Elton S.A.

Annual / Quarterly Financial Statement • Apr 18, 2022

GROUP	COMPANY
1/1-31/12/2021	1/1-31/12/2021

FINANCIAL STATEMENTS AND INFORMATION of period from 1st January 2021 until 31st December 2021

Company's No in the Registry of S.A. : 346001000

Head Office: Avlonas Attiki , Draseza place (Industrial zone Avlona)

ELTON INTERNATIONAL TRADING COMPANY S.A.

1.5 ADDITIONAL DATA AND INFORMATION

1. The companies of the Group with their respective countries of residence and percentage holdings, included in the consolidated financial statements
COMPANY	COUNTRY	PERCENTAGE HOLDING	CONSOLIDATION METHOD
ELTON INTERNATIONAL TRADING COMPANY SA	GREECE	PARENT
ELTON CORPORATION SA	ROMANIA	100%	FULL
ELTON CORPORATION EOOD	BULGARIA	100%	FULL
ELTON CORPORATION DOO	SERBIA	100%	FULL
ELTON CORPORATION LLC	UKRAINE	100%	FULL

	COMPANY INFORMATION
Website :	www.elton-group.com
Board ofDirectors :			President and CEO : Nestor D. Papathanasiou
	Executive members :			Alkisti N.Papathanasiou, Dimitrios Giotopoulos,
	Not executive member : Elektra Ν. Papathanasiou, Christos Poulis
	Ιndependent &
	not executive members :		Antonios Mouzas, Lawrence Alvertis
Date of Financial Statements' approval by the Board : 14/4/2022
Certified Auditor Audit firm :	Panagiotis Papadopoulos S.O.E.L. 28241 SOL AE OE
Type of Audit Review :	Unqualified opinion
	1.1. STATEMENT OF FINANCIAL POSITION (consolidated and company's) Amounts in euro
	GROUP		COMPANY
ASSETS	31/12/2021	31/12/2020	31/12/2021	31/12/2020
Fixed Assets	15.385.242	16.035.727	9.460.097	9.895.500
Rights of use of assets	1.530.150	1.519.028	691.012	681.524
Intagible Assets	1.374.074	1.716.178	1.309.956	1.628.731
Other non current Assets	1.592.985	1.429.279	15.674.470	15.320.116
Inventories	26.922.376	21.886.441	14.299.297	12.184.083
Trade Receivables	53.601.027	41.576.771	38.333.766	31.270.638
Other current Assets	3.487.129	9.111.703	1.980.404	7.124.997
TOTAL ASSETS	103.892.983	93.275.128	81.749.002	78.105.588
EQUITY AND LIABILITIES
Share Capital	13.899.697	13.899.697	13.899.697	13.899.697
minus : purchase of company's own shares	0	0	0	0
Other net Equity	44.915.617	40.242.432	39.056.989	36.445.992
Equity attributable to the equity holders of the parent (a)	58.815.314	54.142.129	52.956.686	50.345.690
Minority interest (b)	0	0	0	0
Total Equity (c)=(a)+(b)	58.815.314	54.142.129	52.956.686	50.345.690
Long Term Borrowings	9.084.434	12.720.016	7.964.286	11.039.430
Provisions/Other Long Term Liabilities	1.793.318	1.831.646	1.248.323	1.312.347
Short Term Borrowings	8.518.327	7.523.136	3.566.263	2.506.440
Other Short Term Liabilities	25.681.590	17.058.202	16.013.444	12.901.681
Total Liabilities (d) TOTAL EQUITY AND LIABILITIES (c)+(d)	45.077.669 103.892.983	39.132.999 93.275.128	28.792.316 81.749.002	27.759.898 78.105.588
	1.2. INCOME STATEMENT

	1.3 CASH FLOW STATEMENT
	Consolidated and Company's (amounts in euro)
		GROUP	COMPANY
Operating Activities	1/1-31/12/2021	1/1-31/12/2020	1/1-31/12/2021	1/1-31/12/2020
Profit before taxes	10.595.084	4.734.798	6.101.078	3.600.228
Adjustments for :
Depreciation and Amortization	1.558.735	1.712.528	879.358	974.223
Amortization of grants	(69.102)	(69.102)	(69.102)	(69.102)
Provisions/ Impairments	1.654.744	1.146.092	1.218.280	712.124
Exchange Differences	(1.363.695)	(412.667)	(10.323)	(3.605)
(Gain) or Loss from Investing activities	1.399	(58.612)	2.276	(116)
Interest and similar charges	592.116	840.334	298.341	532.896
Working capital changes
Decrease / (increase) of inventory	(5.161.881)	1.135.716	(2.247.278)	(238.220)
Decrease / (increase) of trade receivables	(11.715.324)	3.866.926	(6.825.638)	3.568.481
(Decrease) / increase of liabilities (except loans)	6.856.991	(1.513.899)	2.287.510	(404.898)
Less :
Interest and similar charges paid	(896.752)	(911.525)	(352.942)	(448.014)
Tax paid	(1.008.659)	(572.733)	(723.102)	(319.420)
Total cash/(used in) generated from operating activities(a)	1.043.655	9.897.855	558.458	7.904.577
Investing Activities
Acquisition of Subsidiary	(0)	(885.270)	(200.000)	(1.200.000)
Purchase of Intagible Assets, Property	(178.630)	(139.763)	(95.338)	(90.912)
Sale of fixed and Intagible assets	10.286	54.556	10.279	0
Interest received	250.115	156.423	80	351
Dividends received	0	0	0	0
Total cash/(used in) generated from investing activities(b)	81.771	(814.053)	(284.979)	(1.290.561)
Financing Activities
Proceeds from Borrowings	4.347.876	17.880.909	1.100.000	12.800.000
Repayment of Borrowings	(6.854.672)	(20.793.640)	(3.060.721)	(13.834.978)
Repayment of Finance Lease Liabilities	(584.492)	(652.288)	(227.415)	(269.273)
Dividends paid	(2.135.736)	(1.066.483)	(2.135.736)	(1.066.483)
Total cash/(used in) generated from financing activities(c)	(5.227.023)	(4.631.502)	(4.323.872)	(2.370.733)
Net increase/(decrease) in
Cash and Cash equivalents (a)+(b)+(c)	(4.101.598)	4.452.300	(4.050.393)	4.243.283
Cash and Cash Equivalents at the beginning of the period	6.787.976	2.335.676	5.524.167	1.280.884
Cash and Cash Equivalents at the end of the period	2.686.378	6.787.976	1.473.774	5.524.167

ELTON MARMARA KIMYA SANAYI VE TICARET AS TURKEY 100% FULL

2. The unaudited tax years for the Group subsidiaries are the following: ELTON CORPORATION SA (2010-2021), ELTON CORPORATION EOOD (2010-2021), ELTON CORPORATION DOO (2010-2021), ELTON CORPORATION LLC (2012-2021). For the year 2021 the company has benefited from the tax audit of Certified Auditors Accountants provided by the provisions of Article 65 A N.4174/2013. This audit is in progress and the related tax certificate will be granted after the publication of the interim financial statements of year 2022. 3. There are encumbrances on the property of the subsidiary in Bulgaria for securing loan obligations at the amount of 1.682.418 euro

Sales Purchases Receivables from associated parties Payables to associated parties Directors' and Managers' remuneration Payables to Managers and Directors		0 0 0 0	862.714 0 0	1.176.889 263.738 1.587.326 27.341 540.052
9. The other comprehensive income after tax are: Exchange Differences Effect of tax rate change on deffered tax Deffered taxes Actuarially profit/loss TOTAL		31/12/2021 -1.600.823 -3126 -527 2.397 -1.602.080	GROUP 31/12/2020 -862.164 0 2.241 -9.337 -869.260	COMPANY 31/12/2021 0 -3.126 -527 2.397 -1.256	31/12/2020 0 0 2.241 -9.337 -7.096
PRESIDENT & CEO	B.O.D. MEMBER	Avlonas Attica, 14th April 2022		COMPANY'S FINANCIAL MANAGER		GROUP C.F.O.
NESTOR D. PAPATHANASIOU ID card num. ΑΒ 606775	ALK.Ν.PAPATHANASIOU ID card num. ΑΕ 105490	ST.D.VASILIOU ID card num.Τ 132250		ANTONIS YASSARIS ID card num. ΑΝ 061294 Offices Service S.A. 2109247017

4. There is not any litigation or arbitration or administrative court that may have a material effect on the financial position of the Company and its subsidiaries.

5. Number of employees at the end of the current period : Group 256 Company 121 (31/12/2020: Group 259, Company 121).

6. On the above 31/12/2021 financial statements complied same basic accounting principles as at the Balance Sheet 31/12/2020, taking into consideration the changes in standards and interpretations that apply from 1/1/2021.

7. The Group and the Company have made provisions for bad debts up to 31/12/2021 amounting to 6.662.927 and 3.155.059 euros respectively and provisions for discredited inventories at the amount of 515.266 euros for the Group and 377.560 euros for the Company. Until 31st December 2021 the provision for staff compensation in the Group and the Company was 386.311€ and 360.866€ accordingly.

	(consolidated and company's) Amounts in euro
		GROUP	COMPANY		1.4 STATEMENT OF CHANGES IN EQUITY
	1/1-31/12/2021	1/1-31/12/2020	1/1-31/12/2021	1/1-31/12/2020
Turnover	151.493.562	124.052.137	93.210.916	77.980.144		(Consolidated and company's) Amounts in euro
Gross Profit	27.538.044	20.496.670	15.887.243	12.476.165		GROUP		COMPANY
Profit/(loss) before taxes,financing & investing results	11.187.200	5.575.132	6.399.419	4.133.124		31/12/2021	31/12/2020	31/12/2021	31/12/2020
Profit before taxes	10.595.084	4.734.798	6.101.078	3.600.228	Equity at the beginning of the period (1/1/2021
Profit/(loss) after Taxes (Α)	8.413.680	3.586.355	4.750.668	2.721.842	and 1/1/2020 respectively)	54.142.129	53.146.631	50.345.690	48.467.271
Attributable to: Owners of the parent company	8.413.680	3.501.980	4.750.668	2.721.842	Change in accounting policy IAS19	0	232.880	0	232.880
Minority interest	0	84.375	0	0	Reformed Equity at the beginning of the period (1/1/2021
Other comprehensive Income after tax (B)	(1.602.080)	(869.260)	(1.256)	(7.096)	and 1/1/2020)	54.142.129	53.379.511	50.345.690	48.700.151
Total comprehensive Income after tax (A)+(B)	6.811.600	2.717.095	4.749.411	2.714.746	Profit after tax	8.413.680	3.586.355	4.750.668	2.721.842
Attributable to: Owners of the parent company	6.811.600	2.632.720	4.749.411	2.714.746	Other comprehensive Income	(1.602.080)	(869.260)	(1.256)	(7.096)
Minority interest	0	84.375	0	0	Dividents paid	(2.138.415)	(1.069.207)	(2.138.415)	(1.069.207)
Earnings after taxes per share (€)	0,3148	0,1310	0,1777	0,1018	Net change in subsidiaries' participation	0	(885.270)	0	0
Profit before taxes, financing & investing results and					Equity at the end of the period (31/12/2021
depreciation (EBITDA)	12.676.833	7.218.558	7.209.675	5.038.245	and 31/12/2020 respectively)	58.815.314	54.142.129	52.956.686	50.345.690

8. Cumulative amounts of sales and purchases , since the begining of the year and the balances of receivables and payables of the Group and the Company at the end of the year, resulting from its transactions with associated parties, according to the IFRS 24, are as follows :

(pubished according to the decision 4/507/28.4.2009 of the Board of Hellenic Capital Market Commission for companies that issue annual financial statements consolidated and non, according to IAS) The following data and information derived from the financial statements aim to provide general information about the financial position and results of ELTON INTERNATIONAL TRADING COMPANY SA. We advise the reader, before making any investment decision or other transaction with the company, to visit the web site where the financial statements and the report of the auditor where required.