Anek Lines S.A. — Interim / Quarterly Report 2017

Sep 27, 2017

CONTENTS

STATEMENT OF BOARD OF DIRECTORS3
REVIEW REPORT ON INTERIM FINANACIAL INFORMATION 4
SEMI ANNUAL REPORT OF THE BOARD OF DIRECTORS6
INTERIM SEPARATE & CONSOLIDATED FINANCIAL STATEMENTS AS OF 30 JUNE 2017 14
STATEMENTS OF COMPREHENSIVE INCOME15
STATEMENTS OF FINANCIAL POSITION 16
STATEMENTS OF CHANGES IN EQUITY 17
STATEMENTS OF CASH FLOW 18
INFORMATION AND EXPLANATORY NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD 01.01.2017 – 30.06.2017 19
1. General information for the Company and the Group20
2. Preparation basis of the financial statements and accounting principles21
3. Seasonal nature of business activities25
4. Segmental information 25
5. Fixed assets 26
6. Financial assets at fair value through profit & loss28
7. Cash and cash equivalents28
8. Long term bank borrowings 28
9. Other long term liabilities29
10. Earnings / (losses) per share29
11. Income tax29
12. Balances and transactions with related parties30
13. Commitments31
14. Contingent liabilities /receivables - litigious disputes or disputes in arbitration32
15. Post balance events 32
DATA & INFORMATION FOR SEMI-ANNUAL PERIOD 2017 34

The attached semiannual financial report has been prepared according to article 5 of the law 3556/2007 and has been approved for publishing by the Board of Directors of the parent company at the date of 27 th September 2017 and is disclosed in the web address of the Company www.anek.gr.

The attached semi annual financial report has been translated from the Greek original version.

ANEK LINES S.A No of G.E.C.R.: 121557860000 148 KARAMANLI AVE., 73100 CHANIA, CRETE TEL. : 28210 24000, FAX: 28210 36200 e-mail: info@anek.gr www.anek.gr

STATEMENT OF BOARD OF DIRECTORS

(according to article 5 par.2 of Law 3556/2007)

The members of the Board of Directors of ANEK SA:

• Georgios Katsanevakis, Chairman,
• Ioannis Vardinoyannis, Managing Director,
• Spyridon Protopapadakis, Vice-Chairman as assigned

hereby represent that, to the best of our knowledge:

a) the semi-annual financial statements (separate and consolidated) for the period 1st January 2017 to 30th June 2017, prepared according to the applicable International Financial Reporting Standards, present truly and fairly the assets and liabilities, the equity and the financial results of the Company ANEK LINES SA, as well as of the consolidated companies according to paragraphs 3 to 5 of article 5 of Law 3556/2007, and

b) the semi-annual enclosed Report of Board of Directors presents fairly the information required according to paragraph 6 of article 5 of Law 3556/2007.

Chania, September 27 th 2017

The Chairman The Managing Director The Vice-Chairman

GEORGIOS G. KATSANEVAKIS IOANNIS I. VARDINOYANNIS SPYRIDON I. PROTOPAPADAKIS ID Card No. AI 473513 ID Card No. Π 966572 ID Card No. AA 490648

REVIEW REPORT ON INTERIM FINANCIAL INFORMATION

To the Shareholders of the Company ANEK LINES S.A.

Introduction

We have reviewed the accompanying condensed separate and consolidated statement of financial position of the Company "ANEK LINES A.E." as at 30 June 2017 and the relative condensed separate and consolidated statements of comprehensive income, changes in equity and cash flows for the six-month period then ended, as well as the selected explanatory notes, that constitute the condensed interim financial information, which is an integral part of the six-month financial report under the 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 adopted by the European Union (EU) and which apply to Interim Financial Reporting (International Accounting Standard "IAS 34"). Our responsibility is to express a conclusion on this condensed interim 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 condensed interim financial information is not prepared, in all material respects, in accordance with International Accounting Standard "IAS 34".

Emphasis of Matters

We draw your attention to:

a) note (14) to the interim financial information where reference is made to the maritime incident of the chartered ship Norman Atlantic that occurred in December 2014. The incident, which is insured by an international Mutual Insurance Co-operative, is still under investigation in the Courts of Italy while a significant number of claims have already been settled out of court. Since the legal procedure is in progress, uncertainty exists as to the final outcome of the case and its contingent effects on the financial statements of

the Group.

b) note (2) to the interim financial information where reference is made to the matter of the going concern assumption assessment and in particular to the fact that the capital adequacy of the Group has not been restored and are applicable for the Company the provisions of the article 48 of cod. L. 2190/1920.

The above facts indicate the existence of uncertainty about the Group's ability to continue unhindered in operation as a going concern. Our conclusion is not qualified in respect of the aforementioned matters.

Report on Other Legal and Regulatory Requirements

Our review did not identify any inconsistency or mismatching of the other data of the provided by the article 5 of L. 3556/2007 six-month financial report with the accompanying condensed interim financial information.

Athens, September 27 th 2017

The Certified Public Accountants - Auditors

KONSTANTINOS EM. ANTONAKAKIS KONSTANTINOS ATH. ARAMPATZIS Institute of CPA (SOEL) Reg. No. 22781 Institute of CPA (SOEL) Reg. No. 34351

Chartered Accountants Management Consultants 56, Zefirou Str., 175 64 Palaio Faliro Institute of CPA (SOEL) Reg. No. 127

Associated Certified Public Accountants s.a. member of Crowe Horwath International 3, Fok. Negri Street - 112 57 Athens, Greece Institute of CPA (SOEL) Reg. No. 125

SEMI ANNUAL REPORT OF THE BOARD OF DIRECTORS

The attached report of the Board of Directors of ANONIMI NAFTILIAKI ETAIREIA KRITIS S.A. refers to the interim separate and consolidated financial statements as of 30 June 2017 and was prepared according to the article 5 of law 3556/2007 and the implementing decisions of the Hellenic Capital Committee and in particular the decision 7/448/11.10.2007. In the attached report is included information regarding the business activities of the Group and the Company, the financial position, the financial results and the significant events during the first half of 2017. Additionally, the report includes the main risks and uncertainties that the Company may face in the second semester of the year and the most significant related party transactions.

Ι. OVERVIEW OF ACTIVITIES & FINANCIAL POSITION

The year 2017 is a landmark year for ANEK, as it completes 50 years of uninterrupted and dynamic presence in the passenger shipping industry. In the half-century of life, the Company contributed decisively to the upgrading of coastal services in the country and also to the strengthening of the Greek presence on the international routes of Adriatic, implementing responsible social and environmental policies and supporting culture, education and sports.

Following the last two profitable fiscal years, ANEK Group retained its profitability in the first half of 2017, improving significantly net results compared to the corresponding period of the previous year. The increase in the average fuel price of more than 50% compared to the first half of 2016, has led to the burdening of operating costs and the reduction in EBITDA. However, lower financial costs, financial income and positive investment results of the first half of 2017, led to a significant improvement in net results, strengthening Group's equity. Also, through the loan restructuring of the Parent company, completed in March 2017, are achieved the financial stability of the Group, the gradual recovery of working capital and the strengthening of the capital structure.

The coastal shipping companies' activity is characterized by strong seasonality, which has an impact on revenue and results of the interim financial statements. Higher sales of Group are recorded in the third quarter of each year and are not reflected in the current financial statements, and thus the operating results for the first semester are not indicative of annual results.

During the first half of 2017, ANEK Group operated through privately owned and chartered vessels

in routes in Adriatic Sea (Ancona and Venice), Crete (Chania and Heraklion), Dodecanese islands and Cyclades. In Cyclades and Dodecanese continued to operate in public service routes. In Crete and Adriatic routes the Group's vessels executed combined itineraries jointly with vessels of "ATTICA S.A. HOLDINGS". In parallel, under the scope of a more efficient management of the fleet, have been occurred charters of Company's vessels abroad. By showing an increase in all transport categories and executing 7% more itineraries compared to the first half of 2016, ANEK Group during the first half of 2017 in all routes operated transferred 356 thousand passengers compared to 339 thousand, 62 thousand private vehicles compared to 56 thousand and 70 thousand trucks compared to 67 thousand.

The key figures and their variations included in the Group's financial statements are as follows:

• Turnover for the first half of 2017 has been slightly increased and amounted to € 65,3 million compared to € 65,0 million in the corresponding period of 2016.
• Cost of Sales for the first half of 2017 formed at € 64,9 million from € 53,8 million in the first half of 2016, mainly due to the fuel prices increase.
• As a result of the above, Group's gross profits amounted to € 0,4 million versus € 11,2 million in the comparable period.
• Respectively, earnings before interest, taxes, depreciation and amortization (EBITDA) in the first half amounted to losses of € 6,3 million compared to profits of € 4,9 million in the corresponded period of the previous year.
• Group's net financial cost for the first half of 2017 amounted to € 4,6 million versus € 9,1 million in the first half of 2016, while the restructuring of the Parent's long-term borrowing resulted to an income from write-off of capitalized interest amounting to € 15,5 million. Moreover, the results from investing activities also resulted in profits of € 2,5 million against losses of € 0,1 million in the comparable period.
• Finally, net results after tax and minority interests amounted to profits of € 2,1 million compared to losses of € 9,1 million in the first half of 2016.
• Key items of the statement of financial position
• Group's fixed assets as at 30.06.2017 amounted to € 272,2 million compared to € 266,0 million at the end of the previous year. Depreciation for the period amounted to € 5,1 million and additions to € 11,3 million.
• Group's trade receivables as at 30.6.2017 formed at € 42,4 million compared to € 37,1 million

in 31.12.2016, while other short-term receivables amounted to € 6,2 million compared to € 5,7 million.

• Cash and cash equivalents as at 30.06.2017 amounted to € 6,8 million compared to € 11,9 million at the end of the previous year.
• Group's long-term bank liabilities as at 30.06.2017 amounted to € 251,4 million compared to € 3,5 million at 31.12.2016. It is noted that from 31.12.2012 the Parent's long-term loans were reclassified to short-term bank liabilities, given the fact that terms of the relevant loan contracts were not met, as regard the servicing of the loans. However, following the restructuring of Parent's long-term borrowing, completed in March 2017, the new loans do appear normally in long-term liabilities. Respectively, Group's short-term bank liabilities at the end of the first half of 2017 stood at € 17,9 million compared to € 282,1 million at 31.12.2016.
• Trade payables as at 30.06.2017 amounted to € 31,6 million from € 23,0 million at 31.12.2016, while other short term liabilities amounted to € 26,7 million compared to € 10,1 million, mainly, due to the seasonality of sales (increase of deferred income by € 11,7 million referred to tickets for trips at a post later time of June 30th , 2017).

Cash flows

Group during first half of 2017 showed inflows from operating activities amounted to € 7,7 million compared to € 4,4 million in the corresponding period. Investing activities showed outflows of € 11,4 million compared to € 5,4 million in the first half of 2016. Finally, financing activities for the first half of 2017 showed outflows of € 1,4 million compared to € 0,3 million.

Financial ratios

• The gross profit margin (%) "Gross Profit / Turnover" of the Group for the first half of 2017 formed at 0,6%, compared to 17,2% in the corresponding period, due to the increase in vessels' operating cost.
• Indicators of general liquidity (:1) "Current assets / Current liabilities" and immediate liquidity (:1) "[Current assets - Inventory] / Current liabilities" stood at 0,87 and 0,83 respectively, versus 0,20 and 0,19 at 31.12.2016. These indicators have been significantly improved after the Parent's long-term loans restructuring.
• The debt ratios (:1) "Liabilities / Equity" and "Long and short term borrowings / Equity" are negative due to the Group's negative equity. The "Liabilities / (Equity + Liabilities)" ratio formed at 1,02 on 30.06.2017 remaining stable compared to the end of year 2016, while the "Long and short term borrowings / (Equity + Liabilities)" ratio formed at 0,79 compared to

0,86. All above ratios were significantly affected by the decrease in equity during the previous years.

• Finally, regarding the capital structure, the "Fixed Assets / Long Term Liabilities" and "Fixed Assets / Long-term Bank Liabilities" ratios on 30.06.2017 stood at 1,02 and 1,10 respectively. These ratios could not be deducted in the previous periods due to the reclassification of Parent's long-term loans to short-term liabilities.

ΙΙ. SIGNIFICANT EVENTS FIRST HALF 2017

• In February 2017, ANEK won the 3rd award in "Recovery of 2016 results" of the "MONEY" business prize, in recognition of the significant turnaround of the results and the return to profitability.
• In March 2017, the Parent's long-term debt restructuring was successfully completed. Under the terms of the new contracts, the repayment was agreed to be done gradually up to 2023, the interest rate burdening is significantly lower, while part of the capitalized interest was written off. Through the restructuring is ensured the financial stability of the Group, the gradual restoration of working capital and the strengthening of the capital structure. In the framework of the above restructuring, an extraordinary General Meeting of the Company's shareholders took place, which decided to issue a convertible bond loan amounting to € 22 million, according to the provisions of Codified Law 2190/1920 and Law 3156/2003, by private placement and abolition of the preference right of the old shareholders.
• On May 26, 2017, the Annual General Meeting of the Parent Company was held, and inter alia, elected the new Board of Directors of the Company and appointed its independent members according to the provisions of Law 3016/2002. The new Board of Directors was constituted as a body and distributed principles as follows:
• Georgios Katsanevakis of Georgios / Chairman, Executive Member
• Spyridon Protopapadakis of Ioannis / Vice Chairman, Executive Member
• Ioannis Vardinoyannis of Iosif / Managing Director, Executive Member
• Georgios Archontakis of Panagiotis / Deputy Managing Director, Executive Member
• Konstantinos Achlioptas of Dimitrios / Non-Executive Member
• Michael Georvasakis of Georgios / Non-Executive Member

• Jason Dallas of Panagiotis / Independent Non-Executive Member

• Ilias Deftereos of Spyridon / Independent Non-Executive Member

• Ioannis Ioannidis of Pavlos / Independent Non-Executive Member
• Michael Marakakis of Emmanouel / Independent Non-Executive Member
• Alexandros Markantonakis of Clearchos / Independent Non-Executive Member

ΙΙΙ. MAIN RISKS AND UNCERTAINTIES FOR THE 2ND HALF

Risk of fuel prices fluctuation

Fuel cost is the key operating cost incurred by the Group which has a direct effect on the results of each period and thus, a rise in fuel prices is the most important risk faced by the Group. Fuel prices are settled in Euro, but they are indirectly affected by the EUR/USD exchange rate used as a basis for the determination of the international prices. The sensitivity of the results and of the equity to a change in the average cost of fuels per metric ton -ceteris paribus- for the first half of 2017 was as follows:

Fuel price change	Effect on results and equity
± 5% / metric ton	(-/+) € 1,05 million
± 10% / metric ton	(-/+) € 2,10 million
± 20% / metric ton	(-/+) € 4,19 million

Interest rate fluctuation risk

ANEK has entered into agreements for long-term syndicated loans and credit accounts with different banks. Interests for all the above loans are calculated on the basis of the Euribor rate plus a margin. Consequently, the Company is exposed to a rate fluctuation risk, as it will be burdened with extra financial cost in the event of an increase in interest rates. The sensitivity of the results and equity to long term debt rate interest rate changes for the first half of 2017 was as follows:

Change of interest rate	Effect in the results and equity
± 0,5%	(-/+) € 0,67 million
± 1%	(-/+) € 1,34 million

Liquidity risk

Through the aforementioned restructuring of Parent's long-term borrowing is achieved, inter alia, the gradual recovery of working capital. In conjunction with the Group's management efforts to strengthen working capital, such as the further cutting down on operating costs and the settlement of tax liabilities to a later time, the liquidity risk is assessed as limited. However, in order to avoid possible inadequate liquidity, Group's management has placed efforts to secure that there is available bank credit at all times to

cover any extraordinary needs during low liquidity periods. In the event of breaching one or more conditions laid down in the loan agreements entered into by the Group or of the Group's management being unable to secure bank credit in order to cover extraordinary needs under acceptable terms, it may be occurred significantly adverse effect on the Group's business activity, operating results, cash flows and financial position.

Credit risk

Under the existing financial conditions, all companies are facing increased credit risks. The Group is following its customers' balances closely by applying credit control procedures and defining credit limits and specific credit policies for all the customer categories. Where it is necessary, it has obtained additional guarantees to secure the credit granted even more. The accumulative provisions formed have reached the amount of € 32,8 million, and it is considered adequate to deal with credit risk, while, there is significant dispersion of the Group's receivables. Although, that there is a concentration of receivables by the Joint venture, these receivables refer to a large number of debtors (agents, truck companies etc.) that are settled through the Joint venture (as a special scheme) and therefore the risk of concentration is limited. Regarding cash and cash equivalents, the Group is not exposed to any credit risk as there is natural hedging, given that there are also loan agreements entered into with the cooperating financial institutions.

Competition

The vessels of ANEK Group perform itineraries in routes where there is intensive competition, particularly in Greece-Italy and Piraeus-Crete routes. The effort made by each company to retain and increase its market share in the above markets may intensify competition even more, thus having an impact on their financial results. Moreover, as part of its shipping activities, the Group is trying to improve the allocation of vessels per route, optimize the profits acquired from existing (and possible new) routes and set its prices at competitive levels. A potential intensification of competition in the markets where the Group operates may have a significantly adverse effect on the Group's operating results, cash flows and financial position.

Foreign exchange risk

Both the Company and the Group are not exposed to increased foreign exchange risk since most transactions with customers and suppliers abroad are made in euro basis. There is a limited exchange risk caused by the market value of spare parts and other materials, or services procured in foreign currencies, which is small in relation to the total of purchases and expenses.

Regulatory risk

There is a risk of additional costs or investments of any changes in the environmental - regulatory framework related to the operation and supervision of passenger shipping activities of the Group.

ΙV. PROSPECTS FOR THE 2ND HALF OF 2017

The traffic of passengers and vehicles during the summer months of 2017 on the routes of ANEK's activity was quite positive. The Group's prospects at operational level for the second half of 2017 depend on the general course of the economy and the industry, as well as on the evolution of international oil prices. Despite the decline observed since 2015 and on, in the first half of 2017, prices fluctuated at a much higher level than in the comparable period, while fuel costs remain the most important element of the Group's operating cost. Given that the trend of the international oil price is an unpredictable factor, any further assessment of their impact on the results of the year would be arbitrary. Moreover, at the financial level, after the restructuring of Parent's long-term borrowing, borrowing cost for the second half of the year is expected to be significantly lower.

V. RELATED PARTY TRANSACTIONS

The most important transactions and balances between the Parent Company and its subsidiaries (LANE, ETANAP, LEFKA ORI, AIGAION PELAGOS, ANEK HOLDINGS), its associate (ANEK LINES ITALIA) and its related parties (JV ANEK S.A. & SUPERFAST ENDEKA (HELLAS) INC.), hereinafter "JOINT VENTURE", mainly, pertain to vessels' chartering, tickets issuance commissions, vessel agency, other services and the purchase of bottled water. Executives' fees refer to dependent employment services and BoD members' fees pertain to fees paid and remunerations for meetings. The invoicing of transactions between the above companies was done in accordance with the arm's length principle. Following are the most important transactions and balances between the Parent Company and its related parties, in accordance with IAS 24:

Income / Expenses

During the first half of 2017 ANEK invoiced the subsidiary AIGAION PELAGOS with the amount of € 4.173 thousand (€ 4.508 thousand in the first half of 2016) for chartering of vessels, tickets issuing commissions and management services provided and subsidiary LANE with the amount of € 72 thousand (€ 166 thousand in the corresponding period of 2016) for tickets issuing commissions and

management services provided. The subsidiary LANE invoiced AIGAION PELAGOS with the amount of € 120 thousand (€ 0 thousand in the first half of 2016) for vessel chartering. Moreover, subsidiary ETANAP invoiced the Parent company with the amount of € 61 thousand for the sale of goods (€ 137 thousand in the first half of 2016), while LEFKA ORI had income from ETANAP the amount of € 66 thousand (€ 64 thousand in the first half of 2016). Finally, the associated party ANEK LINES ITA-LIA in the first half of 2017 invoiced ANEK with the amount of € 105 thousand (€ 145 thousand in the comparable period) and the JOINT VENTURE ANEK - SUPERFAST with the amount of € 718 thousand (compared to € 585 thousand) for tickets issuing commissions.

Receivables / Liabilities

As at 30.06.2017 ΑΝΕΚ had a liability to the subsidiary ETANAP amounted to € 669 thousand (€ 29 thousand at 31.12.2016), a receivable from subsidiary LANE amounted to € 4.211 thousand (compared to € 3.437 thousand at 31.12.2016), a receivable from subsidiary AIGAION PELAGOS amounted to € 1.553 thousand (€ 786 thousand at the end of the previous year) and a receivable from subsidiary ANEK HOLDINGS of amount € 71 thousand (66 thousand at 31.12.2016). Moreover, ANEK at 30.6.2017 had a liability to the associate ΑΝΕΚ LINES ITALIA amounting to € 55 thousand (a receivable of € 1.572 thousand at 31.12.2016) and a receivable from the JOINT VENTURE amounted to € 16.904 thousand (€ 14.143 thousand at 31.12.2016). At 30.06.2017 AIGAION PELAGOS had a receivable from LANE amounted to € 320 thousand (€ 331 thousand at 31.12.2016), while ΑΝΕΚ LINES ITALIA had a liability to JOINT VENTURE amounted to € 2.809 thousand (€ 469 thousand at the end of the previous year) and a receivable from LANE of amount € 123 thousand, same as 31.12.2016. Finally, at 30.06.2017 LEFKA ORI had a receivable from ETANAP amounted to € 15 thousand (€ 52 thousand at 31.12.2016).

Fees of BoD members and Directors

The gross fees of the Board of Directors and of the Group's executives refer to short term benefits and amount to € 841 thousand (€ 656 thousand for the Company) for the first half of 2017, compared to € 816 thousand (€ 627 thousand for the Company) for the first half of 2016. Moreover, at 30.6.2017 the Group had a liability to the above persons of amount € 76 thousand (€ 63 thousand at 30.06.2016).

Chania, September 27 th, 2017

The Board of Directors

INTERIM SEPARATE & CONSOLIDATED FINANCIAL STATEMENTS AS OF 30 JUNE 2017

Financial statements amounts are expressed in thousands €.

Any differences in totals are due to the rounding of figures.

STATEMENTS OF COMPREHENSIVE INCOME

		The Group		The Company
	Note	01.01.17- 30.06.17	01.01.16- 30.06.16	01.01.17- 30.06.17	01.01.16- 30.06.16
Revenue	4	65.251	65.009	58.048	57.831
Cost of sales		(64.873)	(53.800)	(58.384)	(47.689)
Gross profit / (losses)		378	11.209	(336)	10.142
Other operating income		608	559	880	1.043
Administrative expenses		(4.986)	(4.779)	(4.557)	(4.236)
Selling and marketing expenses		(6.146)	(5.745)	(5.286)	(4.887)
Other operating expenses		(1.156)	(1.174)	(1.102)	(1.129)
Earnings / (losses) before taxes, financing and
investing results (EBIT)		(11.302)	70	(10.401)	933
Financial expenses		(4.924)	(9.214)	(4.881)	(9.182)
Financial income	8	15.806	156	15.785	138
Results from investing activities		2.465	(133)	2.462	(124)
Results from measurement of investments in associates		55	128	332	386
Earnings / (losses) before taxes		2.100	(8.993)	3.297	(7.849)
Income tax	11	(253)	(236)	(36)	(50)
Earnings / (losses) after taxes		1.847	(9.229)	3.261	(7.899)
Attributable to:
Owners of the Parent company		2.053	(9.137)	-	-
Minority interests		(206)	(92)	-	-
Other comprehensive income / (losses) after taxes		-	-	-	-
Total comprehensive income after taxes		1.847	(9.229)	3.261	(7.899)
Attributable to:
Owners of the Parent company		2.053	(9.137)	-	-
Minority interests		(206)	(92)	-	-
Earnings / (losses) per share - basic (in €)	10	0,0109	(0,0484)	0,0173	(0,0419)
Earnings / (losses) before taxes, financing and investing results and depreciation (EBITDA)		(6.340)	4.943	(5.563)	5.464

The additional notes are an integral part of the above interim financial statements.

I n t e r i m F i n a n c i a l S t a t e m e n t s f o r t h e p e r i o d f r o m 1 J a n u a r y u n t i l 3 0 J u n e 2 0 1 7 i n a c c o r d a n c e w i t h t h e I n t e r n a t i o n a l F i n a n c i a l R e p o r t i n g S t a n d a r d s

STATEMENTS OF FINANCIAL POSITION

		The Group		The Company
	Note	30.06.17	31.12.16	30.06.17	31.12.16
ASSETS
Tangible fixed assets	5	272.240	265.952	262.257	255.954
Investments in property		1.767	1.769	691	694
Intangible assets		14	10	14	10
Investments in subsidiaries		-	-	6.828	6.551
Investments in associates		1.964	1.909	1.964	1.909
Other long-term receivables		107	121	86	99
Deferred tax receivables		241	242	-	-
Total non-current assets		276.333	270.003	271.840	265.217
Inventories		3.013	2.592	1.598	1.591
Trade receivables		42.441	37.070	38.603	33.443
Other receivables		6.240	5.672	9.057	7.791
Financial assets at fair value through profit & loss	6	8.105	5.587	6.111	3.647
Cash and cash equivalents	7	6.765	11.903	3.985	8.904
Total current assets		66.564	62.824	59.354	55.376
			60.840
TOTAL ASSETS		342.897	332.827	331.194	320.593
EQUITY AND LIABILITIES
Share capital (188.654.892 shares x € 0,30)		56.597	56.597	56.597	56.597
Share premium account		745	745	745	745
Reserves		7.409	7.409	5.952	5.952
Results carried forward		(74.791)	(76.844)	(68.742)	(72.003)
Total company shareholders' equity		(10.040)	(12.093)	(5.448)	(8.709)
Minority interest		4.546	4.752	-	-
Total equity		(5.494)	(7.341)	(5.448)	(8.709)
Long-term borrowings Deferred tax liabilities	8	251.411 1.305	3.463 1.255	251.411 360	3.463 361
Retirement benefits provisions		2.409	2.390	2.279	2.265
Other provisions		1.452	1.673	1.064	1.183
Grants for assets		611	700	-	-
Capital lease liabilities		10.371	10.880	10.371	10.880
Other long term liabilities	9	4.585	4.502	4.585	4.502
Total non-current liabilities		272.144	24.863	270.070	22.654
Short-term bank borrowings Trade payables	8	17.936 31.573	282.135 23.044	17.105 26.915	281.916 18.022
Other short term liabilities		26.738	10.126	22.552	6.710
Total current liabilities		76.247	315.305	66.572	306.648
Total liabilities		348.391	340.168	336.642	329.302
TOTAL EQUITY AND LIABILITIES		342.897	332.827	331.194	320.593

The additional notes are an integral part of the above annual financial statements.

I n t e r i m F i n a n c i a l S t a t e m e n t s f o r t h e p e r i o d f r o m 1 J a n u a r y u n t i l 3 0 J u n e 2 0 1 7 i n a c c o r d a n c e w i t h t h e I n t e r n a t i o n a l F i n a n c i a l R e p o r t i n g S t a n d a r d s

STATEMENTS OF CHANGES IN EQUITY

			Asset
	Share	Share	revaluation	Other	Retained		Minority
The Group	Capital	premium	reserves	reserves	earnings	Total	interests	Total
Balance 01.01.2016	56.597	745	2.066	5.321	(77.564)	(12.835)	4.280	(8.555)
Total comprehensive income for the 1st half of 2016					(9.137)	(9.137)	(92)	(9.229)
Dividends to non-controlling subsidiaries						-	(164)	(164)
Reserves formed of subsidiaries				22	(22)	-	-	-
Net equity as of 30.06.2016	56.597	745	2.066	5.343	(86.723)	(21.972)	4.024	(17.948)
Balance 01.01.2017	56.597	745	2.066	5.343	(76.844)	(12.093)	4.752	(7.341)
Total comprehensive income for the 1st half of 2017					2.053	2.053	(206)	1.847
Net equity as of 30.06.2017	56.597	745	2.066	5.343	(74.791)	(10.040)	4.546	(5.494)

The Company	Share Capital	Share premium	Asset revaluation reserves	Other reserves	Retained earnings	Total
Balance 01.01.2016	56.597	745	933	5.019	(78.266)	(14.972)
Effect from retroactive application of the amended IAS 27					5.428	5.428
Restated balance 01.01.2016	56.597	745	933	5.019	(72.838)	(9.544)
Total comprehensive income for the 1st half of 2016					(7.899)	(7.899)
Net equity as of 30.06.2016	56.597	745	933	5.019	(80.737)	(17.443)
Balance 01.01.2017	56.597	745	933	5.019	(72.003)	(8.709)
Total comprehensive income for the 1st half of 2017					3.261	3.261
Net equity as of 30.06.2017	56.597	745	933	5.019	(68.742)	(5.448)

The additional notes are an integral part of the above interim financial statements.

I n t e r i m F i n a n c i a l S t a t e m e n t s f o r t h e p e r i o d f r o m 1 J a n u a r y u n t i l 3 0 J u n e 2 0 1 7 i n a c c o r d a n c e w i t h t h e I n t e r n a t i o n a l F i n a n c i a l R e p o r t i n g S t a n d a r d s

STATEMENTS OF CASH FLOW
	The Group		The Company
	01.01.17- 30.06.17	01.01.16- 30.06.16	01.01.17- 30.06.17	01.01.16- 30.06.16
Operating activities
Earnings / (losses) before taxes	2.100	(8.993)	3.297	(7.849)
Adjustments for:
Depreciation	5.053	4.967	4.838	4.531
Grants amortization	(91)	(94)	-	-
Provisions	509	764	605	743
Results of investing activities	(2.520)	5	(2.794)	(262)
Foreign exchange differences	(227)	(116)	(239)	(107)
Financial expenses (less financial income)	(10.658)	9.134	(10.668)	9.112
	(5.834)	5.667	(4.961)	6.168
Plus /(less) adjustments for changes of working capital accounts or relat ed to operating activities:
Reduction / (increase) of inventories	(421)	121	(8)	347
Reduction / (increase) of receivables	(6.819)	(16.328)	(7.122)	(15.614)
Increase/(reduction) of payable accounts (except loan liabilities)	25.755	15.936	25.343	14.249
Less:
Interest and related expenses paid	(4.987)	(875)	(4.956)	(834)
Income tax paid	(31)	(118)	(30)	(50)
Total cash flows generated from operating activities (a)	7.663	4.403	8.266	4.266
Investing activities
Acquisition of affiliates, securities and other investments	(52)	(5.819)	(2)	(5.819)
Acquisition of fixed assets	(11.341)	(1.171)	(11.143)	(701)
Proceeds from the sale of fixed assets	-	1.549	-	1.549
Interest received	22	19	1	1
Dividend received	-	-	-	151
Total cash flows generated from investing activities (b)	(11.371)	(5.422)	(11.144)	(4.819)
Financing activities
Payments for capital leases	(679)	(560)	(679)	(559)
Proceeds from borrowings	5.792	254	5.181	305
Payment of borrowings	(6.543)	-	(6.543)	-
Dividends paid	-	(33)	-	-
Cash flows from financing activities (c)	(1.430)	(339)	(2.041)	(254)
Net increase/(decrease) in cash and cash equivalents (a)+(b)+(c)	(5.138)	(1.358)	(4.919)	(807)
Cash and cash equivalents at the beginning of the period	11.903	6.392	8.904	3.977
Cash and cash equivalents at the end of the period	6.765	5.034	3.985	3.170

The additional notes are an integral part of the above interim financial statements.

INFORMATION AND EXPLANATORY NOTES ON THE INTERIM FINANCIAL STATEMENTS OF THE PERIOD 01.01.2017 – 30.06.2017

1. General information for the Company and the Group

The Parent company was established in 1967 (Government Gazette 201/10.04.67) under the corporate name "ANONIMI NAFTILIAKH ETAIREIA KRITIS S.A." trading as "ANEK LINES" (hereinafter "ANEK" or the "Company", or the "Parent company") and is operating in the passenger ferry shipping sector. The Company's seat is located in the municipality of Chania – Crete, and its registered offices are located on 148 Karamanli Ave. ANEK is recorded in General Company Register under number 121557860000 and its website address is www.anek.gr. The Company's shares have been listed since 1999 on the Athens Stock Exchange.

In addition to the Parent company, the Group includes the following subsidiaries and associates with the following participation percentages:

Name	Group per centage	Registered office	Activity
LANE S.A.	50,11%	Chania	Passenger shipping
ETANAP S.A.	48,01%	Stilos, Chania	Production and sale of bottled wa ter
LEFKA ORI S.A.	60,49%*	Stilos, Chania	Production and trade of plastic bottles and packaging products
ANEK HOLDINGS S.A.	99,48%**	Chania	Tourism - participation in other companies - consulting, etc.
AIGAION PELAGOS THALASSIES GRAMMES SHIPPING COMPANY	100%	Chania	Sailing company under Law 959/79
ANEK LINES ITALIA S.r.l.	49%	Ancona, Italy	Factoring and representation of shipping companies

* direct participation: 24% and indirect via ETANAP: 36,49%

** direct participation: 99% and indirect via ETANAP: 0,48%

The aforementioned companies, in which ANEK participates by more than 50%, as well as "ETANAP" in which the Parent company has the control, have been included in the consolidated financial statements as at 30 th June 2017 using the full consolidation method. "ANEK LINES ITALIA S.r.l." in which the Parent Company participates by 49% was consolidated using the equity method. "ANEK HOLDINGS SA" participates by 100% in "ANEK ENERGY LTD", which has not commenced its activities as of today.

The number of personnel employed as at 30 June 2017 was 810 for the Company (out of which 604 were employed as vessels' crew) and 912 for the Group (out of which 649 were employed as vessels' crew). Respectively, at the end of the comparative period of 2016 the Company had a number of 767 and the Group 875 employees.

The interim financial statements as of 30th June 2017 were approved by the BoD of the Parent Company at the meeting of 27 th September 2017.

2. Preparation basis of the financial statements and accounting principles

The interim separate and consolidated financial statements as of 30 th June, 2017 (hereinafter the "financial statements") have been prepared according to the International Financial Reporting Standards (hereinafter "IFRS"), as issued by the International Accounting Standards Board (IASB) and adopted by the European Union, and more specifically to the IAS 34 "Interim financial reporting". Therefore, they do not include all the information required for the annual financial statements and should be read in conjunction with the published statements as of 31 December 2016 that have been posted on the Company's website at www.anek.gr.

The basic accounting principles adopted in the preparation of the interim financial statements are the same as those followed in the preparation of the annual financial statements as of 31.12.2016, except for the new standards and interpretations which are applicable after January 1 st 2017. The preparation of financial statements according to IFRS requires that the management makes estimates, assumptions and assessments that affect the assets and liabilities, the disclosures of contingent receivables and liabilities as of the date of the financial statements, as well as the published amounts of income and expenses. The actual results may differ from these estimates.

Ability to smoothly continue performing activities (going concern)

The Group's financial statements have been prepared under the principle of going concern. The Group's management estimates that the above assumption is appropriate despite the fact that the total equity of the Company and the Group as of 30.06.2017 is negative by € 5,4 million and € 5,5 million respectively. It is noted that during the last years, with the implementation of specific strategic actions by Group's management, significant cost savings and substantial results' improvement have been achieved, which was reflected in the Group's return to profitability in the year 2015 and in its maintenance in 2016. Furthermore, in March 2017 the Parent's long-term debt restructuring was successfully completed. Under the terms of the new contracts, the repayment was agreed to be done gradually up to 2023, the interest rate burden is significantly lower, while part of the capitalized interest was written off. Through the restructuring of bank borrowings is ensured the financial stability of the Group, the gradual restoration of working capital and the strengthening of the capital structure. The write-off of capitalized interest, combined with the expected operating results for the year 2017, is estimated to be able to restore the ratio of share capital to equity at 31.12.2017. Finally, it is highlighted that due to the seasonality of sales, the operating results of the first half are not indicative of the annual ones.

New standards and interpretations, revisions and amendments

The International Accounting Standards Board (IASB), as well as the Interpretation Committee has issued a range of new IFRS and interpretations, which either are mandatory for accounting periods starting from January 1st 2017 and thereafter, or are not mandatory, as since the publishing date of the interim financial statements they

have not been adopted from the European Union. The Group has adopted all the new IFRS and interpretations which are mandatory after January 1st 2017 and examines the effect in the financial statements of the potential adoption of the other IFRS and interpretations. The most significant new standards and interpretations are as follows:

(α) New Standards, interpretations, revisions and amendments of existing standards that have been adopted from the European Union and their application is mandatory from 1st January 2017 or after:

There are no new Standards, interpretations, revisions or amendments to existing Standards that have been issued by the International Accounting Standards Board (IASB), adopted by the European Union, and their application is mandatory from or after January 1st 2017.

(β) New standards, interpretations and amendments to existing standards that have been published but are not in force and are not adopted earlier by the Group and the Company:

IFRS 15 "Revenue from Contracts with Customers"

In May 2014, the IASB issued a new Standard, IFRS 15. The Standard fully converges with the requirements for the recognition of revenue in both IFRS and US GAAP. The key principles on which the Standard is based are consistent with much of current practice. The new Standard is expected to improve financial reporting by providing a more robust framework for addressing issues as they arise, increasing comparability across industries and capital markets, providing enhanced disclosures and clarifying accounting for contract costs. The new Standard will supersede IAS 11 "Construction Contracts", IAS 18 "Revenue" and several revenue related Interpretations. The Group will examine the impact of the above on its financial statements. The above standard is effective for annual periods starting on or after January 1st 2018 and has not been adopted by the European Union.

IFRS 9 – Financial instruments

In July 2014, the IASB issued the final version of IFRS 9. The package of improvements introduced by the final version of the Standard includes a logical model for classification and measurement, a single, forward-looking "expected loss" impairment model and a substantially-reformed approach to hedge accounting. The Group will examine the impact of the above on its Financial Statements. The above standard is effective for annual periods starting on or after January 1st 2018 and has not been adopted by the European Union.

IFRS 16 "Leases"

In January 2016, the IASB issued a new Standard, IFRS 16. The objective of the project was to develop a new Leases Standard that sets out the principles that both parties to a contract, i.e. the customer ('lessee') and the supplier ('lessor'), apply to provide relevant information about leases in a manner that faithfully represents those transactions. To meet this objective, a lessee is required to recognise assets and liabilities arising from a lease. The Group will examine the impact of the above on its Financial Statements. The above standard is effective for annual periods starting on or after January 1st 2019 and has not been adopted by the European Union.

Amendments to IAS 12: " Recognition of Deferred Tax Assets for Unrealized Losses"

In January 2016, the IASB published narrow scope amendments to IAS 12. The objective of the amendments is to clarify the accounting for deferred tax assets for unrealized losses on debt instruments measured at fair value. The Group will examine the impact of the above on its Financial Statements. The above are effective for annual periods starting on or after January 1st 2017 and have not been adopted by the European Union.

Amendments to IAS 7: "Disclosure Initiative"

In January 2016, the IASB published narrow scope amendments to IAS 7. The objective of the amendments is to enable users of financial statements to evaluate changes in liabilities arising from financing activities. The amendments will require entities to provide disclosures that enable investors to evaluate changes in liabilities arising from financing activities, including changes arising from cash flows and non-cash changes. The Group will examine the impact of the above on its Financial Statements. The above are effective for annual periods starting on or after January 1st 2017 and have not been adopted by the European Union.

Clarification to IFRS 15 "Revenue from Contracts with Customers"

In April 2016, the IASB published clarifications to IFRS 15. The amendments to IFRS 15 do not change the underlying principles of the Standard, but clarify how those principles should be applied. The amendments clarify how to identify a performance obligation in a contract, how to determine whether a company is a principal or an agent and how to determine whether the revenue from granting a license should be recognized at a point in time or over time. The Group will examine the impact of the above on its Financial Statements. The above are effective for annual periods starting on or after January 1st 2018 and have not been adopted by the European Union.

Amendments to IFRS 2: "Classification and Measurement of Share-based Payment Transactions"

In June 2016, the IASB published narrow scope amendment to IFRS 2. The objective of this amendment is to clarify how to account for certain types of share-based payment transactions. More specifically, the amendments provide requirements on the accounting for the effects of vesting and non-vesting conditions on the measurement of cash-settled share-based payments, for share-based payment transactions with a net settlement feature for withholding tax obligation, as well as, a modification to the terms and conditions of a share-based payment that changes the classification of the transaction from cash-settled to equity-settled. The Group will examine the impact of the above on its Financial Statements. The above are effective for annual periods starting on or after January 1st 2018 and have not been adopted by the European Union.

Amendments to IFRS 4: "Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts"

In In September 2016, the IASB published amendments to IFRS 4. The objective of the amendments is to address the temporary accounting consequences of the different effective dates of IFRS 9 Financial Instruments and the forthcoming insurance contracts Standard. The amendments to existing requirements of IFRS 4 permit entities whose predominant activities are connected with insurance to defer the application of IFRS 9 until 2021 (the "temporary exemption") and also permit all issuers of insurance contracts to recognize in other comprehen-

sive income, rather than profit or loss, the volatility that could arise when IFRS 9 is applied before the new insurance contracts Standard is issued (the "overlay approach"). It is not expected for the above to have any impact on the Financial Statements of the Group. The above are effective for annual periods starting on or after January 1st 2018 and have not been adopted by the European Union.

Annual Improvements to IFRSs – 2014-2016 Cycle

In December 2016, the IASB issued Annual Improvements to IFRSs – 2014-2016 Cycle, a collection of amendments to IFRSs, in response to several issues addressed during the 2014-2016 cycle. The issues included in this cycle are the following: IFRS 12: Clarification of the scope of the Standard, IFRS 1: Deletion of short-term exemptions for first-time adopters, IAS 28: Measuring an associate or joint venture at fair value. The amendments are effective for annual periods beginning on or after January 1 st 2017 for IFRS 12, and January 1 st 2018 for IFRS 1 and IAS 28. The Group will examine the impact of the above on its Financial Statements. The above have not been adopted by the European Union.

IFRIC 22 "Foreign Currency Transactions and Advance Consideration"

In December 2016, the IASB issued a new Interpretation, IFRIC 22. IFRIC 22 provides requirements about which exchange rate to use in reporting foreign currency transactions (such as revenue transactions) when payment is made or received in advance. The Group will examine the impact of the above on its Financial Statements. The above are effective for annual periods starting on or after January 1st 2018 and have not been adopted by the European Union.

Amendments to IAS 40: "Transfers of Investment Property"

In December 2016, the IASB published narrow-scope amendments to IAS 40. The objective of the amendments is to reinforce the principle for transfers into, or out of, investment property in IAS 40, to specify that (a) a transfer into, or out of investment property should be made only when there has been a change in use of the property, and (b) such a change in use would involve the assessment of whether the property qualifies as an investment property. That change in use should be supported by evidence. The Group will examine the impact of the above on its Financial Statements. The above are effective for annual periods starting on or after January 1st 2018 and have not been adopted by the European Union.

IFRS 17 "Insurance Contracts"

In May 2017, the IASB issued a new Standard, IFRS 17, which replaces an interim Standard, IFRS 4. The aim of the project was to provide a single principle-based standard to account for all types of insurance contracts, including reinsurance contracts that an insurer holds. A single principle-based standard would enhance comparability of financial reporting among entities, jurisdictions and capital markets. IFRS 17 sets out the requirements that an entity should apply in reporting information about insurance contracts it issues and reinsurance contracts it holds. It is not expected for the above to have any impact on the Financial Statements of the Group. The above are effective for annual periods starting on or after January 1st 2021 and have not been adopted by the European Un-

ion.

IFRIC 23 "Uncertainty over Income Tax Treatments"

In June 2017, the IASB issued a new Interpretation, IFRIC 23. IAS 12 "Income Taxes" specifies how to account for current and deferred tax, but not how to reflect the effects of uncertainty. IFRIC 23 provides requirements that add to the requirements in IAS 12 by specifying how to reflect the effects of uncertainty in accounting for income taxes. The Group will examine the impact of the above on its Financial Statements. The above are effective for annual periods starting on or after January 1st 2019 and have not been adopted by the European Union.

3. Seasonal nature of business activities

The activities of Group shipping companies are highly seasonal, which affects the income and results of the interim financial statements. More specifically, the transportation of passengers and vehicles is particularly increased during summer months – due to tourism – and holidays, while the transportation of trucks demonstrates slight fluctuations during the year. Therefore, the highest sales take place during the third quarter of each year (from 01.07 to 30.09), which includes the summer months and the operating results of the first semester are not indicative of the annual results.

4. Segmental information

The basic business activity of the Group is concentrated upon passenger ferry shipping activities, both domestic and abroad. The main sources of revenue are generated from passengers, vehicles and truck fares, as well as other on-board activities (bar, restaurants, stores and casinos). Revenues of non-shipping Group companies are included in the figure "Other activities". The following tables show the geographic allocation of activities of both the Group and the Company for the first half of 2017 and 2016:

	Shipping segment	Other
01.01.17 - 30.06.17	Domestic	Abroad	activities	Total
The Group
Total Revenues	23.288	37.843	4.120	65.251
Gross results	(453)	(1.022)	1.853	378
Additions in vessels	665	10.424	-	11.089
Depreciation of vessels	868	3.646	-	4.514
Net book value of vessels	84.264	172.834	-	257.098
Non-distributed assets	-	-	-	85.799
Total Assets as of 30.06.17	-	-	-	342.897

N o t e s o n t h e I n t e r i m F i n a n c i a l S t a t e m e n t s o f t h e p e r i o d f r o m 1 J a n u a r y u n t i l 3 0 J u n e 2 0 1 7 i n a c c o r d a n c e w i t h I n t e r n a t i o n a l F i n a n c i a l R e p o r t i n g S t a n d a r d s - A m o u n t s i n t h o u s a n d s € u n l e s s s t a t e d d i f f e r e n t l y

The Company
Total Revenues	20.205	37.843	-	58.048
Gross results	686	(1.022)	-	(336)
Additions in vessels	665	10.424	-	11.089
Depreciation of vessels	868	3.646	-	4.514
Net book value of vessels	80.767	172.834	-	253.601
Non-distributed assets	-	-	-	77.593
Total Assets as of 30.06.17	-	-	-	331.194

	Shipping segment	Other
01.01.16 - 30.06.16	Domestic	Abroad	activities	Total
The Group
Total Revenues	28.151	32.967	3.891	65.009
Gross results	3.029	6.392	1.788	11.209
Additions in vessels	539	562	-	1.101
Depreciation of vessels	2.027	2.174	-	4.201
Net book value of vessels	109.430	141.272	-	250.702
Non-distributed assets	-	-	-	99.073
Total Assets as of 30.06.16	-	-	-	349.775
The Company
Total Revenues	24.864	32.967	-	57.831
Gross results	3.750	6.392	-	10.142
Additions in vessels	119	562	-	681
Depreciation of vessels	2.027	2.174	-	4.201
Net book value of vessels	105.934	141.272	-	247.206
Non-distributed assets	-	-	-	89.550
Total Assets as of 30.06.16	-	-	-	336.756

Revenue from domestic fares includes income from state subsidies for public services routes amounting to € 4.123 thousand for the Group. In the previous corresponded period the relevant amount was € 4.349 thousand.

Additions, depreciation and net book value of vessels were allocated to geographic activities depending on the time of operation of each vessel in domestic and abroad routes. Any further allocation would be arbitrary, given the fact that the above services and sources of income and cost were resulted from commonly used items of assets and equity and cannot be broken down into segments.

5. Fixed assets

The tables of tangible assets for the first half of 2017 and year 2016 for the Group and the Company are

shown below:

		Land and	Other	Property
The Group	Vessels	buildings	equipment	in progress	Total
Acquisition value 01.01.16	422.727	18.005	13.616	26	454.374
Additions	4.878	12	87	328	5.305
Reductions	-	(54)	(115)	(8)	(177)
Transfers	-	48	18	(18)	48
Acquisition value 31.12.16	427.605	18.011	13.606	328	459.550
Additions	11.089	38	56	150	11.333
Reductions	-	-	-	-	-
Transfers	-	-	107	(107)	-
Acquisition value 30.06.17	438.694	18.049	13.769	371	470.883
Accumulated depreciation 01.01.16	168.925	3.649	11.504	-	184.078
Depreciation	8.157	676	856	-	9.689
Reductions	-	(54)	(115)	-	(169)
Accumulated depreciation 31.12.16	177.082	4.271	12.245	-	193.598
Depreciation	4.514	340	191	-	5.045
Reductions	-	-	-	-	-
Accumulated depreciation 30.06.17	181.596	4.611	12.436	-	198.643
Net book value 31.12.16	250.523	13.740	1.361	328	265.952
Net book value 30.06.17	257.098	13.438	1.333	371	272.240

		Land and	Other	Property
The Company	Vessels	buildings	equipment	in progress	Total
Acquisition value 01.01.16	414.459	12.406	3.013	-	429.878
Additions	4.457	11	10	-	4.478
Reductions	-	(54)	(87)	-	(141)
Acquisition value 31.12.16	418.916	12.363	2.936	-	434.215
Additions	11.089	39	6	-	11.134
Reductions	-	-	-	-	-
Acquisition value 30.06.17	430.005	12.402	2.942	-	445.349
Accumulated depreciation 01.01.16	163.733	2.983	2.891	-	169.607
Depreciation	8.157	601	38	-	8.796
Reductions	-	(54)	(88)	-	(142)
Accumulated depreciation 31.12.16	171.890	3.530	2.841	-	178.261
Depreciation	4.515	303	13	-	4.831
Reductions	-	-	-	-	-
Accumulated depreciation 30.06.17	176.405	3.833	2.854	-	183.092
Net book value 31.12.16	247.026	8.833	95	-	255.954
Net book value 30.06.17	253.600	8.569	88	-	262.257

Existing encumbrances on fixed assets

On the assets of the Group there are the following liens:

a) 1 st mortgages on the vessels of € 345,8 million,

b) 2 nd mortgages on the vessels of € 285,9 million and

c) Pre-notations on property of € 18,7 million pledges on machinery (of the subsidiary companies ETANAP and LEFKA ORI) of € 2,5 million.

The above liens exist to secure borrowing liabilities of a total amount of € 264,2 million as at 30.06.2017.

6. Financial assets at fair value through profit & loss

This account of the Group's financial position statement at 30.06.2017 amounted to € 8.105 thousand compared to € 5.587 thousand on 31.12.2016. Financial assets at fair value through profit or loss include, mainly, units in cooperative banks, non-listed companies shares and mutual funds. During the valuation of the securities, based on their current value as at 30.06.2017, there were resulted profits of € 2,5 million, which are included in the results of investing activities in the statement of comprehensive income.

7. Cash and cash equivalents

The cash and cash equivalents analysis is as follows:

	The Group		The Company
	30.06.17 31.12.16		30.06.17	31.12.16
Cash on hand	2.190	1.776	935	683
Bank accounts	4.575	10.127	3.050	8.221
	6.765	11.903	3.985	8.904

The main part of the Group's cash and cash equivalents is in euro.

8. Long term bank borrowings

The total long term loans of the Group as at 30.06.2017 amounted to € 251,4 thousand. A small part of the above amount of € 3,3 million relates to a Parent's bilateral loan concluded in 2014. In March 2017 the restructuring of Parent's long-term borrowing was completed, initially totaling € 264,5 million, which is analyzed as follows:

• A bond loan with a coalition of banks of a total amount of € 219,9 million (part of which of amount € 22,0 million is conditionally convertible).

• A bilateral loan of amount € 44,6 million

The new loans were contracted with a floating interest rate (Euribor plus margin), have a maturity of 7 years and their final repayment date is at 31 December 2023.

For the above loans, collateral (mortgages on vessels, divestiture of insurance indemnity, etc.) for the lending banks have been provided. Under the terms of the contracts, the Company has the option of early repayment of these loans without any charge. Loan contracts include cases of termination which include, inter alia, non-timely

payment and non-compliance with the general and financial securing provided. Also, the contracts contain financial clauses that include, inter alia, conditions for maintaining a minimum ratio of borrowing to tangible collateral. In addition, the Company has provided specific securities regarding its compliance with laws and regulations, the maintenance of the nature of business activity, environmental issues and the insurance coverage scheme. The balances of the above loans presented in the statement of financial position have been valued at their nominal value which does not differ materially from their fair value.

The restructuring of the long-term borrowing of the Parent Company resulted in a write-off of capitalized interest of € 15,5 million, which is included in the financial income of the statement of comprehensive income for the first half of 2017.

9. Other long term liabilities

Group's "other long term liabilities" as at 30.06.2017 amounting to € 4,6 million (compared to € 4,5 million as at 31.12.2016), include Parent Company's regulated tax obligations, the repayment of which extends beyond one year.

10. Earnings / (losses) per share

Basic earnings / (losses) per share are calculated by dividing the earnings corresponding to the Parent shareholders by the weighted number of shares in circulation during the period.

	The Group		The Company
	01.01.17-	01.01.16-	01.01.17-	01.01.16-
	30.06.17	30.06.16	30.06.17	30.06.16
Earnings / (losses) after taxes corresponding to
Parent shareholders	2.053	(9.137)	3.261	(7.899)
Weighted number of shares	188.654.892	188.654.892	188.654.892	188.654.892
Earnings / (losses) after taxes per share - basic
(expressed in €)	0,0109	(0,0484)	0,0173	(0,0419)

11. Income tax

The Company and the subsidiaries operating in shipping sector are not subject to income tax for the profits arising from this business activity. As income tax is considered the tax in regard to law 27/1975 (tax applied to the shipping tons of the total tonnage of the vessel), thus the results of the first half of the Group were charged by € 38 thousand. Moreover, the income tax for the Group's non-shipping companies amounted to € 165 thousand,

while an amount of € 50 thousand referred to deferred taxes. The fiscal years of the parent company and subsidiaries not subject to tax audit, are presented in the following table:

Company	Unaudited years
ANEK S.A.	2008 - 2010
LANE S.A.	-
ETANAP S.A.	-
LEFKA ORI S.A.	-
ANEK HOLDINGS S.A.	2014 - 2016
AIGAION PELAGOS S.C.	2011 - 2016

For years 2008 to 2010, the parent company is undergoing a tax audit, which is expected to be completed by the end of the fiscal year. In the context of this audit, no material issues have arisen, while statements under law 4446/16 have been submitted, that have burdened the current period's results. It is noted that from year 2011 and on the Group companies came under the tax audit of the certified auditors in regard to article 82 of law 2238/94 and to article 65^a of law 4174/13. The audit of the fiscal years 2011 - 2015 did not reveal differences and the auditors' reports issued unqualified. The finalization of the above audits carried out in accordance with Circular 1034/2016.

The tax audit of 2016 is in progress and the relevant tax certificates are going to be provided after publishing the 2017's semi-annual financial statements. However, no significant tax differences are expected to arise.

For the other unaudited tax years, Group companies have formed provisions for extra taxes that might arise after the auditing. Accumulated provisions amounted to € 149 thousand for the Company and € 276 thousand for the Group.

12. Balances and transactions with related parties

Balances (receivables / liabilities) with associated parties, as defined by IAS 24, as at 30 th June 2017 and 31st December 2016 are as follows:

	The Group		The Company
	30.06.17	31.12.16	30.06.17	31.12.16
Receivables from:
- subsidiaries	-	-	5.836	4.289
- affiliates	13	1.584	-	1.572
- other related parties	16.904	14.143	16.904	14.143
	16.917	15.727	22.740	20.004
Liabilities to:
- subsidiaries	-	-	670	29
- affiliates	179	124	55	-
- other related parties	1	-	-	-
- executives & BoD members	76	63	-	23
	256	187	725	52

Correspondingly, the purchases and the sales with associated parties for the first half of 2017 and 2016 are

as follows:

	The Group		The Company
	01.01.17-	01.01.16-	01.01.17-	01.01.16-
	30.06.17	30.06.16	30.06.17	30.06.16
Purchases of goods & services from:
- subsidiaries	-	-	61	137
- affiliates	105	147	105	144
- other related parties	-	-	-	-
	105	147	166	281
Sales of services to:
- subsidiaries	-	-	4.247	4.676
- other related parties	-	-	-	-
	-	-	4.247	4.676

Key management compensation

The gross fees paid to Company executives and BoD members for the first half of 2017 and 2016 refer to short-term benefits and are analyzed as follows:

		The Group		The Company
	01.01.17-	01.01.16-		01.01.16-
	30.06.17	30.06.16	01.01.17- 30.06.17	30.06.16
Executive members of the BoD	396	399	215	217
Non-Executive Members of the BoD	22	27	18	20
Management executives	423	390	423	390
	841	816	656	627

13. Commitments

Operating leases

Group companies have signed operating lease agreements mainly regarding lease of buildings and chartering that are going to be terminated on various dates within the next five years. The minimum future payable lease for building and chartering of vessels based on the operating leases agreements on June 30th 2017 are as follows:

Total	6.700
From the 2nd to the 5th year	485
Within next year	6.215

Capital leases

The Parent Company has signed lease agreements for a vessel and the future lease payments according the relevant contract as at 30.06.2017 are as follows:

Total	9.926
After 5th year	3.078
From the 2nd to the 5th year	5.479
Within next year	1.369

Capital commitments

There were no capital commitments for the Company or the Group as at 30th June 2017.

Other commitments

There are certain commitments for the Group which are subject to state subsidized investment plans, as well as liabilities arising from agreements entered into for the servicing of public services routes (letters of guarantee, etc.).

14. Contingent liabilities /receivables - litigious disputes or disputes in arbitration

Litigations

There are no disputes in litigation or arbitration, or other liabilities burdening the Group, which could significantly affect its financial condition. The relevant provisions that have been formed as at 30.06.2017 are amounting to € 904 thousand.

Contingent liabilities / receivables

The Group's contingent liabilities as at 30.06.2017 arising from its normal activity pertain to guarantees granted to secure liabilities and performance bonds amounting to € 2.079 thousand. Respectively, the Group has received guarantees for receivables amounting to € 20.211 thousand.

"NORMAN ATLANTIC" case

Referring to the development of the case of the incident of the fire in the chartered vessel "NORMAN AT-LANTIC" in December 2014 (see note 29 of the annual financial report of 2014), it is noted that the investigation as to the cause of the incident is in progress by the Italian and Greek judicial authorities. In February 2017 filled before the court of Bari the report of the appointed experts. The above mentioned incident has already brought claims and interim measures to the Greek and Italian courts raised by a significant number of parties' sustained damages against the Company, the owning company and the managers of the vessel, while a significant number of the claims have been settled extrajudicially. The above mentioned compensations and expenses are covered by the Mutual Insurance Association, with which the Company has signed Protection & Indemnity insurance cover and legal protection (FD&D), therefore, it is not expected to burden the financial results by the compensation process.

15. Post balance events

In July 2017, the Ministry of Shipping and Island Policy declared the subsidiary company LANE as forfeited by the public service contract no 2252.1.3.1/1593/2017/10-01-2017 of the routes which served, due to mechanical damage of its vessel. It also decided the partial forfeit (in particular by the amount of € 186 thousand) in favor of the Hellenic State of the letter of guarantee concerning the good execution of the contract in accordance with the

terms of the relevant contract and the invitation to tender. The effect of this fact on the Group's financial statements during the second half of the year is assessed as not significant.

There are no other facts subsequent to June 30th 2017 which could substantially affect the financial position and the results of the Group and the Company, or that should be mentioned in the notes on the financial statements.

Chania, September 27 th 2017

The Vice-Chairman The Managing Director

Spyridon I. Protopapadakis Ioannis I. Vardinoyannis ID Card No. AA490648 ID Card No. Π 966572

The Chief Financial Officer The Chief Accountant

Stylianos I. Stamos Ioannis E. Spanoudakis ID Card No. M 068570 Economic Chamber License No. 20599, Class A

DATA & INFORMATION FOR SEMI-ANNUAL PERIOD 2017

					ANEK LINES S.A.
					No of G.E.C.R.: 121557860000 Registered Office: 148 Karamanli Avenue, Chania
					Financial data and information for the period 1 January 2017 - 30 June 2017
					(according to 4/507/28.04.2009 resolution of Greek Capital Commitee) 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.
Company's website: www.anek.gr
Date of approval of the interim financial statements by the Board of Directors: September 27, 2017 Certified auditors - accountants: Antonakakis Konstantinos (SOEL Reg. No: 13101) - Arampatzis Konstantinos (SOEL Reg. No: 34351)
Auditing Firms: GRANT THORNTON (Reg. No 127), SOL SA (Reg. No 125)
Type of auditors' review report: Unqualified conclusion (emphasis of matters)
STATEMENT OF FINANCIAL POSITION (parent company and consolidated)					TOTAL COMPREHENSIVE INCOME (parent company and consolidated)
(Amounts in € thousand)	Group			Company	(Amounts in € thousand)		Group		Company
ASSETS	30.06.2017	31.12.2016	30.06.2017	31.12.2016			from 01.01 to 30.06.2017 30.06.2016		from 01.01 to 30.06.2017 30.06.2016
Tangible assets	272.240	265.952	262.257	255.954
Investments in property Intangible assets	1.767 1 4	1.769 10	691 14		694 Turnover 10 Gross profit	65.251 378	65.009 11.209	58.048 (336)	57.831 10.142
Other non-current assets	2.312	2.272	8.878		8.559 Earnings / (losses) before taxes, financing and investing results (EBIT)	(11.302)	7 0	(10.401)	933
Inventories Trade receivables	3.013 42.441	2.592 37.070	1.598 38.603		1.591 Earnings / (losses) before taxes (EBT) 33.443 Earnings / (losses) after taxes (A)	2.100 1.847	(8.993) (9.229)	3.297 3.261	(7.849) (7.899)
Other current assets	14.345	11.259	15.168		11.438 Owners of the parent	2.053	(9.137)
Cash & cash equivalents	6.765	11.903	3.985		8.904 Minority interests	(206)	(92)	-	-
Non current assets held for sale TOTAL ASSETS	- 342.897	- 332.827	- 331.194	-	320.593 Other comprehensive income after taxes (Β)	-	-	-	-
					Total comprehensive income after taxes (Α) + (Β)	1.847	(9.229)	3.261	(7.899)
EQUITY & LIABILITIES Share capital	56.597	56.597	56.597		Owners of the parent 56.597 Minority interests	2.053 (206)	(9.137) (92)	- -	- -
Other equity items	(66.637)	(68.690)	(62.045)	(65.306)
Equity attributable to shareholders of the parent (a)	(10.040)	(12.093)	(5.448)		(8.709) Earnings / (losses) after taxes per share basic ­ (in €)	0,0109	(0,0484)	0,0173	(0,0419)
Minority interests (b) Total Equity (c) = (a) + (b)	4.546 (5.494)	4.752 (7.341)	- (5.448)	-	(8.709) Earnings before taxes, financing and investing results,
Long-term borrowings	251.411	3.463	251.411		3.463 depreciation and amortization (EBITDA)	(6.340)	4.943	(5.563)	5.464
Provisions and other long-term liabilities Short-term borrowings	20.733 17.936	21.400 282.135	18.659 17.105	19.191 281.916
Other short-term liabilities	58.311	33.170	49.467	24.732	CASH FLOW STATEMENT (parent company and consolidated)
Total liabilities (d) TOTAL EQUITY AND LIABILITIES (c) + (d)	348.391 342.897	340.168 332.827	336.642 331.194	320.593	329.302 (Amounts in € thousand)		Ενοποιημένα στοιχεία από 01.01 έως		Εταιρεία από 01.01 έως
							30.06.2017 30.06.2016		30.06.2017 30.06.2016
STATEMENT OF CHANGES IN EQUITY (parent company and consolidated)					Operating activities Earnings / (losses) before taxes	2.100	(8.993)	3.297	(7.849)
(Ποσά εκφρασμένα σε χιλιάδες ευρώ)	Group			Company	Adjustments for:
	30.06.2017	30.06.2016	30.06.2017		30.06.2016 Depreciation	5.053	4.967	4.838	4.531
Equity at the beginning of the period (01.01.2017 and 01.01.2016, respectively)	(7.341)	(8.555)	(8.709)		Grants amortization (14.972) Provisions	(91) 509	(94) 764	- 605	- 743
Effect due to change of accounting policy	-	-	-		5.428 Exchange differences	(227)	(116)	(239)	(107)
Total comprehensive income after taxes Dividents paid	1.847 -	(9.229) (164)	3.261 -		(7.899) Results of investing activity - Impairment of fixed assets value	(2.520) -	5 -	(2.794) -	(262) -
Equity at the end of the period (30.06.2017 and					Financial expenses (less financial income)	(10.658)	9.134	(10.668)	9.112
30.06.2016, respectively)	(5.494)	(17.948)	(5.448)	(17.443)		(5.834)	5.667	(4.961)	6.168
	ADDITIONAL DATA AND INFORMATION				Adjustments for changes in working capital:
1. Group entities that are included in the consolidated financial statements are presented in note 1 in the semi annual financial statements as of					Decrease / (increase) of inventories Decrease / (increase) of receivables	(421) (6.819)	121 (16.328)	(8) (7.122)	347 (15.614)
3 0.0 6.2017 including locations, percentage Group ownership and consolidation method. 2. The basic accounting principles adopted in the financial statements, are consistent with those of the annual financial statements as at 3	1.1	2.2016 adjusted with the revisions t		o IFRS. 3.There are no	Increase / (decrease) of liabilities (other than borrowings)	25.755	15.936	25.343	14.249
litigious disputes or disputes in arbitration against the Group that could significantly affect the financial position.The recorded relevant provisions for the Group amount t o € 904 thousand and for the Company € 7	70 thousand. 4. The number of employees at 3		0.0	6.2017 was 912 for the Group	Less:
(810 for the Company) and at 3 0.0 6.2 01 6 was 875 for the Group (767 for the Company). 5. At the end o company were possessed by the parent company neither by any subsidiary or associate company. 6. The provisions for the un-audited tax years of			f the period no shares of the parent		Interest and financial expenses paid Income tax paid	(4.987) (31)	(875) (118)	(4.956) (30)	(834) (50)
the Group companies,which are presented in note 1 1 of the interim Company). The accumulated provisions for doubtful debts amounted t	financial statements, amounted t o € 3 2.79	o € 2 6 thousandfor the Group and € 3	76 thousand (€ 14 1.41	9 thousand for the 9 thousand for the Company,	Cash flows from operating activities (a)	7.663	4.403	8.266	4.266
while the provisions for retirement benefits amounted t provisions amounted t o € 272 thousand for the Group and € 145 thousand for the Company. 7. The ratio "Earnings / (losses) after taxes per share	o € 2.409 thousand for the Group and € 2.279 thousand for the Company. Other				Investing activities
basic - (in €)" are calculated based in the weighted average number of total shares. 8. The emphasis of matters paragraph in the auditors' report refer that: "We draw your attention t o:a) note (1 4) t o the interim	financial information where reference is made t			o the maritime incident of the	Acquisition of affiliates, securities and other investments	(52)	(5.819)	(2)	(5.819)
chartered ship Norman Atlantic that occurred in December 2014. The incident, which is insured by an international Mutual Insurance C is still under investigation in the Courts of Italy while a significant number of claims has already been settled out o				o-operative, f court. Since the legal procedure	Purchase of tangible and intangible assets Proceeds from the sale of property, plant and equipment	(11.341) -	(1.171) 1.549	(11.143) -	(701) 1.549
is in progress, uncertainty exists as t o the final outcome of the case and its contingent effects on the financial statements o t o the interim financial information where reference is made t	o the matter o		f the going concern assumption assessment and in particular t	f the Group. b) note (2) o the	Interest received	2 2	1 9	1	1
fact that the capital adequacy of the Group has not been restored and are applicable for the Company the provisions of the article 4 2190/1920. The above facts indicate the existence of uncertainty about the Group's ability t			o continue unhindered in operation as a going concern.	8 o f cod. L.	Dividents received	-	-	-	151
Our conclusion is not qualified in respect of the afore-mentioned matters." 9. Intercompany transactions (inflows and outflows) since the beginning of the current year and intercompany that have resulted from			the transactions with the related parties, as defined by IAS 2	4, are as	Cash flow from investing activities (b)	(11.371)	(5.422)	(11.144)	(4.819)
follows:					Financing activities
(Amounts in € thousand) a) Inflows		Group -	Company 4.247		Payments for capital leases Proceeds from borrowings	(679) 5.792	(560) 254	(679) 5.181	(559) 305
b) Outflows		105	166		Payment of borrowings	(6.543)	-	(6.543)	-
c) Receivables		16.917	22.740		Dividends paid	-	(33)	-	-
d) Payables e) Key management compensations		180 841	725 656		Cash flow from financing activities (c)	(1.430)	(339)	(2.041)	(254)
f) Receivables from key management		-	-
g) Payables to key management		7 6	-		Net increase / (decrease) in cash and cash equivalents (a) + (b) + (c) Cash and cash equivalents at beginning of the period	(5.138) 11.903	(1.358) 6.392	(4.919) 8.904	(807) 3.977
					Cash and cash equivalents at end of the period	6.765	5.034	3.985	3.170
					Chania, 27 September 2017
THE VICE CHAIRMAN			THE MANAGING DIRECTOR		THE CHIEF FINANCIAL OFICCER		THE CHIEF ACCOUNTANT
SPYRIDON I. PROTOPAPADAKIS			IOANNIS I. VARDINOYANNIS		STYLIANOS I. STAMOS		IOANNIS E. SPANOUDAKIS
I D. No. ΑΑ 490648			ID. No. Π 966572		I D. No. Μ 068570		H.E.C. License No. 20599/A' CLASS