SEMI-ANNUAL FINANCIAL REPORT

for the period

from January 1st to June 30th, 2020

According to the International Financial Reporting Standards (I.F.R.S) & Greek Law 3556/2007

Intracom Constructions Societe Anonyme Technical and Steel Constructions G.E.M.I. No.: 408501000 (former Companies Register No.: 16205/06/Β/87/37) 19th km Paiania - Markopoulo Ave. 190 02 Paiania, Attika, Greece

		STATEMENTS OF THE BOARD OF DIRECTORS' MEMBERS 1
		SEMI-ANNUAL REVIEW REPORT OF THE BOARD OF DIRECTORS 2
		Review Report by Independent Certified Auditor Accountant 14
		SEMI-ANNUAL FINANCIAL STATEMENTS 15
1.		Statement of Financial Position 16
2.		Statement of Comprehensive Income 17
3.a		Statement of Changes in Equity - Group 18
3.b		Statement of Changes in Equity - Company 19
4.		Statement of Cash Flows 20
5.		Notes to the Interim Financial Statements as of June 30th, 2020 21
	5.1.	General Information 21
	5.2.	Scope of Activity 21
	5.3	Basis of preparation of the financial statements 21
	5.4	Adoption of New and Revised International Standards 22
	5.5	Financial risk management 24
	5.6	Group structure and methods of consolidating companies 25
	5.7	Discontinued operations 27
	5.8	Roundings 28
6.		Segment information 29
	6.1	Operational segments 29
	6.2	Group's sales, assets and capital expenditure per geographical segment 30
	6.3	Sales per category of operations 30
7.		Detailed data regarding the Financial Statements 31
	7.1	Capital Expenditures 31
	7.2	Right to use assets 33
	7.3	Investments in subsidiaries 34
	7.4	Investments in associates 35
	7.5	Financial assets at fair value through other comprehensive income 35
	7.6	Trade and other receivables 36
	7.7	Contractual assets & contractual liabilities from customer contracts 36
	7.8	Current tax assets 37
	7.9	Share capital 37
	7.10	Fair value reserves 38
	7.11	Other reserves 39
	7.12	Borrowings 39
	7.13	Lease financial liabilities 41
	7.14	Trade and other payables 41
	7.15	Expenses by nature 42
	7.16	Other income 43
	7.17	Net impairment of financial assets 43
	7.18	Other gains/ losses (net) 43
	7.19	Finance cost (net) 44
	7.20	Earnings/(losses) per share 44
	7.21	Fair value measurement of financial instruments 45
	7.22	Number of employed personnel 45
	7.23	Contingencies and commitments 46
	7.24	Related party transactions 47
	7.25	Tax unaudited years 49
	7.26	Post balance sheet main events 50

STATEMENTS OF THE BOARD OF DIRECTORS' MEMBERS (pursuant to article 5 par. 2 of Law 3556/2007)

It is hereby declared and certified as far as we know, that:

Α. The semi-annual separate and consolidated financial statements of the Company and the Group for the period from January 1st 2020 to June 30th 2020, drawn up in accordance with the applicable International Accounting Standards, reflect in a true manner the assets, liabilities, the equity and comprehensive income for the period, of «INTRACOM CONSTRUCTIONS SOCIETE ANONYME TECHNICAL AND STEEL CONSTRUCTIONS», as well as of the undertakings included in the consolidation taken as a whole, according to the provisions of paragraphs 3 to 5, article 5 of Law 3556/2007 and

Β. The BoD's semi-annual report reflects in a true manner the information required according to par. 6, article 5 of Law 3556/2007.

Paiania, September 24th, 2020

The certifiers

The Chairman of the B.o.D The Managing Director The Executive Director

DIMITRIOS Α. KOUTRAS ID No ΑΜ 643507

PETROS K. SOURETIS ID No ΑΝ 028167

DIMITRIOS A. PAPPAS ID No Χ 661414

SEMI-ANNUAL REVIEW REPORT OF THE BOARD OF DIRECTORS

of the company «INTRACOM CONSTRUCTIONS SOCIETE ANONYME TECHNICAL AND STEEL CONSTRUCTIONS» on the consolidated and separate financial statements for the period from January 1st to June 30th, 2020

The present Semi-annual Report of the Board of Directors was drawn up in accordance with the provisions of Law 3556/2007 as well as the issued thereon implementing decisions of the Board of Directors of the Capital Market Commission.

The purpose of the Report is to inform the investors about:

The financial status, the results, the overall performance of the Company and the Group during the reporting period, as well as the changes occurred.
The Group's and the Company's prospects, as well as the risks and uncertainties that may arise during the second semester of the year being reviewed.
The transactions effected between the Company and its related parties.

Review of the first semester of the year 2020 – Progress - Changes of the Company's and Group's financial figures

The Company's sales from continuous operations during the 1st semester 2020 amounted € 79,5 million as opposed to € 118,4 million of the 1st semester 2019, marking a decrease of 32,88% which is mainly due to the effect of COVID-19 restrictive measures on project execution.

The Company's results before taxes from continuous operations amounted to losses of € 3,2 million as opposed to profits of € 3,1 million of the respective period 2019, while results net of taxes from continuous operations amounted to losses of € 3,3 million as opposed to profits of € 1,3 million.

The Company's EBITDA from continuous operations during the 1st semester 2020 amounted to profits of € 2,4 million compared to profits of € 7,7 million of the 1st semester 2019, while the adjusted EBITDA to profits of € 2,3 million compared to profits of € 8,5 million.

compared to profits of € 8,5 million.
The Group's sales during the 1st semester 2020 amounted € 86,9 million as opposed to € 126,2 million of the 1st semester 2019, marking a decrease of 31,07% which is mainly due to the effect of COVID-19 restrictive measures on project execution.
The Group's results before taxes amounted to losses of € 4 εκ. million as opposed to profits of € 1,25 million of the respective period 2019, while results net of taxes amounted to losses of € 3,8 million against losses of € 741,5 thousand.
The Group's EBITDA during the 1st semester 2020 amounted to profits of € 2,7 million as opposed to profits of € 8,3 million of the 1st semester 2019, while the adjusted EBITDA to profits of € 2,6 million compared to profits of € 8,8 million.
The Group's total current and non-current trade and other receivables at the end of the 1st semester 2020 amounted to € 82,7 million against € 127,6 million as at 31.12.2019, marking a decrease which is mainly due to delays in pricing to customers as a result of malfunctions caused by the restrictive measures. This pricing took place gradually during the next period and after the expiration of the restrictive measures.
Respectively, the Group's current trade and other payables were reduced to € 194 million from € 213 million as at 31.12.2019.
The Group's bank borrowings at the end of the 1st semester 2020 were reduced to € 66 million from € 80,4 million at the end of 2019.
Equity at the end of the 1st semester 2020 amounted € 64,1 million for the Group and € 71,9 million for the Company.
The liquidity and leverage ratios for the 1st semester 2020 2019 as compared to those for the year 2019 were formed as follows:
	GROUP		COMPANY
	30.06.2020	31.12.2019	30.06.2020	31.12.2019
LIQUIDITY RATIO
GENERAL LIQUIDITY	0,99	1,01	1,03	1,05
LEVERAGE RATIO
Liabilities / Equity	3,54	3,55	3,17	3,29
Borrowings / Equity	1,03	1,16	0,75	0,91

	- 2 -

Summary figures regarding the cash flow statement for the 1st semester 2020 as compared to those for the 1st semester
2019 are as follows:
			COMPANY
	GROUP 01.01 - 01.01 -		01.01 -	01.01 -

(Amounts in Euro)	30.06.2020	30.06.2019	30.06.2020	30.06.2019
Net cash flows from operating activities	11.960.185	5.743.516	12.540.804	6.842.599
Net cash flows from investing activities	(2.091.907)	(1.061.565)	(2.018.339)	(376.589)
Net cash flows from financing activities	(15.204.175)	(1.132.869)	(15.202.525)	(2.753.763)
Cash and cash equivalents at the end of the period	3.483.714	15.051.354	2.911.806	13.904.324

Alternative Performance Measures (APM)

Alternative Performance Measures (APM)

The key indices and their calculations are analyzed below.

Earnings before taxes, interest and investing results and depreciation/amortization (EBITDA)	=	Operating results plus depreciation less investing results
Adjusted EBITDA	=	Operating results plus depreciation less investing results less extraordinary and non-recurring events
Liquidity ratio	=	Current assets divided by current liabilities
Leverage ratios
Liabilities / Equity	=	Liabilities / Equity
Borrowings / Equity	=	Borrowings / Equity

Adjusted EBITDA		Operating results plus depreciation less investing results = less extraordinary and non-recurring events
Liquidity ratio	=	Current assets divided by current liabilities
Leverage ratios
Liabilities / Equity	=	Liabilities / Equity
Borrowings / Equity	=	Borrowings / Equity
Agreement of APM (Alternative Performance Measures) with elements of the Group's and the Company's Statement of Comprehensive Income			GROUP 01.01 -	01.01 -	Ο ΟΜΙΛΟΣ 01.01 -	01.01 -
		Note	30.06.2020	30.06.2019	30.06.2020	30.06.2019
Operating results (FROM continuous and discontinued operations)		6.1	711.594	6.831.634	1.550.233	8.531.962
Plus: Depreciation/amortisation		7.1	2.112.640	1.816.224	1.205.075	1.570.704
Subtotal (a)			2.824.234	8.647.858	2.755.308	10.102.666
Less: Amortization of grants received		7.16	2.728	2.727	2.728	2.727
Dividend income		7.16	-	-	-	1.699.901
Rental income		7.16	130.725	299.923	160.674	311.533
Other financial assets at fair value through profit or loss-Valuation at fair value		7.18	(72.951)	93.019	(72.951)	93.019
Gains/ (losses) from disposal of PPE		7.18	29.478	(48.788)	29.478	(48.788)
Subtotal (b)			89.979	346.881	119.929	2.058.392
Earnings before taxes, interest, investing results and depreciation/amortisation (a) - (b)			2.734.254	8.300.977	2.635.379	8.044.274
Plus: Impairment / (recovery) of provisions for doubtful debts		7.17	(167.591)	471.624	(107.446)	471.624
Adjusted EBITDA			2.566.663	8.772.601	2.527.933	8.515.898

EBITDA
From continuous operations			2.734.254	8.300.977	2.394.231	7.659.778
From discontinued operations			-	-	241.148	384.496

Adjusted EBITDA				8.772.601	2.286.785	8.515.898
From continuous operations			2.566.663

Branch Offices

The Company as of 30.06.2020 has branches in Larissa, Albania, North Macedonia, Cyprus, Poland and Romania.

Treasury Shares

The Company holds a total of 30.000 treasury shares (0,098% of its share capital).

Prospects and developments per activity

The performance of the Greek economy in the first semester of 2020 and the economic climate that was formed in this period are completely related to the development of COVID-19 health problem and the measures adopted to address it.

Despite the initial successful dealing of the problem and although there was an immediate response with measures aimed at protecting households and businesses, overall economic activity was significantly affected and the expected recession is projected to be deeper than initially estimated.

A very critical factor that will determine the developments in all sectors of the Greek economy (industry, services, trade and construction) is the consistent management of the existing liquidity, as well as the rational management of the additional aid that is expected to be provided by the Recovery Fund and the European Union.

The above liquidity can be used to cover the losses from business activity limitation due to the restrictive measures, while at the same time it can be used to help the country and the economy with the right choices to recover in the post-COVID era.

The construction industry moved within similar conditions in the first semester of 2020 where the activity of construction companies faced significant problems in the smooth flow of the production of the projects under construction. The key indices show a restrained but clearly difficult position in the period. Despite the difficult situation, it is generally believed that the construction field has the dynamics and preconditions to play an essential role and help the Greek economy return to regularity.

The allocation of the amounts from the Recovery Fund along with the NSRF funds which in the next five years will exceed € 50 billion, is planned to be channeled mainly to infrastructure and green development projects, as well as to the necessary digital reform of public administration.

Consequently, the dynamics of the construction industry are enhanced by high-budget projects that are either in the design phase or in the final tender phase. These projects include upgrades to existing infrastructure, airports and ports upgrades, rail networks expansions, liquid and solid waste management projects, buildings' energy upgrade, organic waste projects, water supply and sewerage network upgrades.

An equally important field of activity of the construction industry is the private sector's investments in fiber optic infrastructure, new generation access networks (NGA), smart grid / smart metering and natural gas networks.

It is clarified that many of the above projects are subsidized by the already existing NSRF programs and are planned to be carried out in the form of public-private partnerships PPPs.

In the 1st semester 2020, INTRAKAT Group suffered losses in total sales at a 30% rate compared to the previous period, but the intensification in the remaining period of 2020 and the launch of new projects for which the Group was declared the lowest bidder will help keep these rates low.

The activity of the Group and the Company includes the following project areas:

Public and Private Construction Projects relating to infrastructures of motorways, railway projects, tunnels, hydraulic projects, airports, ports, office-logistics buildings, shopping centers, hospitals and health centers, sports facilities and networks for electricity, fiber optics, new generation access (NGA) networks, smart grid/smart metering, natural gas networks.
Industrial & Steel Structures relating to industrial facilities, prefabricated shelters for industrial use, power transmission lines and highway safety barriers.
Special Projects, PPP Projects & Concession Projects relating to motorways, broadband networks in White Areas, telematic systems of transport networks and controlled parking systems.
Environmental projects relating to the construction and operation of waste treatment units, organic treatment, desalination and various environmental projects.

On 30.06.2020 the Group's backlog of signed contracts amounted € 319,2 million, plus € 205,6 million new projects for which the Company was declared the lowest bidder and the required signing procedures are expected to be concluded.

From the projects to be signed amounting € 205,6 million, the following contracts have been signed since 07.01.2020:

MOTOR OIL New Naphatha Complex Civil & Building works, with a budget of € 12,6 ml.
MINISTRY OF CITIZEN PROTECTION Construction of new, upgrade & repair of existing artificial barrier and workshops along the borderline of the Greek-Turkish border in Evros Regional Section (J/V AVAX - INTRAKAT - MYTILINEOS - TERNA with a total budget of € 50,8 ml) INTRAKAT 25%.
EGNATIA ODOS Improving road safety on the Thessaloniki-Polygyros road axis Section Thermi Galatista, with a budget of € 11,4 ml.
OAED Construction of a settlement of 176 houses in two-storey buildings, 1 assembly hall, 6 shops and 1 biological station, infrastructure projects and landscaping in Corfu – 3rd supplementary contract, with a budget of € 1,9 ml.
MUNICIPALITY OF MYKONOS Six-month operation of a landfill, with a budget of € 397 thousand.
MUNICIPALITY OF PETROUPOLI Temporary housing facilities to meet the urgent needs of the two-year pre-school education, with a budget of € 348 thousand.
IPTO Application study, supply, installation and configuration of a system for failure prevention at the high voltage center in Pallini, with a budget of € 125 thousand.

Furthermore, the projects to be signed include the following:

DEPARTMENT OF PUBLIC WORKS Design & Construction of Paphos Chrysochous Highway Section 1 Phase (A), with a budget of € 73 ml.
MINISTRY OF INFRASTRUCTURE, TRANSPORT AND NETWORKS Settlement of Eschatia stream, section from the junction of Esperidon pipeline to Parnithos Avenue, with a budget of € 36,7 ml.
ATTIKO METRO Preliminary works for the NW extension of Thessaloniki METRO, with a budget of € 13,6 ml.
EYATH Construction of Water Treatment Expansion, with a budget of € 9,6 ml.
MINISTRY OF RURAL DEVELOPMENT AND FOOD Construction of Prespa's irrigation network, Prefecture of Florina, with a budget of € 8 ml.
ATTICA REGION Construction of a Rainwater Network in the Municipalities of Korydallos and Nikaia Ag. I. Rentis, with a budget of € 7,6 ml.
IONIC CENTER Underground Car Station and Configuration of a Green Square, with a budget of € 6,3 ml.
ΟΑΚ SA Upgrading of DEYA's wastewater treatment plant in the north axis of Chania, for the recovery of treated wastewater for irrigation, with a budget of € 4,3 ml.
MINISTRY OF INFRASTRUCTURE, TRANSPORT AND NETWORKS Settlement of Agios Georgios torrent at Thriasio Pedio W. Attica, with a budget of € 4 ml.
NAVY GENERAL STAFF Supply of 800 container houses, with a budget of € 3 ml.

The most important projects and their total budget (Group's share), which were being implemented during the 1st semester 2020 by INTRAKAT Group are listed in the following table:

	CONSTRUCTION PROJECTS - INFRASTRUCTURES
c	FRAPORT GREECE S.A. - Refurbishment and Upgrading of Existing Infrastructures, Design and Construction of Expansions at the Regional Airports of Crete, Mainland Greece and the Ionian Sea (Cluster A)	€ 205 ml.
c	FRAPORT GREECE S.A. - Refurbishment and Upgrading of Existing Infrastructures, Design and Construction of Expansions at the Regional Airports of the Aegean Sea (Cluster B)	€ 194 ml.
	c ERGA OSE SA - Construction of Quad Rail Corridor with undergrounding in the area of Sepolia	€ 59,5 ml.
c	PPC RENEWABLES - Design, Supply, Transport, Installation & Commissioning of a Wind Park 30 MW & a 400 KV ultra high voltage power plant in the Municipality of Mouzaki	€ 43 ml.
c	EGNATIA ODOS - Improvement, Upgrading of Western Internal Peripheral Road of Thessaloniki (District of PAPAGEORGIOU Hospital)	€ 42,3 ml.
	c NORTH MACEDONIA - Construction works on the Clinical Hospital in Shtip	€ 36,2 ml.
	c HEDNO - Construction & Maintenance of Electricity Distribution Networks	€ 33,9 ml.
	c VODAFONE - FO Network & Support Services (NGA-FTTH)	€ 33,7 ml.
	c OTE, COSMOTE - Construction and maintenance technical works	€ 30,7 ml.
	c GRAY ALFA HOLDINGS LTD - KALO LIVADI ΜΥΚΟΝΟΥ- PLOT B'	€ 26 ml.
c	ERGA OSE - Construction of New Double Railway Line Infrastructure in the Section Rododafni-Psathopyrgos and Panagopoula Tunnel (Subcontractor INTRAKAT)	€ 22,4 ml.
	c BLUE PRO HOLDINGS LTD - KALO LIVADI ΜΥΚΟΝΟΥ - PLOT A'	€ 21,4 ml.
	c THEMIS CONSTRUCTIONS S.A. - General Detention Center of Crete II	€ 19,3 ml.
	c VICTUS NETWORKS A.E. - Consolidation (Framework Contract)	€ 16 ml.
c	PPC - Design, supply, construction, installation, testing & commissioning of E/M equipment at Ptolemaida facilities	€ 15,2 ml.
c	PPC - Design, supply, construction, installation, testing & commissioning of two conveyor branches at Ptolemaida facilities	€ 10,1 ml.
c	ATTICA REGION - Undergrounding part of Patr. Constantinou Str and neighboring works, in the Municipality of Nea Philadelphia-Chalkidona	€ 8,1 ml.
c	ADMIE - Aerial Transfer Line 400kV MegalopoliI - Corinth 99594/2019 (J/V ATERMON ΑΤΕΕ-ΙΝΤRΑΚΑΤ Total budget: € 26 εκ.) (INTRAKAT: 50%)	€ 7,6 ml.
c	FODSA CENTRAL GREECE - Construction of a Waste Treatment Unit in Viotia Prefecture - (J/V INTRAKAT (50%) - WATT S.A. (50%) Total budget: € 15 ml.)	€ 7,5 ml.
	c WIND - Construction of Fiber Optic & NGA networks	€ 5,6 ml.
	c PELOPONNESE REGION - Variation of the National Road 4 in the section "SPARTI-PLATANA-SKOURA"	€ 5,3 ml.
	c SOUTH AEGEAN REGION – Construction of a New Bridge on the National Road Rhodes - Lindos at Makaris River	€ 5,3 ml.
	c MARTINI FOUNDATION - Construction of a new ICU building, Urology Clinic & Laboratories	€ 5 ml.
	c ADMIE - Aerial Transfer Line 150kV Molaoi - Peloponnese terminal	€ 4,9 ml.
	c ATTICA REGION - Wastewater pumping stations at Porto-Rafti	€ 4,8 ml.
c	MINISTRY OF INFRASTRUCTURE, TRANSPORT AND NETWORKS – Irrigation works at Agios Georgios Reservoir, Lassithi Plateau	€ 4,5 ml.
	c LAMDA DEVELOPMENT – 1st phase demolition of buildings at Hellinikon	€ 2,7 ml.

Constructions – Developments in major projects

The project of FRAPORT GREECE S.A. "Refurbishment and Upgrading of Existing Infrastructures, Design and Construction of Expansions at 14 Regional Airports (Cluster A + Cluster B)" with a total budget of 399 million, is in full development at the Airports where works are being executed.

The first contract concerns the seven airports of Crete, mainland Greece and the Ionian Sea (Thessaloniki, Kavala, Zakynthos Chania, Kefalonia, Corfu and Aktio), while the second contract concerns the seven Aegean airports (Rhodes, Kos, Mykonos, Santorini, Samos, Skiathos and Mytilene).

The project duration is set at 4 years.

Until today, 11 out of 14 airports have been completed and delivered, while the works continue according to the implementation schedule to timely deliver the airports of Thessaloniki, Santorini and Kos

The project of the 14 Regional Airports in its entirety is expected to be completed in early 2021.

The project "Improvement - Upgrading of Western Internal Peripheral Road of Thessaloniki", with a budget of € 42,3 ml, is in the completion phase.
The construction of the project "Design, Supply, Transport, Installation & Commissioning of a Wind Park 30 MW and a 400 KV ultra-high voltage power plant" on behalf of PPC RENEWABLES, with a total budget of € 43 ml, is in progress.
The construction works on the Clinical Hospital of Shtip, in North Macedonia, with a budget of € 36,2 ml on behalf of the Ministry of Health which finances the project with EU funds, are in progress.
The works on the project "Construction of Quad Rail Corridor with undergrounding in the area of Sepolia" on behalf of ERGA OSE SA, with a total budget of € 59,5 ml, are in progress.
The works on the project "Undergrounding part of Patr. Constantinou Str and neighboring works, in the Municipality of Nea Philadelphia-Chalkidona" on behalf of ATTICA REGION, with a total budget of € 8,1 ml, are in progress.
The various Construction & Maintenance subcontracts of Electricity Distribution Networks on behalf of HEDNO with a total budget of € 33,9 ml, are in progress.
The works on the project "Construction of a new ICU building, Urology Clinic & Laboratories" on behalf of the MARTINI Foundation, with a total budget of € 5 ml, are in progress.
The works on the projects "KALO LIVADI PLOT A'" and "KALO LIVADI PLOT B'" in Mykonos on behalf of BLUE PRO HOLDINGS LTD, with a budget of € 21,4 ml and GRAY ALFA HOLDINGS LTD, with a budget of € 26 ml respectively have already begun.
The installation works for the implementation of the project «Demolition of buildings at Hellinikon" on behalf of LAMDA DEVELOPMENT, with a budget of € 2,7 ml have already begun.

PPP Projects / Concessions – Developments in major projects

Successfully continues for the 4th year the operation and maintenance of the telematics project "Design, Financing, Installation, Operation Support, Maintenance and Facility Management of an Integrated Passenger Information System and Fleet Management" on behalf of O.SY. SA, with a total duration of 10 years.
The construction works of the project "Development of Broadband Infrastructure on Rural" White "Areas of Greek Territory and Operations Services - Development of Infrastructure" on behalf of the Information Society, with a budget of € 60,3 ml, were completed within 2019 and it has become fully operational. Operational period 15 years.
The construction works of the project "Implementation of a Waste Treatment Unit in Serres Prefecture Phase B.II" with a budget of € 20,6 ml, have been completed and it has become fully operational. Operational period 25 years.

Risks and Risk Management

The Company is exposed to various risks, and for that reason, through continuous monitoring, it attempts to anticipate the likelihood of such risks in order to act promptly to limit their possible impact. It has also created the appropriate structures and procedures to evaluate and manage risks associated with financial reporting. Meetings of Administration members and Company's chief executive officers take place on a weekly basis to examine the Company's current issues, including issues related to financial reporting as well as issues related to the Company's projects.

Risks related to the Company's and the Group's business activity and field of activity, the credit and financial risk and the value risk

The Group is exposed to risks related to political and economic conditions as well as the market conditions and developments in Greece.

In order to ensure stability in its financial figures, the Company is required to continually update its overall planning and strategy so as to be able to expand its activities in areas where it has the potential to develop directly, such as infrastructure projects implemented through public-private partnerships (PPPs) and through concessions.

The most important risks relate to:

adequate liquidity of businesses,
collection of receivables,
servicing debt obligations,

resulting to potential problems in the smooth flow of the Company's and the Group's operations.

The peculiarity of the nature of the projects carried out by the Company requires specialized personnel and equipment that cannot be easily placed in projects of a different nature. Failure to utilize the available specialized personnel and equipment may affect its activity, results, financial position and the Group's business prospects.

The above characteristics present business risks for the Company such as:

The Company's personnel and the corresponding equipment cannot be easily placed in projects of a different nature, in case the projects currently implemented in Greece are reduced.

Any failure of the Company to utilize its specialized personnel and equipment in the future, may affect its activity, results, financial position and the Group's business prospects.

The expansion of activities on behalf of the Company requires partnerships and external financing. The Company's potential inability to proceed in this direction may affect its financial situation and prospects.

The expansion of the Company's activities into new areas implies the undertaking of initiatives by Management on partnerships with specialized institutions to acquire the necessary know-how as well as finding the funds required by self-financed projects.

The Company's operation through subsidiaries in countries outside Greece involves risks such as political and economic instability and the foreign exchange risk of these countries which may affect its financial situation and prospects.

The Company, through its subsidiaries, operates in Romania and Cyprus. Furthermore, through branches, it operates in Poland, Albania and North Macedonia.

The course of operations and the results of INTRAKAT Group are subject to risks such as the political and financial instability and the foreign exchange risk of the above countries.

The Company seeks borrowings in these countries (if any) to be made in local currency and agreements for the collection of receivables in euro, so as to limit the exchange risk.

Possible non-compliance of the Company with restrictive clauses (positive and negative obligations) and other provisions in existing or future financing agreements could lead to cross-default of certain financing contracts. In addition, any failure to obtain financing from the Greek banks or failure to issue letters of guarantee could lead to a breach of the contractual obligations arising from the undertaking of construction and other projects by the Group.

In order for the Group to finance the projects it implements, it cooperates with banks in Greece. Financing concerns working capital and issuance of guarantee letters (participation, good performance etc.). Borrowing rates depend on international economic conditions, while commissions for issuing guarantee letters generally reflect the credit liquidity conditions of the economy. Approved limits on financing and guarantees by banks ensure the Company and its subsidiaries with the required working capital as well as with the necessary guarantee letters.

Existing financing contracts may provide for the right to terminate them on the occurrence of significant adverse changes e.g. indicatively changes in legislation. Non-compliance with any of the restrictive clauses in existing or future financing agreements could lead to a default and cross-default of financing contracts, resulting in the suspension of financing by the lenders or even the termination of the financing contracts of the Group's companies and the requirement for immediate repayment of their total borrowings, thus adversely affecting the Group's results, financial position and business prospects.

The Group is subject to the risk of interest rate fluctuations, due to the fact that most of the Group's borrowings are carried at a floating rate

The Group is exposed to interest rate risk due to its borrowing, which is subject to floating interest rates. The Company does not use derivative financial instruments to reduce its exposure to the interest rate risk on the date of the Financial Position Statement.

Potential failure of the Company to effectively manage interest rate risk may adversely affect the Group's activities and financials.

Company's dependence on large customers in project implementation

A significant part of the Group's revenue comes from projects executed on behalf of large customers such as the Greek State. Although this dependence goes waning, in any case the fact that there are delays in payments by large customers can negatively affect the Group's working capital and therefore the Group's financial results.

The Group's business operation depends on the preservation of the contractors' degree; possible failure to renew it will have a direct impact on the ability to claim new projects.

Pursuant to the provisions of the current legislation on public projects, in order for a contractor company to be able to participate in tenders for undertaking public project contracts, it must be registered in the Registry of Contractor Enterprises held by the Ministry of Infrastructure, Transport and Networks, while by the time the regular reassessment takes place, it should have the proper staffing, the necessary financial data demonstrating compliance with the sustainability indicators designated by the law, experience in project implementation, etc. A potential weakness in fulfilling the criteria of a future reassessment will affect the Company's and the Group's financial figures.

Execution of projects through joint ventures involves joint and several liabilities of all venture members, posing the risk to the Company if one or more members of the consortium fail to meet their obligations.

Part of the Group's revenues comes from projects carried out in the form of joint ventures with other construction companies in Greece. Each joint venture is established to serve the implementation of a specific project (public or private). Therefore, because of the specific scope and object of the Joint venture, the participation of a company (as a venture member) in one or more joint ventures does not entail particular risks. However, the venture members, namely

INTRAKAT in this case, are jointly and severally liable towards the developer of the project, as well as towards any of the joint venture's obligations.

Therefore, if one or more venture members fail to meet their obligations, this may have a negative effect on the joint venture and consequently on the Company and its Group, as the Company participates and will continue to participate in joint ventures for undertaking projects and procurements of the wider Public sector.

Execution of Projects by subcontractors - Commercial agreements with suppliers: Delays and other problems of subcontractors and suppliers are borne by the Company and may affect its activities and financial results.

Agreements relating to the subcontracting of projects as well as to the supply of construction materials are carried out with reliable and important firms both foreign and domestic.

Foreign suppliers are mainly manufacturing and trading companies of specialized construction materials (machinery, equipment, materials, etc.), while domestic suppliers are subcontractors performing subcontracted parts of projects or companies supplying construction materials and consumables.

The Company or the Group companies are liable towards the customer for any delays or omissions on the part of their subcontractors and their suppliers. To minimize risks, Management proceeds to a rigorous selection of suppliers and subcontractors based on appropriate quality assessment systems, controls centrally the supplies of materials and negotiates prices for the overall needs of the companies it controls, so as to be able to limit the potential risks of imposing penalties on her due to the delay in the timely supply of materials and the timely execution of construction works.

Legal status governing the procurement, assignment, execution and supervision of public and private construction projects.

The activities of the Group companies in the construction field depend on the legislation regulating both public projects (procurement, assignment, execution, supervision), as well as issues related to the environment, safety, public health, labor and taxation. It is a fact that the Group has the infrastructure to respond effectively to changes in the relevant legislation, but it cannot be ruled out that future legislative reforms will have, even temporarily, a negative impact on the Group's financial results.

The occurrence of uninsured events / risks or the exceeding of the existing limits in the covered risks may negatively affect the Group's operation, results and financial situation.

The Company takes all necessary precautionary measures and health and safety measures to avoid such adverse events and at the same time concludes the appropriate for each activity insurance policies. If a risk occurs for which there is either no insurance coverage, or the damage exceeds the insurance limit, the Group may suffer a loss of revenue due to the interruption of works as well as of future revenue from the discontinued activity.

The credit risk and the consequent failure to recover debts as well as the risk associated with the smooth operation of the co-operating companies may lead to reduced revenue and to provisions that burden the results.

The Group's commercial transactions take place almost entirely with highly reputable private or public sector organizations. In many cases there is a multiannual sufficient history of good cooperation. In any case, however, and given the Greek market conditions, the Group companies continuously monitor the total of trade receivables and, where required, directly engage in judicial and extrajudicial actions to ensure the collection of claims, thereby limiting any credit risk. Where it appears that there is a potential risk of non-collection of a claim, the Company proceeds to the formation of the required relevant provision. Consequently, it is considered that the risk of bad debts appears to be limited.

Environmental liabilities can potentially have a negative impact on the Group's operation and results.

The Group is subject to European and Greek laws and environmental regulations. The risk of environmental liability is inherent in the activity of the Company and its subsidiaries. For INTRAKAT Group it is of the utmost importance to adhere to environmental responsibility values. The Group is committed to maintaining an environmentally sensitive and responsible position and to manage its activities accordingly, implementing preventive measures for protecting the environment and minimizing any negative environmental impacts that may arise.

The Group's Environmental Actions concern mainly the construction activity and special attention is paid to managing excavation, construction and demolition waste, material recycling, energy saving and studying the effects on the environment and local communities.

Sales of shares by major shareholders or any share capital increases by the Company or the possibility of such actions, may affect the stock price of the Company's shares. In addition, future issuance of new shares may impair the shareholders' interest in the Company (dilution) in case they do not fully exercise their pre-emptive rights or in case there is no pre-emptive right in favor of old shareholders.

The sale of a significant number of Company shares in the future or any future share capital increases, or even the possibility of carrying out such actions, could cause the stock price to fall. If the Company chooses to raise capital through a share capital increase, the interest held by existing shareholders in the Company's share capital may be impaired. Current legislation provides for analogue pre-emptive rights, with respect to share offers against cash, to existing Company shareholders with certain exceptions, including cases where these rights are annulled by decision of the shareholders.

The stock price of the Company's shares may fluctuate significantly due to changes in the Group's financial figures, changes in shareholder structure, prospects and other endogenous factors.

The stock price of the Company's shares has fluctuated in the past and may show significant fluctuations in the future due to many endogenous factors. These factors include, among others, future changes in operating results, share capital increases or future sales of the Company's common shares or other exchangeable or convertible securities of the Company, changes of the Board members through the election of new or withdrawal of existing, withdrawal or replacement of key personnel, significant changes in the shareholder structure, deviation of financial results from market expectations, successful implementation of the Company's strategy and policy and other events and factors within the Company's control. These endogenous factors may contribute to high volatility of prices and sales volume and this may have a material adverse impact on the stock price of the Company's shares. Shareholders cannot be expressly or implicitly guaranteed that they will be reimbursed the amount they invested in the Company's shares.

The coronavirus pandemic (COVID‐19)

The Management of INTRAKAT Group, focusing on the health and safety of its employees and associates, but also on minimizing the inevitable impact on its financial performance, immediately implemented a plan of measures and actions to create a safe working environment for its employees, along with the adoption of distance work policies where this is deemed possible and necessary, the implementation of teleconferencing (video calls), as well as modern, flexible ways of working.

In any case, any uncertainty formed for the business environment in Greece and internationally after May 2020 due to the impacts of COVID – 19, which could affect the activities of the Company and the Group in the future, is not considered essential.

In addition, capital adequacy at both corporate and consolidated level is such as to guarantee the smooth operation of the Company and the Group in the near future at all levels.

The Company's Management is closely monitoring the developments regarding the health problem and is on standby in case additional measures are required further to those that have been adopted to date.

NON-FINANCIAL ASSETS

Business model description

INTRAKAT Group, while pursuing its business activities in Greece and abroad, maintains a high level of corporate governance, transparency, corporate responsibility and absolute respect for the environment. Furthermore, special attention is given to quality assurance, implementation of preventive measures to protect the environment, ensuring optimum working conditions and raising awareness on issues related to society as a whole.

In its effort to satisfy the key social partners (customers, shareholders, employees), INTRAKAT Group implements a Quality Management system which guarantees the firm commitment to the above principles and full compatibility with ISO 9001: 2008.

Human resources

In order to maintain the quality of human resources at high levels, INTRAKAT Group has established procedures for the selection, training, evaluation and rewarding of staff and has created a safe and fair working environment, objective evaluation criteria, while providing satisfactory compensation and benefits as well as additional hospital and outpatient insurance coverage for all employees.

On 30.06.2020 the Group employed 340 people (391 people as at 30.06.2019) while the staff of the Company's continuing operations amounted to 279 people (326 as at 30.06.2019). Scientific personnel constitute the majority of total employees.

Innovation - Research and Development

The Group's companies are investing timeless funds in research and development both in new innovative products and in the development of integrated "turn-key" solutions in the areas of technical projects, steel structures, special and PPT projects as well as environmental projects.

Environmental Issues

For INTRAKAT Group it is of prime importance to adhere to environmental responsibility values. The Group is committed to maintaining an environmentally sensitive and responsible position and managing its activities accordingly, by applying preventive measures to protect the environment and minimizing any negative environmental impacts that may arise.

Corporate Responsibility

INTRAKAT Group exercises its business activities in a rational and sustainable manner, while at the same time it provides an excellent working environment and actively supports the local communities in which it develops.

In addition, special attention is given to the existence of a safe working environment without discrimination, respect for the workers' union rights, hygiene and safety rules, as well as to shareholders rights.

It is worth noting that in the midst of the global public health crisis we are experiencing from the coronavirus pandemic (COVID ‐ 19), Intrakat Group, in the context of corporate social responsibility, donated eight mobile health units as well as sanitary equipment and materials to eight reception hospitals for treating COVID-19.

Transparency

INTRAKAT Group adopts the modern principles of Corporate Governance, a system of laws, rules, procedures and proper practices of corporate governance and control, in accordance with applicable Greek legislation and international best practices. The Group's Corporate Governance policies are designed to protect the rights of shareholders and the interests of all stakeholders with transparency and a high sense of responsibility in the decision-making process, effective internal control and audit and appropriate financial risk management.

Protection of Personal Data

Related Party Transactions

The Company's Corporate Governance Code, as well as issues concerning internal control and audit, information transfer and business and financial risk reduction are in line with the Corporate Governance Code of the Hellenic Federation of Enterprises (SEV).
Protection of Personal Data
It is of utmost importance for INTRAKAT Group of Companies to protect the personal data of the underlying physical persons involved in any way with the company.
For this reason, the Group takes all appropriate measures (including appropriate technical and organizational measures) to protect the personal data it processes of both its employees / partners / suppliers as well as of third parties, and to ensure that personal data are processed by authorized persons and only where necessary, in accordance with the legal framework, in particular the new EU-2016/679 General Personal Data Protection Regulation, and for purposes related to the operation of labor relations and the Group's business activity.
Related Party Transactions (Article 2 Decision no. 8/754/14.04.2016 of the Hellenic Capital Market Commission) The Group's and Company's main transactions with related parties in the sense used in IAS 24 for the period 01.01 –
30.06.2020 are:
			GROUP
COMPANY NAME	ASSETS	LIABILITIES	REVENUES	EXPENSES
PARENT COMPANY
INTRACOM HOLDINGS	16.173	2.031.201	-	475.556
ASSOCIATE COMPANIES
ADVANCED TRANSPORT TELEMATICS S.A.	2.308.115	-	75.014	-
FRACASSO HOLDINGS D.O.O.	18.823	7.695	-	8.550
SIRRA S.A. MANAGEMENT OF SERRES MUNICIPAL SOLID WASTE	2.952.549	-	121.629	-

ELMEAS SA FOR THE OPERATION OF SERRES MUNICIPAL SOLID WASTE
TREATMENT UNIT	3.005	-	-	-
MOBILE COMPOSTING S.A.	308.757	-	-	-
MESTROLIO SA BIOGAS DEVELOPMENT INVESTMENTS	-	232.526	-	55.000
Total	5.591.250	240.221	196.643	63.550
OTHER RELATED PARTIES
INTRAPOWER S.A.	5.828.119	16.977	97.881	160.488
INTRADEVELOPMENT S.A.	1.291.940	7.467	16.564	15.000
INTRA-CYCLADES S.A.	3.672	350	732	-
KEKROPS S.A.	299.472	-	-	-
INTRALOT OPERATIONS LTD	-	529.025	-	3.412
INTRASOFT INTERNATIONAL S.A.	221.262	3.558.631	133.828	289.900
INTRACOM DEFENSE	-	918	-	-
OTHER RELATED PARTIES	4.276.418	192.537	1.925.085	33.595
Total	11.920.883	4.305.904	2.174.090	502.396
MANAGEMENT BODIES MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS	420.138	51.118	-	533.002

			COMPANY
COMPANY NAME		ASSETS	LIABILITIES	REVENUES	EXPENSES
PARENT COMPANY
INTRACOM HOLDINGS		16.173	2.031.201	-	475.556
SUBSIDIARIES
INTRACOM CONSTRUCT S.A.		1.506.516	271.675	-	-
RURAL CONNECT S.A.		6.816.337	-	21.757	-
INTRAKAT INTERNATIONAL LTD		65.631	4.528.978	-	200.000
FRACASSO HELLAS S.A.		-	145.382	-	125.647
VITA PK IKAT ANAPTYXIAKI S.A.		243	107.313	1.176	-
CONTROLLED PARKING SYSTEM OF THESSALONIKI S.A. (STELSTATH)		6.697	-	420	-
FUNCTION CONTROLLED PARKING SYSTEM S.A. (EL.STATH. S.A.)		506.782	-	420	-
INTRA ATHENS HOSPITALITY S.A.		183.181	-	28.453	-
ANAPTIXIAKI CYCLADES S.A.		409.371	-	8.664	-
	Total	9.494.758	5.053.347	60.889	325.647
DISCONTINUED OPERATIONS
FRACASSO HELLAS S.A.		3.392.648	-	1.254.068	-
	Total	3.392.648	-	1.254.068	-
JOINT OPERATIONS
Κ/Ξ EUROKAT - ΙΝΤRΑΚΑΤ (ΙΟΝΙΟΣ ΚΛΙΝΙΚΗ)
Κ/Ξ EUROKAT - ΠΡΩΤΕΥΣ (ΟΜΒΡΙΑ ΥΔΑΤΑ ΠΑΙΑΝΙΑΣ)
	Total	-	-	-	-
ASSOCIATE COMPANIES
ADVANCED TRANSPORT TELEMATICS S.A.		2.308.115	-	75.014	-
SIRRA S.A. MANAGEMENT OF SERRES MUNICIPAL SOLID WASTE		2.952.549	-	121.629	-
ELMEAS SA FOR THE OPERATION OF SERRES MUNICIPAL SOLID WASTE
TREATMENT UNIT		3.005	-	-	-
MOBILE COMPOSTING S.A. MESTROLIO SA BIOGAS DEVELOPMENT INVESTMENTS		308.757 -	- 232.526	- -	- 55.000
	Total	5.572.427	232.526	196.643	55.000
OTHER RELATED PARTIES
INTRAPOWER S.A.		5.808.119	16.977	97.881	160.488
INTRADEVELOPMENT S.A.		1.291.940	-	16.564	15.000
INTRA-CYCLADES S.A.		3.672	-	732	-
KEKROPS S.A.		299.472	-	-	-
INTRASOFT INTERNATIONAL S.A.		221.262	3.523.976	133.828	289.900
INTRALOT OPERATIONS LTD		-	266.000	-	-
OTHER RELATED PARTIES		4.275.652	193.454	1.925.085	32.845
	Total	11.900.117	4.000.407	2.174.090	498.234

MANAGEMENT BODIES
MANAGEMENT EXECUTIVES AND ADMINISTRATION MEMBERS		420.138 30.796.260	51.118 11.368.600	- 3.685.690	533.002 1.887.438

The transactions in cases involving project contracts, sales of goods and services and rental and interest income are carried out at market terms.

In cases involving project contracts and subcontracts with related parties, the required good performance or advance payment guarantee letters are requested and obtained, which is the standard practice in such collaborations with third parties.

Settlement of the debts of related parties is always made as specified in the cooperation agreements and on terms that do not differ from the terms in similar partnerships with third parties.

It is clarified that the amounts of receivables and liabilities, income and expenses, as far as Intrasoft International SA is concerned, are related to current account balances and advances, since the above company participated as Intrakat's subcontractor in the implementation and maintenance of the Rural project.

The same applies for Rural Connect, which is developing the PPP project Rural - Zone 2 with Intrakat being the exclusive manufacturer, for Advance Transport Telematics SA, which has constructed and operates the OASA Telematics project with Intrasoft and Intrakat being the manufacturers, as well as for SIRRA S.A., which constructs the project Implementation of a Waste Treatment Unit in Serres Prefecture.

Regarding the amounts of the companies Intrapower, Intradevelopment, Anaptixiaki Cyclades S.A., Intra-Cyclades S.A., Intra-Athens Hospitality S.A., they are related either to temporary financing or to the construction activities carried out by Intrakat on the properties of those companies. The settlement of claims is expected to take place upon completion of the projects undertaken in relation to the above companies.

The balances of transactions with Fracasso Hellas concern transactions carried out in the context of executing steel structures contracts.

Furthermore, the amounts reported for KEKROPS SA concern an advance payment for a plot acquisition.

The above clarifications apply to related party transactions with respect to the Company and the Group.

Management executives and administration members' fees as at 30.06.2020 amounted € 533.002.

These fees relate to dependent work fees of Board members and executive officers.

The Company's Board of Directors has established a procedure for monitoring transactions with related parties, as defined by International Accounting Standard 24, as well as the legal entities controlled by them, in accordance with International Accounting Standard 27. The provisions of Law 4548/2018 (articles 99-101) have been taken into account for this procedure and are annexed to the Company's Internal Regulation Charter.

Personnel

The Group on 30.06.2020 employed 340 people, 105 of which were administrative staff and the other 235 were technical staff. In addition to the above, the Company's staff includes 210 collaborating engineers (architects, civil engineers, mechanical engineers, surveyors, chemical engineers, etc.) who are employed in the projects carried out by the Company.

Paiania, September 24th, 2020

THE COMPANY'S BOARD OF DIRECTORS

Review Report by Independent Certified Auditor Accountant

To the Board of Directors of the Company «INTRACOM CONSTRUCTIONS SOCIÉTÉ ANONYME TECHNICAL AND STEEL CONSTRUCTIONS»

Review Report on Interim Financial Information

Introduction

We have reviewed the accompanying interim condensed separate and consolidated statement of financial position of the Company «INTRACOM CONSTRUCTIONS SOCIÉTÉ ANONYME TECHNICAL AND STEEL CONSTRUCTIONS» as at 30 June 2020 and the relative condensed separate and consolidated statements of comprehensive income, changes in equity and cash flows for the six-month period then ended, as well as the selected explanatory notes, that constitute the condensed interim financial information, which is an integral part of the six-month financial report under the 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 adopted by the European Union (EU) and which apply to Interim Financial Reporting (International Accounting Standard "IAS 34"). Our responsibility is to express a conclusion on this condensed interim 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 that have been incorporated into the Greek Legislation and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

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

Report on other Legal and Regulatory Requirements

Our review did not identify material inconsistency or error in the statements of the members of the Board of Directors and the information of the six-month Financial Report of the Board of Directors as these are defined in article 5 and 5a of L. 3556/2007, with respect to the condensed interim separate and consolidated financial information.

Athens, September 25th, 2020

MARIA N. CHARITOU Certified Public Accountant Auditor Institute of CPA (SOEL) Reg. No. 15161

SOL S.A. Member of Crowe Global 3, Fok. Negri Str., 112 57 Athens, Greece Institute of CPA (SOEL) Reg. No. 125

SEMI-ANNUAL FINANCIAL STATEMENTS OF THE PARENT COMPANY AND THE GROUP

(FOR THE PERIOD JANUARY 1st TO JUNE 30th, 2020)

These financial statements have been translated from the original statutory financial statements that have been prepared in the Greek language. In the event that differences exist between this translation and the original Greek language financial statements, the Greek language financial statements will prevail over this document.

1. Statement of Financial Position

(Amounts in Euro)

for the period 01.01.2020 – 30.06.2020

1. Statement of Financial Position
(Amounts in Euro)		GROUP		COMPANY

ASSETS Non-current assets	Note	30.06.2020	31.12.2019	30.06.2020	31.12.2019
Goodwill		326.268	326.268	326.268	326.268
Other intangible assets	7.1	8.623.620	9.043.727	151.664	162.163
Property, plant and equipment Right to use assets	7.1 7.2	32.111.962 11.424.491	29.452.109 11.986.700	12.673.441 10.891.038	10.945.035 11.378.508
Investment property	7.1	12.851.365	12.898.863	9.911.942	9.924.595
Investment in subsidiaries Investment in associates	7.3 7.4	- 1.858.579	- 2.043.389	17.724.243 1.135.096	15.891.693 1.385.096
Financial assets measured at fair value through other
comprehensive income Trade and other receivables	7.5 7.6	21.982.253 9.709.343	22.542.331 10.539.751	21.982.253 10.344.560	22.542.331 11.039.874
		98.887.881	98.833.138	85.140.505	83.595.561
Current assets
Inventories		15.065.701	15.905.696	7.055.473	6.615.842
Contractual assets State financial contribution (IFRIC 12)	7.7	89.253.342 -	65.073.555 -	85.911.415 -	63.232.219 -
Trade and other receivables	7.6	73.085.683	117.031.449	75.451.768	120.340.824
Financial assets at fair value through profit and loss Current income tax assets	7.8	593.766 10.513.642	666.717 8.539.685	593.766 10.078.335	666.717 8.184.168
Cash and cash equivalents		3.483.714	8.819.611	2.911.806	7.591.866
		191.995.848	216.036.714	182.002.563	206.631.636
Assets held for trading	5.8	-	-	33.019.841	32.324.320
Total assets		290.883.729	314.869.851	300.162.910	322.551.517
EQUITY
Capital and reserves attributable to the Parent's equity holders
Share capital	7.9	45.642.144	45.665.769	45.642.144	45.665.769
Fair value reserves Other reserves	7.10 7.11	(9.021.248) 49.171.667	(8.608.771) 49.171.667	(8.029.191) 49.104.051	(7.719.571) 49.104.051
Retained earnings		(22.401.371)	(17.643.129)	(14.782.060)	(11.825.674)
		63.391.192	68.585.536	71.934.944	75.224.574
Non-controlling interests Total equity		748.318 64.139.511	595.943 69.181.479	- 71.934.944	- 75.224.574

LIABILITIES
Non-current liabilities
Borrowings Lease financial liability	7.12 7.13	11.200.000 8.199.781	10.700.000 8.354.867	11.200.000 7.825.117	10.700.000 7.892.502
Deferred tax liabilities		2.729.534	3.247.604	1.736.909	1.910.456
Provisions for retirement benefit obligations Grants		1.091.920 90.006	1.064.159 32.733	770.808 -	746.272 -
Trade and other payables	7.14	8.888.557	9.277.766	8.888.557	9.277.766
		32.199.798	32.677.129	30.421.392	30.526.996
Current Liabilities
Trade and other payables Borrowings	7.14 7.12	132.795.086 54.845.696	140.401.897 69.672.521	127.752.387 42.847.671	135.849.685 57.677.908
Lease financial liability	7.13	1.340.159	1.828.497	1.176.606	1.680.343
Contractual liabilities Current income tax liabilities		4.633.289 256.889	338.892 96.135	4.633.289 120.849	338.892 87.581
Short-term provisions for other liabilities and charges		673.301	673.301	673.301	673.301
		194.544.420	213.011.243	177.204.103	196.307.710
Liabilities of assets held for trading Total liabilities		- 226.744.218	- 245.688.372	20.602.470 228.227.965	20.492.237 247.326.943

Total Equity and Liabilities		290.883.729	314.869.851	300.162.910	322.551.517

2. Statement of Comprehensive Income

for the period 01.01.2020 – 30.06.2020 2. Statement of Comprehensive Income GROUP (Amounts in Euro) 01.01 - 01.01 - 30.06.2020 30.06.2019 Note Sales 86.996.240 126.211.526 Cost of goods sold 7.15 (78.943.753) (112.575.116) Gross profit 8.052.486 13.636.410 Administrative expenses 7.15 (7.957.434) (7.315.563) Net impairment of financial assets 7.17 167.591 (471.624) Other income 7.16 492.423 698.757 Other gains/(losses) - net 7.18 (43.473) 283.654 Operating results 711.594 6.831.634 Finance income 7.19 395.033 616.319 Finance expenses 7.19 (5.086.211) (6.144.988) Finance cost - net (4.691.178) (5.528.669) (Losses)/gains from associates (after tax and non-controlling interests) (22.359) (51.935) (Losses)/profit before taxes (4.001.944) 1.251.030 Income tax expense 153.688 (1.992.510) (Losses)/profit net of taxes for the period (3.848.256) (741.480) Discontinued operations (Losses)/profit for the period from discontinued operations 5.8 - - (Losses)/profit net of taxes for the period (continuous and discontinued operations) (3.848.256) (741.480) Other comprehensive income net of taxes: Amounts subsequently reclassified to results Currency translation differences 14.036 87.367 Amounts which are not subsequently reclassified to results Financial assets measured at fair value through other comprehensive income - Fair value gains/(losses) (427.559) 876.709 Other comprehensive income net of taxes (413.523) 964.076	COMPANY 01.01 - 30.06.2020 79.477.458 (72.090.843) 7.386.615 (6.716.569) 107.446 572.339 (43.473) 1.306.357 421.581 (4.955.916) (4.534.335) - (3.227.978) (112.949) (3.340.927) 384.542	01.01 - 30.06.2019 118.405.345 (105.869.398) 12.535.947 (6.180.479) (471.624) 2.398.115 283.654 8.565.613 641.310 (6.110.329) (5.469.019) - 3.096.594 (1.801.317) 1.295.278


















		(21.111)
	(2.956.386)	1.274.166


	117.939	16.306


	(427.559) (309.620)	876.709 893.015
Total comprehensive income net of taxes (4.261.779) 222.596	(3.266.005)	2.167.181

Profit/(losses) for the year attributable to : Owners of the Parent (3.614.239) (762.725)	(3.340.927)	1.295.278
(Losses)/profit for the period from continuous operations (3.614.239) (762.725)	(3.340.927)	1.295.278
(Losses)/profit for the period from discontinued operations - -	384.542	(21.111)
(Losses)/profit for the period attributable to the owners of the Parent (3.614.239) (762.725)	(2.956.386)	1.274.166
Non-controlling interests (234.018) 21.245 Profit/(losses) for the period from continuous operations (234.018) 21.245	- -	- -
Profit/(losses) for the period from discontinued operations - -	-	-
Profit/(losses) for the period attributable to non-controlling interests (234.018) 21.245	-	-
(3.848.256) (741.480)	(2.956.386)	1.274.166
Total comprehensive income net of taxes
Attributable to:
Owners of the Parent (4.026.716) 198.792 Total comprehensive income from continuous operations (4.026.716) 198.792	(3.650.547) (3.650.547)	2.188.292 2.188.292
Total comprehensive income from discontinued operations - -	384.542	(21.111)
Total comprehensive income attributable to the owners of the Parent (4.026.716) 198.792	(3.266.005)	2.167.181
Non-controlling interests (235.063) 23.804	-	-
Total comprehensive income from continuous operations (235.063) 23.804 Total comprehensive income from discontinued operations - -	- -	- -
Total comprehensive income attributable to non-controlling interests (235.063) 23.804	-	-
(4.261.779) 222.596	(3.266.005)	2.167.181
(Losses)/profit per share -0,1187 -0,0250	-0,0971	0,0418
Basic: 7.20
From continuous operations -0,1187 -0,0250	-0,1097	0,0425
From discontinued operations - -	0,0126	-0,0007
-0,1187 -0,0250	-0,0971	0,0418

3.a Statement of Changes in Equity - Group

(Amounts in Euro)		GROUP
	Note	Ordinary Share Capital	Fair Value Reserves	Other Reserves	Retained Earnings	Non-controlling interests	Total Equity
Balance at 1 January 2019		45.665.769	(9.277.649)	49.054.385	(18.127.156)	927.248	68.242.597
Net loss for the period		-	-	-	(762.725)	21.245	(741.480)
Financial assets measured at fair value through other comprehensive income - Fair value gains/(losses)		-	876.709	-	-	-	876.709
Currency translation differences		-	84.808	-	-	2.559	87.367
Total comprehensive income		-	961.517	-	(762.725)	23.804	222.596
Purchase of interest in subsidiary from minority		-	-	10.800	(256.443)	(154.357)	(400.000)
Change in the interest held in associate (through subsidiary)		-	2.190	-	(12.591)	10.401	-
Balance at 30 June 2019		45.665.769	(8.313.941)	49.065.185	(19.158.915)	807.096	68.065.193

Balance at 1 January 2019		45.665.769	(9.277.649)	49.054.385	(18.127.156)	927.248	68.242.597
Net profit for the year		-	-	-	766.142	(190.603)	575.539
Financial assets measured at fair value through other comprehensive income - Fair value gains/(losses)	7.10	-	654.974	-	-	-	654.974
Currency translation differences	7.10	-	11.714	-	-	3.254	14.968
Actuarial gains/(losses)		-	-	106.448	-	-	106.448
Total comprehensive income		-	666.688	106.448	766.142	(187.349)	1.351.929
Purchase of interest in subsidiary from minority		-		10.800	(256.443)	(154.357)	(400.000)
Change in the interest held in associate (through subsidiary)		-	2.190	-	(12.591)	10.401	-
Change in the interest held in a joint operation		-	-	-	(13.047)	-	(13.047)
Transfer from retained earnings to other income		-	-	34	(34)	-	-
Balance at 31 December 2019		45.665.769	(8.608.771)	49.171.667	(17.643.129)	595.943	69.181.479
Balance at 1 January 2020		45.665.769	(8.608.771)	49.171.667	(17.643.129)	595.943	69.181.479
Net loss for the period		-	-	-	(3.614.239)	(234.018)	(3.848.256)
Financial assets measured at fair value through other
comprehensive income - Fair value gains/(losses)	7.10	-	(427.559)	-	-	-	(427.559)
Currency translation differences	7.10	-	15.082	-	-	(1.045)	14.036
Total comprehensive income		-	(412.477)	-	(3.614.239)	(235.063)	(4.261.779)
Purchase of own shares	7.9	(23.624)	-	-	-	-	(23.624)
Acquisition of control (change of associate to subsidiary)		-	-	-	(731.229)	386.988	(344.241)
Subsidiaries share capital increase		-	-	-	-	450	450
Acquisition of subdidiary		-	-	-	(412.775)	-	(412.775)
Balance at 30 June 2020		45.642.144	(9.021.248)	49.171.667	(22.401.371)	748.318	64.139.511

3.b Statement of Changes in Equity - Company

(Amounts in Euro)				COMPANY
	Note	Ordinary Share Capital	Fair Value Reserves	Other Reserves	Retained Earnings	Total Equity
Balance at 1 January 2019		45.665.769	(8.313.538)	48.997.603	(15.019.145)	71.330.688
Net profit for the period Financial assets measured at fair value through other		-	-	-	1.274.166	1.274.166
comprehensive income - Fair value gains/(losses)		-	876.709	-	-	876.709
Currency translation differences		-	16.306	-	-	16.306
Total comprehensive income		-	893.015	-	1.274.166	2.167.181
Balance at 30 June 2019		45.665.769	(7.420.523)	48.997.603	(13.744.979)	73.497.869
Balance at 1 January 2019		45.665.769	(8.313.538)	48.997.603	(15.019.145)	71.330.688
Net profit for the period		-	-	-	3.206.518	3.206.518
Financial assets measured at fair value through other comprehensive income - Fair value gains/(losses)	7.10	-	654.974	-	-	654.974
Currency translation differences	7.10	-	(61.007)	-	-	(61.007)
Actuarial gains/(losses)		-	-	106.448	-	106.448
Total comprehensive income		-	593.967	106.448	3.206.518	3.906.932
Change in the interest held in a joint operation		-	-	-	(13.047)	(13.047)
Balance at 31 December 2019		45.665.769	(7.719.571)	49.104.051	(11.825.674)	75.224.574
Balance at 1 January 2020		45.665.769	(7.719.571)	49.104.051	(11.825.674)	75.224.574
Net loss for the period		-	-	-	(2.956.386)	(2.956.386)
Financial assets measured at fair value through other comprehensive income - Fair value gains/(losses)	7.10	-	(427.559)	-	-	(427.559)
Currency translation differences	7.10	-	117.939	-	-	117.939
Total comprehensive income		-	(309.620)	-	(2.956.386)	(3.266.005)
Purchase of own shares	7.9	(23.624)	-	-	-	(23.624)
Balance at 30 June 2020		45.642.144	(8.029.191)	49.104.051	(14.782.060)	71.934.944

4. Statement of Cash Flows

4. Statement of Cash Flows


(Amounts in Euro)		GROUP		COMPANY
Cash flows from operating activities	Note	30.06.2020	30.06.2019	30.06.2020	30.06.2019
(Losses)/profit for the period Adjustments for:		(3.848.256)	(741.480)	(2.956.386)	1.274.166
Taxes		(153.688)	1.992.510	(28.489)	1.787.878
Depreciation/amortization		1.279.678	1.022.194	446.852	845.450
Depreciation of right-to-use assets Gains/ (losses) from disposal of PPE	7.18	832.962 (29.478)	794.030 48.788	758.223 (29.478)	725.254 48.788
Fair value gains/ (losses) of other financial assets at fair value
through profit or loss	7.18	72.951	(93.019)	72.951	(93.019)
Interest income Interest expense	7.19 7.19	(395.033) 5.086.211	(616.319) 6.144.988	(421.581) 4.956.688	(641.310) 6.110.329
Dividend income	7.16	-	-	-	(1.699.901)
Depreciation of grants received	7.16	(2.728)	(2.727)	(2.728)	(2.727)
Impairment of doubtful debts	7.17	(167.591)	471.624	(107.446)	471.624
Extraordinary profits from liabilities clearance	7.18	-	(239.424)	-	(239.424)
Currency translation differences Share of profit/(losses) from associates	7.4	118.267 22.359	141.263 51.935	127.933 -	13.364 -
Cash flows from operating activities before changes in the
working capital		2.815.655	8.974.364	2.816.541	8.600.474
Changes in working capital :
(Increase) / decrease of inventories		839.995	(2.654.210)	442.056	(2.450.077)
(Increase) / decrease of receivables		19.723.743	25.922.756	20.242.290	29.768.575
Increase / (decrease) of payables Increase / (decrease) of retirement benefit obligations		(4.308.458) 27.762	(17.448.711) 35.612	(3.934.147) 27.762	(20.132.236) 35.612
		16.283.042	5.855.447	16.777.961	7.221.874
Cash flows from operating activities		19.098.697	14.829.811	19.594.501	15.822.348
Interest paid		(5.086.211)	(6.144.988)	(4.956.688)	(6.110.329)
Income tax paid		(2.052.300)	(2.941.307)	(2.097.010)	(2.869.420)
Net cash generated from operating activities		11.960.185	5.743.516	12.540.804	6.842.599
Cash flows from investing activities
Purchase of PPE	7.1	(2.274.123)	(247.903)	(2.195.275)	(241.042)
Purchase of intangible assets Disposal of PPE	7.1	(8.647) 39.698	(735.060) 2.000	(6.547) 39.698	(56.772) 2.000
Purchase of financial assets measured at fair value through other
comprehensive income	7.5	(2.500)	-	(2.500)	-
Acquisition of subsidiaries (less cash of subsidiary)		(13.296)	-	(15.000)	-
Change in cash and cash equivalents of discontinued operations Contribution to the share capital of subsidiaries/associates		- -	- (60.604)	(3.126) (2.550)	- (60.604)
Acquisition/fou ndation of associates	7.4	-	(46.732)	-	(46.732)
Interest received		166.961	26.734	166.961	26.562
Net cash used in investing activities		(2.091.907)	(1.061.565)	(2.018.339)	(376.589)
Cash flows from financing activities
Minority shareholders ratio in the subsidiaries' capital payment		450	-	-	-
Purchase of own shares	7.9	(23.624)	-	(23.624)	-
Proceeds from borrowings Repayment of borrowings		39.691.008 (54.017.833)	63.664.149 (63.826.345)	39.691.008 (54.021.245)	61.988.169 (63.830.052)
Grants received		60.000	-	-	-
Repayments of finance lease obligations Net cash used in financing activities		(914.176) (15.204.175)	(970.672) (1.132.869)	(848.663) (15.202.525)	(911.880) (2.753.763)
Net (decrease) / increase in cash & cash equivalents		(5.335.897)	3.549.082	(4.680.061)	3.712.247
Cash and cash equivalents at the beginning of the period		8.819.611	11.502.273	7.591.866	10.192.077
Cash and cash equivalents at the end of the period		3.483.714	15.051.354	2.911.806	13.904.324

5. Notes to the Interim Financial Statements as of June 30th, 2020

5.1. General Information

The interim financial statements consist of the separate financial statements of «INTRACOM CONSTRUCTIONS SOCIETE ANONYME TECHNICAL AND STEEL CONSTRUCTIONS» (the "Company") and the consolidated financial statements of the Company and its subsidiaries (the "Group") for the six-month period ended June 30th 2020 drawn up in accordance with the International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board (IASB).

«INTRACOM CONSTRUCTIONS SOCIETE ANONYME TECHNICAL AND STEEL CONSTRUCTIONS» (d.t. «INTRAKAT») is the parent company of the group domiciled in Greece. Its registered office is at the 19th km Paiania-Markopoulo Ave., Paiania Attika, Greece P.O. 190 02.

The Company's shares are listed on the Athens Stock Exchange.

The interim financial statements for the period ended on June 30th, 2020 were approved by the Board of Directors on September 24th, 2020.

5.2. Scope of Activity

INTRAKAT was founded in 1987, is a Greek Société Anonyme with General Electronic Commercial Registry No: 408501000, (former companies' registration No: 16205/06/B/87/37).

The Group operates in the fields of construction (including telecommunications and optical fiber networks) and steel structures.

The construction activity expands in all contemporary fields of public and private projects and until today the Parent company as well as the joint operations in which it participates have materialized significant projects such as office buildings, industrial buildings, hospitals, airport expansions, motorway infrastructures, athletic projects, railway projects, hotels, telecommunication projects and natural gas infrastructure projects.

The Parent company holds the upper (7th) grade Contractors Certificate of the Registry of Contractors' Enterprises (Ministry of Infrastructure, Transport and Networks) for all categories of projects.

Development in the field of steel structures is realized through the Company's factory unit, situated on a privately-owned plot in Larissa, Yannouli, measuring 125.000 m² (25.000 m² indoor space), that provides a series of services including the design, study, development, industrialization and installation (erection) of complex steel and electromechanical structures.

At the same time INTRAKAT Group operates in the fields of environmental projects (management of natural resources and green development projects) and renewable energy sources (integrated solutions of study, installation and maintenance of solar and wind parks), while significant is its presence abroad, where through its subsidiaries in Romania and Cyprus and through its branch offices in Albania, Poland and North Macedonia, it implements various building projects and telecommunication infrastructure projects.

5.3 Basis of preparation of the financial statements

The interim condensed separate and consolidated financial statements for the period ended June 30th 2020 (hereinafter the "financial statements") have been prepared under the historical cost convention, except for the financial assets through other comprehensive income and the financial assets through profit or loss measured at fair value, the going concern principle and are in accordance with the International Financial Reporting Standards (IFRS), as those have been issued by the International Accounting Standards Board (IASB), as well as with their Interpretations, as issued by the International Financial Reporting Interpretations Committee (IFRIC) and approved by the European Union and in particular with the provisions of IAS 34 "Interim Financial Reporting".

The interim condensed financial statements include limited information as compared to that presented in the annual financial statements and therefore should be considered in conjunction with the latest published annual financial statements.

The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates and the exercise of Management's judgement in the process of applying the accounting policies. Moreover, the use of estimates and assumptions is required that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of preparation of the financial statements and the reported income and expense amounts during the reporting period. Although these estimates are based on the best possible knowledge of management with respect to the current conditions, the actual results may eventually differ from these estimates.

The accounting principles used for the preparation of the interim financial statements are consistent with those used for the preparation of the annual financial statements of the year ended as at 31 December 2019.

Furthermore, all amended standards and interpretations effective from January 1st, 2020 have been taken under consideration to the extent they are applicable.

5.4 Adoption of New and Revised International Standards

New standards, amendments to standards and interpretations have been issued that are mandatory for annual periods beginning on or after 1.1.2020.

Unless otherwise stated, amendments and interpretations applicable for the first time in the year 2020, do not have an impact on the financial statements of the Group and the Company. The Group and the Company have not early adopted standards, interpretations or amendments issued by IASB and adopted by the European Union but not mandatory for the year 2020.

Standards and interpretations mandatory for the current financial year 2020

Amendments to references to the IFRS conceptual framework (issued on March 29th, 2018)

On March 29th, 2018 the IASB issued the revised conceptual framework that redefines:

the purpose of financial reporting,
the qualitative characteristics of financial statements,
the definitions of an asset, liability, equity, income and expense,
the recognition criteria and instructions on the timing of write-offs of assets and liabilities in the financial statements,
valuation bases and instructions on how to be used and,
concepts and guidance on presentation and disclosures

The purpose of revising the conceptual framework is to assist those preparing financial statements to develop consistent accounting policies for transactions and other events that do not fall within the scope of existing standards, or when a standard provides a choice between accounting policies. In addition, the purpose of revising is to help all involved parties understand and interpret standards.

Furthermore, the IASB issued an accompanying document, "Amendments to references of the conceptual framework", which sets out the amendments to the standards that are affected in order to update the references to the revised conceptual framework.

The amendment is applied by the authors who develop accounting policies under the conceptual framework in the annual accounting periods beginning on or after 1 January 2020.

- IAS 1 and IAS 8 (Amendments) "Definition of material"

The IASB, under the disclosure initiative, issued on October 31st, 2018 amendments to IAS 1 and IAS 8, which clarify the definition of 'material' and how it should be implemented, including in the definition guidance that has so far been reported in other IFRSs. The new definition provides that information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of financial statements make on the basis of those financial statements. The amendments include examples of circumstances that may lead to obscurement of significant information. The definition of material, which is an important accounting concept in IFRS, helps companies to decide whether the information should be included in their financial statements. The updated definition amends IAS 1 "Presentation of Financial Statements" and IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors". The amendment ensures that the definition of material is consistent across all IFRS standards. The amendment shall apply from or after 1 January 2020.

- IFRS 9, IAS 39 and IFRS 7 (Amendment) "Interest Rate Benchmark Reform"

The IASB issued on September 26th, 2019 amendments to IFRS 9, IAS 39 and IFRS 7 to address the impact on financial reporting by the reform of interest rate benchmarks during the period before replacing an existing interest rate benchmark with an alternative benchmark rate. The amendments provide temporary and limited exceptions from the hedge accounting requirements of International Accounting Standard (IAS) 39 "Financial Instruments: Recognition and Measurement" and of International Financial Reporting Standard (IFRS) 9 "Financial Instruments", so that entities can continue to meet the requirements, assuming that the existing interest rate benchmark criteria are not altered as a result of interbank offered rates reform.

The exceptions relate to the application of the following provisions:

Highly probable requirement for cash flow hedges,
Assessment of the economic relationship between the hedged item and the hedging instrument,
Designation of a component of an item as a hedged item.

The amendment is effective for annual reporting periods beginning on or after 1 January 2020.

- IFRS 3 (Amendment) "Business Combinations"

The amendment involves the improvement of the definition of a business in order to assist companies determine whether they have acquired a business or a group of assets. The amended business definition focuses on the output of a business, which is the supply of goods and services to customers, while the previous definition focused on returns in the form of dividends, lower costs or other economic benefits directly to investors or other owners, members or participants. Furthermore, the amendment adds guidance for assessing whether an acquiring process is substantive and introduces an optional fair value concentration test with illustrative examples.

Companies are required to apply the amended definition of a business to acquisitions that will take place on or after January 1, 2020.

Standards and interpretations mandatory for subsequent periods which have not been early adopted by the Company or the Group and have not been adopted by the European Union

The following amendments are not expected to have a material impact on the financial statements of the Group and the Company, unless otherwise stated.

- IFRS 17 "Insurance Contracts"

On May 18th, 2017 the IASB issued IFRS 17, that supersedes the existing standard IFRS 4.

IFRS 17 establishes principles for recording, evaluating, presenting and disclosing insurance contracts in order to provide a more uniform valuation and presentation approach for all insurance contracts.

IFRS 17 requires the evaluation of insurance liabilities not to be carried at historical cost but at current value in a consistent manner and by using:

unbiased expected weighted estimates of future cash flows based on updated assumptions,
discount rates reflecting the cash flow characteristics of the contracts and
estimates of financial and non-financial risks arising from the issuance of insurance policies.

The new standard is effective for annual reporting periods beginning on or after 1 January 2023.

- IAS 1 (Amendment) "Classification of Liabilities as Current or Non-current"

The amendment affects only the presentation of liabilities in the statement of financial position. It clarifies that the classification of liabilities should be based on rights that are in existence at the end of the reporting period. Furthermore, the amendment clarified that management expectations for events that are expected to occur after the balance sheet date should not be taken into account and clarified the cases that constitute settlement of the liability.

The amendment is effective for annual reporting periods beginning on or after 1 January 2022.

- IFRS 16 (Amendment) "Covid-19-Related Rent Concessions" (issued on May 28th, 2020)

The International Accounting Standards Board (IASB), in response to the impact of the pandemic COVID-19, issued the amendment to IFRS 16 "Leases" to enable lessees not to account for lease reductions as a lease modification as long as they are a direct consequence of COVID-19 and meet specific conditions.

The amendment is effective for annual reporting periods beginning on or after 1 June 2020.

- IFRS 4 (Amendment) "Insurance Contracts" - deferral of IFRS 9" (issued on June 25th, 2020)

This amendment deferred the effective date by two years, to annual reporting periods beginning on or after 1 January 2023 in order to allow time for an orderly adoption of the amended IFRS 17 by jurisdictions around the world. This should enable more insurers to implement the new Standard at the same time. In addition, IFRS 4 has been amended so that eligible insurers can still apply IFRS 9 "Financial Instruments" alongside IFRS 17.

IAS 16 (Amendment) «Property, Plant and Equipment — Proceeds before Intended Use» (issued on May 28th, 2020)

The amendment prohibits the entity to deduct from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to its intended use. In addition, it requires entities to disclose separately the amounts of revenues and expenses associated with such items produced that are not the result of the entity's ordinary activities.

The amendment is effective for annual reporting periods beginning on or after 1 January 2022.

- IAS 37 (Amendment) "Onerous Contracts — Cost of Fulfilling a Contract" (issued on May 28th, 2020)

The amendment clarifies that "the cost of fulfilling a contract" comprises the costs that relate directly to fulfilling this contract and the allocation of other costs that relate directly to its execution. The amendment also clarifies that before a separate provision for an onerous contract is recognized, an entity recognizes an impairment loss on the assets used to fulfill the contract, rather than on assets that were solely committed to that contract.

The amendment is effective for annual reporting periods beginning on or after 1 January 2022.

- IFRS 3 (Amendment) "Reference to the Conceptual Framework" (issued on May 28th, 2020)

The amendment updated the standard to refer to the Conceptual Framework for Financial Reporting issued in 2018, when it must be determined what constitutes an asset or liability in a business combination. Furthermore, an exception was added for certain 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. The amendment has not yet been adopted by the European Union. The amendment is effective for annual reporting periods beginning on or after 1 January 2022.

Annual Improvements to IFRSs 2018-2020 cycle

On May 14th, 2020, the International Accounting Standards Board (IASB) issued the annual improvements containing the following amendments to the following International Financial Reporting Standards, which are effective for annual reporting periods beginning on or after 1 January 2022.

IFRS 1 "First-time Adoption of International Financial Reporting Standards - Subsidiary as a first-time adopter" The amendment permits a subsidiary that applies paragraph D16(a) of IFRS 1 to measure cumulative translation differences using the amounts reported by its parent, based on the parent's date of transition to IFRSs.
IFRS 9 "Financial Instruments - Fees in the '10 per cent' test for derecognition of financial liabilities"

The amendment clarifies which fees an entity includes when it applies the '10 per cent' test in paragraph B3.3.6 of IFRS 9 in assessing whether to derecognize a financial liability. An entity includes only fees paid or received between the entity (the borrower) and the lender, including fees paid or received by either the entity or the lender on the other's behalf.

- IFRS 16 "Leases - Lease incentives"

The amendment to Illustrative Example 13 accompanying IFRS 16 removes from the example the illustration of the reimbursement of leasehold improvements by the lessor in order to resolve any potential confusion regarding the treatment of lease incentives that might arise because of how lease incentives are illustrated in that example.

- IAS 41 "Agriculture - Taxation in fair value measurements"

The amendment removes the requirement in paragraph 22 of IAS 41 for entities to exclude taxation cash flows when measuring the fair value of a biological asset using a present value technique. This will ensure consistency with the requirements in IFRS 13.

5.5 Financial risk management

Financial Risks (Foreign exchange risk - Interest rate risk - Credit risk - Liquidity risk – Value risk)

The Group faces the following financial risks:

a) operating through its subsidiaries and branches abroad, the foreign exchange risk, arising from the difficult international economic situation and the fact that the course of these countries' currencies cannot be fairly predicted, which the Company tries to reduce through borrowings in local currency (where feasible) as well as through agreements for the collection of receivables in euro,
b) the risk of rising interest rates, which it seeks to reduce by entering into borrowing agreements and lease contracts with floating interest rates, mainly based on a 3-month or 6-month euribor,
c) the credit risk deriving from its debtors' inability to abide by their contractual obligations and pay off their liabilities, which it seeks to limit by continuously and intensively monitoring its debtors,
d) the risk of inadequate liquidity which it attempts to counterbalance through the existence of committed bank credit facilities and
e) the value risk, which relates to changes in the value of securities held, relating to shares of companies listed on the ASE.

5.6 Group structure and methods of consolidating companies

Semi-annual Financial Report for the period 01.01.2020 – 30.06.2020
With respect to the liquidity risk, the Group is in constant contact with the Greek banking institutions in order to ensure the required letters of guarantee and fundings for the implementation of the projects it has undertaken. Furthermore, with respect to the credit risk, the Group constantly monitors the total of trade receivables and where necessary takes promptly all extrajudicial or judicial actions to safeguard the rights and interests of the Group's companies and the collection of receivables, thereby minimizing any credit risk. In cases where it appears that there is a potential risk of non-collection of a receivable, the Group proceeds to the formation of the required related provision. 5.6 Group structure and methods of consolidating companies
The Group's structure as at June 30th, 2020 was as follows: COMPANY NAME	% of interest held	Consolidation method
INTRAKAT, Greece	Parent
FRACASSO HELLAS S.A. DESIGN & CONSTRUCTION OF ROAD SAFETY SYSTEMS, Greece	100,00%	Full
- FRACASSO HOLDINGS D.O.O., Croatia	50,00%	Equity *
VITA PK IKAT ANAPTYXIAKI S.A. (former BITA ANAPTIXIAKI CYCLADES S.A.), Greece	100,00%	Full
RURAL CONNECT S.A., Greece	60,00%	Full
CONTROLLED PARKING SYSTEM OF THESSALONIKI SOCIETE ANONYME (STELSTATH), Greece	95,00%	Full
FUNCTION CONTROLLED PARKING SYSTEM SOCIETE ANONYME (ELSTATH), Greece	60,00%	Full
INTRA ATHENS HOSPITALITY S.A. HOTEL AND TOURISM BUSINESS, Greece	70,93%	Full

ANAPTIXIAKI CYCLADES S.A. REAL ESTATE DEVELOPMENT, Greece	100,00%	Full
INTRACOM CONSTRUCT SA, Romania	97,17%	Full
OIKOS PROPERTIES SRL, Romania	100,00%	Full
ROMINPLOT SRL, Romania	100,00%	Full
ΙNTRAKAT INTERNATIONAL LIMITED, Cyprus	100,00%	Full
- ALPHA MOGILANY DEVELOPMENT SP. Z.O.O, Poland	25,00%	Equity *
ADVANCED TRANSPORT TELEMATICS S.A., Greece	50,00%	Equity
SOCIETE ANONYME FOR THE OPERATION OF SERRES MUNICIPAL SOLID WASTE TREATMENT UNIT (ELMEAS SA), Greece	45,00%	Equity
SOCIETE ANONYME FOR THE MANAGEMENT OF SERRES MUNICIPAL SOLID WASTE (SIRRA SA), Greece	45,00%	Equity
MESTROLIO SA BIOGAS DEVELOPMENT INVESTMENTS, Greece	50,00%	Equity
MOBILE COMPOSTING S.A., Greece	24,00%	Equity
* indirect participation The joint operations in which the Group INTRAKAT participates are: COMPANY NAME		% of interest held

- J/V AKTOR ATE - J&P AVAX - ΙΝΤRΑΚΑΤ (J/V MOREAS), Greece		13,33%
- J/V INTRAKAT - ELTER (NATURAL GAS PIPELINES DISTRIBUTION AND SUPPLY NETWORK IN SOUTH ATTIKA REGION - EPA 7), Greece - J/V ANASTILOTIKI - INTRAKAT - GETEM - ETETH (CIVIL, ELECTROΜECHANICAL WORKS & SHAPING OF SURROUNDINGS OF THE NEW MUSEUM IN PATRA), Greece		49,00% 25,00%
- J/V ANASTILOTIKI - GETEM - INTRAKAT (CONSTRUCTION OF REFINERY & WATER PIPELINES IN PATRA & ITS INDUSTRIAL DISTRICT FROM PEIROS - PARAPEIROS DAM), Greece		33,30%

The joint operations in which the Group INTRAKAT participates are:

COMPANY NAME
- J/V AKTOR ATE - J&P AVAX - ΙΝΤRΑΚΑΤ (J/V MOREAS), Greece	13,33%
- J/V INTRAKAT - ELTER (NATURAL GAS PIPELINES DISTRIBUTION AND SUPPLY NETWORK IN SOUTH ATTIKA REGION - EPA 7), Greece	49,00%
- J/V ANASTILOTIKI - INTRAKAT - GETEM - ETETH (CIVIL, ELECTROΜECHANICAL WORKS & SHAPING OF SURROUNDINGS OF THE NEW MUSEUM	25,00%
IN PATRA), Greece
- J/V ANASTILOTIKI - GETEM - INTRAKAT (CONSTRUCTION OF REFINERY & WATER PIPELINES IN PATRA & ITS INDUSTRIAL DISTRICT FROM
PEIROS - PARAPEIROS DAM), Greece
- J/V INTRAKAT - K. PANAGIOTIDIS UNLIMITED CO. (PROJECT OF TRANSPORT LINES 'ONE'), Greece	60,00%
- J/V EKTER S.A. - ERTEKA S.A. - THEMELI S.A. - INTRAKAT (NETWORKS OF FILOTHEI REGION IN KIFISIA), Greece	24,00%
- J/V INTRAKAT - G.D.Κ. TECHNIKI EPE "J/V FOR THE CONSTRUCTION OF THE FILIATRINOU DAM PROJECT", Greece	70,00%
- J/V J&P ΑVAX - AEGEK - INTRAKAT (INFRASTRUCTURE OF THE DOUBLE RAIL LINE KIATO-RODODAFNI), Greece	33,33%
- J/V AKTOR ΑΤΕ - INTRAKAT (SETTLEMENT OF ESHATIA STREAM), Greece	25,00%
- J/V AKTOR - J&P AVAX - INTRAKAT (PANAGOPOULA TUNNEL), Greece	25,00%
- J/V AKTOR ATE-INTRAKAT (MONITORING APOSELEMIS's RESERVOIR FILLING PROCESS), Greece	50,00%
- J/V ATERMON ΑΤΕ-ΙΝΤRΑΚΑΤ (MATERIAL SUPPLY & CONSTRUCTION OF T.L. ΚΥΤ LAGADA-ΚΥΤ FILIPPON), Greece	50,00%
- J/V ΙΝΤRΑΚΑΤ-ΕRGO ΑΤΕ (CONSTRUCTION OF DISTRIBUTION NETWORK & NATURAL GAS PIPES IN ATTICA), Greece	50,00%
- J/V INTRAKAT - "J/V ARHIRODON HELLAS ATE - INTRAKAT" (GENERAL DETAINMENT FACILITY OF EASTERN MACEDONIA & THRACE), Greece	80,00%
- J/V INTRAKAT - PROTEAS (DRAINAGE OF RAINWATER IN ANAVYSSOS), Greece	50,00%
- J/V J&P AVAX - TERNA - AKTOR - INTRAKAT (VOTANIKOS MOSQUE), Greece	25,00%
- J/V INTRAKAT - EURARCO S.A. - ENVITEC (CONSTRUCTION OF WASTE WATER TREATMENT PLANT IN SERRES), Greece	45,00%
- J/V INTRAKAT - WATT S.A. (CONSTRUCTION OF VIOTIA WASTE TREATMENT UNIT 2nd D.E.), Greece	50,00%
- J/V ATERMON - INTRAKAT ADMHE 2018, Greece	50,00%
J/V INTRAKAT - MESOGEIOS S.A. (EXTENTION, OPERATION, MAINTENANCE OF SANITARY LANDFILL SITE IN WESTERN ATTIKA), Greece	50,00%
- J/V "J/V INTRAKAT-MESOGEIOS" - WATT (EXTENTION, OPERATION, MAINTENANCE OF SANITARY LANDFILL SITE IN W. ATTIKA), Greece	33,34%
J/V INTRAKAT - RAILWAY PROJECTS S.A., Greece	92,46%
J/V ATERMON - INTRAKAT ADMHE 2019, Greece	50,00%
J/V TOPLOU CRETE's WIND FARM NOSTIRA - INTRAKAT, Greece	10,00%
J/V INTRAKAT - PROTEAS (INFRASTRUCTURE I), Greece	50,00%
J/V P.&C. DEVELOPMENT S.A. - INTRAKAT, Greece	50,00%
J/V INTRAKAT - ANASTILOTIKI ATE, PEIROS - PAPAPEIROS REFINERY PROJECT, Greece	50,00%

* indirect participation

During the current year:

The parent company ΙΝΤΡΑΚΑΤ:

Semi-annual Financial Report for the period 01.01.2020 – 30.06.2020


The parent company ΙΝΤΡΑΚΑΤ:
	On 11.02.2020 acquired the total (100%) of the shares of "ANAPTIXIAKI CYCLADES S.A. REAL ESTATE DEVELOPMENT", from a company of the INTRACOM HOLDINGS Group. Following the above acquisition, the subsidiary is incorporated in the Group's financial statements using the full method.
Acquisition date	11/2/2020

Acquired interest	100%
Acquisition consideration
Cash	15.000
Total acquisition consideration	15.000
Less: Net asset value acquired	(397.775)
Amount directly in Equity	412.775
Assets and Liabilities transferred, are as follows:
	Fair value of

Acquisition date	11/2/2020
Acquired interest	100%
Acquisition consideration

Total acquisition consideration	15.000


Assets and Liabilities transferred, are as follows:	Fair value of
(Amounts in Euro)	acquired company
Cash in hand	250
Trade and other receivables	7.480
Other liabilities and borrowings	(405.505)
Acquired net worth	(397.775)
Cash acquisition outflows:
Acquisition consideration in cash	15.000
Cash and cash equivalents of acquired company	250

Cash acquisition outflows:


	14.750
On 13.03.2020 participated in the capital increase of "INTRA ATHENS HOSPITALITY S.A. HOTEL AND TOURISM BUSINESS". In the above increase, the shareholder company INTRADEVELOPMENT partially exercised its pre-emptive rights, due to the partial abolition of the pre-emptive right in favor of the other shareholder company INTRAKAT. The total amount of the share capital increase was covered by capitalization of liabilities / offsetting an equal amount of debt to its shareholders. Following the above, "INTRA ATHENS HOSPITALITY S.A. HOTEL AND TOURISM BUSINESS" became a subsidiary by 70,93% and is incorporated in the Group's financial statements using the full method.
Acquisition date	13/3/2020
Prior interest held	49,02%
Acquired interest	21,91%
Total interest held	70,93%
Acquisition consideration
Cash	-
	1.565.000
Claim offsetting
Total acquisition consideration	1.565.000
Plus: Fair value of net worth of previous interest held (49,02%)	110.470
Less: Net worth acquired	944.241

Semi-annual Financial Report for the period 01.01.2020 – 30.06.2020
The fair values of the assets-liabilities of INTRA ATHENS HOSPITALITY S.A. as at 13.03.2020 were:
(Amounts in Euro)	Fair value of acquired company

Cash in hand	1.454
Tangible assets	1.238.086
Intangible assets	3.808
Trade and other receivables	289.210
Other liabilities and borrowings	(201.330)
Acquired net worth	1.331.229
Cash acquisition outflows:
Acquisition consideration in cash	-
Cash and cash equivalents of acquired company	1.454

The overall impact of the above events on the turnover was € 247 thousand, on the results net of taxes and noncontrolling interests was € 46 thousand, on non-controlling interests was € 387 thousand and on the issuer's equity was € -1.055 thousand.

5.7 Discontinued operations

1. SPIN-OFF OF THE METAL CONSTRUCTION INDUSTRY OF THE PARENT COMPANY

The Board of Directors of the parent company, at its meeting as of 31.12.2019, decided to initiate the spin-off της process of the metal construction industry and its contribution to its 100% subsidiary under the name "FRACASSO HELLAS DESIGN AND CONSTRUCTION OF ROAD SAFETY SYSTEMS" and the distinctive title "FRACASSO HELLAS" (the "Beneficiary Company")

The spin-off and contribution of the industry will be made in accordance with the provisions of L. 4601/2019, L. 4548/2018 and article 54 of L. 4172/2013.

As date of preparation of the transformation financial statement was set the 31.12.2019, following which all transactions to be carried out that will concern the spin-off industry will be considered as carried out on behalf of the Beneficiary Company.

The spin-off of the industry aims at the organizational separation of INTRAKAT Group's business activities so as to maximize the efficiency of the operating units and create economies of scale.

The completion of the spin-off is conditional on the decisions and approvals required under the applicable legislation.

The Company according to IFRS 5: "Non-current Assets held for trading and Discontinued Operations", classified in its separate financial statements as of 30.06.2020 and 31.12.2019, the above sector of activity as held for trading, given that its carrying value will be recovered mainly through the spin-off, rather than the continuous use.

This spin-off will not affect the consolidated financial data of INTRAKAT Group, since the Beneficiary Company, as a subsidiary by 100%, is fully consolidated.

The Company classifies all the assets and liabilities of the spin-off industry as held for trading.

The spin-off process is estimated to be completed by the end of 2020.

The financial information related to the spin-off industry as of 30.06.2020 is as follows:

A. The results from the activity of the spin-off industry that have been classified in the Company's Statement of Comprehensive Income as "Discontinued activities" for the periods 01.01.2019 - 31.12.2019 and 01.01.2020 - 30.06.2020 are presented below:

01.01 - 30.06.2020 01.01 - 30.06.2019 Sales 5.990.535 5.762.263 Cost of goods sold (5.208.500) (5.312.800) Gross profit 782.035 449.462 Administrative expenses (540.887) (571.196) Other income 2.728 88.083 Operating results 243.876 (33.651) Finance income - Finance expenses (772) (898) Finance cost - net (772) (898) Gains/(losses) from associates (after tax and non-controlling interests) - - Profit/(losses) before taxes from discontinued operations 243.104 (34.550) Income tax expense 141.438 13.438 Profit/(losses) net of taxes for the period from discontinued operations 384.542 (21.111) COMPANY (Amounts in Euro) 30.06.2020 31.12.2019

Β. The assets and liabilities of the spin-off industry that have been classified in the Company's Statement of Financial Position as "Assets held for trading" and "Liabilities of assets held for trading" are presented below:

The assets and liabilities of the spin-off industry that have been classified in the Company's Statement of Financial Position as "Assets held for trading" and "Liabilities of assets held for trading" are presented below:
(Amounts in Euro)	COMPANY
	30.06.2020	31.12.2019
Assets held for trading
Non-current assets for trading
Taangible, intangible and investment assets	17.986.336	17.947.105
Other non-current assets	32.793	32.793
	18.019.129	17.979.898
Current assets for trading
Trade and other receivables	9.165.970	8.071.433
Other current assts	6.421.261	7.224.918
	15.587.231	15.296.351
Total Assts	33.606.360	33.276.249
intercompany balances	(586.519)	(951.929)
		32.324.320
Assets held for trading	33.019.841
Liabilities of assets held for trading
Trade and other payables	7.139.388	7.046.089
Borrowings	12.000.000	12.000.000
Other liabilities	1.834.966	1.982.696
Total liabilities	20.974.354	21.028.785

intercompany balances Liabilities of assets held for trading	(371.883) 20.602.470	(536.547) 20.492.237
Cash flows are analyzed as follows:
	30.06.2020		30.06.2019
Net cash generated from operating activities		49.147	(61.379)
Net cash used in investing activities		(39.231)	(57.349)
Net cash used in financing activities Cash and cash equivalents at the end of the year		(6.789)	(7.561)

C. Cash flows are analyzed as follows:

Net cash generated from operating activities	49.147	(61.379)
Net cash used in investing activities	(39.231)	(57.349)
Net cash used in financing activities	(6.789)	(7.561)
Cash and cash equivalents at the end of the year	10.924	10.481

5.8 Roundings

Differences between amounts presented in the financial statements and corresponding amounts in the notes are due to roundings.

6. Segment information

6.1 Operational segments

Results of operational segments

Semi-annual Financial Report
for the period 01.01.2020 – 30.06.2020
6. Segment information
6.1 Operational segments The Group recognizes as business and operational segments, which the Administration uses for internal information purposes preparative to making strategic decisions, the following:
Results of operational segments
			01.01 - 30.06.2020			01.01 - 30.06.2019
		Constructions	Steel structures	Total	Constructions	Steel structures	Total
Gross sales		77.704.871	7.836.186	85.541.057	121.859.074	8.078.480	129.937.554
Sales between segments		-	(1.301.143)	(1.301.143)	(1.722.977)	(2.003.052)	(3.726.028)
Sales		77.704.871	6.535.043	84.239.914	120.136.098	6.075.428	126.211.526
Revenue recognition schedule - at a point in time		9.598.175	2.537.670	12.135.845	21.926.154	3.107.448	25.033.602
- over time		68.106.696	3.997.373	72.104.069	98.209.944	2.967.980	101.177.923
		77.704.871	6.535.043	84.239.914	120.136.098	6.075.428	126.211.526
Operating results		547.851	163.743	711.594	6.940.208	(108.574)	6.831.634
Profit before taxes, financing and investing results and
depreciation/amortisation (EBITDA) Adjusted EBITDA		2.549.651 2.442.205	184.604 124.458	2.734.254 2.566.663	7.970.433 8.442.057	330.544 330.544	8.300.977 8.772.601
Finance cost - net (Note 7.19)				(4.691.178)			(5.528.669)
(Losses)/profit from associates				(22.359)			(51.935)
(Losses)/profit before taxes				(4.001.944)			1.251.030
Income tax				153.688			(1.992.510)
Losses net of taxes for the period				(3.848.256)			(741.480)
It is noted that projects implemented on behalf of the Greek State constitute 27,20% of the turnover for the 1st
semester 2020.
Sales to the Public Sector are analyzed as follows:
	01.01 - 30.06.2020	01.01 - 30.06.2019
Constructions	22.131.276	20.622.077
Steel structures	782.125	-
	22.913.401	20.622.077

Other Customers with sales greater than 10% of the Group's sales:
Customer		Sale	Percentage
FRAPORT A S.A REG. AIRP OF GREECE FRAPORT B S.A REG. AIRP OF GREECE		21.538.099 17.983.871	25,57% 21,35%

Other operational segment information

	01.01 - 30.06.2020	01.01 - 30.06.2019
Constructions	22.131.276	20.622.077
Steel structures	782.125	-
	22.913.401	20.622.077

Other Customers with sales greater than 10% of the Group's sales:

Customer	Sale	Percentage
FRAPORT A S.A REG. AIRP OF GREECE	21.538.099	25,57%
FRAPORT BS.A REG. AIRP OF GREECE	17.983.871	21.35%

Other operational segment information

semester 2020.
Sales to the Public Sector are analyzed as follows:
	01.01 - 30.06.2020	01.01 - 30.06.2019
Constructions	22.131.276	20.622.077
Steel structures	782.125	-
	22.913.401	20.622.077


Other Customers with sales greater than 10% of the Group's sales:


FRAPORT B S.A REG. AIRP OF GREECE		17.983.871	21,35%

Other operational segment information
			01.01 - 30.06.2020			01.01 - 30.06.2019
		Constructions	Steel structures	Total	Constructions	Steel structures	Total
Impairment of trade receivables		(167.591)	-	(167.591)	471.624	-	471.624
Depreciation		1.720.632	392.008	2.112.640	1.377.107	439.118	1.816.224

Semi-annual Financial Report for the period 01.01.2020 – 30.06.2020









			30.06.2020			31.12.2019
		Constructions	Steel structures	Total	Constructions	Steel structures	Total
Assets		256.441.192	34.442.537	290.883.729	280.707.959	34.161.892	314.869.851
Liabilities		205.434.204	21.310.014	226.744.218	224.355.257	21.333.115	245.688.372
Capital expenditure		2.208.539	74.231	2.282.770	3.351.459	243.865	3.595.324
Associates		-	-	-	296.732	-	296.732


6.2 Group's sales, assets and capital expenditure per geographical segment

	Sales 01.01 -	01.01 -		Total Assets		Capital Expenditure
(Amounts in Euro)	30.06.2020	30.06.2019	30.06.2020		31.12.2019	30.06.2020	31.12.2019
Greece	86.154.464	124.358.166	279.725.930		303.917.996	2.282.770	3.424.587
European Community countries	203.755	1.380.680	7.296.690		7.091.545	-	93.012
	638.021	456.086	3.861.109		3.860.311	-	77.725
Other European countries		16.594		-	-	-	-
Third countries Total	- 86.996.240	126.211.526	290.883.729		314.869.851	2.282.770	3.595.324

6.2 Group's sales, assets and capital expenditure per geographical segment

Associates		-	-	-
6.2 Group's sales, assets and capital expenditure per geographical segment

(Amounts in Euro)	01.01 - 30.06.2020	01.01 - 30.06.2019





From continuous operations
	GROUP		COMPANY
	Sales		Sales
(Amounts in Euro)	01.01 - 30.06.2020	01.01 - 30.06.2019	01.01 - 30.06.2020	01.01 - 30.06.2019
Sale of products	12.084.325	18.438.259	9.718.863	14.793.289
Sale of goods	124.902	3.189.505	51.520	1.609.339
Revenue from services	2.682.943	3.405.838	1.600.379	2.162.106
Construction contracts	72.104.069	101.177.923	68.106.696	99.840.610
Total	86.996.240	126.211.526	79.477.458	118.405.345
From discontinued operations
	GROUP		COMPANY

6.3 Sales per category of operations

From continuous operations

6.3 Sales per category of operations
From continuous operations


(Amounts in Euro)	01.01 - 30.06.2020	01.01 - 30.06.2019	01.01 - 30.06.2020	01.01 - 30.06.2019







From discontinued operations
	GROUP		COMPANY
	Sales		Sales
(Amounts in Euro)	01.01 - 30.06.2020	01.01 - 30.06.2019	01.01 - 30.06.2020	01.01 - 30.06.2019

From discontinued operations

(Amounts in Euro)	01.01 - 30.06.2020	01.01 -

		30.06.2019	01.01 - 30.06.2020	01.01 - 30.06.2019






(Amounts in Euro)	01.01 - 30.06.2020	01.01 - 30.06.2019	01.01 - 30.06.2020	01.01 - 30.06.2019

Sale of products	-	-	1.842.773	2.452.756
Sale of goods	-	-	73.382	262.995
Revenue from services	-	-	77.006	78.533
Construction contracts	-	-	3.997.373	2.967.980

7. Detailed data regarding the Financial Statements

7.1 Capital Expenditures

The Group's and the Company's capital expenditures (tangible and intangible assets as well as investment property) for the first semester are analyzed as follows:

		GROUP
(Amounts in Euro)	Property, plant and equipment	Intangible assets	Investment property	Total
Period until 30 June 2019
Net book value at 1 January 2019	32.844.148	6.995.367	12.948.071	52.787.585
Effect from the adoption of IFRS 16	(2.961.745)	-	-	(2.961.745)
Currency translation differences	(7.837)	-	(40.731)	(48.567)
Additions	247.903	735.060	-	982.963
Disposals/write-offs	(50.788)	-	-	(50.788)
Depreciation	(847.165)	(162.376)	(12.653)	(1.022.194)
Net book value at 30 June 2019	29.224.516	7.568.050	12.894.687	49.687.254
Period until 31 December 2019
Net book value at 1 January 2019	32.844.148	6.995.367	12.948.071	52.787.585
Effect from the adoption of IFRS 16	(2.961.745)	-	-	(2.961.745)
Currency translation differences	(12.181)	-	(76.214)	(88.395)
Additions	1.091.408	2.451.604	52.312	3.595.324
Disposals/write-offs	(64.742)	(302)	-	(65.044)
Depreciation	(1.746.671)	(402.942)	(25.305)	(2.174.918)
Exercise of redemption right	150.000	-	-	150.000
Reversal of previous impairment of PPE	151.893	-	-	151.893
Net book value at 31 December 2019	29.452.109	9.043.727	12.898.863	51.394.699
Period until 30 June 2020
Net book value at 1 January 2020	29.452.109	9.043.727	12.898.863	51.394.699
Currency translation differences	(7.645)	(29)	(34.845)	(42.519)
Additions	2.274.123	8.647	-	2.282.770
Disposals/write-offs	(10.220)	-	-	(10.220)
Acquisition of control (change of associate to subsidiary)	1.238.086	3.808	-	1.241.895
Depreciation	(834.492)	(432.533)	(12.653)	(1.279.678)
Net book value at 30 June 2020	32.111.962	8.623.621	12.851.365	53.586.948

On the Group's fixed assets and investment property there are encumbrances amounting € 44,2 million to secure bank borrowings and guarantees.

COMPANY

		COMPANY
(Amounts in Euro)	Property, plant and equipment	Intangible assets	Investment property	Total
Period until 30 June 2019
Net book value at 1 January 2019	32.281.947	71.647	9.897.588	42.251.182
Effect from the adoption of IFRS 16	(2.961.745)	-	-	(2.961.745)
Currency translation differences	8	1	-	9
Additions	241.042	56.772	-	297.814
Disposals/write-offs	(50.788)	-	-	(50.788)
Depreciation	(821.889)	(10.908)	(12.653)	(845.450)
Net book value at 30 June 2019	28.688.575	117.511	9.884.935	38.691.021
Period until 31 December 2019
Net book value at 1 January 2019	32.281.947	71.647	9.897.588	42.251.182
Effect from the adoption of IFRS 16	(2.961.745)			(2.961.745)
Currency translation differences	18	-	-	18
Additions	1.005.559	115.045	52.312	1.172.916
Disposals/write-offs	(74.842)	(302)	-	(75.144)
Depreciation	(1.660.740)	(24.178)	(25.305)	(1.710.222)
Exercise of redemption right	150.000	-	-	150.000
Transfer to assets held for trading	(17.947.057)	(49)	-	(17.947.105)
Reversal of previous impairment of PPE	151.893	-	-	151.893
Net book value at 31 December 2019	10.945.035	162.162	9.924.595	21.031.792
Period until 30 June 2020
Net book value at 1 January 2020	10.945.035	162.162	9.924.595	21.031.792
Currency translation differences	(235)	(29)	-	(263)
Additions	2.156.044	6.547	-	2.162.591
Disposals/write-offs	(10.220)	-	-	(10.220)
Depreciation		(17.017)	(12.653)	(446.852)
	(417.183)

7.2 Right to use assets

Semi-annual Financial Report for the period 01.01.2020 – 30.06.2020
7.2 Right to use assets
The recognized rights to use assets as of June 30 2020 are analyzed as follows:
		GROUP
(Amounts in Euro)	Land & Buildings	Machinery	Vehicles	Total
Period until 30 June 2019
Leased assets under a financial lease as at 31 December 2018	-	2.925.556	36.188	2.961.745
Effect of IFRS 16 as at 01.01.2019:
Recognition of right to use assets	8.656.722	-	1.438.131	10.094.853
Right to use assets as per IFRS 16 as at 01.01.2019	8.656.722	2.925.556	1.474.319	13.056.597
Additions	179.755	-	183.929	363.683
Amortization	(471.763)	(76.888)	(245.378)	(794.030)
Balance at 30 June 2019	8.364.714	2.848.668	1.412.870	12.626.251

Period until 31 December 2019
Leased assets under a financial lease as at 31 December 2018	-	2.925.556	36.188	2.961.745
Effect of IFRS 16 as at 01.01.2019:
Recognition of right to use assets	8.656.722	-	1.438.131	10.094.853
Right to use assets as per IFRS 16 as at 01.01.2019	8.656.722	2.925.556	1.474.319	13.056.597
Additions	237.801	-	416.366	654.167
Disposals/write-offs	(2.853)	-	(118.343)	(121.196)
Exercise of redemption right	-	(150.000)	-	(150.000)
Amortization Balance at 31 December 2019	(801.460) 8.090.210	(153.777) 2.621.779	(497.631) 1.274.711	(1.452.868) 11.986.700

Period until 30 June 2020
Balance at 1 January 2020	8.090.210	2.621.779	1.274.711	11.986.700
Additions	194.850	-	75.903	270.753
Amortization	(506.419)	(76.888)	(249.655)	(832.962)
Balance at 30 June 2020	7.778.641	2.544.891	1.100.959	11.424.491

		COMPANY
(Amounts in Euro)	Land & Buildings	Machinery	Vehicles	Total
Period until 30 June 2019
Leased assets under a financial lease as at 31 December 2018	-	2.925.556	36.188	2.961.745
Effect of IFRS 16 as at 01.01.2019:
Recognition of right to use assets	8.039.704	-	1.408.952	9.448.656
Right to use assets as per IFRS 16 as at 01.01.2019	8.039.704	2.925.556	1.445.141	12.410.400
Additions	70.365	-	183.929	254.293
Amortization	(408.769)	(76.888)	(239.596)	(725.254)
Balance at 30 June 2019	7.701.299	2.848.668	1.389.473	11.939.440
Period until 31 December 2019
Leased assets under a financial lease as at 31 December 2018	-	2.925.556	36.188	2.961.745
Effect of IFRS 16 as at 01.01.2019:
Recognition of right to use assets	8.039.704	-	1.408.952	9.448.656
Right to use assets as per IFRS 16 as at 01.01.2019	8.039.704	2.925.556	1.445.141	12.410.400
Additions	171.866	-	407.008	578.874
Disposals/write-offs	(2.853)	-	(114.283)	(117.136)
Exercise of redemption right	-	(150.000)	-	(150.000)
Amortization	(670.834)	(153.777)	(486.227)	(1.310.838)
Transfer to assets held for trading	(2.576)	-	(30.217)	(32.793)
Balance at 31 December 2019	7.535.307	2.621.779	1.221.422	11.378.508
Period until 30 June 2020
Balance at 1 January 2020	7.535.307	2.621.779	1.221.422	11.378.508
Additions	194.850	-	75.903	270.753
Amortization	(441.581)	(76.888)	(239.753)	(758.223)
Balance at 30 June 2020	7.288.575	2.544.891	1.057.572	10.891.038

7.3 Investments in subsidiaries The Company's investments in subsidiaries are analyzed in the following table:
		COMPANY
(Amounts in Euro)		30.06.2020	31.12.2019
Balance at the beginning of the period		15.891.693	15.465.693
Acquisition of subsidiary		15.000	-
Share capital increase		2.550	-
Payment of share capital		-	26.000
Acquisition of interest in subsidiaries from the minority		-	400.000
Acquisition of control (change of associate to subsidiary)		1.815.000	-
Balance at the end of the period		17.724.243	15.891.693

Summarized financial information regarding the Company's subsidiaries is set out below:
30.06.2020 31.12.2019
Assets 28.974.551 28.659.141

7.3 Investments in subsidiaries

Investments in subsidiaries


	The Company's investments in subsidiaries are analyzed in the following table:









Summarized financial information regarding the Company's subsidiaries is set out below:

Assets	28.974.551	28.659.141
Liabilities	18.531.544	18.531.212
Revenues	3.575.313	9.126.825
Profit (Losses)	(569.455)	(900.373)

7.4 Investments in associates

Semi-annual Financial Report for the period 01.01.2020 – 30.06.2020
7.4 Investments in associates
The Group's and Company's investments in associates are analyzed in the following table:
	GROUP
(Amounts in Euro)	30.06.2020	31.12.2019
Balance at the beginning of the period	2.043.389	1.638.333
Share capital increase	1.565.000	450
Share of profit/(loss) from associates (after tax and non controlling interests)	(22.359)	215.170
Currency translation differences	(51.981)	(9.796)
Additions	-	296.732
Disposals/write-offs	-	(97.500)
Acquisition of control (change of associate to subsidiary)	(1.675.470)	-
Balance at the end of the period	1.858.579	2.043.389
	COMPANY
(Amounts in Euro)	30.06.2020	31.12.2019
Balance at the beginning of the period	1.385.096	1.185.413
Share capital increase	1.565.000	450
Additions	-	296.732
Disposals/write-offs	-	(97.500)
Acquisition of control (change of associate to subsidiary)	(1.815.000)	-
Balance at the end of the period	1.135.096	1.385.096

COMPANY

7.5 Financial assets at fair value through other comprehensive income

		COMPANY











7.5 Financial assets at fair value through other comprehensive income

(Amounts in Euro)		GROUP		COMPANY
	30.06.2020	31.12.2019	30.06.2020	31.12.2019
Balance at 1 January 2020 and 1 January 2019 respectively	22.542.331	1.131.879	22.542.331	1.131.879
Additions	2.500	21.192.471	2.500	21.192.471
Acquisition of subsidiary	-	(643.828)	-	(643.828)
Fair value adjustment (Note 7.10)	(562.578)	861.808	(562.578)	861.808
Balance at 30 June 2020 and 30 June 2019 respectively	21.982.253	22.542.331	21.982.253	22.542.331
Non-current assets	21.982.253	22.542.331	21.982.253	22.542.331
Current assets	- 21.982.253	- 22.542.331	- 21.982.253	- 22.542.331


Financial assets at fair value include the following:

			COMPANY
	GROUP
	30.06.2020	31.12.2019	30.06.2020	31.12.2019
1. Listed equity securities
2. Unlisted equity securiries	662.017 21.320.236	1.224.594 21.317.736	662.017 21.320.236	1.224.594 21.317.736

1. Listed equity securities	662.017	1.224.594	662.017	1.224.594

7.6 Trade and other receivables

7.6 Trade and other receivables
Trade and other receivables are analyzed as follows:
	GROUP		COMPANY
(Amounts in Euro)	30.06.2020	31.12.2019	30.06.2020	31.12.2019
Trade receivables	33.709.914	65.866.234	30.449.327	62.834.135
Trade receivables - Related parties	4.825.919	4.183.657	10.218.723	10.289.052
Less: Impairment provisions	(7.432.433)	(7.618.854)	(7.051.936)	(7.212.439)
Trade receivables - net	31.103.400	62.431.037	33.616.114	65.910.748
Prepayments	24.805.698	39.239.923	23.619.192	38.551.592
Prepayments - Related parties	2.370.934	1.341.630	4.412.853	3.703.549
Borrowings to related parties	4.924.991	4.752.291	5.296.168	5.123.468
Receivables from the state (except for income tax)	6.336.048	4.845.019	5.709.312	3.312.570
Deposits against share capital increase of subsidiaries, associates	-	15.000	-	15.000
Committed deposit accounts	4	4	4	4
Prepaid expenses (advances)	3.359.558	3.579.065	2.643.670	2.969.992
Prepaid expenses - Related parties	272.138	231.643	271.988	231.493
Accrued income	323.100	186.749	149.725	186.749
Accrued income - Related parties	22.500	3.426	22.500	3.426
Other receivables	10.054.543	10.248.042	9.164.721	9.478.305
Other receivables - Related parties	3.531.961	5.007.220	5.181.380	6.185.101
Less: Impairment provisions	(4.309.849)	(4.309.849)	(4.291.299)	(4.291.299)
Total	82.795.026	127.571.200	85.796.328	131.380.698

Non-current assets	9.709.343	10.539.751	10.344.560	11.039.874
Current assets	73.085.683	117.031.449	75.451.768	120.340.824
	82.795.026	127.571.200	85.796.328	131.380.698

7.7 Contractual assets & contractual liabilities from customer contracts

Contractual assets

	127.571.200	85.796.328	131.380.698
Contractual assets	GROUP Construction contracts	COMPANY Construction contracts
1/1/2019	42.588.680		43.785.757
Additions		243.121.147	241.924.070
Transfer to receivables	(220.640.309)		(220.640.309)
		4.037 4.037
Currency translation differences
Transfer to assets held for trading		-	(1.841.336)
31/12/2019	65.073.555		63.232.219
Additions	69.794.037		65.796.664
Transfer to receivables	(45.609.958)		(43.113.175)
Currency translation differences	(4.292)		(4.292)

Contractual liabilities

Semi-annual Financial Report
for the period 01.01.2020 – 30.06.2020
Contractual liabilities

	GROUP	COMPANY
	Construction	Construction
	contracts	contracts
1/1/2019	386.918	386.918
Additions	3.779.666	3.779.666
Revenue recognized in relation to contractual liabilities	(3.827.692)	(3.827.692)
31/12/2019	338.892	338.892
Non-current liabilities	-	-
Current liabilities	338.892	338.892
	338.892	338.892

1/1/2020	338.892	338.892
Additions	6.604.429	6.604.429
Revenue recognized in relation to contractual liabilities	(2.310.032)	(2.310.032)
30/6/2020	4.633.289	4.633.289


Non-current liabilities Current liabilities	- 4.633.289	- 4.633.289

7.8 Current tax assets

7.9 Share capital

		4.633.289		4.633.289
7.8 Current tax assets
Share capital
Current tax assets include an amount of € 10,5 million which relates to an income tax refund claim arising mainly from a 3% withholding contractor's tax and originates by the amount of € 9,59 million from the parent company by the amount of € 927 thousand from joint operations and by the amount of € 300 thousand from subsidiaries. 7.9 The Company's shares are intangible and listed for trading on the Main Market of the Athens Stock Exchange. (Amounts in Euro)	Number of	Common shares	Share premium	Total
	shares
Balance at 1 January 2019	30.467.156	9.132.915	36.532.854	45.665.769
Balance at 31 December 2019 Purchase of treasury shares	30.467.156 (20.000)	9.132.915 (23.624)	36.532.854 -	45.665.769 (23.624)

7.10 Fair value reserves

Semi-annual Financial Report for the period 01.01.2020 – 30.06.2020
7.10 Fair value reserves
Fair value reserves of both the Group and the Company are analyzed as follows:
		GROUP
	Financial assets
	measured at fair value	Exchange
(Amounts in Euro)	through other comprehensive	diferrences reserves	Total
	income
Balance at 1 January 2019	(8.003.714)	(1.273.935)	(9.277.649)
Revaluation:	-	-
- Gross	861.808	-	861.808
- Tax	(206.834)	-	(206.834)
Currency translation differences of foreign subsidiaries &
branch offices	-	21.355	21.355
Currency translation differences of associates	-	(9.641)	(9.641)
Change of interest held in associate (via subsidiary) Balance at 31 December 2019	- (7.348.740)	2.190 (1.260.030)	2.190 (8.608.771)

Balance at 1 January 2020	(7.348.740)	(1.260.030)	(8.608.771)
Revaluation:
Gross	(562.578)	-	(562.578)
Less: Tax	135.019	-	135.019
Currency translation differences of foreign subsidiaries &
branch offices	-	67.063	67.063
Currency translation differences of associates	-	(51.981)	(51.981)
Balance at 30 June 2020	(7.776.299)	(1.244.949)	(9.021.248)

Revaluation:

Currency translation differences of foreign subsidiaries &


(Amounts in Euro)	Financial assets measured at fair value through other comprehensive	COMPANY Exchange diferrences reserves	Total
	income
Balance at 1 January 2019	(8.003.714)	(309.824)	(8.313.538)
Revaluation:
- Gross	861.808	-	861.808
- Tax	(206.834)	-	(206.834)
Currency translation differences of foreign branch offices	-	(61.007)	(61.007)
Balance at 31 December 2019	(7.348.740)	(370.831)	(7.719.571)
Balance at 1 January 2020	(7.348.740)	(370.831)	(7.719.571)
Revaluation:
Gross	(562.578)	-	(562.578)
Less: Tax	135.019	-	135.019
Currency translation differences of foreign branch offices	-	117.939	117.939
	(7.776.299)	(252.892)	(8.029.191)

7.11 Other reserves

Semi-annual Financial Report for the period 01.01.2020 – 30.06.2020
7.11 Other reserves Other reserves of both the Group and the Company are analyzed as follows:

(Amounts in Euro)	Statutory reserves	Tax free reserves	GROUP Actuarial gains/losses	Other reserves	Total
Balance at 1 January 2019	3.741.808	11.989.150	(785.032)	34.108.459	49.054.385
Change of interest held in subsidiary	10.800	-	-	-	10.800
Transfer from/to retained earnings	34	-	-	-	34
Actuarial gains/(losses)	-	-	106.448	-	106.448
Balance at 31 December 2019 Balance at 30 June 2020	3.752.642 3.752.642	11.989.150 11.989.150	(678.584) (678.584)	34.108.459 34.108.459	49.171.667 49.171.667

	Statutory	Tax free	COMPANY Actuarial	Other
(Amounts in Euro)	reserves	reserves	gains/losses	reserves	Total
Balance at 1 January 2019	3.685.026	11.989.150	(785.032)	34.108.459	48.997.603
Actuarial gains/(losses)	-	-	106.448	-	106.448
Balance at 31 December 2019	3.685.026	11.989.150	(678.584)	34.108.459	49.104.051
Balance at 30 June 2020	3.685.026	11.989.150	(678.584)	34.108.459	49.104.051

(Amounts in Euro)	Statutory reserves	Tax free reserves	Actuarial gains/losses	Other

7.12 Borrowings

	Statutory	Tax free	Actuarial	Other
(Amounts in Euro)	reserves	reserves	gains/losses




7.12 Borrowings

(Amounts in Euro)		GROUP		COMPANY
	30.06.2020	31.12.2019		30.06.2020	31.12.2019
Non-current borrowings
Bond Loan	11.200.000	10.700.000		11.200.000	10.700.000
Total non-current borrowings	11.200.000	10.700.000		11.200.000	10.700.000
Current borrowings
Bank loans	44.747.671	59.077.908		32.747.671	47.077.908
Bond Loan	9.835.000	10.335.000		9.835.000	10.335.000
Borrowings from related parties		263.025	259.613	265.000	265.000
Total current borrowings	54.845.696	69.672.521		42.847.671	57.677.908
Total borrowings	66.045.696	80.372.521		54.047.671	68.377.908


Exposure to interest rate changes as well as the contractual re-pricing dates of current borrowings are as follows:
		GROUP			COMPANY
			Total	6 months or less
(Amounts in Euro)	6 months or less	6-12 months
31 December 2019
Total borrowings	59.337.521	10.335.000	69.672.521	47.342.908	10.335.000	57.677.908
	59.337.521	10.335.000	69.672.521	47.342.908	10.335.000	57.677.908
30 June 2020 Total borrowings	45.010.696	9.835.000	54.845.696	33.012.671	9.835.000	42.847.671

		GROUP		COMPANY

Non-current borrowings


Current borrowings






Exposure to interest rate changes as well as the contractual re-pricing dates of current borrowings are as follows:		GROUP			COMPANY
(Amounts in Euro)	6 months or less	6-12 months	Total	6 months or less	6-12 months	Total
31 December 2019
Total borrowings	59.337.521	10.335.000	69.672.521	47.342.908	10.335.000	57.677.908
	59.337.521	10.335.000	69.672.521	47.342.908	10.335.000	57.677.908
30 June 2020
Total borrowings	45.010.696 45.010.696	9.835.000 9.835.000	54.845.696 54.845.696	33.012.671 33.012.671	9.835.000 9.835.000	42.847.671 42.847.671

Semi-annual Financial Report for the period 01.01.2020 – 30.06.2020
The contractual undiscounted cash flows of the non-current borrowings are as follows:
(Amounts in Euro)	GROUP		COMPANY
	30.06.2020	31.12.2019	30.06.2020	31.12.2019
Between 1 and 2 years	4.600.000	2.500.000	4.600.000	2.500.000
Between 2 and 3 years Between 3 and 4 years	3.200.000 3.400.000	3.200.000 3.300.000	3.200.000 3.400.000	3.200.000 3.300.000
Between 4 and 5 years	-	1.700.000	-	1.700.000
	11.200.000	10.700.000	11.200.000	10.700.000

The Group's weighted average effective interest rate on 30.06.2020 remained at the level of 5,8% as compared to 31.12.2019.
It is clarified that the fair values of non-current borrowings are not significantly different from their carrying values.
The carrying amounts of borrowings are denominated in the following currencies:
	GROUP		COMPANY
	30.06.2020	31.12.2019	30.06.2020	31.12.2019
Euro	66.045.696 66.045.696	80.372.521 80.372.521	54.047.671 54.047.671	68.377.908 68.377.908

66.045.696	80.372.521	54.047.671	68.377.908

Reconciliation of liabilities from financing activities

Reconciliation of liabilities from financing activities Non-current borrowings Current borrowings Total liabilities from financing activities	Balance at 31.12.2019 10.700.000 69.672.521 80.372.521	GROUP Cash flows 1.170.255 (15.497.080) (14.326.825)	Tranfsfers (670.255) 670.255 -	Balance at 30.06.2020 11.200.000 54.845.696 66.045.696






	66.045.696	80.372.521	54.047.671	68.377.908



The carrying amounts of borrowings are denominated in the following currencies:

values.
It is clarified that the fair values of non-current borrowings are not significantly different from their carrying

The Group's weighted average effective interest rate on 30.06.2020 remained at the level of 5,8% as compared to 31.12.2019.

	66.045.696	80.372.521	54.047.671	68.377.908
Reconciliation of liabilities from financing activities
		GROUP
	Balance at 31.12.2019			Balance at 30.06.2020


Total liabilities from financing activities	80.372.521	(14.326.825)	-	66.045.696

		COMPANY
	Balance at 31.12.2019	Cash flows	Tranfsfers	Balance at 30.06.2020
	10.700.000	1.170.256	(670.256)	11.200.000
Non-current borrowings			670.256	42.847.671
Current borrowings	57.677.908	(15.500.493)

7.13 Lease financial liabilities

Semi-annual Financial Report for the period 01.01.2020 – 30.06.2020 7.13 Lease financial liabilities (Amounts in Euro) Balance at the beginning of the period





		GROUP			COMPANY
	30.06.2020	31.12.2019	30.06.2019	30.06.2020	31.12.2019	30.06.2019
	10.183.364	-	-	9.572.845	-	-
Effect from the adoption of IFRS 16 - previous operating leases	-	10.071.751	10.071.751	-	9.448.656	9.448.656
Effect from the adoption of IFRS 16 - previous financial leases	-	1.417.682	1.417.682	-	1.417.682	1.417.682
Additions	270.753	654.167	363.683	270.753	578.874	254.293
Interest	271.199	728.266	305.581	256.543	703.308	288.855
Payments	(1.185.375)	(2.566.357)	(1.276.253)	(1.098.417)	(2.424.187)	(1.200.735)
Disposals/write-offs	-	(122.145)	-	-	(118.027)	-
Transfer to liabilities of assets held for trading Balance at the end of the period	- 9.539.940	- 10.183.364	- 10.882.445	- 9.001.724	(33.460) 9.572.845	- 10.208.751
Non-current financial lease liabilities	8.199.781	8.354.867	8.703.366	7.825.117	7.892.502	8.234.507
Ccurrent financial lease liabilities	1.340.159	1.828.497	2.179.079	1.176.606	1.680.343	1.974.244
	9.539.940	10.183.364	10.882.445	9.001.724	9.572.845	10.208.751

7.14 Trade and other payables

	9.539.940	10.882.445	9.001.724	9.572.845
The analysis of the Group's and the Company's trade payables and other liabilities is as follows:


Trade payables	81.306.488	97.418.433	75.233.668	91.626.294
Trade payables to related parties	4.215.050	4.404.781	4.324.757	4.411.111
Prepayments from customers	44.425.797	35.761.279	43.294.319	34.444.545
Prepayments from customers - related parties	6.856	390.000	114.169	412.322
Social security and other fees	2.080.015	512.948	1.848.296	498.953
Taxes (except from income tax)	2.629.841	3.673.528	2.191.680	3.322.789
Accrued expenses	1.092.656	2.329.828	940.139	2.272.107
Deferred income	680.259	721.792	-	-
Other liabilities	4.656.722	3.880.321	3.582.796	3.120.952
Other liabilities to related parties	589.959	586.752	5.111.121	5.018.378
Total	141.683.643	149.679.663	136.640.944	145.127.451
Non-current liabilities	8.888.557	9.277.766	8.888.557	9.277.766
Current liabilities	132.795.086	140.401.897	127.752.387	135.849.685

7.15 Expenses by nature

Semi-annual Financial Report for the period 01.01.2020 – 30.06.2020


7.15 Expenses by nature
The Group's expenses by nature are analyzed as follows:

				GROUP
(Amounts in Euro)		01.01 - 30.06.2020			01.01 - 30.06.2019
	Cost of goods sold	Administrative expenses	Total	Cost of goods sold	Administrative expenses	Total
Employee benefit expense	2.638.195	2.132.418	4.770.613	3.540.546	2.136.681	5.677.227
Inventory cost recognised as expense	18.183.500	-	18.183.500	32.906.698	3.112	32.909.810
Depreciation of PPE	556.216	278.275	834.491	594.224	252.941	847.165
Depreciation of right to use assets	517.744	315.218	832.962	552.357	241.673	794.030
Repairs and maintenance of PPE	299.931	104.011	403.942	589.689	90.760	680.449
Amortisation of intangible assets	419.172	13.362	432.534	157.492	4.884	162.376
Depreciation of investment property	-	2.948	2.948	-	2.948	2.948
Depreciation of leasing investment property	-	9.705	9.705	-	9.705	9.705
Current leases	2.635.286	177.708	2.812.994	501.472	15.841	517.313
Low value leases	6.416	-	6.416	-	-	-
Variable lease payments not included in lease liabilities	7.581	-	7.581	30.353	-	30.353
Advertisement	12.924	387.789	400.713	33.644	354.403	388.047
Subcontractors' and third paries' fees	49.827.149	2.502.084	52.329.232	68.180.333	2.577.711	70.758.044
Other (Third party benefits, various epenses etc.) Total	3.839.641 78.943.753	2.033.915 7.957.434	5.873.556 86.901.187	5.488.308 112.575.116	1.624.904 7.315.563	7.113.212 119.890.679



The Company's expenses by nature are analyzed as follows:
From continuous operations

			COMPANY
(Amounts in Euro)		01.01 - 30.06.2020			01.01 - 30.06.2019
	Cost of goods	Administrative	Total	Cost of goods	Administrative	Total
	sold	expenses		sold	expenses

The Company's expenses by nature are analyzed as follows:

From continuous operations

(Amounts in Euro) 01.01 - 30.06.2020 Cost of goods Administrative sold expenses Employee benefit expense 2.045.278 Inventory cost recognised as expense 14.681.427 Depreciation of PPE 309.639 Depreciation of right to use assets 457.948 Repairs and maintenance of PPE 279.768 Amortisation of intangible assets 6.054 Depreciation of investment property - Depreciation of leasing investment property - Current leases 2.649.266 Low value leases 6.416 Advertisement 12.924 Subcontractors' and third paries' fees 48.628.971 Other (Third party benefits, various epenses etc.) 3.013.153 Total 72.090.843	Total 1.914.603 3.959.881 - 14.681.427 107.543 417.182 300.275 758.223 98.089 377.856 10.964 2.948 9.705 165.559 2.814.825 - 345.683 358.606	COMPANY Cost of goods sold 2.850.465 29.346.658 361.254 492.061 580.253 17.018 2.948 9.705 516.790 6.416	7.960 - -	01.01 - 30.06.2019 Administrative expenses 1.890.955 - 46.789 226.215 86.635 2.899 2.948 9.705 12.046	Total 4.741.420 29.346.658 408.042 718.275 666.888 10.860 2.948 9.705 528.836
The Company's expenses by nature are analyzed as follows: From continuous operations


























			-	-	-
		33.644		316.337	349.982
	2.075.599 50.704.570	67.094.942		2.148.504	69.243.446
	1.685.603 4.698.756	4.585.371		1.437.447	6.022.819
	6.716.569 78.807.412	105.869.398		6.180.479	112.049.877
From discontinued operations

(Amounts in Euro) 01.01 - 30.06.2020				01.01 - 30.06.2019
Cost of goods Administrative	Total	Cost of goods		Administrative	Total
sold expenses		sold		expenses
Employee benefit expense 532.360	167.062 699.422	592.089		197.247	789.336
Inventory cost recognised as expense 3.153.570	- 3.153.570	3.623.801		-	3.623.801
Depreciation of PPE -	-	- 228.137		185.710	413.847
Depreciation of right to use assets -	-	-	-	6.979	6.979
Repairs and maintenance of PPE 20.163	2.302	22.465	9.333	3.098	12.432
Amortisation of intangible assets -	-	-	-	49	49
Advertisement -	702	702	-	1.099	1.099
Subcontractors' and third paries' fees 1.030.755	117.602 1.148.357	341.115		126.991	468.105
Other (Third party benefits, various epenses etc.) 471.653	253.218 724.871	518.325		50.025	568.350
Total 5.208.500	540.887 5.749.387	5.312.800		571.196	5.883.997

- 42 -

From discontinued operations


Cost of goods	Administrative		Cost of goods	Administrative
sold	expenses	Total	sold	expenses	Total

7.16 Other income

From continuous operations

Semi-annual Financial Report for the period 01.01.2020 – 30.06.2020
7.16 Other income
The Group's and the Company's other income is analyzed as follows: From continuous operations
	GROUP		COMPANY
(Amounts in Euro)	01.01 - 30.06.2020	01.01 - 30.06.2019	01.01 - 30.06.2020	01.01 - 30.06.2019
Dividend income from subsidiaries	-	-		1.699.901
Amortization of grants received	2.728	2.727	-	-
Rental income	130.725	299.923	160.674	311.533
Reimbursement (insurance etc.)	65.227	7.083	65.227	7.083
Income from leased equipment	-	16.000	-	16.000
Income from services rendered to third parties	229.796	301.327	293.691	292.177
Other income Total	63.948 492.423	71.696 698.757	52.746 572.339	71.421 2.398.115
From discontinued operations

(Amounts in Euro)	GROUP 01.01 - 30.06.2020	01.01 - 30.06.2019	COMPANY 01.01 - 30.06.2020	01.01 - 30.06.2019
Amortization of grants received	-	-	2.728	2.727
Income from services rendered to third parties	-	-	-	85.356
Total	-	-	2.728	88.083

From discontinued operations

From discontinued operations

01.01 - 01.01 - 01.01 - (Amounts in Euro)	01.01 -
30.06.2020 30.06.2019 30.06.2020	30.06.2019



7.17 Net impairment of financial assets	COMPANY 01.01 -
GROUP 01.01 - 01.01 - 01.01 -
(Amounts in Euro) 30.06.2020 30.06.2019 30.06.2020	30.06.2019
Impairment for bad debts - (471.624) -	(471.624)
Restoration of provision for bad debts 167.591 - 107.446	-
167.591 (471.624) 107.446	(471.624)

7.17 Net impairment of financial assets

(Amounts in Euro)	01.01 - 30.06.2020	01.01 - 30.06.2019	01.01 - 30.06.2020	01.01 - 30.06.2019

7.18 Other gains/ losses (net)

7.17 Net impairment of financial assets


	01.01 -	01.01 -	01.01 -	01.01 -
(Amounts in Euro)	30.06.2020	30.06.2019	30.06.2020	30.06.2019





7.18 Other gains/ losses (net) The Group's and Company's other gains / losses are as follows:

	GROUP COMPANY 01.01 - 01.01 -
(Amounts in Euro)
			01.01 -	01.01 -
	30.06.2020	30.06.2019	30.06.2020	30.06.2019
Other financial assets at fair value through profit or loss:
- Fair value gains / (losses)	(72.951)	93.019	(72.951)	93.019
Extraordinary profits from liquidation of liabilities	-	239.424	-	239.424
Gains/ (losses) from disposal of PPE	29.478	(48.788)	29.478	(48.788)
	(43.473)	283.654	(43.473)	283.654

7.19 Finance cost (net)

From continuous operations

7.19 Finance cost (net) The Group's and Company's finance cost is analyzed below:

From continuous operations
GROUP		COMPANY
01.01 - 01.01 - (Amounts in Euro) 30.06.2020 30.06.2019	01.01 - 30.06.2020	01.01 - 30.06.2019
Finance expenses
- Bank loans (1.531.615)	(1.640.539) (1.531.615)	(1.640.539)
- Bond loan (610.711)	(678.667) (610.711)	(678.667)
- Lease liabilities (271.199)	(305.581) (256.543)	(287.956)
- Letters of credit (1.859.539)	(2.683.780) (1.762.679)	(2.660.335)
- Interest on advances from customers (190.749)	(182.698) (190.749)	(182.698)
- Other (647.708)	(656.050) (641.218)	(649.990)
- Net gains / (losses) from currency translation differences 25.310	2.326 37.600	(10.145)
(5.086.211)	(6.144.988) (4.955.916)	(6.110.329)
- Interest income 272.940	616.319 299.488	641.310
- Credit interest on discounting claims 122.093	- 122.093	-
395.033 Interest income	616.319 421.581	641.310
Total (4.691.178)	(5.528.669) (4.534.335)	(5.469.019)
From discontinued operations
GROUP	COMPANY
01.01 - 01.01 - (Amounts in Euro) 30.06.2020 30.06.2019	01.01 - 30.06.2020	01.01 - 30.06.2019
Finance expenses
- Lease liabilities -	- (772)	(898)
-	- (772)	(898)
- Interest income	- -	-
Total -	- (772)	(898)

From discontinued operations

From discontinued operations

	01.01 -	01.01 -	01.01 -	01.01 -
(Amounts in Euro)	30.06.2020	30.06.2019	30.06.2020	30.06.2019
Finance expenses

	-	-	(772)	(898)


7.20 Earnings/(losses) per share Earnings/(losses) per share were calculated using the weighted average number of shares multiplied by the total number of outstanding common shares.	GROUP		COMPANY
	30.06.2020	30.06.2019	30.06.2020	30.06.2019
Weighted average number of shares	30.460.416	30.467.156	30.460.416	30.467.156
	01.01 - 30.06.2020	01.01 - 30.06.2019	01.01 - 30.06.2020	01.01 - 30.06.2019

7.20 Earnings/(losses) per share

From discontinued operations (Amounts in Euro) Finance expenses 7.20 Earnings/(losses) per share	01.01 - 30.06.2020 -	01.01 - 30.06.2019 -	01.01 - 30.06.2020 (772)	01.01 - 30.06.2019









				(898)



Earnings/(losses) per share were calculated using the weighted average number of shares multiplied by the total number of outstanding common shares.
	GROUP			COMPANY
	30.06.2020	30.06.2019	30.06.2020	30.06.2019
Weighted average number of shares	30.460.416	30.467.156	30.460.416	30.467.156

	01.01 -	01.01 -	01.01 -	01.01 -
	30.06.2020	30.06.2019	30.06.2020	30.06.2019
(Losses)/profit before taxes	(4.001.944)	1.251.030	(3.227.978)	3.096.594
Income tax	153.688	(1.992.510)	(112.949)	(1.801.317)
(Losses)/profit from continuous operations	(3.848.256)	(741.480)	(3.340.927)	1.295.278
(Losses)/profit net of taxes from discontinued operations	-	-	384.542	(21.111)
Net (losses)/profit for the period (continuous and discontinued
operations)	(3.848.256)	(741.480)	(2.956.386)	1.274.166
Attributable to:
Continuous operations
Owners of the Parent	(3.614.239)	(762.725)	(3.340.927)	1.295.278
Non-controlling interests	(234.018)	21.245	-	-

Discontinued operations
Owners of the Parent	-	-	384.542	(21.111)
Non-controlling interests	-	-	-	-
Basic (losses)/earnings per share	-0,1187	-0,0250	-0,0971	0,0418
Continuous operations	-0,1187	-0,0250	-0,1097	0,0425
Discontinued operations	-	0,0000	0,0126	-0,0007
	-0,1187	-0,0250	-0,0971	0,0418

7.21 Fair value measurement of financial instruments

Level 1: Based on negotiable (unspecified) prices in active markets for identical assets or liabilities.
Level 2: Based on valuation techniques for which all data having a material impact on the fair value are visible, directly or indirectly.
Level 3: Based of valuation techniques that use data having a material impact on the fair value and are not based on obvious market data.

Semi-annual Financial Report for the period 01.01.2020 – 30.06.2020
7.21 Fair value measurement of financial instruments
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments per valuation method:
Level 1: Based on negotiable (unspecified) prices in active markets for identical assets or liabilities.
Level 2: Based on valuation techniques for which all data having a material impact on the fair value are visible, directly or indirectly.
Level 3: Based of valuation techniques that use data having a material impact on the fair value and are not based on obvious market data.
	GROUP
	30.06.2020
(Amounts in Euro)	Level 1	Level 3
Financial assets measured at fair value
Financial assets measured at fair value through other comprehensive income	662.017	21.320.236
Financial assets at fair value through profit or loss	234.564	359.202
	896.580	21.679.439
	GROUP
	31.12.2019
(Amounts in Euro)	Level 1	Level 3
Financial assets measured at fair value
Financial assets measured at fair value through other comprehensive income	1.224.594	21.317.736
Financial assets at fair value through profit or loss	307.515	359.202
	1.532.109	21.676.939
The Group has not made any transfers between valuation levels.
The carrying amount of the following categories of assets and liabilities approximates their fair value:
- Trade and other receivables	- Current borrowings

1.532.109	21.676.939

Trade and other receivables Current borrowings
-
Trade and other payables Non-current borrowings
Cash and cash equivalents

7.22 Number of employed personnel

Financial assets measured at fair value


			1.532.109 21.676.939
The Group has not made any transfers between valuation levels.
The carrying amount of the following categories of assets and liabilities approximates their fair value:
- Trade and other receivables			- Current borrowings
- Trade and other payables			- Non-current borrowings
- Cash and cash equivalents
7.22 Number of employed personnel
The number of employees on June 30th, 2020 and on June 30th, 2019 respectively is:

From continuous operations
	GROUP			COMPANY
Average number of employees	340	391	279	326
	30.06.2020	30.06.2019	30.06.2020	30.06.2019
(per category)
Administrative personnel	105	113	100	104
Workers personnel	235	278	179	222
From discontinued operations
	GROUP		COMPANY
Average number of employees	-	-	50	51
	30.06.2020	30.06.2019	30.06.2020	30.06.2019
(per category)
Administrative personnel	-	-	2	2

From discontinued operations

- Cash and cash equivalents

7.22 Number of employed personnel
The number of employees on June 30th, 2020 and on June 30th, 2019 respectively is:
From continuous operations



(per category)


From discontinued operations

		GROUP		COMPANY
Average number of employees	-	-	50	51
	30.06.2020	30.06.2019	30.06.2020	30.06.2019
(per category) Administrative personnel	-	-	2	2
Workers personnel	-	-	48	49


		- 45 -

7.23 Contingencies and commitments

Contingent liabilities

30.06.2020	31.12.2019	30.06.2020	31.12.2019
96.904.447	103.396.261	96.904.447	97.366.261
35.243.149	40.535.406	35.243.149	35.647.968
8.110.060	11.432.469	8.110.060	11.432.469
2.688.029	2.700.529	2.688.029	2.700.529
7.586.028	8.141.941	7.586.028	8.141.941
27.718.499	24.418.657	27.718.499	24.418.657
1.226.160	1.226.160	1.226.160	1.226.160
179.476.372		179.476.372	180.933.985
		GROUP 191.851.423	COMPANY

b) Pending court cases

On 16.07.2020 the parties entered into an arbitration agreement under which all disputes between the parties have become subject from their outset and in their entirety to arbitration, so that they can be tried and judged together to avoid conflicting decisions. The parties, after drawing up a valid arbitration clause, recognized as legitimate the establishment of the arbitral tribunal and its jurisdiction to address all disputes, hence INTRACOM TELECOM undertook to withdraw from its lawsuits pending in the Athens Multi-Member Court of First Instance and raise new arbitration appeals.

The Company has already filed a counterclaim under which in addition to the amount of € 10.000.000 with the corresponding default interest from 6.6.2015 and litigation from 18.12.2016, which the Company is already claiming with one of its arbitration appeals. as a penalty clause, increased by the corresponding interest on the accrued interest for the years 2017, 2018, 2019 based on the current litigation interest rate, it is also claiming a) an amount of € 6.888.347,67 to make up for the material damage it suffered for the reasons stated in the history and as a necessary consequence of the damage caused by the conduct of INTRACOM TELECOM from the breach of what was mutually agreed, b) an amount of € 253.522,50 for the recovery of the financial cost of maintaining the letters of guarantee.

Contingent assets

a) Letters of guarantee

lawsuit is pending.
than the probability of being upheld.
Contingent assets Letters of guarantee
	GROUP		COMPANY
(Amounts in Euro)	30.06.2020	31.12.2019	30.06.2020	31.12.2019
Customers' good payment guarantees	286.403	286.403	86.403	86.403
Suppliers' good performance guarantees	14.301.457	13.904.925	14.301.457	13.904.925

Advance payments guarantees	10.648.702	11.275.273	10.648.702	11.275.273
	25.236.562	25.466.601	25.036.562	25.266.601
		the financial cost of maintaining the letters of guarantee. have committed to comply immediately with its terms.			also claiming a) an amount of € 6.888.347,67 to make up for the material damage it suffered for the reasons stated in the history and as a necessary consequence of the damage caused by the conduct of INTRACOM TELECOM from the breach of what was mutually agreed, b) an amount of € 253.522,50 for the recovery of The arbitral award to be issued shall be final and irrevocable, not subject to any ordinary or extraordinary appeal, and shall be enforceable without having to be declared by the ordinary Courts, hence the parties Intracom Telecom filed a lawsuit at a later date before the Athens Multimember Court of First Instance requesting the Company to be ordered to pay the amount of € 1,18 million with interest in compensation as a result of the refusal to return a letter of guarantee from the performance of a subcontract. A decision on this According to the legal advisors, the probability of having Intracom Telecom's claims rejected is clearly stronger

7.24 Related party transactions

Semi-annual Financial Report for the period 01.01.2020 – 30.06.2020
7.24 Related party transactions
The following tables present information regarding the Group's and the Company's transactions with related
parties.
The above transactions in cases involving project contracts, sales of goods and services and rental and interest income are carried out at market terms.
In cases involving project contracts and subcontracts with related parties, the required good performance or advance payment guarantee letters are requested and obtained, which are also usually requested and obtained from such partnerships with third parties.
Settlement of the debts of related parties is always made as specified in the cooperation agreements and on terms
that do not differ from the terms in similar partnerships with third parties.
The above clarifications apply to related party transactions with respect to the Company and the Group.

	GROUP
Assets - Liabilities
	30.06.2020	31.12.2019
Receivables from the parent company Ιntracom Holdings	16.173	16.173
Receivables from associates	5.591.250	7.401.615
Receivables from other related parties Receivables from Management Executives and Administration Members	11.920.883 420.138	9.711.351 405.728
	17.948.443	17.534.868

Payables to the parent company Intracom Holdings	2.031.201	1.878.864
Payables to associates	240.221	382.470
Payables to other related parties	4.305.904	5.010.853
Payables to Management Executives and Administration Members	51.118	28.771
	6.628.444	7.300.958

Revenues - Expenses	30.06.2020	30.06.2019
Revenues from associates	196.643	1.937.941
Revenues from other related parties	2.174.090	1.384.309
	2.370.733	3.322.249

Purchases from the parent company Intracom Holdings	475.556	2.354.172
Purchases from other related parties Fees to Management Executives and Administration Members	502.396 533.002	1.926.404 446.093
	1.574.503	4.726.669

The above transactions pertain to:
Income from disposal of PPE	39.855	-
Income from construction contracts	1.838.421	1.797.620
Income from sale of goods and services	142.944	732.298
Interest income	239.796	532.653
Rental income	109.717	259.678
	2.370.733	3.322.249
Purchase and prepayments of assets (PPE and intangible)	56.721	48.313
Right to use assets	-	1.858.103
Purchase of goods	-	18.320
Subcontracts	-	520.950
Purchase of services	924.634	-
Rental expenses	-	51.415
	45.147	1.783.476
Interest expenses	15.000	-
Acquisition of subsidiary
Fees to Management Executives and Administration Members	533.002 1.574.503	446.093 4.726.669

COMPANY

	COMPANY
Assets - Liabilities	30.06.2020	31.12.2019
Receivables from the parent company Ιntracom Holdings	16.173	16.173
Receivables from subsidiaries	9.494.758	10.056.006
Receivables from associates	5.572.427	7.382.793
Receivables from other related parties	11.900.117	9.690.390
Receivables from discontinued operations Receivables from Management Executives and Administration Members	3.392.648 420.138	3.060.981 405.728
	30.796.260	30.612.070
Payables to the parent company Intracom Holdings	2.031.201	1.878.864
Payables to subsidiaries	5.053.347	4.760.972
Payables to associates	232.526	382.470
Payables to other related parties	4.000.407	4.715.547
Payables to Management Executives and Administration Members	51.118 11.368.600	28.771 11.766.624

Revenues - Expenses	30.06.2020	30.06.2019
Revenues from subsidiaries	60.889	5.386.358
Revenues from associates	196.643	1.926.765
Revenues from discontinued operations	1.254.068	-
Revenues from other related parties	2.174.090	1.384.309
	3.685.690	8.697.431
Purchases from the parent company Intracom Holdings	475.556	2.354.172
Purchases from subsidiaries	325.647	109.075
Purchases from associates	55.000	-
Purchases from other related parties	498.234	1.922.111
Fees to Management Executives and Administration Members	533.002	446.093
	1.887.438	4.831.451

The above transactions pertain to:
Income from disposal of PPE	39.855	-
Income from construction contracts	1.838.421	3.460.499
Income from sale of goods and services	142.944	2.707.927
Rental income	141.669	271.288
Dividend income	-	1.699.901
Interest income Income from discontinued operations	268.733 1.254.068	557.817 -
	3.685.690	8.697.431
Purchase of assets( tangible-intangible)	56.721	48.313
Right to use assets	-	1.858.103

	111.348	103.896
Purchase of goods

The above transactions pertain to:

	1.887.438	4.831.451

The above transactions pertain to:




Rental income	141.669	271.288
Dividend income	-	1.699.901
Interest income	268.733	557.817
Income from discontinued operations	1.254.068	-
	3.685.690	8.697.431
Purchase of assets( tangible-intangible)	56.721	48.313
Right to use assets	-	1.858.103
Purchase of goods	111.348	103.896
Subcontracts	-	520.950
Purchase of services	1.115.654	1.790.758
Lease expenses	13.980	15.318
Interest expenses	41.734	48.021
Purchase of financial assets	15.000	-
	533.002	446.093
Fees to Management Executives and Administration Members		4.831.451

7.25 Tax unaudited years

Tax unaudited years are presented for each company and joint venture/joint operations in the following table:

COMPANY NAME	Tax unaudited years
INTRAKAT, Greece	2014 - 2019
Joint operations
- J/V AKTOR ATE - J&P AVAX - ΙΝΤRΑΚΑΤ (J/V MOREAS), Greece	2014 - 2019
- J/V INTRAKAT - ELTER (NATURAL GAS PIPELINES DISTRIBUTION AND SUPPLY NETWORK IN SOUTH ATTIKA REGION - EPA 7), Greece	2014 - 2019
- J/V ANASTILOTIKI - INTRAKAT - GETEM - ETETH (CIVIL, ELECTROΜECHANICAL WORKS & SHAPING OF SURROUNDINGS OF THE NEW MUSEUM IN PATRA), Greece	2014 - 2019
- J/V ANASTILOTIKI - GETEM - INTRAKAT (CONSTRUCTION OF REFINERY & WATER PIPELINES IN PATRA & ITS INDUSTRIAL DISTRICT FROM PEIROS - PARAPEIROS DAM), Greece	2014 - 2019
- J/V INTRAKAT - K. PANAGIOTIDIS UNLIMITED CO. (PROJECT OF TRANSPORT LINES 'ONE'), Greece	2014 - 2019
- J/V EKTER S.A. - ERTEKA S.A. - THEMELI S.A. - INTRAKAT (NETWORKS OF FILOTHEI REGION IN KIFISIA), Greece	2014 - 2019
- J/V INTRAKAT - G.D.Κ. TECHNIKI EPE "J/V FOR THE CONSTRUCTION OF THE FILIATRINOU DAM PROJECT", Greece	2014 - 2019
- J/V J&P ΑVAX - AEGEK - INTRAKAT (INFRASTRUCTURE OF THE DOUBLE RAIL LINE KIATO-RODODAFNI), Greece	2014 - 2019
- J/V AKTOR ΑΤΕ - INTRAKAT (SETTLEMENT OF ESHATIA STREAM), Greece	2014 - 2019
- J/V AKTOR - J&P AVAX - INTRAKAT (PANAGOPOULA TUNNEL), Greece	2014 - 2019
- J/V AKTOR ATE-INTRAKAT (MONITORING APOSELEMIS's RESERVOIR FILLING PROCESS), Greece	2014 - 2019
- J/V ATERMON ΑΤΕ-ΙΝΤRΑΚΑΤ (MATERIAL SUPPLY & CONSTRUCTION OF T.L. ΚΥΤ LAGADA-ΚΥΤ FILIPPON), Greece	2014 - 2019
- J/V ΙΝΤRΑΚΑΤ-ΕRGO ΑΤΕ (CONSTRUCTION OF DISTRIBUTION NETWORK & NATURAL GAS PIPES IN ATTICA), Greece	2014 - 2019
- J/V INTRAKAT - "J/V ARHIRODON HELLAS ATE - INTRAKAT" (GENERAL DETAINMENT FACILITY OF EASTERN MACEDONIA &	2014 - 2019
- J/V INTRAKAT - PROTEAS (DRAINAGE OF RAINWATER IN ANAVYSSOS), Greece THRACE), Greece	2014 - 2019
- J/V J&P AVAX - TERNA - AKTOR - INTRAKAT (VOTANIKOS MOSQUE), Greece	2016 - 2019
- J/V INTRAKAT - EURARCO S.A. - ENVITEC (CONSTRUCTION OF WASTE WATER TREATMENT PLANT IN SERRES), Greece	2017 - 2019
- J/V INTRAKAT - WATT S.A. (CONSTRUCTION OF VIOTIA WASTE TREATMENT UNIT 2nd D.E.), Greece	2017 - 2019
- J/V ATERMON - INTRAKAT ADMHE 2018, Greece	2018 - 2019
- J/V INTRAKAT - MESOGEIOS S.A. (EXTENTION, OPERATION, MAINTENANCE OF SANITARY LANDFILL SITE IN WESTERN ATTIKA), Greece	2017 - 2019
- J/V "J/V INTRAKAT-MESOGEIOS" - WATT (EXTENTION, OPERATION, MAINTENANCE OF SANITARY LANDFILL SITE IN WESTERN	2017 - 2019
- J/V INTRAKAT - RAILWAY PROJECTS S.A., Greece ATTIKA), Greece	2019 - 2019
- J/V ATERMON - INTRAKAT ADMHE 2019, Greece	2019 - 2019
- J/V TOPLOU CRETE's WIND FARM NOSTIRA - INTRAKAT, Greece	2019 - 2019
- J/V INTRAKAT - PROTEAS (INFRASTRUCTURE I), Greece	2019 - 2019
- J/V P.&C. DEVELOPMENT S.A. - INTRAKAT, Greece	2019 - 2019
- J/V INTRAKAT - ANASTILOTIKI ATE, PEIROS - PAPAPEIROS REFINERY PROJECT, Greece	- -
- FRACASSO HELLAS S.A. DESIGN & CONSTRUCTION OF ROAD SAFETY SYSTEMS, Greece	2014 - 2019
- FRACASSO HOLDINGS D.O.O., Croatia	2015 - 2019
- VITA PK IKAT ANAPTYXIAKI S.A. (former BITA ANAPTIXIAKI CYCLADES S.A.), Greece	2016 - 2019
- RURAL CONNECT S.A., Greece	2014 - 2019
- CONTROLLED PARKING SYSTEM OF THESSALONIKI SOCIETE ANONYME (STELSTATH), Greece	2017 - 2019
- FUNCTION CONTROLLED PARKING SYSTEM SOCIETE ANONYME (ELSTATH), Greece	2017 - 2019
- INTRA ATHENS HOSPITALITY S.A. HOTEL AND TOURISM BUSINESS, Greece	2018 - 2019
- ANAPTIXIAKI CYCLADES S.A. REAL ESTATE DEVELOPMENT, Greece	2014 - 2019
- INTRACOM CONSTRUCT SA, Romania	2014 - 2019
- OIKOS PROPERTIES SRL, Romania	2014 - 2019
- ROMINPLOT SRL, Romania	2014 - 2019
- ΙNTRAKAT INTERNATIONAL LIMITED, Cyprus	2017 - 2019
- ALPHA MOGILANY DEVELOPMENT SP. Z.O.O, Poland	2014 - 2019
- ADVANCED TRANSPORT TELEMATICS S.A., Greece	2014 - 2019
- SOCIETE ANONYME FOR THE OPERATION OF SERRES MUNICIPAL SOLID WASTE TREATMENT UNIT (ELMEAS SA), Greece	2017 - 2019
- SOCIETE ANONYME FOR THE MANAGEMENT OF SERRES MUNICIPAL SOLID WASTE (SIRRA SA), Greece	2017 - 2019
- MESTROLIO SA BIOGAS DEVELOPMENT INVESTMENTS, Greece	2014 - 2019
- MOBILE COMPOSTING S.A., Greece	2014 - 2019

For the fiscal years 2014-2018 the parent company as well as companies of the Group in Greece which have been subject to the tax audit of the Certified Auditors Accountants as provided for by Article 65A N.4174/2013, have received a Tax Compliance Certificate without any material differences between the tax expense and the corresponding provision recognized in the annual financial statements of those fiscal years.

The tax audit of the Certified Auditors for the fiscal year 2019, according to the provisions of Law 4174/2013, article 65A, paragraph 1, as in force, is in progress and the relevant tax certificate is to be granted after the publication of the financial statements for the 6-month period ended on 30.06.2020.

According to the provisions of Law 4174/2013 article 65A par. 1, as in force after the enactment of law 4410/2016 (article 56) the audit and issuance of tax certificates, is valid for the years 2016 onwards, on an optional basis. In any case and according to POL 1006/2016, companies for which a tax compliance report is issued without observations for the years from 2014 onwards are not exempted from conducting regular tax audit by the competent tax authorities.

Therefore, the tax liabilities for these years have not been definitive. The Group's management estimates that upon completion of the tax audit no additional tax liabilities will arise, which will have a significant effect, beyond those recognized and reported in the financial statements.

7.26 Post balance sheet main events

Resolutions of the Ordinary General Meeting

The Shareholders Ordinary General Meeting of INTRAKAT held on 17.07.2020 approved the Financial Statements of the Company and the Group, drawn up in accordance with the International Financial Reporting Standards (IFRS), for the fiscal year 01.01.2019 to 31.12.2019, along with the related Reports of the Board of Directors and of the Certified Auditor Accountant.

There are no events after the balance sheet date that may significantly affect the financial situation of the Company and the Group.

Paiania, September 24th, 2020

The Chairman of the B.o.D. The Managing Director

DIMITRIOS Α. KOUTRAS ID No ΑΜ 643507

PETROS K. SOURETIS ID No AN 028167

The Financial Director The Chief Accountant

SOTIRIOS K. KARAMAGIOLIS ID No. / AI 059874

HELEN A. SALATA Licence No A/30440 Economic Chamber of Greece

AI Terminal

Intrakat S.A.

2749_ir_2020-10-23_07d301f6-9308-4e5e-a1a7-866f2cc61d77.pdf

SEMI-ANNUAL FINANCIAL REPORT

for the period

STATEMENTS OF THE BOARD OF DIRECTORS' MEMBERS (pursuant to article 5 par. 2 of Law 3556/2007)

Paiania, September 24th, 2020

SEMI-ANNUAL REVIEW REPORT OF THE BOARD OF DIRECTORS

of the company «INTRACOM CONSTRUCTIONS SOCIETE ANONYME TECHNICAL AND STEEL CONSTRUCTIONS» on the consolidated and separate financial statements for the period from January 1st to June 30th, 2020

Review of the first semester of the year 2020 – Progress - Changes of the Company's and Group's financial figures

Alternative Performance Measures (APM)

Branch Offices

Treasury Shares

Prospects and developments per activity

Constructions – Developments in major projects

PPP Projects / Concessions – Developments in major projects

Risks and Risk Management

Risks related to the Company's and the Group's business activity and field of activity, the credit and financial risk and the value risk

The Group is exposed to risks related to political and economic conditions as well as the market conditions and developments in Greece.

The expansion of activities on behalf of the Company requires partnerships and external financing. The Company's potential inability to proceed in this direction may affect its financial situation and prospects.

The Company's operation through subsidiaries in countries outside Greece involves risks such as political and economic instability and the foreign exchange risk of these countries which may affect its financial situation and prospects.

The Group is subject to the risk of interest rate fluctuations, due to the fact that most of the Group's borrowings are carried at a floating rate

Company's dependence on large customers in project implementation

The Group's business operation depends on the preservation of the contractors' degree; possible failure to renew it will have a direct impact on the ability to claim new projects.

Execution of projects through joint ventures involves joint and several liabilities of all venture members, posing the risk to the Company if one or more members of the consortium fail to meet their obligations.

Execution of Projects by subcontractors - Commercial agreements with suppliers: Delays and other problems of subcontractors and suppliers are borne by the Company and may affect its activities and financial results.

Legal status governing the procurement, assignment, execution and supervision of public and private construction projects.

The occurrence of uninsured events / risks or the exceeding of the existing limits in the covered risks may negatively affect the Group's operation, results and financial situation.

The credit risk and the consequent failure to recover debts as well as the risk associated with the smooth operation of the co-operating companies may lead to reduced revenue and to provisions that burden the results.

Environmental liabilities can potentially have a negative impact on the Group's operation and results.

The stock price of the Company's shares may fluctuate significantly due to changes in the Group's financial figures, changes in shareholder structure, prospects and other endogenous factors.

The coronavirus pandemic (COVID‐19)

NON-FINANCIAL ASSETS

Business model description

Human resources

Innovation - Research and Development

Environmental Issues

Corporate Responsibility

Transparency

Protection of Personal Data

Related Party Transactions

Personnel

THE COMPANY'S BOARD OF DIRECTORS

Review Report by Independent Certified Auditor Accountant

Review Report on Interim Financial Information

Introduction

Scope of Review

Conclusion

Report on other Legal and Regulatory Requirements

SEMI-ANNUAL FINANCIAL STATEMENTS OF THE PARENT COMPANY AND THE GROUP

(FOR THE PERIOD JANUARY 1st TO JUNE 30th, 2020)

1. Statement of Financial Position

(Amounts in Euro)

2. Statement of Comprehensive Income

3.a Statement of Changes in Equity - Group

3.b Statement of Changes in Equity - Company

4. Statement of Cash Flows

5. Notes to the Interim Financial Statements as of June 30th, 2020

5.1. General Information

5.2. Scope of Activity

5.3 Basis of preparation of the financial statements

5.4 Adoption of New and Revised International Standards

Standards and interpretations mandatory for the current financial year 2020

Amendments to references to the IFRS conceptual framework (issued on March 29th, 2018)

- IAS 1 and IAS 8 (Amendments) "Definition of material"

- IFRS 9, IAS 39 and IFRS 7 (Amendment) "Interest Rate Benchmark Reform"

- IFRS 3 (Amendment) "Business Combinations"

Standards and interpretations mandatory for subsequent periods which have not been early adopted by the Company or the Group and have not been adopted by the European Union

- IFRS 17 "Insurance Contracts"

- IAS 1 (Amendment) "Classification of Liabilities as Current or Non-current"

- IFRS 16 (Amendment) "Covid-19-Related Rent Concessions" (issued on May 28th, 2020)

- IFRS 4 (Amendment) "Insurance Contracts" - deferral of IFRS 9" (issued on June 25th, 2020)

- IAS 37 (Amendment) "Onerous Contracts — Cost of Fulfilling a Contract" (issued on May 28th, 2020)

- IFRS 3 (Amendment) "Reference to the Conceptual Framework" (issued on May 28th, 2020)

Annual Improvements to IFRSs 2018-2020 cycle

- IFRS 16 "Leases - Lease incentives"

- IAS 41 "Agriculture - Taxation in fair value measurements"

5.5 Financial risk management

Financial Risks (Foreign exchange risk - Interest rate risk - Credit risk - Liquidity risk – Value risk)

5.6 Group structure and methods of consolidating companies