,629,796	(21,986)
Profit from revaluation of fixed assets		2,254,602	480,381	1,640,857	35,162
Deferred tax from revaluation of fixed assets		(115,489)	(83,105)	0	0
Share of associates' other comprehensive income		1	(79,915)	0	0
Profit/Loss from actuarial study		(28,352)	(105,299)	(23,245)	(75,194)
Actuarial study deferred tax		5,114	21,287	5,114	18,047
Effect from change in tax rate		7,071	0	7,071	0
Items which may be transferred in future to the statement of
comprehensive income:		2,644,684	(8,723,284)	0	0
Foreign exchange differences from subsidiaries abroad		2,644,684	(8,723,284)	0	0
Other total income after taxes (Β)		4,767,630	(8,489,935)	1,629,796	(21,986)
Total comprehensive income after taxes (A) + (B)		45,364,758	30,995,334	28,570,496	18,273,704
Owners of the parent		44,932,252	30,721,151	28,570,496	18,273,704
Non controlling interest		432,505	274,183	0	0
Earnings (loss) per share, which correspond to the parent's
shareholders for the period	4.10.17	0.6014	0.5766	0.4021	0.2726

The basic financial statements should be read in conjunction with the attached notes.

*The comparative figures of the Group and the Company for the year 2020 have been revised due to the change of the accounting policy of IAS 19 (see note 4.7.7.1)

4.3 STATEMENT OF CHANGES IN GROUP'S EQUITY FOR THE PERIOD

	Attributed to shareholders of the parent
Amounts in €	Share Capital	Share Premium	Readjustments Reserve and other reservesl	Balance of profit / losses	Total	Non controlling interest	Total
Balance as at 1 January 2020	54,504,438	40,676,356	13,751,423	142,339,550	251,271,767	2,364,554	253,636,320
Adjustment due to change in accounting policy IAS 19			(200,069)	818,307	618,237		618,237
Adjusted balances as at 1 January 2020	54,504,438	40,676,356	13,551,354	143,157,857	251,890,004	2,364,554	254,254,558
Total comprehensive income for the period
Net profit for the period				38,697,755	38,697,755	787,513	39,485,269
Other comprehensive income
Foreign exchange differences				(8,150,524)	(8,150,524)	(572,760)	(8,723,284)
Reserve due to actuarial study			(84,012)		(84,012)	0	(84,012)
Revaluation of property			337,847		337,847	59,429	397,277
Change from associates				(79,915)	(79,915)	0	(79,915)
Other comprehensive income			253,835	(8,230,439)	(7,976,604)	(513,330)	(8,489,935)
Other transactions registered in Equity
Total comprehensive income after taxes			253,835	30,467,316	30,721,151	274,183	30,995,334
Purchase of treasury shares			(801,481)		(801,481)	0	(801,481)
Distributed dividends				(11,214,034)	(11,214,034)	0	(11,214,034)
Formation of reserves			4,385,125	(4,385,125)	0	0	0
Other transactions registered in Equity			3,583,644	(15,599,159)	(12,015,515)		(12,015,515)
Balance as at 31 December 2020	54,504,438	40,676,356	17,388,833	158,026,014	270,595,641	2,638,737	273,234,378
Balance as at 1 January 2021	54,504,438	40,676,356	17,388,833	158,026,014	270,595,641	2,638,737	273,234,378
Total comprehensive income for the period
Net profit for the period				40,292,216	40,292,216	304,912	40,597,128
Other comprehensive income
Foreign exchange differences				2,569,805	2,569,805	74,879	2,644,684
Reserve due to actuarial study			(16,168)		(16,168)		(16,168)
Revaluation of property			2,086,398		2,086,398	52,714	2,139,113
Change from associates			0	1	1		1
Other comprehensive income			2,070,231	2,569,806	4,640,036	127,593	4,767,630
Other transactions registered in Equity
Total comprehensive income after taxes			2,070,231	42,862,022	44,932,252	432,505	45,364,758
Purchase of treasury shares			(629,121)		(629,121)	0	(629,121)
Distributed dividends				(15,000,000)	(15,000,000)	0	(15,000,000)
Minority interests due to acquisition of interest in a subsidiary				(1,975,409)	(1,975,409)	(999,417)	(2,974,826)
Formation of reserves			915,030	(915,030)	0	0	0
Change from subsidiaries			(69)	(1,000)	(1,069)	0	(1,069)
Other transactions registered in Equity			285,840	(17,891,439)	(17,605,599)	(999,417)	(18,605,016)
Balance as at 31 December 2021	54,504,438	40,676,356	19,744,904	182,996,596	297,922,293	2,071,826	299,994,119

The basic financial statements should be read in conjunction with the attached notes.

*The comparative figures of the Group and the Company for the year 2020 have been revised due to the change of the accounting policy of IAS 19 (see note 4.7.7.1)

4.4 STATEMENT OF CHANGES IN COMPANY'S EQUITY FOR THE PERIOD

	Attributed to shareholders of the parent
Amounts in €	Share Capital	Share Premium	Readjustments Reserve and other reservesl	Balance of profit / losses	Total
Balance as at 1 January 2020	54,504,438	40,676,356	9,027,851	92,343,788	196,552,433
Adjustment due to change in accounting policy IAS 19			(200,069)	818,307	618,237
Adjusted balances as at 1 January 2020	54,504,438	40,676,356	8,827,782	93,162,095	197,170,670
Total comprehensive income for the period
Net profit for the period				18,295,690	18,295,690
Other comprehensive income
Reserve due to actuarial study			(57,148)		(57,148)
Revaluation of property			35,162		35,162
Other comprehensive income			(21,986)		(21,986)
Other transactions registered in Equity
Total comprehensive income after taxes			(21,986)	18,295,690	18,273,704
Purchase of treasury shares			(801,481)		(801,481)
Formation of reserves			3,898,794	(3,898,794)	0
Distributed dividends				(11,214,034)	(11,214,034)
Other transactions registered in Equity			3,097,313	(15,112,828)	(12,015,515)
Balance as at 31 December 2020	54,504,438	40,676,356	11,903,109	96,344,957	203,428,860
Balance as at 1 January 2021	54,504,438	40,676,356	11,903,109	96,344,957	203,428,860
Total comprehensive income for the period
Net profit for the period				26,940,700	26,940,700
Other comprehensive income
Reserve due to actuarial study			(11,060)		(11,060)
Revaluation of property			1,640,857		1,640,857
Other comprehensive income			1,629,796		1,629,796
Other transactions registered in Equity
Total comprehensive income after taxes			1,629,796	26,940,700	28,570,496
Purchase of treasury shares			(629,121)		(629,121)
Distributed dividends				(15,000,000)	(15,000,000)
Formation of reserves			914,339	(914,339)	0
Other transactions registered in Equity			285,218	(15,914,339)	(15,629,121)
Balance as at 31 December 2021	54,504,438	40,676,356	13,818,124	107,371,318	216,370,235

The basic financial statements should be read in conjunction with the attached notes.

*The comparative figures of the Group and the Company for the year 2020 have been revised due to the change of the accounting policy of IAS 19 (see note 4.7.7.1).

4.5 STATEMENT OF CASH FLOWS

		Group	Company
Amounts in €		01.01 - 31.12.2021 01.01 - 31.12.2020 01.01 - 31.12.2021 01.01 - 31.12.2020
Operating Activities
Earnings / (loss) before tax (continuing activities)	49,568,451	47,392,801	28,101,208	19,139,070
Plus/minus adjustments for:
Depreciation/Amortization	12,868,154	12,634,766	6,905,388	6,810,518
Revaluation of fixed assets	(3,635,244)	(19,057)	0	0
Foreign Exchange differences	410,753	1,237,331	15,005	(48,201)
Results (income, expenses, profits and losses) from investing activities	(13,347,647)	(12,753,367)	(23,074,114)	(13,059,173)
Interest expense and related expenses	1,715,132	2,095,807	1,162,845	1,484,179
Decrease / (increase) in inventories	9,733,447	(17,769,983)	7,616,139	(5,430,299)
Decrease / (increase) in receivables	(1,446,660)	5,406,415	(56,870)	6,807,492
Decrease) / increase in liabilities (other than to banks)	2,394,771	(281,328)	254,505	(3,460,032)
Less:
Interest and related expenses paid	(1,851,356)	(2,134,199)	(1,073,444)	(1,471,978)
Tax paid	(5,950,721)	(3,589,369)	(795,758)	0
Total inflows / (outflows) from operating activities (a)	50,459,080	32,219,818	19,054,905	10,771,577
Investing Activities
Acquisition/Sale of subsidiaries, associates, joint ventures and other investments	(1,681,255)	(1,861,035)	(1,688,379)	(9,346,016)
Purchase of tangible and intangible fixed assets	(30,503,544)	(28,201,299)	(7,364,413)	(16,044,429)
Proceeds from sale of tangible and intangible assets	127,098	175,571	63,523	1,727
Interest received	164,354	170,359	151,078	691,664
Dividends received	5,253,323	4,914,211	22,471,872	18,219,184
Proceeds from grants	1,263,051	3,229,350	0	0
Total inflows / (outflows) from investing activities (b)	(25,376,973)	(21,572,844)	13,633,682	(6,477,869)
Financing Activities
Proceeds from loans granted / assumed	33,917,651	40,241,394	22,000,000	40,000,000
Payment of borrowings	(33,730,000)	(48,944,355)	(33,730,000)	(45,000,000)
Payment of lease liabilities	(4,449,083)	(4,142,210)	(1,721,858)	(1,684,230)
(Payments) / Proceeds from (purchase) / sale of treasury shares	(629,121)	(801,481)	(629,121)	(801,481)
Dividends paid towards the shareholders of the parent	(14,662,991)	(10,949,153)	(14,662,991)	(10,949,153)
Total inflows / (outflows) from financing activities (c)	(19,553,544)	(24,595,804)	(28,743,970)	(18,434,863)
Net increase / (decrease) in cash and cash equivalents (a+b+c)	5,528,563	(13,948,830)	3,944,617	(14,141,155)
Cash and cash equivalents at beginning of period	40,595,341	54,847,405	16,137,744	30,278,899
Cash and cash equivalents of merged subsidiary	0	0	0	0
Effect from foreign exchange differences due to translation to euro	(314,626)	(303,234)	0	0
Cash and cash equivalents at the end of the period	45,809,278	40,595,341	20,082,361	16,137,744

The basic financial statements should be read in conjunction with the attached notes.

*The comparative figures of the Group and the Company for the year 2020 have been revised due to the change of the accounting policy of IAS 19 (see note 4.7.7.1).

4.6 NOTES ON THE ANNUAL FINANCIAL STATEMENTS

4.6.1 The Company

Gr. Sarantis SA (the Company) has the legal form of a société anonyme and is the parent company of the Gr. Sarantis SA Group (the Group).

The Company's domicile is located at 26 Amarousiou – Chalandriou Street, Marousi Greece, The Company's central offices are also located at the same address.

The shares of Gr. Sarantis SA are listed on the main market of the Athens Exchange.

4.6.2 Group's Structure

The Group's companies, which are included in the consolidated financial statements, are the following:

GROUP STRUCTURE
Company	Domicile	Direct Participation Percentage	Indirect Participation Percentage	Total
Full Consolidation Method
GR. SARANTIS S.A.	GREECE	PARENT
SARANTIS BULGARIA LTD	BULGARIA	100.00%	0.00%	100.00%
SARANTIS ROMANIA S.A.	ROMANIA	100.00%	0.00%	100.00%
SARANTIS BELGRADE D.O.O.	SERBIA	100.00%	0.00%	100.00%
SARANTIS BANJA LUKA D.O.O.	BOSNIA	0.00%	100.00%	100.00%
SARANTIS SKOPJE D.O.O.	F.Y.R.O.M.	0.00%	100.00%	100.00%
SARANTIS POLSKA S.A.	POLAND	100.00%	0.00%	100.00%
POLIPAK SP. Z.O.O.	POLAND	0.00%	80.00%	80.00%
SARANTIS CZECH REPUBLIC sro	CZECH REPUBLIC	100.00%	0.00%	100.00%
SARANTIS HUNGARY Kft.	HUNGARY	100.00%	0.00%	100.00%
ZETAFIN LTD	CYPRUS	100.00%	0.00%	100.00%
ZETA COSMETICS LTD	CYPRUS	0.00%	100.00%	100.00%
WALDECK LTD	CYPRUS	0.00%	100.00%	100.00%
ELODE FRANCE S.A.R.L	FRANCE	100.00%	0.00%	100.00%
SARANTIS FRANCE S.A.R.L	FRANCE	100.00%	0.00%	100.00%
SARANTIS PORTUGAL Lda	PORTUGAL	100.00%	0.00%	100.00%
ASTRID T.M. A.S.	CZECH REPUBLIC	100.00%	0.00%	100.00%
SARANTIS SLOVAKIA S.R.O	SLOVAKIA	0.00%	100.00%	100.00%
IVYBRIDGE VENTURES LTD	CYPRUS	100.00%	0.00%	100.00%
ERGOPACK LLC	UKRAINE	0.00%	100.00%	100.00%
HOZTORG LLC	RUSSIA	0.00%	100.00%	100.00%
Equity Consolidation Method
ELCA COSMETICS LTD	CYPRUS	0.00%	49.00%	49.00%
ESTEE LAUDER HELLAS S.A.	GREECE	0.00%	49.00%	49.00%
ΕSTEE LAUDER BULGARIA EOOD	BULGARIA	0.00%	49.00%	49.00%
ESTEE LAUDER ROMANIA S.A.	ROMANIA	0.00%	49.00%	49.00%

During May 2021, the Company purchased more than 10% of the company IVYBRIDGE, as a result the Group now owns 100% of the shares, as well as the indirect participations of ERGOPACK and HOZTORG.

Sarantis Ukraine LLC was liquidated in September 2021.

Business activity

The Group is active in the production and trade of cosmetics, household products and parapharmaceutical items.

The Group's basic activities have not changed since the previous year.

4.7 BASIS FOR THE PREPARATION OF THE INTERIM CONDENSED FINANCIAL STATEMENTS

4.7.1 Compliance with IFRS

The consolidated and individual financial statements of "GR. SARANTIS S.A." are in accordance with the International Financial Reporting Standards (IFRS), which have been issued by the International Accounting Standards Board (IASB) as well as their interpretations, which have been issued by the International Financial Reporting Interpretations Committee (IFRIC) of IASB that have been adopted by the European Union.

4.7.2 Basis for the preparation of the financial statements

The consolidated and parent financial statements of "GR. SARANTIS SA" have been compiled on the basis of the "going concern" principle as well as on the basis of the historical cost principle, apart from the financial assets at fair value through results, available for sale, which based on the requirements of IFRS are recorded at fair value.

4.7.3 Approval of financial statements

The annual consolidated financial statements have been approved by the Company's Board of Directors on April 28 th 2022 and are subject to the approval of the Annual Shareholders General Meeting.

4.7.4 Covered period

The present annual consolidated financial statements include the financial statements of "GR. SARANTIS S.A." and its subsidiaries, which together are referred to as the Group, and cover the period from January 1st 2021 to December 31st 2021.

4.7.5 Presentation of the financial statements

The present financial statements are presented in €, which is the Group's operating currency, namely the currency of the primary economic environment in which the parent Company operates.

4.7.6 Significant judgments and estimations by Management

The Group and the Company make estimates and assumptions related to the future. Therefore these estimates will rarely be identical to actual events. Estimates and assumptions that involve a significant revaluation risk in the book value of assets and liabilities in the subsequent period are reported below.

Estimates and assumptions are continually revalued and rely on past evidence and experience as adjusted in line with current market conditions and other factors including expectations for future events that are considered reasonable under current circumstances. The actual results may differ from the above estimates under different assumptions or conditions. Significant accounting estimates and assumptions relating to future and other principal sources of uncertainty at the date of preparation of the financial statements that present a significant risk of causing material adjustments to the book values of assets and liabilities in the next financial year are as follows:

Impairment of goodwill

The Group and the Company assess whether there is impairment of goodwill at least on an annual basis. Therefore, it is necessary to estimate the value in use of each cash-generating unit to which goodwill has been allocated. Estimated value in use requires the Group and the Company to estimate the future cash flows of the cash-

generating units and to select the appropriate discount rate, based on which the present value of the future cash flows will be determined. An analysis of impairment testing is included in note 4.10.3.

Estimation of the useful life of assets

The Group and the Company value the useful lives of tangible and intangible fixed assets. These estimates shall be reviewed at least on a yearly basis taking into account new circumstances and market conditions.

Own used assets

With respect to land and plots, fair value is determined by approved independent appraisers based on international rules and guidelines (e.g. RICS Valuation - Professional Standards 2017), taking into account comparative evidence of recent or past real estate prices in the wider real estate area as well as its specific features such as location, size, quality construction and maintenance status. These estimates are reassessed, particularly due to the COVID-19 pandemic, at regular intervals.

On 31/12/2021, a valuation was carried out by an approved appraiser for buildings and land plots in the Company as well as the Company's subsidiaries in Poland, Romania and Ukraine.

Investment property

The fair value determination is carried out by approved independent appraisers based on international rules and guidelines (e.g. RICS Valuation - Professional Standards 2017), taking into account comparative evidence of recent or past real estate prices in the wider real estate area as well as its specific features such as location, size, quality construction and maintenance status. These estimates are reassessed on at least a yearly basis, or sooner due to the COVID-19 pandemic.

On 31/12/2021, a valuation was carried out by an approved appraiser and according to specific guidelines and rules.

Assets with right of use

The Group's most significant estimates regarding right of use assets relate to: the determination of the existence of leases in specific transactions, the terms of renewal of leases and the determination of the discount rate.

Provision for income tax

The income tax provision under IAS 12 "Income Taxes" relates to the amounts of taxes that are expected to be paid to the tax authorities and includes the provision for current income tax and the provision for any additional taxes that may arise as a result of control by the tax authorities. Group companies are subject to different income tax laws and therefore significant management assessment is required to determine the Group's income tax income. Income tax expense may differ from these estimates due to future changes in tax legislation, significant changes in the laws of the countries in which the Group and the Company operate or unforeseen consequences from the final determination of the tax liability of each fiscal year by the tax authorities .These changes may have a significant impact on the Group's and Company's financial position. In the event that the resulting additional taxes are different from the amounts initially recorded, these differences will affect income tax and deferred tax provisions in the use that has been made to determine tax differences.

Deferred tax receivables

Deferred tax assets and liabilities are recognized in the event of temporary differences between the book value and the tax base of assets and liabilities using the tax rates that have been enacted and are expected to apply in the periods when those differences are expected to be eliminated. Deferred tax receivables are recognized for all deductible temporary differences and tax losses transferred to the extent that it is probable that taxable profit will be available and will be used against the deductible temporary differences and the transferred unused tax losses. The Group and the Company take into account the existence of future taxable income and follow a continuous conservative tax planning strategy in assessing the recovery of deferred tax receivables. Accounting estimates related to the deferred tax receivables require the management to make assumptions about the timing of future events, such as the probability of expected future taxable income and the available tax planning capabilities.

Inventories

Inventories are valued at the lower of their acquisition cost and their net realizable value. Net realizable value is the estimated selling price in the ordinary course of business of the Group companies less the estimated cost necessary to make the sale. The management of the Group makes estimates for the calculation of any provision for impairment of inventories, including, but not limited to, the maturity of inventories, their movement through use, planning for the next period, and an estimate of the future selling price. Regarding the provision for impairment due to obsolescence of for the FY 2021 see paragraph 4.10.4.

Provisions for expected credit losses from customer receivables and contract assets

The Group applies the simplified approach of IFRS 9 for the calculation of expected credit losses, according to which the provision for impairment is always measured at the amount of the expected credit losses over the life of the receivables from customers. At each balance sheet date, the historical percentages used and the estimates of the future financial situation are updated.

The correlation between the historical data, the future financial situation and the expected credit losses includes significant estimates. The amount of expected credit losses depends to a large extent on the changes in the conditions and forecasts of the future financial situation. In addition, past experience and forecasts for the future may not lead to conclusions indicative of the actual amount of customer default in the future. Additional analysis is included in Note 4.10.5.

Liabilities in relation to post-employment benefits

The present value of the pension benefits of defined benefit plans is based on a number of factors identified using actuarial methods and assumptions. Such actuarial assumptions are the discount rate used to calculate the cost of provision and the rate of wage increases. Any changes in these assumptions will affect the balance of pension liabilities. The Company determines the appropriate discount rate at the end of each financial year. This is defined as the interest rate that should be used to determine the present value of future cash flows that are expected to be required to meet pension plan liabilities. In determining the appropriate discount rate, the Company uses the interest rate on low-risk corporate bonds that are converted into the currency in which the liability will be paid and whose maturity date is close to that of the relevant pension liability. Additional analysis is included in note 4.10.23.

Business combinations

When acquiring a company, the fair value and useful life of the acquired tangible and intangible assets are determined, where estimations are required. Future events could cause changes in the assumptions used by the Group, which could have an impact on the Group's results and equity.

Contingent liabilities

The Group and the Company are involved in various disputes and legal proceedings. The Group and the Company review the status of each significant case on a periodic basis and evaluate the potential economic risk, based on the views of legal advisers. If the potential loss from any litigation or legal case is considered probable and the amount can be estimated reliably, the Group and the Company calculate a provision for the estimated loss. Both the determination of the probability and the determination of whether the risk can be reliably estimated require the management's judgment to a significant degree. When additional information becomes available, the Group and the Company reconsider the probable liability for outstanding litigation and legal affairs and may review the estimates of the probability of an adverse effect and the related estimate of potential loss. Such revisions to the estimates of the probable liability may have a material effect on the Group's and Company's financial position and results.

Estimates on the impact of the COVID-19

The exponential COVID-19 spread and its declaration by WHO as a pandemic, is an unexpected global challenge with an uncertain course.

The Group responded with flexibility and sensitivity, supported by its people, despite the continuous challenges across the Group's countries.

Sarantis Group, with an utmost sense of responsibility, closely monitors the recent developments and responds appropriately at all levels, having prepared a specific coronavirus action plan, according to the evolution of the pandemic across its geographical region.

Since the beginning of the COVID-19 outbreak, set out its key priorities:

• Ensuring the protection and safety of employees, customers, partners, consumers, as well as the ongoing support of social groups in need, especially those at the forefront of the pandemic and caring for those affected.

Since the beginning of 2020, when the virus started to spread worldwide, the Group enacted a special management team and precautionary measures in line with each state's government in which it operates and in accordance with the official WHO's guidelines.

In Greece, a special coronavirus protection policy was enacted which includes remote working, suspension of both professional and personal travel, cancellation of both internal and external events, the headquarters' decontamination and special health guidance. In the other countries of its operation, the Group aligned with the precautionary measures taken by the authorities and implemented remote work and further specific protection measures.

Since then, the Group maintains safety and hygiene measures across its facilities and adapts according to the restrictive measures imposed by governments and relevant authorities in the countries of its operation, as the pandemic is still evolving.

In addition, the Group's contribution to the society was intensified during the pandemic, focusing on strengthening the health sector and supporting those in need in the Group's countries, through product and monetary donations, as well as donations in-kind to hospitals, nursing homes, NGOs and other socially vulnerable groups.

Moreover, during the quarantine period, we offered internally information on the pandemic and health & wellbeing promotion services [eg. healthy nutrition habits within the quarantine, alternative proposals of leisure entertainment like seminars, online theaters, online books, online tours, etc].

• Implementing contingency and business continuity plans in order to safeguard production plants and enable the Group's supply chain to remain fully operational in order to ensure the uninterrupted business continuity and the continuous supply of high-demand products to the market.

As the needs of the consumers turned to specific product categories, the Group ensured its ability to respond to increased demand for specific product categories, such as home care and personal hygiene products as well as food supplements.

In addition, the Group entered into the production of antibacterial products, in the hand cleansing category, in order to meet the high demand for these products.

• Maintenance of financial resilience and implementation of the Group's strategic plan in order to support the Group's further growth.

During 2021, investments realized relate to new product development, upgrading machinery equipment, expanding production capacity, acquisitions, while a dividend payment was done to the shareholders of the Company.

The Group's agility and ability to respond to unpredictable consumption trends, increased demand for certain product categories, and deal with unprecedent challenges posed by the COVID-19 crisis, is reflected in the Group's robust 2021 performance which is characterized by increased sales, increase in earnings and strong cashflow generation.

While the outlook for the global economy in 2022 remains uncertain, the management is encouraged by the Group's resilient performance and sets out the plans for the future behind its strategic priorities. The Group's strong capital base, low net debt and strong cash flows, provide safety and the support necessary to mitigate any potential negative impact, enabling it to continue as a going concern.

Estimates on the impact in Ukraine and Russia

The company GR. SARANTIS SA, operates in the markets of Ukraine and Russia through its 100% subsidiaries ERGOPACK LLC and HOZTORG LLC respectively.

The Group has no significant suppliers in Ukraine or Russia.

4.7.7 Significant Accounting Policies

The significant accounting policies that were adopted in the preparation of the financial statements of the Group are presented in the note 4.8. The policies are applied on a consistent manner for all annual periods unless it is stated otherwise.

Changes in accounting policies

a. New Accounting Standards, amendments of standards and Interpretations applied in the financial statements

IFRS	IASB Effective Date
IBOR reform and its effects on financial report – phase 2	1 January 2021

New and amended standards and Interpretations issued by the IASB did not impact the Group as they are either not relevant to the Group's activities or require accounting which is consistent with the Group's current accounting policies.

In addition to the above pronouncements, the IFRS Interpretations Committee has issued a number of agenda decisions which set out the Interpretations Committee's rationale on how the requirements of applicable IFRSs should be applied.

Accounting Standard	Topic
IAS 19 Employee Benefits	Attributing Benefit to Periods of Service

The application of the agenda decision relating to IAS 19 resulted in changes in the accounting policies applied by the Group. Details of the impact this amendment has had are given in note 4.7.7.1.

b. New standards, amendments to standards and interpretations issued not yet effective, nor early adopted
-----------------------------------------------------------------------------------------------------------

	Mandatorily effective for periods beginning on or after
IFRS 16 Leases: Covid-19-Related Rent Concessions beyond 30 June 2021	1 April 2021

	Mandatorily effective for periods beginning on or after
Annual Improvements to IFRSs - 2018-2020 cycle	1 January 2022
IAS 16 Property, Plant and Equipment (Amendment – Proceeds before Intended Use)	1 January 2022
IAS 37 Provisions, Contingent Liabilities and Contingent Assets (Amendment – Onerous Contracts – Cost of Fulfilling a Contract)	1 January 2022
IFRS 3 Business Combinations (Amendment – Reference to the Conceptual Framework)	1 January 2022
IFRS 17 Insurance Contracts	1 January 2023
IAS 1 Presentation of Financial Statements and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors (Amendment – Classification of Liabilities as Current or Non-current)	1 January 2023
IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2 (Amendment – Disclosure of Accounting Policies)	1 January 2023
IAS 8 Accounting policies, Changes in Accounting Estimates and Errors (Amendment - Definition of Accounting Estimates)	1 January 2023
IAS 12 Income Taxes (Amendment - Deferred Tax related to Assets and Liabilities arising from a Single Transaction)	1 January 2023

The Company and the Group are currently assessing the impact of these new accounting standards and amendments. These standards and interpretations are not expected to have a material impact on the financial statements once adopted.

4.7.7.1 Change in accounting policy according to IAS 19

The IFRS Interpretations Committee (IFRS IC) has issued, in May 2021, a tentative decision "Attributing Benefit to Periods of Service (IAS 19 Employee Benefits)" where additional explanatory application guidance is provided on the method used to attribute employee benefits on specific defined benefit schemes with similar characteristics of the scheme contemplated in article 8 of legislation Ν.3198/1955 which refers to staff retirement indemnity.

The application guidance modifies the method currently used in Greece to apply the basic principles of IAS 19 and as a result, entities which prepare IFRS financial statements are required to change their accounting policy accordingly.

Until the issuance of the agenda decision, the Company applied IAS 19 by distributing the benefits defined by article 8 of L.3198 / 1955, L.2112 / 1920, and its amendment by L.4093 / 2012 in the period from the date of hiring to the date of retirement of the employees.

The application of this final Decision in the attached financial statements, has as a result now the distribution of benefits in the last 16 years until the date of retirement of employees following the scale of Law 4093/2012.

Any changes are presented as a change in accounting policy and applied retrospectively in the annual financial statements for the year ending 31 December 2021, adjusting comparatives balances for 2020 and the opening balance of reserves for amounts relating to previous periods, as if the new policy had always been applied.

The following tables present the impact of applying the practical expedient.

	Group			Company
Amounts in €	Adjustment				Adjustment
	31.12.2019	IAS19	01.01.2020	31.12.2019	IAS19	01.01.2020

ASSETS
Non-current assets	162,023,115	0	162,023,115	163,278,521	0	163,278,521
Tangible fixed assets	67,215,999		67,215,999	38,363,658		38,363,658
Right of use	11,960,168		11,960,168	4,603,531		4,603,531
Investments in Property	1,032,612		1,032,612	31,857		31,857
Intangible assets	51,689,682		51,689,682	21,659,829		21,659,829
Company goodwill	7,898,422		7,898,422	1,100,000		1,100,000
Deferred tax assets	166,767		166,767	0		0
Investments in subsidiaries, associates	21,458,228		21,458,228	97,148,691		97,148,691
Other long-term receivables	601,237		601,237	370,955		370,955
Current assets	259,525,736	0	259,525,736	139,064,473	0	139,064,473
Inventories	94,553,285		94,553,285	43,828,151		43,828,151
Trade receivables	102,486,263		102,486,263	45,734,670		45,734,670
Other receivables	5,124,423		5,124,423	16,708,392		16,708,392
Cash & cash equivalents	54,847,405		54,847,405	30,278,899		30,278,899
Financial assets at fair value through profit and loss	2,514,360		2,514,360	2,514,360		2,514,360
Total Assets	421,548,851	0	421,548,851	302,342,993	0	302,342,993
Shareholders' EQUITY:
Share capital	54,504,438		54,504,438	54,504,438		54,504,438
Share premium account	40,676,356		40,676,356	40,676,356		40,676,356
Reserves	13,751,423	-200,069	13,551,353	137,114,752	-200,069	136,914,683
Profit (losses) carried forward	142,339,551	818,307	143,157,858	-35,743,113	818,307	-34,924,806
Total Shareholders' Equity	251,271,767	618,237	251,890,004	196,552,433	618,237	197,170,670
Non controlling interest:	2,364,554		2,364,554	0		0
Total Equity	253,636,320	618,237	254,254,558	196,552,433	618,237	197,170,670
LIABILITIES
Long-term liabilities	52,718,198	-618,237	52,099,961	42,100,833	-618,237	41,482,596
Loans	35,000,000		35,000,000	35,000,000		35,000,000
Lease liabilities	8,768,273		8,768,273	3,245,488		3,245,488
Deferred tax liabilities	6,025,422	195,233	6,220,655	1,717,043	195,233	1,912,276
Provisions for post employment employee benefits	2,230,142	-813,470	1,416,672	2,138,302	-813,470	1,324,832
Provisions - Long-term liabilities	694,362		694,362	0		0
Short-term liabilities	115,194,332	0	115,194,332	63,689,728	0	63,689,728
Suppliers	65,725,156		65,725,156	31,993,865		31,993,865
Other liabilities	9,998,637		9,998,637	7,784,885		7,784,885
Income taxes - other taxes payable	4,871,081		4,871,081	2,264,380		2,264,380
Loans	30,814,535		30,814,535	20,000,000		20,000,000
Lease liabilities	3,784,924		3,784,924	1,646,597		1,646,597
Accruals and deferred expenses	0		0	0		0
Total Equity & Liabilities	421,548,851	0	421,548,851	302,342,993	0	302,342,993

	Group			Company
Amounts in €	Adjustment		Revised		Adjustment	Revised
	31.12.2020	IAS19 31.12.2020	31.12.2020	IAS19	31.12.2020
ASSETS
Non-current assets	183,401,276	0	183,401,276	181,918,424	0	181,918,424
Tangible fixed assets	73,343,011		73,343,011	38,791,337		38,791,337
Right of use	14,622,686		14,622,686	5,694,264		5,694,264
Investments in Property	1,033,026		1,033,026	31,857		31,857
Intangible assets	60,381,322		60,381,322	31,436,048		31,436,048
Company goodwill	7,676,364		7,676,364	1,100,000		1,100,000
Deferred tax assets	287,378		287,378	0		0
Investments in subsidiaries, associates	25,649,283		25,649,283	104,633,691		104,633,691
Other long-term receivables	408,207		408,207	231,228		231,228
Current assets	251,973,162	0	251,973,162	119,516,988	0	119,516,988
Inventories	108,595,399		108,595,399	49,258,450		49,258,450
Trade receivables	90,951,747		90,951,747	45,583,265		45,583,265
Other receivables	6,921,480		6,921,480	3,628,334		3,628,334
Cash & cash equivalents	40,595,341		40,595,341	16,137,744		16,137,744
Financial assets at fair value through profit and loss	4,909,195		4,909,195	4,909,195		4,909,195
Total Assets	435,374,438	0	435,374,438	301,435,412	0	301,435,412
Shareholders' EQUITY:
Share capital	54,504,438		54,504,438	54,504,438		54,504,438
Share premium account	40,676,356		40,676,356	40,676,356		40,676,356
Reserves	17,463,998	-75,164	17,388,833	141,131,347	-75,164	141,056,183
Profit (losses) carried forward	157,236,105	789,909	158,026,014	-33,598,025	789,909	-32,808,116
Total Shareholders' Equity	269,880,896	714,745	270,595,641	202,714,115	714,745	203,428,860
Non controlling interest:	2,638,737		2,638,737	0		0
Total Equity	272,519,633	714,745	273,234,378	202,714,115	714,745	203,428,860
LIABILITIES
Long-term liabilities	70,635,943	-714,745	69,921,198	52,619,959	-714,745	51,905,214
Loans	48,607,624		48,607,624	44,000,000		44,000,000
Lease liabilities	10,595,268		10,595,268	3,974,856		3,974,856
Deferred tax liabilities	5,642,981	225,709	5,868,690	1,812,104	225,709	2,037,813
Provisions for post employment employee benefits	2,953,256	-940,454	2,012,802	2,825,911	-940,454	1,885,457
Provisions - Long-term liabilities	2,836,813		2,836,813	7,087		7,087
Short-term liabilities	92,218,863	0	92,218,863	46,101,339	0	46,101,339
Suppliers	64,800,497		64,800,497	29,662,690		29,662,690
Other liabilities	9,220,899		9,220,899	6,048,675		6,048,675
Income taxes - other taxes payable	5,745,599		5,745,599	2,499,440		2,499,440
Loans	7,805,390		7,805,390	6,000,000		6,000,000
Lease liabilities	4,646,478		4,646,478	1,890,534		1,890,534
Total Equity & Liabilities	435,374,438	0	435,374,438	301,435,412	0	301,435,412

	Group			Company
Amounts in €	01.01 - 31.12.2020 Adjustment	IAS 19	Revised 01.01 - 31.12.2020	01.01 - 31.12.2020 Adjustment	IAS 19	Revised 01.01 - 31.12.2020
Revenue	393,375,384		393,375,384	163,893,474		163,893,474
Cost of sales	-244,906,347		-244,906,347	-102,892,199		-102,892,199
Gross operating profit	148,469,038		148,469,038	61,001,275		61,001,275
Income from associates	11,502,933		11,502,933	0		0
Other operating income	1,031,075		1,031,075	1,782,480		1,782,480
Administrative expenses	-18,256,703		-18,256,703	-9,360,393		-9,360,393
Distribution expenses	-92,685,518	-55,972	-92,741,490	-45,824,213	-55,972	-45,880,185
Operating profit (loss)	50,060,825	-55,972	50,004,853	7,599,149	-55,972	7,543,177
Financial income-expenses	-2,649,716	18,607	-2,631,109	11,577,286	18,607	11,595,893
Gain (loss) from revaluation of fixed assets	19,057		19,057	0		0
Earnings (loss) before taxes	47,430,166	-37,365	47,392,801	19,176,435	-37,365	19,139,070
Income tax	-8,083,690		-8,083,690	-699,795		-699,795
Deferred tax	167,190	8,968	176,158	-152,552	8,968	-143,584
Earnings (loss) after the deduction of tax (A)	39,513,666	-28,398	39,485,269	18,324,088	-28,398	18,295,690
Shareholders of the parent	38,726,153	-28,398	38,697,755	18,324,088	-28,398	18,295,690
Non controlling interest	787,513		787,513	0		0
Other Comprehensive Income:
Items not transferred to the statement of
comprehensive income:	108,444	124,905	233,349	-146,891	124,905	-21,986
Profit from revaluation of fixed assets	480,381		480,381	35,162		35,162
Deferred tax from revaluation of fixed assets	-83,105		-83,105	0		0
Share of associates' other comprehensive income	-79,915		-79,915	0		0
Profit/Loss from actuarial study	-269,648	164,349	-105,299	-239,543	164,349	-75,194
Actuarial study deferred tax	60,731	-39,443	21,287	57,490	-39,443	18,047
Items which may be transferred in future to the statement of comprehensive income:	-8,723,284	0	-8,723,284	0	0	0
Foreign exchange differences from subsidiaries abroad	-8,723,284		-8,723,284	0		0
Other total income after taxes (Β)	-8,614,840	124,905	-8,489,935	-146,891	124,905	-21,986
Total comprehensive income after taxes (A) + (B)	30,898,827	96,508	30,995,334	18,177,197	96,508	18,273,704
Owners of the parent	30,624,644	96,508	30,721,151	18,177,197	96,508	18,273,704
Non controlling interest	274,183		274,183	0		0
Earnings (loss) per share, which correspond to the	0.5770		0.5766	0.2730		0.2726
parent's shareholders for the period

4.8 BASIC ACCOUNTING PRINCIPLES

4.8.1 Consolidation

4.8.1.1 Subsidiaries

The Group's subsidiaries are legal entities on which the Group has the ability to set the operational and financial policies, usually by participating in their share capital with a voting right over 50%. The existence and effect of voting rights that may be exercised or converted are taken into account when establishing whether the Group controls a legal entity.

Subsidiaries are consolidated with the full consolidation method from the date that control is transferred to the Group and cease to be consolidated from the date that this control no longer exists.

The accounting method of the acquisition is used for the accounting entries of the subsidiaries' acquisition by the Group. The acquisition cost is calculated as the fair value of assets acquired, liabilities assumed or existing and financial products issued during the transaction date. Expenses related to the acquisition are registered in the results. The assets acquired, the liabilities and contingent liabilities assumed during a business combination are initially recognized at fair value during the acquisition date. According to the case, the Group recognizes the value of the minority interest either at fair value or as a percentage of the minority shareholders on the net assets acquired. The difference between the acquisition cost, the proportion of the minority interest plus fair value during the acquisition date of a previous participation and the Group's share in the net assets acquired, is booked as goodwill. If this value is less than the fair value of net assets acquired, the difference is registered directly in the results.

Transactions between group companies and unrealized profit related to transactions between Group companies are eliminated. Unrealized losses are also eliminated. The accounting principles of subsidiaries have been amended when necessary in order to conform to the accounting principles of the Group. In the financial statements of the parent company, investments in subsidiaries are valued at acquisition cost minus any cumulative impairment loss.

4.8.1.2 Investments in associate companies

Associates are companies on which the Group can exert significant influence but which do not fulfill the conditions to be classified as subsidiaries or joint ventures. Significant influence is the authority to participate in decisions that regard decisions for the issuer's financial and business policies, but not control on such polices. Significant influence is usually implied when the group holds a percentage between 20% and 50% of the voting rights through ownership of shares or another type of agreement.

Investments in associates are initially recognized at cost and are subsequently valued using the equity method for consolidation purposes. Goodwill is included in the book cost of the investment and is examined for impairment as part of the investment.

When an economic unit of the group transacts with a group's associate company, any possible intra-company profit and losses are written-off by the participation percentage of the group in the relevant associate company.

All subsequent changes of the participation percentage in the associate company's net position are recognized in book value of the group's investment.

Changes that arise from the profit or losses of associates are registered in the consolidated profit and loss account.

Changes that have been directly recognized in equity of the associates are recognized in the group's consolidated equity.

Any changes recognized directly in equity that are not related to a result, such as the distribution of dividends or other transactions with shareholders of the associate, are registered in the book value of the participation. No effect in the net result or equity is recognized in the context of such transactions.

When the share of losses in as associate for the group is equal or over the book value of the investment, including any other secured receivables, the group does not recognize further losses, unless it has been burdened with commitments or has proceeded with payments on behalf of the associate.

The accounting policies of associates are amended when deemed necessary in order to render such consistent with the policies adopted by the group.

In the parent's financial statements, investments in associates are valued, according to IAS 28, at acquisition cost minus any accumulated impairment loss.

4.8.1.3 Joint agreements

Investments in joint arrangements are classified as joint activities or joint ventures and their classification depends on the contractual rights and obligations of each investor.

The Group assessed the nature of the joint arrangements' investments and decided that they form joint ventures. The joint ventures are accounted based on equity method. Based on the equity method, participations in joint ventures are recognized initially at the acquisition cost and adjusted to the Group's share on operating profit (or loss) and on the total other joint venture's profits.

Where the Group's share of the losses of a joint venture is equal or greater than that of the participation in the joint venture, the Group does not recognize any further losses unless it has incurred obligations or has made payments for the joint venture's account.

Non-realized profits from transactions among the Group and the joint-ventures are eliminated according to the participation share of the Group in the joint ventures. Non-realized losses are also eliminated, unless there is evidence from the transaction for the impairment of the assets that have been transferred. In the Company's separate financial statements, the participations in joint ventures appear in the acquisition cost minus any impairment losses, if any.

4.8.2 Foreign currency translation

Transactions in foreign currency are translated to the operating currency using exchange rates in effect during the date of the transactions.

Profit and losses from foreign exchange difference, which arise from the settlement of such transactions during the period and from the conversion of monetary items expressed in foreign currency with the effective exchange rates during the balance sheet date, are registered in the results.

Foreign exchange differences from non-monetary items valued at fair value, are considered as part of the fair value and thus are registered accordingly as fair value differences.

Items of the financial statements of the group's companies are calculated based on the currency of the economic environment in the country where each group company operates.

The individual financial statements of companies participating in the consolidation, and which are initially presented in a currency different than the group's presentation currency, have been converted to €. The assets and liabilities have been converted to € according to the closing exchange rate during the balance sheet date. Income and expenses have been converted to the group's presentation currency at average exchange rates of each reported period. Any differences that arise from this procedure have been transferred to an equity reserve.

4.8.3 Financial information by segment

The company's Board of Directors is the main decision maker and controls the internal financial reporting in order to assess the company's and Group's performance and make decisions relating to the allocation of resources.

The Management has defined activity sectors based on such internal reports according to IFRS 8. Operating segments are defined as the segments in which the Group operates and on which the Group's internal information system is based.

For the breakdown per operating segment, the following have been taken into account:

The nature of products and services.
The quantitative limits defined by IFRS 8.

The Group offers information per geographic segment as additional information to readers of the financial statements.

4.8.4 Goodwill

Goodwill which is acquired during a business combination, is initially recognized at cost, which is the excess cost of the combination, over the group's proportion in the fair value of net assets acquired.

Following the initial recognition, goodwill is calculated at cost minus any accumulated impairment losses. The group examines goodwill for impairment at least on an annual basis. Impairment losses that are registered for goodwill are not reversed in subsequent periods.

4.8.5 Intangible assets

Intangible assets of the group are initially recognized at acquisition cost. Following the initial recognition, intangible assets are calculated at cost minus accumulated amortization and any impairment loss that may have emerged.

The useful economic life and depreciation method are reviewed at least at the end of each financial period. If the estimated useful life or expected burn-up rate of future economic benefits incorporated in another intangible asset have changed, the changes are accounted for as changes in accounting estimations.

The amortization of the intangible fixed assets is calculated with the straight line method along their economic life, depending on the utilization time of the intangible assets and varies between 3 and 50 years.

Intangible assets mainly include the acquired software used in production or management as well as trademarks and other rights.

4.8.6 Tangible assets

Tangible assets are recognized at the acquisition cost including all expenses directly attributed to the acquisition of the assets. Subsequent expenses are registered as in increase of the tangible assets' book value or as a separate fixed asset, only to the extent where such expenses increase the future economic benefits expected to arise from the use of the fixed assets, and the cost of such may be reliably calculated. The cost of repairs and maintenance is registered in the results of the period where such are realized.

Self-produced tangible assets constitute and addition to the acquisition cost of tangible assets at values that include the direct payroll cost for staff that participates in the construction, the cost of used materials and other general costs.

Land-plots and buildings are presented in the financial statements at readjusted values minus accumulated depreciations.

The fair value of land-plots and buildings is defined periodically by an independent evaluator. These revaluations are performed at regular intervals to ensure that the carrying amount does not differ materially from that determined using the fair value at the end of the reporting period. When the book values of the plots and buildings exceed their fair value, the difference (impairment) is initially recorded in a reduction of the formed reserve of fair value (if it exists for the respective fixed asset) which is reflected in the equity accounts. Any impairment loss arising in addition to the accumulated provision for that asset is recognized immediately as an expense in the income statement.

On 31/12/2021, a valuation was carried out by an approved appraiser for buildings and land plots in the Company as well as the Company's subsidiaries in Poland, Romania and Ukraine.

The mechanical equipment and other tangible fixed assets are presented at acquisition cost minus accumulated depreciations and possible impairment losses.

The depreciations of tangible fixed assets are calculated with the straight line method during their useful life, which is as follows:

Buildings	from 10 to 60 years
Mechanical Equipment	from 8 to 10 years
Vehicles	from 4 to 10 years
Other Equipment	from 3 to 20 years

The residual values and useful economic lives of tangible fixed assets are subject to reassessment at each balance sheet date. When the residuals values, the expected useful life or expected burn-up rate of future economic benefits incorporated in an asset have changed, the changes are accounted for as changes in accounting estimations.

Upon sale of the tangible fixed assets, any difference between the proceeds and the book value are booked as profit or loss to the results.

The book value of tangible fixed assets is examined for impairment when there are indications, namely events or changes in circumstances, that the book value may not be recoverable. If there is such an indication and the book value exceeds the estimated recoverable amount, the assets or cash flow creation units are impaired to the recoverable amount. The recoverable amount of the mechanical equipment and other equipment is the largest between their net sales price and their value in use. For the calculation of the value in use, the expected future cash

flows are discounted to present value using a pre-tax discount rate that reflects the market's current expectations for the time value of money and related risks as regards to the asset. When the book values of tangible assets exceed their recoverable value, the difference (impairment) is recognized directly as an expense in the profit and loss account.

4.8.7 Investments in Property

The investments in property include privately owned land plots and buildings, which are possessed by the Company with the objective to receive lease payments or / and to generate capital gains. The investments in property are initially recorded at their acquisition cost, which also includes the transaction costs. In a following stage, the investments in property are recorded at fair value, with any differences being recognized in the profit and loss account.

On 31/12/2021, a valuation was carried out by an approved appraiser and according to specific guidelines and rules.

4.8.8 Impairment of non-financial assets

Assets with an indefinite useful economic life are not depreciated and are subject to impairment reviews annually and also when several events or changes in conditions indicate that the book value may not be recoverable. The assets depreciated are subject to impairment review when there are indications that their book value will not be recovered. Impairment losses are recognized for the amount for which the book value of the fixed asset exceeds its recoverable value. The recoverable value is the largest between fair value less the relevant cost required for the sale and value in use (present value of cash flows expected to be generated according to management's estimation on the future financial and operating conditions). To estimate impairment losses, assets are classified in the smallest possible cash flow generating units. Non-financial assets apart from goodwill that have suffered impairment are re-assessed for possible reversal of the impairment during each balance sheet date.

4.8.9 Inventories

The cost of inventories is defined using the weighted average method, and includes all the expenses realized in order to render inventories to their current position and condition and which are directly attributable to the production process, as well as part of general expenses related to the production. During the Balance Sheet date, inventories are presented at the lowest price between acquisition cost and net realizable value.

Net realizable value is the estimated sales price during the normal conduct of the company's activities, minus the estimated cost necessary to realize the sale.

4.8.10 Financial instruments

Financial assets are classified at initial recognition and subsequently measured at amortized cost, at fair value through other comprehensive income and fair value through profit or loss.

The classification of financial assets at initial recognition depends on the contractual characteristics of the cash flows of the financial asset and the business model of the Company and the Group for their management. With the exception of trade receivables that do not contain a significant financial component, the Company and the Group initially measure financial assets at their fair value plus, in the case of a financial asset not valued through profit or loss, transaction costs. Receivables from customers that do not have a significant financial component are valued at the transaction price determined in accordance with IFRS 15.

In order for a financial asset to be classified and measured at amortized cost or at fair value through total income, cash flows that are "exclusive capital and interest payments (SPPIs)" of the original capital must be obtained.

The Company's and Group's business model for managing financial assets refers to the way in which it manages its financial capabilities to generate cash flows. The business model determines whether cash flows arise from the collection of contractual cash flows, the sale of financial assets, or both.

The purchase or sale of financial assets that require the delivery of assets within a timeframe specified by a regulation or a contract on the market is recognized on the trade date meaning on the date on which the Company commits to purchase or sell the asset.

For the purpose of subsequent measurement, financial assets are classified in the following categories:

(a) Financial assets measured at fair value through profit or loss

(b) Financial assets at amortized cost

(c) Financial assets measured at fair value through total income without recycling of cumulative gains and losses on de-recognition

(a) Financial assets that are measured at fair value through profit or loss

Financial assets valued at fair value through profit or loss include financial assets held for trading, financial assets designated at initial recognition at fair value through profit or loss, or financial assets that are required to be measured at fair value. Financial assets are classified as held for trading if they are acquired for sale or repurchase in the near future. Derivatives, including embedded derivatives, are also classified as held for trading, unless defined as effective hedging instruments. Financial assets with cash flows that are not only capital and interest payments are classified and measured at fair value through profit or loss, irrespective of the business model.

(b) Financial assets at amortized cost

The Company and the Group measure financial assets at amortized cost if both of the following conditions are met: (a) the financial asset is retained in a business model in order to hold financial assets for the collection of contractual cash flows; and (b) the contractual clauses of the financial asset generate cash flows on specific dates that consist only of capital and interest payments on the balance of the original capital.

Gains and losses are recognized in profit or loss when the asset is derecognized, modified or impaired.

(c) Financial assets classified at fair value through total income

Upon initial recognition, the Company and the Group may choose to irrevocably classify its equity investments as equity instruments at fair value through total income when they meet the definition of equity in accordance with IAS 32 Financial Instruments: Presentation and not held for trading purposes. Classification is determined by financial instrument.

Profits and losses from these financial assets are never recycled to profits or losses. Dividends are recognized in the income statement when the payment entitlement has been established, unless the Company benefits from such income as a recovery of part of the cost of the financial asset, so that the gains are recognized in the statement of comprehensive income. Equity instruments measured at fair value through total income are not subject to an impairment test.

A financial asset is derecognized primarily when:

• The rights to receive cash flows from the asset have expired, or

• The Company and the Group have transferred their rights to receive cash flows from the asset or have undertaken to fully pay the cash flows received without significant delay to a third party under a pass-through agreement and either (a) the Company and the Group have transferred substantially all the risks and rewards of the asset or (b) the Company and the Group have not transferred or held substantially all the risks and estimates of the asset but have transferred the control of the asset.

When the Company and the Group have transferred the rights to receive cash flows from an asset or have entered into a transfer agreement, they assess whether and to what extent they own the risks and rewards of ownership.

When the Company and the Group have not transferred or hold substantially all the risks and rewards of the asset and have not transferred ownership of the asset, they continue to recognize the transferred asset to the extent of its continued involvement. In this case, the Company and the Group also recognize any relevant obligation. The transferred asset and the related liability are valued on the basis of the rights and obligations that the Company and the Group hold.

Further disclosures about impairment of financial assets are also provided in the following notes:

Disclosure of important assumptions
• Customers' receivables

4.8.11 Offsetting of financial instruments

Financial assets and liabilities are offset and presented in the statement of financial position in the statement of financial position if there is a legal right to offset the amounts recognized and, in addition, if it is intended to clear the net amount, i.e. fixed assets and liabilities to be offset at the same time.

4.8.12 Trade receivables

Receivables from customers are recognized when there is an unconditional right to receive the consideration for the client's contractual obligations to the entity. A contract asset is recognized when the Company and the Group have satisfied their obligations to the customer before the customer pays or before the payment is due, for example when the goods or services are transferred to the customer prior to the Company's right and also the Group's right to issue an invoice. Receivables from customers on credit are initially recognized at their fair value, which corresponds to the nominal value, net of impairment losses.

Regarding non-doubtful trade receivables, the Company and the Group apply the simplified approach of IFRS 9 and calculate the expected credit losses over the life of the receivables. For this purpose, the Group uses a maturity forecast table based on the historical data for credit losses, adjusted for future factors in relation to borrowers and the economic environment. The bad debts are evaluated one by one for the calculation of the relevant provision. The amount of the provision is recognized in the statement of comprehensive income.

4.8.13 Cash & cash equivalents

Cash & cash equivalents include cash in banks and in hand, as well as short-term highly liquid investments such as repos and bank deposits with a maturity less than three months.

4.8.14 Share capital

The share capital includes the Company's common shares. Direct expenses realized for the issue of shares are presented after the deduction of the relevant income tax, and reduce the product of the issue.

4.8.15 Loans

Loans are initially registered at fair value, minus any direct expenses realized for the transaction. Subsequently loans are valued at net book cost. Any difference between the received amount (net of relevant expenses) and the repayment value is recognized in the results during the borrowing term according to the effective interest rate method. Loans are characterized as short-term liabilities unless the Group has the final right to postpone payment for at least 12 months following the balance sheet date.

4.8.16 Leases

Leases of fixed assets where the Group essentially maintains all the risks and benefits of ownership are classified as financial leases. Financial leases are capitalized at the inception of the lease at the lower value between the fair value of the fixed asset and the present value of minimum leases. Each lease payment is allocated between the liability and the financial expenses so as to achieve a fixed interest rate on the balance of the liability. The corresponding liabilities from leases, net of financial expenses, are presented in liabilities. The part of the lease's

financing cost that refers to interest, is recognized in the results throughout the lease period in a way that assures a fixed rate on the balance of the liability during each period. Fixed assets acquired with financial leasing are depreciated within the smallest period between the useful life of the assets and the duration of their lease. Leases where essentially all the risks and benefits of ownership are maintained by the lessor, are classified as operating leases. The lease payments of an operating lease (net of any incentives offered by the lessor) are registered proportionately in the results throughout the duration of the lease period.

4.8.17 Employee benefit

4.8.17.1 Short-term benefits

Short-term employee benefits (apart from employment termination benefits) in money and in kind, are recognized as an expense on an accrual basis.

4.8.17.2 Liabilities due to retirement

The group has both defined benefits and defined contribution schemes, according to the conditions and practices in place in the countries where the Group is active.

The defined benefits schemes define a specific amount as pension payment / benefit, which an employee will receive at in his / her retirement. Typically, this depends on a variety of factors such as age, length of service and compensation.

Defined benefits scheme is defined a pension plan where within its framework the Group makes fixed contributions and there is no legal or monetary liability to pay additional contributions in the event that the Fund's merits are insufficient to compensate for the employees' benefits for the current period and the previous periods.

The liability regarding the defined benefit schemes that is recognized in the financial position statement is the present value of the commitment for the defined benefit at the date of the preparation of the financial statements, less the fair value of the assets of the scheme (if any). The commitment of the defined benefit is calculated annually from an independent actuary using the recommended credit unit's method. The present value of the commitment for the defined benefit is calculated by the discount of future cash outflows using the interest rates of the highrated treasury bills, which are denominated in the currency at which the benefit will be paid and which have a duration that relates to the duration of the related retirement obligation.

The Group recognizes in income statement the current cost of service and net financial income or expense. Revaluations, which are consisted of actuary profits or losses, are recognized immediately in the financial position statement with the relative debit or credit of the retained earnings through the other comprehensive income of the period realized. The reassessments are not reclassified at the results of subsequent periods.

For defined benefits schemes the Group pays contributions to the social security funds of the State at obligatory base. The Group does not have any other obligation to pay if it has paid its contributions. The contributions are recognized as personnel expenses when due. Contributions that are pre-paid are recognized as an asset if there is a chance to reimburse the money or to set-off with new obligations.

4.8.17.3 Share based payments

The Group has a stock option plan in effect. The total amount of the expense during the maturity period of the option is defined according to the fair value of the plan during the period when the option is provided. The conditions not related to the purchase are included in the assumptions for the definition of the number of options expected to be exercised. At each balance sheet date, the Group revises its estimations on the number of stock options expected to be exercised. It recognizes the effect of the revision of initial estimations in the results with a corresponding adjustment of equity.

4.8.18 Recognition of income

Revenue is defined as the amount that an entity expects to be entitled to receive in exchange for the goods or services it has transferred to a client, except for amounts collected on behalf of third parties (value added tax, other sales tax). Variable amounts are included in the consideration and are calculated using either the "expected value" method or the "most likely amount" method.

The Group recognizes revenue when (or as it) meets the obligation to execute a contract by transferring the goods or services promised to the customer. The customer acquires control of the good or service if the customer is able to direct the use and derive virtually all the economic benefits from that good or service. Control is passed over a period or at a specific time.

Revenue from the sale of goods is recognized when the control of the good is transferred to the customer, usually upon delivery, and there is no unfulfilled obligation that could affect the acceptance of the good by the customer.

The Group is active in the production and distribution of consumer products. The main products of the Company and the Group are perfumes, personal care products, sunscreen products, hair care products as well as food packaging products, plastic garbage bags and household cleaning products. Net proceeds from sales are measured at the fair value of the consideration received or receivable and are declared net of discounts on sales and the consideration paid to customers. These are, in particular, incentives to promote sales which are recorded as deductions from sales.

The customer receivable is recognized when there is an unconditional right for the entity to receive the consideration for the contractual obligations performed to the customer. A contract asset is recognized when the Company and the Group have satisfied their obligations to the customer before the customer pays or before the payment is due, for example when the goods or services are transferred to the customer prior to the Company's right and Group to issue an invoice.

The contractual obligation is recognized when the Company and the Group receive a consideration from the client (prepayment) or when it retains the right to a price that is unconditional (deferred income) before performing the obligations of the contract and the transfer of the goods or services. The contractual obligation is de-recognized when the contractual obligations are executed and the income is recorded in the income statement.

Classification of revenue is as follows:

i. Sales of goods

Sales of goods are recognized when the Group delivers the property and risks associated with the ownership of the goods to the customers, the goods are accepted by them and the collection of the receivable is reasonably assured.

ii. Interest income

Interest income is recognized on a time proportion basis using the effective interest rate.

iii. Rental income

Receivables from rentals are recognized in the income statement on the basis of the rental amount corresponding to the period under review.

iv. Income from Dividends

Dividends are recognized as income when the right to receive the dividend is established.

4.8.19 Government grants

The Group recognizes the government grants that cumulatively satisfy the following criteria:

➢ There is reasonable certainty that the company has complied or will comply to the conditions of the grant and
➢ It is probable that the amount of the grant will be received.

Government grants that relate to acquisition of fixed assets are presented as a deferred income in liabilities and recognized in the results during the useful life of the fixed assets such refer to.

4.8.20 Contingent Liabilities and Provisions

Provisions are booked when the Group has a present, legal or constructive obligation as a result of past events, it is probable that an outflow of resources will be required to settle the obligation and the amount can be reliably measured. The provisions are reviewed at every balance sheet date and are adjusted so as to reflect the present value of the expense deemed necessary to settle the liability. Contingent liabilities are not recorded in the financial statements but are disclosed, except if the probability of an outflow of resources that embody economic benefits is very small. Contingent assets are not recorded in the financial statements but are disclosed if the inflow of economic benefits is probable.

4.8.21 Dividend distribution

Dividend distribution to shareholders of the parent from the period's profit, are recognized as a liability in the individual and consolidated financial statements on the date when the distribution is approved by the General Shareholders' Meeting.

4.8.22 Current and deferred taxation

The period's charge with income tax consists of current taxes and deferred taxes. Tax is recognized in the "Statement of comprehensive income", unless it is related to amounts recognized directly in "Equity". In the latter case tax is also recognized in Equity.

Income tax on earnings, is calculated based on the tax law in effect during the balance sheet date in countries where the Group's activities are carried out and is recognized as an expense during the period when earnings are gained. Management periodically reviews cases where the relevant tax law needs clarifications when interpreted. When deemed necessary provisions are made on the amounts expected to be paid to the tax authorities.

Deferred income tax is calculated according to the liability method which results from the temporary differences between the book value of assets or liabilities in the financial statements with their respective tax base. Deferred income tax is not recorded if such results from the initial recognition of an asset or liability in a transaction, apart from a business combination, which did not affect the accounting or the tax profit or loss when realized. Deferred tax is defined according to the tax rates and laws in effect during the balance sheet date and those expected to be effective when the deferred tax assets will be realized or the deferred tax liabilities repaid.

Deferred tax assets are recognized to the extent that there will be future taxable profit for the use of the temporary difference that creates the deferred tax asset. Deferred tax assets and liabilities are offset only when the law permits the offsetting of tax assets and liabilities and given that the deferred tax assets and liabilities arise from the same tax authority on one entity that is taxed or on different entities when the settlement is intended to take place through offsetting.

4.8.23 Reclassification of items

During the current period, the Group reclassified items for better information. As a result of this reclassification, some comparative data of the company and the consolidated statement of financial position and comprehensive income respectively of the previous year were adjusted to cover the changes in the presentation of the current year.

More specifically, in the Statement of Financial Position, the part from the item Reserves that concerns intragroup dividends, in the current year is shown in the Item Retained Earnings. Respectively, in the Statement of Changes in Equity, the intragroup dividends are included in the fiscal year's earnings.

4.9 FINANCIAL RISK MANAGEMENT

4.9.1 Capital Management

The Group's objectives as regards to management of capital, is to reassure the ability for the Group's smooth operation, aiming at providing satisfactory returns to shareholders and to maintain an ideal capital structure by reducing thus the cost of capital. The Group monitors its capital based on the leverage ratio. The leverage ratio is calculated by dividing net debt with total employed capital. Net debt is calculated as "Total debt" (including "shortterm and long-term debt" as presented in the Statement of Financial Position) minus "Cash and cash equivalents", "Financial assets available for sale" and "financial assets at fair value through the profit and loss". The calculation of net debt does not include the purchase of treasury shares. Total employed capital is calculated as "Shareholders'

Equity" as presented in the statement of financial position plus net debt. The leverage ratio on 31 December 2021 and 31 of December 2020 respectively was as follows:

	Group
Amounts in €	31.12.2021	31.12.2020
Total Debt	56,539,117	56,413,014
Minus
Cash & cash equivalents	(45,809,278)	(40,595,341)
Financial assets at fair value through profit and loss	(4,771,648)	(4,909,195)
Net Debt	5,958,191	10,908,477
Shareholders' Equity	297,922,293	270,595,641
Total Employed Capital	303,880,484	281,504,118
Leverage Ratio	1.96%	3.88%

4.9.2 Financial Instruments

The Group's financial instruments mainly consist of bank deposits, bank overdrafts, trade debtors and creditors, investments in securities, other liabilities.

The financial assets and liabilities during the date of the financial statements can be classified as follows:

	Group		Company
Amounts in €	31.12.2021	31.12.2020	31.12.2021	31.12.2020
Non-current assets
Financial assets available for sale
Other long-term receivables	363,926	408,207	262,288	231,228
Total	363,926	408,207	262,288	231,228

Current assets
Trade receivables	91,911,217	90,951,747	43,372,075	45,583,265
Other receivables	8,166,547	6,921,480	5,357,115	3,628,334
Cash & cash equivalents	45,809,278	40,595,341	20,082,361	16,137,744
Financial assets at fair value through profit and loss	4,771,648	4,909,195	4,771,648	4,909,195
Total	150,658,690	143,377,763	73,583,198	70,258,538

Long-term Liabilities
Loans	43,973,729	48,607,624	30,385,000	44,000,000
Lease liabilities	7,324,835	10,595,268	3,096,925	3,974,856
Provisions and other long-term liabilities	3,900,128	2,836,813	0	7,087
Total	55,198,692	62,039,705	33,481,925	47,981,943

Short-term Liabilities
Loans	12,565,387	7,805,390	7,885,000	6,000,000
Lease liabilities	4,455,850	4,646,478	1,778,839	1,890,534
Suppliers	68,353,645	64,800,497	29,594,583	29,662,690
Other liabilities	9,282,427	9,220,899	7,166,001	6,048,675
Total	94,657,310	86,473,264	46,424,424	43,601,899

4.9.3 Definition of fair values

The following table presents the fixed assets measured at fair value, according to the measurement method. The different categories are as follows:

• Published market prices (without amendment or adjustment) for the financial assets traded in active money markets (level 1)

• Measurement or valuation techniques based directly on publicized market prices or calculated indirectly from publicized market prices for similar instruments (level 2).

• Measurement or valuation techniques that are not based on available information from current transactions in active money markets (level 3).

The financial assets measured at fair value during 31 December 2021, are as follows:

Group
Assets	Level 1	Level 2	Level 3	Total
Tangible fixed assets	0	55,364,491	0	55,364,491
Investments in Property	0	4,632,076	0	4,632,076
Financial Assets at Fair Value through Profit and Loss	4,771,648	0	0	4,771,648

Company
Assets	Level 1	Level 2	Level 3	Total
Tangible fixed assets	0	27,294,399	0	27,294,399
Investments in Property	0	31,857	0	31,857
Financial Assets at Fair Value through Profit and Loss	4,771,648	0	0	4,771,648

The fair value of own- use tangible fixed assets and investments in property is carried out by approved appraiser based on international rules and standards, taking into account comparative data of recent or past realized real estate prices in the wider real estate area if they exist or with the method of amortized replacement cost (DRC) as well as its special characteristics such as location, size, construction quality and maintenance condition.

The fair value of fixed assets traded on active markets (i.e. derivatives, equity, bonds, mutual funds), is defined based on the published prices in effect during the end of the reporting period. A market is considered "Active" when there are available and revised prices in frequent intervals that are published by a stock exchange, broker, sector, rating agency or regulatory authority. Such financial instruments are included in level 1.

The fair value of fixed assets not traded on active markets (i.e. over the counter derivative contracts) is defined using valuation techniques that are based primarily on available information for transactions carried out in active markets, while they use the least possible estimations by the entity. Such financial instruments are included in level 2.

If the valuation techniques are not based on available market information, then the financial instruments are included in level 3.

4.9.4 Foreign exchange risk

The Group operates in an environment characterized by relatively high foreign exchange risk given that almost 65% of the Group's total turnover comes from Eastern European countries where the volatility of foreign exchange rates has recently been high. The Management of the Group is constantly examining the currencies' fluctuations, but at the moment has not taken any measures against the foreign exchange risk due to the lack of appropriate hedging tools.

On 31 December 2020, if the euro had depreciated by 5% against the following currencies, with all other variables remaining constant, the effect on the statement of comprehensive income and on the equity of the Group for each currency separately, would be as follows:

Impact	P&L	Equity
PLN	370,202	2,648,026
RON	556,891	1,017,713
YUD	127,661	1,569,976
UAH	50,868	1,086,876
HUF	19,764	214,101

An appreciation by 5% against the relevant currencies, would have an equivalent but opposite effect on the above currencies with the amounts presented above, given that all other variables remain constant.

4.9.5 Interest Rate Risk

The Group's objective is to achieve an optimal balance between borrowing cost and the potential effect of interest rate changes on earnings and cash flows. The Group monitors and manages its debt and overall financing strategies using a combination of short and long-term debt. It is Group policy to continuously review interest rate trends along with its financing needs. Daily working capital requirements are typically financed with operational cash flow and through the use of various committed lines of credit. The interest rate on these short-term borrowing arrangements, is generally determined as the inter-bank offering rate at the borrowing date plus a pre-set margin. The mix of fixed-rate debt and variable-rate debt is managed within Group policy guidelines. In case of an interest rate increase, the Group will not be affected as regards to next year's results as part of the Group's current strategy is the continuous reduction of its existing bank loans.

An increase of the borrowing rate by 0.5%, taking into account the total debt on 31/12/2021, would result in a reduction of net results and Equity by € 0.28 million.

4.9.6 Credit Risk

The Group's trade receivables mainly come from wholesale clients. All Group companies monitor the financial position of their debtors on an ongoing basis and control the granting of credit as well as the credit lines. When considered appropriate, credit guarantee insurance cover is purchased. When there is a possibility that receivables will not be collected, provisions are made for bad debts.

A relevant analysis is presented in note 4.10.5.

Specifically, regarding customers who have used the 75-day check repayment extension, the Company still receives all receivables. These customers relate to the luxury cosmetics network in Greece while the sales of this network represent less than 10% of the total sales of the Group.

4.9.7 Liquidity Risk

Prudent liquidity risk management implies the existence of a balance between cash flows as well as funding through adequate amounts of committed credit facilities. The Group closely monitors the amount of short-term and longterm funding as well as the proportion of such towards total debt and the composition of total debt, manages the risk that could arise from the lack of sufficient liquidity and secures that necessary borrowing facilities are maintained. The Group has sufficient credit line facilities that could be utilized to fund any potential shortfall in cash resources.

The Group manages and monitors its working capital in order to minimize any possible liquidity and cash flow risks. The maturity of financial liabilities on 31 December 2021 and 2020 for the Company and Group, is analyzed as follows:

	Group

Long-term loans			42,003,729	1,970,000	43,973,729
Short-term loans	5,301,373	7,264,015			12,565,388
Lease liabilities	2,362,108	2,291,013	6,557,555	1,157,818	12,368,494
Suppliers	68,358,767	(5,122)			68,353,645
Other Liabilities	5,214,793	213,383	(35,961)	95,024	5,487,239
Total	81,237,041	9,763,289	48,525,323	3,222,842	142,748,495

	Group
Maturity of liabilities 2020	within 6 months	6 to 12 months	1 to 5 years	over 5 years	Total
Long-term loans			48,607,623		48,607,623
Short-term loans	3,000,000	4,805,390			7,805,390
Lease liabilities	2,567,667	2,379,158	9,632,070	1,544,929	16,123,825
Suppliers	64,538,162	262,335			64,800,497
Other Liabilities	3,682,640	261,858	1,096,212		5,040,710
Total	73,788,470	7,708,741	59,335,905	1,544,929	142,378,046

Maturity of liabilities 2021	within 6 months	6 to 12 months	1 to 5 years	over 5 years	Total
Long-term loans			42,003,729	1,970,000	43,973,729
Short-term loans	5,301,373	7,264,015			12,565,388
Lease liabilities	2,362,108	2,291,013	6,557,555	1,157,818	12,368,494
Suppliers	68,358,767	(5,122)			68,353,645
Other Liabilities	5,214,793	213,383	(35,961)	95,024	5,487,239
Total	81,237,041	9,763,289	48,525,323	3,222,842	142,748,495

			Group
Maturity of liabilities 2020	within 6 months	6 to 12 months	1 to 5 years	over 5 years	Total
Long-term loans			48,607,623		48,607,623
Short-term loans	3,000,000	4,805,390			7,805,390
Lease liabilities	2,567,667	2,379,158	9,632,070	1,544,929	16,123,825
Suppliers	64,538,162	262,335			64,800,497
Other Liabilities Total	3,682,640 73,788,470	261,858 7,708,741	1,096,212 59,335,905	1,544,929	5,040,710 142,378,046

			Company
Maturity of liabilities 2021	within 6 months	6 to 12 months	1 to 5 years	over 5 years	Total
Long-term loans			28,415,000	1,970,000	30,385,000
Short-term loans	3,942,500	3,942,500			7,885,000
Lease liabilities	930,074	927,679	2,681,766	565,200	5,104,720
Suppliers	29,594,583				29,594,583
Other Liabilities	3,252,409	2,276,700	308,010		5,837,120
Total	37,719,567	7,146,880	31,404,776	2,535,200	78,806,423
			Company
Maturity of liabilities 2020	within 6 months	6 to 12 months	1 to 5 years	over 5 years	Total
Long-term loans			44,000,000		44,000,000
Short-term loans	3,000,000	3,000,000			6,000,000
Lease liabilities	1,031,399	959,465	3,318,567	871,800	6,181,232
Suppliers	29,402,719	259,971			29,662,690
Other Liabilities	1,856,823	1,165,246	2,050,231		5,072,300
Total	35,290,941	5,384,683	49,368,798	871,800	90,916,221
Please note that Other Liabilities do not include grants and transitional liability accounts. The Group is not dependent on suppliers who have suspended their operations or who are expected to be significantly affected by COVID-19. 4.9.8 Raw material price risk
The Group is exposed to price volatility in the basic raw materials it uses for products that manufactures in its own production facilities.
❖ The basic raw materials used by the Group for the Perfume, Cosmetics and Face Care products are perfumes, oils and chemicals.
The prices of raw materials in perfumes, cosmetics and facials do not fluctuate significantly, and any differences are eliminated by gradually transferring volumes from one supplier to another when necessary, maintaining active alternative suppliers and creating security stocks.
❖ The basic raw materials used by the Group for the categories of household products (food packaging products and plastic waste bags) are aluminum (in jumbo rolls), plastic (PVC / LDPE Clingfilm in Jumbo rolls) and polyethylene (HDPE, LDPE, LLDPE).

			Company
Maturity of liabilities 2020	within 6 months	6 to 12 months	1 to 5 years	over 5 years	Total
Long-term loans			44,000,000		44,000,000
Short-term loans	3,000,000	3,000,000			6,000,000
Lease liabilities	1,031,399	959,465	3,318,567	871,800	6,181,232
Suppliers	29,402,719	259,971			29,662,690
Other Liabilities	1,856,823	1,165,246	2,050,231		5,072,300
Total	35,290,941	5,384,683	49,368,798	871,800	90,916,221

4.9.8 Raw material price risk

However, in the scenario where the cost of products that are based on aluminum and plastic increases at the same time by 3%-5%, then by keeping all other parameters stable, the burden on the Group's cost of sales will vary between 1 and 1.8 million euro.

4.10 EXPLANATORY NOTES ON THE FINANCIAL STATEMENTS

4.10.1 Segment reporting

For management purposes, the Group is organized in four basic business segments: Mass Market Cosmetics, Household Products, Other Sales and the Private Label Products. According to IFRS 8 – Operating Segments, the management monitors the operating results of the business segments separately with the objective to evaluate the performance and decision making as regards to the allocation of resources.

The Group's results per business segment are analyzed as follows:

For the period 01/01/2021 – 31/12/2021:

Commercial Activity Sectors	Mass Market Cosmetics	Household Products	Other Sales	Private Label (Polipak)	Income from associate companies	Group Total
Income from external customers	176,313,682	158,883,379	50,503,779	22,498,148	0	408,198,987
Earnings before interest & tax (EBIT)	12,256,778	18,283,941	3,397,560	1,073,413	11,812,501	46,824,192
Interest income	59,787	53,877	17,126	7,629	0	138,418
Interest expenses	(430,054)	(387,539)	(123,186)	(54,876)	0	(995,654)
Earnings before tax	13,442,107	19,352,089	3,737,089	1,224,664	11,812,501	49,568,451
Income tax	2,282,005	3,285,315	634,428	207,906	2,561,668	8,971,323
Earnings / losses after tax	11,160,103	16,066,774	3,102,661	1,016,759	9,250,833	40,597,128
Depreciation / amortization	5,396,692	4,863,178	1,545,844	1,062,441	0	12,868,154
Earnings before interest, tax, depreciation & amortization (EBITDA)	17,653,470	23,147,118	4,943,404	2,135,854	11,812,501	59,692,347

For the period 01/01/2020 – 31/12/2020:

Commercial Activity Sectors	Mass Market Cosmetics	Household Products	Other Sales	Private Label (Polipak)	Income from associate companies	Group Total
Income from external customers	166,274,914	156,388,265	48,581,931	22,130,275	0	393,375,384
Earnings before interest & tax (EBIT)	8,500,890	22,054,865	4,454,690	3,491,475	11,502,933	50,004,853
Interest income	42,980	40,425	12,558	5,720	0	101,684
Interest expenses	(596,568)	(561,096)	(174,304)	(79,400)	0	(1,411,368)
Earnings before tax	7,407,550	21,009,034	4,129,803	3,343,481	11,502,933	47,392,801
Income tax	1,158,879	3,295,582	647,821	524,475	2,280,775	7,907,532
Earnings / losses after tax	6,248,671	17,713,453	3,481,981	2,819,006	9,222,158	39,485,269
Depreciation / amortization	5,175,515	4,867,780	1,512,173	1,079,296	0	12,634,764
Earnings before interest, tax, depreciation & amortization (EBITDA)	13,676,404	26,922,646	5,966,863	4,570,770	11,502,933	62,639,616

Notes

Income from associate companies refers to income from the company ELCA Cosmetics Ltd.
The calculation of financial income & expenses and depreciation, amortization has been proportionately based on the sales of each business activity of the Group. The calculation of income tax is based proportionately on the earnings before tax of each of the Group's business activity.

The allocation of consolidated assets and liabilities to the Group's business segments is analyzed as follows:

	Group		Mass Market Cosmetics		Household Products		Other Sales		Private Label (Polipak)
	31.12.2021	31.12.2020	31.12.2021	31.12.2020	31.12.2021	31.12.2020	31.12.2021	31.12.2020	31.12.2021	31.12.2020
Total Assets	462,939,335	435,374,438	186,806,842	183,817,549	168,339,190	172,887,821	53,509,469	53,707,509	54,283,834	24,961,559
Total Liabilities	162,945,216	162,140,061	61,045,929	65,365,962	55,010,952	62,151,571	17,486,165	19,307,352	29,402,170	15,315,176

The Group's sales and non-current assets by geographical region are analyzed as follows:

For the period 01/01/20210 – 31/12/2021:

Commercial Activity Sectors	Revenue	Non Current Assets
Greece	142,780,980	79,556,633
Poland	91,489,499	55,290,132
Romania	60,778,599	10,686,856
Bulgaria	14,208,364	751,299
Serbia	20,286,684	878,476
Czech	23,099,684	16,158,828
Slovakia	6,063,668	369,000
Hungary	10,504,212	1,894,311
North Macedonia	4,464,795	377,800
Bosnia	3,326,125	136,833
Portugal	1,928,689	2,872
Ukraine	27,328,523	16,864,223
Russia	1,939,162	93,177
Cyprus	0	29,606,078
France	0	597
Total	408,198,987	212,667,117

For the period 01/01/2020 – 31/12/2020:

Commercial Activity Sectors	Revenue	Non Current Assets
Greece	136,049,690	77,284,733
Poland	92,954,829	34,391,475
Romania	55,204,052	8,132,130
Bulgaria	12,827,935	1,086,424
Serbia	19,921,852	1,048,399
Czech	20,651,521	15,838,665
Slovakia	6,048,407	339,012
Hungary	10,284,046	2,137,242
North Macedonia	4,015,026	514,753
Bosnia	3,037,960	256,061
Portugal	2,147,060	4,355
Ukraine	28,057,465	16,627,371
Russia	2,175,542	90,787
Cyprus	0	25,649,283
France	0	585
Total	393,375,384	183,401,276

4.10.2 Investments in subsidiaries, associates

The movement of the Company's participations in subsidiaries is analyzed as follows:

Company	31.12.2021	31.12.2020
Opening Balance	104,633,691	97,148,691
Acquisitions	2,974,826	7,485,000
Disposals	(10,000)	0
Ending Balance	107,598,517	104,633,691

During May 2021, the Company purchased more than 10% of the company IVYBRIDGE, as a result the Group now owns 100% of the shares, as well as the indirect participations of ERGOPACK and HOZTORG.

Regarding the disposal amounting 10,000 euros relate to the liquidation of the Company Sarantis Ukraines LLC realized in September 2021.

The financial figures of ELCA Cosmetics Ltd are consolidated through the equity method in Sarantis Group consolidated financial figures

The movement of the Group's participations in associate companies and joint ventures is analyzed as follows:

Group	31.12.2021	31.12.2020
Opening Balance	25,649,283	21,458,228
Participation on associates gains	9,250,833	9,222,158
Dividends	(5,253,323)	(4,914,211)
Other total income	1	(79,915)
Foreign exchange differences	(40,715)	(36,976)
Ending Balance	29,606,078	25,649,283

The basic consolidated financial figures of ELCA Cosmetics Ltd are presented below:

ELCA COSMETICS	01.01-31.12.2021	01.01-31.12.2020
Revenue	106,504,061	108,345,768
Profit (loss) before tax	24,107,145	23,475,374
Profit (loss) after tax	18,879,250	18,820,730

ELCA COSMETICS	31.12.2021	31.12.2020
Current fixed assets	79,942,868	70,232,050
Non- current fixed assets	20,647,549	21,912,443
Current liabilities	(30,599,336)	(30,408,495)
Non-Current liabilities	(9,570,514)	(9,390,523)
Total equity	60,420,567	52,345,475

It is noted that the group and the company The Estée Lauder Companies Inc. ("EL") have agreed to amend the Shareholders Agreement governing ELCA, which was going to end in 2021, extending the term of the arrangement from June 30, 2021 to June 30, 2028.

Based on the new agreement, EL will have the right to increase its interest in ELCA to 100% by purchasing shares held by the Group, until June 30, 2027.

During July 2021, EL Europe announced its intention to exercise its first call option for the purchase of shares held by the Group. The first call option represents 9% of ELCA's shares.

4.10.3 Goodwill

The goodwill of the Group and the Company are analyzed as follows:

Amounts in Euros	Group	Company
Balance as at 1.1.2021	7,676,364	1,100,000
Acquisitions / Reductions
Impairments/Revaluation
Foreign exchange differences	(13,808)
Balance as at 31.12.2021	7,662,556	1,100,000

Amounts in Euros	Group	Company
Balance as at 1.1.2020	7,898,422	1,100,000
Acquisitions / Reductions
Impairments/Revaluation
Foreign exchange differences	(222,058)
Balance as at 31.12.2020	7,676,364	1,100,000

The Group and the Company check on an annual basis for a likely impairment of the existing goodwill, in which case the impairment is recognized in the income statement. For the fiscal year 2021, the assumptions used per country are as follows:

Assumptions 2021	D. Koukouzelis - Greece	Elmiplant Romania	Polipak-Poland	Trade 90- Hungary	Astrid Τ.Μ.- Czech Rep.	Indulona Slovakia &Czech Rep.	Ergopack Ukraine
WACC	8.1%	13.5%	10.7%	12.9%	9.6%	8.3%	21.0%
Rate of Increase rate 5+	1.2%	2.5%	2.3%	3.4%	2.5%	2.0%	6.0%
ΕΒΙΤ (5yr horizon)	2,3% - 4,3%	14,3% - 14,8%	2,2% - 3,7%	2,9% - 3,5%	12,8% - 13,9%	7,2% - 7,7%	5,1% - 9,8%
Goodwill balance	1,100,000	2,159,841	2,066,275	1,285,763	236,776	269,156	544,744

The recoverable amount of the above cash generating units was determined using the value in use method. The value in use was determined based on the projected cash flows derived from four year plans approved by management, with these cash flows projected over to perpetuity. The annual assessment did not result in an impairment of the existing goodwill.

The key assumptions used by Management to calculate their projected cash flows in the context of its annual audit for the impairment of goodwill are as follows:

The zero risk rate was established on the basis of external information.
Earnings before interest and taxes were calculated based on last years' historical data adjusted in order to take into account the expected changes in operating performance.

4.10.4 Inventories

The inventories are analyzed as follows:

Group	31.12.2021	31.12.2020
Merchandise	73,796,600	79,753,887
Products	9,075,069	12,353,966
Raw Materials	16,796,458	17,839,677
Prepayments for stock purchase	2,982,481	860,997
Impairment due to obsolescence	(3,037,080)	(2,213,126)
Total	99,613,527	108,595,399

Company	31.12.2021	31.12.2020
Merchandise	24,640,220	26,961,135
Products	8,070,893	11,344,251
Raw Materials	9,364,701	12,157,803
Prepayments for stock purchase	2,226,496	437,133
Impairment due to obsolescence	(2,660,000)	(1,641,873)
Total	41,642,311	49,258,450

There is no pledge over the Group's and the Company's inventories.

The analysis of the provision for the impairment due to obsolescence is as follows:

Group	31.12.2021	31.12.2020
Opening Balance	2,213,126	2,274,919
Provision	5,061,390	1,800,893
Use of provision	(4,233,299)	(1,751,445)
Provision reserve	(24,803)	(38,886)
Foreign exchange differences	20,665	(72,354)
Closing balance	3,037,080	2,213,126

Company	31.12.2021	31.12.2020
Opening Balance	1,641,873	1,492,317
Provision	4,639,964	1,446,621
Use of provision	(3,621,837)	(1,297,064)
Closing balance	2,660,000	1,641,873

During the current fiscal year, the Group and the Company proceeded into destruction of inventory amounting to 4.4 million euros and 3.6 million euros in total respectively whereas the corresponding amounts in 2020 settled at 2.03 million euros and 1.3 million euros respectively.

4.10.5 Trade and other receivables

The trade receivables account is analyzed as follows:

Group	31.12.2021	31.12.2020
Trade receivables	80,724,903	83,238,504
Minus provisions	(3,107,534)	(3,550,375)
Net trade receivables	77,617,370	79,688,129
Checks and notes receivable	16,693,847	13,663,618
Minus provisions	(2,400,000)	(2,400,000)
Net checks and notes receivable	14,293,847	11,263,618
Total	91,911,217	90,951,747

Company	31.12.2021	31.12.2020
Trade receivables	31,727,310	36,932,468
Minus provisions	(1,877,517)	(1,855,636)
Net trade receivables	29,849,793	35,076,832
Checks and notes receivable	15,922,282	12,906,433
Minus provisions	(2,400,000)	(2,400,000)
Net checks and notes receivable	13,522,282	10,506,433

As the Group's core sales network focuses on the mass market retail channel, which has remained fully operational due to increased consumer needs, there is a normal flow of receivables from customers.

On 31st December 2021 and 2021, the maturity of the current and overdue trade receivables, was as follows:

	Group		Company
	31.12.2021	31.12.2020	31.12.2021	31.12.2020
Current (Not past due)	81,377,442	76,033,175	34,612,069	33,777,840
0-90 days	5,721,754	9,000,727	2,379,864	4,942,182
91-180 days	1,638,633	2,652,137	1,774,368	2,657,214
over 180 days	8,680,922	9,216,083	8,883,290	8,461,665
	97,418,751	96,902,122	47,649,591	49,838,901

The Group and the Company apply the simplified approach of IFRS 9 for the calculation of expected credit losses for all trade receivables across their total life.

Expected loss rates are based on the historical credit losses of the group and the Company that occurred during the three-year period before the end of the period. Historical loss rates are then adjusted for current and future information on macroeconomic factors affecting the Group and the Company's customers.

The tables below present the credit risk analysis of the Group and the Company:

	Group
TRADE RECEIVABLES	Current	<90	90-180	181+	Total
TOTAL TRADE RECEIVABLES	81,377,442	5,721,754	1,638,633	8,680,922	97,418,751
EXPECTED CREDIT LOSS	245,494	229,621	175,738	4,856,681	5,507,534
PERCENTAGE EXPECTED CREDIT LOSS	0.30%	4.01%	10.72%	55.95%	5.65%

	Company
TRADE RECEIVABLES	Current	<90	90-180	181+	Total
TOTAL TRADE RECEIVABLES	34,612,069	2,379,864	1,774,368	8,883,290	47,649,591
EXPECTED CREDIT LOSS	16,792	14,988	13,752	4,231,985	4,277,517
PERCENTAGE EXPECTED CREDIT LOSS	0.05%	0.63%	0.78%	47.64%	8.98%

The other receivables are analyzed as follows:

Group	31.12.2021	31.12.2020
Accounts receivable in legal contest	475,766	425,134
Sundry Debtors	5,488,849	3,146,064
Short-term Lease Receivables	179,116	216,755
Prepayments and accrued income	2,436,181	3,397,281
Accounts for management of prepayments & credits	47,530	46,511
Minus provisions	(460,895)	(310,266)
Total	8,166,547	6,921,480

Company	31.12.2021	31.12.2020
Accounts receivable in legal contest	425,136	425,136
Sundry Debtors	2,779,329	713,750
Receivables from dividends	1,219,981	1,728,348
Short-term Lease Receivables	179,116	181,871
Prepayments and accrued income	1,116,287	842,983
Accounts for management of prepayments & credits	47,530	46,511
Minus provisions	(410,266)	(310,266)
Total	5,357,115	3,628,334

The analysis of the provision for trade receivables and for other receivables is as follows:

Group	31.12.2021	31.12.2020
Opening Balance	6,260,641	6,446,024
Additions for the year	213,116	207,822
Receivables written off	(374,963)	(19,434)
Amounts offset	(230,897)	(83,461)
Foreign exchange differences	100,532	(290,309)
Closing balance	5,968,429	6,260,641

Company	31.12.2021	31.12.2020
Opening Balance	4,565,901	4,506,280
Additions for the year	121,881	67,045
Amounts offset	0	(7,423)
Closing balance	4,687,782	4,565,901

4.10.6 Cash & cash equivalents

Cash & cash equivalents represent cash in hand of the Group and company and bank deposits available at first demand, which are analyzed as follows:

Group	31.12.2021	31.12.2020
Cash in hand	166,061	342,844
Bank deposits	45,643,217	40,252,497
Total	45,809,278	40,595,341


Company	31.12.2021	31.12.2020
Cash in hand	157,180	322,674
Bank deposits	19,925,181	15,815,070

4.10.7 Financial Assets at Fair Value through Results

	Group		Company
	31.12.2021	31.12.2020	31.12.2021	31.12.2020
Opening Balance	4,909,195	2,514,360	4,909,195	2,514,360
Acquisitions	6,518,648	9,041,818	6,518,648	9,041,818
Cost of disposals	(6,505,904)	(6,457,126)	(6,505,904)	(6,457,126)
Fair value adjustments	(150,291)	(189,857)	(150,291)	(189,857)
Foreign exchange differences
Closing balance	4,771,648	4,909,195	4,771,648	4,909,195

The above items are placements with a short-term investment horizon that are traded on active markets.

4.10.8 Trade and other liabilities

The Company's and Group's trade and other liabilities are analyzed as follows:

Group	31.12.2021	31.12.2020
Suppliers	65,289,371	60,921,970
Checks payable	3,064,274	3,878,527
Total	68,353,645	64,800,497


Company	31.12.2021	31.12.2020
Suppliers	26,530,309	25,784,163
Checks payable	3,064,274	3,878,527

The other liabilities of the Company and the Group are analyzed as follows:

Group	31.12.2021	31.12.2020
Social Security Funds	1,848,740	1,780,949
Customer Prepayments	2,165,104	1,668,507
Long-term Liabilities payable in the following year	0	24,464
Government Grants	1,264,436	1,215,936
Dividends Payable	32,224	33,104
Accruals and deferred expenses	2,830,060	3,131,359
Sundry Creditors	1,141,862	1,366,579
Total	9,282,427	9,220,899

Company	31.12.2021	31.12.2020
Social Security Funds	1,253,790	1,167,084
Customer Prepayments	3,523,605	2,487,567
Short-term Liabilities towards Related Companies	562,373
Government Grants	5,161	558,255 8,885
Dividends Payable	32,224	33,104
Accruals and deferred expenses	1,323,721	967,491
Sundry Creditors	465,127	826,290

The Group does not depend on suppliers who have suspended their operations or who are expected to be significantly affected by COVID-19.

4.10.9 Provisions and other long-term liabilities

The provisions and other long-term liabilities are analyzed as follows:

Group	31.12.2021	31.12.2020
Government Grants	3,097,460	2,177,277
Other provisions	503,360	492,429
Other long-term liabilities	299,308	167,107
Total	3,900,128	2,836,813

Company	31.12.2021	31.12.2020
Government Grants	0	7,087
Other provisions	0	0
Total	0	7,087

The provisions analysis is as follows:

Group	31.12.2021	31.12.2020
Opening Balance	492,429	588,706
Additions for the year	239,273	536,865
Use of provision	(249,873)	(551,509)
Amounts offset	0	0
Foreign exchange differences	21,531	(81,632)
Closing balance	503,360	492,429

4.10.10 Loans

Loans are analyzed as follows:

	Group		Company
Short-term loans	31.12.2021	31.12.2020	31.12.2021	31.12.2020
Bank loans	8,390,387	7,805,390	1,460,000	0
Bond Loans	4,175,000	0	6,425,000	6,000,000
Long-term loans
Bank loans	28,148,729	28,607,624	7,810,000	0
Bond Loans	15,825,000	20,000,000	22,575,000	44,000,000
Total	56,539,117	56,413,014	38,270,000	50,000,000

The Group's bank loans concern loans for working capital and Bond Loans.

During the first half year of 2021, the remaining of the bond loan amounting to 10 million euros that had been granted by Eurobank S.A. to GR. SARANTIS S.A was fully repaid, of initial amount of 20 million euros.

Moreover, during the first half year of 2021 a loan was granted by EBRD to the parent company, amounting to 10 million euros.

During the second half of 2021, part of the loans of the subsidiaries to Credit Suisse was repaid, amounting to 15 million euros.

During the year 2021, an investment loan of 11.8 million euros was granted by BNP PARIBAS to the subsidiary POLIPAK.

Finally, in December 2021, a bond loan of 10 million euros was granted by Eurobank S.A. to the parent company.

The analysis of the bond loans is presented below:

4.10.10.1 Group

Group
Analysis of Bond Loans
Bank	Maturity	Amount
EUROBANK	18/9/2025	20,000,000
Total		20,000,000

4.10.10.2 Company

Company
Analysis of Bond Loans
Bank	Maturity	Amount
EUROBANK	18/9/2025	20,000,000
SARANTIS POLSKA	25/9/2023	2,250,000
SARANTIS BULGARIA	25/9/2023	2,250,000
SARANTIS ROMANIA	25/9/2023	4,500,000
Total		29,000,000

The tables below present the change from liabilities arising from financing activities:

Group	Non Current Loans & Borrowings	Current Loans & Borrowings	Total
1.1.2020	35,000,000	30,814,535	65,814,535
Cash Flows	19,783,851	(28,486,812)	(8,702,961)
Loans and borrowings liabilities from the Acquisition	0	0	0
Non Cash Flows
-Effects of Foreign exchange	(176,227)	(522,333)	(698,560)
-Loans and borrowings classified as non current at 31 December 2019 becoming current during 2020	(6,000,000)	6,000,000	0
31.12.2020	48,607,624	7,805,390	56,413,014

Group	Non Current Loans & Borrowings	Current Loans & Borrowings	Total
1.1.2021	48,607,624	7,805,390	56,413,014
Cash Flows	1,941,072	(1,753,422)	187,650
Loans and borrowings liabilities from the Acquisition	0	0	0
Non Cash Flows
-Effects of Foreign exchange	(47,466)	(14,081)	(61,547)
-Loans and borrowings classified as non current at 31 December 2020 becoming current during 2021	(6,527,500)	6,527,500	0
31.12.2021	43,973,729	12,565,387	56,539,117

Company	Non Current Loans & Borrowings	Current Loans & Borrowings	Total
1.1.2020	35,000,000	20,000,000	55,000,000
Cash Flows	15,000,000	(20,000,000)	(5,000,000)
Loans and borrowings liabilities from the Acquisition	0	0	0
Non Cash Flows
-Effects of Foreign exchange	0	0	0
-Loans and borrowings classified as non current at 31 December 2019 becoming current during 2020	(6,000,000)	6,000,000	0
31.12.2020	44,000,000	6,000,000	50,000,000

Company	Non Current Loans & Borrowings	Current Loans & Borrowings	Total
1.1.2021	44,000,000	6,000,000	50,000,000
Cash Flows	(7,087,500)	(4,642,500)	(11,730,000)
Loans and borrowings liabilities from the Acquisition	0	0	0
Non Cash Flows
-Effects of Foreign exchange	0	0	0
-Loans and borrowings classified as non current at 31 December 2020 becoming current during 2021	(6,527,500)	6,527,500	0
31.12.2021	30,385,000	7,885,000	38,270,000

4.10.11 Income Tax

		Group		Company
	01.01-31.12.2021	01.01-31.12.2020	01.01-31.12.2021	01.01-31.12.2020
Income tax	(8,175,096)	(8,083,690)	(1,032,988)	(699,795)
Deferred tax	(796,227)	176,158	(127,520)	(143,584)
Total	(8,971,323)	(7,907,532)	(1,160,508)	(843,380)
Earnings / (Losses) before taxes	49,568,451	47,392,801	28,101,208	19,139,070
-minus/plus: Temporary differences in income	(13,488,099)	(6,475,610)	(9,381,964)	(6,823,417)
-minus/plus: Temporary differences in expenses	8,537,767	7,668,852	8,292,254	6,225,150
Adjustments in tax for income not subject to taxation	(1,783,414)	(3,689,369)	(21,932,274)	(13,026,238)
- Tax free income	0	(494,274)	(21,930,693)	(12,774,480)
- Differences in income	(1,792,233)	(3,195,044)	(1,580)	(251,758)
- Profit from company acquisition	0	0	0	0
- Other adjustments	8,819	(51)	0	0
Adjustments in tax for Expenses which are not tax deductible	2,556,091	528,995	(317,981)	(2,598,750)
- Differences in expenses	(2,765,745)	(2,200,529)	(2,103,261)	(2,402,687)
- Non tax-deductible expenses	5,321,836	3,489,448	1,785,280	389,289
Offsetting of losses from previous fiscal years	0	(759,924)	0	(585,352)
Total	45,390,795	45,425,669	4,761,244	2,915,814
Tax Rate (Average tax for the Group)	18.59%	18.07%	22.00%	24.00%
Expected Tax Expense	8,440,176	8,209,282	1,047,474	699,795
Adjustments on the tax due to change in tax rate	(112,216)	0	(112,216)	0
Tax due to recognition of tax losses	408	(19,335)	0	0
Tax of temporary differences	908,036	(156,823)	239,736	143,584
Other movements	(265,080)	(125,592)	(14,485)	0
Provisions and expenses of additional tax liabilities	0	0	0	0
Real tax expense	8,971,323	7,907,532	1,160,508	843,380

With regard to the fiscal year 2021, the Company is subject to the tax audit of the Certified Auditors stipulated by the provisions of article 65A of Law 4174/2013. The audit is under progress and the relevant tax certificate is expected to be granted after the release of the annual financial statements for the period 31.12.2021. The Management of the Company does not expect the emergence of any significant tax obligations apart from those already depicted in the financial statements.

It is noted that according to paragraph 120 of Law 4799/2021, the income from business activity obtained by legal entities in Greece, excluding credit institutions, are taxed at a rate of 22% for the income of the tax year 2021 onwards. . The income tax rate for the 2020 tax year was 24%.

4.10.12 Deferred taxes

Group

Deferred tax assets	31.12.2021	31.12.2020
Differences of intangible assets	1,105	(309,827)
Differences of tangible assets	6,815	(357,558)
Write-off of trade receivables	19,764	50,350
Provisions for employee benefits	0	9,290
Provisions	12,868	787,109
Recognition of tax loss	86,410	80,500
Foreign exchange differences	0	27,512
Total	126,963	287,378

Deferred liabilities	31.12.2021	31.12.2020
Differences of intangible assets	(7,174,072)	(6,761,442)
Differences of tangible assets	(1,273,541)	(228,871)
Provisions for doubtful debts	59,286	60,244
Provisions for employee benefits	252,825	463,436
Provisions	1,439,091	597,305
Foreign exchange differences	19,470	637
Total	(6,676,942)	(5,868,690)

Deferred taxes income / (expense)	31.12.2021	31.12.2020
Differences of intangible assets	2,767	(63,566)
Differences of tangible assets	(650,871)	(236,332)
Provisions for doubtful debts	(32,479)	30,079
Provisions for employee benefits	(219,949)	95,015
Provisions	42,012	511,767
Recognition of tax loss	(408)	19,335
Foreign exchange differences	(9,028)	38,516
Subtotal	(867,955)	394,815
Proportion of deferred tax from associate companies	(31,576)	(280,474)
Total	(899,531)	114,340
Total deferred tax recognized on Comprehensive Income (a)	(796,227)	176,158
Total deferred tax recognized on Other Comprehensive Income (b)	(103,304)	(61,817)

Company

Deferred tax assets / (liabilities)	31.12.2021	31.12.2020
Differences of intangible assets	(3,205,058)	(3,127,701)
Differences of tangible assets	279,671	282,547
Provisions for doubtful debts	35,332	33,292
Provisions for employee benefits	231,120	452,510
Provisions	505,786	321,538
Total	(2,153,149)	(2,037,813)
Deferred taxes income / (expense)	31.12.2021	31.12.2020
Differences of intangible assets	(77,357)	(363,993)
Differences of tangible assets	(2,876)	53,832
Provisions for doubtful debts	2,039	(1,782)
Provisions for employee benefits	(221,390)	134,550
Provisions	184,248	51,855
Total	(115,335)	(125,538)
Total deferred tax recognized on Comprehensive Income (a)	(127,520)	(143,584)
Total deferred tax recognized on Other Comprehensive Income (b)	12,185	18,047

4.10.13 Employee benefits

Employee salaries and expenses are analyzed as follows:

Group	31.12.2021	31.12.2020
Employee salaries	39,640,535	41,183,057
Employee benefits	1,588,612	1,412,748
Employer contributions	7,964,206	8,340,719
Employment termination indemnities	995,561	1,238,172
Remuneration of BoD members	2,174,257	659,028
Total	52,363,171	52,833,723
Average number of employees	2,376	2,683

Company	31.12.2021	31.12.2020
Employee salaries	19,022,808	19,664,610
Employee benefits	973,259	837,491
Employer contributions	4,530,957	4,829,724
Employment termination indemnities	790,068	965,278
Remuneration of BoD members	2,174,257	532,298
Total	27,491,348	26,829,400

4.10.14 Expenses per category

Expenses per category are analyzed as follows:

Group		01.01 - 31.12.2021 01.01 - 31.12.2020
Cost of goods sold	264,299,692	244,906,347
Employee expenses	44,743,467	44,807,390
Third-party fees	6,163,728	6,356,993
Third-party benefits	8,097,834	8,583,525
Taxes – duties	2,662,588	2,711,661
Sundry expenses	38,627,998	39,093,791
Fixed asset depreciation	9,508,922	9,444,833
Total Activities	374,104,229	355,904,540

Company		01.01 - 31.12.2021 01.01 - 31.12.2020
Cost of goods sold	106,879,558	102,892,199
Employee expenses	24,780,436	24,270,776
Third-party fees	2,995,797	2,657,198
Third-party benefits	3,088,369	3,096,969
Taxes – duties	1,515,102	1,565,631
Sundry expenses	18,820,556	18,126,245
Fixed asset depreciation	5,418,446	5,523,760

Note: The above expenses are reduced by the amount of expenses that have been charged to the production of the parent Company and Group.

The cost of sales analysis is as follows:

Group		01.01 - 31.12.2021 01.01 - 31.12.2020
Cost of goods	248,338,943	226,976,208
Employee expenses	7,619,703	8,026,333
Third-party fees	3,770,205	4,672,541
Third-party benefits	4,796,318	5,004,883
Taxes – duties	62,004	55,835
Sundry expenses	474,144	501,463
Fixed asset depreciation	3,362,268	3,192,381
Own consumption of goods	(4,123,893)	(3,523,296)
Total Activities	264,299,692	244,906,347

Company		01.01 - 31.12.2021 01.01 - 31.12.2020
Cost of goods	100,807,391	96,877,993
Employee expenses	2,710,912	2,558,624
Third-party fees	1,545,333	2,341,113
Third-party benefits	921,691	745,019
Taxes – duties	8,519	6,231
Sundry expenses	199,498	205,682
Fixed asset depreciation	1,489,977	1,289,208
Own consumption of goods	(803,764)	(1,131,670)

The administrative expenses analysis is as follows:

Group		01.01 - 31.12.2021 01.01 - 31.12.2020
Employee expenses	10,417,153	9,745,567
Third-party fees	2,436,317	2,165,293
Third-party benefits	3,018,949	2,997,035
Taxes – duties	333,094	341,517
Sundry expenses	881,958	1,038,961
Fixed asset depreciation	1,973,865	1,968,330
Total Activities	19,061,336	18,256,703

Company		01.01 - 31.12.2021 01.01 - 31.12.2020
Employee expenses	5,324,235	4,537,935
Third-party fees	1,224,907	939,375
Third-party benefits	1,940,971	1,970,263
Taxes – duties	113,985	135,666
Sundry expenses	607,827	654,841
Fixed asset depreciation	1,142,314	1,122,314

The distribution expenses analysis is as follows:

Group		01.01 - 31.12.2021 01.01 - 31.12.2020
Employee expenses	34,326,315	35,061,822
Third-party fees	3,727,411	4,191,700
Third-party benefits	5,078,885	5,586,490
Taxes – duties	2,329,494	2,370,144
Sundry expenses	37,746,040	38,054,831
Fixed asset depreciation	7,535,057	7,476,503
Total Activities	90,743,202	92,741,490

Company		01.01 - 31.12.2021 01.01 - 31.12.2020
Employee expenses	19,456,201	19,732,841
Third-party fees	1,770,890	1,717,823
Third-party benefits	1,147,398	1,126,705
Taxes – duties	1,401,117	1,429,965
Sundry expenses	18,212,728	17,471,404
Fixed asset depreciation	4,276,132	4,401,447
Total Activities	46,264,466	45,880,185

4.10.15 Financial Income / Expenses

The financial income / expenses are analyzed as follows:

Group	01.01-31.12.2021	01.01-31.12.2020
Interest Expense	(995,654)	(1,411,368)
Interest Income	138,418	101,684
Foreign exchange differences	(410,753)	(1,237,331)
Gain from sale of participations & securities	967,537	554,332
Loss from sale of participations & securities	(43,950)	(166,720)
Other financial income/expense	(546,583)	(471,706)
Total	(890,985)	(2,631,109)

Company	01.01-31.12.2021	01.01-31.12.2020
Interest Expense	(946,995)	(1,292,930)
Interest Income	36,601	174,195
Foreign exchange differences	(15,005)	48,201
Gain from sale of participations & securities	967,537	554,332
Loss from sale of participations & securities	(53,950)	(166,720)
Dividends from subsidiaries	21,930,693	12,280,207
Other financial income/expense	15,164	(1,393)
Total	21,934,046	11,595,893

4.10.16 Share capital

Share Capital
	Number of shares	Nomical value of shares	Share capital	Share premium	Total
31.12.2021	69,877,484	0.78	54,504,438	40,676,356	95,180,793
31.12.2020	69,877,484	0.78	54,504,438	40,676,356	95,180,793
31.12.2019	69,877,484	0.78	54,504,438	40,676,356	95,180,793

4.10.17 Earnings per Share

Earnings per share were calculated according to the weighted average number of shares after the deduction of the weighted average number of treasury shares held by the Company.

	Group		Company
	01.01 - 31.12.2021	01.01 - 31.12.2020	01.01 - 31.12.2021	01.01 - 31.12.2020
Earnings after tax attributed to the owners of the Company	40,292,216	38,697,755	26,940,700	18,295,690
Weighted average number of shares	66,995,069	67,120,671	66,995,069	67,120,671
Earnings per share (€ )	0.6014	0.5766	0.4021	0.2726

4.10.18 Dividends

For the period ended on 31/12/2021:

The Ordinary General Meeting of shareholders during its meeting on 20.05.2021 approved the distribution of a dividend of 0.214661421 euros per share or a total amount of 15,000,000 euros. According to the legislation in effect, the dividend that corresponded to 2,891,424 treasury shares of the Company further increased the total dividend of the other shareholders and therefore the total gross dividend per share accounted for 0.22392718 ευρώ.

Moreover, the Board of Directors of the company will propose during the Annual Ordinary General Meeting of 2022 the distribution of a dividend for the year 2021 amounting to 0.143108 Euros per share, which corresponds to an amount of € 10 million.

- For the period ended on 31/12/2020:

The Ordinary General Meeting of shareholders during its meeting on 07.05.2020 approved the distribution of a dividend of 0.1604814 Euros per share or a total amount of 11,214,034 Euros. According to the legislation in effect, the dividend that corresponded to 2,731,600 treasury shares of the Company further increased the total dividend of the other shareholders and therefore the total gross dividend per share accounted for 0.16701 Euros.

4.10.19 Treasury Shares

During the year 2021, the Company proceeded to the purchase of 70,329 treasury shares at an average purchase price of 8.95 euro per share, paying 629,121 euro.

The treasury shares that the Company holds correspond to 4.14% of its share capital.

4.10.20 Reserves

The reserves are analyzed as follows:

Group	31.12.2021	31.12.2020
Ordinary reserve	11,491,426	10,577,086
Special reserve	151,865	168,032
Extraordinary reserve	165,377	165,446
Tax-free reserves on special law provisions	3,601,875	3,601,875
Reserve for treasury shares	(13,959,514)	(13,330,393)
Reserve from revaluation of fixed assets	18,293,876	16,206,787
Total	19,744,904	17,388,833

Company	31.12.2021	31.12.2020
Ordinary reserve	8,989,801	8,075,461
Special reserve	257,628	268,688
Tax-free reserves on special law provisions	3,601,875	3,601,875
Reserve for treasury shares	(13,959,514)	(13,330,393)
Reserve from revaluation of fixed assets	14,928,335	13,287,478
Total	13,818,124	11,903,109

4.10.21 Table of changes in fixed assets

4.10.21.1 Company

	Land - fields	Buildings, building facilities	Investment	Machinery, technical	Vehicles	Furniture and other	Fixed assets under	Intangible assets	Total
		and technical	property	installations and		equipment	construction and
Acquisition cost 1.1.2020	8,550,833	35,712,545	31,972	16,794,644	1,048,714	12,286,365	134,992	29,129,726	103,689,791
Acquisitions	0	566,961	0	1,068,506	23,513	761,090	1,617,004	11,231,695	15,268,768
Reclassifications	0	36,733	0	(4,564)	0	4,746	(111,610)	74,696	0
Due to absorption of subsidiary	0	0	0	0	0	0	0	0	0
Revaluation	(245,218)	684,942	0	0	0	0	0	0	439,724
Write-offs	0	(326,932)	0	0	0	(889,161)	(18,510)	0	(1,234,603)
Cost of disposals	0	0	0	0	(31,620)	(6,319)	0	0	(37,939)
Reductions from discont.operations	0	0	0	0	0	0	0	0	0
Other additions	0	0	0	0	0	0	0	0	0
Foreign exchange differences	0	0	0	0	0	0	0	0	0
Value as at 31.12.2020	8,305,615	36,674,248	31,972	17,858,586	1,040,607	12,156,721	1,621,876	40,436,117	118,125,742

	Land - fields	Buildings, building facilities	Investment	Machinery, technical	Vehicles	Furniture and other	Fixed assets under	Intangible assets	Total
		and technical	property	installations and		equipment	construction and
Depreciations 1.1.2020	0	16,978,390	115	9,790,071	812,248	8,583,725	0	7,469,897	43,634,448
Depreciations for the Period	0	1,250,487		0 1,111,406	52,646	1,124,072	0	1,530,172	5,068,783
Due to absorption of subsidiary	0	0		0 0	0	0	0	0	0
Revaluation	0	404,562		0 0	0	0	0	0	404,562
Depreciations of reclassifications	0	0		0 0	0	0	0	0	0
Depreciation on write-offs	0	(326,837)		0 0	0	(876,687)	0	0	(1,203,524)
Depreciation of disposals	0	0		0 0	(31,620)	(6,148)	0	0	(37,768)
Depreciation on reductions from discont.operations	0	0		0 0	0	0	0	0	0
Foreign exchange differences	0	0		0 0	0	0	0	0	0
Depreciations 31.12.2020	0	18,306,603	115	10,901,477	833,274	8,824,961	0	9,000,069	47,866,501

Net book value as at 31.12.2020	8,305,615	18,367,645	31,857	6,957,109	207,333	3,331,759	1,621,876	31,436,048	70,259,241

	Land - fields	Buildings, building facilities and technical	Investment property	Machinery, technical installations and	Vehicles	Furniture and other equipment	Fixed assets under construction and	Intangible assets	Total
Acquisition cost 1.1.2021	8,305,615	36,674,248	31,972	17,858,586	1,040,607	12,156,721	1,621,876	40,436,117	118,125,742
Acquisitions	0	139,262	0	1,953,374	75,638	978,859	3,407,490	370,609	6,925,233
Reclassifications	0	8,267	0	2,931,460	0	30,008	(3,208,257)	238,521	(0)
Due to absorption of subsidiary	0	0	0	0	0	0	0	0	0
Revaluation	1,184,836	1,152,422	0	0	0	0	0	0	2,337,258
Write-offs	0	0	0	0	0	(696,881)	0	0	(696,881)
Cost of disposals	0	0	0	(5,800)	(30,000)	(1,974)	0	0	(37,774)
Reductions from discont.operations	0	0	0	0	0	0	0	0	0
Other additions	0	0	0	0	0	0	0	0	0
Foreign exchange differences	0	0	0	0	0	0	0	0	0
Value as at 31.12.2021	9,490,451	37,974,200	31,972	22,737,621	1,086,245	12,466,732	1,821,109	41,045,247	126,653,578

	Land - fields	Buildings, building facilities and technical	Investment property	Machinery, technical installations and	Vehicles	Furniture and other equipment	Fixed assets under construction and	Intangible assets	Total
Depreciations 1.1.2021	0	18,306,603	115	10,901,477	833,274	8,824,961	0	9,000,069	47,866,501
Depreciations for the Period	0	1,287,712		0 1,281,996	47,239	980,804	0	1,580,905	5,178,656
Due to absorption of subsidiary	0	0		0 0	0	0	0	0	0
Revaluation	0	696,401		0 0	0	0	0	0	696,401
Depreciations of reclassifications	0	0		0 0	0	0	0	0	0
Depreciation on write-offs	0	0		0 0	0	(682,877)	0	0	(682,877)
Depreciation of disposals	0	0		0 (3,084)	(7,150)	(1,410)	0	0	(11,643)
Depreciation on reductions from discont.operations	0	0		0 0	0	0	0	0	0
Foreign exchange differences	0	0		0 0	0	0	0	0	0
Depreciations 31.12.2021	0	20,290,717	115	12,180,389	873,363	9,121,478	0	10,580,975	53,047,038
Net book value as at 31.12.2021	9,490,451	17,683,483	31,857	10,557,232	212,882	3,345,254	1,821,109	30,464,273	73,606,540

The right of use assets for the Company as at 31st	Buildings, building facilities and technical	December 2021 Vehicles	are as follows: Total
Acquisition cost 1.1.2020	3,764,903	2,337,923	6,102,826
Acquisitions	2,745,829	133,924	2,879,753
Write-offs	(352,608)	(77,188)	(429,796)
Value as at 31.12.2020	6,158,123	2,394,659	8,552,782

	Buildings, building facilities and technical	Vehicles	Total
Depreciations 1.1.2020	907,065	592,230	1,499,295
Depreciations for the Period	1,084,175	660,011	1,744,186
Depreciation on write-offs	(328,494)	(56,469)	(384,963)
Depreciations 31.12.2020	1,662,745	1,195,773	2,858,518
Net book value as at 31.12.2020	4,495,378	1,198,886	5,694,264

	Buildings, building facilities and technical	Vehicles	Total
Acquisition cost 1.1.2021	6,158,123	2,394,659	8,552,782
Acquisitions	3,022	645,676	648,698
Write-offs	(159,893)	(63,955)	(223,848)
Value as at 31.12.2021	6,001,252	2,976,380	8,977,632

	Buildings, building facilities and technical	Vehicles	Total
Depreciations 1.1.2021	1,662,745	1,195,773	2,858,518
Depreciations for the Period	1,068,537	661,231	1,729,767
Depreciation on write-offs	(159,893)	(38,565)	(198,458)
Depreciations 31.12.2021	2,571,388	1,818,439	4,389,827
Net book value as at 31.12.2021	3,429,864	1,157,941	4,587,805

4.10.21.2 Group

	Land - fields	Buildings, building facilities and technical	Investment property	Machinery, technical installations and	Vehicles	Furniture and other equipment	Fixed assets under construction and	Intangible assets	Total
Acquisition cost 1.1.2020	11,116,955	49,249,832	1,032,727	41,314,472	2,693,227	13,532,516	1,708,456	64,741,919	185,390,104
Acquisitions	17,531	635,294	0	1,891,008	124,102	903,794	12,366,606	11,765,973	27,704,309
Reclassifications	0	36,568	0	1,340,369	36,976	(180,864)	(1,307,744)	74,696	0
Revaluation	(234,245)	1,355,177	19,057	0	0	0	0	0	1,139,988
Write-offs	0	(326,932)	0	(111,828)	(53,220)	(889,401)	(127,481)	(13,809)	(1,522,672)
Cost of disposals	0	0	0	(906,835)	(139,801)	(57,415)	0	(123)	(1,104,174)
Foreign exchange differences	(216,566)	(1,893,541)	(18,643)	(3,102,743)	(118,709)	(96,605)	(597,800)	(1,014,818)	(7,059,424)
Value as at 31.12.2020	10,683,675	49,056,398	1,033,141	40,424,444	2,542,574	13,212,025	12,042,037	75,553,838	204,548,131

	Land - fields	Buildings, building facilities and technical	Investment property	Machinery, technical installations and	Vehicles	Furniture and other equipment	Fixed assets under construction and	Intangible assets	Total
Depreciations 1.1.2020		0 20,440,850	115	20,755,885	1,905,221	9,297,502	0	13,052,237	65,451,811
Depreciations for the Period		0 1,560,074		0 2,925,252	196,628	1,213,043	0	2,381,423	8,276,420
Revaluation		0 610,196		0 0	0	0	0	0	610,196
Depreciations of reclassifications		0 (4,462)		0 126,253	33,698	(155,488)	0	0	0
Depreciation on write-offs		0 (326,837)		0 (96,824)	(39,386)	(876,873)	0	(13,809)	(1,353,728)
Depreciation of disposals		0 0		0 (632,837)	(126,806)	(38,590)	0	(123)	(798,356)
Foreign exchange differences		0 (620,554)		0 (1,385,107)	(81,633)	(61,066)	0	(247,211)	(2,395,571)
Depreciations 31.12.2020		0 21,659,267	115	21,692,623	1,887,722	9,378,528	0	15,172,516	69,790,772
Net book value as at 31.12.2020	10,683,675	27,397,130	1,033,026	18,731,821	654,852	3,833,496	12,042,037	60,381,322	134,757,359

	Land - fields	Buildings, building facilities and technical	Investment property	Machinery, technical installations and	Vehicles	Furniture and other equipment	Fixed assets under construction and	Intangible assets	Total
Acquisition cost 1.1.2021	10,683,675	49,056,398	1,033,141	40,424,444	2,542,574	13,212,025	12,042,037	75,553,838	204,548,131
Acquisitions	384,836	139,262	0	2,398,979	118,486	1,001,977	25,939,180	468,209	30,450,930
Reclassifications	0	334,819	0	3,063,336	74,146	30,649	(3,741,472)	238,521	0
Revaluation	1,380,585	1,740,110	3,635,244	0	0	0	21,554	0	6,777,493
Write-offs	0	0	0	(115,691)	(21,306)	(699,935)	(80,589)	(57,324)	(974,845)
Cost of disposals	0	0	0	(54,612)	(130,711)	(5,074)	0	0	(190,397)
Foreign exchange differences	14,111	546,036	(36,193)	798,033	31,242	3,588	(101,332)	700,203	1,955,688
Value as at 31.12.2021	12,463,207	51,816,624	4,632,191	46,514,490	2,614,431	13,543,230	34,079,379	76,903,447	242,567,000

	Land - fields	Buildings, building facilities and technical	Investment property	Machinery, technical installations and	Vehicles	Furniture and other equipment	Fixed assets under construction and	Intangible assets	Total
Depreciations 1.1.2021	0	21,659,267	115	21,692,623	1,887,722	9,378,528	0	15,172,516	69,790,772
Depreciations for the Period	0	1,611,474		0 3,080,078	180,637	1,070,395	0	2,436,051	8,378,634
Revaluation	0	888,914		0 0	0	0	0	0	888,914
Depreciation on write-offs	0	0		0 (105,884)	(13,940)	(685,931)	0	(57,324)	(863,078)
Depreciation of disposals	0	0		0 (37,101)	(93,462)	(3,519)	0	0	(134,082)
Foreign exchange differences	0	212,605		0 384,764	22,293	1,974	0	65,266	686,903
Depreciations 31.12.2021	0	24,372,260	115	25,014,480	1,983,252	9,761,448	0	17,616,508	78,748,063
Net book value as at 31.12.2021	12,463,207	27,444,364	4,632,076	21,500,010	631,180	3,781,782	34,079,379	59,286,939	163,818,937

The additions in 2021 to the Fixed assets under construction, mainly concern the investment project that is in progress from 2020 in the subsidiary Polipak and which is expected to be completed within 2022. Furthermore, the additions to Machinery - Tech. installations & Other concern the new machinery equipment in the factory of Inofyta.

In Investment property, an amount of 3.6 million euros concerns the revaluation of the investment land in Romania, the sale of which took place in January 2022 at a price of €4.6 million.

The net book value of the Group's intangible assets as at 31/12/2021 consists of trademarks - rights amounting to approximately 52.7 million euros (53.9 million euros on 31/12/2020) and software programs amounting to approximately 6.5 million euros (6.5 million euros on 31/12/2020).

Respectively, the net book value of the Company's intangible assets as at 31/12/2021 consists of trademarks - rights amounting to approximately 26.7 million euros (27.7 million euros on 31/12/2020) and software programs amounting to approximately 3.8 million euros (3.7 million euros on 31/12/2020).

The fixed assets of the Group are free of encumbrances.

The right of use assets for the Group as at 31 December 2021 are as follows:

		Buildings,	Machinery,		Furniture and
	Land - fields	building facilities	technical	Vehicles	other	Total
		and technical	installations and		equipment
Acquisition cost 1.1.2020	295,575	11,037,268	21,685	4,163,235	94,034	15,611,797
Acquisitions	0	4,768,275	0	2,817,440	0	7,585,715
Write-offs	(1,063)	(421,778)	(20,776)	(636,979)	0	(1,080,597)
Foreign exchange differences	(70,648)	(413,052)	(909)	(77,130)	(1,740)	(563,479)
Value as at 31.12.2020	223,864	14,970,713	0	6,266,566	92,294	21,553,436

		Buildings,	Machinery,		Furniture and
	Land - fields	building facilities	technical	Vehicles	other	Total
		and technical	installations and		equipment
Depreciations 1.1.2020	10,714	2,398,205	8,674	1,221,642	12,393	3,651,628
Depreciations for the Period	9,142	2,780,764	5,540	1,559,951	13,298	4,368,696
Depreciation on write-offs	0	(360,140)	(13,851)	(579,337)	0	(953,328)
Foreign exchange differences	(3,602)	(116,142)	(364)	(15,822)	(317)	(136,246)
Depreciations 31.12.2020	16,255	4,702,688	0	2,186,434	25,375	6,930,751
Net book value as at 31.12.2020	207,609	10,268,025	0	4,080,132	66,919	14,622,686

ANNUAL FINANCIAL REPORT OF THE FISCAL YEAR FROM 1/1/2021 – 31/12/2021 121

		Buildings,	Machinery,
	Land - fields	building facilities	technical	Vehicles	Furniture and other	Total
		and technical	installations and		equipment
Acquisition cost 1.1.2021	223,864	14,970,713	0	6,266,566	92,294	21,553,436
Acquisitions	0	401,382	0	1,085,841	0	1,487,223
Write-offs	0	(771,702)	0	(437,228)	0	(1,208,930)
Foreign exchange differences	27,633	43,586	0	5,473	(1,468)	75,225
Value as at 31.12.2021	251,497	14,643,979	0	6,920,652	90,826	21,906,955

		Buildings,	Machinery,		Furniture and
	Land - fields	building facilities	technical	Vehicles	other	Total
		and technical	installations and		equipment
Depreciations 1.1.2021	16,255	4,702,688	0	2,186,434	25,375	6,930,751
Depreciations for the Period	8,709	2,757,197	0	1,723,666	13,038	4,502,609
Depreciation on write-offs	0	(367,369)	0	(257,601)	0	(624,970)
Foreign exchange differences	2,394	5,643	0	2,346	(476)	9,907
Depreciations 31.12.2021	27,358	7,098,159	0	3,654,844	37,936	10,818,296
Net book value as at 31.12.2021	224,139	7,545,821	0	3,265,808	52,890	11,088,658

4.10.22 Number of Employees

01.01 - 31.12.2021 01.01 - 31.12.2020 01.01 - 31.12.2021 01.01 - 31.12.2020 Regular employees 2,036 2,262 748 765 Day-wage employees ³⁴⁰ ⁴²¹ 9 8 9 2 Group Company

Total Employees 2,376 2,683 846 857

The number of employees for the Group and Company is as follows:

4.10.23 Provisions for post-employment employee benefits

The liability for post-employment benefits is presented in the Financial Statements according to IAS 19 and is based on an actuarial study that was carried out based on 31 December 2021.

The calculations of the study were based on the following actuarial assumptions:

a. Average annual long-term inflation rate: 1.8%

b. Annual Increase of Wages: 2.0%

c. Discount rate: According to guidance of IAS 19, the discount rate for the calculation of present values, and the investment of reserves must be defined prudently. In our case, this rate was set at 1.20%, in nominal terms.

d. Employee mobility: We assumed that no dismissals will occur and all employees will receive indemnity during their retirement.

0-1 year	3,00%
2-5 years	2,00%
6-10 years	1,00%
11-more years	0,00%

e. Retirement ages and condition: According to the statutory provisions of the Primary Social Insurance fund of each employee.

f. Indemnities: In application of the legal provisions of Law 4093/2012.

g. Assets for the indemnity of Law 2112/20: zero (0)

The expense for the provision for staff retirement indemnities that was recognized in the results, is as follows:

	Group		Company
	31.12.2021	31.12.2020	31.12.2021	31.12.2020
Current Employment Service Cost	890,019	(458,114)	898,942	(445,350)
Financial cost	(44,649)	(40,081)	(40,785)	(40,081)
Profits/(Losses) from actuarial study	(28,320)	(105,334)	(23,245)	(75,194)
Total	817,050	(603,529)	834,911	(560,626)
Further Payments	0	0	0	0
Retirement expenses	817,050	(603,529)	834,911	(560,626)

Balance of Liability at beginning of period	2,012,802	1,416,672	1,885,457	1,324,832
Retirement expenses	(817,050)	603,529	(834,911)	560,626
Fx Diferrences	255	(7,399)	0	0
Closing Balances	1,196,007	2,012,802	1,050,546	1,885,457

A quantitative sensitivity analysis of the major assumptions as of 31st December 2021 is presented below:

Obligation
	Discount rate		Discount rate
-0.50%		0.50%
29,515	3 %	(28,076)	-3%
Estimated salary increase		Estimated salary increase
-0.50%		0.50%
(27,995)	-3%	29,131	3 %
Mortality		Mortality
-10%		10%
9,330	1 %	(9,211)	-1%

4.10.24 Litigation Cases

• There are no pending or under arbitration legal cases and decisions by judicial or arbitration bodies which may significantly affect the financial statements of the Group and the Company, apart from the case of Marinopoulos S.A., where the Company has a claim of 2.4 million euros, that is included in the Company's provisions.

4.10.25 Contingent Liabilities

During the period 01.01 – 31.12.2021 there are no contingent liabilities either in the Group or the Company.

4.10.26 Contractual Obligations

Α. Guarantees

The Company has guaranteed loan liabilities of its subsidiaries.

B. Capital investment commitments

A new investment in the subsidiary company Polipak is in progress that will lead to a more automated production process. The cost of this project for the following years and until it is completed is estimated at approximately € 25 million.

4.10.27 Events after the Balance Sheet Date

❖ Update on Ergopack

The company GR. SARANTIS S.A., operates in the Ukrainian and Russian markets through its 100% subsidiaries ERGOPACK LLC and HOZTORG LLC accordingly.

Sales of Ergopack LLC in 2021 represent 6.7% of the Group's total sales and sales of Hoztorg LLC in 2021 represent 0.5% of the Group's total sales.

Also, based on the year 2021, the EBIT of Ergopack LLC represents 1.0% and the EBIT of Hoztorg LLC represents -2.47% of the Group's total EBIT.

The Group does not have any significant suppliers in Ukraine or Russia.

Having as an ultimate priority the health and safety of its employees, ERGOPACK's production facility located in Kaniv, was temporarily suspended from the first day of the invasion.

Since then the management has been monitoring the situation closely and has been in frequent communication with the local team in Ukraine.

❖ Sarantis Group announced on March 2nd 2022 that it has entered into an agreement to acquire STELLA PACK S.A., a Polish consumer household products company.

4.10.28 Foreign Exchange Differences

The operating currency of the Group is the Euro. The Company converts the statements of income of the subsidiary companies into euro based on the average exchange rate and the balance sheets based on the closing exchange rate as of 31st December.

The major foreign exchange differences that were used in the conversion of foreign transactions into euro are the following:

	Average rate for the period ended		Spot rate as at
	31.12.2021	31.12.2020	31.12.2021	31.12.2020
US dollar	1.18	1.14	1.13	1.23
UK sterling	0.86	0.89	0.84	0.90
Polish zloty	4.57	4.44	4.60	4.61
Romanian leu	4.92	4.84	4.95	4.87
Bulgarian lev	1.96	1.96	1.96	1.96
Czech koruna	25.65	26.45	24.86	26.25
Serbian dinar	117.57	117.58	117.58	117.58
Macedonian dinar	61.63	61.67	61.63	61.69
Hungarian florint	358.57	351.12	369.00	365.13
Bosnia-Herzegovina
convertible marka	1.96	1.96	1.96	1.96
Ukrainian hryvnia	32.30	30.80	30.92	34.74
Russian rouble	87.19	82.45	84.07	90.68

4.10.29 Related party transactions

The most significant transactions between the Company and its related parties, as such are defined by International Accounting Standard 24, are presented below.

Subsidiaries	Company
Trade receivables	31.12.2021	31.12.2020
Sarantis Belgrade D.O.O	0	88,281
Sarantis Banja Luca DOO	0	197
Sarantis Skopje D.O.O	0	245
Sarantis Bulgaria LTD	81,140	153,617
Sarantis Romania S.A.	896,889	582,200
Sarantis Polska S.A.	467,272	723,296
Sarantis Czech Republic sro	1,241,239	1,422,939
Polipak SP.Z.O.O.	8,526	47,530
Sarantis Slovakia S.R.O	64,936	320,150
Ergopack LLC	852,186	1,108,875
Sarantis Hungary Kft.	244,783	303,954
Sarantis Portugal Lda	671,346	1,119,722
Elode France SARL	31,042	27,734
Total	4,559,359	5,898,740

Trade Liabilities	31.12.2021	31.12.2020
Sarantis Belgrade D.O.O	963,891	1,067,589
Sarantis Banja Luca DOO	0	5,648
Sarantis Skopje D.O.O	676,358	301,140
Sarantis Bulgaria LTD	1,769	0
Sarantis Romania S.A.	7,293	10,687
Sarantis Polska S.A.	583,828	629,875
Sarantis Czech Republic sro	3,143	0
Polipak SP.Z.O.O.	746,010	321,052
Sarantis Slovakia S.R.O	7	0
Ergopack LLC	0	470
Sarantis Hungary Kft.	5,608	10,626
Sarantis France SARL	45,630	48,960
Total	3,033,537	2,396,047

Liabilities from loans	31.12.2021	31.12.2020
Sarantis Bulgaria LTD	2,250,742	7,501,237
Sarantis Romania S.A.	4,501,484	15,002,474
Sarantis Polska S.A.	2,250,742	7,501,237
Waldeck LTD	562,373	558,255
Total	9,565,342	30,563,203
Grand Total Liabilities	12,598,879	32,959,250

Income from sale of merchandise		01.01 - 31.12.2021 01.01 - 31.12.2020
Sarantis Belgrade D.O.O	1,940,193	2,474,368
Sarantis Skopje D.O.O	611,738	681,104
Sarantis Bulgaria LTD	1,756,835	2,051,024
Sarantis Romania S.A.	5,404,913	6,377,369
Sarantis Polska S.A.	6,226,631	6,766,827
Sarantis Czech Republic sro	4,987,002	4,793,629
Sarantis Slovakia S.R.O	1,733,014	1,121,558
Ergopack LLC	771,976	1,478,184
Sarantis Hungary Kft.	883,270	1,058,339
Sarantis Portugal Lda	804,948	1,041,381
Total	25,120,521	27,843,780

Income – Interest		01.01 - 31.12.2021 01.01 - 31.12.2020
Ergopack LLC	0	53,849
Total	0	53,849

Other Income		01.01 - 31.12.2021 01.01 - 31.12.2020
Sarantis Belgrade D.O.O	180,881	202,308
Sarantis Banja Luca DOO	8,501	4,695
Sarantis Skopje D.O.O	23,639	20,350
Sarantis Bulgaria LTD	34,992	27,669
Sarantis Romania S.A.	102,814	79,059
Sarantis Polska S.A.	583,281	421,105
Sarantis Czech Republic sro	183,365	123,851
Polipak SP.Z.O.O.	76,001	34,435
Sarantis Slovakia S.R.O	61,545	39,454
Ergopack LLC	149,328	309,685
Sarantis Hungary Kft.	75,801	92,700
Sarantis Portugal Lda	58,172	78,297
Total	1,538,320	1,433,608
Grand Total Income	26,658,841	29,331,237

Purchases of Merchandise - Services		01.01 - 31.12.2021 01.01 - 31.12.2020
Sarantis Belgrade D.O.O	1,443	35,041
Sarantis Banja Luca DOO	0	5,648
Sarantis Bulgaria LTD	4,526	0
Sarantis Romania S.A.	61,011	27,525
Sarantis Polska S.A.	1,976,184	2,222,215
Sarantis Czech Republic sro	3,515	6,579
Polipak SP.Z.O.O.	3,532,768	3,457,936
Sarantis Slovakia S.R.O	1,431	0
Ergopack LLC	0	2,541
Sarantis Hungary Kft.	5,675	11,177
Total	5,586,553	5,768,661

Expenses – Interest		01.01 - 31.12.2021 01.01 - 31.12.2020
Sarantis Bulgaria LTD	127,068	180,452
Sarantis Romania S.A.	254,137	360,904
Sarantis Polska S.A.	127,068	180,452
Waldeck LTD	15,687	22,120
Total	523,960	743,929

Other Expenses		01.01 - 31.12.2021 01.01 - 31.12.2020
Sarantis Bulgaria LTD	2,445	0
Sarantis Romania S.A.	4,891	0
Sarantis Polska S.A.	2,445	0
Total	9,781	0
Grand Total Expenses	6,120,295	6,512,590

Table of Disclosures of Related Parties
	Group	Company
a) Income	0	26,658,841
b) Expenses	0	6,120,295
c) Receivables	0	4,559,359
d) Liabilities	0	12,598,879
e) Transactions and remuneration of senior executives and management 2,174,257		2,174,257
f) Receivables from senior executives and management	84,778	84,778
g) Liabilities towards senior executives and management	0	0
h) Receivables from affiliates	178	178
i) Liabilities to affiliates	0	0

It is noted that related party transactions are done at market purchase prices.

4.10.30 Business Units and Geographical Analysis Tables

4.10.30.1 Breakdown by Business Unit

Turnover Analysis
SBU Turnover (€ mil)	FY '21	%	FY '20
Personal Care	176.31	6.04%	166.27
% of Total	43.19%		42.27%
Own	110.14	7.38%	102.57
% of SBU	62.47%		61.69%
Distributed	66.18	3.88%	63.71
% of SBU	37.53%		38.31%
Home Care	158.88	1.60%	156.39
% of Total	38.92%		39.76%
Own	155.82	1.13%	154.08
% of SBU	98.07%		98.52%
Distributed	3.06	32.83%	2.31
% of SBU	1.93%		1.48%
Private Label	22.50	1.66%	22.13
% of Total	5.51%		5.63%
Other Sales	50.50	3.96%	48.58
% of Total	12.37%		12.35%
Health Care	10.27	9.61%	9.37
% of SBU	20.34%		19.30%
Luxury Cosmetics	40.23	2.61%	39.21
% of SBU	79.66%		80.70%
Total Turnover	408.20	3.77%	393.38

	EBIT Analysis
SBU EBIT (€ mil)		FY '21	%	FY '20**
Personal Care		12.26	44.18%	8.50
	Margin	6.95%		5.11%
	% of EBIT	26.18%		17.00%
Own		9.88	60.84%	6.14
	Margin	8.97%		5.99%
	% of EBIT	21.09%		12.28%
Distributed		2.38	0.87%	2.36
	Margin	3.60%		3.71%
	% of EBIT	5.09%		4.72%
Home Care		18.28	-17.10%	22.05
	Margin	11.51%		14.10%
	% of EBIT	39.05%		44.11%
Own		18.10	-17.01%	21.81
	Margin	11.62%		14.15%
	% of EBIT	38.66%		43.61%
Distributed		0.18	-25.25%	0.25
	Margin	5.99%		10.64%
	% of EBIT	0.39%		0.49%
Private Label		1.07	-69.26%	3.49
	Margin	4.77%		15.78%
	% of EBIT	2.29%		6.98%
Other Sales		3.40	-23.73%	4.45
	Margin	6.73%		9.17%
	% of EBIT	7.26%		8.91%
Health Care		2.13	21.87%	1.74
	Margin	20.70%		18.62%
	% of EBIT	4.54%		3.49%
Luxury Cosmetics		1.27	-53.10%	2.71
	Margin	3.16%		6.91%
	% of EBIT	2.71%		5.42%
Income from Associated Companies		11.81	2.69%	11.50
	% of EBIT	25.23%		23.00%
Total EBIT		46.82	-6.36%	50.00
	Margin	11.47%		12.71%

**Figures for 2020 have been revised due to the change in IAS19

4.10.30.2 Geographical Breakdown

Turnover analysis
Country Turnover (€ mil)	FY '21		%	FY '20
Greece	142.78		4.95%	136.05
% of Total Turnover		34.98%		34.59%
Poland	68.99		-2.59%	70.82
Poland - Polipak	22.50		1.66%	22.13
Romania	60.78		10.10%	55.20
Bulgaria	14.21		10.76%	12.83
Serbia	20.29		1.83%	19.92
Czech Republic	23.10		11.85%	20.65
Slovakia	6.06		0.25%	6.05
Hungary	10.50		2.14%	10.28
North Macedonia	4.46		11.20%	4.02
Bosnia	3.33		9.49%	3.04
Portugal	1.93		-10.17%	2.15
Ukraine	27.33		-2.60%	28.06
Russia	1.94		-10.87%	2.18
Foreign Countries Subtotal	265.42		3.14%	257.33
% of Total Turnover	65.02%			65.41%
Total Turnover	408.20		3.77%	393.38
EBIT Analysis
Country ΕΒΙΤ (€ mil)		FY '21	%	FY '20
Greece		27.73	2.11%	27.15
% of Total Ebit		59.22%		54.30%
	Poland	5.07	-20.68%	6.39
Poland-Polipak		1.07	-69.26%	3.49
Romania		6.60	14.01%	5.79
Bulgaria		1.16	-23.92%	1.52
Serbia		1.90	-11.90%	2.16
Czech Republic		2.53	82.76%	1.38
Slovakia		0.21	303.13%	0.05
Hungary		0.11	-76.56%	0.45
North Macedonia		0.53	27.89%	0.42
Bosnia		-0.23	-43.72%	-0.16
Portugal		-0.08	49.91%	-0.16
Ukraine		0.27	-81.52%	1.48
Russia		-0.05	-233.03%	0.04
Foreign Countries Subtotal		19.10	-16.43%	22.85
% of Total Ebit		40.78%		45.70%
Total EBIT		46.82	-6.36%	50.00

Marousi, April 28 th 2022

AI Terminal

Gr. Sarantis S.A.

2712_10-k_2022-04-29_549f4ba1-1f9d-4350-ad99-a9576161c52c.pdf

1. STATEMENTS BY MEMBERS OF THE BOARD OF DIRECTORS

Statements by Members of the Board of Directors (according to article 4 of Law 3556/2007)

BOARD OF DIRECTORS' ANNUAL MANAGEMENT REPORT FOR THE YEAR 01.01.2021 – 31.12.2021

2. BOARD OF DIRECTORS' ANNUAL MANAGEMENT REPORT

ANNUAL MANAGEMENT REPORT OF THE BOARD OF DIRECTORS OF THE COMPANY "GR. SARANTIS S.A."

on the Annual Financial Statements for the financial year from 1st January to 31st December 2021

2.1 INTRODUCTION

2.2 PERFORMANCE AND FINANCIAL POSITION

It is noted that:

2.3 SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR 2021

❖ The Group's response to COVID-19

2.4 MAJOR RISKS AND UNCERTAINTIES FOR 2022.

2.4.1 Foreign exchange risk

2.4.2 Interest rate risk

2.4.3 Credit risk

2.4.4 Liquidity risk

2.4.5 Raw material price risk

2.4.6 Compliance Risk

2.4.7 Pandemic Crisis of COVID

2.4.8 Geo-political Risk

2.5 FUTURE OUTLOOK AND PROSPECTS

2.6 RELATED PARTY TRANSACTIONS

2.7 DETAILED INFORMATION ACCORDING TO A. 4, PAR.7, L.3556/2007.

2.7.1 Structure of the Company's share capital

2.7.2 Limits on transfers of Company's shares

2.7.3 Significant direct or indirect holdings according to the definition of 3556/2007

2.7.4 Shares conferring special control rights

2.7.5 Limitations on voting rights

2.7.6 Agreements among Company shareholders

2.7.7 Rules governing the appointment and replacement of members of Board of Directors and the amendment of the Articles of Association

2.7.8 Responsibility of the Board of Directors for the issuance of new shares or the purchase of treasury shares

2.7.9 Important agreements initiated, amended or terminated in case a charge arises in the company's control following a public offer

2.7.10 Agreements with members of the Board of Directors or employees of the Company

2.8 Information for acquired Treasury Shares according to article 50 paragraph 2 of L. 4548/2018.

2.9 RESEARCH AND DEVELOPMENT ACTIVITY

2.10 COMPANY'S BRANCHES

2.11 SUBSEQUENT EVENTS

❖ Update regarding Ergopack

❖ Sarantis Group announced on March 2nd 2022 that it has entered into an agreement to acquire STELLA PACK S.A., a Polish consumer household products company.

2.12 CORPORATE GOVERNANCE STATEMENT

2.12.1 Corporate Governance Code:

2.12.2 The General Assembly of the Shareholders:

Operation Items of the General Assembly

Communication with the Shareholders and the potential Shareholders.

Conditions for the Participation of Shareholders in the General Assembly.

Shareholders' Rights

2.12.3 Board of Directors and Committees:

GEORGIOS P. KOSTIANIS, Chief Operating Officer (COO) of the Group, Executive Member.

EKATERINI SARANTI OF PANTAZIS, Non-executive Member

CHRISTOS ECONOMOU OF IOANNIS, Independent - Non-executive Member,

IRINI Μ. NIKIFORAKI, Independent-Non-executive member

NIKOS ΝΟΜΙΚΟS OF PERIKLIS, Independent-Non-executive member

MARIA FOTOPOULOU OF GEORGIOS, Corporate Secretary

(b) Committees

(b1) Executive/Management Committee (Regulation of Operation, par.2.2.3.1).

(b2) Audit Committee (Regulation of Operation, par.2.2.3.2).

(i) Sustainable production and consumption:

(ii) Responsible governance

(iii) Empowered employees

(iv) Thriving Communities

2.12.4 Internal Control System and risk management:

Internal Control System

III. Internal audit

IV. External assurance providers

Relations between main roles

Between the management body and the management team (first and second line roles)

Between the management team (first and second line roles) and the internal audit unit

Between the Internal Audit Unit and the management body

Among all Roles

Key Components of the Internal Audit System

Description of deviations from the special practices of the Hellenic Corporate Governance Code (June 2021) and justification.

2.13 NON-FINANCIAL STATEMENT

Short Description of the Business Model

"We are a Team with ETHOS"

Sustainable Development Strategy1

Materiality analysis3

I. Principal non-financial risks and their management

Sustainable Development Strategy¹

Materiality analysis³