Anek Lines S.A.

Annual / Quarterly Financial Statement • Sep 30, 2019

STATEMENT OF FINANCIAL POSITION (parent company and consolidated)	TOTAL COMPREHENSIVE INCOME (parent company and consolidated)
(Amounts in € thousand)		Group Company			(Amounts in € thousand)	Group		Company
	30.06.2019	31.12.2018	30.06.2019	31.12.2018		from 01.01 to		from 01.01 to
ASSETS		278.489	266.234	270.437		30.06.2019	30.06.2018	30.06.2019	30.06.2018
Tangible assets Investments in property	273.507 1.756	1.758	680	683	Turnover	72.503	72.876	66.093	66.878
Intangible assets	311	316	311	316	Gross profit	8.780	8.432	7.038	7.151
Other non-current assets	3.833	3.765	9.557	9.419	Earnings / (losses) before taxes, financing and investing results (EBIT)	(2.502)	(3.757)	(2.614)	(2.996)
Inventories	3.019	3.088	1.625	1.912	Earnings / (losses) before taxes (EBT)	(7.030)	(8.695)	(6.934)	(7.583)
Trade receivables	42.850	27.204	40.922	31.708	Earnings / (losses) after taxes (A)	(7.421)	(9.008)	(7.047)	(7.657)
Other current assets	13.355	8.449	12.186	5.961	Owners of the parent	(7.902)	(9.078)
Cash & cash equivalents	7.212	7.350	1.598	2.298	Minority interests	481	70	-	-
TOTAL ASSETS	345.843	330.419	333.113	322.734
EQUITY & LIABILITIES					Other comprehensive income after taxes (Β) Total comprehensive income after taxes (Α) + (Β)	- (7.421)	- (9.008)	- (7.047)	- (7.657)
Share capital	56.597	56.597	56.597	56.597	Owners of the parent	(7.902)	(9.078)	-	-
Other equity items	(76.047)	(72.635)	(71.488)	(64.441)	Minority interests	481	70	-	-
Equity attributable to shareholders of the parent (a)	(19.450)	(16.038)	(14.891)	(7.844)
Minority interests (b)	11.773	7.169	-	-	Earnings / (losses) after taxes per share basic - (in €)	(0,0419)	(0,0481)	(0,0374)	(0,0406)
Total Equity (c) = (a) + (b)	(7.677)	(8.869)	(14.891)	(7.844)	Earnings / (losses) after taxes per share diluted - (in €)	(0,0292)	(0,0336)	(0,0259)	(0,0282)
Long-term borrowings	2.413	2.623	2.413	2.623	Earnings before taxes, financing and investing results,
Provisions and other long-term liabilities	21.852	22.940	20.269	21.210	depreciation and amortization (EBITDA)	3.173	1.588	2.829	2.229
Short-term borrowings	255.005	256.134	255.005	255.421
Other short-term liabilities Total liabilities (d)	74.250	57.591	70.317	51.324	CASH FLOW STATEMENT (parent company and consolidated)
TOTAL EQUITY AND LIABILITIES (c) + (d)	353.520 339.288 348.004 330.578 345.843 330.419 333.113 322.734					(Amounts in € thousand) Group Company
						from 01.01 to		from 01.01 to
						30.06.2019	30.06.2018	30.06.2019	30.06.2018
STATEMENT OF CHANGES IN EQUITY (parent company and consolidated)					Operating activities
					Earnings / (losses) before taxes	(7.030)	(8.695)	(6.934)	(7.583)
(Amounts in € thousand)	Group		Company		Adjustments for:
	30.06.2019	30.06.2018	30.06.2019	30.06.2018	Depreciation	5.707	5.435	5.443	5.225
Equity at the beginning of the period (01.01.2019 and					Grants amortization	(32)	(90)	-	-
01.01.2018, respectively)	(8.869)	2.750	(7.844)	6.005	Provisions	192	134	184	120
Effect due to implementation of IFRS 9 Total comprehensive income after taxes	- (7.421)	(668) (9.008)	- (7.047)	(668) (7.657)	Exchange differences Results of investing activity	108 (99)	373 (61)	108 (389)	360 (365)
Dividents paid	(347)	(190)	-	-	Impairment of fixed assets value	-	-	-	-
Other equity movements	8.960	15	-	(14)	Financial expenses (less financial income)	4.593	4.626	4.600	4.592
Equity at the end of the period (30.06.2019 and						3.439	1.722	3.012	2.349
30.06.2018, respectively)	(7.677)	(7.101)	(14.891)	(2.334)	Adjustments for changes in working capital:
					Decrease / (increase) of inventories	(4)	(517)	287	121
					Decrease / (increase) of receivables	(15.400)	(15.111)	(14.721)	(15.263)
	ADDITIONAL DATA AND INFORMATION				Increase / (decrease) of liabilities (other than borrowings)	19.337	26.074	17.724	25.447
					Less:
1. Group entities that are included in the consolidated financial statements are presented in note 1 in the semi annual financial statements as of 30.06.2019 including locations, percentage Group ownership and consolidation method. It is noted that the interim financial statements for the					Interest and financial expenses paid	(4.053)	(3.947)	(4.035)	(3.941)
first half of 2019 did not include the subsidiary LANE which was consolidated until 31.12.2018 under the full consolidated method, given that the Group's management estimates that there has been a loss of control in accordance with the requirements of IFRS 10 (see detailed note 1 of the					Income tax paid Cash flows from operating activities (a)	(78) 3.241	(49) 8.172	(78) 2.189	(49) 8.664
interim financial statements as at 30.06.2019). 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 disputes in arbitration against the Group that could significantly affect the financial position.The recorded relevant provisions for the Groupand the Company amount to €					Investing activities
763 thousand. 4. The number of employees at 30.06.2019 was 890 for the Group (824 for the Company) and at 30.06.2018 was 922 (857 for the Company). 5. At the end of the period no shares of the parent company were possessed by the parent company neither by any subsidiary or					Acquisition of affiliates, securities and other investments	(604)	-	(604)	-
associate company. 6. The provisions for the un-audited tax years of the Group companies,which are presented in note 10 of the interim financial					Proceeds from the sale of securities and other investment	-	56	-	56
statements, amounted to € 476 thousand (€ 416 thousand for the Company. The accumulated provisions for doubtful debts amounted to € 43.960 thousand for the Group and € 42.612 thousand for the Company, while the provisions for retirement benefits amounted to € 2.489 thousand for					Purchase of tangible and intangible assets	(735)	(6.297)	(533)	(5.261)
the Group and € 2.349 thousand for the Company. 7. The ratio "Earnings / (losses) after taxes per share basic - (in €)" are calculated based in the weighted average number of total shares. For the calculation of the diluted earnings per share were taken into account the potential shares from					Proceeds from the sale of property, plant and equipment	24	3	-	-
the Parent company's convertible bond according the relevant terms of issue and the IAS 33 requirements. 8. "Other equity movements"in					Interest received	1	9	1	1
statement of changes in Equity for thw first half of 2019 refer to the effect of the cessation of the consolidation of subsidiary LANE, while for the comparative period referred to the effect from the sale of a subsidiary's own shares. 9. Intercompany transactions (inflows and outflows) since the					Dividents received	-	-	-	-
beginning of the current year and intercompany that have resulted from the transactions with the related parties, as defined by IAS 24, are as follows:					Cash flow from investing activities (b)	(1.314)	(6.229)	(1.136)	(5.204)
(Amounts in € thousand)		Group	Company		Financing activities
a) Inflows		5	4.038		Payments for capital leases	(916)	(1.375)	(916)	(1.375)
b) Outflows		124	181		Payments for operational leases	(168)	-	(67)	-
c) Receivables		27.570	31.602		Proceeds from borrowings	-	754	-	739
d) Payables		1.632	2.358		Payment of borrowings	(770)	(3.543)	(770)	(3.543)
e) Key management compensations		796	653		Dividends paid	(210)	(131)	-	-
f) Receivables from key management		-	-		Cash flow from financing activities (c)	(2.064)	(4.295)	(1.753)	(4.179)
g) Payables to key management		27	10
					Net increase / (decrease) in cash and cash equivalents (a) + (b) + (c) Cash and cash equivalents at beginning of the period	(137) 7.349	(2.352) 6.826	(700) 2.298	(719) 3.217
					Cash and cash equivalents at end of the period	7.212	4.474	1.598	2.498
					Chania, 30 September 2019
THE VICE CHAIRMAN THE MANAGING DIRECTOR
				THE CHIEF FINANCIAL OFICCER	THE CHIEF ACCOUNTANT
SPYRIDON I. PROTOPAPADAKIS ID. No. ΑΑ 490648		IOANNIS I. VARDINOYANNIS ID. No. Π 966572			STYLIANOS I. STAMOS ID. No. Μ 068570	IOANNIS E. SPANOUDAKIS H.E.C. License No. 20599/A' CLASS

Auditing Firms: GRANT THORNTON (Reg. No 127), SOL SA (Reg. No 125)

Financial data and information for the period 1 January 2019 - 30 June 2019

(according to 4/507/28.04.2009 resolution of Greek Capital Commitee)

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

Type of auditors' review report: Unqualified conclusion - Material Uncertainty Related to Going Concern

ANEK LINES S.A.

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

Registered Office: 148 Karamanli Avenue, Chania

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.

Certified auditors - accountants: Antonakakis Konstantinos (SOEL Reg. No: 13101) - Kollyris Nikolaos (SOEL Reg. No: 35591)

Company's website: www.anek.gr

Date of approval of the interim financial statements by the Board of Directors: September 30, 2019