Anek Lines S.A.

Annual / Quarterly Financial Statement • Apr 27, 2021

ANEK LINES S.A.

No of G.E.C.R.: 121557860000

Registered Office: 148 Karamanli Avenue, Chania

Financial data and information for the period from 1 January 2020 to 31 December 2020 The following data and information are to provide users with general information for the financial position and the results of operations of ANEK LINES SA and the Group. Therefore, it is recommended to any user, before proceeding to any kind of investing decision or other transaction with the Company, to visit the Company's web site, where the financial statements and the Auditor's Report, when is reqiuired, are published.

COMPANY INFORMATION						TOTAL COMPREHENSIVE INCOME (parent company and consolidated)
Supervising authority: Ministry of Development, Societe Anonyme Division					(Amounts in € thousand) Group Company
Company's website: www.anek.gr						from 01.01 to		from 01.01 to
Board of Directors: Katsanevakis Georgios (Chairman), Protopapadakis Spyridon (Vice Chairman), Vardinoyannis Ioannis (Managing Director),						31.12.2020	31.12.2019	31.12.2020	31.12.2019
Archontakis Georgios (Deputy Managing Director), Apostolakis Emmanouil (Non executive member), Georvasakis Michael (Non executive member), Malandrakis Ioannis (Non executive member), Marakakis Michael (Independent non executive member),					Turnover	124.452	173.891	109.986	157.039
Markantonakis Alexandros (Independent non executive member), Fragkiadakis Georgios (Independent non executive member)					Gross profit / (loss)	14.771	40.256	10.081	34.088
Date of approval of the annual financial statements: April 27, 2021					Earnings / (losses) before taxes, financing and investing results (EBIT)	(4.422)	14.679	(5.940)	12.404
Certified auditors - accountants: Diamantoulakis Emmanouil (SOEL Reg. No 13101) - Kollyris Nikolaos (SOEL Reg. No. 35591)					Earnings / (losses) before taxes (EBT)	(13.449)	4.573	(14.529)	2.850
Auditing firms: GRANT THORNTON (Reg. No 127), SOL SA (Reg. No 125)					Earnings / (losses) after taxes (A) Owners of the parent	(14.115) (15.066)	3.817 2.577	(14.727) -	2.656 -
Type of auditors' report: Unqualified opinion - Material uncertainty related to going concern assumption					Non-controlling interests	951	1.240	-	-
STATEMENT OF FINANCIAL POSITION (parent company and consolidated)					Other comprehensive income after taxes (Β)	9	(229)	19	(238)
				Total comprehensive income after taxes (Α) + (Β)	(14.106)	3.588	(14.708)	2.418
(Amounts in € thousand)	Group 31.12.2020	31.12.2019	Company 31.12.2020	31.12.2019	Owners of the parent Non-controlling interests	(15.050) 944	2.342 1.246	- -	- -
ASSETS
Tangible assets	263.259	270.453	255.834	263.271	Basic earnings / (losses) after taxes per share - (in €)	(0,0740)	0,0137	(0,0723)	0,0141
Investments in property	1.748	1.753	672	678	Diluted earnings / (losses) after taxes per share - (in €)	(0,0740)	0,0119	(0,0723)	0,0122
Intangible assets Other non-current assets	217 2.541	268 3.885	217 8.901	268 9.956	Proposed dividend per share - (in €)	-	-	-	-
Inventories	2.689	3.156	1.597	2.047	Earnings / (losses) before taxes, financing and investing results,
Trade receivables	30.921	34.201	30.052	33.282	depreciation and amortization (EBITDA)	6.867	25.638	4.831	22.898
Other current assets	6.186	8.720	4.870	7.026
Cash & cash equivalents	11.421	8.498	3.405	2.019		CASH FLOW STATEMENT (parent company and consolidated)
TOTAL ASSETS	318.982	330.934	305.548	318.547
EQUITY & LIABILITIES					(Amounts in € thousand)	Group from 01.01 to		Company from 01.01 to
Share capital	67.440	56.597	67.440	56.597		31.12.2020	31.12.2019	31.12.2020	31.12.2019
Other equity items	(81.509)	(65.804)	(77.388)	(62.023)	Operating activities
Equity attributable to shareholders of the parent (a)	(14.069)	(9.207)	(9.948)	(5.426)	Earnings / (losses) before taxes	(13.449)	4.573	(14.529)	2.850
Non-controlling interests (b)	13.134	12.538	-	-	Adjustments for:
Total Equity (c) = (a) + (b) Long-term borrowings	(935) -	3.331 -	(9.948) -	(5.426) -	Depreciation Grants amortization	11.296 (7)	11.023 (64)	10.771 -	10.494 -
Provisions and other long-term liabilities	17.534	19.371	15.537	17.852	(Gain) / loss from disposal of property, plant and equipment	(6)	(2)	-	(1)
Short-term borrowings	252.862	258.708	252.862	258.708	Provisions	1.299	2.322	1.209	2.270
Other short-term liabilities	49.521	49.524	47.097	47.413	Exchange differences	(384)	189	(384)	189
Total liabilities (d)	319.917	327.603	315.496	323.973	Results of investing activity	(2.234)	(189)	(2.683)	(777)
TOTAL EQUITY AND LIABILITIES (c) + (d)	318.982	330.934	305.548	318.547	Financial expenses (less financial income)	9.331 5.846	9.290 27.142	9.342 3.726	9.326 24.351
STATEMENT OF CHANGES IN EQUITY (parent company and consolidated)					Adjustments for changes in working capital:
(Amounts in € thousand)	Group		Company		Decrease / (increase) of inventories	445	(169)	450	(135)
	31.12.2020	31.12.2019	31.12.2020	31.12.2019	Decrease / (increase) of receivables	5.578	(3.193)	5.613	(3.284)
Equity at the beginning of the year (01.01.2020 and 01.01.2019, respectively) Total comprehensive income after taxes	3.331 (14.106)	(8.869) 3.588	(5.426) (14.708)	(7.844) 2.418	Increase / (decrease) of liabilities (other than borrowings)	(2.088)	(4.049)	(2.630)	(4.188)
Share capital increase (minus related esxpenses)	10.698	-	10.698	-	Less:
Dividends paid	(347)	(348)	-	-	Interest and financial expenses paid	(1.423)	(6.665)	(1.406)	(6.651)
Other equity movements	(511)	8.960	(512)	-	Income tax paid	(516)	(780)	(172)	(150)
Equity at the end of the year (31.12.2020 and 31.12.2019, respectively)	(935)	3.331	(9.948)	(5.426)	Cash flows from operating activities (a)	7.842	12.286	5.581	9.943
					Investing activities
ADDITIONAL DATA & INFORMATION					Acquisition of affiliates, securities and other investments	(2)	(607)	(2)	(607)
1. Group entities that are included in the consolidated financial statements are presented in note 1 in the annual financial statements as of 31.12.2020, including locations,				Proceeds from the sale of securities and investments	51	-	-	-
percentage Group ownership and consolidation method. 2. The basic accounting principles adopted in the financial statements are consistent with those of the annual financial statements of 2019, adjusted with the revisions to IFRS. 3. There are no litigious disputes or disputes in arbitration against the Group that could significantly affect the financial				Purchase of tangible and intangible assets	(952)	(5.517)	(170)	(5.139)
position.Τhe recorded relevant provisions as at 31.12.2020 for the Group and the Company amounted to € 1.463 thousand for the Group and the Company. 4. The number of				Proceeds from the sale of property, plant and equipment	20	2	-	1
employees at 31.12.2020 was 670 persons (617 for the Company) and at 31.12.2019 was 762 persons (705 for the Company). 5. At the end of the period no shares of the parent company were possessed by the parent company neither by any subsidiary or associate company. 6. Group's "other comprehensive income" in the statement of comprehensive				Interest received Dividends received	36 -	47 -	1 163	1 163
income for the year 2020 refers totally to actuarial profits after taxes, whereas in 2019 referred by € 26 thousand to the possitive impact of a taxation rate change on land				Cash flow from investing activities (b)	(847)	(6.075)	(8)	(5.581)
deferred taxes and by € 255 thousand to actuarial losses after taxes. "Other equity movements" in the statement of changes in equity for year 2020 refers to the impact of the revaluation of the reserve of the convertible bond loan following the partial conversion of the bond loan in August 2020, whereas in 2019 referred to the impact of a
subsidiary's cease in consolidation. 7. The provisions for the un-audited tax years of the Group companies, which are presented in note 22 of the annual financial statements, amounted to € 345 thousand (€ 291 thousand for the Company). The accumulated provisions for doubtful debts amounted to € 46.474 thousand for the Group and € 45.063				Financing activities
thousand for the Company, while the provisions for retirement benefits amounted to € 2.850 thousand for the Group and € 2.663 thousand for the Company. Othe provisions				Procceds from share capital increase	-	-	-	-
amounted to € 338 thousand for the Group and € 332 thousand for the Company. 8. The ratio "Earnings / (losses) after taxes per share basic - (in €)" are calculated based in the weighted average number of total shares. For the calculation of the diluted earnings per share were taken into account the potential shares from the Parent company's					Payments for expenses from share capital increase Payments of capital leases	(146) (3.573)	- (3.228)	(146) (3.573)	- (3.228)
convertible bond according the relevant terms of issue and the IAS 33 requirements. 9. Intercompany transactions (inflows and outflows) since the beginning of the current					Payments of operating leases	(206)	(212)	(132)	(134)
year and intercompany balances as of 31.12.2020 that have resulted from the transactions with the related parties, as defined by IAS 24, are as follows:					Proceeds from borrowings	550	143	-	144
(Amounts in € thousand)		Group	Company		Payment of borrowings	(336)	(1.423)	(336)	(1.423)
a) Inflows		2	7.213		Dividends paid	(361)	(343)	-	-
b) Outflows c) Receivables		3.504 14.580	3.568 19.320		Cash flow from financing activities (c)	(4.072)	(5.063)	(4.187)	(4.641)
d) Payables		99.520	99.518
e) Key management compensations		1.617	1.334		Net increase / (decrease) in cash and cash equivalents (a) + (b) + (c)	2.923	1.148	1.386	(279)
f) Receivables from key management		-	-		Cash and cash equivalents at beginning of the year	8.498	7.350	2.019	2.298
g) Payables to key management		8	8		Cash and cash equivalents at the end of the year	11.421	8.498	3.405	2.019
				Chania, 27 April 2021
THE VICE CHAIRMAN THE MANAGING DIRECTOR					THE CHIEF FINANCIAL OFFICER	THE CHIEF ACCOUNTANT
SPYRIDON I. PROTOPAPADAKIS IOANNIS I. VARDINOYANNIS ID No ΑΑ 490648 ID No Π 966572					STYLIANOS I. STAMOS ID No ΑΜ 480641	IOANNIS E. SPANOUDAKIS H.E.C. License No 20599 A' Class