1.			STATEMENTS BY MEMBERS OF THE BOARD OF DIRECTORS 4
2.			SEMI-ANNUAL BOARD OF DIRECTORS' MANAGEMENT REPORT 6
	2.1		INTRODUCTION 6
	2.2		PERFORMANCE AND FINANCIAL POSITION 6
	2.3		SIGNIFICANT EVENTS DURING THE 1ST HALF OF 2021 8
	2.4		MAJOR RISKS AND UNCERTAINTIES FOR THE 2nd HALF OF 2021 11
	2.5		FUTURE OUTLOOK AND PROSPECTS 13
	2.6		RELATED PARTY TRANSACTIONS 14
	2.7		Information concerning the acquired Treasury Shares according to article 50, paragraph 2, Law 4548/2018. 17
	2.8		SUBSEQUENT EVENTS 17
	2.9		ALTERNATIVE PERFORMANCE MEASURES ("APMs") 17
3.			REPORT ON REVIEW OF THE INTERIM FINANCIAL INFORMATION20
4.			INTERIM CONDENSED FINANCIAL STATEMENTS 22
	4.1		STATEMENT OF FINANCIAL POSITION 23
	4.2		INTERIM CONDENSED ITEMS OF THE STATEMENT OF INCOME 24
	4.3		INTERIM CONDENSED STATEMENT OF CHANGES IN GROUP'S EQUITY FOR THE PERIOD 25
	4.4		INTERIM CONDENSED STATEMENT OF CHANGES IN COMPANY'S EQUITY FOR THE PERIOD 26
	4.5		INTERIM CONDENSED STATEMENT OF CASH FLOWS 27
	4.6		NOTES ON THE INTERIM CONDENSED FINANCIAL STATEMENTS 28
		4.6.1	The Company 28
		4.6.2	Group Structure 28
	4.7		BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS 29
		4.7.1	Compliance with IFRS 29
		4.7.2	Basis for the preparation of the financial statements29
		4.7.3	Approval of financial statements 29
		4.7.4	Covered Period29
		4.7.5	Presentation of the financial statements29
		4.7.6	Significant judgments and estimations by Management29
		4.7.7	Significant Accounting Policies31
	4.8		FINANCIAL RISK MANAGEMENT 32
		4.8.1	Capital Management32
		4.8.2	Financial Instruments33
		4.8.3	Definition of fair values33
	4.9		EXPLANATORY NOTES ON THE FINANCIAL STATEMENTS 34
		4.9.1	Segment Reporting34
		4.9.2	Investments in associate companies36
		4.9.3	Goodwill 36
		4.9.4	Inventories 36
		4.9.5	Trade and other receivables37
		4.9.6	Cash & cash equivalents39
		4.9.7	Financial Assets at Fair Value through Results39
		4.9.8	Trade and other liabilities 39
		4.9.9	Provisions and other long-term liabilities 40
		4.9.10	Loans 41

4.9.11	Income tax41
4.9.12	Financial Income / Expenses 41
4.9.13	Share Capital 42
4.9.14	Earnings per Share 42
4.9.15	Dividends42
4.9.16	Treasury Shares42
4.9.17	Table of changes in fixed assets43
4.9.18	Number of Employees49
4.9.19	Litigation Cases49
4.9.20	Contingent Liabilities49
4.9.21	Contractual Obligations49
4.9.22	Events after the Balance Sheet Date49
4.9.23	Related party transactions50
4.9.24	Business Units and Geographical Analysis Tables53

1. STATEMENTS BY MEMBERS OF THE BOARD OF DIRECTORS

Statements by Members of the Board of Directors (according to article 5 of Law 3556/2007)

It is hereby declared that to our knowledge:

a) The Semi-Annual Condensed Financial Statements (Parent and Consolidated) of the company "GR. SARANTIS S.A." for the period from 1 January 2021 to 30 June 2021, which were prepared according to the International Financial Reporting Standards (IFRS) that were adopted by the European Union and specifically based on the International Accounting Standard (IAS) 34 "Interim Financial Reporting", accurately present the assets and liabilities, equity and results for the aforementioned period of the Company as well as those of the companies included in the consolidation, considered as a whole, according to the provisions of paragraphs 3 to 5 of article 5, Law 3556/2007.

b) The Semi-Annual Report of the Board of Directors reflects in a true manner the information required according to the paragraph 6 of article 5 of Law 3556/2007, namely the significant events that took place during the first half of the fiscal year and their effect on the semi-annual financial statements, the development, performance and financial position of the Company as well as of the businesses included in the Group consolidation, considered as a whole, including the description of the principal risks and uncertainties for the second half of the fiscal year, and also the significant transactions that concerned the Company and the businesses included in the consolidation, and furthermore the transactions with the related parties.

Marousi, September 8 th 2021 The Members of the Board

THE CHAIRMAN OF THE BOARD	MANAGING DIRECTOR	THE GROUP'S CHIEF FINANCIAL OFFICER & BOARD MEMBER
GRIGORIS SARANTIS	KYRIAKOS SARANTIS	KONSTANTINOS ROZAKEAS
ID NO. Χ 080619/03	ID NO. ΑΙ 597050/2010	ID NO. ΑΚ 783631/13

SEMI-ANNUAL REPORT OF THE BOARD OF DIRECTORS FOR THE PERIOD 01.01.2021 – 30.06.2021

2. SEMI-ANNUAL BOARD OF DIRECTORS' MANAGEMENT REPORT

SEMI-ANNUAL BOARD OF DIRECTORS' MANAGEMENT REPORT OF THE COMPANY GR. SARANTIS S.A.

on the Financial Statements for the period from 1 January to 30 June 2021

2.1 INTRODUCTION

The present report of the Board of Directors of "GR. SARANTIS S.A." (henceforth the "Company") has been compiled according to the provisions of article 5 of Law 3556/2007 as well as to the relevant decisions of the Board of Directors of the Hellenic Capital Market Commission and refers to the Interim Condensed financial statements (Consolidated and Separate) of 30th June 2021 and of the semi-annual period that ended on the above date.

The Report is included in the semi-annual financial report of the period 1.1.2021 - 30.06.2021, together with the Company's financial statements and other information and statements required by law.

The present report briefly presents the Company's financial information for the first half of the year 2019, significant events that occurred during the above mentioned period and their effects on the semi-annual financial statements. The report also includes a description of the basic risks and uncertainties the Group's companies may face during the second half of the current year. Finally, significant transactions between the issuer and its related parties are also presented.

The semi-annual separate and consolidated financial statements have been compiled according to the International Financial Reporting Standards (IFRS) which were adopted by the European Union and specifically based on the International Accounting Standard (IAS) 34 "Interim Financial Reporting".

The current Report also presents the Alternative Performance Measures in paragraph 2.9.

2.2 PERFORMANCE AND FINANCIAL POSITION

The Group's total turnover during H1 2021 reached €195.24 million from € 183.69 million in H1 2020, up by 6.29%, underpinned by the Group's ability to address different consumption patterns and channel dynamics in each country. Throughout the first half of 2021 sales were driven by all product categories related to home care and personal care, while the gradual reopening of the market in combination with higher consumer traffic, benefited the categories of fragrances, deodorants and suncare.

• Greece, presented sales of €69.25 million in H1 2021 compared to €67.64 mil. in H1 2020, up by 2.38%, with the mass market channel driving the growth and the Luxury Cosmetics gaining momentum following the reopening of the market and the increased consumption in the respective channel.

• The foreign countries, exhibited growth of 8.56% reaching €125.99 million in H1 2021 from €116.05 million in H1 2020.

The Group's profitability in H1 2021 benefited by tight control of gross profit and balanced operating expenses, while controlled advertising and promotion expenses were reactivated and allocated behind strategic initiatives.

Specifically:

EBITDA* was up by 10.13% to € 31.32 mil. in H1 2021 from €28.44 mil. in H1 2020, with an EBITDA margin of 16.04% from 15.48% in H1 2020.
EBIT reached € 24.90 mil. during H1 2021 versus € 22.26 mil. in last year's first half, increased by 11.88%, and EBIT margin stood at 12.75% from 12.12% in H1 2020.

• EBT settled at €24.71 mil. in H1 2021 from €19.63 mil. in H1 2020, increased by 25.89%, with the EBT margin reaching 12.66% from 10.69% in the previous year's first half.

• Net Profit reached €19.51 mil. in H1 2021 from €15.62 mil. in the previous year's first half, up by 24.90%, while Net Profit margin settled at 9.99% from 8.50% in H1 2020.

*Alternative Performance Measures, as defined within paragraph 2.9.

The Group exhibits a healthy financial position supported by the improving profitability of the business, and balanced capital expenditure.

Despite the challenges posed by the COVID-19 pandemic, the Group, committed to its strategy, 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.

As of the first half of 2021 the Group's net debt over EBITDA ratio stood at 0.54x, with a net debt position reaching €35.38 mil., from € 10.91 mil as of the end of 2020, as a result of the dividend payment and investments that are largely related to the construction of Polipak's new production facility as well as machinery equipment at Oinofyta's production plant.

Polipak's new garbage bags production plant will lead to a more automated production process, which, combined with a new R&D and new 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.

Regarding sales breakdown per business unit, Personal Care products sales were up by 8.02% yoy to €85.09 mil. in H1 2021 from €78.11 mil. in H1 2020, supported by growth in the own brands portfolio, that increased by 12.22%. This performance reflects the continued strong demand in categories related to personal hygiene, such as face care, body care, body wash and wand 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 43.58%.

Sales of Home Care increased by 6.22% amounting to €76.13 million from €71.67 million in the previous year's first half, supported by the own brands subcategory, and in particular driven by all product categories related to home care. The category's participation to total Group turnover amounted to 38.99%.

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 5.33% increase in H1 2021 amounting to €11.45 mil. from €10.87 mil. in H1 2020.

The category of Other Sales was up in sales by 0.84%, driven by the Luxury Cosmetics category that presented a 3.28% sales growth as a result of the reopening of the market and increased consumption within this channel.

Regarding operating profits per business unit, Personal Care products EBIT settled at €5.85 million from €5.05 million in the first half of the previous year, up by 15.92%, driven by the own Personal Care products subcategory that presented an EBIT growth of 22.84%. The margin of Personal Care products stood at 6.88% in H1 2021.

The EBIT of Home Care products posted an increase of 12.20% during H1 2021 to €9.56 million from €8.52 million in H1 2020, driven by the own brands subcategory that was up by 11.50%. The EBIT margin of the Home Care products stood at 12.56% during H1 2021 from 11.89% in H1 2020 and their participation to total Group EBIT settled at 38.41% in H1 2021.

The EBIT of the Other Sales category was up by 2.03% to € 2.04 mil. from € 2.00 mil., driven by the Luxury Cosmetics subcategory.

The income from Associated Companies represents the income from the Estee Lauder JV that stood at €6.35 mil. up by 23.25% vs last year's first half, as a result of the re-opening of the market and increased consumption within this channel.

Regarding turnover breakdown by geographical region, Greece, presented sales of €69.25 million in H1 2021 compared to €67.64 mil. in H1 2020, up by 2.38%, with the mass market channel driving the growth and the Luxury

Cosmetics gaining momentum following the reopening of the market and the increased consumption in the respective channel.

The foreign countries, representing 64.53% of the Group's total sales, exhibited growth of 8.56% reaching €125.99 million in H1 2021 from €116.05 million in H1 2020.

Throughout the first half of 2021 and across the Group's region sales were driven by all product categories related to home care and personal care, while the gradual reopening of the market in combination with higher consumer traffic, benefited the categories of fragrances, deodorants and suncare.

Regarding operating profits per geographical region, the Greek EBIT during H1 2021 increased by 19.27% to €15.49 mil., from €12.99 mil. in H1 2020.

Excluding the income from Associated companies, Greek EBIT during H1 2021 amounted to €9.14 mil. up by 16.66% compared to €7.83 mil. last year's first half. Greek EBIT margin, excluding income from Associated Companies, stood at 13.20% during FY 2020 from 11.58% in H1 2020.

The foreign countries EBIT was up by 1.52% during H1 2021, amounting to €9.41 mil. from 9.27 mil. In the first half of last year. The foreign countries EBIT margin settled at 7.47% from 7.99% in H1 2020.

It is noted that:

❖ The breakdown by product category and by geographical region is presented in detail in section 4.9.24 "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.

2.3 SIGNIFICANT EVENTS DURING THE 1ST HALF OF 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 non-executive 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.

❖ On 26/05/2021, 10% of IVYBRIDGE was acquired by the Company, therefore the Group now owns 100% of both the direct participation of IVYBRIDGE, as well as the indirect participation in the subsidiaries ERGOPACK and HOZTORG.

❖ The Group's response to 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.

financial position and free cashflow generation, while executing its investment plan and creating further value to all stakeholders.

During the first half of 2021, investments realized relate to new product development, upgrading machinery equipment, expanding production capacity, 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 H1 2021 performance which is characterized by increased sales, increase in earnings and strong cashflow generation.

Specifically, the Group's turnover and net profit increased by 6.29% and 24.90%, respectively, in H1 2021 compared to the previous year's first half, and the Group's cash and cash equivalents amounted to € 23.2 million. The only activity affected during the first half of 2021 due to the pandemic is that of luxury cosmetics, as the clients of this channel were in lockdowns frequently throughout the year. Nevertheless, the increased consumption following the reopening of this channel resulted in luxury cosmetics sales growth of 3.28% and EBIT growth of 22.78% during the first half of 2021

Regarding the receivables from the luxury cosmetics customers, and although the extension of the check repayment to 75 days was used, until today there is a normal flow of collection.

Even though the operating environment across our region has improved within the first half of 2021, it still remains volatile, particularly considering the resurgence of COVID-19 cases and the rapid spread of the Delta variant. Occasional closures and restrictions will most likely continue within the year, affecting daily life and therefore consumption trends. Nevertheless, we are encouraged by our resilient performance within the first half of 2021, our strong financial position and cashflow generation, that provide safety and the support necessary to mitigate any potential negative impact arising from the pandemic. The management will stay focused on tits long-term goals in order to bring further top line growth, further improvement on profit margins and cashflow generation.

2.4 MAJOR RISKS AND UNCERTAINTIES FOR THE 2nd HALF OF 2021.

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 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.

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 present fluctuations, 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 Execution Committee. Each group of risks shall be examined separately. The likelihood of occurrence, the potential effect and the level of the organization's abundance are estimated, and then the optimum actions are being proposed. Subsequently the Group assigns the personnel responsible for the management who implement the agreed actions and inform the administration 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.

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.

The Group implemented 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.

While the outlook for the global economy in 2021 remains uncertain and the vaccination process is in process, the management is encouraged by the Group's resilient performance, its strong financial position and cashflow generation.

Furthermore, the Group's basic distribution channel is the mass retail market has remained in full operation throughout this period.

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.

2.5 FUTURE OUTLOOK AND PROSPECTS

Nevertheless, the Group's resilient performance within the first half of 2021, itsstrong financial position and cashflow generation, provide safety and the support necessary to mitigate any potential negative impact arising from the pandemic.

Within this context, the management will continue to pursue its long-term goals in order to bring further top line growth, further improvement on profit margins and cashflow generation, supporting this way the business and returning value to its shareholders. The Group's strategy remains unchanged with the focus being, as always, on

organic and acquisitive growth, new strategic partnerships, geographical expansion, cost efficiencies, economies of scale, benefits from synergies and operating leverage.

Throughout this period, and until a gradual return to normality is achieved, the management's priorities will continue to concern the health and safety of the Group's employees and the society, the uninterrupted business continuity and continuous supply of high-demand products to the market, and the maintenance of a strong financial position.

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.

The further development of the Group's sustainability strategy is amongst the top priorities of the Group's newly elected Board of Directors, addressing its four main pillars: sustainable production and consumption, responsible governance, empowered employees and thriving communities.

Business practices such as creating employment, investing in human capital development, safeguarding occupational health, safety and well-being, improving consumers health & well-being, minimizing greenhouse gas emissions, enhancing sustainable sourcing and improving waste management are amongst the areas where the Group will intensify its efforts in order to maximize the positive economic, social and environmental impacts of its operation.

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	30.06.2021	31.12.2020
Sarantis Belgrade D.O.O	39,750	88,281
Sarantis Banja Luca DOO	0	197
Sarantis Skopje D.O.O	0	245
Sarantis Bulgaria LTD	157,023	153,617
Sarantis Romania S.A.	799,271	582,200
Sarantis Polska S.A.	884,047	723,296
Sarantis Czech Republic sro	1,297,134	1,422,939
Polipak SP.Z.O.O.	6,414	47,530
Sarantis Slovakia S.R.O	156,089	320,150
Ergopack LLC	1,092,792	1,108,875
Sarantis Hungary Kft.	113,218	303,954
Sarantis Portugal Lda	595,831	1,119,722
Elode France SARL	28,480	27,734
Total	5,170,050	5,898,740

Trade Liabilities	30.06.2021	31.12.2020
Sarantis Belgrade D.O.O	2,020,204	1,067,589
Sarantis Banja Luca DOO	4,251	5,648
Sarantis Skopje D.O.O	1,033,479	301,140
Sarantis Bulgaria LTD	17,108	0
Sarantis Romania S.A.	80,748	10,687
Sarantis Polska S.A.	425,791	629,875
Sarantis Czech Republic sro	18,525	0
Polipak SP.Z.O.O.	753,921	321,052
Sarantis Slovakia S.R.O	4,252	0
Ergopack LLC	61,699	470
Sarantis Hungary Kft.	11,532	10,626
Sarantis Portugal Lda	744	0
Sarantis France SARL	48,200	48,960
Total	4,480,454	2,396,047
Liabilities from loans	30.06.2021	31.12.2020
Sarantis Bulgaria LTD	6,751,855	7,501,237
Sarantis Romania S.A.	13,503,711	15,002,474
Sarantis Polska S.A.	6,751,855	7,501,237
Waldeck LTD	559,194	558,255
Total	27,566,616	30,563,203

Grand Total Liabilities 32,047,069 32,959,250

Income

Income from sale of merchandise	01.01 - 30.06.2021	01.01 - 30.06.2020
Sarantis Belgrade D.O.O	1,004,745	1,353,981
Sarantis Skopje D.O.O	267,476	358,324
Sarantis Bulgaria LTD	845,471	968,681
Sarantis Romania S.A.	2,883,377	3,645,733
Sarantis Polska S.A.	3,927,582	3,904,976
Sarantis Czech Republic sro	2,279,745	1,658,030
Sarantis Slovakia S.R.O	929,323	428,420
Ergopack LLC	529,042	662,119
Sarantis Hungary Kft.	244,492	331,088
Sarantis Portugal Lda	355,733	387,868
Total	13,266,985	13,699,221
Income – Interest	01.01 - 30.06.2021	01.01 - 30.06.2020
Ergopack LLC	0	53,849
Total	0	53,849

Other Income	01.01 - 30.06.2021	01.01 - 30.06.2020
Sarantis Belgrade D.O.O	88,953	99,059
Sarantis Banja Luca DOO	4,251	2,249
Sarantis Skopje D.O.O	10,772	9,018
Sarantis Bulgaria LTD	17,481	11,727
Sarantis Romania S.A.	41,791	41,038
Sarantis Polska S.A.	264,445	122,452
Sarantis Czech Republic sro	74,123	38,905
Polipak SP.Z.O.O.	30,716	14,345
Sarantis Slovakia S.R.O	31,406	13,938
Ergopack LLC	78,581	120,705
Sarantis Hungary Kft.	31,727	39,188
Sarantis Portugal Lda	27,081	32,609
Total	701,328	545,234
Grand Total Income	13,968,314	14,298,303

Expenses and Purchases

Purchases of Merchandise - Services	01.01 - 30.06.2021	01.01 - 30.06.2020
Sarantis Belgrade D.O.O	0	6,938
Sarantis Romania S.A.	49,732	7,355
Sarantis Polska S.A.	868,115	877,614
Sarantis Czech Republic sro	399	6,829
Polipak SP.Z.O.O.	1,491,492	2,056,495
Sarantis Slovakia S.R.O	1,424	0
Ergopack LLC	0	2,736
Total	2,411,162	2,957,967
Expenses – Interest	01.01 - 30.06.2021	01.01 - 30.06.2020
Sarantis Bulgaria LTD	70,626	93,844
Sarantis Romania S.A.	141,251	188,006
Sarantis Polska S.A.	70,626	94,279
Waldeck LTD	10,939	11,000
Total	293,441	387,128
Grand Total Expenses	2,704,603	3,345,094

Table of Disclosures of Related Parties
	Group Company
a) Income	0	13,968,314
b) Expenses	0	2,704,603
c) Receivables	0	5,170,050
d) Liabilities	0	32,047,069
e) Transactions and remuneration of senior executives and management	1,686,693	1,686,693
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 Information concerning the acquired Treasury Shares according to article 50, paragraph 2, Law 4548/2018.

During the first half of 2021, the Company proceeded to the purchase of 67,429 treasury shares at an average purchase price of 8.96 euro per share, paying 604,210 euro.

Including the 2,825,995 treasury shares already held by the company as of 31/12/2021, the Company holds in total 2,893,424 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 13,934,604 euro.

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

2.8 SUBSEQUENT EVENTS

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 provided the first call option notice 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 Group's strategy with respect to ELCA remains unchanged and is based on two factors:

1) utilizing the liquidity that will be created during the period 2021-2027 behind acquisitions that satisfy the Group's criteria and are able to provide synergies and contribute to profitability;

2) absorbing new distribution agreements that will further strengthen the Group's product portfolio.

As always, the management's goal is to execute its investment plan, focusing on its strategic product categories, geographical expansion and cost efficiencies, ultimately creating further value to its shareholders.

❖ During July 16th 2021, the Extraordinary General Shareholders' Meeting of "GR. SARANTIS S.A." took place, with 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.

2.9 ALTERNATIVE PERFORMANCE MEASURES ("APMs")

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 APMs 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 (APMs) 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)	H1 2021	H1 2020
Gross operating earnings	73.20	68.01
Other operating income	6.64	5.85
Administrative expenses	9.73	9.29
Distribution expenses	45.21	42.31
Depreciation and amortization	6.42	6.18
Earnings before interest, taxes, depreciation and amortization	31.32	28.44

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)			H1 2021 Margin		H1 2020 Margin
EBITDA	Earnings before interest, taxes, depreciation and amortization	31.32	16.04%	28.44	15.48%
EBIT	Earnings before interest and taxes	24.90	12.75%	22.26	12.12%
EBT	Earnings before taxes	24.71	12.66%	19.63	10.69%
Net Income	Net Earnings	19.51	9.99%	15.62	8.50%

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)	H1 2021	FY 2020
Long-term loans	50.92	48.61
Short-term loans	13.86	7.81
Cash and cash equivalents	23.19	40.60
Other financial assets	6.21	4.91
Net Debt	35.38	10.91

Marousi, September 8 th 2021

The Board of Directors

THE CHAIRMAN OF THE BOARD MANAGING DIRECTOR THE GROUP'S CHIEF FINANCIAL OFFICER & BOARD MEMBER

GRIGORIS SARANTIS KYRIAKOS SARANTIS KONSTANTINOS ROZAKEAS

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

3. REPORT ON REVIEW OF THE INTERIM FINANCIAL INFORMATION

To the Board of Directors of "GR. SARANTIS S.A."

Introduction

We have reviewed the accompanying interim condensed separate and consolidated statement of financial position of "GR. SARANTIS S.A." as at 30 June 2021 and the related condensed separate and consolidated statements of comprehensive income, changes in equity and cash flows for the six-month period then ended, as well as the selected explanatory notes that comprise the interim condensed financial information, which is an integral part of the six-month financial report as required by the Law 3556/2007.

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

Scope of Review

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

Conclusion

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

Report on other legal and regulatory requirements

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

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

Ag. Paraskevi, September 9, 2021 Certified Public Accountant

Christoforos I. Achiniotis Reg. SOEL: 35961

4. INTERIM CONDENSED FINANCIAL STATEMENTS

Those responsible for the preparation of the Interim Financial Statements of the period 01/01 – 30/06/2021 are the signatories at the end of the Financial Statements.

4.1 STATEMENT OF FINANCIAL POSITION

	Group Note		Company
Amounts in €		30.06.2021	31.12.2020	30.06.2021	31.12.2020
ASSETS
Non-current assets		195,092,031	183,401,276	185,434,234	181,918,424
Tangible fixed assets	4.9.17	87,298,505	73,343,011	40,862,048	38,791,337
Right of use	4.9.17	12,575,819	14,622,686	4,850,297	5,694,264
Investments in Property	4.9.17	1,021,382	1,033,026	31,857	31,857
Intangible assets	4.9.17	59,683,415	60,381,322	30,758,887	31,436,048
Company goodwill	4.9.3	7,701,262	7,676,364	1,100,000	1,100,000
Deferred tax assets		1,217,512	287,378	0	0
Investments in subsidiaries, associates	4.9.2	25,254,899	25,649,283	107,608,517	104,633,691
Other long-term receivables		339,237	408,207	222,628	231,228
Current assets		244,927,997	251,973,162	117,054,362	119,516,988
Inventories	4.9.4	107,998,681	108,595,399	46,670,984	49,258,450
Trade receivables	4.9.5	99,879,902	90,951,747	51,393,588	45,583,265
Other receivables	4.9.5	7,652,298	6,921,480	6,614,773	3,628,334
Cash & cash equivalents	4.9.6	23,186,916	40,595,341	6,164,817	16,137,744
Financial assets at fair value through profit and loss	4.9.7	6,210,201	4,909,195	6,210,201	4,909,195
Total Assets		440,020,029	435,374,438	302,488,596	301,435,412
Shareholders' EQUITY:
Share capital	4.9.13	54,504,437	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		17,783,176	17,463,998	126,450,525	141,131,347
Profit (losses) carried forward		161,229,141	157,236,105	(14,433,748)	(33,598,025)
Amounts attributed for Capital Increase
Total Shareholders' Equity		274,193,110	269,880,896	207,197,569	202,714,115
Non controlling interest		1,996,815	2,638,737	0	0
Total Equity		276,189,925	272,519,633	207,197,569	202,714,115
LIABILITIES
Long-term liabilities		68,879,839	70,635,943	46,732,803	52,619,959
Loans	4.9.10	48,413,329	48,607,624	38,496,250	44,000,000
Lease liabilities		8,601,116	10,595,268	3,190,104	3,974,856
Deferred tax liabilities		5,989,671	5,642,981	2,205,342	1,812,104
Provisions for post employment employee benefits		2,970,203	2,953,256	2,841,107	2,825,911
Provisions - Long-term liabilities	4.9.9	2,905,520	2,836,813	0	7,087
Short-term liabilities		94,950,264	92,218,863	48,558,223	46,101,339
Suppliers	4.9.8	52,779,295	64,800,497	24,280,172	29,662,690
Other liabilities	4.9.8	12,962,757	9,220,899	9,914,646	6,048,675
Income taxes - other taxes payable		8,438,481	5,745,599	4,120,584	2,499,440
Loans	4.9.10	16,367,034	7,805,390	8,503,750	6,000,000
Lease liabilities		4,402,698	4,646,478	1,739,072	1,890,534
Total Equity & Liabilities		440,020,029	435,374,438	302,488,596	301,435,412

4.2 INTERIM CONDENSED ITEMS OF THE STATEMENT OF INCOME

		Group		Company
	Note	01.01-30.06.2021	01.01-30.06.2020	01.01-30.06.2021	01.01-30.06.2020
Amounts in €		Total Activities	Total Activities	Total Activities	Total Activities
Revenue	4.9.1	195,235,968	183,688,988	82,512,885	81,334,988
Cost of sales		(122,036,362)	(115,675,810)	(50,616,526)	(52,080,625)
Gross operating profit		73,199,605	68,013,177	31,896,360	29,254,363
Income from associates		6,348,113	5,150,596	0	0
Other operating income		292,448	699,176	796,768	845,292
Administrative expenses		(9,725,048)	(9,294,959)	(5,347,191)	(4,779,001)
Distribution expenses		(45,213,870)	(42,310,438)	(22,500,501)	(21,534,697)
Operating profit (loss)		24,901,249	22,257,551	4,845,435	3,785,957
Financial Income-Expenses	4.9.12	(190,031)	(2,640,221)	16,442,837	6,115,244
Gain (loss) from revaluation of fixed assets		0	12,360	0	0
Earnings (loss) before taxes		24,711,218	19,629,690	21,288,272	9,901,200
Income tax	4.9.11	(5,551,973)	(5,165,571)	(807,370)	(947,812)
Deferred tax	4.9.11	596,426	1,525,993	(402,286)	368,823
Earnings (loss) after the deduction of tax (A)		19,755,671	15,990,112	20,078,616	9,322,212
Owners of the parent		19,506,183	15,617,534	20,078,616	9,322,212
Non controlling interest		249,488	372,578	0	0
Other Comprehensive Income:		0	0	0	0
Items not transferred to the statement of comprehensive income:		9,049	7,453	9,049	7,453
Profit/Loss from actuarial study		0	9,806	0	9,806
Actuarial study deferred tax		0	(2,354)	0	(2,354)
Effect from change in tax rate		9,049	0	9,049	0
Items which may be transferred in future to the statement of comprehensive income:		2,484,609	(4,603,458)	0	0
Foreign exchange differences from subsidiaries abroad		2,484,609	(4,603,458)	0	0
Other total income after taxes (Β)		2,493,658	(4,596,005)	9,049	7,453
Total comprehensive income after taxes (A) + (B)		22,249,329	11,394,107	20,087,665	9,329,665
Owners of the parent		21,891,834	11,256,267	20,087,665	9,329,665
Non controlling interest		357,495	137,840	0	0
Earnings (loss) per share, which correspond to the parent's shareholders for the period	4.9.14	0.2912	0.2326	0.2997	0.1388

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

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
Total comprehensive income for the period
Net profit for the period				15,617,534	15,617,534	372,578	15,990,112
Other comprehensive income
Foreign exchange differences				(4,368,720)	(4,368,720)	(234,738)	(4,603,458)
Reserve due to actuarial study			7,453		7,453		7,453
Change from associates
Other comprehensive income			7,453	(4,368,720)	(4,361,268)	(234,738)	(4,596,006)
Other transactions registered in Equity
Total comprehensive income after taxes			7,453	11,248,813	11,256,266	137,840	11,394,107
Purchase of treasury shares			(81,929)		(81,929)		(81,929)
Distributed dividends				(11,214,034)	(11,214,034)		(11,214,034)
Formation of reserves			3,989,277	(3,989,277)	0		0
Change from associates				(90,577)	(90,577)		(90,577)
Other transactions registered in Equity	0	0	3,907,348	(15,293,889)	(11,386,541)		(11,386,541)
Balance as at 30 June 2020	54,504,438	40,676,356	17,666,224	138,294,476	251,141,493	2,502,394	253,643,887
Balance as at 1 January 2021	54,504,437	40,676,356	17,463,998	157,236,104	269,880,895	2,638,737	272,519,632
Total comprehensive income for the period
Net profit for the period				19,506,183	19,506,183	249,488	19,755,671
Other comprehensive income
Foreign exchange differences				2,376,602	2,376,602	108,007	2,484,609
Reserve due to actuarial study			9,049		9,049		9,049
Other comprehensive income			9,049	2,376,602	2,385,650	108,007	2,493,658
Other transactions registered in Equity
Total comprehensive income after taxes			9,049	21,882,785	21,891,834	357,495	22,249,329
Purchase of treasury shares			(604,210)		(604,210)		(604,210)
Distributed dividends				(15,000,000)	(15,000,000)		(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			914,339	(914,339)	0		0
Other transactions registered in Equity			310,129	(17,889,749)	(17,579,619)	(999,417)	(18,579,036)
Balance as at 30 June 2021	54,504,437	40,676,356	17,783,176	161,229,141	274,193,110	1,996,815	276,189,925

4.4 INTERIM CONDENSED 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	137,114,752	(35,743,113)	196,552,433
Total comprehensive income for the period
Net profit for the period				9,322,212	9,322,212
Other comprehensive income
Reserve due to actuarial study			7,453		7,453
Other comprehensive income			7,453		7,453
Other transactions registered in Equity
Total comprehensive income after taxes			7,453	9,322,212	9,329,665
Purchase of treasury shares			(81,929)		(81,929)
Formation of reserves			3,898,794	(3,898,794)	0
Distributed dividends			(11,214,034)		(11,214,034)
Other transactions registered in Equity			(7,397,170)	(3,898,794)	(11,295,964)
Balance as at 30 June 2020	54,504,438	40,676,356	129,725,035	(30,319,695)	194,586,134
Balance as at 1 January 2021	54,504,438	40,676,356	141,131,347	(33,598,025)	202,714,115
Total comprehensive income for the period
Net profit for the period				20,078,616	20,078,616
Other comprehensive income
Reserve due to actuarial study			9,049		9,049
Other comprehensive income			9,049		9,049
Other transactions registered in Equity
Total comprehensive income after taxes			9,049	20,078,616	20,087,665
Purchase of treasury shares			(604,210)		(604,210)
Distributed dividends			(15,000,000)		(15,000,000)
Formation of reserves			914,339	(914,339)	0
Other transactions registered in Equity			(14,689,871)	(914,339)	(15,604,210)
Balance as at 30 June 2021	54,504,438	40,676,356	126,450,525	(14,433,748)	207,197,569

4.5 INTERIM CONDENSED STATEMENT OF CASH FLOWS

		Group	Company
Amounts in €		01.01 - 30.06.2021 01.01 - 30.06.2020 01.01 - 30.06.2021 01.01 - 30.06.2020
Operating Activities
Earnings / (loss) before tax (continuing activities)	24,711,218	19,629,690	21,288,272	9,901,200
Plus/minus adjustments for:
Depreciation/Amortization	6,418,410	6,180,538	3,405,400	3,320,268
Revaluation of fixed assets	0	(12,360)	0	0
Foreign Exchange differences	120,312	1,174,488	(13,047)	(37,912)
Results (income, expenses, profits and losses) from investing activities	(7,362,375)	(4,535,835)	(17,325,565)	(6,945,948)
Interest expense and related expenses	910,184	1,063,235	645,771	746,796
Decrease / (increase) in inventories	1,574,030	(15,587,470)	2,587,466	(4,774,445)
Decrease / (increase) in receivables	(8,822,547)	(881,515)	(7,317,499)	(1,836,715)
Decrease) / increase in liabilities (other than to banks)	(6,662,756)	1,951,773	(1,147,240)	5,799,078
Less:
Interest and related expenses paid	(729,727)	(1,011,334)	(584,375)	(756,594)
Tax paid	(3,009,608)	(1,253,018)	0	0
Total inflows / (outflows) from operating activities (a)	7,147,141	6,718,194	1,539,185	5,415,730
Investing Activities
Acquisition/Sale of subsidiaries, associates, joint ventures and other investments	(3,576,988)	(1,909,118)	(3,568,769)	(9,393,960)
Purchase of tangible and intangible fixed assets	(16,756,147)	(17,626,841)	(3,920,440)	(13,603,372)
Proceeds from sale of tangible and intangible assets	126,806	96,569	58,002	5 6
Interest received	77,634	41,568	104,745	630,052
Dividends received	5,253,323	2,940,005	14,967,688	12,258,250
Proceeds from grants	(201,241)	787,366	0	0
Total inflows / (outflows) from investing activities (b)	(15,076,613)	(15,670,451)	7,641,227	(10,108,973)
Financing Activities
Proceeds from loans granted / assumed	23,184,426	31,234,192	12,000,000	30,000,000
Payment of borrowings	(15,000,000)	(28,971,356)	(15,000,000)	(25,000,000)
Payment of lease liabilities	(2,312,329)	(1,968,545)	(886,137)	(847,587)
(Payments) / Proceeds from (purchase) / sale of treasury shares	(604,210)	(81,929)	(604,210)	(81,929)
Dividends paid towards the shareholders of the parent	(14,662,991)	(10,946,094)	(14,662,991)	(10,946,094)
Total inflows / (outflows) from financing activities (c)	(9,395,104)	(10,733,733)	(19,153,338)	(6,875,611)
Net increase / (decrease) in cash and cash equivalents (a+b+c)	(17,324,576)	(19,685,990)	(9,972,927)	(11,568,854)
Cash and cash equivalents at beginning of period	40,595,341	54,847,405	16,137,744	30,278,899
Effect from foreign exchange differences due to translation to euro	(83,850)	(677,084)	0	0
Cash and cash equivalents at the end of the period	23,186,916	34,484,332	6,164,817	18,710,045

4.6 NOTES ON THE INTERIM CONDENSED 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 headquarters 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 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
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%
SARANTIS UKRAINE LLC	UKRAINE	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% s

On 26/05/2021, 10% of IVYBRIDGE was acquired by the Company, and therefore the Group now owns 100% of both the direct participation of IVYBRIDGE, as well as the indirect participation of the subsidiaries ERGOPACK and HOZTORG.

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 FINANCIAL STATEMENTS

4.7.1 Compliance with IFRS

The consolidated and separate 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 and have been adopted by the European Union.

4.7.2 Basis for the preparation of the financial statements

The interim consolidated financial statements for the period ended on 30th June 2020, have been prepared in accordance with IAS 34 "Interim Financial Reporting". The financial statements do not include all disclosures that would otherwise be required in a complete set of annual financial statements and should be read in conjunction with the financial statements of the Company and the Group as of 31st December 2020. The latter are available at the Company's website www.sarantisgroup.com .

4.7.3 Approval of financial statements

The interim consolidated financial statements have been approved by the Company's Board of Directors on September 8 th 2021.

4.7.4 Covered Period

The present interim 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 June 30th 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 preparation of the Financial Statements according to the International Accounting Standards requires the implementation of estimations, judgments and assumptions that may affect the accounting balances of assets and liabilities and the required disclosures for contingent receivables and liabilities, as well as the amount of income and expenses recognized.

During the preparation of the current interim condensed financial statements, the significant accounting judgments and estimations that were adopted by the Management in the application of the Group's accounting policies, as well as the major sources for estimation of the uncertainty, remained unchanged as compared to the ones applied in the annual financial statements of 31st December 2020, except for those that concern the adoption of the new IFRS that were set in effect on 1st January 2021 (see note 4.7.7).

Estimates on the impact of the COVID-19 on the Group's results

The Group responded with great flexibility and sensitivity, supported by its people, although the continuous challenges throughout the countries of its activity.

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 the pandemic, 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 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.

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.

Given the continued uncertainty regarding the impact of the COVID-19, including macroeconomic and consumption impacts, as well as the uncertain evolution of the pandemic going forward across our geographical

region, financial results cannot be accurately predicted at the time.

However, the management is confident that the Group's agility and resilient business model, together with our people's capabilities, will help us navigate through this unprecedented period and allow us to continue following the Group's strategic expansion plan, stimulating further profitable growth. 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.

4.7.7 Significant Accounting Policies

The significant accounting principles that were applied for the preparation of the interim condensed financial statements of the Group are in agreement with those that were adopted during the preparation of the annual financial statements of the Group for the year ended on 31st December 2019 except for the new standards and interpretations that were adopted whose application is mandatory for periods after 1st January 2021.

Furthermore, the financial statements include selected notes for the explanation of events and transactions, which are significant for the understanding of changes in the Group's and Company's financial position as compared to the latest available and published annual financial statements.

a. New Accounting Standards, amendments of standards and Interpretation that were 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 that will apply for the first time in the next annual financial statements are not expected to 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. Since 30 June 2020, agenda decisions have been finalised on the following topics:

Accounting Standard	Topic
IAS 1 Presentation of Financial Statements	Supply Chain Financing Arrangements – Reverse Factoring
IAS 38 Intangible Assets	Configuration or Customisation Costs in a Cloud Computing Arrangement
IFRS 9 Financial Instruments	Hedging Variability in Cash Flows due to Real Interest Rates
IAS 19 Employee Benefits	Attributing Benefit to Periods of Service
IAS 10 Events after the Reporting Period	Preparation of Financial Statements when an Entity is No Longer a Going Concern
IAS 2 Inventories	Costs Necessary to Sell Inventories

IAS 19 Attributing Benefit to Periods of Service

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. The tentative decision is effective immediately however, it was impracticable to be applied in the interim financial statements as at 30th June 2021.

Any changes will be 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 Company is currently investigating the impact of the change in the method to attribute the retirement benefits.

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
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 investigating the impact of the new standards and amendments on its financial statements.

4.8 FINANCIAL RISK MANAGEMENT

4.8.1 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 "short term and long-term debt" as presented in the Statement of Financial Position) minus "Cash and cash equivalents" 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 30 June 2021 was as follows:

	Group
Amounts in €	30.06.2021	31.12.2020
Total Debt	64,780,363	56,413,014
Minus
Cash & cash equivalents	(23,186,916)	(40,595,341)
Financial assets at fair value through profit and loss	(6,210,201)	(4,909,195)
Net Debt	35,383,246	10,908,477
Shareholders' Equity	274,193,110	269,880,896
Total Employed Capital	309,576,356	280,789,373
Leverage Ratio	11.43%	3.88%

4.8.2 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 €	30.06.2021	31.12.2020	30.06.2021	31.12.2020
Non-current assets
Other long-term receivables	339,237	408,207	222,628	231,228
Total	339,237	408,207	222,628	231,228

Current assets
Trade receivables	99,879,902	90,951,747	51,393,588	45,583,265
Other receivables	7,652,298	6,921,480	6,614,773	3,628,334
Cash & cash equivalents	23,186,916	40,595,341	6,164,817	16,137,744
Financial assets at fair value through profit and loss	6,210,201	4,909,195	6,210,201	4,909,195
Total	136,929,316	143,377,763	70,383,379	70,258,538

Long-term Liabilities
Loans	48,413,329	48,607,624	38,496,250	44,000,000
Lease liabilities	8,601,116	10,595,268	3,190,104	3,974,856
Provisions and other long-term liabilities	2,905,520	2,836,813	0	7,087
Total	59,919,965	62,039,705	41,686,354	47,981,943

Short-term Liabilities
Loans	16,367,034	7,805,390	8,503,750	6,000,000
Lease liabilities	4,402,698	4,646,478	1,739,072	1,890,534
Suppliers	52,779,295	64,800,497	24,280,172	29,662,690
Other liabilities	12,962,757	9,220,899	9,914,646	6,048,675
Total	86,511,783	86,473,264	44,437,640	43,601,899

4.8.3 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 30 June 2021 are as follows:

Group
Assets	Level 1	Level 2	Level 3	Total
Tangible fixed assets	0	61,699,941	0	61,699,941
Investments in Property	0	1,021,382	0	1,021,382
Financial Assets at Fair Value through Profit and Loss	6,210,201	0	0	6,210,201

Company
Assets	Level 1	Level 2	Level 3	Total
Tangible fixed assets	0	27,904,147	0	27,904,147
Investments in Property	0	31,857	0	31,857
Financial Assets at Fair Value through Profit and Loss	6,210,201	0	0	6,210,201

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.

The fair value of financial assets traded on active markets (i.e. derivatives, equity, bonds, mutual funds), is defined based on the published prices in effect during the balance sheet date. 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 financial 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 EXPLANATORY NOTES ON THE FINANCIAL STATEMENTS

4.9.1 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 segment are analyzed as follows:

Commercial Activity Sectors	Personal Care	Home Care	Other Sales	Private Label (Polipak)	Income from associate companies	Group Total
Income from external customers	85,089,189	76,129,433	22,565,949	11,451,397	0	195,235,968
Earnings before interest & tax (EBIT)	5,850,397	9,563,632	2,036,916	1,102,191	6,348,113	24,901,249
Interest income	21,532	19,265	5,710	2,898	0	49,405
Interest expenses	(260,275)	(232,869)	(69,026)	(35,028)	0	(597,198)
Earnings before tax	5,767,577	9,489,532	2,014,951	1,091,045	6,348,113	24,711,218
Income tax	1,097,654	1,805,997	383,475	207,642	1,460,779	4,955,546
Earnings / losses after tax	4,669,922	7,683,535	1,631,477	883,403	4,887,334	19,755,671
Depreciation / amortization	2,718,211	2,431,987	720,879	547,333	0	6,418,410
Earnings before interest, tax, depreciation & amortization (EBITDA)	8,568,608	11,995,619	2,757,795	1,649,524	6,348,113	31,319,659

For the period 01/01/2021 – 30/06/2021:

Commercial Activity Sectors	Personal Care	Home Care	Other Sales	Private Label (Polipak)	Income from associate companies	Group Total
Income from external customers	78,769,632	71,669,648	22,377,990	10,871,718	0	183,688,988
Earnings before interest & tax (EBIT)	5,046,986	8,524,028	1,996,448	1,539,494	5,150,596	22,257,551
Interest income	14,891	13,549	4,230	2,055	0	34,726
Interest expenses	(318,204)	(289,522)	(90,400)	(43,918)	0	(742,045)
Earnings before tax	3,920,104	7,498,719	1,676,308	1,383,963	5,150,596	19,629,690
Income tax	694,533	1,328,563	296,995	245,199	1,074,288	3,639,578
Earnings / losses after tax	3,225,572	6,170,156	1,379,313	1,138,763	4,076,308	15,990,112
Depreciation / amortization	2,571,591	2,339,798	730,574	538,575	0	6,180,538
Earnings before interest, tax, depreciation & amortization (EBITDA)	7,618,577	10,863,826	2,727,022	2,078,069	5,150,596	28,438,089

For the period 01/01/2020 –30/06/2020:

Notes:

Income from associate companies refers to income from the company Elsa Cosmetics Ltd and its subsidiaries.
The calculation of financial income & expenses and depreciation, amortization has been proportionate 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		Personal Care		Home Care		Other Sales		Private Label (Polipak)
	30.06.2021	31.12.2020	30.06.2021	31.12.2020	30.06.2021	31.12.2020	30.06.2021	31.12.2020	30.06.2021	31.12.2020
Total Assets	440,020,029	435,374,438	182,143,142	183,817,549	162,963,758	172,887,821	48,304,994	53,707,509	46,608,134	24,961,559
Total Liabilities	163,830,104	162,854,806	64,457,266	66,080,707	57,670,018	62,151,571	17,094,291	19,307,352	24,608,529	15,315,176

The Group's sales and non-current assets by geographical region are analyzed as follows:

Οι πωλήσεις του Ομίλου και τα μη κυκλοφοριακά στοιχεία ενεργητικού κατανέμονται ανά γεωγραφική περιοχή ως κάτωθι:

Revenue	01.01 - 30.06.2021	01.01 - 30.06.2020	Non Current Assets	30.06.2021	31.12.2020
Greece	69,245,900	67,635,771	Greece	77,825,717	77,284,733
Poland	46,809,068	42,452,175	Poland	46,505,869	34,391,475
Romania	27,555,817	24,215,643	Romania	7,754,974	8,132,130
Bulgaria	6,134,638	5,161,374	Bulgaria	919,639	1,086,424
Serbia	9,117,371	8,888,924	Serbia	890,989	1,048,399
Czech	11,027,632	9,558,093	Czech	15,941,330	15,838,665
Slovakia	2,951,179	2,936,760	Slovakia	326,324	339,012
Hungary	4,497,737	4,497,650	Hungary	2,050,421	2,137,242
North Macedonia	2,032,605	1,927,583	North Macedonia	447,057	514,753
Bosnia	1,568,128	1,318,080	Bosnia	221,374	256,061
Portugal	725,246	616,932	Portugal	2,111	4,355
Ukraine	12,603,024	13,342,220	Ukraine	16,857,290	16,627,371
Russia	967,623	1,137,781	Russia	93,440	90,787
Cyprus	0	0	Cyprus	25,254,899	25,649,283
France	0	0	France	597	585
Total	195,235,968	183,688,988	Total	195,092,031	183,401,276

4.9.2 Investments in associate companies

The consolidated financial statements of Sarantis Group incorporate the consolidated financial results of the company ELCA Cosmetics Ltd, based on the equity method.

The movement of the Group's participations in associate companies and joint ventures is analyzed as follows:

Amounts in €
Group	30.06.2021	31.12.2020
Opening Balance	25,649,283	21,458,228
Participation on associates gains	4,887,334	9,222,158
Dividends	(5,253,323)	(4,914,211)
Other total income		(79,915)
Foreign exchange differences	(28,395)	(36,976)
Ending Balance	25,254,899	25,649,283

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.

4.9.3 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	24,897
Balance as at 30.06.2021	7,701,262	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

4.9.4 Inventories

The inventories are analyzed as follows:

Group	30.06.2021	31.12.2020
Merchandise	78,859,044	79,753,887
Products	10,831,830	12,353,966
Raw Materials	15,874,134	17,839,677
Prepayments for stock purchase	3,110,561	860,997
Impairment due to obsolescence	(676,888)	(2,213,126)
Total	107,998,681	108,595,399

Company	30.06.2021	31.12.2020
Merchandise	27,326,616	26,961,135
Products	9,657,854	11,344,251
Raw Materials	8,834,646	12,157,803
Prepayments for stock purchase	1,043,029	437,133
Impairment due to obsolescence	(191,162)	(1,641,873)
Total	46,670,984	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	30.06.2021	31.12.2020
Opening Balance	2,213,126	2,274,919
Provision	1,268,182	1,800,893
Use of provision	(2,818,596)	(1,751,445)
Provision reserve	(999)	(38,886)
Foreign exchange differences	15,174	(72,354)
Closing balance	676,887	2,213,126


Company	30.06.2021	31.12.2020
Opening Balance	1,641,873	1,492,317
Provision	1,012,982	1,446,621
Use of provision	(2,463,694)	(1,297,064)
Provision reserve
Foreign exchange differences

No inventories were impaired due to reduced sales or operational suspension. It is noted that more than 90% of the Group's sales are generated from categories such as personal care & hygiene, home care and health & care, categories which are in high demand due to the needs arising from COVID-19.

4.9.5 Trade and other receivables

The trade receivables account is analyzed as follows:

Group	30.06.2021	31.12.2020
Trade receivables	79,106,643	83,238,504
Minus provisions	(3,315,275)	(3,550,375)
Net trade receivables	75,791,368	79,688,129
Checks and notes receivable	26,488,534	13,663,618
Minus provisions	(2,400,000)	(2,400,000)
Net checks and notes receivable	24,088,534	11,263,618
Total	99,879,902	90,951,747

Company	30.06.2021	31.12.2020
Trade receivables	30,004,657	36,932,468
Minus provisions	(1,877,090)	(1,855,636)
Net trade receivables	28,127,567	35,076,832
Checks and notes receivable	25,666,021	12,906,433
Minus provisions	(2,400,000)	(2,400,000)
Net checks and notes receivable	23,266,021	10,506,433
Total	51,393,588	45,583,265

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.

The other receivables are analyzed as follows:

Group	30.06.2021	31.12.2020
Accounts receivable in legal contest	425,132	425,134
Sundry Debtors	5,018,425	3,146,064
Short-term Lease Receivables	91,503	216,755
Prepayments and accrued income	2,480,117	3,397,279
Accounts for management of prepayments & credits	47,382	46,511
Minus provisions	(410,261)	(310,264)
Total	7,652,298	6,921,480

Company	30.06.2021	31.12.2020
Accounts receivable in legal contest	425,136	425,136
Sundry Debtors	1,611,953	713,750
Receivables from dividends	3,067,848	1,728,348
Short-term Lease Receivables	91,503	181,871
Prepayments and accrued income	1,781,215	842,983
Accounts for management of prepayments & credits	47,382	46,511
Minus provisions	(410,266)	(310,266)
Total	6,614,773	3,628,334

The analysis of the provision for trade receivables and for other receivables is as follows:

Group	30.06.2021	31.12.2020
Opening balance	6,260,639	6,446,024
Additions	119,484	207,822
Receivables written off	-334,120	-19,434
Amounts offset	10,011	-83,461
Foreign exchange differences	69,523	-290,311
Υπόλοιπο λήξης	6,125,537	6,260,639
Company	30.06.2021	31.12.2020
Opening balance	4,565,901	4,506,280
Additions	100,000	67,045
Receivables written off	0	0
Amounts offset	21,454	-7,423
Υπόλοιπο λήξης	4,687,355	4,565,901

4.9.6 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	30.06.2021	31.12.2020
Cash in hand	126,623	342,844
Bank deposits	23,060,293	40,252,497
Total	23,186,916	40,595,341


Company	30.06.2021	31.12.2020
Cash in hand	102,508	322,674
Bank deposits	6,062,309	15,815,070

4.9.7 Financial Assets at Fair Value through Results

	Group		Company
	30.06.2021 31.12.2020		30.06.2021	31.12.2020
Opening Balance	4,909,195	2,514,360	4,909,195	2,514,360
Acquisitions	3,952,342	9,041,818	3,952,342	9,041,818
Cost of disposals	(3,069,816)	(6,457,126)	(3,069,816)	(6,457,126)
Fair value adjustments	418,479	(189,857)	418,479	(189,857)
Foreign exchange differences
Closing balance	6,210,201	4,909,195	6,210,201	4,909,195

The above items are placements with a short-term investment horizon that are traded on active markets.

4.9.8 Trade and other liabilities

The Company's and Group's trade and other liabilities are analyzed as follows:

Group	30.06.2021	31.12.2020
Suppliers	50,267,167	60,921,970
Checks payable	2,512,128	3,878,527
Total	52,779,295	64,800,497


Company	30.06.2021	31.12.2020
Suppliers	21,768,044	25,784,163
Checks payable	2,512,128	3,878,527

The other liabilities of the Company and the Group are analyzed as follows:

Group	30.06.2021	31.12.2020
Social Security Funds	1,279,336	1,780,949
Customer Prepayments	1,002,683	1,668,507
Long-term Liabilities payable in the following year	0	24,464
Government Grants	1,095,715	1,215,936
Dividends Payable	32,224	33,104
Accruals and deferred expenses	5,930,907	3,131,359
Sundry Creditors	3,621,891	1,366,579
Total	12,962,757	9,220,899
Company	30.06.2021	31.12.2020
Social Security Funds	645,886	1,167,084
Customer Prepayments	3,860,143	2,487,567
Short-term Liabilities towards Related Companies	548,255	558,255
Government Grants	14,697	8,885
Dividends Payable	32,224	33,104

Accruals and deferred expenses	1,905,153	967,491
Sundry Creditors	2,908,287	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.

4.9.9 Provisions and other long-term liabilities

The provisions and other long-term liabilities are analyzed as follows:

Group	30.06.2021	31.12.2020
Government Grants	2,215,314	2,177,277
Other provisions	548,972	492,429
Other long-term liabilities	141,234	167,107
Total	2,905,520	2,836,813
Company	30.06.2021	31.12.2020

Government Grants	0	7,087
Total	0	7,087

4.9.10 Loans

Loans are analyzed as follows:

	Group		Company
Short-term loans	30.06.2021	31.12.2020	30.06.2021	31.12.2020
Bank loans	15,323,284	7,805,390	1,460,000	0
Bond Loans	1,043,750	0	7,043,750	6,000,000
Long-term loans
Bank loans	39,457,079	28,607,624	8,540,000	0
Bond Loans	8,956,250	20,000,000	29,956,250	44,000,000
Total	64,780,363	56,413,014	47,000,000	50,000,000

The Group's bank loans concern loans for working capital and Bond Loans.

During the first half of 2021, the remaining 10 mil. Euros amount from the initial 20mil. Euro loan which was granted by Eurobank S.A. to GR. SARANTIS S.A, was fully repaid.

Moreover, during the 1st half year of 2021 a loan amounting to 10mil. Euros was granted to GR SARANTIS S.A by EBRD.

Furthermore, an investment loan amounting to 6.6mil. Euros was granted by BNP PARIBAS to POLIPAK.

4.9.11 Income tax

		Group	Company
	01.01-30.06.2021	01.01-30.06.2020	01.01-30.06.2021	01.01-30.06.2020
Income tax	(5,551,973)	(5,165,571)	(807,370)	(947,812)
Deferred tax	596,426	1,525,993	(402,286)	368,823
Total	(4,955,546)	(3,639,578)	(1,209,656)	(578,989)

With regard to the fiscal year 2020, 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 semi-annual financial statements for the period 01.01-30.06.2021. The Management of the Company does not expect the emergence of any significant tax obligations apart from those already depicted in the financial statements.

Additionally, the Company's tax rate, according to no. 58 L.4172 / 2013, as amended by article 120 of law 4799/2021 (Government Gazette A '78 / 18-05-2021) and is in force, amounts to 22%.

4.9.12 Financial Income / Expenses

The financial income / expenses are analyzed as follows:

Group		01.01 - 30.06.2021 01.01 - 30.06.2020
Interest Expense	(597,198)	(742,045)
Interest Income	49,405	34,726
Foreign exchange differences	(148,486)	(1,174,488)
Gain from sale of participations & securities	366,487	147,177
Loss from sale of participations & securities	(22,636)	(105,371)
Other financial income/expense	162,397	(800,220)
Total	(190,031)	(2,640,221)

Company		01.01 - 30.06.2021 01.01 - 30.06.2020
Interest Expense	(558,834)	(632,038)
Interest Income	15,292	59,545
Foreign exchange differences	(15,127)	37,912
Gain from sale of participations & securities	366,487	147,177
Loss from sale of participations & securities	(22,636)	(105,371)
Dividends from subsidiaries	16,278,150	7,216,165
Other financial income/expense	379,506	(608,146)
Total	16,442,837	6,115,244

4.9.13 Share Capital

	Share Capital
	Number of shares	Share premium	Total
30.06.2021	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

4.9.14 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 - 30.06.2021 01.01 - 30.06.2020 01.01 - 30.06.2021 01.01 - 30.06.2020
Earnings after tax attributed to the owners of the Company	19,506,183	15,617,534	20,078,616	9,322,212
Weighted average number of shares	67,006,739	67,145,884	67,006,739	67,145,884
Earnings per share (€ )	0.2912	0.2326	0.2997	0.1388

4.9.15 Dividends

❖ For the period ended on 30/06/2021:

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 15mil. Euros. According to the legislation in effect, the dividend that corresponded to 2,891,424 treasury shares of the Company increased the total dividend granted to other shareholders and therefore the total gross dividend per share accounted for 0.22392718 Euros.

❖ For the period ended on 30/06/2020:

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 increased the total dividend granted to other shareholders and therefore the total gross dividend per share accounted for 0.16701 Euros.

4.9.16 Treasury Shares

During the first half of 2021, the Company proceeded to the purchase of 67,429 treasury shares at an average purchase price of 8.96 euro per share, paying 604,210 euro.

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

4.9.17 Table of changes in fixed assets

4.9.17.1 Company

	Land - fields	Buildings, building facilities and technical projects	Investment property	Machinery, technical installations and other equipment	Vehicles	Furniture and other equipment	Fixed assets under construction and prepayments	Intangible assets	Total
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
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)
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 and technical projects		Investment property	Machinery, technical installations and other equipment	Vehicles	Furniture and other equipment	Fixed assets under construction and prepayments	Intangible assets	Total
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
Revaluation		0	404,562	0	0	0	0	0	0	404,562
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)
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 projects	Investment property	Machinery, technical installations and other equipment	Vehicles	Furniture and other equipment	Fixed assets under construction and prepayments	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	48,753	0	1,427,988	28,469	422,964	1,993,491	28,243	3,949,908
Reclassifications	0	8,267	0	1,698,909	0	9,973	(1,798,476)	81,327	0
Write-offs	0	0	0	0	0	(593,022)	0	0	(593,022)
Cost of disposals	0	0	0	0	(30,000)	(1,568)	0	0	(31,568)
Value as at 30.6.2021	8,305,615	36,731,268	31,972	20,985,483	1,039,076	11,995,068	1,816,891	40,545,687	121,451,061

SEMI-ANNUAL FINANCIAL REPORT FOR THE PERIOD: 1/1/2021 – 30/06/2021

	Land - fields		Buildings, building facilities and technical projects	Investment property	Machinery, technical installations and other equipment	Vehicles	Furniture and other equipment	Fixed assets under construction and prepayments	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	643,024	0	600,993	25,389	473,728	0	786,730	2,529,865
Depreciation on write-offs		0	0	0	0	0	(589,855)	0	0	(589,855)
Depreciation of disposals		0	0	0	0	(7,150)	(1,092)	0	0	(8,242)
Depreciations 30.6.2021		0	18,949,627	115	11,502,470	851,513	8,707,743	0	9,786,800	49,798,269
Net book value as at 30.6.2021	8,305,615		17,781,641	31,857	9,483,013	187,563	3,287,325	1,816,891	30,758,887	71,652,792

The right of use assets for the Company as at 30 th June 2021 are as follows:

	Buildings, building facilities and technical projects	Vehicles	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 projects	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 projects	Vehicles	Total
Acquisition cost 1.1.2021	6,158,123	2,394,659	8,552,782
Acquisitions	3,022	59,827	62,848
Write-offs	(159,893)	(55,232)	(215,125)
Value as at 30.6.2021	6,001,252	2,399,253	8,400,505

	Buildings, building facilities and technical projects	Vehicles	Total
Depreciations 1.1.2021	1,662,745	1,195,773	2,858,518
Depreciations for the Period	550,091	334,168	884,259
Depreciation on write-offs	(159,893)	(32,675)	(192,568)
Depreciations 30.6.2021	2,052,942	1,497,266	3,550,208
Net book value as at 30.6.2021	3,948,310	901,988	4,850,297

4.9.17.2 Group

	Land - fields	Buildings, building facilities and technical projects	Investment property	Machinery, technical installations and	Vehicles	Furniture and other equipment	Fixed assets under construction and prepayments	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 projects	Investment property	Machinery, technical installations and	Vehicles	Furniture and other equipment	Fixed assets under construction and prepayments	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 projects	Investment property	Machinery, technical installations and	Vehicles	Furniture and other equipment	Fixed assets under construction and prepayments	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	7,197	48,753	0	1,756,445	65,069	445,723	13,683,484	46,281	16,052,951
Reclassifications	0	301,437	0	1,764,255	71,503	10,591	(2,229,113)	81,327	0
Write-offs	0	0	0	(19,361)	(37,217)	(595,870)	(81,416)	(53,169)	(787,033)
Cost of disposals	0	0	0	(12,885)	(50,003)	(4,680)	0	0	(67,567)
Foreign exchange differences	53,989	481,524	(11,644)	786,473	31,509	15,294	272,994	468,211	2,098,351
Value as at 30.6.2021	10,744,860	49,888,111	1,021,497	44,699,371	2,623,436	13,083,083	23,687,987	76,096,488	221,844,832

	Land - fields	Buildings, building facilities and technical projects	Investment property	Machinery, technical installations and	Vehicles	Furniture and other equipment	Fixed assets under construction and prepayments	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		0 803,158	0	1,505,201	92,717	518,436	0	1,219,467	4,138,979
Depreciation on write-offs		0 0	0	(15,769)	(26,602)	(592,703)	0	(53,169)	(688,242)
Depreciation of disposals		0 0	0	(8,727)	(27,153)	(3,210)	0	0	(39,089)
Foreign exchange differences		0 158,592	0	376,412	21,068	8,780	0	74,258	639,111
Depreciations 30.6.2021		0 22,621,017	115	23,549,740	1,947,753	9,309,831	0	16,413,073	73,841,530
Net book value as at 30.6.2021	10,744,860	27,267,094	1,021,382	21,149,630	675,683	3,773,251	23,687,987	59,683,415	148,003,302

The increase in "Fixed Assets under construction and prepayments" during the first half of 2021 is mainly due to the project in progress at Polipak, which is expected to be complete within 2022.

The net book value of the Group's intangible assets as at 30/06/2021 consists of trademarks - rights amounting to approximately 53.3 million euros (53.9 million euros on 31/12/2020) and software programs amounting to approximately 6.3 million euros (6.5 million euroson 31/12/2020).

Respectively, the net book value of the Company's intangible assets as at 30/06/2021 consists of trademarks - rights amounting to approximately 27.2 million euros (27.7 million euros on 31/12/2020) and software programs amounting to approximately EUR 3.6 million (EUR 3.7 million on 31/12/2020).

The right of use assets for the Group as at 30 th June 2021 are as follows:

	Land - fields	Buildings, building facilities and technical projects	Machinery, technical installations and other equipment	Vehicles	Furniture and other equipment	Total
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

	Land - fields	Buildings, building facilities and technical projects	Machinery, technical installations and other equipment	Vehicles	Furniture and other equipment	Total
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

	Land - fields	Buildings, building facilities and technical projects	Vehicles	Furniture and other equipment	Total
Acquisition cost 1.1.2021	223,864	14,970,713	6,266,566	92,294	21,553,436
Acquisitions	0	64,492	215,641	0	280,133
Write-offs	0	(282,913)	(141,162)	0	(424,075)
Foreign exchange differences	16,895	90,340	30,330	(1,073)	136,491
Value as at 30.6.2021	240,759	14,842,632	6,371,375	91,220	21,545,986

	Land - fields	Buildings, building facilities and technical projects	Vehicles	Furniture and other equipment	Total
Depreciations 1.1.2021	16,255	4,702,688	2,186,434	25,375	6,930,751
Depreciations for the Period	4,199	1,422,541	861,024	6,491	2,294,255
Depreciation on write-offs	0	(207,939)	(92,357)	0	(300,296)
Foreign exchange differences	1,382	37,273	7,133	(329)	45,458
Depreciations 30.6.2021	21,836	5,954,562	2,962,233	31,537	8,970,167
Net book value as at 30.6.2021	218,923	8,888,070	3,409,141	59,684	12,575,819

4.9.18 Number of Employees

		Group	Company
			01.01 - 30.06.2021 01.01 - 30.06.2020 01.01 - 30.06.2021 01.01 - 30.06.2020
Regular employees	2,186	2,215	770	789
Day-wage employees	352	557	9 0	9 5
Total Employees	2,538	2,772	860	884

The number of employees for the Group and Company is as follows:

4.9.19 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.

4.9.20 Contingent Liabilities

During the period 01.01 – 30.06.2021 there are no contingent liabilities either in the Group or the Company.

4.9.21 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.

4.9.22 Events after the Balance Sheet Date

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 provided the first call option notice for the purchase of shares held by the Group. The first call option represents 9% of ELCA's shares.

The Group's strategy with respect to ELCA remains unchanged and is based on two factors:

1) utilizing the liquidity that will be created during the period 2021-2027 behind acquisitions that satisfy the Group's criteria and are able to provide synergies and contribute to profitability; 2) absorbing new distribution agreements that will further strengthen the Group's product portfolio.

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

4.9.23 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.

Company Subsidiaries
Trade receivables	30.06.2021	31.12.2020
Sarantis Belgrade D.O.O	39,750	88,281
Sarantis Banja Luca DOO	0	197
Sarantis Skopje D.O.O	0	245
Sarantis Bulgaria LTD	157,023	153,617
Sarantis Romania S.A.	799,271	582,200
Sarantis Polska S.A.	884,047	723,296
Sarantis Czech Republic sro	1,297,134	1,422,939
Polipak SP.Z.O.O.	6,414	47,530
Sarantis Slovakia S.R.O	156,089	320,150
Ergopack LLC	1,092,792	1,108,875
Sarantis Hungary Kft.	113,218	303,954
Sarantis Portugal Lda	595,831	1,119,722
Elode France SARL	28,480	27,734
Total	5,170,050	5,898,740

Trade Liabilities	30.06.2021	31.12.2020
Sarantis Belgrade D.O.O	2,020,204	1,067,589
Sarantis Banja Luca DOO	4,251	5,648
Sarantis Skopje D.O.O	1,033,479	301,140
Sarantis Bulgaria LTD	17,108	0
Sarantis Romania S.A.	80,748	10,687
Sarantis Polska S.A.	425,791	629,875
Sarantis Czech Republic sro	18,525	0
Polipak SP.Z.O.O.	753,921	321,052
Sarantis Slovakia S.R.O	4,252	0
Ergopack LLC	61,699	470
Sarantis Hungary Kft.	11,532	10,626
Sarantis Portugal Lda	744	0
Sarantis France SARL	48,200	48,960
Total	4,480,454	2,396,047
Liabilities from loans	30.06.2021	31.12.2020

Liabilities from loans	30.06.2021	31.12.2020
Sarantis Bulgaria LTD	6,751,855	7,501,237
Sarantis Romania S.A.	13,503,711	15,002,474
Sarantis Polska S.A.	6,751,855	7,501,237
Waldeck LTD	559,194	558,255
Total	27,566,616	30,563,203

Grand Total Liabilities	32,047,069	32,959,250

Income

Income from sale of merchandise	01.01 - 30.06.2021	01.01 - 30.06.2020
Sarantis Belgrade D.O.O	1,004,745	1,353,981
Sarantis Skopje D.O.O	267,476	358,324
Sarantis Bulgaria LTD	845,471	968,681
Sarantis Romania S.A.	2,883,377	3,645,733
Sarantis Polska S.A.	3,927,582	3,904,976
Sarantis Czech Republic sro	2,279,745	1,658,030
Sarantis Slovakia S.R.O	929,323	428,420
Ergopack LLC	529,042	662,119
Sarantis Hungary Kft.	244,492	331,088
Sarantis Portugal Lda	355,733	387,868
Total	13,266,985	13,699,221
Income – Interest	01.01 - 30.06.2021	01.01 - 30.06.2020
Ergopack LLC	0	53,849

Total	0	53,849

Other Income	01.01 - 30.06.2021	01.01 - 30.06.2020
Sarantis Belgrade D.O.O	88,953	99,059
Sarantis Banja Luca DOO	4,251	2,249
Sarantis Skopje D.O.O	10,772	9,018
Sarantis Bulgaria LTD	17,481	11,727
Sarantis Romania S.A.	41,791	41,038
Sarantis Polska S.A.	264,445	122,452
Sarantis Czech Republic sro	74,123	38,905
Polipak SP.Z.O.O.	30,716	14,345
Sarantis Slovakia S.R.O	31,406	13,938
Ergopack LLC	78,581	120,705
Sarantis Hungary Kft.	31,727	39,188
Sarantis Portugal Lda	27,081	32,609
Total	701,328	545,234
Grand Total Income	13,968,314	14,298,303

Expenses and Purchases

Purchases of Merchandise - Services	01.01 - 30.06.2021	01.01 - 30.06.2020
Sarantis Belgrade D.O.O	0	6,938
Sarantis Romania S.A.	49,732	7,355
Sarantis Polska S.A.	868,115	877,614
Sarantis Czech Republic sro	399	6,829
Polipak SP.Z.O.O.	1,491,492	2,056,495
Sarantis Slovakia S.R.O	1,424	0
Ergopack LLC	0	2,736
Total	2,411,162	2,957,967
Expenses – Interest	01.01 - 30.06.2021	01.01 - 30.06.2020
Sarantis Bulgaria LTD	70,626	93,844
Sarantis Romania S.A.	141,251	188,006
Sarantis Polska S.A.	70,626	94,279
Waldeck LTD	10,939	11,000
Total	293,441	387,128
Grand Total Expenses	2,704,603	3,345,094

Table of Disclosures of Related Parties
Group Company
a) Income	0	13,968,314
b) Expenses	0	2,704,603
c) Receivables	0	5,170,050
d) Liabilities	0	32,047,069
e) Transactions and remuneration of senior executives and management	1,686,693	1,686,693
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.

4.9.24 Business Units and Geographical Analysis Tables

4.9.24.1 Breakdown by Business Unit

SBU Turnover (€ mil)	H1 '21	%	H1 '20
Personal Care	85.09	8.02%	78.77
% of Total	43.58%		42.88%
Own	55.80	12.22%	49.72
% of SBU	65.58%		63.12%
Distributed	29.29	0.83%	29.05
% of SBU	34.42%		36.88%
Home Care	76.13	6.22%	71.67
% of Total	38.99%		39.02%
Own	74.92	5.29%	71.15
% of SBU	98.41%		99.28%
Distributed	1.21	134.54%	0.52
% of SBU	1.59%		0.72%
Private Label	11.45	5.33%	10.87
% of Total	5.87%		5.92%
Other Sales	22.57	0.84%	22.38
% of Total	11.56%		12.18%
Health Care	4.31	-8.33%	4.70
% of SBU	19.11%		21.02%
Luxury Cosmetics	18.25	3.28%	17.67
% of SBU	80.89%		78.98%
Total Turnover	195.24	6.29%	183.69

SBU EBIT (€ mil)		H1 '21	%	H1 '20
Personal Care		5.85	15.92%	5.05
	Margin	6.88%		6.41%
	% of EBIT	23.49%		22.68%
Own		5.52	22.84%	4.50
	Margin	9.90%		9.04%
	% of EBIT	22.18%		20.20%
Distributed		0.33	-40.59%	0.55
	Margin	1.12%		1.90%
	% of EBIT	1.31%		2.48%
Home Care		9.56	12.20%	8.52
	Margin	12.56%		11.89%
	% of EBIT	38.41%		38.30%
Own		9.46	11.50%	8.48
	Margin	12.63%		11.92%
	% of EBIT	37.99%		38.12%
Distributed		0.10	160.01%	0.04
	Margin	8.54%		7.70%
	% of EBIT	0.42%		0.18%
Private Label		1.10	-28.41%	1.54
	Margin	9.62%		14.16%
	% of EBIT	4.43%		6.92%
Other Sales		2.04	2.03%	2.00
	Margin	9.03%		8.92%
	% of EBIT	8.18%		8.97%
Health Care		0.52	-31.59%	0.76
	Margin	12.09%		16.20%
	% of EBIT	2.09%		3.42%
Luxury Cosmetics		1.52	22.78%	1.23
	Margin	8.30%		6.98%
	% of EBIT	6.09%		5.55%
Income from Associated Companies		6.35	23.25%	5.15
	% of EBIT	25.49%		23.14%
Total EBIT		24.90	11.88%	22.26
	Margin	12.75%		12.12%

4.9.24.2 Geographical Breakdown

Country Turnover (€ mil)	H1 '21	%	H1 '20
Greece	69.25	2.38%	67.64
% of Total Turnover	35.47%		36.82%
Poland	35.36	11.96%	31.58
Poland - Polipak	11.45	5.33%	10.87
Romania	27.56	13.79%	24.22
Bulgaria	6.13	18.86%	5.16
Serbia	9.12	2.57%	8.89
Czech Republic	11.03	15.37%	9.56
Slovakia	2.95	0.49%	2.94
Hungary	4.50	0.00%	4.50
North Macedonia	2.03	5.45%	1.93
Bosnia	1.57	18.97%	1.32
Portugal	0.73	17.56%	0.62
Ukraine	12.60	-5.54%	13.34
Russia	0.97	-14.96%	1.14
Foreign Countries Subtotal	125.99	8.56%	116.05
% of Total Turnover	64.53%		63.18%
Total Turnover	195.24	6.29%	183.69

Country ΕΒΙΤ (€ mil)	H1 '21	%	H1 '20
Greece	15.49	19.27%	12.99
% of Total Ebit	62.20%		58.34%
Poland	3.43	0.24%	3.43
Poland-Polipak	1.10	-28.41%	1.54
Romania	2.82	27.00%	2.22
Bulgaria	0.19	-44.84%	0.35
Serbia	0.37	-32.45%	0.55
Czech Republic	1.17	82.35%	0.64
Slovakia	0.24	6884.70%	0.00
Hungary	0.05	529.66%	0.01
North Macedonia	0.21	-9.14%	0.23
Bosnia	-0.11	-102.41%	-0.05
Portugal	-0.07	48.47%	-0.13
Ukraine	0.02	-96.55%	0.46
Russia	-0.01	157.14%	0.02
Foreign Countries Subtotal	9.41	1.52%	9.27
% of Total Ebit	37.80%		41.66%
Total EBIT	24.90	11.88%	22.26

Marousi, September 8th 2021

THE CHAIRMAN OF THE BOARD	MANAGING DIRECTOR	THE GROUP'S CHIEF FINANCIAL OFFICER & BOARD MEMBER	THE COMPANY'S FINANCE DIRECTOR	THE ACCOUNTANT DIRECTOR
GRIGORIS SARANTIS	KYRIAKOS SARANTIS	KONSTANTINOS ROZAKEAS	ANASTASIA STAVROULA LATSOU	EFSTATHIOS STEFAS
ID No. Χ 080619/03	ID No. ΑΙ 597050/2010	ID No. ΑΚ 783631/13	ID No. ΑΑ 128208/05	ID No. ΑI 988547/12

AI Terminal

Gr. Sarantis S.A.

2712_ir_2021-09-15_93e49a00-b29b-4fe1-8a4a-306efeb8c0d5.pdf

1. STATEMENTS BY MEMBERS OF THE BOARD OF DIRECTORS

Statements by Members of the Board of Directors (according to article 5 of Law 3556/2007)

2. SEMI-ANNUAL BOARD OF DIRECTORS' MANAGEMENT REPORT

SEMI-ANNUAL BOARD OF DIRECTORS' MANAGEMENT REPORT OF THE COMPANY GR. SARANTIS S.A.

on the Financial Statements for the period from 1 January to 30 June 2021

2.1 INTRODUCTION

2.2 PERFORMANCE AND FINANCIAL POSITION

Specifically:

*Alternative Performance Measures, as defined within paragraph 2.9.

2.3 SIGNIFICANT EVENTS DURING THE 1ST HALF OF 2021

❖ The Group's response to COVID-19

• 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.

2.4 MAJOR RISKS AND UNCERTAINTIES FOR THE 2nd HALF OF 2021.

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

2.5 FUTURE OUTLOOK AND PROSPECTS

2.6 RELATED PARTY TRANSACTIONS

Expenses and Purchases

2.7 Information concerning the acquired Treasury Shares according to article 50, paragraph 2, Law 4548/2018.

2.8 SUBSEQUENT EVENTS

2.9 ALTERNATIVE PERFORMANCE MEASURES ("APMs")

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

a) Profitability ratios

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

EBIT (Earnings before interest and taxes)

ΕΒΤ (Earnings before taxes)

Net Income (Net earnings)

Profitability Margins

b) Net Debt

3. REPORT ON REVIEW OF THE INTERIM FINANCIAL INFORMATION

Introduction

Scope of Review

Conclusion

Report on other legal and regulatory requirements

4. INTERIM CONDENSED FINANCIAL STATEMENTS

4.1 STATEMENT OF FINANCIAL POSITION

4.2 INTERIM CONDENSED ITEMS OF THE STATEMENT OF INCOME

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

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

4.5 INTERIM CONDENSED STATEMENT OF CASH FLOWS

4.6 NOTES ON THE INTERIM CONDENSED FINANCIAL STATEMENTS

4.6.1 The Company

4.6.2 Group Structure

Business Activity

4.7 BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS

4.7.1 Compliance with IFRS

4.7.2 Basis for the preparation of the financial statements

4.7.3 Approval of financial statements

4.7.4 Covered Period

4.7.5 Presentation of the financial statements

4.7.6 Significant judgments and estimations by Management

Estimates on the impact of the COVID-19 on the Group's results

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

4.7.7 Significant Accounting Policies

a. New Accounting Standards, amendments of standards and Interpretation that were applied in the financial statements

IAS 19 Attributing Benefit to Periods of Service

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

4.8 FINANCIAL RISK MANAGEMENT

4.8.1 Capital Management

4.8.2 Financial Instruments

4.8.3 Definition of fair values

4.9 EXPLANATORY NOTES ON THE FINANCIAL STATEMENTS

4.9.1 Segment Reporting

For the period 01/01/2021 – 30/06/2021:

For the period 01/01/2020 –30/06/2020:

Notes:

The Group's sales and non-current assets by geographical region are analyzed as follows:

4.9.2 Investments in associate companies

4.9.3 Goodwill

4.9.4 Inventories

4.9.5 Trade and other receivables

4.9.6 Cash & cash equivalents