Ellaktor S.A. — Audit Report / Information 2021

Sep 14, 2021

					issuer, readers should visit the issuer's website where the financial statements and the certified auditor-accountant's report are posted, as required.
www.ellaktor.com Website:			Statutory auditor:		Fotis Smirnis (SOEL Reg. No. 52861)
Date of approval by the Board of Directors 30 August 2021 of the financial statements:		Audit firm: Type of auditor's report:			Pricewaterhouse Coopers S.A. Unqualified opinion
STATEMENT OF CASH FLOW (amounts in € '000)					STATEMENT OF FINANCIAL POSITION (amounts in € '000)
	01/01-	GROUP 01/01-	01/01-	COMPANY 01/01-			GROUP	COMPANY
Cash and cash equivalents at period start	30/06/2021 294.254	30/06/2020 298.239	30/06/2021 4.573	30/06/2020 15.367	ASSETS	30/06/2021	31/12/2020	30/06/2021	31/12/2020
Operating activities					Property, plant and equipment	641.752	585.199	440.215	453.495
Profit/ (loss) before tax Plus/less adjustments for:	(47.816)	(21.174)	2.693	21.248	Investments in property Intangible assets	145.827 39.995	146.858 40.262	3.200 18.361	3.200 18.687
Depreciation and amortisation	53.421	52.406	12.327	10.699	Concession right	349.908	380.281	-	-
Impairment Provisions	- 19.582	5.106 (243)	- 68	107	- Other non-current assets Inventories	535.837 25.419	506.190 22.944	765.674 -	718.620 -
Results (income, expenses, profit and loss) from investing activities	(10.993)	(10.353)	(9.946)	(33.260)	Trade receivables and contractual assets	473.988	501.182	14.299	34.608
Debt interest and related expenses Plus/minus adjustments for changes in working capital accounts or related to operating	51.271	48.582	29.244	29.133	Other current assets	601.263	638.893	80.531	80.320
activities:					TOTAL ASSETS	2.813.990	2.821.808	1.322.281	1.308.930
Decrease/(increase) in inventories	(2.590)	1.217	-	-
Decrease/(increase) in receivables (Decrease)/increase in liabilities (except borrowings)	6.256 (16.234)	(44.368) (61.559)	3.912 7.383	(10.964) (7.234)	EQUITY AND LIABILITIES Share capital	8.571	220.700	8.571	220.700
Less:					Other equity items	174.081	8.951	224.593	10.655
Debt interest and related expenses paid	(46.429)	(45.372)	(27.431)	(25.577)	Total equity attributable to parent company equity holders (a)	182.652	229.651	233.164	231.355
Taxes paid	(7.667)	(1.846)	(40)		- Non-controlling interests (b)	70.887	102.694	-	-
Total inflows/(outflows) from operating activities (a) Investment activities	(1.199)	(77.605)	18.209	(15.847)	Total equity (c) = (a) + (b) Long-term loans	253.539 1.409.829	332.346 1.437.129	233.164 913.227	231.355 929.566
(Acquisition)/disposal of subsidiaries, associates, joint ventures and other investments Placements/ (Liquidations) of time deposits over 3 months	(2.924) (37.505)	6.882 5.981	(3.768) -	(15.550) -	Long-term lease liabilities Provisions/Other long-term liabilities	58.654 408.082	13.120 368.482	6.353 104.090	7.028 67.696
Purchase of PPE, intangible assets & investment property	(7.573)	(17.356)	(229)	(11.929)	Short-term borrowings	143.507	88.023	45.975	46.205
Income from sales of PPE, intangible assets and possessed assets to be sold	661	2.583	7		- Short-term lease liabilities	4.579	5.489	1.808	1.598
Interest received Loans (granted to)/proceeds from repayment of loans granted to related parties	843 -	4.561 -	6.117 12.200	7.333 (53.320)	Other current liabilities Total liabilities (d)	535.801 2.560.451	577.219 2.489.463	17.664 1.089.117	25.482 1.077.574
Dividends received	203	-	-	23.000	TOTAL EQUITY AND LIABILITIES (c) + (d)	2.813.990	2.821.808	1.322.281	1.308.930
Revenues from maturities of securities Total inflows/(outflows) from investing activities (b)	15.410 (30.884)	- 2.650	- 14.326	- (50.466)		STATEMENT OF COMPREHENSIVE INCOME (amounts in € '000)
Financing activities								GROUP
Proceeds from issued loans and debt issuance costs	55.254	104.730	-	9.558		01/01-	01/01-	01/04-	01/04-
Loan repayment	(29.807)	(52.347)	(18.267)	(10.528)		30/06/2021	30/06/2020	30/06/2021	30/06/2020
Repayment of a secondary loan to minority shareholders Proceeds from issued/utilised loans from related parties	(28.345) -	- -	- -	70.000	- Sales Gross profit	393.314 20.474	437.756 53.541	200.293 (2.780)	213.158 14.047
Payment of leases (amortisation)	(3.412)	(4.220)	(962)	(992)
Dividends paid	(14.780)	(33.104)	-	-	Profit/(loss) before tax, financing and investing results	(3.728)	19.873	(17.163)	(4.606)
Grants received (Increase)/decrease in restricted cash	306 (3.097)	4.055 2.831	- 1.893	4.055 (9.167)	Profit/(loss) before tax Less: Taxes	(47.816) (6.671)	(21.174) (10.835)	(40.815) (4.562)	(23.942) (2.986)
Total inflows/(outflows) from financing activities (c)	(23.881)	21.945	(17.336)	62.925	Profit/(loss) after taxes (A)	(54.488)	(32.009)	(45.376)	(26.928)
Net increase/(decrease) in cash & cash equivalents for the period (a) + (b) + (c)	(55.964)	(53.010)	15.199	(3.388)	Equity holders of the Parent Company Non-controlling interests	(60.462) 5.974	(37.501) 5.492	(50.471) 5.094	(28.731) 1.804
Exchange differences in cash and cash equivalents	776	(1.491)	-	-	Other comprehensive income after taxes (B)	17.572	1.323	10.115	5.487
Cash and cash equivalents at period end	239.065	243.738	19.773	11.979	Total comprehensive income after taxes (A)+(B)	(36.916)	(30.686)	(35.262)	(21.440)
					Equity holders of the Parent Company Non-controlling interests	(47.000) 10.084	(34.512) 3.826	(41.493) 6.231	(22.870) 1.429
					Restated basic earnings per share (in EUR) Profit/(loss) before tax, financing and investing results and	(0,2822)	(0,1750)	(0,2355)	(0,1341)
					depreciation and amortisation	49.693	72.279	9.536	21.766
STATEMENT OF CHANGES IN EQUITY (amounts in € '000 )								COMPANY
		GROUP		COMPANY		01/01- 30/06/2021	01/01- 30/06/2020	01/04- 30/06/2021	01/04- 30/06/2020
	30/06/2021	30/06/2020	30/06/2021	30/06/2020	Sales	49.567	43.490	18.477	20.357
Total equity at period start (1/1/2021 and 1/1/2020, respectively)	332.346	533.050	231.355	339.313	Gross profit	25.443	24.227	6.137	10.275
Total comprehensive income after taxes	(36.916)	(30.686)	1.808	19.003
Reduction of share capital of Attiki Odos and other changes Dividends distributed	(28.355)	-	-	-	Profit/(loss) before tax, financing and investing results	22.059	17.186	4.314	6.989
	(13.536)	(18.060)	-		- Profit/(loss) before tax	2.693	21.248	(5.684)	19.998
Total equity at period end (30/06/2021 and 30/06/2020 respectively)	253.539	484.304	233.164	358.316	Less: Taxes	(883)	(2.246)	170	(1.097)
					Profit/(loss) after taxes (A) Other comprehensive income after taxes (B)	1.811 (2)	19.003 -	(5.514) (2)	18.901 -
					Total comprehensive income after taxes (A)+(B)	1.808	19.003	(5.516)	18.901
					Restated basic earnings per share (in EUR)	0,0084	0,0887	(0,0257)	0,0882
					Profit/(loss) before tax, financing and investing results and depreciation and amortisation	34.386	27.885	10.471	12.775
					ADDITIONAL FIGURES AND INFORMATION
1. The basic Accounting Principles are same as those applied as at 31.12.2020 (see	pt. 2.1 of the interim	condensed	information as of	30.06.2021).	8. Provision for heavy maintenance stands at €105.6 million	for the Group. Other	provisions (short-term	and long-term)	for the Group
2. The unaudited years of Group companies are detailed in note 30 of the	interim condensed	information as of	30.06.2021). The	parent company	stand at €56.7 million and for the Company at €3.5 million (see.	pt. 19 of the interim	condensed information	as of 30.06.2021).
ELLAKTOR has been audited for tax purposes in accordance with Law 2238/1994 for years 2014 until 2019, and has received a tax compliance certificate from condensed information as of 30.06.2021).	fiscal years 2011, PricewaterhouseCoopers	2012, 2013, and SA without	based on Law qualification (see note	4174/2013 for fiscal 26b the interim	9. The accounts which affected row "Other comprehensive Group: expenses from Foreign exchange differences €2.2 million, in the fair value of financial assets through other comprehensive	income after tax" for expenses from Cash income €4.5 million	the Group and the flow hedge €15.3	Company are as million and expense	follows. For the from Change
3. There are no encumbrances on Group or Company fixed assets other than	mortgage prenotations	registered on	immovable assets of	subsidiaries as	10. Group companies and joint ventures, together with	the country of	the field	of activity, the	parent Company's
collateral for loans (see note 28.1 of the interim condensed information as of 30.06.2021). 4. Legal disputes or disputes subject arbitration proceedings, as well as pending judicial or administrative rulings, are referred to in pt. 26 of the interim condensed information as of 30.06.2021).				establishment, percentage of direct or indirect participation in their share capital, and their consolidation method are detailed in pt. 30 of the interim condensed information of 30.06.2021 and are available on the Group's website at www.ellaktor.com. The parent Company holds only an indirect stake in consolidated joint ventures via its subsidiaries.
5. All forms of transactions (inflows and outflows) cumulatively from the beginning of the financial year (01.01.2021), as well as the balance of receivables and liabilities for the Group and the parent Company at the end of the current period (30.06.2021), as arising from transactions with related parties				11. They were included in the interim condensed information of 30.06.2021, while the related companies SOFRANO SA and ENERCOPLAN ENERGY - EPC & INVESTMENT PC, which were acquired in Q1 2021 by the parent company were not included in the consolidated financial
within the meaning of IAS 24, are as follows: Group Amounts in ,000 €	Company				statements as at 31.12.2020. HELECTOR BULGARIA LTD was dissolved.	not included in the	consolidated financial	statements of	31.12.2020, as it was
3.427 (a) Income	11.964				12. On 22.04.2021, the Extraordinary General Meeting of	ELLAKTOR shareholders	approved: (a) the	reduction of the share	capital of the
2.626 (b) Expenses c) Receivables 102.672	22.173 254.958				Company by €212,129,282.97 through a reduction of the	nominal value of all its	shares from €1.03 to	€0.04 per share,	with offsetting an
49.916 (d) Liabilities	667.394				equivalent amount of losses of previous years and (b) a share fundraising up to €120.5 million, which was successfully concluded	capital increase in on 06.08.2021.	favour of the existing	shareholders of	the Company, for
830 e) Income from dividends f) Management and administration fees 2.403	- 1.147				13. With regard to the current period, the results were	burdened with a provision	for €26.2 million,	which was	formed due to the
381 (g) Obligations to directors and managers	201				adjudication against the foreign joint venture under the name SA participates with 32%) of an amount of approximately \$98.5	ALYSJ JV-GOLD LINE million, under a	UNDERGROUND-DOHA subcontract for the	(in which the execution of the Gold	subsidiary AKTOR Line project for
6. Earnings per share are calculated by dividing the net profit which is attributable	to parent	company shareholders	by the weighted	average of	the Doha metro, in the State of Qatar (see notes 20 and 29.2	of the interim condensed	information as	of 30.06.2021).

The following details and information, as these arise from the financial statements, aim to provide general information about the financial position and results of ELLAKTOR SA and the ELLAKTOR Group of companies. We therefore recommend that before proceeding with any investment or other transaction with the

ELLAKTOR S.Α.

General Commercial Registry (G.E.MI) No.: 251501000 (SA. Reg. No 874/06/Β/86/16 )

25, ERMOU ST, 145 64 KIFISSIA FIGURES AND INFORMATION FOR THE PERIOD from 1 JANUARY 2021 to 30 JUNE 2021

Dividends distributed	(18.060) - (13.536)	- Profit/(loss) before tax	2.693	21.248	(5.684)	19.998
Total equity at period end (30/06/2021 and 30/06/2020 respectively)	484.304 233.164 253.539	358.316 Less: Taxes	(883)	(2.246)	170	(1.097)
		Profit/(loss) after taxes (A)	1.811	19.003	(5.514)	18.901
		Other comprehensive income after taxes (B)	(2)	-	(2)	-
		Total comprehensive income after taxes (A)+(B)	1.808	19.003	(5.516)	18.901
		Restated basic earnings per share (in EUR) Profit/(loss) before tax, financing and investing results and	0,0084	0,0887	(0,0257)	0,0882
		depreciation and amortisation	34.386	27.885	10.471	12.775
		ADDITIONAL FIGURES AND INFORMATION
condensed information as of 30.06.2021).		indirect stake in consolidated joint ventures via its	subsidiaries.
5. All forms of transactions (inflows and outflows) cumulatively from	the beginning of the financial year (01.01.2021), as well as the balance of receivables	11. They were included in the interim condensed	information of 30.06.2021, while the	related companies	SOFRANO SA	and ENERCOPLAN
and liabilities for the Group and the parent Company at the end	of the current period (30.06.2021), as arising from transactions with related parties	ENERGY - EPC & INVESTMENT PC, which were acquired	in Q1 2021 by the parent	company were not	included in the	consolidated financial
within the meaning of IAS 24, are as follows:		statements as at 31.12.2020. HELECTOR BULGARIA	LTD was not included in the	consolidated financial	statements of	31.12.2020, as it was
Amounts in ,000 €	Group Company	dissolved.
(a) Income	3.427 11.964	12. On 22.04.2021, the Extraordinary General Meeting	of ELLAKTOR shareholders	approved: (a) the	reduction of the share	capital of the
(b) Expenses	2.626 22.173
c) Receivables	102.672 254.958	Company by €212,129,282.97 through a reduction	of the nominal value of all its shares	from €1.03 to	€0.04 per share,	with offsetting an
(d) Liabilities	49.916 667.394	equivalent amount of losses of previous years and	(b) a share capital increase in favour	of the existing	shareholders of	the Company, for
e) Income from dividends	830 -	fundraising up to €120.5 million, which was successfully	concluded on 06.08.2021.
f) Management and administration fees	2.403 1.147	13. With regard to the current period, the results	were burdened with a provision	for €26.2 million,	which was	formed due to the
(g) Obligations to directors and managers	381 201	adjudication against the foreign joint venture under	the name ALYSJ JV-GOLD LINE	UNDERGROUND-DOHA	(in which the	subsidiary AKTOR
		SA participates with 32%) of an amount of approximately	\$98.5 million, under a	subcontract for the	execution of the Gold	Line project for
6. Earnings per share are calculated by dividing the net profit ordinary shares over the period, excluding own equity shares.	which is attributable to parent company shareholders by the weighted average	of the Doha metro, in the State of Qatar (see notes 20	and 29.2 of the interim condensed	information as of	30.06.2021).
7. The number of employees on 30.06.2021 was 152 for the numbers on 30.06.2020 were 147 and 5,654.	Company and 5,404 for the Group (excluding joint ventures), and the respective
		Kifissia, 30 August 2021
THE CHAIRMAN OF THE BOARD OF DIRECTORS	THE MANAGING DIRECTOR	THE CHIEF FINANCIAL OFFICER		THE HEAD OF THE ACCOUNTING DEPARTMENT
GEORGIOS MYLONOGIANNIS	EFTHYMIOS BOULOUTAS	DIMOSTHENIS REVELAS		ANDREAS TSAGRIS
ID Card No. AE 024387	ID Card No. ΑΚ 638231	ID Card No. Φ 018383		ID Card No. AI 099022