Anek Lines S.A. — Audit Report / Information 2017

Mar 13, 2018

COMPANY INFORMATION					TOTAL COMPREHENSIVE INCOME (parent company and consolidated)
Supervising authority: Ministry of Development, Societe Anonyme Division					(Amounts in € thousand) Group Company
Company's website: www.anek.gr Board of Directors: Katsanevakis Georgios (Chairman), Protopapadakis Spyridon (Vice Chairman), Vardinoyannis Ioannis (Managing Director),						from 01.01 to 31.12.2017	31.12.2016	from 01.01 to 31.12.2017	31.12.2016
Archontakis Georgios (Deputy Managing Director), Apostolakis Emmanouil (Non executive member), Achlioptas Konstantinos (Non executive
member), Georvasakis Michael (Non executive member), Ioannidis Ioannis (Independent non executive member), Marakakis Michael (Independent					Turnover	164.749	157.583	149.304	138.176
non executive member), Markantonakis Alexandros (Independent non executive member), Stavropoulos Ioannnis (Non executive member)					Gross profit / (loss)	31.441	41.051	28.002	35.101
Date of approval of the annual financial statements: March 13, 2018 Certified auditors - accountants: Antonakakis Konstantinos (SOEL Reg. No. 22781), Arampatzis Konstantinos (SOEL Reg. No. 34351) Auditing firms: GRANT THORNTON (Reg. No 127), SOL SA (Reg. No 125) Type of auditors' report: Unqualified opinion					Earnings / (losses) before taxes, financing and investing results (EBIT) Earnings / (losses) before taxes (EBT)	2.340 8.716	16.056 1.883	3.030 12.729	14.308 824
					Earnings / (losses) after taxes (A)	8.144	1.270	12.612	726
					Owners of the parent	9.810	634	-	-
					Non-controlling interests	(1.666)	636	-	-
STATEMENT OF FINANCIAL POSITION (parent company and consolidated)	Other comprehensive income after taxes (Β)	19	108	23	109
					Total comprehensive income after taxes (Α) + (Β)	8.163	1.378	12.635	835
(Amounts in € thousand)	Group 31.12.2017	31.12.2016	Company 31.12.2017	31.12.2016	Owners of the parent Non-controlling interests	9.831 (1.668)	742 636	- -	- -
ASSETS
Tangible assets	266.924	265.952	259.494	255.954	Basic earnings / (losses) after taxes per share - (in €)	0,0520	0,0034	0,0669	0,0039
Investments in property	1.764	1.769	689	694	Diluted earnings / (losses) after taxes per share - (in €)	0,0391	0,0034	0,0498	0,0039
Intangible assets	62	10	62	10	Proposed dividend per share - (in €)	-	-	-	-
Other non-current assets	2.328	2.272	9.125	8.559
Inventories Trade receivables	2.948 35.782	2.592 37.070	1.755 38.137	1.591 33.443	Earnings / (losses) before taxes, financing and investing results, depreciation and amortization (EBITDA)	12.777	25.572	13.216	23.118
Other current assets	6.114	11.259	3.932	11.438
Cash & cash equivalents	6.826	11.903	3.217	8.904
TOTAL ASSETS	322.748	332.827	316.411	320.593	CASH FLOW STATEMENT (parent company and consolidated)
					(Amounts in € thousand)	Group		Company
EQUITY & LIABILITIES						from 01.01 to		from 01.01 to
Share capital	56.597	56.597	56.597	56.597		31.12.2017	31.12.2016	31.12.2017	31.12.2016
Other equity items Equity attributable to shareholders of the parent (a)	(56.742) (145)	(68.690) (12.093)	(50.592) 6.005	(65.306) (8.709)	Operating activities Earnings / (losses) before taxes	8.716	1.883	12.729	824
Non-controlling interests (b)	2.895	4.752	-	-	Adjustments for:
Total Equity (c) = (a) + (b)	2.750	(7.341)	6.005	(8.709)	Depreciation	10.619	9.704	10.186	8.810
Long-term borrowings	242.729	3.463	242.729	3.463	Grants amortization	(182)	(188)	-	-
Provisions and other long-term liabilities	19.776	21.400	17.832	19.191	Assets impairment	2.539	-	-	-
Short-term borrowings	17.489	282.135	16.848	281.916	(Gain) / loss from disposal of property, plant and equipment	-	(4)	-	-
Other short-term liabilities	40.004	33.170	32.997	24.732	Provisions	4.288	4.388	4.279	4.329
Total liabilities (d)	319.998	340.168	310.406	329.302	Exchange differences	(326)	16	(309)	23
TOTAL EQUITY AND LIABILITIES (c) + (d)	322.748	332.827	316.411	320.593	Results of investing activity Financial expenses (less financial income)	(2.490) (6.123)	147 14.010	(3.186) (6.205)	(505) 13.966
						17.041	29.956	17.494	27.447
STATEMENT OF CHANGES IN EQUITY (parent company and consolidated)
(Amounts in € thousand)	Group		Company		Adjustments for changes in working capital:
	31.12.2017	31.12.2016	31.12.2017	31.12.2016	Decrease / (increase) of inventories	(406)	123	(164)	208
Equity at the beginning of the year (01.01.2017 and 01.01.2016, respectively)	(7.341)	(8.555)	(8.709)	(9.544)	Decrease / (increase) of receivables	(1.074)	191	(3.764)	(731)
Total comprehensive income after taxes Dividends paid	8.163 (189)	1.378 (164)	12.635 -	835 -	Increase / (decrease) of liabilities (other than borrowings) Less:	7.566	(3.855)	8.331	(2.820)
Other equity movements	2.117	-	2.079	-	Interest and financial expenses paid	(8.935)	(1.615)	(8.837)	(1.558)
Equity at the end of the year (31.12.2017 and 31.12.2016, respectively)	2.750	(7.341)	6.005	(8.709)	Income tax paid	(826)	(575)	(88)	(100)
					Cash flows from operating activities (a)	13.366	24.225	12.972	22.446
	ADDITIONAL DATA & INFORMATION
					Investing activities
1. Group entities that are included in the consolidated financial statements are presented in note 1 in the annual financial statements as of 31.12.2017 including locations, percentage Group ownership and consolidation method. 2. The basic accounting principles adopted in the financial statements, are consistent with					Acquisition of affiliates, securities and other investments Proceeds from the sale of securities and investments	(53) 5.396	(2.168) -	(2) 4.800	(2.168)
those of the annual financial statements as at 31.12.2016 adjusted with the revisions to IFRS. 3. There are no litigious disputes or disputes in arbitration against the Group that could significantly affect the financial position. Τhe recorded relevant provisions as at 31.12.2017 for the Group amount to € 904 thousand and					Purchase of tangible and intangible assets	(14.176)	(5.304)	(13.772)	- (4.478)
for the Company amount to €770 thousand. 4. The number of employees at 31.12.2017 was 750 persons for th Group (694 for the Company) and at 31.12.2016 was 749 persons (640 for the Company). 5. At the end of the period no shares of the parent company were possessed by the parent company neither by any					Proceeds from the sale of property, plant and equipment	-	4	-	-
subsidiary or associate company. 6. Group other comprehensive income for the fiscal years 2017 and 2016 refer totally to actuarial profits. "Other equity movements" in statement of changes in equity for 2017 refers by € 2.079 thousand to a reserve from a convertible bond of the Parent company and by € 38					Interest received	22	15	5	4
thousand to the effect from a subsidiary's deletion from consolidation 7. The provisions for the un-audited tax years of the Group companies, which are presented in note 21 of the annual financial statements, amounted to € 338 thousand (€ 278 thousand for the Company).The accumulated provisions for					Dividends received	-	-	175	151
doubtful debts amounted to € 36.392 thousand for the Group and € 34.931 thousand for the Company, while the provisions for retirement benefits amounted to € 2.429 thousand for the Group and € 2.289 thousand for the Company. Other provisions amounted to € 272 thousand for the Group and € 145 thousand for					Cash flow from investing activities (b)	(8.811)	(7.453)	(8.794)	(6.491)
the Company. 8. The ratio "Earnings / (losses) after taxes per share basic - (in €)" are calculated based in the weighted average number of total shares. For the calculation of the diluted earnings per share were taken into account the potential shares from the Parent company's convertible bond according the relevant
terms of issue and the IAS 33 requirements. 9. Intercompany transactions (inflows and outflows) since the beginning of the current year and intercompany balances as of 31.12.2017 that have resulted from the transactions with the related parties, as defined by IAS 24, are as follows:					Financing activities Payments of capital leases	(1.369)	(1.250)	(1.369)	(1.250)
(Amounts in € thousand)		Group	Company		Proceeds from borrowings	5.346	-	4.924	-
a) Inflows		-	8.998		Payment of borrowings	(13.420)	(9.876)	(13.420)	(9.778)
b) Outflows		280	415		Dividends paid	(189)	(135)	-	-
c) Receivables		15.895	23.218		Cash flow from financing activities (c)	(9.632)	(11.261)	(9.865)	(11.028)
d) Payables		352	289
e) Key management compensations		1.629	1.316		Net increase / (decrease) in cash and cash equivalents (a) + (b) + (c)	(5.077)	5.511	(5.687)	4.927
f) Receivables from key management g) Payables to key management		- 45	- 6		Cash and cash equivalents at beginning of the year Cash and cash equivalents at the end of the year	11.903 6.826	6.392 11.903	8.904 3.217	3.977 8.904
					Chania, 13 March 2018
THE VICE CHAIRMAN		THE MANAGING DIRECTOR			THE CHIEF FINANCIAL OFFICER	THE CHIEF ACCOUNTANT
SPYRIDON I. PROTOPAPADAKIS	IOANNIS I. VARDINOYANNIS				STYLIANOS I. STAMOS	IOANNIS E. SPANOUDAKIS

ANEK LINES S.A.

Financial data and information for the period from 1 January 2017 to 31 December 2017

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

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

The following data and information are to provide users with general information for the financial position and the results of operations of ANEK LINES SA and the Group. Therefore, it is recommended to any user, before proceeding to

any kind of investing decision or other transaction with the Company, to visit the Company's web site, where the financial statements and the Auditor's Report, when is reqiuired, are published.

Registered Office: 148 Karamanli Avenue, Chania

ID No ΑΑ 490648

ID No Π 966572

ID No Μ 068570

IOANNIS E. SPANOUDAKIS H.E.C. License No 20599 A' Class