Thrace Plastics Holding and Commercial S.A.

Quarterly Report • Nov 24, 2015

THRACE PLASTICS Co. S.A.

INTERIM FINANCIAL INFORMATION

1st January to 30th September 2015 IN ACCORDANCE WITH THE INTERNATIONAL FINANCIAL REPORTING STANDARDS

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

CONTENTS

Interim Condensed Financial Information

Statement of Comprehensive Income 01.01.2015 – 30.09.2015	3
Statement of Comprehensive Income 01.07.2015 – 30.09.2015	4
Statement of Financial Position 30.09.2015	5
Statement of Changes in Equity 01.01.2015 – 30.09.2015	6 - 7
Statement of Cash Flows 01.01.2015 – 30.09.2015	8
Notes on the Financial Statements	9 – 28
Data and Information	29

STATEMENT OF COMPREHENSIVE INCOME

			Group	Company
		Note 1/1 - 30/09/2015	1/1 - 30/09/2014	1/1 - 30/09/2015	1/1 - 30/09/2014
Turnover		222,646	212,367	10,067	12,457
Cost of Sales		(175,283)	(172,748)	(9,191)	(10,982)
Gross Profit/(loss)		47,363	39,619	876	1,475
Other Operating Income	3	2,227	1,823	4,178	3,640
Selling Expenses		(18,568)	(17,336)	(424)	(648)
Administrative Expenses		(12,779)	(11,848)	(4,197)	(3,757)
Other Operating Expenses	4	(1,423)	(1,952)	(335)	(831)
Other profit / (losses)	5	382	905	16	14
Operating Profit /(loss) before interest and tax		17,202	11,211	114	(107)
Financial Income	6	614	318	80	248
Financial Expenses	6	(6,035)	(4,432)	(1,354)	(1,101)
Income from dividend		-	-	1,500	-
Profit / (losses) from companies consolidated with the Equity Method	17	1,413	935	-	-
Profit / (losses) from participations		-	-	(66)	-
Profit/(loss) before Tax		13,194	8,032	274	(960)
Income Tax	8	(3,189)	(1,632)	93	57
Profit/(loss) after tax (A)		10,005	6,400	367	(903)
Other comprehensive income
Items transferred to the results
FX differences from translation of foreign Balance Sheets		2,333	3,249	-	-
Items not transferred to the results
Actuarial profit/(loss)		2,077	(3,795)	-	-
Other comprehensive income after taxes (B)		4,410	(546)	-	-
Total comprehensive income after taxes (A) + (B)		14,415	5,854	367	(903)
Profit / (loss) after tax (A)
Attributed to:
Owners of the parent		9,799	6,254	-	-
Minority interest Total comprehensive income after taxes (A) + (B)		206	146	-	-
Attributed to:
Owners of the parent Minority interest		14,206 209	5,706 148	- -	- -
Profit/(loss) allocated to shareholders from continued activities per
share (A) Number of shares		44,406	45,016	-	-
Earnings/(loss) per share	7	0.2207	0.1389	-	-

STATEMENT OF COMPREHENSIVE INCOME

		Group	Company
	Note 1/7 - 30/09/2015	1/7 - 30/09/2014	1/7 - 30/09/2015	1/7 - 30/09/2014
Turnover	77,545	75,018	2,958	3,961
Cost of Sales	(60,941)	(61,292)	(2,891)	(3,541)
Gross Profit/(loss)	16,604	13,726	67	420
Other Operating Income	757	583	1,269	1,222
Distribution Expenses	(6,296)	(5,820)	(119)	(188)
Administrative Expenses	(4,119)	(3,992)	(1,298)	(1,209)
Other Operating Expenses	(470)	(390)	(100)	(199)
Other profit / (losses)	(177)	577	(10)	7
Earnings/(loss) before interest and tax (EBIT)	6,299	4,684	(191)	53
Financial Income	(78)	65	4	62
Financial Expenses	(1,198)	(1,369)	(475)	(378)
Income from dividend	-	-	1,500	-
Profit / (losses) from companies consolidated with the Equity Method	630	402	-	-
Profit / (losses) from participations	-	-	-	-
Profit/(loss) before Tax	5,653	3,782	838	(263)
Income Tax	(1,527)	(650)	7	23
Profit/(loss) after tax (A)	4,126	3,132	845	(240)
Other comprehensive income
Items transferred to the results
FX differences from translation of foreign Balance Sheets	(1,976)	1,969	-	-
Items not transferred to the results
Actuarial profit/(loss)	(4,406)	(1,015)	-	-
Other comprehensive income after taxes (B)	(6,382)	954	-	-
Total comprehensive income after taxes (A) + (B)	(2,256)	4,086	845	(240)
Profit / (loss) after tax (A)
Attributed to:
Owners of the parent	4,056	3,097	-	-
Minority interest Total comprehensive income after taxes (A) + (B)	70	35	-	-
Attributed to:
Owners of the parent	(2,329)	4,053	-	-
Minority interest	73	33	-	-
Profit/(loss) allocated to shareholders from continued activities per share (A)
Number of shares	44,406	45,016	-	-
Earnings/(loss) per share	0.0913	0.0688	-	-

STATEMENT OF FINANCIAL POSITION

		Group		Company
	Note	30/9/2015	31/12/2014	30/9/2015	31/12/2014
ASSETS
Non-Current Assets
Tangible fixed assets	9	84,329	74,667	7,304	8,711
Investment property	9	110	110	110	110
Intangible Assets	9	10,854	10,778	124	157
Participation in subsidiaries	17	-	-	68,684	68,750
Participation in related companies	17	10,055	8,585	1,304	1,100
Other long term receivables	10	8,044	5,227	1,734	949
Deferred tax assets		923	1,189	-	-
Total non-Current Assets		114,315	100,556	79,260	79,777
Current Assets
Inventories		51,400	48,861	2,167	2,608
Income tax prepaid		905	548	1,348	1,313
Trade receivables		64,189	53,042	4,343	8,116
Other debtors		8,362	11,036	9,721	1,494
Derivatives		86	-	-	-
Cash and Cash Equivalents		24,629	32,879	1,588	11,796
Total Current Assets		149,571	146,366	19,167	25,327
TOTAL ASSETS		263,886	246,922	98,427	105,104
EQUITY AND LIABILITIES
EQUITY
Share Capital		29,762	29,762	29,762	29,762
Share premium		21,539	21,546	21,644	21,652
Other reserves		28,606	27,018	14,071	14,884
Retained earnings		43,323	32,517	6,072	6,704
Total Shareholders' equity		123,230	110,843	71,549	73,002
Minority Interest		1,819	1,610	-	-
Total Equity		125,049	112,453	71,549	73,002
Long Term Liabilities
Long Term loans	11	7,547	9,468	-	-
Provisions for Employee Benefits	12	14,316	15,785	428	409
Other provisions		1,034	1,034	167	167
Deferred Tax Liabilities		4,681	4,832	202	295
Other Long Term Liabilities		409	420	155	168
Total Long Term Liabilities		27,987	31,539	952	1,039
Short Term Liabilities
Short Term loans	11	57,589	56,190	21,916	22,027
Income Tax		3,481	3,320	-	1,867
Suppliers		32,477	29,385	2,140	4,245
Other short-term liabilities		17,303	14,035	1,870	2,924
Total Short Term Liabilities		110,850	102,930	25,926	31,063
TOTAL LIABILITIES		138,837	134,469	26,878	32,102
TOTAL EQUITY & LIABILITIES		263,886	246,922	98,427	105,104

STATEMENT OF CHANGES IN EQUITY

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 01/01/2014	22,547	21,933	38,463	(133)	(2,160)	31,593	112,243	1,463	113,706
Profit / (loss) for the period	-	-	-	-	-	6,254	6,254	146	6,400
Other comprehensive income	-	-	-	-	3,249	(3,797)	(548)	2	(546)
Distribution of earnings	-	-	-	-	-	-	-	-
Dividends	-	-	(2,770)	-		526	(2,244)	-	(2,244)
Changes in percentages	-	-	-	-	-	-	-	-
Other changes	-	(11)	311	-	-	(311)	(11)	-	(11)
Purchase of treasury shares	-	-	-	-	-	-	-	-	-
Changes during the period	-	(11)	(2,459)	-	3,249	2,672	3,451	148	3,599
Balance as at 30/09/2014	22,547	21,922	36,004	(133)	1,089	34,265	- 115,694	1,611	117,305
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	-	-	-	-	-	9,799	9,799	206	10,005
Other comprehensive income	-	-	-	-	2,330	2,077	4,407	3	4,410
Share Capital Increase	-	-	-	-	-	-	-	-
Dividends	-	-	-	-	-	(1,000)	(1,000)	-	(1,000)
Changes in percentages	-	-	-	-	-	-	-	-
Other changes	-	(7)	70	-	-	(70)	(7)	-	(7)
Purchase of treasury shares	-	-	-	(812)	-	-	(812)	-	(812)
Changes during the period	-	(7)	70	(812)	2,330	10,806	12,387	209	12,596
Balance as at 30/09/2015	29,762	21,539	26,467	(945)	3,084	43,323	123,230	1,819	125,049

STATEMENT OF CHANGES IN EQUITY (continues from previous page)

Company

	Share Capital	Share Premium	Other Reserves	Treasury shares reserve	Reserve of FX differences from translation of subsidiaries	Retained earnings	Total
Balance as at 01/01/2014	22,547	22,027	27,379	(133)	16	6,156	77,992
Profit / (loss) for the period	-	-	-	-	-	(903)	(903)
Other comprehensive income	-	-	-	-	-	-	-
Distribution of earnings	-	-	-	-	-	-	-
Dividends	-	-	(2,770)	-	-	526	(2,244)
Changes in percentages	-	-	-	-	-	-	-
Purchase of treasury shares	-	-	-	-	-	-	-
Changes during the period	-	-	(2,770)	-	-	(377)	(3,147)
Balance as at 30/09/2014	22,547	22,027	24,609	(133)	16	5,779	74,845
Balance as at 01/01/2015	29,762	21,652	15,000	(133)	16	6,705	73,002
Profit / (loss) for the period	-	-	-	-	-	367	367
Other comprehensive income	-	-	-	-	-	-	-
Share Capital Increase	-	-	-	-	-	-	-
Dividends	-	-	-	-	-	(1,000)	(1,000)
Changes in percentages	-	-	-	-	-	-	-
Other changes	-	(8)	-	-	-	-	(8)
Purchase of treasury shares	-	-	-	(812)	-	-	(812)
Changes during the period	-	(8)	-	(812)	-	(633)	(1,453)
Balance as at 30/09/2015	29,762	21,644	15,000	(945)	16	6,072	71,549

STATEMENT OF CASH FLOWS

	Note		Group		Company
		1/1 - 30/09/2015	1/1 - 30/09/2014	1/1 - 30/09/2015	1/1 - 30/09/2014
Cash flows from Operating Activities
Profit before Taxes and Minority Interest		13,194	8,032	274	(960)
Plus / (minus) adjustments for:
Depreciation		7,324	6,465	728	724
Provisions		2,373	2,018	861	478
FX differences		(358)	(165)	(13)	(17)
(Profit)/loss from sale of fixed assets		(16)	(494)	(3)	(2)
(Profit)/loss from investments		-	(3)	66	-
Income from investments		-	-	(1,500)	-
Interest charges & related (income)/expenses (Profit) / losses from companies consolidated with the Equity		4,918	3,567	1,275	858
method		(1,413)	(926)	-	-
Operating Profit before adjustments in working capital		26,022	18,494	1,688	1,081
(Increase)/decrease in receivables		(11,921)	(12,526)	(5,208)	(690)
(Increase)/decrease in inventories		(2,968)	4,303	421	(191)
Increase/(decrease) in liabilities (apart from banks-taxes)		5,061	1,091	(3,677)	1,363
Other non cash movements		1,429	66	106	-
Cash generated from Operating activities		17,623	11,428	(6,670)	1,563
Interest Paid		(2,840)	(3,505)	(819)	(983)
Other financial income/(expenses)		(282)	(80)	(3)	-
Taxes		(3,830)	(2,225)	(1,867)	(526)
Cash flows from operating activities (a)		10,671	5,618	(9,359)	54
Investing Activities
Receipts from sales of tangible and intangible assets		100	1,077	922	-
Interest received		248	368	80	248
Dividends received		246	-	1,500	-
Increase of interests in subsidiaries / associates		(204)	-	(204)	(1,115)
Income from sale of related company		-	350	-	-
Purchase of tangible and intangible assets Έσοδα από πώληση συνδεδεμένης εταιρείας other income / (expenses) from investments		(14,626)- -	(10,839)- 777	(208)- -	(1,325)- -
Cash flow from investing activities (b)		(14,236)	(8,267)	2,090	(2,192)
Financing activities
Receipts of grants		71	-	-	-
Proceeds from loans		6,306	6,774	-
Purchase of treasury shares		(812)	-	(812)	-
Repayment of Loans		(8,071)	(13,828)	(111)	(93)
Financial leases		(730)	(4)	-	-
Dividends paid		(2,016)	(2,232)	(2,016)	(2,232)
Cash flow from financing activities (c)		(5,252)	(9,290)	(2,939)	(2,325)
Net increase /(decrease) in Cash and Cash Equivalents		(8,817)	(11,939)	(10,208)	(4,463)
Cash and Cash Equivalents at beginning of period		32,879	41,622	11,796	15,028
Effect from changes in foreign exchange rates on cash
reserves		567	168	-	-
Cash and Cash Equivalents at end of period		24,629	29,851	1,588	10,565

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 three sectors: technical fabrics, packaging and agricultural sector.

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 30.09.2015 were the following:

Chalioris Konstantinos	41.99%
Chaliori Eyfimia	20.22%

The Group maintains production and trade facilities in Greece, Scotland, Ireland, Sweden, Norway, Serbia, Bulgaria, Romania and USA. On 30th September 2015 the Group employed in total 1,651 employees, from which 74 were employed by the Company.

The structure of the Group as of 30 September 2015 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.Α.	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	92.84%	92.84%	Full
Thrace Greiner Packaging SRL	ROMANIA - Sibiou	-	46.42%	Equity
Thrace Plastics Packaging D.O.O.	SERBIA-Nova Pazova	-	92.84%	Full
Trierina Trading LTD	CYPRUS-Nicosia	-	92.84%	Full
Thrace Ipoma A.D.	BULGARIA-Sofia	-	92.735%	Full
Synthetic Holdings LTD	N. IRELAND-Belfast	100.00%	100.00%	Full

Company		Registered Offices	Participation Percentage of Parent Company	Participation Percentage of Group	Consolidation Method
	Thrace Synthetic Packaging LTD	IRELAND -Clara	-	100.00%	Full
	Synthetic Textiles LTD	N. IRELAND-Belfast	-	100.00%	Full
	ThracePolybulkA.B.	SWEDEN -Köping	-	100.00%	Full
	ThracePolybulk A.S.	NORWAY-Brevik	-	100.00%	Full
	LumiteINC.	U.S.A. - Georgia	-	50.00%	Equity
	Adfirmate LTD	CYPRUS-Nicosia	-	100.00%	Full
	Delta Real Estate Investments LLC	U.S.A. - South Carolina	-	100.00%	Full
	Thrace Sarantis S.A.	GREECE - Xanthi	50.00%	50.00%	Equity
	Pareen LTD	CYPRUS-Nicosia	100.00%	100.00%	Full
	Thrace Linq INC.	U.S.A. - South Carolina	-	100%	Full
	Thrace Greenhouses S.A.	GREECE - Xanthi	100.00%	100.00%	Full
	Thrace Eurobent S.A.	GREECE - Xanthi	-	51.00%	Equity

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 Statements" 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 2014.

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

IFRIC 21 "Levies"

This interpretation defines the accounting treatment of a liability for a levy imposed by the government and that is not income tax. The interpretation clarifies that the obligating event based on which the obligation to pay the levy should have been created (one of the criteria for the recognition of liability according to IAS 37) is the action as such is described in the relevant law that imposes the levy's payment. The interpretation may lead to the recognition of a liability in the future, particularly as regards to levies that are imposed as a result of conditions that are effective on a specific date.

Annual Improvements in IFRS of 2013

The following amendments describe the major changes that have been made in three IFRS as result of the Circle 2011-2013 of the annual improvement program of IASB.

IFRS 3 "Business Combinations"

The amendment clarifies that the IFRS 3 does not apply in the recording of the formulation of any joint activity based on IFRS 11 in the financial statements of the particular joint activity.

IFRS 13 "Fair Value Measurement"

The amendment clarifies that the exception provided from the IFRS 13 for portfolio of financial assets and liabilities is applied in all contracts (including the non financial ones) with the context of application of IAS 39/IFRS 9.

IAS 40 "Investment Property"

The amendment of the standard was made in order to clarify that IAS 40 and IFRS 3 are not mutually excluded.

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 1st 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 European Union.

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.

IAS 19 Revised (Amendment) "Employee Benefits" (applied for annual periods beginning on or after 1st February 2015)

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» (effective for annual accounting periods beginning on or after 1 January 2016)

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". The amendment has not been adopted by the European Union.

IAS 16 and IAS 38 (Amendments) "Clarification of Acceptable Methods of Depreciation and Amortization" (effective for annual accounting periods beginning on or after 1 January 2016)

The amendment clarifies that the use of revenue-based methods to calculate the depreciation of an asset is not appropriate because revenue generated by an activity that includes the use of an asset generally reflects factors other than the consumption of the economic benefits embodied in the asset and that revenue is generally presumed to be an inappropriate basis for measuring the consumption of the economic benefits embodied in an intangible asset. These amendments have not been adopted by the European Union.

IAS 16 and IAS 41 (Amendments) «Agriculture: Bearer Plants» (effective for annual accounting periods beginning on or after 1 January 2016)

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 produce growing on bearer plants will remain within the scope of IAS 41. The amendments have not been adopted by the European Union.

IAS 27 (Amendment) "Separate Financial Statements" (effective for annual accounting periods beginning on or after 1 January 2016)

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. The amendment has not been adopted yet by the European Union.

IFRS 10 and IAS 28 (Amendments) "Sales or contributions of assets between an investor and its associate/joint venture" (applied for annual periods beginning on or after 1st January 2016)

The amendments address a conflict between the requirements of IFRS 10 and IAS 28 with regard to the sale or contribution of assets between an Investor and its associate or joint venture. They clarify that in a transaction involving an associate or joint venture the full gain or loss should be recognized. Partial gain or loss is recognized when the transaction includes assets which do not constitute an entire business activity even if these assets are in the form of a subsidiary company. The amendments have not been adopted yet by the European Union.

IAS 1 (Amendments) "Disclosures" (effective for annual accounting periods beginning on or after 1st January 2016)

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. The amendments have not been adopted yet 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.

Annual Improvements in IFRS of 2012 (applied for annual periods beginning on or after 1st February 2015)

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 (applied for annual periods beginning on or after 1st January 2016)

The following amendments describe the main changes in four IFRS. The amendments have not been adopted by the European Union.

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.

Other Operating Income	Group		Company
	30.9.2015	30.9.2014	30.9.2015	30.9.2014
Grants *	1,426	1,388	132	123
Income from rents	304	72	440	565
Income from provision of services	216	196	3.590	2.943
Other operating income	281	167	16	9
Total	2,227	1,823	4,178	3,640

3. Other Operating Income

(*) The amount of grants mainly concerns grant / subsidy of the personnel payroll cost. Industrial companies located in borderland areas are entitled to such grant in accordance with the provisions of L. 1767/88, L. 1836/89 and L. 1563/85 and their amendments.

4. Other Operating Expenses

Other Operating Expenses	Group		Company
	30.9.2015	30.9.2014	30.9.2015	30.9.2014
Provisions for doubtful customers	455	294	-	-
Other taxes and duties non-incorporated in operating cost and duties	121	192	50	90
Depreciation / Amortization	130	98	229	397
Personnel's indemnities	61	463	3	188
Other operating expenses	656	905	53	156
Total	1,423	1,952	335	831

The accumulated provision for doubtful receivables on 30.9.2015 amounted to €2,461 for the Company and to €7,219 for the Group.

5. Other earnings / losses

Other earnings / (losses)	Group		Company
	30.9.2015	30.9.2014	30.9.2015	30.9.2014
Earnings / (Losses) from sale of fixed assets	17	498	3	2
Foreign Exchange Differences	365	407	13	12
Total	382	905	16	14

6. Financial income / (expenses)

6.1 Financial income

Financial Income	Group		Company
	30.9.2015	30.9.2014	30.9.2015	30.9.2014
Interest and related income	106	277	80	248
Foreign exchange differences	508	41	-	-
Total	614	318	80	248

6.2 Financial (Expenses)

Financial Expenses	Group		Company
	30.9.2015	30.9.2014	30.9.2015	30.9.2014
Debit interest and similar expenses	(3,597)	(3,785)	(1,079)	(1,099)
Foreign exchange differences	(359)	(503)	-	(2)
Financial cost due to revaluation of receivables at current value	(1,333)	-	(270)	-
Financial result from Pension Plans	(746)	(144)	(5)	-
Total	(6,035)	(4,432)	(1,354)	(1,101)

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	30.9.2015	30.9.2014
Earnings allocated to shareholders (A)	9,799	6,254
Number of shares outstanding (weighted)	44,406	45,016
Basic and adjusted earnings per share (Euro in
absolute terms)	0.220	0.139

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 30.09.2015 proceeded with the purchase of 622,756 treasury shares with an average price of € 1.30 per share.

On 30th September 2015, the Company held 843,310 treasury shares in total with an average acquisition price of € 1.12 per share. This number includes 220,554 shares from the previous repurchase plan of 23rd April 2012.

8. Income Tax

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

Income Tax	Group		Company
	30.9.2015	30.9.2014	30.9.2015	30.9.2014
Income tax	(3,474)	(1,864)	-	-
Deferred tax (expense)/income	285	232	93	57
Total	(3,189)	(1,632)	93	57

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 Greek companies of the Group, have created a provision amounting to € 1,034 which is considered as adequate to cover possible liabilities that will arise from a tax audit.

For the financial years from 2011 until 2014, Greek Société Anonyme Companies and Limited Liability Companies, whose annual financial statements must by audited by Legal Certified Auditors that are registered in the public Registry of Law 3693/2008, are obliged to receive an "Annual Certificate", as stipulated by par. 5 of article 82 of L.2238/1994. The relevant certificate is issued after tax audit conducted by the same Legal Certified Auditor or audit firm that audits the annual financial

statements. Following the completion of the tax audit, the Legal Auditor or audit firm issues a "Tax Compliance Report" for the Company which is accompanied by the Notes on Detailed Information. Within ten days, at the latest, from the final approval date of the Company's financial statements by the General Meeting of Shareholders, the aforementioned Report and the relevant Notes are submitted electronically to the Ministry of Finance by the Legal Auditor or the audit firm. The Ministry of Finance will subsequently select a sample of companies corresponding to at least 9% for a tax review by the relevant tax audit services of the Ministry.

This audit must be completed in a period not longer than eighteen months from the date the "Tax Compliance Report" is submitted to the Ministry of Finance.

The tax audit for the financial year 2014 was conducted and completed in accordance by the audit firm "PricewaterhouseCoopers SA". No significant tax obligations emerged 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.	2007-2010
THRACE PLASTICS EXTRUDED POLYSTERENE S.A.	2007-2010
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	2006-2014
THRACE POLYBULK A.B	2006-2014
THRACE POLYBULK A.S	2014
THRACE GREINER PACKAGING SRL.	2002-2014
TRIERINA TRADING LTD	2014
THRACE IPOMA A.D.	2010-2014
THRACE PLASTICS PACKAGING D.O.O.	2014
LUMITE INC.	2010-2014
THRACE LINQ INC.	2009-2014
ADFIRMATELTD	2014
DELTA REAL ESTATE INV. LLC	2009-2014
PAREEN LTD	2014
SAEPE LTD	2014
CANUTTE LTD	2014
THRACE ASIA LTD	2012-2014

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 01.01.2014	68,754	7,740
Additions	13,177	1,901
Sales	(718)	-
Depreciation	(8,602)	(930)
FX differences	2,056	-
Balance as at 31.12.2014	74,667	8,711

Tangible Fixed Assets	Group	Company
Balance as at 01.01.2015	74,667	8,711
Additions	15,227	190
Sales	(177)	(1,500)
Depreciation	(7,129)	(678)
Depreciation of Sold Assets	101	581
FX differences	1,640	-
Balance as at 30.09.2015	84,329	7,304

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 € 2,496 as of 30.09.2015. 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 € 2,784 and cumulative depreciations of € 329 as of 30.09.2015.

There are no liens and guarantees on the Company's tangible fixed assets, while the liens on the Group's tangible assets amount to € 2,140.

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 01.01.2014	10,732	116
Additions	394	89
Sales	-	-
Amortization	(256)	(49)
FX differences	(92)	-
Balance as at 31.12.2014	10,778	156

Intangible Assets	Group	Company
Balance as at 01.01.2015	10,778	156
Additions	286	17
Sales	-	-
Amortization	(195)	(49)
FX differences	(15)	-
Balance as at 30.9.2015	10,854	124

9.3 Investment Property

Investment Property	Group	Company
Balance as at 1.1.2015	110	110
Additions / (Reductions)	-	-
Depreciations	-	-
Foreign exchange differences	-	-
Balance as at 30.9.2015	110	110
Balance as at 31.12.2014	110	110

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.

Other Long-Term Receivables	Group		Company
	30.9.2015	31.12.2014	30.9.2015	31.12.2014
Grants receivable	7,601	4,806	1,665	864
Other accounts receivable	443	421	69	85
Total	8,044	5,227	1,734	949

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 30/09/2015.

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

Debt	Group		Company
	30.9.2015	31.12.2014	30.9.2015	31.12.2014
Long-term loans	5,919	8,204	-	-
Financial leases	1,628	1,264	-	-
Total long-term loans	7,547	9,468	-	-
Long-term debt payable in the next year	7,844	3,685	-	-
Short-term loans	49,253	52,200	21,916	22,027
Financial leases	492	305	-	-
Total short-term loans	57,589	56,190	21,916	22,027
Grand Total	65,136	65,658	21,916	22,027

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
	30.9.2015	31.12.2014	30.9.2015	31.12.2014
Defined contribution plans	1,993	1,904	428	409
Defined benefit plans	12,323	13,881	-	-
Total provision at the end of the year	14,316	15,785	428	409

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
	30.9.2015	31.12.2014	30.9.2015	31.12.2014
Amounts recognized in the balance sheet
Present value of liabilities Net liability recognized in the balance	1,993	1,904	428	409
sheet	1,993	1,904	428	409

Defined contribution plans	Group		Company
	30.9.2015	31.12.2014	30.9.2015	31.12.2014
Changes in the Net Liability recognized in
Balance Sheet
Net liability / receivable at the beginning of
period	1,904	1,555	409	336
Benefits paid from the employer	-	(607)	-	(239)
Total expense recognized in the account of
results	89	623	19	247
Total amount recognized in the Net Worth	-	333	-	65
Net liability at the end of year	1,993	1,904	428	409

The actuarial assumptions are presented in the following table.

Actuarial Assumptions	Greek Companies		Thrace Ipoma AD
	30.9.2015	31.12.2014	30.9.2015	31.12.2014
Discount rate	1.75%	1.75 %	3.80 %	3.80 %
Inflation	1.75%	1.75 %	(0.02) %	2.00 %
Average annual increase of personnel
salaries	1.75%	1.75 %	5.00 %	5.00 %
Duration of liabilities	18 years	18.29 years	11.70 years	11.70 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 30.9.2015	Group 31.12.2014
Amounts recognized in the balance sheet
Present value of liabilities	147,149	142,593
Fair value of the plan's assets	(134,826)	(128,712)
Net liability recognized in the balance sheet	12,323	13,881
Asset allocation*
Mutual Funds - Equities	106,703	102,723
Bonds	27,019	24,926
Property / Other	1,104	1,063
Total	134,826	128,712
Changes in the Net Liability recognized in
Balance Sheet
Net liability / receivable at the beginning of
year	13,881	4,852
Benefits paid from the employer	(1,238)	(1,777)
Total expense recognized in the account of
results	1,444	1,405
Total amount recognized in the Net Worth	(2,544)	8,785
Foreign exchange differences	780	616
Net liability at the end of year	12,323	13,881

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

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

The actuarial assumptions are presented in the following table.

Actuarial Assumptions	Don & Low LTD		Thrace Polybulk AS
	30.9.2015	31.12.2014	30.9.2015	31.12.2014
Discount rate	3.70 %	3.50 %	2.30 %	2.30 %
Inflation	3.20 %	3.10 %	2.50 %	2.50 %
Average annual increase of personnel
salaries	3.35 %	3.35 %	2.30 %	2.30 %
Duration of liabilities	17 years	17 years	16 years	16 years

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 30.9.2015	TECHNICAL FABRICS	PACKAGING	AGRICULTU RAL UNIT	WRITE-OFF OF TRANSACTIONS BETWEEN SEGMENTS	GROUP
Segment assets	157,431	112,532	2,890	(8,966)	263,887
Total consolidated assets	157,431	112,532	2,890	(8,966)	263,887

INCOME STATEMENT FOR THE PERIOD FROM 1.1 –30.9.2015	TECHNICAL FABRICS	PACKAGING	AGRICULTU RAL UNIT	WRITE-OFF OF TRANSACTIONS BETWEEN SEGMENTS	GROUP
Turnover	145,214	83,646	737	(6,951)	222,646
Cost of sales	(116,548)	(65,581)	(537)	7,383	(175,283)
Gross profit	28,666	18,065	200	432	47,363

INCOME STATEMENT FOR THE PERIOD FROM 1.1 –30.9.2015	TECHNICAL FABRICS	PACKAGING	AGRICULTU RAL UNIT	WRITE-OFF OF TRANSACTIONS BETWEEN SEGMENTS	GROUP
Other operating income	1,615	3,490	8	(2,886)	2,227
Distribution expenses	(10,910)	(7,311)	(97)	(249)	(18,568)
Administrative expenses	(8,215)	(6,962)	(40)	2,438	(12,779)
Other operating expenses	(341)	(1,269)	(42)	229	(1,423)
Other Income / (Losses)	195	187	-	-	382
Operating profit / (loss)	11,010	6,199	29	(36)	17,202
Interest & related (expenses)/income	(2,716)	(2,668)	(37)	-	(5,421)
(Profit / (loss) from companies consolidated with the Equity method	761	652	-	-	1,413
Total Earnings / (losses) before tax	9,055	4,183	(8)	(36)	13,194
Depreciations	(3,677)	(3,564)	(98)	16	(7,323)
Total Earnings / (losses) before interest, tax, depreciation & amortization (EBITDA)	14,687	9,763	127	(52)	24,525

BALANCE SHEET OF 31.12.2014	TECHNICAL FABRICS	PACKAGING	AGRICULTU RAL UNIT	WRITE-OFF OF TRANSACTIONS BETWEEN SEGMENTS	GROUP
Segment assets	136,632	114,775	2,112	(6,597)	246,922
Total consolidated assets	136,632	114,775	2,112	(6,597)	246,922

INCOME STATEMENT FOR THE PERIOD FROM 1.1 - 30.9.2014	TECHNICAL FABRICS	PACKAGING	AGRICULTU RAL UNIT	WRITE-OFF OF TRANSACTIONS BETWEEN SEGMENTS	GROUP
Turnover	136,885	83,378	426	(8,322)	212,367
Cost of sales	(114,815)	(65,944)	(501)	8,512	(172,748)
Gross profit	22,070	17,434	(75)	190	39,619
Other operating income	1,401	3,323	6	(2,409)	2,321
Distribution expenses	(9,691)	(7,671)	(16)	43	(17,336)
Administrative expenses	(7,006)	(6,707)	39	1,826	(11,848)
Other operating expenses	(695)	(1,649)	(5)	397	(1,952)
Other Income / (Losses)	486	(80)	-	-	407
Operating profit / (loss)	6,565	4,650	(51)	47	11,211
Interest & related (expenses)/income Profit / (loss) from companies	(1,730)	(2,329)	(54)	-	(4,113)
consolidated with the Equity method	441	494	-	-	935
Total Earnings / (losses) before tax	5,276	2,814	(105)	47	8,032
Depreciations	(3,068)	(3,330)	(67)	-	(6,465)
Total Earnings / (losses) before
interest, tax, depreciation &
amortization (EBITDA)	9,633	7,980	16	47	17,676

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 1/1/2015 – 30/09/2015 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 1/1/2015 – 30/09/2015 are presented below.

Income		1.1 – 30.9.2015		1.1 –30.9.2014
	Group	Company	Group	Company
Subsidiaries	-	7,317	-	6,356
Related Companies	4,840	591	6,846	1,972
Total	4,840	7,908	6,846	8,328

Expenses	1.1 – 30.9.2015		1.1 –30.9.2014
	Group	Company	Group	Company
Subsidiaries	-	382	-	3,622
Related Companies	1,262	161	1,723	135
Total	1,262	543	1,723	3,757

Trade and other receivables	30.9.2015		31.12.2014
	Group	Company	Group	Company
Subsidiaries	-	9,046	-	3,281
Related Companies	2,605	356	2,322	819
Total	2,605	9,402	2,322	4,100

Suppliers and Other Liabilities	30.9.2015		31.12.2014
	Group	Company	Group	Company
Subsidiaries	-	12	-	2,490
Related Companies	13	-	52	6
Total	13	12	52	2,496

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.

15. Remuneration of Board of Directors

BoD Fees		Group	Company
	30.9.2015 30.9.2014		30.9.2015	30.9.2014
BoD Fees	3,152	2,419	924	726

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
	30.9.2015	30.9.2014	30.9.2015	30.9.2014
Regular employees	608	575	47	51
Day-wage employees	1,043	978	27	22
Total	1,651	1,553	74	73

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 September 2015, is as follows:

Companies consolidated with the full consolidation method	30.9.2015	31.12.2014
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
MARZENNA LTD	-	66
THRACE GREENHOUSES SA	1,785	1,785
Total	68,684	68,750

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, 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.

Specifically, there is joint management with the other shareholder in the companies Lumite Inc. (50% owned by Thrace Plastics Group), Thrace Sarantis SA (50%), Thrace Greiner Packaging SRL (46.42%) and Thrace Eurobent SA (51%). Both shareholders possess rights on the companies' assets. The parent company holds directly the company Thrace Sarantis SA with the value of its participation set at € 1,100 as well as the company Thrace Eurobent SA with participation value of € 204.

Company	Country of Domicile	Business Activity	Equity
			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.	46.42%
		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.
Thrace Eurobent S.A.	Greece	The company activates in the manufacturing of waterproof products via the use of Geosynthetic Clay Liner – GCL.	51%

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 –30.9.2015	1.1 - 31.12.2014
equity method
Balance at beginning	8,585	7,305
Capital increases	204	-
	1,413	1,166
Participation in profit / (losses) of joint ventures	(596)	(450)
Dividends	449	564
Foreign exchange differences and other reserves
Balance at end	10,055	8,585

18. Commitments and Contingent Liabilities

On 30 September 2015 there are no significant legal issues pending that may have a material effect in the financial position of the Companies in the Group.

An amount of taxes – surcharges of € 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. With regard to the above amount, no provision has been formed in the Group's financial statements.

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 € 837.

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. Significant Events

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 17% 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 September 2015, 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.

Below the most important events of the 9-month period of 2015 are presented:

• On 20 February 2015, the Group established the company "Thrace Eurobent S.A." which activates in the manufacturing of waterproof products via the use of Geosynthetic Clay Liner – GCL. "Thrace Plastic Co S.A." and the Polish company "Eurobent Sp. zo.o." participate in the new company's share capital with 51% and 49% respectively. The company's headquarters and production facilities are located in Xanthi, Greece.

• The Annual Ordinary Shareholders' Meeting that convened on 15 April 2015 approved the annual financial statements and the distribution of a dividend amounting to Euro one million (1,000,000 gross amount) from which a tax amount of 10% was withheld according to the article 64 of Law 4172/2013. The payment of the above approved distributed amount commenced on 27th April 2015.

According to the Law 4334/2015, which is in effect from 16/07/2015, the income tax rate imposed on legal entities increased from 26% to 29% for earnings recorded in the financial years beginning from 01/01/2015. For this reason, the recorded taxes on the Financial Statements were calculated according to the new increased tax rate.

• In application with the clauses of paragraph 4.1.3.1 of the Regulation of the Athens Exchange and of article 10, paragraph 1 of L. 3340/2005, and in continuation of the special tax audit for the financial year 2014, which was conducted by the legal auditors according to article 65Α, Law

4174/2013, the relevant tax certificates with conclusion titled "without reservation" were issued for the Company as well as its subsidiaries « Thrace Non Wovens & Geosynthetics S.A.», «Thrace-Sarantis S.A.», «Thrace Plastics Pack S.A.» and «Thrace Greenhouses S.A.».

21. 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.

22. Online availability of financial report

The Interim Condensed Financial Information of the company THRACE PLASTICS Co. S.A. are 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 23 November 2015 and is signed by the representatives of such.

The Chairman and Chief Executive Officer	The Vice-Chairman of the Board	The Head of Financial Services	The Head Accountant
KONSTANTINOS ST.	THEODOSIOS A.
CHALIORIS	KOLYVAS	SPYRIDON A. NTAKAS	FOTINI K. KYRLIDOU
			ID NO. ΑΚ 104541
ID NO. ΑΜ 917042	ID NO. ΑΙ 101026	ID NO. ΑΕ 044759	Accountant Lic. Reg. No. 34806
			Α' CLASS

V. DATA AND INFORMATION

23 November 2015 www.thracegroup.gr ASSETS 30/09/2015 31/12/2014 30/09/2015 31/12/2014 1/1 - 30/09/2015 1/1 - 30/09/2014 1/1 - 30/09/2015 1/1 - 30/09/2014 Operating activities Tangible fixed assets 84,329 74,667 7,304 8,711 Earnings, before taxes and minority interest 13,194 8,032 274 (960) Investment property 110 110 110 110 Plus/Minus adjustments for: Intangible assets 10,854 10,778 124 157 Depreciations 7,324 6,465 728 724 Participations in subsidiaries - - 68,684 68,750 Provisions 2,373 2,018 861 478 Participations in companies consolidated with the equity method 10,055 8,585 1,304 1,100 Foreign exchange differences (358) (165) (13) (17) Other non-current assets 8,967 6,416 1,734 949 (Profit)/loss from sale of fixed assets (16) (494) (3) (2) Inventories 51,400 48,861 2,167 2,608 (Profit)/loss from investments - (3) 6 6 - Trade receivables 64,189 53,042 4,343 8,116 Income from investments - - (1,500) - Other current assets 9,353 11,584 11,069 2,807 Financial (income) / expenses 4,918 3,567 1,275 858 Cash & cash equivalents 24,629 32,879 1,588 11,796 (Profit)/loss from companies consolidated with the equity method (1,413) (926) - - TOTAL ASSETS 263,886 246,922 98,427 105,104 Operating profit before changes in working capital 26,022 18,494 1,688 1,081 (Increase) / Decrease of receivables (11,921) (12,526) (5,208) (690) EQUITY & LIABILITIES (Increase) / Decrease of inventories (2,968) 4,303 421 (191) Share capital 29,762 29,762 29,762 29,762 (Decrease) / Increase of liabilities (apart from banks) 5,061 1,091 (3,677) 1,363 Other equity 93,468 81,081 41,787 43,240 Other non cash movements 1,429 6 6 ¹⁰⁶ - Total Shareholders' Equity (a) 123,230 110,843 71,549 73,002 Cash equivalents from operating activities 17,623 11,428 (6,670) 1,563 Minority interest (b) 1,819 1,610 - - Minus: Total Equity (c) = (a) + (b) 125,049 112,453 71,549 73,002 Interest expenses and related expenses paid (3,122) (3,585) (822) (983) Long-term debt 7,547 9,468 - - Taxes (3,830) (2,225) (1,867) (526) Provisions/Other-long-term liabilities 20,440 22,071 ⁹⁵² 1,039 Total inflows/(outflows) from operating activities (a) 10,671 5,618 (9,359) 5 4 Short-term bank debt 57,589 56,190 21,916 22,027 Investment activities Other-short-term liabilities 53,261 46,740 4,010 9,036 Proceeds from sales of tangible and intangible assets 100 1,077 922 - Total liabilities (d) 138,837 134,469 26,878 32,102 Interest received ^{248 368} 8 0 ²⁴⁸ TOTAL EQUITY & LIABILITIES (c) + (d) 263,886 246,922 98,427 105,104 Dividends received 246 - 1,500 - Increase of participations in subsidiaries/associates (204) - (204) (1,115) Receipt due to sale of participation - 350 - - Purchases of tangible and intangible fixed assets (14,626) (10,839) (208) (1,325) Other investments - 777 - - 1/1 - 30/09/2015 1/1 - 30/09/2014 1/1 - 30/09/2015 1/1 - 30/09/2014 Total inflows / (outflows) from investment activities (b) (14,236) (8,267) 2,090 (2,192) 112,453 113,706 73,002 77,992 Financing activities Receipts from grants - subsidies 7 1 - - - Proceeds from issued / undertaken loans 6,306 6,774 - - Purchase of treasury shares (812) - (812) - Other comprehensive income 4,410 (546) - - Repayments of loans (8,071) (13,828) (111) (93) Distributed dividends (1,000) (2,244) (1,000) (2,244) Finance leases (730) (4) - - Issued shares - - - - Dividends paid (2,016) (2,232) (2,016) (2,232) Purchase of treasury shares (812) - (812) - Total inflows / (outflows) from financing activities (c) (5,252) (9,290) (2,939) (2,325) Profit distribution - - - - Net increase / (decrease) in cash & cash equivalents Other changes (7) (11) (8) - for the period (a) + (b) + (c) (8,817) (11,939) (10,208) (4,463) 125,049 117,305 71,549 74,845 Cash & cash equivalents at the beginning of the period 32,879 41,622 11,796 15,028 567 168 - - Cash & cash equivalents at the end of the period 24,629 29,851 1,588 10,565 STATEMENT OF COMPREHENSIVE INCOME 1/1 - 30/09/2015 1/1 - 30/09/2014 1/7 - 30/09/2015 1/7 - 30/09/2014 1/1 - 30/09/2015 1/1 - 30/09/2014 1/7 - 30/09/2015 1/7 - 30/09/2014 Turnover 222,646 212,367 77,545 75,018 10,067 12,457 2,958 3,961 Gross profit/(losses) 47,363 39,619 16,604 13,726 876 1,475 67 420 Earnings/(losses) before Interest and Taxes (EBIT) 17,202 11,211 6,299 4,684 114 (107) (191) 53 Earnings / (losses) before Taxes 13,194 8,032 5,653 3,782 274 (960) 838 (263) Earnings / (losses) after Taxes (A) 10,005 6,400 4,126 3,132 367 (903) 845 (240) - Owners of the parent 9,799 6,254 4,056 3,097 - - - - - Minority interest 206 146 70 35 - - - - Other comprehensive income after taxes (B) 4,410 (546) (6,382) 954 - - - - Total comprehensive income after taxes (A) + (B) 14,415 5,854 (2,256) 4,086 367 (903) 845 (240) - Owners of the parent 14,206 5,706 (2,329) 4,053 - - - - - Minority interest 209 148 73 33 - - - - Earnings / (losses) after taxes per share – basic (in €) 0.2207 0.1389 0.0913 0.0688 - - - - 24,526 17,676 8,769 6,864 842 617 49 290 ADDITIONAL DATA & INFORMATION 7. Income tax in the statement of comprehensive income is analyzed as follow s: 1. 1/1 - 30/09/2015 1/1 - 30/09/2014 1/1 - 30/09/2015 1/1 - 30/09/2014 Income Tax (3,474) (1,864) - - 2. The basic accounting principles of the balance sheet for 31/12/2014 have been follow ed. Deferred tax ^{285 232 93 57} (3,189) (1,632) 93 57 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 30/09/2015 31/12/2014 30/09/2015 31/12/2014 4. The follow ing liens or collateral have been w ritten on fixed assets 2,140 - Provision for doubtful debt 7,219 6,790 2,461 2,461 Provision for staff indemnities 14,316 15,785 428 409 5. Number of employed staff at the end of each period: Provisions for tax differences from unaudited fiscal years 1,034 1,034 167 167 30/9/2015 30/9/2014 30/9/2015 30/9/2014 Provision for inventory impairment 2,903 1,984 20 0 1,651 1,553 74 73 6. The transactions betw een related parties, according to I.A.S. 24, are as follow s: 9. GROUP COMPANY i) Income 4,840 7,908 ii) Expenses 1,262 543 10. Other comprehensive income concerns the follow ing : iii) Receivables 2,605 9,402 iv) Liabilities 13 12 1/1 - 30/09/2015 1/1 - 30/09/2014 1/1 - 30/09/2015 1/1 - 30/09/2014 v) Transactions & Remuneration of Board members and senior executives 3,152 2,419 Forex differences from Balance Sheet Conversion 2,333 3,249 - - Actuarial Profit / (Loss) 2,077 (3,795) - - 4,410 (546) - - Avdira, 23 November 2015 The Head of Financial Services SPYRIDON A. NTAKAS ID No. ΑM 917042 ID No. ΑΕ 044759 THEODOSIOS A. KOLYVAS FOTINI K. KYRLIDOU GROUP COMPANY ID No. ΑΙ 101026 ID No. ΑΚ 104541 Professional Lic. No. 34806 - Α' CLASS GROUP COMPANY The Vice-Chairman The Head Accountant No company of the Group ow ns treasury shares, except for the parent company. On 30/9/2015 the Company held 843,310 shares at an acquisition cost of 945,324.72 (in absolute numbers). KONSTANTINOS ST. CHALIORIS The Chairman and Chief Executive Officer 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. STATEMENT OF FINANCIAL POSITION STATEMENT OF CASH FLOWS GROUP COMPANY GROUP COMPANY Amounts in thousand Euro, unless stated otherwise 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 2015 to 30 September 2015 According to Decision No. 4/507/28.4.2009 issued by the Board of Directors of the Hellenic Capital Market Commission COMPANY Approval date of the interim financial information by the Board of Directors: COMPANY Information regarding the Group structure, participations in subsidiaries and their consolidation method are presented in note 1 of the condensed notes, w hile the tax unaudited financial years are reported in note 8 of the condensed notes. GROUP COMPANY Earnings/ (losses) before Interest, Taxes, Depreciation & Amortization (EBITDA) GROUP Company Website: Effect from changes of exchange rates on cash & cash equivalents Total equity at end of period GROUP STATEMENT OF CHANGES IN EQUITY GROUP COMPANY Total equity at beginning of period (01/01/2015 and 01/01/2014 respectively) Earnings / (losses) for the period after taxes 10,005 6,400 367 (903)