Interim condensed financial information in accordance with International Accounting Standard 34 for the period from 1 January to 30 September 2020

(1) / (53)

ELLAKTOR S.A. 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 9-month period 2020 and 2019 4
	Income Statement Q3 2020 and 2019 5
	Statement of Comprehensive Income of the 9-month period 2020 and 2019 6
	Statement of Comprehensive Income Q3 2020 and 2019 7
	Statement of Changes in Equity 8
	Statement of Cash Flows 10
	Notes to the interim condensed financial information 11
1	General information 11
2	Basis of preparation of interim financial report 11
3	Critical accounting estimates and judgments of the management 18
4	Financial risk management 18
5	Segment reporting 21
6	Property, plant and equipment 24
7	Intangible assets & concession rights 26
8	Other financial assets at amortised cost 28
9	Guaranteed receipt from the Hellenic State (IFRIC 12) 28
10	Financial assets at fair value through other comprehensive income 29
11	Restricted cash 29
12	Cash and cash equivalents 30
13	Receivables 30
14	Assets held for sale 31
15	Share Capital & Premium Reserve 32
16	Other reserves 32
17	Borrowings 33
18	Trade and other payables 36
19	Provisions 36
20	Expenses per category 37
21	Other income & other profit/ (loss) 38
22	Financial income/ (expenses) - net 39
23	Earnings per share 39
24	Dividends per share 40
25	Contingent assets and liabilities 40
26	Transactions with related parties 40
27	Other notes 41
28	Events after the reporting date 43
29	Group holdings 44

All amounts are in € thousand, unless stated otherwise Statement of Financial Position

		GROUP		COMPANY
	Note	30-Sep-20	31-Dec-19	30-Sep-20	31-Dec-19
ASSETS
Non-current assets
Property, plant and equipment	6	593,042	630,773	459,871	465,137
Intangible assets	7a	40,313	40,946	18,884	19,612
Concession right	7b	395,689	442,187	-	-
Investments in property		147,216	147,811	3,200	3,200
Investments in subsidiaries		-	-	494,728	479,179
Investments in associates & joint ventures		59,523	60,696	1,223	1,223
Other financial assets at amortised cost	8	6,204	21,718	-	-
Financial assets at fair value through other comprehensive income	10	61,342	59,923	-	-
Deferred tax assets		16,334	16,651	-	-
Prepayments for long-term leases		27,370	30,526	-	-
Guaranteed receipt from the Hellenic State (IFRIC 12)	9	216,737	234,424	-	-
Restricted cash	11	26,820	23,133	-	-
Other non-current receivables	13	96,103	97,463	364,596	265,861
		1,686,692	1,806,252	1,342,502	1,234,212
Current assets
Inventories		24,493	26,998	-	-
Trade and other receivables	13	827,026	810,244	74,234	80,520
Other financial assets at amortised cost	8	37,213	21,892	-	-
Financial assets at fair value through other comprehensive income	10	449	1,219	-	-
Prepayments for long-term leases		3,686	3,153	-	-
Guaranteed receipt from the Hellenic State (IFRIC 12)	9	61,889	40,017	-	-
Restricted cash	11	45,893	47,608	24,678	9,587
Cash and cash equivalents	12	283,643	298,239	5,294	15,367
		1,284,293	1,249,371	104,206	105,474
Available for sale assets	14	1,750	-	-	-
		1,286,043	1,249,371	104,206	105,474
TOTAL ASSETS		2,972,735	3,055,623	1,446,708	1,339,687

EQUITY
Equity attributable to shareholders
Share capital	15	220,700	220,700	220,700	220,700
Share premium	15	493,442	493,442	493,442	493,442
Other reserves	16	322,563	305,534	65,535	65,535
Profit/(loss) carried forward		(672,810)	(605,558)	(413,425)	(440,364)
		363,895	414,118	366,252	339,313
Non-controlling interests
		111,706	118,932	-	-
Total equity		475,601	533,050	366,252	339,313
LIABILITIES
Non-current liabilities
Long-term borrowings (including loans without recourse)	17	1,438,010	1,376,459	947,112	884,634
Deferred tax liabilities		56,287	63,243	11,477	8,183

Employee retirement compensation liabilities		10,653	11,710	511	458
Grants		60,364	59,657	51,156	49,377
Derivative financial instruments		128,185	129,662	-	-
Other long-term liabilities	18	10,602	11,779	1,300	3,433
Other non-current provisions	19	99,982	100,583	3,780	2,961
		1,804,083	1,753,093	1,015,336	949,047
Short-term liabilities
Trade and other payables	18	560,521	619,653	28,796	22,098
Current tax liabilities (income tax)		11,562	3,654	-	-
Short-term borrowings (including loans without recourse)	17	102,088	114,741	36,324	29,229
Dividends payable		303	15,376	-	-
Other current provisions	19	18,577	16,056	-	-
Total liabilities		693,051 2,497,134	769,481 2,522,573	65,120 1,080,456	51,326 1,000,373

Income Statement for the 9-month period 2020 and 2019

		GROUP		COMPANY
		1-Jan to		1-Jan to
	Note	30-Sep-20	30-Sep-19	30-Sep-20	30-Sep-19
Sales	5	667,107	1,016,188	64,778	14,885
Cost of sales	20	(587,174)	(902,971)	(31,576)	(7,882)
Gross profit		79,932	113,217	33,203	7,003
Distribution costs	20	(3,738)	(3,425)	-	-
Administrative expenses	20	(50,152)	(48,249)	(12,696)	(7,272)
Other income	21	9,978	15,578	2,738	1,827
Other profit/(losses) - net	21	(4,018)	(1,492)	772	(3,098)
Operating profit/(loss)		32,002	75,628	24,017	(1,540)
Income from dividends Share in profit/(loss) from participating interests		1,181	1,521	34,390	20,688
accounted for by the equity method		(1,598)	(2,461)	-	-
Financial income	22	18,620	16,784	15,708	894
Finance (expenses)	22	(74,331)	(60,382)	(43,883)	(10,824)
Profit/ (loss) before taxes		(24,127)	31,090	30,233	9,217
Income tax		(15,722)	(35,779)	(3,294)	(1,698)
Net profit/(loss) for the period		(39,849)	(4,689)	26,939	7,520
Profit /(loss) for the period attributable to:
Equity holders of the parent company	23	(53,767)	(24,939)	26,939	7,520
Non-controlling interests		13,918	20,250	-	-
		(39,849)	(4,689)	26,939	7,520
Earnings per share – basic and adjusted (in €)	23	(0.2509)	(0.1361)	0.1257	0.0410

Income Statement Q3 2020 and 2019

		GROUP		COMPANY
		1-Jul to		1-Jul to
	Note	30-Sep-20	30-Sep-19	30-Sep-20	30-Sep-19
Sales		229,351	311,057	21,289	14,885
Cost of sales		(202,959)	(281,900)	(12,313)	(7,882)
Gross profit		26,392	29,157	8,976	7,003
Distribution costs		(1,499)	(940)	-	-
Administrative expenses		(16,706)	(15,583)	(3,232)	(2,405)
Other income		2,646	3,385	1,092	1,600
Other profit/(losses) - net		1,296	(1,973)	(4)	(59)
Operating profit/(loss)		12,129	14,046	6,831	6,138
Income from dividends		843	135	11,390	688
Share in profit/(loss) from participating interests
accounted for by the equity method		1,475	2,011	-	-
Financial income		6,583	5,372	5,441	546
Financial (expenses)		(23,983)	(19,868)	(14,678)	(5,129)
Profit/ (loss) before taxes		(2,953)	1,697	8,984	2,243
Income tax		(4,887)	(12,122)	(1,048)	(1,663)
Net profit/ (loss) for the period		(7,840)	(10,425)	7,936	581
Profit /(loss) for the period attributable to:
Equity holders of the parent company	23	(16,266)	(16,564)	7,936	581
Non-controlling interests		8,426	6,139	-	-
		(7,840)	(10,425)	7,936	581
Earnings per share – basic and adjusted (in €)	23	(0.0759)	(0.0810)	0.0370	0.0028

Statement of Comprehensive Income of the 9-month period 2020 and 2019

	GROUP 1-Jan to		COMPANY 1-Jan to

	30-Sep-20	30-Sep-19	30-Sep-20	30-Sep-19
Net profit/(loss) for the period	(39,849)	(4,689)	26,939	7,520
Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Currency translation differences	(2,198)	(1,997)	-	-
Cash flow hedge	(2,645)	(20,185)	-	-
	(4,843)	(22,182)	-	-
Items that will not be reclassified to profit and loss Change in the fair value of financial assets through other comprehensive
income	7,171	21,065	-	-
Other	(28)	(9)	-	-
	7,143	21,056	-	-
Other comprehensive income/(loss) for the period (net of tax)	2,299	(1,126)	-	-
Total comprehensive income for the period	(37,550)	(5,814)	26,939	7,520
Total comprehensive for the period attributable to:
Equity holders of the parent company	(50,218)	(20,249)	26,939	7,520
Non-controlling interests	12,669	14,434	-	-
	(37,550)	(5,814)	26,939	7,520

Statement of Comprehensive Income Q3 2020 and 2019

	GROUP		COMPANY
		1-Jul to	1-Jul to
	30-Sep-20	30-Sep-19	30-Sep-20	30-Sep-19
Net profit/ (loss) for the period	(7,840)	(10,425)	7,936	581
Other comprehensive income
Items that may be subsequently reclassified to profit or loss
Currency translation differences	(793)	(2,930)	-	-
Cash flow hedge	1,947	(6,673)	-	-
	1,154	(9,603)	-	-
Items that will not be reclassified to profit and loss Change in the fair value of financial assets through other comprehensive
income	(149)	2,986	-	-
Other	(28)	(9)	-	-
	178	2,977	-	-
Other comprehensive income/(loss) for the period (net of tax)	976	(6,626)	-	-
Total comprehensive income for the period	(6,863)	(17,051)	7,936	581
Total comprehensive for the period attributable to:
Equity holders of the parent company	(15,706)	(21,236)	7,936	581
Non-controlling interests	8,842	4,185	-	-
	(6,863)	(17,051)	7,936	581

All amounts are in € thousand, unless stated otherwise Statement of Changes in Equity

GROUP

				Attributed to Owners of the parent
		Share	Share	Other	Treasury	Results carried	Total	Non-controlling	Total
	Note	capital	premium	reserves	shares	forward		interests	equity
1 January 2019		182,311	523,847	233,587	(27,072)	(449,534)	463,138	188,876	652,014
Net profit/(loss) for the period		-	-	-	-	(24,939)	(24,939)	20,250	(4,689)
Other comprehensive income
Currency translation
differences	16	-	-	(1,838)	-	-	(1,838)	(159)	(1,997)

Change in the fair value of
financial assets through other
comprehensive income	16	-	-	20,843	-	-	20,843	223	21,065
Changes in value of cash flow
hedge	16	-	-	(14,305)	-	-	(14,305)	(5,879)	(20,185)
Other		-	-	-	-	(9)	(9)	-	(9)
Other comprehensive
income/(loss) for the period
(net of tax)		-	-	4,699	-	(9)	4,690	(5,816)	(1,126)
Total comprehensive income
for the period		-	-	4,699	-	(24,948)	(20,249)	14,434	(5,814)
Effect of absorption of ELTECH
ANEMOS	15,16	38,389	(29,585)	3,363	-	44,145	56,312	(56,312)	-
Share capital increase expenses	15	-	(777)	-	-		(777)	-	(777)

(Purchase) / sale of treasury
shares		-	-	-	27,072	(17,932)	9,140	-	9,140
Transfer to reserves	16	-	-	26,585	-	(26,585)	-	-	-
Distribution of dividend		-	-		-	-	-	(23,840)	(23,840)
Effect of absorption of
subsidiary, sales, acquisitions
and changes in the
participation percentage in
subsidiaries (excluding the
absorption of ELTECH ANEMOS)		-	-	-	-	-	-	(107)	(107)
30 September 2019		220,700	493,485	268,234	-	(474,854)	507,566	123,051	630,617

Net profit/(loss) for the period		-	-	-	-	(106,457)	(106,457)	5,467	(100,991)
Other comprehensive income
Currency translation
differences	16	-	-	(2,366)	-	-	(2,366)	(54)	(2,420)
Change in the fair value of
financial assets through other
comprehensive income	16	-	-	4,268	-	-	4,268	152	4,419
Changes in value of cash flow
hedge	16	-	-	11,033	-	-	11,033	4,225	15,258

Actuarial profit	16	-	-	121	-	-	121	192	313
Other comprehensive
income/(loss) for the period
(net of tax)		-	-	13,055	-	-	13,055	4,515	17,570
Total comprehensive income
for the period		-	-	13,055	-	(106,457)	(93,403)	9,982	(83,421)
Share capital increase expenses	15	-	(43)	-	-	-	(43)	-	(43)
(Purchase) / sale of treasury
shares		-	-	-	-	-	-	-	-
Transfer to reserves	16	-	-	24,245	-	(24,245)	-	-	-

Distribution of dividend		-	-	-	-	-	-	(13,689)	(13,689)
Effect of acquisitions and
change in participation
percentage in subsidiaries		-	-	-	-	(2)	(2)	(410)	(412)
31 December 2019		220,700	493,442	305,534	-	(605,558)	414,118	118,932	533,050

1 January 2020		220,700	493,442	305,534	-	(605,558)	414,118	118,932	533,050

Net profit/(loss) for the period		-	-	-	-	(53,767)	(53,767)	13,918	(39,849)
Other comprehensive income
Currency translation
differences	16	-	-	(2,053)	-	-	(2,053)	(146)	(2,198)
Change in the fair value of
financial assets through other
comprehensive income	16	-	-	7,376	-	-	7,376	(205)	7,171
Changes in value of cash flow
hedge	16	-	-	(1,748)	-	-	(1,748)	(897)	(2,645)

Other		-	-	-	-	(26)	(26)	(2)	(28)
Other comprehensive
income/(loss) for the period
(net of tax)		-	-	3,575	-	(26)	3,549	(1,250)	2,299

ELLAKTOR SA

Interim condensed financial information in accordance with International Accounting Standard 34

for the period from 1 January to 30 September 2020

All amounts are in € thousand, unless stated otherwise

	Attributed to Owners of the parent
	Note	Share capital	Share premium	Other reserves	Treasury shares	Results carried forward	Total	Non-controlling interests	Total equity
Total comprehensive income for the period		-	-	3,575	-	(53,794)	(50,218)	12,669	(37,550)
Transfer from reserves	16	-	-	13,454	-	(13,454)	-	-	-
Distribution of dividend Effect of acquisitions and change in participation		-	-	-	-	-	-	(19,917)	(19,917)
percentage in subsidiaries		-	-	-	-	(4)	(4)	21	17
30 September 2020		220,700	493,442	322,563	-	(672,810)	363,895	111,706	475,601

COMPANY

	Note	Share capital	Share premium	Other reserves	Treasury shares	Results carried forward	Total equity
1 January 2019		182,311	523,847	55,912	(27,072)	(364,283)	370,714
Net profit for the period		-	-	-	-	7,520	7,520
Other comprehensive income Other comprehensive income/(loss) for the period (net of tax) Total comprehensive income for the		-	-	-	-	-	-
period		-	-	-	-	7,520	7,520
Effect of absorption of ELTECH ANEMOS	15,16	38,389	(29,585)	9,224	-	81,821	99,849
Share capital increase expenses	15	-	(777)	-	-	-	(777)
Sale of treasury shares		-	-	-	27,072	(17,932)	9,140
Transfer to reserves	16	-	-	374	-	(374)	-
30 September 2019		220,700	493,485	65,509	-	(293,249)	486,446
Net losses for the period		-	-	-	-	(147,115)	(147,115)
Other comprehensive income
Actuarial profit/(loss) Other comprehensive income/(loss) for the period (net of tax)	16	- -	- -	25 25	- -	- -	25 25
Total comprehensive income for the period		-	-	25	-	(147,115)	(147,090)
Share capital increase expenses		-	(43)	-	-	-	(43)
31 December 2019		220,700	493,442	65,535	-	(440,364)	339,313

1 January 2020		220,700	493,442	65,535	-	(440,364)	339,313
Net profit for the period		-	-	-	-	26,939	26,939
Other comprehensive income Other comprehensive income/(loss) for the period (net of tax)		-	-	-	-	-	-
Total comprehensive income for the period		-	-	-	-	26,939	26,939
30 September 2020		220,700	493,442	65,535	-	(413,425)	366,252

Statement of Cash Flows

	Note		GROUP		COMPANY
		1-Jan to	1-Jan to	1-Jan to	1-Jan to
		30-Sep-20	30-Sep-19	30-Sep-20	30-Sep-19
Cash and cash equivalents at period start	12	298,239	479,397	15,367	1,279
Operating activities
Profit/(loss) before tax		(24,127)	31,090	30,233	9,217
Plus/less adjustments for:
Depreciation and amortisation	20,21	79,266	75,552	17,077	3,523
Impairment		12,689	10	-	3,200
Provisions		157	4,360	164	(24)
Results (income, expenses, profit and loss) from investing
activities		(19,474)	(19,439)	(50,092)	(21,582)
Interest and related expenses	22	72,240	57,061	43,771	10,800
Plus/minus adjustments for changes in working capital accounts
or related to operating activities:
Decrease/(increase) in inventories		1,654	(6,957)	-	-
Decrease/(increase) in receivables		(26,196)	(78,026)	(15,759)	(15,882)
(Decrease)/increase in liabilities (except borrowings)		(65,592)	(91,423)	(7,190)	(5,519)
Less:
Interest and related expenses paid		(48,758)	(42,443)	(27,206)	(10,244)
Taxes paid		(16,151)	(22,016)	-	(9)
Total inflows/(outflows) from operating activities (a)		(34,293)	(92,230)	(9,003)	(26,519)
Investing activities
Acquisition of subsidiaries, associates, joint ventures		-	(15,432)	(15,550)	-
Sale of subsidiaries, associates, joint ventures		-	18,775	-	18,079
Sale of other financial assets		6,932	26,083	-	-
Absorption of ELTECH ANEMOS subsidiary - Cash upon
absorption		-	-	-	17,940
Collections of time deposits over 3 months		10,980	-	-	-
Purchase of tangible and intangible assets and investment
properties		(19,767)	(109,955)	(12,715)	(18,073)
Proceeds from sale of tangible, intangible assets and investment
properties		8,785	7,872	-	-
Proceeds from sale of available-for-sale assets		-	25,500	-	25,500
Interest received		2,656	4,725	7,340	728
Loans to related parties		-	-	(68,320)	(62,537)
Dividends received		958	1,637	34,390	26,188
Total inflows/(outflows) from investing activities (b)		10,544	(40,795)	(54,854)	7,825
Financing activities
Sale of treasury shares		-	9,110	-	9,110
Proceeds from issued loans and debt issuance costs		153,390	140,931	9,558	20,654
Loan repayment		(102,544)	(96,011)	(13,278)	(2,500)
Proceeds from issued/utilised loans from related parties		-	-	70,000	-
Repayments of finance leases (principal repayment)		(6,024)	(5,633)	(1,460)	(859)
Dividends paid and tax paid on dividends		(34,929)	(26,293)	-	-

Grants received (Increase)/decrease in restricted cash		4,100 (1,972)	37 10,269	4,055 (15,091)	- (2,917)

Expenses for subsidiaries' share capital increase		(11)	(637)	-	-
Total inflows/(outflows) from financing activities (c)		12,010	31,773	53,784	23,488
Net increase/(decrease) in cash and cash equivalents (a) + (b) + (c)		(11,739)	(101,253)	(10,073)	4,794
Exchange differences in cash and cash equivalents		(2,857)	574	-	-
Cash and cash equivalents at period end	12	283,643	378,718	5,294	6,073

Notes to the interim condensed financial information

1 General information

The Group operates through its subsidiaries, mainly in the segments of Construction, Concessions, Renewable Energy Sources, Environment and Real Estate Development and Management. The Group's holdings are detailed in note 29. The Group operates in Greece, Romania and Qatar as well as in other countries such as the United Arab Emirates, Kuwait, Jordan, Albania, North Macedonia, Bulgaria, Bosnia and Herzegovina, Germany, Italy, Croatia, Cyprus, Netherlands, Russia, Serbia, Slovenia, Czech Republic, United Kingdom, Ethiopia, Turkey, USA, Argentina, Brazil, Dominican Republic, Colombia, Panama, Chile and Australia. The Company's shares are traded on the Athens Stock Exchange.

ELLAKTOR SA (the "Company") was incorporated and is established in Greece with registered and central offices at 25, Ermou Street, 145 64, Kifissia, Attica. The Company's shares are traded on the Athens Stock Exchange.

This interim condensed financial information was approved by the Company's Board of Directors on 27 November 2020. It is available at the website of the Company, www.ellaktor.com, in the section "Investor Information", in the subsection "Financial Information" and then "Financial Statements of the Group/Subsidiaries in Greece".

2 Basis of preparation of interim financial report

2.1 General

This interim condensed financial information covers the period from 1 January to 30 September 2020. This interim condensed financial information has been prepared in accordance with those International Financial Reporting Standards (IFRS) which were either issued and applicable at the period of preparation of this interim condensed financial information (i.e. November 2020) or had been issued and adopted early.

The accounting policies used in preparing this interim condensed financial information are the same as those used in the preparation of the annual financial statements for the year ended 31 December 2019, which are detailed in the notes to the annual financial statements, with the exception of the application of new standards and interpretations referred to below, the application of which is mandatory for accounting periods beginning on 1 January 2020.

For better understanding and more detailed information, this interim condensed financial information should be read in conjunction with the annual financial statements for the period ended on 31 December 2019, posted on the Company's website (www.ellaktor.com).

With regard to expenses incurred on a non-recurring basis over the period, provisions for expenses have been recognised, or realised expenses have been recorded in transit accounts, only in cases where such action would be appropriate at period end.

Income tax over the interim period is recognised using the tax rate which would have applied to the anticipated total annual profits.

2.2. Going Concern

This interim condensed financial information 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 principle of going concern.

The management continues to monitor the situation and its potential impact on the Group's operations in order to ensure that the going concern principle continues to apply. This is achieved by drawing information from the individual segments of business activity concerning estimated operating performance and future cash flows, taking into account the potential impact of COVID-19 on the progress of the Group's operations. On the basis of such information, the Management has developed action plans for the optimal management of available liquidity and future cash flows, in order to seamlessly settle the liabilities of the Group. In addition to its basic plan, the Management considers different scenarios and alternative solutions, including rationalisation of the cost base, discussion of additional funding and further exploitation of its assets.

In recent years, the Group has been refinancing its borrowings in order to better manage its liquidity while also evaluating alternative sources of funding. In this context, a bond issue on international capital markets took place in December 2019 and January 2020, with a nominal value of €670 million (note 17) and simultaneous settlement of existing loan liabilities of the parent company and its subsidiaries AKTOR CONCESSIONS SA and AKTOR SA. In addition, after the absorption of ELTECH ANEMOS SA by ELLAKTOR SA in 2019, better management of cash flows has been achieved, which originate in the sale of electricity and the reduction of the cost of intragroup transactions.

The Group, in order to deal with the challenges of the construction segment and the impact of the accumulated losses to the liquidity of the segment and the Group, took the following:

measures for more intensive cash management, while strengthening the segment in terms of cash through intragroup borrowing;
operating and organisational transformation of the construction segment;
significant reduction of the segment's activities abroad, through completion of projects already undertaken (e.g. Albania or Serbia) or withdrawal from loss-making activities upon paying the relevant penalties, in order to focus on profitable projects and selected markets;
actions aiming at reducing staff costs (horizontal pay cuts, voluntary departure of staff, etc.) and cost of sales;
disposal of non-operating assets (sale of participation in HELLENIC GOLD SA, sale of a property in Romania and preliminary agreement for the sale of a property in Bulgaria during the 9-month period 2020);
preparation of a roadmap in collaboration with banks, aiming to further support the segment.

It should be noted that in the recent years, exposure of the parent company and the other segments to potential risks and uncertainties of the construction segment has been significantly reduced through by limiting the assumption of guarantees and other liabilities related to the activities of said segment.

In view of the foregoing, the Management estimates that it has ensured the going concern principle of the Group. Thus, the interim condensed financial information has been prepared in accordance with the going concern accounting basis.

Effect of COVID-19

The 9-month period 2020 is affected by the spread of the pandemic COVID-19 and the restrictive measures (lockdown) imposed by individual governments. The Group's primary concern is to protect the health of workers, to limit the spread of the virus and minimise the inevitable impact on the financial performance of the Group. The magnitude of the impact will be determined primarily by the duration and extent of the pandemic and the measures taken by states to limit its spread, as well as the initiatives of governments to strengthen the economy.

The Construction segment showed delays in the execution of existing projects, and it is expected that the contractual timetable for new projects to make up the backlog will also be negatively affected. At the same time, there have been delays in the collection or final settlement of claims, raised in accordance with contractual terms and applicable legislation, while there have been instances where the timely issue and settlement of certifications for executed works was negatively affected. It must be noted that delays in the implementation timetable of projects are not expected to have significant impact on budgeted results, while balances from invoiced claims of already performed works are not expected to become affected or delayed significantly, especially in respect of public works, where invoicing depends on approved funds for payment. Finally, especially in Greece, the government's determination to promptly increase public investments, in response to actual needs that will also boost the economy, is expected to create new opportunities for the Construction segment.

In the Concessions, traffic has fallen substantially after the full implementation of the restrictive measures on travel introduced on 23.03.2020. Specifically, from the end of February 2020 and after the above-mentioned gradual measures by the Government, the traffic on the highways was significantly affected, in April the drop in traffic peaked, while from May, with the lifting of restrictive measures, traffic gradually returned to normal by mid-August. The new measures that were adopted in mid-August halted this trend. The decline in traffic in motorways led to a decrease in income from the Concessions sector in the 9-month period 2020 by 15% or €27.6 million compared to the 9-month period 2019. However, given available cash and cash equivalents and reserve account funds which support the contractual obligations of Concession projects, it is estimated that the smooth completion of activities is not impacted and that loan obligations will be settled by the anticipated contractual due date. Regarding the concession rights included in the intangible assets of the Group, the Management considers that their value has not been affected at this stage, but, in the event of a new significant decline in traffic, signs of impairment may occur and the impairment audit as defined in IAS 36 will take place. It is noted that the concession companies are taking all appropriate measures to limit the consequences, prioritising the health of workers and motorway users, and they are considering measures to manage these impacts, as well as the possibility of applying compensatory provisions to the concession agreements.

As far as Renewable Energy Sources are concerned, the operation of wind farms has not currently been affected by COVID-19. Risks mainly lie in the likelihood of delays in payments to electricity producers by the competent authority (RESGOO, formerly LAGIE) (which however has not been observed thus far), as well as the RES projects under construction facing delays in their completion schedules. The completion of an additional 88.2 MW under construction has been postponed to 2021 due to delays, while in response to current conditions created by the COVID-19 pandemic, the Greek state has already extended the network connection deadline of 31 December 2020 for RES projects by 4 months. Any delay in the completion of said projects beyond the applicable deadline may result in indications of impairment of the use licences contained in the intangible assets of the Group.

The impact of the pandemic on the Environment segment for the 9-month period 2020 was limited. In any case, HELECTOR, its subsidiaries and the joint ventures, due to the specific nature of their activities in relation to public health, have taken all necessary measures in a timely and appropriate manner to protect workers and limit the spread of the virus. At the same time, every possible effort to limit any operational and other impact of this crisis is being made and this impact is being constantly assessed and addressed in conjunction with the support measures introduced by the respective governments in the countries where Environment segment operations are taking place. Potential delays in the scheduled implementation of the essential domestic waste management infrastructure are likely to occur as a consequence of the COVID-19 pandemic.

To the extent the Real Estate Development segment is concerned, the threat COVID-19 poses to public health has affected and continues to affect the conditions and status quo prevailing in the market. Due to the measures to limit the spread of the pandemic, the Government suspended the operation of the shopping centres from 13.03.2020 until 04.05.2020, when Smart Park gradually resumed operation with a limited number of stores, and all the stores reopened on 11.05.2020. Moreover, in accordance with the Legislative Act, lessees of professional premises were exempted from the obligation to pay 40% of the total rent for the months of March, April, May and June 2020. In accordance the Ministerial Decision, an exemption was given by extension of the decision for the months of July to September to catering companies, cinemas and cultural enterprises. As a result of the above, revenues from fixed rents for the months of March to September 2020 were reduced by €0.9 million. In respect of the values of investment properties of the Group, the risk of impairment of their value as a result of the COVID-19 impact is significantly limited due to the fact that investment properties, in accordance with the accounting principles followed by the Group, are measured at cost and not at fair value.

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 January 2020. The Group's evaluation of the effect of these new standards, amendments to standards and interpretations is as follows:

Standards and Interpretations effective for the current financial year

IFRS 3 (Amendments) 'Definition of a business'

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

The Group and the Company have adopted the above amendments which do not have a significant effect on the Interim condensed financial information.

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

The amendments provide clarification on the definition of material by supplementing and aligning the definition used in the conceptual framework and the standards.

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

The amendments modify certain specific hedge accounting requirements to provide relief from potential effects of the uncertainty caused by interest rate benchmark reform. In addition, the amendments require companies to provide additional information to investors about their hedging relationships which are directly affected by these uncertainties.

Standards and Interpretations effective for subsequent periods

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

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

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

The amendments complement those issued in 2019 and focus on the effects on financial statements when a company replaces the old interest rate benchmark with an alternative benchmark rate as a result of the reform. More specifically, the amendments relate to how a company will account for changes in the contractual cash flows of financial instruments, how it will account for the change in its hedging relationships and the information it should disclose. The amendments have not yet been endorsed by the EU.

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

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

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

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

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

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

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

The amendment clarifies that liabilities are classified as either current or non-current depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date. The amendment also clarifies what IAS 1 means when it refers to the 'settlement' of a liability. The amendment has not yet been endorsed by the EU.

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

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

IFRS 9 "Financial Instruments"

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

IFRS 16 'Leases'

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

2.4 Reclassifications and roundings

The amounts contained in this interim condensed financial information has been rounded to thousands of euros (unless otherwise stated) to facilitate their presentation. Discrepancies that may exist between the main financial statements and the relevant accompanying notes are due to rounding.

No reclassifications have been made to the comparative items of the Statement of Financial Position, the Income Statement or the Cash Flow Statement, except for in tables of the accompanying notes, so that the information provided in these notes is comparable to that of the current period. More specifically, in Note 5 "Segment reporting", reclassifications have been taken place in some sectors, between operating results and financial income / (expenses), for reasons of comparability.

The above reclassifications have no effect on equity and results.

2.5 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 segments in which it operates. Below follows an analysis of the key financial ratios and their calculation:

Financial Indicators

In million €	GROUP
	1-Jan to
	31-Sep-20	30-Sep-19
Sales	667.1	1,016.2
EBITDA	111.3	151.2
EBITDA margin %	16.7%	14.9%
EBIT	32.0	75.6
EBIT margin %	4.8%	7.4%

In million €	GROUP
Adjusted EBITDA	1-Jan to
	31-Sep-20	31-Sep-20
EBITDA	111.3	151.2
Less non-recurring amounts related to the restructuring of the CONSTRUCTION segment:
Restructuring costs	(11.9)	-
Impairment from sale of non-operating assets	(12.8)	-
Adjusted EBITDA	136.0	151.2

In million €	Construction	Concessions	Renewable Energy Sources	Environment	Real estate development	Other	Total
EBITDA (Note 5)	(43.2)	99.6	54.2	9.5	2.7	(11.5)	111.3
Less non-recurring amounts related to the restructuring of the CONSTRUCTION segment:
Restructuring costs Impairment from sale of non	(6.9)	-	-	-	-	(5.0)	(11.9)
operating assets	(12.8)	-	-	-	-	-	(12.8)
Adjusted EBITDA	(23.5)	99.6	54.2	9.5	2.7	(6.4)	136.0

Definitions of Financial Figures and Breakdown of Ratios:

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

EBITDA margin %: Earnings before Interest Tax, Depreciation and Amortisation to turnover.

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

EBIT margin %: Earnings before Interest and Tax to turnover.

Adjusted EBITDA: EBITDA (as defined above) excluding non-recurring amounts related to the restructuring of the CONSTRUCTION segment, such as restructuring costs, impairment from sale of non-operating assets etc.

Net Debt and Gearing Ratio

The Group's net debt as at 30.09.2020 and 31.12.2019 is detailed in the following table:

	30-Sep-20			31-Dec-19
	Total	Less:	Group	Total	Less:	Group Subtotal
	Group	Companies	Subtotal (excl.	Group	Companies	(excl.
In million €		with non	companies		with non	companies
		recourse debt	with non		recourse debt	with non
		(*)	recourse debt)		(*)	recourse debt)
Short-term borrowings	102.1	26.2	75.9	114.7	29.5	85.2
Long-term borrowings	1,438.0	425.4	1,012.6	1,376.5	442.2	934.2
Total borrowings	1,540.1	451.5	1,088.6	1,491.2	471.8	1,019.4
Less:
Cash and cash equivalents	283.6	147.5	136.2	298.2	159.9	138.4
Restricted cash	72.7	22.2	50.5	70.7	35.7	35.1
Time Deposits over 3 months	39.4	39.4	0.0	50.4	50.4	0.0
Financial assets at amortised cost	43.4	43.4	0.0	43.6	43.6	0.0
Net Borrowing	1,101.0	199.1	901.9	1,028.3	182.1	846.2
Total Group Equity			475.6			533.0
Total Capital Employed			1,377.5			1,379.0
Gearing Ratio			0.655			0.613

(*) This refers to companies implementing self- and co-financed concession projects fully consolidated by the Group (e.g. Attiki Odos S.A. and Moreas S.A.).

The gearing ratio at 30.09.2020 was 65.5% (compared to 61.3% as at 31.12.2019).

Definitions of Financial Figures and Breakdown of Ratios:

Net debt: Total short-term and long-term loans less cash and cash equivalents, restricted cash, time deposits over 3 months (disclosed in Receivables) and Other financial assets at amortised cost.

Net corporate debt: Net borrowings, excluding the net borrowings of concession companies with non-recourse debt to the parent (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

Summary statement of cash flows for the period up to 30.09.2020 compared to the same period of 2019:

	1-Jan to
In million €	30-Sep-20	30-Sep-19
Cash and cash equivalents at period start	298.2	479.4
Net Cash Flows from operating activities	(34.3)	(92.2)
Net Cash Flows from investing activities	10.5	(40.8)
Net Cash flows from financing activities	12.0	31.8
Exchange differences in cash and cash equivalents	(2.9)	0.6
Cash and cash equivalents at period end	283.6	378.7

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 the Group Management with respect to current conditions and actions, the actual results may eventually differ from calculations and assumptions taken into consideration in the Company and Group preparation of the interim condended financial information.

In the preparation of this interim condensed financial information, the significant judgments made by the 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 applied to the annual financial statements for the year ended 31 December 2019.

4 Financial risk management

4.1 Financial risk factors

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

This interim condensed financial information does not include financial risk management information and the disclosures required in the audited annual financial statements. Therefore, it should be read in conjunction with the annual financial statements of 2019.

4.2 Liquidity risk

To manage liquidity risk, the Group budgets and regularly monitors the progress of its financing and other cash obligations, as well as its cash flows to ensure the availability of adequate cash and cash equivalents as well as of credit facilities (financing, letters of guarantee etc.) to meet their needs, including the capability for intra-company borrowing and planned dividend distributions. During recent years, the Group has been refinancing its borrowings in order to better manage its liquidity.

4.3 Determination of fair value

The financial instruments carried at fair value at the balance sheet date are classified under the following levels, in accordance with the valuation method:

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 whose fair value is determined by factors related to market data, either directly (prices) or indirectly (prices derivatives).
Level 3: for assets and liabilities whose fair value is not based on observable market data, but is mainly based on internal estimates.

The table below presents a comparison of the carrying values of the Group's financial assets and liabilities at amortised cost and their fair values:

GROUP	Carrying value		Fair value
	30-Sep-20	31-Dec-19	30-Sep-20	31-Dec-19
Financial assets
Financial assets at amortised cost	43,417	43,610	43,466	43,657
Long-term receivables	96,103	97,463	104,045	107,253
Financial liabilities
Long-term & short-term borrowings	883,040	904,925	883,971	987,177
Bond loan issue on international capital markets	657,058	586,275	574,907	621,120

COMPANY	Carrying value		Fair value
	30-Sep-20	31-Dec-19	30-Sep-20	31-Dec-19
Financial assets
Long-term receivables	364,596	265,861	362,895	270,207
Financial liabilities
Long-term & short-term borrowings	326,377	327,587	326,377	327,587
Long-term loans from related parties	657,058	586,275	574,907	621,120

The fair values of short-term trade receivables and trade and other payables approximate their carrying values. The fair values of loans and long-term receivables are estimated based on the discounted future cash flows by using discount rates that reflect the current loan interest rate and are included in fair value hierarchy level 3.

Group borrowings as of 30 September 2020 include the bond issue in the international capital markets which has a nominal value of €670 million and took place in January 2020 (€70 million) and in December 2019 (€600 million) (note 17). The carrying value of the bond is shown as reduced by the amount of direct costs associated with the transaction.

The following table presents the Group's financial assets and liabilities at fair value as at 30 September 2020 and 31 December 2019: