Anek Lines S.A.

Annual / Quarterly Financial Statement • Apr 24, 2020

COMPANY INFORMATION	TOTAL COMPREHENSIVE INCOME (parent company and consolidated)
Supervising authority: Ministry of Development, Societe Anonyme Division					(Amounts in € thousand) Group Company
Company's website: www.anek.gr						from 01.01 to		from 01.01 to
Board of Directors: Katsanevakis Georgios (Chairman), Protopapadakis Spyridon (Vice Chairman), Vardinoyannis Ioannis (Managing Director),						31.12.2019	31.12.2018	31.12.2019	31.12.2018
Archontakis Georgios (Deputy Managing Director), Apostolakis Emmanouil (Non executive member), Achlioptas Konstantinos (Non executive member), Georvasakis Michael (Non executive member), Malandrakis Ioannis (Non executive member), Marakakis Michael (Independent non executive					Turnover	173.891	168.235	157.039	153.453
member), Markantonakis Alexandros (Independent non executive member), Fragkiadakis Georgios (Independent non executive member)					Gross profit / (loss)	40.256	31.571	34.088	27.412
Date of approval of the annual financial statements: April 24, 2020					Earnings / (losses) before taxes, financing and investing results (EBIT)	14.679	3.586	12.404	4.017
Certified auditors - accountants: Antonakakis Konstantinos (SOEL Reg. No. 22781), Kollyris Nikolaos (SOEL Reg. No. 35591)				Earnings / (losses) before taxes (EBT)	4.573	(12.656)	2.850	(13.072)
Auditing firms: GRANT THORNTON (Reg. No 127), SOL SA (Reg. No 125)				Earnings / (losses) after taxes (A)	3.817	(13.275)	2.656	(13.219)
Type of auditors' report: Unqualified opinion - Material uncertainty related to going concern assumption					Owners of the parent	2.577	(13.842)	-	-
					Non-controlling interests Other comprehensive income after taxes (Β)	1.240 (229)	567 133	- (238)	- 52
STATEMENT OF FINANCIAL POSITION (parent company and consolidated)					Total comprehensive income after taxes (Α) + (Β)	3.588	(13.142)	2.418	(13.167)
(Amounts in € thousand)	Group		Company		Owners of the parent	2.342	(13.764)	-	-
	31.12.2019	31.12.2018	31.12.2019	31.12.2018	Non-controlling interests	1.246	622	-	-
ASSETS Tangible assets	270.453	278.489	263.271	270.437	Basic earnings / (losses) after taxes per share - (in €)	0,0137	(0,0734)	0,0141	(0,0701)
Investments in property	1.753	1.758	678	683	Diluted earnings / (losses) after taxes per share - (in €)	0,0119	(0,0487)	0,0122	(0,0485)
Intangible assets	268	316	268	316	Proposed dividend per share - (in €)	-	-	-	-
Other non-current assets	3.885	3.765	9.956	9.419
Inventories	3.156	3.088	2.047	1.912	Earnings / (losses) before taxes, financing and investing results,
Trade receivables Other current assets	34.201 8.720	27.204 8.449	33.282 7.026	31.708 5.961	depreciation and amortization (EBITDA)	25.638	14.618	22.898	14.790
Cash & cash equivalents	8.498	7.350	2.019	2.298
TOTAL ASSETS 330.934 330.419 318.547 322.734			CASH FLOW STATEMENT (parent company and consolidated)
					(Amounts in € thousand)	Group		Company
EQUITY & LIABILITIES						from 01.01 to		from 01.01 to
Share capital Other equity items	56.597 (65.804)	56.597 (72.635)	56.597 (62.023)	56.597 (64.441)	Operating activities	31.12.2019	31.12.2018	31.12.2019	31.12.2018
Equity attributable to shareholders of the parent (a)	(9.207)	(16.038)	(5.426)	(7.844)	Earnings / (losses) before taxes	4.573	(12.656)	2.850	(13.072)
Non-controlling interests (b)	12.538	7.169	-	-	Adjustments for:
Total Equity (c) = (a) + (b)	3.331	(8.869)	(5.426)	(7.844)	Depreciation	11.023	11.211	10.494	10.773
Long-term borrowings	-	2.623	-	2.623	Grants amortization	(64)	(179)	-	-
Provisions and other long-term liabilities	19.371	22.940	17.852	21.210	(Gain) / loss from disposal of property, plant and equipment	(2)	(7)	(1)	-
Short-term borrowings Other short-term liabilities	258.708 49.524	256.134 57.591	258.708 47.413	255.421 51.324	Provisions Exchange differences	2.322 189	7.155 479	2.270 189	6.896 464
Total liabilities (d)	327.603	339.288	323.973	330.578	Results of investing activity	(189)	(85)	(777)	858
TOTAL EQUITY AND LIABILITIES (c) + (d)	330.934	330.419	318.547	322.734	Financial expenses (less financial income)	9.290	8.983	9.326	8.902
						27.142	14.901	24.351	14.821
STATEMENT OF CHANGES IN EQUITY (parent company and consolidated)					Adjustments for changes in working capital:
(Amounts in € thousand)	Group		Company		Decrease / (increase) of inventories	(169)	(151)	(135)	(157)
	31.12.2019	31.12.2018	31.12.2019	31.12.2018	Decrease / (increase) of receivables	(3.193)	(2.589)	(3.284)	(4.568)
Equity at the beginning of the year (01.01.2019 and 01.01.2018, respectively)	(8.869)	2.750	(7.844)	6.005	Increase / (decrease) of liabilities (other than borrowings)	(4.049)	10.003	(4.188)	10.995
Total comprehensive income after taxes	3.588	(13.142)	2.418	(13.167)	Less:
Dividends paid Other equity movements	(348) 8.960	(190) 1.713	- -	- (682)	Interest and financial expenses paid Income tax paid	(6.665) (780)	(7.729) (365)	(6.651) (150)	(7.711) (49)
Equity at the end of the year (31.12.2019 and 31.12.2018, respectively)	3.331	(8.869)	(5.426)	(7.844)	Cash flows from operating activities (a)	12.286	14.070	9.943	13.331
ADDITIONAL DATA & INFORMATION					Investing activities Acquisition of affiliates, securities and other investments	(607)	(405)	(607)	(56)
1. Group entities that are included in the consolidated financial statements are presented in note 1 in the annual financial statements as of 31.12.2019				Proceeds from the sale of securities and investments	-	56	-	56
including locations, percentage Group ownership and consolidation method. 2. The basic accounting principles adopted in the financial statements, are consistent with those of the annual financial statements as at 31.12.2018 adjusted with the revisions to IFRS. 3. There are no litigious disputes or					Purchase of tangible and intangible assets	(5.517)	(10.216)	(5.139)	(9.139)
disputes in arbitration against the Group that could significantly affect the financial position.Τhe recorded relevant provisions as at 31.12.2019 for the					Proceeds from the sale of property, plant and equipment	2	26	1	-
Group and the Company amounted to € 763 thousand. 4. The number of employees at 31.12.2019 was 762 persons for the Group (705 for the Company) and at 31.12.2018 was 745 persons (689 for the Company). 5. At the end of the period no shares of the parent company were possessed by					Interest received	47	14	1	2
the parent company neither by any subsidiary or associate company. 6. Group's "other comprehensive income" in the statement of comprehensive for the year 2019 refers by € 26 thousand to the possitive impact of a taxation rate change on land deferred taxes and by € 255 thousand to actuarial losses					Dividends received	-	-	163	174
after taxes, whereas in 2018 referred to the impact of a taxation rate change on land deferred taxes by € 105 thousand and to actuarial gains after taxes by € 28 thousand. Other equity movements" in the statement of changes in equity for year 2019 refer totally to the impact of a subsidiary's pause in					Cash flow from investing activities (b)	(6.075)	(10.525)	(5.581)	(8.963)
consolidation, whereas in 2018 referred to he effect of the retroactive implementation of IFRS 9 by € 707 thousand and to the effect of a change in proportion to subsidiaries by € 2.420 thousand. 7. The provisions for the un-audited tax years of the Group companies, which are presented in note 22					Financing activities
of the annual financial statements, amounted to € 328 thousand (€ 268 thousand for the Company). The accumulated provisions for doubtful debts amounted to € 45.311 thousand for the Group and € 43.954 thousand for the Company, while the provisions for retirement benefits amounted to €					Procceds from share capital increase	-	2.420	-	-
2.766 thousand for the Group and € 2.605 thousand for the Company. Other provisions amounted to € 1.032 thousand for the Group and the Company. 8. The ratio "Earnings / (losses) after taxes per share basic - (in €)" are calculated based in the weighted average number of total shares. For the					Payments of capital leases	(3.228)	(3.472)	(3.228)	(3.472)
calculation of the diluted earnings per share were taken into account the potential shares from the Parent company's convertible bond according the relevant terms of issue and the IAS 33 requirements. 9. Intercompany transactions (inflows and outflows) since the beginning of the current year and					Payments of operating leases	(212)	-	(134)	-
intercompany balances as of 31.12.2018 that have resulted from the transactions with the related parties, as defined by IAS 24, are as follows:					Proceeds from borrowings	143	1.938	144	1.938
(Amounts in € thousand) a) Inflows		Group 8	Company 8.152		Payment of borrowings Dividends paid	(1.423) (343)	(3.753) (154)	(1.423) -	(3.753) -
b) Outflows		264	394		Cash flow from financing activities (c)	(5.063)	(3.021)	(4.641)	(5.287)
c) Receivables		15.680	20.406
d) Payables		422	976
e) Key management compensations		1.614	1.324		Net increase / (decrease) in cash and cash equivalents (a) + (b) + (c)	1.148	524	(279)	(919)
f) Receivables from key management g) Payables to key management		- 24	- 7		Cash and cash equivalents at beginning of the year Cash and cash equivalents at the end of the year	7.350 8.498	6.826 7.350	2.298 2.019	3.217 2.298
				Chania, 24 April 2019
THE VICE CHAIRMAN
	THE MANAGING DIRECTOR			THE CHIEF FINANCIAL OFFICER	THE CHIEF ACCOUNTANT
SPYRIDON I. PROTOPAPADAKIS
ID No ΑΑ 490648		IOANNIS I. VARDINOYANNIS ID No Π 966572			STYLIANOS I. STAMOS ID No ΑΜ 480641	IOANNIS E. SPANOUDAKIS H.E.C. License No 20599 A' Class

Financial data and information for the period from 1 January 2019 to 31 December 2019

ANEK LINES S.A. No of G.E.C.R.: 121557860000

The following data and information are to provide users with general information for the financial position and the results of operations of ANEK LINES SA and the Group. Therefore, it is recommended to any user, before proceeding to

any kind of investing decision or other transaction with the Company, to visit the Company's web site, where the financial statements and the Auditor's Report, when is reqiuired, are published.

Registered Office: 148 Karamanli Avenue, Chania