Anek Lines S.A. — Interim / Quarterly Report 2016

Apr 12, 2017

	31.12.2016	31.12.2015	31.12.2016	31.12.2015	Depreciation	9.704	11.504	8.810	10.632
Equity at the beginning of the year (01.01.2016 and 01.01.2015, respectively)	(8.555)	(9.241)	(9.544)	(10.705)	Grants amortization	(188)	(202)	-	-
Total comprehensive income after taxes	1.378	829	835	1.161	Assets impairment / (reversal)	-	91	-	91
Dividends paid	(164)	(138)	-	-	(Gain) / loss from disposal of property, plant and equipment	(4)	(1)	-	(1)
Other equity movements	-	(5)	-	-	Provisions	4.388	903	4.329	844
Equity at the end of the year (31.12.2016 and 31.12.2015, respectively)	(7.341)	(8.555)	(8.709)	(9.544)	Exchange differences	16	815	23	796
					Results of investing activity	147	509	(505)	(124)
					Financial expenses (less financial income)	14.010	15.911	13.966	15.851
ADDITIONAL DATA & INFORMATION						29.956	30.484	27.447	28.984
1. Group entities that are included in the consolidated financial statements are presented in note 1 in the annual financial sta tement of 31.12.2016 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					Adjustments for changes in working capital:
financial statements as at 31.12.2015 adjusted with the revisions to IFRS. 3. There are no litigious disputes or disputes in arbitration against the Group that could					Decrease / (increase) of inventories	123	372	208	339
significantly affect the financial position. Τhe recorded relevant provisions for the Group amount to € 904 thousand and for the Company € 770 thousand. 4. The number of					Decrease / (increase) of receivables	191	7.812	(731)	4.178
employees at 31.12.2016 was 749 persons for the Group (640 for the Company) and at 31.12.2015 was 819 (728 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 subsidiary or associate company. 6. Group other comprehensive income for year 2016 refer					Increase / (decrease) of liabilities (other than borrowings)	(3.855)	(16.097)	(2.820)	(14.350)
totally to actuarial profits and for year 2015 refer by € 454 thousand to actuarial profits and by € 78 thousand (negative) to deferred taxes from land revaluation due to					Less:
change of tax rate. Other equity movements" in statement of changes in equity refers to a subsidiary's own shares acquisition . 7. The provisions for the un-audited tax years					Interest and financial expenses paid	(1.615)	(1.898)	(1.558)	(1.799)
of the Group companies, which are presented in note 21 of the annual financial statements, amount to € 456 thousand (€ 269 thousand for the Company). The accumulated					Income tax paid	(575)	(494)	(100)	(96)
provisions for doubtful debts amounted to € 32.006 thousand for the Group and € 30.708 thousand for the Company, while the provisions for retirement benefits						24.225	20.179	22.446	17.256
amounted to € 2.390 thousand for the Group and € 2.265 thousand for the Company. Other provisions amounted to € 313 thousand for the Group and € 145 thousand for the Company. 8. The ratio "Earnings / (losses) after taxes per share basic - (in €)" are calculated based in the weighted average number of total shares. 9. The emphasis of					Cash flows from operating activities (a)
matters paragraph in the auditors' report refer that: "We draw your attention to the following: a) Note 31 to the annual financial statements where reference is made to					Investing activities
the maritime incident of the chartered ship "Norman Atlantic" that happened in December 2014. The incident, which is covered by insurance by an International Mutual					Acquisition of affiliates, securities and other investments	(2.168)	(3.171)	(2.168)	(1.250)
Maritime Insurance Club, is still under investigation at the Courts of Italy, while a significant number of claims has alread y been settled extrajudicially. Due to the fact that					Purchase of tangible and intangible assets	(5.304)	(4.292)	(4.478)	(3.759)
the legal procedure is still in progress, uncertainty exists as to the final outcome of the case and its contingent effects o n the financial statements of the Group. b) Note 2 to					Proceeds from the sale of property, plant and equipment	4	1	-	1
the annual financial statements where reference is made to the matter of the estimate of the going concern assumption and in particular to the fact that the capital adequacy of the Group has not been restored and that the provisions of the article 48 of cod. L. 2190/1920 are applicable for the Company. The above facts, indicate the					Interest received	15	49	4	1
existence of uncertainty in respect of the Group's ability to continue unhindered in operation as a going concern. In notes ( 2) & (20) to the annual financial statements					Dividends received	-	-	151	128
reference is made to the completed restructuring of bank loans that restores the balance of the working capital of the Group as well as to the other measures taken or					Cash flow from investing activities (b)	(7.453)	(7.413)	(6.491)	(4.879)
planned by the management in order to ensure the Group's ability to continue as a going concern. Our opinion is not qualified in respect of these matters. " 10.					Financing activities
Intercompany transactions (inflows and outflows) since the beginning of the current year and intercompany balances as of 31.1 2.2016 that have resulted from the					Purchase of treasury shares	-	(5)	-	-
transactions with the related parties, as defined by IAS 24, are as follows:					Payments of capital leases	(1.250)	(802)	(1.250)	(802)
(Amounts in € thousand)		Group	Company		Proceeds from borrowings	-	-	-	-
a) Inflows		-	8.135		Payment of borrowings	(9.876)	(9.018)	(9.778)	(8.848)
b) Outflows		300	408		Dividends paid	(135)	(113)	-	-
c) Receivables		15.727	20.004		Cash flow from financing activities (c)	(11.261)	(9.938)	(11.028)	(9.650)
d) Payables		124	29
e) Key management compensations		1.575	1.267		Net increase / (decrease) in cash and cash equivalents (a) + (b) + (c)	5.511	2.828	4.927	2.727
f) Receivables from key management		-	-		Cash and cash equivalents at beginning of the year	6.392	3.564	3.977	1.250
g) Payables to key management		63	23		Cash and cash equivalents at the end of the year	11.903	6.392	8.904	3.977

					ANEK LINES S.A.
					No of G.E.C.R.: 121557860000
					Registered Office: 148 Karamanli Avenue, Chania
					Financial data and information for the period from 1 January 2016 to 31 December 2016
					(according to L. 2190, article 135 for companies publishing annual financial statements, separate and consolidated, in accordance to the International Financial Reporting Standards) 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 INFORMATION
Supervising authority: Ministry of Development, Societe Anonyme Division						BOARD OF DIRECTORS
Company's website: www.anek.gr					Katsanevakis Georgios (Chairman)	Archontakis Georgios (Deputy Managing Director)		Krasanakis Adamantios (Μέλος)
Date of approval of the annual financial statements: April 12, 2017					Protopapadakis Spyridon (Senior Vice Chairman)	Achlioptas Konstantinos (Member)		Malandrakis Ioannis (Member)
Certified auditors - accountants: Antonakakis Konstantinos (SOEL Reg. No. 22781), Arampatzis Konstantinos (SOEL Reg. No. 34351)					Apostolakis Emmanouil (B΄ Vice Chairman)	Vamvoukas Anastasios (Member)	Marakakis Michael (Member)
Auditing firms: GRANT THORNTON (Reg. No 127), SOL SA (Reg. No 125)					Stavropoulos Ioannis (C΄ Vice Chairman)	Georvasakis Michael (Member)		Markantonakis Alexandros (Member)
Type of auditors' report: Unqualified opinion (emphasis of matters)					Vardinoyannis Ioannis (Managing Director)	Kantilierakis Dimitrios (Member)		Fragkiadakis Georgios (Member)
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
	31.12.2016	31.12.2015	31.12.2016	31.12.2015		from 01.01 to		from 01.01 to
ASSETS						31.12.2016	31.12.2015	31.12.2016	31.12.2015
Tangible assets	265.952	270.296	255.954	260.271
Investments in property	1.769	1.823	694	700	Turnover	157.583	159.845	138.176	140.867
Intangible assets Other non-current assets	10 2.272	20 2.202	10 8.559	20 7.999	Gross profit / (loss) Earnings / (losses) before taxes, financing and investing results (EBIT)	41.051 16.056	42.645 18.279	35.101 14.308	37.748 17.509
Inventories	2.592	2.723	1.591	1.798	Earnings / (losses) before taxes (EBT)	1.883	954	824	895
Trade receivables	37.070	39.892	33.443	36.473	Earnings / (losses) after taxes (A)	1.270	453	726	761
Other current assets	11.259	10.284	11.438	9.676	Owners of the parent	634	559	-	-
Cash & cash equivalents	11.903	6.392	8.904	3.977	Minority interests	636	(106)	-	-
Non current assets held for sale	-	1.549	-	1.549
TOTAL ASSETS	332.827	335.181	320.593	322.463	Other comprehensive income after taxes (Β)	108	376	109	400
					Total comprehensive income after taxes (Α) + (Β)	1.378	829	835	1.161
EQUITY & LIABILITIES					Owners of the parent	742	960	-	-
Share capital	56.597	56.597	56.597	56.597	Minority interests	636	(131)	-	-
Other equity items	(68.690)	(69.432)	(65.306)	(66.141)
Equity attributable to shareholders of the parent (a)	(12.093)	(12.835)	(8.709)	(9.544)	Earnings / (losses) after taxes per share basic - (in €)	0,0034	0,0030	0,0039	0,0040
Minority interests (b)	4.752	4.280	-	-	Proposed dividend per share (in €)	-	-	-	-
Total Equity (c) = (a) + (b) Long-term borrowings	(7.341) 3.463	(8.555) 3.883	(8.709) 3.463	(9.544) 3.883	Earnings / (losses) before taxes, financing and investing results, depreciation and amortization (EBITDA)	25.572	29.581	23.118	28.141
Provisions and other long-term liabilities	21.400	25.671	19.191	22.264
Short-term borrowings	282.135	279.678	281.916	279.362
Other short-term liabilities	33.170	34.504	24.732	26.498		CASH FLOW STATEMENT (parent company and consolidated)
Total liabilities (d)	340.168	343.736	329.302	332.007	(Amounts in € thousand)	Group		Company
TOTAL EQUITY AND LIABILITIES (c) + (d)	332.827	335.181	320.593	322.463		from 01.01 to		from 01.01 to
						31.12.2016	31.12.2015	31.12.2016	31.12.2015
STATEMENT OF CHANGES IN EQUITY (parent company and consolidated)					Operating activities
					Earnings / (losses) before taxes Adjustments for:	1.883	954	824	895
(Amounts in € thousand)	Group 31.12.2016	31.12.2015	Company 31.12.2016	31.12.2015	Depreciation	9.704	11.504	8.810	10.632
Equity at the beginning of the year (01.01.2016 and 01.01.2015, respectively)	(8.555)	(9.241)	(9.544)	(10.705)	Grants amortization	(188)	(202)	-	-
Total comprehensive income after taxes	1.378	829	835	1.161	Assets impairment / (reversal)	-	91	-	91
Dividends paid	(164)	(138)	-	-	(Gain) / loss from disposal of property, plant and equipment	(4)	(1)	-	(1)
Other equity movements	-	(5)	-	-	Provisions	4.388	903	4.329	844
Equity at the end of the year (31.12.2016 and 31.12.2015, respectively)	(7.341)	(8.555)	(8.709)	(9.544)	Exchange differences	16	815	23	796
					Results of investing activity	147	509	(505)	(124)
ADDITIONAL DATA & INFORMATION				Financial expenses (less financial income)	14.010	15.911	13.966	15.851
						29.956	30.484	27.447	28.984
1. Group entities that are included in the consolidated financial statements are presented in note 1 in the annual financial sta tement of 31.12.2016 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 31.12.2015 adjusted with the revisions to IFRS. 3. There are no litigious disputes or disputes in arbitration against the Group that could	Adjustments for changes in working capital:
significantly affect the financial position. Τhe recorded relevant provisions for the Group amount to € 904 thousand and for the Company € 770 thousand. 4. The number of					Decrease / (increase) of inventories	123	372	208	339
employees at 31.12.2016 was 749 persons for the Group (640 for the Company) and at 31.12.2015 was 819 (728 for the Company). 5. At the end of the period no shares of				Decrease / (increase) of receivables Increase / (decrease) of liabilities (other than borrowings)	191 (3.855)	7.812 (16.097)	(731) (2.820)	4.178 (14.350)
the parent company were possessed by the parent company neither by any subsidiary or associate company. 6. Group other comprehensive income for year 2016 refer totally to actuarial profits and for year 2015 refer by € 454 thousand to actuarial profits and by € 78 thousand (negative) to deferred taxes from land revaluation due to					Less:
change of tax rate. Other equity movements" in statement of changes in equity refers to a subsidiary's own shares acquisition . 7. The provisions for the un-audited tax years					Interest and financial expenses paid	(1.615)	(1.898)	(1.558)	(1.799)
of the Group companies, which are presented in note 21 of the annual financial statements, amount to € 456 thousand (€ 269 thousand for the Company). The accumulated provisions for doubtful debts amounted to € 32.006 thousand for the Group and € 30.708 thousand for the Company, while the provisions for retirement benefits				Income tax paid	(575)	(494)	(100)	(96)

d) Payables	124	29

Chania, 12 April 2017

THE SENIOR VICE-CHAIRMAN

SPYRIDON I. PROTOPAPADAKIS ID. No. ΑΑ 490648

THE MANAGING DIRECTOR

IOANNIS I. VARDINOYANNIS

ID. No. Π 966572

THE CHIEF FINANCIAL OFICCER

STYLIANOS I. STAMOS ID. No. Μ 068570

THE CHIEF ACCOUNTANT

IOANNIS E. SPANOUDAKIS H.E.C. License No. 20599/A' CLASS