AS COMPANY S.A. GROUP OF COMPANIES

INTERIM FINANCIAL REPORT of the period from 1 January 2020 to 30 June 2020

According to article 5 of Law 3556/2007

GEMH No.: 57546304000 AMAE: 22949/06/B/90/107 HQ: Municipality of Oreokastro, Thessaloniki

L.	STATEMENTS OF MEMBERS OF THE BOARD OF DIRECTORS 3
$\Pi$ .	INTERIM REPORT OF THE BOARD OF DIRECTORS (SEPARATE AND CONSOLIDATED)
	FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2020 TO 30 JUNE 2020 4
	III. Independent Auditor's Report on Review of
	Condensed Interim Financial Information
	INTERIM CONDENSED FINANCIAL STATEMENTS (SEPARATE AND CONSOLIDATED) AS OF
	30 JUNE 2020
$A^{\dagger}$ .	INTERIM STATEMENT OF FINANCIAL POSITION
$B^{\dagger}$ .	INTERIM PROFIT AND LOSS ACCOUNT FOR THE PERIOD 01.01.2020-30.06.202021
$C^{\dagger}$ .	INTERIM STAREMENT OF CHANGES OF EQUITY
D'.	INTERIM CASH FLOW STATEMENT
$E^{\dagger}$ .	NOTES TO THE SEPARATE AND CONSOLIDATED INTERIM FINANCIAL STATEMENT
	24
1.	General Information
2.	Basis of preparation of the Financial Statements
$\overline{3}$ .	Significant Accounting Principles and Methods
За.	General
3b.	Impact of New accounting standards and interpretations
4.	Importand Accounting Principles and Methods
5.	Other Information
5.1	Consolidated Financial Statements
5.2	Seasonality of activities
6.	Operating Segments
7.	Other Explanatory Information
7.1	Own - use tangible fixed assets and rights to use leased assets 30
7.2	Participations in subsidiaries
7.3	Inventories
7.4	Accounts receivables
7.5	Investments at fair value through P&L
7.6	Cash and cash equivalents
7.7	Share Capital
7.8	Turnover
7.9	Administrative expenses
7.10	Distribution expenses
7.11	Resesarch and development expenses
7.12	Taxes
8.	Commitments and contingent liabilities
9.	Related Party Transactions
10.	Earning per share
11.	Subsequest event after the date of the Financial Position

I. STATEMENTS OF MEMBERS OF THE BOARD OF DIRECTORS

(in accordance with article 5, paragraph 2 of Law 3556/2007)

We, the members of the Board of Directors of "AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.":

$1₁$ Efstratios Andreadis Konstantinos, Chairman of the Board of Directors and Managing Director,
Anastasia Andreadou, the genus Angelos Kozlaclides, Vice-Chairman of the Board of $2.$ Directors.
$\overline{3}$ . Theodora Koufou of Demetriou, Member of the Board of Directors,

under our above-mentioned positions specifically designated by the Board of Directors of "AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A." (hereinafter referred to as "Company") hereby declare and certify that to the best of our knowledge:

a) The Condensed Separate and Consolidated Interim Financial Statements of the first semester of 2020, of the Company "AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.", as well as the companies that included in the consolidation taken as a whole, which were prepared in accordance with the International Financial Reporting Standards applicable, as adopted by the European Union, present in a true manner the Assets and Liabilities, Equity and Profit of the year for the six-month period ended 30 June 2020, in accordance with paragraphs 3 to 5 of article 5 of Law 3556/2007.
The Board of Directors' Report on these Financial Statements accurately reflects the b) information required by paragraph 6 of article 5 of Law 3556/2007.

Thessaloniki, 24 September 2020

Chairman of B.o.D & Managing Director Vice-Chairman of B.o.D.

EFSTRATIOS K. ANDREADIS ID No. AB 691316

ANASTASIA E. ANDREADOU ID No. AH 181790

Board Member

THEODORA D. KOUFOU ID No. AN 233404

INTERIM REPORT OF THE BOARD OF DIRECTORS (SEPARATE II. AND CONSOLIDATED) FOR THE FINANCIAL PERIOD FROM 1 JANUARY 2020 TO 30 JUNE 2020

(in accordance with article 5 of Law 3556/2007)

Dear Shareholders,

This Board of Directors report has been prepared in accordance with the provisions of article 5 par. 6 of Law 3556/2007 and refers to the Condensed Interim Separate and Consolidated Financial Statements (hereinafter referred to as "Financial Statements") of 30 June 2020 and the six-month period which expired on that date.

This report includes the actual depiction for the period from 1 January 2020 to 30 June 30 2020, the significant events that took place during the first half of 2020, the description of the main risks and uncertainties, the significant events that took place after the end of the first half of 2020 and finally the material transactions of AS COMMERCIAL INDUSTRIAL COMPANY PC & TOYS SA (the "Company") and the Group of AS COMMERCIAL INDUSTRIAL COMPANY PC & TOYS SA (the "Group") with related parties.

The Interim Condensed Financial Statements (Separate and Consolidated), the Review Report of the Certified Auditor and Company's Board of Directors report can be found on the link: https://www.ascompany.gr.

The main point of reference in this report is the consolidated financial data of the Company with reference to the Company's and the Group's individual financial data.

All amounts in this Annual Financial Report are expressed in Euro.

A. FINANCIAL INFORMATION

In the 1^st Half of 2020 the Group's sales turnover had a significant decrease, given the unprecedented effects of the COVID-19 pandemic affecting all markets.

The Greek Government, in its effort to mitigate the negative effects of the COVID-19 pandemic, introduced measures which limited the normal operations of trade, including the obligatory shutdown of many businesses. Due to the above measures imposed on retail, on March 18, 2020 our products were only available through limited distribution channels. The Company did not suspend operations and continued invoicing clients who did not cease operations but demand was significantly reduced compared to last year's demand during the same period.

In particular, while the Company showed an increase in sales turnover of +15% during the first two months of the year, the effect of the COVID-19 crisis at the end of the day for the 1st Half of 2020 had an impact of -26,3% on sales turnover in relation to 2019, which translates into a reduction of the Company's turnover by -2.859 million Euro.

The key reduction of sales turnover on a Group level is a result of the reduction of sales turnover of the Parent Company by -28,2%, with the Cyprus subsidiary clsing at a -9,9% sales turnover decrease, and the Romania subsidiary a significant increase of +57,7%. The Romanian subsidiary is in its second operative year from the commencement of its trade transactions.

The most significant figures of the Company and the Group compared to the corresponding period of 2019 are as follows:

		Group			Company
	1.1 to 30,06.2020	1.1 to 30.06.2019	$\underline{V}$ %	1.1 _to 30.06.2020	1.01 to 30.06.2019	$\underline{V}$ %
Turnover	7.999.359	10.857.908	$-26,33%$	7.579.460	10.552.253	$-28,17%$
% Gross Profit margin	48.91%	51.59%		46,41%	50.46%
EBITDA	984.785	2.329.565	-57,73%	748.302	2.209.955	$-66,14%$
As a % of Sales	12.31%	21.46%		9,87%	20.94%
Profit before tax	425.087	2.439.654	-82.58%	209.285	2.328.207	-91,01%
Profit after tax	352.453	1.745.443	$-79.81%$	159.057	1.650.184	-90,36%
Total Inflows / (outflows) from Operating Activities	$-105.252$	$-886.622$	$-88.13%$	$-53.629$	$-1.362.270$	-96.06%
Cash & Investments	15.864.262	13.155.459	20,59%	14.359.188	12.037.604	19,29%

The Group's turnover decreased by 26.33% compared to the same period last year and amounted to $\epsilon$ 8.0 million.

Group's gross profit margin decreased by 2,68% compared to 2019, being formed to 48,91% from 51,59%. The decrease is mainly due to an increase in the exchange rate of the Dollar against the Euro. The exchange rate was EUR 1,1020 / USD as at 30.6.2020 versus EUR 1,12960 / USD as at 30.06.2019.

Despite the decrease in distribution expenses, as a result of the decrease in revenues and inelastic expenses, the EBITDA of the Group and the Company decreased by 57.73% and 66.14% respectively compared to the same period of the previous year and being formed to 12,31% for the Group and 9,87% for the Company.

The results of the Group were negatively impacted by net financial expenses of 291,000 Euros due to the negative impact bond appraisal as of 30.06.2020.

As a result, the Group's profit before tax and profit after tax for the first half of 2020 are decreased compared to the corresponding period of 2019 in absolute figures, by $\epsilon$ 1,393 thousand and $\in$ 1,491 thousand respectively.

Net Profit before Tax: The decrease in profitability compared to the previous year for the Group and the Company is attributable to

Company (A)

A. Decrease in sales volume	$-1.379.728$
B. Decrease in Gross Profit Margin %	$-427.553$
C. Decrease in Operating Costs	359.402
D. Increase of Financial Income	$-644.215$
E. Increase in Other Income	$-13.775$
F. Increase in depreciation	$-13.054$
Total change in Profits before taxes	$-2.118.922$
Subsidiaries Activities (B)	104.354
Total Change $(A + B)$	$-2.014.567$

The Management of the Group attributes this reduction of profits to the negative impact of the COVID-19 pandemic which resulted in the decreased demand of its products for the better part of the first semester of 2020.

Banking Liabilities: The status of Bank Lending as at 30.06.2020 was formulated as follows:

	Group			Company
	30.06.2020	31.12.2019	$V$ %	30.06.2020	31.12.2019	V %
Bank Loans	382.924	428.578		357.793	393.294
less: Cash & Investments	$-15.864.262$	$-16.300.025$		$-14.359.188$	$-14.769.391$
Net Debt	$-15.481.338$	$-15.871.447$	$-2.5%$	$-14.001.395$	$-14.376.097$	$-2.6%$
Equity	30.969.026	30.658.198	1.0%	29.875.747	29.754.891	0.4%
Gearing Ratio	$-49.99%$	$-51,77%$		-46.87%	$-48.3%$

Bank loans above has to do only with the application of IFRS 16 for property and car leasing. Bank lending in the first half of 2020 is nonexistent for the Company and for the Group, which certifies their sound financial position.

Working Capital: The comparative figures for the working capital are as follows:

	Group		Company
	30.06.2020	30.06.2019	V %	30.06.2020	30.06.2019	V %
Current assets	29.280.259	30.705.729		27.528.577	29.245.678
Short-term liabilities	$-2.825.107$	$-6.192.340$		$-2.698.117$	$-5.959.212$
Working capital	26.455.152	24.513.390	7.9%	24.830.460	23.286.466	6.6%

The Group's inventories were reduced compared with those as of 30.06.2019 amounting to $\epsilon$ 4.3 million representing 12,5% of Total Assets, compared to 14.1% in 2019. Receivables from customers on a Group level decreased by $\epsilon$ 3,747 thousand compared with the balance as of 30.06.2019.

	Group			Company
	30.06.2020	30.06.2019	V%	30.06.2020	30.06.2019	$V\%$
Inventory and Receivables from Customers & Other receivables	13.415.997	17.550.271		13.169.390	17.208.074
less: Accounts payable and other short term liabilities	$-2.725.727$	$-6.073.637$		$-2.605.238$	$-5.854.877$
Net working capital	10.690.270	11.476.633	$-6.9\%$	10.564.151	11.353.197	$-6.9%$
% sales	133.6%	105,7%		139.4%	107,6%

Earnings per share: Earnings per share of the Company based on the weighted number of shares amounted to $\epsilon$ 0.0121 compared to $\epsilon$ 0.1257 in the previous period, showing a decrease of 90%.

Capital expenditure: The Company's investments in capital expenditures for the first half of 2020 amount to €65.961.

Research and development costs: In the first half of 2020, the Company incurred expenses that amounted to $\epsilon$ 91 thousand compared to $\epsilon$ 83 thousand of the corresponding period.

Key Financial ratios: The key financial ratios for the first semester of 2020 compared to 31.12.2019 and 30.6.2019 are as follows:

Group:

a. Financial Structure ratios	30.06.2020	30.06.2019	31.12.2019
Current Assets / Total Assets	84,4%	84,2%	85,0%
Equity / Total Liabilities	835,4%	407,0%	452,0%
Equity / Fixed Assets	618,4%	507,9%	591,4%
Current Assets / Short Term Liabilities	1036,4%	495,9%	549,0%
b. Performance and Efficiency ratios	30,06.2020	30.06.2019	31.12.2019
EBITDA / Turnover	12,3%	21,5%	17,4%
Gross Profit / Turnover	48,9%	51,6%	48,1%
Turnover / Equity	25,8%	74,2%	76,0%
Company
a. Financial Structure ratios	30.06.2020	30.06.2019	31.12.2019
Current Assets / Total Assets	82,3%	82,3%	83,0%
Equity / Total Liabilities	838,9%	410.4%	471,8%
Equity / Fixed Assets	598,0%	454,9%	575,7%
Current Assets / Short Term Liabilities	1020,3%	490,8%	560,6%
b. Performance and Efficiency ratios	30.06.2020	30.06.2019	31,12.2019
EBITDA / Turnover	9,9%	20,9%	16,6%
Gross Profit / Turnover	46,4%	50,5%	46,0%
Turnover / Equity	25,4%	73,9%	74,4%

Building facilities: The parent company maintains in Oraiokastro Thessaloniki, in a privately owned space, the offices, the warehouse and the retail store. Also as of 30.06.2019, the Company maintained four leased branches in different areas of Northern Greece for the retail sale of kids clothing - toys, whose operation ceased in July 20019, and a leased office and exhibition space in Alimos, Athens. In Cyprus and Romania, subsidiaries rent space for their offices.

Personnel: The number of staff employed at the end of the first half of 2020 amounted to 72 employees, i.e. 67 employees in the parent company and 5 employees in the subsidiaries. During the corresponding period last year, the Group employed 83 employees, i.e. 79 employees in the Company and 4 employees in the subsidiaries

Investments: The Group structure as of 30.06.2020 is as follows:

Name	Consolidation Method
AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A. Ionia str., Oreokastro, 57013, Thessaloniki, Greece	Parent
AS COMPANY CYPRUS LTD 21 Akadimias Str. Aglatzia 2017, Nicosia, Cyprus	Total Consolidation	100%
AS KIDS TOYS S.R.L Calea Bucurestilor – No 3A, Parter Camera P1 Otopeni, Romania	Total Consolidation	100%

In the period ended 30.06.2020, Condensed Interim Financial Statements were prepared including the financial information of the subsidiaries "AS COMPANY CYPRUS LTD" and "AS KIDS TOYS S.R.I.".

IMPORTANT EVENTS ON THE FIRST SEMESTER OF 2019 R.

1. General Meeting of Shareholders decisions

The Annual General Meeting of the Company's Shareholders was initially slated for the 26th of June 2020. It was finally concluded on the 14th of July 2020 and took the following decisions:

a) approval of the Annual Separate and Consolidated Financial Statements of Directors for the fiscal year from $1.1.2019 - 31.12.2019$ , accompanied by the relevant reports of the Board and the Auditor.
b) approval of non-distribution of dividends for the fiscal year 2019,
c) approval of the overall management of the Board of Directors for the fiscal year 1.1.2019-31.12.2019 according to article 108 of Law. 4548/2018 and the discharge of the Auditors for the same year according to article 117 par.1 note. C of Law 4548/2018.
d) the approval of the remuneration and compensation paid to the members of the Board of Directors for the year 01.01.2019-31.12.2019, according to article 112 par. 3 of Law 4548/2018.
e) the approval of the remuneration and compensation paid to the members of the Board of Directors for the year 2020 and until the general meeting of the shareholders of 2021, up to the total amount of €500.000,00 and granted authorization to the Company's Board of Directors to define the exact remuneration amounts and their due date.
f) the election of the Certified Auditors Company under the name KPMG Certified Auditors S.A. (AM: 114), for the audit of the Financial Statements and for granting a compliance assurance certificate for the year 2020 (1.1.2020-31.12.2020),
g) the reduction of the Company's share capital by nine hundred eighteen thousand eight hundred twenty one and forty cents (€ 918.821,40), through reduction of the nominal value of each ordinary registered share of the Company from EUR 0,49 to EUR 0,42, i.e. at 0,07 cents and return to shareholders and amendment of article 5 of the current Articles of Association of the Company that relates to share capital.
h) the increase of the Company's share capital by 0,01 euros per share, from EUR 0,42 to 0,43, through anew capitalization of the tax-free reserves and profit surplus, for a total of EUR131.260.21, pursuant to article 27 of Law 4646/2019
i) the amendment of Article 5 of the Articles of Association of the Company, regarding the Company's share capital, in order to adapt accordingly with the decisions upon the previous

matters of the daily agenda, namely concerning the decrease and increase of the Company's share capital

i) the amendment of Article 22 of the Articles of Association of the Company, regarding the real time distance participation of the shareholders to the General Meeting, pursuant to Article 125 of Law 4548/2018 and the right to vote via mail, pursuant to Article 126 of Law 4548/2018

2. Participation in exhibitions abroad

The Company maintained its presence in the Greek and the European market at the start of 2020. The Company participated at the largest exhibition of tourist goods in Greece, called "Parousies" (Presences) at Metropolitan Expo and the most important international toy fair, Nuremberg's "Spielwarenmesse". Furthermore, the Company presented its entire toy collection for 2020 to its Greek and Cypriot customers at its own Showroom in Athens in February. In addition, the Company's sales department, which visited the aforementioned exhibitions, also took part in January 2020 in the Hong Kong Toy Fair.

However, since March 2020, the different reality and the new circumstances arisen at a global level, have imposed immense changes and adaptability, at a personal and company level. Our communications with our local and foreign clients, as well as those with our suppliers, takes place - whenever needed $-$ from a distance, via the use of the new technologies and state of the art technical equipment.

3. Approval of the share capital decrease by the competent Authorities

On 28.07.2020 the decision 80266/28.07.2020 of the Ministry of Development and Investment was uploaded in the General Electronic Commercial Registry which approved the amendment of article 5 of the Articles of Association of the Company. The Corporate Actions Committee of the Athens Stock Exchange was informed at the meeting on 30.07.2020 about a) the reduction of the share capital with the purpose of returning capital by cash payment to the shareholders, amounting to $\epsilon$ 0,07 per share, b) the increase of the share capital through the anew capitalization of the tax free reserves and the profit surplus, as well as for the relevant amendment of the article 5 of the Company's Articles of Association.

4. Certification of Investment Completion, Law 3299/2004

On the 10.04.2020, the General Directorate of Private Investments of the Ministry of Development and Investment certified the completion - finalization of the cost and the commencement of the production operation regarding an investment on the modernization of a supply chain services provision, with a total supported expenditure of EUR428.000 (four hundred and twenty eight thousand) and support amount EUR149.800 (one hundred forty nine thousand eight hundred)

5. Corporate Social Responsibility

With a sentiment of responsibility towards the public, the Company supported the National Health System in its fight against the Covid-19 virus with sanitary material. In particular, it donated EUR 17.500 for the purchase of high protection medical coveralls to the AHEPA Hospital of Reference in order to cover present needs of the Intensive Care Units. In addition, toy candles were given to the families of the personnel of the Intensive Care Units of the AHEPA and Papageorgiou Hospitals of Thessaloniki, as an emotional act of support to the doctors and nurses who fight daily on the frontlines of the fight against the pandemic. For that particular act, the Company was awarded the honorary distinction "Heroes of the Covid -19 in Northern Greece", organized by the journalist complex "Makedonia" under the auspices of the Ministry of Internal Affairs of Macedonia and Thrace, the Municipality of Thessaloniki, the Regional Unit of Thessaloniki and the International Fair of Thessaloniki - Helexpo.

C. MAIN RISKS AND UNCERTAINTIES FOR THE SECOND SEMESTER OF 2020

The activities of the Company and the Group are exposed to a number of risks. The main risks are described below:

Exchange rate risk.
Interest rate risk. $\bullet$
Risk from commodity prices fluctuations and dependence for the supply of the goods $\bullet$
Credit risk and liquidity risk
Insurance risk

Group's Management aims to limit the potential negative impact of these risks on its financial results and is constantly adapting to the new circumstances so as to maintain its activities unaffected.

Exchange rate

This specific risk relates to the exchange rate between euro and other currencies that related to the sales and purchases of the Company and the Subsidiaries.

The Group carries out a significant part of its imports from China - Hong Kong which are invoiced in US dollars (USD). In the first semester of 2020 purchases in dollar comprised for 78% of total purchases, compared to 73% of the prior period's purchases. The value of imports in dollar (USD) is 9,28% lower than the same period last year.

The Group in the first semester of 2020 did not use financial instruments to reduce its exposure from foreign exchange risk arising from the markets.

Interest rate risk

The Company's Management estimates that there are no significant risks arising from a possible change in interest rates given the Company's minimum borrowing on 30.6.2020.

Risk from commodity prices fluctuations and dependence for the supply of the goods.

Given that most of the toys traded by the Company and the Group are imported from China, any change in trade relations between China and the European Union, or any change in the exchange rate between CNY/USD given that most of the of the Group's purchases are made in USD, may affect positively or negatively, on the one hand, the supply of customers and sales of the Group and on the other the Cost of sales and Profitability.

The Company continuously monitors the financial data of the Chinese market by maintaining long lasting relationships with its suppliers. The Company also participate in exhibitions in China with a purpose of setting up preferred suppliers list, with whom it could enter into a business relationship.

Credit risk and liquidity risk

It concerns the risk that the Company or the Group may face if a customer fails to fulfil its contractual obligations. The Group and the Company, in order to reduce their credit risk, apply a rational credit policy, taking into account any market information collected from data banks for the credibility of their customers. The receivables of the Group and the Company derive mainly from wholesale, while a significant part of the receivables derive from large customers.

The financial condition of its customers is continuously monitored by the Group and the Company by controlling credit limits provided. If deemed necessary additional collaterals and quarantees are obtained.

Due to the size of the Company's trading circuit, the potential credit risk for the Group is currently retained by the Company.

Liquidity risk exists in the event where the Group cannot fulfil its financial obligations. As appears in the financial statements, both at Company and at Group level, the liquidity risk is fully controlled (see working capital ratio).

GROUP	30.06.2020	30.06.2019
Current Assets / Short Term Liabilities	1036.4%	495.9%
COMPANY	30.06.2020	30.06.2019
Current Assets / Short Term Liabilities	1020.3%	490.8%

As far as the cash flow risk is concerned, it is noted that the Company and the Subsidiary are adequately protected, due to: a) the high credit rating with the banking institutions, b) the financial assets of the Company, whose carrying amount in the financial statements does not deviate from their fair value, c) maintaining cash at credible banks d) placing cash to trading investments.

Due to the seasonality in the Group's products, a rational management of working capital is required because in any other case additional financial costs may burden its results. The Group has sufficient funding lines from Banking Institutions.

Insurance Risk

Given that most of the Group's merchandises are carried over from the warehouse of the Company to customers and the subsidiaries, the Company should be covered by its exposure to counterparty risk by insuring its products.

For this purpose, the Company carries out insurance of its facilities by a consortium of insurance companies, something that gives adequate insurance cover for all the main risks.

The subsidiaries in Romania and Cyprus do not have their own warehouse and the trading of merchandise takes place through the warehouse facilities of the parent Company.

Other risks

The demand of Company's products is affected by external factors such as economic uncertainty, reduced consumption and consumer's preference for low-priced products. In this context, Management has made a selection of quality products with low retail price, which are attractive to consumers.

The Company proceeds to short-term investments (mainly bonds) having first evaluated the relevant ratings from international firms.

D. PERSPECTIVES FOR THE SECOND SEMESTER OF 2020

The first months of 2020 displayed as previously stated an increase in sales turnover of approximately 15% when compared with the corresponding period of 2019, a trend which came to a halt by mid March 2020.

During these difficult times the safeguarding of the Company's liquidity and maintaining of profitable results is one of Management's basic concerns.

The Group continues to use modern methods of social media, merchandising and promotion in order to develop its products.

Meanwhile, there is also a significant shift towards developing our customer's on-line sales by committed promotion digital activities.

If the market conditions are not worse than the $1^st$ Half of 2020 then we expect some improvement in the $2^{nd}$ Half of 2020 in relation to the $1^{st}$ half.

The contribution of the subsidiaries to the consolidated financial standing of the Group, are expected to be positive, with the impact of Covid-19 being limited and in lower levels than those of the parent company.

In this uncertain environment. Management shall continue to have a dual role: On the one hand, to care for the safety of its employees, business partners and customers, and on the other hand, to try and strategically increase market share via continuous search of new business opportunities and high demand products.

COVID-19 PANDEMIC: INFLUENCE TO FINANCIAL RESULTS

The Covid-19 pandemic continues to have a negative impact on the financial and corporate world.

The Group keeps a close eye on all new issues that may arise from the COVID-19 pandemic, aiming to respond to new customer trends and adapt to the new challenges stemming from the Covid-19 pandemic. Due to the prolonged uncertainty of the pandemic, no safe estimations of the effects of the pandemic on a macroeconomic level and consumption can be made.

The total effect of the pandemic to the standings of the Group depends on its spread and duration. These two factors will determine what the final impact this pandemic will have on the world economy as we know it. Management's initial assessment on sales turnover for the year expected a -30% impact but due to the fact that experts await a second wave of the pandemic, no assessment for the annual turnover is possible at this given point in time.

Management, despite the present uncertainty, believes that the Company shall succeed in overcoming many obstacles the COVID-19 crisis may bring because:

The Company maintains strong liquidity as of 31.08.2020 its reserves and bond investments totaled approximately EUR 15.960 th.
The Group is able to fully cover its obligations since the acid ratio remains at very high levels $\blacksquare$ (31.12.2018: 4,0, 31.12.2019: 4,6 and 30.06.2020: 8,6). At 31.12.2019 the working capital was EUR 24.6 mil, for the Company and EUR 26 mil, for the Group, while the respective numbers at 30.06.2020 were EUR 24,8 mil. for the Company and EUR 26,5 mil. for the Group.
There are no banking loans. $\bullet$
There are bank credit limits available, which may be used in case it is deemed necessary.
To the best knowledge of Management's knowledge they do not expect any bad debts from $\bullet$ customers to arise.
The Company has at its disposal Strategic Partners/Suppliers with global standing.
The crisis in China has not affected the supply chain of the Company and the Group, neither are there any major issues expected regarding the supply chain of the Company in respect of merchandise from the factories of China.
The inventory of the Company can reciprocate to the needs of the market and the necessary $\bullet$ predictions regarding obsolete and slow moving products have been made.
The ties of the Company with the entirety of its personnel (Management and Employees) are $\bullet$ especially strong.

MANAGING THE EFFECTS OF THE COVID-19 PANDEMIC

The Management of the Company, in light of all these developments, has established the following protocols:

Employees, Affiliates, Customers and Computer system safety.

Through the directions & guidelines of the competent Authorities, as well as experts, all the necessary measures have been adopted.

Supply chain. We are in constant touch with the Suppliers and our Strategic Partners in order to deliver the second semester of 2020 orders timely and orderly, so as to ensure the highest possible level of satisfaction.

Keeping operating costs low. A plan has been implemented in order to reduce the Company's operating costs. The Company can, if it chooses to do so, exercise their legal rights provided by COIVD-19 corporate support, as these are mentioned in the Decrees that are in force, or shall come into force.

E. CORPORATE SOCIAL RESPONSIBILITY

At AS Company, the safety and quality of its products are the basic principles concerning the function of the Company and its subsidiaries. The course of the Group has been built upon them, and they are foundations for its future strategy. These values are even more important in a Group engaged with children and their amusement.

In practice, that means that the toys of AS are equipped with safety and quality guarantees in order to provide hours of fun and enjoyment to kids and parents. The Quality Assurance division is responsible for controlling and maintaining the necessary safety and quality in our products. We cooperate with certified independent quality and safety assurance laboratories, known worldwide. Our Customer Service division takes care for the immediate handling of all received inquiries. taking always into account the family and its needs regarding children and toys.

Furthermore, AS Company, through a program of Corporate Social Responsibility, launches actions and initiatives for the support of sensitive parts of the public. In that framework, we created a campaign called "Leave the screen down" with the hashtag #asekatotinothoni in order to promote parents in taking a much more active role, setting boundaries to protect children from the dangers of screen exposure. Through that campaign, the company donated a part of its board game sales to organizations engaged with preventing and dealing with internet perils. In particular, AS supports the NGO "DIADRASIS", the operations of a specialized rehabilitation center for children and teenagers addicted to electronic devices, the children psychology ward of Ippokrateion hospital of Thessaloniki, as well as the Hackathon Athens program of the Teenager Health Ward of the Second Children Clinic of the University of Athens Children Hospital "P & A Kyriakou".

Furthermore, AS encourages and promotes education though creative play. In particular, the Company supports the Model Center of Special Education "Charismatika Paidia" (Gifted Children). offering its educative toys in support of their teaching methods. They aim to discover and develop each child's gifts, while developing the skills each child has fallen behind.

Finally, AS donates products all year round, supporting organizations and clubs, such as "To Chamogelo tou Paidiou" (The Children's Smile), "Make A Wish", as well as other local organizations, which support through their actions children and families.

F. ENVIRONMENTAL AND WORK ISSUES

The Group is not involved in the actual manufacturing of its products in the corresponding countries they operate in. The Groups operating structure does not hinder in any way the environment. The Group believes that the overall management and protection of our ecosystem is of utmost importance and our duty to be as environmentally friendly as possible.

In 2020. AS made available the products of the collection "Play for future" of Clementoni, made from recyclable and recycled materials, exhibiting its commitment for responsible and sustainable products.

Furthermore, in cooperation with the NGO "A children counting stars", we collect plastic caps in our facilities, helping mitigate their environmental footprint, while supporting groups of people with motor problems.

Our aim is to combine corporate targets with a wider contribution to sustainable development. responding to the needs of the customers as well. AS creates a way towards a sustainable future, for children and families, all while respecting the environment.

G. RELATED PARTIES TRANSACTIONS

As related parties within the meaning of IAS 24 are in addition to subsidiaries and affiliates, also directors and members of the Board of Directors. Revenues and expenses, transactions with members of the Board of Directors and Management for the period 1.1.2020 to 30.06.2020 as well as the balances of their receivables and liabilities as at 30.06.2020 are set out in the table helow:

		Group	Company
	30.06.2020	30.06.2019	30.06.2020	30.06.2019
a) Revenues	400.832	443.769	400.832	286.248
b) Receivables c)Transactions and Remuneration of Directors	380.135	166.264	380.135	164.513
and Members of the Board	588.101	638.763	540.646	591.899

The Company's Revenue and receivables relate to the parent's transactions with the subsidiaries in Cyprus and Romania that took place in the first semester of 2020.

The benefits to the directors and the Company's management are analyzed as follows:

		Group	Company
Directors Remuneration and Transactions	30.06.2019 30.06.2020		30.06.2020	30.06.2019
Short-term employee benefits
Salaries	359.506	397.552	325.062	363.432
Social Security cost	66.838	75.522	62.827	71.778
Total	426.344	473.074	387,889	435.210
Remunerations and Transactions of Board Members
Short – term benefits
Salaries	139.400	143.400	130.400	134.400
Social Security cost	22.357	22.288	22.357	22.288
Total	161.757	165.688	152.757	156.688
	Interim Financial Report			14

Interim Financial Report of the period from 1 January 2020 to 30 June 2020 No loans have been granted to the Board of Director members, or to Directors (and their families). There were no changes in the nature of transactions between the Company and its related persons which could have a material impact on the Company's financial position and performance.

Directors and executive Board Members' remuneration paid during the current period is related to the provision of service provided to the Company while the non-executive members' remuneration related to their position as members of the Board of Directors.

H. INFORMATION REGARDING ACQUIRED OWN SHARES article 50 par. 2 Law 4548/2018

Pursuant to the decision of the Ordinary General Meeting of the shareholders of 21.06.2019 and the decision of the Board of Directors of 6.3.2020, in the framework of the Own Share Acquisition Program, the Company has acquired, until 15.09.2020, 31.306 shares with an average acquisition price of EUR 1,81.

$\mathbf{I}$ . SIGNIFICANT EVENTS AFTER THE END OF THE FIRST SEMESTER OF 2020

On 4.9.2020 (the cut-off date) the Company's shares were negotiable on the ATHEX, with the new nominal value of $\epsilon$ 0.43 per share, without the right to participate in cash return to shareholders of $\epsilon$ 0.07 per share. By the same date, the starting price of the Company's shares on the ATHEX. was formulated in accordance with the Athens Stock Exchange Regulation in conjunction with the no. 26 decision of the ATHEX Board of Directors as applicable. The beneficiaries of the return were the shareholders registered in the S.A.T archives on 7.9.2020 (beneficiary identification date - record date). The due date for the return of the capital was set on Friday, 11.09.2020 and the payment was made through the Bank "Eurobank Ergasias SA".

J. ALTERNATIVE PERFORMANCE MEASURES INDICATORS («EDMA»)

For the analysis of the Company's and the Group's performance, "comparable" figures are used which are calculated by adding-deducting captions presented in the Financial Statements prepared in accordance with the International Financial Reporting Standards.

EBITDA ratio

This ratio results from the deduction of administrative, distribution and research expenses from the gross profit plus other income. Operating expenses do not include depreciation that are presented in separate caption in the Financial Statements. This ratio provides with useful information for the analysis of the Company's and the Group's operating performance.

The ratio for the corresponding years of 2017, 2018, 2019 and 2020 was as follows:

	30,06.2020	30.06.2019	30.06.2018	30.06.2017
EBIDTA	984.785	2.329.565	2.861 193	1.989.141
% Sales	12,31%	21.46%	23.95%	16.93%

Leverage Factor Ratio and Clean Debt

This ratio results from the addition of the short-term borrowings plus the long-term borrowings from which the cash and cash equivalents and short-term investments are deducted. The outcome of these captions is divided by the Equity to calculate the leverage ratio The Group uses this ratio to measure its liquidity. Following the application of IFRS 16 financial liabilities related to leases are included in the calculation of Net Debt from 2020 onwards.

The ratio for the corresponding years of 2016, 2017, 2018, 2019 and 2020 was as follows:

	30.06.2020	30,06,2019	30.06.2018	30.06.2017	30.06.2016
% net debt/equity	-49,99%	$-43.34%$	$-39.86%$	$-27.29%$	$-23.95%$
Net debt	-15.481.338	$-12.688.629$	$-10.820.040$	$-6.571.748$	-5.224.052

Net Working Capital Ratio

This ratio results from the addition of the Reserves, the Demands from Clients and Other Asset Elements minus the Commercial and Other Short-Term Liabilities. The Group uses this ratio to assess its liquidity, not taking into account the available cash and large value investments.

AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A. Thessaloniki, 24 September 2020

THE CHAIRMAN OF BOARD OF DIRECTORS & MANAGING DIRECTOR

EFSTRATIOS K. ANDREADIS

THE MEMBER OF THE BOARD OF DIRECTORS

THEODORA D. KOUFOU

ID No. AN 233404

KPMG Certified Auditors S.A. 3 Stratigou Tombra Street Aghia Paraskevi 153 42 Athens, Greece Telephone: +30 210 60 62 100 +30 210 60 62 111 Fax:

Independent Auditor's Report on Review of Condensed Interim Financial Information (Translated from the original in Greek)

To the Shareholders of AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A.

Report on the Review of Condensed Interim Financial Information

Introduction

We have reviewed the accompanying interim condensed standalone and consolidated Statement of Financial Position of AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A. (the "Company") as at 30 June 2020 and the related condensed standalone and consolidated Statements of Comprehensive Income. Changes in Equity and Cash Flows for the six-month period then ended and the selected explanatory notes, which comprise the condensed interim financial information and which forms an integral part of the six-month financial report of articles 5 and 5a of Law 3556/2007. Management is responsible for the preparation and presentation of this condensed interim financial information in accordance with the International Financial Reporting Standards adopted by the European Union and specifically with International Accounting Standard (IAS) 34 "Interim Financial Reporting". 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 the International Standard on Review Engagements (ISRE) 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. as incorporated in Greek Law, 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 as at 30 June 2020 is not prepared, in all material respects, in accordance with IAS 34 "Interim Financial Reporting".

Report on Other Legal and Regulatory Requirements

Our review did not identify any material inconsistency or error in the statements of the members of the Board of Directors and in the information of the six-month Financial Report of the Board of Directors as defined in articles 5 and 5a of L. 3556/2007 in relation to the accompanying interim condensed financial information.

Athens, 24 September 2020

KPMG Certified Auditors S.A. AM SOEL 114

Dimitrios Tanos, Certified Auditor Accountant AM SOEL 42241

AS COMPANY S.A. GROUP OF COMPANIES

INTERIM CONDENSED FINANCIAL STATEMENTS (SEPARATE AND CONSOLIDATED) AS OF 30 JUNE 2020

In accordance with IFRS as they are adopted by the European Union

IV. INTERIM CONDENSED FINANCIAL STATEMENTS INTERIM STATEMENT OF FINANCIAL POSITION A.

(Amounts in Euros)

		GROUP		COMPANY
ASSETS	Not e.	30.06.2020	31.12.2019	30.06.2020	31.12.2019
Non-current assets
Property, plant and equipment	7.1	4.895.508	5.058.562	4.887.974	5.049.801
Intangible assets		112.507	125.659	108.049	119.012
Right of use of leased assets	7.1	371.839	418.887	348.664	386.083
Participations in subsidiaries	7.2	0	0	550.000	550,000
Other non-current assets		16.018	15.395	13.968	14.359
		5.395.872	5.618.503	5.908.655	6.119.255
Currents assets
Inventories	7.3	4.348.147	4.955,343	4.347.248	4.955.343
Accounts receivables	7.4	8.532.943	9.740.465	8.291.180	9.303.253
Investments at fair value through P&	7.5	8.885.917	7.456.849	8.153.647	7.456.849
Other current assets		534.907	826.578	530.961	914.266
Cash and cash equivalents	7.6	6.978.345	8.843.176	6.205.541	7.312.542
		29.280.259	31.822.411	27.528.577	29.942.253
Total assets		34.676.131	37,440.914	33.437.233	36.061.508
EQUITY AND LIABILITIES
Equity
Share capital	7.7	6.431.750	6.431.750	6.431.750	6.431.750
Share premium		74.509	74.509	74.509	74.509
Other reserves		1.812.291	1.853.916	1.822.993	1.861.193
Retained earnings		22.650.476	22.298.023	21.546.496	21.387.438
Equity attributable to shareholders of the Company		30.969.026	30.658.198	29.875.747	29.754.891
Total Equity		30.969.026	30.658.198	29.875.747	29.754.891
Long-Term Liabilities
Leasing liabilities		283.544	322.786	264.914	302.031
Deferred tax liabilities		156.886	245.370	156.886	245.370
Staff leaving liabilities		335.248	321.634	335.248	321.634
Other long-term liabilities		106.320	96.397	106.320	96.397
		881.998	986.187	863.368	965.432
Current liabilities
Account payables		1.045.732	3.525.488	963.761	3.253.218
Short-term borrowings		0	644	0	0
Short-term leasing liabilities		99.380	105.148	92.879	91.263
Other short-term liabilities		1.679.995	2.165.249	1.641.478	1.996.704
		2.825.107	5.796.529	2.698.117	5.341.185
Total Liabilities		3.707.105	6.782.716	3.561.486	6.306.617
Total Equity and Liabilities		34.676.131	37.440.914	33.437.233	36.061.508

The accompanying notes set out on pages 20 to 37 form an integral part of these Interim Condensed Financial statements.

INTERIM PROFIT AND LOSS ACCOUNT FOR THE PERIOD 01.01.2020 -B. 30.06.2020

(Amounts in Euros)

		GROUP		COMPANY
	Σημ.	1.1 to 30.06.2020	1.1 to 30.06.2019	1.1 to 30.06.2020	1.1 to 30.06.2019
Turnover	7.8	7.999.359	10.857.908	7.579.460	10.552.253
Cost of sales		$-4.086.991$	$-5.256.575$	$-4.061.695$	$-5.227.208$
Gross profit		3.912.368	5.601.333	3.517.765	5.325.045
Other operating income		31.972	14.940	1.165	14.940
Administrative expenses	7.9	$-999.045$	$-968.276$	$-892.881$	$-888.279$
Distribution costs	7.10	$-1.869.156$	$-2.234.601$	$-1.786.392$	$-2.157.920$
Research and development expenses	7.11	$-91.355$	$-83.831$	$-91.355$	$-83.831$
Profit before interest, taxes, depreciation and amortization		984.785	2.329.565	748.302	2.209.955
Depreciation-Impairments		$-268.908$	$-252.734$	$-255.481$	$-242.427$
Profits before taxes, financing and investment results		715.877	2.076.830	492.821	1.967.528
Financial expenses-net		$-290.790$	362.824	$-283.536$	360.679
Profits before tax total		425.087	2.439.654	209.285	2.328.207
Less: taxes	7.12	$-72.634$	$-694.211$	$-50.228$	$-678.023$
Profits after taxes (A)		352,453	1,745,443	159.057	1.650.184
Other comprehensive income (B)		0	$\mathbf 0$	0	0
Total Comprehensive income $(A) + (B)$		352,453	1.745.443	159.057	1.650.184
Net profit attributable to:
- Shareholders of the Company	9	352.453	1.745.443	159.057	1.650.184
Earnings per share - (in $\epsilon$ )	9	0,0269	0,1330	0,0121	0,1257

The accompanying notes set out on pages 20 to 37 form an integral part of these Interim Condensed Financial statements.

INTERIM STATEMENT OF CHANGES OF EQUITY C.

(Amounts in Euros)

Company

	Share capital	Share premium	Other reserves	Retained earnings	Total
Equity as of 01.01.2019	7.350.571	74.509	1.726.623	18.682.462	27.834.165
Profit for the year after taxes	$\bf{0}$	0		1.650.184	1.650.184
Reduction and return of share capital	$-918.821$		$\overline{0}$	0	$-918.821$
Equity as of 30.06.2019	6.431.750	74.509	1.726.623	20.332.646	28.565.528
Equity as of 01.01.2020	6.431.750	74.509	1.861.193	21.387.438	29.754.891
Profit for the year after taxes	0	0	0	159.057	159.057
Own Share Acquisition			$-38.201$		$-38.201$
Equity as of 30.06.2020	6.431.750	74.509	1.822.992	21.546.496	29.875.747

Group

Amounts in Euro	Share capital	Share premium	Other reserves	Retained earnings	Total
Equity as of 01.01.2019	7.350.571	74.509	1.726.214	19.302.971	28.454.265
Profit for the year after taxes	0	$\bf{0}$	0	1.745.443	1.745.443
Exchange rate differences and other reserves	0	0	$-3.963$	0	$-3.963$
Reduction and return of share capital	$-918.821$	$\overline{0}$	፬	₫	$-918.821$
Equity as of 30.06.2019	6,431,750	74.509	1.722.252	21.048.414	29.276.925
Equity as of 01.01.2020	6.431.750	74.509	1.853.916	22.298.023	30.658.198
Profit for the year after taxes	U	$\Omega$	o	352.453	352.453
Exchange rate differences and other reserves	0	$\mathbf 0$	$-3.424$	0	$-3.424$
Own Share acquisition	0	0	$-38.201$	0	$-38.201$
Equity as of 30.06.2020	6.431.750	74.509	1.812.291	22.650.476	30,969.026

The accompanying notes set out on pages 20 to 37 form an integral part of these Interim Condensed Financial statements.

D. INTERIM CASH FLOW STATEMENT

(Amounts in Euros) cónia

		GROUP		COMPANY
	Note	1.1 _to 30.06.2020	1.1 to 30.06.2019	1.1 to 30.06.2020	1.1 _to 30.06.2019
Operating activities Profit before tax		425.087	2.439.654	209.285	2.328.207
Adiustments for: Depreciation		268.908	252.734	255.481	242.427
Provisions		23.538	$-195.111$	23.538	$-195.111$
Exchange differences		$-41.852$	$-3,963$	$-38.996$	$\Omega$
Results (Gain/loss) from investing activities
Interest and related expenses		294.781 5.860	$-236.507$ $-2.852$	325.588 0	$-236.551$ $\mathbf 0$
Plus/Minus Working Capital Adjustments:
(Increase)/ decrease in inventories		607.196	$-26.831$	608.095	$-186.311$
Increase / (decrease) in receivables		1.690.584	$-1.454.806$	1.404.666	$-1.815.749$
(Decrease)/in payables (except loans) Minus:		$-3.306.429$	$-1.659.579$	$-2.783.396$	$-1.499.182$
Interest and related expenses paid		$-60.767$	2.785	$-48.993$	0
Income tax paid		$-12.159$	$-2.148$	$-8.898$	0
Net cash flows from operating activities (g)		$-105.252$	-886.622	$-53.629$	-1.362.270
Investing Activities
Purchase of tangible and intangible assets	7.1	$-65.961$	$-91.580$	$-65.358$	$-91.883$
Proceeds from sales of tangible and intangible assets		0	2.308	0	2.308
(Purchase) / Sales of securities		$-1.787.898$	$-1.465.199$	$-1.086.435$	$-1.465.199$
Interest received		178.036	134.988	172.122	134.965
Net cash flows from investing activities $(\beta)$		$-1.675.823$	$-1.419.483$	$-979.671$	$-1.419.809$
Financing Activities
Reduction and return of share capital		$-38.201$	$\bf{0}$	$-38.201$	$\bf{0}$
Proceeds from loans issued/withdrawn		٥	392	0	392
Repayment of loans		-644	$-41.574$	0	$-41.574$
Repayment of finance lease		$-44.912$	$-6.274$	$-35.501$	0
Net cash flows from financing activities (c)		$-83.757$	$-47.456$	$-73.702$	$-41.182$
Net increase / (decrease) in cash and cash
equivalents $(a)+(b)+(c)$		$-1.864.832$	$-2.353.562$	$-1.107.002$	$-2.823.261$
Cash and cash equivalents at the beginning of	7.9
the year		8.843.176	8.392.027	7.312.542	7.743.872
Cash and cash equivalents at the end of the vear	7.9	6.978.345	6.038.466	6.205.541	4.920.611

The accompanying notes set out on pages 20 to 37 form an integral part of these Interim Condensed Financial statements.

NOTES TO THE SEPARATE AND CONSOLIDATED INTERIM FINANCIAL Е. STATEMENTS

$\mathbf{1}$ . General Information

AS COMMERCIAL INDUSTRIAL COMPANY OF COMPUTERS AND TOYS S.A. is a Hellenic Societe Anonyme Trading Company founded on 8 November 1990 (Official Government Gazette 4222 / 03.12.1990). The Company is registered with the Registry of Societes Anonymes of the Ministry of Economy, Development and Tourism, with GEMI number 057546304000 and Registry Number 22949/06/B/90/107. Its web site is www.ascompany.gr and is listed on the Athens Stock Exchange. The Financial Statements of 30 June 2020 were approved by the Board of Directors on 24 September 2020.

The Company's number of employees as of 30 June 2020 was 67 persons and for the Group 72 persons.

The main activity of the Company concerns the wholesale trade of toys.

The subsidiary in Cyprus under the name "AS COMPANY CYPRUS LTD" is governed by and operates under Cyprus Law, in the form of a Limited Liability Company. The subsidiary was established in May 2016 with an initial capital of $\epsilon$ 150,000, which was 100% covered by the parent company, which is its sole shareholder.

The Romanian subsidiary AS KIDS TOYS S.R.L. is governed by and operates under Romanian law in the form of Limited Liability Company. The subsidiary was established in February 2018. Its share capital amounts to $\epsilon$ 400.000 and has been 100% covered by the parent company, which is its sole shareholder.

$\overline{2}$ . Basis of preparation of the Financial Statements

The Interim Financial Statements have been prepared with the International Accounting Standard (IAS) 34 "Interim Financial Reporting". Those Interim Financial Statements do not contain all the information required in the annual financial statements and for this reason should be read in conjunction with the published audited annual Financial Statements for the year ended 31 December 2019, which can be found on the Company's website address www.ascompany.gr.

The financial statements have been prepared in accordance with the historical cost principle, except for the financial assets at fair value through profit or loss, which, based on IFRSs, are measured at fair value.

For the preparation of the Financial Statements the significant accounting estimates from the Management for the application of the Group's accounting principles as well as the main source of evaluation of uncertainty are the same with those adopted on the preparation of the annual Financial statements as of 31.12.2019, except from those that concern the adoption of the new IFRS as of January 2020.

There are no changes in the applied accounting principles and methods compared with those applied in the preparation of the Financial Statements as of 31.12.2019 according to IFRS after the consideration of the standards and interpretations that are noted in paragraph 3B below.

The amounts of the Financial Statements are expressed in Euro, unless otherwise stated. Any differences in the sums are due to roundings.

З. Significant Accounting Principles and Methods

General За.

The accounting principles used in the preparation of these Financial Statements are explained below. These principles have been applied consistently in the current period as well as in the prior year so as the figures presented in the Financial Statements to be absolutely comparable.

The accounting principles and methods and calculation methods used in the preparation of the Financial Statements, the significant accounting estimates adopted by Management and the main sources of uncertainty that affect these estimates are the same as those adopted in the published annual Financial Statements for the year ended 31 December 2019 (as posted on the Company's website). after taking into account the new and amended changes in the standards and interpretations listed below

$3_b$ Impact of new accounting standards and interpretations

The following new and amended standards and interpretations, as issued by the International Accounting Standards Board (IASB) and the IFRS Interpretations Committee (IC) and endorsed by the European Union (EU), apply from 1 January 2020:

Amendments to IFRS 3 "Business Combinations" (in force as of 1^st of January 2020)

The International Accounting Standards Board released amendments regarding the definition of Business in the IFRS 3 "Business Combinations" in order to aid the economic entities define whether the entirety of acquired activities and the asset elements constitute a business. They clarify the minimum requirements for the definition of a business, they remove the assessment on whether the market participants are able to replace missing elements, they provide quidance to help economic entities assess whether the acquired activities should be deemed important, they limit the definitions of a business and its outputs, and introduce an optional assessment regarding the concentration of fair value (fair value concentration test).

The adoption of these amendments had no effect on the Condensed Interim Financial Statements of the Group and the Company.

Amendments to references regarding the definitive framework of the International Financing Reporting Standards (in force as of 1^st of January 2020)

On March 2018, the International Accounting Standards Board released the revised Definitive Framework. This framework replaces its last version, which was released in 2010. The revisions made by the International Accounting Standards Board introduced a new chapter regarding measurement, revised definitions regarding asset items, liabilities and derecognition criteria, as well as clarifications regarding other important points.

The adoption of these amendments had no effect on the Condensed Interim Financial Statements of the Group and the Company.

Amendments to IAS 1 and IAS 8: Definition of the term Materiality (in force as of 1st of January 2020)

The amendments to IAS 1 "Presentation of Financial Statements" and IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors" aim at harmonizing all standards regarding Materiality, as well as clarifying certain of its aspects. According to the new definition, "Information is material if omitting, misstating or obscuring it could reasonably be expected to

influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity". The amendments make clear that materiality depends upon the information's nature and size.

The adoption of these amendments had no effect on the Condensed Interim Financial Statements of the Group and the Company.

Amendments to IFRS 9, IAS 39 and IFRS 7: "Reform of reference rates'

On September 2019, the International Accounting Standards Board released amendments to the IFRS 9, IAS 39, and IFRS 7 standards, with which the first phase of its works regarding the effects of interbank lending rates to financial reporting is completed. The amendments refer to issues which arise to financial reporting at periods preceding the replacement of a present reference rate with an alternative rate, and face the consequences in specific hedge accounting requirements, as set out in IFRS 9 "Financial Instruments" and IAS 39 "Financial Instruments; Recognition and Measurement". The amendments introduce temporary facilities applicable to existing hedging relationships, which are affected by the reform of the reference rates, allowing the continuation of the hedge accounting during the period of uncertainty, which exists prior to the replacement of a present reference rate with an alternative rate of nearly zero risk. Furthermore, the amendments introduce to IFRS 7 "Financial Instruments: Disclosures" a number of further disclosures regarding the uncertainty which arises from the reform of reference rates. The amendments are applicable, retroactively, to annual accounting periods starting at or after the 1^st of January 2020. The second phase (draft standard) focuses on issues affecting financial reporting when an existing reference rate is replaced by a zero risk rate.

The adoption of these amendments had no effect on the Condensed Interim Financial Statements of the Group and the Company.

Newly issued Standards and Interpretations mandatory in later periods

The following new Standards and Interpretations are obligatory to subsequent periods.

Amendment to IFRS 16 "Covid-19-Related Rent Concessions" (applicable to annual accounting periods starting at or after the 1st of June 2020)

This amendment is applicable, retroactively, to annual reference periods commencing at or after the 1^st of June 2020. Earlier application is allowed, including the financial statements not yet approved for issue at the 28th of May 2020. The International Accounting Standards Board amended the standard and allowed the leaseholders not to abide by the obligations of IFRS 16 regarding the accounting lease modification for rent discounts resulting as an immediate consequence of the Covid 19 pandemic. The amendment offers a practical accounting tool to the leaseholders regarding any change or discount to rent leases as a result of Covid 19, on the same basis pursuant to the requirements of IFRS 16, if the change or discount was not deemed a lease modification, as long as all the following requirements apply:

The change in rent payments leads to a revised exchange, substantially the same or lesser than the price for the lease right before the change,
Any discount to rent payments affects payments due at the 30th of June 2021 or prior.
There has not occurred any substantial change to other terms or requirements of the lease.

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