Elgeka S.A.

Annual Report • Mar 22, 2021

" ELGEKA S.A. TRADE - DISTRIBUTIONS - REPRESENTATIONS - INDUSTRY "

G.C.R. Number: 57298604000 HEAD OFFICE: INDUSTRIAL AREA OF SINDOS, DELTA MUNICIPALITY - THESSALONIKI

SUMMARY FINANCIAL DATA & INFORMATION FOR THE YEAR 1 January 2020 - 31 December 2020

	INFORMATION CONCERNING THE COMPANY				1.2. STATEMENT OF COMPREHENSIVE INCOME (consolidated and stand alone) amounts in thousand Euro
Registered Prefecture: Ministry of Development and Investments, General Secretariat for Commerce &						GROUP		PARENT
	Consumer Protection, Directorate of Societe Anonyme Companies
Company's website:	http://www.elgeka.gr					01.01 - 31.12.2020	01.01 - 31.12.2019		01.01 - 31.12.2020 01.01 - 31.12.2019
Date of approval of Annual Financial Statements					Sales	192.494	179.223	68.814	64.515
by the Board of Directors:	5 March 2021				Gross profit / (loss)	33.432	30.862	23.662	21.892
Certified Auditor Accountant:	Nikos Garbis - SOEL Reg. No. 25011				Profit /(loss) before taxes, financing
Audit firm:	GRANT THORNTON S.A.				and investing activities	5.568	4.828	2.237	3.133
Type of auditor's opinion:	Unqualified report				Profit /(loss) before taxes	(1.394)	2.319	35	1.619
Composition of Board of Directors:	Chairman & Managing Director - Executive member		Alexandros Katsiotis		Less: Taxes	(34)	468	(1)	699
	Vice-chairman - Non-Executive member		Elli Drakopoulou		Profit / (loss) after taxes (A)	(1.360)	1.851	36	920
	Non-executive member		Michail Fandridis
	Non-executive member		Adamantios Lentsios		Distributed to:
	Independent, Non-executive member		Stilianos Stefanou		Equity holders of the Parent	(2.284)	413	36	920
	Independent, Non-executive member		Nikolaos Milios		Non-controlling interest	924	1.438	0	0
	1.1 STATEMENT OF FINANCIAL POSITION (consolidated and stand alone) amounts in thousand Euro				Other comprehensive income/(loss) for the year, net of tax (B)	(518)	(594)	(10)	(23)
	GROUP		PARENT		Total comprehensive income/(loss) for the year, net of tax (A+B)	(1.878)	1.257	26	897
	31.12.2020	31.12.2019	31.12.2020	31.12.2019
ASSETS					Distributed to:
Tangible assets	32.945	34.046	5.961	6.024	Equity holders of the Parent	(2.586)	80	26	897
Investment property	23.377	24.763	9.214	8.770	Non-controlling interest	708	1.177	0	0
Intangible assets	4.658	5.901	120	129
Rights-of-use assets	10.873	11.042	298	539	Profit/(loss) after taxes per share - basic (in Euro)	(0,0720)	0,0130	0,0011	0,0290
Other non-current assets	17.355	17.672	32.555	32.381	Proposed dividend per share (in Euro)			0,0000	0,0000
Inventories	13.109	14.392	4.383	4.306	Profit /(loss) before taxes, financing, investing
Trade receivables	31.332	33.206	11.574	14.666	activities, depreciation & amortization	13.595	13.003	2.821	3.786
Other assets	19.295	16.409	10.326	7.771
TOTAL ASSETS	152.944	157.431	74.431	74.586
					1.3 STATEMENT OF CHANGES IN EQUITY (consolidated and stand alone) amounts in thousand Euro
EQUITY & LIABILITIES
Share capital	7.616	50.775	7.616	50.775		GROUP		PARENT
Other accounts related to Shareholders' Equity	(16.996)	(57.413)	3.182	(39.928)		31.12.2020	31.12.2019	31.12.2020	31.12.2019
Total Equity attributable to Shareholders of the Parent Company (a)	(9.380)	(6.638)	10.798	10.847	Equity at the beginning of the year
Non-controlling interest (b)	11.594	11.297	0	0	(01.01.2020 and 01.01.2019, respectively)	4.659	3.406	10.847	9.953
Total Equity ( c ) = ( a ) + ( b )	2.214	4.659	10.798	10.847	Total comprehensive income/(loss), net of tax	(1.878)	1.257	26	897
Long-term borrowings	55.934	51.352	32.434	34.520	Other changes	(156)	(4)	(75)	(3)
Provisions / Other long-term liabilities	27.596	29.521	721	850	Dividends paid to non-controlling interest	(411)	0	0	0
Short-term borrowings	15.681	14.578	7.513	5.461	Equity at the end of the year (31.12.2020 and 31.12.2019, respectively)	2.214	4.659	10.798	10.847
Other current liabilities	51.519	57.321	22.965	22.908
Total liabilities ( d )	150.730	152.772	63.633	63.739
152.944 157.431 74.431 74.586 TOTAL EQUITY AND LIABILITIES ( c ) + ( d )				1.4 STATEMENT OF CASH FLOWS (consolidated and stand alone) amounts in thousand Euro

				GROUP			PARENT
	Consumer Protection, Directorate of Societe Anonyme Companies					01.01 - 31.12.2020	01.01 - 31.12.2019	01.01 - 31.12.2020 01.01 - 31.12.2019
Date of approval of Annual Financial Statements					Sales	192.494	179.223	68.814	64.515
	5 March 2021				Gross profit / (loss)	33.432	30.862	23.662	21.892
	Nikos Garbis - SOEL Reg. No. 25011				Profit /(loss) before taxes, financing
	GRANT THORNTON S.A.				and investing activities	5.568	4.828	2.237	3.133
	Unqualified report				Profit /(loss) before taxes	(1.394)	2.319	35	1.619
	Chairman & Managing Director - Executive member		Alexandros Katsiotis		Less: Taxes	(34)	468	(1)	699
	Vice-chairman - Non-Executive member		Elli Drakopoulou		Profit / (loss) after taxes (A)	(1.360)	1.851	36	920
	Non-executive member		Michail Fandridis
	Non-executive member		Adamantios Lentsios		Distributed to:
	Independent, Non-executive member		Stilianos Stefanou		Equity holders of the Parent	(2.284)	413	36	920
	Independent, Non-executive member		Nikolaos Milios		Non-controlling interest	924	1.438	0	0
	1.1 STATEMENT OF FINANCIAL POSITION (consolidated and stand alone) amounts in thousand Euro				Other comprehensive income/(loss) for the year, net of tax (B)	(518)	(594)	(10)	(23)
	GROUP		PARENT		Total comprehensive income/(loss) for the year, net of tax (A+B)	(1.878)	1.257	26	897
	31.12.2020	31.12.2019	31.12.2020	31.12.2019	Distributed to:
	32.945	34.046	5.961	6.024	Equity holders of the Parent	(2.586)	80	26	897
	23.377	24.763	9.214	8.770	Non-controlling interest	708	1.177	0	0
	10.873	11.042	298	539	Profit/(loss) after taxes per share - basic (in Euro)	(0,0720)	0,0130	0,0011	0,0290
	17.355	17.672	32.555	32.381	Proposed dividend per share (in Euro)			0,0000	0,0000
	13.109	14.392	4.383	4.306	Profit /(loss) before taxes, financing, investing
	31.332	33.206	11.574	14.666	activities, depreciation & amortization	13.595	13.003	2.821	3.786

1.3 STATEMENT OF CHANGES IN EQUITY (consolidated and stand alone) amounts in thousand Euro
	GROUP		PARENT
Equity at the end of the year (31.12.2020 and 31.12.2019, respectively)	2.214	4.659	10.798	10.847

The financial data and information presented below provide a general overview of the financial position and results of the Group and ELGEKA S.A. - Trade - Distributions - Industry. Therefore, it is recommended to any reader, before proceeding to any investment decision or other transaction with the company, to visit the company's website, where the Annual Financial Statements are published, together with the review report of certified auditors - accountants whenever is required.

	ADDITIONAL DATA AND INFORMATION						GROUP	PARENT
1.The name and country of registered office for each of the companies included in the consolidated financial statements as per December 31st percentage of participation in their share capital are included in Note 1 in Consolidated Financial Statements.				, 2020, as well as the corresponding direct and indirect	INDIRECT METHOD		01.01 - 31.12.2020 01.01 - 31.12.2019 01.01 - 31.12.2020 01.01 - 31.12.2019
2.The accounting principles applied are the same with the ones applied for the preparation of Annual Financial Statements for the year ended on December 31st, 2019, apart from the new or revised accounting standards and interpretations endorsed in 2020, as they are presented in Note 2 of Annual Financial Statements.					Operating activities
3.The unaudited fiscal years for each of the companies included into the Consolidated Financial Statements are analytically presented in Note 15 of Annual Financial Statements. Since fiscal year				Profit / (Loss) before taxes	(1.394)	2.319	35	1.619
2011, according to Ministry Decision 1159/2011, for all companies in which the annual Financial Statements are being audited by certified auditors, Annual Tax Certificate is issued following a tax audit conducted by the same certified auditors who audit the Financial Statements.					Add/less Adjustments for:
4.On December 31st, 2020, there were mortgages on the on the fixed assets of the Parent Company of total amount 25.186 thousand euro (31/12/2019: 25.186 thousand euro), while on the fixed					Depreciation and amortization	8.110	8.263	584	653
assets of the Group there were mortgages amounting to 40.846 thousand (31/12/2019: 45.367 thousand euro) as security for loans. 5.There is no pending litigation that could materially affect the financial position or operation of the Parent Company and the Group. The aggregated amount of provisions for bad and doubtful debts					Provisions	287	807	266	135
for the Group and Parent Company at 31/12/2020 amounted to 4.365 thousand euro and 2.249 thousand euro respectively (31/12/2019: 4.532 thousand euro και 2.178 thousand euro, respectively).					Unrealised foreign exchange differences	19	90	0	0
The cumulative provision for tax unaudited years as of 31/12/2020 for the Group and the Parent Company amounted to 0 thousand euro (31/12/2019: 0 thousand euro, respectively), whereas no provisions were created under the heading "Other Provisions" neither for the Group nor for the Parent Company as prescribed in paragraphs 10, 11 and 14 of I.A.S. 37 "Provision, contingent					Translation exchanges differences	(67)	(66)	0	0
liabilities and contingent assets".					Amortization of government grants	(83)	(88)	0	0
6.The number of employees as at 31/12/2020 was 874 for the Group and 114 for the Parent Company respectively (31/12/2019: Group 866 and Company 105, respectively).					Results (income, expense, gains & losses)
7.All activities (sales and purchases of goods and services) aggregating from the beginning of the year as well as receivable and payable balances of the Parent Company and the Group in the end of the current year, created from transactions with related companies, as these are defined in I.A.S. 24, with distinct reference to the remuneration and balances of key management personnel and					of investing activities	500	(3.333)	(855)	(913)
members of the board, are given below:					Interest expense & similar charges	6.352	4.854	3.057	1.779
	GROUP	PARENT
a) Sales of goods and services	3.437	1.392			Add/less adjustments for changes in working capital or
b) Purchases of goods and services	701	4.105			changes related to operating activities:
c) Receivables d) Payables	2.220	869			Decrease/(Increase) in inventories	1.197	(819)	(128)	(394)
e) Key management personnel and member of the board compensation	8.636 933	9.996 873			Decrease/(Increase) in receivables
f) Receivables from key management personnel and member of the board	-	-			Increase/(Decrease) in payables (excluding borrowings)	4.524	(9.665)	4.017	(3.628)
g) Payables to key management personnel and member of the board	-	-			Less:	(7.427)	5.221	(71)	3.612
					Interest expense & similar charges paid
The parent Company's balances of sales-income, purchases-expenses, receivables and payables with related parties have been eliminated for the consolidation of the Financial Statements as at December 31st, 2020.						(4.786)	(7.085)	(2.392)	(4.024)
8.Investments in fixed assets that took place from the Group and the Parent Company during 2020 amounted to 1.585 thousand euro (2019: 2.082 thousand euro) and 267 thousand euro (2019: 254					Income taxes paid	(378) 6.854	(418) 80	0 4.513	0 (1.161)
thousand) respectively.					Net cash flows from/(used in) operating activities (a)
9.Earnings per share (EPS) have been calculated using the profit or loss after tax and non-controlling interest divided by the weighted average number of ordinary shares in circulation of the Parent Company during 2020.
10.Neither any of subsidiary nor the Parent held shares of the Parent Company at the end of the current year.					Investing activities
11.a. The companies "ELGEKA FERFELIS S.R.L." and "EFB L.T.D." have applied for liquidation to the local authorities. The liquidation process has not completed by December 31st 2020. The figures					Increase of share capital of subsidiaries / Finacial assets	(200)	0	(200)	(128)
were insignificant for consolidation purposes. The above mentioned events are presented in Notes 1 of Annual Financial Statements.					Purchase of property, plant & equipment and intangible assets	(1.585)	(2.062)	(267)	(254)
12.The amounts and the nature of the other comprehensive income after taxes are analyzed as follows:					Proceeds from sale of property, plant & equipment and intangible assets	88	2.501	5	851
					Purchase of sale of investment property	0	(20)	0	0
Nature of Other Comprehensive Income / (loss) after taxes		GROUP (01.01-31.12.2020)		COMPANY (01.01-31.12.2020)	Proceeds from sale of investment property	559	505	0	0
Exchange differences from translation of foreign subsidiaries		(316)		-	Interest received	12	11	0	2
Actuarial gains / (losses)		(90)		(10)	Net cash flows from/(used in) investing activities (b)	(1.126)	935	(462)	471
Participation in Other comprehensive income / (loss) of joint ventures		(112)		-
Other comprehensive income / (loss) after taxes		(518)		(10)	Financing activities
					Proceeds from loans	117.277	152.461	12.913	47.165
13.The Investment Property of the Group and the Company are stated at fair value by accredited certified valuators. As at December 31st thousand euro, for the Group and the Company respectively, by the investment property valuations, that affected the Results. The corresponding amounts for 2019 were a profit of 920 thousand euro				, 2020, it was accrued a profit of 138 thousand euro and 444	Repayment of loans	(112.530)	(151.724)	(13.589)	(49.978)
and 263 thousand euro, for the Group and the Company respectively, that affected the Results.					Payment of leasing liabilities
14. The Extraordinary General Meeting of Shareholders of the Parent Company "ELGEKA S.A." of December 11, 2020 decided to reduce the share capital of the Company by the amount of 43.159 thousand euro with a reduction of the nominal value of each common registered voting share of the Company from 1,60 euro to 0,24 euro, and with the equivalent write-off (offset) of accumulated accounting losses of previous years, namely the amount of 43.159 thousand euro. This method is a rehabilitation method, as the Company presents its financial position more clearly. After the above					(5.025)	(5.423)	(266)	(262)
				Dividends paid to non-controlling interest	(411)	0	0	0
reduction, the share capital of the Company amounts to 7.616 thousand euro divided into 31.734.530 common registered voting shares, with a nominal value of 0,24 euro each. In addition, the same Extraordinary General Meeting decided the increase of the share capital of the Company up to the amount of 6.855 thousand euro with cash payment and pre-emptive right in favor of the old shareholders, in accordance with article 26 of L.4548/2018, as in force, and the issuance of up to 28.561.077 new common registered voting shares, with a nominal value of 0,24 euro each, in a ratio					Net cash flows from/(used in) investing activities	(689)	(4.686)	(942)	(3.075)
					Net increase/(decrease) in cash
of nine (9) new shares for every ten (10) old shares and Issue Price that will be defined by a new decision of the Board of Directors. On 29.12.2020 was registered in the General Commercial Register (G.E.MI.), with Registration Code Number 2433521, the decision number 138581/29.12.2020 of the Ministry of Development & Investments (General Secretariat for Commerce & Consumer					and cash equivalents ( a ) + ( b ) + ( c )	5.039	(3.671)	3.109	(3.765)
Protection - General Secretariat of Market - Directorate of Companies - Department of Supervision of Public Companies & Athletic Companies) with which approved the amendment of article 5 of the					Cash and cash equivalents at the beginning of the period	2.219	5.890	1.254	5.019
Company's Articles of Association, in accordance with the decisions from 11.12.2020 of Extraordinary General Meeting of the Company's Shareholders. 15. Except of the emergence and spread of the COVID-19 pandemic referred to in Note 45 of the Annual Financial Report, there are no other events that took place after the date of Financial					Cash and cash equivalents at the end of the period	7.258	2.219	4.363	1.254

Statements that relate either to Group or to Company, for which it is required by International Financial Reporting Standards either disclosure or alteration in the amounts of published Financial Statements.
	Industrial area of Sindos - Thessaloniki, 5 March 2021
CHAIRMAN OF THE B.o.D. & MANAGING DIRECTOR	VICE - CHAIRMAN	GROUP CHIEF FINANCIAL OFFICER	ACCOUNTING AND TAX PLANNING MANAGER OF GROUP
ALEXANDROS KATSIOTIS ID. No. X 232184 / 01	ELLI DRAKOPOULOU	CHRISTINE ANGELA PAPANDREOU	KONSTANTINOS MEINTANIS
	ID. No. AΒ 287230 / 06	PASSPORT No.: GBR 516630627 / 07-06-2013	VAT: 030961080 P.F.C.: Z' THESSALONIKI ACC. REG. No. 0017678 CLASS: A'