Autohellas S.A. — Audit Report / Information 2020

Mar 3, 2021

AUTOHELLAS

TOURIST AND TRADING SOCIETE ANONYME

31 VILTANIOTI street, KIFISSIA, ATTICA

ANNUAL FINANCIAL REPORT for the period 1 January 2020 - 31 December 2020

Ιn accordance with Article 4 of codified law 3556/2007 and according to the relevant decisions made by the HCMC board of directors

A.	STATEMENT OF THE BOARD OF DIRECTORS 3
B.	INDEPENDENT AUDITORS REPORT 4
C.	ANNUAL BOARD OF DIRECTORS REPORT 13
D.	ANNUAL FINANCIAL STATEMENTS 41
I.	Statement of Financial Position 41
II.	Income statement 42
III.	Statement of Comprehensive Income 43
IV.	Statement of Changes in Equity 44
V.	Cash Flow Statement 46
E.	NOTES ON FINANCIAL STATEMENTS 47
1.	General Information 47
2.	Summary of significant accounting policies 47
3.	Critical estimates, judgements and errors 61
4.	Financial risk management 63
5.	Fair value hierarchy 70
6.	Segmental 72
7.	Property, plant and equipment 73
8.	Right of use assets 76
9.	Investment property 78
10.	Intangible assets 79
11.	Investment in subsidiaries 81
12.	Investment in associates and joint ventures 82
13.	Deferred income tax 83
14.	Financial assets at fair value through other comprehensive income 86
15.	Financial assets at fair value through profit or loss 86
16.	Trade and other receivables 86
17.	Inventories 87
18.	Cash and cash equivalents 87
19.	Share capital and share premium 87
20.	Fair value reserves 88
21.	Other reserves 89
22.	Borrowings 90
23.	Leases 91
24.	Post-employment benefits 93
25.	Trade and other payables 95
26.	Revenue 95
27.	Expenses by nature 96
28.	Employee benefits expense 96
29.	Other income 97
30.	Other gains/ (losses) - net 97
31.	Finance income and costs 98
32.	Income tax expense 98
33.	Securitisation 99
34.	Contingencies 99
35.	Commitments 100
36.	Related party transactions 100
37.	Earnings per share 102
38.	Events occurring after the reporting period 102
39.	Audit Fees 103

A. STATEMENT OF THE BOARD OF DIRECTORS

(According to article 4 par. 2c of law 3556/2007)

The members of the Board of Directors Emmanouela Vasilaki, President, Eftichios Vassilakis, Vice-President and Managing Director and Dimitrios Mangioros, Member, under the aforementioned capacity, declare to the best of their knowledge that:

• (a) The Annual Group and Company Financial Statements for the period 1/1 31/12/2020, which have been prepared in accordance with the applicable accounting standards, fairly present assets and liabilities, equity and the income statement of AUTOHELLAS TOURIST AND TRADING SOCIETE ANONYME (hereinafter, "Company"), as well as those of the companies included in the consolidation taken as a whole.
• b) The Board of Directors' Annual Report accurately presents the performance and position of the Company as well as of the companies included in the consolidation taken as a whole, including the description of the main risks and uncertainties they might be facing.

Kifissia, 2nd of March 2021

Emmanouela Vasilaki Eftichios Vassilakis Dimitrios Mangioros

Chairman Vice Chairman and CEO Member

Translated from the original in Greek.

B. INDEPENDENT AUDITORS REPORT

[Translation from the original text in Greek]

Independent auditor's report

To the Shareholders of "AUTOHELLAS TOURIST AND TRADING SOCIETE ANONYME"

Report on the audit of the separate and consolidated financial statements

Our opinion

We have audited the accompanying separate and consolidated financial statements of "AUTOHELLAS TOURIST AND TRADING SOCIETE ANONYME" (Company or/and Group) which comprise the separate and consolidated balance sheet as of 31 December 2020, the separate and consolidated statements of profit or loss, comprehensive income, changes in equity and cash flows for the year then ended, and notes to the separate and consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the consolidated financial statements present fairly, in all material respects the separate and consolidated financial position of the Company and the Group as at 31 December 2020, their separate and consolidated financial performance and their separate and consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards (IFRS), as adopted by the European Union and comply with the statutory requirements of Law 4548/2018.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs), as they have been transposed into Greek Law. Our responsibilities under those standards are further described in the "Auditor's responsibilities for the audit of the separate and consolidated financial statements" section of our report.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Independence

During our audit we remained independent of the Company and the Group in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) that has been transposed into Greek Law, and the ethical requirements of Law 4449/2017 and of Regulation (EU) No 537/2014, that are relevant to the audit of the separate and consolidated financial statements in Greece. We have fulfilled our other ethical responsibilities in accordance with Law 4449/2017, Regulation (EU) No 537/2014 and the requirements of the IESBA Code.

We declare that for the year ended as at December 31, 2020 we have not provided non-audit services to the Company and its subsidiaries.

Key audit matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the separate and consolidated financial statements of the current year. These matters were addressed in the context of our audit of the separate and consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Key audit matter	The procedures performed to address the key audit matter
Estimation of the useful lives and residual values of vehicles
Property, plant and equipment includes vehicles amounting €268.9mn for the Company and €366mn for the Group as at 31 December 2020, that are measured at cost less accumulated depreciation and impairment. The book values of vehicles are significant and form the basis of the Company's and the Group's rental and leasing operations.	Our audit approach included obtaining an understanding of the vehicles management process as designed and implemented at the Company and the Group. We evaluated and reviewed Management's process relating to useful lives and residual values assessment
The estimation of the useful lives of vehicles is based on historic performance as well as expectations about future use and therefore requires a degree of	for vehicles and examined the criteria used to identify impairment indicators, with a focus on the timely detection of impairments.
judgement to be applied by Management. Residual values are determined taking into account generally accepted market forecasts adjusted where necessary to take into account factors specific to the vehicles.	We tested the appropriateness of the approach used and the reasonableness of key assumptions applied by Management. Furthermore, we also reviewed historical disposals of vehicles and the profit or loss derived from these disposals to assess if the followed
Management is required to assess the useful life and residual value of an asset periodically and changes should either be accounted for as an impairment charge or as a change in accounting estimate through prospective depreciation.	approach reflects past performance. We determined that the approach for determining useful lives and residual values of vehicles forms a reasonable basis for Management's assessment and that the available evidence supported the key assumptions
Due to the level of judgement required in estimating useful lives and calculating residual values of vehicles, it is considered a key audit matter.	used. The disclosures in the financial statements are adequate and consistent with the requirements of relevant
For more information, refer to notes 2, 3 and 7 of the financial statements.	accounting standards.
Revenue recognition
The Company's and the Group's revenue streams include vehicle operating lease and finance lease income, vehicle sales and income from other	Our audit procedures included obtaining an understanding of the various revenue streams, considering the appropriateness of the Group's revenue

Key audit matter	The procedures performed to address the key audit matter
additional vehicle related services, which is an important determinant of the Group's profitability.	recognition accounting policies and assessing compliance of these policies with relevant standards.
Furthermore, the Group focuses on revenue as a key performance measure which could create an incentive for revenue to be recognised before the risks and rewards have been transferred, resulting in a significant audit risk associated with revenue recognition. Furthermore, there exists an inherent	Our audit approach included understanding the systems and process that are relevant to revenue recognition, holding discussions with relevant Company and Group employees to validate processes and re-performing key process.
risk around the accuracy of revenue recorded given the impact of changing pricing models.	Furthermore, we performed relevant substantive audit procedures around the various revenue streams, which focused on the adequacy and consistency of the
Based on these factors, there is a heightened risk of error that revenue is not completely or accurately recorded or that revenue is not recognised in the	accounting policies applied, by conducting audit procedures over the point of transfer of risk and rewards. Our audit procedures included:
correct year. Due to the significant risk associated with revenue recognition and the increased work effort from the audit team, the recognition of revenue is considered a key audit matter. For more information, refer to notes 2 and 26 of the financial statements.	 Analytical review procedures on the different revenue streams.  Sample testing of transactions during the year of all material revenue streams.  Revenue cut-off procedures.  Testing of sales returns and credit notes issued after year end.  Testing of trade receivables at year end by agreeing a sample of open invoices at year end to subsequent receipts. Our procedures concluded that revenue recognition for the Group's revenue streams is consistent with the Group's accounting policies and relevant standards. Based on our work, we noted no significant issues regarding the accuracy of revenue reported for the year. The disclosures in the financial statements are adequate and consistent with the requirements of relevant accounting standards.
Valuation of Investment and Own-Use Property
Investment and own use property comprise owned land and buildings that is either held for the purpose of generating long-term lease revenue or capital gains or is used by the Company and its subsidiaries for its operations.	We obtained Management's valuation reports for the year ended 31 December 2020, that were prepared by certified external valuers.

Key audit matter	The procedures performed to address the key audit
	matter
The Group measures investment and own-use property at fair value. At 31 December 2020, the book value of investment property of the Company and the Group amounts to €70.9mn and €39.1mn	We compared the fair value of property to the book values in the Company's and the Group's accounting records.
respectively and the book value of own-use property amounts to €42.1mn and €78.7mnn respectively.	We evaluated and confirmed the independence, objectivity and competence of the Company's and the Group's certified external valuers.
Fair value is determined by external valuers and is based on prices prevailing in active real estate markets, adjusted for any differences in the physical condition or location of the property being valued. To the extent that active market prices are not available, alternative methods are used that include the use of prices in less active markets and discounted future cash flows. Furthermore, in determining fair value, additional external factors such as rental rates for similar properties, discount rates associated with each tenant's operating activity, and current market conditions, are considered.	We compared the fair values at 31 December 2020 with those at 31 December 2019 in order to assess whether their change was in line with market trends. For the properties that either contribute a material value to the total book value of investment and own-use property or that result in significant fair value deviations, we obtained and evaluated the valuation reports of Management's certified external valuers. Our procedures with respect to the valuation reports, also included:
This is considered a key audit matter because of the:  Relative size of the investment and own-use property to the total assets of the Company and the Group.  Assumptions and estimates made by management and their external valuers in the valuation process.  Sensitivity of valuations to key input assumptions, specifically discount rates and future rental income. For more information, refer to notes 2, 3, 7 and 9 of the financial statements.	 Assessing the appropriateness of the methodologies used.  Evaluating the key assumptions used, based on current market information and future expectations.  We examined, on a sample basis, the accuracy and relevance of the input data used by Management's certified external valuers.  With the support of our external real estate valuation experts, from the total population of properties, we focused on those with the highest fair values, and we determined that the resulting values are within acceptable valuation ranges, based on market information.
	Notwithstanding the subjectivity associated with determining valuations for individual properties and the existence of alternative assumptions and valuation methods, our audit procedures concluded that the valuations were based on reasonable assumptions and appropriate data that are consistent with the prevailing market conditions.
	We also found that the disclosures in the financial statements are adequate and consistent with the requirements of relevant accounting standards.

Key audit matter	The procedures performed to address the key audit matter
Impact of the Covid-19 pandemic
Since the outbreak of the Covid-19 pandemic, the Group has continued to operate in all its markets. The pandemic however has had a significant impact on the operations, revenue and profit for the year, given the various lockdown measures put in place and the resulting macroeconomic impact.	We assessed the risks arising from the Covid-19 pandemic and focussed on areas that might have a material impact on the financial performance and financial position of the Group and Company as well on the going concern basis applied in preparing the financial statements for the year ended 31 December 2020.
Management has considered the impact of Covid-19 on the Group and Company financial statements, that related to the applicability of the going concern basis of accounting, impairment of trade receivables, impairment of non-financial assets, including goodwill, and the critical accounting estimates and	Other than as described in the key audit matters relating to "Estimation of the useful lives and residual values of vehicles" and "Valuation of Investment and Own-Use Property" above, we note the following additional areas impacted by Covid-19:
judgements that may be impacted. The Covid-19 pandemic is considered a key audit matter given the impact that it had on the Group's and Company's operations and as there is a risk that the conclusion reached by Management with respect to its financial impact is not appropriate. For more information, refer to note 2 of the financial statements.	Going concern basis of accounting With respect to Management's going concern assessment, we:  Evaluated Management's likely and potentially negative scenarios, assessing the reasonableness of the key assumptions.  Assessing the Group's and Company's available cash resources, lines of credit and its debt maturity profile to assess liquidity over the assessment period.  Tested the mathematical accuracy of Management's cash flow forecast model.  Performed our own sensitivity analysis on key assumptions.  Held discussions with the Management regarding the scope of the mitigation measures taken, certain of which were utilised and benefited the Group and the Company.
	The disclosures relating to the going concern basis of preparation that are included in the financial statements are adequate and consistent with the requirements of relevant accounting standards. Goodwill Goodwill amounts to €27.3mn at 31 December 2020. Our audit procedures included assessing the appropriateness of Management's cash flow forecast model, that comprised likely and potentially negative

Key audit matter	The procedures performed to address the key audit matter
	scenarios, and the reasonableness of the assumptions used, primarily focusing on the Cash Generating Units (CGU's), and performing additionally the following:
	 Assessing the reliability of cash flow forecasts through a review of actual past performance.  Testing the mathematical accuracy of the impairment models  Assessing the sensitivity analyses, provide by Management, on the key assumptions, including the discount rate and perpetuity growth.
	As a result of our audit procedures, we found that the assumptions used by Management in their impairment testing process for goodwill as at 31 December 2020 was within reasonable ranges and did not result in impairment.
	The disclosures relating to goodwill that are included in the financial statements are adequate and consistent with the requirements of relevant accounting standards.
	Trade receivables With respect to Management's assessment of the impairment provision relating to trade receivables, our audit procedures included the following:
	 Obtained an understanding of the credit control procedures that are applied to trade debtors.  Analysed the aging of trade receivables and tested a sample of the data used in the impairment model to the accounting records.
	 Discussed with Management the ageing of trade receivables and the appropriateness of receivables provisioning by assessing recoverability with reference to subsequent collections.
	 Additionally, we evaluated the Expected Credit Loss (ECL) calculations applied to the impairment model, agreeing the data used to historical information and checking the mathematical accuracy of the calculations. The determination of ECL is subjective and requires Management to apply judgements and assumptions.
	As a result of our work, we found that Management's determination of the impairment provision relating to trade receivables was within acceptable ranges. The

Key audit matter	The procedures performed to address the key audit matter
	disclosures relating to trade receivables that are included in the financial statements are also adequate and consistent with the requirements of relevant accounting standards.
	Despite undertaking most of our work remotely, we did not encounter any significant difficulties in performing our audit testing or in obtaining the required evidence to support our audit conclusions.
	Based on our work performed, we determined that Management's conclusions the impact of Covid-19 are appropriate. The relevant disclosures included in the financial statements are also appropriate.

Other Information

The members of the Board of Directors are responsible for the Other Information. The Other Information, which is included in the Annual Report in accordance with Law 3556/2007, is the Statements of Board of Directors members and the Board of Directors Report (but does not include the financial statements and our auditor's report thereon), which we obtained prior to the date of this auditor's report.

Our opinion on the separate and consolidated financial statements does not cover the Other Information and except to the extent otherwise explicitly stated in this section of our Report, we do not express an audit opinion or other form of assurance thereon.

In connection with our audit of the separate and consolidated financial statements, our responsibility is to read the Other Information identified above and, in doing so, consider whether the Other Information is materially inconsistent with the separate and consolidated financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

We considered whether the Board of Directors Report includes the disclosures required by Law 4548/2018 and the Corporate Governance Statement required by article 152 of Law 4548/2018 has been prepared. Based on the work undertaken in the course of our audit, in our opinion:

• The information given in the Board of Directors' Report for the year ended at 31 December 2020 is consistent with the separate and consolidated financial statements,
• The Board of Directors' Report has been prepared in accordance with the legal requirements of articles 150,151,153 and 154 of Law 4548/2018,
• The Corporate Governance Statement provides the information referred to items c and d of paragraph 1 of article 152 of Law 4548/2018.

In addition, in light of the knowledge and understanding of the Company and Group and their environment obtained in the course of the audit, we are required to report if we have identified material misstatements in the Board of Directors' Report and Other Information that we obtained prior to the date of this auditor's report. We have nothing to report in this respect.

Responsibilities of Board of Directors and those charged with governance for the separate and consolidated financial statements

The Board of Directors is responsible for the preparation and fair presentation of the separate and consolidated financial statements in accordance with International Financial Reporting Standards, as adopted by the European Union and comply with the requirements of Law 4548/2018, and for such internal control as the Board of Directors determines is necessary to enable the preparation of separate and consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the separate and consolidated financial statements, the Board of Directors is responsible for assessing the Company's and Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless Board of Directors either intends to liquidate the Company and Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's and Group's financial reporting process.

Auditor's responsibilities for the audit of the separate and consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the separate and consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these separate and consolidated financial statements.

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the separate and consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's and Group's internal control.
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
• Conclude on the appropriateness of Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's and Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the separate and consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company and Group to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the separate and consolidated financial statements, including the disclosures, and whether the separate and consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We

are responsible for the direction, supervision and performance of the Company and Group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the separate and consolidated financial statements of the current year and are therefore the key audit matters. We describe these matters in our auditor's report.

Report on other legal and regulatory requirements

1. Additional Report to the Audit Committee

Our opinion on the accompanying separate and consolidated financial statements is consistent with our Additional Report to the Audit Committee of the Company.

2. Appointment

We were first appointed as auditors of the Company by the decision of the annual general meeting of shareholders on 25 April 2018. Our appointment has been renewed annually by the decision of the annual general meeting of shareholders for a total uninterrupted period of appointment of 3 years.

Kifissias Avenue 268, 15232, Halandri SOEL Reg. No.: 113

Athens, 3 March 2021 PricewaterhouseCoopers S.A. Certified Auditor - Accountant

Dimitris Sourbis SOEL Reg. No.: 16891

C. ANNUAL BOARD OF DIRECTORS REPORT

Board of Directors´ Report for the period 01.01.2020-31.12.2020 for AUTOHELLAS TOURIST AND TRADING SOCIETE ANONYME

This Management Report of the Company's Board of Directors concerns the fiscal year January 1st - December 31st, 2020 and provides summarized financial information on the annual financial statements and the results of the Company and the Autohellas Group of Companies, being the single report of Article 153(4) Law 4548/2018 (hereinafter, the "Report"). The Report was prepared in accordance with the provisions of Article 4 Law 3556/2007, the relevant decisions of the Board of Directors of the Hellenic Capital Market Commission and the provisions of Articles 150 to 154 Law 4548/2018.

The Report includes among other, information:

• On the financial position, the results aiming at giving a complete picture of the Company´s & the Group's performance during the period under examination, as well as on any changes that might have occurred.
• On any important event that took place during this fiscal year and on any impact that those events have on the company's financial statements,
• On any potential risks and uncertainties that might arise for the Company or the Group.
• On all transactions between the Company and related parties.
• On the Corporate Governance Statement.
• On the Non-Financial Disclosures

The companies of Autohellas Group of Companies (hereinafter referred to as the "Group") included in the consolidation, other than the Company, are the subsidiaries listed in the table in point a. below.

YEAR END – 2020 FINANCIAL POSITION RESULTS

The Company is HERTZ largest national franchisee globally. By virtue of agreement, Autohellas has the exclusive right to use the Hertz brand name and trademark in Greece, to receive information and know-how relating to the operation of car rental system, as well as any improvements in designing and implementing rental services under the Hertz system. The Company has extended this right in 1998 until the 31st of December 2023. This extraordinary, in duration, agreement has been granted to the Company as a result of Hertz' successful representation in Greece during the past 30 years.

The Company's assessment regarding Hertz Global Holdings inclusion on 22/05/2020 in the "Bankruptcy Restructuring Process" of Chapter 11, due to the effects of the pandemic and the restrictions on movements is, provided the successful completion of its debt restructuring process, Hertz Global will be able to operate globally with greater dynamics and efficiency, while the Company, which operates the brand in Greece and in 7 other countries, has no shareholding relationship with Hertz Global, nor a creditor relationship with Hertz Global, so it did not show a direct financial impact from this development.

The company's main activities are Renting (Short – term lease) and Fleet Management (Long – term lease and fleet management).

Renting covers all needs of both individuals and companies for occasional, small duration rentals up to 1-year long. Fleet Management covers any need for long duration rentals and management of their fleet.

Autohellas turnover for fiscal year 2020 reached € 175.5 m. reporting a 21.9% decrease compared to previous year.

In particular, total turnover from car rental, reached € 128.7 m. against € 157.2 m. in 2019, reporting a decrease of 18.1%, mainly due to COVID-19 pandemic and its consequences in tourism.

Through the Company's subsidiaries in 7 countries in the Balkans, Cyprus and Ukraine, the Group operates in long-term and short-term rentals abroad.

In parallel with the rental activity, the Group through its Greek subsidiaries expanded its activities to car trade. Specifically:

Through the subsidiary "AUTOTECHNICA HELLAS S.A.", the Group has included in its activities the trade of new and used cars and the provision of after sales support in Greece.

Through the subsidiaries "TECHNOKAR SA", "HYUNDAI HELLAS SA" and "KIA HELLAS SA" the Group included in its activities the exclusive import and distribution of new cars and spare parts of the brands SEAT, HYUNDAI and KIA respectively in Greece.

Through the subsidiaries "ELTREKKA SA" and its 100% subsidiary, "FASTTRAK S.A.", the Group included in its activities the import and distribution of aftermarket car parts in Greece.

In Group level, consolidated turnover in 2020 reached € 491.7 m. against € 555.4 m. in 2019 reporting an 11.5% decrease.

In Group level, total car rental revenue reached an amount of € 165.7 m., reporting a decrease of 19.9% compared to 2019. As far as the activities of the car trade, total revenue reached € 270.2 m., reporting a decrease of 8.6% compared to 2019.

Consolidated Earnings after Tax in 2020 reported a 62.7% decrease reaching € 17.4 m. against € 46.6 m in 2019. Earnings before Tax decreased by 57.7 % reaching € 24.2 m from € 57.3 m in 2019.

Respectively, Earnings after Tax for the Company in 2020 have reached € 16.5 m. from € 29.4 in 2019, reporting a decrease of 43.8%.

Group's fixed assets depreciation reached € 93.7 m. in 2020, while consolidated earnings before tax, financial and investing activities, EBIT, reached € 41.7 m. from € 66.0 m. in 2019, reporting a decrease of 36.8%.

The consolidated earnings before tax, depreciation and amortization, EBITDA, amounted to € 135.4 m. compared to € 157.3 m in 2019, corresponding to a 13.9 % decrease. The respective amounts for Autohellas were € 94.0 m. in 2020 compared to € 108.7 m in 2019 (13.5 % decrease).

Basic ratios on the company's financial figures follow, for a more detailed analysis on the 2020 fiscal year.

RATIOS

Α. Evolution Ratios

	Group	Company
1. Turnover	-11.5%	-21.9%
2. Earnings Before Tax	-57.7%	-44.9%

The above ratios show the increase (or decrease) of sales and earnings before tax for both the company and the group between 2020 and the previous year 2019.

Β. Profitability Ratios

	Group	Company
3. Net Earnings Before Tax/ Turnover	4.9%	11.4%
4. Net Earnings After Tax/ Turnover	3.5%	9.4%

The above ratios present the final net profit before and after tax as a percentage of the company's turnover.

	Group	Company
5. Return on Equity	6.4%	8.1%

Above ratio shows the group's and Company's net income as a percentage of shareholder's equity.

C. Financial leverage ratios

	Group	Company
6. Bank Loans/ equity	1.50	1.77

The above ratios present bank loans as a percentage of total shareholders' equity.

D. Financial Structure ratios

	Group	Company
7. Current Assets/ Total Assets	27.0%	17.9%
This ratio shows the percentage of current assets on total company assets.
	Group	Company
8. Total Liabilities/ Equity	2.24	2.34
This ratio reflects the company's financial sufficiency.	Group	Company
9. Tangible and intangible assets / equity	1.76	1.55
This ratio shows what percentage of the company's own capital has been converted into assets.	Group	Company
10. Current assets / short term liabilities	0.91	0.67

This ratio reflects the company's liquidity.

ALTERNATIVE PERFORMANCE RATIOS

The Group uses Alternative Performance Ratios «APR» for decision making, strategic planning and performance evaluation purposes. These ratios assist in improved and more complete understanding of financial results of the Group and are considered along with financial results in accordance with I.F.R.S.

		Group	Company
12. Adjusted EBITDA	2020	50.356.613	31.499.165
	2019	74.540.998	47.951.822

Adjusted EBITDA is, the EBITDA as it derives from the Financial Statements prepared in accordance with IFRS less cars depreciation.

FS reconciliation:

EBITDA Cars depreciation Adjusted EBITDA		Group 135.410.473 -85.053.860 50.356.613	Company 93.954.256 -62.455.090 31.499.165
		Group	Company
13. Adjusted EBT	2020	26.587.362	22.404.858
	2019	53.558.064	37.827.673

Adjusted ΕΒΤ is the EBT as it derives from the Financial Statements prepared in accordance with IFRS after exclusion of one-off events occurred in the year which are not result of the ordinary operation of the entity. This ratio is used to present FY earnings resulting just from usual operating activities from the Entity and the Group.

FS reconciliation:

		Group	Company
Profit before tax		24.240.588	20.058.085
Interest Loan Amortization		2.346.774	2.346.774
Adjusted ΕΒΤ		26.587.362	22.404.858
		Group	Company
14. Free Cash Flows	2020	126.752.839	84.991.558
	2019	94.219.682	81.271.693

This ratio is used to present available cash from operating activities of the Entity and the Group before used cars sales and before purchases of new rental cars for the year. This APR is used from the Group for better evaluation of cash performance, debt repayment capacity and dividend distribution.

FS reconciliation:

	Group	Company
Cash flows from operating activities	119.506.332	86.706.140
Plus Rental Cars Purchases	105.758.269	85.752.775
Less Financial Leasing Rental Cars Purchases	-42.695.595	-41.062.114
Less Rental Cars Sales	-55.816.167	-46.405.244
Free Cash Flows	126.752.839	84.991.558

PARTICIPATIONS – CONSOLIDATED COMPANIES

a. Subsidiaries

Company	Headquarters	Shareholdingς
AUTOHELLAS TOURIST AND TRADING SOCIETE ANONYME	Kifissia, Attica	Parent company
AUTOTECHNICA OOD	Sofia, Bulgaria	100%	(First consolidation on 30.09.2003, due to its acquisition in 2003)
AUTOTECHNICA (CYPRUS) LIMITED	Nicosia, Cyprus	100%	(First consolidation on 31.12.2005, due to its incorporation in 2005)
AUTOTECHNICA FLEET SERVICES S.R.L.	Bucharest, Romania	100%	(First consolidation on 31.03.2007, due to its incorporation in 2007)
AUTOTECHNICA HELLAS S.A.	Kifissia, Attica	100%	(First consolidation on 31.03.2008, due to its incorporation in 2008)-Note 8 to the Financial Statements
A.T.C. AUTOTECHNICA (CYPRUS) LTD	Nicosia, Cyprus	100%	(First consolidation on 31.06.2008, due to its incorporation in 2008)-Note 8 to the Financial Statements
AUTOTECHNICA SERBIA DOO	Belgrade, Serbia	100%	(First consolidation on 31.03.2010, due to its incorporation in 2010)
AUTOTECHNICA MONTENEGRO DOO	Podgorica, Montenegro	100%	(First consolidation on 31.12.2010, due to its incorporation in 2010)
AUTOTECHNICA FLEET SERVICES LLC	Kiev, Ukraine	100%	(First consolidation on 31.03.2015, due to its incorporation in 2015)
AUTOTECHNICA FLEET SERVICES DOO	Zagreb, Croatia	100%	(First consolidation on 30.06.2015, due to its incorporation in Quarter 2 of 2015)
HYUNDAI HELLAS S.Α.	Kifissia, Attica	70%	(First consolidation on 31.12.2017, due to its acquisition on December 2017 through participation in DERASCO TRADING LIMITED-Indirect Participation)
KIA HELLAS S.Α.	Kifissia, Attica	70%	(First consolidation on 31.12.2017, due to its acquisition on December 2017 through participation in DERASCO TRADING LIMITED-Indirect Participation)

Financial statements according to IFRS 31.12.2020 (all amounts in €)

DERASCO TRADING LIMITED	Nicosia, Cyprus	100%	(First consolidation on 31.12.2017, due to its acquisition in December 2017)
ELΤRΕΚΚΑ S.Α.	Kifissia, Attica	100%	(First consolidation on 31.05.2019, after acquiring 100% stake)
FASTTRACK S.A.	Kifissia, Attica	100%	Indirect participation through its consolidation in ELTREKKA S.A.
TECHNOKAR S.A.	Kifissia, Attica	100%	(First consolidation on 01.07.2019, after spin-off)

b. Associates/Joint Ventures

Company	Headquarters	Shareholdingς
SPORTSLAND SPORT FACILITIES-TOURISM AND HOTELS S.A. (Joint Venture)	Kifissia, Attica	50%	(First integration on 31.03.2008, due to its incorporation in 2008)
CRETE GOLF S.Α. (Associate)	Hersonissos, Crete	45.033%	(First integration on 31.03.2015, due to increase in Company's participation in its capital in 2015)

The consolidated financial statements of the company cover the company and its subsidiaries (the Group). Subsidiaries are enterprises which are controlled by the parent. Subsidiaries are fully consolidated from the date on which the control thereon is obtained and cease to be consolidated from the date on which the control ceases.

Associates are companies on which substantial influence is exercised. These companies are presented in the consolidated financial statements using the equity method. Joint ventures are jointly controlled companies. These companies are presented in the consolidated financial statements using the equity method.

In particular in relation to the subsidiaries:

The Company operates in the car trade business through its Greek subsidiaries.

In particular:

Autotechnica Hellas SA operations relate to the provision of fleet management services as well as trading of new and used cars and provision of after sales services for the brands FORD, OPEL, SEAT, FIAT, ALFA ROMEO, HONDA, SAAB, MITSUBISHI, VOLVO, HYUNDAI, KIA, BMW, BMW MOTO and MINI.

"TECHNOKAR SA", "HYUNDAI HELLAS SA" and "KIA HELLAS SA" have the exclusive import and distribution of new cars and spare parts of the brands SEAT, HYUNDAI and KIA respectively, in Greece. With the acquisition of these companies, the Group's position in the car retail market is strengthened, being placed in the first positions of the sector.

"ELTREKKA SA" and "FASTTRAK S.A." are active in the import and distribution of aftermarket car parts in Greece and through these the Company covers the whole range of repair and maintenance of cars, professional vehicles and motorcycles.

The Company, except for Greece. is the national franchisee in 7 other countries and is active in car rental through its international subsidiaries.

In particular:

Autotechnica (Cyprus) Ltd, Autotechnica Fleet Services S.R.L. (Romania), Autotechnica Serbia D.O.O., Autotechnica OOD (Bulgaria) and Autotechnica Montenegro D.O.O. operate in the field of short-term and longterm rentals.

Autotechnica OOD (Bulgaria) is also the importer and distributor of SEAT cars in Bulgaria. After acquiring the remaining 0.01% of the shares in December 2020, Autotechnica OOD is a 100% subsidiary of the Company.

In particular regarding associates and joint ventures:

The Company participates in the company "Sportsland SA", with a participation percentage of 50%. Following successive share capital increases, the Company's participation in the share capital of Sportsland SA. on 31.12.2020 amounts to € 6,580,000 (percentage 50%). The remaining 50% belonged on 31.12.2020 to Mr. Achilleas Konstantakopoulos.

Autohellas holds an investment in the company Crete Golf S.A. with a percentage of 45,033% and after its share capital increase that took place in May 2019 the investment amounts to € 9.502.281 having in its ownership of 1.616.588 shares.

Other non-consolidated significant participations:

Finally, the Company maintains a significant stake in Aegean Airlines SA, 11.66%. With this company, the Company has synergies, indicatively exclusive cooperation for the promotion of car rentals to its customers.

Branches

The Group maintains a total of 98 branches in Greece and abroad that cover the renting activity at the date of publication of the Financial Statements. Due to increased seasonality during the summer season, the operating branches increase depending on local demand. Also, the Group has 32 branches that cover the needs of the car and spare parts trade.

PROSPECTS

While 2020 started with positive prospects in all sectors in which the Group operates, with the outbreak of the COVID-19 pandemic, an unprecedented event with a global impact and severity, it turned out to be a year of uncertainty and economic recession. Restrictions on travel have led to a significant reduction in tourist arrivals and a sharp contraction in economic activity has led to a slowdown in business growth. After the initial shock of the first half of the year, the third quarter saw a sharp recovery that gradually subsided with the resurgence of the pandemic in the last weeks of the year, as the authorities began to introduce new measures for public health.

From the beginning of the pandemic, the Group took immediate prevention and protection measures to minimize the risk, primarily for the protection of employees, customers and associates, but also the smooth and continuous operation of its activities in all countries where it operates.

In this environment of global recession, Autohellas once again proves to be resilient in a period of unprecedented crisis with the complementarity of the Group's three pillars of operations both in the field of short-term and long-term leases and in the field of car dealerships, to allow the necessary flexibility. so as not only to survive this crisis but also to remain profitable despite the circumstances. The proper management of the fleet, the reduction of operating expenses, the efficiency of the Group staff and the coverage of the reduced performance of one business segment from the other, in combination with the strong capital base and the high liquidity at its disposal are the main factors restraining the consequences of the pandemic and absorbing the vibrations and the effects of the crisis, confirming the dominant position of the Group in the Greek market.

It is worth noting that the Group in 2020 achieved a significant improvement in net cash flows resulting in net debt reduction by € 60.4m. compared to the beginning of 2020 and also the available liquidity to be particularly increased.

Due to the continuous developments, at the present time, any approach to the course of tourism in 2021 can be characterized as premature and it is difficult to make any safe projection. Based on current data, the first quarter of the year may not be quite different from the last two months of 2020, but if the mass vaccination program is successful, from the second or third quarter onwards, consumer confidence in Greece's market will begin to recover, stimulating tourist traffic.

The long-term lease sector closed with an increase in turnover compared to 2019, despite the significant slowdown of about 2.5 months of sales during the period when the country was in lockdown. Targeting the individuals and freelancers by providing personalized proposals in combination with the new flexible programs for both Private Use cars as well as for Private Use VAN's and by exploiting all the resources of the Group in new and used cars, provided the opportunity for the growth sign to remain positive in this year.

For 2021, the continuation of new programs, investments in new technologies, the understanding of needs and communication with our customers to adapt our solutions to their own needs prescribe the further development of the long-term lease sector. Our goal is the maximum use of the resources of the Autohellas Group in order for our customers to benefit from the provision of our quality and holistic services.

Tourism has been hit the hardest by the pandemic, and this is reflected in Rent a Car (RAC) turnover, which is down more than 50% from the previous year. A result that is better than the general image of incoming arrivals, which closed the year with a decrease of over 70%, with the second quarter of course completely lost as there were no international flights and the domestic market was in lockdown. The partial restoration of tourist arrivals from mid-July onwards activated the short-term leases, which as a whole moved at a significantly lower level compared to 2019. In this environment, the Company focused on reducing operating costs - but maintaining its nationwide network and the commitment to the quality of services-, to the exploitation of the internal market and mainly to the corporate / professional rentals, and of course to the utilization of the minimal inputs of tourism. The car purchase plan was adjusted as expected during the year while the sales of used cars were intensified in order to achieve the maximum possible use of the cars and the enhancement of the cash flows.

The start of 2021 finds us in the midst of a wave of pandemic and restrictive measures with all that entails in Q1 performance. The image of future international travel and inbound tourism is still unclear and volatile, however the ongoing international vaccination program allows us to be optimistic that we will soon see the start of travel which will affect the performance of June and especially that of the second quarter of 2021 where usually starts the tourist flow. Once the positive scenarios are confirmed, and in combination with the existing effort to take advantage of the internal market, we expect a partial recovery in demand of Rent a Car prices to pre-covid levels as well as improved utilization throughout the year. In any case, we remain conservative in our estimates, flexible in the plans of buying and selling cars and we hope that we will grow compared to last year.

The activity of Car Trading and After-Sales Services was also affected, but to a much lesser extent in relation to the short-term lease sector. In the first half of the year, sales fell sharply as car retail, after-sale services and spare parts sales recovered after the March lockdown ended. Demand from individuals recovered quickly and at the same time the Group's wholesale and retail performance was very good which partially covered the loss of the first months of the year.

In 2021, as it seems in the first months we are going through, while the health crisis continues to overshadow it, the entry of electric vehicles creates a new prospect for the market. The subsidiaries of the car dealership, given the know-how, the best possible placement they have, the smallest loan burden, the constantly expanded range of products of the manufacturers they represent, the network structure, the experience they have and in combination with the state financial incentives for e-mobility are prepared to take full advantage of the new challenge. Despite the difficulties in the delivery time that appear due to problems in the production of cars that the factories are expected to face in 2021, our Companies are ready to adapt in the most efficient way.

The Company's subsidiaries abroad could not stay unaffected by the pandemic. Each country has a different type of competitors, opportunities and market characteristics. In Croatia and Cyprus, where a significant part of our business is related to airport related rentals, the negative effects were greater, while in countries with a larger share of long-term leases such as Bulgaria, Romania and Serbia, the effects were smaller. Effective management of operating expenses, restructuring of operating units as well as growth in sales of used cars was a priority throughout 2020. At the same time, penetration in local markets with the development of corporate leasing, targeting small and medium enterprises, is a primary goal in all countries. In 2021, expecting the tourist traffic to start much later than other years and with clearly smaller sizes, new products and services related to corporate leases are promoted in the local markets, while the sale of used cars is further strengthened aiming to expand sales channels.

INFORMATION RELATED TO TREASURY SHARES

Following the Ordinary General Meeting of the Company's shareholders from July 15, 2020, under which a program for the purchase of the Company's own shares was approved, in accordance with article 49 of Law 4548/2018 and the more specific terms set by this decision, as well as of the application and execution of this decision of the Board of Directors of the Company of July 23, 2020, the Company has made in the fiscal year 2020 successive acquisitions of its shares as follows:

Within the fiscal year 2020, a total of 394,071 own shares with a nominal value of € 0.08 each have been acquired, with a total value of € 1,576,999.16, corresponding to 0.8066% of the Company's shares.

The acquisitions were made in successive transactions, in accordance with the terms set by Law 4548/2018, Regulation (EU) 596/2014 and the Commission's Delegated Regulation (EU) 2016/1052 of 8 March 2016 and in general the applicable provisions of the stock exchange legislation, regarding the price and the daily volume of the purchased shares and in any case with a purchase price within the defined limits of the above decisions of 15.7.2020 and 23.7.2020 of the General Meeting and the Board of Directors of the Company respectively.

Transfers of the above treasury shares acquired during the fiscal year 2020 have not yet taken place. The Company may use them for distribution to the staff and / or members of the Board of Directors either free of charge or in the framework of share options.

It is noted that (a) pursuant to the above decisions, an additional 17.938 shares with a nominal value of € 0.08 each have been acquired, with a total value of € 99,716.97 within the current fiscal year 2021, corresponding to 0.0367% of the Company's share capital and ( b) the Company previously held 230,236 shares with a nominal value of € 0.08 each, with a total value of € 256.131,46, corresponding to 0.4713% of the Company's share capital.

Therefore, in total as at 31.12.2020 it held 624,307 own shares with a nominal value of € 0.08 each, with a total value of € 1,833,131 corresponding to 1.2779% of the Company's share capital.

USE OF FINANCIAL INSTRUMENTS

There is no use of hedging financial instruments.

IMPORTANT EVENTS

The event with the most significant impact for the year 2020 is the outbreak of the COVID-19 pandemic, an unprecedented event with a global impact and intensity, which led to continuing uncertainty and economic downturn. The section "Prospects" describes the impact that the pandemic had on the Group as well as the Management's assessment of its future impact.

MAIN RISKS AND UNCERTAINTIES

The section "Prospects" describes the impact of the COVID 19 pandemic on the Group's activities as well as the management's assessment regarding the effects in 2020 and the estimate for 2021.

Also, the other risks and uncertainties that may affect the Group are described below.

Exchange Rate Risk

The Group, via its subsidiaries, is operating in Bulgaria, Romania, Cyprus, Serbia, Montenegro, Croatia and Ukraine. The existing operations of the Group abroad refer both in short-term and long-term leases. Due to these operations, the Group transacts with clients and suppliers outside the European Economic Area and consequently holds assets and liabilities which are expressed in different currencies than the Euro, which is the reporting currency of the Group. More specifically, the Group's subsidiaries in Romania, Serbia, Croatia and Ukraine have liabilities/assets in RON, RSD, HRK and UAH respectively. However, these subsidiaries do not expose the Group into a material exchange rate risk due to their size and the currencies that they use.

Interest rate risk

For the majority of its loans, the Group faces floating interest rates. It is noted that the Company and its subsidiaries do not have interest-rate derivatives to hedge interest rate risk for floating interest rate loans (Euribor).

Credit Risk

The Company does not have any substantial credit risk. Retail sales are mainly made through credit cards, electronic banking transactions and to a very small extent in cash. Wholesales take place only after a thorough check on the customer's financial reliability has been conducted, and in most cases advance payments or guarantees are obtained. In addition, the company and its subsidiaries pay close attention to its credit collection period and act accordingly. Potential credit risk exists also for the Group's cash, but for the deposit products are used recognized financial institutions with high credit standing. Additionally, in most of these cases, the Group has debt obligations of a higher amount.

Market Price Risk

With regard to Market Price Risk, as of 31.12.2020 the Group is exposed to the fluctuation Risk of the stock price of Aegean Airlines S.A. For 2020, there was a negative effect of €27.067.651 on other comprehensive income.

The company is also exposed in used car price reduction risk. The Group's ability to sell its used car fleet could be reduced due to several reasons, including the macroeconomic environment, changes in the operational model

of the Rent a Car sector, regulatory changes (such as changes in taxation, in environmental frameworks, as well as an over-supply of new cars in the market), that will result in a reduction towards the demand of used cars, the subsequent reduction in prices and eventually the value of used cars of the company itself. The Group has been dealing even to date with the risk of a reduction in resale prices through continuous market research and marketability-based fleet configuration, as well by increasing the average age of the fleet of rented cars, a common practice followed by several other companies in the industry. At the same time, on an annual basis, an estimate of the sales prices of used cars is made and the depreciation rates are adjusted if necessary so that the residual book value does not deviate significantly from market prices. Finally, both the group and the company are exposed in property value changes. During the first semester of 2008 there has been a change in the valuation method of the company's property which are no longer valued based on their historical cost but on their fair value. In the end of 2010 the company revalued its property and no decrease in total value has been recorded, on the contrary, an increase. In fiscal year 2012, property was revalued and significant losses of € 16,504,166 were recorded. In 2013 there was another revaluation of the company's property and an additional loss of € 4,534,016 has been reported. In December 2017 there was another properties revaluation. In investment properties an additional profit of € 1,583,598 has been reported and in company's own-occupied properties a loss of € 2,218,564. In December 2018, there was another revaluation of the company's properties. In investment properties there was an additional loss of € 1,061,125 and in own-occupied properties a loss of € 119,880. In December 2020 the revaluation gain for investment property was € 144.549,39 and € 181.387,39 revaluation loss for the own-occupied properties

Sales Seasonality

Rent-a-car sales (short – term rentals) are traditionally extremely seasonable in the Greek market, as they depend heavily on tourist arrivals. It is indicative that 55% of total RaC sales in Greece, is generated during the July – September period while this figure for the foreign countries stands at 42% for the summer months. As a result, short – term sales can be affected substantially by events that have an impact on the tourism market, especially if such events take place at the beginning of the season. A key factor in smoothing out seasonality is sales for long-term car rentals, as they are evenly distributed over time. In particular, during the year 2020, due to a pandemic that particularly affected the inbound tourism sector, a significant reduction of short-term leases was observed, with the result that long-term leases for the current year constitute 77% of the total annual turnover of the Company.

The Group renews or expands its vehicle fleet based on estimated demand and in particular seasonal demand, financing the renewal of its fleet with own and foreign capital. Especially in 2020, the Company intensified the sales of used cars on the one hand and on the other hand adjusted the car purchase plan, adapting its fleet to the significantly reduced demand for short-term leases.

RELATED PARTIES TRANSACTIONS

All transactions to and from related parties are made under standard market conditions. Significant transactions with related parties as defined by IAS 24 (and in the case of legal entities controlled by them, as defined by IAS 27) are described in detail in Note 36 of the Annual Consolidated and Company Financial Statements for the year ended on December 31st, 2020.

The Company complied with the provisions of articles 99 to 101 of Law 4548/2018 for the transactions of the Company from and to its related parties in their entirety.

CORPORATE GOVERNANCE STATEMENT

(a) Corporate Governance Code

The Company applies the corporate governance principles, as defined by the relevant applicable legal framework, while preparing for compliance with the new legal framework (L. 4706/2020 on corporate governance) which enters into force on July 17, 2021. The aim is to improve governance practices and competitiveness but also to increase transparency to the investing public.

The Company has voluntarily decided to adopt the Code of Corporate Governance of the Hellenic Federation of Enterprises (SEV-ΣΕΒ) for listed companies (hereinafter, the "Code"), which it is subject to and in which the above principles are incorporated. For the year 2020, the Company did not adopt corporate governance practices beyond the requirements of the current legislation.

The Code is available at the following web site both in Greek and English language: http://www.sev.org.gr/Uploads/pdf/kodikas_etairikis_diakivernisis_GR_OCT2013.pdf http://www.ecgi.org/codes/documents/hellenic_cg_code_oct2013_en.pdf

Τhis statement specifies how the Company applies the Code and derogations therefrom.

(b) Composition and operation mode of administrative, management and supervisory bodies of the Company and of their committees

SHAREHOLDERS' GENERAL MEETING

The General Meeting of the Company's Shareholders, in accordance with its Articles of Association, is the supreme administrative body and decides on any corporate affair, while its lawful decisions bind all shareholders.

The General Meeting is convened by the Board of Directors and necessarily meets at the Company's headquarters at least once each fiscal year, no later than the tenth (10th) calendar day of the ninth (9th) month after the end of the fiscal year, in order to decide on the adoption of the annual financial statements and the election of auditors.

The General Meeting is called at least 20 days prior to its conduct, by an invitation (call) indicating the exact address of the premises, the date and time of the meeting, the items on the agenda clearly indicated, the shareholders entitled to participate, as well as precise instructions on how shareholders can participate in the meeting and exercise their rights in person or by representative. The call is made public as required by the law and is posted in the Greek and English language on the Company's website and further specifies (a) the rights of the minority shareholders referred to in Article 141 (2), (3), (6) and (7) Law 4548/2018, indicating the period within which any right may be exercised, or alternatively, the closing date by which those rights may be exercised (b) the procedure for the exercise of voting rights through representatives and, in particular, the forms used by the Company for that purpose; (c) determines the date of registration under the law, stating that only those who are shareholders at that date have the right to participate and vote in the General Meeting; (d) communicates the site where the full text of the documents and draft decisions is available; and (e) states the Company website address, where the information of Article 123 (3) and (4) of Law 4548/2018 is available.

The members of the Board of Directors, as well as the auditors of the Company, are entitled to attend the General Meeting in order to provide information and communication on issues of their competence, which are put to discussion and on the questions or clarifications, requested by the shareholders. The Chairperson of the General Meeting provides sufficient time for shareholders to ask questions. The Chairperson of the General Meeting, under his/her responsibility, may allow the presence of other persons, no shareholders or shareholders' representatives, at the General Meeting, insofar as this is not contrary to the company's interest.

Decisions are made by holding a vote in order to ensure that all shareholders are involved in the results, whether they are present in person at the meeting or vote through an authorized representative.

The rights of the Company's shareholders are specified in the Articles of Association and Law 4548/2018.

Contact with Shareholders

The Board of Directors has appointed a Shareholder Support Officer, whose main duties are to timely inform the Company's shareholders about their rights.

The Company also maintains an active website where useful information both for shareholders and investors is posted.

BOARD OF DIRECTORS (BoD)

The Company's Board of Directors, whose members are elected by the General Meeting of the Company, is competent to decide on any act concerning the administration of the Company, the management of its property and the general pursuit of its purpose in the Company's interest and, therefore, in the interest of its shareholders, according to the Corporate Strategy and the current legal framework. The BoD determines which its executive and non-executive members are, where the number of the latter cannot be less than 1/3 of the total number of BoD members. At least two independent members, appointed by the General Meeting, are among the nonexecutive members.

The role of the BoD members is specified in the Company's Articles of Association, the Corporate Governance Code and official documents of the Company. Executive members deal with the day-to-day management issues of the Company while non-executive, with the promotion of all corporate issues.

The BoD elects among its members the President and the Managing Director. Under the Company's Articles of Association, as in force, the BoD may consist of five to twelve members. By the Minutes of the General Meeting of the Company dated 08.06.2017, the BoD was formed with ten members. However, after the resignation of a member in 2017, who was not replaced, the loss of Mr. Theodoros Vassilakis on 17.05.2018, which was not replaced, and the replacement of another member by the BoD decision dated 11.09.2018, the BoD was formed with eight members, 3 of which are non-executive and independent. The BoD term of office is 5 years and meets regularly to decide on corporate strategy and management issues. BoD Meetings are held and decisions are taken in accordance with Law 4548/2018.

The following table presents the current BoD members, their capacity as well as the dates of commencement and termination of their term of office.

	FULL NAME	CAPACITY	TERM OF OFFICE COMMENCEMEN T DATE	TERM OF OFFICE TERMINATIO N DATE
1.	Emmanouela Vasilaki	BoD President, BoD Executive Member	22.05.2018	08.06.20221
2.	Eftichios Vassilakis	BoD Vice President & Managing Director, BoD Executive Member	08.06.2017	08.06.2022
3.	Georgios Vassilakis	BoD Executive Member	08.06.2017	08.06.2022

¹ This date concerns the capacity of Ms. Vasilaki Emmanouela as Board President. Her term as Executive Member of the Board starts on 08.06.2017.

4.	Dimitrios Mangioros	BoD Executive Member	08.06.2017	08.06.2022
5.	Garyfallia Pelekanou	BoD Executive Member	08.06.2017	08.06.2022
6.	Spyridon Flengas	BoD Independent, Non-Executive Member	08.06.2017	08.06.2022
7.	Marinos Yannopoulos	BoD Independent, Non-Executive Member	11.09.2018	08.06.2022
8.	Konstantinos Sfakakis	BoD Independent, Non-Executive Member	08.06.2017	08.06.2022

Responsibilities:

BoD President

• o Defines the issues of the agenda, ensures the good organization of BoD proceedings, calls its members to meetings and directs its meetings.
• o Represents the Company, administers and manages its property.
• o Assumes all responsibilities assigned thereto by the BoD and signs any contract of the Company in accordance with the relevant authorization given by the BoD.
• o Facilitates the effective participation of BoD non-executive members in its proceedings and ensures constructive relations between them.

Managing Director

• o Ensures the implementation of strategic decisions as defined by the BoD.
• o He/she is responsible for the effective communication between the BoD and shareholders.
• o Provides sufficient information to the BoD President regarding events and developments concerning the Company.
• o Coordinates the individual Directorates of the Company.
• o Defines the Company's future strategy and evaluates the business opportunities arising.

Resumes of BoD Members:

o Emmanouela Vasilaki

BoD President, BoD Executive Member and General Director. Born in 1946 in Heraklion-Crete, with the Company administration since 1974.

o Eftichios Vassilakis

BoD Vice President, BoD Executive Member and Managing Director. Born in 1967. Postgraduate studies in Business Administration in the USA, BA in Economics - Yale University, MBA - Columbia University. Working for the Company since 1990. Managing director since 2006.

o Georgios Vassilakis

BoD Executive Member. Born in 1972. Studies in Business Administration and Modern History at the University of Georgetown, Washington, USA.

o Dimitrios Mangioros

BoD Executive Member and Deputy General Director. Born in 1956. Postgraduate studies in economics in Great Britain, Salford University. Working for the Company since 1986.

o Garyfallia Pelekanou

BoD Executive Member. Born in 1966. Postgraduate studies in Business Administration in the USA. Graduate of the University of Piraeus, MBA - Duke University. Worked for the Company from 1994 to 2020.

o Spyridon Flengas

Independent BoD Non-Executive Member. Born in 1939. Studied Electrical Engineering at the National Technical University of Athens. Master of Science in Mechanical Engineering and Industrial Management at MIT, USA. He has been General Director and Co-Managing Director of "G.A. Keranis SA" cigarette manufacturing company, as well as General Director and Secretary-General member of the BoD of the Hellenic Federation of Enterprises (SEV). In addition to his vast experience as a senior executive in one of the oldest tobacco companies and a listed company, he was a member of the boards of directors of large Greek companies, such as PPC, ATTIKO METRO, EMPORIKI BANK.

o Marinos Yannopoulos

Independent BoD Non-Executive Member. Born in 1953. Master's in Economics, University of Sussex και and Master's in Business Administration (ΜΒΑ) - Manchester Business School. Worked consecutively for Exxon in London, Rome and Athens, and Chase in New York, Milan and Frankfurt. He has been Chief Executive Officer (CEO), General Director and Chief Financial Officer (CFO) of Alpha Bank and Deputy CEO of Chipita. Currently, he is Managing Partner of X-PM Consulting.

o Konstantinos Sfakakis

Independent BoD Non-Executive Member. Born in 1948. Studied at the Athens University of Economics and Business (former Supreme School of Economics and Business - ASOEE), Department of Business Administration. Served as Chief Financial Officer and BoD President and Member of Greek Groups of Companies. Since October 2014, he is Administrative Consultant of the Hellenic Federation of Enterprises (SEV).

AUDIT COMMITTEE

Pursuant to Αrticle 44 Law 4449/2017, the Audit Committee of the Company consists of at least three (3) nonexecutive BoD or/and members elected by the General Meeting of the Company's shareholders and is either an independent committee or a BoD committee. The Chairpersοn of the Audit Committee is appointed by its members or elected by the General Meeting of the Company's shareholders and is independent of the Company within the meaning of the provisions of Law 3016/2002.

The Audit Committee operates according to its Charter, which is already uploaded to the Company's website www.autohellas.gr.

The current Audit Committee consists of the following members, two of which are independent non-executive BoD members and the third is a non- BoD member, elected by the General Meeting of the Company's shareholders:

1.	Eleni Inglezou	Audit Committee Chairperson – Non-BoD member - Independent
2.	Spyridon Flengas	Audit Committee Member, BoD Independent Non-Executive Member
3.	Marinos Yannopoulos	Audit Committee Member, BoD Independent Non-Executive Member

All the aforementioned members of the Audit Committee have proven adequate knowledge in the field in which the Company operates and meet the independence requirements set by Law 3016/2002. In addition, Mrs. Eleni Inglezou and Mr. Marinos Yannopoulos have proven adequate knowledge in auditing and accounting.

The Audit Committee meets at regular intervals, at least four (4) times a year, and extraordinarily when required. All the Audit Committee members attend its meetings. However, it is at the discretion of the Audit Committee to invite, whenever appropriate, key management personnel involved in the Company's governance, including the Managing Director, the Chief Financial Officer and the Head of the Internal Audit Department, to attend specific meetings or specific items on the agenda. The Audit Committee met four (4) times during Fiscal Year 2020 with all members of the Committee attending (i.e. 100% participation rate)

Audit Committee responsibilities

The Audit Committee, which is in continuous cooperation with the Company's Internal Audit Department and supervises the Company's internal auditors, has the following responsibilities, in accordance with Article 44 Law 4449/2017, as applicable:

(1) Informs the Company's BoD of the outcome of the statutory audit and explains how the statutory audit contributed to the integrity of the financial information and what the role of the Audit Committee in that process was;

(2) Monitors the financial reporting process and make recommendations or proposals to ensure its integrity;

(3) Monitors the effectiveness of the Company's internal audit, quality assurance and risk management systems and, if applicable, its Internal Audit Department, in relation to the Company's financial information, without violating its independence;

(4) Monitors the statutory audit of the annual and consolidated financial statements, and in particular its efficiency, taking into account any findings and conclusions of the competent authority pursuant to Article 26 (6) of Regulation (EU) 537/2014;

(5) reviews and monitors the independence of statutory individual auditors or audit companies in accordance with Articles 21, 22, 23, 26 and 27 and Article 6 of Regulation (EU) 537/2014 and in particular, the appropriateness of providing non-audit services to the Company in accordance with Article 5 of Regulation (EU) 537/2014, also receiving the annual declaration of independence of the external auditors;

(6) is responsible for the selection procedure of individual auditors or audit companies and proposes statutory individual auditors or audit companies to be appointed in accordance with Article 16 of Regulation (EU) 537/2014, unless Article 16 (8) of Regulation (EU) No.537/2014 applies;

(7) submits an annual report to the General Meeting of the company's shareholders, which includes a description of the sustainable development policy that the Company follows.

Regarding the Audit's Committee work during fiscal year 2020, a relevant excerpt of the Report by the chairperson of the Audit Committee, Mrs. Eleni Inglezou:

Audit Committee Annual Report for fiscal year 2020:

During fiscal year 2020, the Audit Committee met four times (one time per each quarter), and key management personnel and the external auditors were involved in monitoring the financial information when deemed appropriate.

Within the framework of its responsibilities, the Committee has taken the following actions. Indicatively:

In relation to external audit

• The Committee was informed in relation to the External Audit about the process and the schedule of preparation of the financial information by the Company's management and about the timeline of statutory audit. It was not deemed appropriate to submit additional proposals/actions.
• The Committee examined the most important issues and risks that could have impacted the financial reporting process, as set out in the Auditor's Report and informed the Board of Directors of the outcome of the statutory audit. It was not deemed appropriate to submit additional proposals/actions.
• The Committee proposed the appointment of external auditors for fiscal year 2021.

In relation to the financial reporting process

The Committee monitored the financial reporting process, reviewing the Company's and the Group's consolidated Balance Sheet for the fiscal year that ended, as well as all disclosed items containing financial information (Press Releases, Announcements) prior to their publication, determining that they have been prepared based on IAS on all aspects, and proposed their approval by the Board of Directors of the Company.

In relation to internal audit

• The Committee assessed the staffing and the structure of the Internal Audit Department as adequate.
• The Committee monitored the effectiveness of internal control, quality control and risk management systems of the Company and its Internal Audit department, in terms of the financial information of the Company, without violating its independence.
• The Committee supervised the annual audit program, its progress and internal audit reports without considering appropriate to submit proposals on corrective actions.

Description of the diversity policy that applies to the Company's administrative, management and supervisory bodies

The Company provides equal opportunities to all its existing and potential employees, to all levels of its hierarchy, and avoids all kinds of discrimination. The same diversity and equality policy applies to its administrative, management and supervisory bodies in the effort to cultivate an environment of equality without discriminations.

Management and employees are assessed on the basis of their education and professional background, knowledge of the Company's subject matter and their leadership skills, experience and efficiency. Appraisal decisions of all kinds are deprived from any kind of illegal discrimination.

Both at the Company's BoD and Committees, the greatest possible diversity is sought regarding gender, age and educational and professional history of the members, as it results from those presented above regarding BoD members and also, Audit Committee members. The aim is to have pluralism of opinions, skills, knowledge and experience, which correspond to the corporate goals, within the Company. This diversity policy of the Company was also applied during the 2020 fiscal year, as evidenced from the foregoing, leading to the establishment of a working environment without discrimination and prejudices.

(c) Description of Main Features of the Company's Internal Audit & Risk Management Systems

In addition to the Audit Committee, the composition and responsibilities of which were presented in detail immediately above, the Company also has an Internal Audit Department, which has the sole responsibility of the Company's and its unlisted subsidiaries' internal audit.

The Internal Audit Department is an independent, objective and advisory unit, designed to add value and improve the Company's operations. It helps the Company achieve its objectives by providing a systematic approach to assessing and improving the effectiveness of the Company's risk management, internal audit and governance processes.

The Internal Audit Department monitors the correct application of the legislation and the observance of the Company's Articles of Association and of all the Group's policies and procedures. The Internal Audit Officer develops and maintains a respective process manual, which covers all aspects of Internal Audit activities and continuously oversees its effectiveness. The Internal Audit Department is an independent organizational unit, which reports to the Board of Directors through the Audit Committee.

Indicative, but not limited, responsibilities of the Internal Audit Department:

• o monitors the implementation and the continuous observance of the Internal Rules of Procedure and the Articles of Association of the Company, as well as the general legislation concerning the Company and especially the commercial and regulatory legislation;
• o notifies the Audit Committee and the BoD on any cases of conflict between the private interests of BoD members of Directors or of senior executives and the interests of the Company, found during the performance of its duties;
• o informs the BoD in writing at least once a quarter about the audit conducted and attends the Shareholders' General Meetings;
• o internal auditors provide, after approval by the Company's BoD, any information requested in writing by Supervisory Authorities, cooperate with them and facilitate in any way the monitoring, control and supervision they exercise;
• o inspects the legality of remuneration and any kind of benefits to the members of the Administration on the basis of the decisions of the competent bodies of the Company;
• o inspects the relations and transactions between the Company and its affiliated companies, as well as the relations between the Company and the companies in the capital of which members of the Company's BoD or its shareholders participate with at least 10%,.
• o confirms the implementation of policies and procedures, which have been adopted in order to achieve the Company's objectives.

Composition and operation of the Internal Audit Committee

Internal audit is conducted by at least one internal auditor, who is fully and exclusively hired and is independent in the performance of his/her duties and not hierarchically subject to any other company department. Internal Audit administratively reports to the Company's CEO and is supervised by the Audit Committee.

The head and any other internal auditors of the Company are appointed by the Company's Board of Directors. Members of the Board of Directors, current executives or relatives of the above, up to second degree by blood or by marriage, are not appointed as internal auditors. The Company informs the Stock Exchange Commission of any change in the persons or the organization of internal audit, within ten working days of such change.

When conducting audits, the internal auditors have the right to become aware of any element (book, document, file, bank account) of the Company and to have access to any of its departments. The members of the Board of Directors, the Management and all executives should cooperate and provide information to the Internal Audit Department and in general, facilitate its work in any way. The Company's Management provides internal auditors with all the necessary means to facilitate proper and efficient internal audit.

The internal auditor performs his/her duties in accordance with the code of conduct of the Institute of Internal Auditors, which means that he/she is governed by the principles of independence, objectivity and confidentiality. In addition, he/she acts in line with the Standards for the Professional Practice of Internal Auditing, as well as with the policies and procedures of the Company.

(d) Derogation from the Corporate Governance Code and justification thereof

Cases and reasons for the Company's derogation from the recommendations of the Corporate Governance Code are as follows:

• o The BoD has not formed a committee to prepare a recommendation thereto on the remuneration of executive members and senior executives.
• o The BoD has a five-year term of office and does not consist of a majority of non-executive members, but of 5 executive members and 3 independent non-executive members. In the last years, its efficient and productive functioning has been ensured under such proportion in all previous years.
• o There is no requirement to report any professional commitments of its members to the BoD (including significant non-executive commitments to companies and non-profit institutions) prior to their appointment to the BoD, nor a limitation on the number of Board of Directors of listed companies to which they may participate, given that BoD members are able to perform their duties, devote sufficient time to their execution and are informed of the developments in matters pertaining to their duties.
• o No BoD approval for the appointment of an executive member to a non-subsidiary or non-affiliated company is required for the reasons set out in the preceding paragraph.
• o There is no nomination committee for BoD because, given the structure and operation of the company, this committee is not considered necessary at the moment.
• o Due to the proximity between BoD members and the convenience of their meetings, BoD convention and meeting are functioning smoothly, without the adoption of a calendar of meetings and a 12-month action plan and with the frequency imposed by the Company's needs or the law.
• o Individuals with a good and proven experience and organizational administrative skills are recommended to be elected as BoD members. As a result, no introductory information program for the new BoD members or continuing vocational training for the other members has been established.
• o There is no institutionalized procedure for assessing the effectiveness of the BoD and its committees. Such procedure is considered unnecessary in view of the organizational structure of the company.

o The BoD does not assess the internal audit system annually, since the Board of Directors, through the Audit Committee, develops direct and regular contact with the external and internal auditors, in order to receive regular information from the latter regarding the proper operation of the internal audit system. The Audit Committee examines the scope of the internal audit activity's activities, as well as the adequacy of risk management and internal audit reports. In addition, the Chairman of the Board of Directors holds direct meetings with both the members of the Audit Committee and the head of internal audit, during which he receives immediate information on the above.

(e) The information required in the cases (c), (d), (f) and (i) of Article 10(1), Directive 2004/25/ EC of the European Parliament and of the Council of April the 21st, 2004 on takeover bids, are immediately mentioned below under (6).

INFORMATION OF ARTICLE 4 (par.7) LAW 3556/2007

I. Structure of Company's share capital

The share capital of the Company amounts to Euros three million nine hundred and eight thousand four hundred (3,908,400), divided into forty-eight million eight hundred fifty-five thousand (48,855,000) common registered shares with voting rights and a nominal value of eight cents (0.08 Euros) each.

The Company's shares are listed for trading in the Securities Market of the Athens Stock Exchange ("Medium Capitalization" category).

The rights of the Company's shareholders arising from its share are proportional to the capital percentage which the paid value of the share corresponds to. Each share confers all the rights provided by the law and the Articles of Association of the Company, and in particular:

• Right to dividend from the Company's annual profits or liquidation proceedings.

After the withholding of (a) a statutory reserve from the Company's net profits in accordance with article 158 Law 4548/2018 and (b) other credit items in the income statement, not derived from realized profits, and (c) the payment of the minimum dividend of Article 161 Law 4548/2018, in accordance with a relevant decision of the General Meeting, the remaining net profits, as well as any other profits that may arise and be distributed, in accordance with Article 159 Law 4548/2018, are distributed according to the definitions of the Articles of Association and the decisions of the General Meeting. As to the remainder of issues of distribution of profits, the provisions of Law 4548/2018 apply, as in force;

• Right to take over the contribution at the time of liquidation or, respectively, the capital depreciation which corresponds to the share, if decided by the General Meeting;

• Right of pre-emption to any increase in the share capital of the Company in cash and to the subscription of new shares;

• Right to obtain a copy of the financial statements and reports of the auditors-certified accountants and the Company's BoD;

• Right to participate in the General Meeting, which is specialized in the following individual rights: legalization, presence, participation in debates, and submission of proposals on items on the agenda, recording of opinions in the Minutes and voting.

• The General Meeting of the Company's Shareholders reserves all its rights during liquidation.

The liability of the Company's shareholders is limited to the nominal value of the shares they hold.

II. Restrictions on corporate shares' transfer

Corporate shares are transferred as prescribed by the Law and there are no restrictions on their transfer provided by its Articles of Association, especially as they are intangible shares listed on the Athens Stock Exchange.

III. Significant, direct or indirect participations according to Article 4(7) Law 3556/2007

On 31.12.2020, the company under the name MAINSTREAM S.A. owned 60.81% of the total voting rights in the Company. The above company is controlled by Mr. Eftichios Vassilakis.

IV. Shares, conferring special control rights

There are no corporate shares, conferring special control rights to their holders.

V. Restrictions on voting rights

The Company's Articles of Association do not provide for any restrictions on the voting rights, deriving from its shares.

VI. Agreements of Company's Shareholders

The Company is not aware of existing agreements between its shareholders, which imply restrictions on the transfer of its shares or on the exercise of the voting rights, deriving from its shares.

VII. Rules for the appointment & replacement of BoD members and for amendments to the Articles of Association

The BoD consists of five to twelve members, elected by the General Meeting with a five-year term of office, which cannot exceed six years in any case.

The rules laid down in the Articles of Association of the Company for the appointment and replacement of BoD members and for the amendment of its provisions are not different from the provisions of Law 4548/2018, as in force and/or Law 3016/2002, as in force.

VIIΙ. Competence of the BoD for the issuance of new or the purchase of own shares

Pursuant to the provisions of Αrticle 24(1) Law 4548/2018, the BoD of the Company is entitled, following a relevant decision of the General Meeting, subject to the disclosure formalities of Article 13 Law 4548/2018, to increase the share capital of the Company, in whole or in part, through the issuance of new shares, by a decision taken by a majority of at least two-thirds (2/3) of all its members. In this case, the share capital may be increased by an amount which cannot exceed three times the capital existing at the date when the power to increase the capital was granted to the BoD. The abovementioned BoD power may be renewed by the General Meeting for a period not exceeding five years for each renewal granted. The validity of each renewal commences from the expiry date of the previous one. The decisions of the General Meeting to grant or renew the BoD power to increase the capital are subject to statutory disclosure.

Pursuant to Article 49(1) Law 4548/2018, the Company, either by itself or through an individual acting in his/her own name but on behalf of the Company, may acquire its own shares already issued, but only after approval by the General Meeting, which stipulates the terms and conditions of the foreseen acquisitions and, in particular, the maximum number of shares that may be acquired, the validity period of the approval, which may not exceed twenty-four (24) months and, in the case of acquisition for value, the upper and lower limits of the acquisition value. The decision of the General Meeting is subject to disclosure. These acquisitions are made with the care of BoD members under the conditions of Article 49(2) Law 4548/2018.

IX. Significant agreements that enter into force, are amended or expire in the event of change of control, following a public offer

There are no agreements that enter into force, amended or expire in the event of a change in the Company's control following a public offer.

X. Agreements with BoD members or Company personnel, regarding compensation in case of resignation, etc.

There are no agreements between the Company and its BoD members or its personnel, which provide for payment of compensation especially in case of resignation or redundancy without a reasonable ground or termination of their term of office or employment due to a public offer.

EXPLANATORY REPORT ON ADDITIONAL DATA OF ARTICLE 4 (par.7) LAW 3556/2007

Regarding the information of paragraph 6, we note the following events that took place during the period 01.01.2020 - 31.12.2020.

Significant direct or indirect participations

On 31.12.2020, the company under the name MAINSTREAM S.A. owned 60.81% of the total voting rights in the Company. The above company is controlled by Mr. Eftichios Vassilakis.

DIVIDEND POLICY

BoD decision on the distribution of dividend to shareholders shall be submitted up to the date of publication of the call to the Regular General Meeting.

SIGNIFICANT EVENTS AFTER 31.12.2020

In addition to the above, from the date of the Balance Sheet and by the adoption of the Financial Statements by the BoD, the following significant events took place:

The company proceeded with the establishment of KINEO S.A., with 14.01.2021 being its date of registration to the General Commercial Registry. KINEO operates in the micromobility sector and more specifically in lightweight, personal, electric vehicles. These types of vehicles shrink the physical footprint that is required for the transportation of people and goods in relatively short distances.

NON FINANCIAL DISCLOSURES

BRIEF BUSINESS MODEL DESCRIPTION

The Group operates in the sectors of short-term and long-term rentals holding the exclusive right to use the Hertz trademark in Greece and in seven (7) countries abroad. The Group also operates in the sectors of import and distribution of new cars and spare parts via its subsidiaries AUTOTECHNICA HELLAS SA, HYUNDAI HELLAS S.Α., ΚΙΑ HELLAS S.Α, TECHNOKAR S.A. and ELTREKKA S.A.

With 98 car-rental stations in Greece and abroad and 32 car sales and service points, the Group continues to innovate constantly offering new services with a fleet size of almost 44,000 cars.

Integrity and accountability

Autohellas, since 1974, when it started its operations in Greece, has strategically chosen to operate in a responsible manner and to take responsibility for the potential impact of its operation to all related parties which it affects. In this context, a series of actions is systematically implemented aiming at:

• The operation of the company with respect to the environment, its employees, customers and suppliers, local communities and government authorities, as well as the current legal and regulatory framework (both nationally and internationally).
• The growth of Greek tourism.
• The promotion of the cultural heritage of Greece.
• Supporting and promoting sports.
• Supporting education.
• Supporting socially vulnerable groups.

Priorities

Given the challenges of the wider economic environment and the practical difficulties of business operations, the Group has set a number of priorities:

• Provide high-quality services that meet the needs of our customers.
• Improvement in the working environment for it to be even more secure, fair and offering opportunities for growth to all employees.
• The multi-faceted support of Greece by combining the continuous development of the Company with economic, social and entrepreneurial progress.
• Operating responsibly regarding the environmental impact of its operations.
• Greater contributions to vulnerable groups.

Values

Our values express our philosophy, reflecting our character and mirroring the best elements of our long history. They define who we are as an organization.

Integrity - We act with honesty, respect the needs of our customers, we provide advice, accept constructive criticism and admit any mistakes or omissions. We demand the highest ethical standards and superior quality for our services.

Respect for human values - The human factor is the driving force of our success. We are proud that throughout the Group's history, staff is treated with respect and dignity.

High Performance - We aim to continuously improve our performance, carefully analysing our results and making sure to never compromise our integrity and respect for people.

Teamwork – We work together and consider ourselves part of the team, share knowledge, ideas and experience, showing trust in our colleagues to achieve the best results.

LABOR & RESPECT FOR HUMAN RIGHTS

MAIN RISKS/IMPACTS RELATED TO LABOR AND HUMAN RIGHTS ARISING FROM THE GROUP'S OPERATIONS

We recognize that achieving our strategic objectives and maintaining our growth, is intrinsically connected to our human resources.

We pay special attention to maintaining and offering jobs, choosing honest employees, monitoring the degree of their satisfaction, evaluating their performace correctly and objectively, taking care of health and safety at the work environment and training them.

COMPANY POLICIES

Training

Our human resources is one of the key investments in achieving our business objectives. The Company and the Group implements a number of training programs and fully understands the role of continuous and effective training of employees for the implementation of corporate strategy and long-term business success.

The main subjects of employee training were technical issues and sales.

Health and Safety

The company and the Group take care to ensure appropriate work conditions and compliance with basic health and safety rules is achieved, in order to maintain a safe work environment and protect its employees.

• Design and implement appropriate tools and protection measures such as pharmacies in customer service stations.
• Continuous monitoring of corporate activities in order to identify potential risks and take relative preemptive measures.
• Periodic doctor visits at stations and headquarters.
• Regular disinfections of workplaces in terms of COVID-19
• Regular COVID-19 tests for Group's personnel at the workplace
• Regular supply of disinfectants and pharmaceutical materials for sanitary use

Human Rights

The Company and the Group respect the International Human Rights Principles included in the International Declaration of Human Rights of the United Nations and specifically, among others, the principles of:

• equal treatment
• respect of human rights
• diversity
• providing equal opportinities to all employees and
• avoiding child or forced labor use

Providing equal opportunities and protecting diversity are basic principles of the Company and the Group. Management does not make discriminations in recruitment/selection, remuneration, training, job assignment or any other work activities. The factors that are exclusively taken into account are person's experience, personality, theoretical qualification, skills, efficiency and abilities.

Ensuring human rights is a key issue in training of our staff, which is performed with a scope to ensure parity and equal treatment of each customer and to prevent any kind of racist behavior.

RESULTS OF SUCH POLICIES AND KEY NON-FINANCIAL PERFORMANCE INDICATORS

Employee Training

• In 2020, 1,576 training and seminar hours were completed.
• In 2020, the company hired 46 employees with an age of under 30 years, 92 employees with an age between 30 and 50 years and 30 employees with an age above 50 years, either with indefinite or with fixed-term contracts. During 2020, 168 recruitments took place.
• In 2020, more than € 1 m were provided in various employee benefits (pension, clothing, etc.).

Human Rights

During 2020, there were no significant agreements or contracts that included clauses on human rights and it should be noted that there were no complaints or reports of violation of human rights.

ENVIRONMENT

MAIN RISKS/EFFECTS RELATED TO ENVIRONMENT, WHICH ARE RELATED WITH OPERATIONS OF THE COMPANY

In the Company our goal is to offer the best quality service to our clients while consuming as few resources as possible. We understand sustainable development, as an attempt to build a more competitive and low emission economy which makes efficient use of resources, taking into account environmental protection. Applying environmental friendly policies and procedures across the range of our activities, particularly in terms of recycling and environmental management, we strive to reduce our environmental footprint proving our commitment to sustainable development with transparency and accountability.

CORPORATE POLICIES

The Company and the Group embrace the concept of sustainable development, as developed at the 2002 UN Declaration on Africa (Johannesburg Declaration on Sustainable Development) and the concept of environmental awareness as developed in the Declaration on Environment and Development in 1992, while aiming to continuously improve its environmental performance, in line with European and international standards, and to protect the environment and preserve natural resources for future generations. In addition, all EU and Greek regulations on environmental protection and waste management, are systematically controlled and integrated into our processes and our business planning. Through our environmental policy, we do not limit ourselves to the adoption of best "green" practices, but expand in customer awareness and environmental protection campaigns. In detail, the measures we implement are presented below:

• Maintain a fleet with low average age. The newer, and therefore more technologically advanced cars, emit fewer grams of carbon dioxide compared with the older generation ones thus significantly reducing our environmental footprint as a company.
• Increased participation of Eco-friendly vehicles to our fleet. On our website, we present the Eco-friendly cars which our customers can choose resulting in a reduction of the indirect environmental footprint caused by using our vehicles.
• Through the "Become a Green Driver!" program, which is systematically promoted in our website and upon delivery of cars to the customers, we provide advice to drivers for smart eco-driving. The goal of the program

is to encourage drivers to drive in such way, so as to reduce the environmental impact through reduced fuel consumption and reduced emissions.

• Recycling of materials and supplies. Waste and trash associated with the operation of the stations and central offices such as paper, toner and household batteries, are recycled regularly helping to reduce our direct environmental impact.
• The newly-established, during January 2021, KINEO S.A. operates in the field of micromobility and more specifically in lightweight, personal electric vehicles. These types of vehicles shrink the physical footprint required for the transportation of people and goods over relatively short distances. They have the potential to better connect users with public transport, reduce dependence on private vehicles and make the most of existing public space, significantly reducing the environmental cost of travel. The reduction of carbon dioxide (CO2) per km when choosing an electric vehicle instead of a car reaches 90%. The company ensures a complete experience, providing those lightweight personal electric vehicles as a unified product along with the necessary, additional services while building its know-how and its infrastructure required for their widespread adoption.

RESULTS OF SUCH POLICIES AND KEY NON-FINANCIAL PERFORMANCE INDICATORS

Average emission per car follows a downward trend from 2014 up to 2020 due to the usage of eco-friendly new cars and the low average fleet age, which is two and a half years (30 months).

SOCIETY

MAIN RISKS/EFFECTS RELATED TO SOCIETY, WHICH ARE RELATED WITH OPERATIONS OF THE COMPANY

As social responsibility forms an integral part of the culture of the Company, it is our duty to contribute to society in every possible way. With our social contribution, multiple benefits for tourism, employment, local communities and government revenue arise.

CORPORATE POLICIES

Support of socially vulnerable groups

Through donations and sponsorships we support the sensitive and socially vulnerable groups. Among others examples of this social contribution are donations towards the "ELPIDA – Association of Friends of Children with cancer" and the association "Friends of Elderly People".

Support of education and research

We supported through donations the "Doctors sans frontieres" as well as the Kapodistrian University of Athens. Also, we actively participate in young people education by providing internships in our company in Greece.

Support of the local community and promotion of the cultural heritage of the country

Our company actively supports cultural heritage of the country through donations among others, to "Iera Moni Panagias Kalivianis". Supporting the local community is promoted by the sponsorship to the Municipality of Kifissia.

High quality of services

We offer our customers high quality of services at all stages of renting a car, on choosing it, booking it, customer service at the stations and rewarding the members of Hertz Gold Plus Rewards and Fly and Drive programs in cooperation with Aegean Airlines and Olympic Air.

Special reference should be made to our services which provide technologically advanced options to the customers in order to save time and effort when booking a car and booking appointments for maintenance or repair in one of our garages.

In our Customer Service Department, customers can contact us every day, either by phone or via the electronic contact form on our website. The call center of our company, operates 24 hours a day, 7 days a week and can handle reservations and customer requests at any time. Finally, we maintain an open dialogue with the community via social media, answering and informing immediately on all developments and news concerning the company.

RESULTS OF SUCH POLICIES AND KEY NON-FINANCIAL PERFORMANCE INDICATORS

• According to our data for the year 2020, our customers contacted us to obtain information, make requests, express complaints and to thank us. Complaints relating to total rentals for the year amount to 0.2%.
• A proportion of our direct sales comes from the Internet and electronic platforms on our website. Therefore the confidentiality and security of our customers' personal data is of utmost importance.
• We returned to the greek public authorities and the general public as Group in 2020 in the form of taxes, employer contributions and other costs, an amount exceeding € 57 m.

ΑΝΤΙ-CORRUPTION AND BRIBERY

MAIN RISKS/EFFECTS RELATED TO CORRUPTION AND BRIBERY, WHICH ARE RELATED WITH OPERATIONS OF THE COMPANY

Significant importance is attributed to the prevention and combating of matters related to corruption, fraud, bribery and generally unethical behavior. Group management is always oriented in an ethical, transparent and open procedures manner.

CORPORATE POLICIES

We emphasize that corruption and bribery are not acceptable in our company. Management involvement for the successful implementation of the policies is direct and substantial and thereby we achieve our goal.

The Group has provided for and has implemented active control mechanisms and procedures which are maintained in their entirety to prevent and combat corruption. Internal controls are in place, the code of ethics is implemented as long with principles of corporate governance.

The Company has established an Anti-Bribery Anti-Corruption Policy, as well as an Anti-Money Laundering policy. Employees have been made aware of these policies and Internal Audit ensures, through its procedures, staff's compliance with the aforementioned Company policies.

A risk assessment procedure has been established in which new and existing risks are ranked. Based on the results of the ranking, relevant procedures are designed, with safeguards designed to prevent risks occurring, such as participation in corruption instances.

The additional measures in place to prevent such occurrences emphasize on security and access issues of information systems, clear and adequate segregation of duties among employees, credit limits, absolute transparency in selecting suppliers, protect corporate assets, ensure transactions and protection of personal data.

RESULTS OF SUCH POLICIES AND KEY NON-FINANCIAL PERFORMANCE INDICATORS

Cases of corruption or claims for possible bribery, embezzlement, fraud or unethical behavior have not been recorded nor reported.

With the above information, the Auditors' Report, as well as the annual financial statements of December 31st 2020, we believe you have at your disposal all necessary documentation to proceed with the approval of the annual Financial Statements for the fiscal year ending on December 31st 2020 and to approve the overall management of the Board of Directors.

Kifissia, 2nd of March 2021

The Board of Directors

Emmanouela Vasilaki BoD President, BoD Executive Member
Eftichios Vassilakis BoD Vice President & Managing Director, BoD Executive Member

D. ANNUAL FINANCIAL STATEMENTS

I. Statement of Financial Position

				Financial statements according to IFRS 31.12.2020 (all amounts in €)
D. ANNUAL FINANCIAL STATEMENTS
I. Statement of Financial Position
			Group		Company
	Note	31.12.2020	31.12.2019	31.12.2020	31.12.2019
ASSETS
Non-current assets
Property, plant and equipment Right of use assets	7 8	452.989.296 54.539.371	528.136.493 16.861.961	314.517.161 46.280.521	378.550.068 8.104.843
Investment property	9	39.092.664	39.812.806	70.938.972	70.804.579
Intangible assets	10	27.873.608	27.929.330	375.389	453.037
Investments in subsidiaries	11	-	-	54.323.133	54.322.929
Investments in associates and joint ventures	12	11.864.919	12.232.734	16.082.281	15.912.281
Deferred income tax asset	13	2.366.584	3.677.283	-	-
Financial assets at fair value through other comprehensive income	14	42.891.816	69.959.467	42.891.816	69.959.467
Financial assets at fair value through profit or loss Trade and other receivables	15 16	1 13.292.933	1 18.223.280	- 11.320.745	- 15.568.663
Total non-current assets		644.911.192	716.833.355	556.730.019	613.675.867
Current assets
Inventories	17	58.903.284	68.105.303	103.211	159.787
Trade and other receivables	16	68.462.528	90.547.281	31.773.736	39.988.862
Current income tax asset Cash and cash equivalents	18	371.703 111.112.814	1.803.699 40.172.533	- 89.821.337	1.547.689 24.992.659
Total current assets		238.850.329	200.628.816	121.698.285	66.688.997
Total assets EQUITY		883.761.521	917.462.171	678.428.304	680.364.864
Share capital and share premium Treasury shares	19 19	4.038.953 (1.796.293)	4.038.953 (219.294)	4.038.953 (1.796.293)	4.038.953 (219.294)
Fair value reserves	20	36.353.584	62.285.916	33.537.516	60.216.863
Other reserves	21	40.311.048	40.308.169	49.287.178	43.287.179
Retained earnings		192.373.875	187.702.933	118.093.983	118.713.402
		271.281.166	294.116.678	203.161.337	226.037.102
Non-controlling interests Total equity		1.878.572 273.159.738	381.036 294.497.713	- 203.161.337	- 226.037.102
LIABILITIES
Non-current liabilities
Borrowings	22	282.489.597	277.241.786	246.037.511	239.066.896
Liabilities from leases Long term liabilities from securitisation	23	38.017.090 -	16.140.269 31.689.628	31.835.782 -	7.870.435 31.689.628
Deferred income tax liability	13	16.398.442	15.560.650	13.591.276	12.964.822
Post-employment benefits	24	4.713.176	4.855.713	2.427.803	2.797.590
Trade and other payables	25	3.702.796	4.223.577	-	-
Provisions for other liabilities and charges		3.195.200	2.690.507	-	-
Total non-current liabilities Current liabilities		348.516.301	352.402.130	293.892.371	294.389.371
Trade and other payables	25	116.791.709	137.341.106	54.338.414	58.881.941
Current income tax liability		2.068.539	433.712	864.249	-
Borrowings	22	96.729.595	85.226.689	82.129.532	56.986.831
Liabilities from leases	23	14.425.948	6.631.387	12.224.481	3.607.474
Securitization (short-term) Provisions for other liabilities and charges	25	31.817.919 251.773	40.462.144 467.290	31.817.919 -	40.462.144 -
Total current liabilities		262.085.482	270.562.328	181.374.596	159.938.390
Total liabilities		610.601.783	622.964.457	475.266.967	454.327.761
Total equity and liabilities		883.761.521

II. Income statement

			Financial statements according to IFRS 31.12.2020		(all amounts in €)
II. Income statement
		Group		Company
		1.1.2020 to	1.1.2019 to	1.1.2020 to	1.1.2019 to
Continuing operations	Note	31.12.2020	31.12.2019	31.12.2020	31.12.2019
Revenue	26	491.718.876	555.412.888	175.473.016	224.730.806
Cost of sales	27	(412.351.673)	(445.367.732)	(144.961.553)	(173.078.084)
Gross profit		79.367.202	110.045.156	30.511.463	51.652.723
Distribution costs Administrative expenses	27 27	(25.064.863) (28.239.049)	(27.275.497) (33.753.866)	(1.677.123) (9.364.250)	(3.544.186) (12.965.831)
Net impairment losses on financial assets		(34.983)	-	-	-
Other income	29	14.854.539	21.226.111	13.207.228	14.877.180
Other gains / (losses) - net	30	609.117	5.725.528	390.702	192.064
Operating profit		41.491.963	75.967.432	33.068.020	50.211.948
Finance income	31	1.836.179	1.616.567	1.464.275	1.301.128
Finance costs	31	(18.549.739)	(19.633.288)	(14.474.210)	(15.100.887)
Finance costs - net		(16.713.560)	(18.016.722)	(13.009.935)	(13.799.759)
Share of net profit of associates and joint ventures accounted
for using the equity method		(537.815)	(605.303)	-	-
Profit before income tax		24.240.588	57.345.407	20.058.085	36.412.189
Income tax expense	32	(6.890.456)	(10.745.425)	(3.542.655)	(7.050.059)
Profit / (loss) for the year		17.350.132	46.599.982	16.515.430	29.362.130
Profit for the year is attributable to:
Owners		15.852.596	44.233.336	16.515.430	29.362.130
Non-controlling interests		1.497.536	2.366.646	-	-
		17.350.132	46.599.982	16.515.430	29.362.130
Earnings per share attributable to the equity holders of the Company during the year
Basic and diluted	37	0,33	0,91	0,34	0,60
		Group		Company
EBITDA Reconciliation		1.1.2020 to 31.12.2020	1.1.2019 to 31.12.2019	1.1.2020 to 31.12.2020	1.1.2019 to 31.12.2019
Profit / (loss) for the year		17.350.132	46.599.982	16.515.430	29.362.130
(+) Depreciation and amortisation		93.688.272	91.289.396	66.849.398	65.340.485
(+) Investment activities (dividends and fair value movements from investment property and other investments)		768.053	(9.336.454)	(5.963.162)	(6.802.917)
(+) Finance cost (net)		16.713.560	18.016.722	13.009.935	13.799.759
(+) Income tax espense		6.890.456	10.745.425	3.542.655	7.050.059
Earnings before tax, interest & investment activities,		135.410.473	157.315.071

III. Statement of Comprehensive Income

				Financial statements according to IFRS 31.12.2020	(all amounts in €)
III. Statement of Comprehensive Income
		Group		Company
	Note	1.1.2020 to 31.12.2020	1.1.2019 to 31.12.2019	1.1.2020 to 31.12.2020	1.1.2019 to 31.12.2019
Profit / (loss) for the year Items that will not be reclassified to profit or loss		17.350.132	46.599.982	16.515.430	29.362.130
FVOCI financial assets - fair value gains/losses - gross	14	(27.067.651)	8.495.078	(27.067.651)	8.495.078
FVOCI financial assets - fair value gains/losses - tax Gain / (loss) on revaluation of property, plant and equipment -		-	11.351.725	-	11.351.725
gross		1.493.840	1.241.667	510.925	(52.044)
Gain / (loss) on revaluation of property, plant and equipment - tax		(355.643)	(219.159)	(122.622)	81.932
Remeasurements of post-employment benefit obligations - gross		4.361	(377.889)	64.273	(202.296)
Remeasurements of post-employment benefit obligations-tax Other comprehensive income for the year, net of tax		(1.047) (25.926.140)	54.895 20.546.318	(15.425) (26.630.501)	31.768 19.706.164
Total comprehensive income for the year		(8.576.008)	67.146.299	(10.115.071)	49.068.294

IV. Statement of Changes in Equity

Financial statements according to IFRS 31.12.2020							(all amounts in €)
IV. Statement of Changes in Equity
Group			Attributable to owners of the parent
	Share capital and share premium	Treasury shares	Fair value reserves	Other reserves	Retained earnings	Non controlling interest	Total equity
1 January 2019	4.038.953	(219.294)	41.411.718	35.484.008	167.683.757	(1.985.610)	246.413.530
Profit for the year	-	-	-	-	44.233.336	2.366.646	46.599.982
Other comprehensive income	-	-	20.874.199	-	(327.882)	-	20.546.318
Total comprehensive income for the year	-	-	20.874.199	-	43.905.454	2.366.646	67.146.299
Correction of prior years	-	-	-	(21.667)	(64.246)	-	(85.913)
Transfers	-	-	-	4.845.828	(4.845.828)	-	-
Dividend paid	-	-	-	-	(18.976.204)	-	(18.976.204)
Total transactions with owners	-	-	-	4.824.161	(23.886.277)	-	(19.062.116)
31 December 2019	4.038.953	(219.294)	62.285.916	40.308.169	187.702.934	381.036	294.497.713
1 January 2020	4.038.953	(219.294)	62.285.916	40.308.169	187.702.934	381.036	294.497.713
Profit / (loss) for the year	-	-	-	-	15.852.596	1.497.536	17.350.132
Other comprehensive income	-	-	(25.932.333)	2.879	3.314	-	(25.926.140)
Total comprehensive income for the year	-	-	(25.932.333)	2.879	15.855.910	1.497.536	(8.576.008)
Acquisition of treasury shares	-	(1.576.999)	-	-	-	-	(1.576.999)
Other	-	-	-	-	(1.274)	-	(1.274)
Dividend paid	-	-	-	-	(11.183.696)	-	(11.183.696)
Total transactions with owners	-	(1.576.999)	-	-	(11.184.970)	-	(12.761.969)
31 December 2020	4.038.953	(1.796.293)	36.353.584	40.311.048	192.373.875	1.878.572	273.159.738

Company

		Financial statements according to IFRS 31.12.2020			(all amounts in €)
Company
	Share capital and share	Treasury	Fair value		Retained
	premium	shares	reserves	Other reserves	earnings	Total equity
1 January 2019	4.038.953	(219.294)	40.340.172	36.930.224	111.430.450	192.520.504
Profit / (loss) for the year	-	-	-	6.897.105	22.465.025	29.362.130
Other comprehensive income Total comprehensive income for the year	- -	- -	19.876.692 19.876.692	- 6.897.105	(170.528) 22.294.498	19.706.164 49.068.294
Transfer	-	-	-	(540.150)	3.964.657	3.424.507
Dividend paid	-	-	-	-	(18.976.204)	(18.976.204)
Total transactions with owners	-	-	-	(540.150)	(15.011.546)	(15.551.696)
31 December 2019	4.038.953	(219.294)	60.216.863	43.287.178	118.713.401	226.037.102
1 January 2020	- 4.038.953	- (219.294)	(0) 60.216.863	(0) 43.287.178	(0) 118.713.401	(0) 226.037.102
Profit / (loss) for the year	-	-	-	6.000.000	10.515.430	16.515.430
Other comprehensive income	-	-	(26.679.348)	-	48.847	(26.630.501)
Total comprehensive income for the year	-	-	(26.679.348)	6.000.000	10.564.277	(10.115.071)
Acquisition of treasury shares	-	(1.576.999)	-	-	-	(1.576.999)
Dividend paid	-	-	-	-	(11.183.696)	(11.183.696)
Total transactions with owners	-	(1.576.999)	-	-	(11.183.696)	(12.760.695)
31 December 2020	4.038.953	(1.796.293)	33.537.516	49.287.178	118.093.983	203.161.337

V. Cash Flow Statement

				Financial statements according to IFRS 31.12.2020	(all amounts in €)
V. Cash Flow Statement
		Group 1.1.2020 to	1.1.2019 to	Company 1.1.2020 to	1.1.2019 to
	Note	31.12.2020	31.12.2019	31.12.2020	31.12.2019
Profit before income tax Adjustments for:		24.240.588	57.345.407	20.058.085	36.412.189
Depreciation of property, plant and equipment and right of use assets Amortisation of intangible assets	7&8 10	93.466.096 222.175	91.079.040 210.356	66.673.980 175.418	65.162.537 177.948
Fair value (gains) / losses of investment property	9	40.086	1.254.326	(144.549)	1.061.125
Impairment of PPE	7	655.189	655.392	181.387	119.880
Provisions Dividend income	29	814.415 -	(22.227) (4.997.161)	710.175 (6.000.000)	560.000 (6.897.105)
(Profit) / loss on disposal of PPE		(14.081.317)	(12.475.301)	(11.353.942)	(9.799.114)
(Profit) / loss on disposal of investment property Income from associates		- 444.315	- 480.428	10.156 -	- -
Income from joint ventures		93.500	124.875	-	-
Finance costs - net	31	16.713.560	18.016.722	13.009.935	13.799.759
Exchange (gains) / losses Other / non cash transactions		(185.632) (7.714)	91.042 (6.259.644)	- -	- (1.086.817)
		122.415.262	145.503.254	83.320.645	99.510.403
Changes in working capital Decrease / (increase) in inventories		9.202.020	(21.884.201)	56.576	(3.877.693)
Decrease / (increase) in trade and other receivables		30.820.226	(23.059.679)	18.524.103	(3.458.643)
Increase / (decrease) in trade and other payables		(21.487.716)	23.558.775	(6.905.455)	8.002.834
Purchases of renting vehicles Leasing purchases of renting vehicles		(105.758.269) 42.695.595	(169.922.527) 12.288.127	(85.752.775) 41.062.114	(131.539.397) 11.335.433
Sales of renting vehicles	26	55.816.167	52.812.872	46.405.244	47.293.412
Increase / (decrease) in provisons for other liabilities and charges		289.175	(152.407)	-	-
Increase / (decrease) in post employment benefits		(142.537)	885.904	(305.515)	487.205
Other / non cash transactions		50.180	(5.039)	-	-
		11.484.841	(125.478.176)	13.084.291	(71.756.847)
Cash generated from operations		133.900.103	20.025.078	96.404.936	27.753.556
Interest paid		(13.411.110)	(12.846.971)	(9.514.790)	(8.306.650)
Income tax paid		(982.661)	(13.212.571)	(184.005)	(11.085.764)
Net cash generated from / (used in) operating activities		119.506.332	(6.034.464)	86.706.140	8.361.143
Cash flows from investing activities
Payments for acquisition of subsidiaries Payments for acquisition of associates	11 12	- -	(1) (1.666.212)	(205) -	(4.636.797) (1.666.212)
Payments for acquisition of joint ventures	12	(170.000)	(65.000)	(170.000)	(65.000)
Payments for property, plant and equipment		(7.938.720)	(10.308.085)	(1.016.742)	(1.594.319)
Payments for intangible assets Payments for investment property	10 9	(165.762) -	(293.570) 296.843	(97.769) -	(232.554) (2.001.125)
Proceeds from sale of PPE		8.599.071	14.935.718	3.410.903	2.754.442
Interest received	31	1.836.179	1.527.068	1.464.275	1.301.128
Dividends received Other	29	- -	4.997.105 -	6.000.000 -	6.897.105 (1.412.832)
Net cash generated from / (used in) investing activities		2.160.769	9.423.865	9.590.462	(656.164)
Cash flows from financing activities Purchases of treasury shares		(1.576.999)	-	(1.576.999)	-
Repayments of borrowings		(146.857.178)	(321.563.408)	(69.639.099)	(252.434.405)
Proceeds from borrowings Acquired new finance leases		155.746.006 (42.695.595)	343.765.734 (12.288.127)	94.053.176 (41.062.114)	282.137.739 (11.335.433)
Capital repayments of operating leases		(4.159.358)	(4.476.441)	(2.059.192)	(2.682.699)
Proceeds from Finance leases		-	1.485.630	-	-
Dividends paid to Company's shareholders Net cash generated from / (used in) financing activities		(11.183.696) (50.726.819)	(18.976.204) (12.052.816)	(11.183.696) (31.467.923)	(18.976.204) (3.291.002)
Net (decrease) / increase in cash and cash equivalents		70.940.282	(8.663.414)	64.828.678	4.413.976
Cash and cash equivalents at beginning of the year Cash obtained trough acquisitions	18	40.172.533 -	47.503.443 1.332.504	24.992.659 -	20.578.683 -
		111.112.814
Cash and cash equivalents at the end of the year			40.172.533	89.821.337	24.992.659

E. NOTES ON FINANCIAL STATEMENTS

1. General Information

AUTOHELLAS Tourist and Trading Société Anonyme, with the distinctive title "Autohellas" , was incorporated in Greece in 1962 and its shares are traded in the "Travel & Tourism" sector of the Athens Stock Exchange.

The Group, through its subsidiaries and associates, operates in Greece, Bulgaria, Romania, Croatia, Serbia, Montenegro, Ukraine and Cyprus. Its principal activities comprise car rental and sale.

The Company's registered office is at Viltanioti 31, Kifissia, Attica, Greece. The Company's website address is www.autohellas.gr .

These financial statements have been approved by the Board of Directors on March 2nd 2021, and are subject to the approval of the Annual General Meeting of the Shareholders.

The annual financial statements, the independent auditor's reports and the Board of Directors' reports of the companies that are incorporated in the consolidated financial statements of the Group are posted in the Company's website www.autohellas.gr.

2. Summary of significant accounting policies

2.1 Basis of preparation

These financial statements consist of the standalone financial statements of Autohellas (the "Company") and the consolidated financial statements of the Company and its subsidiaries (together "Autohellas" or the "Group") for the year ended 31 December 2020, in accordance with International Financial Reporting Standards ("IFRS"), as adopted by the European Union (EU).

These financial statements have been prepared on a historical cost basis with the exception of certain financial assets, certain classes of property, plant and equipment and investment property which are measured at fair value. The accounting policies have been consistently applied to all the years presented, unless otherwise stated.

The preparation of financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgement in the process of applying the Company's accounting policies. Moreover, the use of estimates and assumptions is required that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of preparation of financial statements and the reported income and expense amounts during the reporting period. Although these estimates are based on the best possible knowledge of management with respect to the current conditions and activities, the actual results can eventually differ from these estimates. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3.

Going concern and COVID-19 considerations

The outbreak of the COVID-19 pandemic during the 2020 financial year has been an unprecedented event that created, and continues to create, a high degree of uncertainty as to future financial performance of many companies. The Greek economy as well as the other economies in which the Group operates were in recession for 2020 and the level at which this recession will have a longer-term impact will depend on the degree to which the pandemic is successfully dealt with. The effects of this pandemic, and in particular the effects of the forced lockdown in the countries in which the Group operates, have been taken into account by the Management in assessing the ability of the Group to continue operating as a going concern. As the COVID-19 restrictions ease

and vaccinations progress, the economies in which the Group operates are expected to increase the level of their economic activity.

In assessing the ability of the Group to operate as a going concern and whether to continue adopting the going concern basis in preparing the consolidated and company financial statements for the year ended 31 December 2020, Management reviewed a range of scenarios and forecasts for the foreseeable future. The scenarios and forecasts have been based on:

• Analysing the impact of the pandemic on the Group's various business units in 2020, in all the countries in which it operates.
• Validating the actions taken in 2020 in all aspects of the Group's business to determine further actions and activities that should be implemented.
• Preparing likely scenarios and potentially negative scenarios linked to these future actions and activities.

The Group's available cash balances and lines of credit place it in a strong liquidity position, especially in its primary market in Greece. Furthermore, Management has assessed that the Group's operating activities will grow from 2020 to 2021 with 2022 bringing stability to the operating levels achieved by the Group in 2019. Accordingly, and following Management's assessment it is appropriate that the Group continues to adopt the going concern basis for the preparation of the consolidated and company financial statements.

Management has also considered the impact of the COVID-19 pandemic on the critical accounting estimates and judgements presented in these financial statements (refer to note 3). Specific financial statement items that were considered by Management comprised, receivables (note 16), impairment of non-financial assets, including goodwill (notes 7, 9 and 10). Appropriate disclosures have also been included in the section in the financial statements relating to financial risk management (note 4).

New standards, amendments to standards and interpretations: Certain new standards, amendments to standards and interpretations have been issued that are mandatory for periods beginning on or after 1 January 2020. The Group's evaluation of the effect of these new standards, amendments to standards and interpretations is as follows:

Standards and Interpretations effective for the current financial year

IFRS 3 (Amendments) 'Definition of a business'

The amended definition emphasises that the output of a business is to provide goods and services to customers, whereas the previous definition focused on returns in the form of dividends, lower costs or other economic benefits to investors and others. It further clarifies that, to be considered a business, an acquired set of activities and assets must include, at a minimum, an input and a substantive process that together significantly contribute to the ability to create outputs. Finally, it introduces an optional concentration test that permits a simplified assessment of whether an acquired set of activities and assets is not a business.

IAS 1 and IAS 8 (Amendments) 'Definition of material'

The amendments clarify the definition of material and how it should be applied by including in the definition guidance which until now was featured elsewhere in IFRS. In addition, the explanations accompanying the definition have been improved. Finally, the amendments ensure that the definition of material is consistent across all IFRSs.

IFRS 9, IAS 39 and IFRS 7 (Amendments) 'Interest rate benchmark reform'

The amendments modify some specific hedge accounting requirements to provide relief from potential effects of the uncertainty caused by the IBOR reform. In addition, the amendments require companies to provide

additional information to investors about their hedging relationships which are directly affected by these uncertainties.

Standards and Interpretations effective for subsequent periods

IFRS 16 (Amendment) 'Covid-19-Related Rent Concessions' (effective for annual periods beginning on or after 1 June 2020)

The amendment provides lessees (but not lessors) with relief in the form of an optional exemption from assessing whether a rent concession related to COVID-19 is a lease modification. Lessees can elect to account for rent concessions in the same way as they would for changes which are not considered lease modifications.

IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (Amendments) 'Interest rate benchmark reform – Phase 2' (effective for annual periods beginning on or after 1 January 2021)

The amendments complement those issued in 2019 and focus on the effects on financial statements when a company replaces the old interest rate benchmark with an alternative benchmark rate as a result of the reform. More specifically, the amendments relate to how a company will account for changes in the contractual cash flows of financial instruments, how it will account for the change in its hedging relationships and the information it should disclose.

IAS 16 (Amendment) 'Property, Plant and Equipment – Proceeds before Intended Use' (effective for annual periods beginning on or after 1 January 2022)

The amendment prohibits an entity from deducting from the cost of an item of PP&E any proceeds received from selling items produced while the entity is preparing the asset for its intended use. It also requires entities to separately disclose the amounts of proceeds and costs relating to such items produced that are not an output of the entity's ordinary activities. The amendment has not yet been endorsed by the EU.

IAS 37 (Amendment) 'Onerous Contracts – Cost of Fulfilling a Contract' (effective for annual periods beginning on or after 1 January 2022)

The amendment clarifies that 'costs to fulfil a contract' comprise the incremental costs of fulfilling that contract and an allocation of other costs that relate directly to fulfilling contracts. The amendment also clarifies that, before a separate provision for an onerous contract is established, an entity recognises any impairment loss that has occurred on assets used in fulfilling the contract, rather than on assets dedicated to that contract. The amendment has not yet been endorsed by the EU.

IFRS 3 (Amendment) 'Reference to the Conceptual Framework' (effective for annual periods beginning on or after 1 January 2022)

The amendment updated the standard to refer to the 2018 Conceptual Framework for Financial Reporting, in order to determine what constitutes an asset or a liability in a business combination. In addition, an exception was added for some types of liabilities and contingent liabilities acquired in a business combination. Finally, it is clarified that the acquirer should not recognise contingent assets, as defined in IAS 37, at the acquisition date. The amendment has not yet been endorsed by the EU.

IAS 1 (Amendment) 'Classification of liabilities as current or non-current' (effective for annual periods beginning on or after 1 January 2023)

The amendment clarifies that liabilities are classified as either current or non-current depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or

events after the reporting date. The amendment also clarifies what IAS 1 means when it refers to the 'settlement' of a liability. The amendment has not yet been endorsed by the EU.

Annual Improvements to IFRS Standards 2018–2020 (effective for annual periods beginning on or after 1 January 2022)

The amendments set out below include changes to two IFRSs. The amendments have not yet been endorsed by the EU.

IFRS 9 'Financial instruments'

The amendment addresses which fees should be included in the 10% test for derecognition of financial liabilities. Costs or fees could be paid to either third parties or the lender. Under the amendment, costs or fees paid to third parties will not be included in the 10% test.

IFRS 16 'Leases'

The amendment removed the illustration of payments from the lessor relating to leasehold improvements in Illustrative Example 13 of the standard in order to remove any potential confusion about the treatment of lease incentives.

2.2 Principles of consolidation and equity accounting

(i) Subsidiaries

Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the activities of the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases.

The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisition of a subsidiary comprises the:

• fair values of the assets transferred
• liabilities incurred to the former owners of the acquired business
• equity interests issued by the Group
• fair value of any asset or liability resulting from a contingent consideration arrangement, and
• fair value of any pre-existing equity interest in the subsidiary.

Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are, with limited exceptions, measured initially at their fair values at the acquisition date. The Group recognises any noncontrolling interest in the acquired entity on an acquisition-by-acquisition basis either at fair value or at the noncontrolling interest's proportionate share of the acquired entity's net identifiable assets.

Acquisition-related costs are expensed as incurred.

The excess of the

• consideration transferred,
• amount of any non-controlling interest in the acquired entity, and
• acquisition-date fair value of any previous equity interest in the acquired entity

over the fair value of the net identifiable assets acquired is recorded as goodwill.

If those amounts are less than the fair value of the net identifiable assets of the business acquired, the difference is recognised directly in profit or loss as a bargain purchase.

Intercompany transactions, balances and unrealised gains on transactions between group companies are eliminated. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Non-controlling interests in the results and equity of subsidiaries are shown separately in the consolidated income statement, statement of comprehensive income, statement of changes in equity and the statement of financial position respectively.

(ii) Associates

Associates are all entities over which the Group has significant influence but not control or joint control. This is generally the case where the Group holds between 20% and 50% of the voting rights. Investments in associates are accounted for using the equity method of accounting (see (iv) below), after initially being recognised at cost.

(iii) Joint arrangements

Under IFRS 11 Joint Arrangements investments in joint arrangements are classified as either joint operations or joint ventures. The classification depends on the contractual rights and obligations of each investor, rather than the legal structure of the joint arrangement. The Group has assessed the nature of its joint arrangements and determined them to be joint ventures.

Interests in joint ventures are accounted for using the equity method (see (iv) below), after initially being recognised at cost in the consolidated statement of financial position.

(iv) Equity method

Under the equity method of accounting, the investments are initially recognised at cost and adjusted thereafter to recognise the Group's share of the post-acquisition profits or losses of the investee in profit or loss, and the Group's share of movements in other comprehensive income of the investee in other comprehensive income. Dividends received or receivable from associates and joint ventures are recognised as a reduction in the carrying amount of the investment.

When the Group's share of losses in an equity-accounted investment equals or exceeds its interest in the entity, including any other unsecured long-term receivables, the Group does not recognise further losses, unless it has incurred obligations or made payments on behalf of the other entity.

Unrealised gains on transactions between the Group and its associates and joint ventures are eliminated to the extent of the Group's interest in these entities. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Accounting policies of equity accounted investees have been changed where necessary to ensure consistency with the policies adopted by the Group.

The carrying amount of equity-accounted investments is tested for impairment in accordance with the policy described in 2.8 below.

(v) Changes in ownership interests

The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognised in a separate reserve within equity attributable to owners of the Group.

When the Group ceases to consolidate or equity account for an investment because of a loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognised in profit or loss. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognised in other comprehensive income are reclassified to profit or loss.

If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only a proportionate share of the amounts previously recognised in other comprehensive income are reclassified to profit or loss where appropriate.

The Company accounts for investments in subsidiaries, associates and joint ventures in its standalone financial statements at cost less impairment.

2.3 Segment reporting

The segments are determined on the basis of internal reporting to the Group's Board of Directors (as chief operating decision maker) which makes strategic decisions based on its assessment of performance and position of the Group.

Consequently, segment information is presented in the consolidated financial statements in respect of the Group's car leasing and car sales and related service activities in Greece and abroad.

2.4 Foreign currency translation

(i) Functional and presentation currency

Items included in the financial statements of each of the Group's entities are measured using the currency of the primary economic environment in which the entity operates ('the functional currency'). The consolidated financial statements are presented in Euros (EUR), which is Autohellas' functional and presentation currency.

(ii) Transactions and balances

Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year end exchange rates are generally recognised in profit or loss.

Foreign exchange gains and losses are presented in profit or loss on a net basis within other gains/(losses).

Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined. Translation differences on assets and liabilities carried at fair value are reported as part of the fair value gain or loss.

(iii) Group companies

The results and financial position of foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows:

• assets and liabilities for each statement of financial position presented are translated at the closing rate at the date of that statement of financial position
• income and expenses for each income statement and statement of comprehensive income are translated at average exchange rates (unless this is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the dates of the transactions), and
• all resulting exchange differences are recognised in other comprehensive income.

When a foreign operation is sold or any borrowings forming part of the net investment are repaid, the associated exchange differences are reclassified to profit or loss, as part of the gain or loss on sale.

2.5 Revenue recognition

Revenue represents the fair value of the consideration received or receivable for the sale of goods and services in the ordinary course of business of the Group.

Operating lease income

Leasing income from operating lease instalments is recognised on a straight-line basis over the lease term, based on the total of the contractual payments divided by the number of months of the lease term. End of contract fees may consist of fees charged to clients for deviations from the contractual terms related to contract duration, excess of mileage and extensive wear and tear of the vehicle. The fees are recognised upon termination of the lease contract.

Revenue from Rents on Buildings/Land

Rental revenues are recognised on a straight-line basis over the term of the rental agreement.

Finance lease & other interest income

Interest income from finance lease contracts is recognised using the effective interest method. Payments collected from the lease are allocated between reducing the net investment in the lease and recognising interest income. Other interest income mainly includes income from interest-bearing assets, which is recognised using the effective interest method.

Vehicle sales and Spare Cars

Vehicle and Spare Cars sales include revenue from the sale of new and used cars of the auto-trade sector, sales of used cars upon termination of their lease contract and sales of new vehicle spare cars. Revenue from vehicle sales are recognized when ownership is transferred.

Other services income and commissions

Additional services include fees charged for fleet management services, repair & maintenance services, damage & insurance services, charges for car transportation and preparation services during sale, charges for the issuance of car certificates and registration. Commissions include fees for mediating customer financing with financial institutions.Revenue from fleet management services is recognised on a straight-line basis.

Dividends:

Dividends are accounted as income, when the right to receive payment is established, in other words on the date the dividends are declared and approved.

The Group recognises revenue, other than revenue from car rentals recognised in accordance with IAS 17, upon transfer of promised goods or services to customers in amounts that reflect the consideration to which the Group expects to be entitled in exchange for those goods or services based on the following five step approach:

• Step 1: Identify the contracts with customers
• Step 2: Identify the performance obligations in the contract
• Step 3: Determine the transaction price
• Step 4: Allocate the transaction price to the performance obligations in the contract
• Step 5: Recognise revenue when (or as) the entity satisfies a performance obligation

2.6 Income tax

The income tax expense or credit for the period is the tax payable on the current period's taxable income based on the applicable income tax rate for each jurisdiction adjusted by changes in deferred tax assets and liabilities attributable to temporary differences and to unused tax losses.

The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company and its subsidiaries and associates operate and generate taxable income. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.

Deferred income tax is provided in full, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, deferred tax liabilities are not recognised if they arise from the initial recognition of goodwill. Deferred income tax is also not accounted for if it arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit or loss. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted by the end of the reporting period and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

The deferred tax liability in relation to investment property that is measured at fair value is determined assuming the property will be recovered entirely through sale.

Deferred tax assets are recognised only if it is probable that future taxable amounts will be available to utilise those temporary differences and losses.

Deferred tax liabilities and assets are not recognised for temporary differences between the carrying amount and tax bases of investments in foreign operations where the company is able to control the timing of the reversal of the temporary differences and it is probable that the differences will not reverse in the foreseeable future.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets and liabilities and when the deferred tax balances relate to the same taxation authority. Current tax assets and tax liabilities are offset where the entity has a legally enforceable right to offset and intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Current and deferred tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, the tax is also recognised in other comprehensive income or directly in equity, respectively.

2.7 Leases

(a) Group as the lessee

As of 1st January 2019, the Group recognizes for all leases right of use asset as well as corresponding liability, at the date on which the leased asset is available for use by the Group. Each lease payment is divided between the liability and the financial cost.

Rights of use asset and liabilities arising from the lease are initially measured at present value. Lease liabilities include the net present value of the following leases:

• fixed rents (including substantially fixed payments), reduced by any lease receivable

• floating rates that depend on an index or interest rate, which are initially measured using the index or interest rate at the start of the lease term

• rentals related to extension rights that are likely to be exercised.

• amounts expected to be paid by the group based on guaranteed residual values

• price of purchase option, if it is probable that the Group will exercise that option, and

• payment of a penalty for termination of the lease if the duration of the lease indicates that Group will exercise the right to terminate the lease.

Lease payments are discounted using the interest rate included in the lease. If this rate cannot be directly determined, the incremental borrowing rate is used, that is, the rate at which the lessee would be liable if he borrowed the necessary funds to purchase similar asset, for a similar period, with similar collateral and in a similar economic environment.

After their initial recognition, lease liabilities are increased for financial cost and reduced by lease payments.

The cost of the right to use the asset consists of:

a. the amount of the initial measurement of the lease liability

b. any rents paid at the start date of the lease period or earlier, less any incentives

leases have received

c. any initial direct costs incurred by the lessee and

d. an estimate of the costs incurred by the lessee in disassembling and removing the underlying asset, restoring the premises where it has been located or restoring the underlying asset in the condition provided by the terms and conditions of the lease.

Right of use assets are depreciated using the straight-line method over the shorter of the useful life of the asset and the lease term. When the valuation of the present value has been done under assumption that lease will exercise option to purchase underlying asset, then the right of use is amortized over the useful life of the underlying asset.

Payments related to short-term leases for all categories of assets other than airport premises and low-value leases are recognized using the straight-line method as an expense. Short-term leases are leases of twelve months or less.

(b) Group as the lessor

Leases where substantially all the risks and rewards incidental to ownership of an asset are transferred to the lessee are classified as finance leases. The Group as a lessor records a finance lease receivable at the amount of its net investment which equals the present value of the future minimum lease payments receivable (including any guaranteed residual value by the lessee) and the unguaranteed residual value accruing to the Group, after any accumulated impairment losses. The finance lease receivables are presented within the caption 'Trade and other receivables'. Unearned finance income is the difference between the gross investment in the lease and the net investment in the lease. Over the lease term, the instalments charged to the clients are apportioned between a reduction in the net investment in the lease and finance lease income.

2.8 Impairment of assets

Goodwill is not subject to amortisation and is tested annually for impairment, or more frequently if events or changes in circumstances indicate that it might be impaired. Other assets are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs of disposal and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash inflows which are largely independent of the cash inflows from other assets or groups of assets (cash-generating units). Non-financial assets other than goodwill that suffered an impairment are reviewed for possible reversal of the impairment at the end of each reporting period.

2.9 Cash and cash equivalents

Cash and cash equivalents includes cash on hand, deposits held at call with financial institutions and other shortterm, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value.

2.10 Trade receivables

Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. They are generally due for settlement within 30 days and therefore are all classified as current. Trade receivables are recognised initially at the amount of consideration that is unconditional unless they contain significant financing components, when they are recognised at fair value. The Group holds the trade receivables with the objective to collect the contractual cash flows and therefore measures them subsequently at amortised cost using the effective interest method.

Trade receivables are recognised initially at fair value and subsequently measured at amortised cost using the effective interest method, less loss allowance. See note 4.1 for a description of the Group's impairment policies.

2.11 Inventories

Inventories are stated at the lower of cost and net realisable value. Costs are assigned to new and used cars on the basis of their individual cost while costs are assigned to spare parts on the basis of weighted average costs. Net realisable value is the estimated selling price in the ordinary course of business less the estimated costs necessary to make the sale.

2.12 Investments and other financial assets

(i) Classification

The Group classifies its financial assets in the following measurement categories:

• those to be measured subsequently at fair value (either through OCI or through profit or loss), and
• those to be measured at amortised cost.

The classification depends on the entity's business model for managing the financial assets and the contractual terms of the cash flows.

For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. For investments in equity instruments that are not held for trading, this will depend on whether the Group has made an irrevocable election at the time of initial recognition to account for the equity investment at fair value through other comprehensive income (FVOCI).

The Group reclassifies debt instruments when and only when its business model for managing those assets changes.

(ii) Recognition and derecognition

Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the Group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Group has transferred substantially all the risks and rewards of ownership.

(iii) Measurement

At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss.

Debt instruments

Subsequent measurement of debt instruments depends on the Group's business model for managing the asset and the cash flow characteristics of the asset. The Group measures its debt instruments at amortised cost since they are held for collection of contractual cash flows that represent solely payments of principal and interest. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and is presented as a separate line item. Impairment losses are also presented as a separate line item in the statement of comprehensive income.

Equity instruments

The Group subsequently measures all equity investments at fair value. Where the Group's management has elected to present fair value gains and losses on equity investments in OCI, there is no subsequent reclassification of fair value gains and losses to profit or loss following the derecognition of the investment. Dividends from such investments continue to be recognised in profit or loss as other income when the Group's right to receive payments is established.

Changes in the fair value of financial assets at FVPL are recognised in other gains/(losses) in profit or loss as applicable. Impairment losses (and reversal of impairment losses) on equity investments measured at FVOCI are not reported separately from other changes in fair value.

Details on how the fair value of financial instruments is determined are disclosed in note 5.

(iv) Impairment

The Group assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk.

For trade receivables, the Group applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. See note 4.1 for further details.

2.13 Property, plant and equipment

Land and buildings are recognised at fair value based on periodic valuations, every 1 to 2 years, by external independent valuers, less subsequent depreciation for buildings. A revaluation surplus is credited to fair value reserves in shareholders' equity. All other property, plant and equipment is recognised at historical cost less depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items.

Subsequent costs are included in the asset's carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of any component accounted for as a separate asset is derecognised when replaced. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred.

Increases in the carrying amounts arising on revaluation of land and buildings are recognised, net of tax, in other comprehensive income and accumulated in reserves in shareholders' equity. To the extent that the increase reverses a decrease previously recognised in profit or loss, the increase is first recognised in profit or loss. Decreases that reverse previous increases of the same asset are first recognised in other comprehensive income to the extent of the remaining surplus attributable to the asset; all other decreases are charged to profit or loss.

Land is not depreciated. Depreciation on the remaining property, plant & equipment categories is calculated using the straight-line method to allocate their cost or revalued amounts, net of their residual values, over their estimated useful lives as follows:

	Buildings	20 - 25 years
	Machinery	6 years
	Vehicles	6,25 - 8,5 years
	Furniture, fittings and equipment	10 years
	IT equipment	5 years

The assets' residual values and useful lives are reviewed, and adjusted if appropriate, at the end of each reporting period.

An asset's carrying amount is written down immediately to its recoverable amount if the asset's carrying amount is greater than its estimated recoverable amount (note 2.8).

Gains and losses on disposals are determined by comparing proceeds with carrying amount. These are included in profit or loss. When revalued assets are sold, the Group transfers any amounts included in other reserves in respect of those assets to retained earnings.

2.14 Investment properties

Property that is held for long-term rental yields or for capital appreciation or both, and that is not occupied by the Group, is classified as investment property. In its standalone financial statements, the Company classifies all land and buildings rented to subsidiaries as investment property. Investment properties consist of land and buildings that are rented either to subsidiaries and related parties of the Group or to third parties.

Investment property is measured initially at cost. After initial recognition, investment property is carried at fair value.

2.15 Intangible assets

(i) Goodwill

Goodwill is measured as described in note 2.2. Goodwill on acquisitions of subsidiaries is included in intangible assets. Goodwill is not amortised but it is tested for impairment annually, or more frequently if events or changes in circumstances indicate that it might be impaired, and is carried at cost less accumulated impairment losses. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold.

Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes, being the operating segments (note 6).

(ii) Acquired software

Acquired computer software is stated at historical cost less subsequent amortisation and impairment losses. It is amortised on a straight line basis over its useful life estimated to be 10 - 20 years.

2.16 Trade and other payables

These amounts represent liabilities for goods and services provided to the Group prior to the end of financial year which are unpaid. The amounts are usually paid within 6 months of recognition. Trade and other payables are presented as current liabilities unless payment is not due within 12 months after the reporting period. They are recognised initially at their fair value and subsequently measured at amortised cost using the effective interest method.

2.17 Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortised cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognised in profit or loss over the period of the borrowings using the effective interest method.

Borrowings are removed from the statement of financial position when the obligation specified in the contract is discharged, cancelled or expired. The difference between the carrying amount of a financial liability that has been extinguished or transferred to another party and the consideration paid, including any non-cash assets transferred or liabilities assumed, is recognised in profit or loss as other income or finance costs.

Borrowings are classified as current liabilities unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period.

2.18 Employee benefits

(i) Short-term obligations

Liabilities for wages and salaries that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognised in respect of employees' services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. The liabilities are presented within other payables in the statement of financial position.

(ii) Post-employment obligations

The Group has both defined benefit and defined contribution pension plans.

The liability or asset recognised in the statement of financial position in respect of defined benefit pension plans is the present value of the defined benefit obligation at the end of the reporting period. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method.

The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms approximating to the terms of the related obligation.

The interest cost is calculated by applying the discount rate to the balance of the defined benefit obligation. This cost is included in employee benefit expense in the profit or loss.

Remeasurement gains and losses arising from experience adjustments and changes in actuarial assumptions are recognised in the period in which they occur, directly in other comprehensive income. They are included in retained earnings in the statement of changes in equity and in the statement of financial position.

Changes in the present value of the defined benefit obligation resulting from plan amendments or curtailments are recognised immediately in profit or loss as past service costs.

For defined contribution plans, the Group pays contributions to publicly or privately administered pension insurance plans on a mandatory, contractual or voluntary basis. The Group has no further payment obligations once the contributions have been paid. The contributions are recognised as employee benefit expense when they are due. Prepaid contributions are recognised as an asset to the extent that a cash refund or a reduction in the future payments is available.

(iii) Termination benefits

Termination benefits are payable when employment is terminated by the Group before the normal retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits. The Group recognises termination benefits at the earlier of the following dates: (a) when the Group can no longer withdraw the offer of those benefits; and (b) when the entity recognises costs for a restructuring that is within the scope of IAS 37 and involves the payment of terminations benefits. In the case of an offer made to encourage voluntary redundancy, the termination benefits are measured based on the number of employees expected to accept the offer. Benefits falling due more than 12 months after the end of the reporting period are discounted to present value.

2.19 Share capital

Share capital comprises the ordinary shares of the Company. Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are shown in equity as a deduction, net of tax, from the proceeds.

Where the Company reacquires its own equity instruments ('treasury shares'), the consideration paid, including any directly attributable incremental costs (net of income taxes) is deducted from equity attributable to the Company's equity holders as treasury shares until the shares are cancelled or reissued. Where such ordinary shares are subsequently reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity attributable to the Company's equity holders.

2.20 Dividend distribution

Dividend distribution to the Company's shareholders is recognised as a liability in the Group's financial statements in the period in which the dividends are approved by the General Meeting of the shareholders.

2.21 Earnings per share

(i) Basic earnings per share

Basic earnings per share is calculated by dividing the profit attributable to owners of the Company by the weighted average number of ordinary shares outstanding during the financial year excluding treasury shares.

(ii) Diluted earnings per share

Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to take into account:

• the after income tax effect of interest and other financing costs associated with dilutive potential ordinary shares, and
• the weighted average number of additional ordinary shares that would have been outstanding assuming the conversion of all dilutive potential ordinary shares.

2.22 Rounding of amounts

All amounts disclosed in the financial statements and notes have been rounded off to the nearest currency unit unless otherwise stated.

3. Critical estimates, judgements and errors

Estimates and judgements are continually evaluated. They are based on historical experience and other factors, including expectations of future events that may have a financial impact on the entity and that are believed to be reasonable under the circumstances.

This note provides an overview of the areas that involved a higher degree of judgement or complexity, and of items which are more likely to be materially adjusted due to estimates and assumptions turning out to be wrong.

(i) Estimation of current tax payable and current tax expense

The Group is subject to income taxes in various jurisdictions. There are many transactions and calculations for which the ultimate tax determination cannot be assessed with certainty in the ordinary course of business. The Group recognises a provision for potential cases that might arise in the foreseeable future based on assessment of the probabilities as to whether additional taxes will be due. Where the final tax outcome on these matters is different from the amounts that were initially recorded, such differences will impact the income tax provision in the period in which such determination is made.

(ii) Estimated goodwill impairment

The Group tests whether goodwill has suffered any impairment on an annual basis. For the 2019 and 2018 reporting period, the recoverable amount of the cash generating units (CGUs) was determined based on valuein-use calculations which require the use of assumptions. The calculations use cash flow projections based on

financial budgets approved by management covering a five-year period. Cash flows beyond the five-year period are extrapolated using estimated growth rates that are consistent with forecasts specific to the industry in which each CGU operates. The sensitivity to estimates and assumptions used is presented in note 10.

(iii) Estimation of benefit pension obligation

The Group provides benefit pension plans as an employee benefit in certain territories. Determining the value of these plans requires several actuarial assumptions and estimates about discount rates, future salary increases and future pension increases. Due to the long-term nature of these plans, such estimates are subject to significant uncertainty.

(iv) Vehicles' useful lives and residual values

Vehicles are depreciated over their estimated useful lives based on their estimated residual values. These estimates are reviewed taking into account relevant market related factors. Given market volatility and the large number of different vehicles, the estimation of the residual values involves a high degree of judgement. A change in these accounting estimates leads to a change in depreciation which will have an effect in the current period and/or is expected to have an impact in subsequent periods.

(v) Estimation of fair values of land and buildings and investment property

The Group assigns independent valuations of investment property, land and buildings which are classified as tangible assets in order to determine their fair value.

Fair value is based on active market prices, adjusted if necessary, for differences in the nature, geography or status of the specific asset. If this information is not available, the Group applies alternative valuation methods, such as recent prices in less active markets or discounted cash flow projections. Valuations are performed by professional appraisers possessing recognized and relevant professional qualifications and have recent experience in the geographic location and in the category of the investment properties under valuation.

Disclosures relating to the determination of fair values and the valuation techniques used are presented in note 5.

(vi) Impairment of financial assets

The loss allowances for financial assets are based on assumptions about risk of default and expected loss rates. The Group uses judgement in making these assumptions and selecting the inputs to the impairment calculation, based on the Group's past history, existing market conditions as well as forward looking estimates at the end of each reporting period. Details of the key assumptions and inputs used are disclosed in note 4.1.

(vii) Impairment of investments in subsidiaries

Investments in subsidiaries are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable, in accordance with the accounting policy stated in note 2.8.

Changes in accounting estimates

From 1.1.2019 the depreciation rate of the car rental has changed. More precisely, the average depreciation rate is 13.3% without any significant impact on the depreciation and the profits from their sale.

4. Financial risk management

4.1 Financial risk factors

The Group's activities expose it to a variety of financial risks: market risk (including foreign currency risk, cash flow and fair value interest rate risk and price risk), credit risk and liquidity risk. The Group's overall risk management programme focuses on the volatility of financial markets and seeks to minimise potential adverse effects on the Group's cash flows.

The Group's risk management is predominantly controlled by a central treasury department (group treasury) under policies approved by the Board of Directors. Group treasury identifies, evaluates and hedges financial risks in close co-operation with the Group's operating units. The board provides written principles for overall risk management, as well as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and investment of excess liquidity.

(a) Market risk

i. Foreign exchange risk

Exposure

The Group is exposed to the effect of foreign currency risk on future transactions, recognised monetary assets and liabilities that are denominated in currencies other than the local entity's functional currency, as well as net investments in foreign operations.

More specifically, the Group, via its subsidiaries, is operating in Bulgaria, Romania, the Republic of Serbia and in Montenegro, while also maintaining operations in Cyprus, Ukraine and Croatia. The existing operations of the Group abroad refer both in short-term and long-term leases of cars. Due to these operations, the Group transacts with clients and suppliers and holds assets and liabilities which are expressed in different currencies than the Euro, which is the reporting currency of the Group. More specifically, the Group's subsidiaries in Romania, the Republic of Serbia, Croatia and Ukraine have liabilities/assets in RON, RSD, HRK and UAH respectively. However, these subsidiaries do not expose the Group to a material exchange rate risk due to their size and the currencies that they use. 2020 % of total loans 2019 % of total loans Variable rate borrowings and leases 431.662.230 100% 385.240.130 100%

Exposure

respectively. However, these subsidiaries do not expose the Group to a material exchange rate risk due to their size and the currencies that they use. ii. Cash flow and fair value interest rate risk Exposure interest-rate risk.
The Group's main interest rate risk arises from long-term borrowings with variable rates, which expose the Group to cash flow interest rate risk. It must be mentioned that the company and its subsidiaries, as far as the existing variable rate borrowings are concerned (Euribor), do not own interest-rate derivatives in order to hedge The exposure of the Group's borrowing to interest rate changes at the end of the reporting period is as follows:
2020 % of total loans 2019 % of total loans
Variable rate borrowings and leases 431.662.230 100% 385.240.130 100%
Total borrowings 431.662.230 100% 385.240.130 100%

Financial statements according to IFRS 31.12.2020 total amount of borrowings. from borrowings as a result of changes in interest rates. Impact on post tax profit 2020 2019 Interest rates – increase by 0.5% (155.607) (140.963) Interest rates – decrease by 0.5% 155.607 140.963 iii. Price risk
The percentage of total loans shows the proportion of loans that are currently at variable rates in relation to the Profit or loss is sensitive to higher/lower interest income from cash and cash equivalents and interest expense
		(all amounts in €)
	Exposure

Exposure

The Group's exposure to equity securities price risk arises from investments held by the Group and classified in the statement of financial position either as at fair value through other comprehensive income (FVOCI) (note 14) or at fair value through profit or loss (FVPL) (note 15).

The Group's equity investments that are publicly traded on the Athens Stock Exchange are classified as at FVOCI.

(b) Credit risk

i. Risk management

Credit risk arises from cash and cash equivalents, as well as credit exposures to wholesale and retail customers, including outstanding receivables.

If wholesale customers are independently rated, these ratings are used. Otherwise, if there is no independent rating, credit control assesses the credit quality of the customer, taking into account its financial position, past experience and other factors. Individual risk limits are set based on internal or external ratings in accordance with limits set by the board. The compliance with credit limits by wholesale customers is regularly monitored by line management.

There are no significant concentrations of credit risk. Sales to retail customers are required to be settled in cash or using major credit cards, mitigating credit risk. Wholesale operations are conducted after the assessment of the credit-worthiness of the counterparty, while in most cases, guarantees are received.

At the same time, the Company and its subsidiaries continuously monitor the aging of their claims and take necessary action, as the case may be.

Cash and cash equivalents of the company and its Greek subsidiaries, that represent around 80% of the Group's total cash and cash equivalents are invested in Greek systemic financial institutions. As far as foreign subsidiaries are concerned, cash and cash equivalents are invested mainly to local subsidiaries of international, investment-grade, financial institutions with high credit ratings. Cash and cash equivalents are invested for short-term.

Potential credit risk is also present in the Group's cash flows. Additionally, in most of these cases, the Group has debt obligations of a higher amount.

ii. Security

For the majority of trade receivables from wholesale customers, the Group obtains security in the form of guarantees which can be offset with the claimed amounts if the counterparty is in default under the terms of the agreement.

iii. Impairment of financial assets

The Group has the following types of financial assets that are subject to the expected credit loss model:

• Trade receivables
• Finance lease receivables

While cash and cash equivalents are also subject to the impairment requirements of IFRS 9, the identified impairment loss was immaterial.

Trade receivables and lease receivables

Group

Trade receivables and lease receivables
The Group applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime expected loss allowance for all trade receivables and lease receivables.
The expected loss rates are based on the payment profiles of sales over a period of 12 months before 31 December 2020 or 1st January 2020 respectively and the corresponding historical credit losses experienced within this period. The historical loss rates are adjusted to reflect current and forward-looking information on macroeconomic factors affecting the ability of the customers to settle the receivables. The Group has identified the GDP and the unemployment rate of the countries in which it sells its goods and services to be the most relevant factors, and accordingly adjusts the historical loss rates based on expected changes in these factors.
On that basis, the loss allowance as at 31 December 2020 was determined as follows for both trade receivables and lease receivables:
Group 31 December 2020	Current	More than 30 days past due	More than 60 days past due	More than 90 days past due	More than 120 days past due	Total
Expected loss rate	1%	7%	7%	26%	68%	10%
Gross carrying amount- Trade receivables	50.590.042	5.226.162	2.234.459	1.436.792	7.600.204	67.087.659
Loss allowance	450.312	373.248	158.843	378.225	5.193.456	6.554.084
Company
31 December 2020	Current	More than 30 days past due	More than 60 days past due	More than 90 days past due	More than 120 days past due	Total
Expected loss rate	1%	2%	4%	5%	68%	7%
Gross carrying amount- Trade receivables	29.891.623	848.985	352.331	269.150	2.774.713	34.136.802

Company

Group			More	More
		days past due	than 60 days past due	than 90 days past due	More than 120 days past due	Total
Expected loss rate	1%	7%	7%	26%	68%	10%
Gross carrying amount- Trade
Company			More	More than 90	More than
31 December 2020	Current	More than 30 days past due	than 60 days past due	days past due	120 days past due	Total
Expected loss rate	1%	2%	4%	5%	68%	7%
Gross carrying amount- Trade receivables	29.891.623	848.985	352.331	269.150	2.774.713	34.136.802

				Financial statements according to IFRS 31.12.2020 (all amounts in €)
The closing loss allowances for trade and lease receivables reconcile to the opening loss allowances as follows:
	Group		Company
Trade receivables	2020	2019	2020	2019
Opening loss allowance as at 1 January - under IFRS 9	5.780.101	2.701.467	1.639.419	1.110.094
Increase in loss allowance recognised in profit or loss during	1.220.505	1.103.495	710.175	700.000
the year Receivables written off during the year as uncollectible	(389.858)	(104.554)	(128.882)	(74.995)
Transfer from/(to) new subsidiaries Exchange differences	(56.664)	2.079.693 -	- -	(95.680) -

Trade receivables and lease receivables are written off when there is no reasonable expectation of recovery. Indicators that there is no reasonable expectation of recovery include, amongst others, the failure of a debtor to engage in a repayment plan with the Group, and a failure to make contractual payments for a reasonable period of time.

Impairment losses on trade receivables and lease receivables are presented as net impairment losses within operating profit. Subsequent recoveries of amounts previously written off are credited against the same line item.

Other financial assets at amortised cost

There are no other financial assets at amortised cost which include loans to related parties and key management personnel and other receivables.

(c) Liquidity risk

Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due and to close out market positions. At the end of the reporting period the Group held deposits at call of €111,112,814 (2019 – € 40,172,533) that are expected to readily generate cash inflows for managing liquidity risk. Due to the dynamic nature of the underlying businesses, the Group maintains flexibility in funding by maintaining availability under committed credit lines. The effective management of the Group's liquidity is an important focus area of the Management due to the impact of COVID-19.

(i) Financing arrangements

The Group and the Company had access to the following undrawn borrowing facilities at the end of the reporting period:

Unused bank credit lines

(ii) Maturities of financial liabilities

The tables below analyse the Group's and the Company's financial liabilities into relevant maturity groupings based on their contractual maturities. The amounts disclosed in the table are the contractual undiscounted cash flows. Balances due within 12 months equal their carrying balances as the impact of discounting is not significant.

Maturity of borrowings in fair value, including interest, as of 31.12.2020 and 2019, for the Company and the Group is as follows:

Group

				Financial statements according to IFRS 31.12.2020	(all amounts in €)
Group
31 December 2020	Less than 1 year	Between 1 and 5 years	Over 5 years	Total contractual cash flows	Carrying amount liabilities
Trade and other payables	116.791.709	2.024.146	1.678.650	120.494.505	120.494.505
Borrowings (excluding finance leases)	105.227.498	286.251.625	4.230.000	395.709.123	379.219.192
Finance lease liabilities	11.763.503	30.224.799	-	41.988.302	40.115.516
Operating lease liabilities Total	3.914.544 237.697.254	7.739.944 326.240.515	1.946.692 7.855.342	13.601.181 571.793.111	12.327.521 552.156.735
31 December 2019	Less than 1 year	Between 1 and 5 years	Over 5 years	Total contractual cash flows	Carrying amount liabilities
Trade and other payables	137.341.106	2.605.176	1.618.401	141.564.684	141.564.684
Borrowings (excluding finance leases)	103.559.605	241.400.154	50.528.888	395.488.647	362.468.474
Finance lease liabilities	2.931.061	3.326.481	-	6.257.542	5.954.445
Operating lease liabilities Total	4.408.941 248.240.713	10.600.142 257.931.953	4.044.111 56.191.400	19.053.194 562.364.066	16.817.211 526.804.814
Company
31 December 2020	Less than 1 year	Between 1 and 5 years	Over 5 years	Total contractual cash flows	Carrying amount liabilities
Trade and other payables	54.338.414	-	-	54.338.414	54.338.414
Borrowings (excluding finance leases)	89.466.007	252.042.443	-	341.508.450	328.167.043
Finance lease liabilities	11.411.620	29.711.688	-	41.123.308	39.271.404
Operating lease liabilities	1.804.330 157.020.372	3.247.965 285.002.096	- -	5.052.295 442.022.468	4.788.859 426.565.720

Company

	year	years	Over 5 years	cash flows	liabilities
Company
31 December 2020	Less than 1 year	Between 1 and 5 years	Over 5 years	Total contractual cash flows	Carrying amount liabilities
Trade and other payables	54.338.414	-	-	54.338.414	54.338.414
Borrowings (excluding finance leases)	89.466.007	252.042.443	-	341.508.450	328.167.043
Finance lease liabilities	11.411.620	29.711.688	-	41.123.308	39.271.404
Operating lease liabilities Total	1.804.330 157.020.372	3.247.965 285.002.096	- -	5.052.295 442.022.468	4.788.859 426.565.720
31 December 2019	Less than 1 year	Between 1 and 5 years	Over 5 years	Total contractual cash flows	Carrying amount liabilities
Trade and other payables	58.881.941	-	-	58.881.941	58.881.941
Borrowings (excluding finance leases)	74.206.050	208.558.335	42.288.888	325.053.272	296.053.727
Finance lease liabilities	1.857.909	1.980.907	-	3.838.816	3.580.993
Operating lease liabilities Total	2.125.337 137.071.236	5.375.927 215.915.169	1.377.037 43.665.925	8.878.301 396.652.332	7.896.916 366.413.578

31 December 2020	Less than 1 year	years	Over 5 years	contractual cash flows	amount liabilities
31 December 2019	Less than 1 year	Between 1 and 5 years	Over 5 years	Total contractual cash flows	Carrying amount liabilities
Borrowings (excluding finance leases)	74.206.050	208.558.335	42.288.888	325.053.272	296.053.727
Finance lease liabilities	1.857.909	1.980.907	-	3.838.816	3.580.993
Operating lease liabilities	2.125.337	5.375.927	1.377.037	8.878.301	7.896.916
	137.071.236	215.915.169	43.665.925	396.652.332	366.413.578

4.2 Capital management

(a) Risk management

• safeguard their ability to continue as a going concern, so that they can continue to provide returns for shareholders and benefits for other stakeholders, and
• maintain an optimal capital structure to reduce the cost of capital.

shareholders, return capital to shareholders, issue new shares or sell assets to reduce debt. Consistent with others in the industry, the Group monitors capital on the basis of the following gearing ratio:
lease liabilities) divided by Total 'equity' (as shown in the statement of financial position, including non-controlling interests)
During 2020, the Group's strategy, which was unchanged from 2019, was to maintain a gearing ratio within 1 to 2 for both the Group and the Company. The gearing ratios at 31 December 2020 and 31 December 2019 were as follows:
	Σημ.	Όμιλος 31.12.2020	31.12.2019	Εταιρεία 31.12.2020	31.12.2019
Borrowings	22	379,219,192	362,468,474	328,167,043	296,053,727
Lease liabilties	23	52,443,037	22,771,656	44,060,263	11,477,909
Less: cash and cash equivalents		111,112,814	40,172,533	89,821,337	24,992,659
Debt minus cash and cash equivalents		320,549,415	345,067,598	282,405,969	282,538,977
Total Equity		273,159,738	294,497,713	203,161,337	226,037,102

(i) Loan covenants

Under the terms of the major borrowing facilities, the Group is required to comply with the following financial covenants:

• Net Debt to Equity
• Net Debt to Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
• Earnings before Interest, Taxes to Net Interest
• Total Liabilities to Equity

The Group is in compliance with these covenants throughout the reporting period.

(ii) Externally imposed capital requirements regarding equity

There are certain limitations regarding equity, deriving from current Societe Anonym legislation and in particular from Law 4548/2018.

The limitations are as follows:

• The purchase of own shares with the exception of purchasing shares with sole purpose to be distributed among its´ employees - cannot exceed 10% of the company's share capital and cannot result in the reduction of equity to an amount less than the amount of the share capital increased by the reserves, for which distribution is forbidden by law.
• In case where total equity of the Company becomes less than half (1/2) of the capital, the Board of Directors is obliged to convene the general meeting, within a period of six (6) months from the end of the year, on the dissolution of the company or the adoption of another measure. The auditors of the Company have the same obligation, if the Board of Directors does not convene within the above deadline.
• Annually, at least 1/20th of the company's net profit is deducted to form a statutory reserve, which will be used exclusively to balance, prior to any dividend distribution, the debit balance in Income Statement. Forming such a reserve is not obligatory, once it reaches 1/3rd of the company's share capital.
• The payment of an annual dividend to shareholders in cash, at an amount equal to at least 35% of the company's net earnings, after deducting the statutory reserve and the net result from the valuation of the company's assets and liabilities at fair value, is obligatory. The above does not apply if the general assembly decides it by a majority of at least 65% of the paid-up share capital. In this case, dividend that hasn't been distributed and up to an amount equal to 35% of the above mentioned net earnings, has to be reported as a "Reserve to be Capitalised", within 4 years' time by an issue of new shares, given to eligible shareholders. Finally, a general shareholders meeting can decide not to distribute dividend, if it is decided by a majority of over 70% of the paid-up share capital.

The Company is in compliance with all obligations deriving from all relevant provisions and regulations relating to Equity.

(b) Dividends

Dividends of €0.23 per ordinary share were paid during 2020 for the year ended 31 December 2019 (€ 1.5 per ordinary share paid in 2019 for the year ended 31 December 2018). For 2021, the Board of Directors' proposal for distribution of dividends to shareholders will be submitted no later than the date of publication of the invitation for the next Annual General Meeting.

5. Fair value hierarchy

To provide an indication about the reliability of the inputs used in determining fair value, the Group has classified its non-financial assets and liabilities as well as its financial instruments into the three levels prescribed under the accounting standards. An explanation of each level is provided below.

Level 1: The fair value of financial instruments traded in active markets is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price. These instruments are included in level 1.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entityspecific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

At 31 December 2020 the Group had :

• land and buildings and investment properties measured at fair value of € 78,584,946 and € 39,092,664 respectively, classified in level 3,

• quoted equity investments at FVOCI of € 42,891,816 classified in level 1,

• unquoted, fully impaired, equity investments at FVPL classified in level 3.

There were no transfers in and out of level 3 measurements within the period. Fair value estimation

(i) Valuation techniques used to determine level 3 fair values

Land & buildings and investment property

The Group obtains independent valuations for its investment properties at least annually and for land and buildings classified as property, plant and equipment at least every 1 to 2 years. The last independent valuation of land and buildings was performed in January 2021.

At the end of each reporting period, the directors update their assessment of the fair value of each property, taking into account the most recent independent valuations. The directors determine a property's value within a range of reasonable fair value estimates.

The best evidence of fair value is current prices in an active market for similar properties. Where such information is not available the directors consider information from a variety of sources including:

• current prices in an active market for properties of different nature or recent prices of similar properties in less active markets, adjusted to reflect those differences
• discounted cash flow projections based on reliable estimates of future cash flows

capitalised income projections based upon a property's estimated net market income, and a capitalisation rate derived from an analysis of market evidence. The fair value of real estate is estimated using the income approach method, the sales comparison approach, the replacement cost method (when no comparative rentals or sales are available) and the residual value method in cases of empty lots or calculation of building balance value. The value of owner-occupied and investment properties is also estimated using the above-mentioned methods depending on the property.

The value of land is calculated using the sales comparison approach, or, when such data exists, the residual method or a combination of the two.

Unquoted equity investments

The value of unlisted securities is determined based on the management's estimates of the expected future profitability of unlisted securities, taking into consideration comparative data of similar assets.

6. Segmental

				Financial statements according to IFRS 31.12.2020		(all amounts in €)
6. Segmental
The Group operates in three segments, car rental and car & spare parts trade and services in Greece and car
rental abroad.
			1.1.2020 to 31.12.2020
		GREECE	INTERNATIONAL			TOTAL
	Car rental	Car & Spare parts trade and services	Car rental	Other activities	Eliminations
Revenue from customers	171,669,782	268,111,917	51,937,176			491,718,876
Intra-segment revenue	3,482,317	67,726,935	136,064		(71,345,316)	-
Cost of sales	(144,652,382)	(296,363,374)	(45,517,188)		74,181,271	(412,351,673)
Gross profit	30,499,717	39,475,479	6,556,052		2,835,954	79,367,202
Other income from customers	9,052,367	10,934,263	867,909		(6,000,000)	14,854,539
Other income ingra-segment	3,811,696	1,520,351			(5,332,047)	-
Administrative expenses	(9,221,590)	(16,795,753)	(4,313,348)		2,091,642	(28,239,049)
Distribution expenses	(1,677,123)	(23,019,254)	(609,011)		240,525	(25,064,863)
Other gains/(losses)-net	390,702	200,870	17,545			609,117
Interest expense	(14,474,210)	(2,858,404)	(1,409,542)		192,417	(18,549,739)
Interest income	1,464,275	196,886	175,018		-	1,836,179
Gain/Loss from investment activity		- -	(34,983)			(34,983)
Profit from associates		- -		(537,815)		(537,815)
Earnings before tax	19,845,836	9,654,437	1,249,639	(537,815)	(5,971,508)	24,240,588
Income tax	(3,491,715)	(2,852,176)	(546,565)	-	-	(6,890,456)
Earnings after tax	16,354,121	6,802,261	703,074	(537,815)	(5,971,508)	17,350,132
Depreciation	66,834,262	3,834,457	23,019,552			93,688,272
Non current assets	525,095,130	20,472,183	99,343,879			644,911,192
Total assets	646,452,064	117,894,922	119,414,536			883,761,521
Liabilities	(475,229,875)	(86,151,276)	(49,220,632)			(610,601,783)
			1.1.2019 to 31.12.2019
		GREECE Car & Spare parts	INTERNATIONAL			TOTAL
	Car rental	trade and services	Car rental	Other activities	Eliminations
Revenue from customers	199,426,537	290,460,277	65,526,073			555,412,888
Intra-segment revenue	5,109,898	98,503,193	377,545		(103,990,635)	-
Cost of sales	(155,480,839)	(344,113,950)	(52,815,262)		107,042,317	(445,367,733)
Gross profit	49,055,597	44,849,520	13,088,356		3,051,682	110,045,155
Other income from customers	9,113,288	13,532,112	480,711		(1,900,000)	21,226,111
Other income ingra-segment	3,903,690	1,353,953			(5,257,643)	-
Administrative expenses	(11,134,952)	(18,725,192)	(5,700,664)		1,806,942	(33,753,866)
Distribution expenses	(2,139,786)	(24,373,474)	(942,023)		179,786	(27,275,497)
Other gains/(losses)-net	(1,137)	547,613	6,225	6,259,644	(1,086,817)	5,725,528
Interest expense Interest income	(15,029,302) 1,298,344	(3,450,587) 170,027	(1,373,821) 149,385		220,422 (1,189)	(19,633,288) 1,616,567

Total assets	646,452,064	117,894,922	119,414,536	883,761,521
Liabilities	(475,229,875)	(86,151,276)	(49,220,632)	(610,601,783)

Depreciation	66,834,262	3,834,457	23,019,552			93,688,272
Non current assets	525,095,130	20,472,183	99,343,879			644,911,192
Total assets	646,452,064	117,894,922	119,414,536			883,761,521
Liabilities	(475,229,875)	(86,151,276)	(49,220,632)			(610,601,783)
			1.1.2019 to 31.12.2019
		GREECE
	Car rental	Car & Spare parts
Revenue from customers	199,426,537	290,460,277	65,526,073			555,412,888
Intra-segment revenue	5,109,898	98,503,193	377,545		(103,990,635)	-
Cost of sales	(155,480,839)	(344,113,950)	(52,815,262)		107,042,317	(445,367,733)
Other income from customers	9,113,288	13,532,112	480,711		(1,900,000)	21,226,111
Other income ingra-segment	3,903,690	1,353,953			(5,257,643)	-
Administrative expenses	(11,134,952)	(18,725,192)	(5,700,664)		1,806,942	(33,753,866)
Distribution expenses	(2,139,786)	(24,373,474)	(942,023)		179,786	(27,275,497)
Other gains/(losses)-net	(1,137)	547,613	6,225	6,259,644	(1,086,817)	5,725,528
Interest expense	(15,029,302)	(3,450,587)	(1,373,821)		220,422	(19,633,288)
Interest income	1,298,344	170,027	149,385		(1,189)	1,616,567
Gain/Loss from investment activity	-	-	-		-	-
Profit from associates	-	-	-	(605,303)	-	(605,303)
Earnings before tax	35,065,741	13,903,972	5,708,171	5,654,341	(2,986,817)	57,345,407
Income tax	(7,695,614)	(2,338,219)	(711,593)	-	-	(10,745,425)
Earnings after tax	27,370,127	11,565,753	4,996,578	5,654,341	(2,986,817)	46,599,982
Depreciation	66,152,035	2,909,720	22,227,641			91,289,396
Non current assets	582,666,355	22,731,062	111,435,937			716,833,354
Total assets	648,502,193	139,284,277	129,675,700			917,462,170
Liabilities	(445,408,122)	(120,521,733)	(57,034,602)			(622,964,457)

Non current assets	582,666,355	22,731,062	111,435,937	716,833,354
Total assets	648,502,193	139,284,277	129,675,700	917,462,170
Liabilities	(445,408,122)	(120,521,733)	(57,034,602)	(622,964,457)

7. Property, plant and equipment

Group

						Financial statements according to IFRS 31.12.2020		(all amounts in €)
7.	Property, plant and equipment
Group
	Land	Buildings	Leasehold improvements	Machinery	Vehicles	Furniture, fittings and equipment	Assets under construction	Total
Cost or Fair value 1 January 2019	48,142,558	57,854,798	225,814	5,652,003	563,414,635	28,365,162	155,551	703,810,521
Exchange differences		- -	-	-	-	6,200	-	6,200
Additions Revaluation surplus	51,694 (263,752)	490,039 1,770,912	268,151 -	1,091,381 -	171,150,350 -	1,212,339 -	1,029,032 -	175,292,987 1,507,160
Acquisitions of subsidiary	727,564	5,569,987	-	1,898,841	543,545	2,275,921	-	11,015,858
Write-offs Impairment	-	(40,147)	-	(45,000)	(1,211,229)	-	(7,223)	(1,303,599)
Disposals	(114,913) (1,178,607)	(5,417) (5,202,529)	- -	- (200,294)	- (2,651,207)	- (297,690)	- -	(120,330) (9,530,326)
Transfer to inventory	-	-	-	-	(108,145,502)	-	(895,288)	(109,040,791)
Transfer (to)/from investment property Transfers	(1,082,488) -	108,282 (6,148,307)	- -	- -	- -	- -	- -	(974,207) (6,148,307)
31 December 2019	46,282,056	54,397,619	493,965	8,396,932	623,100,591	31,561,932	282,071	764,515,167
1 January 2020 Transfer to Right of Use Assets	46,282,056 -	54,397,619 -	493,965 -	8,396,932 -	623,100,591 (9,619,334)	31,561,932 -	282,071 -	764,515,167 (9,619,334)
Additions	- 224,406	- 172,168	- 90,626	- 668,093	- 64,508,147	275 768,682	- 317,607	275 66,749,729
Revaluation surplus	(9,252)	2,029,741	-	-	-	-	-	2,020,490
Write-offs Impairment	- (181,287)	(16,671) (105)	- -	(38,800) -	(1,349,113) -	(122,736) -	- -	(1,527,320) (181,393)
Disposals	-	-	(1,908)	(570,300)	(3,397,894)	(54,477)	-	(4,024,579)
Transfer to inventory Transfer (to)/from investment property	- -	- 669,900	- -	- -	(112,984,984) -	- -	(35,786) -	(113,020,770) 669,900
Transfers from Right of Use Assets	-	-	-	-	3,765,977	-	-	3,765,977
31 December 2020	46,315,923	57,252,652	582,683	8,455,925	564,023,391	32,153,676	563,891	709,348,141
Accumulated depreciation
1 January 2019 Depreciation charge	- -	(21,626,306) (2,105,022)	(105,654) (121,798)	(3,518,217) (634,902)	(157,143,223) (82,774,072)	(23,856,731) (1,017,791)	- -	(206,250,131) (86,653,586)
Revaluation surplus		- (258,486)	-	-	-	(5,262)	-	(263,748)
Acquisitions of subsidiary	-	(2,332,328)	-	(1,108,490)	(382,215)	(2,009,367)	-	(5,832,401)
Write-offs Impairment	- -	29,911 450	- -	20,749 -	385,815 -	- -	- -	436,475 450
Disposals	-	2,393	-	126,498	366,730	85,343	-	580,964
Transfer to inventory Transfer (to)/from investment property	- -	- 72,781	- -	- -	57,680,184 -	- -	- -	57,680,184 72,781
Transfers	-	3,850,339	-	-	-	-	-	3,850,339
31 December 2019	-	(22,366,269)	(227,452)	(5,114,364)	(181,866,782)	(26,803,808)	-	(236,378,674)
1 January 2020	-	(22,366,269)	(227,452)	(5,114,364)	(181,866,782)	(26,803,808)	-	(236,378,674)
Depreciation charge Transfer to Right of Use Assets	- -	(2,107,387) -	(152,045) -	(725,387) -	(81,626,901) 3,188,069	(973,712) -	- -	(85,585,433) 3,188,069
Acquisitions of subsidiary	-	(526,650)	-	-	-	-	-	(526,650)
Write-offs Impairment	- -	16,671 5	- -	16,761 -	499,021 -	122,736 -	- -	655,189 5
Disposals	-	-	1,908	351,658	639,863	54,477	-	1,047,905
Transfers to inventory	-	-	-	-	63,337,693	-	-	63,337,693
Transfers from Right of Use Assets 31 December 2020	- -	- (24,983,629)	- (377,590)	- (5,471,332)	(2,096,951) (197,925,988)	- (27,600,307)	- -	(2,096,951) (256,358,846)
Net book value as at 1 January 2019
Net book value as at 31 December 2019	48,142,558 46,282,056	36,228,493 32,031,351	120,160 266,513	2,133,786 3,282,568	406,271,412 441,233,809	4,508,430 4,758,124	155,551 282,071	497,560,389 528,136,493
Net book value as at 31 December 2020	46,315,923	32,269,023	205,094		366,097,402		563,891	452,989,295

Financial statements according to IFRS 31.12.2020 (all amounts in €)

					Financial statements according to IFRS 31.12.2020		(all amounts in €)
Company
	Land	Buildings	Machinery	Vehicles	Furniture, fittings and equipment	Assets under construction	Total
Cost or Fair value
1 January 2019 Additions	31.301.555 -	21.917.099 376.114	3.803.939 724.050	427.291.989 125.847.778	14.640.843 387.322	17.842 106.833	498.973.267 127.442.097
Revaluation surplus	(363.556)	569.999	-	-	-	-	206.443
Write-offs	-	(40.147)	(45.000)	(1.076.440)	-	(7.223)	(1.168.810)
Impairment Disposals	(114.913) -	(5.417) -	- (195.192)	- (2.041.380)	- (489)	- -	(120.330) (2.237.061)
Transfer to inventory	-	-	-	(80.625.988)	-	-	(80.625.988)
Transfer (to)/from investment property	(346.905)	(660.876)	-	-	-	-	(1.007.781)
Transfers to Technocar 31 December 2019	- 30.476.181	(286.691) 21.870.081	(473.569) 3.814.229	(355.037) 469.040.922	(1.892.930) 13.134.746	- 117.452	(3.008.227) 538.453.610
1 January 2020 Transfers to Right of use assets	30.476.181 -	21.870.081 -	3.814.229 -	469.040.922 (8.293.972)	13.134.746 -	117.452 -	538.453.610 (8.293.972)
Additions	224.406	164.218	33.084	37.980.125	308.689	286.346	38.996.868
Revaluation surplus	(9.252)	1.046.826	-	-	-	-	1.037.574
Write-offs	-	-	(38.800)	(1.313.342)	(57.576)	-	(1.409.718)
Impairment Disposals	(181.287) -	(105) -	- (492.395)	- (2.496.627)	- -	- -	(181.393) (2.989.022)
Transfer to inventory	-	-	-	(80.385.892)	-	-	(80.385.892)
Transfers from Right of use assets	-	-	-	3.765.977	-	-	3.765.977
31 December 2020	30.510.048	23.081.020	3.316.118	418.297.192	13.385.858	403.797	488.994.033
Accumulated depreciation
1 January 2019		- (8.567.128)	(2.345.117)	(119.745.223)	(12.544.442)	-	(143.201.910)
Depreciation charge Revaluation surplus	- -	(1.073.126) (258.486)	(368.058) -	(60.797.694) -	(448.790) -	- -	(62.687.668) (258.486)
Write-offs	-	36.908	20.749	329.383	-	-	387.039
Impairment	-	450	-	-	-	-	450
Disposals Transfers to inventory	- -	- -	123.912 -	306.265 42.965.317	489 -	- -	430.666 42.965.317
Transfer (to)/from investment property	-	72.781	-	-	-	-	72.781
Transfers to Technocar	-	8.624	468.175	29.293	1.882.177	-	2.388.270
31 December 2019	-	(9.779.977)	(2.100.339)	(136.912.661)	(11.110.565)	-	(159.903.541)
1 January 2020	-	(9.779.977)	(2.100.339)	(136.912.661)	(11.110.565)	-	(159.903.541)
Depreciation charge	-	(1.140.469)	(363.393)	(59.307.101)	(400.753)	-	(61.211.715)
Transfers to Right of use assets	- -	- (526.650)	- -	3.050.866 -	- -	- -	3.050.866 (526.650)
Write-offs	-	-	16.761	495.399	57.576	-	569.736
Impairment	-	5	-	-	-	-	5
Disposals	-	-	275.136	389.119	-	-	664.255
Transfers to inventory Transfers from Right of use assets	- -	- -	- -	44.977.124 (2.096.951)	- -	- -	44.977.124 (2.096.951)
31 December 2020	-	(11.447.090)	(2.171.835)	(149.404.205)	(11.453.742)	-	(174.476.871)
Net book value as at 1 January 2019
	31.301.555 30.476.181	13.349.971 12.090.104	1.458.823 1.713.890	307.546.765 332.128.261	2.096.401	17.842	355.771.358 378.550.068
Net book value as at 31 December 2019					2.024.181	117.452

Land and Buildings are presented in depreciated fair value which is determined by independent appraisers. More details concerning land and buildings' valuation methods are presented in Note 3v and Note 5. Management also examined the impact of the COVID-19 pandemic on the book value of land and buildings and, given the nature of the land and buildings, concluded that book values have not been significantly affected.

Furthermore, as regards motor vehicles, Management has evaluated the impact of the COVID-19 pandemic on the useful lives, residual values and the overall book value of motor vehicles to determine if adjustments are required. Management has concluded that no adjustments are required.

The Group in 2018 concluded an asset backed securitisation transaction which involves the sale of future lease instalment receivables and related residual value of leased vehicles. As a result of this sale this caption includes securitized vehicles with a net book value amounting to €75,794,090 as of 31.12.2020.

The Group has secured loans of €332,384,593 for first class mortgages on behalf of the Representatives and on behalf of the Creditors, amounting to €105,603,932. At the same time, floating car insurance contracts of the Group totaling €188,296,741 have been concluded and some of them have been granted the rights deriving from the future requirements of their contracts.

The Company has secured loans of €286,257,290 for First Class Mortgages on behalf of the Representatives and on behalf of the Creditors, amounting to € 102,942,000. At the same time, floating car insurance contracts of the Company amounting to € 154,091,144 have been concluded and some of them have been granted the rights deriving from the future requirements of their contracts.

The impairment loss of €181 thousand in the current fiscal year (2019: €120 thousand) was recognized in Other Profit / (Loss), as the revaluation surplus contains no amounts for the relevant assets.

On December 31, 2019 the above table of the Company includes 453 lease cars with a book value of € 5,243,106 based on lease agreements that expire in 3 to 4 years which on January 1, 2020 were transferred to the table Right of use assets.

8. Right of use assets

Group

		Financial statements according to IFRS 31.12.2020		(all amounts in €)
8. Right of use assets
Group
	Buildings	Machinery	Vehicles	Total
Cost or Fair value
1 January 2019	9.209.662	-	6.044	9.215.706
Additions	10.694.307	-	39.137	10.733.444
Write-offs	(493.341)	-	(6.044)	(499.385)
Disposals	(197.784)	-	-	(197.784)
Acquisition of Subsidiaries	1.439.721	74.352	312.580	1.826.653
31 December 2019	20.652.566	74.352	351.716	21.078.634
1 January 2020	20.652.566	74.352	351.716	21.078.634
Additions	919.091	-	41.249.381	42.168.472
Transfer from Property, Plant and Equipment	-	-	9.619.334	9.619.334
Write-offs	(2.953.674)	-	-	(2.953.674)
Disposals	(290.828)	-	(102.884)	(393.713)
Transfers to Property, Plant and Equipment	-	-	(3.765.977)	(3.765.977)
31 Δεκεμβρίου 2020	18.327.154	74.352	47.351.570	65.753.076
Accumulated depreciation
1 January 2019
Depreciation charge	- (4.339.458)	- (7.229)	- (78.767)	- (4.425.454)
Write-offs	150.097	-	6.044	156.141
Disposals	197.784	-	-	197.784
Acquisition of Subsidiaries	(91.570)	(5.163)	(48.411)	(145.144)
31 December 2019	(4.083.147)	(12.392)	(121.135)	(4.216.674)
1 January 2020	(4.083.147)	(12.392)	(121.135)	(4.216.674)
Depreciation charge	(4.441.312)	(12.392)	(3.426.959)	(7.880.663)
Transfer from Property, Plant and Equipment	-	-	(3.188.069)	(3.188.069)
Write-offs	1.627.658	-	-	1.627.658
Disposals	334.379	-	12.713	347.092
Transfers to Property, Plant and Equipment	-	-	2.096.951	2.096.951
31 Δεκεμβρίου 2020	(6.562.423)	(24.784)	(4.626.499)	(11.213.705)
Net book value as at 1 January 2019	9.209.662	-	6.044	9.215.706
Net book value as at 31 December 2019	16.569.419	61.960	230.582	16.861.961
Net book value as at 31 December 2020	11.764.732	49.568	42.725.071	54.539.371

Company

		Financial statements according to IFRS 31.12.2020	(all amounts in €)
Company
	Buildings	Vehicles	Total
Cost or Fair value
1 January 2019	2.865.802	-	2.865.802
Additions	7.725.448	-	7.725.448
Write-offs	(78.399)	-	(78.399)
31 December 2019	10.512.852	-	10.512.852
1 January 2020	10.512.852	-	10.512.852
Additions	301.560	41.091.588	41.393.147
Transfer from Property, Plant and Equipment	-	8.293.972	8.293.972
Write-offs	(2.776.436)	-	(2.776.436)
Disposals	-	(102.884)	(102.884)
Transfers to Property, Plant and Equipment	-	(3.765.977)	(3.765.977)
31 December 2020	8.037.975	45.516.698	53.554.673
Accumulated depreciation
1 January 2019	-	-	-
Depreciation charge	(2.474.869)	-	(2.474.869)
Write-offs	66.860	-	66.860
31 December 2019	(2.408.009)	-	(2.408.009)
1 January 2020	(2.408.009)	-	(2.408.009)
Depreciation charge	(2.314.276)	(3.147.990)	(5.462.266)
Transfer from Property, Plant and Equipment	-	(3.050.866)	(3.050.866)
Write-offs	1.537.325	-	1.537.325
Disposals	-	12.713	12.713
Transfers to Property, Plant and Equipment	-	2.096.951	2.096.951
31 December 2020	(3.184.960)	(4.089.192)	(7.274.152)
Net book value as at 1 January 2019	2.865.802	-	2.865.802
Net book value as at 31 December 2019	8.104.843	-	8.104.843
Net book value as at 31 December 2020	4.853.015	41.427.506	46.280.521

As of December 31, 2019 the above table of the Company does not include 453 lease cars with a book value of € 5,243,106 based on lease agreements that expire in 3 to 4 years which on January 1, 2020 were transferred to the above table from the table of property, plant and equipment.

9. Investment property

9. Investment property Group Company 31.12.2020 31.12.2019 31.12.2020 Balance at the beginning of year 39.812.806 38.164.581 70.804.579 Additions - 2.001.125 - Disposals (10.156) - (10.156) Net gain/(loss) from fair value adjustment (40.086) (1.254.326) 144.549 Transfer (to)/from PPE, inventories and owner-occupied property (669.900) 901.426 - Balance at the end of year 39.092.664 39.812.806 70.938.972 Land and Buildings are presented in depreciated fair value which is determined by independent appraisers. More details concerning land and buildings' valuation methods are presented in Note 3v and Note 5. Management also assessed the impact of the COVID-19 pandemic on the book value of investment properties and, given the nature of the properties, concluded that the book values have not been significantly affected. Group Company The following amounts have been recognised in the income 31.12.2020 31.12.2019 31.12.2020 statement: Rental income 888.965 971.097 2.378.492	Amounts recognised in profit or loss for investment properties are as follows: Fair value gains (included in other (losses) / gains -net) (40.086) (1.254.326) 144.549	Financial statements according to IFRS 31.12.2020 (all amounts in €) 31.12.2019 68.929.579 2.001.125 (1.061.125) 935.000 70.804.579
		31.12.2019
		2.506.794
		(1.061.125)

The following amounts have been recognised in the income

10. Intangible assets

				Financial statements according to IFRS 31.12.2020 (all amounts in €)
10. Intangible assets
Group	Note	Goodwill	Software	Total
Cost
1 January 2019		27.297.830	1.840.478	29.138.308
Exchange differences		-	279	279
Additions		-	293.570	293.570
31 December 2019		27.297.830	2.134.327	29.432.156
1 January 2020		27.297.830	2.134.327	29.432.156
Exchange differences		-	341	341
Additions		-	165.762	165.762
Transfers		-	(139.283)	(139.283)
31 December 2020		27.297.830	2.161.145	29.458.975
Accumulated amortisation
1 January 2019		-	(1.292.156)	(1.292.156)
Exchange differences		-	(314)	(314)
Amortisation charge	27	-	(210.356)	(210.356)
31 December 2019		-	(1.502.826)	(1.502.826)
1 January 2020		-	(1.502.826)	(1.502.826)
Exchange differences		-	351	351
Amortisation charge	27	-	(222.175)	(222.175)
Transfers		-	139.283	139.283
31 December 2020		-	(1.585.368)	(1.585.368)
Net book value as at 31 December 2019		27.297.830	631.501	27.929.330
Net book value as at 31 December 2020		27.297.830	575.778	27.873.608

Financial statements according to IFRS 31.12.2020 (all amounts in €)

Company
		Note Goodwill	Software	Total
Cost
1 January 2019			1.410.589 -	1.410.589
Additions			- 232.554	232.554
31 December 2019			- 1.643.143	1.643.143
1 January 2020			- 1.643.143	1.643.143
Additions			- 97.769	97.769
31 December 2020			- 1.740.912	1.740.912
Accumulated amortisation
1 January 2019			- (1.012.158)	(1.012.158)
Amortisation charge		27	(177.948)	(177.948)
31 December 2019			- (1.190.106)	(1.190.106)
1 January 2020			- (1.190.106)	(1.190.106)
Amortisation charge		27	- (175.418)	(175.418)
31 December 2020			- (1.365.523)	(1.365.523)
Net book value as at 31 December 2019			- 453.037	453.037
Net book value as at 31 December 2020			- 375.389	375.389
(i)	Impairment tests for goodwill
		Goodwill is monitored by management at the level of the three operating segments identified in note 6.
		A segment-level summary of the goodwill allocation is presented below:
31.12.2020	Greece-	Greece-	International	Total
	Car rental	Car & spare parts trade & services	Car rental
Goodwill	-	25.939.818	1.358.012	27.297.830
31.12.2019	Greece-	Greece-	International	Total
	Car rental	Car & spare parts trade & services	Car rental

(i) Impairment tests for goodwill

1 January 2020			- (1.190.106)	(1.190.106)
Amortisation charge		27	- (175.418)	(175.418)
31 December 2020			- (1.365.523)	(1.365.523)
Net book value as at 31 December 2019			- 453.037	453.037
Net book value as at 31 December 2020			- 375.389	375.389
(i) Goodwill is monitored by management at the level of the three operating segments identified in note 6.	Impairment tests for goodwill
A segment-level summary of the goodwill allocation is presented below: 31.12.2020
	Car rental	Car & spare parts	Car rental
Goodwill	-	trade & services 25.939.818	1.358.012	27.297.830
31.12.2019	Greece-	Greece-	International	Total
	Car rental	Car & spare parts trade & services	Car rental

Goodwill arises a) from the acquisition of Hyundai HELLAS SA. and KIA HELLAS SA. for the amount of €25,939,818 and b) from the acquisition of AUTOTECHNICA FLEET SERVICES d.o.o.in Croatia in 2016 for the amount of €1,358,012.

(ii) Key assumptions used for value-in-use calculations

The Group audits goodwill on an annual basis, by assessing cash generating units (CGUs) for potential impairment. The recoverable amount of CGUs was determined by value-in-use calculations that require the use of assumptions. The calculations used cash flow forecasts based on management-approved budgets covering a

period of five years. Cash flows beyond the five-year period are calculated on the basis of the assumptions set out below, which are consistent with the forecasts for the industry in which each CGU operates. It is also noted that the Management has determined the cash flow forecasts taking into account the effects of the COVID-19 pandemic on each specific CGUs separately. 31.12.2020 31.12.2019

• Reduction rate in present value: 11 13% (2019: 7 10%)
• Sales Growth Rate: 9 11% (2019: 8 14 %)
• Perpetuity Growth Rate: 4% (2019: 4%)

11. Investment in subsidiaries

out below, which are consistent with the forecasts for the industry in which each CGU operates. It is also noted that the Management has determined the cash flow forecasts taking into account the effects of the COVID-19 pandemic on each specific CGUs separately.
The basic assumptions adopted from management as of 31.12.2020, are the following:  Reduction rate in present value: 11 - 13% (2019: 7 – 10%)  Sales Growth Rate: 9 – 11% (2019: 8 – 14 %)  Perpetuity Growth Rate: 4% (2019: 4%)
Impairment testing as of 31.12.2020 has not resulted in an impairment of goodwill. Also, if the assumptions used as of 31.12.2020, were further aggravated by 10%, goodwill's accounting value would still not require any impairment.
11. Investment in subsidiaries
	Company
	31.12.2020	31.12.2019
Balance at the beginning of the year	54.322.929	43.056.111
Acquisitions	205	11.266.818
Balance at the end of the year	54.323.133	54.322.929
The interests held in subsidiaries and their carrying amounts at 31 December are as follows:
Company	31.12.2020	31.12.2019

11. Investment in subsidiaries
			Company
Acquisitions			205	11.266.818
The interests held in subsidiaries and their carrying amounts at 31 December are as follows:
Company
		31.12.2020		31.12.2019
Name	Country of incorporation	% Ownership Interest held	Carrying value	% Ownership Interest held	Carrying value	Principal activities
1 Autotechnica ood	Bulgaria	100%	3.012.047	99,99%	3.011.842	Autotrade-After sales & Car hire
2 Autotechnica (Cyprus) Ltd	Cyprus	100%	3.078.811	100%	3.078.811	Car hire
3 Autotechnica Fleet Services S.R.L.	Romania	100%	6.500.000	100%	6.500.000	Car hire
4 Autotechnica Hellas ATEE	Greece	100%	300.000	100%	300.000	Autotrade-After sales
5 A.T.C.Autotechnica (Cyprus) Ltd	Cyprus	100%	1.709	100%	1.709	Car hire
6 Autotechnica Serbia Doo	Serbia	100%	4.000.000	100%	4.000.000	Car hire
7 Autotechnica Montenegro Doo	Montenegro	100%	1.000.000	100%	1.000.000	Car hire
8 Autotehcnica Fleet Services L.L.C.	Ukraine	100%	700.000	100%	700.000	Car hire
9 Autotehcnica Fleet Services Doo Zagreb	Croatia	100%	4.462.750	100%	4.462.750	Car hire
10 Derasco Trading Limited	Cyprus	100%	20.131.000	100%	20.131.000	Holding company
11 Hyundai Hellas	Greece	70%	-	70%	-	Autotrade
12 Kia Hellas 13 Eltrekka	Greece Greece	70% 100%	- 1.086.818	70% 50%	- 1.086.818	Autotrade Auto spare parts trading

The Company is indirectly participating in Hyundai Hellas and Kia Hellas, through its participation in Derasco Trading Limited, companies which were consolidated for the first time on 31/12/2017, due to their acquisition on 12/12/2017.

In May 2019, the company acquired 100% of the shares of ELTREKKA SA. from ELTRAK SA and its subsidiary Autotechnica S.A. The scope of business of ELTREKKA SA is import, storage, trade and

which distributes the above mentioned products.
ELTREKKA SA has been active in the import and distribution of aftermarket car spare parts in Greece since 1997, representing the largest manufacturers worldwide. ELTREKKA's product range covers the full range of needs for repair and maintenance of cars, commercial vehicles and motorcycles. ELTREKKA continues on the same path and invests in lubricants, paint materials, paint consumables, diagnostic machines and tools. It has state-of-the-art storage facilities that allow to have high storage capacity and offer the shortest delivery time on the market.
On July 1st 2019, the approval decision is issued by competent authorities for the spin-off of segment for import and trade of new SEAT vehicles and spare parts, and its contribution for this purpose, to the established societe
	12. Investment in associates and joint ventures
anonyme with the name TECHNOCAR SINGLE MEMBER TRADING SOCIETE ANONYME. The spin-off of the sector aims at the organizational separation and the specialization of the Group's business activities. Group
Name of entity	Place of business/country of	% of ownership interest 31.12.2020	31.12.2019	Nature of relationship	Measurement method	Carrying amount
SPORTSLAND SA (2)	incorporation Greece	% 50%	% 50%	Joint venture	Equity method	31.12.2020 5.310.845	31.12.2019 5.234.345
CRETE GOLF CLUB S.A. (3) Total equity accounted investments	Greece	45%	45%	Associate	Equity method	6.554.074 11.864.919	6.998.389 12.232.734
Company Name of entity	Place of business/country of	% of ownership interest 31.12.2020	31.12.2019	Nature of relationship	Measurement method	Carrying amount
SPORTSLAND SA (2) CRETE GOLF CLUB S.A. (3)	incorporation Greece Greece	% 50% 45%	% 50% 45%	Joint venture Associate	Equity method Equity method	31.12.2020 6.580.000 9.502.281	31.12.2019 6.410.000 9.502.281

12. Investment in associates and joint ventures

SPORTSLAND S.A..

SPORTSLAND S.A. was founded in 2008. The company owns a large plot of land in Asopia, where it plans to develop a touristic investment by acquiring every year other plots of land in the region. It is a company that has accumulated large plots of land in that wider region and is planning to implement complex investments that combine sports and recreational activities, thus creating an integrated recreational area for all.

CRETAN GOLF S.A.

Cretan Golfs S.A. is an associate company of Autohellas whose main activity refers to the operation of a Golf court in a plot of land, larger than 700 acres in Chersonisos region, in Heraklion, Crete. The company was founded in August 1977. The court operates on a full-year basis, has 18 pars according to PGA's international standards, so as to meet all the requirements of golfers and so as to be eligible for upholding international tournaments. Since early 2017, a new 5-star hotel division runs in the facilities that complements the operations of the golf court and helps in further increasing quality tourism in Crete.

Financial statements according to IFRS 31.12.2020 (all amounts in €)

			Financial statements according to IFRS 31.12.2020
				(all amounts in €)
Summarised balance sheet	SPORTSLAND SA 31 December 2020	31 December 2019	CRETE GOLF CLUB S.A. 31 December 2020	31 December 2019
Current assets
Cash and cash equivalents	29.391	37.562	396.137	650.122
Other current assets	141.912	89.420	187.306	237.525
Total current assets Non-current assets	171.303 10.706.140	126.982 10.710.635	583.443 14.254.297	887.647 14.941.472
Current liabilities
Other current liabilities	17.404	27.925	241.901	252.126
Total current liabilities	17.404	27.925	241.901	252.126
Non-current liabilities
Other non-current liabilities	362.348	341.001	41.902	36.414
Total non-current liabilities	362.348	341.001	41.902	36.414
Net assets Reconciliation of carrying amounts:	10.497.691	10.468.690	14.553.936	15.540.578
Opening net assets 1 January	10.468.690	10.467.548	15.540.578	12.907.435
Increase/decrease in share capital	340.000	130.000	-	3.700.002
Increase/decrease in reserves
Profit for the period	(187.000)	(128.857)	(986.643)	(1.066.858)
Other comprehensive income Dividends paid
Closing net assets	10.621.691	10.468.690	14.553.936	15.540.578
			-	-
Group's share in %	50%	50%	45%	45%
Group's share in €	5.310.845	5.234.345	6.554.074	6.998.389
Goodwill Carrying amount	5.310.845	5.234.345	6.554.074	6.998.389
	SPORTSLAND Α.Ε. 31 Δεκεμβρίου 2020	31 Δεκεμβρίου 2019	ΚΡΗΤΙΚΑ ΓΚΟΛΦ Α.Ε. 31 Δεκεμβρίου 2020	31 Δεκεμβρίου 2019
Revenue	-	-	304.735	1.283.045
Interest income	6	5	-	-
Depreciation and amortisation	(4.495)	(4.720)	(713.454)	(716.297)
Interest expense	(292)	(440)	(2.639)	(67.967)
Income tax expense Profit from continuing operations	(22.347) (187.000)	17.423 (128.857)	- (986.643)	- (1.066.858)
Profit for the period	(187.000)	(128.857)	(986.643)	(1.066.858)
Total comprehensive income	(187.000)	(128.857)

	SPORTSLAND Α.Ε.		ΚΡΗΤΙΚΑ ΓΚΟΛΦ Α.Ε.
13. Deferred income tax Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current
tax assets against current tax liabilities and when the deferred income taxes relate to the same taxation authority. The offset amounts are as follows:
	Group		Company
	31.12.2020	31.12.2019	31.12.2020	31.12.2019
Deferred income tax liabilities	17.443.866	17.091.474	16.278.955	15.835.623
Deferred income tax assets Deffered income tax (net)	(3.412.009) 14.031.857	(5.208.108) 11.883.367	(2.687.680) 13.591.276	(2.870.802) 12.964.822

13. Deferred income tax

Group	Company

		Financial statements according to IFRS 31.12.2020
		(all amounts in €)
	Group	Company
	31.12.2020 31.12.2019	31.12.2020 31.12.2019
Deferred income tax liabilities	16.398.442 15.560.650	13.591.276 12.964.822
Deferred income tax assets Deffered income tax (net)	(2.366.584) (3.677.283) 14.031.858 11.883.367	- 13.591.276 12.964.822

			Financial statements according to IFRS 31.12.2020		(all amounts in €)
		Group		Company
The majority of deferred tax assets and liabilities are long-term.
The movement in deferred tax assets and liabilities during the year is as follows:
		Group		Company
	Note	31.12.2020	31.12.2019	31.12.2020	31.12.2019
Balance at the beginning of year		11.883.367	21.984.619	12.964.822	24.870.035
Tax charged/credited to income statement	32	1.788.939	1.240.047	488.407	(439.788)
Tax charged/credited directly to equity Tax charged/credited directly to other		373.930	(11.169.222)	138.047	(11.465.426)
comprehensive income		(14.379)	(23.127)	-	-
Acquisition of subsidiaries		-	(148.950)	-	-
Balance at the end of year		14.031.857	11.883.367	13.591.276	12.964.822
Changes in deferred tax assets and liabilities during the year, excluding offsetting balances within the same tax area, are as follows: Deferred tax liabilities:
Group
		Property, plant and equipment	Borrowing expenses	Other	Total
1 January 2019		16.211.521	3.282.296	9.972.051	29.465.867
Charged / (credited) to the income statement		1.052.653	(3.028.466)	298.775	(1.677.038)
Charged / (credited) directly to equity		214.271		- (11.351.725)	(11.137.454)
Charged/(credited) directly to other
comprehensive income		(7.954)		- -	(7.954)
Acquisition of subsidiaries		189.733	258.319	-	448.053
31 December 2019		17.660.224	512.149	(1.080.899)	17.091.474

Deferred tax liabilities:

Group

Tax charged/credited directly to other
Changes in deferred tax assets and liabilities during the year, excluding offsetting balances within the same tax area, are as follows: Deferred tax liabilities:
Group
	Property, plant and equipment	Borrowing expenses	Other	Total
1 January 2019	16.211.521	3.282.296	9.972.051	29.465.867
Charged / (credited) to the income statement	1.052.653	(3.028.466)	298.775	(1.677.038)
Charged / (credited) directly to equity	214.271	-	(11.351.725)	(11.137.454)
Charged/(credited) directly to other
	(7.954)	-	-	(7.954)
comprehensive income		258.319	-	448.053
Acquisition of subsidiaries	189.733
31 December 2019	17.660.224	512.149	(1.080.899)	17.091.474
1 January 2020	17.660.224	512.149	(1.080.899)	17.091.474
Charged / (credited) to the income statement Charged / (credited) directly to equity	481.218 358.505	(487.331) -	- -	(6.113) 358.505

Company

				Financial statements according to IFRS 31.12.2020
					(all amounts in €)
Company
		Property, plant and	Borrowing
		equipment	expenses	Other	Total
1 January 2019		13.577.606	3.282.296	11.005.812	27.865.713
Charged / (credited) to the income statement		1.822.784	(2.765.130)	345.913	(596.433)
Charged / (credited) directly to equity		(81.932)	-	(11.351.725)	(11.433.657)
31 December 2019		15.318.457	517.166	-	15.835.623
1 January 2020		15.318.457	517.166	-	15.835.623
Charged / (credited) to the income statement		138.002	182.708	-	320.710
Charged / (credited) directly to equity 31 December 2020		122.622 15.579.081	- 699.874	- -	122.622 16.278.955
Deferred tax assets:
	Retirement		Deferred
Group	benefit	Tax Losses	revenue	Other	Total
1 January 2019	obligations (1.440.514)	(3.543.796)	(2.011.705)	91.977	(7.481.249)
Charged / (credited) to the income statement	(51.595)	2.748.108	173.971	115.785	2.917.085
Charged / (credited) directly to equity	(31.768)	-	-	-	(31.768)
Charged/(credited) directly to other
comprehensive income	(15.173)	-	-	-	(15.173)
	(173.456)	-	-	(339.031)	(597.003)
	(1.712.506)	(795.687)	(1.837.735)	(131.269)	(5.208.108)
Acquisition of subsidiaries 31 December 2019

Deferred tax assets:

		Property, plant and equipment	Borrowing expenses	Other	Total
Deferred tax assets:
Group	Retirement benefit obligations
1 January 2019	(1.440.514)	(3.543.796)	(2.011.705)	91.977	(7.481.249)
Charged / (credited) to the income statement	(51.595)	2.748.108	173.971	115.785	2.917.085
Charged / (credited) directly to equity Charged/(credited) directly to other	(31.768)	-	-	-	(31.768)
comprehensive income	(15.173)	-	-	-	(15.173)
Acquisition of subsidiaries	(173.456)	-	-	(339.031)	(597.003)
31 December 2019	(1.712.506)	(795.687)	(1.837.735)	(131.269)	(5.208.108)
1 January 2020	(1.712.506)	(795.687)	(1.837.735)	(131.269)	(5.208.108)
Charged / (credited) to the income statement	23.468	1.423.970	94.391	200.614	1.795.052
Charged / (credited) directly to equity Charged/(credited) directly to other	15.425	-	-	-	15.425
comprehensive income	(14.379)	-	-	-	(14.379)
31 December 2020	(1.687.992)	628.283	(1.743.343)	69.344	(3.412.009)
Company		Retirement benefit obligations		Deferred revenue	Total
1 January 2019		(646.295)	(2.349.384)		(2.995.678)
Charged / (credited) to the income statement		(17.326)		173.971	156.645
Charged / (credited) directly to equity		(31.768)		-	(31.768)

Charged/(credited) directly to other
Charged/(credited) directly to other
Company	Retirement benefit obligations		Deferred revenue	Total
1 January 2019	(646.295)	(2.349.384)		(2.995.678)
Charged / (credited) to the income statement	(17.326)		173.971	156.645
Charged / (credited) directly to equity	(31.768)		-	(31.768)
31 December 2019	(695.389)	(2.175.413)		(2.870.802)
1 January 2020	(695.389)	(2.175.413)		(2.870.802)
Charged / (credited) to the income statement	73.305		94.391	167.696
			-	15.425
Charged / (credited) directly to equity	15.425

14. Financial assets at fair value through other comprehensive income

			Financial statements according to IFRS 31.12.2020	(all amounts in €)
The Group's deferred tax assets include an amount of €553.419 which relates to carried forward tax losses of HYUNDAI HELLAS SA. These losses have incurred as of 2016 and based on the estimated future taxable income as per the approved business plans and budgets the Group estimates that the deferred tax assets are recoverable.
	14. Financial assets at fair value through other comprehensive income
Financial assets at fair value through other comprehensive income (FVOCI) comprise equity securities of Aegean Airlines which are not held for trading, and which the Group has irrevocably elected upon transition to IFRS 9 to recognise in this category. These are strategic investments and the Group considers this classification to be more relevant.	Equity investments at FVOCI comprise the following individual investments:
	Group 31.12.2020	31.12.2019	Company 31.12.2020	31.12.2019
Listed securities
- Equity securities	42.891.816 42.891.816	69.959.467 69.959.467	42.891.816 42.891.816	69.959.467 69.959.467

15. Financial assets at fair value through profit or loss

16. Trade and other receivables

Equity investments at FVOCI comprise the following individual investments:
Listed securities
15. Financial assets at fair value through profit or loss
Financial assets at fair value through profit or loss comprise of a 16,32% participation in Spotmechanic ltd amounting to €1 as of 31 December 2020 and €1 as of 31 December 2019. 16. Trade and other receivables
		Group	Company
	31.12.2020	31.12.2019	31.12.2020	31.12.2019
Trade receivables	67.087.659	75.946.313	34.136.802	35.491.620
Less: provision for impairment of trade receivables	(6.554.084)	(5.780.101)	(2.220.711)	(1.639.419)
Trade receivables - net	60.533.575	70.166.212	31.916.091	33.852.202
Prepayments	10.662.080	20.964.129	4.011.198	7.891.211
Other receivables	11.022.960	18.031.544	6.767.529	12.811.404
Less: provision for impairment of other receivables	(527.835)	(540.873)	-	-
Receivables from related parties	64.680	149.549	399.664	1.002.708
Total Less: non-current portion	81.755.460 13.292.933	108.770.561 18.223.280	43.094.481 11.320.745	55.557.525 15.568.663

In the current environment affected by COVID-19, the Group actively monitors the recoverability of trade receivables to ensure that any impairment provisions are reflected in a timely manner and in accordance with Management's best estimate of potential losses, as required by IFRS 9.

Other receivables mainly relate to a Reserve from Securitization of Future Receivables and other, relative to the securitization of future receivables, funds, along with invoices that relate to the Group's companies' other income, for example rents, contracts etc. The non-current other receivables are due and payable within two to three years from the end of the reporting period.

17. Inventories

			Financial statements according to IFRS 31.12.2020	(all amounts in €)
Further information relating to loans to related parties and key management personnel is set out in note 36.
17. Inventories
	Group		Company
	31.12.2020	31.12.2019	31.12.2020	31.12.2019
New cars	37.500.144	42.476.998	-	-
Used cars	7.704.268	11.631.683	-	-
Parts - Accessories	13.636.900	13.909.258	45.485	85.951
Other Inventories	61.972	87.365	57.727	73.836
Total	58.903.284	68.105.303	103.211	159.787
Write-downs of inventories to net realisable value in Group level amounted to € 246,482 (2019 – €187,274). These were recognised as an expense during the year ended 31 December 2020 and included in Other expenses in profit or loss. 18. Cash and cash equivalents
	Group		Company
	31.12.2020	31.12.2019	31.12.2020	31.12.2019
Cash in hand	111.391	155.427	49.313	59.124
Cash at bank	53.485.512	15.365.525	34.772.025	4.933.534
	57.515.912	24.651.580	55.000.000	20.000.000
Time deposits

18. Cash and cash equivalents

in profit or loss.	Write-downs of inventories to net realisable value in Group level amounted to € 246,482 (2019 – €187,274). These were recognised as an expense during the year ended 31 December 2020 and included in Other expenses
	18. Cash and cash equivalents
	31.12.2020	31.12.2019	31.12.2020	31.12.2019
Cash in hand	111.391	155.427	49.313	59.124
Cash at bank	53.485.512	15.365.525	34.772.025	4.933.534
Time deposits	57.515.912	24.651.580	55.000.000	20.000.000
Total	111.112.814	40.172.533	89.821.337	24.992.659
	The effective interest rate on time deposits was 0.20% and 0.68% for 2020 and 2019 respectively.
	19. Share capital and share premium
	Number of shares	Ordinary shares	Share premium	Treasury Total shares
1 January 2019	12,213,750	3,908,400	130,553	(219,294) 3,819,659
31 December 2019	48,855,000	3,908,400	130,553	(219,294) 3,819,659
1 January 2020	48,855,000	3,908,400	130,553	(219,294) 3,819,659

19. Share capital and share premium

	premium	Treasury shares	Total

Ordinary shares have a nominal value of € 0,08 each. All shares are common, have been paid in full, participate in earnings and are entitled to voting rights. Treasury shares are shares purchased by the Company in 2012, 2013 and 2020.

The Annual General Meeting of the Company's shareholders, held on 15.07.2020, approved, among other things, the Own Share Acquisition program, through the Athens Stock Exchange.

		Financial statements according to IFRS 31.12.2020	(all amounts in €)
	Number of shares	Cost of treasury shares
1 January 2019	230.236	256.131
31 December 2019	230.236	256.131
Acquisition of shares	394.071	1.576.999

20. Fair value reserves

		Financial statements according to IFRS 31.12.2020	(all amounts in €)
	Number of shares	Cost of treasury shares
Acquisition of shares	394.071	1.576.999
20. Fair value reserves
Group
	FVOCI Financial assets	Revaluation reserve	Total
1 January 2019	34.055.175	7.356.542	41.411.717
Revaluation - gross	8.495.078	1.241.667	9.736.746
Revaluation - tax	11.351.725	(214.271)	11.137.454
31 December 2019	53.901.978	8.383.939	62.285.916
1 January 2020	53.901.978	8.383.939	62.285.916
Revaluation - gross	(27.067.651)	1.493.840	(25.573.811)
Revaluation - tax	-	(358.522)	(358.522)
31 December 2020	26.834.327	9.519.257	36.353.584
Company
	FVOCI Financial	Revaluation
	assets	reserve	Total
1 January 2019	34.055.175	6.284.997	40.340.171
Revaluation - gross	8.495.078	(52.044)	8.443.034
Revaluation - tax	11.351.725	81.932	11.433.657
31 December 2019	53.901.978	6.314.885	60.216.863

Revaluation - gross	8.495.078	1.241.667	9.736.746
Revaluation - tax	11.351.725	(214.271)	11.137.454
Revaluation - gross	(27.067.651)	1.493.840	(25.573.811)
Revaluation - tax	-	(358.522)	(358.522)
Company	FVOCI Financial
	assets	Revaluation reserve	Total
1 January 2019	34.055.175	6.284.997	40.340.171
Revaluation - gross	8.495.078	(52.044)	8.443.034
	11.351.725	81.932	11.433.657
Revaluation - tax 31 December 2019	53.901.978	6.314.885	60.216.863
1 January 2020	53.901.978	6.314.885	60.216.863
Revaluation - gross	(27.067.651)	510.925	(26.556.726)
Revaluation - tax	-	(122.622)	(122.622)

21. Other reserves

				Financial statements according to IFRS 31.12.2020		(all amounts in €)
21. Other reserves
Group	Statutory reserve	Special reserve	Tax-free reserve	Other reserve	Currency Translation reserve	Total
1 January 2019 Transfers to/(from) Retained	5.079.687	29.538.819	45.827	922.227	(102.552)	35.484.008
Earnings	-	4.997.105	-	(172.944)	-	4.824.161
31 December 2019	5.079.687	34.535.924	45.827	749.283	(102.552)	40.308.169
1 January 2020 Other	5.079.687 -	34.535.924 -	45.827	749.283 2.879	(102.552) -	40.308.169 2.879
31 December 2020	5.079.687	34.535.924	45.827	752.162	(102.552)	40.311.048
Company
	Statutory reserve	Special reserve	Tax-free reserve	Other reserve	Currency Translation reserve	Total
1 January 2019 Transfers to/(from) Retained	4.870.218	31.038.819	96.812	924.375	-	36.930.224
Earnings	-	6.897.105	-	(540.150)		6.356.955
31 December 2019	4.870.218	37.935.923	96.812	384.225	-	43.287.179
1 January 2020 Transfers to/(from) Retained	4.870.218	37.935.923	96.812	384.225	-	43.287.179
Earnings	-	6.000.000	-	-		6.000.000
	4.870.218

Statutory reserve

The statutory reserve is created under the provisions of Greek law according to which an amount of at least 5% of the profit (after tax) for the year must be transferred to the reserve until it reaches one third of the paid share capital. The statutory reserve can only be used with the approval of the Annual General Meeting of shareholders to offset accumulated losses and therefore cannot be used for any other purpose.

Special reserve

This reserve relates to special reserves from income taxed by special tax scheme formed based on special provisions of Greek tax legislation and refers to a) earnings from sale of a non-listed company which are taxexempted since they are not distributed. In any other case they would not be exempted from regular tax regulation and b) dividends received.

Tax-free reserve

This reserve includes the portion of the net income carried forward every year that comes from tax-free profits and profits taxed under special provisions by using up the tax liability.

The aforementioned reserves can be capitalised or distributed following the approval of the Annual General Meeting, after taking into consideration the restrictions that may apply. In case of capitalisation or distribution, tax is calculated at the current tax rate.

Foreign currency translation reserve

Exchange differences arising on translation of the foreign controlled entities are recognised in other comprehensive income as described in note 2.4 and accumulated in a separate reserve within equity. The cumulative amount is reclassified to profit or loss when the net investment is disposed of.

Other reserves

This reserves was created from the merger of VAKAR S.A., VELMAR S.A. and TECHNOCAR S.A.

22. Borrowings

	Group		Company
	31.12.2020	31.12.2019	31.12.2020	31.12.2019
Non-current
Bank borrowings	282.211.136	277.241.786	241.291.973	239.066.896
Other borrowings	278.462	-	4.745.538	-
Total non-current	282.489.597	277.241.786	246.037.511	239.066.896
Current
Βank borrowings	10.534.000	24.488.920	-	-
Short term portion of long term bank borrowings	85.522.408	60.737.769	82.129.532	56.986.831
Other borrowings	673.186	-	-	-
Total current	96.729.595	85.226.689	82.129.532	56.986.831
Total borrowings	379.219.192	362.468.474	328.167.043	296.053.727

Changes in Borrowings

Short term portion of long term bank borrowings			85.522.408	60.737.769		82.129.532	56.986.831
Other borrowings			673.186		-	-	-
Total current			96.729.595	85.226.689	82.129.532		56.986.831
Total borrowings			379.219.192	362.468.474	328.167.043		296.053.727
Part of the short-term and long-term borrowing is covered by auto and building collateral as set out in note 7 to the Financial Statements.
The average effective interest rate of short-term and long-term for Group's borrowings for 2020 was at 2,45% - 2,70% respectively (2019: The effective interest rate was 2,60% - 3,20%).
The average effective interest rate of short-term and long-term for Company's borrowings for 2020 was at 2,45% - 2,70% respectively (2019: The effective interest rate was 2,60% - 3,10%).
Changes in Borrowings
Group
		Cash transactions			Non Cash Transactions
	1.1.2019	Repayments	New Financing	Transfers	Acquisitions	Loan Amortisation	31.12.2019
Long-term loans	143.385.111	(58.404.344)	205.785.510	(14.030.473)	-	505.982	277.241.786
Short-term loans	143.333.828	(207.335.495)	125.692.097	14.030.473	6.904.700	2.601.087	85.226.689
Total	286.718.939	(265.739.840)	331.477.607	-	6.904.700	3.107.068	362.468.474
		Cash transactions			Non Cash Transactions
	1.1.2020	Repayments	New Financing	Transfers	Other	Loan Amortisation	31.12.2020
Long-term loans Short-term loans	277.241.786 85.226.689	(14.351.103) (86.691.016)	52.514.074 60.536.337	(36.708.582) 36.708.583	847.381 838.863	2.946.042 110.139	282.489.597 96.729.595

Company

						Financial statements according to IFRS 31.12.2020	(all amounts in €)
Company
		Cash transactions			Non Cash Transactions
	1.1.2019	Repayments	New Financing	Transfers	Acquisitions	Loan Amortisation	31.12.2019
Long-term loans	104.234.887	(41.731.649)	183.076.000	(7.018.323)		- 505.982	239.066.896
Short-term loans	120.751.754	(156.475.556)	87.726.305	2.394.091		- 2.590.237	56.986.831
Total	224.986.640	(198.207.205)	270.802.305	(4.624.232)		- 3.096.219	296.053.727
		Cash transactions			Non Cash Transactions
	1.1.2020	Repayments	New Financing	Transfers	Acquisitions	Loan Amortisation	31.12.2020
Long-term loans	239.066.896	(7.384.835)	47.991.062	(36.571.655)		- 2.936.042	246.037.511
Short-term loans	56.986.831	(16.548.709)	5.000.000	36.571.655		- 119.756	82.129.532
Total	296.053.727	(23.933.544)	52.991.062	-		- 3.055.797	328.167.043
In 2020 the Company proceeded to the conclusion of € 40,000,000 regular maturity loan agreements with the guarantee of COVID 19 Business Guarantee Fund of Hellenic Development Bank SA.
23. Leases
a) Finance lease liabilities
			Group			Company
Finance lease liabilities- minimum lease		31.12.2020		31.12.2019	31.12.2020		31.12.2019
payments No later than 1 year			11.763.503	2.931.061		11.411.620	1.857.909

23. Leases

a) Finance lease liabilities

In 2020 the Company proceeded to the conclusion of € 40,000,000 regular maturity loan agreements with the
guarantee of COVID 19 Business Guarantee Fund of Hellenic Development Bank SA.
23. Leases
a) Finance lease liabilities
		Group			Company
	31.12.2020		31.12.2019	31.12.2020		31.12.2019
Finance lease liabilities- minimum lease
payments
No later than 1 year		11.763.503	2.931.061	11.411.620		1.857.909
Later than 1 year but not later than 5 years		30.224.799	3.326.481	29.711.688		1.980.907
Total		41.988.302	6.257.542	41.123.308		3.838.816
Less: Future finance charges on finance leases		(1.872.786)	(303.097)	(1.851.903)		(257.824)
Present value of finance lease liabilities		40.115.516	5.954.445	39.271.404		3.580.993
The present value of finance lease liabilities is analysed as follows:
	31.12.2020		31.12.2019	31.12.2020		31.12.2019
No later than 1 year		10.882.071	2.775.286	10.560.447		1.725.812
		29.233.445	3.179.160	28.710.957		1.855.181
			5.954.445	39.271.404		3.580.993
Later than 1 year but not later than 5 years Total	40.115.516

The present value of finance lease liabilities is analysed as follows:

	31.12.2020	31.12.2019	31.12.2020	31.12.2019
No later than 1 year	10.882.071	2.775.286	10.560.447	1.725.812
Later than 1 year but not later than 5 years	29.233.445	3.179.160	28.710.957	1.855.181
Total	40.115.516	5.954.445	39.271.404	3.580.993

b) Operating lease liabilities

					Financial statements according to IFRS 31.12.2020	(all amounts in €)
b) Operating lease liabilities
			Group		Company
Operating lease liabilities- minimum lease			31.12.2020	31.12.2019	31.12.2020	31.12.2019
payments				-		-
No later than 1 year			3.914.544	4.408.941	1.804.330	2.125.337
Later than 1 year but not later than 5 years			7.739.944	10.600.142	3.247.965	5.375.927
Later than 5 years			1.946.692	4.044.111	-	1.377.037
Total			13.601.181	19.053.194	5.052.295	8.878.301
Less: Future finance charges on Operating
leases			(1.273.659)	(2.235.983)	(263.436)	(981.385)
Present value of operating lease liabilities			12.327.521	16.817.211	4.788.859	7.896.916
The present value of operating lease liabilities is analysed as follows:
			31.12.2020	31.12.2019	31.12.2020	31.12.2019
No later than 1 year Later than 1 year but not later than 5 years			3.543.877 6.961.297	3.856.102 9.392.133	1.664.033 3.124.825	1.881.662 4.900.304
Later than 5 years			1.822.348	3.568.976	-	1.114.949
Total			12.327.521	16.817.211	4.788.859	7.896.916
Changes in lease obligations
Group
			Cash transactions		Non Cash Transactions
	1.1.2019	Repayments	New Financing	Terminated leases	New Leases Other	31.12.2019
Operating lease liabilities	9.215.707 48.004.257	(4.476.441)	- -	(350.428) 13.773.756	10.731.625	1.696.748 16.817.211
Financial lease liabilities		(55.823.568)			-	- 5.954.445

The present value of operating lease liabilities is analysed as follows:

Less: Future finance charges on Operating
The present value of operating lease liabilities is analysed as follows:
Changes in lease obligations
Group
	1.1.2019	Repayments	Cash transactions New Financing	Terminated	Non Cash Transactions New Leases	Other	31.12.2019
Operating lease liabilities	9.215.707	(4.476.441)	-	leases (350.428)	10.731.625	1.696.748	16.817.211
Financial lease liabilities	48.004.257	(55.823.568)	-	13.773.756	-	-	5.954.445
Total	57.219.964	(60.300.009)	-	13.423.328	10.731.625	1.696.748	22.771.656
							(0)
			Cash transactions		Non Cash Transactions		(0)
	1.1.2020	Repayments	New Financing	Terminated	New Leases	Other	31.12.2020
Operating lease liabilities	16.817.211	(4.159.358)	-	leases (1.775.805)	1.445.473	-	12.327.521
Financial lease liabilities Total	5.954.445 22.771.656	(5.481.206) (9.640.564)	78.400 78.400	- (1.775.805)	41.250.122 42.695.595	(1.686.245) (1.686.245)	40.115.516 52.443.037

Changes in lease obligations

			Cash transactions		Non Cash Transactions
			1.1.2019 Repayments New Financing	Te rminate d leases	New Leases	Other	31.12.2019
Operating lease liabilities	9.215.707	(4.476.441)		(350.428)	10.731.625	1.696.748	16.817.211
Financial lease liabilities	48.004.257	(55.823.568)	$\overline{\phantom{0}}$	13.773.756	-	$\overline{\phantom{0}}$	5.954.445
Total	57.219.964	(60.300.009)			13.423.328 10.731.625	1.696.748	22.771.656

			Cash transactions		Non Cash Transactions
			1.1.2020 Repayments New Financing	Te rminate d leases	New Leases	Other	31.12.2020
Operating lease liabilities	16.817.211	(4.159.358)	$\overline{\phantom{0}}$	(1.775.805)	1.445.473		12.327.521
Financial lease liabilities	5.954.445	(5.481.206)	78.400	$\overline{\phantom{a}}$	41.250.122	(1.686.245)	40.115.516
Total	22.771.656	(9.640.564)	78.400	(1.775.805)	42.695.595	(1.686.245)	52.443.037

Company

			Financial statements according to IFRS 31.12.2020
					(all amounts in €)
Company		Cash	Non Cash Transactions
	1.1.2019	Repayments	Terminated	New Leases	31.12.2019
			leases
Operating lease liabilities Financial lease liabilities	2.865.802 46.472.759	(2.682.699) (54.227.200)	(11.635) -	7.725.448 11.335.433	7.896.916 3.580.993
Total	49.338.561	(56.909.899)	(11.635)	19.060.882	11.477.909
					0,00
		Cash	Non Cash Transactions
	1.1.2020	Repayments	Terminated leases	New Leases	31.12.2020
Operating lease liabilities	7.896.916	(2.059.192)	(1.368.744)	319.879	4.788.859
Financial lease liabilities	3.580.993	(5.371.702)	-	41.062.114	39.271.404
Total	11.477.909	(7.430.894)	(1.368.744)	41.381.992	44.060.263
24. Post-employment benefits
For the Company and the Group entities based in Greece, the benefit obligations relate to the requirements under law 2112/1920 as amended by law 4093/2012 based on the years of employment of each employee. The liability is measured and depicted on the basis of the expected entitlement of each employee at the balance sheet date or in the interim financial statements, discounted to the present value, in relation to the expected time of payment.
The amounts recognised in the statement of financial position and the movements in the net benefit obligation over the year are as follows:
	Group			Company
	31.12.2020	31.12.2019		31.12.2020	31.12.2019
Balance at beginning of year	4.855.712	3.275.984		2.797.590	2.220.135
Current service cost	191.980	599.663		94.180	529.399
Interest expense	43.791	47.741		20.123	23.078

24. Post-employment benefits

24. Post-employment benefits
For the Company and the Group entities based in Greece, the benefit obligations relate to the requirements under law 2112/1920 as amended by law 4093/2012 based on the years of employment of each employee. The liability is measured and depicted on the basis of the expected entitlement of each employee at the balance sheet date or in the interim financial statements, discounted to the present value, in relation to the expected time of payment.
The amounts recognised in the statement of financial position and the movements in the net benefit obligation over the year are as follows:
	Group		Company
	31.12.2020	31.12.2019	31.12.2020	31.12.2019
Balance at beginning of year	4.855.712	3.275.984	2.797.590	2.220.135
Current service cost	191.980	599.663	94.180	529.399
Interest expense	43.791	47.741	20.123	23.078
Past service cost and gains
and losses on settlements /
curtailments	70.403	305.536	(85.088)	134.255
Total amount recognised in
profit or loss	306.175	952.939	29.215	686.731
Remeasurements Loss from change in
demographic assumptions	131.013	180.862	131.013	180.862
Loss from change in financial
assumptions	(77.688)	168.175	(195.285)	21.434
Experience losses	(57.685)	28.852
Total amount recognised in		377.889	(64.273)	202.296
other comprehensive income	(4.360)			(199.526)
Benefits paid	(444.351)	(444.924)	(334.730)
Acquisition of subsidiaries	-	693.825	-	-
Transfer to Technocar	-	-	-	(112.046)

Financial statements according to IFRS 31.12.2020 (all amounts in €) Group Company 31.12.2020 31.12.2019 31.12.2020 31.12.2019 Discount rate 0,60% 1,15% 0,60% 1,50% Inflation rate 1,00% 1,00% 1,00% 1,00% Salary growth rate 1,00% 1,00% 1,00% 1,00%
Employee turnover:
Resignations 4,50% 4,50% 4,50% 4,50%
Dismissals 1,00% 1,00% 1,00% 1,00%

Employee turnover:
	The weighted average duration of the benefit obligation is 14,65 years.
position.			The above sensitivity analysis are based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. When calculating the sensitivity of the benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the benefit liability recognised in the statement of financial
the prior period.			The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to
Group			Impact on defined benefit obligation
	Change in	Increase in
	assumption	assumption	Decrease in assumption
Discount rate Salary growth rate	0,50% 0,50%	(162.716) 203.062	204.674 (163.629)
Company	Change in assumption	Increase in assumption	Impact on defined benefit obligation Decrease in assumption
Discount rate	0,50%	(54.702)	68.930

assumption

25. Trade and other payables					(all amounts in €)
		Group		Company
	Note	31.12.2020	31.12.2019	31.12.2020	31.12.2019
Trade payables		59.480.413	86.546.336	11.022.346	13.621.438
Amounts due to related parties	36	57.006	93.007	68.503	9.012.646
Guarantees		21.886.381	20.154.369	20.831.619	19.039.793
Accrued expenses		5.308.448	3.845.065	3.782.035	1.942.491
Deferred income		223.333	386.305	-	39.737
Social security funds and other taxes		13.249.952	8.307.544	5.764.247	1.705.546
Advances from customers		8.761.900	8.991.944	2.543.493	2.873.397
Dividends payable		100.516	84.858	100.516	84.858
Other liabilities		11.426.557	13.155.254	10.225.655	10.562.035
Total		120.494.505	141.564.684	54.338.414	58.881.941
Analysis of liabilities:		-	0	0	0
		31.12.2020	31.12.2019	31.12.2020	31.12.2019
Non current		3.702.796	4.223.577	-	-
Current		116.791.709	137.341.106	54.338.414	58.881.941
Total		120.494.505	141.564.684	54.338.414	58.881.941

25. Trade and other payables

Provisions for other liabilities

26. Revenue

Trade and other payables are usually paid within 2-3 months of recognition. Long term liabilities are mainly related to liabilities of Hyundai Hellas and Kia Hellas as determined by the restructuring procedure.
The carrying amounts of trade and other payables are considered to be the same as their fair values, due to their short-term nature.
Provisions for other liabilities
Provisions and other liabilities mainly concern guarantees given on the retail sales of the car trading activity.
26. Revenue
	Group 1.1.2020 to 31.12.2020	1.1.2019 to 31.12.2019	Company 1.1.2020 to 31.12.2020	1.1.2019 to 31.12.2019
Car rental and other services	165.671.070	206.953.146	128.746.856	157.243.023
Sales of new and used cars, sale of parts Sales of used fleet	270.231.639 55.816.167	295.646.870 52.812.872	320.917 46.405.244	20.194.371 47.293.412

27. Expenses by nature

				Financial statements according to IFRS 31.12.2020	(all amounts in €)
27. Expenses by nature
		Group		Company
	Note	1.1.2020 to 31.12.2020	1.1.2019 to 31.12.2019	1.1.2020 to 31.12.2020	1.1.2019 to 31.12.2019
Employee benefits expense		35.835.062	43.618.636	13.754.946	19.994.342
Changes in inventories recognised in cost of sales	28	273.525.322	292.271.520	35.604.472	56.160.790
Depreciation of property, plant and equipment and right of use assets	7&8	93.466.096	91.079.040	66.673.980	65.162.537
Impairment of property, plant and equipment (including write offs)		213.536	198.236	181.387	119.880
Repairs and maintenance expenses		5.143.325	6.598.191	15.160.672	16.050.360
Amortisation of intangible assets	10	222.175	210.356	175.418	177.948
Impairment of receivables		911.274	1.103.495	710.175	700.000
Operating lease payments		774.243	726.731	678.640	678.640
Transportation expenses		2.542.822	3.316.355	348.552	688.838
Third parties' fees		13.394.088	18.286.689	4.366.137	8.659.681
Advertising costs		8.833.864	11.059.381	1.127.004	2.440.160
Utilities		4.679.419	5.218.604	1.746.378	2.054.477
Other		26.114.358	32.709.861	15.475.165	16.700.449
Total cost of sales, distribution costs and administrative expenses		465.655.585	506.397.095	156.002.926	189.588.101
		Group		Company
		1.1.2020 to 31.12.2020	1.1.2019 to 31.12.2019	1.1.2019 to 31.12.2019	1.1.2019 to 31.12.2019
Cost of sales		412.351.673	445.367.732	144.961.553	173.078.084
Distribution costs		25.064.863	27.275.497	1.677.123	3.544.186
Administrative expenses		28.239.049	33.753.866	9.364.250	12.965.831
		465.655.585	506.397.095	156.002.926	189.588.101

Total cost of sales, distribution costs and
		1.1.2020 to	1.1.2019 to	1.1.2019 to	1.1.2019 to
		31.12.2020	31.12.2019	31.12.2019	31.12.2019
Cost of sales		412.351.673	445.367.732	144.961.553	173.078.084
Distribution costs		25.064.863	27.275.497	1.677.123	3.544.186
Administrative expenses		28.239.049	33.753.866	9.364.250	12.965.831
Other operating expenses relate to insurance fees, road tax and registration fees, rents and miscellaneous operating expenses.	28. Employee benefits expense	Group		Company
		1.1.2020 to	1.1.2019 to	1.1.2020 to	1.1.2019 to
	Note	31.12.2020	31.12.2019	31.12.2020	31.12.2019
Wages and salaries		27.265.781	34.079.953	10.599.834	15.537.688

28. Employee benefits expense

		1.1.2020 to	1.1.2019 to	1.1.2019 to	1.1.2019 to
		31.12.2020	31.12.2019	31.12.2019	31.12.2019
Cost of sales		412.351.673	445.367.732	144.961.553	173.078.084
Distribution costs		25.064.863	27.275.497	1.677.123	3.544.186
Administrative expenses		28.239.049	33.753.866	9.364.250	12.965.831
		Other operating expenses relate to insurance fees, road tax and registration fees, rents and miscellaneous
28. Employee benefits expense
operating expenses.		Group		Company
	Note	1.1.2020 to	1.1.2019 to	1.1.2020 to	1.1.2019 to
		31.12.2020	31.12.2019	31.12.2020	31.12.2019
Wages and salaries		27.265.781	34.079.953	10.599.834	15.537.688
Termination benefits		67.928	53.817	-	-
Social security costs		5.922.809	7.245.367	2.117.163	3.080.074
Other short term employee benefits		2.134.207	1.286.560	924.530	689.848
Pension costs-defined contribution plans Pension costs-defined benefit plans	24	138.163 306.175	- 952.939	84.205 29.215	- 686.731

29. Other income

		Financial statements according to IFRS 31.12.2020		(all amounts in €)
29. Other income
		Group		Company
	1.1.2020 to	1.1.2019 to	1.1.2020 to	1.1.2019 to
	31.12.2020	31.12.2019	31.12.2020	31.12.2019
Dividend income from FVOCI investment		- 4.997.105	-	4.997.105
Dividend income from investments at fair value through profit or loss		- -	-	-
Dividend income from group companies		- -	6.000.000	1.900.000
Investment income		- 4.997.105	6.000.000	6.897.105
Income from commissions and services	5.174.640	6.471.089	2.501.082	3.272.049
Operating lease income	2.497.063	3.075.981	2.378.492	2.506.794
Other (Warranties, Shared Costs etc.)	7.182.836	6.681.935	2.327.654	2.201.232
	14.854.539	21.226.111	13.207.228	14.877.180
Line "Other" in the above table includes the amounts of € 1,045,828 and € 595,608 for the Group and the
Company respectively, related to rent discounts due to COVID-19.
Total future minimum lease payments receivable under non-cancellable operating leases are as follows:
	Group		Company
	31.12.2020	31.12.2019	31.12.2020	31.12.2019
No later than 1 year	104.237.902	104.029.470	81.161.602	80.185.818
Later than 1 year and no later than 5 years	143.350.347	156.597.550	114.877.238	124.631.844
Later than 5 years	12.950	-	- 196.038.840	-
Total	247.601.200	260.627.019		204.817.662

	wow		COMPANY
	31.12.2020		31.12.2019 31.12.2020	31.12.2019
No later than 1 year	104.237.902	104.029.470	81.161.602	80.185.818
Later than 1 year and no later than 5 years	143.350.347		156.597.550 114.877.238	124.631.844
Later than 5 years	12.950
Total	247.601.200	260.627.019 196.038.840 204.817.662

30. Other gains/ (losses) - net

Line "Other" in the above table includes the amounts of € 1,045,828 and € 595,608 for the Group and the
Company respectively, related to rent discounts due to COVID-19.
Total future minimum lease payments receivable under non-cancellable operating leases are as follows:
30. Other gains/ (losses) - net
	Group		Company
	1.1.2020 to	1.1.2019 to	1.1.2020 to	1.1.2019 to
	31.12.2020	31.12.2019	31.12.2020	31.12.2019
Fair value gains/ (losses) of investment property	(40,086)	(1,254,326)	144,549	(1,061,125)
Profit / (Loss) from the sale of property, plant and equipment	577,616	507,011	246,153	166,276
Net foreign exchange (losses) / gains	14,283	38,842	-	-
Gain from acquisition of Eltrekka	-	6,259,644	-	1,086,913
Other	57,304 609,117	174,358 5,725,528	- 390,702	- 192,064

31. Finance income and costs

			Financial statements according to IFRS 31.12.2020
					(all amounts in €)
31. Finance income and costs
			Group	Company
		1.1.2020 to	1.1.2019 to	1.1.2020 to	1.1.2019 to
		31.12.2020	31.12.2019	31.12.2020	31.12.2019
Interest expense
- Bank borrowings		12.281.343	12.576.331	10.245.611	10.136.558
- Interest on difference of loans amortisation		2.346.774	2.502.301	2.346.774	2.502.301
- Interest on bond loans issue expense amortisation		786.682	628.406	786.682	628.406
- Leases		993.543	1.730.537	834.137	1.361.588
- Other		2.002.207	1.710.817	261.006	472.033
Provisions: unwind of discount		-	540.873	-	-
Finance income - net foreign exchange gains on financing
activities		139.191	(55.978)	-	-
Finance costs		18.549.739	19.633.288	14.474.210	15.100.887
Finance income - Interest income on cash at bank		(1.632.840)	(1.449.146)	(1.464.275)	(1.301.128)
Finance income - Interest income from discounting long
term receivables Finance income		(203.339) (1.836.179)	(167.421) (1.616.567)	- (1.464.275)	- (1.301.128)
Net finance costs		16.713.560	18.016.722	13.009.935	13.799.759
32. Income tax expense
		Group		Company
	Note	1.1.2020 to	1.1.2019 to	1.1.2020 to	1.1.2019 to
		31.12.2020	31.12.2019	31.12.2020	31.12.2019
Current tax:
Current tax on profit for the year		4.793.186	9.512.364	3.118.371	7.489.847
Adjustments in respect of prior years		308.332	(6.986)	(64.123)	-
Total current tax		5.101.517	9.505.378	3.054.248	7.489.847
Deferred tax	13	1.788.939	1.240.047	488.407 3.542.655	(439.788) 7.050.059
Total		6.890.456	10.745.425

32. Income tax expense

	Finance income - net foreign exchange gains on financing
Finance income - Interest income from discounting long
32. Income tax expense
		Group		Company
	Note	1.1.2020 to	1.1.2019 to	1.1.2020 to	1.1.2019 to
		31.12.2020	31.12.2019	31.12.2020	31.12.2019
Current tax:
Current tax on profit for the year		4.793.186	9.512.364	3.118.371	7.489.847
Adjustments in respect of prior years		308.332	(6.986)	(64.123)	-
Total current tax		5.101.517	9.505.378	3.054.248	7.489.847
		1.788.939	1.240.047	488.407	(439.788)
Deferred tax	13		10.745.425	3.542.655	7.050.059

The Group's and Company's income tax differs from the theoretical amount that would arise using the tax rate applicable to profits/losses as follows:

		Financial statements according to IFRS 31.12.2020		(all amounts in €)
	Group		Company
	1.1.2020 to 31.12.2020	1.1.2019 to 31.12.2019	1.1.2020 to 31.12.2020	1.1.2019 to 31.12.2019
Profit before tax	24.240.588	57.345.407	20.058.085	36.412.189
Tax calculated at domestic tax rate applicable to profits in the respective
countries	5.630.247	12.434.291	4.813.940	8.738.925
Changes in tax rates	-	(517.741)	-	(389.838)
Income not subject to tax	(358.653)	(2.113.113)	(1.667.401)	(1.916.141)
Expenses not deductible for tax purposes Utilisation of previously unrecognised tax	1.655.708	941.988	460.239	617.113
losses	(170.556)	-	-	-
Other	133.710	-	(64.123)	-
Tax charge	6.890.456	10.745.425	3.542.655	7.050.059

33. Securitisation

The Company in 2018, proceeded with a medium-term financing by securitization of future receivables amounting to €72.151.772 from European Investment Institutions (short-term portion amounting to €40.462.144). The funds allow Autohellas to have access to structured medium-term finance to finance car leases in Small and Medium Enterprises operating in Greece. The securitisation refers to an asset backed securitisation transaction which involves the sale of future lease instalment receivables and the relative residual value of leased vehicles. The outstanding balance as at 31 December 2020 amounts to € 31,817,919. The securitization program has a maximum duration until 30.09.2030 but the Company's Management confirms that it will be repaid within 2021. The cost of the program is calculated as EURIBOR + margin.

34. Contingencies

The Group has contingent liabilities towards banks, other guarantees and other issues that might arise. No material charges are expected from these contingent liabilities. The unaudited fiscal years are as follows:

AUTOHELLAS TOURIST AND TRADING SOCIETE ANONYME	-
AUTOTECHNICA OOD (Bulgaria)	2016-2020
AUTOTECHNICA (CYPRUS) LIMITED	2013-2020
A.T.C. AUTOTECHNICA (CYPRUS) LTD	2013-2020
DERASCO TRADING LIMITED	2013-2020
AUTOTECHNICA FLEET SERVICES S.R.L.	2015-2020
AUTOTECHNICA SERBIA DOO	2016-2020
AUTOTECHNICA MONTENEGRO DOO	2015-2020
ΑUTOTECHNICA FLEET SERVICES DOO (Croatia)	2015-2020
AUTOTECHNICA FLEET SERVICES LLC (Ukraine)	2017-2020
AUTOTECHNICA HELLAS S.A.	-
HYUNDAI HELLAS S.A.	-
KIA HELLAS S.A.	-
ELTREKKA S.A.	-
FASTTRAK S.A.	-

TECHNOCAR SINGLE MEMBER TRADING SOCIETE ANONYME -

The corporate income tax rate of legal entities in Greece is currently set at 24% for fiscal year 2020.

The respective rate for international activity for 2019 is as follows:

Bulgaria	10%
Cyprus	12.5%
Romania	16%
Serbia	15%
Montenegro	9%
Ukraine	18%
Croatia	18%

Greek tax regulations and related clauses are subject to interpretation by the tax authorities and administrative courts of law. Tax returns are filed annually. The profits or losses declared for tax purposes remain provisional until such time as the tax authorities examine the returns and the records of the tax payer and a final assessment is issued. From the financial year 2011 and onwards, the tax returns are subject to the audit tax certificate process (described below). Net operating losses which are tax deductible, can be carried forward against taxable profits for a period of five years from the year they are generated.

The Company establishes provisions for taxes that may arise from the non-audited fiscal years based on its experience. Provisions as at 31.12.2020 amount to € 118,802 for the Group and the Company.

Tax audit certificate

Regarding the Company and the subsidiaries based in Greece, the years 2011 to 2019 have been audited by the elected by Κ.Ν. 4548/2018, in accordance with article 82 of L. 2238/1994 and article 65A of Law 4771/13, and the relevant tax compliance reports. According to POL. 1006/05.01.2016, companies who submitted a tax compliance report without remarks for tax violations are not excluded from conducting a regular tax audit by tax authorities. Therefore, it is possible that tax authorities will demand to conduct their tax audit on the company's books. However, the Company's management estimates that the results from potential regular tax audits from tax authorities, if conducted, will not have a significant effect on the company's financial position. Similarly, the tax audit for the Parent Company and subsidiaries based in Greece for the year 2020 is carried out by the statutory auditor. Upon completion of the tax audit, management does not expect to incur significant tax liabilities other than those recorded and reflected in the financial statements. Group Company

35. Commitments

36. Related party transactions

Similarly, the tax audit for the Parent Company and subsidiaries based in Greece for the year 2020 is carried out by the statutory auditor. Upon completion of the tax audit, management does not expect to incur significant tax liabilities other than those recorded and reflected in the financial statements.
35. Commitments
There are no capital commitments regarding the acquisition of tangible and intangible assets.
36. Related party transactions
The Group is controlled by Autohellas which is the immediate parent company. Interests in subsidiaries are set out in note 11. (i) Key management personnel	1.1.2020 to	Group 1.1.2019 to	1.1.2020 to	Company 1.1.2019 to
Key management compensations	31.12.2020	31.12.2019	31.12.2020	31.12.2019
	3.102.925	4.619.580	1.694.017	2.935.172 100

(ii) Transactions with other Group entities

			Financial statements according to IFRS 31.12.2020	(all amounts in €)
(ii) Transactions with other Group entities
	Group		Company
	1.1.2020 to 31.12.2020	1.1.2019 to 31.12.2019	1.1.2020 to 31.12.2020	1.1.2019 to 31.12.2019
Sales of goods
- Subsidiaries	-	-	248.042	10.320.746
- Associates & Joint Ventures	-	69.809	-	-
Sales of services
- Subsidiaries	-	-	3.996.185	4.091.712
- Associates & Joint Ventures	23.322	82.213	22.323	180.782
- Other related companies	1.217.334	1.436.220	1.484.855	1.899.204
Purchases of goods
- Subsidiaries	-	-	30.196.644	53.174.010
- Associates & Joint Ventures	-	73.257	-	120.149
Purchases of services
- Associates & Joint Ventures	-	46.892	-	-
- Other related companies	466.341	1.135.519	597.642	1.144.519
Purchases of fixed assets
- Subsidiaries	-	-	-	2.297.968
Sales of fixed assets
- Subsidiaries	-	-	3.049.785	4.923.065
Rental Income
- Associates & Joint Ventures	2.160	28.760	-	-
- Other related companies	289.285	462.984	-	-
Rental Expense
- Associates & Joint Ventures	262.040	-	-	-
- Other related companies	4.500	9.000	-	-
Dividends
- Subsidiaries	-	-	6.000.000	1.900.000
- Other related companies	-	4.997.105	-	4.997.105
	2.264.983	8.341.760	45.595.477	85.049.260

The following balances are outstanding at the end of the reporting period in relation to transactions with related parties:			Financial statements according to IFRS 31.12.2020	(all amounts in €)
	Group		Company
	31.12.2020	31.12.2019	31.12.2020	31.12.2019
Receivables
- Subsidiaries	-	-	341.351	853.159
- Associates & Joint Ventures	9.828	9.062	6.232	9.062
	54.852	140.487	52.081	140.487
- Other related companies	64.680	149.549	399.664	1.002.708
Payables
- Subsidiaries - Other related companies	- 57.006	- 93.007	37.092 31.411	8.919.639 93.007

(iv) Terms and conditions

37. Earnings per share

(iv) Terms and conditions
As related parties are defined Aegean Aviation SA and Olympic Air SA. The Company's sales to related parties
mainly concern the provision of consulting services, administrative support, car sales and car rentals. Sales
prices are usually determined by market conditions. The sales of services and goods to the Company, mainly
concern car maintenance and repair services as well as car sales under the usual market conditions.
37. Earnings per share
		Group		Company
	1.1.2020 to 31.12.2020	1.1.2019 to 31.12.2019	1.1.2020 to 31.12.2020	1.1.2019 to 31.12.2019
Profit attributable to the ordinary equity holders of the company	15.852.596	44.233.336	16.515.430	29.362.130
Weighted average number of ordinary
shares	48.230.693	48.624.764	48.230.693	48.624.764
Basic earnings per share	0,33	0,91	0,34	0,60

38. Events occurring after the reporting period

Since the Balance Sheet date and until the approval of the Financial Statements from the Board of Directors the following events occurred:

The Company proceeded with the establishment of KINEO S.A., with 14.01.2021 being its date of registration to the General Commercial Registry. KINEO operates in the micro mobility sector and more specifically in lightweight, personal, electric vehicles. These types of vehicles shrink the physical footprint that is required for the transportation of people and goods in relatively short distances.

39. Audit Fees

Audit fees for 2020 for the Company amounted to €77,000 for statutory audit and €30,000 for tax audit. As far as the Group is concerned, audit fees amounted to €193,500 for statutory audit and €70,500 for tax audit. Other services are not provided.

Kifissia, 2nd of March 2021

& Managing Director

Chairman Vice President Chief Financial Officer Accounting Manager

Emmanouela Vasilaki Eftichios Vassilakis Antonia Dimitrakopoulou Constantinos Siambanis ICN: AK 121875 ICN: AN 049866 ICN: AB 348453 ICN: Φ 093095

INFORMATION BASED ON ARTICLE 10 OF LAW3401/2005 PUBLISHED BY THE COMPANY DURING THE 2020 FISCAL YEAR.

AUTOHELLAS TOURIST AND TRADING SOCIETE ANONYME had disclosed the following information over the period 01/01/2020 – 31/12/2020, which are posted on the company's website www.autohellas.gr as well as the website of the Athens Exchange www.athex.gr

Date	Subject	Website
09/12/2020	Tax Audit 2019 and Tax Certificate Issuance	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
30/11/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
27/11/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
26/11/2020	Announcement according to law 3556/2007	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
25/11/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
25/11/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
24/11/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
12/11/2020	Press Release – Nine months 2020	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
10/11/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
06/11/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
06/11/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
04/11/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
04/11/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
03/11/2020	Announcement according to law 3556/2007	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
02/11/2020	Announcement according to law 3556/2007	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
02/11/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
31/10/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
29/10/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
27/10/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
26/10/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
23/10/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
22/10/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
21/10/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
20/10/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
19/10/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
16/10/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
15/10/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
14/10/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
13/10/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr

Financial statements according to IFRS 31.12.2020 (all amounts in €)

13/10/2020	Announcement according to law 3556/2007	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
12/10/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
09/10/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
09/10/2020	Announcement according to law 3556/2007	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
14/08/2020	Publication date of half one 2020 Financial Results	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
11/08/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
10/08/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
07/08/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
06/08/2020	Announcement for the purchase of own shares	www.athexgroup.gr (Daily official list announcements)
05/08/2020	Announcement for the purchase of own shares	www.autohellas.gr www.athexgroup.gr (Daily official list announcements)
04/08/2020	Announcement for the purchase of own shares	www.autohellas.gr www.athexgroup.gr (Daily official list announcements)
03/08/2020	Announcement for the purchase of own shares	www.autohellas.gr www.athexgroup.gr (Daily official list announcements)
03/08/2020	Announcement according to law 3556/2007	www.autohellas.gr www.athexgroup.gr (Daily official list announcements)
31/07/2020	Announcement for the purchase of own shares	www.autohellas.gr www.athexgroup.gr (Daily official list announcements)
30/07/2020	Announcement for the purchase of own shares	www.autohellas.gr www.athexgroup.gr (Daily official list announcements)
29/07/2020	Announcement according to law 3556/2007	www.autohellas.gr www.athexgroup.gr (Daily official list announcements)
28/07/2020	Announcement according to law 3556/2007	www.autohellas.gr www.athexgroup.gr (Daily official list announcements)
27/07/2020	Announcement for the purchase of own shares	www.autohellas.gr www.athexgroup.gr (Daily official list announcements)
27/07/2020	Announcement according to law 3556/2007	www.autohellas.gr www.athexgroup.gr (Daily official list announcements)
24/07/2020	Announcement for the purchase of own shares	www.autohellas.gr www.athexgroup.gr (Daily official list announcements)
23/07/2020	Initiation of Own Share Acquisition Program	www.autohellas.gr www.athexgroup.gr (Daily official list announcements)
22/07/2020	Announcement according to law 3556/2007	www.autohellas.gr www.athexgroup.gr (Daily official list announcements)
22/07/2020	Announcement according to law 3556/2007	www.autohellas.gr www.athexgroup.gr (Daily official list announcements)
20/07/2020	Announcement according to law 3556/2007	www.autohellas.gr www.athexgroup.gr (Daily official list announcements)
17/07/2020	Announcement according to law 3556/2007	www.autohellas.gr www.athexgroup.gr (Daily official list announcements)
16/07/2020	Announcement according to law 3556/2007	www.autohellas.gr www.athexgroup.gr (Daily official list announcements)
15/07/2020	Announcement according to law 3556/2007	www.autohellas.gr www.athexgroup.gr (Daily official list announcements)
15/07/2020	Revised Financial Calendar 2020	www.autohellas.gr www.athexgroup.gr (Daily official list announcements)
		www.autohellas.gr www.athexgroup.gr (Daily official list announcements)
15/07/2020	Dividend Payment for 2019	www.autohellas.gr www.athexgroup.gr (Daily official list announcements)
15/07/2020	Decisions of the Annual General Meeting	www.autohellas.gr www.athexgroup.gr (Daily official list announcements)
09/07/2020	Announcement according to law 3556/2007	www.autohellas.gr www.athexgroup.gr (Daily official list announcements)
06/07/2020	Announcement according to law 3556/2007	www.autohellas.gr www.athexgroup.gr (Daily official list announcements)
24/06/2020	Revised Financial Calendar 2020 Announcement of revocation of the invitation to the	www.autohellas.gr www.athexgroup.gr (Daily official list announcements)
24/06/2020	Shareholders' Ordinary General Μeeting of 7 July 2020	www.autohellas.gr

24/06/2020	List of documents for Ordinary General Assembly	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
24/06/2020	Α1 – Invitation to general meeting	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
24/06/2020	Α2 – Draft decisions	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
24/06/2020	Α3a – Remuneration report	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
24/06/2020	Α3b – Remuneration policy amendment	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
24/06/2020	Α4 – Important instructions related to documents A5 and A6	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
24/06/2020	Α5 – Notification or appointment of representative for legal person	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
24/06/2020	Α6 – Appointment of delegate for legal person	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
24/06/2020	Α7 – Appointment of delegate for natural person	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
24/06/2020	Α8 – Announcement on shares and voting rights	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
24/06/2020	Α9 – Exercising minority shareholders' rights	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
15/06/2020	Announcement according to law 3556/2007	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
11/06/2020	Announcement according to law 3556/2007	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
09/06/2020	Announcement according to law 3556/2007	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
26/05/2020	Revised Financial Calendar 2020	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
25/05/2020	Announcement according to law 3556/2007	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
25/05/2020	Announcement according to law 3556/2007	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
23/05/2020	Announcement concerning Hertz Global Holdings	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
22/05/2020	Announcement according to law 3556/2007	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
21/05/2020	Announcement according to law 3556/2007	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
15/05/2020	Announcement according to law 3556/2007	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
15/05/2020	Announcement according to law 3556/2007	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
08/05/2020	Announcement according to law 3556/2007	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
06/05/2020	Announcement regarding recent publications in news media outlets concerning Hertz Global Holdings	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
23/04/2020	Announcement according to law 3556/2007	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
31/03/2020	Revised Financial Calendar 2020	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
23/03/2020	Announcement according to law 3556/2007	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
18/03/2020	Press Release Year 2019 Financial Results	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
12/03/2020	Conference Call Invitation	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
12/03/2020	Revised Financial Calendar 2020	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
25/02/2020	Financial Calendar 2020	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
19/02/2020	Announcement according to law 3556/2007	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr
08/01/2020	Announcement of substantial holdings L. 3556/2007	www.athexgroup.gr (Daily official list announcements) www.autohellas.gr

E. WEBSITE FOR THE PUBLICATION OF THE FINANCIAL STATEMENTS OF SUBSIDIARY COMPANIES

The annual Financial Statements and the Independent Auditor' s Report for the period 01.01.2020 – 31.12.2020 have been published in the company's web address : Http://www.autohellas.gr