Ellaktor S.A. — Interim / Quarterly Report 2018

Dec 10, 2018

Interim condensed financial information in accordance with International Accounting Standard 34 for the period from 1 January to 30 September 2018

ELLAKTOR SA 25 ERMOU ST - 145 64 KIFISIA Tax Registration No: 094004914 ATHENS TAX OFFICE FOR SOCIÉTÉS ANONYMES Société Anonyme Registration No: 874/06/Β/86/16 – File No: 100065 General Electronic Commercial Registry (G.E.MI.) Reg. No: 251501000

	Statement of financial position 3
	Income statement for the nine-month period ending 30 September 2018 and 2017 5
	Income statement Q3 2018 and 2017 6
	Statement of comprehensive income for the nine-month period ending 30 September 2018 and 2017 7
	Statement of comprehensive income Q3 2018 and 2017 8
	Statement of changes in equity 9
	Cash flow Statement 11
	Notes to the interim financial report 12
1	General information 12
2	Basis of preparation of the interim financial information 12
3	Critical accounting estimates and judgments of the management 24
4	Financial risk management 24
5	Segment information 28
6	Intangible assets & Concession Right 29
7	Financial assets at fair value through other comprehensive income & Financial assets held for
	sale 31
8	Financial assets at amortised cost & Financial assets held to maturity 33
9	State financial contribution (IFRIC 12) 34
10	Trade and other receivables 35
11	Restricted cash 37
12	Cash and cash equivalents 37
13	Held-for-sale assets 38
14	Other reserves 39
15	Borrowings 40
16	Trade and other payables 42
17	Provisions 43
18	Derivative financial instruments 44
19	Expenses by category 45
20	Other income & other gains/(losses) 46
21	Finance income/expenses - net 47
22	Income tax 47
23	Earnings per share 48
24	Dividends per share 48
25	Contingent assets and liabilities 48
26	Related party transactions 49
27	Other notes 51
28	Events after the reporting date 51
29	Group investments 53

Statement of financial position

		GROUP		COMPANY
	Note	30-Sep-18	31-Dec-17*	30-Sep-18	31-Dec-17**
ASSETS
Non-current assets
Property, plant and equipment		513,759	510,155	1,672	1,700
Intangible assets	6a	69,524	60,336	-	-
Concession rights	6b	520,488	567,003	-	-
Investment property		144,392	145,606	27,046	28,239
Investments in subsidiaries		-	-	751,623	738,123
Investments in associates & joint ventures		76,293	88,709	1,223	1,223
Financial assets at amortised cost	8a	55,454	-	-	-
Financial assets at fair value through other comprehensive income	7a	47,707	-	-	-
Financial assets held to maturity	8b	-	80,757	-	-
Available-for-sale financial assets	7b	-	41,384	-	-
Deferred tax assets		89,816	91,467	8	-
Prepayments for long-term leases		36,252	38,686	-	-
State financial contribution (IFRIC 12)	9	231,986	241,851	-	-
Restricted cash	11	27,353	12,258	-	-
Other non-current receivables	10	111,865	109,051	24	24
		1,924,890	1,987,264	781,595	769,309
Current assets
Inventories		32,152	39,695	-	-
Trade and other receivables	10	877,325	919,394	14,791	6,788
Financial assets at amortised cost	8a	25,101	-	-	-
Financial assets at fair value through other comprehensive income	7a	2,370	-	-	-
Available-for-sale financial assets	7b	-	7,489	-	-
Financial assets at fair value through profit or loss		1	1	-	-
Prepayments for long-term leases		3,229	3,229	-	-
State financial contribution (IFRIC 12)	9	48,714	36,040	-	-
Restricted cash	11	45,178	34,086	-	-
Cash and cash equivalents	12	373,614	510,110	1,342	686
		1,407,684	1,550,042	16,134	7,474
Assets held for sale	13	91,919	13,450	-	13,450
		1,499,604	1,563,492	16,134	20,924
Total assets		3,424,493	3,550,756	797,729	790,233
EQUITY Attributable to shareholders of the parent
Share capital		182,311	182,311	182,311	182,311
Share premium		523,847	523,847	523,847	523,847
Treasury shares		(27,072)	(27,072)	(27,072)	(27,072)
Other reserves	14	260,701	225,472	55,912	55,918
Retained earnings		(434,286)	(269,871)	(197,299)	(218,232)
		505,500	634,687	537,698	516,772
Non-controlling interests		221,317	225,506	-	-
Total equity		726,818	860,192	537,698	516,772
LIABILITIES
Non-current liabilities
Long-term borrowings (including non-recourse debt)	15	1,129,145	1,175,609	246,498	258,801
Deferred tax liabilities		90,960	87,970	-	3
Retirement benefit obligations		11,575	11,516	230	223
Grants		62,957	60,767	-	-
Derivative financial instruments	18	116,074	131,936	-	-
Other non-current liabilities	16	12,095	11,029	9,316	7,844
Other non-current provisions	17	107,772	103,470	180	180
		1,530,579	1,582,298	256,225	267,051

		GROUP		COMPANY
	Note	30-Sep-18	31-Dec-17*	30-Sep-18	31-Dec-17**
Current liabilities
Trade and other payables	16	824,994	856,999	3,806	6,411
Current income tax liabilities		22,994	14,960	-	-
Short-term borrowings (including non-recourse debt)	15	171,460	211,014	-	-
Dividends payable		8,558	6,024	-	-
Other current provisions	17	15,841	19,269	-	-
		1,043,847	1,108,266	3,806	6,411
Liabilities directly related to assets classified as held for sale	13	123,250	-	-	-
		1,167,097	1,108,266	3,806	6,411
Total liabilities		2,697,675	2,690,564	260,031	273,462
Total equity and liabilities		3,424,493	3,550,756	797,729	790,233

* The Group has applied IFRS 9 and 15 using the cumulative effect method. According to this method, comparative information is not restated (note 2.4).

** The parent company was not affected by the application of IFRS 9 and 15.

Income statement for the nine-month period ending 30 September 2018 and 2017

		GROUP		COMPANY
		1-Jan to		1-Jan to
	Note	30-Sep-18	30-Sep-17*	30-Sep-18	30-Sep-17**
Sales	5	1,381,621	1,362,816	-	-
Cost of sales	19	(1,329,520)	(1,259,395)	-	-
Gross profit		52,102	103,421	-	-
Distribution costs	19	(3,590)	(3,377)	-	-
Administrative expenses	19	(50,312)	(42,895)	(4,276)	(2,775)
Other income	20	13,820	15,879	1,517	1,604
Other gains/(losses)	20	(28,802)	(25,432)	(362)	(47)
Operating profit/(loss)		(16,782)	47,596	(3,121)	(1,218)
Dividend income		998	1,730	33,200	9,245
Share in profit/(loss) from investments accounted for using the equity method	29b	(12,489)	(2,495)	-	-
Finance income	21	17,386	17,227	2	-
Financial expenses	21	(66,498)	(65,605)	(9,159)	(9,891)
Profit/(loss) before tax		(77,385)	(1,547)	20,922	(1,864)
Income tax	22	(25,432)	(26,003)	11	(1)
Net profit/loss for the period		(102,818)	(27,550)	20,933	(1,864)
Profit/(loss) for the period attributable to:
Shareholders of the parent company	23	(125,263)	(46,477)	20,933	(1,864)
Non-controlling interests		22,445	18,928	-	-
		(102,818)	(27,550)	20,933	(1,864)
Net profit/(loss) after tax per share - basic and adjusted (in EUR)	23	(0.7264)	(0.2695)	0.1214	(0.0108)

* The Group has applied IFRS 9 and 15 using the cumulative effect method. According to this method, comparative information is not restated (note 2.4).

** The parent company was not affected by the application of IFRS 9 and 15.

Income statement Q3 2018 and 2017

	GROUP		COMPANY
	1-Jul to		1-Jul to
	30-Sep-18	30-Sep-17*	30-Sep-18	30-Sep-17**
Sales	459,284	433,076	-	-
Cost of sales	(486,607)	(415,921)	-	-
Gross profit	(27,323)	17,155	-	-
Distribution costs	(1,077)	(1,164)	-	-
Administrative expenses	(17,527)	(13,741)	(1,760)	(905)
Other income	2,045	1,468	501	536
Other gains/(losses)	(5,287)	(9,098)	143	-
Operating profit/(loss)	(49,170)	(5,379)	(1,115)	(370)
Dividend income	-	783	10,000	9,000
Share in profit/(loss) from investments accounted for using the equity method	693	(1,055)	-	-
Finance income	5,277	5,369	2	-
Financial expenses	(22,531)	(20,917)	(3,001)	(3,284)
Profit/(loss) before tax	(65,731)	(21,200)	5,885	5,347
Income tax	(6,132)	(6,908)	27	3
Net profit/(loss) for the period	(71,863)	(28,108)	5,912	5,350
Profit/(loss) for the period attributable to:
Shareholders of the parent company	(79,538)	(35,571)	5,912	5,350
Non-controlling interests	7,676	7,464	-	-
	(71,863)	(28,108)	5,912	5,350
Net profit/(loss) after tax per share - basic and adjusted (in EUR)	(0.4613)	(0.2063)	0.0343	0.0310

* The Group has applied IFRS 9 and 15 using the cumulative effect method. According to this method, comparative information is not restated (note 2.4).

** The parent company was not affected by the application of IFRS 9 and 15.

Statement of comprehensive income for the nine-month period ending 30 September 2018 and 2017

	GROUP		COMPANY
	1-Jan to		1-Jan to
	30-Sep-18	30-Sep-17*	30-Sep-18	30-Sep-17**
Net profit/(loss) for the period	(102,818)	(27,550)	20,933	(1,864)
Other comprehensive income Items that may be subsequently reclassified to profit or loss
Foreign exchange differences Fair value gains/(losses) on available-for-sale financial	(1,975)	(1,254)	-	-
assets	-	(1,178)	-	-
Cash flow hedge	7,731	12,991	-	-
	5,756	10,560	-	-
Items that will not be reclassified to profit or loss
Change in fair value of financial assets through other
comprehensive income	(16,728)	-	-	-
Other	(452)	18	(6)	-
	(17,180)	18	(6)	-
Other comprehensive income for the period (net of tax)	(11,424)	10,578	(6)	-
Total comprehensive income for the period	(114,242)	(16,972)	20,926	(1,864)
Total comprehensive income for the period attributable to:
Shareholders of the parent company	(138,559)	(39,443)	20,926	(1,864)
Non-controlling interests	24,318	22,471	-	-
	(114,242)	(16,972)	20,926	(1,864)

* The Group has applied IFRS 9 and 15 using the cumulative effect method. According to this method, comparative information is not restated (note 2.4).

** The parent company was not affected by the application of IFRS 9 and 15.

Statement of comprehensive income Q3 2018 and 2017

	GROUP		COMPANY
	1-Jul to		1-Jul to
	30-Sep-18	30-Sep-17*	30-Sep-18	30-Sep-17**
Net profit/(loss) for the period	(71,863)	(28,108)	5,912	5,350
Other comprehensive income Items that may be subsequently reclassified to profit or loss
Foreign exchange differences Fair value gains/(losses) on available-for-sale financial	1,389	(2,441)	-	-
assets	-	(2,479)	-	-
Cash flow hedge	4,241	2,059	-	-
	5,630	(2,861)	-	-
Items that will not be reclassified to profit or loss
Change in fair value of financial assets through other comprehensive income	(1,319)
Other	(133)	(8)	(6)	-
	(1,452)	(8)	(6)	-
Other comprehensive income for the period (net of
tax)	4,178	(2,869)	(6)	-
Total comprehensive income for the period	(67,685)	(30,977)	5,906	5,350
Total comprehensive income for the period attributable to:
Shareholders of the parent company	(76,428)	(38,757)	5,906	5,350
Non-controlling interests	8,743	7,780	-	-
	(67,685)	(30,977)	5,906	5,350

* The Group has applied IFRS 9 and 15 using the cumulative effect method. According to this method, comparative information is not restated (note 2.4).

** The parent company was not affected by the application of IFRS 9 and 15.

Statement of changes in equity

GROUP

		Attributable to Owners of the Parent
	Note	Share capital	Share premium	Other reserves	Treasury shares	Retained earnings	Total	Non controlling interests	Total equity
1 January 2017		182,311	523,847	216,911	(27,072)	(225,366)	670,631	221,791	892,422
Net profit/(loss) for the period		-	-	-	-	(46,477)	(46,477)	18,928	(27,550)
Other comprehensive income
Foreign exchange differences Fair value gains/(losses) on available-for-sale financial	14	-	-	(1,106)	-	-	(1,106)	(148)	(1,254)
assets	14	-	-	(1,269)	-	-	(1,269)	91	(1,178)
Changes in value of cash flow hedge	14	-	-	9,407	-	-	9,407	3,585	12,991
Other		-	-	-	-	2	2	16	18
Other comprehensive income
for the period (net of tax) Total comprehensive income		-	-	7,032	-	2	7,034	3,544	10,578
for the period		-	-	7,032	-	(46,476)	(39,443)	22,471	(16,972)
Transfer from/to reserves Dividend distribution Effect from disposal of	14	- -	- -	(3)	- -	3 -	- -	- (21,510)	- (21,510)
subsidiary		-	-	-	-	-	-	(3,466)	(3,466)
30 September 2017		182,311	523,847	223,941	(27,072)	(271,839)	631,188	219,286	850,474
Net profit/(loss) for the period		-	-	-	-	5,310	5,310	12,631	17,941
Other comprehensive income
Foreign exchange differences Fair value gains/(losses) on available-for-sale financial	14	-	-	(2,225)	-	-	(2,225)	(110)	(2,335)
assets	14	-	-	(1,067)	-	-	(1,067)	(58)	(1,125)
Changes in value of cash flow hedge	14	-	-	1,195	-	-	1,195	390	1,585
Actuarial gains	14	-	-	352	-	-	352	192	544
Other		-	-	-	-	(69)	(69)	-	(69)
Other comprehensive income
for the period (net of tax) Total comprehensive income		-	-	(1,745)	-	(69)	(1,814)	413	(1,400)
for the period Share capital reduction		- -	- -	(1,745) -	- -	5,241 -	3,497 -	13,044 (28)	16,541 (28)
Transfer to reserves	14	-	-	3,276	-	(3,276)	-	-	-
Dividend distribution		-	-	-	-	-	-	(8,122)	(8,122)
Effect from disposal of subsidiaries		-	-	-	-	3	3	1,325	1,328
31 December 2017		182,311	523,847	225,472	(27,072)	(269,871)	634,687	225,506	860,192
1 January 2018 - Published*		182,311	523,847	225,472	(27,072)	(269,871)	634,687	225,506	860,192
IFRS 9 application impact	2.4	-	-	17,124	-	(4,950)	12,173	-	12,173
1 January 2018 - Restated		182,311	523,847	242,596	(27,072)	(274,821)	646,860	225,506	872,366
Net profit/(loss) for the period		-	-	-	-	(125,263)	(125,263)	22,445	(102,818)
Other comprehensive income
Foreign exchange differences	14	-	-	(1,971)	-	-	(1,971)	(4)	(1,975)
Change in fair value of financial assets through other
comprehensive income Changes in value of cash flow	14	-	-	(16,551)	-	-	(16,551)	(177)	(16,728)
hedge	14	-	-	5,671	-	-	5,671	2,060	7,731
Other		-	-	(6)	-	(439)	(445)	(7)	(452)
Other comprehensive income for the period (net of tax)		-	-	(12,858)	-	(439)	(13,297)	1,873	(11,424)
Total comprehensive income for the period		-	-	(12,858)	-	(125,702)	(138,559)	24,318	(114,242)

			Attributable to Owners of the Parent
	Note	Share capital	Share premium	Other reserves	Treasury shares	Retained earnings	Total	Non controlling interests	Total equity
Transfer to reserves	14	-	-	33,763	-	(33,763)	-	-	-
Dividend distribution		-	-		-	-	-	(28,506)	(28,506)
Reclassification of subsidiary to Held for sale		-	-	(2,800)	-	-	(2,800)	-	(2,800)
30 September 2018		182,311	523,847	260,700	(27,072)	(434,286)	505,500	221,317	726,818

COMPANY

	Note	Share capital	Share premium	Other reserves	Treasury shares	Retained earnings	Total equity
1 January 2017		182,311	523,847	55,920	(27,072)	(192,520)	542,487
Loss for the period		-	-	-	-	(1,864)	(1,864)
Other comprehensive income
Other comprehensive income for the period (net of tax)
Total comprehensive income for the period		-	-	-	-	(1,864)	(1,864)
30 September 2017		182,311	523,847	55,920	(27,072)	(194,384)	540,622
Loss for the period		-	-	-	-	(23,848)	(23,848)
Other comprehensive income
Actuarial gains/(losses)	14	-	-	(3)	-	-	(3)
Other comprehensive income for the period (net of tax)		-	-	(3)	-	-	(3)
Total comprehensive income for the period		-	-	(3)	-	(23,848)	(23,851)
31 December 2017		182,311	523,847	55,918	(27,072)	(218,232)	516,772
1 January 2018**		182,311	523,847	55,918	(27,072)	(218,232)	516,772
Loss for the period		-	-	-	-	20,933	20,933
Other comprehensive income
Other	14	-	-	(6)	-	-	(6)
Other comprehensive income for the period (net of tax)		-	-	(6)	-	-	(6)
Total comprehensive income for the period		-	-	(6)	-	20,933	20,926
30 September 2018		182,311	523,847	55,912	(27,072)	(197,299)	537,698

* The Group has applied IFRS 9 and 15 using the cumulative effect method. According to this method, comparative information is not restated (note 2.4).

** The parent company was not affected by the application of IFRS 9 and 15.

Cash flow Statement

	Note	GROUP		COMPANY
		1-Jan to 30-Sep-18	1-Jan to 30-Sep-17*	1-Jan to 30-Sep-18	1-Jan to 30-Sep-17**
Operating activities
Profit/(loss) before tax		(77,385)	(1,547)	20,922	(1,864)
Plus/less adjustments for:
Depreciation		76,629	77,846	382	358
Impairment of investment in mining companies	20	-	15,839	-	-
Provisions		877	4,282	8	9
Foreign exchange differences		(119)	5,052	-	-
Profit/(loss) from investing activities		(6,124)	(17,212)	(33,345)	(9,245)
Interest and related expenses Plus/less working capital adjustments or adjustments related to operating activities:	21	61,194	64,730	9,159	9,891
Decrease/(increase) in inventories		3,278	3,413	-	-
Decrease/(increase) in accounts receivable		34,460	167,539	9	176
(Decrease)/increase in liabilities (excl. borrowings)		(12,714)	(170,890)	190	(7)
Less:
Interest and related expenses paid		(52,614)	(70,074)	(10,203)	(11,076)
Taxes paid		(29,185)	(50,514)	-	-
Net cash flows from operating activities (a)		(1,704)	28,462	(12,879)	(11,758)
Investing activities
Acquisition of subsidiaries, associates, joint ventures and financial assets		(5,552)	(10,774)	(13,500)	-
Disposal of subsidiaries, associates, joint ventures and financial assets.		18,734	39,862	13,450	-
Return of capital from associates		-	1,471	-	1,471
Proceeds from the liquidation of associate		-	2		-
Time deposits of over 3 months		(27,000)	(16)	-	-
Purchase of tangible and intangible assets and investment property		(38,682)	(74,117)	(17)	(25)
Proceeds from sales of PPE, intangible assets and investment property		2,864	3,712	1,000	-
Interest received		6,352	2,635	2	-
Loans granted to related parties		(4,977)	(6,721)	(18)	-
Dividends received		2,062	2,114	25,200	15,345
Decrease in restricted cash		2,604	4,709	-	-
Net cash generated from/(used in) investing activities (b)		(43,597)	(37,123)	26,116	16,791
Financing activities
Proceeds from borrowings and loan issuance expenses		157,481	196,066	-	-
Repayment of borrowings		(186,926)	(212,026)	(12,581)	(5,142)
Proceeds from loans to/from related parties		10	-	-	-
Repayments of finance leases		(2,225)	(2,546)	-	-
Proceeds from the sale and leaseback of PPE		-	370	-	-
Dividends paid		(25,085)	(23,342)	-	(6)
Dividend tax paid		(1,589)	(1,023)	-	-
Increase in restricted cash Net cash flows from financing activities (c)		(28,791) (87,126)	(5,588) (48,089)	- (12,581)	- (5,148)
Net increase/(decrease) in cash and
cash equivalents for the period (a)+(b)+(c)		(132,427)	(56,750)	656	(115)
Cash and cash equivalents at beginning of year Foreign exchange gains/(losses) on cash and cash equivalents	12	510,110 157	496,393 (2,578)	686 -	604 -
Cash and cash equivalents of assets held for sale Cash and cash equivalents at end of year	13 12	(4,225) 373,614	- 437,066	- 1,342	- 489

* The Group has applied IFRS 9 and 15 using the cumulative effect method. According to this method, comparative information is not restated (note 2.4).

** The parent company was not affected by the application of IFRS 9 and 15.

Notes to the interim financial report

1 General information

The Group operates through its subsidiaries, mainly in the fields of construction & quarries, real estate development and management, wind power, environment and concessions. The interests held by the Group are presented in note 29. The Group operates abroad in countries of the Middle East and more specifically in the United Arab Emirates, Qatar, Kuwait, Oman and Jordan, as well as in other countries such as Albania, Bulgaria, Bosnia and Herzegovina, Germany, Italy, Croatia, Cyprus, FYROM, Russia, Romania, Serbia, Slovenia, the Czech Republic, the United Kingdom, Cameroon, Ethiopia, Turkey, USA, Argentina, Brazil, the Dominican Republic, Colombia, Panama, Chile and Australia.

ELLAKTOR SA (the Company) was incorporated and is established in Greece with its registered offices and headquarters at 25 Ermou St, 145 64, Kifissia, Attiki.

The Company's shares are traded on the Athens Stock Exchange.

This interim condensed financial information was approved by the Board of Directors on 30 November 2018 and it is available on the Company's website at www.ellaktor.com, under the section "Financial Data", sub-section "Group's Financial Statements".

2 Basis of preparation of the interim financial information

2.1 General

This interim condensed financial information covers the period from 1 January to 30 September 2018. It has been prepared in accordance with those IFRS which either were published and applied, or published and early-adopted at the period of preparation of the interim condensed financial information (i.e. November 2018).

The accounting policies used in the preparation of the interim condensed financial information are the same as those used for the preparation of the annual financial statements for the year ended 31 December 2017 and are detailed in the notes to the annual financial statements, with the exception of the application of the new standards and interpretations listed below, the application of which is mandatory for accounting periods beginning on 1 January 2018.

For better understanding and more comprehensive information, this interim condensed financial information should be read in conjunction with the annual financial statements for the year ended 31 December 2017 posted on the Company's website (www.ellaktor.com).

In respect of expenses incurred at irregular intervals during the year, expense estimates have been made and realized expenses have been recorded in deferral accounts only if such treatment would be appropriate at the end of the year.

Income tax in the interim financial period is accrued using the tax rate that would be applicable to expected total annual profit.

2.2 Going concern

This condensed interim financial report has been prepared in accordance with the International Financial Reporting Standards ("IFRS") and provides a reasonable presentation of the financial position, profit and loss and cash flows of the Group, in accordance with the going concern basis of accounting.

2.3 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 1.1.2018.

Standards and Interpretations effective for the current financial year

IFRS 9 "Financial instruments"

IFRS 9 replaces the guidance in IAS 39 which deals with the classification and measurement of financial assets and financial liabilities and it also includes an expected credit losses model that replaces the incurred loss impairment model that was applied under IAS 39. IFRS 9 establishes a more principles-based approach to hedge accounting and addresses inconsistencies and weaknesses in the previous model in IAS 39. The effect from applying the standard to the Group is described in note 2.4.

IFRS 15 "Revenue from Contracts with Customers"

IFRS 15 was issued in May 2014. The objective of the standard is to provide a single, comprehensive revenue recognition model for all contracts with customers to improve comparability within industries, across industries and across capital markets. It contains the principles that an entity will apply to determine the measurement of revenue and the time of revenue recognition. The underlying principle is that an entity recognises revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. The effect from applying the standard to the Group is described in note 2.4.

IFRS 2 (Amendments) "Classification and measurement of shared-based payment transactions"

The amendment clarifies the measurement basis for cash-settled, share-based payments and the accounting for modifications that change an award from cash-settled to equity-settled. It also introduces an exception to the principles of IFRS 2 according to which a benefit is to be treated as if it were fully equity-settled, where an employer is obliged to withhold an amount for the employee's tax obligation associated with a share-based payment and pay that amount to the tax authorities.

IAS 40 (Amendments) "Transfers of investment property"

The amendments clarified that to transfer to or from investment properties there must be a change in use. To conclude if a property has changed use there should be an assessment of whether the property meets the definition and the change must be supported by evidence.

IFRIC 22 "Foreign currency transactions and advance consideration"

The interpretation provides guidance on how to determine the date of the transaction when applying the standard to foreign currency transactions, IAS 21. The interpretation applies where an entity either pays or receives consideration in advance for foreign currency denominated contracts.

Annual Improvements to IFRS 2014 (2014 – 2016 Cycle)

IAS 28 "Investments in associates and joint ventures"

The amendments clarify that when venture capital organizations, mutual funds, unit trusts and similar entities use the election to measure their investments in associates or joint ventures at fair value through profit or loss (FVTPL), this election should be made separately for each associate or joint venture at initial recognition.

Standards and Interpretations effective for subsequent periods

IFRS 9 (Amendments) "Prepayment features with negative compensation" (effective for annual periods beginning on or after 1 January 2019)

The amendments allow companies to measure particular prepayable financial assets with so-called negative compensation at amortised cost or at fair value through other comprehensive income if a specified condition is met—instead of at fair value through profit or loss.

IFRS 16 "Leases" (effective for annual periods beginning on or after 1 January 2019)

IFRS 16 was issued in January 2016 and replaces IAS 17. The objective of the standard is to ensure that lessees and lessors provide relevant information in a manner that faithfully represents those transactions. IFRS 16 introduces a single lessee accounting model and requires a lessee to recognize assets and liabilities for all leases with a term of more than 12 months, unless the underlying asset is of low value. IFRS 16 substantially carries forward the lessor accounting requirements in IAS 17. Accordingly, the lessor continues to classify their leases as operating leases or finance leases, and to account for those two types of leases differently. The Group is currently investigating the impact of IFRS 16 on its financial statements.

IAS 28 (Amendments) "Long-term interests in associates and joint ventures" (effective for annual periods beginning on or after 1 January 2019)

The amendments clarify that companies account for long-term interests in an associate or joint venture —to which the equity method is not applied— using IFRS 9. These amendments have not yet been endorsed by the EU.

IFRIC 23 "Uncertainty over income tax treatments" (effective for annual periods beginning on or after 1 January 2019)

The interpretation explains how to recognise and measure deferred and current income tax assets and liabilities where there is uncertainty over a tax treatment. IFRIC 23 applies to all aspects of income tax accounting where there is such uncertainty, including taxable profit or loss, the tax bases of assets and liabilities, tax losses and credits and tax rates.

IAS 19 (Amendments) "Plan amendment, curtailment or settlement" (effective for annual periods beginning on or after 1 January 2019)

The amendments specify how companies determine pension expenses when changes to a defined benefit pension plan occur. These amendments have not yet been endorsed by the EU.

IFRS 3 (Amendments) "Definition of a business" (effective for annual periods beginning on or after 1 January 2020)

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. The amendments have not yet been endorsed by the EU.

Annual Improvements to IFRS (2015 – 2017 Cycle) (effective for annual periods beginning on or after 1 January 2019)

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

IFRS 3 "Business combinations"

The amendments clarify that a company remeasures its previously held interest in a joint operation when it obtains control of the business.

IFRS 11 "Joint arrangements"

The amendments clarify that a company does not remeasure its previously held interest in a joint operation when it obtains joint control of the business.

IAS 12 "Income taxes"

The amendments clarify that a company accounts for all income tax consequences of dividend payments in the same way.

IAS 23 "Borrowing costs"

The amendments clarify that a company treats as part of general borrowings any borrowing originally made to develop an asset when the asset is ready for its intended use or sale.

2.4 Effect of changes in accounting policies

The Group has applied for the first time IFRS 15 "Revenue from Contracts with Customers" and IFRS 9 "Financial instruments" using the cumulative effect method (i.e. the amended retrospective approach), with the effect of the application of these Standards being recognised on the date of initial application (that is 1st January 2018). Correspondingly, information concerning financial year 2017 has not been restated, that is they are presented according to the previous standards, IAS 18, IAS 11, IAS 39 and the relevant interpretations. The parent company was not affected by the application of IFRS 9 and 15.

As required by IAS 34, the nature and effect of these changes are presented below.

IFRS 15 "Revenue from Contracts with Customers"

IFRS 15 supersedes IAS 11 "Construction Contracts", IAS 18 "Revenue" and related interpretations and it applies to all revenue arising from contracts with customers, unless those contracts are in the scope of other standards. The new standard establishes a five-step model to account for revenue arising from contracts with customers:

• 1. Identify the contract(s) with a customer.
• 1. Identify the performance obligations in the contract.
• 1. Determine the transaction price.
• 1. Allocate the transaction price to the performance obligations in the contract.
• 1. Recognize revenue when (or as) the entity satisfies a performance obligation.

The underlying principle is that an entity will recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. It also contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized. Under IFRS 15, revenue is recognized when a customer obtains control of the goods or services, determining the timing of the transfer of control – at a point of time or over time.

Revenue should be recognized at an amount that reflects the consideration to which the entity expects to be entitled in exchange for transferring goods or services to the customers, except for amounts collected on behalf of third parties (value added tax, other sales tax). Variable amounts are included in the consideration and are estimated using either the expected value method, or the most likely amount method.

Revenue arising from services is recognised in the accounting period in which the services are rendered and it is measured using either output methods or input methods, depending on the nature of service provided.

A receivable is recognised when there is an unconditional right to consideration for the performance obligations to the customer that are satisfied.

IFRS 15 "Revenue from contracts with customers" is applied by the Group and the Company from 1st January 2018. The Group and the Company applied the "modified retrospective method" on first adoption meaning that the cumulative impact of the adoption was recognized in retained earnings and comparatives were not restated. However, according to management's assessment, the new standard had no impact on the profitability and financial position of the Group and the Entity upon IFRS 15 first time adoption. Therefore, opening retained earnings for 2018 were not adjusted. Receivables from contracts with customers are presented as "Contract Assets" under the "Trade and other receivables" line item and payables from contracts with customers are presented as "Contract liabilities" under "Trade and other payables" line item.

The Group operates in the sectors of Constructions, Concessions, Environment, Wind Parks and Real estate. In the context of the assessment of the impact from the adoption of IFRS 15, the Group segregated its revenue into revenue from construction and maintenance contracts, revenue from the sale of goods, revenue from operation of motorways and revenue from leases.

Revenue from construction contracts and maintenance contracts

Contracts with customers of this category concern the construction or maintenance of public projects (such as motorways, bridges, ports, sewage treatment plants, waste management facilities, electricity and water distribution networks, subways, railway projects) and private projects (such as hotels, mining facilities, photovoltaic projects, gas pipelines).

Prior to the adoption of IFRS 15, the Group recognized the revenue from construction contracts in accordance with IAS 11 over the life of the contract. The Group determined the amount of revenue and expense of each period based on the percentage of completion method. The stage of completion was calculated based on the expenses which have been incurred from the balance sheet date compared to the total estimated expenses for each contract.

As part of their assessment about the impact of IFRS 15 adoption, Management examined all the significant contracts in terms of contract value which were in progress at the beginning of the current period as well as the new contracts which started in the period. The results of Management's assessment confirm the conclusion that IFRS 15 did not change significantly the current revenue recognition model.

More specifically based on the analysis performed:

• Each construction contract contains a single performance obligation for the contractor. Even in the cases of contracts that contain both the design and construction of a project, in substance the contractor's obligation is to deliver one project, the goods and services of which form individual components.
• Contract revenue will continue to be accounted for over the time of the contract by using an estimation method similar to the percentage of completion method.
• IFRS 15 states that any variable consideration, i.e. claims for delay/acceleration costs, reward bonus, additional work, should only be recognized as revenue if it is highly probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in the future. In making this assessment, Management has to consider past experience adjusted to the circumstances of the existing contracts.

According to IAS 11, additional claims and variation orders are included in contract revenue when it is probable that they will be approved by the customer and the amount of revenue can be reliably measured. The conditions required by the new standard for the recognition of claims and variation orders are similar to the Group's policy based on which the delay/ acceleration costs and variation orders are recognized only when the discussions with the customer for their recovery are at an advanced negotiation stage or are supported by evaluations of independent professionals.

• According to IAS 11 bid costs could be capitalized when it was probable that the contract would be obtained. At 31.12.2017 there were no capitalized bid costs. The new standard states that only costs incurred after the award of a project can be capitalized. Examples of these costs are set up costs of temporary facilities for a construction project and the costs for moving employees and equipment. At 31.12.2017 there were no costs of these categories.
• Contracts with customers may stipulate the retention of part of the billed receivables. These retentions are paid to the constructor at the completion of the project. Retentions intend to provide the customer with some security against the contractor failing to adequately complete some or all of their obligations under the contract and are not related to the provision of financing to the customer. Considering this, the Group concluded that retentions do not include a significant financing component.

In addition to the above, there are contracts with customers for the maintenance of projects, such as railways, airports and waste management facilities. Revenue from this type of contracts is recognized over the contract based on the percentage of completion method.

If the Group (or the Entity) performs its contractual obligations by transferring goods or services to a customer before the customer pays the consideration or before payment is due, the Group (or the Company) shall present the contract as a contractual asset. A contractual asset is an entity's right to consideration in exchange for goods or services that the entity has transferred to a customer. An example are the construction services which are transferred to the customer before the Group (or the Company) is entitled to issue an invoice.

If the customer pays consideration, or the Group (or the Company) has a right to an amount of consideration that is unconditional, before the entity transfers a good or service to the customer, the Group (or the Company) presents the contract as a contractual liability. The contractual liability is derecognized when the contractual performance obligations are satisfied and the corresponding revenue is recognized in the income statement.

As of 01.01.2018 the amount of EUR 268,604 thousand concerning "Amounts due from customers for contract work performed" and the amount of EUR 6,011 thousand which concerned "Accrued Income" were transferred to the "Contractual assets". Also, the amount of EUR 81,951 thousand which concerned "Amounts payable to customers for contract work performed" was transferred to the "Contractual liabilities" (notes 10 and 16).

Revenue from the sales of goods

Revenue from the sale of goods is recognised when control of the good is transferred to the customer. Consequently, revenue from the sale of goods will continue to be recognized once the goods are delivered to the buyer and there is no unfulfilled obligation that could affect the customer's acceptance of the products. Revenue will continue to be measured at the transaction price determined in the contract with the customer. Revenue of this category is generated from the sale of energy, biogas and recyclable products.

Revenue from the operation of motorways

Revenue from the operation of motorways is recognized at the time of the users' passage. The transition to IFRS 15 does not change the timing of the recognition of revenue from the operation of motorways.

Revenue from operating leases

Revenue from operating leases is accounted for on a straight-line basis over the lease terms. The variable consideration, which arises when specific sales targets are achieved by shop lessees, is accounted for as revenue only when their recoverability is highly probable. The adoption of IFRS 15 does not have an impact on revenue from operating leases.

IFRS 9 "Financial instruments"

IFRS 9 replaces the guidance in IAS 39 which deals with the classification and measurement of financial assets and financial liabilities and it also includes an expected credit losses model that replaces the incurred loss impairment model that was applied under IAS 39. IFRS 9 introduces the expected credit loss approach by taking into consideration forward-looking information, which has the purpose of recognizing the credit losses before the credit event occurs as per IAS 39. IFRS 9 establishes a more principles-based approach to hedge accounting and addresses inconsistencies and weaknesses in the previous model in IAS 39.

IFRS 9 was adopted without restating comparative information and therefore the adjustments arising from the new classification and impairment rules are not reflected in the statement of financial position as at 31 December 2017, but are recognised in the opening financial position at 1 January 2018.

The adoption of IFRS 9 "Financial instruments" resulted in the change of the Group's accounting policies in relation to the financial assets as of 1 January 2018, but did not change the accounting policies concerning financial liabilities.

Classification, recognition and measurement

IFRS 9 largely retains the requirements of IAS 39 for the classification and measurement of financial liabilities. However, it eliminates the previous IAS 39 categories for financial assets: held to maturity, loans and receivables and available for sale. Under IFRS 9, financial instruments are measured at fair value through profit or loss (FVPL), amortized cost, or fair value through other comprehensive income (FVOCI).

The classification is based on two criteria:

• the business model within which the financial asset is held, i.e. whether the objective is to hold it in order to collect contractual cash flows or to collect contractual cash flows as well as sell financial assets, and
• whether the instruments' contractual cash flows represent "solely payments of principal and interest" on the principal amount outstanding (the 'SPPI criterion').

The new classification and measurement of the Group's financial assets are, as follows:

a) Financial assets at amortized cost

Financial assets will be measured at amortized cost when there are held within a business model with the objective to hold financial assets and collect contractual cash flows that meet the SPPI criterion. Interest income of these financial assets will be included in finance income and will be accounted for using the effective interest rate method. Any gain or loss from their write-off will be immediately recognized in the income statement.

This category includes mainly the following financial assets of the Group:

Trade and other receivables

Trade receivables are recognised initially at fair value and subsequently measured at amortized cost using the effective interest method, except if the discount outcome is not material, less provision for impairment. Trade and other receivables include bills of exchange and notes receivable.

Loans granted

Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and for which there is no intention of selling. They are included in current assets, except for those with maturities greater than 12 months after the balance sheet date. These are classified as non-current assets. Loans receivable are included in "Trade and other receivables" in the Statement of Financial Position.

Other financial assets at amortized cost

Financial assets that the Group had classified as "Held-to-maturity financial assets" under IAS 39 are now classified as "Financial assets at amortized cost". The above financial assets are non-derivative financial assets with specific maturity dates and fixed or determinable payments, which the Group's management intends and is in position to hold to maturity. They are classified as non-current assets, except for those with maturities less than 12 months from the reporting date which are recognised as current assets.

The purchases and sales of investments are accounted for on the trade-date, which is the date on which the Group commits to purchase or sell the asset. Investments are initially recognised at fair value plus transaction costs. Investments are eliminated when the right on cash flows from the investments ends or is transferred and the Group has substantially transferred all risks and rewards of ownership. Loans and receivables as well as financial assets at amortized cost are recognised initially at fair value and are measured subsequently at amortised cost based on the effective interest rate method.

b) Financial assets at fair value through other comprehensive income

Financial assets are measured at FVOCI only if the financial asset is held within a business model the objective of which is achieved by both collecting contractual cash flows and selling financial assets (hold-to-collect-and-sell business model) and the contractual terms of the financial asset give rise on specified dates to cash flows that are SPPI. Any changes in their fair value will be recognised in the statement of comprehensive income except for the recognition of profit or loss, and upon their derecognition accumulated gains or losses will not be recycled in profit or loss. This category includes only investments that the Group (or the Company) intends to hold in the foreseeable future and has irrevocably decided to classify them at FVOCI upon their initial recognition or transfer to IFRS 9. Dividends on such investments continue to be recognized in the income statement unless they represent a recovering part of the cost of the investment. Any impairment losses are not presented separately from other adjustments in the fair value of the specific financial assets.

This category includes investments in equity and money market funds. These investments do not meet the criteria for classification at amortized cost and in accordance with IAS 39, the above Group investments were classified as available-for-sale financial assets. During the transition to IFRS 9, these investments were reclassified from "available-for-sale financial assets" to "financial assets measured at fair value through other comprehensive income".

c) Financial assets at fair value through profit or loss

In any other case, financial assets will be measured at fair value through profit or loss. Financial assets valued at fair value through profit or loss are initially recognised at fair value, and transaction expenses are recognised in the income statement of the period in which they are incurred. The realized and unrealized profit or loss arising from changes in fair value of financial assets which are valued at fair value through profit and loss are recognized in the income statement of the period in which they arise.

Impairment

IFRS 9 introduces a new model of expected credit losses (ECL) which replaces the current IAS 39 incurred losses model. The new requirements abolish the IAS 39 criterion according to which credit risk losses were recognized only after the occurrence of a loss-making event. The Group and the Company will recognize impairment losses for expected credit losses for all financial assets other than those measured at fair value through profit or loss.

Expected credit losses are based on the difference between the contractual cash flows and all cash flows that the Group (or the Company) expects to receive. The difference is discounted using an estimate of the initial effective interest rate of the financial asset.

For contractual assets and trade receivables, the Group and the Company applied the simplified approach to the standard and calculated the expected credit losses on the basis of the expected credit losses over the lifetime of those items.

For other financial assets, the expected credit losses are calculated on the basis of the losses for the next 12 months. Expected credit losses over the next 12 months are part of the expected credit losses over the life of financial assets resulting from the probability of default of an item within the next 12 months from the reporting date. However, when there is a significant increase in credit risk from the initial recognition, the provision for impairment will be based on the expected credit losses over the life of the asset.

Hedge accounting

IFRS 9 introduces a revised general hedge accounting model, which links hedge accounting to risk management activities undertaken by Management. According to the new model, additional hedging strategies may meet the hedge accounting criteria, new requirements apply to the effectiveness of hedging, while discontinuing hedge accounting will be permissible only under certain conditions. IFRS 9 enables entities to continue to apply the requirements of IAS 39 for hedge accounting. The Group has chosen to continue to apply IAS 39 for existing hedging relationships at the date of first application.

At 1 January 2018 (the date of initial application of IFRS 9), the Group's (and the Company's) Management assessed the business models that apply to the financial assets held by the Group and the Company and classified them into the appropriate IFRS 9 category. The main effects of this reclassification are as follows:

GROUP
	Financial assets
	Fair value through
		other
	Fair value through	comprehensive
IFRS 9 categories	profit or loss	income	Amortized cost	Amortized cost
	Fair value through			Trade and other
IAS 39 Categories	profit or loss	Available for sale	Held to maturity	receivables
31.12.2017 – IAS 39	1	48,873	80,757	1,028,445
Adjustment to fair value of non-listed securities (OLIMPIA ODOS SA)
01.01.2018 (b)	-	23,222	-	-
Increase in provision for trade
receivables impairment (e)	-	-	-	(4,950)
01.01.2018 Restated - IFRS 9	1	72,095	80,757	1,023,495

GROUP

The table below shows the reclassifications and adjustments made for each separate line item in the balance sheet. Any lines not affected by the changes introduced by the new standard are not included in the table.

Impact on the statement of financial position (increase/(decrease) at 31 December 2017 as published:

GROUP

Extract from the statement of financial position
		31/12/2017 -	IFRS 9	IFRS 9	01.01.2018 -
	Adjustments	Published	Reclassifications	Adjustments	Restated
ASSETS
Non-current assets
Financial assets at fair value through other
comprehensive income	(a), (b)	-	41,384	23,222	64,606
Financial assets at amortised cost	c)	-	80,757	-	80,757
Financial assets held to maturity	c)	80,757	(80,757)	-	-
Financial assets available for sale	(a)	41,384	(41,384)	-	-
Other non-current receivables	(e)	109,051		(4,950)	104,101
Current assets
Financial assets at fair value through other
comprehensive income	(a)	-	7,489	-	7,489
Financial assets available for sale	(a)	7,489	(7,489)	-	-
EQUITY
Other reserves	(b)	225,472	-	17,124	242,596
Retained earnings	(e)	(269,871)	-	(4,950)	(274,821)
LIABILITIES
Non-current liabilities
Deferred tax liabilities	(b)	87,970	-	6,099	94,069

The overall effect of the changes from the adjustments according to IFRS 9 to the Group's net position is as follows:

	Group's net worth
31.12.2017 Published information - IAS 39	860,192
Increase in provision for trade receivables impairment (e)	(4,950)
Adjustment to fair value of unlisted securities (b)	17,124
01.01.2018 Restated - IFRS 9	872,366

(a) Financial assets that the Group had classified as available for sale under IAS 39 of EUR 21,595 thousand and EUR 11,064 thousand at 31 December 2017, which consist of listed securities and money market funds respectively, are now classified as Financial assets at fair value through other comprehensive income and will continue to be measured at fair value through the statement of other comprehensive income. Additionally, the relevant Availablefor-sale reserve amounting to EUR 574 thousand at 31.12.2017 was transferred to the account "Reserve for financial assets at fair value through other comprehensive income" (note 14). The above financial assets are held as part of a business model the objective of which is both the collection of cash flows and the sale of financial assets, and these contractual cash flows relate exclusively to capital and interest payments.

(b) Financial assets that the Group had classified as available for sale under IAS 39 of EUR 16,213 thousand at 31.12.2017, which are composed of unlisted securities in Greece and are measured at cost, were classified and measured at their fair value through other comprehensive income. The change from the valuation of these equity instruments amounts to EUR 23,222 thousand. Regarding this adjustment, a deferred tax liability amounting to EUR 6,099 thousand was recognized. An amount of EUR 17,124 thousand is included in the "Reserve of financial assets at fair value through other comprehensive income".

(c) Financial assets that the Group had classified as "Financial assets held to maturity" under IAS 39 amounting to EUR 80,757 thousand at 31.12.2017 are now classified as Financial Assets at amortized cost and will continue to be are measured at their amortized cost. These assets are held within a business model for the purpose of holding and collecting contractual cash flows that meet the SPPI criterion (only capital and interest payments). This reclassification had no effect on the opening balance of the Group's net position.

(d) Financial assets at fair value through profit or loss of EUR 1,000 at 31.12.2017, which consist of listed securities, will continue to be classified and measured at fair value through profit or loss.

(e) The Group applied the simplified approach of IFRS 9 for impairment of expected credit losses on trade and other receivables balances at the date of initial application. The result of the requirements of the new standard was to increase the Group's provision for impairment by EUR 4,950 thousand with a corresponding effect on the opening balance of the "Retained Earnings" account.

2.5 Roundingand reclassification of items

The amounts disclosed in this interim condensed financial information have been rounded to EUR '000. Any differences are due to the rounding of amounts.

There are no reclassifications to the comparative items of the Statement of Financial Position, Income Statement or Cash Flow Statement, except in the tables of the individual notes, so that the information provided in these notes is comparable to that of the current period (e.g. in Note 10 "Trade and other receivables" the comparative items in the "Other receivables" table have been reclassified for comparability purposes). The above reclassifications do not have any impact on equity and results.

2.6 Alternative Performance Measures (APMs)

The Group uses Alternative Performance Measures in its decision-making processes relating to the assessment of its performance; such APMs are widely used in the industry. Below follows an analysis of the key financial ratios and their calculation:

Profitability ratios

All amounts are in EUR million	GROUP
	30-Sep-18	30-Sep-17
Sales	1,381.6	1,362.8
EBITDA	59.8	125.4
EBITDA margin %	4.3%	9.2%
EBIT	(16.8)	47.6
EBIT margin %	(1%)	3.5%

Definition of financial figures and explanations of ratios:

EBITDA (Earnings before Interest, Tax, Depreciation and Amortization): Earnings before interest, tax, depreciation and amortization, which is equal to Operating Results in the Group's Income Statement plus depreciation and amortization presented in the Statement of Cash Flows.

EBITDA margin %: Earnings before interest, tax, depreciation and amortization to revenue.

EBIT (Earnings before Interest and Tax): Earnings before interest and tax which is equal to Operating Results in the Group's Income Statement.

EBIT margin %: Earnings before interest and tax to revenue.

Net Debt and Gearing Ratio

The Group's net debt as of 30.09.2018 and 31.12.2017 is presented in detail in the following table:

		30-Sep-18			31-Dec-2017
All amounts are in EUR million	Group total	Less: Companies with loans without recourse*	Group subtotal (excluding companies with loans without recourse)	Group total	Less: Companies with loans without recourse*	Group subtotal (excluding companies with loans without recourse)
Current borrowings	171.5	41.9	129.6	211.0	39.1	171.9
Long-term borrowings	1,129.1	482.9	646.3	1,175.6	506.0	669.6
Total borrowings	1,300.6	524.7	775.9	1,386.6	545.1	841.5
Less:
Cash and cash equivalents	373.6	192.7	180.9	510.1	238.3	271.8
Restricted cash	72.5	35.1	37.5	46.3	13.9	32.5
Time deposits over 3 months	27.0	25.0	2.0	-	-	-
Financial assets at amortized cost - Financial assets held to maturity	80.6	69.0	11.5	80.8	69.2	11.5
Mutual funds	6.8	-	6.8	11.1	-	11.1
Net Debt/(Cash)	740.1	202.9	537.2	738.3	223.6	514.7
Net debt of items held for sale	55.7 13	-	55.7	-	-	-
Total net debt incl. net debt of items held for sale**			592.9			514.7
Total Group equity			726.8			860.2
Total capital employed			1,319.8			1,374.9
Gearing ratio			0.449			0.374

(*) Refers to companies of self-funded and co-funded concession projects fully consolidated by the group (i.e. Attiki Odos S.A. and Moreas S.A.)

(**) Total net debt includes net borrowings of assets held for sale of ISF, i.e. Loan Liabilities of EUR 60.0 million (31.12.2017: EUR 0 million) less Cash and cash equivalents of EUR 4.2 million (31.12.2017: EUR 0 million) (note 13)

The gearing ratio at 30.09.2018 was 44.9% (compared to 37.4% as at 31.12.2017).

Definition of financial figures and explanations of ratios:

Net debt: Total short-term and long-term borrowings, less cash and cash equivalents, restricted cash, time deposits over 3 months (disclosed in receivables), financial assets at amortised cost/financial assets held to maturity (bonds) and money market funds (disclosed in financial assets at fair value through other comprehensive income/availablefor-sale financial assets).

Net Corporate Debt: Net Debt excluding the net debt of concession companies with non-recourse debt to the parent company (i.e. excluding Attiki Odos S.A. and Moreas S.A.).

Group gearing ratio: Net Corporate Debt to Total Capital Employed.

Capital Employed: Total Equity plus Net Corporate Debt

Cash flows

Condensed statement of cash flows for the period up to 30.09.2018 compared to the corresponding period of 2017:

All amounts are in EUR million	30-Sep-18	30-Sep-17
Cash and cash equivalents at beginning of year	510.1	496.4
Net cash flows from operating activities	(1.7)	28.5
Net cash flows from investing activities	(43.6)	(37.1)
Net cash flows from financing activities	(87.1)	(48.1)
Foreign exchange gains/(losses) on cash and cash equivalents	0.2	(2.6)
Cash and cash equivalents of assets held for sale	(4.2)	-
Cash and cash equivalents at end of year	373.6	437.1

3 Critical accounting estimates and judgments of the management

This interim condensed financial information and the accompanying notes and reports may involve certain judgments and calculations that refer to future events regarding operations, development and financial performance of the Company and the Group. Despite the fact that such assumptions and calculations are based on the best possible knowledge of the Company and Group Management with respect to current conditions and actions, the actual results may eventually differ from the calculations and assumptions taken into consideration in the preparation of the interim financial statements of the Company and the Group.

In the preparation of this interim condensed financial information, the significant judgments made by Management in applying the Group's and Company's accounting policies and the key sources of estimation of uncertainty were the same as those that were applied to the annual financial statements for the year ended 31 December 2017.

4 Financial risk management

4.1 Financial risk factors

The Group is exposed to various financial risks, such as market risks (foreign exchange risk, interest rate risk, etc.), credit risk and liquidity risk.

This interim condensed financial information does neither include financial risk management information nor the disclosures required in the annual audited financial statements. Therefore, this financial information should be read in conjunction with the annual financial statements of 2017.

The completion of the Hellenic Republic's financial assistance programme in August 2018 is an important milestone for the Greek economy. The country has returned to positive growth rates (although lower than expected, the GDP growth in the second quarter of 2018 was 1.8% compared to the corresponding quarter of 2017, according to the data of the Hellenic Statistical Authority). In addition, the Hellenic Republic has returned to international markets (with most recent the successful issue of a seven-year bond in February 2018), while the credit rating upgrades of the Hellenic Republic also suggest improved economic prospects for the country. In this context, to the extent that the government's commitments and reforms continue, growth is expected to further strengthen in the second half of 2018 (according to the forecasts of the Greek and European competent authorities).

4.2 Liquidity risk

Given the current financial crisis in the Greek public sector and the Greek financial institutions, the liquidity risk is greater and the cash flow management is considered critical. In addition, the liquidity of the construction activity is also affected by the payment of the fine imposed by the Hellenic Competition Commission, as well as by potentially compressed cash flows in construction projects, mainly abroad. Group liquidity is monitored on a regular basis by Management. To manage liquidity risk, the Group has been budgeting and monitoring on a regular basis its cash flows and seeks to ensure availability of cash, including the possibilities of inter-company loans as well as unused

bank credit limits in order to meet its needs (e.g. financing needs, letters of guarantee, etc.). In recent years, the group proceeded to the refinancing of its borrowings with the aim of improving the management of its liquidity. To this end, during the nine-month period ending 30 September 2018, bond repayment dates of EUR 6.1 million of the subsidiary REDS were extended, while the group had already entered into discussions with the lending banks to refinance short-term loans of the construction segment.

4.3 Fair value estimation

Financial assets measured at fair value at the balance sheet date are classified under the following levels, in accordance with the method used for determining their fair value:

• Level 1: for assets and liabilities traded in an active market and whose fair value is determined by the quoted prices (unadjusted) for identical assets or liabilities.

• Level 2: for assets and liabilities whose fair value is determined by factors related to market data, either directly (prices) or indirectly (derived from prices).

• Level 3: for assets and liabilities whose fair value is not based on observable market data, but is mainly based on internal estimates.

The following table presents the carrying values of the Group's financial assets and liabilities measured at amortised cost compared to their fair values:

GROUP	Carrying value		Fair value
Amounts in EUR thousand	30-Sep-18	31-Dec-17	30-Sep-18	31-Dec-17
Financial assets
Financial assets at amortized cost (Financial assets held to maturity at 31.12.2017)	80,555	80,757	80,536	81,192
Financial liabilities
Long-term & short-term borrowings	1,300,605	1,386,623	1,322,131	1,403,724
COMPANY	Carrying value			Fair value
Amounts in EUR thousand	30-Sep-18	31-Dec-17	30-Sep-18	31-Dec-17
Financial liabilities
Long-term & short-term borrowings	246,498	258,801	246,498	258,801

The fair value of current trade and other receivables as well as trade and other payables approximates their carrying values. The fair value of long-term receivables amounts to EUR 122,880 thousand (31.12.2017: EUR 118,409 thousand) while their carrying value amounts to EUR 111,865 thousand. (31.12.2017: 109,051 thousand). The fair value of loans and non-current receivables is determined based on the discounted future cash flows using discounting rates that reflect the current loan interest rate and are included in level 3 of fair value classification.

In the following table are presented the Group's financial assets and liabilities at fair value as of 30 September 2018 and 31 December 2017:

Financial liabilities

All amounts are in thousand euros, except otherwise stated

GROUP

	30 September 2018
	CLASSIFICATION
	LEVEL 1	LEVEL 2	LEVEL 3	TOTAL
Financial assets
Financial assets at fair value through profit or loss	1	-	-	1
Financial assets at fair value through other comprehensive income	7,222	6,793	36,061	50,076
Financial liabilities
Derivatives used for hedging	-	116,074	-	116,074
		31 December 2017
	CLASSIFICATION
	LEVEL 1	LEVEL 2	TOTAL
Financial assets
Financial assets at fair value through profit or loss	1	-	1

The fair value of financial assets traded on active money markets (e.g. derivatives, equities, bonds) is determined on the basis of the published prices prevailing at the balance sheet date. An "active" market exists when there are readily available and regularly reviewed prices which are published by a stock market, money broker, sector, rating organisation or oversight body. These financial instruments are included in level 1. This level includes mainly the investment in a Group operating in the gold mining sector which is listed on the Toronto Stock Exchange and has been classified as a financial asset at fair value through other comprehensive income.

The fair value of financial assets not traded in active money markets (e.g. OTC derivatives) is determined by measurement methods based primarily on available information on transactions carried out in active markets, using the estimates made by the economic entity as little as possible. These financial instruments are included in level 2.

The fair value of mutual funds is determined based on the net assets value of the relevant fund.

Financial assets available for sale 21,595 11,064 32,660

Derivatives used for hedging - 131,936 131,936

If the valuation methods do not rely on available market information, then the financial instruments are classified in level 3.

The following table presents the changes in Group 3 financial assets as at 30 September 2018:

GROUP	30 September 2018
	LEVEL 3
	Non-listed securities	TOTAL
31.12.2017 - Published	-	-
Reclassification of unlisted securities from financial assets at amortized cost to financial assets
at fair value through other comprehensive income	16,213	16,213
Fair value adjustment through Other comprehensive income 01.01.2018	23,222	23,222
01.01.2018 - Restated - IFRS 9	39,435	39,435

GROUP	30 September 2018 LEVEL 3
	Non-listed securities	TOTAL
Change in fair value through other comprehensive income Share capital reduction with share capital return.	(2,982) (392)	(2,982) (392)
At year end	36,061	36,061

Level 3 investments are analysed as follows:

	Fair value of investment at
Non-listed securities:	30.09.2018	Fair value estimation method	Other information
OLYMPIA ODOS S.A.	35,047	Discounting of dividend yield	Cost of capital: 10.8%
			Fair value of equity at
Other investments	1,014	Equity method at fair values	30.09.2018

5 Segment information

At 30 September 2018, the Group mainly operates in 6 business segments:

• Construction & Quarries Wind farms
• Real estate development Environment
• Concessions Other activities

The Chairman, the Managing Director and the other members of the Board of Directors are responsible for making business decisions. Having determined the operating segments, the above persons review the internal financial reports to evaluate the Company's and Group's performance and to make decisions regarding fund allocation. The Board of Directors uses various criteria to evaluate Group activities, which vary depending on the nature, the maturity and special attributes of each field, having regard to risks, current cash needs and information about products and markets.

In Note 29 is presented the business segment in which each Group company operates. The parent company is included in the Other activities segment.

The results for each segment for the nine-month period ending 30 September 2018 are as follows:

		Construction	Real estate		Wind
	Note	& Quarries	development	Concessions	farms	Environment	Other	Total
Total sales per segment		1,103,241	4,912	180,120	42,737	65,822	469	1,397,299
Intra-group sales		(12,671)	-	(266)	-	(2,485)	(256)	(15,678)
Net sales		1,090,569	4,912	179,854	42,737	63,336	213	1,381,621
Operating profit/(loss)		(113,647)	730	60,512	23,002	18,105	(5,484)	(16,782)
Dividend income		-	-	998	-	-	-	998
Share in profit/(loss) from investments accounted for using the equity method		(8,856)	-	1,238	-	6	(4,877)	(12,489)
Finance income	21	784	22	14,596	70	1,912	2	17,386
Finance (expenses)	21	(8,729)	(1,234)	(38,937)	(8,582)	(1,312)	(7,704)	(66,498)
Profit/(loss) before tax		(130,448)	(482)	38,407	14,490	18,711	(18,062)	(77,385)
Income tax	22	(1,230)	(454)	(14,719)	(3,932)	(5,099)	2	(25,432)
Net profit/(loss)		(131,678)	(936)	23,688	10,558	13,612	(18,061)	(102,818)

The results for each segment for the nine-month period ending 30 September 2017 are as follows:

		Construction	Real estate		Wind
	Note	& Quarries	development	Concessions	farms	Environment	Other	Total
Total sales per segment		1,106,539	4,995	163,962	35,219	60,559	406	1,371,681
Intra-group sales		(8,131)	-	(266)	-	(282)	(185)	(8,865)
Net sales		1,098,408	4,995	163,696	35,219	60,277	221	1,362,816
Operating profit/(loss)		(29,643)	94	62,124	17,751	77	(2,807)	47,596
Dividend income		-	-	1,730	-	-	-	1,730
Share in profit/(loss) from investments accounted for using the equity method		-	-	982	-	(1)	(3,476)	(2,495)
Finance income	21	1,076	38	13,347	347	2,419	1	17,227
Finance (expenses)	21	(10,184)	(1,407)	(36,602)	(7,108)	(1,953)	(8,352)	(65,605)
Profit/(loss) before tax		(38,751)	(1,276)	41,580	10,991	542	(14,634)	(1,547)
Income tax	22	(7,592)	(458)	(12,538)	(3,277)	(2,119)	(20)	(26,003)
Net profit/(loss)		(46,343)	(1,733)	29,043	7,713	(1,576)	(14,653)	(27,550)

The operating results for the nine-month period ending 30 September 2018 of the construction sector were charged with losses from projects carried out mainly in Romania due to: a) assumption of liabilities due to partner default, b) reassessment of profitability due to change in the conditions of project implementation and c) adjustments made to the contractual value taking into account the criteria set by IFRS 15 for the recognition of any variable consideration, that is claims for delay/acceleration costs and additional work. The operating results of the comparative period of the construction sector were charged with the loss of the ISF Camp project carried out by the Group through a joint venture in Qatar. An additional loss from the aforementioned project amounting to EUR 18.9 million was charged in 2018 results following the agreement signed by the Group to withdraw from the joint venture (note 13).

The assets of each segment are as follows:

	Construction & Quarries	Real estate development	Concessions	Wind farms	Environment	Other	Total
Total assets 30.09.2018	1,139,691	129,384	1,492,408	439,256	169,809	53,946	3,424,493
Total assets 31.12.2017	1,223,926	134,061	1,533,218	405,742	167,599	86,209	3,550,756

Intersegment transfers or transactions are conducted under normal commercial terms and conditions that would also apply to independent third parties.

The Group has also expanded its activities abroad (note 1). Total sales are geographically allocated as follows:

	Sales
	1-Jan to
	30-Sep-18	30-Sep-17
Greece	787,226	823,891
Other European countries	141,438	190,069
Gulf countries – Middle East	200,536	218,306
Americas	112,253	122,851
Africa	642	7,699
Australia	139,526	-
	1,381,621	1,362,816

Out of the sales carried out in Greece, EUR 347,932 thousand for Q3 2018 and EUR 341,330 thousand for Q3 2017 were sales to the Greek Public Sector, including public utility companies, municipalities etc.

6 Intangible assets & Concession Right

6a Intangible assets

	GROUP
Note	Software	Goodwill	Licenses	Other	Total
Cost
1 January 2017	5,494	44,024	23,053	3,355	75,926
Foreign exchange differences	101	(2)	-	-	99
Acquisition/absorption of subsidiary	-	6	-	-	7
Additions	125	-	-	29	154
Disposal of subsidiaries	(22)	1	-	-	(22)
Write-offs	(28)	-	-	-	(28)
30 September 2017	5,669	44,028	23,053	3,384	76,135
Foreign exchange differences	81	(2)	-	-	79
Additions	91	-	-	1	92
Disposal of subsidiaries	20	-	(961)	-	(941)
Write-offs	(38)	-	-	(75)	(114)
31 December 2017	5,822	44,027	22,093	3,310	75,251
1 January 2018	5,822	44,027	22,093	3,310	75,251
Foreign exchange differences	13	-	-	-	13

				GROUP
	Note	Software	Goodwill	Licenses	Other	Total
Acquisition of subsidiary		-	-	9,550	-	9,550
Additions		211	-	-	102	313
Reclassification to held for sale		(35)	-	-	-	(35)
Write-offs		(3)	-	-	-	(3)
Transfer from PPE		345	-	-	-	345
30 September 2018		6,353	44,027	31,643	3,412	85,434
Accumulated amortization
1 January 2017		(4,982)	(1)	(6,476)	(1,883)	(13,342)
Foreign exchange differences		(110)	-	-	-	(110)
Amortization for the period	19	(199)	-	(318)	(8)	(525)
Sales		22	-	-	-	22
Write-offs		28	-	-	-	28
30 September 2017		(5,240)	(1)	(6,794)	(1,891)	(13,926)
Foreign exchange differences		(81)	-	-	-	(81)
Amortization for the period		(62)	-	(123)	(3)	(189)
Adjustment of value due to amendment to the concession agreement		-	(708)	-	-	(708)
Sales		(20)	-	-	-	(20)
Write-offs		(1)	-	-	9	8
31 December 2017		(5,404)	(709)	(6,917)	(1,886)	(14,915)
1 January 2018		(5,404)	(709)	(6,917)	(1,886)	(14,915)
Foreign exchange differences		(19)	-	-	-	(19)
Amortization for the period	19	(167)	-	(453)	(9)	(630)
Write-offs		(2)	-	-	-	(2)
Transfer from/to PPE		(345)	-	-	-	(345)
30 September 2018		(5,937)	(709)	(7,371)	(1,895)	(15,911)
Net book value at 31 December 2017		418	43,318	15,175	1,424	60,336
Net book value at 30 September 2018		416	43,318	24,272	1,517	69,524

The additions amounting to EUR 9,550 thousand concern the licenses of the EASTERN ASKIO MAESTROS ENERGY S.A. and WESTERN ASKIO ENERGY S.A. wind farms, acquired in the 1st quarter of 2018. The value of licenses also includes the deferred tax recognized on acquisition.

The parent company has no intangible assets.

6b Concession Right

GROUP

	Note	Concession rights
Cost
1 January 2017		1,189,469
Additions		873
30 September 2017		1,190,341
Additions		39
31 December 2017		1,190,381
1 January 2018		1,190,381
Additions		756
30 September 2018		1,191,137

	Note	Concession rights
Accumulated amortization
1 January 2017		(560,206)
Amortization for the period	19	(47,268)
30 September 2017		(607,474)
Amortization for the period		(15,903)
31 December 2017		(623,377)
1 January 2018		(623,377)
Amortization for the period	19	(47,272)
30 September 2018		(670,649)
Net book value at 31 December 2017		567,003
Net book value at 30 September 2018		520,488

The Concession right as at 30.09.2018 mainly comes from subsidiaries ATTIKI ODOS S.A. and MOREAS S.A. The change in the value of the Concession right in the current period is primarily due to the amortization for the period.

7 Financial assets at fair value through other comprehensive income & Financial assets held for sale

Financial assets at fair value through other comprehensive income (IFRS 9)

		GROUP
	Note	30-Sep-18	31-Dec-17*
At the beginning of the year - Restated IFRS 9	2.4	72,095	-
Additions		1,058	-
(Disposals)		(4,900)	-
Share capital reduction with share capital return.		(392)	-
Fair value adjustment through Other comprehensive income: increase/(decrease)		(17,785)	-
At year end		50,076	-
Non-current assets		47,707	-
Current assets		2,370	-
		50,076	-

Financial assets at fair value through other comprehensive income comprise the following:

	GROUP
Listed securities:	30-Sep-18	31-Dec-17
Shares – Greece (in EUR)	1,245	-
Shares – International (in CAD)	5,977	-
Non-listed securities:
Shares – Greece (in EUR)	36,061	-
Money Market Funds - International (in EUR)	6,793	-
	50,076	-

*At 31.12.2017 these shareholdings were classified as financial assets available for sale (note 7b).

The parent company does not hold any financial assets at fair value through other comprehensive income.

The Group adopted the new IFRS 9 at 1 January 2018. The impact of the adjustments that arose from the application of the new standard was recognized directly in equity at 1 January 2018.

Financial assets that the Group had classified as available for sale under IAS 39 of EUR 16,213 thousand at 31.12.2017, which are composed of unlisted securities in Greece and are measured at cost, were classified and measured at their fair value through other comprehensive income. At 01.01.2018, the aforementioned unlisted securities were adjusted to fair value in accordance with IFRS 9 by EUR 23,222 thousand. (note 2.4).

At 30.09.2018, out of the balance of "Disposals" line item, EUR 4,900 thousand relates to the disposal of low risk mutual funds.

"Fair value adjustment through other comprehensive income" is mainly attributable to the valuation of the Group's shareholding in mines and in OLYMPIA ODOS S.A.

7b Available-for-sale financial assets (IAS 39)

	GROUP
	30-Sep-18	31-Dec-17
At the beginning of the period	-	82,053
Additions	-	6,139
(Disposals)	-	(10,087)
Impairment through the Income Statement	-	(26,922)
Fair value adjustment through Other comprehensive income: increase/(decrease)	-	(2,311)
At year end	-	48,873
Non-current assets	-	41,384
Current assets	-	7,489
	-	48,873

Available-for-sale financial assets at 31.12.2017 are analysed as follows:

GROUP
30-Sep-18	31-Dec-17
-	2,731
-	18,591
-	273
-	16,213
-	11,064
-	48,873

At 31.12.2017, out of the amount of "Additions", EUR 6,139 thousand mainly relates to the purchase of low risk mutual funds, and out of the amount of "Disposals", EUR 10,087 thousand relates to the sale of part of them. In the line "Impairment", the amount of EUR 26,922 thousand mainly relates to the impairment of the interest held in mining companies and "Adjustment to fair value through Other Comprehensive Income" was mainly due to the valuation of the aforementioned interest held.

8 Financial assets at amortised cost & Financial assets held to maturity

8a Financial assets at amortized cost

Financial assets at amortized cost are as follows:

	GROUP
	30-Sep-18	31-Dec-17*
Listed securities - Bonds
EFSF bond at 1.25% with maturity on 22.01.2019	25,101	-
EIB bond at 0.125% with maturity on 15.04.2025	1,201	-
EFSN bond at 0.200% with maturity on 28.04.2025	4,805	-
EIB bond at 0.25% with maturity on 15.10.2020	22,078	-
EFSF bond at 0.1% with maturity on 19.01.2021	15,577	-
EIB bond at 0.375% with maturity on 15.03.2022	6,278	-
OPAP S.A. bond at 3.50% with maturity on 22.03.2022	1,528	-
MOTOR OIL S.A. bond at 3.375% with maturity on 01.04.2022	3,486	-
SYSTEMS SUNLIGHT S.A. bond at 4.25% with maturity on 20.06.2022	500	-
Total	80,555	-

The change in financial assets at amortised cost is presented in the table below:

	GROUP
	30-Sep-18	31-Dec-17*
At the beginning of the period	80,757	-
(Amortization of premium)	(203)	-
At end of year	80,555	-
Non-current assets	55,454	-
Current assets	25,101	-
Total	80,555	-

*At 31.12.2017 these financial assets were classified as Financial assets held to maturity (note 8b).

Out of the total amount of financial assets at amortized cost ATTIKI ODOS SA owns EUR 69,034 thousand and AKTOR CONCESSIONS SA EUR 11,520 thousand.

The amortization of bond premiums of EUR 203 thousand has been recognised in the Income Statement for the period in the line 'Finance income'.

The maximum exposure to credit risk at 30.09.2018 is up to the carrying value of such financial assets. Financial assets held to maturity are denominated in euro. The parent Company does not hold any financial assets at amortized cost.

8b Financial assets held to maturity

Financial assets held to maturity include the following:

	GROUP
	30-Sep-18	31-Dec-17
Listed securities - Bonds
EFSF bond at 1.25% with maturity on 22.01.2019	-	25,103
EIB bond at 0.125% with maturity on 15.04.2025	-	1,203
EFSN bond at 0.200% with maturity on 28.04.2025	-	4,813
EIB bond at 0.25% with maturity on 15.10.2020	-	22,189
EFSF bond at 0.1% with maturity on 19.01.2021	-	15,631
EIB bond at 0.375% with maturity on 15.03.2022	-	6,306
OPAP S.A. bond at 3.50% with maturity on 22.03.2022	-	1,528
MOTOR OIL S.A. bond at 3.375% with maturity on 01.04.2022	-	3,483
SYSTEMS SUNLIGHT S.A. bond at 4.25% with maturity on 20.06.2022	-	500
Total	-	80,757

The change in financial assets at amortised cost is presented in the table below:

		GROUP
	30-Sep-18	31-Dec-17
At the beginning of the period	-	103,767
Additions	-	5,508
(Maturities)	-	(28,100)
(Amortization of premium)	-	(417)
At end of year	-	80,757
Non-current assets	-	80,757
Total	-	80,757

Out of the total amount of financial assets held to maturity, ATTIKI ODOS S.A. owns EUR 69,230 thousand and AKTOR CONCESSIONS S.A. EUR 11,528 thousand. The amortization of bond premiums of EUR 417 thousand had been recognised in the Income Statement for the period in the line 'Finance income'.

9 State financial contribution (IFRIC 12)

	Note	GROUP
		30-Sep-18	31-Dec-17
At the beginning of the period		277,890	293,407
Increase of receivables		4,469	6,799
Collection of receivables		(15,754)	(40,924)
Unwinding of discount	21	14,095	18,608
At year end		280,700	277,890
Non-current assets		231,986	241,851
Current assets		48,714	36,040
		280,700	277,890

'State financial contribution (IFRIC 12)' includes receivables relating to the initial Financial Distribution, the Maximum Operating Subsidy and the potential Additional Operating Subsidy for the concession project of

MOREAS S.A., as well as the Guaranteed Receipt from DIADYMA for the project of EPADYM S.A. The State financial contribution is measured at amortized cost at 30.09.2018 and 31.12.2017. IFRS 9 application does not affect the method of measurement.

Out of the total amount of the State financial contribution, the amount of EUR 239,982 th. relates to MOREAS S.A. (31.12.2017: EUR 238,041) and the amount of EUR 40,718 th. relates to EPADYM S.A. (31.12.2017: EUR 39,849 th.).

The unwinding of discount is included in Finance income/(expenses) in line "Unwinding of financial contribution discount".

10 Trade and other receivables

		GROUP		COMPANY
	Note	30-Sep-18	31-Dec-17*	30-Sep-18	31-Dec-17
Trade receivables		344,074	387,362	205	254
Trade receivables – Related parties	26	14,689	31,363	1,489	864
Less: Provision for impairment		(40,846)	(26,859)	-	-
Trade receivables – Net		317,918	391,866	1,695	1,118
Income tax prepaid		6,350	6,966	-	-
Loans granted to related parties	26	83,265	78,769	119	101
Time deposits over 3 months		27,000	-	-	-
Other receivables		287,049	276,514	1,126	1,202
Other receivables - Related parties	26	6,055	13,886	12,299	4,296
Less: Other receivable impairment provisions		(37,463)	(14,170)	(425)	-
Total		690,174	753,830	14,815	6,717
Amounts due from construction contracts		-	268,604	-	-
Contractual assets		299,016	-	-	-
Accrued income		-	6,011	-	95
Total		299,016	274,615	-	95
Total trade and other receivables		989,190	1,028,445	14,815	6,812
Non-current assets		111,865	109,051	24	24
Current assets		877,325	919,394	14,791	6,788
		989,190	1,028,445	14,815	6,812

As regards construction contracts, performance bonds have been provided, for which the Management estimates that no charges will be incurred. The parent company has not entered into any construction contracts.

The account "Other Receivables" is analysed as follows:

	GROUP		COMPANY
	30-Sep-18	31-Dec-17	30-Sep-18	31-Dec-17
Receivables from partners in joint arrangements	21,890	42,072	-	-
Sundry debtors	99,723	76,612	30	24
Greek State (withholding & prepaid taxes & Social security)	83,129	72,952	1,025	1,076
Prepaid expenses	10,734	14,042	69	102
Prepayments to creditors/suppliers	65,976	62,757	3	-

	GROUP		COMPANY
	30-Sep-18	31-Dec-17	30-Sep-18	31-Dec-17
Cheques (post-dated) receivable	5,596	8,080	-	-
	287,049	276,514	1,126	1,202

Loans to related parties are granted at market terms and in their majority are of floating interest rate.

The movement on provision for impairment of trade receivables is shown in the following table:

		GROUP
Balance at 1 January 2017		34,134
Receivables written-off during the period		(1,895)
Foreign exchange differences		(197)
Balance at 30 September 2017		32,042
Provision for impairment - cost during the period		314
Receivables written-off during the period		(5,463)
Foreign exchange differences		(34)
Balance at 31 December 2017		26,859
IFRS 9 adjustment	2.4	4,950
Balance at 1 January 2018 - Restated according to IFRS 9		31,810
Provision for impairment - cost during the period		9,859
Receivables written-off during the period		(922)
Foreign exchange differences		99
Balance at 30 September 2018		40,846

No arrears have been recorded for Other receivables in relation to the contractual terms. Nevertheless, the Group has identified certain receivables that involve credit risk, for which it has formed provisions. The parent company has not formed any provision for impairment of trade receivables.

The movement in the provision for impairment of Other Receivables is presented in the following table:

	GROUP	COMPANY
Balance at 1 January 2017	20,887	-
Receivables written-off during the period	(695)
Discount	(96)
Balance at 30 September 2017	20,096	-
Provision for impairment - cost during the period	1,581
Receivables written-off during the period	(7,476)
Discount	(32)
Balance at 31 December 2017	14,170	-
Provision for impairment - cost during the period	23,297	425
Discount	(4)	-
Balance at 30 September 2018	37,463	425

Impairment provisions for Trade and other receivables do not include receivables from related parties.

Receivables from the Greek State are analysed as follows:

		GROUP			COMPANY
	Note	30-Sep-18	31-Dec-17	30-Sep-18	31-Dec-17
Trade receivables - Public sector		92,255	87,515	-	-
Retentions receivable from the Greek State Receivables from construction contracts with the		2,203	1,854	-	-
Greek public sector		53,514	37,674	-	-
Refundable tax and social contributions		57,371	52,436	1,025	1,076
State financial contribution	9	280,700	277,890	-	-
		486,044	457,369	1,025	1,076

11 Restricted cash

		GROUP
	30-Sep-18	31-Dec-17
Non-current assets	27,353	12,258
Current assets	45,178	34,086
	72,531	46,344

The largest part of restricted cash is held by MOREAS S.A. amounting to EUR 20,898 th., ELTECH ANEMOS S.A. amounting to EUR 15,223 thousand (31.12.2017: EUR 13,302 thousand), ATTIKI ODOS S.A. amounting to EUR 14,179 thousand (31.12.2017: EUR 13,882 thousand), AKTOR S.A. amounting to EUR 8,243 thousand (31.12.2017: EUR 8,687 thousand) and YIALOU S.A. amounting to EUR 6,501 thousand (31.12.2017: EUR 6,817 thousand).

Restricted cash in cases of self-financed or co-financed projects (e.g. Attica Tollway and Moreas, wind parks, environmental management projects, etc.) concern accounts used for the repayments of short-term instalments of long-term loans or reserve accounts. Restricted cash may also refer to bank deposits which are used as collateral for the issuance of Letters of Guarantee by international credit institutions that are highly rated by International Credit Rating Houses.

The parent company has no restricted cash.

12 Cash and cash equivalents

		GROUP		COMPANY
	30-Sep-18	31-Dec-17	30-Sep-18	31-Dec-17
Cash in hand	1,570	1,605	1	1
Sight deposits	187,218	323,353	1,342	685
Time deposits	184,826	185,152	-	-
Total	373,614	510,110	1,342	686

The balance of cash and cash equivalents at a consolidated level mainly comes from ATTIKI ODOS S.A. by the amount of EUR 174,338 thousand (31.12.2017: EUR 194,376 thousand), AKTOR S.A. joint ventures by the amount of EUR 34,424 thousand (31.12.2017: EUR 44,996 thousand), AKTOR S.A. by the amount of EUR 22,229 thousand (31.12.2017: EUR 98,963 thousand) and AKTOR CONCESIONS S.A. by the amount of EUR 21,022 thousand (31.12.2017: EUR 34,999 thousand).

The balance of time deposits at a consolidated level mainly comes from ATTIKI ODOS S.A. by the amount of EUR 135,275 thousand (31.12.2017: EUR 155,449 thousand).

Time deposit interest rates are determined through negotiation with selected credit institutions with reference to interbank Euribor rates with similar to the Group's periods of investment (e.g. week, month etc.).

13 Held-for-sale assets

Current assets classified as held for
sale	GROUP		COMPANY
	30-Sep-18	31-Dec-17	30-Sep-18	31-Dec-17
At the beginning of the period	13,450	-	13,450	-
Transfer from Investments in associates	-	37,126	-	32,027
(Impairment of investment in associate)	-	(23,676)	-	(18,577)
(Disposals)	(13,450)	-	(13,450)	-
Transfer from assets	91,919	-	-	-
At year end	91,919	13,450	-	13,450

Liabilities directly related to assets

classified as held for sale	GROUP		COMPANY
	30-Sep-18	31-Dec-17	30-Sep-18	31-Dec-17
At the beginning of the period	-	-	-	-
Transfer from liabilities	123,250	-	-	-
At year end	123,250	-	-	-

At 13 June 2018, the Group's Management agreed with its partner in the Aktor-Al Jaber JV, based in Qatar, to withdraw its subsidiary AKTOR from the joint venture and the ISF Camp project. As a result of the aforementioned agreement, the results of the period were charged with a loss of EUR 18.9 million. The total loss from the Group's participation in the said project amounted to EUR 58.9 million, which has already been charged to Group results and equity. Under IFRS 5, the ISF was classified as held for sale.

According to IFRS 5, the financial assets and liabilities of the above holding are presented as non-current assets held for sale and are presented in detail below:

	30-Sep-18
ASSETS
Property, plant and equipment & intangible assets	534
Other non-current receivables	7,931
Inventories	5,136
Trade and other receivables	74,093
Cash and cash equivalents	4,225
Total assets	91,919
LIABILITIES
Trade and other payables	63,289
Borrowings	59,961
Total liabilities	123,250

At 31.12.2017, the associate ATHENS RESORT CASINO S.A., for which there was a pre-sale agreement dated 31.12.2017, is presented as a non-current asset held for sale. Its sale was completed in the 1st quarter of 2018. The

company was measured at fair value less cost of sale, which was determined at EUR 13,450 thousand and was lower than its book value. The impairment loss of EUR 23,676 thousand at consolidated level and EUR 18,577 thousand at company level has been recognized in the Income Statement of the 2nd quarter of 2017. The fair value of the company, which was determined based on the memorandum of the sale agreement, is classified under level 3 of the fair value hierarchy.

14 Other reserves

GROUP

	Statutory reserve	Special reserves	Available for-sale reserves	Reserve of financial assets adjustments to fair value through other comprehensive income	FX difference s reserve	Cash flow hedge reserve	Actuarial gains/(loss es) reserve	Other reserves	Total
1 January 2017	61,800	116,045	1,761	-	456	(76,161)	(1,422)	114,432	216,911
Foreign exchange differences	-	-	-	-	(1,106)	-	-	-	(1,106)
Transfer to retained earnings Fair value gains/(losses) on available-for-sale financial	(3)	-	-	-	-	-	-	-	(3)
assets/Cash flow hedge Recycling of reserves in profit/loss	- -	- -	(1,275) 7	- -	- -	9,407 -	- -	- -	8,131 7
30 September 2017	61,797	116,045	493	-	(650)	(66,754)	(1,422)	114,432	223,941
Foreign exchange differences Transfer from/to retained	-	-	-	-	(2,225)	-	-	-	(2,225)
earnings Fair value gains/(losses) on available-for-sale financial	4,598	(1,322)	-	-	-	-	-	-	3,276
assets/Cash flow hedge	-	-	(1,060)	-	-	1,195	-	-	135
Recycling of reserves in profit/loss	-	-	(7)	-	-	-	-	-	(7)
Actuarial gains/(losses)	-	-	-	-	-	-	352	-	352
31 December 2017	66,395	114,723	(574)	-	(2,875)	(65,559)	(1,070)	114,432	225,472
1 January 2018 - Published	66,395	114,723	(574)	-	(2,875)	(65,559)	(1,070)	114,432	225,472
IFRS 9 application impact	-	-	-	17,124	-	-	-	-	17,124
Reclassification	-	-	574	(574)	-	-	-	-	-
1 January 2018 - Restated Foreign exchange	66,395	114,723	-	16,549	(2,875)	(65,559)	(1,070)	114,432	242,595
differences Reclassification of subsidiary to Held for sale	- -	- -	- -	- -	(1,971) (2,800)	- -	- -	- -	(1,971) (2,800)
Transfer from/to retained
earnings Change in fair value of financial assets through other comprehensive	1,960	32,317	-	30	-	-	-	(544)	33,763
income/Cash flow hedge Reclassifications of	-	-	-	(16,551)	-	5,671	-	-	(10,881)
reserves	-	1,102	-	-	-	-	-	(1,102)	-
Other	-	-	-	-	-	-	-	(6)	(6)
30 September 2018	68,355	148,142	-	28	(7,646)	(59,888)	(1,070)	112,780	260,701

COMPANY

	Statutory reserve	Special reserves	Actuarial gains/(losses) reserve	Other reserves	Total
1 January 2017	18,260	33,770	(19)	3,910	55,920
30 September 2017	18,260	33,770	(19)	3,910	55,920
Actuarial gains/(losses)	-	-	(3)	-	(3)
31 December 2017	18,260	33,770	(22)	3,910	55,918
1 January 2018	18,260	33,770	(22)	3,910	55,918
Other	-	-	-	(6)	(6)
30 September 2018	18,260	33,770	(22)	3,904	55,912

15 Borrowings

	Note	GROUP		COMPANY
		30-Sep-18	31-Dec-17	30-Sep-18	31-Dec-17
Long-term borrowings
Bank borrowings		188,189	200,307	-	-
Finance lease liabilities		1,571	2,867	-	-
Bond loans		939,385	972,436	202,648	214,951
Loans from related parties	26	-	-	43,850	43,850
Total non-current borrowings		1,129,145	1,175,609	246,498	258,801
Current borrowings
Bank overdrafts		9,155	4,650	-	-
Bank borrowings		102,193	154,005	-	-
Bond loans		58,278	50,091	-	-
Finance lease liabilities		1,824	2,266	-	-
Loans from related parties		10	-	-	-
Total current borrowings		171,460	211,014	-	-
Total borrowings		1,300,605	1,386,623	246,498	258,801

The decrease in short-term bank borrowings by EUR 59,961 thousand is a result of the reclassification of the Group's participation in the ISF Camp project as Held for sale (Note 13).

Total borrowings include amounts of non-recourse subordinated debt to the parent of the total amount of EUR 524.7 million (31.12.2017: EUR 545.1 million) from concession companies and specifically EUR 49.2 million (31.12.2017: EUR 64.0 million) from ATTIKI ODOS S.A. and EUR 475.5 million (31.12.2017: EUR 481.1 million) from MOREAS S.A.

	GROUP
	30-Sep-18	31-Dec-17
Long-term borrowings
Loans - corporate	646,274	669,632
Loans - without recourse	482,871	505,977
Total non-current borrowings	1,129,145	1,175,609

	GROUP
	30-Sep-18	31-Dec-17
Current borrowings
Loans - corporate	129,598	171,882
Loans - without recourse	41,862	39,132
Total current borrowings	171,460	211,014
Total borrowings	1,300,605	1,386,623

Exposure to changes in interest rates and the dates of repricing are set out in the following table:

GROUP

	FIXED			FLOATING INTEREST RATE
	INTEREST RATE	up to 6 months	6-12 months	Total
31 December 2017
Total borrowings	309,216	711,910	26,369	1,047,495
Effect of interest rate swaps	339,127	-	-	339,127
	648,343	711,910	26,369	1,386,623
30 September 2018
Total borrowings	221,775	719,545	27,364	968,684
Effect of interest rate swaps	331,921	-	-	331,921
	553,695	719,545	27,364	1,300,605

COMPANY

	FLOATING INTEREST RATE
	up to 6 months	Total
31 December 2017
Total borrowings	258,801	258,801
	258,801	258,801
30 September 2018
Total borrowings	246,498R	246,498
	246,498	246,498

The maturities of long-term borrowings are as follows:

	GROUP		COMPANY
	30-Sep-18	31-Dec-17	30-Sep-18	31-Dec-17
Between 1 and 2 years	152,018	103,190	22,141	11,836
2 to 5 years	434,308	387,327	163,730	116,204
Over 5 years	542,819	685,092	60,628	130,761
	1,129,145	1,175,609	246,498	258,801

In addition, on 30.09.2018, ELLAKTOR had issued company guarantees amounting to EUR 296.4 million (31.12.2017: EUR 263.4 million) for companies in which the parent company has investments, mainly to ensure bank credit facilities or credit from suppliers.

Finance lease liabilities, included in the above tables, are analysed as follows:

	GROUP
	30-Sep-18	31-Dec-17
Finance lease liabilities – minimum lease payments
Up to 1 year	1,950	2,468
1 to 5 years	1,606	2,808
Over 5 years	119	298
Total	3,676	5,574
Less: Future finance costs of finance lease liabilities	(280)	(441)
Present value of finance lease liabilities	3,395	5,133

The present value of finance lease liabilities is analyzed below:

	GROUP
	30-Sep-18	31-Dec-17
Up to 1 year	1,824	2,266
1 to 5 years	1,571	2,808
Over 5 years	-	59
Total	3,395	5,133

The parent company has no finance lease liabilities.

16 Trade and other payables

The Company's liabilities from its trading activities are free of interest.

		GROUP		COMPANY
	Note	30-Sep-18	31-Dec-17*	30-Sep-18	31-Dec-17
Trade payables		247,225	216,763	290	96
Accrued expenses		61,447	74,572	436	109
Social security and other taxes		50,511	96,100	461	715
Prepayment for operating leases		625	720	-	-
Other payables		412,162	395,168	2,458	5,327
Total liabilities – Related parties	26	1,755	2,755	9,478	8,008
Total		773,726	786,078	13,123	14,255
Liabilities from construction contracts		-	81,951	-	-
Contractual obligations		63,363	-	-	-
Total		63,363	81,951	-	-
		837,089	868,029	13,123	14,255
Non-current		12,095	11,029	9,316	7,844
Current		824,994	856,999	3,806	6,411
Total		837,089	868,029	13,123	14,255

"Other Liabilities" are analysed as follows:

	GROUP		COMPANY
	30-Sep-18	31-Dec-17	30-Sep-18	31-Dec-17
Other creditors	72,060	64,273	1,814	5,021
Advances from customers	141,751	140,075	-	-
Liabilities to subcontractors	173,642	165,088	371	173
Payables to joint arrangements	4,574	5,187	-	-
Payments for services provided and employee benefits payable	20,134	20,544	273	133
	412,162	395,168	2,458	5,327

17 Provisions

GROUP

	Provision for heavy maintenance	Provision for landscape restoration	Provision for unaudited tax years	Other provisions	Total
1 January 2017	124,244	1,788	2,174	59,008	187,214
Additional provisions for the period	4,516	59	-	5,016	9,592
Disposal of subsidiary	-	(80)	(35)	-	(115)
Unused provision amounts reversed	-	-	(395)	(1,505)	(1,900)
Used provisions for the period	(2,775)	-	-	(465)	(3,239)
30 September 2017	125,986	1,768	1,744	62,055	191,552
Additional provisions for the period	(1,115)	135	-	1,462	482
Unused provision amounts reversed	(25,810)	-	295	(1,079)	(26,594)
Used provisions for the period	(860)	-	(295)	(41,546)	(42,701)
31 December 2017	98,200	1,903	1,744	20,892	122,739
1 January 2018	98,200	1,903	1,744	20,892	122,739
Additional provisions for the period	9,922	240	-	2,516	12,678
Unused provision amounts reversed	-	-	(60)	(4,185)	(4,245)
Foreign exchange differences	-	-	-	1	1
Used provisions for the period	(2,621)	-	-	(4,939)	(7,560)
30 September 2018	105,501	2,143	1,684	14,286	123,613

COMPANY

	Provision for unaudited tax years	Total
1 January 2017	180	180
30 September 2017	180	180
31 December 2017	180	180
1 January 2018	180	180
30 September 2018	180	180

	GROUP	COMPANY
Analysis of total provisions:	30-Sep-18	31-Dec-17	30-Sep-18	31-Dec-17
Non-current	107,772	103,470	180	180
Current	15,841	19,269	-	-
Total	123,613	122,739	180	180

The provision for Heavy Maintenance on 30.09.2018 concerns the concession contracts of ATTIKI ODOS S.A. for the amount of EUR 97,782 thousand (31.12.2017: EUR 96,299 thousand) and MOREAS S.A. for the amount of EUR 7,720 thousand (31.12.2017: EUR 1,902 thousand). In the second half of 2017 a review of the heavy maintenance provision of ATTIKI ODOS S.A. was carried out and according to the revision of the estimates a reversal of the provision of EUR 25,810 thousand was recognised, which had a positive effect on the result of the period in Cost of Sales.

Additional provisions for Q3 2017 include the provision for payment by the subsidiary REDS S.A. of a special contribution under Law 2947/2001, which, according to the Municipality of Pallini, amounts to EUR 750 thousand. The obligation for payment of the above amount by the subsidiary of the Group will be finally heard before the Council of State following the appeal filed by the company against judgment 327/2017 of the Athens Administrative Court of Appeal.

By the arbitral decision of 12.05.2017, the subsidiary HELECTOR S.A., as member of the joint venture, was ordered to pay a penalty clause of EUR 6,293 thousand. Out of the total amount, EUR 3,843 thousand was recognised in financial year 2017 while for the remaining amount (EUR 2,450 thousand) a provision had been recognised in a previous financial year. An action for annulment has been brought against the above-mentioned judgment before the Athens Court of Appeal.

The Group had previously recognized a provision for the potential risk of termination of the concession agreement of the subsidiary company HELECTOR-CYBARCO with the Cypriot State. Within the first half of 2018, the subsidiary signed an additional agreement concerning the project "Koshi Integrated Waste Management Facility". Based on the Supplementary Agreement, a loss of EUR 3,815 thousand was incurred against which the Group used part of the provision it had recognised in the past. The amount of EUR 4,185 thousand was reversed in the period.

In addition to the above amounts, the balance of Other provisions of EUR 14,286 thousand also includes provisions relating to estimated payables for benefits of personnel working on construction projects abroad as well as provisions for contingencies in the context of the Group's operations.

With regard to long-term provisions and particularly the provision for heavy maintenance of ATTIKI ODOS S.A., which represents the largest portion, the schedule of outflows ends in 2024 that is the year in which the company's concession contract expires. The remaining provisions are expected to be allocated to outflows within a period from 1 to 3 years.

18 Derivative financial instruments

As shown in the following table, long-term payables pertain to MOREAS S.A. to the amount of EUR 125,619 thousand (31.12.2017: EUR 130,336 thousand).

	GROUP
	30-Sep-18	31-Dec-17
Non-current liabilities
Interest rate swaps for cash flow hedging	116,074	131,936
Total	116,074	131,936
Total liabilities	116,074	131,936

	GROUP
	30-Sep-18	31-Dec-17
Information for interest rate swaps
Notional value of interest rate swaps	346,577	358,773
Fixed rate	1.73%-4.9%	1.73%-4.9%
Floating rate	Euribor	Euribor

The cash flow hedge portion deemed ineffective and recognised in the income statement represents a profit of EUR 897 thousand for Q3 2018 and a loss of EUR 1,142 thousand for Q3 2017 (note 21). Gains or losses from interest rate swaps recognised as of 30 September 2018 in cash flow hedging reserves in Equity will be recognised in the Income Statement during the repayment of the loans.

19 Expenses by category

GROUP

	1-Jan to 30-Sep-18			1-Jan to 30-Sep-17
	Note	Cost of sales	Distribution costs	Administrative expenses	Total	Cost of sales	Distribution costs	Administrative expenses	Total
Employee benefits		169,336	764	17,432	187,532	205,513	791	16,540	222,844
Cost of inventories
used Depreciation		357,606	2	247	357,855	330,434	19	344	330,796
of PPE Amortization		28,908	6	1,973	30,887	31,002	7	817	31,826
of intangible	6a,
assets Depreciation	6b	47,788	3	111	47,902	47,672	3	119	47,794
of investment property Depreciation of		811	-	299	1,110	756	-	313	1,069
prepayments for long-term leases		660	-	-	660	-	-	-	-
PPE repair and maintenance
expenses Operating		14,536	-	583	15,119	14,155	-	270	14,425
lease payments Third party		35,557	409	1,472	37,437	46,256	487	1,567	48,310
fees Subcontractor fees		147,187	1,757	20,512	169,457	165,510	1,402	15,609	182,520
(including insurance contributions
for subcontractor
personnel)		435,942	-	170	436,112	361,059	-	239	361,298
Other		91,190	648	7,512	99,351	57,039	668	7,079	64,785
Total		1,329,520	3,590	50,312	1,383,421	1,259,395	3,377	42,895	1,305,667

COMPANY

	1-Jan to 30-Sep-18		1-Jan to 30-Sep-17
	Administrative expenses	Total	Administrative expenses	Total
Employee benefits	810	810	605	605
Depreciation of PPE Amortization of	45	45	32	32
intangible assets Depreciation of	1	1	-	-
investment property PPE repair and	336	336	326	326
maintenance expenses	1	1	2	2
Third party fees	2,135	2,135	1,119	1,119
Other	948	948	691	691
Total	4,276	4,276	2,775	2,775

20 Other income & other gains/(losses)

		GROUP		COMPANY
	Note	1-Jan to			1-Jan to
		30-Sep-18	30-Sep-17	30-Sep-18	30-Sep-17
Other Income
Income from investments & securities		2,415	1,425	-	-
Amortisation of grants		3,271	2,842	-	-
Rental income		4,785	5,399	1,511	1,604
Revenues from concession of rights (for concession companies)		527	398	-	-
Remuneration from participation in joint operations/joint ventures		2,533	2,013	-	-
Other		289	3,802	6	-
Total other income		13,820	15,879	1,517	1,604
Other gains/(losses) Profit/(loss) from the sale of financial assets categorised as available for sale & other financial assets		-	(61)	-	-
Gain/(loss) from the disposal of subsidiaries		(15)	(580)	-	-
Profit/(loss) from the disposal and liquidation of associates		-	(2)	-	-
Profit/(loss) from the disposal and write-off of tangible assets		(797)	251	-	-
Profit/(loss) from the disposal of investment property		143	-	143	-
Impairment of AFS		-	(15,839)	-	-
Receivables impairment provisions and write-offs		(13,526)	(604)	(425)	3
Unused provision amounts reversed		-	1,505	-	-
Profit/(loss) from foreign exchange differences		1,042	(623)	-	-
Provisions for legal cases and other risks		(4,012)	(4,627)	-	-
Provision for withholding taxes		(10,383)	-	-	-
Other gains/(losses)		(1,255)	(4,852)	(81)	(50)
Total Other gains/(losses)		(28,802)	(25,432)	(362)	(47)
Total		(14,982)	(9,553)	1,155	1,557

In the current period an impairment provision was recognised for withholding tax and the impairment of trade and other receivables mainly for projects abroad.

The amount of EUR 8,384 was charged to comparative Group results as a result of the impairment of the investment in mining companies which is classified as Financial assets at fair value through other comprehensive income (31.12.2017: "Available for sale" according to IAS 39).

21 Finance income/expenses - net

		GROUP		COMPANY
		1-Jan to		1-Jan to
	Note	30-Sep-18	30-Sep-17	30-Sep-18	30-Sep-17
Finance income
Interest income		3,292	2,996	2	-
Unwinding of state financial contribution	9	14,095	14,231	-	-
Total finance income		17,386	17,227	2	-
Financial expenses
Interest expenses from bank loans		(60,892)	(64,684)	(9,159)	(9,891)
Interest expenses related to leases		(302)	(46)	-	-
Interest expenses		(61,194)	(64,730)	(9,159)	(9,891)
Finance cost of provisions for heavy maintenance and
landscape restoration		(6,190)	(2,008)	-	-
Other finance costs		(6,190)	(2,008)	-	-
Net gains/(losses) from the translation of borrowings
denominated in foreign currency		(11)	(10)	-	-
Profit/(loss) from interest rate swaps for cash flows hedging
– Transfer from reserve	18	897	1,142	-	-
		886	1,132	-	-
Total finance expenses		(66,498)	(65,605)	(9,159)	(9,891)

22 Income tax

Income tax included in the interim income statement is analysed as follows:

		GROUP
	1-Jan to		1-Jan to
	30-Sep-18	30-Sep-17	30-Sep-18	30-Sep-17
Income tax for the period	35,373	40,469	-	-
Deferred tax	(9,941)	(14,466)	(11)	1
Total	25,432	26,003	(11)	1

Income tax for the period is calculated using the applicable tax rates.

Deferred tax is calculated based on temporary differences by using the tax rate applicable in the countries where the Group companies operated at 30.09.2018. Most of the deferred tax has resulted from the different amortization of intangible assets and from amounts due to customers for contract work.

The actual tax rate applicable to the Group is notably different from the nominal rate, as Group companies have recognised tax losses for which no deferred tax assets are recognised as well as significant non-deductible expenses.

23 Earnings per share

		GROUP
	1-Jan to		1-Jul to
	30-Sep-18	30-Sep-17	30-Sep-18	30-Sep-17
Profit/(loss) attributable to the owners of the parent	(125,263)	(46,477)	(79,538)	(35,571)
Weighted average number of ordinary shares (in thousands)	172,431	172,431	172,431	172,431
Net profit/(loss) after tax per share - basic and adjusted (in EUR)	(0.7264)	(0.2695)	(0.4613)	(0.2063)

	COMPANY
	1-Jan to		1-Jul to
	30-Sep-18	30-Sep-17	30-Sep-18	30-Sep-17
Profit/(loss) attributable to the owners of the parent	20,933	(1,864)	5,912	5,350
Weighted average number of ordinary shares (in thousands)	172,431	172,431	172,431	172,431
Net profit/(loss) after tax per share - basic and adjusted (in EUR)	0.1214	(0.0108)	0.0343	0.0310

24 Dividends per share

The Annual Ordinary General Meeting of Shareholders held on 25.07.2018 decided not to distribute a dividend for the financial year 2017. Similarly, no dividend had been distributed for financial year 2016. Pursuant to article 16(8)(b) of Law 2190/1920, the amount of dividend attributable to treasury shares increases the dividend of other Shareholders. This dividend is subject to withholding tax, in accordance with the applicable tax legislation.

25 Contingent assets and liabilities

(a) Legal proceedings have been initiated against the Group for labour accidents which occurred during the execution of construction projects by companies or joint operations/ventures in which the Group participates. Because the Group is fully insured against labour accidents, no substantial outflows are anticipated as a result of legal proceedings against the Group. Other litigations or disputes referred to arbitration as well as pending court or arbitration rulings are not expected to have a significant effect on the financial position or the operations of the Group or the Company, and for this reason no relevant provisions have been recognised.

(b) Certain municipalities in Attiki and specifically the Municipalities of Aspropyrgos, Acharnes, Fyli, Peania, Mandra, Halandri and Neo Iraklio have imposed cleaning and lighting fees relating to the Attica Tollway roadbed and facilities, municipal tax for electrified areas and related fines for the period from 2002 to 2015, totalling EUR 28,149 thousand. The subsidiary ATTIKI ODOS S.A. has paid the amount of EUR 6,260 thousand. The subsidiary has sought recourse against these municipal cleaning, lighting and electrification charges to the competent ordinary Administrative Courts of Athens, by using the relevant remedies and filing relevant appeals. Delivery of irrevocable rulings on the remedies and appeals is pending. Besides, Article 13 of Law 4337/2015 regulated the matter of municipal fees for cleaning and lighting and explicitly lays down that no municipal duties for cleaning and lighting or relevant fines shall be charged for the road and facilities of ATTIKI ODOS motorway, except duties for which irrevocable court rulings are pending. Moreover, the Ministry of Environment, Urban Planning and Public Works

has granted a certificate according to which Attiki Odos S.A. has no obligation to pay municipal duties for cleaning and lighting nor any electrified area municipal taxes in relation to the motorway.

Other litigations or disputes referred to arbitration as well as pending court or arbitration rulings are not expected to have a significant effect on the financial position or the operations of the Group or the Company, and for this reason no relevant provisions have been recognised.

(c) For financial years 2011 to 2015, all Greek Sociétés Anonymes that are required to prepare audited statutory financial statements should in addition obtain a "Tax Compliance Report", as provided by paragraph 5 of Article 82 of Law 2238/1994 and article 65A of Law 4174/2013, which was issued after a tax audit carried out by the same statutory auditor or audit firm that issued the audit opinion on the statutory financial statements. For financial years from 2016 onwards, the tax audit and the issuance of a "Tax Compliance Report" are optional. The Group has decided to continue to be tax audited by its statutory auditors, which is now optional for the Group's most significant subsidiaries. Is is noted that according to the relevant tax provisions, the State's right to impose taxes for financial years up to 2011 (statute of limitations) expired on 31.12.2017.

Unaudited tax years for consolidated Group companies are disclosed in Note 29. Group tax liabilities for these years have not been finalised yet and therefore additional charges may arise when the relevant audits are performed by tax authorities. The provisions recognized by the Group for unaudited tax years stand at EUR 1,684 thousand and for the parent company at EUR 180 thousand. (note 17). The Company has been tax audited for financial years 2011, 2012 and 2013 according to L.2238/1994 and for financial years 2014 to 2017 according to L.4174/2013 and has received an unqualified tax compliance certificate from PricewaterhouseCoopers S.A.

In note 29, the Group companies marked with an asterisk (*) in the column of unaudited tax years are companies that are established in Greece, are subject to statutory audit by audit firms and have received a tax compliance certificate for the respective tax years.

(d) At 15.06.2016, Helector Cyprus Ltd (a wholly-owned subsidiary of HELECTOR) was indicted for alleged unlawful practices of its former officers in the context of its operation in the Republic of Cyprus. If the company is convicted, penalties (e.g. a fine) will be imposed which are not expected, however, to have a significant impact on the Group's financial position.

(e) The Group has contingent liabilities in relation to banks, other guarantees and other matters that arise from its ordinary business activity and from which no substantial charges are expected to arise.

26 Related party transactions

The total amounts of sales and purchases from the beginning of the year and the balances of receivables and payables at the end of year, as these have arisen from transactions with related parties in accordance with IAS 24, are as follows:

	GROUP		COMPANY 1-Jan to
	1-Jan to
	30-Sep-18	30-Sep-17	30-Sep-18	30-Sep-17
Sales of goods and services	32,460	46,842	2,013	2,040
Sales to subsidiaries	-	-	2,013	2,040
Other operating income	-	-	2,013	2,040
Sales to associates	11,890	6,986	-	-
Sales	9,741	5,826	-	-
Other operating income	2,149	1,160	-	-
Sales to other related parties	20,570	39,857	-	-
Sales	19,359	37,877	-	-
Other operating income	1,211	1,979	-	-

	GROUP		COMPANY
	1-Jan to		1-Jan to
	30-Sep-18	30-Sep-17	30-Sep-18	30-Sep-17
Purchases of goods and services	4,220	5,591	2,072	2,107
Purchases from subsidiaries	-	-	2,072	2,107
Administrative expenses	-	-	75	27
Other operating expenses	-	-	491	491
Financial expenses	-	-	1,506	1,589
Purchases from associates	50	33	-	-
Cost of sales	50	33	-	-
Purchases from other related parties	4,171	5,557	-	-
Cost of sales	4,171	5,557	-	-
Dividend income	998	1,730	33,200	9,245
Key management compensation	4,615	5,301	709	718

		GROUP		COMPANY
	Note	30-Sep-18	31-Dec-17	30-Sep-18	31-Dec-17
Receivables	10	104,010	124,017	13,908	5,260
Receivables from subsidiaries		-	-	13,906	5,259
Trade receivables		-	-	1,488	864
Other receivables		-	-	4,299	4,296
Dividends receivable		-	-	8,000	-
Short-term borrowings		-	-	119	101
Receivables from associates		74,728	70,468	1	1
Trade receivables		5,863	6,660	1	1
Other receivables		5,672	6,844	-	-
Long-term borrowings		63,192	56,964	-	-
Receivables from other related parties		29,282	53,549	-	-
Trade receivables		8,826	24,703	-	-
Other receivables		383	7,042	-	-
Short-term borrowings		8	-	-	-
Long-term borrowings		20,065	21,805	-	-
Payables	16	1,765	2,755	53,328	51,858
Payables to subsidiaries		-	-	53,328	51,858
Trade payables		-	-	1	214
Other payables		-	-	9,478	7,794
Financing – Long-term borrowings	15	-	-	43,850	43,850
Payables to associates		220	448	-	-
Trade payables		220	448	-	-
Payables to other related parties		1,545	2,307	-	-
Trade payables		920	1,430	-	-
Other payables		616	877	-	-
Financing – Long-term borrowings		10	-	-	-
Payables to key management personnel		699	995	350	-

All transactions mentioned above are carried out at arms' length.

27 Other notes

• 1. There are no encumbrances on Group properties, other than mortgage prenotations on the parent company property at 25 Ermou Street, Kifissia, and on properties of the subsidiary YIALOU EMPORIKI & TOURISTIKI S.A., and specifically on building blocks OTE71 and OTE72, at location Yialou, Spata, Attiki, where the mortgage number 29547/01.04.2011 has been underwritten for EUR 42 million, as collateral for the Bond Loan Agreement dated 28.02.2011. A mortgage prenotation has been registered on the properties of the subsidiary KANTZA EMPORIKI S.A. and more specifically on the company's properties in the "Kamba" Estate, amounting to approximately EUR 14.6 million, to secure the Bond Loan Agreement of 29.04.2014 amounting to EUR 10.4 million. Encumbrances also exist on wind turbines of the wind farm segment for the funding of Wind Farms.
• 1. At 30.09.2018 the Company had 23 and the Group 5,850 employees (excluding J/Vs), while at 30.09.2017 they employed 20 and 6,040 people respectively.
• 1. On 29.06.2018, following requests from shareholders each representing more than 5% of the paid up share capital of the company according to article 39 par. 3 of Codified Law 2190/20 as applicable, it was announced that the Ordinary General Meeting on 29.06.2018 decided to postpone the discussion and decision on all the items on the agenda that are included in the revised agenda. It was decided that the Ordinary General Meeting would resume on Wednesday, 25 July 2018 at 12:00 pm at the same location and on the same subjects (not discussed) of the revised agenda.
• 1. At 26 July 2018, ELLAKTOR announced that the Ordinary General Meeting of the shareholders of ELLAKTOR SA, which was held on 25/07/2018, among other things, elected a new Board of Directors with a five-year term and appointed (among them) the Independent Non-Executive Members, in accordance with the provisions of Law 3016/2002, as in force, which was set up as a body on the same date, as follows:
• 1. Georgios Provopoulos, Chairman of the BoD, Non-Executive Member,
• 1. Dimitrios Kallitsantsis, Vice Chairman of the BoD, Non-Executive Member,
• 1. Anastasios Kallitsantsis, Chief Executive Officer, Executive Member
• 1. Iordanis Aivazis, Director, Non-Executive Member,
• 1. Panagiotis Doumanoglou, Director, Non-Executive Member,
• 1. Michail Katounas, Director, Independent Non-Executive Member,
• 1. Alexios Komninos, Director, Independent Non-Executive Member,
• 1. Despina Magdalini Markaki, Director, Independent Non-Executive Member, and
• 1. Eleni Papakonstantinou, Director, Independent Non-Executive Member.
• 1. On 09.08.2018 the contract for the procurement and installation of wind turbines and the contract for their operation and maintenance were signed with Vestas Hellas Wind Technology S.A. concerning the construction of a 36,6 MW wind farm at the location "Eastern Askio" in the Municipality of Voio for the subsidiary EASTERN ASKIO MAESTROS ENERGY SA.
• 1. On 09.08.2018 the contract for the procurement and installation of wind turbines and the contract for their operation and maintenance were signed with Vestas Hellas Wind Technology S.A. concerning the construction of a 40,2 MW wind farm at the location "Western Askio" in the Municipality of Voio for the subsidiary WESTERN ASKIO ENERGY SA.

28 Events after the reporting date

1. On 15.10.2018 the contract for the procurement and installation of wind turbines and the contract for their operation and maintenance were signed with Vestas Hellas Wind Technology S.A. concerning the construction of a 28,8 MW wind farm at the location "Orfeas-Eptadendros" in the Municipality of Arriana and Alexandroupoli for the subsidiary ELLINIKI TECHNODOMIKI ANEMOS S.A.

2. On 27.11.2018 the subsidiary AKTOR CONCESSIONS S.A. acquired 6.5% of the shares of ATTIKI ODOS S.A. and an equal percentage of ATTIKA DIODIA S.A. for the total consideration of EUR 37.5 million. As a result of the above transactions, AKTOR CONCESSIONS S.A. now holds 65.749% of both ATTIKI ODOS S.A. and ATTIKA DIODIA S.A., increasing its shareholding in both of these companies which previously stood at 59.249%.

Interim condensed financial information in accordance with International Accounting Standard 34 for the period from 1 January to 30 September 2018

29Group investments

29.a The companies of the Group which are consolidated under the full consolidation method are:

				% i hel d a t 30 .09. 201 8 nte rest		% o f th e Pa t 31 .12. 201 7 ren
Ref No	CO MP AN Y	CO UN TR Y	BU SIN ESS SE GM EN T	DIR EC T	IND IRE CT	TO TA L	DIR EC T	IND IRE CT	TO TA L	FIN AN CIA L Y EA RS WI TH TA X CO MP LIA NC E C ER TIF ICA TE * & UN AU DIT ED TA X Y EA RS
1	AIF OR IKI DO DE KA NIS OU S.A	GR EEC E	EN VIR ON ME NT		94.4 4	94.4 4		94.4 4	94.4 4	201 2-2 017 *
2	AIF OR IKI KO UN OU S.A	GR EEC E	EN VIR ON ME NT		92.4 2	92.4 2		92.4 2	92.4 2	201 2-2 015 *, 2 016 , 20 17
3	EO LIK A P AR KA MA LEA S.A	GR EEC E	WIN D F AR MS		37. 12	37. 12		37. 12	37. 12	201 2-2 013 *, 2 014 -20 17
4	AE OL IKI KA ND ILIO U S .A.	GR EEC E	WIN D F AR MS		64.5 0	64.5 0		64.5 0	64.5 0	201 2-2 013 *, 2 014 -20 17
5	EO AR PA STO NIO U S .A. LIK I K	GR EEC E	AR MS WIN D F		32.8 9	32.8 9		32.8 9	32.8 9	201 2-2 017 *
6	EO LIK I M OL AO N L AK ON IAS S.A	GR EEC E	WIN D F AR MS		64.5 0	64.5 0		64.5 0	64.5 0	201 2-2 013 *, 2 014 -20 17
7	EO LIK I O LY MP OU EV IAS S.A	GR EEC E	WIN D F AR MS		64.5 0	64.5 0		64.5 0	64.5 0	201 2-2 013 *, 2 014 -20 17
8	EO LIK I PA RN ON OS S.A	GR EEC E	WIN D F AR MS		51.6 0	51.6 0		51.6 0	51.6 0	201 2-2 013 *, 2 014 -20 17
92	EO LO S M AK ED ON IAS S.A .2	GR EEC E	WIN D F AR MS		-	-		-	-	201 2-2 013 *, 2 014 -20 17
10	AL PHA EO LIK I M OL AO N L AK ON IA S.A	GR EEC E	WIN D F AR MS		64.5 0	64.5 0		64.5 0	64.5 0	201 2-2 013 *, 2 014 -20 17
11	AK TO R S .A.	GR EEC E	CO NST RU CTI ON S & QU AR RIE S	95.4 0	4.60	100 .00	95.4 0	4.60	100 .00	201 2-2 017 *
12	AK TO R C ON CES SIO NS S.A	GR EEC E	CO NC ESS ION S	100 .00		100 .00	100 .00		100 .00	201 2-2 017 *
13	AK TO R C ON CES SIO NS S.A . – A RC HIT EC H S .A.	GR EEC E	CO NC ESS ION S		82. 12	82. 12		82. 12	82. 12	201 2-2 017 *
14	AK TO R F M S .A.	GR EEC E	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	201 2-2 017 *
15	AK TO R-T OM I G P	GR EEC E	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	201 2-2 017
16	AN DR OM AC HI S.A	GR EEC E	REA L E STA TE DE VE LO PM EN T	100 .00		100 .00	100 .00		100 .00	201 2-2 015 *, 2 016 , 20 17
17	AN EM OS AT AL AN TIS S.A	GR EEC E	WIN D F AR MS		64.5 0	64.5 0		64.5 0	64.5 0	201 2-2 013 *, 2 014 -20 17
181	EA STE RN AS KIO WI ND PA RK MA EST RO S E NE RG Y SA 1	GR EEC E	WIN D F AR MS		64.5 0	01 64.5		-	-	201 4-2 017
19	STE RIL ISA TIO N S .A.	GR EEC E	EN VIR ON ME NT		56.6 7	56.6 7		56.6 7	56.6 7	201 2-2 013 , 20 14-2 017 *
20	APO TEF RO TIR AS S.A	GR EEC E	EN VIR ON ME NT		61.3 9	61.3 9		61.3 9	61.3 9	201 2-2 017 *
21	AT TIK A D IOD IA S.A	GR EEC E	CO NC ESS ION S		59.2 7	59.2 7		59.2 7	59.2 7	201 2-2 013 *, 2 014 -20 17
22	AT TIK ES DIA DR OM ES S.A	GR EEC E	CO NC ESS ION S		47.4 2	47.4 2		47.4 2	47.4 2	201 2-2 017 *
23	I O DO S S AT TIK .A.	GR EEC E	CO NC ESS ION S		59.2 5	59.2 5		59.2 5	59.2 5	201 2-2 017 *
24	VE AL S.A	GR EEC E	EN VIR ON ME NT		47.2 2	47.2 2		47.2 2	47.2 2	201 2-2 017 *
25	VIO OS AN OS S.A TIK EM	GR EEC E	AR MS WIN D F		64.5 0	64.5 0		64.5 0	64.5 0	201 2-2 013 *, 2 014 -20 17
26	YIA LO U A NA PTY XIA KI S.A	GR EEC E	REA L E STA TE DE VE LO PM EN T	100 .00		100 .00	100 .00		100 .00	201 2-2 015 *, 2 016 , 20 17
27	YIA LO U E MP OR IKI & T OU RIS TIK I S. A.	GR EEC E	REA L E STA TE DE VE LO PM EN T		55.4 6	55.4 6		55.4 6	55.4 6	201 2-2 017 *

ELLAKTOR SA

				% i	nte rest hel d a t 30	.09. 201 8	% o f th e Pa t 31 .12. 201 7 ren
Ref No	CO MP AN Y	CO UN TR Y	SIN ESS SE BU GM EN T	DIR EC T	IND IRE CT	TO TA L	DIR EC T	IND IRE CT	TO TA L	FIN AN CIA L Y EA RS WI TH TA X CO MP LIA NC E C ER TIF ICA TE * & UN AU DIT ED TA X Y EA RS
28	PPC RE NE WA BLE S – ELL INI KI T ECH NO DO MIK I TE V S.A	GR EEC E	WIN D F AR MS		32.9 0	32.9 0		32.9 0	32.9 0	201 2-2 017 *
29	DIE TH NIS AL KI S.A	GR EEC E	REA L E STA TE DE VE LO PM EN T	100 .00		100 .00	100 .00		100 .00	201 2-2 017 *
30	DI- LIT HO S S .A.	GR EEC E	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	201 5-2 017
31	DO AL S.A	GR EEC E	EN VIR ON ME NT		94.4 4	94.4 4		94.4 4	94.4 4	201 2-2 015 *, 2 016 , 20 17
321	.A.1 WE STE RN AS KIO EN ERG Y S	GR EEC E	WIN D F AR MS		64.5 0	01 64.5		-	-	201 7
33	ED AD YM S.A	GR EEC E	EN VIR ON ME NT		94.4 4	94.4 4		94.4 4	94.4 4	201 5-2 017
34	ELI AN A M AR ITIM E C OM PAN Y	GR EEC E	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	201 2-2 017
35	ELL INI KA LA TO ME IA SA	GR EEC E	QU AR RIE S		100 .00	100 .00		100 .00	100 .00	201 2-2 017 *
36	GR EEK NU RSE RIE S S .A.	GR EEC E	OT HE R		50.0 0	50.0 0		50.0 0	50.0 0	201 2-2 015 *, 2 016 , 20 17
37	HE LLE NIC EN ER GY & DE VE LO PM EN T S .A.	GR EEC E	OT HE R	96.2 1	0.37	96.5 7	96.2 1	0.37	96.5 7	201 2-2 013 *, 2 014 -20 17
38	HE LLE NIC EN ER GY & DE VE LO PM EN T - REN EW AB LES S.A	GR EEC E	WIN D F AR MS		64.5 0	64.5 0		64.5 0	64.5 0	201 2-2 013 *, 2 014 -20 17
39	ELL INI KI TEC HN OD OM IKI AN EM OS S.A	GR EEC E	WIN D F AR MS	64.5 0		64.5 0	64.5 0		64.5 0	201 2-2 017 *
40	ELL INI KI TEC HN OD OM IKI EN ER GIA KI S.A	GR EEC E	WIN D F AR MS	100 .00		100 .00	100 .00		100 .00	201 2-2 017 *
41	EPA DY M S .A.	GR EEC E	CO NC ESS ION S/E NV IRO NM EN T		97.2 2	97.2 2		97.2 2	97.2 2	5, 2 016 201 -20 17*
42	HE LEC TO R S .A.	GR EEC E	EN VIR ON ME NT	94.4 4		94.4 4	94.4 4		94.4 4	201 2-2 017 *
43	LEC TO OA L G HE R-D .P.	GR EEC E	ON EN VIR ME NT		94.4 4	94.4 4		94.4 4	94.4 4	201 2-2 017
44	ILIO SAR AN DR AV IDA S S .A.	GR EEC E	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	201 2-2 017
45	IVA IKO S A MO S S .A. TH NE	GR EEC E	AR MS WIN D F		64.5 0	64.5 0		64.5 0	64.5 0	201 2-2 017
46	KA NT ZA S.A	GR EEC E	REA L E STA TE DE VE LO PM EN T	100 .00		100 .00	100 .00		100 .00	201 2-2 013 *, 2 014 -20 17
47	KA NT ZA EM PO RIK I S. A.	GR EEC E	REA L E STA TE DE VE LO PM EN T		55.4 6	55.4 6		55.4 6	55.4 6	15- 201 2-2 014 *,20 201 7
482	KA STO R S A2	GR EEC E	CO NST RU CTI ON S & QU AR RIE S		-	-		-	-	201 0, 2 012 -20 15* , 20 16
492	JV ELT ECH EN ER GIA KI - EL ECT RO ME CH 2	GR EEC E	WIN D F AR MS		-	-		-	-	201 0-2 016
50	J/V HE LEC TO R – CY BA RC O	CY PRU S	EN VIR ON ME NT		94.4 4	94.4 4		94.4 4	94.4 4	200 7-2 016
512	LA MD A T EC HN IKI S.A .2	GR EEC E	CO NST RU CTI ON S & QU AR RIE S		-	-		-	-	201 0, 2 011 -20 15* , 20 16
522	LM N S .A.2	GR EEC E	CO NST RU CTI ON S & QU AR RIE S		-	-		-	-	15* 201 0, 2 011 -20 , 20 16
53	MO REA S S .A.	GR EEC E	CO NC ESS ION S		71.6 7	71.6 7		71.6 7	71.6 7	201 2-2 017 *
54	MO REA S S ERV ICE ST AT ION S S .A.	GR EEC E	CO NC ESS ION S		86.6 7	86.6 7		86.6 7	86.6 7	201 2-2 017 *
55	NE MO MA RIT IME CO MP AN Y	GR EEC E	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	201 2-2 017
56	RO AD TE LEC OM MU NIC AT ION S S .A.	GR EEC E	CO NC ESS ION S		100 .00	100 .00		100 .00	100 .00	201 2-2 015 *, 2 016 , 20 17
57	P& P P AR KIN G S .A.	GR EEC E	CO NC ESS ION S		100 .00	100 .00		100 .00	100 .00	201 2-2 015 *, 2 016 , 20 17

ELLAKTOR SA

				% i t 30 .09. 201 8 nte rest hel d a		% o f th t 31 .12. 201 e Pa 7 ren
Ref No	CO MP AN Y	CO UN TR Y	BU SIN ESS SE GM EN T	DIR EC T	IND IRE CT	TO TA L	DIR EC T	IND IRE CT	TO TA L	AN CIA EA RS TA FIN L Y WI TH X CO MP LIA NC E C ER TIF ICA TE * & AU TA EA RS UN DIT ED X Y
58	PAN TEC HN IKI S.A	GR EEC E	OT HE R	100 .00		100 .00	100 .00		100 .00	201 2-2 015 *, 2 016 , 20 17
59	PAN TEC HN IKI S.A .-LA MD A T ECH NIK I S. A.- DE PA LTD	GR EEC E	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	201 2-2 017
60	PLO -KA T S .A.	GR EEC E	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	201 2-2 015 *, 2 016 , 20 17
61	TRA YS AN APT IAK I S. A. P.K . TE KT EPE ND YT IKI YX	GR EEC E	AR MS WIN D F		100 .00	.001 100		100 .00	.001 100	201 4-2 017
62	STA TH MO I PA NT ECH NIK I S. A.	GR EEC E	CO NC ESS ION S		100 .00	100 .00		100 .00	100 .00	201 2-2 015 *, 2 016 , 20 17
63	TO MI SA	GR EEC E	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	201 2-2 015 *, 2 016 , 20 17
64	AE CO HO ING LD LT D	CY S PRU	OT HE R	100 .00		100 .00	100 .00		100 .00	201 2-2 017
65	TO R & CO CTI NG FO G AK AL AB JAR NT RA R T RA DIN AN D C ON TRA CTI NG	QA TA R	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	-
66	AK TO R B UL GA RIA S.A	BU LG AR IA	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	200 9-2 017
67	AK TO R C ON CES SIO NS (CY PRU S) L TD	CY PRU S	CO NC ESS ION S		100 .00	100 .00		100 .00	100 .00	201 1-20 17
68	AK TO R C ON STR UC TIO N I NT ERN AT ION AL LT D	CY PRU S	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	200 0-2 017
69	AK TO R C ON TRA CTO RS LTD	CY PRU S	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	200 9-2 017
70	AK TO R D .O.O . BE OG RA D	SER BIA	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	-
71	AK TO .O.O . SA RA O R D JEV	BO SNI A HE RZE GO VIN	CO NST CTI ON S & QU AR S RU RIE		100 .00	100 .00		100 .00	100 .00	-
722	2 AK TO R E NT ERP RIS ES LTD	A CY PRU S	CO NST RU CTI ON S & QU AR RIE S		-	-		-	-	200 8-2 017
73	AK TO R K UW AIT WL L	KU WA IT	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	200 8-2 017
74	AK TO R Q AT AR WL L	QA TA R	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	201 1-20 17
75	AK TO R T ECH NIC AL CO NST RU CTI ON LL C	UA E	CO NST RU CTI ON S & QU AR RIE S		70.0 0	70.0 0		70.0 0	70.0 0	-
761	1 AK VA VIT DO OEL	A- HE BO SNI RZE GO VIN	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	-
77	AL AH MA DIA H A KT OR LL C	A UA E	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	-
782	D2 BEN ZEM IA EN TER PRI SES LT	CY PRU S	WIN D F AR MS		-	-		-	-	-
79	BIO SAR CA C AM ERI IN	USA	CO NST CTI ON S & QU S RU AR RIE		100 .00	100 .00		100 .00	100 .00	-
80	BIO SAR AM ERI CA LL C	USA	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	-
811	A1 BIO SAR AR GEN TIN A S	AR GE NT INA	CO NST RU CTI ON S & QU AR RIE S		100 .00	.001 100		100 .00	.001 100	-
821	D1 BIO SAR STR AU AL IA PTY LT	AU STR AL IA	CO NST RU CTI ON S & QU AR RIE S		100 .00	.001 100		100 .00	.001 100	-
83	BIO SAR BR ASI L - EN ER GIA RE NO VA VE L L TD A	BR AZ IL	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	-
84	BIO SAR CH ILE Sp A	CH ILE	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	-
85	BIO SAR DO MIN ICA NA SA S	DO N REP MIN ICA LIC UB	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	-

ELLAKTOR SA

Interim condensed financial information in accordance with International Accounting Standard 34 for the period from 1 January to 30 September 2018

				% i	hel d a t 30 nte rest	.09. 201 8		% o f th e Pa t 31 ren	.12. 201 7
Ref No	CO MP AN Y	CO UN TR Y	BU SIN ESS SE GM EN T	DIR EC T	IND IRE CT	TO TA L	DIR EC T	IND IRE CT	TO TA L	FIN AN CIA L Y EA RS WI TH TA X CO MP LIA NC E C ER TIF ICA TE * & AU TA EA RS UN DIT ED X Y
86	BIO SAR EN ER GY (U K) L TD	D KIN UN ITE GD OM	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	-
87	BIO SAR HO LD ING S L TD	CY PRU S	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	201 1-20 17
88	BIO SAR PA NA MA Inc	PAN AM A	CO NST CTI ON S & QU AR S RU RIE		100 .00	100 .00		100 .00	100 .00	-
89	BU RG MA CH INE RY	BU LG AR IA	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	200 8-2 017
90	CA ISS ON S.A	GR EEC E	CO NST RU CTI ON S & QU AR RIE S		85.0 0	85.0 0		85.0 0	85.0 0	201 2-2 015 *, 2 016 , 20 17
91	CO PRI -AK TO R	AL BA NIA	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	201 4-2 017
92	DU BA I FU JAI RA H F REE WA Y J V	UA E	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	-
93	ELL AK TO R V EN TU RE S L TD	CY PRU S	CO NC ESS ION S		98.6 1	98.6 1		98.6 1	98.6 1	201 1-20 17
94	GEN AL GU SPC ER LF	BA AIN HR	CO NST CTI ON S & QU AR S RU RIE		100 .00	100 .00		100 .00	100 .00	200 6-2 017
95	HE LEC TO R B UL GA RIA LT D	BU LG AR IA	EN VIR ON ME NT		94.4 4	94.4 4		94.4 4	94.4 4	201 0-2 017
96	HE LEC TO R C YPR US LTD	CY PRU S	EN VIR ON ME NT		94.4 4	94.4 4		94.4 4	94.4 4	200 3-2 017
97	HE LEC TO R G ERM AN Y G MB H	GE RM AN Y	EN VIR ON ME NT		94.4 4	94.4 4		94.4 4	94.4 4	200 5-2 017
98	HE RH OF GM BH	GE RM AN Y	EN VIR ON ME NT		94.4 4	94.4 4		94.4 4	94.4 4	200 6-2 017
99	OF REC YC G C OS NA UC K G HE RH LIN EN TER BR MB H	GE AN RM Y	ON EN VIR ME NT		94.4 4	94.4 4		94.4 4	94.4 4	201 5-2 017
100	HE RH OF- VE RW AL TU NG S	GE RM AN Y	EN VIR ON ME NT		94.4 4	94.4 4		94.4 4	94.4 4	201 5-2 017
101	INS CU UC EST I S. A. T B UR	RO MA NIA	CO NST CTI ON S & QU AR S RU RIE		100 .00	100 .00		100 .00	100 .00	199 7-2 017
102	IOA NN A P RO PER TIE S S RL	RO MA NIA	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	200 5-2 017
103	JEB EL AL I SE WA GE TR EA TM EN T P LAN T JV	UA E	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	-
104	LA STI S E NE RG Y I NV EST ME NT S L TD	CY PRU S	WIN D F AR MS		64.5 0	64.5 0		64.5 0	64.5 0	-
105	ASH OV O W AST AN AG RO JEC LC LEV E M EM EN T P T L	SSI A RU	CO NC ESS ION S		98.6 1	98.6 1		98.6 1	98.6 1	-
106	MIL LEN NIU M CO NST RU CTI ON E QU IPM EN T & TRA DIN G	UA E	CO NST RU CTI ON S & QU AR RIE S		100 .00	100 .00		100 .00	100 .00	-
107	PM S P RO PER TY MA NA GE ME NT SE RV ICE S S .A.	GR EEC E	REA L E STA TE DE VE LO PM EN T		55.4 6	55.4 6		55.4 6	55.4 6	201 2-2 013 *, 2 014 -20 17
109	PRO CO NST CT SRL FIT RU	RO MA NIA	REA STA LO L E TE DE VE PM EN T		55.4 6	55.4 6		55.4 6	55.4 6	200 6-2 017
110	RED S R EAL ES TA TE DE VE LO PM EN T S .A.	GR EEC E	REA L E STA TE DE VE LO PM EN T	55.4 6		55.4 6	55.4 6		55.4 6	201 2-2 017 *
111	SC CLH ES TA TE SRL	RO MA NIA	REA L E STA TE DE VE LO PM EN T		55.4 6	55.4 6		55.4 6	55.4 6	200 6-2 017
112	SIL IO EN TER PRI SES LT D	CY PRU S	WIN D F AR MS		64.5 0	64.5 0		64.5 0	64.5 0	-
113	ECT OR DO OE L S KO YL PJE	OM FYR	ON EN VIR ME NT		94.4 4	94.4 4		94.4 4	94.4 4	201 0-2 017

* The fiscal years for which the Group companies that are mandatorily audited by audit firms have obtained a tax compliance certificate are marked with an asterisk (*).

ELLAKTOR SA

Interim condensed financial information in accordance with International Accounting Standard 34 for the period from 1 January to 30 September 2018

¹New companies

The following companies, which had not been consolidated in the annual financial statements of 31.12.2017, were consolidated in the interim condensed financial information of 30.09.2018: EASTERN ASKIO MAESTROS ENERGY S.A. and WESTERN ASKIO ENERGY S.A., based in Greece, which were fully acquired by the subsidiary EL. TECH. ANEMOS S.A. and hold installation licences for a 34 MW and a 37,8 MW wind farm, respectively, on Askio Mountain in the Kozani Regional Unit, Western Macedonia.

Also, apart from the aforementioned companies, the following companies were incorporated at 30.09.2018 while they were not incorporated at 30.09.2017:

A. The following companies were acquired:

• AKVAVIT DOOEL, based in FYROM (1st consolidation in the consolidated financial statements as at 31.12.2017). The subsidiary AKTOR S.A. acquired 100% of the company's share capital for EUR 2,500 thousand.
• B. The following companies were formed:
• BIOSAR ARGENTINA S.A., based in Argentina (1st consolidation in the consolidated financial statements of 31.12.2017). The company was established by the subsidiaries BIOSAR PANAMA Inc and BIOSAR CHILE Spa.
• BIOSAR AUSTRALIA PTY LTD, based in Argentina (1st consolidation in the consolidated financial statements of 31.12.2017). The company was established by the subsidiary BIOSAR ENERGY UK LTD.

²Companies no longer consolidated

The following companies that were consolidated in the interim condensed financial information as at 30.09.2017, are no longer consolidated:

• KASTOR S.A., LAMDA TECHNIKI S.A. and LMN S.A., as they were absorbed by their parent company AKTOR S.A. in the 4th quarter of 2017.
• J/V ELTECH ENERGIAKI - ELECTROMECH, as it was liquidated in the 4th quarter of 2017, with an insignificant effect on the Group
• AKTOR ENTERPRISES LTD, as it was absorbed by AKTOR CONSTRUCTION INTERNATIONAL LTD in the 4th quarter of 2017
• EOLOS MAKEDONIAS S.A., as it was sold in the 4th quarter of 2017 and BENZEMIA ENTERPRISES LTD, as it was absorbed by its parent company LASTIS ENERGY INVESTMENTS LTD in the 4th quarter of 2017. The sale/dissolution of the above-mentioned companies has resulted in losses of EUR 2,121 thousand for the Group.

Please note that for the subsidiaries in the table in which the Group's consolidation rate shown is less than 50%, the direct participation of the subsidiaries participating in their share capital exceeds 50%.

ELLAKTOR SA

Interim condensed financial information in accordance with International Accounting Standard 34 for the period from 1 January to 30 September 2018

				% i	hel d a t 30 nte rest	.09. 201 8	% i nte	hel d a t 31 .12. rest	201 7
Ref No	CO MP AN Y	CO UN TR Y	BU SIN ESS SE GM EN T	DIR EC T	IND IRE CT	TO TA L	DIR EC T	IND IRE CT	TO TA L	AN CIA EA RS TA FIN L Y WI TH X CO MP LIA NC E C ER TIF ICA TE * & AU TA EA RS UN DIT ED X Y
Ass ocia	tes
1	AT HE NS CA R P AR K S .A.	GR EEC E	CO NC ESS ION S		25.3 2	25.3 2		25. 16	25. 16	201 2-2 017
2	AE GE AN MO TO RW AY S.A	GR EEC E	CO NC ESS ION S		22.2 2	22.2 2		20.0 0	20.0 0	201 2-2 016 *, 2 017
3	KE RA TEA IN DU STR IAL PA RK (V EPE ) S. A.	GR EEC E	CO NST RU CTI ON S & QU AR RIE S		35.0 0	35.0 0		35.0 0	35.0 0	201 2-2 017
4	GEF YR A S .A.	GR EEC E	CO NC ESS ION S		22.0 2	22.0 2		22.0 2	22.0 2	015 016 201 2- 2 *, 2 , 20 17
5	GEF YR A L ITO UR GIA S.A	GR EEC E	CO NC ESS ION S		23. 12	23. 12		23. 12	23. 12	016 201 2-2 *, 2 017
6	PRO JEC AM IC C ON STR UC TIO N & Co G.P T D YN	GR EEC E	ON EN VIR ME NT		30.5 2	30.5 2		30.5 2	30.5 2	201 2-2 017
7	GR EEK WA TER AI RPO RT S S .A.	GR EEC E	CO NST RU CTI ON S & QU AR RIE S		46.6 1	46.6 1		46.6 1	46.6 1	-
8	ELL INI KE S A NA PLA SEI S S .A.	GR EEC E	OT HE R		40.0 0	40.0 0		40.0 0	40.0 0	201 2-2 017
9	EN ERM EL S.A	GR EEC E	EN VIR ON ME NT		46.4 5	46.4 5		46.4 5	46.4 5	201 2-2 015 *, 2 016 , 20 17
10	TO MI ED L E NT ERP RIS ES LTD	GR EEC E	EN VIR ON ME NT		47.2 2	47.2 2		47.2 2	47.2 2	201 2-2 017
11	PEI RA S.A	GR EEC E	REA L E STA TE DE VE LO PM EN T	50.0 0		50.0 0	50.0 0		50.0 0	201 2-2 017
12	HE LID ON A S .A.	GR EEC E	REA L E STA TE DE VE LO PM EN T		50.0 0	50.0 0		50.0 0	50.0 0	201 2-2 017
13	AK TO R A SPH AL TIC LT D	CY PRU S	QU AR RIE S		50.0 0	50.0 0		50.0 0	50.0 0	201 2-2 017
141	AT NS SOR T C ASI NO S.A HE RE	GR EEC E	OT HE R	-	-	-	30.0 0		30.0 0	201 2-2 015 *, 2 016 , 20 17
15	ELP ED ISO N P OW ER S.A	GR EEC E	OT HE R		21.9 5	21.9 5		21.9 5	21.9 5	201 2-2 015 *, 2 016 , 20 17
16	ME TRO POL ITA N A TH EN S P AR K	GR EEC E	CO NC ESS ION S		22.9 1	22.9 1		22.9 1	22.9 1	201 2-2 017
17	POL ISP AR K S .A.	GR EEC E	CO NC ESS ION S		28.7 6	28.7 6		28.7 6	28.7 6	201 2-2 017
18	SAL ON ICA S.A PA RK	GR EEC E	CO NC ESS ION S		24.7 0	24.7 0		24.7 0	24.7 0	201 2-2 017
19	SM YR NI PAR K S .A.	GR EEC E	CO NC ESS ION S		20.0 0	20.0 0		20.0 0	20.0 0	201 2-2 017
21	AIK I O DO S S .A. CO NC ESS ION TH ERM	GR EEC E	CO NC ESS ION S		50.0 0	50.0 0		50.0 0	50.0 0	201 2-2 015 *, 2 016 , 20 17
22	STR AK TO R S .A.	GR EEC E	CO NST RU CTI ON S & QU AR RIE S		50.0 0	50.0 0		50.0 0	50.0 0	201 2-2 017
23	3G S.A	GR EEC E	REA L E STA TE DE VE LO PM EN T		50.0 0	50.0 0		50.0 0	50.0 0	201 2-2 015 *, 2 016 , 20 17
241	1 AE CO DE VE LO PM EN T L LC	OM AN	CO NST RU CTI ON S & QU AR RIE S		-	-		50.0 0	50.0 0	200 9-2 017

* The fiscal years for which the Group companies that are mandatorily audited by audit firms have obtained a tax compliance certificate are marked with an asterisk (*).

Interim condensed financial information in accordance with International Accounting Standard 34 for the period from 1 January to 30 September 2018

¹Companies no longer consolidated

Compared to the consolidated financial statements of 31.12.2017 and the interim condensed financial information of 30.09.2017 AHENS RESORT CASINO S.A. is no longer consolidated as it was sold in the first quarter of 2018 (note 13), and AECO DEVELOPMENT LLC is no longer consolidated as its dissolution was completed in the first half of 2018.

THERMAIKI ODOS SA, which is consolidated using the equity method, has a recognised claim of EUR 67.9 million against the Greek State, following the arbitration awards in favour of the company in 2010 and 2012 in relation to the termination of the Concession Agreement for the Thessaloniki Submarine Tunnel. The Greek State filed seven annulment claims against the above arbitration awards. The Athens Court of Appeal delivered judgements in relation to these action according to which the Greek State lawsuits were accepted for formality reasons (relating to the composition of the arbitration court), without considering the merits of the case. The company has already initiated legal action and estimates, according to the contractual terms and the applicable case-law, that its claim is valid and will be collected from the Greek State.

The result in the "Share of profit/(loss) from holdings that are accounted for using the equity method" line item presented in the Income Statement which is loss of EUR 12,489 thousand for Q3 2018, mainly comprises the loss arising from a foreign associate which was dissolved. The corresponding figure for Q3 2017 was loss of EUR 2,495 thousand, arising mainly from ELPEDISON S.A.

29.c In the following table are presented the joint operations the assets, liabilities, revenues and expenses of which are accounted for by the Group using the proportional method. The parent Company only holds an indirect holding in said joint operations via its subsidiaries.

In the table below, 1 under the column "First time consolidation" indicates those joint operations consolidated for the first time in the current period as newly established, which had not been incorporated in the previous period, i.e. 31.12.2017 (IPP index) or in the corresponding period of the previous year, i.e. 30.09.2017 (RPY index).

f. N Re o	JO OP AT IO NS INT ER	CO UN TR Y	% int st h eld at 30. ere 09. 201 8	AU AX AR S UN DI TE D T YE	ST FIR -TI ME	CO NS OL IDA TIO N
					(1/0 )	(IP P/R PY )
1	J/V AK TO R S .A. - I MP RE GIL O S PA	GR EE CE	60. 00	201 2-2 017	0	0
2	J/V AK TO R S .A. - I MP RE GIL O S PA	GR EE CE	99. 90	201 2-2 017	0	0
3	"J/V AK TO R S .A. – T ER NA S.A .- B IOT ER S.A ." – TE RN A S .A. - B IOT ER S.A .-A KT OR S.A	GR CE EE	33. 33	201 2-2 017	0	0
4	J/V AK TO R S .A. – P AN TE CH NIK I S .A. - J & P A VA X S .A.	GR EE CE	75. 00	201 2-2 017	0	0
5	J/V AK TO R S .A. - J &P AV AX S.A . - P AN TE CH NIK I S .A.	GR EE CE	65. 78	201 2-2 017	0	0
6	J/V AK TO R S .A. - C H.I . K AL OG RIT SA S S .A.	GR EE CE	49. 42	201 2-2 017	0	0
7	J/V AK TO R S .A. - C AL OG SA S S .A. H.I . K RIT	GR CE EE	47. 50	201 2-2 017	0	0
8	J/V AT I O DO S – CO NS UC TIO N O FSI NA -ST AV RO S-S PA TA TIK TR F E LE & I MI TT OS W ES TE RN PE RIP HE RA L M OT OR WA YS	GR EE CE	59. 27	201 2-2 017	0	0
9	1 J/V TO MI – A KT OR (A PO SE LE MI DA M)	GR EE CE	100 .00	201 2-2 017	0	0

ELLAKTOR SA

Re f. N o	JO INT OP ER AT IO NS	CO UN TR Y	% int st h eld at 30. ere 09. 201 8	UN AU DI TE D T AX YE AR S	FIR ST -TI ME CO	NS OL IDA TIO N
					(1/0 )	(IP P/R ) PY
10	J/V SI EM EN S A G – AK TO R S .A. – T ER NA S.A	GR EE CE	50. 00	201 2-2 017	0	0
11	1 J/V AK TO R S .A. – P AN TE CH NIK I S .A.	GR EE CE	100 .00	201 2-2 017	0	0
12	J/V AK TO R S .A. – S IEM EN S S .A. - V INC I C ON ST RU CT ION S G RA ND S PR OJE TS	GR EE CE	70. 00	201 2-2 017	0	0
13	J/V AK TO R S .A. - A EG EK - J & P A VA X-S EL I	GR EE CE	30. 00	201 2-2 017	0	0
14	J/V AT HE NA S.A . - A KT OR S.A	GR EE CE	30. 00	201 2-2 017	0	0
15	J/V AK TO R S .A. – T ER NA S.A . - J &P AV AX S.A	GR EE CE	11. 11	201 2-2 017	0	0
16	J/V AK TO R S .A. - J /P A VA X S .A. - PA NT EC HN IKI S.A .- A TT IKA T S .A.	GR EE CE	59. 27	201 2-2 017	0	0
17	J/V AK TO R S .A. NA S.A - T ER	GR CE EE	50. 00	201 2-2 017	0	0
18	J/V AT HE NA S.A . - A KT OR S.A	GR EE CE	30. 00	201 2-2 017	0	0
19	J/V (C AR S) LA RIS AS (E XE CU TO R)	GR EE CE	81. 70	201 2-2 017	0	0
20	J/V TE RN A-A KT OR -J& P-A VA X ( CO MP LE TIO N O F M EG AR ON M US IC HA AS /M ) LL PH E B – E	GR EE CE	62. 00	201 2-2 017	0	0
21	J/V TE RN A-A KT OR -J& P-A VA X ( CO MP LE TIO N O F M EG AR ON M US IC HA LL PH AS E B – B UIL DIN G.)	GR EE CE	30. 00	201 2-2 017	0	0
22	J/V AK TO R S A - AL TE S.A . - E MP ED OS S.A	GR EE CE	66. 67	201 2-2 017	0	0
23	J/V AE GE K – BI OT ER S.A AK TO R S .A. – E KT ER S.A . –	GR EE CE	40. 00	201 2-2 017	0	0
24	J/V AK TO R S .A. –A A S .A. LIO DO S.A TH EN - T HE ME MI	GR CE EE	71. 00	201 2-2 017	0	0
25	J/V AK TO R S .A. DO MO CH I S .A. IOD OM I S .A. TE NIK TH EM EL – – – TE RN A S .A. – E TE TH S.A	GR EE CE	25. 00	201 2-2 017	0	0
26	J/V AK TO R C OP RI	KU WA IT	50. 00	-	0	0
27	J/V QA TA R	QA TA R	40. 00	-	0	0
28	. 1 AK TO R S .A. - A OR LG AR IA S.A JV KT BU	LG AR IA BU	100 .00	201 3-2 017	0	0
29	R 1 CO NS OR TIU M BIO SA R E NE RG Y - AK TO	BU LG AR IA	100 .00	201 0-2 017	0	0
30	J/V TO MI S.A .- H LE KT OR S.A . (A NO LI OS IA LA ND FIL L - SE CT ION II)	GR EE CE	76 97.	201 2-2 017	0	0
31	J/V TO AR AG AK IS A (20 05) MI – M ND R.	GR CE EE	65. 00	201 2-2 017	0	0
32	J/V TO S.A R S .A. MI EL TE . –	GR CE EE	50. 00	201 2-2 017	0	0
33	J/V TO MI S.A AK TO R S .A. 1 . –	GR EE CE	100 .00	201 2-2 017	0	0
34	. 1 J/V KA ST OR S.A TO MI S.A . –	GR EE CE	100 .00	201 2-2 017	0	0
35	J/V KA ST OR S.A EL TE R S .A. . –	GR EE CE	50. 00	201 2-2 017	0	0
36	J/V GO S.A TO S.A ER MI . –	GR CE EE	15. 00	201 2-2 017	0	0
37	J/V TO MI S.A . - A TO MO N S .A. (C OR FU PO RT )	GR EE CE	50. 00	201 2-2 017	0	0
38	JV HE LE CT OR – T EC HN IKI PR OS TA SIA S P ER IVA LL ON TO S	GR EE CE	56. 67	201 2-2 017	0	0
39	JV TA GA RA DE S L AN DF ILL	GR EE CE	28. 33	200 6-2 017	0	0
40	JV HE LE CT OR S.A . - B ILF ING ER BE RG ER (C YP RU S- P AP HO S LA ND FIL L)	CY US PR	94. 44	200 6-2 017	0	0
41	JV DE TE AL A- HE LE CT OR -ED L L TD	GR EE CE	28. 33	201 0-2 017	0	0

ELLAKTOR SA

Re f. N o	JO INT OP ER AT IO NS	CO UN TR Y	% int st h eld at 30. ere 09. 201 8	UN AU DI TE D T AX YE AR S	FIR ST -TI ME CO NS OL IDA TIO N
					(1/0 )	(IP P/R ) PY
42	JV HE LE CT OR S.A ME SO GE IOS S.A . (F YL IS LA ND FIL L) . –	GR EE CE	93. 50	201 0-2 017	0	0
43	JV HE LE CT OR SA – M ES OG EIO S S A ( MA VR OR AC HI LA ND FIL L)	GR EE CE	61. 39	201 0-2 017	0	0
44	JV HE LE CT OR S.A .-B ILF ING ER BE RG ER (M AR AT HO UN TA LA ND FIL L & A CC ES S W AY )	CY PR US	94. 44	200 6-2 017	0	0
45	J/V HE LE CT OR – A RS I	GR EE CE	75. 56	201 0-2 017	0	0
46	J/V HE LE CT OR – E RG OS YN S.A	GR EE CE	66. 11	201 0-2 017	0	0
47	J/V BI LF IGE R B ER GE R - M ES OG EIO S- H EL EC TO R	GR EE CE	27. 39	201 0-2 017	0	0
48	J/V TO MI SA -HE LE CT OR S.A	GR EE CE	98. 79	201 2-2 017	0	0
49	J/V KA ST OR &C LO - P DE VE PM EN T	GR CE EE	70. 00	201 2-2 017	0	0
50	J/V AK TO R S .A. AR CH IRO DO N-B OS KA LIS (T HE RM AIK I O DO S)	GR EE CE	50. 00	201 2-2 017	0	0
51	J/V AK TO R S .A. –A TH EN A	GR EE CE	50. 00	201 2-2 017	0	0
52	J/V AK TO R - IN TR AK AT - J & P A VA X	GR EE CE	71. 67	201 2-2 017	0	0
53	J/V HO CH OR -J& INC EG TIE F-A KT P-V I-A EK -AT HE NA	GR CE EE	19. 30	201 2-2 017	0	0
54	J/V VI NC I-J& P A VA X-A KT OR -HO CH TIE F-A TH EN A	GR EE CE	17. 00	201 2-2 017	0	0
55	J/V PA NT EC HN IKI S.A .- J &P AV AX S.A .- B IOT ER S.A	GR EE CE	39. 32	201 2-2 017	0	0
56	J/V TE RN A S .A. – P AN TE CH NIK I S .A.	GR EE CE	16. 50	201 2-2 017	0	0
57	J/V PA EC S.A AR CH CH S.A .– O TO PA ING S.A NT HN IKI ITE RK . –	GR CE EE	45. 00	201 2-2 017	0	0
58	J/V AK TO R S .A. AN AK -P TR	GR CE EE	80. 00	201 2-2 017	0	0
59	J/V AK TO R S .A. - T ER NA - J &P	GR EE CE	33. 33	201 2-2 017	0	0
60	J/V EL TE R S .A. –K AS TO R S .A.	GR EE CE	15. 00	201 2-2 017	0	0
61	J/V TE RN A - AK TO R	GR EE CE	50. 00	016 200 9-2	0	0
62	J/V AK TO HO CH R - TIE F	GR CE EE	33. 00	201 2-2 017	0	0
63	J/V AK TO R - PO LY EC O	GR EE CE	52. 00	201 2-2 017	0	0
64	J/V AK TO R - M OC HL OS	GR EE CE	70. 00	201 2-2 017	0	0
65	J/V LM N S .A. – O KT AN A S .A. (A ST YP AL EA LA ND FIL L)	GR EE CE	50. 00	201 4-2 017	0	0
66	J/V AK TO R S A - TO XO TIS	GR EE CE	50. 00	201 2-2 017	0	0
67	J./V "J ./V TO MI - E LE CT OR " - KO NS TA NT INI DIS	GR EE CE	69. 16	201 2-2 017	0	0
68	J/V AK TO R S .A. - A TH EN A S .A. - G OL IOP OU LO S S .A.	GR EE CE	48. 00	201 2-2 017	0	0
69	J/V AK TO R S .A. - I ME K H EL LA S S .A.	GR EE CE	75. 00	201 2-2 017	0	0
70	J/V AT OM ON S.A TO MI S.A . –	GR EE CE	50. 00	201 2-2 017	0	0
71	J/V AK TO R S .A. - E LT ER S.A	GR EE CE	70. 00	201 2-2 017	0	0
72	J/V ER GO TE M - K AS TO R - ET ET H	GR EE CE	15. 00	201 2-2 017	0	0
73	J/V HE LE CT OR – E NV ITE C	GR EE CE	47. 22	201 0-2 017	0	0
74	J/V AK TO R S .A. -I. PA PA ILI OP OU LO S S .A. -DE GR EM ON T S .A. - DE GR EM ON T S PA	GR CE EE	30. 00	201 2-2 017	0	0

ELLAKTOR SA

f. N Re o	JO OP AT IO NS INT ER	CO UN TR Y	% int st h eld at 30. ere 09. 201 8	AU AX AR S UN DI TE D T YE	ST CO NS OL IDA TIO FIR -TI ME N
					(1/0 )	(IP P/R PY )
75	J/V AK TO R S .A. - J &P AV AX S.A . N GA NE TW OR K D EV EL OP ME NT	GR EE CE	50. 00	201 2-2 017	0	0
76	J/V TO MI S.A . -.M EX IS L.- .TA TS IS K. G.P . (J /V TO MI S.A TO PIO DO MI .- G.P .)	GR CE EE	50. 00	201 2-2 017	0	0
77	J/V HE LE CT OR S.A . –T H.G .LO LO S- CH .TS OB AN IDI S- A RS I S .A.	GR EE CE	66. 11	201 1-2 017	0	0
78	J/V HE LE CT OR S.A . –T H.G .LO LO S- CH .TS OB AN IDI S- A RS I S .A. - EN VIT EC S.A	GR EE CE	47. 08	201 1-2 017	0	0
79	J/V HE LE CT OR S.A ZIO RIS S.A . –	GR EE CE	48. 17	201 1-2 017	0	0
80	J/V HE LE CT OR S.A EP AN A S .A. . –	GR EE CE	47. 22	201 1-2 017	0	0
81	J/V TO MI S.A . - M AR AG AK IS GR EE N W OR KS S.A	GR EE CE	65. 00	201 2-2 017	0	0
82	J/V AK TO R S .A. - J &P (K OR OM ILI A K RY STA LL OP IGI )	GR EE CE	60. 00	201 2-2 017	0	0
83	J/V J& P A VA X-A KT OR S.A . (A TT ICA NA TU RA L G AS NE TW OR KS )	GR EE CE	50. 00	201 2-2 017	0	0
84	J/V J& P A VA X S .A. -AK TO R S .A. (D A T EC ICA L S PO ) EP HN UP RT	GR CE EE	50. 00	201 2-2 017	0	0
85	J/V KO NS TA NT INI DIS -H EL EC TO R	GR EE CE	46. 28	201 2-2 017	0	0
86	J/V "J/ V M IVA S.A . –A AG IS S.A ." – ME SO GE IOS S.A .-K AS TO R S .A.	GR EE CE	15. 00	201 2-2 017	0	0
87	İOG AK TO R A AZ JV RB	TU RK EY	51. 00	-	0	0
88	J/V AK TO R S .A. -J& P A VA X S .A. (M AIN TE NA NC E O F N AT UR AL GA S NA TIO NA L T RA NS MI SSI ON SY STE M)	GR CE EE	50. 00	201 2-2 017	0	0
89	J/V AK TO R S .A. -Μ .SA VID IS & S ON S L EM ES OS LT D	CY PR US	80. 00	-	0	0
90	J/V AK TO R - TE RN A ( STY LID A J UN CT ION )	GR EE CE	50. 00	201 2-2 017	0	0
91	J/V AK TO R-P OR TO CA RR AS -IN TR AC AT (E SC HA TIA RI VE R J /V)	GR EE CE	50. 00	201 2-2 017	0	0
92	J/V AK TO NA (N PA AS PO ) R-T ER EW TR RT	GR CE EE	30. 00	201 2-2 017	0	0
93	J/V AK TO R S .A. – I ME K H EL LA S S .A.	GR EE CE	75. 00	201 3-2 017	0	0
94	J/V HE LE CT OR S.A KA ST OR S.A . (E GN AT IA HIG H F EN CIN G . - PR OJE CT )	GR EE CE	66. 11	201 3-2 017	0	0
95	1 J/V TO MI S.A . - L AM DA TE CH NIK I S .A.	GR EE CE	100 .00	201 3-2 017	0	0
96	J/V TR IKA T S .A. - T OM I S .A.	GR EE CE	30. 00	201 3-2 017	0	0
97	J/V AK TO R S .A. - J & P A VA X S .A.	GR EE CE	65. 78	201 3-2 017	0	0
98	J/V AK TO R S .A. - Τ ΕR ΝΑ S.A	GR EE CE	50. 00	201 4-2 017	0	0
99	J/V KA ST OR S.A EC TO R S .A. (B iolo ica l tr lan t in Ch ani a) . - H EL eat nt p g me	GR CE EE	97. 88	201 4-2 017	0	0
100	J/V KA ST OR S.A . - P C DE VE LO PM EN T S .A.	GR EE CE	50. 00	201 3-2 017	0	0
101	I.S .F.( AK TO R-A L J AB ER J.V .)	QA TA R	50. 00	-	0	0
102	J/V AK TO R S .A. - J &P AV AX S.A . - I NT RA KA T	GR EE CE	42. 50	201 4-2 017	0	0
103	J/V BI OL IAP S.A D.M AS TO RIS -A. MI TR OG IAN NIS & AS SO CIA TE S L P . - - M . ST RO GIA NN OS & AS SO CIA TE S L P - TO MI S.A	GR CE EE	25. 00	201 4-2 017	0	0
104	J/V LA MD A T EC HN IKI S.A .-K AR AL IS KO NS TA NT INO S	GR EE CE	94. 63	201 4-2 017	0	0
105	J/V AK TO R S .A. - A LS TO M TR AN SPO RT S.A	GR EE CE	65. 00	201 4-2 017	0	0

ELLAKTOR SA

Re f. N o	JO INT OP ER AT IO NS	CO UN TR Y	% int st h eld at 30. ere 09. 201 8	UN AU DI TE D T AX YE AR S	FIR ST -TI ME CO NS OL IDA TIO N
					(1/0 )	(IP P/R PY )
106	J/V AK TO R S A - TE RN A S A	GR EE CE	50. 00	201 4-2 017	0	0
107	J/V AK TO R S .A. - J &P AV AX S.A	GR EE CE	66. 09	201 4-2 017	0	0
108	J/V RO N S .A. AM DA CH I S .A. TR IED – L TE NIK	GR CE EE	30. 00	201 4-2 017	0	0
109	J/V AK TO R S .A. - I NT RA KA T	GR EE CE	50. 00	201 4-2 017	0	0
110	J/V AK TO R S .A. - T ER NA S.A . - P OR TO KA RR AS S.A	GR EE CE	33. 33	201 4-2 017	0	0
111	J/V AK TO R S .A. - J &P AV AX S.A . - T ER NA S.A	GR EE CE	33. 33	201 4-2 017	0	0
112	J/V TO R S &P S.A S.A AK .A. - J AV AX . - T ER NA	GR CE EE	24. 44	201 4-2 017	0	0
113	AL YS I JV -GO LD LI NE UN DE RG RO UN D-D OH A	QA TA R	32. 00	-	0	0
114	J/V AK TO R S .A. - H EL EC TO R S .A.	BU LG AR IA	96. 67	-	0	0
115	J/V IO NIO S S .A. - A KT OR S.A . (S ER RE S - PR OM AC HO NA S)	GR EE CE	50. 00	201 4-2 017	0	0
116	J/V J& P A VA X S.A AK TO R S.A . (H IGH PR ES SU RE N AT UR AL G AS . - NE TW OR K M AN DR A H EL LE NIC PE TR OL EU M)	GR EE CE	50. 00	201 4-2 017	0	0
117	J/V J& P A VA X S .A. -AK TO R S .A. (D EP A S YS TE M SU PP OR T)	GR EE CE	50. 00	201 4-2 017	0	0
118	J/V A KT OR S. A. - A TH EN A S.A . (O PE RA TIO N & MA INT EN AN CE O F PSI TA LIA TR EA TM EN T P LA NT )	GR EE CE	70. 00	201 4-2 017	0	0
119	J/V IO NIO S S .A. - A KT OR S.A . (M AN DR A-P SA TH AD ES )	GR EE CE	50. 00	201 4-2 017	0	0
120	J/V IO NIO S S .A. - A OR SA (A IO) KT KT	GR CE EE	50. 00	201 4-2 017	0	0
121	J/V IO NIO S S .A. - A KT OR S.A . (D RY MO S 2 )	GR EE CE	50. 00	201 4-2 017	0	0
122	J/V IO NIO S S .A. - A KT OR S.A . (K IAT O-R OD OD AF NI)	GR EE CE	50. 00	201 4-2 017	0	0
123	J/V IO NIO S S .A. - A OR S.A . (A AN IO- MA RA ) KT RD ND	GR CE EE	50. 00	201 4-2 017	0	0
124	J/V E RG O S.A ER GO DO MI S .A. KA ST OR S .A. (J /V OF C HA ME ZI . - - PR OJE CT )	GR CE EE	30. 00	201 4-2 017	0	0
125	J/V IO NIO S S .A. - T OM I S .A. (D RY MO S 1 )	GR EE CE	50. 00	201 4-2 017	0	0
126	J/V IO NIO S S .A. - A KT OR S.A . (J /V KA TO UN A)	GR EE CE	50. 00	201 4-2 017	0	0
127	J/V IO NIO S S .A. - A OR S.A . (A SO PO S D AM ) KT	GR CE EE	30. 00	201 4-2 017	0	0
128	J/V IO NIO S S .A. - A KT OR S.A . (N ES TO RIO DA M)	GR EE CE	30. 00	201 4-2 017	0	0
129	J/V J& P A VA X S .A. - A KT OR S.A . (W HIT E A RE A N ET WO RK S)	GR EE CE	50. 00	201 4-2 017	0	0
130	J/V A KT OR S. A.- J& P A VA X S.A . (M AIN TE NA NC E O F N AT UR AL G AS SY STE M)	GR EE CE	50. 00	201 4-2 017	0	0
131	J/V AK TO R S .A. CH RIS ON ST AN S T EC ICA L C OM PA T. D . K TIN IDI HN NY S.A . ( OP ER AT ION O F TH E TH ES SA LO NIK I W AT ER T RE AT ME NT PL AN T)	GR EE CE	50. 00	201 4-2 017	0	0
132	J/V TO MI S.A .-A LS TO M TR AN SPO RT S.A . (J /V ER GO SE )	GR EE CE	75. 00	201 4-2 017	0	0
133	J/V AK TO R S .A. - P AN AG IOT IS GIA NN AR OS	GR EE CE	75. 00	201 5-2 017	0	0
134	ΝΑ J/V AK TO R S .A. - Τ ΕR S.A	GR EE CE	50. 00	5-2 201 017	0	0
135	J/V TO MI S.A . - N AT UR A S .A. VI OL IAP S.A	GR EE CE	33. 33	5-2 201 017	0	0
136	J/V AK TO R S .A. - T ER NA S.A	GR EE CE	50. 00	201 5-2 017	0	0

ELLAKTOR SA

Interim condensed financial information in accordance with International Accounting Standard 34 for the period from 1 January to 30 September 2018

J/V SP IEC AP AG - A OR (T s A dria tic Pip elin roj ) KT e P ect ran	GR CE EE	40. 00	201 6-2 017	0	0
JO INT OP ER AT IO NS	CO UN TR Y	% int at 30. st h eld ere 09. 201 8	UN AU DI TE D T AX YE AR S	FIR ST -TI ME	CO NS OL IDA TIO N
				(1/0 )	(IP P/R PY )
J/V TO MI S.A . V IOL IAP S.A . (T RE E C UT TIN G - TA P S EC TIO N 1 )	GR EE CE	50. 00	6-2 201 017	0	0
J/V TO MI S.A . V IOL IAP S.A	GR EE CE	50. 00	201 7	0	0
J/V TO MI S.A . V IOL IAP S.A . - N AT UR A S .A.	GR EE CE	33. 33	201 6-2 017	0	0
J/V CO NS OR CIO PT AR SA LIT RE	CO LO MB IA	40. 00	201 7	1	RP Y
1 J/V TO R S EC TO R S AK .A. - H EL .A.	GR CE EE	80. 00	201 7	1	RP Y
AK TO R C OM O I NT ER CIT IES FA CIL ITY M AN AG EM EN T	QA TA R	50. 00	-	1	IPP
VE CT OR LT D	AL BA NIA	50. 00	-	1	IPP
JV A3 AK TO R - EC T	RO MA NIA	51. 00	-	1	IPP
1 SE S-T DA JV BE UR	RO MA NIA	100 .00	-	1	IPP
1 J/V AK TO R S .A. - A OR CO RA CT OR S L KT NT TD	GR CE EE	100 .00	-	1	IPP
1 J/V AK TO R S .A. - T OM I S .A.	GR EE CE	100 .00	-	1	IPP
J/V HE LE CT OR S.A . - T HA LIS E S S .A.	GR EE CE	47. 22	-	1	IPP
J/V IN CIN AT OR LE AS ING HE LE CT OR S.A . - A RS I S .A.	GR EE CE	66. 11	-	1	IPP
J/V CT OR IRO TA NG ING S.A HE LE – E NV NM EN L E INE ER	GR CE EE	47. 22	-	1	IPP
J/V W ES TE RN M AC ED ON IA HE LE CT OR S.A . - T HA LIS ES S.A	GR EE CE	47. 22	-	1	IPP
J/V HE LE CT OR – E NV IRO NM EN TA L E NG INE ER ING (P AR AM ITH IA)	GR EE CE	47. 22	-	1	IPP
J/V – E NV IRO NM EN TA L E NG INE ER ING S.A . H EL EC TO R S .A.	GR EE CE	47. 22	-	1	IPP
J/V LIS LA L C L S LO OJE CT FΙ ND FIL EL PE PR	GR CE EE	47. 22	-	1	IPP

¹Joint operations in which the Group holds 100% through its subsidiaries.

The following joint operations are no longer consolidated in the financial statements as in 2018 they were dissolved through the competent Tax Offices:

• J/V AKTOR S.A. - ERGO S.A.
• J/V THEMELIODOMI S.A.- AKTOR S.A. - ATHENA S.A. & ΤΕ - PASSAVANT MASCHINENTECHNIK GmbH - GIOVANNI PUTIGNANO & FIGLI Srl
• J/V AKTOR S.A. – ATHENA S.A.

The following companies that were consolidated in the interim condensed financial information as at 30.09.2017, are no longer consolidated:

J/V AK TO R S .A. – M ICH AN IKI S.A . –M OC HL OS S.A . –A LT E S .A. – A EG EK	J/V KA ST OR - E RG OS YN S.A
J/V AK TO R S .A. - J &P AV AX S.A . - P AN TE CH NIK I S .A.	J./V AK TO R - PA NT EC HN IKI S.A
J/V K AS TO R-A KT OR -M ES OG EIO S	J/V TO MI S.A . - A KT OR FA CIL ITY M AN AG EM EN T
J/V A A S .A. LIO DO S. A. - A OR S.A ON ST AN S S .A. EC GΑ TH EN - T HE ME MI KT . - K TIN IDI - T HN ER S.A . - T SA MP RA S S .A.	J/V N S A - KA RA LIS OM I S .A. LM K. - T J/V AS S.A AS TO R S /W ES RIS SA AI . -K .A. TE RN LA BY

• J/V AKTOR S.A. - THEMELIODOMI S.A. - ATHENA S.A. J/V PANTECHNIKI S.A. –ARCHITECH S.A.

• J/V LMN SA - KARALIS K. - TOMI S.A.

• J/V AIAS S.A. -KASTOR S.A. /WESTERN LARISSA BYPASS

ELLAKTOR SA

All amounts are in thousand euros, except otherwise stated

Interim condensed financial information in accordance with International Accounting Standard 34 for the period from 1 January to 30 September 2018

Compared to the consolidated financial statements of 30.09.2017, for the following joint operations there was a change in the method of their consolidation from the proportional to the equity consolidation method. The financial figures of the following joint operations are insignificant to the Group and are to be dissolved in the near future. The change in the consolidation method did not affect the profit or loss of financial year 2017, the statement of financial position and the cash flows for the year ended 31.12.2017.

J/V TERNA S.A. - MOCHLOS S.A. - AKTOR S.A. J/V PROET S.A. - PANTECHNIKI S.A.- VIOTER S.A. J/V J&P AVAX S.A - TERNA SA - AKTOR S.A. J/V AKTOR - ATHENA (PSITALIA A435) J/V AKTOR - TOMI - ATOMO J./V AKTOR S.A.- STRABAG AG J/V AKTOR S.A. - LOBBE TZILALIS EUROKAT J/V LMN S.A. - OKTANA S.A. (ASTYPALAIA SEWAGE PLANT) J/V AKTOR S.A. - AEGEK - EKTER - TERNA (CONSTR. OF OA HANGAR) EXECUTOR J/V LMN S.A. - OKTANA S.A. (TINOS SLAUGHTERHOUSE) J/V ANAPLASI ANO LIOSION (AKTOR – TOMI) EXECUTOR J/V AKTOR S.A. - ΤΕRΝΑ S.A. J/V AKTOR S.A. - ALTE S.A. J/V LAMDA TECHNIKI S.A. - N. &K GOLIOPOULOS S.A. J/V GEFYRA J/V CONSTRUTEC S.A. - KASTOR S.A. J/V AKTOR S.A.-TOMI.-.ALTE-EMPEDOS (OLYMPIC VILLAGE LANDSCAPING) J/V LAMDA TECHNIKI S.A. – GOLIOPOULOS S.A. J/V AKTOR S.A. - SOCIETE FRANCAISE EQUIPEMENT HOSPITALIER S.A. J/V AKTOR S.A. - ΕRETΒΟ S.A. (CONSTRUCTION OF MUSEUM OF MODERN ART) J/V ATTIKAT S.A.- PANTECHNIKI S.A. – J&P AVAX S.A. – EMPEDOS S.A.-PANTECHNIKI S.A.- AEGEK S.A.-ALTE S.A. J/V ΑΙΑS S.A. - ΚΑSTOR S.A. / RACHOULA ZARKOS J/V "J/V PANTECHNIKI-ALTE-TODINI-ITINERA"-PANTECHNIKI-ALTE J/V ETETH S.A.-J&P AVAX S.A.-TERNA S.A.- PANTECHNIKI S.A. J/V HELECTOR S.A. - KASTOR S.A. (EGNATIA HIGH FENCING PROJECT) J/V PANTECHNIKI S.A. – GANTZOULAS S.A. J/V LAMDA TECHNIKI S.A.-EPINEAS S.A.-ERGOROI S.A. J/V AKTOR S.A. - XANTHAKIS S.A. J/V EPINEAS S.A. - KASTOR S.A. - KAPPA TECHNIKI S.A.

Kifissia, 30 November 2018

TH E C HA IRM AN OF TH E B OA RD OF DI RE CT OR S	TH E M AN AG ING DI RE CT OR	TH E C HIE F F INA NC IAL OF FIC ER	TH E H EA D O F A CC OU NT IN G D EP T.
GE OR GI OS PR OV OP OU LO S	AN AS TA SIO S K AL LIT SA NT SIS	AL EX AN DR OS SP ILI OT OP OU LO S	EV AN GE LO S P AN OP OU LO S
ID Ca rd No ΑM 19 562 7	ID Ca rd No . Ξ 43 48 14	ID Ca rd No . X 66 64 12	ID Ca rd No . Α Β 3 427 96