SEMI-ANNUAL FINANCIAL REPORT for the period from January 1st to June 30th 2020

According to article 5, Law 3556/2007

A) STATEMENTS BY THE REPRESENTATIVES OF THE BOARD OF DIRECTORS 3
B) SEMI-ANNUAL REPORT OF THE ISSUER'S BOARD OF DIRECTORS 4
C) REVIEW REPORT ON INTERIM FINANCIAL INFORMATION 11
D) SIX-MONTH CONDENSED FINANCIAL STATEMENTS 12
Consolidated Statement of Financial Position13
Company's Statement of Financial Position14
Consolidated Income Statement15
Company's Income Statement16
Consolidated Statement of Comprehensive Income 17
Company's Statement of Comprehensive Income 18
Consolidated Statement of Changes in Equity19
Company's statement of changes in equity 20
Consolidated Statement of Cash Flows21
Company's statement of Cash Flows22
Notes to the Financial Statements 23

A) STATEMENTS BY THE REPRESENTATIVES OF THE BOARD OF DIRECTORS

The members of the Board of Directors:

1) Panagiotis Lykos, Chairman of the Board of Directors

2) Panagiotis Spyropoulos, Vice Chairman & Group CEO

3) Ilias Karantzalis, Member of the Board of Directors

in the above capacity, especially assigned by the Board of Directors of the Société Anonyme under the title «INFORM P. LYKOS HOLDINGS S.A.», declare and certify that to the best of our knowledge:

(a) The interim, company and consolidated, financial statements of «INFORM P. LYKOS HOLDINGS S.A.» for the period 1/1/2020 - 30/06/2020, which were prepared in accordance with the applicable accounting standards, present truly and fairly the assets and liabilities, the equity and the financial results of the Company and the consolidated companies as a group, according to par. 3 - 5 of article 5 of L. 3556/2007 and the authorizing decisions of the BoD of the Hellenic Capital Market Commission.

(b) The interim management report of the Board of Directors presents in a true and fair way the information required according to par. 6 of article 5 of L. 3556/2007 and authorizing decisions of the BoD of the Hellenic Capital Market Commission.

Koropi Attica, 06 August 2020

The designees

Chairman of the Board of Directors Vice Chairman & Group CEO The appointed Member of the Board of Directors

Panagiotis Lykos Panagiotis Spyropoulos Ilias Karantzalis I.D. No AB 607588 I.D. No AI 579288 I.D. No AN 644777

B) SEMI-ANNUAL REPORT OF THE ISSUER'S BOARD OF DIRECTORS

The present Semi-annual Report of the Board of Directors of INFORM P. LYKOS HOLDINGS S.A. concerns the period of the first half of the current fiscal year 2020. The report was prepared and is in accordance with the Greek legislation, Law 3556/2007 (Official publication in National gazette 91A / 30.4.2007) and the issued executive decisions of the Hellenic Capital Market Commission.

This report summarizes the financial information of the Group and the company INFORM P. LYKOS HOLDINGS S.A. for the first half of the current fiscal year, significant events that took place during this period and their effect on the interim financial statements. In addition, it outlines the main risks and uncertainties that Group companies may face in the second half of the year and finally lists significant transactions between the issuer and its affiliates.

(a) Significant events of the first half of 2020

COVID-19 impact

On March 11, 2020, the World Health Organization (WHO) officially declared COVID-19, a disease caused by a coronavirus strain, a pandemic. The threat to public health has led to increased government restrictions and regulations including staff quarantine or inability to access business premises, which could adversely affect our operations.

The Management closely monitors the development of this pandemic, including the way it can affect the Group, and immediately took actions to protect the company and its people in the face of this crisis. Ensuring the health of staff, defining alternative means of communication and the immediate management of information systems, in order to ensure the safe telecommuting against cyber threats were the first actions to ensure the operation of the company. The Management is not aware of any case of COVID-19 infection among its people and the pandemic has not had significant impact on the Group's activities up to this day. Management has formulated an appropriate plan to deal with this situation and will continue to monitor and evaluate the current development and respond accordingly.

The impact of the pandemic on the strategic orientation and the objectives, the operations, the sales, the supply chains and / or the production, the financial performance, the financial position and the cash flows but also on the operation of the Group in general is manageable to the extent that raises no doubts about its ability to continue as a going concern.

Due to the uncertainty and the wide variety of data and forecasts regarding the consequences and the effect of the pandemic, the Group Management has set up a special working group and carries out relevant evaluations and action plans on a regular basis. The impact of the crisis will depend on:

The duration and extent of the crisis, the extent of the restrictive measures and of the operation of the market,
The measures to strengthen market liquidity as well as the companies affected by the pandemic.

Depending on the outcome of the aforementioned parameters, Management has prepared different scenarios for the fluctuation of cash flows and corresponding relevant operational and financial actions (case scenarios).

In conclusion, in any possible development of the effects of the pandemic, to a reasonable extent based on current data, the Management of the Group estimates that:

No significant additional funds or credit lines will be required in order to meet its financing needs.
The Group will continue to operate smoothly at every level.
The use of the going concern assumption for the presentation of the Group's financial statements is reasonable.

In particular, the Management of the Group examined the data of the first half of the fiscal year and is able to provide detailed and accurate information on the impact of the COVID-19 pandemic on the strategic objectives and the interim financial statements as well as the estimates and judgments that were made and the assumptions used to determine the future impact of the COVID-19 pandemic on the Group, regarding:

-Sales

During the first half of 2020, the Group's sales amounted to € 33.7 m. compared to € 38.4 m. in the corresponding half of last year, presenting a decrease of € 4.7 m. or 12.3%, which is mainly due to the one-off project of the security ballots production for the presidential elections in Nigeria of € 4.7 m. that took place within the first quarter of 2019. Excluding this project, sales maintained at the same level as last year, due to a) the development of digital transformation solutions in Greece and Romania and b) the new services of document management provided to our existing and new customers which resulted by the acquisitions made in Romania last year. In addition to the above, the Group operates in sectors directly affected by the current COVID-19 situation, and thus in the core business activity there is a decrease in turnover of -15% in the first half of 2020, which occured mainly from product categories that are addressed to organizations whose the operation was on lockdown by the government during COVID-19 pandemic period, thus the consumption was significantly reduced and consequently the start of contracts was delayed by our customers. Based on the current data, without taking into account a possible new round of restrictive measures within 2020, on an annual basis the Group expects a decrease in turnover of -15% in the core business activity that mainly concerns private sector companies within the country but also abroad.

- Operating expenses - Equipment

The expenses and the additional equipment which was acquired by the Group in order to adjust to the operating conditions based on hygiene protocols were immaterial. It is noted that expenses related to transportation, travels and other relevant costs were significantly reduced.

- Impairment of non-financial assets

The Management of the Group carried out an evaluation that did not identify events or conditions that indicate the existence of possible impairment for non-financial assets.

Impairment of financial assets

The Group's sales are mainly to large public and private organizations which are creditworthy. The Group's policy is to trade only with creditworthy customers. The Management of the Group carried out a relevant evaluation which did not identify any indications of impairment of financial assets nor significant increases in credit risk.

INFORM, committed to the goal of developing digital transformation solutions, continues to dynamically create and provide technologically advanced services to support its customers in their own digital transformation by providing highly specialized solutions. Indicative examples of the implementation of digital transformation projects are the following:

the digital on boarding (DoB) solution for National Bank. Through this application, every citizen has the opportunity to open a savings account, issue a Debit NBG card (Debit VISA or Debit MasterCard) and obtain credentials to i-bank Internet & Mobile Banking. This new service has already attracted the interest of 30,000 customers of the National Bank and has contributed to the Group's results.
the digital payroll slip solution. The introduction of new technology-based tools offers human resources departments several significant benefits, while giving them the opportunity to focus on value-added activities. Payroll slips no longer need to be printed and stored in multiple documents. INFORM's Digital Payslip helps all organizations do the process completely paperless. An Omni channel solution allows employees of organizations to choose how to receive this type of communication, literally at the press of a button and store them on their mobile phones. The above services are complementary to the digital solutions that have already been implemented before, such as the CCM (Customer Communication Management) service or the Enterprise Document Management and Scanning & Archiving services.

In addition, INFORM successfully qualified in the competition for the production of 2nd generation smart tachograph cards (smart tacho gen2) by the Ministry of Transport & Infrastructure. The contract's duration is 2 years with the possibility of extension for an additional 6 months, at a total value of € 1 m. INFORM LYKOS will take on the role of the competent authority for the implementation of the Digital Tachograph in Greece and the role of the card personalization organization, AUSTRIACARD (also a member of the AUSTRIACARD HOLDINGS Group), which has already successfully implemented a large number of international and complex ID cards, health cards and smart security cards in general for Government Agencies in Europe, Asia & Africa, will manufacture tachograph smart cards. The 2nd generation Tachograph card is connected to a tracking service based on satellite navigation system (GPS), ensuring easier monitoring of drivers' working hours, at European level and includes two (2) secure identification certificates.

The Group, consistent to its strategy to increase the participation of new digital solutions and services, invests in strengthening its already specialized staff by hiring new specialized partners and developing solutions for the implementation and support of its client organizations that will want to adopt digital solutions. In this context, it will focus on extending the range of solutions provided to existing customers, as well as approaching new customers.

On 29/06/2020, the Boards of Directors of INFORM LYKOS (HELLAS) SINGLE MEMBER S.A. and LYKOS PAPERLESS SOLUTIONS S.A., subsidiaries by 100% and 99.91% respectively, decided to merge by absorbing the second from the first according to the provisions of Law 4172/2013, Law 4601/2019 and Law 4548/2018. The exchange relationship will result from the verification of the value of the assets and liabilities of the merging companies on 30/06/2020, which has been assigned to Deloitte S.A. Certified Public Accountants. This merger is not expected to have any effect on the Group's Financial Statements.

(b) Performance and financial position of the Group

The Group INFORM maintained its sales level at € 34 million excluding the one-off project of the production of security ballots for the Nigerian elections of € 4.7 million from the first half of the previous year. The operating profitability was reduced by just € 0.4 million and amounted to € 3.5 million compared to € 3.9 million in the corresponding half of 2019 due to a) the development of digital transformation solutions in Greece and Romania and b) the new services of document management provided to our existing and new customers by the companies acquired in Romania last year which contributed € 0.5 million to the profitability of the Group. These services of document management, electronic archiving services, physical archiving and certified safe destruction of documents as well as the development of digital transformation solutions contributed significantly to operating profitability and fully offset the loss of profitability from the one-off project of Nigeria ballots in the first half of 2019.

In addition to the above, the Group is also active in sectors directly affected by the current COVID-19 situation, and thus in the core business activity there is a decrease in turnover of -15% in the first half of 2020, which comes mainly from the product categories addressed to the organizations whose the operation was on lockdown by the government during the COVID-19 pandemic restriction period, thus the consumption was significantly reduced and consequently the start of contracts was delayed by our customers.

Following are the relevant tables. Table I with the results of the Group regarding the first half of 2020 and the comparison with the corresponding period last year 2019

Table Ι

	01/01- 30/6/2020	01/01- 30/6/2019	Δ 20-19	% Δ 20-19
Revenues	33.652.850	38.419.425	(4.766.575)	-12,4%
Cost of materials	(20.736.759)	(25.446.791)	4.710.032	-18,5%
Gross profit I	12.916.092	12.972.634	(56.542)	-0,4%
Gross margin Ι	38,4%	33,8%
Production cost	(6.932.109)	(6.518.829)	(413.280)	6,3%
Cost of sales	(27.668.867)	(31.965.620)	4.296.753	-13,4%
Gross profit II	5.983.983	6.453.805	(469.822)	-7,3%
Gross margin ΙI	17,8%	16,8%
Other income	798.046	558.596	239.450	42,9%
Selling and distribution expenses	(2.413.539)	(2.270.856)	(142.683)	6,3%
Administrative expenses	(2.243.817)	(2.016.145)	(227.673)	11,3%

Research and development expenses	(407.886)	(280.032)	(127.854)	45,7%
Other expenses	(303.893)	(284.455)	(19.438)	6,8%
+ Depreciation & amortization	2.081.390	1.723.326	358.064	20,8%
EBITDA	3.494.285	3.884.240	(389.955)	-10,0%
- Depreciation & amortization	(2.081.390)	(1.723.326)	(358.065)	20,8%
EBIT	1.412.894	2.160.914	(748.020)	-34,6%
Financial income	1.180	14.018	(12.838)	-91,6%
Financial expenses	(804.583)	(638.409)	(166.173)	26,0%
Net finance costs	(803.403)	(624.391)	(179.011)	28,7%

EBT	609.492	1.536.523	(927.031)	-60,3%
Income tax	(246.050)	(136.893)	(109.157)	79,7%
EAT	363.442	1.399.630	(1.036.188)	-74,0%

and Table II excluding the one-off project of the security ballots production for the presidential elections in Nigeria from the corresponding period last year 2019. Table II shows a significant improvement of all figures, which reflects the contribution to the results of the new document management services, as well as the significant contribution of digital transformation solutions.

01/01- 30/6/2020	01/01- 30/6/2019	Δ 20-19	% Δ 20-19
33.652.850	33.660.011	(7.161)	0,0%
12.916.092	11.337.799	1.578.293	13,9%
38,4%	33,7%
5.983.983	5.315.121	668.862	12,6%
3.494.285	2.745.556	748.729	27,3%
(2.081.390)	(1.723.326)	(358.065)	20,8%
1.412.894	1.022.230	390.664	38,2%
(803.403)	(624.391)	(179.011)	28,7%

609.492	397.839	211.653	53,2%
(246.050)	(136.893)	(109.157)	79,7%
363.442	260.946	102.496	39,3%

Operating expenses excluding depreciation & amortization	01/01- 30/6/2020	01/01- 30/6/2019	Δ 20-19	% Δ 20-19
Production cost	(6.932.109)	(6.518.829)	(413.280)	6,3%
Selling and distribution expenses	(2.413.539)	(2.270.856)	(142.683)	6,3%
Administrative expenses	(2.243.817)	(2.016.145)	(227.673)	11,3%
Research and development expenses	(407.886)	(280.032)	(127.854)	45,7%
+ Depreciation & amortization	2.081.390	1.723.326	358.064	20,8%
Total	(9.915.960)	(9.362.535)	(553.425)	5,9%
% Operating expenses on sales	29,5%	24,4%

As a result of the above, the key financial profitability figures of INFORM Group are presented, as follows:

The earnings before interest, taxes, depreciation and amortization (EBITDA) of the Group, reached € 3.5 million compared to € 3.9 million in the corresponding half of 2019, decreased by € 0.4 million or -10%, as in the EBITDA of the corresponding half of 2019 included profitability of € 1.1 million from the one-off project of the production of the security ballots for the presidential elections in Nigeria. Excluding this one-off project, EBITDA increased by + 27% compared to the corresponding half of 2019,
The earnings before interest and taxes (EBIT) of the Group, reached € 1.4 million compared to € 2.2 million in the corresponding period of 2019, decreased by € 0.8 million, impacted by € 0.4 million from the higher depreciation compared to the corresponding period of 2019 due to the acquisitions took place in Romania within last year,
The earnings before taxes (EBT) of the Group, reached € 0.6 million compared to € 1.5 million in the corresponding half of 2019, decreased by € 0.9 million,
The consolidated earnings after taxes (EAT) of the Group, reached to € 0.4 million compared to € 1.4 million in the corresponding half of 2019.

The consolidated operating cash flows in the first half of 2020, reached € 0.7 m. at the same level to the corresponding period of 2019. The net debt of the Group amounted to € 20.6 m. in the first half of 2020 from € 19.5 m. in the corresponding period of 2019, increased by € 1.1 m., mainly due to the investments in Romania the previous year.

According to the above, the financial performance ratios of the Group in the first semester 2020 compared to the first semester 2019 were as follows:

The margin of earnings before interest, taxes, depreciation and amortization amounted to 10.4% from 10.1%, increased by 0.3%,
The margin of earnings before interest and taxes amounted to 4.2% from 5.6%, decreased by 1.4%,
The margin of earnings before taxes amounted to 1.8% from 4.0%, decreased by 2.2%,
The performance ratio of equity amounted to 0.9% from 3.6%, decreased by 2.6%,
The performance ratio of assets amounted to 0.4% from 1.7%, decreased by 1.3%,
The ratio of liabilities to equity amounted to 1.07 at the same level with the first semester of 2019,
The ratio of bank debt to equity amounted to 0.6 at the same level with the first semester of 2019,
The ratio of liquidity amounted to 1.23 from 1.26, decreased by 0.03 basis points.

(c) Significant events after the end of the reporting period

On 09/07/2020 the Ordinary General Meeting of the shareholders of INFORM P. LYKOS HOLDINGS S.A. was held in which the matters of the agenda were discussed and the following decisions were taken, among others:

unanimously approved the annual and consolidated financial statements for the year 2019 as well as the relevant Reports of the Board of Directors and the Certified Public Accountant.
unanimously approved (a) the proposed by the Board of Directors distribution of profits of the fiscal year from 01.01.2019 to 31.12.2019 and provided the Board of Directors with the authorizations required for the payment of the dividend. Specifically, it was decided to pay a dividend of € 823.134,96, ie € 0,04 per share before withholding tax (€ 0,038 net dividend per share) and (b) the remuneration from the profits to members of the Board of Directors amounting to € 470.869,30 (before withholding tax).
unanimously approved the fees paid to the members of the Board of Directors for the fiscal year 2019 as well as the advance payment and fees to be paid for the fiscal year 2020.
unanimously approved the remuneration policy submitted by the Board of Directors in accordance with articles 110 111 of Law 4548/2018.
unanimously approved the report submitted by the Board of Directors on the salaries paid to the members of the Board of Directors during the corporate year 2019.
unanimously approved the amendment of article 4 of the articles of association which refers to the duration of the company which becomes indefinite.
unanimously approved the amendment of article 7 par. 2 of the articles of association which refers to the term of office of the Board of Directors which becomes five years.

Finally, on 17 July 2020, Law 4706/2020 was passed "Corporate governance of public limited companies, modern capital market, incorporation into Greek legislation of Directive (EU) 2017/828 of the European Parliament and of the Council, measures to implement Regulation (EU) 2017/1131 and other provisions", which is intended to strengthen the corporate governance framework taking into account current trends in corporate governance. The Management of the Company will evaluate the changes that may be required in order to fully harmonize with the provisions of the above law, which will be in effect twelve (12) months after its publication in the Official Government Gazette (FEK).

Apart from the above, no further event has occurred after 30/06/2020, which may have a significant impact on the Group's financial position or operation.

(d) Main risks and uncertainties for the second half of 2020

The Group uses financial instruments for trading, financial and investment purposes. The use of financial instruments by the Group materially affects the financial position, profitability and cash flows.

The main risks arising from the financial instruments held by the Group are mainly the following:

Market risk (currency risk and interest rate risk)
Credit risk
Liquidity risk

Market risk

In relation to the risk arising from general market conditions, the Group has reduced exposure to this risk, due to the geographical dispersion with equal distribution of sales between Greece, Romania and other countries with major exposure to the markets of Central and Eastern Europe. A significant part of these sales is directed to the financial sector and mainly banking. The continuing negative economic conditions make the markets, in which we operate more vulnerable. However, the products we offer to our customers in both private and public sector are considered essential for their daily operation and growth. Furthermore, by achieving significant reductions in its operating expenses, the Group is particularly competitive and can offer high-level products and services at competitive prices.

Regarding the risks arising from the volatility of interest rates and exchange rates:

Exchange rate risk

The main part of economic transactions of the Group companies (Greece, Romania, Albania) take place in the currency of the main economic environment, where each company operates (in operation currency). In Romania, part of the obligations of the company is denominated in RON and in Albania is denominated in ALL.

Exposure to exchange rate fluctuations exists regarding the value of the Group's investments in Romania, only at the time of consolidation of financial statements and their translation from the functional currency RON into the presentation currency Euro.

Interest rate risk

All bank debt of the Group is connected with fluctuating interest rates, maintaining however, the option to convert into stable interest rates, depending on the market conditions.

The company does not use financial derivatives. As in the previous year, other financial assets and other financial liabilities are not affected significantly by interest rates.

Credit risk

The Group has established and applied credit control procedures in order to minimize bad debts. Sales are directed mainly to large public and private organizations with an evaluated credit rating. In any case, the Group assesses the credit risk on the basis of approved policies and procedures and recognizes a provision for impairment.

The Group applies the simplified approach for customer receivables and contract assets for the calculation of expected credit losses. Therefore, in every reference date, the Group measures the provision for a financial instrument for an amount equal to the expected credit losses over the lifetime. For determining the expected credit losses, a chronological analysis and percentages table is applied using historical data and reasonable assumptions

Liquidity risk

The Group manages its working capital needs by closely monitoring its debts, long-term financing obligations and payments. Liquidity is monitored on a daily basis and the planning of payments takes place on weekly and monthly basis. Close attention is given to the management of inventories, receivables and liabilities in order to achieve the highest possible cash liquidity for the Group.

The central financial department of the company, responsible for risk management, operates following certain rules approved by the Board of Directors.

The Board of Directors through appointee members:

(a) Establishes and implements procedures and arrangements that allow the identification of risks which are associated with the activities, procedures and the Company's operating systems (notably credit risk, market risk and operational risk).

(b) Determines the acceptable level of risk.

(e) Estimates for development of activities in the second half of 2020

The Group having great know-how in integrated solutions - services has developed long term customer relationships offering high level products and services, at competitive prices, so as to be considered a strategic supplier of banking institutions, telecommunications and other organizations either in the private sector or in the public sector.

The Group is constantly working to create added value to its shareholders in the following areas:

New markets and new customers

It will continue to focus on the increase of market share in the existing markets, on the increase of exports, and will also focus on exploring and evaluating new growth opportunities at the sector of secure documents management and information,

New products and services

It will continue to focus on its goal of developing digital transformation solutions to further enrich the portfolio of services provided. The services Digital Onboarding, RPA (Robotic Process Automation), chatbots, e-signature and HR Payroll, are proof of the Group's strategic position and complement digital services that had already been implemented, such as the CCM (Customer Communication Management) service or Enterprise Document Management and Scanning & Archiving services.

The Group, committed to its strategy to increase the participation of new digital solutions and services, invests in strengthening its already specialized staff by hiring new specialized partners and developing solutions for the implementation and support of its client organizations that will want to adopt digital solutions. In this context, it will focus on extending the range of solutions provided to existing customers, as well as approaching new customers.

Efficiency improvement

It will further utilize low-cost facilities in order to further increase the competitiveness and profitability, it will continue to improve its efficiency and will continue to invest in new technologies that will increase production capacity and reduce costs, in order to enhance profitability.

Potential strategic co-operation opportunities

It will continue to search potential opportunities for strategic partnerships, aiming at a further strengthening of its position in the broader region of Central and Eastern Europe.

(f) Non-financial information

INFORM has incorporated the principles of Sustainable Development into its business activities, recognizing that these principles are a prerequisite for its long-term development. INFORM's key Sustainability priorities are, ensuring a healthy and safe working environment, caring for the natural environment, fulfilling of customers' needs and expectations and the harmonious co-existence with the local communities where it operates.

Policies and Management Systems

Aspiring at Sustainable Development, INFRORM has developed and adopted specific policies and puts into practice adequate management systems and procedures that uphold responsible operation and define the way in which the Company's goals are achieved. More specifically, the Company has established and implements, among others, the following policies and codes:

Internal Operating Regulation
Occupational Health and Safety Policy
Environmental Policy
Quality Policy

The management of Corporate Responsibility by INFORM is based on the development and implementation of certified management systems to all of its operations and facilities, while attaining high performance in all segments. Specifically, the following systems are applied:

Quality management system in accordance with ISO 9001
Environmental Management System in accordance with ISO 14001.
Workplace Health and Safety Management System in accordance with OHSAS 18001.

All production units have been audited and certified according the above Management Systems. For INFORM, management systems are dynamic tools allowing the Company to secure its regular operation and to achieve continuous improvement. The implementation of certified management systems plays a very important role in achieving the goals set by the Company, and secures all their operations in light of the ongoing demands for effective risk management.

Caring for Our People

The Company focuses on making continuous investments in human capital, by encouraging initiative taking for synergies, and on continuous development through training. INFORM keeps relations of trust with all employees, while seeking to maintain a safe and discrimination-free working environment that offers at all times training opportunities and fair rewarding.

The Company's main concern is to secure optimum working environment demonstrating fairness and equal reward, showing respect for human rights, diversity and equal opportunities to all employees. The policies and initiatives of INFORM that concern human resources aim at the effectively recruitment, development and retaining of employees. Steadily oriented to human values, the Company strives to implement responsible management practices by focusing on material issues such as:

ensuring of the health and safety of its employees
creating a work environment of fair reward, respecting human rights and diversity
safeguarding of jobs
providing equal opportunities for all employees
ensuring ongoing training and education
providing additional benefits

In total, the Group's personnel reached 513 employees at 30/06/2020 from 388 on 30/06/2019 with the increase coming mainly from the staff of the newly acquired companies in Romania.

INFORM seeks to recruit, develop and retain the most competent individuals so as to ensure that business goals and priorities are achieved.

Environmental Responsibility

INFORM, has carried out the assessment of its environmental aspects, confirming that there is not a significant burden on the environment deriving from its operations. However, recognizing the importance of environmental protection for all of its stakeholders, the Company is stepping up its efforts to monitor and improve its environmental performance. In this context, INFORM has implemented an Environmental Management System, certified according to ISO 14001.

The purpose of implementing an Environmental Management System, is to effectively manage any significant environmental aspects and impacts that arise from the Company's operations in order to minimize any possibility of environmental spill. In addition, the Environmental Management System ensures the harmonization of the Company's operation with the relevant environmental legislation, while achieving continuous environmental improvement.

Detailed information on INFORM's Corporate Responsibility programs and action plan are presented in Corporate Responsibility Report 2018 (June 2019), which is presented on the Company's website www.informlykos.com. The Corporate Responsibility Report is an important tool as it reflects and communicates the way in which the Company responds to important/material issues and to stakeholders' expectations.

(g) Research and Development

The Group's research and development strategy focuses on the following objectives:

Innovative products and market-oriented solutions as the basis for the continuation of growth strategy
Optimizing the use of resources and production processes.

Especially in the digital era, effective research and development is important as product cycles are short and the requirements of partners and end customers are evolving. This is particularly valid for the digital printing sector. We perceive these changes as opportunities and rely on R&D experts so that we can offer unique services to our customers that will help us grow in the short and long term.

(h) Significant transactions with related parties

The transactions between the company and its related parties within the first half of 2020, were conducted on usual market terms (arm's length), and did not sufficiently differ from the respective transactions conducted in the previous years and therefore, they do not materially affect the financial position and performance of the parent within the first six-month period of the current year.

Amounts in thousand Euro 01/01-30/06/2020

Parent Company - from/to subsidiaries	Sales of services	Receivables	Liabilities
INFORM LYKOS (HELLAS) SINGLE MEMBER S.A.	269	64	196
S.C. INFORM LYKOS S.A. (ROMANIA)	272	314	0
TERRANE LTD	0	2.500	0
INFORM ALBANIA SH.P.K.	9	71	0
Total	550	2.949	196

The sales of the parent company to: «INFORM LYKOS (HELLAS) SINGLE MEMBER S.A.», «S.C. INFORM LYKOS S.A. (ROMANIA)» and «INFORM ALBANIA SH.P.K.» are mainly related to supporting services of its subsidiaries, in particular for the provision of consulting services in the fields of general administration, financial management, sales, marketing, IT, research and development, and in general any kind of services that will enhance the know-how of the subsidiaries and ensure their smooth and orderly running of the operation, as well as their development, always in accordance with the specifications set by the Group.

(i) Branches

The Company has no branches.

(j) Own shares

There are no own shares.

Koropi, 06 August 2020

Panagiotis Lykos Panagiotis Spyropoulos Chairman of the Board of Directors Vice Chairman & Group CEO

C) REVIEW REPORT ON INTERIM FINANCIAL INFORMATION

To the Board of Directors of "INFORM P. LYKOS HOLDINGS S.A."

Introduction

We have reviewed the accompanying condensed company and consolidated statement of financial position of INFORM P. LYKOS HOLDINGS S.A. (the "Company"), as of 30 June 2020 and the related condensed company and consolidated statements of profit or loss and other comprehensive income , changes in equity and cash flows for the six-month period then ended, and the selected explanatory notes, which comprise the interim condensed financial information and which form an integral part of the six-month financial report as required by L.3556/2007.

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

Scope of review

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

Conclusion

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

Report on Other Legal and Regulatory Requirements

Our review did not identify any material inconsistency or misstatement in the statements of the members of the Board of Directors and the information of the six-month Board of Director's report, according to article 5 and 5a of L. 3556/2007, with the accompanying condensed interim financial information.

Athens, 06 August 2020 The certified chartered accountant

Nikos Garbis SOEL Reg. No. 25011

D) INTERIM CONDENSED FINANCIAL STATEMENTS

The attached interim condensed financial statements that constitute an integral part of the interim financial report under Article 5 of Law 3556/2007, were approved by the Board of Directors of the issuer (hereinafter INFORM P. LYKOS HOLDINGS S.A. or the Company) on 06.08.2020 and have been published on the Company's website - www.informlykos.com, as well as on the ASE website where they will remain at the disposal of investors for at least ten (10) years from their preparation and publication date. It is noted that the annual financial statements, audit reports of the statutory auditor and the reports of the board of directors of the subsidiaries are posted at the site www.informlykos.com.

Consolidated Statement of Financial Position

The Statement of Financial Position of the Group for the period ended as at 30/06/2020 and the corresponding comparative figures of previous year 31/12/2019 are the following:

		THE GROUP
	Notes	30/6/2020	31/12/2019
Assets
Property, plant and equipment	14	44.412.516	45.602.126
Intangible assets	15	10.877.374	11.019.766
Other receivables	16	27.741	27.521
Deferred tax assets		453.560	399.343
Non-current assets		55.771.190	57.048.756

Inventories		6.554.137	6.237.849
Contract assets		1.176.282	1.337.474
Current income tax assets		262.753	305.282
Trade receivables	16	12.589.673	11.454.526
Other receivables	16	837.932	982.994
Receivables from related parties	16	699.958	302.810
Cash and cash equivalents	17	3.675.048	4.066.858
Current assets		25.795.782	24.687.795
Total assets		81.566.973	81.736.551

Equity
Share capital		12.758.592	12.758.592
Share premium		9.436.797	9.436.797
Reserves		13.092.016	13.358.697
Retained profits		3.927.124	3.716.990
Equity attributable to shareholders of the Parent Company		39.214.528	39.271.075
Non-controlling interests		192.965	139.427
Total Equity		39.407.493	39.410.502
Liabilities
Loans and borrowings	18	18.824.603	20.252.529
Employee benefits		1.130.689	1.112.245
Other payables	19	23.265	23.265
Deferred tax liabilities		1.274.190	1.278.546
Non-current liabilities		21.252.748	22.666.585

Current tax liabilities		131.710	239.185
Loans and borrowings	18	5.453.807	3.821.570
Trade payables	19	11.008.565	11.390.777
Other payables	19	2.109.831	2.199.435
Contract liabilities		134.738	205.135
Liabilities to related parties	19	1.785.855	1.517.414
Provisions		282.227	285.948
Current Liabilities		20.906.732	19.659.464
Total Liabilities		42.159.480	42.326.049
Total Equity and Liabilities		81.566.973	81.736.551

Company's Statement of Financial Position

The Statement of Financial Position of the Company for the period ended as at 30/06/2020 and the corresponding comparative figures of previous year 31/12/2019 are the following:

		THE COMPANY
	Notes	30/6/2020	31/12/2019
Assets
Property, plant and equipment	14	86.776	66.070
Intangible assets	15	119.140	138.338
Investments in subsidiaries		35.015.132	35.015.132
Deferred tax assets		194.028	197.532
Non-current assets		35.415.075	35.417.072

Current income tax assets		210.337	290.315
Receivables from related parties	16	2.951.720	1.203.512
Cash and cash equivalents	17	1.244.735	1.932.751
Current assets		4.406.792	3.426.578
Total assets		39.821.868	38.843.650

Equity
Share capital		12.758.592	12.758.592
Share premium		9.436.797	9.436.797
Reserves		13.074.144	13.074.144
Retained profits		3.713.406	1.309.009
Total Equity		38.982.938	36.578.542
Liabilities
Loans and borrowings	18	41.647	18.481
Employee benefits		44.423	42.002
Other payables	19	23.265	0
Non-current liabilities		109.335	60.483

Current tax liabilities		110.357	110.357
Loans and borrowings	18	5.922	9.951
Trade payables	19	162.795	0
Other payables	19	254.087	818.332
Liabilities to related parties	19	196.433	1.265.986
Current Liabilities		729.594	2.204.626
Total Liabilities		838.929	2.265.108
Total Equity and Liabilities		39.821.868	38.843.650

Consolidated Income Statement

The Income Statement of the Group for the period 01/01 - 30/06/2020 and the respective comparative figures of the previous period are the following:

		THE GROUP
	Notes	01/01- 30/6/2020	01/01- 30/6/2019

Revenue	8	33.652.850	38.419.425
Cost of sales	9	(27.668.867)	(31.965.620)
Gross profit		5.983.983	6.453.805

Other income		798.046	558.596
Selling and distribution expenses		(2.413.539)	(2.270.856)
Administrative expenses		(2.243.817)	(2.016.145)
Research and development expenses		(407.886)	(280.032)
Other expenses		(303.893)	(284.455)
+ Depreciation & amorisation		2.081.390	1.723.326
EBITDA		3.494.285	3.884.240
- Depreciation & amorisation		(2.081.390)	(1.723.326)
EBIT		1.412.894	2.160.914

Financial income	10	1.180	14.018
Financial expenses	10	(804.583)	(638.409)
Net finance costs		(803.403)	(624.391)

Profits / (losses) before taxes		609.492	1.536.523
Income tax expense	12	(246.050)	(136.893)
Profits / (losses) after taxes for the period		363.442	1.399.630


Profits / (losses) attributable to:
Owners of the Parent Company		213.997	1.399.336
Non-controlling interests		149.444	293
		363.442	1.399.630

Company's Income Statement

The Income Statement of the Company for the period 1/1 - 30/06/2020 and the respective comparative figures of the previous period are the following:

	THE COMPANY
	Notes	01/01- 30/6/2020	01/01- 30/6/2019

Revenue	8	549.832	18.834.194
Cost of sales	9	0	(15.509.929)
Gross profit		549.832	3.324.265
Other income		400	235.218
Selling and distribution expenses
		0	(1.444.971)
Administrative expenses		(638.533)	(1.119.265)
Research and development expenses		0	(280.032)
Other expenses		(2.512)	(46.109)
Non-recurring expenses		26.922	1.147.167
+ Depreciation & amorisation		(63.892)	1.816.274
EBITDA		(26.922)	(1.147.167)
- Depreciation & amorisation		(90.814)	669.107

Financial income	10	2.501.030	13.995
Financial expenses	10	(2.316)	(414.967)
Net finance costs		2.498.714	(400.972)
Profits / (losses) before taxes		2.407.901	268.135
Income tax expense	12	(3.504)	58.802
Profits / (losses) after taxes for the period		2.404.397	326.937

Note: In the fiscal year 2019, the spin-off of the production, processing, development and trading sector of printed information systems was concluded, with transformation date 30/06/2019, therefore the figures of the previous period 1/1-30/6/2019 are not comparable to those of the presented period 1/1-30/6/2020. An extensive report on the subject is presented in the Information Memorandum of the Group published at 12/11/2019 as well as in note 1 of the financial statements for the previous fiscal year 2019 (www.informlykos.com).

Consolidated Statement of Comprehensive Income

The Statement of Comprehensive Income of the Group for the period 1/1 - 30/06/2020 and the respective comparative figures of the previous period are the following:

		THE GROUP
	Notes	01/01- 30/6/2020	01/01- 30/6/2019

Profits after taxes		363.442	1.399.630
Other comprehensive income
Items that will never be reclassified to profit or loss
Revaluation of property, plant and equipment	4	0	(554.829)
Related tax		0	138.707
		0	(416.122)
Items that are or may be reclassified to profit or loss
Foreign operations - foreign currency translation differences	13	(270.295)	(344.808)
		(270.295)	(344.808)
Other comprehensive income, net of tax		(270.295)	(760.930)
Total comprehensive income		93.147	638.700
Total comprehensive income attributable to:
Owners of the Parent Company
Non-controlling interests		(52.683)	637.967
Other comprehensive income, net of tax		145.830	733
		93.147	638.700

The accompanying explanatory notes constitute an integral part of the presented financial statements.

Company's Statement of Comprehensive Income

The Statement of Comprehensive Income of the Company for the period 1/1 - 30/06/2020 and the respective comparative figures of the previous period are the following:

		THE COMPANY
	Notes	01/01- 30/6/2020	01/01- 30/6/2019
Profits / (Losses) after taxes		2.404.397	326.936
Other comprehensive income
Items that will never be reclassified to profit or loss
Revaluation of property, plant and equipment	4	0	(554.829)
Related tax		0 0	138.707 (416.122)
Other comprehensive income, net of tax		0	(416.122)
Total comprehensive income		2.404.397	(89.185)

Note: In the fiscal year 2019, the spin-off of the production, processing, development and trading sector of printed information systems was concluded, with transformation date 30/06/2019, therefore the figures of the previous period 1/1-30/6/2019 are not comparable to those of the presented period 1/1-30/6/2020. An extensive report on the subject is presented in the Information Memorandum of the Group published at 12/11/2019 as well as in note 1 of the financial statements for the previous fiscal year 2019 (www.informlykos.com).

The accompanying explanatory notes constitute an integral part of the presented financial statements.

Consolidated Statement of Changes in Equity

The Statement of Changes in Equity of the Group is the following:

THE GROUP	For the period ended 30 June 2020
	Attributable to owners of the Company
	Share capital	Share premium	Translation and other reserves	Revaluation reserve	IAS 19 reserve	Retained earnings	Total	Non controlling interest	Total equity
Balance at 31 December 2019	12.758.592	9.436.797	(2.436.962)	16.001.048	(205.390)	3.716.990	39.271.075	139.427	39.410.502
Profits / (losses)	0	0	0	0	0	213.997	213.997	149.444	363.442
Other comprehensive income	0	0	(266.680)	0	0	0	(266.680)	(3.614)	(270.295)
Total comprehensive income	0	0	(266.680)	0	0	213.997	(52.683)	145.830	93.147

Dividend distribution	0	0	0	0	0	0	0	(92.191)	(92.191)
Other movements	0	0	0	0	0	(3.864)	(3.864)	(102)	(3.965)
Balance at 30 June 2020	12.758.592	9.436.797	(2.703.642)	16.001.048	(205.390)	3.927.124	39.214.528	192.965	39.407.493

THE GROUP	For the period ended 30 June 2019
	Attributable to owners of the Company
	Share capital	Share premium	Translation and other reserves	Revaluation reserve	IAS 19 reserve	Retained earnings	Total	Non controlling interest	Total equity
Balance at 31 December 2018	12.758.592	13.805.791	(1.883.468)	16.224.969	(153.652)	(867.435)	39.884.798	290.609	40.175.407
Profits / (losses)	0	0	0	0	0	1.399.336	1.399.336	293	1.399.630
Other comprehensive income	0	0	(345.248)	(416.122)	0	0	(761.369)	440	(760.930)
Total comprehensive income	0	0	(345.248)	(416.122)	0	1.399.336	637.967	733	638.700
Balance at 30 June 2019	12.758.592	13.805.791	(2.228.716)	15.808.847	(153.652)	531.901	40.522.764	291.342	40.814.106

Company's statement of changes in equity

The statement of changes in equity of the Company is the following:

THE COMPANY	For the period ended 30 June 2020 Attributable to owners of the Company
	Share capital	Share premium	Revaluation reserve	IAS 19 reserve	Other Reserves	Retained earnings	Total
Balance at 31 December 2019	12.758.592	9.436.797	0	0	13.074.144	1.309.009	36.578.542
Profits / (losses)	0	0	0	0	0	2.404.397	2.404.397
Total comprehensive income	0	0	0	0	0	2.404.397	2.404.397
Balance at 30 June 2020	12.758.592	9.436.797	0	0	13.074.144	3.713.406	38.982.938

			For the period ended 30 June 2019
			Attributable to owners of the Company
Share	Share	Revaluation	IAS 19

Attributable to owners of the Company

	Share capital	Share premium	Revaluation reserve	IAS 19 reserve	Other Reserves	Retained earnings	Total
Balance at 31 December 2018	12.758.592	13.805.791	5.813.820	(153.652)	7.707.254	(4.329.736)	35.602.069
Profits / (losses)	0	0	0	0	0	326.936	326.936
Other comprehensive income	0	0	(416.122)	0	0	0	(416.122)
Total comprehensive income	0	0	(416.122)	0	0	326.936	(89.185)
Balance at 30 June 2019	12.758.592	13.805.791	5.397.698	(153.652)	7.707.254	(4.002.800)	35.512.883

Note: In the fiscal year 2019, the spin-off of the production, processing, development and trading sector of printed information systems was concluded, with transformation date 30/06/2019, therefore the figures of the previous period 1/1- 30/6/2019 are not comparable to those of the presented period 1/1-30/6/2020. An extensive report on the subject is presented in the Information Memorandum of the Group published at 12/11/2019 as well as in note 1 of the financial statements for the previous fiscal year 2019 (www.informlykos.com).

Consolidated Statement of Cash Flows

Cash flows of the Group for the period 1/1 - 30/06/2020 and the respective comparative figures of the previous period are the following:

	THE GROUP
	01/01 -	01/01 -
	30/6/2020	30/6/2019
Cash flows from operating activities
Profits / (Losses) before taxes	609.492	1.536.522
Adjustments for:
– Depreciation & amortisation – Net finance cost	2.081.390 803.403	1.723.326 624.391
– Gain on sale of property, plant and equipment	0	(1.057)
– Foreign exchange differences included in EBIT	(52.046)	2.413
– Change in long-term employee benefits & provisions	18.445	16.827
– Other	(21.830)	(917)
	3.438.854	3.901.505
Changes in:
– Inventories	(316.288)	(2.128.906)
– Trade and other receivables	(1.226.039)	(1.045.149)
– Trade and other payables	(273.772)	434.294
Cash generated from operating activities	1.622.755	1.161.744
Taxes paid	(330.284)	(6.664)
Interest paid	(612.284)	(473.934)
Net cash from (used in) operating activities	680.186	681.146
Cash flows from investment activities
Interest received	1.043	13.997
Proceeds from sale of property, plant and equipment	0	32.400
Acquisition of property, plant and equipment & intangible assets	(1.066.393)	(1.562.487)
Acquisition of other investments	0	(2.513.305)
Net cash from (used in) investing activities	(1.065.349)	(4.029.395)

Cash flows from financing activities
Proceeds from loans & borrowings	1.850.816	17.074.512
Payment of loans	(1.176.728)	(17.581.717)
Payment of finance lease liabilities	(505.889)	(504.468)
Dividends paid to non-controlling interest	(160.471)	0
Net cash from (used in) financing activities	7.729	(1.011.672)
Net increase (decrease) in cash and cash equivalents	(377.434)	(4.359.921)
Cash and cash equivalents at 1 January	4.066.858	5.944.584
Effect of movements in exchange rates on cash held	(14.376)	(7.793)
Cash and cash equivalents at 30 June	3.675.048	1.576.870

Company's statement of Cash Flows

Cash flows of the Company for the period 1/1 - 30/06/2020 and the respective comparative figures of the previous period are the following:

	THE COMPANY
	01/01 - 30/6/2020	01/01 - 30/6/2019
Cash flows from operating activities
Profits / (Losses) before taxes	2.407.901	268.135
Adjustments for:
– Depreciation & amortisation	26.922	1.147.167
– Net finance cost	(2.498.714)	400.972
– Gain on sale of property, plant and equipment	0	(1.057)
– Change in long-term employee benefits & provisions	2.422	16.827
– Other	0	24.805
	(61.470)	1.856.848
Changes in:
– Inventories	0	(808.270)
– Trade and other receivables	(1.748.208)	(347.673)
– Trade and other payables	(46.695)	82.800
Cash generated from operating activities	(1.856.373)	783.705
Taxes paid / income tax returns	78.935	0
Interest paid	(2.316)	(255.088)
Net cash from (used in) operating activities	(1.779.754)	528.617
Cash flows from investment activities
Interest received	1.030	17.535
Dividend received	1.100.000	0
Proceeds from sale of property, plant and equipment	0	32.400
Acquisition of property, plant and equipment & intangible assets	0	(699.388)
Net cash from (used in) investing activities	1.101.030	(649.453)
Cash flows from financing activities
Payment of loans	0	(3.700.000)
Payment of finance lease liabilities	(9.292)	(305.306)
Net cash from (used in) financing activities	(9.292)	(4.005.306)
Net increase (decrease) in cash and cash equivalents	(688.016)	(4.126.142)
Cash and cash equivalents at 1 January	1.932.751	5.183.007
Cash and cash equivalents at 30 June	1.244.735	1.056.865

Note: In the fiscal year 2019, the spin-off of the production, processing, development and trading sector of printed information systems was concluded, with transformation date 30/06/2019, therefore the figures of the previous period 1/1-30/6/2019 are not comparable to those of the presented period 1/1-30/6/2020. An extensive report on the subject is presented in the Information Memorandum of the Group published at 12/11/2019 as well as in note 1 of the financial statements for the previous fiscal year 2019 (www.informlykos.com).

Notes to the Financial Statements

1. Reporting entity

The Group INFORM is a fast-growing Group of companies, forming the market in the business area of Information Management under the brand INFORM. Nowadays, the Group is operating internationally and is a leader in the field of secure management of documents and information, in the markets of Central and Eastern Europe in the Public and Private Sector. It owns three production units in Athens (Greece), Bucharest (Romania) and Tirana (Albania). The entities and activities of the Information Management sector refer to the parent company INFORM P. LYKOS HOLDINGS S.A. based in Greece.

The registered office of the parent company INFORM P. LYKOS HOLDINGS S.A. (the Company) is in Koropi Attica, 5th km. of Varis-Koropiou Avenue.

During the year and specifically on December 27th, the spin-off process of the production, processing, development and trading sector of printed information systems of "INFORM P. LYKOS S.A. PROCESSING & DEVELOPMENT OF PRINTED INFORMATION SYSTEMS" was completed, with its contribution to a new 100% subsidiary under the corporate name "INFORM LYKOS (HELLAS) SINGLE MEMBER S.A." in accordance with the provisions of Law 4601/2019, Law 4548/2018 and the article 54 of Law 4172/2013. After the completion of the above spin-off and the consequent modification of its name and purpose, the name of the parent company of the Group is hereinafter "INFORM P. LYKOS HOLDINGS S.A.". An extensive relevant report and including the financial figures of the sector and the operational implications is presented in the Information Memorandum of the Group published at 12/11/2019 as well as in paragraph 3.2. of the annual report of the Board of Directors that accompanies the financial statements of the previous fiscal year 2019.

The main business purpose of the parent company INFORM P. LYKOS HOLDINGS S.A. is the participation in the capital of companies of any kind and the provision of support services to its subsidiaries. In particular, it generates revenue from the provision of consulting services in the fields of general administration, financial management, sales, marketing, IT, research and development, and in general from any kind of service that will enhance the know-how of the subsidiaries and ensure their smooth operation, as well as their development, always in accordance with the specifications set by the Group.

The Board of Directors approved the present financial statements on 06/08/2020.

2. Basis of accounting

The accompanying separate and consolidated financial statements (hereinafter "financial statements"), have been prepared by the Management based on historic cost principal, as modified following the adjustment of certain assets and liabilities at fair values through the results and the going concern principle and are in accordance with the International Financial Reporting Standards (hereinafter "IFRS") and the International Accounting Standards (hereinafter "IAS"), as adopted by the European Union (according to the Regulation (EC) No. 1606/ 2002 of the European Parliament and the Council of the European Union at July 19th, 2002) and published by the International Accounting Standards Board (IASB), and also their interpretations, as published by the International Financial Reporting Interpretation Committee (I.F.R.I.C.) of the IASB. The period of application of each IAS/IFRS is set by the relative regulations published by the competent commission of the European Union.

The accompanying interim condensed financial statements were prepared under the same accounting policies and methods of calculation as those applied for the preparation of the annual financial statements as of 31/12/2019, apart from the changes arising following the adoption of new or revised IAS - IFRS or Interpretations that are effective on or after January 1st 2020. The aforementioned changes are described in the note 27.

Regarding the suitability of the use of the going concern assumption for the preparation of the financial statements given the data of the Greek and world economy as formed until today due to the COVID-19 pandemic, the following are noted:

In order to limit the spread of the COVID-19 pandemic, countries around the world have implemented a series of restrictive measures, which have led the Greek and global economies into a period of recession, the economic consequences of which cannot be accurately determined in present stage. The consequences will largely depend on the duration and intensity of the recession and the recovery measures expected to be implemented by the Greek government and the European Union.

The Management of the Group, evaluating its financial position, the impact of the pandemic on its strategic orientation and objectives, the impact of COVID-19 in general on its operation and examining its key financial data, concluded that the going concern assumption is suitable for the preparation of the presented financial statements. The impact of the pandemic on the Group is manageable and is not expected to significantly affect its financial position and performance even in a possible new outbreak of the pandemic, in a reasonable and manageable extent based on the current data. In order to reach the above conclusion, in particular, the Management of the Group took into account, the following data:

Impact Assessment of COVID-19