THRACE PLASTICS CO S.A.

SEMI-ANNUAL FINANCIAL REPORT

01.01-30.06.2021

ACCORDING TO THE ARTICLE 5 OF LAW 3556/2007

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

www.thracegroup.com

Information regarding the preparation of the Semi-Annual Financial Report For the period from 1st January to 30th June 2021

The present Financial Report was unanimously approved by the Board of Directors of "THRACE PLASTICS CO S.A." ("Company") on September 8, 2021, and has been posted on the Company's website www.thracegroup.gr where such will remain available to investors for a period of at least (10) ten years from the publication date and includes:

	I.	STATEMENTS BY REPRESENTATIVES OF THE BOARD OF DIRECTORS	3
	II.	SEMI-ANNUAL REPORT BY THE BOARD OF DIRECTORS OF THRACE PLASTICS CO. S.A. FOR THE PERIOD 01.01.2021 ΤΟ 30.06.2021	4
	III.	INDEPENDENT AUDITOR'S REPORT	33
	IV.	INTERIM CONDENSED FINANCIAL INFORMATION OF THE PERIOD 01.01.2021 – 30.06.2021	35
	V.	ONLINE AVAILABILITY OF THE INTERIM FINANCIAL REPORT	94

• Any deviation in the numbers' last digit is due to rounding.

I. STATEMENTS BY REPRESENTATIVES OF THE BOARD OF DIRECTORS

(according to article 5 of L 3556/2007)

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

(a) The interim condensed financial information of the Group and the Company, which concerns the period from January 1st 2021 to June 30th 2021 was prepared in accordance with the accounting standards in effect, depicts accurately the Assets and Liabilities, Equity and Results of the Company, as well as those of the companies included in the consolidation and considered aggregately as a whole, and

b) The Semi-Annual Report of the Board of Directors of the Company accurately presents the information required based on par. 6 of article 5 of Law 3556/2007.

Xanthi, 08 September 2021

THE SIGNATORIES:

The Chairman of the Board of Directors The Chief Executive Officer & Executive Member of the Board of Directors The Non-Executive Member of the Board of Directors

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

II. SEMI-ANNUAL REPORT BY THE BOARD OF DIRECTORS OF THRACE PLASTICS Co. S.A. FOR THE PERIOD 01.01.2021 ΤΟ 30.06.2021

INTRODUCTION

The present Semi-Annual Management Report by the Board of Directors (called hereinafter for abbreviation purposes as "Report") was prepared in accordance with the relevant provisions of Law 4548/2018 (Gov. Gaz. 104Α/13.06.2018) as well as of Law 3556/2007 following its amendment by Law 4374/2016, and the relevant executive decisions issued by the Board of Directors of the Hellenic Capital Market Commission, and especially the decisions with number 1/434/3.7.2007 and 8/754/14.4.2016.

The Report includes the total required information with a concise as well as comprehensive, objective and adequate manner and with the principle of providing the complete and substantial information with regards to the issues included in such.

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

It is noted that the present Report includes, along with the first half 2021 financial statements, the required by law data and statements in the Semi-Annual Financial Report, which concern the particular time period.

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

SECTION I: Significant events that took place during the first half of 2021

Macroeconomic Environment and effects of COVID-19

impact that the pandemic will ultimately have on the economies, while the level of optimism created by the accelerated evolution of vaccinations is partially offset by the course of new mutations. New protection measures are being taken in some countries, while in others the pandemic is in recession, resulting in a gradual recovery of activities.

I. Impact of the pandemic on the operation of the Group for the first half of 2021

Despite the fact that, as mentioned, the rapid and wide spread of COVID-19 coronavirus from the beginning of 2020 until today continues to cause significant disruptions in global supply and demand, however the business and economic activity as well as operation of the Group has not been negatively affected until today.

Regarding the production activity, all the production units of the Group continued to operate smoothly during the first half of 2021, without facing any operational issue due to the spread of the pandemic, in terms of health and safety of the Group's employee, as result of the particularly strict protection measures that the Group continues to implement.

From a financial point of view, the Group continues to increase its revenues and profitability, thus successfully offsetting any negative impact on demand. More specifically, it was observed:

Increased demand for the products belonging to the traditional portfolio of the Group.
Continuous demand for products aimed at the packaging sector.
Continuous demand for products related to personal protection and health and in particular in technical fabrics, used in personal protection applications, especially by local health systems, despite the fact that there were initial signs of a gradual decline in demand.
Relatively rising demand for packaging products related to catering and tourism, compared to the previous year.
High prices of raw materials, while in individual cases additional increases were observed, depending on the type of raw material and the geographical area.
Significantly increased energy costs, in all countries where the Group operates.
Significant increase in transportation cost mainly due to shortage in containers.
Maintaining and further strengthening the Group's customer base.

As a result of the above, in quantitative terms, the Group managed to increase its turnover from continuing operations, and as a result, sales for the first half of 2021 amounted to € 234.3 million, increased by 50.8%, compared to the corresponding period of 2020, and Earnings before Taxes (EBT) from continuing operations amounted to € 62 million, increased by 267.7% compared to the corresponding period of 2020. It should be noted that according to Management estimates, for the first half of 2021, the Earnings before Taxes on the Group level and in relation to products of the existing portfolio used in personal protection and health applications, amounted to € 40.9 million (see relevant reference in note 3.3 of the financial statements).

At the same time, during the first half of 2021, extraordinary expenses were incurred, which are mainly related to measures taken to deal with the pandemic, which amounted to € 308 thousand.

Regarding the liquidity levels of the Group and the trading cycle of the subsidiaries, there was no negative impact due to the pandemic crisis. On the contrary, during the first half of 2021, the Group achieved the further strengthening of its liquidity, recording a negative Net Debt of € 11.4 million, as cash and cash equivalents exceeded debt and lease liabilities.

Regarding the investment plan, the implementation of the Group's already planned investments is progressing smoothly. At the same time, the Board of Directors of the Group decided to implement additional extraordinary investments of € 25.5 million, of which € 21.4 million relate to the investments expected to be made at the Group's facilities in Xanthi, Greece, and € 4.1 million concern investments at the Group's premises in Scotland (as already announced to the investor community on 29/06/2021).

It is worth noting that the new investment plan in its entirity, but also the existing investment actions are fully harmonized with the implementation of the Group's sustainability policy, in the context of its stable, long-term, sustainable development.

From the above it is clearly demonstrated that for the first half of 2021, the Group did not experience any negative, from a financial point of view, consequence both in its financial results and in its trading cycle and therefore, it did not encounter any financial risk, which would adversely affect its business continuity.

II. Measures taken to reduce the impact of the pandemic

The Management of the Group continues to closely monitor the developments related to the pandemic crisis and continues to maintain in full implementation mode a plan to ensure the health and safety of its personnel as well as the smooth business continuity of the entire Group.

In particular, in accordance with the guidelines and recommendations of the World Health Organization (WHO) and the local Public Health and Civil Protection Organizations, the following measures have been implemented:

Establishment of sub-crisis management teams with the participation of the Management teams of the subsidiaries and the Group, the Human Resources Departments, the Occupational Physicians and the Safety Technicians.

Informing employees about the coronavirus, the mode of transmission, the prevention and protection measures and providing recommendations and instructions for personal hygiene, in accordance with the local instructions of the competent authorities.
Provision of personal protective equipment to the personnel (masks, antiseptics, gloves).
Carrying out disinfections at the Company's premises on a regular basis.
Conduct Covid-19 tests on the personnel as appropriate.
Remote work for office employees to the greatest possible extent.
Protection of employees belonging to vulnerable groups, by facilitating their immediate removal from the premises, without curtailing their remuneration.
Development of specific procedures and protocols for all visitors to the Company's facilities (carriers, contractors, technicians, etc.)
Conducting meetings among the employees of all Companies as well as the Management of the Group and conducting meetings between the Board of Di-

rectors without physical presence and by using electronic or audiovisual means (e.g. video conference).

Conducting General Meetings by video conference, in accordance with the provisions of the relevant legislative framework.
Restriction of movements to all facilities of the Companies and restriction of travel for business purposes.
Continuous monitoring of liquidity and the transaction cycle of the Group companies.

It should be noted that the protection measures mentioned above continue to be fully implemented in the most consistent manner and to absolute degree at the time of preparation of the current Report.

III. Assessing the impact of the pandemic in the future and prospects of the Group

Regarding the prospects for the current year, the Management estimates that the financial performance of the Group will continue to show a satisfactory course in the third quarter of fiscal year 2021. The maintenance of satisfactory demand for most of the product portfolio, the gradual increase in demand on behalf of sectors (e.g. catering) that have been lagging behind due to the pandemic, the gradual return to the traditional sales-wise product mix, the expanded customer base, the maintenance of the effective trading cycle and the enhanced liquidity, as well as the continued application of strict covid-related measures ensure the minimization of any negative consequences and further strengthen the financial position of the Group. At the same time, it is estimated that raw material prices will remain at least in the short term at the current high levels, with the same being expected for transportation costs, while significant upward trends are already observed in energy costs.

It should be noted that, as mentioned above, it is now evident the shift / increase of demand, at high levels as a matter of fact, for products belonging to the traditional portfolio of the Group, to applications or markets in which the Group has maintained a dominant position for years, while at the same time there is evidence of a declining demand for personal protection and health related products. The Management of the Group has in the past months carried out a series of actions and continues to implement such actions in order to ensure the high profitability levels in the respective portfolio of products.

At the same time, the Management of the Group works uninterruptedly for the implementation of the new strategy, as well as the implementation of the annual investment plan, but also of the extraordinary investment actions that have been approved. The Management of the Group is confident that the overall implementation of the respective investment plans creates conditions for the Group to gradually enter into a new era of development, improvement of infrastructure, further expansion of activities and improvement of profit margins, compared to the pre-pandemic levels. At the same time, the strengthening of the Group's financial position is the basis for the implementation of the future investment plans, as they will be unveiled in the coming years, actions that in turn will contribute to the successful implementation of the new strategy, always within the framework of profitable sustainable development.

Despite the fact that the current conditions in the global market place create significant volatility, making any assessment regarding the impact of the pandemic on the commercial activity and the financial results of the Company and the Group uncertain, the Group's Management estimates that neither the Group nor any of its individual activities face any potential threat in terms of cessation of business activity (going concern). At the same time, the Management remains optimistic with regard to the satisfactory course of the Group's financial results for the entire fiscal year, although it maintains reservations about the consequences of the pandemic on the economies of the respective countries over the next period as well as for the intensity with which the volatile conditions might affect the Group's activities, especially in the second half of the year.

Election of new members of the Board of Directors to replace resigned Directors – Reconstitution of the Board of Directors into a body.

The Board of Directors of the Company, during the meeting that took place on 18th Janu-

ary 2021, elected:

(a) Ms. Myrto Papathanou of Christos in replacement and for the remaining of the term of the resigned independent non-executive member of the Board of Directors Mr. Konstantinos Gianniris of Ioannis, and
(b) Ms. Spyridoula Maltezou of Andreas in replacement and for the remaining of the term of the resigned independent non-executive member of the Board of Directors Mr. Ioannis Apostolakos of George.

The above replacement and the election of the specific independent non-executive members of the Board of Directors takes place in the context of the Company's decision for its immediate, substantial and effective compliance and adaptation of its organization to the requirements and regulations of the new Law 4706/2020 (Government Gazette A' 136 / 17.07.2020) with regard to corporate governance.

More specifically, the election of the above new members of the Board of Directors, on the one hand is in line with the current regulatory framework and in particular with the provisions of the above new law, in terms of substantive criteria and conditions of independence of new members, whereas on the other hand is harmonized with the provisions of the new law on suitability, diversity and, above all, adequate representation by gender in the Board of Directors.

The election of the above new independent non-executive members of the Board

of Directors was announced, in accordance with the law and the Company's Articles of Association, at the Extraordinary General Shareholders Meeting of the Company, on 11 February 2021.

Following the above, the Board of Directors of the Company was reconstituted into a body for the remaining of its term, i.e. until March 19th, 2024, as follows:

1. Konstantinos Chalioris of Stavros, Chairman of the Board of Directors (executive member).
1. Christos-Alexis Komninos of Konstantinos, Vice Chairman of the Board of Directors (non-executive member).
1. Dimitrios Malamos of Petros, Chief Executive Officer of the Company (executive member).
1. Vassilios Zairopoulos of Stylianos, Member of the Board of Directors (non-

executive member).

1. Christos Siatis of Panagiotis, Member of the Board of Directors (non-executive member).
1. Petros Fronistas of Christos, Member of the Board of Directors (independent non-executive member).
1. Myrto Papathanou of Christos, Member of the Board of Directors (independent non-executive member).
1. Spyridoula Maltezou of Andreas, Member of the Board of Directors (independent non-executive member).
1. Theodoros Kitsos of Konstantinos, Member of the Board of Directors (independent non-executive member).
1. Nikitas Glykas of Ioannis, Member of the Board of Directors (independent non-executive member).

Decisions of the Extraordinary General Meeting of the Company's shareholders of 11thFebruary 2021

The Extraordinary General Meeting of the Company's shareholders on 11February 2021 took the following decisions:

In the 1st item of the agenda, the Meeting decided by majority, in accordance with the provisions of article 3 of Law 3016/2002, the election of the following persons:

(a) Ms. Myrto Papathanou of Christos in replacement and for the remaining of the term of the resigned independent non-executive member of the Board of Directors Mr. Konstantinos Gianniris of Ioannis, and
(b) Ms. Spyridoula Maltezou of Andreas in replacement and for the remaining of the term of the resigned independent non-executive member of the Board

of Directors Mr. Ioannis Apostolakos of George,

The election of the above independent non-executive members of the Board of Directors takes place in the framework of the Company's decision for the immediate, substantial and effective compliance and adaptation of its organization to the requirements and regulations of the new Law 4706/2020 with regard to corporate governance.

Both members that were elected according to the above meet the criteria and conditions of independence of both the article 4, par. 1 of Law 3016/2002 valid until 17.07.2021, as well as of article 9 par. 1 and 2 of Law 4706/2020.

In the 2nd item and in the context of harmonization with the requirements, criteria and regulations of the new Law 4706/2020 with regard to corporate governance and concerning both independence and suitability, diversity and mainly the adequate representation by gender in the Board of Directors, and following a relevant proposal of the Remuneration and Nomination Committee (RNC), the Meeting approved by majority the election of a new eleven-member (11-member) Board of Directors, through the re-election of all its outgoing members, as well as the election of Mr. Georgios Samothrakis of Panagiotis as its new member.

Following the above, the Board of Directors of the Company, with a term in accordance with the provisions of article 7, par. 2 of the Articles of Association, which is extended until the expiration of the deadline within which the next Ordinary General Meeting must convene and until the relevant decision, will consist of the following members:

1. Konstantinos Chalioris of Stavros
1. Christos-Alexis Komninos of Konstantinos
1. Dimitrios Malamos of Petros
1. Vassilios Zairopoulos of Stylianos
1. Christos Siatis of Panagiotis
1. Petros Fronistas of Christos
1. Georgios Samothrakis of Panagiotis
1. Myrto Papathanou of Christos
1. Spyridoula Maltezou of Andreas
1. Theodoros Kitsos of Konstantinos
1. Nikitas Glykas of Ioannis

Simultaneously with the same majority decision, the Extraordinary General Meeting appointed as independent members of the Board of Directors of the Company, the following: 1) Georgios Samothrakis of Panagiotis, 2) Myrto Papathanou of Christos, 3) Spyridoula Maltezou of Andreas, 4) Theodoros Kitsos of Konstantinos and 5) Nikitas Glykas of Ioannis as they all meet the required by the current regulatory framework (namely article 4, par. 1 of the current until 17.07.2021 Law 3016/2002 and article 9, par. 1 and 2 of Law 4706/2020) conditions and criteria of independence.

In the 3rd item, the Meeting approved by majority, in accordance with the provisions of article 44 of Law 4449/2017, as in force after its amendment by the article 74 of Law 4706/2020, the election of a new Audit Committee, which constitutes an Independent Committee and consists of three (3) members, of which one (1) independent non-executive member of the Board of Directors of the Company and two (2) third parties - non-members of the Board of Directors.

Within the above framework, the following persons were elected as members of the Audit Committee:

1. Mr. Georgios Samothrakis of Panagiotis, Independent non-executive Member of the Board of Directors,
1. Mr. Konstantinos Kotsilinis of Eleftherios, third party and non-Member of the Board of Directors and
1. Mr. Konstantinos Gianniris of Ioannis, third party and non-Member of the Board of Directors.

The members of the Audit Committee as a whole have sufficient knowledge of the sector in which the Company operates, while the majority of the members of the Audit Committee and in particular Messrs. George Samothrakis of Panagiotis and Konstantinos Kotsilinis of Eleftherios, are independent of the Company, given that:

(a) They do not hold shares greater than 0.5% of the Company's share capital; and

(b) They do not have any dependency relationship with the Company or persons related to it, as this (dependency relationship) is specified in particular in the provisions of article 4 par. 1 of Law 3016/2002, which remains in force until 17.07.2021, as well as of article 9 par. 1 and 2 of Law 4706/2020.

Furthermore, the criterion of sufficient knowledge and experience in auditing or accounting is met in the person of both Mr. Georgios Samothrakis and Mr. Konstantinos Kotsilinis, and therefore each of the above members will be required to attend the meetings of the Audit Committee concerning the approval of the financial statements.

Finally, by the same majority decision, the Meeting specified the term of the Audit Committee as five years, starting on February 11, 2021 and ending on February 11, 2026.

Formation of the newly elected Board of Directors into body

The new eleven-member (11-member) Board of Directors of the Company, elected by the Extraordinary General Meeting of Shareholders, which took place on 11 February 2021, was formed on the same day (11 February 2021) in the following body:

1. Konstantinos Chalioris of Stavros, Chairman of the Board of Directors (executive member).
1. Theodoros Kitsos of Konstantinos, Vice Chairman of the Board of Directors (independent non-executive member).
1. Dimitrios Malamos of Petros, Chief Executive Officer of the Company (executive member).
1. Vassilios Zairopoulos of Stylianos, Member of the Board of Directors (nonexecutive member).
1. Christos Siatis of Panagiotis, Member of the Board of Directors (non-executive member).
1. Christos-Alexis Komninos of Konstantinos, Member of the Board of Directors

(non-executive member).

1. Petros Fronistas of Christos, Member of the Board of Directors (non-executive member).
1. Georgios Samothrakis of Panagiotis, Member of the Board of Directors (independent non-executive member).
1. Myrto Papathanou of Christos, Member of the Board of Directors (independent non-executive member).
1. Spyridoula Maltezou of Andreas, Member of the Board of Directors (independent non-executive member).
1. Nikitas Glykas of Ioannis, Member of the Board of Directors (independent non-executive member).

Election of the Chairman of the Audit Committee

Following the election of a three-member Audit Committee by the Extraordinary General Meeting of Shareholders of 11 February 2021 and the appointment of the persons holding the positions of its members, the Audit Committee at the meeting of 16 February 2021 decided the election of Mr. Georgios Samothrakis of Panagiotis, Independent Non-Executive Member of the Board of Directors of the Company, as its Chairman, in accordance with the provisions of article 44, par. 1, Law 4449/2017, as in force today.

Following the above, the Audit Committee was constituted into a body as follows:

Georgios Samothrakis of Panagiotis, Independent Non-Executive Member of the Board of Directors, Chairman of the Audit Committee.
1. Konstantinos Kotsilinis of Eleftherios, third party - non-Member of the Board of Directors, Member of the Audit Committee.
1. Konstantinos Gianniris of Ioannis, third party - non-Member of the Board of Directors, Member of the Audit Committee.

It is noted that from the above Members of the Audit Committee, Messrs. Georgios Samothrakis of Panagiotis and Konstantinos Kotsilinis of Eleftherios, i.e. the majority of the members of the Audit Committee, meet the required by the current regulatory framework (article 4, par. 1 of the effective until 17.07.2021 Law 3016/2002 and article 9, par. 1 and 2 of Law 4706/2020) conditions and criteria of independence.

Appointment of New Head of the Internal Audit Department

According to the decision of 12.03.2021 of its Board of Directors, Mr. Lambros Apostolopoulos was appointed as Head of the Internal Audit Department (Unit).

Mr. Apostolopoulos meets the requirements of the current legal framework (article 15 of Law 4706/2020), i.e. he is full-time and exclusively employed, has personal and functional independence, is not a member of the Board of Directors or a member with the right to vote in standing committees of the Company, has no close relations with anyone who holds one of the above capacities in the Company and has the appropriate knowledge and relevant professional experience to assume the above position.

Mr. Apostolopoulos is a graduate of the Athens University of Economics & Business and of University of Portsmouth, has a 14 year active experience in internal audit and is a certified Internal Auditor.

Mr. Apostolopoulos assumed his duties as Head of the Internal Audit Department on 17/03/2021.

Expiration / Completion of the Stock Repurchase Plan

On 22 March 2021, the Company announced the expiration / completion of the Stock Repurchase Plan in accordance with the provisions of article 49 of Law 4548/2018, as in force, by the Extraordinary General Meeting of Shareholders of March 19th, 2019 (extensive reference to this plan is presented in Section V. of the current Report).

Establishment of Committees of the Board of Directors

The Board of Directors of the Company during its meeting on 22nd March 2021, for the purposes of a substantial, effective and appropriate compliance and harmonization of the Company with the regulations of articles 11 and 12 of Law 4706/2020 regarding the Committees of the Board of Directors, and also with the parallel adoption of best corporate governance practices, decided the following:

(a) the abolition of the existing Committee for Benefits and Promotion of Nominations (CBPN) and its replacement by the Remuneration and Nomination Committee,

(b) the establishment of the Strategy and Investment Committee,
(c) the establishment of the Environmental, Social Responsibility and Corporate Governance Committee, and finally
(d) the establishment of the Human Resources Committee

The Board of Directors during the above meeting appointed the members and set the responsibilities of these committees.

Annual Ordinary General Meeting of the Company's shareholders

The Annual Ordinary General Meeting of the Company's shareholders, which took place on May 21, 2021 remotely in real time via videoconference, took the following decisions on the items of the daily agenda:

On the 1st item, the Shareholders' Meeting by majority approved the Annual Financial Statements (separate and consolidated) of the Company for the financial year 2020 (1/1/2020 - 31/12/2020), together with the Annual Management Report of the Board of Directors as at 08.04.2021 and of the Report of the Company's Certified Auditor - Accountant as at 09.04.2021. The above have been included in the annual Financial Report of the year 2020, which has been legally prepared and published by the Company both in the legally registered address of the Company's website in the General Electronic Commercial Registry (GEMI), and through dissemination of the above to the website of the Organized Market in which the Company's shares are traded as well as in the Hellenic Capital Market Commission.

Furthermore, the General Meeting of Shareholders was notified of the Annual Report of the Audit Committee, which was read and submitted in accordance with the provisions of article 44, par. 1 of Law 4449/2017, as in force after its amendment by article 74, par. 4 of Law 4706/2020.

On the 2nd item, the Shareholders' Meeting by majority approved the distribution of income for the financial year 2020 (01.01.2020-31.12.2020) and specifically they approved to distribute a total dividend of Euro 6,947,002.24 (gross amount) to the shareholders of the Company from the earnings of the closing financial year 2020, or 0.158820 Euros per share (gross amount), which after the increase corresponding to the 322,688 treasury shares held by the Company and which are excluded from the payment of dividend, will amount to 0.16 Euros per share (gross amount).

The Company's shareholders registered in the records of the Dematerialized Securities System (SAT) as of Thursday 27 May 2021 (record date), were those entitled to receive the above dividend.

Wednesday 26 May 2021 was set as the exdividend date according to the relevant article 5.2 of the Athens Exchange Regulation.

The payment of dividend commenced on Wednesday 2 June 2021, and was implemented through the Societe Anonyme under the name "PIRAEUS BANK S.A.", according to the procedure stipulated by the Regulation of the Athens Exchange in effect.

On the 3rd item, the Shareholders' Meeting by majority approved the administration carried out during the financial year ended on 31/12/2020 and released the Board of Directors' members and the Company's Certified Auditors from any liability for indemnity regarding the above Annual Financial Statements as well as for the actions and the administration for the closing financial year 2020 (01/01/2020 - 31/12/2020).

On the 4th item, the Shareholders' Meeting, following the relevant proposal – recommendation made by the Company's Audit Committee, by majority approved the election of the Audit Firm under the name "PRICEWATERHOUSECOOPERS AUDIT COMPANY SOCIETE ANONYME" registered in the Public Records of the article 14 of Law 4449/2017 for the regular audit of the annual and semi-annual Financial Statements of the Company (separate and consolidated) for the current financial year 2021.

It is noted that the above Auditing Firm shall assume responsibility of the issuing process of the tax compliance report of the Company for the financial year 2021, in accordance with provisions of the article 65Α of L. 4174/2013.

Finally, the Board of Directors was authorized by the above majority-based decision of the General Meeting to proceed to a final agreement with the above auditing firm with regard to the level of its fees, concerning the audit of the current fiscal year and the issuance of a tax certificate, as well as to send the written notification-mandate to the elected auditing firm within five (5) days from the date of its election.

On the 5th item, the Shareholders' Meeting by a majority approved the fees and remunerations, and other benefits in general, of the members of the Board of Directors paid for their services in the closing financial year 2020 (01.01.2020-31.12.2020). The above fees are in line with the approved and current Remuneration Policy of the Company.

On the 6th item, the Shareholders' Meeting by a majority voted and approved the Remuneration Report, which was prepared in accordance with the provisions of article 112 of Law 4548/2018, contains a comprehensive overview of the total remuneration of the members of the Board of Directors (executive and non-executive), and explains how the Remuneration Policy of the Company was implemented for the immediately preceding financial year.

On the 7th item, the Shareholders' Meeting by a majority approved the new Remuneration Policy, prepared in accordance with the provisions of articles 110 and 111 of Law 4548/2018, by the Remuneration & Nominations Committee, which defines the specific framework, terms and basic principles followed during the process of determining the remuneration and other benefits in general paid to persons falling within its scope and the updating of which was deemed necessary due to the change of the Company's Organization Chart with the addition of new positions and responsibilities of the Chairman and the CEO of the Company and in particular the establishment of new Committees, in the context of the adoption of best corporate governance practices.

On the 8th item, the shareholders approved by a majority the fees, benefits and general compensations, which will be paid to the members of the Board of Directors during the current financial year 2021 (01.01.2021-31.12.2021), and which are in accordance with the approved and currently in effect Remuneration Policy of the Company. The Meeting also provided with the same majority-based decision the relevant permission for advance payment of these fees to the above persons for the period until the next Ordinary General Meeting, in accordance with the provisions of article 109 of Law 4548 / 2018, as in force.

On the 9th item, the shareholders approved by majority the Suitability Policy of the members of Board of Directors of the Company, which was prepared in accordance with the provisions of article 3 of Law 4706/2020 and the guidelines of the Hellenic Capital Market Commission, as analyzed in particular in number 60 /18.09.2020 Circular thereof.

ing by a majority approved the granting of permission, pursuant to article 98, paragraph 1 of Law 4548/2018, to the Members of the Board of Directors, the General Managers and the Managers of the Company, with regard to their participation in the Board of Directors or the Management of subsidiaries or affiliated companies (current or / and future) of the Company and subsequently of the Group.

On the 11th item, the Shareholders' Meeting by a majority approved the stock repurchase plan of the Company in accordance with the provisions of article 49 of Law 4548/2018, as in force, and in particular approved the purchase within a period of twenty-four (24) months from the date of this decision, i.e. no later than 21.05.2023, of a maximum of 4,341,876 common, registered shares, with a price range from fifty cents of Euro (€ 0.50) per share (minimum) to ten Euros (€ 10.00) per share (maximum).

Simultaneously with the same majoritybased decision, the General Meeting of Shareholders provided to the Board of Directors of the Company the relevant authorization for the proper implementation of the stock repurchase plan within the framework defined above.

On the 10th item, the Shareholders' Meet-

Commencement of Stock Repurchase Plan

The Management of the Company in application of the decisions of the Annual Ordinary General Meeting of the shareholders of May 21st, 2021 and of the Board of Directors of June 4th, 2021, announced on June 7th, 2021 the beginning of implementation of the relevant stock repurchase plan.

New investment plan of € 25.5 million of Thrace Plastics Group with an emphasis on the production facilities of Xanthi, Greece

Thrace Plastics Co SA announced an extraordinary investment plan, which was approved by the Board of Directors. The Management, taking into consideration the broader market conditions as well as the strong cash position of the Group, decided the immediate implementation of the above extraordinary investment plan, which is an additional investment compared to the current investment plan of 2021, or any other additional investment plan potentially approved at a later time.

The new investment plan is oriented towards the Sustainable & Profitable Development of the Group, with a focus on the following strategic pillars: further reduction of production costs and boost of competitiveness, improvement of profit margins, vertical integration of production processes and with parallel emphasis on the circular economy and finally, further reduction of the environmental footprint.

The individual actions of the new investment plan that will be implemented at the Group's facilities, in Xanthi, Greece, are summarized as follows:

investment in mechanical fiber production equipment: fiber is a basic raw material for the production of nonwoven needle punch fabrics. Needle Punch fabrics aim at a variety of applications in the sectors of infrastructure and construction, agriculture, automotive, etc.
investment in mechanical recycling equipment in order to increase the recycling capacity with regard to finished products or plastic waste, both from internal production and operating processes as well as from third party sourc-

es. This action is in line with the commitment of the Group calling on the one hand for the use of more recycled raw materials and on the other hand for further reducing the environmental footprint of its final products.

investment concerning the installation and commissioning of photovoltaic systems to cover part of the energy needs of the Group's production plant complex in the area of Xanthi, Greece (net metering), with a targeted power capacity of 1.5 MW, demonstrating its commitment towards sustainable development, in the context of achieving energy savings and for further reducing the environmental footprint.
investment in infrastructure (land and buildings), which will create conditions that are conducive to efficiency gains of the production plants, but will also prepare the ground for future development of the business activity and profitability of the Group's companies.

Moreover, under the above extraordinary investment plan, the following will take place at Don & Low's facilities in Forfar, Scotland:

investment in mechanical laminating equipment to increase production capacity with regard to the further processing of non-woven Spun bond fabrics, in order to achieve higher profit margins.
investment in mechanical recycling equipment to increase the recycling capacity with regard to finished products or plastic waste, both from internal production and operating processes as

well as from third party sources.

investment in infrastructure (land and buildings), which will create conditions that are conducive to efficiency gains of the production plant, but will also facilitate the future development of the business activity and profitability of the company.

25.5 million, of which € 21.4 million concern the investments that will be implemented in the production facilities of the Group in Xanthi, Greece and € 4.1 million concern the investments in the Group's subsidiary in Scotland, whereas all are being related to the field of Technical Fabrics. The financing of this new investment plan will be carried out mainly with own funds thanks to the Group's strong cash position.

The new investments amount in total to €

SECTION II: Review of Financial Highlights for the 1st Half of 2021

1. Group Results

Continuing Operations

The table below depicts the performance of the Group's financial results (from Continuing Operations) in the first half of 2021 in comparison to the corresponding period of the year 2020:

Financial Results of First Half 2021 (CONTINUING OPERATIONS)
(amounts in thousand Euro)	1st Half 2021	1st Half 2020	% Change
Turnover	234,285	155,376	50.8%
Gross Profit	90,234	42,141	114.1%
Gross Profit Margin	38.5%	27.1%
ΕΒΙΤ	61,193	17,734	245.1%
EBIT Margin	26.1%	11.4%
EBITDA	72,459	26,033	178.3%
EBITDA Margin	30.9%	16.8%
Adjusted EBITDA	72,841	26,787	171.9%
Adjusted EBITDA Margin	31.1%	17.2%
EBT	61,970	16,855	267.7%
EBT Margin	26.5%	10.8%
Total EAT	48,483	12,830	277.9%
EAT Margin	20.7%	8.3%
Total EATAM	48,179	12,548	284.0%
EATAM Margin	20.6%	8.1%
Earnings per Share (in euro)	1.1103 0.2869 286.9%
* Note: The alternative performance measures are presented and described analytically in the sec

tion III of the present Report

Turnover € 234,285 (+50.8 %) ________________________________________________________________________________________________________________

Increase in the volume of consolidated sales by 8.62% and increase of consolidated turnover by 50.8%. In particular, the Packaging sector sales increased by 17.5% and the Technical Fabrics sector sales increased by 66.0% compared to the first half of 2020.

Gross Profit € 90,234 (+114.1%) ________________________________________________________________________________________________________________

Gross profit amounted to € 90,234, recording an increase of 114.1% compared to the previous period. Respectively, the gross profit margin settled at 38.5% compared to 27.1% in the previous period

EBIT € 61,193 (+245.1%) ________________________________________________________________________________________________________________

Earnings before financial and investment activities and taxes (or earnings before interest and taxes) settled at € 61,193, posting an increase of 245.1% compared to the previous period. Respectively, the EBIT margin settled at 26.1% compared to 11.4% in the previous period.

EBITDA € 72,459 (+178.3%) ________________________________________________________________________________________________________________

Earnings before financial and investment activities, depreciation, amortization, impairment and taxes amounted to € 72,459, posting an increase of 178.3% compared to the previous period. Respectively, the EBITDA margin settled at 30.9% compared to 16.8% in the previous period.

Adjusted EBITDA € 72,841 (+171.9 %) ________________________________________________________________________________________________________________

The adjusted EBITDA amounted to € 72,841, recording an increase of 171.9% compared to the previous period. Respectively, the Adjusted EBITDA margin amounted to 31.1% compared to 17.2% in the previous period.

Adjusted EBITDA does not include:

The impairment of fixed assets of Don & Low Ltd amounting to € 738 thousand.

The extraordinary gain from the sale of assets of Don & Low LTD amounting to € 756 thousand and

The provision for extraordinary expenses related to personnel compensation and indemnities amounting to € 400.

Earnings before Taxes € 61,970 (+267.7%) ________________________________________________________________________________________________________________

Earnings before taxes amounted to € 61,970, posting an increase of 267.7% compared to the previous period. Respectively, the profit margin before taxes amounted to 26.5% compared to 10.8% in the previous period.

Earnings after Taxes € 48,483 (+277.9%)

Earnings after taxes amounted to € 48,483, recording an increase of 277.9% compared to the previous period. Respectively, the profit margin after taxes amounted to 20.7% compared to 8.3% in the previous period.

________________________________________________________________________________________________________________

Earnings after Taxes and Minority (non-controlling) Interests € 48,179 (+284.0%) ________________________________________________________________________________________________________________

Earnings after taxes and Minority Interests amounted to € 48,179, recording an increase of 284% compared to the previous period. Respectively, the profit margin after taxes and minority interests amounted to 20.6% in the first half of 2021 compared to 8.1% in the previous period.

Total Operations

Following the decision to permanently discontinue the production operation of Thrace Linq, which was decided in order for the Group to focus on profitable business activities, the particular activity is reflected in the income statement and other comprehensive income as discontinued operations.

For reasons of completeness of information, the following table presents the results of the Group as a whole (from Continuing and Discontinued activities), as they were recorded in the first half of 2021, in relation to the corresponding period of 2020:

Financial Results of 1st Half 2021 (CONTINUING & DISCONTINUED OPERATIONS)
(amounts in EUR thousand)	1st Half 2021	1st Half 2020	Change%
Turnover	234,285	160,646	45.8%
Gross Profit	90,234	42,393	112.9%
Gross Profit Margin	38.5%	26.4%
ΕΒΙΤ	61,134	14,927	309.5%
EBIT Margin	26.1%	9.3%
EBITDA	72,400	23,605	206.7%
EBITDA Margin	30.9%	14.7%
Adjusted EBITDA	72,841	26,787	171.9%
Adjusted EBITDA Margin	31.1%	16.7%
EBT	62,002	14,046	341.4%
EBT Margin	26.5%	8.7%
Total EAT	48,515	10,021	384.1%
EAT Margin	20.7%	6.2%
Total EATAM	48,211	9,739	395.0%
EATAM Margin	20.6%	6.1%
Earnings per Share (in euro)	1.1110	0.2227	398.9%

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

2. Results of the Group per Business Segment

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

Technical Fabrics Sector

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

Packaging Sector

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

Following the absorption of "Elastron Agricultural SA" from "Thrace Greenhouses SA", the Group participates with 50.91% in Thrace Greenhouses SA which is being consolidated following the Equity Method. Following the above, the Group will not be reporting the agricultural business activity on separate basis.

As result, the sector "Other" includes the agricultural business activity as well as the activity of the Parent Company (investment activity and also provision of Administrative, Financial and IT services to the subsidiaries).

The following table summarizes the performance of the results from continuing activities of the business segments which the Group is operating in, for the first half of the current year:

Results of the Group per Business Unit from continuing operations
Sector		Technical Fabrics		Packaging		Other		Eliminations		Group
(Amounts in € thous.)		H1 2021 H1 2020 % Ch. H1 2021 H1 2020 % Ch.					H1 2021	H1 2020		H1 2021 H1 2020 H1 2021 H1 2020
Turnover	179,350	108,061	66.0%	60,004	51,073	17.5%	2,631	2,569	-7,700		-6,327 234,285	155,376
Gross Profit	75,720		27,456 175.8%	14,480	14,520	-0.3%	-477	485	511	-320	90,234	42,141
Gross Profit Margin	42.2%	25.4%		24.1%	28.4%		-18.1%	18.9%	-	-	38.5%	27.1%
Total EBITDA	62,797	15,670	300.7%	10,605	10,313	2.8%	-835	88	-108	-38	72,459	26,033
EBITDA Margin	35.0%	14.5%		17.7%	20.2%		-31.7%	3.4%	-	-	30.9%	16.8%

3. Consolidated statement of financial position of the Group

The following table summarizes the basic figures with regard to the financial position of the Group as of 30.06.2021:

(amounts in thousand Euro)	30/6/2021	31/12/2020	Change%
Tangible Fixed Assets	143,502	131,512	9.1%
Rights-of-use assets	3,407	13,197	-74.2%
Investment Property	113	113	0.0%
Intangible Assets	10,619	10,655	-0.3%
Investments in Joint Ventures	16,751	15,068	11.2%
Other Long-term Receivables	4,992	5,034	-0.8%
Deferred Tax Assets	491	588	-16.5%
Total Fixed Assets	179,875	176,167	2.10%
Inventories	58,083	55,338	5.0%
Income Tax Prepaid	425	278	52.9%
Trade Receivables	79,053	56,863	39.0%
Other Receivables	8,192	7,211	13.6%
Fixed Assets Held for Sale	5,656	5,478	3.2%
Cash & Cash Equivalents	67,007	40,824	64.1%
Total Current Assets	218,416	165,992	31.58%
TOTAL ASSETS	398,291	342,159	16.4%
TOTAL EQUITY	225,104	174,583	28.9%
Long-term Debt	31,497	46,691	-32.5%
Liabilities from Leases	2,368	3,210	-26.2%
Provisions for Employee Benefits	7,616	16,012	-52.4%
Other Long-term Liabilities	5,021	2,358	112.9%
Total Long-term Liabilities	46,502	68,271	-31.9%
Short-term Debt	20,887	26,311	-20.6%
Liabilities from Leases	826	2,822	-70.7%
Suppliers	51,157	29,697	72.3%
Other Short-term Liabilities	53,815	40,475	33.0%
Total Short-term Liabilities	126,685	99,305	27.6%
TOTAL EQUITY & LIABILITIES	398,291	342,159	16.4%

ASSETS

Fixed Assets	€ 179,875 (+2.10%)
	________________

Total Fixed Assets amounted to € 179,875, posting an increase of 2.10% compared to the corresponding period of the previous year.

Current Assets ________________		€ 218,416 (+31.58%)
▶	Trade receivables:	€ 79,053 (+39.0%)
▶	Inventories:	€ 58,083 (+5.0%)

EQUITY & LIABILITIES

Equity	€ 225,104 (+28.9%) ________________

The change in Equity was mainly due to the profit contribution for the period of € 48,515, the reduction of actuarial loss resulting from the pension plan of Don & Low Ltd amounting to € 7,002, as well as the positive foreign exchange differences with regard to balance sheet conversion of € 2,476.

Provisions for Employee Benefits ________________	€ 7,616 (-52.4%)

The provisions for employee benefits are lower by 52.4% due to the decrease of the actuarial deficit of the pension plan of Don & Low LTD.

The total liability of the Don & Low LTD pension plan as depicted in the balance sheet of 30.06.2021 is analyzed as follows:

Don & Low Ltd	30.06.2021	31.12.2020
Present Value of Liabilities	153,712	157,175
Present Value of Fixed Assets	149,400	144,383
Net Liability recognized in the Balance Sheet	4,312	12,792

The Asset allocation of the plan is as follows:

Don & Low Ltd	30.06.2021	31.12.2020
Mutual Funds (Stock Market)	16,315	17,130
Mutual Funds (Bond Market)	81,109	75,417
Mutual Funds (Diversified Growth Funds)	49,295	48,721
Other	2,681	3,115
Total	149,400	144,383

Net Debt € (11,429) ________________________________________________________________________________________________________________

Net debt (long-term bank loans + long-term lease liabilities + short-term bank loans + short-term lease liabilities minus cash and cash equivalents) decreased substantially, creating a negative net debt of € (11,429) compared to net debt of € 38,210 on 31.12.2020. The net debt / equity ratio stood at (0.05x) on 30.06.2021 compared to 0.22x on 31.12.2020. The Net Debt / EBITDA ratio stood at (0.10x) on 30.06.2021 (EBITDA concerns the period 01-07-2020 to 30.06.2021) compared to 0.55x on 31.12.2020 and 1.30x on 30.06.2020.

Short-term Liabilities ________________	€ 126,685 (+27.6%)

Current liabilities amounted to € 126,685 compared to € 99,305 on 31.12.2020, posting an increase of 27.6%.

▶ Suppliers: € 51,157 (+72.3%)

The increase in Suppliers is mainly due to seasonality and the significant increase in Turnover.

4. Consolidated Cash Flows

Regarding the consolidated cash flows, the Group recorded significantly higher cash and cash equivalents of € 67,007 compared to € 40,660 in the corresponding period of 2020.

CASH FLOWS	30.06.2021	30.06.2020
EBITDA	72,400	23,605
Non Cash and Non-Operating Movements	2,473	2,454
Change in Working Capital	(54)	22,114
Cash from Operating Activities	74,818	48,173
Interest and Income Tax Paid & Other Financial Income paid / received	(7,259)	(2,217)
Total Inflows / Outflows from Operating Activities	67,559	45,956
Investment Activities	(10,008)	(11,099)
Financing Activities	(32,178)	(15,520)
Net Increase / (Decrease) in Cash	25,373	19,337
Cash at beginning of period	40,824	22,051
FX changes on cash	810	(728)
Cash at end of period	67,007	40,660

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

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

Alternative Performance Measures

ΕΒΙΤ (The indicator of earnings before financial and investment activities as well as taxes)

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

EBITDA (The indicator of operating earnings before financial and investment activities as well as depreciation, amortization, impairment and taxes)

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

Adjusted EBITDA (The adjusted indicator of operating earnings before financial and investment activities as well as depreciation, amortization, impairment and taxes).

The Adjusted EBITDA is the EBITDA less any restructuring, acquisition, merger, and other non-recurring expenses that may be incurred during the period / year.

SECTION IV: Significant transactions with related parties during the 1st Half of 2021

The most significant transactions of the Company with the related parties during the 1st half of 2021, are presented below:

Sales* - Income	30.06.2021
Thrace NW & Geosynthetics	704
Thrace IPOMA	138
Thrace Plastics Pack	439
Don & Low LTD	719
Thrace Polybulk AB	102
Thrace Linq Inc	152
Thrace Polyfilms	166
Total	2,420

Suppliers - Liabilities	30.06.2021
Don & Low LTD	1,500
Thrace Linq Inc	152
Total	1,652

* Sales refer to charges for Administrative Services rendered from the Parent company to the subsidiaries

The Company has granted guarantees to banks against long-term loans for the account of its subsidiaries. On 30.06.2021, the outstanding amount of the loans for which the Company had granted guarantees accounted for € 35,302.

The remuneration of the members of the Management for the first half of the current year amounted to € 1,933 versus € 2,033 in the corresponding period of 2020 for the Group, whereas for the parent company settled at € 660 versus € 751 in the first half of the previous year. The remuneration concerns the Boards of Directors of 21 companies in which 33 members participate and include salaries of the executive members of the Boards of Directors, other remuneration and benefits of both the executive and the non-executive directors.

There were no transactions between the Company, the Group and its related parties, which could have significant effects on the financial position and performance of the Company during the 1st Half of 2021.

All transactions described above have taken place under normal market terms.

SECTION V: Fundamental Risks and Uncertainties – Outlook for the 2nd Half of 2021

Financial Risk Management

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

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

In general, the Group's activities face sever-

Risk from fluctuation of prices of raw materials

The Group is exposed to fluctuations of the prices of polypropylene (represents about 53% of the cost of sales). The Group manages such fluctuations via a corresponding change in the selling price of the final product. The likelihood of an incomplete transfer of the price increase of polypropylene into the selling price inevitably causes a contraction of profit margins. For this reason, the Group adjusts as much as possible both its inventory and its commercial policy, so that this risk is in any case manageable.

Credit Risk

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

The maximum credit risk to which the Group and the Company are exposed at the date of preparation of the financial statements is the book value of their financial assets. In order to address credit risk, the Group consistently applies a clear credit policy, which is monitored and evaluated on an ongoing basis so that the

Impairment

The financial assets of the Group and the Company measured by the new model of expected credit losses, include receivables from customers and other financial assets.

The Group and the Company recognize provisions for impairment with regard to the expected credit losses of all financial assets. The expected credit losses are credit granted does not exceed the credit limit per customer. Client sales insurance policies are also concluded per customer and no tangible guarantees on the assets of clients are required.

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

based on the difference between the estimated cash flows and the entire cash flows which the Group (or the Company) expected to receive, based on contracts or agreements. The difference is discounted by using an estimate concerning the initial effective interest rate of the financial asset.

At each reporting date, IFRS 9 requires the

measurement of the loss provision for a financial instrument at an amount equal to the expected credit losses for the entire life of the asset if the financial risk of the financial instrument has increased significantly since the time of initial recognition. Conversely, if, at the reporting date, the credit risk of a financial instrument has not increased significantly since its initial recognition, IFRS 9 requires a loss provision for that financial instrument to be measured at an amount that is equal to the expected 12-month credit losses. The risk parameters taken into account for the calculation of the expected credit losses are the estimated probability of default, the percentage of loss on the due capital given that the customer has defaulted to repay the due amount, and the balance that the company is exposed in case of the customer's default. In certain cases, the Company may assess for specific financial data that there is a credit event when there is internal or external information indicating that the collection of the amounts specified

Liquidity Risk

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

Foreign exchange risk

The Group is exposed to foreign exchange risks arising from existing or expected cash flows in foreign currency and investments that have been made in countries outside the Euro Zone (for example USA, United Kingdom, etc.). The management of the various risks is made by the use of natuunder the relevant contract is not likely to be collected in full. As a general rule, the evaluation of the classification in stages is carried out in each reporting period.

For trade receivables, the Group and the Company applied the simplified standard approach and calculated the expected credit losses over the life of the receivables. For this purpose, a table of credit loss provisions based on the maturity of the balances was used, which calculates the relevant provisions in a way that reflects the experience from past events as well as forecasts of the future financial situation of customers and the financial environment. The balance of the provision for doubtful receivables is adjusted appropriately at each closing date of the financial statements to reflect the potential risks involved. Any write-off of other customers is charged to the existing provision for doubtful receivables. It is the Company's policy not to write off any receivables until all possible legal actions for its collection have been exhausted.

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

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

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

Interest Rate Risk

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

Capital Adequacy Risk

The Group controls the capital adequacy using the Net Debt to Equity ratio and the Net Debt to EBITDA ratio. The Group's objective in relation to capital management is to ensure the possibility of its smooth operation in the future, in order to provide satisfactory returns to shareholders and benefits to other parties, as well as to maintain the most beneficial capital allocation in order to achieve low cost of capital. For this purpose, it systematically monitors the working capital needs in order to maintain manageable levels of external financing.

Capital Adequacy Risk	Group
	30.06.2021	31.12.2020
Long-term debt	31,497	46,691
Long-term liabilities from leases	2,368	3,210
Short-term debt	20,887	26,311
Short-term liabilities from leases	826	2,822
Total debt	55,578	79,034
Minus cash & cash equivalents	67,007	40,824
Net debt	(11,429)	38,210

EQUITY	225,104	174,583
NET DEBT / EQUITY	(0.05)	0.22

The Net Debt / EBITDA ratio of the Group for the period amounted to 0.10x (the EBITDA figure refers to the period from 01.07.2020 to 30.06.2021).

It is noted that, on 31.12.2020 the level of the ratio stood at 0.55x while on 30.06.2020 it had settled at 1.30x.

Prospects for the 2nd Half 2021

Despite the fact that the current conditions in the global market place create significant volatility, making any assessment regarding the impact of the pandemic on the commercial activity and the financial results of the Company and the Group uncertain, the Group's Management estimates that neither the Group nor any of its individual activities face any potential threat in terms of cessation of business activity. At the same time, the Management remains optimistic with regard to the satisfactory course of the Group's financial results for the entire fiscal year, although it maintains reservations about the consequences of the pandemic on the economies of the respective countries over the next period as well as for the intensity with which the volatile conditions might affect the Group's activities, especially in the second half of the year.

SECTION VΙ: Treasury Shares

The Extraordinary General Meeting of the Company's shareholders as of May 21st, 2021 decided, among other things, to approve a stock repurchase plan of the Company's own shares, in accordance with the provisions of article 49 of Law 4548/2018, as in force, and in particular approved the purchase within a period of twenty four (24) months from the date of the above decision, i.e. no later than 21.05.2023, of a maximum of 4,341,876 common, registered shares, within a price range of fifty cents of Euro (€ 0.50) per share (minimum) up to ten Euros (€ 10.00) per share (maximum).

As part of the implementation of the new stock repurchase plan it is noted that until 30.06.2021, 50,800 treasury shares have been purchased. Therefore the Company possesses a total number of 373,488 shares, including the treasury shares acquired from the previous stock repurchase plans.

SECTION VΙΙ: Sustainable Development

The Group implements a specific policy regarding sustainable development, seeks the implementation of the policy actions and is committed through its policies to show respect for the human being, society and the environment, in order to remain a reliable social partner. Our approach to Sustainable Development is based on six pillars: (1) We operate with respect for the environment, (2) We contribute to the Circular Economy and the Economy of New Plastics, (3) We create value for our people, (4) We contribute in the local community, (5) We operate with transparency and integrity, (6) We ensure business continuity and optimal financial performance. The main risks and their mitigation, the Company's financial performance and its commitments towards company's Sustainable Development Goals are described in detail in the annual Reports of Sustainable Development and the Reports with regard to the Non-Financial Information.

SECTION VΙΙΙ: Significant Events after 30.06.2021

Election of a new member of the Board of Directors to replace the resigned Director - Reconstitution of the Board of Directors into a body

The Board of Directors of the Company, during its meeting as of July 28th, 2021 and following the relevant proposal made by the Company's Remuneration & Nomination Committee which took place in accordance with the applicable Policy of Suitability and the procedures applied by the Company, elected:

Mr. Athanasios Dimiou of Georgios as non-executive member, in replacement for the remaining term of the resigned non-executive member of the Board of Directors Mr. Petros Fronistas of Christos.

The above replacement and the election of the specific non-executive member of the Board of Directors will contribute to the further strengthening of the Board of Directors, in particular with the new member's many years of experience and specialized knowledge in the field of plastics and specifically in production technologies, while this replacement takes place in the context of the Company's decision for the substantial and more effective adaptation of its organization to the requirements and regulations of the new Law 4706/2020 (Government Gazette AD 136 / 17.07.2020) on corporate governance and is harmonized with the provisions of the particular law on suitability.

The election of the above new non-executive member of the Board of Directors is going to be announced, in accordance with the provisions of the law and the Company's Articles of Association, at the next General Meeting convened by the Company's shareholders.

Following the above, the Board of Directors of the Company was reconstituted into a body for the remainder of its term, i.e. until February 11th, 2026, as follows:

1. Konstantinos Chalioris of Stavros, Chairman of the Board of Directors (executive member).
1. Theodoros Kitsos of Konstantinos, Vice Chairman of the Board of Directors (non-executive member).
1. Dimitrios Malamos of Petros, Chief Executive Officer of the Company (executive member).
1. Athanasios Dimiou of Georgios, Member of the Board of Directors (nonexecutive member).
1. Vassilios Zairopoulos of Stylianos, Member of the Board of Directors (non-executive member).
1. Christos Alexis Komninos of Konstantinos, Member of the Board of Directors (non-executive member).
1. Christos Siatis of Panagiotis, Member of the Board of Directors (non-executive member).
1. Georgios Samothrakis of Panagiotis, Member of the Board of Directors (independent non-executive member).
1. Myrto Papathanou of Christos, Member of the Board of Directors (independent non-executive member).
1. Spyridoula Maltezou of Andreas, Member of the Board of Directors (independent non-executive member).
1. Nikitas Glykas, of Ioannis, Member of the Board of Directors (independent non-executive member).

Completion of the Process concerning the Sale of the Industrial Property of the fully owned, by 100%, subsidiary Thrace Linq Inc.

The Management of Societe Anonyme under the name "THRACE PLASTICS HOLD-ING COMPANY COMMERCIAL SOCIETE ANONYME"following the relevant announcements on 24.04.2020, 18.06.2020, 28.08.2020 and 17.06.2021, in relation to the transfer –due to the respective sale by its 100% subsidiary company Thrace Linq Inc.-- of the privately owned industrial property, which is located in South Carolina, U.S.A., after the final cessation of the production operation of the above subsidiary, informed the investor community on 18/08/2021 about the following: After the collection of the entire remaining part of USD 3.5 million (plus the interest due and related expenses), and the consequent abolition of any impediments associated with this particular repayment, the sale transaction with regard to the above property was completed and consequently the transfer of the property became certain and final.

It is reminded that the total consideration with regard to the above sale transaction amounted to USD 14.5 million, the greatest part of which (i.e. USD 11 million) had been collected at the time of the transfer agreement of the property (i.e. on 15/06/2020).

It should be noted that as a result of the completion of the above sale transaction of the property as per above, the Group is expected to record an extraordinary profit for the year 2021, amounting to USD 7.78 million (i.e. approximately EUR 6.6 million).

The finalization of sale of the property of the fully owned by 100% subsidiary Thrace Linq Inc. has completed in the most beneficial way for the Group its action plan regarding the cessation of the production activities of the specific subsidiary. At the same time, the Group continues to serve uninterruptedly the geotextile market in America from the Group's facilities in Europe and from Lumite Inc., a joint venture of the Group in the U.S.A., gradually strengthening its position in the particular market as well.

Xanthi, 08 September 2021
The Chairman of the Board of Directors	The Chief Executive Officer & Executive Member of the Board of Directors	The Non-Executive Member of the Board of Directors
Konstantinos St. Chalioris	Dimitrios P. Malamos	Vasileios S. Zairopoulos

[Translation from the original text in Greek]

Report on Review of Interim Financial Information

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

Report on Review of Interim Financial Information

Introduction

III. INDEPENDENT AUDITOR'S REPORT We have reviewed the accompanying condensed company and consolidated statement of financial position of "Thrace Plastics Co S.A." (the "Company"), as of 30 June 2021 and the related condensed company and consolidated statements of profit or loss and other comprehensive income, changes in equity and cash flow statements for the six-month period then ended, and the selected explanatory notes that comprise the interim condensed financial information and which form an integral part of the six-month financial report as required by L.3556/2007.

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

Scope of Review

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

Conclusion

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

Amounts in thousand Euro, unless stated otherwise

PricewaterhouseCoopers SA, 268 Kifissias Avenue, 15232 Halandri, Greece T: +30 210 6874400, F: +30 210 6874444, www.pwc.gr

260 Kifissias Avenue & Kodrou Str., 15232 Halandri, T: +30 210 6874400, F:+30 210 6874444 Philippos Business Center, Agias Anastasias & Laertou 16, 55535 Pylaia, Thessaloniki, T: +30 2310 488880, F: +30 2310 459487

Page 34 of 100 Contents >>

Report on other legal and regulatory requirements

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

9 September 2021

Interim Financial Information - 01.01- 30.06.2021

PricewaterhouseCoopers SA 268 Kifissias Avenue, 152 32 Halandri, Greece The Certified Auditor SOEL Reg.No 113 Konstantinos Michalatos

SOEL Reg. No 17701

Amounts in thousand Euro, unless stated otherwise

IV. INTERIM CONDENSED FINANCIAL INFORMATION OF THE PERIOD 01.01.2021 – 30.06.2021 21

		STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME
		(01.01.2021 – 30.06.2021)	36
		STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME
		(01.04.2021 – 30.06.2021)	38
		STATEMENT OF FINANCIAL POSITION	40
		STATEMENT OF CHANGES IN EQUITY Group	41
		STATEMENT OF CHANGES IN EQUITY Company	42
		STATEMENT OF CASH FLOWS	43
1.		Information about the Group	44
2.		Basis for the Preparation of the interim condensed financial information
		and Significant Accounting Policies	46
	2.1	Basis of Preparation	46
	2.2	New standards, amendments to standards and interpretations	47
	2.3	Significant Accounting Estimations and Judgments of the Management	50
3.		Notes on the Financial Statements.	51
	3.1	Developments and Performance of the Group	51
	3.2	Discontinued Operations	52
	3.3 3.4	Segment Reporting Other Operating Income	53 58
	3.5	Other Gain / Losses	58
	3.6	Number of Employees	58
	3.7	Other Operating Expenses	59
	3.8	Financial income / (expenses)	60
	3.9	Earnings per Share (Consolidated)	60
	3.10	Income Tax	61
	3.11	Tangible Fixed Assets	62
	3.12	Right-of-use assets	63
	3.13	Fixed assets held for sale	64
	3.14	Intangible Assets	65
	3.15 3.16	Other Long-term Receivables Trade and other receivables	65 66
	3.17	Bank Debt	67
	3.18	Net Debt	68
	3.19	Employee Benefits	69
	3.20	Suppliers and Other Short-Term Liabilities	72
	3.21	Transactions with Related Parties	72
	3.22	Board of Directors' Fees	75
	3.23	Investments	75
	3.24	Commitments and Contingent Liabilities	77
	3.25	Reclassification of Items	77
	3.26	Financial risks	77
	3.27 3.28	Significant Events Events after the Balance Sheet Date	79 92

STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (01.01.2021 – 30.06.2021) STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (01.01.2021 – 30.06.2021)

		Group		Company
	Note	1/1 - 30/06/2021	1/1 - 30/06/2020	1/1 - 30/06/2021	1/1 - 30/06/2020
Turnover		234,285	155,376	2,632	2,569
Cost of Sales		(144,051)	(113,235)	(3,108)	(2,084)
Gross Profit/(loss) - continuing operations		90,234	42,141	(476)	485
Other Operating Income	3.4	638	270	107	75
Selling Expenses		(17,500)	(14,766)		-
Administrative Expenses		(9,799)	(7,536)	(534)	(522)
Research and Development Expenses		(951)	(733)		-
Other Operating Expenses	3.7	(2,130)	(1,786)	(94)	(99)
Other gain / (losses)	3.5	702	144	2	4
Operating Profit /(loss) before interest and tax - continuing operations		61,193	17,734	(995)	(57)

Financial Income	3.8	760	399	-	-
Financial Expenses	3.8	(1,886)	(2,230)	(10)	(274)
Income from Dividends Profit / (loss) from companies consolidated with the Equity Method	3.23	- 1,903	- 952	8,108 -	5,000 -
Profit/(loss) before Tax - continuing operations		61,970	16,855	7,103	4,669
Income Tax	3.10	(13,487)	(4,025)	(18)	(14)
Profit/(loss) after tax (Α) - continuing operations		48,483	12,830	7,085	4,655
Profit/(loss) after tax (Α) - discontinued operations	3.2	32	(2,809)	-	-
Profit/(loss) after tax (Α)		48,515	10,021	7,085	4,655

FX differences from translation of foreign Balance Sheets Actuarial profit/(loss)		2,433 7,002	(3,206) (1,186)	- -	- -
Other comprehensive income after taxes (B) - continuing operations		9,435	(4,392)	-	-

FX differences from translation of foreign Balance Sheets		43	(90)	-	-
Actuarial profit/(loss) Other comprehensive income after taxes (B) - discontinued operations		- 43	- (90)	- -	- -

FX differences from translation of foreign Balance Sheets		2,476	(3,296)	-
Actuarial profit/(loss)		7,002	(1,186)	-
Other comprehensive income after taxes (B)		9,478	(4,482)	-	-
Total comprehensive income after taxes (A) + (B) - continuing operations		57,918	8,438	7,085	4,655
Total comprehensive income after taxes (A) + (B) - discontinued operations		75	(2,899)	-	-
Total comprehensive income after taxes (A) + (B)		57,993	5,539	7,085	4,655

The accompanying notes that are presented in pages 44-96 form an integral part of the present financial statements.

Interim Condensed Financial Information of 30.06.2021 Page 32 from 84

Page 37 of 100 Interim Financial Information - 01.01- 30.06.2021

Contents >> Amounts in Euro thousand, unless stated otherwise

		Group	Company
Continuing operations	1/1 - 30/06/2021	1/1 - 30/06/2020	1/1 - 30/06/2021	1/1 - 30/06/2020
Profit / (loss) after tax
Attributed to:
Owners of the parent	48,179	12,548	-	-
Minority interest	304	282	-	-
Total comprehensive income / (loss) after taxes
Attributed to:
Owners of the parent	57,618	8,160	-	-
Minority interest	300	278	-	-
Discontinued operations
Profit / (loss) after tax
Attributed to:
Owners of the parent	32	(2,809)	-	-
Minority interest	-	-	-	-
Total comprehensive income / (loss) after taxes
Attributed to:
Owners of the parent	75	(2,899)	-	-
Minority interest	-	-	-	-

Total Operations
Profit / (loss) after tax
Attributed to:
Owners of the parent	48,211	9,739	-	-
Minority interest	304	282	-	-
Total comprehensive income / (loss) after taxes
Attributed to:
Owners of the parent	57,693	5,261	-	-
Minority interest	300	278	-	-

Profit/(loss) allocated to shareholders per share - continuing operations
Number of shares	43,393	43,731
Earnings/(loss) per share 3.9	1.1103	0.2869
Profit/(loss) allocated to shareholders per share - discontinued
operations Number of shares	43,393	43,731
Earnings/(loss) per share 3.9	0.0007	(0.0642)

Profit/(loss) allocated to shareholders per share
Number of shares	43,393	43,731
Earnings/(loss) per share 3.9	1.1110	0.2227

The accompanying notes that are presented in pages 41 - 84 form an integral part of the present financial statements. The accompanying notes that are presented in pages 44-96 form an integral part of the present financial statements.

Interim Condensed Financial Information of 30.06.2021 Page 33 from 84

STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (01.04.2021 – 30.06.2021) STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (01.04.2021 – 30.06.2021)

	Group		Company
	1/4 - 30/06/2021	1/4 - 30/06/2020	1/4 - 30/06/2021	1/4 - 30/06/2021
Turnover	122,918	81,385	1,303	1,349
Cost of Sales	(77,104)	(56,446)	(1,811)	(1,007)
Gross Profit/(loss) - continuing operations	45,814	24,939	(508)	342
Other Operating Income	412	144	76	66
Selling Expenses	(9,325)	(6,955)	-	-
Administrative Expenses	(5,601)	(3,907)	(304)	(260)
Research and Development Expenses	(566)	(307)	-	-
Other Operating Expenses	(568)	(1,469)	(1)	(99)
Other gain / (losses)	904	(76)	3	(1)
Operating Profit /(loss) before interest and tax - continuing operations	31,069	12,369	(734)	48
Financial Income	524	(80)	-	-
Financial Expenses	(766)	(1,081)	(7)	(145)
Income from Dividends	-	-	8,108	5,000
Profit / (loss) from companies consolidated with the Equity Method	1,749	911	-	-
Profit/(loss) before Tax - continuing operations	32,576	12,119	7,367	4,903

Income Tax	(8,626)	(2,805)	(12)	(15)
Profit/(loss) after tax (Α) - continuing operations	23,950	9,314	7,355	4,888

Profit/(loss) after tax (Α) - discontinued operations	24	(2,183)	-	-
Profit/(loss) after tax (Α)	23,974	7,131	7,355	4,888
FX differences from translation of foreign Balance Sheets	(677)	(695)	-	-
Actuarial profit/(loss)	596	(5,542)	-	-
Other comprehensive income after taxes (B) - continuing operations	(81)	(6,237)	-	-
FX differences from translation of foreign Balance Sheets	19	(53)	-	-
Actuarial profit/(loss)	-	-	-	-
Other comprehensive income after taxes (B) - discontinued operations	19	(53)	-	-

FX differences from translation of foreign Balance Sheets	(658)	(748)	-	-
Actuarial profit/(loss)	596	(5,542)	-	-
Other comprehensive income after taxes (B)	(62)	(6,290)	-	-
Total comprehensive income after taxes (A) + (B) - continuing
operations	23,869	3,077	7,355	4,888
Total comprehensive income after taxes (A) + (B) - discontinued operations	43	(2,236)	-	-
Total comprehensive income after taxes (A) + (B)	23,912	841	7,355	4,888

The accompanying notes that are presented in pages 44-96 form an integral part of the present financial statements.

Interim Condensed Financial Information of 30.06.2021 Page 34 from 84

Amounts in Euro thousand, unless stated otherwise

Contents >>

		Group
Continuing operations	1/4 - 30/06/2021	1/4 - 30/06/2020	Company 1/4 - 30/06/2021 1/4 - 30/06/2021

Profit / (loss) after tax
Attributed to:
Owners of the parent	23,781	9,133	-	-
Minority interest	169	181	-	-
Total comprehensive income / (loss) after taxes

Attributed to:
Owners of the parent	23,700	2,898	-	-
Minority interest	169	179	-	-
Discontinued operations
Profit / (loss) after tax
Attributed to:
Owners of the parent	24	(2,183)	-	-
Minority interest	-	-	-	-
Total comprehensive income / (loss) after taxes
Attributed to:
Owners of the parent	43	(2,236)	-	-
Minority interest	-	-	-	-

Total Operations
Profit / (loss) after tax
Attributed to:
Owners of the parent	23,805	6,950	-	-
Minority interest	169	181	-	-
Total comprehensive income / (loss) after taxes
Attributed to:
Owners of the parent	23,743	662	-	-
Minority interest	169	179	-	-
Profit/(loss) allocated to shareholders per share - continuing operations
Number of shares	43,393	43,731
Earnings/(loss) per share	0.5480	0.2088
Profit/(loss) allocated to shareholders per share - discontinued operations
Number of shares	43,393	43,731
Earnings/(loss) per share	0.0006	(0.0499)
Profit/(loss) allocated to shareholders per share
Number of shares	43,393	43,731
Earnings/(loss) per share	0.5486	0.1589

The accompanying notes that are presented in pages 44-96 form an integral part of the present financial statements.

The accompanying notes that are presented in pages 41 - 84 form an integral part of the present financial statements.

Interim Condensed Financial Information of 30.06.2021 Page 35 from 84

STATEMENT OF FINANCIAL POSITION STATEMENT OF FINANCIAL POSITION

		Group		Company
	Note	30/6/2021	31/12/2020	30/6/2021	31/12/2020
ASSETS
Non-Current Assets
Tangible fixed assets	3.11	143,502	131,512	338	357
Rights-of-use assets	3.12	3,407	13,197	415	55
Investment property		113	113	-	-
Intangible Assets	3.14	10,619	10,655	331	401
Investments in subsidiaries	3.23	-	-	73,858	73,858
Investments in joint ventures	3.23	16,751	15,068	3,819	3,819
Other long term receivables	3.15	4,992	5,034	1,157	1,157
Deferred tax assets		491	588	149	166
Total non-Current Assets		179,875	176,167	80,067	79,813
Current Assets
Inventories		58,083	55,338	-	-
Income tax prepaid		425	278	39	26
Trade receivables	3.16	79,053	56,863	17	12
Other debtors	3.16	8,192	7,211	252	194
Fixed assets held for sale	3.13	5,656	5,478	-	-
Cash and Cash Equivalents		67,007	40,824	1,786	163
Total Current Assets		218,416	165,992	2,094	395
TOTAL ASSETS		398,291	342,159	82,161	80,208
EQUITY AND LIABILITIES
Equity
Share Capital		28,869	28,869	28,869	28,869
Share premium		21,524	21,524	21,644	21,644
Other reserves		24,880	21,158	13,776	13,550
Retained earnings		146,223	99,548	12,138	12,560
Total Shareholders' equity		221,496	171,099	76,427	76,623
Non controlling interest		3,608	3,484	-	-
Total Equity		225,104	174,583	76,427	76,623
Long Term Liabilities
Long Term Debt	3.17	31,497	46,691	-	-
Liabilities from leases	3.12	2,368	3,210	279	25
Provisions for Employee Benefits	3.19	7,616	16,012	245	238
Other provisions		-	5	293	317
Deferred Tax Liabilities		4,765	2,111		-
Other Long Term Liabilities		256	242	1	1
Total Long Term Liabilities		46,502	68,271	818	581
Short Term Liabilities
Short Term Debt	3.17	20,887	26,311	1,500	960
Liabilities from leases	3.12	826	2,822	137	31
Income Tax		13,739	7,383	56	56
Suppliers	3.20	51,157	29,697	485	531
Other short-term liabilities		40,076	33,092	2,738	1,426
Total Short Term Liabilities	3.20	126,685	99,305	4,916	3,004

TOTAL LIABILITIES		173,187	167,576	5,734	3,585
TOTAL EQUITY & LIABILITIES		398,291	342,159	82,161	80,208

Interim Condensed Financial Information of 30.06.2021 Page 36 from 84

STATEMENT OF CHANGES IN EQUITY

The accompanying notes that are presented in pages 41 - 84 form an integral part of the present financial statements.

Amounts in Euro thousand, unless stated otherwise Group

STATEMENT OF CHANGES IN EQUITY

Group

	Share Capital	Share Premium	Other Reserves	Treasury shares reserve	FX translation reserves	Retained earnings	Total before non controlling interest	Non controlling interest	Total
Balance as at 01/01/2020	28,869	21,524	33,596	(10)	(8,954)	68,353	143,378	2,971	146,349
Profit / (losses) for the period	-	-	-	-	-	9,739	9,739	282	10,021
Other comprehensive income	-	-	-	-	(3,296)	(1,186)	(4,482)	(4)	(4,486)
Distribution of earnings	-	-	-	-	-	-	-	-	-
Dividends	-	-	-	-	-	-	-	-	-
Other changes	-	-	-	-	1	(11)	(10)	-	(10)
Purchase of treasury shares	-	-	-	(23)	-	-	(23)	-	(23)
Changes during the period	-	-	-	(23)	(3,295)	8,542	5,224	278	5,502
Balance as at 30/06/2020	28,869	21,524	33,596	(33)	(12,249)	76,895	148,602	3,249	151,851
Balance as at 01/01/2021	28,869	21,524	33,891	(786)	(11,947)	99,548	171,099	3,484	174,583
Profit / (losses) for the period	-	-	-	-	-	48,211	48,211	304	48,515
Other comprehensive income	-	-	-	-	2,480	7,002	9,482	(4)	9,478
Distribution of earnings	-	-	1,575	-	-	(1,575)	-	-	-
Dividends	-	-	-	-	-	(6,947)	(6,947)	(176)	(7,123)
Other changes	-	-	-	-	-	(16)	(16)	-	(16)
Purchase of treasury shares	-	-	-	(333)	-	-	(333)	-	(333)
Changes during the period	-	-	1,575	(333)	2,480	46,675	50,397	124	50,521
Balance as at 30/06/2021	28,869	21,524	35,466	(1,119)	(9,467)	146,223	221,496	3,608	225,104

The accompanying notes that are presented in pages 44-96 form an integral part of the present financial statements.

Interim Condensed Financial Information of 30.06.2021 Page 37 from 84

STATEMENT OF CHANGES IN EQUITY (continues from previous page) Amounts in Euro thousand, unless stated otherwise

Company

Company

STATEMENT OF CHANGES IN EQUITY (continues from previous page)

The accompanying notes that are presented in pages 41 - 84 form an integral part of the present financial statements.

	Share Capital	Share Premium	Other Reserves	Treasury shares reserve	FX translation reserves	Retained earnings	Total
Balance as at 01/01/2020	28,869	21,644	14,208	(10)	16	6,016	70,743
Profit / (losses) for the period	-	-	-	-	-	4,655	4,655
Other comprehensive income	-	-	-	-	-	-	-
Distribution of earnings	-	-	-	-	-	-	-
Dividends	-	-	-	-	-	-	-
Other changes	-	-	-	-	-	1	1
Purchase of treasury shares	-	-	-	(23)	-	-	(23)
Changes during the period	-	-	-	(23)	-	4,656	4,633
Balance as at 30/06/2020	28,869	21,644	14,208	(33)	16	10,672	75,376
Balance as at 01/01/2021	28,869	21,644	14,320	(786)	16	12,560	76,623
Profit / (losses) for the period	-	-	-	-	-	7,085	7,085
Other comprehensive income	-	-	-	-	-	-	-
Distribution of earnings	-	-	560	-	-	(560)	-
Dividends	-	-	-	-	-	(6,947)	(6,947)
Other changes	-	-	-	-	-	-	-
Purchase of treasury shares	-	-	-	(333)	-	-	(333)
Changes during the period	-	-	560	(333)	-	(422)	(195)
Balance as at 30/06/2021	28,869	21,644	14,880	(1,119)	16	12,138	76,428

The accompanying notes that are presented in pages 44-96 form an integral part of the present financial statements.

Interim Condensed Financial Information of 30.06.2021 Page 38 from 84

STATEMENT OF CASH FLOWS STATEMENT OF CASH FLOWS

		Group		Company
	1/1 - 30/06/2021	1/1 - 30/06/2020	1/1 - 30/06/2021	1/1 - 30/06/2020
Cash flows from Operating Activities
Profit before Taxes and Non controlling interest - continuing
operations	61,970	16,855	7,103	4,669
Profit before Taxes and Non controlling interest - discontinued
operations	32	(2,809)	-	-
Plus / (minus) adjustments for:				-
Depreciation	11,266	8,678	161	145
Provisions	3,273	2,348	97	70
Grants	(92)	(9)	-	-
FX differences	67	(410)		1
(Gain)/loss from sale of fixed assets	(775)	525	(2)	(5)
Dividends received	-	-	(8,108)	(5,000)
Interest and Other financial income/(expenses)	1,034	1,833	10	274
(Profit) / loss from companies consolidated with the Equity method	(1,903)	(952)	-	-
Operating Profit before adjustments in working capital	74,872	26,059	(739)	154
(Increase)/decrease in receivables	(22,073)	(1,381)	(76)	6,487
(Increase)/decrease in inventories	(2,042)	2,229	-	-
Increase/(decrease) in liabilities (apart from banks-taxes)	24,061	21,266	825	(376)
Other non cash transactions	-	-		-
Cash generated from Operating activities	74,818	48,173	10	6,265
Interest Paid	(1,166)	(1,668)	-	(388)
Other financial income/(expenses)	134	(254)	(9)	(2)
Taxes paid	(6,227)	(295)	-	-
Cash flows from operating activities (a)	67,559	45,956	1	5,875
Investing Activities
Proceeds from sales of tangible and intangible assets Είσπραξη μέρους τιμήματος μεταβίβασης ακινήτου Thrace Linq	1,096-	283-	--	-5
Interest received	62	5	-	-
Dividends received	270	211	8,108	5,000
Purchase of tangible and intangible assets	(11,528)	(11,598)	(7)	(4)
Investment grants	92	-	-	-
Cash flow from investing activities (b)	(10,008)	(11,099)	8,101	5,001
Financing activities
Proceeds from loans	1,456	4,150	1,500	4,200
Purchase of treasury shares	(333)	(23)	(333)	(23)
Repayment of loans	(23,231)	(17,254)	(960)	(13,999)
Financial leases	(3,455)	(2,393)	(71)	(90)
Dividends paid	(6,615)		(6,615)	-
Cash flow from financing activities (c)	(32,178)	(15,520)	(6,479)	(9,912)

Net increase /(decrease) in Cash and Cash Equivalents	25,373	19,337	1,623	964
Cash and Cash Equivalents at beginning of period	40,824	22,051	163	505
Effect from changes in foreign exchange rates on cash reserves	810	(728)	-	-
	67,007	40,660	1,786	1,469
Cash and Cash Equivalents at end of period

Interim Condensed Financial Information of 30.06.2021 Page 39 from 84

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1. Information about the Group

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

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

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

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

The company's shareholders, with equity stakes above 5%, as of 30.06.2021 were the following:

Chalioris Konstantinos 43.29% Chaliori Eyfimia 20.85%

The Group maintains production and trade facilities in Greece, United Kingdom, Ireland, Sweden, Norway, Serbia, Bulgaria, U.S.A. and Romania. On 30th June 2021, the Group along with its joint ventures employed in total 2,188 employees of which 1,311 in Greece.

The structure of the Group along with the participation percentages as of 30th June 2021 was as follows:

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

Page 46 of 100 Contents >>

2. Basis for the Preparation of the interim condensed financial information and Significant Accounting Policies

2.1 Basis of Preparation

The present interim condensed financial information has been prepared according to the International Financial Reporting Standards (I.F.R.S.), including the International Accounting Standards (I.A.S.) and interpretations that have been issued by the International Financial Reporting Interpretations Committee (I.F.R.I.C.), as such have been adopted by the European Union until 31st June 2021. The basic accounting principles that were applied for the preparation of the interim condensed financial information of the period ended 31st June 2021 are the same as those applied for the preparation of the Financial Statements for the year ended 31st December 2020.

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

Differences that possibly appear between accounts in the interim condensed financial information and the respective accounts in the notes are due to roundings.

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

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

The interim condensed financial information contains a limited number of explanations and does not contain all the information required for the annual financial statements. Therefore, the interim condensed financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2020.

The interim condensed financial information was approved by the Board of Directors of the Company on 8 September 2021.

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

2.2 New standards, amendments to standards and interpretations

Certain new standards, amendments to standards and interpretations have been issued that are mandatory for periods beginning on or after 1 January 2021. The Group's evaluation of the effect of these new standards, amendments to standards and interpretations is as follows.

STANDARDS AND INTERPRETATIONS EFFECTIVE FOR THE CURRENT FINANCIAL YEAR

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

The amendment provides lessees (but not lessors) with relief in the form of an optional exemption from assessing whether a rent concession related to COVID-19 is a lease modification. Lessees can elect to account for rent concessions in the same way as they would for changes which are not considered lease modifications.

IFRS 4 (Amendment) 'Extension of the Temporary Exemption from Applying IFRS 9'

The amendment changes the fixed expiry date for the temporary exemption in IFRS 4 'Insurance Contracts' from applying IFRS 9 'Financial Instruments', so that entities would be required to apply IFRS 9 for annual periods beginning on or after 1 January 2023.

IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (Amendments) 'Interest rate benchmark reform – Phase 2'

The amendments complement those issued in 2019 and focus on the effects on financial statements when a company replaces the old interest rate benchmark with an alternative benchmark rate as a result of the reform. More specifically, the amendments relate to how a company will account for changes in the contractual cash flows of financial instruments, how it will account for the change in its hedging relationships and the information it should disclose.

STANDARDS AND INTERPRETATIONS EFFECTIVE FOR SUBSEQUENT PERIODS

IFRS 16 (Amendment) 'Covid-19-Related Rent Concessions – Extension in the Application Period' (effective for annual periods beginning on or after 1 April 2021)

The amendment extends the application period of the practical expedient in relation to rent concessions by one year to cover rental concessions that reduce leases due only on or before 30 June 2022. The amendment has not yet been endorsed by the EU.

IAS 16 (Amendment) 'Property, Plant and Equipment – Proceeds before Intended Use' (effective for annual periods beginning on or after 1 January 2022)

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

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

Page 48 of 100 Contents >>

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

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

IFRS 3 (Amendment) 'Reference to the Conceptual Framework' (effective for annual periods beginning on or after 1 January 2022)

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

IAS 1 (Amendment) 'Classification of liabilities as current or non-current' (ef-

fective for annual periods beginning on or after 1 January 2023)

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

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

The amendments require companies to disclose their material accounting policy information and provide guidance on how to apply the concept of materiality to accounting policy disclosures. The amendments have not yet been endorsed by the EU.

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

The amendments clarify how companies should distinguish changes in accounting policies from changes in accounting estimates. The amendments have not yet been endorsed by the EU.

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

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

IAS 19 "Employee benefits (Attributing benefit to periods of service)"

The IFRS Interpretation Committee published in May 2021 a decision of the daily agenda in relation to Employee Benefits and in particular the IAS 19 "Employee benefits (Attributing benefit to periods of service)". The Group expects to have fully implemented this decision by 31.12.2021. The impact of the implementation of this decision cannot be assessed reliably at this time. This will result in a change in accounting policy which will be applied retroactively on 31.12.2021.

Annual Improvements to IFRS Standards 2018–2020 (effective for annual periods beginning on or after 1 January 2022)

IFRS 9 'Financial instruments'

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

IFRS 16 'Leases'

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

2.3 Significant Accounting Estimations and Judgments of the Management

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

2.3.1 Significant Accounting Estimates and Assumptions

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

For the preparation of the interim condensed financial information, the significant accounting estimates and assumptions by the Management in the application of the accounting policies of the Group and the Company, as well as the main sources for the assessment of uncertainty are the same as those adopted during the preparation of the annual financial statements as of December 31, 2020.

3. Notes on the Financial Statements

3.1 Developments and Performance of the Group

The following table depicts in synopsis the Group's financial results from continuing operations for the first half 2021:

	Financial Results of First Half 2021 (CONTINUING OPERATIONS)
(amounts in EUR thousand)	1st Half 2021	1st Half 2020	% Change
Turnover	234,285	155,376	50.8%
Gross Profit	90,234	42,141	114.1%
Gross Profit Margin	38.5%	27.1%
ΕΒΙΤ	61,193	17,734	245.1%
EBIT Margin	26.1%	11.4%
EBITDA	72,459	26,033	178.3%
EBITDA Margin	30.9%	16.8%
Adjusted EBITDA	72,841	26,787	171.9%
Adjusted EBITDA Margin	31.1%	17.2%
EBT	61,970	16,855	267.7%
EBT Margin	26.5%	10.8%
Total EAT	48,483	12,830	277.9%
EAT Margin	20.7%	8.3%
Total EATAM	48,179	12,548	284.0%
EATAM Margin	20.6%	8.1%
Earnings per Share (in euro)	1.1103	0.2869	286.9%

Adjusted EBITDA does not include gains from the sale of fixed assets of € 756 and impairment losses of fixed assets amounting to € 738, which relate to the operational reorganization of Don & Low LTD. This subsidiary reduced its presence in woven technical fabrics, while increasing its production capacity in non-woven technical fabrics. Moreover the above figure does not include provisions for expenses amounting to € 400 in relation to personnel compensation and indemnities.

For completeness purposes, the following table includes the financial results of the Group for the first half of 2021 in total, both from continuing and discontinued operations.

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Financial Results of First Half 2021 (CONTINUING & DISCONTINUED OPERATIONS)
(amounts in EUR thousand)	1st Half 2021	1st Half 2020	% Change
Turnover	234,285	160,646	45.8%
Gross Profit	90,234	42,393	112.9%
Gross Profit Margin	38.5%	26.4%
ΕΒΙΤ	61,134	14,927	309.5%
EBIT Margin	26.1%	9.3%
EBITDA	72,400	23,605	206.7%
EBITDA Margin	30.9%	14.7%
Adjusted EBITDA	72,841	26,787	171.9%
Adjusted EBITDA Margin	31.1%	16.7%
EBT	62,002	14,046	341.4%
EBT Margin	26.5%	8.7%
Total EAT	48,515	10,021	384.1%
EAT Margin	20.7%	6.2%
Total EATAM	48,211	9,739	395.0%
EATAM Margin	20.6%	6.1%
Earnings per Share (in euro)	1.1110	0.2227	398.9%

3.2 Discontinued Operations

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

Discontinued Operations	Thrace Linq INC
Statement of Comprehensive Income	30.06.2021	30.06.2020
Turnover	-	5,270
Cost of Sales	-	(5,018)
Gross Profit / (Loss)	-	252
Non-Operating Income / (Expenses)	(119)	(3,233)
Earnings / (Losses) before Taxes	(119)	(2,981)
Earnings / (Losses) after Taxes	(119)	(2,981)

Discontinued Operations	Thrace Linq INC
Statement of Comprehensive Income	30.06.2021	30.06.2020
Intra- group Eliminations	151	172
Earnings / (Losses) after Taxes	32	(2,809)

Discontinued Operations Cash Flows		Thrace Linq INC 30.06.2021
Cash Flows from operating activities		(225)
Cash Flows from investment activities		-
Cash Flows from Financing Activities		-
Change in Cash and Cash Equivalents		(225)
Cash Flows 31.12.2020		582
Foreign Exchange Differences		16
Cash Flows 30.06.2021		373

3.3 Segment Reporting

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

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

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

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

Technical Fabrics	Packaging	Other

Production and trade of technical fabrics for industrial and technical use.	Production and trade of packaging products, plastic bags, plastic boxes for packaging of food and paints and other packaging materials for agricultural use.	It includes the Agricultural sector and the business ac tivity of the Parent company which apart from the invest ment activities provides also Administrative – Financial – IT services to its subsidiaries.

During the year 2020, which was characterized by the spread of the Covid-19 coronavirus pandemic, the Group faced significantly increased demand for specific products of its existing product portfolio and specifically for technical fabrics for personal protection and health applications (Personal Protective Equipment). The Group, taking advantage of the technological capabilities of its modern production lines and the know-how it has developed in technical fabrics, managed to meet the significantly increased demand, using the existing production lines and channeling a large part of the already produced volumes towards applications in this sector. At the same time the Group proceeded with targeted investments, such as the surgical mask production lines and the Meltblown non-woven fabric production line (as it has been already announced to the investor community via the corporate announcements of 04/05/2020 and 01/10/2020).

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

With regard to the first half of 2021, the Group continued to support this business segment, according to the market's needs, maintaining at the same time the product mix transformation, thus achieving the sale of higher profitability products. The total Earnings before Taxes at Group level for the first half of 2021 amounted to € 62 million, out of which, € 40.9 million, according to Management estimates, was a consequence of the above conditions and especially due to the change of product mix; specifically € 40.4 million were allocated to the "Technical Fabrics" segment and € 0.5 million were allocated to the "Packaging" segment.

It should be noted that part of the specific investments that were implemented (such as the Meltblown non-woven technical fabrics production line), in case of reduced demand for personal protection and health products in the future, will be used to produce products serving other sectors and applications.

BALANCE SHEET OF 30.06.2021	TECHNICAL FABRICS	PACKAGING	OTHER	INTRA SEGMENT ELIMINATIONS	GROUP
Total consolidated assets	267,715	119,487	82,550	(71,461)	398,291

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

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INCOME STATEMENT FOR THE PERIOD FROM 01.01 - 30.06.2021	TECHNICAL FABRICS	PACKAGING	OTHER	INTRA SEGMENT ELIMINA TIONS	GROUP
Depreciation from discontinued operations	-	-	-	-	-
Total Depreciation	7,989	3,116	161	-	11,266
Earnings / (losses) before interest, tax, depreciation & amortization from continuing operations (EBITDA)	62,797	10,605	(835)	(108)	72,459
Earnings / (losses) before interest, tax, depreciation & amortization from discontinued operations (EBITDA)	(59)	-	-	-	(59)
Total Earnings / (losses) before interest, tax, depreciation & amortization (EBITDA)	62,738	10,605	(835)	(108)	72,400
				INTRA
BALANCE SHEET OF 31.12.2020	TECHNICAL FABRICS	PACKAGING	OTHER	SEGMENT ELIMINA TIONS	GROUP
Total consolidated assets	218,642	113,405	80,529	(70,417)	342,159
INCOME STATEMENT FOR THE PERIOD FROM 01.01 – 30.06.2020	TECHNICAL FABRICS	PACKAGING	OTHER	INTRA SEGMENT ELIMINA TIONS	GROUP
Turnover	108,061	51,073	2,569	(6,327)	155,376
Cost of sales	(80,605)	(36,553)	(2,084)	6,007	(113,235)
Gross profit	27,456	14,520	485	(320)	42,141
Other operating income	218	89	72	(109)	270
Distribution expenses	(10,469)	(4,122)	-	(175)	(14,766)
Administrative expenses	(5,544)	(2,033)	(522)	563	(7,536)
Research and Development Expenses	(585)	(150)	-	2	(733)
Other operating expenses	(819)	(872)	(96)	1	(1,786)
Other Income / (Losses)	180	(40)	4	-	144
Operating profit / (loss)	10,437	7,392	(57)	(38)	17,734

INCOME STATEMENT FOR THE PERIOD FROM 01.01 – 30.06.2020	TECHNICAL FABRICS	PACKAGING	OTHER	INTRA SEGMENT ELIMINA TIONS	GROUP
Interest & related (expenses)/income	(857)	(715)	(274)	15	(1,831)
Income from dividends	-	-	5,000	(5,000)	-
Profit / (loss) from companies consolidated under the Equity method	601	318	33	-	952
Earnings / (losses) before tax (Continuing operations)	10,181	6,995	4,702	(5,023)	16,855
Earnings / (losses) before tax (Discontinued operations)	(2,809)	-	-	-	(2,809)
Total Earnings / (losses) before tax	7,373	6,995	4,702	(5,024)	14,046
Depreciation from continuing operations	5,233	2,921	145	-	8,299
Depreciation from discontinued operations	379	-	-	-	379
Total Depreciation	5,612	2,921	145	-	8,678
Earnings / (losses) before interest, tax, depreciation & amortization from continuing operations (EBITDA)	15,670	10,313	88	(38)	26,033
Earnings / (losses) before interest, tax, depreciation & amortization from discontinued operations (EBITDA)	(2,428)	-	-	-	(2,428)
Total Earnings / (losses) before interest, tax, depreciation & amortization (EBITDA)	13,242	10,313	88	(38)	23,605

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3.4 Other Operating Income

	Group		Company
Other Operating Income	30.06.2021	30.06.2020	30.06.2021	30.06.2020
Grants *	230	101	-	-
Income from rents	24	9	-	-
Income from provision of services	-	6	-	-
Income from prototype materials	19	29	-	-
Reverse entry of not utilized provisions	20	34	-	-
Income from electric energy management programs	227	48	-	-
Other operating income	118	43	107	75
Total	638	270	107	75

* The amount of € 230 refers to the following grants awarded: VAT, research and development, recruitment of new graduates as well as professional training of the Group's employees.

3.5 Other Gain / Losses

Other Gain / (Losses)	Group		Company
	30.06.2021	30.06.2020	30.06.2021	30.06.2020
Gains / (Losses) from sale of fixed assets	19	(30)	2	5
Extraordinary gain from the sale of Don & Low LTD machinery equipment	756	-	-	-
Foreign Exchange Differences	(73)	174	-	(1)
Total	702	144	2	4

3.6 Number of Employees

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

	Group			Company
Number of employees	30.06.2021	30.06.2020	30.06.2021	30.06.2020
Full-time employees / Day-wage employees	1,702	1,698	24	20

3.7 Other Operating Expenses

Other Operating Expenses	Group		Company
	30.06.2021	30.06.2020	30.06.2021	30.06.2020
Provisions for doubtful receivables	234	267	-	-
Other taxes and duties non incorporated in operating cost	86	78	-	-
Depreciation	23	37	-	-
Staff indemnities	273	121	92	98
Commissions / other bank expenses	84	66	-	-
Expenses for the purchase of prototype materials (maquettes)	42	43	-	-
Other operating expenses	250	460	2	1
Sub-Total	992	1,072	94	99
Extraordinary and non-recurring expenses	1,138	714	-	-
Total	2,130	1,786	94	99

Analysis of extraordinary and non-recurring expenses	Group
	30.06.2021	30.06.2020
Personnel indemnity in relation to Don & Low LTD	-	714
Impairment of fixed assets' value	738	-
Provision for expenditures	400	-
Total	1,138	714

In the context of the restructuring of the Group's subsidiaries, expenses amounting to € 1,138 arose, which concerned:

Interim Financial Information - 01.01- 30.06.2021

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• Amount of € 738 as a result of the operational reorganization of the subsidiary Don & Low Ltd. This company reduced its presence in woven technical fabrics, while increasing its production capacity in non-woven

technical fabrics. These costs relate to the impairment of fixed mechanical equipment of the company.

• Expenditure provisions of € 400 related to personnel compensations and indemnities.

3.8 Financial income / (expenses)

3.8.1 Financial Income
---------------------------

Financial income	Group		Company
	30.06.2021	30.06.2020	30.06.2021	30.06.2020
Interest income and related income	63	6	-	-
Foreign exchange differences	697	393	-	-
Total	760	399	-	-
Income from dividends	-	-	8,108	5,000

3.8.2 Financial Expenses

Financial expenses	Group		Company
	30.06.2021	30.06.2020	30.06.2021	30.06.2020
Interest Expense and related expenses	(1,210)	(1,729)	(9)	(273)
Foreign exchange differences	(441)	(152)	-	-
Financial result from Pension Plans	(235)	(349)	(1)	(1)
Total	(1,886)	(2,230)	(10)	(274)

3.9 Earnings per Share (Consolidated)

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

Basic earnings per share (Consolidated, continuing operations)	30.06.2021	30.06.2020
Earnings allocated to shareholders	48,179	12,548
Number of outstanding shares (weighted)	43,393	43,731
Basic and adjusted earnings per share (Euro in absolute terms)	1.1103	0.2869

Basic earnings per share (Consolidated, discontinued operations)	30.06.2021	30.06.2020
Earnings allocated to shareholders	32	(2,809)
Number of outstanding shares (weighted)	43,393	43,731
Basic and adjusted earnings per share (Euro in absolute terms)	0.0007	(0.0642)


Basic earnings per share (Consolidated, total operations)	30.06.2021	30.06.2020
Earnings allocated to shareholders	48,211	9,739
Number of outstanding shares (weighted)	43,393	43,731

As of 30th June 2021, the Company held 373,488 treasury shares.

3.10 Income Tax

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

Income Tax	Group		Company
	30.06.2021	30.06.2020	30.06.2021	30.06.2020
Income tax	(12,461)	(4,153)	-	-
Deferred tax (expense)/income	(1,026)	128	(18)	(14)
Total	(13,487)	(4,025)	(18)	(14)

The income tax for the period is calculated based on the domestically applicable tax rates. Deferred taxes are calculated on temporary differences using the applicable tax rate in the countries where the Group's companies operate as of 30.06.2021.

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

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

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3.11 Tangible Fixed Assets

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

Tangible Assets	Group	Company
Balance as at 01.01.2021	131,512	357
Additions	11,348	6
Disposals	(6,263)	-
Transfer from fixed assets with right of use	10,381	-
Impairments	(1,184)	-
Depreciation	(10,677)	(25)
Depreciation of assets sold	5,936	-
Foreign exchange differences	2,449	-
Balance as at 30.06.2021	143,502	338

Tangible Assets	Group	Company
Balance as at 01.01.2020	123,210	398
Additions	29,021	11
Disposals	(4,899)	(5)
Transfer from fixed assets with right of use	413	-
Impairments	(1,931)	-
Depreciation	(15,913)	(51)
Depreciation of assets sold	4,266	4
Foreign exchange differences	(2,655)	-
Balance as at 31.12.2020	131,512	357

There are no liens and guarantees on the Company's tangible fixed assets, while the liens on the Group's tangible assets amount to € 5,392.

3.12 Right-of-use assets

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

Assets with right of use	Group	Company
Balance as at 01.01.2021	13,197	55
Additions	981	426
Reductions	(39)	-
Transfer to fixed assets	(10,381)	-
Depreciation	(420)	(66)
Depreciation of assets sold	48	-
Foreign exchange difference	21	-
Balance as at 30.06.2021	3,407	415

Assets with right of use	Group	Company
Balance as at 01.01.2020	14,972	176
Additions	1,607	40
Reductions	(214)	(30)
Transfer to fixed assets	(413)	-
Depreciation	(2,715)	(131)
Depreciation of assets sold	(40)	-
Balance as at 31.12.2020	13,197	55

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

Liabilities from Leasing	Group		Company
	30.06.2021	31.12.2020	30.06.2021	31.12.2020
Short-term liabilities from leasing	826	2,822	137	31
Long-term liabilities from leasing	2,368	3,210	279	25
Total Liabilities from Leasing	3,194	6,032	416	56

The above amounts include, among others, leases for buildings, cars, clark, printers and other equipment that were initially recognized due to the first adoption of IFRS 16 in Page 64 of 100 Contents >>

financial year 2019. These amounts for the Group account for € 2,183 for 2021 and € 1,713 for 2020. For the Company the amounts account for € 416 and € 56 respectively.

The interest expense from lease liabilities of the Group and the Company amounted to € 16 (2020: € 18) and € 7 (2020: € 3) respectively.

3.13 Fixed assets held for sale

This is the industrial property that housed Thrace Linq INC, located in South Carolina, USA. The management of the Group decided to sell the particular property. This property is included in the segment of technical fabrics.

During the previous period, the transfer of the above property was completed.

The total price consideration of the sale amounted to USD 14.5 million. As a result of the existing agreement, Thrace Linq INC received the amount of USD 11 million, while an amount of USD 3.5 million along with the corresponding interest would have to be paid by the Buyer within the year 2021.

However, according to the existing agreements and its special covenants (both with the Buyer and with the Bank involved), in case for any reason the Buyer had to breach its obligation to repay the remaining amount at the initially agreed time horizon (up until 15/06/2021 at the latest), the company Thrace Linq INC would have the right to repurchase the property (based on priority and also based on its own discretion), covering the outstanding balance of the loan (and any interest or expenses that would be due) of the buyer as it would have been formed at the time when Thrace Linq INC would exercise this right, thus permanently canceling the sale or alternatively in case such would have been deemed unprofitable, the company would have the right to participate in the property's liquidation process (having as collateral the second registered mortgage). Before deadline expiration, the parties mutually agreed to extend the agreement duration for two months, i.e. repayment of the outstanding amount until 15/08/2021 the latest.

Given the above and as the existence of the aforementioned right (call option) to repurchase the property created conditions of uncertainty regarding the final completion of the transaction, its accounting recognition would take place when the relevant events would become certain and final. The amount of USD 11 million received had been recorded in the cash and cash equivalents, respectively increasing the "Other current liabilities".

On August 18, 2021, the company issued a corporate announcement informing the investor community that after the on time collection of the entire remaining part of the consideration of USD 3.5 million (plus interest due and expenses) and the consequent cancellation of any reservations related to this repayment, the process of selling the property was completed and consequently the above transfer became certain and final.

It should be noted that as a result of the completion of the sale of the property, the Group is expected to record, in the second half of 2021, a capital gain of USD 7.78 million (i.e. approximately EUR 6.6 million).

The final sale of the property of the fully

owned by 100% subsidiary Thrace Linq Inc. completes in the most beneficial manner for the Group the respective action plan, concerning the cessation of the production activity of the particular subsidiary. At the same time, the Group continues to smoothly serve the geotextile market in America from the Group's own facilities in Europe and from Lumite Inc., which is a joint venture of the Group in the USA, thus strengthening on a gradual basis its position in this market as well.

3.14 Intangible Assets

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

Intangible Assets	Group	Company
Balance 01.01.2021	10,655	401
Additions	66	-
Amortization	(168)	(70)
Impairments	-	-
FX differences	66	-
Balance 30.06.2021	10,619	331

Intangible Assets	Group	Company
Balance 01.01.2020	11,350	503
Additions	27	-

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

Amortization (344) (102) Transfers 1 - Impairments (321) - FX differences (58) - Balance 31.12.2020 10,655 401

3.15 Other Long-term Receivables

Due to delays observed in the collection of grants receivable from the Greek State, the Group has reclassified this item in the previous years from short-term to long-term receivables, while proceeding to a partial impairment. The receivables of the Group that has been recorded before the impairments, amount to € 11,062.

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

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	Group		Company
Other Long-Term Receivables	30.06.2021	31.12.2020	30.06.2021	31.12.2020
Grants receivable	4,879	4,879	1,119	1,119
Other accounts receivable	113	155	38	38
Total	4,992	5,034	1,157	1,157

On July 17, 2020, the Law 4706/2020 was passed, according to which the outstanding receivables of the beneficiaries until 31.12.2015, which as mentioned above amount to € 11,062 for the Group, will be offset against existing and future claims of the State, by the entry into force of the above law.

The obligations of OAED (Greek Manpower Organization) and the Greek State are exhausted according to the provisions of article 87, par. 2 of Law 4706/2020. The companies of the Group have implemented the procedures provided by Law 4706/2020, in accordance with the issued circulars of OAED, in order to certify the correctness of the claimed amounts by comparing the already submitted statements. At the time of preparation of the current report, the relevant decisions for confirmation of receivables and for the respective offsetting with regard to the involved companies of the Group have not yet been issued and therefore the process remains in progress.

3.16 Trade and other receivables

3.16.1 Trade Receivables

Trade Receivables	Group		Company
	30.06.2021	31.12.2020	30.06.2021	31.12.2020
Customers	86,565	64,170	2,345	2,340
Provisions for doubtful debts	(7,512)	(7,307)	(2,328)	(2,328)
Total	79,053	56,863	17	12

The Group's customers (trade receivables) included notes and checks overdue of € 6,446 for 2021 versus € 8,065 which was the corresponding amount as of 31/12/2020.

Classification of customer receivables

Receivables from customers consist of the amounts due from customers from the sale of products that occur during the normal operation of the Group. In general, credit terms range from 30 to 180 days and therefore customer receivables are classified as short-term.

Receivables from customers are initially recognized in the transaction amount if the Group has the unconditional right to receive the transaction price. The Group holds the receivables from customers in order to collect the contractual cash flows and therefore measures them at amortized cost using the effective interest rate method.

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

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

Impairment of receivables from customers

For the accounting policy on impairment of receivables from customers, see note 2.10 in the Annual Financial Statements of the year ended 31.12.2020. For information on financial risk management, see note 3.26.

Other receivables	Group		Company
	30.06.2021	31.12.2020	30.06.2021	31.12.2020
Debtors	2,897	2,417	33	23
Investment Grant Receivable	2,353	2,193	-	-
Prepaid expenses	2,942	2,601	219	171
Provisions for doubtful debtors	-	-	-	-
Total	8,192	7,211	252	194

3.16.2 Other receivables

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

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

3.17 Bank Debt

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

The Group's short term loans have been granted from Greek and foreign banks with interest rates of Euribor or Libor plus a margin. The book value of loans approaches their fair value during 30 June 2021.

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

Debt	Group		Company
	30.06.2021	31.12.2020	30.06.2021	31.12.2020
Long-term debt	31,497	46,691	-	-
Total long-term debt	31,497	46,691	-	-
Current portion of Long-term debt	13,029	15,722	-	-
Short-term debt	7,858	10,589	1,500	960
Total short-term debt	20,887	26,311	1,500	960
Grand Total	52,384	73,002	1,500	960

The Company, during the current period, repaid all its bank loans whereas the balance of the short-term loans refers to an intragroup loan.

Interest rates are linked on a case by case basis with a Euribor or Libor plus a margin ranging from 1.20% to 3.5%.

3.18 Net Debt

Net Debt	Group		Company
	30.06.2021	31.12.2020	30.06.2021	31.12.2020
Long-term debt	31,497	46,691	-	-
Long-term liabilities from leases	2,368	3,210	279	25
Short-term debt	20,887	26,311	1,500	960
Short-term liabilities from leases	826	2,822	137	31
Total debt	55,578	79,034	1,916	1,016
Minus cash & cash equivalents	67,007	40,824	1,786	163
Net debt	(11,429)	38,210	130	853

EQUITY	225,104	174,583	76,427	76,623
NET DEBT / EQUITY	(0.05)	0.22	-	0.01

Furthermore, the Net Debt / EBITDA ratio of the Group for the period amounted to 0.10x (the EBITDA figure refers to the period from 01.07.2020 to 30.06.2021).

It is noted that, on 31.12.2020 the level of the Net Debt / EBITDA ratio stood at 0.55x while on 30.06.2020 it had settled at 1.30x.

3.19 Employee Benefits

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

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

Employee Benefits	Group		Company
	30.06.2021	31.12.2020	30.06.2021	31.12.2020
Defined contribution plans – Not self financed	3,368	3,283	245	238
Defined benefit plans – Self financed	4,248	12,729	-	-
Total provision at the end of the year	7,616	16,012	245	238

3.19.1 Defined contribution plans – Not self-financed

The Greek companies of the Group as well as the subsidiary Thrace Ipoma A.D. domiciled in Bulgaria participate in the following plan. With regard to the Greek companies, the following liability arises from the relevant legislation and concerns 40% of the required compensation per employee.

Defined contribution plans – Not self financed	Group		Company
	30.06.2021	31.12.2020	30.06.2021	31.12.2020
Amounts recognized in the balance sheet
Present value of liabilities	3,368	3,283	245	238
Net liability recognized in the balance sheet	3,368	3,283	245	238
Amounts recognized in the results
Cost of current employment	56	100	6	8
Net interest on the liability / (asset)	30	20	1	2
Ordinary expense in the account of results	86	120	7	10
Recognition of prior service cost	-	12	-	-
Cost of curtailment / settlements / service termination	91	219	92	66
Other expense / (income)	-	(35)	-	-

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Defined contribution plans – Not self financed	Group		Company
	30.06.2021	31.12.2020	30.06.2021	31.12.2020
Total expense in the account of results	177	316	99	76
Changes in the Net Liability recognized in Balance Sheet
Net liability / receivable at the beginning of year	3,283	2,599	238	215
Benefits paid from the employer - Other	(92)	(420)	(92)	(98)
Total expense recognized in the account of results	177	316	99	76
Total amount recognized in the Net Worth	-	649	-	45
Other	-	139	-	-
Net liability at the end of year	3,368	3,283	245	238

The actuarial assumptions are presented in the following table

Actuarial Assumptions	Greek Companies		Thrace Ipoma AD
	30.06.2021	31.12.2020	30.06.2021	31.12.2020
Discount rate	0.43%	0.43%	0.50%	0.50%
Inflation	1.30%	1.30%	0.80%	0.90%
Average annual increase of personnel salaries	1.30%	1.30%	5.00%	5.00%
Duration of liabilities	17 years	17 years	11.8 years	11.8 years

3.19.2 Defined Benefit Plans – Self financed

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

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

	Group
Defined Benefit Plans – Self financed	30.06.2021	31.12.2020
Amounts recognized in the balance sheet
Present value of liabilities	155,279	158,697
Fair value of the plan's assets	(151,031)	(145,968)
Net liability recognized in the balance sheet	4,248	12,729

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Amounts recognized in the results
Cost of current employment	-	156
Net interest on the liability / (asset)	115	229
Ordinary expense in the account of results	115	385
Cost recognition from previous years	-	-
Cost of curtailment / settlements / service termination	-	-
Other expense / (income)	115	337
Foreign exchange differences	-	-
Total expense in the account of results	230	722
Asset allocation*
Mutual Funds (Equities)	16,426	17,239
Mutual Funds (Bonds)	82,152	76,430
Diversified Growth Funds	49,295	48,721
Other	3,158	3,578
Total	151,031	145,968
Changes in the Net Liability recognized in Balance Sheet
Net liability / (receivable) at the beginning of year	12,729	12,653
Contributions paid from the employer / Other	(576)	(1,211)
Total expense recognized in the account of results	230	689
Total amount recognized in the Net Worth	(8,640)	1,285
Foreign exchange differences	505	(687)
Net liability / (asset) at the end	4,248	12,729

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

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

The actuarial assumptions are presented in the following table.

Actuarial Assumptions	Don & Low LTD		Thrace Polybulk AS
	30.06.2021	31.12.2020	30.06.2021	31.12.2020
Discount rate	1.91%	1.42%	1.70%	1.70%
Inflation	3.16%	2.91%	2.00%	2.00%
Average annual increase of personnel salaries	3.16%	2.91%	2.00%	2.00%
Duration of liabilities	18 years	18 years	10 years	10 years

3.20 Suppliers and Other Short-Term Liabilities

Suppliers and Other Short-Term Liabilities are presented analytically in the following tables.

3.20.1 Suppliers

Suppliers	Group		Company
	30.06.2021	31.12.2020	30.06.2021	31.12.2020
Suppliers	51,157	29,697	485	531
Total	51,157	29,697	485	531

3.20.2 Other Short-Term Liabilities

Other Short-Term Liabilities	Group		Company
	30.06.2021	31.12.2020	30.06.2021	31.12.2020
Sundry creditors*	13,058	12,333	16	4
Liabilities from taxes and pensions	9,426	6,178	452	402
Dividends payable	98	85	95	83
Customer prepayments **	4,203	5,636		-
Personnel salaries payable	1,108	1.339	50	69
Accrued expenses – Other accounts payable	12,183	7,521	2,125	868
Total short-term liabilities	40,076	33,092	2,738	1,426

The fair value of the liabilities approaches the book value.

* Includes the amount of 11 million dollars that the company Thrace Linq INC received for the transfer of the property (see note 3.13).
** Customer prepayments refer to the Group's obligation to deliver products to third parties.

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

3.21 Transactions with Related Parties

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

The commercial transactions of the Group with these related parties during the period 01.01.2021– 30.06.2021 have been conducted according to market terms and in the context of the ordinary business activities.

The transactions with the Subsidiaries, Joint Ventures and Related companies according to the IFRS 24 during the period 01.01.2021– 30.06.2021 are presented below.

Income	Group		Company
	30.06.2021	30.06.2020	30.06.2021	30.06.2020
Subsidiaries	-	-	2,683	2,580
Joint Ventures	3,310	3,405	56	59
Related Companies	5	5	-	-
Total	3,315	3,410	2,739	2,639

Expenses	Group		Company
	30.06.2021	30.06.2020	30.06.2021	30.06.2020
Subsidiaries	-	-	36	10
Joint Ventures	236	158	-	-
Related Companies	448	504	212	238
Total	684	662	248	248

Trade and other receivables	Group		Company
	30.06.2021	31.12.2020	30.06.2021	31.12.2020
Subsidiaries	-	-	12	7
Joint Ventures	2,028	1,370	-	-
Related Companies	32	26	26	26
Total	2,060	1,396	38	33

Suppliers and Other Liabilities	Group		Company
	30.06.2021	31.12.2020	30.06.2021	31.12.2020
Subsidiaries	-	-	1,756	1,059
Joint Ventures	38	23	15	19
Related Companies	71	180	51	141
Total	109	203	1,821	1,219

Long-term Liabilities	Group		Company
	30.06.2021	31.12.2020	30.06.2021	31.12.2020
Subsidiaries	-	-	299	313
Joint Ventures	-	-	-	5
Related Companies	-	-	-	-
Total	-	-	299	318

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

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

Company
Liabilities from leases	Opening balance 01.01.2021	Payment of leases	Ending balance 30.06.2021
Subsidiaries	3	(1)	-	-	2
Related Companies	20	(60)	366	6	332
Total	23	(61)	366	6	334

Company
Liabilities from leases	Opening balance 01.01.2020	Interest expense New Contracts / Payment of related to Amendment of leases Contracts leases 31.12.2020
Subsidiaries	5	(2)	-	-	3
Related Companies	157	(140)	-	3	20
Total	162	(142)	-	3	23

In addition, the depreciation of the Company includes depreciation for assets with the right of use, relating to lease agreements with related parties, amounting to € 57 (2020: € 116).

Also, the Group's liabilities to related companies include lease liabilities which are analyzed as follows:

Group
Liabilities from leases	Opening balance 01.01.2021	Payment of leases	New Contracts / Amendment of Contracts	Interest expense related to leases	Ending balance 30.06.2021
Related Companies	21	(66)	519	6	480
Total	21	(66)	519	6	480

Group
Liabilities from leases	Opening balance 01.01.2020	Payment of leases	New Contracts / Amendment of Contracts	Interest expense related to leases	Ending balance 31.12.2020
Related Companies	165	(148)	-	4	21
Total	165	(148)	-	4	21

In addition, the depreciation of the Group includes depreciation for assets with the right to use, relating to lease agreements with related parties, amounting to € 87 (2020: € 123).

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

The Company has granted guarantees to banks against long-term loans for the account of its subsidiaries. On 30th June 2021, the outstanding amount for which the Company had provided guarantee settled at € 35,302 and is analyzed as follows:

Guarantees for Subsidiaries	30.06.2021
Thrace Nonwovens & Geosynthetics Single Person S.A.	12,891
Thrace Greenhouses S.A.	335
Thrace Plastics Pack S.A.	17,534
Thrace Polyfilms Single Person S.A.	4,542
Total	35,302

3.22 Board of Directors' Fees

BoD Fess	Group			Company
	30.06.2021	30.06.2020	30.06.2021	30.06.2020
BoD Fees	1,933	2,033	660	751

The remuneration concerns the Boards of Directors of 21 companies in which 33 members participate and include salaries of the executive members of the Boards of Directors, other remuneration and benefits of both the executive and the non-executive directors.

3.23 Investments

3.23.1 Investments in companies consolidated with the full consolidation method

The value of the Company's investments in the subsidiaries, as of 30 June 2021, is as follows:

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Companies consolidated with the full consolidation method	30.06.2021	31.12.2020
Don & Low LTD	37,495	37,495
Thrace Plastics Pack S.A.	15,507	15,507
Thrace Nonwovens & Geosynthetics Single Person S.A.	5,710	5,710
Synthetic Holdings LTD	11,728	11,728
Thrace Polyfilms Single Person S.A.	3,418	3,418
Total	73,858	73,858

3.23.2 Investments in companies consolidated with the equity method

The following table presents the companies in which the management is jointly controlled with another shareholder with the right to participate in their net assets. The companies are consolidated according to the Equity method in line with the provisions of IFRS 11.

interest of 50.91% in Thrace Greenhouses SA with a value of € 3,615 and of 51% in Thrace Eurobent SA with a value of € 204 as at 30/06/2021. The company Thrace Greiner Packaging SRL is 50% owned by Thrace Plastics Pack SA whereas Lumite Inc is 50% owned by Synthetic Holdings LTD.

The parent Company holds direct business

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

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

Investments in companies consolidated with the equity method	01.01 – 30.06.2021	01.01 - 31.12.2020
Balance at beginning	15,068	14,547
Profit / (loss) from joint ventures	1,903	1,776
Dividends	(401)	(550)
Foreign exchange differences and other reserves	181	(705)
Balance at end	16,751	15,068

3.24 Commitments and Contingent Liabilities

On 30 June 2021 there are no significant legal issues pending that may have a material effect in the financial position of the Companies in the Group.

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

3.25 Reclassification of Items

In the present financial statements, reclassifications of immaterial accounting items have been made, in order to be comparable with those of the current period.

3.26 Financial risks

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

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

In general, the Group's activities create

3.26.1 Risk of Price Fluctuations of Raw Materials

The Group is exposed to fluctuations in the price of polypropylene (represents 53% of the cost of sales), which are mainly faced by a similar change in the selling price of the final product. The possibility that the increase in the price of polypropylene cannot be fully passed on to the selling price, causes unavoidably the compression of margins. For this reason, the Company accordingly adjusts, to the extent it is feasible, its inventory policy as well as its commercial policy in general. Therefore in any case, the particular risk is deemed as relatively controlled.

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3.26.2 Credit Risks

• Impairment

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

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

3.26.3 Liquidity risk

The monitoring of liquidity risk is focused on managing cash inflows and outflows on a constant basis, in order for the Group to have the ability to meet its cash flow credit granted does not exceed the credit limit per customer. Client sales insurance policies are also concluded per customer and no tangible guarantees on the assets of clients are required.

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

Regarding the remaining financial assets, the expected credit losses are being calculated according to the losses of the next 12 months. The expected credit losses of the following 12 months is part of the anticipated credit losses for the entire life of the financial assets, which emanates from the probability of a default in the payment of the contractual obligations within the next 12-month period starting from the reporting date. In case of a significant increase in credit risk since the initial recognition, the provision for impairment will be based on the expected credit losses of the entire life of the asset.

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

obligations. The management of liquidity risk is applied by maintaining cash equivalents and approved bank credits. During the preparation date of the financial state-

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

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

3.26.4 Foreign exchange risk

The Group is exposed to foreign exchange risks arising from existing or expected cash flows in foreign currency and investments that have been made in foreign countries. The management of the various risks is made by the use of natural hedge instruments. In order to hedge foreign currency risk from foreign currency customer receivables, borrowing is contracted in the same currency, according to the management's judgment.

3.26.5 Interest rate Risk

The Group's long-term loans have been provided by Greek and foreign banks and are mainly denominated in Euro. The repayment period varies, according to the loan contract each time, while long-term

3.26.6 Capital Adequacy Risk

The Group controls capital adequacy using the net debt to operating profit ratio, the net debt to equity ratio and the net debt to EBITDA ratio. The Group's objective in relation to capital management is to ensure the ability for its smooth operation in the future, while providing satisfactory returns loans are mainly linked to Euribor plus a margin. The Group's short-term loans have been provided by several banks, under Euribor, plus a margin and Libor plus a margin.

to shareholders and benefits to other parties, as well as to maintain an ideal capital structure so as to ensure a low cost of capital. For this purpose, it systematically monitors working capital in order to maintain the lowest possible level of external financing (see note 3.18).

3.27 Significant Events

Macroeconomic Environment and effects of COVID-19

The spread of the COVID-19 pandemic from the beginning of 2020 until today, has caused and continues to cause occasional disturbances and fluctuations in global supply and demand, including Greece and other countries in which the Group operates and therefore the pandemic itself continues to create conditions of intense uncertainty. At the same time, there is still an inability to accurately assess the overall impact that the pandemic will ultimately have on the economies, while the level of optimism created by the accelerated evolution of vaccinations is partially offset by the course of new mutations. New protection measures are being taken in some countries, while in others the pandemic is in recession, resulting in a gradual recovery of activities.

I. Impact of the pandemic on the operation of the Group for the first half of 2021

From a financial point of view, the Group continues to increase its revenues and profitability, thus successfully offsetting any negative impact on demand. More specifically, it was observed:

Increased demand for the products belonging to the traditional portfolio of the Group.
Continuous demand for products aimed at the packaging sector.
Continuous demand for products related to personal protection and health and in particular in technical fabrics, used in personal protection applications, especially by local health systems, despite the fact that there were initial signs of a gradual decline in demand.
Relatively rising demand for packaging products related to catering and tourism, compared to the previous year.
High prices of raw materials, while in individual cases additional increases were observed, depending on the type of raw material and the geographical area.
Significantly increased energy costs, in all countries where the Group operates.
Significant increase in transportation cost mainly due to shortage in containers.
Maintaining and further strengthening the Group's customer base.

At the same time, during the first half of 2021, extraordinary expenses were incurred, which are mainly related to measures taken to deal with the pandemic, which amounted to € 308 thousand.

recording a negative Net Debt of € 11.4 million, as cash and cash equivalents exceeded debt and lease liabilities.

II. Measures taken to reduce the impact of the pandemic

Establishment of sub-crisis management teams with the participation of the Management teams of the subsidiaries and the Group, the Human Resources Departments, the Occupational Physicians and the Safety Technicians.
Informing employees about the coronavirus, the mode of transmission, the prevention and protection measures and providing recommendations and instructions for personal hygiene, in accordance with the local instructions of the competent authorities.
Provision of personal protective equipment to the personnel (masks, antiseptics, gloves).
Carrying out disinfections at the Company's premises on a regular basis.
Conduct Covid-19 tests on the personnel as appropriate.
Remote work for office employees to the greatest possible extent.
Protection of employees belonging to vulnerable groups, by facilitating their immediate removal from the premises, without curtailing their remuneration.
Development of specific procedures and protocols for all visitors to the Company's facilities (carriers, contractors, technicians, etc.)
Conducting meetings among the employees of all Companies as well as the Management of the Group and conducting meetings between the Board of Directors without physical

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presence and by using electronic or audiovisual means (e.g. video conference).

Conducting General Meetings by video conference, in accordance with the provisions of the relevant legislative framework.
Restriction of movements to all facilities of the Companies and restriction of travel for business purposes.
Continuous monitoring of liquidity and the transaction cycle of the Group companies.

It should be noted that the protection measures mentioned above continue to be fully implemented in the most consistent manner and to absolute degree at the time of preparation of the current Report.

III. Assessing the impact of the pandemic in the future and prospects of the Group

Despite the fact that the current conditions in the global market place create significant volatility, making any assessment re-

garding the impact of the pandemic on the commercial activity and the financial results of the Company and the Group uncertain, the Group's Management estimates that neither the Group nor any of its individual activities face any potential threat in terms of cessation of business activity (going concern). At the same time, the Management remains optimistic with regard to the satisfactory course of the Group's financial results for the entire fiscal year, although it maintains reservations about the consequences of the pandemic on the economies of the respective countries over the next period as well as for the intensity with which the volatile conditions might affect the Group's activities, especially in the second half of the year.

Election of new members of the Board of Directors to replace resigned Directors – Reconstitution of the Board of Directors into a body

The Board of Directors of the Company, during the meeting that took place on 18th January 2021, elected:

(a) Ms. Myrto Papathanou of Christos in replacement and for the remaining of the term of the resigned independent non-executive member of the Board of Directors Mr. Konstantinos Gianniris of Ioannis, and
(b) Ms. Spyridoula Maltezou of Andreas in replacement and for the remaining of the term of the resigned independent non-executive member of the Board of Directors Mr. Ioannis Apostolakos of George.

The election of the above new independent non-executive members of the Board of Directors was announced, in accordance with the law and the Company's Articles of Association, at the Extraordinary General Shareholders Meeting of the Company, on 11 February 2021.

Following the above, the Board of Directors of the Company was reconstituted into a body for the remaining of its term, i.e. until March 19th, 2024, as follows:

1. Konstantinos Chalioris of Stavros, Chairman of the Board of Directors (executive member).
1. Christos-Alexis Komninos of Konstantinos, Vice Chairman of the Board of Directors (non-executive member).
1. Dimitrios Malamos of Petros, Chief Executive Officer of the Company (executive member).
1. Vassilios Zairopoulos of Stylianos, Member of the Board of Directors (non-executive member).
1. Christos Siatis of Panagiotis, Member of the Board of Directors (non-executive member).
1. Petros Fronistas of Christos, Member of the Board of Directors (independent non-executive member).
1. Myrto Papathanou of Christos, Member of the Board of Directors (independent non-executive member).
1. Spyridoula Maltezou of Andreas, Member of the Board of Directors (independent non-executive member).
1. Theodoros Kitsos of Konstantinos, Member of the Board of Directors (independent non-executive member).
1. Nikitas Glykas of Ioannis, Member of the Board of Directors (independent non-executive member).

Decisions of the Extraordinary General Meeting of the Company's shareholders of 11th February 2021

The Extraordinary General Meeting of the Company's shareholders on 11 February 2021 took the following decisions:

In the 1st item of the agenda, the Meeting decided by majority, in accordance with the provisions of article 3 of Law 3016/2002, the election of the following persons:

(a) Ms. Myrto Papathanou of Christos in replacement and for the remaining of the term of the resigned independent non-executive member of the Board of Directors Mr. Konstantinos Gianniris of Ioannis, and
(b) Ms. Spyridoula Maltezou of Andreas in replacement and for the remaining of the term of the resigned independent non-executive member of the Board of Directors Mr. Ioannis Apostolakos of George,

In the 2nd item and in the context of harmonization with the requirements, criteria and regulations of the new Law 4706/2020 with regard to corporate governance and concerning both independence and suitability, diversity and mainly the adequate representation by gender in the Board of Directors, and following a relevant proposal of the Remuneration and Nomination Committee (RNC), the Meeting approved by majority the election of a new elevenmember (11-member) Board of Directors, through the re-election of all its outgoing members, as well as the election of Mr. Georgios Samothrakis of Panagiotis as its new member.

1. Konstantinos Chalioris of Stavros
1. Christos-Alexis Komninos of Konstantinos
1. Dimitrios Malamos of Petros
1. Vassilios Zairopoulos of Stylianos
1. Christos Siatis of Panagiotis
1. Petros Fronistas of Christos
1. Georgios Samothrakis of Panagiotis
1. Myrto Papathanou of Christos
1. Spyridoula Maltezou of Andreas
1. Theodoros Kitsos of Konstantinos
1. Nikitas Glykas of Ioannis

In the 3rd item, the Meeting approved by majority, in accordance with the provisions of article 44 of Law 4449/2017, as in force after its amendment by the article 74 of Law 4706/2020, the election of a new Audit Committee, which constitutes an Independent Committee and consists of three (3) members, of which one (1) independent non-executive member of the Board of Directors of the Company and two (2) third parties - non-members of the Board of Directors.

Within the above framework, the following persons were elected as members of the Audit Committee:

1. Mr. Georgios Samothrakis of Panagiotis, Independent non-executive Member of the Board of Directors,
1. Mr. Konstantinos Kotsilinis of Eleftherios, third party and non-Member of the Board of Directors and
1. Mr. Konstantinos Gianniris of Ioannis, third party and non-Member of the Board of Directors.

(a) They do not hold shares greater than 0.5% of the Company's share capital; and
(b) They do not have any dependency relationship with the Company or persons related to it, as this (dependency relationship) is specified in particular in the provisions of article 4 par. 1 of Law 3016/2002, which remains in force until 17.07.2021, as well as of article 9 par. 1 and 2 of Law 4706/2020.

Finally, by the same majority decision, the Meeting specified the term of the Audit Committee as five years, starting on February 11, 2021 and ending on February 11, 2026.

Formation of the newly elected Board of Directors into body

1. Konstantinos Chalioris of Stavros, Chairman of the Board of Directors (executive member).
1. Theodoros Kitsos of Konstantinos, Vice Chairman of the Board of Directors (independent non-executive member).
1. Dimitrios Malamos of Petros, Chief Executive Officer of the Company (executive member).
1. Vassilios Zairopoulos of Stylianos, Member of the Board of Directors (non-executive member).
1. Christos Siatis of Panagiotis, Member

Election of the Chairman of the Audit Committee

Following the above, the Audit Committee was constituted into a body as follows:

Georgios Samothrakis of Panagiotis, Independent Non-Executive Member of the Board of Directors, Chairman of the Audit Committee.

of the Board of Directors (non-executive member).

1. Christos-Alexis Komninos of Konstantinos, Member of the Board of Directors (non-executive member).
1. Petros Fronistas of Christos, Member of the Board of Directors (non-executive member).
1. Georgios Samothrakis of Panagiotis, Member of the Board of Directors (independent non-executive member).
1. Myrto Papathanou of Christos, Member of the Board of Directors (independent non-executive member).
1. Spyridoula Maltezou of Andreas, Member of the Board of Directors (independent non-executive member).
1. Nikitas Glykas of Ioannis, Member of the Board of Directors (independent non-executive member).
1. Konstantinos Kotsilinis of Eleftherios, third party - non-Member of the Board of Directors, Member of the Audit Committee.
1. Konstantinos Gianniris of Ioannis, third party - non-Member of the Board of Directors, Member of the Audit Committee.

Appointment of New Head of the Internal Audit Department

According to the decision of 12.03.2021 of its Board of Directors, Mr. Lambros Apostolopoulos was appointed as Head of the Internal Audit Department (Unit).

Mr. Apostolopoulos assumed his duties as Head of the Internal Audit Department on 17/03/2021.

Expiration / Completion of the Stock Repurchase Plan

Establishment of Committees of the Board of Directors

(a) the abolition of the existing Committee for Benefits and Promotion of Nominations (CBPN) and its replacement by the Remuneration and Nomination Committee,

(b) the establishment of the Strategy and Investment Committee,
(c) the establishment of the Environmental, Social Responsibility and Corporate Governance Committee, and finally
(d) the establishment of the Human Resources Committee

The Board of Directors during the above meeting appointed the members and set the responsibilities of these committees.

Page 88 of 100 Contents >>

Annual Ordinary General Meeting of the Company's shareholders

The Annual Ordinary General Meeting of the Company's shareholders, which took place on May 21, 2021 remotely in real time via videoconference, took the following decisions on the items of the daily agenda:

The Company's shareholders registered in the records of the Dematerialized Securities System (SAT) as of Thursday 27 May 2021 (record date), were those entitled to receive the above dividend.

Wednesday 26 May 2021 was set as the ex-dividend date according to the relevant article 5.2 of the Athens Exchange Regulation.

istered in the Public Records of the article 14 of Law 4449/2017 for the regular audit of the annual and semi-annual Financial Statements of the Company (separate and consolidated) for the current financial year 2021.

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On the 10th item, the Shareholders' Meeting by a majority approved the granting of permission, pursuant to article 98, paragraph 1 of Law 4548/2018, to the Members of the Board of Directors, the General Managers and the Managers of the Company, with regard to their participation in the Board of Directors or the Management of subsidiaries or affiliated companies (current or / and future) of the Company and subsequently of the Group.

On the 11th item, the Shareholders' Meeting by a majority approved the stock repurchase plan of the Company in accordance with the provisions of article 49 of Law

4548/2018, as in force, and in particular approved the purchase within a period of twenty-four (24) months from the date of this decision, i.e. no later than 21.05.2023, of a maximum of 4,341,876 common, registered shares, with a price range from fifty cents of Euro (€ 0.50) per share (minimum) to ten Euros (€ 10.00) per share (maximum).

Commencement of Stock Repurchase Plan

New investment plan of € 25.5 million of Thrace Plastics Group with an emphasis on the production facilities of Xanthi, Greece

The individual actions of the new investment plan that will be implemented at the Group's facilities, in Xanthi, Greece, are summarized as follows:

investment in mechanical fiber production equipment: fiber is a basic raw material for the production of nonwoven needle punch fabrics. Needle Punch fabrics aim at a variety of applications in the sectors of infrastructure and construction, agriculture, automotive, etc.

investment in mechanical recycling equipment in order to increase the recycling capacity with regard to finished products or plastic waste, both from internal production and operating processes as well as from third party sources. This action is in line with the commitment of the Group calling on the one hand for the use of more recycled raw materials and on the other hand for further reducing the environmental footprint of its final products.
investment concerning the installation and commissioning of photovoltaic systems to cover part of the energy needs of the Group's production plant complex in the area of Xanthi, Greece (net metering), with a targeted power capacity of 1.5 MW, demonstrating its commitment towards sustainable development, in the context of achieving energy savings and for further reducing the environmental footprint.
investment in infrastructure (land and buildings), which will create conditions that are conducive to efficiency gains of the production plants, but will also prepare the ground for future development of the business activity and profitability of the Group's companies.

Moreover, under the above extraordinary investment plan, the following will take place at Don & Low's facilities in Forfar, Scotland:

investment in mechanical laminating equipment to increase production capacity with regard to the further processing of non-woven Spun bond fabrics, in order to achieve higher profit margins.

investment in mechanical recycling equipment to increase the recycling capacity with regard to finished products or plastic waste, both from internal production and operating processes as well as from third party sources.
investment in infrastructure (land and buildings), which will create conditions that are conducive to efficiency gains of the production plant, but will also facilitate the future development of the business activity and profitability of the company.

The new investments amount in total to € 25.5 million, of which € 21.4 million concern the investments that will be implemented in the production facilities of the Group in Xanthi, Greece and € 4.1 million concern the investments in the Group's subsidiary in Scotland, whereas all are being related to the field of Technical Fabrics. The financing of this new investment plan will be carried out mainly with own funds thanks to the Group's strong cash position.

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3.28 Events after the Balance Sheet Date

Election of a new member of the Board of Directors to replace the resigned Director - Reconstitution of the Board of Directors into a body

Mr. Athanasios Dimiou of Georgios as non-executive member, in replacement for the remaining term of the resigned non-executive member of the Board of Directors Mr. Petros Fronistas of Christos.

Following the above, the Board of Directors of the Company was reconstituted into a body for the remainder of its term, i.e. until February 11th, 2026, as follows:

1. Konstantinos Chalioris of Stavros, Chairman of the Board of Directors (executive member).
1. Theodoros Kitsos of Konstantinos, Vice Chairman of the Board of Directors (non-executive member).
1. Dimitrios Malamos of Petros, Chief Executive Officer of the Company (executive member).
1. Athanasios Dimiou of Georgios, Member of the Board of Directors (nonexecutive member).
1. Vassilios Zairopoulos of Stylianos, Member of the Board of Directors (non-executive member).
1. Christos Alexis Komninos of Konstantinos, Member of the Board of Directors (non-executive member).
1. Christos Siatis of Panagiotis, Member of the Board of Directors (non-executive member).
1. Georgios Samothrakis of Panagiotis, Member of the Board of Directors (independent non-executive member).
1. Myrto Papathanou of Christos, Member of the Board of Directors (independent non-executive member).
1. Spyridoula Maltezou of Andreas, Member of the Board of Directors (independent non-executive member).
1. Nikitas Glykas, of Ioannis, Member of the Board of Directors (independent non-executive member).

Completion of the Process concerning the Sale of the Industrial Property of the fully owned, by 100%, subsidiary Thrace Linq Inc.

The Management of Societe Anonyme under the name "THRACE PLASTICS HOLD-ING COMPANY COMMERCIAL SOCIETE ANONYME" following the relevant announcements on 24.04.2020, 18.06.2020, 28.08.2020 and 17.06.2021, in relation to the transfer –due to the respective sale by its 100% subsidiary company Thrace Linq Inc.-- of the privately owned industrial property, which is located in South Carolina, U.S.A., after the final cessation of the production operation of the above subsidiary, informed the investor community on 18/08/2021 about the following: After the collection of the entire remaining part of USD 3.5 million (plus the interest due and related expenses), and the consequent abolition of any impediments associated with this particular repayment, the sale transaction with regard to the above property was completed and consequently the transfer of the property became certain and final.

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

The condensed interim financial information has been prepared in accordance with International Financial Reporting Standards as adopted by the European Union, was approved by the Board of Directors on 8 September 2021 and is signed by the representatives of such.

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


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

V. ONLINE AVAILABILITY OF THE INTERIM FINANCIAL REPORT

The interim condensed financial information of the company THRACE PLASTICS CO S.A. is available on the internet, on the website www.thracegroup.gr.

Contents >> Page 95 of 100 Interim Financial Information - 01.01- 30.06.2021

Amounts in thousand Euro, unless stated otherwise

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

AI Terminal

Thrace Plastics Holding and Commercial S.A.

2756_ir_2021-09-09_11690929-10d1-43da-bf08-0eea711fd823.pdf

THRACE PLASTICS CO S.A.

SEMI-ANNUAL FINANCIAL REPORT

CONTENTS

I. STATEMENTS BY REPRESENTATIVES OF THE BOARD OF DIRECTORS

THE SIGNATORIES:

II. SEMI-ANNUAL REPORT BY THE BOARD OF DIRECTORS OF THRACE PLASTICS Co. S.A. FOR THE PERIOD 01.01.2021 ΤΟ 30.06.2021

INTRODUCTION

SECTION I: Significant events that took place during the first half of 2021

Macroeconomic Environment and effects of COVID-19

I. Impact of the pandemic on the operation of the Group for the first half of 2021

III. Assessing the impact of the pandemic in the future and prospects of the Group

Election of new members of the Board of Directors to replace resigned Directors – Reconstitution of the Board of Directors into a body.

Decisions of the Extraordinary General Meeting of the Company's shareholders of 11thFebruary 2021

Formation of the newly elected Board of Directors into body

Election of the Chairman of the Audit Committee

Appointment of New Head of the Internal Audit Department

Expiration / Completion of the Stock Repurchase Plan

Establishment of Committees of the Board of Directors

Annual Ordinary General Meeting of the Company's shareholders

Commencement of Stock Repurchase Plan

New investment plan of € 25.5 million of Thrace Plastics Group with an emphasis on the production facilities of Xanthi, Greece

SECTION II: Review of Financial Highlights for the 1st Half of 2021

1. Group Results

Continuing Operations

Turnover € 234,285 (+50.8 %) ________________________________________________________________________________________________________________

Gross Profit € 90,234 (+114.1%) ________________________________________________________________________________________________________________

EBIT € 61,193 (+245.1%) ________________________________________________________________________________________________________________

EBITDA € 72,459 (+178.3%) ________________________________________________________________________________________________________________

Adjusted EBITDA € 72,841 (+171.9 %) ________________________________________________________________________________________________________________

Earnings before Taxes € 61,970 (+267.7%) ________________________________________________________________________________________________________________

Earnings after Taxes € 48,483 (+277.9%)

Earnings after Taxes and Minority (non-controlling) Interests € 48,179 (+284.0%) ________________________________________________________________________________________________________________

Total Operations

2. Results of the Group per Business Segment

Technical Fabrics Sector

Packaging Sector

3. Consolidated statement of financial position of the Group

ASSETS

EQUITY & LIABILITIES

Net Debt € (11,429) ________________________________________________________________________________________________________________

▶ Suppliers: € 51,157 (+72.3%)

4. Consolidated Cash Flows

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

Alternative Performance Measures

ΕΒΙΤ (The indicator of earnings before financial and investment activities as well as taxes)

EBITDA (The indicator of operating earnings before financial and investment activities as well as depreciation, amortization, impairment and taxes)

Adjusted EBITDA (The adjusted indicator of operating earnings before financial and investment activities as well as depreciation, amortization, impairment and taxes).

SECTION IV: Significant transactions with related parties during the 1st Half of 2021

SECTION V: Fundamental Risks and Uncertainties – Outlook for the 2nd Half of 2021

Financial Risk Management

Risk from fluctuation of prices of raw materials

Credit Risk

Impairment

Liquidity Risk

Foreign exchange risk

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

Interest Rate Risk

Capital Adequacy Risk

Prospects for the 2nd Half 2021

SECTION VΙ: Treasury Shares

SECTION VΙΙ: Sustainable Development

SECTION VΙΙΙ: Significant Events after 30.06.2021

Report on Review of Interim Financial Information

Report on Review of Interim Financial Information

Introduction

Scope of Review

Conclusion

Report on other legal and regulatory requirements

IV. INTERIM CONDENSED FINANCIAL INFORMATION OF THE PERIOD 01.01.2021 – 30.06.2021 21

STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (01.01.2021 – 30.06.2021) STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (01.01.2021 – 30.06.2021)

STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (01.04.2021 – 30.06.2021) STATEMENT OF INCOME AND OTHER COMPREHENSIVE INCOME (01.04.2021 – 30.06.2021)

STATEMENT OF FINANCIAL POSITION STATEMENT OF FINANCIAL POSITION

STATEMENT OF CHANGES IN EQUITY

Amounts in Euro thousand, unless stated otherwise Group

STATEMENT OF CHANGES IN EQUITY (continues from previous page) Amounts in Euro thousand, unless stated otherwise

Company

STATEMENT OF CASH FLOWS STATEMENT OF CASH FLOWS