Anek Lines S.A.

Annual / Quarterly Financial Statement • Apr 22, 2019

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),						31.12.2018	31.12.2017	31.12.2018	31.12.2017
Archontakis Georgios (Deputy Managing Director), Apostolakis Emmanouil (Non executive member), Achlioptas Konstantinos (Non executive member), Georvasakis Michael (Non executive member), Marakakis Michael (Independent non executive member), Markantonakis					Turnover	168.235	164.749	153.453	149.304
Alexandros (Independent non executive member), Fragkiadakis Georgios (Independent non executive member)					Gross profit / (loss)	31.571	31.441	27.412	28.002
Date of approval of the annual financial statements: April 22, 2019					Earnings / (losses) before taxes, financing and investing results (EBIT)	3.586	2.340	4.017	3.030
Certified auditors - accountants: Antonakakis Konstantinos (SOEL Reg. No. 22781), Arampatzis Konstantinos (SOEL Reg. No. 34351)					Earnings / (losses) before taxes (EBT)	(12.656)	8.716	(13.072)	12.729
Auditing firms: GRANT THORNTON (Reg. No 127), SOL SA (Reg. No 125)					Earnings / (losses) after taxes (A)	(13.275)	8.144	(13.219)	12.612
Type of auditors' report: Unqualified opinion - Material uncertainty related to going concern assumption					Owners of the parent	(13.842)	9.810	-	-
STATEMENT OF FINANCIAL POSITION (parent company and consolidated)					Non-controlling interests Other comprehensive income after taxes (Β)	567 133	(1.666) 19	- 52	- 23
					Total comprehensive income after taxes (Α) + (Β) Owners of the parent	(13.142) (13.764)	8.163 9.831	(13.167) -	12.635 -
(Amounts in € thousand)	Group 31.12.2018	31.12.2017	Company 31.12.2018	31.12.2017	Non-controlling interests	622	(1.668)	-	-
ASSETS
Tangible assets	278.489	266.924	270.437	259.494	Basic earnings / (losses) after taxes per share - (in €)	(0,0734)	0,0520	(0,0701)	0,0669
Investments in property	1.758	1.764	683	689	Diluted earnings / (losses) after taxes per share - (in €)	(0,0487)	0,0391	(0,0485)	0,0498
Intangible assets	316	62	316	62	Proposed dividend per share - (in €)	-	-	-	-
Other non-current assets	3.765	2.328	9.419	9.125
Inventories	3.088	2.948	1.912	1.755	Earnings / (losses) before taxes, financing and investing results,
Trade receivables Other current assets	27.204 8.449	35.782 6.114	31.708 5.961	38.137 3.932	depreciation and amortization (EBITDA)	14.618	12.777	14.790	13.216
Cash & cash equivalents	7.350	6.826	2.298	3.217
TOTAL ASSETS	330.419	322.748	322.734	316.411	CASH FLOW STATEMENT (parent company and consolidated)
					(Amounts in € thousand)	Group		Company
EQUITY & LIABILITIES						from 01.01 to		from 01.01 to
Share capital	56.597	56.597	56.597	56.597		31.12.2018	31.12.2017	31.12.2018	31.12.2017
Other equity items	(72.635)	(56.742)	(64.441)	(50.592)	Operating activities
Equity attributable to shareholders of the parent (a)	(16.038)	(145)	(7.844)	6.005	Earnings / (losses) before taxes	(12.656)	8.716	(13.072)	12.729
Non-controlling interests (b)	7.169	2.895	-	-	Adjustments for:
Total Equity (c) = (a) + (b) Long-term borrowings	(8.869) 2.623	2.750 242.729	(7.844) 2.623	6.005 242.729	Depreciation Grants amortization	11.211 (179)	10.619 (182)	10.773 -	10.186 -
Provisions and other long-term liabilities	22.940	19.776	21.210	17.832	Assets impairment	-	2.539	-	-
Short-term borrowings	256.134	17.489	255.421	16.848	(Gain) / loss from disposal of property, plant and equipment	(7)	-	-	-
Other short-term liabilities	57.591	40.004	51.324	32.997	Provisions	7.155	4.288	6.896	4.279
Total liabilities (d)	339.288	319.998	330.578	310.406	Exchange differences	479	(326)	464	(309)
TOTAL EQUITY AND LIABILITIES (c) + (d)	330.419	322.748	322.734	316.411	Results of investing activity	(85)	(2.490)	858	(3.186)
					Financial expenses (less financial income)	8.983	(6.123)	8.902	(6.205)
STATEMENT OF CHANGES IN EQUITY (parent company and consolidated)						14.901	17.041	14.821	17.494
(Amounts in € thousand)	Group 31.12.2018	31.12.2017	Company 31.12.2018	31.12.2017	Adjustments for changes in working capital: Decrease / (increase) of inventories	(151)	(406)	(157)	(164)
Equity at the beginning of the year (01.01.2018 and 01.01.2017, respectively)	2.750	(7.341)	6.005	(8.709)	Decrease / (increase) of receivables	(2.589)	(1.074)	(4.568)	(3.764)
Total comprehensive income after taxes	(13.142)	8.163	(13.167)	12.635	Increase / (decrease) of liabilities (other than borrowings)	10.003	7.566	10.995	8.331
Dividends paid	(190)	(189)	-	-	Less:
Other equity movements	1.713	2.117	(682)	2.079	Interest and financial expenses paid	(7.729)	(8.935)	(7.711)	(8.837)
Equity at the end of the year (31.12.2018 and 31.12.2017, respectively)	(8.869)	2.750	(7.844)	6.005	Income tax paid	(365)	(826)	(49)	(88)
					Cash flows from operating activities (a)	14.070	13.366	13.331	12.972
ADDITIONAL DATA & INFORMATION
					Investing activities Acquisition of affiliates, securities and other investments	(405)	(53)	(56)	(2)
1. Group entities that are included in the consolidated financial statements are presented in note 1 in the annual financial statements as of 31.12.2018 including locations, percentage Group ownership and consolidation method. 2. The basic accounting principles adopted in the financial statements, are consistent with those					Proceeds from the sale of securities and investments	56	5.396	56	4.800
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.Τhe recorded relevant provisions as at 31.12.2018 for the Group amount to € 897 thousand and for the Company					Purchase of tangible and intangible assets	(10.216)	(14.176)	(9.139)	(13.772)
amount to € 763 thousand. 4. The number of employees at 31.12.2018 was 745 persons for th Group (689 for the Company) and at 31.12.2017 was 750 persons (694 for the Company).5. At the end of the period no shares of the parent company were possessed by the parent company neither by any subsidiary or associate					Proceeds from the sale of property, plant and equipment	26	-	-	-
company. 6. Group's "other comprehensive income" in the statement of comprehensive income for the year 2018 refers to the impact of a taxation rate change on land deferred taxes by € 105 thousand and to actuarial gains by € 28 thousand, whereas in 2017 referred totally to actuarial gains. "Other equity movements" in the					Interest received	14	22	2	5
statement of changes in equity for year 2018 refer to the 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 of the annual					Dividends received	-	-	174	175
financial statements, amounted to € 476 thousand (€ 416 thousand for the Company). The accumulated provisions for doubtful debts amounted to € 44.174					Cash flow from investing activities (b)	(10.525)	(8.811)	(8.963)	(8.794)
thousand for the Group and € 42.476 thousand for the Company, while the provisions for retirement benefits amounted to € 2.445 thousand for the Group and € 2.301 thousand for the Company. Other provisions amounted to € 127 thousand for the Group. 8. The ratio "Earnings / (losses) after taxes per share basic - (in €)"
are calculated based in the weighted average number of total shares. For the calculation of the diluted earnings per share were taken into account the potential shares from the Parent company's convertible bond according the relevant terms of issue and the IAS 33 requirements. 9. Intercompany transactions (inflows and					Financing activities
outflows) since the beginning of the current year and 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:					Procceds from share capital increase	2.420 (3.472)	- (1.369)	- (3.472)	- (1.369)
(Amounts in € thousand)		Group	Company		Payments of capital leases Proceeds from borrowings	1.938	5.346	1.938	4.924
a) Inflows		-	9.093		Payment of borrowings	(3.753)	(13.420)	(3.753)	(13.420)
b) Outflows		268	388		Dividends paid	(154)	(189)	-	-
c) Receivables		10.936	19.783		Cash flow from financing activities (c)	(3.021)	(9.632)	(5.287)	(9.865)
d) Payables		1.664	2.471
e) Key management compensations		1.697	1.344
f) Receivables from key management		-	-		Net increase / (decrease) in cash and cash equivalents (a) + (b) + (c)	524	(5.077)	(919)	(5.687)
g) Payables to key management		47	7		Cash and cash equivalents at beginning of the year	6.826	11.903	3.217	8.904
					Cash and cash equivalents at the end of the year	7.350	6.826	2.298	3.217
				Chania, 22 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 Μ 068570	IOANNIS E. SPANOUDAKIS H.E.C. License No 20599 A' Class

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

Financial data and information for the period from 1 January 2018 to 31 December 2018

TT ANEK LINES
----------------------

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

(according to L. 2190, article 135 for companies publishing annual financial statements, separate and consolidated, in accordance to the International Financial Reporting Standards)

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