THRACE PLASTICS Co. S.A.

SEMI-ANNUAL FINANCIAL REPORT

1st January - 30th June 2016 IN ACCORDANCE WITH THE ARTICLE 5 OF LAW 3556/2007

Company Reg. No. 11188/06/Β/86/31 General Commerce Reg. No. 12512246000 Domicile: Magiko, Municipality of Avdira, Xanthi Greece Offices: 20 Marinou Antypa Str., 17455 Alimos, Attica, Greece

Information regarding the preparation of the Semi-Annual Financial Report

For the period from 1st January to 30th June 2016

The present Financial Report, which refers to the period from 1.1.2016 to 30.6.2016, was prepared in accordance with article 5 of L.3556/2007 and the relevant decision issued by the Board of Directors of the Hellenic Capital Market Commission under Reg. No. 7/448/29.10.2007. The present Report was approved by the Board of Directors of THRACE PLASTICS Co. S.A. on 19 September 2016, and has been posted on the company's website www.thracegroup.gr where such will remain available to investors for a period of at least 10 years from the publication date, and includes:

Ι.	Statements by Representatives of the Board of Directors	3

ΙΙ.	Report by the Board of Directors	4 - 13
ΙΙΙ.	Audit Report by Certified Auditor	14
IV.	Interim Condensed Financial Information 1.1.2016 – 30.06.2016	15 - 41
V.	Data and Information	42

STATEMENTS BY REPRESENTATIVES OF THE BOARD OF DIRECTORS (According to the article 5 paragraph 2 of Law 3556/2007)

We hereby state that to our knowledge, the attached interim Condensed Financial Information of THRACE PLASTICS Co. S.A., which concern the semi-annual period from 1st January 2016 to 30th June 2016, which was prepared in accordance with the international accounting standards in effect, accurately and reliably presents the Assets and Liabilities, Equity and Results of THRACE PLASTICS Co. S.A., as well as those of the companies included in the consolidation and considered aggregately as a whole, in accordance with the provisions of par. 3 – 5 of article 5 of Law 3556/2007.

We also state that to our knowledge, the Semi-Annual Report by the Company's Board of Directors accurately presents the information required by the paragraph 6 of article 5 of Law 3556/2007.

Xanthi, 19 September 2016

The signatories:

The Chairman of the Board and Chief Executive Officer

The Vice-Chairman of the Board of Directors

The Member of the Board

Konstantinos St. Chalioris ID No. ΑΜ 919476

Theodosios A. Kolyvas ID No. ΑΙ 101026

George Braimis ID No. ΑΚ 082097

ΙΙ. SEMI-ANNUAL REPORT BY THE BOARD OF DIRECTORS OF THRACE PLASTICS Co. S.A. FOR THE PERIOD FROM 1-1-2016 TO 30-06-2016

The present Semi-Annual Management Report by the Board of Directors, which concerns the period of the 1st Half of the present financial year 2016 (01/01/2016 to 30/06/2016), was prepared and is in line with the relevant provisions of Law 3556/2007 (Government Gazette 91A/30.4.2007) and the relevant to such executive decisions issued by the Board of Directors of the Hellenic Capital Market Commission and specifically Decisions No. 7/448/11.10.2007, 1/434/2007 and 8/754/14.4.2016.

The Report includes the total required information with an objective and adequate manner and with the principle of providing substantial and not typical information with regard to the issues included in such.

Despite the fact that the Company prepares consolidated and non-consolidated financial statements, the present Report constitutes a single report referring mainly to the consolidated financial data.

It is noted that the present Report includes, along with the Interim Condensed Financial Information of the first half 2016, the required by law data and statements in the Semi-Annual Financial Report, which concern the first half of the current year.

The sections of the Report and the contents of such are as follows:

SECTION I: Significant events that took place during the 1st Half of 2016

During the first half of 2016, the Group's investment plan amounting to 32 million euro for the period 2015-2016 was successfully completed and the normal operation of the new production facilities commenced. According to the Company's announcement, when the new investments become fully operational will generate additional annual turnover of 50 million euro and will contribute significantly to the improvement of the Group's profit margins due to their capacity to produce innovative products with high added value and to reduce the production cost.

Specifically, the investments implemented in Greece and specifically in Xanthi, amounting to 23 million euro approximately, mainly concern the production of innovative technical fabrics which are utilized in the markets of geosynthetics, insulating roof films, the filter industry, automobile industry and hospital products.

In addition, the new investments implemented abroad, amounting to 9 million euro, were successfully set in full operation.

The investments abroad mainly concern the installation of a new production line in Scotland for the production of the technical fabrics, meltblown type, which are used in the markets of insulating roof films, hospital and hygiene products, and the filter industry. The investments also concern the new thermoforming line which was installed in the plant of Bulgaria for the production of packaging products for yogurt and one-use plastic glasses targeting the markets of Bulgaria and Southeast Europe.

The Ordinary General Meeting of shareholders that took place on 14 April 2016 approved the annual financial statements and decided not to distribute any dividend from the earnings of 2015 since the priority of the Management of both the Company and the Group is to maintain satisfactory levels of liquidity in the context of the completion of the Group's extended investment plan.

On 25 April 2016, the tax audit of the fiscal years 2007 – 2009 concerning the subsidiary company Thrace Plastics Pack SA was completed and resulted into additional taxes of € 979 and tax surcharges of € 1,173. The Company's Management accepted an amount of € 104, which was fully paid and also made an advance payment of € 1,024 with regard to the remaining amount which did not accept, thus proceeding with a legal appeal. The pertinent bodies are expected to review the appeal until 24.10.2016 according to law. In case the pertinent bodies reject the Company's appeal or in case the above period expires without presenting a decision, then the subsidiary company will present its case to the tax courts.

Although the Management of the Group believes that the above additional taxes and surcharges will be rejected from the pertinent tax committees, the final outcome of their judgment cannot be predicted at the current stage, and therefore no relevant provision has been formed, apart from the existing accumulated one made for tax unaudited years, for an amount standing at €835 as of the balance sheet date.

SECTION II: Review of Basic Fundamentals for 1st Half of 2016

1. Group Results

The following table presents the Group's results for the 1st half of 2016 compared to the respective period of 2015:

(amounts in thousand euro)	1st Half 2016	1st Half 2015	% Change
Turnover	150,638	145,101	3.8%
Gross Profit	35,350	30,759	14.9%
Gross Profit Margin	23.5%	21.2%
Other Operating Income	658	1,470	-55.2%
As % of Turnover	0.4%	1.0%
Distribution Expenses	13,509	12,272	10.1%
As % of Turnover	9.0%	8.5%
Administrative Expenses	8,375	8,660	-3.3%
As % of Turnover	5.6%	6.0%
Other Operating Expenses	1,136	953	19.2%
As % of Turnover	0.8%	0.7%
Other Income / (Losses)	-342	559
ΕΒΙΤ	12,646	10,903	16.0%
EBIT Margin	8.4%	7.5%
EBITDA	18,399	15,756	16.8%
EBITDA Margin	12.2%	10.9%
Financial Income / (Expenses)	-2,811	-4,145	-32.2%
Income / (Expenses) from Companies consolidated with the Equity Method	738	783	-5.7%
EBT	10,573	7,541	40.2%
EBT Margin	7.0%	5.2%
Income Tax	2,312	1,662	39.1%
Total EAT	8,261	5,879	40.5%
EAT Margin	5.5%	4.1%
Minority Interest	160	136
Total EATAM	8,101	5,743	41.1%
EATAM Margin	5.4%	4.0%
Earnings per Share (in euro)	0.1839	0.1293	42.2%

Turnover €150,638 (+3.8 %)

The sales volume increased by 7% on Group level. Specifically in the Technical Fabrics business unit the volume of sales posted an increase of 10%, while on the other hand sales volume in the Packaging business unit increased by 1%.

Gross Profit €35,350 (+14.9%)

Gross profit margin settled at 23.5% in the first half of 2016 compared to 21.2% during the respective period last year

In the Technical Fabrics business unit the Gross Profit Margin increased by 1.8 percentage points settling at 21.3% versus 19.5% in the same period last year. In the Packaging business unit the Gross Profit Margin improved by 3.4 percentage points settling at 25.2% versus 21.8% in the same period of 2015.

Other Operating Income €658 (-55.2%)

During the first half of 2016, other operating income does not include provisions for income from subsidies on personnel employment cost. According to the Joint Ministerial Decision no. 13311/273 published in the Government Gazette no. 997/11-4-2016, the regulatory authorities terminated the article 21 of Law 1767/1988 which allowed for a 12% subsidy on the personnel employment cost of manufacturing and tourist companies located in the country's borderlines, including the county of Xanthi.

Distribution Expenses €13,509(+10.1%)

Distribution expenses as % of Turnover stood at 9.0% compared to 8.5% in the same period of 2015.

Administrative Expenses €8,375(-3.3%)

Administrative expenses declined as % of Turnover from 5.6% to 6.0% in the respective period of 2015.

Other Operating Expenses €1,136 (+19.2%)

The analysis of the other operating expenses in the 1st half of the current year as compared to the same period of 2015 is presented below:

	30.6.2016	30.6.2015
Provisions for doubtful customers	187	330
Other taxes and duties non-incorporated in operating cost	94	76
Depreciation / Amortization	67	73
Personnel's indemnities	139	16
Commission fees / other banking expenses	98	76
Expenses for the purchase of maquettes	219	190
Other operating expenses	332	192
Total	1,136	953

Amounts in thousand Euro, unless stated otherwise

EBITDA margin settled at 12.2% compared to 10.9% last year.

Financial Income €1,482 (+114.2%)

The change was mainly due to the positive foreign exchange differences from the valuation of loans and deposits in foreign currency (US Dollar British Pound) and from the hedging of the US dollar related risk.

Financial Expenses €4,293 (-11.2%)

The change was mainly due to the reduction of the negative foreign exchange differences by € 1,042 thousand and the increase of the financial cost of receivables in present values by € 397 thousand.

Profit from the companies that are consolidated with the Equity method €738 (-5,7%)

The above profit derived from the Group's associates Thrace Greiner Packaging SRL, Thrace Sarantis S.A., Lumite Inc. and Thrace Eurobent S.A. These companies from 1-1-2014 are consolidated with the equity method due to change of standards regarding the consolidation of joint arrangements (IFRS 10, IFRS 11, and IFRS 12). IFRS 11 removes the concept of the proportional consolidation of joint arrangements. Instead, the joint arrangements which fulfill the definition of joint venture are accounted for with the equity method. In the Group's companies Thrace Greiner Packaging SRL (participation stake of 50%), Thrace Sarantis S.A. (50%), Lumite Inc. (50%), and Thrace Eurobent S.A. (50%) the management is jointly exercised with the other shareholder along with the right of participation in the above companies' net assets.

EBT €10,573 (+40.2%)

EBT margin settled at 7.0% as compared to 5.2% in the first half of 2015.

EAT margin settled at 5.5% as compared to 4.1% in the first half of 2015.

Earnings after taxes and Minority Interests (EATAM) allocated to the Owners of the Parent Company €8,101 (+41.1%)

EATAM margin settled at 5.4% in the first half of 2016 as compared to 4.0% in the same period of 2015.

2. Results per Activity Sector

The following table summarizes the results during the first half of the current financial year from the individual sectors where the Group operates in:

EBITDA €18,399 (+16.8%)

EAT €8,261 (+40.5%)

RESULTS PER BUSINESS UNIT*
	Technical Fabrics Packaging Agricultural Unit
1st 1st 1st 1st 1st 1st (amounts in thousand Half Half % Half Half % Half Half €) 2016 2015 Change 2016 2015 Change 2016 2015							% Change
Turnover	97,763	94,812	3.1%	56,461	54,596	3.4%	624	490	27.3%
Gross Profit	20,853	18,462	13.0%	14,224	11,923	19.3%	122	78	56.4%
Gross Profit Margin	21.3%	19.5%		25.2%	21.8%		19.6%	15.9%
Total EBITDA	10,149	9,488	7.0%	8,185	6,260	30.8%	107	53	101.9%
EBITDA Margin	10.4%	10.0%		14.5%	11.5%		17.1%	10.8%

* Any differences appearing as compared to the published results are due to eliminations between business units.

a) Technical Fabrics Sector: Production and trade of technical fabrics for industrial and technical use.

b) Packaging Sector: Production and trade of packaging materials, plastic bags, and plastic boxes for the packaging of food and colors and other packaging materials for agricultural use.

c) Agricultural Sector : It concerns the activity of the Company's subsidiary "Thrace Greenhouses S.A." which activates in tomato production by applying the method of hydroponic cultivation and the utilization of geothermal energy.

3. Consolidated Statement of Financial Position of the Group

The following table summarizes the basic Statement of Financial Position information of 30.06.2016:

(amounts in thousand euro)	30.06.2016	31.12.2015	% Change
Tangible Fixed Assets	105,346	92,268	14.2%
Investment Property	113	113	0.0%
Intangible Assets	11,379	11,522	-1.2%
Interests in Related Companies	10,927	10,251	6.6%
Other Long-term Receivables	8,221	8,387	-2.0%
Deferred Tax Assets	1,156	128	803.1%
Total Fixed Assets	137,142	122,669	11.8%

Inventories	53,292	52,981	0.6%
Income Tax Prepaid	1,806	1,078	67.5%
Trade Receivables	62,511	52,618	18.8%
Other Receivables	8,472	8,774	-3.4%
Cash & Cash Equivalents	30,142	26,411	14.1%
Total Current Assets	156,223	141,862	10.1%
TOTAL ASSETS	293,365	264,531	10.9%
Shareholders' Equity	121,788	127,394	-4.4%
Minority Interest	2,004	1,844	8.7%
TOTAL EQUITY	123,792	129,238	-4.2%
Long-term Liabilities
Long-term Loans	22,800	9,799	132.7%
Provisions for Employee Benefits	18,530	9,546	94.1%
Other Long-term Liabilities	5,991	6,731	-11.0%
Total Long-term Liabilities	47,321	26,076	81.5%
Short-term Liabilities

Amounts in thousand Euro, unless stated otherwise

Short-term Bank Debt	66,140	59,025	12.1%
Suppliers	34,900	31,632	10.3%
Other Short-term Liabilities	21,212	18,560	14.3%
Total Short-term Liabilities	122,252	109,217	11.9%
TOTAL LIABILITIES	169,573	135,293	25.3%
TOTAL EQUITY & LIABILITIES	293,365	264,531	10.9%

Net Bank Debt	58,798	42,413	38.6%
Net Bank Debt / Equity	0.47	0.33

ASSETS

Fixed Assets €137,142(+11.8%)

Increase of assets due to the new investments implemented in the context of the Group's investment plan in the period 2015 – 2016 and increase of the deferred tax receivables due to the higher provision for staff indemnities concerning the pension plan of Don & Low Ltd.

Current Assets €156,223(+10.1%)

Trade receivables: €62.511 (+18,8%)

Trade receivables are higher due to seasonality.

Inventories: €53.292 (+0,6%)
Cash and Cash Equivalents €30.142 (+14,1%)

EQUITY & LIABILITIES

The change in the equity is mainly due to the negative foreign exchange differences from the conversion of balance sheets to foreign currency as well as to the actuarial loss that emerged from the pension plan of Don & Low Ltd.

Equity €123,792(-4.2%)

Provisions for Employee Benefits 18,530(+94.1%)

The provisions for employee benefits are higher mainly due to the significant increase of the actuarial deficit of the Don & Low LTD pension plan.

The total liability of Don & Low LTD's plan is presented in the Balance Sheet of 30.06.2016 and is analyzed as follows:

Don & Low Ltd	30.6.2016	31.12.2015
Present value of liabilities	137,931	144,005
Fair value of assets	121,355	136,376
Net liability at the end of the period	16,576	7,629

The structure of the plan's Assets on 30.06.2016 is as follows:

Don & Low Ltd	30.6.2016	31.12.2015
Shares – Mutual Funds	90,744	105,722
Bonds	29,643	29,837
Other	968	817
Total	121,355	136,375

Net Bank Debt	€58,798 (+38.6%)

Net Bank Debt (Long-term Loans + Short-term Loans – Cash & Cash Equivalents) amounted to € 58,798 thousand, while the Net Bank Debt/Equity ratio settled at 0.47x compared to 0.32x on 31.12.2015.

Short-term Liabilities	€122,252 (+11.9%)

Short-term liabilities amounted to € 122,252 thousand compared to € 109,217 thousand on 31.12.2015, thus increased by 11.9%.

CASH FLOWS
	30.6.2016	30.6.2015
EBITDA	18,399	15,756
Non Cash Items	4,244	926
Change in Working Capital	-10,847	-4,817
Cash from Operating Activities	11,796	11,863
Interest and Income Tax Paid & Other Financial Income	-4,532	-5037
Total Inflows / Outflows from Operating Activities	7,264	6,826
Investment Activities	-8,334	-9,312
Financing Activities	6,586	-4,435
Net Increase / (Decrease) in Cash	5,516	-6,921
Cash at beginning of period	26,411	32,879
FX changes on cash	-1,785	1,151
Cash at end of period	30,142	27,109

SECTION III: Significant transactions with related parties during the 1st Half of 2016

The most significant transactions of the Company with the related parties during the 1st half of 2016, and following the offsetting of receivables/liabilities, are presented below:

Sales - Income	Sales	Income	Total
TΗRACE PLASTICS PACK	424	404	828
THRACE IPOMA	1,061	118	1,179
THRACE NONWOVENS & GEOSYNTHETICS	1,153	952	2,105
DON& LOW	55	449	504
SYNTHETIC PACKAGING	201	56	257
POLYBULK AB	-	119	119
THRACE LINQ	-	108	108
THRACE SARANTIS	110	-	110
Total	3,004	2,206	5,210

Purchases	Expenses	Total
313	-	313
313	-	313

30.6.2016
115
459
251
943
128
8,955
10,851

The Company has granted collaterals in favor of its subsidiaries to the banks as insurance against credit lines. As of 30.06.2016 the guaranteed amount on behalf of the Company settled at € 40,412.

The remuneration of the Management during the 1st half of the current year amounted to euro 1,971 thousand at the Group level compared to euro 2,071 thousand during the respective period of 2015, and at the company level to euro 648 thousand compared to 554 thousand the previous year.

There were no changes in transactions between the Company and its related parties, which could have significant effects on the financial position and performance of the Company during the 1st Half of 2016.

All transactions described above have taken place under normal market terms.

SECTION IV: Basic Risks and Uncertainties – Outlook for 2nd Half of 2016

The interim condensed financial information does not include the disclosure of the entire risk factors as required in the preparation of the annual consolidated financial statements and should be examined in conjunction with the annual financial statements of the Group for the year ended on 31 December 2015.

The financial assets used by the Group, mainly consist of bank deposits, bank overdrafts, receivable accounts, payable accounts and loans.

In general, the Group's activities face several risks. Such risks include market risk (foreign exchange risk and risk from changes and raw materials prices), credit risk, liquidity risk and interest rate risk.

Foreign exchange risk

The Group is exposed to foreign exchange risk that arises from existing or expected cash flows in foreign currency and from investments that have been made in foreign countries. The management of several risks is applied with the use of natural hedging instruments. Specifically, the Group's policy is to make forward foreign exchange sales in the corresponding currency for the amount of sales that are realized by the Group's companies in foreign currency.

The Group activates in the United Kingdom via its subsidiaries DON&LOW LTD, domiciled in Scotland, and Synthetic Holdings Limited, domiciled in Northern Ireland. The exchange rate of the British Pound on 31/12/2015 was at 0.734. During the first half of 2016 and in anticipation of the referendum of the country concerning its status as member or not of the European Union, the British Pound depreciated versus the Euro and on 30/06/2016 after the outcome of the referendum settled at 0.8265. The depreciation of the British Pound had an effect on the results of the first half 2016 as well as on the equity of the Group on 30/06/2016. In the current phase it is not possible to predict precisely the effect on Group financial statements, from a permanent exit of the Great Britain from the European Union. In any case the Management assesses on a constant basis the developments in order to take the necessary measures and actions for the minimization of any negative effects on the activities of the Group.

Risk from fluctuation of prices of raw materials

The Company is exposed to fluctuations in the price of polypropylene, which is faced with a corresponding change in the sale price of the final product. The possibility that the increase in polypropylene prices will not be fully transferred to the sale price, induces pressure on profit margins.

Also, risk from fluctuation of prices of raw materials arises in the case of a large drop in prices.

Credit Risk

The Group is exposed to credit risk, and in order to manage such consistently, it applies a clearly defined credit policy that is continuously monitored and reviewed, in order to assure that the provided credit does not exceed the credit limit per customer. Also, insurance contracts are made to cover sales per customer, while collateral is not required on the assets of customers. During the preparation date of the financial statements, provisions were made for doubtful debts and the Management considers that there is no other substantial credit risk that is not covered by insurance coverage or provisions.

Liquidity Risk

The monitoring of liquidity risk is focused on managing cash inflows and outflows on a constant basis, in order for the Group to have the ability to meet its cash flow obligations. The management of liquidity risk is applied by maintaining cash equivalents and approved bank credits. During the preparation date of the financial statements, there were adequate cash reserves and also available unused approved bank credits towards the Group, which are considered sufficient to face a possible shortage of cash equivalents.

Capital Adequacy Risk

The Group controls capital adequacy using the ratio of net bank debt to Equity. The net bank debt to EBITDA ratio is also used in the annual financial report.

Capital Adequacy Risk	Group		Company
	30.6.2016	31.12.2015	30.6.2016	31.12.2015
Long-term debt	22,800	9,799	-	-
Short-term debt	66,140	59,025	21,912	22,103
Total debt	88,940	68,824	21,912	22,103
Minus cash & cash equivalents	30,142	26,411	741	3,008
Net debt	58,798	42,413	21,171	19,095
EQUITY	123,792	129,238	70,569	71,406
NET BANK DEBT / EQUITY	0.47	0.32	0.30	0.26

Macroeconomic Conditions in Greece – Capital Controls

The Greek banks entered into a bank holiday period on 28.06.2015 via an Act of Legislative Content which imposed capital controls in accordance with the respective decision of the Ministry of Finance. The bank holiday was terminated on 20.07.2015 whereas capital controls still remain intact despite the constant improvements in the relevant legislative framework towards the relaxation of initial capital control measures.

It is noted that the capital controls did not have any negative effect on the Group's sales in the Greek market until today (Greek sales represent only 18% of the total turnover). However at the current stage it is difficult to estimate any future effect on the results due to the imposed capital controls.

In any case, the Management has concluded that there is no need for additional provisions for impairment with regard to the financial and non-financial assets of the Group and the Company on 30th June 2016, whereas it constantly monitors the developments in order to take measures and proceed with actions for the minimization of the negative effect on the activity of the Company and the Group.

Prospects for the 2nd Half 2016

With regard to the course of Group's results during the second half of 2016, it is noted that in the third quarter the upward trend of the two previous quarters in terms of turnover and profitability continues. On the other hand it is a fact that instability and uncertainty continue to remain as factors in the second half of 2016 as well. Despite the above, the Group by continuing the implementation of its investment plan has created the conditions to further strengthen its position versus the competition, as well as to achieve additional growth and profit margin improvement.

SECTION V: Treasury Shares

With the decision of the Extraordinary Shareholders' Meeting on 29th December 2014, the purchase of Treasury Shares was approved. Following the above decision, the Company in the period until 30.06.2016 proceeded with the purchase of 877,656 treasury shares with an average price of € 1.32 per share.

On 30th June 2016, the Company held 1,098,210 treasury shares in total with an average acquisition price of € 1.18 per share. This number includes 220,554 shares from the previous repurchase plan of 23rd April 2012.

SECTION VΙ: Significant Events after 30.06.2016

There are no events subsequent to the date of the balance date, which affect the financial statements of the Group.

Xanthi, 19/09/2016

The Chairman and Chief Executive Officer The Vice-Chairman of the Board

The Board Member

Konstantinos Chalioris

Theodosios Kolyvas

Georgios Braimis

Translation from the original text in Greek

Report on Review of Interim Financial Information

To the Shareholders of "THRACE PLASTICS Co S.A."

Introduction

We have reviewed the accompanying condensed separate and consolidated statement of financial position of "THRACE PLASTICS Co S.A." (the "Company") as of 30 June 2016 and the related condensed separate and consolidated statements of comprehensive income, changes in equity and cash flows for the six-month period then ended and the selected explanatory notes, that comprise the interim condensed financial information and which form an integral part of the six-month financial report as required by article 5 of 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 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 condensed financial information is not prepared, in all material respects, in accordance with IAS 34.

Emphasis of matter

We draw your attention to Note 18 of the interim condensed financial information, which describes the imposition by the tax authorities to a subsidiary of the Group, of additional taxes and penalties totalling €2,151,814 following the completion of the tax audit for fiscal years 2007 through 2009. The management of the subsidiary, having rejected a significant part of the additional taxes and penalties that have been charged have initiated an administrative appeal which is expected to be examined until October 24, 2016, the final outcome of which cannot be predicted at present and, therefore has not formed any additional provision as described in note 18 of the interim condensed financial information. Our conclusion is not qualified with respect to this matter.

Reference to Other Legal and Regulatory Requirements

Our review has not revealed any inconsistency or discrepancy of the other information of the six-month financial report, as required by article 5 of L.3556/2007, with the accompanying interim condensed financial information.

Athens, 19 September 2016

PricewaterhouseCoopers SA 268 Kifissias Avenue , 152 32 Halandri, Greece The Certified Auditor SOEL Reg. No 113 Dimitrios Sourbis

SOEL Reg. No. 16891

IV. Interim Condensed Financial Information

STATEMENT OF COMPREHENSIVE INCOME (1.1.2016 – 30.06.2016)	16
STATEMENT OF FINANCIAL POSITION	17
STATEMENT OF CHANGES IN EQUITY	18 - 19
STATEMENT OF CASH FLOWS	20
NOTES ON THE FINANCIAL STATEMENTS	21 - 41

STATEMENT OF COMPREHENSIVE INCOME

		Group		Company
		Note 1/1 - 30/06/2016	1/1 - 30/06/2015	1/1 - 30/06/2016	1/1 - 30/06/2015
Turnover		150,638	145,101	7,582	7,109
Cost of Sales		(115,288)	(114,342)	(6,299)	(6,300)
Gross Profit/(loss)		35,350	30,759	1,283	809
Other Operating Income	3	658	1,470	2,439	2,909
Selling Expenses		(13,509)	(12,272)	(271)	(305)
Administrative Expenses		(8,375)	(8,660)	(2,699)	(2,899)
Other Operating Expenses	4	(1,136)	(953)	(348)	(235)
Other profit / (losses)	5	(342)	559	(40)	26
Operating Profit /(loss) before interest and tax		12,646	10,903	364	305
Financial Income	6	1,482	692	1	76
Financial Expenses	6	(4,293)	(4,837)	(939)	(879)
Income from dividend		-	-	-	-
Profit / (losses) from companies consolidated with the Equity Method	17	738	783	-	-
Profit / (losses) from participations		-	-		(66)
Profit/(loss) before Tax		10,573	7,541	(574)	(564)
Income Tax	8	(2,312)	(1,662)	29	86
Profit/(loss) after tax (A)		8,261	5,879	(545)	(478)
Other comprehensive income
Items transferred to the results
FX differences from translation of foreign Balance Sheets		(5,036)	4,309	-	-
Items not transferred to the results		-	-	-	-
Actuarial profit/(loss)		(8,387)	6,483		-
Other comprehensive income after taxes (B)		(13,423)	10,792	-	-
Total comprehensive income after taxes (A) + (B)		(5,162)	16,671	(545)	(478)
Profit / (loss) after tax (A)
Attributed to:
Owners of the parent		8,101	5,743	-	-
Minority interest Total comprehensive income after taxes (A) + (B)		160	136	-	-
Attributed to:
Owners of the parent Minority interest		(5,324) 162	16,535 136	- -	- -
Profit/(loss) allocated to shareholders from continued activities per
share (A)
Number of shares Earnings/(loss) per share	7	44,060 0.1839	44,406 0.1293	- -	- -

STATEMENT OF FINANCIAL POSITION

		Group		Company
	Note	30/6/2016	31/12/2015	30/6/2016	31/12/2015
ASSETS
Non-Current Assets
Tangible fixed assets	9	105,346	92,268	6,456	6,839
Investment property	9	113	113	14	14
Intangible Assets	9	11,379	11,522	614	633
Participation in subsidiaries	17	-	-	69,684	69,384
Participation in related companies	17	10,927	10,251	1,374	1,304
Other long term receivables	10	8,221	8,387	1,780	1,826
Deferred tax assets		1,156	128	-	-
Total non-Current Assets		137,142	122,669	79,922	80,000
Current Assets
Inventories		53,292	52,981	1,924	1,861
Income tax prepaid		1,806	1,078	1,316	1,354
Trade receivables		62,511	52,618	3,680	3,615
Other debtors		8,472	8,774	10,016	9,334
Cash and Cash Equivalents		30,142	26,411	741	3,008
Total Current Assets		156,223	141,862	17,677	19,172
TOTAL ASSETS		293,365	264,531	97,599	99,172

EQUITY AND LIABILITIES
EQUITY
Share Capital		29,762	29,762	29,762	29,762
Share premium		21,529	21,529	21,644	21,644
Other reserves		23,811	29,057	13,721	14,013
Retained earnings		46,686	47,046	5,442	5,987
Total Shareholders' equity		121,788	127,394	70,569	71,406
Minority Interest		2,004	1,844	-	-
Total Equity		123,792	129,238	70,569	71,406
Long Term Liabilities
Long Term loans	11	22,800	9,799	-	-
Provisions for Employee Benefits	12	18,530	9,546	326	336
Other provisions		1,351	1,073	174	174
Deferred Tax Liabilities		4,244	5,255	112	141
Other Long Term Liabilities		396	403	155	155
Total Long Term Liabilities		47,321	26,076	767	806
Short Term Liabilities
Short Term loans	11	66,140	59,025	21,912	22,103
Income Tax		3,883	2,686	-	-

Suppliers		34,900	31,632	2,513	2,816
Other short-term liabilities		17,329	15,874	1,838	2,041
Total Short Term Liabilities		122,252	109,217	26,263	26,960
TOTAL LIABILITIES		169,573	135,293	27,030	27,766
TOTAL EQUITY & LIABILITIES		293,365	264,531	97,599	99,172

STATEMENT OF CHANGES IN EQUITY (GROUP)

Group

	Share Capital	Share Premium	Other Reserves	Treasury shares reserve	Reserve of FX differences from translation of subsidiaries	Retained earnings	Total before minority interest	Minority interest	Total
Balance as at 01/01/2015	29,762	21,546	26,397	(133)	754	32,517	110,843	1,610	112,453
Profit / (loss) for the period	-	-	-	-	-	5,743	5,743	136	5,879
Other comprehensive income	-	-	-	-	4,309	6,483	10,792	-	10,792
Distribution of earnings	-	-	-	-	-	-	-	-	-
Dividends	-	-	-	-	-	(1,000)	(1,000)	-	(1,000)
Changes in percentages	-	-	-	-	-	-	-	-	-
Other changes	-	(7)	66	-	-	(66)	(7)	-	(7)
Purchase of treasury shares	-	-	-	(812)	-	-	(812)	-	(812)
Changes during the period	-	(7)	66	(812)	4,309	11,160	14,716	136	14,852
Balance as at 30/06/2015	29,762	21,539	26,463	(945)	5,063	43,677	125,559	1,746	127,305
Balance as at 01/01/2016	29,762	21,529	26,464	(1,003)	3,596	47,046	127,394	1,844	129,238
Profit / (loss) for the period	-	-	-	-	-	8,101	8,101	160	8,261
Other comprehensive income	-	-	-	-	(5,037)	(8,387)	(13,424)	-	(13,424)
Διανομή κερδών	-	-	-	-	-	-	-	-	-
Dividends	-	-	-	-	-	-	-	-	-
Changes in percentages	-	-	-	-	-	-	-	-	-
Other changes	-	-	83	-	-	(74)	9	-	9
Purchase of treasury shares	-	-	-	(292)	-	-	(292)	-	(292)
Changes during the period	-	-	83	(292)	(5,037)	(360)	(5,606)	160	(5,446)
Balance as at 30/06/2016	29,762	21,529	26,547	(1,295)	(1,441)	46,686	121,788	2,004	123,792

STATEMENT OF CHANGES IN EQUITY (PARENT COMPANY)

Company

	Share Capital	Share Premium	Other Reserves	Treasury shares reserve	Reserve of FX differences from translation of subsidiaries	Retained earnings	Total
Balance as at 01/01/2015	29,762	21,652	15,000	(133)	16	6,705	73,002
Profit / (loss) for the period	-	-	-	-	-	(478)	(478)
Other comprehensive income	-	-	-	-	-	-	-
Distribution of earnings	-	-	-	-	-	-	-
Dividends	-	-	-	-	-	(1,000)	(1,000)
Changes in percentages	-	(8)	-	-	-	-	(8)
Purchase of treasury shares	-	-	-	(812)	-	-	(812)
Changes during the period	-	(8)	-	(812)	-	(1,478)	(2,298)
Balance as at 30/06/2015	29,762	21,644	15,000	(945)	16	5,227	70,704
Balance as at 01/01/2016	29,762	21,644	15,000	(1,003)	16	5,987	71,406
Profit / (loss) for the period	-	-	-	-	-	(545)	(545)
Other comprehensive income	-	-	-	-	-	-	-
Distribution of earnings	-	-	-	-	-	-	-
Dividends	-	-	-	-	-	-	-
Changes in percentages	-	-	-	-	-	-	-
Other changes	-	-	-	-	-	-	-
Purchase of treasury shares	-	-	-	(292)	-	-	(292)
Changes during the period	-	-	-	(292)	-	(545)	(837)
Balance as at 30/06/2016	29,762	21,644	15,000	(1,295)	16	5,442	70,569

STATEMENT OF CASH FLOWS

		Group	Company
	1/1 - 30/06/2016	1/1 - 30/06/2015	1/1 - 30/06/2016	1/1 - 30/06/2015
Cash flows from Operating Activities
Profit before Taxes and Minority Interest	10,573	7,541	(574)	(564)
Plus / (minus) adjustments for:
Depreciation	5,753	4,853	470	488
Provisions	2,368	2,203	608	621
FX differences	134	(543)	40	(23)
(Profit)/loss from sale of fixed assets	57	(17)	-	(3)
(Profit)/loss from investments	-	66	-	66
Interest charges & related (income) / expenses (Profit) / losses from companies consolidated with the Equity	3,962	3,529	938	803
method	(738)	(783)	-	-
Operating Profit before adjustments in working capital	22,109	16,849	1,482	1,388
(Increase)/decrease in receivables	(11,411)	(10,376)	(882)	149
(Increase)/decrease in inventories	(2,234)	(1,739)	(63)	484
Increase/(decrease) in liabilities (apart from banks-taxes)	2,798	7,339	(1,315)	(1,981)
Other non cash movements	534	(210)	(12)	(66)
Cash generated from Operating activities	11,796	11,863	(790)	(26)
Interest Paid	(2,217)	(2,254)	(554)	(640)
Other financial income/(expenses)	(210)	201	(2)	-
Taxes	(2,105)	(2,984)		(1,867)
Cash flows from operating activities (a)	7,264	6,826	(1,346)	(2,533)
Investing Activities
Receipts from sales of tangible and intangible assets	163	58	10	920
Interest received	118	188	1	76
Dividends received	197	-	-	-
Increase of interests in subsidiaries / associates	-	(204)	(370)	(204)
Purchase of tangible and intangible assets	(8,812)	(9,354)	(78)	(175)
Cash flow from investing activities (b)	(8,334)	(9,312)	(437)	617

Financing activities
Increase of participation in subsidiaries / associates	(70)	-	-	-
Proceeds from grants	-	71	-	-
Proceeds from loans Purchase of treasury shares	6,055 (292)	3,998 (812)	- (292)	- (812)
Repayment of Loans	(2,328)	(5,276)	(191)	(48)
Financial leases	3,221	(400)	-	-
Dividends paid	-	(2,016)	-	(2,016)
Cash flow from financing activities (c)	6,586	(4,435)	(483)	(2,876)

Net increase /(decrease) in Cash and Cash Equivalents	5,516	(6,921)	(2,266)	(4,792)
Cash and Cash Equivalents at beginning of period	26,411	32,879	3,007	11,796
Effect from changes in foreign exchange rates on cash
reserves	(1,785)	1,151	-	-
Cash and Cash Equivalents at end of period	30,142	27,109	741	7,004

1. General Information

The company THRACE PLASTICS Co. S.A. (hereinafter the "Company") was founded in 1977 and is based in Magiko of municipality of Avdira in Xanthi, Northern Greece, and is registered in the Public Companies (S.A.) Register under Reg. No. 11188/06/Β/86/31 and in the General Commercial Register under Reg. No. 12512246000.

The main activity of the Company is the production and distribution of Polypropylene (PP) products.

In a short period of time the Company evolved into a Group of companies (hereinafter "the Group"), by acquiring or establishing new entities, which activate in two sectors: technical fabrics and packaging.

The Company's shares are listed on the Athens Stock Exchange since June 26, 1995.

The company's shareholders, with equity stakes above 5%, as of 30.06.2016 were the following:

Chalioris Konstantinos	41.99%
Chaliori Eyfimia	20.22%

The Group maintains production and trade facilities in Greece, Scotland, Northern Ireland, Ireland, U.S.A., Sweden, Norway, Serbia, Bulgaria, Romania and Australia. On 30th June 2016 the Group employed in total 1,708 employees, from which 68 were employed by the Company.

The structure of the Group as of 30 June 2016 was as follows:

Company	Registered Offices	Participation Percentage of Parent Company	Participation Percentage of Group	Consolidation Method
Thrace Plastics Co. S.A.	GREECE-Xanthi	Parent		Full
Don & Low LTD	SCOTLAND-Forfar	100.00%	100.00%	Full
Don & Low Australia Pty LTD	AUSTRALIA	-	100.00%	Full
Thrace Nonwoven & Geosynthetics S.A.	GREECE-Xanthi	100.00%	100.00%	Full
Saepe Ltd	CYPRUS-Nicosia	-	100.00%	Full
Thrace Asia	HONG KONG	-	100.00%	Full
Thrace China	China – Sanghai	-	100.00%	Full
Thrace Plastics Pack S.A.	GREECE-Ioannina	92.94%	92.94%	Full
Thrace Greiner Packaging SRL	ROMANIA - Sibiou	-	46.47%	Equity
Thrace Plastics Packaging D.O.O.	SERBIA-Nova Pazova	-	92.94%	Full
Trierina Trading LTD	CYPRUS-Nicosia	-	92.94%	Full
Thrace Ipoma A.D.	BULGARIA-Sofia	-	92.835%	Full
Synthetic Holdings LTD	N. IRELAND-Belfast	100.00%	100.00%	Full
Thrace Synthetic Packaging LTD	IRELAND -Clara	-	100.00%	Full

Thrace Eurobent S.A.	GREECE - Xanthi	51.00%	51.00%	Equity
Thrace Greenhouses S.A.	GREECE - Xanthi	100.00%	100.00%	Full
Thrace Linq INC.	U.S.A. - South Carolina	-	100%	Full
Pareen LTD	CYPRUS-Nicosia	100.00%	100.00%	Full
Thrace Sarantis S.A.	GREECE - Xanthi	50.00%	50.00%	Equity
Delta Real Estate Investments LLC	U.S.A. - South Carolina	-	100.00%	Full
Adfirmate LTD	CYPRUS-Nicosia	-	100.00%	Full
LumiteINC.	U.S.A. - Georgia	-	50.00%	Equity
ThracePolybulk A.S.	NORWAY-Brevik	-	100.00%	Full
ThracePolybulk A.B.	SWEDEN -Köping	-	100.00%	Full
Synthetic Textiles LTD	N. IRELAND-Belfast	-	100.00%	Full
ArnoLTD	IRELAND -Dublin	-	100.00%	Full

2. Basis for the preparation of the Financial Statements

2.1 Basis of Presentation

The present Interim Condensed Financial Information has been prepared in accordance with International Accounting Standard 34 (I.A.S.) "Interim Financial Reporting" and Law 3556/2007 of the Hellenic Capital Market Commission.

The accounting principles used for the preparation of the present Interim Condensed Financial Information is in line with those used during the preparation and those included in detail in the Annual Financial Statements of the period ended on 31 December 2015.

When deemed necessary, the comparative data have been reclassified in order to conform to possible changes in the presentation of the data of the present year.

Differences that possibly appear between accounts in the financial statements and the respective accounts in the notes are due to rounding.

The financial statements of the Group THRACE PLASTICS Co. S.A. are posted on the internet, on the website www.thracegroup.gr.

2.2 New standards, amendments of standards and interpretations

New standards, amendments of standards and interpretations: Certain new standards, amendments to standards and interpretations have been issued that are mandatory for periods beginning during the current financial year or subsequent years. The Group's assessment regarding the effect of these new standards, amendments to standards and interpretations is presented below.

Standards and Interpretations mandatory for the present financial year

IAS 19 Revised (Amendment) "Employee Benefits"

The amendment is of limited scope and applies to the contributions made by employees or third parties to defined benefit plans. It simplifies the accounting of contributions when they are not dependent of the employee's years of service, for example, employees' contributions are calculated as a fixed percentage of payrolls.

IFRS 11 (Amendment) «Joint Arrangements»

This amendment requires from an investor to apply the purchase method when the investor acquires an interest in a joint arrangement which constitutes a "company".

IAS 16 and IAS 38 (Amendments) "Clarification of Acceptable Methods of Depreciation and Amortization"

The amendment clarifies that the use of revenue-based methods to calculate the depreciation of an asset is not appropriate and that revenue is generally presumed to be an inappropriate basis for measuring the consumption of the economic benefits embodied in an intangible asset.

IAS 16 and IAS 41 (Amendments) «Agriculture: Bearer Plants»

These amendments alter the financial reporting of bearer plants such as grape vines and fruit producing trees. The bearer plants should be accounted for in the same way as property, plant and equipment. Consequently, the amendments include the bearer plants within the scope of IAS 16, instead of IAS 41. The production growing on bearer plants will remain within the scope of IAS 41.

IAS 27 (Amendment) "Separate Financial Statements"

This amendment allows economic entities to utilize the Equity method in accounting for investments in subsidiaries, joint ventures and related companies when compiling their separate financial statements, and also clarifies the definition of the separate financial statements.

IAS 1 (Amendments) "Disclosures"

The amendments clarify the guidance of IAS 1 with regard to the concept of materiality, presentation of subtotals, the structure of the financial statements and the disclosures of the accounting policies.

Annual Improvements in IFRS of 2012

The following amendments describe the major changes that have been made in seven IFRS as result of the Circle 2010-2012 of the annual improvement program of IASB.

IFRS 2 "Share-based payment"

The amendment clarifies the definition of the "fulfillment condition" and defines distinctively the "yield term" and the "service term".

IFRS 3 "Business combinations"

The amendment clarifies how the obligation for a contingent payment which fulfills the definition of financial instrument is classified as financial obligation or as an item of the net worth based on the provisions of IAS 32 "Financial Instruments: Presentation". In addition, it clarifies that any

contingent payment, financial or non financial, which is not an item of the net worth, is recorded at fair value through the results.

IFRS 8 "Operating Segments"

The amendment requires the disclosure of the management's estimates with regard to the aggregation of the operating segments.

IFRS 13 "Fair Value Measurement"

The amendment clarifies that the standard does not exclude the option of calculating the shortterm assets and liabilities based on the amounts of invoices in cases the discounting effect is not significant.

IAS 16 "Property, Plant and Equipment" and IAS 38 "Intangible Assets"

Both standards have been amended in order to clarify the approach by which the underappreciated value of an asset and the accumulated depreciation are treated in a company which applies the adjustment method.

IAS 24 "Related Party Disclosures"

The standard was amended to include as related party a company providing services equivalent with ones of a major managerial official in the economic entity or the parent company of the economic entity.

Annual Improvements in IFRS of 2014

The following amendments describe the main changes in four IFRS.

IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations"

The amendment clarifies that when an entity reclassifies an asset (or group of assets) from held for sale to held for distribution or vice versa, this does not constitute an alteration in the plan for sale or distribution and thus should not be accounted for as an alteration.

IFRS 7 "Financial Instruments: Disclosures"

The amendment adds certain guidance in order to assist the management to define whether the terms of an agreement for the servicing of a financial instrument that has been transferred constitute continuous engagement and clarifies that the additional disclosures that are provided with the amendment of IFRS 7 "Disclosure–Offsetting Financial Assets and Financial Liabilities" are not required for interim periods, unless otherwise stated by the IFRS 34.

IAS 19 "Employee Benefits"

The amendment clarifies that when the discount rate concerning the employee benefits on a post service basis is defined, the important is the currency at which the liabilities are denominated and not the country from which these liabilities originate.

IAS 34 "Interim Financial Reporting"

The amendment clarifies the concept of the "meaning of disclosure of information elsewhere in the interim financial report" that is mentioned in this standard.

Standards and Interpretations effective for following financial years

IFRS 9 "Financial Instruments" and subsequent amendments in IFRS 9 and IFRS 7 (applied for annual periods beginning on or after 1 st January 2018)

IFRS 9 replaces the requirement of IAS 39 and deals with the classification and measurement of financial assets and financial liabilities, and it also includes a model of anticipated credit losses that replaces the model of the realized credit losses currently in effect. The IFRS 9 Hedging Accounting establishes an approach for hedging accounting based on principles and deals with inconsistencies and weaknesses of the current model of IAS 39. The Group is currently assessing the impact of IFRS 9 on its financial statements. The Group cannot adopt IFRS 9 in advance as it has not been endorsed by the EU.

IFRS 15 «Revenues from Contracts with Customers» (effective for annual accounting periods beginning on or after 1 January 2018)

IFRS 15 was issued in May 2014. The objective of the standard is to provide a single and clear model for the recognition of revenues from all customer contracts so that it improves the comparability among companies of the same sector, different sectors and different capital markets. It includes the principles that an entity shall apply in order to define the measurement of revenues and the time of their recognition. The basic principle is that an entity will recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The Group is in the phase of assessing the effect of the IFRS 15 on its financial statements. The standard has not been adopted by the European Union.

IFRS 16 «Leases» (effective for annual accounting periods beginning on or after 1 January 2019

IFRS 16 was issued in January 2016 and replaces IAS 17. The aim of the standard is to ensure that lessors and lessees provided useful information which fairly depicts the substance of transactions with regard to leases. IFRS 16 introduces a unified model providing for the accounting treatment from the side of the lessee, which requires that the lessee recognizes assets and liabilities for all leasing contracts with term longer than 12 months, unless the underlying asset is of no substance value. With regard to the accounting treatment from the side of the lessor, IFRS 16 incorporates practically the requirements of IAS 17. Therefore the lessor continues to classify the leasing contracts as operating and financial leases, and to follow different accounting treatment for each type of contract. The Group is in the phase of assessing the effect of the IFRS 16 on its financial statements. The standard has not been adopted by the European Union.

IFRS 10, IFRS 12 and IAS 28 (Amendments) "Investment Entities: Applying the Consolidation Exception" (effective for annual accounting periods beginning on or after 1st January 2016)

The amendments clarify the application of the consolidation exception with regard to investment entities and their subsidiaries. The amendments have not been adopted yet by the European Union.

IAS 12 (Amendments) "Recognition of deferred tax assets for unrealized losses" (effective for annual accounting periods beginning on or after 1st January 2017)

The amendments clarify the accounting treatment with regard to the recognition of deferred tax assets for unrealized losses which have resulted from loans measured at fair value. The amendments have not been adopted yet by the European Union.

IAS 7 (Amendments) "Disclosures" (applied for accounting periods beginning on or after 1st January 2017)

The amendments introduce mandatory disclosures which provide the ability to users of the financial statements to evaluate the changes of liabilities that derive from financing activities. The amendments have not been adopted yet by the European Union.

IFRS 2 (Amendments) "Classification and measurement of transactions concerning share-based payments" (applied for accounting periods beginning on or after 1st January 2018)

The amendment provides clarifications about the basis of measurement with regard to the sharebased payments arranged in cash and the accounting treatment regarding amendments of terms which alter a share-based payment from one that it is arranged in cash to one that is arranged in shares. Moreover they introduce an exception concerning the principles of IFRS 2 according to which a share-based payment should be treated like a payment totally arranged in shares, in the cases where the employer is obliged to withhold an amount for tax purposes in order to cover the tax liabilities of the employees, liabilities deriving from the value of the shares. The amendments have not been adopted yet by the European Union.

3. Other Operating Income

Other Operating Income	Group		Company
	30.6.2016	30.6.2015	30.6.2016	30.6.2015
Grants *	38	945	3	91
Income from rents	216	195	313	290
Income from provision of services to associates	-	-	2,115	2,500
Income from provision of services	110	44	-	12
Income from maquettes	123	150	-	-
Other operating income	171	136	8	16
Total	658	1,470	2,439	2,909

* According to the Joint Ministerial Decision no. 13311/273 published in the Government Gazette no. 997/11-4-2016, the regulatory authorities terminated the article 21 of Law 1767/1988 which allowed for a 12% subsidy on the personnel employment cost of manufacturing and tourist companies located in the country's borderlines, including the county of Xanthi. Following the above, the Group did not form any provision for income during the year 2016.

4. Other Operating Expenses

Other Operating Expenses	Group		Company
	30.6.2016	30.6.2015	30.6.2016	30.6.2015
Provisions for doubtful customers	187	330	-	-
Other taxes and duties non-incorporated in operating cost	94	76	33	32
Depreciation / Amortization	67	73	145	155
Personnel's indemnities	139	16	134	-
Commission fees / other banking expenses	98	76	-	1
Expenses for the purchase of maquettes	219	190	-	-
Other operating expenses	332	192	36	47
Total	1,136	953	348	235

The accumulated provision for doubtful receivables on 30.6.2016 amounted to 2,461 euro for the Company and to 6,870 euro for the Group.

5. Other earnings / losses

Other earnings / (losses)	Group		Company
	30.6.2016	30.6.2015	30.6.2016	30.6.2015
Earnings / (Losses) from sale of fixed assets	(57)	17	-	3
Foreign Exchange Differences	(285)	542	(40)	23
Total	(342)	559	(40)	26

6. Financial income / (expenses)

6.1 Financial income

Financial Income	Group		Company
	30.6.2016	30.6.2015	30.6.2016	30.6.2015
Interest and related income	17	93	1	76
Foreign exchange differences	1,465	599	-	-
Total	1,482	692	1	76

6.2 Financial (Expenses)

Financial Expenses	Group		Company
	30.6.2016	30.6.2015	30.6.2016	30.6.2015
Debit interest and similar expenses	(2,654)	(2,539)	(714)	(722)
Foreign exchange differences	(22)	(1,064)	-	-
Financial cost due to revaluation of receivables at current value	(1,136)	(739)	(222)	(153)
Financial result from Pension Plans	(481)	(494)	(3)	(4)
Total	(4,293)	(4,837)	(939)	(879)

The financial result from Pension Plans mainly concerns the subsidiary company Don & Low LTD. The foreign exchange differences of loans mainly concern the companies Synthetic Holdings, Thrace Non Wovens & Geosynthetics SA.

7. Earnings per share

Earnings after tax, per share, are calculated by dividing net earnings (after tax) allocated to shareholders, by the weighted average number of shares outstanding during the relevant financial year, after the deduction of any treasury shares.

Basic earnings per share	30.6.2016	30.6.2015

Earnings allocated to shareholders (A)	8,101	5,743
Number of shares outstanding (weighted)	44,060	44,406
Basic and adjusted earnings per share (Euro in
absolute terms)	0.1839	0.1293

With the decision of the Extraordinary Shareholders' Meeting on 29th December 2014, the purchase of Treasury Shares was approved. Following the above decision the Company in the period until 30.06.2016 proceeded with the purchase of 877,656 treasury shares with an average price of € 1.32 per share.

8. Income Tax

The analysis of tax charged in the year's Results, is as follows:

Income Tax	Group		Company
	30.6.2016	30.6.2015	30.6.2016	30.6.2015
Income tax	(2,473)	(2,091)	-	-
Deferred tax (expense)/income	161	429	29	86
Total	(2,312)	(1,662)	29	86

In Greece, the results reported to tax authorities are deemed temporary and are subject to audit by the tax authorities until financial year 2010, included. Therefore, for the non-audited fiscal years there is the possibility that additional tax may be imposed on such when they are audited by the tax authorities.

The income tax rate of legal entities in Greece is set at 29% for the fiscal year 2015 and the subsequent periods.

From the fiscal year 2012 and onwards, the Company receives "Annual Tax Certificate". The "Annual Tax Certificate" is issued from the Legal Certified Auditor who audits the annual financial statements. Following the completion of the tax audit, the Legal Auditor grants the company with a "Tax Compliance Report" which is later submitted electronically to the Ministry Finance.

The tax audit for the financial year 2015 will be completed in accordance with the provisions of article 65 of Law 4172/2013 by the audit firm "PricewaterhouseCoopers SA" and is expected to reveal no significant tax obligations apart from those recorded and depicted in the Financial Statements.

The financial years that have not been audited by the tax authorities, as regards to the Greek companies, are reported below:

Company	Tax un-audited fiscal years
THRACE PLASTICS S.A.	2008-2010
THRACE NON WOVENS & GEOSYNTHETICS S.A.	2005-2010
THRACE PLASTICS PACK S.A.	2010
THRACE PLASTICS EXTRUDED POLYSTERENE S.A.	2008-2010
THRACE-SARANTIS S.A.	2010

Moreover, the possibility of additional taxes being imposed also holds for companies based abroad, whose tax un-audited fiscal years are analyzed as follows:

Company	Tax un-audited fiscal years
SYNTHETIC PACKAGING LTD	2006-2015
THRACE POLYBULK A.B	2006-2015
THRACE POLYBULK A.S	2014-2015
THRACE GREINER PACKAGING SRL.	2002-2015
TRIERINA TRADING LTD	2014-2015
THRACE IPOMA A.D.	2004-2015
THRACE PLASTICS PACKAGING D.O.O.	2014-2015
LUMITE INC.	2010-2015
THRACE LINQ INC.	2009-2015
ADFIRMATE LTD	2014-2015
DELTA REAL ESTATE INV. LLC	2009-2015
PAREEN LTD	2014-2015
SAEPE LTD	2014-2015
THRACE ASIA LTD	2012-2015

9. Tangible Assets and Intangible Assets

9.1 Tangible Fixed Assets

The changes in the tangible fixed assets during the period are analyzed as follows:

Tangible Fixed Assets	Group	Company
Balance as at 01.01.2015	74,667	8,711
Additions	25,246	224
Sales	(253)	(2,168)
Depreciation	(9,633)	(898)
Depreciation of sold assets	181	969
FX differences	2,060	-
Balance as at 31.12.2015	92,268	6,838

Tangible Fixed Assets	Group	Company
Balance as at 01.01.2016	92,268	6,838
Additions	20,908	47
Sales	(1,650)	(15)
Depreciation	(5.513)	(419)
Depreciation of sold assets	1.458	5
FX differences	(2.125)	-
Balance as at 30.06.2016	105,346	6,456

The Company's tangible fixed assets include fixed assets leased to the subsidiary company THRACE NON WOVENS & GEOSYNTHETICS SA, with a net book value of Euro 2,297 as of 30.06.2016 which is equivalent with the fair value of these assets. The leasing period was set at 5 years.

The Group's fixed assets include assets acquired via leasing agreement (machinery equipment) with acquisition cost of Euro 22,102 and cumulative depreciations of Euro 965 as of 30.06.2016.

There are no liens and guarantees on the Company's tangible fixed assets, while the liens on the Group's tangible assets amount to Euro 6,154.

9.2 Intangible Assets

The changes in the intangible fixed assets during the period are analyzed as follows:

Intangible Assets	Group	Company
Balance as at 01.01.2015	10,778	156
Additions	1,001	552
Sales	-	-
Amortization	(267)	(75)
FX differences	10	-
Balance as at 31.12.2015	11,522	633

Intangible Assets	Group	Company
Balance as at 01.01.2016	11,522	633
Additions	87	31
Sales	-	-
Amortization	(240)	(50)
FX differences	10	-
Balance as at 30.6.2016	11,379	614

9.3 Investment Property

Investment Property	Group	Company
Balance as at 01.01.2016	113	14
Additions / (Reductions)	-	-
Depreciations	-	-
Foreign exchange differences	-	-
Balance as at 30.6.2016	113	14

10. Other Long-Term Receivables

The Group's Management, due to delays observed in the collection of grants receivable from the Greek State over the last years, reclassified part of the above claims from the current to the noncurrent assets and also proceeded with an impairment of the above claims based on present value. The receivable was formed due to a 12% grant on the payroll cost concerning the personnel employed in Xanthi and is to be collected from OAED (Greek Manpower Employment Organization).

Other Long-Term Receivables	Group		Company
	30.6.2016	31.12.2015	30.6.2016	31.12.2015
Grants receivable	7,664	7,866	1,695	1,741
Other accounts receivable	557	521	85	85
Total	8,221	8,387	1,780	1,826

11. Bank Debt

The Group' s long term loans have been granted from Greek and foreign banks. The repayment time varies, according to the loan contract, while most loans are linked to Euribor plus a margin.

The Group's short term loans have been granted from various banks with interest rates of Euribor plus a margin of 3%-6% and Libor plus a margin of 2%. The book value of loans approaches their fair value during 30/06/2016.

Analytically, bank debt at the end of the period was as follows:

Debt	Group		Company
	30.6.2016	31.12.2015	30.6.2016	31.12.2015
Long-term loans	6,237	6,470	-	-
Financial leases	16,563	3,329	-	-
Total long-term loans	22,800	9,799	-	-
Long-term debt payable in the next year	7,209	9,270	-	-
Short-term loans	56,062	48,839	21,912	22,103
Financial leases	2,869	916	-	-
Total short-term loans	66,140	59,025	21,912	22,103
Grand Total	81,731	68,824	21,912	22,103

12.Employee Benefits

The liabilities of the Company and the Group towards its employees in providing them with certain future benefits, depending on the length of service are calculated by an actuarial study. The accounting depiction is made on the basis of the accrued entitlement, as at the date of the Balance Sheet, that is anticipated to be paid, discounted to its present value by reference to the anticipated time of payment. The liability for the Company and the Group, as presented in the Balance Sheet, is analyzed as follows:

Employee Benefits	Group		Company
	30.6.2016	31.12.2015	30.6.2016	31.12.2015
Defined contribution plans	1,967	1,929	326	336
Defined benefit plans	16,563	7,617	-	-
Total provision at the end of the year	18,530	9,546	326	336

12.1Defined contribution plans

The Greek companies of the Group as well as the subsidiary Thrace Ipoma domiciled in Bulgaria participate in the following plan. With regard to the Greek companies, the following liability arises from the relevant legislation and concerns 40% of the required compensation per employee.

Defined contribution plans	Group			Company
	30.6.2016	31.12.2015	30.6.2016	31.12.2015
Amounts recognized in the balance sheet
Present value of liabilities	1,967	1,929	326	336
Net liability recognized in the balance
sheet	1,967	1,929	326	336

Changes in the Net Liability recognized in
Balance Sheet
Net liability / receivable at the beginning of
period	1,929	1,904	336	409
Benefits paid from the employer	-	(41)	-	(25)
Total expense recognized in the account of
results	38	168	(10)	(25)
Total amount recognized in the Net Worth	-	(102)	-	(21)
Net liability at the end of year	1,967	1,929	326	336

The actuarial assumptions are presented in the following table.

Actuarial Assumptions			Greek Companies
	30.6.2016	31.12.2015	30.6.2016	31.12.2015
Discount rate	2.00 %	2.00 %	2.80 %	2.80 %
Inflation	1.75 %	1.75 %	(1.30) %	(1.30) %
Average annual increase of personnel
salaries	1.75 %	1.75 %	0.00 %	0.00 %
Duration of liabilities	17.75 years	17.3 years	11.4 years	11.4 years

12.2 Defined Benefit Plans

The subsidiaries DON & LOW LTD and THRACEPOLYBULK AS have formed Defined Benefit Plans which operate as separate entities in the form of trusts. Therefore the assets of the plans are not dependent to the assets of the companies.

The accounting entries of the plans according to the revised IAS 19 are as follows:

Defined Benefit Plans	Group 30.6.2016	Group 31.12.2015
Amounts recognized in the balance sheet
Present value of liabilities	139,198	145,231
Fair value of the plan's assets	(122,635)	(137,614)
Net liability recognized in the balance sheet	16,563	7,617


Asset allocation*
Equities	90,807	105,782
Bonds	30,621	30,784
Property / Other	1,207	1,049
Total	122,635	137,615
Changes in the Net Liability recognized in Balance Sheet
Net liability / receivable at the beginning of
year	7,617	13,881
Benefits paid from the employer	(770)	(1,940)
Total expense recognized in the account of
results	899	2,110
Total amount recognized in the Net Worth	10,272	(7,355)
Foreign exchange differences	(1,455)	921
Net liability at the end of year	16,563	7,617

* The assets of the plan are measured at fair values.

The category "property / other" also include the plan's cash reserves.

The actuarial assumptions are presented in the following table.

Actuarial Assumptions		Don & Low LTD		Thrace Polybulk AS
	30.6.2016	31.12.2015	30.6.2016	31.12.2015
Discount rate	3.50 %	3.80 %	2.70 %	2.70 %
Inflation	3.20 %	3.20 %	2.25 %	2.25 %
Average annual increase of personnel
salaries	3.45 %	3.45 %	2.50 %	2.50 %
Duration of liabilities	17έτη	17έτη	15έτη	15έτη

13. Segment reporting

The operating segments are based on the different group of products, the structure of the Group's management and the internal reporting system. The Group's activity is distinguished into three segments, the technical fabrics segment, the packaging segment and the Agricultural segment. The activity of the parent Company is included in the Packaging segment. The Group's operating segments are as follows:

Technical Fabrics

Production and trade of technical fabrics for industrial and technical use.

Packaging

Production and trade of packaging products, plastic bags, plastic boxes for packaging of food and paints and other packaging materials for agricultural use.

Agricultural Unit

Production and trading of agricultural products produced in greenhouses. The company Thrace Greenhouses belongs to this segment.

BALANCE SHEET OF 30.6.2016	TECHNICAL FABRICS	PACKAGING	AGRICULTU RAL UNIT	WRITE-OFF OF TRANSACTIO NS BETWEEN SEGMENTS	GROUP
Segment assets	182,533	116,845	5,282	(11,295)	293,365
Total consolidated assets	182,533	116,845	5,282	(11,295)	293,365

INCOME STATEMENT FOR THE PERIOD FROM 1.1 –30.6.2016	TECHNICAL FABRICS	PACKAGING	AGRICULTU RAL UNIT	WRITE-OFF OF TRANSACTIO NS BETWEEN SEGMENTS	GROUP
Turnover	97,763	56,461	624	(4,210)	150,638
Cost of sales	(76,910)	(42,237)	(502)	(4,361)	(115,288)
Gross profit	20,853	14,224	122	151	35,350
Other operating income	283	2,130	10	(1,765)	658
Distribution expenses	(8,494)	(5,030)	(89)	104	(13,509)
Administrative expenses	(5,162)	(4,512)	(24)	1,323	(8,375)
Other operating expenses	(215)	(1,061)	(5)	145	(1,136)
Other Income / (Losses)	(214)	(128)	-	-	(342)
Operating profit / (loss)	7,051	5,623	14	(42)	12,646
Interest & related (expenses)/income	(952)	(1,803)	(56)	-	(2,811)
(Profit / (loss) from companies consolidated with the Equity method	338	400	-	-	738
Total Earnings / (losses) before tax	6,437	4,220	(42)	(42)	10,573
Depreciations	(3,098)	(2,562)	(93)	-	(5,753)
Total Earnings / (losses) before interest, tax, depreciation &
amortization (EBITDA)	10,149	8,185	107	(42)	18,399

BALANCE SHEET OF 31.12.2015	TECHNICAL FABRICS	PACKAGING	AGRICULTU RAL UNIT	WRITE-OFF OF TRANSACTIO NS BETWEEN SEGMENTS	GROUP
Segment assets	157,654	113,141	3,886	(10,150)	264,531
Total consolidated assets	157,654	113,141	3,886	(10,150)	264,531

INCOME STATEMENT FOR THE PERIOD FROM 1.1 - 30.6.2015	TECHNICAL FABRICS	PACKAGING	AGRICULTU RAL UNIT	WRITE-OFF OF TRANSACTIO NS BETWEEN SEGMENTS	GROUP
Turnover	94,812	54,596	490	(4,798)	145,101
Cost of sales	(76,350)	(42,673)	(412)	5,093	(114,342)
Gross profit	18,462	11,923	78	295	30,759
Other operating income	1,026	2,471	5	(2,032)	1,470
Distribution expenses	(7,163)	(4,849)	(67)	(193)	(12,273)
Administrative expenses	(5,543)	(4,836)	(22)	1,742	(8,659)
Other operating expenses	(175)	(915)	(17)	154	(953)
Other Income / (Losses)	465	94	-	-	559
Operating profit / (loss)	7,073	3,888	(23)	(34)	10,904
Interest & related (expenses)/income Profit / (loss) from companies	(2,408)	(1,719)	(18)	-	4,146
consolidated with the Equity method	316	466	-	-	783
Total Earnings / (losses) before tax	4,981	2,635	(41)	(34)	7,541
Depreciations	(2,415)	(2,373)	(76)	11	(4,853)
Total Earnings / (losses) before
interest, tax, depreciation & amortization (EBITDA)	9,488	6,260	53	(45)	15,756

14. Transactions with Related Parties

The Group classifies as related parties the members of the Board of Directors, the Directors of the Company's divisions as well as the shareholders who own over 5% of the Company's share capital (their related parties included).

The commercial transactions of the Group with these related parties during the period 1/1/2016 – 30/06/2016 have been conducted according to market terms and in the context of the ordinary business activities.

The transactions with the subsidiaries and related companies according to the IFRS 24 during the period 1/1/2016 – 30/06/2016 are presented below.

Income	1.1 – 30.6.2016		1.1 –30.6.2015
	Group	Company	Group	Company
Subsidiaries	-	5,272	-	4,985
Related Companies	3,546	165	2,657	276
Total	3,546	5,437	2,657	5,261

Expenses	1.1 – 30.6.2016		1.1 –30.6.2015
	Group	Company	Group	Company
Subsidiaries	-	331	-	257
Related Companies	851	93	999	119
Total	851	424	999	376

Trade and other receivables	30.6.2016		31.12.2015
	Group	Company	Group	Company
Subsidiaries	-	11,000	-	9,721
Related Companies	2,743	284	2,473	379
Total	2,743	11,284	2,473	10,100

Suppliers and Other Liabilities	30.6.2016		31.12.2015
	Group	Company	Group	Company
Subsidiaries	-	12	-	9
Related Companies	102	-	42	-
Total	102	12	42	9

The "Subsidiaries" include all companies consolidated with "Thrace Plastics Group" via the full consolidation method. The "Related companies" include those consolidated with the equity method as well as those owned by the partners of the Group.

The Company has granted guarantees to banks against credit lines for the account of its subsidiaries. On 30.06.2016, the amount of the above guarantees accounted for Euro 40,412.

Specifically:

	30.6.2016
Thrace Non Wovens&Geosynthetics SA	30,934
ThraceIpoma AD	1,180
Thrace Greenhouses SA	2,587
Thrace Plastics Pack SA	5,711

15. Remuneration of Board of Directors

BoD Fees	Group		Company
	30.6.2016	30.6.2015	30.6.2016	30.6.2015
BoD Fees	1,971	2,071	648	554

16. Number of employees

The number of employed staff at the Group and Company at the end of the present period was as follows:

Number of employees	Group		Company
	30.6.2016	30.6.2015	30.6.2016	30.6.2015
Regular employees	667	610	43	51
Day-wage employees	1,041	1,031	25	27
Total	1,708	1,641	68	78

The total staff of companies that are based in Greece, is primarily insured with the Social Security Organization (I.K.A.), both as regards to medical care and as regards to primary pension.

17. Participations

17.1 Participation in companies consolidated with the full consolidation method

The value of the Company's participations in the subsidiaries, as of 30 June 2016, is as follows:

Companies consolidated with the full consolidation method	30.6.2016	31.12.2015
DON & LOW LTD	33,953	33,953
THRACE PLASTICS PACK SA	15,508	15,508
THRACE NON WOVENS & GEOSYNTHETICS SA	5,710	5,710
SYNTHETIC HOLDINGS LTD	4,607	4,607
PAREEN LTD	7,121	7,121
THRACE GREENHOUSES SA	2,785	2,485
Total	69,684	69,384

17.2 Participation in companies consolidated with the equity method

The change of standards with regard to the consolidation of the joint arrangement companies (IFRS 10, IFRS 11, and IFRS 12) resulted into the change of the consolidation method.

IFRS 11 removes the concept of the proportional consolidation of the jointly controlled entities. Instead, the jointly controlled entities which fulfill the definition of joint venture are accounted for with the equity method.

The Group holds 50% of the share capital of Lumite Inc. and Thrace Sarantis SA, whereas it holds 46.47% and 51% respectively of the share capital of Thrace Greiner Packaging SRL and Thrace Eurobent SA. There is joint management in the above companies along with a second shareholder. Both shareholders possess rights on the companies' assets.

Company	Country of	Business Activity	Equity
	Activities		Stake
Thrace Greiner Packaging SRL	Romania	The company activates in the production of plastic boxes for food products and paints and belongs to the packaging sector.	46.47%
		The company's shares are not listed.
Thrace Sarantis S.A.	Greece	The company activates in the production of plastic bags for wastes and belongs to the packaging sector.	50%
		The company's shares are not listed.
Lumite INC	United States	The company activates in the production of agricultural fabrics and belongs to the technical fabrics sector.	50%
		The company's shares are not listed.

The parent company holds directly the company Thrace Sarantis SA with the value of its participation set at € 1,170 as well as the company Thrace Eurobent SA with participation value of € 204.

Thrace Eurobent S.A.	Greece	The company activates in the manufacturing of waterproof products via the use of Geosynthetic Clay Liner – GCL.	51%
		The company's shares are not listed.

The above companies are consolidated with the equity method since 1/1/2014.

The change of the Group's interests in the companies that are consolidated with the equity method is analyzed as follows:

Interests in companies consolidated with the	1.1 –30.6.2016	1.1 - 31.12.2015
equity method
Balance at beginning	10,251	8,585
	70	204
Capital increases	738	1,516
Participation in profit / (losses) of joint ventures
Dividends	-	(596)
Foreign exchange differences and other reserves	(132)	542
Balance at end	10,927	10,251

18. Commitments and Contingent Liabilities

On 30 June 2016 there are no significant legal issues pending that may have a material effect in the financial position of the Companies in the Group.

The letters of guarantee issued by the banks for the account of the Company and in favor of third parties (Greek State, suppliers and customers) amount to Euro 837.

An amount of taxes – surcharges of euro 171 that emerged from the tax audit of fiscal years 2006 and 2007 is under dispute by the Company's Management and will be resolved in the tax courts.

The courts already decided on a first instance basis in favor of the Company with regard to an amount of €104.

With regard to the above amount, no provision has been formed in the Group's financial statements.

On 25 April 2016, the tax audit of the fiscal years 2007 – 2009 concerning the subsidiary company Thrace Plastics Pack SA was completed and resulted into additional taxes of € 979 and tax surcharges of € 1,173. The Company's Management accepted an amount of € 104, which was fully paid and also made an advance payment of € 1,024 with regard to the remaining amount which did not accept, thus proceeding with a legal appeal. The pertinent bodies are expected to review the appeal until 24.10.2016 according to law. In case the pertinent bodies reject the Company's appeal or in case the above period expires without a decision being made, then the subsidiary company will present its case to the tax courts.

19. Reclassifications of accounts

In the present Interim Condensed Financial Information, there have been reclassifications of not significant comparative accounts in the Statement of Total Comprehensive Income for the purpose of comparability with the ones of the present period.

20. Risk Management

The interim condensed financial information does not include disclosure of all risks required for the preparation of the annual consolidated financial statements and should be examined in relation to the annual financial statements of the Group for the year ending on 31 December 2015.

The financial assets used by the Group, mainly consist of bank deposits, bank overdrafts, receivable accounts, payable accounts and loans.

20.1 Foreign exchange risk

20.2 Risk from fluctuation of prices of raw materials

Also, risk from fluctuation of prices of raw materials arises in the case of a large drop in prices.

20.3 Credit Risk

20.4 Liquidity Risk

20.5 Capital Adequacy Risk

The Group controls capital adequacy using the ratio of net bank debt to Equity. The net bank debt to EBITDA ratio is also used in the annual financial report.

Capital Adequacy Risk		Group		Company
	30.6.2016	31.12.2015	30.6.2016	31.12.2015
Long-term debt	22,800	9,799	-	-
Short-term debt	66,140	59,025	21,912	22,103
Total debt	88,940	68,824	21,912	22,103
Minus cash & cash equivalents	30,142	26,411	741	3,008
Net debt	58,798	42,413	21,171	19,095
EQUITY	123,792	129,238	70,569	71,406
NET BANK DEBT / EQUITY	0.47	0.32	0.30	0.26

Macroeconomic Conditions in Greece – Capital Controls

21. Significant Events

Below the most important events of the first half of 2016 are presented

In addition, the new investments implemented abroad, amounting to 9 million euro, were successfully set in full operation.

22. Events after the balance sheet date

There are no events subsequent to the date of the balance date, which affect the financial statements of the Group.

23. Online availability of financial report

The Interim Condensed Financial Information of the company THRACE PLASTICS Co. S.A. is available on the internet, on the website www.thracegroup.gr.

The Interim Condensed Financial Information has been prepared in accordance with International Accounting Standard 34 (I.A.S.) "Interim Financial Statements", was approved by the Board of Directors on 19 September 2016 and is signed by the representatives of such.

The Chairman and Chief Executive Officer	The Vice-Chairman of the Board		The Head Accountant

KONSTANTINOS ST. CHALIORIS	THEODOSIOS A. KOLYVAS	SPYRIDON A. NTAKAS	FOTINI K. KYRLIDOU
ID NO. ΑΜ 919476	ID NO. ΑΙ 101026	ID NO. ΑΕ 044759	ID NO. ΑΚ 104541 Accountant Lic. Reg. No. 34806 Α' CLASS

V. DATA AND INFORMATION

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

Registered offices: MAGIKO, MUNICIPALITY of AVDIRA, XANTHI, GREECE Data and information for the period from 1 January 2016 to 30 June 2016
					According to Decision No. 4/507/28.4.2009 issued by the Board of Directors of the Hellenic Capital Market Commission
					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 Co. S.A. , and the 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 interim financial statements by the Board of Directors:			19/9/2016
		Company Website:	www.thracegroup.gr
		Certified Public Accountant - Auditor: Auditing Firm:	Sourbis Dimitrios, CPA (SOEL) License Reg. No. 16891 PricewaterhouseCoopers ΑΕ
Amounts in thousand Euro, unless stated otherwise.		Type of audit report:	Matter of Emphasis
	STATEMENT OF FINANCIAL POSITION					STATEMENT OF CASH FLOWS
	GROUP			COMPANY			GROUP		COMPANY
ASSETS	30/06/2016	31/12/2015	30/06/2016	31/12/2015	Operating activities		1/1 - 30/06/2016 1/1 - 30/06/2015	1/1 - 30/06/2016	1/1 - 30/06/2015
Tangible fixed assets	105.346	92.268	6.456	6.839	Earnings, before taxes and minority interest	10.573	7.541	(574)	(564)
Investment property Intangible assets	113 11.379	113 11.522	14 614	14 633	Plus/Minus adjustments for: Depreciations	5.753	4.853	470	488
Participations in subsidiaries	-	-	69.684	69.384	Provisions	2.368	2.203	608	621
Participations in companies consolidated with the equity method Other non-current assets	10.927 9.377	10.251 8.515	1.374 1.780	1.304 1.826	Foreign exchange differences (Profit)/loss from sale of fixed assets	134 57	(543) (17)	40 -	(23) (3)
Inventories	53.292	52.981	1.924	1.861	Dividends	-	66	-	66
Trade receivables Other current assets	62.511 10.278	52.618 9.852	3.680 11.332	3.615 10.688	(Profit)/loss from investments Financial (income) / expenses	- 3.962	- 3.529	- 938	- 803
Cash & cash equivalents	30.142	26.411	741	3.008	(Profit)/loss from companies consolidated with the equity method	(738)	(783)	-	-
TOTAL ASSETS	293.365	264.531	97.599	99.172	Operating profit before changes in working capital (Increase) / Decrease of receivables	22.109 (11.411)	16.849 (10.376)	1.482 (882)	1.388 149
EQUITY & LIABILITIES					(Increase) / Decrease of inventories	(2.234)	(1.739)	(63)	484
Share capital Other equity	29.762 92.026	29.762 97.632	29.762 40.807	29.762 41.644	(Decrease) / Increase of liabilities (apart from banks) Other non cash movements	2.798 534	7.339 (210)	(1.315) (12)	(1.981) (66)
Total Shareholders' Equity (a)	121.788	127.394	70.569	71.406	Cash equivalents from operating activities	11.796	11.863	(790)	(26)
Minority interest (b) Total Equity (c) = (a) + (b)	2.004 123.792	1.844 129.238	- 70.569	- 71.406	Minus: Interest expenses and related expenses paid	(2.427)	(2.053)	(556)	(640)
Long-term debt Provisions/Other-long-term liabilities	22.800 24.521	9.799 16.277	- 767	- 806	Taxes Total inflows/(outflows) from operating activities (a)	(2.105) 7.264	(2.984) 6.826	- (1.346)	(1.867) (2.533)
Short-term bank debt	66.140	59.025	21.912	22.103	Investment activities
Other-short-term liabilities Total liabilities (d)	56.112 169.573	50.192 135.293	4.351 27.030	4.857 27.766	Proceeds from sales of tangible and intangible assets Interest received	163 118	58 188	10 1	920 76
TOTAL EQUITY & LIABILITIES (c) + (d)	293.365	264.531	97.599	99.172	Dividends received	197	-	-	-
					Increase of participations in subsidiaries / associates Investment grants	- -	(204) -	(370) -	(204) -
	STATEMENT OF CHANGES IN EQUITY				Purchases of tangible and intangible fixed assets	(8.812)	(9.354)	(78)	(175)
	GROUP			COMPANY	Cash collection from sale of participation Other investments	- -	- -	- -	- -
	1/1 - 30/06/2016	1/1 - 30/06/2015	1/1 - 30/06/2016	1/1 - 30/06/2015	Total inflows / (outflows) from investment activities (b)	(8.334)	(9.312)	(437)	617
Total equity at beginning of period (01/01/2016 and 01/01/2015 respectively)	129.238	112.453	71.406	73.002	Financing activities
					Increase of participations in subsidiaries / associates	(70)	-	-	-
Earnings / (losses) for the period after taxes	8.261	5.879	(545)	(478)	Cash collections from grants Proceeds from issued / undertaken loans	- 6.055	71 3.998	- -	- -
					Purchase of treasury shares	(292)	(812)	(292)	(812)
Other comprehensive income Distributed dividends	(13.424) -	10.792 (1.000)	- -	- (1.000)	Repayments of loans Financial leases	(2.328) 3.221	(5.276) (400)	(191) -	(48) -
Issued shares Purchase of treasury shares	- (292)	- (812)	- (292)	- (812)	Dividends paid Total inflows / (outflows) from financing activities (c)	- 6.586	(2.016) (4.435)	- (483)	(2.016) (2.876)
Profit distribution	-	-	-	-	Net increase / (decrease) in cash & cash equivalents
Other changes Total equity at end of period	9 123.792	(7) 127.305	- 70.569	(8) 70.704	for the period (a) + (b) + (c) Cash & cash equivalents at the beginning of the period	5.516 26.411	(6.921) 32.879	(2.266) 3.007	(4.792) 11.796
					Effect from changes of exchange rates on cash & cash
					equivalents Cash & cash equivalents at the end of the period	(1.785) 30.142	1.151 27.109	- 741	- 7.004
				STATEMENT OF COMPREHENSIVE INCOME
			GROUP			COMPANY
	1/1 - 30/06/2016		1/1 - 30/06/2015		1/1 - 30/06/2016			1/1 - 30/06/2015
Turnover	150.638		145.101		7.582			7.109
Gross profit/(losses)	35.350		30.759		1.283			809
Earnings/(losses) before Interest and Taxes (EBIT) Earnings / (losses) before Taxes	12.646 10.573		10.903 7.541		364 (574)			305 (564)
Earnings / (losses) after Taxes (A)	8.261		5.879		(545)			(478)
- Owners of the parent - Minority interest	8.101 160		5.743 136		- -			- -
Other comprehensive income after taxes (B)	(13.423)		10.792		-			-
Total comprehensive income after taxes (A) + (B) - Owners of the parent	(5.162) (5.324)		16.671 16.535		(545) -			(478) -
- Minority interest	162		136		-			-
Earnings / (losses) after taxes per share – basic (in €)	0,1839		0,1293		-			-
Earnings/ (losses) before Interest, Taxes, Depreciation & Amortization (EBITDA)	18.399		15.756		834			793

				ADDITIONAL DATA & INFORMATION
Information regarding the Group structure, participations in subsidiaries and their consolidation method are presented in note 1 of the condensed notes, w 1.				hile the tax unaudited financial years are	7. Income tax in the statement of comprehensive income is analyzed as follow	s:	GROUP		COMPANY
reported in note 8 of the condensed notes.						1/1 - 30/06/2016	1/1 - 30/06/2015	1/1 - 30/06/2016	1/1 - 30/06/2015
2. The basic accounting principles of the balance sheet for 31/12/2015 have been follow	ed.				Income Tax Deferred tax	(2.473) 161	(2.091) 429	- 29	- 86
						(2.312)	(1.662)	29	86
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.					8. The cumulative provisions that have been recorded amount to:		GROUP		COMPANY
						30/6/2016	31/12/2015	30/06/2016	31/12/2015
4. Liens or collateral w ritten on fixed assets			GROUP 6.154	COMPANY -	Provision for doubtful debt Provision for staff indemnities	6.870 18.530	6.760 9.546	2.461 326	2.461 336
					Provisions for tax differences from unaudited fiscal years	1.339	1.061	174	174
5. Number of employed staff at the end of each period:	GROUP 30/6/2016	30/6/2015	30/6/2016	COMPANY 30/6/2015	Provision for inventory impairment	3.134	3.441	-	-
	1.708	1.641	68	78	9. No company of the Group ow ns treasury shares, except for the parent company. On 30/6/2016, the Company held 1,098,210 shares at an acquisition cost of 1,295,771.93 (in absolute numbers).
6. The transactions betw een related parties, according to I.A.S. 24, are as follow s:			GROUP	COMPANY
i) Income ii) Expenses			3.546 851	5.437 424	10. Other comprehensive income concerns the follow ing :	1/1 - 30/06/2016	GROUP 1/1 - 30/06/2015	1/1 - 30/06/2016	COMPANY 1/1 - 30/06/2015
iii) Receivables			2.743	11.284	Forex differences from Balance Sheet Conversion	(5.036)	4.309	-	-
iv) Liabilities v) Transactions & Remuneration of Board members and senior executives			102 1.971	12 648	Actuarial Profit / (Loss) 11. The matter of emphasis is presented in note 18 and concerns the tax audit of Thrace Plastics PACK.	(8.387)	6.483	-	-

The Chairman and Chief Executive Officer		The Vice-Chairman			Avdira, 19 September 2016 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. ΑΙ 101026			ID No. ΑΕ 044759			ID No. ΑΚ 104541 Professional Lic. No. 34806 - Α' CLASS

AI Terminal

Thrace Plastics Holding and Commercial S.A.

2756_ir_2016-09-20_bdfe55d6-9b64-4219-883b-4ff0781c77cb.pdf

THRACE PLASTICS Co. S.A.

Information regarding the preparation of the Semi-Annual Financial Report

For the period from 1st January to 30th June 2016

STATEMENTS BY REPRESENTATIVES OF THE BOARD OF DIRECTORS (According to the article 5 paragraph 2 of Law 3556/2007)

ΙΙ. SEMI-ANNUAL REPORT BY THE BOARD OF DIRECTORS OF THRACE PLASTICS Co. S.A. FOR THE PERIOD FROM 1-1-2016 TO 30-06-2016

SECTION I: Significant events that took place during the 1st Half of 2016

SECTION II: Review of Basic Fundamentals for 1st Half of 2016

1. Group Results

Turnover €150,638 (+3.8 %)

Gross Profit €35,350 (+14.9%)

Other Operating Income €658 (-55.2%)

Distribution Expenses €13,509(+10.1%)

Administrative Expenses €8,375(-3.3%)

Other Operating Expenses €1,136 (+19.2%)

Financial Income €1,482 (+114.2%)

Financial Expenses €4,293 (-11.2%)

Profit from the companies that are consolidated with the Equity method €738 (-5,7%)

EBT €10,573 (+40.2%)

Earnings after taxes and Minority Interests (EATAM) allocated to the Owners of the Parent Company €8,101 (+41.1%)

2. Results per Activity Sector

3. Consolidated Statement of Financial Position of the Group

ASSETS

Fixed Assets €137,142(+11.8%)

Current Assets €156,223(+10.1%)

EQUITY & LIABILITIES

Provisions for Employee Benefits 18,530(+94.1%)

SECTION III: Significant transactions with related parties during the 1st Half of 2016

SECTION IV: Basic Risks and Uncertainties – Outlook for 2nd Half of 2016

Foreign exchange risk

Risk from fluctuation of prices of raw materials

Credit Risk

Liquidity Risk

Capital Adequacy Risk

Macroeconomic Conditions in Greece – Capital Controls

Prospects for the 2nd Half 2016

SECTION V: Treasury Shares

SECTION VΙ: Significant Events after 30.06.2016

Report on Review of Interim Financial Information

Introduction

Scope of review

Conclusion

Emphasis of matter

Reference to Other Legal and Regulatory Requirements

IV. Interim Condensed Financial Information

CONTENTS

STATEMENT OF COMPREHENSIVE INCOME

STATEMENT OF FINANCIAL POSITION

STATEMENT OF CHANGES IN EQUITY (GROUP)

Group

STATEMENT OF CHANGES IN EQUITY (PARENT COMPANY)

STATEMENT OF CASH FLOWS

1. General Information

2. Basis for the preparation of the Financial Statements

2.1 Basis of Presentation

2.2 New standards, amendments of standards and interpretations

Standards and Interpretations mandatory for the present financial year

IAS 19 Revised (Amendment) "Employee Benefits"

IFRS 11 (Amendment) «Joint Arrangements»

IAS 16 and IAS 38 (Amendments) "Clarification of Acceptable Methods of Depreciation and Amortization"

IAS 16 and IAS 41 (Amendments) «Agriculture: Bearer Plants»

IAS 27 (Amendment) "Separate Financial Statements"

IAS 1 (Amendments) "Disclosures"

Annual Improvements in IFRS of 2012

IFRS 2 "Share-based payment"

IFRS 3 "Business combinations"

IFRS 8 "Operating Segments"

IFRS 13 "Fair Value Measurement"

IAS 16 "Property, Plant and Equipment" and IAS 38 "Intangible Assets"

IAS 24 "Related Party Disclosures"

Annual Improvements in IFRS of 2014

IFRS 5 "Non-current Assets Held for Sale and Discontinued Operations"

IFRS 7 "Financial Instruments: Disclosures"

IAS 19 "Employee Benefits"

IAS 34 "Interim Financial Reporting"

Standards and Interpretations effective for following financial years

IAS 12 (Amendments) "Recognition of deferred tax assets for unrealized losses" (effective for annual accounting periods beginning on or after 1st January 2017)

IFRS 2 (Amendments) "Classification and measurement of transactions concerning share-based payments" (applied for accounting periods beginning on or after 1st January 2018)