Thrace Plastics Holding and Commercial S.A.

Interim / Quarterly Report • Sep 7, 2018

06 September 2018 Company Website: www.thracegroup.gr

Certified Public Accountant - Auditor: Sourbis Dimitrios, CPA (SOEL) License Reg. No. 16891

Auditing Firm: PricewaterhouseCoopers ΑΕ

Type of audit report: In accordance - Opinion in Agreement

Issued shares	-	-	-	-	Dividends paid	(1.764)	-	(1.764)	-
Purchase of treasury shares	-	-	-	-	Total inflows / (outflows) from financing activities (c)	10.285	4.337	(1.735)	(44)
Profit distribution	-	-	-	-	Net increase / (decrease) in cash & cash equivalents
Other changes	(93)	15	-	-	for the period (a) + (b) + (c)	(2.319)	(1.980)	(949)	(1.363)
Total Equity at end of period	145.003	126.382	69.758	70.789	Cash & cash equivalents at the beginning of the period	30.593	31.080	4.791	1.853

						1/1 - 30/06/2018	1/1 - 30/06/2017	1/1 - 30/06/2018	1/1 - 30/06/2017
	GROUP		COMPANY		Operating activities
ASSETS	30-06-2018	31-12-2017	30-06-2018	31-12-2017	Earnings, before taxes and minority interest, continuing activities	7.569	6.513	(661)	(978)
					Earnings, before taxes and minority interest, discontinued activities	-	-	-	740
Tangible fixed assets	121.558	114.394	412	441	Earnings, before taxes and minority interest	7.569	6.513	(661)	(238)
Investment property	113	113	-	-	Plus/Minus adjustments for:
Intangible assets	11.670	11.424	644	687	Depreciation - Amortization	6.713	6.629	77	373
Participations in subsidiaries	-	-	70.316	70.316	Provisions	2.595	2.480	372	639
Participations in associate companies	12.721	12.839	3.004	3.004	Foreign exchange differences	(273)	944	1	18
Other non-current assets	8.542	9.003	2.533	2.549	(Profit)/loss from sale of fixed assets	(94)	(105)	-	3
Inventories	63.950	59.634	-	-	(Profit)/loss from investments	-	-	-	-
Trade receivables	68.019	57.332	8.542	10.469	Financial (income) / expenses	2.420	2.774	440	672
Other current assets	15.515	9.374	344	379	(Profit)/loss from companies consolidated with the equity method	(427)	(559)	-	-
Cash & cash equivalents	28.250	30.593	3.842	4.790	Operating profit before changes in working capital	18.503	18.676	229	1.467
TOTAL ASSETS	330.338	304.706	89.637	92.635	(Increase) / Decrease of receivables	(13.502)	(13.890)	1.965	(1.072)
					(Increase) / Decrease of inventories	(4.236)	(3.362)	-	(260)
EQUITY & LIABILITIES					(Decrease) / Increase of liabilities (apart from banks - taxes)	2.973	9.032	(970)	223
Share capital	28.869	28.869	28.869	28.869	Other non cash movements	138	(102)	-	-
Other equity	113.639	106.244	40.889	43.621	Cash equivalents from operating activities	3.876	10.354	1.224	358
Total Shareholders' Equity (a)	142.508	135.113	69.758	72.490	Minus:
Minority interest (b)	2.495	2.365	-	-	Interest expenses and related expenses paid	(2.735)	(2.581)	(434)	(670)
Total Equity (c) = (a) + (b)	145.003	137.478	69.758	72.490	Taxes	(957)	(1.225)	-	-
Long-term debt	34.697	15.737	-	-	Total inflows/(outflows) from operating activities (a)	184	6.548	790	(312)
Provisions/Other-long-term liabilities	16.189	20.977	1.423	1.418	Total inflows/(outflows) from discontinued operating activities	-	-	-	1.196
Short-term bank debt	66.073	72.663	16.724	16.695	Total inflows/(outflows) from continuing operating activities	184	6.548	790	(1.508)
Other-short-term liabilities	68.376	57.851	1.732	2.032	Investment activities
Total liabilities (d)	185.335	167.228	19.879	20.145	Proceeds from sales of tangible and intangible assets	28	94	4	11
TOTAL EQUITY & LIABILITIES (c) + (d)	330.338	304.706	89.637	92.635	Interest received	5	14	-	-

					STATEMENT OF CASH FLOWS
STATEMENT OF FINANCIAL POSITION GROUP COMPANY 30-06-2018 31-12-2017 30-06-2018 31-12-2017 121.558 114.394 412 441 11.670 11.424 644 687 - - 70.316 70.316 12.721 12.839 3.004 3.004 8.542 9.003 2.533 2.549 63.950 59.634 - - 68.019 57.332 8.542 10.469 15.515 9.374 344 379 28.250 30.593 3.842 4.790 330.338 304.706 89.637 92.635				GROUP	COMPANY
					1/1 - 30/06/2018	1/1 - 30/06/2017	1/1 - 30/06/2018	1/1 - 30/06/2017
				Operating activities
				Earnings, before taxes and minority interest, continuing activities Earnings, before taxes and minority interest, discontinued activities	7.569 -	6.513 -	(661) -	(978) 740
				Earnings, before taxes and minority interest	7.569	6.513	(661)	(238)
				Depreciation - Amortization	6.713	6.629	77
				Provisions	2.595	2.480	372
				Foreign exchange differences	(273)	944	1
				(Profit)/loss from sale of fixed assets	(94)	(105)	-
				(Profit)/loss from investments	-	-	-
				Financial (income) / expenses	2.420	2.774	440
				(Profit)/loss from companies consolidated with the equity method	(427)	(559)	-
				Operating profit before changes in working capital	18.503	18.676	229	1.467
				(Increase) / Decrease of receivables	(13.502)	(13.890)	1.965	(1.072)
				(Increase) / Decrease of inventories	(4.236)	(3.362)	-
				(Decrease) / Increase of liabilities (apart from banks - taxes)	2.973	9.032	(970)
28.869	28.869	28.869	28.869	Other non cash movements	138	(102)	-
113.639	106.244	40.889	43.621	Cash equivalents from operating activities	3.876	10.354	1.224
2.495	2.365	-	-	Interest expenses and related expenses paid	(2.735)	(2.581)	(434)
145.003	137.478	69.758	72.490	Taxes	(957)	(1.225)	-
34.697	15.737	-	-	Total inflows/(outflows) from operating activities (a)	184	6.548	790
16.189	20.977	1.423	1.418	Total inflows/(outflows) from discontinued operating activities	-	-	-	1.196
66.073	72.663	16.724	16.695	Total inflows/(outflows) from continuing operating activities	184	6.548	790	(1.508)
185.335	167.228	19.879	20.145	Proceeds from sales of tangible and intangible assets	28	94	4
330.338	304.706	89.637	92.635	Interest received	5	14	-
				Dividends received	242	335	-
				Increase of participations in subsidiaries / associates	-	(111)	-
				Investment subsidies	40	-	-
STATEMENT OF CHANGES IN EQUITY				Purchases of tangible and intangible fixed assets	(13.103)	(12.296)	(8)
				Cash due to change in the consolidation of subsidiaries	-	(901)	-
	GROUP	COMPANY		Total inflows / (outflows) from investment activities (b)	(12.788)	(12.865)	(4)	(1.007)
1/1 - 30/06/2018	1/1 - 30/06/2017	1/1 - 30/06/2018	1/1 - 30/06/2017	Total inflows / (outflows) from discontinued investment activities (b)	-	-	-
				Total inflows / (outflows) from continuing investment activities (b)	(12.788)	(12.865)	(4)
137.478	122.788	72.490	70.817
137.336	122.788	72.490	70.817	Increase of participations in subsidiaries / associates	(10)	-	-
5.464	4.728	(674)	(43)	Proceeds from issued / undertaken loans	8.361	8.396	29
4.355	(1.149)	-	15	Repayments of loans	(2.411)	(1.921)	-
(2.059)	-	(2.058)	-	Financial leases	6.109	(2.138)	-
-	-	-	-	Dividends paid	(1.764)	-	(1.764)
-	-	-	-	Total inflows / (outflows) from financing activities (c)	10.285	4.337	(1.735)
(93)	15	-	-	for the period (a) + (b) + (c)	(2.319)	(1.980)	(949)	(1.363)
145.003	126.382	69.758	70.789	Cash & cash equivalents at the beginning of the period	30.593	31.080	4.791	1.853
				Effect from changes of exchange rates on cash & cash equivalents	(24)	(628)	-
				Cash & cash equivalents at the end of the period	28.250	28.472	3.842

(13.103)
	(12.296)	(8)	(907)
-	(901)	-	-
(12.788)	(12.865)	(4)	(1.007)
-	-	-	(768)
(12.788)	(12.865)	(4)	(239)
(10)	-	-	-
8.361	8.396	29	-
(2.411)	(1.921)	-	(44)
			-
	6.109	(2.138)	-

					COMPANY
	GROUP		1/1 - 30/06/2018		1/1 - 30/06/2017
	1/1 - 30/06/2018	1/1 - 30/06/2017	Continuing	Discontinued	Total	Continuing	Discontinued	Total
Turnover	165.214	161.101	2.522	-	2.522	2.633	8.025	10.658
Gross profit/(losses)	34.448	34.461	229	-	229	30	1.455	1.485
Earnings/(losses) before Interest and Taxes (EBIT)	9.562	8.728	(221)	-	(221)	(519)	953	434
Earnings / (losses) before Taxes	7.569	6.513	(661)	-	(661)	(976)	738	(238)
Earnings / (losses) after Taxes (A)	5.464	4.728	(674)	-	(674)	(767)	724	(43)
- Owners of the parent	5.333	4.580	-	-	-	-	-	-
- Minority interest	131	148	-	-	-	-	-	-
Other comprehensive income after taxes (B)	4.355	(1.149)	-	-	-	-	-	-
Total comprehensive income after taxes (A) + (B)	9.819	3.579	(674)	-	(674)	(767)	724	(43)
- Owners of the parent	9.689	3.431	-	-	-	-	-	-
- Minority interest	130	148	-	-	-	-	-	-
Earnings / (losses) after taxes per share – basic (in €)	0,1219	0,1047	-	-	-	-	-	-
Earnings/ (losses) before Interest, Taxes, Depreciation &
Amortization (EBITDA)	16.275	15.357	(144)	-	(144)	(379)	1.187	808

				ADDITIONAL DATA & INFORMATION
					7. Income tax in the statement of comprehensive income is analyzed as follows:
Information regarding the Group structure, participations in subsidiaries and their consolidation method are presented in note 1 of the condensed notes. 1.							GROUP		COMPANY *
						1/1 - 30/06/2018	1/1 - 30/06/2017	1/1 - 30/06/2018	1/1 - 30/06/2017
2. The basic accounting principles of the balance sheet for 31/12/2017 have been followed.					Income Tax	(2.473)	(2.087)	-	-
					Deferred tax	368	302	(13)	209
3. There are no judicial or under arbitration differences of judicial or arbitration bodies, that may have a significant effect on the financial position of the Company and Group.						(2.105)	(1.785)	(13)	209
			GROUP	COMPANY
4. The following liens or collateral have been written on fixed assets			9.448	-	8. The cumulative provisions that have been recorded amount to:		GROUP		COMPANY
						30/06/2018	31/12/2017	30/06/2018	31/12/2017
5. Number of employed staff at the end of each period :	GROUP		COMPANY		Provision for doubtful debt	6.963	6.592	2.371	2.371
	30-06-18	30-06-17	30-06-18	30-06-17	Provision for staff indemnities	10.814	15.847	262	257
	1.920	1.814	20	62	Provisions for tax differences from unaudited fiscal years	677	677	174	174
6. The transactions between related parties, according to I.A.S. 24, are as follows:					Provision for inventory impairment	1.534	1.550	-	-

		GROUP	COMPANY*
i) Income		3.315	2.523	9. No company of the Group owns treasury shares, except for the parent company. On 30/06/2018 the Company held 4,324 treasury shares
ii) Expenses		909	107	at an acquisition cost of 10,328.78 (in absolute numbers).
iii) Receivables		3.247	8.630	10. Other comprehensive income concerns the following :		GROUP		COMPANY *
iv) Liabilities		195	6		1/1 - 30/06/2018	1/1 - 30/06/2017	1/1 - 30/06/2018	1/1 - 30/06/2017
v) Transactions & Remuneration of Board members and senior executives		2.308	835	Forex differences from Balance Sheet Conversion	223	(2.100)	-	-
				Actuarial Profit / (Loss)	4.132	951	-	-
					4.355	(1.149)	-	-
* The amounts concern the continuing activities				* The amounts concern the continuing activities
				Avdira, 06 September 2018
The Chairman and Chief Executive Officer	The Vice-Chairman			The Head of Financial Services			The Head Accountant
KONSTANTINOS ST. CHALIORIS	THEODOSIOS A. KOLYVAS			SPYRIDON A. NTAKAS			FOTINI K. KYRLIDOU
ID No. ΑM 919476				ID No. ΑΕ 044759			ID No. ΑΚ 104541
	ID No. ΑΙ 101026						Professional Lic. No. 34806 - Α' CLASS

					COMPANY
	GROUP		1/4 - 30/06/2018	1/4 - 30/06/2017
	1/4 - 30/06/2018	1/4 - 30/06/2017	Continuing	Discontinued	Total	Continuing	Discontinued	Total
Turnover	86.697	84.556	1.240	-	1.240	1.355	3.855	5.210
Gross profit/(losses)	17.476	17.696	76	-	76	7	673	680
Earnings/(losses) before Interest and Taxes (EBIT)	4.992	4.265	(152)	-	(152)	(282)	479	197
Earnings / (losses) before Taxes	4.427	3.710	(375)	-	(375)	(478)	360	(118)
Earnings / (losses) after Taxes (A)	3.169	2.496	(385)	-	(385)	(287)	341	54
- Owners of the parent	3.084	2.433	-	-	-	-	-	-
- Minority interest	85	63	-	-	-	-	-	-
Other comprehensive income after taxes (B)	2.106	(4.360)	-	-	-	-	-	-
Total comprehensive income after taxes (A) + (B)	5.275	(1.864)	(385)	-	(385)	(287)	341	54
- Owners of the parent	5.191	(1.927)	-	-	-	-	-	-
- Minority interest	84	63	-	-	-	-	-	-
Earnings / (losses) after taxes per share – basic (in €)	0,0705	0,0556	-	-	-	-	-	-
Earnings/ (losses) before Interest, Taxes, Depreciation &
Amortization (EBITDA)	8.461	7.563	(113)	-	(113)	(248)	642	394

STATEMENT OF COMPREHENSIVE INCOME

Amounts in thousand Euro, unless stated otherwise.

The following data and information, that are derived from the financial statements, aim at providing general information on the financial position and results of THRACE PLASTICS HOLDING S.A. and THRACE PLASTICS GROUP . Therefore, before proceeding with any kind of investment choice or other transaction with the Company, readers should refer to the company's website where the financial statements are available together with the audit report by the Certified Public Accountant, when applicable.

Approval date of the annual financial statements by the Board:

THRACE PLASTICS Co. S.A.

Company Reg. No. : 11188/06/Β/86/31, General Commerce Reg. No. : 12512246000

Registered offices: MAGIKO, MUNICIPALITY of AVDIRA, XANTHI, GREECE

Data and information for the period from 1 January 2018 to 30 June 2018

Published in accordance with C.L. 2190/20, article 135 for companies that prepare financial statements, consolidated and non-consolidated according to I.F.R.S.